Resources & Energy Group Limited provided an update on operations at the Granny Venn Open Pit Cut Back. The third toll treatment (T3) for the Granny Venn Cutback has been completed with final pours for REZ bars 19 and 20 occurring at the Gwalia Processing Plant on 14th April 2022. During the campaign a total of 29,000 tonnes were milled at an unreconciled head grade of 2.37g/t au.

An additional 614t of lower grade flushing ore was put through the mill on the final day of processing to liberate any entrained gravity or leach recoverable gold before completion of the toll campaign. The toll campaign resulted in the production of 97.3kg of gold dore, with an estimated gold content of 2,847oz. This is a metallurgical estimate, and not yet reconciled.

All campaign dore will be shipped to Perth Mint on Wednesday 20th April with outturns expected the following week. Final reconciliation will be completed as soon as all assays and outturns are received from the Perth Mint Refinery, and gold in circuit adjustments to production accounted for. The completion of Toll 3 also marks the completion of waste and ore mining activities at the Granny Venn Cut-back.

Operations are now focused on waste dump profiling, and haulage of ROM stocks to the Lakewood Gold Mill. In this connection 10kt has been hauled to Lakewood as of 15th April. Ore carting of remaining ROM stocks, which are estimated to be between 20 and 25kt have recommenced in preparation for the projects 4th and final toll campaign.

The 4th milling campaign is scheduled to commence at Lakewood in early May. With mining operations nearing completion, the Companies mining partner BM Mining Services will complete dump profiling, deep ripping and topsoil spreading of waste emplacements and commence demobilizing. Whilst these activities are underway the Company is stepping up exploration across the broader East Menzies Project area.

This includes drilling investigations within the Granny Venn, Maranoa, and Springfield Prospects. This work has already commenced. Planning work for a scout program at Cock Robin (E29/979) is underway.

At Springfield, work on reprocessing existing EM data-to remove IP effects has also commenced. Quotations for a Moving Loop EM survey at Springfield have been floated and are being reviewed by the Company. At Gigante Grande cultural heritage clearance surveys are scheduled to commence in late April.

Pending a successful outcome, this work will unlock 2000ha of prospective ground, enabling the Company to advance exploration activity to test mineralization north and south of exiting extents.