2022 Field Studies: During 2022 and based in part on geophysical results, KRL undertook further soil sampling and mapping adjacent to the ring feature identified on the southern boundary of EL 2558, along with more detailed mapping and sampling of the Maniape River drainage in the SW corner of KRL North. Soil sampling at KRL North during H1 2022 involved taking a total of 693 samples (inclusive of grid soil sampling over ¾ of the southern ring feature, boundary shared with K92). The ridge and spur soil lines across the southern half produced two coherent clusters of Au anomalies and one spot high.

The western Au anomaly cluster comprises 6 weak to moderately anomalous values (up to 69ppb Au) along approx. 300m of a N-S trending ridge centred less than 2km WNW of the southern ring feature. The eastern anomaly covers a mainly E-W trending ridge with 3 high values (115 to 329ppb Au) amidst background values, located adjacent to the eastern border of EL 2558.

Rock samples returned a high of 2.28ppm Au (and associated 9.4ppm Ag, 2,477ppm As, 200ppm Sb, 418ppm Pb, & 1,254ppm Zn) adjacent to the border with K92's EL 693. This sample was hosted in a small, oxidized ENE trending vertical fracture in weakly chlorite-sericite altered phyllite hosting weakly disseminated py-cpy-aspy. Rock float samples returned Cu-anomalous results (356-2,755ppm) with associated Ag, Pb, & Zn highs (6.6ppm, 11,908ppm, & 9,993ppm respectively) again adjacent to K92's EL 693.

It is possible they may have shed from the western portion of the southern ring feature within KRL's ground. They are hosted in both phyllite, and a fine-grained quartz veined intrusive, all displaying significant disseminated py-po-cpy-sphal/gal. Based on these encouraging results, Fourth Quarter 2022 field activities have been focusing on excavating and sampling trenches over Au±Cu anomalous outcrop and soil sample sites in the SW and SE corners of KRL North.

Assay results from this latest completed campaign are still pending. Conclusions from 2022 Field Work: The location of many of the above anomalous samples supports the potential that elements of the Maniape/Arakompa structural trend extend into the SW sector of KRL North. This is further supported by the relative increase in frequency of quartz veining mapped within that area.

The sample results received so far from EL 2558 appear to build on the geophysical analysis and indicate a noted zonation of metal content possibly indicative of a potentially mineralised porphyry with peripheral quartz-base metal-Au-Ag epithermal veins; with two potential targets providing particularly encouraging results. Exposures in cuts along the Highlands Highway in the Young Creek area displayed low temperature hydrothermal clays hosting abundant sulphides. The potential of this area was further highlighted by the underlying strong magnetic high anomaly, N2.

Overall, this suggests the presence of three significant mineralisation occurrences and controlling structures similar to those seen at Bilimoia mineral field. Next Steps and Preliminary Drill Planning: The work to date at KRL North supports the Company's view of the prospectivity of the area and the likelihood of a targeted drilling programme intended to yield high-grade intercepts. Moving towards a targeted drilling programme at KRL North is an operational priority for the Company.

In preparation for drill targeting, expected to commence in 2023, preliminary drill plans and sections have been proposed for certain prospects within KRL North, based predominantly on the geophysical modelling profiles, mainly in order to gain a sense of what logistical challenges can be expected, as well as calculating preliminary budgets and schedules. This is in addition to potential targeted drilling at KRL South (likely around the Ontenu area of interest).