Waraba Gold Limited announced the commencement of a new drilling campaign over the past few days at its Fokolore Gold Project in West Mali, West Africa (also known as the Maligonga East Gold Project) and as further detailed in the Company's news release dated November 30, 2022. This drilling campaign - "Phase 1" of a planned three-phase drilling program - has been designed by Waraba's Chief Geologist, Mr. Mamadou Coulibaly, to extend the strike length of historic high-grade gold mineralization identified by RC drilling (including 8m@8.99g/t Au and 15m@5.06g/t Au) and rock chip sampling (including 95g/t, 3.5g/t, 3.84g/t, 1.18g/t, 1.23g/t and 1.37g/t Au) by 2.3km to 3.5km. During this "Phase 1" drilling program, the Company will carry out 76 priority reverse circulation drill holes (RC) averaging 120 meters in depth and 2,350 meters of rotary air blast drilling (RAB).

Depending on the results of the previous phase of the drilling: · "Phase 2" drilling program will consist of 20,000m of reverse circulation drilling and 2,000m of diamond core drilling to provide initial estimates of the mineralization contained within the main areas of interest on the tenement; and · "Phase 3" will consist of regional drilling to increase confidence of in situ anomalies and identify additional target zones of gold mineralization that may warrant further drilling. Phase 1 drilling is expected to be completed within four to six weeks and results will be announced as they become available in the coming weeks. Recent images of the drilling activities are shown below, as further background for shareholders.