Bubalus Resources Limited updated the market on its forward plan for the 2023 field season across its portfolio of 100% owned projects in the Northern Territory. Safety is the Company's priority and accordingly work programmes have been planned to take place during the dry season. The Company also respects the complimentary rights of stakeholders at its projects and has commenced the consultation and approvals process necessary prior to carrying out drilling and other intensive field activities.

The current schedule for the 2023 exploration campaign is shown schematically below and detailed on a project by project basis overleaf. The Company's 2023 programmes target rare-earth element (REE) mineralisation at the Nolans East and Coomarie projects as well as manganese mineralisation at the Amadeus Project. The Company looks forward to updating shareholders with progress on the various work programmes as milestones are met.

Nolans East is located 15km south east of the Nolans Bore deposit owned by Arafura Resources Limited (Arafura). A Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare earth oxides (TREO) and 11% phosphate (P2O5) has been defined by Arafura at Nolans Bore1. Arafura's market capitalisation has recently grown to over AUD 1 billion.

The Company completed an initial surface sampling survey in November 2022 immediately after listing which delineated a broad REE anomaly across the survey area 2. According to Arafura, neodymium-praesidium oxides (Nd2O3+Pr6O11, NdPr) make up 26% of the TREO content at Nolans Bore. Encouragingly, NdPr contents in the Nolans East surface samples averaged 22% of TREO, similar to that at Nolans Bore2. Due to the success of the sampling programme the Company plans to expand and continue the sampling over a 10km by 3km area (oriented WNW-ESE parallel to the regional structural trend).

The aim is to better delineate the REE anomalism spatially and quantitatively. In addition, field inspections of outcrops will be undertaken and data incorporated with sample results and aeromagnetic data for interpretation and prospectivity ranking of potential drilling targets. It is anticipated that results from the forthcoming work programme will allow the Company to delineate targets for drilling in mid 2023.

The Company has commenced the process to gain approval and consent for drilling at Nolans East.