Cannindah Resources Limited reported the full results of CAE holes # 5 & 6. These holes were drilled to determine geological and structural relationships in the northern sector of the Mt Cannindah copper-gold-silver breccia deposit. CAE has undertaken further drilling to follow up significant results of hole 2 and hole 3 prompted by a considered and methodical approach to determine what was occurring to the north, to the south, and at depth after these excellent results. Hole #4 returned 81m @ 1.85% CuEq from a vertical hole in the northern sector of the infill breccia (see ASX release dated 25th January 2022).

Note methodology to calculate copper equivalent (CuEq) is described in JORC Table 1 attached to this report. Geological interpretation of these results led to the drilling of follow up hole # 6 (21CAEDD006) which is the first hole in the area, designed to test the diorite ­ copper infill breccia contact by drilling from north to south and then to drill on to test the contact of the breccia with the pyritic veined and fractured footwall hornfels. Both geological goals were achieved, with the added bonus of obtaining continuity of high copper-gold-silver grades in a previously undrilled direction for the infill breccia.

Lab assay results from CAE hole #6 returned 81m at 0.83% Cu, 0.4g/t Au, 19.3g/t Ag which converts to a copper equivalent intersection of 81m @ 1.31% CuEq, further extending the continuity and grade of the resource. Additionally, CAE hole # 6 filled relevant geological and data gaps for future resource estimations within the Mt Cannindah prospect area Hole 21CAEDD005 (hole #5) is a short scout vertical hole, collared on poorly outcropping, gossanous clay rich breccia not far to the north of the supergene zone in hole # 4. Hole # 5 drilled fractured and veined diorite, oxidised to 15m and containing elevated copper. Current Drill Status at Mt Cannindah: Drilling of CAE hole #6 confirmed the continuity of high grade copper-gold-silver in a previously undrilled direction for the infill breccia at Mt Cannindah.

Previous drilling at the northern section of the Mt Cannindah breccia is sparse and inconclusive, with a general interpretation that mineralisation was terminated against an essentially unmineralized diorite body. CAE hole #6 has established that the diorite shows evidence of mineralisation and that the contact with mineralised breccia is gradational. Recently drilling has continued further into in the northern sector with the main purpose being to probe, with diamond drill core, for the potential northern extent of the copper rich breccia where it was interpreted to be in contact with diorite.

Results and observations to date have given CAE confidence that this is a successful strategy. A short summary of our more recent exploration is that after drilling holes CAE's 7 and 8 at the southern section of the breccia, CAE has continued exploration at the northern section with the current drilling of CAE hole #9. Assay results of CAE's holes 7 and 8 are pending, to be released shortly. The geological goals of holes 5 and 6 were achieved and geological follow up is to drill hole 9 under the diorite to chase "blind" copper-gold-silver infill: breccia mineralisation.

CAE hole #9 is currently at a depth of 430m, testing the interpreted northern extension and is showing excellent progress. Hole #9 is being drilled in the same east-west direction as hole #3, approximately 45m to the north of the hole 3 collar, and has shown very promising visual chalcopyrite between 5- 10% in some sections. CAE has drilled a significant copper intersection in hole 9, based on visual estimates, and supported by examination of drill cuttings ("sludges").

The copper-gold silver-grades are to be confirmed by later assay results. The copper-gold-silver asssay results for this hole will be released as soon as possible with the first batch already on their way to be cut and provided to the lab in Townsville.