De Grey Mining Limited (ASX: DEG) (De Grey or the Company) is pleased to report on recent drill results from the Eagle and Diucon deposits at Hemi.

Hemi is located approximately 85km south of the town of Port Hedland in the Pilbara region of Western Australia.

This release provides an update on drilling since the previous report on Diucon and Eagle extensional drilling released to the ASX on 14 November 2023, and a more recent update including Antwerp and Gorrion results released on 13 February 2024. Recent drilling has continued to target extensions to the November 2023 Mineral Resource Estimate (MRE) at Eagle and Aquila. The Hemi Gold Project Definitive Feasibility Study (DFS), based on the June 2023 MRE, was released on 28 September 2023, and demonstrates a robust, Tier 1 project with outstanding financial metrics. The new extensional drill results in this release represent further upside to the DFS outcomes. There is potential for the extensions to be considered in future mining plans

De Grey General Manager Exploration, Phil Tornatora, commented: 'Further significant intercepts continue to extend Eagle at depth. In addition to potential resource increases, deeper drilling at Hemi will support our conceptual studies into potential underground mining in the future. Deeper diamond drilling is now focussed on extending the Aquila mineralisation at depth, with diamond drilling also being planned for Falcon and other targets.

Eagle Extensional and Infill Drilling

Since the November 2023 MRE and the 14 November 2023 Diucon-Eagle drilling ASX update, widely spaced drilling (nominally 80m x 80m) down plunge and down dip at Eagle has continued, together with some infill holes where previous drilling was very widely spaced. This has demonstrated substantial extensions to known mineralisation. Significant results from this work include:

Diucon Extensional Drilling Limited

relatively shallow drilling along strike to the southwest of the main Diucon resource has been completed since the 14 November 2023 ASX release. This mainly involved the shallower portions of some of the holes targeting deeper Eagle mineralisation. Mineralised intercepts were returned from along the Diucon Thrust to the west of the Diucon MRE and between the Diucon and Eagle proposed pits. Additional resources in this area may allow expansion and deepening of the proposed Diucon and Eagle pits. Recent intercepts include: 2.5m @ 3.0g/t Au from 383.4m and 4m @ 1.6g/t Au from 429.0m in HEDD259 An RC program testing shallow targets extending to the west of Diucon and into Antwerp is currently underway. Other recent exploration at Hemi includes RC drilling along the Diucon Thrust to the north of Crow. This work targeted gravity anomalies along the Diucon Thrust, and it is planned to extend the program to the Scooby area. Diamond drilling is currently targeting Aquila and Crow extensions. Aircore drilling has recently been completed in the Frillback area near Hemi, testing targets beneath the proposed Hemi waste dumps. Follow up aircore drilling was also completed at the Mount Berghaus Proper area to drill structural targets under cover, before the rig moved to the Egina JV area

Contact:

Glenn Jardine

Managing Director

Tel: +61 8 6117 9328

Email: admin@degreymining.com.au

Competent Person's Statement

The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Mr. Philip Tornatora, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr. Tornatora is an employee of De Grey Mining Limited. Mr. Tornatora has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves'. Mr. Tornatora consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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