De Grey Mining Limited reported these latest resource infill drilling results from the Brolga zone at Hemi. The drilling is being conducted as part of the DFS of the Mallina Gold Project (the Project). Brolga was identified in the scoping and prefeasibility studies as an early production source for the Project.

Resource definition drilling allows more of the Brolga Resource to be classified as JORC Indicated mineralisation. This increases the potential Reserve for the DFS and provides increased confidence in the Project's projected cashflow from early production sources. Drill results are provided in Table 1 at a 0.5g/t Au lower cut and in Table 2 at a 0.3g/t Au lower cut.

Cross sections show intercepts at a 0.3g/t Au lower cut. Resource definition drilling at Brolga has focussed on the Stage 1 and final pits from the PFS. Production from the Stage 1 starter pit at Brolga in the PFS was estimated to be 20Mt at 1.7g/t Au at a strip ratio of 2.3:1. The strip ratio of the Brolga Stage 1 pit was 2.3:1 including the pre-stripping of unmineralised transported sediments.

Production from Brolga is a key factor in the payback period of the Project of less than two years outlined in the scoping and prefeasibility studies. Selected intervals reported at a 0.5 g/t Au cut-off grade, including higher grade intervals reported at a 3.0g/t Au lower cut-off grade, include: Results on section 30600E include: 36m @ 1.4g/t Au from 183m and 16m @ 1.8g/t Au from 227m in HMRC208D 16m @ 1.7g/t Au from 94m in HMRC428 Section 30560E includes: 50.0m @ 5.0g/t Au including 21m @ 7.5 g/t Au from 37.0m in HEDD035 38.4m @ 3.0 g/t Au from 220.8m and 20.7m @ 2.1g/t Au from 335m in HERC603D Section 30520E includes: 37.0m @ 2.2g/t Au from 214.7m including 8.4m @ 4.1g/t Au from 215.8m in HMRC299D 24.3m @ 2.5g/t Au from 203.9m and 37.9m @ 1.6g/t Au from 250.1m in HMRC301D, 5.0m @ 3.5g/t Au from 249m and 18m @ 1.6g/t Au from 272.0m in HMRC302D, Intervals at a 0.3g/t Au cut-off grade are presented for section 30600E, 30560E and section 30520E. Drilling at Brolga was also conducted to test for extensions down plunge of known mineralisation.

A wide zone of mineralisation was intersected in HMRC348D approximately 200 metres down plunge of the May 2022 mineral resource estimate (MRE) (Figure 5 & Table 2). The interval from 651.0m to 870.7m in this hole bulks out to a composite interval of 219.7m @ 0.6g/t Au. This is in addition to high grade intervals at shallower depths, which require follow up.

Intervals in HMRC348D at a 0.5g/t Au lower cut include: 6.0m @ 20.8g/t Au from 451.0m, 6.9m @ 2.9g/t Au from 536.8m, 21.0m @ 0.9g/t Au from 664.0m, 11.0m @ 2.1g/t Au from 705.0m, 15.9m @ 1.3g/t Au from 778.0m, 14.9m @ 1.3g/t Au from 822.7m. Drilling required for completion of the DFS, due mid-year, is largely complete and drill programs will now focus on exploration aimed at increasing resources and making new discoveries. This will be undertaken both within the Hemi district and Regional areas.

In addition to the RC and diamond rigs currently on site, an aircore rig has also just commenced with a focus on testing for new discoveries at Regional targets.