Discovery Alaska : Quarterly Activities / Cashflow Report

27 April 2022

For personal use only

QUARTERLY ACTIVITIES REPORT

MARCH 2022

Discovery Alaska Limited (ASX: DAF) ("the Company") is an Australian based mineral exploration company with a 100% interest in the Chulitna Project in Alaska, USA.

The Company provides the following update for the Quarter;

Exploration Activities

Chulitna Project (Alaska) (100% interest)

The Company continued works to progress activities at the Chulitna Project in Alaska, including:

Preparing for geophysical surveying works at the Partin Creek prospect.

Reviewing historical data from the Coal Creek prospect.

The Project contains multiple prospect targets for varying commodities, including gold, silver, tin, copper & base metals.

The Chulitna Project comprises 308 State mining claims covering 199.4km2, is located on State of Alaska public lands, and is not subject to any Native Title claims, native lands, or native claimant groups. The project lies approximately 250km north of Anchorage and close to the major Parks Highway, which runs mostly parallel to the State owned Alaska railroad.

Partin Creek Prospect

The Company completed a field exploration program at the Partin Creek prospect in 2021, comprising the collection of 253 samples (167 rock samples and 86 talus fines samples) and geological mapping works.

The rock sample results achieved up to 73.9g/t Au, 1500g/t Ag and 21.1% Cu. Other significant rock sample analysis results included 30g/t Au, 28.7g/t Au, 477g/t Ag, 414g/t Ag, 2.63% Cu and 2.62% Cu. The talus fines (soil) sample results achieved up to 7.18g/t Au and 12.25g/t Ag.

The main exploration program objective was achieved, with current results replicating the known gold occurrences at the Partin Creek prospect and expanding the prospective area to the northeast and southwest - targeting a robust and coherent gold system with considerable strike length.

The Company was encouraged by the exploration sampling results achieved at the Partin Creek prospect during the initial phase of work, and is now preparing the next stage follow up

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847

18 Sangiorgio Court, Osborne Park WA 6017

Locked Bag 4, Osborne Park DC WA 6916

Ph: [phone] Fax: [phone]

Websitewww.discoveryafrica.com.au

For personal use only

works with the aim to identify priority sites for subsequent potential drilling works. These works include aerial magnetic and radiometric surveying, targeting the identified mineralised skarns and to assist with delineating structures, alteration and lithology at the anomalous areas identified from the sampling program.

Figure 1. Chulitna Project - Partin Creek Prospect Overview

Figure 2. Chulitna Project - Partin Creek Prospect Geology

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847

18 Sangiorgio Court, Osborne Park WA 6017

Locked Bag 4, Osborne Park DC WA 6916

Ph: [phone] Fax: [phone]

Websitewww.discoveryafrica.com.au

For personal use only

Coal Creek Prospect

The Coal Creek prospect contains historical works, including a 2015 NI 43-101 Report (prepared for Strongbow Exploration Inc.) comprising a "Technical Report on the Coal Creek Tin-Silver Exploration Target". This report included selected historical drilling and associated assay data, and a conceptual exploration target estimate.

The Company is reviewing and assessing historical data from the Coal Creek prospect to determine the most effective pathway to determining the prospectivity at Coal Creek.

Figure 3. Chulitna Project - Location map with prospect targets

New Project Opportunities

The Company will continue working to identify and review other new projects that may complement the Company's current activities.

Covid-19

The Company continues to take appropriate safety measures and actions to protect our staff and business operations, including precautions advised and regulated by the Australian

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847

18 Sangiorgio Court, Osborne Park WA 6017

Locked Bag 4, Osborne Park DC WA 6916

Ph: [phone] Fax: [phone]

Websitewww.discoveryafrica.com.au

For personal use only

Government. First and foremost, our priority is the health, safety and wellbeing of our staff, partners and community, and as such, the Company is actively monitoring the Covid‐19 situation.

Corporate

The Company is in a strong financial position with cash reserves of ~$1.76 million (as at 31 March 2022), and will maintain prudent financial management.

Additional ASX Disclosure Information

ASX Listing Rule 5.3.1: Costs incurred on exploration and evaluation at the Chulitna Project were approximately $55,000 during the quarter.

ASX Listing Rule 5.3.2: There were no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.5: As outlined in the attached Appendix 5B (section 6.1), during the quarter, the Company paid Director's fees of approximately $29,000.

Schedule of Tenements

The schedule of tenements held by the Company at the end of the Quarter is shown below.

Mining Tenement	Location	Beneficial Percentage held
ADL734566 (Chulitna 1) - ADL734873 (Chulitna 308)	Alaska, USA	100%

ENDS

This announcement has been authorised by the Board of Directors of Discovery Alaska Limited.

For further information:

Jerko Zuvela, Director T | [phone]

E|[e-mail] W|www.discoveryafrica.com.au

Reference to Previous ASX/TSX Releases:

This document refers to the following previous ASX/TSX releases:

3 November 2021 - Chulitna Project - Sampling Results up to 73.9g/t Au & 1500g/t Ag

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Ragusa confirms that the form

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847

18 Sangiorgio Court, Osborne Park WA 6017

Locked Bag 4, Osborne Park DC WA 6916

Ph: [phone] Fax: [phone]

Websitewww.discoveryafrica.com.au

For personal use only

and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Competent Person's Statement

The information contained in this ASX release relating to Exploration Results has been prepared by Mr Jerko Zuvela. Mr Zuvela is a Member of the Australasian Institute of Mining and Metallurgy, and 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 Resources and Ore Reserves. Mr Zuvela is a Director of Discovery Africa Ltd and consents to the inclusion in this announcement of this information in the form and context in which it appears. The information in this announcement is an accurate representation of the available data from the Chulitna Project.

The 2021 Chulitna Project exploration program includes a Quality Control/Quality Assurance (QA/QC) program overseen by Jesse C. Grady, MSc, CPG-11592. Mr Grady is a Qualified Person as defined by NI 43-101. Mr Grady has prepared and approved the technical information contained within this announcement.

Forward Looking Statements: Statements regarding plans with respect to the Company's mineral properties are forward looking statements. There can be no assurance that the Company's plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties.

ABOUT DISCOVERY ALASKA LIMITED

Discovery Alaska Limited (ASX: DAF) is an Australian company with a 100% interest in the Chulitna Project in Alaska, USA.

The Company has an experienced board and management team with a history of exploration, operational and corporate success.

DAF leverages the team's energy, technical and commercial acumen to execute the Company's mission - to maximize shareholder value through development of our assets.

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847

18 Sangiorgio Court, Osborne Park WA 6017

Locked Bag 4, Osborne Park DC WA 6916

Ph: [phone] Fax: [phone]

Websitewww.discoveryafrica.com.au