Gibb River Diamonds : Neta Lodes Target for Drilling

ASX RELEASE

4 November 2020

ASX Code: GIB

Neta Lodes Gold Discovery

On-strike Drill Target of 1,250 metres

________________________________________________________________________

1.0 Neta Lodes Drill Target

Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce the main drill target for the upcoming drill program at the Neta Lodes gold discovery. The Neta Lodes Prospect is a part of the Edjudina Gold Project (GIB Option to acquire 100%) located in the heart of the Eastern Goldfields in Western Australia.

The Neta Lodes extension target is a co-incident gold in soils anomaly with calcrete cover which runs on-strike for 1,250 metres from the tenement boundary in the south, through the Neta Lodes discovery, to the banded iron formation (BIF) anticline boundary to the north (Figure 1).

Previous soil geochemical survey data indicates a strong gold-in-soils anomaly (1996 data) over much of the target area, albeit from incomplete coverage. Many of the soil samples within the target area have >50ppb Au with some samples closer to Neta Lodes having >200ppb Au; which is a very strong tenor for a gold-in-soils anomaly.

Deeper drilling at the Neta Lodes discovery will also be conducted in this program. Other targets may be drilled if time allows.

Calcrete Cover at the Neta

Lodes Discovery

Executive Chairman Jim Richards at the site of the new Neta Lodes discovery at the historic Neta Mine at Edjudina, WA.

The trench is in front of Mr Richards shows the massive calcrete cover which has hampered previous prospecting and exploration programs

Gibb River Diamonds Limited	1/16 Ord Street	T [phone]	E	[e-mail]
ABN 51 129 158 550	West Perth WA 6005		W www.gibbriverdiamonds.com

ASX RELEASE

2.0 Neta Lodes Geology and Geomorphology

One scenario for interpreting the geological history of the Neta Lodes target area is:

1. Archaean (circa 2.75 billion years): the Neta Lodes replacement style gold mineralisation occurred during the formation of the host anticline in a period of intense volcanic and tectonic activity.
2. Permian (252-300 million years): massive ice sheets and erosion stripped the cover from the Edjudina area exposing rocks which approximate to todays landform.
3. Mesozoic (252-65 million years): Minor erosion forms a shallow valley between the harder BIF's. The Neta Lodes mineralisation preferentially erodes to form the lowest point in the valley, this is due to the Neta Lodes rocks having a more friable and softer habit as compared with surrounding country rock.
4. Cenozoic (<65 million years): calcrete rocks form to preferentially cover the lowest points in the valley.

Calcrete is formed as a result of climatic fluctuations in arid and semiarid regions. Calcite is dissolved in groundwater and, under drying conditions, is precipitated as the water evaporates at the surface. As a result of this, calcrete often preferentially forms in surficial low points where water accumulates. Calcrete is exceptionally strong and durable, especially when mixed with silica (as silcrete), as has been observed at Edjudina.

3.0 Drill Target Prospectivity

At Edjudina and especially at the Neta Prospect, the calcrete cover is especially thick (up to 1.5 metres) and very hard. This hampered prospecting in the area and even in the 1980's it was reported that excavators were unable to penetrate the calcrete layer and blasting with explosives was required which hindered the program.

This raises the prospectivity of the current drill target area. Various observations and factors all coincide to make the current Neta Lodes drill target especially prospective:

• The Neta Lodes style of mineralisation is friable and weathers recessively forming low points in the valley.
• The calcrete cover preferentially forms in the low points in the valley.
• The drill target area would have been challenging to prospect for old-timers lacking modern equipment to penetrate the calcrete and so this area is under-explored.
• The gold-in-soils anomaly within the target zone is consistent and of a high tenor. (Gold can become entrained in calcrete during the formation of the calcrete to create gold anomalism).
• The drill target runs directly on-strike from the recently discovered Neta Lodes mineralisation (approximately 3300).

3.0 Summary and Lookahead

The 1,250 metre on-strike drill target at Neta Lodes is especially exciting. The concurrence of the gold-in-soil anomaly with the calcrete cover; both of which are on-strike from the Neta Lodes gold discovery makes for an especially prospective and high quality target. The Company is looking forward to drilling this target in the imminent Phase 2 aircore drill program.

Page 2 of 14

ASX RELEASE

Figure 1: Neta Lodes Drill Target Strike - 1,250 metres

Jim Richards
Executive Chairman	Enquiries To: Mr Jim Richards [phone]

Page 3 of 14

ASX RELEASE

References:

1GIB Acquires Option to Purchase the Historic and High Grade Edjudina Gold Project in the Eastern Goldfields of WA; GIB ASX Release dated 16 July 2020

2Triumph Project Exploration Report; Nexus Minerals Limited dated 15 August 2019

For a further list of references used in previous releases refer to GIB ASX Announcement dated 25 August 2020

Competent Persons Statement

The information in this report that relates to exploration results, sampling and testwork is based on information compiled by Mr. Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of Gibb River Diamonds Limited. Mr. Richards has sufficient experience which is relevant to the style of mineralisation, type of deposit and type of testwork under consideration and to the activity which he is undertaking 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. Richards consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Page 4 of 14

Appendix A: Gold-in-soils Assay Results

mE	mN	Au		mE	mN	Au		mE	mN	Au		mE	mN	Au
MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb
446820	6710166	0		447938	6708015	3		446895	6709323	5		449003	6707891	18
446828	6709914	6		447908	6707989	3		446880	6709310	5		449033	6707916	84
446858	6709940	0		448117	6708168	0		446865	6709297	36		449063	6707942	21
446888	6709965	0		448147	6708194	2		446850	6709284	192		448589	6707406	11
446918	6709991	0		448177	6708219	6		446835	6709272	6		448604	6707419	53
446948	6710016	0		448207	6708245	5		447168	6709427	3		448619	6707432	9
446837	6709662	40		448237	6708271	1		447138	6709402	0		448634	6707445	11
446867	6709688	26		448267	6708296	35		447108	6709376	0		448649	6707457	22
446897	6709713	17		448297	6708322	0		447078	6709351	3		448664	6707470	10
446927	6709739	6		448327	6708347	0		447048	6709325	2		448679	6707483	8
446957	6709765	7		448356	6708373	5		447018	6709299	21		448694	6707496	30
446986	6709790	0		448386	6708399	0		446988	6709274	15		448708	6707509	14
447016	6709816	0		448416	6708424	0		446959	6709248	5		448723	6707522	7
447046	6709841	0		448446	6708450	3		446929	6709223	5		448738	6707534	2
447076	6709867	3		448476	6708475	0		446899	6709197	5		448753	6707547	4
447106	6709893	0		448506	6708501	0		446869	6709171	4		448768	6707560	11
446935	6709487	11		448536	6708527	9		447202	6709327	14		448783	6707573	46
446905	6709462	12		448216	6707993	0		447187	6709314	4		448798	6707586	7
446875	6709436	156		448186	6707968	0		447172	6709301	3		448813	6707598	7
446846	6709410	26		448156	6707942	18		447157	6709289	2		448828	6707611	13
446965	6709513	10		448126	6707916	0		447142	6709276	5		448843	6707624	15
446995	6709538	34		448096	6707891	0		447127	6709263	0		448858	6707637	11
447025	6709564	10		448066	6707865	0		447112	6709250	5		448873	6707650	15
447055	6709590	13		448036	6707840	1		447097	6709237	0		448888	6707662	40
447085	6709615	27		448245	6708019	0		447082	6709225	2		448903	6707675	50
447114	6709641	16		448275	6708044	0		447067	6709212	5		448918	6707688	86
447144	6709666	1		448305	6708070	0		447052	6709199	4		448933	6707701	35
447174	6709692	4		448335	6708096	0		447038	6709186	0		448948	6707714	201
447204	6709718	0		448365	6708121	0		447023	6709173	11		448962	6707726	46
447234	6709743	0		448395	6708147	3		447008	6709161	2		448977	6707739	31
447063	6709338	2		448425	6708172	1		446993	6709148	16		448992	6707752	14
447033	6709312	3		448455	6708198	0		446978	6709135	16		449007	6707765	12
447003	6709287	8		448484	6708224	0		446963	6709122	7		449022	6707778	172
446974	6709261	5		448514	6708249	0		446948	6709109	54		449037	6707790	25
446944	6709235	1		448544	6708275	0		446933	6709097	17		449052	6707803	13
446914	6709210	3		448574	6708300	0		447236	6709227	5		449067	6707816	292
446884	6709184	8		448604	6708326	0		447206	6709201	7		449082	6707829	26
446854	6709159	3		448634	6708352	0		447176	6709176	28		449097	6707842	43
446824	6709133	7		448664	6708377	0		447146	6709150	13		449112	6707854	43
447093	6709363	2		448344	6707844	2		447117	6709124	17		449127	6707867	60
447123	6709389	0		448314	6707818	6		447087	6709099	13		448653	6707332	30
447153	6709415	10		448284	6707793	0		447057	6709073	19		448683	6707357	4
447183	6709440	3		448254	6707767	4		447027	6709048	16		448713	6707383	5
447213	6709466	5		448224	6707741	0		446997	6709022	13		448743	6707408	4
447242	6709491	6		448194	6707716	0		447360	6709203	6		448772	6707434	4
447272	6709517	6		448164	6707690	0		447345	6709190	10		448802	6707460	8
447302	6709543	0		448373	6707869	7		447330	6709178	12		448832	6707485	5
447332	6709568	0		448403	6707895	10		447315	6709165	5		448862	6707511	4
447362	6709594	2		448433	6707921	2		447300	6709152	18		448892	6707536	6
447392	6709619	0		448463	6707946	4		447285	6709139	29		448922	6707562	34
447191	6709188	8		448493	6707972	0		447270	6709126	22		448952	6707588	56
447161	6709163	13		448523	6707997	2		447255	6709114	36		448982	6707613	31
447131	6709137	10		448553	6708023	15		447240	6709101	34		449012	6707639	30
447102	6709112	13		448583	6708049	7		447225	6709088	27		449041	6707664	16

5

mE	mN	Au		mE	mN	Au		mE	mN	Au		mE	mN	Au
MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb
447072	6709086	38		448612	6708074	1		447210	6709075	11		449071	6707690	41
447042	6709060	38		448642	6708100	1		447195	6709062	14		449101	6707716	17
447012	6709035	13		448672	6708125	10		447181	6709050	26		449131	6707741	42
446982	6709009	8		448702	6708151	6		447166	6709037	8		449161	6707767	75
447221	6709214	4		448732	6708177	1		447151	6709024	10		449191	6707793	65
447251	6709240	0		448762	6708202	0		447136	6709011	17		448687	6707231	6
447281	6709265	6		448792	6708228	0		447121	6708998	25		448702	6707244	17
447311	6709291	4		448472	6707694	24		447106	6708986	16		448717	6707257	8
447341	6709316	0		448442	6707669	7		447091	6708973	9		448732	6707270	9
447371	6709342	0		448412	6707643	4		447076	6708960	8		448747	6707282	5
447400	6709368	0		448382	6707618	7		447061	6708947	2		448762	6707295	7
447430	6709393	0		448352	6707592	8		447046	6708934	5		448777	6707308	1
447460	6709419	0		448322	6707566	1		447031	6708922	17		448792	6707321	1
447490	6709444	3		448292	6707541	0		447424	6709129	8		448807	6707334	0
447520	6709470	1		448501	6707720	26		447394	6709103	29		448822	6707347	0
447550	6709496	1		448531	6707746	27		447364	6709077	6		448837	6707359	2
447319	6709039	156		448561	6707771	12		447334	6709052	38		448851	6707372	0
447289	6709013	12		448591	6707797	7		447304	6709026	25		448866	6707385	4
447259	6708988	17		448621	6707822	4		447274	6709001	18		448881	6707398	4
447230	6708962	5		448651	6707848	5		447245	6708975	17		448896	6707411	6
447200	6708937	13		448681	6707874	6		447215	6708949	5		448911	6707423	24
447170	6708911	2		448711	6707899	0		447185	6708924	5		448926	6707436	12
447140	6708885	94		448741	6707925	3		447155	6708898	3		448941	6707449	6
447110	6708860	497		448770	6707950	9		447125	6708873	5		448956	6707462	25
447349	6709065	108		448800	6707976	9		447095	6708847	4		448971	6707475	36
447379	6709090	14		448830	6708002	26		447488	6709054	4		448986	6707487	238
447409	6709116	27		448860	6708027	14		447473	6709041	8		449001	6707500	52
447439	6709141	3		448890	6708053	11		447458	6709028	8		449016	6707513	104
447469	6709167	2		448920	6708079	4		447443	6709015	11		449031	6707526	96
447499	6709193	3		448600	6707545	11		447428	6709003	0		449046	6707539	36
447528	6709218	4		448570	6707519	14		447413	6708990	4		449061	6707551	30
447558	6709244	2		448540	6707494	11		447398	6708977	4		449076	6707564	26
447588	6709269	0		448510	6707468	0		447383	6708964	5		449091	6707577	6
447618	6709295	0		448480	6707443	16		447368	6708951	0		449105	6707590	22
447648	6709321	0		448450	6707417	0		447353	6708939	0		448751	6707157	8
447678	6709346	4		448420	6707391	2000		447338	6708926	4		448781	6707182	16
447447	6708890	3		448630	6707571	5		447324	6708913	13		448811	6707208	73
447417	6708864	2		448659	6707596	3		447309	6708900	3		448841	6707233	4
447388	6708838	0		448689	6707622	12		447294	6708887	0		448871	6707259	15
447358	6708813	2		448719	6707647	11		447279	6708875	4		448901	6707285	5
447328	6708787	6		448749	6707673	6		447264	6708862	5		448930	6707310	0
447298	6708762	0		448779	6707699	2		447249	6708849	5		448960	6707336	7
447268	6708736	9		448809	6707724	6		447234	6708836	0		448990	6707361	33
447238	6708710	5		448839	6707750	94		447219	6708823	0		449020	6707387	18
447477	6708915	9		448869	6707775	5		447204	6708811	0		449050	6707413	246
447507	6708941	4		448898	6707801	9		447189	6708798	0		449080	6707438	16
447537	6708966	41		448928	6707827	5		447174	6708785	0		449110	6707464	26
447567	6708992	9		448958	6707852	13		447159	6708772	0		449140	6707489	34
447597	6709018	4		448988	6707878	23		448408	6707769	6		449169	6707515	26
447627	6709043	0		449018	6707904	19		448423	6707782	18		448920	6707171	0
447656	6709069	0		449048	6707929	59		448437	6707795	10		448935	6707184	0
447686	6709094	7		448728	6707396	8		448452	6707808	4		448950	6707197	7
447716	6709120	2		448698	6707370	5		448467	6707820	15		448965	6707210	20
447746	6709146	0		448668	6707344	31		448482	6707833	8		448979	6707223	0
447776	6709171	3		448638	6707319	8		448497	6707846	20		448994	6707236	6
447806	6709197	0		448608	6707293	0		448512	6707859	3		449009	6707248	6

6

mE	mN	Au		mE	mN	Au		mE	mN	Au		mE	mN	Au
MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb
447836	6709222	4		448578	6707268	0		448527	6707872	8		449024	6707261	1
447575	6708740	0		448548	6707242	0		448542	6707884	4		449039	6707274	2
447545	6708715	3		448758	6707421	1		448557	6707897	5		449054	6707287	19
447516	6708689	0		448787	6707447	4		448572	6707910	60		449069	6707300	24
447486	6708663	0		448817	6707472	0		448587	6707923	6		449084	6707312	15
447456	6708638	0		448847	6707498	0		448602	6707936	6		449099	6707325	7
447426	6708612	1		448877	6707524	0		448617	6707948	3		449114	6707338	7
447396	6708587	3		448907	6707549	12		448632	6707961	24		449129	6707351	3
447366	6708561	0		448937	6707575	27		448647	6707974	7		449144	6707364	11
447605	6708766	0		448967	6707600	20		448662	6707987	9		449159	6707376	29
447635	6708791	0		448997	6707626	34		448677	6708000	5		449174	6707389	45
447665	6708817	5		449026	6707652	6		448691	6708012	17		449189	6707402	40
447695	6708843	4		449056	6707677	8		448706	6708025	12		449204	6707415	86
447725	6708868	8		449086	6707703	12		448721	6708038	9		449219	6707428	57
447755	6708894	0		449116	6707728	67		448736	6708051	3		449233	6707440	96
447784	6708919	18		449146	6707754	29		448751	6708064	11		448999	6707110	18
447814	6708945	8		449176	6707780	27		448766	6708076	5		449029	6707135	7
447844	6708971	17		448856	6707246	7		448781	6708089	8		449058	6707161	6
447874	6708996	0		448826	6707221	9		448796	6708102	4		449088	6707186	80
447904	6709022	2		448796	6707195	4		448811	6708115	46		449118	6707212	56
447934	6709047	7		448766	6707169	48		448826	6708128	25		449148	6707238	96
447964	6709073	35		448736	6707144	5		448841	6708140	8		449178	6707263	17
447994	6709099	12		448706	6707118	2		448487	6707707	12		449208	6707289	14
447703	6708591	0		448676	6707093	1		448516	6707733	23		449238	6707314	46
447673	6708565	2		448886	6707272	3		448546	6707758	22		449268	6707340	323
447644	6708540	0		448915	6707297	77		448576	6707784	17		449297	6707366	57
447614	6708514	3		448945	6707323	1		448606	6707810	12		449347	6707278	438
447584	6708488	2		448975	6707349	4		448636	6707835	11		449332	6707265	190
447554	6708463	0		449005	6707374	8		448666	6707861	8		449317	6707253	458
447524	6708437	0		449035	6707400	24		448696	6707886	5		449302	6707240	187
447494	6708412	0		449065	6707425	167		448726	6707912	21		449287	6707227	184
447733	6708616	0		449095	6707451	20		448755	6707938	12		449272	6707214	0
447763	6708642	7		449125	6707477	15		448785	6707963	439		449257	6707201	163
447793	6708668	0		449155	6707502	47		448815	6707989	13		449242	6707189	19
447823	6708693	0		448984	6707097	8		448845	6708014	121		449227	6707176	8
447853	6708719	2		449014	6707122	3		448875	6708040	400		449212	6707163	37
447883	6708744	6		449044	6707148	4		448905	6708066	17		449197	6707150	7
447913	6708770	0		449073	6707174	255		448401	6707504	8		449182	6707137	6
447942	6708796	2		449103	6707199	106		448416	6707517	6		449167	6707125	6
447972	6708821	5		449133	6707225	20		448431	6707530	14		449152	6707112	2
448002	6708847	0		449163	6707250	37		448446	6707543	5		449137	6707099	0
448032	6708872	0		449193	6707276	29		448461	6707556	47		449251	6707844	20
448062	6708898	0		449223	6707302	23		448476	6707568	16		449280	6707869	20
448092	6708924	0		449253	6707327	67		448491	6707581	14		449310	6707895	50
448122	6708949	0		449283	6707353	100		448506	6707594	32		449199	6707541	30
447831	6708441	0		446863	6709814	10		448521	6707607	19		449229	6707566	30
447802	6708416	1		446848	6709801	8		448536	6707620	22		449259	6707592	0
447772	6708390	3		446833	6709788	2		448551	6707632	11		449289	6707618	80
447742	6708365	0		446912	6709726	7		448565	6707645	28		449319	6707643	75
447712	6708339	3		446882	6709701	24		448580	6707658	31		449349	6707669	20
447682	6708313	2		446852	6709675	22		448595	6707671	45		449379	6707694	10
447652	6708288	0		447065	6709728	5		448610	6707684	19		449409	6707720	10
447622	6708262	0		447050	6709716	3		448625	6707697	53		449438	6707746	5
447861	6708467	0		447035	6709703	7		448640	6707709	14		449468	6707771	5
447891	6708493	5		447021	6709690	7		448655	6707722	11		449327	6707391	110
447921	6708518	2		447006	6709677	6		448670	6707735	12		449357	6707417	65

7

mE	mN	Au		mE	mN	Au		mE	mN	Au		mE	mN	Au
MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb		MGAz51	MGAz51	ppb
447951	6708544	1		446991	6709664	16		448685	6707748	9		449387	6707443	60
447981	6708569	3		446976	6709651	40		448700	6707761	44		449417	6707468	75
448011	6708595	6		446961	6709639	26		448715	6707773	22		449447	6707494	70
448041	6708621	58		446946	6709626	124		448730	6707786	17		449477	6707519	60
448070	6708646	2		446931	6709613	62		448745	6707799	11		449507	6707545	20
448100	6708672	4		446916	6709600	50		448760	6707812	6		449537	6707571	35
448130	6708697	4		446901	6709587	0		448775	6707825	4		449566	6707596	15
448160	6708723	1		446886	6709575	98		448790	6707837	6		449596	6707622	15
448190	6708749	7		446871	6709562	52		448805	6707850	34		449291	6707101	20
448220	6708774	0		446856	6709549	25		448819	6707863	18		449321	6707127	1080
448250	6708800	9		446841	6709536	8		448834	6707876	38		449351	6707152	110
448280	6708825	0		446826	6709523	14		448849	6707889	7		449381	6707178	940
447959	6708292	3		447129	6709654	0		448864	6707901	10		449411	6707203	940
447930	6708266	7		447099	6709628	5		448879	6707914	9		449440	6707229	1840
447900	6708241	8		447070	6709602	16		448894	6707927	21		449470	6707255	850
447870	6708215	8		447040	6709577	8		448909	6707940	11		449500	6707280	0
447840	6708190	18		447010	6709551	19		448924	6707953	8		449530	6707306	530
447810	6708164	3		446980	6709526	8		448939	6707965	5		449560	6707332	75
447780	6708138	11		446950	6709500	8		448954	6707978	12		449590	6707357	50
447750	6708113	21		446920	6709474	9		448969	6707991	15		449620	6707383	15
447989	6708318	0		446890	6709449	5		448984	6708004	5		449650	6707408	20
448019	6708343	7		446860	6709423	10		448999	6708017	5		449680	6707434	25
448049	6708369	0		446831	6709398	11		448465	6707430	6		449709	6707460	5
448079	6708394	0		447149	6709541	1		448495	6707455	10		449739	6707485	10
448109	6708420	6		447134	6709528	2		448525	6707481	22		449598	6707105	110
448139	6708446	0		447119	6709515	2		448555	6707507	18		449628	6707131	55
448169	6708471	1		447104	6709502	0		448585	6707532	40		449658	6707157	70
448198	6708497	0		447089	6709489	6		448615	6707558	11		449688	6707182	40
448228	6708522	0		447074	6709476	2		448644	6707583	14		449718	6707208	0
448258	6708548	1		447059	6709464	5		448674	6707609	6		449748	6707233	350
448288	6708574	0		447044	6709451	4		448704	6707635	8		449778	6707259	45
448318	6708599	10		447029	6709438	7		448734	6707660	6		449808	6707285	45
448348	6708625	0		447014	6709425	5		448764	6707686	5		449837	6707310	10
448378	6708650	0		446999	6709412	9		448794	6707711	8		449867	6707336	15
448408	6708676	0		446984	6709400	5		448824	6707737	10		449897	6707361	10
448087	6708143	4		446969	6709387	4		448854	6707763	43		449906	6707110	20
448058	6708117	0		446954	6709374	12		448884	6707788	4		449936	6707135	0
448028	6708091	1		446939	6709361	18		448913	6707814	8		449965	6707161	0
447998	6708066	0		446924	6709348	11		448943	6707839	15		449995	6707186	10
447968	6708040	6		446910	6709336	7		448973	6707865	22		450025	6707212	10
												450055	6707238	15

8

JORC Code, 2012 Edition - Table 1

The below data is taken from Accession Report A50990, "Annual Report on the Exploration of the Yarri Project Area" by Mount Edon Gold Mines (Aust) Ltd, 23rd December 1995 - 22nd December 1996.

Section 1 Sampling Techniques and Data

	Criteria	JORC Code explanation	Commentary
	Sampling	∙ Nature and quality of sampling (eg cut channels, random chips, or	∙ 1996 soil sampling by Mt Edon Gold Mines: 250g soil samples were
	techniques	specific specialised industry standard measurement tools appropriate		collected using the -6 +2mm fraction on lines propagated at right
		to the minerals under investigation, such as down hole gamma		angles to existing baselines using compass and hip-chain. First pass
		sondes, or handheld XRF instruments, etc). These examples should		samples were collected at either 400 x 40m spacing or 200 x 20m
		not be taken as limiting the broad meaning of sampling.		spacing. Infill samples were collected at 100 x 20m, or 50 x 20m, as
		∙ Include reference to measures taken to ensure sample representivity		follow-up sampling to define anomalism detected in previous surveys.
		and the appropriate calibration of any measurement tools or systems
		used.
		∙ Aspects of the determination of mineralisation that are Material to the
		Public Report.
		∙ In cases where 'industry standard' work has been done this would be
		relatively simple (eg 'reverse circulation drilling was used to obtain 1
		m samples from which 3 kg was pulverised to produce a 30 g charge
		for fire assay'). In other cases more explanation may be required,
		such as where there is coarse gold that has inherent sampling
		problems. Unusual commodities or mineralisation types (eg
		submarine nodules) may warrant disclosure of detailed information.
	Drilling	∙ Drill type (eg core, reverse circulation, open-hole hammer, rotary air	∙	n/a.
	techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
		or standard tube, depth of diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by what method, etc).
	Drill sample	∙ Method of recording and assessing core and chip sample recoveries	∙	n/a.
	recovery	and results assessed.
		∙ Measures taken to maximise sample recovery and ensure
		representative nature of the samples.
		∙ Whether a relationship exists between sample recovery and grade
		and whether sample bias may have occurred due to preferential
		loss/gain of fine/coarse material.
	Logging	∙ Whether core and chip samples have been geologically and	∙	n/a.
		geotechnically logged to a level of detail to support appropriate
		Mineral Resource estimation, mining studies and metallurgical

studies.

∙ Whether logging is qualitative or quantitative in nature. Core (or

9

		Criteria		JORC Code explanation		Commentary
				costean, channel, etc) photography.
				∙ The total length and percentage of the relevant intersections logged.
		Sub-		∙ If core, whether cut or sawn and whether quarter, half or all core		∙ Samples submitted to Amdel laboratories were analysed for gold only
		sampling		taken.		using method PREP5/AA9. The 250g sample was pulverized and a
		techniques		∙ If non-core, whether riffled, tube sampled, rotary split, etc and		50g charge digested in hot aqua regia and analysed by graphite
			whether sampled wet or dry.		furnace AAS to a detection limit of 0.001ppm.
		and sample
			∙ For all sample types, the nature, quality and appropriateness of the		∙ Samples submitted to Kal Assay Laboratories were analysed for gold
		preparation
			sample preparation technique.		only using method FA50PB. The 250g sample was pulverized and a
				∙ Quality control procedures adopted for all sub-sampling stages to		50g charge digested in hot aqua regia and analysed by fire
				maximise representivity of samples.		assay/AAS to a detection limit of 0.002ppm.
				∙ Measures taken to ensure that the sampling is representative of the in
				situ material collected, including for instance results for field
				duplicate/second-half sampling.
				∙ Whether sample sizes are appropriate to the grain size of the material
				being sampled.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• The analytical procedures described above are industry standard for gold soil sampling.
• These digests are considered a total technique.
• The use of blanks, standards and duplicates is not discussed in the Mount Edon annual report.

Verification of sampling and assaying

∙ The verification of significant intersections by either independent or	∙ n/a.
alternative company personnel.

• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.

Location of	∙ Accuracy and quality of surveys used to locate drill holes (collar and	∙ Soil samples were collected on lines propagated at right angles to
data points	down-hole surveys), trenches, mine workings and other locations	existing baselines using compass and hip-chain.
	used in Mineral Resource estimation.	∙ Datum is MGA94 zone 51.
	∙ Specification of the grid system used.
	∙ Quality and adequacy of topographic control.
Data	∙ Data spacing for reporting of Exploration Results.	∙ Initial sample spacing was 400 x 40m or 200 x 20m. Follow-up
spacing	∙ Whether the data spacing and distribution is sufficient to establish the	sampling was at 100 x 20m or 50 x 20m.
	10

	Criteria			JORC Code explanation			Commentary
	and		degree of geological and grade continuity appropriate for the Mineral		∙ No sample compositing was recorded.
	distribution		Resource and Ore Reserve estimation procedure(s) and
				classifications applied.
				∙ Whether sample compositing has been applied.
	Orientation		∙ Whether the orientation of sampling achieves unbiased sampling of		∙	n/a.
	of data in		possible structures and the extent to which this is known, considering
	relation to		the deposit type.
		∙ If the relationship between the drilling orientation and the orientation
	geological
		of key mineralised structures is considered to have introduced a
	structure
		sampling bias, this should be assessed and reported if material.
	Sample		∙ The measures taken to ensure sample security.		∙	Not recorded.
	security
	Audits or		∙ The results of any audits or reviews of sampling techniques and data.		∙	Not recorded.
	reviews

11

Section 2 Reporting of Exploration Results

		Criteria		JORC Code explanation		Commentary
		Mineral		∙ Type, reference name/number, location and ownership including		∙ E31/1179 is held by CoxsRocks (10%) and Nexus Mt Celia Pty Ltd
		tenement		agreements or material issues with third parties such as joint	(90%).
		and land		ventures, partnerships, overriding royalties, native title interests,		∙ As detailed in GIB's ASX release dated 16thJuly 2020, GIB acquired
			historical sites, wilderness or national park and environmental		an Option to purchase 100% of E31/1179 for $110k with no private
		tenure
			settings.		royalties or encumbrances. The Option deal is for six months and can
		status
			∙ The security of the tenure held at the time of reporting along with any		be exercised at any time in that period for the payment of $330,000
				known impediments to obtaining a licence to operate in the area.		(plus GST), plus 5.5m GIB shares and 5.5m GIB options.

Exploration ∙ Acknowledgment and appraisal of exploration by other parties.

done by other parties

GIB is compiling a database of historic mining and exploration activity. A brief chronology is included below:

• The main period of mining activity on the Edjudina line of workings
  (the 'Edjudina Line') occurred between 1897 and 1921.
• Government Geologist Andrew Gibb Maitland made the first documented description of the Edjudina Line in 1903, which was followed up by reports in 1903 and 1905 by State Government Mining Engineer Alexander Montgomery. These reports described a number of private batteries being run on the Edjudina Line at this time, with some ore also carted to the nearby State Battery at Yarri.
• A minor revival in mining took place from 1936-1939, which was curtailed by the start of World War 2.
• In 1974-75 Australian Anglo American Ltd explored the Edjudina line, followed by United Nickel Exploration, Cambrian Exploration and Penzoil of Australia Ltd (1979-81).
• In 1993 Pancontinental picked up the ground and conducted drilling operations, relinquishing the ground in 1995. Little exploration work was conducted over the next 14 years with the exception of Gutnick Resources who are reported as having completed some wide spaced drilling during this time, however a complete dataset for this work is still being sourced.
• Mount Edon Gold Mines (Aust) Limited conducted -6 +2mm soil sampling on a 200 x 40m and 100 x 20m grid in 1996.
• From 2010 to 2014 CoxsRocks Pty Ltd, a WA based private company, conducted a ground magnetic survey, auger soil geochemistry and limited aircore drilling.
• The Edjudina Gold Project has been held by Nexus Mt Celia Pty Ltd from 2014 to present with one limited RC drilling program conducted in that time.

12

	Criteria			JORC Code explanation			Commentary
	Geology		∙ Deposit type, geological setting and style of mineralisation.		∙ Historic reports describe mineralisation as occurring within silicified,
							boudinaged stromatolites which were mineralized and then deformed
							during diagenesis and regional deformation. In this situation gold is
							stratabound and almost entirely hosted within the quartz boudins.
							∙ GIB believes there also was a broader hydrothermal alteration event
							at Neta in which Au mineralisation is associated with Si-Fe alteration
							and possibly with porphyry intrusion forming replacement style
							mineralisation. Gold mineralisation does not appear to be associated
							with sulphides.
	Drill hole		∙ A summary of all information material to the understanding of the		∙ See Appendix A (Soil Samples).
	Information		exploration results including a tabulation of the following information
				for all Material drill holes:
				o easting and northing of the drill hole collar
				o elevation or RL (Reduced Level - elevation above sea level in
				metres) of the drill hole collar
				o dip and azimuth of the hole
				o down hole length and interception depth
				o hole length.
				∙ If the exclusion of this information is justified on the basis that the
				information is not Material and this exclusion does not detract from
				the understanding of the report, the Competent Person should clearly
				explain why this is the case.
	Data		∙ In reporting Exploration Results, weighting averaging techniques,		∙ Not recorded.
	aggregatio		maximum and/or minimum grade truncations (eg cutting of high
	n methods		grades) and cut-off grades are usually Material and should be stated.
		∙ Where aggregate intercepts incorporate short lengths of high grade
				results and longer lengths of low grade results, the procedure used
				for such aggregation should be stated and some typical examples of
				such aggregations should be shown in detail.
				∙ The assumptions used for any reporting of metal equivalent values
				should be clearly stated.
	Relationshi		∙ These relationships are particularly important in the reporting of		∙ Not applicable to soil sampling.
	p between		Exploration Results.
	mineralisati		∙ If the geometry of the mineralisation with respect to the drill hole
		angle is known, its nature should be reported.
	on widths
		∙ If it is not known and only the down hole lengths are reported, there
	and
		should be a clear statement to this effect (eg 'down hole length, true
				width not known').
			13

		Criteria		JORC Code explanation	Commentary
		intercept
		lengths
		Diagrams		∙ Appropriate maps and sections (with scales) and tabulations of	∙ See Maps, Tables and Figures within the body of this announcement.
				intercepts should be included for any significant discovery being
				reported These should include, but not be limited to a plan view of
				drill hole collar locations and appropriate sectional views.
		Balanced		∙ Where comprehensive reporting of all Exploration Results is not	∙	n/a.
		reporting		practicable, representative reporting of both low and high grades
				and/or widths should be practiced to avoid misleading reporting of
				Exploration Results.
		Other		∙ Other exploration data, if meaningful and material, should be reported	∙	n/a.
		substantive		including (but not limited to): geological observations; geophysical
		exploration		survey results; geochemical survey results; bulk samples - size and
			method of treatment; metallurgical test results; bulk density,
		data
			groundwater, geotechnical and rock characteristics; potential
				deleterious or contaminating substances.
		Further		∙ The nature and scale of planned further work (eg tests for lateral	∙ GIB's phase 2 AC drilling campaign and geological targeting is
		work		extensions or depth extensions or large-scalestep-out drilling).		discussed in this ASX announcement
				∙ Diagrams clearly highlighting the areas of possible extensions,

including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

End

14