Westar Resources Limited announced assay results from the recent Ramelius Resources Ltd. RC drilling campaign at the Mt Finnerty farm-in/JV project. All assays have been returned from the 2022 Mt Finnerty RC drilling program with a total of 3,074m in 21 RC drill holes. Due to difficult ground conditions the full RC program was unable to be completed, with several holes abandoned prior to reaching target depth.

RMS are now progressing to drilling diamond tails on many of the abandoned holes, with 2 of the 9 proposed holes completed at the end of quarter (assays pending). The Mt Finnerty Project (the Project) is subject to a Farm-in and Joint Venture Agreement between Ramelius and Rouge Resources (a wholly owned subsidiary of Westar Resources Ltd) (Farm-in Agreement). Under the terms of the Farm-in Agreement Ramelius may earn up to a 75% interest by spending $2 million over a three-year period.

Westar will hold a free carried 25% interest until a decision to mine is made, at which point Westar can either contribute to ongoing expenditure or dilute its interest in the project. A full summary of the Farm-in Agreement is set out in section 10.1(a) of the company's IPO Prospectus1. Mt Finnerty is located approximately 200km northeast of RMS Edna May mine and mill.

The Mt Finnerty Project area comprises a northerly located prospect referred to as Flinders, and a southerly prospect called Tasman. The Project area covers a 9km strike extent of a deformed and sporadically mineralised granite-greenstone contact situated in close proximity to the east of the regional Mount Dimer Shear Zone. Regional and prospect geology and distribution of results are presented.

A total of 3,074m in 21 RC drill holes at Mt Finnerty was completed in CY22, with all assays now reported. A further 2 diamond tails were completed at the Flinders Prospect in late CY22 (assays pending) and drilling of the remaining 9 proposed diamond tail holes re-commenced early in CY23. Geology of the area is characterised by a structural contact between mafic volcanics and granitoid.

The contact one is crosscut by irregularly distributed and anastomosing mafic intrusives which are predominantly shallow southeast dipping. Gold mineralisation is localised around quartz veins on mafic intrusive contacts and is associated with silica-sericite-albite-chlorite alteration and pyrite+/-chalcopyrite- arsenopyrite-galena development. Significant intercepts from the RC drilling assays include: 1m at 11.8 g/t Au from 139m in FLRC0017; 7m at 3.44 g/t Au from 166m in FLRC0020; 2m at 10.5 g/t Au from 224m in FLRC0021; 5m at 1.32 g/t Au from 99m in FLRC00022, and 9m at 1.01 g/t Au from 114m, and 3m at 3.20 g/t Au from 126m.