Widgie Nickel Limited provided updated assay results from its Reverse Circulation (RC) and diamond (DD) infill and extensional drilling program specific to the Gillett mineralization. The results pertain to all holes completed as at 25 June 2022 and not previously reported. Infill drilling continues at Gillett in addition to extensional work with further holes planned between Gillett and the recent Gillett North discovery.

To date at Gillett, Widgie has completed 66 RC drill holes and 21 DD holes for 14,516 meters and 4,771.7 meters respectively. The outcomes from this drilling will now form part of the upcoming resource estimate recalculation targeted to be completed by the end of the quarter. The results to date from drilling have met with expectations.

The added benefit of diamond drilling versus RC drilling (which dominated historical drilling on Gillett) has proven beneficial in understanding the mineralizing sequence and host rock conditions guiding exploration effort. Whilst grade and mineralization width are the primary objective of drilling, geotechnical assessment of the rock mass as an integral part of the core logging process is an imperative to guide subsequent mine design parameters. In addition, sample preparation has generated a significant quantity of mineralized core, now refrigerated to prevent oxidization.

Subsequent metallurgical testing and evaluation, the first such test work carried out on Gillett mineralization will commence during the forthcoming quarter. The Gillett Mineral Resource is a nickel sulphide deposit hosted within an ultramafic package dipping steeply (75 o to 85o) to the south-west. Mineralization at Gillett occurs over a strike length of more than 850 meters in a talc-carbonate altered ultramafic on or near the basal contact.

The Gillett deposit has been structurally modified with the mineralization sitting on the eastern limb of an anticlinal structure. The basal contact is slightly overturned, has a strike of 325 degrees magnetic and is dipping steeply to the south-west. The mineralization styles range from weakly disseminated to very strong matrix sulphide mineralization.

Zones of massive sulphides have been intersected in the basal contact position with grades of up to 8% Ni returned from individual assays. The nickel sulphide mineralization is typically heavily disseminated with up to three stacked lenses of sulphides sitting above the basal contact. Generally, the disseminated sulphide runs between 0.6% and 2.0% nickel with the matrix style mineralization grading up to 3% nickel.

Above 3% nickel represents a more massive style of mineralization. The drill results received to date combined with the extensive historical dataset further demonstrate the high proceptivity of the Widgie tenure, both at a local scale, with folded repetition of the mineralized basal contact and stacking of mineralization, continuity of the mineralization along the basal contact and potential to increase resources and EM targets beyond current Mineral Resources. The outcome from these drill holes relating to Gillett and those previously announced will be incorporated into the existing drill hole database with a revised resource estimate for Gillett targeted for completion at the end of the month.

This will represent an interim outcome with work to continue infilling areas where drill density dictates, reducing uncertainty and importantly expand the resource where opportunities are seen to exist, especially in a northerly direction towards the recently announced Gillett North discovery hole, a focal point for ongoing drilling activity. The information in this announcement that relates to exploration results and sampling techniques is based on and fairly represents information and supporting documentation compiled by Mr. Don Huntly, who is a full-time employee of Widgie Nickel Limited. Mr. Huntly is a Competent Person and a member of the Australian Institute of Geoscientists.

Mr. Huntly has sufficient experience that is relevant to the style of mineralization 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. Huntly consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.