CGN Resources Limited has made significant progress with deep drilling at the Tantor IOCG target well underway and an extensive Heritage clearance for 2024/2025 successfully completed. Maiden drilling underway CGN Resources received $400,000 in exploration incentive scheme (EIS) grant funding from the WA government to drill two 600m meter deep diamond drill holes in 2023/24. The Company?s first hole at the Tantor target commenced on the 12th October and is at a depth of approximately 175m.

The first hole is testing a high-quality gravity anomaly which has the potential to be a large IOCG magmatic system. Geophysical modelling indicates the target extends over 2km x 1km at Tantor with model target depths of 250m to 600m+. The hole will test the central part of the anomaly to a vertical depth of 520m.

The Tantor hole will provide valuable information on the geology, geochemistry, and alteration on this high priority target and enable to refine drilling strategy for a major campaign in 2024. The core samples will be sent to Perth for analysis and the Company expects to be able to report assay results from the submitted samples in early First Quarter 2024. The Surus hole is planned to commence at completion of the Tantor hole.

CGN Resources is currently in an important phase, where each new core run represents a valuable discovery within the Webb Project. The objective is to find evidence of a large magmatic system, which is indicative of an iron oxide copper gold (IOCG) system. This will support the Company's ongoing exploration of this regionally significant target.

The upper 55m of the core has intersected Permian-aged sediments, transitioning into the Neoproterozoic-aged rocks of the Bitter Springs Formation. The uppermost part of the distinct density target is situated at approximately 250m, extending to depths of more than 1km. It will be a significant endeavour to understand the source of the density anomaly.

Heritage Clearance Program As part of CGN Resources ongoing commitment to work closely with its stakeholder communities, it has recently renegotiated its land access agreement with the Native Title Holders. This milestone enables the Company to bring all its tenure and recent applications under the same long-term agreement. Providing a clear path forward for exploration over the coming years.

The heritage clearance team conducted a comprehensive Heritage Survey to establish access routes and clear the sites for ground-based geophysics programs and drilling in 2024. The Native Title Holders were provided valuable insights into their traditional lands during the survey. All proposed drill sites and access routes were successfully visited.

The company anticipates receiving the final clearance survey report within the next month. Exploration Plans The first two targets to be tested in this first pass program will be Tantor and Surus. Both targets have the potential to be large magmatic systems given the scale of the gravity anomalies at each location.

These first holes will provide invaluable data on the nature and scale of the anomaly and how best to explore these targets in more detail over the next year. CGN Resources is actively engaged in target refinement and comprehensive planning for its 2024 exploration campaign, positioning the Company for continued success in unlocking the full potential of the Webb Project. Programs that will proceed during 2024 include, EM survey, IP surveys, ground gravity surveys and a series of drilling programs to test other targets at Snorky, Horton, Shep and Hathi.

Project Overview CGN Resources flagship Webb Project encompasses a significant 948km2 package of tenements located in the highly prospective West Arunta Orogen in Western Australia. The region has garnered recognition as a unique opportunity for targeting copper, nickel, and specialty metals within a mineral-rich terrain that has seen limited prior exploration. The Webb Project is situated within one of Australia's most active exploration districts, the West Arunta Orogen (WAO), which is currently experiencing high levels of interest and activity.

The Webb Project is surrounded by prominent mining corporations and ambitious exploration companies, including WA1, Rio Tinto ? Tali JV, Encounter & IGO. CGN Resources has already demonstrated the potential for diamondiferous kimberlites at Webb, discovering the largest kimberlite field in Australia.

During its diamond exploration efforts, the Company has compiled a collection of high-quality regional datasets. These datasets include multielement geochemistry data from drill holes, a high-resolution aeromagnetic survey spanning over most of the tenement area, a detailed Falcon gravity survey, as well as publicly available data sourced from organizations such as the GSWA and Geoscience Australia.