Citigold : Quarterly Activities Report and Appendix 5B

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Quarterly Report

For the period ending 30 June 2022, dated 21 July 2022

ABOUT THE COMPANY

Citigold Corporation Limited (ASX:CTO) is an Australian gold development and exploration company located in northeast Australia. The Company's prime focus is the high-grade Charters Towers Gold Project which is production-ready after successfully completing 100,000 ounces of gold production1 test mining and establishing its mine site. The Company continues to advance its core activities including mine design and engineering, broad regional exploration programs, and working toward restarting its world-class gold mine.

The Project comprises of the 14 million ounce gold deposit, with an Inferred Mineral Resources of 32 million tonnes at 14 grams per tonne gold and 620,000 ounces of gold in the Probable Ore Reserves (2.5Mt @ 7.7 g/t Au at a 4 g/t cut-off)1. Historically, 6.6 million ounces of gold was mined up until 19201.

Our aim is to be a 300,000 plus ounces per annum ultra-low-cost gold producer in five years using state- of-the-art technologies and efficiencies, all with the aim of returning substantial profits to shareholders in harmony with the local environment2.

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Over the last six months, a revision of the strategic mine plan was made taking account of these new parameters:

• Utilising two small (twin) declines instead of a single large decline
• Electric/Battery LHD's, and trucks
• Electric/Battery support vehicles
• Removal of the need for large capital ventilation openings
• Rapid development through innovative in-cycle ground support materials
• State of art autonomous sensing of person and equipment
• Utilisation of robotics for hazardous or repetitive tasks
• Stand-alonerenewables power supply

These proactive production approaches will position Citigold at the forefront of Australia's hard rock mining technology.

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GEOLOGY AND EXPLORATION

Geology & Mineral Resources

Mineral resources and reserves are summarised below3:

Citigold's Mineral Resources and Ore Reserves for the overall Gold Project are reported in accordance with the Australasian JORC Reporting Code 20123. Mineral Resources and Ore Reserves remain unchanged during the Quarter. The material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed3.

Exploration

With the wet season finishing late this year, broad regional exploration commenced post-quarter end with low-impact rock float sampling involving walking along creeks and

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collecting 1 - 2 kgs of pebbles or outcrops from creek beds. The samples were submitted to the commercial laboratory for analysis and awaiting results post-quarter end.

As part of our community engagement, our exploration personnel met with local landholders during the quarter and received support for our low-impact exploration program in Charters Towers.

The Company continues to optimise future plans for an intensive exploration program with priority areas identified from the current and previous exploration programs.

Exploration analysis and review of historical data continued. During the Quarter, no new exploration drilling was undertaken. Normal regulatory compliance reporting for exploration, mine and environmental continued during the Quarter.

HEALTH, SAFETY, COMMUNITY AND ENVIRONMENT

There were no Lost Time Injuries, significant environmental, health, or safety issues during the quarter.

Celebrating 2022 NAIDOC Week

Citigold has a long history of contributing to the recognition of Indigenous achievements. After all, it was the young 10-year-old First Nations Australian 'Jupiter' who in 1871, as part of the prospecting team, discovered gold that led to the birth of Charters Towers in Queensland.

Citigold's recognition of Jupiter included commissioning two paintings in 1997 and 1999 by Marji Hill. The first painting depicts Jupiter as an elderly statesman of Charters Towers, and the second is an artist's impression of the discovery of gold in Mosman Creek by Jupiter and the prospecting team (above right).

Rehabilitation

Citigold is very proud of its environmental management and rehabilitation of the Stockholm, Warrior, and Central mine sites. The below right picture shows Citigold's Warrior site blending into the rest of the community.

Progressive land rehabilitation, repurposing, and reclamation initiatives were reviewed during the quarter in consultation with landowners and are incorporated into the Project's life of mine landforms and post-mining community uses.

We are proud of our efforts with vegetation and wildlife returning and the sites are self-sustaining. We aim to lead the way with our progressive rehabilitation and environmental management.

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