De Grey Mining Limited provided an exploration update on recent drilling activities within the Greater Hemi Corridor. Results cover AC and RC drilling undertaken along a North-East trending structural corridor from Antwerp in the South-West to Mt Berghaus in the North-East referred to as the Greater Hemi Corridor. This structural corridor represents a greater than 15km long by 10km wide trend that extends east and west of the main Hemi deposits.

The Greater Hemi Corridor contains numerous gold anomalies in drilling and defines distinct gold trends referred to below (Figure 1). The corridor hosts large scale deep seated regional structures and multiple intrusions identified by logging and bottom of hole multi- element geochemistry. Many of these intrusions are geochemically similar to intrusions known to host mineralisation at Hemi (Figure 1).

Exploration activities along the Antwerp gold trend, located less than 1km to the Southwest of Eagle, focussed on first pass RC drilling following up on gold anomalism in 160m x 80m spaced aircore drilling. This drilling has highlighted an approximate 1km long anomalous gold trend extending to the Southwest of Eagle (Figure 2). The Company believes the Antwerp trend has significant potential to deliver new gold resources proximal to the existing resources at Hemi.

Infill RC and DD to assess the potential of this trend will occur from first quarter 2023. Significant new drilling results from first pass RC drilling at Antwerp include: 25m @ 1.0g/t Au from 78m in HMRC198; 6m @ 4.4g/t Au from 28m in HMRC197; 20m @ 0.7g/t Au from 88m in HMRC193; 6m @ 2.1g/t Au from 43m in HMRC167; 10m @ 1.0g/t Au from 190m in HMRC425. Previously reported results on this trend include: 31m @ 2.1g/t Au from 155 and 19m @ 1.8g/t Au from 192m in HMRC229; 5m @ 5.4g/t au and 15m @ 5.5g/t Au in HERC875; 4m @ 6.1 from 230m and 6m @ 5.1g/t Au from 240m in HMRC280.

AC drilling around 500m north of this Antwerp trend intersected 2m @ 261g/t Au from 36m in HEAC920 within altered sediments. 3m @ 2.7g/t Au from 57m was returned from hole in HAC349 on the section 160m to the west of HEAC920. In addition, AC drilling around 1.4km south of Antwerp has returned 1m @ 41.6g/t Au from 59m in HAC654 within intrusives.

Drill lines in these areas varies from 160m to 320m and follow up of these results is continuing. To the North and West of the Eagle prospect, AC drilling designed to explore high priority targets, some of which are within areas of proposed mining infrastructure, has intercepted anomalous gold mineralisation at the Frillback prospect. AC drilling on 320m spaced lines and 80m spaced drill collars has defined weak gold anomalism over approximately 1km of strike (Figure 2).

The interpreted geology of the area consists of a series stacked thrust faults. High priority exploration targets occur where these structures interact with favourable host rock, including intrusions, and/or rheological and chemically favourable sedimentary trap sites. A thorough geological and geochemical assessment of the area is ongoing and follow-up RC and DD drilling will be planned to evaluate high-priority targets in early 2023.

Significant new AC drilling results at Frillback include 8m @ 0.77g/t Au from 108m in HAC569 and 8m @ 0.95g/t Au from 82m in HAC484. Limited follow-up RC drilling has returned intercepts including 6m @ 2.1g/t Au from 43m in HMRC167. Drilling is currently focussed on completing requirements for the DFS, including geotechnical, metallurgical and resource definition drilling.

This work is expected to be completed early in the New Year, after which the drilling focus will shift to resource extensions at Hemi and Regional deposits and exploration for new, large scale, near surface discoveries within Greater Hemi and Regionally.