Gibb River Diamonds Limited announced the results of the latest metallurgical testwork for the Neta Gold Prospect, a part of the Edjudina Gold Project (GIB 100%) situated in the Eastern Goldfields of Western Australia. This testwork was conducted under the supervision of Orway Mineral Consultants (`Orway') as GIB's partner in metallurgical studies of the Edjudina Project. The work was led by OMC Principal Metallurgist Fred Kock (FAusIMM), who has 36 years of experience in the mining industry, including 18 years production management experience in the gold industry as well as commissioning, flowsheet development and study experience.

This report is a summary of three phases of metallurgical testwork at Neta to date. Phase 1 Testwork The Phase 1 testwork consisted of medium grade, weathered, oxide ore from early aircore (AC) drilling. The results from this work were initially reported in the GIB ASX announcement dated 27 November 2020, titled `Excellent Metallurgical Recoveries from Bottle Roll Testing of the Neta Lodes Gold Discovery'4. This Phase 1 testwork has now been further reviewed by Orway and is included in this report for completeness.

Phase 2 Testwork The Phase 2 testwork was commissioned to test low grade, fresh, unweathered ore from reverse circulation (RC) drilling. Phase 3 Testwork The Phase 3 testwork was commissioned to test both medium grade and high grade unweathered ore from RC drilling. The Board is very pleased with these first pass metallurgical results, especially for the medium grade oxide material (92.6%) and the high grade fresh material (94.5%), which are such important components of the Neta Gold Prospect in terms of gold endowment.

The results for the Phase 2 low grade and to a lesser extent the Phase 3 medium grade ore, suggest that arsenical minerals and/or reactive pyrite contribute significantly to the lower extraction achieved for these samples. Residue grade testing indicates these ores may contain a refractory component, as opposed to being refractory ores. A significant component of the Phase 2 low grade composite sample was derived from Hole GRC020 89-90m which was logged as 5% pyrite, which may be the reason for the lower recovery of the Phase 2 sample.

Levels of sulphide as high as 5% are very unusual within the Neta Prospect and it is likely this composite sample was not representative of the Neta Prospect as a whole. This was an error by GIB in the sample selection for the Phase 2 composite sample, partly caused by a lack of available RC samples of appropriate grade at that point in time. There is considerable scope to optimise these results with further testing by changing variables including grind size, residence time, reagent concentrations, regrinds etc.

Future programs should also focus on improving the residue grade of the fresh samples, including possible concentration via flotation and concentrate treatment options. Arsenopyrite associated refractory gold components can often be liberated with fine grinding of a concentrate or moderate oxidation and these can be looked at as the project progresses. None of the leach tests indicated extreme cyanide or lime consumption, and further reagent optimisation will be completed in any future testwork programmes.

This is a positive indicator. It should be noted that AC and RC drilled samples are not ideal for metallurgical testwork, but do provide an indication of the gold extraction. Future metallurgical testwork should be done on diamond core to provide more definitive extraction numbers.

The Board is very pleased with these first pass metallurgical results, especially for the medium grade oxide and the high grade fresh material, which are such important components of the Neta Gold Prospect in terms of gold endowment. There is also considerable scope to further optimise these results with additional testing. The Company is progressing resource work at the Neta Prospect and aims to have a resource published as soon as is practicable.

The Neta Prospect is a part of the Edjudina Gold Project (GIB 100%) which is situated in the heart of the prolific Eastern Goldfields of WA.