Godolphin Resources : Ready to Drill Yeoval Copper-Gold Targets

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900m drill program scheduled on the Yeoval Copper-Gold Targets

• Targeted diamond drill program to commence at the Yeoval and Cyclops prospects early April
• Drill holes to target areas north and south of the current Inferred Mineral Resource to test the resource extents, mineralisation remains open in all directions and at depth
• Existing JORC 2012 Mineral Resource Estimate of 12.8Mt at 0.38% copper, 0.14g/t gold, 2.2g/t silver and 120ppm molybdenum (0.2% Cu cut off)
• Drilling to depths not previously tested, targeting deep potassic zone
• Drilling to explore mineral zoning, alteration, structural and lithological controls on the mineralisation

Godolphin Resources Limited (ASX: GRL) ("Godolphin" or the "Company") is pleased to advise that drilling on the 100%- owned Yeoval tenement is scheduled to begin in early April 2022. The initial program will comprise two diamond drill holes for 900m of drilling within EL8538. The diamond drill holes have been designed to test the extent of the Project's existing JORC (2012) Mineral Resource Estimate (MRE) of 12.8 Mt at 0.38% copper, 0.14g/t gold, 2.2g/t silver and 120ppm molybdenum [0.2% Cu cut off]. (Refer Ardea Resources Limited ASX announcement: 15 August 2019 (ASX: ARL)).

Figure 1: Mineralised drill core from the Yeoval prospect Left: Drill hole YA008 at 152m showing a quartz-chalcopyrite-

molybdenite vein. Right: Drill hole YA009 at 167.5m showing chalcopyrite-bornite associated with veining and disseminated

within host rock, potassic alteration signature.

Managing Director Ms Jeneta Owens said: "The planned drill program follows an extensive review of previous work undertaken at the Project and will test mineralisation that potentially remains open in all directions and at depth. Previous drill holes to the south of the Yeoval MRE have not tested deeper than 90m. This provides Godolphin with the opportunity to evaluate extensions to the current MRE, and expand our knowledge of the controls on mineralisation which will assist our future exploration of the Yeoval Project."

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Yeoval Project - Yeoval & Cyclops prospects

The Yeoval tenement is located within the Lachlan Fold Belt and surrounds the township of Yeoval in the Central West of NSW. The tenement is dominated by the Yeoval Batholith, north trending Devonian-aged granites and granodiorite rocks. The Batholith has seen numerous episodes of deformation and the sulphide mineralisation, logged in historic drill holes by previous explorers, documents the localised structural controls on the extent and occurrence of sulphide mineralisation. The unaltered to weakly altered porphyritic Naringla Granodiorite (Figure 2) at the Yeoval prospect is described as extensively fractured and has been intruded by porphyritic dacite and rhyolitic dykes. The mineralisation appears to be associated with the intrusions rather than the major structures, as mineralisation is localised within the granodiorite rather than along strike of the faulting. The current diamond drill program has been designed to incorporate anomalous geochemical results, geophysical anomalies and to test structural complexity and controls on the region's mineralisation.

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Mineralisation at depth has not been explored in previous drilling leaving the MRE open in all directions. There have been no holes drilled south of the Yeoval prospect deeper than 90m, despite anomalous copper results having been reported from historic holes and supported by historic soil geochemistry. The first drill hole will be drilled to the south of the Yeoval Prospect to test for potential southern extensions to the MRE (Figure 3).

Figure 3: Cross-Section looking west at the 2022 Drilling Target Zone south of the Yeoval Estimated Resource Model. The Copper 0.5% and 0.2% grade shells

The second drill hole has been designed to test the source of copper and gold anomalies from historic soil, rock-chip and shallow RC drilling results at the Cyclops prospect, 2km north of the current Yeoval MRE.

An elongated north-south trending geochemically anomalous >400ppm Cu zone extending between the Yeoval and Cyclops prospects, based on soil and rock-chip sampling, aligns with the strike of many small historically mined pits (Figure 4).

The drill hole will test this anomaly, and for copper and gold at depth, aiming to extend the significant mineralisation zones seen in the one historic diamond drillhole drilled in 1995 and three RC drillholes drilled in 1994 (Figure 5) by CRAE at the Cyclops prospect.

Figure 4: Left - Plan view of the ≥400ppm soil geochemistry contour extending between the Yeoval and Cyclops prospects. Location of both cross-sections (while dashed lines) and the two drill hole locations (blue circles) are shown.

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Figure 5: Cross-Section looking west at the 2022 Drilling Target Zone just north of the Yeoval Estimated Resource Model. The

Copper 0.2% grade shell modelled from historic drill hole geochemistry is open in all directions

The drill program at Yeoval is expected to confirm possible southern extensions to the current Yeoval MRE, help to infill and expand knowledge of the controls on mineralisation and assist the Company's future exploration of the Yeoval Project.

This market announcement has been authorised for release to the market by the Board of Godolphin Resources Limited.

For further information regarding Godolphin, please visit https://godolphinresources.com.au/or contact:

Jeneta Owens

Managing Director +61 417 344 658 jowens@godolphinresources.com.au

Released through: Henry Jordan, Six Degrees Investor Relations, +61 431 271 538

About Godolphin Resources

Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-based Projects in the Lachlan Fold Belt ("LFB") NSW, a world-classgold-copper and REE province. Currently the Company's tenements cover 3,200km2 of highly prospective ground focussed on the Lachlan Transverse Zone, one of the key structures which controlled the formation of copper and gold deposits within the LFB. Additional prospectivity attributes of GRL tenure include the McPhillamy's gold hosting Godolphin Fault and the Boda gold-copper hosting Molong Volcanic Belt.

Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large, gold-copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts for unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral resource of its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the tenement package is the key to discovery and represents a transformational stage for the Company and its shareholders.

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ASX ANNOUNCEMENT

COMPLIANCE STATEMENT The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Jeneta Owens, a Competent Person who is a Member of the Australian Institute of Geoscientists. Ms Owens is the Managing Director and full-time employee of Godolphin Resources Limited. Ms Owens has sufficient experience that is relevant to the style of mineralisation 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. Ms Owens consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Information in this announcement is extracted from reports lodged as market announcements referred to above and available on the Company's website www.godolphinresources.com.au.

The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.