Greenstone Resources Limited (ASX:GSR) (Greenstone or the Company) is pleased to provide an update on the imminent resumption of exploration activities at the Mt Thirsty Joint Venture (the MTJV) following the recent palladium-platinum-gold-copper-nickel (PGE) discovery by Galileo Mining Ltd (ASX:GAL) (Galileo) located less than 200 metres from the northern tenement boundary held by the MTJV.

The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia and is owned by Greenstone Resources (50%) and Conico Limited (ASX: CNJ) (50%). Drilling is scheduled to resume later this week at the MTJV following the completion of a multidisciplinary geological review and the receipt of all necessary approvals, including an updated heritage agreement.

The Phase I drill campaign is targeting mineralisation associated the same geological horizon which hosts Galileo's recent Callisto discovery, importantly the presence of this geological horizon extending onto the MTJV licences is supported by several historical drill holes. Mineralisation at Callisto is associated with disseminated sulphides

Managing Director and CEO, Chris Hansen, commented: 'Over the past eight weeks we have sought to expedite the resumption of exploration activities at Mt Thirsty following the Callisto discovery by Galileo Mining, less than 200 metres from the joint-venture licence boundary. During such time we engaged a number of leading independent technical experts to support the geological interpretation and target generation process, having subsequently defined a geological horizon prospective for PGE's with a strike extent of over 1.8kms. The principal objective of the initial drill campaign is to test for southern extensions onto the joint-venture licence area, as well as testing a number of other geological features. Any PGE exploration success is in addition to the significant value we already see in the Ni-Co oxide project. We look forward to keeping shareholders updated as to the progress of the project over the coming weeks.'

Galileo recently announced (GAL, ASX Announcement, 11 May 2022) the completion of six reverse circulation drillholes at Callisto targeting a mineralised sulphide unit on the contact between an ultramafic sill and a package of sedimentary rocks. An initial appraisal of the results from Callisto by Galileo indicates similarities in mineralisation style to the Platreef deposits on the northern limb of the Bushveld Complex in South Africa. The Platreef deposits are very large in nature and have combined indicated resources of >700Mt at a 1 g/t 3PE+Au cut off1 and contain palladium, platinum, gold, rhodium, copper, and nickel. Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include2 :

Importantly for the MTJV, Galileo's recent discovery at Callisto is only 200 metres from the northern tenement boundary held by the MTJV with the extension of the prospective mineralised horizon onto MTJV tenure supported by geophysics & lithology (GSR, ASX Announcement, 16 May 2022). Despite extensive shallow drilling over the Mt Thirsty resource area (JORC Inferred and Indicated Resources of 26.9Mt at 0.126% cobalt, and 0.54% nickel, see Annexure A), the prospective eastern margin remains largely untested (Figure 1) with only 3.5% of all holes drilled at Mt Thirsty penetrating deeper than 100 metres, also noting Galileo's discovery hole was from 144 metres downhole. As such, an initial review indicates that a further 1.5km of the prospective mineralised horizon may extend onto the MTJV tenure. In addition to the untested PGE potential, the MTJV is undertaking a detailed geological review assessing the western margin of the Mt Thirsty licences for lithium-caesium-tantalum (LCT) potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, northsouth trending pegmatites. Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta205 4 .

Contact:

Chris Hansen

Managing Director & Chief Executive Officer

Greenstone Resources Limited

E: chris.hansen@greenstoneresources.com.au

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