Horseshoe Metals Limited announced that Reverse Circulation ("RC") drilling has commenced at the Company's 100% owned Horseshoe Lights Copper-Gold Project in Western Australia. The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60km west of DeGrussa Copper Mine operated by Sandfire Resources.

Past production from Horseshoe Lights includes approx. 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off) and 36,000 oz Au. Horseshoe's RC drilling contractor has mobilised to site and commenced drilling after initial delays due to recent rainfall.

The Phase 1 RC programme completed last year focussed on the north end of Motters including: 45m @ 1.22 % Cu from 2m - 22m @ 1.87 % Cu from 12m - 26m @ 1.31 % Cu from 6m - 16m @ 1.15 % Cu from surface. RC drilling will test the northern half of Motters and the Main Zone to a depth of up to 200 metres below surface (MBS). Up to 40 holes have been designed for a total of approx.

6,000m in multiple phases with the current campaign focusing on further definition and extension of the Motters Zone. The Motters mineralised zone is interpreted to be the NNW/SSE striking sheared eastern limb of a folded Volcanogenic Massive Sulphide (VMS) horizon. RC drilling will infill the northern end of the structure (approx.

100m strike) and test the 400m southern extension where wide spaced historic RC and Diamond drilling has intersected significant copper mineralisation in the eastern wall of the open pit. Main zone NW extension will be targeted north of the open pit where infill drilling is required. In addition, drilling will target the northern extension of interpreted north plunging high grade mineralisation where historic drilling has failed to adequately test the structure.

A recent technical review confirmed the presence of significant copper and gold surface materials at Horseshoe Lights which have been broadly grouped as follows: Copper - Gold Flotation tailings, Vat 2, M15/C20 Stockpiles and North Dump Copper Low-grade sulphide, subgrade, rehandle and South Dump Gold Gold tailings, leach vats, low grade, rehandle and ROM stockpiles Once the current Motters campaign is completed RC drilling will move to the NW Sulphide stockpile (43 holes for approx. 650m at a spacing of 50m by 50m) followed by the Southern Dumps/Stockpiles (90 holes for approx. 1200m at a spacing of 40m by 40m).

Further updates will be provided as drilling progresses.