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. Drilling will test the northern strike extension of the Main Zone including an interpreted northern plunge to the mineralisation. Previous geological interpretation and magnetic data suggests the dolerite that cuts the northern end of the Motters structure does note extend far enough west to intersect the Main Zone.

Current and future drilling will test this interpretation. Motters RC drilling will focus on testing mineralisation south along strike from the latecross cutting dolerite dyke and above the dolerite down plunge to the south. A review of historic RC and diamond drilling results at a 0.3% Cu cut off was undertaken following the successful RC drilling completed in May (Significant results include: Main Zone 47m at 8.35% Cu from 37m (RC-846 - Drilled 1993).

98m at 2.54% Cu from 58m (RC-368 - Drilled 1987). 44m at 3.98% Cu from 158m (RC-420 - Drilled 1987). 47m at 3.43% Cu from 39m (RC1152 - Drilled 1993).

32m at 3.11% Cu from 43m and 35m at 2.80% Cu from 160m (RC1068 - Drilled 2012). 51m at 1.92% Cu from 38m (RC1091 - Drilled 2012). 28m at 3.39% Cu from 72m (RC-666 - Drilled 1988).

28m at 3.28% Cu from 9m (RC1135 - Drilled 2015). 72m at 1.11% Cu from 32m (RC1180 - Drilled 2022) Motters Zone. 53m at 1.35% Cu from 0m (RC1058 - Drilled 2012).

32m at 1.77% Cu from 197m (RC1101 - Drilled 2013). 48m at 1.17% Cu from 0m (RC1151 - Drilled 2021). 36m at 1.27% Cu from RC1152 - Drilled 2021).

33m at 1.37% Cu from 0m (HDD004 - Drilled 2012). 30m at 1.44% Cu from 42m (RC-826 - Drilled 1992). 37m at 1.14% Cu from 0m (RC1112 - Drilled 2015) 34m at 1.09% Cu from 0m (RC1149 - Drilled 2021).

28m at 1.26% Cu from 90m (RC1084 - Drilled 2012). 28m at 1.23%Cu from 9m (RC848 - Drilled 1992). 16m at 1.10% Cu from 50m (RC1161 - Drilled 2022).

Note the results only include all or parts of drill holes that sit outside the existing open pit at Horseshoe Lights and most holes are downhole intersects that are approximately 80% to 90% of true width in Main Zone and not true width at Motters. Main Zone mineralisation extends from surface in the northern extension to a depth of approximately 300 metres. Proposed Work Programmes and Next Steps: The following activities at Horseshoe Lights are planned over the coming months: RC drill testing Main Zone northern extensions and down plunge.

RC drill testing of Motters southern extension and down plunge. RC and/or auger infill drilling of surface materials in stockpiles and northern waste dump. Additional metallurgical test work on oxide copper stockpiles and targets.

Gravity recovery test work on Copper Flotation and CIP tailings. Ongoing Review of scoping study results to incorporate potential oxide heap leach SXEW treatment Horseshoe Lights Copper-Gold Project Existing Resource Base The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km west of DeGrussa Copper Mine operated by Sandfire Resources.

Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining. The deposit contains the following existing resource base: Current in situ resource 128,000t Cu metal at 1.0% (0.5% cut-off). Current M15 stockpile resource 2650 t Cu metal at 1.1%.

Current Flotation tailings resource 6,800 t Cu metal at 0.48% and 15,300oz Au at 0.34 g/t.