Horseshoe Metals Limited provided an update on further encouraging results received from a recently completed review of historic Reverse Circulation and diamond drilling targeting the Main Zone within the Company's Horseshoe Lights Copper-Gold Project in Western Australia. Importantly, the review identified a significant increase in width to the Main Zone at a 0.3% Cu cut-off, which given the current copper price, is considered the appropriate cut- off grade and better reflects the size and scale of the Horseshoe Lights ore body. 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 that returned the following significant results.

Main Zone: 72m @ 1.11% Cu from 32m incl. 29m @ 1.65 % Cu from 32m and 12m @ 1.52% Cu from 182m,Motters Zone: 16m @ 1.10% Cu from 50m, (RC1161), 37m @ 0.68% Cu from 54m incl. 12m @ 1.02% Cu from 75m, (RC1164),21m @ 0.61% Cu from 63m incl.

5m @1.45% Cu from 63m, (RC1165), 36m @ 0.62% Cu from 50m incl. 13m @ 0.91% Cu from 73m, (RC1166). Significant intercepts include: 47m @ 8.35% Cu from 37m (RC-846 - Drilled 1993), 98m @ 2.54% Cu from 58m (RC-368 - Drilled 1987),44m @ 3.98% Cu from 158m (RC-420 - Drilled 1987),47m @ 3.43% Cu from 39m (RC1152 - Drilled 1993), 32m @ 3.11% Cu from 43m (RC1068 - Drilled 2012) and 35m @ 2.80% Cu from 160m, 51m @ 1.92% Cu from 38m (RC1091 - Drilled 2012), 28m @ 3.39% Cu from 72m (RC-666 - Drilled 1988), 28m @ 3.28% Cu from 9m (RC1135 - Drilled 2015), 72m @ 1.11% Cu from 32m (RC1180 - Drilled 2022).

Main Zone mineralisation extends from surface in the northern extension to a depth of approximately 300 metres. The next phase of RC drilling will focus on the sparsely drilled mineralisation north along strike from the completed drilling immediately west of the late cross cutting dolerite dyke that is interpreted to terminate just to the east of Main Zone. In addition, targets that are down dip beneath the existing open pit and west of the dolerite will also be tested.

Planning is underway to 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 not extend far enough west to intersect the Main Zone. Future drilling will test this interpretation.

An RC drill rig has arrived on site and drilling is expected to commence imminently. 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 128,000 t Cu metal @ 1.0% (0.5% cut-off), Current M15 stockpile resource 2650 t Cu metal @ 1.1%, Current Flotation tailings resource 6,800 t Cu metal @ 0.48% and 15,300oz Au at 0.34 g/t.