As part of the Caeneus Minerals Ltd.'s strategy to increase its level of exploration activity across the various projects, a successful search process has resulted in the Company securing the services of a new Executive Director who will join the CAD Board. The Company announced the appointment of Nick Poll as Executive Director, effective immediately. Mr. Poll is an accomplished resources executive with over 30 years experience managing early-stage exploration projects through the development stage into full production.

Mr. Poll started his career as a geologist with Western Mining Corporation where he worked under the leadership of Roy Woodall as a specialist geologist focused on gold and nickel both in Australia and overseas. Mr. Poll was the founding Managing Director of Mirabella Nickel Limited leading the exploration and discovery of one of the world's largest open cut nickel-sulphide mines. MBN achieved a market capitalisation of +$1 billion within a five-year period following discovery success progressing from an explorer into a producer.

Current Chief Executive, Mr. Rob Mosig has not renewed his contract with the Company. Mr. Mosig will continue to work with CAD until the end of calendar year 2022 and will continue to work alongside the new management team to continue the Company's current programs and exploration initiatives. The board would like to acknowledge Mr. Mosig for his tireless efforts establishing the Company's Mallina Basin strategy.

Mr. Poll's appointment further strengthens the technical team following the recent appointment of non-executive director Dean Tuck (announcement dated 13/07/22), and Charles Armstrong who is currently in the role of Exploration Manager. As part of this recent board transformation, non-executive director Mr. Peter Christie has resigned from the board and Mr. Kim Chng has retired, both effective immediately.