North Stawell Minerals Ltd. (`North Stawell' or `the Company') to provide an update on its exploration programs. Early results from an RC drilling program over the southern portion of the Company's tenements and completed in June 2022 have added to the successes of the fiscal year 2022 regional Phase 1 air core drill program. The greenfield Caledonia Prospect, identified via geophysics, has identified high-grade gold mineralisation 500m north of the historic Bonnie Dundee Mine which demonstrates prospectivity in the Germania-Darlington trend on EL7325. Caledonia is one of four high-grade gold occurrences within a 10km strike extent.

The discovery at the Caledonia Prospect highlights the gold potential of the Germania-Darlington trend. Historic mining in the vicinity has produced at grades over 15g/t Au and to return intercepts with the same gold tenor on the same structure is highly encouraging. The Germania-Darlington trend has been extended north to the Wimmera Park prospect, drilled by NSM this season with exciting first-pass air core results.

The trend is now 10km long and includes four historic mines and two high-potential prospects ­ Caledonia and Wimmera Park. Results of drilling more directly targeting the historic mines are yet to be returned. Caledonia is a 1,000m long section of the trend targeted for a geophysics interpreted basalt core at depth ­ a structural setting smilar to the 5 Moz Au Stawell Mine 6km to the south on a parallel structure 2km to the west.

Drilling has highlighted that mineralisation is positioned on the flanks of the basalt `footprint' and along its interepreted crest consolidating similarity to the Stawell mineralisation. The Caledonia Project includes thin Murray Basin cover although much of the Germania-Darlington trend is without this impediment to exploration. Caledonia is an important additional regional greenfield discovery for NSM adding a prospect with identified significant grade along strike from established historic mining area to the mineralisation pipeline.

It is a more advanced target to compliment the seven existing targets under cover identified in the 2021-2022 Phase 1 air core exploration program. With the advanced 55koz Mineral Resource at Wildwood1 already established a substantially more robust exploration pipeline with multiple compelling Stawell-like targets has been consolidated over fiscal year 2022, with a more targeted Phase 2 infill drilling campaign next on the agenda. North Stawell Minerals is exploring for repeats of the multi-million-ounce Stawell Gold Mine under a thin blanket of un-mineralised sedimentary cover (the Murray Basin Cover).

A distinct advantage of exploring for this type of mineralisation is that a basalt core controls mineralisation sites and the basalt can be remotely mapped with geophysics (i.e. beneath the blanket of cover). A high-resolution airborne gravity survey conducted in the June Quarter fiscal year 2021 completed the data suite required to efficiently explore. An air core drilling rig tested regional targets for 8 months from October 2021.

Within the basalt structures additional targeting is possible. Observations of controls on mineralisation in the Stawell Gold Mine and modelling of ore-controls indicate that mineralisation is most likely to occur on the contacts (or proximal to the contacts) of the basalt cores where changing geometries create dilation zones (fold hinges, embayments, etc.) thereby creating spaces where gold mineralisation can be deposited. Drilling is prioritized where these locations are interpreted in geophysics analysis.

Multiple suites of early to middle Devonian granites intrude into the regional Cambro-Ordovician sediments. This creates the opportunity to explore for Intrusion Related gold (IRG) and thermal aureole gold (TAG) deposits (e.g. the Wonga Deposit and mine in Stawell). Identifying major structures that intersect or lie adjacent to granites is important as they have proven highly prospective for IRG or TAG mineralisation.