Prodigy Gold NL announced results from diamond drilling at the Phreaker Prospect on the Lake Mackay Project in the Northern Territory. The Lake Mackay Project is located around 400 kilometres to the west of Alice Springs and includes a number of Joint Ventures (`JV') with IGO Limited. A single diamond drill hole (PRDD2203) was completed at the Phreaker Prospect on the base metal tenements in November 2022 to follow-up highly encouraging polymetallic results from the 2021 IGO drill hole 21PHDD002.

The assay results received from the new hole are of a significantly higher tenor to those received for the initial hole completed by Prodigy Gold at the Phreaker Prospect (PRDD2202) in 2022 and released by the Company in August 2022. The Phreaker Prospect is located on EL30731, 42km east of Kintore and 400km west of Alice Springs. The Phreaker Prospect was initially identified by IGO using airborne and follow-up ground electromagnetic (EM) surveys in 2018 and 2019.

Follow-up Reverse Circulation (RC) drilling completed by IGO at the prospect in August 2019 confirmed that the identified polymetallic mineralised system extended along strike for over 750 metres. Three diamond drill holes were completed by IGO in 2021, with all three holes successfully intersecting high-grade copper (gold-silver) sulphide mineralisation 75m to 430m below previous RC drilling. The best two reported intersections were in drill hole 21PHDD002: 4.5m @ 3.03% Cu, 14.0g/t Ag and 1.78g/t Au from 562m and 17.47m @ 2.13% Cu, 9.0g/t Ag and 0.21g/t Au from 575.23m.

The aim of the 2022 drilling programs was to intersect the geophysically modelled electro-magnetic (EM) plate down-plunge of the high-grade mineralisation reported in hole 21PHDD002. Prodigy Gold completed drill hole PRDD2202 in mid-2022, which intersected the EM plate above and along strike of the high-grade zone. This hole contained encouraging base metal results: · 5.6m @ 0.23% Cu, 0.35% Zn, 1.2g/t Ag and 0.18g/t Au from 545m, including: 0.45m @ 1.15% Cu, 1.08% Zn, 6.0g/t Ag and 0.20g/t Au from 547.25m.

The Company subsequently completed diamond drill hole PRDD2203 to 770.8m in November 2022. The hole intersected mineralised zones similar to those reported in hole PRDD2202, yielding several narrow intercepts of polymetallic mineralisation: 2.3m @ 1.14% Cu, 0.97% Zn, 9.1 g/t Ag and 0.11 g/t Au from 739.8m: including 0.3m @ 5.65% Cu, 3.64% Zn, 45.0g/t Ag and 0.70g/t Au from 741.5m. 3.3m @ 0.42% Cu, 0.57% Zn, 3.7g/t Ag and 0.26g/t Au from 697m.

3.5m @ 0.57% Cu, 0.34% Zn and 3.8g/t Ag from 718.5m. In May 2022, Prodigy Gold announced the restructuring of the original JV agreement with IGO to provide Prodigy Gold with a 70% interest in the gold tenements (Lake Mackay Gold JV Agreement) whilst retaining a 30% interest in the base metal tenements (Lake Mackay JV Agreement). The restructured Lake Mackay JV Agreement covering the base metal tenements, required Prodigy Gold to sole fund $850,000 of joint venture expenditure to drill 3 diamond holes on the joint venture area within 24 months of signing of the amended agreement.