Ann: Hylogger Highlights Naraburra REE Correlation with Clay, page-2

HyLogger Spectral Data Highlights Narraburra Rare Earth Elements (REE) are Strongly Correlated with Highly Weathered Kaolinite Clay Zone  HyLogger spectral results received from 31 diamond cored drill holes across the Narraburra Project  Project chosen for HyLogger spectral analysis by the Geological Survey of NSW highlighting Narraburra’s considerable potential  HyLogger results provide more detailed understanding of the distribution of REE mineralisation  Higher levels of REE in shallower highly weathered material also provide potential for low mining cost near-term extraction opportunities  QEMSCAN (an automated mineralogical analysis technique) mineralogy results also received from ANSTO for six samples from the initial leachability test work  The model mineralogy results indicate that the most abundant REE-bearing minerals include lanthanite-Nd; cerite-Ce; and microcrystalline REEs  Liberation statistics indicate that most abundant REE-bearing minerals are moderately liberated, confirming the ready leachability of the kaolinite clay zone – unlocking additional development and processing opportunities  Further Metallurgical test work currently underway at ANSTO, to determine optimum extraction pathways and size fraction analysis, is progressing well with results expected shortly.

Godolphin Resources Limited (ASX: GRL) (Godolphin or the Company) is pleased to advise it has received HyLogger spectral results from 31 diamond cored drill holes (GNBDD001 through GNBDD031) at the Company’s Narraburra Rare Earth Element Project (Narraburra or the Project), located 12km northeast of Temora in central west New South Wales (refer ASX: GRL announcements: 24 October 2022 and 13 December 2022). Godolphin has also received QEMSCAN mineralogy results from the six initial metallurgical samples sent to Australian Nuclear Science and Technology Organisation (ANSTO) earlier this year for initial REE leachability testing (refer ASX:GRL announcement: 5 April 2023).

Management commentary: Managing Director Ms Jeneta Owens said: “To have the Geological Survey of NSW select our project for spectral scanning using their Hylogger machine points to the value of this Project, to not only GRL but also the state of NSW. The results of this QEMSCAN spectral work combined with the initial leach testing, which indicated extremely high recovery rates of the most important four magnet REE minerals, really assist to understand the key characteristics of the deposit and start to define processing options to recover the REE’s. The Company is now awaiting the receipt of the second round of metallurgical testing from ANSTO, where we have processed composite samples that are reflective of mining intervals. Getting results of the size fraction analysis work and different leaching conditions will provide information that can be directly fed into early-stage project flowsheet development. Having a clay hosted REE Project in a geopolitically stable jurisdiction such as NSW, that is stacking up in terms of recovery of permanent magnet minerals is a major coup for Godolphin. We will continue to update the market regarding the results of ongoing leachability and processing test work at Narraburra.