Godolphin Resources Limited (‘GRL’): Price - Query I refer to...

Godolphin Resources Limited (‘GRL’: Price - Query I refer to your letter dated 27 March 2023 requesting information from the Company explaining the recent trading in GRL’s Shares. The price of Godolphin Resources Limited (“Godolphin” or “the Company” (ASX: GRL) listed ordinary fully paid shares (“Shares” increased from $0.063 at the close of trading on 24 March 2023 to $0.085 at the close of trading on 27 March 2023. There was an increase in the volume of GRL’s securities traded from 24 March 2023 to 27 March 2023. Request forinformation ASX askedGRL to respond separately to each of the following questions and requests for information: 1. Is GRL aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities? Godolphin’s Response: No

2. If the answer to question 1 is “no”, isthere any other explanation thatGRL may have for the recent trading in its securities? Godolphin’s Response: Godolphin’s Managing Director, Ms Jeneta Owens, provided a commentary at the weekend on the importance of the Company’s Narraburra REE Project, including the commencement of test Godolphin Resources pg 2 work as recently announced to the market1 . A copy of her comments are available on *’s web-site. The commentary published on the * website covered the recent work done at Narraburra and the opportunities for Australian critical mineral projects, all of which has been announced to the market, may, together with the expectation of updates to the project and increasing investor awareness of the opportunities for critical mineral projects located in Australia be a cause for the recent trading in Godolphin's securities.