Quarterly Activities Report – June 2020

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Hemi discovery transforms De Grey and gold exploration in the Pilbara:

  • New style of large scale, high value, near surface intrusion hosted gold mineralisation discovered at Hemi

Near term growth strategy:

  • Expand and define the Hemi; Aquila, Brolga and Crow zones
  • Drill known mineralised intrusives around Hemi; Scooby, Antwerp, Shaggy
  • Identify new intrusive targets tenement-wide from recent aeromagnetics
  • Expand the existing shear hosted regional resource base

Drilling during the quarter accelerated and driving growth:

  • Exploration activity accelerated – 6 drill rigs now operating
  • 16,000 metres of aircore drilling targeting Hemi extensions
  • 18,000 metres of RC drilling defining scale and continuity at Hemi
  • 9,000 metres of diamond drilling targeting depth extensions at Aquila & Brolga

Hemi is growing across multiple zones & remains open in all directions

  • Aquila zone drilling has extended strike length to ~ 1.2km & depth of 150m.
    • Aquila zone drilling post quarter end has already seen:
      • the strike length increased further to ~1.6km; and
      • sulphide mineralisation intersected at a depth of +300m.
  • Brolga zone footprint expanded to +640m x 300m, with RC and diamond drilling and potential extensions in aircore drilling to be tested.
  • New Brolga South mineralised intrusion zone identified in aircore drilling over 1000m x 200m.
  • Crow zone aircore drilling has defined a 1,000m x 300m mineralised intrusion, with extensional RC drilling in progress
  • Drill testing of the Antwerp and Scooby intrusions (within the greater Hemi region) had commenced
  • Detailed aeromagnetic survey was completed across a prospective 30km area surrounding the Hemi discovery to support upcoming drill targeting
  • Metallurgical testwork progressed with initial recoveries from Brolga mineralisation of 93% in oxide and 96.3% in fresh rock

Funding support to continue exploration momentum

  • Two tranche placement of $31.2 million completed.
  • Cash Reserves end of the quarter ~ $28.2 million
  • Additional Cash Reserves ~$5.3 million received in July 2020 (2nd tranche)
  • Placement participation by major shareholder DGO Gold Ltd & Non-Executive
  • Director Peter Hood’s shareholder approved 10 July 2020 (2nd tranche).
  • Glenn Jardine joined the Company as Managing Director in May 2020

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