only ABOUT CALIDUS RESOURCES Ca idus Resources is an ASX listed gold compa y that is ramping up the 1.7Moz Warrawoona Gold Project in the East Pilbara district of Western Australia.

Mr Mark Connelly use NON-EXECUTIVE CHAIRMAN

Calidus transitioning to steady state production after delivering Warrawoona

on time and on budget to become Australia's newest gold producer

Calidus Resources (ASX: CAI) was pleased to announce that it had poured the first gold at its Warrawoona Gold Project (WGP ) in WA during the June 2022 Quarter, making Calidus Australia's newest gold producer. At quarter-end, project construction is completed with no lost time injuries recorded to date. During the quarter, $5.9 million was incurred on the WGP (inclusive of development capital and capitalised gold sales and production costs).

WGP is forecast to produce on average 90,000ozs per annum. However, this has the potential to increase to 130,000ozs per annum when the nearby Blue Spec deposit is developed. Blue Spec has a JORC Resource of 415,000t at 16.3gpt for

219,000oz and is now the subject of a Definitive Feasibility Study (DFS ) which is due in the September quarter of 2022.1

Figure 1: Gold Bars from Warrawoona Gold Project

PROJECT HIGHLIGHTS FOR THE JUNE QUARTER INCLUDED:

Milling rates progressed during the quarter and will reach nameplate of 2.4Mtpa early in the September quarter

Process Plant tested at up to 2.8Mtpa, with no major bottlenecks identified

Mining has progressed with 20,000 BCM per day movement achieved, versus an average requirement of 18,500

New excavator and additional manning mobilised to ensure BCM movement is maintained

LNG storage vessels delivered to site with transition to gas fired electricity expected in late July

Total of 323,267t of low grade ore, commissioning ore and ROM ore milled

Total of 8,916ozs of gold poured with an additional 1,192ozs of gold in circuit

Total of A$22.0 million received from gold sales from the sale of 8,201oz with an average realised gold price of

Gold produced to date reconciling with Resource Model and Grade Control Model

First debt repayment of A$3 million made to Macquarie Bank as scheduled

Cash and cash equivalents of A$20.0 million at 30 June 2022 (unaudited)

1 Refer to ASX announcements dated 29 September 2020, 23 March 2021, 9 September 2021 and 2 June 2022. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.

OPERATIONAL PERFORMANCE IN JUNE QUARTER

During the quarter Calidus announced that it had commenced the maiden drill program at the Pilbara lithium Pty Ltd's (Pirra Lithium ) Spear Hill discovery located in the Pilbara region of Western Australia. Pirra Lithium is owned equally by Calidus and Haoma Mining NL. The shareholders of Pirra Lithium plan to commence a demerger process and IPO later this year. Further details will be provided as and when they become available.

The initial scout drilling program comprised of 20 holes for approximately 1,673m, on a 1km portion of the 4.3km of strike length of outcropping lithium bearing pegmatites already mapped.

Figure 3: Location of the Spear Hill area and tenement holdings and lithium rights of Pirra Lithium on a background

of GSWA's 1:500,000 state bedrock geology and linear structures layers.

Figure 4: Mapped distribution of the lithium pegmatites.

Calidus announced highly promising results along strike from the Blue Spec Resource and from the Marble Bar Goldfield in the June quarter.

only • At the Marble Bar Goldfield, 25km from Warrawoona, drilling has confirmed the down-dip extension of the Marble Bar quartz reef with high-grade intercepts including 2m @ 8.03g/t Au from 22m in 21MBRC005, 2m @ 6.75g/t Au from 48m in 21MBRC002 and 2m @ 4.53g/t Au from 85m in 21MBRC007

• Gold intercepts at Blue Spec East highlight potential for an open-pit operation

• Results include 52m @ 1.4g/t Au from 22m in 22BSRC010, 20m @ 1.41g/t Au from 44m in 22BSRC009, and 10m @

1.95g/t Au from 81m in 22BSRC018

• These results are outside of the Blue Spec Resource being used in the current Feasibility Study

• These results demonstrate the presence of shallow high-grade gold down dip from the old workings, showing

potential for Marble Bar to provide ore to Warrawoona

Figure 5 : Map of E45/5172 showing the location of recently drilled RC holes and significant intercepts.

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Calidus Resources Limited published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 01:57:00 UTC.