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ASX Release 30 April 2021 Highlights : Ausgold LIMITED Quarterly Report for period ending 31 March 2021 • Upgraded JORC Resource of 38.18 Mt at 1.25 g / t for 1.54 Moz gold : • • • O 28 % increase to Resource with the addition of 338,670 oz gold O о Improved gold grade by 14 % 1 Moz of Resource in Measured and Indicated categories Best - in - class discovery economics at $ 15 per ounce 31,050m extensive drill program completed consisting of 215 holes , with results now pending for a further 6,000m of RC and diamond drilling Outstanding exploration upside identified with : O An improved geological model for near - surface and underground exploration O New high - grade targets identified within Resource areas ○ ○ Potential for a meaningful increase in scale from untested exploration areas along 17km strike including Rifle Range , Olympia North and Lukin First time reporting of a high - grade underground Resource with clear extensions of gold mineralisation which remain open at depth о High - grade Jinkas South gold mineralisation extended to over 1.3km strike length Approval received to conduct a maiden RC drill program within the Rifle Range Reserve which contains over 2.5km of previously untested strike length High - grade copper - silver mineralisation intersected at Woodanilling Ausgold Limited ( ASX : AUC ) ( Ausgold or the Company ) is pleased to provide the following report for the quarter ended 31 March 2021. During the quarter , Ausgold continued exploration activities on its 100 % - owned flagship Katanning Gold Project ( KGP ) , located 275km from Perth , Western Australia . Management comment Ausgold Chief Executive Officer and Managing Director , Dr Matthew Greentree commented : " This quarter saw the culmination of an extensive 31,000m drilling program that has underpinned the 28 % upgrade to a 1.54 Moz Resource at Katanning . This new Resource is transformational in the sense that it creates a meaningful foundation for a large scale mining operation at the KGP . Our improved geological model has substantially increased the Measured and Indicated Resource to over 72 % of total ounces , and for the first time , we have reported a high - grade underground Resource with clear extensions of gold mineralisation which remain open at depth . Importantly , we have a whole - of - belt play , with low structural costs that provides significant exploration opportunities that have the potential to transform the scale of the Katanning Gold Project . " ABN 67 140 164 496 Level 16 , AMP Building , 140 St Georges Terrace , Perth WA 6000 T : 08 9220 9890 F : 08 9220 9820 E : info@ausgoldlimited.com W : www.ausgoldlimited.com 1