Central Iron Ore Limited announce results from the December 2022 RC drilling programme at its Endeavour prospect at the South Darlot Gold Project. CIO completed an 18-hole RC drilling programme for 1,060 metres at the Endeavour prospect from 24th of November to the 2nd of December 2022 on mining licence M 37/631. The programme was designed to test for mineralised extensions down dip and to the immediate west of the Endeavour deposit, with a further two holes drilled within the known resource to obtain samples for metallurgical test work.

Gold mineralisation at Endeavour is associated within a 1 to 2 meter wide laminated quartz vein, the Endeavour Vein, which contains minor accessory sulphides including pyrite and traces of galena, sphalerite and chalcopyrite. The vein is hosted within an intermediate volcanic sequence. A super-high-grade domain exists at vertical depths of between 20 to 45 meters.

At this depth there is a sharp, 5 to 10-fold increase in gold metal coinciding with the transition from complete to partial oxidation of the host rock. In this domain, iron oxides and traces of chalcocite and covellite also exist. The results of the drilling program at Endeavour have been largely positive, however, the drilling has definitively closed-off mineralisation to the west.

The drilling established further down plunge extensions of the Endeavour quartz vein with 22ENRC015 intersecting 1 meter at 12 g/t Au from 74 metres down hole and 5 meters at 11.93 g/t Au in 22ENRC014 from 66 metres down hole. The other two holes (22ENRC017 and 018) were primarily drilled to collect RC chips (oxide and transitional) for metallurgical test work in preparation for mining. CIO have commissioned a suite of studies required to meet Western Australia Department of Mining Industry Regulation and Safety (DMIRS) requirements to commence open pit mining at Endeavour.

These studies include waste rock characterisation, a hydrogeological and a metallurgical programme. Two PQ diamond core holes have been designed and will be drilled to enable collection of approximately 60 Kg of core for comminution test work. These holes will be drilled in February 2023.

The Company's South Darlot Gold Project area is located approximately 320km northwest of Kalgoorlie in Western Australia and includes: The British King Mine has now reverted to 100% beneficial ownership by the Company which is National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI43-101”) compliant. The British King Mine is 5km southwest of Red 5 Limited's Darlot Mine. The British King Mine is currently in care and maintenance.

CIO is registered on title for 49% and has received signed transfer forms from BK Gold Mines Pty Limited to Central Iron Ore Limited for the transfer of a further 51% interest as agreed. The registration of unencumbered title of that 51% interest is being delayed by Silverstream SE22, who provided funding to BK Gold Mines Pty Limited to fund their acquisition under the Tenement Acquisition Agreement. Silverstream SE22 has refused to remove the caveats which prevents registration of the transfers.

CIO has commenced action in the Supreme Court of Western Australia to have the caveats removed. A number of tenements which are subject to a joint venture with subsidiaries of Red 5 Limited (“Red 5”), details of which are set out below, in which CIO has earned a 70% interest. The tenements set out in the table below (“Red 5 JV Tenements”) are the subject of a joint venture between a fully owned subsidiary of the Company and subsidiaries of Red 5 Limited (“Red 5 JV”) and are situated southwest of Red 5's Darlot gold mine and are contiguous with CIO's current holdings in the area.

The Red 5 JV Tenements are detailed below. Mr. Andrew Bewsher who is a Member of the Australian Institute of Geoscientists and has compiled the information within this report relating to soil geochemical distributions. Mr. Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in NI 43-101.