Central Iron Ore Ltd. announced they have commenced an RC drilling programme at the South Darlot Gold Project. RC Drilling The RC drill programme targets two of the prospects located on M37/631 including Endeavour and Mermaid. A total of 15 holes for approximately 900 metres has been designed to test for extensions to the west and down dip of the existing mineralisation at Endeavour.

The Endeavour deposit has an indicated and inferred mineral resource of 7,430 tonnes at 43.0 g/t Au for 10,220 ounces with a 160 g/t Au top cut at a AUD 3,000 gold price (as per NI43-101 Independent Technical Report: South Darlot Project Western Australia prepared by Andrew Bewsher MAIG 28/9/2022 and reported in TSXV announcement: 28/9/2022). A total of 15 shallow RC holes have been designed targeting short scale gold mineralisation at the Mermaid prospect. The holes attempt to locate gold mineralisation along strike of PBERB002 which intersected 3 metres @ 13.03 g/t Au and up dip of WDRC011 which intersected 11 metres at 3.32 g/t Au.

Other significant mineralised intercepts at Mermaid include WDRC0099 which intersected 5 metres @ 344.4 g/t Au. Mining Studies Once the RC drilling programme is completed, CIO intend to commission 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 geotechnical assessment.

A metallurgical test work programme will also be implemented at the completion of the RC drilling programme. SOUTH DARLOT GOLD PROJECT (Western Australia) The Company's South Darlot Gold Project area is located approximately 320km northwest of Kalgoorlie in Western Australia and includes: The British King Mine which is 100% beneficially owned by the Company and which is National Instrument 43-101 – Standards of Disclosure for Mineral Projects 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. A number of tenements which are subject to a joint venture with subsidiaries of Red 5 Limited, details of which are set out below, in which CIO has earned a 70% interest. RED 5 JV Project The tenements set out in the table below are the subject of a joint venture between a fully owned subsidiary of the Company and subsidiaries of Red 5 Limited and are situated southwest of Red 5's Darlot gold mine and are contiguous with CIO's current holdings in the area.