Troy Resources Limited advises that Barrick Gold Corporation (Barrick) has provided Troy with Quarterly Progress Reports for both Fourth Quarter 2021 and First Quarter 2022 pursuant to the 30 June 2021 Karouni Earn-in Agreement (Agreement), as well as an Expenditure Statement. The project area subject to the Agreement, referred to by Barrick as the Makapa project, covers a fertile structural corridor known as the Makapa Kuribrong Shear Zone (MKSZ), a segment of a 1,000 kilometers long shield-scale corridor that has not been explored in the project area due to post-mineral sand cover masking the underlying mineral potential. Barrick advises that, during the two quarters, project activities consisted of geological mapping, rock chip sampling, air core (AC) drilling, and establishment of access tracks in anticipation of further drilling.

Work to date has focused on the Potaro Area of Interest (Potaro). Field mapping and rock chip sampling continues with approximately 65% of drainages at Potaro mapped to date. A total of 637 rock chip and float samples have so far been taken and subsequently submitted for gold and multielement analyses.

From these, there is one significant result during the March 2022 quarter with a grade of 0.40g/t Au. The result occurs on a weak geochemical anomaly in the southern part of Potaro. Recent AC lines which cross the trend, have not returned any significant values.

A total of 102 air core holes have been drilled to date (approximately 88% of the planned program) for an aggregate 6,870 meters. The aim of the program is to screen a 20-kilometer segment of the MKSZ corridor in order to define a strike-extensive geochemical footprint indicative of a large hydrothermal system. No significant assay results of more than 0.20g/t Au were returned.

The pre-drilling geologic map of Potaro was originally interpreted primarily from aeromagnetic data. Barrick has since refined the map taking into account collated field observations and further geologic interpretation. Such refinements include: The extension of a large syn deformational quartz monzonite intrusive body approximately two kilometers to the south of the previous interpretation.

Rheologic contrast between the rigid intrusive body and the adjacent metasedimentary schist package, within the MKZS structure, may be favorable for gold mineralization; however, to date, no significant rock chip or air core drill results have been received along this contact. An interpreted high-strain zone between metasedimentary and metavolcanic rocks at Potaro (a newly identified strand of the MKSZ), which has an eight-kilometer strike length. This zone appears to truncate an additional strand of the MKSZ structure to the south in the vicinity of an intrusive granite body identified in fourth quarter.

There have been no significant assay results on this structure to date. The metasediment "schist" package is the predominant rock type within the Potaro area which, based on results received to date, is not considered a prospective host for mineralisation. Based on the rock chip and AC geochemistry to date, the prospectivity of Potaro has been downgraded.

Despite the identification of positive geologic structures and host rock units not previously recognised, the overall Au fertility of the Potaro area is considered low. Additional following up sampling will be completed on a weak geochemical trend in the southern part of Potaro, but the results are not expected to materially impact the initial assessment of the area. Upon completion of the program at Potaro, Barrick intends to focus exploration efforts along strike to the northwest in the Apanachi AOI, where a 35 km segment of the MKSZ corridor will be screened.

During fourth quarter 2021 and first quarter 2022, Barrick incurred expenditure of approximately USD 1.05 million and USD 1.13 million, respectively. Life of Project expenditure incurred by Barrick at the end of first quarter 2022 is approximately USD 2.70 million.