Overview of Canterbury Resources Limited's 2024 activities at Briggs Copper Project

Canterbury Resources Limited (ASX: $CBY) has completed the drilling of the first hole, 24BRD0026, as part of the 2024 drilling program at the Briggs copper-molybdenum project in Central Queensland. The focus of the program is on infill drilling on the southwest side of the Briggs Central resource to potentially host higher grade mineralisation. The data from this program will support an upgrade in resource confidence, an essential component of a Scoping Study commencing in H2 2024. Observations from 24BRD0026 are consistent with pre-drilling expectations, and initial assay results are anticipated in about 6 weeks' time. The tenement position around Briggs continues to be consolidated, including the granting of EPM 28588 (Don River) and acquisition of EPM's 27894 & 27956 (Ulam Range & Rocky Point).

Managing Director's Perspective on Current Projects

It is an exciting period for Canterbury shareholders, with major drill programs in progress at the Briggs (Queensland) and Bismarck (PNG) projects. Significantly, these programs are fully funded by joint venture partners (Alma Metals and Rio Tinto respectively). We anticipate strong news flow for the remainder of the year. At Briggs, we are commencing a Scoping Study that will include estimation of key financial parameters. At Bismarck, we are testing undrilled, large-scale copper-gold targets at multiple localities. This includes Willie Headwaters, where we are assessing a porphyry system beneath areas of lithocap and at Ndokowai where extensive skarn style mineralization is evident.

Summary of 2024 Activities and Future Outlook

Canterbury Resources Limited has made significant progress with the 2024 drilling program at the Briggs copper-molybdenum project in Central Queensland. The focus on infill drilling on the southwest side of the Briggs Central resource aims to potentially host higher grade mineralisation and support an upgrade in resource confidence, essential for the upcoming Scoping Study. The company's tenement position around Briggs has been further consolidated, indicating a strategic approach to project development. With fully funded major drill programs in progress at the Briggs and Bismarck projects, Canterbury anticipates strong news flow for the remainder of the year. The commencement of a Scoping Study at Briggs and the testing of large-scale copper-gold targets at Bismarck demonstrate the company's commitment to advancing its projects and exploring new opportunities. Canterbury's portfolio, managed by an experienced team, provides potential for the discovery and delineation of large-scale copper, gold, and molybdenum resources, positioning the company for future growth and success.