Update on Godolphin Resources activities and achievements

Godolphin Resources Limited (ASX: $GRL) has achieved significant milestones during the quarter ended 31 March 2024. The company secured a 51% interest in the Narraburra Rare Earth Elements (REE) Project, with 100% ownership attained post quarter end. Additionally, the exploration license EL9628 'Trungley' was fully granted by the NSW Government's Department of Industry and Investment, increasing GRL's landholding in the area to over 500km2. The second phase of metallurgical testing by ANSTO demonstrated excellent extraction rates of REE from composite samples representative of mining intervals on the Narraburra REE Project.

Executive Commentary on Recent Achievements

Managing Director Ms Jeneta Owens expressed satisfaction with the achievements, stating, 'Godolphin achieved another round of important milestones associated with the development of its highly prospective Narraburra Rare Earths Project, as well as exploration initiatives across its copper and gold projects during the quarter. Pleasingly, the Company met the requirements to earn a 51% ownership of Narraburra in accordance with the terms of its JV agreement, which was increased to 100% subsequent to the end of the period. This, alongside the recently granted exploration license covering Trungley, leaves the Company extremely well positioned to execute our stated exploration and development strategies.'

Summary of Quarterly Activities and Future Outlook

Godolphin Resources has made significant progress in its exploration and development activities, particularly with the securing of a 51% interest in the Narraburra Rare Earth Elements Project and subsequent attainment of 100% ownership. The company's achievements also include the successful ANSTO leach tests demonstrating excellent extraction rates of REE from composite samples, as well as the appointment of Ausenco to complete a Scoping Study on the Narraburra REE Project. With ongoing exploration and development efforts, Godolphin Resources is well-positioned to deliver a world-class rare earths asset in NSW and unlock the potential of its copper and gold projects. The receipt of the R&D Tax Incentive further strengthens the company's working capital, supporting its continued progress and future endeavors.