Mr. Alistair Waddell reports

INFLECTION RESOURCES AND ANGLOGOLD ASHANTI INITIATE 35,000 METRE DRILL PROGRAM ACROSS PORTFOLIO OF COPPER-GOLD PROJECTS

Following the signing of the definitive agreement with AngloGold Ashanti Australia Ltd. announced on June 14, 2023, Inflection Resources Ltd. has commenced a large-scale drill program comprising approximately 35,000 metres across the company's 100-per-cent-owned portfolio of copper-gold projects in New South Wales, Australia.

Summary highlights:

• Drilling has commenced and will test a wide variety of intrusion-related targets across the portfolio. Drilling will initially focus on the Duck Creek, Myallmundi and Trangie targets where earlier drilling by the company returned favourable results.
• AngloGold will finance up to $10-million (Australian) of exploration expenditures across the portfolio of projects in New South Wales as part of a phase I exploration drill program.
• The two-rig drill program is estimated to comprise approximately 100 drill holes totalling 35,000 metres. Drilling will be completed using combination mud-rotary/diamond core rigs.
• Inflection is operating the exploration program and will receive a 10-per-cent management fee.

Alistair Waddell, Inflection's president and chief executive officer, states: "The Inflection team is excited to get this next chapter of the copper-gold exploration program in New South Wales under way, which is expected to comprise of approximately 35,000 metres of drilling and now fully funded by AngloGold. We estimate this phase of drilling will take approximately 18 months to complete and will test 24 principal target areas of interest with each target area requiring multiple drill holes. We look forward to keeping shareholders updated with regular news flow from the ongoing drilling."

Duck Creek -- drilling

The company considers the Duck Creek exploration licence to be highly prospective for large-scale alkalic porphyry-related copper-gold-style targets comprising favourable magnetic and gravity features which the company interprets to be part of the prospective Macquarie Arc volcanic sequence. The principal target area comprises a large 10-by-15-kilometre gravity-low embayment within the large regional magnetic high. The company considers the geological setting highly analogous to CMOC's Northparkes mine located approximately 200 kilometres to the south. Specifically, the company is drill testing high-amplitude, complex, magnetic patterns very similar to those typical of the intrusion-related signatures of the Macquarie Arc mineralized districts.

Drilling is under way in the area of previous Inflection drilling which intersected strongly hydrothermally altered rocks with characteristics similar to those often found adjacent to mineralized alkalic copper-gold systems such as Newcrest's Cadia mine and the Northparkes mine complex. Previous Inflection drill holes DCKDH002, 005 and 006 intercepted porphyry-style alteration over an approximate 400-by-250-metre area which included biotite-albite-K-feldspar-tourmaline and blebs of bornite. The company is now targeting this specific area with deeper drilling with holes estimated to be 600 to 800 metres deep. The principal target area of interest is associated with an 800-by-1,300-metre aeromagnetic-low feature interpreted to represent magnetite destruction associated with hydrothermal alteration.

Twenty other priority targets within the broader Duck Creek exploration licence have also been generated by analyzing the aeromagnetic geophysical survey data and will be systematically drill tested as part of this continuing program.

Duck Creek -- ground geophysical survey

Three separate areas within the Duck Creek exploration licence will be tested with a total of 35 line-kilometres of IP/MT (Induced polarization/magnetotelluric) electrical geophysics. The survey is designed to identify zones of elevated chargeability indicative of sulphide mineralization and high resistivity often associated with the margins of porphyry intrusions. The survey will be initiated in the coming weeks and it is anticipated will further refine the ultimate positioning of certain drill holes on the Duck Creek exploration licence.

Myallmundi -- drilling

Six drill holes are planned to be completed on the Myallmundi target testing an approximate 1.5-by-two-kilometre zone of magnetite enrichment evident in the aeromagnetic data. This magnetic feature is coincident with quartz-chalcopyrite-molybdenite-pyrite-bearing quartz veins in sericite altered volcanics rocks intersected in Inflection drill hole MYLDH003. The alteration assemblage suggests proximity to a porphyry intrusion. The first drill hole will test the centre of a distinct magnetic high located approximately 300 metres east of hole MYLDH003.

Trangie -- drilling

Eight holes are planned for the broader Trangie target area which will test the depth extent of an approximate two-by-two-kilometre zone of strongly hydrothermally altered rocks characteristic of those adjacent to mineralized alkalic copper-gold systems. Alteration comprises biotite-magnetite and albite-epidote, which was intersected in previous Inflection drill holes TRNDH006, 007, 011, 013, 014, 015 and 018.

Other drill targets

With sequencing based largely on drilling logistics, other targets, including the Fairholme, Meringo, Nine Mile and Marra targets, are planned to be systematically drill tested. Further updates will be provided as drilling progresses.

Phase I AngloGold agreement terms

AngloGold will sole-finance up to $10-million (Australian) on exploration expenditures across a wide range of different intrusive-related exploration targets over a maximum 36-month period, which includes a minimum expenditure commitment of $6-million (Australian). Inflection will operate phase I and will receive a 10-per-cent management fee for doing so. Upon completion of phase I, AngloGold then retains the right to designate up to five projects where it may potentially earn up to a 75-per-cent interest in each project by completing various milestones. See Inflection news release dated June 14, 2023, for further details.

About Inflection's NSW projects

The company is systematically exploring for large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, part of the Lachlan fold belt in New South Wales. The Macquarie Arc is Australia's premier porphyry copper-gold province host to Newcrest Mining's Cadia deposits, the CMOC Northparkes deposits and Evolution Mining's Cowal deposits plus numerous exploration prospects including Boda, the discovery made by Alkane Resources.

The company uses cost-effective mud-rotary drilling to cut through unmineralized postmineral sedimentary cover before transitioning to diamond core drilling once basement is reached. It is well documented that mineralized bodies elsewhere in the belt, in particular porphyry and intrusive-related systems, have large district-scale alteration and geochemical halos or footprints surrounding them.

The company completes a series of short diamond drill holes into bedrock rather than just one or two deep and more expensive diamond drill holes. Multiple data points gained from alteration and mineral geochemistry are then used to vector additional deeper holes. This is a proven exploration strategy in the covered segments of the Macquarie Arc, having been directly responsible for the discovery of the Northparkes and Cowal deposits.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Carl Swensson (FAusIMM), a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Inflection Resources Ltd.

Inflection is a technically driven copper-gold- and gold-focused mineral exploration company listed on the Canadian Securities Exchange under the symbol AUCU and on the OTCQB under the symbol AUCUF with projects in Australia.

We seek Safe Harbor.