Mr. Alistair Waddell reports

INFLECTION RESOURCES PROVIDES AN UPDATE ON DRILLING AND GEOPHYSICAL SURVEYS IN NEW SOUTH WALES

Inflection Resources Ltd. has provided an update on its continuing exploration programs in New South Wales, Australia, conducted under an exploration agreement with AngloGold Ashanti Australia Ltd. announced on June 14, 2023.

Summary highlights:

• Initial drilling has focused on two principal target areas, Duck Creek and Myallmundi, where earlier drilling by the company intercepted favourable alteration indicative of being in proximity to a possible porphyry system;
• 6,845 metres of drilling comprising 14 holes has now been completed using two combination mud rotary/diamond drill rigs. All assays are pending from the laboratory;
• One deep drill hole has been completed on the northern sector of the Duck Creek exploration licence. Hole DCKDH007 intersected biotite-magnetite plus or minus K-feldspar-altered andesitic volcanic rocks cut by minor quartz-magnetite and porphyry-style B veins indicative of a porphyry-proximal outer potassic environment. The alteration suggests this hole vectored to a more distal area of the potential mineralized porphyry. To improve targeting, geophysical surveys are under way over this specific area prior to drilling the next phase of deeper drill holes;
• Two separate geophysical surveys are currently under way on the northern Duck Creek exploration licence, including ambient noise tomography (ANT) and an induced polarization/magnetotellurics (IP/MT) survey. Both surveys are expected to be completed shortly. A third survey, a ground gravity study, was just completed by the company;
• Four follow-up drill holes completed on the Myallmundi target intersected chalcopyrite- and molybdenite-bearing quartz veins which locally exhibit K-feldspar selvages, along with early biotite-magnetite-epidote alteration indicative of being in the porphyry proximal environment. The occurrence of chalcopyrite- and molybdenite-bearing quartz veins have been reported on the margins of mineralized porphyry copper deposits in the Macquarie Arc, including Newcrest's Cadia East mine.

Alistair Waddell, Inflection's president and chief executive officer, states: "We are pleased with the initial progress of the resumed drill program in New South Wales. Initial deep drilling on our northern Duck Creek target area has provided guidance in terms of a vector towards a potential porphyry centre and, when combined with the soon-to-be-completed geophysical surveys, should greatly assist the positioning of additional deep holes. We are also highly encouraged by the Myallmundi target which has returned the most significant copper sulphide and molybdenite mineralization since the company started drilling in Australia. These wide-spaced drill holes, which extend over an approximate distance of approximately 1,400 metres, exhibit alteration indicative of a porphyry-proximal environment, which will be followed up with additional drilling once all assays from this phase have been received."

Duck Creek -- drill update

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 are interpreted to be part of the prospective Macquarie Arc volcanic sequence. Nine additional drill holes (DCKDH007 to 015) totalling 4,632 m have recently been completed on the Duck Creek exploration licence.

Drill hole DCKDH007 was drilled to a depth of 819 metres on the northern target, where previous Inflection drilling 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 m by 250 m area, which included biotite-albite-K-feldspar-tourmaline and blebs of bornite. The principal target area of interest is associated with an 800 m by 1,300 m aeromagnetic low feature interpreted to represent magnetite destruction associated with hydrothermal alteration. DCKDH007 was an angle hole drilled with a 115-degree azimuth and minus-70-degree dip, which intersected biotite-magnetite plus or minus K-feldspar-altered andesitic volcanoclastic conglomerate cut by minor quartz-magnetite and porphyry-style B veins. This hydrothermal alteration and vein style is indicative of a porphyry-proximal outer potassic environment and suggests being more distal from a potential mineralized porphyry relative to the earlier holes. The decision was taken, in conjunction with AngloGold, to complete three different geophysical surveys over this specific area prior to the next phase of deeper drill holes. These surveys are almost complete, and drilling in this specific area is expected to recommence once all the processed data have been received and interpreted in late October, 2023.

Eight additional scout holes (DCKDH008-015) were drilled elsewhere on the Duck Creek licence, testing new previously undrilled geophysical targets with distances ranging from two kilometres to 16 kilometres south from DCKDH007.

All holes intersected mixed andesitic volcanic rocks with regional propylitic alteration and no material mineralization. Sample assays have yet to be received for these holes although no copper or gold values of significance are expected.

Myallmundi -- drill update

The company has completed five additional drill holes (MYLDH014-018) totalling 2,214 metres on the Myallmundi target, testing an approximate 1.5 km by two km zone of magnetite enrichment evident in aeromagnetic data. The drill program was designed to step out from porphyry-style quartz-chalcopyrite-molybdenite-bearing veins intersected in first-pass drill hole MYLDH003.

Four of these drill holes (MYLDH014, MYLDH015, MYLDH016 and MYLDH017), which extend over an approximate distance of 1,400 metres, intersected chalcopyrite- and molybdenite-bearing quartz veins that locally exhibit K-feldspar selvages and are suggestive of a porphyry-proximal environment. The occurrence of chalcopyrite- and molybdenite-bearing quartz veins have been reported on the margins of mineralized porphyry copper-gold deposits such as Newcrest's Cadia East mine. Additionally, these drill holes exhibit early biotite-magnetite-epidote plus or minus K-feldspar alteration, also indicative of a porphyry-proximal environment, which has been overprinted by silica-sericite alteration.

The company is awaiting the core sample geochemistry and additional sample data to enable accurate positioning of further drill holes into this developing priority target.

Duck Creek -- geophysical surveys

Two separate geophysical surveys are currently under way on the Duck Creek exploration licence, including ambient noise tomography and an induced polarization/magnetotellurics survey. A third survey, a ground gravity study, has also just been completed by the company with the final delivery of data still pending. The principal objective of the three surveys is to enable the more accurate positioning of further deep drill holes, specifically on the northern Duck Creek target.

Ambient noise tomography -- the company has engaged Fleet Space Technologies to complete an ANT survey. ANT is a passive seismic exploration technique that makes use of pervasive seismic noise from natural and anthropogenic sources to visualize the three-dimensional subsurface. ANT offers the advantages of covering a large area and can visualize below cover of more than 2,000 metres, and can potentially indicate the depth of postmineral cover and structures within the basement rock.

The survey is covering an area of approximately 30 square km across the northern Duck Creek project area, where previous drilling returned encouraging results. The survey will produce an image of the paleotopographic surface, allowing for detailed 3-D constrained modelling of magnetic and gravity data. The aim of the survey is to map the paleosurface and basement rocks to identify areas of potential alteration or intrusions in the basement sequence for further drill testing. The survey data is expected to be finished in mid-October, enabling the company to better position deeper drill holes in the Northern Duck Creek target area.

Induced polarization/magnetotellurics -- the company has commissioned Fender Geophysics to complete a focused approximately 35 line km IP/MT survey over selected aeromagnetic targets in the northern Duck Creek exploration licence area. The survey is configured for acquisition of standard pole-dipole IP data at 200-metre dipole spacing. The purpose of this survey is to identify zones of elevated chargeability that may represent sulphides commonly associated with porphyry systems in proximity to the area where previous drilling returned encouraging results.

Gravity survey -- the company commissioned Daishsat Geodetic Surveyors to complete and infill a ground-based gravity survey to enable almost full coverage of the broader Duck Creek exploration licence. The now-completed survey included 1,190 stations collected on a 500-metre grid over an area depicted in the sparsely collected NSW Geological Survey data as a broad zone of low gravity. The Northparkes porphyry Cu-Au mine, situated approximately 180 kilometres southeast, is associated with a large gravity low indicative of a batholith and smaller porphyry intrusions at depth. The purpose of this survey is to identify similar gravity lows suggestive of porphyry intrusions within the greater Duck Creek exploration licence.

AngloGold exploration agreement terms

All the work programs noted above form part of the AngloGold Ashanti exploration alliance where AngloGold is sole financing 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 is operating phase 1 and is receiving a 10-per-cent management fee for doing so. Upon completion of phase 1, AngloGold then retains the right to designate up to five individual projects where it may potentially earn up to a 75-per-cent interest in each 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 is 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 and sampling quality control

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

Drilling is being conducted using a truck-mounted multipurpose drill rig. Mud rotary drilling is utilized to drill through the cover sequence before transitioning to diamond drilling using NQ-sized core at the unconformity. Core is logged at the company's field office, photographed and marked before being cut to the company's specified sample intervals. Half-core samples are placed in bags with internationally certified blanks and standards inserted. Samples are dispatched to ALS Laboratories in Orange, NSW, an accredited analytical laboratory meeting ISO/IEC 17025:2005 and ISO 9001:2015. Samples are prepared by crushing and grinding via ALS methods CRU-21 and PUL-32, respectively. The pulps are then assayed for 48 elements via ALS method ME-MS61 using a 25-gram sample after a four-acid near-total digest with an ICP-MS (inductively coupled plasma mass spectrometry) finish. Gold is assayed by fire assay using ALS method Au-AA23 using a 30 g sample charge and AAS (atomic absorption spectroscopy) finish. Laboratory standards and quality assurance/quality control (QA/QC) are monitored by the company. Coarse rejects from the sample preparation are subjected to spectral analysis.

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.