New direction prompts Laneway name change

Laneway Resources is looking to rebrand as Savannah Goldfields as it continues to advance gold mining at Agate Creek and plans to restart the Georgetown gold plant. The company will be seeking shareholder approval for the name change, along with plans to consolidate its share capital on a 1 for 40 basis. Laneway believes the proposed new company name reflects the focus of its main gold operations in the GulfSavannah region of North Queensland. This encompasses its Agate Creek gold mine and its recently announced acquisition, the Georgetown gold project. Related: Laneway builds gold operations with Georgetown deal Laneway’s primary focus for 2022 is on the further commercialisation of the Agate Creek gold resource. This week it reported continuing high-grade gold assay results from a recent drilling program at the Sherwood and Sherwood West deposits within the Agate Creek project. Significant drill intercepts at the Sherwood deposit include 2m at 8.31 g/t gold and 6m at 5.37 g/t gold, while results at Sherwood West included 3m at 3.68 g/t gold and 8m at 4.62 g/t gold (from surface). “We are pleased to be continuing to get further high grade drilling results with the first drilling programthat we have undertaken following up on targets generated from the recently completed multi-elementstudy," managing director Brad Gordon said. "Planning is also well progressed for the next drilling campaign where we will look to continue toconfirm the IRGS hypothesis for Agate Creek and follow up further targets of along strike and deeperextensions of the known gold mineralisation. "These results from the recently completed drill program are being incorporated into pit designs for near-term mining activities and, with the recently announced acquisition of the Georgetown gold project,Laneway has a clear pathway to monetise the expanding high grade mineral resource being outlinedat Agate Creek.” Laneway believes cash flow generated from mining at Agate Creek will provide a robust financial footing to help fund expansions to the Georgetown plant including addition of a sulphide circuit to take advantage of its central regional location. Laneway’s intention is to also permit and build a second, larger gold processing plant, to be located at Agate Creek. A presentaion at the Brisbane Mining Conference today laid out Laneway's vision: • New Leadership - Brad Gordon joined as chief executive officer and managing dierctor with decades of development and production experience. Further operational management team appointments recently made;• New Strategy – Taken control of our own production, improving economics and regional consolidation potential;• New Geological Thinking – The company's core Agate Creek asset could be much larger than previously thought, with IRGS attributes identified from multi- element study;• New Assets – Georgetown gold project acquisition adds immediate production capacity with processing plant and resource upside in a prolific historic goldfield;• New Proposed Name and Capital Structure – Laneway to be renamed Savannah Goldfields Limited and issued capital to be consolidated on a 1:40 basis (subject to shareholder approval

New direction prompts Laneway name change

Industry Queensland

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