4 November 2024

[2011 Jan 28 CGNR Logo]

Conroy Gold and Natural Resources PLC

("Conroy Gold" or "the Company")

APPOINTMENT OF NEW CHAIRMAN AND COMPANY UPDATE

  · John Sherman appointed as Company Chairman
  · Update on current Company activity

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce that
the Board of Directors of Conroy Gold has unanimously voted to appoint its
deputy Chairman, Mr. John Sherman, as Chairman with immediate effect.  Mr.
Sherman assumes leadership of the Board following the death of Company founder
and Executive Chairman, Professor Richard Conroy, last month.

Professor Conroy had a unique ability to discover mines and his leadership has
left the Company with an excellent foundation in the Discs of Gold project, a
gold exploration project that includes the Clontibret gold deposit, two district
-scale gold trends (Orlock Bridge and Skullmartin), and several gold targets
with multi-million ounce potential. This project is a significant value
opportunity for the Company and the Board would like to take this opportunity to
update shareholders on the work the Company is currently undertaking to advance
the prospective value of the project while simultaneously working on securing
new partnerships to support the project.

Discs of Gold Project

The "Discs of Gold" project in Ireland is defined by two parallel district scale
gold trends extending over c.90km, which are 100% held under license by CGNR,
and anchored by the Clontibret gold deposit.  The Clontibret target area
contains a currently defined 517Koz gold resource @ 2.0 g/t Au (320Koz Au
Indicated and 197Koz Au Inferred (2017)) which remains open in multiple
directions. The Company has identified a further 7 gold targets in its license
area with the Clay Lake and Creenkill gold targets being of particular interest.

Gold occurs in multiple styles in the Company's license area which covers two
gold trends, together totalling 90km, suggesting multiple hydrothermal events,
including free gold, refractory gold in arsenopyrite and gold associated with
pyrite and antimony. There are clear geological analogies between the "Discs"
targets and large gold deposits in Southeastern Australia and Atlantic Canada.

The "Discs" name references two gold "Sun Discs" in the collection of the
National Museum of Ireland, dated to 2000BC found in Co. Monaghan, adjacent to
the Company's license area, in the 19th century. The extensive "Discs of Gold"
project is profiled in the Company's new corporate presentation, available on
the Company's website (www.conroygold.com).

Preparing for the Next Major Investment Cycle in the "Discs of Gold" Project

The Conroy Gold geological team has initiated a re-logging program covering over
30,000m of drill core to extract more comprehensive and consistent information.
The purpose of this work is to build a robust geological model, identify
controls to mineralisation, progress /advance each target and realise the full
growth potential of the emerging gold district in Conroy Gold's license area.The
ongoing learnings from this effort will inform our choices for the next cycle of
major investment in the project, including in the context of potential joint
venture partnerships.
The re-logging work and evaluation will apply the geological knowledge gained
from recent successes at similar ore systems, including those in the Lachlan
Fold Best of southeast Australia (Agnico's Fosterville mines (~10M oz), Southern
Cross Gold's recent Sunday Creek discovery and Atlantic Canada (St Barbara's
Atlantic operations (~2Moz), Calibre Mining's Valentine Lake deposit (5Moz+
MI&I), and New Found Gold's Queensway project).

The Company intends to upgrade the geological model to provide a robust
foundation upon which follow up drill programs will be based. Specifically, the
understanding of alteration halos around such mineral systems has developed and
can provide a larger footprint for targeting and growing ore zones. The zonation
of such alteration halos, in addition to the structural understanding, can also
be used as a vector to higher grade zones within the system.

Whilst there are c.90km of favourable geochemical and structural trends which
have barely been screened to date, a particularly attractive 7km trend from
Clontibret to Clay Lake is an emerging focus of the geological work. The
Clontibret target has a current resource of 517Koz @ 2g/t Au (320Koz Au
Indicated and 197Koz Au Inferred (2017)). The Clontibret target generated
favourable economics in an early study of a prior resource (601Koz @ 1.6g/t Au
resource generated an 11 year mine life with 49% IRR and a 2 year payback,
2011). Since the last 2017 resource, additional drilling has been undertaken
which intersected a large stockwork zone (95m @ 1.0g/t Au) associated with the
Orlock Bridge Fault zone. A similar broad zone of mineralisation has been
intersected in a shear zone c.7km to the northeast at Clay Lake gold target
(100m @ 0.6g/t Au). Geochemical anomalism extends for the entirety of this c.7km
corridor with negligible drill testing, and the styles of gold mineralisation
indicates the potential for multiple hydrothermal events which are considered
favourable for the formation of large gold deposits.

The Clontibret gold deposit is sited on a historic Antimony (Sb) mine. The
demand for antimony is increasing due to a constrained supply and its
recognition as a critical mineral by many countries, and as such the metal is
seeing record high prices. As part of the upgrading of the geological model and
mineralisation controls, a focus on the antimony mineralisation, controls and
potential contribution to project economics is being incorporated.

Mr. Sherman commented:

"I am honoured to have the confidence of my fellow directors to lead the Company
as we all work diligently to commercialise its Discs of Gold project through the
development of a mine. The geological team has initiated an intensive programme
to re-log drill core, whose main purpose is to extract more comprehensive and
consistent information from the drill core that will underwrite a more robust
geological model to assist in identifying the controls to higher grade
mineralization.  This work will further inform the Company's choices in the next
round of major investment in the ground.  Simultaneously, the Company is
actively engaging with interested parties to develop partnerships to accelerate
and fund the next phases of the Discs of Gold project."

For further information please contact:

Conroy Gold and Natural Resources plc  Tel: +353-1-479-6180
John Sherman, Chairman

Maureen Jones, Managing Director
Allenby Capital Limited (Nomad)        Tel: +44-20-3328-5656
Nick Athanas/Nick Harriss
Peterhouse Capital Limited (Broker)    Tel:+44-20-7469-0930

Lucy Williams / Duncan Vasey           Tel: +44-20-3290-0707

Lothbury Financial Services
Michael Padley
Hall Communications                    Tel: +353-1-660-9377
Don Hall

Visit the website at: www.conroygold.com


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