Godolphin Resources (ASX:GRL) announced financial results for the quarter ended 30 September 2022.

Diamond drill rig mobilised to Narraburra Rare Earth and Rare Metal Project completing maiden diamond drill campaign ? initial assays pending.

pXRF readings taken during drilling at Narraburra indicate rare metal mineralisation is possibly present in underlying fresh rock, untested by historical drilling, as well as occurring in the weathered surficial material.

Strategic pivot from proposed aircore drilling at Narraburra to 25-hole, 1,500m diamond core drill campaign to upgrade existing Mineral Resource Estimate to JORC 2012 standards.

Planned resource drilling at Narraburra commenced during the quarter ? Company on track to complete drilling in coming weeks.

GRL anticipates delivery of JORC 2012 Resource upgrade at Narraburra during Q1 2023.

Assays from a two-hole, 900m diamond drill program at Yeoval South and Cyclops prospects intercepted broad copper mineralisation.

Strategic placement and Share Purchase Plan completed and heavily subscribed ? GRL raised ~$2.9m (before costs) providing considerable financial flexibility.

Following the announcement the company?s share price fell 4.545%.