ALBRIGHT METALS LTD — Capital/Financing Update 2018

Jul 22, 2018

ASX Announcement

23 July 2018

Bryah Advances on Manganese Mine Option.

HIGHLIGHTS

• Bryah Resources completes Due Diligence for exclusive 1 year option to purchase the historical Horseshoe South Manganese Mining Lease.

• Option Fee of $100,000 payable within 5 days.

• Horseshoe South Manganese Mine was the largest manganese mine in the Bryah Basin producing approximately 1Mt of Manganese ore.

• High-grade manganese up to 48.8% Mn recorded in recent rock chip sampling within the Mining Lease.

• 215,000m[3] of manganese stockpiles reported to remain on site.

• Ore sorting testwork on manganese stockpiles commenced with positive initial results.

• Detailed surveying, sampling and metallurgical testwork programme of the stockpiles to commence – to establish opportunity to upgrade to a saleable manganese product.

• Exploration programme, including drilling to commence once all site access permits obtained.

• RC drilling at the Aquarius Copper-Gold Project commencing shortly.

Bryah Resources Limited (“Bryah” or “the Company”) is pleased to provide an update on its exploration within its Bryah Basin Project in central Western Australia.

In May 2018, the Company announced that it had executed exclusive option agreements to purchase, subject to final due diligence, the Mining Lease covering the historic Horseshoe South Manganese Mine as well as the rights to prospect, explore, mine and develop manganese ore (“Manganese Rights”) covering a total of 154km[2] of ground within the Bryah Basin in central Western Australia (see Figure 1) ( refer ASX announcement dated 7 May 2018 ).

The Mining Lease (M52/806) and Manganese Rights are currently held by Peak Hill Manganese Pty Ltd (“PHM”). The option agreements are for a period of 1 year and the option fee for M52/806 of $100,000 cash is now payable following the satisfactory completion of Due Diligence by the Company. Details of the Option Agreements are set out in Appendix 1.

Address ASX Code: BYH Projects Level 1, 85 Havelock Street ABN: 59 616 795 245 Bryah Basin – Copper, Gold, West Perth WA 6005 Shares on issue: 56,350,120 Manganese Tel: +61 8 9321 0001 Latest Share Price: $0.13 Gabanintha – Gold, Copper Email: info@bryah.com.au Market Capitalisation: $7.3M bryah.com.au

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The Horseshoe Range area has been the main manganese producing region within the Bryah and Padbury Basins, with production dominated by the Horseshoe South Mine, and a satellite deposit at the Horseshoe North Mine which is located on E52/1860 (see Figure 1). Approximately 1 million tonnes of mid-high grade manganese ore is understood to have been produced to date from the mine. The Horseshoe South Manganese mine was last operated from 2008 to 2011 by Process Minerals International, a subsidiary of Mineral Resources Limited (“MIN”).

Preliminary Work Confirms Manganese Potential

During the Due Diligence period the Company has undertaken a preliminary evaluation of the Horseshoe South Manganese Mine, which has included:

• desktop study of historical published and unpublished technical reports;

• reconnaissance mapping and sampling on parts of the tenement;

• sampling of stockpiles, and

• ore sorting testwork of stockpile material.

Commenting on the Option Agreement, Bryah Managing Director Neil Marston said “The option to acquire the Horseshoe South Manganese Mine offers Bryah the opportunity to generate low-risk cashflow from a granted mining lease and rapidly enhances its capacity to exploit any new manganese discoveries across the entire project area.”

“At present international manganese ore dmtu[1] prices remain high, creating strong demand for manganese ore in the 30% -40% Mn range. Accordingly, the Company intends to evaluate the possibility of beneficiating the manganese stockpiles present at Horseshoe South.”

“The Company will commence a detailed stockpiles sampling programme this week with the express aim of establishing whether the material can be upgraded to produce a saleable product of approximately 34% Mn, as suggested in earlier technical reports,” Marston said.

Stockpile Sampling

One coarse and several fines manganese stockpiles remain on site within M52/806 (see Figure 2).

The coarse stockpile has been reported to be 65,000m[3] in volume and the fines stockpiles are reported as approximately 150,000m[3] in total volume. The fines stockpiles are reported to consist of the <25mm undersize material from the 1940-60’s mining operations. Historical sampling of the fines stockpiles has identified the potential to produce an upgraded product by screening of the material[2] .

1 Dry Metric Tonne Unit – see Appendix 2 for further definition

2 Technical Report - Sampling and Testing of the Horseshoe South Manganese Stockpiles for Tuart Resources Limited, October 2001. Brian Davis.

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Address Level 1, 85 Havelock Street West Perth WA 6005

Tel: +61 8 9321 0001 Email: info@bryah.com.au

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Figure 1 – Bryah Basin Tenements and Regional Geology Map

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A total of 4 samples of stockpile material have been assayed by the Company to date (BRYRK079-082). The location of the stockpiles and sample sites is shown in Figure 2.

• BRYRK079 (19.5% Mn) was a 4.3kg representative sample of coarse stockpile material,

• BRYRK080 (30.9% Mn) was a 6.1kg hand-picked sample of manganiferous material;

• BRYRK081 (2.2% Mn) was a 3.7kg hand-picked sample of waste material, and

• BRYRK082 (19.1% Mn) was a 3.4 kg sample of fine stockpile material.

These results are generally of a similar manganese grade as reported in the historical testwork.

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Figure 2 – Satellite imagery showing the Horseshoe South Mine, sample locations and results

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Reconnaissance Mapping and Sampling

On the Horseshoe South Mining Lease, a total of 24 samples have been collected from outcropping manganese at various sites. These sites are shown in Figure 2 and in Table 1.

At an area east of the mine 5 samples (BRYRK078, 196-199) recorded assays of between 21.8% and 48.8% Mn (see Plate 1).

17 samples were also collected from sites around the Horseshoe South Extended Mine which was developed by MIN. Areas within and outside of the existing open pit have been sampled, recording assays up to 44.3% Mn (BRYRK210) (see Figure 2 and Plate 2).

On the adjoining Exploration Licence E52/1860, a total of 30 samples of outcropping and scree manganese were collected from several sites (see Figures 3 and 4 and Table 2).

The best assay results recorded were 42.7% Mn from in-situ manganese in two locations (BRYRK267 and BRYRK273) north and south of the Horseshoe Range (see Figure 3). Pleasingly samples recorded grades exceeding 30% Mn in many locations along the Horseshoe Range and confirm the overall prospectivity of the Exploration Licence.

An area north of the Horseshoe North mine was identified as holding good exploration potential as exposures of manganese were identified and sampled over several hundred metres down slope from the top of the Horseshoe Range ridgeline (see Figure 4).

Ore Sorting Testwork

The Company is also undertaking ore sorting testwork on additional samples collected from the coarse stockpile on M52/806. The Company has engaged a consultant who has extensive experience in modern ore sorting technology to supervise this testwork.

A preliminary test was undertaken by Steinert Australia with the aim being to determine the ability of Steinert’s ore sorting system to distinguish between hand sorted manganiferous rocks and waste rocks from the coarse stockpile. The testwork provided positive results across a number of system settings and methods.

Accordingly, follow up testwork has been initiated by the Company using a larger (~40kg) stockpile sample. This testwork is ongoing at present and results will be reported as they become available.

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Address Level 1, 85 Havelock Street West Perth WA 6005

Tel: +61 8 9321 0001 Email: info@bryah.com.au

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Plate 1 – Geologist Iain Ross examining high grade Manganese east of Horseshoe South Mine.

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Plate 2 – Outcropping bands of Manganese west of Horseshoe South Extended Mine (in background).

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Figure 3 – Satellite imagery showing Horseshoe Range within E52/1860, sample locations and results.

Manganese Exploration Activities

The following activities over the Manganese Option areas are being undertaken as quickly as possible:

• Stockpile surveying, sampling, sizing and geochemical analysis;

• Ore Sorting testwork, and

• Heritage survey to clear areas for drilling.

A programme of exploration including drilling of manganese targets is being planned and will commence once all permitting and site clearances have been obtained.

Copper-Gold Exploration Activities

Reverse Circulation drilling of the Company’s copper-gold targets at the nearby Aquarius Project is due to commence later this week. The programme is planned to test the Jupiter and Mars Prospects where airborne and ground Electromagnetic surveys have identified conductive anomalies.

Address Level 1, 85 Havelock Street Page 7 of 19 West Perth WA 6005

Tel: +61 8 9321 0001 Email: info@bryah.com.au

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Figure 4 – Satellite imagery showing Horseshoe North Mine area, sample locations and results.

Address Level 1, 85 Havelock Street Page 8 of 19

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West Perth WA 6005

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Appendix 1 - Option Details

Key details of the exclusive Option Agreements are set out below:

Option to acquire Mining Lease

Tenement: M52/806.

Tenement Holder: Peak Hill Manganese Pty Ltd. Option Period: 12 months from Completion Date. Completion Date: 23 July 2018

Option Fee: $100,000 cash (payable within 5 business days of Completion Date). Exercise Fee: $300,000 payable as $150,000 cash and $150,000 in Bryah Ordinary Shares based on the 5 days VWAP prior to the date of Exercise.

Option to acquire Manganese Rights

Tenements: E52/1557, E52/1860 and M52/1068. Tenement Holder: Desert Resources Pty Ltd (wholly owned subsidiary of Austsino Resources Limited (ASX:ANS)).

Holder of Manganese

Rights: Peak Hill Manganese Pty Ltd. Option Period: 12 months from Completion Date. Completion Date: 1 June 2018. Option Fee: $20,000 cash (paid).

Exercise Fee: $40,000 payable as $20,000 cash and $20,000 in Bryah Ordinary Shares based on the 5 days VWAP prior to the date of Exercise.

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Appendix 2 – Manganese Ore Pricing

Dry Metric Tonne Unit (dmtu) is the internationally agreed-upon unit of measure for Manganese ore pricing. It has the same mass value as a metric tonne, but the material has been notionally dried to remove the moisture level.

One dry metric tonne unit consists of 1% of Manganese (Mn) contained in a tonne of ore, excluding moisture.

Benchmark pricing (US$) of Manganese Ore exists and is available to the market as follows:

• Manganese Ore Index 37% Mn, fob Port Elizabeth, South Africa

• Manganese Ore Index 37% Mn, cif Tianjin China, and

• Manganese Ore Index 44% Mn, cif Tianjin China.

Discounts may apply to Manganese Ore which is not of benchmark grade.

Worked Example:

To calculate the price of a dry metric tonne of Manganese Ore the $ per dmtu of metal contained is multiplied by the grade of the ore.

Manganese Ore Grade (dmt): - 37% Mn dmtu: - 37% Mn / 1% Mn = 37 dmtu Price/dmtu (US$) - $5.00 fob (free on board) Price/dry metric tonne (US$): 37 dmtu x $5.00 = US$185 Forex Rate – AUD:USD 0.75 Price/dry metric tonne (AU$): $185/0.75 = AU$247

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Table 1 – Mining Lease M52/806 Manganese Samples - Laboratory Results

Sample ID	Northing mN	Easting mE	Mn %	Fe %	Al2O3 %	SiO2 %	P %
BRYRK077	7185312	657224	0.21	58.86	1.52	1.14	0.43
BRYRK078	7185218	657457	24.28	31.78	4.75	2.49	0.19
BRYRK079	7185062	656632	19.45	27.47	8.4	9.21	0.20
BRYRK080	7185060	656630	30.86	19.65	7.61	4.62	0.23
BRYRK081	7185060	656630	2.21	34.69	10.38	24.44	0.17
BRYRK082	7185257	656481	19.09	29.92	6.69	9.9	0.16
BRYRK098	7184392	656841	29.97	23.21	5.99	4.22	0.26
BRYRK099	7184390	656840	24.50	34.39	3.84	1.18	0.16
BRYRK196	7185224	657416	21.78	35.94	2.4	4.08	0.32
BRYRK197	7185200	657498	36.89	13.56	7.22	5.33	0.14
BRYRK198	7185165	657522	48.79	7.08	3.99	1.47	0.11
BRYRK199	7185158	657529	46.80	5.51	5.85	3.98	0.11
BRYRK200	7185078	656891	38.37	17.04	4.04	1.33	0.05
BRYRK202	7184333	656505	39.44	13.72	5.24	3.16	0.18
BRYRK203	7184349	656554	35.75	15.00	7.23	4.72	0.13
BRYRK204	7184438	656634	36.25	18.07	5.8	4.12	0.06
BRYRK205	7184362	656500	28.01	28.32	3.71	3.61	0.18
BRYRK206	7184455	656404	0.63	51.02	4.73	8.55	0.54
BRYRK207	7184475	656408	38.94	10.38	7.13	6.05	0.21
BRYRK208	7184494	656414	30.21	20.76	6.05	4.74	0.20
BRYRK209	7184520	656419	21.22	36.50	2.71	2.65	0.26
BRYRK210	7184542	656423	44.27	9.05	4.75	4.34	0.03
BRYRK211	7184618	656437	33.04	23.55	2.78	1.37	0.30
BRYRK212	7184766	656468	27.48	16.94	9.72	11.65	0.08
BRYRK213	7184808	656471	27.97	27.45	4.58	3.25	0.17
BRYRK214	7184381	656367	29.65	22.02	6.5	3.73	0.25
BRYRK215	7184323	656380	37.14	7.99	10.56	7.93	0.08
BRYRK216	7184302	656405	37.53	9.67	8.32	7.96	0.09

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Table 2 – Exploration Licence E52/1860 Manganese Samples - Laboratory Results

Sample ID	Northing mN	Easting mE	Mn %	Fe %	Al2O3 %	SiO2 %	P %
BRYRK108	7188260	656139	20.52	38.08	2.09	3.21	0.17
BRYRK201	7187163	652806	29.07	26.14	2.99	3.46	0.26
BRYRK243	7186781	657357	21.84	36.10	4.19	3.07	0.14
BRYRK244	7186670	657573	39.88	9.32	3.15	13.06	0.14
BRYRK245	7186659	657598	32.24	25.62	3.03	1.46	0.26
BRYRK246	7186577	657745	15.67	43.02	3.6	2.72	0.34
BRYRK247	7186607	657766	29.99	29.74	3.03	1.24	0.16
BRYRK248	7186674	657705	18.28	39.57	3.46	4.14	0.24
BRYRK249	7186738	657711	26.13	26.75	6.64	5.55	0.07
BRYRK250	7186839	657579	39.06	13.02	5.3	5.55	0.17
BRYRK258	7186409	657610	14.68	48.79	1.68	1.4	0.12
BRYRK259	7186443	657719	33.85	25.72	1.69	1.18	0.16
BRYRK260	7186578	657749	26.18	29.74	4.52	3.48	0.33
BRYRK261	7186729	657824	33.88	25.44	2.21	0.83	0.28
BRYRK262	7187611	657554	24.36	33.80	3.27	2.88	0.22
BRYRK263	7187589	657495	11.28	46.02	0.82	13.16	0.06
BRYRK264	7187279	657378	37.14	15.10	8.45	0.55	0.11
BRYRK265	7188800	656247	21.58	15.06	3.25	36.01	0.07
BRYRK266	7188794	656234	29.49	10.94	4.76	25.94	0.13
BRYRK267	7188948	656312	42.73	9.93	5.49	4.89	0.12
BRYRK268	7188942	656364	23.69	16.01	7.32	23.61	0.03
BRYRK269	7188185	654893	24.09	32.14	4.58	2.02	0.19
BRYRK270	7188164	654829	18.67	42.76	2.42	1.57	0.13
BRYRK271	7187892	654541	32.15	22.84	4.1	3.72	0.24
BRYRK272	7188292	655677	34.09	19.98	3.31	4.92	0.17
BRYRK273	7188230	655693	42.72	4.01	9.75	7.76	0.06
BRYRK274	7186725	650739	30.70	17.28	9.66	4.55	0.28
BRYRK275	7187289	650012	37.36	12.53	7.86	5.4	0.08
BRYRK276	7187378	649962	34.26	21.45	4.71	3.25	0.06
BRYRK277	7187954	648863	38.17	13.30	7.4	4.35	0.07

For Further Information, please contact

Neil Marston Managing Director

Tel: +618 9321 0001

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Tel: +61 8 9321 0001

Email: info@bryah.com.au

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About Bryah Resources Limited

In October 2017 Bryah Resources Limited was admitted to the official list on the Australian Securities Exchange (ASX). The Company is a copper-gold-manganese focused explorer with 2 projects located in central Western Australia, being the 720 km[2] Bryah Basin Project and the 202km[2] Gabanintha Project.

The Bryah Basin is host to the high-grade copper-gold mines at DeGrussa, discovered by Sandfire Resources NL in 2009, and at Horseshoe Lights, which was mined up until 1994. The Bryah Basin also has several historical and current manganese mines.

Bryah Resources Limited’s exploration strategy is:

• to apply the best and latest exploration methods to evaluate the ground;

• to use high resolution geophysics to identify deeper structures and potentially mineralised zones;

• to drill test targets below the depth of previous drilling, and

• to apply maximum funds on exploration activities.

At Gabanintha, Bryah holds the rights to all minerals except Vanadium/Uranium/Cobalt/Chromium/ Titanium/Lithium/Tantalum/Manganese & Iron Ore (Excluded Minerals). Australian Vanadium Limited retains 100% rights in the Excluded Minerals on the Gabanintha Project.

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Rohan Williams, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Williams is an employee of Bryah Resources Limited (“the Company”). Rohan Williams has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Rohan Williams consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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Manganese Exploration and Sampling

JORC Code, 2012 Edition – Table 1 Exploration Results

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Rock samples were collected with sample sizes of between 3kg and 7kg from recorded locations.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• No drilling undertaken in this programme.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• No drilling undertaken in this programme.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• No drilling undertaken in this programme.

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Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• The sample sizes are considered appropriate to correctly represent the surface manganese mineralisation.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Laboratory checks and samples containing standards were included in the analyses.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• No drilling undertaken in this programme.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• All sample locations were located by the Field Geologist using a conventional hand-held GPS. • The grid system for the Bryah Project is MGA_GDA94 Zone 50.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• As this programme was a reconnaissance programme the sample results are indicative in nature and are not necessarily representative of the surrounding geology. • Outcrop samples were not composited.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• No drilling undertaken in this programme, so the relationship of samples collected to geological structures is not known.

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Criteria	JORC Code explanation	Commentary
Sample security	• The measures taken to ensure sample security.	• The samples collected were placed in calico bags and transported to the relevant Perth laboratory by courier. • Sample security was not considered a significant risk.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• The Company database has been compiled from primary data by independent database consultants and was based on original assay data and historical database compilations. • A regular review of the data and sampling techniques is carried out internally.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The relevant tenements are 100% owned by other holders. Bryah Resources Limited has secured a one year option to acquire 100% registered interest in the case of M52/806 and 100% interest in the Manganese Mineral Rights in the case of the other tenements from PHM. • At the time of reporting, there are no known impediments to obtaining a licence to operate in the area and the tenements are understood to be ingood standing.

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Criteria	JORC Code explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The manganese deposits in the region were discovered during the gold rush period between 1897 and 1911 however were of little interest to explorers at the time. • Mining operations between 1948 and 1967 received the focus of early exploration. • Manganese exploration conducted by BHP Limited, King Mining Corporation Ltd, Valiant Consolidated Ltd and various others since the 1960’s was concentrated mainly around the historic pits at Elsa Group, Millidie, Horseshoe South, Mudderwearie and Ravelstone. • Tuart Resources Limited and Peak Hill Manganese Pty Ltd undertook regional exploration over a large portion of the Bryah and Padbury Basins in the period after 2000, identifying numerous manganese anomalies from satellite imagery and aerial photography. Only limited on-ground exploration of many of these anomalies was undertaken.
Geology	• Deposit type, geological setting and style of mineralisation.	• These manganese occurrences are within the Lower Proterozoic Bryah and Padbury Basins. Manganese deposits are a product of prolonged weathering and oxidation of sedimentary rocks and chemical concentration and re-deposition of manganese within ancient drainage systems. Most of the manganese deposits are remnants of former drainage palaeochannels. Although detailed surveys have not been completed, the location of most manganese deposits appears to be at about the elevation of the former palaeosurface. These deposits are now left as hilltop mesas or cappings (inverted relief).
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• No drilling undertaken in this programme.

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Criteria	JORC Code explanation	Commentary
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No high-grade cuts have been applied to the reporting of exploration results. • No metal equivalent values have been used.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• As this programme was a limited programme of reconnaissance sampling no relationships can be established.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• See attached figures within this announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All results are reported without any cut-off grades.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• No other exploration data available.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Additional ground exploration including drilling is being planned by the Company but not undertaken to date.

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