ALBRIGHT METALS LTD — Capital/Financing Update 2018

Jul 4, 2018

ASX Announcement

5 July 2018

New Manganese Prospects Identified in Bryah Basin

HIGHLIGHTS

• Reconnaissance mapping and sampling identifies high-grade manganese at two new prospects - Black Caviar and Devils Hill.

• Surficial high-grade manganese recorded in rock chip sampling:

• ➢ Black Caviar Prospect: 49.1%, 48.5%, 44.1% and 41.6% Mn, and

• ➢ Devils Hill Prospect: 42.1% and 41.0% Mn.

• Outcropping manganese mineralisation at Devils Hill has been mapped over a length of at least 600 metres and represents the largest unmined manganiferous area identified by the Company to date.

• Drilling of Devils Hill, Black Caviar and Black Hill Prospects to commence following DMIRS works approvals and site clearances.

• MLEM survey successfully completed over 6 copper-gold targets.

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.

Follow-up reconnaissance mapping by Company personnel in May and June 2018 identified several areas which are prospective for manganese and collected rock chip samples. Laboratory results from these rock chip samples have now been received. Additional rock chip samples from other areas are still with the laboratory awaiting analysis.

Significant assay results were recorded from 2 new prospects named Black Caviar and Devils Hill (see Figure 1).

At the Black Caviar Prospect the results from a total of 4 samples collected were 49.1%, 48.5%, 44.1% and 41.6% Mn . At the Devils Hill Prospect the best assays recorded were 42.1% and 41.0% Mn from 13 samples collected over a significant area.

Details of these and other sample assay results are shown in Table 1 and in Figures 2 and 3.

Black Caviar Prospect

The Black Caviar Prospect consists of a manganese capped area and lies in the same stratigraphic position as the Black Hill Prospect which is located 6 km to the south (see Figure 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: $0.11 Gabanintha – Gold, Copper Email: info@bryah.com.au Market Capitalisation: $6.2M bryah.com.au

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Figure 1 – Bryah Basin Tenements and Regional Geology Map

There is no evidence of previous exploration or drilling of the Black Caviar Prospect, nor a number of other sampled manganese outcrops located to the east thereof (see Figure 2).

Address Level 1, 85 Havelock Street Page 2 of 11 West Perth WA 6005

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

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Figure 2 – Satellite imagery showing Black Caviar Prospect, sample locations and results

Devils Hill Prospect

The Devils Hill Prospect lies immediately south of the historic Mudderwearie mining areas (see Figure 3). Outcropping manganese mineralisation (see Plates 1 and 2) has been mapped over a length of at least 600 metres and represents the largest unmined manganiferous area identified by the Company to date.

Clearing of lines for drilling has been undertaken by previous explorers (circa 2010) on parts of the prospect, however there is no evidence that any drilling was undertaken.

The area has been recently cleared by a heritage survey so the Company intends to drill test parts of this prospect as a priority once Department of Mines, Industry Regulation and Safety (DMIRS) Programme of Works approvals are received.

MLEM Survey

The ground-based Moving Loop Electromagnetic (MLEM) survey over 6 high priority coppergold target areas ( see ASX announcement dated 29 June 2018 ) has been completed. The Company is pleased to report that the MLEM survey has successfully confirmed the presence of conductors in all six locations. Conductor plate modelling is underway and should be completed next week. Final drill hole collar locations will be identified from the conductor plate modelling.

Address Level 1, 85 Havelock Street Page 3 of 11 West Perth WA 6005

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

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Figure 3 – Satellite imagery showing Devils Hill Prospect, sample locations with earlier and latest results (BRYRK189-193 and BRYRK217-224).

Follow-up Exploration Activities

An exploration team will return to site shortly to undertake the following activities:

• Site preparation ahead of drilling of copper-gold targets at the Aquarius Project area;

• Additional reconnaissance, mapping and sampling of manganese exploration targets within the Company’s tenements and on areas secured under the Option Agreements with Peak Hill Manganese Pty Ltd ( see ASX announcement dated 7 May 2018 ).

• Continuation of a soil geochemistry survey on a 500m x 500m grid over a large portion of the Company’s tenement package, which will assist in exploration for copper-gold and manganese deposits.

Drilling of manganese targets at the Black Hill, Black Caviar and Devils Hill Prospects is being planned to commence once all permitting and site clearances have been obtained.

Address Level 1, 85 Havelock Street Page 4 of 11 West Perth WA 6005

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

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Plate 1 – Outcropping and scree Manganese at the Devils Hill Prospect

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Plate 2 – Outcropping and scree Manganese at the Devils Hill Prospect

Address Level 1, 85 Havelock Street Page 5 of 11 West Perth WA 6005

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

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Table 1 – Bryah Basin Project Manganese Samples - Laboratory Results

Sample ID	Northing mN	Easting mE	Mn %	Fe %	Al2O3 %	SiO2 %	P %
BRYRK189	7166597	666585	23.57	12.61	7.51	28.26	0.13
BRYRK190	7166542	666526	35.65	12.25	7.48	7.54	0.16
BRYRK191	7166483	666410	33.55	17.06	7.56	3.5	0.16
BRYRK192	7166546	666380	39.71	7.48	9.26	6.86	0.09
BRYRK193	7166511	666523	37.33	9.77	7.86	9.26	0.09
BRYRK194	7165696	665407	37.23	10.20	8.79	7.93	0.07
BRYRK195	7165690	665408	31.32	14.88	8.94	10.08	0.08
BRYRK217	7166540	666374	42.24	5.52	9.38	6.25	0.07
BRYRK218	7166520	666449	41.00	10.41	6.31	3.97	0.14
BRYRK219	7166541	666504	31.44	13.90	10.56	7.84	0.10
BRYRK220	7166690	666756	40.45	6.21	8.56	7.92	0.07
BRYRK221	7166653	666900	36.89	8.52	8.55	8.7	0.13
BRYRK222	7166636	666960	36.39	13.03	5.39	7.46	0.17
BRYRK223	7166693	667050	31.95	17.57	7.48	6.65	0.23
BRYRK224	7166668	667106	27.66	26.36	4.97	5.08	0.12
BRYRK226	7193840	645341	32.63	18.56	3.15	7.59	0.36
BRYRK227	7192840	645319	31.32	12.74	6.58	15.38	0.20
BRYRK228	7192843	645278	30.06	7.73	7.99	24.91	0.02
BRYRK229	7192970	644512	41.63	13.50	3.16	3.21	0.03
BRYRK230	7193000	644546	48.49	8.20	2.35	2.34	0.05
BRYRK231	7193010	644540	49.11	8.11	2.45	1.09	0.04
BRYRK232	7192945	644585	44.13	14.74	1.05	1.13	0.06
BRYRK237	7165760	667953	38.35	13.91	5.27	3.87	0.20
BRYRK238	7165727	667910	21.51	29.55	5.2	6.47	0.43
BRYRK239	7165712	667893	19.89	32.20	5.73	4.33	0.48

For Further Information, please contact

Neil Marston Managing Director

Tel: +618 9321 0001

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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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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 718 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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Address Level 1, 85 Havelock Street West Perth WA 6005

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

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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 2kg and 5kg 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.
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.

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Criteria	JORC Code explanation	Commentary
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.
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.

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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 Bryah Resources Limited. • At the time of reporting, there are no known impediments to obtaining a licence to operate in the area and the tenements are in good standing.
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).

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Criteria	JORC Code explanation	Commentary
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.
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.	• Drilling has been planned by the Company but not undertaken to date.

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