ALBRIGHT METALS LTD — Capital/Financing Update 2019

Oct 20, 2019

ASX Announcement

21 October 2019

Footprint in the Bryah Basin Significantly Expanded

New areas highly prospective for gold and copper-gold mineralisation

HIGHLIGHTS:

• 2 new exploration licences granted and 3 exploration licence applications lodged, covering approximately 255 km[2]

• New tenements cover highly prospective and under-explored western Bryah and Padbury Basins with significant orogenic gold and VMS copper-gold exploration potential

• Tenements cover more than 50 km[2] of the highly prospective Narracoota Formation, which also hosts high-grade DeGrussa and historic Horseshoe Lights copper-gold mines

• Desktop review of historical reports and exploration planning underway

Bryah Resources Limited (“ Bryah ” or “the Company ”) is pleased to advise that it has significantly increased its land holding at its flagship Bryah Basin Project in Western Australia. The newly acquired tenements are located on the western side of the Padbury and Bryah Basins (see Figure 1).

Approximately 255 km[2] of highly prospective ground has been secured by the recent grant of two new exploration licences (E52/3700 and E52/3726) and the application for a further three exploration licences (E52/3703, E52/3725 and E52/3739). The two newly granted tenements cover a total of 83 km[2] and the applications cover a further 172 km[2] .

The tenements cover more than 50 km[2] of the highly prospective Narracoota Formation, including over 40-line kilometres of the prospective strike contact between the Narracoota Formation and the Proterozoic metasediments of the Padbury Basin (see Figure 2). Importantly, the Narracoota Formation is reported to be the same prospective stratigraphy which hosts Sandfire Resources’ currently operating, high-grade DeGrussa copper-gold mine and the historic Horseshoe Lights copper-gold mine.

Mineralisation within the Bryah Basin mainly comprises orogenic lode-gold and volcanogenic massive sulphide (VMS) copper-gold deposits. To date, the majority of exploited gold mineralisation occurs in structurally controlled, mesothermal, epigenetic lode systems.

ASX Code: BYH Projects ABN: 59 616 795 245 Bryah Basin – Copper, Gold, Shares on issue: 97,123,840 Manganese Latest Share Price: $0.056 Gabanintha – Gold, Copper Market Capitalisation: $5.4M bryah.com.au

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 – Tenement Location Plan

The tenement package covers under-explored ground south of the historic Labouchere and Nathans gold mines which were mined by Dominion Mining Limited between 1989 and 1992 (see Figure 1).

Combined historical gold production from the Labouchere and Nathans mines was 222,000 ounces gold from 2,910,800 tonnes of ore grading 2.4 g/t Au[1] . The Labouchere and Nathans mines are now held by Westgold Resources Limited (ASX:WGX) (“Westgold”).

Westgold last reported mineral resources for these two deposits as at 30 June 2017[2] being:

Orebody	Reporting Lower Cut-off Grade	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred		Total
	(g/t)	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
Labouchere	1.0	278,000	1.70	15,194	534,000	1.80	30,903	812,000	1.77	46,098
Nathans	0.7	818,108	1.89	49,764	344,943	1.95	21,613	1,163,051	1.91	71,377

1 GSWA Report 59 - Geology and Mineralization of the Paleoproterozoic Bryah and Padbury Basins Western Australia, by F. Pirajno, S. A. Occhipinti, and C. P. Swager, 2000

2 WGX ASX Announcement dated 4 September 2017 - 2017 Annual Update of Mineral Resources & Ore Reserves.

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Figure 2 – Bryah Basin Tenement and Geology Plan.

Further to the south, and adjacent to newly granted E52/3700 (see Figure 2), lies the Wilthorpe gold mine where shallow open cut mining by Dominion Mining Limited in 1993-94 produced 4,650 ounces of gold from 72,817 tonnes of ore grading 2.0 g/t Au[3] .

On the largest exploration licence application, E52/3739 (117km[2] ), historical shallow gold workings at the Top Dimble Prospect and surrounding areas have been the subject of limited gold exploration in the 1980’s and 1990’s. Figure 3 shows the location of reported mineral occurrences within E52/3739 and the other project tenements overlain on a regional aeromagnetic image.

3 Annual Report for the Wilthorpe Project for the Period 09/06/1999-08/06/2000 E52/1341. WAMEX Ref A61069 Page 3 of 5

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Commenting on the acquisition, Managing Director Neil Marston said:

“The Bryah and Padbury Basins remain largely under-explored, with historical exploration activities focused on identifying shallow gold mineral resources suitable for open pit operations. With our excellent knowledge and experience of operating in the area, we believe that these newly acquired areas could yield some early exploration success.”

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Figure 3 – Mineral Occurrences over Western Bryah Basin.

Follow-up Activities

The Company is currently undertaking a thorough desktop review of all historical exploration reports. This data review will support a detailed phase of exploration planning, ahead of ground exploration activities.

Separately, the Company’s recent work in the Bryah Basin included completing a heritage survey of several new areas and undertaking a detailed gravity survey over the Windalah prospect, where a Reverse Circulation drilling programme in 2018 identified high-grade gold mineralisation in holes BBRC019 ( 5m @ 6.62 g/t Au ) and BBRC020 ( 3m @ 6.69 g/t Au )[4] .

The Company is completing an interpretation of this new dataset along with other geophysical and geological information to refine the geological model and will use this to assist in targeting our next drill program at Windalah, which is planned to commence later this year.

4 See BYH announcement dated 18 November 2018 for full drilling results.

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For further Information, please contact: Neil Marston

Managing Director Tel: +61 9321 0001

About Bryah Resources Limited

Bryah Resources Limited is a copper-gold-manganese focused explorer with 2 projects located in central Western Australia, being the 1,135 km[2] Bryah Basin Project and the 170km[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 until 1994. The Bryah Basin also has several historical and current manganese mines including the Company’s recently acquired Horseshoe South mine.

The Company has secured a joint venture with OM (Manganese) Limited in respect to its manganese rights only in respect to approximately 660 km[2] of its Bryah Basin tenement holdings (see Figure 1). OMM presently holds a 10% Joint Venture interest with Bryah retaining a 90% Joint Venture Interest in manganese and 100% in respect to all remaining minerals on the tenements (excluding the Austsino tenements shown in Figure 2)

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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