ALBRIGHT METALS LTD — Capital/Financing Update 2019

May 6, 2019

ASX Announcement

7 May 2019

DRILLING UNDERWAY AT HORSESHOE SOUTH

Following the recent signing of a $7.3 million manganese Farm-In and Joint Venture deal with OM Holdings Limited (ASX:OMH), Bryah moves quickly to commence drilling of high priority manganese targets.

• In April 2019, Bryah Resources Limited announced an agreement to establish a manganese Joint Venture in the Bryah Basin in central Western Australia with OM Holdings Limited .

• The objective of the Joint Venture is to explore for commercially mineable manganese , leading to near term production.

• The Farm-In and Joint Venture Agreement with OM Holdings Limited includes $500,000 in Stage 1 project expenditure to undertake drilling by 30 June 2019[1]

• The Bryah Basin Manganese Project includes the Horseshoe South manganese mine, the largest historical manganese mine in the region, and several manganese exploration prospects which are being drill tested in Stage 1

• Stage 1 drilling for a minimum of 3,000 metres has commenced at Horseshoe South.

Bryah Resources Limited (“Bryah” or “the Company”) is pleased to announce that its programme of manganese drilling has commenced at the historic Horseshoe South manganese mine within the Bryah Basin in central Western Australia.

The Company’s Bryah Basin Manganese Project is subject to the recently signed $7.3 million Manganese Farm-In and Joint Venture Agreement (Agreement) between Bryah and OM (Manganese) Limited (OMM), a wholly owned subsidiary of ASX-listed OM Holdings Limited (ASX:OMH). OMM have already paid Bryah a $250,000 Signing Fee and are providing $500,000 to Bryah to undertake a programme of drilling at a number of high priority targets by 30 June 2019. Under the terms of the Agreement, Bryah is the manager of the project until OMM earns a 51% Joint Venture Interest.

The Bryah Basin Manganese Project includes the Horseshoe South mine, which is the largest historic manganese mine in the region (see Figure 1).

Horseshoe South Manganese Mine

The Horseshoe South mine has produced approximately 1 million tonnes of high-grade manganese ore from 1948-1969 and 2008-2011. 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, located on M52/806, and a smaller satellite deposit at the Horseshoe North Mine which is located on E52/1860 (see Figure 2).

1 Refer Appendix 1 for Key Terms of Farm-In and Joint Venture Agreement

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: 63,790,505 Manganese Tel: +61 8 9321 0001 Latest Share Price: $0.074 Gabanintha – Gold, Copper Email: info@bryah.com.au Market Capitalisation: $4.7M bryah.com.au

bryah.com.au

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Figure 1 – Tenement Location Plan

The first production period for these 2 deposits was from 1948 to 1969, when 490,000 tonnes of manganese ore was mined at a reported average grade of 42% Mn.

Between 2008 and 2011, Process Minerals International Pty Ltd (PMI), a subsidiary of ASX-listed Mineral Resources Limited (ASX:MIN) processed historical stockpiles and completing open pit mining operations. Over 400,000 tonnes of manganese ore was produced and sold by PMI during their mining operations.

A 2018 sampling and mapping programme over Mining Lease M52/806 and the adjoining area identified significant manganese potential with rock chip samples grading up to 48.8% Mn being recorded (see ASX Announcement dated 23 July 2018).

In addition, shallow drilling completed in 2011 on the neighbouring tenement to the south of M52/806 has recorded an Indicated Mineral Resource of 437,000 tonnes @ 19.6% Mn (see Figure 3). Stage 1 drilling is targeting immediately north of this mineral resource with the drill rig presently on site (see Plate 1).

Other high priority areas to be drilled during Stage 1 are the Brumby Creek and Devils Hill Prospects (see Figure 2).

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Figure 2 – Bryah Basin Tenements and Geology Plan

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Figure 3 – Map of southern part of Horseshoe South Mine.

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Plate 1 – Drill Rig at Horseshoe South Mine.

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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 880 km[2] Bryah Basin Project and the 200km[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 Horseshoe South mine.

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 “forwardlooking 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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Appendix 1 – Bryah Basin Manganese Farm-In and Joint Venture Agreement Key Terms

• The Farm-In and Joint Venture Agreement (Agreement) between Bryah Resources Limited and OM (Manganese) Ltd (OMM) includes a Signing Fee of $0.25 million, which was paid to Bryah on 18 April 2019.

• Bryah is to be Project Manager for Stage 1 and Stage 2 of the Farm-In.

• The Joint Venture (JV) applies to Manganese Mineral Rights only, with Bryah retaining rights to all other minerals.

• In Stage 1, OMM will fund an $0.5 million on project expenditure by 30 June 2019.

• OMM may elect to proceed to Stage 2 by paying an Exercise Fee of $0.25 million to Bryah to earn an initial 10% JV interest by 12 July 2019, or 30 days after Bryah supplies OMM with the results of the Stage 1 exploration.

• In Stage 2, OMM will fund a further $2.0 million of project expenditure by 30 June 2022 to earn an additional 41% JV interest, giving OMM a total of 51% JV interest.

• Upon OMM earning its 51% JV interest, OMM may elect to be Project Manager and Bryah may elect not to contribute to project expenditure, diluting from 49% to 40% JV interest by OMM funding the next $1.8 million of project expenditure.

• Upon OMM earning its 60% JV interest, Bryah may elect not to contribute to project expenditure, diluting from 40% to 30% JV interest by OMM funding the next $2.5 million of project expenditure.

• OMM’s right to acquire a JV interest is subject to OMM obtaining Foreign Investment Review Board approval to it acquiring a JV interest.

• The aim of the JV is to explore for commercially mineable manganese and carry out Feasibility Studies.

• If a positive Feasibility Study is supported by a Decision to Mine then OMM and Bryah may elect to participate in a Mining Joint Venture in proportion to their JV interests or convert to a Royalty.

• Bryah is to negotiate a Sales Agency Agreement on commercial terms with OM Holdings Ltd in respect to all manganese ore production under the Mining JV.

• The JV includes an area of Mutual Interest which extends for a radius of 100 kilometres from the Horseshoe South Manganese Mine (M52/806).

• Tenements covered under the Agreement (See Figure 2) are:

• a. E52/3236 (southern portion), E52/3237, E52/3240, E52/3349, E52/3401, and E52/3508 registered in the name of Bryah Resources Limited,

• b. M52/806 to be registered in the name of Bryah Resources Limited, and

• c. E52/1557, E52/1860, and M52/1068 registered in the name of Desert Resources Pty Ltd, a subsidiary of Austsino Resources Group Limited (ASX:ANS) (Manganese Mineral Rights only).

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