ALBRIGHT METALS LTD — Capital/Financing Update 2020

Aug 13, 2020

ASX Announcement

14 August 2020

Manganese Drilling Program Completed

Highlights:

• 2,315 metre RC drilling program completed in the Bryah Basin

• Four locations drilled - Brumby Creek, Black Hill, Cheval and Black Beauty

• Laboratory analysis underway with results expected in coming weeks

• Upcoming results will guide ongoing manganese exploration strategy and future drilling plans

• Drilling funded by OM (Manganese) Limited under Manganese JV Agreement

Bryah Resources Limited (“Bryah” or “the Company”) is pleased to advise the completion, this week, of its latest Reverse Circulation (RC) drilling program at its Bryah Basin Manganese Joint Venture project, which is located approximately 150 kilometres north of the town of Meekatharra in central Western Australia (see Figure 1).

The following drilling activities, targeting manganese, have been completed:

1. Follow-up extensional drilling at the Brumby Creek and Black Hill prospects, and

2. First pass drilling at newly identified Cheval and Black Beauty prospects.

The location of these prospects is shown in Figure 2.

The drilling program – of 2,315 metres – tested for extensions of high-grade manganese mineralisation intersected at Brumby Creek and Black Hill in drilling completed in May 2020, and tested the new manganese targets identified, Cheval and Black Beauty.

All samples from the drilling have been delivered to a laboratory for analysis. Results from the laboratory analysis are expected over the coming weeks.

Results from this drilling program will be a key component of the Company’s ongoing manganese exploration strategy. The results will guide the planning of the next phase of drilling, which is expected to be completed in Q4 this year.

Bryah Basin Manganese Joint Venture

In April 2019, Bryah executed a Manganese Farm-In and Joint Venture Agreement (“Agreement”) with OMM, a wholly owned subsidiary of ASX-listed OM Holdings Limited (ASX:OMH)[1] . The Agreement applies to the rights to manganese over approximately 660 km[2] in the Bryah Basin, including the historic Horseshoe South Manganese mine (see Figure 1).

1 See BYH ASX Announcement dated 23 April 2019 for full details

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: 131,873,840 Manganese Tel: +61 8 9321 0001 Latest Share Price: $0.061 Gabanintha – Gold, Copper Email: info@bryah.com.au Market Capitalisation: $8.0M bryah.com.au

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OM Holdings Limited is a vertically integrated Manganese and Silicon specialist. In Australia, OMM operates the Bootu Creek manganese mine in the Northern Territory.

In 2019, OMM funded $500,000 of project expenditure which yielded highly encouraging manganese drilling results[2] . In August 2019, OMM elected under the Agreement to proceed and the Joint Venture was formed following payment of a $250,000 Exercise Fee, whereby OMM secured an initial 10% interest in the Manganese Joint Venture (“JV”).

Under Stage 2 of the Agreement, OMM can elect to progressively fund the next $2.0 million of exploration expenditure in four tranches of $500,000 each, to earn up to a 51% interest in the Manganese JV by 30 June 2022. OMM has completed Tranche 1 funding of $500,000 and now holds a 20% JV interest. OMM has formally elected to proceed to increase its JV interest to 30% under Tranche 2, funding an additional $500,000 of project expenditure, including this latest drilling program.

Bryah is Project Manager of the JV until OMM has earned a 51% JV interest and has elected to be Project Manager.

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Figure 1 - Tenement Location Plan

2 See BYH Quarterly Activities Report dated 31 October 2019 for full details

Address Level 1, 85 Havelock Street Page 2 of 4 West Perth WA 6005

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

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Figure 2 - Tenements and Geology Plan

Address Level 1, 85 Havelock Street Page 3 of 4 West Perth WA 6005

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

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The board of directors of Bryah Resources Limited has authorised this announcement to be given to the ASX.

For further information, please contact: Neil Marston Cate Rocchi Managing Director Perth Media Tel: +61 8 9321 0001 Tel: +61 428 421 699 E: cate@perthmedia.com.au

About Bryah Resources Limited

Bryah Resources Limited is a copper-gold-manganese focused explorer with 2 projects located in central Western Australia, being the 1,135km[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 Limited 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 agreement with OM (Manganese) Limited in respect to its manganese rights only in respect to approximately 660 km[2] of its Bryah Basin tenement holdings.

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. Bryah has announced a maiden Inferred Mineral Resource at the Tumblegum South Prospect at Gabanintha of 600,000 tonnes @ 2.2 g/t Au for 42,500 oz Au[3] .

Competent Persons Statement – Exploration Results

Where the Company refers to Exploration Results in this announcement (referencing previous releases made to the ASX), the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements.

Competent Persons Statement — Mineral Resource Estimation

The information in this announcement that relates to Mineral Resources (see BYH ASX announcement dated 29 January 2020) is based on and fairly represents information compiled by Mr Ashley Jones, Consultant with Kamili Geology Pty Ltd. Mr Jones is a member of the Australasian Institute of Mining and Metallurgy (AusIMM).

The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement.

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.

3 See BYH ASX Announcement dated 29 January 2020 for full details

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Address Level 1, 85 Havelock Street West Perth WA 6005

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