ALBRIGHT METALS LTD — Capital/Financing Update 2020

Jul 27, 2020

ASX Announcement

28 July 2020

Manganese Drilling Underway in Bryah Basin Program testing two new areas and for extensions to high-grade manganese mineralisation

Highlights:

• 1,750 metre RC drilling program has commenced in Bryah Basin

• Drilling to test new targets at the Cheval and Black Beauty prospects

• Drilling will also focus on testing for extensions of high-grade manganese intersected in recent drilling at Brumby Creek and Black Hill prospects

• Drilling is being funded by OM (Manganese) Limited under Bryah Basin Manganese Joint Venture Agreement

• Drilling program is being undertaken by Bryah as Project Managers

Bryah Resources Limited (“Bryah” or “the Company”) is pleased to announce that another program of manganese drilling has commenced 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 program consists of approximately 1,750 metres of Reverse Circulation (RC) drilling, focusing on:

1. Follow-up drilling at the Brumby Creek and Black Hill prospects, where drilling in May 2020 recorded high-grade manganese[1] , and

2. First pass drilling at the Cheval and Black Beauty prospects, which are both located to the north of the historic Horseshoe South Manganese mine.

The location of these drilling areas is shown in Figure 2.

This drilling program is fully funded by OM (Manganese) Limited (“OMM”) and will be completed at no cost to Bryah. It is anticipated that an additional program of drilling, funded by OMM, will be completed later in 2020.

1 See BYH ASX Announcement dated 22 May 2020 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: 121,404,800 Manganese Tel: +61 8 9321 0001 Latest Share Price: $0.059 Gabanintha – Gold, Copper Email: info@bryah.com.au Market Capitalisation: $7.1M bryah.com.au

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Figure 1: - Tenement Location Plan

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)[2] . The Agreement applies to the rights to manganese only over approximately 660 km[2] in the Bryah Basin.

Under Stage 1 of the Agreement, OMM funded $500,000 of project expenditure which yielded highly encouraging manganese drilling results[3] , and following payment of a $250,000 Exercise Fee, 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 recently increased its JV interest from 10% to 20% by funding $500,000 of exploration expenditure, under Tranche 1.

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

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

Address Level 1, 85 Havelock Street Page 2 of 5 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 5 West Perth WA 6005

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

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Figure 3 - Drill Rig at Brumby Creek Prospect

OMM is now funding an additional $500,000 of exploration expenditure under Tranche 2 to increase its JV interest to 30%.

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

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

Managing Director Tel: +61 9321 0001

Address Level 1, 85 Havelock Street Page 4 of 5 West Perth WA 6005

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

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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[4] .

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 Person 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.

4 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