ALBRIGHT METALS LTD — Capital/Financing Update 2020

May 11, 2020

ASX Announcement

12 May 2020

Bryah uses Government Funds on Gold Drilling

Highlights:

• 210 metre RC drilling program completed at Windalah Gold-Copper Prospect following completion of Manganese drilling program

• Drilling to test for shallow extensions of high-grade gold intersected in drilling at Windalah Prospect in 2018

• Bryah receives an initial $38,000 payment under the Australian Government Cash Flow Boost Scheme

• Government payment being used to fund drilling and to advance gold exploration in Bryah Basin

Bryah Resources Limited (“Bryah” or “the Company”) is pleased to advise of the completion yesterday of a gold exploration drilling program at its Windalah Gold-Copper Prospect, which is located approximately 150 kilometres north of the town of Meekatharra in central Western Australia (see Figure 1).

Following receipt earlier this month of a $38,000 payment from the Australian Government under its Cash Flow Boost Scheme to support small to medium size businesses, the Board of the Company has decided to immediately apply part of this government support payment to its gold exploration activities.

With the Company recently completing its manganese exploration drilling program[1] , it was seen as a very cost effective opportunity to undertake a short gold drilling program, using the same drill rig, to test for shallow extensions of the zones of high-grade gold mineralisation intersected by Bryah’s drilling in 2018[2] .

The drilling program of 210 metres consisted of 3 Reverse Circulation (RC) holes (BBRC047-BBRC049) drilled as shown in Plate 1, Figure 2 and Figure 3.

The samples from the RC drilling will be delivered to Perth for laboratory analysis shortly, with assay results expected over the coming weeks.

1 See BYH ASX Announcement dated 11 May 2020 for full details

2 See BYH ASX Announcement dated 22 November 2018 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: 100,873,840 Manganese Tel: +61 8 9321 0001 Latest Share Price: $0.033 Gabanintha – Gold, Copper Email: info@bryah.com.au Market Capitalisation: $3.3M bryah.com.au

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Commenting on the gold drilling program, Managing Director Neil Marston said:

“We were very pleased to receive the Cash Flow Boost payment from the Australian Federal Government and believe that the best use of these windfall funds is to apply them to support our on-going gold exploration efforts.

With a drill rig already on site, the decision to extend the program to test the Windalah Gold-Copper Prospect with some shallow holes was quickly taken. Drilling at Windalah in 2018 intersected gold mineralisation of up to 15 grams per tonne over one metre intervals, within a broader zone of gold mineralisation. This area remains our most advanced gold-copper target in the Bryah Basin.

We look forward to seeing the laboratory results from this drilling in the coming weeks.”

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Figure 1: - Tenement Location Plan

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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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Plate 1 - Drill Rig drilling BBRC047, with outcropping chert capped ridge visible to the left.

Targeting Rationale

From recent aerial imagery, downhole logging data and computer modelling, there appears to be a large (~150m hinge-hinge) fold flexure in the out-cropping / sub-cropping jasperoidal chert adjacent to the 2018 drilling. A gravity low also appears to sit immediately to the east of the outcropping jasperoidal chert.

The designed holes have been oriented off-section from the earlier drilling, to be approximately orthogonal to the inferred strike of the internal limb of the interpreted fold. Whilst providing more detailed information on the orientation of the stratigraphy, this new hole orientation will provide an opportunity to probe the gravity low to the east.

The design of the program has also considered the limited depth capabilities of the tracked drill rig used.

The drill hole information for these three holes is shown in Table 1.

Follow-Up Activities

Company personnel have recently succeeded in clearing a blockage from the 50mm PVC casing in drill hole BBRC013, which could not be Down Hole Electromagnetic (“DHEM”) surveyed in early 2019 due to the blockage. See Figure 2 for the location of BBRC013.

It is intended that a DHEM survey of BBRC013 to a down-hole depth of approximately 180 metres will be completed in the coming weeks.

Funds received from the Cash Flow Boost from the Australian Federal Government will also be used to pay for this survey.

Address Level 1, 85 Havelock Street Page 3 of 12 West Perth WA 6005

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

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Figure 2 – Windalah Prospect Drill Hole Location Plan

Address Level 1, 85 Havelock Street Page 4 of 12 West Perth WA 6005

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

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Figure 3 - Windalah Prospect Drill Section A-A’

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 5 of 12 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[3] .

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Tony Standish, who is a Member of the Australian Institute of Geoscientists. Mr Standish is a consultant to Bryah Resources Limited (“the Company”). Tony Standish 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’. Tony Standish 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.

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

Address Level 1, 85 Havelock Street Page 6 of 12 West Perth WA 6005

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

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Table 1 – Windalah Gold-Copper Prospect - Drill Hole Information

Hole ID	Easting mE	Northing mN	RL	Azimuth & Dip (planned)	Total Depth (m)	Depth From (m)	Depth To (m)	Interval Width (m)	Gold g/t	Cu %
BBRC047	665593	7180908	559.6	80o/-55o	72	Assays Pending
BBRC048	665572	7180865	558.6	80o/-55o	84	Assays Pending
BBRC049	665559	7180825	557.3	80o/-55o	54	Assays Pending

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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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Appendix 1 – Windalah Prospect Drilling Program 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.	• For this drilling program Bryah utilised Reverse Circulation (RC) drill holes. • RC drilling was to generally accepted industry standard producing 1.0m samples which were collected beneath the cyclone and then passed through a splitter. • The splitter reject sample was collected into plastic buckets and laid out on the ground in 10-20m rows. • The full length of each hole drilled was sampled at 1 metre intervals. • All Bryah samples collected will be submitted to a contract commercial laboratory for drying, crushing and homogenising the sample. All 1m splits will be submitted and analysed for a comprehensive 48 element suite with a 4-acid digestion and ICP-MS finish. In addition, they will also be analysed for Au by 50g lead fire assay with ICP-OES finish
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 ifso, by what method, etc). _	• All holes were drilled with a contract RC drilling rig. • All RC holes were drilled using a (137mm) hammer drilling bit.
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.	• The RC samples have not yet been weighed or measured for recovery. • To ensure maximum sample recovery and the representivity of the samples, an experienced Company geologist was present during drilling to monitor the sampling process. Any issues were immediately rectified. • Sample recovery was recorded by the Company geologist and this was based on how much of the sample is returned from the cyclone and cone splitter. This was recorded as good, fair, poor or no sample. • Bryah is satisfied that the RC holes have taken a sufficiently representative sample of the interval and minimal loss of fines has occurred in the RC drilling resulting in minimal sample bias. • At this stage no investigations have been made into whether there is a relationship between sample recovery and grade.
Logging	• Whether core and chip samples have been geologically and	• All the 1m RC samples were sieved and collected into 20m chip trays for geological

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Criteria	JORC Code explanation	Commentary
	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.	logging of colour, weathering, lithology, alteration and mineralisation for potential Mineral Resource estimation and mining studies. • RC logging is both qualitative and quantitative in nature. • All chip trays will be photographed. • The total length of the RC holes were logged. Where no sample was returned due to cavities/voids it was recorded as such.
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.	• Sampling technique: o All RC samples were collected from the RC rig and were collected beneath the cyclone and then passed through the cone splitter. o The samples were generally dry and all attempts were made to ensure the collected samples were dry. o The cyclone and cone splitter were cleaned with compressed air at the end of every 6m drill rod. o The sample sizes were appropriate to correctly represent the mineralisation based on the style of mineralisation, the thickness and consistency of intersections, the sampling methodology and percent value assay ranges for the primary elements. • Quality Control Procedures were: o A duplicated sample was collected every 50 samples. o Certified Reference Material (CRM) samples were inserted in the field every 50 samples containing a range of gold and base metal values. o Blank Bunbury basalt material was inserted in the field every 50 samples. o Overall QAQC insertion rate of 1:16.6 samples o Laboratory repeats will be taken and standards inserted at pre-determined level specified by the laboratory. o The sample sizes are considered appropriate to correctly represent the mineralisation based on the style of mineralisation, the thickness and consistency of intersections, the sampling methodology and the assay value ranges expected for both gold and copper.
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. _	• Duplicates and samples containing standards will be included in the analyses.

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Criteria	JORC Code explanation	Commentary
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.	• Significant intersections have been independently verified by alternative company personnel. • The use of twinned holes has not been implemented and is not considered necessary at this stage of exploration. • The Competent Person has visited the site and supervised all the drilling and sampling process in the field. • All primary data related to logging and sampling are captured on appropriate software and directly imported into the database with import validations. Where data has been recorded on paper all paper copies of data have been stored. • All data is sent to Perth and stored in the centralised Access database with a Data Shed front end which is managed by company geologists. • No adjustments or calibrations have been made to any assay data, apart from resetting below detection values to half positive detection.
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 collars were initially located by a Geologist using a conventional hand-held GPS. • Following completion of the drilling program the hole collars will be surveyed using a differential GPS for accurate collar location and RL with the digital data entered directly into the company Access database. • The grid system for the Bryah Basin prospect is MGA_GDA94 Zone 50. • Topographic data is collected by a hand-held GPS.
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. _	• Drill spacing was approximately 45 metres between collars and drillhole orientation was on an azimuth of 80o. • The drill spacing is generally not sufficient to establish the degree of geological and grade continuity applied under the 2012 JORC code. • No sample compositing was been applied to this drilling program.
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.	• The attitude of the lithological units is predominantly west-south-westerly dipping to sub- vertical. Therefore, most holes were drilled with an azimuth of 80 degrees to intersect the structures at close to right angles to the orientation of the lithological units. Due to locally varying intersection angles between drillholes and lithological units all results are defined as downhole widths. • No drilling orientation and sampling bias has been recognized at this time and it is not considered to have introduced a sampling bias.
Sample security	• The measures taken to ensure sample security.	• The samples collected were placed in calico bags and will be transported to the relevant Perth laboratory by courier or company contractor. • Sample securityis 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 samplingtechniques 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 inthe area. _	• The relevant tenement (E52/3236) is 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.	• Previous exploration at the Windalah Prospect has been undertaken by Homestake Australia Limited (1984-1986) and Afmeco Pty Ltd (1988-1990) and involved aeromagnetic surveys, geological mapping, soil and rock chip sampling and RAB drilling. • Explorers in all cases identified the prospectivity of the ground however exploration results were not generally followed up due to various issues.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Windalah Prospect consists of a sequence of folded sub-cropping Narracoota Formation within a series of North-West trending, anticlinal domes. The Narracoota Formation volcanics occupy the central axis position of the interpreted dome structures. An overlying ridge forming chert is strata-parallel and its distribution is consistent with the dome structures and generally dips away from the central fold axis. Overlying the chert sequence and the underlying Narracoota Formation are sediments of the Ravelstone Formation. • The primary exploration target at Windalah is VMS mineralisation similar to the nearby Horseshoe Lights Copper-Gold Mine where mineralisation occurs in the core of a NNW trending and SE plunging parasitic anticline, that is overturned. The sulphide envelope of the deposit itself is SW dipping and plunging to the SSE (150o) and was likely folded. It sits within altered basalt and mafic volcaniclastic units along the contact with overlying felsic volcanic schist.
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.	• Refer to Table 1 of this ASX Announcement.

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Criteria	JORC Code explanation	Commentary
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 exploration results reported in this announcement. • No metal equivalent values will be used to report results.
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’). _	• Due to locally varying intersection angles between drill holes and lithological units all results are defined as downhole widths. • This drill spacing is also not sufficient to establish the degree of geological and grade continuity applied under the 2012 JORC Code.
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 attachedFigure 2andFigure 3within 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.	• No exploration results reported in this announcement
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.	• All relevant exploration data is reported in this announcement.
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.	• Refer to this announcement. • The extent of follow-up drilling has not yet been confirmed.

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