ALBRIGHT METALS LTD — Capital/Financing Update 2022

Jun 28, 2022

29[TH] JUNE 2022

ASX ANNOUNCEMENT

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Manganese RC Drilling Completed

HIGHLIGHTS

• 1458m Reverse Circulation (RC) manganese drilling completed

• Multiple extensions to prospects drilled – Black Hill, Black Beauty, Brumby Creek and Horseshoe South.

• Bryah retains 49% of the Manganese Joint Venture with OM Holdings

Bryah Resources Limited (ASX: BYH, “Bryah” or “the Company”) is pleased to announce that it has completed drilling at its Bryah Basin manganese project. Bryah and OM (Manganese) Ltd (OMM) have a Joint Venture (JV) to undertake exploration to test targets in the area, with a view to commencing manganese production. OMM is a wholly owned subsidiary of OM Holdings Limited (ASX: OMH), one of the world’s leading suppliers of manganese ores.

Commenting on the drilling, Bryah CEO Ashley Jones said: “This drill program was opportune with a rig becoming available at short notice to test new Manganese target areas. This complements our strategy to target potential manganese under cover and assess new areas to reach critical mass and restarting mining operations in the area. Results from the March drill program results are still expected next month.”

The Bryah Basin project area is located approximately 100-150km north of the town of Meekatharra in Western Australia. The Company’s tenements and manganese mineral rights cover 1,135km² over parts of the western Bryah Basin.

RC Drilling of 1458m was completed in 39 holes covering the Black Beauty, Black Hill, Brumby Creek and Horseshoe South prospects. Samples were collected and have been sent to the assay laboratory for analysis. Further planned drill holes are awaiting heritage surveys and program of works permitting.

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Bryah Resources Limited Level 1, 85 Havelock Street West Perth, WA 6005

Phone : +61 8 9321 0001 ASX : BYH Email: info@bryah.com.au ABN : 59 616 795 245

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Figure1 Location of Mn JV prospects with Mineral Resource on Aeromagnetics TMI RTP image

For further information, please contact: Ashley Jones, CEO +61 8 9321 0001

This announcement has been produced in accordance with the Company's published continuous disclosure policy and has been approved by the Board

ASX: BYH | bryah.com.au

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ABOUT BRYAH RESOURCES

Bryah’s assets are all located in Western Australia, a Tier One global mining and exploration jurisdiction. Strategically the Projects are energy metals focused, or able to exploit synergies of geological knowledge, locality and exploration.

The prospective Bryah Basin licences cover 1,048km[2] and have a potential new Volcanogenic Massive Sulphide (VMS) ‘Horseshoe Lights type’ mine analogue at the Windalah prospect, and multiple other similar untested targets. The area also contains extensive outcroppings of manganese, the subject of a substantial $7M joint venture with ASX listed OM Holdings Limited (ASX: OMH). OMH is a vertically integrated manganese producer and refiner with a market capitalisation of over $600m. Bryah and OMH have an excellent working relationship, with OMH having already spent over $2 million to earn-in to the Manganese Rights of the Project.

Gabanintha, near Meekatharra, has a JORC 2012 Mineral Resource for Cu, Ni, Co[1] and additional structural gold potential. The copper nickel resource and recently identified gold mineralisation at Gabanintha will be the subject of further drill definition and a prefeasibility study to integrate the project with the Australian Vanadium Project (ASX: AVL). The resource has been defined by the drilling efforts of AVL in the development of its vanadium project and enabled Bryah to define a base metal resources inventory.

Bryah’s base metals inventory at Gabanintha and manganese JV in the Bryah Basin have a clear pathway to production, which will be significantly advanced in 2022 by the commencement and completion of metallurgical feasibility studies at both projects.

An option agreement has been signed over the Lake Johnston tenements which are prospective for battery metals lithium and nickel. On IPO the option holder Mining Green Metals Ltd will pay 5 million shares for 51% of the project, with another 5 million shares for the remaining 49%. The corridor near Lake Johnston contains significant mines and discoveries of nickel and lithium, including the Mount Holland Lithium Mine and the historical Maggie Hays/Emily Ann nickel deposits.

Bryah holds 20.75% of gold focused Star Minerals (ASX:SMS). Star has a Mineral Resource at Tumblegum South and exploration prospects in the West Bryah Basin.

1 See ASX announcement dated 25th May 2022 ‘36.0 MT Ni-Cu-Co Mineral Resource at Gabanintha

ASX: BYH | bryah.com.au

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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.

COMPETENT PERSON STATEMENT – EXPLORATION RESULTS AND EXPLORATION TARGETS

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. 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 is based on and fairly represents information compiled by Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd), Dr Joe Drake-Brockman (Consultant with Drake-Brockman Geoinfo Pty Ltd) and Ms Gemma Lee (Principal Geologist with Bryah Resources). Mr Barnes, Dr Drake-Brockman and Ms Lee are members of the Australasian Institute of Mining and Metallurgy (AusIMM) and/or the Australian Institute of Geoscientists (AIG). All have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Barnes is the Competent Person for the estimation, Dr Drake-Brockman is the Competent Person for the geological model and site visits and Ms Lee is the Competent Person for the geological database. Mr Barnes, Dr Drake-Brockman and Ms Lee consent to the inclusion in this announcement of the matters based on their information in the form and context in which they appear.

The Company confirms that it is not aware of any new information or data that materially affects the information included in announcements referred to and all material assumptions and technical parameters underpinning the Mineral Resource estimates within those announcements 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.

ASX: BYH | bryah.com.au

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Appendix 1

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Table 1 2012 JORC Manganese Mineral Resources at 15% Mn Cut-off[2]

Prospect Category	Prospect Category	Kt*	Mn %	Fe %
Area 74		239	23.6	21.4
Brumby Creek East and Brumby Creek West	Indicated	525	21.2	19.1
Horseshoe South and Horseshoe South Extended		295	20.5	23.6
Black Hill		24	29.7	20.2
Total Indicated		1,083	21.7	20.9
Brumby Creek East and Brumby Creek West	Inferred	403	20.3	21.8
Horseshoe South and Horseshoe South Extended		351	19.5	29.9
Total Inferred		753	19.9	25.6
Total Mineral Resource		1,836	21.0	22.8

* Totals may not add up due to rounding. Kt = 1,000 Tonnes

2 See ASX announcement dated 3 March 2022 ‘Maiden Bryah Basin Manganese Mineral Resource’

ASX: BYH | bryah.com.au

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