ALBRIGHT METALS LTD — Interim / Quarterly Report 2019

Oct 29, 2018

ASX Announcement

30 October 2018

QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2018

EXPLORATION – BRYAH BASIN (COPPER-GOLD)

• New gold discovery at Windalah Prospect where thick zones of gold mineralisation were recorded in 4 drill holes. Best results:

• ➢ BBRC020: 27 metres (18-45m) @ 0.34 g/t Au

  • 27 metres (132-159m) @ 1.43 g/t Au, including 3m (135-138m) @ 4.16 g/t Au and 3m (144-147m) @ 6.29 g/t Au;

• ➢ BBRC019: 21 metres (66-87m) @ 1.21 g/t Au, including 6m (78-84m) @ 3.52 g/t Au;

• Gold occurs within a hematite-rich jasperoidal chert stratigraphically above a pyrite alteration zone, which is potentially indicative of mineralisation being the gold portion of a Volcanogenic Massive Sulphide system.

EXPLORATION – BRYAH BASIN (MANGANESE)

• High-grade manganese recorded in 19 rock chip samples at a new prospect named Brumby Creek where:

• ➢ 5 samples recorded +40% Mn with a highest value of 48.5% Mn , &

• ➢ 12 samples recorded 30%-40% Mn.

• Outcropping manganese mineralisation mapped over a 2km strike length.

• Wide zone of outcropping manganese mapped (over 100 metres wide and 250 metres long), representing an outstanding untested drill target.

EXPLORATION – GABANINTHA

• Maiden Nickel and Copper Mineral Resource estimate for the Gabanintha Vanadium deposit. Inferred Mineral Resource of 12.5Mt containing, inter alia, 659ppm Nickel and 222ppm Copper.

Address Level 1, 85 Havelock Street West Perth WA 6005 Tel: +61 8 9321 0001 Email: info@bryah.com.au

ASX Code: BYH Projects ABN: 59 616 795 245 Bryah Basin – Copper, Gold, Shares on issue: 56,350,120 Manganese Latest Share Price: $0.10 Gabanintha – Gold, Copper Market Capitalisation: $5.6M bryah.com.au

==> picture [596 x 96] intentionally omitted <==

This report summarises the exploration and corporate activities of Bryah Resources Limited (“Bryah” or “the Company”) during the quarter ended 30 September 2018.

Exploration Activities

Bryah Basin Project

The Bryah Basin project covers 720km[2] in central Western Australia. The project is located close to several gold, copper and manganese mining operations including the high-grade DeGrussa Cu-Au mine operated by Sandfire Resources NL, the Cu-Au deposit at Horseshoe Lights and operating gold mines at Fortnum and Hermes (see Figure 1). The Company’s tenements cover largely unexplored ground in the Bryah Basin in similar aged volcanic and sedimentary rocks as at the DeGrussa and Horseshoe Lights Cu-Au mines.

In addition to the tenements held 100% by Bryah, the Company has secured a one-year option to purchase the Mining Lease covering the historic Horseshoe South Manganese Mine as well as the rights to prospect, explore, mine and develop manganese ore (“Manganese Rights”) covering a total of 154km[2] of ground (see Figures 1 and 2).

==> picture [457 x 347] intentionally omitted <==

Figure 1 – Bryah Basin Project Map

Page 2 of 23

Address Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

Bryah Basin - Copper-Gold Exploration

The Company commenced Reverse Circulation (RC) drilling in August 2018 with the aim of testing up to six conductors identified by recently completed airborne Versatile Time-Domain Electromagnetic (VTEM) and ground Moving Loop Electromagnetic (MLEM) surveys. The electromagnetic (EM) anomalies are named Jupiter, Windalah (formerly Mars 1), Mars 2, Mars 3, Peak Hill 1 and Peak Hill 2 as shown in Figure 2. A total of 6,194 metres of drilling was completed in 46 holes during the programme.

– RC Drilling Programme Windalah Prospect

At the Windalah Prospect a total of 9 holes (BBRC013-16 and BBRC024-28) for 1,688 metres were drilled to test the modelled EM conductor (Mars 1). A further 5 holes (BBRC017BBRC020 and BBRC046) for 986 metres were drilled at an adjacent area where historical exploration, including Rotary Air Blast (RAB) drilling had been completed by Afmeco Pty Ltd.

These earlier RAB holes were generally drilled to a down-hole depth of just 40 metres and had recorded some intervals of gold mineralisation in several holes. This area was considered by Afmeco Pty Ltd to have geological similarities to the nearby Volcanogenic Massive Sulphide (VMS) Horseshoe Lights copper-gold mine[1] located 13 kilometres to the north.

The best intervals reported to date from the Company’s RC drilling programme are:

• BBRC020: 27 metres (18-45m) @ 0.34 g/t Au

• 27 metres (132-159m) @ 1.43 g/t Au, including

• 3m (135-138m) @ 4.16 g/t Au and 3m (144-147m) @ 6.29 g/t Au

• BBRC019: 21 metres (66-87m) @ 1.21 g/t Au, including

• 6m (78-84m) @ 3.52 g/t Au

• BBRC018: 12m (21-33m) @ 0.71 g/t Au 9m (42-51m) @ 0.46 g/t Au

• • BBRC017: 21 metres (30-51m) @ 0.14 g/t Au

Details of mineralisation recorded in RC drill holes at the Windalah Prospect are shown in Table 1 and in Figure 3. Assays results for holes BBRC024-28 & BBRC046 remain outstanding.

Local Geology

Recent reconnaissance work has confirmed that the Windalah Prospect lies on the contact of the Narracoota Formation and the overlying Ravelstone Formation, a zone commonly referred to as the “Horseshoe Lights (HSL) Mine Sequence” (see Figures 2 & 3). This stratigraphic position is considered to be the most prospective for repetitions of VMS coppergold deposits, such as seen at Horseshoe Lights.

1 Peak Hill South E52/260, Annual Report 16 March 1988 – 16 March 1989, J.C. Rippert, Afmeco Pty Ltd, March 1989 (WAMEX Report No A26830)

Page 3 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [459 x 585] intentionally omitted <==

Figure 2 – Bryah Basin Tenements and Regional Geology Map showing EM anomalies identified by recent EM surveys.

Page 4 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

Figure 3 shows a combination of surface mapping and drill hole information (projected to surface) to understand the context of intense pyrite-chlorite±sericite alteration observed in drilling, particularly in holes BBRC017, BBRC018 and BBRC019.

==> picture [450 x 484] intentionally omitted <==

Figure 3 –Windalah Prospect Solid Geology and Drill hole Location Plan

Figures 4 and 5 show cross sections of drill holes BBRC017 – BBRC020 and BBRC046. The gold mineralisation and the strong alteration zone intersected appears to be open down dip and along strike in both directions.

Page 5 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [441 x 347] intentionally omitted <==

Figure 4 –Drill Section A-A’

Reported observations were:

• Gold mineralisation in BBRC019 and BBRC020 is located in a hematite-rich jasperoidal chert above the strong alteration zone, which could be indicative of a gold rich portion of a VMS system, such as was reported at the Horseshoe Lights copper-gold mine[2] .

• The chert zone is consistent with being the key marker of the HSL Mine Sequence.

• The pyritic footwall alteration is within mafic volcanics of the Narracoota Formation, below sediments of the Ravelstone Formation and a Transitional/chert zone.

• BBC017 and BBC019 both appear to have drilled through the full thickness of the pyrite footwall alteration zone which is approximately 100 metres thick .

• BBC017 has a strong core of sericite-pyrite alteration, flanked by distal chlorite-sericitepyrite alteration.

• BBC018 ended still in the alteration zone, however it may not have reached the strong core which was seen in BBC017.

• Mapping in the Windalah region has revealed widespread sericite-pyrite alteration.

2 Parker, T.W.H. and Brown T., 1990 Horseshoe gold-copper-silver deposit, in Geology of the Mineral Deposits of Australia and Papua New Guinea (Ed F.E. Hughes) pp 671-675 (The Australian Institute of Mining and Metallurgy: Melbourne)

Address: Level 1, 85 Havelock Street Page 6 of 23 West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [452 x 356] intentionally omitted <==

Figure 5 – Drill Section B-B’

It is too early to establish whether the Company has located VMS footwall alteration, or epigenetic (later) structurally-controlled alteration. However, factors in favour of this being VMS footwall alteration are:

• The stratigraphy is similar to the Horseshoe Lights mine with gold mineralisation located within a jasperoidal chert.

• Horseshoe Lights is known to have similar barren sericite-pyrite footwall alteration.

• There is little evidence of major structures in the pyrite alteration zone (e.g. shear fabric and quartz veining).

One-metre samples from these holes are in the laboratory for gold and multi-element analysis. An update announcement on these assay results will occur shortly.

– RC Drilling Programme Jupiter Prospect

Seven holes for 1,148 metres (BBRC004-BBRC008 and BBRC022-BBRC023) have been drilled at the Jupiter Prospect, testing a strong EM conductor. The Jupiter Prospect lies 4 kilometres south-west of the Horseshoe Lights copper-gold mine (see Figure 6).

Address: Level 1, 85 Havelock Street Page 7 of 23 West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

Early drilling at the Jupiter EM conductor intersected a sulphide rich zone in BBRC007. The sulphide material intersected consisted of coarse and fine-grained massive, blebby and disseminated concentrations of pyrite associated with quartz veining in basalt. Massive sulphide pyrite concentrations of up to 30% of the rock mass were observed.

This hole was abandoned at a final depth of 246 metres (planned depth 300m) due to wet sample recovery.

Follow-up drill holes (BBRC008, BBRC022 and BBRC023) all experienced similar wet ground conditions which hampered good sample recovery in all holes. As such a further 2 holes planned to test the modelled EM conductor plates were removed from the programme.

Despite the difficult ground conditions, wet sample recovery and lack of significant gold or copper being recorded, the geology intersected was highly encouraging with zones of propylitic alteration with strong chlorite, sericite and epidote observed. Follow-up diamond drilling appears warranted as part of future exploration to fully test this conductive area.

Further to the west of the Jupiter EM conductor, an additional 8 RC holes for 1,032 metres (BBRC001-BBRC003, BBRC009-BBRC012 and BBRC045) were drilled to test below anomalous gold and copper intervals reported from historical drilling.

The best interval reported to date was 9 metres @ 0.27 g/t Au and 1294ppm Cu in BBRC001. This intercept was also hosted in jasperoidal chert and has a pathfinder element signature that is comparable to the Horseshoe Lights mineralisation. The assay results for BBRC045, which was drilled 40 metres to the west of BBRC001, are due from the laboratory shortly.

Details of mineralisation recorded in RC drill holes at the Jupiter Prospect are shown in Table 2 below and Figure 6.

RC Drilling Programme – Other Areas

Sixteen holes for 1,361 metres (BBRC029-BBRC044) have been drilled to test EM conductors identified at Mars 2, Mars 3, Mars 4 and Peak Hill 1. See Table 2 and Figure 6 for details of these holes.

The laboratory results for these holes are due shortly.

- – Planned Copper Gold Exploration Activities December Quarter

The following activities are planned or under consideration for the December quarter:

• Completion of laboratory analyses and reporting,

• Down Hole Electromagnetic (DHEM) survey of cased holes at Windalah and Jupiter,

• Geological, geochemical and geophysical interpretation and 3D modelling, and

• Heritage surveys and Department of Mines, Industry Regulation and Safety (DMIRS) Programme of Works approvals which will be required for the next round of drilling.

Page 8 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [438 x 624] intentionally omitted <==

Figure 6 – Regional Drill Hole Location Plan

Page 9 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

Bryah Basin - Manganese Exploration

The Bryah Basin is well known for hosting a number of historical manganese mining areas. Most manganese mining activities are known to have occurred during the period 1948-1967 with production grades above 40% Mn reported. Manganese mining operations at the Horseshoe South mine were also undertaken in 2008-2011 and manganese mining operations commenced in 2017 at the adjacent Horseshoe Flats mine (see Figure 2).

During the quarter, the Company continued its manganese exploration activities targeting areas with the potential to generate mineral resources through follow-up exploration and drilling.

Brumby Creek Prospect

In July 2018, reconnaissance mapping focussed on an area of interest identified from satellite imagery and the recently completed airborne electromagnetic survey. Significant zones of outcropping manganese were identified in this area, which has been named Brumby Creek. ( see ASX Announcement dated 16 August 2018 ). The Brumby Creek prospect lies close to the Black Hill and Black Caviar prospects, where previously reported rock chips recorded grades of up to 50% Mn (see Figure 7).

A total of 19 rock chip samples were collected from manganiferous outcrops at the Brumby Creek prospect. Of these 19 rock chip samples, 5 samples assayed above 40% Mn, including a highest value of 48.5% Mn . A further 12 samples assayed between 30% and 40% Mn. The persistent high-grade manganese recorded in these samples is very encouraging.

Assay results for these samples are shown in Table 3 and in Figure 8.

Local Geology

The Brumby Creek Prospect lies within the Horseshoe Formation. The Horseshoe Formation includes finely laminated ferruginous (hematitic) shale and siltstone, fine-grained quartz– feldspar wacke with interleaved iron formation and chert, graded quartz wacke, manganiferous shale, garnetiferous biotite–chlorite schist and garnetiferous iron-formation. Relatively high manganese contents are inferred from the abundant manganese oxide staining in weathered and lateritic rocks, and lateritic manganese ore has been mined at the Horseshoe South and Mount Padbury mines.[3]

Structurally, the Horseshoe Formation in this area forms a broad syncline with its axis trending approximately southerly. Recent geophysical interpretation by Resources Potential Pty Ltd has identified a magnetic and conductive manganiferous shale unit, which is co-incident with some of the manganese outcrops sampled, including the highest recorded assay of 48.5% Mn (sample BRYRK284) (see Figure 8).

3 GSWA Report 59 - Geology and Mineralization of the Palaeoproterozoic Bryah and Padbury Basins Western Australia, by F. Pirajno, S. A. Occhipinti, and C. P. Swager, 2000

Page 10 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [436 x 617] intentionally omitted <==

Figure 7 – Satellite imagery showing Brumby Creek and other nearby Prospects and rock chip sample points

Page 11 of 23 Tel: +61 8 9321 0001 Email: info@bryah.com.au

Address: Level 1, 85 Havelock Street West Perth WA 6005

==> picture [596 x 96] intentionally omitted <==

Manganese outcrops have been mapped over a strike length of 2 kilometres from BRYRK278 to BRYRK281 along the western and southern slopes of, and parallel to, the top of the Horseshoe Range (see Figure 8).

Coincidently, a large area of outcropping manganese occurs at the northern end of this 2 kilometre strike and covers an area over 100 metres wide and 250 metres long (see Plate 1). This area of outcropping manganese represents an outstanding untested drill target.

==> picture [393 x 523] intentionally omitted <==

Plate 1 – L-R - Outcropping manganese at the Brumby Creek Prospect (vicinity sample BRYRK281).

Page 12 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [381 x 535] intentionally omitted <==

Figure 8 – Brumby Creek Prospect Interpreted Geology showing sample locations and results.

VTEM Survey

The recently completed airborne VTEM survey detected a significant area with a conductive anomaly response at the Brumby Creek Prospect. The conductive anomaly appears to lie along the axis of the Horseshoe Formation syncline, adjacent to the manganiferous shale unit and generally coincides with the alignment of the creek at the base of a broad valley (see Figure 9).

Page 13 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

The conductive zone is interpreted to be caused by geologically young scree deposits, which have potential for containing detrital manganese style mineralisation down slope from outcropping manganese occurrences and sits along the edge of a more conductive paleochannel to the west. A drilling programme to test this conductive anomaly has been approved by the DMIRS.

==> picture [385 x 549] intentionally omitted <==

Figure 9 – VTEM Imagery (VTEM18_BFz_Ch28_1vd_psc_ne) showing Brumby Creek Prospect

Page 14 of 23 Tel: +61 8 9321 0001 Email: info@bryah.com.au

Address: Level 1, 85 Havelock Street West Perth WA 6005

==> picture [596 x 96] intentionally omitted <==

Horseshoe South Manganese Mine

As part of its manganese strategy, the Company executed an exclusive option agreement to purchase the mining lease covering the historic Horseshoe South Manganese Mine for a period of 1 year ( refer ASX announcement dated 7 May 2018 ). The option period commenced when the option fee of $100,000 cash was paid in July 2018. Details of the Manganese Option Agreements covering M52/806 and the adjoining tenements are set out in Appendix 1.

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, and a satellite deposit at the Horseshoe North Mine which is located on E52/1860 (see Figure 2). The Horseshoe South Manganese mine was last operated from 2008 to 2011 by Process Minerals International, a subsidiary of Mineral Resources Limited (ASX:MIN).

Manganese Stockpile Testwork

During the quarter, the Company undertook sorting testwork on samples collected from the Dense Media Separator (DMS) rejects coarse stockpile on M52/806. The coarse stockpile is reported to be 65,000m[3] and the fines stockpile 150,000m[3] in total volume.

Preliminary testwork indicated that the coarse stockpile may be amenable to a simple upgrade process using “ore sorting” technology to produce a saleable lump product with a grade in excess of 30% Manganese. OreSort Solutions was engaged by Bryah to plan and undertake the sorting test work programs to evaluate this potential. Findings from the test work programs so far are:

1. The DMS rejects coarse stockpile grade (from limited sampling and back-calculating from sorted products in this test work) appears to be around 18-21% Mn.

2. Sorting using dry screening feed preparation and X-ray transmission (XRT) scanning looked promising in the initial test scanning but did not generate a sufficient improvement in concentrate grades in subsequent test work to suggest that XRT sorting will be able to upgrade the coarse stockpile sufficiently to generate saleable product.

3. Using wet screening and the laser-width sorting scanner produced the best results (upgrade from 18.6% Mn to 23.6% Mn with ~55% recovery). However, the cleaning of the surfaces of the individual rocks in these tests was ineffective with significant iron oxide contamination still present. The key to laser-width sorting is a clean surface to maximise the effect of laser beam reflection and diffraction.

4. There is merit in undertaking further testwork using the laser-width scanner after much more efficient cleaning to ensure clean surfaces are presented to the laser-width scanner to determine if this scanning method is capable of producing concentrate grades in excess of 30% from the DMS rejects coarse stockpile.

The Company is considering the recommendations for future sorting testwork on the DMS rejects coarse stockpile.

Page 15 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

– Planned Manganese Exploration Activities December Quarter

The following manganese activities will be undertaken this quarter:

• Drilling of manganese targets, and

• Follow-up stockpile sampling and testwork at Horseshoe South mine.

Gabanintha Project

The Gabanintha Project covers 202km[2] approximately 40 kilometres south of Meekatharra in Western Australia (see Figure 10). Bryah holds the rights to all minerals except Vanadium/Uranium/Cobalt/Chromium/Titanium/Lithium/Tantalum/Manganese and Iron Ore (“Excluded Minerals”). Australian Vanadium Limited (ASX:AVL) (“AVL”) retains 100% rights in the Excluded Minerals on the Gabanintha Project.

Nickel-Copper Mineral Resource Estimate

In early July 2018 ( see ASX Announcement dated 5 July 2018 ), AVL reported a maiden Nickel and Copper Mineral Resource estimate for the Gabanintha Vanadium deposit. An Inferred Mineral Resource of 12.5Mt containing, inter alia, 659ppm Nickel and 222ppm Copper was reported.

The base metal sulphide Mineral Resource is considered by AVL to be potentially economically recoverable following metallurgical test work.

AVL stated that the base metal sulphide mineralisation has consistently reported to the nonmagnetic fraction during the separation of the vanadium bearing magnetite. This has effectively delivered a sulphide by-product for further concentration by flotation.

AVL is presently undertaking a Preliminary Feasibility Study (PFS) on development of the Gabanintha Vanadium deposit.

Planned Activities – December Quarter

AVL are undertaking in-fill and extensional drilling at the Gabanintha vanadium deposit as part of the PFS, which the Company understands will provide additional information on base metal mineralisation within the deposit.

Corporate

Cash Position

As at the 30 September 2018, the Company had $1.5 million in cash and cash equivalents.

For further Information, please contact

Neil Marston Managing Director

Tel: +61 9321 0001

Page 16 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

==> picture [455 x 489] intentionally omitted <==

Figure 10 – Gabanintha Project Map

Page 17 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 96] intentionally omitted <==

	Tenement Information as Required by Listing Rule 5.3.3 For the Quarter Ended 30 September 2018
Location	Project	Tenements	Economic Interest	Notes	Change in Quarter %
Western Australia	Bryah Basin	P52/1627	100%		Nil
		E52/3014	100%		Nil
		E52/3236	100%		Nil
		E52/3237	100%		Nil
		E52/3238	100%		Nil
		E52/3240	100%		Nil
		E52/3349	100%		Nil
		E52/3401	100%		Nil
		E52/3453	100%		Nil
		E52/3454	100%		Nil
		E52/3508	100%		Nil
		M52/1068	Nil	Option Rights only2	Nil
		E52/1557	Nil	Option Rights only2	Nil
		E52/1860	Nil	Option Rights only2	Nil
		M52/806	Nil	Option to Purchase only3	Nil
Western Australia	Gabanintha	E51/843	100%1		Nil
		E51/1396	100%1		Nil
		E51/1534	100%1		Nil
		E51/1576	100%1		Nil
		E51/1685	100%1		Nil
		E51/1694	100%1		Nil
		E51/1695	100%1		Nil
		P51/2566	100%1		Nil
		P51/2567	100%1		Nil
		P51/2634	100%1		Nil
		P51/2635	100%1	Surrendered	Nil
		P51/2636	100%1	Surrendered	Nil
		MLA51/878	Nil	Application	Nil

Note 1: Bryah Resources Limited holds the Mineral Rights for all minerals except V/U/Co/Cr/Ti/Li/Ta/Mn & iron ore only. Australian Vanadium Limited retains 100% rights in V/U/Co/Cr/Ti/Li/Ta/Mn & iron ore on the Gabanintha Project.

Note 2: Bryah Resources Limited holds a one-year Option to Purchase the rights to prospect, explore, mine and develop manganese ore (“Manganese Rights”).

Note 3: Bryah Resources Limited holds a one-year Option to Purchase Mining Lease 52/806.

Page 18 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 100] intentionally omitted <==

Table 1 – Windalah Prospect

Laboratory Results

Hole ID	Northing mN	Easting mE	Est. RL (m)	Azimuth & Dip (planned)	Total Depth (m)	Depth From (m)	Depth To (m)	Interval Width (m)	Gold g/t	Cu ppm
BBRC013	7181090	665750	500	45o,-60o	324	321	324	3	0.13
BBRC014	7181637	665678	500	45o, -60o	240	102	105	3	0.12
						117	120	3	0.14
						213	219	6	0.14
BBRC015	7181640	666020	500	225o, -60o	324	84	87	3	0.14
						186	189	3	0.37
BBRC016	7181785	665880	500	225o, -60o	324	27	30	3	0.17
						171	174	3	0.15
						255	258	3	0.14
BBRC017	7180912	665519	500	30o, -60o	204	0	3	3	0.18
						30	51	21	0.14
						81	84	3	0.12	456
BBRC018	7180858	665490	500	30o, -60o	210	21	33	12	0.71
						48	57	9	0.46
BBRC019	7180812	665560	500	30o, -60o	212	42	60	18	0.37
						66	87	21	1.21
				including		78	84	6	3.52
						114	126	15	0.15
BBRC020	7180723	665511	500	30o, -60o	192	18	45	27	0.34
						78	84	6	1.25	285
						108	114	6	0.18
						132	159	27*	1.43
				including		135	138	3	4.16	551
					and	144	147	3	6.29	304
BBRC024	7181473	665492	500	45o,-60o	72	Assayspending
BBRC025	7181489	665523	500	45o,-60o	72	Assayspending
BBRC026	7181515	665548	500	45o,-60o	78	Assayspending
BBRC027	7181543	665580	500	45o,-60o	90	Assayspending
BBRC028	7181590	665624	500	45o,-60o	164	Assayspending
BBRC046	7180806	665460	500	45o,-60o	168	Assayspending

Notes: * includes 1 x 3m interval <0.1g/t Au

Cut-off grade - >0.1g/t Au and Cu >250 ppm

Page 19 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 100] intentionally omitted <==

Table 2 – Jupiter and Other Prospects Laboratory Results

Hole ID	Northing mN	Easting mE	Est. RL (m)	Azimuth & Dip (planned)	Total Depth (m)	Depth From (m)	Depth To (m)	Interval Width (m)	Gold g/t	Cu ppm
Jupiter Prospect
BBRC001	7191420	659281	500	30o,-60o	121	51	60	9	0.27	1294
BBRC002	7191388	659261	500	30o,-60o	163	NSR
BBRC003	7191330	659591	500	30o,-60o	100	75	78	3	0.16
BBRC004	7190606	660567	500	30o,-60o	127	NSR
BBRC005	7190530	660486	500	30o,-60o	93	NSR
BBRC006	7190447	660406	500	30o,-60o	124	NSR
BBRC007	7190328	660559	500	45o,-60o	246	NSR
BBRC008	7190370	660600	500	45o,-60o	162	NSR
BBRC009	7191901	658852	500	30o,-60o	120	NSR
BBRC010	7191936	658756	500	30o,-60o	126	111	114	3	0.16
BBRC011	7191996	658675	500	30o, -60o	180	144	147	3	0.10
						159	162	3	0.10
BBRC012	7191562	658696	500	15o,-60o	138	96	99	3	0.19
BBRC022	7190395	660625	500	45o,-60o	180	Assayspending
BBRC023	7190190	660700	500	45o,-60o	216	Assayspending
BBRC045	7191443	659244	500	30o,-60o	84	Assayspending
Mars 2 Prospect
BBRC029	7184692	664425	500	180o,-60o	132	Assayspending
BBRC030	7184758	664419	500	180o,-60o	155	Assayspending
Mars 3 Prospect
BBRC031	7184985	663403	500	45o,-60o	108	Assayspending
BBRC032	7185145	663580	500	225o,-60o	96	Assayspending
BBRC033	7185183	663620	500	225o,-60o	144	Assayspending
BBRC034	7185239	663672	500	225o,-60o	90	Assayspending
Mars 4 Prospect
BBRC035	7183630	663939	500	45o,-60o	84	Assayspending
BBRC036	7183672	663978	500	45o,-60o	60	Assayspending
BBRC037	7183708	664016	500	45o,-60o	42	Assayspending
BBRC038	7183747	664056	500	45o,-60o	42	Assayspending
Peak Hill 1	Prospect
BBRC039	7169599	668898	500	0o,-60o	54	Assayspending
BBRC040	7169644	668898	500	0o,-60o	48	Assayspending
BBRC041	7169709	668901	500	0o,-60o	48	Assayspending
BBRC042	7170163	668900	500	180o,-60o	78	Assayspending
BBRC043	7170210	668900	500	180o,-60o	100	Assayspending
BBRC044	7170302	668915	500	180o,-60o	80	Assayspending

1. NSR: No Significant Results

2. Cut-off grade - >0.1g/t Au and Cu >250 ppm

Page 20 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 100] intentionally omitted <==

Table 3 – Brumby Creek Prospect

Laboratory Results - Rock Chip Samples

Sample ID	Northing mN	Easting mE	Mn %	Fe %	Al2O3 %	SiO2 %	P %
BRYRK278	7190258	645696	41.60	8.11	7.69	5.39	0.07
BRYRK279	7191611	644567	41.93	9.27	7.13	4.7	0.04
BRYRK280	7191889	645480	35.60	11.21	10.63	7.38	0.06
BRYRK281	7191981	645520	38.85	7.85	9.76	7.63	0.04
BRYRK282	7192260	645007	32.25	20.31	5.39	4.51	0.15
BRYRK283	7192284	645100	36.52	13.34	7.75	5.68	0.11
BRYRK284	7192245	645090	48.52	6.75	3.66	2.07	0.09
BRYRK285	7192125	645078	36.04	14.47	8.29	4.49	0.12
BRYRK286	7192113	645107	32.09	19.79	6.51	3.51	0.12
BRYRK287	7192129	645078	29.11	23.19	6.66	3.45	0.18
BRYRK288	7191858	645442	39.46	8.52	8.65	7.05	0.02
BRYRK289	7191817	645495	38.60	15.89	4.12	3.53	0.10
BRYRK290	7191746	645571	32.90	18.49	6.57	3.89	0.08
BRYRK291	7191653	645559	28.41	18.45	4.65	14.59	0.18
BRYRK292	7191619	645398	33.46	18.63	6.95	3.09	0.22
BRYRK293	7190738	645293	36.81	14.70	6.98	3.38	0.09
BRYRK294	7190685	645363	40.32	12.09	6.10	3.46	0.10
BRYRK295	7191225	645329	33.83	20.42	3.98	3.44	0.24
BRYRK296	7191070	645304	41.34	10.37	5.83	4.41	0.16

Page 21 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 100] intentionally omitted <==

Appendix 1 - Option Details

Key details of the exclusive Option Agreements

Option to acquire Mining Lease

Tenement: M52/806. Tenement Holder: Peak Hill Manganese Pty Ltd Option Period: 12 months from Completion Date Completion Date: 23 July 2018 Option Fee: $100,000 cash (paid) Exercise Fee: $300,000 payable as $150,000 cash and $150,000 in Bryah Ordinary Shares based on the 5 days VWAP prior to the date of Exercise.

Option to acquire Manganese Rights

Tenements: E52/1557, E52/1860 and M52/1068 Tenement Holder: Desert Resources Pty Ltd (wholly-owned subsidiary of Austsino Resources Limited (ASX:ANS))

Holder of Manganese Rights: Peak Hill Manganese Pty Ltd Option Period: 12 months from Completion Date Completion Date: 1 June 2018 Option Fee: $20,000 cash (paid) Exercise Fee: $40,000 payable as $20,000 cash and $20,000 in Bryah Ordinary Shares based on the 5 days VWAP prior to the date of Exercise.

Page 22 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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

==> picture [596 x 100] intentionally omitted <==

About Bryah Resources Limited

In October 2017, Bryah Resources Limited was admitted to the official list on the Australian Securities Exchange (ASX). The Company is a copper-gold-manganese focused explorer with 2 projects located in central Western Australia, being the 720km[2] Bryah Basin Project and the 202km[2] Gabanintha Project. In addition, the Company holds a one-year option to acquire the historic Horseshoe South Manganese Mine and the Manganese mineral rights over a further 154km[2] of ground in the Bryah Basin.

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.

Bryah Resources Limited’s copper-gold exploration strategy is:

• to apply the best and latest exploration methods to evaluate the ground;

• to use high resolution geophysics to identify deeper structures and potentially mineralised zones;

• to drill test targets below the depth of previous drilling.

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 forwardlooking 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.

Page 23 of 23

Address: Level 1, 85 Havelock Street West Perth WA 6005

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