BARYS RESOURCES LIMITED — Capital/Financing Update 2019

Apr 28, 2019

ASX RELEASE | 29 APRIL 2019

ONGAVA DRILLING UPDATE

HIGHLIGHTS

ABOUT KOPORE METALS

Kopore Metals Limited is a public company listed on the Australian Securities Exchange (ASX) and is actively exploring its copper-silver prospects on the emerging world class Kalahari Copper Belt, Republic of Botswana and Namibia.

DIRECTORS & MANAGEMENT

PETER MEAGHER Non-Executive Chairman

SIMON JACKSON Managing Director

GRANT FERGUSON Non-Executive Director SHANNON COATES Non-Executive Director

• The geological interpretation of the NSAMT ground geophysical anomalies has been confirmed by the initial RC drilling program

• Interbedded shales, siltstones and sandstones of the D’Kar Formation were intersected in all holes to date, with minor visual sulphide mineralisation identified in shales at 230m depth in ONGRC-001

• Low levels of the pathfinder elements, Zn and Pb, were indicated by hand held XRF within shale and siltstone units along with pyrite and pyrrhotite

• A total of 1,149m of the planned 2,000m reverse circulation ( RC ) drilling have been drilled to date

Kopore Metals Limited (ASX: KMT, “Kopore” or the “Company”) is pleased to provide an exploration update for the current Ongava RC drilling program in Namibia. Based on a recent Natural Source Audio Magneto Telluric ( NSAMT ) survey[1] , the Company has initiated 2,000m of RC drilling at the Ongava Domal Prospect.

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Commenting, Simon Jackson, Managing Director said “We remain very encouraged by what we are seeing at Ongava. The drilling to date is lining up nicely with expectations from the geophysics and we are encountering many pathfinder elements on our quest for copper. We look forward to continuing to keep the market updated”

The drilling program has achieved a total of 1,149 metres to date with a further 851 metres to be completed over the next two weeks. Three RC holes have been completed on the first NSAMT line, located on the Ongava Domal Prospect.

It is concluded from the drilling to date:

• The NSAMT method can identify interbedded siltstone/shale and sandstone sequences with the potential to define the D’Kar/Ngwako Pan Formations contact position. This contact position is known to host the majority of copper-silver mineralisation on the Kalahari Copper Belt.

• Ongoing interpretation of the geophysics with the available drill data will result in a better understanding of the overall geological framework, lithological sequences, stratigraphy and structural architecture of the Ongava Dome.

• The presence of pyrrhotite, pyrite, and very fine-grained galena and sphalerite is encouraging as these are typical pathfinder sulphides used in the exploration for Kalahari Copper Belt type mineralisation.

• The lessons learned from drilling in this unexplored area will be invaluable moving forward with respect to drill targeting, identification of stratigraphy and increased prospectivity for intersecting mineralised trap sites.

1 ASX Announcement 13 March 2019 “Drilling to Commence immediately at the Ongava Domal Prospecting Namibia” https://www.asx.com.au/asxpdf/20190313/pdf/443fh4w96x1y74.pdf

ASX RELEASE | 29 April 2019

Challenges with running sands and excess ground water have affected the anticipated drilling rates, however solutions to drilling issues are being implemented as they arise.

RC drilling has moved to the second NSAMT ground geophysics line (line 4)[1] and is focusing on a potential D’Kar/Ngwako Pan Formation Contact position that the Company has interpreted as coming within 100m of surface (Figure 2).

The Company will continue with the RC drilling program and anticipates completion of the 2,000m by the early May 2019.

Table 1 – Ongava RC drillhole localities

Drill Hole No	UTM_E	UTM_N	RL (m)	EOH (m)	Azimuth	Dip	Status
ONGRC1	484640	7598034	1236	344	0	-90	Completed
ONGRC2	483649	7600105	1227	414	0	-90	Completed
ONGRC3	483077	7601303	1243	342	0	-90	Completed
ONGRC4	476356	7596822	1252	49	152	-70	In Progress

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Figure 1- Namibian Tenement Map with Exploration Targets and Regional Airborne Magnetic Map

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Figure 2 - Ongava Domal Prospect Actual and Planned Drilling Collar Locations

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Figure 3 - Ongava Domal Prospect - RC Program

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FOR FURTHER INFORMATION PLEASE CONTACT:

SIMON JACKSON Managing Director

Kopore Metals Limited Tel. +61 8 9322 1587 info@koporemetals.com www.koporemetals.com

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to exploration results is based on information compiled by Mr David Catterall, a Competent Person and a member of a Recognised Professional Organisations (ROPO). David is engaged by Kopore as a consultant Exploration Manager. David Catterall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 (JORC 2012). David Catterall is a member of the South African Council for Natural Scientific Professions, a recognised professional organisation.

David Catterall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ABOUT KOPORE

Kopore Metals Limited (ASX:KMT) is a public company listed on the Australian Securities Exchange (ASX) and is actively exploring its copper-silver prospects on the emerging world class Kalahari Copper Belt, located in the Republic of Botswana and Namibia.

Kopore continues to explore for stratabound copper-silver deposits across its sixteen 100% owned prospecting licenses in Botswana and eight prospecting licences in Namibia, for a total of 14,363 square kilometres on the world class Kalahari Copper Belt. Kopore believes the Kalahari Copper Belt can provide the potential for large scale discovery, as demonstrated by neighbouring resource development companies.

The directors and management of Kopore have strong complimentary experience with over 20 years of Australian and International technical, legal and executive roles in exploration, resource development, mining, legal and resource fields.

Botswana and Namibia are stable, pro-mining jurisdictions, supportive of mineral exploration and development. According to the most recent Fraser Institute Annual Mining Survey, Botswana and Namibia are ranked ~~#3rd~~ first and ~~#6th~~ sixth respectfully for “investment attractiveness” in Africa, in addition to their highly ranked global position.

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Appendix A – JORC Code 2012 Edition: Table 1 - Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)	JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
Criteria	JORC Code explanation Commentary
	• 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. •Vector NSAMT survey using 50m stations and 50m dipoles. The survey measures Ex and Hy (Tm component) and Ey and Hx (Te component). Frequencies 3 Hz to 10 KHz are stacked for 30 seconds. Frequencies 0.5Hz to 256HZ are stacked for 5 minutes. This measuring regime results in approximately 25-30 MB of time series data per station resulting in a depth of investigation of approximately 700-1,000m •A Zonge GDP 32 24bit receiver with Zonge ANT-6 high frequency coils are used to collect the data. A remote refence station is not used as the EM environment in Kalahari is extremely quiet and this is not necessary. •Ongava Drilling Program – No sampling for lab submission has occurred yet.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used •All RC samples were geologically logged by a suitably qualified geologist on site. •RC samples were collected at one metre intervals from the drill rig cyclone before splitting using a commercial riffle splitter using an 87.5/12.5 ratio split on a single pass. •This is an update report and no samples have been submitted yet. •When samples are to be submitted, QAQC procedures being employed during drilling will include the addition of blanks, standards and field duplicates at a rate of 1 in every 20 samples • 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.

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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 if so, by what method, etc). •Percussion drilling was carried out in the overburden using 10” & 8.5’ bit sizes •Reverse Circulation (RC) drilling was drilled at 6” & 5.5” size
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. •Sample recovery was recorded for both percussion drilling and reverse circulation drilling. Sample recovery was generally excellent.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples. •RC recoveries were visually checked for recovery, moisture and contamination.
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gainof fine/coarse material. •Sample recovery was generally very good and as such it is not expected that any such bias exists.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. •RC chips were geologically logged by a qualified geologist using predefined lithological, mineralogical and physical characteristic (colour, weathering etc) logging codes. The geologist on site followed Kopore’s standard operating procedure for RAB/Percussion & RC drilling processes. RAB/RC chip trays are collected for each of the intervals and stored at the field office. •Data is recorded manually by hand on paper standard logging sheets (hard copy) and then data captured to Excel logging sheets.
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. •Logging uses standard published logging charts for grain size, sorting to maintain a qualitative and semi-quantitative standard based on visual estimation •Magnetic susceptibility readings are also taken every meter.
	• The total length and percentage of the relevant intersections logged. •100% of all recovered intervals were geologically logged
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or allcore taken. •Percussion and RC Drilling only
	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry •Duplicate RC samples were collected from the full recovered one metre interval at the drill rig by cyclone and riffle splitter. •20% QA/QC, standards and/or duplicates are inserted while sampling, further standards are inserted by the laboratory.
	• For all sample types, the nature, quality and appropriateness of the sample preparation techniques •Field sample preparation is suitable for the material.
	• Quality control procedures adopted for all sub-sampling •Kopore standard field QA/QC procedures include the field insertion of

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	stages to maximise representivity of samples. duplicates, while additionally blanks & standards are inserted for those samples sent for analysis. These are being inserted at a rate of 5% for each to ensure an appropriate rate of QA/QC.
	• 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. •Sampling is deemed appropriate for the type of survey and equipment used.
	• Whether sample sizes are appropriate to the grain size of the material being sampled. •The sample sizes collected are in line with standard practice
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. •The current drilling program has yet to dispatch the samples.
	• 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. •Vector NSAMT survey using 50m stations and 50m dipoles. The survey measures Ex and Hy (Tm component) and Ey and Hx (Te component). Frequencies 3 Hz to 10 KHz are stacked for 30 seconds. Frequencies 0.5Hz to 256HZ are stacked for 5 minutes. This measuring regime results in approximately 25-30 MB of time series data per station - resulting in a depth of investigation of approximately 700-1,000m •A Zonge GDP 32 24bit receiver with Zonge ANT-6 high frequency coils are used to collect the data. A remote refence station is not used as the EM environment in Kalahari is extremely quiet and this is not necessary.
	• 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. •All geophysical equipment used on this project has been serviced by Jordi and Bennet in Johannesburg prior to the survey in December2018 and January 2019. A 24-bit receiver has been used to ensure that the full dynamic range of signal emanating from spherics is captured.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. •All data is electronically stored with peer review of data processing and modelling •Data entry procedures standardized in SOP, data checking and verification routine. •Data storage on partitioned drives and backed up •The current drilling program has yet to dispatch the samples. • 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. _
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. • A hand-held GPS is used for geophysical station locations with track logs and points plotted to check for consistency and accuracy during surveying.

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Drilling

	• Specification of the grid system used. Drilling •Drill collar coordinates are captured by GPS and later by DGPS. •RAB/Percussion & RC holes are predominantly vertical and downhole REFLEX multi-shot surveys were carried out. •The grid system used is WGS84 Zone 34S. All reported coordinates are referenced to this grid. •Topographic control is based on satellite survey data collected at 30m intervals and local mapping at 10m contour intervals. Quality is considered acceptable. • Quality and adequacy of topographic control.
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. •Data station spacing was based on geology and NSAMT method requirements •Sampling is deemed appropriate for the type of survey and equipment used.
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. •NSAMT Survey was completed on 2 x 6km long grid lines with spacing deemed optimal for level of exploration results reported •Data spacing is appropriate for the initial reconnaissance drilling program
Sample security	• The measures taken to ensure sample security. •All readings/geophysical measurements collected and stored on computer. Data was transferred on USB and sent by courier from collection point to processing point. All readings/geophysical measurements collected and stored on computer with backup data transported by courier. •Initial drilling information is still currently being assessed. •Sample bags are logged, tagged and stored at the field office.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data. •All sampling procedures are documented and according to industry standard practice. •Kopore’s drill hole sampling procedure is done according to industry best practice.

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ASX RELEASE | 29 April 2019

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 in the area.	•The information in this release relates to the Namibian Project Portfolio, on prospecting licences PL7049, PL7050, PL7051, PL7052, PL7053, PL7054, PL7055 and PL7056, which was recently granted to Kopore Metals Limited 100% owned subsidiary Trans Kalahari Copper Namibia Pty Ltd. •There are no existing impediments to PL7053, PL7054, PL7055 and PL7056 •There is an application for review by Hebron Prospecting Pty Ltd and the Namibian Department of Mines that covers four of the Company’s prospecting licenses PL7049, PL7050, PL7051, PL7052.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	•Limited previous exploration on PL7049, PL7050, PL7051, PL7052, PL7053, PL7054, PL7055 and PL7056 was conducted by Eiseb Prospecting and Talismanis Prospecting Company Ltd (Eiseb Prospecting & Mining/Antofagasta •No other historical information identified\ o\ Reverse Circulation (RC), Diamond (DD) and Rotary Air\ Blast/Percussion (RAB) drilling have been performed historically\ across PL7049, PL7050, PL7051, PL7052, PL7053, PL7054,\ PL7055 and PL7056\ o\ A historical collar map covering these licences has an estimated\ 75 drillholes, with collar information for 59 drillholes to date.\ The initial 59 holes provided include 18 RAB, 25 RC and 16\ DDH, with collar and survey information.\ o\ Size of diamond and RC drillholes are not documented\ o\ Documented sampling procedures for percussion drilling is as\ follows:\ o\ All samples are taken at 1m intervals.\ o\ Samples are riffled down to 25%>, with the 75%> fraction kept as reference. o The 25°/o fractions are composited in 5m intervals. o Samples are submitted for 21 element ICP analysis (Bureau Veritas Laboratories). o Once anomalous values are received,1m intervals are re-

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Criteria	**JORC Code explanation **	Commentary
		submitted, for a full suite of analyses. o Waste is put back in the hole o Soil sampling historical information - sampling traverse positions were selected on the basis of airborne magnetic imagery and the co-ordinates for each sample point generated using ArcGIS 9.1 software. Field teams navigated to sample points by means of hand-held GPS. o Sampling depth has been decreased to 10cm based on research by Genalysis showing that anomalies may not be detected below 15cm depth under semi-arid conditions. Sample spacing remains 40m
Geology	• Deposit type, geological setting and style of mineralisation.	•The regional geological setting underlying all the Licences is interpreted as Neoproterozoic meta sediments, deformed during the Pan African Damaran Orogen into a series of NE trending structural domes cut by local structures. •The style of mineralisation expected comprises stratabound and structurally controlled disseminated and vein hosted Cu/Ag mineralisation
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. _	•Information relating to the reverse circulation (RC) holes described in this announcement are listed in this JORC Table 1 and Table 1 Ongava Drillholes, located within the text of this press release.
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	•Significant intersection results will be compiled and reported by Kopore when any samples are dispatched and assay results received.

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Criteria	**JORC Code explanation **	Commentary
	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. _
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’). _	•Down hole widths are used throughout
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. _	•Appropriate maps and images demonstrating the licence locations and regional setting together with the continental geo-tectonic setting.
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. _	•The accompanying document is considered to be a balanced and representative report.
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. _	•Historical exploration information has been previously reported in a targeted press release.
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.	•Any further work on the Licences will be dependent upon results from the initial orientation and reconnaissance soil sampling and ongoing geological re-interpretation together with the re-processed Government aeromagnetic

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