BARYS RESOURCES LIMITED — Capital/Financing Update 2021

Jan 27, 2021

ASX RELEASE | 28 January 2021

KOPORE EARN INTO HORSESHOE WEST COPPER/GOLD EXPLORATION PROJECT

ABOUT KOPORE METALS

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

DIRECTORS & MANAGEMENT

PETER MEAGHER Non-Executive Chairman

SIMON JACKSON Managing Director

GRANT FERGUSON Non-Executive Director

REGISTERED OFFICE

Suite 5, 62 Ord Street West Perth WA 6005

HIGHLIGHTS

• Kopore to earn a joint venture interest in the tenements surrounding the historical high-grade copper-gold Horseshoe Lights mine in Western Australia

• Kopore can earn up to 70% by spending up to $3 million on exploration

• Sandfire country – approximately 75km from Degrussa Mine and contiguous with exploration licence applications made by Sandfire

• Horseshoe West targeted areas are largely untested to date and located within 2km of the historical high-grade copper-gold Horseshoe Lights mine

• Uninvestigated 1986 drill hole with 2m @ 8g/t coincident with untested geophysical target that is analogous with the Horseshoe Lights Mine

• Initial re-evaluation/reprocessing of the post 2005 electromagnetic (EM), detailed gravity and magnetic survey commenced

• Geochemical survey across the two initial targeted areas to commence soon

• An initial RC drill program to follow (1,000-1,500m), based upon the geophysical analysis and geochemical program results

• Kopore continues to hold 3,597km[2] of the prospective Kalahari Copper Belt in Botswana. Covid-19 challenges have restricted exploration in 2020 and the Company is looking forward to getting back to work in Botswana in 2021

Kopore Metals Limited (ASX:KMT) ( Kopore or the Company ) is pleased to announce that its wholly owned subsidiary, Kopore (WA) Pty Ltd has executed a binding earn in and joint venture agreement ( Agreement ) with Murchison Copper Mines Pty Ltd ( MCM ), a subsidiary of Horseshoe Metals Limited (ASX:HOR) ( HML ) providing for an earn in and joint venture in relation to the tenements surrounding the historical Horseshoe Lights Copper-Gold Mine ( Horseshoe Lights Mine ).

The Horseshoe Lights Mine is approximately 150km north of Meekatharra in Western Australia. The Agreement relates to an area of 32.4km[2] of largely unexplored land surrounding the Horseshoe Lights Mine ( Agreement Area ) (see Figure 1).

ASX RELEASE | 28 January 2021

Property Details

The Horseshoe Lights Mine was discovered in 1946 and saw commercial production up to 1994. Over this period, approximately 3.3 million tonnes of ore were mined, resulting in production of approximately 56,000t Cu (at an average grade of 1.7% Cu) and 307,000oz Au (at an average grade of 2.9g/t).[1 ]

1. Horseshoe Metals Limited Website - https://horseshoemetals.com.au/projects/horseshoe-lights/ - investors should note that the Company has not independently verified this information.

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Figure 1 Horseshoe Lights Regional Projects and Geology
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The Agreement Area is approximately 75km west of Sandfire Resources’ Degrussa mine in the Bryah Basin region of Western Australia and Sandfire has recently been active nearby, including submitting an application for an exploration licence immediately to the south of and contiguous with the Agreement Area.

The Agreement Area totals 32.4km[2] and comprises 1 exploration licence, 9 prospecting licences and part of 1 mining lease (M52/743).

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ASX RELEASE | 28 January 2021

Excluded from the Agreement Area is part of M52/743 upon which, the historical open pit and existing copper resource is located as well as waste dumps and stockpiles tailings from the historical operation (shown as the " Excluded Zone " in Figure 2). The Excluded Zone will continue to be owned by HML. Kopore and MCM have entered into a binding Cooperation Deed which will (together with the Agreement) govern the interaction of their respective rights in relation to M52/743. Kopore is not responsible for any reclamation or rehabilitation costs related to the historical operation under the Agreement or the Cooperation Deed

Agreement Terms

The material terms of the Agreement are:

• Upfront Payment: $50,000 is payable by Kopore upon satisfaction of certain conditions precedent by MCM.

• Stage one: Earn in of $1.45 million expenditure to earn a 51% beneficial interest in the Agreement Area over a two-year period. Stage one includes a minimum expenditure amount of $250,000 to be spent in year 1 ( Minimum Expenditure ). Kopore must expend this minimum expenditure amount before it is able to withdraw from the earn-in.

• Joint Venture: Upon completion of the stage, one earn-in, Kopore and MCM will form an unincorporated joint venture in relation to the exploration of the Agreement Area. The parties' initial respective interest in the Joint Venture will be Kopore 51% and MCM 49%.

• Stage two: Kopore can elect to expend an additional $1.5 million within a further 2 years to earn into an additional 19% beneficial interest in the Agreement Area. If Kopore completes the stage 2 earn in, the parties' respective interest in the Joint Venture will be Kopore 70% and MCM 30%.

• Joint Venture expenditure: Following the earn-in, the parties must each contribute to Joint Venture expenses in proportion to their respective percentage interest in the Joint Venture or their interest will be diluted in accordance with a prescribed formula.

Commenting on the transaction, Simon Jackson, Managing Director said:

“We are excited to have the opportunity to earn into a virtually unexplored area of the Bryah Basin right next to a historical high-grade copper/gold mine. We were initially attracted by an untested geophysical target that looks similar to the geophysical signature of the historical mine containing a high-grade gold drill intercept that has never been followed up. This attractive opportunity provides initial targeted areas to be tested with a systematic exploration approach, in areas close to the historically high-grade Horseshoe Lights Mine. We are looking forward to getting on the ground and commencing exploration. The structure of the earn in gives Kopore shareholders an immediate exploration focus in Western Australia. This strategy is in line with the Board’s goal of providing value for Kopore’s shareholders through smart and focussed deals. We are planning an exploration program to achieve the initial $250,000 earn in using existing cash on hand”

Exploration Plan

The Company’s exploration objective is to actively explore identified areas within the Agreement Area on the Horseshoe West mining and exploration license areas for potential additional zones of volcanogenic massive sulphide ( VMS ) copper-gold style mineralisation and/or shear zone hosted gold mineralisation. VMS deposits are commonly found in clusters and the Company is seeking to explore an area within 2km to the west of the historical Horseshoe Lights Mine. The targeted areas have not been historically tested by geochemical or drilling programs but are interpreted to lay within a similar stratigraphic, structural position and potentially shallowest depth to the Narracoota Formation, which hosts the historical Horseshoe Lights Mine.

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A younger Ravelstone Formation overlies the targeted area, with thickness to be defined through drilling, however the Company believes that in addition to the potential for another Horseshoe Lights VMS style deposit in the Narracoota Formation, gold mineralisation could be discovered in the younger Ravelstone Formation. The Ravelstone Formation is known to host gold mineralisation, as observed at Bryah Resources’ (ASX:BYH) Windalah Gold Prospect, located 13km south of the Horseshoe Lights Mine and interpreted to as in a similar stratigraphic position to the Company’s first target area. Exploration programs within the Ravelstone Formation will test for gold mineralisation within the chert layers and could indicate proximity to the Narracoota Formation contact.

The Company’s initial program will include re-evaluation/reprocessing of the EM, detailed gravity, and magnetic survey data, which has been completed in the past 15 years. Upon government approval, Kopore intends to undertake an initial geochemical survey to cover the area of interest. The results of this geophysical review will assist in enhancing the targeting of a 1,000 - 1,500m reconnaissance drill program, aiming to test this area for potential Horseshoe Lights style VMS repeat and/or shallow orogenic gold mineralisation.

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Figure 2 Horseshoe Lights Copper-Gold Mine Regional Map, Drill Collars and Exclusion Zone. As reported by Horseshoe Metals Limited Website (2020)- https://horseshoemetals.com.au/projects/horseshoe-lights/. The Company's review of the results as set out in Appendix A.

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Figure 3 Horseshoe Lights Copper-Gold Mine Regional Airborne Mag Prospecting Area and Exclusion Zone

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Appointment of Corporate Advisors

Kopore has entered into a joint corporate advisory mandate with Merchant Capital and Ironside Capital ( Advisors ).

In consideration for the corporate advisory services under the mandate, Kopore will issue the Advisors (or their respective nominees) the following securities in Kopore (out of their existing LR7.1 placement capacity):

• Shares: 2.5 million shares in Kopore upon execution of the Agreement and 2.5 million shares upon Kopore meeting the Minimum Expenditure under the Agreement and Kopore electing to proceed with earn-in.

• Options - Tranche 1: 12.5 million unlisted options to acquire shares in Kopore, with an exercise price of 2 cents and expiring 4 years after the date of issue.

• The tranche 1 options will vest subject to:

• Kopore earning a 51% interest in the Agreement Area under the Agreement; or

• Kopore commencing exploration on the Agreement Area and the 20-day VWAP of Kopore's shares being greater than 3 cents.

• Options - Tranche 2: 12.5 million unlisted options to acquire shares in Kopore, with an exercise price of 2 cents and expiring 4 years after the date of issue.

• The tranche 2 options vest subject to:

• Kopore earning a 70% interest in the Agreement Area under the Agreement; or

• Kopore commencing an exploration drilling program on the Agreement Area and the 20-day VWAP of Kopore's shares being greater than 4 cents.

Authorised by the Board of Kopore Metals Limited.

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 and fairly represents information compiled by Mr Grant Ferguson, a Competent Person and a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Ferguson is a Director of Kopore and is engaged by Kopore as a consultant geologist. Grant Ferguson 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).

Grant Ferguson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Ferguson holds securities in the Company.

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TECHNICAL DETAILS

The information in Table 2 and Figures 2 and 3, relates to all holes within the Kopore Agreement Area that contain a significant intercept, being intercepts over 1m in length with a gold grade of 0.5 g/t of gold or greater ( Significant Intercepts ). A total of 331 drillholes were drilled in the Agreement Area. Kopore has not included:

• 251 drill holes that were not assayed for either copper or gold;

• 73 drill holes that were assayed for copper and gold but did not return a significant intercept.

Kopore does not consider the:

• 251 holes that were not assayed for copper or gold;

• holes that did not return a Significant Intercept; or

• intercepts that were not Significant Intercepts,

to be material to the acquisition or Kopore's plans moving forward and has therefore not included these results in the announcement.

Table 1 - Historical Drillhole Significant Intersection Table in Agreement Area.

Hole_ID	Easting MGA94/Z50	Northing MGA94/Z50	RL	Max Depth (m)	Dip	Azim	From	To	Interval	Au (g/t)
RC-170	661805.2	7194143.5	518.8	63	-60	092	47	49	2	8.0
RC-644	663755.2	7194137.4	515.1	100	-60	090	0	2	2	3.75
RC-404	664438.6	7193910.4	514	70	-60	090	12	14	2	1.55
RC-382	664208.9	7194213.9	511.8	70	-60	090	54	56	2	0.72
RC-390	664060.3	7193812.3	515.8	100	-60	090	2	4	2	0.61
RC-385	664209.9	7193913.9	514.8	70	-60	090	4	6	2	0.56
RC-413	664285.2	7194311.8	511	62	-60	092	4	6	2	0.54

All significant intersections in Table 1 are down hole lengths only, with true width not known.

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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) – Detailed in JORC Table.

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.)	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.	Total Horseshoe Metals Drilling Information Historical data: All activities completed by Horseshoe Gold Mine Pty Ltd which was a wholly owned subsidiary of Barrack Mines Ltd between 1983-91 and Sabminco NL between 1992-1995. Barrack Mines Ltd drilled 43 diamond holes for 15,353m, 638 Reverse Circulation holes for 55,343m and 19 channel samples for 520m between 1983 and 1990. Sabminco NL drilled 14 HQ & NQ diamond holes for 2672.25m and 108 Reverse Circulation holes for 9,244m between 1992 and 1993. Initial hole spacing was on a nominal spacing of 50 x 50m with infill as required in the pit area. Drillhole deviation resulted in irregular drill spacing as exploration and resource definition progressed. Earlier drilling prior to 1983 has not been used. The majority of holes are orientated perpendicular to mineralisation which is mainly toward mine grid east and north east at various inclinations.
Sampling Technique	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	Historical data: All drill hole collar locations were surveyed by mine surveyors and the majority of diamond drill holes included downhole surveys using an Eastman camera. Reverse Circulation holes were generally not surveyed down hole. Where possible historical open holes have recently been surveyed for collar location and down hole by contract surveyors. Representative reverse circulation samples were collected using mine practices deemed appropriate at the time and logged for lithological information. Diamond core samples were logged for lithological, structural, and geotechnical information (in some cases). Horseshoe Metals: Certified standard and blanks samples were inserted into the sample sequences in according to Horseshoe Metals QAQC procedures. Duplicate samples for RC and diamond samples were collected to check repeatability of sampling and variability or nugget effect for tungsten mineralisation. Results from this QAQC sampling were considered acceptable. All Horseshoe Metals drillhole collar locations have been surveyed by licensed contractors using RTK DGPS system and drilling contractors provided downhole survey information using single shot

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		digital cameras. Downhole survey contractors have resurveyed some open holes using gyro and multishot systems. The Delta handheld XRF was calibrated according to manufacturer’s standard and also randomly tested against supplied standards from Geostats Pty Ltd.
	Aspects of the determination of mineralisation that are Material to the Public Report.	Historical data: Reverse Circulation samples were collected mainly on 1m & 2m intervals and prepared for assaying at the onsite laboratory of Horseshoe Gld Mi Pt Ltd d/ t ditd lbti
	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.	o ne y , anor a accree aoraores. Diamond core is HQ, NQ and BQ was mainly half cut sampled on geological intervals (0.1m to 3.1m) and assayed using the same techniques as the reverse circulation samples. Horseshoe Metals: Horseshoe Metals samples were submitted to three accredited laboratories: Genalysis, Labwest and Quantum Analytical Services (QAS). The copper assay is derived using a mixed acid digest of nitric, hydrofluoric, perchloric and hydrochloric acids on 0.2g of sample and analysed using ICP Optical Emission Spectrophotometry. This method is considered appropriate and effective for this style of mineralisation. Horseshoe Metals RC samples were riffle split from a regularly cleaned cyclone and split into a calico bag and a green plastic bag on a 1:7 ratio. Samples from the first 2 phases of RC drilling up until RC1026 were spear sampled and composited over 3m intervals. Any significant composite assay value was re-split using the original 1m calico bag and subsequently re-assayed. All other 1m split samples were initially analysed for copper with a field portable Delta XRF instrument to determine sample category i.e., 1m split or 3m or 4m composites. All Horseshoe Metals diamond core was recovered from the drillhole and boxed into 1-metre-long plastic core trays at the drill site. The core trays can hold up to 4-5 mof core depending on the diameter.
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).	Historical data: With reference to the historical database Barrack Mines Ltd and Sabminco NL used 16 rotary air blast (RAB) holes, 756 reverse circulation (RC) and 57 diamond holes for resource definition and exploration. No formal drilling reports are available outlining details of RC drill programs during the mining period 1983-1994 but conversations with original mine personnel suggest that industry standard practices were employed during the mining period 1983-1994. Diamond drilling is HQ, NQ and BQ core with the majority using Reverse Circulation pre-collars to various depths. Only alpha angles were recorded in geological logs. Horseshoe Metals; A total of 94 Reverse Circulation

		digital cameras. Downhole survey contractors have resurveyed some open holes using gyro and multishot systems. The Delta handheld XRF was calibrated according to manufacturer’s standard and also randomly tested against supplied standards from Geostats Pty Ltd.
	Aspects of the determination of mineralisation that are Material to the Public Report.	Historical data: Reverse Circulation samples were collected mainly on 1m & 2m intervals and prepared for assaying at the onsite laboratory of Horseshoe Gld Mi Pt Ltd d/ t ditd lbti
	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.	o ne y , anor a accree aoraores. Diamond core is HQ, NQ and BQ was mainly half cut sampled on geological intervals (0.1m to 3.1m) and assayed using the same techniques as the reverse circulation samples. Horseshoe Metals: Horseshoe Metals samples were submitted to three accredited laboratories: Genalysis, Labwest and Quantum Analytical Services (QAS). The copper assay is derived using a mixed acid digest of nitric, hydrofluoric, perchloric and hydrochloric acids on 0.2g of sample and analysed using ICP Optical Emission Spectrophotometry. This method is considered appropriate and effective for this style of mineralisation. Horseshoe Metals RC samples were riffle split from a regularly cleaned cyclone and split into a calico bag and a green plastic bag on a 1:7 ratio. Samples from the first 2 phases of RC drilling up until RC1026 were spear sampled and composited over 3m intervals. Any significant composite assay value was re-split using the original 1m calico bag and subsequently re-assayed. All other 1m split samples were initially analysed for copper with a field portable Delta XRF instrument to determine sample category i.e., 1m split or 3m or 4m composites. All Horseshoe Metals diamond core was recovered from the drillhole and boxed into 1-metre-long plastic core trays at the drill site. The core trays can hold up to 4-5 mof core depending on the diameter.
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).	Historical data: With reference to the historical database Barrack Mines Ltd and Sabminco NL used 16 rotary air blast (RAB) holes, 756 reverse circulation (RC) and 57 diamond holes for resource definition and exploration. No formal drilling reports are available outlining details of RC drill programs during the mining period 1983-1994 but conversations with original mine personnel suggest that industry standard practices were employed during the mining period 1983-1994. Diamond drilling is HQ, NQ and BQ core with the majority using Reverse Circulation pre-collars to various depths. Only alpha angles were recorded in geological logs. Horseshoe Metals; A total of 94 Reverse Circulation

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|---|---|---|
|||holes for 16,059m and 7 diamond drill holes,
including 3 diamond tails for 1111.6m were used in
the resource calculation. The four diamond holes
from surface totalled 1111.6m of HQ diameter core
and 5.8m of NQ core. The diamond tails totalled
196.3m of which 39.5m was HQ diameter core and
156.8m of NQ diameter core. Diamond rigs use
hydraulic power wireless drilling methods with three
and six metre runs.|
|Drill sample
recovery|Method of recording and assessing core and
chip
sample
recoveries
and
results
assessed.|Historical data: No formal recovery technique is
recorded for RC or RAB drilling by either Barrack
Mines Ltd or Sabminco NL.
Diamond core recovery statistics are recorded in
hard copy for the majority of historical diamond
holes. No formal assessment of core recovery has
been made to date.
Horseshoe Metals: RC recovery for Horseshoe
holes was visually assessed, recorded on drill logs,
and considered to be acceptable within the
mineralized zones.
Diamond core recovery for Horseshoe Metals holes
is logged and recorded in the database. No
significant core loss issue exists. The average core
recovery is 97.4%.|
||Measures
taken
to
maximise
sample
recovery and ensure representative nature
of the samples.|Historical data: No formal report or information is
available but conversations with original mine
personnel suggest that industry standard practices
were employed during the mining period 1984-1995.
Horseshoe Metals: Diamond core for Horseshoe
Metal holes was reconstructed into continuous runs
for orientation marking, depths being checked
against the depth marked on the core blocks.
RC samples were visually checked for recovery,
moisture, and contamination. A cyclone and splitter
were used to provide a uniform sample, and these
were routinely cleaned. The drill contractor blew out
the hole at the beginning of each drill rod to remove
excess water and maintain dry 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.|Horseshoe Metals: Sample Recovery for diamond
holes is generally high (97.4%). Ground conditions
for RC drilling were good and drilling returned
consistent size samples. Reverse circulation and
diamond core recoveries are high enough to
preclude the potential for sample bias|
|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.|Historical data: All reverse circulation and diamond
drilling was logged to a level of detail considered
sufficient at the time of mining. However, the nature
of deposit that has been subject to strong
weathering and alteration makes identification of
stratigraphical units very difficult. The lack of an
early stratigraphical interpretation model and limited
understanding of the deposit style has also caused
inconsistency in the logging by various geologists.
As a consequence, only the overlying sediments and
underlying shale and dolerite have been logged
according to theirprimary rock type. Barrack Mines|

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		Ltd and Sabminco NL used similar mine-specific geological codes to describe the geological units. A metamorphic and alteration methodology was used to describe the volcanic stratigraphy, but interpretation of the various descriptions is very difficult. Horseshoe Metals: Logging of Horseshoe Metals reverse circulation drilling identifies all aspects of lithology, colour, weathering, texture, alteration, and mineralisation. All primary recorded on-site data was directly imported into a drill hole database and checked against the original data. During logging part of the RC sample was sieved, logged, and placed in RC chip trays. The logging also includes references to wet samples in the comments. All reverse circulation samples have been photographed in wet form and the chip trays have been retained for physical inspection onsite or in the Perth office. Original logging of historical diamond core described lithology, colour, and mineralisation content as well as some geotechnical data including core recovery, RQD data and alpha angle measurements. Approximately 10% of the original diamond holes in areas outside the existing pit have been re-logged and photographed so far. Diamond core for Horseshoe Metals holes was logged for recovery and RQD. Information on structure, lithology and alteration zones was recorded. Diamond core trays are stored on site for future reference. All drill data is digitally captured and stored in a central database.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Historical data: Original logging of reverse circulation and diamond core describes lithology, colour, and mineralisation content only in handwritten form on hard copies. Horseshoe Metals: Logging of all samples includes lithology, colour, weathering, mineralogy, and mineralisation for holes. All reverse circulation samples have been photographed in chip trays in wet form and all diamond core trays have been photographed in dry and wet form.
	The total length and percentage of the relevant intersections logged.	The entire length of all Horseshoe Metals RC and diamond holes for 100% of the drilling in the database was logged in full.
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	All diamond core sampled intervals were half core cut for HQ, NQ and BQ diameter.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry	In this instance dry samples were collected using a cyclone and split with a Jones riffle splitter. Wet samples were collected using a conventional revolving wet splitter.
	For all sample types, the nature, quality, and appropriateness of the sample preparation techniques	Historical data: No formal report or information is available but conversations with original mine personnel suggest that industry standard practices

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		were employed during the mining period 1984-1995. Horseshoe Metals: The numbered calico samples bags collected by Horseshoe Metals at the exploration site were bagged into polyweave and bulkie bags and transported to the freight company depot in Meekatharra and then transported by road to the laboratory in Perth. Each laboratory has used appropriate sample preparation facilities and the required analytical equipment. At the laboratory, the diamond core samples were sorted, reconciled, placed in trays on trolleys and dried in a gas oven at 110°C for a minimum of 8 hours or until dry. Samples ranging from 300g - ≤3kg were crushed to nominal ~10mm using a jaw crusher and then pulverised using LM2, LM5 or Mixer Mill pulverisers. Samples >3kg were Boyd crushed to a nominal ~3mm and split in half using Boyd rotary split divider, one half was then pulverised, and the other half retained, bagged, and stored. After pulverising a 150g craft geochemical (pulp) packet was taken directly from the pulveriser bowl and submitted for analysis. Sample preparation for RC samples were similar but did not require the crushing circuit and so went straight to the pulverisers. Samples weighing >3kg were riffle split first and then pulverised. The sample preparation technique is considered to be appropriate.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Based upon historical information and previous resource reporting, KMT is of the opinion that industry standard practices have been employed in previous exploration programs. Historical data: No formal report or information is available but conversations with original mine personnel suggest that industry standard practices were employed during the mining period 1984-1995. Horseshoe Metals: Field QAQC procedures included the insertion of field duplicates, blanks, and commercial standards. Standards were inserted at intervals of 30. If a duplicate or blank falls on the 30th sample, the standard sample number was changed to suit. All laboratory QC data is reported within the structure of the final reports. A blank was included at the start of every job and then after every 90 samples. One duplicate and one CRM were included at random within each set of 24 analysed. One sample preparation split was performed in 25 samples. Wet sieving of at least one sample in every batch was undertaken to confirm % -75um.
	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.	Historical data: No formal report or information is available but conversations with original mine personnel suggest that industry standard practices were employed during the mining period 1984-1995.

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|---|---|---|
|||Horseshoe Metals: Field duplicates have been taken
on a ratio of 1:50 for RC drilling for Horseshoe
Metals holes, the results of which show good
correlation with original samples. No second half
sampling of diamond core has been undertaken to
date.|
||Whether sample sizes are appropriate to the
grain size of the material being sampled.|Historical data: No formal study is available on this
to date for the 1984-1995 data.
Horseshoe Metals: Sample sizes for Horseshoe
Metals holes are considered to be appropriate to
accurately represent the copper mineralisation at
Horseshoe Lights based on the thickness and
consistency of the intersections, the sampling
methodology and the per cent value assay ranges
for the primary elements.|
|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.|Historical procedures: Barrack Mines Ltd and
Sabminco NL predominantly used two laboratories
to assay diamond drill core and RC drill cuttings. The
majority of samples were processed and assayed at
the on-site Horseshoe Gold Pty Ltd mine laboratory
using the following techniques: • assayed for gold
using AAS detection limit of 0.01ppm, • assayed for
copper and silver using traditional AAS wet
chemistry technique with a detection limit of 10ppm
Cu and 1ppm Ag.
Classic Laboratories Pty Ltd (renamed Classic
Comlabs Ltd and then purchased by Amdel Ltd now
Bureau Veritas) was used as a back-up and umpire
laboratory for check sampling and overflow using the
following techniques:
•
assayed for gold using fire assay technique
FAS1 with a detection limit of 0.02ppm,
•
assayed for copper and silver using wet
chemistry technique A1/2 with a detection limit
of 5ppm Cu and 1ppm Ag.
Horseshoe Gold Mine Pty Ltd were aware of the
differences in gold assaying method between by the
two laboratories and considered the method used by
Classic Laboratories Pty Ltd to be more accurate.
No reconciliation study of the differences between
the two laboratories was completed.
Horseshoe Metals Procedures: The copper assay is
derived using a mixed acid digest of nitric,
hydrofluoric, perchloric and hydrochloric acids on
0.2g of sample and analysed using ICP Optical
Emission Spectrophotometry. This method is
considered appropriate and effective for this style of
mineralisation.
The gold assay was derived using an aqua regia
technique where 10g of prepared sample was
digested using nitric and hydrochloric acid. The
sample was then solvent extracted using Methyl
isobutyl ketone and read on a Graphite Furnace
Atomic Absorption Spectrometer. This method is
considered adequate and effective for this style of
mineralisation.|

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|||ASX RELEASE| 28 January 2021|
|---|---|---|
||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.|Historical data: No geophysical, spectral or XRF
data is available for the historical database for
Horseshoe Lights.
Horseshoe Metals: No geophysical tools were used
by Horseshoe Metals to determine any element
concentration used in the resource estimate.|
||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.|Historical data: No formal report or information is
available but conversations with original mine
personnel suggest that industry standard practices
were employed during the mining period 1984-1995.
Horseshoe Metals: Standard laboratory procedures
involve the use of certified standards, duplicate
samples, and insertion of blanks. Assay results have
been
generally
satisfactory,
demonstrating
acceptable levels of accuracy and precision.|
|Verification
of sampling
and
assaying|The verification of significant intersections by
either independent or alternative company
personnel.|Historical data: No formal report or procedure is
available for the historical data, but verification of
significant intersections is considered to have been
the duty of the senior mine geologist at the time.
Horseshoe Metals: All significant intersections have
been verified by the senior geologist and managing
director of Horseshoe Metals Ltd.|
||The use of twinned holes.|Within the Agreement Area, twinned holes have not
occurred.|
||Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.|Historical data: There is no information or formal
report detailing how this process worked. The
assumption is that during the mining period all
assays from the Horseshoe Gold Mine lab had been
handwritten on the geological logs along with
associated sample number. These assays would
have been subsequently hand entered into an ASCII
format.
Assays received from Classic Laboratories Pty Ltd
appear to be in type format and there is no
information on how this data was entered into the
mine database, but the assumption is that it was also
hand entered. This ASCII file was eventually used to
create a Surpac database for section creation and
3D modelling. The original Surpac database file from
March 1995 was used to create the present
database.
Horseshoe Metals: Primary data was collected on
Toughbook laptop computers using a standard set
of Excel or Micromine templates with look up codes.
This information was sent to CSA Global Pty Ltd and
Delta Resource Management Pty Ltd for compilation
and validation into SQL database server.|
||Discuss any adjustment to assay data.|Historical data: Where discrepancies arose between
assay values contained in the original 1995 Surpac
database and the assay values handwritten on the
geological logs, the latter appeared to be more
complete and consequently used for the present
database. Assay values on the original geological
logs deemed unreliable were discounted and
assigned a copper value code so it would not be|

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|||ASX RELEASE| 28 January 2021|
|---|---|---|
|||used in the resource estimate. Follow up drilling in
these areas has clarified the correct values and used
in the latest resource estimate.
Horseshoe Metals: No adjustments were made,
other than for values below the assay detection limit
which have been entered as the negative of the
detection limit.|
|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.|Historical data: The Mine surveyors used standard
industry practices at the time to mark out and pick-
up collar coordinates in mine grid format. The mine
grid
coordinates
have
subsequently
been
transformed into MGA_GDA94 format. All available
historic collar locations still visible at surface have
recently been surveyed using RTK DGPS system by
MHR Surveyors Pty Ltd
Downhole surveys were taken from Eastman
camera discs employed by the various drilling
companies at that time. Selections of these discs are
available on site but have not been verified to date.
Several available historic collar locations still visible
at surface have recently been surveyed down hole
either by re-entering the drill hole with a drill rig then
downhole surveying using single shot digital camera
readings or by DHS (Aust) Pty Ltd using an
Electronic Multishot tool with readings in and out of
the hole every 5m. Stated accuracies are +/- 0.2⁰ for
dip and 0.3⁰ for azimuth.
Horseshoe Metals: All drill hole collar locations have
been surveyed by MHR Surveyors using RTK GPS
referenced to the nearby Standard Survey Mark
PKH4. Expected relative accuracies are 0.02m for
easting and northing and 0.05m for RL.
Downhole surveys consisted of single shot digital
camera readings during drilling. Open holes were
also surveyed by DHS (Aust) Pty Ltd using an
Electronic Multishot tool with readings in and out of
the hole every 5m. Stated accuracies are +/- 0.2⁰ for
dip and 0.3⁰ for azimuth.|
||Specification of the grid system used.|Barrack Mine Ltd created a NW mine grid orientated
over the pit area with an east-west azimuth
equivalent to 89⁰. The mine grid RL was offset from
real RL by 62.2m. These coordinates have
subsequently been transformed to MGA_GDA94
zone 50 using the historic grid transformation.
All recent drill hole data is also recorded in
MGA_GDA94 zone 50.|
||Quality and adequacy of topographic control.|Topographic control was created from known survey
stations and air photography in strict accordance
with Mines Regulation Act 1946 by the authorised
mine surveyor.|
|Data
spacing
and
distribution|Data spacing for reporting of Exploration
Results|RC and RAB exploration drilling outside of the pits
environs was generally on a 50 x 50m spacing. RC
resource infill drilling was generally 15 x 30m
pattern. Diamond resource drilling pattern is
irregular but is less than 40 x 40m is most cases.
Deep exploration diamond drilling is also irregular.|

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|---|---|---|
||||
||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.|The historical data spacing, and distribution was not
considered sufficient for the purpose of a modern
resource estimation. Follow up drilling has been
completed to infill obvious gaps in order to provide
sufficient geological and grade continuity. When the
drilling was complete, the mineralised domains
display sufficient geological and grade continuity for
the mineral resource procedures and classifications
applied to support the definition of Measured
Indicated and Inferred Mineral Resources under the
2012JORC code. |
||Whether sample compositing has been
applied.|Historical data: Within the resource area 2m
composite RC & diamond core samples were
routinely taken from 1m splits.
Horseshoe Metals: Sample compositing over a
length of 3 or 4m has been applied to sample|
|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.|The majority of drilling was orientated mine grid
east which is slightly oblique to the mineralised
trends, but intersection angles are closer to
perpendicular in most cases.|
||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.|A consistent sampling bias is not considered to be
an issue for the purpose of this resource
estimation. Diamond drilling confirmed that drilling
orientation did not introduce any bias regarding the
orientation of key mineralised structures.|
|Sample
security|The measures taken to ensure sample
security.|Historical data: All drill samples were assayed
onsite at the Horseshoe Gold Mine Pty Ltd
laboratory or at Classic Laboratories Pty Ltd in
Meekatharra or Perth. Pulps have been in storage
on site within the core yard.
Chain of custody is managed by Horseshoe Metals.
All sample numbers are generated in the site office.
Once samples intervals are selected, the numbers
are assigned to each sample. The sample numbers
are not left in the core box (where the sample was
taken from), but the core is marked for the taken
sample intervals so it would be possible to
reconcile the laboratory results against the
particular intervals of core. The sample number,
drillhole name and sampled interval are recorded in
the sampling sheets. All samples are stored onsite
and delivered to the freight company depot at
Meekatharra by Horseshoe personnel for delivery
to Perth and the assay laboratory. Samples are
tracked and receipt is acknowledged by laboratory
staff.|
|Audits or
reviews|The results of any audits or reviews of
sampling techniques and data.|The Company has reviewed the data provided.
Previous Horseshoe Metals – Horseshoe Lights
Copper-Gold Resource by CSA Global in 2013
outlined the auditingresults,whichthe company|

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ASX RELEASE | 28 January 2021

has used for guidance.

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 Horseshoe Lights Project comprises one Mining Lease (M52/743) and adjoining Exploration and Prospecting Licences covering an area of approximately 80 km2 (79,733 hectares). Current registered holder of the tenements is Murchison Copper Mines Pty Limited, a wholly owned subsidiary of Horseshoe Metals Limited. Horseshoe Metals Ltd has 100% interest in the tenements. Horseshoe Gold Mine Pty Limited retains a 3% Net Smelter Return royalty in respect to all production from some of the tenements including M52/743. The project has a current expenditure commitment of $187,500 per reporting year. Kopore has the right to earn a 51% beneficial interest in the area of 32.4km2 of land surrounding the Horseshoe Lights Mine over a two-year period. Stage one includes a minimum expenditure amount of $250,000 to be spent in year 1.
	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 tenement is in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Horseshoe Lights Project was discovered in 1946 and commenced production shortly after. Mining under various owners, including Barrack Mines and Sabminco NL extended from 1946 to 1994, achieving a total of 3,299,120t @ 2.9g/t Au, 1.7% Cu, 27.5g/t Ag and 16g/t Hg. Most exploration has focussed on the immediate mining area, aiming to delineate further copper/gold resources along strike and at depth. All activities completed by Horseshoe Gold Mine Pty Ltd which was a wholly owned subsidiary of Barrack Mines Ltd between 1983-1991 and Sabminco NL between 1992-1995. Barrack Mines Ltd drilled 43 diamond holes for 15,353m, 638 Reverse Circulation holes for 55,343m and 19 channel samples for 520m between 1983 and 1989. Sabminco NL drilled 14 HQ & NQ diamond holes for 2672.25m and 108 Reverse Circulation holes for 9,244m between 1990 and 1993. Initial hole spacing was on a nominal spacing of 50 x 50m

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ASX RELEASE | 28 January 2021

Criteria	**JORC Code explanation **	Commentary
		with infill as required in the pit area. Earlier drilling prior to 1983 has not been used.
Geology	Deposit type, geological setting, and style of mineralisation.	The historic Horseshoe Lights copper-gold mine and associated tenements are located approximately 800 km north-northeast of Perth and 140 km north of Meekatharra. The Horseshoe Lights Project comprises seven tenements that cover an area of approximately 33 square kilometres. The deposit is hosted at the top of the Narracoota Volcanics (tholeiitic basalt grading up into Mg basalts), below the Thaduna Greywacke (a lower, 100 m thick greywacke with subordinate mudstone and an upper, thicker coarse sandstone, grit, and conglomerate unit. Both are members of the Glengarry Group, just to the south of the overlying Mesoproterozoic (1100 Ma) Bangemall Group. At the top of the Narracoota Volcanics there are weakly metamorphosed volcaniclastics represented by quartz-chlorite schist, quartz-eye tuffs and altered volcanics, capped by a prominent 1 to 2 m thick, poorly bedded chert (BIF) with magnetite, specular hematite and pyrite which often contains significant gold associated with the pyrite. Primary VMS mineralisation at Horseshoe Lights occurs in the core of a NNW trending and SE plunging parasitic anticline, that is overturned to produce intermediate SW dips on western limbs and steep SW dips on eastern limbs. The massive and disseminated sulphide envelope of the deposit itself is also 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. The VMS mineralisation in the mine area is constrained by the tightly folded and sheared stratigraphy and appears to be affected by offsets along N-S and NE trending brittle cross faults.
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	See Technical Details on page 7 of this announcement.

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ASX RELEASE | 28 January 2021

Criteria	**JORC Code explanation **	Commentary
	clearly explain why this is the case.
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.	Individual grades have been detailed in this press release and no averaging has been used to calculate multiple sample grade intercepts.
	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.	No aggregation of samples has been conducted and detailed in Table 1.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values have been stated in this press release.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	All drill intercepts have been reported as downhole lengths and not enough information is present to know the true widths of these intersections.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The Horseshoe Lights open pit mineralisation geometry is well understood. The few significant intersections detailed in Table 1 have been drilled by RC technique and the geometry is yet to be fully understood.
	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’).	The downhole lengths, true widths have been noted with Table 2
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.	Refer to diagrams in body of text.
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 avoiding misleading reporting of Exploration Results.	The reported RC holes within the Kopore Agreement Area that contain a significant intercept, being intercepts over 1m in length with a gold grade of 0.5 g/t of gold or greater (Significant Intercepts) are reported. A total of 331 drillholes were drilled in the Agreement Area. Kopore has not included: • _251 drill holes that were not assayed for _

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ASX RELEASE | 28 January 2021

Criteria	**JORC Code explanation **	Commentary
		either copper or gold; • 73 drill holes that were assayed for copper and gold but did not return a significant intercept. Kopore does not consider the: • 251 holes that were not assayed for copper of gold; • holes that or that did not return a Significant Intercept; or • intercepts that were not Significant Intercepts, to be material to the acquisition or Kopore's plans moving forward and has therefore not included these results in the 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.	As discussed in the announcement. 1. August 2013 DHEM Survey – 4 diamond drillholes underwent downhole survey. 2. Multiple airborne magnetic surveys, including Shelby 2010 Airborne Magnetic and Radiometric Survey 3. Ground Gravity Survey – November 2012, conducted by Atlas Geophysics on 200x200m grid and using one CG5 Autograv Gravity Meter and Two Leica System 1200 GPS- Glonass receivers 4. Versatile Time Domain Electromagnetic (VTEM) Survey 2011 conducted by Geotech Airborne limited. • Survey Helicopter AS350B • Line spacing 100m, 507line km
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).	The Company is planning to conduct surface geochemical programs, geological mapping, and rock chip sampling. Planned RC drilling programs will be designed and conducted, upon review of the earlier results.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Diagram demonstrating the areas of immediate and future interest are found in Figures 2 and 3.

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