BARYS RESOURCES LIMITED — Interim / Quarterly Report 2020

Oct 29, 2019

ASX RELEASE | 30 October 2019

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2019

ABOUT KOPORE METALS

HIGHLIGHTS

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

NAMIBIA

• Ground NSAMT geophysical survey over the Otjari Domal Prospect identifies an interpreted ‘intact’ subsurface domal target within 100200m from surface

• Trace amounts of visible copper mineralisation observed in initial Otjari drilling

• Intersected visible copper sulphide mineralisation comprising chalcopyrite, hosted in scattered thin quartz-carbonate veins ± galena and sphalerite mineralisation from 331.86m to 640m downhole within diamond drillhole ONGRCD_04 at the Ongava Domal Prospect. Trace amounts of bornite noted at a downhole depth of 620m

BOTSWANA

• Three prospecting licences at Ghanzi West in Botswana have been extended for a further two years, PL203/2016, PL204/2016 & PL205/2016

REGISTERED OFFICE Suite 5, 62 Ord Street West Perth WA 6005

CORPORATE

• Cash of approximately $1.03 million as at 30 September 2019

Kopore Metals Limited (Kopore or the Company) is pleased to provide the following activities report that outlines progress achieved during the September 2019 Quarter. The Company’s primary focus during the reporting period continued to be on the advancement of its copper-silver projects in the Republics of Botswana and Namibia (Figure 1).

Kopore’s commanding land position on the Kalahari Copper Belt ( KCB ) totals 14,813km[2] of Prospecting Licences which straddle the border between Botswana and Namibia. The KCB is one of the few remaining under-explored copper belts in the world and has experienced significant activity this year.

On 23 October 2019, Sandfire Resources (ASX:SFR) completed its acquisition of ASX copper developer MOD Resources (ASX:MOD) which includes the advanced T3 Project[1] . Kopore welcomes Sandfire to the KCB and we look forward to building a relationship with our neighbour. Sandfire has advised that they have commenced an optimisation of MOD’s Feasibility Study and that they expect to publish an updated T3 Feasibility Study and Ore Reserve in the June 2020 Quarter ahead of a Decision to Mine. Sandfire’s land holdings are contiguous to Kopore’s and regional geological structures are interpreted to run through Sandfire’s ground into Kopore’s.

1 ASX Announcement - SANDFIRE COMPLETES ACQUISITION OF MOD RESOURCES https://www.sandfire.com.au/site/PDF/2576_0/CompletionofMODResourcesAcquisition

REGISTERED OFFICE

30 October 2019

Further north of Sandfire’s T3 Project, lies Cupric Canyon’s Zone 5 deposit, with a total mineral resource of 91.7 million tonnes grading 2.13% copper and 21.9g/t silver with substantial regional targets. In late February 2019, Cupric Canyon announced it had secured a US$565 million project funding package to commence development of the Zone 5 underground mining project[2] .

In July 2019, a further US$80 million in funding was announced including Resource Capital Fund taking a 11.9% interest at the project level[3] .

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Figure 1 - Kalahari Copper Belt Regional Map with Kopore Prospecting Licences, Targets and Known Copper-Silver Occurrences. (source: https://www.cupriccanyon.com/development-exploration/exploration and https://www.asx.com.au/asxpdf/20181016/pdf/43z90dkfrgy792.pdf

Construction at Zone 5 is underway and Barminco have been awarded an $800m underground mining services contract for Zone 5.

With so much activity on the KCB, Kopore is excited to be exploring its land position with a stated goal of discovering the next major copper deposit on the KCB. During the September 2019 Quarter, the Company completed a total of 750m of diamond drilling on the Otjari Domal Prospect.

2 Cupric Canyon Capital and Khoemacau Copper Mines announces the signing of US$565 million of funding for construction of the Khoemacau Copper Silver Project in Botswana https://www.cupriccanyon.com/assets/docs/2019-02-25_Media_Release20190225061532.pdf

3 ASX Announcement – Cupric Canyon Capital announces the increase to US$560 million, and closing, of the funding package for Construction of the Khoemacau Copper Silver Project in Australia https://www.cupriccanyon.com/assets/docs/2019_07_18_Cupric_KCM_Funding_Increase-20190718061954.pdf

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30 October 2019

Otjari/Qembo Corridor

The Company has completed its first two diamond drill holes at the Otjari Domal Prospect in Namibia.

A third diamond drill hole has been commenced to test an identified target within the Otjari/Qembo Corridor.

This third drillhole will seek to test a known copper occurrence and test the inferred Ngwako Pan/D’Kar Formation geological contact.

The Otjari Domal Prospect is interpreted as the along strike extension of the Qembo Dome, where previous explorers obtained historical copper intersections. The initial two Otjari diamond drillholes have been interpreted to intersect the lower D’Kar Formation proximal to the targeted contact position. Observations from the recent drilling program include high temperature alteration and pathfinder sulphides, known to occur on the Kalahari Copper Belt. Trace amounts of visible copper mineralisation, including chalcocite and bornite have been identified in OTJ_002, at 201.10m depth downhole. The Company will complete the third diamond drillhole and revaluate returning to the first holes for possible depth extension.

The first Otjari diamond drillhole OTJ_DD001 was drilled to 350m downhole depth and provided the Company with its first intersection of interbedded shales, siltstones and sandstones exhibiting carbonate and sericite alteration similar to that above mineralised zones in other parts of the belt. Once the current 900m drill program in the Otjari/Qembo corridor is complete, samples will be sent to the assay lab and assay results will be reported when received.

The Company is also pleased to report that it has received the Environmental Clearance Certificate (ECC) for the recently acquired PL7264. This licence contains the western extension of the Otjari Domal Prospect and the completion of the ECC milestone allows the Company to commence planned field exploration activities on this licence in early Q1 2020.

==> picture [495 x 128] intentionally omitted <==

Plate 1 - Ongava Domal Prospect Diamond Drilling Program

Table 1 – Otjari/Qembo Corridor Drilling Details

Drill Hole No	UTM_E	UTM_N	RL (m)	EOH (m)	Azimuth	Dip	Status
OTJ_DD001	425677	7590813	1301	350	344	-70	Complete
OTJ_DD002	425474	7591548	1297	250	0	-90	Complete
QD_DD001	470270	7614784	1249	250	180	-70	Complete

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30 October 2019

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Figure 2 - Namibian Prospecting Licence Areas with Geology and Area Subject to Hebron Prospecting Action

Botswana Licence holdings

The Company is pleased to report three Prospecting Licences’ (PL’s) located within the Ghanzi West Group and containing the Kara Domal Prospect, have been granted two year extensions. The PL extensions were granted by the Minister for Mineral Resources, Green Technology and Energy Security ahead of the scheduled expiry date on 30 September 2019 with 100% of the area for PL203/2017 and PL204/2017 prospecting licences being retained, and 99% of the license area at PL205/2017.

The prospecting license extensions for a further two years provides the Company with certainty of title and confidence in the extensive exploration planned for the Kara Dome.

The Company advises that it has relinquished two prospecting licences PL163/2017 and PL164/2017 in the Botswana Virgo Group. The remaining two Virgo licences PL135/2017 and PL162/2017 have walk up drill targets and drilling is planned for the first half of CY2020. The Environmental Management Plans (EMP) for the two remaining licences have been submitted to the Department of Environmental Affairs (DEA) and the Company is

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30 October 2019

currently responding to a number of procedural queries. Following the gazetted public notice period, Kopore expects to have the EMPs in place before the end of 2019.

Corporate

The Company held cash of approximately $1.03 million as at 30 September 2019.

Ms Shannon Coates was appointed Joint Company Secretary on 28 August 2019.

FOR FURTHER INFORMATION PLEASE CONTACT:

SIMON JACKSON

Managing Director Kopore Metals Limited

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

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 Kalahari Copper Belt, located in the Republic of Botswana and Namibia.

Kopore continues to explore for stratabound copper-silver deposits across its fourteen 100% owned prospecting licenses in Botswana and nine prospecting licences in Namibia, for a total of 14,813km[2] of the Kalahari Copper Korong Central 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 #3[rd] and #6[th] respectfully for “investment attractiveness” in Africa, in addition to their highly ranked global position.

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.

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30 October 2019

Table 2 - Kopore Metals Limited Prospecting Portfolio Namibia/Botswana

Prospecting Licence	Holder	Date Granted	Expiry Date	Project Area **(km2) **	Annual Rent (A$)
PL203/2016	Icon-TradingCompany (Proprietary)	1/10/2019	30/09/2021	928.6	579
PL204/2016	Icon-TradingCompany (Proprietary)	1/10/2019	30/09/2021	925.6	576
PL205/2016	Icon-TradingCompany (Proprietary)	1/10/2019	30/09/2021	862.5	542
PL128/2013	Alvis Crest(Proprietary)Limited	1/01/2019	31/12/2020	202.9	130
PL129/2013	Alvis Crest(Proprietary)Limited	1/01/2019	31/12/2020	418.3	269
PL127/2017	Ashmead Holdings(Pty)Ltd	1/07/2017	30/06/2020	991	594
PL128/2017	Ashmead Holdings(Pty)Ltd	1/07/2017	30/06/2020	452	271
PL129/2017	Ashmead Holdings(Pty)Ltd	1/07/2017	30/06/2020	163	98
PL207/2017	Icon-TradingCompany (Proprietary)Limited	1/01/2018	31/12/2020	985	620
PL208/2017	Icon-Trading Company (Proprietary) Limited	1/01/2018	31/12/2020	581	380
PL209/2017	Icon-TradingCompany (Proprietary)Limited	1/01/2018	31/12/2020	164	140
PL210/2017	Alvis Crest(Proprietary)Limited	1/01/2018	31/12/2020	1000	625
PL135/2017	Alvis Crest(Proprietary)Limited	1/10/2017	30/09/2020	296	211
PL162/2017	Alvis Crest(Proprietary)Limited	1/10/2017	30/09/2020	156	111
Botswana Subtotal				8,126	5,147
EPL7049	Trans Kalahari Copper Namibia(Pty)Ltd	1/07/2018	30/06/2021	936.33	1,000
EPL7050	Trans Kalahari Copper Namibia(Pty)Ltd	5/07/2018	4/07/2021	435.85	1,000
EPL7051	Trans Kalahari Copper Namibia(Pty)Ltd	1/07/2018	30/06/2021	992.18	1,000
EPL7052	Trans Kalahari Copper Namibia(Pty)Ltd	1/07/2018	30/06/2021	942.31	1,000
EPL7053	Trans Kalahari Copper Namibia(Pty)Ltd	1/07/2018	30/06/2021	285.32	1,000
EPL7054	Trans Kalahari Copper Namibia(Pty)Ltd	1/07/2018	30/06/2021	904.31	1,000
EPL7055	Trans Kalahari Copper Namibia(Pty)Ltd	1/07/2018	30/06/2021	996.98	1,000
EPL7056	Trans Kalahari Copper Namibia(Pty)Ltd	5/07/2018	4/07/2021	211.87	1,000
EPL7264	Trans Kalahari Copper Namibia(Pty)Ltd	14/05/2019	14/05/2022	982.43	1,000
Namibia Subtotal				6,688	8,000
Total				14,813	13,147

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

-+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

KOPORE METALS LIMITED

Quarter ended ( Current quarter ) 30 September 2019

ABN 73 149 230 811 Consolidated statement of cash flows 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) staff costs and board remuneration (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development and GST refunds 1.8 Other: (provide details if material) 1.9 Net cash from/ (used in) operating activities` 2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.2 Proceeds from disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other – cash on acquisition 2.6 Net cash from/ (used in) investing activities	Quarter ended (Current quarter	Quarter ended (Current quarter	)
	30 September 2019
		Current quarter $A'000	Year to date (3 Months) $A'000
		- - (513) - - (163) (208) - 3 (1) - 25 -	- - (513) - - (163) (208) - 3 (1) - 25 -
		(857)	(857)
		- - - - - - - - - - - -	- - - - - - - - - - - -
		-	-

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A'000	Year to date (3 Months) $A'000
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from/ (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of quarter/year to date 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end ofquarter	1,895 (857) - - (13)	1,895 (857) - - (13)
	1,025	1,025
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	Current quarter $A'000	Previous quarter $A'000
	1,005 20 - -	1,875 20 - -
	1,025	1,895
6. Payments to directors of the entity and their associates 6.1 Aggregate amount of payments to these parties included in item 1.2* 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 6.3 Include below anyexplanation necessaryto understand the transactions included in items
		Current quarter $A'000
		176
		-
		6.1 and 6.2
Director salaries, director fees and superannuation. Fees for Company Secretarial services paid to Evolution Corporate Services Pty Ltd for the September 2019 quarter, a company associated with Ms Shannon Coates ($13,500).
7. Payments to related entities of the entity and their associates 7.1 Aggregate amount of payments to these parties included in item 1.2 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 7.3 Include below anyexplanation necessaryto understand the transactions included in items
		Current quarter $A'000
		-
		-
		7.1 and 7.2

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A'000 Amount drawn at quarter end $A'000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into afterquarter end, include details of those facilities as well.	Total facility amount at quarter end $A'000	Amount drawn at quarter end $A'000
	-	-
	-	-
	-	-

9. Estimated cash outflows for next quarter 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Total estimated cash outflows	9. Estimated cash outflows for next quarter 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Total estimated cash outflows				$A'000
					200 - - 112 135
					447
10. Changes in tenements (items 2.1(b) and 2.2(b) above) 10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced 10.2 Interests in mining tenements and petroleum tenements acquired or increased
	Tenement reference and location	Nature of interest	Interest at beginning of quarter %		Interest at end of quarter %
	PL163/2017 PL164/2017	Prospecting Licence Prospecting Licence	100 100		0 0
	-	-	-		-

Compliance statement

1. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2. This statement gives a true and fair view of the matters disclosed.

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Dated: Wednesday, 30 October 2019

Company Secretary

Print name: Shannon Coates

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Notes

1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

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