C29 METALS LIMITED — Capital/Financing Update 2021

Nov 22, 2021

23 November 2021

DRILLING IMMINENT AT THE REEDY CREEK MINE PROJECT, NSW

HIGHLIGHTS

• Drill contractor secured with regulatory approvals expected this week

• Drilling is expected to commence first week of December

• Reedy Creek has significant shallow high grade polymetallic results from historical drilling

• Best intercepts include:

  • 12.4m @ 1.13% Cu from 33.2m, within 48.1m @ 0.66% Cu, from 30.3m (DDH-3)

  • 17m @ 1.04% Cu , including 8m @ 1.31% Cu from 9m (RCR-4)

  • 27m @ 1.3% Zn from 18m, including 7m @4.2% Zn, 1.0% Pb and 37ppm Ag (RCR-11)

  • 11m @ 1.91g/t Au from 25m to EOH, including 6m @ 3.1g/t Au

  • 7m @14.4% Mn from 14m to EOH; within 17m @ 9.2% Mn from 4m

C29 Metals Limited (“ C29 ” or the “ Company ”) is pleased to advise that it has secured a drill rig and is expecting the regulatory approvals to be granted this week allowing for drilling to commence at the Reddy Creek Prospect in early December.

The company has planned up to 9 holes (1,300m) diamond drill program to confirm the significant historically high-grade zones of copper, lead, zinc, manganese, silver and gold (see ASX announcement November 9, 2021) and to test the extensions of the mineralisation between the Reedy Creek Mine and Endeavour 1 prospects (Figure 1).

C29’s Executive Director Mark Major commented: “We are very fortunate to have secured a drill rig to undertake this work and are looking forward to commencing drilling as soon as possible. This program will allow us to potentially validate and grow the footprint of the polymetallic and gold mineralisation.”

The Reedy Creek Project comprises of a granted exploration license (EL8541) and covers an area of around 42km[2] , located 20km west of the township of Cudal in the Eastern Lachlan Fold Belt (ELFB) of Central NSW. The ELFB is a significant mineral province in Eastern Australia host to a number of world class copper-gold systems including the giant Cadia Cu-Au porphyry district and the North Parkes Cu-Au porphyry district. The ELFB is also host to a number of notable skarn associated base metal and gold systems, including Big Cadia, Little Cadia and Brown’s Creek. The project is located close to major regional centers, only 60km west of Orange and 57km southeast of Parkes.

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Figure 1 Location of the Reedy Creek Mine prospects, Endevour 1 prospect and the Mossvale Breccia prospect.

The Reedy Creek project is considered prospective for hydrothermal polymetallic (Au-Cu-Pb-ZnAg) deposits associated with the Middle Devonian Dulladerry Volcanics, within the Lachlan Transverse Zone (LTZ), Lachlan Fold Belt, NSW. A review of prior exploration data has identified potential for sulphide rich polymetallic (Au-Cu-Pb-Zn-Ag-Mn) skarn, breccia hosted gold - base metal and epithermal gold deposits in a number of structural & lithological settings at the Reedy Creek Mine, Endeavour 1, Mossvale & Kala Prospects (Figure 1).

The base-metal mineralisation is interpreted as skarn style, while the gold is related to a latter cross-cutting epithermal vein event. The mineralisation is located within a northeast trending structural corridor ranging between 150 & 200m wide and extending over a minimum of 1,000m between the Reedy Creek Mine and Endeavour 1 prospect (Figure 1). Much of the prospective zone is covered by transported sediment up to 15m thick. Significant potential remains within the corridor to define a shallow precious and/or base metal rich ore deposit.

The timing of drilling is conditional upon obtaining the regulatory approvals. It is our expectation based on information provided to us by our consultants that they should be forthcoming any day. The company cannot see any reason why they would not be granted.

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Authorised for release by the Board.

FOR FURTHER INFORMATION:

David Lees Non-Executive Chairman info@c29metals.com.au +61 (8) 6559 1792

Forward Looking Statements

This report may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above-mentioned announcement.

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