CODRUS MINERALS LIMITED — Capital/Financing Update 2021

Jul 18, 2021

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ASX ANNOUNCEMENT
19 July 2021
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DRILLING COMMENCES AT SILVER SWAN SOUTH

Maiden diamond drilling program underway to test prospective gold and nickel targets 20km north of Kalgoorlie

Highlights

• Codrus is well-funded following completion of its heavily oversubscribed $8m IPO at $0.20 in June.

• • Final drill targeting completed to support its maiden 1,600m diamond drill program, which has now commenced at the Silver Swan South Project (WA).

• Gold targets located along the projection of the Fitzroy Fault (the controlling structure on mineralisation at the world-class >5Moz Kanowna Belle mine, 10km to the south).

• Nickel targets are hosted in ultramafics located south and along trend of the high-grade Silver Swan nickel mine.

• Codrus Minerals Managing Director, Shannan Bamforth, will be hosting a webinar at 11.00am WST / 1.00pm AEST today (Monday, 19 July 2021) for shareholders, brokers, investors and media to discuss the maiden drilling program and provide an update on upcoming exploration activities across its portfolio. Investors are invited to register for the webinar via the following link:

https://www.bigmarker.com/read-corporate/Codrus-Minerals-Investor-Update

Codrus Minerals (ASX: CDR , Codrus or the Company ) is pleased to announce that diamond drilling has commenced at its Silver Swan South Project, located ~20km north of Kalgoorlie in WA.

The program, comprising ~1,600m of diamond drilling, is designed to test both gold and nickel targets along the Fitzroy Fault, the geological structure that hosts the mineralisation at the nearby >5Moz Kanowna Belle gold mine.

Codrus Managing Director Shannan Bamforth commented: “We are very excited to announce the start of our maiden drilling program just weeks after successfully listing on the ASX last month. With a strong balance sheet and outstanding project portfolio, Codrus is in an enviable position as it embarks on its life as an ASX-listed explorer.

“At Silver Swan South, we have the opportunity to be the first company to test under some very significant historic mineralisation located directly along strike from one of Kalgoorlie’s great gold mines at Kanowna Belle.

“This project also sits along trend of the high-grade Silver Swan nickel mine, within an ultramafic suite where we have identified a number of promising EM conductors.

“We are in the unique position of being able to test both nickel and gold targets with our maiden drilling program, which represents the start of what we expect to be a dedicated exploration program across the Company’s four key projects.”

PO Box 1175, West Perth, WA, 6872

T: +61 8 6424 9017 E: admin@codrusminerals.com.au W: codrusminerals.com.au

ASX | CDR

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Figure 1 . DDH1 Diamond drill rig has commenced operations at Silver Swan South.

Silver Swan South

The Silver Swan South Project is a gold and nickel project located approximately 20km north-east of Kalgoorlie that is comprised of seven granted tenements covering a total area of 45.2km[2] (Figure 2.).

The Silver Swan South Project lies approximately 10km north-east of the Kanowna Belle Gold Mine operated by Northern Star Resources Limited and lies along the structural trend of the Fitzroy Fault (the primary control on mineralisation at Kanowna Belle).

The Project has had historic exploration by numerous previous tenement holders, including Blackstone Minerals (ASX: BSX). Historic work that supports gold and nickel exploration targeting at the project includes rotary air blast (RAB), air-core (AC) and Reverse Circulation (RC) drilling and a number of airborne and ground geophysical surveys.

A significant portion of the historical work is interpreted to have not effectively tested the geological opportunity due to not penetrating into bedrock as a result of the presence of thick surficial cover.

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Figure 2 . Silver Swan South Project location.

The Company’s initial drilling at Silver Swan South will be at Black Eagle , where historic drilling has intersected encouraging gold mineralisation including SNAC070: 10m at 3.2g/t Au from 68m at the interpreted base of transported cover and into weathered bedrock.

Adjacent to this is a geophysical anomaly derived from Moving Loop Electromagnetic Surveys (MLEM) which corresponds very closely with the inferred position and dip direction of the north-south striking komatiite unit that could host nickel mineralisation. The current drill program (DDH) will be used to explore these areas and to develop further understanding of the concealed basement stratigraphy and structural setting (Figure 3.).

At Black Hawk , there are recent bottom-of-hole intercepts that will be further evaluated to test gold anomalism (SNAC027: 7m at 1.3g/t Au) in felsic stratigraphy adjacent to the interpreted trend of the Fitzroy Shear Zone. Diamond drilling here will supply greater detail to inform the current geological understanding.

At Black Falcon , the presence of elevated nickel in the in-situ clay zone (SNAC019: 24m at 0.6% Ni, 115ppm Cu and 468ppm As) will be investigated with drilling and follow up Down-Hole Electromagnetic (DHEM) surveying to test for off-hole conductors.

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Figure 3 . Drill targets at Silver Swan South.

The Company is looking forward to progressing this program and building its geological knowledge around these exciting targets. Following completion of the program, the Company intends to move ahead rapidly with a program of RC drilling at the Red Gate Project in the Edjudina mining centre.

This announcement was authorised for release by the Board of Codrus Minerals.

ENDS

Investor Inquiries: Shannan Bamforth, Managing Director Codrus Minerals Mobile: 0437 370 102

Media Inquiries: Nicholas Read Read Corporate Mobile: 0419 929 046

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Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Shannan Bamforth who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bamforth is a permanent employee of Codrus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this announcement that relates to previous exploration results for the Projects is extracted from the following ASX announcement:

• “Codrus Minerals Limited Prospectus” 21st June 2021

The above announcement is available to view on the Company’s website at codrusminerals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the information and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration and Resource Targets is only conceptual in nature. While Codrus is continuing exploration programs aimed at reporting additional JORC compliant Mineral Resources, there has been insufficient exploration to define mineral resources and it is uncertain if further exploration will result in the determination of maiden JORC compliant Mineral Resources.

Forward-Looking Statements

Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Codrus. There is continuing uncertainty as to the full impact of COVID-19 on Codrus’s business, the Australian economy, share markets and the economies in which Codrus conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Codrus’s business or the price of Codrus securities. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Codrus does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

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