CONICO LTD — AGM Information 2022

Nov 24, 2022

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AGM Presentation

25 November 2022

CONICO 1

Cautionary Statement

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CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS:

Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the exploration industry, expectations regarding commodity prices, production, cash costs and other operating results, growth prospects and the outlook of Conico Ltd (“CNJ”) operations; contain or comprise certain forward-looking statements regarding CNJ ’s exploration operations, economic performance and financial condition.

Although CNJ believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

Accordingly, results or outcomes could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in commodity prices and exchange rates and business and operational risk management. CNJ undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.

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CONICO

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Mt Thirsty Co-Ni-PGE

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Mt Thirsty: PGE-Ni-Cu-Au

MTJV controls 1,800m of prospective strike 200m south of Callisto discovery (ASX:GAL) which remains untested

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Major PGE discovery by adjoining landholder Galileo (ASX:GAL)[1]

• Galileo recently made a new PGE discovery less than 200 metres from the JV’s northern tenement boundary.

• ▪ Mineralisation appears to be analogous to Platreef deposits which are inherently large by nature

• ▪ Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include: ▪ 33m @ 2.00g/t 3E (1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m

Continuity of mineralisation supported by lithology & geophysics

• Previous focus at Mt Thirsty historically limited to the top 100 metres targeting near surface Co-Ni oxide.

• ▪ Only 3.5% of all holes drilled at Mt Thirsty have penetrated deeper than 100 metres.

• Only four historical drill holes had intersected the target horizon however were not adequately sampled for PGE’s.

Drilling on MTJV Licences Scheduled to Begin this Week

• 6,000 metre drill campaign testing the continuity of the target PGE horizon onto the MTJV tenure.

• ▪ 1,650 metre drill campaign testing the western margin for lithium-caesium-tantalum (LCT) potential.

• ▪ 10 holes now completed with the program expected to be completed by early December 2022.

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1. ASX:GAL 11/05/2022 2. ASX:CNJ 16/05/2022

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Mt Thirsty: PGE-Ni-Cu-Au

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Phase 1 drilling nearing completion

• completed to date have intercepted disseminated sulphides.

• Initial interpretation indicates that secondary controls on mineralisation may influence grade.

Highly anomalous mineralisation intersected in first 8 holes

• MTRC003D: 27 metres @ 0.33g/t 3E, 0.12% Ni * 0.05% Co from 198 metres downhole.

• ▪ MTRC001D: 18 metres @ 0.29g/t 3E, 0.11% Ni * 0.05% Co from 182 metres downhole.

• MTRC009D: 10.2 metres @ 0.23g/t 3E, 0.09% Ni * 0.01% Co from 199 metres downhole.

Secondary controls on mineralisation likely to influence grade continuity

• Drilling has confirmed the target PGE horizon on the MTJV license

• All holes have intercepted anomalous PGE mineralisation, albeit at lower grade indicating secondary controls

• ▪ Phase 1 drill campaign has been updated based on evolving geological model targeting structural traps

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Mt Thirsty: Lithium

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Lithium-Caesium-Tantalum (LCT) Potential

• Historical drilling and mapping has previously recorded pegmatites on the western margin of the MTJV

• Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite (Galileo)

• Six grab samples of the Mt Thirsty pegmatite returned an average grade of 2.3% Li2O and 1.87% Rb

Eight pegmatite outcrops mapped over a strike extent of 1,000 metres

• Pegmatites have been mapped over a 1,000 metres strike extent and 900 metres across strike

LCT exploration underway with drilling to be completed by early December

• 11-hole program for 1,650 metres underway with drilling to be completed by early December.

• Drilling designed to gain better understanding of geochemical fractionalisation of pegmatites under cover

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1. www.galileomining.com.au/wp-content/uploads/2018/05/GAL-Prospectus.pdf

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Mt Thirsty: Cobalt Oxide Project

One of Australia’s most advanced and highest-grade cobalt projects with a completed Pre-Feasibility Study

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Long-life Cobalt Exposure

• 50/50 joint-venture between Greenstone and Conico

• 1 of 6 advance stage Co-Ni projects in Australia; and 1 of 2 Co dominant projects in Australia[5]

• ▪ Rail, road, power, gas, water, townsite, fibre optic and port

Previously released PFS completed during a period of subdued prices

• Remodelling of PFS at Cobalt prices of US$81,380/t and Nickel prices of US$37,115/t returned a pre-tax NPV 8% of $712 million[4]

Several Project Optimisations to Previous PFS Under Review

• Reviewing ability to produce sulphate or P-CAM products

• Reviewing alternative processing routes to increase Ni recoveries

• Downstream products capture price premium and strategic support

					Nickel Price /t (USD)	Nickel Price /t (USD)
Cobalt Price /t (USD)	$55,000 $61,000 $65,000 $70,000 $75,000 $81,380 $85,000 $90,000	$15,000 -$98m -$11m $47m $120m $192m $285m $337m $409m	$17,850 -$43m $44m $102m $175m $247m $340m $392m $464m	$20,000 -$1m $86m $144m $216m $289m $381m $434m $506m	$25,000 $96m $183m $241m $313m $385m $478m $530m $603m	$30,000 $192m $279m $337m $410m $482m $574m $627m $699m	$37,115 $330m $417m $475m $547m $620m $712m $764m $837m	$40,000 $386m $473m $530m $603m $675m $768m $820m $893m	$45,000 $482m $569m $627m $700m $772m $864m $917m $989m	$50,000 $579m $666m $724m $796m $869m $961m $1,014m $1,086m

Economic sensitivities from the previously presented PFS showing improvement in pre-tax NPV under current spot pricing from $44m to $712m[4]

1. ASX:GSR 20/02/2020 (Material assumptions – Forex 0.67, Co Price US$61,000/t, Ni Price US$17,850/t, Co Payability 80%, Ni Payability 85%) 2. ASX:CNJ 09/09/2019

2. LME Cobalt and Nickel prices as at 04/02/2022

3. ASX:CNJ 22/03/2022

4. ASX:SRL; ASX:COB; ASX:AUZ; ASX:ARL; ASX:GME

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GREENLAND

FIEL D S E A S ON UNDE RWA Y

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RYBERG Project

(Ni-Cu-Co-PGE-Au) 2 Rigs drilling at Sortekap, Cascata followed by Miki Fjord . GREENLAND ▪ July-September 2022 2 holes drilled so-far one at Cascata and one at Sortekap

Mestersvig:

▪ (Zn, Pb, Ag) Multiple drill targets commencing along strike from historic Blyklippen mine

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CONICO 5

Greenland Projects: Europe Facing

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RYBERG
①
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100% owned. 4,521 km[2]

Game-changing regional magneticradiometric survey completed in 2021 Nearby to Major Precious Metals’ (NEO: SIZE) Skaergaard Pd-Au project Contains 4 identified stand-alone prospects Known occurrences of nickel, copper, palladium, platinum and gold

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MESTERSVIG ②

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100% owned. 1,447 km [2]
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Contains an historic mine that produced 545 kt @ 9.9% Zn & 9.3% Pb that is open along ~13km of strike and at depth

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Adjacent to Greenland Resources’ (NEO:MOLY) Malmbjerg molybdenum project and nearby to IGO’s (ASX: IGO) Frontier copper project

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Contains an additional 2 standalone prospects

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Known occurrences of zinc, lead, copper and silver

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Greenland Projects: Key Prospects

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M I K I ①

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Magmatic sulphide occurrences (Cu-Ni-Co-Pd-Au)

S O R T E K AP ②

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Magmatic sulphide + orogenic gold occurrences (Ni-Co, Au)

C AS C A T A ③

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Layered mafic intrusion discovered by drilling in 2021 with lithological similarity to Major Precious Metals’ (NEO: SIZE) Skaergaard Pd-Au project.

Q I T E R P I AAN E Q ④

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• A significant magnetic feature (2021 survey) that may represent a previously

• unrecognised layered mafic intrusion (PGE-Au) or an alkaline intrusive complex (REEs).

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Ryberg Highlights: Fertile mineral systems

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Miki

• Assay Results from Miki Prospect have confirmed that the Miki Dyke is “fertile” and hosts highly anomalous levels of copper, nickel and Platinum Group Elements with better results including;

• 6.00 m @ 0.27% Cu, 0.06% Ni, and 0.31 g/t 3E[1] from 191 m.

MIDD011:

• 1.00 m @ 0.55% Cu, 0.11% Ni, and 0.78 g/t 3E from 77 m & 8.00 m @ 0.22% Cu, 0.04% Ni, and 0.22 g/t 3E from 134 m 9.72 m @ 0.17% Cu, 0.07% Ni, and 0.20 g/t 3E from 55 m.

MIDD012: MIDD013: MIDD014:

Sortekap

• Diamond drilling also demonstrated the potential for nickel, copper, and PGE mineralisation as well as orogenic gold mineralisation. Significant intersections included;

• 3.28 m @ 0.41% Cu, 0.07% Ni, and 1.12 g/t 3E from 105.5 m 7.00m @ 0.23 g/t Au from 395 m.

SODD004:

SODD006:

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Mestersvig Project

Mestersvig Brownfields Project: Containing the historic Blyklippen mine (Zn-Pb ± Ag, Cu) with mineralisation open along strike and to depth. The mine produced 545,000 tonnes of ore @ 9.9% Zn & 9.3% Pb between 1956 and 1962.

Critical Mineral: Zinc added to the United States Geological Survey (USGS) critical minerals list for 2022.

Demand for Greenland Product: Preliminary approval given from EXIM bank to provide up to US$657M in debt funding to develop Ironbark Zinc’s (ASX: IBG) Citronen Fjord lead-zinc project located in NE Greenland.

Mestersvig Existing Infrastructure: Several camps and buildings usable from previous exploration. Working harbour, 1,800m gravel airstrip (military) within 10km.

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Miners ready to go underground at the Blyklippen Mine, circa 1956-1962. Photo: Jorge Christensen, ´Blyminen i Mesters Vig´, published by Atuagkat, 2005.

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Mestersvig Highlights: Multiple Pb-Zn intercepts

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Similar styles of mineralisation to high-grade Blyklippen Mine (545,000 tonnes past production at 18% Pb-Zn) intersected

• 10 drill holes completed.

• Mineralised structure intersected along strike from Blyklippen.

• Significant strike potential (15km) and parallel mineralised vein identified at Nudal remains open in all directions.

• BKDD003: 3.3 metres of disseminated sulphides from 205.0 metres,

• BKDD004: 15.5 metres of disseminated sulphides from 211.5 metres,

• SBDD003: 4.5 metres of matrix sulphides from 134.1 metres, and

• SBDD005: 1.4 metres of heavily disseminated sulphides from 120.5 metres.

Assay Results

• First assay results anticipated within 3-4 weeks.

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Mestersvig: 2022 drilling

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Mestersvig: Nudal Prospect

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60.66% lead, 0.91% copper 236 g/t silver, 69.47% lead, 0.77% copper 282 g/t silver

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COMPANY SNAPSHOT

Conico - Capital Structure
Shares	1,454,968,111
CNJAT Options (ex. 1.6c, exp. 3/5/25)	1,000,000
CNJAA (ex. 4.0c, exp. 24/11/23)	6,000,000
CNJAC Options (ex. 4.0c, exp. 15/1/24)	2,300,000
CNJAM Options (ex. 2.2c, exp 21/9/23)	1,000,000
CNJAN Options (ex. 7.0c, exp 20/1/24)	75,496,307
CNJAO Options (ex. 4.0c, exp 30/9/24)	10,000,000
CNJAS Options (ex. 10.0c, exp 30/11/24)	33,500,000
CNJO (ex. 2.6c, exp 31/12/26)	208,577,855
Net Cash (A$)	$1,300,000
Share Price (A$)	$0.009
Market Capitalisation-Undil (A$) (m)	$13.1
Enterprise Value-Undil (A$) (m)	$11.8

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BOARD: Greg H. Solomon (Chairman) Guy T. Le Page (Exec Dir) Thomas Abraham-James (Non Exec Dir) James B. Richardson (Non-Exec Dir) Douglas H. Solomon (Non-Exec Dir) MANAGEMENT: Thomas Sant (Explr Manager) Aaron Gates (Company Secretary) MAJOR SHAREHOLDERS: BNP Paribas Noms: 10.0% Tasman Resources Ltd 8.5% BNP Paribas Noms: 5.8% D Solomon 3.3% G Solomon 3.3%

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CONICO

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GREENLAND

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FISCAL TERMS

• ✓ 30% corporate tax

• ✓ Double taxation treaties with Iceland, Denmark, Norway & Faroe Islands

• ✓ 2.5% sales royalty

• ✓ Greenland tax is based on a net income principle, where the taxable income is calculated as a total net amount after deductions

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• ✓ Can carry forward tax losses indefinitely

• ✓ No VAT (DKK 0.10 per litre tax on fuel)

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CONICO

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Summary

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• ✓ MT THIRSTY : Drilling to target Ni-Cu-PGE mineralisation due for completion in early December 2022.

• ✓ RYBERG : Ryberg (PGE-Ni-Cu-Co-Au) exposure to multicommodity opportunities with large scale.

• ✓ 2022 field season has demonstrated fertile Togeda and Miki dykes hosting Ni-Cu-PGE mineralisation.

• ✓ MESTERSVIG : Multiple Pb-Zn intercepts. Assays awaited.

• ✓ PEOPLE : Management + consultants with significant Greenland Experience.

• ✓ LOGISTICS : Easy access from Iceland.

• ✓ TIGHT CAPITAL STRUCTURE : Top 20 hold 49% of issued capital.

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CONICO 25

CONICO CONTACTS

Guy Le Page Exec. Director glepage@conico.com.au  mailroom@conico.com.au  www.conico.com.au

 Level 15, 197 St Georges Terrace PERTH WA 6000 Australia  Postal Address PO Box 7055 Cloisters Square WA 6850 Australia  +61-8-9282-5888  +61-8-9282-5899

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19 CONICO 26

COMPETENT PERSONS STATEMENT

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The information contained in this presentation relating to exploration results relates to information compiled or reviewed by Thomas Abraham-James, a full-time employee of Longland Resources Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Abraham-James has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserve Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Abraham-James consents to the inclusion in this presentation of the matters based on information in the form and context in which it . appears

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CONICO

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