CONICO LTD — Capital/Financing Update 2020

Nov 1, 2020

Longland Acquisition Completed

HIGHLIGHTS

• Acquisition of 100% of the issued capital of UK registered Longland Resources completed.

• Consideration was the issue of 120,000,000 Shares in Conico Ltd (ASX: CNJ ) at a deemed issue price of 1.4 cents each.

• Geologist and Longland co-founder Thomas Abraham-James appointed as CEO of Longland .

• Results awaited from 2020 East Greenland field season.

Longland Settlement

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Figure 1: Location of Longlands’ Greenland exploration projects

Conico Ltd (“ Conico ”, “ CNJ ” or “the Company”) is pleased to announce that all of the conditions precedent required for settlement for the acquisition of 100% of the issued capital of UK registered Longland Resources Limited (“ Longland ”) have been met and the Company has today issued 120,000,000 ordinary fully paid shares (“Shares”) in Conico to the Longland shareholders in accordance with the resolutions approved and announced by the Company at its General Meeting on 20[th] October 2020. Longland holds a 100% interest in the Ryberg and Mestersvig projects in East Greenland (figure 1).

Appointment of CEO

In accordance with the binding agreement, the board is also pleased to announce the appointment of Longland cofounder and geologist Thomas Abraham-James as CEO of Longland . Thomas will be responsible for the planning, implementation and execution of all field activities in east Greenland.

2020 Field Season Results

Results are awaited in mid-late November/December 2020 on the following prospects.

RYBERG

Miki Cu-Ni-Co-PGE-Au magmatic sulphide prospect:

• Ground electromagnetic (EM) survey.

• Surface sampling of newly identified mineralised outcrop.

Sortekap gold prospect

• Ground Induced Polarisation (IP) survey.

• Surface sampling of Archaean greenstone with quartz veins.

MESTERSVIG Pb-Zn

• Ground gravity survey completed at the historic Blyklippen mine and Sortebjerg prospect.

• Surface sampling of newly identified mineralised outcrop.

• Discovery of historic drill-core storage facility.

For and on behalf of the board,

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Guy T Le Page, MAusIMM, FFIN Director

Guy Le Page is a director of Conico and was authorised to sign this announcement. For any queries regarding this announcement please contact Guy Le Page on +6-(8)-6380-9200.

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.