CONICO LTD — Capital/Financing Update 2021

Apr 27, 2021

28 April, 2021

Australian Securities Exchange Announcement

ACN 119 057 457

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APPROVAL GIVEN FOR GREENLAND FIELD SEASON ACTIVITIES AND ALL CONTRACTS SIGNED

Conico Limited (ASX: CNJ ) (“ Conico ” or “the Company”) through its 100% owned subsidiary Longland Resources Limited (“ Longland ”) received notification on the 23rd of April that full approval for activities at the Ryberg and Mestersvig Projects in Greenland (figure 1) has been issued by the Ministry of Mineral Resources. In addition, all contracts have been signed and mobilisation of equipment to the staging point in Reykjavik, Iceland has commenced.

Activities will commence in May 2021, and consist of:

Ryberg Project

• Diamond drilling at:

• » The Miki Prospect (magmatic sulphide Cu-Ni-Co-Pd-Au), following up on surface geochemistry grading up to 2.2% copper, 0.8% nickel, 0.1% cobalt, 3.3g/t palladium & 0.2g/t gold and conductors from 2 x electromagnetic surveys acquired in 2017 & 2020 (refer to CNJ ASX announcement on 10 Dec 2020 for more details).

• » The Sortekap Prospect (orogenic Au & magmatic sulphide Ni-Co-Pt), following up on surface geochemistry grading up to 2.7g/t gold & 0.33% nickel and a significant Induced Polarisation (IP) anomaly identified in 2020 (refer to CNJ ASX announcement on 22 Dec 2020 for more details).

• Licence-wide high-resolution aeromagnetic survey

Mestersvig Project

• Licence-wide high-resolution aeromagnetic survey

• Sampling of rare earth element (REE) and base metal sulphide bearing rocks (refer to CNJ ASX announcement on 28 Jan 2021 for more details).

Longland CEO Thomas Abraham-James said “This is a very big year for us, the news flow will be significant and a very exciting time for the Company and our shareholders. We will be conducting a maiden drill program at the Ryberg Project which has outstanding potential for in-demand battery and precious metals, while also gathering high-resolution magnetic survey data across the entirety of the Ryberg and Mestersvig Projects.”

28 April, 2021

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Figure 1: Location map for Conico’s Greenland Projects in relation to the staging point in Reykjavik, Iceland.

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28 April, 2021

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Longland personnel intend to travel to Greenland in May to meet with officials in the capital Nuuk, then transit to Mestersvig where they will spend approximately 10 days sampling and mapping known rare earth element (REE) and base metal sulphide occurrences on the recently enlarged licence area. Previous explorers noted the presence of the REE-bearing minerals xenotime and mosandrite within the Werner Bjerge Alkaline Complex.

All key contracts have been signed and mobilisation of equipment to the staging area in Reykjavik, Iceland has commenced, with the vessel scheduled to depart for the Ryberg Project in the last week of June. Drilling and the aeromagnetic survey will both commence immediately upon arrival, and when the aeromagnetic survey is completed at Ryberg the aircraft will then mobilise to Mestersvig.

Contracts have been signed with the following service providers:

• Cartwright Drilling Inc. (diamond drilling)

• NRG Exploration CC (aeromagnetic surveys)

• BlueWest Helicopters Greenland Aps (helicopter)

• IceTugs ehf (vessel)

Personnel operating at Ryberg will be accommodated onboard a research vessel moored in the licence area, at a point closest to the drill locations. The crew at Mestersvig will be accommodated between the hotel at Nerlerit Inaat Airport, and the existing Nyhavn Camp. The field season will be completed by the end of September, with additional fuel stored at each location to allow for an early start in 2022.

For and on behalf of the board,

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Guy T Le Page, FFIN, MAusIMM Executive 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 +61 (8) 6380 9200

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28 April, 2021

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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.

COMPETENT PERSONS STATEMENTS

The information contained in this report relating to exploration results for the Greenland projects is based on 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. AbrahamJames consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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