CONICO LTD — Capital/Financing Update 2021

Jan 28, 2021

29 January, 2021

Australian Securities Exchange Announcement

ACN 119 057 457

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MESTERSVIG PROJECT ENLARGED BY 1,198km2 TO INCLUDE ADDITIONAL MINERALISATION

HIGHLIGHTS

• A new licence application for 1,183km2 at the Mestersvig Project has successfully progressed for Ministerial approval.

• The Company’s existing Mestersvig licence has successfully been enlarged by an additional 15km2.

• The enlarged Mestersvig Project now contains the following styles of mineralisation:

• » Vein-hosted lead-zinc-silver-copper sulphides (historic Blyklippen Mine & Sortebjerg/ Nuldal prospects).

• » Strata-bound lead-zinc-copper-barium sulphides (~225km2 of prospective lithologies).

• » Rare Earth Elements (REE), associated with a large igneous complex.

• » Primary base metal sulphides, associated with a large igneous complex.

• » Sediment-hosted copper sulphides.

• The Company now has an enlarged footprint in what is a known mineral-rich locality, containing the historic Blyklippen Mine, Malmbjerg molybdenum project and active copper exploration by others including IGO Ltd (ASX: IGO); and

• Due to the ongoing Covid-19 pandemic, all mineral exploration licences in Greenland have been granted waivers for 2021 activities, however the Company has elected to proceed as planned.

SUMMARY

Conico Limited (ASX: CNJ) (“Conico” or “the Company”) has increased the size of its Mestersvig License owing to the success of field activities and associated research conducted in 2020 (CNJ ASX Announcement, 8th December 2020). Existing licence MEL 2020/64 has been increased by 15km2 and a new application for an adjacent licence covering 1,183km2 has progressed for Ministerial approval (Figure 1). Upon grant of the new application, Conico will become the second largest licence holder in Greenland behind Anglo American plc.

The rationale behind the enlargement was to include the Werner Bjerge Complex (WBC), a series of igneous felsic, mafic and ultramafic intrusions within a diameter of ~17km, that are the likely source of mineralising fluids for vein-hosted lead-zinc-silver-copper sulphides. Additionally, strata-bound (hosted in a laterally continuous sedimentary horizon) mineralisation containing lead-zinc-copperbarium is also associated with the WBC and is present over an area of ~225km2 in the enlarged licence package. Primary sulphide mineralisation has been identified within the WBC which hosts the Malmbjerg molybdenum deposit, however the balance of the complex remains underexplored and is an obvious target for Rare Earth Elements (REE), with the REE-bearing mineral xenotime having been located within the WBC by a previous explorer. Also, the Geological Survey of Denmark and Greenland (GEUS) has identified the sediment-hosted copper potential of the Project area, particularly in black shales and red bed formations that were both witnessed in the enlarged licence area by Conico personnel in 2020.

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Figure 1: Overview of the Mestersvig Project, with key prospects and landmarks highlighted

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1.0 LICENCE TERMS

The new application is for a ‘Special Mineral Exploration Licence’ (S-MEL), that is exclusive and valid for 3 years with reduced, non-escalating expenditure requirements. After the 3 year term, the S-MEL can be converted in part or in whole to a conventional Mineral Exploration Licence (MEL). S-MEL’s are only granted for areas in northern and east Greenland that exceed 1,000km2 and exist to promote exploration in these locations. The Company’s Ryberg Project also contains an S-MEL (S-MEL 2019/38).

Due to the ongoing Covid-19 pandemic, all mineral exploration companies operating in Greenland have been informed that 2021 minimum expenditure is waived and 1 year will be added to the term of all licences. It is however the Company’s intention to proceed with field activities this year, and planning is at an advanced stage.

2.0 MINERALISATION STYLES

2.1 VEIN HOSTED LEAD-ZINC SILVER-COPPER SULPHIDES

The Company’s initial licence MEL 2020/64 contains the historic Blyklippen lead-zinc mine that produced 545,000 tonnes @ 9.9% zinc & 9.3% lead and the Sortebjerg Prospect (Figure 2) that contains similar mineralisation to Blyklippen and is located 10km to the south. Both are veinhosted occurrences associated with quartz±barite with the mineralised veins ranging in thickness from a few metres to 50m wide.

The licence area has since been increased by 15km2 to include the entirety of the Nuldal and Little Lead Valley Prospects that were subject to sampling and partial gravity survey in 2020. Surface samples taken by the Company in 2020 from Nuldal returned grades of up to 69.5% lead, 0.91% copper and 282g/t silver. The gravity survey also indicated a gravity high to the south of Nuldal which may indicate additional mineralisation that is not visible at surface due to the presence of transported overburden

Figure 2: Sphalerite hosted in quartz at the Sortebjerg Prospect

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2.2 STRATA BOUND LEAD-ZINC-COPPER-BARIUM SULPHIDES

Strata-bound mineralisation was described by previous explorers from expeditions through 1976 – 1985, and more recently in 2013. Hosted among conglomerate/carbonate lithologies in Upper Permian stratigraphy (Figure 3) is significant barite (barium sulphate), reportedly with concentrations in the range of 90-92% and thickness of up to 9m. Mineralisation is associated with zinc, lead and copper sulphides.

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2.2 STRATA BOUND LEAD-ZINC-COPPER-BARIUM SULPHIDES
2.2 Strata-bound mineralisation was described by previous explorers from expeditions through STRATA BOUND LEAD-ZINC-COPPER-BARIUM SULPHIDES
1976 – 1985, and more recently in 2013. Hosted among conglomerate/carbonate lithologies in Strata-bound mineralisation was described by previous explorers from expeditions through
1976 – 1985, and more recently in 2013. Hosted mong conglomerate/carbonatUpper Permian stratigraphy (Figure 3) is signific a nt barite (barium sulphate), r e lithologies inportedly with
concentrations in the range of 90-92% and thickness of up to 9m. Mineralisation is associated with Upper Permian stratigraphy (Figure 3) is significant barite (barium sulphate), reportedly with
zinc, lead and copper sulphides.concentrations in the range of 90-92% and thickness of up to 9m. Mineralisation is associated with
zinc, lead and copper sulphides.
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Figure 3. Schematic section through the Upper Permian in the Jameson Land Basin. Modified after Thomassen et al. (1982). Strata-bound base metal mineralisation is indicated.

The strata-bound mineralisation is reported by previous explorers as being present where steeply dipping epithermal veins (including the mineralised Blyklippen, Sortebjerg and Nuldal veins) intersect sub-horizontal carbonate-rich sediments. The fluids associated with the veins are considered to travel laterally along the carbonate sediments preferentially replacing them with quartz-barite. There are 3 locations within the enlarged Project area where strata-bound mineralisation has been identified to date, referred to as Holbergpasset, Oksedal and Bredehorn (Figure 1).

While barite is of interest, the exploration target is strata-bound copper, zinc and lead sulphide mineralisation. Exploration efforts to date by previous explorers have been sporadic and limited in their extent, with approximately 225km2 of prospective geology requiring assessment. The majority of this area is blind at surface, obscured by overlying sediments with mineralised exposures only visible in mountainsides. Serendipitously, the gravity survey conducted by the Company in 2020 identified high-density material along the western flank of prospective Upper Permian lithology that may to represent strata-bound sulphides.

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2.3 RARE EARTH ELEMENTS (REE)

The rare-earth phosphate mineral xenotime, (containing heavy rare earths yttrium, and secondary dysprosium, erbium, terbium and ytterbium), was reportedly discovered by a previous explorer within the Werner Bjerge Complex (WBC). No further mention of REE-bearing minerals is reported in literature, which is not surprising due to the lack of exploration activities and focus on other commodities. Xenotime is an important ore for REE and worthy of further investigation to confirm its presence and abundance.

2.4 PRIMARY BASE METAL SULPHIDES

The Werner Bjerge Complex (WBC) comprises a series of igneous felsic, mafic and ultramafic intrusions over a diameter of ~17km (Figure 1). The Company’s new licence application includes the majority of the WBC, with the balance licensed by Greenland Resources Inc., that contains the Malmbjerg molybdenum measured and indicated resource. A review of all historic reports indicates minimal exploration activities have occurred outside of Malmbjerg and the Company intends to explore its potential to host primary magmatic nickel and copper sulphide mineralization, particularly in overlooked mafic and ultramafic lithologies.

2.5 SEDIMENT HOSTED COPPER SULPHIDES

The Geological Survey of Denmark and Greenland (GEUS) has highlighted the prospective nature of Upper Permian sediments for hosting copper sulphides. Relevant to the licence area are reducedfacies copper occurrences that form within black shales, akin to the Kupferschiefer type in central Europe. The prospective area for such mineralisation in the Company’s licence area is ~225km2.

There are also extensive ‘red bed’ sandstone sedimentary units within the Project area that are yet to be adequately appraised for copper or other metals (Figure 4). Mineralisation in such a setting occurs via the transportation of copper in oxidised brines (hence the red colour), that then deposit the metal in concentration when a reducing material is encountered and the metal(s) precipitate. To the south of Conico’s licence area is IGO Ltd of Australia, exploring for a similar style of mineralisation.

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Figure 4 Oxidised Upper Permian sediments, located to the south of the Nuldal Prospect (looking north-northwest). Within the new S-MEL application.

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For and on behalf of the board,

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Guy T Le Page, FFIN, MAusIMM Executive Director

COMPETENT PERSONS STATEMENT

The information contained in this report 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 report of the matters based on information in the form and context in which it appears.

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.

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JORC Code, 2012 Edition

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specifc specialised industry standard measure- ment tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	• Surface reconnaissance rock- chip samples taken from outcrop by Avannaa Exploration Ltd in 2013 and Longland Resources Ltd in 2020. • Surface reconnaissance rock-chip samples taken from out- crop by Avannaa Exploration Ltd in 2013 and Longland Resources Ltd in 2020.
	Include reference to measures taken to ensure sample repre- sentivity and the appropriate calibration of any measure- ment tools or systems used.	• Rock-chip samples were chosen based upon geological features relevant to the target mineralisa- tion.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more expla- nation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commod- ities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• AVANNAA EXPLORATION LTD: Samples were sent to ALS Minerals’ laboratory in Öjebyn, Sweden, where the samples were crushed and up to 1 kg of each sample was pulverized to more than 85% passing 75 microns. Subse- quently, 0.25 g sample splits were sent to the ALS laboratory in Vancouver, Canada, where they were analysed in the following way: Main elements by code ME-XRF26: whole rock by fusion/ XRF (X-Ray Fluorescence spectrosco- py). Trace elements by code ME-MS61: 48 element four acid ICP-MS (Inductive- ly Coupled Plasma - Mass Spectrosco- py). Mercury by code HgCV41: trace Hg - cold vapour/AAS (Atomic Absorption Spectroscopy). Specifc gravity by code OA-GRA08b: specifc gravity for pulps using pycnometer. • LONGLAND RESOURCES LTD: Rock- chip samples were collected from the feld, placed into sample bags, and then submitted to SGS Laboratories, Spain and crushed, split and a portion pulverised to produce a representative sub-sample for analysis by aqua regia digest and Inductively Coupled Atomic Emission Spectrometry (ICP-AES) for the following elements: Ag, Co, Cu, Ni, Pb, S, Zn. Follow up analysis was then conducted at SGS Canada Inc., where pulps were delivered by SGS Laborato- ries Spain, for analysis by borate fusion and XRF for the following element: Pb; and aqua regia digest and Inductively Coupled Optical Emission Spectrometry (ICP-OES) for the following elements: Ag, Cu, S, Zn.

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Criteria	JORC Code Explanation	Commentary
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or stan- dard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	• No drilling is reported.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	• No drilling is reported.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	• No drilling is reported.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/ coarse material.	• No drilling is reported.
Logging	Whether core and chip sam- ples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• No drilling is reported.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	• No drilling is reported.
	The total length and percent- age of the relevant intersec- tions logged.	• No drilling is reported.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	• No drilling is reported.
	If non-core, whether rifed, tube sampled, rotary split, etc and whether sampled wet or dry.	• No drilling is reported.
	For all sample types, the nature, quality and appropriate- ness of the sample preparation technique.	• Sample preparation comprised industry standard oven drying, crush- ing, and pulverising. Homogenised pulpmaterial was used for assaying.

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	Quality control procedures adopted for all sub-sampling stages to maximise represen- tivityof samples.	• No sub-sampling occurred.
	Measures taken to ensure that the sampling is representative of the in-situ material col- lected, including for instance results for field duplicate/sec- ond-half sampling.	• No feld duplicates or second half sampling occurred.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	• AVANNAA EXPLORATION LTD: Sample weights are unknown, there- fore no comment can be made on their appropriateness. • LONGLAND RESOURCES LTD: Sam- ple weights ranged between 0.5 – 2.5kg, and are deemed appropriate for the mineralisation style.
Quality of assay data and labratory tests	The nature, quality and appro- priateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	• AVANNAA EXPLORATION LTD: Samples were assayed by independent certifed commercial laboratory (ALS Minerals, Vancouver). The laboratories are experi- enced in the preparation and analysis of base and precious metal sulphide ores. Main elements were analysed fusion / XRF which is considered total. Trace elements via four acid digestion ICP-MS which is considered ‘near total’. Hg by cold vapour/AAS which is considered partial. •LONGLAND RESOURCES LTD: Samples were assayed by independent certifed commercial laboratories (SGS Labora- tories Spain & SGS Canada Inc.). The laboratories are experienced in the preparation and analysis of base and precious metal sulphide ores. Samples were analysed via aqua regia ICP-AES & ICP-OES, which are considered partial. Pb was analysed via borate fusion / XRF which is considered total.
	For geophysical tools, spec- trometers, handheld XRF instruments, etc., the param- eters used in determining the analysis including instrument make and model, reading times, calibrations factors ap- plied and their derivation, etc.	• No geophysical tools were utilised.
	Nature of quality control proce- dures adopted (e.g. standards, blanks, duplicates, external lab- oratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Internal laboratory checks were used, and an acceptable level of accuracy was achieved (i.e., 2 stan- dard deviations).

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Verification of sampling and assaying	The verification of significant intersections by either inde- pendent or alternative compa- ny personnel.	• Verifcation was made by alternative company personnel who viewed the sam- ple photographs and concurred with the presence of visible lead, zinc and copper bearing minerals.
	The use of twinned holes.	• No twinned holes were drilled.
	Documentation of primary data, data entry procedures, data verification, data stor- age (physical and electronic) protocols.	• AVANNAA EXPLORATION LTD: No records regarding documentation have been located, therefore no commentary can be made. • LONGLAND RESOURCES LTD: All sample data was recorded on site via notebook and GPS, then trans- ferred to Microsoft Excel spread- sheet at the end of day. Original assay certifcates from the laborato- ry are digital and have been stored on secure server.
	Discuss any adjustment to assay data.	• AVANNA EXPLORATION LTD: Barite was calculated as BaO+SrOx1.522. Pure barite contains 65.7% BaO and has a specifc gravity (S.G.) of 4.2–4.6. • LONGLAND RESOURCES LTD: No ad- justments have been made.
Location of data points	Accuracy and quality of sur- veys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	• No Mineral Resource estimation data is reported.
	Specification of the grid sys- tem used.	• The Grid System used for all location data points is UTM WGS 84 Zone 26N.
	Quality and adequacy of topo- graphic control.	• AVANNAA EXPLORATION LTD: An elevation model for the Oksedal area was established by Astrium Services/DHI GRAS using Pléiades satellite data (2m accuracy). • Topographic information was sourced from the Greenland Mapping Project (GIMP) digital elevation model (30m accuracy).
Data spacing and distribution	Data spacing for reporting of Exploration Results.	• Surface samples are not located in a grid pattern, they were selected based on specifc technical and access controls.
	Whether the data spacing and distribution is sufcient to establish the degree of geological and grade continu- ity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifcations applied.	• The data is not intended for use in Mineral Resource and Ore Reserve estimation.

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Data spacing and distribution	Whether sample compositing has been applied.	• No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible struc- tures and the extent to which this is known, considering the deposit type.	• The majority of samples collected were located within fault structures or stratigraphic sequences contain- ing carbonates/visible sulphides.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• No drilling is reported.
Sample security	The measures taken to ensure sample security.	• AVANNAA EXPLORATION LTD: Sample security measures are unknwon, there- fore no comment can be made. • LONGLAND RESOURCES LTD: Samples were taken from the feld to storage on site, and then fown to secure storage in Iceland. They were then transported by DHL to Longland Resources Ltd director Thomas Abraham-James in Portugal, who then personally drove them to the laboratory. The samples were then moved internally from SGS Laboratories Spain to SGS Canada Inc.
Audits or reviews	The results of any audits or re- views of sampling techniques and data.	• No audits or reviews of the sampling techniques and data have been under- taken.

Section 2: Reporting of Exploration Results

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Criteria JORC Code Explanation Commentary
Mineral tenement and land Type, reference name/number, • The Mestersvig Project is wholly
tenure status location and ownership includ- within Mineral Exploration Licence
ing agreements or material 2020/64 and application XXX, locat-
issues with third parties such ed on the east coast of Greenland. It
as joint ventures, partnerships, is held 100% by Longland Resources
overriding royalties, native Ltd, a wholly owned subsidiary of
title interests, historical sites, Conico Ltd.
wilderness or national park and • Mineral Exploration Licence
environmental settings. 2020/64 lies within the Northeast
Greenland National Park.
The security of the tenure held • The tenure is secure and in good
at the time of reporting along standing at the time of writing. There
with any known impediments are no known impediments.
to obtaining a licence to oper-
ate in the area.
Exploration done by other Acknowledgment and appraisal • The data referenced in this report
parties of exploration by other parties. refers to exploration undertaken
by historic mining and exploration
companies operating the Project
from 1952 to 2013. The previous
workers include Nordisk Mineselskab
A/S, Ironbark Zinc Ltd and Avannaa
Exploration Ltd.
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Geology	Deposit type, geological setting and style of mineralisation.	• VEIN-HOSTED and STRATA-BOUND mineralization are likely that of a Mississippi Valley Type (MVT) Pb- Zn-Ag deposit where mineralisation has been re-mobilised by fuids along faults and carbonate stratigraphic sequences. Mineralisation is present as massive galena-sphalerite-barite, with associated chalcopyrite. Miner- alisation is present within quartz-bar- ite veins, hosted within sandstone, conglomerates and carbonates. Known mineralisation is within the fault and vein systems associated with a Devonian graben system. • RARE EARTH ELEMENT minerali- sation type and style are currently unknown. It is however associated with an igneous complex, and is like- ly to be associated with a pegmatite. This assumption is made as previous explorers could identify the mineral xenotime visually, therefore it must be a relatively large crystal size. • PRIMARY SULPHIDE mineralisa- tion is postulated, and if present is likely to be in the form of magmatic sulphides. These typically occur when a mafc magma undergoes sulphur saturation (via assimilation of sediments) and an immiscible sulphur-rich magma forms that is endowed in copper and nickel. • SEDIMENT-HOSTED COPPER miner- alisation is postulated to be present in the licence area by GEUS and to be of the ‘reduced facies’ style. Whereby strata-bound, disseminated copper sulphide deposits in reduced-facies sedimentary rocks occur overlying or interbedded within redbed sequenc- es or subaerial basalt fows. Copper is mobilised by oxidised brines; the reducing suphide-bearing fuids are derived from reduction of sulphate in marine or lacustrine, organic-rich, fne-grained sediments. Evaporates, or other sources of brines are import- ant.

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Drill hole information	A summary of all information material to the understand- ing of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar - dip and azimuth of the hole - down hole length and inter- ception depth - hole length.	• No drill-holes are reported
	If the exclusion of this infor- mation is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• No drill-holes are reported
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	• Assays for surface samples col- lected by Longland Resources Ltd in 2020 are reported in their entirety in Appendix 1 and 2013 samples col- lected by Avannaa Exploration Ltd in Appendix 2.
	The assumptions used for any reporting of metal equiv- alent values should be clearly stated.	• Metal equivalents have not been used.

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Relationship between miner- alisation widths and intercept lengths	- These relationships are particularly important in the re- porting of Exploration Results. - If the geometry of the min- eralisation with respect to the drill hole angle is known, its nature should be reported. - If it is not known and only the down hole lengths are report- ed, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• No drilling is reported.
Diagrams	Appropriate maps and sections (with scales) and tab- ulations of intercepts should be included for any signifcant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• No drilling is reported.
Balanced reporting	Where comprehensive report- ing of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid mislead- ing reporting of Exploration Results.	• All assay data that has been report- ed are in Appendices 1 & 2.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotech- nical and rock characteristics; potential deleterious or con- taminatingsubstances.	• Drilling has occurred with MEL 2020/64 and is reported in a CNJ ASX announcement dated 8th De- cember 2020. • Regional aeromagnetic data was acquired by the Greenland govern- ment and covers the majority of the licence area. It was fown at 400m line spacing, and altitude of approxi- mately 300m.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large- scale step-out drilling).	• The Company intends to acquire high-resolution (100m line spacing) aeromagnetic data to have tighter control on fault locations. This is deemed essential due to mineralisa- tion being fault controlled. • Diamond drilling of known targets identifed in the gravity survey, sur- face sampling and historic diamond drilling is also proposed to occur.
	Diagrams clearly highlighting the areas of possible exten- sions, including the main geological interpretations and future drilling areas, provided this information is not com- merciallysensitive.	• Refer to Figure 1.

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APPENDIX 1 - SURFACE SAMPLING

DETAILS OF 2020 SURFACE SAMPLING AT THE MESTERSVIG PROJECT

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APPENDIX 2 - SURFACE SAMPLING

DETAILS OF 2013 SURFACE SAMPLING AT THE MESTERSVIG PROJECT

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