CONICO LTD — Capital/Financing Update 2022

Sep 18, 2022

ASX Announcement

19[th] September 2022

==> picture [496 x 37] intentionally omitted <==

----- Start of picture text -----

MESTERSVIG EXPLORATION UPDATE
----- End of picture text -----

Highlights

Diamond drilling at the Mestersvig project in Greenland has concluded, with a total of 10 holes completed.

• Eight holes have intercepted disseminated, heavily disseminated and/or matrix sulphides, including:

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

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

• SBDD003: 4.5 metres of matrix sulphides from 134.1 metres (see Figure 1), and

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

• Zn, Pb & Cu sulphides logged in core: Consistent with mineralisation at the historic Blyklippen Mine (within the licence area) and Sortebjerg Prospect.

• First assays: Expected within 6-8 weeks , including zinc, lead, copper, and silver.

• Prospective horizon; Remains open along strike , with a further 9 km of un-drilled strike on the Blyklippen-hosted vein, and a further 14 km of untested mineralised quartz vein-bearing faults throughout the project area.

• Nuldal Reconnaissance Exploration: Additional lead mineralisation at surface hosted in veins, with a massive galena outcrop up to 1 m thick.

Drill core is now in the process of being transported from Greenland to continental Europe, where it will then be sampled and submitted for assaying with results expected back within 6-8 weeks. All samples will be assayed for zinc, lead, copper and silver.

Conico Ltd ABN 49 119 057 457 Level 15, 197 St George’s Terrace Perth, WA 6000 Australia

+61 (0)8 9282 5889 @conico_ltd info@conico.com.au @ConicoLtd www.conico.com.au conico-limited

==> picture [211 x 50] intentionally omitted <==

Mestersvig Project

Conico Limited ( ASX: CNJ ) ( Conico or the Company ) is pleased to provide an update on exploration at the 100% owned Mestersvig Project in East Greenland, where drilling concluded on 14[th] September, having commenced on 27[th] July 2022. A total of 10 diamond drill holes were completed, targeting vein-hosted Zn-Pb-Cu-Ag. Eight holes intersected zones of disseminated, heavily disseminated and/or matrix sulphides. The drill campaign was testing for extensions to the known mineralised vein system identified at Blyklippen and Sortebjerg approximately 13 km along strike from one another.

Drilling was conducted using two diamond drill rigs owned by Conico and operated by Cartwright Drilling Inc., with accommodation at an exploration camp located on site. The drill rigs and associated equipment will remain on site until the commencement of the proposed 2023 field season.

Executive Director, Guy le Page, commented :

“Mineralisation at Mestersvig is readily identifiable via visual investigation, with most holes penetrating the anticipated vein system that is known to contain zinc, lead, copper and silver mineralisation. It is pleasing to see that the mineralised vein continues along strike, proving our modelling to be correct and we await the assay results with anticipation.”

Holes that intercepted the modelled mineralised vein exhibit similar mineralisation to the historic Blyklippen Mine, consisting of vein-hosted disseminated sulphides, heavily disseminated sulphides and/or matrix sulphides (see Appendix 1), including:

• 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.

2 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

Figure 1: Sulphide mineralisation in core photography (highlighted in purple) for SBDD003. See Appendices 1 & 2 for a mineralised intercept summary and the sulphide logging guide.

==> picture [430 x 604] intentionally omitted <==

3 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

NULDAL RECONNAISSANCE

Follow up reconnaissance at the Nuldal Prospect identified a mineralised vein running roughly parallel with Blyklippen, trending N-S. It contains several galena-bearing outcrops, and also hosts silver mineralisation. Two rock chip samples were taken here in 2020, grading 60.66% lead, 0.91% copper & 236 g/t silver, and 69.47% lead, 0.77% copper & 282 g/t silver (Conico ASX Announcement 8[th] December 2020). Field observations this year have found a one metre wide occurrence of massive galena with disseminated chalcopyrite in outcrop (Figure 2, and Figure 4 for location).

==> picture [460 x 346] intentionally omitted <==

Figure 2: Massive galena outcropping at the Nuldal Prospect (for scale, the white marker is 12.0 cm long). For location, see Figure 4.

4 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

BACKGROUND & TECHNICAL DISCUSSION

Local geology is dominated by Carboniferous, Permian and Triassic sediments intruded by Palaeogene dolerite sills and dykes. The area is bordered by the Palaeogene Werner Bjerge alkaline igneous complex to the south, and a major regional fault to the west, beyond which sits the Caledonian fold belt. The Mestersvig graben is the most conspicuous feature of the project area, which occurs in a 15-20 km-long anticlinal fold structure amongst widespread faulting. The graben is 4 km wide and 12 km long, with the western graben fault being the host to the Blyklippen Mine that produced 545,000 tons of ore at 9.3% lead and 9.9% zinc between 1956-1962.

Mineralisation occurs as fault controlled epithermal lead-zinc veins with accessory silver and copper. Mineralisation is hosted within quartz veins that range in thickness from 2-50 m, from surface to unknown depth. Veins are mostly associated with the border faults of the Mestersvig graben, but also occur distally and are widespread throughout the project area. Ore minerals are typically massive sphalerite and galena, with minor chalcopyrite and barite.

The Sortebjerg Prospect is situated approximately 13 km south of the Blyklippen mine and is a mineralised vein that has been subject to historic drilling. It is interpreted to be the same mineralised western graben fault that hosts the Blyklippen mine, and contains similar Zn-PbAg mineralisation, with the addition of chalcopyrite.

5 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

==> picture [467 x 660] intentionally omitted <==

----- Start of picture text -----

Conico Ltd MEL
Conico Ltd Mel-S
----- End of picture text -----

Figure 3: Location map for the Mestersvig Project, highlighting the location of the Blyklippen and Sortebjerg Prospects.

6 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

==> picture [483 x 682] intentionally omitted <==

Figure 4: Plan view of Mestersvig 2022 and historic drill collars. Red star shows the location of the 1- metre-thick massive galena outcrop. Pink diamond shows the location of 2020 rock chip sample grading 69.47% lead, 0.77% copper & 282 g/t silver.

7 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

==> picture [483 x 683] intentionally omitted <==

Figure 5: Close up view of Sortebjerg prospect showing historic drill holes with downhole assay intercepts graded by colour, and 2022 drill holes. Fault trace coincides with the mineralised vein.

8 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

APPENDIX 1: MESTERSVIG SUMMARY LOGS - DRILL HOLE SULPHIDE MINERALISATION

Hole ID	From (m)	To (m)	Length (m)	Host lithology	Mineralisation style
BKDD001	269.6	269.9	0.3	Quartz vein	Disseminated (Sl) 5.0%
BKDD003	201.0	202.0	1.0	Quartz-feldspar vein	Disseminated (Gn,Sl) 5.0%
	205.0	208.3	3.3	Quartz-feldspar vein	Disseminated (Gn,Sl) 5.0%
	209.2	209.3	0.1	Quartz vein	Matrix(Gn)25.0%
BKDD004	196.7	197.0	0.3	Quartz-feldspar vein	Disseminated (Gn,Sl,Cp) 3.0%
	211.5	218.4	6.9	Quartz vein	Disseminated (Gn)2.0%
	218.4	227.0	8.6	Quartz vein	Heavily disseminated (Gn,Sl) 7.0%
	230.9	231.1	0.2	Quartz vein	Matrix(Cp)25.0%
BKDD005	154.5	155.1	0.6	Quartz vein	Matrix(Gn)25.0%
SBDD001	78.7	79.2	0.5	Quartz vein	Matrix(Gn,Sl)25.0%
	79.9	80.5	0.6	Quartz vein	Disseminated (Cp)2.0%
	86.9	88.7	1.8	Quartz vein	Disseminated (Sl) 5.0%
SBDD002	103.3	104.5	1.2	Quartz vein	Heavily disseminated (Sl)10.0%
	149.4	149.5	0.1	Quartz vein	Heavily disseminated (Sl)10.0%
	182.0	182.5	0.5	Quartz vein	Disseminated (Cp)2.0%
SBDD003	134.1	138.6	4.5	Quartz vein	Matrix(Sl,Cp)25.0%
	140.1	140.2	0.1	Quartz vein	Matrix(Sl)25.0%
	142.0	142.9	0.9	Quartz vein	Matrix(Sl, Cp)27.0%
	161.4	162.0	0.6	Quartz vein	Heavily disseminated (Sl,Cp)11.0%
SBDD005	120.5	121.9	1.4	Quartz vein	Heavily disseminated (Sl)10.0%

Gn = Galena. Sl = Sphalerite. Cp = Chalcopyrite. Sulphides & metal contents are not directly correlated; Assays are required to determine metal content (e.g., Zn, Pb, Cu, Ag).

APPENDIX 2: FIELD GUIDE FOR THE LOGGING OF SULPHIDE MODE, TYPE, AND PERCENTAGE

Sulphide Mode	Precent Range (visually estimated)
Weakly disseminated	< 1%
Disseminated	1 -5 %
Heavily disseminated	5- 20 %
Matrix	20- 40 %
Net textured	20- 40 %
Semi-massive	40-80 %
Massive	> 80%

*Sulphide estimates undertaken by visual observation with assays results still pending

APPENDIX 3: MESTERSVIG COLLAR LOCATION AND DETAILS

Hole ID	Northing	Easting	Elevation	Depth	Dip	Azimuth	Comments
BKDD001	8011842	598099	337	339 m	-50	238	Diamond
BKDD002	8012329	597754	432	105m	-55	238	Diamond
BKDD003	8012432	597722	424	299m	-55	238	Diamond
BKDD004	8012350	597735	436	263m	-55	238	Diamond
BKDD005	8010206	599011	328	221 m	-55	245	Diamond
SBDD001	8003147	601247	280	115m	-65	240	Diamond
SBDD002	8003147	601247	280	200m	-75	240	Diamond
SBDD003	8003330	601183	294	206m	-60	240	Diamond
SBDD004	8003621	601013	276	200m	-60	278	Diamond
SBDD005	8003418	601133	294	164 m	-60	240	Diamond

Coordinates are given in WGS84 UTM Zone 26N.

9 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

APPENDIX 4: BLYKLIPPEN DRILL TRACES

==> picture [406 x 670] intentionally omitted <==

10 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

APPENDIX 5: SORTEBJERG DRILL TRACES

==> picture [430 x 652] intentionally omitted <==

11 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

APPENDIX 6: HISTORIC SORTEBJERG COLLAR LOCATION AND DETAILS

Hole ID BH001 BH002 BH003 BH004 BH005 BH006 BH007 BH008 BH010 BH012 BH014 BH016 SB017 SB018 SB019	Northing	Easting	Elevation	Depth	Dip	Azimuth	Drill Type	Company	Drill **Year **
	8001753	601944	255	167.4	-48	248	Diamond	Nordisk Mineselskab	1952
	8001801	601920	255	160.9	-45	248	Diamond	Nordisk Mineselskab	1952
	8001722	601875	275	66.5	-45	248	Diamond	Nordisk Mineselskab	1952
	8001763	601839	280	67.5	-45	248	Diamond	Nordisk Mineselskab	1952
	8001190	602146	149	92	-50	248	Diamond	Nordisk Mineselskab	1952
	8002564	601525	190	57.1	-50	248	Diamond	Nordisk Mineselskab	1952
	8000236	602680	30	78.3	-55	248	Diamond	Nordisk Mineselskab	1952
	8002520	601546	200	67.7	-50	248	Diamond	Nordisk Mineselskab	1952
	8002478	601575	210	82	-50	248	Diamond	Nordisk Mineselskab	1952
	8002433	601605	220	76.1	-50	248	Diamond	Nordisk Mineselskab	1952
	8002384	601628	230	74.6	-55	248	Diamond	Nordisk Mineselskab	1952
	8002443	601627	220	96	-65	248	Diamond	Nordisk Mineselskab	1952
	8002671	601451	214	47	-50	220	Diamond	Ironbark ZincLtd	2011
	8002671	601451	214	80	-70	220	Diamond	Ironbark ZincLtd	2011
	8002855	601374	245	122	-70	220	Diamond	Ironbark ZincLtd	2011

APPENDIX 7: HISTORIC SORTEBJERG SIGNIFICANT INTERCEPTS

Hole ID	From (m)	To (m)	Interval (m)	Copper (%)	Lead (%)	Zinc (%)
BH001	40.0	45.17	5.17		1.77	12.58
BH001	132.52	133.4	0.88		0.2	21.7
BH002	122.75	124.3	1.55		0.02	15.87
BH003	13.15	14.2	1.05			7.13
BH003	21.57	22.52	0.95		0.02	7.15
BH003	52.83	55.8	2.97	0.29	1.73	11.08
BH008	33.77	34.63	0.86	0.32		9.82
BH010	40.2	41.75	1.55	0.83	7.34	18.21
BH012	46.15	49.25	3.1	3.04	8.45	12.62
BH016	91.01	91.91	0.9	5.37	0.03	1.98
SB017	8.25	10.75	2.5	0.07	0	16.1
SB018	6.4	6.9	0.5	0.06	0	11.45
SB018	21.8	22.8	1	0.02	0.22	17.95
SB019	53.8	54.8	1	0.03	0	17.33
SB019	61.8	62.1	0.3	0.11	0	5.65
SB019	84.2	84.6	0.4	0.05	0	13.35

12 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

Competent Persons Statement

The information contained in this report relating to exploration results relates to information compiled or reviewed by Thomas Abraham-James, a non-executive director of Conico 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.

Disclaimer

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk. This report contains forward-looking statements that involve several 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 report. No obligation is assumed to update forwardlooking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

13 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

THE FOLLOWING TABLES ARE PROVIDED TO ENSURE COMPLIANCE WITH THE JORC CODE (2012 EDITION) FOR THE REPORTING OF EXPLORATION RESULTS.

MESTERSVIG PROJECT

SECTION 1 – SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections.)

Criteria	**JORC Code explanation **	Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement 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. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • 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 explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	• Sampling was conducted using standard industry practices with diamond drilling. • Drill-holes were angled to optimally intersect the interpreted contact with the mineralised vein. • Mineralisation in all drill-holes has not been quantitively determined and is awaiting sampling and assay. The determination in this report is qualitative, based on visual observation made by the on-site geologist.
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 standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Wireline diamond drilling using a 75.7mm diameter drill bit and standard tube. The core has not been orientated but has been surveyed using a Reflex EZ- GYRO. The drill rigs are Zinex A1 heli- portable fly rig operated by Cartwright Drilling Inc.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • 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.	• All drill core has been geotechnically logged with core recovery measured per drill core run (3m). • The drill crew was notified of the target depth and likelihood of intersecting sulphides, accordingly they eased pressure on the drill bit from that depth onward to minimise the chance of core destruction. All drill core was then placed in trays with lids to ensure that no core was lost during transportation from the drill site to core logging facility. The drill core was then reconstructed into continuous runs by the geologist. Depths were checked against depths indicated on the core blocks. • It is not possible to assess whether a relationship exists between sample recovery and grade as no assays have been conducted to date.

14 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

Criteria	**JORC Code explanation **	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All drill core has been geologically and geotechnically logged by a qualified geologist to a level of detail that supports appropriate Mineral Resource estimation, mining studies and metallurgical studies. • The logging is qualitative. All drill core was photographed. • Logging of diamond core was qualitative and diamond core was photographed. • Alldrill-holeshave been loggedin full.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Not applicable as no sampling has been undertaken.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision have been established.	• Not applicable as no assaying has occurred.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Not applicable as no assaying has occurred.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill hole collar locations are pegged out by the supervising geologist using handheld GPS, accurate to +/-3m. This has been considered as sufficiently accurate for the purposes of drillhole accuracy.

15 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

Criteria	**JORC Code explanation **	Commentary
		• The drilling rigs were sighted using a compass. Drill hole angle was set using an inclinometer placed on the drill mast prior to collaring the hole. • Down-hole surveying was completed at nominal intervals using a gyro Reflex tool, providing sufficient down hole accuracy
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Not applicable as the drill holes were targeting specific geological targets. • No sample compositing has been applied, due to no samples having been taken to date.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • 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.	• Drilling was designed perpendicular to the strike of the main mineralised structures targeted for this program. All reported intervals are however reported as downhole intervals only. • No drilling orientation and/or sampling bias have been recognised in the data at this time.
Sample security	• The measures taken to ensure sample security.	• The drill core was kept on site which is considered remote and highly secure. It is now in the process of being shipped in a secure container to Longland´s core facilityin Portugal.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been carried out at this time

16 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

SECTION 2 – REPORTING OF EXPLORATION RESULTS

(Criteria in this section apply to all succeeding sections.)

Criteria	**JORC Code explanation **	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Mestersvig Project is wholly within Mineral Exploration Licences 2020/64 & 2021/24, located on the east coast of Greenland. They are held 100% by Longland Resources Ltd, a wholly owned subsidiary of Conico Ltd. • Both Mineral Exploration Licences lie within the Northeast Greenland National Park. • The tenements are in good standing.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historic data mentioned in this report refers to exploration and exploitation undertaken by historic mining and exploration companies operating the Project from 1952 to 2011. The previous workers include Nordisk Mineselskab A/S and Ironbark Zinc Ltd. • The historic data referenced in this report includes diamond drilling, surface sampling andmining.
Geology	• Deposit type, geological setting and style of mineralisation.	• The type is likely that of a Mississippi Valley Type (MVT) Pb-Zn-Ag deposit where mineralisation has been re- mobilised by fluids along faults. Mineralisation is present as massive galena-sphalerite, with associated chalcopyrite. Mineralisation is present within quartz-barite veins, hosted within sandstone and conglomerates. Known mineralisation is within the fault and vein systems associated with a Devoniangrabensystem.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information 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.	• Drill hole information for the drilling discussed in this report is listed in Appendices 1, 3, 6 & 7.
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.	• Not applicable as no sampling or assaying has occurred.

17 Conico Ltd ASX: CNJ F:BDD

==> picture [211 x 50] intentionally omitted <==

Criteria	**JORC Code explanation **	Commentary
	• 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. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation 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 reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).	• The geometry of the mineralisation with respect to the drill-hole angle is not known. All reported lengths are in reference to down-hole length, true width not known.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate plans and sections have been included in the body of this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All results material and relevant to the subject of this announcement have been presented.
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, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Historic drill core from previous underground and surface drilling at Blyklippen and Sortebjerg is present on site. The core has not been reviewed by the Company at this moment in time, therefore no comment can be made as to whether it is meaningful. • Regional aeromagnetic data was acquired by the Greenland Government and covers the licence area. It was flown at 400m line spacing and altitude of approximately 300m. • In 2020, Longland Resources Ltd acquired ground gravity data over a portionof MEL 2020/64.
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). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further work has been discussed in the context of phased drilling campaigns, based on the outcome of active drilling campaigns. • For diagrams, refer to Figures 3, 4 & 5.

18 Conico Ltd ASX: CNJ F:BDD