CONICO LTD — Capital/Financing Update 2022

Sep 1, 2022

ASX Announcement

CORRECTION TO ANNOUCEMENT: HEAVILY DISSEMINATED & SEMI-MASSIVE SULPHIDES INTERCEPTED IN FOUR MORE DRILL HOLES AT MTJV

Conico Limited ( ASX: CNJ ) ( Conico or the Company ) wishes to advise of a correction to its ASX announcement dated 1[st] September 2022 titled “Heavily Disseminated & Semi-massive Sulphides Intercepted in Four More Drill Holes at MTJV” ( Announcement ). The correction is in relation to the computation of semi-massive and/or heavily disseminated lengths in holes MTRC007D and MTRC014D, as set out below.

Previously reported intercept:

• MTRC007D: 122.0 metres of disseminated sulphides from 227.0 metres, including: o 19.0 metres of heavily disseminated from 227.0 metres

• MTRC014D: 108.2 metres of disseminated sulphides from 208.0 metres, including: o 72.3 metres of heavily disseminated from 208.0 metres

Updated and corrected intercept:

• MTRC007D: 76.8 metres of disseminated sulphides from 227.0 metres, including: o 19.0 metres of heavily disseminated from 227.0 metres

• MTRC014D: 51.2 metres of disseminated sulphides from 208.0 metres, including: o 15.3 metres of heavily disseminated from 208.0 metres

The relevant information has been updated in the table at Appendix 1 of the updated and corrected Announcement attached hereto.

This announcement is authorised by the Board of Directors.

- END -

==> picture [9 x 9] intentionally omitted <==

==> picture [9 x 8] intentionally omitted <==

==> picture [9 x 7] intentionally omitted <==

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

+61 (0)8 9282 5889 info@conico.com.au www.conico.com.au

@conico_ltd @ConicoLtd conico-limited

1[st] September 2022

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

ASX ANNOUNCEMENT

==> picture [496 x 57] intentionally omitted <==

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

HEAVILY DISSEMINATED & SEMI-MASSIVE SULPHIDES
INTERCEPTED IN FOUR MORE DRILL HOLES AT MTJV
----- End of picture text -----

Diamond & reverse circulation drilling south of Callisto continues with a total of five holes now completed.

• All holes completed to date have intercepted semi-massive and/or heavily disseminated sulphides, including:

• MTRC003D: 127.3 metres of disseminated sulphides from 178.4 metres, including1:

  • 37.1 metres of heavily disseminated from 268.6 metres

• MTRC007D: 76.8 metres of disseminated sulphides from 227.0 metres, including[1] :

  • 19.0 metres of heavily disseminated from 227.0 metres

• MTRC009D: 51.6 metres of disseminated sulphides from 227.0 metres, including[1] :

  • 34.3 metres of heavily disseminated from 232.0 metres

• MTRC014D: 51.2 metres of disseminated sulphides from 208.0 metres, including[1] :

  • 15.3 metres of heavily disseminated from 208.0 metres

• MTJV001: 65.0 metres of disseminated sulphides from 190.0 metres, including (reported 18/08/22):

  • 22.0 metres of heavily disseminated from 233.0 metres

• Mineralisation associated with an accumulation of sulphides near the sediment contact (as is Callisto).

• Cu & Ni sulphide species logged in core which are often associated with PGE mineralisation at Callisto[2][,][3]

• First assays expected within 2-4 weeks , including palladium, platinum, gold, copper, nickel & rhodium.

• Prospective mineralised horizon remains open in all directions with a further 2.0km strike on JV tenure.

1 Refer to Appendix 1 for further details, including sulphide species and percentages.

2 Chalcopyrite, pentlandite and pyrrhotite were logged in core. Refer to Appendix 1 for further details, including sulphide species and percentages.

3 ASX:GAL 04/05/2022

2 Conico Ltd ASX: CNJ F:BDD

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

==> picture [461 x 651] intentionally omitted <==

Figure 1: See Appendices 1 & 2 for a summary geological log and the Joint Ventures sulphide logging guide.

3 Conico Ltd ASX: CNJ F:BDD

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

Conico Limited ( ASX: CNJ ) ( Conico or the Company ) is pleased to provide an update on exploration activities at the Mt Thirsty Joint Venture ( MTJV ) (Greenstone Resources 50%: Conico Limited 50%), where all five diamond drill holes completed to date as part of the Phase I drill campaign have intersected thick zones of semi-massive and/or heavily disseminated sulphides. The current Phase I drill campaign is testing for extensions to the recent palladium-platinum-gold-copper-nickel (PGE) discovery by Galileo Mining Ltd (ASX:GAL) (Galileo) located less than 200 metres from the MTJV’s northern tenement boundary. The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia.

Following from hole MTJV001 (CNJ ASX Announcement, 18 August 2022), four diamond drill holes with reverse circulation pre-collars have subsequently been completed and recently logged as part of the ongoing Phase I drill campaign. Importantly, all holes drilled to date have intercepted wide zones of semi-massive and/or heavily disseminated sulphides, serving to define a prospective exploration horizon of at least 300 x 400 metres on the MTJV tenure, which remains open in all directions (Figure 2).

Executive Director, Guy le Page, commented :

“The continuity of prospective horizons south of Callisto is encouraging with recent drilling from this first phase intersecting thick and continuous zones of heavily disseminated sulphides in the first five drill holes. A prospective horizon of at least 300 x 400 metres on the MTJV tenure has been found to dip south and remains open in all directions.

A further fifteen holes are planned over the next 6-8 weeks as part of the aggressive Phase I drill campaign. The Phase II drill campaign will be fast tracked pending the receipt of initial assays.”

4 Conico Ltd ASX: CNJ F:BDD

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

All holes drilled to date continue to show a similar geological sequence of weakly disseminated sulphides – disseminated sulphides – heavily disseminated sulphides – disseminated sulphides – weakly disseminated sulphides (Appendix 1), including:

• MTRC003D: 127.3 metres of disseminated sulphides from 178.4 metres, including: o 37.1 metres of heavily disseminated from 268.6 metres

• MTRC007D: 122.0 metres of disseminated sulphides from 227.0 metres, including: o 19.0 metres of heavily disseminated from 227.0 metres

• MTRC009D: 51.6 metres of disseminated sulphides from 227.0 metres, including: o 34.3 metres of heavily disseminated from 232.0 metres

• MTRC014D: 108.2 metres of disseminated sulphides from 208.0 metres, including: o 72.3 metres of heavily disseminated from 208.0 metres

• MTJV001: 65.0 metres of disseminated sulphides from 190.0 metres, including (reported 18/08/22):

• 22.0 metres of heavily disseminated from 233.0 metres

The Phase I drill campaign continues on schedule with five holes of the program now completed (1,650 metres) and fifteen still remaining (4,200 metres). The drill rig has subsequently moved further south (600 metres from Callisto) and is currently drilling MTRC017D. The initial focus of the campaign to date has been on testing for immediate along strike extensions to Callisto, the focus of the upcoming drilling will now shift further south and further east, supported by a smaller multi-purpose drill rig to be mobilised later this week.

MTJV001 has since been submitted for assaying with results expected back within the next 2-4 weeks. Assays for MTRC003D, MTRC007D, MTRC009D and MTRC014D are expected within the next 3-6 weeks. All holes will be assayed for palladium, platinum, gold, copper, nickel, and rhodium, with results to be periodically released.

5 Conico Ltd ASX: CNJ F:BDD

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

BACKGROUND & TECHNICAL DISCUSSION

The Mt Thirsty Project overlies a north-striking sequence of Archaean rocks of the Mount Kirk Formation at the southern end of the Norseman-Wiluna greenstone belt. The Mount Kirk Formation comprises metamorphosed peridotite, pyroxenite, sedimentary rocks and mafic and acid volcanics. Within the area, the Mount Kirk Formation is intruded by two major mafic-ultramafic differentiated sills, the Mount Thirsty Sill and the Mission Sill.

Galileo recently announced (GAL, ASX Announcement, 11 May 2022) the completion of six reverse circulation drillholes at Callisto targeting a zone of accumulated sulphides near the contact between an ultramafic sill and a package of sedimentary rocks. An initial appraisal of the results from Callisto by Galileo indicates similarities in mineralisation style to the Platreef deposits on the northern limb of the Bushveld Complex in South Africa. The Platreef deposits are very large in nature and have combined indicated resources of >700Mt at a 1 g/t 3PE+Au cut off4 and contain palladium, platinum, gold, rhodium, copper, and nickel. Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include[5] :

• 33 metres @ 2.00g/t 3E6 (1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m, including;

• 6 metres @ 2.69g/t 3E (2.21g/t Pd, 0.37g/t Pt, 0.11g/t Au), 0.41% Cu & 0.36% Ni from 159m; and

• 1 metre @ 3.21g/t 3E (2.66g/t Pd, 0.41g/t Pt, 0.14g/t Au), 0.48% Cu & 0.46% Ni from 176m.

Importantly for the MTJV, Galileo’s recent discovery at Callisto is only 200 metres from the northern tenement boundary held by the MTJV with the extension of the prospective mineralised horizon onto MTJV tenure supported by geophysics & lithology (CNJ, ASX Announcement, 16 May 2022). Despite extensive shallow drilling over the Mt Thirsty resource area (JORC Inferred and Indicated Resources of 26.9Mt at 0.126% cobalt, and 0.54% nickel, see Appendix 4), the prospective eastern margin remains largely untested (Figure 2) with only 3.5% of all holes drilled at Mt Thirsty penetrating deeper than 100 metres, also noting Galileo’s discovery hole was from 144 metres downhole. As such, an initial review indicates that a further 2.0km of the prospective mineralised horizon may extend onto the MTJV tenure.

4 Platreef Integrated Development Plan 2020. Ivanhoe Mines Ltd. 5 ASX:GAL 12/05/2022

6 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au) in g/t

6 Conico Ltd ASX: CNJ F:BDD

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

==> picture [483 x 484] intentionally omitted <==

Figure 2: Plan view of Phase I collars and prospective geological horizon.

In addition to the untested PGE potential, the MTJV continues to undertake a detailed geological review assessing the western margin of the Mt Thirsty licences for lithium-caesiumtantalum (LCT) potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, north-south trending pegmatites. Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta205[7] .

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

7 Conico Ltd ASX: CNJ F:BDD

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

Cautionary Statement: Identification of sulphides, and reporting of visual results is not considered a proxy or substitute for laboratory analyses. The samples will be despatched for laboratory analysis as soon as possible and results reported upon receipt in accordance with the Company’s continuous disclosure policy.

This announcement is authorised by the Board of Directors.

- END -

==> picture [149 x 75] intentionally omitted <==

Guy T. Le Page

Executive Director

Conico Limited

M: +61-412-220-159

8 Conico Ltd ASX: CNJ F:BDD

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

ABOUT MT THIRSTY

The Mt Thirsty Joint Venture (MTJV) is located 16 kilometres North-Northwest of Norseman, Western Australia (50% Greenstone Resources, 50% Conico Limited).

The Project contains the Mt Thirsty cobalt-nickel oxide deposit with a JORC Resource of 26.9Mt at 0.126% cobalt, and 0.54% nickel[8] . A Pre-Feasibility Study (PFS) of the Project was completed and announced to the ASX on 20 February 2020. In addition to the Co-Ni oxide deposit, the Project also hosts nickel sulphide mineralisation potential.

==> picture [501 x 470] intentionally omitted <==

Figure 3: Location of Mt Thirsty project.

8 ASX:CNJ 09/09/2019

9 Conico Ltd ASX: CNJ F:BDD

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

APPENDIX 1: SUMMARY LOGS - DRILL HOLE SULPHIDE MINERALISATION

Hole ID	From (m)	To (m)	Length (m)	Lithology	Mineralisation style
MTRC003	149.7	178.4	28.7	Pyroxenite	Weakly disseminated (Po) 0.1%
	178.4	268.6	90.2	Pyroxenite	Disseminated (Po)1.5%
	268.6	305.7	37.1	BlackShale/Chert	Heavily disseminated (Po, Cp,Pn) 7.7%
	305.7	321.2	15.5	Peridotite	Weakly disseminated (Po,Pn) 0.3%
MTRC007	149.8	227.0	77.2	Peridotite	Weakly disseminated (Po) 0.2%
	227.0	233.0	6.0	BlackShale	Heavily disseminated (Po,Pn)10.0%
	233.0	246.0	13.0	Peridotite	Heavily disseminated (Po, Cp,Pn) 5.7%
	246.0	261.0	15.0	Peridotite	Disseminated (Po, Cp)1.8%
	261.0	303.8	42.8	Komatiite	Disseminated (Po)1.3%
MTRC009	217.0	227.0	10.0	Pyroxenite	Weakly disseminated (Po)1.0%
	227.0	232.0	5.0	Pyroxenite	Disseminated (Po) 3.0%
	232.0	239.0	7.0	Pyroxenite	Heavily disseminated (Po, Cp,Pn) 7.5%
	239.0	261.3	22.3	Pyroxenite	Disseminated (Po, Cp) 5.0%
	261.3	266.3	5.0	BlackShale/Chert	Heavily disseminated (Po, Cp,Pn)10.0%
	266.3	278.6	12.3	Pyroxenite	Disseminated (Po) 3.0%
MTRC014	149.8	208.0	58.2	Pyroxenite	Weakly disseminated (Po, Cp) 0.6%
	208.0	220.1	12.1	BlackShale	Heavily disseminated/Blebby (Po, Cp,Pn) 7.0%
	220.1	223.3	3.2	BlackShale/Chert	HeavilyDisseminated (Po,Pn) 5.0%
	223.3	256.5	33.2	Pyroxenite	Disseminated (Po)2.0%
	256.4	256.5	0.1	BlackShale	Semi-Massive (Po, Cp,Pn) 75.0%
	256.5	259.1	2.6	Chert	Disseminated (Po)4.0%
	259.1	279.7	20.6	Komatiite	Weakly disseminated (Po) 0.2%

Po = Pyrrhotite Cp = Chalcopyrite Pn = Pentlandite Py = Pyrite; Geochemical assay suite required to determine precise rock classifications; Sulphides & metal contents are not directly correlated; Assays are required to determine metal content (e.g., Pd, Pt, Au, Cu, Ni, Rh).

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	> 40to<80 %
Massive	> 80%

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

APPENDIX 3: COLLAR LOCATION AND DETAILS

Hole ID	Northing	Easting	Elevation	Depth	Dip	Azi	Comments
MTJV001	6447627	372502	404	450.0m	-70	270	Diamond
MTRC003D	6447729	372681	407	321.2m	-70	270	RCPre-Collar/DD Tail
MTRC007D	6447713	372506	403	303.6m	-70	270	RCPre-Collar/DD Tail
MTRC009D	6447513	372464	412	318.6	-70	270	RCPre-Collar/DD Tail
MTRC014D	6447712	372305	408	279.7m	-70	270	RCPre-Collar/DD Tail

*Easting and Northing coordinates are GDA94 Zone 51.

10 Conico Ltd ASX: CNJ F:BDD

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

APPENDIX 4: RESOURCES & RESERVES

Mt Thirsty Joint Venture Mineral Resources (50%)

Mineral	Cut-off	Wet Tonnes	Moisture	Dry Tonnes	Co	Ni	Mn	Fe
Resource	(Co%)	(Mt)	(% wet t)	(Mt)	(%)	(%)	(%)	(%)
Mt Thirsty Indicated	0.06	31.20	27%	22.8	0.121	0.53	0.79	21.30
Mt Thirsty
Main	0.06	3.50	27%	2.5	0.103	0.45	0.66	19.10
Inferred
Mt Thirsty
Main Sub	0.06	34.70	27%	25.4	0.119	0.52	0.77	21.10
Total
Mt Thirsty
North	0.06	2.00	27%	1.5	0.092	0.55	0.48	19.40
Inferred
Total	0.06	36.70	27%	26.9	0.117	0.52	0.76	20.90

Refer to ASX Announcement 9/9/2019 for full details of the Mineral Resource Estimate.

Mt Thirsty Joint Venture Ore Reserve (50%)

	Cut-off	Wet Tonnes	Moisture	Dry Tonnes	Co	Ni	Mn	Fe
Mineral Resource
	(Co%)	(Mt)	(% wet t)	(Mt)	(%)	(%)	(%)	(%)
Mt Thirsty Probable	Approx. 0.07% Co (Variable)	25.90	27%	18.8	0.126	0.54	0.80	21.60

Refer to ASX Announcement 20/2/2020 for full details of the Ore Reserve Estimate.

Competent Persons for the Mt Thirsty Cobalt Nickel Project

Project and Discipline	JORC Section	Competent Person	Employer	Professional Membership
Mt Thirsty Geology	Exploration Results	Glenn Poole	Greenstone Resources	MAusIMM
Mt Thirsty Resource Estimation	Mineral Resources	David Reid	Golder Associates Pty Ltd	MAusIMM
Mt Thirsty Metallurgy	Exploration Results and Ore Reserves	Peter Nofal	AMEC Foster Wheeler Pty Ltd trading as Wood	FAusIMM
Mt Thirsty Mining	Ore Reserves	Frank Blanchfield	Snowden Mining Industry Consultants Pty Ltd	FAusIMM

The information in this report which relates to Exploration Results and geological interpretation at Mt Thirsty is based on information compiled by Mr Glenn Poole an employee of Greenstone Resources Limited who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Poole consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report which relates to Mineral Resources is based on information provided to and compiled by Mr David Reid, a Competent Person who is a full-time employee of Golder Associates Pty Ltd, and a Member of the Australasian Institute of Mining and Metallurgy. Mr Reid has sufficient relevant experience to the style of mineralisation and type of deposits under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition). Mr Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The company is not aware of any new information or data that materially affects the information presented and that the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

11 Conico Ltd ASX: CNJ F:BDD

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

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.

REFERENCES TO PREVIOUS ANNOUNCEMENTS

In relation to the details of the PFS announced on 20/02/2020, Greenstone confirms that all material assumptions underpinning the production target and forecast financial information from the production target, as reported on 20/02/2020, continue to apply and have not materially changed. A proportion of the production target uses inferred mineral resources. There is a low level of confidence associated with inferred mineral resources and there is no certainty that further exploration will result in the determination of indicated mineral resources or that the production target itself will be realised.

The mineral resource estimates in this announcement were reported by the Company in accordance with ASX Listing Rule 5.8 on 9/9/2019. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

The ore reserve estimate in this announcement was reported by the Company in accordance with ASX Listing Rule 5.9 on 20/20/2020. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

12 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.

MT THIRSTY 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 Diamond Core (DD) drilling rig. • For DD drilling, samples were collected as half-core (NQ2) at geological intervals defined and mineralisation boundaries and is considered appropriate for this style of mineralisation. • Diamond drilling was used to obtain half-core samples of various lengths (minimum 0.2m), from which 1-3kg of material is collected for assaying. • QAQC Standards and Blanks were collected/inserted at a rate of approximately 1 in every 20m (maximum) through pre-determined mineralised zones. • Samples were sent to an independent commercial laboratory where samples are oven dried, crushed, pulverised and split to produce a 50g charge for fire assay. • Sampling and QAQC procedures are carried out using Greenstone protocols as per industry best practice.
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).	• DD drilling was HQ2 to approximately 150m, remained of holes was drilled HQ2. Core was oriented every 3m where possible using an electronic orientation tool.
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.	• Core recovery was estimated using the drillers recorded depth marks against the length of the core recovered, this is verified and confirmed by Greenstone staff. • No sample recovery issues have impacted on potential sample bias.
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.	• All drillholes are logged in full. • All drilled intervals are logged and recorded. • Data was recorded for regolith, lithology, veining, fabric (structure), grain size, colour, sulphide presence, alteration, oxidation state, fractures, and RQD. • Logging is both qualitative and

13 Conico Ltd ASX: CNJ F:BDD

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

Criteria	**JORC Code explanation **	Commentary
	• The total length and percentage of the relevant intersections logged.	quantitative in nature depending on the field being logged. • Logging of diamond core was qualitative and diamond core was photographed. • Diamond core is stored at the Company’s core yard on-site. • Greenstone considers the data to be of an appropriate level of detail to support aresource estimation.
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.	• Diamond core is cut in half along the orientation line. The right side of the core is collected for analysis. • Sample preparation was conducted at ALS Global laboratories using a fully automated sample preparation system. Preparation commences with sorting and drying. Oversized samples are crushed to <3mm and split down to 0.5- 3kg using a riffle splitter. Samples are then pulverized and homogenized in LM5 Ring Mills and ground to ensure 85% passes <75µm. • The sample size is considered appropriate for this type and style of mineralisation.
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.	• Homogenised and pulverised samples are mixed with flux composed of PbO and SiO2 with variable amounts of borax, soda ash and other reagents. The flux and sample are mixed, then heated at high temperature (>1,000°C) to decompose rock lattices and allow precious metals within the sample to be collected into a lead button. The button is placed in a porous cupel and heated again in an oxidising environment to convert lead to lead oxide that is absorbed into the cupel, leaving the precious metals behind as a doré bead or prill. The gold, platinum and palladium content of the prill is then determined through Inductively Coupled Plasma Mass Spectrometry (ICP-MS). The detection level for the Fire Assay/AAS technique is 0.001ppm for Palladium (Pd) and Gold (Au) , 0.0005 for Platinum (Pt). • Rhodium (Rh) analysis is carried out in a similar manner to PGM by lead collection fire assay, with the additional step of gold inquarting during the fusion process and modified cupellation. Analysis is carried out using ICP-MS instrumentation. • A four-acid digestion method which utilises a combination of nitric,

14 Conico Ltd ASX: CNJ F:BDD

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

Criteria	**JORC Code explanation **	Commentary
		perchloric, and hydrofluoric acid with a final dissolution stage using hydrochloric acid with a 48 element suite including Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr with ICP-MS finish. • Laboratory QA/QC controls during the analysis process include duplicates for reproducibility, blank samples for contamination and standards for bias. • The laboratories used have generally demonstrated analytical accuracy at an acceptable level within 95% confidence limits.
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.	• All drilling and significant intersections are verified and signed off by the Exploration Manager for Greenstone Resources who is also a Competent Person. • No pre-determined twin holes were drilled during this program. • Geological logging was originally captured on formatted excel templates, then sent to the company’s consultant database administrator (SampleData) utilising Datashed software for uploading into a database via a validation process. Sampling, collar, and laboratory assay data is captured electronically and also sent to SampleData. The official database is stored and backed up by SampleData, a copy of which is sent to Greenstone for geologists use. Uploaded data is reviewed and verified by the geologist responsible for the data collection. • No adjustments or calibrations were made to anyassaydata reported.
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 supervising geologists using handheld GPS, accurate to +/-3m. This has been considered as sufficiently accurate for the purposes of drillhole accuracy. • The drilling rig was 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 Single-shot reflex tool, providing sufficiently accurate down hole accuracy
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and	• Drillholes were located on 100m (N/S) or 200m (E/W) spaced traverses along strike fromprevious drillholes.

15 Conico Ltd ASX: CNJ F:BDD

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

Criteria	**JORC Code explanation **	Commentary
	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.	• No sample compositing has been applied to mineralised intervals.
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 recognized in the data at this time.
Sample security	• The measures taken to ensure sample security.	• The chain of custody of digital data is managed by the Company. Physical material was stored on site and, when necessary, delivered to the assay laboratory. Thereafter laboratory sample chain of custody has been maintained by ALS Global’s Kalgoorlie Laboratory for transport to analysis laboratoryin Perth
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been conducted on sampling techniques and data at this stage.

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	Criteria			JORC Code explanation	JORC Code explanation	JORC Code explanation	JORC Code explanation	JORC Code explanation			Commentary
	Mineral tenement land status	and tenure	•	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties,							•	The exploration results relate to the Mt Thirsty Project, located approximately 16km northwest of Norseman, Western Australia. The tenements are owned 50:50 (Mt
				native title interests,			historical sites,					Thirsty Joint Venture, MTJV) by
				wilderness or		national		park		and		Conico Ltd (CNJ) (through its
				environmental settings.								subsidiary Meteore Metals Pty Ltd)
			•	The security of		the tenure		held at the				and Greenstone Resources Ltd
				time	of reporting along				with	any		(GSR). The project includes
				known impediments to obtaining a								Retention Licence R63/4, Exploration
				licence to operate in the area.								Licences E63/1267, and E63/1790
												and Prospecting Licence P63/2045.
												Mining Lease applications have
												been lodged over R63/4 and
												E63/1267 and a General-Purpose
												Lease application over E63/1790
												and P63/2045. The mineral resource
												referred to in this announcement is
												located on R63/4.
											•	A 1.75% NSR royalty is payable to a
												third party on any production from
												R63/4. The tenements lie within the
												Ngadju native title claim
												(WC99/002), and agreements
												between the claimants and the
												tenement holders are designed to
												protect Aboriginal heritage sites and
												facilitate access. There are no
												historical or wilderness sites or
												national parks or known
												environmental settings that affect
												the Mt Thirsty Project although the
												project area is located within the
												Great Western Woodlands.
											•	The tenements are ingood standing.
	Exploration done by other parties		•	Acknowledgment and appraisal of exploration by other parties.							•	The Mt Thirsty area was explored for nickel sulphide mineralisation in the late sixties and early seventies by
												Anaconda, Union Miniere, CRA,
												WMC/CNGC and others. Although
												no significant sulphide discoveries
												were made during that time,
												limonitic nickel/cobalt mineralisation
												was encountered but not followed
												up. In the 1990’s Resolute-Samantha
												discovered high grade cobalt
												mineralisation in the oxidised profile
												above an orthocumulate peridotite.
												In the late 2000’s Norseman Mining
												began exploring the surrounding
												tenure for the PGE enrichment
												Potential withing the layered mafic
												sequence. Subsequently
												announced the discovery of
												significant PGE enrichment less than
												200m north of the R63/4 tenement
												boundary in 2022. The target relating
												to the that discovery is the subject of
												this announcement.
	Geology		•	Deposit type, geological setting style of mineralisation.						and	•	The Mt Thirsty project is located over sedimentary,mafic and ultramafic

17 Conico Ltd ASX: CNJ F:BDD

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

Criteria			JORC Code explanation	Commentary
				(peridotite) sequence located at
				the southern end of the Archaean
				Norseman - Wiluna greenstone belt.
				• GSWA has this area mapped as part
				of the Mt Kirk sequence, with the
				target nickel-copper-PGE
				mineralisation related to layered
				intrusions and komatiite nickel
				sulphide mineralisation
				mineralisation related to layered
				intrusions and komatiite nickel
				sulphide mineralisation
Drill Information	hole	•	A summary of all information material to the understanding of the exploration results including a	• Drill hole information for the drilling discussed in this report is listed in Table 1 and Table 2 in the context of this report.
			tabulation of the following information	• All material data has been periodically
			for all Material drill holes:	released to the ASX
			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.
Data aggregation methods		•	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high	• Reported intersections have been length weighted to provide the intersection width. • Significant Intersections (Table 1) have
			grades) and cut-off grades are usually	been reported where the overall
			Material and should be stated.	intersection of PGE 3E (Pt, Pd, Rh) + Au is
		•	Where aggregate intercepts	greater than 0.5g/t combined, rounded to
			incorporate short lengths of high-	2 decimal places.
			grade results and longer lengths of	• For significant intersections, a maximum of
			low-grade results, the procedure used	1m of internal waste have been included
			for such aggregation should be stated	in the calculation of intersection widths.
			and some typical examples of such	• No assays have been top-cut for the
			aggregations should be shown in	purpose of this report. A lower cut-off of
			detail.	0.5g/t 3E has been used to identify
		•	The assumptions used for any reporting	significant results.
			of metal equivalent values should be	• In the reporting of Cu, Co and Ni values,
			clearly stated.	these have been converted into
				percentage values, rounded to 2 decimal
				places
				• All significant intersections have been
				reported.
				• No metal equivalent values have been
				used for the reporting of these exploration
				results.
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.	• True widths, if/where reported, have been estimated manually on a hole-by-hole basis for intersections within known mineralised zones and based on the current knowledge of the mineralised structure.
		•	If it is not known and only the down	• Both downhole width and estimated true
			hole lengths are reported, there should	width have been clearlyspecified in this

18 Conico Ltd ASX: CNJ F:BDD

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

Criteria		JORC Code explanation	Commentary
		be a clear statement to this effect	report when used.
		(e.g., ‘down hole length, true width	• Due to the limited and isolated orientation
		not known’).	data, accurate reporting of strike and/or
			orientation is not possible at the time of
			reporting.
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts	• Appropriate plans and sections have been included in the body of this report.
		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.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low	• All results material and relevant to the subject of this announcement has been presented.
		and high grades and/or widths should
		be practiced to avoid misleading
		reporting of Exploration Results.
Other substantive exploration data	•	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical	• A detailed 40m line spaced aeromagnetic data has been used for interpretation of underlying geology. Data was collected by UTS Geophysics for Mt Thirsty Joint
		survey results; geochemical survey	Venture in 2008. Line direction 090 with a
		results; bulk samples – size and method	platform height of 30m for a total of 3211
		of treatment; metallurgical test results;	line-km.
		bulk density, groundwater,
		geotechnical and rock
		characteristics; potential deleterious
		or contaminating substances.
Further work	•	The nature and scale of planned further work (e.g., tests for lateral	• Further work has been discussed in the context of phased drilling campaigns,
		extensions or depth extensions or	based on the outcome of active drilling
		large-scale step-out drilling).	campaigns.
	•	Diagrams clearly highlighting the
		areas of possible extensions, including
		the main geological interpretations
		and future drilling areas, provided this
		information is not commercially
		sensitive.

19 Conico Ltd ASX: CNJ F:BDD