CONICO LTD — Capital/Financing Update 2022

Aug 8, 2022

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----- Start of picture text ----- ASX Announcement----- End of picture text -----

9[th] August 2022

EXPLORATION UPDATE

SUMMARY

Mt Thirsty PGE, Ni-Cu-Co and Ni-Co Project, Western Australia (50% owned)

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• The drill rig has been mobilised from Norseman (Western Australia) to the Mt Thirsty Project (50% Conico; 50% Greenstone Resources Limited) on Sunday 7[th] August 2022. Some delays were experienced due to wet weather and access issues.

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• Site infrastructure has been established including a fresh water supply (water tanks).

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• The first hole diamond drill hole MTDD0001 has commenced and is designed to intersect the ultramafic sill and komatiite horizon in addition to the sediment contact that is associated with PGE-copper-nickel-rhodium mineralisation at Galileo Mining Limited’s (ASX: GAL) Callisto deposit only 200 metres north of the joint venture tenement boundary (GAL, ASX Announcement, 11 May 2022).

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• The Phase 1 drilling campaign is targeting approximately 5,000 metres (diamond and RC) (ASX Announcement, 1 August 2022).

Ryberg Polymetallic/ Mestersvig Zn-Pb-Cu-Ag Projects, Greenland (100% owned)

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• Drilling is continuing at both Ryberg and Mestersvig. The second hole at Sortekap targeting gold and magmatic sulphides is ongoing and the second hole south-east of the historic Blyklippen Mine is targeting Zn-Pb mineralisation.

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• Due to various personnel issues encountered by the drilling contractor, a number of drill crew and support staff have left or are leaving both Ryberg and Mestersvig which has resulted in only one drill rig working a double shift at Ryberg and with the second rig operating day shift only. At Mestersvig only one rig is operating only day shift.

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• This reduction in drilling personnel will result in a significant reduction in the aggregated meterage able to be drilled at Ryberg and Mestersvig from a targeted total of 10,000 metres to something in the vicinity of 4,000-5,000 metres.

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• Key prospects including the Miki Fjord Prospect (Ryberg Project) to be prioritised where possible. The Company is currently reviewing its drilling contract in relation to potential breaches by the drilling contractor that may have occurred over the course of the 2022 Greenland field season.

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For and on behalf of the board,

Guy T Le Page, FFIN, MAusIMM

Director

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

@conico_ltd @ConicoLtd conico-limited

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