CONICO LTD — Capital/Financing Update 2022

Jun 15, 2022

ASX Announcement

16 June 2022

MT THIRSTY EXPLORATION UPDATE

• Geological review continues following recent PGM discovery by Galileo Mining Ltd (ASX: GAL) at Callisto.

• Highly experienced team of independent technical experts appointed to support target generation.

• Multipurpose diamond and reverse circulation drill rig confirmed for maiden 5,000 metre program.

• Pending the receipt of PoW applications and heritage approvals, drilling is expected to begin in late July.

• Galileo’s Callisto discovery only 200 metres from northern tenement boundary held by the MTJV.

• Continuity of the prospective mineralised horizon onto MTJV tenure supported by geology & geophysics.

• Prospective mineralised horizon remains untested with a further 1.5km extending onto MTJV tenure.

Conico Limited ( ASX: CNJ ) ( Conico or the Company ) is pleased to provide an update on the Mt Thirsty Joint Venture (the MTJV) following from the recent palladium-platinum-goldcopper-nickel discovery by Galileo Mining Ltd (ASX: GAL) (Galileo) located less than 200 metres from the northern tenement boundary held by the MTJV. The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia and is owned by Greenstone Resources Limited (50%) and Conico (ASX: CNJ) (50%).

Following the recent Callisto discovery by Galileo (GAL, ASX Announcement 11 May 2022) the MTJV have subsequently appointed an independent team of multidisciplinary technical experts to support the target generation process and in doing so providing the best chance of defining projected along strike extensions to Callisto, consisting of:

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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

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• Steve Beresford. Career geologist and academic with over 25 years’ experience in the exploration and target generation of sulphide hosted deposits, having formally held the Chief Geologist role for IGO, First Quantum Minerals and MMG. More recently, Mr Beresford was appointed Chairman of the Board for the Centre of Exploration Targeting where he is considered a foremost expert on nickel mineral systems and exploration targeting models. Mr Beresford holds a PhD (Geology) from the University of Canterbury.

• Tony Donaghy. Expert in the global search for nickel, copper, cobalt, and platinum group elements, having formally held senior roles with BHP, Anglo American and Falconbridge. Mr Donaghy has over 25 years' experience covering grassroot target generation and exploration, supported by a multidisciplinary approach understanding the importance of geology, geochemistry, and geophysics. More recently, Mr Donaghy currently serves as the Technical Director for CSA Global, an internationally renowned geological and mining consultant. Mr Donaghy holds a BSc (Hons) (Geology & Geophysics) from the University of Tasmania.

• Barry de Wet. Geophysicist with over 45 years’ multi-disciplinary experience in mineral exploration, including the exploration and extension of the Platreef orebody in South Africa through the application of MVI and Falcon AGG inversions. Mr de Wet was formally the Chief Geophysicist for both BHP and Ivanhoe and during such time gained considerable experience in acquisition, processing, and identification of targets from magnetics, gravity, induced polarisation, and seismic data. Mr de Wet holds a BSc (Geology and Geophysics) from the University of Pretoria and an MBA (equiv) from the University of South Africa.

In conjunction with the MTJV geological teams, this team will leverage of the extensive geological database of historical information to form a multidisciplinary approach to exploration at the MTJV by reviewing the potential lithological, structural, geochemical and geophysical controls on mineralisation.

EXPLORATION UPDATE

• Multidisciplinary geological review targeting Platreef analogues expected to be completed early-July

• Program of Work (PoW) applications submitted with DMIRS and are anticipated within the next 2-4 weeks

• Notification of ground disturbing activities submitted with Ngadju, and heritage approval expected in July

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• Multipurpose diamond and reverse circulation drill rig confirmed for an initial 5,000 metre program

• Pending the receipt of PoW applications and heritage approvals, drilling is expected to begin in late July

BACKGROUND & TECHNICAL DISCUSSION

Galileo recently announced (GAL, ASX Announcement, 11 May 2022) the completion of six reverse circulation drillholes at Callisto targeting a mineralised sulphide unit on 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 off[1] and contain palladium, platinum, gold, rhodium, copper, and nickel. Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include[2] :

• 33 metres @ 2.00g/t 3E[3] (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 (GSR, 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 Annexure A), the prospective eastern margin remains untested (Figure 1) 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 1.5km of the prospective mineralised horizon may extend onto the MTJV tenure.

For and On Behalf of the Board

- END -

Guy Le Page, FFIN, MAusIMM

Executive Director

1 Platreef Integrated Development Plan 2020. Ivanhoe Mines Ltd.

2 ASX: CNJ 12/05/2022

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

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Figure 1: MTJV tenure with TMI1VD magnetic image

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ABOUT MT THIRSTY

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

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[4] . 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.

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Figure 2: Location of Mt Thirsty project

4 ASX: CNJ 09/09/2019

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ANNEXURE A

Mt Thirsty Joint Venture Mineral Resources (50%)

Mineral Re-	Cut-off	Wet Tonnes	Moisture	Dry Tonnes	Co	Ni	Mn	Fe
source	(Co%)	(Mt)	(% wet t)	(Mt)	(%)	(%)	(%)	(%)
Mt Thirsty In- dicated	0.06	31.20	27%	22.8	0.121	0.53	0.79	21.30
Mt Thirsty
Main In-	0.06	3.50	27%	2.5	0.103	0.45	0.66	19.10
ferred
Mt Thirsty
Main Sub	0.06	34.70	27%	25.4	0.119	0.52	0.77	21.10
Total
Mt Thirsty
North In-	0.06	2.00	27%	1.5	0.092	0.55	0.48	19.40
ferred
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%)

Mineral Resource	Cut-off (Co%)	Wet Tonnes (Mt)	Moisture (% wet t)	Dry Tonnes (Mt)	Co (%)	Ni (%)	Mn (%)	Fe (%)
Mt Thirsty Proba- ble	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 Disci- pline	JORC Section	Competent Person	Employer	Professional Membership
Mt Thirsty Geology	Exploration Results and Mineral Resources	Michael J Glasson	Tasman Resources Ltd; Consultant to MTJV; holds shares in Conico Ltd	MAIG
Mt Thirsty Resource Estimation	Mineral Resources	David Reid	Golder Associates Pty Ltd	MAusIMM
Mt Thirsty Metal- lurgy	Exploration Results and Ore Reserves	Peter Nofal	AMEC Foster Wheeler Pty Ltd trading as Wood	FAusIMM
Mt Thirsty Mining	Ore Reserves	Frank Blanch- field	Snowden Mining Industry Consultants Pty Ltd	FAusIMM

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves for the Mt Thirsty Cobalt-Nickel Project is based on and fairly represents information compiled by the Competent Persons listed in the table above. The Competent Persons have sufficient relevant experience to the style of mineralisation and type of deposits under consideration and to the activity for which they are undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition). For new information, the Competent Persons consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Previously announced information is cross referenced to the original announcements. In these cases, 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 .

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DISCLAIMER

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 materialize, 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 forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

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.

REFERENCES TO PREVIOUS ANNOUNCEMENTS

In relation to the details of the PFS announced on 20/02/2020, Conico 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.

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