CONICO LTD — Capital/Financing Update 2023

Apr 4, 2023

ASX ANNOUNCEMENT

5[th] April 2023

HIGH-GRADE COBALT, NICKEL & SCANDIUM DRILL RESULTS

• Continued shallow, thick & high-grade nickel-cobalt-manganese-scandium results from Mt Thirsty, including:

• MTRC035D: 44.0 metres @ 0.03% Co, 0.47% Ni, 0.16% Mn & 39.2g/t Sc from 2.0 metres, including: - 10.0 metres @ 0.09% Co, 0.71% Ni, 0.38% Mn & 23.0g/t Sc from 33.0 metres

• MTRC013D: 59.0 metres @ 0.05% Co, 0.37% Ni, 0.35% Mn & 45.3g/t Sc from 10.0 metres, including: - 11.0 metres @ 0.18% Co, 0.45% Ni, 1.15% Mn & 49.7g/t Sc from 39.0 metres

• MTRC042D: 50.0 metres @ 0.05% Co, 0.45% Ni, 0.32% Mn & 36.2g/t Sc from 0.0 metres, including: - 20.0 metres @ 0.09% Co, 0.55% Ni, 0.57% Mn & 28.9g/t Sc from 28.0 metres

• Updated Mineral Resource Estimate for Mt Thirsty currently underway (expected in 1-2 weeks)

• Updated Scoping Study underway assessing adoption of HPAL[1] & production of pCAM[2] (expected July 2023)

• Addition of pCAM and HPAL to the Mt Thirsty project could potentially transform project economics

• Comparable HPAL projects typically receive Co and Ni recoveries of 90% and 92%, respectively[3]

• pCAM typically receives a ~50% pricing premium over intermediatory products (MHP / MSP)[4]

• Updated Scoping Study to provide foundation for future studies & potential consolidation to support an IPO

• Partial assays still pending on 8 holes targeting upper Ni-Co-Mn-Sc zone and 2 holes for lower Ni zone

Greenstone Resources Limited ( ASX:GSR ) ( Greenstone or the Company ) is pleased to provide an update on exploration activities at the Mt Thirsty Joint Venture ( MTJV ), with assays having now been received for an additional nine drill holes targeting Co-Ni-Mn-Sc-PGE mineralisation.

The Mt Thirsty Co-Ni-Mn-Sc project is located 16 kilometres North-Northwest of Norseman, Western Australia (50% Greenstone Resources, 50% Conico Limited) and is supported by a network of existing infrastructure (road, rail, port & power). The Project hosts the Mt Thirsty cobalt-nickel-manganese deposit with a current JORC Resource of 26.9Mt at 0.126% cobalt, and 0.54% nickel for which an updated Mineral Resource Estimate (MRE) and Scoping Study (Study) are currently underway (see ASX Announcement: GSR 03/04/2020).

Assays have now been received for a further nine reverse circulation (RC) pre-collars completed late last year as part of the Phase I drill campaign. During the course of the Phase I drill campaign at Mt Thirsty, three distinct zones of flatlying horizontal mineralisation were intersected across the eastern licence area, including an upper zone consisting of a weathered ultramafic peridotite rock hosting nickel-cobalt-manganese-scandium mineralisation. The most recent significant intercepts from the upper Co-Ni-Mn-Sc zone include:

• MTRC035D: 44.0 metres @ 0.03% Co, 0.47% Ni, 0.16% Mn & 39.2g/t Sc from 2.0 metres, including: ▪ 10.0 metres @ 0.09% Co, 0.71% Ni, 0.38% Mn & 23.0g/t Sc from 33.0 metres

• MTRC013D: 59.0 metres @ 0.05% Co, 0.37% Ni, 0.35% Mn & 45.3g/t Sc from 10.0 metres, including: ▪ 11.0 metres @ 0.18% Co, 0.45% Ni, 1.15% Mn & 49.7g/t Sc from 39.0 metres

1 High-Pressure Acid Leaching (HPAL)

2 Precursor Cathode Active Material (pCAM)

3 Based on comparable projects (ASX:NC1 22/12/2022; ASX:CLQ 25/06/2018) 4 See ASX:GSR 03/04/2023

ASX:GSR

www.greenstoneresources.com.au

• MTRC042D: 50.0 metres @ 0.05% Co, 0.45% Ni, 0.32% Mn & 36.2g/t Sc from 0.0 metres, including: ▪ 20.0 metres @ 0.09% Co, 0.55% Ni, 0.57% Mn & 28.9g/t Sc from 28.0 metres

• MTRC008D: 33.0 metres @ 0.05% Co, 0.42% Ni, 0.40% Mn & 56.4g/t Sc from 1.0 metres ▪ 12.0 metres @ 0.08% Co, 0.49% Ni, 0.67% Mn & 43.0g/t Sc from 17.0 metres

• MTRC012D: 21.0 metres @ 0.08% Co, 0.59% Ni, 0.52% Mn & 36.1g/t Sc from 42.0 metres ▪ 9.0 metres @ 0.06% Co, 0.86% Ni, 0.36% Mn & 33.9g/t Sc from 50.0 metres

• MTRC009D: 24.0 metres @ 0.06% Co, 0.48% Ni, 0.32% Mn & 40.4g/t Sc from 0.0 metres ▪ 4.0 metres @ 0.16% Co, 0.92% Ni, 0.86% Mn & 29.7g/t Sc from 17.0 metres

The Phase I drill campaign utilised a combination of both RC and diamond drilling methods which allowed holes to be extended to an average depth of ~350 metres below surface, significantly deeper than the historical air-core drilling methods typically utilised at Mt Thirsty in the past. As a result of this historical air-core drilling, large areas beneath the existing resource still remain untested and may provide for future resource additions (Figure 1).

==> picture [524 x 300] intentionally omitted <==

Figure 1: Cross-section showing MTRC035D & MTRC042D

The Phase I drill campaign also employed a comprehensive multi-element assay suite, serving to identify the presence of scandium which had not previously been assayed for, and is not included within the existing resource estimate. Scandium is a rare earth metal that is highly valued for its unique properties, including high strength, light weight, and resistance to corrosion. It has a wide range of applications, including aerospace, defence, hydrogen fuel cells and electronics industries. In 2021 the global scandium market size was valued at US$460.9 million, however this is projected to reach US$977.3 million by 2030, growing at a forecasted Compounded Annual Growth Rate (CAGR) of 8.7% between 2022 to 2030[5] . The potential addition of scandium to the Co-Ni-Mn-Sc Mt Thirsty Project may provide a valuable by-product revenue stream.

5 https://straitsresearch.com/report/scandium-market

ASX:GSR

www.greenstoneresources.com.au

The current price of scandium oxide is A$1,198,200/t; cobalt is A$54,000/t; nickel is A$34,700/t and manganese is A$2,800/t[6] .

Assays are still pending on a further eight (8) holes modelled to potentially intercept the upper zone and two (2) holes for lower Ni zone.

Managing Director and CEO, Chris Hansen, commented : “These most recent results continue to highlight the prospectivity of the Mt Thirsty project to provide a low-cost, ethical and sustainable source of cobalt and nickel outside of the Democratic Republic of the Congo and Russia. Importantly the Mt Thirsty project is uniquely positioned to support the continued decarbonisation of our economy, not only containing cobalt and nickel, but also hosting manganese and scandium, allowing the Project to potentially produce a high-value pCAM product containing Co, Ni and Mn sourced from the Mt Thirsty deposit.

We are very much entering a transformational phase for the Mt Thirsty project with both an updated Mineral Resource Estimate and Scoping Study currently underway, with the former expected to be finalised within the next 1-2 weeks. We look forward to keeping shareholders updated on a regular basis as we continue to unlock the true potential of the Mt Thirsty project.”

MINERAL RESOURCE ESTIMATE & SCOPING STUDY UPDATE

A specialist team of independent consultants has been engaged to undertake a Scoping Study at Mt Thirsty, including Simulus Pty Ltd ( Simulus ) and WSP Australia Pty Limited ( WSP ).

Simulus is a leading hydrometallurgy and mineral processing services group that specialises in metallurgical testwork, process simulation, engineering studies and the development of hydrometallurgical flowsheets. Simulus bring extensive HPAL experience having been involved in the assessment, development, design, commissioning or operation of 22 nickel projects over the past 19 years.

WSP is a full-service mining consultancy with a global team of over 4,400 dedicated mining professionals covering geology, resource estimation, mining, processing and environmental. WSP’s mining team (formally Golder Associates) have extensive experience with the Mt Thirsty project, having previously undertaken the most recent mineral resource estimates and tailings design. As part of the Scoping Study, WSP will be undertaking an updated mineral resource estimate, mine design, tailings management plan and associated site infrastructure design.

INDICATIVE SCOPING STUDY TIMELINE

==> picture [524 x 174] intentionally omitted <==

Figure 2: Indicative Scoping Study project timeline to completion.

6 Shanghai Metals Market 04/04/2023; AUD:USD 0.68

ASX:GSR

www.greenstoneresources.com.au

The Mineral Resource Estimate and Scoping Study are already underway and are expected to be completed in earlyApril and early-July, respectively (Figure 2). It is expected that the Scoping Study will provide a foundation for the future consolidation and IPO of the Mt Thirsty project later this year, followed by a Pre-Feasibility study, that will target a low-cost, ethical and sustainable source of cobalt and nickel outside of the Democratic Republic of the Congo and Russia.

This announcement is authorised by the Board of Directors.

- END -

Chris Hansen

Managing Director & Chief Executive Officer

Greenstone Resources Limited

E: chris.hansen@greenstoneresources.com.au

ASX:GSR

www.greenstoneresources.com.au

APPENDIX 1: PLAN MAPS AND COLLAR LOCATIONS

==> picture [496 x 655] intentionally omitted <==

www.greenstoneresources.com.au

ASX:GSR

APPENDIX 2: MT THIRSTY NI-CO-SC-PGE SIGNIFICANT INTERCEPTS & COLLARS

Hole ID	Prospect	Northing	Easting	Elevation	Depth	Dip	Azi	From	To	Width	3E g/t	Pd (g/t)	Pt (g/t)	Au (g/t)	Cu(%)	Ni (%)	Co (%)	Mn (%)	Sc (ppm	Type	Reported
MTDD001	Upper (Ni-Co-Mn-Sc)	372578	6447038	398	451	-70	270						Assays Pending							RC
	Middle (PGE)							182.00	200.00	18.00	0.29	0.01	0.05	0.23	0.054%	0.105%	0.010%	0.137%	24.05	DD	7/10/2022
	Lower(Ni)							242.00	254.50	12.50	0.03	0.00	0.02	0.02	0.013%	0.254%	0.020%	0.060%	48.84	DD	23/01/2023
MTRC002D	Upper (Ni-Co-Mn-Sc)	372516	6447126	388	399	-70	270						Assays Pending							RC
	Middle (PGE)							199.00	203.00	4.00	0.14	0.03	0.02	0.10	0.226%	0.121%	0.014%	0.148%	16.06	DD	23/01/2023
	Lower (Ni)												NSI - Not Intercepted							DD	23/01/2023
MTRC003D	Upper (Ni-Co-Mn-Sc)	372261	6447039	392	321	-70	270						Assays Pending							RC
	Middle (PGE)							198.00	225.00	27.00	0.33	0.02	0.05	0.26	0.052%	0.117%	0.011%	0.126%	19.30	DD	7/10/2022
	Lower (Ni)												NSI - Not Intercepted							DD	23/01/2023
MTRC005D	Upper (Ni-Co-Mn-Sc)	372269	6447229	392	373	-70	270						Assays Pending							RC
	Middle (PGE)							292.00	298.50	6.50	0.12	0.01	0.02	0.09	0.016%	0.089%	0.010%	0.133%	21.55	DD	23/01/2023
	Lower (Ni)												NSI - Not Intercepted							DD	23/01/2023
MTRC006D	Upper (Ni-Co-Mn-Sc)	372516	6447126	388	378	-70	270						Assays Pending							RC
	Middle (PGE)							223.00	232.00	9.00	0.14	0.01	0.02	0.10	0.019%	0.094%	0.011%	0.188%	20.81	DD	23/01/2023
	Lower (Ni)							365.65	373.55	7.90	0.02	0.00	0.01	0.01	0.072%	0.156%	0.017%	0.082%	32.93	DD	23/01/2023
MTRC007D	Upper (Ni-Co-Mn-Sc)	372506	6447713	367	304	-70	270						Assays Pending							RC
	Middle (PGE)							167.00	176.00	9.00	0.15	0.01	0.03	0.12	0.017%	0.115%	0.012%	0.146%	18.92	DD	7/10/2022
	Lower (Ni)							237.50	271.00	33.50	0.02	0.00	0.01	0.01	0.008%	0.264%	0.015%	0.121%	35.81	DD	23/01/2023
							incl.	238.00	249.00	11.00	0.03	0.00	0.01	0.02	0.011%	0.366%	0.020%	0.081%	49.70	DD	23/01/2023
MTRC008D	Upper (Ni-Co-Mn-Sc)	372426	6447313	379	316	-70	270	1.00	34.00	33.00	-	-	-	-	0.004%	0.415%	0.046%	0.396%	56.38	RC	5/04/2023
							incl.	17.00	29.00	12.00	-	-	-	-	0.004%	0.486%	0.081%	0.673%	43.03	RC	5/04/2023
	Middle (PGE)							204.00	213.00	9.00	0.09	0.02	0.02	0.05	0.004%	0.092%	0.011%	0.143%	18.70	DD	23/01/2023
	Lower(Ni)							296.85	308.00	11.15	0.08	0.05	0.02	0.02	0.014%	0.253%	0.019%	0.020%	54.86	DD	23/01/2023
MTRC009D	Upper (Ni-Co-Mn-Sc)	372464	6447513	376	319	-70	270	0.00	24.00	24.00	-	-	-	-	0.006%	0.484%	0.056%	0.318%	40.42	RC	5/04/2023
								17.00	21.00	4.00	-	-	-	-	0.004%	0.917%	0.164%	0.857%	29.65	RC	5/04/2023
	Middle (PGE)							199.00	209.20	10.20	0.23	0.01	0.03	0.19	0.005%	0.088%	0.010%	0.133%	25.21	DD	7/10/2022
	Lower (Ni)							268.20	290.00	21.80	0.03	0.00	0.02	0.02	0.011%	0.281%	0.020%	0.095%	49.76	DD	23/01/2023
							incl.	268.20	276.00	7.80	0.04	0.00	0.02	0.02	0.013%	0.344%	0.023%	0.047%	57.21	DD	23/01/2023
MTRC010D	Upper (Ni-Co-Mn-Sc)	372550	6447225	386	360	-70	270						Assays Pending							RC
	Middle (PGE)							200.00	215.00	15.00	0.13	0.10	0.02	0.00	0.017%	0.095%	0.011%	0.133%	19.21	DD	5/04/2023
	Lower (Ni)							327.04	343.00	15.96	0.04	0.01	0.02	0.02	0.03%	0.33%	0.02%	0.02%	56.01	DD	5/04/2023
MTRC011DA	Upper (Ni-Co-Mn-Sc)	372261	6447039	392	394	-70	270	3.00	81.00	78.00	0.10	0.00	0.04	0.07	0.004%	0.503%	0.113%	1.382%	46.37	RC	23/01/2023
							Incl	45.00	60.00	15.00	0.07	0.00	0.03	0.05	0.003%	0.910%	0.449%	5.423%	40.90	RC	23/01/2023
	Middle (PGE)							182.00	194.00	12.00	0.17	0.02	0.03	0.12	0.010%	0.101%	0.011%	0.132%	20.38	DD	23/01/2023
	Lower (Ni)							361.00	383.00	22.00	0.02	0.00	0.01	0.01	0.001%	0.150%	0.009%	0.134%	19.19	DD	23/01/2023

www.greenstoneresources.com.au

ASX:GSR

Hole ID Prospect Northing Easting Elevation Depth Dip Azi From To Width 3E g/t Pd (g/t) Pt (g/t) Au (g/t) Cu(%) Ni (%) Co (%) Mn (%) Sc (ppm Type	Reported
MTRC012D Upper (Ni-Co-Mn-Sc) 372269 6447229 392 355 -70 270 42.00 63.00 21.00 - - - - 0.004% 0.588% 0.077% 0.515% 36.12 RC	5/04/2023
50.00 59.00 9.00 - - - - 0.004% 0.858% 0.058% 0.362% 33.92 RC	5/04/2023
Middle (PGE) 247.00 250.00 3.00 0.10 0.00 0.01 0.03 0.011% 0.058% 0.009% 0.119% 28.17 DD	23/01/2023
Lower (Ni) 313.20 333.00 19.80 0.03 0.00 0.02 0.02 0.012% 0.279% 0.019% 0.073% 49.70 DD	23/01/2023
incl. 316.00 324.00 8.00 0.03 0.00 0.02 0.02 0.011% 0.381% 0.024% 0.067% 49.29 DD	23/01/2023
Lower (Ni) 349.00 354.54 5.54 0.03 0.00 0.01 0.01 0.005% 0.307% 0.017% 0.096% 49.10 DD	23/01/2023
MTRC013D Upper (Ni-Co-Mn-Sc) 372277 6447416 392 323 -70 270 10.00 69.00 59.00 - - - - 0.007% 0.374% 0.047% 0.346% 45.33 RC	5/04/2023
Incl 39.00 50.00 11.00 - - - - 0.009% 0.454% 0.184% 1.145% 49.67 RC	5/04/2023
Middle (PGE) 187.15 188.00 0.85 0.12 0.00 0.02 0.09 0.00% 0.10% 0.01% 0.13% 15.50 DD	5/04/2023
Lower (Ni) Assays Pending DD
MTRC014D Upper (Ni-Co-Mn-Sc) 372305 6447712 372 280 -70 270 Assays Pending RC
Middle (PGE) 186.00 200.00 14.00 0.18 0.01 0.04 0.13 0.028% 0.097% 0.011% 0.139% 20.92 DD	7/10/2022
Lower (Ni) NSI - Not Intercepted DD	23/01/2023
MTRC017D Upper (Ni-Co-Mn-Sc) 372462 6447413 376 295 -70 270 2.00 24.00 22.00 - - - - 0.004% 0.391% 0.072% 0.497% 44.63 RC	5/04/2023
16.00 22.00 6.00 - - - - 0.003% 0.590% 0.156% 0.972% 26.08 RC	5/04/2023
Middle (PGE) 209.50 220.00 10.50 0.11 0.00 0.03 0.08 0.008% 0.078% 0.010% 0.137% 24.45 DD	7/10/2022
Lower (Ni) 281.80 294.60 12.80 0.03 0.00 0.02 0.02 0.011% 0.270% 0.021% 0.067% 53.92 DD	23/01/2023
MTRC035D Upper (Ni-Co-Mn-Sc) 372069 6447724 375 261 -70 270 2.00 46.00 44.00 0.08 0.04 0.04 0.00 0.01% 0.47% 0.03% 0.16% 39.16 RC	5/04/2023
Incl 33.00 43.00 10.00 0.05 0.03 0.02 0.00 0.00% 0.71% 0.09% 0.38% 23.04	5/04/2023
Middle (PGE) 175.00 177.00 2.00 0.35 0.02 0.07 0.26 0.045% 0.111% 0.012% 0.138% 19.80 DD	7/10/2022
Lower (Ni) NSI - Not Intercepted DD	23/01/2023
MTRC042D Upper (Ni-Co-Mn-Sc) 371854 6447700 375 228 -70 270 0.00 50.00 50.00 0.08 0.05 0.03 0.00 0.00% 0.45% 0.05% 0.32% 36.19 RC	5/04/2023
Incl 28.00 48.00 20.00 0.05 0.03 0.02 0.00 0.00% 0.55% 0.09% 0.57% 28.91 RC	5/04/2023
Middle (PGE) 179.00 188.00 9.00 0.11 0.01 0.03 0.08 0.014% 0.093% 0.011% 0.140% 19.22 DD	7/10/2022
Lower (Ni) NSI - Not Intercepted DD	23/01/2023
MTRC065D Upper (Ni-Co-Mn-Sc) 371877 6446744 385 429 -70 270 5.00 50.00 45.00 0.18 0.00 0.06 0.12 0.005% 0.331% 0.033% 0.229% 35.94 RC	23/01/2023
Incl 19.00 27.00 8.00 0.25 0.00 0.06 0.19 0.003% 0.542% 0.084% 0.429% 40.28 RC	23/01/2023
Middle (PGE) 179.00 188.00 9.00 0.11 0.01 0.03 0.08 0.014% 0.093% 0.011% 0.140% 19.22 DD	23/01/2023
Lower (Ni) Assays Pending DD
MTRC067D Upper (Ni-Co-Mn-Sc) 372299 6446199 398 420 -70 270 NSI - Not Intercepted RC	5/04/2023
Middle (PGE) NSI - Not Intercepted DD	5/04/2023
Lower (Ni) NSI - Not Intercepted DD	5/04/2023
MTRC069D Upper (Ni-Co-Mn-Sc) 371497 6446303 365 302 -70 270 4.00 46.00 42.00 0.07 0.00 0.02 0.05 0.00% 0.19% 0.02% 0.12% 21.32 RC	5/04/2023
Middle (PGE) 69.00 70.00 1.00 0.81 0.04 0.16 0.61 0.025% 0.106% 0.010% 0.123% 20.40 DD	5/04/2023
Lower (Ni) NSI - Not Intercepted DD	5/04/2023

Table 1: Significant intersections with and average 3E (Pd + Pt + Au; g/t) grade ≥ 0.1g/t

ASX:GSR

www.greenstoneresources.com.au

APPENDIX 3: RESOURCES & RESERVES

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 . A PreFeasibility 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.

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 Inferred	0.06	3.50	27%	2.5	0.103	0.45	0.66	19.10
Mt Thirsty
Main Sub	0.06	34.70	27%	25.4	0.119	0.52	0.77	21.10
Total
Mt Thirsty North Inferred	0.06	2.00	27%	1.5	0.092	0.55	0.48	19.40
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 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 announcement 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 announcement of the matters based on their information in the form and context in which it appears.

The information in this announcement 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 announcement 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.

ASX:GSR

www.greenstoneresources.com.au

DISCLAIMER

The interpretations and conclusions reached in this announcement 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 announcement will therefore carry an element of risk. This announcement contains forwardlooking 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 announcement. No obligation is assumed to update forward-looking 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.

ASX:GSR

www.greenstoneresources.com.au

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 a Reverse Circulation (RC) and Diamond Core (DD) drilling rigs. • For RC drilling, samples were collected at every 1m interval using a cyclone and cone splitter to obtain a ~2-3kg representative sub-sample for each 1m interval. The cyclone and splitter were cleaned regularly to minimize contamination. • 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 ½ core samples of various lengths (minimum 0.2m), from which 1-2kg of material is collected for assaying. • QAQC Standards and Blanks were collected/inserted at a rate of 1 in every 20m (maximum) through pre-determined mineralised zones. • 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). _	• Reverse circulation (RC) drilling was carried out using a face sampling hammer with a 127mm (5”) drill bit. • DD drilling was NQ2 through the main zones of mineralisation. Core was oriented every 6m 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.	• Sample recoveries are visually estimated qualitatively on a metre basis and recorded in the database. • Drilling contractors adjust their drilling approach to specific conditions to maximise sample recovery. • Estimatedmoisture content and sample recovery is recorded for each sample. • 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. • The total length and percentage of the relevant intersections logged.	• 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 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 coreyard on-site.

ASX:GSR

www.greenstoneresources.com.au

Criteria	JORC Code explanation	Commentary
		• Greenstone considers the data to be of an appropriate level of detail to support a resource 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.	• All RC samples were passed through cyclone and cone splitter, and a 2-3kg split sample is collected for each 1m interval. • 1m split samples were collected for analysis from selected zones based on field logging • 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, 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	• 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

www.greenstoneresources.com.au

ASX:GSR

Criteria	JORC Code explanation	Commentary
	procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	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 any assay data 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 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.	• Drillholes were located on 100m (N/S) or 200m (E/W) spaced traverses along strike from previous drillholes. • 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.

ASX:GSR

www.greenstoneresources.com.au

SECTION 2 – REPORTING OF EXPLORATION RESULTS

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

	Criteria			JORC	Code explanation				Commentary
Mineral tenement			•	Type, reference name/number, location and				•	The exploration results relate to the Mt Thirsty
and	land tenure			ownership including agreements or		material			Project, located approximately 16km north west of
status				issues with third parties such as joint		ventures,			Norseman, Western Australia. The tenements are
				partnerships, overriding royalties, native title					owned 50:50 (Mt Thirsty Joint Venture, MTJV) by
				interests, historical sites, wilderness or national					Conico Ltd (CNJ) (through its subsidiary Meteore
				park and environmental settings.					Metals Pty Ltd) and Greenstone Resources Ltd (GSR).
			•	The security of	the tenure held at the time of				The project includes Retention Licence R63/4,
				reporting along	with any known impediments to				Exploration Licences E63/1267, and E63/1790 and
				obtaining a licence to operate in the area.					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	•	Acknowledgment and appraisal of exploration by				•	The Mt Thirsty area was explored for nickel sulphide
by other parties				other parties.					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 with in 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 and		style of		•	The Mt Thirsty project is located over sedimentary,
				mineralisation.					mafic and ultramafic (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 related to
									layered intrusions and komatiite nickel sulphide
									mineralisation
Drill		hole	•	A summary of	all information material		to the	• Drill	hole information for the drilling discussed in this report
Information				understanding	of the exploration		results	is listed in Table 1 and Table 2 in the context of this report.
				including a tabulation of the		following		• All material data has been periodically released to the ASX
				information for all Material drill holes:
				o easting and	northing of the drill hole collar
				o elevation or RL(Reduced Level –		elevation

ASX:GSR

www.greenstoneresources.com.au

Criteria			JORC Code explanation	Commentary
			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		•	In reporting Exploration Results, weighting	• Reported intersections have been length weighted to
methods			averaging techniques, maximum and/or	provide the intersection width.
			minimum grade truncations (e.g. cutting of high	• Significant Intersections (Table 1) have been reported
			grades) and cut-off grades are usually Material	where the overall intersection of PGE 3E (Pt, Pd, Rh) + Au is
			and should be stated.	greater than 0.5g/t combined, rounded to 2 decimal places.
		•	Where aggregate intercepts incorporate short	• For significant intersections, a maximum of 1m of internal
			lengths of high-grade results and longer lengths	waste have been included in the calculation of intersection
			of low grade results, the procedure used for such	widths.
			aggregation should be stated and some typical	• No assays have been top-cut for the purpose of this report.
			examples of such aggregations should be shown	A lower cut-off of 0.5g/t 3E has been used to identify
			in detail.	significant results.
		•	The assumptions used for any reporting of metal	• In the reporting of Cu, Co and Ni values, these have been
			equivalent values should be clearly stated.	converted into percentage values, rounded to 2 decimal
				places
				• All significant intersections have been reported.
				• No metal equivalent values have been used for the
				reportingof these exploration results.
Relationship		•	These relationships are particularly important in	• True widths, if/where reported, have been estimated
between			the reporting of Exploration Results.	manually on a hole by hole basis for intersections within
mineralisation		•	If the geometry of the mineralisation with respect	known mineralised zones and based on the current
widths	and		to the drill hole angle is known, its nature should	knowledge of the mineralised structure.
intercept lengths			be reported.	• Both downhole width and estimated true width have been
		•	If it is not known and only the down hole lengths	clearly specified in this report when used.
			are reported, there should be a clear statement	• Due to the limited and isolated orientation data, accurate
			to this effect (e.g. ‘down hole length, true width	reporting of strike and/or orientation is not possible at the
			_not known’). _	time of reporting.
Diagrams		•	Appropriate maps and sections (with scales) and	• Appropriate plans and sections have been included in the
			tabulations of intercepts should be included for	body of this report.
			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	• All results material and relevant to the subject of this
			Exploration Results is not practicable,	announcement has been presented.
			representative reporting of both low and high
			grades and/or widths should be practiced to
			avoid misleading reporting of Exploration
			Results.
Other substantive		•	Other exploration data, if meaningful and	• A detailed 40m line spaced aeromagnetic data has been
exploration data			material, should be reported including (but not	used for interpretation of underlying geology. Data was
			limited to): geological observations; geophysical	collected by UTS Geophysics for Mt Thirsty Joint Venture in
			survey results; geochemical survey results; bulk	2008. Line direction 090 with a platform height of 30m for a
			samples – size and method of treatment;	total of 3211 line-km.
			metallurgical test results; bulk density,
			groundwater, geotechnical and rock
			characteristics; potential deleterious or
			contaminating substances.
Further work		•	The nature and scale of planned further work	• Further work has been discussed in the context of phased
			(e.g. tests for lateral extensions or depth	drilling campaigns, based on the outcome of active drilling
			_extensions or large-scale step-out drilling). _	campaigns.

ASX:GSR

www.greenstoneresources.com.au

Criteria		JORC Code explanation				Commentary
	•	Diagrams clearly highlighting the	areas of
		possible extensions, including	the		main
		geological interpretations and future		drilling
		areas, provided this information		is	not
		commercially sensitive.

ASX:GSR

www.greenstoneresources.com.au