CONICO LTD — Capital/Financing Update 2023

Jan 16, 2023

ASX Announcement

17[th] January 2023

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MESTERSVIG DRILL RESULTS AND HIGH-GRADE ROCK CHIP ASSAYS
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Drill Results

Assays for core samples from the 100% owned Mestersvig project drilled during the 2022 field season have been received and confirm the presence of high-grade lead and zinc at both the Blyklippen and Sortebjerg prospects. Significant drill intercepts include:

Blyklippen drilling: ▪ BKDD001: 0.50 m @ 1.8% Zn from 269.5 m ▪ BKDD003: 1.05 m @ 1.2% Pb and 3.5% Zn from 200.95 m, and 5.60 m @ 9.2 g/t Ag, 2.7% Pb and 2.2% Zn from 203.95 m ▪ BKDD004 : 1.50 m @ 1.2% Pb from 191.0 m, and 2.75 m @ 1.6% Pb from 210.25 m, and 8.60 m @ 0.4% Pb and 2.2% Zn from 218.4 m ▪ BKDD005 : 0.67 m @ 12 g/t Ag and 7.6% Pb from 154.45 m

Sortebjerg drilling:

▪ SBDD001 : 0.55 m @ 56 g/t Ag, 3.5% Pb and 3.6% Zn from 78.7 m, and 2.70 m @ 6.0% Zn from 86.0 m, and 1.50 m @ 1.5% Pb from 91.5 m ▪ SBDD002: 1.45 m @ 1.8% Zn from 103.0 m ▪ SBDD003: 4.50 m @ 7.7 g/t Ag and 23.8% Zn from 134.0 m, and 1.05 m @ 0.6% Cu and 10.4% Zn from 141.8 m, and 0.60 m @ 3.7% Zn from 161.4 m ▪ SBDD005: 1.42 m @ 6.7% Zn from 120.45 m

The style and grade of mineralisation intercepted during the 2022 drilling is analogous to the Blyklippen mine where historical production between 1956-1962 extracted 545,000 tons at 9.3% lead and 9.9% zinc.

The 2022 drilling, which targeted a fault structure running for 9 km between the Blyklippen and Sortebjerg prospects, confirms the potential for additional discoveries along this fault and on other identified sub-parallel fault structures in the project area.

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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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High-Grade Rock Chips

Assay results for rock chip samples collected during the 2022 season have been received, confirming high-grade base metal and silver mineralisation at the Holberg, Nuldal, and Sortebjerg prospects. Samples grade up to 22.5% lead, 3.6% zinc, 3.1% copper and 226 g/t silver (Appendix 7). Significant assay results include:

Holberg prospect

• Sample 9963: 76 g/t Ag, 0.4% Cu and 19.0% Pb.

• Sample 9965: 33 g/t Ag, 3.0% Cu, 4.4% Pb, and 2.9% Zn.

Nuldal prospect

• Sample 9968: 83 g/t Ag, 22.2% Pb, and 0.2% Zn.

• Sample 9959: 183 g/t Ag and 21.6% Pb.

Sortebjerg prospect

• Sample 9955: 18 g/t Ag, 3.1% Cu, 2.0% Pb, and 1.2% Zn.

• • Sample 9957: 3.6% Zn.

• Sample 9970: 226 g/t Ag, 0.2% Cu, and 22.5% Pb.

The Holberg and Nuldal prospects contain fault structures that have now been confirmed to host quartz-vein hosted Pb-Zn-Ag±Cu mineralisation analogous to that at the historic Blyklippen mine and the Sortebjerg prospect, drilled by the Company during 2022. The Holberg and Nuldal faults are located 4 km and 6 km respectively to the east of, and subparallel to, the Blyklippen-Sortebjerg fault.

In addition, a review of historical exploration reports from the 1960s and 1970s has noted high-grade lead and silver reported in rock samples 38 km south of the historic Blyklippen mine at a prospect now referred to as Pingo Dal. Sixty-four of 145 historical samples from Pingo Dal are reported as having >1% Pb with thirteen samples having >50% Pb (Appendix 8). Pingo Dal contains similar clastic lithologies and fault structures to the Blyklippen mine, and only limited exploration was undertaken throughout the 1950s1980s.

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Mestersvig Project Update

Conico Limited ( ASX: CNJ ) ( Conico or the Company ) is pleased to provide an update on exploration activities at its 100% owned Mestersvig Project in East Greenland. A total of 10 diamond drill holes were completed, and 20 rock chip samples taken during 2022 field work. Drilling targeted vein-hosted Zn-Pb-Cu-Ag mineralisation adjacent to the Blyklippen Mine, along previously un-drilled segments of a fault structure linking the Blyklippen and Sortebjerg prospects. Eight holes intersected base-metal sulphide minerals hosted by massive quartz veins with assay results confirming the presence of high-grade lead and zinc mineralisation in the drill core. Rock chip samples were taken as part of regional reconnaissance on the Blyklippen-Sortebjerg, Holberg and Nuldal veins. Seven rock chip samples returned high-grade Pb, Zn, Cu, or Ag with grades up to 22.5% lead, 3.6% zinc, 3.1% copper and 226 g/t silver.

Mineralisation in drill core and rock chips are analogous to that at the Blyklippen Mine, consisting of quartz vein-hosted galena and/or sphalerite (Figures 1 & 2, and Appendix 1). Hole BKDD005 intersected mineralisation grading 7.6% Pb over 0.67 m approximately 1.7 km south of the mine area. High-grade mineralisation grading 23.75% Zn over 4.5 m was intercepted 9 km south of Blyklippen, on a previously undrilled section of the Blyklippen-Sortebjerg fault in hole SBDD003 (Figure 2 and Appendix 1). Further to this, many of the high-grade rock chip samples we on sections of veins, or vein systems that have been untested by drilling.

Executive Director, Guy le Page, commented :

“Both drill intercepts from Blyklippen and Sortebjerg together with high-grade rock chips at the Holberg, Nuldal and Pingo Dal, suggest an ore district at Mestersvig stretching over 40 km north to south. The district contains multiple graben-related faults with quartz-vein hosted Pb-Zn-Ag±Cu mineralisation similar in style to the historical Blyklippen Mine where 545,000 tons of ore at 9.3% lead and 9.9% zinc were extracted in the 50s and 60s. Significantly, the area has only been lightly touched by modern exploration with multiple un-drilled, highpriority, prospects.”

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Figure 1: BKDD003, showing quartz vein-hosted sphalerite and galena mineralisation with assay samples highlighted in red and annotated. The overall grade of the interval is 5.6 m @ 9.2 g/t Ag, 2.74% Pb and 2.17% Zn from 203.95 m.

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Figure 2: SBDD003, showing quartz vein-hosted sphalerite mineralisation with assay samples highlighted in red and annotated. The overall grade of the interval is 4.5 m @ 7.67 g/t Ag and 23.75% Zn from 134 m.

Despite the challenging drilling circumstances (Conico ASX announcement 25[th] November 2022), the company regards the 2022 drill season to have been a success. Drilling was limited to a small extent of the known vein-bearing fault structures and confirmed that Pb-Zn-Cu-Ag mineralisation is present not just adjacent to the historic Blyklippen Mine but also throughout a wider part of the project area. High-grade mineralisation intersected down dip from the historic Blyklippen mine, along strike from

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previous drilling at the Sortebjerg prospect, and high-grade galena-bearing rock chips located on the Nuldal and Holberg veins, confirms the Company’s geological model and shows the exploration potential of the project area.

The Nuldal and Holberg fault systems host mineralised veins and are located on the eastern side of the local graben (Figure 3). They are situated outside the main area of historical exploration which has been previously focused on the Blyklippen-Sortebjerg fault on the western boundary of the graben. No previous drilling is known on the Holberg fault and only limited drilling took place in the1950s on the Nuldal fault, approximately 1 km to the south and 500 m lower in elevation from the new high-grade rock chip samples. The Holberg fault has 9 km of un-drilled strike length, which remains open along strike to the north and south. The Nuldal fault has 3 km of un-drilled strike length and is also open along strike to the north and south. The Blyklippen-Sortebjerg, Holberg, and Nuldal faults have all been shown to host high-grade Pb±Zn±Ag mineralisation.

In addition, a recent archive discovery of historical high-grade rock samples from Pingo Dal, 38 km to the south of the Blyklippen mine adds another prospect and new target to the Mestersvig project. Similarities in metals, grades, and geology of the Pingo Dal prospect to the known Blyklippen mineralisation suggest a much broader extent to the Mestersvig ore-district than was previously known.

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Blyklippen
Sector
(Fig. 4)
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236 g/t Ag, 69.47% Pb in
2020 rock chip sample
(see announcement
08/12/2020)
Sortebjerg
Sector
(Fig. 6)
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Figure 3. Geological map showing the location of 2022 drilling and historic drilling. White cross hatch shows mineralised structures that remain untested by drilling; the dark cross hatch shows interpreted extensions to these structures.

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• 1.05 m @ 1.2% Pb and 3.5% Zn from 200.95 m 5.60 m @ 9.2 g/t Ag, 2.7% Pb and 2.2% Zn from 203.95 m 0.4 m @ 2.3% Pb from 280.3 m 0.4 m @ 1.3% Pb from 287.4 m 0.4 m @ 1.5% Zn from 304.6 m

• 1 m @ 3.7% Zn from 321.9 m 1.50 m @ 1.2% Pb from 191.0 m 2.75 m @ 1.6% Pb from 210.25 m 8.60 m @ 0.4% Pb and 2.2% Zn from 218.4 m 2.4 m @2.9% Pb and 3.7% Zn from 263 m 0.3 m @1.5% Pb and 2.4% Zn from 269 m 1.4 m @ 0.4% Cu and 0.8% Zn from 289.7 m 0.4 m @ 0.6% Cu and 0.7% Pb from 296 m

• 0.5 m @ 1.8% Zn from 269.5 m

Figure 4 : Plan map of 2022 and historic drilling at the Blyklippen historic mine, showing significant intercepts (non-verified historical intercepts in grey boxes). See Figure 5 for cross section through BKDD004 and BK001, shown by the white line.

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1.50 m @ 1.2% Pb from 191.0 m 0.4 m @ 2.3% Pb from 280.3 m
2.75 m @ 1.6% Pb from 210.25 m 0.4 m @ 1.3% Pb from 287.4 m
8.60 m @ 0.4% Pb and 2.2% Zn from 218.4 m 0.4 m @ 1.5% Zn from 304.6 m
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Figure 5: Section 1. Representative section from drilling at Blyklippen with 2022 drill hole BKDD004 and historic drill hole BK001 showing significant intercepts (non-verified historical intercepts in grey boxes). Dashed magenta outline shows the approximate extent of historic mining.

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0.67 m @ 12 g/t Ag, 7.6% Pb from 154.45 m
4.50 m @ 7.7 g/t Ag, 23.8% Zn from 134.0 m
1.05 m @ 0.6% Cu, 10.4% Zn from 141.8 m
0.60 m @ 3.7% Zn from 161.4 m
1.45 m @ 1.8% Zn from 103.0 m
0.55 m @ 56 g/t Ag, 3.5% Pb, 3.6% Zn from 78.7 m
2.70 m @ 6.0% Zn from 86.0 m
1.50 m @ 1.5% Pb from 91.5 m
1.0 m @ 17.3% Zn from 53.8 m
0.3 m @ 0.1% Cu, 5.7% Zn from 61.8 m
0.4 m @ 0.1% Cu, 13.4% Zn from 84.2 m
2.5 m @16.1% Zn from 8.25 m
0.5 m @ 11.5% Zn from 6.4 m
1.0 m @ 0.2% Pb, 18% Zn from 21.8 m
0.9 m @ 5.4% Cu, 2% Zn from 91.01 m
0.3 m @ 0.2% Cu, 4.4% Pb, 13% Zn from 37.7 m
0.52 m @ 0.1% Cu, 1.2% Pb, 12% Zn from 94.22 m
0.86 m @ 0.3% Cu, 9.8% Zn from 33.77 m
1.55 m @ 0.8% Cu, 7.3% Pb, 18.2% Zn from 40.2 m
0.32 m @ 19% Pb, 29.4% Zn from 43.16 m
3.10 m @ 3% Cu, 8.5% Pb, 12.6% Zn from 46.15 m
5.17 m @ 1.8% Pb, 12.6% Zn from 40 m
0.88 m @ 0.2% Pb, 21.7% Zn from 132.52 m
0.7 m @ 9.7% Zn from 137.3 m
1.55 m @ 15.9% Zn from 122.75 m
0.4 m @ 8% Zn from 38.4 m
1.05 m @ 7.1% Zn from 13.15 m
0.8 m @ 13% Zn from 17.3 m
0.95 m @ 7.2% Zn from 21.57 m
3.95 m @ 0.2% Cu, 1.3% Pb, 8.8% Zn from 51.85 m
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Figure 6: Map of the Sortebjerg prospect showing drill holes, with significant intercepts (non-verified historical intercepts in grey boxes). See Figure 7 for cross section through SBDD003.

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4.50 m @ 7.7 g/t Ag and 23.8% Zn from 134.0 m
1.05 m @ 0.6% Cu and 10.4% Zn from 141.8 m
0.60 m @ 3.7% Zn from 161.4 m
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Figure 7: Representative section from drilling at Sortebjerg showing SBDD003 with significant intercepts. The interpreted zone of mineralised veins is shown in purple.

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NULDAL PROSPECT ROCK CHIPS

The Nuldal prospect contains a N-S trending fault, 6 km to the east of and sub-parallel to the Blyklippen-Sortebjerg fault (Figure 3). The prospect was known from historical records and rock samples returned from initial field visits by Conico in 2020 when two rock chip samples returned 60.7% Pb, 0.9% Cu & 236 g/t silver, and 69.5% lead, 0.8% copper & 282 g/t silver (AS ~~X~~ announcement 08/12/2020). Reconnaissance field mapping and sampling was conducted during the 2022 field season with several rock chips from fault-hosted quartz veins containing base-metal sulphides returning significant assay results (Appendix 7). This area received only minor exploration in the 1950s leading to a small number of drill holes on flatter ground, 1 km south and 500 m vertically below the area of high-grade rock chips. The fault remains untested by drilling along most of its 3 km exposed length. Several high-grade lead, silver, and copper-bearing mineralised outcrops have now been identified along the Nuldal structure.

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Figure 8. Nuldal rock chip sample 9959 . Quartz vein-hosted massive galena, containing 183 g/t Ag and 21.6% Pb.

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Figure 9. Nuldal rock chip sample 9968. Quartz vein-hosted massive galena with malachite staining, containing 83 g/t Ag, 22.2% Pb and 0.2% Zn.

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Figure 10: Massive galena outcropping at the Nuldal Prospect, the location of sample 9959 containing 183 g/t Ag and 21.6% Pb. (The white marker is 12 cm long). For location, see Figure 3.

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HOLBERG PROSPECT ROCK CHIPS

The Holberg prospect contain a N-S trending fault, 4 km to the east of and sub-parallel to the Blyklippen-Sortebjerg fault (Figure 3). Reconnaissance mapping and sampling conducted during 2022 located multiple galena-bearing outcrops, with rock chips returning significant assay results (Appendix 7). The Holberg vein system has never been drilled, and mineralised quartz vein outcrops are known to extend along the structure’s strike for over 9 km.

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Figure 11 . Holberg rock chip sample 9963. Quartz vein-hosted massive galena and malachite, containing 76 g/t Ag, 18.98% Pb and 0.44% Cu.

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SORTEBJERG PROSPECT ROCK CHIPS

The Sortebjerg prospect contains the southern continuation of the Blyklippen-Sortebjerg fault, from 9 to 13 km south of the historic Blyklippen mine (Figure 3). Reconnaissance field mapping and sampling was conducted during the 2022 field season along with limited drilling. The surface fieldwork confirmed the location of historic mapped veins and outcrops with sample 9970 returning high values of silver and lead (Figure 12, Appendix 7) from an area of historical drilling. Conico’s drilling took place along strike to the north of the historical drilling, including an intercept of 4.5 m @ 7.7 g/t Ag and 23.75% Zn in hole SBDD003.

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Figure 12. Sortebjerg rock chip sample 9970, consisting of quartz vein-hosted massive galena, containing 226 g/t Ag, 0.15% Cu and 22.5% Pb.

PINGO DAL PROSPECT

During archival research in 2022 a region of anomalous high-grade rock chip samples reported in historical exploration work from the 1960s and 70s was identified in the southern part of the tenement licence (Figure 13), near the Pingo Dal valley. Anomalous samples (Figure 14) are spread over 2.6 km and, as at Blyklippen, are hosted in Permian sandstones which appear to be heavily faulted by normal faults superimposing different units of sandstone against each other.

Sixty-four out of 145 samples are reported as having >1%Pb, with thirteen out of 145 samples reported as having >50% Pb, with a further 18 samples having >200 g/t Ag, the highest grades being 76.9% and 380 g/t respectively (Appendix 8). Mineralisation is reported to be quartz vein hosted and fault controlled, with some mineralisation also occurring in strata-bound limestones. To the Company’s knowledge no exploration work has been carried out at the location since the 1980s, and only four short drillholes took place in 1957.

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Oksedal Ba mineralisation. Estimated
316,000 t @ 91% baryte (Swiatecki 1981;
Swiatecki & Thomassen 1981) [1]
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Malmbjerg Molybdenum Deposit
245 mt @ 0.176 MoS2 Prov. & Prob. reserves
(Greenland Resources, 2022)
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Figure 13: Location map for the Mestersvig Project, showing the location of the main prospects and regional geology. Malmbjerg Molybdenum Deposit with proven and probable resource shown by yellow circle. Estimated Oksedal baryte tonnage is shown by yellow cross and is from non-verified historic data. Historic Blyklippen Pb-Zn mine is in the Blyklippen Prospect to the north.

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Figure 14. Pingo Dal prospect, showing the location of anomalous high-grade historic rock chip samples.

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BACKGROUND & TECHNICAL DISCUSSION

The local geology is dominated by Permian and Triassic sediments intruded by Palaeogene dolerite sills and dykes. These units are intruded by the Palaeogene Werner Bjerge alkaline igneous complex in the southern part of the project area and are bordered by metamorphic units of the Caledonian fold belt to the west (Figure 13). The 4 km wide, 12 km long NNW-SSE trending Mestersvig graben is the most conspicuous feature of the project area, which occurs in a 15-20 km-long anticlinal fold structure hosting widespread faulting.

Mineralisation is widespread throughout the region, with several known deposits nearby. The Oksedal Prospect, held by Conico, hosts a deposit of Baryte, which occurs in stratabound Upper Permian limestones, with mineralisation controlled by faulting. There are also small amounts of Pb±Zn±Cu associated with the deposit. An estimate from Swiatecki, 1981, and Swiatecki & Thomassen, 1981, gives 316,000 t @ 91% baryte.

The Conico licence area encompasses the Malmbjerg Molybdenum Deposit, with 245 mt @ 0.176 MoS2 in Proven & Probable Reserves, held by Greenland Resources Ltd. Mineralisation style is a porphyry deposit, with molybdenum mineralisation associated with hydrothermal alteration relating to the Werner Bjerge alkaline igneous complex (Figure 13).

The historical Blyklippen Mine that produced 545,000 tons at 9.3% lead and 9.9% zinc between 1956-1962, is hosted in the local western graben fault of the Mestersvig graben, which structurally controls mineralisation. Mineralisation at the mine occurs as faultcontrolled quartz veins hosting lead and zinc minerals with accessory silver and copper. Ore minerals are typically massive sphalerite and galena, with minor chalcopyrite. Massive quartz veins form zones from 2 to 50 m thick, with additional mineralised veins known on sub-parallel structures to the graben boundary faults within the project area.

Approximately 10 km to the south of Blyklippen is the Sortebjerg prospect, a mineralised vein occurrence that has been subject to limited historic drilling. Zn-Pb-Ag±Cu mineralisation at Sortebjerg is hosted in a continuation of the western graben fault that controls mineralisation at the Blyklippen mine. Four and six kilometres to the east of the Sortebjerg prospect, the Holberg and Nuldal prospects consist of similar sub-parallel fault structures.

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Approximately 40 km to the south of Blyklippen, the Pingo Dal prospect has been identified from historically reported rock samples with high-grade lead. The Pingo Dal prospect has not yet been visited by the Company.

KEY TARGETS

The Company believes that the grades intersected in 2022 drilling and rock chip samples, warrant continued exploration targeting vein-hosting fault structures. The Company is currently planning a field program for the 2023 summer season, which is expected to include additional drilling near the Blyklippen mine to seek extensions of historically reported mineralisation, as well as testing downdip extensions of surface outcrop galena mineralisation on the Nuldal and Holberg veins. Ground truthing of the new Pingo Dal prospect is also proposed. Exploration techniques will include drilling, mapping, geochemistry (aided by use of portable XRF), and geophysics, across the Blyklippen, Sortebjerg, Holberg, Nuldal, and Pingo Dal prospects.

Drill targets for 2023 include zones of flexure and structural bends in known mineralised fault-hosted veins on the Blyklippen-Sortebjerg, Nuldal and Holberg veins. The Company’s current understanding of mineralisation controls at the Blyklippen mine is that mineralisation is structurally controlled. Drilling will therefore target zones of fault intersection and flexure as observed at Blyklippen. Further regional reconnaissance at the Pingo Dal prospect, Werner Bjerg, and on interpreted extensions of the mineralised Blyklippen-Sortebjerg, Nuldal and Holberg veins will also take place ahead of drilling over the 2024 season.

The Company maintains two helicopter portable drill rigs that are currently on site and will be used for early execution of new drill targets. The Company looks forward to providing the market further exploration updates prior to the 2023 Greenland field season.

This announcement is authorised by the Board of Directors.

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Executive Director

Guy T. Le Page, MAusIMM, FFIN, MAICD

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Competent Persons Statement

The information contained in this report relating to exploration results relates to information compiled or reviewed by Thomas Abraham-James, a non-executive director of Conico Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Abraham-James has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserve Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Abraham-James consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Disclaimer

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk. This report contains forward-looking statements that involve several risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

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APPENDIX 1: SIGNIFICANT DRILL INTERCEPTS*

Hole ID	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (%)	Zn(%)
BKDD001	269.5	270.0	0.5	<10	<0.01	<0.005	1.78
BKDD003	200.95	202.0	1.05	<10	<0.01	1.21	3.54
and	203.95	209.55	5.6	9.20	0.03	2.74	2.17
BKDD004	191.0	192.5	1.5	<10	<0.01	1.22	0.02
and	210.25	213.0	2.75	<10	<0.01	1.56	0.01
and	218.4	227.0	8.6	7.24	0.01	0.43	2.19
BKDD005	154.45	155.12	0.67	12	<0.01	7.57	0.03
SBDD002	103.0	104.45	1.45	<10	0.02	<0.005	1.78
SBDD003	134.0	138.5	4.5	7.67	0.05	0.01	23.75
and	141.8	142.85	1.05	<10	0.58	0.11	10.41
and	161.4	162.0	0.6	<10	0.09	0.09	3.67
SBDD005	120.45	121.87	1.42	<10	0.01	0.02	6.68
SBDD001	78.7	79.25	0.55	56	0.04	3.48	3.58
and	86.0	88.7	2.7	<10	0.06	0.05	6.03
and	91.5	93.0	1.5	<10	<0.01	1.46	0.02

* R eported intercepts were calculated using length-weighted average grades. Only intervals containing >1% combined Pb+Zn are reported. No internal dilution by material containing <1% combined Pb+Zn was included in the reported intervals. Where Ag and Cu assays in the reported intervals were below detection limits they were given values of zero during the calculation. Elements were only included in the reported intervals if >5 g/t ag or >0.1% for Pb, Zn or Cu.

APPENDIX 2: MESTERSVIG COLLAR LOCATION AND DETAILS

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

Coordinates are given in WGS84 UTM Zone 26N.

APPENDIX 3: HISTORIC MESTERSVIG COLLAR LOCATION AND DETAILS

Hole ID	Northing	Easting	Elevation	Depth (m)	Dip	Azimuth	Drill Type	Company	Drill Year
BK001	8012381	597800	415	396.5	-67	254	Diamond	Ironbark ZincLtd	2011
BK002	8012381	597800	415	362	-57	233	Diamond	Ironbark ZincLtd	2011
BK003A	8011977	598081	335	36	-55	270	Diamond	Ironbark ZincLtd	2011
BK003	8011977	598081	335	364.6	-57	285	Diamond	Ironbark ZincLtd	2011

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APPENDIX 4: HISTORIC MESTERSVIG SIGNIFICANT INTERCEPTS*

Hole ID	From (m)	To (m)	Interval (m)	Copper (%)	Lead (%)	Zinc (%)
BK001	280.3	280.7	0.4	0.027	2.33	0.02
BK001	287.4	287.8	0.4	0.015	1.29	0.02
BK001	304.6	305	0.4	<0.005	<0.01	1.52
BK002	321.9	322.9	1.0	0.01	<0.01	3.66
BK003	263.0	265.4	2.4	0.01	2.94	3.66
BK003	269.0	269.3	0.3	0.006	1.46	2.42
BK003	290.4	291.8	1.4	0.38	0.01	0.8
BK003	296.0	296.4	0.4	0.627	0.66	0.09

* Reported intercepts were calculated using length-weighted average grades. Only intervals containing >0.5% Pb+Zn were reported. Up to one metre of internal dilution by material containing <0.5% Pb + Zn was included in the reported intervals. Where assays in the reported intervals were below detection limits, they were given values of zero during the calculation.

APPENDIX 5: HISTORIC SORTEBJERG COLLAR LOCATION AND DETAILS

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

Coordinates are given in WGS84 UTM Zone 26N.

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APPENDIX 6: HISTORIC SORTEBJERG SIGNIFICANT INTERCEPTS*

Hole ID	From (m)	To (m)	Interval (m)	Copper (%)	Lead (%)	Zinc (%)
BH001	40.0	45.17	5.17	Noresult	1.77	12.58
BH001	132.52	133.4	0.88	Noresult	0.2	21.7
BH001	137.30	138.00	0.70	Noresult	Noresult	9.71
BH002	122.75	124.3	1.55	Noresult	0.02	15.87
BH003	13.15	14.2	1.05	Noresult	Noresult	7.13
BH003	17.3	18.1	0.8	Noresult	Noresult	13
BH003	21.57	22.52	0.95	Noresult	0.02	7.15
BH003	51.85	55.8	3.95	0.22	1.3	8.75
BH004	38.40	38.80	0.40	Noresult	Noresult	8.08
BH006	37.70	38.00	0.30	0.19	4.44	13.1
BH008	33.77	34.63	0.86	0.32	Noresult	9.82
BH010	40.2	41.75	1.55	0.83	7.34	18.21
BH012	43.16	43.48	0.32	Noresult	19	29.4
BH012	46.15	49.25	3.1	3.04	8.45	12.62
BH016	91.01	91.91	0.9	5.37	0.03	1.98
BH016	94.22	94.74	0.52	0.1	1.17	12
SB017	8.25	10.75	2.5	0.07	0	16.1
SB018	6.4	6.9	0.5	0.06	0	11.45
SB018	21.8	22.8	1.0	0.02	0.22	17.95
SB019	53.8	54.8	1.0	0.03	0	17.33
SB019	61.8	62.1	0.3	0.11	0	5.65
SB019	84.2	84.6	0.4	0.05	0	13.35

*Reported intercepts were calculated using length-weighted average grades from historic data. Only intervals containing >1% combined Pb+Zn and intervals over 0.3 metres were included in the calculation. Up to 1 metre of internal dilution by material containing <1% combined Pb+Zn was included in the reported intervals. In some instances, there was no data available for historic assays, and these have been given values of zero for the calculation.

APPENDIX 7: 2022 ROCK CHIP ASSAYS

Sample ID	Prospect	UTM Zone	Easting	Northing	Agg/t	Cu %	Pb %	S %	Zn %
9951	Sortebjerg	26 N	601790	8001784	<10	0.02	0.07	<0.02	0.03
9952	Sortebjerg	26 N	600771	8003738	<10	0.02	0.02	<0.02	0.03
9953	Sortebjerg	26 N	602318	8000892	<10	<0.01	0.02	<0.02	0.01
9954	Sortebjerg	26 N	602248	8001091	<10	0.11	0.01	0.1	0.05
9955	Sortebjerg	26 N	601425	8002690	18	3.08	2.04	3.6	1.22
9956	Nuldal	27 N	400211	8007889	<10	<0.01	0.03	0.2	<0.005
9957	Sortebjerg	26 N	600798	8003700	<10	<0.01	0.01	1.7	3.6
9958	Sortebjerg	26 N	602248	8001091	<10	0.69	0.01	0.6	0.27
9959	Nuldal	27 N	400331	8007292	183	0.05	21.6	8.2	0.02
9960	Nuldal	27 N	400384	8007196	<10	<0.01	0.27	0.1	0.02
9961	Nuldal	27 N	400558	8006905	<10	0.14	0.07	0.1	0.01
9962	Nuldal	27 N	401130	8005855	<10	0.12	0.17	0.2	<0.005
9963	Holberg	27 N	398456	8007651	76	0.44	18.98	7	0.04
9964	Holberg	27 N	398623	8006980	<10	0.01	0.18	0.1	0.01
9965	Sortebjerg	26 N	602584	8000436	33	2.96	4.38	4.6	2.86
9966	Sortebjerg	26 N	602644	8000315	<10	0.79	0.15	0.7	0.49
9967	Blyklippen	26 N	598902	8010121	<10	<0.01	0.05	<0.02	0.04
9968	Nuldal	27 N	400287	8007739	83	0.08	22.23	7.5	0.17
9969	Holberg	27 N	398395	8007974	<10	0.01	0.2	0.1	0.02
9970	Sortebjerg	26 N	601809	8001795	226	0.15	22.5	11.8	0.07

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Coordinates are given in WGS84 UTM Zone 26N.

APPENDIX 8: HISTORIC PINGO DAL ROCK CHIP SAMPLES[2]

Sample ID	Year	Easting	Northing	Ag g/t	Zn %	Pb %
Exp Comp 8002039/B	1980	603793	7975325	NR	0.10	1.1
Exp Comp 7205158/B	1972	603817	7975145	0.4	0.36	1.2
Exp Comp 7205161/C	1972	603817	7975145	6.4	0.06	1.31
Exp Comp 7205157/B	1972	603793	7974976	10	0.01	1.48
Exp Comp 7205161/E	1972	603817	7975145	6.8	0.02	1.5
Exp Comp 8002035/E	1980	603805	7975184	NR	0.02	1.69
Exp Comp 7205168/C	1972	603849	7975347	7.2	0.13	1.8
Exp Comp 7205166/C	1972	603849	7975347	14	1.42	1.8
Exp Comp 8002034/B	1980	603822	7975194	NR	1.41	2.01
Exp Comp 8002035/F	1980	603805	7975184	NR	0.01	2.04
Exp Comp 7205158/A	1972	603817	7975145	15	0.35	2.1
Exp Comp 7205178/4	1972	603980	7974533	17.2	0.18	2.4
Exp Comp 8002036/B	1980	603820	7975224	NR	1.12	2.49
Exp Comp 8001030	1980	603455	7973838	20	0.35	2.5
Exp Comp 8001044/7	1980	603805	7975364	15	NR	2.9
Exp Comp 7205161/B	1972	603817	7975145	17.6	0.07	3.4
Exp Comp 8001044/9	1980	603835	7975435	17	NR	3.5
Exp Comp 8001044/1	1980	603793	7975173	20.3	NR	3.5
Exp Comp 7205171/A	1972	603902	7975548	18.4	0.12	3.6
Exp Comp 7205154/B	1972	603793	7974976	30	0.00	3.6
Exp Comp 7205155/B	1972	603793	7974976	35	1.75	4.1
Exp Comp 8002042/B	1980	603880	7975461	NR	0.06	4.32
Exp Comp 7205168/B	1972	603849	7975347	47.3	0.04	4.48
Exp Comp 7205164/A	1972	603849	7975347	20	0.50	4.6
Exp Comp 8001044/6	1980	603784	7975314	27.6	NR	5.7
Exp Comp 7111038	1971	603817	7975145	NR	0.01	5.7
Exp Comp 8002038/B	1980	603784	7975314	NR	1.83	6.81
Exp Comp 8001025	1980	603751	7975045	30	NR	7
Exp Comp 7205176	1972	603988	7974853	28.3	0.05	7.48
Exp Comp 7205167/C	1972	603849	7975347	40	0.10	7.52
Exp Comp 7111040	1971	603817	7975145	NR	0.02	7.7
Exp Comp 7205163/B	1972	603817	7975145	30	0.45	7.95
Exp Comp 7205156	1972	603793	7974976	41	0.68	7.96
Exp Comp 7205159	1972	603817	7975145	35	0.50	8.16
Exp Comp 7205160/B	1972	603817	7975145	31.2	2.64	8.65
Exp Comp 8001044/3	1980	603822	7975207	34.4	NR	10.6
Exp Comp 7205155/A	1972	603793	7974976	92	2.50	12.4
Exp Comp 8002039/A	1980	603793	7975325	NR	1.78	12.53
Exp Comp 7205161/A	1972	603817	7975145	62	0.06	13.5
Exp Comp 8001026	1980	603744	7975010	32	NR	13.6
Exp Comp 8001031	1980	603482	7973603	39.5	NR	13.6
Exp Comp 7205162/A	1972	603817	7975145	51.5	0.04	14.7
Exp Comp 7205163/A	1972	603817	7975145	170	2.50	27.1
Exp Comp 8001032	1980	604216	7973163	187	NR	42

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Exp Comp 8001044/8	1980	603777	7975394	325	NR	42.7
Exp Comp 8001044/2	1980	603822	7975207	204	NR	45.3
Exp Comp 8001044/4	1980	603796	7975253	277	NR	46.3
Exp Comp 8001029	1980	603833	7974127	236	NR	48
Exp Comp 8001028	1980	604178	7974472	280	NR	49.1
Exp Comp 8001044/5	1980	603784	7975314	317	NR	49.9
Exp Comp 8001049	1980	604441	7972997	380	NR	51.2
Exp Comp 8001033	1980	604406	7973067	113	NR	51.3
Exp Comp 8001048	1980	604332	7973069	212	NR	51.5
Exp Comp 8001044/10	1980	603870	7975459	372	NR	51.5
Exp Comp 8001045	1980	604055	7974899	202	NR	54.3
Exp Comp 7205160/A	1972	603817	7975145	250	2.50	55.4
Exp Comp 8001047	1980	603999	7974515	301	NR	58.4
Exp Comp 7107251	1971	603790	7974796	225	0.25	60
Exp Comp 8001046	1980	604110	7974786	203	NR	60.2
Exp Comp 7110153	1971	603829	7974567	210	NR	66.7
Exp Comp 7111039	1971	603817	7975145	338	1.20	70
Exp Comp 7205175	1972	603988	7974853	225	NR	71.2
Exp Comp 7205178/5	1972	603980	7974533	327	0.01	76.9

Coordinates are given in WGS84 UTM Zone 26N.

1 Estimated 316,000 t @ 91% baryte, based on an 80% barite cut-off and a baryte horizon thickness of 1.5 m. Sources: Swiatecki, A. 1981: Prospecting of the Pb-Zn-Cu mineralised veins, Mesters Vig area, and drill programme Oksedal baryte body, Mesters Vig south, East Greenland, 1980, 10/80. Internal report, Nordisk Mineselskab A/S, 121 pp. (in archives of Geological Survey of Denmark and Greenland, GEUS Report File 20645).

Swiatecki, A. & Thomassen, B. 1981: Note 1-81. Baryte occurrences in the Jameson Land Basin, central East Greenland. Internal report, Nordisk Mineselskab A/S, 4 pp., 1 app.

2 Samples were collected and reported by Nordisk Mineselskab A/S. Data included in the table does not include samples with less than 1% Pb. NR = no result reported. Link to Data source: http://maps.greenmin.gl/geusmap/?mapname=greenland_portal&lang=en#b aslay=baseMapGl&optlay=&extent=990164.05406019,8021538.557698448,1040912.0154051047,8046410.345003431&layers=grl _lic_minerals_exploration,geochemistry_companies&filter_1=sample_type_grp_hidden%3D.

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

MESTERSVIG PROJECT

SECTION 1 – SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections.)

Criteria	**JORC Code explanation **	Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	• Sampling was conducted using standard industry practices with diamond drilling. • Drill-holes were angled to optimally intersect the interpreted contact with the mineralised vein. • Mineralisation in all drill-holes reported has been quantitively determined by sampling and assay.
Drilling techniques	• Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Wireline diamond drilling using a 75.7mm diameter drill bit and standard tube producing NQ diameter core. The drill rigs are Discovery 1 heli-portable rigs operated by Cartwright Drilling Inc.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• All drill core has been geotechnically logged with core recovery measured per drill core run (3m). • The drill crew was notified of the target depth and likelihood of intersecting sulphides, accordingly they eased pressure on the drill bit from that depth onward to minimise the chance of core destruction. All drill core was then placed in trays with lids to ensure that no core was lost during transportation from the drill site to core logging facility. The drill core was then reconstructed into continuous runs by the geologist. Depths were checked against depths indicated on the core blocks.

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Criteria	**JORC Code explanation **	Commentary
		• The limited number of samples analysed from the drilling prevent any conclusions being made on potential relationships between samplerecovery and grade.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All drill core has been geologically and geotechnically logged by a qualified geologist to a level of detail that supports appropriate Mineral Resource estimation, mining studies and metallurgical studies. • The logging is qualitative. All drill core was photographed. • All drill-holes have been logged in full.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Core was cut with a diamond bladed saw into two halves with one consistent half being taken as a sample. • Sample preparation used method LOG-02/WEIG followed by PRP89 by SGS Huelva, Spain. • Half-core duplicates (second-half sampling) were inserted into each batch of core samples. No sample preparation duplicates were sub- sampled. • Due to the small number of duplicates analysed (3 duplicate pairs) and the low grade of these duplicates no conclusions can be made on the repeatability of the samples contributing to the reported intervals • The sample size and preparation method are considered appropriate for the material being prepared.
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.	• Samples were analysed at SGS Huelva by method GE-ICP13C, an ICP-OES analysis following an Aqua Regia digest. The aqua regia digest is a partial extraction technique as it will not liberate metals locked within silicate minerals but will liberate almost all metals from exposed sulphides, it is considered appropriate for the samples submitted. • Blank reference material was inserted in a ratio of approximately 1 blank to 50 primary samples. Blank material assayed on or under the detection limits for Pb, Zn, Cu and Ag indicating no significant contamination. • Two certified reference materials (CRMs) were inserted at a ratio of approximately 1 CRM to 25 primary samples. CRMs included a low- grade material certified byOREAS

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Criteria	**JORC Code explanation **	Commentary
		(OREAS 620) and a higher-grade material certified by Geostats (GBM320). Results for the higher- grade CRM (2 instances) were within Conico’s QAQC goalposts for Pb, Zn, Cu and Ag. Results for the lower- grade CRM (4 instances) included one failure for Ag and several failures/warnings for Pb, Zn and Cu. Due to the small number of instances of the two CRMs it is not currently possible to establish the accuracy and precision of the results across the ranges of the statedgrades.
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.	• Reported significant intersections have been checked by a minimum of two company personnel. • No twinning of holes occurred. • Data collection, validation and storage procedures are documented within the Company’s Drilling Procedures manual. • No adjustments were made to assay data.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill hole collar locations are pegged out by the supervising geologist using handheld GPS, accurate to +/-3m. This has been considered as sufficiently accurate for the purposes of drillhole accuracy. • The drilling rigs were aligned using a sighting compass. Drill hole dip angle was set using an inclinometer placed on the drill mast prior to collaring the hole. • The grid system used by the project is UTM Zone 26N, using a WGS84 spheroid (EPSG: 23626) • Down-hole surveying was completed for all holes except SBDD005 as a “continuous out” survey using a non-magnetic, north- seeking gyro tool (Reflex GyroSprint- IQ). Drill traces were visualised in 3D to check for significant deviations suggesting survey errors – no significant deviations were noted. • The location of some historical drillhole locations have not been confirmed by a Competent Person, althoughConico believes previous work to be accurate and reliable.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the	• Not applicable as the drill holes were targeting specific geological targets.

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Criteria	**JORC Code explanation **	Commentary
	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.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Drilling was designed perpendicular to the strike of the main mineralised structures targeted for this program. All reported intervals are however reported as downhole intervals only. • No drilling orientation and/or sampling bias have been recognised in the data at this time.
Sample security	• The measures taken to ensure sample security.	• The drill core was kept on site which is considered remote and highly secure. It was then shipped in a secure container to Longland´s core facility in Portugal, where it was cut and sampled. The samples were then driven to the SGS lab in Huelva, Spain, by company personnel.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been carried out at this time

SECTION 2 – REPORTING OF EXPLORATION RESULTS

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

Criteria	**JORC Code explanation **	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Mestersvig Project is wholly within Mineral Exploration Licences 2020/64 & 2021/24, located on the east coast of Greenland. They are held 100% by Longland Resources Ltd, a wholly owned subsidiary of Conico Ltd. • Both Mineral Exploration Licences lie within the Northeast Greenland National Park. • The tenements are in good standing.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historic data mentioned in this report refers to exploration and exploitation undertaken by historic mining and exploration companies operating the Project from 1952 to 2011. The previous workers include Nordisk Mineselskab A/S, and Ironbark Zinc Ltd. • Samples, assays and some drillhole locations from historic data have not been able to be validated by resampling or field visits, although Conicobelieves previous work to be accurate and reliable. • The historic data referenced in this report includes diamond drilling, surface sampling andmining.
Geology	• Deposit type, geological setting and style of mineralisation.	• The type is likely that of vein-hosted Pb-Zn-Cu-Ag deposit where mineralisation has been re-mobilised byfluids alongfaults. Mineralisation is

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Criteria	**JORC Code explanation **	Commentary
		present as massive galena- sphalerite, with associated chalcopyrite. Mineralisation is present within quartz-barite veins, hosted within sandstone and conglomerates. Known mineralisation is within the fault and vein systems associated with a Devoniangrabensystem.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Drill hole information for the drilling discussed in this report is listed in Appendices 1, 2, 3, 4, 5, 6 & 7.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Reported intercepts were calculated using length-weighted average grades. Only intervals containing >1% combined Pb+Zn were reported. No internal dilution by material containing <1% combined Pb+Zn was included in the reported intervals. Where Ag and Cu assays in the reported intervals were below detection limits they were given values of zero during the calculation. Elements were only included in the reported intervals if >5 g/t Ag or >0.1% for Pb, Zn or Cu.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).	• The geometry of the mineralisation with respect to the drill-hole angle is not known. All reported lengths are in reference to down-hole length, true width not known.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate plans and sections have been included in the body of this report.

29 Conico Ltd ASX: CNJ F:BDD

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Criteria	**JORC Code explanation **	Commentary
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All results material and relevant to the subject of this announcement have been presented.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Historic drill core from previous underground and surface drilling at Blyklippen and Sortebjerg is present on site. The core has not been reviewed by the Company at this moment in time, therefore no comment can be made as to whether it is meaningful. • Regional aeromagnetic data was acquired by the Greenland Government and covers the licence area. It was flown at 400m line spacing and altitude of approximately 300m. • In 2020, Longland Resources Ltd acquired ground gravity data over a portionof MEL 2020/64.
Further work	• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further work has been discussed in the context of phased drilling campaigns, based on the outcome of active drilling campaigns. • For diagrams, refer to Figures 3 & 4.

30 Conico Ltd ASX: CNJ F:BDD