CONICO LTD — Interim / Quarterly Report 2021

Apr 28, 2021

29 April, 2021

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Australian Securities Exchange Announcement Quarterly Report For Period Ended 31 March 2021

ACN 119 057 457

HIGHLIGHTS

• Key contracts signed for the Greenland 2021 field season.

• 2021 Exploration program approved by Greenland Government (refer ASX Announcement,

• ____.28th April 2021).

• The Mestersvig Project area was enlarged to include known occurrences of base and rare

• ____.earth element (REE) mineralisation.

• Planning for drill programs at the Miki and Sortekap Prospects at Ryberg advanced.

• Rights issue completed to raise $2,269,312 (before expenses).

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Figure 1: Location map for the Ryberg and Mestersvig Projects

29 April, 2021

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RYBERG PROJECT, GREENLAND (100% CONICO)

The Ryberg Project (figure 1) covers 4,521km2 on the east coast of Greenland, and is 575km northwest of the staging point in Reykjavik, Iceland. It contains magmatic sulphide mineralisation (the Miki Prospect) and orogenic gold (the Sortekap Prospect).

Key contracts were signed in the quarter and Longland CEO Thomas Abraham-James has been based in Iceland to personally meet with service providers and inspect equipment.

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Figure 2: Location map for the Ryberg Project and work locations for 2021

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Field activities will commence at Ryberg in June 2021, with diamond drill rigs and aeromagnetic survey equipment mobilising via ship from the Company´s staging location in Reykjavik, Iceland. Personnel will be accommodated on board a vessel for the duration of the season which is anticipated to be complete at the end of September.

The drill targets are:

• The Miki Prospect (magmatic sulphides, Cu-Ni-Co-Pd-Au)

• » 2 x electromagnetic (EM) surveys conducted in 2017 and 2020 have independently identified the presence of conductors that are interpreted to represent sulphide accumulation at the base of a magma conduit. All of these will be drilled in 2021.

• The Sortekap Prospect (orogenic Au & magmatic sulphides Ni-Co-Pt)

• » An induced polarisation (IP) survey conducted in 2020 has highlighted a significant anomaly (figure 3) interpreted to be sulphides along an intrusion associated with a significant geological structure (fault/shear). Previous work has identified gold and nickel sulphides at surface, both within close proximity of the IP anomaly. The IP anomaly will be drilled in multiple locations in 2021.

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Figure 3: IP anomaly at the Sortekap Prospect

The licence area will also be flown with the first regional magnetic dataset, flown at high resolution commencing in July of this year.

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MESTERSVIG PROJECT, GREENLAND (100% CONICO)

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Figure 4: Mestersvig Project, showing the loction of the Werner Bjerge Complex and other areas of interest

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The Mestersvig Project (figure 4) is located on the east coast of Greenland and is 600km northwest of Iceland. It contains base and precious metal bearing sulphides, rare earth element (REE) mineralisation and the historic Blyklippen Mine (past production of 545,000 tons of ore @ 9.3% Pb and 9.9% Zn between 1956-1962).

The licence area has been increased by an additional 1,198km2 to give a new total project area of 1,447km2. The significant increase was actioned after findings from the 2020 field season highlighted the potential of the Werner Bjerge Alkaline Complex, a series of intrusions that contain rare earth element (REE) and magmatic sulphide mineralisation.

Field activities in 2021 will commence in May with Company personnel travelling to site to sample and map the REE and magmatic sulphide mineralisation. The program will focus on known occurrences identified by previous explorers in the 1950´s and 1970´s, with no follow up work conducted since.

The entire Mestersvig Project will then be flown by high-resolution aeromagnetic survey, most likely commencing in August (after completion of the same survey at the Ryberg Project).

MT THIRSTY COBALT-NICKEL PROJECT (50% Conico Ltd: 50% Barra Resources Ltd– Joint Venture, MTJV)

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Figure 5. Mt Thirsty Cobalt-Nickel Project near Norseman, Western Australia.

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The Mt Thirsty Cobalt Project (figure 5) is located 16km north-northwest of Norseman, Western Australia. It contains the Mt Thirsty Cobalt-Nickel (Co-Ni) Oxide Deposit which had a prefeasibility study completed in February 2020 (refer ASX Announcement 20 February 2020) and has the potential to emerge as a significant cobalt producer.

Work continued during the quarter including reviewing development options for the project and the re-commissioning of the Mt Thirsty Project website in conjunction with Barra Resources Ltd (ASX: BAR ) and Galileo Mining Ltd (ASX: GAL ) due to increased investor interest in cobalt (figure 6) and Nickel (figure 6) given the recent rise in metal prices over late CY 2021.

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Figure 6. 10-year cobalt (cash buyer) price. (source https://www.lme.com/Metals/Minor-metals/ Cobalt).

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Figure 7. 5 year nickel (cash buyer) price. (source https://www.kitcometals.com).

CORPORATE ACTIVITIES

On 3 February 2021 Conico completed a pro-rata non-renounceable one for ten rights offer to raise up to $2,269,312 (before expenses of the rights issue) via the issue of 75,643,733 Shares at 3 cents per Share.

For and on behalf of the board,

Guy T Le Page, FFIN, MAusIMM Executive Director

Guy Le Page is a director of Conico and was authorised to sign this announcement.

For any queries regarding this announcement please contact Guy Le Page on +61 (8) 6380 9200.

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EXPLORATION

Exploration expenditure for the quarter was $586k, of which approximately $310k related to deposits for the 2021 field work and the balance related to the 2020 Greenland field work and analysing the results. There were no mining production or development activities during the quarter.

DESCRIPTION OF PAYMENTS TO RELATED PARTIES OF THE ENTITY AND THEIR ASSOCIATES (LR 5.3.5)

Payments to related parties during the quarter related to:

1. Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors.

2. Director Fees and superannuation.

3. Legal Fees and disbursements were paid during the quarter to a firm of which Mr GH Solo¬mon and Mr DH Solomon are partners.

4. Corporate advisory and website maintenance fees were paid during the quarter to a company in which Mr G Le Page and Mr J Richardson are directors.

IINTERESTS IN MINING TENEMENTS

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Notes:

*MLA over P63/1267, #MLA over R63/4, ^GLA over E63/1790 & P63/2045 LA 63/91 & 92 for haul roads and services. L63/80 & 81 for ground water search.

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28 January, 2021

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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 a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forwardlooking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

COMPETENT PERSONS STATEMENT (GREENLAND PROJECTS)

The information contained contained in this report relating to Greenland exploration results relates to information compiled or reviewed by Thomas Abraham-James, a full-time employee of Longland Resources 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.

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