CONICO LTD — Interim / Quarterly Report 2022

Oct 30, 2022

ASX Announcement

31 October 2022

September 2022 Quarterly Activities Report

Highlights

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

==> picture [10 x 9] intentionally omitted <==

• A total of 3,756metres have been drilled at the MTJV over the Quarter adjacent to Galileo Mining Ltd’s (ASX: GAL ) Callisto discovery only 200 metres from northern tenement boundary held by the MTJV.

==> picture [10 x 9] intentionally omitted <==

• The Phase 1 diamond drilling program comprised a total of 1,599 metres of RC and 2,157 metres of diamond drilling which have so far tested an area covering approximately 1,000 metres x 800 metres based on recommendations from the geological and geophysical review undertaken in the June Quarter.

==> picture [10 x 9] intentionally omitted <==

• Subsequent to the end of the September Quarter, assays results from 8 holes were returned confirming the presence of highly anomalous PGE, Ni and Cu assays.

==> picture [10 x 8] intentionally omitted <==

• Mapping was completed of LCT pegmatite targets striking for over 1km on the MTJV tenements ahead of RC program planned for the December Quarter which was subsequently completed on 26 October 2022 for a total of 1,630 metres.

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

==> picture [10 x 9] intentionally omitted <==

• Diamond drilling at the 100% owned Ryberg and Mestersvig projects in Greenland concluded in early September.

==> picture [10 x 9] intentionally omitted <==

• At Ryberg a total of 11 holes were completed, including six at the Miki Prospect, five of which intersected weakly disseminated and/or disseminated sulphide mineralisation.

==> picture [10 x 9] intentionally omitted <==

• Three holes were completed at Sortekap of which two of which intersected weakly disseminated and/or disseminated sulphide mineralisation within a mafic dyke, including

==> picture [10 x 8] intentionally omitted <==

• One scout hole was completed at each of the Cascata and Pyramid prospects.

==> picture [10 x 9] intentionally omitted <==

• A total of 10 holes completed of which eight intercepted disseminated, heavily disseminated and/or matrix sulphides.

==> picture [10 x 8] intentionally omitted <==

• Zn, Pb & Cu sulphides were logged in the core and were consistent with mineralisation at the historic Blyklippen Mine (within the licence area) and Sortebjerg Prospect.

==> picture [10 x 9] intentionally omitted <==

• The prospective horizon at Mestersvig remains open, with a further 9 km of un-drilled strike on the Blyklippen-hosted vein, and a further 14 km of untested mineralised quartz vein-bearing faults throughout the project area.

==> picture [10 x 9] intentionally omitted <==

• Nuldal reconnaissance exploration identified additional lead mineralisation at surface hosted in veins, with a massive galena outcrop up to 1 m thick.

==> picture [9 x 9] intentionally omitted <==

==> picture [9 x 8] intentionally omitted <==

==> picture [9 x 8] intentionally omitted <==

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

@conico_ltd @ConicoLtd conico-limited

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

==> picture [198 x 48] intentionally omitted <==

==> picture [454 x 171] intentionally omitted <==

==> picture [454 x 171] intentionally omitted <==

==> picture [454 x 152] intentionally omitted <==

==> picture [454 x 152] intentionally omitted <==

2 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

1. Exploration Activities

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

1.1.1. Overview of Activities

PGE-Ni-Cu-Co Exploration

Subsequent to the end of the Quarter, assays were received for the first eight drill holes in early October 2022, all of which intercepted and all intercepting semi-massive and/or heavily disseminated sulphides and anomalous PGE1 mineralisation. Highlights included;

• MTRC003D: 27.0 metres @ 0.33g/t 3E , 0.12% Ni & 0.05% Cu from 198.0 metres

• MTDD001D: 18.0 metres @ 0.29g/t 3E, 0.11% Ni & 0.05% Cu from 182.0 metres

• MTRC009D: 10.2 metres @ 0.23g/t 3E, 0.09% Ni & 0.01% Cu from 199.0 metres

The Phase I drill campaign (figure 1) tested for extensions to the recent palladium-platinum-goldcopper-nickel (PGE) discovery by Galileo Mining Ltd (ASX: GAL ) located less than 200 metres from the MTJV’s northern tenement boundary. The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia.

==> picture [395 x 130] intentionally omitted <==

==> picture [395 x 131] intentionally omitted <==

==> picture [395 x 130] intentionally omitted <==

Figure 1 : Plan view of planned and completed drill hole collars and prospective ultramafic geological horizons.

1 PGE = palladium-platinum-gold-copper-nickel

3 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

The depth of mineralisation is consistent with the previously modelled target horizon however the initial geological interpretation of these results indicates that a secondary control(s) on mineralisation are likely influencing the local distribution of grade and continuity.

Thickening was also observed in the sediments to the south in holes MTRC0011AD (38.0 metres) and MTRC005D (49.0 metres) and is interpreted to be an important control on mineralisation, being the source of both sulphur and fluid which may facilitate the local enrichment of PGE mineralisation. Both MTRC0011AD and MTRC005D have been logged, cut, sampled, and submitted to the laboratory, with assays expected in late October/early November 2022.

==> picture [401 x 170] intentionally omitted <==

==> picture [401 x 170] intentionally omitted <==

Figure 2: Plan view of mapped pegmatite outcrops and proposed drill collars

Current geological interpretations suggest Callisto style mineralisation could be hosted within a northsouth trending zone of demagnetisation, resulting in localised alteration and remobilisation of mineralisation. A continuous demagnetised zone has been interpreted to run the entirety of the MTJV licence (figure 1), exhibiting a similar low magnetism geophysical signature similar to Callisto. As ultramafic formations are highly magnetic, this suggests a zone of strong alteration and potential remobilisation of minerals.

The Phase 1 diamond drilling program comprised a total of 1,599 metres of RC and 2,157 metres of diamond drilling which have so far tested an area covering approximately 1,000 metres x 800 metres based on recommendations from the geological and geophysical review undertaken in the June Quarter. Subsequent to the end of the September Quarter, assays results from 8 holes were returned confirming the presence of highly anomalous PGE, Ni and Cu assays.

Mapping was completed of LCT pegmatite targets striking for over 1km on the MTJV tenements ahead of RC program planned for the December Quarter which was subsequently completed on 26 October 2022 for a total of 1,630 metres.

4 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

Lithium Pegmatite Exploration

In addition to the untested PGE potential, the MTJV continues to undertake a detailed geological review assessing the western margin of the Mt Thirsty licences for lithium-caesium-tantalum (LCT) potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area.

Preliminary geological mapping in the area has identified eight pegmatite outcrops on the western margin of the Mt Thirsty licences over a strike extent of 1,000 metres (Figure 2), with preparations for an initial 11-hole program (1,650 metres) already underway with drill pads having been prepared.

Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, north-south trending pegmatites. Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta2052.

Mapping was completed of LCT pegmatite targets striking for over 1km on the MTJV tenements ahead of RC program planned for the December Quarter which was subsequently completed on 26 October 2022 for a total of 1,630 metres.

2 www.galileomining.com.au/wp-content/uploads/2018/05/GAL-Prospectus.pdf

5 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

• 1.2. Ryberg Polymetallic Project, Greenland (100% owned)

• 1.2.1. 2022 Field Season

==> picture [376 x 551] intentionally omitted <==

Figure 3: Sulphide mineralisation in drill hole SODD004 (highlighted in purple).

6 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [445 x 245] intentionally omitted <==

Figure 4: Sulphide mineralisation in drill hole MIDD014 (highlighted in purple).

The Ryberg Polymetallic Project (Figure 5) covers 4,521km2 on the east coast of Greenland, 365km west of Iceland. It contains multiple prospects that are prospective for accumulations of magmatic sulphide mineralisation, with known occurrences of Ni-Cu-Co-Pd-Au.

Drilling activities concluded on 5th September 2022 having commenced on 18th July 2022. A total of 11 diamond drill holes were completed on four prospects, targeting Cu-Ni-Au-platinum group element (PGE) mineralisation at Sortekap, Miki, Cascata and Pyramid Prospects. Seven holes intersected weakly disseminated and/or disseminated sulphides in mafic dykes at the Sortekap and Miki Prospects. Assay results are awaited, with 344 samples from Sortekap and Cascata already received by an accredited laboratory. A further 345 from the Sortekap, Miki, and Pyramid Prospects were shipped in early September 2022. Exploration data obtained the from previous years’ field campaigns (regional magnetics, local induced polarisation, and electromagnetic surveys, plus drill and surface geological data) were utilised to aid targeting.

MIKI PROSPECT OVERVIEW

The Miki Dyke is an NNE trending body of medium to coarse-grained dolerite and gabbro intruded into units of local basement gneiss. Six drill holes were completed along a 3,700 m length of the dyke where the surface width of the dyke varies between approximately 160m and 400m. Mineralisation, was encountered within the footwall of the dyke and into the contact with the underlying gneiss. Mineralisation consisted of chalcopyrite variably associated with bornite, pyrrhotite/pyrite, and magnetite.

Significant intersections included:

• MIDD011: 17.7 metres of disseminated sulphides from 180.2 m.

• MIDD013: 9.8 metres of disseminated sulphides from 38.0 m &

• 12.0 metres of disseminated sulphides from 56.0 m &

• 1.4 metres of disseminated sulphides from 82.6 m &

• 3.9 metres of disseminated sulphides from 102.5 m &

• 32.6 metres of disseminated sulphides from 109.8 m.

• MIDD014 (figure 3):17.7 metres of disseminated sulphides from 47.0 m.

7 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

Drill core samples were collected on-site and have been sent to an accredited laboratory in Ireland. Drill core has been transported from Greenland to Conico’s facilities in continental Europe.

SORTEKAP PROSPECT OVERVIEW

Drilling at Sortekap targeted induced polarisation (IP) chargeability and magnetic anomalies from 3D inversions of data collected in 2020 and 2021. SODD004 tested an IP chargeability anomaly and intersected a zone of mineralisation in the footwall of a mafic dyke and in an adjacent gneiss. Mineralisation included weakly disseminated and/or disseminated chalcopyrite with minor pentlandite; this hole was followed up by SODD005 which intersected weakly disseminated chalcopyrite mineralisation.

Significant intersections include:

• SODD004 (figure 3):

• 4.2 metres of disseminated sulphides from 103.6 m &

• 15.8 metres of disseminated sulphides from 260.4 m.

• SODD005: SODD005: 32.6 m of weakly disseminated sulphides from 68.5 m.

CASCATA AND PYRAMID RECONNAISSANCE DRILLING

A single drill hole, CADD003 was drilled at Cascata. This hole was located approximately 1,600 m SW from the two holes drilled by Conico in 2021 and was a further scout hole to investigate the volcanosedimentary sequence and an interpreted layered gabbroic intrusive intersected in the previous drilling. The hole drilled through a sequence of dykes and volcaniclastic units containing weakly disseminated pyrite and pyrrhotite before encountering a gabbroic body from 369 m to the end of the hole at 416.5 m. Forty-eight samples to test the gabbroic intrusion and establish geochemical backgrounds will be shipped for analysis after demobilisation.

At Pyramid, two magnetic anomalies identified from the 2021 aeromagnetic data were visited. The first anomaly coincided with an 800m by 400m intrusion of magnetite-bearing pyroxenite and the second anomaly coincided with a high ridgeline with surface float of volcanic/volcanosedimentary rocks containing strong magnetite alteration.

A single drill hole (PYDD001) was drilled to test under the ridge with the magnetite-altered float rocks. The hole drilled through a sequence of micaceous shales and calcareous sandstones but was abandoned due to poor ground conditions before reaching the planned target depth. No samples were collected from the drill core.

8 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [366 x 404] intentionally omitted <==

Figure 5: Prospects within the Ryberg Project area with total magnetic intensity data from the 2021 geophysical survey.

9 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [406 x 115] intentionally omitted <==

==> picture [406 x 116] intentionally omitted <==

==> picture [406 x 116] intentionally omitted <==

==> picture [406 x 115] intentionally omitted <==

==> picture [406 x 115] intentionally omitted <==

Figure 6 : Plan view of 2021 and 2022 drill hole collars at Ryberg.

10 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

BACKGROUND

The project is located on the margin of the North Atlantic Large Igneous Province, a major Tertiary volcanic event related to hotspot magmatism and early rifting of the North Atlantic, which produced over 6.6 million cubic kilometres of continental flood basalts. Within the project area, erosion has exposed Cretaceous-Tertiary sediments in a downfaulted rift basin sitting unconformably on a Precambrian metamorphic basement. The metamorphic basement and the sedimentary sequence host sub-volcanic mafic sill- and dyke-complexes that formed local feeder system to the flood-basalt eruptions.

The project has potential for magmatic sulphide-rich nickel-copper-PGE deposits related to mafic and ultramafic dike-sill complexes, and sulphide-poor PGE deposits related to large layered mafic and ultramafic intrusions.

• 1.3. Mestersvig Zn-Pb-Cu-Ag Project, Greenland (100% owned)

1.3.1. 2022 Field Season

The Mestersvig Project covers 1,447km[2] on the east coast of Greenland, 640km north of Iceland. It contains multiple prospects that are prospective for vein and strata-bound sulphide mineralisation, with known occurrences of Zn-Pb-Cu-Ag. This includes the historic Blyklippen Mine that produced 545,000 tonnes @ 9.9% zinc and 9.3% lead between 1956-1962 that is situated within the tenement.

Exploration drilling concluded on 14[th] September 2022 having commenced on 27[th] July 2022. A total of 10 diamond drill holes were completed, targeting vein-hosted Zn-Pb-Cu-Ag of which eight intersected disseminated, heavily disseminated and/or matrix sulphides. The drill campaign was testing for extensions to the known mineralised vein system identified at Blyklippen and Sortebjerg approximately 13 km along strike from one another.

Holes that intercepted the modelled mineralised vein exhibit similar mineralisation to the historic Blyklippen Mine, consisting of vein-hosted disseminated sulphides, heavily disseminated sulphides and/or matrix sulphides. Better intercepts included:

• BKDD003: 3.3 metres of disseminated sulphides from 205.0 metres,

• BKDD004: 15.5 metres of disseminated sulphides from 211.5 metres,

• SBDD003: 4.5 metres of matrix sulphides from 134.1 metres, and

• SBDD005: 1.4 metres of heavily disseminated sulphides from 120.5 metres.

11 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [395 x 112] intentionally omitted <==

==> picture [395 x 111] intentionally omitted <==

==> picture [395 x 111] intentionally omitted <==

==> picture [395 x 112] intentionally omitted <==

==> picture [395 x 112] intentionally omitted <==

Figure 7 : Sulphide mineralisation in core photography (highlighted in purple) for SBDD003.

12 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

Nuldal Reconnaissance

Follow up reconnaissance at the Nuldal Prospect identified a mineralised vein running roughly parallel with Blyklippen, trending N-S. It contains several galena-bearing outcrops, and also hosts silver mineralisation. Two rock chip samples were taken here in 2020, grading 60.66% lead, 0.91% copper & 236 g/t silver, and 69.47% lead, 0.77% copper & 282 g/t silver (Conico ASX Announcement 8[th] December 2020). Field observations this year have found a one metre wide occurrence of massive galena with disseminated chalcopyrite in outcrop (figure 8 and figure 9 for location). Assays are awaited.

==> picture [433 x 163] intentionally omitted <==

==> picture [433 x 163] intentionally omitted <==

Figure 8: Massive galena outcropping at the Nuldal Prospect (for scale, the white marker is 12.0 cm long).

13 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

Background to Mestersvig Project

Local geology is dominated by Carboniferous, Permian and Triassic sediments intruded by Palaeogene dolerite sills and dykes. The area is bordered by the Palaeogene Werner Bjerge alkaline igneous complex to the south, and a major regional fault to the west, beyond which sits the Caledonian fold belt. The Mestersvig graben is the most conspicuous feature of the project area, which occurs in a 15-20 km-long anticlinal fold structure amongst widespread faulting. The graben is 4 km wide and 12 km long, with the western graben fault being the host to the Blyklippen Mine that produced 545,000 tons of ore at 9.3% lead and 9.9% zinc between 1956-1962.

Mineralisation occurs as fault controlled epithermal lead-zinc veins with accessory silver and copper. Mineralisation is hosted within quartz veins that range in thickness from 2-50 m, from surface to unknown depth. Veins are mostly associated with the border faults of the Mestersvig graben, but also occur distally and are widespread throughout the project area. Ore minerals are typically massive sphalerite and galena, with minor chalcopyrite and barite.

The Sortebjerg Prospect is situated approximately 13 km south of the Blyklippen mine and is a mineralised vein that has been subject to historic drilling. It is interpreted to be the same mineralised western graben fault that hosts the Blyklippen mine, and contains similar Zn-Pb-Ag mineralisation, with the addition of chalcopyrite.

14 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [440 x 104] intentionally omitted <==

==> picture [440 x 104] intentionally omitted <==

==> picture [440 x 104] intentionally omitted <==

==> picture [440 x 104] intentionally omitted <==

==> picture [440 x 105] intentionally omitted <==

==> picture [440 x 107] intentionally omitted <==

----- Start of picture text -----

Conico Ltd MEL
Conico Ltd Mel-S
----- End of picture text -----

Figure 9: Location map for the Mestersvig Project, highlighting the location of the Blyklippen and Sortebjerg Prospects.

15 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

==> picture [454 x 73] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

==> picture [454 x 73] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

==> picture [454 x 72] intentionally omitted <==

Figure 10: Plan view of Mestersvig 2022 and historic drill collars. Red star shows the location of the 1-metre-thick massive galena outcrop. Pink diamond shows the location of 2020 rock chip sample grading 69.47% lead, 0.77% copper & 282 g/t silver.

16 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

==> picture [454 x 215] intentionally omitted <==

==> picture [454 x 215] intentionally omitted <==

==> picture [454 x 214] intentionally omitted <==

Figure 11: Close up view of Sortebjerg prospect showing historic drill holes with downhole assay intercepts graded by colour, and 2022 drill holes. Fault trace coincides with the mineralised vein.

17 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

2. Corporate

2.1. Board Resignation

Subsequent to the end of the Quarter, Mr James Richardson resigned from the Company as a non-executive director effective 10[th] October 2022.

For and on behalf of the board,

Guy T Le Page, FFIN, MAusIMM

Director

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

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

Exploration

Exploration expenditure for the quarter was $4.4 million, relating to the 2022 Ryberg, Mestersvig and MTJV drilling programs. 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. Corporate advisory and expense reimbursements were paid during the quarter to a company in which Mr G Le Page and Mr J Richardson are directors.

4. Consulting fees and expense reimbursements were paid to Mr T Abraham-James relating to the period prior to him being appointed a director.

5. Placement fees were paid to a company in which Mr G Le Page and Mr J Richardson are directors.

18 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

ANNEXURE A

ABOUT MT THIRSTY

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[3] . A Pre-Feasibility Study (PFS) of the Project was completed and announced to the ASX on 20 February 2020. In addition to the Co-Ni oxide deposit, the Project also hosts nickel sulphide mineralisation potential.

==> picture [455 x 427] intentionally omitted <==

3 ASX:GSR 09/09/2019

19 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

ANNEXURE B

Interests in Mining Tenements

Tenement	Location	Interest held at end of quarter	Acquired during the quarter	Disposed during the
E63/1267	WA	50%
R63/4	WA	50%
E63/1790	WA	50%
P63/2045	WA	50%
M(A) 63/669*	WA	50%
M(A) 63/670#	WA	50%
G(A) 63/93^	WA	50%
L63/80	WA	50%
L63/81	WA	50%
L63/91	WA	50%
MEL 2017/06	Greenland	100%
MEL-S 2019/38	Greenland	100%
MEL 2020/64	Greenland	100%
MPL 2019/39	Greenland	100%
MEL-S 2021/24	Greenland	100%

Notes:

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

20 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

ANNEXURE C

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%)

	Cut-off	Wet Tonnes	Moisture	Dry Tonnes	Co	Ni	Mn	Fe
Mineral Resource
	(Co%)	(Mt)	(% wet t)	(Mt)	(%)	(%)	(%)	(%)
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 and Mineral Resources	Michael J Glasson	Tasman Resources Ltd; Consultant to MTJV; holds shares in Conico Ltd	MAIG
Mt Thirsty Resource Estimation	Mineral Resources	David Reid	Golder Associates Pty Ltd	MAusIMM
Mt Thirsty 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 report that relates to Exploration Results, Mineral Resources and Ore Reserves for the Mt Thirsty Cobalt-Nickel Project is based on and fairly represents information compiled by the Competent Persons listed in the table above. The Competent Persons have sufficient relevant experience to the style of mineralisation and type of deposits under consideration and to the activity for which they are undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition). For new information, the Competent Persons consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Previously announced information is cross referenced to the original announcements. In these cases, the company is not aware of any new information or data that materially affects the information presented and that the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements .

DISCLAIMER

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

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk.

21 Conico Ltd ASX: CNJ F:BDD

==> picture [198 x 48] intentionally omitted <==

REFERENCES TO PREVIOUS ANNOUNCEMENTS

In relation to the details of the PFS announced on 20/02/2020, Conico confirms that all material assumptions underpinning the production target and forecast financial information from the production target, as reported on 20/02/2020, continue to apply and have not materially changed. A proportion of the production target uses inferred mineral resources. There is a low level of confidence associated with inferred mineral resources and there is no certainty that further exploration will result in the determination of indicated mineral resources or that the production target itself will be realised.

The mineral resource estimates in this announcement were reported by the Company in accordance with ASX Listing Rule 5.8 on 9/9/2019. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

The ore reserve estimate in this announcement was reported by the Company in accordance with ASX Listing Rule 5.9 on 20/20/2020. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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

Competent Person´s Statements

The information contained in this report relating to exploration results for the Greenland projects is based on information compiled or reviewed by Thomas Abraham-James, the CEO 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.

22 Conico Ltd ASX: CNJ F:BDD

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity	Name of entity
Conico	Ltd
ABN		Quarter ended (“current	quarter”)
49 119	057 457	30 September 2022
Consolidated statement of cash flows		Current quarter	Year to date (3
		$A’000	months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a) exploration & evaluation	(4,404)	(4,404)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(62)	(62)
	(e) administration and corporate costs	(292)	(292)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	3	3
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operating	(4,755)	(4,755)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities	-	-
	(b) tenements	-	-
	(c) property, plant and equipment	(515)	(515)
	(d) exploration & evaluation	-	-
	(e) investments	-	-
	(f) other non-current assets	-	-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	months)
			$A’000
2.2	Proceeds from the disposal of:
	(a) entities	-	-
	(b) tenements	-	-
	(c) property, plant and equipment	-	-
	(d) investments	-	-
	(e) other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investing	(515)	(515)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	3,110	3,110
3.2	Proceeds from issue of convertible debt	-	-
	securities
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equity	(192)	(192)
	securities or convertible debt securities
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and	-	-
	borrowings
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing	2,918	2,918
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	4,917	4,917
	period
4.2	Net cash from / (used in) operating	(4,755)	(4,755)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(515)	(515)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	2,918	2,918
	(item 3.10 above)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	months)
			$A’000
4.5	Effect of movement in exchange rates on	(39)	(39)
	cash held
4.6	Cash and cash equivalents at end of	2,526	2,526
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	2,526	4,917
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	2,526	4,917
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their		Current quarter
	associates		$A'000
6.1	Aggregate amount of payments to related parties and their		240
	associates included in item 1
6.2	Aggregate amount of payments to related parties and their		-
	associates included in item 2
Note: if	any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a		description of, and an
explanation for, such payments.

6.1 -

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

4. Consulting fees and expense reimbursements were paid to Mr T Abraham-James relating to additional work carried out for the Company.

5. Placement fees were paid to a company in which Mr G Le Page and Mr J Richardson are directors.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 3

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilities Total facility Amount drawn at	Financing facilities Total facility Amount drawn at
	Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. amount at quarter end $A’000 quarter end $A’000
7.1	Loan facilities -	-
7.2	Credit standby arrangements -	-
7.3	Other (please specify) -	-
7.4	Total financing facilities -	-
7.5	Unused financing facilities available at quarter end	-
7.6	Include in the box below a description of each facility above, including the lender, interest
	rate, maturity date and whether it is secured or unsecured. If any additional financing
	facilities have been entered into or are proposed to be entered into after quarter end,
	include a note providing details of those facilities as well.
8.	Estimated cash available for future operating activities $A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(4,755)
8.2	(Payments for exploration & evaluation classified as investing	-
	activities) (item 2.1(d))
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(4,755)
8.4	Cash and cash equivalents at quarter end (item 4.6)	2,526
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	2,526
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.53
	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7	as “N/A”.
	Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current level of net operating
	cash flows for the time being and, if not, why not?
	Answer: No, net operating cash flows have decreased since the end of the quarter due to
	the 2022 Greenland field work being completed in in September.
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise	further
	cash to fund its operations and, if so, what are those steps and how likely does it
	believe that they will be successful?
	Answer: It is the present intention of the Board, subject to suitable market conditions
	prevailing at the time, to possibly undertake a capital raising during the next 3
	months on terms and conditions that are yet to be determined.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 4

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

• 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

• Answer: Yes the entity expects to be able to continue its operations and to meet its business objections as cash outflow for current quarter of 2022 is expected to have lower cash outflows than the last quarter.

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 October 2022

Authorised by: Aaron Gates

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 5