COOPER METALS LIMITED — Capital/Financing Update 2022

Aug 23, 2022

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ASX Announcement | ASX: CPM 24 August 2022

RC drilling program expanded at Mt Isa East Cu-Au Project

Cooper Metals Limited (ASX: CPM) (“CPM” or “the Company”) is pleased to provide an update on the RC drilling progress at King Solomon Cu-Au prospect part of the Mt Isa East Copper-Gold Project in northwestern Queensland ( Figure 1 ). Sixteen RC drill holes of the original twenty planned drill holes have now been completed at King Solomon Cu-Au prospect ( Figure 2 ).

RC drilling has intersected the copper mineralised host shear zone, identified in the June 2022 maiden drilling program, where mineralisation up to 17m @ 2.2% Cu from 84m including 8m @ 4.3% Cu from 84m (22MERC016) was intersected at King Solomon one[1] . The current drilling program is focussed on extending the copper-gold mineralisation along strike and down dip, and testing new targets identified during an Induced Polarization (IP) survey in July[2] . The drilling to date continues to intersect the host shear zone outside of the original June drill pattern.

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The Company has submitted over five hundred one metre drill samples to the laboratory and expects the first assay results in September.

The Cooper Board has made the key decision to expand the original drill program by around 50% to continue to follow the host shear zone further along strike and down dip. The Company expects the current program to finish in early September, with the remainder of the drill samples to be priority processed through the laboratory.

Plate 1: RC Drilling at King Solomon Prospect August 2022

Cooper Metals Managing Director Ian Warland, commented:

“The RC drilling is progressing well with sixteen of the original twenty planned drill holes completed. We have made a key decision to expand the drilling program on the run, by around 50%, allowing us to continue to chase the host shear zone deeper and along strike. Importantly, we have been submitting priority samples to the laboratory in batches guided by copper results on the portable XRF. We look forward to receiving the assay results as soon as possible and updating the market accordingly. ”

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Cooper Metals Limited | ABN: 16 647 594 956 | www.coopermetals.com.au A: Level 11, 216 St Georges Tce, Perth WA 6000 | P : +61 (08) 9481 0389 | E: enquiries@coopermetals.com.au

ASX Release: Cooper Metals Limited (ASX: CPM)

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Clare
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Figure 1: Mt Isa East Project over regional geology and main prospects

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ASX Release: Cooper Metals Limited (ASX: CPM)

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IP Chargeability
Anomaly
Main IP
Chargeability
Anomaly
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Figure 2: King Solomon 1 summary plan of IP chargeability and drilling status

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ASX Release: Cooper Metals Limited (ASX: CPM)

Next Steps

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• Complete drilling at King Solomon, fast track assays for interpretation

The Board of Cooper Metals Limited has approved this announcement and authorised its release on the ASX.

For further information:

Ian Warland Jane Morgan Managing Director Investor & Media Relations ian@coopermetals.com.au jm@janemorganmanagement.com.au M: 0410 502 272 M: 0405 555 618

COMPETENT PERSON’S STATEMENT:

The information in this report that relates to Geological Interpretation and Exploration Results is based on information compiled by Ian Warland, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Warland is employed by Cooper Metals Limited. Mr Warland has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Warland consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

Reference

1. ASX: CPM: 23 June 2022: Significant shallow copper mineralisation discovered at King Solomon 2. ASX: CPM: 12 July 2022: IP identifies new targets at King Solomon Cu-Au prospect

About Cooper Metals Limited

Cooper Metals Ltd (ASX: CPM) is an ASX-listed explorer with a focus on copper and gold exploration. CPM aims to build shareholder wealth through discovery of mineral deposits. The Company has three projects all in proven mineralised terrains with access to infrastructure. The Projects are detailed briefly below:

Mt Isa East Project (Qld)

Cooper Metal’s flag ship Mt Isa East Cu-Au Project covers ~1300 sq.km of tenure with numerous historical Cu-Au workings and prospects already identified for immediate follow up exploration. The Mt Isa Inlier is highly prospective for iron oxide copper gold (IOCG), iron sulphide copper gold (ISCG) and shear hosted Cu +/- Au deposits.

Yamarna Gold Project (WA)

The Yamarna Gold Project located along strike from Gold Roads 6.16 Moz world class Gruyere Gold Deposit (ASX: GOR) has an extensive length of untested Dorothy Hills Shear Zone that was important in the formation of Gruyere gold deposit located ~10 km to the southeast of Cooper’s tenements.

Gooroo Project (WA)

Lastly the Gooroo Cu and or Au Project covers newly identified greenstone belt ~20 km from Silver Lakes (ASX: SLR) Deflector mine. The 26 km expanse of covered greenstone belt has had almost no exploration and was only added to government geology maps in 2020 after reinterpretation of geophysical data.

www.coopermetals.com.au

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ASX Release: Cooper Metals Limited (ASX: CPM)

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APPENDIX 1: The following tables are provided to ensure compliance with JORC Code (2012) requirements for exploration results for the Mt Isa East Project in Qld.

1.1. Section 1 Sampling Techniques and Data to update

1.2. (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 retrospectivity 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.	CPM Drill program  No new drill results in this release  The King Solomon prospect has been drilled and sampled by reverse circulation (RC) methods with holes on variable spacings consistent with early-stage reconnaissance exploration. The prospects have been drilled by Cooper Metals Ltd. The current drilling program is being drilled by Eagle Drilling Pty Ltd. Sample Representativity  Initial shallow drilling was undertaken to identify near surface mineralisation indicated by a number of historically worked pits. Most holes are oriented appropriately to give optimal sample representivity, drilled mostly perpendicular to the interpreted strike of the mineralised body and oriented towards the dip the target mineralised horizon/structure. None- the-less, downhole widths will in most instances not represent true widths.  RC drilling techniques returned samples through a fully enclosed cyclone setup with sample return routinely collected in 1m intervals approximating 20kg of sample. 1m interval RC samples were homogenized and collected by a static riffle splitter to produce a representative 2- 3kg sub-sample (~12.5% of sample weight);  A Olympus Delta and Vanta portable XRF is available at the drill rig to aid geological interpretation. No XRF results are reported for drilling.  RC samples were submitted to ALS, submitted in Mount Isa,Qld.
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).	 No new drill results in this release The drilling is being completed using a UDR650 rotary drill rig, with maximum air 500psi/1250cfm was used to drill holes reported herein.  Drilling diameter is 5.5-inch RC hammer.  Face sampling bits are used.
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.	 No new drill results in this release  Sample recovery, moisture content and contamination are noted in a Toughbook computer by CPM field personnel.  Drill contractors and CPM personnel monitor sample recovery, size and moisture, making appropriate adjustments as required to maintain sample quality, such as using compressed air to keep samples dry.  A cone splitter is mounted beneath the cyclone to ensure representative samples are collected.

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ASX Release: Cooper Metals Limited (ASX: CPM)

Criteria	JORC Code explanation	Commentary
		 The cyclone and cone splitter are cleaned as necessary to minimise contamination.
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.	 No new drill results in this release  Geological logging has been routinely undertaken by suitably qualified geologists on all RC holes along the entire length of the hole recording lithology, mineralogy, veining, alteration, weathering, structure, and other sample features as appropriate to the style of deposit. Observations were recorded in a Toughbook computer appropriate to the drilling and sample return method and is quantitative, based on visual field estimates.  Observations were recorded appropriate to the sample type based on visual field estimates of sulphide content and sulphide mineral species.
	 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	 No new drill results in this release  During the logging process Copper Metals Ltd routinely retained representative samples (stored in chip trays) for future reference. The RC chip trays are photographed and electronically stored.
	 The total length and percentage of the relevant intersections logged.	 Every metre sample of RC drilling is logged by the geologist on site. For each metre RC chips are sieved and washed before logging by a geologist.  Observations were recorded appropriate to the sample type based on visual field estimates.
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.	 No new drill results in this release  RC samples are collected at 1m intervals in prenumbered calico bags (downhole metre value) via the cone splitter underneath the cyclone on the drill rig.  RC samples are selected for analysis by CPM geologist based on the observed geology such as the presence of sulphides and or alteration minerals including quartz, actinolite, albite, and carbonate veining and guided by portable XRF machine where analysis of each 1m sample has >1000ppm copper. Nominally 5, 1m samples are taken above and below the mineralised zone. Sample intervals may contain zones of internal dilution less than 1000ppm Cu.  1m samples selected for laboratory analysis are placed inside prenumbered calico bags, then placed in labelled polyweave bags for transport to ALS Mount Isa by CPM personnel.  Sample preparation is undertaken at the laboratory.  RC samples are prepared at ALS in Mount Isa, use method PUL23 samples to 3kg are pulverised to 85% passing 75 microns.  CPM field QC procedure include the use of certified reference standards ~(1:100), duplicates (1:50), blanks (1:100) at appropriate interval considered for early exploration stage. High, low and medium gold and base metal standards are used.  Both laboratories introduce QAQC samples and complete duplicate check assays on a routine basis  Duplicates are collected by CPM

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ASX Release: Cooper Metals Limited (ASX: CPM)

Criteria	JORC Code explanation	Commentary
		personnel with the use of a sample spear.  Field QC is checked after analysis.  Sample size is considered appropriate to the material sampled.  The remaining ‘reject’ drill sample (weighing ~20 - 30kg) is left on the ground in 1m piles laid out in sequence from the top of the hole to the end of the hole until assay results have been received A sample is sieved from the reject material and retained in chip trays for geological logging and future reference and stored at the company’s offices in Mount Isa.
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.	 No new drill results in this release  A Olympus Delta and Vanta portable XRF is available at the drill rig to aid geological interpretation. No XRF results are reported for drilling.  RC samples are analysed by ALS, submitted in Mount Isa, Qld. A ~3kg sample was pulverised to produce a 50g charge for fire assay and ICP-AES (ICP22) finish. A four acid digest was used for digestion with a ICP finish (ME-ICP61) to assay for Ag, AL, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mb, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn  The Lab utilises standard internal quality control measures including the use of internal Standards, Control Blanks and duplicates/repeats at a rate of 1 in 30 samples.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.	 No new drill results in this release  A complete record of logging, sampling and assays were stored within an Access Database including digital assay sheets obtained from ALS.
	 The use of twinned holes.	 No specific twinning program has been conducted, given the early-stage of the project.
	 Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	 No new drill results in this release  All data is digitally recorded
	 Discuss any adjustment to assay data.	 No adjustments to the 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.	 A hand-held GPS has been used to determine all collar locations at this stage.  The grid system is MGA_GDA94, zone 54 for easting, northing and RL.  At this stage the RL of the collar is taken from the handheld GPS, this will be corrected with the local topographic surface (SRTM 1m topographic data) will be used to generate the RL of most of the collars, given the large errors obtained by GPS (±10m). Zone 54.
Data spacing and distribution	 Data spacing for reporting of Exploration Results.	 No new drill results in this release  Drill spacing is determined by the stage of exploration of the prospect. The prospect has been drilled with a wide drill hole spacing required at this stage to determine the merit of the prospect and produce a reliable interval.  No sample compositing has been applied

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ASX Release: Cooper Metals Limited (ASX: CPM)

Criteria	JORC Code explanation	Commentary
		to the data.
	 Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	 The drillhole spacing is appropriate for early stage exploration only, and not considered sufficient for Resource or Reserve estimation.
	 Whether sample compositing has been applied.	 No new drill results in this release
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.	 No new drill results in this release  The drilling is oriented as best as possible to perpendicular to the structure/geology containing or controlling the observed mineralisation based on projections from surface outcrops and guided by IP response.
Sample security	 The measures taken to ensure sample security.	Sample security adopted by Cooper Metals Ltd was based on responsibility and documentation of site personal with the appropriate experience and knowledge to maintain sample chain of custody protocols from site to lab.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 No audits or reviews undertaken.

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ASX Release: Cooper Metals Limited (ASX: CPM)

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		Commentary
	JORC Code explanation
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 Mt Isa East project is centred around 50 km south-east of Mount Isa. The drilling reported here took place at the King Solomon prospect which are located within EPM 27700.  The tenements (specifically EPM 27700) referred to in this release are held jointly by Revolution Mining Pty Ltd (15%) and Cooper MetalsLtd (85%).
	 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 tenements are secure under Qld legislation.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 The historical tenure reports indicated that several companies have explored the project area over the last 50 years. Exploration has mainly consisted of geochemical sampling of rock and soil. Geological mapping and acquisition of airborne magnetics. Limited historical drilling is recorded within the Qld Government database “GeoResGlobe.”  At the King Solomon prospect, several old workings strike over a length of 1.5 km. Past production from the King Solomon Group is quoted as producing 894 tonnes at 5.3% Cu with a further 2195 tonnes of cupriferous limestone flux at 2.3% Cu.  There has been limited previous exploration of copper-gold mineralisation has occurred on the prospect. Reconnaissance mapping and soil and rock chip geochemical sampling programs were undertaken by Aberfoyle Resources Ltd explored the King Solomon prospect area under EPM 10123 from 1994 to 1995. Eastern Copper Mines NL in 1996 Chinalco in 2014 and then by Hammer Metals in 2016.  First pass geochemical sampling (rock chip) was conducted by Cooper Metals under the current tenure in 2021.  A fixed loop ground electromagnetic survey (FLEM) was undertaken in early 2022.  An Induced Polarisation survey was undertaken in July 2022.  The work resulted in the identification of preliminary drill targets at King Solomon.
Geology	 Deposit type, geological setting, and style of mineralisation.	 The Mt Isa East Project is located within the Mt Isa Inlier. The EPM 27700 tenement straddles a major geological boundary between the Kalkadoon-Leichhardt Belt to the west and the Eastern Fold Belt to the east.  At the King Solomon prospect is centred on several old workings defining a strongly mineralised zone of stratabound copper- gold (the King Solomon Trend) which strikes over a length of 1.5 km. The mineralisation is within the lower Corella

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ASX Release: Cooper Metals Limited (ASX: CPM)

Criteria		Commentary
	JORC Code explanation
		Formation close to the contact with the underlying Ballara Quartzite. Conceptually, the mineralisation occurs within a highly prospective sequence of the Corella Formation, particularly the more dolomitic parts of the sequences. The presence of a small intrusion of the younger Burstall Granite indicates that heat may have been available for the mobilisation of substantial volumes of hydrothermal metal-bearing fluids.  At surface, the mineralisation is associated with calcite lodes and quartz veins hosting copper carbonates (malachite and azurite) and chalcocite.  The adopted exploration model for the Mt Isa East tenements targets the IOCG model and low-tonnage, high grade, shear- hosted deposits.
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:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  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.	 No new drill results in this release
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	 No new drill results in this release
	 The assumptions used for any reporting of metal equivalent values should be clearly stated.	 No metal equivalents used in this release
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’).	 No new drill results in this release
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	 No new drill results in this release  A collar plan is provided in the release for context

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ASX Release: Cooper Metals Limited (ASX: CPM)

Criteria		Commentary
	JORC Code explanation
	locations and appropriate sectional views.	 Full drill hole information will be provided when drilling is completed and assays are reported
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 avoiding misleading reporting of Exploration Results.	 No new drill results in this release
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.	 Considerable historical work was completed with mapping sampling and geophysics This work needs further review.  Assay results from the drilling will be reported on receipt of the results
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).	 Early-stage exploration and follow-up of identified Cu and Au anomalies including additional interpretation of geophysical data, reviews and assessments of regional targets, and infill geochemical sampling of ranked anomalies in preparation for future drill testing.  Cooper Metals Ltd plans to continue RC drilling at its King Solomon Prospect testing deeper and laterally distal extensions of the copper mineralisation successfully intersected in the current program. Refer main body of the report.
	 Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Refer to the figures in this report.

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