ENEGEX LIMITED — Capital/Financing Update 2021

Mar 25, 2021

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ASX RELEASE

26 March 2021

ADDITIONAL SOUTH WEST TERRANE TENEMENT GRANTS

Enegex Limited (ASX:ENX) advises that it has been granted a further eight exploration licences in the South West Terrane. Enegex’s South West Terrane tenement package now comprises 18 granted licences totaling 3,460km2, as well as two remaining application areas. (Refer Figure 1).

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----- Start of picture text ----- Bindi BindiNi targetYarawindahNi-PGE-Cu Caravel Cu Resource366Mt at 0.35% CuJulimarNi-PGE-CuFigure 1 Enegex South West Terrane Tenements----- End of picture text -----

Enegex Limited ABN 28 160 818 986 t +61 3 8610 4713 e admin@Enegex.com w www.Enegex.com

Enegex’s South West Terrane project presently comprises 5 separate project areas, located proximal to Perth and all within 200 km of Chalice Mining’s Julimar Ni-Cu-PGE discovery. Enegex is targeting “Julimar-style” high-grade Ni-Cu-PGE mineralisation across geology analogous with the recent Chalice discovery, as well as Caravel style copper mineralisation and ion adsorption REE deposits.

Based on regional geophysical and geological data (refer Figure 2 and 3), Enegex’s exploration licence applications are interpreted to contain mafic and ultramafic igneous intrusions considered to be similar to the Julimar intrusion hosting the high-grade Ni-Cu-PGE mineralization discovered by Chalice to the south.

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----- Start of picture text ----- Bindi BindiNi targetYarawindahNi-PGE-CuCaravel Cu Resource366Mt at 0.35% CuJulimarNi-PGE-Cu----- End of picture text -----

Figure 2 Enegex South West Terrane Project Area (shown in yellow) with neighbouring tenement holders

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----- Start of picture text ----- Bindi BindiNi targetYarawindahNi-PGE-CuCaravel Cu Resource366Mt at 0.35% CuJulimarNi-PGE-Cu----- End of picture text -----

Figure 3 Enegex project areas over regional airborne magnetics data

The Enegex project areas have not previously been subject to systematic Ni-Cu-PGE exploration, but host a number of geophysical anomalies associated with prospective stratigraphy.

The geology of the South West Terrane is a complex mix of Archean high-grade metamorphic gneisses and highly radioactive granites with widespread enclaves of greenstone and dismembered layered mafic and ultramafic intrusions. Proterozoic tectonic events, mainly evident from mafic dyke swarms, have also impacted the terrane. Largely blanketed by laterite soil profiles and transported sands, the South West Terrane’s Archaean bedrock geology is generally not well understood. Chalice’s Julimar Ni-PGE-Cu discovery was previously interpreted as granitic province from GSWA 1:500,000 scale bedrock mapping.

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Enegex is currently undertaking a desktop study of its South West Terrane tenements which integrates geology, geophysical and historical datasets so as to underpin work program design to generate targets for exploration testing. The study involves compilation, processing and merging of open-file GSWA 250k surface geology maps, government airborne magnetic data, radiometric data and regional ground gravity data as well as historic exploration drilling over the tenements making up Enegex South West Terrane project areas. The study extends regionally to cover surrounding greenstone, ultramafic units and granite terranes to track regional magnetic/gravity trends, magnetic and gravity anomalies, and key mineralization occurrences throughout the project areas.

Initial priority of areas for negotiation of Land Access Agreements have been identified to facilitate commencement of field activities, following completion of the desktop study.

Chairman Comment

Enegex Chairman, Geoff Albers: “We are excited that most of our South West Terrane tenement applications have been granted, thus providing Enegex with a significant exploration footprint in the emerging “Julimar geological region”.

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