GREENTECH METALS LIMITED — Capital/Financing Update 2022

Feb 8, 2022

9 February 2022

High Grade Copper and Zinc intersected at Whundo

Highlights:

• Drilling is focused on testing potential lateral and deeper extensions to the Whundo copper-zinc resources

• Results from twinning historic holes have confirmed the high grade tenor of Whundo, with pXRF analysis[1] of drill hole 22GTRC008 reporting a:

• 21m mineralised intersection (22-43m), with a high of 3.7% Cu and 18.5% Zn

• 16m mineralised intersection (49–65m), with a high of 4.6% Cu and 16.0% Zn

• Modelling of historic drill hole and other relevant datasets is continuing aimed at identifying potential new resource targets

• First consignment of 522 samples dispatched to ALS Laboratory in Perth

• Testing of EM targets outside of the Whundo Mine resource will be tested as part of the ~3,000m RC program

GreenTech Metals Ltd (ASX: GRE), (‘ GreenTech ’ or 'the Company ') is pleased to announce an update to its ongoing 3,000m reverse circulation ( RC ) drill program at the Whundo Copper mine. The near-term focus of the program is to test multiple drill-ready targets aimed at growing the existing JORC 2012 compliant indicated resource[2] of 2.7Mt @ 1.14% Cu and 1.14% Zn (for 30,000t contained copper and 30,000t contained zinc). Whundo is conveniently located only 40km south of Karratha in the Pilbara region of Western Australia.

A total ~1,200m have been drilled to 8 February with 11 holes completed. The drilling has been focused on testing for lateral and deeper extensions to the eastern and western lobes of the Whundo resource.

Thomas Reddicliffe, Executive Director, commented:

"We are very pleased that our initial test holes into the Whundo resource has provided strong confirmation of the significant copper and zinc grades historically mined at Whundo. This is a great start to our drilling program with modelling of the Whundo legacy drilling and other datasets also providing valuable insights into post emplacement dislocation of the greater Whundo resource. We remain excited about this maiden drill program for Greentech and are very confident that as our investigations progress the significance of this unusual copperzinc resource will be enhanced”.

BOARD & MANAGEMENT

Mark Potter Guy Robertson ASX: GRE Non-executive Chairman Non-executive Director Thomas Reddicliffe Daniel Smith Executive Director Company Secretary

CONTACT US

info@greentechmetals.com.au greentechmetals.com.au

Level 8, 99 St Georges Tce, Perth WA 6000

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Confirmatory Drill holes

Two historic drill holes that had intersected significant copper-zinc mineralisation at Whundo were twinned at the start of the drill program. The purpose of these holes was to test the effectiveness of the pXRF that was being used to differentiate mineralised and unmineralised drill intersections, help with the visual logging of the drill chips and to identify any marker horizons that could assist in the interpretation of the geology. The pXRF analyses while not providing definitive assay data have reported the following results for the mineralised intersections in the mineralised zones.

Drill hole 22GTRC008 (twin of historic hole AWRC021) reporting:

• 21m (22–43m) with a high of 3.7% Cu and 18.5% Zn ; and

• 16m (49–65m) with a high of 4.6% Cu and 16.0% Zn

Drill hole 22GTRC005 (twin of historic hole WHRC212) reporting:

• 11m (96–107m) > 2% Cu and > 0.1% Zn, including 2m (102–104m) > 9.2% Cu and 0.5% Zn

• 1m (12–127m) at 1.6% Cu

([1] Note: These are results from a handheld pXRF analyser and while a guide to the possible tenor of mineralisation in a drill sample, they do not provide an accurate estimate of the mineralisation as would result from a laboratory analysis).

Sampling

All holes have been sampled at 1m intervals with additional 3m composite samples taken in unmineralized intervals. A handheld pXRF analyser is used to identify the mineralised zones. The first consignment of 522 samples has been dispatched to ALS Laboratories in Perth for analysis. Results will be reported when they come to hand and reviewed.

Resource Modelling

Modelling of the Whundo resource using historic drill hole and other datasets is continuing and is being undertaken by industry consulting group Resource Potentials. This work has revealed that the eastern and western lobes of Whundo was likely a single mineralised body that has been offset by faulting. Further second order spatial dislocations of portions of the Whundo resource are also evident. This new understanding of the effects of post emplacement faulting and folding is providing focus for drill targeting.

The modelling has also provided evidence of deeper copper-zinc mineralisation which is largely untested. This exploration target will be drill tested during this current drill program.

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Figure 1: Whundo Project Area showing VTEM target outlines from late-time VTEM data

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Figure 2: Ongoing grilling at Whundo

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Figure 3: Plan view of the Whundo Copper-Zinc mineralised envelope showing major fault dislocation

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Figure 4: Visible Chalcopyrite (copper sulphide) in Drill Chips from Hole 22GTRCOO5

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This announcement is approved for release by the Board of Directors

ENDS

For Further Information: Mr Thomas Reddicliffe Mr Dan Smith Executive Director Company Secretary +61 8 9486 4036 +61 8 9486 4036 Tom.Reddicliffe@greentechmetals.com

About GreenTech Metals Limited

The Company is an exploration and development company primarily established to discover, develop, and acquire Australian and overseas projects containing minerals and metals that are used in the battery storage and electric vehicle sectors. The Company’s founding projects are focused on the underexplored nickel, copper and cobalt in the West Pilbara and Fraser Range Provinces.

The green energy transition that is currently underway will require a substantial increase in the supply of these minerals and metals for the electrification of the global vehicle fleet and for the massive investment in the electrical grid, renewable energy infrastructure and storage.

Competent Person Statement

Thomas Reddicliffe, BSc (Hons), MSc, a Director and Shareholder of the Company, is a Fellow of the AUSIMM, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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’. Thomas Reddicliffe consents to the inclusion in the report of the information in the form and context in which it appears.

2The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results or Mineral Resources included in the Prospectus lodged with ASIC on 9 November 2021 (and released by the ASX on 30 December 2021).

GreenTech Projects

Whundo Project - Copper/Zinc (earning 100%)

The Whundo copper-zinc project is located ~40km south-southwest of Karratha in the West Pilbara Region of Western Australia, covering an area of approximately 9 km². Historically, mining took place for copper in an open pit by Whim Creek Consolidated NL in 1976, producing approximately 6,700 tonnes at 27.4% copper. Whundo has a JORC 2012 indicated mineral resource[1] of 2.7Mt @ 1.14% Cu and 1.14% Zn for 30Kt contained copper and 30Kt contained Zinc.

Ruth Well Project – Nickel (100%)

The Ruth Well nickel project is located ~15km south of Karratha in the West Pilbara Region of Western Australia, covering an area of approximately 58km[2] . Ruth Well contains a JORC 2012 indicated mineral resource[1] of 152,000t @ 0.5% Cu and 0.6% Ni (0.3% Ni cut-off). GreenTech believes that the depth and strike potential at Ruth Well remains untested.

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Osborne prospect – Nickel/Copper (earning 51%)

Located 5km northeast of the Sholl B1 nickel-copper deposit, this discrete VTEM anomaly coincides with the contact between mafic and ultramafic intrusions of the Andover Intrusive Complex.

Mawson South Project – Nickel/Copper (100%)

The Mawson South nickel-copper project is located some 285kms east of Kalgoorlie, Western Australia, and covers an area of approximately 15 km² within the Northeast Coolgardie Mineral Field, and is 15kms southwest of Legend Mining’s Mawson nickel-copper project.

Dundas Project (100%)

The Dundas Project is located 24kms south of Norseman, Western Australia and covers an area of approximately 22 km[2] . It is prospective for gold and nickel.

Windimurra Project – Nickel/Copper/Cobalt (100%)

Situated in the Windimurra mafic igneous complex, the Windimurra nickel project (18km[2] ) is along strike from the Canegrass discovery (4.5m @ 1.3% Ni, 1.3% Cu & 0.10% Co from 251m).

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

	Criteria	JORC Code explanation	Commentary
	Sampling	Nature and quality of sampling (e.g., cut channels, random chips, or specific	RC drilling was undertaken to obtain samples that were laid out in one metre intervals.
	techniques	specialised industry standard measurement tools appropriate to the minerals under	Sampling was of the drill spoil for assay was undertaken by scoop into numbered calico
		investigation, such as down hole gamma sondes, or handheld XRF instruments,	bags. Samples submitted for assay were either composites of 3 metres length, or single
		etc.). These examples should not be taken as limiting the broad meaning of	metre samples. Composites were produced by representatively sampling each
		sampling.	individual drill spoil pile to be included in the composite.
		Include reference to measures taken to ensure sample representivity and the	Certified Reference Materials (CRM) and blanks were inserted approximately every 25
		appropriate calibration of any measurement tools or systems used.	samples.
		Aspects of the determination of mineralisation that are Material to the Public	Samples are to be analysed by ALS Laboratory in Perth.
		Report.	The preparation and analysis of the samples is not yet started.
		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.
	Drilling	Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger,	Drilling was completed using the RC method. A standard RC hammer bit was used,
	techniques	Bangka, sonic, etc.) and details (e.g., core diameter, triple or standard tube, depth	with chip samples returned within the drill pipe and recovered through a cyclone.
		of diamond tails, face-sampling bit or other type, whether core is oriented and if so,	Holes were drilled at various azimuths and dips and to varying depths.
		_by what method, etc.). _
	Drill sample	Method of recording and assessing core and chip sample recoveries and results	The geologist visually assessed drill sample recoveries during the program, and these
	recovery	assessed.	were overall very good.
		Measures taken to maximise sample recovery and ensure representative nature of	Drill cyclone was cleaned regularly between holes if required to minimise down hole or
		the samples.	cross-hole contamination.
		Whether a relationship exists between sample recovery and grade and whether	Samples were almost entirely dry, with little water encountered in the drilling.
		sample bias may have occurred due to preferential loss/gain of fine/coarse	No relationship between sample recovery and grade has been recognised.
		material.
	Logging	Whether core and chip samples have been geologically and geotechnically	All drill holes have been geologically logged for lithology, weathering, and other

BOARD & MANAGEMENT CONTACT US Mark Potter Guy Robertson info@greentechmetals.com.au ASX: GRE Non-executive Chairman Non-executive Director greentechmetals.com.au Thomas Reddicliffe Daniel Smith Level 8, 99 St Georges Tce, Perth WA 6000 Executive Director Company Secretary

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	logged to a level of detail to support appropriate Mineral Resource estimation,	features of the samples using sieved rock chips from the drill samples. The level of
	mining studies and metallurgical studies.	geological detail is commensurate with nature and limitations of this exploratory drilling
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel,	technique. The current drill-spacing and intensity would be insufficient for Resource
	etc.) photography.	Estimation. Although data acquired from this program would complement future drilling
	The total length and percentage of the relevant intersections logged.	and assist with Resource Estimation.
		Data relating to the geological observations and the sampling intervals was entered in
		a database.
		All drill holes were logged in full.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	RC drill spoil samples were collected by traversing each sample pile systematically by
techniques and	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled	scoop to obtain similar volumes of representative material for either a single metre
sample	wet or dry.	interval or a composite interval of 3m (3 drill spoil piles). This is regarded as a fit for
preparation	For all sample types, the nature, quality and appropriateness of the sample	purpose sampling regime for the type of drilling and the current stage of exploration.
	preparation technique.	The drill samples were almost entirely dry, with very few damp samples and occasional
	Quality control procedures adopted for all sub-sampling stages to maximise	wet samples.
	representivity of samples.	Where composite samples were taken, equal amounts of sample were taken from
	Measures taken to ensure that the sampling is representative of the in-situ material	each of the constituent sample piles.
	collected, including for instance results for field duplicate/second-half sampling.	Field duplicate sampling was also undertaken.
	Whether sample sizes are appropriate to the grain size of the material being	The samples were then sent to ALS Laboratory for sample preparation and analysis.
	sampled.	Analysis of the samples is yet to be started.
		The sample sizes are appropriate for the style of mineralisation beinginvestigated.
Quality of assay	The nature, quality and appropriateness of the assaying and laboratory procedures	Assaying will be completed by ALS Laboratory, a NATA accredited commercial
data and	used and whether the technique is considered partial or total.	laboratory. Sample preparation and analysis has not yet commenced.
laboratory tests	For geophysical tools, spectrometers, handheld XRF instruments, etc., the	A Bruker portable XRF spectrometer was used to identify mineralised drill spoils which
	parameters used in determining the analysis including instrument make and model,	were sampled at 1m intervals, while non mineralised drill spoils were composited into 3m
	reading times, calibrations factors applied and their derivation, etc.	composited samples.
	Nature of quality control procedures adopted (e.g., standards, blanks, duplicates,	Several intervals of highly mineralised drill spoils have been reported but noted that the
	external laboratory checks) and whether acceptable levels of accuracy (i.e., lack	results were only a guide to the possible tenor of mineralisation in the drill sample and
	of bias) and precision have been established.	that they did not provide an accurate estimate of the mineralisation as would result
		from a laboratoryanalysis.
Verification of	The verification of significant intersections by either independent or alternative	Drill collar data, sample information, logging data and assay results are yet to be
sampling and	company personnel.	completed, compiled, and validated by a separate person to the person conducting
assaying	The use of twinned holes.	the logging and sampling.
	Documentation of primary data, data entry procedures, data verification, data	No laboratory reports have been received.
	storage (physical and electronic) protocols.	Twinned holes have been used in this program, but no assay data is available.
	Discuss any adjustment to assay data.
Location of	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	Drill hole collar locations were located using a handheld GPS with an expected
data points	surveys), trenches, mine workings and other locations used in Mineral Resource	accuracy of +/-3m for easting and northing. Elevations were interpolated from the
	estimation.	SRTM DEM grid of the area.
	Specification of the grid system used.	Down hole surveys were undertaken on each drill hole.
	Quality and adequacy of topographic control.	Thegrid system used is GDA94,MGA zone 50.

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Data spacing	Data spacing for reporting of Exploration Results.	RC drill holes were not drilled on a traverse but were individually sited to suit specific
and distribution	Whether the data spacing and distribution is sufficient to establish the degree of	targets at varying depths.
	geological and grade continuity appropriate for the Mineral Resource and Ore	The spacing and distribution of the current drill holes is considered sufficient for the
	Reserve estimation procedure(s) and classifications applied.	testing of specific targets. The historic drilling at the Project is sufficient to establish the
	Whether sample compositing has been applied.	degree of geological and grade continuity to support the definition of Mineral
		Resource and Reserves and the classifications applied under the 2012 JORC code.
		Drill samples were taken at 1m intervals or composited over 3m intervals prior to being
		submitted to the laboratory, honouring geological contacts, state of oxidation-
		weatheringand observable mineralisation.
Orientation of	Whether the orientation of sampling achieves unbiased sampling of possible	The regional stratigraphy and the contained mineralisation comprising the Whundo
data in relation	structures and the extent to which this is known, considering the deposit type.	resource has a northerly trend and a dip of 25 deg so the majority of the drilling was
to geological	If the relationship between the drilling orientation and the orientation of key	oriented to the south with a dip of 60 deg.
structure	mineralised structures is considered to have introduced a sampling bias, this should	The true orientation of mineralised bodies in this area is generally known, so an
	be assessed and reported if material.	assessment of the effect of drill orientation on sample bias can be made at this stage.
Sample security	The measures taken to ensure sample security.	All drill samples collected during the program are being freighted directly to the ALS
		laboratory in Perth for submission.
		Sample security was not considered a significant risk to the project. Only employees of
		Greentech Metals and Resource Potentials were involved in the collection, short term
		storage(in a remote area),and deliveryof samples.
Audits or	The results of any audits or reviews of sampling techniques and data.	No formal audits or reviews have been conducted on sampling technique and data to
reviews		date.

Section 2 Reporting of Exploration Results

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

	Criteria	JORC Code explanation	Commentary
	Mineral	Type, reference name/number, location and ownership including agreements or	This RC program was entirely conducted on E 47/7. Greentech Metals is earning 100%
	tenement and	material issues with third parties such as joint ventures, partnerships, overriding	of this tenement by way of a Farmin/JV. The JV commenced in January 2022.
	land tenure	royalties, native title interests, historical sites, wilderness or national park and	The tenement lies within the Ngarluma Native Title claim
	status	environmental settings.	The tenement is in good standing with no known impediments.
		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.
	Exploration	Acknowledgment and appraisal of exploration by other parties.	The Whundo copper-zinc-cobalt deposit has a long history of prospecting, exploration
	done by other		and small-scale mining dating back to early 1970s. In 2018 Artemis Resources was able
	parties		to complete a Mineral Resource Estimate totalling 2.7Mt @1.14%Cu and 1.14%Zn. In
			addition geophysical surveys completed by Fox Resources and Artemis Resources led
			to the identification of numerous conductor targets inproximityto Whundo.
	Geology	Deposit type, geological setting and style of mineralisation.	The target for drilling is extensions to the VMS style copper-zinc-cobalt deposit at
			Whundo.

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		The geological setting of the area is Archaean greenstones consisting of steeply
		dipping and folded basalts, felsic volcanics, komatiites, and sediments, intruded by
		voluminousgabbro,dolerite dykes,andgranitic intrusions.
Drill hole	A summary of all information material to the understanding of the exploration results	Drill hole collar locations are shown in diagrams in the body of the release. Drilling was
Information	including a tabulation of the following information for all Material drill holes:	conducted at the natural land surface. Elevations of drill holes have been interpolated
	easting and northing of the drill hole collar	from STRM DEM data.
	elevation or RL (Reduced Level – elevation above sea level in metres) of the drill	Holes were drilled at various dips and azimuths and depths. Hole depths vary from 42m
	hole collar	to 150m.
	dip and azimuth of the hole	No laboratory analyses have been completed on samples collected from the drilling to
	down hole length and interception depth	date.
	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.
Data	In reporting Exploration Results, weighting averaging techniques, maximum and/or	No data aggregation methods were used.
aggregation	minimum grade truncations (e.g., cutting of high grades) and cut-off grades are
methods	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.
Relationship	These relationships are particularly important in the reporting of Exploration Results.	The holes drilled were reconnaissance in nature.
between	If the geometry of the mineralisation with respect to the drill hole angle is known, its
mineralisation	nature should be reported.
widths and	If it is not known and only the down hole lengths are reported, there should be a
intercept	clear statement to this effect (e.g., ‘down hole length, true width not known’).
lengths
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should	The drilling data is yet to be tabulated.
	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.
Balanced	Where comprehensive reporting of all Exploration Results is not practicable,	Refer to figures and tables in the body of the ASX release
reporting	representative reporting of both low and high grades and/or widths should be	While significant results have been highlighted from limited Pxrf analyses, the
	practiced avoiding misleading reporting of Exploration Results.	reconnaissance nature of much of the RC may result in many holes containing no
		significant intersections.
Other	Other exploration data, if meaningful and material, should be reported including	The drill program was designed to test various areas of interest identified from modelling
substantive	(but not limited to): geological observations; geophysical survey results;	of the historic data pertaining to the Whundo Copper-zinc resource.

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exploration	geochemical survey results; bulk samples – size and method of treatment;
data	metallurgical test results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating substances.
Further work	The nature and scale of planned further work (e.g., tests for lateral extensions or	The ongoing drill program remains focussed on testing for lateral and deeper extensions
	depth extensions or large-scale step-out drilling).	to the Whundo copper-zinc deposit.
	Diagrams clearly highlighting the areas of possible extensions, including the main
	geological interpretations and future drilling areas, provided this information is not
	commercially sensitive.

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