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NEOMETALS LTD Capital/Financing Update 2021

Jul 5, 2021

65430_rns_2021-07-05_773f1604-68af-4454-ba24-fb98fef20dd8.pdf

Capital/Financing Update

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6 July 2021
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CONTINUED POSITIVE METALLURGICAL RESULTS FROM MT EDWARDS NICKEL PROJECT

HIGHLIGHTS

  • Flotation test-work on diamond core from 132N and Munda deposits confirms potential to generate commercially acceptable nickel concentrates;

  • Munda float program generated high grade concentrate (13% Ni grade) with strong recoveries (83.8% recovery) and displayed Fe:MgO ratios sought by smelters;

  • 132N float program (lower feed head grade) also confirms successful sample upgrade (13.5% Ni grade in concentrate) with 62.8% recovery; and

  • Palladium deportment to the 132N concentrate (3.06g/t Pd) supporting further evaluation to quantify the potential for co-product revenue.

Project developer Neometals Ltd (ASX: NMT) (“ Neometals ” or “ the Company ”) is pleased to announce further encouraging results from preliminary metallurgical tests carried out at the Mt Edwards Nickel Project (“ Mt Edwards ”). Specifically, a successful flotation test-work program was carried out on mineralised samples derived from the 132N Deposit (“ 132N ”) Mineral Resource * and the Munda Deposit (“ Munda ”) Mineral Resource**. The results confirm, ‘in principle’, the ability of the mineralisation from both 132N and Munda to upgrade to commercially acceptable concentrate levels (+12% Ni grade).

Munda and 132N represent excellent near-term mining prospects warranting further studies. With this in mind, flotation testwork was carried out to determine if nickel mineralisation could be upgraded to commercial grade concentrate. This strategy follows on from earlier positive results at the Armstrong Deposit (“ Armstrong ”) where flotation test-work revealed the presence of potential co-products in addition to the contained nickel ( for full details refer to ASX announcement “High grade palladium in nickel concentrate results from Armstrong” released 9th April 2021).

The Munda flotation program yielded excellent recovery (83.8% recovery at 13.0% nickel concentrate grade) with a very favourable iron/magnesium oxide ratio which is highly desirous for smelting customers. Despite a lower sample nickel head grade (1.45% versus Mineral Resource grade 2.0%), the 132N flotation program yielded 62.8% recovery at 13.5% nickel concentrate grade. Importantly, the 132N test-work evidenced palladium in the concentrate (3.06g/t Pd) which supports further evaluation to quantify the potential for co-product revenue.

These metallurgical results, together with those previously announced at Armstrong, provide Neometals with encouragement regarding the potential to establish meaningful co-products from future operations at Mt Edwards. Further float work on the other deposits with near term exploitation prospectivity will be undertaken to close off processing and marketing aspects of the development study which aims to re-establish a viable production centre at Mt Edwards. Future metallurgical work will be undertaken with core from planned exploration drilling to provide fresh materials to test. Importantly, these fresh samples will generate more information on co-products and their deportment.

Indicated and Inferred Mineral Resource of 460,000 tonnes @ 2.0% nickel for 9,050t of contained nickel, for full details refer to ASX announcement entitled “ 132N Mineral Resource and Exploration Update- Mt Edwards* ” released on 6 October 2020

Inferred Mineral Resource of 320,000t @ 2.2%Ni for 7,140t of contained nickel, for full details refer to ASX announcement entitled “ Additional Nickel Mineral Resource- Mt Edwards** ” released on 13 November 201 9

ACN 099 116 361 Locked Bag 8 T: +61 8 9322 1182 Level 1, 1292 Hay Street West Perth WA 6872 F: +61 8 9321 0556 West Perth WA 6005

[email protected]

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6 July 2021 – CONTINUED POSITIVE METALLURGICAL RESULTS FROM MT EDWARDS NICKEL PROJECT
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Key points noted from the metallurgical flotation test-work:

  • A blend of source material from both 132N and Munda deposits was mixed in order to achieve a head grade not dissimilar to the overall Mineral Resource grades for each deposit

  • Standard Kambalda Nickel Operations flotation reagent regime implemented

  • In the case of 132N

  • with limited source material, resultant test head grade was below the target range

  • presence of palladium and platinum were noted with upgrades of a factor of over two into the concentrate from mineralisation grades

  • similar recoveries of nickel and copper were noted

  • the iron to magnesia ratio (Fe:MgO) was less than ideal indicating the presence of high MgO (ultramafic minerals) suggesting more depressant to suppress rather than liberate MgO is required

  • In the case of Munda

  • rapid flotation kinetics were demonstrated

  • the concentrate was notably very clean

  • a very high Fe:MgO ratio was achieved indicating a premium concentrate

  • in light of the above, further improvements in recovery may be possible by easing back on concentrate grade

Test-work on samples from both deposits followed commercial process norms comprising a regime of sequential flotation involving a preliminary rougher product being generated with two subsequent stages of cleaning to generate a final cleaner product.

The samples of mineralised core for testing were sourced from a single diamond drill hole (WD9807W1 drilled by Western Diamond Drillers Pty Ltd in July 2018) at 132N. Diamond drill holes from Munda (EMD001 and EMD002) were drilled in July 2019 by Topdrive Drillers Australia for Estrella Resources from whom Neometals acquired the Munda nickel rights in September 2019.

Forward Work

The Company has commenced a detailed geological and geometallurgical program to ascertain the potential impacts on its eleven separately defined Mineral Resources at Mt Edwards and exploration potential within its > 300 square km tenure.

The components of the geometallurgical program include:

  • the geologically informed selection of a number of mineralised samples

  • laboratory-scale planned locked cycle test work to determine the response of the mineralisation to mineral processing unit operations

  • the distribution of these parameters throughout the deposits using an accepted geostatistical technique

  • the application of a mining plan and mineral processing models to generate a prediction of the process plant behaviour

Managing Director Chris Reed commented:

“Further to our earlier test-work at Armstrong these preliminary results confirm the presence and recoverability of palladium at 132N, some 4 km south along strike, and the eminently marketable nature of nickel products able to be generated from both 132N and Munda. Of specific note is the high-quality concentrate made from Munda, a deposit not previously exploited for its nickel endowment. This represents another positive step in the development of the Mt Edwards project”.

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Table 1 - 132N Float test results

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WEIGHT NICKEL COPPER SULPHUR ARSENIC PALLADIUM PLATINUM Fe:MgO
PRODUCT
Gram % % %dist % %dist % %dist % %dist ppm %dist ppm %dist
Cln 2 Con 1 12.5 1.25 21.5 18.7 2.87 33.4 31.1 16.5 1.71 23.7 5.54 16.8 0.56 3.53 10.8
Cln 2 Con 2 17.0 1.70 22.0 25.9 1.15 18.3 29.7 21.4 0.82 15.5 4.06 16.8 0.51 4.33 7.42
Cln 2 Con 3 7.6 0.76 17.4 9.15 0.76 5.39 24.0 7.74 0.43 3.63 3.76 6.95 0.36 1.36 2.90
Cln 2 Con 4 7.6 0.76 9.48 4.99 0.46 3.22 13.3 4.29 0.18 1.52 2.39 4.41 0.33 1.25 0.86
Cln 2 Tail 22.4 2.24 2.65 4.11 0.17 3.49 3.66 3.48 0.06 1.49 0.92 4.98 0.24 2.66 0.28
Cln 1 Tail 176.3 17.6 0.80 9.71 0.06 10.4 1.26 9.42 0.05 9.79 0.34 14.4 0.19 16.5 0.20
Scav Con 36.3 3.63 2.80 7.03 0.09 3.08 7.10 10.9 0.11 4.43 0.88 7.72 0.28 5.13 0.58
Tails 719.2 72.0 0.41 20.4 0.03 22.8 0.86 26.2 0.05 39.9 0.16 28.0 0.18 65.3 0.24
Calc'd Head 998.9 100.0 1.45 100.0 0.11 100.0 2.36 100.0 0.09 100.0 0.41 100.0 0.20 100.0 23.3
Assay Head 1.41 2.35 0.47 0.20
Cln 2 Con 1 1.25 21.5 18.7 2.87 33.4 31.1 16.5 1.71 23.7 5.54 16.8 0.56 3.53 10.8
Cln 2 Con 1-2 2.95 21.8 44.6 1.88 51.7 30.3 37.9 1.20 39.2 4.69 33.6 0.53 7.86 8.56
Cln 2 Con 1-3 3.71 20.9 53.7 1.65 57.1 29.0 45.6 1.04 42.8 4.50 40.6 0.49 9.22 6.33
Cln 2 Con 1-4 4.47 19.0 58.7 1.45 60.3 26.3 49.9 0.89 44.4 4.14 45.0 0.46 10.5 3.86
Cln 1 Cons 6.72 13.5 62.8 1.02 63.8 18.8 53.4 0.62 45.9 3.06 49.9 0.39 13.1 1.51
Ro Cons 24.4 4.30 72.5 0.33 74.1 6.08 62.8 0.21 55.6 1.09 64.3 0.24 29.6 0.40
Ro + Scav Con 28.0 4.11 79.6 0.30 77.2 6.22 73.8 0.19 60.1 1.06 72.0 0.25 34.7 0.42
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Table 2 - Munda Float test results

PRODUCT WEIGHT WEIGHT NICKEL NICKEL COPPER COPPER COBALT COBALT **Fe:MgO **
Gram % % %dist % %dist % %dist
Cln 2 Con 1
Cln 2 Con 2
Cln 2 Con 3
Cln 2 Con 4
Cln 2 Tail
Cln 1 Tail
Tails		 60.5
21.0
11.9
8.5
29.5
157.3
710.6		 6.05
2.10
1.19
0.85
2.95
15.7
71.1		 19.8
13.3
8.36
5.01
3.19
0.70
0.31		 58.6
13.6
4.87
2.09
4.61
5.40
10.8		 0.66
0.23
0.17
0.12
0.10
0.04
0.03		 51.5
6.23
2.61
1.31
3.80
7.10
27.5		 0.42
0.27
0.16
0.09
0.07
0.02
0.01		 56.2
12.5
4.13
1.71
4.29
5.28
15.9		 18.9
13.1
9.74
8.34
1.47
0.34
0.35
Calc'd Head 999.3 100.0 2.04 100.0 0.08 100.0 0.04 100.0 52.2
Assay Head 2.03 0.05 0.05
Cln 2 Con 1
Cln 2 Con 1-2
Cln 2 Con 1-3
Cln 2 Con 1-4
Cln 1 Cons
Ro Cons		 6.05
8.16
9.35
10.2
13.1
28.9		 19.8
18.1
16.8
15.9
13.0
6.30		 58.6
72.2
77.1
79.2
83.8
89.2		 0.66
0.55
0.50
0.47
0.39
0.19		 51.5
57.7
60.3
61.6
65.4
72.5		 0.42
0.38
0.35
0.33
0.27
0.13		 56.2
68.7
72.8
74.5
78.8
84.1		 18.9
16.8
15.2
14.2
6.06
1.23

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6 July 2021 – CONTINUED POSITIVE METALLURGICAL RESULTS FROM MT EDWARDS NICKEL PROJECT
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Background

The Mt Edwards nickel project is centred around the small township of Widgiemooltha, located 75 kilometres south of Kalgoorlie in Western Australia. Neometals owns, or holds nickel rights to, 36 mining tenements with a large land holding of more than 300km[2] across the Widgiemooltha Dome, a well-recognised nickel sulphide mining province. The Widgiemooltha Dome is a world class nickel sulphide camp that has hosted 7 historical nickel mines with a new mine, Cassini, currently under development by Mincor Resources Ltd.

Platinum and Palladium at Mt Edwards

The Mount Edwards project database consists of assay and geological data from more than 13,000 drill holes. Platinum (Pt) and Palladium (Pd) have been sparingly assayed in work to date at Mount Edwards. While the majority of samples have been assayed for nickel or lithium, only ~10% (42,468 of 422,129) of the total samples have been assayed for either Pt or Pd. Historically Pt and Pd assays were used as an indicator element in exploration activities helping to vector in on new discoveries.

Nickel mining at the Mt Edwards project was last conducted some 13 years ago. Armstrong and 132N are on granted mining leases (M15/99 & M15/101 respectively) and are currently on ‘care and maintenance’ status with the Department of Mines and Petroleum. Since previous production the price of palladium has increased markedly with a tenfold increase in value since 2008. The significance of the increased market value of palladium and platinum, coupled with a positive result from early-stage sighter metallurgical test work, now warrants further investigation to determine if these precious metals can provide an additional revenue stream for the nickel project.

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Figure 1 - Mt Edwards Project tenure relative to Kalgoorlie and the Kambalda Nickel Concentrator.

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Figure 2 – Mining Tenements and Mineral Resources of the Mt Edwards Project

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Figure 3 - Location of Drill Holes and Drill Traces with Pt and Pd across the Mt Edwards Project. Seven of the eleven Neometals nickel deposits are shown over the geology, including the 132N, Armstrong and 26N residual Mineral Resources from previous mining. Samples where Pd and / or Pt has been assayed are shown in green. Drilling samples with Pd or Pt assays returned greater than 0.5 ppm are shown in red. The figure shows a good correlation of elevated Pd grades near the nickel Mineral Resources.

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6 July 2021 – CONTINUED POSITIVE METALLURGICAL RESULTS FROM MT EDWARDS NICKEL PROJECT
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Table 3 - Mt Edwards Mineral Resource Table

Indicated Indicated Inferred Inferred TOTAL Mineral Resources TOTAL Mineral Resources TOTAL Mineral Resources
Deposit Tonne (kt) Nickel (%) Tonne (kt) Nickel (%) Tonne (kt) Nickel (%) Nickel Tonnes
Widgie 32 625 1.5 625 1.5 9,160
Gillett5 1,306 1.7 1,306 1.7 22,500
Widgie Townsite9 1,183 1.7 1,293 1.5 2,476 1.6 39,300
Munda3 320 2.2 320 2.2 7,140
Mt Edwards 26N10 871 1.4 871 1.4 12,400
132N6 34 2.9 426 1.9 460 2.0 9,050
Cooke1 150 1.3 150 1.3 1,950
Armstrong4 526 2.1 107 2.0 633 2.1 13,200
McEwen8 1,133 1.4 1,133 1.4 15,340
McEwen
Hangingwall8		 1,916 1.4 1,916 1.4 26,110
Zabel7&8 272 1.9 53 2.0 325 2.0 6,360
TOTAL 2,015 1.9 8,200 1.5 10,215 1.6 162,510

Mineral Resources quoted using a 1% Ni block cut-off grade, except Munda at 1.5% Ni. Small discrepancies may occur due to rounding Note 1. refer announcement on the ASX: NMT 19 April 2018 titled Mt Edwards JORC Code Mineral Resource 48,200 Nickel Tonnes Note 2. refer announcement on the ASX: NMT 25 June 2018 titled Mt Edwards Project Mineral Resource Over 120,000 Nickel Tonnes Note 3. refer announcement on the ASX: NMT 13 November 2019 titled Additional Nickel Mineral Resource at Mt Edwards Note 4. refer announcement on the ASX: NMT 16 April 2020 titled 60% Increase in Armstrong Mineral Resource Note 5. refer announcement on the ASX: NMT 26 May 2020 titled Increase in Mt Edwards Nickel Mineral Resource Note 6. refer announcement on the ASX: NMT 5 October 2020 titled 132N Nickel Mineral Resource and exploration update at Mt Edwards Note 7. refer announcement on the ASX: NMT 23 December 2020 Zabel Nickel Mineral Resource at Mt Edwards Note 8. refer announcement on the ASX: NMT 29 June 2021 Mt Edwards – McEwen Mineral Resources increase 45% Note 9. refer announcement on the ASX: NMT 29 June 2021 Mt Edwards – Widgie Townsite Mineral Resource Update Note 10. refer announcement on the ASX: NMT 30 June 2021 Mt Edwards – 26 North Mineral Resources Update

Authorised on behalf of Neometals by Christopher Reed, Managing Director

ENDS

For further information, please contact:

Chris Reed

Jeremy Mcmanus

Managing Director General Manager - Commercial and IR Neometals Ltd Neometals Ltd T: +61 8 9322 1182 T: +61 8 9322 1182 E: [email protected] E: [email protected]

About Neometals Ltd

Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy focuses on de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.

Neometals has four core projects with large partners that support the global transition to clean energy and span the battery value chain:

Recycling and Resource Recovery:

  • Lithium-ion Battery Recycling – a proprietary process for recovering cobalt and other valuable materials from spent and scrap lithium batteries. Pilot plant testing completed with plans well advanced to conduct demonstration scale trials with 50:50 JV partner SMS group, working towards a development decision in early 2022; and

  • Vanadium Recovery – sole funding the evaluation of a potential 50:50 joint venture with Critical Metals Ltd to recover vanadium from processing by-products (“Slag”) from leading Scandinavian Steel maker SSAB. Underpinned by a 10-year Slag supply agreement, a decision to develop sustainable European production of high-purity vanadium pentoxide is targeted for December 2022.

Upstream Industrial Minerals:

  • Barrambie Titanium and Vanadium Project - one of the world's highest-grade hard-rock titanium-vanadium deposits, working towards a development decision in mid-2022 with potential 50:50 JV partner IMUMR.

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Competent Person Attribution

The information in this report that relates to Exploration Results is based on information compiled by Gregory Hudson, who is a member of the Australian Institute of Geoscientists. Gregory Hudson is a full-time employee of Neometals Ltd and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and the activity being undertaken, to qualify as a Competent Person as defined in the December 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Gregory Hudson has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears.

Information that relates to metallurgical results is based on work carried out by Auralia Metallurgy and fairly represents, information compiled and / or reviewed by Mr Gavin Beer, who is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy. Mr Beer is a full-time employee of Neometals Ltd and has sufficient experience relevant to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beer has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information and data that materially affects the information included in the original market announcements and, in the case of the estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market 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 announcements.

Compliance Statement

The information in this report that relates to Exploration Results and Mineral Resources for Neometals other than those discussed relevant to the recent metallurgical work at 132N and Munda is extracted from the ASX Announcements listed in the table below, which are also available on the Company’s website at www.neometals.com.au:

19/04/2018 Mt Edwards Nickel - Mineral Resource Estimate
25/06/2018 Mt Edwards - Mineral Resource Over 120,000 Nickel Tonnes
13/11/2019 Additional Nickel Mineral Resource at Mt Edwards
31/01/2020 Further Massive Nickel Sulphide Results from Mt Edwards
16/04/2020 60% Increase in Armstrong Mineral Resource
26/05/2020 Increase in Mt Edwards Nickel Mineral Resource
05/10/2020 132N Nickel Mineral Resource and exploration update at Mt Edwards
23/12/2020 Zabel Nickel Mineral Resource Update at Mt Edwards
9/04/2021 Mt Edwards- High Grade Palladium in Nickel Concentrate
29/06/2021 Mt Edwards – McEwen Mineral Resources increase 45%
29/06/2021 Mt Edwards – Widgie Townsite Mineral Resource Update
30/06/2021 Mt Edwards – 26 North Mineral Resources Increase 51%

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APPENDIX 1: Table 1 as per the JORC Code Guidelines (2012) 132 N

Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
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
which includes reference to measures taken to ensure
sample representivity 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.		 Consolidated Nickel used RC and diamond core drilling with
RC sampling based on 1m intervals. Core was split and
submitted as half core or quarter core.
Titan, Consolidated Nickel and Neometals core and RC
sampling procedures were as follows; Diamond drill core is
orientated using a spear every 3 metres. The core is
marked up by geologists and cut by ALS. The core is halved
and then one half is cut in half again to produce ¼ core. The
¼ core is sampled for assaying. The core is sampled to the
mineralisation contacts and at 1 m intervals through the
mineralisation. Sampling continues for 10 m below the
mineralisation footwall and 10m above the hanging wall.
Non mineralised material is not sampled.
Sample piles are produced at 1m intervals from RC drill
holes. The sample piles are usually sampled as either 1 m
or 4m composites. A representative scoop is taken through
the sample pile. An anomalous 4 m composite sample is
resampled at 1m intervals
This section discusses the processing on diamond core hole
WD9807W1from which the metallurgy results in the
report are derived.
Metallurgical
samples
were
compiled
from
core
WD9807W1 in proportions to approximate the overall
Mineral Resource grade
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).		 The 132N Mineral Resource is predominantly based on
diamond core and RC drilling techniques. Within the mined
pit there is some grade control drilling and possibly trench
or channel sampling that has been used in the estimation.
This has already been mined out and does not impact
significantly on the estimation of mineralisation beneath the
pit.
WD9807W1 was sourced by way of standard HQ3
triple core diamond drilling.
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 topreferential loss/gain of fine/coarse material.		 Sample recovery of drilling prior to 2000 is not known.
No relationship between sample recovery and grade has
been recognised.
Core recovery from WD9807W1 was very good at
over 85% for the mineralised zones.
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.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.		 All drill holes have been geologically logged for lithology,
weathering, alteration and mineralogy. All samples were
logged in the field at the time of drilling and sampling (both
quantitatively and qualitatively where viable), with spoil
material and sieved rock chips assessed.
Sub-sampling
techniques and
sample
preparation		 If core, whether cut or sawn and whether quarter, half or
all core taken.		 Information relating to RC chip samples collected before
2003 is scarce. Information such as sample interval is well
recorded. Past workers have verbally informed that Titan
samples were collected in 1m or 2m intervals, after passing

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Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
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.
 through a cyclone, and split via a 50:50 or 75:25 riffle
splitter. Approximately 3-5kg of sample was submitted for
analysis, and the remaining sample left in plastic bags at
drill sites (these sites have since been rehabilitated). Since
2003 chip samples have been collected in 1m intervals via
a cyclone and split using a 75:25 riffle splitter.
Approximately 3-5kg of sample was sent to the laboratory
for analysis and the remainder laid out book fashion as 1 m
intervals generally in 20m rows.
Details as to the sampling of wet holes pre 2003 are
unknown. Post 2003 wet holes have not been encountered
as the rigs utilized had sufficient air to keep the holes and
therefore samples dry.
For diamond core holes, half core was submitted pre-Titan
and quarter core post-Titan. Core samples were cut to
geological intervals rather than cut to mathematical
intervals.
For WD9807W1 ½ core was submitted for assay, The
remaining ½ of core for select metres has been used
for the metallurgical test work that is the subject pf
the repot.
Quality of
assay data and
laboratory tests		 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.		 QAQC procedures carried out by operators before 2003 are
not known. The QAQC results sourced from the
Consolidated Nickel Mineral Resource Report from January
2007 indicated that no significant or material discrepancies
was identified by the QAQC sampling/analysis for drilling
and
sampling
conducted
by
Titan
Resources
or
Consolidated Nickel.
The procedures implemented by Titan and Consolidated
Nickel included standards, field duplicates and different lab
checks for all elements modelled.
CRMs were submitted for assay with WD9807W1 ½
core and returned acceptable results
Quality of
assay data and
laboratory tests
cont.		 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.		 Pre 2001 samples (WMC) were submitted to the Silver Lake
Laboratory for analysis. Little is known about the laboratory
used however it is believed that on the basis of information
subsequently collected there is no reason to doubt the
assays. Detection limits are not often recorded on the
available data and the analytical scheme cannot be verified.
According to WMC it was standard practice to submit
duplicates and standards.
It has been noted that many nickel samples from
Widgiemooltha and Kambalda were analysed at the Silver
Lake Laboratory and there is no basis for believing the
analytical results to be incorrect.
Post 2003 reputable laboratories, namely ALS Chemex
(ALS) and Ultra Trace Pty Ltd, were utilized. These
laboratories have stringent quality control systems, ALS has
ISO9002 certification.
The analytical methods and detection limits used didn’t alter
between drill methodologies.
Analytical methods and detection limits are merged into the
database assay file.
For analysis undertaken at ALS, Perth, the entire sample
was prepared. Analytical schemes and detection limits as
follows
• ME-ICP61 (formerly IC587) four acid digestion, HF-HNO3-
HCLO4 acid digestion, HCL leach and ICP - AES, detection
limits in brackets. Cu (1ppm), Co (1ppm), Ni (1ppm), Cr
(1ppm), As (5ppm), Mn (5ppm), Al (0.01%), S (0.01%),
Mg (0.01%) and Fe (0.01%).
• Copper and nickel values in excess of 1% were re assayed
via analytical schemes AA46 (formerly A101) and AA62
(formerly A102) with lower detection limits of 0.01%.

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Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
• Au-AA24. Nominal sample weight 30g. Au (0.01ppm).
• Some samples were analysed for platinum, palladium and
gold using PGM-MS27
(formerly PM223). Nominal sample weight 30g – fire assay.
Pt (0.05ppm), Pd (0.01ppm) and Au (0.01ppm).
After preparation ALS take a split or check from every 25th
sample and send it to Ultra Trace Analytical Laboratories in
Perth. Analytical schemes and detection limits are as follows
• Four acid digest, detection limits in brackets. Cu (1ppm),
Co (1ppm), Ni (1ppm), Cr (5ppm), As (5ppm), Mn (1ppm),
Al (0.01%), S (0.01%), Mg (0.01%) and Fe (0.01%).
• Gold, platinum and palladium. 40g charge fire assay
determination via ICP (inductively coupled plasma) Mass
Spectrometry. Au, Pt and Pd all with lower detection limits
of 1ppb.
A detailed QAQC analysis is been carried out with all results
from Titan Resources and Consolidated Nickel with no
significant issues or bias detected.
Neometals followed established QAQC procedures for this
exploration program with the use of Certified Reference
Materials as field and laboratory standards.
Nickel standards (Certified Reference Materials,
CRM) in pulp form have been submitted at a nominal
rate of one for every 50 x 1 metre samples.
A QAQC analysis has been conducted on all results received
with results withinacceptable limits
Verification of
sampling and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.
The use of twinned holes
The verification of significant intersections by either
independent or alternative company personnel.
Discuss any adjustment to assay data		 Assay, Sample ID and logging data of the historical
databases are matched and validated using filters in the drill
database. The data is further visually validated by
Neometals geologists and database staff.
There has been no validation and cross checking of
laboratory performance at this stage.
No adjustments have been made to assay 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		 MGA94_51S is the grid system used in this program.
Historic survey methods are not known but INCO and WMC
data was originally recorded in in local grids that have been
converted to current MGA data. This conversion may have
introduced some small errors.
Downhole survey using Reflex gyro survey equipment was
conducted during the program by the drill contractor. Older
drill holes used single shot cameras, some do not have
azimuth data due to interference of steel drill rods.
Downhole Gyro survey data were converted from true north
to MGA94 Zone51S and saved into the data base. The
formulas used are:
Grid Azimuth = True Azimuth + Grid Convergence.
Grid Azimuth = Magnetic Azimuth + Magnetic Declination
+ Grid Convergence.
The Magnetic Declination and Grid Convergence were
calculated with an accuracy to 1 decimal place using plugins
in QGIS.
Magnetic Declination = 0.8
Grid Convergence= -0.7
Data spacing
and distribution		 Data spacing for reporting of Exploration Results
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.
Whether sample compositing has been applied		 All RC drill holes were sampled at 1 metre intervals down
hole.
Select sample compositing has been applied at a nominal 4
metre intervals determined by the geologist.
Historic RC drilling was at a minimum of 1m in mineralised
zones. Some non-mineralised areas were sampled at larger
intervals of up to 4m.
Diamond core was sampled to geological contacts. with
most samples within geological zones sampled at 1m
lengths.

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Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
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.		 Drilling has generally been oriented perpendicular to strike
at dips from -45 to -90 degrees. Intersections are generally
not true lengths.
There is no significant bias introduced for the Mineral
Resource due to drilling orientation.
Orientation of drilling forWD9807W1 was down dip at
approximately 30oto the orientation to maximise
mineralised samples for metallurgical test work.
Sample
security		 The measures taken to ensure sample security Historic security measures are not known.
Security forWD9807W1 involved core being with
Neometals staff or contractors until submission of
assay, and verification against photos and metre
marks prior to submission for metallurgical test work.
Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results
Criteria JORC Code Explanation Commentary
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 security of the tenure held at the time of reporting
along with any known impediments to obtaining a licence to
operate in the area.		 Neometals (Mt Edwards Lithium Pty Ltd) hold all
mineral rights other than gold on Mining Lease
M15/101.
Exploration done by
other parties		 Acknowledgment and appraisal of exploration by other
parties.		 Neometals have held an interest in M15/101 since
June 2018, hence all prior work has been conducted
by other parties.
The ground has a long history of exploration and
mining and has been explored for nickel since the
1960s, initially by INCO in the 1960’s and then
Western Mining Corporation from the early 1980’s.
Numerous companies have taken varying interests in
the project area since this time. Titan Resources held
the tenement from 2001.
Consolidated Minerals took ownership from Titan in
2006, and Salt Lake Mining in 2014.
Neometals (and contractors for Neometals)
drilled, sampled and assayed WD9807W1.
Geology Deposit type, geological setting and style of mineralisation. The geology at 132N comprises of sub-vertically
dipping multiple sequences of ultramafic rock,
metabasalt rock units and intermittent meta-
sedimentary units.
There is a synformal structure at 132N.
Contact
zones
between
ultramafic
rock
and
metabasalt are considered as favourable zones for
nickel mineralisation.
The reported nickel mineralisation at 132N is wholly
contained within fresh rock.
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		 Relevant drill hole information for 132N has been
tabled in the report including hole ID, drill type, drill
collar location, elevation, drilled depth, azimuth, dip
and respective tenement number.

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Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results
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.		 Historic drilling completed by previous owners has
been verified and included in the drilling database.
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.
The assumptions used for any reporting of metal equivalent
values should be clearly stated.		 Samples
assessed
as
prospective
for
nickel
mineralisation were assayed at single metre sample
intervals, while zones where the geology were
considered less prospective were assayed at a
nominal 4 metre length composite sample.
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’).		 Nickel mineralisation is hosted in the ultramafic rock
unit close to the metabasalt contact zones.
All drilling is angled to best intercept the favourable
contact
zones
between
ultramafic
rock
and
metabasalt rock units to best as possible test true
widths of mineralisation.
Due to the steep orientation of the mineralised zones
there will be minor exaggeration of the width of
intercepts.
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 locations
and appropriate sectional views.		 Appropriate maps, sections and tables are included in
the body of the Report
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 to avoid
misleading reporting of Exploration Results.		 Current understanding of 132N is based on historical
mining, mapping, drilling and sampling conducted by
previous owners of the tenement. The geology of the
132N deposit is well known.
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.		 No further exploration data has been collected at this
stage for 132N.
Further work The nature and scale of planned further work (e.g. tests for
lateral extensions or large scale step out drilling.
Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
commercially sensitive.		 Further drilling is recommended to test the potential
lateral extents and infill areas for nickel mineralisation
at 132N.

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Section 3 Estimation and Reporting of Mineral Resources

Section 3 Estimation and Reporting of Mineral Resources Section 3 Estimation and Reporting of Mineral Resources Section 3 Estimation and Reporting of Mineral Resources
Criteria JORC Code Explanation Commentary
Database
integrity		 Measures taken to ensure that data has not been
corrupted by, for example, transcription or keying
errors, between its initial collection and its use for
Mineral Resource estimation purposes.
Data validation procedures used.		 The database is an accumulation of exploration by several
companies. Data were inspected for errors. No obvious errors
were found. Drillhole locations, downhole surveys, geology
and assays all corresponded to expected locations.
Site visits Comment on any site visits undertaken by the
Competent Person and the outcome of those visits. If
no site visits have been undertaken indicate why this
is the case.		 The competent person for the 132N Mineral Resource has
visited the site. An inspection of the site was conducted on 17
March 2020.
The competent person for exploration results has spent more
than 30 days at site since 2018.
Geological
interpretation		 Confidence in (or conversely, the uncertainty of) the
geological interpretation of the mineral deposit.
Nature of the data used and of any assumptions
made.
The effect, if any, of alternative interpretations on
Mineral Resource estimation.		 There
are
sufficient
drill
intersections
through
the
mineralisation and geology to be confident of the geological
interpretation at 132N. These types of nickel deposits have
been mined in the Kambalda/Widgiemooltha region for many
years and the geology is well documented.
The basal contact of the ultramafic overlying mafics has been
accurately located through many drill hole intersections. The
nickel enriched base of the ultramafics also has been
accurately determined through drill intersections.
The basal contact corresponds closely with the higher-grade
nickel mineralisation.
The use of geology in guiding and controlling Mineral
Resource estimation.
The factors affecting continuity both of grade and
geology		 High grade nickel is distributed along a narrow, convoluted
ribbon extending down dip along the basal contact.
Remobilisation of massive sulphides may complicate this
distribution.
There are possibly some structural discontinuities that displace
the mineralised zones resulting in three discrete domains.
Dimensions The extent and variability of the Mineral Resource
expressed as length (along strike or otherwise), plan
 The modelled 132N deposit has a strike extent of 1,500m and
a vertical down dip extent of about 450m. The mineralised
width, and depth below surface to the upper and lower
limits of the Mineral Resource.		 zones are from about 1m to 10m wide.
Estimation and
modelling
techniques
 The nature and appropriateness of the estimation
technique(s) applied and key assumptions, including
treatment of extreme grade values, domains,
interpolation parameters and maximum distance of
extrapolation from data points. If a computer assisted
estimation method was chosen include a description of
computer software and parameters used.
The availability of check estimates, previous estimates
and/or mine production records and whether the
Mineral Resource estimate takes appropriate account
of such data.
The assumptions made regarding recovery of by-
products.
Estimation of deleterious elements or other non-grade
variables of economic significance (e.g. sulphur for
acid mine drainage characterisation).
In the case of block model interpolation, the block size
in relation to the average sample spacing and the
search employed.
Any assumptions behind modelling of selective mining
units.
Any assumptions about correlation between variables.		 The estimation was completed using ordinary kriging. Nine
mineralised domains were estimated representing the basal
accumulation of nickel bearing sulphides.
Lower levels of nickel mineralisation representing non sulphide
nickel in the ultramafic rocks were generally not included
however sometimes for continuity of domain modelling lower
grade intersections were included.
The mineral resource was estimated using Vulcan v12. Also
modelled were Fe2O3, MgO, As, Co, Cu, S.
Composites were modelled at 1m intervals to reflect the
dominant sample intervals in the database. The block size was
10mX, 25mY, 10mZ. A sub-block size of 1.25Mx, 1.25My,
1.25Mz was used to accurately model the narrow ore horizon.
The larger parent block size of 10x25x10 was used in grade
estimation in areas of wider drill spacing, other areas used a
block size of 5x10x5.
The search directions were based on the orientation of the
mineralised horizon. A three-pass estimation was used, pass
1 reflected the variography dimensions and passes 2 and 3
were significantly larger to ensure all blocks within the domain
were estimated.

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Section 3 Estimation and Reporting of Mineral Resources

Section 3 Estimation and Reporting of Mineral Resources Section 3 Estimation and Reporting of Mineral Resources Section 3 Estimation and Reporting of Mineral Resources
Description of how the geological interpretation was
used to control the resource estimates.
Discussion of basis for using or not using grade cutting
or capping.
The process of validation, the checking process used,
the comparison of model data to drill hole data, and
use of reconciliation data if available.		 No assumptions were made on correlation of modelled
variables. Each modelled variable was estimated in its own
right. All elements were modelled using ordinary kriging.
Top cuts were applied to arsenic, copper and sulphur based
on coefficient of variation analysis and cumulative log normal
graphs.
Moisture Whether the tonnages are estimated on a dry basis or
with natural moisture, and the method of
determination of the moisture content.		 Estimates are on a dry tonne basis
Cut-off
parameters		 The basis of the adopted cut-off grade(s) or quality
parameters applied.		 The cut-off grade of 1% Ni used for reporting corresponds to
a potential mining cut-off grade appropriate for underground
mining methods.
Mining factors or
assumptions		 Assumptions made regarding possible mining
methods, minimum mining dimensions and internal
(or, if applicable, external) mining dilution. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic extraction
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may
not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of
_the mining assumptions made. _		 While no mining factors have been implicitly used in the
modelling, the model was constructed with underground
mining methods most likely to be used.
Metallurgical
factors or
assumptions		 The basis for assumptions or predictions regarding
metallurgical amenability. It is always necessary as
part of the process of determining reasonable
prospects for eventual economic extraction to consider
potential metallurgical methods, but the assumptions
regarding metallurgical treatment processes and
parameters made when reporting Mineral Resources
may not always be rigorous.		 No metallurgical factors have been assumed in the 132N
Mineral Resource estimate. Modelling only extended to the top
of fresh rock to ensure only sulphide nickel mineralisation was
estimated.
Subsequent to the Mineral Resource estimate test work
including a flotation program on core from 132N yielded
62.8% recoveryat 13.5% nickel concentrategrade.
Environmental
factors or
assumptions		 Assumptions made regarding possible waste and
process residue disposal options. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic extraction
to consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts,
particularly for a greenfields project, may not always
be well advanced, the status of early consideration of
these potential environmental impacts should be
reported. Where these aspects have not been
considered this should be reported with an explanation
of the environmental assumptions made.		 No environmental factors or assumptions were used in the
modelling.
Bulk density Whether assumed or determined. If assumed, the
basis for the assumptions. If determined, the method
used, whether wet or dry, the frequency of the
measurements, the nature, size and
representativeness of the samples.
The bulk density for bulk material must have been
measured by methods that adequately account for
void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within
the deposit.
Discuss assumptions for bulk density estimates used in
the evaluation process of the different materials.		 Bulk density within the mineralised horizon was estimated
with a regression formula derived from 2,197 measurements
on 43 diamond drill holes. The formula used is: Bulk Density
(t/m3) = (0.0702 x Ni %) + 2.8316
Weathered material was assigned a density of 2.2. Fresh Mafic
waste 2.7 and ultramafic waste 2.8
Classification The basis for the classification of the Mineral Resources
into varying confidence categories.
Whether appropriate account has been taken of all
relevant factors (i.e. relative confidence in
tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values,
_quality, quantity and distribution of the data. _		 The 132N Mineral Resource has been classified as Indicated
and Inferred. Indicated Mineral Rsources were based on a
minimum of 5 drill holes per estimate and 10 samples per
estimation. Indicated resources are found in the areas of
recent drilling where the drill density is greater and there is
adequate QAQC data supporting the drilling, sampling and

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Section 3 Estimation and Reporting of Mineral Resources

Section 3 Estimation and Reporting of Mineral Resources Section 3 Estimation and Reporting of Mineral Resources Section 3 Estimation and Reporting of Mineral Resources
Whether the result appropriately reflects the
Competent Person’s view of the deposit.		 assaying. This classification reflects the Competent Person’s
view of the deposit.
Audits or
reviews		 The results of any audits or reviews of Mineral
Resource estimates		 Auralia Mining Consultants are independent of Neometals.
Neometals provided a copy of the 132N Mineral Resource
dataset and report to Snowden Mining Industry Consultants
Pty Ltd to conduct a review.
Snowden found no fatal flaws in the Mineral Resource
estimate.
Discussion of
relative
accuracy/
confidence		 Where appropriate a statement of the relative
accuracy and confidence level in the Mineral Resource
estimate using an approach or procedure deemed
appropriate by the Competent Person. For example,
the application of statistical or geostatistical
procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such an
approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the relative
accuracy and confidence of the estimate.
The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.		 There is much drilling into the 132N orebody. The position of
the nickel mineralised horizon has been well established as
has the global grade. There appears to have been some
remobilisation of massive nickel bearing sulphides, sometimes
into the underlying mafics. This does impact on the continuity
of the high-grade mineralisation.
The stated tonnages and grade reflect the geological
interpretation and the categorisation of the mineral resource
estimate reflects the relative confidence and accuracy.

MUNDA

Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
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 representivity and the appropriate
calibration of any measurement tools or
systems used.
•
Aspects of the determination of mineralisation
that are material to the Public Report.		 • This section discusses the processing on diamond core holes EMD001
and EMD002, from which the metallurgy results in the report are
derived.
• Diamond HQ core was collected, meter marked and logged for
lithology and mineralogy. Soft oxide/clay zone samples were
manually split in the trays and half the core sampled for assaying.
Competent core in the transitional and fresh zones was orientated and
¼ core cut using an Almonte Automatic core saw. The right hand
upper ¼ core piece was constantly taken for assay analysis, enabling
consistency of representative sample collection. The left-hand side of
the ¼ core was retained in the core trays for future reference and the
remaining ½ core also retained in the core trays for future resampling,
relogging, analysis or test-work.
• No other measurement tools have been used in the holes other than
directional/orientation survey tools.
• Core was meter marked according to the drillers blocks and adjusted
where core loss was recorded. Down hole orientation directions were
recorded and marked along length of competent core.
•
Determination of mineralisation has been based on geological logging
including mineral identification, with confirmation using a pXRF
machine. Core samples were dispatched for laboratory analysis and
reported to NATA & JORC code standards.
•
Determination of mineralisation via laboratory assay results is
considered mineralised with samples returned above 5000ppm
(0.5%) Ni and or 0.5ppm Au.

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Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
•
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 30g 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		 • Diamond HQ3 triple tube drilling was used to obtain 1-3m long core
samples from which intervals between 25cm to 1m were selected and
cut for sampling.
• Sample intervals are based on either geological boundaries or meter
mark intervals.
• Samples were dispatched to Intertek-Genalysis laboratory in
Kalgoorlie and Perth for analysis.
• Base metal, multi-element analysis was completed using a 4 acid
digest with ICP-MS and ICP-OES finish for 48 elements.
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).		 •
Drilling was undertaken using a track mounted YDX-3L diamond drill
rig using HQ triple tube coring methods to maintain maximum sample
recovery.
•
Core was orientated where core strength/integrity allowed core to be
orientated using Reflex Ori tool.
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.		 •
Core blocks were marked with recovered vs actual length drill and
core loss marked on the blocks. The recovery percentage has been
measured and digitally recorded based on the percentage of core loss
within the upper weathered zone.
•
Core losses only occurred within the top 50m within the highly
weathered clay zone. Recoveries in the slightly weathered
(transitional) and fresh zones were 100% recovery.
•
Sampling and assaying was adjusted and noted were core loss
occurred. This has been considered during the reporting process.
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.
•
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc)
photography.
•
The total length and percentage of the relevant
intersections logged.		 •
The core has been orientated where possible and meter marked along
the entire length of the hole.
•
Logging and key observation are marked on the core with chinagraph
pencils. Geological observations are digitally recorded and measured
from the meter marks as per industry standard practices.
•
Each core tray has been photographed (wet and dry images) as a
permanent record before cutting and sampling commenced.
•
The entire length of each hole has been logged and correlated back
with anomalous reported intersections.
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.		 • Soft oxide/clay zone samples were manually split in the trays and half
the core sampled for assaying. Competent core in the transitional -
fresh zone was orientated, and ¼ core cut using an Almonte Automatic
core saw. The right hand upper ¼ core piece was constantly sampled
for assay analysis. The left-hand side was retained in the core trays for
future reference and the remaining ½ core available for resampling.
•
The sample preparation technique is considered industry best
standard practice and was completed by the geologist.
•
Standard reference material and duplicate ¼ core samples were
inserted into the sample stream at a nominal 25 metre intervals to
determine laboratory cleanliness and repeatability.
• Core samples intervals were selected between 25cm to 1m widths and
cut for sampling. Samples in the unmineralised lower portion of
EMD002 were sampled as 2m composite (1/4 core) intervals from
114m-170m.
• Sample intervals were based on either geological boundaries or meter
mark intervals.
•
Quarter HQ core provides sufficient sample volume to reduce
variation as a result of the grain size of the mineralisation.
•
Metallurgical samples were compiled from EMD001 and EMD002 to
reflect the overall resource head grade
Quality of
assay data
and
laboratory
tests		 •
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		 •
No results from geophysical tools are being reported.
•
No handheld XRF results are reported however the tool was used to
verify the mineralisation with reporting >0.4% Ni in disseminated
zones and >1% Ni in the matrix sulphide zones.
•
Assaying was completed by a commercial registered laboratory with
internal blanks, standards and duplicates reported in the sample
batches. In addition, gold and base metal Standard Reference
samples were inserted into the batches by the geologist. Duplicate
¼ core sample were also inserted into the sample stream.

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Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
have been established.
 •
Industry standard levels of QAQC were adopted.
•
CRMs were submitted for assay and returned acceptable
results
Verification
of sampling
and
assaying		 •
The verification of significant intersections by
either independent or alternative company
personnel.
•
The use of twinned holes.
•
Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
•
Discuss any adjustment to assay data.		 •
Assay intervals have been verified by geologists from Neometals.
•
Umpire checks will be completed on the higher-grade samples in due
course.
•
No twin holes have been drilled.
•
The data was collected and logged using Excel spreadsheets and
validated using Micromine Software. The data will be loaded into an
externally hosted and managed database and loaded by an
independent consultant, before being validated and checked, then
exported and send back to Neometals for analysis.
•
Length-weighted adjustments have been made for samples less then
1m in length in order to accurately report the average grade of the
intersections.
•
SG of the mineralised samples has not been considered in
determining significant intercepts
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.		 •
The collar location of the holes were professionally surveyed by
Cardno Surveyors using a DGPS unit.
•
MGA94_51
•
The holes were professionally surveyed by Cardno Surveyors using a
DGPS unit and RL was accurately recorded.
Data
spacing and
distribution		 •
Data spacing for reporting of Exploration
Results.
•
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.
•
Whether sample compositing has been applied		 •
Holes were drilled from the same collar position with different dip &
azimuth alignments.
•
Not applicable, no Mineral Resource is being stated.
• No post assaying compositing has been applied. Intercepts are quoted
as length weighted intervals. Samples in the unmineralised lower
portion of EMD002 were and sampled as 2m composite (1/4 core)
intervals from 114m-170m.
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.		 •
The drill line and drill hole orientation were drilling at oblique angle to
collect and determine optimal vein directions via oriented core and
structural analysis.
•
Sampling bias is yet to be determined and will be considered further
once the structural interpretations and geological analysis is complete.
Sample
security		 •
The measures taken to ensure sample security.		 •
Samples were in the possession key Company representatives from
Geolithic and Neometals from field collection to laboratory
submission.
Audits or
reviews		 •
The results of any audits or reviews of sampling
_techniques and data. _		 •
No audits or reviews have been conducted for this release given the
very smallsize ofthe dataset.

Section 2 Reporting of Exploration Results

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

Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
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 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 Munda Project is located on M15/87 which is held by Widgie
Gold Pty Ltd, a 100% owned subsidiary of Auric Resources Ltd.
•
Neometals (NMT) hold nickel and lithium mineral rights on M15/87.
Auric Resources hold gold rights.
•
There are no known impediments to operate in the area.

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Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Exploration
done by other
parties		 •
Acknowledgment and appraisal of exploration
by other parties.		 •
Exploration has been undertaken by previous holders, but
predominantly Western Mining Corporation (WMC) during the
1980s, Resolute Gold in the 1990’s and Titan Resources from 2001.
Consolidated Minerals took ownership from Titan in 2006, and Salt
Lake Mining in 2008
Geology •
Deposit type, geological setting and style of
mineralisation.		 •
The geology at Munda consists of a mafic-ultramafic belt bound to
the west by metasediments and to the east by granites
•
The mineralisation at Munda consists of structurally controlled
quartz veins and pegmatite bodies located in a mafic-ultramafic
package.
•
Depth of complete oxidation varies from 10 to 80 metres below the
natural surface but is typically around 40-50m metres in depth.
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:
o
easting and northing of the drill hole
collar
o
elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception
depth
o
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.		 •
All relevant drillhole information can be found in Appendices 2 & 3.
•
No information is excluded.
Data
aggregation
methods
Data
aggregation
methods cont.		 •
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.		 •
Intersections are reported on a nominal 0.3% Ni cut-off with length
weighted intervals.
•
Length weighted aggregations have been reported using excel
SumProduct averaging to correctly calculate the effects of short
high-grade samples.
•
SG of the mineralised samples has not been considered in
determining significant intercepts
•
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.		 •
No metal equivalents are used in this announcement.
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’).		 •
Drilling is orientated for the gold bearing vein sets and is at ~45
degree to the ultramafic contact and the nickel sulphide mineralisation
•
It is expected that true width of the nickel enriched zones will be
approximately 60% of the reported significant intercepts. A more
complete picture of the width of mineralisation and will be accurately
calculated once structural interpretations and orientations are
completed.
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
locations and appropriate sectional views.
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 to
avoid misleading reporting of Exploration
Results.		 •
All new drill holes are reported in Appendix 2 & 3 below
•
All nickel results within the mineralised zones have been reported
including internal dilution and samples either side of the zone. Multiple
element data other than relevant to Nickel has not been reported as
the data is extensive and is not important to the economic value.
Other
substantive		 •
Other exploration data, if meaningful and
material, should be reported including (but		 •
Everything meaningful and material is disclosed in the body of the
report.

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Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
exploration
data		 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.		 •
Geological observations are included in the report.
•
No bulk samples, metallurgical, bulk density, groundwater,
geotechnical and/or rock characteristics test were carried out.
•
There are no known potential deleterious or contaminating
substances.
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).
•
Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future drilling
areas, provided this information is not
commercially sensitive.		 •
Structural interpretation and modelling will be undertaken to
determine the next steps in drilling and sampling.
•
High grade results will be further checked at alternate labs and /or by
alternate assay methods
•
SG’s will be taken of both mineralised and barren sections of the core.
•
The potential for extensions cannot be determined at this stage given
the preliminary stage of the program. A review on the effect these
drill results may have (if any) on the Nickel Mineral Resource at
Munda is underway.

APPENDIX 2: Drill hole locations used in the 132N Mineral Resource Block Model and & Munda Metallurgical Test Work

132N

Hole East North RL Depth Azimuth Dip
MERC037
MERC038
MERC039
MERC040
MERC041
MERC042
MERC043
MERC044
MERC045
MERC046
MERC047
MERC048
MERC049
MERC050
WD1010A
WD10518
WD12914
WD3298
WD3304
WD3305
WD3306
WD3311
WD3313
WD3317
WD3321
WD3323		 360973
361008
361034
360858
360891
360929
360990
361028
361057
360959
360930
361016
361040
361077
361221
360928
360843
361099
361139
361048
361106
361046
361199
361115
361099
361156		 6519343
6519346
6519347
6519249
6519249
6519249
6519255
6519252
6519249
6519148
6519148
6519152
6519151
6519152
6519017
6519343
6519295
6519214
6518776
6519010
6518908
6519009
6518970
6518992
6518998
6518995		 376
380
381
371
372
373
378
380
383
372
371
378
380
383
373
377
370
389
382
373
375
372
379
375
379
382		 101
101
101
101
101
101
101
101
101
101
101
101
101
101
34
60.96
57.91
21.34
131.98
206.35
149.66
208.97
240.49
124.36
127.1
178.61		 91
93
90
91
92
93
92
90
86
90
91
92
94
90
260
360
261
360
81
81
81
81
261
261
261
261		 -61
-60
-55
-60
-61
-59
-56
-63
-60
-60
-61
-59
-59
-59
-45
-90
-60
-90
-45
-46
-45
-65
-45
-90
-90
-90

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Hole East North RL Depth Azimuth Dip
WD3326
WD3327
WD3328
WD3329
WD3330
WD3331
WD3332
WD3333
WD3334
WD3335
WD3336
WD3337
WD3812
WD3813
WD3840
WD4113
WD4123
WD4126
WD4127		 361120
361094
361069
361099
361129
361139
361121
361183
361166
361153
361129
361164
361192
361180
361138
361258
361082
361221
361238		 6519053
6519048
6518993
6518998
6519003
6518973
6519032
6518888
6518904
6518945
6519003
6518823
6518735
6518733
6518726
6518980
6519205
6519100
6518851		 378
375
376
379
381
379
382
381
375
379
381
384
388
388
388
381
380
376
375		 39.62
121.92
30.48
38.1
120.4
103.63
118.87
41.15
83.21
25.91
51.82
39.62
33.53
42.67
196.9
222.81
13.72
206.35
120.4		 360
360
360
360
360
360
360
360
360
360
81
81
81
81
81
261
360
261
261		 -90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-60
-60
-50
-50
-45
-55
-90
-50
-44
WD4136
WD4143
WD4147
WD4148
WD4475
WD4476
WD4477
WD4478
WD4479
WD4480
WD4481
WD4482
WD4483
WD4484
WD4485
WD4486
WD4487
WD4488
WD4489
WD4490
WD4491
WD4492
WD4493
WD4494
WD4495
WD4839
WD4840
WD4892		 361048
360991
360941
361236
361154
361175
361199
361194
361199
361187
361194
361181
361175
361175
361182
361170
361000
361005
361069
361147
361179
361191
361188
361182
361175
361114
361145
361066		 6518895
6519001
6519067
6519010
6518760
6518763
6518767
6518797
6518829
6518812
6518859
6518845
6518887
6518887
6518905
6518947
6519167
6519156
6519160
6518944
6518856
6518858
6518858
6518857
6518856
6519000
6519005
6519204		 372
370
368
380
390
391
392
389
386
381
383
377
381
381
376
381
377
373
378
379
382
383
383
382
381
380
382
379		 221.59
284.68
318.21
193.24
22.86
32
21.34
38.71
28.96
30.48
32.61
24.38
30.48
18.29
42.67
35.66
27.43
30.48
30.48
12.19
27.43
24.38
27.43
33.53
21.34
86.87
37.79
45.72		 81
81
81
261
81
81
360
360
261
360
261
360
81
261
261
261
81
261
81
261
360
360
360
360
360
360
360
360		 -55
-65
-66
-55
-45
-70
-90
-90
-55
-90
-60
-90
-50
-50
-50
-50
-60
-60
-60
-55
-90
-90
-90
-90
-90
-90
-90
-90

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Hole East North RL Depth Azimuth Dip
WD4893
WD4894
WD4895
WD4948
WD4949
WD4950
WD4971
WD4971Z
WD4974
WD4979
WD4980
WD4981
WD4982
WD4983
WD4984
WD4985
WD5301
WD5303
WD5305
WD5311		 361083
361104
361127
361054
361084
361146
361099
361099
361067
361122
361038
361011
360994
361021
361052
361110
361239
361249
361241
361196		 6519088
6519091
6519095
6518990
6518995
6519005
6519090
6519090
6519082
6519094
6519078
6519072
6519189
6519195
6519200
6519209
6519069
6518945
6518880
6518938		 381
383
386
375
377
382
382
382
376
385
374
372
373
376
378
385
373
382
380
379		 33.53
42.67
29.57
47.24
38.09
47.24
276.45
276.45
24.38
30.48
15.24
21.34
12.19
33.53
19.81
15.24
248.11
159.72
177.7
105.46		 360
360
360
360
360
360
90
360
360
360
360
360
360
360
360
360
261
261
261
261		 -90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-63
-51
-60
-50
WD5317
WD5320
WD5324
WD5331
WD5333
WD5456
WD5457
WD5458
WD5459
WD5460
WD5461
WD5462
WD5806
WDC289
WD9807W1
WDC290
WDC292
WDC293
WDC297
WDC298
WDC299
WDC300
WDC301
WDC302
WDC303
WDC304
WDC305		 361212
361178
361303
361242
361295
361209
361215
361203
361206
361200
361212
361218
361269
361156
361240
361119
361151
361127
361104
361159
361137
361137
361136
361163
361222
361140
361131		 6519063
6519122
6518953
6518824
6519019
6518707
6518708
6518706
6518691
6518690
6518692
6518693
6518850
6518832
6519102
6518980
6518910
6518965
6518825
6518830
6518825
6518810
6518810
6518862
6518849
6519012
6518950		 374
385
377
380
376
396
397
396
397
397
397
397
375
378
371
371
374
371
377
378
378
379
381
376
382
378
372		 209.4
205.44
227.69
119.48
321.86
9.14
15.24
15.24
12.19
4.57
15.24
13.72
190.5
90
348.78
80
70
95
132
75
96
90
108
60
120
132
102		 261
261
261
261
261
81
360
360
360
360
360
360
261
88
266.03
91
90
90
90
90
90
90
90
90
257
280
90		 -60
-70
-51
-47
-61
-70
-90
-90
-90
-90
-90
-90
-49
-60
-59.77
-60
-60
-60
-50
-50
-50
-55
-58
-60
-60
-83
-58

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Hole East North RL Depth Azimuth Dip
WDC306
WDC307
WDC308
WDC309
WDC310
WDC311
WDC312
WDC313
WDC314
WDC315
WDC316
WDC317
WDC318
WDC319
WDD102
WDD103
WDD104
WDD105
WDD106
WDD107
WDD115
WDD116		 361165
361132
361130
361141
361173
361130
361179
361172
361172
361147
361134
361143
361125
361137
361125
361141
361115
361141
361110
361087
361137
361204		 6518849
6518862
6518862
6518924
6518863
6518865
6518875
6518875
6518887
6518950
6518962
6518962
6518974
6518975
6518950
6518857
6518925
6518821
6518943
6518952
6518935
6519060		 379
375
377
372
378
377
378
377
378
372
371
372
371
372
372
376
372
379
371
371
372
374		 70
96
66
70
36
120
36
42
46
54
54
36
76
42
94.12
100.12
111.43
81.5
114.5
154
86
210		 90
90
90
90
90
90
90
90
90
90
90
90
90
90
91
90
90
90
90
90
91
269		 -60
-60
-66
-56
-60
-66
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-50
-60
-60
-61
-58
WDD117
WDD118
WDD141
WDD142
WDD147
WDD148
WDD149
WDD150
WDD151
WDD152
WDD153
WDD154
WDD155
WDD156
WDD157
WDD158
WDD159
WDD160
WDD160S
WDD161
WDD162
WID1005
WID1007
WID1008
WID1010		 361036
361021
361133
361132
361136
361152
361123
361103
361103
361107
361163
361157
361132
361154
361145
361087
361070
361122
361161
361161
361172
361081
361225
361297
361223		 6518960
6518915
6518854
6518810
6518825
6518846
6518912
6518912
6518937
6518962
6518887
6518875
6518887
6518900
6518900
6518962
6519038
6518875
6518796
6518796
6518814
6518890
6518911
6519022
6519009		 370
370
376
379
378
379
373
372
371
371
377
377
374
374
374
370
374
374
361
361
366
372
381
376
380		 250
262
105.4
108
111
91.2
105
137.69
162.03
126
72
68.8
105
66.1
69
150
192.14
108
61.9
53.52
41.8
181
172.3
247
13		 91
91
90
90
90
90
90
90
90
90
90
90
90
90
90
90
97
90
94
79
92
83
260
261
260		 -59
-60
-60
-60
-58
-60
-60
-60
-64
-60
-70
-60
-60
-60
-60
-60
-67
-60
-49
-57
-66
-55
-57
-55
-45

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6 July 2021 – CONTINUED POSITIVE METALLURGICAL RESULTS FROM MT EDWARDS NICKEL PROJECT
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Hole East North RL Depth Azimuth Dip
WID1010A
WID11
WID1280
WID1281
WID1281A
WID1282
WID1283
WID1284
WID1285
WID1317
WID1317A
WID1318
WID1319
WID1320
WID1321
WID1322
WID1323
WID1323A
WID1324
WID1350
WID1351
WID1352
WID1353		 361225
360841
361165
361150
361153
361166
361157
361174
361177
361144
361146
361124
361104
361140
361129
361183
361171
361171
361169
361128
361138
361148
361187		 6519009
6519251
6518843
6518802
6518802
6518809
6518782
6518783
6518758
6518842
6518842
6518849
6518847
6518804
6518805
6518754
6518765
6518765
6518726
6518873
6518872
6518871
6518784		 380
370
377
382
381
381
384
385
387
377
377
376
375
380
380
387
386
386
386
374
375
375
385		 225
20
80
34
90
50
80
50
50
70
88
120
150
94
80
50
50
80
60
90
78
64
40		 255
360
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90		 -45
-90
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
WID1355
WID1356
WID1357
WID1358
WID1359
WID1360
WID1361
WID1362
WID1392
WID1393
WID1404
WID1405
WID1419
WID1421
WID1561
WID1562
WID1564
WID1565
WID1566
WID1595
WID1596
WID1597
WID1598
WID1599		 361170
361179
361187
361171
361180
361188
361189
361149
361189
361189
360867
360867
361138
361130
361121
361122
361124
361124
361124
361141
361274
361132
361246
361257		 6518724
6518723
6518722
6518710
6518710
6518710
6518754
6518961
6518737
6518737
6519204
6519204
6519147
6519025
6518816
6518816
6518836
6518836
6518836
6518846
6518867
6518896
6518887
6518887		 386
387
388
386
388
389
387
376
388
388
366
366
386
378
378
378
377
377
377
377
377
374
378
378		 70
54
40
70
55
40
39
30
55
44.5
360
427
235.1
110
100
105
111
116
105
115
196
91
33
175		 90
90
90
90
90
90
90
90
90
90
85
85
281
90
90
90
90
90
90
90
270
90
270
270		 -60
-60
-60
-60
-60
-60
-60
-60
-60
-45
-51
-61
-70
-63
-49
-52
-54
-57
-50
-50
-50
-60
-50
-50

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Hole East North RL Depth Azimuth Dip
WID1959
WID1960
WID1961
WID1962
WID1963
WID1964
WID1965
WID1966
WID1967
WID1968
WID1969
WID1970
WID1971
WID1972
WID1973
WID1974
WID1975
WID1976
WID1977
WID1978
WID1979
WID2601
WID2923
WID2924		 361161
361152
361137
361152
361137
361005
360979
361011
361100
361090
361177
361167
361153
361164
361131
361065
361110
361064
361061
361026
361008
361044
361080
361080		 6518834
6518859
6518881
6518886
6518902
6519054
6519137
6519005
6518988
6518956
6518839
6518865
6518888
6518902
6518928
6518931
6519065
6519145
6519235
6519303
6519386
6518935
6518911
6518911		 378
376
374
374
374
371
371
371
371
371
378
376
375
374
372
373
378
378
376
379
373
370
371
371		 80
80
84
72
80
276
286.1
231
202
143.6
60
60
80
60
100
244.89
64
64
70
106
126
240.1
186
230		 90
90
90
90
90
90
90
93
81
90
90
70
90
90
90
90
78
90
90
90
90
90
90
89		 -60
-60
-60
-60
-60
-55
-60
-46
-65
-46
-60
-60
-60
-60
-60
-58
-55
-55
-55
-55
-55
-60
-65
-73
WID2925
WID2926
WID2927
WID2928
WID3029
WID3030
WID3031
WID3032
WID3165
WID3166
WID3167
WID3168
WID3169
WID3170
WID3171
WID3172
WID3289		 361101
361065
361019
360924
361020
361143
361180
360880
360874
360879
360879
361019
361119
361119
361019
361039
361037		 6518936
6518977
6519075
6519136
6519075
6518938
6519002
6519289
6519227
6519289
6519289
6518937
6518872
6518872
6519075
6519016
6518977		 371
370
373
368
373
375
379
367
367
367
370
369
375
375
373
373
371		 135
197
229
360
275.5
76
187
421
414
318
202.7
263.6
207
213
286
250
289.79		 94
93
90
90
90
90
265
90
106
270
87
90
90
90
89
90
90		 -61
-66
-65
-62
-72
-60
-67
-63
-59
-69
-66
-60
-72
-78
-66
-60
-69
-63
WID3290 361037 6518977 371 240 90

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MUNDA

Prospect Hole ID Drill Type Easting
MGA94z5
1		 Northing
MGA94z5
1		 Elevation
(m)		 Depth
(m)		 Azimuth
(⁰)		 Dip
(⁰)		 Tenement
(m) (m)
Munda EMD001 Diamond
Core		 360,428 6,513,798 382.3 150.0 063 -65 M15/87
Munda EMD002 Diamond
Core		 360,427 6,513,799 382.3 171.2 090 -60 M15/87

APPENDIX 3: Significant and Mineralised Nickel Drill Intersections at 132N & Munda

132 N

This is a table of all drilling intersections within the nine modelled domains at 132N.

Due to the nature of the deposit not all have mineralisation. Where there is no value shown, the element was not assayed.

Hole ID From To Length Domain Ni % **Coppm ** **Cuppm ** Fe₂O₃ % MgO % **Sppm ** **Asppm **
WD3332
WDD116
WID1966
WDC304
WID1964
WID3172
WDD159
WDD159
WD3311
WD5317
WD4971
WD4971
WD4147
WID1404
WID3165
WID2927
WID2928
WD5320
WID1965
WID1419
WID3032		 111.25
164.00
185.70
108.00
204.10
189.71
114.00
158.77
166.02
148.99
155.69
177.39
275.23
290.50
331.30
177.24
319.00
183.61
157.05
198.00
317.40		 117.35
166.00
187.45
111.00
207.20
190.00
119.00
160.80
167.15
152.53
161.15
183.49
282.06
298.50
349.40
181.33
322.00
185.01
160.10
204.30
325.40		 6.1
2
1.75
3
3.1
0.29
5
2.03
1.13
3.538
5.46
6.1
6.83
8
18.1
4.096
3
1.4
3.05
6.3
8		 1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2		 4.03
2.70
1.89
1.42
1.27
0.83
0.72
0.59
0.41
0.01
5.57
4.08
2.56
2.26
1.71
1.69
1.07
0.88
0.62
0.57
0.54		 205.5
128.0
209.0
226.3
135.5
140.6
118.0
263.0
255.8
116.4
134.9
133.8		 1,170.0
2,355.8
1,684.0
857.0
896.8
324.9
532.4
372.4
386.8
90.0
2,076.1
5,211.5
1,460.1
1,694.6
1,407.6
885.5
2,138.4
668.2
413.1
286.7
435.0		 11.1
11.3
10.4
9.4
12.1
13.2		 18.4
20.6
23.3
27.3
11.0
24.1		 27,856.1
18,552.7
8,875.3
6,639.3		 124.4
220.0
296.3
76.4
970.3
1.0
109.4
54.0
1,027.4
100.0
512.7
100.0
WID3171
WID2926
WID1967
WID1357
WID1564
WDC301
WID1564
WID1392		 205.43
173.00
131.40
16.00
90.00
76.00
94.20
20.00		 209.57
176.60
135.55
32.19
94.00
81.00
95.00
35.40		 4.131
3.6
4.146
16.188
4
5
0.8
15.4		 2
3
3
4
4
4
4
4		 0.40
7.73
1.76
5.24
5.19
4.84
4.71
4.34		 142.5
211.9
493.0
537.0
449.0
281.3
534.3		 334.7
6,987.7
1,420.3
3,267.6
3,416.1
5,190.0
430.0
2,412.7		 17.3 12.1
16.0		 63,085.4 181.0
85.5
309.0
190.0
10,156.8
175.0

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Hole ID From To Length Domain Ni % **Coppm ** **Cuppm ** Fe₂O₃ % MgO % **Sppm ** **Asppm **
WDD147
WID1281A
WD3812
WID1393
WID1356
WDD161
WDC303
WID1285
WDD153
WDC300
WID1561
WID1962
WD3813
WID1317A
WDC303
WDC289
WDC303
WDD155
WID1566
WID1961
WID1565
WID1361
WID1562
WDD154
WDD103
WDD160S
WDD148
WDD162
WDC297
WDD105
WID1959
WID1353
WID1595
WDC299
WDC302
WDC306
WID1322
WDD157
WID1284
WD5331		 74.34
56.18
11.67
15.27
28.00
36.80
102.00
32.94
47.50
70.68
83.00
54.00
25.79
74.00
64.00
52.00
89.24
82.25
91.00
78.00
94.00
10.47
89.00
47.16
71.00
33.00
62.80
24.12
105.00
62.00
44.82
3.15
65.00
66.94
31.00
35.00
18.73
52.00
22.98
82.91		 80.56
64.00
26.35
32.00
38.00
43.09
105.00
48.00
53.00
74.00
89.00
62.00
40.31
82.00
80.00
71.00
102.00
85.30
94.00
82.00
96.50
18.97
91.44
51.00
73.10
36.65
70.55
28.40
107.00
65.00
60.00
9.54
68.67
70.00
40.00
43.00
32.47
58.75
39.66
92.26		 6.22
7.822
14.682
16.732
10
6.287
3
15.058
5.5
3.318
6
8
14.517
8
16
19
12.761
3.05
3
3.999
2.5
8.497
2.44
3.84
2.1
3.65
7.75
4.28
2
3
15.183
6.39
3.665
3.061
9
8
13.741
6.75
16.682
9.348		 4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4		 4.30
4.22
4.07
3.86
3.74
3.58
3.21
2.93
2.93
2.87
2.80
2.61
2.57
2.44
2.31
2.29
2.25
2.00
1.85
1.84
1.83
1.72
1.71
1.63
1.56
1.45
1.33
1.21
1.07
1.06
1.05
1.02
1.02
1.01
0.91
0.88
0.86
0.83
0.82
0.79		 553.4
581.5
379.3
412.0
445.5
248.3
267.2
415.8
354.6
324.7
307.5
400.0
306.2
283.6
293.3
270.9
206.7
285.0
196.0
292.2
137.9
300.3
159.3
232.8
203.0
203.9
126.5
182.7
117.9
852.4
170.4
164.0
153.9
134.8
134.8
147.5
161.1		 2,950.9
2,677.3
2,326.8
3,862.2
4,027.9
2,163.7
2,675.3
1,591.0
1,242.3
2,549.0
2,235.6
2,967.5
2,388.7
4,807.2
1,599.4
1,736.7
1,721.0
1,396.0
2,020.0
1,505.2
2,681.3
1,313.8
800.1
695.7
716.8
1,016.1
459.2
784.7
518.5
812.6
457.9
947.2
638.6
643.8
572.8
522.6
552.4
473.8
585.4
695.9		 17.2
15.4
11.8
15.9
14.4
14.1
13.0
15.8
11.8
14.2
10.1
11.5
11.1
10.7
8.5
10.1
9.8
10.3
10.0
10.8		 21.2
23.0
18.6
20.4
17.7
26.0
20.1
22.2
21.6
12.9
8.8
27.1
26.5
25.0
17.4
28.5
23.0
28.4
29.7
29.9		 80,515.8
60,659.2
27,457.3
45,441.6
47,798.2
36,934.1
35,973.2
37,582.4
38,078.2
23,521.2
17,326.4
21,882.7
19,638.6
16,864.7
14,699.5
18,399.2
13,615.9
10,130.6
10,282.2
11,196.9		 323.3
742.4
107.8
18,287.7
296.3
79.0
625.0
82.7
719.4
536.7
172.0
128.0
500.3
100.0
1,240.9
649.0
214.6
91.9
84.9
557.8
639.9
40.0
126.3
160.7
100.0
173.2
83.7
35.6
133.8
WD4478
WID1597
WID1970
WD4127
WID1960
WD4494
WID1280		 34.72
81.00
29.01
64.98
56.00
30.99
37.18		 36.82
82.70
33.73
73.08
62.00
33.53
50.65		 2.102
1.7
4.723
8.098
6
2.536
13.475		 4
4
4
4
4
4
4		 0.71
0.59
0.58
0.53
0.50
0.50
0.46		 2,612.8
137.0
123.3
132.2		 248.8
3,727.7
352.7
564.7
336.7
174.1
319.4		 42.1
266.7

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Hole ID From To Length Domain Ni % **Coppm ** **Cuppm ** Fe₂O₃ % MgO % **Sppm ** **Asppm **
WID1282
WID1323
WID1320
WID1323A
WDC303
WID1351
WID1971
WD3330
WID1967
WID2925
WDD106
WD5303
WID1007
WDD158
WDD152
WID3169
WD4113
WDD104
WID1350
WDD102
WID1351
WD5305
WDC311
WDD149
WDD107
WID1599
WDD151
WD3306
WDD160
WID1973
WDD115
WDD150
WID1596
WID3169
WID1319
WD5305
WID3168
WID2924
WDD118
WDD117
WID2601		 31.04
41.02
76.98
41.13
80.00
77.35
48.34
62.48
65.50
118.50
97.00
111.50
108.40
131.65
108.67
120.90
147.57
97.80
82.00
75.70
72.00
133.78
87.00
82.15
131.96
137.10
126.34
86.11
88.01
76.10
63.21
114.43
159.50
130.00
126.00
123.60
232.80
191.80
237.73
212.65
197.00		 39.82
46.18
77.64
46.32
83.73
78.00
48.69
88.39
73.75
120.00
101.50
112.47
110.50
133.50
110.10
122.10
149.71
100.00
84.00
82.40
74.00
135.09
89.00
83.94
133.45
140.20
127.30
86.63
90.29
76.82
63.96
114.87
161.50
131.52
130.00
125.88
237.80
201.00
240.08
214.00
198.60		 8.775
5.164
0.66
5.185
3.733
0.648
0.343
25.91
8.25
1.5
4.5
0.97
2.1
1.85
1.43
1.2
2.14
2.2
2
6.7
2
1.31
2
1.79
1.491
3.1
0.962
0.521
2.28
0.716
0.756
0.441
2
1.52
4
2.28
5
9.2
2.35
1.35
1.6		 4
4
4
4
4
4
4
5
5
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
7
7
7
7
8
8
8
8
8		 0.16
0.13
0.09
0.04
0.04
0.03
0.02
1.62
1.57
9.56
8.41
7.90
4.23
3.77
3.76
3.45
3.30
2.89
2.25
2.08
1.42
1.08
0.83
0.73
0.68
0.36
0.23
0.19
0.18
0.02
0.01
0.01
0.92
0.92
0.60
0.28
3.53
2.76
1.12
0.82
0.38		 82.0
89.4
40.0
70.0
51.5
90.0
40.0
169.0
882.7
376.6
440.2
408.6
272.9
260.0
278.4
200.0
114.0
124.2
125.4
89.0
105.3
71.1
30.0
54.0
47.0
660.0
115.0
465.2
306.9
167.7
135.3
115.0		 229.1
592.4
200.0
270.9
175.8
160.0
90.0
1,226.6
683.6
1,751.5
8,633.9
1,818.9
5,468.9
1,709.7
3,790.1
1,690.0
4,287.2
1,060.3
1,119.9
1,496.3
809.9
326.6
424.0
2,897.8
262.4
304.8
31.1
10.0
65.4
80.0
278.0
68.0
450.0
542.9
460.0
87.8
2,351.2
2,325.5
2,410.1
425.7
283.7		 12.3
34.9
25.5
20.5
17.6
13.7
12.5
12.2
11.3
10.7
7.8
9.5
7.4
13.2
11.9
12.3
21.7
10.7		 8.9
12.4
18.2
14.1
12.4
23.5
11.7
24.5
11.4
23.9
29.4
32.8
20.1
9.2
7.5
23.0
4.6
24.1		 563.8
112,305.3
67,676.7
62,263.3
33,496.1
35,358.7
8,123.5
11,759.4
9,935.2
3,138.2
3,222.7
3,000.0
490.0
82,400.7
13,544.8		 13.1
10.0
1,977.7
151.5
127.8
198.7
117.2
7,600.0
49.7
83.3
4,932.0
170.8
96.8
696.8
1.0
696.8
20.0
1.0
1.0
1,250.1
1,513.0
1,787.5
9.9
4,357.4
250.0
WDC309
WDD115
WDD102
WID1968
WD3313
WDC292		 40.03
44.00
55.00
92.90
57.39
30.00		 45.80
48.40
66.00
100.85
65.38
33.00		 5.773
4.4
11
7.95
7.99
3		 9
9
9
9
9
9		 3.98
2.73
1.65
1.48
1.38
1.26		 503.2
386.5
237.2
230.0
147.7		 1,556.8
2,395.0
1,071.9
1,251.6
904.9
1,496.3		 17.6
16.8
11.6
10.4		 22.4
23.4
32.3
17.3		 56,334.7
50,221.7
21,827.0
12,966.7		 55.2
123.1
53.8
905.0
389.3

28

neometals.com.au

==> picture [595 x 64] intentionally omitted <==

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

6 July 2021 – CONTINUED POSITIVE METALLURGICAL RESULTS FROM MT EDWARDS NICKEL PROJECT
----- End of picture text -----

Hole ID From To Length Domain Ni % **Coppm ** **Cuppm ** Fe₂O₃ % MgO % **Sppm ** **Asppm **
WDC293
WID3030
WDC316
WDC305
WD5311		 56.00
37.80
37.21
48.00
50.38		 61.00
40.00
49.33
53.00
53.84		 5
2.2
12.115
5
3.46		 9
9
9
9
9		 1.10
0.81
0.67
0.51
0.49		 156.8
120.0
130.1
95.0		 658.6
1,005.0
467.1
342.2
430.6		 9.4
10.0
9.9		 27.8
26.6
25.0		 14,019.7
7,479.2
6,735.0		 38.6
21.9
10.0
777
WD9807W1 269 284.6 15.6 N/A 1.24 188 843 N/A N/A 20050

MUNDA

This is a table of the mineralised intersections from the Munda drill holes from which the metallurgical testwork was conducted.

Hole_ID From
metre		 To
metre		 Intercept
Length
metre		 Ni % Cu
ppm		 As
ppm		 Cr
ppm		 Fe2O3
%		 MgO
%		 S %
EMD001 7 8 1 0.38 70 12 505 5.5 9.4 BDL
EMD001 119 120 1 0.33 98 66 1293 6.5 27.4 0.5
EMD001 124 127 3 0.58 395 6 1273 9.9 20.3 2.0
EMD002 13.7 14.2 0.5 0.33 61 12 2118 13.5 14.0 BDL
EMD002 32.9 34.8 1.9 0.45 71 79 1914 9.9 20.3 2.0
EMD002 71 72 1 0.36 30 77 1153 7.4 26.0 BDL
EMD002 76.5 80 3.5 0.41 19 37 1054 5.8 32.6 0.6
EMD002 93 101.3 8.3 2.29 816 10 1579 24.1 19.2 8.1
EMD002 103.55 105 1.45 0.54 706 2 244 12.1 7.8 1.5
EMD002 109.45 109.7 0.25 1.79 153 1583 353 14.3 6.5 4.6

Note: Mineralised intercepts are contiguous samples down hole with assays results greater than 0.3% nickel. Up to 1 metre internal dilution (less than 0.3% nickel) may be included in the intercept.

29 neometals.com.au

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