NEOMETALS LTD - Capital/Financing Update 2021

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30 June 2021
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UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES BY 51%

HIGHLIGHTS

Re-estimation of the Mt Edwards 26 North Nickel Sulphide Mineral Resource results in updated estimate of 871,000 tonnes at 1.43% nickel for 12,400 contained nickel tonnes, a 51% increase in contained nickel; and
Global Mineral Resources at the Mt Edwards Project now 10.215 million tonnes at 1.6% nickel for 162,510 contained nickel tonnes.

Neometals Ltd ( ASX: NMT ) ( “Neometals” or “the Company” ) is pleased to announce an updated Inferred Mineral Resource estimate for the Mt Edwards 26 North deposit ( “Mt Edwards 26N” ). The Mt Edwards 26N Mineral Resource was re-estimated by Richard Maddocks from Auralia Mining Consultants and reviewed by Snowden Mining Industry Consultants. The update at Mt Edwards 26N brings the global Mt Edwards Project Mineral Resources to 10.215 million tonnes at 1.6% nickel for 162,510 tonnes of contained nickel ( refer to Table 2 on page 2 for the global Mt Edwards Project Mineral Resource Table ).

Mt Edwards 26N , often simply referred to as Mt Edwards, was mined for nickel sulphide between 1981 and 1994. Production records show 951,568 tonnes at 2.69% nickel grade for 25,632 tonnes of contained nickel were mined, initially by way of a shaft which remains in place today, and then through a box cut, portal and decline.

Table 1 –Mt Edwards 26 North Inferred Mineral Resource estimate. 1% nickel cut-off grade (Small discrepancies due to rounding)

Classification	Tonnes	Ni %	Ni tonnes
Inferred	871,000	1.43	12,400

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Figure 1 – The headframe over the Mt Edwards 26 North underground mine circa 1990. The headframe has been removed however the shaft remains in place over the residual Mineral Resource (Photo: Stephen Ireland).

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30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Table 2 – The Mt Edwards Project has 11 Nickel Sulphide Mineral Resources with a total of 162,510 contained nickel tonnes.

	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 26N			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

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Figure 2 - Mt Edwards Project tenure relative to Kalgoorlie and the Kambalda Nickel Concentrator.

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30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Location

The Mt Edwards 26N deposit is located on mining lease M15/102 and M15/103, approximately 5km northwest of the Widgiemooltha Roadhouse (55km from Kambalda). Access from the Coolgardie to Esperance Highway is via well-established roads used for previous mining and exploration in the area. Geological knowledge has been sought by review of records from previous underground mining, including mapping and production figures, and reconciliation reports. More typical methods of analysis for Mineral Resource estimation such as interpretation of drill sample assays and logging combined with interpretations of surface and down-hole geophysical surveys were also used. The Mt Edwards 26N Mineral Resource is located 800 metres north of the 14N Inco Boundary Nickel Prospect, along geological strike, with the zone at depth between these areas remaining for the most part untested by drilling and sampling.

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Figure 3 - Mt Edwards Project tenure over geology, showing the locations of the Mt Edwards 26N Mineral Resource on Mining Leases M15/102 & M15/103. Neometals holds 100% nickel rights for all live tenements shown above.

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Mineral Resource Estimation

The Mt Edwards 26N Mineral Resource was estimated by Richard Maddocks from Auralia Mining Consultants. The Mineral Resource estimate for the Mt Edwards 26N Deposit of 871,000 tonnes at 1.4% nickel for 12,400 nickel tonnes is reported in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code) and follows a detailed interrogation and review of the available data, including the earlier reported Mineral Resource estimates by the previous holders of the tenement.

A summary of information relevant to the Mt Edwards 26N Mineral Resource estimate at the Mt Edwards Project is provided in these appendices attached to this announcement:

Appendix 1. Table 1 as per the JORC Code Guidelines (2012)
Appendix 2. Drill holes used in the Mt Edwards 26N block model estimate
Appendix 3. Significant and Mineralised Drill Intersections at Mt Edwards 26N

Background and Future Work

Neometals acquired the Mt Edwards project in the first half of 2018 and immediately began exploring for nickel and lithium. The Company is targeting new nickel discoveries at Mt Edwards while reviewing and enhancing existing nickel Mineral Resources. The Company 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.

Since mid-2019 Neometals has undertaken a major review of the Mt Edwards project, with the reestimation of Mt Edwards 26N Mineral Resource a continuation of this process. A future work program planned for Mt Edwards 26N will include reverse circulation drilling (“ RC ”) and diamond core drilling ( “DD” ), combined with Downhole Electromagnetic Surveys ( “DHEM”) to further assess the extents of mineralisation, and look to make a near mine discovery.

Geology and Geological Interpretation

The geology of the tenements for which Neometals hold nickel rights at the Mt Edwards Project is dominated by the Widgiemooltha Dome, a synkinematic granitoid diapir intruded into part of the greenstone succession. Nickel sulphide mineralisation in the region is predominantly associated with the basal contact of the komatiitic ultramafic with the underlying Mt Edwards Basalt. The mineralisation is found within embayments in the komatiite-basalt contact interpreted to be thermal erosion channels caused by the flow of hot ultramafic lava. Secondary and tertiary flows of nickel enriched lava flows occur in places, leading to stacking of komatiite ultramafic sequences. Sheet flow facies zones flanking and gradational to channel facies are thinner, texturally and chemically welldifferentiated and less magnesian than channel flow facies. A significant amount of sulphide remobilisation has resulted in discrete zones of massive sulphide and stringer/breccia type mineralisation.

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Figure 4 – Plan of geology, drill traces, roads and mining tenure and underground workings at the Mt Edwards 26N deposit.

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Deposit Geology

The Mt Edwards 26N deposit occurs on the western limb of the north plunging Mt Edwards anticline, at or near the base of a series of ultramafic flows which overlie a footwall basaltic sequence. The ultramafic rocks range from high MgO to low MgO peridotite and consist of a series of 40 to 50m thick flows with interflow sediments up to 5m thick. Some nickel mineralisation is associated with parasitic folding of the ultramafic-mafic contact; however, the majority of the nickel mineralisation occurs at the base of the second ultramafic flow (i.e., hanging wall mineralisation) some 10 to 40m above the basal contact, and is closely associated with graphitic and sulphidic sediments. The mineralised zone is sub-vertical to steep west dipping and plunges steeply to the north. Known mineralisation has a maximum strike length of 220 metres and extends to at least 550 metres below surface.

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Nickel Mineralisation

The sulphide mineralogy is pyrrhotite, pentlandite, pyrite, and chalcopyrite. Three mineralisation types are recognised:

massive, on contact surfaces (up to 8.6% nickel) or hanging wall sediment associated surfaces (up to 10.8% nickel),
disseminated, on both hanging wall and contact surfaces, associated with high MgO peridotites (1 to 6% nickel), and
sedimentary, fine sulphide laminae in interflow sediments (1 to 7.5% nickel).

The contact mineralisation is associated with parasitic folding of the contact but is not confined to trough structures and passes laterally into sulphide rich sediments. Some structural thickening of the mineralisation surfaces is apparent.

The hanging wall mineralisation is developed at the base of and within the second ultramafic flow 10-40m above the basal contact. The base of this flow is defined by a sediment horizon. The main hanging wall surface is 55 to 140m in strike length, averages 4m thick and extends for a vertical distance of 470m. Best grades are developed in the northern half of this surface. Minor amounts of economic grade mineralisation are present stratigraphically higher in the sequence, within the second ultramafic flow and at the base of the third ultramafic flow.

Figure 5 – Cross section of geology and drill traces at Mt Edwards 26N with historic mine workings and interpreted EM plates. Targets remain untested at depth, and to the north and south.

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Modelling

The mineralisation of Mt Edwards 26N conforms to a Kambalda style komatiite flow hosted deposit, with post depositional structural modification.

Three mineralised domains were modelled based on elevated nickel grades and proximity to the basal surface at the mafic/ultramafic contact.

The survey of historic underground development and stoping was also used as a guide in modelling mineralisation. A single shape for the historic workings was constructed using underground survey wireframes that included all of the open voids and any pillars between levels that were deemed unrecoverable.

Figures 5, 6, and 10 illustrate the geological interpretation in long section and cross section.

There was no strict protocol in assigning a cut-off grade to model the mineralised shapes, rather it was based on the interpreted location of elevated nickel within the stratigraphic sequence.

While there was no defined cut-off grade used in modelling the domains the boundaries were generally based on a minimum of 0.5 to 0.8% nickel. There were however several lower grade intersections and samples that were included within the domains to maintain continuity of the mineralisation.

The drilling database contains surface and underground drilling. In addition, there are surveys of the underground workings and also string files of level geology. In many cases these different datasets do not exactly correspond in spatial location making accurate modelling of high-grade massive

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Figure 6 – Schematic long-section looking west showing Mt Edwards 26N Modelled Domains, mined areas and development

sulphide lenses difficult, especially when the underground mining is depleted from the model. For uniformity the drill data has taken priority over underground survey and mapping when there is an unresolved inconsistency.

The interpretation of mineralisation was based predominantly on a nominal nickel grade. It was not possible to further define the interpretation into massive, matrix and disseminated sulphides. It is known that there are massive sulphides present but the survey control is inadequate to have confidence in their location.

A top of fresh rock surface was modelled from the logging codes in drillholes. Geological and grade modelling was done using Vulcan v2020.2

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Mineral Resource Classification

The Mt Edwards 26N Mineral Resource has been classified as Inferred. The historic nature of the drilling and the lack of accuracy in the underground survey mean that a higher classification cannot be applied.

The shaft and decline infrastructure remains in place at Mt Edwards 26N. A cut-off grade of 1.0% Ni has been applied to the remaining in-situ Mineral Resource. The existing infrastructure does result, in the opinion of the Competent Person, reasonable prospects for eventual economic extraction of the Mt Edwards 26N Mineral Resource.

The reinterpreted Mineral Resource estimate for Mt Edwards 26N has been limited to fresh rock. Potential metallurgical issues with supergene nickel mineralisation mean that, without appropriate metallurgical and mineralogical test-work, these areas cannot be included in the reported Mineral Resource estimate.

Figure 6 shows a long section of the three domains interpreted at Mt Edwards 26N. Only a fraction of Domain 3 (799 tonnes at 1.33% nickel) is included in the Mineral Resource estimate due to its location almost entirely above the top of fresh rock surface.

Table 3 - Mt Edwards 26 North Mineral Resource tonnes and grade by Domain

Mt Edwards 26 North Mineral Resource by Domain	Mt Edwards 26 North Mineral Resource by Domain	Mt Edwards 26 North Mineral Resource by Domain	Mt Edwards 26 North Mineral Resource by Domain
Domain	tonnes	Ni %	Contained Ni tonnes
Domain 1 Domain 2 Domain 3	646,591 223,399 799	1.37 1.84 1.13	8,544 3,879 9
TOTAL	870,788	1.43	12,432

Data Analysis

Table 4 shows the composite statistics within each domain. The assaying of elements other than nickel has been erratic with only the main domain 1 having any significant numbers of assays for copper, cobalt, sulphur and arsenic. The assays other than nickel in domain 1 are somewhat clustered and are generally not representative of the entire domain. Domains 2 and 3 only have sufficient data for estimation of nickel and copper.

Table 4 - Composites Statistics for each domain of Mt Edwards 26N

Domain 1	Ni %	Coppm	Cuppm	Sppm	Asppm
Mean Standard Deviation Co-efficient of variation Count Min Max	1.19 1.86 1.56 2704 0.001 16.20	314.78 405.65 1.29 678 6.006 3089.04	1154.29 2161.10 1.87 1537 0.439 35354.47	43106.19 74163.71 1.72 418 221.094 378550.05	130.35 680.74 5.22 423 0.250 10901.76
Domain 2	Ni %	Coppm	Cuppm	Sppm	Asppm
Mean Standard Deviation Co-efficient of variation Count Min Max	1.17 1.49 1.27 854 0.00 11.35	336.47 328.58 0.98 79 6.31 1348.31	1415.99 2772.16 1.96 364 10.00 29400.00	49004.69 56712.33 1.16 26 540.53 182008.91	40.16 40.89 1.02 37 0.27 100.00
Domain 3	Ni %	Coppm	Cuppm	Sppm	Asppm
Mean Standard Deviation Co-efficient of variation Count Min Max	0.77 0.46 0.59 691 0.08 8.00	no data	726.65 773.48 1.06 691 50.00 6300.00	no data	no data

Histograms for the 1 metre nickel composites for domains 1 to 3 is presented in Figures 7 to 9. The histograms for domains 1 and 2 in fresh rock show a positively skewed log-normal distributed dataset for nickel. Domain 3 in the oxide/transitional zone displays a normally distributed dataset.

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Figure 7 - Histogram of nickel composite grades used in grade estimation of domain 1

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Figure 8 - Histogram of nickel composite grades used in grade estimation of domain 2

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Figure 9 - Histogram of nickel composite grades used in grade estimation of domain 3

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Figure 10 – Long section of Mt Edwards 26N with drill traces, underground workings and significant drill intercepts

Exploration History, Drilling Techniques and Details

Mt Edwards 26N was discovered by INAL in November 1967, following programs of airborne and ground EM and IP surveys, and soil sampling. Over the ensuing 2 years eight separate nickel sulphide occurrences were identified in the area, of which Mt Edwards 26N was the most significant.

An exploration shaft was sunk by INAL/BHP to 919 feet (~280 metres) in 1970, but no production was recorded. The “mine” was placed on care and maintenance in August 1972. In April 1981 WMC exercised their option to purchase the Widgiemooltha tenements off INAL/BHP, following 18 months of exploration work for both gold and nickel during the option period.

Table 5 shows the history of drilling in the Mt Edwards 26N area. Not all of these holes are mineralised nor were they all used in the Mineral Resource estimate for Mt Edwards 26N.

Table 5 - History of Drilling Mt Edwards 26N

Company	Drill Type	Number	Metres
INCO	Diamond Core RC Unknown	160 5 26	25,964 1,009 311
WMC	Diamond Core RC Unknown	215 0 53	19,763 0 897
TOTAL	Diamond Core RC Unknown	375 5 79	45,726 1,009 1,208
TOTAL	All types	459	47,943

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Drilling, Sampling, Assaying and QAQC

The drilling and sampling at Mt Edwards 26N is historical in nature with no drilling taking place since the mine was in production in the early 1990’s. No data exists that describes the drilling and sampling procedures. The drill database does include a hole type descriptor, and these must be treated with caution as many short (<20m) holes with only one or two assays are listed as being diamond core. These are likely to be ‘sludge’ holes or open holes drilled with a mechanised jumbo drill using extension drill steels. These holes are distinguished with an ‘A’ prefix. All available holes and data have been used in this Mineral Resource estimation with the exception of the A-series holes.

Assaying techniques used for Mt Edwards 26N Mineral Resource estimate are unknown. It is assumed that the WMC samples were assayed at the internal WMC assay laboratory, but no details were provided to Auralia, nor could further information be located by the client.

QAQC procedures carried out on the Mt Edwards 26N drilling, sampling and assaying are not known, if any were ever undertaken.

Previous Production

WMC began production in April 1981 via the existing shaft (of which the head frame is shown on page 1) established by INCO and an internal incline/decline. Mining methods were a combination of cut and fill on the contact ore surfaces, and mechanised cut and fill on the main 01H hanging wall surface. A lower grade peridotite-hosted surface (B01H), at the south end of the 01H surface, was not mined and was left in the hanging wall.

The mine was closed in 1986 due to falling nickel prices, and re-opened in 1989, when a new decline was put in from surface to access two large ore blocks above the 4 level. The new decline intersected the internal decline at the 450 level, and was subsequently stripped down to the 10 level to accommodate larger mining equipment. The new decline was continued off the bottom of the old decline beyond the 10 level ultimately down to the 20 level.

Production continued mainly on the hanging wall (01H) surface using sub level open stoping until 1993. Ground conditions were generally good on the contact ore surfaces. Problems were encountered with the 01H long hole stope, due to jointing in the ultramafic hanging wall, and undermining of the hanging wall on higher levels. Since the pillars had been fired mullock up to the 4 level had been mobile. Mining on the 15 level caused mullock in the 401 stope to shrink. On 10 May 1993 the pillar on the 4 level failed leading to a collapse in the decline on the 5 level causing production to cease until a bypass was completed in August 1993. The decline was rebolted from surface to 9 level and three areas cable bolted and meshed.

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Figure 11- Long-section of Mt Edwards 26N showing decline (blue), development (green) and stoping (red)

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Further geotechnical assessment resulted in two other areas of the decline being cable bolted on the 700 and 750 levels, as it was found that the decline was in close proximity to the ultramafic-mafic contact between the 4 and 10 levels.

When mining re-commenced a raise bore was down-reamed from surface into the 2 level stope, and mullock used to backfill the stope. The failure in the decline forced a change in mining method to mechanised cut and fill, with substantial pillars (33,000t) left above the 15 through to 19 levels, which allowed a further 100,000t of the Ore Reserve to be mined safely.

Mining continued until September 1994, when production ceased on the 19 level (~470m below surface), by which time the mine had produced 951,568t @ 2.69% Ni for 25,632t of nickel metal.

Bulk Density

There are no density measurements from the Mt Edwards 26N deposit. Based on measurement from nearby nickel sulphide deposits the following densities have been applied.

Primary Ultramafic Waste	2.9t/m³
Primary Mafic Waste	2.7t/m³
Primary Mineralisation	3.0 t/m³
Oxide waste and mineralisation	2.0 t/m³

Variography

Variography was done for nickel only. For data in domains 1 and 2 a normal scores transformation was applied to the data before variography. The data was back transformed for the final variogram model estimation. For domain 3 the raw composite data was used. Variograms details are outlined in table 6 below.

Table 6 - Variography Details

Domain	Nugget C₀	Sill C₁	Sill C₂	Azimuth°	Plunge°	Dip°	Major₁ (m)	Semi₁ (m)	Minor₁ (m)	Major ₂ (m)	Semi₂ (m)	Minor₂ (m)
Domain 1	0.10	0.65	0.25	165	82.5	-90	9	20	5	60	80	15
Domain 2	0.10	0.68	0.3	157.5	37.5	-90	20	10	10	100	80	20
Domain 3	0.01	0.99	na	172.5	0	0	40	15	10	na	na	na

Grade Estimation

Nickel was estimated in 1 pass using ordinary kriging in all three domains. In domain 1 copper, cobalt, arsenic and sulphur were estimated using inverse distance squared as a validation tool. Domains 2 and 3 have copper estimated using inverse distance squared. The search extents were based on twice the range indicated in the variogram model, as shown in table 6. This ensured that all blocks were informed with grade. Details of the search dimensions are summarised in Table 7.

The parent block size is 5m X 10m X 5m, with sub-blocks of 1.25m X 1.25m x 1.25m. Grades have been estimated into the parent block size.

Table 7 - Search dimensions used in grade estimation

Domain	Major	Semi-major	Minor	Bearing	Plunge	Dip	Disc X	Disc Y	Disc Z	Min samps	Max samps
Domain 1	120	160	30	170	80	-90	2	2	2	5	25
Domain 2	150	120	30	160	38	-90	2	2	2	5	25
Domain 3	60	24	15	170	0	0	2	2	2	5	25

Top Cuts

No top cuts have been applied to the composite data. It is known that there were high grade massive sulphide lenses mined at Mt Edwards 26N, so all nickel grades have been left unchanged.

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Model Validation

Table 8 compares the block model grades with the mean composite grades. The mean composite grade is the mean of all the drill composites within the domain and the block grade is the average block model grade within the domain with no cut-off grade applied. The block grade is for all blocks in the domain regardless of if they are in fresh, transitional or oxides areas. The model grades are about 15% lower in the largely fresh domains 1 and 2.

Table 8- Block model and composite grades

Domain 1	Comp count Comp grade Block Grade Blocks:compratio	2,704 1.19 1.00 84%
Domain 2	Comp count Comp grade Block Grade Blocks:compratio	854 1.17 0.94 80%
Domain 3	Comp count Comp grade Block Grade Blocks:compratio	691 0.77 0.75 97%

Includes oxide/transitional and mined areas

In addition to ordinary kriging, nickel was estimated with inverse distance squared (ID[2] ) for all domains to be used as validation. A comparison between these two estimation methods reported at a cut-off of 1% and 0% nickel is shown in table 9. Results are shown with no rounding of numbers. There is generally a reasonable correlation between the different modelling techniques, with ID[2] having less tonnes at a slightly higher nickel grades at a 1% cut-off. For contained nickel tonnes the inverse distance squared estimation under-calls the Ordinary Kriged estimate by about 15%.

Table 9 - Comparison between Ordinary kriged and Inverse distance Estimation

	Ordinary Kriged	Ordinary Kriged		Inverse distance squared	Inverse distance squared	Inverse distance squared
1% Ni cut-off	Tonnes	Grade	Ni t	Tonnes	Grade	Ni t
Domain 1 Domain 2 Domain 3	646,591 223,399 799	1.32 1.74 1.13	8,544 3,879 9	581,640 140,073	1.36 1.84	7,913 2,578
TOTAL	870,788	1.43	12,432	721,714	1.45	10,491
	Ordinary Kriged			Inverse distance squared
0% Ni cut-off	Tonnes	Grade	Ni t	Tonnes	Grade	Ni t
Domain 1 Domain 2 Domain 3	2,299,509 539,502 4,543	0.85 1.07 0.64	19,445 5,788 29	2,299,509 539,502 4,543	0.77 0.76 0.59	17,771 4,121 27
TOTAL	2,843,554	0.89	25,262	2,843,554	0.77	21,919

Excludes oxide and transitional zones and mined areas

Previous Mineral Resource Estimates

A summary of previous Mineral Resource estimations for Mt Edwards 26N is shown in Table 10 below. The latest 2021 estimate is larger than the previous estimate from 2018 mainly due to the latest model encompassing the previously mined areas. The 2018 model did not attempt to model the mined-out areas so the wireframed domains were significantly less extensive.

Table 10 – Comparison to previous Mineral Resource estimates of Mt Edwards 26N

Company	Year	Tonnes	Ni grade %	Contained Ni tonnes	Cut-off grade % Ni	Mineral Resource Category
Neometals	2018	574,000	1.43	8,210	1	Inferred
Neometals	2021	871,000	1.43	12,432	1	Inferred

Results include rounding.

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Comparison of Mineral Resource Estimate vs Production

Table 11 compares the recorded production from Mt Edwards 26N and the estimated Mineral Resource within mined domains. The Mineral Resource is significantly lower in grade than the reported production. This is likely caused by the lack of a massive sulphide domain within the mined area. This would have the effect of lowering the grade in the previously mined areas as lower grade composites from outside the mined area will impact the estimation.

Table 11 - Mt Edwards 26N Mineral Resource vs Production

Mined	tonnes	Ni %	Ni t
Domain 1 Domain 2	861,305 220,354	2.10 1.85	18,052 4,081
TOTAL	1,081,658	2.05	22,134
Reported Production	951,568	2.69	25,632

Comparison of Nickel grades from Mineral Resource Estimate block vs Composite nickel grades

The swath plot analysis in Figure 12 makes a comparison of composite nickel grades with block model estimated grades for nickel for all domains at Mt Edwards 26N. It indicates that the model does represent the underlying composite data except for where there is limited composite data. In the swath plot in figure 12 the model grade is represented by the orange-brown line and the composite data by the blue line.

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Figure 12 - Swath plots for Nickel at Mt Edwards 26N for All Domains

Mt Edwards 26N Mineral Resource estimate at various cut-off grades

Table 12 shows the Mt Edwards 26N Mineral Resource estimate at various block cut-off grades from 0.5 to 3.0% nickel.

Table 12 - Mt Edwards 26N Mineral Resource at Different Ni Cut-off Grades

Cut-off Grade Ni%	Ni Grade %	Tonnage	Ni tonnes
0.5 1.0 1.5 2.0 2.5	1 1.43 2.05 2.53 3.08	2,347,996 870,788 242,754 103,672 36,514	23,480 12,452 4,976 2,623 1,125 624
3.0	3.43	18,182

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Audits or reviews

The Mt Edwards 26N Mineral Resource model, the drill database and other supporting information was supplied to Snowden Mining Industry Consultants for review. Snowden did not identify any fatal flaws and replicated the nickel tonnage and grade reported by Auralia to within acceptable limits. There was a significant level of communication between Auralia, Snowden and Neometals in the conduct of the review. Snowden made several observations and recommendations which have been incorporated into the final Mineral Resource estimate.

Mining and Metallurgical Considerations

Mining and metallurgical factors or assumptions were not explicitly used in estimating the Mineral Resource. It is assumed that underground mining methods would be used for any future mining operations, with the re-establishment of existing infrastructure including the use of the portal and decline.

A nickel cut-off grade of 1.0% is considered the most appropriate for the Mineral Resource estimate. The 1.0% nickel cut-off grade is considered to approximate economic mining cut-off grades for an underground mining scenario comparable to recently published updated underground nickel Ore Reserves and Mineral Resources in the area.

Site Visit

Mr Maddocks visited the Mt Edwards 26N deposit on 17 March 2020. The site visit included viewing and validating the location of historic RC and diamond core drill collars, as well as viewing the shaft, box cut and portal from the previous mining activities.

Future Work

Future work at Mt Edwards 26N may include additional infill RC and DD drilling and sampling so that a thorough structural, geotechnical and geometallurgical interpretation of the deposit can be incorporated into an upgraded Mineral Resource estimate. Diamond core drilling and sampling will improve the understanding of the structural orientation, geotechnical attributes, mineralogy, and metallurgical characteristics.

There is oxide/transitional nickel mineralisation above the primary fresh mineralisation. Infill drilling in this area and metallurgical test-work could enable an upgrading of this zone into a Mineral Resource.

Controls on economic nickel mineralisation appear to be complex. Closer spaced drilling, along with an increased understanding of the structural history of the deposit, should increase confidence in the distribution of high-grade nickel mineralisation.

Arsenic is an important element in nickel sulphide deposits due to its deleterious impact on processing. The drilling described above would increase the understanding of the distribution of arsenic mineralisation. Future drilling should also ensure sufficient sampling is undertaken to commence metallurgical test work to validate the assumptions on nickel recovery, and any by-products.

Nickel mineralisation remains open at depth and along strike (at depth) to the north and south. Further drilling is warranted test the extent of the Mineral Resource, however due to the depth of drilling the establishment of a platform to drill from underground may be considered.

DHEM surveys should be carried out where possible for all future drilling to aid in the delineation and discovery of conductive nickel sulphide mineralisation.

Competent Person Attribution

The information in this report that relates to the Mt Edwards 26N Mineral Resource is based on, and fairly represents, information and supporting documentation compiled by Richard Maddocks; MSc in Mineral Economics, BAppSc in Applied Geology and Grad Dip in Applied Finance and Investment. Mr. Maddocks is a consultant to Auralia Mining Consulting and is a Fellow of the Australasian Institute of Mining and Metallurgy (member no. 111714) with over 30 years of experience. Mr. Maddocks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr. Maddocks consents to the inclusion in this report of the matters based on his information in the form and content in which it appears.

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Compliance Statement

The information in this report that relates to Exploration Results and Mineral Resources for Neometals other than those discussed in this report relevant to Mt Edwards 26N are 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 ResourceUpdateat Mt Edwards
29/06/2021	Mt Edwards – McEwen Mineral Resources increase 45%
29/06/2021	Mt Edwards – Widgie Townsite Mineral Resource Update

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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]

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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 three core projects 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 nickel, cobalt and other valuable materials from spent and scrap lithium batteries. Completing construction of demonstration scale plant with 50:50 JV partner SMS group. Targeting a development decision in Mar Q 2022; and
Vanadium Recovery – sole funding evaluation studies to form a 50:50 joint venture with Critical Metals Ltd to recover high-purity vanadium pentoxide from processing by-products (“Slag”) from leading Scandinavian steelmaker SSAB. Underpinned by a 10-year Slag supply agreement, Neometals is targeting an investment decision to develop a 200,000tpa processing plant in DecQ 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 2022 with potential operating JV partner IMUMR and potential cornerstone product off-taker, Jiuxing Titanium Materials Co.

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

	Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
*Criteria*	*JORC Code Explanation*	Commentary
*Sampling techniques*	Nature and quality of sampling (eg 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. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘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 (eg submarine nodules) may warrant disclosure of detailed information.	Sampling techniques are not known.
*Drilling Techniques*	Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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 Mt Edwards 26N Mineral Resource is based on diamond core and RC drilling techniques. A total of 459 drill holes totalling 47,943m have been drilled into the deposit area. 375 diamond core holes (45,726m) have been drilled. No RAB or aircore holes have been used in the Mineral Resource estimation.
*Drill Sample Recovery*	Method of recording and assessing core and chip sample recoveries and results assessed.	Sample recovery of drilling was not recorded.
	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.

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	Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
*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 and weathering has been logged for drill holes from surface.
*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.	Sub-sampling and sample preparation techniques were not recorded.
*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.	Quality of assay data and laboratory tests was not recorded.
*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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Quality of assay data was not recorded.
*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.	No validation of assaying and sampling has been possible.

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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
	Discuss any adjustment 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 data was originally recorded in in local grids that have been converted to current MGA data. This conversion may have introduced some small errors. Most holes have not been down-hole surveyed.
*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	Drilling within the Mt Edwards 26N mine is close spaced with average spacings less than 20m. This spacing is sufficient to establish geological and grade continuity. No compositing was applied to exploration data however for Mineral Resource estimation data was composited to 1m intervals.
*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 but show some exaggeration due to the near vertical nature of the mineralisation. There is no significant bias introduced due to drilling orientation.
*Sample security*	The measures taken to ensure sample security	Historic security measures are not known.

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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
*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, either it its own right or through its 100% owned subsidiary Mt Edwards Lithium Pty Ltd, holds all mineral rights other than gold on Mining Lease M15/102, located within the state of Western Australia. Neometals holds the nickel rights on Mining Lease M15/103. Mincor Resources NL is the beneficial owner of M15/103.
*Exploration done by* *other parties*	Acknowledgment and appraisal of exploration by other parties.	Neometals has held an interest in M15/102 and M15/103 since April 2018, hence all prior work has been conducted by other parties. The project area 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 an interest in the tenements from 2001. Consolidated Minerals took ownership from Titan Resources in 2006, and Salt Lake Mining in 2014.
*Geology*	Deposit type, geological setting and style of mineralisation.	The Mt Edwards 26N deposit occurs on the western limb of the north plunging Mt Edwards anticline, at or near the base of a series of ultramafic flows which overlie a footwall basaltic sequence. The ultramafics range from high MgO to low MgO peridotite, and consist of a series of 40-50m thick flows with interflow sediments up to 5m thick. Some nickel mineralisation is associated with parasitic folding of the ultramafic-mafic contact, however the majority of the nickel mineralisation occurs at the base of the second ultramafic flow (i.e. hanging wall mineralisation) some 10-40m above the basal contact, and is closely associated with graphitic and sulphidic sediments.
*Drill hole* *information*	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Relevant drill hole information has been tabled in this report including hole ID, drill type, drill collar location, elevation, drilled depth, azimuth, and dip.
*Data aggregation* *methods*	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg 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.	Reported intersections are length weighted average nickel grades within the modelled mineralised domains.

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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
	The assumptions used for any reporting of metal equivalent values should be clearly stated.
*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 (eg ‘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 test for true widths of mineralisation. Due to the steep orientation of the mineralised zones there will be minor exaggeration of the width of intercepts reported.
*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 this 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 is based on historical mining, mapping, drilling and sampling conducted by previous owners of the tenement. The geology of the Mt Edwards 26N 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.
*Further work*	The nature and scale of planned further work (eg 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 particularly to the north of the underground workings.

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 results by several companies. Data was inspected for errors. No obvious errors were found. Drillhole locations, downhole surveys, geology and assays all correspondedto expectedlocations.
*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 has visited the site. An inspection of the site was conducted on 17 March 2020.

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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
*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. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	There are sufficient drill intersections through the mineralisation and geology to be confident of the geological interpretation. 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, and enriched zones in the hanging wall of the ultramafic, has been accurately determined through drill intersections. Higher grade zones of nickel mineralisation can be defined by areas of previous underground mining. The basal contact corresponds closely with the higher-grade nickel mineralisation.
*Dimensions*	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The modelled deposit has a strike extent of 460m and a vertical down dip extent of about 650m. The deepest part of the mineralised domain is 680m below surface. The mineralised zone is from about 1m to 20m wide.

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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
*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 (eg 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. 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.	The estimation for nickel was done using ordinary kriging. Two mineralised domains were estimated representing the basal accumulation of nickel bearing sulphides. The third domain represented oxidised nickel mineralisation located above the primary mineralisation. Lower levels of nickel mineralisation were generally not included however sometimes for continuity of domain modelling lower grade intersections were included. The mineral resource was estimated using Vulcan 2020.4. Composites were modelled at 1m intervals to reflect the dominant sample intervals in the database. The block size was 5mX, 10mY, 5mZ. A sub-block size of 1.25mX, 1.25mY, 1.25mZ was used to accurately model the narrow ore horizon. The parent block size was used in grade estimation. The search directions were based on the orientation of the mineralised horizons. Search dimensions were based on the model variogram ranges. With dimension twice the model ranges to ensure all blocks within the domains were estimated. No assumptions were made on correlation of variables. No top cuts were applied.
*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 miningmethods.
*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	While no mining factors have been implicitly used in the modelling the model was constructed with underground mining methods the most likely to be used.

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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
	with an explanation of the basis of the mining assumptions made.
*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 however the oxide and transitional zones require additional mineralogical and metallurgical test-work to establish the nature and occurrence of nickel mineral species.
*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 deposit was assumed based on other deposits in the Widgiemooltha region Transitional/oxide material was assigned a density of 2.0. Fresh Mafic waste 2.7 and ultramafic waste 2.9. Mineralised primary material was assigned 3.0t/m³.
*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 Mt Edwards Mineral Resource has been classified as Inferred. Oxide and transition material was not classified. The main criteria used for classifying indicated material was lack of data for drill type and QAQC data. Additionally the underground survey does not appear to be complete. This classification reflects the Competent Person’s view of the deposit.
	Whether the result appropriately 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 Consulting is independent of Neometals. .

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Section 3 Estimation and Reporting of Mineral Resources

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.

This Mineral Resource Estimate represents a
global estimate of remaining resources at Mt
Edwards. The stated tonnages and grade
reflect the geological interpretation and the
categorisation of the mineral resource
estimate reflects the relative confidence and
accuracy.

APPENDIX 2: Drill holes used in the Mt Edwards 26N block model estimate

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
ME10 ME10737 ME11 ME14210 ME14211 ME14212 ME14213 ME14214 ME14215 ME14216 ME14217 ME2 ME3 ME3495 ME3830 ME4 ME5 ME5147 ME5148 ME5149 ME5150 ME5498 ME5499 ME5500 ME5649 ME5650 ME5651 ME5652 ME5653 ME5654	DD DD RC DD DD DD UNK DD DD DD UNK RC DD DD DD RC RC DD DD UNK DD DD DD DD RC DD DD DD DD DD	361191 361216 361309 361256 361259 361262 361265 361271 361274 361277 361280 361306 361246 361195 360870 361200 361359 361238 361253 361268 361223 361196 361191 361198 361153 361183 361213 361243 361273 361303	6515418 6515526 6515605 6515471 6515471 6515472 6515472 6515473 6515474 6515474 6515475 6515556 6515401 6515770 6515469 6515544 6515596 6515653 6515656 6515658 6515651 6515461 6515491 6515430 6515516 6515521 6515526 6515531 6515536 6515541	374 377 386 377 378 380 381 383 383 382 382 386 374 385 369 375 380 386 390 391 384 373 373 373 373 375 375 376 385 383	99 143.86 243 21.34 22.86 24.38 15.24 21.34 21.34 21.34 19.81 250 236.22 285.29 158.8 231 245 57.91 56.39 15.24 60.96 77.05 83.82 92.96 39.62 48.77 48.77 51.82 48.77 45.72	89.53 80.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 332.53 80.53 80.53 359.53 264.53 359.53 359.53 359.53 359.53 80.53 80.53 80.53 359.53 359.53 359.53 359.53 359.53 359.53	-59 -63 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -85 -45 -45 -90 -82 -90 -90 -90 -90 -65 -60 -60 -90 -90 -90 -90 -90 -90	INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO

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Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
ME5688 ME5689 ME5690 ME5694 ME5695 ME5696 ME5697	DD DD DD DD DD DD DD	361196 361188 361191 361258 361228 361223 361238	6515523 6515398 6515584 6515533 6515528 6515465 6515468	375 372 374 377 375 374 374	88.39 211.84 112.78 47.24 64.01 67.06 60.96	80.53 80.53 80.53 359.53 359.53 359.53 359.53	-60 -64 -60 -90 -90 -90 -90	INCO INCO INCO INCO INCO INCO INCO
ME5698 ME5699 ME5700 ME5823 ME5827 ME5829 ME5834 ME5835 ME5836 ME5836W1 ME5840 ME5841 ME5842 ME5844 ME5845 ME5846 ME5847 ME5848 ME5853 ME5854 ME5855 ME5856 ME5857 ME5858 ME5865 ME5866 ME5868 ME5869 ME5872 ME5873 ME5874 ME5877 ME5877W1 ME5878 ME5879 ME5880 ME5882 ME5883	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD	361208 361248 361233 361108 361123 361106 361034 361110 361112 361112 361051 361137 361085 361095 361079 360983 361072 361119 361127 361107 361118 361018 361078 361054 361089 360999 361086 361060 361059 360994 361073 360953 360953 361042 361078 361198 360912 361065	6515463 6515408 6515405 6515447 6515511 6515384 6515496 6515478 6515571 6515571 6515437 6515324 6515381 6515631 6515687 6515488 6515564 6515417 6515542 6515601 6515355 6515431 6515751 6515623 6515320 6515552 6515319 6515531 6515531 6515613 6515410 6515544 6515544 6515467 6515504 6515523 6515476 6515594	373 376 375 370 372 368 369 370 373 373 368 373 367 376 377 368 372 370 373 375 369 367 377 374 367 370 371 371 371 371 368 368 368 369 370 376 366 374	67.06 59.44 64.01 254.2 260.6 337.11 430.99 268.22 273.1 185.32 376.12 242.01 417.58 243.84 275.23 394.11 349.91 213.36 250.85 232.26 302.36 481.58 261.21 341.38 72.87 379.17 361.19 107.59 290.47 443.18 372.47 199.02 206.03 378.56 337.72 206.35 263.04 391.06	359.53 359.53 359.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53	-90 -90 -90 -50 -45 -48 -53 -47.5 -47 -47 -55 -45 -57 -45 -45 -55 -55 -45 -45 -45 -45 -60 -45 -55 -57 -60 -57 -45 -48 -60 -55 -70 -70 -55 -50 -60 -65 -55	INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO
ME5886 ME5890	DD DD	361093 360954	6515815 6515544	382 368	244.14 586.74	80.53 80.53	-45 -63	INCO INCO

neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
ME5892 ME5893 ME5893W1 ME5896 ME5897 ME5897W1 ME5897W2 ME5898 ME5900 ME6 ME6001 ME6002 ME6003 ME6004 ME6005 ME6006 ME6007 ME6008 ME6009 ME6010 ME6011 ME6012 ME6013 ME6014 ME6024 ME6025 ME6026 ME6027 ME6028 ME6029 ME6030 ME6031 ME6032 ME6033 ME6034 ME6035	DD DD DD DD DD DD DD DD DD DD DD DD UNK UNK UNK UNK UNK UNK UNK DD DD DD DD UNK DD DD DD DD UNK DD DD DD DD DD DD DD	360997 360912 360912 361093 360804 360804 360804 361290 361191 361174 361263 361183 361203 361210 361218 361225 361233 361240 361248 361255 361263 361270 361278 361285 361193 361208 361203 361188 361173 361158 361143 361128 361203 361218 361268 361283	6515521 6515476 6515476 6515875 6515024 6515024 6515024 6515578 6515584 6515477 6515410 6515397 6515586 6515587 6515588 6515589 6515591 6515592 6515593 6515594 6515596 6515597 6515598 6515599 6515646 6515648 6515771 6515769 6515766 6515764 6515761 6515759 6515400 6515403 6515473 6515475	368 366 366 381 374 374 374 389 377 372 374 372 376 377 377 378 378 379 379 380 389 389 389 389 381 382 386 383 382 381 380 379 373 375 383 381	398.68 545.59 628.5 210.92 327.66 320.95 352.96 381 180.75 105 30.48 67.06 15.24 13.72 16.76 16.76 18.29 19.81 19.81 21.34 21.34 21.34 22.86 15.24 67.06 53.34 27.43 22.86 15.24 45.72 67.06 62.48 54.86 60.96 62.48 59.44	80.53 80.53 80.53 80.53 80.53 80.53 80.53 359.53 80.53 89.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53	-55 -57 -57 -45 -55 -55 -55 -90 -60 -48 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90	INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO
ME6036 ME6037 ME6038 ME6039 ME6040 ME6041 ME6042 ME6043 ME6044 ME6045 ME6051 ME6084	DD DD DD DD DD DD DD DD UNK UNK DD DD	361298 361137 361152 361167 361122 361182 361198 361213 361228 361243 361194 361258	6515478 6515328 6515330 6515333 6515325 6515335 6515338 6515340 6515343 6515345 6515553 6515348	378 373 370 371 368 372 373 374 375 375 370 375	48.77 62.48 59.44 67.06 67.06 64.01 57.91 60.96 16.76 19.81 112.78 47.24	359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 80.53 359.53	-90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -60 -90	INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO

26 neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
ME6085 ME6086 ME6087 ME6088 ME6089 ME6090 ME6091 ME6092 ME6093 ME6094 ME6095 ME6096 ME6097 ME6098 ME6099 ME6100 ME6201 ME6251 ME6252 ME6253 ME6254 ME6255 ME6270 ME6271 ME6273 ME6274	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD	361273 361183 361198 361213 361228 361178 361163 361325 361288 361253 361062 361077 361092 361047 361105 361090 361075 361328 361358 361168 361271 361216 361231 361238 361224 361237	6515350 6515706 6515708 6515711 6515713 6515643 6515641 6515544 6515538 6515470 6515686 6515689 6515691 6515684 6515848 6515845 6515843 6515483 6515488 6515703 6515659 6515773 6515529 6515468 6515589 6515406	371 382 383 384 384 380 379 382 385 375 375 376 376 374 380 379 377 378 378 381 391 389 375 374 378 375	50.29 62.48 64.01 22.86 64.01 64.01 64.01 60.96 60.96 60.96 60.96 60.96 60.96 57.91 60.96 60.96 60.96 60.96 60.96 112.78 112.78 112.78 83.82 105.16 92.96 82.3	359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 80.53 260.53 260.53 80.53 80.53 80.53 80.53	-90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -60 -60 -60 -60 -65 -60 -62	INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO
ME6275 ME6276 ME6431 ME7 ME8 ME8103 ME8104 ME8106 ME8107 ME8110 ME8112 ME8113 ME8119 ME8120 ME8121 ME8123 ME8127 ME8136 ME8139 ME8141 ME8145 ME8151	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD	361267 361209 361080 361180 361187 361084 361161 361095 361096 361121 361176 361123 361031 361016 361062 361029 361059 361089 360971 361210 361146 361100	6515535 6515401 6515349 6515458 6515436 6515474 6515363 6515413 6515568 6515325 6515612 6515326 6515526 6515678 6515933 6515526 6515933 6515598 6515578 6515557 6515453 6515383	385 374 370 373 373 370 374 368 372 368 379 368 370 373 375 369 375 374 369 375 371 368	64.01 57.91 59.44 85 92 284.38 243.84 262.13 315.77 40.23 147.83 301.75 92.05 445.92 44.2 325.53 238.05 271.58 430.98 135.94 169.47 320.95	80.53 80.53 80.53 89.53 89.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53 80.53	-70 -60 -80 -50 -53 -53 -50 -49 -51 -53 -50 -52 -52 -51 -45 -54 -45 -55 -56 -50 -45 -54	INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO

27 neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
ME8155 ME8157 ME9 ME9573 ME9574 MED12-1 MED12-11 MED12-2 MED12-3 MED12-4 MED12-5 MED12-6 MED12-7 MED12-8 MED12-9 MED13-1	DD DD DD DD DD DD DD DD DD DD UNK UNK DD UNK DD UNK	361027 361069 361160 361231 361233 361256 361248 361256 361256 361237 361210 361210 361213 361213 361225 361213	6515805 6515347 6515437 6515433 6515498 6515566 6515548 6515566 6515566 6515536 6515525 6515517 6515508 6515498 6515485 6515497	375 367 372 375 375 52 37 52 52 51 34 34 34 34 31 16	373.38 387.7 119 47.24 53.34 85 110.1 94 110 99 15 16.6 21.3 20.4 26.8 14.5	80.53 80.53 89.53 359.53 359.53 259.53 265.53 269.53 264.53 201.53 269.53 269.53 269.53 269.53 269.53 269.53	-55 -57 -48 -90 -90 -39 -68.85 -49 -58.2 -53 -5 -5 -5 -5 -5 -5	INCO INCO INCO INCO INCO WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC
MED13-2 MED13-3 MED13-4 MED13-5 MED13-6 MED13-7 MED13-8 MED16-1 MED16-14 MED16-16 MED16-17 MED16-18 MED16-19 MED16-2 MED16-20 MED16-22 MED16-23 MED16-24 MED16-4 MED17-1 MED17-2 MED17-3 MED17-4 MED17-5 MED17-6 MED17-7 MED17-8 MED18-1 MED18-10 MED18-2 MED18-3 MED18-4	UNK UNK UNK UNK UNK DD DD DD UNK UNK DD UNK UNK DD UNK DD DD DD DD UNK UNK UNK UNK UNK DD DD DD DD UNK DD DD DD	361214 361207 361212 361206 361208 361271 361250 361290 361221 361219 361221 361216 361214 361290 361212 361221 361214 361212 361291 361220 361221 361218 361214 361213 361217 361218 361223 361221 361215 361221 361221 361224	6515508 6515518 6515490 6515537 6515528 6515496 6515518 6515631 6515508 6515515 6515508 6515539 6515551 6515632 6515563 6515508 6515551 6515563 6515633 6515521 6515528 6515538 6515548 6515558 6515568 6515578 6515588 6515603 6515563 6515603 6515603 6515548	16 16 16 16 16 21 16 -35 -47 -47 -45 -47 -47 -35 -47 -45 -45 -45 -35 -66 -66 -66 -66 -66 -66 -66 -66 -88 -87 -88 -88 -87	13.5 14.1 15.9 15.8 16.1 139.9 125 150.3 15.2 16.2 24.2 16.2 15.6 160.9 14 25 24.5 30.4 196.65 17.8 16 17.3 17 15.1 27.4 25.7 30.6 40.2 20.05 41.4 39.2 49.4	269.53 269.53 269.53 269.53 269.53 264.03 269.53 299.53 246.53 269.53 246.53 269.53 269.53 137.53 269.53 269.53 269.53 269.53 152.53 249.53 269.53 269.53 269.53 269.53 269.53 269.53 269.53 219.53 89.53 241.53 253.53 204.53	-5 -5 -5 -5 -5 -63 -66 -3.5 -5 -5 -45 -5 -5 -3 -5 -45 -45 -45 -2.25 0 0 0 0 0 0 0 0 0 0 0 0 0	WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC

28 neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
MED18-5 MED18-6 MED18-7 MED18-8 MED18-9 MED19-1	DD DD UNK UNK UNK DD	361224 361223 361211 361206 361203 361273	6515548 6515548 6515558 6515567 6515577 6515672	-87 -87 -87 -87 -87 -93	40.5 29.3 20.65 21 21 130	239.53 269.53 269.53 269.53 269.53 329.53	0 0 0 0 0 -4	WMC WMC WMC WMC WMC WMC
MED19-10 MED19-11 MED19-12 MED19-13 MED19-14 MED19-15 MED19-16 MED19-17 MED19-18 MED19-2 MED19-3 MED19-4 MED19-5 MED19-6 MED19-7 MED19-8 MED19-9 MED20-1 MED20-2 MED20-3 MED20-4 MED2-801 MED2-802 MED2-803 MED4-1 MED4-10 MED4-11 MED4-12 MED4-13 MED4-14 MED4-15 MED4-2 MED4-3 MED4-4 MED4-5 MED4-6 MED4-7 MED4-8	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD UNK DD DD DD DD DD DD	361286 361286 361287 361286 361271 361271 361287 361287 361287 361273 361271 361271 361271 361271 361286 361286 361286 361222 361222 361222 361222 361281 361282 361281 361213 361285 361285 361285 361285 361285 361285 361212 361190 361201 361201 361190 361191 361285	6515626 6515625 6515626 6515626 6515666 6515668 6515586 6515586 6515586 6515672 6515668 6515667 6515666 6515667 6515626 6515627 6515627 6515612 6515610 6515610 6515609 6515566 6515564 6515567 6515557 6515563 6515563 6515563 6515563 6515563 6515563 6515557 6515549 6515550 6515550 6515549 6515553 6515563	-99 -99 -100 -100 -95 -95 -104 -104 -104 -93 -95 -95 -95 -94 -100 -99 -100 -110 -110 -110 -110 324 324 324 266 267 267 267 267 267 267 266 264 264 268 268 267 267	147 131.5 165.7 171.3 200.5 215.3 165.5 146.5 189.5 204.3 191.3 156.2 170.8 142 150.8 142.3 169.7 49.6 48.3 46.5 44.3 91.44 131.67 101.2 31.5 115 76.9 126.2 74 89 102.5 19.5 45 37.8 40.8 59.1 84.7 86.8	257.53 233.53 220.53 255.53 251.53 283.53 221.53 211.53 205.53 333.53 267.53 276.53 260.53 258.53 260.53 247.53 251.53 266.53 247.53 205.53 82.53 260.53 220.53 295.53 31.53 176.53 204.53 179.53 235.53 252.53 200.53 319.53 120.53 87.53 84.53 113.53 49.53 189.53	-24.25 -25.5 -45 -47.75 -55 -54.25 -42 -28.5 -58.75 -3 -50.75 -61 -43.25 -29.5 -39.25 -28 -51 -55 -51.75 -52.75 -89.75 0 0 0 -1 -22 -33 -31 -34 -38 -45 -1 -45 -62 -43 -49 -31 -26	WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC
MED4-804 MED4-804W1 MED4-805	DD DD DD	361280 361280 361281	6515568 6515568 6515566	266 266 266	46.02 143.25 51.51	260.53 260.53 223.53	0 0 0	WMC WMC WMC

neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
MED4-805W1 MED4-806 MED4-806W1 MED4-9 MED6-1 MED6-10 MED6-12 MED6-13 MED6-14 MED6-15 MED6-16 MED6-17 MED6-18 MED6-19 MED6-2 MED6-20 MED6-21 MED6-22 MED6-23 MED6-24 MED6-25 MED6-26 MED6-27 MED6-28 MED6-29 MED6-3 MED6-30 MED6-31 MED6-32 MED6-33 MED6-34 MED6-35 MED6-36 MED6-37 MED6-38	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD UNK DD DD DD DD DD DD DD DD DD	361281 361287 361287 361190 361238 361283 361279 361279 361279 361282 361282 361282 361282 361282 361197 361282 361283 361283 361283 361287 361278 361278 361278 361278 361279 361197 361278 361227 361227 361225 361226 361226 361282 361282 361282	6515566 6515570 6515570 6515549 6515573 6515488 6515498 6515498 6515498 6515489 6515489 6515489 6515488 6515488 6515543 6515488 6515487 6515487 6515487 6515519 6515599 6515599 6515601 6515599 6515599 6515543 6515602 6515521 6515521 6515518 6515525 6515525 6515487 6515487 6515487	266 266 266 268 204 203 203 204 205 204 203 204 204 204 204 204 204 203 204 205 204 204 204 204 204 204 204 206 206 206 206 206 205 206 205	183.79 110.64 195.37 73.1 80 118.7 128 115.8 91.5 119 112 96 89.6 90 22.8 95.3 96 109 116.6 107 123 124.3 102.5 101.3 66 20 106.8 58 67 88 29.3 87.3 110.8 121.8 86.8	223.53 301.53 301.53 128.53 262.53 242.53 269.53 269.53 274.53 260.53 260.53 237.53 223.53 223.53 224.53 239.53 221.53 215.53 205.53 284.53 224.53 236.53 307.53 244.53 222.53 254.53 307.53 74.53 54.53 49.53 34.53 34.53 203.53 204.53 226.53	0 0 0 -45 0 -39 -50 -25 -5 -51 -26 -5 -5.5 -25.5 0 -27 -6.5 -41.5 -7.5 -5 -20 -22 -6 -21 -42 -1 -37 -26.5 -24 -40 -20 -25.5 -20 -37.75 -20	WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC
MED6-39 MED6-4 MED6-40 MED6-41 MED6-6 MED6-7 MED6-8 MED6-807 MED6-807A MED6-808 MED6-809 MED6-815 MED6-817	DD DD DD DD DD DD UNK DD DD DD DD DD DD	361282 361285 361193 361236 361286 361248 361247 361273 361246 361283 361283 361279 361278	6515487 6515518 6515553 6515555 6515522 6515556 6515556 6515565 6515561 6515568 6515565 6515599 6515600	206 206 206 205 206 204 204 205 205 211 204 206 204	99.3 125 82 60 86 25.2 20 70.1 83.82 121.46 133.5 113.4 108.81	226.53 274.53 55.53 223.53 263.53 189.53 214.53 260.53 260.53 299.53 224.53 260.53 265.53	-36.5 -36 -46.5 -28 -21 0 0 0 0 0 0 -42 0	WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC

30 neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
MED6-9 MED7-1 MED7-2 MED7-3 MED7-4 MED7-6 MED7-7 MED8-1 MED8-10 MED8-11 MED8-2 MED8-3 MED8-31 MED8-32 MED8-33 MED8-34 MED8-35 MED8-36 MED8-37 MED8-38 MED8-39 MED8-4 MED8-40 MED8-42 MED8-43	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD	361283 361263 361263 361264 361264 361206 361206 361250 361209 361209 361250 361252 361207 361207 361207 361230 361230 361231 361237 361237 361237 361249 361237 361286 361286	6515488 6515590 6515590 6515586 6515586 6515628 6515628 6515551 6515575 6515575 6515551 6515552 6515564 6515564 6515564 6515589 6515589 6515590 6515593 6515593 6515593 6515554 6515593 6515612 6515612	203 64 172 172 172 169 169 143 143 142 143 143 142 142 142 148 146 146 146 146 146 143 146 143 143	112.1 61.2 60.4 74.7 65 55.8 74 90 90.5 81 91.2 95 80.7 85.5 90.3 51.3 54 70.7 108.5 90 100.4 100 70 74.4 82.6	226.53 267.53 281.53 255.53 278.53 70.53 45.53 216.53 35.53 35.53 229.53 251.53 40.53 57.53 44.53 334.53 343.53 10.53 54.53 24.53 37.53 296.53 24.53 312.53 322.53	-39 -20 -18 -29.5 -37 0 0 -2.25 0 -22 -1.25 0 -0.75 -1.5 -22 -41 0 -7 -57 -52 -52 0 -9 0 0	WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC
MED8-5 MED8-6 MED8-7 MED8-8 MED8-810 MED8-811 MED8-812 MED8-813 MED8-814 MED8-816 MED8-818 MED8-818W1 MED8-819 MED8-819W1 MED8-820 MED8-821 MED8-9 MED9-1 MED9-10 MED9-11 MED9-2 MED9-3 MED9-4	DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD DD	361249 361207 361207 361207 361313 361327 361322 361327 361324 361315 361324 361324 361322 361322 361327 361323 361209 361270 361270 361270 361270 361267 361270	6515554 6515564 6515564 6515564 6515569 6515545 6515606 6515545 6515638 6515569 6515514 6515514 6515606 6515606 6515638 6515638 6515575 6515515 6515515 6515515 6515515 6515522 6515515	143 143 143 143 141 141 141 141 141 142 142 142 141 141 141 141 143 114 114 114 114 114 114	105.5 83.2 78.6 67 286.21 265.79 281.94 206.96 333.76 344.88 289.26 202.69 377.34 298.23 427.02 268.22 93.4 98.5 180.5 105.1 116.5 111 97.5	310.53 40.53 57.53 74.53 263.53 263.53 265.53 263.53 258.53 259.53 263.53 263.53 262.53 262.53 263.53 292.53 35.53 259.53 245.53 224.53 231.53 263.53 233.53	0 -19.75 -21 -26 -56 -48 -51 -28 -55 -69 -57 -57 -69.25 -69.25 -70 -56 -22 -42 -69 -42 -35 -55 -49	WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC WMC

31 neometals.com.au

30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Drill Type	East MGA94	North MGA94	RL	Depth	Azimuth	Dip	Company
MED9-5 MED9-6 MED9-7 MED9-8 MED9-9 WD6160 WD9632 WD9633 WD9634 WD9635 WD9636 WD9637 WD9638 WD9639 WD9640	DD DD DD DD DD DD UNK UNK UNK UNK UNK UNK UNK UNK UNK	361270 361267 361267 361267 361270 361090 360887 360917 360902 360887 360872 360857 360752 360744 360737	6515515 6515522 6515522 6515522 6515515 6515845 6515348 6515353 6515350 6515348 6515345 6515343 6515511 6515510 6515508	114 114 114 114 114 378 364 365 365 364 364 364 363 364 364	139.5 131.3 144 173.3 176.6 60.96 3.66 4.57 3.66 9.14 3.66 3.66 8.23 7.32 9.14	233.53 286.53 286.53 278.53 273.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53 359.53	-67 -48 -59 -71 -72 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90	WMC WMC WMC WMC WMC INCO INCO INCO INCO INCO INCO INCO INCO INCO INCO
WD9641 WD9642 WD9643	UNK UNK UNK	360657 360649 360642	6515619 6515617 6515616	371 372 372	9.14 6.4 4.57	359.53 359.53 359.53	-90 -90 -90	INCO INCO INCO

All coordinates are in MGA9451S

APPENDIX 3: Significant and Mineralised Drill Intersections at Mt Edwards 26N

This is a table of all drilling intersections within the modelled domains. Due to the nature of the deposit not all drill holes have mineralisation. Low grade intersections have been included where continuity of the mineralised shape necessitated it.

Hole	Length	From	To	Domain	Ni %
DWT123 DWT2 DWT352 DWT353 WDC330 WDC332 WDC333 WDC334 WDD168 WDD172 WDD173 WND1 WND582 DWT1 DWT105 DWT106 DWT107 DWT108 DWT11 DWT110 DWT111 DWT112 DWT113 DWT114	38.5 4.8 31.4 8.6 45.0 22.7 40.3 1.7 42.4 8.5 34.0 5.1 15.0 8.7 2.0 15.7 3.7 16.6 18.7 15.2 24.0 6.7 10.3 2.4	45.5 184.2 85.0 89.9 54.0 55.6 45.0 84.5 63.0 114.0 36.0 168.5 99.8 103.8 332.0 107.3 427.0 310.2 268.0 354.0 112.0 236.0 226.7 195.8	84.0 189.0 116.4 98.5 99.0 78.3 85.3 86.2 105.4 122.5 70.0 173.6 114.8 112.5 334.0 123.0 430.7 326.8 286.7 369.2 136.0 242.7 237.0 198.2	1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2	0.637 1.103 1.245 0.707 0.96 0.949 0.859 0.649 0.99 0.792 0.578 0.564 0.878 1.021 0.644 2.305 1.51 1.42 0.78 1.211 0.685 1.515 2.197 2.386

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30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Length	From	To	Domain	Ni %
DWT116 DWT117 DWT118 DWT119 DWT11W1 DWT12 DWT123 DWT127 DWT128 DWT129 DWT130 DWT135 DWT137 DWT140 DWT144 DWT147 DWT148 DWT175 DWT2 DWT213 DWT351 DWT352 DWT353 DWT354 DWT661 DWT664 DWT686 DWT714A DWT715 DWT716 DWT717 DWT718 DWT8 DWT8W1 DWT9 DWT9W1 WDC320 WDC321 WDC322 WDC325 WDC329 WDC330 WDC331 WDC332 WDC333 WDC334 WDD096 WDD097 WDD098A WDD108 WDD109	10.3 1.4 24.7 17.1 18.2 20.2 14.6 3.1 3.2 8.0 4.0 8.2 8.3 6.0 14.0 23.1 5.5 12.0 4.2 6.6 12.1 24.3 6.3 12.6 3.0 3.0 18.4 12.8 11.4 2.8 12.3 4.2 20.3 14.4 11.0 10.6 18.0 4.0 20.0 5.0 20.0 14.0 15.1 11.7 12.7 8.2 13.0 12.6 2.3 19.0 13.0	109.0 268.0 75.4 162.9 268.2 161.5 84.0 96.0 69.0 149.0 193.0 215.0 294.0 322.0 261.0 356.2 288.5 67.0 210.0 101.9 61.2 116.5 98.5 63.8 309.0 543.0 453.0 422.5 482.6 356.0 498.7 545.3 323.2 329.5 396.0 396.3 72.0 98.0 81.0 68.8 47.0 111.0 76.9 78.3 85.3 86.2 124.0 167.0 206.4 115.0 193.2	119.3 269.4 100.0 180.0 286.4 181.7 98.6 99.1 72.2 157.0 197.0 223.2 302.3 328.0 275.0 379.3 294.0 79.0 214.2 108.5 73.3 140.8 104.8 76.4 312.0 546.0 471.4 435.2 494.0 358.8 511.0 549.5 343.5 343.9 407.0 406.9 90.0 102.0 101.0 73.9 67.0 125.0 92.0 90.0 98.0 94.4 137.0 179.6 208.7 134.0 206.1	2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2	1.455 1.26 1.048 0.681 0.557 2.402 1.229 1.096 2.78 1.873 0.485 1.055 1.773 0.672 1.383 1.88 0.362 1.078 1.555 1.697 0.633 1.159 1.448 0.767 0.981 0.952 2.105 2.016 1.464 0.768 2.595 0.912 1.665 2.386 1.545 1.646 0.924 1.018 1.24 0.809 0.738 1.509 1.028 1.203 1.133 0.866 2.624 2.941 2.259 2.777 1.025

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30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Length	From	To	Domain	Ni %
WDD111 WDD113 WDD114 WDD124 WDD125 WDD127W1 WDD128 WDD129 WDD130 WDD131 WDD136 WDD137 WDD138 WDD139 WDD168 WDD169 WDD170 WDD171 WDD172 WDD173 WDD176 WDD177 WDD178 WDD179 WDD180 WDD181 WDD182 WDD185 WDD187 WDD188 WDD190 WDD194 WDD231 WDD231 WND582 DWT106 DWT113 DWT12 DWT129 WDD096 WDD097 WDD108 WDD114 WDD124 WDD125 WDD181 WDD194 DWT114 DWT144 DWT661 DWT662	18.8 13.0 14.6 7.6 15.0 4.0 14.4 4.3 1.6 5.0 11.0 22.3 15.0 14.8 15.3 7.2 13.1 10.0 4.1 5.9 2.0 6.5 11.0 12.0 9.0 13.9 5.0 3.0 10.0 8.8 8.0 22.1 14.6 7.9 5.4 2.3 1.9 1.5 2.1 2.9 4.4 3.6 1.5 4.7 1.4 3.2 5.4 9.7 2.8 3.5 2.0	230.0 263.0 208.0 276.4 183.0 344.3 364.1 188.8 240.0 158.0 408.0 378.7 324.0 350.0 105.4 204.0 123.0 162.0 171.7 104.0 120.0 151.0 76.0 117.0 161.0 136.1 155.0 211.5 243.0 246.2 278.0 227.0 119.0 163.1 194.5 128.4 243.0 184.0 165.0 140.8 184.0 140.7 225.3 291.0 204.0 156.5 215.8 103.8 193.0 248.5 190.0	248.8 276.0 222.6 284.0 198.0 348.2 378.4 193.0 241.6 163.0 419.0 401.0 339.0 364.8 120.7 211.2 136.1 172.0 175.8 109.9 122.0 157.5 87.0 129.0 170.0 150.0 160.0 214.5 253.0 255.0 286.0 249.1 133.6 171.0 199.9 130.7 244.9 185.5 167.1 143.6 188.4 144.3 226.8 295.7 205.4 159.7 221.3 113.5 195.8 252.0 192.0	2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4	2.296 1.591 2.964 1.661 2.69 1.282 1.833 2.758 1.337 1.562 1.685 0.709 1.595 1.489 0.774 0.945 1.491 1.056 1.627 0.929 0.465 1.939 0.792 1.657 1.143 1.772 1.042 0.452 1.758 0.442 1.067 2.806 0.742 0.678 1.927 2.056 1.454 0.261 0.977 1.236 3.011 3.299 3.196 1.533 3.401 3.56 2.599 2.077 2.35 2.15 0.816

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30 June 2021 – UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES 51%

Hole	Length	From	To	Domain	Ni %
WDD098 WDD098A WDD111 WDD112 WDD183 WDD184 WDD185 WDD186 WDD187 WDD188 WDD189 WDD190 WDD191 WDD192 WDD193 WND576	7.1 13.8 4.0 4.0 2.7 3.1 7.0 4.0 10.9 4.0 3.0 4.0 7.0 7.0 5.0 5.8	72.0 97.5 164.0 84.0 89.0 106.0 140.0 116.0 157.0 171.0 147.0 218.0 145.0 158.0 226.0 185.8	79.1 111.2 168.0 88.0 91.7 109.1 147.0 120.0 167.9 175.0 150.0 222.0 152.0 165.0 231.0 191.5	4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4	1.163 0.633 0.844 0.831 0.663 1.854 2.246 0.668 1.566 0.795 0.952 2.158 0.532 0.746 1.005 1.042

35 neometals.com.au

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NEOMETALS LTD — Capital/Financing Update 2021

65430_rns_2021-06-29_67ef60e7-ce24-4527-926c-917727d1e52a.pdf

UPDATED 26 NORTH RESOURCE AT MT EDWARDS INCREASES BY 51%

HIGHLIGHTS

Location

Mineral Resource Estimation

Background and Future Work

Geology and Geological Interpretation

Deposit Geology

Nickel Mineralisation

Modelling

Mineral Resource Classification

Data Analysis

Exploration History, Drilling Techniques and Details

Drilling, Sampling, Assaying and QAQC

Previous Production

Bulk Density

Variography

Grade Estimation

Top Cuts

Model Validation

Previous Mineral Resource Estimates

Comparison of Mineral Resource Estimate vs Production

Comparison of Nickel grades from Mineral Resource Estimate block vs Composite nickel grades

Audits or reviews

Mining and Metallurgical Considerations

Site Visit

Future Work

Competent Person Attribution

Compliance Statement

ENDS

Jeremy Mcmanus

About Neometals Ltd

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

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results

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

APPENDIX 3: Significant and Mineralised Drill Intersections at Mt Edwards 26N

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NEOMETALS LTD Capital/Financing Update 2021