NEOMETALS LTD - Capital/Financing Update 2021

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29 June 2021
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UPDATED WIDGIE TOWNSITE NICKEL MINERAL RESOURCE AT MT EDWARDS

HIGHLIGHTS

A re-estimation of the Widgie Townsite Nickel Sulphide Mineral Resource limited to fresh rock mineralisation has resulted in an updated estimate of 2.476 million tonnes with a grade of 1.6% nickel for 39,300 contained nickel tonnes; and
The global contained nickel tonnes at the Mt Edwards Project now 158,320 tonnes, from 9.919 million tonnes at 1.6% nickel.

Neometals Ltd ( ASX: NMT ) ( “Neometals” or “the Company” ) is pleased to announce an updated Mineral Resource estimate for the Widgie Townsite Deposit ( “Widgie Townsite” ). The reinterpreted Mineral Resource estimate for Widgie Townsite has been limited to fresh rock which has meant a small reduction in the Mineral Resource size. Further metallurgical test-work is required to assess the nickel hosted in transitional and oxide material above the nickel sulphide zones. While already a sizeable deposit, Widgie Townsite has potential for Mineral Resource extension along strike to the south-east, with current estimate 2.476 Million tonnes at a grade of 1.6% Ni for 39,300 tonnes of contained nickel.

Table 1 – Widgie Townsite Indicated and Inferred Mineral Resource estimates at a 1% nickel cut-off grade

1% Ni cut-off	Tonnes	Ni %	Asppm	Coppm	Cu %	Fe₂O₃ %	MgO %	S %	Ni tonnes
Indicated Inferred	1,183,000 1,293,000	1.7 1.5	467 567	532 462	0.21 0.18	18.9 17.4	20.8 19.2	5.8 4.9	19,970 19,330
TOTAL	2,476,000	1.6	519	496	0.20	18.1	20.0	5.3	39,300

Small discrepancies may occur due to rounding

Including the Widgie Townsite Mineral Resource estimate, the global Mt Edwards Project Mineral Resources across eleven deposits now sits at 9.919 million tonnes at 1.6% nickel for 158,320 tonnes of contained nickel ( refer to Table 2 on next page for the global Mt Edwards Project Mineral Resource Table ).

Widgie Townsite is located near the Gillett and Widgie 3 Mineral Resources, the area of the three deposits is collectively termed the Widgie South Trend. These three deposits are amongst eleven Mineral Resources at Neometals’ Mt Edwards Project surrounding the township of Widgiemooltha, a province of historic nickel sulphide mines.

Since mid-2019 Neometals has undertaken a major review of the Mt Edwards project, with the re-estimation of the Widgie Townsite Mineral Resource being a continuation of this process. The Widgie Townsite Mineral Resource was estimated by Richard Maddocks from Auralia Mining Consultants and reviewed by Snowden Mining Industry Consultants.

A future work program is planned for Widgie Townsite that will include reverse circulation (“ RC ”) and diamond core ( “DD” ) drilling, combined with Downhole Electromagnetic Surveys ( “DHEM”) to further assess the extents of mineralisation and improve the understanding of the metallurgical characteristics to pave the way for further mining studies.

Background

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.

Locked Bag 8 West Perth WA 6872

T: +61 8 9322 1182 F: +61 8 9321 0556

[email protected] neometals.com.au

ACN 099 116 361 Level 1, 1292 Hay Street West Perth WA 6005

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Table 2 – The Mt Edwards Project has 11 Nickel Mineral Resources with a total of 158,320 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 Townsite	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 26N2			575	1.4	575	1.4	8,210
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	7,904	1.5	9,919	1.6	158,320

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 Nickel - Mineral Resource Estimate Note 2. refer announcement on the ASX: NMT 25 June 2018 titled Mt Edwards - 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 Mt Edwards Nickel - Armstrong Resource increases 60% Note 5. refer announcement on the ASX: NMT 26 May 2020 titled Mt Edwards Nickel - Gillett Resource increases 30%

Note 6. refer announcement on the ASX: NMT 6 October 2020 titled Mt Edwards Nickel - Mineral Resource and Exploration Update Note 7. refer announcement on the ASX: NMT 23 December 2020 Mt Edwards Nickel - Zabel Mineral Resource Update Note 8. refer announcement on the ASX: NMT 29 June 2021 Mt Edwards – McEwen Mineral Resources increase 45%

Mineral Resource Estimation

The Widgie Townsite Mineral Resource was estimated by Richard Maddocks from Auralia Mining Consultants. The Mineral Resource estimate for the Widgie Townsite Deposit of 2,476,000 tonnes at 1.6% nickel for 39,300 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 Widgie Townsite Mineral Resource estimates 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 Widgie Townsite Mineral Resource estimate Appendix 3. Significant and Mineralised Nickel Drill Intersections at Widgie Townsite

Location

The Widgie Townsite deposit is located on mining lease M15/94, approximately 1.5km south of the Widgiemooltha Roadhouse (55km from Kambalda). Access from the Coolgardie to Esperance Highway is via the Caves Hill Road and then well-established roads used for previous mining and exploration in the area. The most recent mining in the immediate vicinity of the Widgie Townsite Mineral Resource is Mincor’s Widgiemooltha Gold Operation which included open pits on the same Mining Lease (M15/94) active until September 2019. Geological knowledge has been sought by drill sample logging and surface mapping combined with interpretations of surface and down-hole geophysical surveys. The Widgie Townsite Mineral Resource is located 800 metres north of the Gillett Nickel Mineral Resource, along geological strike, with the area between these deposits remaining for the most part untested.

neometals.com.au

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Figure 1 - Mt Edwards Project tenure over geology, showing the locations of the Widgie Townsite Mineral Resources on Mining Lease M15/94. Neometals holds 100% nickel rights for all live tenements shown above.

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Geology and Geological Interpretation

The geology of the tenements for which Neometals hold nickel rights at Mt Edwards 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 well-differentiated 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.

Widgie Townsite lies on the north-eastern flank of the Widgiemooltha Dome and is hosted within serpentinised ultramafic along the basal western contact of the ultramafic with an underlying footwall basalt. At the deposit scale the geology of Widgie Townsite is dominated by a synformal fold structure (aptly named the Widgie Townsite synform) that plunges to the south at 45 degrees with both limbs dipping eastward at 70 degrees. A major sub-vertical north-northeast trending, 30 to 50 metre wide, shear zone is located close to the axial plane of the Widgie Townsite synform. The ultramafic succession is approximately 250 metres thick and consists of a series of flows with intercalated sediments. The deposit is located immediately adjacent to a series of northwest trending ridges that have very little cover and are oxidised to depths of 20 to 40m.

Nickel Mineralisation

Nickel sulphide mineralisation at Widgie Townsite occurs in two lenses hosted within the ultramafic hanging wall, 20 to 40 metres above the footwall contact. Carbonate alteration and prograde serpentinisation have resulted in mineral assemblages dominated by talc-antigorite-chloritemagnetite and talc-magnesite-amphibolemagnetite. Stronger carbonate-chlorite alteration is associated with mineralised lenses.

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Figure 2 – Plan of geology, drill traces and mineralisation outlines at Widgie Townsite.

The mineralisation styles range from weakly disseminated to matrix and occasional massive sulphide mineralisation. Most of the mineralisation is disseminated. Generally, the disseminated sulphide runs between 0.6 and 2% nickel with the matrix style mineralisation grading up to 3% nickel. There are occurrences of massive nickel sulphide with grades over 3% nickel.

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Modelling

The mineralisation of Widgie Townsite conforms to a Kambalda style komatiite flow hosted deposit, with post depositional structural modification.

Mineralised domains were modelled based on elevated nickel grades and proximity to the basal surface at the mafic/ultramafic contact. There was no strict protocol in assigning a cut-off grade to model the shape. Rather it was based on the interpreted location of elevated nickel within the stratigraphic sequence.

Figures 3 and 4 illustrate the geological interpretation in cross section and long section, and the modelled mineralisation shapes. The interpretation was based on a nominal nickel grade only. It was not possible to further define the interpretation into massive, matrix and disseminated sulphides. There are some massive sulphides present but there is insufficient density of drilling to attempt to define these zones at a resolution suitable to model.

A top of fresh rock surface and a bottom of complete oxidation surface were modelled from the logging codes in drillholes.

The mineralised domains were modelled based on elevated nickel grades close to the mafic/ultramafic contact. While there was no defined cut-off grade used in modelling the domain generally boundaries were based on a minimum of 0.5 – 0.8% nickel. There were however several lower grade intersections and samples that were included to maintain continuity of the mineralisation.

Geological and grade modelling was done using Vulcan v2020.2

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Figure 3 – Cross section of geology and drill traces at Widgie Townsite with the interpreted mineralisation shapes. Targets east and south remain untested.

Mineral Resource Classification

Widgie Townsite is generally well drilled providing very good continuity of geology and grade. The comparison between older drilling campaigns and newer ones with QAQC sampling provides confidence in the veracity of the older drilling campaigns’ sampling and assaying. Classification was generally based on drill spacing and the number of drill holes and samples used for each block estimate. Domains 1, 3 and 4 were all classified Inferred. Where there is a greater density of drilling and therefore greater confidence in the continuity of grade and geology, parts of domain 2 have been classified Indicated.

The oxide and transitional areas have not been classified so therefore are not included in the Mineral Resource Estimate. Potential metallurgical issues with supergene nickel mineralisation mean that, without appropriate metallurgical and mineralogical testwork, these areas cannot be included in the Mineral Resource.

Figure 5 shows a longsection of domain 2 coloured by Mineral Resource classifications. The area with closer drilling has been classified as Indicated. The Indicated zone has 93% of blocks estimated in pass 1, 1% in pass 2 and 7% in pass 3. The pass 3 blocks are generally isolated blocks or areas and have been included for continuity.

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Figure 4 – A long section showing the four modelled mineralisation domains at Widgie Townsite.

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Figure 5 – A long section of Domain 2 showing areas of Mineral Resource classification.

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Figure 6 – Long sections of domain 2 showing the distribution of composites for nickel, copper, arsenic, and sulphur.

Figure 6 shows the distribution of four of the modelled elements (nickel, copper, arsenic, and sulphur) within Domain 2. The Indicated Mineral Resource area is also shown. The majority of drilling and sampling is focussed on the upper part of the domain with significantly less composites towards the bottom of the domain. It is also apparent that there is extrapolation of grades into this lower region, and this results in the Inferred classification for this part of Domain 2. It should be noted that there is drilling and sampling in the lower part of Domain 2 that does confirm the continuation of the mineralised horizon as seen in the nickel longsection in Figure 5, and in Figure 7. The relationship between nickel and other variables justifies the extrapolation of elements other than nickel into this lower area of domain 2.

Table 3 - Number of Composites within the Indicated Mineral Resource

	Ni	Co	Cu	Fe2O3	MgO	S	As
Count	908	832	840	557	578	590	828 71
Holes	78	74	74	47	48	52

Table 3 shows the number of composites and the number of sampled holes for each modelled element within the Indicated Mineral Resource area. The difference in numbers is due to the older drillholes (mainly WMC) not being assayed for Fe₂O₃, MgO and S. While there are fewer composites and therefore less support for these elements, Auralia is of the opinion that there is still sufficient data for classification of these elements as Indicated Mineral Resources. The nature, quality, amount and distribution of the data is such as to allow confident interpretation of the geological framework and to assume continuity of mineralisation.

neometals.com.au

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Figure 7 – Long section of Widgie Townsite Mineral Resource with drill traces and significant drill intercepts.

Exploration History, Drilling Techniques and Details

Widgie Townsite was discovered by Anaconda/CRA JV in 1967-68 through gossan sampling and subsequent drilling. Between 1971-74 the Anaconda/Union Miniere JV completed ground magnetics, IP, and follow up diamond drilling without fully defining the style and extent of mineralisation. The Metals Exploration/Outokumpu joint venture followed up with major RAB and diamond drilling programs in 1979-83. From 1983 onwards the project has been managed by WMC, with further drilling programs completed in 1995-98.

Titan Resources NL (under subsidiary Australian Nickel Mines NL) acquired the nickel rights for the Central Widgie tenements, including M15/94, in December 2003. Titan Resources subsequently carried RC and Diamond core drilling at Widgie Townsite and re-estimated the Mineral Resource. In 2006 Titan Resources was taken over by Consolidated Mineral via subsidiary Consolidated Nickel Pty Ltd. No drilling has been conducted since 2007.

In total 69,656 metres of Diamond Core, RAB, Air Core, RC and other known forms of drilling across 620 drill holes are within the Widgie Townsite area located on mining lease M15/94.

Table 4 shows the history of drilling and sampling in the Widgie Townsite area. These are holes designated in the Widgiemooltha database as being part of the Widgie Townsite project area and located within mining lease M15/94. Not all of these holes are mineralised nor were all used in the Mineral Resource Estimate for Widgie Townsite. No Air-core nor RAB holes were used in the Mineral Resource estimation.

Apart from drill type summarised in Table 4, drilling and sampling techniques for exploration completed before Titan Resources acquired the project are not known.

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Table 4 - History of drilling and details for Widgie Townsite

Company	Hole Type	No Holes	Metres
Anaconda 1968-71	DD RC AC RAB Unknown	5 - - - 19	1,165 - - - 1,124
UNIMIN 1973-74	DD RC AC RAB	5 - - -	1,438 - - -
Metals Exp 1981-82	DD RC AC RAB	10 - - -	3,462 - - -
WMC 1983-97	DD RC AC RAB Unknown	105 217 97 74 10	22,926 15,897 2,348 3,448 468
TitanResources 2005-07	DD RC AC RAB	21 4 - -	6,538 597 - -
Consolidated Nickel 2007	DD RC AC RAB	35 18 - -	8,146 2,099 - -
TOTAL	DD RC AC RAB Unknown	181 239 97 74 29	43,675 18,593 2,348 3,448 1,592
Grand Total	All	620	69,656

QAQC

QAQC procedures carried out by Anaconda, Unimin, Metals Exploration and WMC are not known.

Titan Resources (2005-2007) carried out QAQC with the use of two standard types and a fine blank placed into the sampling sequence every 25 samples, preferably around mineralised zones. In addition, the laboratory used its own standards and blanks. It was the practice that Genalysis pulverised and archived a barren flush for each pulveriser bowl and each operator for each sample batch. One assay blank was inserted at the start of each sample batch, and thereafter, a blank was inserted randomly, approximately each 100 client samples.

Consolidated Nickel (2007) completed QAQC reports for Nickel, Arsenic, Iron, Magnesium and Non-sulphide Nickel for the period from the 1/11/2006 to 20/11/2007. These reports include the 18 RC and 27 diamond holes, termed “resource validation drilling” that were drilled and sampled in the period from December 2006 to March 2007. Consolidated Nickel presented a comprehensive report of the QAQC data results in their 2007 Mineral Resource Report.

Auralia, after reviewing the QAQC reports and data from Titan Resources and Consolidated Nickel is satisfied with the sample preparation and assaying methodology and is confident that the assay data is of a standard to include in this Mineral Resource Estimate.

neometals.com.au

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Bulk Density

There are 333 density measurements within the Widgie Townsite mineralised domains taken from core drilled by Titan Resources in 2004. These are taken from 19 different drill holes. Measurements were made by the water immersion method. There are no measurements within domain 1 due to its shallow depth and location in the oxide/transition zone. A scatter plot and regression formula are illustrated below with the formula used to estimate density into the modelled domains.

Bulk Density (t/m3) = 0.1881 x Ni % + 2.8188

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Widgie Townsite Density Measurements
6
y = 0.1881x + 2.8188
5
R² = 0.679
4
3
2
1
0
0 2 4 6 8 10 12 14
Nickel Grade %
Dry Bulk Density t/m³
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Figure 8 – Widgie Townsite density and nickel grade scatter plot. 333 measurements of diamond core from 19 holes.

This density calculation is reliant on nickel grade only and ignores contributions from other elements (e.g. copper and iron). It has been applied only to blocks within the modelled mineralised domains. Outside these domains the fresh mafic is modelled with a density of 2.7 and the fresh ultramafic 2.9 based on reasonable assumptions for these rock types.

Weathered material within the mineralised domains has been assigned a density of 2.3 for transitional and 1.8 for oxide based on comparable deposits in the region. Outside the domain the fresh mafic (2.7) and the fresh ultramafic (2.9) bulk density is based on reasonable assumptions for these rock types.

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Figure 9 – Long section of Widgie Townsite showing location of bulk density measurement drill-holes.

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Variography

Variography was done for all 9 modelled elements. Domains 1 and 2 contain the majority of the data. Domains 3 and 4 have similar geological characteristics as domain 2 and have a similar orientation so the model variogram developed for domain 2 was also applied to domains 3 and 4. The variograms generally are aligned along the geological strike but with slightly varying dips and plunges. A spherical, two structure model was applied to each element. Given the data is positively skewed a normal scores transformation was applied to the data before variography. Tables 5 & 6 tabulate the models applied in the estimate. Negative dips indicate a westerly dip while positive dips are easterly.

Table 5 - Variography Details Domain 1

Domain 1	Nugget C₀	Sill C₁	Sill C₂	Azimuth°	Plunge°	Dip°	Major₁ (m)	Semi₁ (m)	Minor₁ (m)	Major₂ (m)	Semi₂ (m)	Minor₂ (m)
Nickel	0.1	0.45	0.45	126.38	19.68	-79	10	10	2	40	20	10
Arsenic	0.1	0.65	0.25	120	0	-83	10	5	2	50	10	10
Cobalt	0.1	0.62	0.28	120	0	-83	10	10	2	30	20	6
Copper	0.05	0.24	0.71	127.5	0	-83	30	5	4	45	10	10
Fe₂O₃	0.05	0.11	0.84	127.5	-22.5	90	10	15	5	50	30	10
MgO	0.05	0.21	0.74	127.5	-15	90	20	10	5	50	40	10
Sulphur	0.1	0.75	0.15	129.5	-14.87	-82	50	15	10	80	25	15

Table 6 - Variography Details Domains 2,3 and 4

Domain 2,3,4	Nugget C₀	Sill C₁	Sill C₂	Azimuth°	Plunge°	Dip°	Major₁ (m)	Semi₁ (m)	Minor₁ (m)	Major₂ (m)	Semi₂ (m)	Minor₂ (m)
Nickel	0.1	0.68	0.22	117.82	-46.04	60	40	10	15	160	170	3
Arsenic	0.05	0.77	0.18	117.82	-46.04	60	20	20	4	100	40	18
Cobalt	0.05	0.23	0.72	117.82	-46.04	60	20	20	2	80	40	3
Copper	0.05	0.45	0.5	123.86	-50.02	66	5	30	2	50	80	4
Fe₂O₃	0.05	0.35	0.6	134	-28.88	73	10	10	2	70	20	8
MgO	0.02	0.9	0.08	131.27	-36.02	71	75	20	10	250	110	15
Sulphur	0.05	0.75	0.2	131.27	-36.02	71	30	5	4	80	30	15

Grade Estimation

Nickel, arsenic, cobalt, copper, Fe₂O₃, MgO and sulphur were estimated in 3 passes using ordinary kriging. The first pass search extents were based on the range indicated by the variogram models, the second pass was based on a 100% increase in dimensions and pass three increased to 400% to ensure that all blocks were populated. For domain 1 the minimum number of samples in pass 3 was reduced to 2 and the minimum number of holes to 1 to ensure that all blocks were populated.

Details of the search dimensions and directions are summarised in Tables 6 and 7 and other parameters in Table 8.

Search directions are based on the results of variography. A negative plunge indicates a plunge in a southerly direction and a positive dip indicated a dip towards the west.

The parent block size is 5m X 20m X 15m, with sub-blocks of 1.25m X 1.25m x 1.25m. Grades have been estimated into the parent block size. Block size, number of samples, search dimensions and discretisation were all selected using kriging neighbourhood analysis as a guide.

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Table 7 – Widgie Townsite Mineral Resource Model Grade estimation details

Domain 1	Pass 1(m)	Pass 1(m)		Pass 2(m)	Pass 2(m)		Pass 3(m)	Pass 3(m)
Nickel	40	20	15	80	40	20	160	80	40
Arsenic	50	10	10	100	20	20	200	40	40
Cobalt	30	20	15	60	40	15	120	80	24
Copper	45	10	15	90	20	20	180	40	40
Fe₂O₃	50	30	10	100	60	20	200	120	40
MgO	50	40	10	100	80	20	200	160	40
Sulphur	80	25	15	160	50	30	320	100	60
Domains 2,3,4	Pass 1(m)			Pass 2(m)			Pass 3(m)
Nickel	160	170	10	320	340	20	640	680	30
Arsenic	100	40	18	200	80	36	400	160	72
Cobalt	80	40	15	160	80	15	320	160	12
Copper	50	80	15	100	160	15	200	320	16
Fe₂O₃	70	20	15	140	40	16	280	80	32
MgO	250	110	15	500	220	30	1000	440	60
Sulphur	80	30	15	160	60	30	320	120	60

Table 8 - Search directions for Domains in the Widgie Townsite estimation

Domain 1	Bearing°	Plunge°	Dip°
Nickel	126	20	-80
Arsenic	120	0	-83
Cobalt	120	0	-83
Copper	128	0	-83
Fe₂O₃	128	-23	90
MgO	128	-15	90
Sulphur	130	-15	-82
Domains 2,3,4	Bearing°	Plunge°	Dip°
Nickel	118	-46	60
Arsenic	118	-46	60
Cobalt	118	-46	60
Copper	124	-50	66
Fe₂O₃	134	-29	73
MgO	131	-36	71
Sulphur	131	-36	71

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Table 9 - Search Model Grade estimation details for Widgie Townsite estimate

Variable	Pass	min samples	max samples Min	disc x	disc y	disc z
Nickel	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3
Arsenic	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3
Cobalt	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3
Copper	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3
Fe₂O₃	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3
MgO	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3
Sulphur	1	10	26 5	1	4	3
	2	10	26 5	1	4	3
	3	4	26 2	1	4	3

Top Cuts

Top cuts have been applied to sulphur, cobalt, copper and arsenic as shown in table 10. Top cuts are based on cumulative log frequency graphs and co-efficients of variation (CV). An example for cobalt is shown in figure 10.

Table 10 - Top Cuts have been applied to six variables across the four domains

		Domain	Domain	Domain
Top cuts applied	1	2	3	4
as ppm co ppm cu % s %	3,800 1,700 0.3 2.5	6,300 1,500 1.0 20.0	- - 0.9 17.5	3,500 2,000 0.8 10.5
No of comps cut	1	2	3	4
as ppm co ppm cu % s %	10 7 6 9	29 10 10 8	0 0 1 4	11 3 2 8
% of comps cut	1	2	3	4
as ppm co ppm cu % s %	4.0% 2.6% 2.2% 4.6%	3.0% 1.0% 1.0% 1.2%	0.0% 0.0% 3.1% 14.3%	10.5% 2.7% 1.8% 8.9%

Cobalt Domain 1

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Cobalt Domain 2 Cobalt Domain 3

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Cobalt Domain 4

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Figure 10 - Cumulative Log Frequency graph for cobalt for each of the four domains and the various top-cuts.

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Table 11 shows the impact of the application of top cuts on the six variables across for the four domains.

Table 11 – Uncut and Cut statistics for the Widgie Townsite composites by domain

Mean	Domain 1	Domain 1	Domain 2	Domain 2	Domain 3	Domain 3	Domain 4	Domain 4
	Uncut	Cut	Uncut	Cut	Uncut	Cut	Uncut	Cut
as ppm co ppm cu % s %	1,479 637 0.072 0.44	1,455 573 0.069 0.44	818 512 0.197 5.68	698 501 0.188 5.59	313 842 0.341 12.06	313 842 0.339 11.27	1,358 360 0.133 3.16	881 356 0.128 2.57
CV	Domain 1		Domain 2		Domain 3		Domain 4
	Uncut	Cut	Uncut	Cut	Uncut	Cut	Uncut	Cut
as ppm co ppm cu % s %	0.70 1.15 1.13 2.22	0.66 0.63 0.99 2.22	2.53 0.73 1.39 0.81	2.05 0.57 0.92 0.76	3.29 0.80 0.74 0.58	3.29 0.80 0.73 0.51	2.71 1.11 1.41 1.61	1.29 1.07 1.30 1.21

Model Validation

Table 12 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 with top cuts applied and the block grade is the average block model grade within the domain with no cut-off grade applied. The composites and block grades are those within fresh rock in each domain. The variation between composites and block grades is generally within acceptable limits and does not display any significant bias.

Table 12 - Comparison between Ordinary kriged and Inverse distance Estimation

Cut-off Ni %	Tonnes	Grade Ni %	Nickel tonnes	Tonnes	Grade Ni%	Nickel tonnes	Tonnes OK/ID2	Grade OK/ID2	Ni tonnes OK/ID2
Domain 1	Inverse Distance Squared			Ordinary Kriging
0.00%	188,165	1.04	1,949	188,165	1.08	2,039	100%	105%	105%
0.50%	188,165	1.04	1,949	188,165	1.08	2,039	100%	105%	105%
1.00%	108,331	1.21	1,307	114,219	1.23	1,401	105%	102%	107%
2.00%	0	0	0	0	0	0	0	0	0
Domain 2	Inverse Distance Squared			Ordinary Kriging
0.00%	2,379,519	1.56	37,168	2,379,519	1.54	36,570	100%	98%	98%
0.50%	2,371,271	1.57	37,132	2,379,519	1.54	36,570	100%	98%	98%
1.00%	1,900,732	1.75	33,217	2,184,988	1.59	34,833	115%	91%	105%
2.00%	571,232	2.45	14,003	282,773	2.42	6,843	50%	99%	49%
Domain 3	Inverse Distance Squared			Ordinary Kriging
0.00%	45,949	2.24	1,028	45,949	2.21	1,017	100%	99%	99%
0.50%	45,949	2.24	1,028	45,949	2.21	1,017	100%	99%	99%
1.00%	44,620	2.28	1,016	45,949	2.21	1,017	103%	97%	100%
2.00%	30,634	2.54	777	35,251	2.33	820	115%	92%	105%
Domain 4	Inverse Distance Squared			Ordinary Kriging
0.00%	159,038	1.23	1,949	159,038	1.44	2,294	100%	118%	118%
0.50%	157,701	1.23	1,944	158,124	1.45	2,289	100%	117%	118%
1.00%	100,240	1.50	1,507	131,961	1.57	2,068	132%	104%	137%
2.00%	10,495	2.46	259	12,319	2.33	287	117%	94%	111%

In addition to ordinary kriging, nickel was estimated using inverse distance squared (id2). A comparison between these two estimation methods for all four domains at a reported cut-off of 1% Ni is shown in Table 13. Results are shown with no rounding of numbers. There is generally a good correlation between the different modelling techniques.

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Table 13 - Block model and composite grades for Widgie Townsite by Domain (Excludes oxide and transitional)

Domain 1	Ni %	Coppm	Cu %	Fe₂O₃ %	MgO %	S %	Asppm
Comp count Mean comp grade Block grade Block:compratio	88 1.02 1.08 106%	78 554 537.64 97%	88 0.05 0.05 114%	31 16.78 14.68 88%	31 16.34 14.69 90%	31 1.53 1.11 73%	64 1,290 1,139 88%
Domain 2	Ni %	Coppm	Cu %	Fe₂O₃ %	MgO %	S %	Asppm
Comp count Mean comp grade Block grade Block:compratio	976 1.53 1.54 101%	904 508 481.85 95%	916 0.20 0.20 96%	557 19.25 17.90 93%	589 19.53 20.20 103%	602 5.89 5.43 92%	904 640 520 81%
Domain 3	Ni %	Coppm	Cu %	Fe₂O₃ %	MgO %	S %	Asppm
Comp count Mean comp grade Block grade Block:compratio	34 2.19 2.21 101%	32 842 903.31 107%	32 0.34 0.37 110%	26 33.68 35.73 106%	28 14.55 12.98 89%	28 11.27 12.79 114%	33 313 288 92%
Domain 4	Ni %	Coppm	Cu %	Fe₂O₃ %	MgO %	S %	Asppm
Comp count Mean comp grade Block grade	108 1.25 1.44	108 357 368.01	108 0.13 0.14	83 15.04 16.99	83 20.72 19.47	86 2.68 3.10	101 794 639 80%
Block:compratio	115%	103%	109%	113%	94%	116%

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Figure 11 - Swath plots for Nickel at Widgie Townsite for All Domains.

The swath plot analysis in the Figure 11 includes all the Widgie Townsite domains. 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 11 above the model grade is represented by the brown line and the composite data by the blue line.

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Audits or reviews

The Widgie Townsite Mineral Resources models, 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 estimates.

Previous Mineral Resource Estimates

Further validation includes comparison with previous Mineral Resource models estimated for Widgie Townsite.

The latest 2021 estimate corresponds relatively closely to previous estimates using the same data. Estimates produced since 2007 are using the same data and these estimated are all similar. The main difference appears to be in the classification criteria. The previous estimate by Apollo Phoenix in 2016 was classified as all Indicated. Auralia has applied a more conservative approach when classifying the Mineral Resources.

Table 14 presents a summary of previous Mineral Resource estimations for Widgie Townsite. Results include some rounding.

Table 14 – Comparison with previous Widgie Townsite Mineral Resource Estimations, values may be rounded

Company	Year	Tonnes	Ni grade %	Contained Ni tonnes	Cut-off grade % Ni	Mineral Resource Category
WMC Resources Ltd	1987	1,339,000	2.18	29,190	?	?
WMC Resources Ltd	1994	1,863,200	1.97	36,705	?	?
WMC Resources Ltd	1996	1,527,800	1.45	22,153	0.5	?
WMC Resources Ltd	1997	2,423,300	1.53	37,076	1	?
WMC Resources Ltd	1998	1,595,500	1.46	23,294	?	?
WMC Resources Ltd	1999	1,282,600	2.15	27,576	?	Indicated
RSG Global	2004	1,882,800	1.37	25,794	1	Inferred
Hellman & Schofield PtyLtd	2005	2,194,100	1.48	32,473	1	Inferred
Australian Nickel NL	Mar-07	2,138,300	1.89	40,414	1	Inferred/Indicated
Australian Nickel NL	2007	2,300,900	1.83	42,106	1	Inferred/Indicated
Apollo Phoenix	2016	2,193,000	1.86	40,720	1	Indicated
Neometals	2021	2,476,000	1.59	39,300	1	Inferred/ Indicated

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 development of a portal using a box cut for an entry point to the decline.

A nickel cut-off grade of 1.0% is considered the most appropriate for the Mineral Resource estimate. The 1% 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 project 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 several holes of drill core from Widgie Townsite.

Future Work

Future work at Widgie Townsite will include additional infill RC and diamond core drilling and sampling so that a thorough structural 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 to pave the way for additional mining studies.

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.

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The drilling described above would increase the understanding of the distribution of arsenic mineralisation.

Nickel mineralisation remains open at depth and along strike to the south-east and further drilling is warranted test the extent of the Mineral Resource. DHEM will 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 Widgie Townsite 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.

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 Widgie Townsite 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
05/08/2019	Mt Edwards Nickel – Drill Results
13/11/2019	Additional Nickel Mineral Resource At Mt Edwards
11/12/2019	Mt Edwards Nickel - Drill Results from Widgie South Trend
31/01/2020	Further Massive Nickel Sulphide Results from Mt Edwards
16/04/2020	Mt Edwards Nickel - Armstrong Resource increases 60%
26/05/2020	Mt Edwards Nickel - Gillett Resource increases 30%
06/10/2020	Mt Edwards Nickel - Mineral Resource and Exploration Update
23/12/2020	Mt Edwards Nickel - Zabel Mineral Resource Update
29/06/2021	Mt Edwards – McEwen Mineral Resources increase 45%

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

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

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 (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.	Titan Resources and 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 Resources 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. Samples are produced at 1m intervals from RC drill holes. The samples are usually sampled as either 1 m or 4m composites. A representative scoop is taken through the sample bag. An anomalous 4 m composite sample is resampled at 1m intervals.
*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 Widgie Townsite Mineral Resource is based on diamond core and RC drilling techniques. A total of 420 RC and diamond core holes totalling 62,268m have been drilled into the deposit area. 181 diamond core holes (43,675m) and 239 RC holes (18,593m) have been drilled. Core drilled by Titan Resources and Consolidated Nickel was generally HQ diameter core. 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 is not known.
	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, weathering, alteration, and mineralogy. All samples were logged in the field at the time of drilling and sampling, 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. 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.	Information relating to RC chip samples collected before 2005 is scarce. Information such as sample interval is well recorded. For Titan Resources samples were collected via a cyclone and riffle split 75:25. One metre samples were laid out on the ground in rows of 20. Four metre composites or 1 metre splits were submitted to the laboratory at the geologist’s discretion. Four metre composites were sampled using a spear by taking an equal portion from each one metre sample. Zones of interest were sampled at 1 metre intervals. Nickel mineralisation was sampled for 10 metres above and 5 metres below the contact. Samples, weighing between 3 and 5kg, were submitted to the laboratory. Four metre composite samples assaying greater than 0.3% nickel or 0.3g/t gold were re- sampled at one metre intervals. One metre geological reference samples were collected and stored in chip tray boxes. Diamond core was oriented and geotechnical logging was carried out prior to the core being cut. Half core or quarter core samples were submitted for analysis. Half core was retained for future reference and/or metallurgical test work.
*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.	Sub-sampling procedures carried out by operators before 2005 are not known. Titan Resources samples were collected via a cyclone and riffle split 75:25. One metre samples were laid out on the ground in rows of 20. Four metre composites or 1 metre splits were submitted to the laboratory at the geologist’s discretion. Four metre composites were sampled using a spear by taking an equal portion from each one metre sample. Zones of interest were sampled at 1 metre intervals.
*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.	Pre 1999 samples (INCO and WMC) are reported in WAMEX reports but the analytical procedures were not disclosed. For Titan Resources analysis was undertaken by ALS Chemex and Genalysis Laboratory Services Pty Ltd, both of Perth. Prior to April 2006 all analyses were undertaken by ALS Chemex, Perth (ALS). However, in April 2006, the laboratory assay

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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
	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.	contract for Titan Resources Limited’s drilling at Widgiemooltha was awarded to Genalysis Laboratory Services Pty Ltd (Genalysis). A description of the analytical methods and detection limits used by each laboratory is provided below. ALS Chemex The entire sample was prepared by crushing and pulverising to a nominal 90% passing 75 microns. The analytical schemes used are as follows: • ME-ICP61s (formerly IC587) four acid digestion, HF-HNO3-HCLO4 acid digestion, HCL leach with ICP-AES, for the following analytes: Al (0.01%), As (5ppm), Co (1ppm), Cr (1ppm), Cu (1ppm), Fe (0.01%), Mg (0.01%), Mn (5ppm), Ni (1ppm), S (100ppm), and Zn (2ppm); detection limits in brackets. • 50g fire assay with ICP-MS for Au, Pt, Pd (PGM-MS24) • Ore grade elements were re-assayed using ME-OG62 four acid digest (as above). The elements were determined by ICP-AES • Ore grade Ni - four acid digest with variable finish with a lower detection limit of 0.01% (Ni-OG62) • Sulphide nickel – ascorbic acid digest with AAS (Ni-AA09c) • After preparation a split or check sample was taken by ALS Chemex from every 20th sample and sent to Ultratrace Analytical Laboratories in Perth for analysis using a four-acid digest. The detection limits for the elements analysed are given in brackets: Al (0.01%), As (5ppm), Co (1ppm), Cr (5ppm), Cu (1ppm), Fe (0.01%), Mg (0.01%), Mn (1ppm), Ni (1ppm), and S (0.01%) Genalysis Laboratory Services Pty Ltd From April 2006, sample analyses for all drilling on the Widgiemooltha Central tenements were undertaken by Genalysis Laboratory Services Pty Ltd. The entire sample was prepared by crushing and pulverising to a nominal 85% passing 75 microns. Samples were analysed routinely for Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni, S, Zn using a four-acid digest with ICP-OES (AT/OES). Gold was analysed using a 50g fire assay with flame AAS (FA50/AAS), and platinum and palladium were analysed using a 25g fire assay with ICP-MS (FA25/MS). Ore grade nickel samples were assayed using a four-acid digest with AAS finish (AX/AAS) and sulphide nickel was analysed using an ascorbic acid digest with ICP-OES (PA2/OES). Geochemical analysis of drill samples for Consolidated Nickel was undertaken by Genalysis Laboratory Services and Ultra Trace Laboratories. Routinely a 19-element suite was analysed – Ag, Al, As, Ca, Co, Cr, Cu, Fe, K, Mg, Mn, Na, Ni, Pb, S, Ti and Zn by multi acid digest with ICPOES finish and Pd and Pt by fire assay with ICPMS finish. For Titan Resources QAQC was carried out using two standards and a fine blank. Standards were placed in the sampling sequence every 25 samples. The samples

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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
		were inserted into the sampling sequence around mineralised zones. Standards and blanks were purchased from Ore Research & Exploration Pty Ltd. Certificates of analysis are available for these standards in pdf format. In addition, the laboratory uses its own standards and blanks. Genalysis pulverises and archives a barren flush for each pulveriser bowl and each operator for each sample batch. One assay blank was inserted at the start of each sample batch, and thereafter, a blank was inserted randomly, approximately each 100 client samples. Consolidated Nickel QAQC reports were completed for Nickel, Arsenic, Iron, Magnesium and Non-sulphide Nickel for the period from the 1/11/2006 to 20/11/2007. These reports include the 18 RC and 27 diamond holes that were drilled in the period from December 2006 to March 2007. Consolidated Nickel presented a comprehensive report of the QAQC data results in their 2007 Mineral Resource Report. Auralia, after reviewing this report, is satisfied with the sample preparation and assaying methodology and is confident that the assay data is of a standard to include in this Mineral Resource Estimate
*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	Data is visually validated by geologists and database staff. There has been no validation and cross checking of laboratory performance. 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 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	Most RC drill holes were sampled at 1 metre intervals down hole.

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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	Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
		Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied		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 some samples less than 1m in length.
*Orientation of data in* *geological structure*	*relation to*	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. Sample security was not considered a significant risk to the project.

		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 holds the nickel rights on Mining Lease M15/94. Mincor Resources NL is the beneficial owner of M15/94.
*Exploration done* *by other parties*	Acknowledgment and appraisal of exploration by other parties.		Neometals has held an interest in M15/94 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 the tenement 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 geology at Widgie Townsite comprises of sub- vertically dipping multiple sequences of ultramafic rock, metabasalt rock units and intermittent meta- sedimentary units. The Widgie Townsite Mineral Resource is hosted within ultramafic material just on and above the basalt-

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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
		ultramafic contact. This contact has been folded into a series of anticlinal and synclinal structures. Contact zones between ultramafic rock and metabasalt are considered as favourable zones for nickel mineralisation.
*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, dip and respective tenement number. 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 (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. 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. Diamond core was often sampled at less than 1m intervals. Reported intersections are length weighted average nickel grades within the modelled mineralised domains. No metal equivalents are used in this Mineral Resource estimate; however, the value of copper and cobalt should be considered in any assessment of the Mineral Resource.
*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 Widgie Townsite 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.

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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	Section 2 Reporting of Exploration Results
	*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.

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 results by several companies. Data was 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 has visited the site. An inspection of the site was conducted on 17 March 2020.
*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. 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),	The modelled deposit has a strike extent of 500m and a vertical down dip extent of
	plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	about 330m. The deepest part of the mineralised domain is 350m below surface. The mineralised zone is from about 1m to
		10m 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 was done using ordinary kriging. Four mineralised domains were estimated representing the basal accumulation of nickel bearing sulphides. 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. Also modelled were Fe2O3, MgO, As, Co, Cu and S. Composites were modelled at 1m intervals to reflect the dominant sample intervals in the database. The block size was 5mX, 20mY, 15mZ. A sub-block size of 2.5mX, 2.5mY, 2.5mZ 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 horizon. A three-pass estimation was used, pass 1 reflected the variography model ranges and pass 2 was double and pass three to ensure all blocks within the domain were estimated but generally 4 to 5 times the range in pass 1. No assumptions were made on correlation of modelled variables. Each modelled variable was estimated in its own right. All elements were modelled using OK. Top cuts were applied to arsenic, copper, cobalt, 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 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 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 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
*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 mineralised horizon was estimated with a regression formula derived from 333 measurements on 19 diamond drill holes. The formula used is: Bulk Density (t/m3) = (0.1881 x Ni %) + 2.8818. This was applied to fresh rock within the mineralised domains. Transitional material was assigned a density of 2.3 and oxide 1.8. Fresh Mafic waste 2.7 and ultramafic waste 2.9
*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 Widgie Townsite Mineral Resource has been classified as Indicated and Inferred. Oxide and transition material was not classified. The main criteria used for classifying indicated material was drill spacing. Closer spaced drilling in domain 2 was classified indicated with other parts classified as inferred. Domains 1, 3 and 4 were classified as inferred. 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. .
*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.	There is much drilling into the Widgie Townsite orebody. The position of the nickel mineralised horizon has been well established as has the global grade. The stated tonnages and grade reflect the geological interpretation and the categorisation of the Mineral Resource estimate reflects the relative confidence and accuracy.

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Section 3 Estimation and Reporting of Mineral Resources 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.

APPENDIX 2: Drill holes used in the Widgie Townsite Mineral Resource estimate

Hole	East MGA94	North MGA94	RL	Depth	Azimuth	Dip
DWT1 DWT10 DWT100 DWT101 DWT102 DWT103 DWT104 DWT105 DWT106 DWT107 DWT108 DWT109 DWT11 DWT110 DWT111 DWT112 DWT113 DWT114 DWT115 DWT116 DWT117 DWT118 DWT119 DWT11W1 DWT12 DWT120 DWT122 DWT123 DWT127 DWT128 DWT129 DWT13 DWT130 DWT134 DWT135 DWT137 DWT140	364307 364802 364263 364284 364303 364323 364372 364529 364414 364636 364631 364648 364511 364681 364352 364424 364497 364519 364578 364376 364474 364327 364378 364511 364468 364457 364287 364310 364375 364381 364419 364514 364444 364417 364449 364577 364535	6514130 6513771 6513790 6513749 6513715 6513680 6514191 6514139 6513946 6514033 6513956 6513829 6514006 6513985 6514059 6514132 6513975 6513911 6513829 6513995 6514095 6514033 6514141 6514006 6513959 6514165 6514191 6514075 6513994 6513928 6513967 6513861 6513993 6513893 6514012 6513972 6514042	316 313 318 319 320 320 315 313 315 313 314 314 314 313 315 315 314 315 315 316 314 315 315 314 315 314 317 316 315 316 315 316 315 316 315 314 314	182.72 438.62 48 60 60 49 282 362 342 465 384.13 348 329 426.17 181 294 296 266 285 151 316 165 228 300 212 327 222 169 168 174 211 215 258 153 336.5 347 403	215 225 245 245 245 245 223 220 225 225 224 220 225 225 225 225 225 225 220 225 225 220 222 225 220 225 221 225 225 215 225 225 225 225 227 225 225	-50 -65 -60 -60 -60 -60 -61.27 -60 -62 -67 -58 -60 -65 -60 -63 -60 -62 -64 -63 -65 -60 -60 -51 -65 -55.36 -60 -60 -60 -50 -63 -63 -65 -63 -63 -65.52 -63 -65

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Hole	East MGA94	North MGA94	RL	Depth	Azimuth	Dip
DWT144 DWT147 DWT148 DWT160 DWT163 DWT175 DWT176 DWT191 DWT192 DWT193 DWT2 DWT213 DWT259 DWT260 DWT261 DWT262 DWT263 DWT264 DWT265 DWT265A DWT266 DWT267 DWT332 DWT350 DWT351 DWT352 DWT353 DWT354 DWT661 DWT662 DWT663 DWT664 DWT665 DWT666 DWT686 DWT687 DWT688 DWT692 DWT7 DWT714 DWT714A DWT715 DWT716 DWT717 DWT718 DWT727 DWT728 DWT729	364554 364303 364370 364781 364284 364375 364414 364253 364272 364233 364365 364392 364221 364250 364261 364273 364284 364288 364253 364255 364267 364279 364371 364369 364298 364335 364299 364301 364650 364627 364655 364798 364718 364767 364710 364737 364847 364915 364603 364339 364335 364317 364611 364750 364800 364081 364121 364160	6513947 6513681 6513675 6513552 6513806 6513958 6513920 6513785 6513794 6513823 6514230 6513975 6513805 6513806 6513806 6513806 6513806 6513788 6513775 6513775 6513776 6513776 6514033 6514036 6514059 6514096 6514115 6514059 6513904 6513879 6513764 6513912 6513831 6513880 6513973 6514005 6513964 6513892 6514139 6513636 6513640 6513615 6514016 6513919 6513942 6514017 6514024 6514021	314 320 320 318 318 316 316 319 318 318 317 315 319 318 318 318 318 318 319 319 319 318 315 315 316 315 316 316 314 314 315 312 313 312 313 312 310 311 312 321 321 322 313 312 312 320 319 319	358.3 468.3 438 306 270 138 146.4 50 70 60 252.37 147 60 60 60 60 70 70 39 60 60 60 133 57.5 109 175 151 95 378 327 436.1 578 524.8 546 516.1 621 744.1 741 569.2 124.5 522 538.15 435 575.2 618 78 80 80	225 45 45 220 225 224 221 245 245 245 210 224 270 270 270 270 270 270 270 270 270 270 224 225 220 220 225 220 225 224 225 225 225 225 225 217 225 224 215 45 48 42 225 225 225 270 270 270	-61.2 -49.7 -50 -50 -50 -59 -60.4 -60 -60 -60 -50 -60.2 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -59.8 -60 -60.8 -60 -60 -61 -60 -60.96 -60 -60 -61 -59.9 -61 -61.26 -60.2 -60.29 -75 -50 -54 -54 -60.11 -60.2 -60 -60 -60 -60

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Hole	East MGA94	North MGA94	RL	Depth	Azimuth	Dip
DWT730 DWT8 DWT850 DWT850A DWT877 DWT878 DWT8W1 DWT9 DWT956 DWT957 DWT9W1 HH22 HH24 HH25 HH26 HH32 HH33 HH34 HH35 HH36 HH37 HH38 HH41 HH42 HH44 HH45 HH46 HH47 HH49 HH601 HH602 HH604 HH605 HH613 HH614 HH615 HH618 HH619 HH620 HH621 RWT1 RWT10 RWT11 RWT12 RWT13 RWT14 RWT15 RWT16	364200 364639 364114 364114 364083 364130 364639 364699 364186 364215 364699 364604 364626 364613 364611 364568 364561 364560 364516 364512 364514 364513 364305 364298 364304 364386 364376 364374 364366 364665 364639 364448 364437 364489 364628 364405 364481 364746 364679 364590 364402 364426 364440 364473 364457 364502 364516 364543	6514022 6514036 6513642 6513642 6513811 6513812 6514036 6513960 6513408 6513428 6513960 6513445 6513468 6513455 6513451 6513497 6513491 6513492 6513578 6513569 6513573 6513576 6513920 6513914 6513916 6513988 6513995 6513986 6513985 6513768 6513740 6513970 6513959 6513671 6513730 6513930 6513840 6513958 6514058 6513777 6513791 6513959 6513971 6513720 6513708 6513747 6513762 6513791	318 313 322 322 320 319 313 313 330 329 313 323 323 323 323 324 324 324 322 322 322 322 317 317 317 315 315 316 316 315 315 315 315 319 315 316 316 313 312 315 317 315 315 318 318 317 317 316	80 382.6 4 15 20 26 351.6 479 80 80 420.7 36.58 37.49 41.61 26.2 32 3.66 38.1 42.21 39.62 38.1 21.95 53.95 45.11 45.72 37.49 58.83 44.65 48.77 36.73 50.44 76.5 33.99 40.84 72.85 57.3 65.53 57.3 44.96 60.05 24 42 58 52 38 46 62 62	270 224 0 0 0 0 225 225 0 0 225 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45 45 45 45 45 45 45 225 45 45 0 225 225 45 225 225 225 225 225 225 225 225	-60 -51.24 -90 -90 -90 -90 -51 -65 -90 -90 -65 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -50 -50 -50 -45 -45 -50 -50 -50 -45 -50 -90 -50 -50 -50 -60 -60 -60 -60 -60 -60 -60 -60

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Hole	East MGA94	North MGA94	RL	Depth	Azimuth	Dip
RWT17 RWT18 RWT19 RWT1A RWT20 RWT21 RWT22 RWT23 RWT24 RWT25 RWT26 RWT27 RWT28 RWT29 RWT3 RWT30 RWT31 RWT32 RWT33 RWT34 RWT35 RWT36 RWT37 RWT38 RWT39 RWT4 RWT40 RWT41 RWT42 RWT43 RWT44 RWT45 RWT46 RWT47 RWT48 RWT49 RWT5 RWT50 RWT51 RWT52 RWT53 RWT54 RWT55 RWT56 RWT57 RWT58 RWT59 RWT6	364297 364326 364283 364402 364237 364253 364269 364532 364520 364559 364572 364579 364600 364617 364428 364498 364511 364305 364318 364347 364391 364387 364405 364365 364379 364441 364392 364860 364875 364932 364897 364911 364925 364782 364384 364440 364386 364423 364464 364385 364371 364421 364335 364362 364312 364249 364262 364342	6513971 6514000 6513958 6513788 6514049 6514069 6514083 6513635 6513622 6513666 6513679 6513546 6513568 6513583 6513818 6513888 6513900 6513909 6513922 6513952 6513993 6513987 6514006 6513824 6513838 6513834 6513853 6513764 6513778 6513765 6513728 6513743 6513759 6513825 6513917 6513974 6513775 6513808 6513854 6513916 6513902 6513881 6513936 6513965 6513985 6513991 6514005 6513873	316 316 317 317 317 317 316 319 320 318 317 321 319 318 316 315 315 317 317 316 315 315 315 317 317 316 316 313 313 313 314 313 313 313 316 315 317 317 316 316 316 316 316 316 316 317 317 317	50 28 32 38 36 30 62 62 50 44 60 62 52 48 58 56 38 38 50 26 14 44 34 26 54 54 50 44 50 34 63 55 35 65 62 90 26 74 61 50 60 58 48 40 28 46 56 41	225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 0 0 225 0 0 225 225 225 225 225 225 225 225 225	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -90 -90 -60 -90 -90 -60 -60 -55 -60 -60 -60 -60 -60 -60

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Hole	East MGA94	North MGA94	RL	Depth	Azimuth	Dip
RWT60 RWT61 RWT62 RWT63 RWT64 RWT65 RWT66 RWT67 RWT68 RWT69 RWT7 RWT73 RWT7A RWT8 RWT9 WDC291 WDC295 WDC320 WDC321 WDC322 WDC323 WDC324 WDC325 WDC326 WDC327 WDC328 WDC329 WDC330 WDC331 WDC332 WDC333 WDC334 WDC335 WDC336 WDC337 WDD096 WDD097 WDD098 WDD098A WDD108 WDD109 WDD110 WDD111 WDD112 WDD113 WDD114 WDD124 WDD125	364275 364289 364244 364305 364216 364182 364196 364210 364168 364146 364356 364280 364358 364398 364414 364463 364584 364337 364360 364365 364519 364377 364362 364625 364580 364502 364319 364363 364320 364319 364323 364294 364274 364307 364306 364437 364494 364530 364530 364443 364467 364504 364545 364549 364584 364510 364541 364482	6514020 6514034 6514023 6513976 6514103 6514137 6514153 6514167 6514201 6514171 6513887 6513988 6513887 6513931 6513943 6513904 6513966 6514016 6514012 6514003 6513890 6513912 6513950 6513800 6513837 6513925 6514012 6514037 6514038 6514050 6514062 6514087 6514137 6514112 6514100 6513951 6513930 6513885 6513886 6513927 6513978 6513902 6513943 6513890 6513924 6513950 6513969 6513967	317 316 317 316 317 318 318 317 318 318 317 317 317 316 315 315 314 316 316 316 316 316 316 315 315 315 316 315 316 316 316 316 317 316 316 315 315 316 318 315 315 315 314 315 314 315 314 315	54 56 36 48 48 34 38 40 40 44 21 40 58 57 52 190 78 95 148 136 100 75 75 155 130 110 105 125 105 90 115 115 140 140 140 192.65 229.2 100 285.7 191.88 265 222.3 296.9 259 343 271.16 322 241	225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 227 225 225 225 229 225 225 270 270 272 270 270 270 270 270 270 270 272 270 270 230 226 225 230 225 230 223 222 226 222 220 225 224	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60.44 -60 -60 -60 -54.84 -60 -60.4 -61 -60 -60.44 -59 -59.9 -60.3 -59.5 -59.6 -60 -60 -59.54 -60 -60 -60 -61.28 -60 -69.24 -60.19 -60.53 -60.09 -59.7 -59.99 -59.98 -59.78 -60.77 -60.73

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Hole	East MGA94	North MGA94	RL	Depth	Azimuth	Dip
WDD127 WDD127W1 WDD128 WDD129 WDD130 WDD131 WDD136 WDD137 WDD138 WDD139 WDD168 WDD169 WDD170 WDD171 WDD172 WDD173 WDD176 WDD177 WDD178 WDD179 WDD180 WDD181 WDD182 WDD183 WDD184 WDD185 WDD186 WDD187 WDD188 WDD189 WDD190 WDD191 WDD192 WDD193 WDD194 WDD230 WDD231 WND1 WND4 WND570 WND576	364662 364662 364648 364379 364453 364392 364700 364696 364642 364637 364317 364383 364325 364365 364393 364336 364360 364402 364388 364407 364435 364434 364419 364515 364527 364549 364558 364576 364595 364591 364621 364615 364633 364653 364327 364295 364293 364312 364736 364728 364438	6513896 6513896 6513940 6514091 6514094 6514038 6513950 6513882 6513927 6513963 6514096 6514121 6514115 6514087 6514073 6514058 6514040 6514029 6513952 6513976 6513993 6513959 6514009 6513926 6513933 6513923 6513908 6513902 6513892 6513871 6513901 6513855 6513830 6513867 6513786 6513935 6514082 6513927 6513557 6513834 6513795	314 314 314 315 314 315 313 313 314 313 316 315 316 315 315 316 316 315 316 315 315 315 315 315 314 315 315 315 315 315 314 315 314 314 318 317 316 317 319 313 317	249 412.2 456 223.2 280 206 497.9 500.5 419.7 403 162 246.1 180 211.4 232.1 147 154.1 208 171 176.2 231 198 222 126 148 248 261 327 279 252 318 207.1 192 333 288 141 192 173.74 202.38 363.1 274.32	221 221 223 222 221 228 224 225 224 226 225 227 224 226 226 225 225 226 230 227 227 228 227 226 227 228 219 227 226 224 226 224 228 228 53 57 160 45 225 225 45	-63.17 -63.17 -63.84 -61.88 -57.03 -62.22 -60.19 -64.1 -61.1 -59.46 -62.64 -62.15 -61.19 -61.49 -56.61 -60.08 -60 -56.58 -58.7 -58.18 -58.26 -58.69 -58.36 -58.41 -58.54 -58.81 -57.17 -60.93 -60.52 -59.7 -60.68 -60.26 -60.31 -61.61 -56.55 -57.33 -57.21 -50 -50 -50 -60 -50
WND582	364432	6514053	314	259	225

All coordinates are in MGA94_51S

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29 June 2021 – UPDATED WIDGIE TOWNSITE NICKEL MINERAL RESOURCE AT MT EDWARDS
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APPENDIX 3: Significant and Mineralised Nickel Drill Intersections at Widgie Townsite

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. Where there is no value shown, the element was not assayed.

Low grade intersections have been included where continuity of the mineralised shape necessitated it.

Hole	From	To	Length	Domain	Ni %	As ppm	Co ppm	Cu %	Fe2O3 %	MgO %	S %
DWT123 DWT2 DWT352 DWT353 WDC330 WDC332 WDC333 WDC334 WDD168 WDD172 WDD173 WND1 WND582 DWT1 DWT105 DWT106 DWT107 DWT108 DWT11 DWT110 DWT111 DWT112 DWT113 DWT114 DWT116 DWT117 DWT118 DWT119 DWT11W1 DWT12 DWT123 DWT127 DWT128 DWT129 DWT130 DWT135 DWT137 DWT140 DWT144	45.5 184.2 85.0 89.9 54.0 55.6 45.0 84.5 63.0 114.0 36.0 168.5 99.8 103.8 332.0 107.3 427.0 310.2 268.0 354.0 112.0 236.0 226.7 195.8 109.0 268.0 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	84.0 189.0 116.4 98.5 99.0 78.3 85.3 86.2 105.4 122.5 70.0 173.6 114.8 112.5 334.0 123.0 430.7 326.8 286.7 369.2 136.0 242.7 237.0 198.2 119.3 269.4 100.0 180.0 286.4 181.7 98.6 99.1 72.2 157.0 197.0 223.2 302.3 328.0 275.0	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 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	1 1 1 1 1 1 1 1 1 1 1 1 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	0.64 1.10 1.25 0.71 0.96 0.95 0.86 0.65 0.99 0.79 0.58 0.56 0.88 1.02 0.64 2.31 1.51 1.42 0.78 1.21 0.69 1.52 2.20 2.39 1.46 1.26 1.05 0.68 0.56 2.40 1.23 1.10 2.78 1.87 0.49 1.06 1.77 0.67 1.38	858 710 1,333 2,936 1,571 938 1,298 2,364 1,022 749 83 74 19 20 15 36 870 226 42 1,757 682 25 792 226 10 31 2,718 9 316 33 100 13 22	612 864 289 829 465 539 364 509 355 424 499 44 292 548 418 294 410 430 660 966 400 377 329 231 667 577 1,130 530 205 355 526 247 412	0.07 0.12 0.05 0.04 0.10 0.18 0.04 0.03 0.05 0.01 0.06 0.00 0.02 0.07 0.06 0.33 0.17 0.09 0.13 0.41 0.29 1.13 0.23 0.11 0.05 0.06 0.57 0.17 0.26 0.23 0.05 0.12 0.25 0.09 0.17	10.0 15.2 14.3 18.8 16.0 15.5 7.8 6.8 0.9	14.1 16.1 12.3 11.2 13.1 18.9 14.2 5.2 11.2 9.9	0.47 0.11 0.15 1.67 1.07 0.77 0.04 3.17 7.50 7.46 14.15 7.42 1.41 0.20 4.10 10.97 5.87

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29 June 2021 – UPDATED WIDGIE TOWNSITE NICKEL MINERAL RESOURCE AT MT EDWARDS
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Hole	From	To	Length	Domain	Ni %	As ppm	Co ppm	Cu %	Fe2O3 %	MgO %	S %
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 WDD111 WDD113 WDD114 WDD124 WDD125 WDD127W1 WDD128 WDD129 WDD130 WDD131 WDD136	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 86.2 124.0 167.0 206.4 115.0 193.2 230.0 263.0 208.0 276.4 183.0 344.3 364.1 188.8 240.0 158.0 408.0	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 94.4 137.0 179.6 208.7 134.0 206.1 248.8 276.0 222.6 284.0 198.0 348.2 378.4 193.0 241.6 163.0 419.0	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 18.8 13.0 14.6 7.6 15.0 4.0 14.4 4.3 1.6 5.0 11.0	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 2 2 2 2 2 2 2 2 2 2 2 2	1.88 0.36 1.08 1.56 1.70 0.63 1.16 1.45 0.77 0.98 0.95 2.11 2.02 1.46 0.77 2.60 0.91 1.67 2.39 1.55 1.65 0.92 1.02 1.24 0.81 0.74 1.51 1.03 1.20 1.13 0.87 2.62 2.94 2.26 2.78 1.03 2.30 1.59 2.96 1.66 2.69 1.28 1.83 2.76 1.34 1.56 1.69	19 15 100 212 2,404 133 755 565 26 2,351 293 208 24 19 426 1,994 354 618 1,819 5,507 1,515 5,927 4,197 4,988 49 82 22 352 28 65 34 374 96 31 7 100 2,631 19 1,228 186	508 155 534 497 427 543 409 331 293 300 436 571 451 251 643 267 503 628 460 520 486 595 731 454 328 745 486 678 676 600 797 861 672 768 347 583 504 794 487 718 420 538 920 440 453 521	0.27 0.03 0.08 0.19 0.14 0.16 0.09 0.26 0.06 0.07 0.10 0.23 0.23 0.17 0.10 0.30 0.09 0.29 0.34 0.16 0.19 0.09 0.30 0.22 0.03 0.13 0.08 0.12 0.12 0.09 0.07 0.38 0.41 0.28 0.32 0.13 0.36 0.22 0.44 0.18 0.32 0.17 0.23 0.52 0.24 0.28 0.21	18.1 26.3 12.4 16.4 19.5 20.7 16.7 18.6 17.7 17.4 25.3 17.4 23.9 22.8 27.4 24.8 24.0 15.3 24.1 18.2 25.0 18.2 21.7 16.8 19.0 38.9 17.5 22.1 18.2	9.1 11.0 14.0 16.5 14.1 18.6 22.9 8.7 17.2 9.7 10.8 18.4 13.0 21.3 22.1 19.7 21.0 28.0 23.1 24.4 21.5 24.2 22.5 24.9 23.9 5.4 26.1 5.6 22.5	4.93 7.92 5.91 4.09 7.06 7.14 0.56 1.05 2.98 4.82 4.54 2.77 2.89 8.68 10.75 8.85 9.01 3.62 7.09 5.52 9.27 6.37 8.93 4.06 5.83 14.72 4.91 10.67 5.48

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Hole	From	To	Length	Domain	Ni %	As ppm	Co ppm	Cu %	Fe2O3 %	MgO %	S %
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 WDD098 WDD098A WDD111 WDD112 WDD183 WDD184 WDD185	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 72.0 97.5 164.0 84.0 89.0 106.0 140.0	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 79.1 111.2 168.0 88.0 91.7 109.1 147.0	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 7.1 13.8 4.0 4.0 2.7 3.1 7.0	2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4	0.71 1.60 1.49 0.77 0.95 1.49 1.06 1.63 0.93 0.47 1.94 0.79 1.66 1.14 1.77 1.04 0.45 1.76 0.44 1.07 2.81 0.74 0.68 1.93 2.06 1.45 0.26 0.98 1.24 3.01 3.30 3.20 1.53 3.40 3.56 2.60 2.08 2.35 2.15 0.82 1.16 0.63 0.84 0.83 0.66 1.85 2.25	117 35 24 980 1,324 4,236 556 4,268 30 510 4,659 205 1,535 18 77 218 57 15 10 9 191 2,119 421 72 13 18 253 17 22 43 19 22 481 54 10 1,270 2,457 1,090 150 100 2,547 974 650 1,185 2,216 15,451 1,633	270 457 459 325 276 671 723 801 434 201 1,149 230 618 359 490 453 165 493 153 307 813 389 192 662 1,366 130 707 394 1,008 1,025 1,132 464 1,363 1,153 1,065 471 376 572 270 377 187 258 374 388 878 579	0.08 0.23 0.19 0.05 0.14 0.14 0.27 0.12 0.04 0.17 0.33 0.07 0.20 0.12 0.20 0.12 0.03 0.17 0.03 0.11 0.35 0.03 0.20 0.42 0.12 0.07 0.28 0.10 0.47 0.45 0.64 0.17 0.64 0.54 0.51 0.18 0.30 0.41 0.09 0.08 0.05 0.13 0.03 0.11 0.13 0.16	13.3 17.3 18.1 14.7 18.4 21.9 22.4 20.0 15.5 17.8 31.6 11.6 20.9 16.8 17.3 20.5 10.8 18.6 8.2 13.9 25.5 13.9 17.9 18.0 20.4 40.4 51.3 39.7 45.6 39.7 33.9 22.8 12.8 14.1 15.4 13.6 19.4 21.8	26.9 25.9 24.1 19.7 17.4 19.2 18.2 7.7 21.3 6.4 8.0 27.2 22.0 27.9 25.2 12.2 26.9 24.7 30.6 26.6 21.8 20.7 9.9 10.5 22.8 14.7 13.3 11.2 9.8 7.3 15.1 17.2 8.4 20.5 14.5 12.7 8.3 13.8 14.5	2.69 4.96 4.78 1.29 4.98 4.42 7.36 9.78 1.35 9.44 11.57 1.58 6.67 3.70 5.51 6.36 1.02 5.29 0.71 2.84 9.14 1.06 7.81 8.31 5.22 14.82 13.84 15.70 12.11 17.24 16.14 11.08 3.55 0.45 1.61 3.03 0.05 2.78 5.77 6.50

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29 June 2021 – UPDATED WIDGIE TOWNSITE NICKEL MINERAL RESOURCE AT MT EDWARDS
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Hole	From	To	Length	Domain	Ni %	As ppm	Co ppm	Cu %	Fe2O3 %	MgO %	S %
WDD186 WDD187 WDD188 WDD189 WDD190 WDD191 WDD192 WDD193	116.0 157.0 171.0 147.0 218.0 145.0 158.0 226.0	120.0 167.9 175.0 150.0 222.0 152.0 165.0 231.0	4.0 10.9 4.0 3.0 4.0 7.0 7.0 5.0	4 4 4 4 4 4 4 4	0.67 1.57 0.80 0.95 2.16 0.53 0.75 1.01	1,487 123 10 37 20 94 167 485	185 435 253 432 671 169 216 274	0.06 0.18 0.08 0.12 0.33 0.05 0.06 0.09	12.2 14.6 12.1 22.7 24.3 10.3 10.5 12.7	24.5 28.2 23.9 10.5 22.4 23.2 28.9 29.8	1.83 3.60 2.10 6.79 7.16 1.39 1.73 2.16
WND576	185.8	191.5	5.8	4	1.04		244	0.23

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NEOMETALS LTD — Capital/Financing Update 2021

65430_rns_2021-06-28_0b10fe89-bb5b-4d38-ac10-0fc7e52f2281.pdf

UPDATED WIDGIE TOWNSITE NICKEL MINERAL RESOURCE AT MT EDWARDS

HIGHLIGHTS

Background

Mineral Resource Estimation

Location

Geology and Geological Interpretation

Nickel Mineralisation

Modelling

Mineral Resource Classification

Exploration History, Drilling Techniques and Details

QAQC

Bulk Density

Variography

Grade Estimation

Top Cuts

Model Validation

Audits or reviews

Previous Mineral Resource Estimates

Mining and Metallurgical Considerations

Site Visit

Future Work

Competent Person Attribution

Compliance Statement

ENDS

Chris Reed

Jeremy Mcmanus

About Neometals Ltd

Recycling and Resource Recovery:

Upstream Industrial Minerals:

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

Section 1 Sampling Techniques and Data

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

APPENDIX 3: Significant and Mineralised Nickel Drill Intersections at Widgie Townsite

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NEOMETALS LTD Capital/Financing Update 2021