NT MINERALS LIMITED — Interim / Quarterly Report 2021

Apr 29, 2021

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ASX ANNOUNCEMENT ASX Code: RCP

30 April 2021

DIRECTORS & MANAGEMENT

Anthony Kiernan Non-Executive Chairman Michael Hannington Executive Director Bruce Hooper Non-Executive Director Daryl Henthorn Non-Executive Director Keith Middleton Non-Executive Director

Melanie Ross Company Secretary

ASSET PORTFOLIO Redbank Tenements (Granted)

Northern Territory – 8,791km² Redbank Tenements (Applications) Northern Territory – 4,122km²

Millers Creek Project South Australia – 1,110km²

A: L1, 1A Agnew Way, Subiaco WA 6008

P: PO Box 924, SUBIACO WA 6904 PH: +61 8 9362 9888

e: admin@redbankcopper.com.au www.redbankcopper.com.au

ACTIVITIES REPORT FOR THE QUARTER ENDED 31 MARCH 2021

Redbank Copper Limited (‘the Company’ or ‘Redbank’) (ASX: RCP) provides the following review of activities for the quarter ended 31 March 2021.

HIGHLIGHTS

• $7.43M oversubscribed capital raising completed on 3 March

• Redbank fully funded for exploration at the Redbank Project for the upcoming field season

• Soil survey and ground geophysical survey crews preparing to mobilise to commence field work at Redbank Project on 1 June

• Redbank drillhole/assay database provided to Entech Pty Ltd on 30 March to commence independent JORC2012 compliant mineral resource estimate

• Exploration target generation progressing with airborne EM survey planned over central Redbank Project area

• Regional exploration targets in the search for a stratabound copper deposit in the eastern McArthur Basin generated over Redbank Project application tenements utilising insights from oil and gas explorers

• Remaining tenement applications progressing to grant

• Redbank continues to engage with the Northern Territory Government regarding the rehabilitation of the legacy copper mining operation at the Sandy Flat Mine Site

• Appointment of Tony Kiernan as Non-Executive Chairman

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Figure 1. Redbank Project Area: regional targets– 12,913km[2]

ACN: 059 326 519

Management Commentary

Commenting on progress made during the March quarter, Redbank’s Non-Executive Chairman Tony Kiernan said, “having just joined the Board of Redbank, it’s impressive to see the amount of technical work completed to update the mineral resource estimate with a new JORC2012 mineral resource expected in the coming months. Redbank has prepared a well funded exploration campaign at the Redbank Project this coming dry season. The Company is operating in a mining friendly jurisdiction and has the key ingredients of funding, experienced explorers and a highly prospective copper mineralised terrain just as the copper industry is looking for the next generation of discoveries.

The Australian Government via the Exploring for the Future Program has done a tremendous job in stimulating exploration activity in the Northern Territory and I look forward to leading the Board in promoting Redbank’s exploration and development strategy over the coming years”.

PROJECT PORTFOLIO AND EXPLORATION ACTIVITIES

REDBANK PROJECT, NORTHERN TERRITORY

The Redbank Project is located in the far northeast of the Northern Territory with the eastern boundary of the tenement package along the Northern Territory / Queensland State border.

Known copper mineralisation is hosted within vertically oriented breccia pipes, that are open at depth often ending in copper mineralisation in historic drilling. The source of the copper which was transported into the pre-existing breccia pipes has long been speculated by geologists. The remoteness of the region, sporadic limited drilling and tenement holdings by small, poorly funded explorers has inhibited exploration using modern techniques.

Over the last 18 months, since new management took control in August 2019, the Company has sought to secure a significant district scale ground position. Redbank management see the potential to both expand the existing copper mineral resource at the Redbank Project (6.23Mt @1.53% Cu JORC 2004 - see Annual Mineral Resource Statement and announcements released to ASX on 27 October 2011 and Prospectus released on 13 February 2013, that the information has not materially changed since it was last reported) and to make a new copper discovery. This strategy has been enhanced by the work of Geoscience Australia as part of the $100m funding of the Exploring for the Future program and the second stage $125M funding (see https://www.ga.gov.au/eftf ).

Insights from the work completed by Geoscience Australia and previous work by oil and gas explorers has provided the Company’s exploration team with important insights into the reasons why copper is present at such high grades within the Redbank Deposit breccia pipes.

EXPLORATION ACTIVITIES

During the quarter, the exploration team concluded a 12 month re-construction of the Redbank drillhole/assay database. This database now comprises 840 drill holes with all data validated. The result of this work means that holes drilling in the 1970s with resultant assays can be used as part of the JORC 2012 mineral resource estimate currently underway. Much of this drilling was managed by Newmont Ltd, with both the drilling, assays and geological logging undertaken to a high standard.

In addition, both petrophysical studies on historic drillcore and petrographic descriptions of thin sections has revealed that the copper mineralised breccia pipes are very low in sulphur and therefore chalcopyrite (CuFeS2) is the only metal sulphide with little to no pyrite (FeS2) present. This has important implications for future exploration. Firstly, this finding means that the induced polarisation (IP) geophysical technique has the ability to directly detect disseminated chalcopyrite without the survey producing false positives. Consequently, Redbank has purchased its own ground induced polarisation geophysical survey equipment. Chargeability anomalies recorded with this survey equipment will therefore have a high probability of directly detecting copper.

Second, the IP equipment will have the ability to both detect existing disseminated chalcopyrite already drilled within the seven breccia pipe deposits and in additional, search for additional disseminated chalcopyrite as yet undrilled. This provides a good technique to direct resource expansion drilling later this year.

As the IP ground geophysical surveys progress, the area surveyed will expand beyond the existing breccia pipes into areas close to the breccia pipes but un-explored. The expansion of the existing mineral resource estimate of 6.23Mt @ 1.53% Cu is a key priority and it is expected that the IP survey technique will provide a clear and simple method to direct drilling to expand the copper resource.

As previously reported, 12 exploration license applications were submitted in July 2020 with 2 exploration license applications acquired during the quarter covering an area from the Redbank Project on the Northern Territory / Queensland border in the east to the McArthur Mine in the West. The area covering the applications is considered highly prospective for base metals deposits and has been identified by Geoscience Australia as an area with potential for the discovery of large copper and zinc deposits. The Redbank Project area is now at a scale where an entire prospective district has been secured.

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Figure 2. Redbank Project areas both granted and in application

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Figure 3. Redbank Project area showing copper anomalism in stream sediment samples

SANDY FLAT REHABILITATION PROJECT

The Northern Territory (‘NT’) Government has identified the Sandy Flat Mine Site at the Redbank Project as the cause of copper contamination in the creek systems surrounding the Mine Site. On 29 June 2016, the NT Government agreed to take on all environmental liability to remediate the Mine Site. Redbank has completed a 302 hole drilling program, drilling short vertical holes into the surface of the Tailings Storage Facility (‘TSF’) (see ASX announcements on 6 October 2020 and 5 November 2020).

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Figure 4. Sandy Flat Mine Site showing infrastructure and the breccia deposit the flooded open pit

Results from this drilling program include assays for 48 elements which have been received. These results will be reported as a JORC2012 compliant mineral resource estimate expected to be released in the next quarter.

Also, copper sequential leach studies have been completed and will provide details on how amenable the copper is to extraction using a previously proposed ion-exchange copper extraction process and conventional heap leach or agitated vat leach options to extract copper from the TSF material.

MILLERS CREEK, SOUTH AUSTRALIA

The Millers Creek Project comprises two exploration licenses over 1,110 km[2] of tenure in the Gawler Craton in South Australia. The tenements, EL6247 (Millers Creek), and EL6321 (Kingoonya) are located in a well-recognised iron-oxide copper gold or IOCG Belt, hosting IOCG deposits including Olympic Dam and Prominent Hill (see figure 5). During the Quarter, the Company received results from assaying pathfinder elements from drill core ‘pulps’ from MPD001. These results will provide further information on whether this historic drill hole is close to IOCG style copper mineralisation.

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Figure 5. Millers Creek Project location in South Australia

CORPORATE UPDATE

Appointment of Non-Executive Chairman

Post the end of the quarter, the Company welcomed Tony Kiernan as a Non-Executive Chairman. Mr Kiernan is a highly experienced public company director extensive over 3 decades of resources industry directorship experience.

Project Funding / Capital Raising

Redbank completed an oversubscribed capital raining of $7.43M on 3 March and is fully funded for exploration and drilling activity during the North Australian dry season at the Redbank Project and to reduce historic liabilities, fund activities at the Millers Creek Project in South Australia as well as working capital.

Cash Position:

Redbank’s cash at bank at 31 March 2021 is $8,462,000.

Payments to related parties of the entity and their associates:

In accordance with Listing Rule 5.3.5, Redbank advises that the payments to related parties as advised in the Appendix 5B for the month ended 31 March 2021, pertain to Director fees of $85,000, administrative and bookkeeping support of $30,000, capital raising fees of $180,000 and exploration and evaluation consulting services of $23,500.

STRATEGIC FOCUS - The ‘Redbank Opportunity’ Revisited

Redbank’s Board has taken a fundamental view that copper is a commodity with a clearly understandable and favourable supply and demand profile as the world continues to electrify. As a result, the Company is committed to firstly, unlocking the underlying value within its existing project portfolio, and secondly, pursuing additional exploration tenements close to its existing project areas that fit within this strategy. This is a growth strategy, to gain exploration ‘search space’ scale, particularly in Northern Australia.

Below is an overview of the opportunity within the Company’s current portfolio and potential near-term value catalysts that Redbank is actively pursuing and continues to progress:

• Redbank Copper is the largest holder of exploration tenements in the east McArthur Basin with just under 13,000km[2] in both granted and application tenements. This area has been identified by Geoscience Australia in its Exploring for the Future initiative as a key area to support in generating new data to assist explorers in making future base metal discoveries (see figures 1, 2 and 3).

• The Redbank Project has a legacy mining operation called the Sandy Flat Mine Site with significant amounts of surface copper remaining. Redbank purchased this surface copper as part of its purchase of the project in 2005 and is seeking to assist the NT Government in rehabilitating the Mine Site and creating a saleable copper product (see figure 4).

• The Sandy Flat Mine Site is a copper contaminated site which has released copper into the surrounding creek systems. The NT Government has the liability to clean up this contaminated site and is well resourced via the Mine Rehabilitation Fund to which all explorers and miners in the NT contribute to undertake environmental rehabilitation.

• Redbank has been proactively working on technical studies at the Sandy Flat Mine Site to assist the NT Government in plans to undertake environmental rehabilitation.

• Redbank has received support from key stakeholders including the Traditional Owners and Northern Land Council to develop a plan to promote the NT Government’s efforts to remediate the Sandy Flat Mine Site.

• The alignment of key stakeholders towards contributing to the environmental rehabilitation of the Sandy Flat Mine Site will provide a clear ‘social license to operate’ in an underexplored region of the McArthur Basin with historic small high-grade copper deposits.

• Considerable exploration upside within the broader Redbank Project area with 50+ breccia pipes within an area of 10km² - the Board considers previous exploration for copper over the known resources and through the tenement holding has only scratched the surface.

• The Redbank Copper Project hosts an existing JORC 2004 Mineral Resource Estimate (MRE) of 6.23Mt @ 1.53% copper (2.77Mt @ 1.55% Cu (indicated) & 3.46Mt @ 1.52% Cu (inferred)) (see Annual Mineral Resource Statement and announcements released to ASX on 27 October 2011 and Prospectus released on 13 February 2013, that the information has not materially changed since it was last reported).

• The Millers Creek Project, located in South Australia’s Gawler Craton, comprises a strategic 1,110km² landholding between projects currently held by OZ Minerals Ltd (ASX: OZL) and Fortescue Metals Group Ltd (ASX: FMG).

-ENDS-

For further information please contact:

Michael Hannington Executive Director Ph: +61 8 9362 9888

This announcement was approved and authorised for issue by the Board of RCP.

COMPETENT PERSON’S STATEMENT

The information that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Michael Hannington, a Competent Person, who is a Member of the Australian Institute of Geoscientists. Mr Hannington is an Executive Director of Redbank Copper Ltd and is employed as a technical consultant by the Company. Mr Hannington has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hannington consents to the inclusion of the matters based on his information in the form and context in which it appears.

The information that relates to the historic JORC2004 Mineral Resource is based on, and fairly represents, information compiled by Mr Phil Jankowski, a Competent Person, who is a Member of the Australasian Institute of Mining and Metallurgy. At the time the Mineral Resource Estimate was reported to the ASX on 8 December 2009, Mr Jankowski was a full-time employee of SRK Consulting (Australasia) Pty Ltd. Mr Jankowski has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he undertook to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jankowski has previously consented to the inclusion in Redbank Copper reports of the matters based on his information in the form and context in which it appears.

Appendix 1: Tenement Schedule (ASX Listing Rule 5.3)

Mining tenements held at the end of the quarter and their location.

TENEMENT No.	LOCATION	INTEREST %	HOLDER
EL10335 EL24654 EL28288 EL28289 EL28290 EL31316 ELR94 MLN634 MLN635 EL32323 EL32324 EL32325 EL6247 EL6321	NT NT NT NT NT NT NT NT NT NT NT NT SA SA	100 100 100 100 100 100 100 100 100 100 100 100 100 100	Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Operations Pty Ltd1 Redbank Copper Limited Redbank Copper Limited

Note 1 : Redbank Operations Pty Ltd is a wholly owned subsidiary of Redbank Copper Limited.

Mining tenements acquired during the quarter and their location

Nil

Mining tenements disposed of during the quarter and their location Nil

The beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter Nil

The beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter

Nil

SUMMARY OF CASH EXPENDITURE PER PROJECT

Project	Cash Expenditure $’000
Sandy Flat Project	116
Redbank Project	437
Millers Creek Project	13
Total	566