TAMBOURAH METALS LTD — Capital/Financing Update 2021

Oct 25, 2021

ASX Announcement | 26 October 2021

GRAVITY SURVEY COMMENCED

• Airborne Gravity Survey commenced over Bolgart East and Tolarno

• Target is PGE-Ni-Cu[1] potential host formations

• New data processing to commence immediately data is received from flight contractor

• Planning underway to follow-up survey results

Tambourah Metals Ltd ( Tambourah or Company ) (ASX:TMB) is pleased to advise that geophysical contractor Xcalibur Multiphysics ( Xcalibur ) has commenced airborne gravity surveys at Bolgart East (E70/5411) and Tolarno (E70/5423) projects, both located within the wider Julimar North project (Figure 2). Airborne gravity surveys are a proven and successful exploration tool in identifying prospective ultramafic host rocks.

Bolgart East, 137km north-east of Perth, is located within the West Yilgarn Ni-Cu-PGE province and 38km north-east of the Chalice (PGE, Ni-Cu and Au) discovery. The survey will consist of approximately 1,300 line km covering all of the Bolgart East and Tolarno tenure (Figure 1).

Executive Chair Rita Brooks commented “We are eagerly awaiting the results of the airborne gravity survey to expedite drill targeting and then drilling at Bolgart East and Tolarno, while advancing exploration planning and permitting at the other projects in the Julimar North portfolio. I would also like to thank Xcalibur Multiphysics for making the aircraft available at short notice to complete our survey.”

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• 1 Platinum Group Elements (PGE’s), Nickel (Ni), & Copper (Cu)

Registered Address Tambourah Metals Limited ACN: 646 651 612 1/77 Hay Street, Subiaco WA 6008 T: +61 8 9481 8669

Board Members Rita Brooks Chairperson Chris Ramsay Non-Executive Director Ben Donovan Non-Executive Director E: admin@tambourahmetals.com.au

Market Information ASX Code: TMB Shares on Issue: 64,950,000

W: Tambourahmetals.com.au

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Figure 1-Tambourah Metals Bolgart East and Tolarno Project Location Plan

Discussion

Airborne gravity surveys are a proven exploration pathway to identify ultramafic rocks that may host PGE-Ni-Cu mineralisation. Bolgart East and Tolarno are poorly explored for Ni and PGE’s due to a lack of outcrop, predominance of farmland and the prior focus of exploration companies on gold mineralisation. At the completion of the airborne survey, Xcalibur will provide Tambourah with gridded data which will then be processed by Tambourah’s geophysical contractors to produce a gravity inversion model and other products that will delineate the target dense rocks from the surrounding less dense host rocks. The gravity dataset will be integrated with the existing magnetic data (see Figure 2) to enhance Tambourah’s understanding of the underlying geology at Bolgart East and Tolarno.

Areas of prospectivity identified in the airborne gravity data will be followed up with ground EM surveys or auger soil sampling.

1/77 Hay Street, Subiaco WA 6008

Tambourah Metals Limited ASX: TMB | T +61 8 9481 8669

tambourahmetals.com.au admin@tambourahmetals.com.au

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Figure 2- Tambourah Metals Julimar North Project Location on TMI Magnetics

Bolgart East and Tolarno prospects are part of the larger Tambourah Metals Julimar North-Jimperding Project (figure 2). Exploration planning is continuing on the other prospects within Julimar NorthJimperding.

Authorised for release by the Board of Tambourah Metals Ltd.

For further information, contact: Rita Brooks | Executive Chairperson +61 8 9481 8669

1/77 Hay Street, Subiaco WA 6008

Tambourah Metals Limited ASX: TMB | T +61 8 9481 8669

tambourahmetals.com.au admin@tambourahmetals.com.au