TECHGEN METALS LTD — M&A Activity 2023

Feb 19, 2023

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20 February 2023
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COMPLETION OF ACQUISITION CYCLOPS Ni-Cu-PGE PROJECT - PILBARA WA

Further to its announcement dated 21 November 2022, TechGen Metals Limited (ACN 624 721 035) (“ TechGen ” or the “ Company ”) is pleased to announce that it has exercised the option and completed the acquisition of a 100% interest in the Cyclops Ni-Cu-PGE Project. The Cyclops Ni-Cu-PGE Project is located in the world-class mineral province of the Pilbara Craton in Western Australia. The project is located 75km southeast of Marble Bar on granted Exploration Licence E45/5967 covering an area of 38km[2] .

HIGHLIGHTS

• Targeting mafic-ultramafic hosted Ni-Cu-PGE massive sulphide mineralisation.

• Three high-priority undrilled airborne EM targets (Cyclops 1 – 3 Prospects).

• Previous rock chip sampling & nearby drilling confirms the presence of ultramafic rock units.

• Plate modelling of airborne EM data has refined targets ready for drill testing.

• New project aligned with the Company’s strategy to acquire advanced battery metals projects in low-risk jurisdictions with strong regulatory framework.

The Cyclops Project comes with three high-priority untested airborne EM targets located in an area where previous rock chip sampling and drilling has confirmed the presence of ultramafic rock types (Figures 1 – 3). The Cyclops Project is highly complementary to the Company’s existing base and precious metal project portfolio. The Company considers the project prospective for mafic-ultramafic hosted Ni-Cu-PGE mineralisation. Plate modelling of the available airborne EM data has refined the three targets ready for drill testing.

TechGen Managing Director Mr Ashley Hood commented : “We see the Cyclops Project as a fantastic low-cost addition to our project portfolio and are pleased to announce that we have exercised the Option to acquire the project. The project has high-priority EM targets already identified, yet untested by drilling. The previous exploration work completed at the project has favourably proven the existence of the right geology in thick sequences of ultramafic rocks in the Cyclops area and laid a solid foundation for us to build on with further work which has already commenced in the form of optimising plate modelling of the airborne EM data. Next steps at Cyclops prior to drilling shall include lodgement of a Programme of Work for drilling and completion of a Heritage Survey with representative of the areas traditional owners."

“Cyclops fits well with our strategy of acquiring advanced projects that have compelling near-term drill targets that could lead to a significant mineral discovery to benefit all shareholders. Since listing on the ASX in April 2021 we have aggressively explored our project portfolio completing 4 airborne EM surveys, 3 ground EM surveys, 2 IP surveys, an airborne magnetics survey, 5 soil sampling programs and 7 drilling programs. We hope to continue this accelerated exploration program moving forward targeting economic discoveries to greatly add shareholder wealth.”

ABN: 66 624 721 035 | Registered Office: 683 Murray Street, West Perth 6005 Telephone: +61 427 268 999 | Email: admin@techgenmetals.com.au | Website: techgenmetals.com.au

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Four reverse circulation holes were drilled in the Cyclops Project area in 1972 by Carpentaria Exploration Company Pty Ltd. These 4 drill holes targeted magnetic highs and induced polarisation targets and all intersected thick sequences of logged ultramafic rock types which are a common host to magmatic intrusive style nickel - copper - PGE deposits. Hole PH5 returned an intersection of 111m @ 0.2% nickel from surface to end of hole confirming the presence of ultramafic rocks. The maximum drill hole depth was 134m at a dip of -60 degrees. The VTEM plates remain untested by previous explorers to date.

An airborne EM (VTEM) survey was flown over a large portion of the current Cyclops Project area by Gondwana Resources Limited in 2011. This survey identified 7 EM targets (conductors) considered by Gondwana of possible interest. Some of the identified EM targets are associated with magnetic highs and some with magnetic lows. Platypus Minerals Ltd collected a rock chip sample (P702234) of ultramafic material in 2015 approximately 150 metres from the Cyclops 2 Prospect which assayed 1,000ppm Ni and 2,000ppm Cr confirming the presence of desired ultramafic rocks close to the Cyclops high-priority EM targets.

Following processing of the previous airborne EM data, TechGen considers 3 of the EM targets to be of high priority. The 3 EM targets sit close to geological contacts between the Archean-aged Dalton Suite (intrusive mafic & ultramafic units), Mount Roe Basalt (basalt and sedimentary units) and Hardey Formation (sedimentary & felsic volcanic units) and are considered prospective locations for the occurrence of mafic-ultramafic hosted Ni-Cu-PGE mineralisation.

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Figure 1: Airborne EM targets, Cyclops Project.

ABN: 66 624 721 035 | Registered Office: 683 Murray Street, West Perth 6005 Telephone: +61 427 268 999 | Email: admin@techgenmetals.com.au | Website: techgenmetals.com.au

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Figure 2: Airborne EM targets over magnetics, Cyclops Project.

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Cyclops 1
Cyclops 2
Cyclops 3
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Figure 3: CH48BZ VTEM Image modelling.

ABN: 66 624 721 035 | Registered Office: 683 Murray Street, West Perth 6005 Telephone: +61 427 268 999 | Email: admin@techgenmetals.com.au | Website: techgenmetals.com.au

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Key Terms of Tenement Sale Agreement

The Company has signed a Tenement Sale Agreement with Mining Equities Pty Ltd (ACN 627 501 491) ( Mining Equities ) pursuant to which TechGen was granted an exclusive option to acquire a 100% legal and beneficial interest in Exploration Licence E45/5967 and associated mining information ( Assets ) upon payment of an option fee ( Agreement ). Mining Equities is an Australian private company.

The key terms of the Agreement are summarised below:

• TechGen paid a non-refundable cash option fee of AUD$10,000 ( Option Fee ) to Mining Equities within five (5) days of the parties signing the Agreement, for TechGen to have the exclusive right, during a 90 calendar day exclusivity period (commencing on the execution of the Agreement) ( Exclusivity Period ), to purchase 100% legal and beneficial interest in the Assets free from encumbrances.

• During the Exclusivity Period, TechGen undertook legal and technical due diligence in relation to the Assets.

• TechGen has given notice of exercise to Mining Equities pursuant to the Agreement.

• TechGen has agreed to provide the following consideration to Mining Equities (and/or its nominees) for the acquisition of the Assets:

• On Completion, TechGen will issue that number of shares equating to $25,000 in total in the capital of TechGen, issued at a price equal to the 5 day VWAP before the Completion Date ( Consideration Shares ). The Company will issue the Consideration Shares under its current placement capacity pursuant to Listing Rule 7.1. As such, the Company will not need to seek shareholder approval to issue the Consideration Shares.

• In the event that TechGen conducts drilling on the Tenement and intersects a minimum of 5m (continuous) at 1% Ni equivalent within 5 years of Completion, TechGen will issue to Mining Equities that number of shares equating to $50,000 in total in the capital of TechGen (issued at a price equal to the 5 day VWAP before an announcement of completion of the drilling).

• In the event that TechGen delineates a JORC 2012 compliant Indicated Mineral Resource of a minimum of 5 million tonnes at 1% Ni equivalence within 5 years of Completion, TechGen will issue to Mining Equities that number of shares equating to $150,000 in total in the capital of TechGen, issued at a price equal to the 5 day VWAP before an announcement of an Indicated JORC Mineral Resource.

• TechGen must also pay Mining Equities a 1% net smelter return royalty on the sale of any minerals mined from the area the subject of the Tenement by or on behalf of TechGen.

The Agreement was negotiated at arm’s length and Mining Equities is not a related party of the Company. The Company will update the market as the stages of the Agreement progress.

ENDS

ABN: 66 624 721 035 | Registered Office: 683 Murray Street, West Perth 6005 Telephone: +61 427 268 999 | Email: admin@techgenmetals.com.au | Website: techgenmetals.com.au

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About TechGen Metals Limited

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TechGen is an Australian registered exploration Company with a primary focus on exploring and developing its gold and base metal projects across Australia. TechGen holds a portfolio of twenty-six exploration licences strategically located in five highly prospective geological regions in WA, and one in NSW.

Authorisation

For the purpose of Listing Rule 15.5, this announcement has been authorised for release by the Board of Directors of TechGen Metals Limited.

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on and fairly represents information compiled and reviewed by Andrew Jones, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Andrew Jones is employed as a Director of TechGen Metals Limited. Andrew Jones has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Andrew Jones consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

Previously Reported Information

Any information in this announcement that references previous exploration results has been taken from open file WAMEX reports A3989 (Carpentaria Exploration company Pty Ltd), A73990, A93326 & A97461 (Gondwana Resources Limited) and A101783, A104564 & A108116 (Platypus Minerals Ltd).

For further information, please contact:

Mr Ashley Hood, Managing Director P: +61 427 268 999

ABN: 66 624 721 035 | Registered Office: 683 Murray Street, West Perth 6005 Telephone: +61 427 268 999 | Email: admin@techgenmetals.com.au | Website: techgenmetals.com.au

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
(Criteria in this section applyto all succeedingsections.)
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.	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  Four rotary percussion drill holes were completed and composite sampled over their entire length. Hole 1 (PH1) was sampled as 1.52m composites whilst holes 3-5 (PH3-5) were sampled as 6.1m composites.  Details of how samples were collected, sample weights or assay laboratory used are not reported.  Rock chip samples were also reported but sample locations, sample method, weight and assay laboratory used are not reported. Gondwana Resources Ltd (A93326; 2012)  Helicopter airborne EM (VTEM) and magnetic survey on east-west 100m spaced lines flown in 2011 by Geotech Airborne Pty Limited. Platypus Minerals Ltd (A108116; 2016)  Rock chip samples were selectively taken over project area and sent to ALS Laboratories in Perth for Au (Fire Assay) and multi-element assay (ICP).
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).	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  Four rotary percussion drill holes were completed to depths from 105 to 134m.  Holes were angled at -60 degrees.  Drill company is not reported.  Downhole surveys are not mentioned.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  No discussion of recoveries reported.  No discussion on measures taken to maximise sample recovery and ensure representative samples.  No discussion of any potential sample bias.
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 andpercentage of the relevant intersections logged.	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  All drilling was geologically logged and reported.  Logging was qualitative in nature.  All holes were geologically logged in full.  Geotechnical logging was not mentioned in report.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  How composite sampling was completed not reported.  Sample preparation technique for drill samples not reported.  No discussion of quality control procedures. Gondwana Resources Ltd (A93326; 2012) Airborne EM

Criteria	JORC Code explanation	Commentary
	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.	 Used high speed digital data acquisition system with 25 Hz base frequency.  100 metre traverse lines was appropriate for the survey.  Data processing undertaken by Geotech Airborne Pty Limited. Platypus Minerals Ltd (A108116; 2016)  Rock chip samples were selectively taken over project area and sent to ALS Laboratories in Perth for Au (Fire Assay) and multi-element assay (ICP). Sample preparation not reported.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  Details of how samples were collected, sample weights or assay laboratory used are not reported.  Rock chip samples were also reported but sample locations, sample method, weight and assay laboratory used are not reported.  No quality control procedures reported. Platypus Minerals Ltd (A108116; 2016)  Rock chip samples were selectively taken over project area and sent to ALS Laboratories in Perth for Au (Fire Assay) and multi-element assay (ICP).  No quality control procedures reported.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 All results are previous.  No discussion on significant intersections being independently verified.  No discussion on twinned drill holes (drilling was reconnaissance in nature and not considered necessary at this stage).  No discussion on how field data was collected.  No discussion on how drill holes or sample locations were confirmed.  No discussion on adjustments 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.	 All results are previous.  No discussion on how drill holes or sample locations were confirmed.  Downhole surveys are not mentioned.  No discussion on the grid system used (Is GDA94/MGA94 Zone 51).  Topographic control from maps reported considered adequate.  For airborne EM flight path was recorded as WGS 84 and converted to the UTM coordinate system (MGA94 Zone 51)
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  All results are previous.  Data spacing is varied for the drill holes referred to.  Data density is appropriately indicated in the announcement on drill hole location plans.  No Resource or Ore Reserve estimates are presented. Gondwana Resources Ltd (A93326; 2012)  Nominal traverse line spacings were spacings.  Flight directions were east – west.  Survey height generally 35 metres above the ground.

Criteria	JORC Code explanation	Commentary
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Carpentaria Exploration Company Pty Ltd (A3989; 1973)  All results are previous.  Holes targeted IP and magnetic targets with varying orientations.  It appears that to accurately sample the interpreted orientation drillholes were oriented across the interpreted target bodies, perpendicular to the interpreted strike of mineralisation. Holes were given a design dip of -60 degrees.  No sampling bias discussed in reports nor believed to exist. Gondwana Resources Ltd (A93326; 2012)  The airborne VTEM survey was flown generally perpendicular to the major faults and geological orientation wherever possible.
Sample security	 The measures taken to ensure sample security.	 All results are previous.  No discussion of sample security in reports.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 All results are previous.  No discussion of audits or reviews being completed in reports.

Section 2 Reporting of Exploration Results

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

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.	TheCyclops Projectcomprises a single granted Exploration Licence, namely E45/5967. The licence covers an area of 38km2. The Exloration Licence is held by Mining equities Pty Ltd. TechGen Metals has executed a Tenement Sale Agreement with Mining Equities Pty Ltd. The Project is located 75km southeast of Marble Bar and 50km northeast of Nullagine on unallocated crown land. The Cyclops Project is subject to a native title claim by the Nyamal #1 People and a Heritage Protection Agreement has been entered into with the Nyamal #1 People by Mining Equities Pty Ltd.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	The Marble Bar District of the Pilbara Mineral Field has a long history of gold, copper, silver, lead, zinc, iron, tungsten and manganese exploration and is among the oldest in the state. In the 1960’s copper mineralisation was discovered west of the project area (Gobbos Prospect) and many explorers held the current Cyclops Project area as part of a larger project. Explorers have included Carpentaria Exploration CompanyPtyLtd,Australian Ores

Criteria	JORC Code explanation	Commentary
		& Minerals Pty Ltd, Australian Anglo American limited, Esso Australia and Production Australia Inc, Amax Iron Ore Corporation, Duval Mining Limited, Concord Mining NL, Greater Pacific Gold NL, Gondwana Resources Ltd and Platypus Minerals Pty Ltd.
Geology	 Deposit type, geological setting and style of mineralisation.	The Cyclops Project is located within the East Pilbara Terrane of the Pilbara Craton. Geological units in the project area include the Archean-aged Wyman Formation, Euro Basalt, Dalton Suite (intrusive mafic & ultramafic units), Mount Roe Basalt (basalt and sedimentary units), Hardey Formation (sedimentary & felsic volcanic units), Bamboo creek Member,FarrelQuartzite and Gobbos Granodiorite.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 All results are previous.  Previous drill holes, geophysics and rock chip sampling are discussed in the text.  No known previous information has been excluded.
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.	 All results are previous.  Reported intersections are downhole, length-weighted averages.  Length weighted averages were mentioned in the previous reports.  No metal equivalent values are currently being used for reporting exploration results.  For airborne EM there was no data aggregation. Standard geophysical filters were applied to the data.
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’).	 All results are previous.  Widths of mineralisation have not been postulated. All mineralised intervals quoted in this Report are quoted as downhole widths only.
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 aplan view of drill hole collar locations and appropriate sectional views.	 All results are previous.  Suitable maps and diagrams have been included in the body of the report.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All results are previous.  All known results have been discussed in the text.  All airborne VTEM has been included.
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.	 All results are previous.  All relevant airborne EM exploration data is shown on diagrams within the text and previous drilling and rock chip sampling is discussed.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth _extensions or large-scale step-out drilling). _	 Further work anticipated: Geological mapping, ground EM followed bydrilling.

Criteria	JORC Code explanation	Commentary
	 Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.