TECHGEN METALS LTD — Interim / Quarterly Report 2021

Oct 10, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

11 October 2021

“One Company, three exciting addresses.”

QUARTERLY REPORT

FOR THE PERIOD ENDING 30 SEPTEMBER 2021

HIGHLIGHTS

• Diversified pipeline of copper and gold projects in Western Australia.

• Near-term focus on Ashburton copper:

• 3 key project areas in “Elephant” country.

• Rich historical high-grade copper production at Blue Rock Valley from 1900s – 1960.

• Ashburton projects previously held by CRA, Newcrest and Northern Star in the 1980s to 2010. Illustrates the presence of multi elements including copper in the region with limited to no modern exploration.

• TechGen applying specific geophysical techniques within areas of high – grade copper occurrences. Airborne VTEM and ground EM surveys reveal strong favourable bedrock conductors. (Including adjacent to historic copper workings at Blue Rock Valley).

• Heritage survey completed at the Blue Rock Valley Copper Project.

• Ground EM and modelling of Airborne VTEM data completed at the Mt Boggola Copper Project. Preparation for drill testing of high priority targets in early 2022 underway.

• Copper drilling to commence before end of 2021 at Blue Rock Valley.

• Stage 2 RC drilling program of 15 holes for 1,389 metres completed at the Ida Valley Gold Project. Assay results awaited.

• Soil sampling survey of 557 samples completed at the El Donna Gold Project with assay results awaited.

• Capital structure leveraged to exploration success – well capitalised, 52M shares and no debt.

• Experienced Board and Management, continuing to have “skin in the game.”

• Growth strategy complimented by copper and gold global market outlook.

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TechGen Metals Limited (ACN 624 721 035) (“TechGen” or the “Company”) is pleased to provide an update on exploration activities completed during the September 2021 Quarter.

The Company is a highly active junior explorer with 100% ownership of seven gold and copper exploration projects which are strategically located in the Yilgarn Craton, Ashburton Basin and Paterson Orogen regions of Western Australia. The spread of projects across three highly prospective geographical regions provides the Company with geographical and operational diversification.

COMPANY PROJECTS

Yilgarn Craton Projects

The Archean-age Yilgarn Craton is Australia's premier gold and nickel province and is located in the southern half of Western Australia. The Craton consists of oval shaped areas of granite rocks fringed by arcuate greenstone belts and has been divided into a number of geological terranes which are separated by significant regional-scale faults. The Company considers its Yilgarn Craton Projects to be prospective for gold mineralisation.

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Figure. Location of the Yilgarn Craton Projects.

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Ida Valley Project

The Ida Valley Project is located 90km northwest of Leonora in the Goldfields Region of Western Australia. The project consists of three Exploration Licences, namely E29/1053, E36/979 and E36/1015, located within the Kalgoorlie Terrane of the Yilgarn Craton.

During the Quarter the Company completed a second stage RC drilling program of 15 drill holes for 1,389 metres. This second stage RC drilling program was designed to follow-up highly encouraging maiden discovery drill results received by the Company in July 2021. Some of the better inaugural 4m composite RC results included: 8m @ 2.30 g/t Au from 36m (Hole IVRC003 which included 4m @ 4.02g/t Au ), 8m @ 1.25g/t Au from 20m (Hole IVRC001), 36m @ 0.95g/t Au from 52m (Hole IVRC002) and 4m @ 1.63g/t Au from 52m (Hole IVRC011).

Stage 1 RC drilling previously completed at the project was at the Central Zone only. The recently completed stage 2 drilling program followed up the best mineralised sections at the Central Zones east and west shears which are separated by approximately 500m east to west of a local prominent magnetic high. Drilling also tested soil anomalism at the Southern Anomaly and Northern Anomaly. The +1.3km long Southern Anomaly is the largest soil anomaly identified in the project are and was tested with 5 holes over a 300m length (holes IVRC012 to IVRC016).

Stage 2 drilling intersected rock units which included amphibolite, ultramafic and pegmatite beneath shallow weathering (<20m). Zones of quartz veining were intersected in several holes as well as zones of disseminated pyrite and pyrite veining. The full length of each drill hole has been composite sampled (4m) and submitted to ALS Laboratories for Au and multi-element analysis.

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Image : Photo showing RC drill rig and samples from IVRC022 at the Ida Valley Gold Project, ~9m sulphide mineralisation circled

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Figure : Map of the Ida Valley Project with soil anomalism, previous RC drilling and current RC drilling shown.

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El Donna Project

The El Donna Project is located 50km northeast of Kalgoorlie in the Goldfields Region of Western Australia. The project consists of a single Exploration Licence E27/610 located within the Kurnalpi Terrane of the Yilgarn Craton.

The El Donna Gold Project is considered prospective for gold mineralisation similar to that observed at both the Mayday North Gold Mine, 2km to the north, and the Penny's Find Gold Mine, 3.5km to the south. During the Quarter the Company undertook a 557 sample soil sampling program along east-west sample lines. A review of previous exploration across the project area had indicated that work has concentrated on the central project area with no to minimal exploration undertaken on the western and eastern borders of the project.

The soil samples have been submitted to ALS Laboratories for Au and multi-element analysis.

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Figure: Current soil sampling program and previous drilling at the El Donna Gold Project.

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Ashburton Basin Projects

The Ashburton Basin is a northwest trending arcuate belt of Proterozoic-age sedimentary and volcanic rocks which forms the northern part of the Capricorn Orogen. The Capricorn Orogen is a major tectonic zone, 1,000km long and 500km wide located between the Archean Yilgarn and Pilbara Cratons of Western Australia. The Company considers its Ashburton Basin Projects to be prospective for both gold and base metal mineralisation.

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Figure: Location of the Ashburton Basin Projects.

Blue Rock Valley Project

The Blue Rock Valley Project is located 175km west of Paraburdoo in northern Western Australia. The project comprises two Exploration Licences, E08/3030 and E08/3276.

During the Quarter the Company undertook ground EM surveys over two conductors identified from airborne EM surveying and also detailed modelling of the airborne VTEM data over two other conductors. Four conductors of interest have been identified at the Blue Rock Valley Copper Project.

One conductor considered highly significant due to its location adjacent to historic copper workings (Blue Rock Cu Prospect) strikes NW - SE over several hundred metres. Another conductor is larger and also potentially significant as it sits adjacent to a structural flexure/bend within the regional Talga Fault. The Talga Fault is believed to be the structural conduit responsible for historic copper oxide mineralisation at the Blue Rock Cu Prospect. Two other conductors are localised, late time, conductors present on a single flight line, in favourable structural and geological settings on or adjacent to mapped structures/fold axial traces.

Heritage surveys and drill planning were completed during the Quarter and the Company plans to drill test these high priority targets prior to the end of 2021.

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Figure: Blue Rock Valley Project with previous EM anomalies & high grade previous copper rock chips on regional airborne magnetics.

Station Creek Project

The Station Creek Project is located 70km southwest of Paraburdoo in northern Western Australia. The project comprises Exploration Licence E08/2946.

At Station Creek, modelling of VTEM data flown in the previous quarter indicates the presence of several areas of early channel anomalism transitioning to mid-channel induced polarisation (IP) effects. In addition, at Station Creek the results of the airborne magnetics survey undertaken at the same time as the VTEM survey indicates a magnetic high coincident with a northwest - southeast trending fault and an area of previous high-grade copper, silver and gold rock chip anomalism (ASX announcement 31[st] May - XRD analysis of a rock sample which returned 54.7% Cu & 257g/t Ag has indicated the presence of copper sulphide and copper arsenate minerals at surface).

Preparation and planning is currently underway to drill test geochemical (high-grade copper, silver and gold rock chip anomalism and soil anomalism) and structural targets at the project area in early 2022.

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Figure: Station Creek Project with previous high grade copper rock chips on regional airborne magnetics.

Mt Boggola Project

The Mt Boggola Project is located 60km south of Paraburdoo in Western Australia. The project comprises two Exploration Licences, E08/2996 and E08/3269.

During the Quarter ground EM surveys were completed over two of the airborne EM bedrock conductors previously identified. The 3rd conductor was modelled from the airborne EM data. The Company is highly encouraged by the conductors location being in areas of favourable geological setting, magnetic and structural complexity.

Preparation and planning is currently underway to drill test the three bedrock conductors identified from EM surveying and other geochemical and structural targets at the project area in early 2022.

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Figure: Mt Boggola Project airborne VTEM anomalies and other prospect areas.

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Paterson Orogen Projects

The Proterozoic-aged Paterson Orogen contains Telfer, one of Australia's largest gold deposits, the Kintyre Uranium deposit and the Nifty Copper Mine. The Orogen can be subdivided into two major packages of rocks. The older package is the Rudall Complex and the younger package is subdivided into the Lamil Group, Throssell Group and Tarcunyah Group. The Paterson Orogen has seen a high level of recent exploration activity following the discovery of the Havieron Au-Cu deposit in 2018 by Greatland Gold Plc and the discovery of the Winu Cu-Au deposit by Rio Tinto Ltd in 2019. The Company considers its Paterson Orogen Projects to be prospective for intrusive related copper-gold and sediment hosted base metal (copper-lead–zinc–silver) style mineralisation.

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Figure: Location of the Paterson Orogen Projects.

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Harbutt Range Project

The Harbutt Range Project is located 320km east of the town of Newman on the edge of the Great Sandy Desert in Western Australia. The project comprises two granted Exploration Licences, namely E45/5294 and E45/5439.

The Harbutt Range Project lies within the Rudall Complex, the older portion of the Paterson Orogen. Several untested geophysical targets, EM and IP, are known within the project area.

Activities during the Quarter included planning of ground EM surveys.

North Nifty Project

The North Nifty Project is located approximately 250km northeast of Newman in Western Australia. The project comprises two Exploration Licences, E45/5506 and E45/5511, which were granted during the Quarter.

The North Nifty Project lies within the Throssell Group, the younger portion of the Paterson Orogen. The Project has experienced limited exploration with exploration to date focusing on the Hakea Prospect, a broad copper anomaly identified initially by lag sampling.

No field activities were undertaken at the project during the Quarter.

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Figure: Harbutt Range Project area with Airborne EM over Airborne Magnetics.

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FORWARD WORK PLANS FOR Q4 2021

Ida Valley Project: Exploration will include interpretation and review of Stage 2 RC drilling assays once received.

El Donna Project: Exploration will include planning for an Aircore drilling program

Blue Rock Valley Project: Exploration will include an RC drilling program to test EM targets.

Station Creek Project: Exploration will include preparation for drill testing of targets in early 2022.

Mt Boggola Project: Exploration will include a flora survey and heritage surveys in preparation for drill testing of targets in early 2022.

Harbutt Range Project: Exploration is planned to involve ground EM surveys over several historical airborne EM targets.

North Nifty Project: Exploration will involve a review of previous geophysics completed at the project.

Table: Planned exploration activities for calendar 2021.

	PROJECT
		Q4 – 2021
YILGARN CRATON	Ida Valley	Awaiting 4m composites RC Drilling Assays
	El Donna	Aircore Drill Planning
ASHBURTON BASIN	Blue Rock Valley	RC Drilling
	Station Creek	Drill Preparation
	Mt Boggola	Drill Preparation
PATERSON OROGEN	Harbutt Range	Ground EM
	North Nifty	Geophysics Review

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SEPTEMBER 2021 QUARTER - ASX ANNOUNCEMENTS

This Quarterly Report contains information extracted from ASX market announcements reported in accordance with the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (2012 JORC Code). Further details of Exploration Results (including 2012 JORC Code reporting tables where applicable) referred to in this Quarterly Report can be found in the following announcements lodged on the ASX:

16 September 2021	TG1 Copper Investor Presentation
8 September 2021	Ashburton Copper Projects - Updated Status
2 September 2021	Ida Valley Gold Stage 2 RC Drilling Completed
24 August 2021	Ida Valley 1m Gold Assays
19 August 2021	Ida Valley Gold Drilling recommences
2 August 2021	New Anomalies at the Ida Valley Gold Project
26 July 2021	Quarterly Activities/Appendix 5B Cash Flow Report
8 July 2021	Flagship Copper Targets Identified

These ASX announcements are available on the Company's website at www.techgenmetals.com.au.

CORPORATE

Cash balance as at 30 September 2021 was A$3.7m.

OTHER

In line with its obligations under ASX listings rule 5.3.5, payments to related parties of the Company are detailed in Table 1 below and reflect payments for Executive and Non-Executive Directors’ salary and superannuation.

As previously disclosed, Mr Rick Govender is also engaged as the Company Secretary and Chief Financial Officer pursuant to a consulting agreement (see section 11.7 of the Company’s Prospectus and Annual Report). Fees paid to Mr Govender for the period ended September 21 was $15,125

Table 1: Directors fees

Table 1: Directors fees
Directors Fees	30 September 2021
Executive Director fees	82,500
Non-Executive director fees	27,500
Total	110,000

During the quarter ended 30 September 2021, the Company spent approximately $387,401 on project and exploration activities on its wholly owned tenements. These activities have been detailed within this report. The expenditure represents only direct costs associated with these activities.

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Table 2: Use of Funds

Use of Funds	As per the Prospectus	Actual expenditure Jan to Sept 21
Expenses of the offer	320,163	319,688
Broker Fee	471,875	442,375
Exploration Expenditure	3,525,802	1,010,729
Directors and relatedpartyfees	876,000	289,972
WorkingCapital	637,940	285,041
Total	5,831,780	2,347,805

TENEMENT SCHEDULE

Project	Tenement	Status	Area **(km2) **	Grant Date	Term (Years)	Interest
Ida Valley	E29/1053	Granted	39	5/07/2019	5	100%
Ida Valley	E36/979	Application	75			100%
Ida Valley	E36/1015	Application	85			100%
El Donna	E27/610	Granted	14	5/02/2020	5	100%
Harbutt Range	E45/5294	Granted	63	18/03/2019	5	100%
Harbutt Range	E45/5439	Granted	313	25/02/2020	5	100%
North Nifty	E45/5506	Granted	31	3/06/2021	5	100%
North Nifty	E45/5511	Granted	16	3/06/2021	5	100%
Station Creek	E08/2946	Granted	54	3/12/2018	5	100%
Blue Rock Valley	E08/3030	Granted	101	24/02/2020	5	100%
Blue Rock Valley	E08/3276	Application	101			100%
Mt Boggola	E08/2996	Granted	63	9/10/2019	5	100%
Mt Boggola	E08/3269	Application	116			100%

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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 100% owned gold and copper projects in Western Australia (regarded as the top jurisdiction in the world for mining investment). The Company’s objective is to create wealth for its shareholders through commercial exploration success.

TechGen holds a portfolio of thirteen exploration licences strategically located in three highly prospective geological regions of Western Australia; the Yilgarn Craton, Paterson Orogen and Ashburton Basin.

The Yilgarn Craton and Paterson Orogen are both proven world class gold and base metal provinces whilst the Ashburton Basin is considered highly prospective yet under explored and has the potential for major new gold and base metal discoveries. The spread of projects across these three geological regions provides the Company with geographical and operational diversification.

TechGen has an experienced board and management team, with a broad range of exploration, development, management, legal, finance, commercial and technical skills in the resource industry. The Company’s Managing Director and Technical Director are project vendors and substantial holders, driven to actively manage projects and deliver value to shareholders.

For more information, please visit our website: www.techgenmetals.com.au

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 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.

For further information, please contact:

Mr Ashley Hood, Managing Director P: +61 6557 6606 E: admin@techgenmetals.com.au www.techgenmetals.com.au

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

quarterly cash	flow report	flow report
Name of entity
TechGen Metals Ltd
ABN 66 624 721 035	Quarter ended (“current quarter”)
	September 21
Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	(387) (125) (48)	(387) (125) (48)
	(560)	(560)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	(25)	(25)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities
	(25)	(25)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities
	(-)	(-)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	4,334 (560) (25)	4,334 (560) (25)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period
	3,749		3,749
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	1,224 2,525	1,809 2,525
	3,749	4,334
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 (125) 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		(125)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities Credit standby arrangements Other (please specify) Total financing facilities Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (560) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) Total relevant outgoings (item 8.1 + item 8.2) (560) Cash and cash equivalents at quarter end (item 4.6) 3,749 Unused finance facilities available at quarter end (item 7.5) Total available funding (item 8.4 + item 8.5) 3,749 Estimated quarters of funding available (item 8.6 divided by item 8.3) (6.69) Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(560) (560) 3,749
		3,749
	Answer:
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ..11. October 2021..............................................................................

Authorised by: By the Board...................................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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