TECHGEN METALS LTD — Regulatory Filings 2021

Jul 7, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

8[th] July 2021

VTEM SURVEY RESULTS VALIDATE PROSPECTIVITY AT FLAGSHIP COPPER PROJECTS

INVESTMENT HIGHLIGHTS

• THREE LATE TIME STRONG CONDUCTORS IDENTIFIED AT MT BOGGOLA

• FLTEM COMPLETED OVER STRUCTURAL VTEM CONDUCTOR AT BLUE ROCK VALLEY - TARGET 1 MID-LATE TIME BED ROCK CONDUCTOR >600m X 600m AND MODERATE DIP IDENTIFIED

• CLUSTER OF MID CHANNEL AND IP ANOMALIES IDENTIFIED AT STATION CREEK

TechGen Metals Limited (ACN 624 721 035) (“TechGen” or the “Company”) is pleased to announce that all preliminary data from the heliborne Versatile Time Domain Electro Magnetic (VTEM Max) geophysical surveys recently completed at the Company’s 100% owned Ashburton Basin copper projects in Western Australia along with loop one of three ground Fixed Loop Transient Electro Magnetic (FLTEM) surveys at the Blue Rock Valley copper project have now been received.

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Figure 1: Mt Boggola Project (E08/2996) showing preliminary airborne VTEM (Late time - Channel 45).

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The Mt Boggola preliminary VTEM data received and reviewed by Southern Geoscience Consultants (SGC) has confirmed the presence of three strong and discrete late time bedrock conductors (Figure 1). The conductors are present across all EM channel data (Early, Mid & Late time channels). The Company is highly encouraged by the conductors location being in areas of favourable geological setting, magnetic and structural contact complexity. The VTEM Max survey at the Mt Boggola Project consisted of 317-line kilometres of surveying with nominal 200m spacing between flight lines, with 100m infill spaced lines completed over the identified VTEM conductors. The survey was flown by UTS Geophysics Pty Ltd.

Due to the highly successful heli airborne VTEM Max surveys, follow up ground fixed loop EM is currently being planned to cover these three strong late time airborne EM conductors identified at Mt Boggola and Gradient Array Induced Polarisation (GAIP) surveys are also being planned to cover areas of high-grade copper, gold and silver rock chip anomalism previously identified in the central and southern project area (ASX announcement 7[th] June 2021 - XRD analysis of a rock sample which returned 48.7% Cu & 119g/t Ag has indicated the presence of copper sulphide minerals at surface).

At Station Creek, preliminary VTEM data indicates the presence of several areas of early channel anomalism transitioning to mid-channel induced polarisation (IP) effects (Figure 2). 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). The VTEM Max survey at the Station Creek Project consisted of 280 line kilometres of surveying with nominal 200m spacing between flight lines.

Geological mapping and Gradient Array Induced Polarisation (GAIP) surveys are being planned at Station Creek to cover the areas of IP effect and coincident magnetic high, fault zone and areas of previous highgrade copper, silver and gold rock chip anomalism.

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Figure 2: Station Creek Project (E08/2946) showing preliminary airborne VTEM (Early time - Channel 10).

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At Blue Rock Valley, preliminary modelling of the results of a fixed loop ground EM survey recently completed over the northernmost newly identified airborne EM conductor has confirmed the presence of a discrete, broad, low conductance bedrock conductor (Figures 3 left and right). The conductor is >600m x 600m in extent and dipping at around 50-60 degrees towards the northeast.

The conductance observed is considered within the possible range expected of a base metal mineralisation source (copper-lead-zinc). Of interest the conductor appears to sit favourably with in a flexure zone of the regionally significant Talga Fault. The ground EM survey was undertaken by SGC. VTEM anomalies 2 and 3 are also to be ground tested (FLTEM) over the coming weeks.

Geological mapping and further ground EM surveys are being planned at Blue Rock Valley to cover the two southern airborne EM conductors and areas of historic copper mining at the Blue Rocks prospect.

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----- Start of picture text -----

PLAN VIEW N/W VIEW
2021 VTEM Anomalies
Talga Fault
Historic Blue
Rocks Copper
Mine
CH46BZ
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Figure 3: Blue Rock Valley Project (E08/3030) showing preliminary airborne VTEM (centre) and fixed loop time EM (FLTEM) plates results from the northern most VTEM anomaly (left & right).

TechGen’s Managing Director Mr Ashley Hood noted : “We are excited by the growth opportunities that this data presents for our shareholders. Copper is the world’s third largest metal market, with strong demand and price nearing record highs. Quality late time bedrock conductors are just what the Company was hoping for in areas of favourable geological settings with well mineralised gossans and little to no previous geophysics completed. We now have field EM crews booked, structural geological mapping planned and heritage surveys booked, all aiming to drill test these targets by years end."

The Company looks forward to providing further updates across its 100% owned highly prospective coppergold project portfolio in Western Australia.

ENDS

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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 twelve 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

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	Sampling	•	Nature and quality of sampling (eg cut channels, random chips, or specific specialised		Airborne EM
	techniques		industry standard measurement tools appropriate to the minerals under investigation,	•	Helicopter-borne versatile time domain electromagnetic (VTEM) geophysical survey
			such as down hole gamma sondes, or handheld XRF instruments, etc). These		flown by UTS Geophysics Pty Ltd.
			examples should not be taken as limiting the broad meaning of sampling.	•	Nominal traverse line spacings were 200 metres with 100m spaced infill lines.
		•	Include reference to measures taken to ensure sample representivity and the	•	Flight directions were north - south at Station Creek (E08/2946) and Mt Boggola
			appropriate calibration of any measurement tools or systems used.		(E08/2996).
		•	Aspects of the determination of mineralisation that are Material to the Public Report.	•	Survey height generally 35 metres above the ground.
		•	In cases where ‘industry standard’ work has been done this would be relatively simple	•	The electromagnetic system was a Geotech Versatile Time Domain EM (VTEM)
			(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was		system.
			pulverised to produce a 30 g charge for fire assay’). In other cases more explanation	•	25 Hz base frequency.
			may be required, such as where there is coarse gold that has inherent sampling
			problems. Unusual commodities or mineralisation types (eg submarine nodules) may		Ground EM
			warrant disclosure of detailed information.	•	Ground EM at Blue Rock Valley (E08/3030) was undertaken by Southern Geoscience
					Consultants.
				•	Receiver was a SMARTem24 and sensor a EMIT SMART Fluxgate B-field ZXY
					Components with a base frequency of 1Hz and current of ~35-38A. Readings/Stacking
					of 64stks with 2-3 readings.
				•	Loop was 650m x 400m (Fixed Loop) with a line spacing of 100m and station spacings
					of 50m.
	Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	•	Not applicable as no drilling was undertaken or reported.
	techniques		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). _
	Drill sample	•	Method of recording and assessing core and chip sample recoveries and results	•	Not applicable as no drilling was undertaken or reported.
	recovery		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.
	Logging	•	Whether core and chip samples have been geologically and geotechnically logged to a	•	Not applicable as no drilling was undertaken or reported.
			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.
	Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core taken.		Airborne EM
	techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	•	Used high speed digital data acquisition system with 25 Hz base frequency.
	sample		dry.	•	200 metre traverse lines was appropriate for the survey.
	preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation	•	Data processing undertaken by UTS Geophysics Pty Ltd and Southern Geoscience
			technique.		Consultants.
		•	Quality control procedures adopted for all sub-sampling stages to maximise
			representivity of samples.		Ground EM
		•	Measures taken to ensure that the sampling is representative of the in situ material	•	Receiver was a SMARTem24 and sensor a EMIT SMART Fluxgate B-field ZXY
			collected, including for instance results for field duplicate/second-half sampling.		Components with a base frequency of 1Hz and current of ~35-38A. Readings/Stacking
		•	Whether sample sizes are appropriate to thegrain size of the material being sampled.		of 64stks with 2-3 readings.

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	Loop was 650m x 400m with a line spacing of 100m and station spacings of 50m.
Quality of assay	•	The nature, quality and appropriateness of the assaying and laboratory procedures	•	All work is industry standard.
data and		used and whether the technique is considered partial or total.
laboratory tests	•	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)
		andprecision have been established.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Data was verified and checked by the operators at the end of each survey day.
sampling and		company personnel.
assaying	•	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.
Location of data	•	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	•	A NovAtel's WAAS enable OEM4-G2-3151W GPS receiver was utilised for data
points		surveys), trenches, mine workings and other locations used in Mineral Resource		location.
		estimation.	•	Flight path was recorded as WGS 84 and converted to the UTM coordinate system
	•	Specification of the grid system used.		(MGA94 Zone 50)
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.		Airborne EM
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of	•	Nominal traverse line spacings were 200 metres with infill lines at 100m spacings.
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	Flight directions were north - south at Station Creek (E08/2946) and Mt Boggola
		estimation procedure(s) and classifications applied.		(E08/2996).
	•	Whether sample compositing has been applied.	•	Survey height generally 35 metres above the ground.
				Ground EM
			•	Loop was 650m x 400m with a line spacing of 100m and station spacings of 50m.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible structures	•	The airborne VTEM survey was flown generally perpendicular to the major faults and
data in relation to		and the extent to which this is known, considering the deposit type.		geological orientation wherever possible.
geological	•	If the relationship between the drilling orientation and the orientation of key mineralised
structure		structures is considered to have introduced a sampling bias, this should be assessed
		and reported if material.
Sample security	•	The measures taken to ensure sample security.	•	Not applicable as no drilling or sampling data reported.
Audits or reviews	•	The results of any audits or reviews of sampling techniques and data.	•	No formal audit has been completed on the previous geophysical data being reported.

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
(Criteria listed in theprecedingsection also applyto this section.)
	Criteria	JORC Code explanation		Commentary
	Mineral tenement	•	Type, reference name/number, location and ownership including agreements or	TheMt Boggola Projectcomprises a granted Exploration Licence, namely E08/2996
	and land tenure		material issues with third parties such as joint ventures, partnerships, overriding	and a pending Exploration Licence, namely E08/3269. The licences cover an area of
	status		royalties, native title interests, historical sites, wilderness or national park and	115km2. Tasex Geological Services Pty Ltd is the registered holder of E08/2996 and
			environmental settings.	TechGen is the registered holder of E08/3269. TechGen has entered into a term sheet
		•	The security of the tenure held at the time of reporting along with any known	with Tasex Geological Services Pty Ltd to acquire a 100% interest in E08/2996.
			impediments to obtaining a licence to operate in the area.	The Project lies on the Pingandy (PL N050510) Pastoral Lease and Unallocated Crown
				Land.
				The Project is subject to the Nharnuwangga Wajarri and Ngarlawangga native title
				determination(WCD2000/001) (as to 48.53%%of the area of the tenement)which

Criteria	JORC Code explanation	JORC Code explanation	JORC Code explanation	Commentary	Commentary
					incorporates an Indigenous Land Use Agreements (ILUA); the Jurruru #2 claim
					(WC2012/012) (as to 51.47% of the area of the tenement); and the Yinhawangka
					Gobawarrah claim (WC2016/004) (as to 51.47% of the area of the tenement).
					TheStation Creek Projectcomprises a single granted Exploration Licence, namely
					E08/2946. The licence covers an area of 54km2. Blue Ribbon Mines Pty Ltd is the
					registered holder of E08/2946. TechGen has entered into a term sheet with Blue
					Ribbon Mines Pty Ltd to acquire a 100% interest in the tenement.
					The Project lies on the Ashburton Downs (PL N050036) Pastoral Lease and
					Unallocated Crown Land.
					The Station Creek Project overlies, in part, the Ashburton Downs Pastoral Lease (PL
					N050036). Tenement E08/2946 is subject to the Jurruru People Part A native title
					determination (WCD2015/002) which incorporates an Indigenous Land Use
					Agreement (ILUA).
					TheBlue Rock Valley Projectcomprises a granted Exploration Licence, namely
					E08/3030 and a pending Exploration Licence, namely E08/3276. The licences cover
					an area of 165km2. Blue Rock Valley Pty Ltd is the registered holder of E08/3030 and
					TechGen is the registered holder of E08/3276. TechGen has entered into a term sheet
					with Blue Rock Valley Pty Ltd to acquire a 100% interest in E08/3030.
					The Project lies on the Glen Florrie (PL N050594) Wyloo (PL N050360) and Nanutarra
					(PL N049833) Pastoral Leases.
					Tenement E08/3030 is subject to the Thudgari People native title determination
					(WCD2009/002) (as to 94.77% of the area of the tenement) and the Combined Thiin-
					Mah, Warriyangka, Tharrikari and Jiwarli native title determination (as to 1.91% of the
					area of the tenements) each of which incorporate Indigenous Land Use Agreements
					(ILUA). Tenement E08/3030 overlies areas described as an “Other Heritage Place”
					being Carlamurlyanggu (reference 6753) affecting the western portion of the tenement
					and Glen Florrie Station (reference 11031) covering less than 1% of the area of the
					tenement.
					Tenement E08/3276 is subject to the Puutu Kunti Kurrama People and Pinikura
					people #1 and #2 native title determination (WCD2015/003) with multiple Indigenous
					Land Use Agreements (ILUA); and the Thudgari People native title determination
					(WCD2009/002) (as to 32.62% of the area of the tenement).
Exploration done	•	Acknowledgment and appraisal of exploration by other parties.		•	The Ashburton Mineral Field has a long history of gold, copper, silver, lead and zinc
by other parties					exploration and is among the oldest in the state.
					In the 1970s and 1980s, majors like BHP, Newmont Corporation and BP Minerals
					began to explore the Ashburton Basin. This early exploration resulted in the initial
					identification of some significant deposits, namely Mt Clement and Mt Olympus.
Geology	•	Deposit type, geological setting and style of mineralisation.		•	The Project areas are located within the Ashburton Basin which forms the northern part
					of the Capricorn Orogen.
Drill hole	•	A summary of all information material to the understanding of the exploration results		•	Not applicable as no drilling was undertaken or reported.
Information		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.

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	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.
Data aggregation	•	In reporting Exploration Results, weighting averaging techniques, maximum and/or	•	Only geophysics data is reported. There has been no data aggregation. Standard
methods		minimum grade truncations (eg cutting of high grades) and cut-off grades are usually		geophysical filters were applied to the data.
		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.
Relationship	•	These relationships are particularly important in the reporting of Exploration Results.	•	Not applicable as no drilling or sampling has undertaken or reported.
between	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its
mineralisation		nature should be reported.
widths and	•	If it is not known and only the down hole lengths are reported, there should be a clear
intercept lengths		statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts should be	•	Suitable maps and diagrams have been included in the body of the report.
		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.
Balanced	•	Where comprehensive reporting of all Exploration Results is not practicable,	•	All airborne VTEM and ground EM results have been included.
reporting		representative reporting of both low and high grades and/or widths should be practiced
		to avoid misleading reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be reported including (but not	•	All airborne VTEM and ground EM survey data reviewed has been discussed and no
exploration data		limited to): geological observations; geophysical survey results; geochemical survey		new exploration data is known.
		results; bulk samples – size and method of treatment; metallurgical test results; bulk
		density, groundwater, geotechnical and rock characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further work (eg tests for lateral extensions or depth	•	Further work anticipated:
		extensions or large-scale step-out drilling).		Blue Rock Valley - ground EM, GAIP & geological mapping.
	•	Diagrams clearly highlighting the areas of possible extensions, including the main		Station Creek - GAIP & geological mapping.
		geological interpretations and future drilling areas, provided this information is not		Mt Boggola - ground EM, GAIP & geological mapping.
		commercially sensitive.