TECHGEN METALS LTD — Regulatory Filings 2021

May 30, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

31 May 2021

HELIBORNE VTEM SURVEY COMMENCED AT STATION CREEK PROJECT

HIGHLIGHTS

• Heliborne VTEM[TM ] - Max survey has commenced at the Station Creek Project in the Ashburton Basin of Western Australia

• The Station Creek Project has had no previous airborne electromagnetic coverage

• High grade copper-gold-silver rock chips & oxide copper outcrops represent known targets

• 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

• Exploration is targeting shear zone hosted copper and gold mineralisation

• TechGen is on target with its scheduled work plan

TechGen Metals Limited (ACN 624 721 035) (“TechGen” or the “Company”) is pleased to announce that the scheduled heliborne Versatile Time Domain Electro Magnetic (VTEM[TM] Max) geophysical survey has commenced within the Company’s highly prospective 100% owned Station Creek Project in the Ashburton Basin of Western Australia (Figure 1; Photos 1 & 2). The Station Creek Project consists of a single Exploration Licence (E08/2946) which covers an area of 54km[2] . The Company was attracted to the Station Creek Project by the presence of major fault structures, the presence of historic high grade historic copper rock chip samples and an overall lack of modern exploration in the area.

The VTEM[TM] Max survey at the Station Creek Project will consist of approximately 300 line kilometres of surveying with nominal 200m spacing between flight lines. The survey is being flown by UTS Geophysics Pty Ltd and the data, once received, is to be processed and modelled by Russell Mortimer at Southern Geoscience Consultants (SGC). The airborne survey will cover the entire project area.

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Photo 1 & 2: Unrecorded workings with malachite and malachite-rich rocks from outcrops within project area.

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The VTEM™ Max system is the most innovative and successful airborne electromagnetic system to be introduced in more than 30 years. The proprietary receiver design, using the advantages of modern digital electronics and signal processing, delivers exceptionally low-noise levels. Coupled with a high dipole moment transmitter, the result is unparalleled resolution and depth of investigation in precision electromagnetic measurements.

Historic work and exploration completed by TechGen has identified areas of high grade copper (± silver & gold) rock chip samples and outcropping copper mineralisation (malachite and azurite) within the project area. Several areas of anomalism occur along a major northwest striking fault. The VTEM-Max survey is being undertaken to identify possible sulphide mineralisation at depth across the project area.

XRD analysis has been undertaken on a single rock chip sample which assayed 54.7% Cu & 257g/t Ag (sample SCR34). The results of the XRD analysis have indicated that in addition to the presence of copper oxide minerals (Malachite, Brochantite & Atacamite) that the copper arsenate mineral Olivenite and copper sulphide mineral Djurleite is also present within the sample.

The VTEM survey is anticipated to take 4 - 5 days to complete and the Company looks forward to providing further updates across its 100% owned highly prospective copper-gold project portfolio in Western Australia.

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Figure 1: Station Creek Project showing planned airborne EM and peak rock chip results over airborne magnetics.

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.

Previously Reported Information

The information in this announcement that references previous exploration results is extracted from the Company's Prospectus dated 17 February 2021.

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

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	•	Nature and quality of sampling (eg cut channels, random chips, or specific specialised	•	XRD analysis was undertaken on a portion of sample SCR34 which was originally
techniques		industry standard measurement tools appropriate to the minerals under investigation,		collected as a rock chip sample due to the presence of malachite in the sample.
		such as down hole gamma sondes, or handheld XRF instruments, etc). These	•	The outcrop area was several metres x several metres in extent.
		examples should not be taken as limiting the broad meaning of sampling.	•	The sample was submitted to ALS Metallurgy in Perth for semi-quantitative XRD
	•	Include reference to measures taken to ensure sample representivity and the		analysis.
		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.
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	•	Chip sample had comments recorded in the field.
		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.	•	Sample preparation technique for XRD analysis appropriate.
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	•	No quality control procedures were adopted by the company as only a single sample
sample		dry.		was analysed.
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation	•	The sample was pressed into a back-packed sample holder to minimise preferred
		technique.		orientation of the particles.
	•	Quality control procedures adopted for all sub-sampling stages to maximise	•	Powder X-ray diffraction (XRD) was used to analyse the sample.
		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 thegrain size of the material being sampled.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Quality of assay	•	The nature, quality and appropriateness of the assaying and laboratory procedures	•	All work is to industry standard.
data and		used and whether the technique is considered partial or total.	•	Powder X-ray diffraction (XRD) was used to analyse the sample.
laboratory tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters	•	A combination of matrix flushing and reference intensity ratio (RIR) constants was used
		used in determining the analysis including instrument make and model, reading times,		in the quantification of the minerals identified in the sample.
		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	•	Not applicable as no drilling was undertaken or reported.
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 handheld Garmin GPS unit was used to record Easting and Northing data.
points		surveys), trenches, mine workings and other locations used in Mineral Resource	•	Grid GDA94/MGA94 Zone 50 grid system.
		estimation.	•	Topographic control considered adequate.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	A single sample was submitted for analysis.
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of	•	No Mineral Resources are present at the project.
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	No compositing has been applied.
		estimation procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible structures	•	A single surface point sample was submitted for analysis.
data in relation to		and the extent to which this is known, considering the deposit type.	•	No drilling data discussed.
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.	•	Sample was delivered to the laboratory by company personnel.
Audits or reviews	•	The results of any audits or reviews of sampling techniques and data.	•	No formal audit has been completed on the data being reported.

Section 2 Reporting of Exploration Results

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

	Criteria		JORC Code explanation	JORC Code explanation	Commentary
	Mineral tenement		•	Type, reference name/number, location and ownership including agreements or	TheStation Creek Projectcomprises a single granted Exploration Licence, namely
	and land tenure			material issues with third parties such as joint ventures, partnerships, overriding	E08/2946. The licence covers an area of 54km2. Blue Ribbon Mines Pty Ltd is the
	status			royalties, native title interests, historical sites, wilderness or national park and	registered holder of E08/2946. TechGen has entered into a term sheet with Blue Ribbon
				environmental settings.	Mines Pty Ltd to acquire a 100% interest in the tenement.
			•	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.	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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			determination (WCD2015/002) which incorporates an Indigenous Land Use Agreement
			(ILUA).
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 is 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.
	•	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	•	There has been no data aggregation.
methods		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.
Relationship	•	These relationships are particularly important in the reporting of Exploration Results.	•	Not applicable as no drilling 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 XRD exploration results are discussed.
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 historic data has been previously discussed and no new exploration data is known.
exploration data		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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Further work	•	The nature and scale of planned further work (eg tests for lateral extensions or depth	•	An Airborne VTEM survey at the project area has now commenced.
		extensions or large-scale step-out drilling).
	•	Diagrams clearly highlighting the areas of possible extensions, including the main	•	Future work may include ground EM surveys and drilling.
		geological interpretations and future drilling areas, provided this information is not
		commercially sensitive.

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