UNICO SILVER LIMITED — Capital/Financing Update 2021

Dec 15, 2021

ASX Announcement

Malvina Sur drilling confirms new mineralised corridor

16 December 2021

E2 Metals (E2 or the Company) is pleased to announce further assay results from Malvina including the first high-grade mineralisation from Malvina Sur.

Highlights

• Ongoing infill and step-out drilling at Malvina continues to deliver high-grade silver and gold mineralisation including:

CORC-174: 5m at 4.2gpt Au, 1174gpt Ag (20.9gpt AuEq) from 60m, inc. 2m at 9.8gpt Au, 2580gpt Ag (46.7gpt AuEq) from 62m

CODD-191: 6m at 2.9gpt Au, 638gpt Ag (12gpt AuEq) from 44m, inc. 3m at 5.5gpt Au, 1087gpt Ag (21gpt AuEq) from 47m

CODD-189: 6.1m at 1gpt Au, 194gpt Ag (3.7gpt AuEq) from 111.9m

• High-grade mineralisation is defined by 14 drill holes over a 325m strike with a weighted average grade of 2.2gpt Au and 592gpt Ag (10.6gpt AuEq) over 3m (downhole width).

• Scout drilling at Malvina Sur (located on a separate parallel structure 600m south of Malvina) has returned the first high-grade mineralisation to date at the prospect, including:

CODD-194: 2m at 5.6gpt Au, 119gpt Ag (7.3gpt AuEq) from 69m

• The mineralised structure has been defined over 400m strike and is open to the east and west.

• Drilling is currently on hold for Christmas but will resume in the first week of January. The immediate focus will be Andrea Sur where step-out and infill drilling is ongoing.

Commenting on the results, Managing Director Todd Williams states : “We are pleased that Malvina continues to deliver near surface high-grade mineralisation including some of the highest silver grades to date within the Conserrat project. The discovery of mineralisation 600m to the south at Malvina Sur highlights the potential for further mineralised shoots under younger Tertiary basalt cover which is widespread throughout the project. Importantly, Malvina and Malvina Sur are located 2 kilometres east of Andrea Sur where recent drilling returned 15m at 16gpt gold and 22gpt silver supporting the Company’s thesis that Conserrat represents a new gold and silver district.

E: info@e2metals.com.au

ASX Announcement

Overview

E2 is pleased to report gold and silver assay results for the Conserrat gold and silver project (Figure 1) located in the Santa Cruz province of Argentina. Conserrat is host to a newly recognised and largely concealed epithermal vein field centered 25 kilometers along trend from AngloGold Ashanti’s Cerro Vanguardia mine (historical and current reserves 8.9Moz Au, 137Moz Ag).

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Figure 1: Conserrat Project

Gold and silver assay results are reported for 21 holes Reverse Circulation (RC) and diamond holes totaling 3158 of meters from the Malvina and Malvina Sur prospects (see Figure 2 & Table 1). This includes 9 holes for 1006 meters from surrounding prospects. Drill core samples were submitted to Alex Stewart in Perito Moreno, Santa Cruz and analysed for gold and silver via Fire Assay. Significant gold and silver assay results are provided in Table 2.

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ASX Announcement

Table 1: Drill hole collars

Coordinates stated in WGS84 UTM 19S

Prospect	Hole	Method	Easting (mE)	Northing (mN)	RL (m)	Dip (°)	Azimuth (°)	Depth (m)
Emilia	CODD-164	Diamond	535163	4650212	292	-45	217	131
Emilia	CODD-165	Diamond	535108	4650141	293	-45	217	149
Emilia	CODD-167	Diamond	535054	4650069	292	-45	217	125
Malvina	CODD-168	Diamond	534689	4649625	293	-45	20	180
Malvina Sur	CODD-175	Diamond	534129	4649377	295	-45	37	100
Malvina Sur	CODD-176	Diamond	534154	4649427	295	-45	37	100.5
Malvina Sur	CODD-177	Diamond	534331	4649107	300	-45	217	100
Malvina Sur	CODD-179	Diamond	534437	4649244	296	-45	37	100
Malvina Sur	CODD-180	Diamond	534185	4649801	299	-45	20	122
Malvina Sur	CODD-184	Diamond	534810	4649070	297	-45	37	101
Malvina Sur	CODD-185	Diamond	534735	4648970	297	-45	37	101
Malvina Sur	CODD-186	Diamond	534770	4649020	297	-45	37	101
Malvina	CODD-187	Diamond	534766	4649632	295	-65	20	140
Malvina	CODD-188	Diamond	534755	4649732	288	-45	200	101
Malvina	CODD-189	Diamond	534767	4649632	295	-65	20	132.8
Malvina	CODD-191	Diamond	534701	4649671	290	-45	350	116
Malvina	CODD-193	Diamond	534923	4649665	294	-45	200	146
Malvina	CODD-195	Diamond	534291	4649802	292	-60	20	100
Malvina	CODD-197	Diamond	534029	4649941	290	-45	20	86
Malvina	CODD-203	Diamond	534368	4649160	299	-60	37	140
Malvina	CODD-213	Diamond	534687	4649789	286	-45	250	140
Malvina	CODD-216	Diamond	534687	4649786	254	-58	230	130
Malvina	CODD-218	Diamond	534686	4649787	286	-45	200	122
Malvina	CODD-220	Diamond	534695	4649807	286	-60	230	122.4
Emilia	CORC-166	RC	534859	4650520	293	-50	37	93
Emilia	CORC-169	RC	534889	4650560	291	-50	37	90
Malvina	CORC-174	RC	534757	4649666	295	-63	20	83
Malvina	CORC-178	RC	534787	4649625	297	-45	20	80
Malvina Sur	CORC-181	RC	534804	4649672	295	-45	20	90
Malvina	CORC-182	RC	534930	4649566	295	-45	20	80
Malvina Sur	CORC-194	RC	534445	4649137	299	-45	37	100
Uma	CORC-219	RC	535231	4649538	289	-45	20	100
Uma	CORC-221	RC	535192	4649430	291	-45	20	78
Malvina	CORC-222	RC	534968	4649551	295	-45	21	80
Emilia	CORD-170	RC/Diamond	534713	4650496	295	-50	37	140
Emilia	CORD-173	RC/Diamond	534658	4650585	295	-50	37	100
Malvina	CORD-192	RC/Diamond	534855	4649705	294	-65	200	164

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ASX Announcement

Table 2: Significant gold and silver assay results

Hole ID From To Sample Au (gpt) Ag (gpt)	Hole ID From To Sample Au (gpt) Ag (gpt)	Hole ID From To Sample Au (gpt) Ag (gpt)	Hole ID From To Sample Au (gpt) Ag (gpt)	Statement
CODD-168 CORC-174 CORC-178 CODD-179 CODD-186 CODD-187 CODD-188 CODD-189 CODD-191 CORD-192 CODD-193 CORC-194	124 125 60 61 61 62 62 63 63 64 64 65 55 56 56 57 57 58 59 60.35 46 48 103 104 104 105 114 115 115 117 117 118 119 120 120 121 17 18 18 19 19 20 20 21 43 45 111.9 112.9 112.9 113.9 113.9 114.9 114.9 115.9 115.9 116.9 116.9 118 44 45 45 46 46 47 47 48 48 49 49 50 109 110 110 111 120.1 121.1 121.1 122.1 87 88 88 89 66 67 67 68 68 69	34078 42345 42346 42347 42348 42349 42409 42410 42411 34504 34793 34887 34888 34898 34899 34901 34903 34904 34935 34936 34937 34938 35011 35061 35062 35063 35064 35065 35066 35109 35110 35111 35112 35113 35114 35284 35285 35295 35296 35224 35226 42805 42806 42807	1.94 451 0.53 383.86 0.07 102.49 8.9 2296.78 10.7 2862.55 0.75 209.89 2.53 587.82 0.44 174.17 0.2 53.89 0.25 2.68 0.17 46.05 0.06 72.85 0.02 77.41 1.33 556.02 0.71 393.13 3.37 1158.97 0.08 15.03 0.32 195.84 0.19 106.23 1.84 107.64 1.49 25.27 0.69 27.13 0.10 30.49 0.03 70.74 2.55 404.93 2.93 508.25 0.09 48.55 0.04 33.98 0.23 105.95 0.16 83.98 0.37 30.42 0.53 452.78 6.95 1252.55 7.95 1081.18 1.57 926.81 0.05 320.7 0.05 336.42 1.07 410.12 0.03 20.39 0.13 104.69 0.52 51.84 0.22 19 0.1 5.52 0.17 5.12	1m at 1.9gpt Au, 451gpt Ag from 124m 5m at 4.2gpt Au, 1171gpt Ag from 60m inc. 2m at 9.8gpt Au, 2580gpt Ag from 62m 3m at 1gpt Au, 272gpt Ag from 55m 1.35m at 0.2gpt Au, 3gpt Ag from 59m 2m at 0.2gpt Au, 46gpt Ag from 46m 2m at 0.04gpt Au, 75gpt Ag from 103m 4m at 1.5gpt Au, 625gpt Ag from 114m 2m at 0.2gpt Au, 105gpt Ag from 119m 4m at 1gpt Au, 67gpt Ag from 17m 2m at 0.1gpt Au, 30gpt Ag from 43m 6.1m at 1gpt Au, 194gpt Ag from 111.9 6m at 2.9gpt Au, 638gpt Ag from 44m inc. 3m at 5.5gpt Au, 1087gpt Ag from 47m 1m at 0.05gpt Au, 321gpt Ag from 109m 1m at 1gpt Au, 410gpt Ag from 120.1m 2m at 0.3gpt Au, 78gpt Ag from 87m 32m at 0.6gpt Au, 20gpt Ag from 66m inc.

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ASX Announcement

Hole ID	From To	Sample	Au (gpt) Ag (gpt)	Statement
CODD-195 CODD-203 CORC-221 CODD-220 CORC-222	69 70 70 71 71 72 72 73 73 74 74 75 75 76 76 77 77 78 78 79 79 80 80 81 81 82 82 83 83 84 84 85 85 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 20 21 86 87 87 89 89 90 90 91.4 91.4 93 93 94 47 48 15.4 17 17 19 27 28 28 29	42808 42809 42810 42811 42812 42813 42814 42815 42816 42817 42818 42819 42821 42822 42823 42824 42826 42827 42828 42829 NS 42831 42832 42833 42834 42835 NS 42837 42838 42847 35596 35597 35598 35599 35601 35602 44369 36083 36084 44418 44419	7.07 169.53 4.18 69.23 0.57 35.3 0.35 19.17 0.17 2.44 0.12 17.38 0.14 9.2 0.28 23.48 0.05 3.21 0.05 0 0.05 0 0.12 14.72 0.24 4.71 0.24 47.38 0.23 20.66 0.26 34.76 0.28 13.57 0.28 9.28 0.42 12.06 0.38 2.96 0.49 2.23 1.08 62.83 0.11 6.05 0.31 10.27 0.05 2.03 0.64 8.89 0.51 3.19 0.08 12.33 0.15 16.63 0.12 0 0.31 2.85 0.2 4.21 1.05 13.05 0.44 47.74 1.32 241.2 0.17 40.2 0.42 26.81 0.35 27.21	2m at 5.6gpt Au, 119gpt Ag from 69m 1m at 0.5gpt Au, 3.19gpt Ag from 20m 8m at 0.3gpt Au, 8gpt Ag from 86m inc. 1m at 1.05gpt Au, 13gpt Ag from 93m 1m at 0.4gpt Au, 47gpt Ag from 47m 3.6m at 0.7gpt Au, 130gpt Ag from 15.4m 2m at 0.4gpt Au, 27gpt Ag from 27m

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ASX Announcement

Results

Malvina

Malvina is host to a largely concealed silver and gold mineralised vein and structure located in the central project area. Since October when the first assay results were announced ( see ASX Announcement, 5 October 2021, Gold and silver assays confirm Malvina discovery ), step-out and infill drilling has defined three meter-scale banded colloform-crustiform quartz veins (termed M1 to M3) within a structural corridor that continues from Uma to Malvina Oeste for over 1 kilometer strike.

Infill drilling at the prospect has been on sections spaced 50 to 25m apart testing the M1, M2 and M3 veins over 400m strike length and 150 vertical meters below the surface. Mineralised veins are within a homogenous ignimbrite sequence (white lithic tuff) and are distinguished by moderate oxidation and malachite (copper oxide) staining.

To date, high-grade mineralisation is defined by 14 drill holes over a 325m strike with a weighted average grade of 2.2gpt Au and 592gpt Ag (10.6gpt AuEq) over 3m (downhole width).

New high-grade drill intersections include:

Section 534675E
CODD-220:	3.6m at 0.7gpt Au, 130gpt Ag (2.5gpt AuEq)from 15.4m	(M3 Vein)
Section 534710E
CODD-191:	6m at 2.9gpt Au, 638gpt Ag (12gpt AuEq)from 44m, inc.	(M2 Vein)
	3m at 5.5gpt Au, 1087gpt Ag (21gpt AuEq)from 47m
Section 534745E
CODD-188:	6m at 0.7gpt Au, 54gpt Ag (1.5gpt AuEq) from 17m, inc.	(M1 Vein)
CODD-168	1m at 1.9gpt Au, 451gpt Ag (8.4gpt AuEq) from 124m
Section 534765E
CORC-174:	5m at 4.2gpt Au, 1174gpt Ag (20.9gpt AuEq)from 60m, inc.	(M1 Vein)
	2m at 9.8gpt Au, 2580gpt Ag (46.7gpt AuEq)from 62m
Section 534710E
CODD-187:	4m at 1.5gpt Au, 625gpt Ag (10.5gpt AuEq)from 114m	(M1 Vein)
CODD-189:	6m at 1 gpt Au, 194gpt Ag (3.7gpt AuEq)from 111.9m
Section 534825E
CORC-178:	3m at 1gpt Au, 272gpt Ag (4.9gpt AuEq) from 55m, inc.	(M1 Vein)
	1m at 2.5gpt Au, 588gpt Ag (10.9gpt AuEq) from 55m
Section 534840E
CORD-192:	2m at 0gpt Au, 329gpt Ag (4.7gpt AuEq) from 109m, and	(M1 Vein)
	1m at 1gpt Au, 410gpt Ag (7gpt AuEq) from 120m

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ASX Announcement

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Figure 2: Malvina and Malvina Sur drill hole locations – new results shown as magenta

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ASX Announcement

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Figure 3: Drill section 534710E at Malvina

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Figure 4: Drill section 534765E at Malvina

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ASX Announcement

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Figure 5: Drill section 534875E at Malvina

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Figure 6: Drill section at Malvina Sur

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ASX Announcement

The best silver and gold grades (max = 2862gpt Ag, 10.7gpt Au over 1m) is within a structural job where the host vein structure rotates from west-northwest to northwest. Future drilling will target possible sub-vertical extensions of the mineralised shoot within the structural jog.

Similar zones of structural complexity have been interpreted in geophysical images 1km southeast of Malvina representing a prime target for further mineralised shoots along the Malvina corridor.

Malvina Sur

The Malvina Sur prospect is located 600m south of Malvina on a separate structural corridor. The corridor is inferred from gradient array IP geophysical data and the prospective geology is entirely concealed by younger basalt cover. One scout drill hole was completed at the prospect during October. The hole was designed to test a prominent geophysical break interpreted to be a structure. The hole intercepted encouraging gold and silver mineralisation including 5.75m at 1gpt Au, 18gpt Ag.

A second RC hole (CORC-194) was drilled 75m southeast on a separate section. The hole intercepted a higher-grade structure within broader zones of disseminated mineralisation, suggesting that mineralisation is increasing to the southeast. Gold and silver assay results include:

CODD-194: 32m at 0.6gpt Au, 22gpt Ag (0.8gpt AuEq) from 51m, inc. 2m at 5.6gpt Au, 119gpt Ag (7.3gpt AuEq) from 69m

Importantly, due to technical reasons no RC sample was returned from 71 to 72m and therefore the grade and thickness of the high-grade structure could be underreported.

Elsewhere along the Malvina Sur structural corridor, two fences of inclined scout holes were completed on two sections spaced 400m to the northwest and southeast to better define the underlying geology and along strike continuation of the mineralised structure. The easternmost hole CODD-186 returned 2m at 0.2gpt Au, 46gpt Ag from 46m confirming that the mineralised structure continues for over 400m strike and is open to the east and west.

Two vein structures anomalous in gold and silver (see Figure 2) have been identified near the edge of basalt cover and likely represent the eastern limit of the Malvina Sur and Malvina structures.

Next Steps

Field work and drilling is now on hold for Christmas but will recommence in the first week of January 2022. Further gold and silver assay results are expected mid to late-January.

Immediate drill priorities when work resumes include

1. Ongoing step-out and infill drilling at Andrea Sur where scout drilling returned 16m at 15gpt Au, 22gpt Ag ( ASX Announcement, 22 November 2021, 16m at 15gpt Au, 22gpt Ag at new Andrea Sur discovery ).

2. Step-out drilling at Malvina Sur where mineralisation is open to the northeast and southeast, specifically along strike from CODD-194 that returned 2m at 5.6gpt Au, 119gpt Ag.

3. Scout drilling within the southeastern extension of the Malvina and Malvina Sur. This includes vein structures anomalous in gold and silver near the edge of basalt cover (see Figure 2).

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ASX Announcement

For enquiries please contact:

Todd Williams Managing Director M: + 61 4 2222 5211

This announcement is authorised for release to the market by the Board of Directors of E2 Metals Limited.

Competent Person’s Statement

Information in this report that relates to Exploration results and targets is based on, and fairly reflects, information compiled by E2 Metals Limited and Colin Brodie, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Brodie is a Senior Technical Advisor and consultant to E2 Metals Limited. Mr. Brodie has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Brodie consents to the inclusion of the data in the form and context in which it appears

Forward Looking Statement

Certain statements in this announcement constitute “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results, and speak only as of the date of this announcement.

All such forward-looking information and statements are based on certain assumptions and analyses made by E2M’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; changes in commodity prices; unexpected failure or inadequacy of infrastructure, or delays in the development of infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations.

Readers are cautioned not to place undue reliance on forward-looking information or statements. Although the forward-looking statements contained in this announcement are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this announcement and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forwardlooking statements contained herein to reflect events or circumstances occurring after the date of this announcement.

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JORC Code Reporting Criteria Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling Techniques	• Nature and quality of sampling(e.g.cut channels, random chips, orspecificspecialized industry standardmeasurement tools appropriate tothe minerals under investigation, suchasdown hole gamma sondes, orhandheldXRF instruments, etc). Theseexamplesshould not be taken as limiting the broadmeaning ofsampling. • Include reference to measurestakento ensure sample representativity and theappropriate calibration ofanymeasurement tools or systems used.	Conserrat RC Drilling • RC chips were collected using a Rifle John type splitter incorporated into the cyclone which split the sample into two portions of approximately 75% and 25%. • About 95% of the samples were collected on a dry basis. • When the sample is wet an Hydraulic Cone Splitter is used, which take out the excess of water, and splits two portion of the reject in 75% and 25%. • Assay standards, blanks and duplicates were inserted into every 25 samples. Conserrat Diamond Drilling • Representative half core samples were split from HQ diameter diamond drill core on site using rock saws • The sample intervals were defined from lithological, mineralization characteristics, with lengths no longer than 2 m and no less than 0.5 m. • The orientation of the cut line is defined, when is possible, from structural features such as contacts, fractures, faults, veinlets, so as to cut the core into two equal parts. • Core orientation line ensures uniformity of core splitting wherever the core has been successfully oriented. • Sample intervals are defined and subsequently checked by geologists, and sample tags are attached (stapled) to the wood core trays for every sample interval. • Assay standards, blanks and duplicates were inserted into every 12.5 samples average

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Criteria	JORC Code Explanation	Commentary
Drilling Techniques	• Drill type (e.g. core,reverse circulation,open‐hole hammer, rotaryairblast, auger, Bangka, sonic, etc) anddetails (e.g. core diameter, tripleorstandard tube, depth of diamondtails,face‐sampling bit or other type,whethercore is oriented and if so, by what method, etc).	Conserrat RC Drilling • The reverse circulation percussion (RC) method used in this program used a 5.5” (289mm) face sampling bit with a first phase of sample splitting into two portions of approximately 75% and 25% undertaken in the RC cyclone with outlets into two plastic (dry samples) or micro-porous cloth bags (wet samples). Conserrat Diamond Drilling • The diamond drilling has HQ diameter with triple tube core recovery configuration.
Drill Sample Recovery	• Method of recording andassessingcore and chip sample recoveriesandresultsassessed. • Measures taken to maximisesamplerecovery and ensurerepresentativenature of thesamples. • Whether a relationshipexistsbetween sample recovery and gradeandwhether sample bias may haveoccurreddue to preferential loss/gainof fine/coarsematerial.	Conserrat RC Drilling • Sample recovery was monitored by weighing sample bags on scales beside the drill rig. • To make sure that chip sample recovery was maximized the outlets from the cyclone into the sample bags were carefully sealed. The cyclone and drill string were regularly cleaned by the drill operators using compressed air to prevent down hole contamination. • There has not been any investigation into the relationship between sample recovery and grade. • It is considered that there was not any preferential loss/gain of fine or coarse material. Conserrat Diamond Drilling • Diamond drill core recoveries were assessed using the standard industry best practice which involves: ▪ Measuring core lengths with a tape measure. ▪ Removing the core from the split inner tube and placing it carefully in the core box. ▪ Assessing recovery against core block depth measurements. ▪ Measuring RQD, recording any measured core loss for each core run. • All core was carefully placed in HQ sized core boxes and transported a short distance to a core processing area were logging and photography could be completed. • Diamond core recoveries average 98% through all the meters drilled. • Overall, core qualityis good,with minimalcoreloss.Where thereislocalized

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Criteria	JORC Code Explanation	Commentary
		faulting and or fracturing core recoveries decrease, however in most cases this is a very small percentage of the mineralized intersections.
• Logging	• Whether core and chip sampleshavebeen geologically andgeotechnicallylogged to a level of detail tosupportappropriate MineralResource estimation, mining studies and metallurgical studies.	• Systematic geological logging was undertaken using a hand lens to closely examine the chips and cores. Data collected includes: • Nature and extent of lithologies. • Relationship between lithologies. • Alteration extent, nature and intensity. • Oxidation extent, mineralogy and intensity. • Sulphide types and visually estimated percentage. • Quartz vein, veinlets, breccia types and visually estimated percentage. • Structure’s occurrence and attitude. • Chips from crucial zones of interest are checked later, off site, by examination with a 10x binocular microscope. •
	• Whether logging is qualitativeorquantitative in nature. Core (orcostean,channel, etc)photography.	Conserrat RC Drilling • Both qualitative and quantitative data is collected, though quantitative data is based on visual estimates, as described above. • All holes are logged from start to finish and were conducted on drill site. Conserrat Diamond Drilling • All holes are logged from start to finish and were conducted on the core shack. • Both qualitative and quantitative data is collected, using predefined logging codes for lithological, mineralogical, and physical characteristics. • Cores are photographed after logging, with sample numbers marked in the boxes, before and after being cut and sampled.
	• The total length and percentageofthe relevant intersectionslogged.	• 100% of all recovered chips and cores are logged.
Sub- Sampling Techniques and Sample Preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	• Representative half core samples were split using rock saws.
	• If non‐core, whether riffled,tubesampled, rotary split, etc and whethersampledwet ordry.	Conserrat RC Drilling • The smallsample bags derivedfromtheinitial RCrig cyclone andriffle splitting

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ASX Announcement

Criteria	JORC Code Explanation	Commentary
	• For all sample types, thenature,quality and appropriateness of the sample preparation technique. • Quality control proceduresadoptedfor all sub‐ sampling stages tomaximiserepresentativity 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.	reach a weight of 2.7-4Kg. • Wet samples were split with a hydraulic cone splitter from the cyclone in bags with a micro-porous fabric, which allowed water to escape without loss of particulate material. • The riffle splitter was cleaned with compressed air between samples to prevent sample contamination. • The big bag with the original reject from the RC rig after the splitting have been stored for any future re-sampling needs. Conserrat Diamond Drilling • The core intervals were marked, and the core was split with a rock saw. • Half core samples were placed in plastic bags and tagged with a unique sample number. The other half of the core was returned to the core box and securely stored Alex Stewart Fire Assay • In the Alex Stewart preparation laboratory facilities samples were dried and crushed until more than 80% is finer than 10 mesh size, then a 600g split obtained by riffle splitting is pulverized until 95% is finer than 106 microns. • Certified Standard Reference materials and duplicate samples are inserted every 25 samples (RC) and every 12.5 samples (DDH) to assess the accuracy and reproducibility. ALS Screen Fire Assay • In the ALS preparation laboratory facilities samples were dried and crushed until more than 70% is finer than <2mm, then a 1000g split obtained by riffle splitting is pulverized until 85% is finer than 75 microns. • The pulverized 1000g sample is then placed onto a metallic 106-micron mesh and sieved/shaken to separate the coarse +106 micron sample (+ fraction) from the bulk of the sample which is finer than 106 micron. • The entire + fraction, including the mesh is weighed and then submitted for Fire Assay, with the minus fraction, after weighing having two 50g charges taken for analysis by Fire Assay. • The weights and resultant fire assays are used to derive a weighted average Au grade for the Screen Fire Assay. • All weights and assays arereported by thelaboratory.

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ASX Announcement

Criteria	JORC Code Explanation	Commentary
Quality of Assay Data and Laboratory Tests	• The nature, qualityandappropriateness of the assayingandlaboratory procedures used and whetherthe technique is considered partialor 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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Conserrat Rock Chip Sampling • Four acid digest and ICP-MS is the most robust analytical method for full digestion and qualitative analyses of multi-element concentrations. Duplicate samples were collected. Standard assay procedures performed by a reputable assay lab (Alex Stewart) were undertaken. Gold assays are by a 50g fire assay with an atomic absorption finish. Silver was read by gravimetry on micro- balance. Conserrat RC and Diamond Drill Program • No geophysical tools were used in the determination of the assay results. All assay results were generated by an independent third-party laboratory as described above. • Certified reference material, blanks or duplicates were inserted at least every 25 samples. Standards are purchased from a Certified Reference material manufacture company – Ore Research and Exploration. Standards were purchased in foil lines packets of between 60g and 100g. Different reference materials were used to cover high grade, medium grade and low grader ranges of gold and silver. The standard names on the foil packages were erased before going into the pre-numbered sample bag and the standards are submitted to the lab blind. • Select drill holes have been submitted to ALS laboratories Mendoza for umpire checks and gold determination via Screen Fire Assay
Verification of sampling and assaying	• The verification ofsignificantintersections 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.	• The raw assay data forming significant intercepts are examined and discussed by at least two company personnel. • No twinned holes have been used at this stage. • Drill hole logging is entered directly by the geologists in digital format onto appropriate devices , with careful verification by several staff, particularly of the sample numbers and drill hole sample intervals and verified using Micromine. • Assay data is provided by Alex Stewart in three formats, csv spreadsheets, Excel spreadsheets and signed pdf files. The csv files are used to merge the data into MapInfo files. Hard copy of this and other data is stored with the other drill hole data. Absolute values of the assay results are checked by comparing results of

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ASX Announcement

Criteria	JORC Code Explanation	Commentary
		the quality control samples with the known values of the international standards and sterile samples which were inserted by the geologists into the sample sequence. Repeatability of assay results was verified by examining the results of duplicate samples inserted by the company and internal laboratory duplicate results included with the assay certificates.
Location of Data Points	• Accuracy and quality of surveysusedto locate drill holes (collar anddown‐holesurveys), trenches, mineworkingsand other locations used inMineral Resourceestimation. • Specification of the gridsystem used. • Quality and adequacy oftopographic control.	• Drill hole collars are located using Garmin hand-held GPS accurate to ±5m. • All coordinates are based on UTM Zone 19S using a WGS84 datum. • Topographic control to date has used GPS data, which is adequate considering the small relief (<50m) in the area. • A differential GPS has been used by a qualified surveyor to increase accuracy of the collar locations and trench coordinates.
Data Spacing and Distribution	• Data spacing for reportingofExplorationResults. • Whether the data spacinganddistribution is sufficient to establishthedegree of geological and gradecontinuityappropriate for the Mineral ResourceandOre Reserve estimation procedure(s) andclassificationsapplied. • Whether sample compositing has been applied.	• Conserrat is a new discovery and as a result the drill hole spacing is variable, with closer spacing on zones where surface sampling has given encouraging results (30-40m along strike) and some scout holes testing geophysical or conceptual targets hundreds of metres from the mapped veins. • Not applicable as no Ore Resource or Reserve has been completed at Conserrat. • No sample compositinghas been applied.
Orientation of Data in Relation to Geological Structure	• Whether the orientation ofsamplingachieves unbiased sampling ofpossiblestructures and the extent to which thisisknown, considering the deposittype. • If the relationship betweenthedrilling orientation and the orientationofkey mineralized structures is consideredto have introduced a sampling bias,this should be assessed and reportedif material.	• Drilling is orientated to cross the interpreted, steeply dipping mineralized veins at a high angle. No known bias has been introduced into the drilling orientation.
Sample Security	• The measures taken toensuresamplesecurity.	• Chain of custody was managed by E2Metals. Samples were placed into taped polyethylene bags with sample numbers that provided no specific information on the location of the samples. Samples were transported from site to the Alex Stewart preparation lab in Puerto San Julian by E2Metals personnel and after preparation pulps were transported to Mendoza or Perito Moreno for final analysis using transport organized by Alex Stewart. • Metallurgical sample composites were generated by SGS Santiago under

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ASX Announcement

	Criteria	JORC Code Explanation	Commentary	Commentary
				direction of E2 Metals geologists
	Audits or	• The results of any audits orreviewsof sampling	•	No audit or review of the sampling regime at Conserrat has been undertaken.
	Reviews	techniques anddata.
Section 2 Reporting of Exploration

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
			direction of E2 Metals geologists
Audits or Reviews	• The results of any audits orreviewsof sampling techniques anddata.		• No audit or review of the sampling regime at Conserrat has been undertaken.
Section 2 Reporting of Exploration
Criteria		JORC Code Explanation	Commentary
Mineral Tenement and Land Tenure Status		• Type, referencename/number,location and ownershipincludingagreements or material issueswiththird parties such as jointventures,partnerships, overridingroyalties,native title interests, historicalsites,wilderness or national parkandenvironmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	E2 Metals Limited holds an 80% interest in the Conserrat Project through its ownership in local Argentine holding company Minera Los Domos SA. Conserrat Project titles • Title ID 437.471/BVG/17
Exploration Done by Other Parties		• Acknowledgment andappraisalof exploration by otherparties.	Reconnaissance exploration by IAMGOLD • During the early 2000s IAMGOLD collected 131 vein outcrop and float samples within the project area. Reconnaissance exploration by Circum Pacific Pty Ltd • Between the period October 2017 to March 2018 Circum Pacific Pty Ltd collected 120 vein outcrop and float samples within the project area.
Geology		• Deposit type, geologicalsettingand style ofmineralisation.	Santa Cruz Geology and Deposit Model • Conserrat is located towards the central eastern margin of the extensive ~60,000 km.sq Deseado Massif geological province that stretches across

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ASX Announcement

Criteria	JORC Code Explanation	Commentary
		southern Argentina into the Chilean southern Andes. This massif is made up of Jurassic volcanic and volcaniclastic rocks of the Chon Aike formation. • Important precious metal deposits have been discovered in the province during the past 20 years. Gold and silver mineralisation is associated with Low Sulphidation (LS) Epithermal veins in northwesterly structures that were active at the time of mineralisation.
Drill Hole Information	• A summary of allinformationmaterial to the understanding oftheexploration results includingatabulation of the followinginformation for all Material drillholes: • Easting and northing of the drill hole collar • Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception depth • 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.	• Drill holes are shown in Table 1 and Figures 2
Data Aggregation Methods	• In reporting ExplorationResults, weighting averagingtechniques, maximum and/or minimumgrade	• Gold equivalent grades calculated at spot price of U$1750/oz gold and U$25/oz silver (Au + Ag/70) • Significant intercepts are calculated using a 0.5gpt Au equivalent cut off.

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ASX Announcement

Criteria	JORC Code Explanation	Commentary
	truncations (e.g. cutting of highgrades) and cut‐off grades areusuallyMaterial and should bestated. • 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 foranyreporting of metal equivalentvaluesshould be clearlystated.	Sample grades are weighted by interval length.
Relationship Between Mineralisation Widths and intercept lengths.	• These relationshipsare particularly important in thereportingof ExplorationResults. • 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”).	• Drill holes were collared perpendicular to the dip and strike of target structures and therefore approximate true widths
Diagrams	• Appropriate maps andsections(with scales) and tabulationsofintercepts should be included foranysignificant discovery beingreportedThese should include, but notbelimited to a plan view of drillholecollar locations and appropriatesectionalviews.	• Yes.

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ASX Announcement

Criteria	JORC Code Explanation	Commentary
Balanced Reporting	• Where comprehensivereportingof all Exploration Results isnotpracticable, representativereportingof both low and high gradesand/orwidths should be practiced toavoidmisleading reporting ofExploration Results.	• Yes
Other Substantive Exploration Data	• Other exploration data,ifmeaningful and material, shouldbereported including (but notlimitedto): geological observations;geophysical survey results;geochemical survey results; bulksamples – size and methodof treatment; metallurgical testresults; bulk density,groundwater,geotechnical and rockcharacteristics;potential deleteriousor contaminating substances.	• There is no exploration data unreported in this announcement
Further Work	• The nature and scale ofplannedfurther work (e.g. tests forlateralextensions or depth extensionsorlarge‐scale step‐ outdrilling). • Diagrams clearly highlightingtheareas of possible extensions,includingthe main geologicalinterpretationsand future drilling areas, providedthis information is notcommercially sensitive.	• Further step-out and infill drilling is planned at Malvina and Malvina Oeste. Scout drilling is planned for Malvina Sur.

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