Historical Drill Core Retrieval Programme

As detailed in the Company's Prospectus announced on the ASX on 11 June 2021, a significant proportion of the pre-IPO funds spent at the Kambalda Nickel Project were focused on the review, analysis and effort to upgrade the status of former owner WMC’s reported nickel mineralisation that remained at the time of the closure of the two historical mines; Jan Shaft closed in 1986 and Foster ceased production in 1994. This program involved a detailed audit of the historical data and historical drill core that is located at the St Ives' Core Yard at Kambalda where some 350 km of historical diamond drill core, together with assay pulp rejects, originally drilled on the Company's tenements, are catalogued and stored.

St Ives, Kambalda Core Yard; location of approx. 350 km of historical diamond drill core from KNP

The procedure developed by Lunnon Metals involves a rigorous process of duplicate sampling with QAQC (insertion of certified reference material or sample standards), SG determinations, check geological logging, mineralisation characterisation for metallurgical considerations, historical section and plan reviews, and paper geology logs, assays, and surveys cross referencing with the digital database. This process successfully resulted in the reporting of the Company's current Mineral Resource of 39,000 tonnes of nickel metal estimated in accordance with JORC 2012 Guidelines.

Lunnon Metals has registered in 3D the expansive archive of WMC vintage detailed geology plans/sections

It is planned to apply the same process for previously identified historical nickel mineralisation, firstly at the remainder of the interpreted nickel surfaces at Foster Mine, and thereafter at the Jan Shaft nickel mine. This nickel mineralisation, that has not been subject to Lunnon Metal's Historical Drill Core Retrieval Programme, is currently not capable of being reported as 2012 JORC compliant.

The Company notes that the historical nickel mineralisation is not, and cannot, be reported in accordance with the JORC Code. A Competent Person has not done sufficient work to classify this mineralisation as Mineral Resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that this mineralisation will be able to be reported as Mineral Resources or in accordance with the JORC Code.

The work to apply the Lunnon Metal procedure to this nickel mineralisation will be a key focus of the Company's plans to grow the Mineral Resource at KNP over the coming two years.

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