29Metals : December 2021 Mineral Resources and Ore Reserves Estimates

Mineral Resources estimates for Redhill, in Chile.

Mineral Resources and Ore Reserves estimates for each of Golden Grove, in Western Australia, and Capricorn Copper, in Queensland; and

The Mineral Resources and Ore Reserves estimates reported in this release have been prepared and are reported in useaccordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012

Edition) (the 'JORC Code').

29Metals' 31 December 2021 Mineral Resources and Ore Reserves estimates comprise:





Competent persons statements are included with the underlying asset estimates and JORC Code Table 1 disclosures are

included in the Appendices to this document.

personalSummary

Updated Mineral Resources and Ore Reserves estimates for Golden Grove and Capricorn Copper are cited as at 31 December 2021 and incorporate depletion for the period since the date of prior estimates (ranging between 13 months and 19 months - refer to page 2). Mineral Resources estimates for Redhill are unchanged from May 2016 estimates.

Mineral Resources estimates

Combined Mineral Resources estimates for the Group at 31 December 2021 are 123.4 Mt, with contained metal estimates of 2.1 Mt copper, 1.3 Moz gold, 2.6 Mt zinc, and 75 Moz silver.1 Mineral Resources estimates include depletion of 4.7 Mt, offsetting additions to Mineral Resources estimates for drilling results and subsequent model updates (+4.1 Mt).

Notably, at the Cervantes deposit at Golden Grove, aggregate zinc and copper Mineral Resources estimates (measured, indicated, and inferred) have seen a 100% increase in estimated tonnes to 4.6Mt @ 1.4% Cu, 6.6% Zn, 0.7g/t Au, 40g/t Ag (2020: 2.3Mt @ 1.1% Cu, 6.9% Zn, 0.5 g/t Au, 34 g/t Ag).

The 31 December 2021 Mineral Resources estimates for Golden Grove include drilling results up to 31 March 2021 in all orebodies other than Cervantes, which includes drilling results up to 31 December 2021.

The 31 December 2021 Mineral Resources estimates for Capricorn Copper include drilling results up to 19 May 2021 at Esperanza South and 12 March 2021 at Greenstone.

ForOre Reserves estimates

Updated Ore Reserves estimates for the Group at 31 December 2021 are 25.3Mt, with contained metal estimates of 0.5 Mt c pper, 0.3 Moz gold, 0.7 Mt zinc, and 17 Moz silver.1 December 2021 Ore Reserves estimates include depletion of 3.4 Mt, partly offset by Ore Reserves addition as a result of mine design updates (+2.6Mt).

There are currently no Ore Reserves estimates reported for Gossan Valley or Cervantes at Golden Grove as at 31 December 2021.

This announcement was authorised for release by the Managing Director & Chief Executive Officer, Peter Albert.

1 Mineral Resources and Ore Reserves estimates cited at the Group level are an aggregation of underlying Mineral Resources and Ore Reserves estimates at the asset level. Detailed information regarding the underlying Mineral Resources and Ore Reserves estimates at the asset level are set out in this report.

11 March 2022

31 December 2021 Mineral Resources & Ore Reserves Estimates

only29Metals Limited ('29Metals' or, the 'Company') today released its 31 December 2021 Mineral Resources and Ore Reserves estimates.

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For personal use only

31 December 2021 | Mineral Resources & Ore Reserves Estimates

Competent Persons

Competent persons statements for 29Metals' Mineral Resources and Ore Reserves estimates are included with the corresponding estimate. The table below sets out information regarding the Competent Persons for 29Metals' Mineral Resources and Ore Reserves estimates.

ESTIMATE	COMPETENT PERSON	QUALIFICATION	MEMBERSHIP	EMPLOYER
Golden Grove
Mineral Resources	Leonard Mafurutu	Geology (Hons)	MAusIMM	Golden Grove Operations
			(CP)	Pty Ltd 1
Ore Reserves	Nyasha Gwatimba	BSc (Hons) - Mining	MAusIMM	Golden Grove Operations
		Engineering		Pty Ltd 1
Capricorn Copper
Mineral Resources	Danny Kentwell	BSC Surveying;	FAusIMM	SRK Consulting
	(Estimation and	MSc Geostatistics
	Reporting - Mammoth,
	Pluto, Esperanza)
	Esteban Jimenez	MS Geostatistics,	MAIG	Capricorn Copper Pty Ltd 1
	(Estimation and	Geology (Hons),
	Reporting - Esperanza	BSc.
	South and Greenstone)
	Rosemary Gray	BSc (Geology)	MAIG	Capricorn Copper Pty Ltd 1
	(Sampling Techniques
	and Data, and
	Reporting of
	Exploration Results)
Ore Reserves	Christopher Desoe	BE (Mining)	FAusIMM (CP)	Australian Mine Design and
			RPEQ	Development Pty Ltd
Redhill
Mineral Resources	Tim Callaghan	BSc (Hons); M.	MAusIMM	Resource and Exploration
		Econ. Geol	MAIG	Geology

1. Wholly owned subsidiary of 29Metals Limited.

Each of the Competent Persons identified in the table above has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to activity being undertaken to qualify as a competent person for the purposes of the JORC Code.

Estimate Reporting Dates

The table below sets out the reporting date for the prior Mineral Resources and Ore Reserves estimates for 29Metals' assets.

	LAST REPORTED	UPDATED ESTIMATE DATE
	ESTIMATES DATE1
Golden Grove
Mineral Resources	30 June 2020	31 Dec 2021
Ore Reserves	30 June 2020	31 Dec 2021
Capricorn Copper
Mineral Resources	31 May 2020	31 Dec 2021
Ore Reserves	1 December 2020	31 Dec 2021
Redhill
Mineral Resources	16 May 20162	16 May 2016

1. Reported in the 29Metals Prospectus dated 21 June 2021 (released to ASX on 2 July 2021)
2. No material changes to the Mineral Resources estimates for Redhill have occurred since 16 May 2016.

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31 December 2021 | Mineral Resources & Ore Reserves Estimates

Group Ore Reserves and Mineral Resources Estimates

Mineral Resources

Mineral Resources estimates at the Group level are the aggregation of Mineral Resources estimates for Golden Grove, Capricorn Copper and Redhill reported in the following pages of this release. Mineral Resources have been depleted for production to 31 December 2021 and are reported as at that date.

2021

2020

personal use only

				Grade				Contained Metal
Category	Asset	Tonnes	Cu	Au	Zn	Ag		Cu	Au	Zn	Ag
		Mt	%	g/t	%	g/t		kt	koz	kt	koz
	Golden Grove	21.9	1.7	0.8	3.2	31	374	528	704	21,634
	Capricorn	5.5	1.8	-	-	6	97	-	-	1,061
Measured	Copper
Redhill	-	-	-	-	-	-	-	-	-
	Total	27.4	Grades not additive	471	528	704	22,695
	Golden Grove	26.0	1.6	0.7	5.3	29	423	551	1,386	24,386
	Capricorn	32.7	1.9	-	-	8	624	-	-	7,970
Indicated	Copper
Redhill	-	-	-	-	-	-	-	-	-
	Total	58.7	Grades not additive	1,047	551	1,386	32,356
	Golden Grove	10.5	1.5	0.7	4.6	30	160	220	483	10,009
	Capricorn	22.6	1.6	-	-	7	360	-	-	5,334
Inferred	Copper
Redhill	4.3	1.7	0.3	-	33	71	40	-	4,611
	Total	37.4	Grades not additive	592	260	483	19,954
	Golden Grove	58.4	1.6	0.7	4.4	30	957	1,299	2,573	56,029
Measured,	Capricorn	60.8	1.8	-	-	7	1,081	-	-	14,365
Copper
Indicated
& Inferred	Redhill	4.3	1.7	0.3	-	33	71	40	-	4,611
	Total	123.4	Grades not additive	2,109	1,338	2,573	75,006

		Grade
Tonnes	Cu	Au	Zn	Ag
Mt	%	g/t	%	g/t
22.7	1.7	0.8	3.6	34
5.4	1.8	-	-	6
-	-	-	-	-
28.2	Grades not additive
24.9	1.6	0.7	5.3	29
33.8	1.9	-	-	8
-	-	-	-	-
58.6	Grades not additive
10.1	1.4	0.5	4.7	25
23.3	1.6	-	-	7
4.3	1.7	0.3	-	33
37.7	Grades not additive
57.8	1.6	0.7	4.5	30
62.5	1.8	-	-	8
4.3	1.7	0.3	-	33
124.5	Grades not additive

Contained Metal

Cu	Au	Zn	Ag
kt	koz	kt	koz
385	602	814	24,505
96	-	-	1,110
-	-	-	-
482	602	814	25,615
400	546	1,323	23,182
638	-	-	8,534
-	-	-	-
1,038	546	1,323	31,716
140	153	477	8,281
366	-	-	5,481
71	40	-	4,611
578	193	477	18,373
926	1,301	2,615	55,968
1,100	-	-	15,125
71	40	-	4,611
2,097	1,341	2,615	75,704

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Note, estimates reported in the table above are subject to rounding (one significant figure). Additional metals - Pb, Co, As, S and Fe - are reported in underlying Mineral Resources estimates for assets (where applicable).

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31 December 2021 | Mineral Resources & Ore Reserves Estimates

Ore Reserves

Ore Reserves estimates at the Group level are the aggregation of Ore Reserves estimates for Golden Grove and Capricorn Copper reported in subsequent sections of this release. Ore Reserves have been depleted for production to 31 December 2021 and are reported as at that date.

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						2021
				Grade			Contained Metal
Category	Asset	Tonnes	Cu	Au	Zn	Ag	Cu	Au	Zn	Ag
		Mt	%	g/t	%	g/t	kt	koz	kt	koz

				2020
		Grade			Contained Metal
Tonnes	Cu	Au	Zn	Ag	Cu	Au	Zn	Ag
Mt	%	g/t	%	g/t	kt	koz	kt	koz

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	Golden Grove	3.2	1.7	0.9	2.8	34
Proved	Capricorn Copper	1	1.7	-	-	7
	Total	4.1	Grades not additive
	Golden Grove	9.6	1.9	0.8	5.9	32
Probable	Capricorn Copper	12	1.8	-	-	10
	Total	21.2	Grades not additive
	Golden Grove	12.7	1.9	0.8	5.1	33
Proved &
Capricorn Copper	13	1.8	-	-	10
Probable
	Total	25.3	Grades not additive

54	96	88	3,404
20	-	-	200
74	96	88	3,604
182	238	567	9,905
210	-	-	3,800
392	238	567	13,705
236	334	655	13,309
220	-	-	4,100
456	334	655	17,409

3.6		1.3		1.4		4.1		47			47		157		149		5,467
1.1		1.9		-		-		8			20		-		-		300
4.7		Grades not additive			67		157		149		5,767
10.7		1.8		0.8		6.1		32			194		277		655		11,017
12.3		1.8		-		-		11			220		-		-		4,600
23.1		Grades not additive			414		277		655		15,617
14.3		1.7		0.9		5.6		36			241		433		804		16,484
13.4		1.8		-		-		11			240		-		-		4,800
27.8		Grades not additive			481		433		804		21,284

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Note, Golden Grove estimates reported in the table above, other than silver, are rounded to one decimal place. Estimates for silver are rounded to zero decimal places. For Capricorn Copper, aggregated totals for Proved and Probable Ore Reserves tonnes have been rounded to the nearest 1Mt. The combined total for both assets reflects rounding to the nearest 0.1Mt. For Capricorn Copper, aggregate estimates of contained Cu metal have been rounded to the nearest 10kt, estimates of contained silver have been rounded to the nearest 100koz. Additional metals - Pb, and As - are reported in underlying Ore Reserves estimates for assets (where applicable).

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31 December 2021 | Mineral Resources & Ore Reserves Estimates

Golden Grove Mineral Resources and Ore Reserves Estimates

The outline of material mineralisation included in 31 December 2021 Mineral Resources estimates for Golden Grove is depicted below for illustrative purposes.

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