Aeon Metals Limited provided an update on the Mineral Resource (MRE) for the Walford Creek Project following the receipt and incorporation of final drilling data from the 2021 field program. All 2021 drilling was completed within, or adjacent to, the Vardy and Marley zones, while the Amy zone was excluded. The program commenced with a single, multi-purpose drill rig operating on double shift from 3 June 2021.

A second rig was added on 18 September 2021. During the 2021 drilling program, a total of 46 new drill holes were completed in addition to a diamond tail to an historic drill hole. This represents a total of 8,951 metres of drilling that was added to the existing geological dataset used to compile these Mineral Resource estimates.

Independent geological consultants, H&S Consultants Pty Ltd. (H&SC), were retained to incorporate all results from the 2021 Walford Creek drilling campaign and complete updated MRE for the Walford Creek Project. H&SC completed the previous MRE for the Walford Creek Project in April 2021. The new Vardy and Marley copper resource estimates are reported together at a 0.5% copper cut-off grade and with the peripheral cobalt resource estimates reported at a 600 ppm (0.06%) cobalt cut-off (for copper grades <0.5%).

A western limit of 210675 metres east was applied to discount the mineralisation observed in the recently announced Le Mans peripheral zone which was considered insufficiently tested for inclusion in the MRE. Vardy & Marley MRE now contain 39.3 Mt extending over a strike length of 3.6 km. Of this, 97% or 38.1 Mt of the total tonnage is classified as Measured and Indicated.

The Vardy & Marley Copper MRE has increased to 20.1 Mt at 1.08% Cu, 0.15% Co, 31 g/t Ag, 1.03% Pb, 0.75% Zn and 0.06% Ni. The corresponding previous Copper Mineral Resource estimate completed in April 2021 was 19.6 Mt at 1.08% Cu, 0.15% Co, 31 g/t Ag, 1.03% Pb, 0.73% Zn and 0.07% Ni. The Vardy & Marley Cobalt Peripheral MRE was largely unchanged at 19.2 Mt at 0.25% Cu, 0.10% Co, 21 g/t Ag, 0.95% Pb, 1.11% Zn and 0.04% Ni.

The corresponding previous Cobalt Peripheral Mineral Resource Estimate completed in April 2021 was 19 Mt at 0.24% Cu, 0.09% Co, 21 g/t Ag, 0.96% Pb, 1.07% Zn and 0.04% Ni. The 2021 drilling was primarily aimed at producing metallurgical sample and geotechnical data to support the PFS. Holes were designed where possible to also provide infill data for the resource estimate.

An improvement in the confidence for the MRE, highlighted by the increase in Measured and Indicated Resource, was achieved through this additional drilling data. Amy zone No additional drilling was completed at Amy so the Mineral Resource Estimate and Exploration Target for this zone remain unchanged. Copper Mineral Resource The Amy Copper Mineral Resource Estimate is 5.1 Mt at 1.25% Cu, 0.15% Co, 37 g/t Ag, 1.35% Pb, 0.63% Zn and 0.08%.

All of the Amy Copper Mineral Resource Estimate is classified as Inferred. Amy Zone Exploration Target H&S Consultants published an Exploration Target for the PY3 unit at Amy where insufficient drilling data exists to define a Mineral Resource, as part of the April 2021 updated MRE for Walford Creek. The Exploration Target for the PY3 mineralised unit is 2 to 4 Mt at 1.1 - 1.5% Cu, 1.1 - 2.0% Pb, 0.5 - 1.6% Zn, 30 - 60 ppm Ag and 0.11 - 0.2% Co.

The potential quantity and quality of the Exploration Target is conceptual in nature. Insufficient exploration has been undertaken to estimate a Mineral Resource Estimate and it is uncertain that further exploration will result in the estimation of a Mineral Resource Estimate. No Exploration Target estimate was completed on the potential for economic PY1 mineralisation, which the 2021 drilling has identified as being highly prospective within the Le Mans prospect.

In light of this recent Marley step-out drilling documented within ASX release dated 11 February 2022 (Step Out Drilling Identifies Potential Vardy Repeat), the presence of mineralisation in the PY1 unit suggests further opportunities to expand the western extent of the known Marley mineralisation. The relationship between the different phases of mineralisation at Walford Creek is shown schematically in Figure 2. The massive pyrite hosted high-grade copper/cobalt core tends to be surrounded or encased by a substantial tonnage of massive pyrite mineralisation which hosts cobalt and lower grade chalcopyrite (Cu) mineralisation along with substantial accumulations of argentiferous galena (Pb) and sphalerite (Zn). The PY1 and the DOL units have been combined and modelled together in this resource estimation work.