Armada Metals : Quarterly Activities/Appendix 5B Cash Flow Report

Core logging observations confirm the LMT to be a complex, dynamic multi-phasedmagma conduit system, with crustal contamination having caused extensive sulphur saturation.

The core is currently being processed and will be assayed for the normal magmatic suite of elements including nickel, copper, cobalt, chromium and sulphur, and the platinum group elements ('PGE').

Ten (10) diamond holes were drilled for a total of 3,240m at three high-prioritytargets within the LMT.

The Company completed the Phase 1 diamond drilling program along the Libonga-MatchitiTrend ('LMT') with magmatic sulphides intercepted in all ten diamond drill holes (Figure 1).

Exploration expenditure incurred during the quarter totalled $1.267m with cash at the end of the quarter of $6.379m.

Holding of the Company's 2022 Annual General Meeting resulting in the re-electionof Mr Michael McNeilly; and

Appointment of Mr Justin Clyne as Company Secretary, and resignation of Ms Vanessa Chidrawi;

Corporate:

ASX Release

29 July 2022

only ASX: AMM

useQuarterly Report

for the Quarter ended 30 June 2022

personalArmada Metals Limited (ASX: AMM) ('Armada' or the 'Company') is pleased to provide a summary of the Company's activities for the Quarter ended 30 June 2022 which were primarily focused on the Nyanga Project (Project) in Gabon.

HIGHLIGHTS

Nyanga Project:

For

Surface grab samples, collected along the Ngongo- Yoyo Trend ('NYT') within permit G5-555 (Appendix 1), have confirmed the presence of outcropping high- MgO ultramafic intrusions with magmatic sulphide mineralisation. These results extend the Company's prospective trend, incorporating the LMT and NYT, to more than 60km.

Armada Metals Limited|  ACN 649 292 080  |  www.armadametals.com.au

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Quarterly Report for the Quarter ended 30 June 2022

onlyFigure 1: LBSDD001 - 141.96m - 142.07m - magmatic sulphide stringer mineralisation, chalcopyrite (Cpy) and pyrrhotite (Po), within a gabbroic unit.

usepersonalCommenting on the Company's activities during the quarter, Armada's s Managing Director & CEO, Dr Ross McGowan, said:

"This quarter has been another period of significant activity for the Company, including the completion of the Company's Phase 1 drilling program and the delivery of exciting technical results at the Nyanga Project. These results further demonstrate the potential of the Project to host magmatic nickel-copper sulphides in this highly prospective province.

"In addition, the recent results from surface-grab samples along the Ngongo-Yoyo Trend ('NYT') within permit G5-555, demonstrate the exciting opportunity of the Company to potentially unlock a larger trend for over 60km, as well as other targets within our larger ground holding. Together with the positive results from our Phase 1 drilling program, announced recently, this is a significant development for our exploration for magmatic Ni-Cu-PGE sulphides and for the scale of the Nyanga Project.

"We look forward to another successful quarter ahead as we continue to rapidly advance exploration in Gabon." For

Armada Metals Limited|  ACN 649 292 080  |  www.armadametals.com.au

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Quarterly Report for the Quarter ended 30 June 2022

onlyFigure 2: Boart Longyear owned and operated Zinex A5 rig drilling at site LBNDD002 - April 2022.

For usepersonal

Armada Metals Limited|  ACN 649 292 080  |  www.armadametals.com.au

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3 240.00







377.50

Interpreted intrusion margin.

Libonga South





347.00

-

Magmatic sulphide stringer.





207.00

-







360.00

Matchiti Central

Interpreted intrusion margin.







280.00







167.50







255.00

Relogged - hybrid sill.







429.00

Libonga

North







407.70

Magmatic sulphides intruded into meta- pelites.







409.30

Comments

Priority Target

Magmatic sulphides

Ultramafic

units

Total

Depth (m)

Variegated textures / hybrid zones

Quarterly Report for the Quarter ended 30 June 2022

onlyPHASE 1 DIAMOND DRILLING PROGRAM OVERVIEW

As announced to the ASX on 21 June 2022, the Phase 1 diamond drill program was completed with a total of 3,240m having been drilled in ten drill holes at the Libonga North, Matchiti Central and Libonga South targets (refer Table 1, Figure 3 and Appendices 1-2).

Table 1: Phase 1 drill program summary with significant components of the magmatic system analysis completed

useHole Id LBNDD001

LBNDD002

LBNDD003

LBNDD004

MTCDD001

personalMTCDD002

MTCDD003

MTCDD004

LBSDD001

LBSDD002

Drill core from the ten holes has been reviewed and geologically logged and interpreted (3,240m) (see section - Initial Interpretation). 89 percent of the drill core intersected magmatic rocks. The primary mineralogy is plagioclase- clinopyroxene-olivine, forming gabbros, clinopyroxenites and wehrlites.

All the holes display pervasive actinolite-tremolite alteration based in visual logging. There is evidence for the intrusions being emplaced in non-metamorphosed country rocks which has released formational liquids that may be absorbed into the intrusions causing extensive contamination and the creation of hybrid rocks (e.g., the introduction of phlogopite is common). In Hole LBNDD002, the basal formation is intensely contaminated hybrid gabbro with phlogopite and garnet

Forin some zones and significant local mineralisation intervals up to 20-40% matrix sulphides (Appendix 3 provides field definitions).

Mineralisation occurs as disseminations, blebs, veinlets, matrix sulphide, massive stringers (primary mineralisation) and wisps and blebs with feldspathic veins (refer to Figures 4-12), with a typical magmatic assemblage of pyrrhotite and chalcopyrite.

Armada Metals Limited|  ACN 649 292 080  |  www.armadametals.com.au

4

Quarterly Report for the Quarter ended 30 June 2022

For personal use only

Figure 3: Diagram displaying the location of the Phase 1 Nyanga Project diamond drill holes.

Armada Metals Limited|  ACN 649 292 080  |  www.armadametals.com.au

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