Cannon Resources Limited provided an update on key current activities which are currently underway to advance the Company's projects. The Fisher East Project now has a total of 134,100 tonnes of contained nickel at an average grade of 1.8% Ni in 4 high-grade sulphide JORC 2012 resources at Musket, Camelwood, Cannonball and Sabre. In the 12 months since listing, the Company has completed 42 diamond holes for 16,700m and accomplished a significant number of major achievements.

The Fisher East and Collurabbie Projects offer compelling advantages: Fisher East Project: High-quality growth asset, 134.1kt Ni to date, which is highly sought after; Industry leading discovery cost at $104 per Ni tonne; All resources open laterally and down plunge; Nickel mineralisation intersected 520m down plunge at Sabre, more than doubles the known mineralisation depth; and Being close to Leinster in WA provides the company with multiple development options, produce Nickel concentrate on site or sell to smelters. Collurabbie Project: Multiple Ni anomalous historical drill intercepts within the sills, with subsequent testing to be undertaken; and Anomalous gold and VMS style mineralisation intersected in historical drilling, with subsequent follow up to be undertaken. The company is focussed on three main activities which are outlined below: 1) Internal Mining and Economic Studies: As a result of the rapid growth in the resource at Fisher East, the Company has engaged an independent external consultant to undertake an internal mining study comprising in the following key areas: Geology; Geotechnical; Mine design and schedule; and Financial modelling.

The internal mining study will also consider the suitable locations for positioning long term capital development. The intent of the internal mining study is to guide the Company with future drilling programmes, to ensure that they are targeted for best value add to mine economics and plant location as well as a basis for future feasibility studies. 2) Drill Planning The Company has been progressing designing a drill programme for Sabre, given the successful recent deep diamond hole intersected 520m down plunge from previously drilled mineralisation, which more than doubled the known depth extent of mineralisation at Sabre.

Drilling is planned to strategically target high-grade north plunging channels and define a resource between the existing Sabre resource and the deep hole intersection of 6.4m @ 1.3% Ni (MFED122).