Canterbury Resources : Positive Metallurgical Results at Briggs

ASX Announcement

Canterbury Resources Limited

Suite 301, 55 Miller St Pyrmont 2009

ACN 152 189 369 ph: [phone]

11th April 2022

Excellent Metallurgical Characteristics Confirmed at the

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Briggs Copper Deposit

HIGHLIGHTS

• • Test work results have confirmed potential for excellent metallurgical recoveries from copper mineralisation within the mineral resource at Briggs in Central Queensland (Inferred Mineral Resource 143Mt @ 0.29% Cu).

• • Metallurgical test work on three representative types of mineralisation delivered broadly similar flotation results across all three types, with copper recoveries ranging from 92% to 95% and concentrate grades from 17 to 20% copper:

MET-1 (Granodiorite, 0.2% Cu)	MET-2 (Quartz-rich, 0.9% Cu)	MET-3 (Min Sed, 0.4% Cu)
Grade Cu %	Recovery %	Grade Cu %	Recovery %	Grade Cu %	Recovery %
Cleaner Concentrate	17.6	95.1	19.7	91.9	17.4	93.5
Rougher Concentrate	9.7	95.7	14.0	97.9	13.3	95.4

• • These results are scoping level, in that conditions are not optimised. Consequently, there is upside potential to improve concentrate grades through subsequent optimisation studies, including evaluation of grind size, selective collector use and pyrite suppression.

• • Analysis of the concentrates indicates no trace metals of concern, with particularly low levels of arsenic, cadmium and uranium.

• • Alma Metals Limited (ASX: ALM) is currently funding activity at Briggs under an exclusive Option and Earn-In Joint Venture Agreement, whereby it can ultimately reach 70% ownership of the project for total funding of $16 million.

• • A major diamond drilling campaign is being planned to increase the footprint of the mineralised envelope, as well as providing additional material for further metallurgical studies.

• • Drilling is expected to commence during the June quarter.

Canterbury Resources Limited

Suite 301, 55 Miller Street, Pyrmont NSW 2009

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Introduction

Canterbury Resources Limited

Suite 301, 55 Miller St Pyrmont 2009

ACN 152 189 369 ph: [phone]

For personal use only

Canterbury Resources Limited (ASX:CBY, "the Company" or "Canterbury") is pleased to announce metallurgical test work results from coarse crush residue of drill core used in the mineral resource estimate at the Briggs copper deposit within the Briggs, Mannersley and Fig Tree Hill project area in Queensland

("Project").

Alma Metals Limited (ASX:ALM, "Alma") has an exclusive Option to enter an Earn-In Joint Venture Agreement with Canterbury for the Project, through which Alma can ultimately reach 70% ownership by funding a total of $16 million of assessment activity (refer CBY ASX release dated 18 August 2021).

Figure 1 Location map showing proximity of the Briggs, Mannersley and Fig Tree Hill copper project area to major infrastructure including ports, rail and power.

Initial Metallurgical Test Work Results

Composite samples, representing the three frequently encountered mineralisation types, were created from coarse crush residue from drill core from BD019-003 used for the mineral resource estimate (see CBY ASX release dated 10 June 2020, and refer to Figure 2 below):

• ➢ MET-1 = 20.4kg Mineralised granodiorite calculated headgrade of 0.2% Cu

• ➢ MET-2 = 18.2kg Mineralised quartz rich zone within the granodiorite with calculated headgrade of 0.9% Cu

• ➢ MET-3 = 18.2kg Mineralised volcanic sediments adjacent to the granodiorite with calculated headgrade of 0.4% Cu

Canterbury Resources Limited

Suite 301, 55 Miller Street, Pyrmont NSW 2009

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Canterbury Resources Limited

Suite 301, 55 Miller St Pyrmont 2009

ACN 152 189 369 ph: [phone]

Benchtop flotation tests to evaluate copper recoveries were undertaken by ALS Metallurgy in Perth using the following parameters:

• • Each sample was control-crushed to -3.35mm and homogenised in a rotary sample splitter

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• • Representative 2kg charges were split out and ground to 75µm prior to rougher flotation

• • Perth tap water was conditioned and maintained at pH 9.50 for the duration of the tests

• • SIBX was added as a 1% (w/v) solution

• • No re-grind prior to cleaner flotation

• • No optimisation to suppress pyrite flotation

The results to date are very promising (see Table 1 below):

• • Excellent recoveries between 92% and 95% into cleaner concentrates

• • Excellent first pass concentrate grades between 17.4% and 19.7% copper

• • Little difference in results across the three types of mineralisation other than slightly higher concentrate grades in the higher-grade quartz-rich sample

• • No regrinding between rougher and cleaner stages, use of copper selective collector or pyrite suppression indicate upside potential in metallurgical recovery through optimisation studies

• • Trace metal analysis of the concentrates indicated very low levels of arsenic (<0.01%), cadmium (<5ppm) and uranium (<0.002%)

• • The results above combine to indicate good potential to produce commercially attractive copper concentrates from the project

• • Further metallurgical studies and optimisation studies will be undertaken after the next phase of drilling which is planned to commence later this quarter

Table 1 Initial metallurgical test work results

MET-2 (QTZ, 0.9% Cu)

G	Grade	Rec	G
Cu %	(%)
Cleaner	24.3	1.21	17.6	95.1	41.1	4.09
44.4	2.2	9.7	95.7	61.4	6.12

Concentrate

Rougher Concentrate

Mass
Dist.	Grade	Rec	g
(%)	Cu %	(%)
19.7	91.9	45.0	2.26
14.0	97.9	60.1	3.02

Copper

Mass
Dist.	Grade	Rec
(%)	Cu %	(%)
17.4	93.5
13.3	95.4

Canterbury Resources Limited

Suite 301, 55 Miller Street, Pyrmont NSW 2009

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Canterbury Resources Limited

Suite 301, 55 Miller St Pyrmont 2009

ACN 152 189 369 ph: [phone]

Figure 2 Briggs porphyry copper system showing extensive copper anomalism in soil samples extending over >2km x 0.75km at >0.1% Cu. Results from the 2021 RC drilling and from drillholes used in the 2020 Mineral Resource estimate are shown, including BD019-003 which was used for metallurgical samples.

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Authorised on behalf of the Board

Grant Craighead Managing Director

Canterbury Resources Limited

Suite 301, 55 Miller Street, Pyrmont NSW 2009

Telephone: [phone]

Email:[e-mail]

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Canterbury Resources Limited

Suite 301, 55 Miller St Pyrmont 2009

ACN 152 189 369 ph: [phone]

COMPETENT PERSON'S STATEMENT - Exploration Results, Mineral Resources and Ore Reserves

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The technical information in this report which relates to Exploration Results is based on information compiled by Mr Michael Erceg, MAIG RPGeo. Mr Erceg is an Executive Director of Canterbury Resources Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the

"Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Erceg consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

COMPETENT PERSONS STATEMENT - Metallurgy

The information in this report relating to metallurgical test work results is based on and fairly reflects information reviewed by Mr Stuart Smith (consultant to Alma Metals Limited). Mr Smith is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Smith is a qualified metallurgist and has sufficient experience which is relevant to the management and interpretation of test work activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Smith consents to the inclusion in the ASX release of the matters based on their information in the form and context in which it appears.

DISCLAIMER

Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "potential(s)"and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events. The term "Canterbury" must be loosely construed to include the subsidiaries of Canterbury Resources Limited where relevant.

Canterbury Resources Limited

Suite 301, 55 Miller Street, Pyrmont NSW 2009

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