Future Metals NL : Drilling Returns 140m of PGM & Mineralisation from 28m

ASX Release

8 March 2022 ASX | AIM: 'FME'

Directors & Management

JustinonlyTremain, Non-Exec Chair

Allan Mulligan, Non-Exec Director

Aaron Bertolatti, Finance Director

Robert Mosig, Non-Exec Director

Elizabeth Henson, Non-Exec Director

Jardee Kininmonth, CEO

Brian Talbot, Operational & Tech. Lead

Inveusetment Highlights

▪ 100% ownership of the Panton PGM Project in Western Australia

▪ Panton JORC Mineral Resource Estimate (refer Appendix One)

o 14.32Mt @ 4.89g/t PGM (6E), personal0.31g/t Gold, 0.27% Nickel

o 2.4Moz contained PGM's & Gold

o Palladium dominant (~50% of co tained ounces) with full suite of PGMs, gold and base metals

▪ Res urce outcrops | Mineralisation fr m surface

▪ Granted Mining Leases

▪ Metallurgical test work of >80% PGM recoveries to ultra high grade PGM concentrate (crush, grind and flotation)

▪ ~$5.6m cash (31 December 2021)

ContactForDetails

Future Metals NL

Level 1, 35 Richardson Street West Perth, WA, 6005

T: [phone]

E: [e-mail]

W: https://future-metals.com.au/

@_FutureMetals

Panton Drilling Returns 140m of PGM & Base Metal

Mineralisation from 28m

Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME), a platinum group metals ("PGM") focused company, is pleased to report further shallow, wide PGM assay results from the resource definition drilling undertaken at its 100% owned Panton PGM

Project ("Panton") in northern Western Australia.

Highlights

• Assay results received for a further two resource definition holes (refer to Table One and

Appendix Two for full details).

• Drill hole PS400 returned an unconstrained bulk intersection of 140.8m @ 1.07g/t PdEq3 from 28m down hole including a broad zone of sulphide mineralisation and included intercepts (at a 0.5g/t PGM(3E) cut-off, maximum 4m internal dilution) of:
  o 39.48m @ 1.20 g/t PdEq3 (0.81 g/t PGM3E2 & 0.17% Ni) from 37.1m o 25.66m @ 1.17 g/t PdEq3 (0.74 g/t PGM3E2 & 0.19% Ni) from 104.34m o 12.2m @ 1.15g/t PdEq3 (0.66 g/t PGM3E2 & 0.18% Ni) from 135.4m
• Drill hole PS398 also returned broad widths of shallow PGM and nickel mineralisation, including:
  o 20.6m @ 2.14g/t PdEq3 (1.79 g/t PGM3E2 & 0.20% Ni) from 39m o 11m @ 1.12 g/t PdEq3 (0.72 g/t PGM3E2 & 0.15% Ni) from 64m o 30.6m @ 1.21 g/t PdEq3 (0.75 g/t PGM3E2 & 0.21% Ni) from 83m
• Unconstrained intersections within the zone of sulphide mineralisation from drill hole PS400 included intercepts of:
  o 34.05m @ 0.16 g/t Au + 0.14% Cu + 0.17% Ni from 208.7m o 18.3m @ 0.08 g/t Au + 0.13% Cu + 0.16% Ni from 266.5m
• Assay results pending for a further 47 drill holes comprising 14 holes recently drilled by the Company and 33 historical drill holes that were not previously sampled through the footwall of the Upper Reef
• Once the remaining assay results have been received, the Company will incorporate the new results into an updated JORC Mineral Resource Estimate ("MRE") that will encompass shallow, bulk PGM-Ni mineralisation up to 20-40 metres in thickness, that importantly sits outside of the current JORC MRE of 14.32Mt @ 4.89g/t PGM6E1 and

0.31g/t gold for 2.4Moz of contained PGM and gold (refer to Appendix One) (refer to the Company's

announcement of 8 December 2021 and Figures Two and Three)

• Metallurgical flotation test work is underway on both high-grade and low-grade representative composite samples from the previously reported metallurgical holes
• The Company is reviewing all geophysical and geological data accumulated over the 30+ years of work completed at Panton to identify trends in mineralisation which sit outside of the known chromitite reefs in order to identify potential follow-up disseminated or massive sulphide targets, both lateral to the known chromitite-driven mineralisation and at depth, below the drilled vertical extent of the chromitite reefs
• The Company remains in a strong financial position, with cash at bank of A$5.6 million as at 31 December 2021

1. PGM6E = Palladium (Pd) + Platinum (Pt) + Rhodium (Rh) + Ruthenium (Ru) + Osmium (Os) + Iridium (Ir)
2. PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
3. PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 0.875xAu(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)

Mr Jardee Kininmonth, CEO of Future Metals, commented:

"These results exceed expectations on the mineralised width of the Panton orebody, providing further evidence of mineralisation extending well beyond the footwall of the middle reef. The intercept of 140.8m @ 1.07 g/t PdEq includes

significant zones of sulphide mineralisation cross cutting the chromitite reefs, demonstrating the presence of disseminated

onlyA t tal of 19 resource definition holes were drilled as part of the Company's approximate 6,000m diamond core drilling pr gramme. Additionally, the Company sampled core from 33 historical diamond drill holes to support the modelling of an updated MRE based on the bulk tonnage mineralisation at Panton.

or massive sulphide zones outside of the currently targeted chromitite reef-driven mineralisation. Evidence of these broad

sulphide zones exists through much of the historical drill data which the Company is currently analysing to provide follow up targets for the next drill season."

Exploration Drillhole Assay Results

Assay results for a further two of the 19 resource definition holes drilled (PS398, PS400) have now been received and continue to confirm much broader widths of shallow PGM mineralisation than modelled in the current 2.4Moz MRE (refer to Appendix One). A ays are pending for a further 47 drill holes being 14 resource definition holes drilled by the Company and the 33 historical drill holes. Assay results from these two latest holes are set out in Table One below (refer to Appendix Two for the drill hole details):

use	Hole		From	To		Interval	Pd (g/t)	Pt	Au (g/t)	PGM3E1	Ni	Cu	Co (pm)	PdEq2
		(m)	(m)		(m)		(g/t)		(g/t)	(%)	(%)		(g/t)
		PS398		39	59.6		20.6	0.75	0.86	0.17	1.79	0.2	0.03	157	2.14
		PS398		64	75		11	0.34	0.28	0.09	0.72	0.15	0.04	158	1.12
		PS398		83	113.6		30.6	0.42	0.29	0.03	0.75	0.21	0.01	150	1.21
		PS398		118.6	121.5		2.9	0.29	0.16	0.02	0.48	0.2	0.02	167	0.97
		PS398		126	127		1	0.43	0.21	0.18	0.54	0.1	0.25	170	1.06
		PS398		134.6	135.85		1.25	0.4	0.18	0.05	0.63	0.12	0.05	171	1.02
		PS398		187	196.6		9.6	0.31	0.16	0.06	0.53	0.09	0.1	163	0.92
		PS400		37.1	76.58		39.48	0.37	0.35	0.09	0.81	0.17	0.03	143	1.20
		PS400		90.65	101.4		10.75	0.35	0.31	0.02	0.68	0.19	0.01	140	1.08
		PS400		104.34	130		25.66	0.44	0.28	0.02	0.74	0.19	0.02	137	1.17
		PS400		135.4	147.6		12.2	0.38	0.21	0.07	0.66	0.18	0.05	163	1.15
		Table One | Drilling Assay Results
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1 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)

2 PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 1.90394xNi(%) + 0.875x(Au(g/t) + 1.38936xCu(%) + 8.23xCo(%)

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onlyuse personalForFigure One | Panton Drill Hole Plan

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onlyuse personalFigure Two | Future Metals' Exploration Drilling (PS398) - Panton Cross Section For

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onlyuse personalFigure Three | Future Metals' Exploration Drilling (PS400) - Panton Cross Section For

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