Lunnon Metals Limited provided an update on activities at the Silver Lake-Fisher project which, when acquired and combined with the Foster-Baker project in October 2022, represented a doubling of the Company's nickel rights tenure at the Kambalda Nickel Project (KNP) since the Company listed in June 2021. Since mid-October 2022 the Company has located, re-logged, cut and re-sampled over 4,100 metres of historical WMC Resources Ltd. (WMC) diamond drill (DD) core 1, originally drilled at the historical Silver Lake and Fisher nickel mines. The amount of DD core processed relating directly to the Silver Lake Hanging Wall (SLHW) prospect was 2,400 metres (from a total of 9,200 originally drilled by WMC in the relevant holes; a total equivalent to 7-9 months surface drilling by one rig at current rates).

Significant re-assay intercepts include (>1.0% Ni cut-off, true widths are interpreted to be approximately 75% of the drilled width): - KA11-34 3.00m @ 2.00% Ni (from 61.40m); - KA11-89 0.69m @ 8.16% Ni (from 68.36m); - KA11-106 1.48m @ 8.04% Ni (from 64.18m); - KA11-108 2.20m @ 4.21% Ni (from 61.38m); and - KA11-121 1.44m @ 10.23% Ni (from 72.00m). 2 In addition, re-assaying of nickel mineralisation on the main komatiite-footwall basalt contact beneath the SLHW prospect recorded: - KD632 11.00m @ 0.64% Ni (>0.5% Ni cut-off from 548.00m); and - KD633B 0.90m @ 2.44% Ni (>1.0% Ni cut off from 640.60m). These results provide confirmation of the accuracy and suitability of the historical WMC assay database for ongoing use in the Company's exploration and Mineral Resource Estimation (MRE) activities at SLF.

The new data will provide the basis to estimate and report a JORC Code (2012) compliant MRE for the SLHW whilst enabling surface DD to vector towards potential high-grade shoots. Arrangements are now complete with St Ives Gold Mining Co. Pty Ltd. (St Ives), under the governing mineral rights agreement, to access the surface area above the SLHW target, with causeway construction and then surface drilling to commence shortly.

The Company reported an Exploration Target estimate for the SLHW prospect on 25 October 2022. Historical DD mineralised intercepts that informed the Exploration Target were reported in the same announcement. Lunnon Metals' site team have now completed a program to locate, re-log, cut and re-sample those same historical DD core intervals as part of a much larger campaign of re-assaying under the Company's signature Historical Core Program (HCP).

The re-assay results compared favourably with the historical data, with no significant or systematic anomalies identified, which gives great confidence in the historical WMC data. The Company highlights that not every historical DD intercept was able to be reproduced or "mirrored" due to an absence of available DD core for the requisite down hole interval in some instances. The Company has also taken the opportunity to gather multi-element geochemistry data as part of the HCP at the SLHW, with the objective being able to vector in towards possible higher grade nickel mineralisation within the border SLHW surface.

Results from the HCP for other targets at Silver Lake and Fisher will be reported as appropriate. Presented below is a plan view of the SLHW prospect area together with a longitudinal projection of the SLHW prospect with the latest re-assay results annotated and compared where possible with the previous WMC assays The elements of the SLHW that make it a high priority for Lunnon Metals' first programme on the acquired nickel rights at SLF, include: · The scale of SLHW ­ the area of interest has dimensions of approximately 600m (plunge extent) by 200m across plunge; · The spacing of the drilling ­ SLHW was originally drilled on a broad pattern by WMC, approximate 100m x 100m (or greater); · The style of the nickel mineralisation identified in that drilling ­ there are consistent modest width, low to modest nickel grade intercepts hosted at the base of the second komatiitic flow; and · Indication of higher-grade potential ­ geological logs and assay database entries for select diamond holes document the presence of discrete narrow, but high-grade massive nickel sulphides. The above characteristics are strikingly similar to how the Baker deposit presented to the Company in the East Cooee area prior to first drilling of that area in October 2021 and its subsequent discovery as a high-grade deposit in January 2022.

The relogging and re-assay exercise has also provided important geoscientific and multi-elemental data that has facilitated the Company to target potential high-grade shoots within the SLHW prospect in its upcoming DD programme, based on learnings from the Baker deposit. The Lunnon Metals programme of activity at SLHW is as follows: - COMPLETED: re-logging, cutting and re-assaying of available historical WMC core; - COMPLETED: based on the experience gained at the Baker Shoot, analysis of multi-element assay results to determine if vectors to possible higher-grade nickel mineralisation are evident; - ABOUT TO COMMENCE: surface diamond drilling of high priority targets generated above, with three 70m spaced drill lines and approximately 30m spaced pierce points along lines where possible or warranted (i.e. significantly improving on the approximate 100m x 100m historical drill density); - Down Hole Transient Electro-Magnetic surveying of selected new Company surface diamond holes to determine if any in-hole, or near-hole, high conductance plates are present that may represent nickel sulphide mineralisation; and - If on-going exploration results and technical studies are successful, the estimation of a Mineral Resource compliant with the JORC Code (2012). An Exploration Target of between approximately 0.65Mt and 1.3Mt grading between 1.3% Ni and 2.7% Ni has previously been estimated for the SLHW prospect.

The company highlights that at the time of the estimation of the Exploration Target, the potential quantity and grade of the Exploration Target stated above was conceptual in nature, that there had been insufficient exploration to estimate a Mineral Resource and it was uncertain if further exploration will result in the estimation of a Mineral Resource. A detailed explanation of the basis of the Exploration Target for SLHW estimated by the Company in accordance with the guidelines of the JORC Code (2012) was included in the ASX announcement dated 25 October 2022. The Company considers that the Exploration Target was appropriately estimated and is representative of the exploration potential at SLHW prospect.

Exploration activities have commenced aimed at testing and validating the estimate. The Exploration Target is based on and fairly represents, information and supporting documentation prepared by the Competent Person, Mr. Aaron Wehrle.