NickelSearch Limited announced that a portion of the ultra- fine soil assays previously announced as pending have now been received. This data, together with the results from other ongoing exploration activities, has enabled the Company to advance an integrated and systematic exploration targeting study for the Company's wholly owned Carlingup Project (Carlingup), located in Ravensthorpe, Western Australia. The key outcome of this study is the initial ranking and prioritisation of the exploration targets across Carlingup.

NickelSearch is embarking on a modern, rigorous, and comprehensive exploration program across the entire tenement package. This is the first time this land package has been consolidated under one company. The Company has recently completed an integrated targeting study based on key ingredients for significant komatiite-hosted nickel sulphide deposits.

This targeting work expands on the insights gained from an intensive nickel sulphide workshop conducted for NickelSearch by world renowned nickel specialist Tony Donaghy from CSA Global in late 2021. The target environment for the formation of nickel sulphide ores at Carlingup are ultramafic channel features. More specifically, where ultramafic flows have eroded sulphide-rich basement rocks, they provide the critical sulphur source for the formation of magmatic Ni-Cu-PGM deposits.

A recently completed integrated and systematic nickel sulphide targeting study has: identified and prioritised over 30 greenfield exploration targets across the total Carlingup Nickel Project tenement package, with 11 Priority 1 targets, and defined a highly prospective mineralised corridor at Carlingup South between RAV8 and RAV5 over a strike extent of 9km, with three drill-ready targets, subject to receiving necessary approvals and conducive ground conditions. Targeting work has been enhanced by: recently received ultra fine soil assay results along the Carlingup South trend, returning highly anomalous Kambalda and Platinum Group Metals (PGM) responses which are indicative of komatiitic nickel sulphides at depth. Encouraging aircore assays, soil geochemistry and recent magnetic interpretation at John Ellis indicate a 2.2km strike of the prospective basal contact concealed beneath cover and mineralised laterite that is a high priority target for follow up drilling.