NickelSearch Limited announced multiple high- priority targets have been identified from preliminary analysis of the high-resolution helicopter-borne time domain EM and magnetic (XciteTM) survey covering all the Carlingup Nickel Project area (Carlingup or the Project). The XciteTM survey completed by NRG Australia in January 2022 involved a total of 955 line-kms of airborne EM and magnetic data flown using line spacings of between 50 to 200m. Since then, the Company has been working with expert geophysical consultants Resource Potentials on processing the data and prioritising the target areas.

Targets were ranked based on their EM and magnetic characteristics, combined with soil and rock geochemistry, digital elevation modelling, radiometric and satellite imagery, and interpreted geology., the numerous targets are widespread and cover the full extent of the Company's tenement package. Several anomalies coincide with known nickel deposits and prospects, at RAV-8, RAV-1, RAV-5, Sexton, Serendipity and B1, confirming this is a valid method for identifying potential blind nickel sulphide deposits at Carlingup. NickelSearch is encouraged by the district scale association of airborne EM anomalies with specific Komatiitic host rocks and related sulphidic felsic volcanics and banded iron formations.

This geological setting shares strong similarities to the Forrestania nickel sulphide deposits in the same greenstone belt. Two nickel trends at Carlingup and Ravensthorpe Range have a total strike extent of about 20 km. This is the same order of magnitude as the Forrestania nickel mine trend.

In total, 13 EM targets have been identified along the Carlingup Trend (six Priority 1, four Priority 2, two Priority 3 and one coincident with the RAV8 deposit). In addition, a total of 16 EM targets have been identified along the Ravensthorpe Range Trend (nine Priority 1, four Priority 2, three Priority 3). Subsequent target definition work is in progress, with the recent completion of 2,312 systematic ultra- fine soil geochemical samples that cover 15km strike length of the Carlingup Nickel Trend.

Preliminary results of the soil geochemistry have identified one nickel fertility anomaly at Sexton associated with a Priority 1 EM target. This has now become a high priority greenfields target for NickelSearch. Further soil assay results along the Carlingup Trend will be critical for the Company in prioritising the EM targets for drill testing.

A second phase of soil sampling will be conducted along the Ravensthorpe Range where several EM targets have been identified associated with the host ultramafic unit.