Norfolk Metals Limited reported the downhole geophysical survey conducted at the Orroroo Project has been completed. Spectral Gamma and Prompt Fission Neutron (PFN) well logs recorded during the survey will be utilised for further exploration planning; however, at this stage the program is considered successful having confirmed the following; Uranium occurrences in all three target zones (wells) of which the depths are potentially suitable for proven in-situ recovery methods; Uranium peak reported at 650ppm pU3O8 within an interval of 192ppm pU3O8 over 0.5m from 112.59m via PFN in well 7P3; and, Uranium recorded from this survey at expected target depths obtained from historical holes supports the proposed "oxidised tails or interface zones" of roll-front uranium style mineralisation theory proposed by the Norfolk geology team. The potential of the Walloway Basin to contain uranium mineralization has been confirmed.

The geological team at Norfolk are working to contract the most suitable geophysical method to delineate the paleo channels within the Walloway basin. Current geophysical considerations include but are not limited to gravity, passive seismic and ground penetrating radar. Once defined; the paleo channels will enable a maiden drill program to be executed with a focus on quickly accessible and cheaper roadside drilling in the early stages.

Background and Initial Studies: The Walloway Basin was initially identified as a basin of interest after analysing underexplored basins for time equivalent depositional environments; the basin is located adjacent to the highly uranium fertile Frome Embayment. The Walloway Basin was under explored until 2009, when Linc Energy drilled a series of wells, targeting coal-seam gas. The following is a brief summary of key uranium elements in the Walloway Basin: Reservoir ­ Tertiary aged fluvio-lacustrine sedimentary packages, including riverine sand packages.

Seal ­ Fining upwards sequences and channel abandonments, as well as flood plains and lacustrine mudstones are present and are excellent seals. Trap ­ Uranium mineralisation may rely on chemical traps by requiring reducing materials, such as lignite, sulphides (pyrite), and possibly small amounts of organic and inorganic gases. Source and migration ­ This was the key risk element for the Walloway Basin.

There have been no drillhole penetrations of granites. However, the Adelaide Geosyncline and surrounding areas has many proven granitoid bodies with elevated uranium concentrations. Possible sources could be buried under the basin, with faults acting as conduits, or sediments in the basin were sourced from granitoids (provenance).

This is supported by the evidence of quartzose sands. Importantly, there are many time-equivalent analogues in near-by basins. These include, but are not limited to, the producing Beverley /Four Mile Uranium Projects, in the northern portion of the fold belt, the Honeymoon Uranium Project to the east, the Curnamona Province with many discovered uranium occurrences and the Samphire Uranium Project, west of the Adelaide Fold Belt.

Testing Methods: Norfolk Metals was able to take advantage of the Orroroo series Linc Energy wells, which were cased and completed as water wells. This was attractive for uranium exploration, as it negated the need to redrill, thus significantly reducing costs. Five (5) wells were elected for survey and with three (3) wells entered this reconnaissance logging program; Orroroo 7P3, Orroroo 9P3 and Orroroo 15P1.

Geosensor Wireline, a local wireline logging company, were able to source PFN and Spectral Gamma tools with a qualified licenced operator. PFN's are the only in situ logging tool that can assay uranium directly. Gamma based tools only measure gamma radiation emitted from daughter elements of uranium.

Results: It is noted that when re-entering existing agricultural water wells with casings of polyvinyl chloride (PVC) and concrete over 10 years old there are obstacles in relation to accessing the well, the well head pressure and potential fluctuating bore hole parameters. The outcomes of the survey conducted are limited to the access of the wells at the time of survey and therefore not all wells were able to be accessed or assessed with exactly the same procedures and tools. It is important to note that any geophysical survey tool is not as accurate as fresh rock geochemical analysis from a Certified laboratory.

Well 7P3: Well targeted zone successfully logged with PFN; The PFN tool reported a peak of 650ppm pU3O8 within an interval of 192ppm pU3O8 over 0.5m from 112.59m; Epithermal neutrons detected by the PFN only come from the fission of the U235 atoms, therefore proving uranium presence; For a more accurate assessment of uranium concentration at the location of 7P3; a follow up drill program and logging with PFN in an uncased bore along with geochemical analysis is required. Well 15P1: Well targeted zone logged with Spectral Gamma and PFN; The Spectral Gamma tool provided reading of pU3O8 up to 53ppm at 102.35m MD; The PFN log was not successful, possibly due to direct result of neutron attenuation by the PVC casing, or tool failure itself; This zone has possibly been re-oxidised whereby immobile daughter products have been left behind as mobile uranium migrates; The survey of this well is a qualitative assessment only that uranium is present. Additional exploration work will be needed to define accurate grade.

Well 9P3: Well 9P3 targeted zone was logged with Spectral Gamma only. The peak reading of the Spectral Gamma log was recorded as 38ppm pU3O8 at 147.88m depth. Similar to well 15P1 the survey of this well is a qualitative assessment that uranium is present and only additional exploration will define accurate grade.

Summary: This reconnaissance programme was a technical success in proving uranium occurences in the Walloway Basin. Norfolk Metals has discovered an area previously overlooked for uranium with a robust concept, and near-by analogues in adjacent time-equivalent basins, all flanking the Adelaide Fold Belt (Mount Lofty Ranges, Flinders Ranges and Gammon Ranges). Direct Uranium Indicators have been discovered, proven by epithermal neutron detected by the PFN tool from the activation of fissile U235 atoms. Further work needs to be done to quantify accurate uranium concentrations, in situ.

Roger River Update: Norfolk Metals intends to commence the now approved additional geochemistry and IP survey within EL20/2020. The final assay results from 22RRD-001 and 22RRD-003 will be reported when the Company has received and interpreted all assays from the laboratory which is expected within March 2023.