Trigg Mining : March 2022 Quarterly Activities Report and Appendix 5B

2[X8XA] PORCT2022020

ASX: TMG

Quarterly Activities Report for the Period ended 31 March 2022

Highly successful Quarter with $4M capital raising and exploration success putting Trigg on a strong growth trajectory against the backdrop of rapidly rising potash prices

Highlights

Lake Throssell Sulphate of Potash (SOP) Project

• • All remaining tenement applications were granted, doubling the available strike length to ~70km.

• • In-fill ground gravity survey and updated geophysical model revealed significant growth potential by extending the interpreted Lake Throssell palaeovalley.

• • Final government funding announced for the Outback Way Highway to become Australia's third trans-Australian highway. This will improve Project access and transport logistics to Australian and international markets.

• • COVID-19 delays impacted planned heritage surveys for the Quarter. Surveys are now anticipated in the June Quarter in preparation of air-core and water-bore drilling in the September Quarter.

Lake Yeo SOP Project

• • Initial gravity survey identified an 80km long palaeovalley up to 3.5km wide within the same interpreted palaeovalley as Lake Throssell, providing significant exploration upside and highlighting the potential to establish a multi-generational SOP production hub.

Macro Environment and SOP Market

• • Unprecedented supply disruptions through sanctions on Belarus in 2021 and Russia during the Quarter have impacted 30-40% of the muriate of potash (MOP) market - a key input in the Mannheim process for synthetic SOP which is necessary to meet global demand for SOP.

• • NW Europe granular SOP benchmark price has reached ~US$1,100/t, an increase of 120% yoy.

• • The October 2021 Lake Throssell Scoping Study sensitivity analysis showed the Project is most sensitive to the SOP price with the study assuming a price of US$550/t.

Corporate

• • Successful renounceable rights issue and top-up placement raised $4 million (before costs), with the proceeds to progress the Lake Throssell SOP Project Pre-Feasibility Study activities including drilling, evaporation trials and permitting.

• • Cash at the end of the Quarter was $6.1 million.

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Trigg Mining's Managing Director, Keren Paterson, commented: "The March Quarter has been a busy and successful period for Trigg Mining, with significant progress achieved at project level, in building the depth and capability of our team, in aligning our growth strategy, and in strengthening our balance sheet following the successful $4 million rights issue completed at the start of the year.

"As a result, Trigg is in its strongest funding position since its IPO, and we have a clear pathway to execute the next key stages of development at Lake Throssell with the Pre-Feasibility Study underway.

"The completion of the gravity surveys at Lake Throssell and the initial gravity survey at Lake Yeo during the March Quarter were also a highlight. The results of these surveys have well and truly exceeded our expectations, demonstrating the potential for a multi-decade, Tier-1 sulphate of Potash (SOP) production hub based around our cornerstone project at Lake Throssell.

"These exciting results provide Trigg with invaluable information for our air-core and test production bore drilling programs at Lake Throssell, which are scheduled to commence in Q3 2022. We are also planning an initial drilling program at Lake Yeo to evaluate the potential of what is emerging as a significant pipeline growth opportunity that can build on the strong base established at Lake Throssell.

"At the macro-level, the outlook for the SOP sector has also never been stronger. Given the current and potential geopolitical disruptions to global fertiliser supply chains, the opportunity for Trigg to develop a new long-life, environmentally friendly SOP production hub in Western Australia and play a pivotal role in helping to meet the challenges of global food security has never looked more compelling."

Figure 1: Location of Trigg Mining's Sulphate of Potash Projects showing established infrastructure and Project locations

Lake Throssell Sulphate of Potash Project

(E38/3065, E38/3458, E38/3483, E38/3537 & E38/3544)

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The Lake Throssell SOP Project (Figure 1) covers an area of 1,085km2 approximately 180km east of Laverton, Western Australia. The Project contains a total drainable Mineral Resource Estimate (MRE) of 14.4Mt of SOP, plus an additional Exploration Target. The October 2021 Scoping Study outlined an initial 21-year mine life with forecast production of 245,000tpa SOP in the lowest cost-quartile, which would position Trigg as a potential top-10 global SOP producer.

Exploration and Resource Definition

During the Quarter, the remaining tenement applications for the Lake Throssell Project were granted. The additional tenure doubles the potential strike length available for exploration to approximately 70km, providing significant exploration upside to further add to the existing JORC Mineral Resource of 14.4Mt @ 10.4kg/m3 drainable SOP.

The in-fill gravity survey (Figure 3) contributed an additional 216 line-kilometres to the existing 182 line-kilometres. This extensive geophysical data capture has enabled Trigg to establish a high-resolution dataset, increasing the accuracy of the palaeovalley interpretation (Figure 4) and future drill-hole targeting.

COVID-19 delays impacted access to country for planned heritage surveys during the Quarter, which has delayed the commencement of the season's field activities. The surveys are now planned for the June Quarter, subject to further COVID-19 impacts. Once the surveys have been completed, earthworks will commence in preparation for air-core and water-bore drilling from the September Quarter.

The air-core drilling will refine the locations for the test production bores and provide additional geological and brine chemistry data. The water-bore drilling will also provide the Project's first test-production bores, with the data collected from pumping trials to underpin an initial Ore Reserve estimate.

Figure 2: Northern end of Lake Throssell, looking west from the helicopter

Figure 3: Lakes Throssell and Yeo SOP Projects with gravity transects

Figure 4: Lake Throssell Gravity Depth Model and interpreted palaeovalley

Process Flowsheet

During the Quarter, a sighter evaporation trial (Figure 5) commenced using 29 litres of brine abstracted from the surficial and basal aquifer with Nagrom Metallurgical. The sighter trial was designed to provide information on the changes in brine ion concentrations and salt crystallisation characterisation through the brine evaporation program, which simulates the pond evaporation that might be expected in operation. This forms the basis of data to guide for a larger evaporation trial.

At Quarter-end, the sighter trial had been evaporated for 88 days, producing over 70 suites of brine and salt characterisation results including over 5.5kg of Halite and over 1kg of mixed potassium salts. The results are strongly supportive of the assumptions used in the Scoping Study and indicate that sufficient potassium mixed salts can be produced from the larger evaporation program to facilitate further processing testwork to produce export quality SOP.

This work is a crucial input for the ongoing Pre-Feasibility Study (PFS) and off-take discussions and the results are expected to be released in the June Quarter.

Figure 5: Sighter evaporation trial set-up (LHS) and sample of potassium-rich salts (RHS)