Anova Metals : Shallow High Grade Gold Discovery at Crusher Zone South

9 February 2022

ASX ANNOUNCEMENT

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Shallow High Grade Gold Discovery at

Crusher Zone South

HIGHLIGHTS:

• High-gradeinitial assay results received from 2021 drilling at Crusher Zone South including:
• • BS21_04: 27.43m @ 2.39g/t from 21.3m, including 3.05m @ 5.14g/t and 3.05m @ 4.59g/t
  • BS21_04: 10.67m @ 1.29g/t from 118.9m, including 1.53m @ 3.53g/t
• Multiple new lodes discovered at Crusher Zone South, with the primary mineralisation zone remaining open at depth and along strike.
• Represents first significant new gold discovery at Big Springs in the last 15 years and demonstrates the substantial prospectivity of Anova's broader tenure package.
• Confirms effectiveness of Anova's targeting and exploration approach: gravity to identify key areas, surface mapping and soil sampling to refine targets, drilling to confirm gold mineralisation.
• Delivers strong endorsement of initial planning for further target drilling later in 2022.
• Remaining assay results from 2021 drilling expected to be received later this month.

Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise assay results have been received for the first six Reverse Circulation (RC) drill holes of the 2021 exploration program at its 100%-owned Big Springs Gold Project (Big Springs) in Nevada, U.S.

Fifteen RC holes, for a total of 2,620 metres, were drilled at Big Springs in late 2021. This program was designed to target high priority targets identified from the Comprehensive Targeting Study completed at Big Springs in Q1 2021 (see AWV ASX release dated 27 May 2021). The targets specifically tested in the 2021 drilling included Crusher Zone South and along the Beadles Creek Fault.

Assay have been received and reported in this release for the first 6 holes, including 5 holes from Crusher Zone South and 1 hole from the South Sammy area (Beadles Creek Fault). Assays remain pending for the other 9 holes to test Beadles Creek fault and resource extension at 401 deposit and are expected to be received late this month.

Commenting on the initial 2021 assay results, Anova Managing Director and CEO, Dr Mingyan (Joe) Wang, said:

"We are excited to confirm the first significant new gold discovery at Big Springs since the mid-2000's. These excellent initial results have not only affirmed the substantial potential to rapidly grow resources at Big Springs, but also further enhanced our confidence in seeking to explore the other high priority targets identified from the Comprehensive Targeting Study completed last year at Big Springs. Applying our

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	1
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

systematic approach to testing further targets at Mac Ridge North and Jacks Creek in 2022, we will endeavour to keep delivering outstanding, value-accretive exploration results for our shareholders."

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Outstanding results were received at Crusher Zone South with the discovery of several new lodes of gold mineralisation. Returned intervals are detailed in Table 1 and include:

• BS21_04: 27.43m @ 2.39g/t from 21.3m, including 3.05m @ 5.14g/t and 3.05m @ 4.59g/t
• BS21_04: 10.67m @ 1.29g/t from 118.9m, including 1.53m @ 3.53g/t

The new mineralisation discovered is associated with Unit D ad felsic intrusive dyke, which is similar to the North Sammy high grade shoots and the Dorsey Creek gold mineralisation to the south. The mineralisation at Crusher Zone South was cut through by the regional Schoonover fault (see Figures 1, 2, and 3). The Schoonover fault also controls the North Sammy high grade gold mineralisation. Intense jarosite and argillic alteration were observed from surface geology mapping (Figure 3). The mapped intense fractures and shear deformations were the drilling target for BS21_04 and BS21_05 (Figure 4). The encouraging results from BS21_04 confirm the effectiveness of a modern exploration approach at Big Springs. This approach encompasses the use of gravity surveys to generate initial target areas, surface mapping and soil sampling to refine these identified anomalies, and then drill testing to confirm the existence of gold mineralisation.

The intercept of 27.43m @ 2.39g/t (from 21.3m) in BS21_04 is within an oxide zone, which would potentially deliver good gold recovery. The deeper interval in BS21_04 (10.67m @ 1.29g/t from 118.9m) is within fresh rock, with this primary mineralisation remaining open both at depth and along strike. Anova plans to drill the extensions to the mineralization during the 2022 drilling program.

Near surface oxide gold mineralisation was also returned from the single hole at South Sammy (BS21_06: 9.14m @ 0.96g/t from 7.6m), targeting the mineralisation associated with the Briens Fault (Figure 5).

Figure 1: Cross section map showing the new discovery at Crusher Zone South, with high grade gold mineralisation in the oxide zone.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	2
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

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Figure 2: Plan view of the location of Crusher Zone South prospect

Figure 3: Plan view of the drilling results at Crusher Zone South with layers of alteration mapping. High grade mineralisation occurs in association with Schoonover fault and west of the intense jarosite alteration.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	3
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

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Figure 4: Surface exposure of the drilling target of BS21_04, intense fractures in association with jarosite and argillic alteration.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	4
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

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Figure 5: Cross section map showing the gold mineralisation intervals within the oxide zone at Briens Fault, South Sammy.

This announcement has been authorised for release by: Mingyan Wang, Managing Director

CONTACT:
Investors	Media
[phone]	Michael Vaughan (Fivemark Partners)
[e-mail]	[phone]

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	5
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au