Nosib Prospect, Namibia

At the Company’s Nosib Block (“Nosib”) prospect 20km to the southwest of Abenab, a zone of shallow, high-grade, vanadium-copper-lead-silver mineralisation has been identified.

The Company recently completed a ten diamond drillhole program (for 942m in March 2022) that followed a very successful RC drilling program completed in 2021.

The diamond drilling program included six holes that tested the shallow, high-grade, copper-lead-vanadium zone, both within the defined shoot for definition and metallurgical purposes, as well as along strike where the zone is open to the east.

A further four diamond drillholes have tested extensions of the thick, stratabound, copper-silver zone at depth that has produced significant true-width intersections of copper-silver mineralisation up to 45m thick, across the entire thickness of the host arenite  unit.

The diamond drilling has defined and extended the shallow, high-grade, copper- vanadium – lead zone over a strike-length of over 100m and to a depth of >50m below surface, and produced the following, thick and high-grade intersections:

Diamond drillhole, NSBDD008, produced an intersection from surface of:

• 52m @ 1.15% Cu, 0.62% V₂O₅, 3.49% Pb, 4.57 g/t Ag from surface,

                 including: 25.74m @ 1.71% Cu, 1.17% V₂O₅, 6.57% Pb, 4.92 g/t Ag from 2.26m

                 including: 11.74m @ 2.67% Cu, 1.42% V₂O₅, 9.21% Pb, 7.12 g/t Ag from 2.26m

The diamond drilling has confirmed the previously announced reverse circulation (RC) high-grade drilling intersections of copper, vanadium and lead with silver from the shallow oxide zone, that included:

• NSBRC007:     24m @ 1.33% Cu, 4.77% Pb, 1.37% V₂O₅, 3.67g/t Ag from 3m

                including 6m @ 3.67% Cu, 14.9% Pb, 4.40% V₂O₅, 12.16g/t Ag from 6m, and,

• NSBRC010:     29m @ 1.54% Cu, 4.49% Pb, 1.19% V₂O₅, 6.97g/t Ag from 2m

                including 9m @ 3.66% Cu, 11.91% Pb, 3.62% V₂O₅, 7.70g/t Ag from 3m

The mineralisation at Nosib has been defined on <20m x 20m spacing with both RC and diamond drilling.  Interpretation and modelling will now be carried out in order to prepare a maiden Mineral Resource estimate for the shallow high-grade supergene copper-vanadium-lead-silver zone.

Stage 1 metallurgical testing will also be initiated on aggregated drill-core samples from Nosib, in two stages:

• Gravity testwork to generate high-grade vanadium-copper-lead concentrate, and,
• Hydrometallurgical leach testwork to determine vanadium and base metal extraction rates and generate high-value vanadium products with copper, lead, zinc and silver by-products.

A bulk trial mining sample (>3 tonnes) is being excavated from surface at Nosib for large scale, Stage 2, metallurgical testing to follow the Stage 1 testwork outcomes.

Results from this staged testwork program will be incorporated into an integrated mining and processing plan for both the Nosib and Abenab high-grade vanadium +/- copper-lead-zinc-silver projects.

Deeper diamond drilling intersected thick stratabound intersections of copper-silver mineralisation and targeting of the deeper copper-silver zone will continue.

Otavi Mountain Land tenements with the location of the Company’s key prospects