Diamond Results for Coates Nickel – Copper – PGE Project

Assay results from diamond drilling of three tails include highly anomalous copper with coincident PGE anomalism

KEY POINTS

• Results received for 169.6m of diamond core drilling completed at Coates Project in May 2022 show co-incident elevated Copper, Nickel, Palladium, and Platinum
• Highlights from the returned assays include down hole intersections:
  • 22CRD008 – 3.25 m at 0.15% Cu, 757ppm Ni, 40ppb Pd, and 27ppb Pt from 81.15m
  • 22CRD008 – 0.6 m at 0.65% Cu, 180ppm Ni from 115.5m
    • Including 0.35m at 1.02% Cu, 180ppm Ni, 5ppb Pd from 115.5m
  • 22CRD009 – 0.15m at 0.11% Cu, 1,000ppm Ni, 25ppb Pd and 20ppb Pt from 114.55m
  • 22CRD009 – 0.3m at 0.05% Cu, and 1,020ppm Ni from 129.2m
  • 22CRD011 – 1.85m at 40ppb Pd and 51ppb Pt from 96.15m
• Core from the program being used in CSIRO Nickel Indicator Mineral Study with Phase 1 to be complete by the end of 2022.
• The project covers similar geology to the sequence that is host to the Chalice Gold Mines’ nickel-copper-PGE Julimar Project (ASX: CHN) 29 km NNW of Coates.
• Option agreement signed with Mining Green Metals Limited (MGM) to acquire the Coates project, subject to MGM listing on the ASX1. AVL will remain a shareholder upon listing.
• The terms of the option agreement with MGM amended.