Drill Results At Coates Nickel – Copper- PGE Project Confirm Prospectivity

Assay results from RC drilling of stratigraphic drill section include highly anomalous copper and visual observations of sulphide in diamond core tails

•  Results received for 840.6m of Reverse Circulation (RC) drilling completed at Coates Project in May 2022 show co-incident elevated Copper, Nickel, Palladium and/or Platinum over a 200m wide zone within the Coates Mafic Layered Intrusion.
•  Highlights from the returned assays include down hole intersections:
  • 22CRC007 – 10 m at 0.13% Cu, 493ppm Ni, 39ppb Pd and 21ppb Pt from 64m
  • Including 7m at 0.14% Cu, 544ppm Ni, 43ppb Pd and 23ppb Pt from 67m
  • 22CRC007 – 1m at 700ppm Ni, 40ppb Pd and 40ppb Pt from 55m
  • 22CRD008 – 6m at 358ppm Ni, 54ppb Pd and 41ppb Pt from 11m
  • 22CRC009 – 6m at 0.12% Cu and 525ppm Ni from 38m
  • 22CRD011 – 1m at 45ppb Pd and 45ppb Pt from 66m
  • 22CRD011 – 1m at 60ppb Pd and 55ppb Pt from 81m
• Visual sulphide observations in the diamond drillhole 22CRD008 identify net textured pyrrhotite within pyroxenite units and up to 5% chalcopyrite on the selvedge of sheared contacts between gabbro and melanocratic phases.
• Core from the program being used in CSIRO Nickel Indicator Study.
• Vanadium results in the RC drilling confirm the historical dataset in the Magnetite Gabbro portion of the layered intrusion.
• 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 project, subject to its listing on the ASX1. AVL will remain a shareholder upon listing.