Boadicea Resources : Dec21 Quarterly Activities Statement

BOADICEA RESOURCES LTD

BOADICEA RESOURCES LTD

onlyACN: 149 582 687

ASX Announcement &

Media Release

ASX Code: BOA

Issued Capital:

77,699,895 Shares (BOA) use19,554,149 Options (BOAOA)

Po tal Address:

PO Box 245 Malvern

3144 Victoria

Email: [e-mail]

Phone:

[phone]

Fax:

[phone]

Web:

www.boadicea.net.au

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ASX ANNOUNCEMENT 27 January 2022

QUARTERLY REPORT: OCTOBER TO DECEMBER 2021

HIGHLIGHTS:

BOA Fraser Range (IGO exploration):

• R&D geophysical survey within Symons Hill (E28/1932) being advanced. Results could improve the interpretation and understanding of the Orion chonolith for future diamond drilling.
• 99 surface Electromagnetic (EM) stations were surveyed across three separate targets, North Emperor, Mahi West and Fletching within South Plumridge licence (E28/2937).
• Interpretation of results for North Emperor and Mahi West to be completed in Q1 2022. Fletching Target is not considered prospective.
• Extensive MLEM and aircore drilling planned for Transline group (E28/2849, E28/2866, E28/2888, E28/2895) and South Plumridge (E28/2937) tenements in Q1 2022, following completion of heritage agreement.

BOA Fraser Range exploration:

• BOA exploration progressing for Fraser South (E63/1859) and Southern Hills (E63/1859) tenements. EM survey planned for Q1 2022. Labour force shortages causing delays.

Paterson Province:

• Koongulla East (E45/5866) licence granted with total area now 885km2.
• Airborne survey on Koongulla East completed.
• Multiple internal dome features now identified on Telfer dome look-a- like structure ("Koongulla Dome") which straddles the Koongulla (E45/5392, BOA 95%) and Koongulla East (E45/5866) tenements.
• On ground exploration of the Koongulla Dome to follow heritage surveys early 2022 following on-ground access delay Q4 2021.

Lithium Tenements:

• North Queensland, Hanns Gully (EPM28125) lithium tenement application made.
• Western Australia highly prospective Bald Hill East (E15/1608) tenement acquired.

Queensland Gold:

• Ongoing discussions with native title holders for all ungranted licences.
  Corporate
• AGM held, with six (6) of the seven (7) resolutions passed by poll.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

BOADICEA RESOURCES LTD

OVERVIEW

For personal use only

During the reporting period Boadicea Resources Ltd ("BOA", the "Company" or "Boadicea") continued to focus on the Fraser Range (Ni-Cu-Co), Paterson Province (Au-Cu), both within Western Australia; and gold projects in the Charters Towers / Drummond Basin regions in Queensland. Expansion of the company's commodity portfolio was completed with the acquisition of a highly prospective lithium tenement, Bald Hill East, in the Bald Hill region of Western Australia. Additionally, an application was submitted for the Hanns Gully tenement, in Queensland which is considered prospective for lithium (See Figure 1). The company has now aligned it exploration with the key Electric Vehicle (EV) commodities of nickel, copper, cobalt and lithium as well as gold.

Figure 1 Boadicea Project Location Map

FRASER RANGE, WA

The regional geological setting is a high-grade metamorphic terrane in the Albany Fraser Orogen of Western Australia. Mafic and ultramafic intrusions, which have intruded a metasedimentary package within the belt, are the host to nickel-copper-cobalt(Ni-Cu-Co) primary sulphide mineralisation. The deposits are analogous to many mafic nickel-copper deposits worldwide such as Voisey's Bay in Canada, and Jinchuan in China.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

BOADICEA RESOURCES LTD

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IGO is exploring nine (9) BOA tenements at IGO cost over a five (5) year period that commenced October 2020.The IGO/BOA agreement says that upon IGO declaring a JORC Resource within the five (5) year exploration exclusivity period:

• BOA will sell and transfer, and IGO will purchase, the Fraser Range Assets upon the payment of $50 million cash; and
• IGO will grant to the Company a Net Smelter Royalty of 0.75% on all revenues from the Fraser Range Assets (9 tenements).

IGO activities during the quarter have been focused on Symons Hill (E28/1932) and South Plumridge (E28/2937) and includes the following activities:

• Interpretation of assays returned from Red Cap and Bell Ringer targets within Symons Hill.
• Rehabilitation of 88 aircore pads on Symons Hill.
• Continued geophysical research and development program on Symons Hill.
• 99 surface Electromagnetic (EM) stations were surveyed across three separate targets, North Emperor, Mahi West and Fletching on South Plumridge.
• Heritage negotiations continued with the Untiri Pulka (UP) and Upurli Upurli Nguratja (UUN) Native Title groups whose lands extend over the Transline group of tenements and South Plumridge licence.

SYMONS HILL (E28/1932)

Red Cap

BSHD0011 returned assay results confirming the presence of mafic and ultramafic rocks observed in visual logging. These units can be further sub-divided into non-cumulate gabbronorites, non- cumulate norite, cumulate gabbro, cumulate gabbronorite and orthocumulate websterite intervals. There were no significant intercepts returned. The sulphides observed in logging had geochemical results indicative of pyrrhotite (iron sulphide) and not nickel or copper sulphides.

Bell Ringer

18BRDD001, 18BRDD002, and 18BRDD0032 had no significant nickel intercepts in the assays returned this quarter. IGO in-house mafic classification calculations were performed on the geochemical data, and showed non-cumulate gabbronorites, non-cumulate norites, and olivine bearing cumulate gabbros were present in the holes.

Orion and other identified intrusive targets

Results from an R&D geophysical program and subsequent peer review will determine the next steps for potential additional diamond drilling within Symons Hill.

SOUTH PLUMRIDGE (E28/2937)

In total, 99 surface Moving Loop Electromagnetic (MLEM) stations were surveyed within South Plumridge (E28/2937) (Figure 2).

1. See BOA ASX announcement, "Stringer and disseminated sulphides intersected at Red Cap, Symons Hill Project, Fraser Range", 27 October 2015.
2. See BOA ASX announcement, "Symons Hill Project - Bell Ringer Prospect Drilling Update", 22 May 2018.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

BOADICEA RESOURCES LTD

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Mahi West

44 MLEM stations were surveyed at Mahi West, following up on an end-of-line response from a survey completed in 2020 on the adjoining tenement. Interpretation of this data is expected to be completed in Q1 2022.

North Emperor

49 MLEM stations were surveyed at North Emperor, following an end-of-line response from a 2020 EM survey to the south on an adjoining tenement. Interpretation of this data is expected to be completed in Q1 2022.

Fletching

6 MLEM stations were surveyed at the Fletching Target as part of a larger program within adjoining IGO tenements. This program was designed to test two discrete Spectrem AEM anomalies within the larger survey of 45 MLEM stations. The ground MLEM survey has confirmed the anomalies identified from the AEM survey. One conductor was partly observed within South Plumridge. This modelled plate is not considered prospective for massive nickel sulphide mineralisation due to the large strike length (1200m) and moderate conductance value (800S). No further geophysical exploration is recommended at the Fletching target.

Figure 2 Completed MLEM stations in FY22 Q2 on South Plumridge E28/2937, overlaying the First Vertical Derivative (1VD) of an

airborne-derived Total Magnetic Intensity (TMI) Reduced to the Pole (RTP) image

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

BOADICEA RESOURCES LTD

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OTHER BOA FRASER RANGE TENEMENTS:

BOA has an additional two granted licences in the Fraser Range that do not form part of the IGO agreement (shown in Figure 3). These are also highly prospective for magmatic nickel and possibly Volcanogenic Massive Sulphide (VMS) deposits. The two BOA managed tenements are:

• Southern Hills (E63/1951) 100% BOA
• Fraser South (E63/1859) 100% BOA

As reported previously, BOA acquired airborne Spectrum geophysical data to facilitate a more focused EM program for Fraser South (E63/1859) and Southern Hills (E63/1951). Interpretation of this data has enabled BOA to plan a ground-based EM program over the most prospective part of the tenements, in an endeavour to identify drill targets. Labour shortages have produced challenges in obtaining geophysical crews in Western Australia delaying the EM survey until early in 2022.

An application was made for a new licence within the Fraser Range, Kitchener (E28/3187), which was completed on 29 October 2021. The application will be subject to a ballot with other applicants.

Figure 3 Boadicea Fraser Range Tenements

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria