BBX Minerals Limited provided results from bioleaching test work of a composite sample from drill hole TED-015, conducted by EcoBiome Metals, LLC (EcoBiome). TED-015 was incorporated in the Adelar prospect (Três Estados) MRE announced to the ASX on 25 October 2022. The goal of this investigative test work was to demonstrate how the Três Estados complex mineralisation responds to EcoBiome's patent pending microbial technology.

The test work was conducted at EcoBiome's USDA-certified facility in The Woodlands, Texas, USA, using a 5kg sample taken from a homogenised 50.4kg composite from the TED-015, comprised of hematite altered mafic intrusive from 28m to 64m, typical of the altered gabbro within the Adelar MRE envelope. This interval reported 1.34 g/t 5E 1 PGM (0.04 g/t Au, 0.04 g/t Pd, 0.71 g/t Pt, 0.54 g/t Ir and 0.01 g/t Rh) using BBX´s proprietary assay method. Untreated samples were initially assayed for gold, platinum, palladium, iridium, and rhodium by ICP-MS by an independent analytical test laboratory in Arizona and the dried samples then re-assayed subsequent to bioleaching.

As stated in the announcement dated 14 November 2022, initial experiments completed on 1 kg samples were successful in determining the appropriate conditions and microbial formulation for BBX's complex mineralisation. Results demonstrated an overall increase in 5E precious metals assayed following the bioleaching process. From the learnings in November, a new test using 5kg of fresh ore material from the Adelar Prospect was carried out.

This experiment utilised optimized Cultured Gold® microbial formula to demonstrate and prove the ability to extract and recover 5E precious metals from an unprocessed ore sample. EcoBiome Metals proprietary and patent pending Gold DRIVETM was utilized to promote the recovery of 5E precious metals. All tests were conducted for 96 hours at 30% pulp density.

These results are intended for test work purposes only and may not be indicative of the overall MRE mineralisation. Additional work is required on composites from above and below this zone in TED-015 and subsequently on a representative composite sample from all holes incorporated in the Adelar MRE. The results report a reduction in platinum compared to BBX's previous assays.

This variance will be investigated; however, it is more appropriate to wait until the full sample has been re-assayed and digested. Additional work is required to optimise the EcoBiome Metals microbial formulation, concentration, metal targeting and recovery process to achieve superior extraction and bio-recovery.