Dalaroo Metals Ltd. announced that its application has been successful in Round 26 of the Exploration Incentive Scheme ("EIS") funded by the Government of Western Australia. The grant will co-fund drill testing of a compelling PGE-Ni-Cu-Au mineralisation target at the Company's Namban Project. The grant is for an amount of up to $175,000 from the Department of Mines, Industry Regulation and Safety (DMIRS), structured as a contribution towards 50% of direct drilling costs at the Namban PGE-Ni-Cu-Au focused Project, which is located 80km north of Perth.

The Company plans to drill five diamond core holes and the EIS-funded drilling is expected to confirm the presence of magmatic hosted PGE-Ni-Cu-Au and hydrothermal deposits north of Goneville/Julimar and the recent discovery of Au-Cu mineralisation at Angepena, Mynt and Zest located 10 km to the south-east. This work will provide important information on the stratigraphy, lithologies and alteration assemblages related to the identified geochemical and geophysical anomalism at Manning. Subsequently, expanding the current understanding of controls on magmatic Ni-Cu-PGE-Au and hydrothermal/structural hosted mineralisation in this district.

A Programme of Work for the diamond drill programme has been approved by DMIRS and Dalaroo has entered into a land access agreement with the local farmer for the granting of surface mineral rights. Dalaroo's Namban Project is an under explored ground package located 150km north-northeast of Perth located within Southwest Terran of the Archaean Yilgarn Craton ("Craton"). The Project covers a strike distance of 60 km adjacent the crustal-scale Darling Fault which defines the western margin of the Craton.

Greenfields exploration activity has increased significantly within the Southwest Terrain since the Goneville/Julimar magmatic PGE-Ni-Cu discovery in April 2020, leading to a rerating of the mineral prospectivity of the area. Recent exploration programs in this area have returned additional quality greenfield drill intersections, not only for magmatic nickel sulphide as at Caspin Resources Yarawindah Brook Project (Serradella prospect), but also gold (Au) and copper (Cu) at Minerals 260's Moora Project. The wide variety of mineralisation intersections further underpins the prospectivity of the Southwest Terrain, however the current geological understanding of the area remains in its infancy.

It is important to note the common pathway leading to these new greenfields drill intersections was the testing of surface multi-element surface geochemistry anomalism aligning with coincident geophysical anomalies. There has been no previous drilling completed at the Manning Prospect and its surrounds to date. All previous exploration activities have been completed in the Bindi Bindi area located to the east.

To the north and south of the Manning prospect, historical exploration was centered on the search for talc deposits in what is termed the "Moora Talc Belt". No modern systematic exploration has been undertaken over Namban area for PGE-Ni-Cu-Au until the recent work completed by Dalaroo. The geology of the Project area comprises the Proterozoic age Moora Group rocks, which occur in a strip between the crustal scale Darling Fault and the Archaean granite gneisses in the east.

The main rocks of the Moora Group that outcrop comprise, Billeranga Sub-group - Dalaroo Siltstone and Coomberdale Sub-group - Noondine Chert. The Billeranga Subgroup contains volcaniclastic components postulated to have been deposited during a failed Proterozoic Rift. The Dalaroo Siltstone unconformably overlies the Archean crust at a shallow angle.

Within the Archaean felsic gneiss package, zones of hematite +/- epidote +/- chlorite alteration have been observed. The Manning PGE-Cu- Ni-Au anomaly lies on or near the terrain boundary between Archaean age gneisses and mafic rocks and the Billeranga Subgroup Dalaroo Siltstone to the west. Newly acquired generative datasets and encouraging results achieved include detailed drone "UAV" surveys which have identified multiple magnetic anomalies.

Systematic auger geochemical sampling at Manning, spaced on a pattern of 100 X 50m and 200 X 50m, has led to the recognition of a large coincident PGE-Cu-Ni-Au anomaly which covers an area of 2 km X 0.5 km, which remains open along strike. The palladium (Pd) anomaly with a peak value of 28ppb is coincident with Cu (peak value of 605 ppm) and Ni anomalism (peak value of 206 ppm) (Figure 2). At Manning, Au values up to 43ppb occur in the west, complementing first phase soil geochemical Au values of up to 224ppb in the east.

A Dipole Dipole Induced Polarisation (DDIP) survey of 6.8 line km has delineated a number of high chargeability IP anomalies which are postulated to represent a disseminated sulphide body at depth. The Manning PGE-Ni-Cu- Au, anomaly overlies a coincident induced polarisation (30mV/V conductive) response along the edge of a positive magnetic "intrusive like" feature (Figures 4 & 5). The combination supports the Project's prospectivity for either magmatic intrusion PGE-Ni-Cu deposits or potentially, a hydrothermal style variant or phase in a likely mafic intrusive host rock.