DMC Mining Limited provided update the market on exploration planning for the Fraser Range Project (FRP) and the Ravensthorpe Nickel Project (RNP). Contractors have been engaged to commence surveys over a number of high priority target areas consistent with potential for buried nickel-copper-cobalt mineralisation. The surveys are expected to commence in the second week of August.

Results from the geochemical and ground geochemical surveys conducted will then be followed up by diamond drilling to test the anomalies for potential nickel sulphide mineralisation. Technical Summary: Planning is underway to start field work on the ground in early August to test the priority targets identified on the FRP and the RNP. A program of geochemical sampling and ground EM geophysics will test the anomalies and advance the targets to drill testing.

The company has engaged contractors to carry out the work programs as detailed below as soon as feasible, with field work slated to commence in the second week of August. On the FRP, soil geochemistry will consist of infill survey on a 200m x 200m grid. The surveys will first cover the 3 priority target areas C2, C3 and D10 (Figures 1 and 2).

Other areas will also be surveyed in areas where past work only gave poor data quality unsuitable for targeting or in areas where previous sampling was in media, mainly calcrete, poorly suited to nickel sulphide exploration. The limited sparse effective previous soil geochemistry in these regions does indicate trace element anomalism in areas consistent with potential for buried mafic-ultramfic intrusive complexes and associated potential for nickel sulphide. In all some 3,197 sample points are planned.

Gyro Drilling has been contracted to carry out the soil sampling program, and samples will be sent for geochemical analysis to Bureau Veritas in Perth. Simultaneous to the soil sampling program, ground geophysics will be conducted over the priority targets identified. DMC has tendered the geophysical program and is in the process of finalising the contractor engagement to conduct the work alongside the geochemical sampling program.

The geophysical survey will consist of (in order of survey priority): Target C2 - MLEM across the target. 200m loops, 100m station spacing over 10 lines at 1.8km long for 18 line km of survey. Target C3 - Fixed loop electromagnetics (FLEM) due to space restrictions on the tenement boundary preventing use of MLEM.

3 800m x 800m transmitter loops, 100m spaced receiver startions on 100-200m spaced lines approximately 1-1.5 km long for 24 line km in total. Target D10 - FLEM due to space restrictions on the tenement boundary preventing use of MLEM. 2 750m x 500m transmitter loops, 100m spaced receiver stations on 100-200m spaced lines 1-1.5km long for 18 line km total.

Target C4 - MLEM across the target. 200m loops, 100m station spacing over 4 lines at 1.5km long for 6 line km of survey. Target C5 - MLEM across the target.

200m loops, 100m station spacing over 2 lines at 1.5km long for 3 line km of survey. On the RNP, soil geochemistry will consist of 100m x 50m sampling grids over three priority target areas identified from ground reconnaissance follow-up on the results of the 2021 high-resolution helicopter- borne time domain electromagnetic (EM) and magnetic (XciteTM) survey covering all the RNP (Figure 4 and Figure 5). The three priority areas have been chosen where reconnaissance follow-up identified areas of shallow bedrock with abundant ultramafic (peridotite, dunite and spinifex textured komatiite) lithologies consistent with the target nickel sulphide komatiite channel facies host geology.

In all some 1,251 sample points are planned. CSA Global Pty Ltd. has been contracted to carry out the soil sampling program, also beginning in second week of August, and samples will be sent for geochemical analysis to Bureau Veritas of Perth. The company is in the process of planning follow-up geophysical surveys over the priority conductivity targets identified at Ravensthorpe, and it is anticipated that the same geophysical contractor will carry out the work following-on from the program at the FRP.

Fraser Range Project: The Fraser Range Project is a consolidation of 10 granted tenements (Figure 3) with a combined area of approximately 873km2, - being one of the largest strategic landholdings of held by any junior explorer in the Fraser Range. The tenements comprising the Fraser Range Project is situated within the highly prospective Proterozoic Albany-Fraser Orogen (AFO). The AFO hosts and is prospective for a range of mineral deposit styles, including: magmatic nickel-(copper-cobalt) mineralisation, as exemplified by the Nova nickel-copper cobalt mine; orogenic gold mineralisation; intrusion-related gold mineralisation; and polymetallic sedimentary exhalative and volcanogenic massive sulphide mineralisation.

Ravensthorpe Nickel Project: The Ravensthorpe Nickel Project (DMC 100%, EL 74/669) is located in a highly prospective geological setting for nickel sulphide deposits. The Project has at least 15km strike length of the Bandalup ultramafics, the target host rocks that are prospective for Kambalda-style nickel sulphide deposits. The Project is very well serviced by roads, power, and other necessary mining infrastructure.