Twenty Seven : Quarterly Activities Report - December 2021

ASX: TSC

ASX QUARTERLY RELEASE

31 January 2022

For personal use only

QUARTERLY ACTIVITIES REPORT

FOR THE QUARTER ENDING 31 December 2021

HIGHLIGHTS:

Trident Project, NSW

• High grade copper assays returned with rock chip samples up to 17.60% Cu recorded
• Up to 1.275g/t Au recorded from the same area as highly anomalous copper results
• Multiple tin results greater than 1% received in several samples, with up to 2.44% Sn also recorded
• Coupled with the high tin results are highly anomalous niobium, tantalum and rubidium grading up to 1080ppm, 676ppm and 3080ppm respectively
• Positive copper and gold assays confirm the potential for IOCG mineralisation

Rover Gold Project, WA

• Successful completion of soil sampling programme, conducted over the area to the north along strike from Middle Well Prospect
• A total of 243 samples were taken with initial results demonstrating elevated gold-in-soil results with samples up to 420ppb Au
• Good correlation between geochemical anomalies and interpreted regional structural features
• RC drilling campaign completed comprising 31 holes for a total of 2,161m
• 574 samples submitted to the laboratory - results from these samples are expected to be returned Q1 2022
• Hole 21RVRC022 intersected a 4m (62-66mDH) zone of massive sulphides (pyrite and pyrrhotite) within a 7m zone of disseminated sulphides

Corporate

• Cash position of $2.3m at 31 December 2021

Commenting on the December Quarter, CEO Simon Phillips said:

"Solid progress was made during the December 2021 quarter at both our Rover and Trident Projects, notwithstanding some minor delays due to drill rig mobilisation and COVID-19 access restrictions in NSW. We are looking forward to receiving first results from the Rover drilling programme this quarter as we aim to delineate further gold mineralisation at the Harmonic and Creasy 1 Prospects. Soil sampling completed at Rover during the quarter identified several highly encouraging targets, with values of up to 420 ppb gold, which will be subject to further sampling prior to potential drill testing. Trident continues to emerge as an exciting opportunity for TSC with sampling completed during the quarter highlighting encouraging copper, gold and tin mineralisation. A follow-up sampling programme will be undertaken during Q1 2022 to further test these targets."

Twenty Seven Co. Limited | ABN 48 119 978 013 ASX: TSC Suite 17, 145 Stirling Hwy, Nedlands WA 6009 | 08 9385 6911

E: [e-mail] | W: www.twentysevenco.com.au

For personal use only

Twenty Seven Co. Limited (ASX: TSC) ("TSC" or "the Company") is pleased to provide the following review of activities for the quarter ended 31 December 2021.

The December 2021 quarter was highlighted by the completion of a Reverse Circulation ("RC") drilling programme at the Rover Gold Project in WA, and the identification of strong copper, gold and tin mineralisation at the Trident Project in NSW.

A summary of the key work programmes undertaken during the December 2021 quarter is provided in the below report.

EXPLORATION SUMMARY - New South Wales

Trident Project

TSC's Trident Project ("Trident" or "Trident Project") is prospective for Iron-Oxide-Copper-Gold ("IOCG"), and tin, and is located ~35km north-east of Broken Hill.

Figure 1: Location of TSC's Broken Hill tenements

A summary of the work programmes completed at Trident during the December 2021 quarter is outlined below.

Strong Gold, Copper and Tin Mineralisation Identified

In November, TSC received assay results from its first pass rock chip sampling programme at the Trident Project (Figure 1).

TWENTY SEVEN CO. LIMITED (ASX:TSC) - DECEMBER 2021 QUARTERLY REPORT

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A total of 152 rock chip samples were taken from across the northern portion of the tenement, (see Figure 2) within areas of historically reported highly anomalous copper, gold, tin and other critical elements.

The rock chip programme was undertaken to target copper and gold mineralisation along with confirmation of the historical lithium samples taken by previous explorers1,2 &3. The programme was also designed to assist the Company to build its understanding of the regional geology, mineralisation potential and mineralisation patternation within this copper-gold province and tin province. From the results received numerous follow up areas have been identified in respect of Cu, Au, Nb, Ta, Sn, and Rb.

Analytical results from the rock chip samples have been received by the Company, with significant results from multiple areas requiring follow up exploration work.

Significant assay results from all 152 rock chip samples received are shown in Table 1 and 2. Table 1 shows the base metal results and Table 2 shows the critical metal results.

Trident Sampling Programme - Background

As previously reported (see ASX release dated 16 September 2021), TSC's technical team has compiled extensive amounts of historical geochemical data regarding the Trident Project area from the NSW MinView geological database, which led to the identification of multiple potential new lithium and tin geological targets.

The pegmatites identified within the field have been sampled by previous explorers 1,2 &3 and show that lithium occurs within amblygonite, and lesser lepidolite which are both important minerals for lithium mining, and also historically, sporadic tin mining occurred in the Euriowie Tin Field from the 1880's to 1970's, leaving the area littered with evidence of old workings.

The initial visual observations were encouraging on the presence of lithium minerals, particularly amblygonite, however on receiving the assay results it was shown that lithium bearing minerals were not present within the pegmatites, as shown within a 5m chip sample traverse returning only 0.25% LiO2. Further analysis will be undertaken to determine why the current results are different from the historical reported results.

TWENTY SEVEN CO. LIMITED (ASX:TSC) - DECEMBER 2021 QUARTERLY REPORT

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For	Figure 2: Map showing the locations of the recently taken rock chip samples

TWENTY SEVEN CO. LIMITED (ASX:TSC) - DECEMBER 2021 QUARTERLY REPORT

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						Table 1: Significant base metal results from the most recent rock sampling
						Sample			Au_ppm			Ag_ppm	Cu_ppm		Pb_ppm		Cu_%
						21RKTR0121			0.04			5	260		7050
						21RKTR0122			1.145			2	50		240
						21RKTR0123			1.275			3	2680		4060
						21RKTR0130			0.079			2	24700		30
only						21RKTR0133			0.037			4	11700		20
					21RKTR0134			0.657			5	>100000		80		17.60
					21RKTR0139			0.084			9	26800		20
					21RKTR0142			0.022			1	2530		<20
					21RKTR0143			0.047			3	8290		<20
					21RKTR0147			0.004			<1	2210		30
					21RKTR0148			0.028			3	1950		30
					21RKTR0149			0.052			8	1040		30
use						21RKTR0150			0.02			1	1100		20
					21RKTR0151			0.077			1	1320		40
						21RKTR0152			0.322			3	84400		470
												Table 2: Assay results of the Critical metals
		Sample				Li_%			Cs_ppm		Nb_ppm		Rb_ppm	Sn_ppm			Ta_ppm			Th_ppm		U_ppm		Sn_%
		21RKTR0016			0.033			426		1080		2310	247			391			3.3		49.5
personal		21RKTR0078			0.014			26.5		204		338	43		45			12.7		9.5
	21RKTR0018			0.02			148		141		1745	245			57.6			0.8		12.4
	21RKTR0008			0.027			202		80		2560	341			33.3			<0.5		0.9
		21RKTR0047			0.004			33.1		30		556	1080			30.7			1	0.8
		21RKTR0006			0.063			380		199		1420	104			203			4.5		21.5
		21RKTR0044			0.031			100		62		1115	1050			75.4			2.1		2.4
		21RKTR0113			0.005			183.5		70		2220	3070			96.8			1.4		3.2
		21RKTR0114			0.02			560		48		2960	155			77.3			0.6		5.6
		21RKTR0059			0.003			82.9		69		479	1140			100.5			2	3.5
		21RKTR0091			0.024			90.2		52		1670	1100			84.1			<0.5		4.1
		21RKTR0112			0.005			223		273		3080	>10000			317			0.9		3.9		2.44
		21RKTR0060			0.004			46.1		75		374	1260			119.5			1.8		5.5
		21RKTR0105			0.01			73.5		111		715	6290			165			1.3		5.4
		21RKTR0012			0.008			136		189		1125	>10000			258			0.8		8.4		1.60
		21RKTR0115			0.005			267		89		2300	2950			179			1.1		2.6
For		21RKTR0046			0.024			236		55		1855	1190			151.5			0.8		2.1
	21RKTR0116			0.01			188.5		65		1610	1500			176.5			1	5.1
	21RKTR0049			0.005			223		95		1105	805			225			4.9		7.3
	21RKTR0050			0.007			157		91		725	210			236			11	9.4
	21RKTR0111			0.003			156		113		1320	169			260			2.4		3.9
	21RKTR0097			0.013			153		169		794	6290			396			1.1		4.8
	21RKTR0100			0.005			50		192		509	>10000			422			1.3		4.8		1.21
		21RKTR0051			0.012			304		70		1205	627			302			5.2		7
		21RKTR0102			0.011			44.4		50		546	1890			294			2.5		9.3
		21RKTR0099			0.006			67		168		543	4580			425			1.9		14.2
		21RKTR0003			0.028			138		311		981	248			676			1.1		9.5
		21RKTR0108			0.011			73.2		203		916	>10000			582			1.2		3.8		2.31
		21RKTR0103			0.026			173		179		1445	1540			641			5.3		11
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