Future Metals NL : Further plus 100m PGM Intercepts from Drilling

ASX Release

4 April 2022 ASX | AIM: 'FME'

Directors & Management

Justin Tremain, Non-Exec Chair Allan Mulligan, Non-Exec Director Aaron Bertolatti, Finance Director Robert Mosig, Non-Exec Director Elizabeth Henson, Non-Exec Director Jardee Kininmonth, CEO

Brian Talbot, Technical Lead

Andrew Shepherd, GM - Project Development

Investment Highlights

• ▪ 100% ownership of the Panton PGM Project in Western Australia

• ▪ Panton JORC Mineral Resource Estimate (refer Appendix One)

  • o 14.32Mt @ 4.89g/t PGM (6E), 0.31g/t Gold, 0.27% Nickel

  • o 2.4Moz contained PGM's & Gold

  • o Full suite of PGMs, gold and base metals

• ▪ Resource outcrops | Mineralisation from surface

• ▪ Granted Mining Leases

• ▪ Metallurgical test work of >80% PGM recoveries to high grade PGM concentrate (crush, grind and flotation)

• ▪ ~$4.3m cash (31 March 2022)

Contact Details

Future Metals NL

Level 1, 33 Richardson Street West Perth, WA, 6005

T: [phone]

E:[e-mail]

W:https://future-metals.com.au/@_FutureMetals

Further +100m PGM Intercepts from Drilling, Metallurgical Update & Management Appointment

Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME), a platinum group metals ("PGM") focused company, is pleased to report further shallow, wide PGM assay results from the resource definition drilling completed to date at its 100% owned Panton PGM Project ("Panton") in northern Western Australia. In addition, the Company is pleased to provide an update on its metallurgical workstream as well as announcing the appointment of Mr Andrew Shepherd as General Manager - Project Development.

Highlights

• ▪ Assay results received for a further three resource definition holes, all confirming that the mineralisation extends to widths over 50 metres along the well drilled 3.5km strike

• ▪ Drill hole PS402 returned an unconstrained bulk intersection of 150.8m @ 1.18g/t PdEq3 from 8m down hole and notable intercepts (at a 0.5g/t PGM(3E) cut-off, maximum 4m internal dilution) of (refer to Table One and Appendix Two for full details):

  • o 32.88m @ 1.72 g/t PdEq3 (1.33 g/t PGM3E2 & 0.19% Ni) from 28.12m

  • o 22.37m @ 1.36 g/t PdEq3 (1 g/t PGM3E2 & 0.16% Ni) from 66.76m

  • o 12.1m @ 1.45 g/t PdEq3 (1.05 g/t PGM3E2 & 0.20% Ni) from 130.9m

• ▪ Drill hole PS397 also returned broad widths of shallow PGM and nickel mineralisation, with an unconstrained bulk intersection of 119.78m @ 1.06g/t PdEq3 from surface including constrained intercepts of (refer to Table One and Appendix Two for full details):

  • o 37.1m @ 1.32g/t PdEq3 (0.95 g/t PGM3E2 & 0.16% Ni) from 8m

  • o 27.8m @ 1.25g/t PdEq3 (0.80 g/t PGM3E2 & 0.21% Ni) from 59.2m

• ▪ An updated JORC Mineral Resource Estimate ("MRE") remains on track for second quarter once the assays are received in respect of the remaining 44 outstanding drill holes (refer to the Company's announcements of 8 December 2021, 17 February 2022 and 8 March 2022)

• ▪ Initial sighter work and detailed review of all metallurgical information from Panton's prior owners has been completed. Adapting test work regime to the anticipated ore feed of the bulk tonnage strategy. Includes both physical separation and flotation test work. Detailed review of hydrometallurgical information has now commenced

• ▪ Mr Andrew Shepherd has been appointed as GM - Project Development in anticipation of the Company initiating study activities following completion of the updated MRE

• ▪ The Company remains in a well-funded position, with cash of approximately A$4.3 million as at 31 March 2022

• 1 PGM6E = Palladium (Pd) + Platinum (Pt) + Rhodium (Rh) + Ruthenium (Ru) + Osmium (Os) + Iridium (Ir)

• 2 PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

• 3 PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 0.875xAu(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)

Mr Jardee Kininmonth, CEO of Future Metals, commented:

Hole No.	From (m)	To (m)	Interval (m)	Pd (g/t)	Pt (g/t)	Au (g/t)	PGM3E1 (g/t)	Ni (%)	Cu (%)	Co (pm)	PdEq2 (g/t)
PS396	56.3	60.6	4.3	0.36	0.14	0.02	0.52	0.16	0.00	140	0.91
PS396	65	86	21	0.58	0.54	0.03	1.15	0.18	0.01	144	1.48
PS396	91	103	12	0.41	0.42	0.10	0.93	0.15	0.04	154	1.29
PS396	116	154.7	38.7	0.46	0.32	0.02	0.80	0.21	0.01	142	1.25
PS396	159	170	11	0.22	0.13	0.03	0.37	0.14	0.03	158	0.78
PS397	0	2.4	2.4	0.76	0.78	0.22	1.76	0.20	0.05	236	2.2
PS397	8	45.1	37.1	0.43	0.40	0.12	0.95	0.16	0.04	144	1.32
PS397	59.2	87	27.8	0.47	0.31	0.04	0.80	0.21	0.01	147	1.25
PS397	102	104.52	2.52	0.42	0.22	0.04	0.68	0.12	0.04	183	1.05
PS402	28.12	61	32.88	0.65	0.56	0.13	1.33	0.19	0.04	147	1.72
PS402	66.76	89.13	22.37	0.45	0.43	0.12	1.00	0.16	0.04	156	1.36
PS402	113	126	13	0.40	0.35	0.02	0.77	0.20	0.01	145	1.19
PS402	130.9	143	12.1	0.61	0.42	0.02	1.05	0.20	0.01	134	1.45
PS402	149	157	8	0.58	0.36	0.01	0.95	0.21	0.00	148	1.39

"Drill results continue to show the lateral extent of the mineralisation at Panton, with the reef system already known to show strong continuity along the 3.5km of strike. The current MRE only includes the upper and middle reefs which represent approximately 0.1 - 4.0 metres of mineralised width, while our latest drilling, and historical assays demonstrate that the mineralisation extends up to 50 metres, much wider than what is currently in the MRE.

We are also excited to have Andrew join to lead project development activities. He complements the team well with significant experience in managing mining operations, as well as having a strong study management and project evaluation background.

We continue to progress the metallurgical test work which confirms recoveries of over 70% and that a +100g/t PGM3E concentrate grade is attainable via single stage mill and rougher-scavengerflotation from the high-grade chromite reef that makes up the current 2.4Moz MRE (refer to Appendix One). Our intention is to remodel the MRE to include the bulk shallow PGM and Ni mineralisation thereby providing volume and scale to consider value-added alternatives for this lower grade mineralisation including bulk concentrate, separate concentrate or further downstream processing in order to produce higher value intermediate products. This forms the current focus of our ongoing metallurgical test work."

Exploration Drillhole Assay Results

Further drill hole assays have now been received and continue to confirm much broader widths of shallow PGM mineralisation than modelled in the current 2.4Moz MRE (refer to Appendix One). Assays for the remaining holes submitted to the laboratory that remain outstanding are expected to be reported in April 2022 which will then enable modelling of an updated MRE based on the shallow, bulk tonnage mineralisation at Panton. The latest assay results are set out in Table One below (refer to

Appendix Two for the drill hole details):

Table One | Drilling Assay Results

• 1 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)

• 2 PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 1.90394xNi(%) + 0.875x(Au(g/t) + 1.38936xCu(%) + 8.23xCo(%)

2

Figure One | Panton Drill Hole Plan

Figure Two | Future Metals' Exploration Drilling (PS397) - Panton Cross Section

Figure Three | Future Metals' Exploration Drilling (PS402) - Panton Cross Section