Larvotto Resources : New Nickel and Copper Anomaly Discovered at Eyre Project

ASX Announcement

28 July 2022

New Nickel and Copper Anomaly Discovered at Larvotto's

100%-owned Eyre Project in WA

Highlights
only	∙ New +2km long nickel and copper anomaly identified to the west of previous survey
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∙ Existing nickel and copper anomaly extended to over 4km of strike
o Peak values increased to 1673ppm Ni and 773 ppm Cu
∙ Located over norite rocks within the Jimberlana Dyke - known to host base metal and PGE
∙ EM geophysics now being planned to test depth potential for sulphide mineralisation - targeted
to commence in coming weeks

personalLarvotto Resources Limited (ASX: LRV, TGAT: K6X, 'Larvotto' or 'the Company') is pleased to announce further encouraging nickel and copper results from a recent geochemical soil survey. The survey was

undertaken at the Mt Norcott prospect at the Company's Eyre Project (100%), which covers the Jimberlana Dyke and is located 25km east of Norseman in the Eastern Goldfields in Western Australia.

Managing Director, Ron Heeks commented,

"Results from this survey have achieved two great results. First, we have identified an entirely new anomaly 3km to the west of our previous survey. Secondly, we have a large increase in the strike extent and tenor of the nickel and copper geochemical anomaly of the June 2022 survey that at the time we highlighted was open along strike in both directions. Peak results are now up to 1673ppm Ni and 773ppm Cu which is over 15 times higher than background soil levels. Importantly, these high values are associated with norite host rocks. Norites are known worldwide as hosts to nickel and PGE orebodies and it is also very

Forencouraging that the anomaly lies along the contact zone of two different norite rock units.

The high-grade contour defines an area above 1000ppm Ni and forms a discrete, 1.2km long zone that forms an extremely well-defined core to the larger anomaly."

Larvotto is continually expanding the geochemical survey to provide coverage over the entire Eyre project. Further results will be released as they become available. In the vicinity of the current anomaly, an electromagnetic (EM) geophysical survey will be undertaken to test below the geochemical anomaly for sulphide mineralisation. It is expected that this survey can commence in coming weeks.

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Geochemical Soil Survey

The survey area has greatly expanded the initial soil geochemical program undertaken at Eyre (ASX

Release: Eyre Project delivers Excellent Early Results in WA. June 9, 2022). That survey was testing

historic work undertaken by Newmont in the 1970's. The results confirmed excellent nickel and copper
values in soils and due to better survey control corrected the location of the earlier anomaly. The current
survey greatly expanded the first Larvotto geochemical survey and forms part of the ongoing larger
geochemical program that will test the entire Eyre project area.
The survey location is 25km east of Norseman in the Eastern Goldfields, WA. The area has historically
onlybeen largely unexplored, but recently is becoming a focus for numerous companies after the discovery of
nickel, lithium and platinum group elements (PGE) in the region. The Eyre project covers 680km2 and
straddles the Eyre Highway and a major geological feature, the younger, cross-cutting Jimberlana Dyke,
as shown in Figure 1.
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For	Figure 1 Eyre location map and Mt Norcott soil geochemistry survey location

The Jimberlana Dyke is a large mafic intrusive body that is up to 2.5km in width and has been referred to as analogous to the Great Dyke in Rhodesia. It was explored by Western Mining Corporation in the 1960s and early 1970s and from 1985 to the late 1980s. Newmont explored the Mt Norcott area and confirmed the potential for Ni-Cu-PGE sulphides.

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The contoured geochemistry results from the survey for nickel (Figure 2) are shown overlaid on local geology. The eastern nickel anomaly is clearly located within the central gabbronorite unit of the Jimberlana Dyke sequence and the high-grade +1000ppm (parts per million) zone is associated with the contact between gabbronorite and the norite unit to its north. The overall anomaly is 4km long with the

onlyhigh-grade core, which is very uniform in concentration and geometry, being 1.2km long.

Three kilometres to the west, a newly discovered nickel and copper anomaly is 2km long and has a central core of greater than 600ppm Ni extending for over 1000m. This anomaly is associated with a pyroxenite rock unit.

In Figure 3, the nickel contours are shown overlying regional airborne magnetics that clearly highlight the high magnetic rock edges and east - west nature of the Jimberlana Dyke. Anomalous copper geochemistry useis also intimately associated with the high nickel zones of both anomalies. Peak copper values of up to 650ppm Cu are recorded associated with the nickel results. Norite rocks are associated with some of the worlds largest PGE deposits and they have been found associated with other parts of the Jimberlana Dyke.

PGE elements were not sampled as part of the soil geochemical survey, but any PGE's are a likely to be associated with nickel and copper sulphides and these will be analysed for as part of a future drill program.

Being younger than the surrounding rocks, the dyke cuts through regional geology which is more north- personalsouth orientated.

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Figure 2 Nickel contours over local geology

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Figure 3 Nickel contours over regional airborne magnetics

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personalField mapping confirmed the eastern anomaly is associated with a norite and noritegabbro contact located centrally within the Jimberlana Dyke. The peak nickel values are associated with a subtle magnetic low

within the dyke, evident in Figure 3. Airborne magnetics also reveal oblique structures that cut through the dyke and appear to terminate the geochemical anomalies.

The geochemistry program collected near surface soil samples. Average sample collection depth was 15cm. Samples were sieved to minus 1.6mm and compressed into pucks for analysis by SciAps Portable Xray fluorescence (pXRF). Standards, blanks and repeat samples were included for quality control.

Sample spacing was variable and based on prospective geology. Spacings were closed in on the ForJimberlana Dyke and particularly where norite rocks had been interpreted. Some lines were not sampled

where obvious transported soils associated with creeks or flood areas were evident.

The soil survey covers lands of the Ngadju people who are the local custodians. Larvotto appreciates their support of the Company's exploration efforts.

Concurrent to the ongoing geochemical survey, a lithium geochemistry survey was undertaken over the Merivale prospect. Due to extremely long delays in laboratory analysis for lithium, results are still pending however are expected shortly.

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About Norite

Norite is a mafic intrusive igneous rock composed largely of orthopyroxene, and olivine. The name norite is derived from Norge, the Norwegian name for Norway.

Norite occurs with gabbro and other mafic to ultramafic rocks in layered intrusions which are often onlyassociated with platinum orebodies such as in the Bushveld Igneous Complex in South Africa, the Skaergaard igneous complex of Greenland, and the Stillwater igneous complex in Montana. Norite is also the basal igneous rock of the Sudbury Basin complex in Ontario, which is the site of a comet impact and

the world's second-largestnickel mining region.

Competent Persons Statement

The information in this presentation that relates to exploration results is based on information compiled by Mr Ron Heeks, who is a Member of the Australasian Institute of Mining and Metallurgy and who is useManaging Director of Larvotto Resources Limited. Mr Heeks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Heeks consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the

personalAnnouncements referred to continue to apply and have not materially changed.

For

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