Native Mineral Resources Holdings Limited provided update on the Company's exploration plans for the current quarter. Background: The Palmerville Project is the Company's principal copper exploration asset and covers a near- continuous strike length of 130km over an area of 1,820km2 centred 200km west-northwest of Cairns in North Queensland. The tenements consist of nine Exploration Permit Minerals (EPMs) in the highly prospective Chillagoe Formation, which, to the south, hosts the Red Dome and Mungana porphyry and skarn-associated gold-copper deposits.

The Chillagoe Formation also hosts significant zinc-rich and copper-rich limestone-hosted skarn-associated deposits, particularly at King Vol, Mungana, Griffiths Hill, and Red Cap. Palmerville is prospective for the following deposit styles: Copper-zinc-gold volcanic massive sulphide or vein style mineralisation. Porphyry & skarn associated copper-zinc-gold mineralisation in Chillagoe Formation limestone-dominant strata.

Porphyry-related copper-gold mineralisation in non-carbonate lithologies. Orogenic-style gold-antimony mineralisation. Epithermal gold mineralisation distal to porphyry intrusions Alluvial gold akin to the historic Palmerville Goldfield.

Planned Work Programs: NMR has contracted Thomson Airborne Geophysical Survey to conduct a 30,349 line km survey covering the nine tenements that make up NMR's Palmerville Project. The survey will encompass east west lines being flown at 80m spacing at a height of 90m. The survey is planned to commence in late March 2023.

The detailed survey will include the collection of both high resolution magnetic and radiometric data that will allow for improved geological interpretation of the Palmerville tenements and drill target generation. The airborne survey will allow NMR to better define: The prospectivity of several key targets already identified as containing significant copper and gold. The ranking of the known, and any new, targets to assist in prioritising future work.

The structural geometry of the Chillagoe Formation with a particular focus on understanding the localised structural controls on the copper, gold and antimony mineralisation. Highlight major mineral-bearing structures and relate these back to exploration and targeting model. Development of 3D model of geology and mineralisation.

Once the airborne survey has been completed and the processed imagery is available, NMR will commence field work to ground truth the data, and assess the targets that have been generated from the survey. Maneater Hill (EPM 28038): Following the completion of the 2022 drilling program, NMR will undertake a thorough review of the Maneater project and the results to date, to determine the next step in exploring the Maneater project. The review will consider: an airborne geophysical survey of the entire Maneater EPM.

A ground geophysical survey of the Maneater Hill breccia pipe to assess the lateral size and depth of the breccia pipe, and to assist in further drill planning. Commence a third hole diamond hole (MPD004) that would be drilled from the south side of the Maneater Hill breccia pipe. By moving the location of the MPD004 to the south side of the breccia pipe, the hole will intersect the interpreted deeper zone of mineralisation that was expected in MPD002 which was terminated early.

Additionally, by drilling MPD004 from the south, NMR will be better able to interpret the size and style of mineralisation. NULLARBOR TENEMENTS, WA: NMR has three granted Exploration Licences (E69/3849, E69/3850 and E69/3852) and two applications for Exploration Licences (E69/4035 and E69/4036) in the Nullarbor region of SE Western Australia. All five tenements are located over potential iron-oxide copper-gold (IOCG)-style mineralisation.

To date NMR's drilling at the Helios and Central targets has successfully identified the hematite-rich rocks typically found in close association with IOCG deposits. The basement rocks and targets found on the Nullarbor are all completely buried under cover, and there are no other drillholes for over 30 kilometres in any direction, so this is a positive result for NMR. The tenements are located in a prospective area of South-eastern Western Australia surrounded by other major mineral explorers. NMR will complete the logging and sampling of DDH003 during the March quarter.

Once the assays have been received a review of the Central target will be completed and the next phase of exploration will be finalised. Central Project (E69/3850): The Central Project anomaly was derived from drone-based magnetic survey that has confirmed the presence of a significant magnetic anomaly, which is 1,200m long and 400m wide, with a relative peak of over 760nT, and a target depth of approximately 300m below the surface. The high magnetic anomaly lies directly above a well-defined zone of low resistivity imaged in the results from the regional Magnetotelluric survey transect that passes directly along the northern boundary of the tenement.

EASTERN GOLDFIELDS PROJECTS, WA: Project Background and Exploration Summary: The Eastern Goldfields projects are located in the eastern part of the Yilgarn Craton which is host to significant mineral resources, particularly gold and nickel and is becoming an increasingly important target area for lithium, REE's and other key metals and minerals. NMR is exploring the tenements for granite-hosted gold mineralisation and a host of new mineralisation opportunities across its four highly prospective tenements. At present the Eastern Goldfields projects will be reviewed and ranked this quarter as part of the detailed review to be carried out by new Chief Geologist Greg Curnow.