Native Mineral Resources : Magnetics survey of Nickel target in the Western Nullarbor

ASX ANNOUNCEMENT6 DECEMBER 2021

Magnetics survey confirms significant anomaly at its
only	"Helios" Nickel target in the Western Nullarbor.
Highlights:
use	▪ NMR is finalising the high-resolution magnetics survey over its "Helios" Nickel target, Northern
Nullarbor.
▪ The magnetic survey obtained so far confirms the presence of a significant magnetic high with
values over 1200nT above background.
▪ Initial data shows an "eye" shaped structure, similar to other nickel deposits and targets in Western
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Australia.
▪ The anomaly is directly comparable in size and scale to at least four other Nickel bearing "eye"
shaped structures found in the adjacent Frazer Range (Nova-Bollinger Nickel deposit and Legend
Mining Octagonal and Magnus projects).
▪ The magnetic high in the center of the "eye" is interpreted to be the mafic rocks found in
association with intrusion-relatedNi-Co-Cu deposits such as the Nova Bollinger deposit.
▪ The magnetics survey will be completed in the following weeks.
▪ This initial result is extremely promising with expediting follow-up exploration and drilling
planned.
▪ Multiple magnetic highs in the center of the "eye" present multiple targets for potential
mineralisation.

Native Mineral Resources Holdings Limited (ASX: NMR), or ("NMR" the "Company"), is pleased to announce that it has confirmed the presence of a significant, "eye-shaped" magnetic anomaly at its "Helios" Ni, Cu, Co-PGE target on the 100% owned northern Nullarbor tenement E69/3852.

ForThe initial identification of the "Helios" target was aided by emulating selected exploration criteria used to discover Nickel deposits by companies Sirius Resources (now IGO) and Legend Mining. Specifically, targeting eye-shaped features in the Fraser Range to the west.

The results obtained so far are extremely promising and have encouraged NMR to prioritise the target for follow- up exploration and drilling in early 2022.

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Figure 1. Oblique 3D surface map of the magnetic data obtained from the recent Drone-based magnetic survey over the Helios Nickel target. NMR are targeting Nova-Bollinger-styleNi-Cu-Co-PGE, intrusion related mineralisation below a major magnetic anomaly that has been successfully imaged in the recent geophysical survey.

NMR's Managing Director, Blake Cannavo, commented:

"The magnetic data obtained so far are going on to prove that the spectacular new "eye-shaped" target for NMR is a genuine magnetic anomaly and a significant target. NMR are aiming to emulate the success of other companies using almost identical features for discovering nickel mineralisation in the nearby Frazer Range including the famous Nova-Bollinger deposit. The similarities between the Helios target, including its size, shape, and magnetic intensity are simply amazing. The entire team is extremely excited with the results, and I look forward to having a drill rig on site in early 2022. We are looking forward to completing the survey in the following weeks and we will continue to update our valued shareholders and the market as soon as the data is obtained and reviewed by our team."

New Intrusion-relatedNickel-Copper-Cobalt-PGE target

ForA drone-based airborne magnetic survey is currently underway at NMR's Helios target. The survey is being flown with a traverse line spacing of 50m and a tie line spacing of 500m. The drone was flown at an approximate height of 30m above the ground surface to help refine the predicted target depth of around 80m below the surface (Figure 1, Figure 2). The survey has so far completed a total of 380-line kilometres with the primary flight path oriented 090 (east-west), at high angles to the strike trend of the eye-shaped anomaly.

The primary target of the survey is a spectacular eye-shaped magnetic feature originally identified in the regional, publicly accessible 400m line spacing magnetic data (Figure 2). Similar eye-shaped features found in magnetic data have been targeted and then successfully drilled for nickel by companies including Independent Group (ASX:IGO) and Legend Mining (ASX:LEG)(Figure 3). The center of the Helios "eye" is comprised of a complex or cluster of three main peaks in the magnetic data with a target peak near the northern limit of the survey. The primary target area, exhibiting

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au

2-3 principal peaks in the magnetics, is approximately 1500m long in its longest dimension. The anomalies exhibit a pronounced magnetic low (dipole) on the southwestern edge (Figure 2, Figure 5).

The central target highs are surrounded by magnetic "ridges" that appear to wrap around the central anomaly. The magnetic ridge on the western margin exhibits a higher magnetic intensity than on the eastern side and has a significant magnetic low along its western edge. This magnetic high presents another significant target for NMR.

onlyThe two linear "magnetic ridges" help define a pronounced NNW-SSE trend, which is oblique to the regional NNE-SSW trend of the principal structures and the NW-trending structures that bound Helios target (Figure 2).

usepersonalFigure 2. Maps showing the Helios Ni target in 29m pixel smoothed regional (publicly available) 400m magnetic data. A) Three principal magnetic

highs identified as Ni targets together with the outline of the "eye" shown. B) The current high-resolution magnetic data confirming the anomalies identified in regional data. Grid references are GDA94 MGA Z52.

Other "eye-shaped" targets proven to host Nickel.

ForNative Mineral Resources are building on the successful discovery of nickel in direct association with "eye-shaped targets" identified in regional magnetic data. Four of these eye-shaped features (Figure 3 B-E) have been successfully drilled and found to be associated with significant nickel. The best known of these are targets is the Nova-Bollinger Nickel mine (Figure 3C). Since the discovery of the Nova-Bollinger deposit by Sirius Resources, Legend Mining, in particular, have successfully discovered two new nickel prospects "Octagonal" and "Magnus", both of which exhibit the "eye-shaped" feature in magnetic data (Figure 3D & E). The magnetic high that forms at or near the center of the magnetic anomalies are often found to be the mafic rocks that form in association with the Ni-sulphide mineralisation. In exploring for nickel at its Helios target, NMR are also targeting the highly magnetic mafic rocks and associated mineralisation. Based on the currently acquired, high-resolution magnetic data, these mafic rocks are also located near the center of the eye.

Native Mineral Resources Holdings Limited | ABN 93 643 293 716	ASX: NMR
Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444
T: [phone] |[e-mail]| www.nmresources.com.au

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personalForigure 3. Collection of successfully identified Ni deposits and developing targets associated with "eye-shaped" features in magnetic data. A) is NMR's 100% owned "Helios" Ni target showing the distinctive "eye"- shape defined by regional magnetic data. Figures B, C, D and E are other companies (as labelled on figure) Nickel deposits and targets found associated with similar eye-shaped features in magnetic data.

*1 Sirius Minerals is now Independent Group (ASX:IGO).

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au

E69/3852 geology

Native Mineral Resources manage three exciting tenements in the critically under explored, highly attractive Madura onlyProvince located on the Western Nullarbor (Western Australia)(Figure 4). The region is growing in interest with many new exploration tenement applications by companies including Rio Tinto, BHP Nickel West and Maria Resources (Strategic Elements (ASX:SOR)). Limited drilling has already indicated that the basement rocks exhibit characteristics of other mineralised terrains including mafic and ultramafic cumulates, granite with lamprophyre dykes and layered

gabbro (e.g., Helix Resources, 2003).

The depth to basement in the Nullarbor decreases to the north and it is estimated, based on existing data, that the depth to the target basement rocks is between 50-100m below the surface. At this stage of the exploration campaign, NMR have no physical samples or knowledge of the basement rock types, however, interpretations of nearby drilling user sults, seismic, magnetotelluric and magnetic data have suggested that the basement is a combination of high-grade m tamorphic rocks and intrusives. The interpreted age of the rocks is estimated to be between 1600Ma - 1100Ma (Spaggiari, et al., 2014) with the Loongana Arc active around 1400Ma. The Madura Tectonic Province is interpreted to be part of a continental margin basin that experienced a transition to oceanic subduction and basin inversion after ca. 1500Ma (Spaggiari et al., 2018). Within the Madura Tectonic Province, potential is indicated for Ni-Co-Cu (e.g., Burkin prospect), and for base-metals, precious metals, and PGEs within the Haig Cave Supersuite of the Loongana Arc

(Loongana prospects), and for gold-copper (e.g., Moodini prospect) in ca. 1180Ma granitoids (Spaggiari et al., 2015). personalDue to the rocks being hidden by extensive cover, explorers are limited to initially using geophysics. The first and potentially the most important dataset is high-resolution magnetics. The current survey by NMR will represent the

highest resolution geophysics for this part of the Nullarbor and will help NMR to virtually "see" beneath the cover rocks and helping resolve a mineral and drill target.

This unprecedented, high-resolution geophysical information allows NMR to pinpoint new and exciting targets that have yet to be explored. NMR is proud to be one in a group of companies breaking ground in this this new and exciting frontier mineral exploration terrain.

For

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au