New World Resources : 13.3 Metres of High-Grade Mineralisation in Deepest Hole

DEEP DRILLING AT THE ANTLER COPPER DEPOSIT KEEPS

DELIVERING OUTSTANDING POTENTIAL TO EXPAND THE HIGH-

GRADE RESOURCE BASE

	13.3 metres of high-grade mineralisation intersected in the deepest hole drilled to
		date, >75m down-plunge from previous deepest drilling
onlyHighlights
Drilling to Test Depth Extensions of the Antler Copper Deposit
use	Excellent assay results received from the deepest hole completed to date at the Company's


Antler Copper Deposit in Arizona (ANT77W1), including:

• 13.3m# @ 2.8% Cu, 2.2% Zn, 1.4% Pb, 58.3g/t Ag and 1.13g/t Au from 881.0m (13.3m# @ 4.1% Cu-equivalent*)

 This mineralisation is >75m down-plunge from the Company's previous deepest intersection

in the "Main Shoot", indicating strong potential to further expand the Resource base at the personalAntler Deposit.

 Mineralisation remains completely open at depth, with extensional drilling continuing.

In-fill Drilling at the Antler Copper Deposit

 Significant high-grade mineralisation intersected in several shallow drill holes drilled as part of a program to assist with scheduling of anticipated mining in the early years of operations, including:

• 3.8m# @ 1.2% Cu, 6.2% Zn, 0.7% Pb, 25.8g/t Ag and 0.20g/t Au from 45.2m (3.8m# @ 3.3% Cu-equivalent*)in ANT83; and

• 2.5m# @ 1.9% Cu, 6.9% Zn, 2.6% Pb, 52.0g/t Ag and 0.20g/t Au from 139.1m (2.5m# @ 4.5% Cu-equivalent*)in ANT87.

• Three rigs continue to drill at Antler to further expand the Mineral Resource, with assays pending for 14 completed drill holes.

#True thicknesses are interpreted to be approximately 90% of the down-hole thicknesses reported in this announcement.

*Refer to the detailed explanation of the assumptions and pricing underpinning the copper equivalent calculations on page 5 of this Forannouncement and in Section 2 of the attached JORC Code Table (Appendix 1).

New World's Managing Director, Mike Haynes, said: "Our exceptionally high strike-rateas we c ntinue to drill deeper and deeper under the very high-gradeAntler Copper Deposit is extremely encouraging.

"This latest intercept of more than 13 metres of high-grade mineralisation in the deepest hole we have completed to date at Antler is expected to deliver further growth in the Resource base, which in turn bodes very well for the economics of re-starting mining operations."

New World Resources Limited ("NWC", "New World" or the "Company") is pleased to report that it has received assay results for a further five (5) drill holes completed at its 100%-ownedAntler Copper Deposit in Arizona, USA.

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ASX RELEASE 1 MARCH 2022

New World Resources

Limited

ABN: 23 108 456 444

ASX Code: NWC

DIRECTORS AND

OFFICERS:

Richard Hill

Chairman

Mike Haynes

Managing Director/CEO

Tony Polglase

Non-Executive Director

Ian Cunningham

Company Secretary

CAPITAL STRUCTURE: Shares: 1,594.7m Share Price (28/2/22): $0.062

PROJECTS:

Antler Copper Project,

Arizona, USA

Tererro Copper-Gold-

Zinc Project, New

Mexico, USA

Colson Cobalt-Copper

Project, Idaho, USA

Blackpine Cobalt-

Copper-Gold Project,

Idaho, USA

Panther

Cobalt-Copper Project,

Idaho, USA

CONTACT DETAILS:

1/100 Railway Road, Subiaco, WA Australia 6008

Ph: [phone] [e-mail] www.newworldres.com

(7.7Mt @ 3.9% Cu-equivalent*)

7.7Mt @ 2.2% Cu, 5.3% Zn, 0.9% Pb, 28.8g/t Ag and 0.18g/t Au

17.9m# @ 1.8% Cu, 8.9% Zn, 0.7% Pb, 32.3g/t Ag and 0.42g/t Au from 918.6m (17.9m# @ 4.8% Cu-equivalent*)in ANT70W1;

19.1m# @ 2.2% Cu, 1.4% Zn, 1.1% Pb, 50.3g/t Ag and 0.73g/t Au from 893.4m (19.1m# @ 3.0% Cu-equivalent*)in ANT77; and

25.5m# @ 1.8% Cu, 1.8% Zn, 1.0% Pb, 42.9g/t Ag and 0.46g/t Au from 885.0m (25.4m# @ 2.6% Cu-equivalent*)in ANT70.

(13.3m# @ 4.1% Cu-equivalent*)

Assay Results from Deep Extensional Drilling in the Main Shoot at the Antler Copper Deposit

Assays have been received from the deepest hole completed at the Antler Copper Deposit to date, with high-grade intervals of mineralisation intersected in drill hole ANT77W1 comprising:

only• 1.2m# @ 0.6% Cu, 1.7% Zn, 0.2% Pb, 12.8g/t Ag and 0.37g/t Au from 846.1m (1.2m# @ 1.3% Cu-equivalent*)and

• 13.3m# @ 2.8% Cu, 2.2% Zn, 1.4% Pb, 58.3g/t Ag and 1.13g/t Au from 881.0m

Encouragingly, between these two intervals, a lower-grade interval comprising 7.3m# @ 0.2% Cu, 0.9% Pb, 26.3g/t Ag and 1.08g/t Au (7.3m# @ 0.8% Cu-equivalent*) was intersected between 848.6m and 855.8m.

useThe mineralisation in ANT77W1 is located more than 75m down-plunge from the thick high-grade mineralisation that was intersected in the Company's previous three deepest drill holes, which included intersections (previously reported; ee NWC ASX Announcements dated 30 November 2021 and 20 January 2022) of:

•

•

personalThe• Company has now confirmed that the thick high-grade mineralisation in the "Main Shoot" extends more than 730m down-dip from the outcropping mineralisation at surface. Accordingly, the Company has confidence in the p tential to expand the project's maiden Mineral Resource Estimate (MRE), which was based on assay results received up to mid-October 2021 (see NWC ASX Announcement dated 5 November 2021), comprising:

Mineralisation remains completely open at depth over the entire 500m of strike the Company has drill-tested to date, including at depth in the Main Shoot, with the Company continuing to prioritise deeper drilling to expand the Resource base.

Assay Results from Recent Shallow Drilling at the Antler Deposit

New World has also received assay results for four holes drilled in late 2021 as part of a 12-hole program of relatively Forshallow drilling to improve the understanding of the shallow mineralisation that will potentially be developed early in

the mine schedule at Antler.

Significant mineralisation was intersected in all holes (see Tables 1 and 2), with assay results including:

• 3.8m# @ 1.2% Cu, 6.2% Zn, 0.7% Pb, 25.8g/t Ag and 0.20g/t Au from 45.2m (3.8m# @ 3.3% Cu-equivalent*)in ANT83;
• 2.5m# @ 1.9% Cu, 6.9% Zn, 2.6% Pb, 52.0g/t Ag and 0.20g/t Au from 139.1m (2.5m# @ 4.5% Cu-equivalent*)in ANT87; and
• 2.5m# @ 1.2% Cu, 5.3% Zn, 2.5% Pb, 57.1g/t Ag and 0.33g/t Au from 37.9m (2.5m# @ 3.5% Cu-equivalent*)in ANT86.

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The results from these holes are in-line with expectations, as this drilling is essentially "in-fill" drilling around previous holes. Importantly however, the new results continue to add confidence to the Resource base, which will facilitate more accurate mine design work during the ongoing mining study (see below).

personal use only

Figure 1. Long Section through the Antler Deposit showing the location of the Company's drill-holes (gold and green colours), with historical

For

underground workings, historical drilling and select significant intersections in previous drilling (white text boxes).

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use only
personal
Figure 2. Long Section of grade x thickness for copper equivalent results from the Antler Deposit showing historical underground workings,
	grade-thickness results for all surface drilling and select significant intersections in previous drilling (yellow text boxes for previously
	announced results and green text boxes for new results announced here).

Forward Plans

ForOngoing Drilling Program

Three diamond core rigs continue to drill to expand the Resource base at the Antler Deposit, particularly at depth. Assay results are currently pending for an additional 14 completed holes.

Ongoing Mining Study

The robust, high-grade nature of the Mineral Resource Estimate announced for the Antler Deposit in November 2021 gives the Company confidence in the potential to re-commence mining at Antler for the first time since 1970.

Accordingly, following the announcement of the JORC Resource, the Company commenced initial mining studies, which is a critical step in the preparation of mine permit applications. Initial results from these studies are expected in the coming months.

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exploration results which were previously announced on 14 January, 9 and 20 March, 17 and 24 April, 12 May, 3 June, 7, 21 and 28 July, 3 and 31 August, 22 September, 22 October and 2 and 10 and 25 November 2020 and 18 January and 2, 12 and 19 March and 8 and 20 April, 20 May, 21 June, 15 and 29 July, 16 August, 22 September, 13 October and 5 and 30 November 2021 and 20 January 2022.

the Mineral Resource Estimate for the Antler Copper Deposit), which was previously announced on 5 November 2021; and

Authorised for release by Michael Haynes, Managing Director

For further information please contact:

Mike Haynes Managing Director/CEO

onlyNew World Resources Limited Phone: [phone]

Email:[e-mail]

Additional Information

Media Inquiries:

Nicholas Read - Read Corporate Phone: [phone]

Email:[e-mail]

useQualified and Competent Person

The information in this announcement that relates to exploration results and exploration targets is based, and fairly reflects, information compiled by Mr Patrick Siglin, who is the Company's Exploration Manager. Mr Siglin is a Registered Member of the Society for Mining, Metallurgy and Exploration. Mr Siglin has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results and Mineral Resources (JORC Code). Mr Siglin consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.

Previously Reported Results

personalThere is information in this announcement relating to:

(i)

(ii)

Other than as disclosed in those announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Fo ward Looking Statements

Any forward-looking information contained in this report is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

Copper Equivalent Calculations

Copper equivalent grades have previously been calculated based on the parameters set out in New World's announcements to the ASX on 12 May, 3 August, 31 August, 22 September and 2 and 25 November 2020, and 18 January, 19 March, 8 April, 20 May, 21 June, 15 and 29

ForJuly, 16 August, 22 September, 13 October and 5 and 30 November 2021 and 20 January 2022.

C pper equivalent grades for the new assay results reported in this announcement have been based on the following assumed metal prices that closely reflect the spot prices prevailing on 25 February 2022; namely: copper - US$9,906/t, zinc - US$3,578/t, lead - US$2,333/t, silver

- US$24.62/oz and gold - US$1,910/oz.

Potential metallurgical recoveries have been included in the calculation of copper equivalent grades. These recoveries have been based on metallurgical testwork that New World has conducted over the past 10 months. This metallurgical testwork is continuing, but recoveries are estimated to be in the order of: copper - 87.2%, zinc - 88.9%, lead - 59.1%, silver - 50.3% and gold - 70.0%. New World believes that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

The following formula was used to calculate the copper equivalent grade, with results rounded to one decimal point:

• Cu equiv. (%) = (Cu% x 0.872) + (Zn% x 0.889 x 3,578/9,906) + (Pb% x 0.591 x 2,333/9,906) + (Ag oz/t x 0.503 x 234.62/9,906 x
• 1. + (Au oz/t x 0.700 x 1,910/9,9906 x 100)

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