Noronex : Second Phase Extension Drilling completed at Daheim

For personal use only

Second Phase of Drilling completed to extend the impressive earlier Daheim Copper drill results

Further thirteen RC holes completed, results pending

Perth, Western Australia - 21st July 2022 - The Board of Noronex Limited (Noronex or the Company) (ASX: NRX) is pleased to provide an update on the exploration of its suite of copper projects in Namibia.

Highlights

• Follow up program of thirteen RC holes for 2,591m has been completed at Daheim on a 100m spaced grid
• Holes have been sampled with results expected in August
• Infill grid of Xrf soil geochemistry completed across the prospect
• Holes planned to test extensions to the numerous intercepts over 300m width in the first fence of holes including:

1. 27m @ 1.6 % Cu from 42m in 22DHRC06 including 10m @ 2.5% Cu

• 1. 29m @ 0.7 % Cu from 113m in 22DHRC04 including 4m @ 3.3% Cu and
• A further follow up RC program is being planned along with downhole logging and a diamond hole when practical
• The drill rig has moved to the Erfenis Prospect in the Snowball JV project

Witvlei Drilling

The focus of the current exploration efforts is on the Witvlei project, comprising two Exclusive Prospecting Licences (EPL's) 7028 and 7029 covering 390 km2 that are prospective for sedimentary Cu-Ag mineralisation. Focus is now on the Daheim Prospect and extensions to the Malachite Pan deposit.

For personal use only

Figure 1 Prospect Locations at the Witvlei Project, focus on Daheim in the east and its extensions to Malachite Pan

Daheim

A follow up program has been completed at Daheim on a 100m spaced grid. The program has included 13 RC holes for a total 2,591m.

This program has targeted follow up of the initial thirteen-hole program which include intercepts of:

1. 27m @ 1.6 % Cu from 42m in 22DHRC06 including 10m @ 2.5% Cu o 29m @ 0.7 % Cu from 113m in 22DHRC05
   o 29m @ 0.7 % Cu from 113m in 22DHRC04 including 4m @ 3.3% Cu and o 10m @ 1.0 % Cu from 162m
   o 7m @ 1.7 % Cu from 68m in 22DHRC02

A detailed Digital Surface Model (DSM) was processed from ALOS satellite imagery at 2.5m resolution. Mapping of all surface float has been undertaken and a ground magnetic survey was completed to assist with interpretation of the stratigraphy and structure and location for follow up drilling.

Soil sampling was completed using a portable XRF on 100m lines that was closed up to 50m over known mineralisation. Results from 1 in 20 laboratory quality control sampling are pending.

The drill program planning has utilised these geological, geochemical, and geophysical interpretations to do significant step outs of 100m from the previous drilling to test strike extents and extend the size of the prospect.

A follow up hole has been drilled at depth below the thickest intercept in 22DHRC06 to test a down dip extension of the interpreted Sandstone-Siltstone contact.

The holes all intersected the Eskadron Formation containing oxidised red sandstones and brown siltstone sequence. Malachite staining was intercepted near surface and oxidation is down to approximately 30m vertically with fine pyrite, chalcopyrite and chalcocite developed in the siltstone horizons at depth below.

For personal use only

Samples have been collected in 3m composites and at 1m intervals where mineralisation was visually noted. Samples have been prepared in the ALS sample preparation facility in Namibia and are pending assaying at their laboratory in South Africa.

Figure 2 Plan of Daheim Prospect with completed drill program on infill pXRF soil geochemistry results.

For personal use only

Figure 3 Detailed Location Plan showing new drilling (Blue) at Daheim Prospect on pXRF soil results

Hole	Hole ID	Easting	Northing	Elevatio	Azimuth	Dip	Depth
Type				n (m)			(m)
RC	22DHRC014	250870	7538373	1514	330	-60	200
RC	22DHRC015	250941	7538302	1515	330	-60	205
RC	22DHRC016	251014	7538230	1518	330	-60	220
RC	22DHRC017	251081	7538158	1515	315	-60	215
RC	22DHRC018	251301	7538221	1520	315	-60	186
RC	22DHRC019	251230	7538292	1517	315	-60	200
RC	22DHRC020	251469	7538407	1521	315	-60	205
RC	22DHRC021	251007	7538098	1517	315	-60	200
RC	22DHRC022	250870	7538373	1514	315	-60	202
RC	22DHRC023	251150	7538091	1519	315	-60	181
RC	22DHRC024	250608	7538197	1518	315	-60	200
RC	22DHRC025	250955	7538419	1517	315	-60	240
RC	22DHRC026	251050	7538270	1516	315	-60	167
							2621

Figure 4. Table of new hole locations from the Daheim prospect (see Table 1).

Drilling has been completed for the time being as the rigs move to Snowball. A further RC program is being planned to follow up anomalous geology intersected in these holes along with downhole logging and a diamond hole when practical.

For personal use only

Competent Person Statement - Exploration Results

The information in this report that relates to Exploration Results at the Witvlei and Snowball Copper Project is based on information compiled by Mr Bruce Hooper who is a Registered Professional Geoscientist (RPGeo) of The Australian Institute of Geoscientists. Mr Hooper is a consultant to Noronex Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hooper consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information contained in this report that relates to Mineral Resources is extracted from previously released announcement dated 8/03/2021 ("Announcement"). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcements, and that all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed.

- ENDS -

Authority:

This announcement has been authorised for release by the Board of Directors of Noronex Limited For further information, contact the Company at [e-mail] on [phone]

About Noronex Limited

Noronex is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada that have seen over 180,000m of historic drilling.

The company plans to use modern technology and exploration techniques to generate new targets at the projects and grow the current resource base.

Forward-Looking Statements

This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Noronex Limited's planned exploration programs, corporate activities, and any, and all, statements that are not historical facts. When used in this document, words such as "could," "plan," "estimate," "expect," "intend," "may", "potential," "should" and similar expressions are forward-looking statements. Noronex Limited believes that its forward-looking statements are reasonable; however, forward-looking statements involve risks and uncertainties, and no assurance can be given that actual future results will be consistent with these forward-looking statements. All figures presented in this document are unaudited and this document does not contain any forecasts of profitability or loss.