Redbank Copper : Driller Secured and Priority Targets Refined for Exploration

ASX ANNOUNCEMENT

Driller Secured and Priority Targets Refined for

2022 Exploration Campaign

Highlights:

•  Drill rig secured and all government approvals received for drilling of priority VTEM targets.

•  Priority drill targets identified for:

  • o VTEM conductor targets, and

  • o 40km hydrothermal alteration anomaly at Calvert South

•  VTEM drilling to commence in June

•  Detailed analysis of soil geochemistry results at Calvert South has identified multielement "hotspots" for initial investigation.

•  Trace element soil geochemistry related to the outflow zones of copper bearing fluids can vector towards sub-surface copper targets

  ASX Code: RCP

•  Ground-based IP will continue to identify chargeability anomalies interpreted as disseminated copper sulphides within the large soil geochemistry anomalies

28 March 2022

Redbank Copper Limited (ASX: RCP) ('Redbank' or 'the Company') is pleased to report it has secured a Reverse Circulation ("RC") rig to undertake the first phase of its 2022 drilling program at the Company's Redbank Copper Project in the McArthur Basin, Northern Territory.

DIRECTORS & MANAGEMENTTony Kiernan

Non-Executive Chairman

Hugh Thomas

Managing Director

Bruce Hooper

Non-Executive Director

An RC rig, which is more than capable of testing the lower Wollogorang Formation has been secured. The Wollogorang Formation has been identified as the prospective sulphidic and carbonaceous shale horizon, the interpreted target host to stratiform copper deposits. The Redbank Camp has also been upgraded considerably with improvements to access and accommodation including to the airstrip which can now be accessed by the Royal Flying Doctor.

Dale Henderson

Non-Executive Director

Melanie Ross

Company Secretary

The program will test several key target areas identified by Redbank in the 2021 field season, all of which exhibit key features of sediment hosted copper deposits.

ASSET PORTFOLIO Redbank Tenements

(Granted)

Northern Territory - 10,016km²

The 40km hydrothermal base metal signature identified and previously reported (see ASX announcement dated 3 March 2022) over the Calvert South prospect has been refined to highlight 10 more discrete targets for follow-up assessment. These targets are either close to the Calvert Fault or associated with NNE faults perpendicular to the Calvert Fault (see Figure 3). The soil anomalies are defined by a combination of copper, antimony, bismuth, manganese and lead anomalism. The large multi-element soil anomaly at Calvert South has been dissected into 10 smaller targets for testing.

Redbank Tenements

(Applications)

Northern Territory - 4,068km²

Management Commentary

Millers Creek Project

South Australia - 1,110km²

Redbank Managing Director Hugh Thomas commented: "We continue to make solid progress towards the commencement of our 2022 field season, with a high-quality driller contracted and all relevant approvals received to test several priority targets.

L1, 1A Agnew Way, Subiaco WA 6008

Ph: [phone]

[e-mail]

Our technical team has been busy refining drill targets identified in the 2021 field season, all of which exhibit key features that match the requirements for sediment hosted copper deposits. In particular, the lower Wollogorang Formation is connected to the Calvert Fault which is considered a potential super-highway for copper mineralised fluids. We look forward to getting underway on site in June and further updates will be provided in the lead-up to our field season commencing."

ABN: 66 059 326 519

Target Summary - Sediment Hosted Copper Deposits

Giant sediment-hosted copper deposits are formed where fluids carrying massive amounts of copper metal scavenged from source volcanic and sedimentary rocks come in contact with a sediment that causes the copper to precipitate out of the fluid. Here a saline fluid must move within a sedimentary basin to strip copper out of a very large volume of source rock, transport the copper along fluid 'super-highways' and then have the copper

separated out of the transporting fluid and deposited into a sediment where it is preserved and protected between the volcanic layers.

Figure 1: Redbank cross section

Figures 1 and 2 demonstrate the sedimentation and inter-relationship between the breccia pipes and sediment hosted mineralisation. Simplistically, the copper contained in the breccia pipes is the result of copper bearing fluids accessing the open space created by the brecciated rock. The copper bearing fluid is forced under pressure into the open spaces within the breccia pipes. The work the Company has now performed provides increasing confidence the source of the copper in the pipes is copper mineralisation from an aquifer within Tawallah Group rocks and potentially in the Wollogorang Formation as fluid is channelled along the Wollogorang Formation between upper Gold Creek Volcanic and lower Settlement Creek Dolerite volcanic rocks.

Figure 2: Redbank cross section

Figure 3: Redbank Project - Calvert South Prospect regional soil anomaly

Figure 4: Redbank Project - Calvert South Prospect regional soil sampling - copper targets

Wollogorang 'Emile Rod' soil anomaly

Copper mineralisation exposed at the basal contact of the Wollogorang Formation with the underlying

Settlement Creek Dolerite was first identified by Emile Rod in 1976. Emile Rod was employed to complete geological mapping of an area surrounding the known copper bearing breccia pipes by AMAX who pegged ground surrounding the Redbank breccia hosted copper deposits. Triako (the minerals exploration arm of the

French Oil and Gas company, Elf Aquitaine) were also actively evaluating the area following Newmont's withdrawal from the Redbank Project. Between AMAX and Triako, the Wollogorang sediment horizon formational copper anomalies were clearly identified in the 1970s, however, copper in the breccia pipes was considered more interesting.

The recent identification of a cluster of VTEM conductors east of the breccia hosted copper deposits has re-focused Redbank onto the sediment hosted stratiform copper potential in the lower Wollogorang Formation close to the existing deposits.

Figure 5: Redbank Project - Wollogorang Formation soil anomaly - the Emile Rod trend

Figure 6: Redbank Project: Emile Rod geological mapping - copper at Wollogorang/Settlement Creek

Dolerite contact

Redbank Project Summary

The Redbank Project is located in the south east McArthur Basin and extends from the Northern Territory/Queensland border west to Glencore's McArthur Mine. In July 2020, Redbank secured the district scale tenement holding by pegging open ground following work by Geoscience Australia that highlighted the prospectivity of the area for large base metal deposits between the world-class Tier 1 zinc deposits at the McArthur and Century Mines. Redbank is searching for large copper deposits to add to the existing copper inventory. Redbank holds the tenements with a 100% interest.

-ENDS-

For further information please contact:

Hugh Thomas

Managing Director Ph: [phone]

This announcement was approved and authorised for issue by the Board of RCP.

COMPETENT PERSON'S STATEMENT

The information that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Michael Hannington, a Competent Person, who is a Member of the Australian Institute of Geoscientists. Mr Hannington is employed as a Consulting Geoscientist at Redbank Copper Ltd. Mr Hannington has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to 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, Mineral Resources and Ore Reserves'. Mr Hannington consents to the inclusion of the matters based on his information in the form and context in which it appears.

DISCLAIMER

This announcement contains certain forward-looking statements. Forward looking statements include but are not limited to statements concerning Redbank Copper Limited's ('Redbank's') planned exploration program and other statements that are not historical facts including forecasts, production levels and rates, costs, prices, future performance or potential growth of Redbank, industry growth or other trend projections. When used in this announcement, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential",