Aeon Metals Limited announced assay results for the final six (6) drill holes from the 2022 drilling campaign undertaken at its Walford Creek Copper- Cobalt Project (Walford Creek Project) in north-west Queensland. The 2022 drilling campaign comprised 33 completed holes for over 13,255 metres drilled. The importance of correct targeting within the Walford Creek system was fully realised in 2016, where the geological model currently being used was first proposed.

Figure 2 illustrates a schematic cross section demonstrating the typical distribution of metals in relation to the geology at the Walford deposits. The high-grade copper core is presented in red, and the surrounding peripheral cobalt mineralisation is shown in blue. Four theoretical drill holes are depicted in Figure 2 over a 100 metre section.

These are designed to target Walford style mineralisation. To test the potential of high-grade fault bound Cu-Co mineralisation in PY1 and PY3, holes A (testing PY1 successfully) and C (testing PY3 successfully) must be executed precisely. These target holes essentially delineate the resource.

Holes B (testing PY1) and D (testing PY3) typically return lower grade Cu-Co metal values. The results for both PY1 and PY3 typically show that grade decreases with increasing distance from the fault. As such, it is important to note that the high-grade Cu-Co is fault-bound and thereforerequires accurately drilled target holes to delineate a resource.

The impact on results from implementing this model targeted approach is which differentiates targeted PY1 drillholes (type A, presented in orange), and targeted PY3 drill holes (type C, presented in purple), and all other drillholes that failed to test the target (grey), overlaying these with the copper block model (grade >0.8%). Standout drill hole, WFDH548, the longest and highest grade intercept at Walford Creek (98m at 2.56% CuEq, first reported by Aeon on 9 November 2022) supported the assertion that a large and laterally extensive zone of copper mineralisation existed at Amy. Results announced in this release from the most recent drill holes, WFDH553, 555 and 558, are further evidence of grade continuity.

Hole WFDH558, located 370 metres west of hole WFDH378 (46 metres at 2.93% CuEq, first reported by Aeon on 16 October 2018), returned 55.4m at 1.38% CuEq in the PY3 unit. A 14 metre wide high grade interval was noted within this intercept, grading 2.6% CuEq with some cobalt grades over 0.35% Co, and silver in excess of 200 g/t. WFDH559, located 300 metres east of the abovementioned hole WFDH558, serves as a critical link between the eastern and western portions of the Amy deposit. Importantly, the hole returned 42 metres at 2.19% CuEq in PY3 with some of the highest individual and composite cobalt grades (0.56% Co) recorded at Walford Creek.

WFDH562, drilled at the eastern edge of what is now redefined as the eastern limit of the Amy zone, confirms the strike length of Amy at 2.5 kilometres of greater than 30% CuEq metres within PY3. Importantly, hole WFDH406 drilled on the same section, intersected modest Cu-Co-Ag (390-399 m) values within the Fish River Fault, further suggesting that the fault has acted as a fluid pathway for copper-cobalt bearing mineralisation. Notably, several holes (including 548) have intersected similar pure copper' mineralisation on the fault, some well below the PY1 and PY3 targeted horizons.

These observations further enhance the case to support a coherent, laterally and vertically extensive copper-cobalt target exists in addition to the existing PY1 and PY3 lodes. WFDH555, drilled on the same section as the abovementioned WFDH378, intersected encouraging mineralisation (27 metres at 1.00% CuEq) within the PY1 unit at a relatively shallow depth. It is believed syn- to post mineral deformation has uplifted mineralised units nearer surface, creating the attractive proposition of a shallow, high grade system open to the west in both PY1 and PY3.

Due to drilling difficulties, WFDH555 failed to reach the targeted PY3 lode. The hole ended short but, encouragingly, the final 4 metres returned cobalt and silver grades (353 ppm Co and 3.33 g/t Ag) in strong silica-carbonate alteration, suggestive of a `near miss' proximal to high grade copper. WFDH553, drilled just 70 metres west of hole WFDH555, also intersected encouraging shallow grades (8 metres at 0.44% CuEq), albeit of a lower tenor, further supporting the `shallowing to the west' nature of the mineralisation.

Similarly, this hole also failed to reach the targeted PY3 high grade copper, due to drilling limitations onsite. Aeon is in discussions with several well qualified drilling companies to overcome these issues in order to determine the true extent for PY1 and PY3 mineralisation during the forthcoming 2023 season. WFDH561 was drilled 140 metres east of WFDH559 (mentioned above), to provide infill data between the high grade zones around WFDH548 (Amy West), and WFDH352 (Amy East).

Results from this hole do support the lateral continuity of mineralisation linking the western and eastern extents of Amy, and may have intersected the more distal zinc dominant portions of the mineralisation. Potential exists for high grade copper mineralisation proximal to the fault.