Aeon Metals Limited announced further drilling results from its Walford Creek Copper-Cobalt Project in north-west Queensland. The 2022 drill campaign has been completed with a total of thirty-three (33) exploration holes drilled for over 13,255 metres. Targeting 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.

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 therefore requires accurately drilled target holes to delineate a resource. The impact on results from implementing this model targeted approach, 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%).

Context: At the completion of the 2021 infill drilling program at Vardy and Marley, three exploratory holes were drilled that stepped out some 345 metres to the west of the existing Marley Mineral Resource Estimate (MRE), into the Le Mans zone. These step-out holes demonstrated the previously untested (but expected) presence of continued mineralisation within the PY1 unit, with a 60-metre periphery zone intersected over 50 metres away from the Fish River Fault (FRF). "Drilling Success at Walford Creek Extends Mineralisation", provided results for four further holes drilled at Le Mans.

The additional results reported in this release further extend the known mineralisation in the Le Mans zone. Overall, these drill results, including those reported below, demonstrate the Le Mans zone has the potential to host significant mineralisation in both the PY1 and PY3 units, similar to all other known zones within the broader Walford Creek system along the Fish River Fault. Assay results for a further eight drill holes of the 2022 step out drilling program at Le Mans are reported below.

Holes WFDH550 and 554 (assay results not yet received for the latter, but visually identified over 38 metres) provide the mineralised link between established resources at Marley-Vardy and Le Mans for both the PY1 and PY3. WFDH550 is located on section 210,065mE and intersected mineralisation of robust tenor adjacent to the Fish River Fault, providing solid confirmation of both the model and PY3 mineralisation at Le Mans. Located 450 metres west, holes WFDH540 and 546 (drilled on section 209,630mE) had encouraging intersections in the PY3 and PY1 respectively.

Hole WFDH549, the westernmost Le Mans hole reported here, intersected modest grade mineralisation over 34 metres, adjacent to the Fish River fault. This hole provides critical confirmation of PY3 hosted mineralisation over >2km of strike.