Aeon Metals Limited provided updated Mineral Resource estimates for its 100%-owned Walford Creek Copper-Cobalt Project in north-west Queensland (Walford Creek Project). Independent geological consultants, H&S Consultants Pty Ltd. (H&SC), was retained to incorporate all results from the 2022 Walford Creek drilling campaign and complete an updated Mineral Resource estimate for the Walford Creek Project. Over the past eleven years H&SC has completed seven resource estimates for Walford Creek with all changes in the estimates consistent with the additional drilling and the geological interpretation.

The estimates have been reported in accordance with the 2012 JORC Code and Guidelines. In 2022 Aeon drilled 33 exploration and infill holes for approximately 6 km of strike on the Amy & Le Mans sections of the project. The drilling involved targeting the PY1 unit (the upper zone) immediately west of the previously reported Marley deposit and infill drilling along the length of the Amy and Le Mans sections of the PY3 unit (the lower zone).

The new estimates for Amy/Le Mans have utilised a total of 131 holes, predominantly diamond core, for almost 46,550 metres and approximately 18,400 assays in the delineation of the resource estimates (including peripheral holes). The updated resource estimates incorporate this recent infill drilling, on 50 m and 100 m centres for selected portions of the deposits. A substantial amount of metallurgical testwork and mine planning studies have been completed on the whole project.

This upgraded MRE will be subjected to new mine optimisations in due course. Given the scale of the current increases and the potential for further increases with further drilling of known gaps in the current Mineral Resources and testing of new target areas, the proposed mine optimisations will be examined at a range of higher production rates. Such work might necessitate further revisions to current assumptions for cut-off grades, mine life, etc.

The host stratigraphy and mineral style for Amy and Le Mans are identical to those encountered at Vardy and Marley and demonstrate approximately 10 km of geological continuity. The metal grades for the Amy and Le Mans Copper and Peripheral Cobalt Mineral Resources are relatively similar to those grades for Vardy & Marley Mineral Resources, especially the copper grade. A reasonable conclusion is that both PY1 and PY3 are the result of the same mineralising system and that this system is consistent over the whole length of Vardy, Marley, Le Mans and Amy areas.

The deportment of the Peripheral Cobalt mineralisation in Amy, and to a lesser extent in Le Mans, is such that a reduction in cobalt cut-off grade over the range from 1000 ppm to 100 ppm is typically accompanied by an increase in zinc grade of the resulting larger resource. A thorough review of this phenomenon will be undertaken in due course which may result in further changes in the determination of cut-off grade for reporting the Cobalt Peripheral mineralisation. It is possible that a multi-element cut-off grade might be required to accurately reflect the potential economic mineralisation.

The new Amy and Le Mans Copper Mineral Resource estimates are reported separately using a 0.5% copper cut off, and, as an exclusive Peripheral Cobalt Mineral Resource with a 500 ppm cobalt cut off. The copper cut off is consistent with the previously reported Marley and Vardy deposits whilst the cobalt cut-off grade was reduced from 600 ppm to 500 ppm to better reflect current project economics and the spatial occurrence of other metals, particularly zinc. The estimates are reported for block centroids inside the relevant mineral wireframes with an eastern limit of 207,000mE for Amy and an eastern limit of 210,675mE for Le Mans. The redefinition of the Amy eastern boundary and the introduction of the Le Mans zone make comparisons with the previous Inferred Amy Mineral Resource redundant.

The combined Amy and Le Mans Copper Mineral Resource now stands at 13.5 Mt @ 2.49% CuEq (1.16% Cu, 0.17% Co, 1.92% Pb, 0.84% Zn, 29.0 g/t Ag, and 0.09% Ni), extending over a strike of 6.1km. The combined Amy and Le Mans Peripheral Cobalt Mineral Resource now stands at 12.6 Mt @ 1.02% CuEq (0.23% Cu, 0.08% Co, 1.23% Pb, 0.80% Zn, 24.4 g/t Ag, and 0.04% Ni), extending over a strike of 6.1km.