Conico Ltd. provided an update on exploration activities at the wholly owned Ryberg Project in East Greenland approximately 365km north-west of Iceland. Drilling activities concluded on 5th September 2022 having commenced on 18th July 2022. A total of 11 diamond drill holes were completed across four prospects, targeting Cu-Ni-Au- platinum group element (PGE) mineralisation at Sortekap, Miki, Cascata and Pyramid Prospects.

Seven of the holes intersected zones of weakly disseminated and/or disseminated sulphides in mafic dykes at the Sortekap and Miki Prospects. Assay results are awaited, with 344 samples from Sortekap and Cascata already received by an accredited laboratory. A further 345 from the Sortekap, Miki, and Pyramid Prospects will be shipped later this week.

Exploration data obtained the from previous years' field campaigns (regional magnetics, local induced polarisation, and electromagnetic surveys, plus drill and surface geological data) were utilised to aid targeting. MIKI PROSPECT DETAIL The Miki Dyke is an NNE trending body of medium to coarse-grained dolerite and gabbro intruded into units of local basement gneiss. Six drill holes were completed along a 3,700 m length of the dyke where the surface width of the dyke varies between approximately 160 m and 400 m. Mineralisation, was encountered within the footwall of the dyke and into the contact with the underlying gneiss.

Mineralisation consisted of chalcopyrite variably associated with bornite, pyrrhotite/pyrite, and magnetite. Significant intersections include: · MIDD011: 17.7 metres of disseminated sulphides from 180.2 m. · MIDD013: 9.8 metres of disseminated sulphides from 38.0 m & 12.0 metres of disseminated sulphides from 56.0 m & 1.4 metres of disseminated sulphides from 82.6 m & 3.9 metres of disseminated sulphides from 102.5 m & 32.6 metres of disseminated sulphides from 109.8 m. · MIDD014: 17.7 metres of disseminated sulphides from 47.0 m. Drill core samples were collected on-site and will be sent to an accredited laboratory in Ireland later this week. Drill core is currently being transported from Greenland to Conico's facilities in continental Europe.

SORTEKAP PROSPECT DETAIL Drilling at Sortekap targeted induced polarisation (IP) chargeability and magnetic anomalies from 3D inversions of data collected in 2020 and 2021. SODD004 tested an IP chargeability anomaly and intersected a zone of mineralisation in the footwall of a mafic dyke and in an adjacent gneiss. Mineralisation included weakly disseminated and/or disseminated chalcopyrite with minor pentlandite; this hole was followed up by SODD005 which intersected weakly disseminated chalcopyrite mineralisation.

Significant intersections include: · SODD004: 4.2 metres of disseminated sulphides from 103.6 m & 15.8 metres of disseminated sulphides from 260.4 m. · SODD005: SODD005: 32.6 m of weakly disseminated sulphides from 68.5 m. CASCATA AND PYRAMID RECONNAISSANCE DRILLING A single drill hole, CADD003 was drilled at Cascata. This hole was located approximately 1,600 m SW from the two holes drilled by Conico in 2021 and was a further scout hole to investigate the volcanosedimentary sequence and an interpreted layered gabbroic intrusive intersected in the previous drilling. The hole drilled through a sequence of dykes and volcaniclastic units containing weakly disseminated pyrite and pyrrhotite before encountering a gabbroic body from 369 m to the end of the hole at 416.5 m. Forty-eight samples to test the gabbroic intrusion and establish geochemical backgrounds will be shipped for analysis after demobilisation.

At Pyramid, two magnetic anomalies identified from the 2021 aeromagnetic data were visited. The first anomaly coincided with an 800 m by 400 m intrusion of magnetite-bearing pyroxenite and the second anomaly coincided with a high ridgeline with surface float of volcanic/volcanosedimentary rocks containing strong magnetite alteration. A single drill hole (PYDD001) was drilled to test under the ridge with the magnetite-altered float rocks.

The hole drilled through a sequence of micaceous shales and calcareous sandstones but was abandoned due to poor ground conditions before reaching the planned target depth. No samples were collected from the drill core.