Mincor Resources NL : Outstanding new high-grade nickel intercepts at Golden Mile

Recent drilling into the LN04a surface, located in the Golden Mile exploration zone, between the Long and Durkin North mines, has returned further significant new high-gradeintersections:

o ULG-22-045- 3.7m @ 8.6% Ni

o ULG-22-046- 3.7m @ 6.8% Ni

o ULG-22-060- 5.0m @ 4.5% Ni

o ULG-22-027- 4.7m @ 4.5% Ni

These latest intercepts have, at a minimum, confirmed the strike and dip extents of the new surface of 550m and 150m respectively, with potential for further expansion identified

The LN04a surface continues to reinforce the potential of the Golden Mile zone to host significant high grade nickel mineralisation in close proximity (within 90 metres) to existing underground infrastructure Two diamond drill rigs continue operating underground at the Northern Operations, with drill programs focused on both Golden Mile exploration and grade control drilling

NEW NICKEL SURFACE AT GOLDEN MILE CONTINUES TO EVOLVE WITH

OUTSTANDING NEW HIGH-GRADEINTERCEPTS

Initial Mineral Resource for newly-discoveredLN04a surface on track for release in July 2022

ASX ANNOUNCEMENT

02 June 2022

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personalMincor Resources NL (ASX: MCR, "Mincor" or the "Company") is pleased to report further significant results from underground drilling targeting the recently discovered nickel surface in the highly prospective exploration

zone between the Company's Long and Durkin North Operations at Kambalda in Western Australia (together, the "Northern Operations").

Drilling continues to expand and increase confidence in the LN04a surface, paving the way for an initial Mineral Resource Estimate (MRE) in July 2022, if not earlier with the timely delivery of assays.

New drilling points to an expanded LN04a surface

When Mincor first announced the discovery of the LN04a surface (see ASX Release 21 March 2022), the Company defined the initial spatial extents of the new surface of approximately 550m by 150m.

The latest round of drilling has provided additional confidence in the continuity of the mineralised surface within those extents, but with potential to grow beyond the original interpretation, with the surface remaining open along strike and, notably, up-dip (Figure 1).

ForRecent drilling has also continued to reflect the high-grade massive sulphide intersections observed in the earlier rounds of drilling, resembling the typical Kambalda-type ore surface mined historically at Mincor's Northern Operations.

A significant underground drilling program will continue at the Golden Mile over the remainder of CY2022.

TEL	08 9476 7200	POSTAL ADDRESS	REGISTERED OFFICE
FAX	08 9321 8994	PO Box 1810	Ground Floor, 9 Havelock Street
EMAIL	[e-mail]	West Perth WA 6872	West Perth WA 6005
WEBSITE	www.mincor.com.au	Australia	Australia
ACN	072 745 692

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personalFigure 1: Schematic of the Northern Operations (facing North), highlighting key new drill hole intercepts within the LN04a surface. LN04a Surface remains open in the directions indicated by red arrow(s).

Forigure 2. Location of the conceptual LN04a surface within the greater Kambalda Dome (facing South). Note the extent of Golden Mile drilling still to take place over the remainder of CY22.

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Kurt Walker

GM Corporate Development Mincor Resources NL

Email: [e-mail]

Tel: [phone]

Media Inquiries:

Nicholas Read

Read Corporate Tel: [phone]

- ENDS -

onlyuseFigure 3. Massive and matrix textured nickel intercept in underground diamond drilling, LN04a (ULG-22-045)

Management Comment

personalMincor's Managing Director, David Southam, said: "The Golden Mile exploration is continuing to gather serious momentum, with the latest round of drilling into the LNO4a surface not only confirming our original

interpretation, but also highlighting the potential to expand the surface. Importantly, we are continuing to see high-grade, high tenor nickel sulphide intersections that are typical of the orebodies of Mincor's NorthernOperations.

"Our early success at the Golden Mile reinforces the Company's long-held view of the outstanding exploration potential between the Long and Durkin North operations at Kambalda. It is a vote of confidence in the Company's strategy to combine the infrastructure of the two operations and dedicate significant resources to unlock thisexciting exploration opportunity.

"With production now underway from both Northern Operations and Cassini, first cash-flow expected in June, and our exploration and resource teams working hard to deliver an Initial Mineral Resource for the LN04a surface, we expect that the next few months will be an exciting time for Mincor as we complete our transition toa mid-tier nickel producer and strengthen our near-term growth pathway."

ForApproved by:

Board of Mincor Resources NL

or further details, please contact:

David Southam

Managing Director

Mincor Resources NL

Email: [e-mail]

Tel: [phone]

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Summary Information

The following disclaimer applies to this announcement and any information contained in it (the Information). The Information in this announcement is of general background and does not purport to be complete. It should be read in conjunction with Mincor's other onlyperiodic and continuous disclosure announcements lodged with ASX Limited, which are available at www.asx.com.au. You are advised to read this disclaimer carefully before reading or making any other use of this announcement or any Information contained in this announcement. In accepting this announcement, you agree to be bound by the following terms and conditions including any

modifications to them.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Mincor's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Mincor, which could cause actual results to differ materially from such statements. Mincor makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this announcement.

	APPENDIX 1: Nickel Mineral Resources and Ore Reserves
useNickel Mineral Resources as at 30 June 2021
personal	RESOURCE		MEASURED		INDICATED			INFERRED					TOTAL
	Tonnes			Ni (%)		Tonnes		Ni (%)		Tonnes		Ni (%)		Tonnes			Ni (%)		Ni tonnes
Cassini						1,350,000		4.0	184,000	3.5	1,534,000		4.0	60,700
Long						487,000		4.1	303,000	4.0	791,000		4.1	32,000
Redross	39,000		4.9	138,000		2.9	67,000	2.9	244,000		3.2	7,900
Burnett	-		-	241,000		4.0	-	-	241,000		4.0	9,700
Miitel	156,000		3.5	408,000		2.8	27,000	4.1	591,000		3.1	18,100
Wannaway	-		-	110,000		2.6	16,000	6.6	126,000		3.1	3,900
Carnilya	47,000		3.6	57,000		2.2	-	-	104,000		2.8	2,900
Otter Juan	2,000		6.9	51,000		4.1	-	-	53,000		4.3	2,300
Ken/McMahon	25,000		2.7	183,000		3.9	54,000	3.2	262,000		3.7	9,600
Durkin North	-		-	417,000		5.3	10,000	3.8	427,000		5.2	22,400
Durkin Oxide						154,000		3.2	22,000	1.7	176,000		3.0	5,200
Gellatly	-		-	29,000		3.4	-	-	29,000		3.4	1,000
Voyce	-		-	50,000		5.3	14,000	5.0	64,000		5.2	3,400
	-		-	96,000		3.3	-	-	96,000		3.3	3,200
	Cameron
	Stockwell	-		-	554,000		3.0	-	-	554,000		3.0	16,700
	TOTAL	270,000		3.7	4,325,000		3.8	698,000	3.7	5,292,000		3.8	199,000

ForThe information in this report that relates to nickel Mineral Resources is based on information compiled by Rob Hartley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hartley is an employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which 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 Hartley consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

N te:

• Figures have been rounded and hence may not add up exactly to the given totals.

• Note that nickel Mineral Resources are inclusive of nickel Ore Reserves.

The information in this report that relates to Exploration Results is based on information compiled by Dr Zoran Seat, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Seat is a full-time employee of Mincor Resources NL. Dr Seat has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Seat consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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APPENDIX 2: Nickel Ore Reserves as at 30 June 2021

only	RESERVE							PROVED					PROBABLE											TOTAL
						Tonnes			Ni (%)				Tonnes			Ni (%)				Tonnes			Ni (%)				Ni tonnes
Cassini																		1,212,000				3.3		1,212,000			3.3		40,100
Long																		162,000					2.7		162,000			2.7		4,300
Burnett							-				-			271,000					2.6		271,000			2.6		6,900
Miitel							19,000			2.9		126,000					2.1		145,000			2.2		3,300
Durkin North					-				-			675,000					2.4		675,000			2.4		16,500
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TOTAL							19,000					2.9		2,445,000				2.9		2,465,000			2.9		71,100
		Note:
			• Figures have been rounded and hence may not add up exactly to the given totals.
			• Note that nickel Mineral Resources are inclusive of nickel Ore Reserves.
			The information in this report that relates to nickel Ore Reserves at Cassini and Long is based on information compiled by Dean Will, who is a Member of
			the Australasian Institute of Mining and Metallurgy. Mr Will is a full-time employee of Mincor Resources NL and has sufficient experience relevant to the
			style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined
			in the 2012 edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Will consents to the inclusion
			in this report of the matters based on his information in the form and context in which it appears.
			The information in this report that relates to nickel Ore Reserves at Burnett, Miitel and Durkin North is based on information compiled by Paul Darcey,
			who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Darcey is a full-time employee of Mincor Resources NL and has sufficient
			experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a
			Competent Person as defined in the 2012 edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
			Mr Darcey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
			APPENDIX 3: Drill Hole Tabulations
												Collar coordinates																	Estimated										%
	H le ID																									From			To			Interval					% Nickel			% Copper
			Local				Local			Local				EOH			Dip			Local									true width							Cobalt
						easting			northing			RL			depth					azimuth
	Long Victor - LN04a
	LG137-039		374036.5		550753.1		-392.0			512.5			8		321.9			437.60		437.92		0.32				0.1			5.9			0.7		0.2
	LG137-084		373958.0		550898.1		-388.5			350.4			11		322.6			154.30		161.30		7.00				2.3			3.8			0.3		0.1
	LG137-155		373956.6		550897.4		-389.0			577.1			1		299.6			510.00		511.00		1.00				NA			Porphyry Obscured
	LG14-38		374111.0		550600.1		-409.6			645			-1		326.0			488.00		490.00		1.00				NA			Porphyry Obscured
	LG16-409		373819.5		550941.3		-615.2			120.3			53		46.0			79.80		83.40		3.60				1.8			4.7			0.5		0.1
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LNSD-066		373471.6		550737.5		311.6			857.8			-53		44.8			782.20		783.85		1.65				1.5			2.1			0.2		0.0
	LNSD-067		373470.8		550736.7		311.4			960.4			-61		24.6			888.00		889.00		1.00				NA			Porphyry Obscured
	ULG-21-005		373868.9		550888.7		-386.2			212.8			23		1.0			143.00		144.00		1.00				NA			Porphyry Obscured
	ULG-21-009		373868.9		550888.6		-388.3			212.8			-25		339.5			159.00		160.00		1.00				NA			Porphyry Obscured
	ULG-21-018		373606.5		551020.6		-569.5			218.3			22		30.1			104.72		104.80		0.08				0.1			2.5			0.2		0.1
	ULG-21-024		373606.4		551020.9		-567.6			326.5			50		30.5			194.00		195.00		1.00				NA			Porphyry Obscured
	ULG-21-027		373869.5		550888.7		-386.9			341.8			10		340.5			160.00		161.00		1.00				NA			Porphyry Obscured
For
	ULG-21-029		373869.9		550888.3		-388.6			203.7			-58		345.9			181.60		184.01		2.41				0.8			3.4			0.5		0.3
	ULG-21-031		373869.6		550888.7		-387.9			178.3			-16		338.1			157.00		158.00		1.00				NA			Porphyry Obscured
	ULG-21-033		373870.1		550888.7		-387.4			190.1			2		349.5			144.00		145.00		1.00				NA			Porphyry Obscured
	ULG-21-040		373606.2		551020.8		-568.6			175.7			39		30.3			154.17		158.83		4.66				2.5			3.4			0.2		0.1
	ULG-21-042		373460.4		551089.7		-548.1			221.7			-1		30.1			88.47		89.10		0.63				0.6			4.4			0.3		0.1
	ULG-21-045		373460.5		551090.0		-545.7			119			27		30.4			114.61		115.77		1.16				1.1			8.2			0.4		0.2
	ULG-21-048		373460.7		551089.7		-543.7			267.8			54		30.6			257.81		262.08		4.27				1.2			3.0			0.3		0.0

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