Phase III RC Drilling Results Confirm Southern Extension of Christmas Gift Prospect Burracoppin Gold Project, WA

Highlights:

• Potential large gold endowment at the Burracoppin Gold Project based on the drill results received from the RC drilling campaigns completed by Askari Metals
• broad zones of gold mineralisation defined confirming the southern extension of the Christmas Gift prospect
• closes the gap between the mineralisation at the Christmas Gift prospect in the north and the Benbur prospect in the south – potential to join the mineralisation significantly increases the scale of the potential gold endowment
• A total of 40 RC holes were drilled for 3,639m completed during June 2022
• Assay results from the first 9 holes have been received around the Christmas Gift prospect with results confirming the southern extension of the mineralisation at Christmas Gift
• Results include:
• o 10m @ 1.38 g/t Au from 34m downhole in hole ABRCO33Q, including:
  3m @ 3.62 9/t Au from 41m
  Im @ 8.74 g/t Au from 42m
• and
• 1m @ 2.06 g/t Au from 63m
• o 3m @ 2.01 g/t Au from 45m downhole in hole ABRCO38, including:
  Im @ 5.06 g/t Au from 46m
• Further assay results from the Phase III campaign are expected to be received shortly

Askari Metals Limited (ASX: AS2) (‘Askari Metals” or “Company”), an Australian-based exploration company with a portfolio of battery metals (Li + Cu) and precious metals (Au + Ag) projects across Western Australia, Northern Territory and New South Wales, is pleased to announce that the Company has received the results for the first nine (9) holes out of a total of forty (40) holes drilled as part of the Phase III RC drilling program completed on its 100% owned Burracoppin Gold Project, located in the Wheatbelt region of Western Australia along strike of the Ramelius Resources “Edna May Gold Mine” (JORC (2012) Mineral Resource of 3IMt @ 1.0 g/t Au for 990,000 ounces of gold – refer to February 2022 resource update).

In June 2022, the Company completed a third phase of drilling on the Burracoppin Gold project, comprised of forty (40) RC drill holes for 3,639m. The program tested several targets, including strike extensions of the mineralisation at Burgess Find, Christmas Gift, Lone Tree and Easter Gift. The program also tested previously unexplored targets identified by the soil geochemical anomalies.

Commenting on the results from the first nine (9) holes, Vice President – Exploration and Geology, Mr Johan Lambrechts, commented:

“The Company is pleased with the results of the first nine holes from the 3 phase of RC drilling on the Burracoppin project. The assay results have confirmed a southern strike extension of the mineralisation from the Christmas Gift prospect toward the main zone of mineralisation at Benbur. Connecting these two zones with in-fill drilling will add significant scale to the future potential of the Burracoppin Gold Project.

Most of the assay results remain outstanding and the Company is eager to receive and analyse them. Once received the Company will compile them with the results from previous phases of drilling and will update the 3D geological model for potential resource definition.

We look forward to keeping our investors informed of the progress.”

Phase Three RC Drilling Program

The phase three RC drilling program at the Burracoppin Gold Project was designed as an extensional drilling program targeting interpreted strike extensions of the mineralisation previously identified at Burgess Find, Christmas Gift and Benbur in the North, and Easter Gift
and Lone Tree in the South.

The program also tested several targets identified by the Company’s previously completed soil geochemical program. This program highlighted potential gold mineralisation in the far northern portion of the Burracoppin project and to the east of Benbur.

These geochemical anomalies represent highly valuable targets as they had never been tested by drilling before and may result in a significant increase in the project’s future potential if they return positive results. The phase three project did not test below and near existing areas of mineralisation. This is planned for future phases of drilling.

This announcement refers to the first nine (9) RC drill holes for which we have received assay results. They are concentrated in the northern portion of the phase three drill program as illustrated in Figure 1, below.

Discussion of Results

Burgess Find – Strike Extensional target

Holes ABRCO33-ABRCO36 were drilled to the north of Burgess Find and aimed to test the potential strike extension of mineralisation in this area. ABRCO33 intersected 2m @ 1.09 g/t Au from 31m downhole including 1m @ 2.11 g/t Au from 32m. This intersection was made on the eastern side of the magnetic anomaly striking through the area and did not align with the current mineralised intersections in the database and therefore warrants further investigation.

ABRCO34 intersected 3m @ 0.75 g/t Au from 99m downhole including Im @ 1.17 g/t Au from 99m. This intercept aligns with the current interpreted mineralisation model and represents a deep intersection. Hole ABRCO35 did not intersect any significant gold mineralisation. Hole ABRCO36 was drilled to the northwest of the Burgess Find prospect and failed to intersect any significant mineralisation in this area. Interpretation of the current results indicates that mineralisation may lie westward of its design. This will be revisited once all the results have been received.

Christmas Gift – Strike Extensional target

Hole ABRCO37 was designed to test for a separately interpreted set of the mineralised units parallel and to the west of the primary mineralised system on the Burracoppin Gold Project. Hole ABRCO37 was abandoned at 9m depth and redrilled a few meters away as ABRCO37A.

Both holes intersected mineralisation near the surface, with hole ABRCO37 intersecting 4m @ 1.76 g/t from the surface, including 3m @ 2.11 g/t Au from the surface. Hole ABRCO37A intersected 4m @ 0.97 g/t Au from surface including 1m @ 1.31 g.t Au from surface. These intercepts highlight the potential surface gold mineralisation in the laterite cover on the Burracoppin Gold Project, which will be further investigated through future drilling campaigns.

Holes ABRCO38-ABRCO39 were drilled to the south of Christmas Gift and aimed to test the potential strike extension of mineralisation in this area. ABRCO38 intersected 3m @ 2.01 g/t Au from 45m downhole including 1m @ 5.06 g/t Au from 46m. ABRCO39 intersected 10m @ 1.38 g/t Au from 34m downhole including 3m @ 3.63 g/t Au from 41m as well as including 1m @ 8.74 g/t Au from 42m. Slightly deeper downhole, an intersection of 2m @ 1.25 g/t Au from 63m, including Im @ 2.06 g/t Au from 63m, was also made.

The mineralised intercepts in holes ABRCO38 and ABRCOS39 represent evidence of the southern strike extension to the mineralisation from Christmas Gift and closes the gap between the Christmas Gift prospect in the north and the Benbur prospect in the south.

This in-fill area identifies an important target for future drilling campaigns on the Burracoppin Gold Project. The potential to join the mineralisation between the Christmas Gift prospect in the north and the Benbur prospect in the south significantly increases the scale of the potential gold endowment at the Burracoppin project.

Hole ABRCO4O targeted a set of historical workings swinging westward and across the interpreted strike of the mineralisation. These workings represent an anomaly in terms of the strike they indicate and were therefore tested with one hole during the program. Hole ABRCO4O intersected Im @ 1.03 g/t Au at 92m downhole. This intercept is immediately below the line of workings and validates the existence of mineralisation at this location. More work will be required in this area to define this secondary zone’s mineralisation potential.

Future work

This announcement represents the results of the first nine (9) RC drill holes completed as part of the third phase of drilling on the Burracoppin Gold Project.

The Company is eagerly awaiting the remaining results in order to interpret them and determine their impact on the current mineralisation model of the Burracoppin project and gauge their influence on the future exploration plans for the project.

The incorporation of the recent data with the current geological model will be completed once all results have been received. The revised model will be fundamental in the future exploration design of the project. Further phases of drilling are anticipated, and the Company
is eager to keep its shareholders informed about the progress and results of the Burracoppin Gold project.

The maiden drilling program on the Company’s 100% owned Horry Copper and Gold Project in the Kimberley region of Western Australia continues and the Company is excited by the potential of this project.

For further information, contact:

Gino D’Anna Rod North, Managing Director
Executive Director Bourse Communications Pty Ltd
M +61 400 408 878 M: +61 408 670 706
gino@askarimetals.com rod@boursecommunications.com.au

Johan Lambrechts
Vice President – Exploration and Geology
M +61 431 477 145
johan@askarimetals.com

About Askari Metals Limited

Askari Metals was incorporated for the primary purpose of acquiring, exploring and
developing a portfolio of high-grade battery (Li + Cu) and precious (Au + Ag) metal projects
across Western Australia, Northern Territory and New South Wales. The Company has
assembled an attractive portfolio of lithium, copper, gold and copper-gold
exploration/mineral resource development projects in Western Australia, Northern Territory
and New South Wales.

For more information please visit: www.askarimetals.com