Aurelia Metals : Further drilling success across the Aurelia portfolio

ASX ANNOUNCEMENT

28 April 2022 | ASX: AMI

FURTHER DRILLING SUCCESS ACROSS THE AURELIA PORTFOLIO

Aurelia Metals Limited (ASX: AMI) (Aurelia or the Company) has continued to deliver outstanding drill results across its portfolio of assets and suite of foundational commodities. The latest results affirm the Company's view that it holds one of the most geologically prospective ground positions in Australia and has the expertise and capability to discover and convert this endowment to significantly grow shareholder value.

Highlights

PEAK MINE

Great Cobar extensional drilling has intersected significant copper and gold mineralisation more than 300m down dip of previous drilling and well outside the current Mineral Resource envelope (see ASX statements, Exceptional new copper results at Great Cobar, 12 October 2021; 2021 Group Mineral Resource and Ore Reserve statement, 23 July 2021; and Copper potential unlocked at Great Cobar, 28 June 2021). Results include:

•  74.2m @ 1.6% Cu, 0.8g/t Au in DD21GC0031C

  •  including 24.0m @ 1.6% Cu, 2.2g/t Au (with 4.1m @ 3.3% Cu, 11.8g/t Au)

  •  including 7.0m @ 2.9% Cu, 0.4g/t Au

  •  including 9.2m @ 3.5% Cu, 3.7g/t Au

Extensional drilling at the Kairos deposit delivered more spectacular grades:

•  4.8m @ 41.3g/t Au, 2.7% Pb, 3.6% Zn in UD21PK0178

  •  including 1.8m @ 107.9g/t Au

•  6.0m @ 1.6% Cu, 0.2g/t Au in UD21PK0179

  •  including 1.3m @ 6.0% Cu, 0.5g/t Au

FEDERATION

Stand out results continue to be received from the recent intensive infill drilling program including:

•  31.0m @ 6.5% Pb, 11.1% Zn in FDD177W5

  •  including 10.2m @ 15.3% Pb, 29.1% Zn

•  18.3m @ 8.3% Pb, 15.0% Zn in FDD173

  •  including 7.7m @ 16.9% Pb, 31.7% Zn

•  18.0m @ 5.8% Pb, 11.9% Zn in FDD167W1

  •  including 5.2m @ 14.8% Pb, 31.4% Zn

DARGUES GOLD MINE

Dargues infill and extensional drilling are improving geological confidence at depth, with results including:

•  15.8m @ 3.8g/t Au in DRU139

  •  including 4.4m @ 9.2g/t Au

•  4.9m @ 5.7g/t Au in DRU137d

  •  including 1.6m @ 10.2g/t Au

•  10.0m @ 3.0g/t Au in DRU144

  •  including 0.3m @ 23.6g/t Au

Commenting on the latest drilling results, Aurelia Metals' Managing Director and Chief Executive Officer, Dan Clifford, said:

"It is pleasing to report further excellent drilling results across all our key assets and commodities. Off the back of a 63% increase in Mineral Resource in FY21, our geology team continue to deliver significant exploration and resource extension success. Our pipeline of exploration and development projects is primed, and the team are firmly prioritising efforts across our extensive and highly prospective tenement package. The exploration declines at Federation and Great Cobar are due to commence in the coming months which will further enhance our ability to efficiently delineate and extend these great deposits and deliver future feed to our established processing facilities."

PEAK MINE

Exploration results are reported from the 2021 drill program that tested depth extensions to the Great Cobar deposit and, more recently, drilling along strike of the Kairos deposit.

Great Cobar

Drill hole DD21GC0031, the deepest drillhole to date at Great Cobar, intersected significant copper and gold mineralisation more than 300m down dip of previous drilling. Subsequent wedges from that hole have shown strong mineralisation well below the current Mineral Resource envelope. The Great Cobar deposit remains open down-dip and along strike in both north and south directions.

Significant recent drill results from Great Cobar are summarised below, showing strong copper mineralisation and the emergence of higher gold tenor at depth.

Table 1: Significant Intersections from the Great Cobar Drilling Program

Level 17, 144 Edward Street Brisbane QLD 4000office@aureliametals.com.auBrisbane QLD 4001

07 3180 5000 aureliametals.com.au ABN: 37 108 476 384

DD21GC0031C

60.8

1.6

0.8

1101.0

Schematic long section of the Great Cobar deposit looking towards 270° (west) showing selected recent intercepts against the outline of the current Mineral Resource envelope. A full list of recent intercepts is provided in Table 8.

Kairos

Drilling continued at Kairos to test the northern strike extent of the deposit. Mineralisation was consistently intersected north of Kairos which ranged from Cu-Au dominated to Pb-Zn-Ag dominated.

Hole 178 intersected some of the highest gold grades seen at the Peak Mine, showing that the upper north and along strike north areas of Kairos remain prospective and warrant further investigation. Drilling identified a new area in upper north Kairos where an overlap occurs between the Kairos lens and the Peak North orebody which extends further down-dip than previously modelled. The area is now prospective at two stratigraphic positions and will be the subject of follow-up drilling.

Table 2: Significant Intersections from the Kairos Drilling Program

Schematic long section of the Kairos deposit looking towards 270° (west) showing selected recent intercepts against the outline of the current Mineral Resource envelope. A full list of recent intercepts is in Table 10.

FEDERATION

The Federation Project is at an exciting stage in its development, with the commencement of the box cut in preparation for the exploration decline (see ASX announcement 13 April 2022) occurring within three years of the discovery hole. The Project is poised to return to an expansion phase of drilling following the imminent completion of the current infill drilling campaign which involved up to five surface drill rigs working at the site. The next phase of surface drilling will test highly prospective extensions to the Federation deposit, which remains open in several directions, and other local targets.

Federation site with five drill rigs operating along the strike length of the deposit

Recent drilling focussed on building geological confidence along the deposit's strike length at the Northeast Deeps Lens, the Western Lens and the Hesperides Lens. The extensive program was designed to support the preparation of the Feasibility Study and declaration of a maiden Ore Reserve, both expected mid-CY22.

Massive to Semi-massive Pb-Zn Sulphides in drillhole FDD177 from 550.3m to 553.8m with intense chlorite alteration

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