DMC Mining Limited Updates the Market on Exploration Results Received from Its Gibb River Cu Project 1 (In Application) in the East Kimberley Region of Western Australia

DMC Mining Limited updated the market on exploration results received from its Gibb River Cu Project 1 (Project) (in application) in the East Kimberley region of Western Australia. Rock chip and soil results received are from an initial field reconnaissance trip conducted in July 2022 which aimed to investigate and test historic reports of copper anomalism at the geological contact of the Middle and Lower Members of the Pentecost Sandstone Formation (Pkpm and Pkpl respectively). A total of 27 rock and 11 soil samples were collected during the reconnaissance trip.

Anomalous results received are detailed below in Figure 1 below. Work conducted focused on the accessible portion of the DMC tenement package along the Gibb River-Wyndham Road section within E 80/5781 (Refer Figure 2). This is a location where historical 1970's drilling was completed, intersecting up to 2,244 ppm Cu (Refer Figure 1).

The initial samples across the Middle and Lower Pentecost formations confirms the prospective horizon, and the surface geochemistry associated with this horizon. This is the same anomalism as detected by Durack Mines prior to their drilling campaign in 1971 (Refer Figure 3). Comparing the geochemical results with the GSWA interpreted bedrock geology (1:500k scale) and 1:250k geological map sheets for the project, It becomes very apparent that the anomalism is trending along the Pkpl ­ Pkpm contact with grades increasing to the east (Figure 1 and Figure 4).

This is an easy geological contact to recognise in the field as it forms a low-level ridge, as seen in Figure 4. DMC has recently updated the market on sampling of legacy Exploration Incentive Scheme (EIS) funded drillhole KCDD19001. Logging confirmed the presence of sulphide minerals hosted in veins and fractures of the Carson Volcanic unit. Sampling of the Carson Volcanic Unit and contact with the Warton Sandstone has been completed, and samples have been received by the laboratory.

Results are expected late January 2023 and the market will be updated at this stage. The Company will also take steps to progress the application through to granting. The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.