Hexagon Energy Materials Ltd. announced progress updates on its key projects Preparatory work, approvals and contracting of drill equipment and operators is finalized as the Company prepares to commence drilling operations at McIntosh in the coming weeks. The fully funded drill program to quantify the Nickel /Platinum Group Element mineralization at McIntosh is the culmination of two years of analysis of historical data and new groundwork that has been undertaken over the tenements. Initial results from the drill program are expected in Fourth Quarter with additional information through to early First Quarter 2023.

Meanwhile, the initiative for graphite is moving ahead following Hexagon's agreement with Green Critical Minerals (GCM). More details on both of these works are detailed below. Considerable progress has been made on Hexagon's WAH2 Hydrogen project.

The management team proceeds with a core focus on four key elements of the project: Securing Gas supply for blue hydrogen feedstock. Securing land for site location in the Company's preferred NW Coast of Western Australia. Finalizing agreements around access to CO2 sequestration capacity.

Strategic conversations with offshore customers /funding partners. In the last month progress has been made on all these fronts as detailed in the following Hydrogen section. In June, geologists had been on site at Hexagon's McIntosh Project tenements to undertake final preparations and recognizance work for the upcoming fully funded drill program.

The drill program will focus on Melon Patch (Paton Gabbro 1, Panton Peridotite and WDC Gabbro 1 prospects), along with testing a number of historic geophysical targets which have been identified during the comprehensive analysis that has taken place over the past two years. All necessary approvals have been obtained and a heritage survey will be undertaken in the coming weeks. The upcoming program comprised of approximately 6,500 meters, will be drilled with the locations of proposed drilling holes.

Downhole geophysics will be completed for each hole. Hexagon's McIntosh project is highly prospective due to the amount of historical work that has now beencollated showing continuity with surrounding formations. McIntosh lies 25 kilometers directly north of Future Metals NL's Panton PGE Project, one of Australia's largest and highest-grade PGE Projects, shown McIntosh also lies around 15 kilometers along strike from Panoramic Resources Limited's (PAN) world-class Savannah Ni-Cu-Co Mine and surrounds PANs Copernicus deposit.: 1. Panton Peridotite Targets Identified anomalies to be drilled include 3.63g/t 3PGE, 0.35% Cu, 0.18% Ni and 3.01 g/t 3PGE, 0.27% sted southwestern portion of this high-grade surface soil geochemistry anomaly will also be drilled.

The north-western part of the anomaly has significant historical drill intercepts of 1m @ 1.00g/t 3PGE in hole SMP002 and 20m @ 0.75g/t 3 PGE in hole SMP006 . This 1.1km long, 350m wide PGE soil anomaly recorded results up to 3 g/t 3PGE, 0.24% Ni and 1.23g/t 3PGE, 0.22% Ni . This 1.25km long, 320m wide PGE soil anomaly recorded results up to 0.12% Cu, 0.10% Ni, 150ppb Au and 0.10% Cu, 0.14% Ni.