Horseshoe Metals Limited provided an update on its operations following the successful reinstatement to trading on the ASX on February 18, 2022. The Company is now well capitalised to unlock the significant underlying potential of its Horseshoe Lights Copper-Gold Project. The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx.

60 km west of DeGrussa Copper Mine operated by Sandfire Resources. Past production from Horseshoe Lights includes ~316,000 oz Au & 55 kt Cu metal and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off). Considerable exploration upside has been identified, with the Company targeting high-grade extensions beneath the existing open pit, which has only been drilled to a depth of ~250m.

Proximal major deposits in Bryah Basin have been drilled to a depth of at least ~800-1000m. The Company expects to embark upon planned Phase 2 activities shortly which will include further RC drilling, auger sampling and stockpile resource estimations at Horseshoe Lights. Further, the Company is in the process of updating a Scoping Study previously released to the market on the December 19, 2014, in light of vastly improved copper pricing inputs.

This information was previously released under an earlier edition of the VALMIN code, which was updated in 2015. The Company intends updating inputs for the 2014 Scoping Study, primarily to assess the effects on and mineral values associated with the different resource types, grade cut-offs, and resource classifications, and their respective development streams. It is also anticipated that updated economics will highlight additional drilling requirements in certain areas, driven by new, deeper pit shells. The Company notes that while the deposit contains additional drilling post the July 31, 2013 announcement of the Horseshoe Lights in situ Resource, the existing resource estimate will be utilised for the update.