Meteoric Resources NL : Gold Recoveries Above 96% at Butchers Creek

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ASX ANNOUNCEMENT

13 December 2021

Butchers Creek Metallurgical Test Work Confirms Gold Recoveries Above 96%

Highlights

• Butchers Creek ore is deemed amenable to a low-cost processing route incorporating a standard CIL cyanide leach plant
• Whole of ore leaching achieved gold dissolution of 96.4 % after only 24 hours leach time
• Composited sample exhibited straightforward non-refractory metallurgical characteristics
• Physical characteristics indicate soft to medium hardness for ore readily amenable to conventional crushing
• From these results, a simplified flowsheet presents a potential low-cost treatment facility and ore which is amenable to toll treatment

Meteoric Resources NL (ASX: MEI) ("Meteoric" or "the Company") is pleased to announce the initial results of metallurgical test work carried out on recently drilled core from the sulphide zone at the Butchers Creek Deposit, the centerpiece of the Company's wholly owned Palm Springs Project in Western Australia.

The current metallurgical test work program was designed as a series of sighter tests to gauge the complexity required to recover gold from Butchers Creek using standard sulphide ore screening techniques. Samples of half core from Butchers Creek holes BCRD 484 (Composite #1) and BCRD486 (Composite #2) were sent to ALS laboratories in Perth where the two composites were formulated.

Dr. Andrew Tunks, Meteoric's Managing Director commented:

"These initial metallurgical test results of Composite #1 from Butchers Creek have produced an outstanding result in that a low cost simple "whole of ore" flowsheet using CIL only is indicated as being suitable for our project. Excellent cyanide leach recoveries in excess of 96%, with the potential to improve on this result, were achieved without the added complication, capital and operating cost imposed by either gravity recovery or flotation.

The most important outcome from this test work is the high leach recovery achieved on straight "whole of ore" leaching, which indicates the gold is well liberated and not locked up or influenced by the presence of moderate amounts of sulphides.

Such a high recovery number will feed directly into the current scoping study and will have a substantial impact on mine design and capital and operating cost estimates, The outcomes from the scoping study will drive the Company's Halls Creek strategy in 2022 and will be released in the first quarter 2022.

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Mineralogy

The XRD analyses for Composite #1 shown below (Table 3), confirms moderately sulphidic ore containing just over 1% combined sulphides. The ore also contains calcite and carbonate, ~4% by mass, which will assist with moderating potentially acid forming properties of the tailings and reduce lime consumption in the process.

Table 3. XRD analysis of Composite #1

Physical Properties

The measured physical properties (Table 4) indicated a weak to moderate hardness for ore which would not pose issues in terms of the design or selection of conventional crushing and grinding equipment.

Table 4. Physical properties of ore

Leach Tests

Table 5. Leach Tests

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All leach tests (Table 5) were completed at a conventional grind size of p80 = 75 microns. Gravity recovery was determined in a mini-Knelson Concentrator and the results of 37% - 39% gravity recoverable gold would ordinarily be extremely encouraging. However, the overall recoveries at 24 hr. leach time, even in conjunction with flotation, are only marginally improved from 96.4% to 96.5% and as such, gravity and flotation would not be justifiable. This will be the subject to further close examination as development of the Palm Springs Project continues.

The most encouraging result was obtained from the "whole of ore" leach tests, which produced a recovery of 96.4% after a leach time of only 24 hours. It was noted that the recovery dropped off at 48 hours and this may be influenced by mild preg robbing properties. This observation will be the subject of further examination as there are techniques to counter preg robbing influences if they are present and could result in better recoveries.

The most important outcome from this test work is the high leach recovery achieved on straight "whole of ore" leaching, which indicates the gold is well liberated and not locked up or influenced by the presence of moderate amounts of sulphides.

Further Work

Composite #2 test work is currently being completed at ALS and the results are expected next month.

These results will be incorporated with Composite test #1 and fed into the current scoping study that is underway with independent consultants, Auralia Mining Consulting. Results from the studies will be available in Quarter 1 2022.

This announcement has been authorised for release by the Directors of the Company.

Competent Person Statement

The information in this announcement that relates to exploration results is based on information reviewed, collated and fairly represented by Mr Peter Sheehan who is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Mr Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Sheehan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this release that relates to metallurgy and metallurgical test work has been reviewed by Mr Noel O'Brien, FAusIMM, MBA, B. Met Eng. Mr O'Brien is not an employee of the Company but is employed as a contract consultant. Mr O'Brien is a Fellow of the Australasian Institute of Mining and Metallurgy, he has sufficient experience with the style of processing response and type of deposit under consideration, and to the activities undertaken, to qualify as a competent person as defined in the 2012 edition of the "Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code). Mr O'Brien consents to the inclusion in this report of the contained technical information in the form and context as it appears.