ASX ANNOUNCEMENT

21 December 2021

Crusader-Templar Drilling Results include 29m @ 4.60g/t Au

For personal use only

ASX: NXM

Capital Structure

Shares on Issue 288 million Options 20 million

Corporate Directory

Mr Paul Boyatzis Non-Executive Chairman

Mr Andy Tudor

Managing Director

Dr Mark Elliott Non-Executive Director

Mr Bruce Maluish Non-Executive Director

Mr Phillip Macleod

Company Secretary

Company Projects

Wallbrook Gold Project

Bethanga Copper-Gold Project

Pinnacles Gold Project

Pinnacles JV Gold Project

(with Northern Star Limited

ASX:NST)

Mt Celia Gold Project

Highlights

  • Drilling at Crusader-Templar intersects broad high-grade gold
  • All 28 reverse circulation drill holes (RC) intersect mineralisation
  • Mineralisation exhibits good continuity across 1.6km strike
  • Diamond hole DDH#4 - no significant intercepts - drilled down a post mineralisation structure
  • 9,775m of the current 30,000m RC drill program completed - awaiting assays
  • 3 RC drill rigs and 2 diamond drill rigs booked for January start
  • 50-personexploration camp to be established at Wallbrook in early January to cater for significant increase in exploration activity in 2022

Crusader - Templar Prospect Drill Results Highlights

  • Assay results from RC drilling include:
    • 29m @ 4.60g/t Au (within 71m @ 2.06g/t Au from 25m);
    • 13m @ 5.17g/t Au (within 25m @ 2.95g/t Au from 109m);
    • 10m @ 4.45g/t Au (from 74m);
    • 16m @ 2.31g/t Au (within 68m @ 0.98g/t Au from 28m);
    • 5m @ 4.93g/t Au (within 8m @ 3.31g/t Au from 115m);
    • 3m @ 5.77g/t Au (within 8m @ 2.52g/t Au from 235m);
    • 6m @ 2.87g/t Au (within 26m @ 1.19g/t Au from 55m);
    • 4m @ 4.61g/t Au (within 12m @ 1.72g/t Au from 132m);
    • 4m @ 3.18g/t Au (within 12m @ 1.24g/t Au from 148m);
    • 8m @ 3.35g/t Au (within 52m @ 0.63g/t Au from 84m); and
    • 4m @ 4.24g/t Au (within 24m @ 0.89g/t Au from 80m).

Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased to announce high-gradeassay results from recent drilling at the Crusader

- Templar Prospect, within the Company's Wallbrook gold project in WA.

Nexus Managing Director Andy Tudor commented "The broad high-gradegold results continue to impress and build our confidence in the continuity of the high-gradegold mineralisation at Crusader-Templar.The results from DDH#4, which appears to have been drilled down a cross-cutting post-mineralisationstructure, continues to increase our understanding of the gold distribution in this very large system."

________________________________________________

Nexus Minerals Limited (ASX: NXM)

ABN: 96 122 074 006

41-47 Colin Street, West Perth, Western Australia 6005

PO Box 2803, West Perth WA 6872

T:+61 8 9481 1749 F: +61 8 9481 1756 W: www.nexus-minerals.com

Page 1 of 10

For personal use only

The location plan in Figure 1 and the long section in Figure 2 show the 1.6km strike extent of the Crusader- Templar Prospects. Figure 2 shows the limited amount of drilling undertaken to date and the opportunity that exists both within the known strike distance and also at depth. As more drilling is completed as part of the current 30,000m RC program (9,775m completed to date), the density of drilling will increase and internal characterisitcs to the mineralisation including internal plunge geometry to the mineralisation will mature. Nexus has planned a follow-up 40,000m RC and 6,000m diamond program to commence following completion of the current 30,000m RC program.

The gold mineralisation tenor and widths observed to date are consistent with broad mineralisation in the shallower levels <100m (Hole#195 29m @ 4.60g/t Au within 71m @ 2.06 g/t Au from 25m and Hole #218 16m

  • 2.31g/t Au within 68m @ 0.98g/t Au from 28m), giving way to the broad high-grade intersections at depths of >100 meters (Hole#198 13m @ 5.17g/t Au, within 25m @ 2.95g/t Au from 109m and Hole#201 5m @ 4.93g/t Au, within 8m @ 3.31g/t Au from 115m).

The alteration observed in diamond hole #4 that did not correspond to mineralisation, is believed to be a function of a very late-stage cross cutting oblique structure. Whilst the drillhole represents only a point in space, and a very small component of the total strike length, this late-stage structure has provided a conduit for increased fluid flow / silica flooding but in doing so has re-mobilised the gold. This feature is also observed at the multi-million ounce Karari Gold Mine (Northern Star) 30km to the south.

Hole ID

Easting

Northing

mRL

Azimuth

Dip

EOH (m)

From(m)

To (m)

Interval (m)

g/t Au

Sample Type

NMWBDD21-003

433260

6697675

369

90

-60

306.81

90.1

98.32

8.22

3.53

Half HQ core

inc.

90.55

91.35

0.8

13.15

Half HQ core

and

96.36

98.32

1.96

9.3

Half HQ core

NMWBRC21-195

433294

6697704

371

90

-60

138

25

96

71

2.06

1 metre cone split

inc.

40

69

29

4.60

1 metre cone split

NMWBRC21-198

433459

6696430

376

0

-90

162

74

84

10

4.45

1 metre cone split

109

134

25

2.95

1 metre cone split

inc.

120

133

13

5.17

1 metre cone split

NMWBRC21-199

433297

6697679

371

90

-60

210

55

81

26

1.19

1 metre cone split

inc.

62

68

6

2.87

1 metre cone split

inc.

78

81

3

2.95

1 metre cone split

NMWBRC21-201

433254

6697626

371

90

-60

300

115

123

8

3.31

1 metre cone split

inc.

115

120

5

4.93

1 metre cone split

235

243

8

2.52

1 metre cone split

inc.

236

239

3

5.77

1 metre cone split

NMWBRC21-202

433293

6697577

372

90

-60

204

96

101

5

1.18

1 metre cone split

inc.

97

98

1

2.48

1 metre cone split

NMWBRC21-203

433249

6697576

372

90

-60

286

186

192

6

2.10

1 metre cone split

inc.

186

187

1

8.48

1 metre cone split

206

210

4

1.32

1 metre cone split

inc.

207

208

1

3.74

1 metre cone split

NMWBRC21-216

433447

6696420

376

90

-60

110

24

64

40

0.81

4m composite

inc.

32

56

24

1.08

4m composite

80

104

24

0.89

4m composite

inc.

80

84

4

4.25

4m composite

NMWBRC21-218

433427

6696457

375

90

-60

120

28

96

68

0.96

4m composite

inc.

32

48

16

2.31

4m composite

and

68

72

4

3.32

4m composite

NMWBRC21-220

433259

6696917

371

90

-60

240

32

56

24

0.85

4m composite

inc.

36

40

4

2.84

4m composite

NMWBRC21-225

433262

6696877

372

90

-60

240

172

180

8

1.02

4m composite

inc.

172

176

4

1.92

4m composite

NMWBRC21-226

433260

6696797

372

90

-60

250

84

136

52

0.63

4m composite

inc.

112

120

8

3.35

4m composite

NMWBRC21-228

433282

6696679

373

90

-60

250

104

136

32

0.79

4m composite

inc.

124

132

8

2.17

4m composite

NMWBRC21-230

433309

6696615

373

90

-60

234

132

144

12

1.72

4m composite

inc.

136

140

4

4.61

4m composite

NMWBRC21-231

433308

6696580

374

90

-60

264

172

188

16

0.86

4m composite

inc.

172

176

4

2.48

4m composite

NMWBRC21-232

433306

6696560

374

90

-60

240

176

200

24

0.46

4m composite

inc.

188

192

4

1.77

4m composite

NMWBRC21-233

433329

6696596

373

90

-60

216

148

160

12

1.24

4m composite

inc.

148

152

4

3.18

4m composite

NMWBRC21-238

433302

6696736

372

90

-60

186

160

172

12

1.27

4m composite

inc.

160

168

8

1.74

4m composite

NMWBRC21-240

433224

6697374

369

90

-60

348

136

144

8

1.27

4m composite

NMWBRC21-241

433355

6696538

374

90

-60

186

124

128

4

1.04

4m composite

Table 1: Crusader - Templar Prospect Diamond and RC Drill Holes Selected Significant Intercepts

Page 2 of 10

For personal use only

Figure 1: Crusader Prospect Drill Hole Location Plan

(Yellow highlighted boxes new results / White boxes Nexus drill results)

Page 3 of 10

r personal use only

Figure 2: Crusader-Templar Prospect All Drill Holes Long Section

Looking West 1.6km Strike Extent

All existing RC and diamond drill strings with results colour coded for downhole gold values.

Page 4 of 10

For personal use only

Appendix 1

Hole ID

Easting

Northing

mRL

Azimuth

Dip

EOH (m)

From(m)

To (m)

Interval (m)

g/t Au

Sample Type

NMWBDD21-003

433260

6697675

369

90

-60

306.81

90.1

98.32

8.22

3.53

Half HQ core

inc.

90.55

91.35

0.8

13.15

Half HQ core

and

96.36

98.32

1.96

9.3

Half HQ core

104

107.3

3.3

0.37

Half HQ core

123.72

142.1

18.38

2.40

Half HQ core

inc.

134.42

139.03

4.61

5.78

Half HQ core

145.96

150.12

4.16

0.17

Half HQ core

155

156.36

1.36

1.14

Half HQ core

163.79

165.16

1.37

0.30

Half HQ core

170.39

179

8.61

0.67

Half HQ core

194.18

195.07

0.89

0.10

Half HQ core

232.6

233.55

0.95

0.12

Half HQ core

236.12

236.93

0.81

0.14

Half HQ core

NMWBDD21-004

433088

6697676

368

90

-60

702.47

102.03

103.02

0.99

2.59

Half NQ core

inc.

102.03

102.61

0.58

4.27

Half NQ core

127.00

128.00

1.00

0.31

Half NQ core

165.00

166.00

1.00

1.00

Half NQ core

273.00

274.00

1.00

0.10

Half NQ core

358.56

365.10

6.54

0.33

Half NQ core

inc.

364.75

365.10

0.35

2.27

Half NQ core

417.20

421.00

3.80

1.39

Half NQ core

444.70

445.35

0.65

0.20

Half NQ core

458.60

464.65

6.05

0.26

Half NQ core

inc.

463.10

463.75

0.65

1.21

Half NQ core

529.00

702.47

173.47

ASSAYS PENDING

NMWBRC21-195

433294

6697704

371

90

-60

138

25

96

71

2.06

1 metre cone split

inc.

40

69

29

4.60

1 metre cone split

inc.

40

42

2

32.6

1 metre cone split

NMWBRC21-196

433251

6697700

371

90

-60

252

1

2

1

0.81

1 metre cone split

6

7

1

0.29

1 metre cone split

17

18

1

0.41

1 metre cone split

71

73

2

1.23

1 metre cone split

90

96

6

6.21

1 metre cone split

inc.

90

94

4

9.24

1 metre cone split

109

110

1

0.45

1 metre cone split

113

116

3

0.11

1 metre cone split

132

155

23

2.85

1 metre cone split

inc.

133

143

10

5.64

1 metre cone split

186

190

4

1.50

1 metre cone split

inc.

187

188

1

4.98

1 metre cone split

198

201

3

0.34

1 metre cone split

210

214

4

1.21

1 metre cone split

217

218

1

0.12

1 metre cone split

220

222

2

11.02

1 metre cone split

238

239

1

0.29

1 metre cone split

NMWBRC21-198

433459

6696430

376

0

-90

162

22

57

35

0.52

1 metre cone split

65

66

1

0.30

1 metre cone split

NMWBRC21-198

433459

6696430

376

0

-90

162

74

84

10

4.45

1 metre cone split

inc.

77

82

5

7.31

1 metre cone split

inc.

80

81

1

25.77

1 metre cone split

109

134

25

2.95

1 metre cone split

inc.

120

133

13

5.17

1 metre cone split

inc.

120

122

1

38.66

1 metre cone split

NMWBRC21-199

433297

6697679

371

90

-60

210

23

24

1

0.98

1 metre cone split

45

50

5

0.60

1 metre cone split

55

81

26

1.19

1 metre cone split

inc.

62

68

6

2.87

1 metre cone split

inc.

78

81

3

2.95

1 metre cone split

166

181

15

0.38

1 metre cone split

inc.

179

180

1

2.76

1 metre cone split

208

210 (EOH)

2

0.12

1 metre cone split

NMWBRC21-200

433296

6697626

371

90

-60

156

35

38

3

0.31

1 metre cone split

50

51

1

0.14

1 metre cone split

77

92

15

0.77

1 metre cone split

79

82

3

2.32

1 metre cone split

Table 2: Crusader - Templar Prospect Diamond Drilling and RC Drill Holes All Intercepts >0.1g/t Au

Page 5 of 10

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Nexus Minerals Limited published this content on 20 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2021 21:39:10 UTC.