ASX ANNOUNCEMENT

19 April 2022

QUARTERLY ACTIVITY REPORT

FOR THE PERIOD ENDING 31 March 2022 ________________________________________________________________

MARCH QUARTER HIGHLIGHTS

ASX: NXM Capital Structure

Shares on Issue 288 million Options 20 million

Cash on Hand $17.023 million (31/03/2022)

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 GOLD Projects

  • • Wallbrook Project

  • • Bethanga Copper-Gold Project - VIC

  • • Pinnacles Project

  • • Pinnacles JV Project (with Northern Star Resources Ltd)

Wallbrook Gold Project

➢

Drilling at Crusader-Templar prospect continues to intersect broad high-grade mineralisation

➢ 5 Drill rigs operating (3 reverse circulation [RC] drill rigs and 2 diamond drill rigs)

➢

Drill testing of regional targets at Solomon and Branches prospects commenced

Crusader / Templar Prospect RC & Diamond Drill Results

Selected results from RC drilling during the quarter include:

  • ➢ 5m @ 9.53g/t Au (within 11m @ 5.32g/t Au from 96m);

  • ➢ 7m @ 5.36g/t Au (within 19m @ 2.65g/t Au from 65m);

  • ➢ 4m @ 4.17g/t Au (within 15m @ 1.32g/t Au from 94m);

  • ➢ 2m @ 13.28g/t Au (from 247m);

  • ➢ 3m @ 4.75g/t Au (from 86m);

  • ➢ 4m @ 3.06g/t Au (within10m @ 1.44g/t Au from 263m);

  • ➢ 5m @ 2.08g/t Au (within 9m @ 1.22g/t Au from 157m);

  • ➢ 8m @ 1.71g/t Au (within 12m @ 1.20g/t Au from 31m);

  • ➢ 7m @ 5.36g/t Au (within 19m @ 2.65 g/t Au from 65m);

  • ➢ 5m @ 9.53g/t Au (within 11m @ 5.32g/t Au from 96m).

Selected results from diamond drilling during the quarter include:

  • ➢ DDH#6: 4m @ 4.26g/t Au from 736m (within 10.45m @ 1.82g/t Au from 732m);

  • ➢ DDH#6: 3.75m @ 3.52 g/t Au from 298m (within 8.25m @ 1.69g/t Au from 293m)(Visible Gold [VG] sample);

  • ➢ DDH#5: 1.22m @ 4.97g/t Au (within 5.02m @ 1.78g/t Au from 524.2m)(VG sample);

  • ➢ DDH#5: 0.39m @ 7.75g/t Au (within 4.06m @ 1.13g/t Au from 695m); and

➢

DDH#5: 0.73m @ 2.64g/t Au (from 715m).

________________________________________________

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.comPage 1 of 12

WALLBROOK GOLD PROJECT

During the quarter ended 31 March 2022, Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) continued to undertake drill programs evaluating the Crusader / Templar Prospect, within the broader Eastern Goldfields Wallbrook Gold Project ("Wallbrook"), to follow up on the outstanding high-grade assay results received from previous drill campaigns. As more drilling is completed in the RC programs, the density of drilling will increase and internal characterisitcs to the mineralisation including internal plunge geometry to the mineralisation will mature. Nexus has commenced the follow-up 40,000m RC program, following-on from the 30,000m RC program that was completed during the quarter.

The gold mineralisation tenor and widths observed during the quarter included 41 holes which are consistent with the results seen in previous drilling at Crusader-Templar where broad mineralisation in the shallower levels <100m (Hole#244: 5m @ 4.20g/t Au within 18m @ 1.48 g/t Au from 70m and Hole #313: 2m @ 3.81g/t Au within 13m @ 1.01g/t Au from 47m), gives way to broad high-grade mineralisation at depths of >100 metres (Hole#288: 4m @ 6.04g/t Au, within 15m @ 2.59g/t Au from 190m and Hole#308: 3m @ 5.56g/t Au, within 14m @ 2.05g/t Au from 188m).

Figure 1: Nexus Eastern Goldfields projects

Figure 2: Nexus Eastern Goldfields Wallbrook Project Tenure and Prospects

personal use only

Figure 3: 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 12

Metallurgical Testwork

Four ~13kg composite mineralised samples were submitted to ALS Metallurgy Services in Perth WA for gold gravity / leach analysis. The four composite samples represent one oxide and one fresh sample from central Crusader prospect and one oxide and one fresh sample from central Templar Prospect.

The results from this preliminary metallurgical testwork are all positive and indicate:

  • 1) Elevated levels of free liberated gravity recoverable gold ranging from 46.69% to 85.32%.

  • 2) Total extractable gold (via gravity plus standard leach) produced overall gold recoveries of

    • a. 98% (Oxide material composites)

    • b. 97.6% (Fresh material composites)

  • 3) Gold leach kinetics for the gravity leach tests were all fast, with majority of the gold leaching in the first 2-4 hours.

  • 4) The gravity/direct leach tests produced calculated gold head grades ranging from 5.40g/t Au to 7.90g/t Au respectively, which were higher than original average gold head grade assays ranging from 2.91g/t Au to 7.76g/t Au. This is likely attributed to the coarse gold content.

  • 5) Reagent use, sodium cyanide and lime consumption, were low for all tests.

  • 6) Low levels of organic carbon were present, decreasing the likelihood of gold-robbing in the solution during cyanidation.

  • 7) Base metals are low in concentration decreasing the possibility of excess cyanide consumption. Arsenic assays also returned very low levels.

Mineral Consultants

Snowden Optiro Mineral Consultants (Snowden) has been engaged to assist in the Company's exploration efforts. They undertook a site visit during the quarter to commence work on geological, alteration and mineralisation modelling.

Page 5 of 12

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Nexus Minerals Limited published this content on 18 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2022 22:43:03 UTC.