TechGen Metals Limited advised that it has entered into a binding Earn-in and Joint Venture Agreement with IGO Newsearch Pty Ltd. in relation to TechGen's North Nifty Project in the Paterson Orogen of Western Australia. The North Nifty Project is located approximately 250km northeast of Newman in northern Western Australia. The project comprises two granted Exploration Licences, E45/5506 and E45/5511, covering a combined area of 47km.

The North Nifty Project lies within the Throssell Group, the younger portion of the Paterson Orogen. The Paterson Orogen is host to a number of world-class mines, the Nifty Copper Mine & Telfer Gold-Copper Mine, and more recent significant new discoveries including the Winu Copper-Gold-Silver Deposit (Rio Tinto) and Havieron Gold- Copper Deposit (Greatland /Newcrest). The Project has experienced limited previous exploration with previous work largely focusing on the Hakea Prospect, a broad copper anomaly identified by lag sampling.

The project area is split into three separate blocks with the southern block located only 8km from the world-class Nifty Copper Mine. To date North Nifty hasn't been a focus from an exploration standpoint. This transaction allows Techgen to focus its ongoing exploration expenditure on its key assets, John Bull and Mt Boggola, whilst still preserving upside to the prospectivity of North Nifty's development.

Material Terms of the Farm-In & Joint Venture Agreement The Company has entered a binding letter agreement with IGO Newsearch Pty Ltd. (IGO) pursuant to which: IGO has a sole and exclusive right to earn an 80% joint venture interest in the project by sole funding exploration expenditure of AUD 500,000 over a 4-year period. IGO commits to keeping the tenements in good standing and meeting all statutory commitments including paying all the rents and rates. IGO can withdraw from the Earn-in and Joint Venture Agreement at any time after the Initial Period, 24 months from commencement, in which case IGO will retain no interest in the project.

If IGO earns an 80% interest in the project then TechGen's 20% interest will be free carried until IGO completes a Feasibility Study. The project has an existing 2% NSR Royalty held by TasEx Geological Services Pty Ltd. (TasEx). Upon IGO earning an 80% interest in the project the TasEx Royalty will reduce to a 1% NSR Royalty.

If IGO completes a Feasibility Study at the project then TechGen will have the option to contribute to Joint venture expenditure and maintain its Joint venture interest (20%) or not contribute and withdraw from the Joint Venture and convert its Joint Venture interest to a NSR Royalty (0.5%). If TechGen elects to withdraw from the Joint Venture the TasEx NSR Royalty will reduce to a 0.5% NSR Royalty. The Agreement was negotiated at arm's length and IGO is not a related party of the Company.

The Company will update the market as the stages of the Agreement progress.