Thomson Resources : Outstanding Silver and Base Metal Results from Webbs Project

ASX ANNOUNCEMENT

6 April 2022

Outstanding Silver and Base Metal Intersections and Positive Metallurgy from Webbs Silver Project

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HIGHLIGHTS

•  Mineral Resource Estimate (MRE) for high-grade Webbs silver and base metal deposit is well advanced with an anticipated delivery during Q2 2022

•  Silver & Base Metals intersections for newly validated historic drill hole database highlight high-grade silver and base metal component to the Webbs mineralisation, better intersections include:

  At a 30 g/t AgEq* cut off and estimated true width (ETW) highlight intersections include:

  •  6.33 m at 735 g/t AgEq or 566 g/t Ag, 1.73% Zn, 2.00% Pb and 0.66% Cu - RC254 from 74 m

  •  6.62 m at 793 g/t AgEq or 646 g/t Ag, 2.83% Zn, 0.45% Pb and 0.38% Cu - RC012 from 67 m

  •  7.79 m at 613 g/t AgEq or 474 g/t Ag, 2.21% Zn, 0.50% Pb and 0.49% Cu - RC027 from 30 m

  At a 150 g/t AgEq* cut off and ETW highlight intersections include:

  •  1.86 m at 2,152 g/t AgEq or 1,725 g/t Ag, 3.65% Zn, 4.54% Pb and 1.97% Cu - RC254 from 80 m

  •  2.97 m at 1,326 g/t AgEq or 1,065 g/t Ag, 3.59% Zn, 0.83% Pb and 1.13% Cu - RC027 from 34 m

  •  1.81 m at 2,078 g/t AgEq or 1,705 g/t Ag, 5.82% Zn, 0.70% Pb and 1.48% Cu - DDH16 from 83 m

•  Existing Webbs metallurgical test work completed by CORE Resources in 2013 returned a very positive outcome with 87.3% recovery of silver and high recoveries of zinc, copper and lead to a concentrate grading an average of 3,468 g/t Ag, 18.3% Zn, 10.1% Pb and 3.2% Cu

•  New 3D geological model from surface mapping and relogging of historic drilling delivers a new geological understanding of the deposit with potential to improve resource model confidence and guide further resource and exploration drilling at Webbs

Thomson Resources (ASX: TMZ) (OTCQB: TMZRF) (Thomson or the Company) is pleased to advise that estimation of the Company's Mineral Resource Estimate (MRE) for the Webbs high-grade silver-base metal deposit, Emmaville district, northern NSW (Figure 1) is well underway.

The Webbs MRE will represent the 5th and last of the New England Fold Belt 100% owned project portfolio MREs that Thomson will deliver to complete the restatement of its resource base for the Company's hub and spoke central processing concept.

The high-grade silver base metal character of the Webbs deposit is compatible with the character of the previously announced Conrad1 and Texas district deposits2 where the Company has recently reported a combined silver equivalent indicated and inferred resources of 40.2 Moz AgEq at an average of 86 g/t AgEq.

*All quoted intercepts have been length-weighted. Intercepts were calculated using a 30 g/t AgEq or 150 g/t AgEq cutoff grade and a maximum of 1 m internal dilution. No high-grade cut was applied. Downhole and estimated true widths (ETW) have been reported. Silver Equivalent calculations were AgEq (g/t) = [Ag (g/t) + 108.5 x Cu (%) + 19.7 x Pb (%) + 34.1 x Zn (%)] calculated from prices of US $28/oz Ag, US $10,000/t Cu, US, $2,000/t Pb, US $3,000/t Zn and metallurgical recoveries of 87% Ag, 85% Cu, 70% Pb, 89% Zn estimated from metallurgical test work.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728 Level 1, 80 Chandos Street, St Leonards, NSW 2065

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Tel: +61 2 9906 6225 E:info@thomsonresources.com.au www.thomsonresources.com.au

ASX ANNOUNCEMENT

6 April 2022

Executive Chairman David Williams commented:

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"The final Thomson MRE for the 100% Thomson owned projects in the New England Fold Belt, the Webbs deposit, is well advanced. This has been the most complex of all the deposits with a lot of work required to fully understand this high-grade silver and base metal deposit.

"Having said that, when the Webbs MRE is delivered, Thomson will have produced five new MREs under JORC 2012 in well under 12 months. This is an outstanding outcome from the team.

"We have not just rubber stamped previous published resources. We have gone through from scratch, gone through all of the available historic information, and added in new data and studies where there have been gaps. We have again been able to leverage of the many millions of dollars of previous explorers' investment to deliver value for TMZ shareholders in a very timely fashion.

"What we will end up with is an MRE that we will have a lot of confidence in. Our better understanding of the geological setting again throws up clear target areas for exploration drilling to expand and extend the resource.

"Of particular importance is the very favorable metallurgy that integrates with our own work from the Texas district and will support integration of the Webbs high-grade silver and base metal project into the Company's central processing strategy."

Webbs Mining History

Silver, zinc, lead and copper mineralisation at Webbs was discovered in 1884 and mined in several phases between 1884 to 1964. Almost all production has come from a high-grade steep south plunging "North Shoot" (Figure 2) with numerous additional shafts, some up to 50 m deep and smaller prospecting pits occurring along the remainder of the 1.7 km long mineralised trend. The South Shoot hosting the majority of the resource, was not historically mined and remains undeveloped.

The most significant period of mining at Webbs was from 1884 to 1901 where Webbs Main was mined over nine levels down to a depth of 210 m, with 55,000 t of ore extracted at an average grade of approximately 23 oz/t (710 g/t) silver3.

Webbs Exploration and Previous Mineral Resource Estimates

Multiple phases of exploration have been carried out at the Webbs deposit since 1946 with 37,495 m of drilling completed by various explorers in 335 holes between 1963 and 2013 (see JORC Table 1).

The majority of recent exploration was undertaken by Silver Mines Ltd (SVL) in several campaigns between 2006 to 2013. SVL's exploration included drilling a total of 33,990 m in 313 holes, comprising 25,737 m of reverse circulation (RC), 3,958 m of diamond core (DD), and 4,295 m of RC pre-collars with DD tails. Extensive Induced Polarisation (IP), ground electromagnetic (EM) surveys, mapping, and sampling as well as systematic initial metallurgical test work was also completed at the Webbs project.

This exploration culminated in the publication in 2012 of a MRE under the JORC 2004 reporting standards4 that incorporated the SVL and also historic drilling from the NSW Mines Department and Planet Management which added an additional 3,505 m of drilling in 42 holes to the dataset. The modelling also used surface trench and underground channel sampling collected in the 1960's when the mine was last dewatered.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728 Level 1, 80 Chandos Street, St Leonards, NSW 2065

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Tel: +61 2 9906 6225 E:info@thomsonresources.com.au www.thomsonresources.com.au

ASX ANNOUNCEMENT

6 April 2022

Approximately 4,295 m of RC and DD drilling in 13 holes was completed by SVL following the 2012 MRE. The Webbs resource has not been subsequently updated reflecting this additional drilling and has not been upgraded to be compliant with JORC 2012 reporting standards.

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Figure 1. Location of Webbs Project within Thomson's New England Fold Belt Hub and Spoke and plan view of the Webbs deposit with modelled alteration shells

Thomson will leverage this extensive exploration and metallurgical database along with new geological understanding of the project to produce the Company's Webbs MRE to JORC 2012 reporting standards and integrate the project into the Company's New England Fold Belt Hub and Spoke process pathway study that was initiated this week.

Thomson has commissioned independent Resource Geologists, AMC Consultants Pty Ltd (AMC), who are well advanced estimating a MRE for Webbs in accordance with the JORC 2012 reporting code. This MRE is anticipated to be delivered during Q2 2022.

Previous Metallurgical Test work

Several phases of historic metallurgical test work have been undertaken on the Webbs mineralisation (Annexure 2: JORC Table 1), with the most recent and comprehensive study completed by SVL in 2013. HRL Testing Services were engaged in collaboration with CORE Process Engineering Pty Ltd and Mineralogy Pty Ltd, to undertake metallurgical test work and a concept level process and engineering study to support a standalone Webbs project development.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728 Level 1, 80 Chandos Street, St Leonards, NSW 2065

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Tel: +61 2 9906 6225 E:info@thomsonresources.com.au www.thomsonresources.com.au

ASX ANNOUNCEMENT

6 April 2022

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The metallurgical test work included mineralogical analysis, ore characterisation, grind establishment work, bench and larger scale flotation tests to produce sulphide concentrates (see JORC Table 1). This test work is compatible with the approach that Thomson has taken with the Texas district deposits and will allow integration of these results into Thomson's New England Fold Belt Hub and Spoke (NEFBHS) process pathway study, that is underway.

Optical mineralogy and XRD analysis of the Webbs metallurgical samples characterised the mineralisation as a relatively coarse-grained assemblage of common silver and base metal sulphides (Table 1) similar to those that dominate at Thomson's Texas District and Conrad projects5,6,7,8,9.

Table 1. Sulphide Mineralogy of Webbs deposit

Bulk scale metallurgical test work was conducted on the Webbs North and South domains, with samples composited from RC drill chips sourced from 55 drill holes, weighing 155 kg and 80 kg respectively. Test work showed the mineralisation responds very favorably to a relatively course 80% passing 212 micron grind and standard flotation and cleaner process (Table 2).

The mass pull of the concentrate was very favorable at 14%, with a rougher and single cleaner stage recovering 87.3% of the silver and a high proportion of the base metals to a high-grade concentrate averaging 3,468 g/t Ag, 18.3% Zn, 10.1% Pb and 3.2% Cu.

Table 2: Webbs Bulk Flotation and Concentrate Grade Test Work (P80 212 Micron Grind)

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728 Level 1, 80 Chandos Street, St Leonards, NSW 2065

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Tel: +61 2 9906 6225 E:info@thomsonresources.com.au www.thomsonresources.com.au

ASX ANNOUNCEMENT

6 April 2022

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The very high silver and base metal grade of the Webbs concentrate supports Thomson's Hub and Spoke concept of potentially transporting a pre-concentrate of Webbs mineralisation to a centralised facility designed to process ore from the Company's Texas District, Conrad and Webbs deposits as envisaged under the NEFBHS concept.

Drilling Data Validation and New Geoscience

Thomson engaged its geoscience consultants, Global Ore Discovery, to undertake a comprehensive re-evaluation of the Webbs deposit in preparation for estimation of an MRE under JORC 2012 reporting code. This included systematic recovery and validation of historic exploration data and drill assay results in parallel with collection of new geoscience data and deposit modelling to bring the Webbs database to standards compatible with JORC 2012 code.

New data capture includes

•  relogging of 13,125 m of DD and RC chips that is in progress

•  infill sampling of mineralised intervals that were not originally sampled

•  759 new Specific Gravity (SG) measurements of mineralisation and wall rock

•  detailed structural mapping of the Webbs trend

•  3D modelling of the deposit and historic mining void

Validation of 335 holes for 37,493 m DD and RC drilling (see JORC Table 1) that included:

•  validation of historic drill assays against the original laboratory assay certificates

•  validation of collar locations against surveyor reports, annual reports, ASX releases

•  validation of downhole surveys

•  confirmation re-assaying of assay pulps from mineralised intersections

During the validation process collar location errors were identified in some drill holes in the previous database. Mislocation of two drill holes and related assays resulted in two peripheral structures being modelled parallel to the main lodes in the north and south that were subsequently assigned resource tonnes and grade in the previous Webbs MRE.

Correcting the location of these drill collars and related mineralisation has repositioned the holes and related assay results so that they now fall within the North and South shoots. As a result, the "false" parallel structures have been removed from the new Thomson modelling. This will result in a modest volume reduction in the updated Thomson MRE compared to the previous MRE in this area but will also improve the data density/confidence within the North and South Shoots resources.

One hundred and thirty underground chip and channel samples of the stope walls collected in 1962-63, assaying between 3.1 and 4,309 g/t Ag, were used in the previous MRE calculation.

Information on the sampling systematics is not well documented and the mine is not accessible to undertake check sampling to validate these results to JORC 2012 standards for use in Thomson's updated MRE calculation. Excluding these high-grade data points from the estimation process may lower the average grade of the resulting resource in the North Shoot.

Silver - Base Metal Drill Hole Intersections for Webbs Deposit

Down hole (DH) and estimated true width (ETW) silver and base metal intersections have been calculated from the newly validated drill hole data base at 30 g/t AgEq and at 150 g/t AgEq cut offs accounting for metallurgical recoveries. Selected highlights from these intersections at greater than 2,000 and 1,700 AgEq gram meters (AgEq x the ETW intersection width) for the 30 and 150 g/t AgEq cut offs are presented in Tables 3 and 4.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728 Level 1, 80 Chandos Street, St Leonards, NSW 2065

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Tel: +61 2 9906 6225 E:info@thomsonresources.com.au www.thomsonresources.com.au

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