Todd River Resources : Bedrock Conductors Identified at the Nerramyne Project

ASX Announcement

19 April 2022

Bedrock Conductors Identified at the Nerramyne Project

Interpreted conductors associated with known mafic intrusions provide robust exploration targets ahead of maiden drilling campaign

Key Points:

• • A number of bedrock conductors and several compelling exploration targets have been identified from a comprehensive Airborne Electromagnetic (AEM) survey over the Nerramyne Cu-PGE Project in the Murchison District in Western Australia;

• • Results are in a new area that has had very limited previous exploration but has known regional prospectivity (highlighted by the recent discovery of nickel and copper sulphides by S2 Resources, adjacent to the Nerramyne Project).

• • Soil geochemistry at Conductor A shows strongly anomalous copper values coincident with mafic-ultramafic outcrop adjacent to the bedrock conductor;

• • Conductor B is associated with an interpreted concealed mafic-ultramafic intrusion;

• • Two additional conductors have been identified and are being followed up with surface geochemical sampling and geological reconnaissance.

• • Next steps:

  • • Follow up ground-based Fixed Loop Electromagnetic (FLEM) survey, to accurately locate the conductors, is expected to be completed during May;

  • • Drilling to follow (anticipated in June), once statutory approvals are received - expected in May, following completion of Heritage Survey.

• • Other Projects:

  • • At Berkshire Valley, analytical results from aircore drilling completed in 2021 have been received, confirming base metal anomalism in the weathered profile across mafic and ultramafic intrusions;

  • • Aircore drilling to commence this week at the Havoc Prospect located at the northern end of the Berkshire Valley Project with RC drilling to follow if warranted;

  • • Initial land access well advanced at the new Pingrup Ni-Cu-PGE Project.

Todd River Resources Limited (ASX: TRT) (Todd River or the Company) is pleased to announce that a review of preliminary data from the broad, comprehensive Airborne Electromagnetic (AEM) survey undertaken the Nerramyne Project has identified a number of bedrock conductors. Results of the AEM have provided several robust exploration targets ahead of maiden drilling campaign anticipated to commence in June.

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4/24 Parkland Rd, Osborne Park WA 6017 | PO Box 1205 Osborne Park WA 6916 P +61 8 61660255 | F +61 8 6270 5410 | Ecorporate@trrltd.com.auwww.trrltd.com.au

In addition, the Company has received further analytical results from aircore drilling along the Eastern Trend at the Berkshire Valley Ni-Cu-PGE Project in Western Australia (Figure 1).

Todd River Resources' Managing Director Will Dix commented:

"This is an exciting result in a new area that has seen practically no previous exploration. To have identified several conductors, at least one of which is associated with anomalous geochemistry in the right rocks, in our first pass work sets us up for an exciting drilling program over the next couple of months and we look forward to sharing the outcomes of this with our shareholders".

Figure 1 - Todd River Resources Project Locations

Nerramyne Cu-PGE Project

Todd River's 100% owned Nerramyne Project is located approximately 130 kilometres north east of Geraldton in the Murchison region of Western Australia (Figure 1). A recently completed SkyTEM survey covering approximately 188 square kilometres has identified several bedrock conductors associated with prospective geology (Figure 2). The final fully processed data is yet to be received, however several conductors are clearly visible in the preliminary data as shown in Figures 3 and 4. Two of these conductors and their geological context are as follows:

• • Conductor A sits in the southern part of the tenement close to the south eastern corner of the tenement boundary. Due to the nature of airborne TEM surveys the conductor's exact position will be modelled following a Fixed Loop TEM survey in May. It is significant in that it lies within a large 3 kilometre x 1 kilometre intrusion, most likely at the basal contact and associated with a more magnetic part of the intrusion. The intrusion is largely obscured by thin sandy/laterite cover, but

pyroxenite is present in outcrop confirming it is a mafic-ultramafic body. In addition to being in an encouraging position geologically, recent surface geochemical sampling returned copper values up to 564 ppm (0.06%) copper from handheld XRF readings, with lab assay results due in May. This is a priority drilling target following further refinement of the conductor by fixed loop TEM surveying;

• • Conductor B is in the central part of the tenement and clearly visible on two lines along the edge of a large 2 square kilometre magnetic feature that is interpreted to represent an intrusive body. The entire intrusion is concealed under transported cover rendering any surface sampling ineffective. The interpreted conductor is also a priority drilling target following refinement of the conductor by fixed loop TEM surveying;

• • Two additional interpreted conductors are rated high priority and both require further investigation once the final fully processed data has been received. This final data will be available prior to the commencement of the fixed loop TEM survey so that any conductors requiring further work can be surveyed during this program.

As part of a broader work program along with the SkyTEM survey, a detailed surface geochemical sampling program has been partly completed in areas that are amenable to such sampling. To date this sampling has focused on three areas in the southern part of the project area including the area mentioned above associated with Conductor A, where anomalous geochemistry has been identified. The program was suspended due to recent heavy rain however is due to recommence following the Berkshire Valley aircore drilling, which is currently underway.

Drilling is planned to test Conductors A and B with further targets expected to be generated once the fully processed data is received and analysed. Prior to that, a heritage survey will be finalised to clear country for access and drilling.

The drilling is subject to funding assistance from the state government of Western Australia through a successful application to the Exploration Incentive Scheme. Drilling is expected to be completed in June 2022.

Further adding to the geological credentials of the prospectivity of the region containing the Nerramyne Project, S2 Resources (ASX:S2R) has recently announced the discovery of disseminated nickel and copper sulphides in their initial drilling program at the Woodrarung Prospect within their West Murchison Project, which is adjacent to the northern boundary the Nerramyne Project (Figure 5).

Background

The Nerramyne Project covers an 8-10 kilometre wide, 45 kilometre long position along the margin of the Yilgarn Craton where it is juxtaposed against the Narryer terrane. The Yilgarn and Narryer rocks are mapped predominantly as gneisses, with mafic rocks (hornblendite) in the south. The craton-bounding north-south Darling Fault transects the project area. A portion of the project area is covered by wind-blown sands and alluvial sediments which potentially mask any surface expression of mineralisation and render simple soil geochemistry unreliable.

Limited previous exploration has concentrated entirely in the northern portion of the tenement, where a total of 5 soil sampling lines and 11 lag sampling lines were completed. More than half the soil samplescollected were reported as being transported sand, suggesting that this shallow soil sampling completed was ineffective.

Regional regolith surface sampling by the Geological Survey of Western Australia (GSWA) on a 4 kilometre x 4 kilometre grid over the area has identified a broad low level copper-platinum-palladium anomaly that stretches over a 40 kilometre x 6 kilometre area (See ASX Announcement 13 July 2021). This style of regional sampling that has been widely utilised across the Nerramyne Project was also used extensively in the Fraser Range and identified an anomaly that led, in part, to the target generation and discovery of the Nova-Bollinger Ni-Cu orebodies by Sirius Resources in 2012.

Figure 2 - Nerramyne Project Showing the Location of the main interpreted bedrock conductors from the

SkyTem Survey and conductors over Regional Magnetics

Figure 4 - Conductor B showing the location of the interpreted conductor over magnetics

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