A-Cap Energy Limited has returned positive nickel and cobalt results in diamond drilling at its Wilconi Ni-Co Project near Wiluna in Western Australia as the company advances a Pre-feasibility Study (PFS). Significant results from the diamond drilling include: WCN21DDH001: 19 metres of 1.11% nickel and 0.08% cobalt from 26 metres; WCN21DDH005: 9 metres of 1.17% nickel and 0.06% cobalt from 57 metres; WCN21DDH006: 10 metres of 1.53% nickel and 0.05% cobalt from 39 metres; WCN21DDH008: 11 metres of 1.25% nickel and 0.14% cobalt from 39 metres; WCN21DDH011: 10 metres of 1.16% nickel and 0.13% cobalt from 31metres; WCN21DDH015: 14 metres of 1.33% nickel and 0.07% cobalt from 22 metres; WCN21DDH019: 9 metres of 1.18% nickel and 0.07% cobalt from 13 metres; WCN21DDH0023: 9 metres of 1.14% nickel and 0.03% cobalt from 14 metres;WCN21DDH024: 16 metres of 1.19% nickel and 0.08% cobalt from 26 metres; WCN21DDH025A: 16 metres of 1.14% nickel and 0.08% cobalt from 25 metres; WCN21DDH026: 13 metres of 1.27% nickel and 0.10% cobalt from 22 metres; WCN21DDH028: 10 metres of 1.13% nickel and 0.08% cobalt from 18 metres. Completed in January, the three month drill campaign comprised 31 holes over 1,490.7m and follows last year's reverse circulation (RC) drill program totaling 11,096m .

Most holes were drilled at a 60 angle towards the west in order to detect any steep structures that focus deeper weathering, producing thicker mineralisation in the lateritic profile. A-Cap Chairman, Mr. Jiandong He, said a new 17,000m combined RC and diamond infill drill program was now being planned for Wilconi to convert resources to indicated and measured categories. Other PFS work that has been completed includes: An updated mineral resource estimate to JORC standards by Miningplus.

Recently completed. Animal Plant Mineral Pty Ltd. (APM) completed a fauna and flora study over the entire resource area in December 2021. Peter O'Bryan & Associates supervised engineering and geotechnical testwork on selected core samples.

A desktop hydrogeological study of the Wilconi project area was completed by Rockwater Hydrogeological and Environmental Consultants. As recommended by Rockwater, six water monitoring wells were established across the Wilconi resource area. On-going PFS work and additional studies include: Hydrogeological studies including Baseline surface and ground water studies; Subterranean fauna studies; Cultural heritage surveys; Design and geotechnical assessment of constructed landforms including waste dumps, open cuts and tailings storage facilities; Soil, waste rock and tailings characterisation studies; Noise and greenhouse gases assessment.