Armada Metals Limited announced that all three targets drilled along the Libonga Matchiti Trend (`LMT') at the Nyanga Project, Gabon, have intersected magmatic sulphides. The Phase 1 diamond drill program is now complete with a total of 3,240m having been drilled in ten drill holes at the Libonga North, Matchiti Central and Libonga South targets. Richard Hornsey, from Richard Hornsey Consulting Ltd. (`RHC'), and Armada's magmatic systems consultant, has been working with the Company's technical team on site to provide expert analysis of the intrusions, magmatic processes and economic potential, using a mineral systems approach that will enable the Company to further develop the current exploration model and search space. Core observations support the 2018 geochemical study completed by RHC (as reported in the Company's Prospectus in December 2021). The LMT is now confirmed to be a complex, dynamic multi-phased magma conduit system, with crustal contamination having caused extensive sulphur saturation. All ten diamond holes have intersected disseminated to strongly disseminated and blebby magmatic sulphide, with a typical magmatic assemblage of pyrrhotite and chalcopyrite (Appendix 4 provides field definitions). The core is currently being processed and sections will be assayed for the normal magmatic suite of elements including nickel, copper, cobalt, and the platinum group elements (PGE) which will also aid the geological understanding and future targeting. Thorough interpretation of all the datasets will be undertaken once the structural data, physical property measurements, detailed core logs, and analyses have been received. This will include reinterpretation of the extensive field mapping and rock sample datasets, applying the detailed understanding from the drill core. The initial proof of concept LMT drill program has now been successfully completed, having achieved the objective of proving that magmatic sulphides, and potential ore-forming processes, are present at the Nyanga Project. In particular, this program provides a comprehensive dataset that will significantly advance the Project from a technical perspective. Further exploration programs will be mobillised soon with focused target drilling planned for later in 2022. Four diamond holes (drilled for 1,501m) have been completed at the

Libonga North Target, with 1,358m intersecting multiple intrusive sills BNDD001 and LBNDD002 were reported in the Company's quarterly report. More detailed examination of drill hole LBNDD002 has demonstrated this hole passed through intrusive rocks throughout the entire hole. Previously logged basement lithologies from 201.74m are now interpreted as highly contaminated phlogopite-rich gabbroic sills with a local, and strongly developed, magmatic foliation fabric.