Aurelia Metals Limited shared promising results from four Induced Polarisation (IP) surveys in the Nymagee District. Highlights: IP surveys conducted at four prospects in the Nymagee District, 100 kilometres (km) from Cobar, in New South Wales (NSW) have revealed exciting anomalies in the next step to a new polymetallic discovery; All four prospects tested - Lancelot, Vaucluse, Piney and Lyell-Burge Trig - contain high chargeability levels, including 90 millivolts per volt (mV/V) at Lancelot, where levels of 10-15 mV/V typically warrant drill testing; The results at Lancelot are especially intriguing and have significantly upgraded its mineral prospectivity and advanced the prospect through Aurelia's exploration pipeline; The surveys have fast-tracked the target definition process, and fine-spaced soil sampling is planned for all four prospects in the June quarter followed by drill testing if results are favourable; and Aurelia currently holds access agreements with landowners in the areas where all four prospects are located providing ease of progressing the prospects through the exploration pipeline. The IP surveys conducted at Lancelot, Vaucluse, Piney and Lyell-Burge Trig revealed significant chargeability anomalies, supported by corresponding low resistivity anomalies.

Aurelia's geologists interpret these results to indicate potential for sulphide discovery at all four targets. Chargeability values at Lancelot and Vaucluse are some of the highest values observed in the Nymagee District. The Lyell - Burge Trig prospects have early stage exploration characteristics that are very similar to those initially observed at Federation, such as magnetic high ridges with coincident chargeability highs and associated gravity highs.

Lancelot: Four IP lines using the Pole-Dipole method were completed over the Lancelot prospect area at 3.5km length and 400m line spacing. The IP survey was designed to assess the electrical properties of two northwest trending anomalous magnetic high ridges in the central and western portions of the survey area. The westernmost chargeability anomaly is coincident with a strong magnetic high anomaly, whereas the central and eastern chargeability anomalies are coincident with a strong to moderate magnetic low.

There is potential for magnetic minerals to be de-magnetised due to alteration which results in magnetic lows. There is a possibility the magnetic low in this area is associated with silicification associated with sulphide deposition. Vaucluse: Five IP lines at 3.2km and 2.4km in length using the Pole-Dipole method were completed over the Vaucluse prospect area at 400m line spacing.

The IP survey was designed to assess the electrical properties of two northwest trending anomalous linear magnetic high ridges through the central and western portion of the survey area. Background chargeability values range from 5-10mV/V and a strong chargeability corridor was confirmed in the western portion of the survey area reaching up to 40mV/V. A moderate to strong chargeability high corridor was confirmed in the central portion of the survey area reaching up to 30mV/V, both coincident with strong magnetic high ridges. Piney: Aurelia completed a total of six IP lines 1.3km in length using the Dipole-Dipole method over the Piney prospect area at 400m line spacing.

The survey was designed to assess the electrical properties of a northeast trending anomalous magnetic ridge in the northern portion of the survey area. Background chargeability values range from 0-2mV/V and a large chargeability corridor was confirmed in the survey data reaching up to 12mV/V, coincident with a truncated magnetic high ridge, indicating large fault displacement and continuity of the magnetic feature through the survey area. Lyell - Burge Trig: Aurelia completed a total of six IP lines 3.5km in length using the Pole-Dipole method over the Lyell - Burge Trig prospect areas at 400m line spacing.

The 2022 IP survey aimed to provide supporting information to an IP survey conducted in 2019 which identified a broad central linear zone of chargeability. The 2022 survey provided greater depth extent (400m) and higher resolution to the existing survey and was extended west to verify a subtle western chargeability feature. Background chargeability values range from 0-2mV/V and two main chargeability corridors were confirmed in the survey data reaching up to 15mV/V. The contrast to background indicates realistic electrical responses and a high probability of sulphides being present.

Both high chargeability corridors coincide with high magnetic ridges indicating the zones are potentially sulphide rich and magnetic.