Australian Mines Limited announce an updated mine plan, Ore Reserve Estimate and financials for the Sconi Cobalt-Nickel-Scandium Project in North Queensland, Australia. Following the positive drill results announced earlier this year, which substantially expanded the Mineral Resource for the Sconi Project, the Company has been working on refinements to the Sconi mine plan originally released as part of the Sconi Bankable Feasibility Study in November 2018 ("BFS"). Input has been provided by global engineering and construction firm Ausenco, specialist mine planning consultants Orelogy, and Simulus Laboratories, who partnered with Australian Mines in the construction and operation of the Company's demonstration-size processing plant in Perth. As a result of this work, which included an update to the Ore Reserve and mine design, the Company reported that the planned Life of Mine of the Project has increased from 18 years to at least 30 years. There has likewise been a significant increase in both the projected pre-tax and post-tax NPV8% of the Sconi Project to $1.47 billion and $0.81 billion respectively based on the same economic assumptions contained in the Sconi BFS. The Project is now estimated to produce 1,405,000 tonnes of nickel sulphate (up 46%, 209,000 tonnes of cobalt sulphate (up 37%) and 1,441 tonnes of scandium over the project life.