Conico Ltd. Assays for core samples from the 100% owned Mestersvig project drilled during the 2022 field season have been received and confirm the presence of high-grade lead and zinc at both the Blyklippen and Sortebjerg prospects. Significant drill intercepts include: Blyklippen drilling: BKDD001: 0.50 m @ 1.8% Zn from 269.5 m, BKDD003: 1.05 m @ 1.2% Pb and 3.5% Zn from 200.95 m, and 5.60 m @ 9.2 g/t Ag, 2.7% Pb and 2.2% Zn from 203.95 m. BKDD004: 1.50 m @ 1.2% Pb from 191.0 m, and 2.75 m @ 1.6% Pb from 210.25 m, and 8.60 m @ 0.4% Pb and 2.2% Zn from 218.4 m. BKDD005: 0.67 m @ 12 g/t Ag and 7.6% Pb from 154.45 m. Sortebjerg drilling: SBDD001: 0.55 m @ 56 g/t Ag, 3.5% Pb and 3.6% Zn from 78.7 m, and 2.70 m @ 6.0% Zn from 86.0 m, and 1.50 m @ 1.5% Pb from 91.5 m. SBDD002: 1.45 m @ 1.8% Zn from 103.0 m. SBDD003: 4.50 m @ 7.7 g/t Ag and 23.8% Zn from 134.0 m, and 1.05 m @ 0.6% Cu and 10.4% Zn from 141.8 m, and 0.60 m @ 3.7% Zn from 161.4 m. SBDD005: 1.42 m @ 6.7% Zn from 120.45 m The style and grade of mineralisation intercepted during the 2022 drilling is analogous to the Blyklippen mine where historical production between 1956-1962 extracted 545,000 tons at 9.3% lead and 9.9% zinc. The 2022 drilling, which targeted a fault structure running for 9 km between the Blyklippen and Sortebjerg prospects, confirms the potential for additional discoveries along this fault and on other identified sub-parallel fault structures in the project area. High-Grade Rock Chips: Assay results for rock chip samples collected during the 2022 season have been received, confirming high-grade base metal and silver mineralisation at the Holberg, Nuldal, and Sortebjerg prospects.

Samples grade up to 22.5% lead, 3.6% zinc, 3.1% copper and 226g/t silver (Appendix 7). Significant assay results include: Holberg prospect: Sample 9963: 76 g/t Ag, 0.4% Cu and 19.0% Pb. Sample 9965: 33 g/t Ag, 3.0% Cu, 4.4% Pb, and 2.9% Zn.

Nuldal prospect Sample 9968: 83 g/t Ag, 22.2% Pb, and 0.2% Zn. Sample 9959: 183 g/t Ag and 21.6% Pb. Sortebjerg prospect Sample 9955: 18 g/t Ag, 3.1% Cu, 2.0% Pb, and 1.2% Zn.

Sample 9957: 3.6% Zn. Sample 9970: 226 g/t Ag, 0.2% Cu, and 22.5% Pb. The Holberg and Nuldal prospects contain fault structures that have now been confirmed to host quartz-vein hosted Pb-Zn-Ag±Cu mineralisation analogous to that at the historic Blyklippen mine and the Sortebjerg prospect, drilled by the Company during 2022.

The Holberg and Nuldal faults are located 4 km and 6 km respectively to the east of, and sub- parallel to, the Blyklippen-Sortebjerg fault. In addition, a review of historical exploration reports from the 1960s and 1970s has noted high-grade lead and silver reported in rock samples 38 km south of the historic Blyklippen mine at a prospect now referred to as Pingo Dal. Sixty-four of 145 historical samples from Pingo Dal are reported as having >1% Pb with thirteen samples having >50% Pb (Appendix 8).

Pingo Dal contains similar clastic lithologies and fault structures to the Blyklippen mine, and only limited exploration was undertaken throughout the 1950s- 1980s.