DGAP-News: Conico Ltd. / Key word(s): Drilling Result Conico Ltd.: MASSIVE SULPHIDE LENSES INTERSECTED AT CASCATA PROSPECT (news with additional features) 2021-09-24 / 08:37 The issuer is solely responsible for the content of this announcement.

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ACN 119 057 457 AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

24 September 2021

MASSIVE SULPHIDE LENSES INTERSECTED AT CASCATA PROSPECT HIGHLIGHTS

- Drill-hole CADD001 at the newly discovered Cascata Prospect is complete and intersected volcanic-sedimentary units that commence at surface, persisting to 275m downhole and containing lenses of massive sulphide.

- The geology encountered at Cascata and the presence of fine-grained lenses of massive sulphide conforms with the interpretation that it is a volcanogenic massive sulphide (VMS) occurrence.

- From 275m downhole to end of hole at 407m, CADD001 also intersected a layered gabbro that is also visible in outcrop 6km to the south. It is therefore extensive in size and represents a newly identified layered mafic intrusion prospective for precious and base metals.

- Drill-holes CADD002 at Cascata and MIDD009 at Miki are complete and are now in the process of being logged.

- Field activities at Ryberg have ended for the 2021 season.

Conico Limited (ASX: CNJ) ("Conico" or "the Company") and its wholly owned subsidiary Longland Resources Ltd (" Longland") is pleased to announce that the first drill-hole at the newly discovered Cascata Prospect has intersected multiple lenses of massive sulphide (Figures 1 to 5). Drilling was terminated at 407m downhole after having persisted through 275m of volcanic-sedimentary units from surface, ending in gabbro (Figures 6 and 7). The gabbro is layered and both laterally/vertically extensive, therefore representing a newly discovered layered mafic intrusion that is prospective for precious and base metals. Drill-holes CADD002 (Cascata) and MIDD009 (Miki) are both complete and in the process of being logged (Figures. 8 and 9). Activities in Greenland have now ended for the 2021 field season.

Conico Executive Director Guy Le Page said: "The first drill-hole at the newly identified Cascata Prospect is very encouraging, with numerous lenses of massive sulphide having been encountered and therefore justifying the interpretation that Cascata is a VMS occurrence. A layered mafic intrusion, prospective for precious, platinum group and base metals was also identified in this drill hole. The field season has now ended; however, activities are ongoing including logging the last two holes, awaiting assay results, and planning for the 2022 field season." Drill-hole CADD001 at the Cascata Prospect The first drill-hole CADD001 at Cascata was collared at a location high in the sedimentary sequence, above where abundant sulphide mineralisation that had been observed at surface (figure 8). The hole was positioned perpendicular to bedding, angled to intercept the stratigraphy obliquely.

From the surface until 275 m downhole, CADD001 intercepted alternating volcanic sedimentary (VS) units that are deposited above the gabbro lithologies. Sulphide-bearing black shales predominate the VS sequence and are interbedded with mafic to intermediate volcanic, sub-volcanic, volcaniclastic units, as well as chert, and occasionally cut by dolerite. Hydrothermal alteration is readily identifiable by the presence of chlorite, and mostly associated to the mafic units.

Sulphide mineralisation is seen dispersed as diagenetic pyrite nodules in the upper sequence of black shales to 155m downhole, while hydrothermal disseminated and massive sulphide lenses (up to 0.4m thick) commence in the lower sequence below this depth until contact with the gabbro is reached at 275m (figures 1, 4 and 5). Most sulphide minerals in the lower sequence are very fine-grained and it is not possible to identify them conclusively without geochemical/ mineralogical analysis.

The underlying gabbro commences at the base of the VS sequences at 275m downhole and persists until the end of the hole at 407m (figures 3 and 6). The dominant minerals are plagioclase, magnetite, ilmenite, and apatite, with layering evident as the quantity of these minerals increases or decreases. The presence of oxide minerals magnetite and ilmenite, together with trace sulphide, in the upper zone of a layered mafic intrusion (LMI) is commonly observed in fractionated magma. Well known LMIs include the chromium and platinum group metal complexes of Stillwater Complex in the USA, Bushveld Complex in South Africa, and the Great Dyke in Zimbabwe.

Summary of the 2021 Ryberg Field Season The team arrived at Ryberg on the 15^th of July and were present on site until the 15^th of September. During that time three prospects were drilled, Miki, Sortekap and newly identified Cascata for a total of 3,480m (figure 2 and Annexure 1). The field season was successful in identifying visible sulphide mineralisation at each locality, assay results are now awaited.

No injuries or incidents occurred during the field season, and drill rigs have been stored on site at Ryberg in preparation for an early commencement in 2022. A longer field season was proposed for this year; however, it was curtailed due to delays with the late arrival of equipment/the vessel and ceased early due to the remnants of Hurricane Larry passing the east Greenland coast which brought light snowfalls.

All drill core is in the process of being relocated to a secure facility in Europe where further logging and sampling will occur, overseen by Longland CEO Thomas Abraham-James. All core that has already been sampled has been sent to laboratories in Australia and Europe, with assays anticipated to be released in the fourth quarter of 2021.

A summary of the drilling accomplished is as follows: 


Prospect      Holes Drilled Metres Drilled Geological target 
Miki                9           2,057      Magmatic sulphide 
Sortekap            3            833       Orogenic gold / magmatic sulphide 
Cascata             2            590       VMS / magmatic sulphide

A regional heli-borne magnetic and radiometric survey was also flown across the majority of the Ryberg licence area by New Resolution Geophysics (NRG) of South Africa (figure 10). This represents the first regional geophysical survey to ever occur at Ryberg, flown in an E-W direction at 200m line spacing, with infill lines at 100m spacing at the Miki and Sortekap Prospects. The data is currently being interpreted by ExploreGeo Pty Ltd in Perth. Proposed 2022 Field Activities The Company has retained three drill rigs on site at the Ryberg Project in preparation for the resumption of activities in 2022. There is also fuel on site that will allow activities to get underway without the need for a supply vessel. From previous field experience in the region, access in April is possible and mobilisation/accommodation options are actively being assessed by the Company's operations manager Höskuldur Jónsson.

Ancillary activities to complement further drilling campaigns will be considered once assay results from the 2021 season have been obtained and the regional geophysical survey has been interpreted. The Company also intends to return to the Mestersvig Project and further assess the precious, base and REE mineralisation that has been identified there, in conjunction with further assessment of the historic Blyklippen Mine.

By order of the board. Guy T Le Page, F.FIN., M.Aus.IMM. Executive Director COMPETENT PERSONS STATEMENT

The information contained in this report relating to exploration results relates to information compiled or reviewed by Thomas Abraham-James, a full-time employee of Longland Resources Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Abraham-James has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserve Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Abraham-James consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

FORWARD-LOOKING STATEMENTS This announcement contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

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