Coppermoly : Quarterly Activities and Cashflow Reports

28 April 2023

ASX Code: COY

March 2023 Quarterly Activities Report

The following report details the operating and corporate activities of Coppermoly Ltd (Coppermoly or the Company) for the quarter ended 31 March 2023.

SUMMARY

• Proposed Shareholders Meeting for sale of Papua New Guinea Projects
• Data Compilation and Analysis to advance Mt Isa Project in Queensland
• Coppermoly is capitalized with cash reserves of $1.1 million as of 31 March 2023

Exploration Projects

Papua New Guinea Exploration Projects

The Company advised in December that it had entered into a legally binding share purchase deed (SPA) for the sale of all of the shares in its wholly owned subsidiary, Copper Quest PNG Limited (Sale Shares) (Copper Quest), the holder of the Company's exploration licences in West New Britain in the Independent State of Papua New Guinea (PNG), to Ever Leap Services Limited (Buyer) (the Company's largest shareholder) (Sale).

The Sale was subject to, among, other things, shareholder approval and other usual regulatory approvals, further details of which were contained in the announcement of 13 December 2022 and notice of meeting seeking shareholder approval for the Sale, which was dispatched to Shareholders on 24 March 2023.

The Company engaged in discussions with MRA's Geological Survey which proposed a trial run of Seismic Reflection Survey at our Simuku prospect. The Company's local team maintains site camp and liaises with landowners, no field work are carried out during this quarter.

Exploration Projects in Australia

The Company holds substantial prospective ground for copper gold mineralisation in the Eastern Succession, Mount Isa Inlier, northwest Queensland (Fig 1, EPM 27835 Foxes Creek, EPM 27836 Mount Tracey, and EPM 28751 Windy Hill application).

A number of potential copper gold targets are highlighted on the basis of ongoing data review and modelling of historical geological, geochemical and geophysical data. In particular, a large geochemical and airborne EM anomaly is delineated at the Shuffleton Prospect.

QUAMBY

Mt. Isa Inlier

CLONCURRY

Q U E E N S L A N D

Brisbane

CLONCURRY

OORIND

Kalkadoon Regional Geology

Tommy Creek Microgranite

Williams Supersuite

Maramungee Suite

Quamby Conglomerate

T

Double Crossing Metamorphics

U

L

Mount Albert Group

MALBON

S

A

F

T

Makbat Sandstone

R

K

A

R

E

E

I

C

G

Toole Creek Volcanics

N

H

I

T

E

Malbon Group

A

R

T

I

Shuffleton Prospect

M

G

Milo beds

H

T

F

Mount Fort Constantine

A

C

DUCHESS

U

L

Volcanics

L

O

T

N

Soldiers Cap Group

C

U

Staveley Formation, Roxmere

R

R

Quartzite

Y

Ballara Quartzite, Corella

SELWYN

F

A

Formation

U

L

Overhang Jaspilite

T

Surprise Creek Formation

Kurbayia Metamorphic Complex

THE MONUMENT

Boomarra Metamorphics

Lower Haslingden Group

Bulonga Volcanics

Myally Subgroup

Marraba Volcanics

Wonga Suite, Burstall Suite

Argylla Formation, Magna Lynn

0

25

Metabasalt

Kalkadoon Supersuite

kilometers

EXPLANATION

MISAEast_Locations

EPMA 28751

EPM 27835 & 27836

Major Faults

Major Mines ES

Shuffleton Prospect

Projection: UTM GDA94 Zone 54 S

Figure 1 - Tenement location in the eastern Succession, Mt Isa Inlier, Northwest Queensland (Map compiled after

Qld's Mines Department database - NWQ Geology 2011)

	470,000 mE	480,000 mE	490,000 mE
	Lorna Miss Hit Cu-Au Zone
7,670,000 mN
		Williams
	Rennies
7,660,000 mN
			Fox
		Fairmont
	E	Fox Extension Cu-Au Zone
	L
	E
	N
	A
	T
	F
	A
	U
	L	Shuffleton Prospect
	T
7,650,000 mN
T
		C
		L
		O
		N
		C
		U
		R
		R
		Y
		F
		A
		U
		L
		T
7,640,000 mN
		Explanation
		Historical Mining Lease
7,630,000 mN	0	10
	kilometers
		Projection: MGA Zone 54 (GDA 94)

Figure 2 - A stitched map of 3 Airborne EM and GEOTEM surveys showing AEM anomalies in tenement area.

The Company has now completed the first phase of review of extensive historical data, including geochemical surveys, geological mapping and two abutting airborne GEOTEM surveys completed by BHP and Aberfoyle. Figure 2 shows a number of near surface middle to late time GEOTEM anomalies the majority of which have only been minimally investigated and not drilled.

A large airborne GEOTEM anomaly along the Cloncurry Fault Zone at Shuffleton are evident in an area of overlap of both the BHP (1992) and Aberfoyle (1990) surveys. The Shuffleton GEOTEM anomaly is coincident with a large steam sediment and rock Cu geochemical anomaly.

Shuffleton Prospect

The Shuffleton Prospect is situated along a NNE striking segment of the Cloncurry Fault (Figure 3).

Soldiers Cap Group, Stavely Formation, Corella Formation and Mesozoic cover stratigraphy intruded by a large part of the granitic Williams Batholith and numerous small mafic bodies are mapped in the area (Figure 3).

The Soldiers Cap Group comprises a fine- to coarse-grained, marine clastic sequence which includes iron formation and a suite of Fe-rich mafic igneous sills. The Solders Cap Group hosts numerous base metal ore bodies including Cannington and Eloise.

The calc-silicate rich Corella Formation contains significant discordant breccias in the district, in particular along and on the western edge of the Cloncurry Fault. These are polymictic sedimentary and porphyritic volcanic rock breccia with K-feldspar, albite and hematite alteration reminiscent of some of the rock types present at Ernest hennery and Mary Kathleen.

The Staveley Formation is dominated by a fine to medium grained, massive to well bedded immature and calcareous sediments with minor banded iron formations. They note ripple marks, halite casts, desiccation cracks and extensive brecciation.

The Williams Granite, 2km to the west of the Shuffleton Prospect, is dated at 1530±8Ma. The Saxby Granite, which is also about 1530Ma old, is mapped about 1~3 km to the north-east of Shuffleton. A number of minor dolerite/mafic intrusions are also present within and in the vicinity of the prospect.

In more detail, a 3.5km strike by up to 20m wide gossanous (iron stained) sub-vertical quartz breccia sheet is mapped along the interpreted Cloncurry Fault Zone at Shuffleton.

Out of a total of 50 rock chips samples taken within the prospect, the quartz breccia returned 16 with concentrations greater than 0.1% and a maximum of 15.9% Cu. (Figure 3).

The bulbous, NNW oriented 8 x 2km - 80# stream sediment Cu geochemical zone (n= 236,+ 50 ppm, max 235 ppm) is shown in Figure 4. The geochemical anomaly extends to include a part of the Staveley Formation and contact with the Williams Batholith. The eastern half of the geochemical anomaly follows the trace of the mapped Cloncurry Fault and surface mineralised quartz breccia. The eastern edge of the geochemical anomaly is also coincident with the similar strike length GEOTEM conductivity (Figure 4)

Within the prospect area, the Queensland Mines Department has recorded small historical production of copper from the Mt Kalkadoon Mine between 1940's and 1960s (GSQ CR 5180). The copper mine worked high grade surface oxide ores located approximately 800m west of the Cloncurry Fault.

Figure 3 - Shuffleton Prospect - Geology with outline of stream geochemical anomaly overlain by

location of highlight Cu rock chip results.