Cosmo Metals Ltd. advised it has completed a further seven-hole (1,550m) reverse circulation (RC) drilling program at the Mt Venn Project in the Yamarna district of Western Australia . The primary aim of the program was to support the Company's copper (Cu) resource studies at Mt Venn, and drilling targeted extensions of the shallow, thick Cu mineralisation as evident by the RC drill program completed in late 2021 which returned several wide, higher-grade copper intersections including1: 46m @ 0.80% Cu from 141m in 21MVRC001 including 12m @ 1.26% Cu from 155m; and 13m @ 1.06% Cu from 170m. This latest program was the second phase of drilling at Yamarna this year, following on from a program in April-May which intersected shallow, wide intersections of copper mineralisation including2: 22m @ 0.48% Cu, 0.16% Ni and 0.06% Co from 135m in YARC008 including 1m @ 1.56% Cu, 0.15% Ni and 0.05% Co from 147m 18m @ 0.40% Cu from 202m in YARC013 including 1m @ 1.05% Cu from 215m 23m @ 0.30% Cu from 147m in YARC006 including 1m @ 1.25% Cu from 154m The recently completed program intersected wide zones of sulphide mineralisation (pyrrhotite>>chalcopyrite) and a compilation of visual intercepts is provided in Table 1. All holes drilled intersected sulphides at target depths with mineralisation dominated by pyrrhotite with hole YARC021 intersecting a continuous zone of over 16m of massive and semi-massive sulphides (pyrrhotite>>chalcopyrite) from 142m.

In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide abundance should not be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the width and grade of the visual mineralisation reported in geological logs. The Company will update the market when laboratory analytical results become available.

The Company's laboratory estimates October for reporting of these analyses and the Company will update the market when these are received. The crew also surveyed four holes (20WNRCD01-004) at the Winchester Project, 50km to the north, which had been drilled in 2020 but never surveyed due to COVID-related travel restrictions at the time. Hole 20WNRCD002 intersected several sulphide zones that remain open along trend including3: 4.4m @ 0.8% Cu, 4.7g/t Ag, 0.08% Ni and 0.01% Co from 201.86m (20WNRCD002) The remaining three holes (220WNRCD001, 003 & 004) did not intersect any significant mineralisation and the EM targets remain unexplained with DHEM expected to provide further information to explain these targets.

One hole drilled by Cosmo at Eastern Mafic on the ML3 target (YARC001) was also surveyed. The ML3 target is a prominent EM anomaly associated with a locally strong magnetic anomaly, adjacent to a regional NNW structure. Three RC holes drilled at ML3 (including YARC001) failed to intersect any conductive geology sufficient to explain the anomaly.

All DHEM data is currently with the Company's geophysical team for modelling and interpretation with results from this work expected in the coming weeks.