Cosmo Metals Ltd. announced results from a seven-hole (1,550m) RC drilling program at the Company's Yamarna Cu-Ni-Co project east of Laverton in the Eastern Goldfields of Western Australia. The program was designed to extend and infill copper-rich sulphide mineralisation hosted within gabbroic rocks of the Mt Venn Igneous Complex. All holes drilled in the program intersected significant (>0.15%) copper mineralisation at targeted depths, with mineralised intervals comprising disseminated to massive and semi-massive sulphides (pyrrhotite>>chalcopyrite) hosted within a mafic (gabbro) to ultramafic (pyroxenite) unit adjacent to the contact with felsic-intermediate volcanics and volcaniclastics.

A brief description of the targets and results are presented in Table 1 with selected new intersections at Mt Venn including: YARC017, 17m @ 0.26% Cu from 132m; YARC018, 2m @ 0.38% Cu from 195m and 1m @ 0.19% Cu, 0.29%Ni, 558ppm Co from 229m; YARC020, 4m @ 0.23% Cu from 54m and 4m @ 0.17% Cu from 74m and 3m @ 0.26% Cu, 0.21% Ni, 463ppm Co from 97m; YARC021, 18m @ 0.48% Cu, 0.12% Ni, 340ppm Co from 142m; YARC022, 14m @ 0.23% Cu from 221m and YARC023, 13m @ 0.46% Cu, 0.11% Ni from 179m including 1m @ 1.27% Cu from 191. Late last month the Company completed a ground based MLEM survey at Yamarna to follow up high priority base metals targets at Yamarna. Airborne and ground-based electromagnetic geophysics has been an effective tool to detect buried massive sulphide mineralisation in the Yamarna area, where all EM targets tested by drilling to date are explained by sulphide accumulations, rather than other conductive sources such as graphitic sediments and salt water.

A total of 32.3-line kilometres of MLEM were surveyed over three target areas: Minjina (8.3line km), ~900m north of Mt Venn, was first recognised as a base metals target from a review of historical drillhole 17MVRC004, drilled in 2017, which intersected. 12m @ 0.8% Zn, 3.3g/t Ag & 0.16% Pb from 48m, including. 2m @ 2.13% Zn, 3.56g/t Ag & 0.39% Pb from 58m.

A downhole EM (DHEM) survey of 17MVRC004 & 17MVRC0019 by Cosmo in August 2022, identified a strong off-hole conductor untested by drilling. At its shallowest the modelled plate is ~60m below surface and a drillhole proposed to test this feature is interpreted to intersect the target at ~190m downhole depth. Minjina represents an exciting new target for the Company given the association of an untested, high conductance (>1,000S) off-hole conductor with historical base metals intersections and widespread Cu anomalism in surface sampling.

Eastern Mafic Feeder Zone (21.8 line km). The potential `feeder zones' of the mineralised system at Eastern Mafic (i.e., the potential source to near-surface mineralisation), is considered to have the potential to host large zones of sulphide mineralisation analogous to other Cu-Ni-PGE deposits globally. The feeder zone target is associated with several target areas which the survey covered 3km to the south of ML13 towards the Ben Lomond prospect.

NE7 (2.2 line km); a strong coincident gravity magnetic anomaly at Eastern Mafic. The focus of exploration at Mt Venn now turns to the Minjina target 900m to the north of Mt Venn with an RC rig contracted to test this exciting prospect later this month. This program is expected to include testing of several additional targets currently being reviewed by the Company's technical team.

Cosmo has engaged a Perth-based resource consultancy to review the results from the Company's 2022 drilling at Mt Venn with the aim to provide an initial Exploration Target for the Project. It is expected that this will provide a robust platform for planning further work at Mt Venn as well as more advanced mining and processing studies. This work is expected to be reported late in the calendar year.