CuFe : Tennant Creek JORC 2012 Resource Statement

ASX ANNOUNCEMENT

17 June 2022

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TENNANT CREEK JORC 2012 RESOURCE STATEMENT

CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to announce it has upgraded the existing resources previously stated in compliance with JORC 2004 to JORC 2012 for its 60% owned Tennant Creek deposits (Orlando, Gecko and Goanna).

The Company engaged Mr Ian Glacken from Snowden Optiro Consultants to conduct a review of the stated 2004 resources and complete the necessary additional requirements to allow reporting under JORC 2012 requirements. The original resource estimates were generated by Optiro Pty Ltd between 2011 and 2013.

Project Summary

Host lithologies in the region consist of a sedimentary sequence of shales, siltstones and greywackes with some intercalated haematite-rich shale units. The iron-oxide pods comprise varying amounts of magnetite- haematite-quartz and chlorite, and are irregular in shape, typically sub-vertical and with an east-west strike. A distinct alteration halo typically surrounds the ironstones, and consists of strongly chloritised and often sheared sediments from a few centimetres to 10 m thick. The copper mineralisation occurs as thin, near vertical lenses, within and transgressive to the iron-oxide pods, and often continues into the adjacent chlorite- altered sediments.

Gold and copper mineralisation at Orlando is hosted in southeast-northwest trending lenses controlled by two shear zones which strike east-southeast. The gold and copper mineralisation is associated with elevated concentrations of arsenic, cobalt and bismuth. The main copper mineral is chalcopyrite, which has been oxidised to a number of secondary copper minerals, including malachite, chalcocite and covellite within the weathered horizon. The weathering profile extends to below 120 m from surface.

The Gecko and Goanna mineralisation is hosted in a similar orientation to Orlando although offset to the east-northeast in a series of lenses controlled by a series of subparallel and subvertical shear zones, locally called the Gecko Corridor. The lenses are coincident with the shear zones and mineralisation is hosted in sulphide and quartz-sulphide tension vein arrays and sulphide rich brecciated ironstone lenses. The major lithological units found within the shear zones are chlorite altered lithologies, fault breccias, mylonites and lesser sheared ironstone lenses. Goanna mineralisation is dominantly copper with only minor intercepts containing gold. The depth of oxidation varies in depth from 50 m to up to 150 m below surface.

Orlando

Optiro was provided with all necessary information to enable interpretation including a fully validated drill hole database and wireframes of the weathering surfaces. The database contained copper grades from 4,217 samples and gold grades from 3,063 samples with drill lines spaced between 10 - 20m and hole spacing between 20 - 30m. Density data was estimated from 1,953 measurements taken from 33 diamond drill holes and separated into weathering zones and mineralized/unmineralized material. Interpretation used a 0.5% copper cutoff and a 0.5 g/t gold cutoff. There was no correlation between gold and copper in the statistical analysis so they were modelled independently although there was some overlap in places.

Estimation was controlled by 8 separate mineralized domains with 4 for copper and 4 for gold all constrained with hard boundaries (wireframes). Interpolation was carried out using ordinary kriging guided by variograms calculated for each domain and three pass searches were used according to the variogram models.

CuFe Ltd ABN: 31 112 731 638	T [phone]
32 Harrogate St, West Leederville,	E [e-mail]
Western Australia 6007	cufe.com.au

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ASX Announcement - 17 June 2022

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The Mineral Resource was classified into indicated or inferred based on the confidence in geological and grade continuity using drilling density, modelled grade continuity and kriging efficiency. The mineral resource was reported using a gold equivalent cutoff of 1.0gt aueq using US$1,363/oz for gold and US$3.31/Ib for total copper after depletion for previous open pit mining and underground workings.

Gecko

The Gecko resource was estimated in July 2011. Optiro was provided with all necessary information to enable interpretation including a fully validated drill hole database and wireframes of the weathering surfaces. The database contained copper grades from 4,721 holes and 18,290 samples. No gold values were estimated. Density data was estimated from 803 samples (717 mineralised). Interpretation used a 1.0% cu cutoff and was defined as a steeply dipping deposit generally associated with ironstone. A lower grade halo was also interpreted in some sections of the deposit using a 0.3% cu cutoff (encompassing the higher grade material).

Estimation was controlled by 9 separate mineralized domains representing different sections of the deposit, all constrained with hard boundaries (wireframes). Interpolation was carried out using ordinary kriging guided by variograms calculated for each domain and three pass searches were used according to the variogram models. Top cuts were used to limit the influence of outlier samples in the interpolation.

The Mineral Resource was classified into indicated or inferred based on the confidence in geological and grade continuity using drilling density, modelled grade continuity and kriging efficiency. There was some concern around the extent of underground workings hence the majority of the deposit was classified as inferred. The mineral resource was reported using a copper cutoff of 1.0%.

Goanna

The Goanna resource was estimated in August 2013 as a series of thin sub-vertical mineralized lenses within 6 sub parallel shear zones. Optiro was provided with three dimensional interpretations of shear zones and ironstone units as determined by drilling and a fully validated drill hole database. The database contained samples from 40 drill holes (diamond and RC) and 16,547m although assays were only available from 36 holes including cu, au, bi, fe, pb and zn. Density data was estimated from 925 measurements. Interpretation used a 0.5% cu cutoff and a 0.5 g/t gold cutoff. There was no correlation between gold and copper in the statistical analysis so they were modelled independently although there was some overlap in places.

Estimation was controlled by 2 separate mineralized zones constrained with hard boundaries (wireframes). Interpolation was carried out using ordinary kriging guided by variograms calculated for each domain and three pass searches were used according to the variogram models.

The Mineral Resource was classified entirely as inferred based on the confidence in geological and grade continuity using drilling density, modelled grade continuity and kriging efficiency. The mineral resource was reported using a copper cutoff of 1.0%.

All deposits were based on the assumption of underground mining with some possibility for a cutback to the existing pit in the Orlando deposit prior to going underground. Processing was assumed to be via a gravity gold circuit on the front end +/- acid leach for oxide copper extraction followed by floatation of sulphides producing a copper concentrate for smelting and a gold tail for CIL and elution to produce dore on site. This would be a conventional approach to the material types anticipated.

There has been no additional exploration, deposit definition or estimation that has been done since the date these mineral resources were reported. CuFe are currently in the process of conducting an infill drilling program including geotechnical and metallurgical drilling to support an updated estimation of the Orlando deposit for use in a possible expansion of the existing Orlando open cut mine.

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ASX Announcement - 17 June 2022

Mineral Resources from the combined project total 6.6Mt @ 1.8% Cu and 0.7ppm Au with accessory cobalt, bismuth, silver, lead, zinc and iron mineralization at a combined 1.0% cu and 1.0ppm aueq cutoff (refer Table 1 for resource breakdown).

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Category	Tonnes	Cu	Au	Cu	Au
	(kt)	(%)	(g/t)	(kt)	(koz)
Gecko
Indicated	1,400	2.5%	-	35.6	-
Inferred	80	1.6%	-	1.3	-
Sub-total	1,480	2.5%	-	36.9	-
Goanna
Inferred	2,920	1.8%	0.2	53.7	15
Sub-total	2,920	1.8%	0.2	53.7	15
Orlando
Indicated	1,710	1.5%	1.9	25.7	100
Inferred	510	1.1%	1.7	5.8	30
Sub-total	2,220	1.4%	1.8	31.5	130
Total	6,620	1.8%	0.7	122	145

Note: The gold equivalent calculation assumes a gold price of US$1,363/oz for gold and US$3.31/Ib for total copper and makes no allowance for metallurgical recoveries. The totals may not sum exactly due to rounding.

Table 1. Tennant Creek Project Mineral Resources (JORC 2012).

Announcement released with authority of the CuFe Board of Directors.

Yours faithfully

CuFe Ltd

Mark Hancock

Executive Director

For further information please contact:

Investor Relations		Follow us
+61 8 6181	9793	@CuFeLtd
[e-mail]	CuFeLtd

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COMPETENT PERSON

The information in this announcement that relates to Resource Estimation is based on information compiled by Mr I Glacken and Mr O Frederickson. Mr Glacken and Mr Frederickson are a Fellow and Member respectively of The Australasian Institute of Mining and Metallurgy (AusIMM) and have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"). The Competent Persons, Mr I Glacken and Mr O Frederickson, have reviewed the Mineral Resources which were previously reported in accordance with JORC 2004 and consider that they are able to be reported in accordance with JORC 2012.

Mr Glacken is a consultant for Snowden Optiro engaged by CuFe and Mr Frederickson is a consultant to CuFe Ltd. Both Competent Persons consent to the inclusion in the report of the Resource Estimation in the form and context in which it appears.

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ORLANDO, GECKO and GOANNA deposits

Updated Resource Classification

JORC Code (2012) criteria considered for classification and

reporting