Demetallica Limited announced inaugural drill campaign at its 100% owned Jericho copper-gold deposit is delivering immediate, positive results with the first assay batch of RC chips reporting impressive copper values, as anticipated. Jericho is Demetallica's most advanced exploration-stage asset at the Chimera Polymetal Project, NW Queensland. The Company's clear mission at Jericho is twofold: improve continuity of data within the existing resource envelope and extend the boundaries of the resource through down plunge drilling.

Success in these objectives will lead to an updated and expanded resource estimate in October 2022. Several weeks into that campaign certified results are beginning to flow and provide firm encouragement that the objectives are technically viable. Infill drilling of the Matilda shoot within J1 Lode has 22 of 24 planned holes complete.

These holes augment 12 existing holes (36 holes in total when complete) to provide nominal 50m drill spacing covering 450m of strike and 150- 200m dip extent. Infill drilling within the Jumbuck shoot at the southern end of J1 lode is proceeding, with 5 of 21 planned holes complete. These holes augment 10 existing holes (31 holes in total when complete) to provide nominal 50m drill spacing covering most of an area 300m long and 200m depth extent.

Copper sulphide was intersected in all infill RC holes, in both shoots, based on visual inspection and supported by handheld portable XRF analyser measurements. Laboratory assays are to hand for the first 9 RC holes completed within the Matilda shoot. All holes encountered strong copper mineralisation within the shoot position; significant intercepts include: JE22D001: 8m @ 1.79% Cu and 0.44g/t Au from 91m; JE22D002: 9m @ 2.48% Cu and 0.33g/t Au from 143m; JE22D003: 8m @ 1.33% Cu and 0.23g/t Au from 208m & 2m @ 2.19% Cu and 0.7g/t Au from 225m; JE22D004: 9m @ 1.81% Cu and 0.34g/t Au from 88m; JE22D005: 19m @ 1.28% Cu and 0.19g/t Au from 197m, including 8m @ 1.85% Cu and 0.27g/t Au; JE22D010: 16m @ 1.37% Cu and 0.22g/t Au from 166m, including 7m @ 2.68% Cu and 0.42g/t Au; JE22D011: 13m @ 2.95% Cu and 0.26g/t Au from 100m; JE22D012: 6m @ 1.86% Cu and 0.41g/t Au from 194m & 4m @ 3.08% Cu and 0.62g/t Au from 218m; JE22D013: 9m @ 1.72% Cu and 0.64g/t Au from 160m; High-grade copper mineralisation is evident in each of the drill intercepts and is commonly better developed in zones of massive and semi-massive sulphide.

Drill hole JE22D011 contains superior grade copper mineralisation in such a zone, with 3m @ 7.2% Cu and 0.44g/t Au from 101m within an overall interval of 13m @ 2.95% Cu and 0.26g/t Au. A cross-section of the upper portion of the Matilda shoot shows exceptional continuity of the lode containing high-grade copper (with gold) across 4 holes to 200m depth below top of basement where infill drilling is directed. Resource Extension Drilling Update; Resource extension drilling at J1 Lode is also progressing strongly with 9 holes complete comprising 3 holes within Jumbuck shoot and 6 holes within Matilda shoot .

Copper sulphide was intersected in all holes at the predicted lode position confirming mineralisation extends below the base of the current resource within both shoots. Extension drilling on Jumbuck has extended mineralisation down plunge 100-150m along 200m of strike and remains open. Drilling on Matilda has extended mineralisation down plunge for around 100m along 750m of strike which also remains open.

Assays are not yet available for any of the completed diamond holes, however visual inspection of drill core indicates significant copper sulphide mineralisation is developed over intervals ranging 7-21m, which is similar to previous holes. Examples of visibly strong copper mineralisation from the Jumbuck Shoot (JE22D007) and Matilda Shoot (JE22D024).