Demetallica Limited reported results for the final 13 holes of its maiden 56 hole RC-DD drill campaign. The full data set informs the new JORC resource re-estimate, due for publication towards the end of October. The high tenor and breadth of copper-gold mineralisation encountered continues to be highly encouraging1.

Exceptional continuity of high-grade copper mineralisation repeated Jumbuck and Matilda copper zones continue beyond the resource lower boundry Standout copper intercepts include Jumbuck Shoot (J1 Lode) 5m @ 3.83% Cu & 0.58g/t Au from 178 12.5m @ 2.22% Cu & 0.55g/t Au from 386 Matilda Shoot (J1 Lode) 23m @ 2.21% Cu & 0.41g/t Au from 155 30m @ 1.08% Cu & 0.16g/t Au from 430 Billabong Shoot (J2 Lode) 22m @ 1.79% Cu & 0.24g/t Au from 157m 12.4m @ 2.46% Cu & 0.20g/t Au from 517m Work to update the Mineral Resource Estimate underway; due late October Mineralisation remains open with considerable potential for further growth options through drilling. All 13 holes intersected strong grades and widths at the interpreted lode position, reinforcing faith in the geological model and, in particular, providing another first-class data set to incorporate in the yet-to-be determined Mineral Resource Estimate (MRE), aiming to achieve the stated exploration target2 objective of 13-15Mt of copper mineralisation. Assays the combination of RC infill and diamond extension holes are presented in Table 2. The Jericho system has proven, through some 152 drill holes across 4 drill campaigns, to be a remarkably consistent featur with J1 and J2 lodes intercepted along 3.7km of strike length and remaining open to the north, down plunge/down dip.

The current and new MRE are confined to just 2.2km of strike. The current MRE is limited to 400 metres on J1 lode and 500 metres on J2 lode below ground surface. 2022 infill results confirm the continuity, grade and thickness of mineralisation within J1, with some new very high-grade zones having been identified (Figures 2-5).

Similarly, 2022 extensional drilling confirms mineralisation continues at depth on both J1 and J2 lodes below the current MRE, and remains open at depth and along strike (Figures 1, 2, 4, 6). Significant exploration potential remains to be tested following the new MRE publication as Demetallica has identified numerous zones to drill and expand the resource in 2023. Limited drilling into the Billabong Shoot within J2 Lode (Figure 6) identified a relatively shallow, thick, high-grade zone with excellent upside potential (no other hole within 180m in any direction): JE22D034: 22m @ 1.79% Cu & 0.24g/t Au from 157m Incl.

9m @ 3.12% Cu, 0.47g/t Au A single deep drill hole (extending a 2019 hole drilled into J1) confirms high grade mineralisation of the Billabong Shoot also continues at depth. Billabong remains open to the north, south and at depth: JE19D019, 12.4m @ 2.46% Cu & 0.20g/t Au from 517m incl 7.2m @ 3.97% Cu, 0.32g/t Au. Matilda Shoot Infill drilling along Matilda Shoot established over 600m strike length of continuous, high-grade copper mineralisation JE22D002: 9m @ 2.48% Cu & 0.33g/t Au from 143m JE22D011: 13m @ 2.95% Cu & 0.26g/t Au from 100m JE22D015: 16m @ 1.94% Cu & 0.43g/t Au from 163m o Incl.

6m @ 2.95% Cu & 0.63g/t Au JE22D018: 15m @ 1.73% Cu & 0.32g/t Au from 178m Incl. 6m @ 3.45% Cu & 0.59g/t Au JE22D027: 6m @ 2.73% Cu & 0.54g/t JE22D028: 10m @ 3.08% Cu & 0.54g/t Au from 174m JE22D054: 23m @ 2.21% Cu & 0.41g/t Au from 155m Incl. 10m @ 3.50% Cu, 0.60 Au Wide-spaced extensional drilling confirms thick copper zones continue down plunge in Matilda below the current JORC Resource, are open at depth and to the north, with potential for higher grade shoots between holes, including: JE22D022: 25m @ 1.00% Cu & 0.28g/t Au from 501m Incl.

3.65m @ 2.45% Cu & 1.27g/t Au JE22D023: 23m @ 1.24% Cu & 0.29g/t Au from 435m Incl. 10m @ 1.78% Cu & 0.47g/t Au JE22D052: 30m @ 1.08% Cu & 0.16g/t Au from 430m incl. 6m @ 1.89% Cu & 0.22g/t Au.