DMC Mining : Multiple Ni targets from EM survey at Ravensthorpe

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March 2022

ASX Announcement

Ravensthorpe Airborne EM Survey

Returns High Priority Conductivity

Anomalies

Key Highlights

• Xcite™ heliborne survey returned a number of high priority conductivity anomalies to test.
• Conductivity anomalies are associated with magnetic features consistent with potential buried komatiite ultramafic sequences.
• Exploration will ground-truth the anomaly areas and rank targets for follow up geochemical and geophysical surveys prior to drill testing.

Western Australian nickel sulphide explorer, DMC Mining Limited (ASX: DMM) (DMC or the Company) is pleased to announce that geophysical consultancy group Resource Potentials Pty Ltd (Resource Potentials) have completed processing and interpretation of the recent high-resolution helicopter- borne time domain electromagnetic (EM) and magnetic (Xcite™) survey covering all the Ravensthorpe Nickel Project (RNP or the Project). The results of the survey have delineated a number of high priority conductivity anomalies associated with magnetic features consistent with buried komatiite ultramafic units. These conductivity anomalies will now be ground-truthed with geochemistry and ground geophysical surveys. Results from the geochemical and ground geochemical surveys will then be followed up by diamond drilling to test the anomalies for potential nickel sulphide mineralisation.

DMC's Executive Chairman, David Sumich, commented:

"We are very excited by the number of high priority nickel sulphide targets identified from the survey. The results highlight the tremendous potential of this Project"

DMC Mining Limited
Phone: [phone]	Email: [e-mail]
Address: 27/44 St Georges Tce, Perth WA 6000.	Web: www.dmcmining.com.au

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ASX Announcement

Technical Summary

A total of 552-line kms of airborne EM and magnetics data at 100m line spacing was acquired over the entire RNP by NRG Australia in late December, 2021. DMC engaged Resource Potentials to process and interpret the data. Resource Potentials have identified a number of high priority conductivity anomalies within the data associated with magnetic features consistent with possible buried komatiite volcanic units.

The survey is impacted by conductive paleodrainage channel systems and younger Eocene (ca 55Ma) marine onlap sediments that obscure the bedrock conductivity in various places on the tenement. However, in summary, there are two (2) priority-1 anomalies (red) and five (5) priority-2 anomalies (yellow - Figure 1) chosen by their conductivity and magnetic characteristics to be potentially bedrock sourced associated with komatiite ultramaic units. A number of addtitonal priority-3 anomalies have been identified (green) where the anomalism is poorly defined or the anomalism may not relate to potential bedrock sources. Other conductivity features have been identified in the profile data where the source of anomalism is ambiguous or potentially relates to cultural features (Figure 2). These have not as yet been added to the target list for further examination.

Ravensthorpe Nickel Project

The Ravensthorpe Nickel Project (DMC 100%, EL 74/669) is located in a highly prospective geological setting for nickel sulphide deposits (Figure 3). The Project has at least 15kmstrikelengthoftheBandalup ultramafics, the target host rocks that are prospective for Kambalda-style nickel sulphide deposits.

The Project is very well serviced by roads, power, and other necessary mining infrastructure.

Next Steps

Planning is underway to start field work on the ground to test the priority targets identified. A field visit to ground-truth the anomalies and assess exploration logistics will be conducted as soon as access can be secured with relevant stakeholders. Following this, a program of geochemical sampling and ground EM geophysics will be designed to test the anomalies and advance the targets to drill testing.

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Figure 1 - Priority Conductivty Targets Identified on the Ravensthorpe Nickel Project. Ravensthorpe project tenement E74/669 outline (black) and target areas coloured by priority over a semi-transparent late-timeXcite EM decay image (dB/dt Z Ch45) over a residual magnetic greyscale image (TMIRTP HP500m)

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Figure 2 -Conductivty Line Anomaly Picks on the Ravensthorpe Nickel Project. Ravensthorpe Project tenement E74/669 outline (black) and Xcite profile anomaly picks coloured by rank over a ternary Xcite decay image of B-Fieldchannels 49 (red), 40 (green) and 30 (blue) with a 1VD filter applied.

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Figure 3 - Ravensthorpe Nickel Project E74/669 - Geology & Location map.

www.dmcmining.com.au

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