Future Metals NL : Assays From Historical Drilling Confirms Mineralisation

ASX Release

22 April 2022 ASX | AIM: 'FME'

Directors & Management Justin Tremain, Non-Exec Chair Allan Mulligan, Non-Exec Director Aaron Bertolatti, Finance Director Robert Mosig, Non-Exec Director Elizabeth Henson, Non-Exec Director Jardee Kininmonth, CEO

Brian Talbot, Technical Lead

Andrew Shepherd, GM - Project Development

Investment Highlights

• ▪ 100% ownership of the Panton PGM Project in Western Australia

• ▪ Panton JORC Mineral Resource Estimate (refer Appendix One)

  • o 14.32Mt @ 4.89g/t PGM (6E), 0.31g/t Gold, 0.27% Nickel

  • o 2.4Moz contained PGM's & Gold

  • o Full suite of PGMs, gold and base metals

• ▪ Resource outcrops | Mineralisation from surface

• ▪ Granted Mining Leases

• ▪ Metallurgical test work of >80% PGM recoveries to high grade PGM concentrate (crush, grind and flotation)

• ▪ ~$4.3m cash (31 March 2022)

Contact Details

Future Metals NL

Level 1, 33 Richardson Street West Perth, WA, 6005

T: [phone]

E:[e-mail] W:https://future-metals.com.au/

@_FutureMetals

Future Metals

Assays From Historical Drilling Confirm Significant Mineralisation Widths, and Investor Presentation

Video

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), a platinum group metals ("PGM") focused company, is pleased to report further shallow, wide PGM assay results from the historical drill hole sampling completed to date at its 100% owned Panton PGM Project ("Panton") in northern Western Australia.

Highlights

• ▪ Assay results received from a further 11 historical, previously unsampled, drill holes continue to confirm that the mineralisation width at Panton exceeds 50 metres along the drilled 3.5km strike. Notable intercepts include (at a 0.5g/t PGM(3E) cut-off, maximum 4m internal dilution) (refer to Table One and Appendix Two for full details):

  • • 53.3m @ 1.74 g/t PdEq3 (1.29 g/t PGM3E2 & 0.22% Ni) from 80m (PS177)

  • • 12m @ 1.41 g/t PdEq3 (0.94 g/t PGM3E2 & 0.22% Ni) from 142m (PS215)

  • • 10m @ 1.29 g/t PdEq3 (0.92 g/t PGM3E2 & 0.15% Ni) from 76m (PS178)

• ▪ All holes returned significant intercepts of mineralisation when applying an unconstrained PdEq cut-off grade of 0.5g/t, intercepts included:

  • • 55.3m @ 1.70 g/t PdEq3 (1.26 g/t PGM3E2 & 0.22% Ni) from 78m (PS177)

    • o inc. 7.5m @ 4.11 g/t PdEq3 from 80.5m

  • • 62.9m @ 1.22 g/t PdEq3 (0.80 g/t PGM3E2 & 0.18% Ni) from 27m (PS178)

    • o inc. 7.35m @ 2.75 g/t PdEq3 from 51.65m

  • • 86m @ 1.16 g/t PdEq3 (0.74 g/t PGM3E2 & 0.18% Ni) from 33m (PS143)

  • • 52.5m @ 1.13 g/t PdEq3 (0.69 g/t PGM3E2 & 0.17% Ni) from 43.2m (PS134)

  • • 48.4m @ 1.22 g/t PdEq3 (0.78 g/t PGM3E2 & 0.19% Ni) from 33m (PS165)

  • • 60.5m @ 1.15 g/t PdEq3 (0.70 g/t PGM3E2 & 0.18% Ni) from 2.2m (PS174)

    • o inc. 4.9m @ 2.56 g/t PdEq3 from 17.1m

  • • 56.5m @ 1.18 g/t PdEq3 (0.73 g/t PGM3E2 & 0.19% Ni) from 6.5m (PS185)

  • • 93.1m @ 0.94 g/t PdEq3 (0.51 g/t PGM3E2 & 0.17% Ni) from 56m (PS133)

• ▪ An updated JORC Mineral Resource Estimate ("MRE") remains on track for completion in Q2 2022, once the assays are received in respect of the remaining 33 outstanding drill holes, including 23 historical drill cores (refer to the Company's announcements of 8 December 2021, 17 February 2022, 8 March 2022 and 4 April 2022)

• ▪ The Company has released its Investor Presentation in video format with CEO Jardee Kininmonth, available on the Company's website.

Mr Jardee Kininmonth, CEO of Future Metals, commented:

"Prior owners of Panton were solely focussed on the chromite reefs which meant large portions of the core went unsampled. Given the Company's focus on proving the bulk tonnage potential of the Project, we made the decision to sample these historical drill holes to increase the data points to feed into the new resource. We're pleased that this decision has been proven worthwhile, with all holes providing further evidence of the mineralisation sitting outside the high-grade chromite reefs."

• 1 PGM6E = Palladium (Pd) + Platinum (Pt) + Rhodium (Rh) + Ruthenium (Ru) + Osmium (Os) + Iridium (Ir)

• 2 PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

• 3 PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 0.875xAu(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)

Exploration Drillhole Assay Results

Hole ID	From (m)	To (m)	Interval (m)	Pd (g/t)	Pt (g/t)	Au (g/t)	PGM3E1 (g/t)	Ni (%)	Cu (%)	Co (ppm)	PdEq2 (g/t)
Intersections based on 0.5 g/t PGM3E1 cut-off grade, maximum 4m internal dilution
PS138	181	224	43	0.35	0.29	0.09	0.73	0.18	0.03	140	1.13
PS143	82	83	1	0.42	0.42	0.28	1.13	0.16	0.09	155	1.56
PS165	78	82	4	0.25	0.37	0.25	0.87	0.21	0.04	156	1.3
PS177	80	133.3	53.3	0.59	0.56	0.15	1.29	0.22	0.02	159	1.74
PS178	76	86	10	0.42	0.39	0.11	0.92	0.15	0.04	153	1.29
PS215	142	154	12	0.45	0.35	0.14	0.94	0.21	0.04	151	1.41
PS215	160	165.5	5.5	0.34	0.35	0.01	0.71	0.15	0.09	112	1.01
PS215	171	179.8	8.8	0.36	0.35	0.04	0.75	0.18	0.02	145	1.13
Intersections based on 0.5 g/t PdEq2 cut-off grade, unconstrained
PS133	56	149.1	93.1	0.25	0.21	0.05	0.51	0.17	0.03	146	0.94
PS134	43.2	95.7	52.5	0.32	0.27	0.11	0.69	0.17	0.05	137	1.13
PS138	173	240	67	0.25	0.21	0.07	0.52	0.17	0.05	143	0.97
PS139	183.35	227	43.65	0.15	0.10	0.02	0.27	0.14	0.04	149	0.69
PS143	33	119	86	0.39	0.31	0.05	0.74	0.18	0.03	147	1.16
PS165	33	81.4	48.4	0.39	0.33	0.06	0.78	0.19	0.02	147	1.22
PS174	2.2	62.7	60.5	0.30	0.27	0.13	0.70	0.18	0.04	144	1.15
PS177	78	133.3	55.3	0.57	0.55	0.14	1.26	0.22	0.02	157	1.70
PS178	27	89.9	62.9	0.38	0.32	0.11	0.80	0.18	0.03	149	1.22
PS185	6.5	63	56.5	0.33	0.31	0.09	0.73	0.19	0.04	153	1.18
PS215	113	179.8	66.8	0.26	0.20	0.05	0.51	0.17	0.02	140	0.93

An additional 11 drill hole assays have been received and continue to confirm much broader widths of shallow PGM mineralisation than modelled in the current 2.4Moz MRE (refer to Appendix One). Assays for the remaining holes submitted to the laboratory that remain outstanding are expected to be reported in April and early May 2022 which will enable the modelling of an updated JORC MRE based on the shallow, bulk tonnage mineralisation at Panton. These latest assay results are set out

in Table One below (refer to Appendix Two for the drill hole details):

Table One | Drilling Assay Results

• 1 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)

• 2 PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 1.90394xNi(%) + 0.875x(Au(g/t) + 1.38936xCu(%) + 8.23xCo(%)

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Figure One | Panton Drill Hole Plan

Palladium Equivalent (PdEq)

Based on metallurgical test work completed on Panton samples, all quoted elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being ultimately recovered and sold.

Metal recoveries used in the palladium equivalent (PdEq) calculations are the midpoint of the range of recoveries for each element based on metallurgical test work undertaken to date at Panton. It should be noted that palladium and platinum grades reported in this announcement are lower than the palladium and platinum grades of samples that were subject to metallurgical test work (grades of other elements are similar).

Metal recoveries used in the palladium equivalent calculations are shown below:

• ▪ Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%

Metal prices used are also shown below:

• ▪ Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t

Metal equivalents were calculated according to the follow formula:

• ▪ PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)

VIDEO PRESENTATION

Future Metals is pleased to announce its investor presentation in video format with CEO Jardee Kininmonth available on the company website:https://future-metals.com.au/investor-centre/media/

This announcement has been approved for release by the Board of Future Metals NL.

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For further information, please contact:
Future Metals NL	[phone]
Jardee Kininmonth	[e-mail]
Strand Hanson Limited (Nominated Adviser)	[phone]
James Harris
W H Ireland Limited (UK Broker)	[phone]
Harry Ansell/Katy Mitchell
White Noise Communications (Australian IR/PR)	+ 61 400 512 109
Fiona Marshall
Competent Person's Statement:

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Shane Hibbird, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration Manager and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012

Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Hibbird consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

The information in this announcement which relates to Mineral Resources was stated in the Company's ASX Prospectus dated 18 May 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus relating to Mineral Resources, and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

The information in this announcement that relates to Metallurgical Results is based on, and fairly represents, information compiled by Mr Brian Talbot, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Talbot is a full-time employee of R-Tek Group Pty Ltd (R-Tek) a specialist metallurgical consultancy.. Mr Talbot has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr

Talbot consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended.

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