Jadar Resources : Due Diligence Completed at Khartoum Project

ASX RELEASE: 30th March 2021

Due Diligence Completed and Moving Towards Settlement of

Khartoum Tin-Silver-Tungsten Project

Highlights

• Jadar has completed its due diligence of the Khartoum Tin-Silver-Tungsten Project in North Queensland Australia and is now moving towards final settlement of the Sale and Purchase Agreement
• Over 24 highly prospective targets identified from rock chip sampling. Targets also contain a large number of old Sn, Ag-Pb-Zn, Cu, Au and W mines and mineral occurrences within tenement area.
• Kitchener group of mines identified with historic shallow significant intersections of:

• 1. 15m at 0.52% Sn from 18m and 12m at 1.0% Sn from 44m - Hole WYM01
  1. 22m at 0.65% from 10m - Hole WYM05
  1. 11m at 0.62% Sn from 19m - Hole WYM06
• Historic Mount Luxton Gold-Silver mine identified with rock chip assays of:
• 1. 3.39g/t Au, 241g/t Ag, 0.11% Cu, 8.25% Pb and 0.1% Sn - Mullock composite
  1. 0.58g/t Au and 32.2g/t Ag - Working outcrop
  1. 1.02g/t Au and 5.8g/t Ag - Mullock sample

Jadar Resources Limited (ASX:JDR) ("Jadar", the "Company") is pleased to announce that it has completed the due diligence of the Khartoum Tin-Silver-Tungsten project in North Queensland and is now moving towards final settlement of the Sale and Purchase Agreement with Jervois Mining Limited.

Once final settlement has been completed Jadar is planning to complete a sampling and mapping program to refine the most prospective drill targets with the aim to complete a drilling program in 2021.

The Khartoum Project is located approximately 100km south west of Cairns, the Khartoum tenement package consists of 5 exploration permits EPM14797, EPM19112, EPM19113, EPM19114 and EPM19203 covering a total area of 198km2.

Khartoum has been identified as particularly prospective for tin, silver, and tungsten mineralisation hosted by a Late Carboniferous-Early Permian felsic intrusive, mostly associated with cassiterite bearing quartz veins in greisen and disseminated cassiterite in greisen.

Further details of the Khartoum Project acquisition are contained in the Company's announcement of 9 February 2021.1

Khartoum Tenement Portfolio

The Khartoum tenement package consists of 5 exploration permits EPM14797, EPM19112, EPM19113, EPM19114 and EPM19203 covering a total area of 198km2.

• The Company is not aware of any new information or data that materially affects the information included in the announcement of
  9 February 2021

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:[phone] F: [phone] www.jadar.com.au

Tenement Portfolio Summary
Tenement		Grant date	Expiry date	Sub blocks/area
EPM14797			13/1/2006	12/1/2021*		17
EPM19112			4/3/2014	3/3/2022		9
EPM19113		29/5/2014	28/5/2022		10
EPM19114		3/3/2014	2/3/2022		24
EPM19203		3/3/2014	2/3/2022		6
*Renewal submitted

Table 1 - Tenement Portfolio Summary

Figure 1 - Khartoum Project tenement areas

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:[phone] F: [phone] www.jadar.com.au

Regional Geology and Mineral Systems

The Herberton region contains a suit of rocks ranging from Paleoproterzoic gneiss to Tertiary cover. The rocks of primary interest are the numerous highly fractured I-typemid-late Carboniferous granitoids of the O'Briens Creek Supersuite and late Carboniferous Boonmoo Volcanic Subgroup felsic volcanics which dominate the tenement package and have intruded, or overlie, the extensive Devonian Hodgkinson Formation, a series of interbedded sedimentary units consisting primarily of arenite and mudstone with lesser chert, conglomerate, basalt and limestone.

The Herberton area is a major tin-tungsten bearing district and contains numerous historic workings for tin, tungsten, copper, zinc, molybdenum, antimony, lead, silver and gold. In granite-related tin deposits the metals are commonly focused along the apical portions of the granite and metal bearing fluids may breach into the wall rocks resulting in vein systems and breccias with significant alteration footprints. Figure 2 below shows schematic representations of the Sn-W deposits of the region. Metal zonation is a key exploration tool in assessing the proximity to the source intrusions along with alteration style. Tin tungsten mineralization is focused immediately around the local granite cupola with greisenisation of the host intrusive and tourmaline, chlorite, and silica alteration of the wall rocks. At an intermediate distance copper is present, and in the distal cooler portions of the system lead-silver occurs. Faults and veins are vital parts of the system as they provide pathways for fluids. These veins can assist in tracing the mineralization back to source. Replacement deposits are also associated with the Sc-W systems and likewise have zonation. Alluvial tin is also prevalent and has been readily exploited in the past.

Other mineral systems may be present in the area and include intrusion related gold (IRG), W-Mo-Bi and Cu- dominant systems. Several prospects show within the tenement area show mineral association typical with IRG systems, although more work is required to further evaluate the potential for IRG systems in the Khartoum tenement package area.

Figure 2 - Plan and section diagrams of the expected district zonation in Palaeozoic Sn-W deposits in eastern Australia (Blevin 1998)

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:[phone] F: [phone] www.jadar.com.au

Figure 3 - Intrusion related gold systems of North Queensland, Charters Towers Province (Morrison and Beams, 2015)

2017 Field Exploration Program

In 2017 previous tenement holders completed field reconnaissance work across all tenements at locations that have not been a focus for previous explorers. Over 30 sites were visited and inspected with 219 rock chip samples collected and submitted for analysis. From the 2017 field program geological mapping and site interpretation was also completed with the following significant assays being obtained from the rock chips:

Significant tin (Sn) mineralization was detected at the following sites:

• Good Hope Mine - Up to 6.6% Sn

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:[phone] F: [phone] www.jadar.com.au

• Maria Mine - Up to 7.6% Sn
• Adjacent to the General Gordon Mine - Up to 4.8% Sn
• Excellent Mine - Up to 0.7% Sn
• Excelsior Mine - Up to 2.2% Sn
• Miracle Mine - Up to 0.9% Sn
• Gilmore Mine - Up to 1.6% Sn
• 4 areas east of the Gilmore Mine - Up to 4.6% Sn
• Empire Mine - Up to 0.2% Sn
• Lass O'Gowrie Mine - Up to 2.1% Sn
• Jimminy Cricket Trend - Up to 3.1% Sn
• Eureka Mine area - Up to 6.9% Sn
• Unnamed area 311060mE 8084120mN - Up to 1.6% Sn

Significant tungsten (W) mineralization was detected at the following sites:

• Tungsten Knob - Up to 0.5% W
• Gows Prospect - Up to 0.4% W
• Empire Mine - Up to 0.2% W
• Imperial Mine - Up to 2.6% W
• Lass O'Gowrie Mine - Up to 0.3% W
• Jimminy Cricket Trend - Up to 0.5% W

Significant copper (Cu) mineralization was detected at the following sites:

• Ann Prospect - Up to 4.2% Cu
• Mount Fairy Mine - Up to 10.9% Cu
• Empire Mine - Up to 0.9% Cu
• Lass O'Gowrie Mine - Up to 2.6% Cu

Significant Zinc (Zn) + lead (Pb) mineralization was detected at the following sites:

• Ann Prospect - Up to 2.8% Zn, 0.8% Pb
• Home Rule Mine - Up to 3.2% Zn, 0.2% Pb
• New Eastern Mine - Up to 1% Pb

Significant Silver (Ag) + Indium (In) mineralization was detected at the following sites:

• Ann Prospect - Up to 46g/t Ag, 480g/t In
• Home Rule Mine - Up to 54g/t Ag, 58g/t In
• Leslie Mine - Up to 51g/t In
• Eureka Mine - Up to 58g/t Ag, 55g/t In
• Lass O'Gowrie Mine - Up to 106g/t Ag, 245g/t In
• Empire Mine - Up to 35g/t Ag, 317g/t In
• Gows Prospect - Up to 86g/t Ag, 50g/t In
• Mount Fairy Mine - Up to 47g/t Ag, 144g/t In
• Maria Mine - Up to 92g/t In
• Iri Fune Prospect - Up to 71g/t Ag, 53g/t In

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:[phone] F: [phone] www.jadar.com.au