Mount Burgess Mining N L : Assay Results - Nxuu Polymetallic Deposit, Botswana

8 April 2022

ASX CODE : MTB

Assay Results - Nxuu Polymetallic Zn/Pb/Ag/Ga/Ge/ V2O5 Deposit Botswana

The Nxuu Deposit is a shallow basin shaped deposit where mineralisation occurs in a totally oxidised quartz wacke situated within a barren dolostone basin.

Assays from 2021 Drilling

The Company has now received assays from the first 7 of 17 holes drilled into the Nxuu Deposit in Oct/Nov/Dec 2021.

All holes were assayed for:

• • Zinc (Zn)

• • Lead (Pb)

• • Silver (Ag)

• • Gallium (Ga)

• • Germanium (Ge)

• • Vanadium (V)

Vanadium/Vanadium Pentoxide

Previous mineralogical test work confirmed that the host mineral for Vanadium is the oxide mineral Descloizite. In Descloizite the grade of Vanadium Pentoxide (V2O5) is 1.785 times the grade of Vanadium.

As V2O5 is a marketable product, the Company has shown the V2O5 grades alongside the V grades.

Details of the Seven Drill Holes:

Attached is a Drill Hole Map of the Nxuu Deposit (Figure 1), showing in red the location of the 7 drill holes, alongside the other holes drilled to date.

The 7 drill holes, which were all vertical, are as follows:

• • NXDD092 on Section 13 (Figure 2)

• • NXDD074 on Section 15 (Figure 3)

• • NXDD095 on Section 15 (Figure 4)

• • NXDD078 on Section 16 (Figure 5)

• • NXDD097 on Section 16 (Figure 6)

• • NXDD096 on Section 16 (Figure 7)

• • NXDD075A on Section 17 (Figure 8)

Each of the above Figures shows the intersection depths and lengths in metres (From - To) of the various minerals and their grades.

For the purpose of understanding how the results of these 7 drill holes are associated with results of holes already drilled, the Company is assembling further data. Once assembled the Company will release a further announcement showing the above drill hole details on the relevant cross sections as well as on the drill hole map.

Current Metal Prices

The current metal prices of the various metals are as follows:

• • Zn in the region of US $4,310/t (US $43.10 per 1%) - LME

• • Pb in the region of US $ 2,445/t (US $24.45 per 1%) - LME

• • Ag in the region of US $24.40/oz (US $0.78 per gram) - Kitco Strategic Metals

• • Ga in the region of US $668/kg - Kitco Strategic Metals

• • Ge in the region of US $2,270/kg - Kitco Strategic Metals

• • V2O5 in the range of US $26.50/kg - Live Vanadium Price

Test Work Conducted to Date

Metallurgical test work conducted to date has shown that:

• • 93% Zn can be recovered on site from the oxide mineral Smithsonite, through solvent extraction and electro-winning (SX/EW)

• • 81% of V2O5 can be recovered on site from the oxide mineral Descloizite, through gravity separation, followed by flotation using a hydroximate acid reagent for recovery to a concentrate

Mineralogical test work conducted to date has shown that:

• • Both Ga and Ge are primarily hosted in muscovite (mica). Mica in the form of flakes can be recovered by flotation to produce a mica rich concentrate, enabling the recovery of Ga and Ge on site. This will however require confirmatory metallurgical test work

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