Native Mineral Resources : Drilling to commence at Helios Nickel target

ASX ANNOUNCEMENT	24 JANUARY 2022
only	Drilling to commence at Helios Nickel
	target in Western Australia.
useHighlights:
	▪ NMR has secured a drill rig to start drilling it's 100% owned Helios Nickel target in March
	2022.
personal	▪ Drilling will initially target the highest magnetic body defined from forward modeling of the
recently completed drone-based magnetic survey.
▪ Drilling is aimed at providing confirmation of the rock types present at approximately 125m
below the surface in the center of the magnetic anomaly.
▪ The anomaly is directly comparable in size and scale to at least four other Nickel bearing eye-
shaped structures found in the adjacent Frazer Range including the Nova-Bollinger Nickel
deposit and Legend Mining's Octagonal and Magnus projects.
▪ The forward modeling supports preliminary interpretations that the central magnetic high
contains magnetite-bearing mafic rocks found in association with intrusion-relatedNi-Co-Cu
deposits such as the Nova-Bollinger deposit.
▪ Multiple magnetic highs in the center of the Helios anomaly present multiple targets for
potential mineralisation.

Native Mineral Resources Holdings Limited (ASX: NMR) ("NMR" the "Company"), is pleased to announce that it has secured a drill rig to complete its first drill hole at its Helios nickel target located approximately 200 kilometers northeast of Rawlinna in the Nullarbor region of Western Australia. The confidence to drill the greenfields site has Forcome from extremely positive results obtained during forward modelling of the high-resolutiondrone-based magnetics recently completed over the Helios target area. The final high-resolution magnetics data and forward

m delling is continuing to build on the positive results being obtained from the target area.

The magnetic high at the centre of its 100% owned Helios target area is interpreted to be magnetite-bearing magmatic rocks that can be associated with the formation of Ni, Cu, Co, PGE (platinum group elements) deposits such as the Nova-Bollinger deposit in the nearby Frazer Range.

The initial identification of the Helios target was aided by emulating selected exploration criteria used to discover Nickel deposits by companies Sirius Resources (now IGO) and Legend Mining. Specifically, targeting eye-shaped features in the Fraser Range to the west.

Drilling is planned to commence in March 2022.

For personal use only

Figure 1. Oblique 3D surface map of the magnetic data (TMI RTP 12.5m) obtained from the recent drone-based magnetic survey over the Helios nickel target. NMR are targeting Nova-Bollinger-styleNi-Cu-Co-PGE, intrusion related mineralisation below a major magnetic anomaly that has been successfully imaged and modelled in the recent geophysical survey.

NMR's Managing Director, Blake Cannavo, commented:

"The results recently obtained from the Helios eye target are continuing to add to the company's confidence in the exciting greenfields target that lies within a prospective, yet underexplored part of Australia. The entire team at NMR are pleased to be able to announce that we have secured a rig to drill the target defined within the central part of the eye-shaped Helios Ni target. The company, along with assistance from many industry experts, is progressing quickly to choose its best targets and complete the very first drilling in this area.

So far, every piece of information, from the initial targeting to the forward modeling of the magnetic data, has provided NMR with further confidence in the site. The drilling represents the next critical step in what we consider to be an amazing exploration opportunity.

We are all looking forward to finding out what lies beneath the Nullarbor in the coming months. We will be providing the market with updates along the way."

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au

Drilling to target potential for intrusion-relatedNickel-Copper-Cobalt-PGE target

NMR completed a 50m line spacing drone-based magnetic survey over its Helios Ni target located in SE western Australia. The drone was flown at an elevation of approximately 30m above the ground surface to help refine the magnetic target which, following acquisition and interpretation of the results, has an updated depth of around 125m onlybelow the surface. The survey completed a total of 831-line kilometres with the primary flight path oriented 090 (east-

west), at high angles to the strike trend of the eye-shaped anomaly.

The survey and post-processing of the resulting dataset has assisted NMR in pinpointing a priority drill hole collar location. Specifically, the location of the drill collar has been chosen to consider both the shallowest depth to the basement and the highest magnetic feature modelled below the magnetic high at the surface.

NMR is excited about completing the upcoming drill hole as it will represent the very first basement drilling to be completed in this part of the Nullarbor. The drilling will target the well-defined high magnetic zone in the central part useof the eye-shaped structure defined in Figure 2. The results illustrated in Figure 2 (TMI 1VD) help define the central target area which exhibits a pronounced, NE-trendinghigh magnetic feature. The peak in magnetic intensity is located toward the north-easternend of the anomaly. The TMI RTP data exhibit a minimum and maximum value of -246and

1228 nT (Figure 3).

The previously identified magnetic ridges that appear to wrap around the central anomaly have been better defined in the recently acquired data. It is apparent that on the western margin of the survey area that the high magnetic ridge

is comprised of two parallel features. The magnetic ridge on the western margin exhibits a higher magnetic intensity personalth n on the eastern side and has a significant magnetic low along its western edge. This magnetic high presents

nother significant target for NMR. For

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au

For personal use only

Figure 2. Maps showing the Helios Ni target refined using the recently completed drone-based magnetic survey. Presented here is a colour contoured image of the TMI RTP 1VD data over the central part of the eye-shaped structure Purples and reds are high magnetic response while blues and greens represent lower magnetic response. Grid references are GDA94 MGA Z52.

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au

onlyuse

personalFigure 3. TMI RTP image derived from data collected in the recent drone-based field survey. The image on the left is colour graded with the highest magnetic signal recorded near the centre of the survey. The image on the right shows 100m contours for magnetic response in nT over the same

area.

F rward modelling of magnetics results helping to define drill targets

The results obtained form the high-resolution drone magnetics have been forward modelled to assist in pinpointing the best possible drill hole location. Specifically, the forward modelling was used to develop more precise interpretations on the depth to the basement rocks, the depth to the magnetic target and the magnetic susceptibility properties of the target rocks. The forward modelling was undertaken by Brisbane-based Geo Discovery Group Pty Ltd.

The results of the modelling are shown in Figure 4 and Figure 5. In Figure 4, the seven bodies included in the forward model are shown in their position as viewed from above. The two bodies shown in purple, C1 and C2, represent the two objects with the highest modelled magnetic susceptibility values of 0.17 and 0.2 SI units respectively. Drilling will

Forbe used to test target C1 which lies closest to the surface. C1 and C2 are shown here and modelled as separate b dies, yet may represent a single, relatively high susceptibility body located over 100m below the central part of the Helios eye-shaped structure. The modelled susceptibility values of over 0.17 SI units are consistent with magnetite-bearing rocks such as mafic intrusives. Drilling will be used to confirm specific rock types. The three main bodies in the central part of the Helios target (C1, C2 and C3) are all elongate with the long axis trending to the northwest. C1 and C2 have been modelled to over 1000m depth below the surface (Figure 5) to account for the magnetic response measured at the surface. NMR are continuing to advance the Helios targeting project and are pleased to be able to report positive results from the magnetics and the resulting forward modelling.

Native Mineral Resources Holdings Limited | ABN 93 643 293 716

ASX: NMR

Suite 10, 6-14 Clarence Street, Port Macquarie NSW 2444

T: [phone] |[e-mail]| www.nmresources.com.au