Neometals Ltd. announced further encouraging results from preliminary metallurgical tests carried out at the Mt Edwards Nickel Project (Mt Edwards). Specifically, a successful flotation test-work program was carried out on mineralised samples derived from the 132N Deposit (132N) Mineral Resource and the Munda Deposit (Munda) Mineral Resource. The results confirm, in principle', the ability of the mineralisation from both 132N and Munda to upgrade to commercially acceptable concentrate levels (+12% Ni grade). Munda and 132N represent excellent near-term mining prospects warranting further studies. With this in mind, flotation test-work was carried out to determine if nickel mineralisation could be upgraded to commercial grade concentrate. This strategy follows on from earlier positive results at the Armstrong Deposit ("Armstrong") where flotation test-work revealed the presence of potential co-products in addition to the contained nickel. The Munda flotation program yielded excellent recovery (83.8% recovery at 13.0% nickel concentrate grade) with a very favourable iron/magnesium oxide ratio which is highly desirous for smelting customers. Despite a lower sample nickel head grade (1.45% versus Mineral Resource grade 2.0%), the 132N flotation program yielded 62.8% recovery at 13.5% nickel concentrate grade. Importantly, the 132N test-work evidenced palladium in the concentrate (3.06g/t Pd) which supports further evaluation to quantify the potential for co-product revenue. These metallurgical results, together with those previously announced at Armstrong, provide Neometals with encouragement regarding the potential to establish meaningful co-products from future operations at Mt Edwards. Further float work on the other deposits with near term exploitation prospectivity will be undertaken to close off processing and marketing aspects of the development study which aims to re-establish a viable production centre at Mt Edwards. Future metallurgical work will be undertaken with core from planned exploration drilling to provide fresh materials to test. Importantly, these fresh samples will generate more information on co-products and their deportment. Key points noted from the metallurgical flotation test-work: A blend of source material from both 132N and Munda deposits was mixed in order to achieve a head grade not dissimilar to the overall Mineral Resource grades for each deposit Standard Kambalda Nickel Operations flotation reagent regime implemented In the case of 132N. with limited source material, resultant test head grade was below the target range. presence of palladium and platinum were noted with upgrades of a factor of over two into the concentrate from mineralisation grades. similar recoveries of nickel and copper were noted. the iron to magnesia ratio (Fe:MgO) was less than ideal indicating the presence of high MgO (ultramafic minerals) suggesting more depressant to suppress rather than liberate MgO is required In the case of Munda. rapid flotation kinetics were demonstrated. the concentrate was notably very clean. a very high Fe:MgO ratio was achieved indicating a premium concentrate. in light of the above, further improvements in recovery may be possible by easing back on concentrate grade. Test-work on samples from both deposits followed commercial process norms comprising a regime of sequential flotation involving a preliminary rougher product being generated with two subsequent stages of cleaning to generate a final cleaner product. The samples of mineralised core for testing were sourced from a single diamond drill hole (WD9807W1 drilled by Western Diamond Drillers Pty Ltd. in July 2018) at 132N. Diamond drill holes from Munda (EMD001 and EMD002) were drilled in July 2019 by Topdrive Drillers Australia for Estrella Resources from whom Neometals acquired the Munda nickel rights in September 2019. The company has commenced a detailed geological and geometallurgical program to ascertain the potential impacts on its eleven separately defined Mineral Resources at Mt Edwards and exploration potential within its > 300 square km tenure. The components of the geometallurgical program include: the geologically informed selection of a number of mineralised samples. laboratory-scale planned locked cycle test work to determine the response of the mineralisation to mineral processing unit operations. the distribution of these parameters throughout the deposits using an accepted geostatistical technique. the application of a mining plan and mineral processing models to generate a prediction of the process plant behaviour.