New Century Resources : Mt Lyell Copper Mine - Restart Study Progress Update

ASX / Media Announcement

5 April 2022

Mt Lyell Copper Mine: Restart Study Progress Update

Highlights:

• • Restart study underway

  • o Confirmed suitability of sub-level caving mining method for future underground operations - successfully utilised at Mt Lyell since 1995

  • o Existing underground workings allow direct access to ore

  • o Confirmation of existing flow sheet suitability, historically delivering >90% copper recovery with gold credits

  • o Existing plant proposed to be partially modernised with new comminution and flotation circuits, with most existing ancillary facilities suitable for restarted operations

  • o Established logistics network from mine to Burnie Port, facilitating global export options for copper production

  • o Availability of 100% renewable, low-cost hydroelectric power for restarted operations

• • Planned near-term Ore Reserve definition

  • o Near-term partial conversion of existing Measured and Indicated Mineral Resources to Ore Reserves (Mt Lyell had >100kt copper metal in Ore Reserves prior to forced shut down in 2014 due to safety incidents)

  • o Infill drilling to be conducted from existing underground drives - drilling contractor engaged

  • o Further upgrade of Mineral Resources and Ore Reserves targeted in late 2022

Surface Topography

Prince LyellExisting Underground

Workings

Underground 74Mt @ 1.29% Cu (~950kt Cu produced since 1965)

Western

Tharsis

Prince Lyell

Mineral Resource (0.6% Cu cut-off)

Historical Prince Lyell operations

Figure 1: Mt Lyell underground, including existing workings. Long section looking east, including Prince

Lyell and Western Tharsis ore bodies

Progress Update

New Century Resources Limited (New Century or the Company)(ASX: NCZ) is pleased to provide an update on the progress of study works in relation to the Mt Lyell Copper Mine in Tasmania, which is currently under an option agreement for acquisition.

Since entering the option agreement in November 2021, the New Century study team has continued to verify the potential for restarting Mt Lyell as a substantial copper project with best-in-class environmental credentials. The substantial Mineral Resource base of 1.1Mt copper and 0.94Moz gold has multiple development pathways, underpinned by a low-cost, carbon-free power supply and potential multi-decade production of high-quality, low-impurity copper concentrate (based on historical performance).

Figure 2: Location of infrastructure and mining areas on Mt Lyell property

Figure 3 shows the focus of the restart study and the Mineral Resources currently defined at Mt Lyell. The Western Tharsis and Green Horn / Cape Horn mineralisation remains open at depth.

1. Refer to ASX Announcement 27 October 2021 for full compliance statement

Conceptual Open PitResource

Depleted

Extent of Drilling

Mining & Infrastructure

Figure 3: Mt Lyell ore bodies long section

Mt Lyell Restart Study Work

The restart study for the Mt Lyell Copper Mine has initially focused on Prince Lyell and Western Tharsis deposits. As can be seen from Figure 3, additional underground Mineral Resources are available at Copper Chert and Green Horn / Cape Horn for further study and potential mine life extension.

Leveraging the brownfield nature of the Mt Lyell mine, available site infrastructure is being assessed for condition and suitability to incorporate into the restart planning process. The study team is continuing to pursue execution pathways that accelerate time to first ore while maximising production from the expansive Mineral Resource base.

Figure 4: Conceptual schematic of 2.4Mtpa crushing, grinding and flotation plant

The study includes an options analysis of undertaking a partial new build processing plant, with several benefits identified. While historic recoveries were consistently high (>90% copper recovery), modern equipment offers the opportunity to drive increased efficiency in power consumption, maintenanceworkload and process control. Importantly, the work to date shows the required footprint for accommodating a new plant does not necessitate upfront complete demolition of the old plant, leaving a footprint for future expansion.

The existing Mt Lyell processing plant consists of four stage crushing, followed by two-stage grinding to present material with a P80 of 110µm to the flotation circuit, with nameplate capacity of 2.4Mtpa. The historical copper flotation flow sheet consisted of a rougher, middlings, scavenger and two cleaner circuits, consistently delivering >26% copper product at recoveries of >90%. Decades of consistent production have proved this flowsheet to be robust and it will form the basis for design of a new plant, with only minor optimisation anticipated to deliver incremental benefits.

A major advantage of the project location is access to low-cost, renewable hydroelectric power available directly from the Tasmanian grid. With an established grid connection, Mt Lyell copper concentrate has potential to have one of the lowest carbon intensities available on the global market.

In addition, the existing infrastructure provides a strong logistics network from mine to port, utilising established rail transport and shipping facilities at Burnie Port.

Resource Definition Drilling

As Mt Lyell was placed on care and maintenance in 2014 with substantial Ore Reserves in place, there exists a clear opportunity to first reinstate Ore Reserves in the short term and then to expand from the substantial and existing Mineral Resources.

Copper Mines of Tasmania (CMT) transitioned from crown and pillar mining to longitudinal, then transverse, sub-level caving (SLC) in 1995 and successfully continued to employ this method for nearly two decades.

Prince Lyell and Western Tharsis deposits, which are the initial focus of the Mt Lyell restart, offer good geometry for employing the SLC mining method, due to their vertical nature and expansive mineralisation footprint. Further, SLC will allow maximum benefit to be gained from the extensive development / sunk capital in place through utilisation of almost 28km of established underground workings and in turn minimise upfront restart capital to provide early access to ore for processing.

Prince Lyell Underground 74Mt @ 1.29% Cu (~950kt Cu produced since 1965)

Prince Lyell

Existing Underground Workings

Deposit

Planned Drilling Program

Mineral Resource (0.6% Cu cut-off)

Historical Prince Lyell operations

Figure 5: Planned Infill Drilling from existing underground drill platforms

Established underground development also has the benefit of ready access to drill platforms for expedient and cost-effective underground diamond drilling. A drilling campaign is set to begin in April 2022 with an experienced local contractor engaged. Figure 5 shows the planned initial drill holes (green) from existing drill platforms.

The drill program includes infill drill holes within the upper Inferred Resource of the Prince Lyell ore body. The aim of the program is to further add Measured and/or Indicated Mineral Resources that will be used for the study, and to demonstrate a significant life of mine for resumed operations.

In addition to the in-situ study work now diligently progressing, desktop studies continue on the potential recovery of copper and gold from the tailings of previous mining activities.

New Century looks forward to further updates over the coming months in relation to Mt Lyell restart progress, with the next update expected within the June quarter regarding the release of Ore Reserves and outcomes of the current study work1.

This announcement is approved for release by the Board of New Century.

About New Century Resources Limited

Established in 2017, New Century is a leading mining, tailings management and economic rehabilitation company focused on sustainably producing metal from resource assets while rehabilitating legacy impacts to the environment.

New Century is a top-15 global zinc producer, operating Australia's largest hydraulic mine at the Century Mine in Queensland; extracting, processing, and marketing zinc recovered from historical tailings.

New Century is also actively progressing organic growth opportunities through in-situ projects at the Century Mine and is exploring the potential to restart copper production at the historically significant Mt Lyell Mine in Tasmania using 100% renewable energy.

In addition, New Century is pursuing opportunities with industry peers to reprocess and rehabilitate contemporary and historical mineralised waste assets at operational and legacy mine sites. Under this model, New Century may employ its expertise in economic rehabilitation with partners to the benefit of shareholders and the environment.

For further information about New Century visitwww.newcenturyresources.com or contact:

Patrick Walta Managing Director P: + 61 3 9070 3300

E:[e-mail]

New Century Resources Limited Level 4, 360 Collins Street Melbourne, Victoria, Australia 3000 E:[e-mail]

James McNamara

Head of Investor Relations P: + 61 (0)416 734 080

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1 See ASX announcement dated 27 October 2021 for details of the Mt Lyell transaction and option period assessment activities and timeline.