New Century Resources : Mt Lyell Ore Reserve Demonstrates Multi-Decade Ops Potential

ASX / Media Announcement

2 June 2022

onlyMt Lyell Restart Update:

Significant Initial Ore Reserve Delineated at Mt Lyell, Demonstrating Potential for Multi Decade Copper & Gold Operations

Highlights

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130% increase in Ore Reserve1 at the Mt Lyell Copper Mine, demonstrating the scale of opportunity and re-establishing Mt Lyell amongst Australia's top copper mines

New Century's initial Mt Lyell Ore Reserve (Prince Lyell & Western Tharsis Underground):

• 23.9Mt @ 1.14% CuEq (Cu 1.03%, Au 0.26g/t) for 246,000t Cu & 198,000oz Au (Probable)

Projected mine life of restarted operations more than 10 years on initial Ore Reserve only (at the historical mining rate of up to 2.4Mtpa)

Ore Reserve represents just ~18% of the current total Mineral Resource at Mt Lyell

Total current Mt Lyell Mineral Resources2 (all deposits, includes Ore Reserve):

• Underground: 71.3Mt @ 1.14% CuEq for 734,000t Cu & 588,000oz Au
• Open Pit: 69.1Mt @ 0.71% CuEq for 442,000t Cu & 367,000oz Au

Ore Reserve expected to grow during 2022 via drilling programs at Prince Lyell and Western Tharsis, allowing further enhancement of a targeted multi-decade Life of Asset plan for restarted operations

Figure 1: Long section showing the indicative Mineral Resource (red) and Ore Reserve (green) areas at the

Mt Lyell Copper Mine

• Ore Reserve increase relative to the last historical reported Ore Reserve of 106.8kt copper metal (source: S&P Global Market Intelligence, May 2022) prior to operations entering care & maintenance in 2014
  2 See ASX / Media Announcement 27 October 2021 and the additional Mineral Resource information on page 11 of this announcement

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 Restart Pre-Feasibility Study Underway:

o A Restart Pre-Feasibility Study (Restart PFS) over Mt Lyell is underway and expected to be finalised in H2 2022

only	o	Extensive historical restart study work completed by Copper Mines of Tasmania (CMT) between
		2017 and 2021 has both underpinned the reinstatement of Ore Reserves at Mt Lyell and provided
		the opportunity to expedite the Restart PFS
	o Restart PFS to focus on Prince Lyell, Western Tharsis and other existing ore bodies
	o	Sub-level caving (SLC) chosen as the most suitable mining method given the orebody geometry,
		proven previous operational history, and prevailing economics
use	o	~28km of existing underground development and associated infrastructure to be leveraged within
	the mine plan, alongside extensive surface infrastructure
o	No material underground infrastructure works are required to restart operations. Dewatering, HV
		power reticulation, secondary means of egress, refuge chambers, underground workshops, crib
		rooms, ventilation systems and communications requiring only minor works prior to restart
	o The metallurgical process proposed will be mostly the same flowsheet employed since 1972, with
		substantial modernisation. Historical recoveries of 92-93% were achieved over multiple decades
personal	o Capex and opex optimisation will occur as part of the Restart PFS
o	Experienced mining engineer Mr Aaron Spong has joined the New Century team to lead the study
		and development work at Mt Lyell
					Top Australian Copper Mines
750,000	8.7Mt	2.3Mt		Copper Ore Reserve (t)	Copper Grade (%)	5.0
											4.5
600,000									4.0
											3.5
450,000									3.0
											2.5
300,000									2.0
For											1.5
150,000									1.0
											0.5
		0									0.0

Figure 2: Top Australian copper mines by Ore Reserve and grade

(Source: S&P Global Market Intelligence, May 2022, minimum 50kt Cu metal & 0.50% Cu grade in Ore Reserve)

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New Century Resources Limited (New Century or the Company) (ASX: NCZ) is pleased to provide an update on the progression of study work at the Mt Lyell Mine in Tasmania (Project), including the outcomes of the Ore Reserve PFS.

Commenting on the Project update, New Century Managing Director Patrick Walta said:

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"Mt Lyell is shaping up as one of the largest near-term copper production assets on the ASX, aided

by the extensive infrastructure in place and a proven production history of high quality, low-carbon

copper, utilising low-cost renewable energy from hydroelectric power.

New Century's restart development work to date has delivered an initial Ore Reserve at Mt Lyell

significantly larger than anticipated, with a mine life projected out greater than 10 years on this Ore

Reserve alone. Material upside is clearly evident within the substantial Prince Lyell and Western

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Tharsis ore bodies, with drilling to occur during 2022 to realise this upside in Ore Reserve growth.

The Company is well positioned to bring Mt Lyell through the Restart PFS process and ultimately

into production, supplying green copper into a market projected to be in significant supply deficit

within the next three to five years."

Ore Reserve

The initial Ore Reserve has been estimated after consideration of the level of confidence in the Mineral

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Resource and material and relevant Modifying Factors. Details of the material assumptions underpinning

the Ore Reserve and the outcomes of the Ore Reserve PFS are set out in the sections below and Appendix

1 (JORC Table 1 Section 4) of this announcement.

Table 1: Mt Lyell Initial Ore Reserve (June 2022)

Mineable Ore

CuEq Grade

Cu Grade

Au Grade

Copper Metal

Gold Ounces

Tonnes (Mt)

(%)

(%)

(g/t)

Tonnes (kt)

(koz)

Prince Lyell

Probable

21.0

1.14

1.03

0.26

216

174

Western Tharsis

Probable

2.9

1.14

1.03

0.26

30

24

Total

23.9

1.14

1.03

0.26

246

198

Notes:

1. Table subject to rounding

2. The Ore Reserve estimate for the sub-level cave (SLC) is based on a cut-off grade of 0.75% Cu

3. Dilution is incurred due to the nature of the mining method & is inc. in the Ore Reserve estimate & originates from Measured, Indicated & Inferred Mineral Resources

4.	Studies have been completed to a Pre-Feasibility level. A Restart PFS is underway and is expected to be released to the ASX in H2 CY2022
5.	Mineral Resources are inclusive of the Ore Reserve, Inferred ex situ (cave 1315-1465mL) is excluded from Mineral Resource and Ore Reserve
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7.	Multiple site visits have been conducted by the Competent Person
8. CuEq (%) = Cu (%) + Au (ppm) * 0.43, CuEq calc. uses a copper recovery of 92%, gold recovery of 60%, copper price of US$8,780/t & a gold price of US$1,653/oz

An Ore Reserve Pre-Feasibility Study (Ore Reserve PFS) has been completed, which has focussed on the current underground Measured and Indicated Mineral Resource at Mt Lyell within the Prince Lyell and Western Tharsis ore bodies.

The initial Ore Reserve forms part of the multi decade Life of Asset (LoA) plan and already has a mine life more than 10 years at a nominal production rate of 2.4Mtpa (equivalent to historical mining operations).

The initial Ore Reserve represents only ~18% of all Mineral Resources currently delineated at Mt Lyell. Using the initial Ore Reserve only, the mine plan has an estimated NPV range of A$280 million to A$410 million, which clearly demonstrates its economic viability while representing only a small portion of the Project's overall potential. See pages 6 to 10 for material assumptions within the Ore Reserve PFS.

The Restart PFS will consider all available mineral inventory and is therefore expected to deliver enhanced Project economics.

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Restart PFS UNDERWAY (Due H2 2022)

The Restart PFS is assessing the known underground Mineral Resources at the Prince Lyell, Western onlyTharsis and potentially other known ore bodies at Mt Lyell for inclusion in the LoA plan.

Drilling works are also underway with the aim of increasing the Mineral Resource confidence level in the initial mining areas and for further conversion to Ore Reserves.

Redesign and optimisation of the working sub levels of Prince Lyell and Western Tharsis is being undertaken, utilising the extensive geotechnical knowledge generated from recent operational history and the updated cut-off grade derived from New Century's recently completed Hill of Value Study.

Cave flow modelling is also being conducted to better understand and optimise the mixing of blasted material with remnant mineralised material within the cave. It is expected that this work will allow the useinclusion of a dilution grade in the cave material that reports in the mine plan, which has been

conservatively modelled as having no metal content for the purpose of the Ore Reserve.

Updated costs and financial modelling will be undertaken as part of the Restart PFS to better understand the capital and operating costs of the Project.

Further reinforcing the study team dedicated to Mt Lyell, New Century is pleased to announce the appointment of Mr Aaron Spong as Study Manager for the Mt Lyell restart process. Aaron is a mining engineer with 20 years' experience across contracting, operations and consulting within the mining

personalindustry. Highlights of his experience in feasibility studies includes the Boyongan SLC Feasibility Study,

Lake Cowal LHOS Feasibility Study and SolGold's Alpala Block Cave Prefeasibility Study. In addition, Aaron's experience includes senior operational roles at the Prominent Hill Copper Mine and the Waroonga underground at the Agnew Gold mine.

Prince Lyell

Underground

74Mt @ 1.29% Cu

(~950kt Cu produced

since 1965)

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Ore Reserve Area

Mineral Resource Area

Historical Prince Lyell operations

Figure 3: Prince Lyell & Western Tharsis deposits, which are the focus of restart activities at Mt Lyell,

including initial Ore Reserve mine plan

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

For further information about New Century visit www.newcenturyresources.comor contact:
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Patrick Walta	James McNamara
Managing Director	Head of Investor Relations
P: + 61 3 9070 3300	P: + 61 (0)416 734 080
E: [e-mail]	E: [e-mail]
New Century Resources Limited	Follow us on:
Level 4, 360 Collins Street
Melbourne, Victoria, Australia 3000
www.newcenturyresources.com
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Competent Persons Statement - Mineral Resources

The information in this report that relates to Mineral Resources for the Prince Lyell North Flank deposit is based on information compiled by Mr Danny Kentwell, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Kentwell is a full-time employee of SRK Consulting. Mr Kentwell has been engaged by CMT in his capacity as an independent consultant.

personalMr Kentwell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined

in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Kentwell consents to the inclusion in the report of the matters based on his i formation in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources for the Prince Lyell Deeps, Royal Tharsis/Prince Lyell Upper Remnants, North Lyell Remnants, Western Tharsis, Green Horn/Cape Horn and Copper Chert deposits is extracted from a report titled 'New Century to Execute Transformational ESG Focused Growth Transaction Including Strategic Investment from Sibanye- Stillwater, Innovative Proposed Acquisition of Mt Lyell Copper Mine, Bond Refinancing and Equity Raise' which was released to the ASX on 27 October 2021 as is available to view here: https://wcsecure.weblink.com.au/pdf/NCZ/02442515.pdf.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not

Forbeen materially modified from the original market announcement. Competent Persons Statement - Ore Reserves

The information in this announcement that relates to Ore Reserves for the Prince Lyell and Western Tharsis deposits is based on information compiled by Mr Brad Evans, a Competent Person who is a ellow of The Australasian Institute of Mining and Metallurgy. Mr Evans is a full-time employee of the

Company.

Mr Evans has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Evans consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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