Peako Limited announced it has received Nickel Sulphide (NiS) fire assay results from a selection of 2022 drilling intervals at the Eastman PGE Project. These results confirm the presence of the six rare PGE elements including both high-value Rhodium and Iridium, increasing the total PGE grade for those drilling intervals that were analysed by NiS fire assay. NiS Fire Assay Analysis from Phase 2 RC drill samples: A total of 69 samples were selected from significant intercepts from three prospects (Brumby, Louisa, The Gap) and submitted for further analysis using the NiS fire assay method that allows for the analysis of all PGEs (Platinum, Palladium, Rhodium, Iridium, Ruthenium and Osmium), as well as gold.

NiS assay results confirmed the presence of all six PGE elements, including high-value Rhodium and Iridium. Rhodium and Iridium are both rare and valuable metals. As at 24 March 2023 the price of Rhodium is USD 8,500/oz1, whilst the price for Iridium is approximately USD 4,600/oz1.

Rhodium and Iridium add approximately 4% to the PGE grade. However, due to their high prices they increase the indicative 5E2 economic value3 of mineralisation, or `5E basket price', by approximately 17% (5% Iridium & 12% Rhodium). The NiS fire assays also confirm that the PGE metals at the Eastman PGE Project are dominated by the higher valued palladium relative to platinum, with palladium making up approximately 60% of the total PGEs + Au whereas platinum only makes up slightly less than 25% of total PGEs + Au.

Significant intercepts from the Phase 2 drilling, updated for NiS results, are: Brumby: 30m @ 1.45 g/t PdEq (1.01 g/t 5E) from 48m - 14m @ 1.50 g/t PdEq (1.1 g/t 5E) from 70m - Louisa: 8m @ 1.35 g/t PdEq (0.75 g/t 5E) from 46m - The Gap: 9m @ 1.23 g/t PdEq (0.76 g/t 5E) from 66m. Eastman PGE Mineral Resource Potential Peako's 2022 drill program comprised two campaigns. Phase 1 drilling provided first pass wide-spaced testing across the ultramafic stratigraphy along the complete 16.5km strike of the Eastman Intrusive Complex 4. Peako's Phase 2 step-out drilling program aimed at testing PGE mineralisation along strike from encouraging PGE intercepts at three prospects.

Phase 2 results provided further confidence in the potential of the Eastman Project, in particular highlighting the potential of the Brumby Prospect and surrounds to host a significant PGE mineral resource. Brumby Prospect: The Brumby Prospect is located centrally within the 9.4km eastern zone of the Eastman PGE Intrusion and has an overall strike potential of at least 1.4km, as well as two additional parallel ultramafic units to the north. Drill results from Brumby have defined PGE mineralisation continuously across the tested 300m strike, with a high-grade zone that is also continuous over a strike length of at least 180m.

High grade PGE mineralisation at Brumby was consistently intersected at vertical depths around 65m with the zone extending from near surface and currently open both up and down dip and along strike in both directions. Selected intervals within three holes (PRC0073, PRC0074 and PRC0052) were submitted for NiS fire assay with results confirming the presence of both Iridium and Rhodium at the Brumby Prospect in similar proportions to the rest of the Eastman Project. The Brumby Prospect and surrounding area will be the primary focus for Peako in the coming field season due to the consistently high-grade results, which remain open in all directions.

Peako has planned a step-out Reverse Circulation (RC) drill program at Brumby. In conjunction with the RC program, a diamond drilling program has been designed to provide important geological and structural data to help the Company better understand the Eastman Intrusive. The diamond drilling program will be co-funded by the WA government via a grant from the Exploration Incentive Scheme (EIS), which will contribute up to 50% of direct costs incurred for drilling.

Mineralogical Studies: Mineralogical studies are currently in progress in collaboration with ANU. The personnel at ANU have just completed a first-pass Scanning Electron Microscope (SEM) mineralogical assessment of a selection of Peako's drill samples and identified the presence of PGE minerals Sperrylite (PtAs2) and Kotulskite (Pd(Te-Bi)) within altered ultramafic rocks. Studies will extend to include mineral mapping and microprobe evaluation of further platinoid minerals as well as sulphide and spinel minerals present in the Eastman Intrusion samples.

Ongoing mineralogical studies in collaboration with ANU are directed to improving the company's understanding of the PGE enrichment of the various intrusion sequencing phases, in addition to critical PGE mineralogy that provides the first steps toward metallurgical studies.