Tulla Resources : PGE Mineralisation at Norseman

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ASX Announcement

2 June 2022

PGE Mineralisation at Norseman

Tulla Resources Plc ("Tulla Resources" or the "Company") (ASX:TUL) is pleased to provide an update on the PGE potential on its tenure of the Norseman region. The recent success of Galileo Mining (ASX:GAL) in identifying PGE mineralisation in the Mt Thirsty Sill adjacent to the Norseman Gold Projects has highlighted the regional potential.

Within the Company's Norseman tenure, work was previously undertaken by Nickel Australia Ltd in 2005 and 2006 on a prospect called Monarch. The Monarch prospect is located on the Mission Sill ultramafic on granted mining leases. Exploration work undertaken included geophysics and drilling programmes. Shallow aircore drilling returned significant PGE anomalism and shallow high grade PGE mineralisation with results including:

• 27.0 m @ 2.01 g/t (3E)1 (1.54 g/t Pd, 0.41 g/t Pt, 0.05 g/t Au, 0.13% Ni and 0.10% Cu) from 28.0 m. including 10 m @ 3.19 g/t (3E) ( 2.48 g/t Pd, 0.65 g/t Pt, 0.06 g/t Au, 0.11% Ni and 0.12% Cu) from 39 m.
• 17.0 m @ 1.62 g/t (3E) (1.24 g/t Pd, 0.35 g/t Pt, 0.03 g/t Au, 0.11% Ni and 0.02% Cu) from 33.0 m. Including 5 m @ 4.00 g/t (3E) (3.08 g/t Pd, 0.88 g/t Pt, 0.09 g/t Au, 0.09% Ni and 0.03% Cu) from 33.0 m.

1Palladium (Pd) plus platinum (Pt) plus gold (Au) (3E) breakdown for each constituent element is provided in the summary table of assays. Refer to ASX Announcements released by Nickel Australia Limited (ASX:NKL) on 21 November 2005 and 30 November 2005 for further details.

Tulla Resources owns a 50% interest in precious metals (gold, silver, and PGE's), base metals (nickel, copper, lead, and zinc) and battery minerals pursuant to the terms of a Farm in and Joint Venture Agreement dated 14 May 2019 with Pantoro (who also manage the Norseman Gold Project).

In addition to progressing the gold asset which is scheduled to recommence production in Q3 2022, the Joint Venture has undertaken a review of the historic data in respect to the non gold JV Minerals to ascertain the potential economic development of these other JV Minerals. In December 2021, the JV Parties entered into a binding term sheet with Mineral Resources Limited in respect to the JV lithium asset. To date, approximately 8,000 metres of drilling have been completed by Mineral Resources with results pending.

Commenting on the review Tulla Resources' Executive Director, Mark Maloney, said: "This PGE mineralisation at the Monarch prospect is very interesting and highlights the incredible diversity of the Norseman Project tenure for gold and other minerals."

Tulla Resources

Plc

TELEPHONE:	ADDRESS:	POSTAL:
[phone]	Suite 5, Level 2, 2 Grosvenor	PO Box 2499 Bondi Junction
	Street, Bondi Junction NSW 2022	NSW 1355 Australia

ARBN:	FAX:	EMAIL:	WEBSITE:
122 088 073	[phone]	[e-mail]	https://tullaresources.com

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Monarch Prospect Background

The Manager's JV review of the shallow high grade PGE Mineralisation at the Monarch prospect at Norseman is set out below.

Nickel Australia Ltd conducted nickel based exploration under a Nickel Rights Agreement with the previous owners of the Norseman Gold Project commencing in 2003. Work on the PGE prospect at Monarch was undertaken in 2005/2006. Work included initial aircore reconnaissance followed by ground based electromagnetic surveys and diamond drilling.

The Monarch Prospect is a layered mafic-ultramafic package. PGE mineralisation is hosted within a nickel depleted unit that forms part of this ultramafic package located on its eastern margin. The entire package is interrupted by cross-cutting faults likely related to the larger Mission Fault.

Aircore drilling identified zones of anomalous PGE mineralisation including the high grade hits over two southern reconnaissance lines returning results of:

• 27.0 m @ 2.01 g/t (3E) (1.54 g/t Pd, 0.41 g/t Pt, 0.05 g/t Au, 0.13% Ni and 0.10% Cu) from 28.0 m. including 10 m @ 3.19 g/t (3E) ( 2.48 g/t Pd, 0.65 g/t Pt, 0.06 g/t Au, 0.11% Ni and 0.12% Cu) from 39 m.

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• 17.0 m @ 1.62 g/t (3E) (1.24 g/t Pd, 0.35 g/t Pt, 0.03 g/t Au, 0.11% Ni and 0.02% Cu) from 33.0 m. including 5m @ 4.00 g/t (3E) ( 3.08 g/t Pd, 0.88 g/t Pt, 0.09 g/t Au, 0.09% Ni and 0.03% Cu) from 33.0 m.
• 3 m @ 1.09 g/t (3E) (0.69 g/t Pd, 0.39 g/t Pt, 0.02 g/t Au, 0.21% Ni and 0.04% Cu) from 67 m. including 1 m @ 1.91 g/t (3E) (1.18 g/t Pd, 0.70 g/t Pt, 0.03 g/t Au, 0.20% Ni and 0.05% Cu) from 68 m.
• 4 m @ 0.94 g/t (3E) (0.79 g/t Pd, 0.10 g/t Pt, 0.06 g/t Au, 0.18% Ni and 0.12% Cu) from 50 m. including 1 m @ 1.25 g/t (3E) (1.05 g/t Pd, 0.12 g/t Pt, 0.08 g/t Au, 0.19% Ni and 0.14% Cu) from 50 m.

Deep diamond drilling was completed beneath these hits, however a review of the ground based EM indicates shallow dipping conductors, which is consistent with the mineralised setting presented in the recent Galileo Mining Limited (ASX:GAL)2 drilling and suggests that this deeper drilling beneath the high grade results may have been ineffective.

The prospect is considered to be open with shallow aircore drilling unlikely to have intersected a shallow plunging mineralised zone in either direction. Nickel Australia reports suggest that there are a number of additional EM targets which remain untested. Only palladium and platinum were assayed for, whilst other PGEs including rhodium were not assayed as part of the Nickel Australia work.

2Galileo Mining Limited (ASX:GAL) 'Major Palladium - Platinum Discovery at Norseman' dated 11 May 2022 (www.galileomining.com.au).

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Figures: Section and Plan View of historic shallow air core drilling by Nickel Australia

Norseman Gold Project (Tulla Resources 50%)

The Company's flagship asset is a 50% interest in the Central Norseman Gold Project (the "Project"), a historic gold province near the town of Norseman in the Goldfields of Western Australia, which commenced operations in 1935.

The other 50% in the Project is held by ASX listed company Pantoro Limited through its wholly owned subsidiary, Pantoro South Pty Ltd ("Pantoro South") via a farm-in and joint venture agreement dated 14 May 2019 ("FJVA"). Pantoro South is the Manager of the Gold JV.

The Project is located at the southern end of the Norseman-Wiluna greenstone belt in the Eastern Goldfields Province of the Yilgarn Block in Western Australia, approximately 725 kilometres east of Perth, 200 kilometres south of Kalgoorlie and 200 kilometres north of Esperance. The Project comprises 152 near continuous mining tenements (including pending applications) over approximately 70 kilometres of strike covering approximately 750 square kilometres. The Project has produced in excess of 5.5Moz of gold since 1935 and is considered one of the highest grade, large scale gold projects in Western Australia.

The Project is serviced by existing infrastructure supported by the local Shire and State infrastructure,

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with a new 1.0Mtpa carbon in leach processing plant under construction and due to recommence production in Q3 2022.

About Tulla Resources Plc

Tulla Resources is a diversified Resources House whose primary asset is its 50% interest in the flagship Norseman Gold Project.

In 2007 Norseman Gold Plc acquired Central Norseman Gold Corporation Pty Ltd (CNGC), the operating entity of the Gold Project. Norseman Gold Plc changed its name to Tulla Resources Plc on 30 December 2020.

On 17 March 2021, Tulla Resources Plc was admitted to the Official List of ASX and the Company commenced trading on 18 March 2021.

The focus of Tulla Resources is to continue to work closely with its joint venture partner to bring the Gold Project back into production scheduled for August 2022. The Norseman Gold Project also provides an excellent opportunity for exploration and future production growth as demonstrated by the excellent results from the exploration program centred on the Scotia Mining Centre.

Tulla Resources has an experienced and well credentialed Board. The Company has a strategy of developing and acquiring other resource assets to provide commodity and geographical diversity. In

December 2021 with its JV Partner, Pantoro South, the Company entered into a binding term sheet with a subsidiary of Mineral Resources Limited (MIN) in respect to its lithium deposits at Norseman.

In January 2022 Tulla Resources entered into a heads of agreement with Koch Metals Limited for an off-take and funding arrangement in respect to its iron ore asset at Norseman.

Authorised by the Board.

For further enquiries, please contact:

Mark Maloney - Executive Director

1. [e-mail]

1. [phone]

For investor relations enquiries:

Jane Morgan - Investor and Media Relations

Jane Morgan Management

1. [e-mail]+ 61 (0) 405 555 618