Battery Minerals : December 2021 Quarterly Activities Report

For personal use only

ASX Announcement

25 January 2022

December 2021 Quarterly Activities Report

HIGHLIGHTS

• Aircore drilling activity with 112 holes for 5,041 metres completed at the Nine Mile, Kent Road and Coxs Find Prospects (Stavely-StawellCopper-Gold Project)
• Defined 1,600m anomalous AC gold trend associated with the prospective Moyston Fault (Stavely-StawellCopper-Gold Project)
• Follow up airborne gravity surveying planned and scheduled for mid-January 2022 (Stavely-StawellCopper-Gold Project)
• VTEM geophysical processing and targeting (Russells Copper-Nickel Project)
• Progressing the completion of sale of the Montepuez and Balama Graphite Projects to Tirupati Graphite (TGR:LSE) for $12.5 million in cash and shares, providing exposure to the graphite market whilst focusing the Company on its Australian copper-gold strategy
• Cash on hand of $3.9M at 31 December 2021

Battery Minerals Limited (ASX: BAT) ("Battery Minerals" or "the Company") is pleased to report on its activities during the December 2021 Quarter.

STAVELY-STAWELL PROJECT: COPPER-GOLD (EL6871, BAT 100%)

Drilling Activity

During the December 2021 quarter, drilling activity comprised 112 drillholes for 5041m and focused at the Nine Mile, Kent Road and Coxs Find Prospects (BAT ASX 7 December 2021).

Recent results have defined a 1,600m gold in aircore anomaly (>0.1g/t Au) at the Nine Mile Prospect, broadly coincident with the regionally prospective Moyston Fault and approximately 5km along strike from the historic Moyston Gold Mine (77koz at 22gpt Au) (BAT ASX 7 December 2021).

The aircore drilling activity is part of an initial 15,000 metre program targeting five prospects considered prospective for orogenic gold and porphyry copper-gold mineralisation.

Recent results include:

• 21BATAC116: 15m at 0.14g/t Au from 8m (NINE MILE PROSPECT)
• 21BATAC122: 2m at 0.32g/t Au from 23m (NINE MILE PROSPECT)
• 21BATAC147: 8m at 0.15g/t from 24m (NINE MILE PROSPECT)

Additional assay results from the drilling are expected during February 2022 and will be reported when available. Drilling activity is scheduled to recommence in late January 2022 and will focus on the White Rabbit, Cosmopolitan and Rutters Track prospects.

1

For personal use only

Airborne Gravity Survey

Planning of follow up Falcon® Airborne Gravity Gradiometer (AGG) surveying was completed based on processing of the results achieved during the September 2021 quarter (BAT ASX 27 October 2021). Xcalibre Multiphysics (formally CGG) commenced the follow up survey subsequent to the reporting period in mid-January 2022 (BAT ASX 12 January 2022).

Figure 1: Stavely-Stawell Project: Planned AC Drilling over preliminary gravity data

2

For personal use only

RUSSELLS PROJECT: COPPER-NICKEL (E80/4944, E80/5116, E80/5347, E80/5348, BAT 100%)

During the December 2021 quarter, exploration activity comprised processing of VTEM geophysical data and planning of future drill testing of priority targets.

Final processing of VTEM data and ranking of priority targets is expected in early February 2022. Preliminary processing of the geophysics has already identified multiple high priority targets considered prospective for copper-nickel mineralisation (BAT ASX 27 October 2021).

Figure 2: Russells Project: Regional Location Map

3

For personal use only

Section Line

(Figure 5)

Figure 3: Russells Project: Preliminary VTEM results showing section through Epithermal target

Of particular note from preliminary geophysical modelling, is a zone of highly conductive bedrock anomalism, approximately 600m long at 100m depth from surface at the Epithermal Prospect (Figure 3,4,5).

Proposed shallow drilling activity (~160m deep drill holes) is currently being designed to test the strongly conductive zone at the Epithermal Prospect, with preliminary hole locations shown in Figure 5.

4

For personal use only

Figure 4: Russells Project: Epithermal Target section highlighting VTEM anomaly at the Epithermal Target

transparent grey plates), with conductivity depth image (CDI) whereshowinghot colourspreliminary= high conductivityVTEM conductorand coolplatecoloursmodels=(semilower- Figure 5: Russells Project: Epithermal Target 3D view facingdepth,east

conductivity (more resistive). Proposed drillholes ~160m shown as labelled white traces targeting the centre of the

higher conductance VTEM plate models

5