Aeon Metals Limited continues to return exceptional results at its Walford Creek Copper-Cobalt Project (Walford Creek Project) in north-west Queensland. Thirty- one (31) exploration holes have been completed for over 11,700 metres drilling in 2022. The results for hole WFDH548 extend the Amy West high grade copper-cobalt footprint a further 90 metres east of hole WFDH378 (46m at 2.93% CuEq, first reported by Aeon on 16 October 2018).

Further holes for which assay results are outstanding provide visual indication that mineralisation within PY3 extends another 500 metres east along strike. Significantly, the top 48 metres of the WFDH548 intersection returned 1.78% copper and 0.33% cobalt, which is the highest grade copper/cobalt intercept ever recorded at Walford Creek. The second intercept of 43 metres is copper-only rich and returned 1.57% copper, a record intercept for copper- only rich mineralisation.

By way of comparison, the Vardy and Marley (higher grade) copper Mineral Resource Estimates average 1.08% Cu and 0.15% Co. The in-situ grades from WFDH548 demonstrate a substantially higher tenor. The presence of the copper-only rich mineralisation is in itself a major development at Walford Creek.

Previously, this style of mineralisation has been observed primarily in the dolomite sequence below PY3. Drill holes are typically extended beyond PY3 until they intersect the Fish River Fault. On occasions, they have extended further into the underlying dolomite sequence where variable intersections of copper-only rich mineralisation have been recorded.

Because of its greater depth, this style of mineralisation has not been specifically targeted. The presence within the PY3 in hole WFDH548 suggests that the Walford Creek copper-only rich mineralisation exhibits greater opportunity than previously considered. While higher grades were anticipated based on previous drilling, to have both record grade and width for both types of mineralisation in the same hole was unexpected.

A number of further holes have been drilled along strike to the east for which assay results are now eagerly anticipated. Visual observations from the recently completed Amy West hole WFDH559 indicate wide zones of Cu-Pb- Zn sulphides, 600m east of WFDH548. The assay results reported here and the visual observations of holes awaiting assay results in conjunction with earlier drilling results underpin increased confidence that this Amy West copper/cobalt rich zone has a potential strike length of approximately 1.2 km.