Boadicea Resources Ltd. announced that between 15 September and 15 December 2021, IGO completed the following exploration activities within the IGO Limited (IGO) - Boadicea (BOA) tenements that are subject to a five-year exclusive exploration agreement. Red Cap: BSHD001 returned assay results confirming the presence of mafic and ultramafic rocks observed in visual logging. These units can be further sub-divided into non- cumulate gabbronorites, non-cumulate norite, cumulate gabbro, cumulate gabbronorite and orthocumulate websterite intervals. There were no significant intercepts returned. The sulphides observed in logging had geochemical results indicative of pyrrhotite (iron sulphide) and not nickel or copper sulphides. Bell Ringer: 18BRDD001, 18BRDD002, and 18BRDD003 had no significant nickel intercepts in the assays returned this quarter. IGO in-house mafic classification calculations were performed on the geochemical data, and showed non-cumulate gabbronorites, non-cumulate norites, and olivine bearing cumulate gabbros were present in the holes. Results from the R&D geophysical program and subsequent peer review will determine the next steps for additional diamond drilling. In total, 99 surface Moving Loop Electromagnetic (MLEM) stations were surveyed within South Plumridge (E28/2937). Mahi West: 44 MLEM stations were surveyed at Mahi West, following up on an end-of-line response from a survey completed in 2020 on the adjoining tenement. Interpretation of this data is expected to be completed in first quarter of 2022. North Emperor: 49 MLEM stations were surveyed at North Emperor, following up on an end-of-line response from a 2020 EM survey to the south on an adjoining tenement. Interpretation of this data is expected to be completed in first quarter of 2022. Fletching: 6 MLEM stations were surveyed at the Fletching Target as part of a larger program within adjoining IGO tenements. This program was designed to test two discrete Spectrem AEM anomalies within the larger survey of 45 MLEM stations. The ground MLEM survey has confirmed the anomalies identified from the AEM survey. One conductor was partly observed within South
Plumridge. This modelled plate is not considered prospective for massive nickel sulphide mineralisation due to the large strike length (1200m) and moderate conductance value (800S). No further geophysical exploration is recommended at the Fletching target. IGO is currently completing a Research and Development (R&D) survey program within the IGO tenure and the Symons Hill licence (E29/1932) to assist in the interpretation and understanding of the Orion chonolith. The results of the R&D program will be used to determine future drilling opportunities. Heritage negotiation is ongoing with Native Title groups to finalise agreements that cover most of the northern targets, including the Transline group (E28/2888, E28/2895, E28/2849, E28/2866), South Plumridge (E28/2937) and the Giles group (E28/2952 and E39/2148) of tenements. It is anticipated that the agreement negotiation will be fully finalised during the next quarter. Approximately 12.7 line-km of rehabilitation of previously cleared air-core grid lines is scheduled to be completed in 2022. This work could potentially be completed in the upcoming quarter.