29Metals Limited announced the results from the balance of the 2022 field exploration campaign at the Company's Redhill exploration project in Chile. The results announced complete the results for the 2022 campaign, 29Metals' first field campaign at Redhill since the 29Metals IPO. The 2022 field campaign focussed on evaluating the gold and precious metals potential near surface around the known Cristina, Gorda, and Cutters veins, as well as the Ingleses target area.

The exploration results in this release have been prepared and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Highlights: Results further highlight the potential for extensions to existing mineralised veins in all evaluated areas and potential for additional veins not currently included in 29Metals' Mineral Resources estimates for Redhill 2 At Cutters, returned rock samples have highlighted possible extensions to existing veins as well as additional veins outside of current Mineral Resources estimates, with samples returning high grade copper and elevated precious metals mineralisation, with results as high as 12.4% Cu, 3.0g/t Au, and 246g/t Ag At Ingleses, an area of historic mining activity not currently included in 29Metals Mineral Resources estimates for Redhill, rock samples have returned high grade copper and elevated silver results as high as 11.9% Cu and 164g/t Ag All modelled veins commence at surface, with the current mineral resources estimate predominantly modelled to a depth of 100m below surface, and a maximum depth of 200m. The new results show that all mineralised veins estimated are open along strike and at depth.

The results of the 2022 field campaign are being used to inform planning for future exploration activity at Redhill. Overview During the first half of 2022, 29Metals completed its first field season at Redhill in Chile. Redhill comprises the Cutters Cove project, which incorporates the mineralised veins of Cristina, Gorda, Angelica, Cutters, and Franceses, and the Ingleses target area, as well as a regional tenement package within the surrounding province.

The 2022 Field season focussed on a series of mesothermal polymetallic quartz-sulphide veins in the Cutters Cove project area which currently host Mineral Resources estimates (Inferred category) of 4.3Mt @ 1.7% Cu, 33g/t Ag, and 0.3g/t Au. Readers should note that 29Metals' Mineral Resources estimates for Redhill are in the Inferred category. There is a low level of geological confidence associated with Mineral Resources in the Inferred category and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources.

The locations of 29Metals' current Mineral Resources estimates at Redhill, as well as the location of 2022 field campaign samples. In total, 385 samples were collected during the 2022 field season. This release reports results of the final 144 of those samples.

The results of the balance of the campaign were reported on 1 August 2022. Samples in this announcement were collected from outcropping areas of interest or utilising portable small drills. The portable small drill uses an auger-style bit to penetrate through an organic peat layer of up to 4m.

Once the hole was drilled to rock a diamond bit was placed on the drill and a small core sample (10-20cm) obtained from the fresh rock where it met the peat cover. Due to the blind nature of testing, holes were drilled vertically at regular intervals (typically 10m apart) on lines perpendicular to the known vein orientation. Infill portable drilling was also undertaken where vein-hosted mineralisation was directly intersected.

The samples were then logged, photographed, and dispatched for assay analysis. No interval thicknesses are implied through the sample results and the samples should be viewed as rock samples not drilling results. Results: The exploration results reported in this release principally relate to the area around the known Cutters vein, as well as the historic Ingleses mining area.

Cutters: The Cutters vein currently hosts an inferred Mineral Resources estimate of 300kt @ 3.0% Cu, 0.1g/t Au, and 51g/t Ag. Currently the vein is estimated along a strike length of 450m and to 100m below surface. The mineralisation at Cutters remains open in all directions.

At Cutters, samples collected were a mix of portable small drill samples and direct samples of outcropping areas of interest. Results of the sampling indicate the existing Cutters vein extends at surface at least 150m to the north of 29Metals' existing Mineral Resources estimates. The results also indicate potential for new parallel veins to the east of the known Cutters veins.

Ingleses: Ingleses is an area of historic surface and underground mining activity. 29Metals' current Mineral Resources estimates for Redhill do not include any material from Ingleses. The results of the 2022 field campaign have highlighted the potential for multiple mineralised veins, with widths ranging from 30cm to 2m at surface where outcropping.

The 2022 field campaign at Redhill indicates the potential for all modelled veins investigated to date to be extended in strike length through drilling, and areas outside of the current Mineral Resources estimates may also host mineralisation not included in 29Metals' current estimates. Results from sampling undertaken in the 2022 field campaign relative to the areas included in 29Metals' current Mineral Resources estimates for Redhill. These results will be used to inform the programme of works at Redhill for 2023, with the activities in the field expected to resume in January 2023.