Armada Metals : AMM Renewal of Permit G5-555

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2nd March 2022

ASX LIMITED- Company Announcements Platform

ARMADA METALS LIMITED (ASX: AMM)

RENEWAL OF PERMIT G5-555

Highlights:

• The renewal of permit G5-555 was granted on the 14 February 2022, and received formally by the Company on the 28 February 2022.
• The permit is valid for an additional three (3) years until February 2025.
• Initial drill program will now include the highest ranked target, Matchiti Central, which is situated in permit G5-555, along the Libonga-Matchiti Trend.
• Renewal supports multi-project potential of the Nyanga Project and regional programs over the additional 1,495km2 will be planned for 2022.

Armada Metals Limited (ACN 649 292 080) (Armada, AMM, or Company) is pleased to announce that the renewal of permit G5-555 has been granted by his Excellency Vincent de Paul Massassa, Minister of Oil, Gas, Hydrocarbons and Mines in Gabon, on 14 February 2022 (Figure 1) and received formally by the Company on 28 February 2022. The permit has been renewed for a period of three (3) years until February 2025.

The renewal of permit G5-555 allows the Company to immediately explore the southern extension of the 25-kilometer (km) long Libonga-Matchiti Trend ('LMT') (Figure 1). The Company's technical team has rapidly modified the Phase 1 drilling program, about to commence, and will now include Matchiti Central, the highest ranked exploration target along the LMT (refer to the Company's Prospectus for further details).

Eleven (11) regional targets, outside of the LMT, sit within permit G5-555 and regional programs over these areas will be planned for 2022.

As per the Prospectus, the Board will now re-allocate funding to include exploration of G5-555.

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Armada's Managing Director Dr Ross McGowan commented:

"The renewal of permit G5-555 has come at a significant time for the Company as we commence an aggressive exploration program for 2022 with drill programs about to commence. It cements the district-scale nature of the Nyanga Project and will allow us to explore the entire length of the 25km- long and highly prospective strike of the Libonga-Matchiti Trend, including the top-ranked Matchiti- Central target. It also will support the commencement of new regional programs as we generate an exploration pipeline of targets for future drill testing.

"We have an exciting year ahead and we appreciate the support and endorsement of the Government of Gabon and Ministry of Mines for our exploration efforts."

Matchiti-Central Target

The Matchiti Central target is defined by:

• A series of moderate to high conductance anomalies defined using Maxwell software which correlate with the margins of an interpreted mafic/ultramafic body defined by previous magnetic, radiometric, and geological mapping programs (Table 1 and Figure 2).
• The presence of copper (Cu) and nickel (Ni) anomalism defined from detailed soil sampling programs which broadly define the extents of the interpreted mafic intrusive body.
• The results from forward modelling and inversions of the ground gravity data which delineated a dense body in the centre of the target.

Regional Targets

There are eleven (11) regional targets in exploration permit G5-555, including:

• Ngongo - the fourth highest ranked target in the Company exploration pipeline (refer to the Company's Prospectus for further details). This is an eight (8) kilometre long target in a favourable structural setting. There is a well-defined relationship between anomalous nickel and copper in soil samples and anomalous radiometric responses attributed to interpreted mafic/ultramafic intrusives.
• Yoyo - is directly southeast along strike from Ngongo, this 18 kilometre (18km) target is open ended in a south-easterly direction. Ranked third in the Company's exploration pipeline due to its extent, this target is centred on a potentially encouraging intrusive configuration mapped from magnetic and radiometric data. A targeted historical soil sampling program on

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the northern end of this target provides a well-defined set of anomalies at the extents of the interpreted mafic bodies. The Yoyo target is situated along the same favourable regional structural setting as Ngongo.

Initial regional work programs will include field mapping and rock grab sampling, possible infill soil geochemical programs (dependent on the results from field mapping), and a regional airborne electromagnetic survey proposed for later in 2022.

Figure 1: Tenement map for the Nyanga Project. Datum UTM WGS84 32S. Source: AMM.

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Table 1: 2021 Xcite™ airborne HTDEM survey modelled conductivity plates, Nyanga Project.

				TM
				XCITE HTDEM PLATE RESULTS
PLATE ID	TECHNICAL RANK	CONDUCTANCE	LENGTH	DEPTH FROM	DEPTH EXTENT	DIP		DIP	MODELLED
(2021)	(S)	(m)	SURFACE (m)	(m)		DIRECTION	CONDUCTOR
X-LBN05	1	100	400	80-110	200		50	95.00	B
X-LBN04	1	100	300	80-110	200		50	90.00	B
X-LBN06	1	100	300	80-130	250		40	90.00	C
X-LBN01	1	85	250	80-130	450		30	90.00	A
X-LBN02	1	80	300	80-130	350		35	95.00	A
X-LBN03	1	80	300	80-130	300		25	100.00	A
X-LBS12	1	50	400	25-100	300		60	290.00	E
X-LBS13	1	50	400	25-100	400		65	290.00	E
X-MTC21	1	40	600	80-90	200		40	230.00	I
X-LBS14	1	35	400	25-100	250		70	260.00	E
X-LBS16	1	35	400	25-100	200		80	90.00	E
X-LBS15	1	30	400	25-100	200		65	90.00	E
X-LBN07	1	25	300	80-130	300		30	90.00	C
X-MTC20	2	35	800	40	350		60	212.50	H
X-MTC23	2	30	400	30-60	200		75	270.00	J
X-MTC24	2	25	600	10-30	400		50	60.00	K
X-MTC26	2	25	600	20	250		80	52.50	L
X-MTC22	2	25	600	30-60	150		70	272.50	J
X-MTC25	2	20	600	10-30	500		80	60.00	K
X-LBS18	3	40	300	30-40	200		90	290.00	F
X-LBS17	3	30	400	30-40	200		80	110.00	F
X-LBN08	3	25	300	80-140	200		75	270.00	D
X-LBN11	3	25	300	80-140	400		50	265.00	D
X-MTS27	3	20	400	100	400		60	235.00	M
X-LBN09	3	20	300	80-140	300		60	260.00	D
X-MTN19	3	15	800	60-70	450		70	232.50	G
X-MTS28	3	15	500	40	500		80	233.00	N
X-LBN10	3	10	400	80-140	350		40	260.00	D

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Figure 2: Xcite™ modelled HTDEM conductors on B-fieldLate-time images, Nyanga Project

Refer to Table 1 for modelled conductor properties. Datum WGS84 32S. Source: AMM.