Ausmon Resources : Field sampling exploration results - EL8954 and EL9252

31 March 2022

ASX Market Announcements

FIELD SAMPLING EXPLORATION RESULTS

BRUNGLE CREEK EL8954 AND McALPINE EL9252, TUMUT NSW

Ausmon Resources Limited ("Company") is pleased to announce the results for the Phase 2 field-based exploration at Brungle Creek EL8954 and McAlpine EL9252 (Figure 1) that was conducted in February 2022.

Encouraging results from Brungle Creek EL8954 as follows:

• • High copper rock assay of 4.43% from the Cu Rock 2 prospect

• • High chromium soil results to >1% from the Cu Rock 1 and 2 and B13 satellite alteration Prospects

• • High chromium soil targets have cobalt from 130 to 244ppm and nickel from 737 to 3,700ppm

Of particular interest is the high chromium soil results in excess of 10,000 ppm (1%). The anomalous chromium geochemistry was located primarily within serpentinised ultramafic rocks near the contact with mafic intrusive rocks.

The high copper assay of 44,300 ppm (4.43%) is located within the B13 prospect (satellite alteration target) and within mafic rocks. The surface malachite mineralisation was within a small quartz vein of very limited extent.

A total of 238 soil and 18 rock samples were collected from 9 target areas. All 238 soil samples were scanned with the Company's Olympus Vanta pXRF instrument. 18 rock and 88 soil samples were selected for gold and multi-element analyses at ALS Laboratory in Orange.

Of the samples sent to ALS, Cu Rock 1 and Cu Rock 2 prospects had elevated geochemistry for chromium to >1% (the analysis used had an upper detection limit of 10,000 ppm and this was considered adequate for soil sampling analyses). The results of the pXRF and soil sampling were not significant for copper, cobalt and nickel at levels slightly above background.

The areas sampled were primarily located within the Coolac Serpentinite Belt (Sc) Figure 3 and 4. A few samples were located in the adjacent Honeysuckle Igneous Complex comprising primarily basalt (CuR2 and AuR3). One sample area (BO19) was located within the Young Granodiorite and associated with a N-S shear zone (Tumut 1:100,000 geology map).

The tenements are located in south east NSW, 15 km north east of Tumut (Figure 2) and south from the Thuddungra (NicoYoung) (Figure 1) cobalt project of Jervois Mining Limited (ASX:JRV) (see JRV ASX announcement of 24 May 2019 and of 31 January 2022 for details on that project).

AUSMON RESOURCES LIMITED ABN 88 134 358 964

'World Tower" Suite 1312, 87-89 Liverpool Street, Sydney NSW 2000 Australia.

PO BOX 20188 World Square, NSW 2002 Australia

Tel : [phone] Fax: [phone] Email:[e-mail] ASX code: AOA

Figure 1: Location of Cobalt Projects near the McAlpine and Brungle Creek Prospects NSW

The Company completed soil sampling traverses across 9 of 12 proposed targets (Figures 3 and 4) located on the western flank of the Honeysuckle Range with 3 areas not sampled because of the landholder unavailability and logging in process in the Redhill State Forest. The field team collected on average 25 samples/day followed by the scanning of each sample with the Company's Olympus Vanta pXRF and calibration to a set of OREAS standards. The results will determine the nature and extent of any follow up exploration.

The soil sampling traverses were completed across targets identified from the recently completed Satellite Alteration Study and areas with elevated historic gold and copper rock chip results from previous explorers as reported in the NSW Government GIS Website - Minview.

Exploration within the polygons comprised grid-based soil sampling with sampling along 200 m and 100 m E-W sampling lines and samples collected every 50 m.

Figure 2: Location of Brungle Creek (EL8954) and McAlpine (EL9252) tenements

North East of Tumut

Figure 3: 1:100,000 Tumut Geology Map showing the 9 soil sampling areas on geology

Figure 4: 1:100,000 Tumut Geology Map showing the historical prospects on geology and soil grids in black. Note the unsampled areas in red and yellow

Figure 5: Cu Rock 1 Prospect chromium in coloured stars and copper as numbered analyses

Figure 6: Cu Rock 2 Prospect chromium in coloured stars and copper as numbered analyses

Figure 7: Geological setting of anomalous Cr/Cu/Ni soil targets and satellite alteration targets