Cosmo Metals Ltd. announced that RC drilling is underway to test the high priority Minjina Prospect. Minjina is located approximately 900m north of the Mt Venn Copper (Cu) - Nickel (Ni) - Cobalt (Co) deposit within Cosmo's Yamarna project, located 190km east of Laverton in the Eastern Goldfields of Western Australia. Contractor Blue Spec Drilling has been engaged to drill the ~2,000m RC program which will include up to eleven holes targeting further Zinc (Zn) - Lead (Pb) - Silver (Ag) mineralisation at the Minjina prospect as well as several adjacent `Mt Venn -style Cu-Ni-Co targets defined by recently completed downhole and fixed loop electromagnetic (EM) surveys.

The Minjina prospect was first tested by hole MIRC003 which targeted historical hole 17MVRC004 drilled in 2017 and which intersected: 12m @ 0.8% Zn, 3.3g/t Ag & 0.16% Pb from 48m including: 2m @ 2.13% Zn, 3.56g/t Ag & 0.39% Pb from 58m. Hole MIRC003, drilled 80m east of 17MVRC004, intersected a wider and higher-grade zone of Zn-Pb-Ag mineralisation including: 4m @ 0.37% Zn, 0.34% Pb, 4.81g/t Ag from 28m and; 8m @ 0.53% Zn, 0.12% Pb, 2.77 g/t Ag from 48m and; 7m @ 3.20% Zn, 0.82% Pb, 11.84 g/t Ag from 73m which included: 2m @ 5.0% Zn, 1.4% Pb, 18.83g/t Ag from 76m; 4m @ 0.49% Zn, 0.10 % Pb, 2.74 g/t Ag from 116m. Follow up of the intersection in MIRC003 in the current program will include a series of `step out' holes at 40 ­ 80m intervals to establish the extent of mineralisation in all untested directions, particularly at depth.

Additional holes are planned to test the widespread surface Zn (Pb-Cu) anomalism associated with an extensive non-magnetic sequence which are interpreted to represent the host rocks and/or alteration associated with the Zn-Pb-Ag mineralised system intersected in MIRC003. Cosmo's RC drilling program in late 2022 included testing of conductors associated with the strongly magnetic stratigraphy surrounding Minjina, >1km north of the Company's recently announced Mt Venn Exploration Target. The 2022 program intersected widespread `Mt Venn style' Cu-Ni-Co massive sulfides (pyrrhotite with minor chalcopyrite and pyrite) including holes MIRC004 and MIRC0083: MIRC004; 3m @ 0.37% Cu, 0.06% Ni & 0.18% Co from 7m and; 12m @ 0.44% Cu, 0.08% Ni & 0.02% Co from 16m including: 1m @ 1.31% Cu, 0.28% Ni and 0.08% Co from 24m; 20m @ 0.21% Cu, 0.10% Ni & 0.03% Co from 45m.

MIRC008: 5m @ 0.19% Cu, 0.09% Ni & 0.02% Co from 172m and 7m @ 0.58% Cu, 0.29% Ni & 0.06% Co from 182m and 1m @ 0.6% Cu, 0.02% Ni & 0.007% Co from 196m. Follow up ground EM surveys by the Company in early 2023 defined several new strong conductors which will be targeted in the current program. These targets include EMV, a 400m long by >800m deep, strong (>3,000 S) conductor east of previously drilled hole YARC021 which intersected: 18m @ 0.48% Cu, 0.12% Ni, 340ppm Co from 142m The EMV target will be tested with planned hole YARC024.