Cosmo Metals Ltd. announced the definition of an Exploration Target at the Mt Venn Cu-Ni-Co Prospect, within the Yamarna Project located approx. 150km east of Laverton in the Eastern Goldfields of Western Australia. 2023 Mt Venn Cu-Ni-Co Exploration Target: The Mt Venn Cu-Ni-Co deposit is located 125 km east of the township of Laverton and comprises granted exploration lease E38/2957 and associated exploration leases covering an area of approximately 370 km.

The Mt Venn Exploration Target was prepared during January 2023 by leading global mining consulting group Entech and is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) 2012 edition. 10.2 to 32.3 million tonnes of Copper (Cu)- Nickel (Ni) - Cobalt (Co) mineralisation with grades ranging from 0.55% CuEq to 0.63% CuEq. The potential tonnes and grades of the Exploration Target expressed in this report are conceptual in nature and should not be considered as an estimate of a Mineral Resource.

There has been insufficient exploration (and drilling density) to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target, being conceptual in nature, takes no account of geological complexity or metallurgical recovery factors. The Exploration Target has been reported using a 0.3% copper equivalent cut-off value.

The Exploration Target was reported above 200m RL (200m below topography) for the upper limit target range and constrained within a pit optimisation shell for the lower limit target range. Entech completed a conceptual pit optimisation study from which outcomes were used as a guide in the assessment of reasonable depths and confidence in mineralisation continuity. Metallurgical testwork undertaken by Great Boulder Resources Ltd. (GBR) in 20186 indicates that copper- nickel-cobalt reported in the Exploration Target can be recovered with current mineral processing technology.

Material classification is not applied for an Exploration Target. The copper equivalent calculation is informed by metal recoveries from GBR's 2018 metallurgical test work undertaken and a rolling three-month average of LME metal price. Next Steps: Further exploration targeting along the Mt Venn Trend is underway with ground electromagnetic (EM) surveys following up a further nine RC holes completed in late 2022 to assist with target evaluation.

The Company has recently completed downhole EM (DHEM) and fixed loop EM (FLEM) surveys used to identify mineralisation horizons to the north of the current Exploration Target interpretation, with follow- up drill testing planned to test target anomalies. The Company has engaged a drill contractor to mobilise to site early next month to test these targets in addition to: The compelling off-hole DHEM target at Minjina associated with drillhole MIRC003 which intersected widespread Zn-Pb-Ag mineralisation including a high-grade zone of: 7m @ 3.20% Zn, 0.82% Pb (4.02% Zn + Pb) & 11.84 g/t Ag from 73m including 2m @ 5.0% Zn, 1.4% Pb (6.4% Zn + Pb) & 18.83g/t Ag from 76m. Grid drilling on sections to the north and south around the discovery hole at MIRC003 to identify vectors and potential controls to the system Mt Venn style Cu-Ni-Co targets identified from DHEM associated with near-miss intersections in holes MIRC002 and MIRC009.