Dundas Minerals : Nickel-Copper-Cobalt Anomalies from Soil Sample Program

ASX ANNOUNCEMENT

20 April 2022

NICKEL-COPPER-COBALT ANOMALIES NORTH-EAST SOIL SAMPLE PROGRAM

Dundas Minerals Limited

Directors

Non-Executive Chairman

Mark Chadwick

Managing Director

Shane Volk

Technical Director

Tim Hronsky

Company Secretary

Shane VolkIssued Capital (ASX: DUN and DUNO)

Ordinary Shares: 60,180,216

ASX Quoted: 36,613,652

Escrow: 23,566,564

Listed Options: 30,090,138

Unlisted Options:

14,000,000

Highlights

• o Anomalous nickel-copper-cobalt results from North-East prospect area soil sampling program

• o Coincidental with gravity and magnetic features

• o Additional exploration warranted

Dundas Minerals Limited (ASX: DUN) ("Dundas Minerals" or "the Company") is actively exploring for nickel, copper and gold in the prospective Albany-Fraser Orogen, Western Australia.

Anomalous nickel-copper-cobalt trend

Analysis of recently received assay results from the Company's North-East Prospect Area surface soil sampling program has identified two areas of anomalous nickel-copper-cobalt values in the northwest section of the sample program grid (Figure 1).

The soil sampling program was undertaken by Dundas Minerals during December 2021 and January 2022 (refer ASX announcement of 22 December 2021). 278 samples were collected from the B-C horizon of the soil profile (sieve 60mesh: 250um / 0.25mm), on a 250m x 250m spaced grid. Samples were assayed by Intertek Genalysis in Perth, Western Australia.

Encouragingly, two roughly parallel and anomalous Ni-Cu-Co values trends have emerged from analysis of program assay results. The trends are coincidental to subtle ground gravity and airborne magnetic features (Figure 2 and Figure 3).

The absolute parts per million (ppm) values of Ni, Cu and Co returned from the soil sample assays are moderate (Appendix A). However, the 95th percentile values (Figure 4 & Table 1) for these elements each predominantly cluster in the area of gravity and magnetic geophysical survey features, and this supports the conduct of further exploration work in the area.

As the anomalous zones are in the northwest corner of the soil sample grid, a follow-up soil sample program to extend the grid in all directions to test for additional anomalism is envisaged. Also, a tightening of the sample grid to 50m x 50m or 75m x 75m, would provide improved delineation of anomalous areas.

Suite 13, 100 Railway Road Suite 13, 100 Railway Road

Subiaco, WA 6008 Subiaco, WA 6008

[e-mail]www.dundasminerals.comwww.dundasminerals.com

Commenting on the soil sample anomalies, Dundas Minerals managing director Shane Volk said "although it is early days for our North-East prospect exploration activities, the results from this first-ever soil sampling program across the area are indeed encouraging.

As we have previously reported, outcrops of mafic / ultramafic pyroxenite rocks of have been observed at various locations in the North-East prospect area, which is encouraging for nickel and copper mineralisation. In addition to soil sampling, we continue to work at finalising plans and obtain approvals for the commencement of maiden drilling programs for the both the Central exploration target and the Matilda South prospect. The Central target is also located in the North-East Prospect Area, approximately 6km to the southwest of these zones of soil sample anomalism."

Figure 1: Location of North-East prospect area soil sampling program. The zones of nickel-copper-cobalt anomalism are outlined in red.

Anomalous Nickel-

Copper-Cobalt trends

INSET

Dundas Tenements

Figure 2: Zones of nickel-copper-cobalt anomalism (outlined in red) relative to aerial magnetic survey image (TMI)

Figure 3: Zones of nickel-copper-cobalt anomalism (outlined in red) relative to detailed gravity survey image (background magnetic image)Figure 4: Plots of Ni, Cu and Co assay results for all North-East prospect area soil samples (Y axis: ppm (4 acid digest); X axis: sample count). 95th percentile values - red dots.

Sample IDNi (ppm)	Sample IDCu(ppm)	Sample IDCo(ppm)
DUNS0140 DUNS0139 DUNS0141 DUNS0110 DUNS0129 DUNS0220 DUNS0120 DUNS0134 DUNS0142 DUNS0121 DUNS0143 DUNS0138 DUNS0082	92.3 83.2 75.8 65.9 65.5 62.8 61.0 60.6 58.9 58.6 57.1 56.0 51.8	DUNS0043 DUNS0127 DUNS0119 DUNS0115 DUNS0162 DUNS0122 DUNS0118 DUNS0017 DUNS0129 DUNS0085 DUNS0083 DUNS0083 DUNS0121	54.6 48.2 41.0 38.8 38.5 37.8 37.4 36.1 35.0 34.7 34.6 34.6 33.8	DUNS0220 DUNS0139 DUNS0129 DUNS0043 DUNS0140 DUNS0147 DUNS0143 DUNS0138 DUNS0134 DUNS0072 DUNS0141 DUNS0082 DUNS0110	24.4 19.6 19.1 17.8 17.1 15.6 15.3 14.9 14.8 14.7 14.5 14.4 14.3
DUNS0151	51.0	DUNS0141	33.5

Table 1: North-East soil samples: 95% percentile assay values (ppm),

by sample number for nickel, copper and cobalt

Authorised by: Shane Volk (Managing Director and Company Secretary)

About Dundas:

Dundas Minerals Limited (ASX: DUN) is a battery-minerals and gold focussed exploration company exploring in the highly prospective southern Albany-Fraser Orogen, Western Australia. Dundas Minerals holds 12 contiguous exploration licences (either granted or under application) covering an area of 1,201km2. All licences are 100% owned by Dundas and are located within unallocated Crown Land. The Albany-Fraser Orogen hosts the world-class Tropicana gold mine (AngloGold Ashanti ASX: AGG / Regis Resources ASX: RRL) and the Nova nickel mine (Independence Group ASX: IGO). The Dundas tenements are located ~120km south west of Nova, have not been subject to modern exploration and are deemed prospective for battery materials (nickel, copper and rare earths), and gold. Dundas Minerals listed on the ASX on 10 November 2021.

Capital Structure:

Ordinary shares on issue (DUN): 60,180,216; ASX Listed Options (DUNO): 30,090,138 (Ex: $0.30, Exp 25-02-2024)

Unlisted Options: 3,000,000 (Exp. 2-11-24 Ex. $0.30); 4,000,000 (Exp. 1-7-24 Ex. $0.25 & $0.30); 5,000,000 (Exp. 1-7-26 Ex. $0.25 & $0.30); 2,000,000 (Exp. 10-11-26 Ex. $0.25 & $0.30)

COMPETENT PERSONS STATEMENT

The information in this report relating to Exploration Results is based on information compiled by the Company's Technical Director, Mr Tim Hronsky, a competent person, and Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Hronsky has sufficient experience relevant to the style of mineralisation and to the type of activity described to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Mr Hronsky is a shareholder in the Company and a Director. Mr Hronsky consents to the inclusion in this announcement of the matters based on his information in the form and content in which it appears.

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", "target", "anticipate", "forecast", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.

The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about Dundas and the industry in which it operates. They do, however, relate to future matters and are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of Dundas is no guarantee of future performance.

None of Dundas's directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.