GreenTech Metals : March 2022 Quarterly Activities and Cash Flow Reports

29 April 2022

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31

MARCH 2022

Highlights:

• • A 3,768m 25 hole RC drilling program was completed at the Whundo copper-zinc deposit during the March quarter.

  • o Drilling successfully intersecting a new down dip copper-zinc mineralisation zone at Whundo

  • o A second, deeper and discrete copper mineralised zone was confirmed

  • o Updated Whundo mineral resource to be completed on receipt of assay results

  • o Whundo has existing JORC 2012 compliant Indicated Resource1 of 2.7Mt @ 1.14% Cu and 1.14% Zn (for 30,000t contained copper and 30,000t contained zinc).

• • In addition to the maiden RC drill program at Whundo, a 1,136m 7 hole RC drill program was completed at the Ayshia Cu-Zn deposit, 1500m northeast of Whundo

• • The Company is currently re-evaluating the historical drilling data for Ayshia as part of plans for a maiden JORC 2012 Mineral Resource

  Historic drill intercepts at Ayshia include

  • o 34.85m @ 1.1% Cu, 0.5% Zn and 0.2g/t Au from 169.65m (12AYDD102)

  • o 23.7m @ 3.2% Cu, 0.4% Zn and 0.14g/t Au from 209m (12AYDD103)

  • o 35.7m @1.66% Cu,0.76% Zn and 0.12g/t Au from 206.5m (12AYDD108)

• • Assay results for 2,491 samples from the recent drilling at Whundo and Ayshia are expected during May

• • Appointment of highly experienced mining executive, Mr Rod Webster, to the board

GreenTech Metals Ltd (ASX: GRE), ('GreenTech' or 'the Company') is pleased to present its quarterly activities report for the March 2022 quarter.

Operations

The Company has assembled a highly prospective multi-commodity and regionally diverse land package situated in the West Pilbara, the Fraser Range and the Windimurra igneous complex (Figure 1). The initial focus of the company since listing has been the evaluation of its flagship Whundo copper-zinc project.

ASX: GRE

CONTACT US
Mark Potter	Guy Robertson	Daniel Smith	[e-mail]
Non-executive Chairman	Non-executive Director	Company Secretary	greentechmetals.com.au
Thomas Reddicliffe	Rod Webster	Level 8, 99 St Georges Tce, Perth WA 6000
Executive Director	Non-executive Director

BOARD & MANAGEMENT

Figure 1: GreenTech project locations

Whundo Copper/Zinc project

The Whundo Project is located approximately 40 kilometres south-southwest of Karratha in the West Pilbara Region of Western Australia and is approximately 12.5 kilometres southeast of the Radio Hill nickel plant (Figure 1). Whundo has an existing JORC 2012 compliant Indicated Resource1 of 2.7Mt @ 1.14% Cu and 1.14% Zn (for 30,000t contained copper and 30,000t contained zinc).

The Whundo deposit was discovered in 1911 with some subsequent early copper production prior to 1920, and later in the 1950s cupreous ore was extracted for agricultural use. Open-pit mining of the Whundo deposit by Whim Creek Consolidated NL in 1976 yielded 6,200 t of supergene oxide ore at a grade of 26.98% Cu. More recently in 2005-2006 Fox Resources mined part of the Oxide resource which was treated at Whim Creek.

Maiden drilling program

On 20 January 2022 the Company announced that reverse circulation (RC) drilling had commenced at the Whundo Copper mine (Photograph and Figure 2). The RC program aimed to:

• o Drill test for down dip and lateral extensions to the known resources beneath the adjacent Whundo and West Whundo open pits

• o Upgrade known mineralisation at copper-zinc prospects less than 1,500m from the historic Whundo pits

• o Drill test four priority VTEM/MLEM conductor targets within the prospective Whundo trend

Photograph: Reverse Circulation (RC) drill rig at the Whundo Copper mine

A total 3,768m was drilled at Whundo, with 25 holes completed (refer Appendix 1). The drilling was focused on testing for lateral and deeper extensions to the eastern and western lobes of the Whundo deposit. To assist with future drill targeting at Whundo the deeper drill holes have been prepared for Down Hole EM Surveying (DHEM).

Confirmatory Drill holes

Two historic drill holes that had intersected significant copper-zinc mineralisation at Whundo were twinned at the start of the drill program (Table 1). The purpose of these holes was to test the effectiveness of the pXRF that was being used to differentiate mineralised andunmineralised drill intersections, help with the visual logging of the drill chips and to identify any marker horizons that could assist in the interpretation of the geology. The pXRF analyses while not providing definitive assay data were used to confirm the high-grade tenor of mineralisation of Whundo (refer ASX announcement dated 10 February 2022).

Ayshia Prospect

This is a previously unexploited deposit that was discovered by Fox Resources in 2006 with a subsequent resource drill-out yielding a non-compliant JORC 2012 Resource. Ayshia is a volcanogenic massive sulphide (VMS) deposit that lies within the same felsic volcanoclastic sedimentary package as the larger Whundo Copper-Zinc deposit located 1,500m to the southwest. Although the Ayshia deposit had been overlain unconformably by the younger Hardey Sandstone Formation subsequent erosion now sees the deposit exposed in a window within the Hardey Sandstone. The mineralisation presents at surface as a lenticular string of narrow zinc rich gossans and dips to the northwest at ~30o. This surface exposure misrepresents the true nature of the mineralisation as subsequent drilling has shown the deposit to be increasingly copper rich and zinc poor with increasing depth and with substantial mineralised drill intersections being reported. The following diamond drill core assay results were reported by Fox Resources in 2012 (refer ASX announcement 4 April 2022):

• o 34.85m @ 1.1% Cu, 0.5% Zn and 0.2g/t Au from 169.65m (12AYDD102)

• o 23.7m @ 3.2% Cu, 0.4% Zn and 0.14g/t Au from 209m (12AYDD103)

• o 35.7m @1.66% Cu,0.76% Zn and 0.12g/t Au from 206.5m (12AYDD108)

Ayshia Drilling Program

A 1,136m exploratory RC drill program comprising 7 hole (refer Appendix 1) was completed at the Ayshia Cu-Zn deposit located 1500m northeast of Whundo. The drilling aimed to confirm the widths and grades of the copper-zinc mineralisation previously reported from historic drilling and to also test deep EM conductor plates in proximity to the known mineralisation. The historic drilling data is being assessed by Greentech for its compatibility with JORC 2012 standard with a view to establishing a resource estimate.

Sampling and Assaying

All drill holes have been sampled at 1m intervals with additional 3m composite samples taken in unmineralized intervals. A total 2,030 samples from Whundo and a further 461 samples from Ayshia have been dispatched to ALS Laboratories in Perth for analysis. The receipt of assay results from the various sample consignments is anticipated to commence late April and continue through May. The Whundo results will be received first with the Ayshia results not expected until late May or later. Results will be reported when they come to hand and are reviewed.

Osborne Nickel JV

The Osborne Nickel prospect, which is located 5km northeast of the Sholl B1 nickel-copper deposit, is a discrete VTEM anomaly that coincides with the contact between mafic and ultramafic intrusions of the Andover Intrusive Complex. Osborne is subject to a joint venture with ASX listed Artemis Resources (ASX:ARV) with Greentech earning a 51% interest. The target is modelled as dipping 30 - 45 deg to the north with the top of the target at a depth of around 155 -175m. The anticipated Osborne Heritage Clearance Survey previously anticipated to be undertaken in March was delayed and is currently being rescheduled (Refer ASX announcement 25 February 2022).

Figure 2: Whundo/Ayshia Drilling Plan