Mincor Resources NL reported an initial Ore Reserve for the recently discovered LN04a Surface, located in the exploration zone between the Long and Durkin North Mines at its Northern Operations in Kambalda, Western Australia (Golden Mile). The initial Golden Mile Ore Reserve comprises a Probable Ore Reserve of 475,000 tonnes @ 2.6% Ni for 12,500 Ni tonnes, increasing the total Ore Reserves at the Northern Operations by 58% and total Ore Reserves across the Company's Kambalda Nickel Operations by 18%. Given the close proximity of the new mining area to existing underground infrastructure connecting the Long and Durkin North Operations, access development is planned to commence to the new area over the course of FY23, with first stoping targeted for late (calendar year) 2023.

Importantly, the new mining zone will provide a third discrete mining front at the Northern Operations, substantially increasing mining flexibility and de-risking the Company's broader ramp-up objectives. The Company has incorporated the new Ore Reserve into an updated Life-of-Mine (LOM) plan for the Northern Operations, extending the group Reserve-backed mine life out to six years. The Company is pleased with the rapid progress achieved at the Golden Mile to date, with this initial Ore Reserve coming just 16 months after the commencement of the Golden Mile exploration drilling program, and only three months after the delivery of the initial Mineral Resource for the LN04a Surface.