Norfolk Metals : Distinct anomalies revealed via gravity survey

For personal use only

Date: 29 March 2022

ASX Code: NFL

Capital Structure

Ordinary Shares: 33,000,000 Unlisted Options: 8,500,000 Current Share Price: 20.5c Market Capitalisation: $6.77m Cash: $5.04M (Pro forma) Debt: Nil

Directors Ben Phillips Executive ChairmanLeo Pilapil Technical Director

Patrick Holywell Non-Executive Director

Arron Canicais Company Secretary

Contact Details Suite 1

295 Rokeby Road Subiaco WA 6008

Phone: [phone]

norfolkmetals.com.au

Distinct anomalies revealed via gravity survey

• • Four (4) distinct gravity anomalies defined with two (2) anomalies located along known splays off the Roger River fault

• • Gravity anomalies may represent potential sulphides associated with gold mineralization in an epithermal style system

• • Additional geophysical studies will be undertaken to assist in drill targeting, with an airborne magnetics drone survey to be flown early April 2022

Figure 1. EL20/2020 gravity survey results

For personal use only

Norfolk Metals Limited (ASX:NFL) (Norfolk or the Company) has received all post processed gravity data from Atlas Geophysics. The gravity field program was based on a 400m x 50m grid totalling 1,317 stations over the 26sqkm exploration permit. The Company views the results as a positive reinforcement for the planned 2022 drilling program at EL20/2020 and will target the potential of a new epithermal style gold district.

The north easterly fault splays off the Roger River Fault previously interpreted by Norfolk via regional airborne magnetics, combined with the new gravity anomalies, and low-level soil geochemistry anomalies (reported in Norfolk Prospectus, 18 March 2022) continue to improve drill targeting within the epithermal style mineralisation defined at the Roger River Gold project. This project also hosts three (3) large diatreme breccia pipes, which have been mapped over a 3km strike.

Atlas Geophysics has been contracted to fly an aeromagnetic drone survey with the commencement expected in early April 2022. The drone survey will take approximately ten (10) days with the final study expected to further refine targets for the 2022 drilling program. Induced Polarization (IP) lines over the favoured targeted areas will be considered with the intent to identify sulphide conductors at depth. This approach will assist in optimising the proposed drilling.

Figure 2. Schematic section of the theory based on interpretation of known breccias, splays, anomalous Au & As combined with recent gravity survey.

For personal use only

Norfolk will continue to progress the geophysics program(s) while continuing to secure all required permitting, contractors and services to conduct the Company's maiden drilling program at Roger River.

END

This announcement has been authorized by the board of directors of Norfolk.

About Norfolk Metals

Norfolk Metals is an ASX listed exploration company holding the Roger River Gold Project and the Orroroo Uranium Project.

The Roger River Gold Project comprises one granted exploration licence, EL20/2020, and one exploration licence application EL17/2021, which together cover 261km2, located 410km northwest of the capital city of Hobart, Tasmania. The Project is prospective for gold as indicated by the intense silicification, argillisation and diatreme breccias in close proximity to the Roger River Fault along with carbonate-rich host rocks.

The Orroroo Uranium Project is located approximately 274km northwest of the capital city of Adelaide, South Australia within the Walloway Basin, which is an elongate Tertiary Basin approximately 50km long and up to 15km wide. It consists of Tertiary and Quaternary sediments unconformably underlain by Adelaidian basement.

For further information please visitwww.norfolkmetals.com.au

Competent Persons Statement

The information in this announcement that relates to exploration results and data quality for the Roger River Gold Project is based on information compiled by Mr Beau Nicholls, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG) and is a principal Consultant with Sahara Natural Resources (Sahara). Mr Nicholls has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Nicholls consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Sahara and the Competent Person is independent of Norfolk and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in Norfolk Metals Limited.

ASX:NFL

JORC Code, 2012 Edition - Table 1 Report Template

Section 1 Sampling Techniques and Data

personal use only

(Criteria in this section apply to all succeeding sections.)

Sampling techniques

Drilling techniquesDrill sample

JORC Code Explanation

• • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• • Aspects of the determination of mineralisation that are Material to the Public Report.

• • In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

• • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• • Method of recording and assessing core and chip sample recoveries

Commentary

• • A gravity survey was conducted by Atlas Geophysics comprising 1317 stations at 400m x 50m spacing.

• • A Scintrex CG6 gravity meter was used to obtain gravity readings, with positional and height observations taken with CHC GNSS receivers operating in kinematic mode.

• • No drilling undertaken

• • No drilling undertaken

Criteria

recovery

personal use only

LoggingSub-sampling techniques and sample preparationQuality of

JORC Code Explanation

ASX:NFL

and results assessed.

• • Measures taken to maximise sample recovery and ensure representative nature of the samples.

• • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• • The total length and percentage of the relevant intersections logged.

• • If core, whether cut or sawn and whether quarter, half or all core taken.

• • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• • For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• • Whether sample sizes are appropriate to the grain size of the material being sampled.

• • The nature, quality and appropriateness of the assaying and

Commentary

• • No drilling undertaken

• • No drilling undertaken

• • 3% of the gravity and positional observations were