Anova Metals : Big Springs 2022 Exploration Program & Strategic Initiatives

13 July 2022

ASX ANNOUNCEMENT

For personal use only

Big Springs 2022 Exploration Program

and Strategic Portfolio Initiatives

KEY POINTS:

• Field program for 2022 exploration activities at Big Springs finalised.
• Includes IP surveying, soil and rock chip sampling, and extensive field mapping.
• Allows extensive exploration drill target work-up alongside targeted granting of expanded Plan of Operation (POO) at Big Springs.
• Maximises capital efficiency and resource growth opportunity with targeted +10,000m drilling program during 2023 field season.
• Updated Big Springs Mineral Resource Estimate on track for completion this quarter.
• Anova well-funded and resourced to implement further strategic portfolio initiatives.

Anova Metals Limited (ASX: AWV) (Anova or the Company) provides an update on its planned 2022 field program at the Big Springs Gold Project in Nevada, US, and various corporate strategy initiatives.

The opportunity at Big Springs

Big Springs, like the neighbouring Jerritt Canyon Gold Mine, is a typical Carlin-type gold deposit; located in northern Nevada; one of the world's most prolific gold production provinces (See Figure 1). Jerritt Canyon has produced approximately 10 Moz of gold in 40 years of operation. The Big Springs tenure holds an existing resource of over 1 Moz gold just 20km north of Jerritt Canyon.

Most of Anova's tenure has never been systematically explored, and the opportunities for adding new resources are substantial. Anova has been applying the approach of "using new technology to expedite discovery at underexplored ground" at Big Springs for two years now; and has made significant progress towards aggressive drilling of greenfields targets.

With a full-time Big Springs Exploration Manager (Steve McMillin) focused on achieving the expanded Plan of Operation (POO) approval and carrying out cost efficient and value adding exploration in the interim, Anova is well placed to undertake extensive and substantial value-adding drilling programs in 2023 and 2024. The Company is committed to making world class discoveries at Big Springs - enhancing its overall commercial leverage with respect to this outstanding asset and providing the best opportunities for maximising shareholder returns.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	1
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

Big Springs 2022 Exploration Program

For personal use only

Commencement of the Big Springs 2022 exploration program was flagged with the appointment of Steve McMillin as Exploration Manager onsite at Big Springs in early May (ASX release 11 May 2022). The 2022 field season commenced in June with new claims being pegged over soil geochemical anomalies in the Jacks Creek area on the southwest side of the property (ASX release 16 June 2022); followed by an initial IP survey being carried out over known mineralizing structures within and proximal to the existing Big Springs Mining Lease (ASX release 1 July 2022).

During the remainder of the field season, a soil sampling program will be carried out over a key target area on the southeast side of the property (Golden Dome), and extensive field mapping and selective rock chip sampling will commence at the Golden Dome, Jacks Creek, Dorsey Creek, and Mac Ridge prospects (see Figures 2 & 3). A program of maintenance earthworks (road repairing and drill pad reclamation) will also commence in early September.

In parallel with the field program, Anova is actively pursuing the granting of the expanded POO with the USFS (US Forestry Service) and updating the existing Big Springs Mineral Resource Estimate to be JORC (2012) and NI 43-101 compliant.

Regarding the expanded POO, the most recent meeting with the USFS was on 21 June 2022, with another meeting scheduled for early August. Having Steve McMillin onsite to meet with the USFS representatives and respond in a timely and effective manner to all POO related queries is a considerable advantage for Anova.

Figure 1: Location of the Big Springs Project with respect to Jerritt Canyon and the world class deposits of northern Nevada (existing Big Springs Mineral Resource located at the red/yellow cross).

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	2
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

For personal use only

The Big Springs Mineral Resource Estimate (MRE) update is being carried out by resource specialist, Elizabeth Haren (of Haren Consulting). The 2022 updated resource model will include all drilling carried out since June 2014. Specifically, the additional drilling meters to be included in the 2022 Resource are 2,876m [2014], 3,019m [2016], 1,844m [2017], 1,154m [2020] and 2,620m [2021]. The updated MRE is expected to be completed during the current quarter.

Anova plans to carry out a substantial drilling program at Big Springs during the 2023 field season. With the anticipated approval of the expanded POO, the 2023 drill program is set to test multiple high calibre (structural, geochemical) targets across the property that have either never been drilled or have had no previous meaningful assessment. We plan to drill more than 10,000m during the 2023 season, targeting substantial, highly cost-effective growth in the Big Springs Mineral Resource estimate.

Figure 2: Schematic and timeline of the Big Springs 2022 field season program.

Assuming grant of the expanded POO, the decision to drill during the 2023 season (rather than 2022) allows proper testing of the opportunities within the wider Big Springs package and the clear potential to deliver genuine step-change for Anova in terms of further resource growth and new discoveries. Moreover, the costs of a significantly smaller drilling program are relatively high and inefficient on a unit basis (a high percentage being mobilization).

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	3
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

For personal use only

The planned 2023 drill program is set to be the most extensive drill program since 2006 with the hole locations to be refined and optimized over the coming 12 months to deliver the best possible results. During the northern winter months (December to March), stratigraphy, structure, and mineralization will be modelled in Leapfrog, and drill targets and individual hole traces will be reworked and refined.

Further strategic initiatives

Anova seeks to own, advance and develop high potential projects in Tier 1, geologically prolific mining jurisdictions - and by doing so create significant shareholder returns.

In keeping with this strategy, Anova is actively seeking the addition of a high-calibre, early- stage/greenfields exploration project in Western Australia to complement its more advanced Big Springs Gold Project in Nevada.

The Anova value proposition

Anova strives to outperform through the creation of real underlying value for shareholders. The Anova team applies modern technology to narrow the search space under cover and drill test well constrained targets to maximise exploration performance. Anova is well-funded and now well-resourced to run focussed, high-impact exploration programs across two leading mineral exploration and production jurisdictions.

This announcement has been authorised for release by: Amanda Buckingham, Executive Director

CONTACT:
Investors	Media
[phone]	Michael Vaughan (Fivemark Partners)
[e-mail]	[phone]

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	4
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

For personal use only

Figure 3: Map of the Big Springs Project area showing selective existing data, and areas planned for follow-up [soils and mapping] during the 2022 field season.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	5
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au