Walford Creek Project

Aeon Metals’ flagship is the 100% owned Walford Creek.

Located in the world-class Mount Isa mineral province in northwest Queensland, the Walford Creek Project is one of the highest grade, substantial cobalt deposits in Australia.

Walford Creek (100% Aeon) has benefited from extensive resource drilling of over 100,000 metres, together with extensive metallurgical testwork.

In June 2021, we completed a Revised Scoping Study to de-risk and advance the Walford Creek Project. This study adopts a new approach to metallurgical flowsheet design to optimise recovery and extraction of each metal. This allows the valuable metals to be recovered into high quality end products required for modern day technology.

Excellent drill results delivered during the 2021 and 2022 campaigns, resulted in a 65% increase in global Mineral Resources along 10 kilometres of strike, from Vardy/Marley to Amy. The company was able to add 337 Kt of contained CuEq metal.

This substantial increase in contained metal across the in-situ Walford mineral deposits was accompanied  by an overall increase in copper and cobalt grades for the Copper Mineral Resources. Of particular note is the high-grade Amy Mineral Resource, delivering 8.3Mt at 1.35% copper and 0.22% cobalt (2.95% CuEq).

Walford Creek is now arguably the largest primary cobalt deposit in Australia, and, the Copper Mineral Resource at Amy is comfortably the highest grade substantial cobalt resource in Australia.

Aeon Metals’ Tenement Holdings

Combined Mineral Resources across all (Marley, Vardy, Le Mans, Amy) Walford Creek Deposits (0.5% Cu cutoff)

CategoryMtCu %Pb %Zn %Ag ppmCo %Ni %Pyrite %Density t/m3
Measured17.10.610.931.0323.040.120.0542.43.41
Indicated27.50.590.940.8425.250.110.0538.13.34
Inferred28.00.701.560.8234.960.120.0643.93.52
Total72.60.641.170.8728.70.120.0641.33.42

In copper equivalent terms, the resource at Walford Creek now stands at 1,173 Kt of copper equivalent metal.

Combined Contained Metal across all (Marley, Vardy, Le Mans, Amy) Walford Creek Deposits

Cu kt Pb ktZn ktAg MozCo ktNi kt
2022*276.1392.1354.633.048.021.1
2023 additions185.4460.7270.533.536.918.9
Total461.5852.8635.166.584.940.0

The team at Aeon Metals has developed a substantial pipeline of prospective regional targets covering 52 km of untested potential strike. These targets are based on a combination of geophysical and in some cases, geochemical anomalies. Exploration of these targets is expected to be subject of the 2024 campaign. The figure below shows the location of these targets relative to Walford Creek itself.

Location of Walford Creek Targets for 2024

Basin Edge Project

The Basin Edge Project (BEP) consists of a large tenement holding (100% Aeon owned) of 1,300km2 and extends over 100kms, from the eastern edge of Walford Creek to Burketown. Basin Edge is located 45kms east of the Company’s flagship Walford Creek Project and covers along strike extensions to the mineralised Fish River Fault which hosts the Walford Creek deposit.

Regional tectonic framework of the Mt Isa Inlier (modified after Blake 1987). The Walford Creek Base Metals Project area is located on the Inlier’s northern margin.

RTP magnetics showing major basin faults along the northern margin of the South Nicholson basin relative to Walford Creek and the BEP project.

Basin Edge is strategically located between Anglo American plc’s 1,100 square kilometre land package to the east and the Resolution Minerals Ltd./Oz Minerals Wollogorang joint venture to the west, in the Northern Territory.

The targeted style of mineralization is likely to be similar if not identical to that discovered at the Walford Creek Deposit where structurally controlled sediment-hosted breccias and/or replacement copper-cobalt+/-lead-zinc-silver mineralization.

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INVESTMENT HIGHLIGHTS

Scoping Study Outcomes

The outcomes of the Scoping Study and recent drilling campaign prompt us to proceed towards the development phase with further confidence. A pre-feasibility study was partially completed in Q1 for the development of Walford Creek however the financials were not completed at the time due to highly variable and fluctuating market conditions related to project critical commodities.

With our own energy consumption in mind, we are committed to creating a greener mining proposition through our own adaptation of renewable energy sources. Ideally located in sunny northwest Queensland, the Walford Creek Project is set to capitalise on its location to incorporate a substantial level of solar PV into its overall energy consumption.

NORTHWEST QUEENSLAND

Northwest Queensland is host to a number of significant base metal mines such as Mount Isa, George Fisher Hilton, Mount Gordon, Ernest Henry, Osborne, Lady Loretta and Century. This area is accessible by road, with the city of Mount Isa being a substantial population centre in the region. Mount Isa has its own airport connecting the region to major centres in Australia.

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