Announcement of high-grade copper drilling results at Capricorn Copper

29Metals Limited (ASX: $29M) has released the results from a 3-hole drill program at Capricorn Copper, confirming the continuity and orientation of a new mineralised zone named 'Woolly'. The drilling results have been prepared and reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (the 'JORC Code'). The results include high-grade copper mineralisation along strike outside of the existing Mammoth Mineral Resource estimates and build on the previous drilling program results from the March quarter of 2023.

Executive Commentary on Capricorn Copper Drilling Results

These results highlight the potential value to be unlocked at Capricorn Copper and the prospectivity of 29Metals' ~1,900km2 Mount Isa inlier position. We plan to continue exploration investment in parallel with progressing imperatives for a sustainable and successful future restart of operations, aiming to build on a long history of successful step out drilling at the asset to grow and enhance the already sizable metal endowment at Capricorn Copper.

Summary of High-grade Copper Drilling Results

The high-grade copper drilling results at Capricorn Copper confirm the continuity and orientation of a new mineralised zone named 'Woolly' and intercept high-grade copper mineralisation along strike outside of the existing Mammoth Mineral Resource estimates. The company plans to continue exploration investment to unlock the potential value at Capricorn Copper and aims to build on successful step out drilling to grow and enhance the metal endowment at the asset. Future drill programs will seek to define the extent of the Woolly mineralised zone up dip and target extensions to the Mammoth Mineral Resources estimates. The results reported today are not included in 29Metals' updated Mineral Resources & Ore Reserves estimates at 31 December 2023. The company's ambitions include sustainable and successful future restart of operations and continued exploration investment to maximize the metal endowment at Capricorn Copper.