Future Metals Regulatory News (FME)

15 September 2022

Future Metals NL

Operational Update

Geophysical Surveys Progressing & Exploration Drilling Set to Commence at Panton

Highlights

§  Ground exploration underway at Panton targeting new Ni-Cu-PGE sulphide accumulations outside of the existing resource

§  Ni-Cu-PGE expert Dr Jon Hronsky has joined Future Metals' team as Senior Exploration Advisor

§  Approved Programme of Works ("POW") and drilling contractor secured for an initial 3,000m programme commencing October 2022

§  Detailed ground-based gravity survey nearing completion to map Panton's structure at depth

§  Surface Fixed Loop and Moving Loop ground Electromagnetic ("EM") survey due to commence shortly

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is pleased to announce that ground-based geophysical surveys are well advanced, with exploration drilling expected to commence in October 2022, at its 100% owned Panton PGM-Nickel Project ("Panton PGM-Ni Project") in northern Western Australia.

The Company has commenced ground geophysical surveys (gravity and EM) to improve the definition of known conductive bodies identified from airborne surveys; and to map the structure of the Panton intrusion at depth. Data from these surveys will refine the planned drill programme targeting sulphide mineralisation, with a contractor secured to mobilise to site in early October 2022.

The exploration programme is being undertaken in parallel to the ongoing scoping study and metallurgical testwork programme underway on the existing 6.9Moz PdEq resource (refer to the Company's announcement dated 21 June 2022).Figure One | Gravity surveyor standing on the northern boundary of Panton looking north-east

Future Metals is also pleased to report that it has retained the services of Ni-Cu-PGE expert, Dr Jon Hronsky, as the Company's Senior Exploration Advisor. Jon's previous review of the Panton geological model highlighted the significant exploration potential at Panton, outside of the existing resource area, particularly in the untested lower portion of the stratigraphy, towards the basal contact, as presented previously in the Company's announcement dated 27th July 2022, a position that has analogies to the setting of Ivanplats' Platreef deposit and Chalice Mining Ltd's Gonneville deposit.

A gravity survey is well advanced (Refer to Figure One) and a ground electromagnetic EM survey is expected to commence shortly. In addition to following up targets from previous airborne surveying, this ground EM survey will also cover the lower series ultramafics ("Lower Zone") in the northern portion of the tenement which were excluded from the prior airborne survey. It is expected that these surveys will generate new anomalies that will warrant drill testing. The Company is being supported by Terra Resources and Southern Geoscience Consultants on its geophysical programmes.

Further details in relation to initial drill targets and exploration priorities are expected in the upcoming weeks. Site access works and drill pad preparation is expected to begin during the first week of October.

Mr Jardee Kininmonth, Managing Director & CEO of Future Metals, commented:

"It's incredibly exciting to kick off our 2022 field season at Panton on the back of our exploration review. The review highlighted that the Panton Project is highly prospective with respect to making a Ni-Cu-PGE sulphide discovery in the previously untested lower portion of the stratigraphy of the ultramafic series.

"We are taking a measured approach to validating and generating drill targets by completing a ground-based geophysical programme ahead of commencing drilling in October. We are targeting a discovery outside of the existing resource area, with different geological association, more akin to the Platreef or Gonneville deposits.

"The Company is progressing multiple value drivers with this exploration programme, scoping study and metallurgical test work activities.

"I am also pleased to have Dr Jon Hronsky join our team on an ongoing basis as Senior Exploration Advisor. Jon was instrumental in our exploration review and developing the Panton exploration model. He brings over 35 years of experience exploring layered intrusives such as ours, including as leader of generative exploration for WMC Resources and BHP."

Exploration Programme

Drilling Approvals, Logistics

All proposed drilling has been approved by the Department of Mines, Industry Regulation and Safety ("DMIRS") via a recent Programme of Works submission.

A drilling contractor has been secured to complete an initial 3,000m diamond drill programme, with a drill rig expected at site in early October 2022. The drill programme will be refined once the current geophysical surveys underway have been completed and interpreted.

Gravity Survey

The gravity survey is progressing well and is approximately 70% complete. The survey is expected to conclude during the last week of September.

The gravity data will be used in combination with the aeromagnetic data already accessible to produce 3D models and structural interpretations. This work will inform understanding of the sub-surface architecture of the Panton layered intrusion and assist in target generation for drill testing.

Please refer to Figure Two below.

Surface Electromagnetic Survey

A ground EM survey is scheduled to commence in the next week covering approximately 5km2, including a combination of Fixed Loop and Moving Loop Electromagnetic Survey activities. Work will commence in the southern part of the project area where an airborne Versatile Time Domain Electromagnetics ("VTEM") survey in 2016 detected a cluster of late time conductors which indicate the potential presence of sulphide rich rocks. These conductive bodies of rock are priority drill targets. A ground based Fixed Loop Electromagnetic Survey over these features will greatly refine the anomalies, allowing for accurate drill targeting.

Once the southern VTEM targets have been surveyed, the survey team will then cover the northern part of the Project which was not covered by the airborne VTEM survey. This area comprises almost the entire Lower Zone, an area considered to be highly prospective for accumulations of sulphide mineralisation. Moving Loop Electromagnetic Surveying will blanket cover the lower series ultramafic rocks of the Panton intrusion. It is anticipated that the survey will be able to detect conductive rocks as deep as 400m from surface utilising a Jessie Squid B Field sensor, to define further drill targets.

Please refer to Figures Three and Four below.

Down Hole Electromagnetic Surveying

All drill holes planned as part of our 2022 exploration programme will be cased with PVC pipe to facilitate down hole electromagnetic ("DHEM") surveying in order to detect sulphide rich rock up to 200-300m from the bore hole. Any deep targets identified can be drill tested in the current field season.

Figure Two | Panton Gravity Survey Area and Progress Report at 13 September 2022

Figure Three | Panton VTEM Conductors, Maglag Contours and EM Survey Area

Figure Four | Panton southern VTEM Conductors

Notes to Editors:

About the Panton PGM-Ni Project

The 100% owned Panton PGM-Ni Project is located 60kms north of the town of Halls Creek in the eastern Kimberley region of Western Australia, a tier one mining jurisdiction. The project is located on three granted mining licences and situated just 1km off the Great North Highway which accesses the Port of Wyndham (Refer to Figure Five).

The Project hosts an independent JORC Code (2012) MRE, which was increased, as announced on 21 June 2022, to 129Mt @ 1.20g/t PGM3E, 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq) at a cut-off grade of 0.90g/t PdEq for contained metal of 5.0Moz PGM3E, 239kt Ni, 48kt Cu and 20kt Co (6.9Moz PdEq). The MRE includes a high-grade reef of 25Mt @ 3.57g/t PGM3E, 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq) for contained metal of 2.9Moz PGM3E, 60kt Ni, 18kt Cu and 5kt Co (3.2Moz PdEq).

PGM-Ni mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive which is a 12km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted within a series of stratiform chromite reefs as well as a surrounding zone of mineralised dunite within the ultramafic package.

 Figure Five | Panton PGM Project Location

About Platinum Group Metals (PGMs)

PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally rare, they have similar physical and chemical properties and tend to occur, in varying proportions, together in the same geological deposit. The usefulness of PGMs is determined by their unique and specific shared chemical and physical properties.

PGMs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for ICE vehicles), but are also used in jewellery, electronics, hydrogen production / purification and in hydrogen fuel cells. The unique properties of PGMs help convert harmful exhaust pollutant emissions to harmless compounds, improving air quality and thereby enhancing health and wellbeing.

This announcement has been approved for release by the Board of Future Metals NL.

For further information, please contact:

Competent Person's Statement:

The information in this announcement that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Brian Wolfe, who is a Member of the Australian Institute of Geoscientists. Mr Wolfe an external consultant to the Company and is a full time employee of International Resource Solutions Pty Ltd, a specialist geoscience consultancy. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Wolfe consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended.