01 Nov 2021

Further high-grade gold and silver at Malvina

ASX Announcement E2 Metals Limited ABN: 34 116 865 546 ASX Code: E2M Issued Capital 1 50. 5 M fully paid ordinary shares Directors / Secretary Todd Williams Managing Director Peter Mullens Non - Executive Director Melanie Leydin Non - Executive Director & Secretary Address Level 4, 100 Albert Road South Melbourne VIC 3205 P: +61 3 9692 7222 F: +61 3 9077 9233 E: info@e2metals.com.au Further high - grade gold and silver demonstrate scale at Malvina 1 November 2021 E2 Metals ( E2 or the Company ) is pleased to announce further high - grade gold and silver assay results from ongoing infill drilling at Malvina . Highlights • Infill drilling at the new Malvina discovery has returned the highest - grade gold and silver mineralisation to date for the prospect. • Drilling has confirmed continuity of the structure, with consistent gold and (particularly) high - grade silver mineralisation. • High - grade mineralisation is now defined by 5 drill holes over a 250m strike with a weighted average grade of 2 .2 gpt Au and 708gpt Ag (12gpt AuEq) over 3.5m (downhole width). • Gold and s ilver assay results include: CODD - 1 62 : 7 . 17 m at 2. 3 1 gpt Au , 854 gpt Ag ( 14.5 gpt AuEq) from 7 0. 8 m , inc. 4. 25 m at 3. 86 gpt Au , 1355 gpt Ag ( 23 gpt AuEq) from 7 2 m CODD - 171: 3m at 3 gpt Au, 7 14 gpt Ag (13. 2 gpt AuEq) from 105.6 m • Elsewhere, s cout drilling along the Malvina structure has defined a new zone of high - grade mineralisation at Malvina Oeste . CODD - 16 3 : 1m at 15gpt A u , 327gpt Ag ( 20 AuEq) from 6 5 .2m • Mineralisation at Malvina Oeste is open in all directions Commenting on the results, Managing Director Todd Williams states : “ These recent drill results at Malvina confirm high - grade mineralisation over a considerable strike with scope for both further extensions and repetitions . The very high silver values across consistent widths highlight the potential for both gold and silver discoveries within a world - class precious metal’s province. The additional mineralised zone defined at Malvina Oeste, completely concealed by Tertiary basalt cove r , reflects E2’s ability to find mineralised veins without surface indicators . We remain confident that the broader Malvina sector represents a new vein corridor with tremendous exploration upside ” ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 1 Overview E2 is pleased to report gold and silver assay results for the Conserrat gold and silver project (Figure 1) located in the Santa Cruz province of Argentina . Conserrat is host to a new ly recognised and largely concealed epithermal vein field centered 25 kilometers along trend from AngloGold Ashanti’s Cerro Vanguardia mine (historical and current reserves 8.9Moz Au, 137Moz Ag). Figure 1: Conserrat Project Gold and silver assay results have been received for 9 holes for 1045 m from the Malvina and Malvina Oeste prospect s (see Figure 2 & Table 1). Drill core samples were submitted to Alex Stewart in Perito Moreno , Santa Cruz and analysed for gold and silver via Fire Assay. Significant gold and silver assay results are provided in Table 2. ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 2 Table 1: D rill hole collars Coordinates stated in WGS84 UTM 19S Prospect Hole Method Easting (mE) Northing (mN) RL (m) Dip (°) Azimuth (°) Depth (m) Malvina CODD - 157 Diamond 534394 4649797 292 - 45 20 107 Malvina CODD - 158 Diamond 534767 4649697 291 - 65 20 83 Malvina CODD - 159 Diamond 534768 4649699 291 - 60 200 110.5 Malvina CODD - 160 Diamond 534663 4649717 286 - 45 20 75 Malvina CODD - 161 Diamond 534479 4649726 292 - 45 20 176.4 Malvina CODD - 162 Diamond 534756 4649664 295 - 65 20 95 Malvina CODD - 163 Diamond 534292 4649804 300 - 45 20 128 Malvina CODD - 171 Diamond 534888 4649679 293 - 60 200 140 Malvina CODD - 172 Diamond 534200 4649840 293 - 45 20 130 Table 2 : Significant gold and silver assay results Hole ID From To Sample Au (gpt) Ag (gpt) Statement Recoveries CODD - 151 63.4 64.4 32694 0.8 233 2m at 1gpt Au, 281gpt Ag from 63.4m 100% 64.4 65.4 32695 1.2 329 100% CODD - 152 100.8 101.8 32817 7.8 1416 2m at 4gpt Au, 754gpt Ag from 100.8m 85% 101.8 102.8 32818 0.15 91 85% CODD - 153 189.25 190.25 32991 0.1 13 3m at 0.4gpt Au, 53gpt Ag from 189.3m, inc. 100% 190.25 191.25 32992 0.6 141 1m at 0.6gpt Au, 142gpt Ag from 190.3m 100% 191.25 192.25 32993 0.4 4 100% CODD - 159 8.5 10 33386 1.4 29 1.5m at 1.4gpt Au, 30gpt Ag from 8.5m 89% CODD - 160 21.45 22.85 33465 0.19 36 1.4m at 0.2gpt Au, 36gpt Ag from 21.5m 100% CODD - 162 57.45 59.26 33656 0.8 190 1.8m at 0.8gpt Au, 190gpt Ag from 57.5m 100% CODD - 162 70.83 72 33666 0.04 72 7.17m at 2.31gpt Au, 854gpt Ag from 70.8m, inc. 78% 72 74 33667 2.8 1256 4.2 5 m at 3.86gpt Au, 1355gpt Ag from 72m 57% 74 75 33668 5.4 1621 80% 75 76.25 33669 4.3 1299 90% 76.25 78 33670 0.06 161 90% CODD - 162 85.7 87 33677 0.5 158 1.3m at 0.5gpt Au, 159gpt Ag from 85.7m 100% CODD - 163 54 55 33710 0.09 14 2m at 0.2gpt Au, 24gpt Ag from 54m 95% 55 56 33711 0.26 34 96% CODD - 163 64.2 65.2 33717 0.06 14 3m at 5.1gpt Au, 116gpt Ag from 64.2m 100% 65.2 66.2 33718 15 327 1m at 15gpt Au, 327gpt Ag from 65.2m 100% 66.2 67.2 33719 0.18 6 100% CODD - 171 105.6 106.6 34179 6.4 816 3m at 3gpt Au, 714gpt Ag from 105.6m 96% 106.6 107.6 34181 1.4 863 94% 107.6 108.6 34182 1.2 462 92% CODD - 171 117.5 118.5 34189 0.54 178 1m at 0.54gpt Au, 178gpt Ag from 117.5m 100% ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 3 Results Malvina Malvina is host to a ‘blind’ high - grade silver and gold vein announced earlier this month ( see ASX Announcement, 5 October 2021, Gold and silver assays confirm Malvina discovery ) Mineralisation is associated with meter - scale quartz veins emplaced within a homogenous ignimbrite sequence (white lithic tuff) with moderate oxidation and scarce malachite (copper oxides). To date, high - grade mineralisation (>20 gold equivalent grade by thickness) has been defined on four sections spaced 50 m to 75m apart (Figure 2 ) . The holes appear to define a sub - horizontal mineralised shoot with a possible strike of 250m and vertical exte nt of 100m (Figure 3) . Previously reported high - grade drill intersections include: Section 5347 20 E CODD - 152 2m at 4gpt Au, 754gpt Ag (14.8 AuEq) from 100.8m, inc. 1m at 7.8gpt Au, 1417gpt Ag (28gpt AuEq) from 100.8m (open up and down dip) Section 5348 25 E CODD - 147: 8m at 0.9gpt Au, 186gpt Ag (3.6 AuEq) from 125m, inc. 2.5m at 0.8gpt Au, 574gpt Ag (9.0 AuEq) from 125m (open up dip, 100m down dip) Section 534875E CODD - 151 2m at 1gpt Au, 281gpt Ag (4.9 AuEq) from 63.4m, inc. New gold and silver assay results include: Section 534763E CODD - 162: 1.8m at 0.8gpt Au, 190gpt Ag (3.5gpt AuEq) from 57.5m , and 7 . 17 m at 2. 3 1 gpt Au, 854 gpt Ag ( 14 .5gpt AuEq) from 70. 8 m, inc. 4.2 5 m at 3. 86 gpt Au, 1355gpt Ag (23 AuEq) from 7 2 m , and 1.3m at 0.5gpt Ag, 159gpt Ag (2.8gpt AuEq) from 85.7, (open up and down dip) Section 534875E CODD - 171: 3m at 3 gpt Au, 7 1 4gpt Ag (13. 2 gpt AuEq) from 105.6m (open down dip) The weighted average grade for all holes (n=5) within the mineralised shoot is 2.2gpt Au and 708gpt Ag (12.5gpt AuEq) over an average downhole width of 3.5m . Drilling to date shows a strong elevation control on mineralisation with the highest grades best developed from 50 vertical meters below the surface. Core recoveries in mineralised zones are generally good but are as low as 5 7 % for fractured ground within the vein structures , particularly in part of the hole CODD - 162 intersection (see Table 2) . The Company will twin the best mineralised diamond holes with Reverse Circulation ( RC ) to confirm the results. ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 4 Figure 2 : Malvina drill hole location plan Figure 3 : Malvina long section ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 5 Figure 4 : Malvina cross section: hole CODD - 162 Figure 5 : Malvina Oeste cross section: hole CODD - 163 ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 6 Malvina Oeste Scout drilling along the Malvina structure has defined a new high - grade mineralised zone at Malvina Oeste , located 500m to the northwest (Figures 2 & 5 ) . So far only two drill - holes have tested the zone on sections spaced 100m apart, both of which intersected quartz veins. Results are only available for one drill hole and gave the following s ignificant intercept: CODD - 163: 1m at 15gpt Au, 327gpt Ag (20 AuEq) from 6 5 .2m Mineralisation is associated with an intensely oxidised structure with local colloform - crustiform banding hosted within andesite. Visible gold was observed by hand lens in drill core sample s . Gold and silver assay results for hole CODD - 172 located 100m t o the northwest remain outstanding. The hole intercepted two oxidised veins confirming lateral continuity of the structure. Next Steps Immediate drill priorities include : 1. Ongoing infill and delineation drilling at Malvina to defin e high - grade mineralisation on 50m spaced drill centers , and to a vertical depth of 150m below the surface. 2. Initial wide spaced i nfill and step - out drilling at Malvina Oeste to define the limits of high - grade mineralisation. 3. Ongoing scout drilling along the Malvina Sur corridor following up on hole CODD - 154 which intercepted 5.75m at 1gpt Au, 18gpt Ag (1.3gpt AuEq) from 61.3m in the first scout hole . For enquiries please contact: Todd Williams Managing Director M: + 61 4 2222 5211 This announcement is authorised for release to the market by the Board of Directors of E2 Metals Limited. ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 7 Competent Person’s Statement Information in this report that relates to Exploration results and targets is based on, and fairly reflects, informat ion compiled by E2 Metals Limited and Colin Brodie, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Brodie is a Senior Technical Advisor and consultant to E2 Metals Limited. Mr. Brodie has sufficient experience that 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 by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mine ral Resources and Ore Reserves. Mr. Brodie consents to the inclusion of the data in the form and context in which it appears Forward Looking Statement Certain statements in this announcement constitute “forward - looking statements” or “forward looking infor mation” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, or industry results, to be materially di fferent from any future results, performance or achievements expressed or implied by such forward - looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe ”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results, and speak only as of the date of this announcement. All such forward - looking information and statements are based on certain assumptions and analyses made by E2M’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; changes in commodity prices; unexpected failure or inadequacy of infrastructure, or delays in the development of infrastructure, and the failure of e xploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Readers are cautioned not to place undue reliance on forward - looking information or statements. Alth ough the forward - looking statements contained in this announcement are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward - looking stat ements. These forward - looking statements are made as of the date of this announcement and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward - looking statements contained herein to reflect events or circumstances occurring after the date of this announcement. ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 8 JORC Code Reporting Criteria Section 1 Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sampling Techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized 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 representativity and the appropriate calibration of any measurement tools or systems used. Conserrat RC Drilling • RC chips were collected using a Rifle John type splitter incorporated into the cyclone which split the sample into two portions of approximately 75% and 25%. • About 95% of the samples were collected on a dry basis. • When the sample is wet an Hydraulic Cone Splitter is used, which take out the excess of water, and splits two portion of the reject in 75% and 25%. • Assay standards, blanks and duplicates were inserted into every 25 samples. Conserrat Diamond Drilling • Repre sentative half core samples were split from HQ diameter diamond drill core on site using rock saws • The sample intervals were defined from lithological, mineralization characteristics, with lengths no longer than 2 m and no less than 0.5 m. • The orientation of the cut line is defined, when is possible, from structural features such as contacts, fractures, faults, veinlets, so as to cut the core into two equal parts. • Core orientation line ensures uniformity of core splitting wherever the core has been successf ully oriented. • Sample intervals are defined and subsequently checked by geologists, and sample tags are attached (stapled) to the wood core trays for every sample interval. • Assay standards, blanks and duplicates were inserted into every 12.5 samples averag e ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 9 Criteria JORC Code Explanation Commentary Drilling Techniques • 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). Conserrat RC Drilling • The reverse circulation percussion (RC) method used in this program used a 5.5” (289mm) face sampling bit with a first phase of sample splitting into two portions of approximately 75% and 25% undertaken in the RC cyclone with outlets into two plastic (dry samples) or micro - porous cloth bags (wet samples). Conserrat Diamond Drilling • The diamond drilling has HQ diameter with triple tube core recovery configuration. Drill Sample Recovery • Method of recording and assessing core and chip sample recoveries 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. Conserrat RC Drilling • Sample recovery was monitored by weighing sample bags on scales beside the drill rig. • To make sure that chip sample recovery was maximized the outlets from the cyclone into the sample bags were carefully sealed. The cyclone and drill string were regularly cleaned by the drill operators using compressed air to prevent down hole contamination. • There has n ot been any investigation into the relationship between sample recovery and grade. • It is considered that there was not any preferential loss/gain of fine or coarse material. Conserrat Diamond Drilling • Diamond drill core recoveries were assessed using the standard industry best practice which involves: ? Measuring core lengths with a tape measure. ? Removing the core from the split inner tube and placing it carefully in the core box. ? Assessing recovery against core block depth measurements. ? Measuring RQD, recording any measured core loss for each core run. • All core was carefully placed in HQ sized core boxes and transported a short distance to a core processing area were logging and photography could be completed. • Diamond core recoveries average 98% through all the meters drilled. • Overall, core quality is good, with minimal core loss. Where there is localized ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 10 Criteria JORC Code Explanation Commentary faulting and or fracturing core recoveries decrease, however in most cases this is a very small percentage of the mineralized intersections. • Logging • 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. • Systematic geological logging was undertaken using a hand lens to closely examine the chips and cores. Data collected includes: • Nature and extent of lithologies. • Relationship between lithologies. • Alteration extent, nature and intensity. • Oxidation extent, mineralogy and intensity. • Sulphide types and v isually estimated percentage. • Quartz vein, veinlets, breccia types and visually estimated percentage. • Structure’s occurrence and attitude. • Chips from crucial zones of interest are checked later, off site, by examination with a 10x binocular microscope. • • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. Conserrat RC Drilling • Both qualitative and quantitative data is collected, though quantitative data is based on visual estimates, as described above. • All holes are logged from start to finish and were conducted on drill site. Conserrat Diamond Drilling • All holes are logged from start to finish and were conducted on the core shack. • Both qualitative and quantitative data is collected, using predef ined logging codes for lithological, mineralogical, and physical characteristics. • Cores are photographed after logging, with sample numbers marked in the boxes, before and after being cut and sampled. • The total length and percentage of the relevant intersections logged. • 100% of all recovered chips and cores are logged. Sub - Sampling Techniques and Sample Preparation If core, whether cut or sawn and whether quarter, half or all core taken. • Representative half core samples were split using rock saws. • If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. Conserrat RC Drilling • The small sample bags derived from the initial RC rig cyclone and riffle splitting ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 11 Criteria JORC Code Explanation Commentary • 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 representativity 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. reach a weight of 2.7 - 4Kg. • Wet samples were split with a hydraulic cone splitter from the cyclone in bags with a micro - porous fabric, which allowed water to escape without loss of particulate material. • The riffle splitter was c leaned with compressed air between samples to prevent sample contamination. • The big bag with the original reject from the RC rig after the splitting have been stored for any future re - sampling needs. Conserrat Diamond Drilling • The core intervals were marke d, and the core was split with a rock saw. • Half core samples were placed in plastic bags and tagged with a unique sample number. The other half of the core was returned to the core box and securely stored Alex Stewart Fire Assay • In the Alex Stewart prepara tion laboratory facilities samples were dried and crushed until more than 80% is finer than 10 mesh size, then a 600g split obtained by riffle splitting is pulverized until 95% is finer than 106 microns. • Certified Standard Reference materials and duplicate samples are inserted every 25 samples (RC) and every 12.5 samples (DDH) to assess the accuracy and reproducibility. ALS Screen Fire Assay • In the ALS preparation laboratory facilities samples were dried and crushed until more than 70% is finer than <2mm, then a 1000g split obtained by riffle splitting is pulverized until 85% is finer than 75 microns. • The pulverized 1000g sample is then placed onto a metallic 106 - micron mesh and sieved/shaken to separate the coarse +106 micron sample (+ fraction) from the bulk of the sample which is finer than 106 micron. • The entire + fraction, including the mesh is weighed and then submitted for Fire Assay, with the minus fraction, after weighing having two 50g charges taken for analysis by Fire Assay. • The weights and resultant fire assays are used to derive a weighted average Au grade for the Screen Fire Assay. • All weights and assays are reported by the laboratory. ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 12 Criteria JORC Code Explanation Commentary Quality of Assay Data and Laboratory Tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and pr ecision have been established. Conserrat Rock Chip Sampling • Four acid digest and ICP - MS is the most robust analytical method for full digestion and qualitative analyses of multi - element concentrations. Duplicate samples were collected. Standard assay procedures performed by a reputable assay lab (Alex Stewart) were undertaken. Gold assays are by a 50g fire assay with an atomic absorption finish. Silver was read by gravimetry on micro - balance. Conserrat RC and Diamond Drill Program • No geophysical tools were used in the determination of the assay results. All assay results were generated by an independent third - party laboratory as described above. • Certified reference material, blanks or duplicates were inserted at least every 25 samples. Standards are purchased from a Certified Reference material manufacture company – Ore Research and Exploration. Standards were purchased in foil lines packets of between 60g and 100g. Different reference materials were used to cover high grade, medium gra de and low grader ranges of gold and silver. The standard names on the foil packages were erased before going into the pre - numbered sample bag and the standards are submitted to the lab blind. • Select drill holes have been submitted to ALS laboratories Mend oza for umpire checks and gold determination via Screen Fire Assay Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • The raw assay data forming significant intercepts are examined and discussed by at least two company personnel. • No twinned holes have been used at this stage. • Drill hole logging is entered directly by the geologists in digital format onto appropriate devices , with careful verification by several staff, particularly of the sample numbers and drill hole sample intervals and verified using Micromine. • Assay data is provided by Alex Stewart in three formats, csv spreadsheets, Excel spreadsheets and signed pdf files. The csv files are used to merge the data into MapInfo files. Hard copy of this and oth er data is stored with the other drill hole data. Absolute values of the assay results are checked by comparing results of ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 13 Criteria JORC Code Explanation Commentary the quality control samples with the known values of the international standards and sterile samples which were inserted by the geolo gists into the sample sequence. Repeatability of assay results was verified by examining the results of duplicate samples inserted by the company and internal laboratory duplicate results included with the assay certificates. Location of Data Points • Accur acy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Drill hole collars are located using Garmin hand - held GPS accurate to ±5m. • All coordinates are based on UTM Zone 19S using a WGS84 datum. • Topographic control to date has used GPS data, which is adequate considering the small relief (<50m) in the area. • A differential GPS has been used by a qualified surveyor to increase accuracy of the collar locations and trench coordinates. Data Spacing and Distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Conserrat is a new discovery and as a result the drill hole spacing is variable, with closer spacing on zones where surface sampling has given encouraging results (30 - 40m along strike) and some scout holes testing geophysical or conceptual targets hundreds of metres from the mapped veins. • Not applicable as no Ore Resource or Reserve has been completed at Conserrat. • No sample compositing has been applied. Orientation of Data in Relation to Geological Structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Drilling is orientated to cross the interpreted, steeply dipping mineralized veins at a high angle. No known bias has been introduced into the drilling orientation. Sample Security • The measures taken to ensure sample security. • Chain of custody was managed by E2Metals. Samples were placed into taped polyethylene bags with sample numbers that provided no specific information on the location of the samples. Samples were transported from site to the Alex Stewart preparation lab in Puerto San Julian by E2Metals personnel and after preparation pulps were transported to Mendoza or Perito Moreno for final analysis using transport organized by Alex Stewart. • Metallurgical sample composites were generated by SGS Santiago under ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 14 Criteria JORC Code Explanation Commentary direction of E2 Metals geologists Audits or Reviews • The results of any audits or reviews of sampling techniques and data. • No audit or review of the sampling regime at Conserrat has been undertaken. Section 2 Reporting of Exploration Criteria JORC Code Explanation Commentary Mineral Tenement and Land Tenure Status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. E2 Metals Limited holds an 80% interest in the Conserrat Project through its ownership in local Argentine holding company Minera Los Domos SA. Conserrat Project titles • Title ID 437.471/BVG/17 Exploration Done by Other Parties • Acknowledgment and appraisal of exploration by other parties. Reconnaissance exploration by IAMGOLD • During the early 2000s IAMGOLD collected 131 vein outcrop and float samples within the project area. Reconnaissance expl oration by Circum Pacific Pty Ltd • Between the period October 2017 to March 2018 Circum Pacific Pty Ltd collected 120 vein outcrop and float samples within the project area. Geology • Deposit type, geological setting and style of mineralisation. Santa Cruz Geology and Deposit Model • Conserrat is located towards the central eastern margin of the extensive ~60,000 km.sq Deseado Massif geological province that stretches across ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 15 Criteria JORC Code Explanation Commentary southern Argentina into the Chilean southern Andes. This m assif is made up of Jurassic volcanic and volcaniclastic rocks of the Chon Aike formation. • Important precious metal deposits have been discovered in the province during the past 20 years. Gold and silver mineralisation is associated with Low Sulphidation (LS) Epithermal veins in northwesterly structures that were active at the time of mineralisation. Drill Hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • Eas ting and northing of the drill hole collar • Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception d epth • Hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Drill holes are shown in Table 1 and Figures 2 Data Aggregation Methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade • Gold equivalent grades calculated at spot price of U$1 750 /oz gold and U$2 5 /oz silver (Au + Ag/70) • Significant intercepts are calculated using a 0.5gpt Au equivalent cut off . ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 16 Criteria JORC Code Explanation Commentary truncations (e.g. cutting of high grades) and cut - off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high - grade results and longer lengths of low - grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. Sample grades are weighted by interval length. Relationship Between Mineralisation Widths and intercept lengths. • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg “down hole len gth, true width not known”). • Drill holes were collared perpendicular to the dip and strike of target structures and therefore approximate true widths Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Yes. ASX Announcement Further high - grade gold and silver demonstrate scale at Malvina E2 Metals Limited • www.e2metals.com.au 17 Criteria JORC Code Explanation Commentary Balanced Reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Yes Other Substantive Exploration Data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • There is no exploration data unreported in this announcement Further Work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large - scale step - out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Further step - out and infill drilling is planned at Malvina and Malvina Oeste . Scout drilling is planned for Malvina Sur .

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