Ann: 2021 Vardy and Marley Drilling Update, page-2

In summary:

• The drilling studies have shown great results in regards to the content of the soil, further upgrades to the PFS is due.
• A total of 46 new drill holes were completed during the 2021 drilling program plus an additional diamond tail to a historic drill hole.
• Results of these are documented within this release.

"Aeon is pleased to confirm that all of the assay results for the 2021 metallurgical and geotechnical drilling have finally been received, and that the results are consistent with or better than expectations.Work on updating the mineral resource estimates has now commenced.“The samples collected are crucial for completing the metallurgical test work program to optimise the processing route and to quantify performance over a range of possible feed types.“The Aeon operations team are now planning the 2022 field season, scheduled to begin in May. An overview of the objectives of this program will be provided once planning has been finalised,however we are excited to have completed the required metallurgical test work sampling drilling.The focus during 2022 will be on confirming the further copper and cobalt resource exploration potential of this outstanding project area.” - F. Hess, managing director and CEO