Ann: Conrad Silver Exploration & New Resource Estimation Update, page-3

THOMSON OUTLINES SIGNIFICANT EXPLORATION POTENTIAL AND ADVANCES NEW RESOURCE ESTIMATION AT CONRAD SILVER - CRITICAL METALS PROJECT HIGHLIGHTS • Thomson and its technical consultants have reviewed the Conrad Project, part of the Fold Belt Hub and Spoke Strategy, and identified significant exploration potential through the assessment of holes completed post the previous mineral resource estimate and new mine modelling based on true width rather than the previously artificially constrained mining widths. • Thomson has appointed AMC Resource Consultants to undertake the systematic mineral resource re-estimations of the Fold Belt Hub and Spoke Projects, commencing with a new estimate for the Conrad Project. • Conrad is historically the largest silver producer in the NSW section of the New England Fold Belt1 with historic production of 3.5 Moz silver at a grade of approx. 600 g/t and significant co-products of lead, zinc, copper and tin. • In 2008 Malachite Resources NL Resources (now Pacific Nickel Mines, ASXNM) announced a silver - base metal JORC resource estimate for Conrad that has not been subsequently updated, based on 107 drill holes, using assumed metallurgical recoveries and mineralisation constrained to a fixed 1.2 m mining width2. • 6 core holes were drilled within the Conrad mineral resource area in 2010, and so were not considered in the 2008 Conrad mineral resource estimate. Two of these holes intersected significant mineralisation with estimated true widths including: • CMDD113: 1.2 m @ 790.9 g/t AgEq#, 508 g/t Ag, 0.4 % Cu, 5.3 % Pb, 0.2 % Zn, 0.5 % Sn • CMDD109: 1.6 m @ 159.5 g/t AgEq#, 54 g/t Ag, 0.3% Cu, 0.2 % Pb, 0.1 % Zn, 0.3 % Sn • A re-validated 138 drill hole data database and a new 3D Lode and Alteration model has been built for Conrad by Thomson’s technical consultants Global Ore Discovery and delivered to AMC to initiate the new resource calculation. • The Conrad 3D Lode model defines a 10 to 20 m estimated true width for the near surface Greisen Zone and a 0.2 to 6.5 m estimated true width for Conrad Lode system. The average estimated true width for the intercepts within the Conrad Lode Model is 1.7 m, suggesting that significantly more tonnes of mineralisation will be considered in the new mineral resource estimate when compared to the fixed 1.2 m mining width parameters applied in the 2008 mineral resource estimate. • Thomson’s new mineral resource estimation will: • Model silver, copper, lead, zinc, tin and indium, as well as deleterious elements antimony and arsenic. • Include results from the 6 drill holes that post date the 2008 mineral resource estimate. • Will consider metallurgical grind and float recovery factors from preliminary test work on Conrad mineralisation3. • Use the estimated true width of mineralised shoots from the new 3D Lode model rather than the deemed 1.2 m mining width used previously. • Use current more favourable metal prices that may allow for lower cut off grades to be used for both the high-grade shoots and lower grade near surface Greisen Zone. • New AgEq# gram x metre modelling of the Conrad Lode system shows that several of the key mineralised shoots are open and untested below 350 m depth, indicating priority mineral resource extension drill targets. Estimated true width intersections at the base of current drilling in these shoots include: • King Conrad CMDD94: 1.9 m @ 203.7 g/t AgEq#, 69 g/t Ag, 0.1 % Cu, 1.4 % Pb, 1.2 % Zn, 0.2 % Sn • Davis CMRD65: 1.3 m @ 783.6 g/t AgEq#, 504.8 g/t Ag, 0.4 % Cu, 4.0 % Pb, 0.1 % Zn, 0.6 % Sn • Borah CMRD63: 1.6 m @ 370.2 g/t AgEq#, 176.9 g/t Ag, 0.1 % Cu, 4.0 % Pb, 0.1 % Sn, 1.8 % Zn

ASX ANNOUNCEMENT 9 June 2021 THOMSON RESOURCES LTD ASX:TMZ ABN 82 138 358 728 Level 1, 80 Chandos Street, St Leonards, NSW 2065 Tel: +61 2 9906 6225 E:[email protected] www.thomsonresources.com.au 2• The Conrad Lode system is hosted in a 7.5 km fault zone. The previously mined lodes and current mineral resource occupy 2.2 km at the north-western end of this fault zone. The remainder of the 5 km strike extent has only been tested with shallow reconnaissance drilling or remains undrilled4. • VLF-EM geophysical surveys completed in 2010 of 7.5 km along the trend5 identified conductivity anomalies coincident with the known lodes and a series of high priority conductivity anomalies along the 5 km trend south-east of the known lodes. These represent priority exploration drill targets.