Lykos Metals Limited provided an update on exploration activities at the Company's 100%-owned Sinjakovo (81km2 area) and Cajnice (50km2 area) projects in Bosnia-Herzegovina. Zekil-Erak Gold Prospect: In July 2022, the Company initiated a three-trench program to follow up on 4km2 gold-in-soil anomaly discovered at the Zekil and Erak localities. During excavation of exploration trenches at the Zekil locality, the geology field team identified a volcanic "diatreme" gold-bearing breccia complex.

These breccias were promptly followed-up with sampling in the trench and over nearby outcrops. A total of 15 samples from diatreme breccias have been collected to date, including new and recent sampling campaigns. These samples returned results up to 5.78g/t gold (1.35g/t gold on average for 15 samples).

The diatreme breccia complex observed in the outcrop appears as a system of several breccia dykes over 70m width. The orientation of these dykes varies from steep north-south in the upper part of the ridge to a moderately dipping northeast-trending direction on the hill slopes. Trenching at Zekil is progressing well.

The first trench, SICH001 has been fully excavated for 520m length and sampled to 300m; all continuous channel sampling results are pending. The second trench SICH002 has been excavated to 140m out of 180m planned and has not been sampled yet. Excavation of the third trench at Zekil was abandoned, as controls on gold mineralisation at Zekil are now well understood.

Preparations for drill-testing at Zekil will commence in early- September. Trenching will commence mid-August at the Erak locality, to the south of the Prospect. RDK Copper-Cobalt Prospect: Drilling at RDK Prospect is progressing well, with two diamond drilling rigs on site.

Two additional drillholes have been completed: SIDD003 and SIDD004 since the last announcement (27 July 2022). Results for the first two drillholes (SIDD001 and SIDD002) are pending, with the assay laboratory currently experiencing slower than usual turn-around times. Drillhole SIDD003 intersected three broad but weakly sulphidic intervals (veinlets at 52.1- 62.7m, hydrothermal breccia at 63.8-74.1m and veinlets at 134.2-147m interval) with 1-5% pyrite and subordinate chalcopyrite.

Drillhole SIDD004 intersected four strongly sulphidic intervals (hydrothermal breccia at 141- 142.7m, veinlets at 151-152.4, diorite at 216.4-219.3m and veinlets at 224.8-230.7m interval) all with dominant pyrite (5-20%) over chalcopyrite (1-5%). Upon completion of drillhole SIDD005, one rig will move to the Debela Kosa locality in the northeast of the prospect area to test a strong electro-magnetic conductive anomaly (coinciding with the expected target horizon), while the second drilling rig will move from south of the historic mine to the western side. Bag & Kovacevac Polymetallic-Barite Prospect: Construction of access tracks and drilling pads will commence in early August.

Drilling is planned to commence in late-August and will follow up on recently reported high-grade zinc, lead and silver grades in outcrop associated with barite veining in limestone. Krajevi Prospect: In-fill soil sampling is on track for completion in early-August. The Phase 1 soil sampling along the ridges at 200m spacing is being infilled by grid soil sampling in 100x100m pattern.

Results have been received for about 25% of infill soil samples to date. Gramusovici Copper Prospect: The Company commenced a seven-hole diamond drilling program in May to follow up on the discovery of a strongly mineralised outcrop at the Gramusovici Copper Prospect. The program was expanded to nine holes to follow up on strong sulphidic mineralization encountered in drillhole CADD006.

Results have been received for the first three drillholes, with modest copper results returning to date, the best intercept being 1.6m @ 0.67% copper. The results received to date do not adequately explain the grades of copper mineralisation in the discovery outcrop (1-10% copper). The company believes the zone close to the high-grade copper outcrop has been tested adequately at 50-80m drill spacing, however from geological interpretation it appears that the mineralised system will potentially improve to the west.

The drill rig has moved to the Berkovici Prospect to replicate historic base-metals intercepts that were not assayed for precious metals at the time of drilling (1970). Berkovici Prospect: A four-hole diamond drilling campaign has commenced at Berkovici Prospect to twin the two best historic drillholes, and to drill an additional two holes to investigate the exploration potential of the mineralised area. The Berkovici Prospect was drilled in 1970 with five shallow drillholes.

Two of five historic drillholes intersected several narrow but exceptionally high-grade lead mineralization intervals including: 1.3m @ 7.7% lead, 0.5m @ 19.7% lead, 0.5m @ 10.06% lead and 0.2m @ 25.6% lead. As reported at the time, moderate-grade copper (up to 0.52%) and zinc (up to 0.88%) accompanied these lead intercepts. Interestingly, none of these high-grade intercepts were assayed for gold and silver.