Native Mineral Resources Holdings Limited reported the second set of assays obtained from diamond drill hole MPD003 completed at the Company's Maneater polymetallic sulfide breccia Prospect in North Queensland. NMR reported that drilling has further highlighted the polymetallic nature of the hydrothermal breccia with grades reaching, and exceeding, values predicted for the depth of drilling. The identification of sulfides in over 440m of drill core, increased silver and zinc grades, and lower gold and copper grades are further confirmation of NMR's interpreted metal zoning with higher gold grades anticipated at depth.

It should be noted that MPD002 was terminated before reaching its target depth due to technical issues and that MPD003 was drilled at a high angle to and at a shallower dip to MPD002 to confirm the interpreted >500m lateral continuation of the breccia inferred from surface mapping. These results are significant as they considerably improve NMR's understanding of the sub-surface shape of the target breccia. Accordingly, NMR will be completing geophysical surveying prior to completing the next deeper diamond drill hole to constrain the interpreted sub-surface tilt of the sulfide zone.

Assay and geochemical results obtained from MPD003 all add significant confidence in the interpreted metal zoning model for the Maneater Breccia. The results from just the first two diamond drill holes provide evidence that the interpreted model for the Maneater Breccia is continuing to prove correct. Based on all of the results obtained so far, NMR are planning a deep drill hole in order to target the inferred higher-grade (Au, Cu) core of the system, however, the company is opting to complete a geophysical survey over the target in order to help better pinpoint the trend of the sulfide breccia at depth.

Drilling of MPD002 had been planned to reach the deeper target, based on the assumption that the target is a vertical pipe, but owing to technical issues, the hole was terminated early. Using the recently obtained assay results, as well as the structural and rock type interpretations from both drill holes, NMR are refining the interpreted geometry of the breccia "pipe" before completing the next hole. The results presented below show that the shallower intersections obtained in MPD003 contain much higher Ag and Pb and more than double the Zn content of the steeper (approx.

-77.5 dip) drill hole MPD002. Furthermore, the deeper intersections in MPD002 also exhibited higher As, Bi, Cu, Mo, Sb and W, all of which are indicative of the vertical zoning of other mineralised breccia systems. The results are precisely as anticipated based on the direction, angle and inferred level of the intersection of MPD003. Drill hole MPD003 was completed at the end of November 2022 (average geometry is -60 degree dip towards 260 grid N) with a total EOH depth of 543.3m.

The drill hole was terminated at 543.3m as the sulfide content dropped due to the drill hole entering a zone dominated by low-grade meta-sandstones. The grade at the end of the hole remains relatively high with a 40m section near the end of the hole (500m-540m) attaining an average zinc grade of 0.33% and two, one-meter intervals with grades of 1.13% and 1.55% Zn at 500m and 518m respectively. As with MPD003, the hole is considered by NMR as open at depth.

Assays and geochemistry have been completed on 1-meter sections of ½ core samples for a total of 469 samples. Sample MPDN544 at the EOH is a short, 30cm sample from 543-543.3m. Drill core is both HQ and NQ diameter.

HQ was drilled from the surface to 158.6m and NQ from 168m to EOH at 543.3m. Samples from 0-14m were collected and assayed to test the altered upper part of the core containing veining and alteration. The remaining core samples from 42-44m (3 samples) and 95m to EOH (450 samples) were primarily from the brecciated and visible sulfide-bearing part of the complex starting at approximately 100m down-hole depth.

The meter-sections of drill core samples contain a variety of sulfide types and abundance and provide a representative overview of the bulk composition of the part of the breccia pipe between the surface and 540m below the collar depth. The host rocks surrounding the main mineralised breccia complex at Maneater exhibit varying degrees hydrothermally altered sandstones and mudstones. The rocks have been classified as being part of the widespread late Devonian Hodgkinson Province with the unmineralized drill core showing evidence of brittle deformation with quartz and carbonate fracture fill.

The low-grade metamorphosed sandstones are relatively homogeneous in drill core, but the mudstones are heavily brecciated and contain the majority of sulfides and other associated infill minerals including, but not limited to, wollastonite and quartz. The timing of the brecciation relative to hydrothermal alteration and multi- phase mineralisation is still being unravelled, however, a general characteristic of the mineralised breccia pipe is the preference for sulfides, particularly massive and semi-massive zones of pyrite and sphalerite to form within the brecciated mudstones. NMR have continued to interpret and build a 3D geometric interpretation of the sulfide zone identified in three holes completed at Maneater.

The results have highlighted some structural complexity that was not previously identified which has, in turn, led to two alternative hypothesis for the deeper structure of the system. The identification of sulfides and the breccia margin at much shallower depths in the drill holes, the identification of complex brittle structures intersected near the top of the drill hole, a multi-hole assessment of the larger blocks within the breccia, and initial mapping of the country rocks at the surface suggest that the inferred vertical breccia pipe margins are more complex and structurally controlled leading to modification of the southern margin. In order to increase the confidence in targeting the deeper, interpreted higher grade Au-bearing core, NMR have opted to complete a geophysical survey over the potentially tilted breccia system in order to pinpoint the location of the sulfides at depth prior to drilling MPD004.

NMR retains its interpretation that the current level of drilling has identified the shallow level or "top" of a mineralised system. The results presented in MPD003 and discussed above support and add confidence to this interpretation.