Quarterly Activities/Appendix 5B Cash Flow Report

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2023*. Alvo is exploring its Palma VMS Project in Brazil (“Palma Project” or the “Project”), a Project that has significant high-grade copper and zinc potential in existing prospects, brownfields prospects and greenfields targets within a district scale exploration package.

HIGHLIGHTS

• Extensional drilling at the Palma Volcanic hosted Massive Sulphide (“VMS”) Project delivers significant high-grade mineralisation, including:
  • PD3-059: 14.2m @ 3.0% CuEq* (1.1% Cu, 6.1% Zn, 0.2% Pb, 12g/t Ag & 0.04g/t Au) from 228m
    • Inc. 4.8m @ 7.3% CuEq (1.8% Cu, 16.8% Zn, 0.4% Pb, 24g/t Ag & 0.1g/t Au) from 237m
  • PD3-065: 13.0m @ 1.5% CuEq (1.0% Cu, 1.8% Zn, 0.1% Pb, 8g/t Ag & 0.02g/t Au) from 333m
    • Inc. 4.7m @ 3.1% CuEq (1.9% Cu, 4.6% Zn, 0.31% Pb, 21g/t Ag & 0.05g/t Au) from 340m
  • PD3-065: 14m @ 1.7% CuEq (0.7% Cu, 3.3% Zn, 0.2% Pb, 10g/t Ag & 0.03g/t Au) from 376m
    • Inc. 5.3m @ 3.6% CuEq (1% Cu, 8% Zn, 0.5% Pb, 25g/t Ag & 0.05g/t Au) from 379m
• High-grade mineralisation intersected approximately 50m down-dip of the existing JORC 2012 Mineral
• Resource Estimate (“MRE”).
• Phase 2 drilling is ongoing at C3, with aggressive step-outs down-plunge, aiming to significantly expand the MRE of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag.
• Down-Hole Electromagnetic surveys (“DHEM”) at C3 have highlighted conductive plates that demonstrate the potential to significantly expand C3 mineralisation and is assisting with the extensional drilling.
• Regional exploration planned with a combination of in-house auger drilling, geophysics and geochemistry to advance greenfield prospects to drill ready status with the aim of making new VMS discoveries.
• Nickel/Copper/PGE exploration to commence in Q2 CY2023 at Cana Brava for “Julimar Style” deposits.
• Binding agreement to earn-in to the Afla Cu/Zn Project, consolidating the southern portion of the highly prospective Palma VMS belt.
• Cash balance of A$1.3M at 31 March 2023

*Refer to the detailed explanation of assumptions and pricing underpinning the copper equivalent (CuEq) on page 11 of this Quarterly Activities Report

Exploration Activities

Diamond Drilling at the Palma VMS Project

During the reporting period, Alvo announced assay results from its extensional diamond drill program at the C3 prospect, within the Palma Project in central Brazil¹.

Phase 2 drilling at the C3 prospect is aiming to significantly expand the existing Palma Project JORC 2012 MRE² of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag (see Figure 1). Phase 2 drilling follows an exceptional Phase 1 drill program that delivered high-grade Copper and Zinc in thick VMS intercepts. Phase 1 and initial Phase 2 drill results continue to exceed expectations on grade and thickness when compared to the existing JORC 2012 MRE that used historical drilling only.

Figure 1: C3 Long section illustrating selected significant intercepts, DHEM plates and Phase 2 drilling.

C3 Upgrade Drilling

Phase 2 diamond drilling resumed during the reporting period and is targeting extensions to the high-grade VMS mineralisation, predominately focusing on the down-dip extensions emerging on the south-westerly plunge orientation from the known mineralisation. The Company believes this is the most prospective orientation extension defined to date.

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