Quarterly Activities Report for the Period Ending 30th September 2023

This report summarises the exploration and corporate activities of Bryah Resources Limited (“Bryah” or “the Company”) during the quarter ended 30th September 2023.

HIGHLIGHTS:

Bryah Basin Manganese Joint Venture Project (49% JV Interest)

• Two Mining Licence applications granted over Bryah Basin Manganese Joint Venture.
• Mining licence granted over current JORC resources at the Brumby Creek and Black Hill Prospects.
• Resource model updated in August 2023 increasing to 3.07 MT at 20.1% Mn¹.
• Mineral Resources estimated at Area 74, Redrum, Brumby Creek, Black Hill and Horseshoe areas - 5 prospects in total.
• Indicated Resource increased by 91% and Inferred Resource increased by 32%.
• All the Mineral Resources are now including on granted mining licences.
• Drilling completed in August totalling 2962m. Results pending.

Bryah Basin Copper-Gold Project (100%)

• Targeting Cu-Au VMS mineralisation at 300m and 500m depth.
• Deep VMS targets are a product of multiple lines of strong geological evidence.
• Downhole electromagnetic surveys to test for off-hole conductors commenced in September and was completed in October 2023. Results are under review.

Gabanintha Copper-Nickel Project (100%)

• Australian Vanadium Limited (AVL) executed a $49 million grant agreement under the Federal Government Modern Manufacturing Initiative – Manufacturing Collaboration Stream to support the Australian Vanadium Project. $9.8 Million of the grant was received by AVL in June 2023.
• Bryah Resources signed as a collaboration participant and retains the nickel and copper rights.
• The collaboration between AVL and Bryah is focused on realising the significant strategic value of the Ni, Co and Cu within the non-magnetic tailings fraction at the Australian Vanadium Project.
• AVL also announced a merger with TMT through a scheme of arrangement. Bryah’s mineral rights are not affected by this merger.

Lake Johnston Lithium-Nickel Project (100%)

• Mining Green Metals (MG1) terminated an option agreement as intial public offering condition not met.
• Rock chip results highly anomalous in suite of elements characteristic of Lithium-caesium- tantalum (LCT) pegmatites, alongside indicator mineralogy and mineral texture.
• Roundbottom prospect pegmatites in area of generally poor bedrock exposure:
• LJRK002 – 403 ppm Li2O, 774 ppm Rb, 228 ppm Nb, 18.2 ppm Ta, 62.7 ppm Sn, and 9.6 ppm W².
• Several sub-linear, parallel pegmatites identified at the Pegasus prospect dipping under recent alluvial cover with anomalous pathfinder elements.
• LJRK009 – 0.13% Rb, 25.2 ppm Nb, 30.8 ppm Cs, 11.8 ppm Be.
• These prospects have historically been overlooked, with no previously reported or mapped pegmatites in these areas.

Corporate

• Cash position of $473,000 as at 30th September 2023.

Commenting on the September quarter CEO Ashley Jones said,

“The Manganese updated resource estimate took us over 3 million tonnes in resource during the quarter which was complemented by the granting of 2 mining licences over the resources. All the resources are now within granted mining tenure.

Copper exploration this quarter involved a geophysical survey crew on the ground during September and October completing the down hole electric magnetic surveys at Windalah and Olympus. We look forward to interpreting these results.

A further drilling program of the manganese targets was also completed in August. Results are expected in November. Areas drilled were a combination of extension drilling and new projects.

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