Drilling Underway at the Ayshia Copper-Zinc Deposit

4 April 2022

Drilling Underway at the Ayshia Copper-Zinc Deposit

Highlights:

• o ~1000m RC drill program is underway at the Ayshia Copper - Zinc deposit as part of the first phase Whundo drilling program

• o Ayshia is located 1,500m northeast of Whundo

• o Historic drill campaigns by Fox Resources and Artemis Resources are being re-evaluated including historic Mineral Resource Estimates reported by Fox Resources

• o Significant historical Ayshia drill results reported by Fox Resources include:

  • o 34.85m @ 1.1% Cu, 0.5% Zn and 0.2g/t Au from169.65m (12AYDD102)1

  • o 23.7m @ 3.2% Cu, 0.4% Zn and 0.14g/t Au from 209m (12AYDD103)2

  • o 35.7m @1.66% Cu,0.76% Zn and 0.12g/t Au from 206.5m (12AYDD108)3

• o The Company plans to test for depth extensions to the Ayshia deposit as part of its second phase of drilling at Whundo

GreenTech Metals Ltd (ASX: GRE), ('GreenTech' or 'the Company') is pleased to announce that a 1000m exploratory RC drill program is underway at the Ayshia Copper-Zinc deposit, part of the Whundo project, near Karratha, Western Australia. This is a previously unexploited deposit that was discovered by Fox Resources in 2006. The mineralisation presents as a gossan at surface and dips to the northwest at 30o.

Commenting on the Ayshia Copper-Zinc deposit, Executive Director Thomas Reddicliffe commented:

"The Company is pleased with its ongoing re-evaluation of the historic drilling at Ayshia and the current exploratory program which is testing some of the EM conductor plates in proximity to the known Ayshia mineralisation. We believe we will be able to estimate a Copper-Zinc resource compliant to JORC 2012 standard with the historic information we have at hand, and which could add to the Global Whundo Project Copper-Zinc resource. We look forward to updating shareholders on these potential additional resources in the near future".

Overview of Ayshia Copper-Zinc Deposit

The Ayshia deposit was discovered by Fox Resources in 2006, with a subsequent resource drill-out yielding a non-compliant JORC 2012 Resource. This historic drilling data is being assessed for its compatibility with JORC 2012 standard. To this end the current drill program not only aims to test EM conductor plates in proximity to Ayshia but to also obtain grade and thickness information in the known mineralised zone.

ASX: GRE

This volcanogenic massive sulphide (VMS) deposit lies within the same felsic volcanoclastic sedimentary package as the Yannery Prospect and the larger Whundo Copper-Zinc deposit located 1,500m to the southwest. The upper portion of Ayshia mineralisation was likely eroded during the Archean and subsequently overlain by the Hardey Sandstone Formation. Subsequent erosion now sees the deposit exposed in a window within the Hardey Sandstone with the mineralisation presenting at surface as a lenticular string of narrow zinc rich gossans. This surface exposure misrepresents the true nature of the mineralisation as subsequent drilling has shown the deposit to be increasingly copper rich and zinc poor with increasing depth and with substantial mineralised drill intersections being reported. The following diamond drill core assay results were reported by Fox Resources in 2012:

• o 34.85m @ 1.1% Cu, 0.5% Zn and 0.2g/t Au from 169.65m (12AYDD102)1

• o 23.7m @ 3.2% Cu, 0.4% Zn and 0.14g/t Au from 209m (12AYDD103)2

• o 35.7m @1.66% Cu,0.76% Zn and 0.12g/t Au from 206.5m (12AYDD108)3

Update on Whundo Drilling

The company completed its drill program at Whundo with 25 holes drilled for 3,632 metres. The drilling focused on identifying down dip extensions to the known resource and investigation of a second deeper copper-zinc mineralised zone identified in the historic Whundo. Remodelling of the JORC 2012 compliant Indicated Resource of 2.7Mt @ 1.14% Cu and 1.14% Zn and incorporation of the additional mineralised zones will be undertaken on receipt of full assay results.

Figure 1: Location of Drilling - Whundo Project

Figure 2: Outline of Ayshia Copper - Zinc Deposit

Figure 3: Drilling at Ayshia

This announcement is approved for release by the Board of Directors

About GreenTech Metals Limited

The Company is an exploration and development company primarily established to discover, develop, and acquire Australian and overseas projects containing minerals and metals that are used in the battery storage and electric vehicle sectors. The Company's founding projects are focused on the underexplored nickel, copper and cobalt in the West Pilbara and Fraser Range Provinces.

The green energy transition that is currently underway will require a substantial increase in the supply of these minerals and metals for the electrification of the global vehicle fleet and for the massive investment in the electrical grid, renewable energy infrastructure and storage.

Competent Person Statement

Thomas Reddicliffe, BSc (Hons), MSc, a Director and Shareholder of the Company, is a Fellow of the AUSIMM, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Thomas Reddicliffe consents to the inclusion in the report of the information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results or Mineral Resources included in the Prospectus lodged with ASIC on 9 November 2021 (and released by the ASX on 30 December 2021).

Cautionary Statement

The mineral resource estimate for the Ayshia deposit was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

The historic mineral resource estimate and drilling results and drilling results referred to in this announcement were first reported by Fox Resources Ltd in 2006 and 2012, respectively.

1 Refer ASX announcement Fox Resources Ltd 15 March 2012

2 Refer ASX announcement Fox Resources Ltd 15 March 2012

3 Refer ASX announcement Fox Resources Ltd 2 August 2012

GreenTech Projects

Whundo Project - Copper/Zinc (earning 100%)

The Whundo copper-zinc project is located ~40km south-southwest of Karratha in the West Pilbara Region of Western Australia, covering an area of approximately 9 km². Historically, mining took place for copper in an open pit by Whim Creek Consolidated NL in 1976, producing approximately 6,700 tonnes at 27.4% copper. Whundo has a JORC 2012 indicated mineral resource1 of 2.7Mt @ 1.14% Cu and 1.14% Zn for 30Kt contained copper and 30Kt contained Zinc.

Ruth Well Project - Nickel (100%)

The Ruth Well nickel project is located ~15km south of Karratha in the West Pilbara Region of Western Australia, covering an area of approximately 58km2. Ruth Well contains a JORC 2012 indicated mineral resource1 of 152,000t @ 0.5% Cu and 0.6% Ni (0.3% Ni cut-off). GreenTech believes that the depth and strike potential at Ruth Well remains untested.

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