Announcement • Apr 08
Desert Metals Limited has announced a Derivatives Offering in the amount of AUD 0.325377 million. Desert Metals Limited has announced a Derivatives Offering in the amount of AUD 0.325377 million.
Security Name: Options
Security Type: Equity Option
Securities Offered: 325,376,901
Price\Range: AUD 0.001
Discount Per Security: AUD 0.00006
Transaction Features: Rights Offering New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m (AU$119k revenue, or US$83k). Market cap is less than US$10m (AU$5.21m market cap, or US$3.61m). Announcement • Jan 27
Desert Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.25 million. Desert Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 64,000,000
Price\Range: AUD 0.0065
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 128,307,692
Price\Range: AUD 0.0065
Transaction Features: Subsequent Direct Listing Announcement • Dec 09
Desert Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.25 million. Desert Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 64,000,000
Price\Range: AUD 0.0065
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 128,307,692
Price\Range: AUD 0.0065
Transaction Features: Subsequent Direct Listing New Risk • Oct 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.8m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m (AU$100k revenue, or US$65k). Market cap is less than US$10m (AU$5.50m market cap, or US$3.59m). Announcement • Oct 07
Desert Metals Limited, Annual General Meeting, Nov 25, 2025 Desert Metals Limited, Annual General Meeting, Nov 25, 2025. New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.8m free cash flow). Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Revenue is less than US$1m (AU$100k revenue, or US$66k). Market cap is less than US$10m (AU$4.97m market cap, or US$3.28m). Minor Risk Share price has been volatile over the past 3 months (19% average weekly change). New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 74% per year over the past 5 years. Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Revenue is less than US$1m (AU$87k revenue, or US$57k). Market cap is less than US$10m (AU$6.33m market cap, or US$4.16m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (18% average weekly change). New Risk • Aug 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 74% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Revenue is less than US$1m (AU$87k revenue, or US$57k). Market cap is less than US$10m (AU$11.1m market cap, or US$7.20m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Apr 16
Desert Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 3.25 million. Desert Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 3.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,394,884
Price\Range: AUD 0.0195
Discount Per Security: AUD 0.00117
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 108,271,783
Price\Range: AUD 0.0195
Discount Per Security: AUD 0.00117
Transaction Features: Subsequent Direct Listing New Risk • Mar 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 63% per year over the past 5 years. Revenue is less than US$1m (AU$48k revenue, or US$30k). Market cap is less than US$10m (AU$6.52m market cap, or US$4.12m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Feb 19
Desert Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 3.25 million. Desert Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 3.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,394,884
Price\Range: AUD 0.0195
Discount Per Security: AUD 0.00117
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 108,271,783
Price\Range: AUD 0.0195
Discount Per Security: AUD 0.00117
Transaction Features: Subsequent Direct Listing Announcement • Oct 04
Desert Metals Limited, Annual General Meeting, Nov 28, 2024 Desert Metals Limited, Annual General Meeting, Nov 28, 2024. Announcement • Aug 07
Desert Metals Limited Appoints Fatou S. Gueye as Non-Executive Director Desert Metals Limited announced the appointment of West African mining professional Ms. Fatou S. Gueye as a Non-Executive Director. Ms. Gueye is the Co-Founder and Director of Sanu Gold Corporation and has extensive experience as a senior executive in financial services, consulting, and mining roles in Australia, the US, and Africa. She helped assemble Sanu Gold's portfolio of gold projects in Guinea and has gained considerable experience in exploration and mining finance, particularly for West African explorers and developers. Ms. Gueye has an extensive network across government and administration in several West African countries and has provided expert advice to numerous publicly traded and privately held mining and finance companies operating in Africa and Australia. Desert Metals also advises that Non-Executive Director Dr. Robert Stuart has resigned from the Board, effective immediately, to pursue other interests. Dr. Stuart is the founder and former Managing Director of the Company. He was instrumental in assembling DM1's Western Australian portfolio of assets, completed its listing on the ASX in 2020, and has been the driver of the Company's WA exploration programs. He also identified the portfolio of Cote d'Ivoire mineral assets as a very prospective opportunity for DM1, which it acquired earlier this year. New Risk • Jun 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (266% increase in shares outstanding). Revenue is less than US$1m (AU$13k revenue, or US$8.8k). Market cap is less than US$10m (AU$5.04m market cap, or US$3.32m). Announcement • Feb 05
Desert Metals Limited Announces Management Changes Desert Metals Limited announced the appointment of Mr. Paul Jurman to the position of Company Secretary, replacing Mr. Paul Heatley, with effect from 5 February 2024. Mr. Jurman is a CPA with more than 20 years' experience and has been involved with a diverse range of Australian public listed companies in company secretarial and financial roles. He has extensive experience including liaison with ASX and ASIC, control and implementation of corporate governance, statutory financial reporting, and shareholder relations. He is currently company secretary of Lord Resources Limited, Platina Resources Limited, Carnavale Resources Limited and Tempest Minerals Limited. Board Change • Jan 29
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Chairman Mark Stewart was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Jan 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 163% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 21% per year over the past 5 years. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m (AU$23k revenue, or US$15k). Market cap is less than US$10m (AU$6.28m market cap, or US$4.13m). New Risk • Jan 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m (AU$23k revenue, or US$15k). Market cap is less than US$10m (AU$3.30m market cap, or US$2.17m). Minor Risk Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Announcement • Dec 06
Desert Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 3.75 million. Desert Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 3.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 115,384,615
Price\Range: AUD 0.0325
Discount Per Security: AUD 0.00195
Transaction Features: Subsequent Direct Listing Announcement • Oct 13
Desert Metals Limited, Annual General Meeting, Nov 15, 2023 Desert Metals Limited, Annual General Meeting, Nov 15, 2023, at 13:30 W. Australia Standard Time. Location: The Park Business Centre, 45 Ventnor Avenue, West Perth WA 6005 West Perth Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors, the Director's report, the Remuneration Report and the auditor's report; to consider ADOPTION OF REMUNERATION REPORT; to consider RE-ELECTION OF DIRECTOR KEITH MURRAY; to consider APPROVAL OF 7.1A MANDATE; to consider REPLACEMENT OF CONSTITUTION; to consider ADOPTION OF EMPLOYEE SECURITIES INCENTIVE PLAN; and to consider other matters. Announcement • Aug 09
Desert Metals Limited (ASX:DM1) agreed to acquire 60% stake in Little Gap Well and Mount Opal Gold Projects for AUD 0.37 million. Desert Metals Limited (ASX:DM1) agreed to acquire 60% stake in Little Gap Well and Mount Opal Gold Projects for AUD 0.37 million on August 8, 2023. Announcement • Feb 03
Desert Metals Limited, Annual General Meeting, Mar 07, 2023 Desert Metals Limited, Annual General Meeting, Mar 07, 2023, at 11:00 W. Australia Standard Time. Location: CWA Conference Room 1176 Hay Street West Perth WA 6005 West Perth Australia Agenda: To consider the ratification of prior issue of placement shares; to consider the approval to issue placement options; and to consider the director participation in placement - Keith Murray. Announcement • Dec 16
Desert Metals Limited Receives Assay Results for All Drilling Completed in 2022 At the Innouendy Project in WA Desert Metals Limited reported that it has now received assay results for all drilling completed in 2022 at the Innouendy Project in WA. The latest batch of results includes assays from the Cattle Yard prospect (3.5km SW of Innouendy), and the two new REE zones 1.5km and 3.5km SW ofthe Cattle Yard prospect. The results continue to confirm excellent grades and thickness of REE mineralisation at Innouendy (Figure 1). New significant intersections are shown in Table 1. 313 Aircore holes have now been completed at Innouendy over a strike length of 21km, with 78% of holescontaining TREO grades of over 300ppm. Significant TREO intercepts occur over the full 21km strike length tested and over widths of up to 2.5km. A significant program of follow up drilling has been planned to both infill and further test the extent of this exciting discovery, with this work beginning early in the new year (Figure 1). The results to date indicate that Innouendy is a significant rare earth discovery in Western Australia andhas the potential to be strategic supply of rare earths. In addition to REEs, DM1 has also encountered significant nickel and platinum group elements (PGEs) at Innouendy and intends to progress these prospects with additional drilling in 2023. Announcement • Nov 17
Desert Metals Limited Reports Further Batch of High-Grade Results from Its Rare Earth Element Discovery at Innouendy Desert Metals Limited reported a further batch of high-grade results from its Rare Earth Element discovery at Innouendy. The current batch of results include assays from the Innouendy Central zone, the Cattle Yard Prospect (3.5km SW of Innouendy) and two new zones 1.5km and 3.5km SW of the Cattle Yards. Assays continue to confirm the widespread, thick, and continuous nature of REE mineralisation across the Project. Only partial results (only the elements Ce+La+Y) have been received from the new zones to date with indications that once full TREO results are received these may form a contiguous block of over 7kms with the mineralisation intersected to the northeast. This block remains open in all directions. Full results have now been received from 205 of 313 air core holes from the recent aircore drilling program with the remainder expected within weeks. The company is planning for a major drilling campaign to further define the extent and continuity of the REE mineralisation at the Innouendy Project. In addition, a substantial program of leachability assays, ore characterisation and metallurgical test work is commencing. Announcement • Nov 12
Desert Metals Limited Reports Significant New Zone of PGE Has Been Encountered in Recent Drilling Campaign At Innouendy Desert Metals Limited reported that a significant new zone of PGE has been encountered in its recent drilling campaign at Innouendy. Aircore hole INAC208 intersected 32m @ 0.46g/t Pt+Pd+Au from 32m depth, including a high-grade zone of 4m @ 1.186g/t PGE3. The interval also included the high gold sample so far encountered at Innouendy. The Company believes this to be the first PGE intercept of potentially economic grade in the Narryer Terrane. The PGE zone at INAC208 continues on section at low but anomalous levels for approximately 200m and is open along strike for at least 2km. Desert Metals is planning to test this zone at depth and along strike with additional RC and AC drilling as soon as is practicable. The recent drill program also followed up on several promising nickel and PGE anomalies identified in previous AC drilling. Drilling beneath a previously reported intercept of 4m @ 0.58% Ni returned 52m @ 0.29% Ni from surface, including 4m @ 0.41% Ni. Minor sulphides are associated with the higher-grade interval with most of the nickel inferred to be in silicate minerals. Additional laboratory analysis will be completed to determine the amount of recoverable nickel. Similarly at the Cattle Yard prospect drilling beneath previously reported significant nickel in laterite encountered broad zones of low grade nickel in fresh ultramafic intrusive rocks, with associated elevated chrome and cobalt values. Although these nickel values are modest, they are similar to the nickel grades of the Julimar resource, occur in ultramafic host rocks across considerable strike length andhence the Company considers these results to be very encouraging. Follow-up laboratory analysis will be completed to determine the amount of recoverable (sulphide) nickel. The upcoming drilling campaign to define and expand the recent rare earth element discovery at Innouendy will also be targeting higher grade nickel and PGE zones across this strike length. Announcement • Nov 04
Desert Metals Limited Completes an Additional Four Diamond Holes in Its Drilling Program At Dingo Pass Desert Metals Limited has now completed an additional four diamond holes in its drilling program at Dingo Pass. The four drill holes (DRC009, DRD004, DRD007, DRD008) were completed for a total of 373m of RC drilling and 175m of diamond drilling. Holes DRC009, DRD004 and DRD007 all intersected semi-massive and/or networked sulphides coincident with the targeted modelled conductor. The sulphides were predominantly pyrrhotite with minor chalcopyrite and pyrite hosted in medium to coarse grained amphibolite, inferred to be a metamorphosed mafic intrusive. The sulphide zones have been sampled and the Company awaits the results of assays. Hole DRD008 did not appear to intersect sufficiently interconnected sulphide to explain the targeted conductor, however it did intersect a coarse-grained gabbro intrusive with disseminated pyrrhotite, pyrite and minor chalcopyrite. This unit is a promising potential host for nickel massive sulphides and occurred at the depth of the modelled conductor. This conductor may be tested further with additional drilling, subject to receiving the assays for multi-element geochemistry and further down- hole EM geophysics. The presence of sulphide mineralization including chalcopyrite within mafic intrusive rock does provide encouragement for the Company to prioritize and test the remaining dozen or so highly conductive bodies within the Dingo Pass license. Krakatoa Resources' new Tower REE discovery trends into Desert Metals tenure. Three diamond drill holes and one RC hole intersected sulphides testing four high conductance Down-Hole EM anomalies at Dingo Pass. Three conductors were explained by semi-massive and network textured sulphides in mafic intrusive rocks. At the modelled depth of the fourth conductor disseminated sulphides in a mafic intrusive were intercepted. Minor copper sulphide (chalcopyrite) was intercepted in all holes. Future work will test extensions to the Tower REE discovery. Ni-Cu-PGE follow up program awaits assays results. Announcement • Nov 03
Desert Metals Limited Announces Outstanding New Assay Results from its Recent Rare Earth Element Discovery at Innouendy Desert Metals Limited announced outstanding new assay results from its recent Rare Earth Element (REE) discovery at Innouendy. These results significantly expand the mineralised footprint and hence the potential size of the discovery. Results from the aircore drilling program are within the weathered clay layer, are high grade for clay hosted mineralisation, are thick, and extend over at least 21km of strike along the Yilgarn craton margin. In the northeast of the project a single drill line traverse perpendicular to the interpreted craton margin shows mineralisation across 2.5km. Similarly, results from the Innouendy central zone, where drill lines have been oriented east-west, show mineralisation across a width of greater than 2km. While a vast area of mineralisation has now been defined, the REE and the clays that host them essentially remain open in all compass directions. It is unknown whether the highest-grade parts of the discovery have been found. The Company has submitted samples to the ALS Perth lab for analysis using two methods, being: ME-MS81 Lithium Borate Fusion - ICP-MS (preferred method for REE's); and ME-MS61 acid digest -ICP-AES (preferred method for base metals but also analyses for cerium, lanthanum, and yttrium). Where results have been reported as Partial TREO these are REE results from the second analysis method and the full suite of REE results is pending. Where full TREO is reported these have been analysed using the first method. Assays remain pending for approximately a further 6,600m. Following these outstanding results, the Company is planning to return an aircore drill rig to Innouendy as soon as the required permitting allows. It is anticipated the upcoming program will be similar in size to the one recently completed for circa 12,000 - 15,000m. Announcement • Oct 30
Desert Metals Limited, Annual General Meeting, Nov 29, 2022 Desert Metals Limited, Annual General Meeting, Nov 29, 2022, at 13:30 W. Australia Standard Time. Location: The Park Business Centre 45 Ventnor Avenue Perth Western Australia Australia Agenda: To consider adoption of remuneration report; to consider spill resolution; to consider re election of director and to consider other matters. Announcement • Sep 16
Desert Metals Limited Confirm Significant Rare Earth Discovery At Innouendy Desert Metals Limited announced the confirmation of a significant rare earth discovery at the Innounendy Project located in the Narryer Terrane in WA. First assay results from the initial 1,128m of a 12,745 aircore and RC drilling program have been received and confirm the presence of thick - and continuous rare earths mineralisation lying close to surface and indicating a potentially significant mineralised system. Assays remain pending for a further 11,617m which will be released as received. Key Highlights: First assays from the recent drilling program at the Innouendy project in WA have confirmed a significant clay-hosted rare earth discovery. Assays received from the first 1,128m of the recent 12,745m drilling program include the following new outstanding Total Rare Earth Oxide (TREO) intersections: 21m @ 1176ppm from 4m (incl 12m @ 1490ppm) hole 136, 8m @ 2734ppm from 24m (incl 3m @ 4104ppm) hole 80, 17m @ 1347ppm from 28m (inc 8m @ 2085, incl 4m @ 2791) hole 130, 48m @ 665ppm from 20m (incl 8m @ 1209ppm) hole 70, 28m @ 965ppm from 12m (incl 16m @ 1255ppm) hole 140, 28m @ 855ppm from 4m (incl 8m @ 1311ppm) hole 137, 28m @ 607ppm from 24m (incl 8m @ 1122ppm) hole 69, 8m @ 1429ppm from 20m (inc 4m @ 2040ppm) hole 138, 8m @ 1325ppm from 12m (incl 4m @ 1771) hole 134, 8m @ 1111ppm from 12m (incl 4m @ 1674ppm) hole 77, 8m @ 1051ppm from 12m (incl 4m @ 1270ppm) hole 78, 8m @ 1020ppm from 32m (incl 4m @ 1125ppm) hole 72. TREO intersections within the clay appear to be thick and relatively continuous from the limited results received. Step out drilling traverses across 20km of strike length have intersected both thick clays and large volumes of mafic and ultramafic rock, lab analysis will determine whether these units host significant mineralisation. Assays remain pending for an additional 11,617m. Announcement • Aug 31
Desert Metals Limited Provides Update on Exploration Activities on Its Licenses in the Narryer Terrane Desert Metals provided an update on exploration activities on its licenses in the Narryer Terrane. A 12,745m drilling program using both aircore (AC) and reverse circulation (RC) drill rigs has been completed on the Company's 100% owned Innouendy license. The aircore program has predominantly followed up on rare earth intersections (up to 20m @ 2139ppm from 16m, including 4m @ 4376ppm Total Rare Earth Oxide) within saprolitic clays close to surface. The drilling intersected encouraging thicknesses of clays (up to 80m thick, average hole depth 41m) across an extensive area surrounding the previously reported REE mineralisation. If the high value REE grades previously reported are repeated over significant downhole thickness and areal extent, analysis from the current drilling program will be used to help define a resource. Samples are currently being sent to the lab for analysis. The aircore drill program also included a number regional reconnaissance traverses to test the extent of nickel prospective ultramafic/mafic rocks under cover. The Company has now confirmed the presence of extensive mafic/ultramafic intrusion(s) over a strike length in excess of 20km. The reverse circulation drilling was focussed on following up recent promising nickel (Ni) and platinum-palladium (PGE) intercepts, including 4m @1.76% Ni within a 12m zone @1.17%. The program consisted of 13 holes with an average depth of 141m. Samples have been sent to the lab for assay. Downhole EM (DHEM) is due to be collected on holes drilled at the Belele and Dingo Pass nickel-copper sulphide projects in the next couple of weeks. Drilling of off-hole conductors will follow as soon as possible after the DHEM has been completed. Announcement • Jul 20
Desert Metals Limited Receives D Additional Assay Data from Recent Reconnaissance Drilling at the Innouendy Project in WA Desert Metals Limited (the ‘Company’) to report that it has now received additional assay data from recent reconnaissance drilling at the Innouendy Project in WA. Initially, the Company had announced significant rare earth mineralisation had been intersected from assays of isolated 4m composite samples, with adjacent 4m samples to be re-submitted for full rare earth suite analyses. The additional 93 adjacent samples have now been received and have confirmed significant, thick and high-grade rare earth mineralisation. Results from these analyses have confirmed intercepts of REE's over 20m thick from near surface along line 7160200N. These intercepts continue within holes along line 7159800N which is 400m to the south. Encouragingly, 8m thick intercepts of greater than 1,100ppm TREO are still encountered at the Cattle Yard nickel prospect approximately 4km to the southwest suggesting potential for significant lateral extent to the clay hosted mineralisation. Importantly, recent metallurgical test work by both Lithium borate fusion and weak acid (Aqua Regia) digest, confirmed excellent recoveries and demonstrated the clay hosted rare earths are easily leachable. Recoveries were particularly good (>80%) for the high-grade zones of high value REE's and confirm the economic significance of the thick high-grade intersections. With only sparse reconnaissance holes drilled in the initial program, the Company is excited about the potential exploration upside at the Project. An extensive follow up infill drilling program has now begun with both an aircore and RC rig currently onsite at Innouendy. The program will test the extent of the shallow, clay hosted REE mineralisation and also follow up on previously announced nickel intercepts. The aircore program has been planned with sufficiently close hole spacings to allow, if consistent grades and widths are intercepted, for the Company to work towards defining an inferred resource. Assays from 5 RC holes have been received from the Belele copper project. These confirm that the mineralisation intersected in hole BRC004 extends to a depth of greater than 400m in hole BRC008. Widths and grade are similar to those encountered previously. A Western Australian state government Exploration Incentive Scheme (EIS) grant of $180,000 has been awarded to drill test the extent of mineralisation at Belele. EIS is a competitive program which offers up to 50% of costs for exploration projects that can demonstrate an innovative, thorough, and geo-scientifically logical approach to targeting. This is the third grant awarded to Desert Metals' projects and takes the total funding provided by the scheme in the last 18 months to $480,000. Winning these grants makes a significant contribution to the drilling budget. Ultimately these funds allow the Company to test more targets without using shareholders' money and hence increase the odds of discovery. Announcement • Jul 05
Desert Metals Limited Announces Resignation of Johnathon Busing as Joint Company Secretary Desert Metals Limited announced the resignation of Joint Company Secretary, Mr. Johnathon Busing effective immediately. The Board of Desert Metals Limited would like to thank Mr. Busing for his service to the Company. His contribution to the Company during his tenure is both acknowledged and appreciated. Mr. Paul Anthony Heatley will remain in his position as Company Secretary of the Company. The Company's contact details remain unchanged. Announcement • Jun 15
Desert Metals Limited Announces Excellent Recoveries Confirm Rare Earths Easily Leachable Desert Metals Limited announced The economic significance of the previously reported Rare Earth Element (REE) intercepts has been confirmed by weak acid digest analysis: Excellent leach recoveries, particularly from the high-grade samples. Assays from an additional 95 samples are expected to be received shortly to establish the full thickness of each intercept downhole, as well continuity of mineralisation between holes A circa 20,000m program of Aircore and RC drilling is planned at Innouendy to follow-up the high- grade REE's and also the nickel and platinum-palladium (PGE) results. Aircore drilling is scheduled to commence in mid-July. REE expert Dr. John Mair has been engaged as an advisor to the Company. Initial RC drilling at Dingo Pass has been completed: Thick intercepts of mafic intrusive rocks in several holes, with traces of nickel-copper sulphides. The targeted massive sulphide conductors were not intersected by the majority of holes, with downhole EM planned to guide follow-up drilling. Belele drilling assay results are still pending: A Program of Work (POW) permit application for 12,000m of RC and RAB/Aircore drilling has been submitted for approval. The initial batch of 11 samples that were analysed by Lithium borate fusion, ICP-MS finish were re-analysed by weak acid (Aqua Regia) digest to test the level of REE's that can be easily leached. the REE's at Innouendy are easily leached, with recoveries particularly good (>80%) for the high-grade zones of high value REE's. The Company views these results as a step change in the potential economic significance of the REE's at Innouendy as development scenarios would likely be lower capex given the ease of extracting the minerals via simple leach. An additional 95 adjacent samples have now been re-submitted for full-suite REE analysis. These samples will help establish the full thickness of each intercept downhole, as well continuity of mineralisation between holes. Once these results have been received all significant intercepts will also be analysed by weak acid digest to confirm leachable recoveries. An extensive program of Aircore drilling to test the extent of the shallow, clay hosted REE mineralisation is now planned to commence in mid-July. This program has been planned with sufficiently close hole spacings to allow, if consistent grades and widths are intercepted, for the Company to work towards defining an inferred resource. Given the potential significance of the REE's encountered at Innouendy, the Company has engaged the services of Dr. John Mair as an advisor. Dr. Mair has deep knowledge of the REE landscape, having taken a complex REE project from discovery through various feasibility studies to development ready status while Managing Director of Greenland Minerals Ltd. Announcement • May 23
Desert Metals Limited Announces High Value Rare Earth Elements Intercepts At Innouendy Desert Metals Limited announced Initial results from the recent 49-hole air core drilling at Innouendy returned out-of-range REE cerium results (>500 ppm) in lateritic clays from 14 samples across ten holes4. Sixteen samples across those ten holes were resubmitted for the full suite of REE analysis to determine the presence of any high-value REEs. The Narryer Terrane has been identified by other explorers as being prospective for ionic adsorption clay REE deposits. Samples from all ten holes that were re-submitted returned TREO values above 996 ppm. The most outstanding result was from hole INAC027, which returned 4m @ 4,376 ppm TREO from 20 m. Composite samples above and below this intercept have been submitted to determine the full down hole thickness of mineralization. The true thickness of mineralization is unknown at this stage. INAC027 is the most westerly hole on the northern line of current drilling. Mineralization is open to the north, south, and west. Holes INAC033, INAC035, and INAC037, located at the recently identified Cattle Yard Nickel prospect approximately 4 km to the southwest of the Innouendy prospect, also returned highly anomalous REEs. Eleven of the 16 samples reported here have now been submitted for analysis by weak-acid digest to determine the proportion of easily recoverable REEs associated with ionic adsorption clay mineralization. Adjacent samples have now been re-submitted for full-suite REE analysis, and an extensive follow-up drilling program is being planned to define the full extent of REE mineralization. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Keith Murray was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 20
Desert Metals Ltd Reports That Reconnaissance Aircore Drilling Has Uncovered Two Highly Prospective New Nickel Prospects At the Company's 100% Owned Innouendy Project Desert Metals Ltd. reported that reconnaissance aircore drilling has uncovered two highly prospective new nickel prospects at the Company's 100% owned Innouendy Project. The Cattle Yard Prospect was first targeted through airborne EM and a semi-coincident historical nickel intercept. 4m @ 1.76% in hole INAC036 is believed to be the highest-grade nickel yet intersected by anyone in the Narryer Terrane. The mineralisation is coincident with anomalous cobalt and chrome and occurs within a broader zone of 32m @ 0.65% Ni extending to the end of hole at 47m. Holes across a section > 100m width ended in mineralisation which is open along strike, at depth and to the southeast. Follow up drilling traverses will both define the extent of the shallow mineralisation and target a potential sulphide source. A second prospect has also been identified approximately 3km to the northeast of the Cattle Yard. 4m @ 0.585% Ni was intersected from surface to EOH in fresh rock in hole INAC017. This traverse was targeting an inductive response in airborne EM data that appeared to be superimposed on a chargeable anomaly. Aircore drilling was unable to penetrate more than 4-10m in this and neighbouring holes due to the very shallow cover. The high nickel grade in fresh rock suggests a sulphide source and the extent of the conductor and adjacent magnetic anomaly will now be tested with further drilling. The northern traverse of aircore drilling at Innouendy (holes INAC019 to INAC027) has defined a section >500m wide of highly anomalous PGE (Pt + Pd) within the regolith. Interestingly the southern line, closest to the original diamond hole which intersected anomalous PGEs, did not record significant intercepts. Further drilling is planned to better define the extent and source of this highly anomalous zone. Rare earth (REE) mineral Cerium (Ce) has been analysed above maximum limits (>500ppm) in multiple samples across 10 holes in lateritic clays, associated with elevated lanthanum (La). A selection of these samples has been submitted for further analysis and a more complete REE suite of elements to determine the presence of any heavy REE and the significance, if any, of these results. The Narryer terrane has been identified by other explorers as being prospective for ionic adsorption clay (IAC) rare earths deposits (eg Krakatoa Resources Ltd. Mt Clere project) A drill rig is currently mobilising to Dingo Pass to test the very high conductance anomalies at the Dome. These discrete strong bedrock conductors lie within mapped mafic intrusive rocks, are within several kilometres of the interpreted Craton margin and have coincident nickel, copper and PGE anomalism in soils at surface. Announcement • Apr 12
Desert Metals Limited Announces Update At Belele Desert Metals Limited announced update at Belele. The company announced a total of 10 holes have been completed at Belele into conductive sulphide mineralisation. The previously reported zone of shearing, alteration and sulphide mineralisation extends over the full 450m strike extent of the drilling to date. In the southwest a single deep hole, BRC008, has been drilled to a maximum depth of approximately 400m beneath previous drilling. Visual estimates, supported by handheld XRF analysis suggest that the intensity of sulphides (pyrite-pyrrhotite +/-chalcopyrite) is indeed increasing with depth. Three holes have been completed at Dingo Pass targeting three separate conductors. Hole 1 intersected a narrow zone of pyrrhotite mineralisation sufficient to explain the conductor in a mafic amphibolite. Hole 2 failed to reach the targeted depth of the conductor. Hole 3 intersected a thick zone of mafic amphibolite with multiple narrow zones of minor sulphides, including traces of chalcopyrite and a nickel bearing sulphide (based on XRF spot analysis), however none of the zones contained sufficient sulphide content to explain the conductor. The conductor and any potential massive sulphides remain undiscovered. Downhole EM is planned for this hole to better target any massive sulphides. The remaining conductive targets at the Dome prospect require a track mounted drill rig due to the terrain. These are the highest conductance anomalies within the entire Dingo Pass license package and are coincident with the highest anomalous nickel, copper and PGE's in soils. Desert Metals is actively trying to source a track mounted rig and will commence drilling on the Dome as soon as one is secured. The Dingo Pass program is being co-funded by the State Government Exploration Incentive Scheme (EIS) with a grant of $150,000. The EIS directly supports explorers in Western Australia through a competitive program which offers co-funding to innovative exploration drilling projects. Announcement • Feb 25
Desert Metals Limited Announces Significant Mineralisation At Belele Desert Metals Limited announced that assays received from its reverse circulation drilling program at Belele indicate a zone of volcanogenic hosted massive sulphide (VMS) style mineralisation in multiple holes. The mineralisation is concealed by alluvial cover and had never been drilled or tested by previous explorers. Desert Metals originally considered the project prospective for either shear zone hosted (orogenic) gold or VMS base metal deposits. The Company suggested more recently that potassic alteration observed in the field within the sulphide zone could be indicative of a gold system, however gold results were generally low. Copper, lead, silver and zinc metal zoning in assays from holes BRC001, BRC002, BRC003 and BRC004 however, suggest that the sulphide intersections represent the periphery of a zoned VMS system. Importantly the copper values correlate strongly to sulphide intensity, with the conductivity (a direct proxy for sulphide intensity) modeled to be increasing with depth. VMS deposits are base metal-rich mineral systems, which can also contain lesser amounts of precious metals. Their ores can be major sources of zinc, copper and lead, sometimes with gold and silver by-products. Deposits often have a strong metal zonation seen in the segregation of various metal sulphides. In general, copper mineralisation forms in the central thicker parts of the deposit surrounding a central vent with zinc, lead and silver forming on the periphery away from the vent. At Belele it appears the more distal parts of the system are intersected close to the surface with Cu grades, widths and Cu/Zn ratios increasing with depth suggesting a deposit that has been turned on its side. Geophysical modelling of the targeted conductor suggests higher conductance (more, potentially thicker sulphide) at depth making it an immediate priority for further drilling. The modelled conductor has dimensions of approximately 500m x 600m with BRC003 intersecting the sub vertical zone with a downhole (not true) thickness of 80m. The 49 hole 1794m Aircore program designed to test PGE anomalism in recent diamond drilling and soil geochemistry at Innouendy (DM1 ASX announcement 20 December 2020) has been completed with all samples sent to the lab for assay. The Company is encouraged that most of the holes encountered mafic or ultramafic rock undercover and across a 10km wide zone. This suggests a large volume of mafic/ultramafic rocks are present on the Craton margin in this part of the Narryer, significantly increasing its prospectivity. The ultramafic unit encountered looks similar to the unit in diamond hole INRD008 which intersected 40m @ 0.17g/t Pt+Pd (PGE). Announcement • Jan 28
Desert Metals Limited Announces Reverse Circulation Drilling Program at Belele Intersected Zone of 5-15% Pyrrhotite-Pyrite-(+/- Trace Chalcopyrite) Mineralisation in Multiple Holes Desert Metals Limited announced that its reverse circulation drilling program at Belele has intersected a zone of 5-15% pyrrhotite-pyrite-(+/- trace chalcopyrite) mineralisation in multiple holes. The sulphidic zone is coincident with strong to intense potassic alteration and shearing, indicative of an orogenic gold system. The zone was intersected in all holes designed to test the modelled conductor (RCB001, RCB002, RCB003 and RCB004). The maximum down-hole width of mineralisation was approximately 80m within hole RCB003, with the hole ending in mineralisation at 250m (the depth limit of the current rig). Desert Metals now considers the targeted conductor to be explained by these intersections. A further hole (RCB005) was designed to test the semi-coincident magnetic anomaly and did not intersect a strong sulphide zone but did intersect a 30m zone of strong potassic alteration. The sulphide zone is concealed by alluvial cover and has never been drilled or tested by previous explorers. Desert Metals originally considered the project prospective for either shear zone hosted (orogenic) gold or volcanogenic hosted massive sulphide (VMS) base metal deposits, with the drilling results fitting the orogenic gold mineralisation model. The company is very encouraged by the visual results from these first ever holes drilled in this area, which confirm prospective hydrothermal alteration and shearing within the Mingah Range Greenstone Belt extending under cover into the licence. The results are preliminary in nature as no drill samples have been assayed, with results in this announcement coming from an observation of the samples by a suitably qualified and experienced geologist. The company is sending a batch of priority samples to the lab which, with further interpretation, will provide a preliminary indication as to whether these first holes have intersected gold mineralisation. The 44 hole 3000m Aircore drilling program designed to test PGE anomalism in recent diamond drilling and soil geochemistry at Innouendy began on 25 January 2022. 10 holes (400m) have been drilled so far and the program is expected to be complete within two weeks. The program will also follow up on an airborne EM anomaly adjacent to Ni anomalism in historic drilling. The conductor lies approximately 100m from an historic WMC drill hole which returned 0.59% Ni over 14m and is yet to be followed up with subsequent drilling. Announcement • Jan 22
Desert Metals Limited Announces Drilling Started At Belele Desert Metals Limited has begun drilling on its 5 hole 1,100m RC program at Belele. The program is designed to test a modelled conductor, identified in airborne EM and confirmed by ground EM data. The conductor is semi-coincident with a bullseye magnetic anomaly and may represent sulphides associated with Volcanogenic Massive Sulphide (VMS) style mineralisation. The 44 hole 3,000m Aircore programme designed to test PGE anomalism in recent diamond drilling and soil geochemistry at Innouendy (DM1 ASX announcement 20 December 2020) is expected to start next week. The program will also follow up on an airborne EM anomaly adjacent to Ni anomalism in historic drilling (DM1 ASX announcement 26 February 2020). The conductor lies approximately 100m from an historic WMC drill hole which returned 0.59% Ni over 14m. These were the highest Ni values recorded in the 52-hole WMC percussion drilling program. The program was designed to test for chromite in a favorable tectonic setting and the anomalous Ni was not followed up. (WAMEX reports A7934 and A8056). Announcement • Jan 12
Desert Metals Limited Announces Exploration Update Drilling Start Dates Desert Metals provided an update on drilling start dates at its Belele VMS target, its multiple Dingo Pass and Dome Ni-Cu-PGE massive sulphide targets, and the new PGE project at Innouendy. Heritage Surveys have been completed at Innouendy, Belele and all the priority anomalies at Dingo Pass, including the Dome Prospect. No significant issues with accessing the drill targets were identified and the Company is now clearing tracks and drill pads. An RC drill rig is due to commence drilling on the Belele VMS target on 21/1/22. A separate rig is due to mobilise and commence the Innouendy program on completion of its current job which is expected to be late January-early February. Desert Metals is currently preparing tracks and drill pads into the Dingo Pass and Dome prospects which will use a combination of RC and diamond drilling. The Company will advise further when a start date is fixed for drilling these prospects. Announcement • Dec 20
Desert Metals Limited Provides Innouendy Project Update Desert Metals Limited advised that recently received soil samples over its 100% owned Innouendy Project in the Narryer Terrane, Western Australia have increased the dimensions and peak values of the platinum-palladium (PGE) and chrome anomaly first intersected in INRD008. It is hypothesised that the chrome anomaly identified in soil sampling may define the extent of the geological unit elevated in chrome and PGEs. PGEs peaked at 0.59g/t in INRD008 over 2m and were anomalous over 40m. There is no significant soil anomaly directly over INRD008, however recent soil samples west of INRD008 peak at up to 40ppb PGEs and the anomalous zone extends for over1.5km. It is postulated that the highest PGE values in fresh rock may be beneath these highest soil samples and therefore higher than those intersected in INRD008. The recently announced Maiden Indicated and Inferred Mineral Resource Estimate over Chalice Mining's Gonneville Deposit: (330Mt @ 0.94g/t Pd+Pt+Au. Both Projects sit on the important Craton Margin and consist of mafic and ultramafic intrusive rocks. The surface dimensions (as defined by the chrome anomaly at Innouendy and the Mineral Resource at Gonneville) are similar. The single hole so far drilled into the intrusion at Innouendy peaked at 0.59 g/t PGE whereas Gonneville averages 0.94 g/t over 330 Mt. Soil samples over Innouendy would appear to be significantly higher in PGEs than at Gonneville. Desert Metals recently received heritage clearance to drill several fence lines of 24 holes across the Innouendy anomaly. These should reveal if consistent or higher grades of PGEs are present under the elevated soil anomaly. If the dimensions and grade returned from drilling are consistent with the ratio of soils to rock from INDD008 it would represent a very significant development for the project. Heritage Surveys and Drilling Heritage Surveys have been completed at Innouendy, Belele and all of the priority anomalies at Dingo Pass, including the Dome Prospect. This marks an important step forward in the relationship between Desert Metals and the Wajarri Yamatji Traditional Owners. No significant issues with accessing the drill targets were identified Following heritage clearance, rigs are now able to be scheduled and are being locked in tocommence work as soon as possible in the New Year. The Company will update the market as soonas a firm date is scheduled for the much-anticipated drilling for its pipeline of targets: The BeleleVMS target, its multiple Dingo Pass and Dome Ni-Cu-PGE massive sulphide targets, and the excitingnew PGE project at Innouendy. Announcement • Aug 25
Desert Metals Limited Provides Exploration Update Desert Metals Limited provided an update on ongoing exploration activities. Irrida Hill Drilling: The first three holes into three separate modelled EM conductive plates at Irrida Hill have all intersected several widths (ranging from 10cm to 9.5m) of semi-massive to massive sulphide. The sulphide is pyrrhotite dominated with trace copper and nickel. The first two of these holes were reported in the ASX release of 26 July. IRRDD005 intersected metamorphosed mafic schist and mafic intrusive interlaced with banded iron formation. The sulphide mineralisation has been remobilised along the dominant foliation and consists of numerous zones of disseminated to network textured mineralisation that is similar to that intersected in the first two holes. Downhole EM (DHEM) completed after drilling is still being interpreted although preliminary results suggest a large sheet of sulphide mineralisation runs parallel to current drill holes and has not been tested by current drilling. Core has been sent to the lab and further targeting at Irrida will be planned after assays are received. Innouendy Drilling and Downhole EM Downhole EM has been completed on holes INRD006 and INRD008 at Innouendy. The excellent fit between the modelled response and observed data in all three geometric components gives confidence in the model. These data suggest there remains an untested conductor 40m to the east of hole INRD008. Extension along the plane of this conductor intersects INRD008 at 255m downhole. 40cm of massive sulphide was intersected in hole at 255m. It is reasonable to assume that hole IRRD008 has just clipped the extremity of the larger sulphide body. DHEM data from hole INRD006 also shows both holes INRD006 and INRD007 intersecting the outside edge of a larger conductive sheet. In this case it is believed the main conductor has been intersected and the conductor is explained. Assays from all 3 holes INRD007, INRD006 and INRD008 have recently been received from the lab. As forecast, no anomalous analytical results were identified. Whole rock geochemical analysis is being conducted and decisions on targeting the untested conductor will be made after this work is complete. Any further drilling at Innouendy would have to be prioritized alongside other targets and compete for funds with the Company's projects at Belele, Dingo Pass, Breakaway, Irrida and others. Announcement • Jun 08
Desert Metals Limited Provides Exploration Update Desert Metals Limited provided exploration update. Hole IRRD009 into the western conductor at Innouendy intersected similar sulphide intervals to the eastern conductor. Further drilling to define the extent of massive sulphides at Innouendy will be targeted from downhole EM. Several zones of disseminated to network textured pyrrhotite with traces of disseminated chalcopyrite. Hole is believed to have just clipped or just missed the main conductor. An ~1800 line km Airborne EM survey was completed over DM1's eastern licenses. Several strong conductors detected walk up drill targets. Ground EM data acquisition is in progress over the Airborne EM conductors to better define and prioritize these for drill testing. Drilling is currently paused due to a change in drill contractor and also due to heavy rain preventing access to site for the past week. Drilling is expected to commence at Irrida Hill next week as soon as the roads re-open. Desert Metals Limited is anticipating that the first diamond drilling into four strong late time conductors at Irrida Hill will commence next week. Irrida Hill contains multiple high-conductance ground EM anomalies within a strong, discrete magnetic low at a prominent structural intersection. A sub-cropping mafic intrusion has been confirmed in the field and historic drilling in the area by Western Mining intersected significant Nickel from surface. The Company has previously suggested that the Irrida Hill conductors could be caused by massive sulphides associated with intrusive Ni-Cu-PGE deposits. Visual results from drill core at the Innouendy prospect some 20km away were confirmed last month to be caused by disseminated to massive sulphides. Further drilling to define the extent of massive sulphides at Innouendy will be targeted from downhole EM. These results are believed to be the first significant intersection of intrusive magmatic massive sulphide anywhere in the Narryer, and upgrades the prospectivity of the Irrida Hill conductors. Announcement • May 04
Desert Metals Limited Announces Innouendy Drilling Update Desert Metals Limited announced encouraging results from the first two holes of its 13 hole drilling program. Magmatic sulphides have been intersected in mafic intrusive rock in the first of 2 targets at Innouendy. In its initial drilling campaign, the company has targeted six conductive plates at two prospects 20 km apart (two at Innouendy and four at Irrida Hill, see ASX release 12th April 2021). The company had previously suggested that these conductors could be caused by massive sulphides associated with intrusive Ni-Cu-PGE deposits. Visual results from drill core confirm that the eastern plate at Innouendy is caused by disseminated to massive sulphides and not magnetite as hypothesised by previous explorers. It is believed to be the first significant intersection of intrusive magmatic massive sulphide anywhere in the Narryer, confirms the applicability of the exploration model, and upgrades the prospectivity of Desert's entire license package over the North-western Craton margin (> 1600 sqkm). Hole 1 (IRRD006) intersected an approximately 22m wide zone (162-184m) of disseminated to occasionally networked pyrrhotite with minor pyrite and traces of chalcopyrite hosted in a medium-coarse grained mafic intrusive (modelling predicted intersection to be at 190m). Hole 2 (IRRD007) intersected had an approximately ~5m wide zone (198-203m) of disseminated, to networked and semi-massive pyrrhotite (+/- pyrite, trace chalcopyrite), with one semi-massive zone at 202-202.4m (compared to the modelled EM conductor intersection at 213m). A smaller sulphide zone at 228.5m contains 10-20cm of network textured sulphides with chalcopyrite, pyrrhotite and pentlandite. Both sulphide zones are hosted in a mafic intrusive rock. The two holes were designed to intersect the eastern of two conductive plates at Innouendy and one of six plates overall being targeted by the initial drilling campaign at Innouendy and Irrida Hill. This conductor had been targeted unsuccessfully by previous explorers with six historic drillholes. Down hole EM is being planned and the Company is awaiting assay results for Copper, Nickel, Cobalt and Platinum group elements from these drill holes before deciding what further work is needed to define any mineralisation in the eastern plate. Drillhole INDD008 is currently at approximately 150m and designed to test the western Innouendy plate. This plate is modelled to be deeper, larger and more conductive than the eastern one. The drill hole is interpreted to intersect the plate at approximately 260-280m. After testing both plates at Innouendy the drill rig will move 20km south to test the four conductive plates at Irrida Hill where RC pre-collars have been drilled. A ground EM crew will be arriving on site in the second week of May to follow up on 6-12 anomalies identified from the Airborne survey flown in February. The helicopter EM crew will return in late May to fly the company's eastern licenses from which further conductors may be prioritised for ground follow up and drilling. Announcement • Feb 11
Desert Metals Limited Provides Exploration Update on First Quarter Field Season Desert Metals Limited announced that despite record rainfall throughout the Murchison it has completed approximately two thirds of the previously announced Helicopter EM data acquisition. Fortunately, the heavy rainfall began before the drill rig mobilised and so the Company has avoided any bogged equipment or damaged roads. The weather has now cleared and the roads, while still closed to all traffic by the shire, are drying and are expected to be opened shortly. Subject to the roads re-opening, the drill rig is now expected to mobilise in the week beginning 15 February 2021. The initial work program consists of drill testing several strong EM conductors identified at the wholly owned Innouendy and Irrida Hill prospects.
With several more good production days the approximately 2,800 line km airborne EM survey will be completed in the next week and the results from this survey will be released shortly after being processed by Fathom Geophysics. Announcement • Jan 22
Desert Metals Limited Announces Exploration Update Beginning of First Quarter Field Season Desert Metals Limited announced that its field season for first quarter began on January 20, 2021. The initial work program consists of drill testing several strong EM conductors identified at its wholly owned Innouendy and Irrida Hill prospects. The conductors lie within mafic and ultramafic intrusive bodies and are coincident with large oval shaped magnetic anomalies. Holes will be followed up with down-hole EM to locate any near-miss off-hole conductors. The drilling costs will be partly covered by a $150,000 EIS grant from the Western Australian State Government. Desert has begun a large scale 2,800-line km airborne EM survey with the expectation that this survey will generate additional targets. Multiple High-Conductance ground EM anomalies Strong, discrete magnetic low at prominent structural intersection Sub-cropping intrusion confirmed in field Anomalous nickel and copper in UM from historical shallow drilling [Western Mining percussion drilling 1977 (exact location unknown), GDE-9 surface to EOH (14m) average 2077 ppm Ni, GDE-10 surface to EOH (18m) average 2091 ppm Ni]. The Innouendy prospect contains several Class 1 (high amplitude, late time) conductors identified by airborne EM and confirmed by ground EM data. The conductors are in ultramafic intrusive rocks on the margin of the Yilgarn Craton Final heritage clearance for Innouendy is expected late January 2021. Announcement • Dec 18
Desert Metals Limited has completed an IPO in the amount of AUD 5 million. Desert Metals Limited has completed an IPO in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.2
Discount Per Security: AUD 0.012 
