Chairman’s Letter

Dear Shareholders, It has been a busy start to the year at Armada Metals, with the Company achieving several significant milestones. In December last year, the Company completed its initial public offering and successfully listed on the Australian Securities Exchange (ASX), raising its full targeted amount of A$10 million. Preparation for work programs at the Nyanga Project (Gabon) commenced immediately after listing, with teams on the ground since December. In early 2022, two custom-built drill rigs were mobilised, and a 3,000-metre diamond drilling program commenced over the highest priority targets for magmatic nickel-copper sulphides. In addition, the Company announced the renewal of Exploration Permit G5-555, allowing the southern extension of the 25-kilometre (km) long Libonga-Matchiti Trend (‘LMT’) to be incorporated in the current drill program, including Matchiti Central, which is the Company’s highest ranked exploration target along the LMT. Eleven regional targets, outside of the LMT, also sit within Permit G5-555 and regional programs over these areas are planned this year to generate additional drill targets. This pioneering start of a frontier exploration program in the under-explored Nyanga region of Southern Gabon is a major feat for the Company. This significant milestone has been achieved during a period of sustained increases in the nickel price, driven by the growth in stainless steel demand and production, and the electric vehicle (EV) revolution which has gathered significant momentum over the last year. With nickel demand expected to grow fourfold over the next 30 years, Armada is well placed, with any exploration success on exciting previously unexplored nickel and copper targets, to take advantage of this booming market in the short, medium and long term. Armada’s focused exploration program, together with a positive commodity price environment, experienced personnel, and loyal and supportive shareholders are all necessary ingredients to create a successful exploration company. I would like to thank my fellow board members, including Ross McGowan, our Managing Director and CEO, our executive team, and the rest of Armada’s loyal staff and contractors for their tremendous efforts over the past few months since listing on the ASX. We look forward to updating shareholders with our exploration success over the course of the year.

Rick Anthon

Chairman and Non-Executive Director 31 March 2022