BBX Minerals Limited (ASX: BBX) (“BBX” or the “Company”) is pleased to provide results from bioleaching test work of a composite sample from drill hole TED-015, conducted by EcoBiome Metals, LLC (EcoBiome). TED-015 was incorporated in the Adelar prospect (Três Estados) MRE announced to the ASX on 25 October 2022. The goal of this investigative test work was to demonstrate how the Três Estados complex mineralisation responds to EcoBiome’s patent pending microbial technology.

The test work was conducted at EcoBiome’s USDA-certified facility in The Woodlands, Texas, USA, using a 5kg sample taken from a homogenised 50.4kg composite from the TED-015, comprised of hematite altered mafic intrusive from 28m to 64m, typical of the altered gabbro within the Adelar MRE envelope (Figure 1 and Figure 2).

This interval reported 1.34 g/t 5E[i] PGM (0.04 g/t Au, 0.04 g/t Pd, 0.71 g/t Pt, 0.54 g/t Ir and 0.01 g/t Rh) using BBX´s proprietary assay method (refer to Appendix 1 and announcement dated 26 May 2022). Untreated samples were initially assayed for gold, platinum, palladium, iridium, and rhodium by ICP-MS by an independent analytical test laboratory in Arizona and the dried samples then re-assayed subsequent to bioleaching.

Highlights:

-          Bioleach test results utilising a 36m interval (5kg sample from a homogenised 50.4 kg composite) from drill hole TED-015 show a recovered grade of 95.38 g/t 5E precious metals (14.13 g/t Au, 79.27 g/t Pd, 0.17 g/t Pt, 0.72 g/t Ir and 1.1 g/t Rh).

-          Test results show a significant increase in 5E precious metals following the bioleaching process, compared with previously reported assays for the same drill hole.

-          Learnings from initial bioleaching test work started in October/November successfully applied to Tres Estados hole.

-          Pilot plant testing to begin between Christmas and New Years.

-          Planning underway for testing of other drill core samples from the recently announced MRE.

-          Bioleaching is a simple and effective technology for metal extraction from low-grade ores and mineral concentrates[ii].

As stated in the announcement dated 14 November 2022, initial experiments completed on 1 kg samples were successful in determining the appropriate conditions and microbial formulation for BBX’s complex mineralisation. Results demonstrated an overall increase in 5E precious metals assayed following the bioleaching process.

From the learnings in November, a new test using 5kg of fresh ore material from the Adelar Prospect was carried out. This experiment utilised optimized Cultured Gold® microbial formula to demonstrate and prove the ability to extract and recover 5E precious metals from an unprocessed ore sample. EcoBiome Metals proprietary and patent pending Gold DRIVE™ was utilized to promote the recovery of 5E precious metals. All tests were conducted for 96 hours at 30% pulp density. The results are presented in Table 1.

Table 1: Bioleaching Results

Test using composite DD core g/t

Au assay Ni fusion

0.04

Au untreated grade

0.82

Au EcoBiome treated for 96 hours

14.13

Pd Ni fusion

0.04

Pd untreated grade

0.39

Pd EcoBiome treated for 96 hours

79.27

Pt Ni fusion

0.71

Pt untreated grade

n/d

Pt EcoBiome treated for 96 hours

0.17

Ir Ni fusion

0.54

Ir untreated grade

n/d

Ir EcoBiome treated for 96 hours

0.72

Rh Ni fusion

0.01

Rh untreated grade

0.10

Rh EcoBiome treated for 96 hours

1.10

Table 2: Elemental Analysis

Untreated Sample (%)

EcoBiome Treated Sample (%)

%

Change

MgO

3.658

1.101

-70.1%

Al2O3

10.360

4.088

-60.5%

SiO2

39.969

22.339

-44.1%

CaO

4.292

2.381

-44.5%

FeO

9.672

6.119

-36.7%

These results are intended for test work purposes only and may not be indicative of the overall MRE mineralisation. Additional work is required on composites from above and below this zone in TED-015 and subsequently on a representative composite sample from all holes incorporated in the Adelar MRE.

The results report a reduction in platinum compared to BBX’s previous assays. This variance will be investigated; however, it is more appropriate to wait until the full sample has been re-assayed and digested. Additional work is required to optimise the EcoBiome Metals microbial formulation, concentration, metal targeting and recovery process to achieve superior extraction and bio-recovery.

Andre J Douchane, CEO commented: “The recent results from EcoBiome are excellent especially since the material used was from the Tres Estados JORC resource area. The results also include numbers describing the reduction of certain minerals during the process (Table 2), which are important in helping understand where the precious metals are attached within the resource.

The remainder of the 50kg sample will be used for pilot plant testing scheduled for start just after Christmas, and while we could see some initial results late this year there is a lot of incremental work to be completed to begin understanding the process controls. This work will take several weeks to complete.

The material sent for this initial pilot plant test was from the altered portion of the resource; therefore, we still need to test both the oxidized material and the unaltered material at depth. As the other variations of the resource are tested through EcoBiome’s pilot plant, the sizing and engineering of an operating plant can begin.

Believe me, even though there’s a lot of work to be done we’re very excited with the results!”.

BBX’s Technical Manager Edmar Medeiros said: “After the initial studies of noble metal extraction tests using the bioleaching technique, BBX and EcoBiome continued with the tests aimed at improving the technology for recovering noble metals present in the BBX ore from Brazil.

The results reported in the recent December trials not only confirm the good results achieved in previous trials, but also confirm the efficiency of the methodology used. The process really presents itself as a promising method for noble metals recovery from BBX’s ores.

Once again, the results show a significant concentration of noble metals in the ore, after microbial action. In addition, the tests confirm a significant reduction in the levels of silicon, aluminum, iron, calcium and magnesium in the ore during the process (Table 2), which are the elements that form the majority mineral matrices present in the ore. The reduction in the content of these chemical elements, which make up the main minerals present, may be related to the release of precious metals and, consequently, provide for their recovery.

The BBX technical team is thrilled with the results achieved so far and looks forward to continuing the technology development project”.

Marc Rodriguez, CEO of EcoBiome Metals said: “EcoBiome continues to be very excited about the prospect of using our EcoBiome Cultured Gold® technology on BBX deposits. After the first round of successful tests, we completed a second round of tests on fresh ore deposits. The results from the second test again show the ability of our patent pending technology to liberate gold and PGM’s from the ore through a unique mode of action. We continue to believe that the pilot plant testing set to begin in Q1 2023 will be the next successful step in leaching to a full commercial project for the enhanced recovery of PGM’s throughout all BBX resources”.

Figure 1: Location of TED-015 & MRE area of influence

Figure 2: Cross section showing TED-015

Table 3: TED-015 Drillhole Location

Hole ID

East

North

RL (m)

Azimuth

DIP

Depth (m)

Tenement

Method

TED-015

224818.0

9198356.0

191.00

0

-90

91.88

880.080/2008

DD

This announcement has been authorised for release by the Board of Directors.

For more information:

André Douchane

Chief Executive Officer

adouchane@bbxminerals.com

About BBX Minerals Ltd

BBX Minerals Limited is a mineral exploration and technology company listed on the Australian Securities Exchange. Its major focus is Brazil, mainly in the southern Amazon, a region BBX believes is vastly underexplored with high potential for the discovery of world class gold and precious metal deposits.

BBX’s key assets are the Três Estados and Ema Gold Projects in the Apuí region, Amazonas State. The company has 270.5km² of exploration tenements within the Colider Group, a prospective geological environment for gold, PGM and base metal deposits.

Competent Person Statement

The information in this report that relates to exploration results is based on information compiled by Mr. Antonio de Castro, BSc (Hons), MAusIMM, CREA, who acts as BBX´s Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda. Mr. de Castro has sufficient experience which is relevant to the type of deposit under consideration and to the reporting of exploration results and analytical and metallurgical test work to qualify as a competent person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Castro consents to the report being issued in the form and context in which it appears.

CREA/RJ:02526-6D

AusIMM:230624

[i] 5E precious metals refer to the sum of platinum (Pt), palladium (Pd), iridium (Ir), rhodium (Rh) and gold (Au) expressed in units of g/t.

[ii] Source: Klaus Bosecker, Bioleaching: metal solubilization by microorganisms, FEMS Microbiology Reviews, Volume 20, Issue 3-4, July 1997, Pages 591–604