• Excellent high-grade intercepts from the first batch of results from the Phase 3 drill program include the thickest, highest grade intercepts to date.
  
  
  
  
• The results continue to highlight the consistent grade and thickness of mineralization over ~3.6km strike length, and the potential to rapidly define a large, critical mineral resource at the Titan Project.
  
  
  
  
• The remaining 40 Phase 3 drill holes and further heavy mineral assemblage samples are currently with SGS for analysis. A maiden mineral resource estimate in accordance with the JORC Code is expected in Q3 2021.
  
  
  
  
• New assays received from 38 holes of the Phase 3 drill program continue to show thick, high grade intercepts of Total Heavy Minerals ("THM"), including:
  
  
  
  
  • 48.8m @ 3.3% THM including 15.2m @ 6.5% THM and 13.7m @ 4.3% THM
    
    
    
    
  • 42.7m @ 3.7% THM including 7.6m @ 7.0% THM and 13.7m @ 6.8% THM
    
    
    
    
  • 44.2m @ 3.5% THM including 10.7m @ 5.6% THM
    
    
    
    
  • 45.7m @ 3.2% THM including 13.7m @ 4.6% THM and 12.2m @ 6.0% THM
    
    
    
    
  • 48.8m @ 2.4% THM including 12.2m @ 6.0% THM
    
    
    
    
  • 15.2m @ 7.6% THM including 6.1m @ 14.7% THM
    
    
    
    
• The results continue to support the Company’s view that this region in Tennessee is a major, untapped U.S. critical mineral province, with Hyperion having the unique potential to become one of the most important critical mineral suppliers in the U.S.
  
  
  
  
• Hyperion continues to consolidate land and complete exploration drilling in additional areas in Tennessee and is confident of discovering further mineralization in the region.
  
  
  
  
• Initial exploration work at the Company’s newly secured landholding is well advanced, with a 32-hole drill program and a bulk sample completed in an area that saw significant drilling by companies including DuPont, Kerr McGee, BHP, RGC / Iluka and Altair International from the 1950’s to the 1990’s.

Hyperion Metals Limited (“Hyperion” or “the Company”) (ASX: HYM) is pleased to announce that the initial results of the Phase 3 drilling program have been received, with excellent high-grade intercepts from the first 38 holes of the program highlighting the potential to rapidly define a large, critical mineral resource at the Titan Project, and the definition of a critical mineral rich province in the USA.

The Phase 3 drill program is focused upon infill drilling at the Titan Project in order to delineate a maiden mineral resource estimate. The results received include the thickest, highest grade intercepts to date, highlighting the huge potential for consistent grade and thickness of mineralization over ~3.6km strike length drilled to date. Highlights include:

The main mineralized zone is hosted stratigraphically in the lower member of the McNairy Formation. Mineralization averages 18 meters thickness and to date has been traced for 3.6 kilometers along strike.

Analytical data for the final products will be completed by SGS Laboratories in Lakefield, Ontario, with results expected in the coming weeks, and will further inform heavy mineral concentrate assemblage data for an initial mineral resource estimate and flowsheet development for the Titan Project.

Further, Hyperion has recently completed 32 drill holes and a 1 tonne metallurgical bulk sample at its recently expanded land position in the region. The new land position includes areas which saw significant drilling by companies including DuPont, Kerr McGee, RGC / Iluka, BHP and Altair International from the 1950’s to the 1990’s. Exploration results from the new land position are expected to be released in the coming months.

Commenting on the exploration progress, Anastasios (Taso) Arima, Managing Director of Hyperion Metals said:

“I am delighted with the initial Phase 3 drill results, being the best to date from the Titan Project in Tennessee, USA. In the coming months we will rapidly move towards resource delineation and completion of our initial economic studies. This would be the foundation for us to capitalize on this opportunity to become one of the major suppliers of critical minerals in the U.S. for advanced industries which are expected to see massive growth in the coming years from modernization and infrastructure spending in the country.

We are excited about continuing to explore and consolidate the area and we are confident in continuing to find additional areas of mineralization in this major, untapped U.S. critical mineral province.”

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Persons Statement – JORC Code 2012

The information in this announcement that relates to Exploration Results is based on information compiled and/or reviewed by Mr. Adam Karst, P.G. Mr. Karst is an independent consultant to Hyperion Metals Pty Ltd. Mr. Karst is a Registered Member of the Society of Mining, Metallurgy and Exploration (SME) which is a Recognized Overseas Professional Organization (ROPO) as well as a Professional Geologist in the state of Tennessee. Mr. Karst has sufficient experience which is relevant to the style and type of mineralization present at the Titan Project area and to the activity that he is undertaking 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” (the 2012 JORC Code). Mr. Karst consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

This announcement has been authorized for release by the Managing Director.

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