3 October 2022

Future Metals NL

Final Results for the Year Ended 30 June 2022 and

Corporate Governance Statement

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased to announce the Company's final results for the year ended 30 June 2022.

Please see below extracts from the Company's Annual Report and Accounts for the year ended 30 June 2022, as follows:

·      Chairman's Statement

·      Consolidated Statement of Profit or Loss and Other Comprehensive Income

·      Consolidated Statement of Financial Position

·      Consolidated Statement of Changes in Equity

·      Consolidated Statement of Cash Flows

Further details on the Company's activities during the year are set out in the Directors' Report, which can be found in the full Report and Accounts available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/4577B_1-2022-10-2.pdf and on the Company's website at https://future-metals.com.au/investor-centre/reports/annual-reports/. 

The Company has also released its Appendix 4G: Key to Disclosures - Corporate Governance Council Principles and Recommendations and its Corporate Governance Statement to the Australian Securities Exchange ("ASX"). Copies of these documents are also available on the Company's website at https://future-metals.com.au/.

This announcement has been approved for release by the Board of Future Metals NL.

For further information, please contact:

Chairman's Statement

It is my pleasure to present the 2022 Annual Report for Future Metals NL (ASX | AIM: FME) (Future Metals) on behalf of the Board, with this being the first full year of operations for Future Metals'. It has been a very active period for the Company after successfully acquiring the Panton PGM-Ni Project  in June 2021 and transforming the Company into an advanced PGM and Ni exploration and development company. The Company's achievements during the past twelve months include:

•     Completion of drilling that enabled the modelling and estimation of the bulk PGM-Ni mineralisation and scale potential at Panton

•     Significant increase to Panton's JORC Mineral Resource estimate, showing it to be a PGM deposit of global significance with contained PGM(3E) increasing by 108% to 5.0Moz and contained Ni increasing by 526% to 239kt

•     Development of a strategy to progress the development of Panton via a staged approach facilitated by the significant discrete, high-grade PGM reef allowing for a capital-lite initial project followed by a larger scale project utilising the bulk PGM-Ni mineralisation

•     A new exploration model highlighting the significant potential for a new Ni-Cu-PGE discoveries to be made at Panton in the previously untested basal contact

•     Appointment of Mr. Jardee Kininmonth as Chief Executive Officer and Managing Director, along with several other senior management appointments

Recent exploration discoveries and the strong price environment across palladium and platinum has helped highlight the potential for Australia to become a major PGM mining jurisdiction over time. This renewed focus on the PGM sector from investors, offtakers and governments has promoted the exploration for and development of PGM projects, particularly in Western Australia. Panton is one of the most progressed of such projects and we are utilising the significant body of work completed on the project to deliver the first PGM project in Australia. We are fortunate to have built a Board and management team who have prior experience with Panton, allowing us to capitalise on this prior body of work as we take it through development. While Panton's high-grade resource has been well known for some time, we have since proven that it can be an asset of global scale by drilling out the surrounding bulk mineralisation. This has been an incredibly important addition to the project, allowing the Company to undertake a staged approach to Panton's development, an approach informed by capital requirements, permitting and metallurgical progress.

We are leaving no stone unturned when proving Panton's value and this extends to understanding its true exploration potential too. While the focus at Panton by the Company, and its prior owners has always been the high-grade reef, there was plenty of commentary in historical reports and some indications in historical drill hole data of sulphide mineralisation that was not related to the geology of the reef. This led to a review of Panton's structural geology, in combination with the existing exploration database and geophysical data. The ultimate result of that review is that Panton is highly prospective for new Ni-Cu-PGE discoveries, with the basal contact being largely untested despite being the most fertile geology for high grade sulphide accumulations. We are extremely excited to test this potential with a targeted exploration drilling programme supported by new ground geophysical surveys.

I would like to acknowledge the communities in which we operate, in particular, the Malarngowem community. We recognise the importance of a cooperative and trusting relationship with the local communities to form a sustainable, long term and mutually beneficial partnership. I would also like to thank my fellow Board members, and most importantly our relatively new management team, led by Managing Director, Jardee Kininmonth.

Finally, I would like to thank our shareholders for the support shown over the past 12 months. It has been a challenging period in the equity markets over this period however, as highlighted above, we believe the value of the Panton project has never been better and we are looking forward to an exciting and busy year ahead.

Justin Tremain

Non-Executive Chairman

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the year ended 30 June 2022

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Report and Accounts.

Consolidated Statement of Financial Position

as at 30 June 2022

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Report and Accounts.

Consolidated Statement of Changes in Equity

for the year ended 30 June 2022

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Report and Accounts.

Consolidated Statement of Cash Flow

for the year ended 30 June 2022

The above Consolidated Statement of Cash Flow should be read in conjunction with the accompanying notes in the full Report and Accounts.