13 November 2019

Conic Metals Corp. [...] confirms that it has been notified by majority-owner and operator Metallurgical Corporation of China Limited ("MCC"), that processing at the Ramu Process Facility resumed [...] after a short suspension to undertake remedial works, as was previously reported by the Company. The suspension of activities was not the result of an environmental investigation as incorrectly reported by some media outlets. The Company and PNG government took 11 independent samples after the incident that occurred in late August and all sampling showed no lasting environmental impact. The statutory body in PNG responsible for environment protection, Conservation and Environment Protection Authority ("CEPA"), has declared the marine environment in Madang Province normal with no evidence of toxic elements as a result of the incident or Ramu's ongoing operations.

MCC's operating record at Ramu, now in its eighth year of production, continues to meet or exceed the obligations of its environmental and social licenses, and MCC continues to work with all Papua New Guinea government authorities in adopting a culture of continuous improvement at Ramu to mitigate against any future incidents. In addition, MCC monitors its world class deep-sea tailings management system in full compliance with the project's Environment Permit. This includes quarterly reporting of water quality and regular underwater inspections of system integrity. Also, studies are regularly conducted, in accordance with the prescribed guidelines, to monitor biological effects on marine life. The project has been in compliance with its permits and obligations since its inception.

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Conic Metals Corp. is a base metals company offering direct exposure to nickel and cobalt, both being critical elements of electric vehicles and energy storage systems. Conic holds an 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea which provides Conic with significant attributable nickel and cobalt production. [...]

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