Platypus Minerals : New Lepidolite Project in Quebec

L1, 254 Railway Parade, West Leederville WA 6007| PO Box 1245, West Leederville WA 6901 T: +61 8 9363 7800 | e: office@platypusminerals.com.au | www.platypusminerals.com.au

Perth: 26 July 2016

ASX: PLP

• Platypus and Canadian company St-Georges sign option to jointly acquire lepidolite-rich Royal prospect in Quebec
• Virgin find 4km from the Quebec Lithium Mine
• Outcropping lepidolite-rich pegmatite

Platypus Minerals Ltd (ASX:PLP)("Platypus" or "Company") is pleased to announce that it has entered into a Binding Memorandum of Understanding ("Binding MOU") to acquire the Royal lithium prospect located 30 km north of Val d'Or in Quebec, Canada.

Platypus is acquiring Royal in conjunction with Canadian listed St-Georges Platinum and Base Metals Ltd (CSE:SX)("St Georges") on a 70:30 relative basis.

The Royal prospect comprises 5 contiguous claims, approximately 286 hectares in area and represents a virgin find within a known lithium district, albeit situated only 4 km from the Quebec Lithium Mine. Royal is easily accessible and lies close to infrastructure and facilities of regional city Val d'Or (Figures 1, 2 and 3).

TheQuebec Lithium Mine hosts a resource of 42 Mt @ 1.10% Li2O(NI43-101; Measured and Indicated). The mine was recently acquired from administrators by Chinese owned Jilin Jien Nickel Industry Co.

A preliminary site visit by an independent geologist commissioned by Platypus and St Georges confirmed the presence of a significant amount of lepidolite within the pegmatite outcrops (Figures 4 to 7). Lepidolite exploration is a key focus for Platypus, given its ownership of the L-Max® technology, which was specifically designed to extract lithium from lepidolite and other Li-mica minerals.

Figure 1. Location of the Royal prospect in Quebec, Canada.

Figure 2. Location of Royal Prospect to the north of regional city Val d'Or.

Platypus is awaiting a report from the independent geologist, which will determine whether Platypus and St Georges will proceed with the option. This report is expected within two weeks.

Quebec Lithium Mine

Royal

Figure 3. Tenure plan, north Val d'Or area, showing Royal claims (bright green; granted) in relation to Quebec Lithium Mine (dark red), other granted claims (dark blue) and applications (light blue). (After Ministry of Natural Resources, Canada).

Figure 4. Lepidolite in pegmatite at Royal. Figure 5. Lepidolite and spodumene in pegmatite

at Royal.

Figure 6. Lepidolite-rich pegmatite from Royal. Figure 7. Lepidolite-spodumene pegmatite from

Royal.

Under the terms of the MOU, Platypus and St Georges will pay the vendors a C$10,000 option fee to conduct due diligence on the Royal claims. After the due diligence period and receipt of the independent geologist's report, Platypus and St Georges will be able to acquire 100% of the Royal claims based on the following terms:

Platypus and St Georges are concurrently negotiating formal terms of a joint venture between the two companies to develop the Royal prospect.

Platypus Managing Director Tom Dukovcic commented:

"The Royal claims are an excellent opportunity for Platypus to develop another lithium property in Quebec. We already have exposure in Quebec to spodumene at our Lemare project near Nemaska, which we're gearing up to drill. This addition of a lepidolite-rich prospect is perfectly suited to our

primary focus of deploying the L-Max® technology to provide lithium to the market from an alternative source, namely, lithium-rich micas, which gives us a valuable point of difference in the lithium sector."

For further information, please contact:

08 9363 7800 (+61 8 9363 7800)

The information in this report that relates to Exploration Results is based on information compiled by Mr Tom Dukovcic, who is an employee of the Company and a member of the Australian Institute of Geoscientists and who has sufficient experience relevant to the styles of mineralisation and the types of deposit under consideration, and to the activity that has been undertaken, 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." Mr Dukovcic consents to the inclusion in this report of information compiled by him in the form and context in which it appears.

About Platypus Minerals Ltd

Platypus Minerals Ltd is an ASX-listed Perth based company focused on the lithium sector. It's current exploration assets include an option over the Lemare project in Canada; ownership of the Euriowie project near Broken Hill in New South Wales; a joint venture agreement with ASX-listed Crusader Resources (ASX:CAS) to jointly exploit lithium opportunities in Brazil; and an agreement with ASX-listed Latin Resources (ASX:LRS) to jointly exploit lithium opportunities in Peru and Argentina. Through wholly-owned subsidiary Lepidico Ltd, Platypus also owns the L-Max® technology, a metallurgical process that extracts lithium from non-conventional sources, specifically Li-rich mica minerals such as lepidolite and zinnwaldite, and thus has the potential to disrupt the lithium market by providing lithium from an alternative source. Platypus's largest shareholders are Strategic Metallurgy Pty Ltd and Potash West Ltd (ASX:PWN).