Iconic Minerals Ltd. provide an additional update on the 2022 drill program for the Bonnie Claire Lithium Project, located in Nye County, Nevada. Geochemical results and final drill logs have been received for BC2002C and BC2004C. Results appear to show continuous Lithium mineralization in a shallow zone averaging 360 feet (110 meters) thick and a deeper zone averaging 900 feet (274 meters) thick.

The drilling delineates an area 4,000 feet (1,220 meters) long in an east-west direction and 2,030 feet (618 meters) long in a north-south direction. The average Lithium grades of both mineralized zones drilled are similar in all holes drilled to date. The average grades for both horizons are shown in the table below.

While the deeper zone is higher grade, both horizons are well above the 600 ppm cut-off used in the Company's resource estimate. On the following page are a plan view, geology, and lithium values for Section A-A'. The plan shows three holes forming a nearly east-west section and the last path of the section nearly north-south.

The Geology Section shows continuous, nearly flat sediments in all four holes. Lithium-rich fine sediments consisting of mudstone and claystone are separated by barren sandstone. A second, deeper sandstone is intersected in the two western-most holes and underlain by conglomerate.

The Lithium Values Section shows all +600 ppm Lithium results. There is good correlation between both geology and lithium grade between all holes. Values and lengths of intercepts for the four holes are shown in the tables below.

Intercepts of the Upper Zone range from 320 feet (98 meters) to 382 feet (117 meters) in length with average grades ranging from 820 to 1,042 ppm lithium. The depth to the Upper Zone ranges from 16 to 20 feet (5-6 meters). Intercepts of the Lower Zone range from 620 feet (189 meters) to 1,018 feet (310 meters) thick with average values ranging from 1,043 to 2,065 ppm Lithium.

BC2204C had a narrower and lower grade intercept of the Lower Zone because it intercepted the Lower Sandstone at a shallower depth. The Company is currently completing the drilling of BC2205C located one-half mile east of BC2203C. The hole is an extension of BC2205 which was a mud/rotary hole.

BC2205 was terminated at a depth of 1,000 feet (305 meters) after results from the BC2201 mud/rotary hole were found to be much lower than its core twin, BC2201C. The current core hole is expected to be completed and in for assay before the end of the year.