A S X A N N O U N C E M E N T

16 DECEMBER 2021

For personal use only

PEREGRINE WINS BALLOT ON TENEMENT HIGHLY

PROSPECTIVE FOR LITHIUM MINERALISATION

Peregrine Gold Limited ("Peregrine" or the "Company") is pleased to announce it was recently successful in a ballot drawn by the Mining Warden in respect of a four (4) block Exploration Licence (E45/5775), located in the Pilbara region of Western Australia along strike from the prolific PilgangooraLithium operations ("Pilgangoora") of Pilbara Minerals Ltd (ASX: PLS).

Figure 1: Geological data from DMIRS displaying pegmatite occurrences on E45/5775.

For further information, please contact:

George Merhi

Peter Woodman

Technical Director

Non-Executive Director

Tel: +61 418 831 069

Tel: +61 8 9322 6322

T: +61 (0)8 9322 6322

W: peregrinegold.com.au

E: info@peregrinegold.com.au

A: Level 9, 28 The Esplanade, Perth WA 6000

ABN: 53 644 734 921

A S X A N N O U N C E M E N T

16 DECEMBER 2021

For personal use only

Application - E45/5775

The application, E45/5775, is situated in a favourable geological setting which hosts numerous lithium occurrences in addition to tin, tantalum, gold and lead. Moreover, a sequence of ultramafic rocks mapped within the licence has the potential to host nickel and copper mineralisation (Figure 1). E45/5775 is approximately five kilometres along strike from Pilgangoora (Figure 2). The mineral resource at Pilgangoora for June 2021 comprised a total of 308.9 million tonnes grading 1.14% spodumene (Li2O) and 105 ppm tantalite (Ta2O5)1.

There has been limited drilling and historical exploration conducted over E45/5775. The limited geological understanding has been derived through geophysical data with some previous interpretation utilised to obtain an overall understanding of the geology of the area. A review of all past work is underway.

Figure 2: Location of E45/5775 in the Pilbara region of Western Australia.

Geological data compiled by the Department of Mines, Industry Regulation and Safety ("DMIRS") on Critical Minerals reveals the significant extent of pegmatitic material in a broad corridor spanning across E45/5775 to the north (Figure 1). The pegmatites have been incorporated onto a solid geology image sourced from DMIRS.

The status of E45/5775 remains in the application stage until the relevant Native Title requirements have been met by the Company.

1 Refer Pilbara Minerals Limited (ASX:PLS) ASX Announcement on 6 September 2021, "Substantial increase in Pilgangoora Resource to 309Mt confirms its status as the world's premier hard rock lithium project".

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A S X A N N O U N C E M E N T

16 DECEMBER 2021

For personal use only

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is compiled by George Merhi, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Merhi is a Technical Director of Peregrine Gold Limited and a holder of shares, options and performance shares in Peregrine Gold Limited. Mr Merhi has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being 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" (JORC Code). Mr Merhi consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

Statements regarding plans with respect to Peregrine's projects are forward-looking statements. There can be no assurance that the Company's plans for development of its projects will proceed as currently expected. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

This ASX Announcement has been approved in accordance with the Company's published continuous disclosure policy and authorised for release by the Company's Technical Director, George Merhi.

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A S X A N N O U N C E M E N T

16 DECEMBER 2021

For personal use only

Appendix 1: JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (eg cut channels,

Not applicable

techniques

random chips, or specific specialised industry standard

measurement tools appropriate to the minerals under

investigation, such as down hole gamma sondes, or

handheld XRF instruments, etc). These examples

should not be taken as limiting the broad meaning of

sampling.

Include reference to measures taken to ensure sample

representivity and the appropriate calibration of any

measurement tools or systems used.

Aspects of the determination of mineralisation that are

Material to the Public Report.

In cases where 'industry standard' work has been done

this would be relatively simple (eg 'reverse circulation

drilling was used to obtain 1 m samples from which 3 kg

was pulverised to produce a 30 g charge for fire assay').

In other cases more explanation may be required, such

as where there is coarse gold that has inherent

sampling problems. Unusual commodities or

mineralisation types (eg submarine nodules) may

warrant disclosure of detailed information.

Drilling

Drill type (eg core, reverse circulation, open-hole

Not applicable

techniques

hammer, rotary air blast, auger, Bangka, sonic, etc) and

details (eg core diameter, triple or standard tube, depth

of diamond tails, face-sampling bit or other type,

whether core is oriented and if so, by what method, etc).

Drill sample

Method of recording and assessing core and chip

Not applicable

recovery

sample recoveries and results assessed.

Measures taken to maximise sample recovery and

ensure representative nature of the samples.

Whether a relationship exists between sample recovery

and grade and whether sample bias may have occurred

due to preferential loss/gain of fine/coarse material.

Logging

Whether core and chip samples have been geologically

Not applicable

and geotechnically logged to a level of detail to support

appropriate Mineral Resource estimation, mining

studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature.

Core (or costean, channel, etc) photography.

The total length and percentage of the relevant

intersections logged.

Sub-

If core, whether cut or sawn and whether quarter, half or

Not applicable

sampling

all core taken.

techniques

If non-core, whether riffled, tube sampled, rotary split,

and sample

etc and whether sampled wet or dry.

preparation

For all sample types, the nature, quality and

appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling

stages to maximise representivity of samples.

Measures taken to ensure that the sampling is

representative of the in situ material collected, including

for instance results for field duplicate/second-half

sampling.

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A S X A N N O U N C E M E N T

16 DECEMBER 2021

only

Criteria

JORC Code explanation

Commentary

Whether sample sizes are appropriate to the grain size

of the material being sampled.

Quality of

The nature, quality and appropriateness of the assaying

Not applicable

assay data

and laboratory procedures used and whether the

and

technique is considered partial or total.

laboratory

For geophysical tools, spectrometers, handheld XRF

tests

instruments, etc, the parameters used in determining

the analysis including instrument make and model,

reading times, calibrations factors applied and their

use

derivation, etc.

Nature of quality control procedures adopted (eg

standards, blanks, duplicates, external laboratory

checks) and whether acceptable levels of accuracy (ie

lack of bias) and precision have been established.

Verification

The verification of significant intersections by either

Not applicable

of sampling

independent or alternative company personnel.

and assaying

The use of twinned holes.

Documentation of primary data, data entry procedures,

personal

data verification, data storage (physical and electronic)

protocols.

Discuss any adjustment to assay data.

Location of

Accuracy and quality of surveys used to locate drill

Not applicable

data points

holes (collar and down-hole surveys), trenches, mine

workings and other locations used in Mineral Resource

estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Data spacing

Data spacing for reporting of Exploration Results.

Not applicable

and

Whether the data spacing and distribution is sufficient to

distribution

establish the degree of geological and grade continuity

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Orientation

Whether the orientation of sampling achieves unbiased

Not applicable

of data in

sampling of possible structures and the extent to which

relation to

this is known, considering the deposit type.

geological

If the relationship between the drilling orientation and

structure

the orientation of key mineralised structures is

For

considered to have introduced a sampling bias, this

should be assessed and reported if material.

Sample

The measures taken to ensure sample security.

Not applicable

security

Audits or

The results of any audits or reviews of sampling

Not applicable

reviews

techniques and data.

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Peregrine Gold Ltd. published this content on 15 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2021 21:38:08 UTC.