Perpetual Resources Limited provided the following update relating to ongoing offtake initiatives with a significant increase in the level of inbound enquiry in recent months. This interest has also coincided with the selection of the Beharra Project as a member of the Austrade Critical Minerals Prospectus 2022, which highlights Beharra as a key critical minerals project in Australia. Offtake Update: Perpetual continues to make solid progress regarding advancement of offtake discussions with several interest silica sand buying groups.

Recent activities have encompassed a mix of ongoing testing and discussion with both existing interested parties, as well as several new potential offtake relationships which have been initiated by inbound interest. To enable Perpetual to adequately handle this new level of offtake interest, two new distribution partners have been appointed who will assist Perpetual in the management of the commercial negotiations and discussions. These new distribution partners have also been facilitating product sample testing, with initial feedback received confirming that Beharra silica sand is suitable for applications in glassmaking in Asia.

Perpetual now has multiple parallel offtake discussions ongoing, with some of these discussions contemplating the provision of equity and debt funding as well as broader strategic collaborations. These broader discussions remain at a very early stage and are indicative only, with discussions ongoing and likely to take further time to finalise. While there is no guarantee that any of these discussions will lead to binding agreements of any form, Perpetual intends to update the market once discussions progress to more advanced stages.

Beharra Selected as a Critical Minerals Project by Austrade Perpetual is also pleased to confirm that the Beharra Silica Sand Project has been included in the 2022 edition of the Australian Critical Minerals Prospectus, published by Austrade. This comprehensive publication was launched in December 2002 in Sydney by the Minister for Trade and Tourism, Senator The Hon. Don Farrell, and is designed to assist with attracting foreign investment and offtake interest into Australia's critical minerals sector.

Perpetual is pleased to confirm that recent interest coincided with this publication by Austrade. The prospectus includes a range of detailed technical, project, business, and geological data to assist potential investors to make informed approaches regarding investment decisions. It has already received widespread acknowledgement from several foreign investors, corporates groups, as well as the Australian government for its potential to assist in the promotion and marketing of Australia's key mineral resources.