Petratherm Limited announced drilling operations are resuming at the Comet Rare Earth Project in the Northern Gawler Craton of South Australia. The crew and equipment are mobilising to site with drilling likely to get underway over the weekend. An approximate 5,000 metre drill program has been designed to infill drill high-grade rare earths at Meteor Prospect, test extent of high-grade mineralisation encountered at Southern Zone and conduct exploration drilling of new rare earth targets.

A summary of each phase of the drill program is presented below. Meteor Prospect - is a significant REE prospect currently extending 1,200 metres by 700 metres, with high- grade mineralisation starting from 3 to 6 metres depth and averaging 9 metres of thickness. Recent 1 metre split sampling at Meteor returned up to 4,001 ppm TREO.

Drilling will comprise 100 metre spaced infill drilling over central high grade-zone as part of initial assessment of grade continuity. Core sampling will also be undertaken to assess rock density and for metallurgical recovery test work. Southern Zone - A single 300 metre drill traverse at the Southern Zone Area defined a continuous TREO zone more than 1,000 ppm.

The intercepts range from 12 metres up to 27 metres and start from 9 to 15 metres depth. The mineralisation remains open both to the east and west as well as to the north and south. Step out drilling at Southern Zone will test for extensions in all directions.

Meteor Basement Target - Petrological assessment of fresher basement rock chips at approximately 30 metres depth below the weathered zone clays has identified presence of rare earth bearing Apatite and Titanite minerals. A zoned dioritic intrusion has been identified at Meteor with apatite comprising approximately 2% volume of the rock, more than is usual in dioritic rocks. A north-south fence line of angled RC percussion holes to approximately 90 metres depth is planned to be drilled over the intrusive body to test for primary REE mineralisation.

Other Exploration Targets - Seven other REE targets identified from geophysical /geological interpretations will be tested. They represent an initial small sub-set of prospective target areas to be drilled with ongoing exploration throughout the 2023 period. Each of the 7 targets will be tested with reconnaissance style drill traverses.

PTR looks forward to the next critical phase of drill work which is envisaged to be completed just prior to the Christmas Period, with initial drill results expected by February 2023. This ASX announcement has been approved by Petratherm's Board of Directors and authorised for release by Petratherm's Chairman Derek Carter.