Ragusa Minerals : Quarterly Activities Report - March 2022

28th April 2022

ASX ANNOUNCEMENT

QUARTERLY ACTIVITIES REPORT - MARCH 2022

HIGHLIGHTS

• ● Litchfield and Daly River lithium projects in NT secured, located near Core Lithium's Finnis Project, and containing same geological setting

  Historical geological mapping data has identified pegmatites and dykes within the Litchfield Lithium Project

• ● Burracoppin Halloysite Project drilling works conducted - to delineate JORC resource & targeting extension of neighbouring resource1

• ● Monte Cristo Gold Project review identified four historical gold & copper prospects as priority exploration areas - targeting large intrusive and porphyry systems

• ● Lonely Mine Gold Project Tiberius prospect diamond drilling results identified new zone of gold mineralisation, with significant intercepts including:10.43m @ 2.5 g/t Au from 128.48m in hole TDD06 (including 0.7m @ 10.02 g/t and 2.3m @ 5.7 g/t Au)

5.17m @ 3.68 g/t Au from 146.18m in hole TDD0613.96m @ 3.61 g/t Au from 172.18m in hole TDD06

KEY OBJECTIVES FOR JUNE 2022 QUARTER

• ● Conduct exploration works targeting outcropping pegmatite rocks at the NT lithium projects & procure surrounding complementary lithium projects

• ● Conduct sampling and laboratory analysis works from the Burracoppin Halloysite Project drilling program to then delineate JORC resource

• ● Conduct exploration works at the priority historical prospects at Monte Cristo Gold Project in Alaska

Ragusa Minerals Limited (ASX: RAS) ("Ragusa" or "Company"), is an Australian based mineral exploration company with a 100% interest in the following projects - Litchfield and Daly River Lithium Projects in the Northern Territory, Burracoppin Halloysite Project in Western Australia, Monte Cristo Gold Project in Alaska, and the Lonely Mine Gold Project in Zimbabwe. The Company provides the following update for the Quarter;

EXECUTIVE SUMMARY

During the Quarter, Ragusa secured the Litchfield and Daly River lithium projects in the NT, and continued works to progress activities at the Burracoppin Halloysite Project in Western Australia, the Monte Cristo Gold Project in Alaska, and the Tiberius prospect - part of the Lonely Mine Gold Project, including key milestones -:

Successfully applied for three tenements prospective for lithium in the Northern Territory - known as the Litchfield Lithium Project (Exploration Licence application's 33149 and 33150) and the Daly River Lithium Project (Exploration Licence application 33148), which have been officially recorded by the Northern Territory Mineral Titles office.

Conducted drilling operations at the Burracoppin Halloysite Project, located ~300 kilometres east of Perth.

Completed a targeting exercise review at the Monte Cristo Gold Project in Alaska for planning of the 2022 field exploration program, and to determine mineral prospectivity relative to the nearby multi-million ounce neighbouring gold projects.

Received laboratory analysis results from the diamond drilling works at the Tiberius prospect - part of the Lonely Mine Gold Project - with the compilation of the drilling results and project data completed.

Litchfield & Daly River Lithium Projects (100% interest)

The Company identified the highly prospective lithium project areas, with proven hard rock lithium deposits, within the Litchfield Pegmatite Belt - host to discoveries including the neighbouring Core Lithium Finnis Project, Lithium Plus, Charger Metals and others.

The strategic Litchfield and Daly River project areas were selected as prospective for lithium from historical geological mapping works and the interpreted continuation of the geological rock-types found in the neighbouring lithium projects, indicating a high level of lithium prospectivity throughout the region.

Lithium bearing pegmatites within the Litchfield Pegmatite Belt are found within the Burrell Creek Formation (part of the Finnis River Group), adjacent to and within the contact aureole of late Proterozoic granites as the source of the LCT (Li- Cs-Ta) pegmatites in the area.

Lithological units found within the Company's new project areas all contain predominantly Burrell Creek

Formation sediments adjacent to Late Proterozoic undifferentiated granites, providing the appropriate geological setting to contain LCT pegmatites. The Company's new projects are located within this lithium exploration province.

The Company intends to conduct initial reconnaissance exploration works to target outcropping pegmatite rocks, with this phase of works being used to develop a more detailed lithium exploration program (subject to initial results).

The Company will continue working to identify and procure surrounding complementary lithium projects.

Burracoppin Halloysite Project (100% interest)

The Burracoppin Halloysite Project comprises recently granted exploration licences E70/5708 and E77/2774 (total of 68 blocks) located ~300 kilometres east of Perth in WA, and is prospective for halloysite and kaolinite. The project is located near Merredin, with port access easily accessible via the Great Eastern Highway. All services required for a low-cost operation are in close proximity.

The Company commenced drilling operations at the project, and planned the maiden wide-spaced air-core drilling program targeting the open strike extensions of the adjacent halloysite-kaolin deposit, with the aim to delineate a JORC mineral resource.

The first phase drilling program plan comprised up to 60 drill-site locations in a grid pattern based on 400 metre centres across the approved Program of Work area in tenement E70/5708, for a total of up to ~1750 metres.

The project area adjoins Latin Resources Ltd ("Latin") Noombenberry Halloysite Project, and specifically the Cloud Nine deposit, where Latin have estimated a global Inferred Mineral Resource of 207 million tonnes of kaolinised granite, comprising 123 million tonnes of bright white kaolin-bearing material and 84 million tonnes of kaolin/halloysite-bearing material (refer to Latin's Maiden Inferred Mineral Resource announcement on 31 May 20211), with the potential for the strike extension to extend into the Burracoppin Halloysite Project area.

Monte Cristo Gold Project (100% interest)

The Monte Cristo Gold Project comprises 500 granted claims (tenements), totalling 323.74km², located in Alaska, USA. The Project is located within the vicinity of multi-million ounce gold projects discovered by Nova Minerals Ltd (Korbel deposit 8.1m oz Au2 and RPM deposit 1.5m oz Au3) and GoldMining Inc (Whistler and Raintree deposits with combined 4.8m oz Au4).

The Project area contains four historical prospects - Monte Cristo, St Eugene, Old Man Breccia and Old Man Diorite - and these will be priority exploration targets to conduct initial exploration work. The Company will also conduct works to determine any geological similarities from the adjacent newly discovered 1.5 million ounce RPM gold deposit and the 8.1 million ounce Korbel gold deposit within the neighbouring Estelle Gold Project.

The targeting exercise review was conducted for planning of the 2022 field exploration program and to determine mineral prospectivity relative to the nearby multi-million ounce gold projects, and identify potential new prospects in proximity to the recent RPM discovery (which is located in close proximity to

Ragusa's project area).

For the Monte Cristo prospect, the review outlined;

• • The primary targets are large intrusion-related gold and/or porphyry copper-gold, with gold mineralisation hosted in highly altered Paleocene aged volcaniclastic and intrusive rocks.

• • Mineralised zones occur on two parallel ridge-backs separated by ~300 m of shallow glacial debris cover.

• • From previous exploration works, extensive alteration zones with anomalous gold and copper values were detected, with historical sampling comprised rock samples (assay results up to 4.2 g/t gold5) and soil samples (talus fines) (assay results up to 3.0 g/t gold5).

• • Regional aerial magnetic survey data indicates long wavelength anomalies trending SW to NE, with the Monte Cristo prospect in the region of the Whistler magnetic anomaly and the Island Mountain magnetic anomaly, suggesting a possible relationship both spatially and genetically to large potential porphyry centres.

For the St Eugene prospect, the review outlined;

• • Gold and copper mineralization occurs in three separate zones hosted by late Cretaceous aged hornfels and the adjacent diorite intrusion.

• • The largest zone has a 700m strike length, defined by rock and soil samples, with rock samples up to 1% copper5 and 2.1 g/t gold5.

The Company is also progressing works on the Old Man Breccia and Old Man Diorite prospects, with plans to conduct an airborne geophysical survey over these areas.

Figure 3. Monte Cristo Gold Project Location

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