Reach Resources Limited announced that it has identified several carbonatite dykes or sills and associated ironstone outcrops within its Skyline Rare Earths project ("Project"), that have returned further anomalous REE* results. In addition, the team has uncovered significant Manganese potential within the eastern portion of the Project identifying another battery metal target for the Company. Furthermore, the Company's Critical Elements project ("Project") has returned the highest REE result to date of 0.68% REE* from the same area where similarly anomalous results were recorded during the last site visit, highlighting the potential for significant REE at the Project.

The Skyline Project is located ~20km to the east and the Wabli Creek and Yinnietharra Projects (Critical Elements), ~80km south of the Hastings Technology Metals Limited Yangibana REE development, which has a current Ore reserve of 16.7Mt at 0.95% TREO for 158Kt. This current program was commissioned after the identification of anomalous REE pXRF results and geology at both Projects during a brief two-day reconnaissance field trip as announced on 18 October 2022. Anomalous results returned from pXRF readings taken during that initial reconnaissance include values up to 0.31% REE and 0.31 % Cu.

Several new targets were initially selected for this trip which included areas of: thorium anomalism; REE and/or pegmatite related mineral occurrences; previously mapped ironstones; potential ironstone or carbonatite dyke locations identified from aerial photography. In total, 86 rock chip samples and 70 pXRF readings were collected over the two Project areas. Three of the recently evaluated target areas within the Skyline Project returned anomalous REE results within pXRF readings, interpreted to be associated with carbonatites or ironstones overlying carbonatites.

A maximum REE result within pXRF results of 0.11%, associated with an interpreted carbonatite, was returned from brief reconnaissance of exploration licence application 09/2733. Further, an anomalous pXRF result of 4.3% Mn was returned from one target area, highlighting the manganese potential within the Project area which is consistent with previously identified manganese occurences along strike and within the vicinity of the anomalous result. Following up the anomalous thorium target area in the north west of the Project tenement, originally highlighted during October 2022, further pXRF readings were taken with a maximum REE* result returned of 0.44%, increasing the interpreted strike length of this zone up to ~500m, whilst still remaining open along strike to the north and south.

Reach's discovery of REE within the dolerite system adds to its growing knowledge of locating these critical metals in addition to ironstones and carbonatite dykes on site and the large presence of each geological complex requires further field investigation. A maximum result of 0.68% REE* was recorded during this site visit from pXRF sampling within the same area on E 09/2377 (Wabli Creek) that has produced the previous highly significant results including 12.4% Ta2O5, 32.0% Nb2O5, 0.94% WO3 and 0.25% Sn. Additionally, pXRF results from the Company's last reconnaissance site visit recorded similarly spectacular results of up to 20.2% Ta, 12.1% Nb, 787ppm W, 204ppm Sn and 1079ppm REE.

Importantly, highly significant REE within pXRF results have now been recorded sporadically within an area of approximately 200m x 500m which remains open, particularly to the north and south, identifying this zone as a matter of priority for future exploration. Exploration completed by Reach to date on both the Skyline and Critical Element Projects is the first stage in what will form the basis of a structured long term work program, focusing on rare earth elements. Whilst the rock chip sampling program is early-stage, it is an important first step, and upon the receipt of assays, in addition to further geochemical analysis already underway, the Company will be well placed in its strategy to actively pursue the Company's tenements for REE'.

The Gascoyne has only recently been understood for its prospectivity of REE' generally, and with the hive of activity in the area, the Hastings Yangibana REE deposit and other recent exploration activities/discoveries made in the surrounding areas by other explorers such as Dreadnought Resources and Kingfisher Mining, the potential of the region for REE mineralisation continues to be reinforced. Future exploration within identified anomalous target areas will likely comprise further rock chip sampling, soil sampling and geological mapping, to further define the extent of anomalism before any anticipated drilling on priority targets.