Reach Resources Limited announced the receipt of laboratory assay results from the Company's maiden rock chip sampling programs recently undertaken at its Skyline Rare Earths project and Critical Elements project (the "Project/s"), both located in the emerging Gascoyne Mineral Field in Western Australia (ASX Announcement - 18 October 2022). Importantly, the niobium rich zone evidenced in historical results and previously reported (ASX Announcement 29 November 2021) on the Critical Elements Project has now been supported following the Company's rock chip sampling program completed in September and October this year. The results also indicate the discovery of high grade HREO in the same potential 1.5km strike zone.

Niobium is a critical metal used in the steel industry, in wind turbines and in high-performance batteries. Dysprosium is used in tandem with neodymium in permanent magnets that are vital to modern technology and renewable energy. Terbium is used in TV screens and solid-state hard drives for data storage.

Solid-state drives are heavily favoured over conventional hard drives as they are faster and more reliable. Yttrium is used in TV screens, as an alloying agent and in the polymerization of ethylene. Ytterbium is used in memory devices, laser technology and as a more environmentally friendly industrial catalyst.

Erbium is used in the nuclear industry, as well as in alloys, especially with vanadium and titanium and in heat-absorbing glass, photographic filters, and as a fibre-optic amplifier. Significantly, all three of the Company's tenements have returned highly anomalous TREO results (>500ppm). No other anomalous results were returned from the assays.

However, the Company awaits separate assay results for Manganese and looks forward to reporting these in the near future. Significant TREO results have been received over a length of 500 metres, trending north-northwest, with an additional anomalous result over 500 ppm TREO 1km to the north-northwest from the above trend, highlighting the potential for an anomalous TREO trend of 1.5km. Historical surface sampling from this area which returned highly significant results including 12.4% Ta 2O5, 32.0% Nb2O5, 0.94% WO3 and 0.25% Sn, from a selective sample (Refer ASX Announcement 29 November 2021) of samarskite were supported by recent pXRF results (20.2% Ta, 12.1% Nb, 787ppm W, 204ppm Sn, Refer ASX Announcement 18 October 2022).

The above results together with recent laboratory assays mark three separate occasions that significant Niobium has been detected from within this area. The new discovery of HREO adds to the significance of the target. The Company will maintain a controlled and systematic approach for further exploration.

Samples from this area will be analysed further to understand the source mineralogy and further review of geophysical data before additional rock chip sampling and detailed mapping continues. Ultimately, the Company intends to define drill targets when a detailed understanding of the mineralogy has been obtained. Two areas of TREO anomalism have been identified in the west and southeast of the tenement.

Both areas of TREO anomalism comprise single anomalous values of 575ppm and 750ppm, respectively. The Yinnietharra tenement also has an abundance of Tantalum-Niobium and Beryl occurrences from historical pegmatite mining, indicating the tenement is prospective for Lithium, as the elements are often associated. Results from the limited sampling have not supported this theory, however, the Company will look to align its focus for potential Lithium pegmatites in addition to further exploration for rare earths already discovered.

The Company plans to refine its geophysical imagery to delineate further targets and conduct further rock chip sampling and mapping to follow up these results. Three areas of TREO anomalism have been confirmed by lab assays associated with thorium highs together with the anomalous Copper identified in the northwest of the tenement. A maximum TREO result of 3173ppm or 0.32% was returned from the area in the northwest of the tenement.

One other TREO anomalous result was returned from the area of 946ppm, approximately 250m east of the maximum result. Previously identified Copper anomalism in the area was confirmed by the return of a maximum result of 1,340ppm Copper. The other area of TREO anomalism is associated with a discrete spot high thorium anomalism in the south east of the tenement and returned a single TREO anomalous result of 705ppm.

All of the above anomalous TREO results have been identified as being associated with dolerite of the Edmund Group. The Company will also include its new application ground E09/2750 and E09/2751 in the next round of exploration review to gain a better understanding of their potential.