White Cliff Minerals : Highly Prospective REE and Li Projects Acquisition

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ASX ANNOUNCEMENT

23rd November 2021

Highly Prospective Rare Earth and Lithium Projects

Acquisition and New Tenement Applications

HIGHLIGHTS

• Acquisition of Magnet Resource Company Pty Ltd (Magnet) and Preston River Lithium Pty Ltd (Preston River), the holders of various prospective Lithium and Rare Earth Elements (REE's) Projects covering 1,075km2 in Western Australia
• Recent tenement applications by White Cliff at Yinnetharra (~574km2) and Diemals (~2,430km2) are highly complementary to the Magnet and Preston River acquisitions
• The Diemals Li/REE project has Cerium responses up to 1,860ppm in ferruginous lateritic material from extremely limited historical geochemical sampling, by CSIRO in 2006. The southern and western portion of the Diemals project potentially hosts extensions of mafic/ultramafic lithologies of the contiguous Mons nickel project, held by Nimy Resources Limited (ASX:NIM)
• On-groundwork at Yinnetharra and Diemals to start immediately
• Combined, the Company has 10 new project areas covering ~4,000km2 of highly prospective terrane and which has been subject to very limited historical exploration. The Projects:
  o are in known areas/mineral fields where Lithium and REE's have been identified and/or exploited
  o have a focus on meeting the growing demand associated with the 'electrification' of world economies
• At the Yinnetharra Li/REE project, sampling programs have historically focused on uranium mineralisation, with sampling by Geological Survey of Western Australia (GSWA) showing the potential for Li/REE
• The Preston River lithium project is located 30kms north of the world-class Greenbushes lithium (+Sn/Ta) project and situated in similar geological terrane. The project adjoins Lithium Australia Limited's (ASX:LIT) Greenbushes lithium project
• The 100% Acquisition of Magnet and Preston River is subject to shareholder approval at a meeting to be convened in mid to late December
• White Cliff plans to aggressively advance the Company's lithium and rare earth element project portfolio, alongside its Reedy South Gold Project

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White Cliff Minerals Limited (White Cliff or the Company) is pleased to announce the application for 2 projects covering ~3,000km2 and the acquisition of 8 projects covering ~1,076km2 subject to shareholder approval. Yinnetharra and Diemals are 100% owned by a subsidiary company, Electrification Metals Pty Ltd, with the other 8 projects to be 100% owned by White Cliff at completion of transaction.

Commenting on the transaction, White Cliff Technical Director Ed Mead said: "The proposed acquisition of Magnet and Preston River is complementary to the Company's own tenement applications and validates White Cliff's internal project generation, which targeted the right geological terrane, large land packages, and limited historical exploration. Combined with our own tenements, White Cliff will hold over 4,000km2 of highly prospective lithium and rare earth tenure within proven jurisdictions and nearby to operating mines and/or recent discoveries.

"We believe that the Company has an emerging project portfolio for critical metals, which is targeting the world's transition to net zero carbon by the middle of the century. I am excited about the Company's project potential and look forward to on ground exploration in coming months."

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ABOUT THE PROJECTS

Yinnetharra - Li/REE (100% WCN) 574km2

Location and Tenure

The Yinnetharra Li/REE project consists of two tenement applications, E09/2628 and E09/2641 (Figure 2 and 3), within the Gascoyne lithium region, located about 100km northeast of Gascoyne Junction and 85km south of Hastings Rare Earths (ASX:HAS) world-class Yangibana rare earths project.

Figure 2: Yinnetharra (WCN 100%) Li/REE project, tenement location, including

Magnet's (Wabli Creek, Injinu Hills, Weedarra and Sandy Creek)

Geological Setting

The project area is underlain by Durlacher Supersuite of the Mangaroon Orogeny consisting of multiple granitic intrusives, mainly the schistose Davey Well Granite, gneissic granites and schists. Multiple potentially REE bearing pegmatites of the Thirty Three Supersuite have been mapped within the area.

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Exploration history and potential

Numerous lithium bearing pegmatites have been identified in the nearby Thirty Three Supersuite, a large northwest-southeast granite unit along the Ti Tree shear zone, known to host REE-bearing pegmatites in the basement. Arrow Minerals (ASX:AMD) uncovered rockchip results of up to 3.77% Li2O at their Reid Well prospect at the Malinda Lithium project, 10km to the northwest of Yinnetharra.

Rock chip samples collected by GSWA within E09/2628 reported strong responses in Cerium up to 332ppm as viewed on GeoviewTM.

Figure 3: Yinnetharra (WCN 100%) Li/REE project, tenement location, including

Magnet's (Wabli Creek, Injinu Hills, Weedarra and Sandy Creek) with aeromagnetic data

showing complexity of geology.

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Wabli Creek - Li/REE (Magnet Resource) 85km2

Location and Tenure

The Wabli Creek Li/REE project consists of one tenement application, E09/2629 (Figure 2 and 3), within the Gascoyne lithium region, located 10km southeast of the Yinnetharra project.

Geological Setting

The project area is underlain by reworked Archean granite gneisses and Proterozoic aged granitic intrusives of the Durlacher Supersuite of the Gascoyne Province.

Exploration history and potential

Historically, tungsten, uranium, beryl and rare earths have been identified in and around Wabli Creek.

Numerous lithium bearing pegmatites of the Thirty Three Supersuite are mapped within the tenement area. It is therefore reasonable to assume that at least some of these could contain similar concentrations to the pegmatite within the excised area in the centre - north of the current tenement which are known to contain up to 1% REE together with uranium, tantalum, niobium and tungsten. GSWA samples report up to 437ppm Cerium from this site.

Injinu Hills - Li/REE (Magnet Resource) 37km2

Location and Tenure

The Injinu Hills Li/REE project consists of one tenement application, E09/2607 (Figure 2 and 3), within the Gascoyne lithium region, located 10km east of the Yinnetharra project.

Geological Setting

The project area is underlain by granitic intrusives of the Moorarie Supersuite with minor units of the Proterozoic Leake Springs Metamorphics.

Exploration history and potential

The Injinu Hills project area is situated proximal to the Yinnetharra mineral field which contains numerous pegmatite bodies mineralised with tantalum and niobium and to a lesser extent uranium.