ACCELERATE RESOURCES LIMITED — Capital/Financing Update 2021

Sep 6, 2021

==> picture [213 x 22] intentionally omitted <==

w

==> picture [86 x 19] intentionally omitted <==

==> picture [62 x 14] intentionally omitted <==

$600,000 in Exploration Credits Allocated to Accelerate

for 2021/22 Income Year

Junior Minerals Exploration Incentive (JMEI)

Highlights

• Accelerate Resources has been successful in its application for participation in the Federal Government’s Junior Minerals Exploration Incentive (“JMEI”) scheme.

• A total of $600,000 of exploration credits has been allocated to Accelerate.

• JMEI Credits will be available to eligible shareholders as tax credits for the 2021/2022 income year.

• Shareholders who participate in any Accelerate capital raising between 2[nd] September 2021 and 30[th] June 2022 may be eligible.

Accelerate Resources Limited ( AX8 or the Company ) is pleased to announce that its application to participate in the Junior Minerals Exploration Incentive ( JMEI ) scheme for the 2021/22 income year has been accepted by the Australian Tax Office (ATO).

About The JMEI Scheme

The JMEI scheme encourages investment in mineral exploration companies that carry out “greenfields” mineral exploration in Australia, by allowing such companies to generate a tax incentive by choosing to give up a portion of their losses from “greenfields” mineral exploration expenditure for distribution to Australian residents who acquired new shares during the relevant eligibility period. The shares must be equity interests for the purposes of debt and equity tax rules.

The exploration credit that can be issued to an investor is limited to the amount paid by the investor to acquire the new shares multiplied by the corporate tax rate. Exploration credits must be issued in proportion to each eligible investor's investment so streaming of exploration credits to particular investors is not permitted.

==> picture [148 x 82] intentionally omitted <==

Receiving a JMEI credit could have tax consequences and shareholders should obtain independent tax advice specific to their personal circumstances.

Accelerate Resources participation in the scheme

The Company has received an allocation of up to $600,000 in JMEI tax credits which can be distributed to shareholders (Eligible Shareholders) who participate in a capital raising and acquire new shares in Accelerate between the 2[nd] of September 2021 and 30[th] of June 2022 (Eligibility Period).

Investors should be aware that Accelerate cannot guarantee that Eligible Shareholders will receive the maximum number of JMEI credits available as the actual number of JMEI credits received by each Eligible Shareholder for the 2021/2022 income year varies. This will be dependent on a number of factors, including the number of new shares issued, the actual amount of allowable exploration incurred by Accelerate, and the Company's tax losses for the 2021/22 financial year.

Eligible Shareholders are expected to be notified by the Company of their JMEI credit entitlement (if any) in the approved form once Accelerate has lodged its 2021/2022 tax return. For further information about the JMEI please refer to the ATO website at: https://www.ato.gov.au/Business/Junior-Minerals-Exploration-Incentive/

—ENDS—

This announcement has been produced in accordance with the Company's published continuous disclosure policy and has been approved by the Board .

For further information please contact

Deborah Ho Company Secretary

E: Admin@AX8.com.au I P: +61 8 6248 9663 I W: www.AX8.com.au

2 | P a g e