CLASSIC MINERALS LTD — Capital/Financing Update 2020

May 10, 2020

ASX Announcement

11 May 2020

The Manager, Company Announcements Office, Australian Securities Exchange Limited, Level 40, Central Park, 152-158 St George’s Terrace, PERTH, WA, 6000.

Dear Sir/Madam,

SUCCESSFUL COMPLETION OF PLACEMENT

WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to announce that it has successfully completed a Placement (“Placement”) to raise $806,000.00 before costs. The raising received significant demand from new domestic and international shareholders and was managed by a leading Perth-based firm.

Details:

• $806,000.00 raised via a Placement to institutional and sophisticated investors located in Australia and overseas at $0.001 per share;

• The Placement was heavily oversubscribed with strong demand from both existing and new investors;

• The Placement attracted an Option offer:

  • 1 Option for every 2 shares issued

    • Options have been purchased at $ 0.0001;

    • Exercisable at $ 0.002 on or before 01 March 2022;

    • These Options are Unlisted;

    • Options will be issued subject to Shareholder Approval.

• Funds will be used to progress upcoming drilling program at the Kat Gap and Forrestania Gold Projects, and

• Settlement and issue of shares is expected to be completed on 11 May 2020.

ENDS:

Classic Minerals Limited

Phone: (08) 6305 0221 Address: 71 Furniss Road, Landsdale WA 6065 Postal: PO Box 1318, Wangara DC WA 6947 Website: www.classicminerals.com.au