CLASSIC MINERALS LTD — Capital/Financing Update 2021

Jun 1, 2021

CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 119 484 016 contact@classicminerals.com.au

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02 June 2021

ASX Announcement

FRASER RANGE UPDATE

Highlights:

• IGO exercises its rights to acquire 51% of the Fraser Range Tenements

• IGO to spend a further $1,000,000 to take joint venture interest to 70%

Classic Minerals Limited (ASX:CLZ) (the Company or Classic ) is pleased to announce that, in accordance with the terms of its Earn In and Joint Venture Agreement ( Agreement ) with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited (ASX:IGO) (together, IGO (CLZ announcement to ASX dated 17 June 2019 refers), IGO has notified Classic of:

• (a) its election to acquire a 51% interest in the Company’s Fraser Range tenements ( Tenements ), having earnt that interest by spending $1,500,000 on exploration of the Tenements; and

• (b) its intention to spend a further $1,000,000 exploring the Tenements over the next 2 years to take its joint venture interest to 70%.

Under the terms of the Agreement, upon the transfer of the 51% interest , IGO will pay Classic $500,000.

This announcement has been approved by the Board.

For further information, please contact:

Company Secretary Madhukar Bhalla contact@classicminerals.com.au

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