CLASSIC MINERALS LTD — Capital/Financing Update 2022

Nov 28, 2022

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 contact@classicminerals.com.au

29[th] November 2022

ASX Announcement

UPDATE ON WATER PIPELINE AT KAT GAP

Highlights:

• Pipeline pathway approved.

• Water is vitally important for Classics gold treatment plant.

• Water Bore hole located right next to haul road only 1,100m from gold processing facility .

• Construction of pipeline has commenced.

• Completed pipeline will be commissioned within 4 weeks.

• Additional water bores planned.

Figure 1: Approved water pipeline pathway (Blue Line)

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 contact@classicminerals.com.au

WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to report that the application for the water pipeline pathway from the bore to the plant site has been approved.

This is another major milestone for the Company and a vital ingredient for the gold processing plant . Strategically the water bore is located adjacent to the main haul road 1,100m from the processing plant . This will make pumping of the water to the processing plant relatively simple with limited infrastructure required as the pipeline will be placed above ground.

Under the water license GWL207298(2) Classic is permitted to take up to 100,000kL of water annually from this bore.

Figure 2: Detail of Water Bore and Turkeys Nest.

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CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 contact@classicminerals.com.au

Figure 3: Updated Mining Site Layout Plan.

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Figure 4: Photo of water bore GPLWB001 being drilled and water from bore.[1]

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1 ASX Announcement 30 June 2022

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ALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 contact@classicminerals.com.au

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ABOUT THE FORRESTANIA GOLD PROJECT

The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX: HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals.

Classic has a Global Mineral Resource of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold , classified and reported in accordance with the JORC Code (2012), with a Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post- mining Mineral Resource for Lady Ada, Lady Magdalene and Kat Gap is tabulated below.

Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 18[th ] December 2019, 21[st ] January 2020, and 20 April 2020.

		Indicated			Inferred			Total
		Grade			Grade	Ounces		Grade
Prospect				Tonnes			Tonnes		Ounces
	Tonnes		OuncesAu
		(Aug/t)			(Aug/t)	Au		(au)
LadyAda	257,300	2.01	16,600	1,090,800	1.23	43,100	1,348,100	1.38	59,700
Lady Magdalene				5,922,700	1.32	251,350	5,922,700	1.32	251,350
Kat Gap				975,722	2.96	92,856	975,722	2.96	92,856
Total	257,300	2.01	16,600	7,989,222	1.50	387,306	8,246,522	1.52	403,906

Notes:

1. The Mineral Resource is classified in accordance with JORC, 2012 edition

2. The effective date of the mineral resource estimate is 20 April 2020.

3. The mineral resource is contained within FGP tenements

4. Estimates are rounded to reflect the level of confidence in these resources at the present time.

5. The mineral resource is reported at 0.5 g/t Au cut-off grade

6. Depletion of the resource from historic open pit mining has been considered

On behalf of the board,

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Dean Goodwin CEO

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CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 contact@classicminerals.com.au

Forward Looking Statements

This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward looking statements are subjected to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to Resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the Countries and States in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s annual reports, as well as the Company’s other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statements” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Competent Persons Statement

The information contained in this report that relates to Mineral resources and Exploration Results is based on information compiled by Dean Goodwin, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG). Mr Goodwin is a consultant exploration geologist with Reliant Resources Pty Ltd and consults to Classic Minerals Ltd. Mr. Goodwin has sufficient experience that is relevant to the style of mineralisation and the type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Goodwin consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information included in this market announcement and, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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