CLASSIC MINERALS LTD — Capital/Financing Update 2022

Nov 1, 2022

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

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2 November 2022

ASX Announcement

Rights Issue Closes Oversubscribed

Classic Minerals Limited (ASX: CLZ) (“Classic” or “the Company”) is pleased to announce that the Rights Issue announced on 19 September 2022 has been extremely well received and has been oversubscribed by almost 30%.

The Offer has raised approx. $3.6 million before costs. The response has been great, and the Company is appreciative of the overwhelming support and confidence shown by Classic shareholders.

The Company has approached a number of Shortfall applicants with an opportunity to issue them securities under section 708 of the Corporations Act ( Placement Securities ) as soon as it is in a position to do so under its LR 7.1 15% placement capacity – the Placement Securities will be issued on the same terms and conditions as securities issued under the Rights Issue. The Company expects to raise a further $1.0 million by the issue of the Placement Securities, this being the amount of the oversubscription.

The Company expects to issue securities subscribed for under the Offer on or about 9 December 2022.

This announcement has been authorised by the Board.

ENDS:

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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 119 484 016 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 inferred and indicated mineral resources 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 recent 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 December 2019, 21 January 2020, and 20 April 2020.

	Indicated	Indicated			Inferred			Total
Prospect	Tonnes	Grade			Grade	Ounces		Grade	Ounces
		(Aug/t)	OuncesAu	Tonnes	(Aug/t)	Au	Tonnes	(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

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.

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.

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