CLASSIC MINERALS LTD — Capital/Financing Update 2022

Aug 17, 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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18 August 2022

ASX Announcement

MORE HIGH-GRADE GOLD INTERCEPTS RETURNED FROM INFILL DRILLING AT KAT GAP

Highlights:

• The next 14 holes from a 109-hole infill RC drilling program at Kat Gap have returned further highgrade gold intercepts . Better results include:

• 2m @ 21.07 g/t Au from 33m including 1m @ 40.10 g/t Au from 33m.

• 2m @ 17.20 g/t Au from 53m including 1m @ 19.90 g/t Au from 53m.

• 2m @ 7.10 g/t Au from 57m.

• 3m @ 6.99 g/t Au from 42m including 1m @12.30 g/t Au from 44m.

• 6m @ 5.55 g/t Au from 49m including 1m @ 18.10 g/t Au from 50m.

• 10m @ 3.80 g/t Au from 50m including 1m @ 24.10 g/t Au from 50m.

• 10m @ 2.74 g/t Au from 70m including 1m @ 18.60 g/t Au from 79m.

• These latest results come from infill RC drill holes located immediately south along strike from the first 10 infill holes released recently. The infill RC drilling program at Kat Gap is concentrating on an area 100m to 300m north along strike of the cross cutting Proterozoic dyke.

• Some eighty-five RC drill holes totalling 5,665 metres remain to be drilled.

• Infill RC holes conducted on 10m x 10m and 10m x 5m spacings to provide more accurate resource model data for final pit design work.

• RC infill drilling program is a direct result from the recent bulk sample mining operation.

INTRODUCTION

WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to announce that it has received further assay results from its extensive infill RC drilling program at its Kat Gap Gold Project in Western Australia. The Company has completed a further 14 holes for 890 metres at Kat Gap.

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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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Significant results from the latest drilling program are tabled below.

Hole	Northing	Easting	From (m)	To (m)	Width (m)	Grade (g/t)
FKGRC400	6372419 764597 50 53 3 2.59 g/t Au
FKGRC402	6372416 764608 53 55 2 17.20 g/t Au
	including 53 54 1 19.90g/t Au
FKGRC403	6372422 764612 60 62 2 2.72g/t Au
FKGRC407	6372405 764613 33 35 2 21.07g/t Au
	50 60 10 3.80 g/t Au
FKGRC408	6372413 764620 57 59 2 7.10g/t Au
FKGRC411	6372391 764615 42 45 3 6.99g/t Au
	including 44 45 1 12.30g/t Au
FKGRC412	6372397 764620 49 55 6 5.55 g/t Au
	including 50 51 1 18.10g/t Au
FKGRC413	6372410 764634 70 80 10 2.74 g/t Au
	including 79 80 1 18.60 g/t Au

Classic has drilled 24 holes for 1,445m at Kat Gap during July and August as part of a much larger 109-hole infill drilling campaign. This announcement covers the next 14 RC holes (FKGRC400–413) of the 109-hole program. Subsequent holes will be reported on in due course when assays become available.

Infill RC holes FKGRC400–413 are located adjacent to the first ten holes (FKGRC390-399) reported on recently. They are situated approximately 150m north along strike from the cross cutting Proterozoic dyke and form part of the much larger infill drilling pattern (See figure 1.0). The holes have been drilled on 10m x 10m and 10m x 5m grid spacings to bring the near surface parts of the inferred resource to indicated status prior to final pit design work. The total 109-hole infill RC drilling program covers an area 100m to 300m along strike to the north of the Proterozoic dyke and 200m north along strike from the recent bulk sample mining operation.

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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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The need for closer spaced infill drilling has eventuated from the recent bulk sample mining operation. The pit was centred on an area of the resource block model, drilled on a 10m x 5m drill pattern, which came closest to the surface. The ore zone exposed during the bulk sample mining showed evidence of slight pinch and swell over relatively short wavelengths of around 10-15m. To gain a higher level of confidence in the overall status of the current resource block model drilling needs to be conducted on a minimum of 10m spaced sections and 10m spaced holes on the section. This spacing will permit an upgrade from the current inferred status to indicated, needed for final pit design work. The infill program will also dramatically reduce the number of grade control RC holes required in pit once operations are underway.

Most of the infill drilling will consist of relatively shallow holes down to depths of 40-70m. However deeper holes down to 100-140m will also be drilled to extend the known gold mineralisation to greater depths down dip. This work will hopefully add additional mineable ounces and a potentially larger final open pit design.

The overall infill RC drilling program consists of 109 holes for 7,110m and should take approximately 4-6 weeks to complete weather permitting. Assay results will be released to the market as they become available.

The RC drilling program was suspended last week due to severe weather conditions experienced on-site. Drilling should be underway again in a few weeks.

Figure 1: Recent infill RC drilling at Kat Gap

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 119 484 016 contact@classicminerals.com.au

Figure 2: Drilling at Kat Gap

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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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Figure 3: Drill holes at Kat Gap

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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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Figure 4: Classic Minerals Team at Kat Gap

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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 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[th] December 2019, 21[st] January 2020, and 20 April 2020.

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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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	Indicated	Indicated			Inferred			Tot
								al
Prospect	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		(Aug/t)	Au		(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

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.

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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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Drill Hole Details:

HOLE ID	Northing	Easting	Dip°	Azi°	Depth
FKGRC400	6372419	764597	-60°	222°	65
FKGRC401	6372427	764605	-60°	222°	70
FKGRC402	6372416	764608	-60°	222°	75
FKGRC403	6372422	764612	-60°	222°	80
FKGRC404	6372385	764593	-60°	222°	40
FKGRC405	6372391	764601	-60°	222°	50
FKGRC406	6372398	764608	-60°	222°	60
FKGRC407	6372405	764613	-60°	222°	70
FKGRC408	6372413	764608	-60°	222°	80
FKGRC409	6372375	764601	-60°	222°	40
FKGRC410	6372383	764607	-60°	222°	50
FKGRC411	6372391	764615	-60°	222°	60
FKGRC412	6372397	764620	-60°	222°	70
FKGRC413	6372410	764634	-60°	222°	80

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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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Drill Samples Grading >0.50 g/t

Sample No	HoleID	N (MGA94Z50)	E (MGA94Z50)	From	To	**Sample Type **	**Au_ppm **
486627 FKGRC400 6372419 764597 35 36 1m samples 1.44 486628 FKGRC400 36 37 1m samples 0.51 486632 FKGRC400 40 41 1m samples 0.83 486637 FKGRC400 45 46 1m samples 0.82 486643 FKGRC400 50 51 1m samples 2.27 486644 FKGRC400 51 52 1m samples 3.33 486645 FKGRC400 52 53 1m samples 2.18 486651 FKGRC400 57 58 1m samples 0.58 486650 FKGRC400 standard 231 0.52 486600 FKGRC400 standard 245 25.40
486704 FKGRC401 6372427 764605 42 43 1m samples 0.56 486719 FKGRC401 57 58 1m samples 2.35 486720 FKGRC401 58 59 1m samples 2.74 486722 FKGRC401 60 61 1m samples 2.59 486724 FKGRC401 62 63 1m samples 1.70 486726 FKGRC401 63 64 1m samples 1.96 486729 FKGRC401 66 67 1m samples 1.74 486725 FKGRC401 duplicate 3.12 486700 FKGRC401 standard 245 25.90
486770 FKGRC402 6372416 764608 35 36 1m samples 0.55 486789 FKGRC402 53 54 1m samples 19.90 486790 FKGRC402 54 55 1m samples 14.50 486805 FKGRC402 68 69 1m samples 0.73 486808 FKGRC402 71 72 1m samples 0.55 486750 FKGRC402 standard 231 0.51 486800 FKGRC402 standard 245 26.20
486877 FKGRC403 6372422 764612 60 61 1m samples 3.52 486878 FKGRC403 61 62 1m samples 1.91 486886 FKGRC403 69 70 1m samples 2.43 486896 FKGRC403 78 79 1m samples 0.91 486850 FKGRC403 standard 231 0.53

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CLASSIC MINERALS LIMITED

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

486918	FKGRC404	6372385	764593	19	20	1m samples	1.27
486930	FKGRC404			30	31	1m samples	0.87
486936	FKGRC404			36	37	1m samples	0.86
486900	FKGRC404					standard 245	25.10
486979	FKGRC405	6372391	764601	36	37	1m samples	0.68
486950	FKGRC405					standard 231	0.53
487022	FKGRC406	6372398	764608	27	28	1m samples	0.92
487037	FKGRC406			41	42	1m samples	0.72
487038	FKGRC406			42	43	1m samples	1.07
487039	FKGRC406			43	44	1m samples	1.11
487045	FKGRC406			48	49	1m samples	2.60
487052	FKGRC406			54	55	1m samples	1.76
487050	FKGRC406					standard 231	0.53
487000	FKGRC406					standard 245	26.40
487093	FKGRC407	6372405	764613	33	34	1m samples	40.10
487094	FKGRC407			34	35	1m samples	2.05
487111	FKGRC407			50	51	1m samples	24.10
487112	FKGRC407			51	52	1m samples	1.41
487118	FKGRC407			57	58	1m samples	4.08
487119	FKGRC407			58	59	1m samples	6.01
487120	FKGRC407			59	60	1m samples	1.49
487122	FKGRC407			61	62	1m samples	0.56
487100	FKGRC407					standard 231	0.52
487193	FKGRC408	6372413	764608	57	58	1m samples	8.16
487194	FKGRC408			58	59	1m samples	6.05
487196	FKGRC408			60	61	1m samples	0.74
487201	FKGRC408			64	65	1m samples	0.79
487202	FKGRC408			65	66	1m samples	0.85
487204	FKGRC408			67	68	1m samples	1.41
487200	FKGRC408					standard 231	0.53
487150	FKGRC408					standard 245	26.00
487256	FKGRC409	6372375	764601	36	37	1m samples	0.77
487250	FKGRC409					standard 245	25.40

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CLASSIC MINERALS LIMITED

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

487292	FKGRC410	6372383	764607	30	31	1m samples	0.77
487297	FKGRC410			35	36	1m samples	0.60
487301	FKGRC410			38	39	1m samples	0.53
487300	FKGRC410					standard 231	0.54
487358	FKGRC411	6372391	764615	42	43	1m samples	3.53
487359	FKGRC411			43	44	1m samples	5.14
487360	FKGRC411			44	45	1m samples	12.30
487370	FKGRC411			54	55	1m samples	0.57
487371	FKGRC411			55	56	1m samples	0.60
487350	FKGRC411					standard 245	26.30
487402	FKGRC412	6372397	764620	23	24	1m samples	0.56
487429	FKGRC412			49	50	1m samples	1.37
487430	FKGRC412			50	51	1m samples	18.10
487431	FKGRC412			51	52	1m samples	0.68
487434	FKGRC412			54	55	1m samples	12.90
487435	FKGRC412			55	56	1m samples	0.65
487441	FKGRC412			60	61	1m samples	0.65
487442	FKGRC412			61	62	1m samples	1.39
487448	FKGRC412			67	68	1m samples	1.30
487400	FKGRC412					standard 231	0.54
487450	FKGRC412					standard 245	26.30
487520	FKGRC413	6372410	764634	65	66	1m samples	0.62
487521	FKGRC413			66	67	1m samples	0.53
487522	FKGRC413			67	68	1m samples	2.81
487526	FKGRC413			70	71	1m samples	1.89
487527	FKGRC413			71	72	1m samples	3.85
487529	FKGRC413			73	74	1m samples	1.74
487535	FKGRC413			79	80	1m samples	18.60
487500	FKGRC413					standard 231	0.50
487525	FKGRC413					duplicate	0.50

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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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Appendix 1: JORC (2012) Table1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• The samples were taken by a RC face sampling hammer drill. All RC holes were sampled at one-metre intervals. • Care was taken to control metre delineation, and loss of fines. • The determination of mineralisation was done via industry standard methods, including RC drilling, followed by splitting, crushing and fire assaying
Drilling techniques	• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	• All drilling was completed using reverse circulation method, using a Schramm 645 model rig and 6m Remet Harlsen 4 ½ inch rods. The rig mounted Airtruck has 1150 cfm 500 psi auxiliary couples with a hurricane 7t Booster 2400 cfm /1000 psi booster. The bit size was 5 5/8,
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Recoveries from the drilling are not known, as sample weights were not recorded at this stage of exploration, but visual inspection of samples in the field indicate that recoveries were sufficient. • The shroud tolerance was monitored, and metre delineation

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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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		was kept in check. Loss of fines was controlled through mist injection. • It is not clear whether a relationship between recovery and grade occurs as recovery data was not collected (e.g. bagweights).
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Core and chips were logged to a level of detail to support the Mineral Resource estimation. • Logging was qualitative in nature. • All intersections were logged
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material beingsampled.	• The nature and quality of the sampling suits the purpose, being exploration. The laboratory preparation is standard practice and has not been further refined to match the ore. • QC in the lab prep stage was limited to taking pulp duplicates (e.g. no coarse crush duplicates were submitted) • The sample split sizes (4-5 kg are regarded as more than adequate for the nature and type of material sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• Standard 50g fire assays with an AAS finish were used to get assay results. This is a total technique, and considered appropriate for this level of exploration. • Quality control was carried out by inserting blanks and standards into the sampling chain and 5% intervals. These all showed acceptable levels of accuracy and precision.

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 119 484 016 contact@classicminerals.com.au

Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Significant intersections have not been validated by independent or alternative personnel. • No twin holes were included in this programme, as it is not relevant to the stage of exploration and purpose of this drilling. • All primary data was collected on spread sheets which have been validated for errors and included into an Access database. • Assaydata has not been adjusted
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Qualityand adequacyof topographic control.	• Drill hole locations were determined by GPS in the field in UTM zone 50. • Topographic control is available through a detailed satellite-derived DTM.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Holes were not drilled on a pattern and there was no specific drill hole spacing. In general holes are drilled within 50m from previous intersections. • The data spacing is considered sufficient to demonstrate geological and grade continuity for estimation procedures. • Samples were not composited.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The orientation of sampling has achieved unbiased sampling of structures, with drilling perpendicular to the dip and strike of the mineralised zones • The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a samplingbias.
Sample security	• The measures taken to ensure sample security.	• Samples were immediately dispatched to the laboratory and have at all times been in possession of CLM or its designated contractors. Chain of custody was maintained throughout.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data	• No audits of any of the data have been carried out.

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CLASSIC MINERALS LIMITED

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

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The FGP Tenements (containing the Van Uden West prospect) are registered in the name of Reed Exploration Pty Ltd, which is a wholly owned subsidiary of ASX- listed Hannans Ltd (ASX code: HNR). Classic has acquired 80% of the gold rights only, with the remaining 20% of the gold rights held free-carried by Hannans Ltd until a decision to mine. Hannans Ltd also holds all of the non-gold rights on the FGP tenements including but not limited to nickel, lithium and other metals • The acquisition includes 80% of the gold rights (other mineral rights retained by tenement holder) in the following granted tenements: E77/2207; E77/2219; E77/2239; P77/4290; P77/4291; E77/2303; E77/2220. • Lady Lila is situated upon 100% owned CLZ tenements P77/4325 and P77/4326 (details in announcement dated 21 March 2017) • Kat Gap is situated upon E74/467, held by Sulphide Resources Pty Ltd. CLZ has an option to acquire 100% of this tenement (details in announcement dated 13July2017)
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• All exploration was carried out by previous owners of the tenements (Aztec Mining, Forrestania Gold NL, Viceroy Australia, Sons of Gwalia, Sulphide Resources PtyLtd)
Geology	• Deposit type, geological setting and style of mineralisation.	• The deposit is a Archean shear-zone hostedgold deposit.

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CLASSIC MINERALS LIMITED

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

• Geological interpretation indicates that the general stratigraphy consists of metasediments, BIF’s and cherts to the east of the tenement, overlying an older sequence of metamorphosed komatiitic and high-magnesian basalts to the west. Black shales/pelites occur as small interbedded units throughout the stratigraphy, which dips gently to the east (10-35°) and strikes N-S, bending in a NNW direction in the far north of the tenement.

• An Archaean-aged quartz dolerite unit (informally the ‘Wattle Rocks Dolerite’) is emplaced along a contact between high-MgO basalt to the west and low-MgO ultramafic to the east, in the western part of the tenement and is the host rock for the Lady Ada (and Lady Magdalene) mineralisation. Strongly magnetic Proterozoic dolerite dykes cross-cut the stratigraphy in an east-west direction, splaying to the ENE, following fault directions interpreted from the aeromagnetics. A number of narrow shear zones lie subparallel to the shallow-dipping metasediment-mafic contact within the host stratigraphy and are important sites and conduits for the observed mineralisation. The Sapphire shear zone strikes approximately ENE, dipping to the SE at about 25°, and appears to crosscut all lithologies. This shear zone and associated shears host the bulk of the gold mineralisation at Wattle Rocks. Similar flat-dipping shears are known to crosscut the Lady Magdalene area. Approximately 8-12 metres of transported sands and a gold depleted weathering profile of saprolitic clays overly the Lady Ada and Lady Magdalene mineralisation.

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 119 484 016 contact@classicminerals.com.au

		• Structurally, the Wattle Rocks area is quite complex and is positioned near the intersection of several major breakages and flexures in the regional stratigraphy in this part of the Forrestania Greenstone belt. Numerous shear zones are evident throughout the area, particularly at changes of rock stratigraphy where there are rheological differences. Narrow, stacked, flat-dipping shear zones are evident within the quartz dolerite unit and may have resulted from thrusting of the younger sedimentary sequence over the mafic package from east to west. A similar model is predicted for Van Uden (10 km northwards) where mineralised quartz veins appear to ‘stack’ through a host ferruginous metasediment.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain whythis is the case.	• This information is provided in attached tables
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of lowgrade results,theprocedure	• High grades were not cut in the reporting of weighted averages in this Report. • Summary drill hole results as reported in figures and in the appendix 2 to this Report are reported on a 2m internal dilution and 0.5g/t Au cuto-off.

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CLASSIC MINERALS LIMITED

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

	used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length,true width not known’).	• In almost all cases, the drill holes are perpendicular to the mineralisation. The true width is not expected to deviate much from intersection width.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate images have been provided in the Report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Figures represent specific selected drill intervals to demonstrate the general trend of high grade trends. Cross sections show all relevant result in a balanced way.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• No other relevant data is reported
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.	• Further RC drilling is being considered. • Figures clearly demonstrate the areas of possible extensions

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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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