CLASSIC MINERALS LTD — Capital/Financing Update 2022

Mar 8, 2022

CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

09 March 2022

ASX Announcement

HIGH GRADE GOLD RESULTS CONFIRMED AT LADY ADA

Highlights:

• 13-hole infill RC drilling program at Lady Ada and Lady Magdalene returns high-grade gold intercepts . Better results include:

Lady Ada RC holes

• 5m @ 27.76 g/t Au from 101m including 1m @ 74.80 g/t Au from 104m.

• 2m @ 14.27 g/t Au from 110m including 1m @ 23.90 g/t Au from 111m.

• 2m @ 7.75 g/t Au from 118m including 1m @ 14.30 g/t Au from 119m.

• 7m @ 5.42 g/t Au from 44m including 1m @22.10 g/t Au from 48m.

Lady Magdalene RC holes

• 8m @ 3.30 g/t Au from 28m.

• 6m @ 2.90 g/t Au from 37m.

• 16m @ 1.79 g/t Au from 60m.

• 13m @ 1.22 g/t Au from 55m.

• 24m @ 1.20 g/t Au from 43m

• RC holes were drilled as infill and twins to existing older holes to re-confirm historical assay data prior to resource upgrade work. These holes were designed to intersect close to existing historical high grade and lower grade zones within the known inferred resources at Lady Ada and Lady Magdalene.

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

INTRODUCTION

WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to announce that it has finally received assays results from a small program of RC drilling conducted in November 2021 at its Forrestania Gold Project (FGP) in Western Australia. The Company completed a total of 13 holes for 1,419 metres at Lady Ada and Lady Magdalene.

Significant results from the latest drilling program are tabled below.

Hole	Northing	Easting	From (m)	To (m)	Width (m)	Grade (g/t)
MARC076	6429482 751450 44 51 7 5.42g/t Au
	including 48 49 1 22.10 g/t Au
MARC078	6429481 751398 118 120 2 7.75g/t Au
	including 119 120 1 14.30 g/t Au
MARC079	6429580 751401 101 106 5 27.76g/t Au
	including 104 105 1 74.80 g/t Au
MARC080	6429578 751425 110 112 2 14.27g/t Au
	including 111 112 1 23.90g/t Au
MARC081	6430734 751243 55 68 13 1.22 g/t Au
MARC082	6430631 751240 37 43 6 2.90 g/t Au
MARC084	6430532 751267 28 36 8 3.30g/t Au
	43 67 24 1.20 g/t Au
MARC085	6430480 751266 48 55 7 1.34g/t Au
	60 76 16 1.79 g/t Au
MARC086	6430431 751292 69 76 7 1.55g/t Au
MARC087	6430373 751293 93 98 5 2.02g/t Au
MARC088	6430382 751193 45 51 6 1.86 g/t Au

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CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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Figure 1: FGP Location Plan

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

FORRESTANIA DRILLING

Classic has received assay results from its latest RC drilling program completed back in November 2021. The drilling program consisted of 13 RC holes for 1,419m from both Lady Ada and Lady Magdalene.

Lady Ada RC drilling

A program of 5 RC holes (MARC076-080) for 644m were completed in a small portion of the known inferred resource covering an area approximately 50m along strike to the south-east of the Lady Ada open pit. The holes were designed by independent resource geological firm Cadre Geology and Mining Pty Ltd to test existing high-grade intercepts from historical drillholes to compare old assay data with new assay data prior to further resource upgrade work.

Better results from Lady Ada infill RC drilling include:

• 7m @ 5.42g/t Au from 44m including 1m @ 22.10g/t Au from 48m in MARC076.

• 2m @ 7.75g/t Au from 118m including 1m @ 14.30g/t Au from 119m in MARC078.

• 5m @ 27.76g/t Au from 101m including 1m @ 74.80g/t Au from 104m in MARC079.

• 2m @ 14.27g/t Au from 110m including 1m @ 23.90g/t Au from 111m in MARC080.

Lady Magdalene Infill RC Drilling

A program of 8 RC holes (MARC081-088) for 775m were completed within a larger portion of the known Lady Magdalene inferred resource covering an area approximately 250m along strike. The Lady Magdalene inferred resource is located approximately 700m north of the Lady Ada open pit. The holes were again designed by Cadre Geology and Mining Pty Ltd to test existing high-grade intercepts from historical drillholes to compare old assay data with new assay data prior to further resource upgrade work.

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CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

Better results from Lady Magdalene infill RC drilling include:

• 13m @ 1.22g/t Au from 55m in MARC081

• 6m @ 2.90g/t Au from 37m in MARC082.

• 8m @ 3.30g/t Au from 28m in MARC084.

• 24m @ 1.20g/t Au from 43m in MARC084.

• 7m @ 1.34g/t Au from 48m in MARC085.

• 16m @ 1.79g/t Au from 60m in MARC085.

• 7m @ 1.55g/t Au from 69m in MARC086.

• 5m @ 2.02g/t Au from 93m in MARC087.

• 6m @ 1.86g/t Au from 45m in MARC088.

Classic will be heading back to Forrestania in late April to conduct further infill drilling if directed by independent resource geologists Cadre.

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Figure 2: Recent drilling at Lady Ada

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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Figure 3: Recent drilling at Lady Ada

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CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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Figure 4: Recent drilling at Lady Magdalene

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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.

	Indicated	Indicated			Inferred			Tot
								al
Prospect	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		(Aug/t)	Au		(Aug/t)	Au		(au)
LadyAda	257	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	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

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 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.

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

Drill Hole Details:

HOLE ID	Northing	Easting	Dip	Azi	Depth
MARC076	6429482	751450	-60	270	100
MARC077	6429482	751436	-90	Vertical	90
MARC078	6429481	751398	-60	270	150
MARC079	6429580	751401	-60	270	154
MARC080	6429578	751425	-60	270	150
MARC081	6430734	751243	-60	270	102
MARC082	6430631	751240	-60	270	78
MARC083	6430577	751266	-60	270	96
MARC084	6430532	751267	-60	270	96
MARC085	6430480	751266	-60	270	96
MARC086	6430431	751292	-60	270	126
MARC087	6430373	751293	-60	270	106
MARC088	6430382	751193	-60	270	75

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

Drill Samples Grading >0.80 g/t

		N	E
Sample No	HoleID	(MGA94Z50)	(MGA94Z50)	From	To	**Sample Type **	Au_g/t
482934	MARC076	6429482	751450	44	45	1m samples	2.93
482935	MARC076			45	46	1m samples	2.17
482936	MARC076			46	47	1m samples	1.76
482937	MARC076			47	48	1m samples	4.43
482938	MARC076			48	49	1m samples	22.00
482939	MARC076			49	50	1m samples	2.59
482941	MARC076			50	51	1m samples	1.94
482966	MARC076			74	75	1m samples	1.13
482978	MARC076			85	86	1m samples	1.70
482979	MARC076			86	87	1m samples	3.19
482980	MARC076			87	88	1m samples	0.89
482950	MARC076					standard 245	25.00
483033	MARC077	6429482	751436	37	38	1m samples	3.84
483034	MARC077			38	39	1m samples	2.40
483036	MARC077			40	41	1m samples	1.54
483037	MARC077			41	42	1m samples	1.29
483047	MARC077			50	51	1m samples	2.02
483048	MARC077			51	52	1m samples	0.82
483050	MARC077					standard 245	25.40
483131	MARC078	6429481	751398	40	41	1m samples	1.85
483132	MARC078			41	42	1m samples	1.01
483151	MARC078			58	59	1m samples	1.49
483152	MARC078			59	60	1m samples	1.31
483157	MARC078			64	65	1m samples	0.84
483214	MARC078			118	119	1m samples	1.20
483215	MARC078			119	120	1m samples	14.30
483150	MARC078					standard 245	25.20
483335	MARC079	6429580	751401	82	83	1m samples	1.02
483337	MARC079			84	85	1m samples	1.66
483356	MARC079			101	102	1m samples	24.00
483357	MARC079			102	103	1m samples	20.00
483358	MARC079			103	104	1m samples	17.60
483359	MARC079			104	105	1m samples	74.80
483360	MARC079			105	106	1m samples	2.38
483250	MARC079					standard 245	26.40
483350	MARC079					standard 245	26.40

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

483464	MARC080	6429578	751425	49	50	1m samples	1.34
483503	MARC080			85	86	1m samples	1.13
483504	MARC080			86	87	1m samples	0.92
483512	MARC080			94	95	1m samples	1.47
483513	MARC080			95	96	1m samples	1.24
483517	MARC080			99	100	1m samples	4.95
483529	MARC080			110	111	1m samples	4.65
483530	MARC080			111	112	1m samples	23.90
483450	MARC080					standard 245	26.30
483550	MARC080					standard 245	25.30
483617	MARC081	6430734	751243	43	44	1m samples	1.47
483620	MARC081			46	47	1m samples	7.00
483630	MARC081			55	56	1m samples	2.23
483634	MARC081			59	60	1m samples	1.32
483635	MARC081			60	61	1m samples	2.14
483636	MARC081			61	62	1m samples	1.02
483637	MARC081			62	63	1m samples	1.61
483638	MARC081			63	64	1m samples	1.08
483639	MARC081			64	65	1m samples	1.02
483641	MARC081			65	66	1m samples	1.18
483642	MARC081			66	67	1m samples	1.94
483643	MARC081			67	68	1m samples	1.16
483655	MARC081			78	79	1m samples	0.92
483656	MARC081			79	80	1m samples	1.58
483659	MARC081			82	83	1m samples	0.91
483650	MARC081					standard 245	25.20
483697	MARC082	6430631	751240	16	17	1m samples	1.21
483719	MARC082			37	38	1m samples	2.73
483720	MARC082			38	39	1m samples	2.38
483722	MARC082			40	41	1m samples	3.86
483723	MARC082			41	42	1m samples	5.81
483724	MARC082			42	43	1m samples	1.82
483731	MARC082			48	49	1m samples	2.05
483732	MARC082			49	50	1m samples	1.11
483733	MARC082			50	51	1m samples	3.48
483750	MARC082					standard 245	23.90

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

483784	MARC083	6430577	751266	20	21	1m samples	2.37
483787	MARC083			23	24	1m samples	1.99
483795	MARC083			30	31	1m samples	7.58
483799	MARC083			34	35	1m samples	0.84
483804	MARC083			38	39	1m samples	1.77
483805	MARC083			39	40	1m samples	1.37
483806	MARC083			40	41	1m samples	1.29
483815	MARC083			49	50	1m samples	1.66
483820	MARC083			54	55	1m samples	1.10
483828	MARC083			61	62	1m samples	2.56
483829	MARC083			62	63	1m samples	1.12
483800	MARC083					standard 245	25.10

483891	MARC084	6430532	751267	24	25	1m samples	2.19
483895	MARC084			28	29	1m samples	2.82
483896	MARC084			29	30	1m samples	1.14
483897	MARC084			30	31	1m samples	7.20
483898	MARC084			31	32	1m samples	2.57
483899	MARC084			32	33	1m samples	1.90
483902	MARC084			34	35	1m samples	4.68
483903	MARC084			35	36	1m samples	5.84
483905	MARC084			37	38	1m samples	0.87
483911	MARC084			43	44	1m samples	1.52
483912	MARC084			44	45	1m samples	1.16
483913	MARC084			45	46	1m samples	2.90
483914	MARC084			46	47	1m samples	3.18
483916	MARC084			48	49	1m samples	1.16
483918	MARC084			50	51	1m samples	0.92
483920	MARC084			52	53	1m samples	0.92
483921	MARC084			53	54	1m samples	1.51
483922	MARC084			54	55	1m samples	1.09
483924	MARC084			56	57	1m samples	1.07
483926	MARC084			57	58	1m samples	1.64
483927	MARC084			58	59	1m samples	1.52
483933	MARC084			64	65	1m samples	1.47
483934	MARC084			65	66	1m samples	1.57
483935	MARC084			66	67	1m samples	2.12
483900	MARC084					standard 245	24.90
483925	MARC084					duplicate	1.48

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

483978	MARC085	6430480	751266	10	11	1m samples	1.75
484006	MARC085			36	37	1m samples	2.60
484007	MARC085			37	38	1m samples	1.85
484009	MARC085			39	40	1m samples	2.27
484011	MARC085			41	42	1m samples	0.91
484017	MARC085			47	48	1m samples	0.90
484018	MARC085			48	49	1m samples	3.35
484019	MARC085			49	50	1m samples	1.45
484022	MARC085			52	53	1m samples	1.16
484024	MARC085			54	55	1m samples	2.22
484031	MARC085			60	61	1m samples	6.00
484032	MARC085			61	62	1m samples	1.69
484034	MARC085			63	64	1m samples	1.19
484035	MARC085			64	65	1m samples	4.50
484036	MARC085			65	66	1m samples	1.20
484037	MARC085			66	67	1m samples	1.46
484041	MARC085			69	70	1m samples	4.15
484044	MARC085			72	73	1m samples	1.96
484045	MARC085			73	74	1m samples	0.86
484047	MARC085			75	76	1m samples	2.51
484000	MARC085					standard 245	25.10
484143	MARC086	6430431	751292	69	70	1m samples	1.41
484144	MARC086			70	71	1m samples	0.85
484145	MARC086			71	72	1m samples	0.92
484146	MARC086			72	73	1m samples	0.84
484147	MARC086			73	74	1m samples	4.05
484148	MARC086			74	75	1m samples	1.57
484149	MARC086			75	76	1m samples	1.21
484154	MARC086			79	80	1m samples	0.83
484157	MARC086			82	83	1m samples	2.02
484161	MARC086			86	87	1m samples	1.38
484164	MARC086			89	90	1m samples	1.38
484171	MARC086			96	97	1m samples	1.30
484176	MARC086			100	101	1m samples	1.22
484178	MARC086			102	103	1m samples	1.46
484100	MARC086					standard 245	27.80
484200	MARC086					standard 245	27.80

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CLASSIC MINERALS LIMITED

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71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

484222	MARC087	6430373	751293	17	18	1m samples	0.87
484262	MARC087			54	55	1m samples	0.89
484264	MARC087			56	57	1m samples	11.30
484299	MARC087			89	90	1m samples	0.89
484304	MARC087			93	94	1m samples	1.45
484305	MARC087			94	95	1m samples	4.61
484306	MARC087			95	96	1m samples	2.51
484307	MARC087			96	97	1m samples	1.40
484308	MARC087			97	98	1m samples	0.97
484300	MARC087					standard 245	27.70
484250	MARC087					standard 245	27.40
484386	MARC088	6430382	751193	45	46	1m samples	3.20
484387	MARC088			46	47	1m samples	1.52
484388	MARC088			47	48	1m samples	2.19
484389	MARC088			48	49	1m samples	0.85
484391	MARC088			49	50	1m samples	2.07
484392	MARC088			50	51	1m samples	1.34
484393	MARC088			51	52	1m samples	0.80
484400	MARC088					standard 245	26.60

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

		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 being sampled.	• 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

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71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 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. • Quality and adequacy of 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 77 119 484 016 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 Pty Ltd)
Geology	• Deposit type, geological setting and style of mineralisation.	• The deposit is a Archean shear- zone hosted gold deposit. • Geological interpretation indicates that the general stratigraphy consists of metasediments, BIF’s and cherts to the east of the

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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 crosscut the stratigraphy in an eastwest 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 flatdipping 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 77 119 484 016 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 clearlyexplain 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.	• 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

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065

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ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure 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.	appendix 2 to this Report are reported on a 2m internal dilution and 0.5 g/t Au cuto-off.
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).	• Further RC drilling is being considered. • Figures clearly demonstrate the areas ofpossible extensions

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• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

71 Furniss Rd, Landsdale Western Australia 6065

ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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