CLASSIC MINERALS LTD — Capital/Financing Update 2023

Jun 5, 2023

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C LASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

06 June 2023

ASX Announcement

KAT GAP TAILINGS STORAGE FACILITY UPDATE

Highlights:

• Commencement of the installation of a Vibrating Wire Piezometers (VWP).

• Kat Gap Tailings Storage Facility (TSF) and processing plant commissioning early June 2023.

• o TSF scheduled for use by mid-June 2023.

Figure 1 : Kat Gap Tailings storage facility - VWP Installation.

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C LASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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Classic Minerals (ASX: CLZ) is pleased to announce the installation of a Vibrating Wire Piezometers (VWP) telemetry network at the Kat Gap Gold Project.

This installation is a crucial component of the approved Tailings Storage Facility (TSF) design, allowing for comprehensive monitoring of groundwater pressures beneath and within the embankments forming the TSF.

In accordance with the TSF Design (Approved) (REC doc. No. P21-38-PR-02, September 2022), a series of monitoring points, comprising nested VWPs, will be installed at the TSF. These nested VWP arrangements consist of two VWPs, one installed within the embankment 500 mm above the base and the second installed at a depth of 20 m below the natural ground. An additional VWP will be installed downstream of the embankment at a depth of 50 m as a monitoring bore.

To ensure the longevity and protection of the VWPs, they will be cased through polyethylene pipes during the embankment construction, safeguarding the bare wires for future stage raises A total of 12 VWPs are proposed to be installed as part of the approved TSF design.

The VWPs will constantly report to four locations on the TSF embankment, providing water level measurements beneath the TSF and piezometric pressure readings within the embankments. For effective data transmission, Geoscience Data Management Systems Pty Ltd (GDMS) will install and use telemetry network-enabled data loggers. These loggers will facilitate live and interactive data for reporting, analysis, and design purposes. The data loggers will be satellite/cellular backhaul capable, ensuring reliable and continuous monitoring.

The Kat Gap Gold Project and all its assets are 100% owned by Classic Minerals. The early decisions made in the development strategy are now paying off, as the installation of the VWP telemetry network marks the final step towards the commissioning and licensing of the TSF . This achievement highlights the company's ability to manage its operations efficiently and responsibly.

Once the processing facility commissioning, as well as the TSF commissioning and licensing, are completed, Classic Minerals will now be able to treat and process its own ore in its own gold processing plant. Furthermore, the company will be able to reprocess any gold present in the tailings maximizing the value of its resources and enhancing operational efficiency.

The installation of the VWP telemetry network underscores Classic Minerals' commitment to maintaining a robust monitoring system and ensuring the safety and environmental integrity of its operations. The telemetry network, along with the GDMS system, will provide real-time data for reporting, analysis, and design purposes, empowering the company to make informed decisions and optimize its gold processing operations.

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C LASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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Figure 2 & 3 : Kat Gap Tailings storage facility – Drilling of diamond hole for VWP installation.

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C LASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

Figure 4-7 : Kat Gap Monitoring Bores completed and capped.

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C LASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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About Classic Minerals Ltd

Expanding its focus from exploration to mining, West Australian-based, minerals house Classic Minerals Ltd holds a pipeline of projects and continues to examine new opportunities both cyclic and counter-cyclic. Currently, ASX-listed Classic holds approximately 578 km[2] of tenements across two major regional exploration areas in minerals-rich West Australia. Classic’s ground is in areas with identified high grade gold and base metal targets. Classic’s flagship Kat Gap Gold Project has been the recent focus of its exploration, mining and processing efforts and is strategically located some 170 km south of Southern Cross and some 50 km south of the Company’s Forrestania Gold Project. With strong grades and near-surface mineralisation Kat Gap is soon to attain full scale production. .

This announcement has been approved by the Board.

ENDS:

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			Inferred			Total
		Grade			Grade	Ounces		Grade
Prospect	Tonnes		OuncesAu	Tonnes			Tonnes		Ounces
		(Au g/t)			(Au g/t)	Au		(au)
Lady Ada	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

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C LASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 contact@classicminerals.com.au

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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

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