CLASSIC MINERALS LTD — Capital/Financing Update 2024

Sep 3, 2024

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

04 September 2024

ASX Announcement

Rights Issue Closed.

Classic Minerals Limited (ASX: CLZ” or “Classic” or “the Company”) is pleased to advise that the Rights Issue announced on 3[rd] June 2024 has closed.

The Offer has raised $ 135,735.39 out of a maximum expected amount of $2,000,000.00.

The Company will issue the share and options subscribed for by the applicants and then look to place the shortfall within the next 3 months.

This announcement has been authorised by the Board.

ENDS:

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Figure 1: Kat Gap Showing Bulk Sample Pit.

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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 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 Redivium Ltd (ASX: RIL), previously Hannans Ltd. Classic held 80% of the gold rights on the FGP Tenements via a third party, whilst Redivium maintained its 20% interest in the gold rights. Classic is in the process of purchasing the final 20% from Redivium pending terms of the binding sale agreement (CLZ HNR ASX release 03 Oct 2023 and RIL CLZ ASX release 5 June 2024). 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 and lithium.

Classic has inferred and indicated mineral resources of 8.09Mt at 1.45 g/t for 377,946 ounces of gold , classified and reported in accordance with the JORC Code (2012), with 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 21 June 2023.

		Indicated			Inferred			Total
		Grade			Grade			Grade
Prospect	Tonnes		OzAu	Tonnes		OzAu	Tonnes		OzAu
		(Au g/t)			(Au g/t)			(Au g/t)
Lady Ada	540,339	1.62	28,143	809,642	1.23	32,018	1,349,981	1.39	60,161
Lady Magdalene	956,494	1.36	41,823	4,644,033	1.31	195,595	5,600,527	1.32	237,418
Kat Gap	254,900	2.5	20,488	886,512	2.11	60,139	1,141,412	2.19	80,367
Total	1,751,733	1.61	90,454	6,340,187	1.41	287,752	8,091,920	1.45	377,946

Notes:

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

2. The effective date of the mineral resource estimate is 10 June 2024.

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. Mineral resources for Lady Ada and Lady Magdalene (Ladies) are reported at 0.5 g/t Au cut-off grade, Kat Gap at 0g/t Au.

6. Depletion of the resource from historic open pit mining has been considered for the Ladies deposits. Trial pit mining depletion at Kap Gap has not been accounted for in the block model due to the ore remaining unprocessed.

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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