FORTUNA METALS LTD — Capital/Financing Update 2023

Feb 9, 2023

==> picture [164 x 99] intentionally omitted <==

ADDRESS ABN Level 8, 99 St Georges Terrace 96 095 684 389 Perth WA 6000 PHONE WEBSITE +61 (08) 9486 4036 www.lanthanein.com

10 February 2023

COMPLETION OF PLACEMENT

Lanthanein Resources Limited ( Lanthanein or the Company ) is pleased to advise that the placement announced on 1 February 2023 to raise $2,520,000 (before costs) has been completed.

Mr Brian Thomas, Lanthanein Technical Director commented “ The funds raised in this placement will enable the Company to carry out an extensive exploration programme of drilling and sampling on our exciting Lyons rare earths elements (REE’s) project in the Gascoyne. We look forward to updating the market with details of the next round of drilling which will further highlight the REE prospectivity of the Lanthanein ground in the Gifford Creek Carbonatite Complex. We also anticipate announcing details of the upcoming exploration at the Murraydium ionic clay hosted REE exploration project in South Australia.”

The Company will be issuing 140 million fully paid ordinary shares and 84,000,011 LNRO options to institutional and sophisticated investors, including Broker options. An Appendix 2A in relation to the issue has been lodged today on ASX.

This announcement has been authorised for release by the Directors of the Company.

LANTHANEIN RESOURCES LTD