INFINITY METALS LIMITED — Capital/Financing Update 2025

Mar 30, 2025

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31 March 2025
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INFINITY ACQUIRES GOLD PROJECTS

KEY POINTS

• Acquisition of 100% of four granted, advanced high-grade gold exploration assets in the Lachlan Fold Belt, Victoria.

• Project tenure covers historical gold fields, drill ready high-grade targets with huge untested upside.

• Comstock Prospect – UNDRILLED, Shallow (<50m) walk-up drill targets defined by coincident I.P. geophysics and gold rock chip sampling up to 4.4 g/t gold (Au) and 303 g/t silver (Ag).

• Comstock Prospect - Drill ready with drill permits approved, environmental bonding in place and land holder access agreements secured, facilitating a near term exploration programme.

• Forsyth Prospect – only 5 holes to date yet returned results such as 5.35m @ 4.7 g/t gold (Au), 334 g/t silver (Ag) from 143m (FS11-01). Mineralisation open. Landholder agreements are in place to facilitate further drilling.

• Acquisition required modest upfront consideration with payment weighted to shared success of exploration.

• Immediate exploration now activity possible whilst San Jose Lithium Project Mining Licence Application is being assessed.

’, or ‘ the Company ’) is pleased to announce the acquisi�on of a 100% interest in Highland Resources Limited ( Highland ), a subsidiary of unlisted company, Jubilee Metals Limited. Jubilee is solely focussed on the financing and proposed development of its proposed Croydon gold project in Queensland, enabling Infinity to acquire these prospec�ve explora�on licenses (see Schedule 1) for minimal upfront considera�on.

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Following a due diligence period we are very pleased to have acquired these en�cing explora�on assets, which have been underexplored over the past several years. Set against a backdrop of strengthening gold prices and increased ac�vity in eastern Australia, the Company intends to rapidly and cost-effec�vely test these explora�on assets whilst it maintains progress in Spain with its Direct Exploita�on Concession Applica�on (‘ ECA ’) (‘Mining Licence Applica�on') for San Jose. To that end the Company is mindful of the con�nued downturn in the broader lithium market and delays experienced with administra�ve bodies managing the permi�ng of San Jose. “

Highland Gold Assets

Highland Resources Limited, through its wholly owned subsidiary Pele Resource Pty Ltd, holds a 100% interest in four granted Explora�on Licences in eastern Victoria (Schedule 1). All have proven gold mineralisa�on evident in either historical gold workings (Bindi, Goodhope-Union, Mi�a, Cobungra) or from modern explora�on results (Cobungra Project). These tenements are located in Victoria within the prospec�ve Lachlan Fold Belt (Figure 1).

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Figure 1: Highland Resources Limited tenure.

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Cobungra Project

The Cobungra Project (Figure 2) is characterised by structurally controlled, intrusive-related gold mineralisa�on as highlighted by lineaments of historical workings (Figure 2). These historical workings are characterised by mineralisa�on hosted in brecciated, silica-sulphide rich altera�on. Two NNW-SSE trends hos�ng several gold workings are evident and interpreted to be possible dilu�onary splays off the Ensay Shear Zone.

The Comstock Gold-Silver Prospect lies 2 km along strike to the southeast from Forsyth Prospect. At this prospect, rock chip samples returned up to 4.4 g/t Au and 302.6 g/t Ag (Table 1). Geophysical (I.P) targets were defined in 2011-2014, but these remain untested. There has been no drilling to date.

The Company views this as an extremely compelling target which is intends to expedite explora�on on.

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Figure 2: Cobungra Project (EL 7073) showing location of Forsyth and Comstock prospects.

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The Forsyth Gold-Silver Prospect (also inside the Cobungra Project) was explored by Mt Wills Gold Mines, with a diamond drilling programme of 5 drillholes for 704m in 2011-2. Significant results returned:

• 5.35 m @ 4.7 g/t Au, 334.2 g/t Ag from 143 m,

• including 1.3 m @ 11.5 g/t Au, 906 g/t Ag from 74m in (FS11-01).

• 2.9m @ 0.7 g/t Au, 134 g/t Ag from 58m, and 0.75m @ 3.7 g/t Au, 185 g/t Ag from 64m (FS-04)

There has been no follow up explora�on at Forsyth since 2012.

The historical results are detailed in Table 1. Subsequent to drilling at the Forsyth prospect, addi�onal explora�on (geophysics and rock chip sampling) was conducted at Comstock prospect, 2km along strike to the southeast which has iden�fied shallow (<50m) drilling targets (Figure 3). Access has been obtained but these have not yet been drilled. These are high priority targets for Infinity.

At this prospect, rock chip samples returned up to 4.4 g/t Au and 302.6 g/t Ag. Soil geochemical anomalies and IP targets were defined in 2011-2014, but these remain untested. There has been no drilling to date. The I.P. survey conducted consisted of 8 lines totalling 7.2km.

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Figure 3 : Comstock Prospect within EL7073 with Induced Polarisation (IP) anomaly overlying aerial photograph, rock chip results and interpreted coincident linear IP anomalies as target vectors (proposed drilling).

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The Comstock prospect within the Cobungra Project is in open pasture (Figure 4) and land access has been obtained for explora�on ac�vity with the landowner, drilling permits have been obtained from regulators and environmental bonding is in place.

There are no further permi�ng or land access requirements to be completed prior to mobilisa�on of a drilling contractor. This prospect offers a further near-term explora�on opportunity with a highimpact target. There are several other geologically similar opportuni�es within the subparallel structural trends in the Project. These include historic workings such as such as Mountain Maid (undrilled) (Figure 2) where samples of altered (unassayed) were obtained from a road cu�ng (Figure 5).

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Figure 4: Open pasture at Comstock prospect. sulphidic rock at Mountain Maid.

The photograph shown in Figure 5 is a photograph of a poten�al host rock. The rocks photographed do not contain visual gold mineralisa�on nor do the images imply that gold mineralisa�on is present.

Mi�a, Goodhope-Union and Bindi Projects

Other projects within the por�olio (Mi�a, Good Hope-Union, Bindi) are equally prospec�ve geologically though have had less modern explora�on ac�vity to define immediate drilling targets. The Company believes they offer good opportunity explora�on programmes being formulated for prospects such as the northern extension of the Banimboola Quartz-Monzogranite which extends into the north-eastern por�on of the tenement (Mi�a Project, EL 7072). Here, gossanous iron-staining from sulphidic altera�on is evident in shear zones exposed in road cu�ngs (Figure 6).

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This prospect (Granite Flat North) area covers the northern extension of the Banimboola QuartzMonzogranite and this intrusion hosts the Granite Flat Au-Cu-Ag porphyry prospect owned by Dart Mining Limited (Figure 7) which has recorded hits such as 19m @ 9.4 g/t Au and 19 g/t Ag from 28m (ASX release Dart Mining ASX.DTM 8 March 2021).

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Figure 6: Gossanous shear zone exposed in road cutting within EL7072, north of drilling at Granite Flat.

The photograph shown in Figure 6 is a photograph of a poten�al host rock. The rocks photographed do not contain visual gold mineralisa�on nor do the images imply that gold mineralisa�on is present.

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Figure 7: Mitta project (EL 7072) showing tenure in relation to Banimboola intrusion and Dart Mining (ASX.DTM) drilling.

Acquisi�on Summary

The agreement to acquire the Highland projects has been structured to incen�ve explora�on success and reward for both par�es (Schedule 2), with a modest upfront payment, predominantly comprising Infinity shares ($50,000 cash and 10,000,000 Ordinary Shares in Infinity (ini�ally approximately 2.5% of issued capital), therefore maximising the alloca�on of funds to explora�on.

Performance Rights will vest based on shared success resul�ng in increased explora�on ac�vity (drilling) and discovery (JORC mineral resource es�mates). Key Terms of the acquisi�on agreement are detailed in Schedule 2. Infinity Shares and Performance Rights will be issued within the Company’s exis�ng ASX Lis�ng Rule 7.1 placement capacity. A capital structure is contained in Schedule 3.

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The Company is well funded to pursue both the permi�ng process in Spain and to advance explora�on in Victoria (ASX December Quarterly Report 29 January 2025). The Company intends to provide further informa�on including a more detailed explora�on programme shortly.

As noted above, the Company con�nues to work with regulators in the permi�ng process for San Jose in Spain. As noted in prior ASX announcements, public consulta�on as ini�ally proposed was delayed and addi�onal requirements prior to public consulta�on have been requested.

Infinity Lithium

Adrian Byass Executive Chairman T: +61 (8) 6146 5325

Competent Persons Statement

The informa�on in this report that relates to Explora�on Results is based on the informa�on compiled or reviewed by Mr Adrian Byass, B.Sc Hons (Geol), B.Econ, FSEG, MAIG and an employee of Infinity. Mr Byass has sufficient experience relevant to the style of mineralisa�on and type of deposit under considera�on and to the ac�vity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edi�on of the JORC Code for Repor�ng of Explora�on Results, Explora�on Targets, Mineral Resources and Ore Reserves. Mr Byass consents to the inclusion in the report of the ma�ers based on this informa�on in the form and context in which it appears.

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Schedule 1

Tenements (100% Highland Resources Limited)

Schedule 2

Transaction terms and conditons

• Initial Payment (for 100%) - $50,000 cash and 10,000,000 ordinary shares in Infinity Lithium Corporation Limited (ASX.INF).

• Additional deferred consideration Performance Rights (Tranche A and B) for up to 30,000,000 shares are issued as outlined below;

	Tranche	Consideration Performance Rights	Vesting Condition	Expiry Date
	A	20,000,000	The Company announcing to ASX that it has completed at least 3,000 metres of drilling (excluding auger drilling) on a Tenement within the Project.	2 years from the date of issue
	B	10,000,000	The satisfaction of the Tranche A Vesting Condition, and the Company announcing to ASX, either: (a) the definition of a JORC Code compliant Mineral Resource Estimate (of any category) on a Tenement within the Project in excess of 50,000oz gold at a minimum grade of 1.5 g/t gold; or (b) it has completed an additional 5,000 metres of drilling (excluding auger drilling) on a Tenement within the Project. For the avoidance of doubt, this 5,000 metres of drilling is in addition to the 3,000 metres of drilling announced to ASX pursuant Tranche A.	3 years from the date of issue

Schedule 3

Capital Structure

Pre Acquisition

Ordinary Shares 462,592,093 Options 22,950,000[(1)] Performance Rights 3,500,000 SARS 11,700,000

Post Acquisition Ordinary Shares 472,592,093 Options 22,950,000 Performance Rights 33,500,000 SARS 11,700,000

Note 1 Op�ons Number Granted Expiry Date Exercise Price 3,000,000 15/12/25 $0.25 6,983,000 4/12/26 $0.15 12,967,000 4/12/26 $0.25

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Table A: Drill hole collars

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Hole ID Easting Northing RL Depth (m) Azimuth Dip
FS11-01 552106 5889737 699.5 166 224 -58
FS11-02 552111 5889733 700.0 150 326 -60
FS11-03 552130 5889653 683.6 150 140 -58
FS-04 552101 5889737 699.0 155.6 262.3 -70
FS-05 552103 5889737 699.0 98.3 123 -55
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Table B: Drill hole results

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Interval Ag
Hole ID From (m) To (m) Au (ppm) As (%) Pb (%) Zn (%) Comment
(m) (ppm)
FS11-01 143.00 148.35 5.35 4.70 334.20 NSR 0.30 0.70
including 147.00 148.40 1.40 11.50 906.30 NSR 0.90 2.50
FS11-02 64.40 64.75 0.35 8.94 NSR NSR NSR NSR
and 75.30 76.00 0.70 9.33 NSR NSR NSR NSR
FS11-03 NSI
estimated 50% true
FS-04 58.20 61.10 2.90 0.69 135.40 1.20 NSR NSR
width sub optimal
and 64.10 64.85 0.75 3.69 185.60 1.30 0.23 0.30 drilling location
FS-05 34.20 34.50 0.30 0.87 298.00 0.60 NSR NSR estimated 50% true
and 65.00 65.30 0.30 1.09 NSR 1.40 NSR NSR width sub optimal
drilling location
and 80.80 81.10 0.30 1.15 NSR 1.30 NSR NSR
NSI - No significant intercept
NSR - No sample
received
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Table C: Rock chip locations and results

	Prospect	Sample ID	Easting	Northing	Au(g/t)	Ag (g/t)	As(%)	Sb(ppm)
	Mountain Maid	151926	547642.79	5891019.4	10.4	0.3	0.08	27
	Mountain Maid	151933	547652.35	5891329.3	46.28	10.1	11.56	549
	Mountain Maid	151927	547681.02	5891266.5	40.07	75	8.26	3896
	Forsyth	151920	552053.65	5889707.3	0.29	30.4	0.19	266
	Forsyth	151922	552094.61	5889648.6	11.39	216	3.12	771
	Forsyth	151916	552143.76	5889589.8	2.11	52.6	0.02	57
	Comstock	151939	553360.99	5887880.4	4.41	55	1.93	776
	Comstock	151940	553455.2	5887793	2.29	302.6	0.97	524
	Mountain Maid	151928	547634	5891281	13.89	3.4	3.19	75
	Mountain Maid	151931	547657	5891295	25.02	3.1	4.61	183

Appendix 1 – JORC 2012 Table 1

Sec�on 1: Sampling Techniques and Data

	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 methods of collection for all the historical rock chip samples and drilling is unknown.  Infinity has not assessed measures taken to ensure sample representivity.  Infinity has not assessed aspects of the determination of mineralisation that are Material to the Public Report.
	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).  The drill holes reported here were completed by Mt Wills Gold in 2011-2012. It is unknown what type of drill rig was used.
	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 andgrade and whether  Infinity has not assessed the drilling recovery results from the historical drilling campaigns.  Infinity has not assessed the measures taken to maximise sample recovery and ensure representative nature of the samples.  Infinity has not assessed the relationship between sample recovery and grade and whether sample bias may have occurred.

Criteria JORC Code explanation Commentary sample bias may have occurred due to preferential loss/gain of fine/coarse material. 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.  Geological and geotechnical logging was completed, but details on drill logging techniques were not assessed.  There are no Mineral Resources reported for any of the tenements.  Infinity has not assessed the nature of the drill logging.  Infinity has not assessed the total length and percentage of the relevant intersections 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 thegrain size of the material being sampled.  Infinity has not assessed the sub-sampling techniques and sample preparation used for any of the geochemical exploration and drilling campaigns. 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) andprecision have been established.  Infinity has not assessed the quality of the assay data and laboratory tests for any of the geochemical exploration and drilling campaigns. Verification of sampling and assaying  The verification of significant intersections by either independent or alternative company personnel.  Infinity has not verified sampling and assaying data.

Criteria JORC Code explanation Commentary  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. 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.  Infinityhasnotassessedtheaccuracyandquality of surveys used to locate sample sites and drillholes.  The grid system used is GDA94 (Zone 55).  No Mineral Resource estimates are presented in this report and the quality of topographic control is not material to the review. 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.  Data spacing for reporting varies for different sampling methods e.g. soil sampling and stream sediment sampling.  No Mineral Resource estimates are presented in this report.  No sample compositing has been applied. 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 historical geochemical surface sampling programs were commonly oriented perpendicular to the prevailing strike of the geological rocks.  Infinity has not assessed the relationship between the drilling orientation and the orientation of key mineralised structure. Sample security  The measures taken to ensure sample security.  Infinity has not assessed measures taken to ensure sample security. Audits or reviews  The results of any audits or reviews of sampling techniques and data.  Infinityhasnotassessedresultsofanyauditsor reviews of sampling techniques and data.

Section 2 Reporting of Exploration Results

	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.  Inifinity Lithium is acquiring a 100% interest in Highland Resources Limited which holds the following four tenements that are prospective for gold and base metal mineralisation in eastern Victoria: o EL7071 – Bindi o EL7072 – Mitta Mitta o EL7073 – Cobungra-Omeo o EL7074 – Good Hope-Union  The ELs cover a total area of 1,509 km2 centred around the town of Omeo, approximately 250 km east-northeast of Melbourne.  The ELs largely lie within farming country and State Forest of eastern Victoria.  Several Victorian Government reserves and restricted areas are in the region, including the Alpine National Park.  The tenements are in good standing and no known impediments exist.
	Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.  Many historical exploration programs have been undertaken on the ELs between 1965 and 2016.  Historical exploration sampling programs include soil sampling surveys, stream sediment surveys, rock chip sampling, auger drilling, RAB drilling, air core drilling, percussion drillingand diamond drilling.
	Geology  Deposit type, geological setting and style of mineralisation.  The ELs lie within the southeastern portion of the Palaeozoic Lachlan Fold Belt (LFB) of eastern Australia, which is host to historical mining prospects and mineral fields. The mineral occurrences are hardrock and alluvial gold prospects and mapped historical goldfields (GSV data). The historical goldfields of eastern Victoria were active from the late 1800s.  The tenement package was acquired to explore for economic gold and base metal mineralisation. The main ore deposit types that are prospective in the project area include: o Orogenic gold deposits (e.g., Bendigo-Ballarat, Fosterville in Victoria). o Intrusive-related gold systems (IRGS), (e.g., Wonga in Victoria, Kidston in Queensland). o Alluvial gold deposits (e.g., Mitta Mitta in Victoria, EL7072). o Volcanic-hosted massive sulphide systems (e.g., Wilga-Currawong deposits near Benambra Victoria,

Criteria JORC Code explanation Commentary Woodlawn in NSW,  Rosebery in Tasmania). 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 why this is the case.  Collar information for drill holes reported in this release are contained in Tables A & B.  Rock chip locations are contained in Table C 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 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.  Infinity has not assessed data aggregation methods used by previous tenement holders to report Exploration Results.  The drilling results presented in this report have been length weighted.  No data aggregation is included in this report.  No metal equivalents are reported here. 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  Drill intercepts are true width unless stated otherwise in Table B.  As above

Criteria JORC Code explanation Commentary 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’). 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.  Maps showing the tenementlocations, drill holes and rock chip samples are included in the body of this 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.  A full data compilation of all historic exploration programs has not yet been conducted by Infinity, as this ongoing work is conducted, any material results uncovered will be reported by the Company. 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.  A full data compilation of all historic exploration programs has not yet been conducted by Infinity, as this ongoing work is conducted, any material results uncovered will be reported by the Company. 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 commercially sensitive.  Exploration planned by Infinifty includes: o Surface geological mapping o Geochemical sampling (rock chip and soils). o IP/magnetic geophysical surveys.  RC and Diamond drilling at the highest-priority targets.  Maps showing the main target areas within each EL are included in the report.

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Figure A: Location of Rock Chips and Drill Holes

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Figure B: Location of Drill Holes

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