LEEUWIN METALS LTD — Capital/Financing Update 2023

Aug 20, 2023

ASX ANNOUNCEMENT | 21 August 2023

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High-Grade Lithium Drill Assays Received from the Jenpeg Lithium Project

HIGHLIGHTS

• Leeuwin is pleased to announce assays received for a further four holes, with significant widths of high-grade mineralisation present in all holes.

• Multiple, shallow, significant intercepts of spodumene bearing pegmatites, include:

• XL-06: 5.14m @ 1.75% Li2O from 20.77m; &

  • 14.18m @ 1.66% Li2O from 53m.

• XL-21: 6.62m @ 1.18% Li2O from 28.38m;

  • 5.22m @ 1.24% Li2O from 39.78m; &

  • 9.65m @ 1.20% Li2O from 91.35m.

• XL-18: 13.87m @ 1.17% Li2O from 27.13m.

• XL-05: 5.0m @ 1.18% Li2O from 17m; &

  • 21.85m @ 0.81% Li2O from 26m.

• The results delineate a significant pegmatite swarm, currently defined by historical drilling over 400m’s of strike within a 6km prospective corridor defined by channel sampling.

• Assays for three additional holes are pending, with results anticipated in the coming weeks.

• A field program is expected to commence in late Q3 CY23 to further define targets, via mapping, multispectral satellite image analysis, and geochemical sampling.

• Leeuwin remains the single largest landholder within the highly prospective Cross Lake Greenstone Belt, with a land position of +1,900 km[2] .

Managing Director, Christopher Piggott, commented:

“Today’s results confirm the emergence of the Jenpeg lithium discovery in Manitoba. The assays display significant widths of high-grade lithium mineralisation, highlighting the underexplored nature of this large-scale mineralised system.

We firmly believe in the compelling opportunities at both prospect and regional scales, offering Leeuwin shareholders the opportunity to be part of one of Canada’s next major lithium discoveries.

We also extend our gratitude to the Government of Manitoba for their proactive approach and support in encouraging investment in critical minerals exploration, which enabled Leeuwin’s historical core sampling.

We look forward to regularly keeping the market up to date as we receive results from pending lithium and nickel assays.”

Leeuwin Metals Ltd ASX: LM1 | ACN 656 057 215 A: Level 2, Suite 16, 420 Bagot Road, Subiaco, Western Australia 6008 T: +61 8 6556 6427 E: info@leeuwinmetals.com W: leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Critical metals explorer Leeuwin Metals Ltd ( LM1 or the Company ) ( ASX: LM1 ) is pleased to announce more high-grade results from four holes at our 100% owned Jenpeg Lithium project ( Jenpeg ) in Manitoba, Canada.

Jenpeg represents a large-scale opportunity, featuring mapped pegmatite swarms extending over 6km of strike. Remarkably, this vast region has remained insufficiently explored for its lithium potential until now.

High-Grade Lithium Results

Today's results from the recent sampling of four additional drill holes are extremely positive and confirm the project to be an emerging lithium discovery. To date, a total of six holes have been assayed, all of which have shown significant widths and grades of Li2O. These results indicate that the system remains open in all directions, even with limited drill testing having occurred. For full exploration results refer to Appendix B.

These sampled holes are part of a historical drill core resampling initiative by Leeuwin for a total of nine holes, with three more holes remaining for analysis, with assay results expected in the upcoming weeks.

Recent intersections include:

• XL-06: 5.14m @ 1.75% Li2O from 20.77m;

• 1.18m @ 0.73% Li2O from 27.82m;

• 8.38m @ 0.57% Li2O from 35m; &

• 14.18m @ 1.66% Li2O from 53m.

• XL-21: 6.62m @ 1.18% Li2O from 28.38m; 5.22m @ 1.24% Li2O from 39.78m; 11.1m @ 0.78% Li2O from 50.9m; &

• 9.65m @ 1.20% Li2O from 91.35m.

• XL-18: 5.21m @ 0.74% Li2O from 5.79m; 2.0m @ 0.75% Li2O from 16m; & 13.87m @ 1.17% Li2O from 27.13m.

• XL-05: 5.0m @ 1.18% Li2O from 17m; &

• 21.85m @ 0.81% Li2O from 26m.

Previous high-grade intersections reported on 17 April 2023 included:

• XL-10: 20.59m @ 1.23% Li2O from 29.87m.

• XL-22: 8.29m @ 1.13% Li2O from 31.69m; &

• 15.12m @ 1.40% Li2O from 73.6m, incl. 11.8m @ 1.63% Li2O from 76.2m.

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Notably, historical drilling has successfully intersected multiple, sub-parallel spodumene bearing Lithium-Caesium-Tantalum (LCT) pegmatites, exhibiting thicknesses of up to 20 meters and exceeding 400 meters of strike length.

Results to date continue to confirm that this region is extremely prospective and will play an integral role in ongoing work programs for future success at Jenpeg.

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Figure 1: Current results and previously released results of historical drill holes (Coordinates in UTM NAD83 z14N) (refer to Appendix B, Table 1).

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Figure 2: Section B-B’ showing recently returned results and previous results from sampling of historical core (refer to Appendix B, Table 1 and ASX 17/04/2023).

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Figure 3: Section A-A' showing recently returned results and previous results from sampling of historical core (refer to Appendix B, Table 1).

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Future Plans

In addition to the pending assays for three drill holes, the Company anticipates commencing field work in Q3 CY2023, with an initial focus on the +6km trend of known spodumene bearing pegmatites at Spodumene Island. Exploration activities, including rock chip and channel sampling, detailed geological mapping, and multispectral satellite image analysis, will pinpoint additional targets.

These insights will guide ongoing exploration efforts within key areas while supporting regional exploration programs across our extensive +1,900km[2] of tenure. The objective of this work is to underscore the substantial potential of Jenpeg and contribute to the generation of drill targets.

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Figure 4: Local Geology of Spodumene Island Prospect area (Coordinates in UTM NAD83 z14N) (refer to Appendix B, Table 1 and (refer to the ITAR in the Company's prospectus on the ASX 28 March 2023 for further details of historical channel sampling).

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Infrastructure and Location

The Jenpeg Lithium Project is in the Canadian province of Manitoba, around 120km south of the major regional mining centre of Thompson. The project is accessed by Provincial Highway 6 and is well serviced by hydroelectric power from the Jenpeg power station to the south.

The 100% owned Jenpeg Project consists of the 1405.6km[2] granted Mineral Exploration Licences within a larger area of applications covering more than 1,948km[2] (refer to Figure 5 below).

Tanco Mine, operated by mining giant Sinomine Resource Group Co. Ltd., is currently active in Manitoba, with plans in progress for the development of a downstream Lithium Hydroxide plant in Manitoba, in collaboration with LG Energy Solutions.

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Figure 5: Location of the 100% owned Jenpeg Lithium Project MELs. Coordinates in UTM NAD 83 z14.

This ASX release has been approved for release by the Board.

KEY CONTACTS Christopher Piggott Managing Director E info@leeuwinmetals.com T +61 8 6556 6427

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

About Us

Leeuwin Metals Ltd (Leeuwin) is a mineral explorer committed to securing critical metals vital for the advancement of electric vehicles and renewable energy.

Leeuwin has five projects, three located in Canada and two Western Australia which are highly prospective for Nickel, Copper, PGE, and Lithium.

Our goal is to contribute to the global shift towards decarbonisation and electrification, working towards a greener future. Led by a skilled team with expertise in project generation, discovery, development, operations, and transactions.

William Lake Nickel Project is the flagship asset where the Company is exploring for high-grade Nickel, Copper and PGE mineralisation hosted in sulphides. The project is located in the Thompson Nickel Belt, this belt is highly fertile with several existing nickel mines currently in production.

Jenpeg Lithium Project is highly prospective for LCT type pegmatites. The project is located in the Cross Lake greenstone belt with previous drilling intercepting spodumene bearing pegmatites with grades of +1% Li2O present.

Complimentary Projects located in Western Australia and Ontario targeting Lithium and REE’s.

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Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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APPENDIX A: IMPORTANT NOTICES

No new information

Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

Competent Person Statement

The information in this report that relates to exploration results is based on and fairly represents information compiled by Mr Marcus Harden, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and the Chief Geologist and Business Development of the Company. Mr Harden has sufficient experience that is relevant to the style of mineralisation and 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 Harden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Various statements in this announcement constitute statements relating to intentions, future acts, and events. Such statements are generally classified as "forward looking statements" and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events, and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance, or achievements expressed or implied in these forward-looking statements will be achieved.

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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APPENDIX B: JORC CODE, 2012 EDITION

Table 1: Significant Intercept Table

Cut-off grade of >0.5% Li2O and allowing for up to 2m interval of internal waste. Intercept lengths may not add up due to rounding to appropriate precision. Coordinates are in UTM NAD 83 z14 projection.

Hole ID	Easting	Northing	RL	Azimuth	Dip	EOH Depth (m)	From (m)	To (m)	Interval (m)	Li2O (%)	Ta2O5 (ppm)
XL-4	576062	6048217	225	170	-60	90.2	Assays Pending
XL-5	576062	6048217	225	360	-90	89	17	22	5	1.18	104
							26	47.85	21.85	0.81	45
XL-6	576002	6048232	225	170	-45	102.4	20.77	25.91	5.14	1.75	158
							27.82	29	1.18	0.73	13
							35	43.38	8.38	0.57	1
							53	67.18	14.18	1.66	126
							70	71	1	0.53	2
XL-10	575776	6048404	225	170	-50	89.3	20.5	21.67	1.17	2.31	485
							29.87	50.46	20.59	1.23	194
						incl:	35	50	15	1.34	194
							51.32	52.12	0.8	0.84	4
XL-17	575929	6048395	225	170	-50	123.7	Assays Pending
XL-18	575977	6048404	225	170	-50	102.4	5.79	11	5.21	0.74	14
							16	18	2	0.75	127
							27.13	41	13.87	1.17	106
XL-19	576017	6048420	225	170	-50	126.8	Assays Pending
XL-21	576087	6048401	225	170	-50	150.3	28.38	35	6.62	1.18	93
							39.78	45	5.22	1.24	159
							50.9	62	11.1	0.78	50
							91.35	101	9.65	1.2	182
XL-22	575971	6048452	225	170	-50	154.2	31.69	39.98	8.29	1.13	153
							55.26	55.93	0.67	1.41	107
							72.83	72.9	0.07	0.78	10
							73.6	88.72	15.12	1.4	159
						incl:	76.2	88	11.8	1.63	143
							92.69	94.85	2.16	1.86	50
							104	106	2	1.57	128

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Section 1: Sampling techniques and data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	All drilling quoted is from Historical Operators. Drill is predominantly AQ diameter and is now stored at the Brady Road Core Facility of the Manitoban Geological Survey. Recent re-sampling of the drill core was ¼ core of residual reference core under the supervision of a qualified geologist on nominal 1m intervals. Interval lengths were adjusted to logged geological intervals. ¼ core samples were taken from the split core using a core saw with half the core placed in plastic sample bags and the remaining half left in the core box. For consistency the same half of core was collected for successive samples.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Re-sampling of the drill core was ¼ core of residual reference core under the supervision of a qualified geologist on nominal 1m intervals. Interval lengths were adjusted to logged geological intervals. ¼ core samples were taken from the split core using a core saw with half the core placed in plastic sample bags and the remaining half left in the core box. For consistency the same half of core was collected for successive samples. Sampling was completed based on geological intervals on a nominal 1m interval but can range between 0.2m and up to 2m’s. The holes have meter marks down holes. Sample sizes are considered appropriate and correctly represent the style and type of mineralisation. Field standards, laboratory standards and laboratory repeats were used to monitor quality of analysis.
	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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information.	Diamond drilling was used to obtain AQ sized diamond core which was split for sample submission. For these results, resampled ¼ core was submitted to Actlabs Laboratories in Thunder Bay. The entire sample was crushed to a nominal -2 mm, mechanically split to obtain a representative sample and then pulverized to at least 95% -105 microns (µm). Samples were then assayed by Peroxide ‘Total’ Fusion ICP-OES+ICP-MS (laboratory package Ultratrace 7). Samples assaying above 10,000ppm Li were then analysed by ore grade analysis through Peroxide Fusion ICP-OES.

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ASX ANNOUNCEMENT | 21 August 2023

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Criteria	JORC Code explanation	Commentary
Drilling techniques	Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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 quoted is from Historical Operators, Tanco Mining. Drilling is predominantly AQ diameter. Diamond Drill core was not historically oriented.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	All drilling quoted is AQ diamond core. There is no recorded RQD data as is standard by observations by Leeuwin Minerals geologists do not record significant zones of core loss.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Unknown, not recorded by previous operators.
	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.	There is no relationship between sample recovery and grade indicated by previous operators of the project.
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.	All samples were geologically logged on site by professional geologists. Details on the host lithology, deformation, dominant minerals including sulphide species and alteration minerals plus veining are recorded. Logging is to a sufficient standard to support Mineral Resource Estimation, mining studies and metallurgical studies.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	All samples have been qualitatively logged for lithology, alteration, weathering and foliation and qualitatively logged for vein percentage, mineralization/sulphide percentage,
	The total length and percentage of the relevant intersections logged.	All samples were geologically logged on site by professional geologists. Details on the host lithology, deformation, dominant minerals including sulphide species and alteration minerals plus veining are recorded.
Subsampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Sampling of mineralized intervals was done on a geological basis under supervision of the responsible geologist. Recent re-sampling of the drill core was ¼ core of residual reference core under the supervision of a qualified geologist on nominal 1m intervals. Interval lengths were adjusted to logged geological intervals. ¼ core samples were taken from the split core using a core saw with half the core placed in plastic sample bags and the remaining half left in the core box. For consistency the same half of core was collected for successive samples.

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ASX ANNOUNCEMENT | 21 August 2023

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Criteria	JORC Code explanation	Commentary
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Not Applicable.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Sampling techniques are industry standard and deemed appropriate.
	Quality control procedures adopted for all subsampling stages to maximise representivity of samples.	For consistency the same half of core was collected for successive samples. Recent re-sampling of the drill core was ¼ core of residual reference core under the supervision of a qualified geologist on nominal 1m intervals. Interval lengths were adjusted to logged geological intervals. ¼ core samples were taken from the split core using a core saw with half the core placed in plastic sample bags and the remaining half left in the core box. For consistency the same half of core was collected for successive samples. The Quality assurance procedures of historical operators and laboratories are unknown.
	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.	The samples are considered representative.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Given the reconnaissance nature of the drilling sample sizes are deemed industry standard for LCT Pegmatite exploration.
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.	Diamond drilling was used to obtain AQ sized diamond core which was split for sample submission.. Resampled ¼ core was submitted to Actlabs Laboratories in Thunder Bay. The entire sample was crushed to a nominal -2 mm, mechanically split to obtain a representative sample and then pulverized to at least 95% -105 microns (µm). Samples were then assayed by Peroxide ‘Total’ Fusion ICP-OES+ICP-MS (laboratory package Ultratrace 7). Samples assaying above 10,000ppm Li were then analysed by ore grade analysis through Peroxide Fusion ICP-OES. This analysis technique is considered 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.	No handheld XRF or spectrometer data is recorded for the project.

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ASX ANNOUNCEMENT | 21 August 2023

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Criteria	JORC Code explanation	Commentary
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	For ¼ core resampling Laboratory QAQC procedures include the insertion of certified reference materials as assay standards as well as including blank and sample duplicates. Company QAQC protocols include the insertion of certified reference materials and blanks every 25 samples or at geologist discretion. Lab and company QAQC samples were both reported within QAQC tolerance.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Historical results have not been reviewed and verified by Leeuwin Metals professional geologists, however, the diamond drill core is stored by the Manitoban Geological survey and has been reviewed and intersections are coincident with LCT pegmatite occurrences in the drill holes. Results from recent sampling has been under the supervision of Leeuwin Geologists and has been verified by professional consultant geologists.
	The use of twinned holes.	There are no twinned holes in the dataset but a comparison of the results of different drilling generations showed that results were comparable.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Details of primary data acquisition, data entry and verification procedures utilised by previous operators are unavailable but logging and data entry was captured on paper logs, now in Manitoba Assessment report no: 93742. Recent sampling and assay results have been documented in digital format, verified and stored by the Company.
	Discuss any adjustment to assay data.	No adjustments were made to assay data in results quoted.
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill holes were collared in local grid coordinates. Later the grids were georeferenced manually to take advantage of GIS mapping technology.
	Specification of the grid system used.	Drill holes were collared in local grid coordinates. Later the grids were georeferenced manually to take advantage of GIS mapping technology. The mainly idealized grids were approximately positioned by rotation and translation to fit with known topographic features, and collars were positioned on the georeferenced grids and in turn georeferenced. Drilling is now recorded in the UTM NAD 83 coordinate system Zone 14.

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ASX ANNOUNCEMENT | 21 August 2023

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Criteria	JORC Code explanation	Commentary
	Quality and adequacy of topographic control.	Topographic control is based on government topographic maps. This method of topographic control is deemed adequate at this exploration stage of the project.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Due to the reconnaissance stage of the Jenpeg Project the hole spacing is highly variable and of a progressive exploration in nature. However, a nominal spacing of 100m line spacing over the drill areas has been completed.
	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	Data spacing is not considered sufficient to establish geological and grade continuities for Mineral Resource estimation at this stage.
	Whether sample compositing has been applied.	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.	Drill hole orientations were designed to test perpendicular or sub-perpendicular to the orientation of the intersected mineralisation. Drilling was typically oriented perpendicular to the trend of geophysical anomalism and the mapped strike and dip of observed mineralisation on surface and elsewhere in the project area.
	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.	Due to the density of drilling and the orientation of drilling perpendicular to mineralized bodies there is limited bias introduced by drillhole orientation
Sample security	The measures taken to ensure sample security.	Measures taken to ensure sample security by historic operators are unknown. Recent resampling was secured at the Manitoba Geological survey prior to shipping by Leeuwin personnel directly to the Actlabs laboratory in Thunder Bay for assay.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	There have been no audits or reviews of sampling techniques and data.

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ASX ANNOUNCEMENT | 21 August 2023

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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 Jenpeg Project is comprised of eight granted and five Mineral Exploration Licence (MEL) applications covering a total area of 1947.82km2 surrounding the granted MEL1209A, 1229A, 1213A, 1212A, 1228A, 1214A, 1227A and 1230A licences for 1405.6km2. All drilling and results reported in the body of this release are from within the granted MEL1209A licence. Leeuwin Metals has submitted applications based on the Manitoban Staking process and as such will have a 100% interest in the project areas.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The area covering the Jenpeg Project has been the subject of exploration since the 1950s, by XL Syndicate – 1958, Noranda Exploration Company (Noranda) – 1959 to 1968, Falconbridge – 1963, Guggenheim Exploration (1969), Tantalum Mining Corporation of Canada Ltd (TANCO) – 1970 to 1982, Cross Lake Indian Band (1988), Gossan Resources Ltd – 1994 to 1995, and Alix Resources (Alix) – 2016 to 2018. TANCO discovered tantalum and niobium oxide mineralisation in granitic pegmatites in the project area in 1979 and drilled 23 holes in 1980 but did not assay for Lithium. These holes are the subject of this release.
Geology	Deposit type, geological setting and style of mineralisation.	Pegmatites in the Cross Lake area are enriched in lithium, niobium, tantalum and may contain spodumene, tourmaline, muscovite, beryl and apatite. The Cross Lake area is underlain by rocks of the Archean Superior Province. The area is subdivided into the Molson Lake domain in the southern area and the Gods Lake domain in the northern area. The Moslon Lake domain is dominated by granodiorites, with widespread granitic rocks, granites and pegmatites; monzodiorites and gabbroic dykes are also present. The Gods Lake domain is characterised by amphibolite facies mafic and ultramafic metavolcanics and metasedimentary rocks. Lithium mineralisation is associated with REE pegmatites and lithium-tin-tantalum pegmatites.

Leeuwin Metals Ltd ASX:LM1 | www.leeuwinmetals.com

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ASX ANNOUNCEMENT | 21 August 2023

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Criteria	JORC Code explanation	Commentary
Drillhole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: • easting and northing of the drillhole collar • elevation or RL (elevation above sea level in metres) of the drillhole collar • dip and azimuth of the hole • downhole length and interception depth hole length.	Please refer to Appendix B in the body of the release.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	All drill hole intersections are reported in Appendix B in the body of the release, with no upper cut off grade applied. Metal equivalent values are not used.
Relationship between mineralisation widths and intercept lengths	If the geometry of the mineralisation with respect to the drillhole 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 (e.g. ‘downhole length, true width not known’).	The majority of the drill holes are drilled as close to orthogonal to the plane of the mineralized lodes as possible. A number of drill holes have intersected the mineralisation at high angles. Only down hole lengths are reported.
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 drillhole collar locations and appropriate sectional views.	Exploration plans and further diagrams are included in the body of this release as deemed appropriate by the competent person.
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.	All drill hole intersections >0.5% Li2O are reported in Appendix B in the body of the release, with no upper cut off grade applied. Up to 1.5m of internal waste has been allowed in the reporting of significant intervals.
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 contaminatingsubstances.	All substantive exploration data as known at the time of this release is included in the release. No metallurgical test work has been completed on the property to date.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Please refer to the body of this release.

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