MINERAL RESOURCES LIMITED — Capital/Financing Update 2021

Dec 13, 2021

ASX Announcement 14 December 2021

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Lithium Development Partnership with Mineral Resources Limited

Pantoro Limited ( ASX:PNR ) ( Pantoro ) is pleased to advise that in conjunction with its 50% Norseman Gold Project joint venture partner, Tulla Resources Limited ( ASX:TUL ) ( Tulla ) a binding term sheet has been agreed with Mineral Resources Limited ( ASX:MIN ) ( Mineral Resources ) to explore for and develop lithium deposits in a joint venture across the Norseman Gold Project tenure.

Key Terms:

• Mineral Resources to complete a minimum of $500,000 expenditure within six months.

• Mineral Resources to spend a further $2,500,000 within 18 months.

• Mineral Resources to complete a feasibility study including definition of a JORC compliant resource within 24 months to earn 25% of the lithium rights within the Norseman Gold Project tenure (Initial Farm In interest).

• Mineral Resources to earn a further 40% of the lithium rights (for a total 65% ownership) by funding the project until first production.

• Pantoro and Tulla (jointly or independently) have the right to buy back in to increase their ownership in the joint venture to a combined 49.9%.

• Mineral Resources must make a final investment decision to proceed with construction within three months of earning its Initial Farm In Interest.

Key Highlights:

• Mineral Resources is a recognised leader in the construction and operation of hard rock lithium mines in Western Australia and brings tremendous technical, operational and financial capacity to the joint venture.

• Mineral Resources will be responsible for all expenditure until first production and be the manager of the Joint Venture.

• The Buldania project lies immediately along strike of the Liontown Resources Limited (ASX:LTR) ( Liontown ) owned Anna Lithium deposit Project – 14.9 Mt @ 0.97 Li₂0, 44 ppm Ta₂O₅. (Refer to ASX Announcement ‘Maiden Lithium Mineral Resource Estimate at Buldania’ dated 8 November 2019 released by Liontown).

• Rock chip samples taken by Pantoro from outcropping spodumene bearing pegmatites immediately along strike of the Anna deposit include:

• » 3.96 % Li₂0, 12 ppm Ta₂O₅

• » 2.52 % Li₂0, 33 ppm Ta₂O₅

• » 2.24 % Li₂0, 240 ppm Ta₂O₅

• » 0.96 % Li₂0, 217 ppm Ta₂O₅

• Drilling will commence as soon as possible.

Commenting on the partnership with Mineral Resources, managing Director Paul Cmrlec said:

“This new partnership is an outstanding outcome for Pantoro to maximise the value of a key mineral asset at Norseman. The agreement allow us to progress without any distraction from our core business of gold development and mining, while maximising value for our shareholders.”

“Mineral Resources is a development and production focussed company with an excellent track record and reputation. Pantoro has every confidence that Mineral Resources will ensure the successful development of the lithium assets. We look forward to rapidly generating drilling results from the highly prospective Buldania tenements.”

Pantoro Limited ABN 30 003 207 467

t: +61 8 6263 1110 | e: admin@pantoro.com.au | w: www.pantoro.com.au PO Box 1353 West Perth WA 6872 | Level 2, 46 Ventnor Ave, West Perth WA 6005

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Figure: Lithium rock chip samples at the Buldania Project.

Enquiries

Paul Cmrlec | Managing Director I Ph: +61 8 6263 1110 I Email: admin@pantoro.com.au

This announcement was authorised for release by Paul Cmrlec, Managing Director.

Page 2

Appendix 1 – Table of Rock Chip Samples

Sample_ID	Easting	Northing	Li₂0 %	Ta₂O₅ ppm
NB9718	412606	6452610	2.52	33
NB9727	413531	6452048	2.24	240
NB9728	413471	6452043	0.96	217
NB9729	413450	6451985	3.96	12

Appendix 1: Page 3

Appendix 2 – JORC Code 2012 Edition – Table 1

SECTION 1: SAMPLING TECHNIQUES AND DATA

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Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific • This information in this release relates to an Exploration update and results from
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Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specifc	• This information in this release relates to an Exploration update and results from
	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 fre 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.	surface rock chip sampling from reconnaissance and mapping of Lithium bearing pegmatites at the Buldania prospect at the Norseman project. • Rock chip samples are collected directly from outcrop. Samples taken were dry. • Rock chip samples are inherently variable and do not accurately represent the average grade of the surrounding rock. Rock chip and foat samples are used as a non-quantitative guide for assessing prospectivity hence are regarded as suitable for this purpose.
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, bywhat method, etc).	• No drilling results are included in this report
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 and grade and whether sample bias may have occurred due to preferential loss/gain of fne/coarse material.	• No drilling results are included in this report
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 andpercentage of the relevant intersections logged.	• Spodumene bearing pegmatites were identifed in outcrop by an experienced geologist. • Samples are described and key geological parameters recorded

Appendix 2: Page 4

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Criteria JORC Code explanation Commentary
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Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether rifed, 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 feld duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• The entire rock chip sample was submitted for analysis, typically between 2-3kg in weight. • Samples are prepared by crushing and pulverizing to P90 75micron.
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) and precision have been established.	• Assays are completed in a certifed laboratory in Perth BVA. Lithium and Tantalum assays are determined using Mixed acid digest. with ICP-MS fnish. The methods used approach total mineral consumption and are typical of industry standard practice. • No geophysical logging of drilling was performed. • Lab standards, blanks and duplicates were used for this data. Sample preparation checks of pulverising at the laboratory include tests to check that the standards of 90% passing 75 micron is being achieved. Acceptable bias and precision is noted in resultsgiven the nature of the deposit and the level of classifcation
Verifcation of sampling and assaying	• The verifcation of signifcant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verifcation, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Signifcant intersections are noted in logging and checked with assay results by company personnel both on site and in Perth. • N/A All primary data is logged digitally and later entered into the SQL database. Data is visually checked for errors before being sent to an the companies database manager for further validation and uploaded into an ofsite database. • Li % is converted to Li₂O% by multiplying by 2.15, Ta ppm is converted to Ta₂O₅ ppm by multiplying by 1.22.
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. • Specifcation of the grid system used. • Qualityand adequacyof topographic control.	• Rock chip locations are recorded by a handheld Garmin GPS the location co- ordinates may have an error of up to 5 metres due to drift. • The project lies in MGA 94, zone 51.

Appendix 2: Page 5

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Criteria JORC Code explanation Commentary
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Criteria	JORC Code explanation	Commentary
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufcient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifcations applied. • Whether sample compositinghas been applied.	• Rock chip samples are typically biased towards only part of the target geology and are not sufcient to establish grade and geological continuity.
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.	• Rock chip samples locations were selected to target Lithium mineralisation. • The samples were selected based on geology, and mineralisation and were selected by targeting mineralisation and are biased towards that mineralisation style.
Sample security	• The measures taken to ensure sample security.	• The chain of custody is managed by Pantoro employees and contractors. Samples are stored on site and delivered in sealed boxes and bags to the lab in Perth • Samples are tracked duringshipping.
Audits or reviews	• The results of anyaudits or reviews of samplingtechniques and data.	• No audit or reviews of samplingtechniques have been undertaken.

SECTION 2: REPORTING OF EXPLORATION RESULTS

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Criteria JORC Code explanation Commentary
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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 obtaininga licence to operate in the area.	• The tenement where the surface rock chip sampling has been completed is 50% held by Pantoro subsidiary company Pantoro South Pty Ltd in an unincorporated JV with CNGC Pty Ltd. This is : M63/180. • Tenement transfers are pending. The tenements predate native title claims. • The tenements are in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Prior exploration by WMC has focused on predominantly gold , with some Ni exploration, however little work has been identifed in relation to Lithium exploration , other thanpegmatite beingidentifed in regional mapping projects.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Buldania Project contains a series of quartzfeldspar-muscovite-spodumene pegmatites largely hosted in mafc rocks. The Project is located at the southern end of the Norseman- Wiluna Belt. • The pegmatites are interpreted to be LCT type lithium bearing-pegmatites.

Appendix 2: Page 6

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Criteria JORC Code explanation Commentary
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Criteria	JORC Code explanation	Commentary
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: » easting and northing of the drill hole collar » elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar » dip and azimuth of the hole » down hole length and interception depth » hole length. • If the exclusion of this information is justifed 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.	• A table of surface rock chip results pertaining to this release is attached.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-of 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 clearlystated.	• No drill results are included in this report.
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 reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this efect (eg‘down hole length, true width not known’).	• No drill results are included in this report
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any signifcant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate diagrams are included in the 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 misleadingreportingof Exploration Results.	• Diagrams show the location of the pegmatite samples.

Appendix 2: Page 7

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Criteria JORC Code explanation Commentary
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Criteria	JORC Code explanation	Commentary
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.	• No other meaningful data to report.
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 commerciallysensitive.	• The results contained within this report were part of a tenement scale reconnaissance program to identify and sample any outcropping and spodumene bearing pegmatites. Evaluation drilling will be undertaken to follow up on these results.

Exploration Targets, Exploration Results

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Scott Huffadine, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Huffadine is a director and full time employee of the company. Mr Huffadine is eligible to participate in short and long term incentive plans of and holds shares and options in the Company. Mr Huffadine 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 Huffadine 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

Certain statements in this report relate to the future, including forward looking statements relating to Pantoro’s financial position and strategy. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of Pantoro to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement and deviations are both normal and to be expected. Other than required by law, neither Pantoro, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

Appendix 2: Page 8