ORE RESOURCES LIMITED — Capital/Financing Update 2023

Sep 14, 2023

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15 September 2023

ASX ANNOUNCEMENT

$7.6 MILLION PLACEMENT TO ACCELERATE EXPLORATION AT KANGAROO HILLS AND NEVADA LITHIUM PROJECTS

Highlights

• Firm commitments received for a heavily oversubscribed $7.6 million Placement.

• Exceptional support for the Placement received from institutional and sophisticated investors, including Hancock Prospecting Pty Ltd, which significantly validates the Company and its highly prospective Lithium projects.

• Funds will be utilised to accelerate exploration drilling programmes at the Kangaroo Hills Lithium Project (KHLP) in WA, in which the recent Phase 3 drilling has confirmed a significant spodumene bearing pegmatite swarm at the Big Red and Rocky prospects.

• Funds will also be used to advance the Phase 3 exploration drilling programmes at the Nevada Lithium Project (NLP) (80%), which are due to commence in late September 2023.

• Directors participating for $225,000 in the Placement, subject to shareholder approval.

Future Battery Minerals Limited (ASX: FBM) ( FBM or the Company ) is pleased to announce it has received firm commitments from cornerstone, institutional, sophisticated and professional investors to raise $7.6 million (before costs) under a Placement of fully paid ordinary shares ( Placement ) over two tranches at an issue price of $0.10 per share.

Hancock Prospecting Pty Ltd (Hancock) has agreed to participate in the Placement as a cornerstone investor, committing to invest $2.65 million across the two tranches.

Net proceeds from the Placement are intended to be used for the following activities:

Kangaroo Hills Lithium Project (KHLP) (100%):

• Completion of the Phase 3 reverse circulation (RC) drill programme with 7,000m drilled to date and awaiting assay results for circa 50 holes;

• Ongoing diamond drill (DD) testing of the regional targets at the Big Red and Rocky prospects with 1,100m drilled to date and awaiting assays;

• Ongoing metallurgical and mineralogical assessment on core samples with initial results expected in October 2023;

• Ongoing target generative geophysical surveys including Ground Gravity and Resistivity; and

• Completion of baseline environmental surveys which are expected to be completed in November 2023.

Nevada Lithium Project (NLP) (80%):

• Phase 3 RC and DD resource drilling programme at Lone Mountain- commencing late September.

• Maiden Mineral Resource Estimate at Lone Mountain – scheduled Q1 2024

• Initial metallurgical test work

The Company will also be using the funds raised for general working capital purposes.

FBM Executive Chairman Mike Edwards commented:

“We are extremely pleased with the strong support received from both new and existing professional, sophisticated and institutional investors, and we welcome Hancock Prospecting Pty Ltd to our register. The strongly oversubscribed Placement not only confirms the quality of our projects but is also validation to the

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info@futurebatteryminerals.com.au +61 8 6383 7817 futurebatteryminerals.com.au

Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

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experience and track record of our dedicated teams in WA and Nevada. We now look forward to continuing our exciting journey in the knowledge we are fully funded to accelerate exploration and development at both the Kangaroo Hills and Nevada Lithium projects. We look forward to updating the market as we progress.”

Placement

The key details of the Placement are as follows:

Description	Number of Shares to be issued*	Funds to be raised*
Tranche 1	51,950,424	$5,195,042
Tranche 2	23,850,000	$2,385,000
Total	75,800,424	$7,580,042

Shares to be issued under Tranche 1 of the Placement will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 and 7.1A.

Tranche 2 of the Placement is subject to Shareholder approval being obtained at an Annual General Meeting of Shareholders and a Notice of Meeting will be despatched shortly. Subject to shareholder approval, directors of the Company are participating for an amount of $225,000 in Tranche 2 of the Placement. The Annual General Meeting is proposed to be held around mid-November 2023.

The issue of Tranche 1 Shares is expected to take place on or around 22 September 2023. The issuance of Trance 2 Shares is expected in late November 2023, subject to Shareholder approval being obtained at the Annual General Meeting.

Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement.

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

-END-

For further information visit www.futurebatteryminerals.com or contact:

Robin Cox Mike Edwards Technical Director Executive Chairman E : rcox@futurebatteryminerals.com E : mike.edwards@futurebatteryminerals.com

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Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

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Competent Persons Statement

The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Mr Robin Cox BSc (E.Geol), a Competent Person, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Cox is the Company’s Chief Geologist and 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 Cox consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Future Battery Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Future Battery Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Previously Reported Results

There is information in this announcement relating to exploration results which were previously announced on 20 March 2023, 23 May 2023, 4 August 2023, and 12 September 2023, respectively. Other than those disclosed in the announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.

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Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

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About the Kangaroo Hills Lithium Project (KHLP)

The 100% owned KHLP is a recent and exciting hard rock Lithium discovery located in the Goldfields of Western Australia (WA) only 17kms south of the township of Coolgardie. Spodumene mineralisation within lithium-caesium-tantalum (LCT) pegmatites was discovered during regional exploration drilling of the Nepean Nickel project in late 2022. Exploration efforts to date have significantly expanded on these initial results, as the Company has now conducted two rounds of drilling totalling 47 holes and over 6,000m. Drilling to date has identified the Big Red Prospect an outcropping shallow north dipping Pegmatite with a peak intercept of 29m @ 1.36% Li2O from 38m[1] with the economic lithium mineral Spodumene noted as the dominant mineral. Through the implementation of regional target generative work, which has involved mapping, geophysics and geochemistry, six additional high priority prospects have been identified. These high priority prospects have the potential to host further LCT pegmatites.

The location of the project provides significant advantages to FBM. Located on the doorstep of a premier mining district, the Goldfields of WA and specifically Kalgoorlie (50km East of KHLP) which host a professional mining and exploration workforce. This provides the Company with access to skilled labour and infrastructure critical to the development of any future mining project. The Goldfields are also a Lithium endowed province of WA, with numerous operating and developing Lithium projects. Notably the KHLP is only 30km’s west of the Mt Marrion Lithium Mine operated by Mineral Resources Ltd (ASX: MRL). The KHLP site is accessible via a sealed road leading south from Coolgardie, ensuring the Company has continuous access all year-round.

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Figure 1 – KHLP Location Map

1 Refer to ASX Announcement on 20 March 2023 – LCT – Pegmatite Discovery Confirmed at Kangaroo Hills

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Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

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About the Nevada Lithium Project (NLP)

The 80% owned Nevada Lithium Project (NLP) consists of five (5) key prospects, Traction, San Antone, Heller, Lone Mountain and Western Flats comprising >90km[2] of ground that is considered highly prospective for larger sedimentary-hosted lithium deposits. The region is home to several large sedimentary-hosted lithium deposits including Ioneer Resources’ (ASX: INR) Rhyolite Ridge and American Lithium Corporation’s (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) TLC Lithium Project. Albemarle Corporation’s (NYSE: ALB) Silver Peak Lithium Mine, currently the only producing lithium mine in North America, lies ~45 km to the west of the NLP.

The Company completed its Phase 1 maiden 2,900m reverse circulation (RC) drilling programme in March 2023, which successfully discovered Lithium (Li) bearing claystone lithologies of the Siebert Formation highlighted by the intercept of 109.7m @ 766ppm Li from 135.6m WF23-011[2] . Significantly, thick high-grade Li–claystone was intersected in three additional drill holes at Western Flats Prospect. The Company is currently advancing the projects under a permit referred to as a Notice of Intent (NOI). The Phase 2 drilling programme in July 2023 successfully intercepted thick and shallow Li mineralisation with results including[3] :

• 179.8m @ 766ppm from 39.6m (WF23-015),

• Including 19.8m @ 1,010ppm from 80.8m; and

• 170.7m @ 764ppm Li from 67.1m to end of hole (WF23-014);

• Including 27.4m 1,030ppm Li from 112.8m.

The Company is systematically testing four (4) of the five (5) NLP prospects, after deciding to cease further exploration at the Heller Prospect.

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Figure 2 – NLP Location Map

• 2 Refer to ASX Announcement on 23 May 2023 - Phase 2 Drilling To Commence On Schedule At Nevada Lithium Project

• 3 Refer to ASX Announcement on 4 August 2023 - Two +170m Thick Lithium Claystone Hits Confirm Enormous Scale Of Nevada Lithium Project

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info@futurebatteryminerals.com.au +61 8 6383 7817 futurebatteryminerals.com.au

Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

ASX: FBM

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