PLATINA RESOURCES LIMITED — Capital/Financing Update 2020

Sep 8, 2020

ASX Announcement

9 September 2020

Platinum and copper potential to be assessed at Scandium Project.

Plana Resources Limited (ASX: PGM) will assess its planum and copper potenal at its Plana Scandium Project ("PSP") in New South Wales aer Clean TeQ Holdings Limited ("Clean TeQ", ASX:CLQ) announced a substanal planum resource # at its Sunrise Project 5km south of the project last week.

The Fifield district, which hosts both the PSP and Sunrise, is well known for its planum prospecvity. The PSP was originally discovered in the 1960's and explored for its planum potenal before its rich scandium potenal was realised in 2016.

Plana Managing Director Corey Nolan said that while the PSP hosted one of the world's highest-grade scandium deposits, historical intersecons of planum were of significant enough grade to warrant a closer look.

"Whilst the shallower laterite system is the host of a planum JORC Mineral Resource (see Table 1 and 2), there are a number of historical bed rock planum intersecons of economic grade including five intersecons higher than 10 grams per tonne," Mr Nolan said.

"Addionally, the potenal of the Fifield district has been reinforced by Clean TeQ's announcement highlighng the planum potenal of the district.

"Our low-cost geological study will assess the merit of undertaking further exploraon acvies including surface sampling, geophysics and drilling," he said.

Mineralisaon within the PSP is hosted within a laterite profile that extends from the surface down to between 20 and 30m vercal depth. The mineral enriched high-grade scandium laterite also contains a low-grade resource of planum – see Table 1 and 2. Whilst the main laterite profile is typically low-grade, some of the historical drilling has intersected economic target grades of planum extending beneath the laterite profile and within narrow bedrock structures up to 180m below the surface. Significant intersecons include:

• 4m at 17g/t Pt (Hole FIR693, from 20 to 24m depth);
• 4m at 7.1g/t Pt (Hole FIR722, from 12 to 16m depth);
• 3m at 8.3g/t Pt (Hole FKD11_215, from 32 to 35m depth); and
• 3m @ 4.1g/t Pt (Hole FKD11_114, from 47 to 50m depth).

In addion, a number of copper intersecons warrant further assessment, including Hole FKD12_302 and FKD13_441 which intersected 3m at 1.6% copper from 77m and 3m at 4.9% copper from 63m respecvely.

See Clean TeQ ASX release 3 September 2020, "Large Australian Planum Resource to be tested to depth"

This announcement was authorised by Mr Corey Nolan, Managing Director of Plana Resources Limited.

For more informaon:

Corey Nolan Gareth Quinn Managing Director Corporate Affairs Manager Phone +61 (0)7 5580 9094 Mobile: 0417 711 108 admin@planaresources.com.au gareth@republicpr.com.au

For more informaon please see: www.planaresources.com.au

ABOUT PLATINA RESOURCES

Plana is an Australian-based company focused on returning shareholder value by advancing early-stage metals projects through exploraon, feasibility, perming and into development.

The company has interests in the following projects:

• Challa Gold Project (100% interest) Plana has acquired a 100% interest in the Challa Gold Project located in-between the prolific Mt Magnet and Sandstone gold districts in Western Australia, 500km north-east of Perth.
• Plana Scandium Project located in central New South Wales, the project is one of the largest and highest-grade scandium deposits in the world, which has the potenal to become Australia's first scandium producer with cobalt, planum and nickel credits.
• Skaergaard (100% interest) Located in Greenland, the project hosts one of the world's largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia.
• Munni Munni (30% interest) Situated in the Pilbara region of Western Australia, the project is one of Australia's most significant Planum Group Metal occurrences. Munni Munni also has potenal for conglomerate hosted gold and is a joint venture with Artemis Resources Limited.
• Blue Moon (to earn 70% interest) Located in California, USA, the project has a NI43-101 resource which is open at depth and along strike and has favorable metallurgy.

DISCLAIMER

Statements regarding Plana Resources' plans with respect to its mineral properes are forward-looking statements. There can be no assurance that Plana Resources' plans for development of its mineral properes will proceed as currently expected. There can also be no assurance that Plana Resources will be able to confirm the presence of addional mineral deposits, that any mineralisaon will prove to be economic or that a mine will successfully be developed on any of Plana Resources' mineral properes.

References to previous ASX Releases

The informaon in this report that relates to Exploraon Results were last reported by the company in compliance with the 2012 Edion of the JORC Australasian Code for Reporng of Exploraon Results, Mineral Resources and Ore Reserves in market releases dated as follows:

• Increase to the Owendale Mineral Resource on 16 August 2018
• High-grade Scandium and Cobalt assays from resource drilling at Owendale, 2 August 2018
• Final results highlight scandium and cobalt potenal, 26 th June 2017
• High-grade scandium and cobalt at Owendale, 29 May 2017
• New drilling results confirm high grade scandium and cobalt, 15 June 2017
• Owendale Updated Resource Esmate Increases Planum and Scandium Content, 3 October 2013

The compilaon of the historic results in this announcement that relate to Exploraon Results and Mineral Resources is based on informaon compiled by Mr John Horton, Principal Geologist, who is a Fellow and Chartered Professional of the Australasian Instute of Mining and Metallurgy and a full me employee of ResEval Pty Ltd. Mr Horton has sufficient experience that is relevant to the style of mineralisaon and the type of deposit under consideraon and to the acvity which he has undertaken to qualify as a Competent Person as defined in the 2012 edion of the 'Australasian Code for the Reporng of Exploraon Results, Mineral Resources and Ore Reserves'. Mr. Horton is a consultant to Plana Resources Limited and consents to the inclusion in this report of the maers based on his informaon in the form and context in which it appears.

The company confirms that it is not aware of any new informaon or data that materially affects the informaon included in the market announcements referred above and further confirms that all material assumpons underpinning the exploraon results contained in those market releases connue to apply and have not materially changed.

Plana Scandium Project Geological Overview

The PSP Mineral Resource is located in central New South Wales, approximately 53km north-east of Condobolin and 11km south-west of Tullamore. The township of Fifield is located 5km south of the PSP site.

The Owendale intrusive was first recognised in 1961 by a Bureau of Mineral Resource (BMR) aeromagnec survey. The area has been held under a series of exploraon leases and companies since 1964, which included the early discovery of nickel-copper mineralisaon by Anaconda Australia Inc at the Kelvin Grove prospect. The majority of exploraon was completed by Helix Resources Limited from 1985 to 2006 with extensive drilling of 37,000m of rotary-air-blast drilling, 9,000m of reverse circulaon drilling and 5,000m of costeans. This idenfied a number of planum group mineral anomalies that included placer, residual and primary mineralisaon.

Plana Resources Limited was floated on the Australian Securies Exchange with a core of Helix planum projects including the Red Heart tenement (EL7644), which was granted in 2010. Plana exploraon was undertaken in two phases, with extensive drilling between 2011 and 2014 that inially targeted the known planum mineralisaon areas. Although planum was included in all of Plana's evaluaon, the later exploraon drilling in 2017 and 2018 was primarily focused on scandium.

The mineralisaon at the PSP site comprises a laterite profile developed over a Devonian age Alaskan-style intrusive complex that can be divided into a mafic-felsic series (monzonite) and an ultramafic series. The ultramafic series comprises dunite-wehrlite, olivine-pyroxenites and olivine-clinopyroxenite rocks. The relave abundance of nickel, cobalt, scandium and planum in these ultramafic rocks has been enriched to higher grades in the laterite profile due to either a residual or supergene enrichment processes. The variaons in element abundance in the original ultramafic basement rock affect the enriched concentraons in the laterite along with the development of the laterite and any erosion of the laterite profile.

The types of laterite-hosted mineralisaon idenfied thus far show strong correlaons with certain lithologies, including planum-copper mineralisaon overlying dunite-wehrlite rocks with variable cobalt, nickel and gold content; cobalt-nickel mineralisaon with planum credits associated with the underlying olivine pyroxenites; and elevated chrome and scandium has been noted where dunite-wehrlite lithologies predominate but mainly occur with clinopyroxenite lithologies.

The lateralisaon process developed in the past over a long period of leaching which removed some elements and concentrated others by residual processes. Movement of water can also result in dissoluon and precipitaon of some elements by supergene processes. The Red Heart area is relavely flat and supergene enrichment appears to only result in vercal enrichment within the profile as there is no evidence of significant lateral movement or enrichment. The laterisaon process results in a thin laterally extensive zone as depicted below.

Figure 1 – Owendale deposit laterite profile

The Mineral Resources esmate for the PSP incorporates more than 48,000m of drilling and is reported at a 300ppm scandium cut-off grade (see ASX announcement tled, "Increase to the Owendale Mineral Resource" on 16 August 2018)

Resource	Tonnes			Grades			In-situ Metal Content *
Classification	Mt	Sc	Pt	Ni	Co	Sc2O3*	Pt	Ni	Co
		ppm	g/t	%	%	t	koz	t	t
Measured	7.8	435	0.42	0.13	0.07	5,200	105	9,900	5,400
Indicated	12.5	410	0.26	0.11	0.06	7,800	106	13,400	8,100
Inferred	15.3	380	0.22	0.08	0.05	8,900	106	12,400	7,000
Total	35.6	405	0.28	0.10	0.06	22,000	317	35,700	20,500

Table 1 – Plana Scandium Project JORC Mineral Resource at a 300 ppm Sc cut-off (announced 16 August 2018)

* Scandium Oxide (Sc2O3) product is calculated from scandium metal using a 1.53 factor

No recent JORC Mineral Resource esmate has been compiled on a planum cut-off grade basis, however, on 3 October 2013, a planum Mineral Resource esmate was compiled. The esmate is largely parally inclusive of the exisng Mineral Resource esmate in Table 1 (see ASX release, "Owendale Updated Resource Esmate Increases Planum and Scandium Content").

Table 2 – Plana Scandium Project JORC Mineral Resource at a 0.5 g/t Pt cut-off (announced 3 October 2013)

Resource	Tonnes		Grades	Contained metal
Classification	Mt	Sc	Pt	Ni	Co	Sc2O3*	Pt
		ppm	g/t	%	%	t	koz
Indicated	10.2	231	0.58	0.20	0.05	2364	190
Inferred	20.9	257	0.49	.12	0.05	5360	329
Total	31.1	248	0.52	0.15	0.05	7724	519

* Scandium Oxide (Sc2O3) product is calculated from scandium metal using a 1.53 factor

Whilst low-grade planum is well distributed throughout the deposit, there are number of higher-grade clusters (>1 g/t Pt) located at Box Cowal, Cincinna, Owendale North and Loomvale. The highest grade planum intercepts are summarised in Table 2 and Figure 2. The deeper planum potenal is not well understood due to the low density of drilling and warrants further assessment.

Hole	X	Z	From	To	Interval & g/t Pt	Area	Horizon
FIR928	544261	6379884	0	4	4 m @ 8.5	Cincinnati Sth	Surface
FIR922	543961	6379888	16	20	4 m @ 5.3	Cincinnati Sth	Laterite
FIR658	543855	6380237	24	28	4 m @ 7.0	Cincinnati Sth	Laterite
FKD11_196	543900	6380750	15	18	3 m @ 8.2	Cincinnati	Laterite
FKD11_169	544200	6380900	19	22	3 m @ 7.4	Cincinnati	Laterite
FKD11_223	543855	6382330	31	34	3 m @ 4.7	Box Cowal	Laterite
FKD11_223	543855	6382330	37	40	3 m @ 4.6	Box Cowal	Laterite
FKD11_215	543800	6382341	19	22	3 m @ 4.8	Box Cowal	Laterite
FKD11_215	543800	6382341	32	35	3 m @ 8.3	Box Cowal	Laterite
FKD12_297	543717	6382383	177	180	3 m @ 4.5	Box Cowal	Bedrock
FKD013	543861	6382674	97	100	3 m @ 4.2	Owendale Nth	Bedrock
FKD11_122	544050	6382700	18	21	3 m @ 4.5	Owendale Nth	Laterite
FKD17_553	544449	6382724	12	15	3 m @ 5.9	Loomvale	Laterite
FIR722	544438	6382817	12	16	4 m @ 7.1	Loomvale	Laterite
FIR693	544079	6382858	20	24	4 m @ 17	Owendale Nth	Laterite
FKD11_114	544102	6382903	47	50	3 m @ 4.1	Owendale Nth	Bedrock

Table 3 - Significant intersecons of planum greater than 3m width at 4 g/t.

	Owendale
	North
	Loomvale
Box Cowal
	Cincinnati

Figure 2 – Locaon of selected drill holes

The district also has interesng copper potenal with a number of small deposits in the area. Historical PSP drilling has also highlighted a zone of supergene copper enrichment. There are several isolated high copper occurrences in bedrock, including:

• FKD12_302 with 3 metres @ 1.6% Cu from 77m; and
• FKD13_441 with 3m @ 4.9% Cu from 63m.