PTR MINERALS LTD — Capital/Financing Update 2023

Jun 13, 2023

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14 June 2023

Woomera Gravity Survey Identifies High-Priority Copper-Gold Targets

Highlights

• Initial results from a precision ground gravity survey over the Arcoona Tenement at the Woomera Project has identified several targets prospective for Copper-Gold.

• Both Iron-Oxide Copper-Gold in the deep basement, and shallower sedimentary copper style gravity targets are evident in the survey data.

• 3D modelling of targets is underway with further updates to be provided on drill targets once completed.

• The Arcoona Tenement is part of PTR’s larger Woomera Project Area, located in the world-class ‘Olympic Copper-Gold Province’ of South Australia.

Petratherm Limited (ASX: PTR) ( PTR or the Company ) is pleased to release initial gravity images from a tenement-wide gravity survey over the Arcoona Tenement (EL 6854) located in the world-class ‘Olympic Copper-Gold Province’ of South Australia. The tenement covers 264 km[2] and is part of PTR’s larger Woomera Copper-Gold Project holdings.

PTR’s Chief Executive Officer, Peter Reid commented:

“The Company is very excited to receive initial results from the Arcoona Gravity Survey, which identified several gravity anomalies prospective for Tier 1 Copper-Gold accumulations. These results build on the exciting inventory of Copper-Gold Targets PTR has already defined on its broader Woomera Project area, which are drill ready, and also recently announced SQUID EM targeting at its Mabel Creek Project.”[ 1,2]

The district is highly endowed with copper-gold and includes BHP’s Oak Dam West Discovery currently undergoing expanded drilling[3] , as well as the world-class Carrapateena Mine. Other notable copper occurrences include Coda Mineral’s Emmie IOCG discovery, and the sediment hosted coppercobalt-silver mineral resource at Emmie Bluff in the overlying cover strata[4] .

The tenement is highly prospective for two styles of Copper-Gold mineralisation:

• Iron-Oxide Copper-Gold (IOCG) within older basement rock at depth (i.e. Olympic Dam, Oak Dam, Carrapateena and Prominent Hill), and

• Strata-bound style sediment hosted copper-gold accumulations in the overlying younger cover rock sequences (i.e. Emmie Bluff and Mt Gunson).

The regional gravity survey image presented in Figure 2 includes the new Arcoona gravity survey data and highlights multiple anomalous features not seen previously. The Arcoona tenement area is characterised by major northwest trending structures (Figure 3), which are interpreted to be important in localising mineralisation. Modelling is currently underway to characterise the anomalies to determine which features may be indicative of a mineralised system.

1 PTR ASX Release 04/04/2022 – Woomera Tenement Granted – IOCG Drill Targets Defined

2 PTR ASX Release 22/05/2023 – SQUID EM Survey Generates Significant Copper-Gold Target at Mabel Creek

3 BHP ASX Release 21/04/2023 – Quarterly Activities Report

4 Coda Minerals ASX Release 09/05/2023 - Presentation to RIU Sydney Conference 2023

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PETRATHERM LIMITED ASX:PTR

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OAK DAM
(BHP, Cu-Au)
Winjabbie
EMMIE BLUFF
(Coda, Cu-Co-Ag)
EL 6707
EMMIE IOCG
(Coda, Cu-Au)
Arcoona Gravity Survey Area Fremantle
Khamsin Doctor
ELA 2023/00014
CARRAPATEENA
(BHP, Cu-Au)
EL 6854
MT GUNSON
(Cu-Ag-Co)
----- End of picture text -----

Figure 1 – PTR’s Woomera Project, Gravity Survey Outline and Copper-Gold Mines / Prospects[1]

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OAK DAM
Woomera Defence
Winjabbie
Continuous
EMMIE BLUFF
Use Zone
Rocky Well
EMMIE IOCG
Target
Khamsin Fremantle
Doctor
Arcoona Gravity
Survey Area -
Displaying New
Data
CARRAPATEENA
Lucas Hill
----- End of picture text -----

Figure 2 – Central Olympic Province Gravity Image, PTR tenement outlines and Cu-Au Mines/Prospects. Several gravity features are evident in the Arcoona area which are undergoing further modelling to determine drill targets.[1]

1 See Endnote

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PETRATHERM LIMITED ASX:PTR

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Preliminary analyses indicate both deep basement bodies prospective for IOCG style copper sources and shallower flat bodies prospective for sedimentary copper in the cover may be present. The Company will report on geophysical targets identified for potential future drill testing once modelling work is complete.

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Gravity
Anomalies
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Figure 3 – Newly acquired Arcoona Gravity Survey data which shows several gravity features undergoing further modelling.

PTR continues to develop priority targets on both its Mabel Creek and Woomera Projects with the intention of fast-tracking drilling operations for both of these projects in the second half of 2023.

Endnote

The purpose of Figures 1 and 2 is to illustrate the geographical proximity only of the Arcoona Tenement to existing Company Tenement Holdings, Copper, and Gold Occurrences.

ENDS

This announcement has been authorised for release on the ASX by the Company’s Board of Directors.

For further information:

Media and Broker Contact

Peter Reid

Chief Executive Officer preid@petratherm.com.au 0435 181 705

Zander Beacham

White Noise Communications zander@whitenoisecomms.com 0433 515 723

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PETRATHERM LIMITED ASX:PTR

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About Petratherm Limited

Petratherm Limited (ASX: PTR) is a critical minerals explorer focused on the discovery of world-class copper-gold and rare earth deposits. The Company has several advanced drill ready projects in the Olympic Copper-Gold Domain of South Australia. PTR recently announced the discovery of significant concentrations of rare earths hosted in clays in the Northern Gawler Craton of South Australia which are now undergoing intensive drill testing.

Exploration drilling at the Comet Project Area has delineated two major REE occurrences. The Meteor and Artemis REE prospects both occur at very shallow depths, include high-grade blankets of mineralisation showing good lateral extent and ore thickness. Less than 10% of the project area has been explored for REE’s and a systematic program of advancement of current prospects, testing of new areas and metallurgical recovery test work is ongoing.

PTR has several exciting copper-gold targets at its Mabel Creek and Woomera Projects located within the Olympic Copper-Gold Tend. Targeting work has defined several compelling Tier 1 Copper-Gold targets and PTR anticipates drill testing of targets will begin from late in 2023 calendar period.

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Figure 4 – PTR’s Project Locations in South Australia

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PETRATHERM LIMITED ASX:PTR

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Competent Persons Statement:

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of Petratherm Ltd. Mr Reid 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 Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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PETRATHERM LIMITED ASX:PTR

ASX RELEASE 14 June 2023

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EL 6854 (Arcoona) JORC Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	•	Not applicable.
techniques	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 Au that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole	•	Not applicable. No drilling
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (eg core diameter, triple or standard tube,		has been undertaken by Petratherm for this survey
	depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what
	_method, etc.). _
Drill sample	• Method of recording and assessing core and chip	•	Not applicable. No drilling
recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and		has been undertaken by Petratherm for this survey.
	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
	fine/coarse material.
Logging	• Whether core and chip samples have been	•	Not applicable. No drilling
	geologically and geotechnically logged to a level of		has been undertaken by
	detail to support appropriate Mineral Resource		Petratherm for this survey
	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.
Sub-	• If core, whether cut or sawn and whether quarter, half	•	Not applicable. No drilling
sampling techniques and sample preparation	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.		has been undertaken by Petratherm for this survey
	• Quality controlprocedures adopted for all sub-

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Criteria	JORC Code explanation	Commentary	Commentary
	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 the grain
	size of the material being sampled.
Quality of	• The nature, quality and appropriateness of the	•	Not applicable
assay data and laboratory	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
tests	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.
Verification	• The verification of significant intersections by either	•	Not applicable
of sampling and assaying	independent or alternative company personnel. • 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	• Accuracy and quality of surveys used to locate drill	•	All maps and locations are
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral		in UTM grid (GDA94 Z53). Height observation
	Resource estimation.		accuracy 0.023 metres.
	• Specification of the grid system used.		Station coordinates better
	• Quality and adequacy of topographic control.		than 0.005 metres
			accuracy.
		•	Scintrex CG-5 Autograv
			gravity meters were used
			for gravity data acquisition
			and base station control.
			Leica GX1230 GNSS
			receivers were used for
			gravity station positional
			acquisition.
		•	All gravity and GNSS data
			were acquired using
			Daishsat UTV methods,
			with 2-3 crews operating
			concurrently onsite
		•	GNSS base station,
			numbered 1113, was
			utilised as primary GNSS
			control for the survey.
		•	Data was corrected for
			terrain effects.

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14 June 2023

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Criteria	JORC Code explanation	Commentary	Commentary
Data	• Data spacing for reporting of Exploration Results.	•	978 Ground gravity survey
spacing and distribution	• 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	•	stations were collected on 500 x 500 metre grid. No drilling or sampling was undertaken
	classifications applied.	•	Data spacing is insufficient
	• Whether sample compositing has been applied.		to establish the degree of
			geological and grade
			continuity required for a
			Mineral Resource
			estimation.
		•	Regional ground gravity
			survey data comprises
			multiple surveys of highly
			varying station spacing
			ranging from 100 metres
			to several kilometres.
			Gravity survey spacing
			over the EL6854 area
			comprises 500 x 500
			metre spacing.
Orientation	• Whether the orientation of sampling achieves	•	Not Applicable.
of data in relation to geological	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
structure	the orientation of key mineralised structures is
	considered to have introduced a sampling bias, this
	should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•	Not Applicable.
security
Audits or	• The results of any audits or reviews of sampling	•	No audits or reviews of the
reviews	techniques and data.		gravity data has been
			undertaken byPetratherm.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria	JORC Code explanation	Commentary	Commentary
	Mineral	• Type, reference name/number, location and	•	EL 6854 was granted to
	tenement	ownership including agreements or material issues		Petratherm Ltd (100%) on
	and land tenure	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental	•	the 18/10/2022 for a period of 6 years. EL 6854 is located over the
	status	settings.		Woomera area
		• The security of the tenure held at the time of reporting		approximately 500 km
		along with any known impediments to obtaining a		north-northwest of
		licence to operate in the area.		Adelaide, South Australia.
			Native Title Claims:
			•	Kokatha People (Part A)
				SCD 2014/004
			•	No known impediments
				exist.

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Criteria	JORC Code explanation	Commentary	Commentary
Exploration	• Acknowledgment and appraisal of exploration by	•	Previous exploration work
done by other parties	other parties.		includes regional State Government airborne magnetic and radiometric
			surveying.
Geology	• Deposit type, geological setting and style of	•	Petratherm is exploring for
	mineralisation.		Iron-Oxide Copper-Gold
			and sediment hosted
			copper mineralisation. The
			tenement area occurs on
			the Stuart Shelf within the
			Olympic Copper Province,
			South Australia.
Drill hole	• A summary of all information material to the	•	No drilling has been
Information	understanding of the exploration results including a tabulation of the following information for all Material		undertaken by Petratherm for this survey.
	drill holes:	•	No recorded historical
	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		drilling for minerals has occured on EL6854.
	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.
Data	• In reporting Exploration Results, weighting averaging	•	Not Applicable. No drilling
aggregation methods	techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.		has been undertaken by Petratherm
	• 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.
Relationship	• These relationships are particularly important in the	•	Not Applicable. No drilling
between	reporting of Exploration Results.		has been undertaken by
mineralisati on widths and	• 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		Petratherm.
intercept	reported, there should be a clear statement to this
lengths	effect (eg ‘down hole length, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and	•	No drilling has been
	tabulations of intercepts should be included for any		undertaken by Petratherm.
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration	•	No drilling has been
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		undertaken by Petratherm.
	practiced to avoid misleading reporting of Exploration

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Criteria	JORC Code explanation	Commentary	Commentary
	Results.
Other	• Other exploration data, if meaningful and material,	•	Open file ground gravity
substantive	should be reported including (but not limited to):		survey data for regional
exploration data	geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk		image sourced from SA Government Department for Energy and Mines.
	density, groundwater, geotechnical and rock		Survey specifications and
	characteristics; potential deleterious or contaminating		quality of the historic
	substances.		gravity data is unknown.
		•	The gravity survey data
			underwent reprocessing
			and gridding by an
			independent geophysical
			consultant.
Further	• The nature and scale of planned further work (eg	•	A range of exploration
work	tests for lateral extensions or depth extensions or		techniques are being
	large-scale step-out drilling).		considered to progress
	• Diagrams clearly highlighting the areas of possible		exploration including
	extensions, including the main geological		geophysical surveying to
	interpretations and future drilling areas, provided this		aid drill targeting and
	information is not commercially sensitive.		future drilling.