PTR MINERALS LTD — Capital/Financing Update 2024

Feb 28, 2024

29 February 2024

Farm-in Agreement Executed – Muckanippie Project Expansion Over an Intrusion enriched in Fe-Ti-P-V

Highlights

• Petratherm Limited (PTR) and G4 Metals Pty Ltd (G4M) have executed a Letter of Agreement allowing PTR the right to earn-in to EL 6873 adjacent to PTR's Muckanippie Project holding.
• The new tenement adjoins PTR's EL 6815 and the joint tenure covers a large, highly magnetic intrusion, where a single historic drill hole into the eastern edge of the body returned high concentrations of Magnetite, Titanium and Phosphate (Fe-Ti-P).
• The M1 anomaly is a highly magnetic body approximately 1.6km long by 700m wide.
• Drill hole TCP01 intercepted 34 m @ 8.5% TiO2 & 22.1% Fe, from 55 metres to end of hole. Petrological studies describe 7-10% apatite (rock phosphate) in rock mass. Elevated Vanadium averaging 416 ppm recorded across the same interval.
• The intrusion forms part of the Muckanippie Anorthosite complex which has fertility for Fe-Ti-P ores and additionally vanadium (V) and rare earth elements (REE).
• Ground rock-chip sampling and geophysical scoping work will start next week.

Petratherm Limited (ASX: PTR) ("PTR" or "the Company") is pleased to announce that it has executed a Letter of Agreement under which G4 Metals Pty Ltd (G4M) agrees to grant PTR the right to earn-in to EL 6873. PTR can earn up to a 70% interest via a 2 Stage Farm-in with further provisions, dependent on G4M's elections, to earn up to a 100% equity in the project. Key farm-in terms are presented at the end of this announcement.

EL 6873 shares a common tenement boundary with PTR's Muckanippie Project (Figure 1) comprising two 100% owned tenements (ELs 6815 & EL 6855) covering 258km2 . The Muckanippie area has a multi-commodity focus for the Company with numerous mineral occurrences previously reported, associated with a large anorthosite complex (Figure 1)1,2 .

Globally, anorthosite complexes form in specific geological environments and are uncommon. They have broad metal associations, hosting major titanium, iron (as magnetite usually), vanadium and phosphate occurrences (i.e. Lac Tio (Ti-Fe) Canada, Tellnes (Ti) Norway, Damiao (Fe-Ti-V-P) China, & Lac a Paul (Ti-P), Canada.)3 . The Fe-Ti-P-V ores are easily defined using magnetic data as the iron mineralisation associated with the ores is mostly in the form of magnetite.

1 PTR ASX Release 14/11/2022 – Muckanippie Project - Tenement Granted

2 PTR ASX Release 05/02/2024 – Significant Uranium and Gold Targets at Muckanippie

3 Characteristics of Deposits sources: Lac Tio & Tellnes - Charlier, B, Namur, O, Bolle, O, Latypov, R & Duchesne, J-C 2015, 'Fe–Ti–V–

P ore deposits associated with Proterozoic massif-type anorthosites and related rocks', Earth-Science Reviews, vol. 141, pp. 56–81.

PTR Chief Executive Officer, Peter Reid Commented:

"The M1 Anomaly is a magnetic body of significant dimensions, starting from near surface and shows fertility for titanium-iron-phosphate-vanadium mineralisation. The Company is extremely excited with the execution of the farm-in agreement with G4 Metals, which enables the Company to secure the great majority of the prospective area.

"In recent times there has been strong investment interest in "green steel" projects through the processing of magnetite rich ores. The addition of other ores such as Titanium, Phosphate and Vanadium increase its prospectivity. Whilst this is a very early-stage project there is good upside potential here which can be tested quickly with shallow percussion drilling. The project area is ideally situated, on pastoral lease country, just over forty kilometres west of the Adelaide to Darwin railway allowing potential low-cost access to smelters and markets."

Figure 1 – Magnetic Image of the Muckanippie Project area highlighting magnetic anomalies prospective for Fe-Ti-P, location of EL 6873 Farm-in area, and other Mineral Prospects.

Damiao - Chen, WT, Zhou, M-F & Zhao, T-P 2013, 'Differentiation of nelsonitic magmas in the formation of the ~1.74 Ga Damiao Fe–Ti– P ore deposit, North China', Contributions to Mineralogy and Petrology, vol. 165, no. 6, pp. 1341–1362. Lac á Paul - proven and probable reserve; 2013 – Arianne Phosphate Inc., NI 43-101 Technical Report - Feasibility Study to Produce 3Mtpy of High Purity Apatite Concentrate at the Lac a Paul Project, Québec, Canada., https://www.arianne-inc.com/wp-content/uploads/2022/06/43-101.pdf

ASX:PTR

LIMITED Page 2 of 6 P +61 8 8133 5000 E admin@petratherm.com.au petratherm.com.au

Magnetite Iron and Titanium Mineralisation

The Muckanippie Anorthosite Complex includes several mafic intrusions and zoned horizons which are highly magnetic (Figure 2). These bodies have only been lightly explored for Ti-Fe-P-V mineralisation with large areas remaining un-tested by drilling.

In addition to M1 magnetic anomaly, which straddles the new farm-in area, PTR previously reported significant historic Ti-Fe drill intercepts from the nearby Wigetty Prospect (see Table 1 and Figure 1)4 . At Wigetty Ti-Fe grades increase towards the western side of the magnetic complex with the far western side of the body remaining to be drill tested. These bodies are likely zoned, and potential exists for higher grades in this area.

The M1 anomaly is a highly magnetic body (Figure 2) approximately 1.6 kilometres long by 700 metres wide. A single RC drill hole, TCP01, located just 75 metres east of the tenement boundary and angled back on a south-westerly trajectory (see Figure 2) drilled a portion of the eastern side of the body. The hole records 34m @ 8.5% TiO2, 22.1% Fe & 416 ppm V from 55 metres to end of hole (89m). Although no historical phosphate assays were undertaken, later petrological analysis of the core records apatite concentrations averaging 7 to 10% of the total rock mass. The body is described as a pyroxenite with abundant magnetite-ilmenite-apatite aggregates**5** .

Titanium and Vanadium are considered critical minerals by the Australian and US governments, as well as by the European Union. Titanium has uses in pigment manufacture as well as in the defence and aerospace industries and Vanadium is used as an important alloying agent for iron and steel.

Table 1 - Muckanippie Project - Significant Titanium - Iron Drill Intercepts
DrillHole	From(m)	To(m)	Interval(m)	Fe(%)	TiO2(%)
TA001	56	150	94	24.8	6.4
inc	100	112	12	28.2	7.1
TA002	0	150	150	21.9	5.2
inc	92	150	58	24.4	5.9
TA003	8	112	104	20.5	5.2
TCP01	55	89	34	22.1	8.5
inc	70	75	5	22.0	10.2

Next Steps

The M1 intrusion may be zoned and future work will determine mineral concentrations across the intrusion. Initial work, starting next week, will involve field reconnaissance sampling with follow up ground magnetic profiling, with drill testing to commence later in the year.

4 South Australia. Department of Primary Industries and Resources. Open file Envelope, 09624 5 South Australia. Department of Primary Industries and Resources. Open file Envelope, 08686

LIMITED Page 3 of 6 P +61 8 8133 5000 E admin@petratherm.com.au petratherm.com.au

Figure 2 – Magnetic Image showing the M1 Magnetic Anomaly (red) and location of TCP01 drill collar on eastern edge of the magnetic body. No other RC drilling has been undertaken across the magnetic feature to assess extent and grade of Ti-Fe-P mineralisation.

Key Terms of the G4 Metals Pty Ltd and Petratherm Ltd Farm-in Agreement EL 6873

• Stage 1 PTR to spend $200,000 within the period of 3 years, to earn a 51% interest in the Tenement.
  • o At least 50% of the total expenditure must be direct drilling costs
• Stage 2 PTR may elect to earn a further 19% interest in the Tenement by spending $300,000 in an additional 2 years, i.e. PTR may earn up to a 70% interest.
  • o At least 67 % of Stage 2 expenditure must be in direct drilling costs.
• On completion of Stage 2 the Parties may either contribute to expenditure on a pro-rata basis or dilute their interest following application of standard industry formula.
• G4M may elect to offer PTR an additional 10% interest in the Tenement by PTR sole funding to Decision To Mine (DTM) at which time G4M may elect to;
  • o contribute to development of a mining operation based on its equity interest in the JV or, dilute to a 1.5% NSR.

ENDS

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

HoleID	EastingGDA2020 Z53	NorthingGDA2020 Z53	RLmetres	DipDeg.	AzimuthDeg.	EOHDepthmetres
TA001	410962	6662159	NA	-60	315	150
TA002	411098	6662025	NA	-60	315	150
TA003	411196	6661927	NA	-60	315	150
TCP01	410474	6646030	191	-60	253	89

Table 2 – Muckanippie Project Drill Hole Details

Peter Reid Zander Beacham 0435 181 705 0433 515 723

For further information: Media and Broker Contact

Chief Executive Officer White Noise Communications preid@petratherm.com.au zander@whitenoisecomms.com

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 Limited. 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.

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 undergoing further 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 which are near drill ready.

PTR's Project Locations in South Australia

LIMITED Page 6 of 6 P +61 8 8133 5000 E admin@petratherm.com.au petratherm.com.au

EL6815, EL6855 & EL6873 (Muckanippie Project) JORC Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc.).These examples should not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensuresample representivity and the appropriate calibrationof any measurement tools or systems used.•Aspects of the determination of mineralisation that areMaterial to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse Au that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure ofdetailed information.	•No sampling undertaken.•Historic drill holeinformation has beensourced from open filepublic records managedby the South AustralianDepartment of PrimaryIndustries and Resources.•Additional details fromhistoric drilling areunknown.•No drilling has beenundertaken by Petratherm,although limited historicaldrilling and samplingexists.•Mineralised intersectionswere encountered buthave not been reported astrue widths due toinsufficient data spacingand orientationrelationship knowledge.
Drillingtechniques	•Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.)and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, by whatmethod, etc.).	•Historic exploration drillingreported includes RC.•Additional details fromhistoric drilling areunknown.
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	•No drilling has beenundertaken by Petrathermalthough limited historicaldrilling exists.•Additional details fromhistoric drilling areunknown.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.) photography.•The total length and percentage of the relevantintersections logged.	•No drilling has beenundertaken by Petrathermalthough limited historicaldrilling exists.•Additional details fromhistoric drilling areunknown.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, halfor 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 andappropriateness of the sample preparation technique.	•Not applicable•Details of samplingtechniques from historicpublic data is unknown.

Criteria	JORC Code explanation	Commentary
	•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grainsize of the material being sampled.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e. lack of bias) and precision have beenestablished.	•No drilling has beenundertaken by Petrathermalthough limited historicaldrilling exists.•Additional details fromhistoric drilling areunknown.
Verificationof samplingandassaying	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage (physicaland electronic) protocols.•Discuss any adjustment to assay data.	•No drilling has beenundertaken by Petrathermalthough limited historicaldrilling exists.Additional details fromhistoric drilling areunknown.
Location ofdata points	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•All maps and locations arein UTM grid (GDA2020Z53). Drill hole positionshave been reproducedfrom SA Government openfile databases and theaccuracy of this data isunknown.
Dataspacing anddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has been applied.	•No drilling or sampling hasbeen undertaken byPetratherm althoughhistorical drilling exists.•Data spacing is insufficientto establish the degree ofgeological and gradecontinuity required for aMineral Resourceestimation.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.•If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•No drilling has beenundertaken by Petrathermalthough limited historicaldrilling exists.•The relationship betweenthe drilling orientation andthe orientation of keymineralised structures hasnot been confirmed.

Criteria	JORC Code explanation	Commentary
Samplesecurity	•The measures taken to ensure sample security.	•No sampling has beenundertaken by Petrathermalthough limited historicsampling exists.•Additional details fromhistoric drilling areunknown.
Audits orreviews	•The results of any audits or reviews of samplingtechniques and data.	•No sampling has beenundertaken by Petrathermalthough limited historicsampling exists.•Additional details fromhistoric drilling areunknown.
	Section 2 Reporting of Exploration Results

	(Criteria listed in the preceding section also apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenurestatus	•Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures, partnerships,overriding royalties, native title interests, historicalsites, wilderness or national park and environmentalsettings.•The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	•EL6815 was granted on12/08/2022 for a period of 6years.•EL 6855 was granted on18/10/22 for a period of 6years.•EL6873 was granted on18/11/2022 for a period of 6years.•The tenements are locatedapproximately 120 kmsouth south-west of CooberPedy overlappingBulgunnia and MulgathingPastoral Stations.•The tenements are locatedwithin the WoomeraProhibited Area (GreenZone).•Native Title Claims:SCD2011/001 AntakirinjaMatu-Yankunytjatjara.•The tenements are in goodstanding and no knownimpediments exist.
Explorationdone byother parties	•Acknowledgment and appraisal of exploration byother parties.	Previous exploration work•includes;•Surface GeochemicalSampling: CalcreteAirborne Geophysics:Magnetics & Radiometrics.Ground Geophysics:Magnetics and Gravity.Exploration Drilling:Open file records indicate215 RAB / Air corereconnaissance andprospect scale holes drilled& 9 RC.

Criteria	JORC Code explanation	Commentary
Geology	•Deposit type, geological setting and style ofmineralisation.	•Petratherm is exploring forTi-Fe-P, rare earths, goldand uranium associatedwith the MuckanippieAnorthosite Complex.Targets include primarybasement mineralisationand secondary enrichmentsin paleochannels and in theweathering zone.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation aboveosea level in metres) of the drill hole collardip and azimuth of the holeodown hole length and interception depthohole length.o•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	•No drilling has beenundertaken by Petrathermalthough limited historicaldrilling exists.•Details from historic drillingare presented in Table 1 &Table 2. The TA001-TA003series of holes have norecorded RL data.•Data sourced from SAGovernment open filedatabases and theaccuracy of this data isunknown.
Dataaggregationmethods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengthsof high-grade results and longer lengths of low-graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•No drilling has beenundertaken by Petratherm.•No assumptions of metalequivalent values weremade or used.
Relationshipbetweenmineralisation widthsandinterceptlengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	•No drilling has beenundertaken by Petratherm.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•See Figures in main bodyof release attached.
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	•No drilling has beenundertaken by Petratherm.
Othersubstantive	•Other exploration data, if meaningful and material,should be reported including (but not limited to):	•No other substantiveexploration data has been

Criteria	JORC Code explanation	Commentary
explorationdata	geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	collected by Petratherm.
Furtherwork	•The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	•A range of explorationtechniques are beingconsidered to progressexploration including rockchip and soil sampling,geophysical surveying,and drilling.