PTR MINERALS LTD — Capital/Financing Update 2021

Dec 8, 2021

PETRATHERM LIMITED

ACN 106 806 884 ASX: PTR

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www.petratherm.com.au admin@petratherm.com.au

ASX ANNOUNCEMENT 9/12/2021

Comet Gold Project – Prospect Drilling Under Way

HIGHLIGHTS

• Air-core/hammer drilling of the Comet and Target 14 Gold Prospects under way.

• Historical drilling at Comet has returned multiple high gold intercepts of up to 6.97 g/t Au, over a 150-metre trend, and remains open in all directions.

• Target 14 Gold Prospect is a significant gold anomaly returning up to 305 ppb Au in the weathered basement above fresh rock, yet to be further drill tested.

• A second drill rig conducting shallow RAB drilling to explore and define new gold anomalous areas has been operating since late November.

Petratherm Limited (“Petratherm” or “the Company”) (ASX: PTR ) is pleased to announce that air core/hammer drilling of the Comet and Target 14 Gold Prospects is under way (Figure 1). The initial round of drilling, totalling approximately 2,400 metres, is scheduled to take approximately 10 days to complete.

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Figure 1 – Drilling at Target 14, December 2021

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The Comet Project (EL 6443 and EL 6633) is a large 1,190 km[2] land holding over the highly prospective, Northern Gawler Craton in South Australia which hosts numerous gold occurrences such as the Challenger gold deposit (1.1 Moz @ 5.1g/t) and the recent high-grade Aurora Tank Gold discovery (Figure 2).

The Comet Gold Prospect was discovered in the late 1990’s by Minotaur Resources. Limited RC drill testing identified a continuous zone of gold intersections, over at least 150 metres along trend, and remains open to the north, south and at depth (Figure 3, refer to PTR ASX 18/10/2019). Best historical drill intercepts (not true width) include:

• CM023C - 12m @ 1.0 g/t Au from 56m to then end of hole

• • CM030C - 28m @ 0.4 g/t Au from 48m • RCCM1 - 16m @ 1.9 g/t Au from 28m and 8m @ 0.7 g/t Au from 48m Inc. 2m @ 6.17 g/t Au from 30m

• • RCCM5 - 4m @ 3.75 g/t Au from 36m Inc. 1m @ 6.97 g/t Au from 39m

• • RCCM7 - 12m @ 0.53 g/t Au from 72m Inc. 1m @ 4.6 g/t Au from 82 m

The current drilling at Comet will follow up these intersections with drill testing along trend and both shallower and deeper extensions to that currently known.

The Target 14 Prospect (Figure 2) was discovered in 2002 by Redport Limited during a regional reconnaissance RAB traverse drilling program over a shear/fault structure interpreted from the regional aeromagnetic data. The RAB drill traverse recorded highly anomalous gold in the last two drill holes spaced 100 metres apart, with the last hole, intersecting 9 m @ 0.1 g/t Au from 32 metres to the end of hole (EOH) at 41 metres (refer to PTR ASX release 03/12/2020). Petratherm’s recent regional saprolite sampling program in the area has in addition returned a 4 metre zone at 0.3 g/t Au from 20 metres close to the historic intersections (refer to PTR ASX release 03/11/2021). The current drilling comprises a series of traverses over the area to test for gold in the fresh bedrock below and extending out over the immediate surrounding area.

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COMET
AURORA TANK
PROSPECT (Au)
(MARMOTA, Au)
EL 6443
CHALLENGER
1.1 Moz @ 5.1 g/t Au
TARGET 14
PROSPECT (Au)
EL6633
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Figure 2 - Regional Location Map of Petratherm’s Comet Project (EL 6443 and EL 6633) and gold occurrences overlain on a regional aeromagnetic image

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Figure 3 - Comet Drill Collar Map. Historical anomalous gold intercepts (red lines) projected to surface. Gold intercepts occur over a strike length in excess of 150 metres and is open to the north, south and at depth.

In addition to the prospect drilling, the Company has been conducting regional shallow RAB drilling to the top of saprolite (deeply weathered basement) searching for new gold and base metal occurrences. The current phase of drilling commenced in late November and will be ongoing up until just before the start of the Christmas period. Infill sampling over 3 gold anomalous areas previously identified (refer to PTR ASX release 03/11/21) has been completed and the rig is now undertaking regional grid sampling over new greenfield areas.

This ASX announcement has been approved by Petratherm’s Board of Directors and authorised for release by Petratherm’s Chairman Derek Carter.

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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