PTR MINERALS LTD — Regulatory Filings 2021

May 27, 2021

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

ASX ANNOUNCEMENT 28 May 2021

Comet Project – Stage One of Deep Geochemical Gold Exploration Drilling Complete

HIGHLIGHTS

• Stage 1 Regional Deep Geochemical Gold Exploration Drilling Program, comprising 468 drill holes completed for a total of 5,777m.
• Nine close space orientation RAB drill holes drilled at Comet Gold Prospect to aid dip orientation of gold mineralisation for later RC drill testing.
• Geochemical assay results due mid to late June

Petratherm Limited ("Petratherm" or "the Company") (ASX: PTR) is pleased to announce that the first stage of its Deep Geochemical Gold Exploration Drilling program at the Comet Project is complete. The Comet Gold Project is located approximately 80 kilometres southwest of Coober Pedy in South Australia and 30 km east from the Aurora Tank Gold deposit (Figure 1). The Challenger gold deposit (1.1 Moz @ 5.1g/t) and the high-grade Aurora Tank Gold discovery by Marmota Limited (Figure 1), demonstrate the gold fertility of the Northern Gawler Craton. Historical exploration in the region has however been severely impeded by the shallow cover which masks most of the prospective basement rock.

To overcome this issue, the Company has completed regional shallow RAB drilling comprising of 468 drill holes totalling 5777 metres. The goal of the program was to drill through the shallow transported cover and directly evaluate the geochemical signature of the top of the deeply weathered basement clays (top of saprolite) for gold and other metals. Studies undertaken by Petratherm, of gold deposits on the Gawler Craton, show the top saprolite is highly anomalous in gold before passing into a deeply leached zone above a primary gold source in the bedrock below (refer to PTR ASX release 19/03/21).

In addition to the regional geochemical work, nine close spaced deeper orientation holes were drilled to blade refusal which occurred at approximately 40m depth at the Comet prospect (Figure 1). This was done to try and help identify the dip direction of historic gold mineralisation in preparation for planned deeper RC drilling at Comet later in the year. The Company will provide a summary of results once geochemical assays have been completed which are expected to be mid to late June.

The Company recently was awarded S.A Government grant funding to a level of $147,500 on a 1 for 1 basis through the Accelerated Discovery Initiative (ADI) to assist the Company's Deep Geochemical Gold exploration for the Comet Project Area (PTR ASX release 21/05/21). These funds will be used to undertake further regional shallow RAB exploration drilling beyond the current survey area and infill any anomalies identified from this first phase of work. The second phase of RAB drilling works are expected to recommence in about 2 months' time once the grant monies become available.

Shallow RAB Drilling Operations at Comet (May 2021)

Figure 1 Regional Location Map of Petratherm's Comet Project (comprising EL6443 and ELA 2020/0194) and recorded gold occurrences overlain on a regional aeromagnetic image

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.