PURE RESOURCES LIMITED — Regulatory Filings 2023

May 7, 2023

Pure Stakes 683km2 of Highly Prospective Lithium Claims - Finland

HIGHLIGHTS

• Pure has secured the Kast and Kova Prospecting Reservations totalling 680km2 of highly prospective ground in southern Finland in close proximity to other existing Lithium and critical mineral deposits (Figure 1).
• Both prospects are considered highly prospective for Lithium-Caesium-Tantalum pegmatite deposits and are also prospective for gold and base metal mineralisation.

• The Kova Reservation (544km2) (Figure 2):

• o Situated 130km north of Helsinki in the Tampere region of Finland.
• o Adjacent to, and geologically analogous to, the Seppälä lithium pegmatites.
• o Reservation partially sits within the Eräjärvi metallogenic area.
• o More than 70 pegmatite dykes, enriched in B, Be, Li, Nb, Sn and Ta, are reported from the Seppälä area.
• o Little modern systematic exploration for lithium deposits has been undertaken in the area.
• o Within the Kova Reservation, multiple pegmatite granites have been mapped by the Finnish geological survey (GTK) which will be targeted in upcoming field programs.

• The Kast reservation (139km2) (Figure 3):

• o Situated 110km west of Helsinki in the Kimito region of southern Finland (Figure 3).
• o Adjacent to, and geologically analogous to the Rosendal tantalum deposit and sits within the Kemiö metallogenic area (Figure 3).
• o The Kemiö metallogenic area is defined by the presence of a late-orogenic granitic, complex pegmatite swarm with a significant potential for lithium, tantalum and beryllium exploitation.
• o Within the Kast Reservation area, a number of pegmatite granites have been mapped by the Finnish geological survey which the Company plans to map and sample in upcoming field programs.
• The Company (across the two projects) is currently negotiating the purchase of available drillhole (approximately 235 holes drilled historically for ~19,000m), geochemical and geophysical data relevant to the two reservation areas as part of its ongoing data review process. Following completion of the data review, Pure intends to undertake mapping and sampling programs through the northern summer.

Pure Resources Limited (Pure or Company) is pleased to announce it has secured two Prospecting Reservations totalling 683km2 of highly prospective ground in southern Finland (Figure 1). The Company applied for the Kova and Kast Reservations following a global review for future facing metal exploration opportunities.

Pure's prospectus dated 11 March 2022 and released to the ASX on 19 April 2022 (Prospectus) outlined the Company's use of funds (Use of Funds). Under the Use of Funds, Pure has allocated $400,000 for project generative activities.

Pure's Executive Chairman, Patric Glovac, commented:

"With our current belt-scale Laforge lithium project in Quebec exposing us to the Canadian government's progressive Critical Mineral Strategy, we have now identified Europe and more specifically, Scandinavia as an area we believe will see significant growth in the battery metals sector with favourable geopolitical and geological conditions.

"As such, we have been reviewing a number of opportunities in Scandinavia and the application of the two Reservations in close proximity to other known lithium areas and is another great step forward in building an excellent, and global, battery metals portfolio.

"The project generation team have been working around the clock with our Finnish counterparts and have again done an excellent job to secure the highly prospective Reservations. With the snow melting as we speak, we are looking forward to completing boots-on-ground exploration over the coming months."

Figure 1: Location of the Kova and Kast Reservations, southern Finland.

The Finland Reservations

PR1 Finland Oy (a wholly owned subsidiary of Pure) has registered two Prospecting Reservations, with the Finnish Mining Authority, in southern Finland (Figure 1). The two Reservations cover an area of ~683km2 and are considered highly prospective for Lithium-Caesium-Tantalum (LCT) pegmatite deposits and are also prospective for gold and base metal mineralisation.

Kova Reservation

The Kova Reservation (544km2) is situated 130km north of Helsinki in the Tampere region of Finland. The Kova Reservation is adjacent to, and is geologically analogous to, the Seppälä lithium deposit and partially sits within the Eräjärvi metallogenic area (Figure 2). The Eräjärvi metallogenic area is defined by the presence of late-orogenic (ca. 1.80 Ga) LCT type of complex pegmatites best known for their numerous Li and Be minerals and Fe-Mn phosphates (e.g., Volborth 1960, Lahti 1981, 1987). More than 70 complex and numerous simple pegmatite dykes are known from the area. The pegmatites are enriched in B, Be, Li, Nb, Sn and Ta (Lahti 1981, Alviola 2004). About 30 pegmatite dykes have been exploited, on a small scale, for quartz, feldspar, muscovite, beryl, amblygonite, and columbite-tantalite, from about 1910 to 1966 (Puustinen 2003). Within the broader Kova Reservation area, a number of pegmatite granites have been mapped by the Finnish geological survey (GTK) (Figure 2) which the Company plans to map and sample in upcoming field programs.

Figure 2: Geology of the Köva Reservation highlighting mapped pegmatite granites.

Kast Reservation

The Kast reservation (139km2) is situated 110km west of Helsinki in the Kimito region of southern Finland (Figure 3). The Kast reservation is adjacent to, and geologically analogous to the Rosendal tantalum deposit and sits within the Kemiö metallogenic area (Figure 3). The Kemiö metallogenic area is defined by the presence of a late-orogenic granitic, complex pegmatite swarm (Lindroos et al. 1996) with a significant potential for lithium, tantalum and beryllium exploitation. Feldspar and quartz have been exploited from the Kemiö pegmatites since the 17th century, with a total cumulative mining of about 5 Mt of pegmatite (Puustinen 2003). Minor volumes of beryl and columbite-tantalite have also been recovered (Puustinen 2003), but within the last 20 years the pegmatites have been explored as significant sources of tantalum metal. Literature and publicly available data from GTK suggest the Rosendal deposit has a historic, and unverified, inferred resource of 1.3 Mt at 0.021 % Ta, 0.014 % Be and 0.08 % Sn (Alviola 1997). The deposit also contains recoverable albite, quartz and muscovite (Tertiary Minerals 2001). This resource estimate is reported to only cover the uppermost 50m of one dyke with several similar, albeit apparently smaller, dykes at Rosendal, within an area 1km long and 500m wide. The mineral assemblage at Rosendal comprises microcline, albite, quartz, tapiolite, tantalite, chrysoberyl, beryl and cassiterite. The resource at Rosendal and known Ta-Nb mineral pegmatites in the region indicate that the Kemiö metallogenic may have a significant, largely untested, Li-Ta potential.

Figure 3: Geology of the Käst Reservation highlighting mapped pegmatite granites.

Next Steps

The Company is currently negotiating the purchase of available drillhole (approximately 235 holes drilled historically for ~19,000m), geochemical and geophysical data relevant to the two reservation areas as part of its ongoing data review process. Following completion of the data review, Pure intends to undertake mapping and sampling programs through the northern summer. The Company looks forward to updating the market with results of the data review and future work plans.

- END -

This announcement is approved for release by the Board of Pure Resources Limited.

Mr Patric Glovac Executive Chairman Pure Resources Limited

About Pure Resources

Pure's vision is to become an eminent battery metal focussed company on the ASX, either through its existing portfolio of nickel and copper assets, generation of new projects, or acquisitions of existing projects presented to the Company with a strong determination to add Lithium, Rare Earths or Graphite to the company's portfolio.

Competent Persons Statement

The information in this report which relates to Exploration Results is based on information compiled by Dr. James Warren, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Warren is a Non-Executive Director of Pure Resources Limited. Dr. Warren has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr. Warren consents to the inclusion in this report of the matters based on the information in the form and context in which it appears**.**

References

Alviola, R. 2004. Oriveden Seppälä-Viitaniemi alueen pegmatiittitutkimus. Geological Survey of Finland, Report M19/2141/2004/1/85. 9 p. 60 app. (In Finnish)

Alviola, R. 1997. Tutkimustyöselostus Dragsjfärdin kunnassa, valtausalueella Rosendal 1, kaiv. rek. n:o 4556/1, suoritetuista tutkimuksista vuosina 1986–1997. Geological Survey of Finland, Report M06/2012/97/1/85. 11 p. (In Finnish)

Koistinen, T., Stephens, M.B., Bogatchev, V., Nordgulen, Ø., Wennerström, M. & Korhonen, J. (comp.) 2001. Geological map of the Fennoscandian Shield, 1:2,000,000. Geological Survey of Finland, Espoo. Erikoiskartat, 53. ISBN 951-690-818- 7.

Lahti, S.I. 1981. On the granitic pegmatites of the Eräjärvi area in Orivesi, southern Finland. Geological Survey of Finland, Bulletin 314. 82 p.

Lahti, S.I. 1987. The granitoids and pegmatites of the Eräjärvi area. Geological Survey of Finland, Guide 26. 26–36 p.

Lindroos, A., Romer, R.L., Ehlers, C. & Alviola, R. 1996. Late-orogenic Svecofennian deformation in southwestern Finland constrained by pegmatite emplacement ages. Terra Nova 8, 567–574.

Puustinen, K. 2003. Suomen kaivosteollisuus ja mineraalisten raaka-aineiden tuotanto vuosina 1530–2001, historiallinen katsaus erityisesti tuotantolukujen valossa. Geological Survey of Finland, Report M 10.1/2003/3. 578 p.

Tertiary Minerals 2001. Press release 4 October 2001.

Volborth, A. 1960. Gediegen wismutantimon und andere Erzmineralien im Li-Be-Pegmatit von Viitaniemi, Eräjärvi, Zentralfinnland. Neues Jahrbuch für Mineralogie, Abhandlungen 94, 140–149.

JORC Code, 2012 Edition – Table 1 report template

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 (egcut channels, random chips, orspecific specialised industrystandard measurement toolsappropriate to the minerals underinvestigation, such as down holegamma sondes, or handheld XRFinstruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.•Include reference to measurestaken to ensure samplerepresentivity and the appropriatecalibration of any measurementtools or systems used.•Aspects of the determination ofmineralisation that are Material tothe Public Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used toobtain 1 m samples from which 3 kgwas pulverised to produce a 30 gcharge for fire assay'). In othercases more explanation may berequired, such as where there iscoarse gold that has inherentsampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) maywarrant disclosure of detailedinformation.	•No sampling has been completed by theCompany at this stage.•Work pertaining to the release has involvedgeological interpretation of publicly availabledatasetswhichareavailablethroughtheGeologicalSurveyofFinlandGTK-https://www.gtk.fi/en/services/data-sets-andonline-services-geo-fi/•The Company is currently negotiating thepurchase of available drilling, geochemical andgeophysical datasets.•The Company is to complete mapping andsampling to programs to evaluate theprospectivity of the Reservations.
Drillingtechniques	•Drill type (eg core, reversecirculation, open-hole hammer,rotary air blast, auger, Bangka,sonic, etc) and details (eg corediameter, triple or standard tube,depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	•No drilling data has been reported.•The Company plans to acquire available drillingdata as soon as possible.
Drill samplerecovery	•Method of recording and assessingcore and chip sample recoveriesand results assessed.•Measures taken to maximisesample recovery and ensurerepresentative nature of thesamples.•Whether a relationship existsbetween sample recovery and gradeand whether sample bias may haveoccurred due to preferential	•No drilling results have been reported.

Criteria	JORC Code explanation	Commentary
	loss/gain of fine/coarse material.
Logging	•Whether core and chip sampleshave been geologically andgeotechnically logged to a level ofdetail to support appropriate MineralResource estimation, mining studiesand metallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage ofthe relevant intersections logged.	•No drilling results have been reported.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn andwhether quarter, half or all coretaken.•If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature,quality and appropriateness of thesample preparation technique.•Quality control procedures adoptedfor all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that thesampling is representative of the insitu material collected, including forinstance results for fieldduplicate/second-half sampling.•Whether sample sizes areappropriate to the grain size of thematerial being sampled.	•No drilling results have been reported.
Quality ofassay dataandlaboratorytests	•The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.•For geophysical tools,spectrometers, handheld XRFinstruments, etc, the parametersused in determining the analysisincluding instrument make andmodel, reading times, calibrationsfactors applied and their derivation,etc.•Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratorychecks) and whether acceptablelevels of accuracy (ie lack of bias)and precision have beenestablished.	•No assay results have been reported.
Verification ofsampling andassaying	•The verification of significantintersections by either independentor alternative company personnel.•The use of twinned holes.•Documentation of primary data, data	•No assay results have been reported.

Criteria	JORC Code explanation	Commentary
	entry procedures, data verification,data storage (physical andelectronic) protocols.•Discuss any adjustment to assaydata.
Location ofdata points	•Accuracy and quality of surveysused to locate drill holes (collar anddown-hole surveys), trenches, mineworkings and other locations used inMineral Resource estimation.•Specification of the grid systemused.•Quality and adequacy oftopographic control.	•No data points have been reported.•The coordinate system used is EPSG: 3067 –ETRS89/TM35FIN
Data spacinganddistribution	•Data spacing for reporting ofExploration Results.•Whether the data spacing anddistribution is sufficient to establishthe degree of geological and gradecontinuity appropriate for theMineral Resource and Ore Reserveestimation procedure(s) andclassifications applied.•Whether sample compositing hasbeen applied.	•No exploration results have been reported.
Orientation ofdata inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.•If the relationship between thedrilling orientation and theorientation of key mineralisedstructures is considered to haveintroduced a sampling bias, thisshould be assessed and reported ifmaterial.	•No exploration results have been reported.
Samplesecurity	•The measures taken to ensuresample security.	•No samples have been taken.
Audits orreviews	•The results of any audits or reviewsof sampling techniques and data.	•No audits or reviews have been completed.

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number,location and ownership includingagreements or material issues withthird parties such as joint ventures,partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure held at thetime of reporting along with any	•Information pertaining to the mineral claims isprovided in Schedule 2 of the document.

22 Townshend Road EMAIL info@pureresources.com.au SUBIACO WA 6008 WEBSITE www.pureresources.com.au

Criteria	JORC Code explanation	Commentary
	known impediments to obtaining alicence to operate in the area.
Explorationdone by otherparties	•Acknowledgment and appraisal ofexploration by other parties.	•Geological maps, geophysical datasets andmineralisation occurrences are publicly availableand were sourced from the Geological Survey ofFinlandGTK-https://www.gtk.fi/en/services/data-sets-andonline-services-geo-fi/•The Company is currently negotiating theacquisition of historical company data.•Geological information and observations werealso obtained from peer reviewed, publishedjournal articles. References are provided in thebody of the text.
Geology	•Deposit type, geological setting andstyle of mineralisation.	•Regionally the geology is dominated byProterozoic aged, metamorphosed mafic,ultramafic and sedimentary lithologies intrudedby granites and pegmatite dykes.
Drill holeInformation	•A summary of all informationmaterial to the understanding of theexploration results including atabulation of the followinginformation for all Material drill holes:oeasting and northing of the drillhole collaroelevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collarodip and azimuth of the holeodown hole length andinterception depthohole length.•If the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case.	•No drill hole information is currently available.•The Company is negotiating the acquisition ofhistorical datasets.
Dataaggregationmethods	•In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of highgrades) and cut-off grades areusually Material and should bestated.•Where aggregate interceptsincorporate short lengths of highgrade results and longer lengths oflow grade results, the procedureused for such aggregation should bestated and some typical examples ofsuch aggregations should be shownin detail.•The assumptions used for anyreporting of metal equivalent values	•No exploration results reported.

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisationwidths andinterceptlengths	should be clearly stated.•These relationships are particularlyimportant in the reporting ofExploration Results.•If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should bereported.•If it is not known and only the downhole lengths are reported, thereshould be a clear statement to thiseffect (eg 'down hole length, truewidth not known').	•No exploration results reported.
Diagrams	•Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for anysignificant discovery being reportedThese should include, but not belimited to a plan view of drill holecollar locations and appropriatesectional views.	•Appropriate diagrams are included as part of theaccompanying release.
Balancedreporting	•Where comprehensive reporting ofall Exploration Results is notpracticable, representative reportingof both low and high grades and/orwidths should be practiced to avoidmisleading reporting of ExplorationResults.	•No exploration results reported.
Othersubstantiveexplorationdata	•Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to):geological observations; geophysicalsurvey results; geochemical surveyresults; bulk samples – size andmethod of treatment; metallurgicaltest results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleteriousor contaminating substances.	•No exploration results reported.
Further work	•The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting theareas of possible extensions,including the main geologicalinterpretations and future drillingareas, provided this information isnot commercially sensitive.	•The Company is currently negotiating thepurchase of all available data relevant to theReservations.•Once acquired, the Company will complete athorough internal review and update the marketaccordingly.•Following the data review, the Company plans toundertake mapping and sampling to assess thepropsectivity of the Reservations.