REACH RESOURCES LIMITED — Regulatory Filings 2023

Dec 11, 2023

12 December 2023

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PHASE 2 DRILLING INCREASES SCALE OF MORRISSEY HILL LITHIUM PROJECT, YINNETHARRA, W.A.

HIGHLIGHTS

• Phase 2 Drilling has significantly elevated the scale of lithium potential at Morrissey Hill with drilling confirming the presence of multiple, thick, stacked pegmatites[1] within a previously unrecognised package of the Leake Springs Metamorphics, at Morrissey Hill South.

• The Leake Springs Metamorphics sequence are the same rock units which host Delta Lithium’s (ASX: DLI), Malinda and Jamieson Lithium Projects, located immediately east and west respectively of Morrissey Hill.

• Locating this sequence at Morrissey Hill South, is significant for the project as the Leak Spring Metamorphics had previously been interpreted to exist only within the northern third of the Morrissey Hill project area.

• A total of 57 holes for 5,282m of RC drilling has been completed to date during Phase 2 drilling.

• The majority of all holes drilled across Phase 2, have reported multiple thick, stacked pegmatites[1] within favourable metasedimentary and lesser mafic volcanic rock types .

• Phase 2 drilling to date has been restricted to areas where heritage surveys have been previously completed, and with a focus on testing depth continuity of outcropping pegmatites at the Morrissey Hill and Peggy Sue targets, including limited infill and extensional drilling at the Bonzer prospect.

• Importantly, the Company has identified a pipeline of some 33 priority targets which will be methodically evaluated in 2024 once all regulatory approvals have been received, including additional aboriginal heritage surveys.

• Results from this part of the Phase 2 Drilling campaign are expected to be received in early 2024, with all samples already sent to the laboratory for analysis.

Reach Resources Limited (ASX: RR1 & RR1O) (“ Reach ” or “the Company ”) is pleased to advise that over 5,000m of the Phase 2 drill program has now been completed and again, multiple stacked pegmatites[1] over substantial widths have been intersected across a number of targets within the Company’s 100% owned Morrissey Hill Lithium Project, Yinnetharra WA.

Consistent with Delta Lithium’s Malinda Lithium Project located immediately to the east of Morrissey Hill, drilling has confirmed the presence of multiple stacked pegmatites hosted within a mixed package of older country rocks including metasediments (quartz-feldspar-biotite schists) and lesser mafic volcanics and gneisses.

This part of the Phase 2 program has been restricted to areas where heritage surveys have been previously completed with the initial focus being on testing depth continuity of outcropping pegmatites at the Morrissey Hill and Peggy Sue targets, and some infill and extensional drilling at the Bonzer prospect.

1 Cautionary Note: The identification of pegmatites in the drilling completed to date does not imply the presence of lithium mineralisation. The presence of any lithium mineralisation will be determined by laboratory analyses.

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Figure 1: Peggy Sue pegmatite outcrop at the Morrissey Hill Lithium Project, with Strike Drilling RC drill rig at work testing its subsurface continuity.

Jeremy Bower CEO commented:

“ We are excited that our Phase 2 campaign which has been designed to test new targets to the south of Bonzer has confirmed the presence of multiple, thick, stacked pegmatites within a previously unrecognised package of the Leake Springs Metamorphics.

These are the same rock types that host Delta’s Malinda Lithium Project to our east and the Jamieson Lithium Prospect to our west. Detailed geological mapping by our geological team identified the area as a potential Malinda “look alike” with a large number of wide, strike extensive pegmatites occurring within a mixed package of older country rocks, including metasediments and mafic volcanics which we interpret as a previously unrecognised corridor of the Leake Springs Metamorphics.

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The area is clearly not dominated by granite which is what’s shown on existing GSWA maps. Confirming an extension to the Leake Springs package is a major breakthrough in advancing the potential and scale of the opportunity at Morrissey Hill. This sequence of rocks is known to be far more favourable for pegmatite fractionation and the development of significant lithium mineralisation.

The conditions the team are working in are extreme and yet they have not only completed another technically brilliant drill campaign, but also continued to identify and map new pegmatite targets to add to the huge potential at Morrissey Hill. We will pull up for a well-earned Christmas break and look forward to another huge year in 2024.”

The Future is within Reach.

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Figure 2: Morrissey Hill pegmatite target areas

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Upcoming Works and indicative timetables

• Soil Geochem Assay results – Wabli Creek – mid December

• Heritage Survey – Morrissey Hill February/March 2024

• Heritage Survey – Wabli Creek February/March 2024

• Planned Recommencement of Phase 2 drill campaign – Morrissey Hill March/April 2024*

• Proposed Phase 1 Drill Campaign – Wabli Creek April/May 2024*

* Pending all approvals and permits

This announcement has been authorised by the Board of Reach Resources Limited

For further information please contact:

Jeremy Bower

Chief Executive Officer Level 4, 216 St Georges Terrace Perth, 6000 W.A jeremy@reachresources.com.au

-ENDS-

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About Reach Resources Limited

Reach Resources is a critical mineral explorer with a large portfolio of tenements in the resource rich Gascoyne Mineral Field. Recent and historical exploration results have confirmed the presence of Lithium, REE, Niobium and Manganese across the Company’s land holdings.

However, the Company is distinct from other pure explorers by also having an Inferred Gold Resource at Payne’s Find and a significant investment in a downstream patented technology that recycles the rare earth elements from the permanent magnets required in electric vehicles, wind turbines, hard disk drives and MRI machines.

Competent Person’s Statement

Information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation prepared and compiled by Mr Steve Vallance, who is a Member of the Australian Institute of Geoscientists. Mr Vallance is the Exploration Manager for Reach Resources Limited employed on a full-time basis. Mr Vallance has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Vallance consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.

No New Information

Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

Forward Looking Statements

This report contains forward looking statements concerning the projects owned by Reach Resources Limited. If applicable, statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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