RESOURCE BASE LIMITED. — Capital/Financing Update 2022

Feb 16, 2022

17 February 2022

Level 4, 105 St Georges Tce Perth WA 6000

T. +61 8 6102 8072 E. admin@resourcebase.com.au W. www.resourcebase.com.au

Executive Chairman & CEO Shannon Green

Air-Core Drilling Continues at Black Range Project

Highlights

• Air-core drilling continues at the Company’s Black Range project;

• Planned drilling program will continue testing multiple high priority zones of interest identified from geophysical program;

• Numerous regional targets defined across the wider tenement;

• All approvals and permits in place to drill high priority targets;

Non-Executive Director Jamie Myers

Non-Executive Director Paul Hissey

CFO & Company Secretary Ailsa Osborne

ASX: RBX

• Following completion, the rig will move to the Mitre Hill project that is prospective for Ionic Clay Rare Earths.

Resource Base Limited ( ASX:RBX ) ( Resource Base or the Company ) is pleased to advise that air-core drilling has commenced on high priority targets at the Company’s Black Range project situated within the wellknown and highly prospective Stavely Volcanics corridor 50km south from Horsham in western Victoria.

The drill program will consist of up to 3,000m of air core drilling, which is a cost-effective and efficient method of following up on high priority targets highlighted by the geophysics program completed in late 2021.

For enquiries please contact:

Company Secretary Ailsa Osborne T. +61 6102 8072

Media/Investor Relations Jane Carew-Reid

T. +61 8 6102 8072

The Air-Core drilling enables the Company to undertake lower cost drilling that will allow for more efficient targeting for the more expensive diamond drilling programs that will follow in due course.

Commenting Resource Base Executive Chairman & CEO, Mr. Shannon Green, said:

“We are very excited to be continuing our Air-Core drilling at Black Range on some of our high priority targets as we progress towards establishing our targeting for the deeper diamond drilling programs to follow and moving forward planning further Geophysics programs as we progress further across our extensive project area”

Initial air-core drilling at Black Range completed 1,800m to test targets generated from IP/Resistivity and Gravity geophysical surveys completed in October 2021. It is planned to drill approximately 3,000m in the current program and continue to systematically test these geophysical targets as well as beginning the process of assessing regional targets further afield across the Black Range tenement.

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These regional targets have been defined from 1980’s historical reconnaissance drilling and airborne geophysical data and ongoing exploration will determine if other Eclipse scale VHMS / Porphyry systems exist elsewhere on the Black Range tenement.

The previous program conducted in December 2021 proved that air-core drilling using modern rigs and drill bit technology is able to penetrate well into the volcanic bedrock and provide the exploration team with exceptionally good samples to interpret the source of geophysical anomalies. Limitations lie only where younger rock formations, occurrences of the Grampians Sandstone, overly the targeted volcanic bedrock and put it beyond the depth capacity of these lightweight drilling rigs.

Figure 1 below shows the planned drilling in relation to the high priority targets highlighted by the geophysics program completed in late 2021 and location of first of regional targets to be tested across EL4950.

Figure 1. Planned Air-core drilling at the Black Range Project. Red Dots represent planned drill holes.

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Following completion of drilling at the Black Range Project, the rig will move to the Company’s Mitre Hill project that is prospective for Ionic Clay Rare Earths.

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This announcement has been authorised by the Board of Resource Base Limited.

For further information please visit our website – www.resourcesbase.com.au

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About Resource Base Ltd

Resource Base Ltd (ASX:RBX) is an Australian based mineral exploration company focused on the development of highly prospective exploration projects with demonstrated potential for scalable discoveries.

Black Range Project

The Black Range Project (124km[2] ) in Victoria’s premier porphyry and VHMS target district, the Mount Stavely Volcanic Complex (MSVC) in Western Victoria, captures three fault-bound segments of the MSVC volcanics with a combined strike length of approximately 55kms. The Project includes the advanced Eclipse prospect, which is prospective for copper, gold and zinc.

The MSVC is considered an analogue of the Mt Read Volcanics in Tasmania, which is host to a number of world-class VHMS deposits (Rosebery, Hellyer, Que River), the giant Mt Lyell Cu-Au deposit, and the Henty Au deposit. Numerous other targets, including Anomaly F, Honeysuckle, Anomaly K and Mt Bepcha are associated with MSVC rocks across the tenement but have seen little work to date.

Petrological studies indicate that important VHMS style hydrothermal alteration and is well developed on the Eclipse prospect. Resource Base will utilise systematic geophysics, drilling and geochemical analyses combined with petrological and hyperspectral SWIR alteration mapping to vector towards zones with high mineralisation potential as identified from comparison with known VHMS deposits in the Mt Read Volcanics and around the world.

Mitre Hill Project

On 23 December 2021, the Company finalised the execution of the acquisition of the Mitre Hill Project (1,509km[2] ), which contains one exploration licence in Victoria and four strategic tenement applications over ground located within the Murray Basin across Victoria and South Australia, prospective for ionic clay hosted Rare Earth Element (REE) deposits.

The licence and applications are located in the Murray Basin on the South Australian and Victorian state Border near the towns of Naracoorte, Penola and Edenhope. The largest and most prospective Application, ELA 2021/00059, runs approximately in a line, covering over 40km of strike length, from the towns of Naracoorte and Penola in South Australia. The main economic target is ionic clay hosted REE deposits, with possible economic concentrations of Heavy Rare Earths considered strategically important given global supply modelling. The Applications are located over the transition from the concluding phases of the Loxton - Parilla strandlines to the more broadly spaced Bridgewater formation in South Australia and Victoria. A significant archive of historical exploration data has been acquired by the Company, including drilling results, numerous government studies and minor private exploration.

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Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events, or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Person Statement

The information in this report which relates to Exploration Results is based on, and fairly represents, information compiled by Mr Ian Cameron. Mr Cameron is a Member of the Australian Institute of Geoscientists (AIG) and an employee of the Company. Mr Cameron 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 of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcement. Mr Cameron consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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