$2.5 Million Capital Raise for Continued Development of Rio Grande Sur

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce that that it has received firm commitments from sophisticated and professional investors and Directors to subscribe for a placement of approximately 714 million fully paid ordinary shares (“Shares”) in the Company at an issue price of AU$0.0035 per Share to raise gross proceeds of AU$2.5 million (“Placement”). Each placement participant will also be issued one attaching option for every two Shares subscribed for in the Placement (exercise price $0.007; expiry date 3 years from their date of issue) (“New Options”).

HIGHLIGHTS

• $2.5 million raised from sophisticated investors and professional investors.
• Strong support received from existing shareholders, as well as overseas and domestic institutional investors, with the placement oversubscribed.
• Funds will be used for further development of the Rio Grande Sur Lithium Project in Argentina which is currently progressing its Stage 1 Drilling Campaign in addition to advancing its Pilot Plant towards the first production of Lithium Carbonate.

The issue price of the Placement Shares represents a 12.5% discount to last close of $0.004.

The capital raising will provide working capital for the ongoing development of the Rio Grande Sur Lithium Project, in particular the Stage 1 Drilling Program and advancement of the 250tpa Pilot Plant towards first production of Lithium Carbonate.

CPS Capital Group Pty Ltd (“CPS Capital”) and Inyati Capital Pty Ltd (“Inyati”) acted as the Joint Lead Managers to the Placement, which was significantly oversubscribed. CPS Capital and Inyati will be paid a cash fee equal to 6% of the amount raised under the Placement and will also be issued New Options, at an issue price of $0.001 each, in an amount equal to 25% of the total Shares issued under the Placement (178,571,428 New Options) (subject to shareholder approval in general meeting).

The Placement has been strongly supported by existing shareholders and introduced several new high net- worth investors and domestic and overseas institutions to the Pursuit register. The Shares under the Placement will be issued in a single tranche using the Company’s existing placement capacity under LR7.1 (425,970,713 Shares) and 7.1A (265,457,858 Shares).

Commenting on the success of the Placement, Managing Director & CEO, Mr Aaron Revelle, said:

“Pursuit is delighted with the strong support for the placement. This raising will provide critical funding to continue near term high value creating work programs at our Rio Grande Sur Lithium Project in Argentina with our maiden drilling program nearing completion of its first hole, with the second hole to commence immediately after. It is expected that the drilling program will result in a JORC resource upgrade before the end of the calendar year. Additionally, our Pilot Plant continues operations towards the production of our first lithium carbonate. It was again a pleasure working with CPS Capital and Inyati to complete the raising. We look forward to delivering for shareholders and stakeholders through execution of our upcoming significant work programs.”

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