Quarterly Activities Report – December Quarter 2022

Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of battery metal projects aimed at Lithium, Tantalum, Nickel, Copper and Gold in Namibia, is pleased to provide its quarterly activities report for the period ending 31 December 2022.

HIGHLIGHTS OF THE QUARTER

Bitterwasser Lithium in Clays Project:

• Drilling program of 23 holes completed on the Madube Pan
  
• Madube Pan exhibits similar lithology to that of the Eden pan, indicating the potential of similar lithium grades encountered at the Eden Pan where a Mineral Resource¹ containing 287Kt LCE has been declared
  
• Madube and Eden Pans are two of fourteen exposed clay pans located at Bitterwasser, with additional potential of discovery of subsurface pans elsewhere over the project

Bitterwasser Lithium in Brines Project:

• Initial observations from a regional scale helicopter-borne geophysical survey revealed the existence of several geophysical anomalies representing potential highly conductive aqueous brine pools

Swanson Tantalum Project:

• Offtake and funding letter of intent received from Chinese Multinational Group HeBei Xinjian Construction CC
  
• Definitive feasibility on track to be completed by Q1 2023

Kum Kum Nickel PGE Project:

• Detailed geological mapping of the Tantalite Valley Complex completed
  
• Mineralogical samples collected to identify ultra- mafic outcrops and to define drill targets

Karibib Coper / Gold Project:

• Total of 10 RC drill holes completed over the Gamikaub prospect
  
• Core logged and samples sent for analyses

Bitterwasser Lithium Clays Project

As announced during the period², drilling was undertaken over the Bitterwasser Clays Project at the Madube Pan, which is the second of fourteen exposed clay pans located at Bitterwasser.

This exploration work was the first drilling campaign conducted over the Madube pan. Previously, Arcadia had conducted drilling over the Eden pan, which resulted in a JORC¹ Mineral Resource being defined of 286,909-ton Lithium Carbonate. Based on the initial positive results received at Madube, the Company planned an additional nine (9) drill holes thereby increasing the program from 15 to 23 holes³ on a 500m grid over the Madube Pan. The additional drilling was completed in December with a total of 23 holes drilled. Logging was completed and samples sent to Scientific Services in South Africa for analyses.

The Madube Pan intersected similar lithology of green clay units as encountered in the Eden Pan². Visual analysis of core revealed that holes drilled in the centre of the pan intersected the green clay unit, as was the case with the Eden Pan.

Assay results of the first hole drilled at Madube pan (MDB01) indicated that grades within the green clay units intersected at Madube are expected to be similar to the grades of the green clays at Eden Pan. Previous drilling over the Eden Pan resulted in an Inferred JORC¹ Mineral Resource for the green clays of 85.2 million tons at 633 ppm Li for 286,909-ton Lithium Carbonate using a 500 ppm Li cut-off. Utilising a similar cut-off at the Madube Pan, drill hole MDB01 provided a 9.6m mineralised intersection at an average grade of 605 ppm Li.

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