Completion of Penny South Gold Project Acquisition

Strata Minerals Limited (ASX: SMX or “the Company”) is pleased to advise that it has completed the 100%acquisition of the Penny South Gold Project (E57/1045).

• Strata Minerals Ltd (previously NickelX Ltd) has completed the 100% acquisition of the Penny South Gold Project (E57/1045) which significantly bolsters West Australian Gold exploration portfolio
• The Penny South Gold Project (“Penny South Project”) located in a world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1 (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
  • Penny Mine Project (Penny West/Penny North) is estimated to contain 440,000t of ore at a grade of 22g/t Au (320,000oz Au)²

- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s3

- The Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to takeover by Ramelius for >$200M during 20204 , with the deposit now being mined and extended

• The Penny West Shear continues south into the Penny South Project with ~2.5km of strike contained within the Project
• Average historical drill hole depth across the Penny South Project is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m56 , with no diamond drilling
• Historic drilling within Penny South Project has encountered various significantly anomalous intersections of gold mineralisation
• Review of all available Penny South Project data ongoing and the company looks forward to updating shareholders in the coming weeks

Commenting on the acquisition Managing Director Peter Woods said:

“We are extremely pleased to have completed this strategic acquisition of the highly prospective Penny South Gold Project following shareholder approval. Securing this asset which is next door and along strike 550m south to one of the highest-grade producing gold mines in Western Australia is very exciting.

We are thankful for the support shown by shareholders to approve the acquisition as we continue to transform the company and now look forward to rapidly progressing the project.

The Company is of the view that the project has not yet been fully tested at depth and we are eager to unlock any potential value.”

Penny South Gold Project, WA

The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”) 7 . SMX’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).

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