Diamond Drilling At Pomme REE-Nb Project Extends Known Mineralised Zones

MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) is pleased to advise that the diamond drilling program at the Pomme REE-Nb project in Québec, Canada (Pomme or the Project) is progressing rapidly since work recommenced in mid-July 2023 following suspension of activities due to forest fires near the Project area. A further two drill holes (POM- 23-02 & POM-23-03) have been completed for a total of 744 metres of diamond drilling. The rig has been mobilised to a new pad and has commenced drilling the next hole (POM-23-04) which is already at 281 metres depth.

• Further diamond drill holes intersect visible rare earth element (REE) mineralisation within the Pomme carbonatite complex
• Three holes completed, drilling continuing on the fourth hole, to test for higher-grade REE-niobium mineralisation
• ‘Scissor’ hole confirms mineralised zone in the southwest corner of the target area at shallower depths
• New zones of REE mineralisation intersected in northwest part of the carbonatite complex – confirming that mineralisation extends more than one kilometre to the north of the historical drill holes
• Sampling for detailed assays in progress, first results anticipated in early August

The team on-site at Pomme report that visible REE mineralisation has again been intersected in the recent drill holes. Hole POM-23-02 in the west of the carbonatite complex appears to be dominated by magnetic silicocarbonatite rocks and is less well mineralised. However, hole POM-23-03, which is a ‘scissor’ hole oriented back towards the south has intersected visual REE mineralisation interpreted to potentially be the up-dip continuation of extensive mineralisation observed in the first hole of the program (see MTM ASX announcement dated 6 June 2023). Hole POM-23-04 has intersected significant zones of visual REE mineralisation in an entirely new part of the carbonatite complex which has not previously been tested.

Commenting on the ongoing drilling program, MTM Managing Director Lachlan Reynolds said:

“These latest drill holes from the Pomme project are starting to shape our understanding of the geology within the Pomme carbonatite complex and the distribution of the rare earth element mineralisation within it.

The work to-date has confirmed that mineralisation extends more than one kilometre to the north of the historical drill holes, indicating that it is a very big system. We are excited to be now testing new areas of the carbonatite complex in an effort to discover higher- grade mineralisation that could be a new REE resource.”

DIAMOND DRILLING PROGRAM UPDATE

A program of diamond drilling is continuing at Pomme after a delay due to forest fires near the Project area (see MTM ASX announcement dated 14 July 2023). Since re-mobilising, a further two drill holes have been completed in the southwest and west part of the Pomme carbonatite complex and another hole is in progress (Appendix 1, Figure 1). Drilling has been very rapid, principally because the carbonatites are relatively soft and easy to drill.

Figure 1: Diamond drilling status at the Pomme project showing historical and current diamond drill hole collar locations. Image is gridded airborne magnetic survey data (TMI, 1VD).

Figure 2: Cross section on line 389,100mE showing historical and current diamond drill holes and a schematic interpretation of intersected mineralised zones. Assays are still pending for the zones of visual REE mineralisation.

Hole POM-23-02 (Figure 2) was completed at a depth of 330 metres downhole (Appendix I). This hole was collared approximately 500 metres to the north of POM-23-01, which intersected in excess of 500 metres of visible REE mineralisation (assay results still pending). The hole principally intersected silicocarbonatite rocks containing low grade to trace mineralisation, mainly in veins and fractures (Appendix II, see Figure 3 below of core section). The silicocarbonatite was quite magnetic, corresponding to the observed anomaly on airborne magnetic images.

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