Encouraging XRF results from Drilling at Murraydium Rare Earths Project

Mr Brian Thomas, Lanthanein Technical Director commented “We are very excited with the preliminary XRF results from the first phase of the roadside drilling programme at the Murraydium Project in the South East of South Australia. These results confirm the exciting exploration opportunity in a region that is highly prospective for ionic clay hosted rare earth deposits as evidenced by work done in the region by AR3 who have outlined an extensive mineralised system at Koppamurra where shallow near surface exploration has delineated significant JORC Resources of REE’s. We are eagerly awaiting the return of the assays to confirm the presence of high-grade ionic clay hosted REE’s at the Bordertown Block of our Murraydium Project.”

• First phase of reconnaissance roadside Air Core drilling programme completed in the Bordertown Block targeting REE’s in the shallow Loxton Parilla Sands
• pXRF results of up to 2,711 ppm combined Neodymium (Nd2O3) and Praseodymium (Pr6O11) *
• Consistent elevated levels of combined Nd/Pr with all 72 holes having intersections of >1,000 ppm based on XRF analysis
• All samples have been submitted to Bureau Veritas laboratory in Adelaide for confirmatory assay using industry standard chemical analysis
• Loxton Parilla Sands are the same formation that hosts Australian Rare Earths Ltd (ASX:AR3) Koppamurra Resource of 101mt @ 818 ppm TREO (Total Rare Earth Oxide) (1)
• Next phase of the 307 hole programme to commence shortly

_{*The measurement of Rare Earth Elements using a pXRF is a method that has been used at Murraydium and other REE projects in Australia. Performance to OREAS standards demonstrates a strong correlation between pXRF data and certified values. However, pXRF is only a preliminary indication of the expected order of magnitude forfinal REE analysis. The samplesthat are the subject of this report have been submitted for laboratory assay and some variation from the pXRF results presented herein should be expected.}

^{1 JORC resource comprising 1Mt @ 894ppm TREO (Measured), 63Mt @ 839ppm TREO (Indicated) and 38Mt @ 782ppm TREO (Inferred) (17 April 2023}

The Murraydium Project is located in the south-eastern region of South Australia with EL 6717 covering an area of 872 km2 of the Murray Basin (Figure 1). The region is seeing continued activity in the exploration for REE minerals with the success of Australian Rare Earths (ASX:AR3) at their 100% owned Koppamurra Project, host to a total mineral resource of 101 Mt @ 818 ppm TREO (Figure 2), plus other successes with Resource Base Ltd (ASX:RBX) announcing a maiden Mineral Resource Estimate of 21Mt @ 767 ppm TREO (Inferred) at their Mitre Hill Deposit in the Murray Basin in Victoria.

The project area forms part of an extensive Tertiary strand plain comprising a series of sandstone‐dominant fluvial and beach‐dune strand complexes. The sand units commonly form undulating sand ridges interspersed with low lying areas of clay, mud and sand. The Koppamurra Deposit of REE‐bearing clays that contain the Yellow Tail and Red Tail deposits occurs within the lower part of the Loxton‐Parilla Sand unit (Fig 1). The Loxton‐Parilla Sand is a very extensive unit widely distributed across the southern Murray Basin. Extensive areas of Loxton‐ Parilla Sand are exposed at surface within the Bordertown Block where it typically formsrolling terrain of low sandy hills and ridges.

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