MINERALOGICAL RESULTS  RECEIVED AND BULK SAMPLECOMPLETED AT SWANSON Ta/Li PROJECT

Arcadia Minerals Ltd (ASX:AM7) (Arcadia or the Company) is pleased to announce that it has received a Minerology and Metallurgical Report from Coremet Mineral Processing (Pty) Ltd (CoreMet) from a 5.45 tonne bulk sample taken over the Swanson Project.

The sample that was sent to CoreMet was collected from three well-exposed fresh F pegmatite faces A (2 634 kg), B (2 478 kg)and C (338 kg), refer to Figure 1. The sample consisted of a combination of in-situ chip/channel and proximal debris sub-samples. The sample was created as follows:

• In-situ material was collected by the chipping method using a hammer and a chisel
• Furthermore, numerous channels, across the entire width of the exposed pegmatite faces, was cut with a diamond blade grinder.
• Proximal debris material was collected by hand-picking large pegmatite clasts which could reasonably assumed to be derived from the proximal pegmatite face of interest.

From mixing the in-situ and proximal debris material a sample weight of approximately 5.45 tonne was obtained. The sample consisted of numerous boulder sized clasts ranging from 50mm to 400mm in diameter with an average clast size estimated at about 200mm.

In addition, the Company's 80% owned Namibian subsidiary, Orange River Pegmatite (Pty) Ltd (ORP), has taken a 100-tonne bulk sample (see announcement dated 21 July 2021) of which 60 tonnes were sent to South Africa to be crushed and transported to CoreMet's facility for commercial scale test- work with the purpose of determining optimised recoveries and to simulate flowsheets for final plant design. No Covid-19 related delays have been experienced or are expected.

Philip le Roux, the CEO of Arcadia commented as follows: "The results confirm that excellent recoveries of the economic minerals associated with the Swanson resource are possible using conventional gravity separation techniques and that the production of a 25% Ta2O5 concentrate is likely to be possible at Swanson. The larger 60t bulk sample will now be the subject of large-scale recovery test work utilising Coremet's gravity separation equipment and techniques to confirm that the production of a 25% Ta2O5 concentrate is possible."

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