Quarterly Activities/Appendix 5B Cash Flow Report

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to present its activities report for the quarterly period ended 30 September 2024.

HIGHLIGHTS

1. High Grade Lithium Results The latest drill results at the Rio Grande Sur Project demonstrated lithium concentrations exceeding 500mg/L, enhancing project value and supporting an anticipated resource upgrade. These results reenforce the project’s significant potential

2. Pilot Plant Milestone On Track

The 250 tpa Lithium Carbonate Pilot Plant is set for initial production by late 2024, a key milestone that moves the project closer to generating revenue and showcases Pursuit’s commitment to advancing value-creating phases.

3. Focused Resource and Feasibility Expansion With recent drill data, Pursuit is targeting a resource upgrade and continues its feasibility study scheduled for delivery in H1, 2025. These developments pave the way for potential commercial scaling, aligning with value driven growth.

4. Offtake Discussions Ongoing

Advanced negotiations for offtake agreements for lithium carbonate from the Pilot Plant focus on securing product demand and building revenue streams, all whilst minimising cash burn and supporting continuous production targets.

5. Strategic Review of Commando Gold Project The Commando Gold Project, with high grade intersections and renewed market interest, is being evaluated for review for potential exploration or partnerships, aligning with Pursuit’s low-cost strategy to create shareholder value from underutilised assets.

PROJECT DEVELOPMENT

During the September 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological workstreams, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project in the Salta province of Argentina.

Rio Grande Sur (RGS) Lithium Project Argentina

The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).

Table 1 – Rio Grande Sur Tenement Schedule

Rio Grande Sur Stage 1 Drilling Campaign.

During the quarter, Pursuit announced the preliminary results of Drill Hole 2 / DDH-2 at the Sal Rio 02 tenement (announcement dated 29 August 2024) with full results announced following the end of the period (See announcement dated 30 October 2024.)

DDH-2 achieved a depth of 500m, with Pursuit’s on-site geologists and drilling team having been extremely encouraged by the geological units encountered across the depths of the hole.

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