Quarterly Activities and Cashflow Report for the Quarter Ended 31 March 2024

White Cliff Minerals (ASX:WCN) is pleased to announce its quarterly activities and cashflow report for the quarter ended 31 March 2024.

HIGHLIGHTS

• Secured the Radium Point, Iron Oxide Copper Gold Uranium project (“Radium Point Project”). The Radium Point Project area has been identified by the Northwest Territories (“NWT”) Geoscience Office to have the highest potential for IOCG- Uranium style mineralisation in Canada.*
• Historical production (pre-1982) from within the Radium Point Project area includes:
  • 13,700,000lbs Uranium oxide (“U3O8”),
  • 34,200,000oz refined silver and
  • 11,377,040 lbs of copper with gold credits.
  • 104,000kg lead, 127,000kg Nickel & 227,000kg Cobalt
• Radium Point, like the Nunavut Copper-Gold-Silver Project, was secured as part of an ongoing review of the entire portfolio of projects with a focus now on large scale projects with compelling metrics in stable and transparent jurisdictions.
• Digitisation and GIS integration of historic, but high-quality analogue datasets for the northern half of the Radium Point Project highlighted multiple large & high-grade U-Cu- Au & Ag targets, all of which will be assessed during the upcoming 2024 field work.
• The Company is now planning extensive diamond drilling activities in Q3 of this year at the Radium Point Project, alongside ground truthing recently identified targets, the Company will focus on undrilled areas that returned high grade historic rock chip results.
• At Reedy South, a drill contractor was engaged to drill up to 2,000m of reverse circulation designed to infill and test strike and depth-extensions to the existing inferred 2012 JORC Mineral Resource Estimate of 42,400 ounces of gold.
• Appointment of Mr Troy Whittaker as Executive Director and Mr Eric Sondergaard as Country Manager in Canada, as the Company focuses on its portfolio or uranium, silver and copper projects in Northwest Canada. Post quarter-end, Troy transitioned to Managing Director and Eric was appointed as Executive Director.
• The Company issued 331,328,071 ordinary shares following conversion of listed and unlisted options, raising $4.97m before costs of which non-executive director Dan Smith and certain KMPs of the Company exercised 42.5 million options for $637,500.
• Cash and cash equivalents of $5.49 million as of the end of March 2024.

Radium Point Project

During the quarter, the Company announced the acquisition of the Radium Point IOCGU Project (ASX announcement 15 January 2024).

The Radium Point Project covers more than 2,813 km2 in the Echo Bay district of the northern Great Bear magmatic zone (GBMZ) comprises extensive, hydrothermally altered and mineralised, Proterozoic continental andesites and volcano-plutonic complexes. Radium Point, specifically the Eldorado/Echo Bay Mine is recognised as a significant source of uranium and other metals during World War II and is recorded as being one of Canada's largest uranium mining districts at the time as well as being the first ever recorded mine to open within the North West Territories.

The Radium Point project has seen several phases of production over several decades. The most notable was uranium production between the 1930’s to the 1970’s.

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