Quarterly Activities Report - March Quarter 2022

Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia, AM7 or the Company), the diversified exploration company targeting a suite of projects aimed at Lithium, Tantalum, Nickel, Copper and Gold in Namibia, is pleased to provide its quarterly activities report for the period ending March 2022.

• Bitterwasser Lithium Project: Satellite and aerial photo interpretation of the Bitterwasser license areas identify total of 14 exposed surface pans totalling 9 594 hectares.
• Bitterwasser Lithium Project: 64 auger drill holes completed at the Eden Pan (1 of the 14 known pans) for 412.60 m of core
• Bitterwasser Lithium Project: Assay results for 32 of the 64 holes drilled over the Eden Pan on a 500m grid has been received
• Bitterwasser Lithium Project: Mineralogical test work conducted on a composite sample produced during the current drilling campaign identified the Bitterwasser clay mineral as the favoured montmorillonite
• Bitterwasser Lithium Project: Initial unoptimised leach test work on the Bitterwasser lithium clays conducted at the University of Stellenbosch, indicate that an organic acid attained up to 78% recoveries and could be used to extract lithium from the Bitterwasser clays
• Swanson Tantalum Project: A 29-hole diamond drilling campaign totalling 1,217.54 m, focussed on possibly expanding the existing open-pit Mineral Resource over eight of the fifteen known pegmatites comprising the Swanson Swarm, have been completed1,2 .
• Swanson Tantalum Project: 3 drill holes over the D-pegmatite returned intersections with an average true width of 10.62 m @ 372 g/t Ta2O5, 26 drill holes over the F and E-pegmatites returned intersections with an average width of 1.58m @ 583 g/t Ta2O51,2

SUMMARY OF MINING EXPLORATION FOR THE QUARTER

Swanson Tantalum Project

In February a total of 29 diamond drill holes, totalling 1,217.54 m of drilling was completed. All the holes contained pegmatite intersections, have been sampled and were sent to Scientific Services Laboratory in South Africa for analyses. Significant drill results are summarised below, additional information can be reviewed in the original market announcements.

Three holes were drilled to possibly increase the openpit potential of the D Pegmatite area

The drillhole database has now been delivered to Snowden Mining Consultants to commence a review and update of the Mineral Resource Estimate, which is expected to be completed by Q2/2022. Once completed successfully, the updated Mineral Resource will form the basis of a feasibility study that is currently underway over the project.

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