September 2023 Quarterly Activities Report

Reach Resources Limited (ASX: RR1) ("the Company" or "Reach Resources") provides its activities report for the quarter ended 30 September 2023.

HIGHLIGHTS

EV Vision Enhanced (20 September 2023)

• Reach acquired tenement E09/2543 from Firebird Metals (ASX: FRB).
• Tenement E09/2543 adjoins existing Reach tenure and expands the manganese and rare earth prospectivity of the Company’s assets by ~25%.
• Significant land holding now held by Reach between Hastings and FMG.

Pegmatites provide potential Strike in excess of 10km (18 September 2023)

• Multiple new, wide and strike extensive pegmatites¹ were identified during mapping at the Morrissey Hill Lithium Project, Yinnetharra WA.
• The new target areas significantly increase the scale of opportunity at Morrissey Hill.
• Morrissey Hill has now demonstrated to host more than 50 previously unrecognised pegmatites with a combined cumulative strike length in excess of 10km.
• Individual outcropping pegmatites show strike lengths of up to 2kms and widths of up to 30m. The majority occur within a mixed package of sediments & mafic volcanics (greenstones).

Multiple Thick, Stacked Pegmatites Intersected at Morrissey (18 September 2023)

• Phase 1 drilling intersected multiple thick, stacked pegmatites¹ at the Bonzer Prospect within the Company’s 100%-owned Morrissey Hill Lithium Project, Yinnetharra WA.
• Target pegmatite units were intersected in every hole drilled, with individual drill intercepts up to 30m in length.
• Diamond drill cores show multiple pegmatite intersections which is highly encouraging and consistent with the geology at neighbouring Delta Lithium’s (ASX: DLI) Malinda Lithium Project.
• First round of assays and geochemical analysis eagerly expected in early November 2023.

Outstanding Lithium in Soils-Multiple Priority Drill Targets (9 August 2023)

• Outstanding results returned from detailed soil sampling program at the Bonzer Pegmatite Field.
• Individual assays have returned results up to 759ppm Li2O.
• From an initial sample batch of 833 samples, more than 60% have reported assays in excess of 100ppm Li2O.

$4.0M Placement (1 August 2023)

• Reach successfully raised A$4.0 million at 1 cent per share (0% discount to closing price on 27 July 2023).

EV Vision Enhanced

Reach announced it had entered into a binding tenement sale agreement to acquire tenement E09/2543 from Firebird Metals (ASX: FRB). The tenement acquisition consolidates ground already held by Reach in an area highly prospective for manganese and rare earths. The low-cost acquisition (A$110,000) was paid via the issue of ordinary shares in Reach Resources (ASX Announcement dated 29 September 2023).

Manganese is recognised as a critical mineral by the Office of the Chief Economist (Australian Government Department of Industry, Innovation and Science). Further, a White House document (June 2021) states that manganese use in battery cathodes may result in the metals preferred element emergence in next generation battery cells, due to its ‘relative safety’ and ‘having by far the most stability’.

Highlights and exploration summary

Tenement E09/2543 is prospective for manganese and REE in the Gascoyne Mineral Field, WA

• E09/2543 consolidates a large parcel of land held or in application by Reach.
• E09/2543 and surrounding tenure lies in the Edmund Basin which is dominated by sedimentary rocks of the Edmund and Collier groups.
• The area is dominated by the Narimbunna Dolerite and sedimentary siliclastic rocks of the Ullawarra Formation. The Ullawarra Formation regionally hosts supergene- stratiform, lateritic and detrital style Mn mineralisation.
• Neighbours include Fortescue Metals Groupto the east, Hastings Technology Metals to the west and Dreadnought Resources to the South West.
• As part of the due diligence process, the Reach geological team completed a helicopter reconnaissance rock chip sampling program. A total of 91 samples were collected from various outcropping manganiferous material.
• E09/2543 and the surrounding Reach tenure each secure sequences of the Edmund and Collier Groups, including sediments of the Ullawarra Formation – a known host to widespread manganese occurrences in the region. Rock chip sampling by Reach focussed on visual recognition of manganese-bearing outcrops with targets identified from available mapping and historical records (regional scale stream sediments and rock chips).
• Results were received subsequent to the quarter end (ASX Announcement dated 4 October 2023)

Pegmatites provide potential Strike in excess of 10km

Reach was pleased to advise that recent mapping at the Company’s 100% owned Morrissey Hill Lithium Project, Yinnetharra WA had identified multiple, previously unrecognised, wide and strike extensive pegmatite swarms.

Individual pegmatites extend up to 2km in strike length and over 30 metres in width. The majority are hosted within mafic volcanics (basalts/greenstones) and/or mafic sediments of the Leake Springs Metamorphics Group, the same sequence which hosts Delta Lithium’s neighbouring Malinda Lithium Deposit (ASX: DLI).

Combining the potential strike length of the Bonzer Pegmatite Field with these new target areas suggests a total strike length of prospective pegmatites at Morrissey Hill to be in excess of 10km. However, this does not include the potential for additional strike from “blind” pegmatites which have been proven to be on site through the recent maiden drill program.

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