Sale of Fairview Gold Project & Company Update

Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to advise that the Company has entered into a Tenement Sale Agreement (TSA) with Marquee Resources Limited (ASX:MQR) regarding the sale of the Company’s 100% interest in the Fairview Gold Project, Western Australia (EL E08/3248). The sale of Fairview allows Australasian to continue its focus on the Company’s lithium, gold and bauxite/titanium projects in the Northern Territory and Queensland.

Highlights

Fairview Gold Project

• A8G has executed a Tenement Sale Agreement with Marquee Resources Limited (ASX:MQR) for the sale of the Fairview Gold Project, Western Australia
• Consideration for the sale consists of 6.5 million MQR shares (~$250,000) and 6 million options
• The transaction enables Australasian to focus on its lithium exploration activities in the Northern Territory, as well as the Company’s gold and bauxite/titanium projects in Queensland

Mt Peake Lithium Project update

• The Company has received its Aboriginal Area Protection Authority (AAPA) certificate for Mt Peake diamond drilling program together with approval of the Mining Management Plan
• A8G was awarded $95,185 in grant funding to fund the maiden drilling program as part of the Northern Territory’s Geophysics and Drilling Collaborations Program
• Mt Peake is drill ready, with drilling to commence this quarter once the project area has recovered from recent rains

A8G Managing Director Dr Qingtao Zeng commented:

"The sale of Fairview is a good outcome which allows the Company to focus on our Northern Territory and Queensland assets. Marquee has a complimentary suite of assets in Western Australia, and have the team and resources to unlock the potential at Fairview. The equity- based consideration enables Australasian to retain exposure to potential value creation by Marquee at Fairview, or across their other projects.”

Mt Peake Lithium Project

The Company has been awarded a grant of $95,185 (inclusive of GST) under the Resource the Territory initiative, which is administered by the Northern Territory Geological Survey. The funds from the grant will be applied towards the Company’s maiden diamond drilling program at the highly prospective Mt Peake Lithium Project in the Northern Arunta province, which is expected to start in Q3 2023. This additional funding has allowed the Company to test the well-defined targets with less financial risk and the Company has the capacity to design an expanded drilling program if needed which will encompass a greater area than would otherwise be possible.

Additionally, the Company has obtained its Aboriginal Area Protection Authority certificate, which allows the company to conduct diamond drilling in Mt Peake high priority targets. The Company has an approved mining management plan (MMP) in place, which means the Company now has all permits in place to conduct the very first diamond drilling program for Lithium mineralization in this under-explored region.

Next Steps

The Company is now drill ready at Mt Peake with plans to mobilise to site shortly after ground conditions improve following recent rains. In the meantime, A8G has been approached by a number of parties who have shown interest in the Company’s lithium portfolio. Discussions are early-stage in nature and ongoing.

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