Significant High-Grade Lithium Achieved at Drill Hole 1 at Rio Grande Sur

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the first results and assay samples from drill hole 1 (“DDH- 1”) on the Maria Magdelena tenement.

HIGHLIGHTS

• Drillhole 1 (DDH-1) at the Maria Magdelena tenement of the Rio Grande Sur Project, has hit significant high grade intercepts of lithium brine at shallow depths of ~131m.
• Additional lithium bearing brines continue to be intercepted below 130m to current depth of 500m, with assays pending and results expected over the coming weeks.
• Initial high-grade assays include the following intervals:
  • 408mg/L (“milligrams per liter of Lithium”) from an interval of 17.75m to 25.80m
  • 412mg/L from an interval of 38.85m to 48.30m
  • 424mg/L from an interval of 56.40m to 64.50m
  • 620mg/L from an interval of 115.50m to 117.50m
  • 607mg/L from an interval of 129m to 131m
• Significantly grades of over 600mg/Li are the highest achieved at this shallow depth.
• The hole is currently drilling below 500m, targeting near 600m of depth for completion before the drill rig and crew relocates to Sal Rio II to commence Drillhole 2 (DDH-2).
• The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L¹.

In relation to the progress of DDH-1 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:

“The initial results from DDH-1 are particularly sensational as we progress our initial exploration phase of the Rio Grande Sur Project. With these initial intercepts we are continuing the significant advancements we have made in our understanding of the RGS Project mineralisation, with the results commencing to demonstrate the potential significant scale of the project. With outstanding high grade brine intercepts at depths of 100-130m and continuing to 500m with grades above 600mg/L at shallow depths, the project is exceeding our expectations.

“We continue to progress with permitting for the drilling program in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program works as we target a significant mineral resource upgrade. This is in addition to works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit having already received multiple requests for product samples from potential off- take partners.”

High-Grade, Shallow Depth Lithium Brine Assay Results

DDH-1 of the Stage 1 drilling program commenced on site at the Rio Grande Sur Project in March 2024; and is nearing completion with the hole currently at a depth of 500m, with a target final depth of ~600m expected to be reached and assayed over the coming weeks.

Throughout the first several hundred metres, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered. Of particular interest, at approximately 100-130m a highly porous sandy unit was encountered with Lithium brine grades substantially above expectation, based on historical drilling results. This zone has been earmarked as the potential location of a pumping well due to its heightened porosity and grade.

Figure 1 – Drilling crew onsite drilling DDH-1

Intercepts from DDH-1 have shown highly favourable geology in line with, and exceeding expectations from historical drilling (to depths of 50m) carried out on the Rio Grande Salar. Lithium brine samples for assay continue to be captured up to the current depth of 500 metres with further potential for high grade results. Highly porous sandy units continue to be encountered below 400m where the team is currently finalising DDH- 1 at a planned depth of 600m.

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