Significant High-Grade Lithium Achieved at Drill Hole 2 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 2 (“DDH- 2”) on the Sal Rio 02 tenement.

HIGHLIGHTS

• Drillhole 2 (DDH-2) at the Sal Rio 2 tenement of the Rio Grande Sur Project, has hit significant high grade intercepts of lithium brine at shallow depths of ~161m.
• DDH-2 recently completed with additional lithium bearing brines continuing to be intercepted below 130m to the final depth of 500m, with assays pending and results expected over the coming weeks.
• Initial high-grade assays include the following intervals:
  • 498mg/L (“milligrams per liter of Lithium”) from an interval of 63m to 65m
  • 504mg/L from an interval of 72m to 74m
  • 506mg/L from an interval of 121m to 123m
  • 511mg/L from an interval of 159m to 161m
• The hole recently completed reaching a final depth of 500m with assays and packer samples currently being analysed.
• 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-2 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:

“The initial results from DDH-2 are especially exciting as we progress our initial exploration phase of the Rio Grande Sur Project. With these initial intercepts at DDH-2, we are continuing the significant advancements we have made in our understanding of the RGS Project mineralisation following on from the high-grade results from DDH-1. We now have multiple drill hole intercepts above 500mg/L Li which continue to demonstrate the potential significant scale of the project.

“We continue to progress with permitting for the Mito tenement in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program and as the preferred location for DDH-3 as we target a significant mineral resource upgrade. This is in addition to the ongoing production works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate before the end of the year, with Pursuit having already received multiple requests for product samples from potential off-take partners.”

High-Grade, Shallow Depth Lithium Brine Assay Results

DDH-2 on the Sal Rio 02 tenement, part of the Stage 1 drilling program, commenced on site at the Rio Grande Sur Project in July 2024; and completed in mid-August with the hole reaching a depth of 500m.

Throughout the first several hundred metres, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered with many comparables to the favourable geological units of DDH-1 at the Maria Magdelena tenement.

Figure 1 – Drilling crew onsite drilling DDH-2

Intercepts from DDH-2 have shown highly favourable geology consistent with the results from DDH-1 with elevated brine grades ~500mg/l Li. Lithium brine samples captured for assays are currently being analysed with the first preliminary results to a depth of 160m completed.

Notable intercepts from the first 160m of DDH-2 include:

• 498mg/L (“milligrams per liter of Lithium”) from an interval of 63m to 65m
• 504mg/L from an interval of 72m to 74m
• 506mg/L from an interval of 121m to 123m
• 511mg/L from an interval of 159m to 161m

Table 1 –DDH-2 Drill hole collar

Figure 2 – Pursuit’s on-site drilling team following completion of DDH-2 to a depth of 500m

Following completion of DDH-2, Pursuit is currently awaiting environmental approvals to commence drilling at DDH-3 which is to be relocated to the Mito tenement in the north section of Rio Grande. Pursuit is targeting a material resource upgrade in 2024, which will build on the recent maiden resource defined at the Rio Grande Sur Project.¹ The adjustment of DDH-3 from the southern section to the northern section is focused on maximising this resource upgrade target, with intercepts of ~900mg/l Li obtained from an adjacent project some ~2km to the east of the proposed location of DDH-3.

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