Significant Mineral Resource Upgrade At Cloud Nine Halloysite‐Kaolin Project 33% Increase To 280MT

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce the completion of the Company’s Mineral Resource update for the 100%‐owned Cloud Nine Halloysite‐Kaolin Deposit (“Cloud Nine”) in Western Australia. The Mineral Resource has been estimated and classified by a Competent Person and is reported here in accordance with the JORC Code (2012).

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HIGHLIGHTS

• 33% Increase in global Mineral Resource Estimate to 280 Mt¹ of kaolinised granite:
  
  • 70 Mt upgraded from Inferred to Indicated
  • 210Mt of Inferred Mineral Resource comprises
    • 125 Mt of bright white kaolinite‐bearing material²
    • 85 Mt of halloysite‐bearing material³
• Mineral Resource contains 116 Mt¹ of bright white kaolinite‐bearing material in the Indicated and Inferred classifications reported to the <45 µm size fraction.
  
• The infill drill programme (207 air‐core holes) confirmed high‐grade halloysite (up to 58%).
• The Cloud Nine Project has substantial potential for future growth, with the mineralisation open in all directions.
• Bulk sample of kaolin material has been delivered to potential customers to advance offtake discussions.

PROJECT SUMMARY

The Cloud Nine deposit is located on the Company’s 100%‐owned exploration licence E77/2622, which is situated ~350 km to the east of Perth and to the southeast of the town of Merredin (Figure 1 and 3).

The Company controls a commanding regional tenement package (Noombenberry Project), covering over 560 km² (Figure 2) of what the Company believes is the most prospective ground in the region to identify repetitions of the high‐grade Cloud Nine deposit.

MINERAL RESOURCE ESTIMATE UPDATE SUMMARY

The updated Mineral Resource for the Cloud Nine Deposit includes an in situ Indicated Mineral Resource of 70 Mt kaolinised granite at an average Brightness (“ISO‐B”) grade of 81 (Table 1). In addition to the Indicated Mineral Resource is an in situ Inferred Mineral Resource of 210 Mt kaolinised granite at an average ISO‐B grade of 79, for a total global in situ Indicated and Inferred Mineral Resource of 280 Mt, an increase of ~33% from the May 2021 global estimate of 207 Mt. The Inferred Mineral Resource includes an 85 Mt high‐grade (>3%) portion with an average halloysite grade of 4% (Table 1).

The Mineral Resource upgrade contains a total of 26.7 Mt of bright white kaolinised granite, classified as Indicated, with an ISO‐B grade of 81, reporting to the <45 µm size fraction. In addition, the global Mineral Resource contains 90 Mt kaolinised granite classified as Inferred, reporting to the <45 µm size fraction, with an average ISO‐B of 79. This domain also includes 35 Mt halloysite, averaging 10% halloysite, estimated using a 3% halloysite cut‐off and reported to the <45 µm size fraction (Table 2). The deposit contains low Fe contamination averaging 0.8% Fe2O3 (Table 3).

All Mineral Resources are reported to the <45 µm fraction at a cut‐off grade of 75 ISO‐B in accordance with Clause 49 of the JORC Code (2012).

NEXT STEPS

The Company will now enter into negotiation with potential offtake customers, which will include options to supply short‐term products, as well as supplying value‐added processed kaolin and halloysite products in the longer term.

Excavation of the recent test pit (Figure 2) has provided the Company with valuable information to further refine preliminary assumptions, including mining and stockpile designs, mining method and equipment selection and preliminary geotechnical assumptions. Material samples will also assist with further testing and analysis to continue improving the understanding of the deposit including the overlying material.

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