Quarterly Activities and Cashflow Report for the Quarter Ended 31 December 2023

White Cliff Minerals Limited (White Cliff or the Company) is pleased to present its Quarterly Activities and Cash Flow Report.

HIGHLIGHTS

• Secured 61 highly prospective mineral claims covering an area of 805km2 within the province of Nunavut, Canada. The license area includes multiple historic high grade copper projects in the Coppermine River area (“Coppermine Project”).
• The Coppermine Project area is host to numerous extraordinarily high-grade copper lodes located along the same structural trend, primarily consisting of chalcocite, bornite, chalcopyrite and native copper.
• Previous exploration has validated dozens of highly prospective occurrences of copper and silver mineralisation; some high-grade copper rock chip results (See Table 2) include:
  • 30.24% Cu, 34g/t Ag at Halo Prospect
  • 30.25% Cu, 43g/t Ag at Halo Prospect
  • 35.54% Cu, 17g/t Ag at Cu-Tar Prospect
  • >40% Cu, 115g/t Ag at Don Prospect (above Cu detection range)
  • >40% Cu, 107g/t Ag at Don Prospect (above Cu detection range)
• Post the December quarter, the Company secured the Radium Point, Iron Oxide Copper Gold Uranium project (“Radium Point Project”). The Radium Point Project area has been identified by the Northwest Territories (“NWT”) Geoscience Office to have the highest potential for IOCG-Uranium style mineralisation in Canada.*
• Historical production (pre-1982) from within the Project area includes:
  • 13,700,000lbs Uranium oxide (“U₃O₈”),
  • 34,200,000oz refined silver and
  • 11,377,040 lbs of copper with gold credits.
  • 104,000kg lead, 127,000kg Nickel & 227,000kg Cobalt
• The acquisitions are part of an ongoing review of the entire portfolio of projects with a focus now on large scale projects with compelling metrics in stable and transparent jurisdictions.
• Cash and cash equivalents of $2.96 million as of the end of December 2023.
• Post quarter-end, non-executive director Dan Smith and certain KMPs of the Company exercised 42.5 million options at $0.015 per share raising $637,500.

*Geotectonic Interpretation of the Echo Bay Stratovolcano Complex, Northern Great Bear Magmatic Zone, A.H. Mumin, A. Phillips, C.J. Katsuragi, A. Mumin, and G. Ivanov., 2014,

OPERATIONS

Radium Point Project

Post the December quarter, the Company announced the acquisition of the Radium Point IOCGU Project (ASX announcement 15 January 2024).

The Radium Point Project covers more than 3300km2 in the Echo Bay district of the northern Great Bear magmatic zone (GBMZ) comprises extensive, hydrothermally altered and mineralised, Proterozoic continental andesites and volcano-plutonic complexes. Radium Point, specifically the Eldorado/Echo Bay Mine is recognised as a significant source of uranium and other metals during World War II and is recorded as being one of Canada's largest uranium mining districts at the time as well as being the first ever recorded mine to open within the North West Territories.

The Radium Point project has seen several phases of production over several decades. The most notable was uranium production between the 1930’s to the 1970’s.

Total Historical production (pre-1982) from the project area is recorded as follows;

• 13,700,000lbs Uranium oxide (“U3O8”),
• 34,200,000oz of refined silver and
• 11,377,040 lbs of copper with gold credits.
• 104,000kg lead, 127,000kg Nickel & 227,000kg Cobalt
• Using current prices this conservatively represents more than US$2bn worth of metal production on the licence area.

This production was focussed around three large scale production centres at Radium Point:

The Eldorado Mine

The Eldorado mine saw active production between 1933-1940, 1942-1960 &1975-1982. Total mine production was 1,366,602 tons milled for 13,402,000 lbs U3O8, 450g Ra, 13,371,382 oz Ag, 2,389 tons Cu, 140 tons Ni, 250 tons Co, 8 tons Pb. The mine is located in the Echo Bay area of Great Bear Lake, on Port Radium. Eldorado is credited as being the first mine in the Northwest Territories.

Echo Bay Mine

Years of primary development: 1934-1936, 1964-1974 with mine production occurring between 1964-1974 total mine production recorded at 363,140 tons milled 23,564,461 oz Ag & 4,505 tons Cu at a head grade of 65oz Ag/t. The Echo Bay Mine is located near Port Radium on Great Bear Lake. It is 440 kilometres northwest of Yellowknife, NWT. The mine is adjacent to the famous Eldorado Mine.

The Contact Lake Mine

Years of primary mining: 1932-1939, 1947-1949, 1969, 1979-1980 with total production recorded as 16,995 tons milled for 678,000 oz Ag & 6,933 lbs U3O8. A 25-ton per day mill was shipped to Contact Lake with the purpose of recovering a silver concentrate.

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