Alchemy Resources Limited announced it has completed its first pass, project wide regional soil sampling at the 100% owned Karonie Project in Western Australia. During mid-2022, 1,471 soil samples were taken over four target areas on 400m x 400m offset grid pattern along the prospective "Goldilocks Trend" over a strike length of 60km. The soil geochemistry was successful in that it confirmed the presence of several very large targets exhibiting lithium and pathfinder element anomalism.

Results show broad, but coherent and coincident Beryllium, Rubidium and Tin anomalism as well as associated lower-level Lithium and Tantalum values over two large new prospect areas at Karonie. Ground truthing has yet to be carried out to determine the source of these values and will be included in Alchemy's future exploration planning. NEW LITHIUM PROSPECT IDENTIFICATION - RED OAK AND ALDER: Alchemy has completed a regional soil sampling program to explore for indications of potential lithium-caesium-tantalum ("LCT") pegmatite mineralisation at Karonie.

The soil sampling involved the collection of 1,471 samples which were submitted for analysis in late June 2022. Alchemy's Karonie tenure covers over 60km of strike extent along the contact zone of a regional granite. These areas sit within a prospective Goldilocks zone, a defined corridor in which LCT pegmatites exist.

This zone lies outboard of the granitic terrain and within the greenstone belts, and is largely untested for battery minerals and in many cases for gold. Soil sampling was undertaken over three large areas on a 400m x 400m spaced offset grid sampling pattern. Samples were submitted for 4-Acid Digest multi-element analysis for 48 elements.

Assays of the soil sampling have been received. Results show broad, but coherent and coincident Beryllium, Rubidium and Tin anomalism as well as associated lower-level Lithium and Tantalum values over two large new prospect areas, which sit in proximity to the larger regional granites as well as adjacent to numerous smaller granite bodies. The new prospects have been designated "Red Oak" and "Alder".

No ground truthing has been conducted at this stage to determine the source of these anomalies. RED OAK PROSPECT: Red Oak is located approximately 40km south of the current high priority zones at the Cherry/Hickory Prospect. Soil sampling was designed to test the prospective Goldilocks zone adjacent to a large regional granite, as well as a smaller granite intrusive.

Red Oak soil sampling results returned a 12km x 5km LCT pathfinder element soil anomaly defined by 400m x 400m offset soil sampling. Soil geochemistry results have confirmed coincident Beryllium, Tin and Rubidium and lower-level Tantalum and Lithium results over this area. It is unclear at this stage about the relationship between the pathfinders and the lower-level lithium results.

However Geological Survey of Western Australia ("GSWA")mapping notes the abundance of salt lakes adjacent to the prospect (with less weathered cover to the east) which may have impacted on near surface weathering and/or possible transported cover in some areas. ALDER PROSPECT: Alder is located approximately 18km south of Red Oak and 60km south of the current high priority zones at the Cherry/Hickory Prospect. Soil sampling was designed to test the prospective Goldilocks zone adjacent to regional granites.

Soil geochemistry results have highlighted a coincident low-level Lithium and higher level Beryllium, Tin and Rubidium anomaly over a strike length of 15km x 5km. Lithium values exhibit low level but very broad zones of anomalism (>30ppm Li). GSWA mapping interprets large portions of this area to have residual material with calcrete and siliceous duricrust which could impact on the tenor of the results.

Ground truthing will be required to determine the source of the anomalism. NEXT STEPS: These results from the multi-element sampling are very encouraging and have been integrated into the Company's ongoing exploration and development programs. Based on the current work the existing geochemical data, and if available, historic drilling results, are being incorporated into a regional target database, and added to the pipeline of work programs. Alchemy will keep the market appraised of the new targets and any further results that come to hand as further work is carried out.