Accelerate Resources Limited (ASX: AX8; 'Accelerate' and the 'Company') is pleased to announce that it has received independent confirmation that the Tambellup Kaolin deposit has close to 90% total combined Kaolin with no amorphous phases detected in the -45 -microm fraction.

In addition, analytical results (XRD) by the James Hutton Institute in Scotland, have identified minor halloysite in 4 of the 5 samples tested with samples TBC009 and TBC023 returning the highest values of 7.2% and 6.1% respectively. James Hutton Institute is a well-respected and globally recognized research organization. It offers high quality mineralogical analysis services for customers including the Scottish and UK Governments, the EU and other organizations worldwide. Kaolin and halloysite are alumina-based clays that can naturally occur intermixed and may undergo beneficiation to high-value and hard-to-substitute high-purity alumina ('HPA').

Halloysite has a nanostructure that could allow its application as an efficient catalyst in the petrochemicals industry, amongst other high value end-uses. The Company's 100% owned Tambellup Kaolin Project is located approximately 280 km south-southeast of Perth and 10 km west of the township of Tambellup in the Southwest of Western Australia.

In February 2020, the Company conducted a 769 metre Aircore drill program, targeting the Saddlers Kaolin prospect within E70/4969. The drill program confirmed the presence of near surface kaolin mineralisation as identified in previous historical drilling data.

Metallurgical Test Results

In March 2020, 62 composite samples were selected for initial geochemical analysis, from 23 Aircore holes within the main part of the Saddlers Kaolin prospect. A limited subset of 21 composite samples, from seven holes, were selected and dispatched for further metallurgical testing by Independent Metallurgical Operations (IMO). The initial Metallurgical testing comprised -45-microm wet sieving to determine the yield (%) of the kaolin mineralisation.

Six of the 21 composite samples were selected for additional analysis, by IMO, on the -45-microm fraction, including chemical analysis by X-Ray Fluorescence (XRF) and mineralogical analysis by X-Ray Diffraction (XRD

In March 2021, a single sample (6149) was selected for halloysite determination by Microanalysis Australia. The sample was sonicated in Reverse Osmosis (RO) water with a dispersant (Calgon), then dropped onto a glass coverslip and allowed to dry before being carbon coated. The sample was analysed using a Carl Zeiss EVO50 scanning electron microscope (SEM) fitted with an Oxford INCA X-Max energy dispersive spectrometer (EDS).

The majority of the sample was observed to contain platy particulates with a very trace quantity of potentially tubular particles indicative of halloysite nanotubes. Given the very trace nature of the result, the potential for halloysite was inconclusive and required further test work on several representative samples.

Current Results - James Hutton Institute XRD test

Five of the 21 composite samples were selected for additional XRD analysis at the Hutton Institute. Samples were ground in a McCrone mill for 12 minutes, before being spray dried to produce random powder specimens, which were then subject to analysis by x-ray powder diffraction. Based on the results, IMO concluded: The Hutton methods have improved the granularity of the results, identifying no amorphous phases.

On average, the combined kaolin and amorphous fractions from the Intertek analysis (91.8%) were similar to the combined halloysite and kaolinite fractions from the Hutton Institute analysis (90.2%).

Halloysite was detected in varied quantities in samples with TBC009 and TBC023 returning the highest values of 7.2% and 6.1% respectively.

The Hutton Institute results showed greater resolution and proportion of the mica minerals and was able to differentiate between muscovite crystal forms.

Quartz values were similar, at 2.5% (Hutton Institute) vs 3.0% (Intertek).

About Tambellup Kaolin Project

Accelerate Resources Limited has a 100% interest of the Tambellup Kaolin Project. The project comprises two granted exploration licenses covering 242 square kilometres. The Tambellup Kaolin Project is located approximately 280 km south-southeast of Perth via the Great Southern Highway, 130 km north of Albany, and 10 km west of the township of Tambellup in the Southwest of Western Australia. The Tambellup Kaolin project adjacent to excellent infrastructure. The Tambellup West Road bisects the project and links to the Albany Highway in the west. The Perth - Albany freight railway corridor runs north-south through the centre of the township.

This Announcement is authorised for release by the Board of Accelerate Resources

Contact:

Yaxi Zhan

Tel: +61 8 6248 9663

Email: Yaxiz@AX8.com.au

Web: www.AX8.com.au

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Accelerate Resources Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

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