Alchemy Resources Limited announced it has received assay results for its infill soil sampling at the 100% owned Karonie Project in Western Australia. A total of 793 infill soil samples were taken over three target areas on a 100m x 40m offset grid pattern along the prospective "Goldilocks Trend" along a strike length of over 7km. Results show coherent and coincident lithium, beryllium, niobium, tin, tantalum and rubidium across the three areas.

This soil data along with the rock chip assay data and detailed mapping has contributed to the planning of the phase 1 reverse circulation drill program, which is due to commence in October 2022. The drill program will focus on the Hickory area initially, due to its significant density of pegmatites with associated strong pathfinder anomalism in rock chips and soils. Planning is underway for future drill programs and soil sampling to test the areas under cover to the north and south to ascertain additional prospectivity.

Alchemy has completed an infill soil sampling program over the high priority Cherry and Hickory Prospects on a 100m x 40m grid spacing. The infill soils were used to gain a better understanding of the high tenor anomalism that was identified in the regional spaced 400m x 400m soil geochemistry in April 2022. 551 samples were collected at Cherry and Hickory and submitted for 4-Acid digest multi-element analysis for 48 elements.

Assay results of the soil samples have now been received. The soil geochemistry highlights a coincident high- level lithium, beryllium, tantalum and tin anomaly in the north end of the Hickory Prospect, displaying common pathfinder elements for lithium, caesium and tantalum-pegmatites. Transported colluvial sands have been mapped on the edges of the areas of soil sampling.

These areas appear to mask geochemical response on the outskirts of the prospect, meaning that the anomalism is open to the north, south, east and west under cover. Future soil sampling may be necessitated by bedrock sampling via auger or aircore drilling to penetrate the younger, transported surface cover. The Cherry and Hickory Prospects show two relatively distinct trends which remain open in all directions.

The size of this zone, largely limited by the density of sampling, now sits at ~2,000m x 1,200m. The infill soil sampling, detailed mapping and rock chip sampling that Alchemy has completed over the previous six months has contributed to planning the first phase of drilling to be undertaken at the Hickory Prospect. The drilling is planned to commence in early October and will consist of 33 RC holes for ~3,000-5,000m.

Drilling will target 1,200m of strike length of the pegmatites that have been identified by field mapping. Depth of holes will be up to 150m downhole with spacings of 80m to provide adequate cross over to establish dyke orientation. In addition, a stratigraphic line will be drilled across Hickory to Cherry to establish if there are additional pegmatites under the thin surface cover.

The program will target the Uniaxial Solidification Textured pegmatites at the northern end of the Hickory Prospect where the higher tenor lithium in soils anomaly occurs. The UST textured pegmatites are also where the highest tenor pathfinder elements also occur. Drilling will also test the pegmatites under the transported cover to the north along strike.

Alchemy has completed an infill soil sampling program over the high priority Pecan Prospect on a 200m x 50m grid over a 1,600m x 1,500m area. 242 samples were collected at Pecan and submitted for 4-Acid Digest multi- element analysis for 48 elements. Soil geochemistry highlighted scattered but coincident beryllium, gallium, niobium and rubidium, which are common LCT-pegmatite pathfinder elements.

The alluvial channels that are seen throughout the Pecan Prospect appear to mask any geochemical response in the soil geochemistry despite previously released1 rock-chip assays along the outcropping pegmatites reporting high pathfinder elements up to 221ppm Cs, 5880ppm Rb and 55.2ppm Ta. This suggests there is little or no surface dispersion, or that the surface cover is transported.