Askari Metals Limited announced that the Company has identified Rare Earth Element potential at the 100% owned Red Peak Pegmatite Project and has recently completed an ASTER Hyperspectral Remote Sensing Survey over the Red Peak project, located approximately 15 km east of the Mt Clere REE project (Krakatoa Resources Ltd) in the Gascoyne region of Western Australia. During September 2022, the Company reviewed all available sample data in the WAMEX (WA Mineral Exploration) database for potential Rare Earth Element CREE) anomalism and has identified that the Red Peak Pegmatite Project shows real potential for REE mineralisation based on very anomalous Lanthanum and Cerium (Ce) data collected in the region. The Company then had the available ASTER Hyperspectral data analysed by an external consultant, which identified potential targets over the Red Peak project based on the interpolation of the visual spectra for talc and helium representation.

The Red Peak project is considered poorly explored and highly prospective for lithium mineralisation as well as Rare Earth Elements, base metals and uranium. Notably, several pegmatites are already identified on 1:100,000 scale geological maps. However, only limited historical exploration has occurred and focused on either gold or base metals (Pb /Zn).

Extensive pegmatite outcrop exists across the project area with at least eleven pegmatites mapped across the project, exhibiting strike lengths in excess of 3km and widths of between 150m and 200m. These are significant pegmatites that warrant further investigation, given the fertility of the geological setting. There are 17 Rare Earth Elements documented and the group is split into light and heavy Rare Earth Elements.

Rare Earths are essential to obtain high-performance with the lowest amount of energy. The WAMEX database was analysed and the REE sample results in the area were extracted for review. Rare Earth Elements are used in high and low temperature magnets for EV's, wind turbines, aerospace, robotics and medical equipment where increased efficiency is required in order to reduce energy consumption.

In the past, the majority of the samples assayed for REE's only included sampling for the light REE's. Most notably Lanthanum (La) and Cerium (Ce). The background values for these REE's are varied, but in general, background values of 34.5 ppm La and 66.5 ppm Ce are considered standard. When comparing the WAMEX data, several samples greater than the background values were identified and are displayed in Figure 3. It should also be notable from the depiction of the data in Figure 3 that several of the anomalous samples have values more than twice the background values.

The Company is very encouraged by these results and future on-the-ground exploration activities are being planned to investigate these anomalous results further. The Hyperspectral program used Sentinel-2 satellite longwave infrared (LWIR), visible/near-infrared (VNlR)i and shortwave infrared (SWIR) imagery for interpretation across the Red Peak Project. The results were most encouraging, and multiple exploration targets were identified using known REE occurrences to characterise the spectral signature of potential REE indicators within the area, The spectral response in the VNIR/SWIR region of the electromagnetic spectrum is purely surficial and can only map soils and outcrops.

However, some penetration of the regolith is possible using thermal imagery (Aster LWIR). Helium is a critical REE indicator because it is derived from the decay of uranium, which is often associated with REE occurrences and deposits. Helium is a gas and can, therefore, sometimes travel through the rock strata and, if detected, could reveal hidden uranium-enriched areas at depths that may be used to identify potential REE targets.

The Aster-Hyperspectral analysis can detect Helium and be used to identify potential REE targets on the Red Peak Project. Talc is used to represent clays that may potentially hold REE mineralisation since the area is known for its clay based REE mineralisation, such as that identified at the Mt Clere REE project owned by Krakatoa Resources (ASX. KTA).

The external consultant producing the Hyperspectral analysis derived 16 spectral end members from the dataset and compared the response to over 481 minerals in the USGS library. The fourth end member is talc. This data was trained on 30 samples located around the Tower REE prospects to the southwest of the Red Peak project, and talc was the most dominant end member in the results.

The same interpolation was then run over the Red Peak project to reveal areas of anomalous talc signatures in the Aster- Hyperspectral data. Several targets were identified in this manner. Refer to Figure 3, below.

Historical exploration by BHP Minerals and Astro Mining in the 1990s confirmed the presence of enriched monazite sands almost 30 years ago. The main targets for REE exploration in the area are clay-based and the monazite soils in the regolith. The Company plans to do a wide-scale soil auger program across the targets generated by this data review to test for REE mineralisation in the upper soil, sand and clay horizons.

The soil auger results are expected to identify areas where more closely spaced auger surveys can be conducted to determine distinct targets before shallow Aircore drilling is conducted to test these further.