Battery Minerals Limited (ASX: BAT) is pleased to advise it has agreed to acquire the Russell Copper Project in the Halls Creek tectonic zone adjacent to Panoramic Resources' (ASX: PAN) Savannah nickel-copper-cobalt project.

The Russell Copper Project will be acquired from iCopper Pty Ltd, a syndicate in which Indigenous Kimberley residents are 47% shareholders. Under the Sale Agreement, Battery Minerals will pay $100,000 in cash and issue $1 million worth of ordinary shares.

Battery Minerals is required to make subsequent payments of a further $1.5 million in aggregate in cash and shares after 12 months and after all the tenements have been granted and transferred to the Company. If these payments are not made, project ownership will revert to the vendor. The combined tenement package comprises 258km2 of highly prospective geology.

Historical exploration has mapped a copper-bearing trend over 8km. Recent surface rock chip samples have returned grades up to 29.9% copper with silver assays up to 36ppm. Executive Chairman David Flanagan said: 'The Russell Copper Project is an outstanding opportunity for Battery Minerals. 'It means we have a large tenement package in the highly prospective Halls Creek tectonic zone, which is one of WA's few remaining under-explored mineral provinces.

'The very limited exploration undertaken there highlights the enormous potential, with strong evidence of a significant mineralised system over a large area. 'Having the support of the local community is also a huge advantage and we look forward to generating exploration success which will benefit them.

The Russell Copper Project has seen limited historic drilling, with all 13 RC holes conducted solely at the Azura Prospect. The results included: AZA005, 1m at 0.52% Cu From 20m and 4m at 0.38% Cu from 60m

AZA006, 1m at 0.40% Cu from 40m and 1 metre at 0.47% Cu from 73 m

TAZRC002, 15m at 0.12% Cu from 1m and 35m at 0.12% Cu from 25m (EOH)

Historic data indicates the presence of native copper in a basalt host, indicative of MichiganStyle copper prospectivity, while copper mineralisation mapped at Russell's Gossan is hosted in meta-sediments, giving rise to areas of untested sediment-hosted copper prospectivity.

Given the limited drilling and the significant extent of the surface expression of copper, the Company believes significant areas of the project remain under-explored. As part of the agreement, Battery Minerals has also gained the benefit of pre-existing access agreements with Traditional Owners in support of active exploration

The central tenement E80/4944 hosts a significant number of copper occurrences within the basalts of the Red Rock Formation including exposures of native copper as veinlets and as nuggets. The host rock to the copper mineralisation is a massive, silicified basaltic unit within the Red Rock Formation. Nuggety chunks of native copper and bornite are often present within the basalts. Secondary copper minerals (malachite and azurite) are common along joints and cracks. Epidote alteration, mainly along fractures, is widespread.

Limited historic drilling has been restricted to the Azura Prospect, with logging indicating native copper and disseminated sulphides, which due to sampling error, are not represented in the assay results. Surface rock chip sampling of the area indicate multiple >1%Cu grades. The known mineralisation, specifically native copper mineralisation, the host rock stratigraphy and the complex history of faulting and folding within the Halls Creek Orogeny provide significant encouragement for Michigan Style Copper mineralisation to be found within the Russells Copper Project.

Exploration Strategy

Battery Minerals has recently completed a 100m line-spaced airborne EM survey in June 2021, extending over the 8km strike of copper prospectivity within the central portion of the tenement. Supported by Perth-based Consultants Resource Potential, results and a targeting study expected in the September 2021 Quarter.

An extensive field mapping and sampling campaign is being planned to firm up drilling targets and collect additional full-suite multi-element data over key target areas where gold, platinum-group elements and rare earth element data is missing from the data set.

Preparations are underway for an inaugural drilling campaign targeting this field season

Update on the Stavely-Stawell Project Regional Aircore Drilling Program

The Company's initial aircore drilling campaign on its Stavely-Stawell Project in Victoria has been impacted by unseasonably heavy rainfall in regional Victoria resulting in the Company being unable to access some of the target areas referred to in its ASX announcement dated 18 May 2021 'Drilling underway at Stavely-Stawell copper-gold project'. An update on the progress of drilling on the Stavely-Stawell Project will be provided in the June 2021 Quarterly Report.

Contact:

David Flanagan

Tel: +61 8 6148 1000

Email: info@batteryminerals.com

Battery Minerals Competent Person's Statement

The information in this report that relates to Exploration Targets, Exploration Results or Mineral Resources is based on information compiled by Nicholas Jolly, who is a Member of The Australasian Institute of Mining and Metallurgy and is currently General Manager Exploration for Battery Minerals Limited. Mr Jolly has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Jolly consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Important Notice

This ASX Announcement does not constitute an offer to acquire or sell or a solicitation of an offer to sell or purchase any securities in any jurisdiction. In particular, this ASX Announcement does not constitute an offer, solicitation or sale to any U.S. person or in the United States or any state or jurisdiction in which such an offer, tender offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This announcement contains 'forward-looking statements' within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance' or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Gippsland Prospecting and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Gippsland Prospecting assumes no obligation to update such information.

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