Benz Mining : Ruby Hill West Discovery Returns 26.4m at 1.01% Li2o

TSXV:BZ, ASX: BNZ

01 August 2022

RUBY HILL WEST DISCOVERY RETURNS 26.4m AT 1.01% Li2O FROM

7.4M INCLUDING 3.7m AT 2.7% Li2O

HIGHLIGHTS

• High grade intercept from near surface in last drillhole of the April 2022 campaign
• Assays for RHW22-006 returned:

1. 26.4m at 1.01% Li2O, 355ppm Ta2O5, 980ppm Cs, 1601ppm Rb2O from 7.4m;

• 1. including 12.7m at 1.29% Li2O, 423ppm Ta2O5, 1160ppm Rb2O, 600ppm Cs; and o 3.7m at 2.61% Li2O, 579ppm Ta2O5, 1061ppm Rb2O, 441ppm Cs
• Very high-grade (+2.5% Li2O) with tantalum, rubidium and caesium association
• RHW22-001,002, 003 and 005 show lithium caesium tantalum (LCT) signatures confirming the presence of multiple dyke systems in the area
• Hole RHW22-006 was collared directly into weathered pegmatite
• Multiple newly identified outcrops surround the RHW22-006 collar
• RHW22-006potentially not collared optimally to fully test the pegmatite intrusion
• Historical 2008 core discovered at the Eastmain site shows unsampled pegmatite intervals mistakenly referenced as granite up to 80m thick

Benz Mining Corp. (TSXV:BZ, ASX:BNZ) (the Company or Benz) is pleased to provide an update on its lithium exploration activities. Assays for the 6 holes drilled in April 2022 at Ruby Hill West as part of Benz's maiden lithium drilling have been received and confirm thick high-gradepegmatite as well as the presence of multiple dykes system in the area.

Figure 1: Spodumene bearing pegmatite in core, Ruby Hill West drilling RHW22-006. The interval returned 26.4m at 1.01% LiI2O from 7.4m including 3.7m at 2.7% Li2O.

Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +1.416.356.8165 | Email: [e-mail]

CEO, Xavier Braud, commented:

"These results prove that the Ruby Hill West pegmatite we drilled this year carries both grade and thickness. We are currently in the field at Ruby Hill West and Windy Mountain identifying more pegmatite outcrops and stripping the outcrops near last winter's drilling.

"We have seen some pretty spectacular spodumene mineralisation in outcrop near RHW22-006 collar with single spodumene crystals up to 50cm long.

"This region has been underexplored and we believe we can find more of those lithium bearing pegmatites, turning Ruby Hill West into a lithium camp for the benefit of Benz shareholders.

"Every campaign we have conducted has been successful and returned high grade gold and now high- grade lithium mineralisation. We will keep exploring and making discoveries in the Upper Eastmain Greenstone Belt, a new frontier area that Benz is bringing to the world's attention.

"Finding core from holes drilled in 2008 which has unsampled pegmatites is a welcome discovery. This pegmatite shows high rubidium and niobium content on a hand held XRF indicating probable fertility. Sometimes, discoveries are made in the core yard unearthing historical core and looking at it with a fresh eye."

Figure 2:Ruby Hill West pegmatite, outcrop with 50cm long spodumene crystal

Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +1.416.356.8165 | Email: [e-mail]

Ruby Hill West Lithium Drilling Results

The Ruby Hill West Lithium Project is a surface occurrence of spodumene bearing LCT pegmatite within the Ruby Hill West Project, located 50km due west of the Eastmain exploration camp. The occurrence was first sampled in 2016 by Eastmain Resources and then by Quebec government geologists in 2018. Only limited sampling was conducted by both groups.

In the summer of 2021, a team of consultants working for Benz sampled the outcrop without sufficiently attempting to scrape the moss and other vegetation covering the underlying rocks.

The samples collected returned best assay values of:

1. 2.59% Li2O, 1970ppm Rb, 1030 ppm Ta, 7530 ppm Cs o 1.9% Li2O, 3160ppm Rb, 3820 ppm Cs, 274ppm Ta

Figure 3: Spodumene rich part of RHW22-006 intercept, this part is from the 3.7m at 2.70% Li2O

In March 2022, Benz conducted a drilling program at the Ruby Hill West lithium pegmatite prospect and reported a 31.2m interval of visible pegmatite with zones of visible spodumene in the drilling (ASX

• TSX-Vreleases dated 29 April 2022 "Multiple spodumene pegmatites intersected at Ruby Hill West").

Drillholes RHW22-001,RHW22-002,RHW22-003 and RHW22-005 were drilled 100m apart from each other and targeted the geology at depth under lithium bearing pegmatite outcrop and sub-crop sampled in 2021.

Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +1.416.356.8165 | Email: [e-mail]

The limited time spent on the outcrop during the 2021 campaign had not allowed for detailed exploration and the structural directions guiding drilling direction were inferred from historical airborne magnetics data. Those holes were located north west of the outcrop and drilled towards 155° azimuth.

Benz's best hole of the 2022 drilling campaign was RHW22-006 which returned 31.1m of pegmatite from near surface.

Assays for this hole returned:

1. 31.1m at 0.9% Li2O, 323ppm Ta2O5, 1093ppm Cs, 1558ppm Rb2O from 2.6m including:
2. • 26.4m at 1.01% Li2O, 355ppm Ta2O5, 980ppm Cs, 1601ppm Rb2O from 7.35m
   • 12.7m at 1.29% Li2O, 423ppm Ta2O5, 600ppm Cs, 1156ppm Rb2O from 21m
   • 3.7m at 2.61% Li2O, 579ppm Ta2O5, 441ppm Cs, 1057ppm Rb2O from 30m

Hole RHW22-006, drilled only 4.0m away from hole RHW22-004 was collared directly into weathered pegmatite. Multiple newly identified outcrops surround the collar and it now looks like the hole was not collared optimally to fully test the intrusive pegmatite body.

Benz will have to reassess the geometry of the system as the pegmatite is potentially thicker than what was intercepted in hole RHW22-006.

Figure 4: Schematic cross section with Benz's best result from RHW 2022 drilling campaign. Note, drillholes RWH22-003 and 004 are interpreted to be drilled below a pegmatite body dipping toward the reader and sub parallel to the section.

Drillhole RHW22-004 was unfortunately collared in the host basalt 2m from the pegmatite/basalt contact and is believed to have been drilled continuously above the contact for the whole length of the hole.

Field observation conducted following extensive vegetation removal from the outcrops shows that there are two main bodies of spodumene bearing pegmatites and secondary dykes of lower size and

Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +1.416.356.8165 | Email: [e-mail]

importance. The current interpretation is that drillholes RWH22-001, 002, 003 and 005 were drilled at angles which could not adequately test the main body of pegmatite now at outcrop.

Figure 5: April 2022 drilling with simplified drillhole geology over satellite image.

Figure 6: Schematic section of RHW22-005 with assays results.

Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +1.416.356.8165 | Email: [e-mail]