Cassius Mining : Solara Limestone - Phase 1 Core Results

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ASX ANNOUNCEMENT

11 July 2022

SOALARA LIMESTONE - PHASE 1 CORE RESULTS

Cassius Mining Limited ("Cassius" or "the Company") (ASX Code: CMD), is pleased to report its Diamond Core assay results from the Company's drilling programme1 at its wholly owned Soalara Limestone asset in SW Madagascar.

HIGHLIGHTS

• Phase 1 exploration results are part of a drilling program towards progressing to an MRE
• 400m of Phase 1 coring confirms multiple significant limestone sequences at Soalara
• All 4 holes confirm thick limestones, with occasional thin interbedded clayish limestones/clays
• ~73% of all assays show an average of 97.02% wt CaCO3 ("High purity" limestone)
• Best intersections at 97%+ Limestone purity (CaCO3 % wt) in each hole:

• CMDD001: 29.30m of "High-Very High" purity Limestone between 1.0 and 41.1m
• • 73.1% of the interval
• CMDD002: 20.23m of "High-Very High" purity Limestone between 16.61 and 45.87m
• • 69.1% of the interval
• CMDD003: 34.01m of "High-Very High" purity Limestone between 8.0 and 63.48m
• • 61.3% of interval
• CMDD004: 25.95m of "High-Very High" purity Limestone between 6.7 and 45.81m
• • 66.4% of interval
• CMDD004: 15.33m of "High" purity Limestone between 52.78 and 77.45m
• • 62.1% of the interval

Cassius CEO James Arkoudis comments:

"These exciting Phase 1 results from Soalara give us great encouragement to progress to the next phases of our drilling programme and the interim2 JORC Resource estimation, to make this project successful for the benefit of our shareholders."

• "Madagascar Drilling Programme - Phase 1" - ASX 28 May 2021

• Cassius will conduct an initial MRE after Phase 2 drilling, before proceeding to Phase 3 drilling

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Phase 1 Coring

4 Diamond core holes were completed between 7th February and 7th March 2022, vertically coring a total of 400.12m in HQ3 size. Total core recoveries varied from 89.44% to 94.07%, with an average of 92.02%.

	Collar ID	Easting	Northing	RL	Azimuth	Inclination	Depth
	CMDD001	370,601	7,389,501	108	0	-90	100.00
	CMDD002	370,600	7,388,999	113	0	-90	100.12
	CMDD003	371,103	7,389,502	101	0	-90	100.00
	CMDD004	371,099	7,389,000	100	0	-90	100.00

Table 1: Soalara drill collars

Fig 1: Soalara completed Phase 1 Drill Collar grid locations & access tracks: CMDD001 to CMDD004

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Overview

Mitchell's Classification (2011) for Limestone purity is used for evaluating the specific Limestone sequences cored in each of the four holes, as follows:

Totally pure Limestone equates to 56.03% wt CaO (Calcium Oxide), equivalent to 100.0% wt CaCO3 (Calcium Carbonate).

The bedded limestone sequences intersected3 at Soalara consist of predominantly calcite-clast dominant intramicrite (including fossil-bearing biomicrite and oolite-bearing oomicrite) varying in thickness from

6.16 to 35.84m, with occasional interbedded clays and clayish limestones varying in thickness from 1.06 to 7.91m.

The 420 sample assays across the 4 holes show CaO grades of up to 55.80% (average 52.59%), equivalent to a CaCO3 grade of up to 99.60% (average 93.87%). Excluding 112 of the 420 sample assays (~27% of the total) where impurities reduce CaO below 52.4% (93.5% CaCO3), the average grade of the balance 308 assays (~73% of the total) is 54.35% CaO (97.02% equivalent CaCO3) and sits in the "High purity" limestone class.

The lithology, CaO% purity and impurities for each of the 4 holes cored are shown in the following Figures 2-5.

• Reported impurities or other physical properties are not considered to be of more relevance than the composition of the bulk limestone itself

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Fig 2: CMDD001 Hole Lithology, CaO% Purity and Impurities with Depth

Two interbedded clayish limestones/clays of ~5.6-5.8m thickness occur at ~25-30.6m and ~59.7-65.5m, separating three limestone sequences from surface to 100m final depth (each of ~25-31.7m thickness). Impurities primarily include SiO2 (Silicon Dioxide), Fe2O3 (Ferric Oxide) and MgO (Magnesium Oxide).

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Fig 3: CMDD002 Hole Lithology, CaO% Purity and Impurities with Depth

Two interbedded clayish limestones/clays of ~5.6-7.9m thickness occur at ~23-28.6m and ~55.2-63.1m, separating three limestone sequences from surface to 100m final depth (each of ~23-35.84m thickness). Impurities primarily include SiO2 (Silicon Dioxide), Fe2O3 (Ferric Oxide) and MgO (Magnesium Oxide).