Flinders Mines Limited provided the following update on exploration activities at the Company's Canegrass Project in Western Australia. Previous exploration has shown that gold and vanadium remain the principal commodities of interest. Reverse circulation percussion (RCP) drilling intersects vein-hosted gold mineralisation on structural trends associated to the Honeypot and Boulder prospects.

Honeypot: 4 m grading 2.03 g/t Au from 34m (CGRC0016), 4 m grading 0.47 g/t Au from 20m (CGRC0015). Boulder: 2 m grading 2.41 g/t Au from 42m (CGRC0018). In addition, an elevated copper (2m grading 0.56% Cu from 32m) intercept was reported in drillhole CGRC0031.

Flinders is pleased to update the market with the results of a soil sampling and RCP drill exploration programme that was completed at the Canegrass Project between January to February 2022. The results have now been received, verified, and reported. The programme is summarised: The soil geochemical sampling program on E58/521, which included 36 soil samples on two east-west lines 200 metres apart with samples spaced at 40 m along the lines, did not return any anomalous results.

The RCP drill program intersected anomalous gold results and a single copper anomaly: E58/236-I (drillholes CGRC0015 and CGRC0016), targeting a northwest trending interpreted structure from the historical Honeypot gold prospect. E58/232-I (drillhole CGRC0018), targeting a historical aircore anomaly (drillhole BAC0030, 24­28 m grading 0.2 g/t Au. Associated to the Boulder gold prospect.

E58/522 (drillhole CGRC0031), targeting a north trending structural trend.