Classic has received assay results from its latest RC drilling program completed back in November 2021.

The drilling program consisted of 13 RC holes for 1,419m from both Lady Ada and Lady Magdalene.

Lady Ada RC drilling

A program of 5 RC holes (MARC076-080) for 644m were completed in a small portion of the known inferred resource covering an area approximately 50m along strike to the south-east of the Lady Ada open pit. The holes were designed by independent resource geological firm Cadre Geology and Mining Pty Ltd to test existing high-grade intercepts from historical drillholes to compare old assay data with new assay data prior to further resource upgrade work.

Lady Magdalene Infill RC Drilling

A program of 8 RC holes (MARC081-088) for 775m were completed within a larger portion of the known Lady Magdalene inferred resource covering an area approximately 250m along strike. The Lady Magdalene inferred resource is located approximately 700m north of the Lady Ada open pit. The holes were again designed by Cadre Geology and Mining Pty Ltd to test existing high-grade intercepts from historical drillholes to compare old assay data with new assay data prior to further resource upgrade work.

ABOUT THE FORRESTANIA GOLD PROJECT

The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX: HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals. Classic has a Global Mineral Resource of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study suggesting both the technical and financial viability of the project.

Forward Looking Statements

This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward looking statements are subjected to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to Resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the Countries and States in which we operate or sell product to, and governmental regulation and judicial outcomes. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any 'forward-looking statements' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Contact:

Email: classicminerals.com.au

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