Minerals 260 Limited announced it has executed an agreement to acquire the Yinnetharra Lithium-Rare Earths Project, located approximately 230km east of Carnarvon and 850km north of Perth in Western Australia from White Cliff Minerals Limited. The Yinnetharra Project comprises six granted EL's covering a total area of 920km2 of the highly prospective, but under-explored Gascoyne Province. The acquisition of the Yinnetharra Project follows the recent purchase of the adjacent 789km2 Nardoo Project from eMetals, with the Company's combined land position in the Gascoyne region now totalling 1,709km including nine contiguous ELs covering 1,154km.

The Gascoyne Province has been explored historically for gold, base metals, tungsten and uranium; however, recent exploration by neighbouring tenement holders has highlighted the region's prospectivity for both hard rock hosted lithium (spodumene) and REE deposits. Minerals 260 will establish a single project from the two land positions and undertake a detailed review of previous exploration data, which includes a recently flown, low-level, detailed magnetic and radiometric survey, prior to planning geochemical and geophysical programs designed to define targets for drill testing. Field reconnaissance, to assess targets generated by this work, is scheduled to commence in April 2023.

Minerals 260's strong cash position ensures that it can quickly progress exploration activity on the Gascoyne tenure while maintaining momentum at its other key asset, the Moora/Koojan Project in the Julimar Region of south-west Western Australia. Following are the key terms of the Yinnetharra acquisition: The agreement is between Minerals 260 Limited through its wholly owned subsidiary ERL (Aust) Pty Ltd. and White Cliff Minerals Limited and its wholly owned subsidiaries Magnet Resource Company Pty Ltd. and Electrification Metals Pty Ltd. which are the parties that hold the tenements comprising the Yinnetharra Project. Minerals 260 to issue White Cliff Minerals Limited 7,000,000 shares at a deemed issue price of $0.335 per share and pay $100,000 cash on completion.

The Consideration Shares will be subject to a voluntary escrow period of six months from completion of the acquisition, on customary terms. Completion of the acquisition is due to occur on or before the 11th April 2023, which is 10 business days after the Execution Date, or such other date as the parties agree to in writing.