Petratherm Limited reported Batch 3 rare earth drill results representing the final 97 drill holes from the Comet Project located in the Northern Gawler Craton of South Australia. The results have identified three new areas with high-grade rare earth drill intercepts hosted in the clay rich weathering profile. These latest results build on previous drill results that have uncovered several significant mineralised rare earth prospects over wide areas at Comet.

Best drill intercepts from the latest round of drilling occur at the Southern Zone Area where a drill traverse has defined a continuous Total Rare Earth Oxide zone in excess of 1,000 ppm, containing substantial thickness of mineralisation extending over at least 300 metres in length. The thickness of intercepts range from 12 metres up to 27 metres and start from 9 to 15 metres depth. The mineralisation remains open both to the east and west as well as to the north and south.

Follow-up drilling to test its extent is scheduled from late November. Southern Zone drill Intercepts: 22ACCR311 - 13m @ 1,523 ppm TREO & 26 ppm Sc2O3 from 15m inc. 3m @ 2,155 ppm TREO & 25 ppm Sc2O3 from 21m 22ACCR312 - 24m @ 1,094 ppm TREO & 25 ppm Sc2O3 from 9m inc. 6m @ 1,573 ppm TREO & 30 ppm Sc2O3 from 15m 22ACCR313 - 12 m @ 845 ppm TREO & 27 ppm Sc2O3 from 9m Inc. 3m @ 1,296 ppm TREO & 29 ppm Sc2O3 from 12m 22ACCR314 - 12m @ 701 ppm TREO & 36 ppm Sc2O3 from 15m inc. 3m @ 1,016 ppm TREO & 40 ppm Sc2O3 from 21m 22ACCR315 - 12m @ 1,037 ppm TREO & 26 ppm Sc2O3 from 12m inc. 3m @ 1,665 ppm TREO & 24 ppm Sc2O3 from 18m 22ACCR316 - 24m @ 674 ppm TREO & 27 ppm Sc2O3 from 15m inc. 3m @ 1,1943 ppm TREO & 9 ppm Sc2O3 from 30m 22ACCR317 - 27m @ 1,030 ppm TREO & 30 ppm Sc2O3 from 15m inc. 6m @ 1,533 ppm TREO & 33 ppm Sc2O3 from 30m Other notable drill intercepts were encountered at Area 1 NE Zone (Figure 1) and include: 22ACCR237 - 12m @ 872 ppm TREO & 22 ppm Sc2O3 from 15m inc. 3m @ 1,190 ppm TREO & 25 ppm Sc2O3 from 18m 22ACCR240 - 9m @ 1,427 ppm TREO & 62 ppm Sc2O3 from 6m inc. 3m @ 2,044 ppm TREO & 49 ppm Sc2O3 from 6m 22ACCR242 - 3m @ 1,156 ppm TREO & 27 ppm Sc2O3 from 30m 22ACCR271 - 9m @ 897 ppm TREO & 27 ppm Sc2O3 from 21m inc. 3m @ 1,140 ppm TREO & 31 ppm Sc2O3 from 24m 60 drill holes from the final 97 drill holes reported contained significant intervals of REE's above 500 ppm TREO (Table 1). PTR completed a 330-hole drill program in May-July 2022 period with previous batch drill results intersecting significant high-grade rare earths at REE Area 1 and most notably the Meteor Prospect (refer to PTR ASX releases 08/08/2022 & 29/08/2022).

The Meteor Prospect is characterised by a high-grade blanket of mineralisation over 1,000 ppm Total Rare Earth Oxide and includes 3m composite samples up to 2,325 ppm TREO. The high-grade zone (>1,000 ppm TREO) starts at shallow depths between 3 to 9 metres over the prospect area with an average intercept thickness of 9 metres. The high-grade mineralisation extends over an approximate 1,200 metre by 700 metre area, with other satellite mineralised zones also present requiring additional drilling to define (PTR ASX release 29/08/2022).

A 4,000 metre drill program is scheduled to get underway at Meteor Prospect from early November to drill out the current known extents of mineralisation on an approximate 100 metre spaced grid. The drill rig will then move across to the Southern Zone REE mineralisation reported herein to test extent of mineralisation, along with reconnaissance style drill traverses over other new targets in greenfield areas. Test work of mineralised clay samples from the Meteor Prospect is underway as part of a program of metallurgical optimisation on REE recoveries.