Petratherm Limited reported exploration drill results from the Comet Rare Earth Project located in the Northern Gawler Craton of South Australia. Drilling has delineated a major rare earth (REE) occurrence named the Artemis Prospect, less than 15 kilometres southeast of Petratherm's well- defined Meteor REE Prospect. The Artemis Prospect is characterised by a high-grade blanket of mineralisation over 1,000 ppm Total Rare Earth Oxide (TREO) hosted within the clay weathering profile, extending over a 1.5 km by 800 metre area.

Mineralisation starts at shallow depths (typically 8 -15 metres) and high-grade drill intersections range from 12 to 32 metres in thickness. High-value magnet rare earth (MREO) intercepts up to 609 ppm are recorded and across the prospect the average MREO drill intercept grade is 242 ppm. The mineralised area remains open laterally in all directions.

PTR's Comet REE Project has favourable logistics for any potential future mining development. The Project is located 80 kilometres south of the major rural and mining centre of Coober Pedy and is situated on Pastoral Lease land. The Adelaide to Darwin railway line runs through the centre of the Project offering low-cost access to infrastructure and markets (Artemis and Meteor Prospects are located approximately 10 kilometres from the railway siding).

PTR has developed a good foundation with the Traditional Owners and looks forward to fostering this relationship as the project advances. Artemis Results: In October 2022 Petratherm announced the results of a single air-core drilling traverse over a REE exploration target southeast of the Meteor Prospect. Results of follow-up drilling presented here, in three additional traverses along strike from the original target, confirm that high-grade REE mineralisation is laterally continuous and extensive.

In all, 20 of the 21 drill holes at the Artemis Prospect (95% of holes drilled) returned significant mineralised REE intercepts. Three metre composite drill samples were assayed and grades up to 2,542 ppm TREO were reported. Two cross sections over the Artemis Prospect show high-grade (1,000 to 2,500 ppm TREO) zones of enrichment surrounded by a broader mineralised envelope ranging between 500 to 1000 ppm TREO.

At the western part of the prospect area, a 300-metre-long drill traverse (section A-A') demonstrates the presence of a continuous, open-ended mineralised zone with TREO intercepts greater than 1,000 ppm over thicknesses of between 12 and 27 metres and starting from 9 to 15 metres depth below surface. Drill traverses 200 metres north and south of this traverse confirm that mineralisation is laterally continuous in these directions, and that mineralisation remains open both to the north and south as well as to the east and west. Cross-section B-B' over the eastern part of the Artemis Prospect area delineates two zones of high-grade rare- earth mineralisation, including an approximately 600-metre-long horizon which remains open to the southwest.

Once again TREO intercepts here are encouragingly thick, with intercepts grading up to 1000 ppm for thicknesses of between 21 and 32 metres. Next Steps: The Company is greatly encouraged by this latest round of results which has confirmed the Artemis Prospect as an important new REE occurrence, with potential for the delineation of an extensive mineralised blanket with future infill drilling. These results compliment the advanced REE Meteor Prospect where Petratherm has defined a substantial and continuous horizon of high-grade (>1000 ppm TREO) mineralisation starting from shallow depths (3-6 metres below surface), and over substantial vertical thicknesses.

Petrological work is underway to understand the nature of rare earth mineralisation hosted in the clays and additionally to determine the prospectivity of the underlying bedrock for primary REE mineralisation at depth. The Artemis drill results also confirm that the new exploration models for discovering REE mineralisation currently being developed by Petratherm are proving to be highly successful and give the Company a competitive advantage in discovering new REE resources within the Gawler Craton. These cutting-edge models, along with a significant, under-explored land holding at the Comet Project (1,915 km2) put the company in a strong position for further exploration success and further new exploration targets are expected to be identified in the coming months.

The Comet Project area is shaping up as an emerging REE province and Petratherm is well positioned to be a significant player in this region. Going forward, The Company's focus is two-fold, advancing a low-cost process to recover the REEs using simple heap leach methods and continuing greenfield exploration in order to identify the best REE mineralisation within the Project area.