Protean Wave Energy : Gwesan Vanadium Project Soil Sampling Results

For personal use only

Level 3, 101 St Georges Terrace

Perth, WA 6000

T: [phone]

F: [phone]

ABN: 81 119 267 391

www.proteanenergy.com

21 February 2022

Soil Sampling Program for Gwesan Vanadium Project

Protean Energy Ltd (ASX: POW, "Protean" or "the Company") announces the results of the soil sampling undertaken at its Gwesan Vanadium Project in South Korea and completed on 1 October 2021. The soil sampling and assaying was conducted to further investigate the mineralization potential of Gwesan 137 prospect.

The mineralization of Gwesan Vanadium Project is a strata-bound black shale type embedded in the graphitic slate of Guryongsan formation. The mineralization potential of Protean's tenement (Gwesan 137) belongs to south-west part of Hansung orebody with general NE trending and remains open toward adjacent tenement of Gwesan 127.

The results relating to this soil sampling program are as follows:

• A total of 400 samples including duplicate and quality assurance quality control (QAQC) samples were submitted to the ALS laboratory in Perth for multi-commodity analyses by ICP-MS/AES.
• The results of ICP analyses from soil samples have highlighted 25 mineralized intercepts reported by V >500ppm and/or U >100ppm basis, which comprise 8 samples of Gwesan 137 and 17 samples of Gwesan 127 (refer to Table 1)
• In Gwesan 137, the mineralized intercepts from soil samples are mainly located at Line 13 to Line 16 adjacent to the Hansung orebody. No mineralized evidence is currently observed in the other sample grid lines (Refer to Figure 1 and Figure 2).
• ICP results in Protean's tenement (Gwesan 137) have not verified the continuity of mineralization along NE trending on the surface geochemical anomalies from soil samples.
• In Gwesan 127 tenement, significant mineralized intercepts are identified from soil samples of three historical orebodies of Dukpyung, Jungdaejon and Hansung (Refer to Figure 1 and Figure 2).
• ICP results from soil samples confirm that Gwesan 127 is considered the main target of the mineralization potential.

LABORATORY ANALYSIS DATA

Laboratory results of the ICP analyses from soil sampling are presented in Figure 1 and Figure 2 as vanadium and uranium distribution maps. Table 1 summarizes mineralized intercepts reported by V >500ppm and/or U >100ppm basis from the ALS laboratory. The results of ICP analyses from soil samples have highlighted 25 mineralized intercepts, which comprised 8 samples of Gwesan 137 and 17 samples of Gwesan 127.

The location details are provided in Appendix 2. The analysis results are presented in Appendix 3 with raw ICP data by ALS lab in Perth. No adjustments have been made to the data.

For personal use only

Table 1. Summary of the mineralized intercepts (reported data: V >500ppm or U >100ppm)

	Tenement		Sample ID		UTM (WGS84		RL		V		U		Comments
			Z52N)
	No.		(m)		(ppm)		(ppm)
				E	N
			GW21-321	391304	4065042	218	582	31.6		Line 13
			GW21-322	391307	4065035	219	587	62.3		Line 13
			GW21-323	391320	4065021	232	811	432		Line 13
	Gwesan		GW21-342	391347	4065066	208	2860	123.5		Line 14
137
	GW21-343	391359	4065067	208	2790	153		Line 14
			GW21-344	391368	4065055	211	1780	100.5		Line 14
			GW21-345	391382	4065052	205	555	29.8		Line 14
			GW21-365	391412	4065151	199	1025	68.4		Line 16
			GW21-037	391720	4065331	156	1280	194.5		Hansung orebody
														(waste disposal)
			GW21-038	391702	4065343	165	1910	605		Hansung orebody
														(adit)
			GW21-039	392069	4066134	182	484	126.5		Jungdaejon
														orebody
			GW21-091	392113	4066177	193	12900	317		Jungdaejon
														orebody
			GW21-092	392121	4066199	199	5880	270		Jungdaejon
														orebody
	Gwesan		GW21-093	392838	4066116	156	3060	280		Dukpyung orebody
		GW21-141	392815	4066095	147	1325	61.8		Dukpyung orebody
127
			GW21-142	392753	4065939	189	618	40.5		Dukpyung orebody
			GW21-143	392712	4065924	201	1385	125.5		Dukpyung orebody
			GW21-188	392668	4065939	202	3180	323		Dukpyung orebody
			GW21-189	392435	4065708	195	1610	99.5		Dukpyung orebody
			GW21-281	392419	4065728	199	2750	364		Dukpyung orebody
			GW21-282	392409	4065733	198	4360	423		Dukpyung orebody
			GW21-283	392363	4065754	207	3630	568		Dukpyung orebody
			GW21-331	392355	4065773	205	1605	602		Dukpyung orebody
			GW21-332	392412	4065894	160	2470	287		Dukpyung orebody
			GW21-333	392429	4065859	159	3640	68.9		Dukpyung orebody

r personal use only

r personal use only

For personal use only

Next Steps.

As the ICP results in Protean's tenement (Gwesan 137) have not verified the continuity of mineralization along NE trending on the surface geochemical anomalies from soil samples, Protean will consider if it will seek to confirm the continuity of subsurface mineralization potential through a drill program. Furthermore, to expand the exploration target, Protean will consider engaging with the exploration right applicant of the Gwesan 127 tenement.

This announcement has been authorized for release by the Board of the Company.

For further information, see www.proteanenergy.comor phone: [phone].

Tim Slate

Director and Joint Company Secretary

Competent Persons Statement - JORC Code 2012

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled under the supervision of Dr Hagsoo Kim, PhD (Geophysics), Professional Engineer of Korea (Geology and Geotechnics), Chairman of Korean Society of Earth and Exploration Geophysicists, CEO of GeoGeny Consultants Group Inc. Dr Kim is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Dr Kim consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Soil Sampling Results and Interpretations is based on information compiled by Mr Jeongsang Lee, a consulting geologist of GeoGeny Consultants Group Inc. Mr Lee is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Lee consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.