Scorpion Minerals Limited announced that it has confirmed significant rare metal and Lithium, Caesium, Tantalum ("LCT") pegmatite potential in the central part of the Company's Pharos Project. The Pharos Project is 100% owned by Scorpion and covers an area of 1,544km2 located 60km northwest of Cue in the Murchison Mineral Field, Western Australia. Historic non-systematic programmes have been conducted intermittently across the Pharos Project by multiple explorers between 1973 and 2021.

These programmes were limited, only covered discreet areas and included soil/rock chip geochemistry and limited wide spaced Reverse Circulation ("RC") drilling. Scorpion has recently undertaken an extensive technical review of previous work completed at Pharos and has identified a significant, untested 25-kilometre-long zone of mostly greenstone hosted pegmatite intrusions adjacent to a contact with a Rb-Cs enriched altered late granite. This area has also seen significant historic exploration and small-scale production activity for Sn, Ta, W and Emeralds, all of which are present in most significant rare metal provinces (e.g. Pilbara and Greenbushes, WA).

A review of historic exploration activity has highlighted significant LCT pegmatite potential in the central part of the Pharos Project. It is worth noting that the balance of the project area has seen no exploration for pegmatite occurrences. Historic exploration was spasmodic/non-systematic and included stream sediment sampling, soil sampling, rock chip sampling and RC drilling.

Pacminex and Newcrest completed wide spaced stream sediment sampling analysing for Sn, W and base metals focused on the Pallas area whilst the other explorers conducted activities adjacent to the Poona, Poona East and Jackson's Reward prospect areas. Modern exploration activities resumed was acquired by Venus Metals Limited in 2016, when some exploration targeting rare metal pegmatites was undertaken. Venus completed rock chip sampling with some spodumene occurrences noted in hand specimen descriptions.

Broad-spaced reconnaissance RC drilling comprising nine holes (PORC001 to PORC009 ­ 781m) targeting outcropping pegmatite at Poona East (3 holes) and Poona (6 holes) was then undertaken. Two of the traverses intersected highly anomalous lithium values at Poona East, with significant results as follows: 9m @ 0.77% Li2O from 0m in PORC002; 3m @ 0.49% Li2O from 0m in PORC001. Both PORC001 and PORC002 intersected lithium mineralisation from the surface, although PORC001 appears to have drilled over the top of the target having partially intersected a pegmatite.

PORC003 failed to intersect pegmatite. There has been no subsequent follow up of these single approx. 500m spaced RC drill holes at Poona East, despite the encouragement from the results.

Venus also identified the Jackson's Reward Pegmatite from drainage sampling for tantalite, and estimated the main zone at 1.3km length and 300m width, with beryl occurrences observed, and a swarm of smaller pegmatite dykes flanking the main zone. No further significant work was undertaken and the zone remains undrilled. The-then Poona Project (E20/885, E20/896) was then divested to eMetals Ltd. in mid-2020.

eMetals subsequently undertook exploration for LCT pegmatite mineralisation, including rock chip/soil sampling and limited RC drilling (2 holes for 179m ­ RAJRC001 and RAJRC002) in September 2021, at the Raj Tantalite Prospect. This Prospect had returned multiple high grade tantalite results from sampling, including three samples in excess of 0.1% Ta2O5 in tantalum-bearing pegmatites over a strike length exceeding 800m. Both holes failed to intersect significant mineralisation, and eMetals suggested further drilling to test for changes at depth and along strike was being considered.