St George Mining Limited announced that it has entered into an agreement to acquire 100% ownership of seven lithium prospective projects located in Western Australia. The Acquistion: St George's wholly owned subsidiary, Lithium Star Pty Ltd. (Lithium Star), entered into an acquisition agreement with Chariot Corporation Limited and Stallion Lithium Pty Ltd. (together, the Seller) on 21 March 2023 to acquire a package of tenements in Western Australia (Acquisition Agreement). The tenements comprise 14 exploration licences - 13 have been granted and 1 is in application - covering a total area of approximately 653km2.

The tenements comprise seven distinct projects. Split Rock Project: The Split Rock Project comprises four granted exploration licences covering an area of 73km2. The Project is located within the Mt Holland pegmatite field and approximately 25km north-west of the Earl Grey Deposit, which has a resource of 189Mt @ 1.5% Li2O 4 - one of the largest and highest-grade lithium deposits in Australia.

The Rio Prospect, which is part of the Split Rock Lithium Project of Zenith Minerals, is located approximately 3.5km east of St George's new ground. The Project area is interpreted from magnetic data to host greenstone rocks under cover. These rocks may be prospective for pegmatite-hosted lithium mineralisation similar to that discovered elsewhere in the Mt Holland region.

Buningonia Project and Buningonia North Project: These projects are located in the Eastern Goldfields within an established lithium region that hosts the Bald Hill Mine (26Mt @ 1% Li2O) 5; the Manna Deposit (32.7Mt @ 1.0% Li2O) 6 of Global Lithium, the Dome North Project (11.22Mt @ 1.16% Li2O) 7 of Essential Metals, the Mt Marion Mine (71.3Mt @ 1.37% Li2O) 8 of Mineral Resources and the Anna Deposit (15Mt @ 1.0% Li2O) 9 within the Buldania Project of Liontown Resources. The Buningonia Project comprises one granted exploration licence that covers 38km2. The Buningonia North Project comprises two granted exploration licences that cover a total area of 19km2.

The tenements are interpreted from magnetic data to host greenstone rocks with a favourable structural position at the confluence of two major fault zones. A large granite - the Yardilla monzogranite - lies immediately to the west of the tenements. The Manna Deposit, located 85km to the north, is in a similar geological setting.

Myuna Rocks Project: The Project comprises three exploration licences that cover 273km2. It is located approximately 30km north of the Mt Cattlin mine in the Ravensthorpe region. The exploration target at the tenements is concealed pegmatites.

Regional magnetics support the potential for favourable lithology and structures. Ten Mile West Project: The Project is located 32km east of the Buldania Deposit, and comprises one exploration licence application that covers an area of 23km2. Carnamah Project: The Project is comprised in one granted exploration licence that covers an area of 110km2.

The Project is located in the western margin of the Yilgarn Craton, approximately 500km north of Perth. There has been no systematic mineral exploration in this area. The tenement hosts greenstone rocks with a large granite to the west of the tenement and close to a major first-order structure - a potential favourable setting for pegmatites.

Lindville Project: The Project comprises two granted exploration licences covering a total area of 124km2. The Project is located in the north-west of the Yilgarn Craton. Pegmatites have been mapped at the tenement near the granite contacts.

Exploration Programmes: St George is developing exploration programmes for each of the new projects. Work will vary between projects depending on their geological setting and stage of exploration. Planned exploration activities will likely include, but not be limited to: Ground field mapping where amenable; Geochem sampling through soils or auger drilling; Airborne magnetics where historic or no previous magnetics are available; Aircore and reverse circulation drilling for the more advanced projects, such as the Buningonia Project.

Summary of Key Terms: Lithium Star, a wholly owned subsidiary of St George, will acquire 100% ownership of the tenements and applications comprising seven separate lithium projects in Western Australia. The key terms and conditions of the Acquisition Agreement are as follows: Counterparties: The Seller is constituted by two companies - Chariot Corporation Limited and its wholly owned subsidiary Stallion Lithium Pty Ltd. Consideration: Consideration payable to the Seller under the Acquisition Agreement is as follows: $300,000 (plus GST) in cash upon Completion. $400,000 (plus GST) worth of St George shares to be issued upon Completion.

The number of shares is 6,064,435 and is calculated based on the 15 day VWAP prior to the date of the Acquisition Agreement. The GST is payable in cash. The shares are subject to escrow for a period of 12 months from the date of the Acquisition Agreement.

Resource Milestone Payment: 15,000,000 fully paid ordinary shares in St George (Milestone Shares) if St George announces a JORC 2012 compliant Inferred Mineral Resource at a Lithium Project of not less than 10,000,000 tonnes of Li20 with a minimum grade of 1% Li20 (using a cut-off grade of no less than 0.5%) (Milestone) prior to the date which is five years from completion of the acquisition (Milestone End Date).