Taruga Minerals Limited to present the partial (non-selective) assay results from the recent drilling at Morgan's Creek. Partial Drill Results, MCDD004: 2.55m at 0.1g/t Pt+Pd, 140ppm Co from 47.2m, including: 0.35m at 0.25g/t Pt+Pd, 0.02g/t Au, 520ppm Co from 47.2m, and 0.7m at 0.18g/t Pt+Pd, 140ppm Co; 1.75m at 0.19% TREO (24% MREO {Nd + Pr + Dy + Tb}) from 32m; 92.1m at 53ppm Sc2O3, 556ppm V2O5 and 0.023 g/t Pt+Pd from 58.1m to EOH. MCRC023: 7m at 0.15% Li2CO3 Eq from 45m; 18m at 52ppm Sc2O3, 524ppm V2O5 and 0.025 g/t Pt+Pd from 135m to EOH.

MCRC024: 2m at 0.25% TREO (24% MREO {Nd + Pr + Dy + Tb}) from 39m; 49m at 56ppm Sc2O3, 576ppm V2O5, 0.025 g/t Pt+Pd from 41m. MCRC026: 6m at 565ppm TREO (40% HREO & 28% MREO {Nd + Pr + Dy + Tb}) from surface (soil-clay-regolith hosted) including: 3m at 732ppm TREO (42% HREO & 27% MREO {Nd + Pr + Dy + Tb}), 0.12% Li2CO3 Eq and 394ppm Co from 2m, including: 1m at 0.11% TREO (51% HREO & 31% MREO {Nd + Pr + Dy + Tb}) from 2m. MCRC028: 1m at 0.14% Li2CO3 Eq from 100m.

MCRC031 (partial results only): 33m at 55ppm Sc2O3, 548ppm V2O5 and 0.024 g/t Pt+Pd from 68m. MCRC050 (partial results only): 13m at 55ppm Sc2O3, 552ppm V2O5, and 0.026 g/t Pt+Pd from 107m. Rare earth element mineralisation was first identified in hard rock and weathered rock (saprock) at Morgan's Creek during the first pass reconnaissance drilling program in mid-2021.

All of the REE mineralisation to date has been within and surrounding the diapiric breccias. The MCRC026 result is the first notable REE intercept from surface where the REE mineralisation is hosted within the soil-regolith layer which contains abundant clay minerals. The REE's in MCRC026 also contain a high proportion of HREE's (up to 51%) and MREE's (up to 31%: Nd + Pr + Dy + Tb), which are the key value drivers for the REE market.

The grade and thickness are comparable to ASX listed ionic clay REE focused peers, such as Australian Rare Earths who are developing an ionic clay hosted REE deposit in the Murray Basin of South Australia. The next step is to await the final RC results to determine if there are any further notable intercepts, and then to select samples for metallurgical testwork to better understand the ease of creating a REE concentrate. Due to the abundance of REE anomalism associated with the large diapiric breccia at Morgan's Creek, there is potential for secondary ionic clay hosted REE deposits within the shallow cover which overly the diapirs and within the plains which drain from them.

It is still very early stages and further work is required to assess the potential. Due to ionic clay hosted REE deposits typically being located very close to the surface, cheap and very low impact drilling techniques using a 4WD or trailer mounted rig can be used to assess the area further, and this will form part of the drilling program in second quarter 2022 calendar year. The Hydrothermal Hill skarn contains key alteration minerals such as magnetite, epidote, sericite and chlorite which are typical of alteration associated with high-grade mineralized (Cu-Au) skarns.

Disseminated chalcopyrite and pyrite have been identified within the endoskarn and exoskarn zones. Continued review of the alteration assemblage and final assays will assist the company in vectoring toward zones where mineralisation is most likely to be at its richest. The magnetite and disseminated chalcopyrite + pyrite within the skarn suggests that ground magnetics and Induced Polarisation (IP) geophysics will be very useful exploration tools for future drill targeting at the prospect scale.

Regional aeromag will assist greatly in regional target generation, as reconnaissance exploration suggests there are other large skarn exposures throughout the broader Mount Craig Copper Project (MCCP). Drilling continues to return thick intercepts of primary scandium-vanadium mineralisation. Scandium is a high-value critical metal which is often included in Total Rare Earth Element Oxide (TREO) calculations, as it is sometimes considered a REE.

The scandium market is growing as new technologies are developed. Multiple ASX and TSX listed companies are beginning to report scandium resources. The primary scandium-vanadium mineralisation seen at Morgans Creek could become of greater economic significance if other resources are defined nearby.