Arcadia Minerals Ltd. announced the assay results for all the holes drilled at Madube pan, indicating similar grades to the Eden Pan, where a Lithium JORC resource has previously been defined. Assay results were received from the drilling campaign completed at the Madube Pan during December 2022. A total of twenty-three holes were drilled at the Company's Bitterwasser Lithium Clay Project in the Madube Pan prospect, which is one of 14 exposed pans within the Bitterwasser Basin.

Results from the drilling campaign at the Madube Pan confirms that the central portion of the Madube Pan returned elevated lithium levels from green clay lithological units, which is similar to what is encountered at the Eden Pan where a JORC Mineral Resource was defined of 286,909t Li2CO3 using a 500ppm Li cut-off. In applying a cut-off of 500ppm at the Madube Pan, eight of the holes drilled intersected clays of more than 500 ppm Lithium content. The Madube Pan is 517 hectares in extent and is the second of 14 exposed pans drilled within the Bitterwasser Clay Project.

Drilling operations commenced in October 2022 and was completed in December 2022. Samples were sent to Scientific Services in South Africa in December 2022 for analyses and the results of the final assays were received late in January 2023. An independent JORC compliant Mineral Resource statement for the Madube pan is expected to be completed by April 2023.

The Eden Pan, which is 1,414 hectares in size, has revealed similar lithology and mineralisation as to what is seen at the Madube Pan. The Mineral Resource at Madube Pan is expected to meaningfully expand the lithium in clays tonnage of the Bitterwasser Lithium Clay Project. Notably, both the Eden and Madube pans have only been drilled to a depth of up to 18m from surface, so the potential for further mineralised zones at depth exists over both prospects.

In addition, the Company has been doing testwork at the University of Stellenbosch to extract the lithium from the clays using both sulphuric acid and organic acid. The Company expects to provide the results from this work during February. Bitterwasser Lithium in Clays Project Mineral Resource: The Company confirms that it is not aware of any new information or data that materially affects the information included in the Bitterwasser Mineral Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its updated resource announcement made on 24 August 2022.

The Company confirms the form and context in which the Competent Person's findings are presented and have not been materially modified from the original market announcement. The information in this announcement that relates to Mineral Resources complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).