Classic Minerals Limited announced that construction activities have commenced on site for the development of the Company's 100% owned Kat Gap gold mine as permitted by the approved Mining Proposal (MP), Mine Closure Plan (MCP) and Project Management Plan (PMP). Having obtained all the requisite regulatory approvals, the stripping, and stockpiling of vegetation and topsoil commenced during the middle of October 2022. These earthwork activities are a required precursor to the commencement of mining.

The company engaged heavy machinery in building internal roads, bulldozing to clear areas for the waste rock dumps, clearing and preparing ROM pads, office, administrative and workshops areas. Site power is also being upgraded in readiness for Camp upgrade. Additional camp buildings will shortly be arriving onsite to complete the Camp upgrade.

Overall progress continues to remain on track with gold production planned towards the end of the first quarter of 2023. Classic is still awaiting processing approval. Once received, the Company will commence construction of the Tailing's Storage Facility (TSF) and reassemble the Gekko gold treatment plant.

The Company is looking to have the Kat Gap site ready for stage 1 open-pit mining before the end of 2022. Classic also expects to start dry crushing plant commissioning activities before the end of the year. The Company looks forward to providing regular updates to shareholders as the construction and commissioning program progresses over the next few months.

The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd. Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd. owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals. Classic has inferred and indicated mineral resources of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study suggesting both the technical and financial viability of the project.