Corella Resources Ltd. announced the outstanding assay results from the Company's Sonic Resource infill drilling program completed at its 100% owned Tampu Kaolin/HPA Project. Significant intercepts from the 2022 sonic core drilling include: CRSD014: 11m @ 47.2% SiO2; 38.3% Al2O3; 0.08% Fe2O3; 0.25% K2O; 0.00% Na2O & 0.4% TiO2 from 7m; CRSD015: 10.5m @ 47.0% SiO2; 38.8% Al2O3; 0.11% Fe2O3; 0.16% K2O; 0.06% Na2O & 0.3% TiO2 from 7.5m; CRSD005: 9.5m @ 46.7% SiO2; 38.1% Al2O3; 0.11% Fe2O3; 0.18% K2O; 0.00% Na2O & 0.4% TiO2 from 5m; CRSD007: 16m @ 46.8% SiO2; 38.1% Al2O3; 0.13% Fe2O3; 0.42% K2O; 0.00% Na2O & 0.4% TiO2 from 8m; CRSD006: 12m @ 47.5% SiO2; 37.6% Al2O3; 0.18% Fe2O3; 0.62% K2O; 0.00% Na2O & 0.4% TiO2 from 7m; CRSD001: 7m @ 47.2% SiO2; 38.4% Al2O3;0.18% Fe2O3; 0.18% K2O; 0.00% Na2O & 0.5% TiO2 from 7m; CRSD029: 11m @ 47.2% SiO2; 38.0% Al2O3; 0.20% Fe2O3; 0.35% K2O; 0.00% Na2O & 0.4% TiO2 from 5m; CRSD028: 7m @ 47.2% SiO2; 37.9% Al2O3; 0.20% Fe2O3; 0.43% K2O; 0.00% Na2O & 0.4% TiO2 from 8m; CRSD030: 7m @ 47.5% SiO2; 37.8% Al2O3; 0.23% Fe2O3; 0.44% K2O; 0.00% Na2O & 0.6% TiO2 from 8m; CRSD010: 14m @ 47.5% SiO2; 37.9% Al2O3; 0.27% Fe2O3; 0.28% K2O; 0.00% Na2O & 0.6% TiO2 from 5m; CRSD031: 14m @ 47.3% SiO2; 37.8% Al2O3; 0.28% Fe2O3; 0.40% K2O; 0.00% Na2O & 0.5% TiO2 from 5m; CRSD025: 13m @ 47.3% SiO2; 37.9% Al2O3; 0.30% Fe2O3; 0.40% K2O; 0.00% Na2O & 0.3% TiO2 from 8m; CRSD021: 13m @ 47.4% SiO2; 37.8% Al2O3; 0.32% Fe2O3; 0.16% K2O; 0.00% a2O & 0.4% TiO2 from 3m; CRSD008: 13m @ 47.1% SiO2; 38.0% Al2O3; 0.34% Fe2O3; 0.19% K2O; 0.00% Na2O & 0.4% TiO2 from 5m; CRSD002: 10m @ 47.8% SiO2; 37.9% Al2O3; 0.34% Fe2O3; 0.49% K2O; 0.00% Na2O & 0.5% TiO2 from 7m; CRSD004: 9m @ 48.0% SiO2; 37.8% Al2O3; 0.34% Fe2O3; 0.29% K2O; 0.00% Na2O & 0.4% TiO2 from 5m; CRSD032: 9m @ 48.3% SiO2; 37.2% Al2O3; 0.39% Fe2O3; 0.13% K2O; 0.03% Na2O & 0.6% TiO2 from 6m; CRSD011: 14m @ 47.1% SiO2; 37.6% Al2O3; 0.41% Fe2O3; 0.36% K2O; 0.00% Na2O & 0.5% TiO2 from 8m; CRSD020: 11m @ 47.3% SiO2; 37.5% Al2O3; 0.42% Fe2O3; 0.32% K2O; 0.00% Na2O & 0.4% TiO2 from 3m; CRSD012: 9m @ 47.7% SiO2; 37.6% Al2O3; 0.43% Fe2O3; 0.32% K2O; 0.00% Na2O & 0.5% TiO2 from 9m; CRSD013: 16m @ 47.3% SiO2; 37.7% Al2O3; 0.46% Fe2O3; 0.30% K2O; 0.00% Na2O & 0.4% TiO2 from 8m; CRSD023: 8m @ 46.7% SiO2; 37.5% Al2O3; 0.47% Fe2O3; 0.40% K2O; 0.00% Na2O & 0.5% TiO2 from 10m; CRSD016: 14m @ 48.1% SiO2; 37.6% Al2O3; 0.50% Fe2O3; 0.29% K2O; 0.00% Na2O & 0.4% TiO2 from 5m; CRSD017: 12m @ 48.0% SiO2; 37.6% Al2O3; 0.50% Fe2O3; 0.24% K2O; 0.00% Na2O & 0.4% TiO2 from 6m. During the months of September and October 2022 Corella completed 46 Resource Definition drillholes for a total of 879m consisting of 32 Sonic core and 14 Aircore drillholes.

Recent sonic samples were analysed by ALS Metallurgy Pty Ltd.'s laboratory in Balcatta, WA. Results from the 2022 Sonic drilling will be compiled by CSA Global to upgrade the existing Tampu Inferred Mineral Resource Estimate of 24.7Mt of kaolin 1 into Indicated/Measured categories. The upgraded Mineral Resource Estimate will underpin a Scoping Study for the Project which will include options for supply into traditional markets along with a focus on HPA markets.

Sonic drill core confirmed the broad zone of bright white kaolin to be shallow with a high brightness and completely above the water table. A bulk scale sonic composite sample will provide definitive metallurgy and further HPA analysis. The Company has already exceptional HPA results from bulk scale composite aircore samples which achieved 99.99957% Al2O3 (5N+) purity.

The Company along with its consultants have developed a flowsheet that will not only potentially reduce capital expenditure for a HPA plant but also significantly reduce operational costs. The exceptional assays results achieved from the Sonic drill core from Tampu bodes well for further advancement in the development of HPA specific to the Tampu high purity bright white kaolin. The Company is fast-tracking planning of a test pit at Tampu to provide multiple bulk scale samples for numerous potential offtake partners.

In-situ samples from a test pit will provide definitive samples at a bulk scale allowing for advancement of offtake discussions. Tampu has the potential to become a long term source of the highest purity kaolin/HPA globally and is Corella's first kaolin deposit defined at the Project. There is substantial potential for future growth as demonstrated by recent drilling success at the nearby Whitecap and Whitehills prospects with assays pending.

Excellent existing infrastructure at Tampu: The Company has entered into a binding contract with grain supply chain co-operative, the CBH Group (Co-operative Bulk Handling Limited) ("CBH") to acquire the Tampu grain bin located ~2.5 km from the Company's flagship Tampu kaolin deposit. The site consists of a 3,750m2 (~15,000 tonne) storage shed, bitumen road access, loading facilities, weighbridge, offices with accommodation and excellent mobile coverage, access to 3 phase power and water connections located at the Cnr Bunce Rd & Bimbily Rd, Tampu. The 100% owned Tampu Kaolin Project is in an attractive location serviced by existing infrastructure including road, power, water, natural gas and a skilled workforce.

Bitumen roads provide excellent access. The town of Beacon 29km away from the Project by road is the closest town for supplies and fuel and accommodation. Communications infrastructure is also very good, with a Telstra mobile phone tower in the middle of the project providing excellent communications across the Tampu project.

Adding to the potential of the Tampu Kaolin Project is being located only 250km northeast of the Kwinana Bulk Terminal in Fremantle, the largest bulk commodity export port facility in Western Australia. With Western Australia's stable mining jurisdiction, international recognition of the states impressive kaolin resources, anticipated future supply deficits and significant growth in demand, combined with the low capex economics of the simple processing of kaolin deposits from surface, are all positive supporting factors towards Tampu's viability.