Cosmos Exploration reported new exploration results highlighting significant rare earth exploration potential associated with a large carbonatite complex at its 100%-owned Byro East Project ("Byro East") in Western Australia. While waiting for access to be re-established to its Canadian lithium properties, the Company has been progressing exploration activities at its Australian projects. Encouragingly, the time spent at Byro East has delivered a surprise result and identified widespread rare earths potential in carbonatitic rocks coincident with chemistry and geophysics which were not previously understood to be present.

During May 2022, Cosmos completed a comprehensive geochemical soil survey over the central four Byro East Tenements, covering an area in excess of 600km2. The primary goal was to detect areas of mineralisation, alteration and host lithologies that are commonly associated with magmatic nickel-copper-PGE, gold and REE style deposits prospective for this region. On 26 October 2022, Cosmos announced significant findings from the soil data, which revealed numerous multi-kilometre long trends displaying unusually high TREO and Y oxide values, up to 1,283ppm across large portions of the central tenements, with subdued geochemical responses typically in areas of alluvial and transported cover.

Cosmos is currently in the initial stages of investigating these anomalies and has engaged globally recognised expert consultant, Professor Ken Collerson, to review recent analytical rock chip trace element results from the Leatherback prospect. Assays exhibit similar vector element enrichments to those reported from rare earth-rich carbonatite complexes globally. Specifically, sample BY23K360 contains 1.1% TREYO1.

The Chondrite-normalized plots provided in Appendix A provide additional support for this interpretation. All Byro samples show significant enrichment in light and heavy REE's, similar to the REE profiles exhibited by carbonatites ranging from the Kola Peninsula in Scandinavia to carbonatites from Kenya (Mirima Hill). The highly anomalous rock chips from the Leatherback prospect are coincident with an extensive REE and Ba-Sr-Nb-Ca-Ni-Cr-Mg geochemical soil signature typical of an underlying mafic to ultramafic alkalic- carbonatite complex, extending the strike length of the 3.5km long magnetic high and semi-coincident gravity high.

Earlier rock chip sampling by Cosmos confirmed the scale of the coincident anomaly where one sample (LRBY21) representing a weathered iron oxidised rich pyroxenite or possible oxidised ferro- carbonatite retuned assays up to 263 ppm Sc203 and 0.7% TREO with 30% NdPr located on the southern end of the magnetic anomaly. It is important to note that magnetic and gravity high anomalies are commonly associated with alkalic- carbonatite complex intrusives including the Luni Complex. Further work will be undertaken at the Leatherback prospect to confirm this interpretation.

Further on-ground field checks and rock chip sampling to investigate the source of the geochemical anomalies. Soil sampling scheduled to commence when crews become available in mid-September. The crew will look to in-fill previous 320m x 80m spaced surveys at the Dottyback-Leatherback prospects and regional 450m x 450m spaced geochemical patterns over priority anomalies.

Ultra-fine fraction soil geochemistry will improve vector trace element resolution for target generation and provide constraints on sub-regolith lithological variation. Remaining rock chip assay results are expected to arrive over the next 4-6 weeks. Assays from surface soil and aircore drilling undertaken in February/March 2023 at the Quintons prospect have highlighted subtle polymetallic Au-W-As-Cu geochemistry with maximum gold values of 82ppb in AC drillhole 23CX088.

The polymetallic mineralisation, albeit low, was primarily observed within the Anson Formation lithologies, along the Godolphin fault and major NE splay fault structures further supported by surface soil geochemistry. Whilst this provides evidence that the faults are acting as major mineralised fluid pathways and the Anson formation has the potential to host economic deposits analogous to McPhillamys', any potential economic sources at the Quintons prospect are at greater depths. Before conducting further follow up work at the Quintons prospect with ground-based geophysics and drilling, Cosmos will pivot, assessing the remaining tenement for near surface Au-Cu McPhillamys style mineralisation by expanding the current surface soil geochemical footprint north and east across the tenement.