ITech Minerals : Ionic Component Confirmed at Kaolin-REE Project

BOARD &

MANAGEMENT

onlyGlenn Davis - Chair

Michael Schwarz - MD

Gary Ferris - NED

Jarek Kopias - Co Sec

CAPITAL

STRUCTURE

useOrdinary Shares Issu d 96.1M

Options

I ued 3.0M

CONTACT

Address:

personalLevel 3, 170 Greenhill Rd PARKSIDE SA 5063

Em il: [e-mail]

Website:

www.itechminerals.com.au

Teleph ne:

[phone]

Location - Eyre

ForPeninsula Project, South

Australia

C ntact:

Michael Schwarz

Managing Director

E:[e-mail]

Ph: [phone]

W:www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory

Novus Capital

Mob: [phone]

Main: [phone]

1. [e-mail]

ASX RELEASE

9 March 2022

IONIC COMPONENT CONFIRMED AT EYRE PENINSULA KAOLIN-REE PROJECT

• iTech undertook diagnostic metallurgy on 11+ year old samples from the Eyre Peninsula Kaolin-REE project to identify whether the mineralisation had a REE ionic adsorption clay component
• The samples showed encouraging levels of ionically adsorbed rare earth elements and confirms that there isan ionic component to the REE mineralisation
• This is despite the fact that the samples were:

1. of limited volume

• 1. composited across thick intervals of the weathering profile o exposed to the atmosphere for a considerable period
• Results give iTech the confidence to pursue a more detailed program of metallurgical test work
• Samples from the 165 holes drilled at the Ethiopia, Burtons and Bartel Prospects will provide ideal samples for further test work

The aim of the initial phase of diagnostic test work was to determine if the process of ionic adsorption of REEs onto clays was a geological process present at the Company's Eyre Peninsula Projects. The test work confirms that both the Ethiopia and Burtons Prospects have an ionic component to REE mineralisation. iTech considers the results to be diagnostic in nature (determine if ionic REEs are present) as the quality of the samples available for testing prior to the current drilling program was less than ideal.

WATCH Managing Director Mike Schwarz discuss the diagnostic

metallurgy results. (4:30)

"The confirmation of the presence of ionically adsorbed rare earth elements is a positive for the potential economics of this project.

This new data will help define our exploration strategy going forward and gives us confidence to invest in a far more rigorous metallurgical program with the fresh samples from our best prospects."

Managing Director Mike Schwarz

www.itechminerals.com.au

ASX RELEASE

9 March 2022

For personal use only

Figure 1. Location of the Ethiopia Prospect - Eyre Peninsula, South Australia

Initial Metallurgical Evaluation

iTech Minerals Ltd (iTech or Company ASX: ITM) undertook high-level test work on selected intervals of historical samples drilled approximately 15 years ago at Ethiopia in 2007 and 11 years ago at Burtons in 2011. The Ethiopia samples were recovered from the South Australian Core Library and the Burton samples were obtained from exploration samples acquired from Archer Materials earlier this year and sent to ANSTO (the Australian Nuclear and Science Technology Organisation) and reviewed by Damian Connelly at METS Engineering.

Given that the aim of the test work was diagnostic and on 11+ year old samples, a very simple leach process was employed to test the easily leachable ionic fraction under standard conditions.

• 0.5M (NH4)2SO4 as lixiviant
• pH 4
• 30 minutes
• Ambient temperature of 220C; and
• 2 wt% solids density

This process was designed to only target the easily leachable ionic component of REE mineralisation over a short exposure period. No additional leach steps, analysis of wash water or variation of pH, were undertaken which have the potential to increase levels of extraction.

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9 March 2022

Each of the leach tests was conducted on 40g of dry, pulverised sample and 1960g of the lixiviant in a 2 L titanium / stainless steel baffled leach vessel equipped with an overhead stirrer. The results of the tests on selected clay samples were used to calculate average extractions for each composite sample. The testing demonstrated that:

• Recoveries of the ionic component of REE mineralisation are between 24-26% from 4 drill holes at Ethiopia with very low acid addition
• Recoveries of between 10-21% were obtained from 4 holes at Ethiopia with very low acid addition and 4 holes at Burtons with very low to moderate acid addition
• Recoveries of <10% were obtained from 2 holes at Ethiopia and 6 holes at Burtons with very low to moderate acid addition

Discussion

The test work was successful in identifying that a component of the mineralisation is ionic in nature and that the process to form IAC REE deposits is present on the Eyre Peninsula tenements. Due to the historic nature of the samples, extrapolation to expected recoveries from the broader mineralisation is limited, due to:

• The unknown effect of the samples being exposed to the atmosphere over the last 11-15 years. The ionic mineralisation is controlled by several factors including pH of the environment. Prolonged exposure and oxidation could cause significant changes to the chemical and physical conditions and the nature of REE mineralisation.
• The limited sample size preserved from sampling and intervals required to be composited to achieve enough sample for testing.
• The lack of definition of the location of the sample in the weathering profile as the ionic component of mineralisation is generally associated with a specific horizon.

Notwithstanding these limitations, iTech is now confident in undertaking an optimised metallurgical assessment on the recently drilled kaolin-REE prospects at Ethiopia, Burtons and Bartels.

Having recently drilled all three of these prospects, the company now has appropriate samples to fully assess recoveries of REEs. The drilling has provided samples which:

• Are fresh "out-of-the-ground" and haven't been exposed to prolonged atmospheric oxidising conditions which could alter the ionic nature of mineralisation
• Provide sufficient sample size to undertake multiple leach tests under varying conditions including lower pH which has the potential to mobilise any colloidal REEs
• Can be located within the weathering profile and samples selected from the most prospective horizon in which ionically adsorbed REEs are known to occur

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9 March 2022

Next Steps

Discussions have been held with ANSTO to determine the best sample size, location and leaching conditions to undertake a comprehensive program of metallurgical optimisation. Options include varying a range of conditions including varying pH and leach times, multiple leach stages and the additional washing steps.

Samples from the recent drilling program at Ethiopia, Burtons and Bartels are currently with geochemical laboratories for analysis. Once results have been received by iTech, the company will select representative samples from all three prospects to undergo a program of metallurgical optimisation. Samples will be selected to broadly assess metallurgical performance of mineralisation from differing geological characteristics such as regolith zones and varying depths from surface.

For further information please contact the authorising officer Michael Schwarz:

Michael Schwarz, FAusIMM, AIG

Managing Director

1. [e-mail]: [phone]

1. www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory

Novus Capital

Mob: [phone]

Main: [phone]

1. [e-mail]

COMPETENT PERSON STATEMENT

The information which relates to exploration results is based on and fairly represents information and supporting documentation compiled by Michael Schwarz. Mr Schwarz has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Schwarz is a full-time employee of iTech Minerals Ltd and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy. Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears.

The information contained in this report, relating to metallurgical results, is based on, and fairly and accurately represent the information and supporting documentation prepared by Damian Connelly. Mr Connelly is a full-time employee of METS Engineering who are a Contractor to iTech, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Connelly has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on the results in the form and context in which they appear.

www.itechminerals.com.au

ASX RELEASE

9 March 2022

For personal use only

ABOUT iTECH MINERALS LTD

iTech Minerals Ltd is a newly listed mineral exploration company exploring for and developing battery materials and critical minerals within its 100% owned Australian projects. The company is exploring for kaolinite-halloysite, ion adsorption clay rare earth element mineralisation and developing the Campoona Graphite Deposit in South Australia. The company also has extensive exploration tenure prospective for Cu-Au porphyry mineralisation, IOCG mineralisation and gold mineralisation in South Australia and tin, Tungsten, and polymetallic Cobar style mineralisation in New South Wales.

This announcement contains results that have previously released as "Replacement Prospectus" on 19 October 2021, "Rare Earth Potential Identified at Kaolin Project" on 21 October 2021, "Rare Earth Potential Confirmed at Kaolin Project" on 12 November 2021, "New Rare Earth Prospect on the Eyre Peninsula" on 29 November 2021, "Positive Results Grow Rare Earth Potential at Kaolin Project" on 13 December 2021, "More Positive Rare Earth Results - Ethiopia Kaolin Project" on 12 January

2022 and "Exploration Program Underway at EP Kaolin-REE Project" on 19 January 2022. iTech confirms that the Company is not aware of any new information or data that materially affects the information included in the announcement.

Figure 2. Example of high purity kaolin intersected in drilling at the Ethiopia Kaolin -REE Prospect

GLOSSARY

CREO = Critical Rare Earth Element Oxide

HREO = Heavy Rare Earth Element Oxide IAC = Ion Adsorption Clay

LREO = Light Rare Earth Element Oxide REE = Rare Earth Element

REO = Rare Earth Element Oxide

TREO = Total Rare Earth Element Oxides

%NdPr = Percentage amount of neodymium and praseodymium as a proportion of the total amount of rare earth elements

wt% = Weight percent

www.itechminerals.com.au