Macarthur Minerals : Management's Discussion & Analysis Quarter End September 30, 2023

ACN 103 011 436

Management's Discussion and Analysis

(Form 51-102F1)

For the Quarter ended September 30, 2023

Information as of November 14, 2023 unless otherwise stated

Note to Reader

The following management's discussion and analysis ("MD&A") of the financial condition and results of operations of Macarthur Minerals Limited ("Macarthur" or the "Company") for the quarter period ended September 30, 2023 has been prepared by management, in accordance with the requirements of National Instrument 51-102, as of November 14, 2023 (unless otherwise stated).

This MD&A should be read in conjunction with the Company's Annual Audited Financial Statements and MD&A for the period ended March 31, 2023, together with the notes thereto, as well as the Company's previous quarterly and half yearly financial and MD&A reports. The Condensed Interim Consolidated Financial Statements for the quarter period ended September 30, 2023 are prepared in accordance with International Financial Reporting Standards ("IFRS").

Forward-Looking Information

This MD&A includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian and Australian securities legislation. All statements in this MD&A, other than statements of historical facts, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, plans and similar expressions, or which by their nature refer to future events. These forward-looking statements include, but are not limited to activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Although the Company believes that expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The material factors or assumptions used to develop forward-looking information include prevailing and projected market prices, exploitation and exploration estimates and results, continued availability of capital and financing, and general economic, market or business conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the projects, unforeseen technology changes that results in a reduction in minerals demand or substitution by other minerals or materials, the discovery of new large low-cost deposits of minerals and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this MD&A and are made as of the date of this MD&A or as of the date or dates specified in such statements and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Inherent in forward-looking statements are risks and uncertainties beyond the Company's ability to predict or control, including, but not limited to, risks related to the Company's inability to identify one or more economic deposits on its properties, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks identified herein under "Risk and Uncertainties".

These forward-looking statements are made as at the date hereof or as of the date or dates specified in such statements and the Company does not intend and does not assume any obligation, to update these forward-looking statements, except as required by applicable law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements and investors should not attribute undue certainty to or place undue reliance on forward-looking statements.

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

Discussion on Operations

BACKGROUND

Macarthur Minerals Limited is an Australian public company listed in Canada on the TSX Venture Exchange ("TSX-V") (symbol: MMS), Australian Securities Exchange ("ASX") (symbol: MIO) and OTCQB Venture Market ("OTCQB") (symbol: MMSDF). Macarthur Minerals has three iron ore projects in the Yilgarn region of Western Australia. The Company also has two exploration project areas in the Pilbara, Western Australia for targeting iron ore. In addition, Macarthur Minerals has lithium brine interests in Railroad Valley, Nevada, USA.

WESTERN AUSTRALIAN IRON ORE PROJECTS

Lake Giles Projects

Macarthur Minerals' Lake Giles Iron Ore Projects ("Lake Giles Projects") are located on mining tenements covering approximately 62 km2, 175 kilometres ("km") northwest of Kalgoorlie in Western Australia. Within the tenements, at least 33 km strike extent of outcropping banded iron formation ("BIF") occurs as low ridges, surrounded by intensely weathered and mostly unexposed granites, basalts and ultramafic rocks.

The Lake Giles Projects are situated in the Yilgarn Region of Western Australia. The Yilgarn Region is host to many significant mineral deposits that have been, or are being, mined for iron ore. The tenements cover the Yerilgee greenstone belt which is some 80 km in length and lies within the Southern Cross Province of the Yilgarn. The Lake Giles Projects are approximately 90 km from the existing Perth Kalgoorlie Railway that has a direct connection to the Port of Esperance in Western Australia, where it is intended that ore from the Projects will be shipped. Export is subject to available capacity, which is not certain. The Lake Giles Projects (comprising the Moonshine Magnetite Project and the Ularring Hematite Project) is located approximately 450 km east northeast of the coastal city of Perth, Western Australia, and approximately 115 km west of the town of Menzies. Exploration at the Ularring Hematite and Moonshine Magnetite Projects has been sufficient to allow the estimation of Mineral Resources for both projects.

Lake Giles Iron Project

On August 12, 2020, Macarthur Minerals released an updated Mineral Resource estimate for the Lake Giles Magnetite Project1. The Mineral Resource estimates includes Measured Resources of approximately 53.9 Mt @ 30.8% Fe, Indicated Resources of 218.7 Mt @ 27.5% Fe and Inferred Resources of 997.0 Mt @ 28.4% Fe.

The resource formed the basis of a Feasibility Study that was released to the market on April 11, 2022. The feasibility study was based on a 3 Mtpa magnetite operation incorporating the Moonshine and Moonshine North magnetite deposits. The Feasibility Study confirms the commercial viability of the Project to produce 3 Mtpa (dry basis) of high-grade magnetite concentrate over a long mine life of 25 years from Proven and Probable Ore Reserves. The key production and financial outcomes are presented in the following table 12.

Table 1. Lake Giles Iron Project - Feasibility Study Production and Financials Summary

Production

Ore mined	236.6 Mt
Waste mined	624.9 Mt
Total mined	861.5 Mt
Strip ratio	2.64
Concentrate produced	74 Mt
Concentrate iron grade	66.1
Plant recovery	31%
Financials	AUDm	USDm
Sales revenue	12,614	8,956
Operating Expenses	8,116	5,672

Initial Capital Expenditure

1 Refer to the Company's news release dated August 12, 2020, titled "Moonshine Magnetite Resource Upgrade."

2 Refer to the Company's news release dated March 21, 2022, titled "Positive Feasibility Study Results for Lake Giles Iron Project."

Page 2 of 27

Macarthur Minerals Ltd

	Management's Discussion and Analysis
	For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF
	Construction capex	801.1	568.8
	Mining overburden pre-strip	61.6	43.8
	Total initial capital	862.7	612.5
	Future Capital Expenditure
	Sustaining capital	203	144.1
	Deferred capital - Tailings	39.8	28.3
	Capitalised non-operational waste mining	355.7	252.5
	Total future capital	598.0	424.6
	Closure Expenditure
	Closure and rehabilitation	58.2	41.3
	Total Operating Cash Flows	3,625	2574
	Taxes & Royalties
	Tax paid	873	620
	Royalties	631	435
	Valuation	AUDm	USDm
	NPV (6%) Pre-tax	816	579
	NPV (6%) Post-tax	443	314
	IRR Pre-tax	13.0%	-
	IRR Post-tax	10.1%	-

The Feasibility Study published on March 21, 2022, underpins a maiden Ore Reserve of 237 million tonnes, supporting a 25-year mine life. The independent technical report, entitled "NI 43-101 Technical Report and Feasibility Study, Lake Giles Iron Project, Menzies, Western Australia" with an issue date of April 11, 2022 was prepared in accordance with the requirements of National Instrument 43-101 ("NI 43-101") and released to the market on April 11, 20223 The technical report is filed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com (filing date: April 11, 2022) and on the Company's website at www.macarthurminerals.com. The Mineral Reserves are presented in Table 2.

Table 2. Mineral Reserves - Lake Giles Iron Project, Moonshine and Moonshine North, DTR >15%

Category	Tonnes		Head Grades (%)				Concentrate Grades (%)
	(Mt)	Fe	SiO2	AI2O3	P	LOI	DTR	Fe		SiO2	AI2O3	P	LOI
Moonshine
Proven	34.2	28.1	51.6	1.2	0.04	1.7	30.5	65.9		6.8	0.2	0.02	-0.6
Probable	166.4	27.2	51.9	1.4	0.05	1.4	30.7	66.6		6.2	0.1	0.02	0.0
Sub-total	200.6	27.4	51.9	1.4	0.04	1.4	30.6	66.5		6.3	0.1	0.02	-0.1
Moonshine Nth
Proven	17.8	35.4	35.4	2.2	0.06	4.2	34.3	66.5		5.0	0.3	0.03	-0.9
Probable	18.2	30.4	44.7	1.3	0.05	2.9	35.9	63.2		9.4	0.2	0.04	-0.3
Sub-total	36.0	32.9	40.1	1.7	0.05	3.5	35.1	64.8		7.3	0.3	0.05	-0.6
Combined
Proven	51.9	30.6	46.0	1.5	0.05	2.6	31.8	66.1		6.1	0.2	0.03	-0.7
Probable	184.7	27.6	51.2	1.4	0.05	1.5	31.2	66.2		6.6	0.1	0.02	-0.1
TOTAL	236.6	28.2	50.1	1.4	0.05	1.8	31.3	66.2		6.5	0.1	0.02	-0.2

3 Refer to the Company's news release dated April 11, 2022, titled "Technical Report for Lake Giles iron Project Feasibility Study."

Page 3 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF
The general site layout plan presented in Figure 1.

Figure 1 General site layout

On March 26, 2021, the Company made applications for two "water search miscellaneous licenses" for the purpose of exploring for groundwater to support magnetite processing for the Lake Giles Projects. The applications cover 533 km2 of the Rebecca Palaeovalley up to 35 km east of the Project. Prior to these applications, the Company engaged CGG to undertake an aerial electromagnetic ("EM") survey of the palaeochannels as announced on March 26, 2021. The survey data will be used to define groundwater drilling targets.

Page 4 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

Ularring Hematite Project

The Ularring Hematite Project's Mineral Resources are comprised of Indicated Mineral Resources of approximately 54.5 Mt @ 47.2% Fe and approximately 26 Mt @ 45.4% Fe Inferred Resources. The Mineral Resource estimates were prepared by CSA Global on behalf of Macarthur Minerals (NI43-101 Technical Report, 20124) and reported in accordance with the CIM Definition Standards for Mineral Resources and Reserves 2014. The Company has received approval to develop an iron ore mine for the Ularring Hematite Project and associated infrastructure at the project location under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999.

Treppo Grande & Mt Jackson Iron Ore Project

On February 15, 2018, the Company's wholly owned subsidiary, Esperance Iron Ore Export Company Pty Ltd ("EIOEC") made an application for Exploration License E77/2521 for the Treppo Grande Iron Ore Project ("Treppo Grande Project"). The Treppo Grande Project covers an area of 68 km2 and is located approximately 32 km west of the Lake Giles Projects. The project is also 35 km east of Mineral Resource Ltd's (MRL) Koolyanobbing Iron Ore Operations and is in close proximity to the established rail infrastructure to the Port of Esperance.

The Treppo project is located within the proposed Helena and Aurora Range National Park, part of the State Government's Plan for Our Parks initiative. Following a submission process facilitated by the Department of Mines, Industry Regulation and Safety (referred to in the Company's 2022 Annual Report), on August 15, 2022, E77/2521 was refused by the Minister for Mines pursuant to the Minister's powers in section 111A of the Mining Act 1978 (WA). The Company was notified of such refusal on September 16, 2022. In the meantime, Macarthur applied for ELA 77/3004 on September 2, 2022, as a result of the decision in True Fella Pty Ltd v Pantoro South Pty Ltd [2022] WAMW 19 (True Fella).

DMIRS has asserted that the relevant area was subject to a Section 19 exemption from mining at the time of the application (although the gazette had not yet been published) and that it intends to refuse ELA 77/3004 on the basis that there is no ground available for ELA 77/3004. As at today's date, ELA 77/3004 has not yet been refused and is still pending, and the Company is making enquiries with DMIRS regarding the exemption from mining.

WESTERN AUSTRALIAN GOLD/LITHIUM/NICKEL PROJECTS

Macarthur and Macarthur Australia Limited, a wholly owned subsidiary of Macarthur, are the substantial holder with 21.50% holding in Infinity Mining Limited (ASX: IMI). The company holds the Pilbara Projects in the Pilbara region of Western Australia and the Central Goldfields Projects located in and around the Leonora Goldfields region in Western Australia.56

Macarthur Iron Ore Pty Ltd, a wholly owned subsidiary of Macarthur, acquired two tenements E45/4735 (Strelley Gorge) and E45/5324 (North Tambourah) from Infinity under which all non-iron ore rights are retained by Infinity pursuant to a Tenement Sale and Non-Iron Ore Rights Agreement dated August 11, 2021. Tenements EL 45/4735 (Strelley Gorge) applied for and was granted a 5-year extension of term through to 20 March 2027. In October 2022 as part of an Infinity Mining VTEM Max 967.8-line kilometre, geophysical survey, 60 late-time geophysical anomalies were identified across Strelley Gorge. Of these anomalies, two stand out (49 and 55); anomaly 55 has a noticeably higher amplitude to its surrounding anomalies. This tenement southeast corner borders the Sulphur Springs VHMS deposit currently owned by Development Global Limited (Formerly Venture Resources Limited.)7

1. NI 43-101 Technical Report filed October 1, 2012, titled "NI 43-101 Technical Report, Macarthur Minerals Limited, Pre-Feasibility Study, Ularring Hematite
   Project, Western Australia."
2. Refer to the Company's news release dated 27 July 2022, titled "Quarterly Activities Report for period ended 30 June 2022".
3. Refer to the Company's news release dated 28 October 2022, titled "Quarterly Activities Report for period ended 30 September 2022".
4. Refer Infinity Mining Limited New Release, Results of VTEM Max Survey for precious and Base metals at Panorama, Strelley George and Hillside Projects,

1. May 2023.

Page 5 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

WESTERN AUSTRALIAN NICKEL AND COBALT PROJECTS

The Lake Giles Project ("The Project") is located approximately 150 km northwest of the town of Kalgoorlie, 240km North of Poseidon Nickel Ltd Lake Johnston Nickel Project (ASX: POS) and 190km northwest of the Kambalda nickel province in WA (Figure 1). Additionally, the Lake Giles Project is surrounded by Dreadnought Resources Ltd Central Yilgarn Project (ASX: DRE) where they are actively exploring for nickel and gold.

The Project is owned by Macarthur Iron Ore Pty Ltd, a 100% owned subsidiary of Macarthur Minerals Limited ("Macarthur" or "the Company").

Figure 2: Lake Giles Project Location

The Lake Giles tenements cover the Yerilgee greenstone belt located in the central part of the Southern Cross Province of the Yilgarn Archaean Craton. The region is characterized by lenticular greenstone belts often partly enveloped by foliated and gneissic granitoids. Regionally the greenstone belts consist of metamorphosed ultramafic, mafic and sediments, including BIF which are Archean in age and are commonly intruded by mafic, intermediate, and granitic rocks.

The prospective ultramafic rocks of the Project are interpreted to be of Kambalda komatiite type. Serpentinised olivine cumulate rocks sometimes metamorphosed to talc-carbonate occur in many places and are considered to have a high potential for the discovery of nickel sulphides. These have similar characteristics to those of the Forrestania and Lake Johnston greenstone belts. The Lake Johnston nickel mineralised bodies such as Maggie Hays, are hosted within a Kambalda style ultramafic komatiite, which is an upturned volcanic flow against a basaltic basal unit.

Page 6 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

In Geoscience Australia's 2016 report8 on the 'Potential for intrusion-hostedNi-Cu-PGE sulfide deposits'1 they highlighted the potential as moderate to high for either or both tholeiitic intrusion-hosted and komatiite-hostedNi-Cu-PGE sulfide deposits within the Yerilgee Greenstone Belt and hence the Lake Giles Ni Project.

During 2022/23 Macarthur completed a detailed review of the historic data and drill holes across this region and identified the following feature that would suggest a large nickel system in this region.

Historical drilling assay data has identified 319 drill holes, within MIO tenure, with highly anomalous nickel 0.1% or greater, including 150 drill holes recording 0.2% and greater indicating that there is significant potential for nickel mineralisation. Previous drilling principally targeted iron ore with approximately 50% of the drilling not yet analysed for nickel and associated elements. (Figure 2).

Significant Ni intercepts from historical drilling and trench sampling highlight the potential for economic Ni mineralisation at Lake Giles, including:

LGRC_0010 (288m): 128m @ 0.17% Ni (from 108m) including 1m @ 0.29% Ni;

LGRC_0015 (168m): 106m @ 0.15% Ni (from 62m) finished in anomalous Ni;

LGRC_0018 (370m): 103m @ 0.16% Ni (from 77m) and 23m @ 0.17% Ni (from 235m);

LGDD_054 (363m): 23.5m @ 0.85% Ni (from 4.5m) including 11.5m @ 1.03% Ni (from 10.5m); and

With Gossanous outcrop with grab samples assaying 2.61% Co and 2.01% Ni.

Seven advanced targets have been identified that are considered highly prospective for nickel mineralisation and these remain completely untested.9

1. Dulfer, H., Skirrow, R.G., Champion, D.C., Highet, L.M., Czarnota, K., Coghlan, R. & Milligan, P.R. 2016. Potential for intrusion-hostedNi-Cu-PGE sulfide deposits in Australia: A continental-scale analysis of mineral system prospectivity. Record 2016/01. Geoscience Australia, Canberra. http://dx.doi.org/10.11636/Record.2016.001
2. Refer to the Company's news release dated 9 May 2023, titled "Nickel Prospect Update: Early Indications of Significant Mineralisation".

Page 7 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

Figure 3: Nickel target areas within MIO Tenure and historical drilling over airborne magnetics (TMI with NE AGC

Shade).

Page 8 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

Moving Forward the Company intends to assay the 41 diamond drill holes completed by Macarthur in 2019 across the Moonshine and Moonshine North targets have intersected numerous altered komatiites. In addition, Macarthur now plans to carry out specific nickel targeted exploration including assaying the geotechnical diamond drill core and selected anomalous RC chips for a broad analytical suite of elements, Downhole Electromagnetic surveying (DHEM) on targeted open holes, as well as further ground-based electromagnetic surveying upon recommendation from Newexco.

NEVADA BRINE LITHIUM PROJECT

Reynolds Springs Lithium Brine Project

The Reynolds Springs lithium brine project consists of 210 unpatented placer mining claims covering an area of 7 square miles (18 km2) located in Railroad Valley, near the town of Currant, in Nye County, Nevada ("Reynolds Springs Project"). The Reynolds Springs Project is located approximately 180 miles (300 km) north of Las Vegas, Nevada, and 330 miles (531 km) southeast of Tesla's new Gigafactory.

A total of 206 soil samples were collected across the full extent of the Reynolds Springs Project. Lithium values in the soil samples ranged from a low of 39.3 ppm to a high of 405 ppm Li. Samples were consistently high averaging 168.3 ppm Li with 85% of samples recording over 100 ppm Li and 19% greater than 200 ppm Li. These results are considered high in comparison to the majority of non-lithium producing play as and amongst the highest we have seen outside of the Clayton Valley.

In 2018 the Company completed an assessment of downhole geophysical logs for 12 - 15 abandoned oil and gas wells that are found both within (5 wells) and in the near vicinity of the project. Several zones of high conductivity were identified that are interpreted as being indicative of brine aquifers. The Company is looking for a partner to advance exploration of this project.

Page 9 of 27

Macarthur Minerals Ltd

Management's Discussion and Analysis
For the period end September 30, 2023	TSX-V: MMS, ASX: MIO, OTCQB: MMSDF

MINERAL TENURE

As at November 14, 2023 the Company holds or has held interests in the following properties during the reporting period:

Tenement

Area(1)

Application/Grant Date

Expiry Date

Holder

Project

Number

Yilgarn Projects

M30/0206

189

HA

14-Nov-18

01-Jul-28

MIO

Lake Giles Project

M30/0207

171

HA

02-Jul-07

01-Jul-28

MIO

Lake Giles Project

M30/0213

258

HA

02-Jul-07

12-Jun-32

MIO

Lake Giles Project

M30/0214

260

HA

13-Jun-11

12-Jun-32

MIO

Lake Giles Project

M30/0215

521

HA

13-Jun-11

12-Jun-32

MIO

Lake Giles Project

M30/0216

55

HA

13-Jun-11

12-Jun-32

MIO

Lake Giles Project

M30/0217

114

HA

13-Jun-11

12-Jun-32

MIO

Lake Giles Project

M30/0227

504

HA

13-Jun-11

12-Jun-32

MIO

Lake Giles Project

M30/0228

362

HA

13-Jun-11

01-Jul-28

MIO

Lake Giles Project

M30/0229

205

HA

02-Jul-07

01-Jul-28

MIO

Lake Giles Project

M30/0248

585

HA

02-Jul-07

21-Feb-33

MIO

Lake Giles Project

M30/0249

1206

HA

22-Feb-12

21-Feb-33

MIO

Lake Giles Project

M30/0250

102

HA

22-Feb-12

04-Mar-34

MIO

Lake Giles Project

M30/0251

1246

HA

05-Mar-13

26-Nov-33

MIO

Lake Giles Project

M30/0252

478

HA

27-Nov-12

26-May-34

MIO

Lake Giles Project

L15/0409

97

HA

25-Jun-20

Under Application

MIO

Lake Giles Project

L16/0133

923

HA

25-Jun-20

Under Application

MIO

Lake Giles Project

L30/0071

1396

HA

27-May-13

27/10/2041

MIO

Lake Giles Project

L30/0089

23663

HA

26-Mar-21

Under Application

MIO

Lake Giles Project

L30/0090

43

HA

26-Mar-21

Under Application

MIO

Lake Giles Project

L30/0091

93

HA

26-Mar-21

Under Application

MIO

Lake Giles Project

L30/0092

31650

HA

28-Nov-22

27-Nov-43

MIO

Lake Giles Project

L30/0093

74

HA

22-Jun-21

23-Nov-4242

MIO

Lake Giles Project

E30/522

28

SB

13-May-21

12-May-26

MIO

Lake Giles Project

E77/2542

12

SB

04-Feb-20

03-Feb-25

EIOEC

Mount Jackson Project

E77/3004

23

SB

02-Sept-22

Under Application

EIOEC

Mount Manning Project

E30/568

8

SB

02-Jun-23

Under Application

MIO

Lake Giles Project

E30/569

13

SB

02-Jun-23

Under Application

MIO

Lake Giles Project

E15/1775

2

SB

10-May-22

9-May-27

MIO

Lake Giles Project

G30/10

4145

HA

23-Aug-22

Under Application

MIO

Lake Giles Project

G30/11

109

HA

23-Aug-22

Under Application

MIO

Lake Giles Project

G30/12

132

HA

23-Aug-22

Under Application

MIO

Lake Giles Project

Pilbara Projects (2)

E45/5324

4

SB

05-Apr-19

04-Apr-24

MIO

Pilbara Project

E45/4735

5

SB

21-Nov-17

20-Nov-27

MIO

Pilbara Project

Nevada Projects

RVL 1 to 210

1700

HA

1-Sept-23

MLN

Nevada Lithium Project

1. 1 sub-block (SB) = approx. 3.2km2 in the Pilbara and 2.8km2 in the Yilgarn.
2. Beneficially owned by Macarthur Iron Ore Pty Ltd (MIO), subject to Infinity Mining Ltd (formerly Macarthur Lithium Pty Ltd) Non-Iron Ore Rights, pursuant to the Tenements Sale and Non-Iron Ore Rights Agreement dated August 11, 2021.

Page 10 of 27