Pursuit Minerals Limited reported the latest Rare Earth Element (REE) assay results from the Air Core (AC), Reverse Circulation (RC) drill programs and historical resampling at the Company's Calingiri East Project, located approximately 50km north north-east from Chalice's Julimar Project, Western Australia. Upon receiving elevated results as announced in 25 November 2022 release (51 drill samples with elevated lanthanum (La), cerium (Ce), and ytterbium (Y)) the Company expedited samples to the laboratory for further analysis. The Company has completed over 3470m of drilling on the East Calingiri Project which continues to also focus on copper, nickel and PGE exploration.

The exploration program has now been expanded following the identification of REE's. The Total Rare Earth Element (TREE) results shown in Table 1 demonstrate the exciting new potential for Calingiri East to host significant REE mineralisation. The results are limited to selected intervals and do not reflect the entirety of the drill holes. Results up to 3100ppm TREO are reported at Phil's Hill and 2500ppm at Ablett.

Shallow ionic clay REE potential is suggested in holes 22WAC0003 (Phil's Hill) and 22WAC0037 (Ablett) where the REE are strongly elevated in the regolith. BOH assays from Ablett East in hole 22CAAC001 also suggests a basement source from alkali granite source. A full TREE testing suite is normally only undertaken on the BOH sample for rock identification purposes and therefore up-hole ionic REE potential in hole 22CAAC001 remains untested.

Diamond core results has identified mineralised pegmatite as a source of the REE's and provide additional support for follow-up drilling. Follow-up programs will assist in interpreting the true thickness or extent of the mineralisation in the regolith. These results give the Company confidence that additional exploration for REE mineralisation at Calingiri East is warranted as soon as possible.