Resource Base Ltd. announced results from drilling on EL007647 during early October have been received from the Bureau Veritas assay laboratory in Adelaide. Ongoing results from recent drilling on EL007647 continue to identify excellent REE mineralization. Exciting intercepts from the recent batch include 2.5m @ 1,841 ppm TREO, 2m @ 2,010 ppm TREO, 2m @ 1,344 ppm TREO, 4m @ 1,142 ppm TREO and outstanding 1m intervals of 2,447 ppm TREO, and 1,336 ppm TREO.

These results continue to support the REE prospectively of EL007647 and are expected to form the basis for a significant maiden JORC compliant resource, planned to be released in first quarter of 2023. The Company believes the Murray Basin has the potential to be a globally significant REE precinct. Drilling results have confirmed the occurrence of shallow mineralization, across the two drilled tenements of the Mitre Hill Project, this occurrence is aligned with a horizontal development strategy.

The Company continues to test its geological hypothesis and rapidly expand the footprint of mineralization across its tenement package and is anticipating an initial inferred JORC Compliance Resource by end of first quarter of current year 2023.