Trigg Minerals Limited updated Mineral Resource Estimate (MRE) for its Lake Throssell SOP Project. The material expansion of the Indicated Mineral Resource reflects the increasing confidence in the Lake Throssell SOP Project through innovative and systematic exploration and data gathering efforts. The increased size of the Indicated Resource, which is available for conversion to an Ore Reserve Estimate, is likely to have a material impact on the Project's total Production Target as advance the project towards Pre-Feasibility Study.

As a reminder the October 2021 Scoping Study identified a total Production Target of 5.9Mt of SOP of which 70% was Indicated. This supported a 245,000tpa SOP project for an initial mine life of 21 years with lowest-cost quartile operating costs at a possible top-10 global production rate. Importantly 80% of the new Indicated Resource resides in higher-yielding aquifers with specific yields of 0.12 to 0.15.

These aquifers will be the target of the next round of resource definition field work to prepare these aquifers for any future Ore Reserve Estimate. The Lake Throssell Project covers an area of 1,085km2 approximately 170km east of Laverton, Western Australia. The October 2021 Scoping Study outlined an initial 21-year mine life with forecast production of 245,000tpa SOP in the lowest cost-quartile, which would position Trigg as a potential top-10 global SOP producer.

Trigg Minerals engaged Aquifer Resources to complete a Mineral Resource Estimate (MRE) for the Lake Throssell Project following field programs consisting of additional air-core drilling, monitoring bore drilling and geophysical logging. The basis of the updated MRE is additional brine samples and lithological interpretation from the air- core and monitoring bore drilling, the results of borehole magnetic resonance (BMR) logging, and small-scale aquifer tests of monitoring bores. This data has allowed conversion of the sediments within the vicinity of the BMR results to be converted from Inferred Mineral Resource to Indicated Mineral Resource due to the increased confidence in drainable porosity estimates.

The aspects of the 2022 exploration program are presented in the following section. All drill collars and brine samples During 2022, additional tracks and lake causeways were installed to facilitate drilling on the lake shore and target test production bore locations off the lake surface. Four air-core drill holes were completed and lithological samples were obtained for geological logging and 29 brine samples obtained for brine assay analysis.

The assay results were consistent with previous exploration results across the deposit and show a low degree of variability. The average K grade of the brine assay results is 4,549mg/L K. Three monitoring bores were completed. The monitoring bores twinned existing air-core drill holes with the aim of confirming production bore sites.

The bores were drilled using mud rotary techniques with a water well drill rig. Each monitoring bore was gravel packed and bentonite sealed across the lacustrine clay to create a hydraulic seal. Monitoring bore brine samples were obtained from pumping of brine from the cased bore, which is screened over the basal aquifer zone using a narrow diameter low flow pump.

The results compare well with the assay results of the twinned holes from the 2019 air-core program. The monitoring bores were mini aquifer tested on completion at low flow rates using a 2’, 12v pump. The testing has been analyzed using Theis (Theis 1935) and Cooper-Jacob (Cooper and Jacob 1946) methods for confined aquifers.

Aquifer testing suggest the basal aquifer has a hydraulic conductivity of 0.25 to 0.55m/d from the monitoring bores tested. The logging has identified calcrete zones within the lacustrine clay. These zones yielded brine during air-core drilling not previously observed and will be assessed by targeted screened zones in future test production bores and test pumping.

The basal fluvial aquifer was observed to be more of a clayey sand at the top of the sequence as it transitioned into the lacustrine clay, whilst at the base there is a ‘cleaner’ sand with lower fines content, represented by higher specific yield and hydraulic conductivity. Some borehole ‘washouts’ are evident in the lacustrine clay and transitional zone where total porosity is >50%, and these have been removed from the assessment of specific yield for these formations. The basal sand lies unconformably on top of the Permian bedrock (Paterson Formation).

Across the Lake Throssell palaeovalley, the Paterson Formation is highly weathered and has a thick saprolite sequence.