White Cliff Minerals : March 2022 Quarterly Reports

QUARTERLY REPORT - ACTIVITIES for the quarter ended 31 March 2022

HIGHLIGHTS

• ❖ Reconnaisance soil sampling program conducted during the March Quarter at the Hines Hill REE project uncovered highly anomalous Rare Earth Elements, with a peak value of 550ppm Total Rare Earth Oxide

• ❖ Acquisition of Abraxis Lithium Project (Abraxis) was completed in April 2022. Abraxis covers an area of 294km2 in the Pilbara lithium region of Western Australia and is considered prospective for lithium bearing pegmatites

• ❖ Acquisition of Magnet Resource Company Pty Ltd (Magnet) and Preston River Lithium Pty Ltd (Preston River) completed in February 2022. Magnet and Preston River are holders of various prospective Lithium and REE Projects, covering 1,075km2 in Western Australia.

• ❖ Farm-out of non-core Ghan Well and Coronation Dam nickel projects to GenX Resources Pty Ltd

• ❖ Cash and cash equivalent of $1.34 million as of the end of March 2022

OPERATIONS

Reconnaissance Soil Sampling Program at Hines Hill (Granted E70/5875)

The Hines Hill REE project consists of a single tenement, within the wheatbelt region of Western Australia, located about 200km east of Perth on the Great Eastern Highway. The tenement area is 128Km2 covering extensive grain growing properties.

The project area contains two aeromagnetic anomalies which may be indicative of carbonatite intrusives (Figure 1). In addition, sampling by the GSWA in the Yilgarn craton defined a strong REE anomaly in the vicinity of the aeromagnetic anomalies. It is therefore believed that the project area may host previously unknown carbonatite intrusives with REE mineralisation potential.

Recent roadside soil, rock chip and laterite sampling program took 81 samples, of which 11 returned highly anomalous for REE, with a peak value of 550ppm TREO. The Company is planning for a follow-up geochemical sampling program and gaining all approvals for a maiden AC drill program The elevated results also correspond precisely with the magnetic features identified in the northeast and in the southwest, strongly suggesting the two features are directly related, however additional sampling will be required to define whether this is solely co-incidental.

ASX:WCN	wcminerals.com.au
White Cliff Minerals Limited	Level 8, 99 St Georges Tce, Perth WA 6000	T + 61 8 9486 4036
ABN 22 126 299 125	PO Box 5638 St Georges Tce, Perth WA 6831	F + 61 8 9486 4799

Figure 1: Hines Hill sampling locations overlaid on aeromagnetic anomalies.

Abraxis Lithium Project

During the quarter, White Cliff announced the acquisition of Abraxis Mining Pty Ltd (Abraxis), which holds three adjacent tenement applications covering 294km2 in the Pilbara region of Western Australia. The acquisition was completed on 11 April 2022 (refer to ASX announcement dated 12 April 2022).

The Abraxis Lithium Project is located within the East Pilbara Granite-Greenstone Terrane of the Pilbara Craton (Figure 2) which is characterised by large granitic complexes flanked by greenstone belts comprised of steeply dipping sequences of volcano-sedimentary rocks. The Abraxis Lithium Project sits on the Elizabeth Hill Supersuite (Igneous Granitic) intrusion of 3068Ma age. To the west of the Abraxis Lithium Project, the granite is overlain by the Kylena Fomation, a massive, amygdaloidal, and vesicular basalt and basaltic andesite, with local komatiitic basalt, dacite, and rhyolite. To the east, the project area covers the Tambourah Monzogranite, a 2851Ma (Igneous Granitic) intrusion, that is successfully being targeted for lithium by contiguous tenement holders.

Figure 2: Abraxis Lithium Project geology

Lithium Potential

The White Springs 1:100,000 Geological map indicates a substantial proportion of E45/6111 and /E6112 are underlain by the unit AgYlpe and additionally AgYlnpe on E45/6112. The legend defines these units as:

AgYlpe

Medium to coarse-grained leucogranite with abundant sheets, veins, and bodies of pegmatite.

AgYlnpe

Medium to coarse-grained leucogranite with locally abundant granitoid gneiss xenoliths and locally abundant sheets, veins, and bodies of pegmatite.

These units have not been explored for their lithium or pegmatophile element potential.

Historical Exploration at Abraxis

Wamex recorded exploration amounts to 46 stream and rock chip samples collected by Fortescue Metals Group in 2010-14. Asbestos mining was reported at the White Range prospect within E45/6112, being from ultramafic xenoliths within pegmatitic granitoid; GSWA collected 3 rock chip samples within this tenement and on E45/6111; 6 were collected from E45/6133 for the purposes of lithochemical fingerprinting.

Proposed Work Program

The Company commenced remote satellite interpretation of pegmatites within the tenement and surrounding areas with a reconnaisance ground truthing and sampling exercise undertaken following quarter end.

Completion of Magnet and Preston River Acquisition

On 28 February 2022, the Company announced the completion of acquisition of Magnet Resource Company Pty Ltd (Magnet) and Preston River Lithium Pty Ltd (Preston River). The acquisition was complementary to the Company's own tenement applications and validates White Cliff's internal project generation, which targeted the right geological terrane, large land packages, and limited historical exploration. Combined with the Yinnetharra and Diemals projects, White Cliff holds over 4,000km2 of highly prospective lithium and rare earth tenure within proven jurisdictions and nearby to operating mines and/or recent discoveries.

Farm out of Coronation Dam (E31/1101) and Ghan Well Projects

During the Quarter, the Company announced that it has entered into a term sheet with GenX Resources Pty Ltd (GenX) regarding the farm-out of the Company's non-core Coronation Dam (E31/1101) and Ghan Well (E39/1479, application for Retention Licence on-going) nickel-cobalt projects in Western Australia.

The parties intend to enter into a formal joint venture agreement in due course. The transaction is conditional on satisfaction of due diligence by GenX on the Projects, no material adverse event on the projects, and the successful listing of GenX shares on the ASX. While the actual date of completion is unknown at this stage, the term sheet will lapse in the event conditions precedent are not satisfied by 31 August 2022 (unless extended by both parties).

Pursuant to the transaction, GenX has the ability to acquire up to a 100% interest in the projects subject to meeting certain expenditure and payment milestones (refer announcement dated 10 March 2022 for further details).

Drilling at Cracker Jack and McCaskill Prospects

A smaiden RC drilling program at Cracker Jack and at McCaskill Hill was completed during December 2021, with a total of 74 holes being drilled. On # April 2022, the Company announced the results of the RC assays, with no significant gold intercepts encountered.

Corporate

During the March Quarter, the Company issued 50 million fully paid ordinary shares (subject to 6 months voluntary escrow) and 50 million options exercisable at $0.035 expiring 30 June 2023 to the vendors of Magnet and Preston River.

The Company announced the completion of the acquisition of Abraxis Mining Pty Ltd on 12 April 2022 and the issue of 2,962,963 fully paid ordinary shares (of which 1,481,482 shares are subject to 3 months voluntary escrow until 11 July 2022) to the vendors of Abraxis Mining Pty Ltd.

On 9 February 2022, the Company issued 5,000,000 fully paid ordinary shares following the conversion of unlisted options with an exercise price of $0.015. The Company has also issued 2,430,000 fully paid ordinary shares following the conversion of listed options (WCNOE) with an exercise price of $0.015. Total funds raised from option exercise was $111,450.

Cash Position

The Company's cash position including listed investments as at 31 March 2022 was approximately $1.34 million1. The Company retains sufficient funding to carry out its planned activities over the coming quarters.

Note 6 to Appendix 5B

Payments to related parties of the entity and their associates:

• • Directors fees and wages of $35,500

• • Company secretarial fees of $6,000

• • Accounting and bookkeeping fees of $7,500

This announcement has been approved by the Board of White Cliff Minerals Limited.

1

Based on closing share price of ASX:RTG and LON:PALM as at 31 March 2022. Conversion rate of GPB:AUD was referencing RBA published rate as at 31 March 2022.