White Cliff Minerals : Strategic Acquisition of Prospective Pilbara Lithium Project

ASX ANNOUNCEMENT 1 April 2022

Strategic Acquisition of Prospective Pilbara Lithium

Project

HIGHLIGHTS

• ❖ White Cliff has entered into a binding term sheet to acquire the Abraxis Lithium project (covering 294km2), in the Pilbara lithium province

  • o The project is located ~65km south of the Wodgina lithium mine, with great project access

  • o Abraxis Lithium Project geology covers the Tambourah Monzogranite and Elizabeth Supersuite

  • o The entire project area is considered prospective for lithium bearing pegmatites, but remains significantly underexplored

• ❖ The consideration for the acquisition is $40,000 cash, $80,000 of White Cliff Shares and a 1% NSR

• ❖ The acquisition of the Abraxis Lithium project is highly complimentary to the Company's existing lithium and REE projects in Western Australia

• ❖ Remote satellite interpretation of pegmatites within the tenement underway

• ❖ White Cliff's technical team is readying for a field mapping and sampling program in coming weeks

White Cliff Minerals Limited (White Cliff or the Company) is pleased to announce it has signed a binding agreement to acquire Abraxis Mining Pty Ltd, which holds three adjacent tenement applications covering 294km2 in the Pilbara region of Western Australia (Abraxis Lithium Project).

Commenting on the acquisition, White Cliff Technical Director Ed Mead said:

"The acquisition of Abraxis, which holds three tenement applications considered highly prospective for lithium, expands the Company's Western Australian lithium and REE project portfolio.

"While the Abraxis Lithium Project area has been subject to sporadic historical exploration, primarily focused on tin and gold, it has had limited modern exploration. Of note, both Riversgold Limited and QX Resources Limited have projects straddling the Tambourah Monzogranite roughly 15km to the east of Abraxis.

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

We are look forward to being the first Company to focus on the lithium potential on the project area and getting on the ground as soon as possible."

Figure 1: Location of the Abraxis Lithium Project in relation to regional lithium mines/deposits.

Tenement details

TenementApplication

DateArea (blocks)Area km2

Minerals Target

E45/6111

7/12/2021

31

~93

Lithium, Tin, Tantalum

E45/6112

E45/6133

8/12/2021 4/01/2022

31 36

~93 ~108

Lithium, Tin, TantalumLithium, Tin, TantalumTotal

98

294

ASX:WCN

wcminerals.com.au

White Cliff Minerals Limited ABN 22 126 299 125

Level 8, 99 St Georges Tce, Perth WA 6000

PO Box 5638 St Georges Tce, Perth WA 6831

T + 61 8 9486 4036

F + 61 8 9486 4799

The Abraxis Lithium Project covers an area of ~294km2, approximately 170km south of Port Hedland and is accessible via the Great Northern Highway, which transects the two western tenements that make up the project area. The majority of the Abraxis Lithium Project area is comprised of gently rolling hills covered in spinifex grass.

Geology

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

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

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 will commence remote satellite interpretation of pegmatites within the tenement and surrounding areas with a ground truthing and sampling exercise to commence upon the completion of the interpretation.

Acquisition terms

White Cliff is proposing to acquire 100% of Abraxis Mining Pty Ltd for the following consideration:

• • $40,000 cash;

• • $80,000 worth of shares at the 10-day VWAP prior to the execution of a binding term sheet, being $0.027 per share. Total shares to be issued is 2,962,963. Half of these shares are subject to 3 months voluntary escrow from the date of issue (see Appendix 3B of today's date for further details); and

• • A 1% NSR

The binding term sheet includes representations and warranties as customary for a transaction of this nature.

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

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

Further Information:

Dan Smith	Edward Mead
Director	Director
[phone]	[phone]
[e-mail]
Competent Persons Statement

The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is an employee of the company. Mr Younger has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'

(the JORC Code). Mr Younger consents to the inclusion of this information in the form and context in which it appears in this report.

Forward looking statements

This announcement contains certain forward-looking statements and comments about future events, including the Company's expectations about the proposed transaction, the proposed tenements and the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements.

Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause the Company's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements and many of these factors are outside the control of the Company. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company.

Except as required by law or the ASX Listing Rules, the Company assumes no obligation to provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise.

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