Caeneus Minerals Ltd. provided an update on the company's lithium brine projects located in Nevada, USA. During the preceding 12 months, the Company has been conducting historical technical data reviews as well as evaluating its further corporate options for the two 100% owned lithium brine projects, Columbus Marsh and Rhodes Marsh, which it holds within the lithium-producing Clayton Valley region in Nevada, USA. During 2021, the Company received interest from third parties regarding its Columbus Marsh and Rhodes Marsh projects which are located respectively 50 kilometres and 70 kilometres north-west of Albemarle Corporation's Silver Peak Mine.

Silver Peak is North America's only producing lithium brine deposit, and has been in continuous operation since 1966. The CAD Lithium projects are also located 50 kilometres and 70 kilometres respectively north of Ioneer Limited and it's Rhyolite Ridge Lithium Boron Deposit. The Company review has highlighted the opportunity to build on relatively minimal and inconclusive exploration activity across both projects.

Given this, the Board has concluded that the best method for creating shareholder value is to focus on a recommencement of targeted exploration activities in the first half of 2022. To maximise efficiency in its efforts given the cross border challenges in the current global situation, the exploration program and development of the projects will be conducted by a joint collaboration between the Caeneus Australian technical team who will oversee the program and the Company's North American-based geological consultants who are best positioned to complete all `on- ground' activity. Initially, further geophysics is planned ahead of additional drilling which to date, comprises a total of just one drill hole at Columbus Marsh and no historical drilling at Rhodes Marsh.

Historic exploration activities by CAD occurred in 2017 and only focussed on Columbus Marsh, where a single drill hole was completed after a localised gravity and magnetotelluric survey. Lithium analyses from the drill hole indicated brine assays ranging between 56 mg/l to 96 mg/l.1 These results are considered encouraging and require further drilling to test other stratigraphy and untested geophysical features. As a guide, the Silver Peak mine produces a lithium brine grade of 150 mg/l to 200 mg/l. The Company's Rhodes Marsh project which is approximately 15 kilometres north-west of Columbus Marsh has not been the subject of any exploration activity.

A small magnetotelluric survey will be considered as a prelude to a small drilling program. It is the Company's intention to explore the USA Lithium projects alongside its prospective gold Roberts Hill and Mount Berghaus projects in the Pilbara region of Western Australia. Plans for the Company's 2022 exploration efforts in the Mallina Basin will be released in the coming weeks, after the Company receives its results from recent drilling.