Meeka Gold : Significant Large Scale REE Project Emerging at Cascade

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ASX Announcement

30 May 2022

Significant Large Scale Rare Earths Project

Emerging at Cascade

• Shallow, broad, high-grade intersections in saprolitic clays now identified over a significant area (1,143km2) at the Cascade REE Project ("Cascade", MEK 100%) in Western Australia
• Grades up to 5,791ppm Total Rare Earth Oxides ("TREO")
• High value magnet rare earths up to 45% of TREO grade
• High-gradeintersections include:

1. 16 metres at 2,223ppm TREO (45% Magnet REO) from 44m including

4 metres at 5,791ppm TREO (MGA298)

• 1. 2 metres at 1,866ppm TREO (31% Magnet REO) from 12m (MGA169)
     o 4 metres at 1,473ppm TREO (31% Magnet REO) from 12m (MGA277)
     o 19 metres at 1,350ppm TREO (31% Magnet REO) from 52m including 4 metres at 2,148ppm TREO (MGA277)
     o 12 metres at 1,215ppm TREO (35% Magnet REO) from 36m including 4 metres at 2,121ppm TREO (MGA248)
     o 8 metres at 1,086ppm TREO (21% Magnet REO) from 12m including 4 metres at 1,335ppm TREO (MGA254)
     o 16 metres at 978ppm TREO (28% Magnet REO) from 12m including 4 metres at 2,796ppm TREO (MGA257)
• Forward planning underway for drilling to commence in the second half of 2022

Commenting on these results, CEO Tim Davidson said: "These assays confirm the presence of shallow, high value rare earth mineralisation across over half of our 100% owned Cascade Project.

Excitingly, the clay horizon within the northern and central blocks which comprise the other half of Cascade have never been drilled, yet surface samples from the depleted zone display grades up to 633ppm TREO. The potential for significant zones of clay hosted rare earth mineralisation below these high- grade surface samples is considerable. Planning is now underway to expedite the northern and central block drilling. We have also fast-tracked metallurgical test work at ANSTO to understand the process for producing a commercial product.

Given the tier-1 location, the geopolitically critical nature of the metals and high level of permanent magnet elements present, Cascade is shaping up to be significant."

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Meeka Gold Limited (ASX:MEK) ("Meeka" or "the Company") is pleased to report results from 105 holes drilled within the eastern block of Cascade. Assays show shallow, high-grade mineralisation, up to 24m thick, within the saprolitic clays. The mineralisation has up to 45% of the rare earths content in high value magnet metals.

Results have now been released that cover 1,143km2 (also see ASX announcement dated 16 May 2022) of the Cascade project area (total area = 2,068km2). This demonstrates the remarkable scale of the mineralisation at Cascade. In addition, the northern and central blocks of Cascade, a further 925km2, have surface samples grading up to 633ppm TREO taken from the depleted surface zone. The northern and central blocks have never been drilled for rare earths. Planning is now underway to expedite this drilling.

Figure 1: Meeka's 100% owned Cascade REE Project (2,068km2) showing the location of drilling on eastern (593km2) and western (550km2) blocks. Northern and central blocks have REE in surface sample and drill planning is being expedited.

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Figure 2: Shallow, broad, high-grade assays at Cascade (eastern block).

Figure 3: Cascade (eastern block) Section A-A'.

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NEXT STEPS

Cascade at 2,068km2 represents a potentially large scale, high-grade rare earths project. Immediate plans to accelerate this exciting project include:

• Detail a forward activity plan targeting the highest value (high heavy and magnet REO content) zones of mineralisation (June 2022);
• Lodge applications for regulatory approval of drilling activities (June 2022);
• Receive initial metallurgical test work results from ANSTO (July 2022); and,
• Commence drilling at Cascade - northern and central blocks (September 2022).

Figure 4: Meeka drilling for REE in the Albany-Fraser.

ABOUT RARE EARTH ELEMENTS

The unique chemical and physical properties of rare earths have positioned them as a critical material across a number of rapidly evolving markets and industrial applications. In particular, Neodymium and Praseodymium oxides, which are critical elements in the manufacture of permanent magnets used for electric motors, turbines and mobile phones.

Key global megatrends are driving strong and diversified demand for Neodymium-Praseodymium oxides:

• Low carbon energy transition - electric drive motors and turbines
• Military application - guidance and control systems
• Communications technology
• Sustainable resource security - increasing scarcity of and global competition for resources
• Supply chain security - against a backdrop of heightened geopolitical tension and push to diversify supply away from China

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To underscore the geopolitical importance of rare earths, the Pentagon has recently urged the US Government to fund Australian strategic mining of materials used to make electric vehicles and weapons. This is in an effort to reduce US reliance on China for lithium, rare earths and other minerals.

ABOUT CLAY HOSTED RARE EARTH DEPOSITS

Clay hosted rare earth projects often enjoy significant project and cost advantages compared to hard rock projects, with cheap bulk mining and a simple process flow sheet. Clay deposits do not require the higher cost comminution and beneficiation processes that hard rock deposits require, resulting in lower capital intensity and lower operating cost to produce a refined product. The high proportion of magnet rare earth elements (Neodymium- Praseodymium) in clay deposits also results in a high value product. Additionally, clay deposits may not produce the radioactive tailings waste.

Criteria	Clay Hosted REE	Hard Rock Hosted REE
Mineralisation
	• Elevated HREO/CREO.	• Can be either LREO or HREO
	dominant mineralisation.
Resource
Definition	• Rapid, shallow, drilling into	• Slow, deeper, drilling into
	clay.	hard rock.
	• Low cost.	• High cost.
Mining	• Shallow mining.	• Higher strip ratio.
	• Low strip ratio.
	• Lower productivity.
	• High productivity.
	• Blasting required.
	• No blasting required.
	• High cost.
	• Low cost.
Processing	• Simple process flow sheet.	• Complex process flow sheet.
	• No comminution (crushing	• Requires comminution and
	or milling) required.	beneficiation.
	• Lower capital and operating	• Higher capital and operating
	costs.	costs.
Environmental	• Low levels of radionuclides.
	• Non-radioactive waste.	• Possible radioactive waste.
	• Progressive rehabilitation of
	mining footprint.
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