Moho Resources Limited announced an update of the evaluation by consultant geochemist Richard Carver of Rare Earths Elements (REE) assay data within the tenements at the Burracoppin Project, including assays for REE on soil and drill samples collected by the Company during previous gold exploration on E70/4688. The Project is situated about 15km northeast of the regional town of Merredin and 22km west of the Edna May gold mine operated by Ramelius Resources in Western Australia. Rare Earth Elements in Soils on E70/4688: Soil samples were digested in an Aqua Regia digest and REE were determined by ICP-MS. Most of the soil samples
collected over E70/4688 do not have a full suite of REE assays. For this reason, TREE could not be calculated on this group of samples. Cerium: The cerium distribution of REE in soils on E70/4688 in relation to the rest of the project area. + The levels are generally quite elevated, with about 40% of the values >80 ppm Ce with higher values in the 160-320 ppm Ce range. In general, the lower cerium values are associated with the topographically higher areas and values in the lower topographic areas are generally >80 ppm. The higher cerium values are in the lower parts of the topography around the streams, suggesting the Ce values are increasing down slope in the weathered material, such as in block A. B is the area of the gold drilling on E70/4688 where there is strong local contrast with values >80 ppm Ce over the main channel and 40-80 ppm Ce over the topographic high on the channel edge. The situation is similar at D to that at A with higher Ce values in the lower part of the topography. + Although cerium is higher in the channel areas this may not be highly predictive of areas of the best ionic REE clays, as these are likely to be buried by sediments. The higher cerium values in some areas may reflect areas of exposed ionic clays on the edge of the channel which have been exposed by erosion of overlying sediment. Neodymium: The distribution of neodymium in relation to potential ionic clay channels in the southern sector of E70/4688 and E70/5154. Higher neodymium values occur where the drainage from the area of higher relief to the south and the southeast is entering the main channel and may point to concealed targets nearby. Dysprosium: Dysprosium is a high value heavy REE. Its concentrations are about 10% of Nd (light REE). Like neodymium there is a cluster of higher values and all the 8-16 ppm Dy responses are in the major N-S channel. A single >16 ppm response is on high ground to the W of the channel. REE and Yttrium Distribution in Drilling on E70/4688: REE data was generated from pXRF measurements of RC drill samples in the field in 2020. The purpose of the RC drilling at the Crossroads prospect was to follow up anomalous gold intersected in previous aircore drilling in 2020. The pXRF data, which are available for 23 RC drill holes on six drill traverses showed yttrium is consistently above the lower detection limit (3ppm ¡ range <3 to 217 ppm). Cerium, lanthanum, neodymium and praseodymium data were available but cannot be used due to the high detection limits and high error levels associated with the readings. The yttrium distribution in RC drill cross sections superimposed over interpreted drainage channels at the Crossroads prospect. Moho considers that the yttrium data may be used as a proxy for the total REE (TREE) on the basis of information from other REE exploration companies which indicates that the TREE can reach 4.5 - 6 times the yttrium value. Potential for Ionic Clay Development at Burracoppin Project: On the basis of advice from Moho's consultant geochemist, the Company concludes. The available soil and limited drilling data are highly encouraging in respect to REE potential at the Burracoppin Project. The soils have elevated background levels of REE and values tend to be higher in the lower parts of the topography near streams. The very limited drilling data confirms the ionic clay model may be operating in the project area with two highly anomalous horizons being present. Potential channel areas can be interpreted low in the topography from Digital Terrain Model (DTM) and on the basis of change of slope where the contours become much further apart indicating a flat surface. The larger and most prospective channels on the granted tenements include: the main N-S channel extending from E27/5154 through E70/4688 which is proximal to the confirmed REE (yttrium)-rich horizons in the gold-based drilling. There are indications in elevated neodymium and dysprosium in soils proximal to this channel as well as extensive elevated cerium in the soils; and A large channel is evident in the southeast sector of E77/2671. Moho has applied for seven exploration licences covering ~1,300km2 to follow up the potential for discovery of large ionic clay REE deposits. Next Steps: Obtain more robust REE data from existing drill samples where available to confirm the ionic clay model. Undertake passive seismic surveys over previously drilled RC and aircore areas where REE assays are available or can be generated. Aircore drilling over key ionic clay REE targets to test conceptual topographic and hydrological model. Undertake preliminary metallurgical test work to determine the potential recovery of the REE enrichment in the clay horizons. Finalise and release the geochemical evaluation of lithium, base metals and gold anomalies identified from soil and stream surveys at Burracoppin.