Peregrine Gold : Pilgangoora North Lithium Project

"It is truly exciting to be exploring a project with extensive pegmatite outcrop only a few kilometres north of Pilbara Minerals' Pilgangoora mine at such a buoyant time in the lithium market. Based on the positive results of this brief initial orientation program, we believe the lithium fertility of the area is established and our stream sediment sampling protocol will effectively highlight areas of lithium anomalism and help us systematically hone in on drill targets."

A S X A N N O U N C E M E N T

25 MARCH 2022

ANOMALOUS LITHIUM TANTALUM GOLD AND LEAD onlyIDENTIFIED AT PILGANGOORA NORTH LITHIUM PROJECT

Peregrine Gold Limited ("Peregrine" or the "Company") is pleased to announce results from its initial review of reconnaissance rock and stream sediment sampling undertaken on its recently acquired Pilgangoora North Lithium Project.

HIGHLIGHTS

use	• Stream sediment sampling returned up to 289ppm lithium in a catchment with no reported pegmatite
veining
		• A second stream sediment sample returned up to 1768ppm tantalum
		• Gold anomalism highlighted by 11.3ppm Au (FA) reported in a stream sediment sample
		• A historical lead occurrence reported up to 9.3% Pb and 24ppm Ag with visible galena observed
personal

An orientation/reconnaissance field trip to Peregrine Gold Ltd lithium project (E45/5775) returned anomalous lithium, tantalum, gold, lead and silver anomalism at several locations within the tenement. Minedex has recorded tantalum, lithium, tin, beryllium, gold and lead occurrences within the tenement.

The objective of the one and a half day field trip was to confirm the presence of widespread pegmatite veins published within the DMIRS data base as well as collect a number of orientation rock and stream sediment amples.

Technical Director George Merhi stated on the results of the program:

A total of 26 rock samples (22PLR 1 to 26) comprising predominately pegmatite material were collected Foreach weighing approximately 10 to 15 kilograms and represent a 5 metre composite sample across strike and dip. As well 6 damp stream sediment trap site samples comprising only -5mm fraction material and each weighing approximately 7 to 10 kilograms were collected. It was not possible to sieve to all size fractions in the field due to significant rainfall in the Pilbara prior to the field trip resulting in a damp alluvial pile. Once the samples were dried, the samples were sieved to both coarse (-5mm+2mm) and fine (-2mm) fractions, each approximately 3 kilograms, for geochemical analysis. A subset of the fine fraction material weighing approximately 5 kilograms was retained for panning (22PLST 1C to 6C and 22PLST 1F to 6F

including duplicates).

Rock samples 22PLR 1 to 21 and 24 to 26 comprised pegmatitic material from several locations within the tenement. A maximum lithium result of 87ppm Li was reported from sample 22PLR 8.

T: [phone]	W: peregrinegold.com.au
E: [e-mail]	A: Level 9, 28 The Esplanade, Perth WA 6000
ABN: 53 644 734 921

A S X A N N O U N C E M E N T

25 March 2022

Rock samples 22PLR 22 and 23 were collected at a historical lead occurrence. At this occurrence, a small onlycostean approximately 5 metres long, 2 metres wide and 1 metre deep was observed and trenched into vein quartz. The spoils comprised quartz material with obvious visible galena crystals 3-4mm across. No

other costeans or drill pads were seen in the vicinity.

usepersonal

For Figure 1: Location of the Pilgangoora stream samples

The extensive pegmatites published by the DMIRS were observed during the field trip. The extensive exposure of the pegmatites is attributed to the shallow (approximately 10 to 20 degrees) easterly dip and the resulting erosional patterns especially in the southern portion of the tenement. In the central portion of the tenement an outcrop of pegmatite was dipping at approximately 50 degrees to the northwest and in the

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24.25

17.66

93075

32338

700089

700089

7678698

7678698

22PLR22

22PLR23

Sample ID

Easting

Northing

AG (ppm)

AR25

Pb (ppm)

FP6

A S X A N N O U N C E M E N T

25 March 2022

northern portion of the tenement, narrow (approx. 50cm thick) north-south trending pegmatite vein swarms are intruded into granite and greenstone lithologies.

A summary of the stream sediment sample results is tabled below:

Table 1: Stream sediment samples from the Pilgangoora orientation/reconnaissance (2022)

only																	Fine Fraction													Coarse Fraction
								Elements			Au			Au			Au_rpt1			Li			Cs			Ta			Nb			Au			Li			Cs			Ta			Nb
								Units			ppb			ppb			ppm			ppm			ppm			ppm			ppm			ppb			ppm			ppm			ppm			ppm
								Detection			0.01			1			0.001			1			0.1			0.1			1			1			1			0.1			0.1			1
								Method			CN1000			AR25			AR25			FP6			FP6			FP6			FP6			AR25			FP6			FP6			FP6			FP6
	Sample			Easting			Northing
		No.
	22PLST	700954		7677068		545.93		1					289			9		407.5		298			X	191		9.6		22.8		12
		1
use	22PLST	701671		7679514		73.6		3					63			5.5		51.4		168		13		71		6.7		31.7		84
	2
	22PLST	700420		7678704		497.41		224					55			8.1		83.6		297			X	29		8.3		18.5		84
		3
	22PLST	699775		7680574		0.95		2					41			5.5		13.8		54			X	46		6.4		11.8		42
		4
	22PLST	700559		7678259		1002.02		478					68			7.4		595.5		1562		3		49		7.4		1768.4		4456
		5
	22PLST	700559		7678259		233.99		>2000		11.339		59			7.3		610.1		1839		2		56		7.5		977.7		2671
		6
	Notes:

1. "X" denotes the value was below detection.

personalTable 2: Rock chip samples from the Pilgangoora orientation/reconnaissance (2022)

The limited stream sediment sampling programme has revealed that anomalous Li, Cs and Ta is present within the tenement even though the limited rock sampling programme has not identified enriched LCT pegmatites thus far.

Stream sediment sample 22PLST 1 located in the southern portion of the tenement reported 289ppm Li and 407.5ppm Ta in the fine fraction. At this sample location, no pegmatites have been reported and none were observed in the vicinity of the sample site. This sample also returned significant gold anomalism with 546ppb

ForAu (CN1).

Stream sediment sample 22PLST 5 was collected to test the stream catchment for gold and lithium/tantalum anomalism. Approximately 80 metres upstream the gold occurrence "Birthday Gift" is located and extensive pegmatite outcrop is exposed on either side of the drainage. This sample returned 68ppm Li (duplicate 59ppm Li) in the fine fraction and 1768ppm Ta (duplicate 978ppm Ta) in the coarse fraction samples. Three rock samples (22PLR 24 to 26) collected on the west side of the stream sample site 22PLST 5 failed to return elevated LCT anomalism suggesting that the source of the LCT stream anomalism has yet to be sampled.

The gold reported in stream sediment sample 22PLST 5 was highly anomalous with 1002ppb Au (CN1) repeated 234ppb Au (CN1-duplicate) in the fine fraction as well as 11.3ppm Au (FA) in the fine fraction. Panning returned 49 gold pieces.

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A S X A N N O U N C E M E N T

25 March 2022

Stream sediment sample 22PLST 2 designed to test extensive pegmatitic material in the catchment failed onlyto return significantly elevated Li/Cs/Ta anomalism although this sample returned 74ppb Au (CN1) and over

40 pieces of gold in the pan.

Subject to grant of the tenement, the following exploration programme is proposed:

Reconnaissance stream sediment trap site sampling across the entire tenement to assess for Li/Cs/Ta anomalism. As the mineralogical characteristics of lithium and tantalum minerals are unique and contrast, it may be possible to use any tantalum anomalism as a pathfinder to identify catchments with lithium rich pegmatites. Subject to the geochemical response from the reconnaissance stream sediment sampling, it may also be possible to assess tenement scale zoning pattern of the rare element suite via catchment

useanalysis in order to vector locations within the project area where highly fractionated pegmatites may be located.

Reconnaissance stream sediment sampling across the entire tenement to assess the gold prospectivity. There are several historical gold occurrences and recent limited stream sediment sampling has highlighted the gold prospectivity within the tenement; and

Detailed stream sediment, soil and rock sampling in the vicinity of the lead occurrence where visible galena was observed and recent rock sampling returned significant lead and silver anomalism.

personalFor further information, please contact: George Merhi

Technical Director

Tel: [phone]

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is compiled by George Merhi, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Merhi is a Technical Director of Peregrine Gold Limited and a holder of shares, options and performance shares in Peregrine Gold Limited. Mr Merhi has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Merhi consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

ForStatements regarding plans with respect to Peregrine's projects are forward-looking statements. There can be no assurance that the Company's plans for development of its projects will proceed as currently expected. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

This ASX Announcement has been approved in accordance with the Company's published continuous disclosure policy and authorised for release by the Company's Technical Director, George Merhi.

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			A S X A N N O U N C E M E N T
				25 March 2022
	Appendix 1: JORC Code, 2012 Edition - Table 1
	Section 1 Sampling Techniques and Data
	(Criteria in this section apply to all succeeding sections.)
	Criteria	JORC Code explanation	Commentary
only	Sampling	Nature and quality of sampling (eg cut channels, random	• Stream sediment and rock chip samples were
techniques	chips, or specific specialised industry standard		collected to follow-up reported occurrences of
	measurement tools appropriate to the minerals under		pegmatites and an historic lead occurrence in the
	investigation, such as down hole gamma sondes, or		DMIRS database.
	handheld XRF instruments, etc). These examples should	• Stream sediment samples weighing 7-10kg were
	not be taken as limiting the broad meaning of sampling.		collected and sieved to a -5mm fraction in the field.
use		Include reference to measures taken to ensure sample	• Streams sediment samples were dried and sieved to
		two 3kg samples of -5mm+2mm and -2mm fractions.
	representivity and the appropriate calibration of any
		A 5kg subsample of the fine fraction material was
	measurement tools or systems used.
			retained for panning.
		Aspects of the determination of mineralisation that are	• Rock chip samples were collected in the field from
		Material to the Public Report.		outcrop.
		In cases where 'industry standard' work has been done
		this would be relatively simple (eg 'reverse circulation
		drilling was used to obtain 1 m samples from which 3 kg
		was pulverised to produce a 30 g charge for fire assay').
		In other cases more explanation may be required, such
personal		as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types
	Whether logging is qualitative or quantitative in nature.
		(eg submarine nodules) may warrant disclosure of
		detailed information.
	Drilling	Drill type (eg core, reverse circulation, open-hole	•	No drilling completed.
	techniques	hammer, rotary air blast, auger, Bangka, sonic, etc) and
		details (eg core diameter, triple or standard tube, depth of
		diamond tails, face-sampling bit or other type, whether
		core is oriented and if so, by what method, etc).
	Drill sample	Method of recording and assessing core and chip sample	•	No drilling completed.
	recovery	recoveries and results assessed.
		Measures taken to maximise sample recovery and ensure
		representative nature of the samples.
		Whether a relationship exists between sample recovery
		and grade and whether sample bias may have occurred
		due to preferential loss/gain of fine/coarse material.
	Logging	Whether core and chip samples have been geologically	•	No drilling completed.
		and geotechnically logged to a level of detail to support	• Location of stream sediment and rock chip sample
		appropriate Mineral Resource estimation, mining studies		recorded at each site.
		and metallurgical studies.
For		Core (or costean, channel, etc) photography.
	The total length and percentage of the relevant
	intersections logged.
	Sub-	If core, whether cut or sawn and whether quarter, half or	• Duplicate samples were collected in the field and
	sampling	all core taken.		submitted for analysis in addition to blanks,
	techniques	If non-core, whether riffled, tube sampled, rotary split, etc	• The samples were prepared for analysis at Intertek
	and sample		Genalysis, Perth, with samples typically pulverised to
	and whether sampled wet or dry.
	preparation		at least 8% to 75µm or better.
		For all sample types, the nature, quality and
		appropriateness of the sample preparation technique.
		Quality control procedures adopted for all sub-sampling
		stages to maximise representivity of samples.
		Measures taken to ensure that the sampling is
		representative of the in situ material collected, including
		for instance results for field duplicate/second-half
		sampling.
		Whether sample sizes are appropriate to the grain size of

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