Scorpion Minerals : Pharos Lithium Corridor Extended to 50km

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ASX ANNOUNCEMENT

2nd March 2022

Pharos Lithium Corridor Extended to 50km

• Ongoing technical review highlights strong lithium potential of Pharos and extends zone of pegmatite intrusion to 50km strike
• Significant Li, Ta/Nb, and Sn soil / rock chip anomalies identified adjacent to "Jacksons Reward" along an open 8km long corridor
• Pegmatites mapped to date remain untested by drilling
• Spodumene identified in outcrop at Jacksons Reward Prospect
• Key priority targets to be assessed and RC drill-tested
• Additional near-term work activities include geological mapping, soil/rock chip geochemistry and RC drilling

Scorpion Minerals Limited (ASX: SCN) ("the Company" or "SCN") is pleased to report that an ongoing technical data review has extended the strike zone of significant rare metal and Lithium, Caesium, Tantalum ("LCT") pegmatite potential within the Company's Pharos Project to 50km.

The Pharos Project is 100% owned by Scorpion and covers an area of 1,544km2 located 60km northwest of Cue in the Murchison Mineral Field, Western Australia (Figure 6). The interpreted LCT Pegmatite Emplacement Zone ('PEZ') has now been extended east of the recently acquired Poona Prospect (see ASX release dated 7th February 2022) into the Jacksons Reward Prospect area within Pharos (refer Figure 1).

Company Comment - Director Bronwyn Barnes

"We are very encouraged that our ongoing review of historic exploration has highlighted significant LCT pegmatite potential in the central part of the Pharos Project area, with the detailed data compilation work extending the known strike zone form 25km to 50km.

As we continue to build our understanding of this highly prospective and underexplored region the doubling of the LCT pegmatite intrusion at Pharos clearly highlights the underlying lithium potential of the project area and we look forward to updating the market with plans for exploration activity to commence shortly."

Zone of LCT pegmatite emplacement extended to 50 strike kilometres

Historic gold exploration programmes were conducted in the Jacksons Reward Prospect area by Australian Consolidated Minerals Ltd (1982) and CRA Exploration Ltd (1988) targeting a north-trending splay off the Big Bell structure. These programmes were limited, only covering discreet areas, and included soil, loam and rock chip geochemistry (Figures 2 to 5).

Scorpion's ongoing technical review of previous work completed at Pharos has focused on LCT pegmatite potential and has now extended the strike to a 50km corridor of inferred emplacement, with the PEZ containing mostly greenstone-hosted pegmatite intrusions adjacent to a contact with a Rb+Cs-enriched altered late granite. This area has

seen previous historic exploration and small-scale production activity for Sn, Ta, W, Beryl and Emeralds (Poona and Aga Khan - Figures 1 and 2), all of which are typically present in most significant rare metal provinces (e.g. Pilbara and Greenbushes, WA).

Historic Exploration Summary

onlyThe current technical review has highlighted significant LCT pegmatite potential in the central part of the Pharos

Project. It is worth noting that the balance of the project area has seen little or no exploration for pegmatite occurrences. Historic exploration was spasmodic/non-systematic and where present included stream sediment sampling, soil sampling, rock chip sampling and limited recent RC drilling (Figures 2 to 5).

The historic exploration chronology in the Jacksons Reward area is as follows:

1973	Pacminex Pty Ltd	Stream sediment sampling
use	Australian Consolidated Minerals	Geological Mapping
1982
1988	CRA Exploration Ltd	Geological mapping and loam sampling
1992	Newcrest Mining Ltd	Stream sediment sampling
2016 - 2020	Venus Metals Limited	Soil and rock chip sampling

Pacminex and Newcrest completed wide-spaced stream sediment sampling analysing for Sn, W and base metals

in the Jacksons Reward area, whilst CRA completed a 1km x 1km regional grid of wide-spaced loam sampling. The personaloam samples were tabled to remove clay, with the remnant heavy mineral concentrate (HMC) then assayed for suite of elements including rare metals (Table 2 and Figure 2, 4 and 5). A significant regional tantalum and

niobium anomaly was identified by this work, but never followed up.

Modern exploration activities resumed in 2016 when the project was acquired by Venus Metals Limited. Venus undertook some exploration targeting rare metal pegmatites including rock chip sampling (Figures 3, 4 and 5) with some spodumene occurrences noted in hand specimen descriptions

Venus also identified the Jackson's Reward Pegmatite from drainage sampling for tantalite and estimated the main zone at 1.3km length and 300m width, with beryl occurrences observed, and a swarm of smaller pegmatite dykes flanking the main zone. No further significant work was undertaken, and the zone remains undrilled. Geological mapping completed by ACM has extended the zone of mapped pegmatites to about 8km (Figures 3, 4 and 5)

A summary of relevant rare metal geochemistry for the Jacksons Reward area is displayed in Tables, 1 and 2, and highlighted in Figures 3,4,5 and 6. Venus Metals ASX releases 6 October 2016, 23 November 2016 and 11 October 2017; and eMetals ASX releases dated 11 February 2021, and 4 November 2021 provide further recent background to the work completed. The Company considers the entire pegmatite intrusive zone (refer Figures 1

Forand 2) a priority target that warrants considerable additional exploration focus.

The Pharos Project is considered highly prospective for LCT pegmatite mineralisation, and will require further systematic exploration to effectively evaluate the potential and extent of the entire interpreted PEZ. Significant targets relating to rock chip/soil anomalies remain to be followed up by RC drilling after relevant approvals are gained.

Planned Exploration and Next Steps

Follow completion of the relevant technical reviews, SCN has planned the following initial exploration activities:

• Field reconnaissance and mapping (previous explorers have completed some heritage clearances)
• Heritage surveying where not already completed
• Expanded mapping, soil and rock chip geochemical sampling programmes
• RC and diamond drilling on select priority targets

For additional background on Pharos Project information please refer to ASX releases:

25/06/2020	"Pharos Project Exploration Update"
09/07/2020	"High Grade Gold Rock Chips - Pharos Project"
only	"Drilling to Commence - Pharos Project"
13/08/2020
31/08/2020	"Commencement of Drilling - Pharos Project"
28/09/2020	"High Grade Gold Confirmed at Lantern - Pharos Project"
08/10/2020	"Phase 2 RC Drilling Commenced- Pharos Project"
02/11/2020	"Priority PGE Ni-Cu Targets - Pharos Tenement"
24/11/2020	'Further High-Grade Gold Results - Pharos Project"
08/02/2021	"Term Sheet - Iron Ore Rights at Pharos"
08/04 2021	"PGE-Ni-Cu Targets Identified at Pharos Project"
28/04/2021	"Fenix Iron Ore JV Update - Pharos"
use	"Pallas PGE-Ni-Cu Target - Pharos"
16/06/2021
23/06/2021	"Multiple Commodity Targets Identified at Pharos"
13/07/2021	"Fenix Iron Ore JV and Pallas PGE Target Exploration Update"
21/07/2021	"Iron Ore Targets Advanced and Drilling Expedited - Fenix JV"
12/08/2021	"RC Drilling Commences at Pharos Gold Targets"
23/08/2021	"Completion of Drilling at Pharos Gold Targets"
20/10/2021	"New Shallow High-Grade Gold Zone Confirmed at Cap Lamp"
06/12/2021	"Scorpion increase Murchison Footprint"
07/02/2022	"Scorpion Acquires Poona Project"
11/02/2022	"Poona Tech Review Highlights Multiple PGE-Ni-Cu & Au Targets"
14/02/2022	"Multiple Lithium Targets Identified at Pharos Project"
This announcement has been authorised by the board of directors of the Company.
	- ENDS -
Enquiries
Bronwyn Barnes	Sam Burns
personal		Six Degrees Investor Relations
Non-Executive Chairman
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Figure 1 - Poona and Jacksons Reward Prospect Areas and Targets

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Figure 2 - Sn Regional Geochemistry (Combined Soil, Rock and Stream) relative to interpreted zone of Pegmatite Emplacement

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