West Cobar Metals Limited provided an update in regards to executive management of the Company. Matt Szwedzicki, a founding member of the Board, has been appointed the Managing Director (the key terms of his appointment are noted in Appendix 1) of West Cobar taking over management duties from David Pascoe effective immediately. Mr. Szwedzicki holds Bachelor of Engineering and Bachelor of Commerce degrees from the University of Western Australia and has over 22 years' corporate and commercial experience.

Mr. Szwedzicki co-founded Spark New Energies Limited in 2017 and prior to that held various senior commercial roles in the resources industry. Chief Executive Officer David Pascoe will change role to Head of Exploration and Technical Services reporting to Mr. Szwedzicki, effective immediately. The new role will allow Mr. Pascoe to focus on the technical work required to advance West Cobar's portfolio of high- quality rare earth, lithium and copper assets in Australia and the USA.

Mr. Pascoe is a qualified geologist with more than 30 years' international and Australian experience. He received a BSC (Hons) and MSc, in Mining Geology and Exploration Geology, from Imperial College, London. He has been involved in numerous discoveries throughout his career including Magellan/Paroo Station (lead, WA), Tocantinzinho (gold, Brazil) and Kerimenge (gold, PNG).

Mr. Kevin Das, who has been an Executive Director since March 2022, will continue to support the Company as a consultant and will revert to a Non-Executive Director position.