Augustus Minerals (ASX: AUG; 'Augustus' or the 'Company') is pleased to announce the results of rock chips collected recently at the 3,600 sq km Ti-Tree Project in the Gascoyne Region.

Andrew Ford, GM Exploration

'These rock chips continue to highlight the untapped potential of the Ti-Tree Project to host significant precious and base metal mineralisation. Mapping and sampling continue over both existing prospects and in virgin areas with exciting results. Meanwhile, preparations are underway for the diamond drilling to test the deeper potential at Minnie Springs Mo-Cu porphyry. Dilling is planned for Q3 2024 with assistance from the co funded EIS drilling grant as announced 2nd of May 2024'.

Rock Chip sampling

The Augustus Minerals geology team continues to cover the ground at Ti-Tree, with 231 samples collected in June. Assays have now been returned for these samples with encouraging results from existing prospects, as well as the definition of new prospects which have had no previously documented exploration.

South Snowy

South Snowy is a large area centred 8km NE of Minnie Springs Cu-Mo deposit and covers an area of structural complexity related to the major Minga Bar Fault System which runs from southeast to northwest through granitic rocks of the Moorarie Supersuite. The area is also cut by late NE trending dolerite dykes and quartz veins. Thirty-five samples have been collected in this area, with several samples returning elevated gold, silver and copper. A major NW trending fault defined by shearing, quartz veining and iron oxides after sulphide returned elevated gold in 5 samples, with a maximum of 3.26g/t Au in sample REE0012. Sample WA001026, from northwest trending veining adjacent to a dolerite located 5km north of the major fault, returned high grade silver (129g/t Ag) and copper (32%) as well as anomalous gold (0.38g/t Au). Nearby sample WA001028, also related to veining proximal to a dolerite dyke assayed 5.0g/t Ag and 1.14% Cu. Pathfinder elements include Bi and Te.

Minnie SE

Minnie SE is lies approximately 2km east-southeast of the main molybdenum mineralised zone at Minnie Springs. A molybdenum Exploration Target has previously been defined by SRK Consulting for the historic drilling area at Minnie Springs comprised of between 12 - 84Mt at 510-800ppm Mo1 . Clarifying Statement: The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The new Minnie SE prospect is centred between splays of the Minga Bar Fault within highly sheared granite. Ten samples of gossanous quartz veins and highly altered granite were sampled in this area, with 3 samples returning high levels of Mo (537ppm, 345ppm 182ppm from samples REE0071, 72 and 73 respectively) and lesser Pb and Ag. These three samples are from an area of highly altered granite. Samples in this area also showed elevated Bi, Te, Mn, and W; such elemental associations are often indicative of more distal parts of porphyry alteration system, or may reflect a new, as yet unrecognised porphyry centre in the vicinity. Minnie SE, and further southeast along the trend of the Minga Bar fault are included in the ongoing soil sampling program.

Peak Bore

The Peak Bore area is located on a major flexure of the regionally significant Ti-Tree Shear Zone, and previous Ultrafine soil sampling by Augustus identified elevated levels of lithium pathfinders (Li, Cs, Rb) as well as elevated rare earths1 . Fifty-six rock chips were collected in this area with a focus on pegmatites, potassic altered granites (possibly related to fenitisation adjacent to carbonatite intrusives) and gossanous quartz veins. The recent sampling program collected 56 rock chips covering 13km of strike of the Ti-Tree Shear. The Ultrafine soil sampling program1 returned elevated lithium and rubidium within Durlacher Supersuite granites which occur within and south of the Ti-Tree Shear and show a distinct radiometric response of elevated potassium-thorium and uranium. Assays of pegmatite rock chips returned a maximum of 52ppm and 396ppm for lithium and rubidium respectively. Two samples returned anomalous rare earth assays. REE0045 assayed 1,591ppm TREO from a limonitic sheared quartz vein and REE0056, a mica rich, tourmaline bearing pegmatite assayed 1,433ppm TREO. The area still shows potential for pegmatite hosted lithium and REE's and additional rock chips will be collected from this area in the future if new pegmatite units are recognised during ongoing prospecting activities

Competent Person

The information in this announcement is based on and fairly represents information compiled by Mr Andrew Ford. Mr Ford is employed as the General Manager Exploration and is a member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. He consents to the inclusion in this announcement of the matters based on information in the form and context in which they appear.

Forward looking statements

This announcement may contain certain forward-looking statements and projections. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. Forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. Augustus Minerals Limited does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this report has been prepared in good faith, neither Augustus Minerals Limited or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement.

Contact:

Tel: +61 6458 4200

Email: admin@augustusminerals.com.au

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