Megado Minerals provided an update on activities associated with its North Fork Rare Earths Project, located in Idaho, USA. Rock sample results have been received from reconnaissance sampling at Dutchler Mountain and Silver King Prospect. All elements assayed are included on the US Government's 2022 List of Critical Minerals.

Samples from the newly discovered Dutchler Prospect, approximately 300m east of the Silver King Prospect, returned up to 2.41% TREO including 0.58% Nd-Pr. The extent of the outcropping mineralised vein network at Dutchler is not yet known, with further mapping and sampling activities in the coming months to better define its extent. The Silver King prospect is known to consist of two (2) dike/sills (North & South) of 210 and 170 meters in strike length which are exposed at the surface.

Historic channel sampling at Silver King returned elevated concentrations of TREO with the North and South vein returning assay grades of 10.3% and 5.8% TREO respectively. Historic exploration suggested that these 2 dikes/sills are related and may be the same vein offset by faulting. The relationship between these veins remains to be determined and will be clarified by Megado's future exploration work.

Exploration and sampling activities on the North Fork Project have been delayed by an extensive fire in the Salmon-Challis National Forest. The fire continues to hamper access to the project area. The company is liaising with the relevant authorities to obtain access as soon as possible.

The North Fork claims are located approximately 40km (25 miles) northwest of Salmon, Idaho and consist of 499 unpatented/patented BLM mining lode claims. The North Fork Project has several prospect areas warranting further exploration. North Fork 499 claims (granted and in application) cover approximately 10,309 acres (42km2) with outcropping, high- grade, rare-earth element (REE) mineralised rock. North Fork contains multiple carbonatite-hosted, high-grade, REE mineralised veins that have been observed at surface across numerous prospects over 10km along strike.

Previous exploration has returned exceptional grades in channel samples (see previous ASX release): Silver King Prospect: 2m @ 10.3% TREO incl. 1.2% CREO1; and 2m @ 5.8% TREO; and 1.52m @ 17.7% TREO. Jackpot Prospect: 0.76m @ 21.5% TREO; and 0.76m @ 14.5% TREO.

Monazite Queen Prospect: 0.91m @ 21% TREO; and 3m @ 2.16% TREO.