• Drilling intersected near surface consistent intervals of saprolite and clay, enriched in TREO over vertical intervals up to 20m
• 69% of the assays returned TREO values greater than 400ppm
• Depletion of Cerium (Ce) relative to other REEs indicates REE enrichment is likely related to Ionic Clay Adsorption

Australian Mines Limited has completed an auger drilling program at its Jequie Rare Earth Element (REE) Project located in the state of Bahia, Brazil. The program comprised seventy-two shallow auger drill holes totaling 500.6m over two priority REE-in-soil targets. Highlights from the drilling include:Jequie South:- The drilling intersected near surface consistent intervals of saprolite and clay, enriched in TREO over vertical intervals up to 20m.- Drill hole DAME-FT-14 returned 15.0 m @ 1720 ppm TREO, including 3.0 m @ 3055 ppm TREO, and hole DAME-FT-12 returned 2.0 m @ 1842 ppm TREO.- 69% of the assays returned TREO values greater than 400ppm.- Analysis of the drill hole assays shows a depletion of Cerium (Ce) relative to the other REE, indicating the REE enrichment is likely related to Ionic Clay Adsorption.Jequie North:- The auger drilling over the Jequie North target intersected anomalous intervals of REE mineralization over a wide area, with the best intersection of 9.0 m @ 1028 ppm TREO (hole AMSA-FT-20).- 55% of the assays returned TREO values greater than 400ppm.Going forward, Australian Mines intends to complete additional exploration programs at Jequie, which may comprise geological mapping, geochemical sampling, and auger drilling. Metallurgical test work may also be completed to gain a better understanding of the exploration potential.

Australian Mines plans to complete additional exploration programs at Jequie, which may include geological mapping, geochemical sampling, auger drilling, and metallurgical test work to further evaluate the project's exploration potential.