• 100% owned Flemington Project to proceed to Pre-Feasibility Study
• $3 million strategic investment by Tribeca Investment Partners
• Advancing Flemington to further de-risk the project and progress approvals

Australian Mines Limited ('Australian Mines' or 'the Company') is pleased to advise that, following completion of the Flemington Scandium Project Scoping Study, the Company will fast-track the Project to a Pre-Feasibility Study ('PFS'). The Company has also received firm commitments for a strategic placement led by Tribeca Investment Partners. The $3 million placement, at a 16% premium to the 30-day VWAP, will underpin the advancement of the Flemington Project, including further de-risking through mining, processing and infrastructure design, alongside capital and operating cost refinement. The PFS will also progress the technical, environmental and supporting studies required to obtain key permits, licences and approvals necessary to progress the Project towards a future Feasibility Study. The Flemington Scandium project already embodies simple, low-risk mining and processing, with the Scoping Study demonstrating robust project economics and the Project's potential to become a globally significant primary scandium operation. Following the placement, the Company expects to have over $6 million in cash to fund the PFS and other key initiatives.

The PFS is expected to further de-risk the Flemington Scandium Project through advancement of mining, processing and infrastructure design, together with refinement of capital and operating cost estimates. The PFS will also progress the technical, environmental and supporting studies required to position the Company to obtain the key permits, licences and approvals necessary to progress the Project towards a future Feasibility Study.