ARCADIA MINERALS LIMITED (AM7)

The suspension of trading in the securities of Arcadia Minerals Limited is expected to be lifted from the commencement of trading on Thursday, 9 May 2024 following the release by AM7 of an announcement regarding a capital raising.

The company has received firm commitments from sophisticated and professional investors to raise $500,000 via a chess depositary interests over shares (CDIs) placement of 8,333,333 CDIs at $0.06 per CDI. At-The-Market Facility Term Sheet entered into to provide standby equity of up to $2M.

The company requests that its securities remain suspended from quotation until the matter is addressed or until the market opens on Wednesday 8 May 2024, whichever is earlier. The request is in accordance with ASX Listing Rule 17.2, and the company requests the voluntary suspension pending the release of an announcement related to a capital raising and rights issue. The suspension will continue until trading commences on 8 May 2024 or the release of the announcement in relation to the capital raising and rights issue by the Company.

The securities of Arcadia Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AM7, pending the release of an announcement regarding a capital raising and rights issue.

The suspension of trading in the securities of Arcadia Minerals Limited will be lifted immediately following the release by AM7 of an announcement regarding a capital raising.

The company releases a notice of proposed issue of securities.

Arcadia has received firm commitments from sophisticated and professional investors to raise $1,500,000 via a chess depositary interests over shares placement of 15M CDIs at $0.10 per CDI. Subject to shareholder approval, existing major shareholder Raubex Group Limited (Raubex) has committed to subscribe for $431,250 under the placement which will see it maintain its 28.75% interest in the Company o Funds will allow the Company to: Undertake drilling at the Bitterwasser lithium brine project; Further metallurgical work on the Bitterwasser lithium clays, including completion of a preliminary economic assessment; Complete a mapping and sampling program across the ~200 known pegmatites at the Swanson project; and Working capital.

The securities of Arcadia Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AM7, pending the release of an announcement in relation to a capital raising.

The suspension of trading in the securities of Arcadia Minerals Limited will be lifted immediately, following the release by AM7 of an announcement regarding a significant geophysical anomaly at the Bitterwasser Lithium project.

Significant geophysical anomalies indicating highly conductive lithium-rich aqueous brine pools identified from initial renditions of raw (uninterpreted) geophysical data at the Bitterwasser Lithium Project. Most prominent geophysical feature measures 42km in length by 9km in width. Similar geophysical anomalies are also present under the Eden Pan, where a Lithium in Clay Mineral Resource has been defined1 , and the Madube Pan, where drilling intersected lithological units similar to the Eden Lithium Pan. Initial observations of the geophysical data confirm the existence of a closed subsurface basin and, consequently, reinforces the existence of first order geological requirements for the concentration of brines containing Lithium. Historical agricultural boreholes are coincident with the edge of the most prominent anomaly and contained highly saline results of more than 6,000mg/L total dissolved solids. Next steps include interpretation and modelling by Arcadia's consulting geophysicists to identify drill targets.

The securities of Arcadia Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AM7, pending the release of an announcement regarding significant geophysical anomaly at the Bitterwasser Lithium project.

The suspension of trading in the securities of Arcadia Minerals Limited will be lifted immediately, following the release by AM7 of its announcements regarding a mineral resource estimate and test work results.

Bench-scale metallurgical test-work completed from 5.45 tonne sample using industry standard gravity separation equipment. 76% spiral and 90% multi gravity separator recoveries were achieved. Main tantalum bearing minerals are Tantalite and Microlite. Between 70% - 80% of tantalum minerals are liberated at 300µm. Initial recovery results indicate the prospect of producing a Ta2O5 concentrate of >20% Ta2O5 at an overall recovery of c. 68%. 60 tonne bulk sample taken, crushed, and transported for commercial size plant test-work to simulate flowsheet, optimise stage recoveries and to provide results for final plant design.

Maiden JORC Resource of 1,2Mt (Indicated and Inferred) at an average grade of 412ppm Ta2O5, 76ppm Nb2O5 and 0.29% Li2O declared over 4 outcropping LCT pegmatites at Swanson Project. Resource estimated over 4 of 15 known LCT pegmatitesthat lie within the Swanson Project area of 83ha out of a total 1010ha of areas that are known to contain pegmatites in the license area. 1,100m drilling program ongoing over 11 of the 15 LCT pegmatites at the Swanson Project, with a third drill rig planned to commence drilling shortly. Resource update expected in Q1/2022.

The securities of Arcadia Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AM7, pending the release of an announcement regarding a mineral resource estimate and test work results.

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