Mr. Cameron McCall reports

MACARTHUR APPOINTS BUSINESS DEVELOPMENT AND MARKETING CONSULTANT

Macarthur Minerals Ltd. has appointed Karlsson Group Ltd. to provide certain business development and marketing services to the company for a period of six months as it progresses its Lakes Giles project in Western Australia.

Karlsson who operate as Scandinavian Alliance has agreed to provide services to the Company on an incentivised basis through the issuance of 800,000 shares of the Company, with each share having a deemed value equal to the market price as of the date of this news release. The shares will be payable over four instalments, subject to agreed performance criteria. The first instalment of 200,000 shares is due on 19 June 2023.

Karlsson have agreed that any shares issued will be issued in Australia and the Company will apply for quotation on ASX.

The Company looks forward to working with Karlsson.

Cameron McCall, Chairman of Macarthur Minerals commented:

"We are delighted to enlist the support of Karlsson in facilitating the introduction of the Macarthur story to European investors. "

Released On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman and CEO

Company profile

Macarthur is an iron ore development, and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). The Lake Giles Iron Project also contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves of 184.7Mt. Macarthur also holds 24 square kilometre tenement area iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. The Mineral Resource and Ore Reserve estimates presented herein have previously been released to the ASX on March 21, 2022, including supporting JORC reporting tables. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of Mineral Resources and Mineral Reserves that all assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

We seek Safe Harbor.