Mr. Cameron McCall reports

CLARIFICATION ANNOUNCEMENT

Macarthur Minerals Ltd. has submitted the following clarification announcement in relation to the Six Degrees Investor Relations (SDIR) and Small Business Genies engagement.

The engagement terms with SDIR and Small Business Genies are:

• Commencing from June 20, 2023;
• For a period of a six-month term, thereafter can be terminated on a one-month notice;
• A fee of $6,500 (Australian) per month payable from the company's operational budget allocated for marketing services.

About Macarthur Minerals Ltd.

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 per cent iron and inferred resources of 26 million tonnes at 45.4 per cent iron, 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 million tonnes and probable ore reserves of 184.7 million tones. 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, United States. The mineral resource and ore reserve estimates presented herein have previously been released to the Australian Securities Exchange on March 21, 2022, including supporting Joint Ore Reserves Committee reporting tables. Unless explicitly stated, no new information is contained in accordance with the Table 1 checklist in the JORC Code. The company confirms that it is not aware of any new information or data that materially affect the information included in the relevant market announcements and, in the case of mineral resources and mineral reserves, that all assumptions and technical limits underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

We seek Safe Harbor.