Mr. Cameron McCall reports

INFINITY MINING INTERSECTS HIGH GRADE LITHIUM AT TAMBOURAH SOUTH

Macarthur Minerals Ltd. has noted that Infinity Mining Ltd. has intersected high-grade lithium during its recent reverse circulation (RC) drilling program at the Tambourah South project in Western Australia. The highlights from this recent drilling campaign are:

Highlights:

• Shallow pegmatites have been recorded in all RC holes completed with up to 25-metre thickness below the surface;
• Multiple stacked pegmatites have a combined strike length of over 1.5 kilometres; these areas remain untested by drilling.

Significant drill assays include:

• Drill hole TM23RC022:
  • One m at 1.45 per cent Li2O (lithium oxide), 1,285 parts per million Rb (rubidium), 136 ppm Cs (cesium) and 65 ppm Ta (tantalum) from 66 m;
  • Seven m at 79 ppm Ta from 61 m.
• Drill hole TM23RC023:
  • Eight m at 118 ppm Ta from 70 m.
• Drill hole TM23RC025:
  • Five m at 84 ppm Ta from zero m;
  • One m at 0.88 per cent Li2O and 1,210 ppm Rb from 15 m;
  • Three m at 81 ppm Ta from 21 m;
  • One m at 0.91 per cent Li2O and 1,050 ppm Rb from 22 m.
• Drill hole TM23RC026:
  • Three m at 0.99 per cent Li2O and 1,250 ppm Rb, 100 ppm Cs and 110 ppm Ta from 19 m, including one m at 1.41 per cent Li2O and 1,045 ppm Rb and 81 ppm Ta from 20 m;
  • 22 m at 91 ppm Ta from 17 m;
  • Two m at 1.38 per cent Li2O and 1,258 ppm Rb, 125 ppm Cs and 105 ppm Ta from 30 m, including one m at 2.10 per cent Li2O, 1,060 ppm Rb, 119 ppm Cs and 80 ppm Ta from 31 m.

Cameron McCall, executive chairman and chief executive officer of Macarthur Minerals, commented:

"Infinity should be congratulated on the identification and ongoing development of a mineralized lithium-cesium-tantalum (LCT) system at Tambourah South. Located in the East Pilbara region of Western Australia, Tambourah South is situated among major lithium producers such as Pilbara Minerals' Pilgangoora operations, Mineral Resources' Wodgina project, Global Lithium's Archer project and emerging exploration ventures like Wildcat Resources' Tabba Tabba lithium project. Macarthur is eagerly anticipating the results of the ambient noise tomography (ANT) survey imaging undertaken in March/April, 2023, at Tambourah South to see whether the mineralized zone thickens at depth. If this system proves to extend to depth below the 1,500-metre surface expression, this may lead to a significant and promising new discovery for Infinity."

Macarthur Minerals holding in Infinity

Macarthur holds 21.65 per cent of the issued equity and is the largest shareholder in Infinity, which is an Australian mining exploration company focused primarily on renewable rare earth minerals in Western Australia.

Macarthur's spinoff to Infinity Mining of its non-core renewable energy assets in 2021 has allowed the company to commit its full focus to its flagship Lake Giles iron project in Western Australia.

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 Fe and inferred resources of 26 million tonnes at 45.4 per cent 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 184.7 Mt. Macarthur also holds a 24-square-kilometre tenement area of 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 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.

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