Mr. Cameron McCall reports

INFINITY MINING STRATEGY UPDATE

Macarthur Minerals Ltd. is highlighting the recent announcement from its spinoff company, Infinity Mining Ltd., outlining key strategic developments. Infinity is actively establishing itself as a leading explorer for lithium and other battery metals in Western Australia.

Focused on its expansive 836-kilometre Superscript 2 tenement package within the globally recognized Pilbara lithium province of Western Australia, Infinity is demonstrating substantial progress in identifying areas prospective for lithium and rare earth elements.

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

"I am pleased to share exciting developments from our spinoff company, Infinity, in which Macarthur holds a significant stake. Infinity is making rapid strides in becoming a prominent lithium explorer, with a primary focus on its extensive tenements situated in the globally renowned Pilbara lithium province. We look forward to witnessing Infinity's continued success and contributing to the shared prosperity of our shareholders."

Macarthur Minerals holding in Infinity

Macarthur holds 21.46 per cent of the issued equity and is the largest shareholder of Infinity, which is an Australian mining exploration company focused primarily on renewable rare earth elements 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 million tonnes and probable ore reserves of 184.7 million tonnes. 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. 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 parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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