Mr. Cameron McCall reports

MACARTHUR MINERALS REFRESHES SHARE BASED COMPENSATION

Pursuant to Macarthur Minerals Ltd.'s share compensation plans, the board of directors of the company has granted an aggregate of 2.8 million restricted share units to acquire common shares of the company in accordance with the plans, of which 2.5 million were granted to directors of the company, and the remaining RSUs were awarded to employees and a consultant. The RSUs vest in the event that the closing share price of the company's shares on the Australian Securities Exchange is greater than 20 Australian cents for 20 consecutive trading days and expiring three years from the date of issue.

The RSUs are being issued under the terms of the company's share compensation plans which were approved by shareholders at the company's annual general meeting on Aug. 29, 2023.

In addition, the company advises that one million RSUs expired in December, 2023, with an additional 1.45 million RSUs expiring in January, 2024.

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 Mt. 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 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 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.

We seek Safe Harbor.