Mr. Cameron McCall reports

RENOUNCEABLE RIGHTS ISSUE CLOSES

Macarthur Minerals Ltd.'s pro rata renounceable rights issue to eligible shareholders concluded on Friday, March 22, 2024, raising $580,760 (before costs).

Macarthur notes that the issue was not offered in Canada, where majority of the company's shareholders reside.

Under the offer, Macarthur will issue 5,807,600 new fully paid ordinary shares and 2,903,788 new options (subject to rounding) exercisable at 25 Australian cents and expiring on Sept. 27, 2025. The options will be listed on the Australian Securities Exchange with the code MIOO. Additionally, Mahe Capital Pty. Ltd. will receive 580,000 options under the same terms pursuant to the lead manager mandate.

It is noted that the company's directors and management participated in their entitlements, demonstrating their strong commitment and confidence in the company's project and its future.

The directors, in conjunction with the lead manager, reserve the right to place the shortfall at their discretion within three months of the closing date, as described in the prospectus.

The issuance of the new securities is scheduled for Thursday, March 28, 2024, and trading of these securities on the ASX will commence on a normal settlement basis from Tuesday, April 2, 2024.

Cameron McCall, executive chairman, commented: "I would like to extend my sincere appreciation to all shareholders who participated in this rights issue and extend a warm welcome to new shareholders joining the MIO's register. We deeply value your support for this initiative. Our team remains committed to securing strategic partnership(s) for the Lake Giles iron project."

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 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 ASX on March 21, 2022, including supporting JORC (Joint Ore Reserves Committee) 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.