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Morrissey Hill Phase 2 Drilling Results

Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce assay results from the Company’s Phase 2 drill program at its 100% owned Morrissey Hill Lithium project in the Gascoyne Mineral Field W.A (Figure 2).

Highlights:Phase 2 drilling comprised 58 reverse circulation (RC) holes for 5282m.Drilling completed across the Bonzer, Morrissey Hill, Peggy Sue, Shore Break and Sunset Boulevard prospect areas.Strong, coherent lithium and lithium-caesium-tantalum (LCT) pathfinder anomalism and low- medium grade lithium mineralisation encountered at each prospect area, broadening overall potential of the Morrissey Hill Project.Significant intercepts include:23MHRC0062: 16m @ 0.15% Li2O from surface including 2m @ 0.22% Li2O from 8m (Bonzer)23MHRC019: 40m @ 0.09% Li2O from 10m downhole depth including 10m @ 0.12% Li2O from 40m and 6m @ 0.15% Li2O from 56m (Morrissey Hill)23MHD047: 20m @ 0.08% Li2O from 64m to EOH (Peggy Sue)23MHRC072: 14m @ 0.08% Li2O from 16m (Shore Break)Multiple high priority targets identified by consulting geochemist, Sugden Geoscience, are awaiting heritage clearance and yet to be tested.Heritage approvals at Morrissey Hill and Wabli Creek (niobium) being actively progressed.

Commenting on the Phase 2 results, CEO Jeremy Bower said:

“Reach is still at an early stage in progressing its understanding of the Morrissey Hill Project, having commenced systematic exploration less than 12 months ago. As with Phase 1, this latest batch of assays demonstrate there is a broader zone of mineralisation present at Morrissey Hill. Each of the main prospects tested in the Phase 2 program returned anomalous lithium values, confirming we are in a fertile, highly fractionated lithium-bearing system.

“Our short-term goal is clear, we need to locate high grade mineralisation. The fact that many of our highest priority litho-geochemical targets and most of the Leake Springs Metamorphic package, which runs through our tenements and hosts Delta Lithium’s nearby Malinda deposit, are yet to be tested means our priority in the short term is to successfully obtain heritage approvals to allow drilling to commence at these locations. We are eagerly looking forward to updating shareholders with further plans for the 2024 field season.”

The Phase 2 drill program commenced soon after the completion of the maiden program at Morrissey Hill and comprised 58 RC holes for a total of approximately 5,282m (23MHRC0016-73). Refer to Annexure 1 below for summary of drillhole orientation data.

The drilling was designed to test the plunge of mineralisation at the Bonzer prospect, which was the focus of the Phase 1 drilling program, and to test other targets in areas where heritage clearance had been received. Heritage clearance on a large number of priority targets remains outstanding which restricted Phase 2 drilling to certain areas. Completing those heritage approvals remains a priority for the Company at present.

Consistent with the maiden drilling at the Bonzer prospect, Phase 2 targets were initially developed through a review of regional and local geology, local mineral systems, relevant research work, historical reports and all available geochemical, geophysical and remote sensed datasets. Final selection of drill targets for the program were refined through a combination of soil, rock chip sampling and mapping.

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