ACDC Metals Limited announced that the planned aircore drilling program across the Company's heavy mineral sand (HMS) and rare earth element (REE) projects in western Victoria, Australia is well progressed, with discovery drilling at Goschen Central now complete. Goschen Central Drilling: At Goschen Central, Wallis Drilling Pty Ltd. completed 21 aircore holes (876 metres) in December 2022, and an additional 77 holes (4,038 metres) in February 2023. The program is designed to confirm and infill prior historic drilling, with the aim of enabling calculation of JORC compliant resources during the second half of 2023.

Drilling was undertaken on roadside verges at nominally 800m spacing. When high grades were visually logged a tighter spacing was implemented at 100m. See Figure 1 for drill plan.

Samples are currently being prepared for transport to Diamantina Laboratories Pty Ltd. in Perth, with assay results expected in 4-6 weeks. The completed program provides representative coverage across the tenements and will provide validation to the historical drilling completed by CRAE and Iluka. Forward Looking Plan; The Company intends to evaluate all its properties as part of its project development prioritisation.

Having completed the discovery drilling of the Goschen Central program, drill contractors and ACDC staff will next mobilise to the Watchem HMS project. The Watchem drill program will consist of approximately 100 aircore holes on roadsides, anticipated to take three weeks. Drilling is then expected to move to Douglas to provide data for a similar level assessment.

Pending the assay results of Discovery drilling programs, the rig is expected to return to complete Goshen Central resource and metallurgical drilling, targeting larger scale samples for concentrate piloting at Mineral Technologies. Snowden Optiro have been engaged to enable ACDC to begin preparations for JORC resource estimation and ensure drilling completed in discovery phase meets resource objectives. Snowden Optiro have extensive experience in both the region and commodity.

Metallurgical Testwork: Mineral Technologies Pty Ltd. (Mineral Technologies) are currently completing characterisation testwork on representative samples from the Goschen Central project. The testwork scope is to assess the response of the sample to conventional mineral sand preparation processes. This research is progressing well and will allow the company to collect valuable information for planned upcoming studies.

Mineral Technologies have produced a heavy mineral concentrate (HMC) using the wet table. The bands of valuable heavy mineral (VHM) are distinguishable and visually appear to contain rare earth element-bearing minerals monazite and xenotime. Please note that visual estimate results are not definitive and the Assay results for all minerals are pending.

This testwork campaign will form the basis of future optimisation programs, and scoping engineering studies due to be conducted later this year. Mineral Technologies are well experienced in mineral sands, though the development of projects providing engineering, metallurgical testwork and patented equipment design and supply.