ACDC Metals Limited announced the commencement of an extensive aircore drilling program across the Company's heavy mineral sand (‘HMS') and rare earth element (‘REE') projects in western Victoria, Australia. The program is designed to confirm and infill prior drilling, with the aim of enabling calculation of JORC compliant resources during the second half of 2023; and deliver sample for metallurgical testwork and testing of rare earth element extraction utilising Medallion Resources Ltd. (‘Medallion') proprietary technology that ACDC holds exclusive Licensing to in eastern Australia. In December 2022, ACDC Metals engaged Wallis Drilling Pty Ltd. to complete an initial aircore drilling program of approximately 1,000 metres at the Goschen Central project (EL5278).

Drilling was completed on roadside verges at nominally 800m spacing. Samples are currently being prepared for assaying with results anticipated post commencement of the February drilling program. ACDC Metals have engaged Wallis Drilling Pty Ltd. to complete a large aircore drilling program of approximately 13,000 metres, with 300 holes across the Company's three HMS/REE exploration projects.

Drilling will commence imminently and is anticipated to be completed during Second Quarter 2023. The drilling will be conducted initially on council road verges and is low impact in nature, utilising existing access. Existing data from drilling completed predominantly in the 1990's provide a high level of confidence in the targeting process.

Drilling will test all three of ACDC Metals projects (Goschen Central, Watchem and Douglas) and will enable ACDC Metals to understand the distribution of HMS/REE mineralisation and to focus further programs. The proposed drilling program will result in approximately 100 holes drilled at each project and will provide material to enable further research on HMS processing, and allow for the production of a monazite concentrate for downstream testing of the Medallion Monazite Process (‘MMP'). ACDC Metals have engaged renowned mineral processing consultants Mineral Technologies in Carrara, Queensland, to complete characterisation testwork utilising samples from prior drilling at the Goschen Central HMS/REE project. This testwork is designed to better define the HMS mineral assemblage, and in particular provide critical data for the planning of monazite process testwork that is scheduled to commence after the current drilling program.