Western Australian based gold mining company Classic Minerals Limited (ASX: CLZ) is pleased to report that the construction activities for the Kat Gap processing facility are moving forward at the Kat Gap project located approximately 120 km south-southeast of Southern Cross, in Western Australia.

The company has completed 100% of the bulk earthworks required for the construction of the Tailings Storage Facility (TSF) and is now concentrating on other aspects of the site, including the reassembly and commissioning of the processing plant, the completion of the maintenance workshop and the positioning of office and administrative buildings. The first stage of the TSF accommodates up to 70,000 tonnes of tailings with expansion options to 130,000 tonnes.

The TSF has been designed and approved to house cyanide reagents which will be used in the processing plant, in conjunction with the gravity circuit, to enable recoveries up to 98% gold from Kat Gap ore. Classic Minerals estimates that the commissioning of the TSF will be completed by mid-May 2023. Commercial production is expected to begin in the later part of the second quarter of 2023. The company will continue to provide regular updates to investors as the construction of the plant and site progresses. Investors can stay informed about the progress of the project and other important developments by monitoring the ASX announcements and the company's website.

About Classic Minerals Ltd

Expanding its focus from exploration to mining, West Australian-based, minerals house Classic Minerals Ltd holds a pipeline of projects and continues to examine new opportunities both cyclic and counter-cyclic. Currently, ASX-listed Classic holds approximately 578 km2 of tenements across two major regional exploration areas in minerals-rich West Australia. Classic's ground is in areas with identified high grade gold and base metal targets. Classic's flagship Kat Gap Gold Project has been the recent focus of its exploration, mining and processing efforts and is strategically located some 170 km south of Southern Cross and some 50 km south of the Company's Forrestania Gold Project. With strong grades and near-surface mineralisation Kat Gap is soon to attain full scale production.

ABOUT THE FORRESTANIA GOLD PROJECT

The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX: HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals. Classic has inferred and indicated mineral resources of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study suggesting both the technical and financial viability of the project. The current post- mining Mineral Resource for Lady Ada, Lady Magdalene and Kat Gap is tabulated below. Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 18 December 2019, 21 January 2020, and 20 April 2020.

Contact:

Email: contact@classicminerals.com.au

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