LCL Resources Ltd (ASX:LCL) (the Company) provides an update on assays received from the February 2024 exploration program at the Iyewe prospect, part of the Company's 100% owned PNG Nickel Project.

Iyewe is one of five nickel sulphide prospects within a 20km strike length proximal to the Keveri Fault.

Previously reported reconnaissance field program at Iyewe completed in December 2023 reported assay results from 16 samples of nickel sulphide bearing float and outcrop of up to 19.17% Ni and 4.8g/t Au1 . Also reported were results of 2.5D inversion software (VoxiGEOSOFT) modelling of historical VTEM data which identified several geophysical targets. The current program focussed on trenching perpendicular to strike of nickel sulphide lodes discovered during the previous LCL program. Massive sulphides were intersected in four of the lodes returning high nickel grades, plus low grade gold values. Best trench intersections include:

The massive sulphide lodes vary in thickness up to 1.5m and were exposed over a strike length of up to 60m within a sequence of ultramafics and aplite dykes. The lode strike is NW-SE apart from the Cobra lode which appears en-echelon and strikes NE-SW.

Mapping was extended to Biafa Creek, 600m northeast of Cobra, to locate the source of the highest nickel stream sediment values recorded from the Iyewe prospect. Exposures in the creek are dominated by strongly sheared and serpentinised ultramafics with the shear density reported to be higher than elsewhere within the Iyewe prospect area. Several shears host minor nickel sulphide mineralisation in boudins comparable to the boudins that host significant high grade nickel sulphide mineralisation at the Company's Veri Veri prospect located 5km to the west2 . Sample 174517 from a 0.2m x 0.4m massive nickel sulphide creek float boulder in Biafa Creek 600m north of Cobra assayed 36.0% Ni, 25.0g/t Au and 0.07% Cu. Steep terrain further upstream to the north prevented continuation of the search for the outcropping source of the boulder, indicating the potential to discover additional nickel sulphide lodes at Iyewe. Two historical airborne VTEM high conductivity geophysical targets were selected for ground work follow up. It was not possible to accurately locate the conductors on the ground, however the eastern anomaly appears to lie between the NW-SE trending Viper lode and the NE-SW trending Cobra lode. Geological mapping in this area identified nickel sulphide float, of insufficient extent to warrant trenching. The eastern VTEM conductor remains unexplained

Mapping failed to discover evidence of nickel sulphide float or outcrop over the VTEM conductor 1km northwest of Cobra. The northwest VTEM conductor also remains unexplained. Field work by LCL geologists at the Iyewe prospect continues to reveal high grade nickel sulphide lodes in this rugged thickly vegetated terrain. Of particular interest is the discovery of the Cobra lode with high nickel values recorded from each of the four trenches excavated and multiple massive sulphide veins revealed. Cobra remains open beyond the current strike length of 60m and strikes NE-SW compared to the NW-SE trends of the other lodes. An unexplained VTEM anomaly occurs between Cobra and Viper, broadly proximal to the intersection of these two lodes within an area of interpreted structural complexity. The source of several other areas of nickel sulphide float at Iyewe remain to be discovered. Indications of similarity of Iyewe to the Veri Veri prospect, where the Company has announced high grade nickel trench intersections including 14m @ 3.24% Ni3 , are emerging. Further analysis is required to assess the role of structural intersections and the effectiveness of VTEM or alternative ground geophysical surveys, as a tool for the discovery of buried nickel sulphide deposits within the PNG Nickel Project

Next Steps

The Company has noted the strength in copper and gold prices and a strong interest in copper and gold projects globally. In light of this, the Company is reviewing its Papua New Guinea portfolio with a view to conducting additional field work on its copper-gold tenements with a view to attracting a funding partner to these projects in due course. In particular, the Company is interested in following up on trench samples at the Imou project where the last work campaign encountered 32m at 0.49% Cu and 0.46g/t Au in a new porphyry located around 300m to the east of the Imou main zone4 . Previous drilling at Imou in 2019 encountered a maiden drill hit of 305m @ 0.37% Cu and 0.37g/t Au from 5m, including 14m at 2.43% Cu and 2.78g/t Au from 186m in the first drill hole4 . In addition, at the Company's Dada prospect within the Liamu project, trenching of a 600m x 400m >0.1g/t Au rock chip sampling anomaly revealed intense 40 veins/m porphyry quartz stockwork veining over a width of 96m grading 0.41g/t Au open in all directions which has not been followed up5 . For the purpose of ASX Listing Rule 15.5, the Board has authorised the release of this announcement.

Contact:

Ross Ashton

Email: Chair info@lclresources.au

FORWARD LOOKING STATEMENTS

This document contains forward looking statements concerning LCL Resources. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on LCL's beliefs, opinions and estimates of LCL as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

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