Parabellum Resources Limited provided an update on the key developments across its copper-gold Projects in central NSW and activities at the Khotgor REE Project in Mongolia. The Company has been busy with the current geophysics programs in NSW refining drill targets for the maiden program due to commence in Q12023. Further progress has been made at the Khotgor REE Project with the commencement of construction of an REO Pilot plant in the UlaanBaatar to further progress the development of the Project.

This marks a very positive development in the company's plans to move swiftly into an accelerated Bankable Feasibility Study (BFS) following the initial Scoping study due in Second Quarter 2023. NSW project update: Ground EM was completed on three targets at the Whitbarrow & Redlands Projects in November. Preliminary interpretation of the data indicates no strong, clear bedrock conductors have been defined at the Redlands, W1 & W2 targets.

Modelling of the targets is currently in progress to determine whether the targets are worthy of drill testing. Now that the crops have been harvested, further ground EM at Lunns Dam and Redlands Projects (L1, Miandetta, R2 & R3 targets) is scheduled to commence mid-December and to be completed before the end of December 2022. Subject to the weather remaining dry into 2023, an RC drilling program on the high priority EM targets is scheduled to commence early in Q1CY202.

Khotgor Project update: The Khotgor Project development timetable is based on the completion of the initial Scoping Study by Q2, 2023 and then moving into a Bankable Feasibility Study (BFS) for completion in 2024. As part of the preparation for the BFS, the company completed a metallurgical bulk sample drilling program in October this year to collect an initial metallurgical bulk sample for part of the BFS testwork program. Over the next 18 months the company will continue to develop and optimise a process flow sheet to produce rare earth oxides (REE/REO) for the electric vehicle and wind turbine industries.

In order to ensure that the intellectual property, operations expertise and technical data that is gained from this work is kept in PBL, the company is currently setting up own pilot plant in Ulan Bataar to process some of the bulk sample ores that will continue to be collected from Khotgor over the next few years.