PVW Resources : Additional Information - Announcement Lodged 7 December 2021

only
7 January 2022
	Mineralogy confirms Heavy Rare Earths contained in
	xenotime mineralisation at the Tanami HRE Project -
use		Additional Information
PVW Resources Limited (ASX:PVW) refers to the release "Mineralogy confirms Heavy Rare
	Earths contained in xenotime mineralisation at the Tanami HRE Project" on 7 December
	2021.
personal	Following consultation with ASX, the company attaches an updated release which
includes additional information as requested by ASX.
This announcement has been authorised for release by the Board of PVW Resources Ltd.
For	For further information, please contact:
George Bauk	Joe Graziano
	Executive Director	Company Secretary
	[phone]	[phone]
	[e-mail]

12 July 2021

7 January 2022

For personal use only

Mineralogy confirms Heavy Rare Earths contained in xenotime mineralisation at the Tanami HRE Project

Highlights

• Mineralogy study undertaken by Diamantina Laboratories confirms Heavy Rare Earths are contained in a xenotime mineralisation:
• • Seven rock chip samples assessed from Killi Killi East and Watts Rise prospects which had TREO grades of up to 12.45% with an average of 80% of Heavy REO.
• Independent Metallurgical Operations (IMO) have commenced metallurgical sighter test work on Killi Killi East and Watts Rise samples.
• Significance of xenotime:
• • High percentage of dysprosium and terbium, used in Permanent Magnets.
  • Similar to Northern Minerals Browns Range Project:
    o Flowsheet to produce a HRE Carbonate from xenotime mineralisation well tested at Browns Range (located ~80km North of Tanami Project).

Figure 1: Pie chart showing average distribution of REO for all samples with TREO >1%

Figure2: Northern MineralsBrowns Range Project (ASX:NTU), processing TREO dominated by xenotime mineralisation

Page 2 of 19

For personal use only

PVW Resources Limited ("PVW" or "the Company") is pleased to announce the results of a mineralogical study conducted on rock chip samples from the Company's Tanami Heavy Rare Earth (HRE) Project.

Seven samples from the rock chip sampling program completed in August, details of which were provided in the ASX announcement dated 13 October titled "Confirmation of high-grade Heavy Rare Earths at Tanami Project (100%), Western Australia", were selected for more detailed mineralogical studies. The study included Scanning Electron Microscope (SEM) analysis and polarising light microscopy (PLM). Analysis indicates the presence of xenotime in all samples that assayed greater than 1% TREO (six of the seven samples).

Executive Director Mr George Bauk commented "This is a significant step in the development of the Tanami Heavy Rare Earth Project. The mineralogy report has confirmed that the HRE are predominantly contained within a xenotime mineralisation which is very similar to the mineralisation at Northern Minerals Browns Range Project."

"We have engaged Independent Metallurgical Operations Pty Ltd (IMO), a very experienced metallurgical group with significant relevant experience in rare earths and in particular xenotime mineralisation, to undertake a sighter test work program on a 100kg bulk sample taken from a number of locations along the 1.8km Killi Killi corridor."

Figure 3: SEM image of sample TARK0008 (xenotime - white, florencite - grey, quartz - black

"This early metallurgical test work will provide valuable knowledge to the company as we develop our strategyto advancethis project. As I have said previously, 2022 will be largely focused on exploration activities as we can leverage off the great work done at Northern Minerals in relation to the metallurgy and flow sheet development based on the xenotime mineralisation."

Page 3 of 19

For personal use only

"The exploration team guided by Robin Wilson, who led the team that discovered the Browns Range Heavy Rare Earth deposits at Northern Minerals, is pulling all the data together that has been captured over the past four months on the project, including geological mapping, ground radiometric surveys, rock chip and soil sampling, coupled with the review/interpretation of the airborne surveys completed by PVW and the historical surveys. All of this data will be used to design a drill program for 2022 following the northern wet season."

Mineralogy Study

A mineralogy study was completed by highly respected mineralogist Dr. Roger Townend of Diamantina Laboratories. A total of seven sub-samples were selected from rock chips from the Watts Rise and Killi Killi East prospects, taken during the August 2021 field program. Prospect locations from where the samples were taken are shown in Figure 4 below and the ASX announcement dated 13 October titled "Confirmation of high-grade Heavy Rare Earths at Tanami Project (100%), Western Australia" contains the sampling and full assay details of these seven rock chip samples. The seven samples selected for mineralogical studies are summarised as follows:

Sample ID	Prospect	TREO %	HREO %	Au (g/t)
TARK0002	Killi Killi East 2	9.26	77.6	0.31
TARK0004	Killi Killi East 2	0.05	13.6	8.94
TARK0006	Killi Killi East 2	1.29	62.4	4.43
TARK0008	Killi Killi East 1	12.45	92.1	0.24
TARK0013	Watts Rise	3.90	80.8	0.01
TARK0015	Killi Killi East 1	4.4	84.6	0.01
TARK0019	Killi Killi East 2	1.29	95.5	0.02

TREO = Total Rare Earth Oxides - Total of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

HREO % = Heavy Rare Earth Oxides - Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 as a percentage of TREO

All samples submitted for mineralogy have elevated rare earth assays except TARK0004 which was selected due to the high-grade gold assay. The study included SEM analysis of all samples and polarising light microscopy studies of polished thin sections prepared from each sample.

Figure 4: Killi Killi-Watts Rise Prospects - Mineralogy sample locations (diagram from PVW ASX announcement dated

18 November 2021 titled "Tanami Rare Earths Project - Exploration Update")

Page 4 of 19

For personal use only

The study concludes that the HRE are predominantly associated with the phosphate mineral xenotime. In all samples except TARK0004 (which assayed 0.05% TREO) the presence of xenotime was detected. The light rare earths are predominantly attributed to the phosphate mineral florencite. This rare earth mineral assemblage has strong similarities with several of the rare earth deposits at Northern Minerals Browns Range Project, located approximately 80km to the north of Killi Killi.

Xenotime occurs disseminated in the 10-30 micron size range (see Figure 3 above) or as aggregates of up to 800 microns (see Figure 5 below). Rock types are described as sandstone/orthoquartzites or conglomerates.

Figure 5: SEM image of sample TARK0002 (xenotime - white, florencite - grey, in quartz - black)

Preliminary metallurgical test work

IMO have commenced metallurgical sighter test work on Killi Killi and Watts Rise samples. The samples comprise of four 20kg samples from Killi Killi East and one 20kg sample from Watts Rise. The flowsheet of the proposed test work is shown in Figure 6 below. The test work will include ore sorting studies as well as magnetic separation and flotation trials. Results of this study are expected in March 2022.

Page 5 of 19