PVW Resources : High-grade Heavy Rare Earths up to 8.77% TREO at Killi Killi

12 January 2022

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High-grade Heavy Rare Earths up to 8.77% TREO at

Killi Killi East including 6,221ppm dysprosium.

Tanami Project (100% ownership), Western Australia

Highlights

• October follow-up field program returns further high-grade rare earth rock chip results from Killi Killi East and Watts Rise prospects.
• Assays up to 8.77% TREOwith 13 of 23 samples returning assays greater than 1% TREO and heavy rare earths comprising on average 76% TREO:
• • 8.77% TREO including 6,221ppm dysprosium
  • 5.87% TREO including 3,214ppm dysprosium and 10,836ppm neodymium
  • 5.67% TREO including 4,407ppm dysprosium
  • 5.35% TREO including 2,686ppm dysprosium and 8,643ppm neodymium
• REE drill target extended at Killi Killi East 1 to at least 800m strike length and at Killi Killi East 2 to 500m strike length.
• Rock chip samples from Killi Killi East 2 also returned assays of 3.13 g/t and 1.33 g/t Au confirming the gold mineralisation located in previous sampling program.
• Killi Killi East and Watts Rise geochemical soil sampling results expected in late January / February.
• PVW's maiden Tanami drilling program planned to commence in April at Watts Rise and Killi Killi East prospects targeting REE and Au mineralisation.

Figure 1: Rock chip sample TARK0033 (5.87% TREO)

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

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PVW Resources ('PVW', "the Company") is pleased to provide an update on rare earth and gold assay results received from the field program completed in October 2021 at the Tanami REE/Gold project. The field program completed in October included rock chip sampling, reconnaissance geological mapping, soil sampling and ground radiometrics at the Killi Killi East and Watts Rise prospects. Results are still pending for the soil sampling program however assays have been received for the 23 rock chip samples, 20 of which were from Killi Killi East, one from Watts Rise and two from regional sampling. Figures 2 and 5 below show the location of the samples at Killi Killi East and Watts Rise.

Executive Director Mr George Bauk said, "These results continue to confirm the huge potential for Heavy Rare Earth mineralisation at the Killi Killi Project. The exploration team continues to define Heavy Rare Earth mineralisation along the 18km corridor and now have identified two priority drill target areas with strike lengths of at least 800m at Killi Kill East 2 and 500m at Killi Killi East 1."

"Following the receipt of soil samples and the geophysical interpretation of recent airborne surveys, the team will finalise the maiden drill program which is being prepared to commence in April following the northern wet season. The significant number of high- grade rock chip samples provide PVW with a large number of walk up targets in an emerging rare earths province."

"Whilst the results continue to deliver significant presence of Heavy Rare Earths including dysprosium and terbium, we have also seen some significant numbers for neodymium and praseodymium which are all critical in the permanent magnets."

As follow-up to the rock chip sampling program conducted at the Tanami Project in August 2021, results of which were announced on 13 October 2021 (ASX:PVW - "Confirmation of high-gradeHeavy Rare Earths at Tanami"), a second program of rock chip sampling was completed in October 2021. Of the 20 samples taken at the Killi Killi East prospect, 12 have returned assays greater than 1% TREO with the average ratio of Heavy Rare Earths (HRE*) to TREO for these samples being 76% (see Table 1 and Figure 3 below). This dominance of heavy rare earths is related to the rare earth mineral xenotime. The presence of xenotime at Killi Killi East and Watts Rise was confirmed by the mineralogical studies completed by PVW, details of which were released on 7 January 2022 in the ASX announcement titled "Mineralogy confirms Heavy Rare Earths contained in xenotime mineralisation at the Tanami HRE Project - Additional Information".

The new sampling results have now outlined a drill target with high-grade surface mineralisation occurring over an approximate strike length of 800m at Killi Killi East 1 and at least 500m at Killi Killi East 2 (see Figure 2 below). The REE mineralisation predominantly occurs within the Pargee Sandstone close to the unconformity with the underlying older Killi Killi Formation. Significantly, the most recent assay results have returned REE mineralisation from what is interpreted to be brecciated and altered Killi Killi Formation (samples TARK0030, 0031, 0032). This suggests there is potential for mineralisation within the Killi Killi Formation and hence a significantly more extensive target than previously thought.

*HRE or HREO = Heavy Rare Earth Oxides - Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

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Three of the rock chip samples from Killi Killi East 2 also returned anomalous gold assays with assays of 3.13 g/t, 1.33 g/t and 0.58g/t Au (samples TARK0033, 0041, 0042). These samples were taken as follow-up to the gold assays of up to 8.94g/t and 4.43g/t Au from the August sampling program, with gold mineralisaton occurring in the Pargee Sandstone / conglomerate proximal to the unconformity. All the samples discussed above are selective in nature with a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone.

A new interpretation of geophysical data from the Watts Rise-Killi Killi East trend is nearing completion which will assist in drill targeting of the 18km long Pargee Sandstone - Killi Killi unconformity. Drilling is planned to commence in April at both Watts Rise and Killi Killi East, focused on the surface REE mineralisation identified to date as well as regional conceptual drill targets. Preliminary metallurgical studies are also currently underway with results expected in March.

Figure 2: Killi Killi East prospect - PVW rock chip sampling locations with samples from

October field program with >0.15% TREO labelled

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only		Table 1 - Summary of rare earth and gold assay rock chip results (see Appendix 1 for full details)
	Prospect			Sample id				TREO				HREO				Dy2O3				Nd2O3			Tb4O7				Y2O3				Au
							%				%				ppm				ppm			ppm				ppm				g/t
		KK East 1			TARK0021
							0.06				12.26				3				191			1				10				0.038
		KK East 1			TARK0022				0.01				19.89				2				16			0				11				0.003
		KK East 1			TARK0023				0.77				13.04				48				1668			11				484				0.003
		KK East 1			TARK0024				2.86				82.59				2123				2018			240				15493				0.006
use		KK East 1			TARK0025				0.70				32.75				153				1140			19				1346				0.008
	KK East 2			TARK0026				1.66				66.95				1182				2228			191				6261				0.030
	KK East 2			TARK0027
							0.07				65.78				50				85			9				269				0.001
		Regional			TARK0028				0.01				20.13				2				13			0				8				0.002
		KK East 2			TARK0029				1.68				67.49				1004				2286			146				6959				0.007
		KK East 2			TARK0030				5.35				57.58				2686				8643			437				19049				0.003
		KK East 2			TARK0031				0.42				84.15				293				321			44				2362				<0.0005
personalFor		KK East 2			TARK0032				2.41				69.67				1492				2963			230				10654				0.006
	KK East 2			TARK0033				5.87				62.72				3214				10836			514				21715				0.579
	Watts Rise			TARK0034
							2.54				80.64				1710				2193			220				13842				0.007
		KK East 1			TARK0035				3.51				82.80				2559				2554			351				18922				0.028
		Regional			TARK0036				0.01				17.68				2				19			0				13				0.001
		(Watts Rise)
		KK East 2			TARK0037				8.77				80.17				6221				6229			903				45843				0.052
		KK East 1			TARK0038				5.67				90.24				4407				2508			598				35049				0.123
		KK East 1			TARK0039				3.69				83.62				2697				2566			354				20699				0.065
		KK East 1			TARK0040				3.95				83.66				2961				2683			431				21842				0.037
		KK East 2			TARK0041				0.04				18.34				7				107			1				34				3.130
		KK East 2			TARK0042				0.04				10.60				3				82			1				11				1.330
		KK East 1			TARK0043				3.11				85.36				2548				2204			365				17271				0.037

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

Figure 3: Pie chart showing average distribution of REO for all rock chip samples taken in 2021 from Killi Killi East and

Watts Rise with TREO >1% (27 samples)

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Killi Killi East

The rare earth mineralisation occurs mostly within a basal conglomerate unit of the Pargee Sandstone. Where mineralised, the conglomerate unit is often strongly hematitic but also displays silicification and brecciation in places. Field evidence suggests the mineralisation is both structurally and lithologically controlled. Cross-cutting structures possibly act as structural traps for mineralisation along this trend, with the basal conglomerate unit providing a suitable lithochemical host. Potential for REE mineralisation hosted within the Killi Killi Formation has also now been recognized. The drill program for Killi Killi East will be finalized once the geochemical soil sampling results have been received however the current rock chip results and geological mapping have defined drill targets of at least 800m and 500m strike length at Killi Killi East 1 and 2 respectively (see Figure 2 above).

Figure 4: View of Kill Killi East showing unconformity between Pargee Sandstone and Killi Killi Formation

Watts Rise

The Watts Rise prospect is located approximately 12km northwest of Killi Killi East. Only two rock chip samples were taken there in the October 2021 field program, one of which was a barren sample of Pargee Sandstone, for lithogeochemical purposes. The other sample returned an assay of 2.54% TREO which was proximal to a sample of 3.9% TREO taken in the August 2021 field program. The rare earth mineralisation at Watts Rise also occurs within a basal conglomerate unit of the Pargee Sandstone, close to the unconformity with the Killi Killi Formation (see Figure 5 below). The drill program for Watts Rise will be finalised once the geochemical soil sampling results have been received.

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