PVW Resources : Tanami Rare Earths Project - Exploration Update

18 November 2021

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Tanami Rare Earths Project - Exploration Update

Highlights

• Field program focused on the Killi Killi East Rare Earth prospect completed in October.
• Soil samples and more rock chips from Killi Killi East submitted for geochemical assay.
• Re-processingand interpretation of airborne radiometric and magnetic data reveal potential new REE targets.
• Metallurgical and mineralogical samples collected from outcropping mineralisation at Killi Killi East and Watts Rise to fast track processing studies.
• Key tenement granted along strike from the Killi Killi East prospect.
• Government approval received for drill program at Watts Rise and Killi Killi East proposed for early 2022 at the end of the northern wet season.
• Rare Earth prices rise over the past 6 months with many elements hitting yearly highs.

Figure 1: Soil sampling at Killi Killi East

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PVW Resources ("PVW", "the Company") is pleased to provide an update on the exploration program at the Company's 100% owned Tanami REE/Gold project in the Kimberley district of Western Australia. The field program completed thus far has included geochemical soil sampling, rock chip sampling, ground radiometrics and reconnaissance geological mapping at the Killi Killi East and Watts Rise prospects. Results are still awaited for the soil sampling program however assays have been received for the initial 20 rock chip samples, which were announced on 13th October (ASX: PVW - "Confirmation of high-grade Heavy Rare Earths at Tanami Project (100%), Western Australia").

As with all rare earth projects, developing an early understanding of the mineralogy and metallurgical processing of the mineralisation is a key component in the project development pathway. To this end, mineralogical studies are already currently underway, and several metallurgical samples have been collected during the recent field program. These samples will provide the material for preliminary metallurgical testwork which will commence later this month.

In addition to the on-ground field program, re-processing and interpretation of the airborne magnetic and radiometric data from the survey completed in September has been completed which has revealed several potential new REE targets which will require on- ground follow-up in the 2022 field season. Some of these targets are located on the tenement E80/5190 which was granted in late October.

Executive Director Mr George Bauk said, "Positive progress continues at PVW's Tanami Rare Earth's Project in Western Australia with new targets being identified from recent airborne surveys along strike from our existing prospects. Field work continued to identify REE mineralisation and we look forward to the results. A bulk sample has been collected for metallurgical testwork"

"We have recently been granted a key tenement in the past month and we have also received government approvals for our upcoming drill program".

"Our exploration success in the Tanami has corresponded with strong growth in Rare Earth pricing in recent months with many of these critical minerals reaching highs for 2021. Dysprosium Oxide FOB China is currently US$470/kg, up from the decade low prices of US$190/kg in 2018."

We look forward to drilling both Watts Rise and Killi Killi East after the northern wet season with this program planned to commence in early 2022 having recently obtained Government approvals."

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Figure 2: Example of rare earth mineralised Pargee Sandstone from Killi Killi East

On-ground field program

PVW's initial on-ground field program at the Tanami Rare Earths Project was completed in late October. Geochemical soil and rock chip sampling were completed at the Watts Rise and Killi Killi East prospects and from across the regional unconformity target. Soil sampling was completed over a strike length of 3.5km at Killi Killi East covering the unconformity between the Pargee Sandstone and the older Killi Killi Formation. Another 23 rock chip samples have been submitted for assay following positive results from an initial 20 rock chips having already been received and reported in October.

The initial rock chip sample locations from Killi Killi East are shown in Figure 4 below, with 13 of the 17 samples returning assays greater than 1% TREO, and one of the three rock chips from Watts Rise assayed 3.9% TREO. The average ratio of high value Heavy Rare Earths (HRE*) to TREO for the 14 samples with greater than 1% TREO is approximately 80% (see Figure 5 below). The samples 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.

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

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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Figure 3: Tanami Project - Regional REE target (Watts Rise- Killi Killi Trend)

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Figure 4: Killi Killi East prospect - PVW rock chip sampling locations and historical drill hole location plan (Orion

drilling 2010-12

Figure 5: Pie chart showing average distribution of REO for all samples with TREO >1%

Ground radiometrics and reconnaissance geological mapping have also been completed over the Killi Killi East prospect to help define drill targets and refine the geological interpretation.

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