Santa Fe Minerals Ltd. provided an exploration update for its Mt Murray (Base Metals) and Challa (Vanadium) projects. Mt Murray Base Metals Project ­ SFM has an option to earn 80% The Mt Murray project covers a 9km north south trending zone of poly metallic copper-lead- zinc-silver-gold mineralisation adjacent to a 4.2km x 1.2km magnetic high zone considered to represent a mafic-ultramafic intrusive package prospective for nickel-copper-PGE mineralisation similar to the recently discovered tier one Julimar Ni-Cu-PGE deposit (Chalice Mining Ltd). El Paso Intrusive (Ni-Cu-PGE) The El Paso zone is a 5km long high magnetic zone interpreted as a mafic to ultramafic intrusive complex prospective for Ni-Cu-PGE mineralization.

Previous exploration identified a small outcrop of ultramafic rocks with only one rock chip sample that returned 2,965ppm Cu, 781 ppm Ni, 5.4% Mg, 1.8g/t Ag and 419ppm S. Apart from this small outcrop and a second outcrop of silicified ultramafic rocks located by SFM, the interpreted intrusive complex is completely covered by shallow sand and alluvial cover. SFM considers the interpreted mafic- ultramafic complex within the Mt Murray project has potential to host nickel-copper- palladium-platinum mineralisation. SFM Rock Chip Sampling SFM undertook a site reconnaissance trip in December 2021 and visited the previously located outcrop confirming strong silicification and alteration.

A second outcrop of altered ultramafic was located 500m to the south-west. The intervening area is covered by sandplain. SFM collected a total of 6 rock chip samples which were submitted for a nickel/PGE suite analysis.

The results confirm the historic samples with Ni to 1040ppm, Cr to 1280 ppm Mg to 12.97%. Orientation Ultrafine Soil Sampling SFM completed an orientation Ultrafine Fraction (UFF) soil program across the interpreted position of the intrusive complex. It was considered traditional sieved soil sampling would not be effective due to the prevalence of wind-blown sand which would swamp the geochemical response to background levels geochemistry.

The UFF soil sample technique is an ultra- sensitive new exploration technique developed by CSIRO in conjunction with LabWest that was successfully demonstrated in a combined CSIRO/MRIWA Project. SFM collected 49 x 300g -1mm sieved soil samples spaced at 50m along 2 lines orientated across the interpreted position of the targeted intrusive complex. One line was 2km long and the second line, 3km to the south, was 400m long.

The samples were split to a -1mm traditional sieved soil and the UFF (-2-micron clay fraction) technique. A comparison of the results showed: Analytical quality of the UFF -2 micron was significantly better than the -1mm results. UFF samples returned higher absolute concentrations when compared with the - 1mm samples.

Lithological and regolith controls are subtle in the UFF samples and better resolved than the -1mm samples. It is expected that a gridded soil sample program using the UFF technique will be able to better resolve geochemical anomalies and outline the targeted intrusive beneath the shallow sand cover. The UFF soil sampling program is planned for the June 2022 quarter.

The UFF soil sampling and a planned 100m line spacing detailed aeromagnetic survey (current line spacing is 400m) contracted to be flown early in the June 2022 quarter will provide robust data sets for additional geophysics and drilling. Ridgeback Cu-Pb-Zn-Ag-Au The Ridgeback target is located 700m south of the historic Kin copper occurrences. The area was previously highlighted by a zone of anomalous Cu-Pb-Zn-As-Au from stream sediment sampling and a strong late time airborne electromagnetic anomaly that may indicate the presence of massive sulphide mineralisation at depth (ASX announcement 12th January 2022).

No follow up exploration of this zone has been reported. SFM completed reconnaissance of the Ridgeback zone in December 2021, identifying multiple broad and strike extensive quartz ironstone veins associated with the historic anomalous zone. A total of 5 rock samples were collected and submitted for multi-element analysis.

The sample results exhibit a strong Au-Ag-As-Cu-Sn association, similar to the Kin copper prospects located 700m to the north. The best results from the Ridgeback rock chip samples are 59ppb Au, 450ppb Ag, 3080 ppm As, 629 ppm Cu. A rock chip from the Kin copper pits returned a high 11% Cu with 1490ppm As, 72 ppb Au, 300ppb Ag and 561ppm Sn.

Mineralization has now been identified over 2.5km strike from the Ridgeback prospect through to north of the historic Kin prospects. To the north of here the wind-blown sand conceals the bedrock and any possible mineralization. This area, adjacent to the El Paso Ni- Cu-PGE target, will be explored by the UFF soil sample technique discussed above.

Highway (Pb-Zn) The Highway Pb-Zn-Ag-Au prospect (The Hill) is located adjacent to the North-West Coastal Highway west of the El Paso nickel-copper target. Historic rock chip samples returned very high results of up to 39.6% Pb, 134g/t Ag, 0.46g/t Au and 0.1% Zn. SFM rock chip sampling in December 2021 confirmed the historic samples with results of 12% Pb, 272 ppm Ag, 244 ppb Au and 1270ppm Zn.

The mineralisation is hosted in chert and quartz over about 300m strike. The mineralization may extend along strike to the south and north however it is hidden beneath shallow sand cover. Despite the high grades, no drilling has been recorded at the Highway prospect.

The potential strike extent of the high-grade Highway prospect will be tested north and south by the ultrafine fraction (UFF) soil technique in the June 2022 quarter. Watson's Well ­ Vanadium: The results of the rock chip samples collected from several discrete 1m wide bands of magnetite rich cumulate units bounded by gabbro associated with the 7km long highmagnetic zone are reported here. The samples were collected as part of geological fact mapping of the Watsons Well V-Ti-Fe target zone.

A total of 10 rock samples were collected from small widely spaced outcrops over the 7km strike of the target zone. All rock chips returned high grades as follows: V2O5 ­ 1.18% to 1.33%; TiO2 - 9.97% to 15.2%; Fe - 44.12% to 52.74%. The next exploration program will be two lines of RC drilling of 10-20 holes for 2,000 to 2,500m to test both the outcropping high grade magnetite cumulate units and deeper unexposed and potentially thicker magnetite cumulate units near the gabbro footwall.

SFM is currently planning and permitting this program. Timing will depend on securing a suitable RC drilling contractor, however drilling is anticipated in the June Quarter 2022.