Scorpion Minerals Limited advised that following the recent completion of the Reverse Circulation (RC) drilling programme at its recently acquired Youanmi Lithium Project (Youanmi) in Western Australia, initial observations from the programme have confirmed shallow east dipping LCT pegmatites along 3km of strike, and mineralisation extends to a minimum of 175m below surface. The highly prospective Youanmi Project comprises E57/978, E57/1049, E57/1056 and E57/1377 (the Tenements) and covers an area of 279km2 located 450km northeast of Perth in the East Murchison Mineral Field. RC Drilling Extends Depth and Width of LCT Pegmatites at Youanmi: The RC drill programme at Youanmi comprised 9 holes (SYRC001 to SYRC009) for 1,476 metres.

Drilling confirmed mineralisation extends down dip of multiple stacked shallow east dipping LCT pegmatites that are oriented sub-parallel to the granite contact. Parallel pegmatites intersected east and west of the central zone have increased the width of the corridor to at least 850 metres. Individual pegmatites are up to 1,000m long and surface exposures suggest widths from 5m to 15m.

Drilling intersected pegmatites up to 10 metres in thickness. In addition, field reconnaissance and air photo interpretation has identified multiple target areas that require follow up mapping, sampling and RC drill testing. A single line of historic wide spaced RAB drilling targeting base metals intersected two pegmatites at the southern end of the present target area about 1000m metres west of the pegmatite outcrop.

This is interpreted to be another parallel zone of stacked LCT pegmatites and will be RC drill tested in a programme commencing late March. Pegmatite Mineralogy: Exploration at Youanmi and in the broader region has confirmed the presence of lepidolite, petalite and possible spodumene suggesting the presence of zonation within the LCT pegmatites either across their width and/or along strike. Future exploration will focus on determining the zonation trend to identify high priority targets.

Several samples were collected from the recent RC drilling for qualitative XRD mineralogical analysis. Logging of the recent RC drilling did not confirm lepidolite as the dominant mineral and it is interesting to note that high historic lithium assays are recorded in lepidolite poor intervals. Youanmi Lithium Project - Historic Exploration Summary Historic exploration was outlined in ASX releases dated 9 December 2022 and 6 February 2023.

Youanmi sits at the northern end of a 20km long corridor of Lithium, Caesium, Tantalum ("LCT") pegmatite intrusions that have delivered significant results for other explorers at the southern end of the trend (Figures 3 and 4). Limited historic exploration at Youanmi included, geological mapping, rock chip sampling, airborne magnetic surveys and RC drilling. Geological mapping has identified a 3km long zone of intermittent outcropping LCT pegmatites located about 1km east of a contact between a late-stage granite and the Youanmi Layered Mafic Complex.

RC drill testing at Youanmi consisted of 54 holes (19MYRC005 to 19MYRC058) drilled in wide spaced fences along the 3 km long zone with the majority drilled in the southern half of the trend. Significant intercepts included: 8m @ 1.39% Li2O from 8m; 6m @ 1.61% Li2O from 22m; 7m @ 1.42% Li2O from 20m; 7m @ 1.38% Li2O from 0m; 6m @ 1.64% Li2O from 11m; and 6m @ 1.35% Li2O from 62m. It is important to note that exploration by other explorers to the south has identified significant LCT mineralisation in east-west oriented pegmatites.

Shallow dipping pegmatite orientation is a characteristic of significant LCT pegmatite systems. Next Steps: Scorpion plans to commence the following work programmes in First Quarter 2023 and regular updates on progress will be provided: Infill RC drilling of existing targets down dip and along strike. RC drilling of parallel pegmatites to determine extent and composition. Follow up geological mapping and rock chip sampling (underway).

High resolution airborne photography if required. Auger soil geochemistry aimed at identifying additional pegmatites under shallow soil cover. Initial Diamond drill testing of existing targets at depth.

Airborne and/or Ground EM surveys.