Perpetual Resources Limited provided the following update on the Beharra environmental approvals process. Perpetual had previously updated the market on the Company's efforts regarding the process for environmental approval at the Beharra Project, which was being progressed for submission under the Western Australian Part IV approvals process. In preparation for the Part IV submission, Perpetual had previously indicated an exhaustive and thorough assessment and study regime that was undertaken to ensure an approvals process would be backed by high quality data for the Company and regulatory agencies to make highly informed assessment.

Pleasingly, the outcome of this exhaustive 3rd party study program demonstrated that the Beharra project represents a "low risk" environmental impact. Perpetual then engaged comprehensively with the various relevant Western Australian based regulatory offices, with feedback consistently indicatin that a faster and more efficient Part V (Native Vegetation Clearing Permit) approvals process should also be considered by the Company. In consultation with Perpetual's environmental consultants and the Western Australian Department of Mines, Industry, Regulation and Safety (DMIRS) and the Department of Water and Environment Regulation (DWER), it was decided that a Part V (Native Vegetation Clearing Permit) submission represented potential for a more expeditious route to environmental permitting for Beharra.

Part V permits are regularly issued for projects in Western Australia that are considered "low risk" from an environmental perspective, with low annual disturbance footprints and good rehabilitation programs. Subsequently, in June 2022, Perpetual submitted a formal application to DIMRS under Part V for a Native Vegetation Cleating Permit. This application has already progressed through the public comment period with no public comments being received. Perpetual believes that due to the low complexity of the Beharra project that it can be adequately managed under Part V of the EP Act (Native vegetation Clearing Permit) along with other relevant State and Federal legislation.

DMIRS were requested by DWER to refer the project to them for consideration and Perpetual is working closely with both agencies to expedite the approval. Should Perpetual's Beharra Part V submission not prove successful, Perpetual has also prepared full Part IV submission documentation which will be submitted for subsequent Part IV approval. Perpetual notes that there currently exists a lengthy assessment period for applications under the Part IV process (which precipitated Perpetual's Part V approvals process initiative), due to the large volume of Part IV applications currently being received and assessed in Western Australia.

Perpetual will update the market once the above-mentioned state based environmental approvals pathway is known. Environmental Protection and Biodiversity Conservation Act 1999 (EPBC Act) Perpetual also notes that in addition to the Western Australian state-based approvals process detailed above, the Company is also required to comply with the Federal (Environmental Protection and Biodiversity Act - EPBC) approvals processes, which is administered by the Australian Federal Government Department of Climate Change, Energy, the Environment and Water. Perpetual can now confirm that the Company has received formal notification under the EBPC Act that the Beharra Project has been deemed a Controlled Action, with the project requiring assessment and approval under the EPBC Act prior to final approval.

Of note is that the areas of focus raised under the EPBC Act determination have been exhaustively addressed by Perpetual in its various environmental study programs with numerous field surveys providing compelling and strong support for approval of the Beharra project. The timeline for EPBC Act approval is typically around 6 months, with Perpetual opting to progress the Federal approvals process in parallel to the State based approvals. Perpetual welcomes the decision by the Federal Government, which now provides a clear pathway and known deliverables that will allow Perpetual to work towards a full permitting of the Beharra high grade silica sand project.