Classic Minerals remains dedicated to delivering value to its shareholders and stakeholders through the continued development and optimization of the Kat Gap project.

The company will keep shareholders and the market informed of the progress of the gold processing facility as it advances towards commercial production in June 2023

The company has successfully installed a power plant with a capacity of 2 megawatts (MW). This dedicated power source provides more than sufficient electricity to service the current infrastructure and additional processing equipment at the Kat Gap gold processing facility. The strategic design of the power plant allows for future expansion whilst accommodating a scaling up of processing throughput. The installation of the power plant carried out by IPS represents a crucial achievement for Classic Minerals as it is now able to energise the Gekko Processing Plant. The Cummins powered generators ensure a reliable and consistent supply of electricity, mitigating any potential disruptions and increasing production capabilities.

IPS Industrial Power Solutions is installing the PLC/SCADA logic for the Kat Gap Gold Project. The logic has been developed in accordance with the project's engineering specifications. Expected completion of the logic and successful simulation testing by the end of next week. IPS will then configure the SCADA runtime and progress to commissioning. Once commissioned, Classic will enter production phase. The PLC/SCADA logic completion represents a major step towards achieving this goal The SCADA system will monitor and control mining and processing operations, ensuring safe and efficient project operation. Classic Minerals is committed to the safe and efficient development of the Kat Gap Gold Project. Classic Minerals Ltd will also be able to draw on the Govt Diesel Fuel Rebate starting from July 1, 2023, of 36 cents per litre.

About Classic Minerals Ltd

Expanding its focus from exploration to mining, West Australian-based, minerals house Classic Minerals Ltd holds a pipeline of projects and continues to examine new opportunities both cyclic and countercyclic. Currently, ASX-listed Classic holds approximately 578 km2 of tenements across two major regional exploration areas in minerals-rich West Australia. Classic's ground is in areas with identified high grade gold and base metal targets. Classic's flagship Kat Gap Gold Project has been the recent focus of its exploration, mining and processing efforts and is strategically located some 170 km south of Southern Cross and some 50 km south of the Company's Forrestania Gold Project. With strong grades and near-surface mineralisation Kat Gap is soon to attain full scale production

ABOUT THE FORRESTANIA GOLD PROJECT

The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX: HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals. Classic has inferred and indicated mineral resources of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study suggesting both the technical and financial viability of the project.

Forward Looking Statements

This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward looking statements are subjected to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to Resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the Countries and States in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's annual reports, as well as the Company's other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any 'forward-looking statements' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws

Contact:

Email: contact@classicminerals.com.au

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