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March 2024 Quarterly Activities Report


Morrissey Hill Phase 2 Drilling Results (9 February 2024)

  • Phase 2 drilling comprised 58 reverse circulation (RC) holes for 5282m.

  • Drilling completed across the Bonzer, Morrissey Hill, Peggy Sue, Shore Break and Sunset Boulevard prospect areas.

Earn in & Joint Venture Agreement with Delta Lithium (11 March 2024)

  • Reach announced the signing of an ‘Earn-in and Joint Venture Agreement, Morrissey Hill and Camel Hill Lithium Project’ (the “Agreement”), with Electrostate Malinda Pty Ltd, a wholly owned subsidiary of Delta Lithium (ASX: DLI) (“Delta”).

Field Work Commences on New Niobium/REE Targets at Wabli Creek (18 March 2024)

  • Field work commenced on priority targets at Wabli Creek on 18 March 2024. Limited work was possible during this first field trip of the season due to rainfall and flooding causing road closures. However, the next field trip commenced Monday 22 April and roads are open through to Wabli Creek for sampling to commence. Rights Issue, Consolidation & Priority Offer (Multiple dates) 1.

1.Rights Issue

  • Reach announced on 21 February 2024 (‘Updated Rights Issue and Options Priority Offer), that it would undertake a non-renounceable rights issue of 1 fully paid ordinary share in the capital of the Company (“Share”) for every 3 Shares held by eligible shareholders at an issue price of $0.002 per Share (pre-consolidation) or $0.01 (post-consolidation), together with 1 free attaching option to acquire a Share (“Option”) for every 2 Shares subscribed for and issued, to raise up to approximately $2.14 million (“Rights Issue”).

  • Each Option issued under the Rights Issue is exercisable within 3 years from the date of issue with an exercise price of $0.003 (pre-consolidation) or $0.015 (post consolidation) (“New Options”).

1.1 Rights Issue & Shortfall – Results (15 April 2024)

  • The Company announced it had received $822,595 from the recently completed non renounceable rights issue. The Lead Manager (Westar Capital) have been advised of the shortfall (~$1.3 million) and Reach looks forward to providing an update to shareholders regarding this shortfall, in the short term.

2. Consolidation

  • The Company announced that subject to receipt of shareholder approval (which was obtained on 15 April 2024 at the Company’s General Meeting of shareholders, that the Company would undertake a Consolidation of its issued capital on a 1 for 5 basis (“Consolidation”). The Consolidation has not at the date of this quarterly been completed, and remains underway in accordance with the timetable outlined in the Company’s ASX Announcement dated 12 March 2024 (‘Update – Consolidation/Split – RR1’).

3. Priority Offer

  • In addition to the Rights Issue and Consolidation, the Company will be offering eligible holders of the existing RR1O listed Options expiring 20 May 2024 (“RR1O Options”) a non renounceable priority offer to subscribe for 1 New Option for every 1 RR1O held at an issue price of $0.0002 (pre-consolidation) or $0.001 (post-consolidation) per New Option to raise up to approximately a further $0.26 million (“Priority Offer”). The issue of the New Options under the Priority Offer received shareholder approval on 15 April 2024. It is anticipated that a Priority Options Offer Prospectus will be lodged with the ASIC and ASX on or around the 1st of May. Shareholders will be provided with an update over the coming weeks. Reach Resources Limited (ASX: RR1) ("the Company" or "Reach Resources") provides its activities report for the quarter ended 31 March 2024.

Morrissey Hill Phase 2 Drilling Results (9 February 2024)

The Company announced the below from its Phase 2 drilling program.

  • Strong, coherent lithium and lithium-caesium-tantalum (LCT) pathfinder anomalism and low medium grade lithium mineralisation encountered at each prospect area, broadening overall potential of the Morrissey Hill Project.

  • Significant intercepts included:

    • 23MHRC0062: 16m @ 0.15% Li2O from surface including 2m @ 0.22% Li2O from 8m (Bonzer)

    • 23MHRC019: 40m @ 0.09% Li2O from 10m downhole depth including 10m @ 0.12% Li2O from 40m and 6m @ 0.15% Li2O from 56m (Morrissey Hill)

    • 23MHD047: 20m @ 0.08% Li2O from 64m to EOH (Peggy Sue)

    • 23MHRC072: 14m @ 0.08% Li2O from 16m (Shore Break)


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