Level 4, 105 St Georges Terrace Perth WA 6000

E. admin@resourcebase.com.au W. www.resourcebase.com.au

Executive Chairman & CEO Shannon Green

CFO & Company Secretary Ailsa Osborne

Drilling Continues at Prospective REE Project

Infill drilling will commence shortly at EL007646 at the Company's 100% owned Mitre Hill project that is prospective for Ionic Clay Rare Earths

 The Company has acquired an air-core drilling rig providing substantial cost savings and ensuring continuity of ongoing drilling in the coming years across the broader Mitre Hill REE project

Mitre Hill Ionic Clay Rare Earth project situated adjacent to Australian Rare Earths' (ASX:AR3) JORC 2021 Inferred Mineral Resource of 39.9Mt @ 725ppm Total Rare Earth Oxide (TREO) 1,2

Resource Base Limited ( ASX: RBX )( Resource Base or the Company ) is pleased to advise that it will commence infill air-core drilling at EL007646 shortly, located in Victoria on its 100% owned Mitre Hill project that is prospective for Ionic Clay Rare Earths.

The infill drilling program follows on from the completed roadside drilling undertaken in Q1 of CY2022.

EL007646 is located in the southern margin of the Murray Basin in western Victoria. The Company has a significant land holding in the southern margin of the Murray Basin and believes it is very well positioned to play a key role in the emerging Iconic Clay Rare Earths precinct that is potentially of global significance.

Figure 1: Regional setting of Mitre Hill Project tenements in emerging Rare Earths precinct

1 Refer Australian Rare Earths' (ASX:AR3) Prospectus dated 7 May 2021.

2 These results do not guarantee the same or similar levels of success on the Mitre Hill Project tenements

The Company continues to actively work with key project stakeholders including, landowners the local community and regulators to develop strong relationships.

The infill air-core drilling program will be based on a hole spacing of 200m by 100m and will provide sample material for both mineralogy and metallurgy test work. The infill drilling will spread out from the initial area as shown in Figure 2 below to test the entire tenement.

EL7646 Planned Air Core Drilling April 2022

Figure 2: EL007646 planned drill hole locations

Due to the current market conditions in regard to both cost and availability of drilling contractors the Company has prudently invested in a fit for purpose rubber tracked air-core drilling rig.

The Company expects that this prudent investment will provide substantial cost savings and will ensure that drilling operations can continue on an ongoing basis.

The Company is currently establishing the small operating crew to ensure a safe and sustainable start-up of our drilling operations in the coming weeks.

The key information in regard to the air-core drill rig is as follows:

Purchase price of Rig (Inc Spares)

The Innovative Hydraulics Explora 50 drill, refer figure 3 below, was manufactured in 2007 and is in excellent condition having been very well maintained.

Figure 3: Innovative Hydraulics Explora 50 Air-Core drill

RBX currently has sixteen (16) tenements, fifteen (15) applications and one (1) granted tenement the southern margin of the Murray Basin in western Victoria and one (1) granted tenement in south-eastern South Australia (refer Annexure A). The areas targeted are considered by the Company to have significant potential to host Ionic Clay Rare Earth mineralisation.

The Company has a significant land holding in the southern margin of the Murray Basin and believes it is very well positioned to play a key role in the emerging Iconic Clay Rare Earths precinct that is potentially of global significance.

This announcement has been authorised by the Board of Resource Base Limited.

For further information please visit our website - www.resourcesbase.com.au

Follow Resource Base Ltd (ASX:RBX)

Resource Base Ltd (ASX:RBX) is an Australian based mineral exploration company focused on the development of highly prospective exploration projects with demonstrated potential for scalable discoveries.

The Black Range Project (124km 2 ) in Victoria's premier porphyry and VHMS target district, the Mount Stavely Volcanic Complex (MSVC) in Western Victoria, captures three fault-bound segments of the MSVC volcanics with a combined strike length of approximately 55kms. The Project includes the advanced Eclipse prospect, which is prospective for copper, gold and zinc.

The MSVC is considered an analogue of the Mt Read Volcanics in Tasmania, which is host to a number of world-class VHMS deposits (Rosebery, Hellyer, Que River), the giant Mt Lyell Cu-Au deposit, and the Henty Au deposit. Numerous other targets, including Anomaly F, Honeysuckle, Anomaly K and Mt Bepcha are associated with MSVC rocks across the tenement but have seen little work to date.

Petrological studies indicate that important VHMS style hydrothermal alteration and is well developed on the Eclipse prospect. Resource Base will utilise systematic geophysics, drilling and geochemical analyses combined with petrological and hyperspectral SWIR alteration mapping to vector towards zones with high mineralisation potential as identified from comparison with known VHMS deposits in the Mt Read Volcanics and around the world.

The Mitre Hill tenements account for 2,649km2 that are prospective for ionic clay hosted Rare Earth Elements (REE) within the southern margin of the Murray Basin, the Project consists of one (1) granted tenement and fifteen (15) applications in Victoria and one (1) granted tenement in South Australia.

Upon granting of all tenements Mitre Hill will hold the 2 nd largest position within a potential emerging Ionic Clay Rare Earth precinct located in the southern margin of the Murray Basin across Victoria and South Australia.

The licence and applications are located in the southern margin of the Murray Basin on the South Australian and Victorian state Border near the towns of Naracoorte, Penola and Edenhope. The largest and most prospective tenement, EL6708, runs approximately in a line, covering over 40km of strike length, from the towns of Naracoorte and Penola in South Australia.

The main economic target is ionic clay hosted REE deposits, with possible economic concentrations of Heavy Rare Earths considered strategically important given global supply modelling. The Applications are located over the transition from the concluding phases of the Loxton - Parilla strandlines to the more broadly spaced Bridgewater formation in South Australia and Victoria. A significant archive of historical exploration data has been acquired by the Company, including drilling results, numerous government studies and minor private exploration.

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Resource Base Ltd. published this content on 18 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2022 23:13:08 UTC.