Botswana Drilling Update

Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to provide an update on drilling activities at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt ('KCB') in the Republic of Botswana.

Highlights

• First phase exploration drilling campaign completed on licence PL135/2017
• Eight holes completed for 3,023 metres of Reverse Circulation and Core Diamond Drilling on budget and on time
• A total of 562 kilograms of sampled core consisting of 309 samples shipped for assay
• Drilling activities relocated to licence PL162/2017 following completion of first phase of drilling at PL135/2017

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"I am very pleased with progress made at our Botswana licence and look forward to providing shareholders with a more comprehensive update once we receive the assay results. In line with our original plan we have now relocated drilling to our second license."

The first phase to the maiden exploration programme in the central part of licence PL135/2017 consisted of eight holes totalling 3,023m, of which 1,978m were drilled by reverse circulation ('RC') and 1,045m by core diamond drilling ('DD') methods. The drilling was completed on budget and on time.

The DD core was split into 309 samples with an aggregate weight of 562.45kg and has been shipped by road to ALS Global in Johannesburg for analysis with results expected around the end of October 2024.

Drilling activities have now relocated to licence PL162/2017, where scout drilling in 2022 intersected 3m @ 1.45% Cu and 9.33 g/t Ag. The first phase to this maiden exploration drilling program is expected to comprise approximately six holes, with the possibility of additional holes depending on observations from core resulting from the initial holes.

Qualified Persons

Background on the Virgo Licences

Licence PL 135/2017

The Company's prospecting licence PL135/2017 is surrounded on three sides by the prospecting licences of Khoemacau Copper Mining Limited ("Khoemacau"), who have recently been acquired by MMG for c.$1.9 billion.

This licence is located towards the south-eastern margin of the Kalahari Copper Belt occupying a similar geological setting to that recently drilled by Khoemacau at their recent Mawana Fold Discovery and the Zone 9 exploration target, where economic grades of copper mineralisation have already been intersected by drilling. These discoveries are located at the north-western and south-eastern margins of the Company's prospecting licence, respectively.

Khoemacau's Mawana fold discovery has defined a possible economic zone of copper mineralisation that appears to trend towards and into the Company's licence PL 135/2017 (Figure 1.). The Company's recent scout drill holes intersected anomalous grades of copper mineralisation close to this apparent trend and confirmed an east-west trending DKF-NPF contact position approximately 5km long running through the licence.

A map of the licences is available here:

Appendix A - Glossary of Technical Terms