Bastion Minerals Ltd (ASX: BMO, Bastion, Company or BMO) has entered into a Binding
Heads Of Agreement (HOA) with Austek Resources Pty Ltd (Austek) for an option to acquire three highly prospective lithium properties located in Ontario Canada, a rapidly growing lithium province.

The three properties are located close to known pegmatites, where adjacent companies have intersected pegmatites in drilling and have defined and reported resources. The property groups are referred to as Pakwan East Lithium, Raleigh Lake Lithium, and McCombe North Lithium projects.

The Pakwan East project comprises 17km2 and is located immediately adjacent to properties owned by Frontier Lithium Inc (TSXV: FL), who have the PAK lithium project which includes the Spark Lithium deposit.

The McCombe North project comprises 33km2 of tenure and immediately abuts the north of the Root Bay properties owned by Green Technology Metals (ASX: GT1), where they are drilling the Morrison and McCombe lithium deposits.

The Raleigh Lake Lithium property is hosted within the Wabigoon Terrane, also host to the Mavis Li Deposits (Critical Resources Ltd ASX:CRR) and the Raleigh Lake Li-bearing
pegmatites of International Lithium Corp (TSXV: ILC).

Bastion’s Consultant Geologist, Mr. Murray Brooker, who has held Senior technical roles
consulting to Lithium Power International (ASX: LPI), Allkem Ltd (formerly Orocobre) (ASX: AKE) and Advantage Lithium Corp (TSXV: AAL), will work closely with Austek’s Canadian Geological team to ensure exploration is expediated across the projects.

The Bastion Board has also resolved, following due diligence, not to proceed with the portfolio of lithium royalties and projects, announced to the ASX on 5 December 2022.