LAKE GILES FEASIBILITY STUDY UPDATE: Feasibility Study key consultant site visit to Esperance Port completed

VANCOUVER, Aug. 25, 2021 - Macarthur Minerals Ltd. (ASX: MIO) (TSX-V: MMS) (OTCQB: MMSDF) (the Company or Macarthur) is pleased to announce that the progress towards completion of the Feasibility Study for Macarthur's high grade magnetite Lake Giles Iron Project is continuing to build pace with a further site visit undertaken this week by its key consultants Stantec, at the Port of Esperance, to inspect the site and facilities.

This week, the Company's lead consultants (Stantec) visited the Port of Esperance to undertake a formal site visit. Stantec are advising the Company on the design of the non-process infrastructure requirements for the Company's planned high grade magnetite project in Western Australia, including the design and construction requirements for new rail unloading infrastructure and associated supporting infrastructure such as a planned 300kt storage shed.

The site visit at the Port of Esperance in Western Australia (located approximately 500 km south of the Company's high grade magnetite project at Lake Giles), was conducted under guidance by representatives of Southern Ports Authority. Macarthur management team representatives accompanied Stantec on the visit, which took in all relevant aspects of Esperance Port that will be necessary to support the engineering design works for on-port infrastructure that will also inform capital and operating cost outputs for the Feasibility Study.

The visit by the Stantec team to the Port of Esperance follows on from a detailed site visit that was completed by the Stantec team at Lake Giles last week (see 19 August 2021 announcement here). The previously announced geotechnical diamond core drill programme at Moonshine and Moonshine North is continuing to progress (see the 12 August 2021 announcement here).

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c569ca19-620e-4147-9740-f3bb89fe8335

Andrew Bruton, CEO of Macarthur Minerals commented:

"This week's visit to the Port of Esperance is an important milestone in the development of the Feasibility Study for Macarthur. We are grateful to the Southern Ports Authority for facilitating the site visit and for extending their cooperation and assistance to the Macarthur and Stantec study teams.

The site visit to the Port of Esperance will help inform engineering design works for potential new on-port infrastructure and will also help underpin realistic capital and operating cost assumptions and outputs for the Feasibility Study.

We are pleased to be working with Stantec and the Southern Ports Authority. This week's positive and collaborative activity between our study team and our future partner at the Port brings us another week closer to the completion of the Feasibility Study."

On behalf of the Board of Directors, Mr Cameron McCall, Chairman

Company profile
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). The JORC reporting tables and Competent Person statement for the magnetite and hematite mineral resources have previously been disclosed in ASX market announcements dated 12 August 2020 and 5 December 2019. Macarthur has prominent (~721 square kilometre tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.

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Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.