Allup Silica Limited update on McLaren Valuable Heavy Mineral Sands (VHMS) Project

Allup Silica Limited (ASX:APS) is progressing the development of its 100%-owned McLaren Valuable Heavy Mineral Sands (VHMS) Project near Balledonia, WA. IHC Mining Consultants (IHC) has commenced the initial stages of the McLaren Mineral Sands Pre-Feasibility Study (PFS) engineering design, with the initial design scope based on 10Mtpa throughput to produce up to 400,000tpa ilmenite product. Allup plans to commence an infill drilling program at McLaren in Q4, 2024, with Environmental Resources Management (ERM) appointed to plan the program and update the Mineral Resource Estimate (MRE) once drilling results are received. The PFS is expected to be completed during Q2 2025.

Executive Commentary on McLaren Project Progress

The company is pleased to announce the progress made in advancing the McLaren Valuable Heavy Mineral Sands (VHMS) Project. The commencement of the pre-feasibility study engineering design by IHC Mining Consultants is a significant step towards the development of the project. The upcoming infill drilling program and the appointment of Environmental Resources Management (ERM) to plan the program demonstrate our commitment to updating the Mineral Resource Estimate (MRE) and exploring the potential to increase the known resource. We are confident in the expertise and capabilities of our partners and look forward to the completion of the PFS in Q2 2025.

Summary of McLaren Project Development and Market Outlook

Allup Silica Limited (ASX:APS) is making substantial progress in the development of its McLaren Valuable Heavy Mineral Sands (VHMS) Project. The company has leveraged previous work to accelerate the completion of the Pre-Feasibility Study (PFS) for the project, with IHC Mining Consultants (IHC) commencing the initial stages of the PFS engineering design. The upcoming infill drilling program and the appointment of Environmental Resources Management (ERM) to plan the program and update the Mineral Resource Estimate (MRE) demonstrate the company's proactive approach to project development. The PFS is expected to be completed during Q2 2025, marking a significant milestone in the project's advancement. The global ilmenite market's rising demand for titanium dioxide (TiO2) further underscores the potential opportunities for Allup Silica's ilmenite product. With the market estimated to register a CAGR of more than 8% to 2032, the company is well-positioned to capitalize on the growing demand. The announcement reflects the company's strategic focus on advancing the McLaren Project and tapping into the lucrative ilmenite market.