June 2024 Quarterly Activities Report

Lycaon Resources Limited (ASX: $LYN) has reported on its June 2024 quarterly activities. The company received $180,000 Government Co-Funded Exploration Drilling for the West Arunta Stansmore Niobium-REE Project and approval from the Minister for Aboriginal Affairs for an entry permit to carry out exploration work at the same project. Additionally, the company raised $2.5 million through a placement with strong demand from new and existing investors.

Executive Commentary

The Company is pleased to have secured the government funding for the West Arunta Stansmore project, which will enable us to further our exploration efforts. The approval received from the Minister for Aboriginal Affairs is a significant milestone and reflects our commitment to conducting our activities in accordance with the necessary regulations and permissions. The successful placement further strengthens our financial position and provides the necessary capital to fund our exploration programs. We are optimistic about the potential of the projects and look forward to commencing the planned drilling program as soon as practical in Q3 2024, subject to the approvals processes being finalized.

Summary

Lycaon Resources has made significant progress in its June 2024 quarterly activities, securing government funding for the West Arunta Stansmore project and receiving approval for exploration work. The company's successful placement has further bolstered its financial position, enabling it to fund exploration programs. The West Arunta Stansmore Niobium-REE Project, covering 173km2, holds promising potential, with scheduled heritage surveys and drilling targeted to commence in Q3 2024. Additionally, the company's focus on lithium potential and the priority of exploration work programs demonstrate its commitment to exploring diverse mineral resources. With the successful ballot for the Myrnas Hill tenement and the completion of a diamond drilling program at the Bow River Project, Lycaon Resources is strategically advancing its exploration efforts across multiple projects. The company's ongoing assessment of additional project opportunities reflects its dedication to identifying assets that will add shareholder value. Looking ahead, the company's outlook appears positive as it continues to progress its exploration activities and evaluate new opportunities.