Ann: Updated Exploration target for the Never Never Gold Deposit, page-155

I think the assay results from Sly Fox may have a big bearing on development options and timing. If the 2 holes drilled which SL has stated is similar to NN, come back with NN like grades, then SPR may be onto another NN - I emphasise MAY as in my view they need about another 5 holes of high grade results from SF to be convinced its another NN like ore body.

This was in a podcast 11 months ago where SL was interviewed- the other NN is obviously Sly Fox. Interesting that he notes they could not drill it at very good angles in April 2023 - It was as he states a very enticing target. Explains why they have not drilled SF until now.

"I’m about outcomes, I’m just going to continue to produce ounces and put out new resources and grow this to the point where all the questions go away and we start taking about how many millions of ounces can be in this system because if you’ve got a million ounces of low grade material under 1g/t, no one really cares, it’s not exciting. What is exciting is this Never Never structure and how many more of these NN structure there are and we think we have found one already, we think there is possibly another one.

So we went back through our dataset, amazing database, a teamof really experienced geologists from the Dalgangara that watched those blocksgetting mined, I asked them where seen this type of mineralisation before,where can we expect to see it again, and the answer was we‘ve seen that before.

So at the north end of Gilbley’s pit is some of thehighest grade material in the whole of the Dalgangara region prior to thediscovery of NN and it sits out at an angle to the main ore body exactly thesame as NN does and we can’t drill it at very good angles at the moment but itsenticing, its sitting there and telling us there is something we need to followup on."