Ann: New High-grade Lithium Drill Results within 20km of Grants, page-41

It will be interesting to see how big the Blackbeard / Centurion system gets. If its big, a lot more drilling is required but some of the initial attributes are there for it Blackbeard to be a large deposit

As background, Core has advised shapes and true widths for most of its steeply dipping deposits. These statements were:

• BP33 pegmatite is interpreted to be approximately 350m in strike length and up to approximately 40m in true width. There is a very strong steep
  southerly plunge component with a depth extent currently in excess of 800m (16 Oct 2023)
• Grants ore-body averages 25m wide, is over 300m long (22 Oct 2018)
• Seadog deposit consists of a steeply dipping pegmatite body that is approximately 140m in length, strikes in an east west direction and averages approximately 20m in true width (11 April 2024)
• Carlton deposit is an NNE-striking, steeply east-dipping and south-plunging body with a strike length of 280m and true width of up to 25m (average 15m) (11 April 2024)
• The Ah Hoy deposit consists of a steeply NW dipping pegmatite body that is approximately 250m in length and averages approximately 15m in true width (11 April 2024)
• Penfolds is deposit consists of a sub vertical pegmatite body with a strike of approximately 190m and is up to 15m in true width (11 April 2024)

From these its clear to see why Core's deposits haven't become massive. All these lengths are 350m and shorter and most also have average widths of 20m or less. The two most advanced projects have the widest average widths (Grants and BP33). None of them have extended mineralisation over lengths exceeding 1km (although BP33 is getting close from a depth perspective!!).

Core will have their reasons for suggesting Centurion and Blackbeard may be part of the same system and that probably relates to their ANT work on the site. If they are connected at depth, Blackbeard could get big because a 630m strike length would be the longest of any of the vertical deposits. Blackbeard has been described as up to 45m of true width which is larger than the statements above. Spodumene in pegmatites always has a density around 2.7x so the missing dimensions are average widths and depth.

The key will therefore be whether mineralisation continues at depth and how wide the average width is. For example, its conceivable that below 200m deep the average width is 30m and like BP33, Carlton and Lei mineralisation continues down to 700m+ in depth. If this were to occur, 630m * (700-200) * 30 * 2.7 = 25.5Mt. There would also be some material above 200m but the strike length for this is much shorter given the patchy Centurion mineralisation nearer the surface. NRC271 also confirms nearer the surface Centurion and Blackbeard are not connected.

Potentially Blackbeard could be a gamechanger as a single larger deposit that would enable Core to consider production volumes beyond 1Mtpa. This however is all speculation until some depth drilling is done along the 630m strike length showing consistent not patchy mineralisation along the full length. Core has had several potential large deposits that didn't eventuate (eg Zola). If depth Centurion is either thin or low grade then the economic mineralisation would be at best half the figure above which would still be a very good outcome.