Positive

Australian Mines Managing Director Benjamin Bell commented: “Although advancing
exploration at Thackaringa, in terms of priorities, it is ranked behind completing our Feasibility
Study at the Sconi Cobalt-Nickel-Scandium Project in Queensland and the resource
expansion programs at both our Sconi and the Flemington Cobalt-Scandium-Nickel Project in
New South Wales, the results of the Company’s recent geophysical survey absolutely warrant
follow-up with a maiden drill program to test the BR_02_CC anomaly.”

“This region, near Broken Hill, is well-endowed with cobalt-bearing sulphide geology, and to
see the potential of the area you only need to look at the recent announcement from our
immediate tenement neighbour Cobalt Blue, which upgraded the tonnage of its Thackaringa
cobalt resource by 31%, off the back of recent drilling.”