Ann: March 2023 Quarterly Activities Report & Cash Flow Report, page-4

It is very much worth reading this discussion section from the report today.

DISCUSSION

The quarter was a successful one for the Company where we are now beginning to unlock what could be a
major nickel sulphide mineral system at Mulga Tank. MTD023 was designed to test the centre of the Mulga Tank
Ultramafic Complex, drilling the inferred deepest part, in order to gain geological understanding of the body. It
could well become the pivotal “discovery” hole of the project.

The geochemical assay results, along with previous results from holes MTD020 and MTD022 (ASX, MTD020
Assays Confirm Extensive Working Mineral System, 7 November 2022; MTD022 Assays Confirm Broad
Disseminated Mineralisation, 20 February 2023), conclusively confirm the presence of an extensive magmatic
nickel sulphide mineral system within the Mulga Tank Ultramafic Complex. Four broad horizons of disseminated
sulphide mineralisation were observed over a cumulative ~693m downhole thickness. This scale of
mineralisation suggests the potential for large volumes of nickel sulphide to be hosted within the Mulga Tank
dunite body.

The uppermost, relatively shallow intersection of mineralisation seen between 118m to 196m depth (78m at
0.28% Ni from 118m, including 20m at 0.38% Ni from 176m) is particularly interesting given it appears to
correspond well with similar mineralisation at this depth seen in holes MTD012 and MTD022 approximately
1,600m apart.

This may hint at the lateral extent and potential size of this mineral system and confirm the “flat
lying, right way up” model of the complex. This mineralisation in the top 200 vertical metres could potentially be
amenable to large scale open pit mining, especially considering the top 50-70m of sand cover is essentially
“free-dig”, easily removable overburden.
Recent observations from hole MTD026, drilled midway between holes MTD020 and MTD023, appear to extend
the footprint of this zone of shallow mineralisation over ~3.2km, across the majority of the Mulga Tank Complex.

Whilst, these holes require significant infill drilling, which our expansion plans begin to systematically target, a
very significant nickel sulphide mineral system is potentially emerging at Mulga Tank.