Ann: West Arunta Project - Luni Assay Results, page-109

Short-range geological variability is a common feature within the oxide-enriched zones ofcarbonatites and there was some localised geological variation noted between LUDD23-001 andLURC23-026, which in part may be explained by the presence of structures. During the 2023 drillprogram a total of eight diamond drillholes have been completed to help assess this at Luni.

Also depth- still not well understood(its mainly shown only shallow part so far consistently)

The deeper transitional and fresh mineralisation remains poorly constrained, and the orientationof mineralisation in these zones is uncertain at this stage. For details of key intersections refer tothe annotated images and Tables 1 and 2

First diamond drillhole results received:LUDD23-001 from 30.9m: 31.1m at 2.4% Nb 2O 5and from 71.6m: 150.9m at 0.6% Nb 2 O 5


This is what has the market spooked as its a low grade. The original june intersection was 97m @ 1.7%- was only 5 metres away the hole location.

Overall this is minor issue- a bit of nitpicking as the central, core RC holes were excellent below


LURC23-069 from 65m: 50m at 2.0% Nb 2O5 (to EOH)including from 65m: 13m at 4.9% Nb 2O5LURC23-070 from 99m : 21m at 2.0% Nb 2O 5 (to EOH)LURC23-071 from 89m : 20m at 1.7% Nb2 O 5LURC23-115 from 56m : 64m at 1.4% Nb 2 O5LURC23-117 from 46m : 16m at 4.0% Nb 2O5LURC23-118 from 63m : 11m at 3.3% Nb 2O 5LURC23-123 from 77m : 14m at 3.2% Nb 2 O 5LURC23-165 from 68m : 14m at 4.3% Nb 2O5LURC23-170 from 39m : 33m at 1.8% Nb 2 O >> these are excellent.

Overall - oversold.