Ann: Bullseye Targets Secured in 5,500km2 Belt-Scale Project, page-20

Don't believe anything has changed with the earn-in agreement at Fontenoy with Earth AI. As per June quarterly update, the guidance was drilling at Fontenoy should occur in July/August with assay results Sept/Oct timeframe.

Sharing my timeline notes below from the June webinar:
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• $3.2M cash maintained through JV management fees from Newmont
• Cap raise only likely off the back of a discovery – they have enough funds to drill Blackrange again and Cobar

• Blackrange – LGM 100%
  • Low-sulphidation Epithermal
  • Drilling started 14th April
  • Assays submitted around 9^th May
  • Assays expected in early July
  • Very positive drill visuals mean they believe the have hit the high-grade mineralisation zone – very optimistic there will be mineralisation in the assays
• Bauloora - Newmont (Farm-in Agreement)
  • Low-sulphidation Epithermal
  • First phase drilling completed 9th March - mixed results
  • Second phase drilling started 6th June
  • 8-hole DD program – up to 1,300 metres
  • Assays expected in August
  • 29 km2 vein field at surface – grade is definitely there, we just need to hit it.
  • May continue drilling at Bauloora again before end of year
• Fontenoy – Earth AI (Earn-in Agreement)
  • Earth AI - PGE (Platinum Group Elements) results 27th Feb.
  • Upcoming drilling in July/August – Earth AI testing drill planning
  • Assays expected Sept/Oct
• Glenlogan – S2R (Farm-in Agreement)
  • Porphyry
  • S2 Resources planning drill program
  • Assays expected Sept/Oct
  • Binary nature of outcome – copper/gold porphyry giant – discrete 600m wide body that plunges for over 1km
  • Same cover sequence as Cadia – undercover porphyry – elevated magnetic responses, discrete magnetic zone – looks like a textbook porphyry target – very high conviction – if it’s there they will hit it
• Drake – LGM 100%
  • Low sulphidation Epithermal but possibly also porphyry deposits – big magmatic driver as well, have found porphyry D-veins (eg. Magmatic caldera)
  • Strong gold and copper story – but very large mineralised area, spread widely so they will be taking careful approach, takes time
  • Digitisation of historical data – update to market expected end June
  • Q3/Q4 2024 – field campaigns and drill target identification
  • Q4 possibly geophys surveys
  • Unlikely to be drilled until first half 2025
• Cobar – LGM 100%
  • Cobar-style deposit
  • Coming back on the radar – lots of field work underway
  • Doing geochem and geophys on this tenement
  • Update to be released in June
  • Possibly drill Cobar before end of year or early next year