Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Other highlights of interest
Like an in country copper broker for S32
MMG around 5B Aus MC.

Copper mineralisation intersected in historical and recent Noronex drilling appears to have manyhallmarks of the deposits defined in Botswana over 400km to the east, including the large Zone 5 deposit(167Mt @ 2.1 % Cu, owned by MMG).

The key terms of the Strategic Alliance Agreement between Noronex and South32 are set out below:•

Noronex will generate early-stage exploration opportunities which are primarily prospective forcopper in Namibia.•
South32 will provide Noronex with generative funding of A$200,000 per annum to generatecopper-dominant prospective projects in Namibia.

• Once Noronex has either (i) secured the mineral rights or (ii) has engaged with the owner orholder of the exploration rights and is well advanced in the process of securing, the explorationrights, Noronex will exclusively offer the opportunity to South32 on agreed terms and conditions.

A detailed gravity survey will commence shortly across the three project areas, Okatumba Gate,Otjozondera and Otjiuapehuri prospects to assist understanding the complex aeromagnetic targets onthe basal shear and define drill targets.•

Should South32 accept two or more Exploration Opportunities in a year, a A$200,000 bonusgeneration fee is payable.•

The agreement will endure until December 2026.Earn-In Agreement with South32

IMO