Ann: Drilling campaign to commence & results confirm Co-Ni-Sc, page-4

Highlights  Geochemical assay results, based on around 140 surface samples taken from several areas across the Husky and Malamute projects (refer VIC Release 9 April 2018), testing for Co-Ni-Sc mineralisation have finally been received  For Malamute specifically, which has been previously drilled, the geochemical results align with legacy drill-hole lithology records that show a consistent deep red-ochre weathering profile that is typical of Co-Ni-Sc hosted laterite deposits  Reconciling the geochemical results with aeromagnetic anomalies has enabled the geology team to confirm and in places expand the inaugural drilling program across the tenures  Overall, the geology team are pleased with the surface geochemical results (which went through two rounds of testing to ascertain a more accurate scandium reading) as factoring this information into the data mix, the drilling program for both tenures is now optimal: o Malamute – some slight fine tuning, otherwise, the planned drilling grid is minimally different from the preliminary plan (refer ASX Release 9 April 2018) o Husky – the drilling plan was extended in Husky East, as geochemical assays results from rock-chip samples were up to 70ppm Co, 227ppm Ni and 29ppm Sc which, collectively, are positive indicators for extended mineralisation  The application to commence the drilling program has already been lodged with the regulator, while a contractor has been appointed to manage the campaign  The Board’s core priority, now all key data has been reviewed, is to commence the drilling campaign once regulatory approval has been received