Ann: Drilling Update - Mt Cobalt & Pembroke, page-637

The Company announced on 17 October 2016 that it had commenced a 600m drilling program targeting
high grade cobalt mineralisation at its Mt Cobalt project west of Gympie in Queensland. To date three
holes for a total 120m of reverse circulation (RC) drilling have been completed. Whilst assay results are
yet to be received, visible black and green cobalt/nickel/manganese oxide mineralisation of
indeterminate grade was reported in each of the holes (Figure2). The balance of the program is
expected to be completed within the fortnight, subject to weather conditions. Significant assays will be
reported when available.

Assays were back on the 23rd of November!

Recent drilling demonstrates the potential for high grade cobalt extensions at Mt Cobalt, including a
high grade interval of 7m @ 0.84% Co & 0.83%Ni or 1.13%Coeq1 from 29m.
 Assays results up to 2.16%Ni and averaging 0.59%Ni for all assayed intersections confirm the extensive
nickel mineralisation at Mt Cobalt and highlight a potential nickel target 100m deep x 650m long x
250m wide and open in three directions.

Both most recent drill programs have assays in the lab one month.