Ann: Nagambie Mine High-Grade Antimony-Gold Project, page-2

We have the resource
now we just need someone with deep pockets to JORC us around




Nagambie Mine High-Grade Antimony-Gold Project

Current Status of Project

• The major Victorian high-grade antimony-gold (Sb-Au) virgin discovery at the 100%-owned
Nagambie Mine was announced on 3 July 2023.

• The discovery now consists of four lode systems with multiple veins within them (C1, C2, C3 and
N1 lodes) and they all remain open at depth. Nagambie’s structural model predicts that
significantly more lode systems could be delineated over time.

• The 38 economically-mineable intersections to date average 3.8m downhole length, 1.6m EHT
(estimated horizontal stope thickness) and 14.5 g/t AuEq (gold equivalent) (5.6% Sb (antimony)
plus 3.8 g/t Au (gold)).

• The average gold-equivalent stope grade of 14.5 g/t or approximately 0.5 ounces/tonne AuEq
is very high grade by Victorian and Australian standards, and 4.8 times the estimated mineable cutoff grade of 3.0 g/t AuEq. This indicates potentially very-low operating cost, very-high operating margin mineralisation.

• The average antimony stope grade of 5.6% Sb makes the Nagambie Mine discovery the
highest-grade antimony mineralisation in Australia.

• The newly delineated N1 (E-W) lode system already has a strike length of around 220m and is
open both to the west and east. N1 is now the lode system with the most potential AuEq content.

• Better new stopeable intersections since the last update include:
o 13.4 g/t AuEq (3.7% Sb plus 6.3 g/t Au) over 1.2m EHT in hole NAD019; and
o 16.5 g/t AuEq (7.9% Sb plus 1.3 g/t Au) over 1.2m EHT in hole NAD044.

• Diamond drilling was paused early in the September 2023 quarter to fully assess the results of all
the drilling since the June 2022 quarter, calculate a maiden JORC Inferred Resource and
conserve funds ahead of the next focussed drilling program. Nagambie’s geologists have carried
out extensive geological modelling of the anticlinal folding, the anticlinal shears, the bedding traces,
and the more sandstone-rich sedimentary beds. Logging, core sawing and laboratory assaying of
the remaining intersections will be completed shortly.

• Mining Plus, a global mining services provider, has determined that the Sb-Au mineralisation is
not highly-nuggety / highly-variable and, as a result, costs of drilling going forward, both from
surface and underground, will be significantly less than for nuggety / highly-variable-grade
mineralisation.

• Mining Plus has also designed an exploration decline from surface with initial main ore drives at
105m and 125m vertically below surface. The designs will form part of Nagambie’s Work Plan
Variation application to carry out underground exploration work under its Mining Licence.

• A new and dramatically increasing use of antimony is in Solar PV (photovoltaic) glass panel
manufacturing as the world moves to renewable, decarbonizing energy generation.

• During the last year, Nagambie has been approached by overseas antimony refineries, end users
and trading groups from China, the Middle East and Europe – all interested in mutually-beneficial
antimony off-take agreements.