Ann: New magnetic anomalies at Greater Mongoose Prospect, page-5

The importance of better understanding and vectoring into the Mongoose IOCG-style resource is crucial for unlocking the full potential of the deposit. Here are the key aspects to emphasize:

1. Understanding the IOCG System

The Mongoose Deeps resource is associated with an Iron-Oxide Copper-Gold (IOCG) system, which is complex in nature but can host large, high-grade mineral deposits. The Ernest Henry mine, a world-class IOCG deposit, is a nearby analog, providing a geological model for Mongoose. However, IOCG systems are difficult to explore due to their often deep-seated and irregular mineralization.

Key challenge: In IOCG systems, vectoring into mineralized zones—finding and targeting the areas of high-grade mineralization—requires precise geophysical models and an understanding of the structural and alteration controls on mineralization.

The new drone magnetics survey helps overcome this challenge by revealing previously undetected shallow magnetic anomalies and improving the overall understanding of the subsurface geology, allowing for more effective exploration planning and drilling.

2. Vectoring into High-Grade Zones

The 300m magnetite-rich breccia zone identified by the RMD001 drill hole provides a clear indication that the Mongoose Deeps target contains significant mineralization. However, the key to unlocking the resource lies in vectoring into the highest-grade portions of the breccia, where copper-gold concentrations are most enriched.

The new drone magnetic data provides enhanced resolution of the magnetic anomalies associated with the IOCG-style mineralization, offering better insights into the geometry, structure, and spatial distribution of the breccia zones. By integrating this data into a 3D geophysical model, geologists can pinpoint areas where the highest-grade copper-gold mineralization is likely concentrated.

This improved understanding of the structural controls on the IOCG system will allow for targeted drilling, reducing exploration costs and increasing the likelihood of hitting high-grade ore.

3. Importance of Surface and Near-Surface Targets

The newly identified close-to-surface magnetic anomalies represent an important opportunity for the project. Shallow mineralization is economically attractive because it is less costly to extract, especially in open-pit operations. The drone data has identified targets that repeat the magnetic signature of the adjacent Mongoose and Taipan deposits, which could host shallow, high-grade copper-gold zones.

These shallow targets are critical as they allow for early, cost-effective production, which could generate cash flow to support deeper exploration. Additionally, identifying and developing shallow resources provides a shorter path to production, an important factor in attracting investment and improving the overall project economics.

4. Improving the Geophysical Model

The current geophysical model for Mongoose Deeps is already promising, but the integration of the high-definition drone magnetic data will provide greater detail, especially in complex IOCG systems where mineralization can be irregular and associated with magnetite-rich breccias. The 3D modeling of the magnetic data will enhance the company’s ability to vector into mineralized zones by highlighting areas of concentrated magnetite, which is often associated with copper-gold mineralization in these systems.

By incorporating the drone data with magnetic remnants and drill hole data (e.g., RMD001), Renegade can build a more comprehensive model that accounts for the spatial relationships between magnetite, alteration, and mineralization. This will allow for better targeting, especially at depth, where significant IOCG deposits are typically found.

5. Strategic Importance for Drilling

The newly identified anomalies and the refined geophysical model will guide the next phase of RC & Diamond drilling. Planned drilling from surface to 500m in mid-October will be informed by this enhanced model, enabling the exploration team to drill more confidently into the heart of the system. The mid-depth magnetic anomalies could hold significant copper-gold mineralization, similar to the Mongoose West and Magazine zones, and provide a pathway to expanding the resource base.

Additionally, high-grade copper intersections from past drilling, such as:

• RMG021: 10m @ 5.4% Cu, 0.88 g/t Au from 84m, and
• RMG019: 74m @ 0.70% Cu, 0.19 g/t Au from 68m,

provide clear evidence that the Mongoose system hosts significant mineralization. The improved geophysical model will allow for more strategic drilling, increasing the probability of finding similar or better grades in new areas.

6. Economic Impact and Future Resource Expansion

The IOCG potential of Mongoose Deeps, combined with the new magnetic targets, positions Renegade for a significant resource expansion. The current Inferred Resource of 3.1Mt @ 0.55% Cu and 0.07 g/t Au could be increased substantially if the newly identified anomalies prove to be mineralized. Additionally, vectoring into deeper, higher-grade zones could upgrade the resource to higher confidence categories (Indicated or Measured), improving the project's valuation.

The new drone data is not just incremental—it represents a step change in the ability to understand and target mineralized zones within the Mongoose IOCG system. By refining the geophysical model, Renegade can vector more effectively into high-grade copper-gold zones, reduce exploration risks, and accelerate resource development. This enhanced understanding is critical for transforming the Mongoose Deeps prospect into a potentially world-class IOCG resource, driving both near-term drilling success and long-term project value.