Ann: New tenements granted in WA Exploration on Ni and Cu targets, page-3

Nullarbor Tenements Background - E69/3852 and E69/3849

NMR’s immediate priority target is the northern E69/3852 tenement where an “eye” shaped structure evident in the magnetic imagery shows similarities (including the size and shape) to Independence Group NL’s (ASX: IGO) Nova-Bollinger deposit. Similar eye-shaped features have proven a successful exploration target for Legend Mining (ASX: LEG). Drilling completed Legend Mining at the Octagonal, Magnus and Mawson project areas has led to the discovery of significant nickel in association with these unusual features defined in the magnetics imagery. The region is also experiencing significant interest from other ASX-listed exploration companies with a recent JV agreement between Chalice Mining Limited (ASX: CHN) (via the company’s subsidiary CGM WA Pty Ltd) and SensOre. In addition, BHP Nickel West, Rio Tinto, Red Metals and Maria Resources all hold exploration tenements in this developing greenfields area.

Tenements E69/3852 and E69/3849 are located within the Madura Province, an emerging exploration area that has received minimal mineral exploration investment to date. NMR will become the first company to actively explore these geophysically-defined targets. All targets identified to date within E69/3852 and E69/3849 are “under cover” and the interpreted depth to the basement at the northern target E69/3852 is between 50-100m (see Figure 2). NMR will initially focus its exploration activities on these well-defined geophysical targets to help fast track the delineation of drill targets in preparation for a maiden drilling campaign.