Ann: Quarterly Reports - December 2020, page-2

HIGHLIGHTS
 Golden Swan Exploration
o Down Hole Electromagnetic (DHEM) surveys identify a number of new conductors both along
strike and down dip, extending the footprint of a contiguous series of open-ended DHEM
plates to 170m by 60m
o DHEM surveys also detected two new plates located in the footwall of the Southern Terrace
surface, suggesting an opportunity for mineralisation to be hosted on multiple surfaces
o Drill hole PBSD0029D intersected a strongly mineralised interval of massive/matrix nickel
sulphides, returning 6.4m (3.7m true width) @ 9.60% Ni on the Southern Terrace basal
contact including 1.6m (0.9m true width) @ 14.89% Ni
o Preliminary metallurgical testwork of Golden Swan drill core returned excellent results:
 Nickel recovery > 90%
 Nickel grade >13% in concentrate
 Negligible arsenic in concentrate
 Very attractive Fe:MgO ratio (>50:1)
o Drilling has re-commenced from the Silver Swan decline into the Southern Terrace