E25 - Lake Johnston, page-47

There is a wide degree of variability in exploration targets, but this one from TG6 appears to be at the robust end of the spectrum.

TG6 appear confident that they can be towards if not above the top end of the range estimates, particularly around grade. TG6 are currently advising 1m intercepts and when they have defined the intercept as "pegmatite" and its not noted as peg/mafic or weathered/highly weathered the average grades per 1m intercept are about 1.4%, with a couple of intercepts reporting in the high 2% to low 3% range. The lake Johnston area is showing high grades.

I think what's happening with the surprisingly low range estimate is the current drilling is at 200m by 100m spacing. The model is assuming a grade fall-off as you move away from known intercepts so there is perhaps a 100m low zone that repeats between each of the drill holes. If the infill drilling matches the existing PoW row's then grades will lift beyond this exploration target range.

On currently TG6 planning there will be a JORC resource announced in 2024. From this exploration target it appears likely that will be >10Mt and at a grade above 1.0%. This will mean there is a ok size, good grade JORC resource in the tenement adjacent to E25's (pending updates of course on the tenement challenge).