Ann: Quarterly Activities Report, page-2

Plenty of work was done, but most of the results are still outstanding. Meaning this quarter should have a lot more newsflow than the last quarter. Hopefully a positive for the share price which can’t seem to break out of the low 1c range.

Summary of things to come:

Lake Hope Project: Next Steps in the Test Work Program - The samples of intermediate salt have been submitted for purification in Stage 4 purification by hydrochloric acid- gas sparging with subsequent calcining in Stage 5 to produce HPA.Preliminary results are expected in Q1-Q2 2024 to commercial low detection limits of 0.1 ppm to 2 ppm for 70 elements. Further confirmation may be required via ultra-low detection limit assaying at a specialist laboratory.Further test work will then focus on using the optimised conditions for each stage on bulk samples in one run to demonstrate the repeatability of the process and its ability to produce significant quantities of HPA. This work is expected to start in Q1 2024 and will lead to further refinements before engaging in metallurgical and hydrometallurgical flow sheet modelling to complete this part of the PFS.

Baseline Flora and Fauna Survey was also completed during the Quarter, with a final report due early in Q1 2024. The results will be used to finalise the location of mining lease boundaries and infrastructure corridors. A Mineralisation Report, a critical requirement of a mining lease application, has been completed, and the application will be lodged as soon as practicable in 2024.

Arkun Project: A further 1000 soil samples were collected over key areas and submitted to the laboratory for four acid digest with assays due in Q1 2024. The follow up soil sampling were taken over priority areas which consist of reconnaissance geochemical soil anomalies and airborne geophysical targets. An interpretation of all the data sets will lead to a maiden aircore drill programme at Arkun planned for Q2-Q3 2024.

Commonwealth Project: Burrendong Minerals Ltd completed a seed capital raise to fund the company through to an IPO planned forlate Q1-Q2 2024. Burrendong has the right to earn on 80% interest in Commonwealth.

Broken Hill: Geophysical surveys undertaken in Q3 2023 such as a ground SAM and AMT surveys, and a regional magneto-telluric (MT) survey are currently being processed and interpreted. The data was collected as part of the Xplor program and synthesized and analysed over the next few months.

Doonia: During the Quarter, 655 soils samples were collected at 400m by 200m spacing covering the entire tenement. The samples were dispatched to LabWest for analysis by the ultrafine method which delivers highly sensitive analysis of gold and multi-elements in the ultrafine (<2μm) fraction of soil samples. Results are expected in Q1 2024.