ALCHEMY RESOURCES LIMITED — Capital/Financing Update 2025

Jun 2, 2025

ASX: ALY

3 June 2025

BOARD AND MANAGEMENT

MR LINDSAY DUDFIELD NON-EXECUTIVE CHAIRMAN

MR JAMES WILSON CHIEF EXECUTIVE OFFICER

Alchemy moves to 100% ownership of Bryah Iron Ore Project

MS LIZA CARPENE NON-EXECUTIVE DIRECTOR

MR ANTHONY HO NON-EXECUTIVE DIRECTOR

MS CARLY TERZANIDIS COMPANY SECRETARY

PROJECTS

KARONIE (ALY 100%)

LAKE REBECCA (ALY 100%)

LACHLAN (ALY 80%)

HIGHLIGHTS

• Alchemy acquires the remaining 50% interest in the iron ore rights at the Bryah Project (“Project”) from Carey Mining Pty Ltd for $75,000 cash and a royalty.

• Field work in 2024 identified banded iron ridges extending up to 2000m in strike length, with outcropping hematite up to 80m wide and assaying up to 65.9% Fe with Calcined Fe grades up to 67.4% Fe[1] . These outcrops have never been drilled.

• Permitting is well advanced with approved Programs of Work and Heritage surveys completed and logistics planning underway for a maiden drill program.

WEST LYNN (ALY 80%)

BRYAH BASIN IRON ORE (ALY 100%) BRYAH JOINT VENTURE (ALY 20%)

HEAD OFFICE

Alchemy Resources Ltd Unit 8/8 Clive St West Perth, WA 6004

PO Box 8415 Perth 6000

T: 08 9481-4400 E: info@alchemyresources.com.au W: www.alchemyresources.com.au

ABN: 17 124 444 122

1 Refer to ALY ASX Announcement 31 May 2024 – Exceptional High Grade Iron Ore at Valley Bore

Alchemy Resources Limited (ASX: ALY) (“Alchemy” or “the Company”) is pleased to announce that it has completed the acquisition of the remaining 50% interest in the iron ore rights on its joint venture with Carey Mining Pty Ltd (“Carey”). Recent work has confirmed the Valley Bore prospect is highly prospective for iron ore with high grade hematite and banded iron outcrops extending over 2 km in strike and widths of 10-80m. Rock-chip assays from field work in 2024 returned grades up 64.9% Fe from the Southern Ridge target and recent assays up to 65.9% Fe were reported from new zones located 3km to the south-west along strike which further underscores the Project's growth potential.

Chief Executive Officer Mr James Wilson commented: “We’re excited to announce the acquisition of the remaining interest in the JV exploration licences, bringing our ownership of the iron ore on these tenements to 100%. The Project continues to deliver promising results, with high-grade iron ore rock-chip samples returning assays above 65% Fe—strongly supporting the Direct Shipping Ore (“DSO”) potential on a granted mining lease at Valley Bore prospect. The opportunity is particularly compelling given our strategic location 12km from the Great Northern Highway and surrounded by major players in the sector”.

TRANSACTION TERMS

The transaction involves a $75,000 cash settlement for 100% ownership of the iron ore rights in E52/2361, E52/2362, M52/685, M52/737, M52/753, M52/795, M52/796, M52/797, M52/844-I and M52/1049. Under the agreement Alchemy has agreed to grant Carey a gradational royalty on iron ore sold FOB (freight on board) from the Project, as summarised below:

Iron Ore Price (US$/t)	Royalty (A$/t)
<$100/t	$0.80
$100-125/t	$1.00
>$125/t	$1.22

Table 1: Royalty schedule

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Figure 1: Alchemy’s Bryah projects showing location of iron ore interests

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Figure 2: Alchemy Bryah Project location

BRYAH IRON ORE (Alchemy 100%)

In May 2024, Alchemy geologists conducted a reconnaissance mapping and sampling trip to Valley Bore prospect. Twenty (20) rock-chip samples were collected from the banded iron formation (“BIF”) outcrops within the Valley Bore prospect on M52/844-I and E52/4090. This area is dominated by two distinct northeast trending ridges comprised of BIF, banded chert, siltstone, haematitic shales, and massive hematite lenses (Figure 3). Alchemy now retains the rights to 100% of the mineral rights for all minerals including iron ore on the tenement.

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Alchemy Resources Limited – ASX Announcement

Northern Ridge Target:

The northern ridge in the Valley Bore area is characterised by numerous banded iron and banded chert formations which outcrop for approximately 1.5km along strike. Hematite and goethite rich units of BIF are observed. These lenses are between 5 and 15 metres thick and are interpreted to extend along strike to the southwest, with historic sampling of hematite outcrop returning grades up to 61.91% Fe (Figure 3, Figure 4 and Figure 5)[1,2] .

Southern Ridge Target:

The southern ridge of the Valley Bore area is dominated by laterally extensive hematite units, several BIFs and banded chert units (Figure 4). The massive hematite unit can be followed along strike for over 800 metres in strike and ranges from 10m to 100m wide (Figure 4). High grade rock-chip assays were received, including up to 65.3% Fe in sample VB005. This unit is interpreted to continue along strike with recent mapping confirming hematite outcrop assays up to 60.2% Fe in sample VB001, approximately 750m to the southwest of Southern Ridge Target (Figure 3, Figure 4, Figure 5 and Figure 6)[1] .

Old Highway Target:

The Old Highway target lies in the south-east corner of tenement E52/4090 (Figure 3). The area is dominated by a long, northeast trending ridge consisting of inter-bedded siltstone, banded chert, and minor BIFs. Iron enrichment and hematite lenses are observed within the BIFs and on the eastern end of the ridge. High grade iron ore enrichment is related to hematite within a fold hinge on the eastern side of the prospect. Previous sampling returned grades within the high-grade hematite zone up to 64.09% Fe (Figure 8)[ 1,3] .

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Figure 3: Valley Bore (M52/844-I) and Old Highway prospect location

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Figure 4: Valley Bore mapping with recent and previous rock-chip results (% Fe)[1, 2]

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Figure 5: Valley Bore mapping (Southern Ridge target) showing hematite outcrops and rock-chip assays (% Fe). ALY recent samples (large text), and historical ALY assays (small text)

2 Refer to ALY ASX Announcement 25/07/2008 – Assay Results of High Grade Hematite Iron Formation at Robinsons Range Alchemy Resources Limited – ASX Announcement

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Figure 6: Rock-chip samples with assay results from Valley Bore Southern Ridge target (results in % Fe)[1]

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Figure 7: Proposed Phase 1 Valley Bore Drilling

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Figure 8: Old Highway prospect mapping, showing hematite outcrops and historic (small text) and recent (large text) rock-chip assays (results in % Fe)[1, 2, 3]

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Figure 9: Outcropping hematite - Southern Ridge target at Valley Bore[1]

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Figure 10: Outcropping hematite - Southern Ridge target at Valley Bore[1]

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Sample EAST NORTH
ID (m) (m) Lithology Fe% Al2O3% P% S% SiO2% LOI % Calcined Fe%
OH001 706999 7158079 Hematite 58.8 4.98 0.11 0.052 6.6 3.6 61.0
OH002 707103 7158137 Ferruginised siltstone 33.3 14.05 0.092 0.038 30.6 6.47 35.6
RR001 693623 7151332 Hematite 63.7 1.46 0.507 0.017 1.94 4.01 66.4
RR002 693507 7151305 Banded Iron 27.9 0.91 0.036 0.007 58.2 0.82 28.1
RR003 693007 7151156 Hematite 45.2 1.16 0.791 0.026 23.7 8.43 49.4
RR004 698775 7153687 Pisolitic hematite 58.7 1.74 0.178 0.046 6.81 2.72 60.3
RR005 698569 7153684 Hematite 56.2 2.13 0.437 0.074 5.98 10.05 62.4
RR006 698531 7153669 Banded hematite 59.9 1.78 0.508 0.051 2.47 8.65 65.6
RR007 698524 7153667 Cherty hematitic ore 49.3 10.85 0.086 0.086 11.85 6.15 52.5
RR008 698354 7153644 Banded iron 55.1 2.27 0.254 0.04 10.15 7.92 59.8
RR009 698283 7153629 Banded iron 58.1 1 0.648 0.05 3.39 10.83 65.1
RR010 698256 7153566 Hematite 65.9 1.26 0.42 0.025 2.05 1.2 66.7
RR011 698684 7153534 Hematite 58.2 1.4 0.487 0.056 3.22 10.53 65.1
VB001 700010 7154024 Hematite 60.2 1.02 0.05 0.065 7.86 4.62 63.1
VB002 700105 7154036 Hematite 51.7 2.51 0.036 0.041 20.6 2.69 53.1
VB003 700131 7154034 Hematite 64.3 0.85 0.024 0.079 3.13 3.69 66.7
VB004 700422 7154154 Hematite 64.1 2.32 0.05 0.033 2.6 3.12 66.1
VB005 700544 7154113 Hematite 65.3 1.88 0.03 0.029 2.53 1.9 66.5
VB006 700608 7154034 Hematite 64.9 1.53 0.045 0.041 1.58 3.81 67.4
VB007 699180 7153394 Hematite 60.5 4.09 0.029 0.063 4.36 4.6 63.4
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Table 2: Rock-chip assays from recent sampling at Valley Bore and Old Highway prospects. Values >60% Fe in bold[1]

Notes:

All elements and compounds analysed by multi-element XRF techniques for a standard iron ore suite of elements and compounds (ALS Code ME-XRF21n).

Loss on Ignition (“LOI”) analysed by Thermogravimetric Analyser (ASL Code ME-GRA05). Calcined calculated as %Fe / (1-%LOI 1000)*100.

Fe % Values and Calcined Fe grades greater than 60% Fe shown in bold.

HISTORIC WORK BY ALCHEMY

Iron ore potential in the Robinson Range was first outlined in work by the Geological Survey of Western Australia (“GSWA”) in the 1970s which outlined the Valley Bore and Old Highway target areas. Work completed by Alchemy in 2008 and 2009 included detailed mapping and sampling of the outcrops at Valley Bore and Old Highway prospects. Assay results from samples collected from Valley Bore prospect returned high grade iron mineralisation with average assays of 60.95% Fe[1] . The Alumina, Silica and Phosphorous assays from these samples exhibited low deleterious element values. The majority of the high-grade samples were collected from the Southern Ridge target. Historic assay results are included in Table 2, Table 3 and Table 4.

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Table 3: Historically reported rock-chip results from Valley Bore prospect[2 ]

Notes:

Additional non-iron ore sampling undertaken to delineate boundaries of mineralisation.

Ferruginous saprolite sample *Bedrock sample #ferricrete sample

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Table 4: Historically reported rock-chip results from Old Highway prospect[1,2 ]

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Table 5: Historically reported rock-chip results from Valley Bore prospect[1,3]

NEXT STEPS

• Finalise planning for drill programs at Valley Bore.

• Plan follow-up mapping and sampling to delineate south-western extensions at Valley Bore and commence work at Old Highway.

3 Refer to ALY ASX Announcement 15/05/2009 – Alchemy Enhances Potential for High Grade Iron Formation at Three Rivers Alchemy Resources Limited – ASX Announcement

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ABOUT ALCHEMY RESOURCES

Alchemy Resources Limited (ASX: ALY; “Alchemy” or the “Company”) is an Australian exploration company focused on growth through the discovery and development of gold, base metal and battery metals within Australia. Alchemy has built a significant land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region, in Western Australia and has an 80% interest in the Lachlan/Cobar Basin Projects in New South Wales. Alchemy also has an interest in the Bryah Basin Project in the gold, iron ore and base metal-rich Gascoyne region of Western Australia, where Catalyst Metals (ASX: CYL) are continuing to advance gold exploration.

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Mr James Wilson, who is the Chief Executive Officer of Alchemy Resources Limited and holds shares and options in the Company. Mr Wilson is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Wilson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The Company confirms that, apart from the new information contained within this announcement, it is not aware of any other information or data that materially affects the information included in the market announcements referred to in the footnotes of this release (available at www.alchemyresources.com.au and www.asx.com.au/markets/trade-our-cashmarket/announcements.aly) and that all material assumptions and technical parameters underpinning the estimates of mineral resources referenced in the market announcement continue to apply and have not materially changed.

This announcement has been approved for release by the Board.

For further information please contact:

James Wilson Chief Executive Officer E: james@alchemyresources.com.au P: 08 9481-4400

Forward looking statements This announcement contains “forward-looking statements”, including statements about the scheduling of exploration and drilling programs. All statements other than those of historical facts included in this announcement, are forwardlooking statements. Forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual events or results to differ materially from future events or results expressed, projected or implied by such forward-looking statements. The Company does not undertake to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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Table 6: Rock-chip sample data (2024) – All elements[1]

SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %	SampleID EAST NORTH Al2O3 As Ba CaO Cl Co Cr2O3 Cu (m) (m) % % % % % % % %
OH001	706999 7158079	4.98	0.003	0.003	0.08	0.004	0.001	0.008	0.003
OH002	707103 7158137	14.05	0.004	0.059	0.05	0.002	<0.001	0.015	0.003
RR001	693623 7151332	1.46	0.025	0.009	0.05	0.004	<0.001	0.011	0.015
RR002	693507 7151305	0.91	0.001	0.001	0.03	<0.001	<0.001	0.005	0.003
RR003	693007 7151156	1.16	0.061	0.007	0.02	0.002	<0.001	0.005	0.005
RR004	698775 7153687	1.74	0.009	0.029	0.05	0.001	0.001	0.023	0.003
RR005	698569 7153684	2.13	0.005	0.083	0.04	0.005	<0.001	0.003	0.007
RR006	698531 7153669	1.78	0.012	0.001	0.02	0.005	<0.001	0.003	0.003
RR007	698524 7153667	10.85	0.01	<0.001	0.03	0.012	<0.001	0.003	<0.001
RR008	698354 7153644	2.27	0.01	0.005	0.01	0.007	<0.001	0.003	0.004
RR009	698283 7153629	1	0.008	0.001	0.05	0.005	<0.001	0.001	<0.001
RR010	698256 7153566	1.26	0.006	0.018	0.06	0.007	0.001	0.003	0.001
RR011	698684 7153534	1.4	0.006	0.017	0.04	0.008	0.008	0.004	0.021
VB001	700010 7154024	1.02	0.001	0.029	0.02	0.037	<0.001	0.002	0.001
VB002	700105 7154036	2.51	0.002	<0.001	0.01	0.001	<0.001	0.005	0.002
VB003	700131 7154034	0.85	0.001	0.015	0.09	0.012	<0.001	0.002	0.002
VB004	700422 7154154	2.32	0.002	0.009	0.03	0.005	0.001	0.008	0.003
VB005	700544 7154113	1.88	0.003	0.014	0.03	0.003	0.002	0.006	0.004
VB006	700608 7154034	1.53	0.003	0.001	0.01	0.003	<0.001	0.007	0.001
VB007	699180 7153394	4.09	0.004	0.003	0.02	0.008	<0.001	0.015	0.001

SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %	SampleID EAST NORTH Fe K2O MgO Mn Na2O Ni P Pb S (m) (m) % % % % % % % % %
OH001	706999 7158079	58.82	0.021	0.03	0.018	0.014	0.003	0.11	0.003	0.052
OH002	707103 7158137	33.3	0.034	0.03	0.051	0.018	0.003	0.092	0.001	0.038
RR001	693623 7151332	63.69	0.01	0.03	0.031	0.015	0.006	0.507	<0.001	0.017
RR002	693507 7151305	27.86	0.01	0.02	0.004	<0.005	0.002	0.036	0.004	0.007
RR003	693007 7151156	45.19	0.009	<0.01	0.051	<0.005	0.001	0.791	<0.001	0.026
RR004	698775 7153687	58.69	0.011	0.04	0.013	0.022	0.001	0.178	0.003	0.046
RR005	698569 7153684	56.15	0.094	0.01	0.035	<0.005	<0.001	0.437	<0.001	0.074
RR006	698531 7153669	59.94	0.008	<0.01	0.013	<0.005	0.001	0.508	<0.001	0.051
RR007	698524 7153667	49.25	0.001	0.01	0.007	0.005	<0.001	0.086	<0.001	0.086
RR008	698354 7153644	55.1	0.003	0.01	0.009	<0.005	0.001	0.254	<0.001	0.04
RR009	698283 7153629	58.09	0.004	<0.01	0.026	<0.005	0.002	0.648	<0.001	0.05
RR010	698256 7153566	65.87	0.063	0.02	0.026	<0.005	0.001	0.42	<0.001	0.025
RR011	698684 7153534	58.24	0.027	0.06	0.05	0.01	0.004	0.487	<0.001	0.056
VB001	700010 7154024	60.18	0.018	0.01	0.013	<0.005	0.001	0.05	0.003	0.065
VB002	700105 7154036	51.71	0.003	0.01	0.009	<0.005	<0.001	0.036	<0.001	0.041
VB003	700131 7154034	64.25	0.007	0.02	0.018	0.005	0.001	0.024	0.003	0.079
VB004	700422 7154154	64.06	0.005	0.02	0.027	<0.005	0.001	0.05	0.003	0.033
VB005	700544 7154113	65.27	0.009	0.01	0.056	0.008	0.001	0.03	0.004	0.029
VB006	700608 7154034	64.85	0.002	<0.01	0.023	<0.005	<0.001	0.045	<0.001	0.041
VB007	699180 7153394	60.5	0.005	0.02	0.018	0.01	0.001	0.029	0.002	0.063

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SampleID EAST NORTH (m) (m)	SampleID EAST NORTH (m) (m)	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %	SiO2 Sn Sr TiO2 V Zn Zr LOI % % % % % % % %
OH001	706999 7158079	6.6	0.001	0.005	0.1	0.013	0.005	0.002	3.6
OH002	707103 7158137	30.6	<0.001	0.007	0.59	0.031	0.005	0.02	6.47
RR001	693623 7151332	1.94	<0.001	0.001	0.06	0.002	0.025	<0.001	4.01
RR002	693507 7151305	58.2	<0.001	0.003	0.03	0.002	0.003	0.005	0.82
RR003	693007 7151156	23.7	<0.001	0.002	0.04	0.002	0.006	0.001	8.43
RR004	698775 7153687	6.81	0.002	0.002	3.85	0.106	0.003	0.036	2.72
RR005	698569 7153684	5.98	<0.001	<0.001	0.05	0.001	0.006	<0.001	10.05
RR006	698531 7153669	2.47	<0.001	<0.001	0.03	0.001	0.003	<0.001	8.65
RR007	698524 7153667	11.85	<0.001	<0.001	0.24	0.002	0.001	0.01	6.15
RR008	698354 7153644	10.15	<0.001	<0.001	0.1	0.003	0.004	<0.001	7.92
RR009	698283 7153629	3.39	<0.001	<0.001	0.01	<0.001	0.004	<0.001	10.83
RR010	698256 7153566	2.05	<0.001	0.002	0.04	0.012	0.002	<0.001	1.2
RR011	698684 7153534	3.22	<0.001	<0.001	0.01	<0.001	0.027	<0.001	10.53
VB001	700010 7154024	7.86	<0.001	0.002	0.04	0.001	0.003	<0.001	4.62
VB002	700105 7154036	20.6	<0.001	0.001	0.08	0.002	0.002	<0.001	2.69
VB003	700131 7154034	3.13	0.001	0.002	0.02	0.002	0.003	<0.001	3.69
VB004	700422 7154154	2.6	<0.001	0.001	0.05	0.003	0.003	<0.001	3.12
VB005	700544 7154113	2.53	<0.001	0.002	0.05	0.003	0.004	<0.001	1.9
VB006	700608 7154034	1.58	<0.001	<0.001	0.08	0.004	0.002	<0.001	3.81
VB007	699180 7153394	4.36	<0.001	<0.001	0.1	0.007	0.002	0.004	4.6

Table 6: Rock-chip sample data (2024)[1]

Alchemy Resources collected rock-chip samples from the Valley Bore and Old Highway prospects in 2008 and 2009 shown below.

The Company cautions investors that the reported historical assay results by Alchemy are from prior public exploration reports and ASX releases. Whilst they are a product of Alchemy’s exploration activities, they cannot be independently verified. The Competent Person has not done sufficient work to disclose the Exploration Results in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under the JORC Code 2012. The information in the market announcement is an accurate representation of the available data and studies completed to date. All historical information in this release has been compiled from ALY’s ASX release on 25 July 2008 titled “Assay results of high-grade hematite iron formation at Robinson Range” and a second ASX release dated 15 May 2009 titled “Alchemy enhances potential for high grade iron formation at Three Rivers”. Information is considered as historical by nature, and while all care has been taken to review previous reports, sufficient ground testing and confirmation work is ongoing and yet to be completed.

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Table 7: Historically reported rock-chip results from Valley Bore prospect[1,2 ]

Notes:

Additional non-iron ore sampling undertaken to delineate boundaries of mineralisation.

*Ferruginous saprolite sample

** Bedrock sample #ferricrete sample

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Table 8: Historically reported rock-chip results from Old Highway prospect[1,2 ]

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Table 9: Historic exploration rock-chip sample data – Valley Bore[2]

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Table 10: Historic exploration rock-chip sample data – Old Highway[3]

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APPENDIX A

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Rock-chip samples collected from surface of subcrop/outcrop areas and selected following field inspection by qualified field geologists. Rock-chip samples collected from approximate 10m2area of scree/subcrop/outcrop. Sample weights are approximately 3kg.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Not Applicable – Rock-chip sampling only.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Not Applicable – Rock-chip sampling only.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged.	Rock-chip sample descriptions are considered qualitative in nature. Rock-chip samples are logged at the time of collection and designated a lithological name and textural/structural observations where possible.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Sample preparation of Alchemy samples follows industry best practice standards at accredited laboratories. Sample preparation comprises oven drying, jaw crushing and pulverisingto -75 microns(80% firstpass).

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Criteria	JORC Code explanation	Commentary
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes (~3kg) are considered appropriate for the technique. Samples were collected in dry conditions and placed in numbered calico bags and grouped in polyweave bags for dispatch to the laboratory. All samples have subsequently been delivered to the ALS Laboratory in Perth for analysis.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Valley Bore Rock-chip samples submitted to ALS laboratories for 24 elements by XRF analysis (ME-XRF21). This technique is considered total for elements assayed. The analytical techniques and quality control protocols used are considered appropriate for the data to be used. Historic samples were submitted to Spectrolab Laboratories in Geraldton and were analysed via XRF fusion and Loss on Ignition analysis.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	This report contains a compilation of current and historical results. On ground verification was conducted with some samples taken in proximity to historic data. Verification, including on ground checking is ongoing. Not Applicable – Rock-chip sampling only. Data digitally recorded in the field and uploaded to secure database. No adjustment to assay data.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	No drilling results reported. Selective sampling dependent on suitable outcrop/subcrop. Unknown sample representivity at this early stage of exploration sampling. No compositing undertaken on rock-chip samples.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Rock-chip sampling only and samples selected from limited subcrop and outcrop areas. No compositing undertaken on soil samples. This report contains a compilation of historical results, ongoing verification, including on-ground checking in pending. Not Applicable – Rock-chip sampling only.
Sample security	The measures taken to ensure sample security.	Soil samples are collected in polyweave bags and delivered directly from site to the assay laboratory in Perth by Alchemy employees.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Data was reviewed by Company geologists to determine the validity of the data with sampling checks conducted to determine if data collection contained any internal errors.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Type – Exploration Licence (currently in good standing). Reference name – Bryah, Valley Bore, Old Highway. Reference number – M52/844-I, E52/4090, E52/4088, E52/4087. Location – 130km north of Meekatharra, Australia. Ownership – 100% Alchemy Resources (Three Rivers Pty Ltd, a wholly owned subsidiary of Alchemy Resources Limited). Alchemy retains the rights to 100% of the mineral rights for all minerals with the exception of E52/2361, E52/2362, M52/685, M52/737, M52/753, M52 795, M52/796, M52/797, M52/1049 which are a 20% free carried interest under the Billabong Joint Venture which it shares with Catalyst Metals Ltd where Alchemy Resources (Three Rivers) retains 100% interest in the iron ore rights, but a 20% free carried interest in all other minerals. Overriding royalties – Troy Resources - 75c/tonne production royalty on iron ore production from the Project. The land is 100% freehold. No Wilderness Reserves, National Parks, Native Title sites or registered historical sites are known. No environmental issues are known.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	A significant amount of exploration has been conducted across the majority of M52/844-I, E52/4090, E52/4088 by Sandfire Resources and Independence Group Ltd. Iron ore potential in the Robinson Range was first outlined in work by the Geological Survey of Western Australia (Sofoulis J, 1970, Iron Deposits of the Robinson Range, Peak Hill Goldfields, WA. GSWA Record 1970/6). Historical exploration by Alchemy Resources was conducted in 2008-2009 which included mapping and a rock-chipping program where 55 samples were collected.
Geology	Deposit type, geological setting and style of mineralisation	Deposit Type – Iron ore. Geological setting – Valley Bore is dominated by two distinct northeast trending ridges. These ridges are comprised of banded iron formations, banded chert, siltstone, hematitic shales, and massive hematite lenses. These ridges are separated by a thick siltstone unit with minor sandstone. An inferred northwest trending fault is also interpreted to cut across the target area.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detractfrom the understanding of	Not Applicable – no drillhole results are reported.

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Criteria	JORC Code explanation	Commentary
	the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not Applicable – Rock-chip sampling only.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Not Applicable – No drillhole results reported. Appropriate disclosure on reporting historical results is provided with this release. All reported rock-chip results are to be considered as historical and are subject to verification and confirmation works by the Company.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Appropriate diagrams have been included in the body of this announcement showing the location of the Rock-chip samples.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Reporting of the results is considered balanced. A table showing Rock-chip sample locations has been included in this release.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All meaningful data and information have been included in the body of the report.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Future work entails follow up sampling prior to drill testing.

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