ARIKA RESOURCES LIMITED — Capital/Financing Update 2019

Feb 25, 2019

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ASX RELEASE: 26 February 2019

THREE ADDITIONAL PROJECT APPLICATIONS MADE IN PATERSON BELT

Target generation work identifies three Cu-Ni-Au-PGM Projects within the Paterson Belt

HIGHLIGHTS

• Three new Project Area Applications made over highly prospective ground for Ni-Cu-Au and possible PGM mineralisation in the Paterson Province

• Warburton: Priority One Target - A large sediment-hosted or sedimentary-exhalative Cu horizon spanning ~80 km within the Bentley sub group;

• Paterson South: Several strong discrete magnetic anomalies coincident with a basement highs and gravity ridges;

• Pandora: A large cluster of magnetic highs on the northern side of a major crustal-scale gravity ridge with known local Ni-Cu-PGE-Au mineralisation

Metalicity Limited (ASX:MCT) (“ MCT ” or “ Company ”) is pleased to announce that following a full review of the entire Paterson Province of the Pilbara region in Western Australia, the Company has significantly expanded its footprint with a further three Project Area Applications made.

The Company’s consultants Corporate Geoscience Group and Fathom Geophysics, applied advanced filtering and algorithm-driven structural modelling to acquired geophysical data sets. This is the same technique applied to the Mandora and Desert Queen Projects, to the southern extents of the Paterson Orogen extending to the Musgrave Complex.

The results of this exercise produced three highly prospective areas of which Metalicity has moved to acquire through the application of seven Exploration Licenses totaling an additional ~3,000km[2] within the emerging Cu-Au-Ni Paterson Province. Details of each of the areas are as follows:

Warburton:

The Warburton Project is described as a large sediment-hosted or sedimentary-exhalative Cu horizon spanning approximately 80 km within the Bentley sub group. Our prospectivity analysis of the entire Paterson Province highlighted this horizon as our priority one target. Therefore, the Company moved to acquire approximately 1,200km[2] of this highly prospective area as detailed in the table below:

Tenement ID	No. of blocks
E69/3680	101
E69/3681	163
E69/3682	145
Total	409

Table 1: Warburton Project Tenement Details.

Metalicity Limited ASX Code: MCT ABN: 92 086 839 992

www.metalicity.com.au 6 Outram Street West Perth WA 6005

Previous exploration within the Warburton area extends back to the 1960’s with a major exploration campaign conducted by WMC from 1966 to 1971. During this time, WMC identified some 200 copper mineral occurrences and geochemically anomalous soils over a significant strike length, hosted in a range of midProterozoic sedimentary and volcanic rocks of the Bentley Subgroup. Subsequent operators have only conducted interpretative work with the exception being Rubicon Resources who held the ground from 2008 to 2012 where a range of exploratory methods were utilised including the drill testing of several targets.

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Figure 1: Warburton Residual magnetics with known Prospects and tenure applications.

Notably, below are examples of two types of the observed Warburton copper mineralisation that exist within the tenure applications completed by the Company.

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Photograph 1: Cross-fracture style mineralization; b – conglomerate hosted copper mineralization (after Daniels, 1974 sourced from Rubicon Resources Final Report, March 2012 WAMEX Report No. A93164)

The Company believes with modern geophysical and geochemical methods available today, coupled with the post data collection processing capabilities on offer and examples of cropped out mineralisation within the project area (detailed above), the Warburton Project offers a unique opportunity to refine and add to the datasets collected to date to generate highly prospective drill targets with a high probability of exploration success.

Paterson South:

The Paterson South Project has several strong discrete magnetic anomalies coincident with basement highs and gravity ridges. These coincident geophysical anomalies are analogous to Greatland Gold’s Haverion Prospect (Greatland Gold’s website - https://greatlandgold.com/paterson/ and announcement “Haverion Project – Drilling Update”: https://polaris.brighterir.com/public/greatland_gold/news/rns/story/xomy92r). Given the similarities to known mineralisation and the strong correlation of these coincident gravity and magnetic anomalies, Metalicity expanded our footprint in this locality with an additional ~1,200km[2] of exploration tenure.

Tenement ID No. of blocks	Tenement ID No. of blocks
Acquired 20/2/2019
E69/3669	200
E69/3670	200
Total	400
Previously Held
E69/3657	200
E69/3654	36
Total	236
Grand Total	636

Table 2: Paterson South Project Tenement Details.

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Figure 2: Paterson South Radial symmetry features draped over Analytical Signal Magnetics with target areas and tenure applications.

Pandora:

The Pandora Project is described as a large cluster of magnetic highs on the northern side of a major crustalscale gravity ridge with known local Ni-Cu-PGE-Au mineralisation (Pandora prospect). The geophysical signatures also suggest potential for IOCG Cu-Au systems.

Notably, the Pandora Prospect was first drilled by Cassini Resources and their findings detailed in their ASX announcement dated 12 September 2013, “ Final Drill assays confirm prospectivity of West Musgrave Project” - https://www.asx.com.au/asxpdf/20130912/pdf/42jb46hn39q140.pdf.

Their drilling noted highly anomalous copper and nickel results. Whilst sub-economic grades were returned, the Company believes, given our interrogation of the available datasets, that the work carried out was not optimised for the target styles and a more relevant work program needs to be adopted.

Tenement ID	No. of blocks
E69/3683	111
E69/3684	91
Total	202

Table 3: Pandora Project Tenement Details.

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Figure 3: Pandora Analytical Signal Magnetics with target areas and tenure applications.

Metalicity General Manager – Exploration & Development, Jason Livingstone commented:

“The exceptional, high quality public data on offer provided the Company with an opportunity to interrogate the entire strike length of the Paterson Province. From this work, we identified numerous targets based on the filtering and machine learning techniques previously developed whereby known mineral occurrence signatures were defined and looked for elsewhere. These three projects represent highly prospective ground for Ni-Cu-Au with possible PGM mineralisation. We are excited to be able to present these recent acquisitions, totaling approximately 3,000km[2] , to our shareholders and look forward to working with the communities upon grant of this tenure.”

Competent Person Statement

Information in this report that relates to Exploration results is based on, and fairly reflects, information compiled by Jason Livingstone, a Competent Person who is a Member of the Australian Institute of Geoscientists and Australian Institute of Mining and Metallurgy. Mr. Livingstone is an employee of Metalicity Limited. Mr. Livingstone has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Livingstone consents to the inclusion of the data in the form and context in which it appears.

ENQUIRIES

Investors Investor Relations Mat Longworth David Tasker/ Colin Jacoby CEO Chapter One Advisors +61 8 9324 1053 +61 433 112 936/ +61 439 980 359 mlongworth@metalicity.com.au david.tasker@chapteroneavisors.com.au

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•The Competent Person has relied on publicly available data to
techniques	specific specialised industry standard measurement tools appropriate	support in-house targeting exercises. The data presented has been
	to the minerals under investigation, such as down hole gamma	taken on face value and will require as much field verification as
	sondes, or handheld XRF instruments, etc). These examples should	possible to validate the veracity of the data. However, the drilling data
	not be taken as limiting the broad meaning of sampling.	used and discussed in this announcement is designed to lend weight
	• Include reference to measures taken to ensure sample representivity	to our targeting exercise, of which, the Competent person deems to
	and the appropriate calibration of any measurement tools or systems	be a valid basis to apply for the ground in question.
	used.	•As such, the nature of the sampling, the QAQC protocols taken and
	• Aspects of the determination of mineralisation that are Material to the	aspects of the determination of mineralisation etc. require further
	Public Report.	work, upon gaining appropriate approvals, to determine if the work
	• In cases where ‘industry standard’ work has been done this would be	publicly stated is a true reflection of the mineralisation/anomalism
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	encountered.
	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 (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Warburton: Historically, diamond core drilling was completed by WMC
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	between 1966 to 1971. Rubicon Resources conducted both reverse
	or standard tube, depth of diamond tails, face-sampling bit or other	circulation and air core drilling. Further details on hammer or core
	type, whether core is oriented and if so, by what method, etc).	size was not available in the available reports.
		•Paterson South: NA
		•Pandora: Cassini Resources discuss the use of both reverse
		circulation and air core drilling methodologies. Details of drilling
		details were not available.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Warburton/Paterson South/Pandora: The Competent Person is
recovery	and results assessed.	relying on publicly available data and cannot attest to the veracity of
	• Measures taken to maximise sample recovery and ensure	the data. Upon appropriate approvals, steps will be taken to verify
	representative nature of the samples.	and validate this data to ensure effective exploration efforts are
	• Whether a relationship exists between sample recovery and grade	directed efficiently.

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Criteria	Criteria		JORC Code explanation	Commentary
			and whether sample bias may have occurred due to preferential
			loss/gain of fine/coarse material.
Logging			• Whether core and chip samples have been geologically and	•Warburton: Rubicon Resources in their Final Report WAMEX No.
			geotechnically logged to a level of detail to support appropriate	A93164 presented all geology logs for work completed by Rubicon. At
			Mineral Resource estimation, mining studies and metallurgical	this stage, it will require further field validations to ensure that the
			studies.	data presented in the appendices of WAMEX Report A93164 could
			• Whether logging is qualitative or quantitative in nature. Core (or	be used in a mineral resource estimation.
			costean, channel, etc) photography.	•Paterson South: NA
			• The total length and percentage of the relevant intersections logged.	•Pandora: Further field and verification steps are required to potentially
				use the data presented in a mineral resource estimate, as at this pint
				in time, the Competent Person is unable to state that the data is to a
				level of detail to support such an estimation.
Sub-			• If core, whether cut or sawn and whether quarter, half or all core	•Warburton: No core drilling discussed in the Rubicon Resources data.
sampling			taken.	However, the resampling of historical WMC core was restricted to tray
techniques			• If non-core, whether riffled, tube sampled, rotary split, etc and	numbers as it was stated that the core appeared to be out of
and sample preparation			whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	sequence. •Warburton: Details of how the samples were taken, cut or the methodology taken was not discussed in the Final Report, nor any
			• Quality control procedures adopted for all sub-sampling stages to	market announcements by Rubicon as it was work conducted prior to
			maximise representivity of samples.	the implementation of JORC 2012 and the requirement of Table 1
			• Measures taken to ensure that the sampling is representative of the in	data.
			situ material collected, including for instance results for field	•Warburton/Paterson South/Pandora: However, the data discussed is
			duplicate/second-half sampling.	public domain data and freely available to all. So, whilst the
			• Whether sample sizes are appropriate to the grain size of the material	Competent Person is presenting this data, measures upon statutory
			being sampled.	approvals given will be taken to verify and further substantiate the
				findings presented here.
Quality		of	• The nature, quality and appropriateness of the assaying and	•Warburton: The assaying techniques appears appropriate for the
assay		data	laboratory procedures used and whether the technique is considered	style of mineralisation and elements discussed. Twenty element Aqua
and			partial or total.	regia digest ICP-MS/OES assay results along with handheld NITON
laboratory tests			• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument	hand held XRF results were tabulated and presented below in the Drill hole Information part of Section 2.
			make and model, reading times, calibrations factors applied and their	•Warburton: Calibration and verification of the hand held NITON XRF
			derivation, etc.	appears to be a direct comparison to available ICP-MS/OES results,
			• Nature ofquality controlprocedures adopted(eg standards, blanks,	with the later formingthe basis of reportingsignificant intercepts.

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Criteria		JORC Code explanation	Commentary
		duplicates, external laboratory checks) and whether acceptable levels	•Warburton: From the supplied assay data, it appears that sufficient
		of accuracy (ie lack of bias) and precision have been established.	QAQC and duplicate parameters were in place to ensure data
			integrity.
			•Paterson South: NA
			•Pandora: No verification or validation of publicly stated data has taken
			place. The results are assumed to be a true reflection of the samples
			taken. However, the exploratory work will need to be tailored to verify
			these results, once appropriate approvals are in place.
Verification	of	• The verification of significant intersections by either independent or	•Warburton: The Competent Person has correlated stated significant
sampling and		alternative company personnel.	intercepts from the Rubicon Resources E69/2192 Final Report 2012,
assaying		• The use of twinned holes. • Documentation of primary data, data entry procedures, data	WAMEX No. A93164 with the supplied appendices detailing drilling information.
		verification, data storage (physical and electronic) protocols.	•Warburton: It was noted in the Rubicon Resources E69/2192 Final
		• Discuss any adjustment to assay data.	Report 2012, WAMEX No. A93164 that “RWRC010 & 011 (map 11)
			tested an intersection within an assumed fracture set of 10m @
			2.35% copper in WMC drilling. The drilling could not replicate this
			zone, intersecting 1m @ 0.14% only.”
			•Warburton: Primary data was sourced from text files as part of the
			WAMEX A93164 appendices.
			•All Projects: Appears no adjustment to primary assay data took place
			nor was documented.
			•Paterson South: NA
			•Pandora: No field verification or validation of publicly stated data has
			taken place. The results are assumed to be a true reflection of the
			samples taken. However, the exploratory work will need to be tailored
			to verify these results, once appropriate approvals are in place.
Location	of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Warburton: Rubicon Resources E69/2192 Final Report 2012,
data points		down-hole surveys), trenches, mine workings and other locations	WAMEX No. A93164 discusses the ability to verify historical WMC
		used in Mineral Resource estimation.	holes. Furthermore, the stated collar positions in the report correlate
		• Specification of the grid system used.	with the supplied data exports in the appendices. No ground
		• Quality and adequacy of topographic control.	verification of the drill hole positions has occurred to date, however,
			when appropriate approvals are in place, this will be an activity
			conducted.
			•PatersonSouth: NA.

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Criteria		JORC Code explanation	Commentary
			•Pandora: Drill hole positions were taken on face value, however,
			when appropriate approvals are in place, verification of drill hole
			positions on the ground will be an activity conducted.
			•All Projects: The Competent Person is unable to comment on the
			topographic control used, however, the exploratory work will need to
			be tailored to verify these results, once appropriate approvals are in
			place.
			•All Projects: GDA94 MGA51 and 52 grids were discussed or
			converted to.
Data spacing		• Data spacing for reporting of Exploration Results.	•Warburton: From the positioning of the drill collars from both Rubicon
and		• Whether the data spacing and distribution is sufficient to establish the	and WMC, the spacing and voracity of the information is not sufficient
distribution		degree of geological and grade continuity appropriate for the Mineral	to base a mineral resource estimate.
		Resource and Ore Reserve estimation procedure(s) and	•Paterson South: NA
		classifications applied.	•Pandora: From the positioning of the drill collars Cassini’s
		• Whether sample compositing has been applied.	announcement, the spacing and voracity of the information is not
			sufficient to base a mineral resource estimate.
Orientation	of	• Whether the orientation of sampling achieves unbiased sampling of	•All projects: The Competent Person believes the type of drilling
data	in	possible structures and the extent to which this is known, considering	discussed is appropriate for the style of mineralisation, however,
relation	to	the deposit type.	concerns that the programmes were optimised is in question.
geological structure		• 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.	Therefore, the orientation of the drilling in relation to anomalous/mineralised structures is likely to be sub-optimal. Further exploratory work will need to effectively test the
			structures/mineralised/anomalous horizons effectively.
Sample		• The measures taken to ensure sample security.	•All Projects: The Competent Person is unable to comment on the
security			sample security protocols taken by the companies being referred to,
			an assumption that industry standard measures were taken given that
			the information was made publicly available.
Audits	or	• The results of any audits or reviews of sampling techniques and data.	•All Projects: beyond reading and verifying that WAMEX report
reviews			appendices that correlate with publicly stated data, no other audits or
			reviews were taken.

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Section 2 Reporting of Exploration Results

Criteria		JORC Code explanation	Commentary
Mineral		• Type, reference name/number, location and ownership including	•Warburton: The area of interest is bound by tenement applications
tenement		agreements or material issues with third parties such as joint	E69/3680, E69/3681 and E69/3682.
and	land	ventures, partnerships, overriding royalties, native title interests,	•Patterson South: The area of interest is bound by tenement
tenure status		historical sites, wilderness or national park and environmental	applications E69/3669 and E693670.
		settings.	•Pandora: The area of interest is bound by tenement applications
		• The security of the tenure held at the time of reporting along with any	E69/3683 and E69/3684
		known impediments to obtaining a licence to operate in the area.	•All tenure is subject to governmental approval at the time of
			announcing.
			•No joint ventures, partnerships, over-riding royalties affect the
			applications. However, native title, historical, wilderness or national
			park and environmental settings may be present.
Exploration		• Acknowledgment and appraisal of exploration by other parties.	•Warburton: presented in this announcement is work completed by
done by other			Rubicon Resources (between 2008 and 2012) and WMC (1966 to
parties			1971). The Competent Person has relied on this information and believes it is reflective of the style of mineralisation present and
			respects the anomalism present in the area.
			•Patterson South: reference is made to an analogous prospect
			currently being explored by Greatland Gold called the ‘Haverion
			Prospect’.
			•Pandora: This announcement discusses exploration results published
			by Cassini Resources on the 12 September 2013 that discusses
			drilling results over the Pandora Prospect, now subject to the
			applications made by Metalicity.
Geology		• Deposit type, geological setting and style of mineralisation.	•Warburton: The Warburton Project is located in the western part of
			the Musgrave Complex, within the Bentley Group. The primary
			exploration model for the Warburton Copper Area is for
			sediment/volcanic-hosted strata-bound copper mineralisation.
			•Patterson South: The Paterson South Project is situated in the
			southern extents of the Paterson Orogeny. Telfer/Haverion/Winu-type
			Au-Cu style mineralisation.
			•Pandora: Possible Giles Complex magmatism and IOCG
			mineralisation styles are interpreted to be present.

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Criteria		JORC Code explanation	Commentary
Drill	hole	• A summary of all information material to the understanding of the	•Warburton: Please refer to the table provided in Section “Diagrams”
Information		exploration results including a tabulation of the following information	for collar positioning information.
		for all Material drill holes:	•Warburton: Below is a table taken from Rubicon Resources E69/2192
		o easting and northing of the drill hole collar	Final Report 2012, WAMEX No. A93164 (page 30) that depicts
		o elevation or RL (Reduced Level – elevation above sea level in	significant intercepts (>0.1% Cu) – the Competent Person has verified
		metres) of the drill hole collar	that with the supplied assay information for the Final Report, the drill
		o dip and azimuth of the hole	hole intercepts tabulated correlate with the supplied information:
		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 detract from
		the understanding of the report, the Competent Person should clearly
		explain why this is the case.

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Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
	• •Warburton: Furthermore, the Rubicon Resources E69/2192 Final Report 2012, WAMEX No. A93164 also detailed historical drilling conducted by WMC in the 1960’s: Hole No. Depth Width Cu (%) Ag (g/t) Description
	Hole No.	Depth	Width	Cu (%)	Ag (g/t)	Description

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Criteria JORC Code explanation	Commentary	Commentary	Commentary
		From (m)	(m)
	WRD2	111	2.0	3.89	27	Chalcocite in chlorite/calcite veins in fg-mg dark-grey amygdaloidal volcanic
	WRD4	86	0.9	7.42	3.9	No description
		98.7	3.1	2.18	19.1
		105.6	1.75	4.10	12.7
	WRD5	73	3.5	8.22	16.4	Rhyolite conglomerate with chrysocolla, malachite, quartz veining and some course grained chalcocite bands
		Resampling of WMC diamond			core mineralisation
	WRD2	Tray 27 runs 2-7	7	1.28	9.96	No description
	WRD4	Tray 302-321 runs 2-8	14	1.26	5.6	No description
		Tray 321-340	4	2.78	5.8
	• •

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
•
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. • • • •	Warburton: As the Competent Person understands the Final Report submitted, no top or bottom cuts (beyond the >0.1% Cu significant intercepts, weighted averaging etc. was applied. Warburton: NA Warburton: No metal equivalents were used. Paterson South: see Greatland Gold’s Haverion Prospect (Greatland Gold’s website - https://greatlandgold.com/paterson/ and announcement “Haverion Project – Drilling Update”: https://polaris.brighterir.com/public/greatland_gold/news/rns/story/xo

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
•	my92r) Pandora: No details were given in the Cassini announcement regarding data aggregation methods adopted or applied.
Relationship between mineralisatio n 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 (eg ‘down hole length, true width not known’). •	Warburton/Paterson South/Pandora: The Competent Person believes the anomalism presented in the results to date to be reflective of the anomalism present within the Bentley sub group. However, further comments around the drilling and associated anomalism/mineralisation will require further verification.
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. • •	Warburton: Below is a map taken from Rubicon Resources E69/2192 Final Report 2012, WAMEX No. A93164 (page 26) that depicts the drilling discussed: Warburton: Similarly, below is a collar table of the drilling depicted in the image above:

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Criteria	JORC Code explanation	Commentary	Commentary
		•
		•	Warburton: The Competent Person has crossed checked the
			information above with the supplied appendices with the E69/2192
			Final Report 2012 submitted and it correlates.
		•	Paterson South: please see main body of the announcement.
		•	Pandora: please see main body of the announcement.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•	Warburton: The Competent Person is relying on public domain data
reporting	practicable, representative reporting of both low and high grades		now which precludes the full tabulation and providing of all data
	and/or widths should be practiced to avoid misleading reporting of		collected by Rubicon Resources. However, the Competent Person
	Exploration Results.		believes after reviewingthe supplied data byRubicon through their

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Criteria	JORC Code explanation	Commentary
		statutory reporting requirements, the appendices to A93164 provide a
		sound basis to make assumptions on the veracity of the results stated
		to date.
		•Paterson South: Whilst the target generation work was an internal
		Metalicity activity, the comparisons to Greatland Gold’s Haverion
		Prospect was based on its known location and publicly available
		geophysical data.
		•Pandora: Whilst the Cassini Report is pre JORC 2012, the Competent
		Person has taken the view that the results are anomalous but require
		follow up work to verify and delineate any further anomalism or
		mineralisation.
Other	• Other exploration data, if meaningful and material, should be reported	•Warburton: It is noted from the that that “RWRC010 & 011 (map 11)
substantive	including (but not limited to): geological observations; geophysical	tested an intersection within an assumed fracture set of 10m @
exploration data	survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density,	2.35% copper in WMC drilling. The drilling could not replicate this zone, intersecting 1m @ 0.14% only.”
	groundwater, geotechnical and rock characteristics; potential	•Warburton: However, given the historical mine sites depicted within
	deleterious or contaminating substances.	this tenure application are referred to and have publicly stated
		production figures via the MINEDEX Online system, and given the
		publicly stated exploration results to date, coupled with that the area
		is considered to be under-explored, the Competent Person is of the
		opinion that the prospectivity is high enough to warrant application
		and further work.
		•Paterson South & Pandora: The Competent Person believes the in-
		house targeting methodologies employed are effective in mapping out
		similar mineralised systems using publicly available data. The
		peripheral, public announcements that detail previous exploration or
		similar exploration efforts in analogous areas merely support our
		hypothesis.
Further work	• The nature and scale of planned further work (eg tests for lateral	•Warburton/Paterson South/Pandora: Beyond gaining tenement
	extensions or depth extensions or large-scale step-out drilling).	approval and land access agreements, the initial steps will be to verify
	• Diagrams clearly highlighting the areas of possible extensions,	the on-ground anomalism described in the public domain data prior to
	including the main geological interpretations and future drilling areas,	making detailed recommendations to exploration/development
	provided this information is not commercially sensitive.	programmes.
		•Diagramspertinent to the area’s inquestion are supplied in the body

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Criteria	JORC Code explanation	Commentary
		of this announcement.

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