ARUMA RESOURCES LIMITED — Capital/Financing Update 2024

Nov 28, 2024

ASX Announcement 29 November 2024

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New geophysical anomalies and further high-grade copper-silver and antimony results at Fiery Creek Project

IP Survey defines priority drill targets

Highlights

• Induced Polarisation (IP) geophysical survey highlights distinct near-surface chargeability high anomalies at Piper Prospect – potentially indicative of sulphide mineralisation.

• Two significant shallow IP anomalies are defined along a 350m strike and remain open along strike.

• The geophysical anomalies are coincident with high-grade copper, silver and antimony surface samples, as well as historical copper drill intersections.

• The Piper IP anomalies are priority drill targets and key in the development of potential regional scale opportunities within the Fiery Creek area.

• Latest rock chip sampling returns further high-grade copper, silver plus antimony results and extends known mineralisation over a strike of ~520m;

• 20.9% Cu, 8.5g/t Ag and 850ppm Sb (AR28612), 5.6% Cu, 4.2 g/t Ag (AR28610)

• 12.3% Cu, 14.5g/t Ag (AR28613) and 3.7% Cu, 1.7g/t Ag (AR28614)

• 11.53% Cu, 18.8g/t Ag, 10,883ppm Sb and 0.3% Zn (AR28586)[1]

• 11.83% Cu, 17.7g/t Ag and 2,035ppm Sb (AR28585)[1]

• Ground gravity surveys also completed and is currently being processed

• Current work programs at Fiery Creek are focused on drill testing priority targets, planned for early 2025.

• Wilan Project in South Australia: targeting and heritage approvals commencing.

Aruma Resources Limited (ASX: AAJ) ( Aruma or the Company ) is pleased to provide the following strategic update on latest results and work programs, plus planned upcoming exploration at its Fiery Creek Project, located near Mount Isa, Queensland.

Following a successful initial field sampling program, which returned high-grade copper, silver and antimony assay results (ASX announcement 11 September 2024), Aruma initiated concurrent induced polarisation (IP) and ground gravity geophysical surveys, along with a second targeted field reconnaissance sampling program.

Aruma Resources Ltd Issued Capital Business Office Board and Management ACN 141 335 364 222,058,172 Shares 1[st] Floor, 2 Richardson Street JAMES MOSES – Non-Executive Chairman ASX: AAJ 54,930,003 Listed options West Perth WA 6005 GRANT FURGUSON – Managing Director 62,500,000 Unlisted options T: + 61 8 9321 0177 BRETT SMITH – Non-Executive Director E: info@arumaresources.com

www.arumaresources.com

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These activities focused primarily on the Piper Prospect at the Fiery Creek Project. The IP survey successfully delineated two distinct IP chargeability high anomalies, priority drill targets which will undergo further refinement with the pending ground gravity survey results.

Recent reconnaissance rock chip sampling campaigns conducted by Aruma (ASX announcement 11 September 2024 and this announcement) have confirmed the high prospectivity of the Piper and Pepper Prospects. A total of 15 samples collected from brecciated quartz veins returned exceptional grades of up to 20.93% Cu, 31.3 g/t Ag, 10,883ppm Sb and 0.91% Zn (Figure 1 and Table 1).

The outcomes of these programs represent a compelling start to Aruma’s systematic exploration of the Fiery Creek Project, aimed at unlocking the potential across the Project area. Further updates will be provided as the ground gravity geophysical survey data is processed and interpreted.

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Figure 1 - Geology map of the Piper Prospect, with IP anomaly positions and recent rock chip assay results, Fiery Creek (GDA20 z54)

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Aruma Resources managing director Grant Ferguson said:

“These IP geophysical results provide an excellent starting point for the Fiery Creek Project. The scale of the coherent IP anomaly, coupled with coinciding geochemical anomalies, favourable surface geology, and inferred structural trends, establishes it as the initial high-priority target for stratabound and structurally controlled copper-silver-antimony mineralisation.

Aruma is focused on consolidating and expanding the known footprint of this anomaly and plans to initiate our first drill testing of these initial targets in 2025. In the interim, final processing of the ground gravity geophysical surveys, historical geophysical data reprocessing and continued detailed analysis of the recently completed on-ground reconnaissance field activities are expected to further refine existing targets, provide a better understanding of the potential for a larger mineralised systems and potentially identify additional exploration opportunities within both established and newly identified areas.”

The Fiery Creek Project is underpinned by favourable local geology, including carbonaceous units known to encourage sulphide mineral precipitation and recognised as hosts for mineralisation in similar settings (e.g., Lady Loretta Formation).

Linear, northwest-southeast trending brecciated quartz vein outcrops have been mapped across the Piper Prospect, spatially coinciding with the IP anomalies delineated across these areas. These structural features align with historical drilling results and recently reported high-grade copper, silver and antimony rock chip assays, further underscoring the significant exploration potential of these prospects.

Induced Polarisation Program

Three dipole-dipole surveys and one pole-dipole IP survey have identified two significant chargeability anomalies along a 350m interpreted strike length at the Piper Prospect within the Fiery Creek Project. The three IP survey lines across the Piper Prospect can be observed in Figure 1 and the Chargeability Cross sections are shown in Figure 3.

Detailed processing of three dipole-dipole and pole-dipole survey lines highlights a distinct nearsurface NW-SW striking IP response at the Piper Prospect, potentially indicative of a sulphidebearing structure.

A parallel, coherent IP response suggests either a sulphide-bearing structure or a highly conductive lithology. A single IP survey line across the Pepper Prospect did not identify any chargeable anomalies.

Field mapping has further validated these findings, confirming the presence of high-grade copper oxides, silver and antimony within an outcropping quartz-bearing brecciated structures across both anomalies.

The IP survey field work was completed by Australian Geophysical Services Pty Ltd and analysed by Perth based Southern Geoscience Consultants, with the aim of defining chargeability anomalies that may represent potential copper mineralisation associated with the identified quartz brecciated structures.

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Figure 2 - IP chargeability cross sections across the Piper Prospect

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Figure 3 - Historical copper in soils contour map with identified exploration prospects and targeted areas (GDA20 z54)

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Reconnaissance Sampling – further high-grade copper assay results

Aruma’s technical team recently conducted a second round of surface sampling at the Fiery Creek Project to further assess the potential for copper-silver and antimony mineralisation across the Piper and Pepper Prospect, following the high grade copper-silver and antimony assay results reported from the first sampling program (ASX announcement 11 September 2024).

The aim of the second sampling program was to assess potential for additional strike length to previously identified quartz breccia outcropping structures, and it was successful in returning multiple high-grade copper and silver – and antimony assay results (Figure 1 and Table 1).

Table 1 . Sample details and assay results for all samples taken across Piper, Peter and Pepper Prospects (GDA2020 z54)

Sample Id	Project	Prospect	East (m)	North (m)	Ag g/t	Cu %	Sb **ppm **	Zn **ppm **
AR28610	FieryCreek	Piper	304,034	7,908,334	4.24	5.59	235	101
AR28611	FieryCreek	Piper	304,036	7,908,335	2.41	0.19	362.20	32
AR28612	FieryCreek	Piper	304,045	7,908,330	8.54	20.93	831.13	117
AR28613	FieryCreek	Piper	304,412	7,908,217	14.52	12.26	379.19	24
AR28614	FieryCreek	Piper	304,422	7,908,213	1.69	3.67	374.19	258
AR28615	FieryCreek	Pepper	305,329	7,906,905	3.455	0.92	6.56	176
AR28616	FieryCreek	Pepper	305,270	7,906,908	0.79	1.59	27.96	137
AR28617	FieryCreek	Pepper	305,290	7,906,908	2.5	4.19	23.75	9146

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Figure 4 - Vuggy quartz breccia with abundant malachite. Sample from the Peter prospect, Mt Isa (304,045mE 7,908,330mN GDA2020 z54). Assays of 20.9% Cu and 8.54 g/t Ag (AR28612). Field of view is 8cm.

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Fiery Creek Next steps

It is envisaged that drill testing of the targets will commence once heritage surveys have been completed and after the cessation of the northern Queensland wet season in 2025.

Planned and ongoing works at the Fiery Creek Project include:

• Analysis of high-resolution satellite and hyperspectral data

• Mapping and ground truthing by Aruma geologists and consultants

• Structural analysis

Wilan Project – South Australia

The Wilan IOCG-U prospective Project in the Olympic Dam precinct of South Australia is a core exploration focus for Aruma. The Company is currently in process of assessing and refining the existing targets; an IOCG target in the southern extent of the project and a uranium target in the central western area of the Project.

It has also identified a new target area in the northern region of the Project from a detailed review of project data. This target hosts outcropping sediments over a substantial area, with known mineral occurrences up to the northern boundary of the Project area in the same geological units common to the area.

Aruma has commenced the process to undertake a heritage survey with the Traditional Owners, the Arabana People, over initial targets, and is also negotiating an Access Agreement with the Arabana People. Completion of this work will be a key focus, and is a pre-requisite for the commencement of on-ground exploration, along with a Program for Environment Protection and Rehabilitation (PEPR) with the South Australian government.

The Company also advises that it has agreed to waive the milestones for the first milestone options in the Share Acquisition Agreement (ASX announcements 27 May, 7 August 2024) with the project vendors in respect of the Wilan Project, subject to any requisite approvals.

ENDS

This announcement has been authorised for release by the Board of Aruma Resources Ltd.

For further information, please contact:

Grant Ferguson Managing Director

Aruma Resources Limited Telephone: +61 8 9321 0177 E: info@arumaresources.com

1 Previously released, ASX announcement 11 September 2024 .

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About Aruma Resources

Aruma Resources Limited (ASX: AAJ) is an ASX-listed minerals exploration company focused on the exploration and development of a portfolio of prospective projects in high-demand commodities – copper and uranium - in world-class mineral belts, in South Australia and Queensland. It also holds gold, lithium and REE prospective projects in Western Australia.

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Figure 5 - Aruma Resources project portfolio including Wilan IOCG-Uranium Project, South Australia and Fiery Creek and Bortala Copper Projects, Queensland.

Competent person statement

The information in this announcement that relates to exploration results has been previously reported by the Company in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’ ( JORC Code ). The details of these previous market announcements are referenced in the body of this announcement and are available to view on the Company’s website. The Company confirms that, as at this date of this announcement, it is not aware of any new information or data that materially affects the information included in the original market announcements.

The information in this release that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Grant Ferguson who is a Fellow of the Australian Institute of Geoscience (AIG). Mr Ferguson is Managing Director and a full-time employee of the Company. Mr Ferguson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in

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the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve’. Mr Ferguson consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. All exploration results that have been reported previously and released to ASX are available to be viewed on the Company website www.arumaresurces.com. The Company confirms it is not aware of any new information that materially affects the information included in the original announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.

Forward Looking Statement

This announcement contains certain statements that may constitute “forward looking statement”. Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance.

These risks and uncertainties include, but are not limited to: (i) risks relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, (vi) risks relating to the acquisition and divestment of projects, (vii) risks relating to the grant and renewal of tenure and access to tenure and (viii) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this announcement to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

The Company believes that it has a reasonable basis for making the forward-looking statements in the announcement based on the information contained in this and previous ASX announcements.

Related ASX Announcements

11 September 2024	Multiple high-grade copper results and antimony at Fiery Creek Project – JORC Table 1 Update
24 September 2024	Detailed Geophysical Surveys Underway at Fiery Creek Project

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JORC Code, 2012 Edition – Table 2 Fiery Creek Surface Sampling October 2024

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Results reported here are not being used towards Mineral Resource Estimate or Reserve calculations.

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	Induced Polarisation (IP) Geophysics:Survey completed by Australian Geophysical Services
techniques	channels, random chips, or specific specialised	Pty Ltd using both dipole- dipole and pole- dipole arrays with a remote electrode a minimum
	industry standard measurement tools	distance of 2.5km from nearest line. Survey lines were completed on GDA94 Zone 54 grid, North
	appropriate to the minerals under investigation,	East – South West orientated lines sub-perpendicular to the mapped geology using a static
	such as down hole gamma sondes, or handheld	spread with transmitter shoot through with 50m receiver station spacing along 3 lines of 800m
	XRF instruments, etc). These examples should	length 150m spaced apart were collected using a dipole dipole configuration. The Transmitter
	not be taken as limiting the broad meaning of	dipole was 100m with 50m moves, offset 25m to the receiver spread with extensions of 300m off
	sampling.	the ends of each spread.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems	The eastern most line was reread over the northern two thirds with Pole Dipole to get deeper survey information.
	used.	One extra line offset to the East by 1.6km was also read in a north south orientation using the
	• Aspects of the determination of mineralisation	same dipole dipole shoot through configuration with 50m receiver station spacing and
	that are Material to the Public Report.	transmitter dipole of 100m with 50m moves, offset 25m to the receiver spread with extensions of
	• In cases where ‘industry standard’ work has	300m off the ends of each spread.
	been done this would be relatively simple (e.g.	The receiver array was rolled along to maintain an n=16 once the shoot through was complete.
	‘reverse circulation drilling was used to obtain 1
	m samples from which 3 kg was pulverised to	Minimum line length was 0.8 line-km and maximum of 1.6 line-km.
	produce a 30 g charge for fire assay’). In other	A total of 6.2 line-km's were completed in the survey. Reading was completed on time domain - 2
	cases more explanation may be required, such	seconds or 0.125Hz
	as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or	Location by hand held GPS device to 5m accuracy, GDA94 zone 54.
	mineralisation types (e.g. submarine nodules)	Induced Polarisation (IP) Geophysics: Calibration is undertaken in the field during survey
	may warrant disclosure of detailed information.	production. Constant QAQC is undertaken and threshold levels are monitored, including solar
		wind electromagnetic disturbance activity. Readings deemed conspicuous by the qualified field
		geophysicist, were re-taken until results were confirmed as accurate and/or results remained
		consistent after several re-reads as necessaryon a station-by-station basis. All fences were

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Criteria	JORC Code explanation	Commentary
		identified and data communicated to the modelling geophysicist for cancellation of potential
		interference prior to completion of final model outputs.
		Induced Polarisation (IP) Geophysics: Survey completed by Australian Geophysical Services Pty
		Ltd using both dipole- dipole and pole- dipole arrays with a remote electrode a minimum
		distance of 2.5km from nearest line. Survey lines were completed on GDA94 Zone 54 grid, North
		East – South West orientated lines sub-perpendicular to the mapped geology using a static
		spread with transmitter shoot through with 50m receiver station spacing along 3 lines of 800m
		length 150m spaced apart were collected using a dipole dipole configuration. The Transmitter
		dipole was 100m with 50m moves, offset 25m to the receiver spread with extensions of 300m off
		the ends of each spread.
		The eastern most line was reread over the northern two thirds with Pole Dipole to get deeper
		survey information.
		One extra line offset to the East by 1.6km was also read in a north south orientation using the
		same dipole dipole shoot through configuration with 50m receiver station spacing and
		transmitter dipole of 100m with 50m moves, offset 25m to the receiver spread with extensions of
		300m off the ends of each spread.
		The receiver array was rolled along to maintain an n=16 once the shoot through was complete.
		Reading was completed on time domain - 2seconds or 0.125Hz. Results have been used only to
		determine potential for mineralization and no guarantee can be given on the nature, quality or
		type of anomaly produced from this type of geophysical survey and should only be used to
		indicate potential targets for future activities.
		[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
		“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
		results and antimony at Fiery Creek”]
Drilling	• Drill type (e.g. core, reverse circulation, open-	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
techniques	hole hammer, rotary air blast, auger, Bangka,	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
	sonic, etc) and details (e.g. core diameter, triple	results and antimony at Fiery Creek”]
	or standard tube, depth of diamond tails, face-
	sampling bit or other type, whether core is
	_oriented and if so, by what method, etc). _

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Criteria	JORC Code explanation	Commentary
Drill sample	• Method of recording and assessing core and chip	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
recovery	sample recoveries and results assessed.	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
	• Measures taken to maximise sample recovery	results and antimony at Fiery Creek”]
	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.
Logging	• Whether core and chip samples have been	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
	geologically and geotechnically logged to a level	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
	of detail to support appropriate Mineral Resource	results and antimony at Fiery Creek”]
	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.
Sub-sampling	• If core, whether cut or sawn and whether quarter,	Induced Polarisation (IP) Geophysics: Readings deemed conspicuous by the qualified field
techniques	half or all cores taken.	geophysicist, were re-taken until results were confirmed as accurate and/or results remained
and sample	• If non-core, whether riffled, tube sampled, rotary	consistent after several re-reads, taken as necessary on a station-by-station basis. All fences
preparation	split, etc and whether sampled wet or dry.	were identified and data communicated to the modelling geophysicist for cancellation of
	• For all sample types, the nature, quality and	potential interference prior to completion of final model outputs.
	appropriateness of the sample preparation technique.	Induced Polarisation (IP) Geophysics: Survey is considered appropriate for identifying broad scale anomalism at the local to tenement scale.
	• Quality control procedures adopted for all sub-
	sampling stages to maximise representivity of
	samples.	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
	• Measures taken to ensure that the sampling is	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
	representative of the in-situ material collected,	results and antimony at Fiery Creek”]
	including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the
	grain size of the material being sampled.

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Criteria	JORC Code explanation	Commentary
Quality of	• The nature, quality and appropriateness of the	Induced Polarisation (IP) Geophysics: Survey completed by Australian Geophysical Services
assay data	assaying and laboratory procedures used and	Pty Ltd using both dipole- dipole and pole dipole arrays with a remote electrode a minimum
and laboratory	whether the technique is considered partial or	distance of 2.5km from nearest line. Survey lines were completed on GDA94 Zone 54 grid, North
tests	total.	East – South West orientated lines sub-perpendicular to the mapped geology using a static
	• For geophysical tools, spectrometers, handheld	spread with transmitter shoot through with 50m receiver station spacing along 3 lines of 800m
	XRF instruments, etc, the parameters used in	length 150m spaced apart were collected using a dipole dipole configuration. The Transmitter
	determining the analysis including instrument	dipole was 100m with 50m moves, offset 25m to the receiver spread with extensions of 300m off
	make and model, reading times, calibrations	the ends of each spread.
	factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external	The eastern most line was reread over the northern two thirds with Pole Dipole to get deeper survey information.
	laboratory checks) and whether acceptable	One extra line offset to the East by 1.6km was also read in a north south orientation using the
	levels of accuracy (i.e. lack of bias) and precision	same dipole dipole shoot through configuration with 50m receiver station spacing and
	have been established.	transmitter dipole of 100m with 50m moves, offset 25m to the receiver spread with extensions of
		300m off the ends of each spread.
		The receiver array was rolled along to maintain an n=16 once the shoot through was complete.
		A total of 6.2 line-km's were completed in the survey. Reading was completed on time domain -
		2seconds or 0.125Hz. Results have been used only to determine potential for mineralisation and
		no guarantee can be given on the nature, quality or type of anomaly produced from this type of
		geophysical survey and should only be used to indicate potential targets for future activities.
		Field data QAQC was completed by trained Australian Geophysical Services ('AGS') field staff,
		with further QAQC of data conducted post survey by Southern Geoscience Consultants
		Induced Polarisation (IP) Geophysics:Field data QAQC was completed by trained Australian
		Geophysical Services ('AGS') field staff, with further QAQC of data conducted post survey by
		Southern Geoscience Consultants
		Australian Geophysical Services equipment and set up was as follows:
		EMIT Smartem 24 - 16 channel receiver. GDD Tx4 transmitter, 7.5Kva Generator, non-polarising
		stainless steel plates for receiver electrodes, aluminium plates for transmitter electrodes, 8
		channel multicore receiver cables and located with Garmin GPS62. Reading was completed on
		time domain - 2seconds or 0.125Hz.

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Criteria	JORC Code explanation	Commentary
		[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
		“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
		results and antimony at Fiery Creek”]
Verification of	• The verification of significant intersections by	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
sampling and	either independent or alternative company	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
assaying	personnel.	results and antimony at Fiery Creek”]
	• 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.
Location of	• Accuracy and quality of surveys used to locate	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
data points	drill holes (collar and down-hole surveys),	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
	trenches, mine workings and other locations	results and antimony at Fiery Creek”]
	used in Mineral Resource estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
and	• Whether the data spacing and distribution is	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
distribution	sufficient to establish the degree of geological	results and antimony at Fiery Creek”]
	and grade continuity appropriate for the Mineral
	Resource and Ore Reserve estimation
	procedure(s) and classifications applied.
	• Whether sample compositing has been applied.
Orientation of	• Whether the orientation of sampling achieves	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
data in	unbiased sampling of possible structures and	“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
relation to	the extent to which this is known, considering the	results and antimony at Fiery Creek”]
geological structure	deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling	IP Geophysical Survey Geophysical surveys are oriented 035 to provide introductory information on sub- surface strata, generally believed to be north- south and subvertical each prospect
	bias, this should be assessed and reported if
	material.

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Criteria	JORC Code explanation	Commentary
Sample	• The measures taken to ensure sample security.	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024
security		“High-grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper
		results and antimony at Fiery Creek”]
Audits or	• The results of any audits or reviews of sampling	Induced Polarisation (IP) Geophysics:During data acquisition, the data is handed over daily,
reviews	techniques and data.	the data is cleaned and QAQC verified. Conducting this process is Senior Geophysicist George
		Brabec of Southern Geoscience Consultants who is proficient in working with IP data.
		No review or audits have taken place of the data being reported.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location and	The Fiery Creek Project is located ~200km north of Mt Isa, and south of the small township of Gregory.
tenement and	ownership including agreements or material	EPM28271 is ~300km2
land tenure	issues with third parties such as joint	There	are no known impediments to Aruma being able to explore the Fiery Creek project.
status	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.
Exploration	• Acknowledgment and appraisal of	•	Induced Polarisation (IP) Geophysics:The geophysical survey was planned by Aruma
done by other	exploration by other parties.		Resources exploration staff in consultation with our geophysical contractor, Australian
parties			Geophysical Services ('AGS') and geophysical Consultant Greg Maude of Southern
			Geoscience Consultants. AGS completed initial processing of the data with 2D inversions
			produced by Southern Geoscience Consultants.
		•	Aruma Resources has completed a search of historical open file reports available from GSQ
			to compile an exploration history.
		•	A mix of gold, copper, lead and zinc exploration has been undertaken in the region over the
			past 60 years. The historical exploration work has generated indications of copper and zinc
			from surface geochemical sampling and drilling.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	Other companies to have undertaken exploration at Fiery Creek include BHP, MIM,
			Sumitomo and Rio Tinto. The fine-grained carbonate rocks of the area are considered
			prospective for Isa style base metal mineralisation and for this reason the large companies
			have held the ground previously.
Geology	• Deposit type, geological setting and style of	•	The Fiery Creek Project is located in the Western Fold Belt of the Mt Isa Inlier, a world-class
	mineralisation.		metallogenic province. The project area includes rocks of the McNamara Group known to
			host the Mt Isa, Esperanza, Lady Annie, Lady Loretta, and Mt Oxide mines.
		•	Deposit style being explored for are sedimentary hosted Mt Isa style mineralisation (Cu, Zn,
			Pb, Ag).

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Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information material to the	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024 “High-
Information	understanding of the exploration results	grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper results and
	including a tabulation of the following	antimony at Fiery Creek”]
	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
	detract from the understanding of the
	report, the Competent Person should
	clearly explain why this is the case.
Data	• In reporting Exploration Results, weighting	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024 “High-
aggregation	averaging techniques, maximum and/or	grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper results and
methods	minimum grade truncations (e.g. cutting of	antimony at Fiery Creek”]
	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.

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Criteria	JORC Code explanation	Commentary
Relationship	• These relationships are particularly	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024 “High-
between	important in the reporting of Exploration	grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper results and
mineralisation	Results.	antimony at Fiery Creek”]
widths and	• If the geometry of the mineralisation with
intercept	respect to the drill hole angle is known, its
lengths	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’). _
Diagrams	• Appropriate maps and sections (with	[All historical exploration activity detail can be referenced in AAJ Press Release – 30 July 2024 “High-
	scales) and tabulations of intercepts should	grade copper assays at Fiery Creek Project and 11 September 2024 “High-grade copper results and
	be included for any significant discovery	antimony at Fiery Creek”]
	being reported These should include, but
	not be limited to a plan view of drill hole
	collar locations and appropriate sectional
	views.
Balanced	• Where comprehensive reporting of all	Induced Polarisation (IP) Geophysics:Representative data has been reported as received by Aruma
reporting	Exploration Results is not practicable,	Resources with no alteration or editing of data undertaken by the Company.
	representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of	Selective 2D sections was used to best represent the locations of all anomalies and associated non- prospective zones generated from 2D modelling.
	Exploration Results.
		Results of all new surface samples at Fiery Creek are set out in Table 1 of the release above.
		Representative reporting of low and high grades has been delivered within this report.
		• Intersection lengths and grades are reported as down-hole, length weighted averages.
		• Refer to the list of significant drill hole results in the accompanying report. All significant results
		using the criteria described above.
		IP Survey
		See bodyof the report
Other	• Other exploration data, if meaningful and	Induced Polarisation (IP) Geophysics:dipole-dipole and pole-dipole induced polarisation (IP)
substantive	material, should be reported including (but	ground geophysical survey. Survey completed by Australian Geophysical Services Pty Ltd using both
exploration	not limited to): geological observations;	dipole- dipole and pole- dipole arrays with a remote electrode a minimum distance of 2.5km from
data	geophysical survey results; geochemical	nearest line. Survey lines were completed on GDA94 Zone 54 grid, North East – South West orientated
	survey results; bulk samples – size and	lines sub-perpendicular to the mapped geology using a static spread with transmitter shoot through
		with 50m receiver station spacingalong3 lines of 800m length 150m spaced apart were collected

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Criteria	JORC Code explanation	Commentary
	method of treatment; metallurgical test	using a dipole dipole configuration. The Transmitter dipole was 100m with 50m moves, offset 25m to
	results; bulk density, groundwater,	the receiver spread with extensions of 300m off the ends of each spread.
	geotechnical and rock characteristics;	The eastern most line was reread over the northern two thirds with Pole Dipole to get deeper survey
	potential deleterious or contaminating	information.
	substances.	One extra line offset to the East by 1.6km was also read in a north south orientation using the same
		dipole dipole shoot through configuration with 50m receiver station spacing and transmitter dipole of
		100m with 50m moves, offset 25m to the receiver spread with extensions of 300m off the ends of
		each spread.
		The receiver array was rolled along to maintain an n=16 once the shoot through was complete.
		The survey results are discussed in the body of the report.
		All available material information for this program are included in this announcement.
		Refer to Aruma news releases dated 29 July and 11 September 2024 for information on earlier
		exploration on this project.

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