ASARA RESOURCES LIMITED — Capital/Financing Update 2026

Feb 19, 2026

ASX: AS1 20 February 2026

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Massan Indicated Conversion Programme Continues to Deliver, and Inferred Extension Programme Returns 54m @ 2.3 g/t Au, Confirming Continuity of the NE High-Grade Extension

West African gold explorer Asara Resources Limited (ASX: AS1; Asara or Company ) is pleased to announce the latest set of results from 6 drill holes (totalling 1,266m) from the Phase 1 Reverse Circulation ( RC ) and Diamond Drilling ( DD ) program within the Massan deposit Mineral Resource Estimate ( MRE ) area at its flagship Kada Gold Project ( Kada ) in Guinea.

The Company is also pleased to report the next set of results from 14 drill holes (totalling 1,038m) from the Phase 2 Air Core ( AC ) and RC drilling program at the Massan deposit that is designed to increase the extents of the Massan deposit and grow the Kada Project Inferred Resource.

HIGHLIGHTS:

• Notably, the Phase 2 Inferred Extension Programme has delivered a material result from drillhole MSRC26-013, which returned 54 m @ 2.3 g/t Au from 42 m . The hole targeted the mapped regional NE-trending D2 structure at its intersection with the primary N–S D1 structural trend, testing whether this high-grade structural corridor extends beyond the limits previously defined by historical drilling at Massan. The drill hole ended in mineralisation.

These results confirm the continuation of the high-grade NE structural corridor . No deeper drilling has been completed to the northeast beyond this drill hole, with only limited historical shallow air core ( AC ) drilling having been completed, drilling which was sub-optimally orientated relative to the interpreted structure.

• Asara applies an iterative, geology-driven approach to exploration, whereby structural interpretations are systematically tested and refined through drilling. As such the outcome of MSRC26-013 supports the addition of further high-priority drillholes to the Phase 1 Indicated Conversion programme, targeting potential conversion of this high-grade extension for future consideration into Indicated Mineral Resources.

• The results of MSRC26-013 underscores the limited drilling density outside the known central core of Massan. The Company will continue systematic section-by-section drilling, targeting mineralisation continuity to depths of at least 250 m .

• The Phase 1 results continue to demonstrate continuity between drillholes , reinforcing confidence in the geological model and confirming consistent broad zones of continuous mineralisation growing the down-dip extent of the Massan deposit.

• Notable gold intersections from the assays received for the most recent Phase 1 and Phase 2 drillholes reported in this press release include:

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ASARA RESOURCES ASX:AS1 Suite 1, 130 Hay Street, Subiaco WA 6008 T + 61 8 6374 2654 | E info@asararesources.com | asararesources.com

ASX: AS1 20 February 2026

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Phase 2 Inferred Extension Programme Standout Result:

o	MSRC26-013:	MSRC26-013:	54 m @ 2.3 g/t goldfrom 42m. Including,	54 m @ 2.3 g/t goldfrom 42m. Including,
			12 m @ 3.6 g/t gold from 42m, and
			4	m @ 3.7 g/t gold from 58m, and
			4	m @ 4.8 g/t gold from 68m, and
			4	m @ 4.6 g/t gold from 78m, and
			6	m @ 1.2 g/t gold from 90m.
Phase		2 Inferred Extension Programme Significant Results:
o	MSAC26-012:			3 m @ 1.6 g/t goldfrom 9m.
				5 m @ 1.0 g/t goldfrom 26m.
o	MSAC26-008:			5 m @ 1.7 g/t goldfrom 60m.
o	MSRC26-012:			4 m @ 0.8 g/t goldfrom 69m. Including,
				2 m @ 1.3 g/t gold from 20m.
o	MSAC26-006:			1 m @ 4.6 g/t goldfrom 87m.
Phase	1 Indicated Conversion			Programme Significant Results:
o	MSRC26-005:		37 m @ 1.0 g/t goldfrom 0m. Including,
			4	m @ 3.8 g/t gold from 8m, and
			6	m @ 1.4 g/t gold from 29m.
			5	m @ 5.1 g/t goldfrom 217m. Including,
			1	m @ 13.1 g/t gold from 218m, and
			1	m @ 11.2 g/t gold from 221m.
o	MSRC26-003:		76 m @ 0.6 g/t goldfrom 111m. Including,
			15 m @ 1.2 g/t gold from 131m, and
			6	m @ 1.0 g/t gold from 164m.
			7	m @ 1.3 g/t goldfrom 202m. Including,
			1	m @ 5.6 g/t gold from 202m.
o	MSRC26-007:		23 m @ 0.8 g/t goldfrom 0m. Including,
			3	m @ 2.0 g/t gold from 20m.
o	MSRC26-004:		8	m @ 1.9 g/t goldfrom 82m. Including,

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		1 m @ 7.1 g/t gold from 84m.
		18 m @ 0.5 g/t goldfrom 155m. Including,
		5 m @ 1.2 g/t gold from 168m.
o	MSRC26-009:	6 m @ 1.1 g/t goldfrom 0m.
		8 m @ 1.7 g/t goldfrom 89m. Including,
		4 m @ 2.0 g/t gold from 91m.

Matt Sharples, CEO of Asara, commented:

“In addition to the strong results from the latest batch of Phase 1 drilling, the Phase 2 MSRC26-013 drillhole is a highly encouraging result that provides a strong validation of our structural interpretations at Massan. The drill hole confirms that the NE–SW trending D2 structure continues to host significant high-grade mineralisation, where it intersects the primary N–S D1 structural trend, beyond the limits defined by historical drilling.

Importantly, this area has seen very limited effective drill testing to date, with previous shallow AC drilling having not been optimally orientated to test the interpreted structural corridor. The 54 metres at 2.3 g/t Au from 42 metres, including multiple higher-grade intervals, demonstrates both thickness and grade continuity within this extension zone.

This result highlights the significant opportunity that remains outside the central known ‘core’ of the Massan deposit. Our iterative, geology-driven approach is designed to systematically test and refine these structural targets, and MSRC26-013 will directly inform the placement of additional high-priority holes within our Phase 1 Indicated Conversion programme.

We will continue to methodically drill out this extension on section lines, targeting continuity to depths of at least 250 metres, with the objective of expanding and upgrading the current Mineral Resource.”

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Kada Gold Project: Resource Growth and Conversion Strategy

The overall drilling strategy at Kada remains two-fold.

Firstly, the Company is focused on upgrading and increasing Indicated Mineral Resources through the systematic conversion of existing Inferred material. This includes extending the average drilling depth from approximately 140 m in the 2023 MRE to approximately 250 m ( Figure 1 ). The Phase 1 Indicated Conversion Programme is designed to expand the current Indicated strike length of ~300 m to align as a minimum with the existing 1,300 m Inferred Resource footprint.

Secondly, the Company is focussing on expanding the Inferred Resource footprint along strike. Proven mineralisation has been identified along approximately 3,500 m of the N–S mineralised corridor ( Figure 1 ); however, much of this strike remains historically drilled at a spacing insufficient for Inferred classification. The Phase 2 Inferred Programme is therefore designed to systematically drill this established mineralised strike to appropriate Inferred spacing.

Summary of Phase 1 and Phase 2 Drilling Results

A plan map of the Phase 1 and Phase 2 drillholes reported in this release is presented in Figure 2 . Figure 3 illustrates the spatial distribution of drillhole collars symbolised by their corresponding downhole significant intercept gram-metres (Au), together with the locations of cross sections A–B and C–S ( Figure 4 and Figure 5 ). Table 2 and Table 3 summarise the collar coordinates and significant intercepts for the drillholes reported in this announcement.

The Phase 1 drilling continues to demonstrate broad, continuous zones of mineralisation where infill holes are targeting the conversion of Inferred material to Indicated classification. Drilling has also extended mineralisation to depths of 250 m and beyond, with numerous holes terminating in mineralisation ( Figure 4 ), indicating potential for further down-dip continuity.

Phase 2 drilling has returned significant intercepts along the broader N–S mineralised corridor more than 500 m beyond the limits of the existing Inferred Resource. Most notably, MSRC26-013 returned 54 m @ 2.3 g/t Au from 42 m ( Figure 5 ), confirming that the NE-trending D2 structure at its intersection with the primary D1 trend extends beyond historical drilling at Massan ( Figure 6 ). Drilling to the northeast remains limited to shallow, sub-optimally oriented historical AC holes.

The result validates Asara’s geology-driven exploration model, supports additional high-priority drillholes within the Phase 1 Indicated Conversion Programme, and reinforces the need for continued systematic drilling to depths of at least 250 m outside the central core of the deposit.

Current Progress and Next Steps

Drilling activities for both Phase 1 and Phase 2 remain ongoing. A second RC rig mobilised to site on Monday, 16 February, and will operate alongside the existing RC and DD rigs to accelerate delivery of the Phase 1 Indicated Conversion Programme.

The Phase 2 campaign is being executed by a dedicated rig operating flexibly in either AC or RC mode, depending on target requirements. In addition to the three RC rigs and one DD rig currently drilling at Massan, the Company auger rig continues with a geochemical drilling programme over priority regional target areas to support further target delineation.

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Figure 1: Kada gold project drill collar plan map showing potential strike extensions beyond the current MRE.

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Figure 2: Plan map illustrating the location of the Phase 1 and Phase 2 drillholes reported in this press release.

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Figure 3: Plan map of the drill collar downhole significant intercepts g.m Au and the location of cross section AB and CD.

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Figure 4: Cross section A-B indicating the existing MRE 2023 Indicated and Inferred classifications, the 2023 pit shell (US$1,800), and recent drilling results (Intercept cut-off grade ≥ g t Au i tervals ≥ i le gth i tervals are re orted ith ≤ o o ti uous internal dilution).

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Figure 5: Cross section C-D indicating the existing MRE 2023 Indicated and Inferred classifications, the 2023 pit shell (US$1,800), and recent drilling results (Intercept cut-off grade ≥ g t Au i tervals ≥ i le gth i tervals are re orted ith ≤ o o ti uous i ter al dilution).

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Figure 6: Interpreted extension of the NE high-grade zone, showing planned Phase 1 drillholes to test continuity and expand Indicated Mineral Resources within the corridor.

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Contact Information: Matthew Sharples Chief Executive Officer +44 7498 970173

msharples@asararesources.com

This announcement was authorised for release by the Board of Directors.

About Asara Resources

Asara Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea, West Africa and in Chile, South America.

The o a y’s lagshi ro e t is the adva ed Kada old ro e t i easter ui ea ui ea re ai s one of the most under-explored countries in West Africa. Asara has outlined an Indicated and Inferred Mineral Resource Estimate of 30.3Mt at 1.0g/t gold for 923Koz[1] ( Table 1 ), the majority of which is shallow oxide-transitional gold mineralisation. Asara is focussed on growing the Mineral Resource Estimate. Most of the 150km[2] project area remains under explored and there is considerable upside for the discovery of additional oxide gold mineralisation.

Asara also holds the Paguanta Copper and Silver–Lead–Zinc Project in northern Chile and is pursuing divestment of this asset to focus on the Kada Gold Project.

At the adjacent Loreto Copper Project in Chile, Asara has signed a US$17m Option and Joint Venture agreement with Teck Resources Chile Limitada ( Teck ) whereby Teck can acquire up to a 75% interest in the project.

Table 1 : Kada Gold Project – 2023 JORC (2012) Mineral Resource Estimate

DEPOSIT	MATERIAL TYPE	MEASURED	INDICATED	INFERRED	TOTAL
		Tonnes Grade	Tonnes Grade	Tonnes Grade	Tonnes Grade Gold
		Mt g/t	Mt g/t	Mt g/t	Mt g/t Ounces
Massan	Oxide	- - 4.6 1.07 7.28 0.93 11.88 0.99 377,000
	Transitional	- - 1.07 0.88 3.8 0.91 4.94 0.9 143,000
	Fresh	- - 1.25 0.9 11.65 0.93 12.9 0.93 386,000
	TOTAL	- - 6.92 1.01 22.8 0.93 29.72 0.95 906,000
Bereko	Oxide	- - - - 0.48 0.92 0.48 0.92 14,000
	Transitional	- - - - 0.06 1.05 0.06 1.05 2,000
	Fresh	- - - - 0.04 1.01 0.04 1.01 1,000
	TOTAL	- - - - 0.59 0.94 0.58 0.94 18,000
Total Kada Project	Oxide	- - 4.6 1.07 7.76 0.93 12.37 0.98 391,000
	Transitional	- - 1.07 0.88 3.92 0.91 4.99 0.9 145,000
	Fresh	- - 1.25 0.9 11.69 0.93 12.94 0.93 387,000
	TOTAL	- - 6.92 1.01 23.38 0.93 30.3 0.95 923,000

1 ASX Announcement: Kada Mineral Resource Estimate Update improves confidence; more than 40% of oxide gold now indicated dated 09 October 2023.

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Competent Persons Statement

The information in this press release that relates to exploration results is based on information compiled by Andrew de Klerk, who is a registered natural scientist with the South African Council for Natural Scientific Professions (SACNASP) and is a member of both the Geological Society of South Africa (GSSA) and the South African Institute of Mining and Metallurgy (SAIMM). Mr de Klerk is the VP of Exploration of Asara Resources.

Mr de Klerk 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 i the ditio o the ‘Australasia ode or e orti g of Exploration Results, Mineral Resources a d Ore eserves’

Mr de Klerk consents to the inclusion in the report of the matters based on his information, in the form and context in which they appear.

Mineral Resource Estimate

The Company confirms that it is not aware of any new information or data that materially affects the information regarding the Kada Mineral Resource Estimate first reported by the Company in an ASX announcement dated 9 October 2023, and confirms that all material assumptions and technical parameters underpinning the Kada Mineral Resource estimate continue to apply and have not materially changed. The announcements are available to view at www.asararesources.com.au

Forward Looking Statements

ertai state e ts i this do u e t are or ay e “ or ard-loo i g state e ts” a d re rese t Asara’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Asara, and which may cause Asara’s a tual er or a e i uture eriods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Asara does not make any representation or warranty as to the accuracy of such statements or assumptions.

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Table 2 : Collar information for drill holes reported.

Hole ID	Type	Phase	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)
Phase 1 Indicated Conversion Programme:
MSRC26-002B RC 1 456656 1224112 376 -60 295 48
MSRC26-003 RC 1 456728 1224145 374 -60 295 250
MSRC26-004 RC 1 456755 1224133 374 -60 295 250
MSRC26-005 RC 1 456496 1224287 368 -60 295 250
MSRC26-007 RC 1 456347 1224323 367 -60 295 250
MSRC26-009 RC 1 456334 1224295 368 -60 295 218
Phase 2 Inferred Extension Programme:
MSAC26-005 AC 2 456371 1223451 363 -60 295 57
MSAC26-007 AC 2 456572 1223457 363 -60 295 71
MSAC26-008 AC 2 456416 1223264 360 -60 295 84
MSAC26-009 AC 2 456315 1223543 366 -60 295 80
MSAC26-010 AC 2 456335 1223302 362 -60 295 86
MSAC26-011 AC 2 456403 1223734 372 -60 295 72
MSAC26-012 AC 2 456652 1222989 356 -60 295 69
MSAC26-013 AC 2 456125 1224129 369 -60 295 79
MSRC26-006 RC 2 456224 1223420 364 -60 295 75
MSRC26-008 RC 2 456668 1222882 355 -60 295 59
MSRC26-010 RC 2 456072 1224087 369 -60 295 54
MSRC26-011 RC 2 456149 1224184 368 -60 295 51
MSRC26-012 RC 2 456187 1224332 365 -60 295 105
MSRC26-013 RC 2 456806 1224241 373 -60 295 96

Notes:

• MS prefix denotes drilling within Massan Prospect.

• RC means Reverse Circulation drilling

• RCD means Reverse Circulation with a diamond drill core tail.

• Co-ordinate projection UTM, WGS 84 zone 29 North.

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Table 3: Significant intercepts from RC, AC and DD drilling reported in this Press Release

Hole ID	From (m)	To (m)	Sig. Int. Au Grade(g/t)	Regolith Type	Sample Type
PHASE 1 INDICATED CONVERSION PROGRAMME
MSRC26-002B 0m 2m 2m @ 2.03g/t Oxide RC
Drillhole abandoned at 48m
MSRC26-003 10m 14m 4m @ 0.41g/t Oxide RC
54m 55m 1m @ 10.08g/t Oxide RC
102m 105m 3m @ 0.82g/t Oxide RC
111m 187m 76m @ 0.64g/t Fresh RC Incl. 131m 146m 15m @ 1.18g/t and 164m 170m 6m @ 1.02g/t
192m 197m 5m @ 0.49g/t Fresh RC
202m 209m 7m @ 1.30g/t Fresh RC Incl. 202m 203m 1m @ 5.64g/t
214m 243m 9m @ 0.53g/t Fresh RC
233m 250m 17m @ 0.64g/t Fresh RC Final EOH Metre Incl. 237m 242m 5m @ 1.05g/t
MSRC26-004 82m 90m 8m @ 1.93g/t Oxide RC Incl. 84m 85m 1m @ 7.06g/t
116m 118m 2m @ 5.58g/t Oxide RC
135m 144m 9m @ 0.88g/t Fresh RC Incl. 135m 136m 1m @ 4.23g/t
155m 173m 18m @ 0.54g/t Fresh RC Incl. 168m 173m 5m @ 1.22g/t
177m 195m 18m @ 0.53g/t Fresh RC
199m 204m 5m @ 0.55g/t Fresh RC
210m 212m 2m @ 2.53g/t Fresh RC
230m 242m 12m @ 0.67g/t Fresh RC Incl. 236m 240m 4m @ 1.01g/t
MSRC26-005 0m 37m 37m @ 0.96g/t Oxide RC Incl. 8m 12m 4m @ 3.76g/t and 29m 35m 6m @ 1.42g/t
48m 50m 2m @ 0.85g/t Oxide RC
62m 64m 2m @ 0.83g/t Oxide RC
70m 78m 8m @ 0.31g/t Fresh RC
84m 90m 6m @ 0.43g/t Fresh RC
94m 97m 3m @ 0.46g/t Fresh RC
119m 121m 2m @ 1.13g/t Fresh RC
130m 132m 2m @ 1.97g/t Fresh RC

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Hole ID	From (m)	To (m)	Sig. Int. Au Grade(g/t)	Regolith Type	Sample Type
PHASE 1 INDICATED CONVERSION PROGRAMME
MSRC26-005 217m 222m 5m @ 5.12g/t Fresh RC Incl. 218m 219m 1m @ 13.13g/t and 221m 222m 1m @ 11.16g/t
235m 240m 5m @ 0.82g/t Fresh RC
MSRC26-007 0m 23m 23m @ 0.79g/t Oxide RC Incl. 20m 23m 3m @ 2.00g/t
30m 42m 12m @ 1.01g/t Oxide RC Incl. 40m 41m 1m @ 4.24g/t
47m 71m 24m @ 0.58g/t Oxide RC
107m 114m 7m @ 0.52g/t Oxide RC
119m 146m 27m @ 0.45g/t Oxide RC
166m 168m 2m @ 1.29g/t Fresh RC
177m 193m 16m @ 0.39g/t Fresh RC
198m 210m 12m @ 0.35g/t Fresh RC
228m 248m 20m @ 0.34g/t Fresh RC
MSRC26-009 0m 6m 6m @ 1.12g/t Oxide RC
13m 17m 4m @ 0.64g/t Oxide RC
23m 48m 25m @ 0.66g/t Oxide RC Incl. 33m 35m 2m @ 1.49g/t and 37m 39m 2m @ 1.33g/t
56m 60m 4m @ 0.33g/t Oxide RC
70m 83m 13m @ 0.76g/t Oxide RC Incl. 78m 80m 2m @ 1.46g/t
89m 97m 8m @ 1.68g/t Oxide RC Incl. 91m 95m 4m @ 2.02g/t
100m 103m 3m @ 0.30g/t Oxide RC
108m 114m 6m @ 0.37g/t Oxide RC
119m 125m 6m @ 0.35g/t Oxide RC
132m 134m 2m @ 0.95g/t Oxide RC
168m 177m 8m @ 0.84g/t Fresh RC Incl. 169m 171m 2m @ 2.25g/t

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Hole ID	From (m)	To (m)	Sig. Int. Au Grade(g/t)	Regolith Type	Sample Type
PHASE 2 INFERRED EXTENSION PROGRAMME
MSAC26-004 No Significant Intercepts
MSAC26-005 39m 49m 10m @ 0.34g/t Oxide AC
MSAC26-006 1m 8m 7m @ 0.33g/t Oxide AC
22m 24m 2m @ 0.41g/t Oxide AC
38m 40m 2m @ 0.78g/t Oxide AC
60m 67m 7m @ 0.48g/t Oxide AC
Final EOH Metre 87m 88m 1m @ 4.60g/t Oxide AC
MSAC26-007 6m 12m 6m @ 0.48g/t Oxide AC
25m 27m 2m @ 0.49g/t Oxide AC
MSAC26-008 39m 40m 1m @ 3.03g/t Oxide AC
49m 54m 5m @ 0.69g/t Oxide AC
60m 65m 5m @ 1.69g/t Oxide AC
70m 72m 2m @ 0.43g/t Oxide AC
Final EOH Metre 82m 84m 2m @ 0.91g/t Oxide AC
MSAC26-009 No Significant Intercepts
MSAC26-010 No Significant Intercepts
MSAC26-011 18m 23m 5m @ 0.50g/t Oxide AC
41m 46m 5m @ 0.55g/t Oxide AC
MSAC26-012 9m 12m 3m @ 1.56g/t Oxide AC
26m 31m 5m @ 1.02g/t Oxide AC
MSAC26-013 2m 7m 5m @ 0.42g/t Oxide AC
MSRC26-006 No Significant Intercepts RC
MSRC26-008 No Significant Intercepts RC
MSRC26-010 23m 25m 2m @ 0.61g/t Oxide RC
MSRC26-011 0m 3m 3m @ 0.50g/t Oxide RC
MSRC26-012 2m 5m 3m @ 0.66g/t Oxide RC
69m 73m 4m @ 0.81g/t Oxide RC Incl. 69m 71m 2m @ 1.27g/t
80m 81m 1m @ 1.17g/t Oxide RC
MSRC26-013 32m 38m 6m @ 0.51g/t Oxide RC
incl. 3m no sample 42m 96m 52m @ 2.26g/t Oxide RC Incl. 42m 54m 12m @ 3.56g/t and 58m 62m 4m @ 3.65g/t and 68m 72m 4m @ 4.82g/t and 78m 82m 4m @ 4.64g/t Final EOH Metre and 90m 96m 6m @ 1.23g/t

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Appendix 1: JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Explanation
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.	The sampling described in this report refers to reverse circulation (RC), air core (AC) diamond (DD) drilling. All techniques and procedures described for RC drilling are equally applicable to AC drilling. Samples were all collected by qualified geologists or under the supervision of geologists. The samples are deemed representative of the rock being drilled. Sampling is conducted in accordance with QA/QC procedures in line with industry standards. RC drilling samples were obtained via a face-sampling hammer, with drill cuttings returned to surface through a cyclone. Samples were collected on nominal 1 m intervals and split at the rig using a 3-tier riffle splitter to produce a representative sub-sample for laboratory analysis. Drill chip samples were collected in numbered plastic bags, with bulk reject material retained on site. DD sampling was undertaken using diamond core drilling with (PQ/HQ) core size. Core was recovered in core trays and transported to a secure core facility for geological logging and sampling. Sampling intervals were defined by geological boundaries or nominal 1 m intervals where appropriate. Samples were typically taken as half-core, with the remaining half retained for reference
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sampling is guided by Asara’s roto ols a d Quality Assurance and Quality Control procedures, in accordance with industry standards. Sample representivity was ensured using a face-sampling drilling hammer and a well-maintained cyclone and riffle splitter system, which was cleaned regularly to minimise contamination. Drill parameters were adjusted where necessary in wet or broken ground to optimise sample recovery. Sample weights and moisture content were monitored visually, and intervals exhibiting poor recovery or potential contamination were noted during logging. Measures were taken to prevent the collection of wet RC samples. Field duplicates were routinely collected every 20thsample to monitor sampling precision. Diamond core recovery was monitored and recorded for each run, with core loss documented and considered during geological interpretation. Core was oriented where practicable to improve structural data quality. Core was cut using a diamond saw, with the upper (top) half of the core consistently sampled to ensure a non-biased and non-selective sampling approach. The remaining half-core was retained for reference and future verification. Quarter-core sampling was undertaken selectively for duplicate samples to assess sampling precision. No portable analytical devices (e.g. handheld XRF or downhole sondes) were used to determine reportable gold assay results. All analytical results are derived from certified laboratory

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Criteria	JORC Code Explanation	Explanation
		methods. Laboratory instruments were calibrated in a orda e ith the la oratory’s i ter al QA Q ro edures and accreditation standards.
	Aspects of the determination of mineralisation that are Material to the Public Report.	Mineralisation was determined through laboratory assay of RC and diamond drill samples for gold using a 50 g fire assay with Atomic Absorption Spectrometry (AAS) finish. Samples were initially crushed using a jaw crusher, followed by se o dary rushi g to a hieve % assi g − usi g a RSD Boyd crusher. A 250–300 g split was then pulverised using either an LM2 or ALSTO ring mill to produce a pulp with a nominal 85% passi g − µ suita le or ire assay a alysis Sampling intervals, methods and QA/QC procedures are considered appropriate for the style of mineralisation and stage of exploration. The sampling approach provides sufficient confidence in the representivity and quality of the assay data to support the reporting of exploration results and, where applicable, Mineral Resource estimation. No material biases related to sampling techniques, sample recovery, or analytical methodology have been identified.
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.).	RC drilling was undertaken using a face-sampling hammer with 139.7 mm (5½-inch) drill rods. Drilling was completed by experienced contractors employing standard industry practices to minimise downhole contamination and maintain sample integrity, including appropriate hole cleaning and equipment maintenance. Diamond drilling was undertaken using HQ triple-tube core barrels where ground conditions warranted, in order to maximise core recovery and preserve sample quality. Core orientation tools were used where practicable, particularly in fresh rock, to support the collection of reliable structural data. Drill hole collar locations were recorded using handheld GPS with an estimated positional accuracy of approximately ±5 m. Coordinates were collected in the WGS84 datum, UTM Zone 29N. The majority of drill holes were planned with an inclination of a ro i ately − ° a d a a i uth o ° Drill orie tatio s were determined based on a drill hole orientation and spacing study completed by Micon International Ltd, which concluded that this orientation was optimal for intersecting the interpreted multiple vein sets associated with the mineralisation. Downhole surveys were completed where practicable at nominal 30 m intervals down hole to accurately define drill hole trajectories and support geological interpretation and data integrity.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	RC sample recovery was assessed qualitatively through visual inspection of drill returns at the cyclone and monitoring of sample volume and condition. Sample moisture, degree of fines, and any evidence of sample loss or contamination were recorded during geological logging. Intervals with poor recovery or compromised sample quality were noted in the database and considered during interpretation. Diamond core recovery was measured and recorded for each drill run, with recovery expressed as a percentage of the drilled interval. Core loss zones were clearlydocumented during

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Criteria	JORC Code Explanation	Explanation
		logging. Rock Quality Designation (RQD) and core condition were also recorded to assist in assessing sample quality and geological confidence.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	RC drilling utilised a face-sampling hammer to improve sample representivity. The RC rig was equipped with an auxiliary compressor and air boosters to assist in maintaining dry, high-quality samples, particularly in zones of elevated groundwater inflow. Drill parameters were adjusted where necessary to optimise recovery. Where wet samples were encountered and sample quality could not be adequately maintained, RC drilling was temporarily discontinued until conditions improved, thereby minimising the risk of sample degradation or contamination. Diamond drilling employed HQ triple-tube core barrels in areas of poorer ground conditions to maximise recovery. Core handling procedures were designed to minimise breakage and loss, including careful extraction, transport and storage. Core was cut using a diamond saw, with the upper half of the core consistently sampled to ensure a representative and non- selective sampling approach.
	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.	No relationship is considered to exist between sample recovery and assay grade for either RC or diamond drilling. Review of recovery data against assay results indicates that acceptable sample recoveries were achieved using RC drilling methods, and no sample bias is interpreted to have occurred due to preferential loss or gain of fine or coarse material. Reduced recoveries observed locally within the transition zone have not been shown to materially influence reported grades. Overall, the sampling and recovery methods are considered appropriate for the style of mineralisation and the reporting of Exploration Results and, where applicable, Mineral Resources.
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.	Logging of RC drill chips recorded lithology, mineralogy, mineralisation, weathering, alteration, colour and other relevant geological features. RC logging was completed by qualified geologists using a standardised logging system designed to ensure consistency and repeatability across the drill programme. Diamond drill core was logged in detail by qualified geologists for lithology, alteration, mineralisation, weathering, veining and structure. Geotechnical logging, including core recovery and RQD, was completed to support geological interpretation and future mining and engineering studies. All geological logging and associated sampling information ere a tured a d stored i ee ue t’s X De osit geological database. The level of logging detail achieved is considered appropriate for the style of mineralisation and the Resource category being reported, and is sufficient to support Exploration Results reporting and, where applicable, Mineral Resource estimation.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	RC chip logging was primarily qualitative, based on visual assessment of drill chips. RC chip trays were systematically prepared and photographed to provide a permanent visual record of lithological and mineralogical characteristics and to support geological interpretation and verification. Diamond core logging was both qualitative and quantitative. Qualitative observations included lithology,alteration and

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Criteria	JORC Code Explanation	Explanation
		mineralisation styles, while quantitative measurements included core recovery, RQD, structural measurements (where oriented core was available), and sample interval lengths. Diamond core trays were photographed wet and dry prior to and after sampling, providing a permanent and auditable record of core condition and geological features.
	The total length and percentage of the relevant intersections logged.	All RC and diamond drill holes were logged in full from collar to end of hole, representing 100% of drilled intervals, including both mineralised and unmineralised sections.
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Not applicable for RC drilling. RC drill chips were split at the rig using a riffle splitter to obtain a representative sub-sample. Diamond drill core was cut using a diamond saw. Half-core samples were taken, with the upper half of the core consistently sampled to ensure a non-selective and unbiased sampling approach. The remaining half-core was retained for reference and future verification.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC samples were collected via a cyclone and riffle split at the drill rig to produce a representative sub-sample. Sampling was undertaken under predominantly dry conditions. On the rare occasions where wet samples were encountered, samples were dried prior to splitting with a riffle splitter to ensure sample integrity and representivity. Where excessive groundwater inflow adversely affected sample quality and dry sampling conditions could not be maintained, RC drilling was temporarily discontinued until conditions improved.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were transported by road to the Proslabs laboratory in Kouroussa, Guinea under standard chain-of-custody procedures. Sample preparation for all RC and diamond drill samples followed industry best practice and procedures considered appropriate for gold mineralisation At the laboratory, all samples were weighed, dried and rushed to − usi g a a rusher A s lit o the rushed material was subsequently pulverised in a mill to achieve a o i al arti le si e o % assi g μ rodu i g a homogeneous pulp suitable for fire assay analysis. The sample preparation procedures are considered appropriate for the grain size and style of mineralisation and suitable for the reporting of Exploration Results and, where applicable, Mineral Resource estimation.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Asara has established protocols governing sample preparation at the laboratories and the collection and assessment of analytical data, designed to ensure that consistent and accurate procedures are applied in producing representative samples. These protocols are aligned with industry best practice and are routinely reviewed by Company personnel. At the laboratory, crusher and pulveriser equipment were flushed with barren material at the start of each batch and cleaned with compressed air between each sample to minimise the risk of cross-contamination. These procedures are considered effective in maintaining sample integrity and ensuring the representivity and reliability of analytical results.
	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.	a li g as arried out i a orda e ith Asara’s established sampling protocols, aligned with industry best practice, and designed to ensure that collected samples are representative of the in-situ material intersected by drilling.

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Criteria	JORC Code Explanation	Explanation
		Representative sampling was achieved through the use of a face-sampling hammer and riffle splitting for RC drilling, and a consistent half-core sampling methodology for diamond drilling, with the same half of core sampled throughout the programme to avoid selective bias. Field quality control procedures included the routine insertion of certified reference materials (assay standards), blanks, and field duplicates into the sample stream, at an average insertion rate of approximately 1 in 20. QA/QC results were reviewed on a batch-by-batch basis, and assay results were only released into the Seequent MX Deposit geological database once all QA/QC checks had passed, or any identified issues had been appropriately investigated and resolved either in the field or in collaboration with the analytical laboratory.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered appropriate to correctly represent the style of mineralisation, the thickness and consistency of the intersections.
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.	Gold assays for RC and diamond drill samples were completed using a 50 g fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA50), which is considered a total assay technique for gold. The analytical method is appropriate for the style of mineralisation and the reporting of Exploration Results and, where applicable, Mineral Resources. Sample preparation and assaying were undertaken following industry best practice and are considered suitable for the grain size and mineralogical characteristics of the mineralisation.
	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.	No geophysical tools, downhole sondes, or handheld XRF instruments were used to determine assay results reported in this Public Report. All reported analytical results are derived from certified laboratory assay methods.
	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.	Field quality control procedures included the routine insertion of certified reference materials (assay standards), blanks, and field duplicates into the sample stream at an average insertion rate of approximately 1 in 20. At the laboratory, the crusher and pulveriser were flushed with barren material at the start of each batch and cleaned with compressed air between each sample to minimise the risk of cross-contamination. Sample preparation checks for fineness were undertaken by the laboratory as part of their internal quality control procedures to confirm that the target grind size of 90% passing 75 µm was achieved. The laboratory also reports internal laboratory QA/QC results, which were reviewed alongside field QA/QC data. All QA/QC results were assessed on a batch-by-batch basis, and assay results were only released into the Seequent MX Deposit geological database once all QA/QC criteria had been met. Review of QA/QC performance indicates that acceptable levels of analytical accuracy and precision have been achieved, with no evidence of systematic bias.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant assay results and geological interpretations were reviewed by Company senior geologists independent of the day-to-day sampling activities. Verification included checks of drill holegeology,samplingintervals,assayresults,and

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Criteria	JORC Code Explanation	Explanation
		QA/QC performance to confirm the validity of reported intersections prior to release.
	The use of twinned holes.	None of the drill holes in this report are twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary geological, sampling and assay data were recorded digitally using standardised logging and sampling procedures. Data entry was subject to validation checks prior to upload i to ee ue t’s X De osit geologi al data ase ard o y records, including drill logs, sample tickets, and laboratory certificates, are retained for verification purposes. Electronic data is stored on secure Company Sharepoint servers with controlled access.
	Discuss any adjustment to assay data.	The primary data is kept on file. There were no adjustments to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill hole collar locations were initially recorded using handheld GPS with an estimated positional accuracy of approximately ±5 m while drilling was ongoing. Upon completion of drilling, all drill hole collars were resurveyed using Differential GPS (DGPS), achieving a positional accuracy of approximately ±0.1 m in X, Y and Z coordinates. Downhole surveys were completed using a north-seeking downhole gyroscopic survey tool, with measurements taken at nominal 30 m intervals, where practicable, and at the end of hole. The quality and accuracy of the downhole survey data are considered appropriate for geological interpretation and Mineral Resource evaluation.
	Specification of the grid system used.	Location data was collected in UTM grid WGS84, zone 29 North.
	Quality and adequacy of topographic control.	Topographic control was established by traversing from the nearest national control point located in the town of Siguiri and by the installation of multiple concrete control points across the prospect area.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drill hole spacing and distribution at the Massan Prospect were determined based on geological interpretation, style of mineralisation, and exploration objectives. A drill spacing study conducted by Micon International Ltd concluded that a nominal spacing of 30 m × 30 m was optimal for establishing geological and grade continuity within the prospect.
	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.	The spacing and distribution of RC and diamond drill holes are considered sufficient to demonstrate geological and grade continuity at the scale required for the Resource category being reported. Drilling density in key areas supports the interpretation of mineralised domains and provides an appropriate dataset for Mineral Resource estimation, where applicable. Diamond drilling was used selectively to provide additional geological and structural confidence.
	Whether sample compositing has been applied.	There was no sample compositing.
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.	The orientation of RC and diamond drill holes was designed to intersect the interpreted mineralised structures as close to perpendicular as practicable, based on the current geological understanding of the Massan Prospect. The chosen drill orientations are considered appropriate for the style of mineralisation and are not expected to introduce significant sampling bias related to structural orientation.

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Criteria	JORC Code Explanation	Explanation
	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.	The majority of drill holes were planned with an inclination of a ro i ately − ° a d a a i uth o ° ased o a drill hole orientation and spacing study conducted by Micon International Ltd. The study concluded that this orientation was optimal for intersecting the multiple vein sets recognised at Massan. No significant sampling bias related to drilling orientation has been identified. Where local deviations from optimal intersection angles may occur due to geological complexity, this is not considered to materially affect the representivity of the sampling or the interpretation of mineralisation.
Sample security	The measures taken to ensure sample security.	RC and diamond drill samples were sealed and stored securely on site following collection and prior to dispatch. Samples were then collected by laboratory staff and transported by road to the Proslabs laboratory in Kouroussa, Guinea. Chain-of-custody procedures were maintained throughout sample handling and transport. Bulk sample rejects and assay pulps were retained by the laboratory and/or the Company for reference, verification and potential future work. These measures are considered appropriate to ensure the security and integrity of samples from collection through to analysis.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Asara’s sa li g te h i ues a d ro edures ere revie ed y RPM Global prior to the release of a JORC-compliant Mineral Resource in March 2022, and were deemed appropriate for the style of mineralisation and the reporting of Mineral Resources. Since that review, Asara has implemented a higher frequency of QA/QC insertions, strengthening the robustness of sampling and analytical controls. QA/QC results continue to be reviewed routinely by Company personnel and, where relevant, by independent consultants. Any issues identified are investigated and resolved prior to the reporting or use of data in Mineral Resource estimation.

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Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Explanation
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 reported drilling results are from the Kada permit, which is held under Permit A/2021/1638/MMG/SGG, located in Guinea. The Kada permit covers the Massan Prospect and associated exploration areas. Asara Resources Ltd has the right to earn up to a 75% interest in the Kada permit by funding a Feasibility Study, under the terms of an earn-in agreement. There are no other known joint ventures, partnerships, overriding royalties, or third- party agreements materially affecting the permit at the time of reporting. The Company is not aware of any material native title interests, historical sites, wilderness areas, national parks, or environmentally protected areas within the permit area that would materially impact exploration activities.
	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.	Following a country-wide review of mineral exploration licences by the Guinean Ministry of Mines, the Company has received confirmation from the Guinean authorities that its existing Kada and Bamféle licences remain in good standing. The Company anticipates that both licences will be renewed with the official launch of DAMANDA on 20 December 2025, the new digital operating platform of mining and exploration permits for Guinea that supersedes the previously closed mining cadastre. At the time of reporting, there are no known material impediments to maintaining tenure or to obtaining a licence to operate in the area. Exploration activities are conducted in accordance with applicable Guinean mining and environmental regulations, and the Company is not aware of any issues that would materially impact its ability to continue exploration on the Kada permit.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The area currently covered by the Kada permit has undergone previous mineral exploration. Newmont conducted exploration activities on the permit between 2009 and 2012, which included regional exploration programmes typical of early-stage gold exploration. Details of historical work have been reviewed where available a d have i or ed the o a y’s geologi al u dersta di g of the area. However, the Exploration Results reported herein are based solely on drilling and sampling completed by Asara and its contractors.
Geology	Deposit type, geological setting and style of mineralisation.	The Kada Project covers an area of approximately 100 km² and is located within the Siguiri Basin in Guinea. The project is situated approximately 36 km along strike and to the south of the Siguiri Gold Mine, a >10 Moz gold deposit operated by AngloGold Ashanti. Gold mineralisation at Kada is interpreted to be orogenic in style, hosted within structurally controlled shear zones and associated quartz veining developed within a variably weathered bedrock sequence. Mineralisation occurs across oxide, transition and fresh rock domains, with gold associated with multiple generations of quartz veining, sulphide development, and characteristic alteration assemblages. The geological setting and mineralisation style at Kada are consistent with other major gold deposits within the Siguiri Basin,supportingtheprospectivityof theproject and the

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Criteria	JORC Code explanation	Explanation
		potential for continuity of mineralisation along strike and at depth.
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: • easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	Drill hole collar coordinates (easting and northing), elevations (RL), azimuths, dips, end-of-hole depths and significant intercepts are reported in the accompanying tables and figures within this announcement. Drill hole locations were surveyed using DGPS for collar positions and north-seeking gyroscopic downhole survey tools at nominal 30 m intervals, where practicable. Appropriate locality plan maps and supporting cross-sections accompany this announcement, illustrating drill hole locations, orientations, and the spatial relationship of reported results to geological interpretation. Further information relating to previous drill hole results is available on the Asara Resources Ltd website. ASX Announcements–Asara Resources No material drill hole information has been omitted from this report in a manner that would render the disclosure misleading.
	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.	There has been no exclusion of information.
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.	For the purposes of reporting significant intercepts, a cut-off grade of 0.3 g/t gold over 2 m has been applied. In calculating reported intercepts, up to 3 m (downhole) of continuous internal waste was permitted within mineralised intersections, consistent with the interpreted style of mineralisation. Reported intercept grades are length-weighted averages of assay results. No weighting, top-capping, or high-grade cutting techniques have been applied to the data reported in this announcement. Assay results are generally quoted rounded to one or two decimal places, reflecting the analytical precision of the assay method and standard industry reporting practice.
	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.	Any aggregation done uses a length weighted average.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Metal equivalent values are not reported in this announcement.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The relationship between reported intercept lengths and true mineralisation widths is an important consideration in the interpretation of Exploration Results. The orientation of the mineralised zones has been established, and drilling was planned to intersect the mineralisation in a near- perpendicular manner where practicable, in order to provide representative intercepts and minimise orientation-related bias.

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Criteria	JORC Code explanation	Explanation
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	All results are listed in down-hole lengths. The orebody is considered to be a stockwork of veins with three major orientations.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this e e t e g ‘do hole le gth true idth ot o ’	All results are listed in down-hole lengths. The orebody is considered to be a stockwork of veins with three major orientations.
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 plans, sections and long sections accompany the results and illustrate drill hole locations, traces, geological interpretation and significant intercepts. Diagrams are drawn to scale and include orientation and coordinate information where relevant.
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.	The accompanying document is considered to represent a balanced report.
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.	There is no other exploration data which is considered material to the results reported in the announcement.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further exploration and infill drilling are currently ongoing and will continue to target the Massan MRE area as well as explore extensions to the south, north and at depth.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to main body of this report.

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