AUSQUEST LIMITED — Capital/Financing Update 2025

Feb 5, 2025

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Visit Investor Hub for a video update

February 6[th] , 2025

CANGALLO PORPHYRY COPPER DISCOVERY CONFIRMED – SIGNIFICANT GROWTH POTENTIAL IDENTIFIED

Highlights:

• Large-scale porphyry copper-gold discovery confirmed at AusQuest’s 100%owned Cangallo Project in southern Peru, with significant intercepts including:

• 304 metres @ 0.30% Cu, 0.06ppm Au from 34m (CANRC008), including: ▪ 28 metres @ 0.56% Cu and 0.03ppm Au

  • 56 metres @ 0.40% Cu and 0.06ppm Au

  • ▪ 20 metres @ 0.33% Cu and 0.08ppm Au ▪ 18 metres @ 0.35% Cu and 0.08ppm Au

• 154 metres @ 0.37% Cu, 0.06 ppm Au from 36m (CANRC003), including: ▪ 36 metres @ 0.37% Cu and 0.05ppm Au

  • 24 metres @ 0.42% Cu and 0.06ppm Au

  • ▪ 44 metres @ 0.47% Cu and 0.08ppm Au

• 226 metres @ 0.22% Cu, 0.07ppm Au from 4m (CANRC005), including: ▪ 28 metres @ 0.33% Cu and 0.11ppm Au

• 136 metres @ 0.24% Cu, 0.06ppm Au from 230m (CANRC003), including: ▪ 30 metres @ 0.37% Cu and 0.07ppm Au

• 136 metres @ 0.25% Cu, 0.06ppm Au from 22m (CANRC007), including: ▪ 12 metres @ 0.43% Cu and 0.07ppm Au

• 121 metres @ 0.26% Cu, 0.04ppm Au from 256m (CANRC007), including: ▪ 34 metres @ 0.36% Cu and 0.03ppm Au ▪ 12 metres @ 0.48% Cu and 0.08ppm Au

• Mineralisation occurs from near surface, confirming the potential to define a shallow copper oxide resource as well as deeper sulphide mineralisation

• Drilling has tested a very small fraction of the prospective target area with mineralisation open in all directions

• Continuity of copper and gold grades confirmed between drill-holes and between drill sections – seven out of eight holes end in mineralisation.

• Planning for a follow-up drilling program has commenced and will be finalised over the coming weeks

• Located close to significant infrastructure, 25km east of the town of Chala and within 10km of the coast and regional powerlines, the Cangallo discovery has the potential to be a low-capital copper development project

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JOIN AUSQUEST’S INTERACTIVE INVESTOR HUB. Visit AUSQUEST.COM.AU for AusQuest’s interactive Investor Hub AusQuest Limited ABN 35 091 542 451 | 8 Kearns Crescent Ardross WA 6153

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AusQuest Limited (“ AusQuest ” or the “ Company ”) (ASX: AQD) is pleased to advise that additional assay results received from the maiden drilling program (eight RC drill-holes for a total of ~3,000m) at its 100%-owned Cangallo Project in southern Peru have confirmed a new, large-scale porphyry copper discovery close to significant infrastructure, 25km east of the town of Chala and within 10km of the coast (Figure 1).

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Figure 1: Cangallo Porphyry Copper Prospect showing drill-hole locations and significant intersections plus copper-molybdenum assay values from surface sampling. Cross-sections as shown on the plan are provided below as Figures 2, 3, and 4.

Commenting on the new copper discovery at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:

“This is another set of excellent results from our Cangallo Prospect. The final batch of assays has exceeded our expectations and confirmed Cangallo as a significant new greenfields porphyry copper-gold discovery in Peru.

“Based on the results generated to date, we believe there is significant upside potential at Cangallo, and we are confident that further exploratory drilling will continue to find more copper near-surface as well as deeper sulphide mineralisation.

“It is important to emphasise that Cangallo is also very well situated with respect to infrastructure, being only 10km from the coast and close to power transmission lines as well as being at low elevations (<1,500m) making it easier to work year-round.

“We have only just scratched the surface at Cangallo and we look forward to updating our shareholders on the next steps for this exciting new discovery!”

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Cangallo Exploration Results:

Broad zones of copper mineralisation (up to 304m @ 0.30% Cu and 0.06ppm Au ) – in the form of both oxides (malachite, chrysacolla and brochantite) and sulphides (mainly chalcopyrite) – have been reported for seven of the eight holes drilled, with significant assay results provided in Table 1 below.

The copper mineralisation occurs dominantly within the volcanic host rocks (andesites and dacites) and is associated with sericite and potassic alteration. The oxide mineralisation is present as disseminations and blebs within the volcanics and within intrusive porphyry rocks, whereas the sulphide mineralisation occurs within stockwork veins, veinlets, fractures and mineralised dykes.

Higher copper grades appear to coincide with relatively thin (<10m) porphyritic dykes intruding the volcanics suggesting the potential for a large, higher grade intrusive stock buried beneath the shallow cover within the interpreted caldera structure.

Copper and gold mineralisation remains open in all directions, including at depth, although prospectivity appears to increase to the west of the current drilling, where the centre of the porphyry system is thought to be hidden beneath the cover.

Table 1: Significant assay results from the maiden RC drilling program:

Hole Number	From(m)	To(m)	Interval(m)	Cu %	**Auppm **	**Moppm **	**Ag ppm **
CANRC001	6	354 EOH	348	0.26	0.06	12	0.31
Including	10	26	16	0.43	0.08	6	0.09
Including	58	84	26	0.36	0.07	6	0.57
Including	252	264	12	0.53	0.27	32	1.09
Including	316	350	34	0.39	0.08	31	0.44
CANRC002	18	134	116	0.19	0.04	28	0.08
	138	148	10	0.48	0.07	72	0.03
	180	208	28	0.18	0.04	59	0.58
	214	402 EOH	188	0.28	0.07	39	0.38
Including	222	234	12	0.5	0.07	72	0.67
Including	312	322	10	0.43	0.09	16	0.41
Including	342	380	38	0.40	0.09	33	0.46
CANRC003	36	190	154	0.37	0.06	18	0.19
Including	40	76	36	0.37	0.05	15	0.07
Including	86	110	24	0.42	0.06	12	0.12
Including	128	138	10	0.42	0.06	15	0.39
Including	146	190	44	0.47	0.08	33	0.25
	230	366 EOH	136	0.24	0.06	36	0.28
Including	258	288	30	0.37	0.07	34	0.41
CANRC004	228	238	10	0.17	0.07	30	0.18
	272	276 EOH	4	0.33	0.02	26	0.87
CANRC005	4	230	226	0.22	0.07	9	0.22
Including	20	32	12	0.33	0.04	4	0.07
Including	54	82	28	0.33	0.11	10	0.09

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CANRC006	4	20	16	0.15	0.05	5	0.07
	36	92	56	0.12	0.03	4	0.05
	110	122	12	0.12	0.02	21	0.08
	164	192	28	0.12	0.02	10	0.21
	206	262	56	0.13	0.03	14	0.26
	270	408 EOH	138	0.17	0.03	31	0.26
CANRC007	22	158	136	0.25	0.06	62	0.15
Including	138	150	12	0.43	0.07	111	0.51
	256	377 EOH	121	0.26	0.04	43	0.32
Including	264	298	34	0.36	0.03	37	0.32
Including	352	364	12	0.48	0.08	69	0.44
CANRC008	34	338	304	0.30	0.06	18	0.05
Including	36	64	28	0.56	0.03	11	0.06
Including	120	176	56	0.40	0.06	12	0.34
Including	186	206	20	0.33	0.08	25	0.29
Including	216	234	18	0.35	0.08	20	0.40
	350	414 EOH	64	0.23	0.05	20	0.20
Including	380	394	14	0.37	0.10	23	0.31

(Broad copper intervals were determined using a 0.1% Cu cut-off and an internal waste of 4 metres. Gold, molybdenum and silver values were averaged over the same intervals as determined by the Cu intersections. Higher grade intervals (including) were determined using 0.3% Cu cut-off and 4 metre waste intervals.)

A full assessment of the multi-element geochemical data is currently in progress to identify pathfinder elements associated with the porphyry system, to help prioritise key areas for further drilling.

Results have confirmed the continuity of extensive copper mineralisation (with gold credits) throughout seven of the drill-holes while also highlighting the potential to delineate a nearsurface copper oxide resource as well as locating deeper sulphide mineralisation.

The maiden drilling program only tested a very small fraction of the Cangallo prospect, highlighting the potential for a large-scale porphyry copper system to be defined within the area.

Earlier geological mapping and rock-chip sampling outlined a partially exposed copper (+/gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.

Next Steps:

• The Company expects to release a more detailed assessment of the maiden drilling results over the coming weeks, once interpretation of the multi-element data has been completed and integrated with other available data.

• Details of future exploration programs at Cangallo, including further exploratory drilling, will also be advised over the coming weeks.

Context:

Peru is now the second largest copper producer in the world behind Chile, with around 2.8Mt of copper being mined and processed per annum. The bulk of this production comes from

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around 10 large copper projects, mainly porphyries, that are located along the Andean Belt that extends from Chile in the south to Ecuador in the north.

Porphyry deposits are typically large (often over 1 billion tonnes of ore), usually opencuttable with low waste to ore ratios.

The shallower parts of these ore bodies are usually oxide ores that can be processed by heap leach methods, delivering lower development capital costs and use less process energy compared to traditional processing (flotation of sulphide ores). It also produces pure cathode copper metal as a final product on site instead of copper concentrates that require further shipping, smelting and refining.

Mining and processing costs benefit from the scale of these operations and there are a number of profitable large-scale operations (Cerro Verde, Cuajone, Toqueapla and the recently developed Quellaveco deposit, plus a new approved development at Zafranal) located within the Arequipa District where Cangallo is situated, using head grades between 0.20% and 0.40% Cu.

These mines have multi-decade mine-lives and are long-lived assets.

The economic viability of the Peruvian resources is often affected by a range of issues including location, altitude, proximity to infrastructure and quite commonly land usage conflicts with local communities.

The Cangallo Project is particularly well located with respect to the foregoing factors and exploration so far suggests that it contains similar copper grades and may have similar size potential to some of the porphyry copper deposits being mined and/or developed within the Arequipa District.

Peru is a stable country and the government is supportive of new mine developments as they add significantly to the Peruvian economy and the communities where they are located.

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Graeme Drew Managing Director Visit Investor Hub for further updates

COMPETENT PERSON’S STATEMENT

The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

FORWARD LOOKING STATEMENT

This report contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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Figure 2: Cangallo Drill Section 1 showing RC drill traces with copper grades to the right and gold grades to the left plus intersections as provided in Table 1. NB: the drill hole traces are projections onto the section – their true azimuth and inclination are provided in the JORC table.

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Figure 3: Cangallo Drill Section 2 showing RC drill traces with copper grades to the right and gold grades to the left plus intersections as provided in Table 1. NB: the drill hole traces are projections onto the section – their true azimuth and inclination are provided in the JORC table.

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Figure 4: Cangallo Drill Section 3 showing RC drill traces with copper grades to the right and gold grades to the left plus intersections as provided in Table 1. NB: the drill hole traces are projections onto the section – their true azimuth and inclination are provided in the JORC table.

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JORC Code, 2012 Edition – Table 1 report, Reverse Circulation Drilling at Cangallo in Peru

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised	•	Samples were collected using a tube sampler by spearing
techniques	industry standard measurement tools appropriate to the minerals under investigation,		into each one metre sample bag and compositing samples
	such as down hole gamma sondes, or handheld XRF instruments, etc). These examples		on a two-metre basis.
	should not be taken as limiting the broad meaning of sampling.	•	Sample depths were determined by the length of the rod-
	• Include reference to measures taken to ensure sample representivity and the appropriate		string and confirmed by counting the number of samples
	calibration of any measurement tools or systems used.		and bags at the drill platform as per standard industry
	• Aspects of the determination of mineralisation that are Material to the Public Report.		practice.
	• In cases where ‘industry standard’ work has been done this would be relatively simple	•	A ~4kg sample was collected for representivity.
	(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fire assay’). In other cases more explanation
	may be required, such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg submarine nodules) may
	warrant disclosure of detailed information.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	•	RC Drilling with a face sampling bit has been used with a
	Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of		hole diameter of approximately 132mm.
	diamond tails, face-sampling bit or other type, whether core is oriented and if so, by	•	No down-hole surveys were undertaken
	what method, etc).
Drill sample	• Method of recording and assessing core and chip sample recoveries and results	•	Experienced RC drillers and an appropriate rig were used
recovery	assessed.		to provide maximum sample recovery.
	• Measures taken to maximise sample recovery and ensure representative nature of the	•	Minimal to no water was encountered in all drill holes.
	samples.	•	The weight of every bulk 1 metre sample was recorded
	• Whether a relationship exists between sample recovery and grade and whether sample		and checked for sample recovery estimates. Sample
	bias may have occurred due to preferential loss/gain of fine/coarse material.		recovery was acceptable to industry standard.
		•	The sample weight of every laboratory sample was also
			collected and weighed on site for future reference.
		•	At this early stage of exploration, it is not known if there
			is a relationship between sample recovery and assay
			grade.
		•

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Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a	• RC sample chips were collected into chip trays and are
	level of detail to support appropriate Mineral Resource estimation, mining studies and	stored for future reference.
	metallurgical studies.	• RC samples were logged on site during the drilling by
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)	experienced geologists to identify key rock types and
	photography.	mineralization styles.
	• The total length and percentage of the relevant intersections logged.	• Sample logging was qualitative with visual estimates of
		mineralization made for later comparison with assay
		results.
		• All one metre drill samples were logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core taken.	• RC samples were collected every 1 metre into large
techniques and	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	plastic bags and stored in rows per depth at the drill site.
sample preparation	dry.	• Samples were collected using a 50mm tube sampler and
	• For all sample types, the nature, quality and appropriateness of the sample preparation	composited on a two metre basis.
	technique.	• Certified coarse blanks and fine standards are inserted
	• Quality control procedures adopted for all sub-sampling stages to maximise	approximately every 35 samples and duplicates taken
	representivity of samples.	every 20 samples for quality control purposes.
	• Measures taken to ensure that the sampling is representative of the in situ material	• The sample sizes are considered appropriate for the
	collected, including for instance results for field duplicate/second-half sampling.	geological materials sampled.
	• Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay	• The nature, quality and appropriateness of the assaying and laboratory procedures used	• Assaying of the drill samples is by standard industry
data and	and whether the technique is considered partial or total.	practice.
laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters	• The samples are sorted, dried, crushed then split to obtain
	used in determining the analysis including instrument make and model, reading times,	a representative sub-sample which is then pulverized.
	calibrations factors applied and their derivation, etc.	• A portion of the pulverized sample is digested using a
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external	four acid digest (Hydrofluoric, Nitric, Hydrochloric and
	laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and	Perchloric) which approximates a total digest for most
	precision have been established.	elements. Some refractory minerals are not completely
		dissolved.
		• Inductively Coupled Plasma Mass Spectroscopy (ICP-
		MS) was used to measure Ag, Al, As, Ba, Be, Bi, Ca, Cd,
		Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg,
		Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr,
		Ta, Te, Th, Ti Tl, U, V, W, Y, Zn, Zr,
		• Au assays were provided by 30g fire assay with AA
		finish.
		• Every 2 metre composite sample is also submitted for
		Hyperspectral analysis using a TerraSpec instrument and
		uploaded into the aiSIRISTMsoftware for mineral

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Criteria	JORC Code explanation	Commentary
		identification and spectral output.
		• Assays are provided by ALS del Peru in Lima which is a
		certified laboratory for mineral analyses. Analytical data
		is transferred to the company via email.
		• Data from the laboratory’s internal quality procedures
		(standards, repeats and blanks) are provided to check data
		quality.
		• The Company collects duplicate samples on an
		approximate 1: 20 basis, and inserts coarse blanks on a
		1:30 basis and fine blanks on a 1:35 basis and fine
		standards are inserted on a 1:35 basis.
Verification of	• The verification of significant intersections by either independent or alternative company	• No verification of intersections was undertaken. Drilling
sampling and	personnel.	was wide spaced and reconnaissance in nature.
assaying	• The use of twinned holes.	• All primary sample data is recorded onto a printed sheet
	• Documentation of primary data, data entry procedures, data verification, data storage	on site and uploaded to a site laptop, all geological data is
	(physical and electronic) protocols.	recorded at the drill platform on a site laptop and
	• Discuss any adjustment to assay data.	downloaded daily and onto an external backup.
		• No adjustments have been made to the assay data.
Location of data	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole	• Drill hole collars including elevation are located by hand
points	surveys), trenches, mine workings and other locations used in Mineral Resource	held GPS to an accuracy of approximately 5m.
	estimation.	• All surface location data are in WGS 84 datum, UTM
	• Specification of the grid system used.	zone 18S.
	• Quality and adequacy of topographic control.
Data spacing and	• Data spacing for reporting of Exploration Results.	• RC drill-holes were sited to test for mineralization at
distribution	• Whether the data spacing and distribution is sufficient to establish the degree of	shallow depths within a broader intrusive complex.
	geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	Testing for broad zones of stockwork veining associated
	estimation procedure(s) and classifications applied.	with a hydrothermal mineralised system
	• Whether sample compositing has been applied.	• Samples were composited on a 2 metre basis.
Orientation of data	• Whether the orientation of sampling achieves unbiased sampling of possible structures	• Any bias due to the orientation of the drilling is unknown
in relation to	and the extent to which this is known, considering the deposit type.	at this early stage of exploration.
geological	• If the relationship between the drilling orientation and the orientation of key mineralised
structure	structures is considered to have introduced a sampling bias, this should be assessed and
	reported if material.
Sample security	• The measures taken to ensure sample security.	• Sample security is managed by the operator of the Project.
		Procedures match with Industry best practice.
		• Samples are collected into securelytied bags andplaced

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Criteria	JORC Code explanation	Commentary
		into cable-tied plastic bags for transport to the laboratory.
		Each sample batch has a sample submission sheet that
		lists the sample numbers and the work required to be done
		on each sample.
		• Samples were transported to the laboratory by company
		vehicle using trusted company personnel.
		• Sample pulps (after assay) are held by the laboratory and
		returned to the company after 90 days.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No reviews or audits of the sampling techniques or data
		have been carried out to date.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement	• Type, reference name/number, location and ownership including agreements or	• The Cangallo project is located approximately 20 km
and land tenure	material issues with third parties such as joint ventures, partnerships, overriding	east of the town of Chala in the south of Peru.
status	royalties, native title interests, historical sites, wilderness or national park and	• The Cangallo project comprises 9 granted mineral
	environmental settings.	concessions. The tenements are held by Questdor which
	• The security of the tenure held at the time of reporting along with any known	is a 100% subsidiary of AusQuest Limited.
	impediments to obtaining a licence to operate in the area.	• There are no major heritage issues to prevent access to
		the tenements. A drill permit (FTA) has been provided
		by INGEMMET for the drilling program following
		environmental, and community approvals.
Exploration done	• Acknowledgment and appraisal of exploration by other parties.	• No historic exploration data is available.
by other parties
Geology	• Deposit type, geological setting and style of mineralisation.	• The Cangallo project is targeting Porphyry deposits
		along the coastal belt of southern Peru. These are large
		scale disseminated copper (and gold) deposits found
		within orogenic belts that surround the Pacific Rim. The
		deposits can be really large requiring significant drilling
		to evaluate.

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Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information material to the understanding of the exploration results	• All relevant drill hole data and information are provided
Information	including a tabulation of the following information for all Material drill holes:	below.
	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 explainwhy this is the case.
Data aggregation	• In reporting Exploration Results, weighting averaging techniques, maximum and/or	• Aggregate assay intervals quoted for the RC drill-holes
methods	minimum grade truncations (eg cutting of high grades) and cut-off grades are usually	in this report are based on copper assays, using a cut-off
	Material and should be stated.	value of ~0.1% Cu, and maximum internal waste of 4
	• Where aggregate intercepts incorporate short lengths of high grade results and longer	metres.
	lengths of low grade results, the procedure used for such aggregation should be stated	• For higher grade intervals a 0.2% Cu cut-off and a 4m
	and some typical examples of such aggregations should be shown in detail.	internal waste limit were used.
	• The assumptions used for any reporting of metal equivalent values should be clearly
	stated.
Relationship	• These relationships are particularly important in the reporting of Exploration Results.	• All intervals reported are down-hole lengths. True widths
between	• If the geometry of the mineralisation with respect to the drill hole angle is known, its	are unknown at this stage.
mineralisation	nature should be reported.
widths and	• If it is not known and only the down hole lengths are reported, there should be a clear
intercept lengths	statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be	• All drill holes are shown on appropriate plans and
	included for any significant discovery being reported These should include, but not be	included in the ASX release.
	limited to a plan view of drill hole collar locations and appropriate sectional views.	• Drill-hole cross sections will be provided once all the
		remaining assays have been received
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable,	• At this early stage of drilling, only significant assay
	representative reporting of both low and high grades and/or widths should be	results have been reported.
	practiced to avoid misleading reporting of Exploration Results.
Other substantive	• Other exploration data, if meaningful and material, should be reported including (but	• The relationship between this first phase drilling and
exploration data	not limited to): geological observations; geophysical survey results; geochemical	previous exploration data is shown in the report.
	survey results; bulk samples – size and method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock characteristics; potential deleterious
	or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth	• Future drill hole locations will be determined once the

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Criteria	JORC Code explanation	Commentary
	extensions or large-scale step-out drilling).	current results have been fully assessed.
	• Diagrams clearly highlighting the areas of possible extensions, including the main
	geological interpretations and future drilling areas, provided this information is not
	commercially sensitive.

Drill-Hole Details

Hole ID	Easting	Northing	RL	Azimuth	Dip	Depth
CANRC001	604112	8245063	1189	255	-60	354.00
CANRC002	603751	8244965	1175	75	-60	402.00
CANRC003	603903	8245259	1185	180	-60	366.00
CANRC004	603578	8245251	1176	135	-60	276.00
CANRC005	604117	8245065	1189	75	-60	402.00
CANRC006	604154	8244906	1186	270	-60	408.00
CANRC007	603757	8244971	1175	25	-65	377.00
CANRC008	603890	8245264	1185	135	-65	414.00

Projection: WGS84 Zone 18S

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