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BPM MINERALS LIMITED Capital/Financing Update 2021

May 18, 2021

64556_rns_2021-05-18_edc57dad-7f36-4ebc-9602-951dbfc67dcb.pdf

Capital/Financing Update

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19 May 2021| ASX:BPM

BPM TO ACQUIRE THREE PROJECTS IN THE EARAHEEDY BASIN AND COMPLETE PLACEMENT

HIGHLIGHTS

  • Material acquisition located on the boundary of the Earaheedy Basin, a Lead and Zinc exploration hot spot after the recent Rumble Resources (ASX:RTR) discovery.

  • Hawkins Project is located approximately 40km northwest along strike from the Rumble Resources Chinook lead-zinc discovery (34m @ 4.22% Pb + Zn)[1] .

  • Ground exploration including mapping and soil sampling with the aim of identifying drill hole locations, intended to commence immediately on granted tenements.

  • Hawkins covers significant strike extent of the unconformable contact between the Frere Iron and Yelma Formations located on the western hinge of the Earaheedy Basin, with Rumble (RTR) noting: “The unconformity likely presents a regional scale conduit for metal bearing brines” .

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Figure 1 – Hawkins Project, along strike from Rumble Resources Chinook Discovery, both within the Earaheedy Basin

1ASX Ann. Major Zinc-Lead Discovery at Earaheedy Project [19th April 2021]

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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EARAHEEDY PROJECTS

  • All three Earaheedy Projects - Hawkins, Ivan Well and Rhodes - cover the same stratigraphic target zone as the Rumble Resources Chinook and Magazine Pb-Zn discoveries.

  • New projects anticipated to deliver up to 44km strike of the target unconformity contact, with Earaheedy landholdings totalling 280km[2] of highly prospective stratigraphy.

  • Previous drilling on all the tenements was focused on Fe-Mn with the contact remaining untested and samples not assayed for lead and zinc at Ivan Well and Rhodes.

  • 2014 geophysical review indicated numerous deeper VTEM anomalies that represent potential bedrock conductor targets, that could relate to sulphide mineralisation - these have not been followed up.

  • Minor historical drilling on the Hawkins Project targeted Mississippi Valley Type (MVT) lead-zinc mineralisation and intersected up to 0.56% Pb + Zn at the Pinnacles Prospect.

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Figure 2 – BPM Earaheedy Basin Projects with prospective stratigraphy and liniments

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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  • Acquisition to be supported by a proposed A$1.5 million (before costs) private placement to expand and accelerate exploration programs across the Earaheedy, Nepean and Santy Projects.

  • BPM fully funded (circa A$5.2m) for 15,000m of planned drilling to test targets at Hawkins, Ivan Well, Rhodes, Santy and Nepean during H2 2021.

  • Participants in the placement are anticipated to include Inyati Capital, S3 Consortium Pty Ltd (StocksDigital), the project vendor and a number of high-net-worth investors.

  • The Company intends to convene a general meeting in July 2021 to approve the issue of the balance of the Placement Securities, the issue of the Acquisition Consideration and the issue of the Investor Awareness Shares.

BPM Minerals Ltd (ASX: BPM) (BPM or the Company) is pleased to announce that it has entered into a binding Heads of Agreement to acquire all of the shares in Recharge Resources Pty Ltd (Recharge). See Annexure B for material terms of the acquisition.

Recharge holds four exploration licences and applications in the Midwest Region of Western Australia (totalling 323km[2] ) and one exploration licence 20km northeast of First Quantum Minerals’ Ravensthorpe Nickel Mine, in southern Western Australia. See Annexure A for details and status of tenements.

The Company has also received commitments of A$1.5 million to undertake a strategic placement, enabling the Company to advance its projects at Hawkins, Ivan, and Rhodes, together with providing working capital.

Lead-Zinc Potential

Located approximately 820km northeast of Perth and 125km north of Wiluna, the Paleoproterozoic Earaheedy Basin has previously been recognised for its economic iron ore and base metal potential, with recent high-grade Pb-Zn drill intercepts by Rumble Resources renewing interest in the region.

Importantly, the ground was pegged prior to the recent Rumble Resources discovery, delivering a first mover advantage with all surrounding ground now fully pegged.

Base metal mineralisation has been previously identified within Paleoproterozoic carbonate rocks (dolomite) of the Yelma Formation. The Hawkins, Ivan Well and Rhodes tenements surround the Earaheedy Basin, within the stratigraphic equivalent to the recent Rumble Resources Chinook-Magazine Pb-Zn prospects.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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The Pb-Zn mineralisation identified at Chinook and Magazine prospects occurs as sphalerite, galena and pyrite emplacement within the pore space of the gritty sandstone subbasins, overlying the unconformity between the Frere Formation and the Yelma Formation.

Mapping completed by the Geological Survey of Western Australia (GSWA) indicates the prospective unconformity is mapped over all 3 licenses within Earaheedy Project.

  • Hawkins: Approx. 20km of targeted contact

  • Rhodes: Approx. 10km of targeted contact

  • Ivan Well: Approx. 14km of targeted contact

The previous exploration focus on the Earaheedy tenements has been Mn-Fe with little to no exploration for Pb-Zn mineralisation within the tenure. A 2014 geophysical review by Resource Potentials (of the eastern third of Hawkins) indicated that there were numerous deeper VTEM anomalies that potentially represent bedrock conductor targets, that could relate to sulphide mineralisation - these have not been followed up (refer WAMEX Open File Report A107025).

Limited historic RC drilling exploring for MVT mineralisation at the Pinnacles prospect returned a best intercept of 2m @ 0.56% Zn+Pb, indicating the potential for base metal mineralisation (refer Appendix 1 and 2, and WAMEX Open File Report A053541).

Most drilling and soil sampling within the tenure has not been assayed for lead or zinc.

The drilling and surface sampling completed at Ivan Well and Rhodes were targeted at iron and manganese mineralisation in the Frere Formation, stratigraphically above the target zone for base metals mineralisation. None of these samples were assayed for base metals.

Iron-Ore and Manganese Potential

Iron mineralisation within the Earaheedy Basin occurs in the form of Granular Iron Formation and Banded Iron Formation, both of which are widespread in the Frere Formation.

There are multiple known iron and manganese occurrences within the Earaheedy Project tenure, associated with the Frere Iron Formation. Previous exploration has delineated +50 targets, defined by surface sampling and geophysics, that are yet to be assessed.

Historic Reverse Circulation (RC) drilling at Rhodes over the magnetic high unit, testing for Fe/Mn intersected iron ore mineralisation (Figure 3 & 4) over a strike length of 400 metres and remaining open in all directions, with better results including:

  • 34 m @ 54.4 % Fe (58.7% CaFe), including 22 m @ 58.1% Fe (63.1% CaFe)

  • 22 m @ 57.8% Fe (61.6% CaFe), including 6 m @ 60.6% Fe (64.5% CaFe)

  • 26 m @ 55.1% Fe (59.5% CaFe), including 10 m @ 57.1% Fe (61.3% CaFe)

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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Figure 3 – Rhodes and Ivan Well Projects with previous RC drilling and significant intersections.

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Figure 4 - Rhodes Project with previous RC drilling and significant intersections.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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Surface sampling at Rhodes defined numerous areas of high-grade up to 64.9 % Fe and untested iron mineralisation in outcrop over an extensive strike length. The best result of 64.9% Fe is from a completely untested horizon approximately 1 km north of existing drilling.

NEXT STEPS

Given focus on the Earaheedy Basin discoveries, the Company intends to immediately commence evaluation of the lead-zinc and Iron Ore potential at Ivan Well, including:

  • Surface mapping and sampling with a focus on iron ore, manganese and base metals.

  • Re-interpretation of existing geophysical data sets with a focus on lead-zinc.

  • Ground gravity surveys over prospective areas defined by surface sampling and mapping.

  • Drill planning and permitting.

  • AC/RC Drilling in Q4 2021

Grant of Hawkins (E69/3823) and Rhodes (E69/3824) is expected August/September with the compilation of data collected by previous explorers is in progress, including a large suite of stream sediment, soil, rock chip, RC and diamond drilling, and geophysical data.

STRATEGIC PLACEMENT AND INVESTOR AWARENESS ARRANGEMENT

The Company has received firm commitments to raise $1.5m (before costs) from sophisticated investors (Placement). The Company intends to issue 7.5 million fully paid ordinary shares at an issue price of A$0.20 per share together with one free attaching option with an exercise price of $0.25 on or before 11 September 2025 (ASX: BPMO) pursuant to the Placement (Placement Securities).

The Company is pleased to advise that Inyati Capital, S3 Consortium Pty Ltd (StocksDigital) and the project vendor intend to participate in the Placement.

In addition to participating in the Placement the Company has also engaged the services of StocksDigital to provide investor awareness services to the Company. The fee for these services is $375,000. In lieu of cash settlement the Company intends to issue StocksDigital with 1,875,000 Shares at an issue price of $0.20 per share ($375,000) (Investor Awareness Shares).

The Shares under the Placement are intended to be issued in two tranches. The Company intends for 5.4 million Shares to be issued under BPM’s LR 7.1 placement capacity, with a general meeting of shareholders to be convened in July 2021 to approve the balance of the Placement Securities, the issue of the Acquisition Consideration and the issue of the Investor Awareness Shares.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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- END –

This release is authorised by the Board of Directors of BPM Minerals Limited.

For further information contact:

Chris Swallow

Chief Executive Officer

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Brendan Borg, who is a Member of The AusIMM and who has more than five years’ experience in the field of activity being reported on. Mr. Borg is a consultant to the Company. The information in the market announcement is an accurate representation of the available data.

Mr. Borg has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Borg consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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Annexure A. Table of Recharge Resources Projects Tenements

Project Tenement
#		 State Size
km2		 Status Grant/Application
Date		 Registered
Holder
Table Hill E69/3698 WA 44 Live 14-Nov-19 Recharge
Resources Pty
Ltd
Ivan Well E69/3703 WA 40.8 Live 15-Jan-20 Recharge
Resources Pty
Ltd
Oldfield E74/647 WA 11.5 Live 30-Jul-19 Recharge
Resources Pty
Ltd
Hawkins E69/3823 WA 161.3 Pending 5-Oct-20 Recharge
Resources Pty
Ltd
Rhodes E69/3824 WA 77.5 Pending 5-Oct-20 Recharge
Resources Pty
Ltd

It is common practice in Western Australia for exploration permits to be renewed following their expiry provided the company has kept them in good standing and continues to conduct exploration activities.

Annexure B. Acquisition Terms

BPM has agreed to acquire 100% of the outstanding capital of Recharge Resources Pty Ltd from Borg Geoscience Pty Ltd, the owner of the Table Hill, Ivan Well, Hawkins, Rhodes and Oldfield Projects and Applications on the following terms:

  • (a) Initial Consideration

  • (i) to issue 1,875,000 fully paid ordinary shares in the capital of BPM Minerals Ltd to the Vendor, at a deemed issue price of $0.20 per Share;

  • (ii) to issue 1,875,000 options in the capital of BPM Minerals Ltd to the Vendor, at an exercise price of $0.25 expiring 1 September 2025.

  • (iii) to issue 2,000,000 performance shares in the capital of BPM Minerals Ltd to the Vendor subject to various vesting conditions.

  • (iv) with effect on and from settlement, to grant the Vendor a royalty of 1% of the net smelter return on all minerals, mineral products and concentrates, produced and sold from the Tenements, payable in accordance with the royalty terms.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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(b) Deferred Consideration

On the date which is 6 months following settlement or on the grant of exploration licences E69/3823 (Hawkins) and E69/3824 (Rhodes), whichever is the later:

  • (i) to issue 1,875,000 Shares to the Vendor, at a deemed issue price of $0.20 per Shares; and

  • (ii) to issue 1,875,000 Options to the Vendor, at an exercise price of $0.25 expiring 1 September 2025.

(c) Performance Shares

The Performance Shares will be subject to the following Vesting Conditions:

Number of
Performance Shares		 Particulars
2,000,000 Due date: This milestone must be achieved within 24
months of issuing this class of Performance Shares
Expiry Date: If the milestone is achieved in the time
period set out above, the Performance Shares will expire
on that date which is 3 years after their date of issue.
Vesting criteria:
a) The Company achieving 10Mt of Inferred Resources at
a minimum grade of 4.0% Zn Equivalent1on the
Tenements as reported in accordance with the JORC
Code 2012; or
b) The Company achieving 5Mt of Inferred Resources at a
minimum grade of 55% Fe on the Tenements reported in
accordance with the JORC Code 2012.

Notes:

  1. Formula for calculating Zn Equivalent = (Zn% 90%) + (0.8 Pb%90%) + (0.019 Ag(g/t)*90%). Assuming metals prices of USD $2,500/t for Zinc, USD $2,000/t for Lead, USD $15/ounce for Silver and assumed met recovery of 90%.

(d) Net Smelter Royalty

With effect on and from settlement, to grant the Vendor a royalty of 1% of the net smelter return on all minerals, mineral products and concentrates, produced and sold from the Tenements.

Facilitation Shares

In consideration for the introduction of the Acquisition, the Company has agreed to issue Inyati Capital (or their nominee):

  • I. 562,500 Shares at a deemed issue price of $0.20 per Share; and

  • II. 562,500 Options at an exercise price of $0.25 expiring 1 September 2025.

The agreement otherwise contains terms and conditions standard for an agreement of this nature.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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About BPM Minerals

BPM Minerals Limited (ASX:BPM) is a Perth-based gold, nickel, zinc, lead, iron ore and manganese explorer with a portfolio of projects located across some of Western Australia’s most prolific greenstone belts (Figure 5). The Company seeks to build its landholdings within Tier-1 mining locations, close to existing deposits and world-class infrastructure.

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Figure 5 - Figure 4 - BPM Minerals Western Australian Ni, Au, Zn, Pb, Fe, Mn Projects

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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Appendix 1: Historic Drill Collar Information Rhodes and Hawkins

Hawkins Project Drill Collars

Hole_ID Type Company Easting
(MGA94
- Zone
51)		 Northing
(m)
(MGA94
- Zone
51)		 Elevation
(m)		 Total Hole
Depth (m)		 Dip
(degrees)		 Azimuth
(degrees)
RC10EAR012 RC Rio Tinto Exploration 219957 7192656 587 184 -90 0
RC10EAR013 RC Rio Tinto Exploration 222460 7188053 580 106 -90 0
RC10EAR014 RC Rio Tinto Exploration 225303 7187397 574 88 -90 0
RC10EAR015 RC Rio Tinto Exploration 225291 7187899 579 94 -90 0
RC10EAR016 RC Rio Tinto Exploration 220965 7188145 583 118 -90 0
RC10EAR017 RC Rio Tinto Exploration 220976 7188471 582 112 -90 0
HDH01 DD RGC Exploration 213497 7185030 557.5 379 -75 240
HDH02 DD RGC Exploration 213902 7181407 548.6 220 -75 240
HRC15 RC RGC Exploration 214518 7188848 568 150 -90 0
HRC13 RC RGC Exploration 209723 7190854 610 150 -70 N/A
HRC12 RC RGC Exploration 209462 7190774 625 160 -70 N/A
HRC11 RC RGC Exploration 209468 7190269 586 137 -60 N/A
HRC10 RC RGC Exploration 209150 7189945 574 105 -70 N/A
HRC09 RC RGC Exploration 212630 7191249 569 85 -90 0
HRC08 RC RGC Exploration 214565 7190892 571 135 -90 0
HRC01 RC RGC Exploration 208805 7187763 558 149 -90 0

Rhodes Project Drill Collars

Hole ID Company Easting
(m) (MGA
Zone 51)		 Northing (m)
(MGA Zone 51)		 Elevation
(m)		 Total
Depth
(m)		 Dip
(degrees)		 Azimuth
(degrees)		 Plus 50% Fe
Intercept
EARC0013 Cazaly 347402 7185344 586 108 -60 180 NSI over 50% Fe
EARC0014 Cazaly 342593 7186057 640 113 -60 180 6 m @ 50.1% Fe (51.8%
CaFe)from 74 m
EARC0015 Cazaly 342603 7186005 635 96 -60 180 NSI over 50% Fe
EARC0016 Cazaly 344610 7186107 627 96 -60 180 NSI over 50% Fe
EARC0017 Cazaly 344619 7186160 629 54 -60 180 26 m @ 55.1% Fe
(59.5% CaFe) from
surface
EARC0018 Cazaly 344998 7186037 622 60 -60 180 34 m @ 54.4% Fe
(58.8% CaFe)from 2 m
EARC0019 Cazaly 345009 7186003 617 72 -60 180 NSI over 50% Fe
EARC0020 Cazaly 345404 7185811 621 90 -60 180 NSI over 50% Fe
EARC0021 Cazaly 344620 7186164 628 72 -80 180 22 m @ 57.8% Fe
(61.6% CaFe) from
surface
ERC001 Anglo 345026 7185698 619.4 148 -60 180 NSI over 50% Fe
ERC002 Anglo 345031 7185800 620.3 185 -60 180 NSI over 50% Fe
ERC003 Anglo 345030 7185597 618.1 66 -59.18 0 1 m @ 52.2% Fe from
23 m
ERC008 Anglo 347428 7185597 592.2 105 -61.07 0 NSI over 50% Fe
ERC009 Anglo 347428 7185503 592.2 114 -60 180 NSI over 50% Fe
ERC010 Anglo 347431 7185198 591.8 101 -60.72 0 NSI over 50% Fe

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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ERC011 Anglo 347428 7185092 590.6 93 -60 180 NSI over 50% Fe
ERC012 Anglo 347427 7184997 590.1 246 -59.85 0 NSI over 50% Fe
ERC013 Anglo 347432 7184893 589.6 150 -60.79 0 NSI over 50% Fe
ERC014 Anglo 344228 7185800 627 90 -60.47 0 NSI over 50% Fe
ERC015 Anglo 344233 7185988 630.8 132 -60 180 NSI over 50% Fe
ERC016 Anglo 344230 7185896 628.8 168 -60 180 9 m @ 52.4% Fe, from
20 m
ERC017 Anglo 343428 7185940 628.3 120 -60 180 1 m @ 53.7% Fe, from 8
m, 4 m @ 51.2% Fe,
from 25 m
ERC018 Anglo 342629 7185654 630.4 108 -60.32 0 NSI over 50% Fe
ERC019 Anglo 342635 7185744 634.2 78 -60 180 NSI over 50% Fe
ERC020 Anglo 342634 7185853 637.3 84 -59.91 0 NSI over 50% Fe
ERC021 Anglo 345828 7185398 606.1 114 -60 180 NSI over 50% Fe
ERC022 Anglo 345831 7185501 605.7 132 -60.49 0 10 m @ 50.6% Fe, from
40 m
ERC023 Anglo 345831 7185599 607.1 120 -60.14 0 NSI over 50% Fe
ERC024 Anglo 346627 7185196 595.3 138 -60 185 NSI over 50% Fe
ERC025 Anglo 346629 7185300 596.5 108 -60 185 NSI over 50% Fe
ERC026 Anglo 346629 7185393 597.3 126 -60 185 NSI over 50% Fe
ERC065 Anglo 342507 7183314 654 54 -70 360 NSI over 50% Fe
ERC066 Anglo 344053 7183588 632 66 -80 180 NSI over 50% Fe
ERC067 Anglo 344069 7183989 622 71 -80 270 NSI over 50% Fe
ERC074 Anglo 342507 7182996 654 72 -70 180 NSI over 50% Fe
ERC075 Anglo 349058 7184959 603 78 -70 180 NSI over 50% Fe
ERC076 Anglo 351031 7183213 580 96 -60 360 NSI over 50% Fe
ERC077 Anglo 351018 7183403 578 66 -80 90 NSI over 50% Fe
ERC078 Anglo 351025 7183796 581 60 -70 180 NSI over 50% Fe
ERC079 Anglo 350194 7184623 587 72 -70 180 NSI over 50% Fe
ERC080 Anglo 350200 7184280 585 102 -60 180 NSI over 50% Fe
ERC081 Anglo 350201 7183645 589 72 -80 90 NSI over 50% Fe
ERC082 Anglo 351017 7184153 596 96 -60 180 NSI over 50% Fe

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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APPENDIX 2: JORC CODE, 2012 EDITION – TABLE 1

EXPLORATION RESULTS, RHODES/HAWKINS PROJECTS, WESTERN AUSTRALIA Section 1 Sampling Techniques and Data

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

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Sampling • Nature and quality of sampling (e.g. cut Rhodes (E69/3824)
techniques channels, random chips, or specific
specialised
industry
standard
measurement tools appropriate to the		 • One metre samples were collected
using
Reverse
Circulation
(RC)
minerals under investigation, such as drilling.
down hole gamma sondes, or handheld • Where
iron
formation
was
• XRF instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
Include reference to measures taken to
ensure sample representivity and the
appropriate
calibration
of
any
measurement tools or systems used.		 • intersected, 2 m composite samples
were taken, with the remaining
hanging wall and foot wall lithologies
composited over 4 m intervals.
1 m cone split reference samples
were taken for all drilled metres and
• Aspects
of
the
determination
of		 placed in bulka bags on site for later
mineralisation that are Material to the analysis if required.
Public Report. • Magnetic susceptibility data was
• In cases where ‘industry standard’ work measured for all metres drilled.
has been done this would be relatively
simple (e.g. ‘reverse circulation drilling
was used to obtain 1 m samples from Hawkins (E69/3823)
which 3 kg was pulverised to produce a
30 g charge for fire assay’). In other
cases,
more
explanation may
be		 • Historical drilling by RGC Exploration
(WAMEX report A053541) consisted
required, such as where there is coarse of 2 stratigraphic diamond drillholes
gold
that
has
inherent
sampling		 and 8 reverse circulation drillholes
problems. Unusual commodities or
mineralisation types (e.g. submarine		 • Diamond core was routinely sampled
on 2 metre intervals
nodules) may warrant disclosure of
detailed information.		 • RC drilling was sampled at 10 metre
intervals, and in the case of visible
mineralisation the sampling interval
was reduced to 2 metres.
• Historical
drilling
by
Rio
Tinto
Exploration for iron ore (WAMEX
Report A091191 consisted of 6
reverse circulation holes sampled on
2 metre interval via a static cone
splitter
Drilling • Drill type (e.g. core, reverse circulation, Rhodes (E69/3824)
techniques open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(e.g. core diameter, triple or standard		 • All samples were collected using a
conventional RC drilling method.
tube, depth of diamond tails, face- Drilled holes have diameters of 5.25
sampling bit or other type, whether and 5.5 inches.
core is oriented and if so, by what
method, etc).
Hawkins (E69/3823)
• Diamond
Drilling
and
Reverse

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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Criteria
JORC Code explanation
Commentary
Circulation
•
DD was not oriented.
Drill
sample
recovery
•
Method of recording and assessing
core and chip sample recoveries and
results assessed.
•
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.
•
Whether a relationship exists between
sample
recovery
and
grade
and
whether
sample
bias
may
have
occurred due to preferential loss/gain
of fine/coarse material.
Rhodes (E69/3824)
•
RC sample recoveries were not
recorded.
•
The entire sample was collected from
the cyclone for each metre and
composite samples were prepared
using a cone splitter
•
No relationship is known to exist
between sample recovery and grade.
Hawkins (E69/3823)
•
DD Core recovery was recorded and
reported to be generally excellent.
•
RC recovery not recorded.
Logging
•
Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
•
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel, etc) photography.
•
The total length and percentage of the
relevant intersections logged.
Rhodes (E69/3824)
•
Chips were geologically logged for
each one metre interval by geologists
and
a
representative
fraction
collected in a chip tray. The logs are
sufficiently
detailed
to
support
Mineral Resource estimation.
•
Geological logging is qualitative in
nature
•
Hychips
spectral
analysis
was
conducted on the RC chips, aiding in
mineralogy determination.
•
All 1 m samples were logged.
Hawkins (E69/3823)
•
Historical DD Core and RC chips
were logged in detail.
Sub-
sampling
techniques
and
sample
preparatio
n
•
If core, whether cut or sawn and
whether quarter, half or all core taken.
•
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
•
For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
•
Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
•
Measures taken to ensure that the
sampling is representative of the in-situ
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
•
Whether sample sizes are appropriate
Rhodes (E69/3824)
•
RC samples were split using a cone
splitter. This technique is considered
appropriate for collecting statistically
unbiassed samples.
•
Standard
samples
were
were
submitted one per assay batch
(approx. 150-200 samples per batch)
•
Field duplicates are inserted at a rate
of 1-2 per hole in zones of iron
mineralisation.
•
Blanks (derived from unmineralised
river sand) and
•
Details of the laboratory QA/QC
program was notprovided,though

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
to the grain size of the material being assumed to be industry standard.
sampled.
Hawkins (E69/3823)
• No
detailed
information
was
provided on DD or RC sub-sampling
methods
• No information on QA/QC programs.
Quality of • The
nature,
quality
and		 Rhodes (E69/3824)
assay data
and
laboratory
tests		 • appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
For geophysical tools, spectrometers,		 •
•		 Samples were analysed by Kalassay
Analytical Laboratory in Perth, WA.
A conventional iron ore 12 element
suite was analysed using XRF fused
• handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures
adopted
(e.g.
standards,
blanks,		 • bead technique including Fe, Al2O3,
SiO2, P, S, MnO, CaO, MgO, TiO2
and Loss on Ignition.
Details of the laboratory QA/QC
program was not provided, though
assumed to be industry standard.
duplicates, external laboratory checks) • No commentary was provided on the
and whether acceptable levels of results of the QA/QC programs.
accuracy (i.e. lack of bias) and precision
have been established. Hawkins (E69/3823)
• Analysis for RCG drilling was carried
out by ALS Perth for Ag, As, Au, Ba,
Co, Cu, Mn, Ni, Pb and Zn using
analytical methods IC587 and PM219
• No information provided on QA/QC
Verificatio • The
verification
of
significant		 Rhodes (E69/3824)
n
of
sampling
and
assaying		 •
•		 intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification, data		 •
No verification of mineralised
intercepts
was
undertaken,
however, the Hychips analysis
serves as a form of verification
storage
(physical
and
electronic)		 that the mineralogy identified in
• protocols.
Discuss any adjustment to assay data.		 the HyChips analysis matches
with the geological logging and
the assays.
•
No twinned holes were used
given the reconnaissance nature
of the drilling.
•
No documentation of data entry
procedures, verification or data
storage was provided, although
assumed to be industry standard.
•
No adjustment to assay data.
Hawkins (E69/3823)
•
No information provided for
historical work

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15

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Location of • Accuracy and quality of surveys used to Rhodes (E69/3824)
data points locate drill holes (collar and down-hole
surveys), trenches, mine workings and
other
locations
used
in
Mineral		 • Drill hole collar positions were
collected with a handheld Garmin
Resource estimation. GPS unit with an accuracy of +/- 5 m
• Specification of the grid system used. for easting and northing.
• Quality and adequacy of topographic • Coordinates are recorded in MGA94
control. Zone 51
• No topographic control although not
considered
necessary
for
reconnaissance drilling.
Hawkins (E69/3823)
• No
information
provided
for
historical work – assumed to be
located by GPS
Data • Data
spacing
for
reporting
of		 Rhodes (E69/3824)
spacing
and
distributio		 • Exploration Results.
Whether
the
data
spacing
and
distribution is sufficient to establish the
degree
of
geological
and
grade		 •
Broad
reconnaissance
style
spacing of 250 to 500 m spaced
lines, with 2 holes on each
n continuity appropriate for the Mineral section
positioned
• Resource and Ore Reserve estimation
procedure(s)
and
classifications
applied.
Whether sample compositing has been
applied.		 approximately 50 m apart.
•
The spacing is likely insufficient
to establish grade continuity
appropriate
for
a
Mineral
Resource.
•
Samples were not composited
for reporting.
Hawkins (E69/3823)
•
Reconnaissance drilling only –
insufficient
data
for
Mineral
Resource estimation.
Orientatio • Whether the orientation of sampling Rhodes (E69/3824)
n of data in
relation to
geological
structure		 • achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the drilling		 • The
orientation
of
sampling
is
interpreted to achieve unbiased
sampling
of
possible
structures,
being approximately perpendicular
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this		 • to the bedding.
No sampling bias is known to exist.
should be assessed and reported if
material.		 Hawkins (E69/3823)
•
No information provided for
historical work.
Sample • The measures taken to ensure sample Rhodes (E69/3824)
security security. •
Not
documented
(historical
work)

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

16

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Criteria JORC Code explanation JORC Code explanation Commentary
Hawkins (E69/3823)
•
Not
documented		 (historical
work)
Audits or • The results of any audits or reviews of
Rhodes (E69/3824)
reviews sampling techniques and data. •
None undertaken.
Hawkins (E69/3823)
•
None undertaken

Section 2 Sampling Techniques and Data

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

(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Commentary
Mineral
tenement
and
land
tenure
status
•
Type, reference name/number,
location and ownership including
agreements or material issues
with third parties such as joint
ventures,
partnerships,
overriding royalties, native title
interests,
historical
sites,
wilderness or national park and
environmental settings.
•
The security of the tenure held at
the time of reporting along with
any
known
impediments
to
obtaining a licence to operate in
the area.
Rhodes (E69/3824)
•
The Rhodes Project (E69/3824) is
100% owned by Recharge Resources
Pty Ltd.
•
BPM Minerals has a conditional
binding
agreement
to
acquire
Recharge Resources Pty Ltd.
•
E69/3824 is currently in application
stage, with no known impediments to
grant.
Hawkins (E69/3823)
•
The Hawkins Project (E69/3823) is
100% owned by Recharge Resources
Pty Ltd.
•
BPM Minerals has a conditional
binding
agreement
to
acquire
Recharge Resources Pty Ltd.
•
E69/3823 is currently in application
stage, with no known impediments to
grant.
Exploration
done
by
other
parties
•
Acknowledgment and appraisal
of exploration by other parties.
Rhodes (E69/3824)
•
Historical exploration for iron ore has
been undertaken on the project,
predominantly by Cazaly Resources
Limited
and
Anglo
American
Exploration (Australia) Pty Ltd
•
This exploration identified areas of
iron enrichment in drilling over 50%
Fe, including that referred to in this
report, that remains open in all
directions.
•
Significant areas of untested surface
iron enrichment were noted but

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

17

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
remain untested.
• No exploration for base metals has
been undertaken on the licence area.
Hawkins (E69/3823)
• Historical exploration for lead-zinc by
RGC Exploration identified lead-zinc-
manganese in drilling, in the Yelma
Formation dolomite, as discussed in
this report (WAMEX report A053541)
• Historical exploration for iron ore was
undertaken by Rio Tinto Exploration
which identified mineralisation in
drilling, up to 24 m @ 49.9% Fe, from
12 m (WAMEX Report A091191)
• Surface sampling by these groups
also identified other areas prospective
for
base
metals
and
iron
ore
mineralisation.
Geology • Deposit type, geological setting
Rhodes (E69/3824)
and style of mineralisation. • The Project area covers the fringe of
the
Proterozoic
aged
Earaheedy
Basin.
• The granular iron formations of the
Frere Formation are the target for
high grade iron and manganese
mineralisation.
• The Frere Formation typically consists
of several units of granular iron
formation
separated
by
shale,
siltstone, chert and jasper beds.
• Detailed studies of the granular iron
formations of the Frere Formation
indicate textural similarities to iron
formations of the Lake Superior
region of North America.
• The Frere Formation has a strong
magnetic signature
• High grade hematite/goethite is the
style of mineralisation sought, which
may exist as an enriched horizon
overlying unenriched granular iron
formation, or completely replace it.
• Manganese mineralisation is also
sought in this setting, with Mn
replacing Fe.
• Lead-zinc
exploration
will
be
undertaken at the base of the Frere
Formation, at its contact with the
underlying Yelma Formation, given
recent developments elsewhere in the
EaraheedyBasin. Targets include

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

18

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Criteria JORC Code explanation Commentary Commentary
lead-zinc deposits of the Mississippi
Valley Type (MVT) and the Chinook
Type.
• Significant strike lengths of this
prospective stratigraphy occur within
the project area.
Hawkins (E69/3823)
• The Project area covers the western
portion of the Earaheedy Basin.
• The facies of the western margin of the
Earaheedy Basin is dominated by
shallow-marine carbonate rocks and
shallow to open marine siliclastic
rocks. The succession is subdivided
into the basal Yelma and overlying
Frere and Windidda Formations.
• Significant faulting occurs on the
project area, which may be important
for exploration prospects.
• Previous exploration was targeted at
carbonate hosted Mississippi Valley
Type
(MVT)
base
metals
mineralisation in the Yelma Formation
carbonates (RGC Exploration) and
iron
ore
mineralisation
in
the
overlying Frere Formation granular
iron formations.
• BPM will be investigating both of
these target types, and additionally,
for Chinook style zinc-lead deposits at
the base of the Frere Formation,
beneath the iron formations, near the
contact with the underlying Yelma
Formation.
• Significant strike lengths of this
prospective stratigraphy occur in the
project area.

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19

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  • Criteria JORC Code explanation Commentary Drill hole • A summary of all information Rhodes (E69/3824) Informatio material to the understanding of n the exploration results including a tabulation of the following • Nine RC drillholes were completed by Cazaly Resources Limited on the information for all Material drill Project area (EARC0013 to holes: EARC0021). Collar information is o easting and northing of the provided in Appendix 1 (Additionally, drill hole collar refer to WAMEX report A090161)

  • o elevation or RL (Reduced • EARC0017, EARC0018 and Level – elevation above sea EARC0021 returned intersections

  • level in metres) of the drill hole collar greater than 2 metres @ 50% Fe which

  • o dip and azimuth of the hole are reported in this release. The other o down hole length and 6 holes drilled by Cazaly returned 2 m interception depth or less at >50% Fe

  • o hole length. • Anglo American (Australia) Pty Ltd

  • • If the exclusion of this information drilled 34 holes not discussed in this is justified on the basis that the release, several of which also returned

  • information is not Material and intervals >50% Fe, however the Cazaly

  • this exclusion does not detract results are interpreted to be from the

  • from the understanding of the most prospective zone of open

  • report, the Competent Person should clearly explain why this is mineralisation on the project, with the case. existing understanding. (refer WAMEX reports A101681, A102530, A101451, A097263)

Hawkins (E69/3823)

• 2 diamond drillholes and 8 RC 2 diamond drillholes and 8 RC
drillholes were completed by RGC
exploration on the project (refer to
WAMEX report A053541)
• 6 RC drillholes were completed by Rio
Tinto Exploration on the Project (refer
to WAMEX report A091191)
• Collar information for these drillholes
is provided in Appendix 1 of this
report.
Data • In reporting Exploration Results, Rhodes (E69/3824)
aggregatio
n methods		 weighting averaging techniques,
maximum
and/or
minimum
grade truncations (e.g. cutting of		 • Sample
lengths
are
2
m
significant
assay
intervals		 and
were
high grades) and cut-off grades reported as weighted averages.
are usually Material and should • Metal equivalent grades were not
be stated. used.
• Where
aggregate
intercepts
incorporate short lengths of high-
grade results and longer lengths Hawkins (E69/3823)
of
low
grade
results,
the
procedure
used
for
such
aggregation should be stated		 • Sample lengths are 1-2 m
significant
assay
intervals		 and
were
and some typical examples of reported as weighted averages.
such aggregations should be • Metal equivalent grades were not
shown in detail. used.
• The assumptions used for any
reporting of metal equivalent
values should be clearly stated.

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20

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Criteria Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Relationshi • These
relationships
are
Rhodes (E69/3824)
p between
mineralisati
on
widths
and
intercept
lengths		 •
•		 particularly
important
in
the
reporting of Exploration Results.
If
the
geometry
of
the
mineralisation with respect to the
drill hole angle is known, its
nature should be reported.
If it is not known and only the




•
Not known precisely, although drilling
was
usually
approximately
perpendicular to the stratigraphy
Hawkins (E69/3823)
down hole lengths are reported,
there should be a clear statement
to this effect (e.g. ‘down hole
length, true width not known’).


•		 Not known precisely, although drilling
was
usually
approximately
perpendicular to the stratigraphy
Diagrams • Appropriate maps and sections
Rhodes (E69/3824)
(with scales) and tabulations of
intercepts should be included for
any significant discovery being


•		 Appropriate maps and sections are
provided in the text, given historical
reported These should include, and
early-stage
reconnaissance
but not be limited to a plan view nature of the work
of drill hole collar locations and
appropriate sectional views. Hawkins (E69/3823)
• Appropriate maps and sections are
provided in the text, given historical
and
early-stage
reconnaissance
nature of the work
Balanced • Where comprehensive reporting
Rhodes (E69/3824)
reporting of all Exploration Results is not
practicable,
representative
reporting of both low and high


•		 This report details highlights of
historical early-stage drilling results
grades and/or widths should be aimed at indicating prospectivity.
practiced to avoid misleading
•		 Every result is not published, but is not
reporting of Exploration Results. deemed necessary on this basis.
• All
drillhole
collars
from
work
discussed in the release have been
provided, as well as open file WAMEX
report references.
Hawkins (E69/3823)
• This report details highlights of
historical early-stage drilling results
aimed at indicating prospectivity.
• Every result is not published, but is not
deemed necessary on this basis.
• All
drillhole
collars
from
work
discussed in the release have been
provided, as well as open file WAMEX
report references.

Ground Floor, 24 Outram Street West Perth, WA 6005 | [email protected] | +61 8 9467 6393

21

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Other • Other
exploration
data,
if		 Rhodes (E69/3824)
substantive
exploration
data
meaningful and material, should
be reported including (but not
limited
to):
geological
observations; geophysical survey		 • None meaningful to the current
release.
results;
geochemical
survey
results; bulk samples – size and		 Hawkins (E69/3823)
method
of
treatment;
metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics;
potential
deleterious
or
contaminating		 •
•		 None meaningful to the current
release.
Historical geophysics referred to in
this report is detailed in WAMEX open
file report A107025
substances.
Further • The nature and scale of planned Rhodes (E69/3824)
work further work (e.g. tests for lateral
extensions or depth extensions		 • As detailed in the text
or large-scale step-out drilling).
• Diagrams clearly highlighting the
areas of possible extensions,		 Hawkins (E69/3823)
including the main geological • As detailed in the text.
interpretations and future drilling
areas, provided this information
is not commercially sensitive.

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22

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