CANNINDAH RESOURCES LIMITED - Capital/Financing Update 2023

and

ASX Announcement

DATE: 28 June 2023

HOLE 19 LAB RESULTS CONFIRM HIGHLY MINERALISED COPPER BRECCIA SOUTHERN SECTION MT CANNINDAH:

COPPER GRADES OF 1%-2%, GOLD plus 1 g/t and SILVER plus 15 g/t, RETURNED FROM SEVERAL SEPARATE MULTI METRE INTERVALS.
OVERALL DOWNHOLE AGGREGATE INTERSECTION: 278m @ 0.62% CuEq *: (0.43% Cu. 0.22 g/t Au, 7.4 g/t Ag -126m to 404m) Including: 108m @ 0.92% CuEq (0.67% Cu, 0.3 g/t Au, 9.5 g/t Ag - From 158m to 266m).

ENCOURAGING PRELIMINARY RESULTS FOR MAJOR IP SURVEY AND METALLURGY TESTWORK.

CAE here reports significant copper, gold and silver grades from recently received lab results from CAE HOLE # 19 intervals over several metres with copper grades over 1% Cu up to 2%Cu, along with significant Au in the range 0.5g/t to greater than 1 g/t Au and Ag greater than 15 g/t Ag, up to 80 g/t Ag. Highlights are :

8m @ 1.08% Cu,0.37 g/t Au, 13.5 g/t Ag (1.41% CuEq*) 159m-167m
2m @ 1.96% Cu,0.37 g/t Au, 22.6 g/t Ag (2.36% CuEq*) 177m-179m
4m @ 1.54% Cu,0.41 g/t Au, 20.0 g/t Ag (1.95% CuEq*) 188m-192m
24m @ 1.09% Cu,0.53 g/t Au, 17.0 g/t Ag (1.55% CuEq*) 206m-230m
3m @ 0.68% Cu,1.54 g/t Au, 13.0 g/t Ag (1.72% CuEq*) 236m-239m
1m @ 1.89% Cu,1.37 g/t Au, 14.7 g/t Ag (2.84% CuEq*) 245m-246m
4m @ 0.62% Cu,1.02 g/t Au, 16.2 g/t Ag (1.37% CuEq*) 296m-300m
5m @ 0.96% Cu,0.31 g/t Au, 19.7 g/t Ag (1.3% CuEq*) 302m-307m
5m @1.44% Cu,0.69 g/t Au, 22.6 g/t Ag (2.04% CuEq*) 322m-327m
6m @0.72% Cu,0.81 g/t Au, 24.2 g/t Ag (1.41% CuEq*) 373m-379m  Includes 1m @1.9% Cu,0.66 g/t Au, 83.7 g/t Ag 378m-379m.

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High grade chalcopyrite infill in hydrothermal breccia. CAE Hole 19, 162.5m . 2m interval 162m-164m : 1.64% Cu, 0.39 g/t Au, 20.3 g/t Ag, 6.15% S.

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Fast Facts

Shares on Issue: 561,979,953

Market Cap (@$0.145): $81.5 M (As at 27/6/2023)

Board and Management

Tom Pickett - Executive Chairman Dr Simon Beams - Non Executive Director

Geoff Missen - Non Executive Director

Michael Hansel - Non Executive Director

Garry Gill - Company Secretary

Company Highlights

Exceptional exploration management
Located within existing mining lease
100km from Gladstone Port
Significant copper intercepts at flagship Mt Cannindah project over hundreds of metres
New Gold discovery within current drill program at Mt Cannindah
Expansion of current 5.5MT resource is the focus of the current program
Large Gold portfolio with Piccadilly project 100km west of Townsville with existing mining lease and EPMs with large target areas yet to be drilled
No debt

Semi-massive chalcopyrite, pyrite, calcite infill in breccia. CAE Hole 19, 378 .5`m. 1m interval 378m-379m : 1.90% Cu, 0.66 g/t Au, 83.7 g/t Ag, 6.45% S.

Copper Equivalent calculation is based on metal prices using 30 day average prices in USD for Q4 2021. Further details are provided in the calculation table at page 23 of the text and in the JORC Table 1 at p-43

ASX RELEASE

28 June 2023

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ASX Code: CAE

EXECUTIVE CHAIRMAN COMMENTS

“This confirmation in hole 19 of the copper, gold and silver to the south outside the previously drilled main area of the Mt Cannindah breccia zone is fantastic to see, and again a testament to the team and the professional approach to the exploration we have been completing. The current IP survey showing encouraging signs of further scale opportunity is exactly what we wanted to see, as well as very positive metallurgical test work. This project is building and building with each approach we adopt. The plan from here is to continue this exploration and show the true scale potential of the project area. We are doing this at a time where the major miners around the world are hunting for copper and the inventories are at historic lows, the timing could not be better to be getting these results. I look forward to updating shareholders with further assays from drilling, along with the IP survey and Metallurgical testing once these are completed.”

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Infill in hydrothermal breccia of high grade chalcopyrite (golden) with well-formed pyrite (brassy) ,some quartz (light grey) in a breccia dominated by angular clasts of yellow grey hornfels , some altered porphyry. CAE Hole 19, 163m. 2m interval 162m-164m : 1.64% Cu, 0.39 g/t Au, 20.3 g/t Ag, 6.15% S.

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Infill in hydrothermal breccia of high grade chalcopyrite (golden) with well formed pyrite (brassy) ,some quartz (light grey) and calcite in a breccia dominated by angular clasts of yellow grey hornfels . CAE Hole 19, 378.5m. 1m interval 378m-379m : 1.90% Cu, 0.66 g/t Au, 83.7 g/t Ag, 6.45% S.

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Fig 1. Location of Mt Cannindah Project in Central Queensland.

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Fig 2. Mt Cannindah Project Tenure

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Fig 3. Mt Cannindah project Location of prospect areas and mineralised targets.

ASX RELEASE

28 June 2023

ASX Code: CAE

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LAB RESULTS COPPER MINERALISED BRECCIA CAE HOLE 19 AT MT CANNINDAH

Cannindah Resources Limited (“Cannindah”, “CAE”) has now received laboratory results which confirm earlier observations of a significant zone of copper, gold and silver bearing hydrothermal breccia intersected in CAE hole # 19 at Mt Cannindah – see ASX report 19/5/2023. These are the latest developments from the drilling program currently underway at Mt Cannindah copper gold silver project south of Gladstone near Monto in central Queensland (Figs 1 to 3). Core is being processed and assay lab results are awaited from the bottom of hole # 19. With holes # 20-22, recently being completed, core processing and assaying is underway. Hole # 23 is currently being drilled in the southern section of the Mt Cannindah Breccia. A major IP survey is also underway across the width of the CAE Cannindah tenements, meaning logistical considerations have to be taken into account to ensure that there is little to no disruption to the smooth running of both the drilling and geophysical operations.

CAE Hole # 19’s targeted purpose and preliminary results were reported previously in ASX Announcement 19/5/2023. Some of the key points are repeated here in order to provide context for the lab results. Hole 23CAEDD019 was collared to the south of the main drilled section of the Mt Cannindah mine area, targeting the extent and continuity of copper-gold - silver breccia and intrusive hosted mineralization intersected in sub-parallel CAE holes # 13 & 18. Fig 4 shows the location and key drill intercepts in these holes. CAE Hole # 19 drills between CAE Holes # 13 & 18, with the section containing the trace of CAE hole #13 some 50m to the north west, and CAE hole # 18 some 75m to south east of the trace of CAE hole # 19. Previously reported results from these holes are show in Fig 4. See: CAE ASX Announcement 23 March 2023.

Hole # 13 (CAE ASX Announcement 30 September2022) reported the following:

Drilled two extensive zones (approx. 100m downhole widths of 1% CuEq*) within the primary zone of infill hydrothermal breccia.
(1) 36m to 140m : 104m @ 1.0% CuEq,(0.63% Cu, 0.41g/t Au, 14.1g/t Ag).
(2) 229m to 337m : 108m @ 1.01% CuEq,(0.57% Cu, 0.58g/t Au, 9.8g/t Ag.
CAE Hole #13 also intersected some significant intervals of gold :
(1) 0m to 24m , 24m@ 2.11 g/t Au, 10.9 g/t Ag, 0.52 % Cu a high grade oxidised gold zone from surface within gossanous hydrothermal infill breccia
(2) 314m to 329m : 15m @ 2.78g/t Au, which include 4m @ 6.50 g/t Au 9.8g/t Ag. The core of the system here is a prominent semi-massive sulphide infill zone, containing high grade gold with grades up to 22.98 g/t Au, 60.0 g/t Ag , with high Zn, Pb, elevated Bi.

Hole # 18 drills in a south south westerly direction (magnetic direction at collar of 206 degrees). CAE reported results in CAE ASX Announcements 23[rd] March,2023, and 3[rd] April, 2023.

ASX RELEASE

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ASX Code: CAE

Hole # 18 was collared in flinty hornfels, which is cut by an extensive vein fracture network as the Hydrothermal Infill Breccia is approached downhole, crossing the contact at 138.6m. Copper and gold bearing sulphidic breccia occurs below 138m, cut by some bleached altered, argillized porphyry and thin post mineral andesite dykes. Results reported from the top of CAE Hole # 18 (ASX Announcement, 23March 2023) are highly significant with:

 a high copper breccia zone of 21m @ 0.98%CuEq, 0.75% Cu,0.22 g/t Au,11.0g/t Ag occurring 138m – 159m.

and two high grade gold zones :

 18m @ 6.34 g/t Au, 0.18%Cu, 17.2g/t Ag (4.18CuEq) (244m-262m) up to 23.93 g/t Au, 61g/t Ag . 20m @ 5.5 g/t Au, 0.81%Cu, 23g/t Ag (4.34CuEq) (355m-375m) up to 23.93 g/t Au, 61g/t Ag, with 1m of 96.16 g/t Au, 1.46% Cu, 123.2 g/t Ag.

The intervals in CAE hole # 18 aggregate to :

 275m @ 1.03% CuEq, 0.29%Cu, 1.11 g/t Au ,7.9 g/t Ag,4.33 % S (103m-378m) which includes a more sulphidic , higher gold zone of :

 104m @ 1.22% CuEq, 0.27%Cu, 1.46 g/t Au ,7.5 g/t Ag, (274m-378m)

Hole # 19 is located in the southern section of Mt Cannindah Mine area (see Fig 4) and drills in a south westerly direction (magnetic direction at collar of 216 degrees) with an inclination at the drill collar of -55 degrees.

Fig 5 is a cross section showing simplified geology over the trace of Hole # 19 traverses. Table 1 is a summary geology log. Similar geology to Hole # 18, is noted: collaring in flinty hornfels, which is cut by an extensive vein fracture network, which grades into an hornfels dominated shatter breccia at 131m. At 156m, there is a faulted contact with hydrothermal sulphidic infill breccia, which is clast supported, dominated by angular blocks and fragments of hornfels, some porphyry clasts, with prominent infill of calcite, quartz , pyrite and chalcopyrite. (see Fig 4)

Chlorite is dominant in some of the uphole sections of the breccia, sericite alteration becomes more prominent down hole and dominates from 175m or so. The infill breccia is cut by some bleached altered, argillized porphyry and thin late and post mineral andesite/trachy-andesite dykes, which are often argillized.

Sulphide content is generally high throughout the hydrothermal infill breccia, although there is a variation in chalcopyrite content. Sulphide content can build up to semi-massive levels either side of dykes.

ASX RELEASE

28 June 2023

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ASX Code: CAE

Table 1. Summary Log Top of Drillhole 23CAEDD019 ( 0m-404m)

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From To
Depth Depth Summary Geology Hole 23CAEDD019
(m) (m)
0 7 Fractured oxidised hornfels
7 20 Fractured Partially oxidised hornfels
20 22 Post Mineral andesite dyke
22 29 Flinty hornfelsed siltstone,tuff beds, 1% pyrite
29 32 Post Mineral andesite dyke
32 33 Flinty hornfelsed siltstone,tuff beds
33 40 Post Mineral andesite dyke
Flinty hornfelsed siltstone,sandstone & tuff interbeds, 2 %
40 86
pyrite
86 94 Crowded diorite porphyry, 3 % pyrite
94 102 Flinty hornfelsed siltstone,sandstone interbeds, 2 % pyrite
102 115 Crowded diorite porphyry, 3 % pyrite
115 118 Sericite-quartz infill vein and shear zone.
118 122 Flinty biotite hornfels
Sericite altered hornfelsed siltstone, rock crush zones.1%
122 125
pyrite
125 127 Pyritic tuffaceous sandstone, 5% pyrite
127 132 Sericite altered hornfelsed siltstone
Sericite altered hornfels shatter breccia ,some infill, 3% pyrite,
132 154
0.,2% Chalcopyrite
154 156 Sericite altered diorite porphyry
156 157 Argillised Fault Zone
157 169 Hydrothermal infill breccia, 8% pyrite, 2%-5% chalcopyrite
169 173 Porphyrytic diorite, 3% pyrite, trace chalcopyrite
173 192 Hydrothermal infill breccia, 5%-10% pyrite, 3%-5% chalcopyrite
192 198 Post Mineral andesite dyke, some breccia
198 247 Hydrothermal infill breccia, 5% pyrite, 2% chalcopyrite
247 267 Hydrothermal infill breccia, 5% pyrite, 0.5% chalcopyrite
267 289 Hornfels shatter breccia, 1.5% pyrite
289 296 Hydrothermal infill breccia, 5% pyrite, 1% chalcopyrite
296 299 Sericite altered porphyrytic diorite, 2% pyrite, 1% chalcopyrite
Highly sulphidic. hydrothermal infill breccia, 15%-20% pyrite, 2%
299 307
chalcopyrite
307 310 Argillized Trachyandesite/andesite
310 313 Argillized Fault Zone
313 318 Sericite altered porphyrytic diorite
318 340 Hydrothermal infill breccia, 5% pyrite,2% chalcopyrite
340 350 Hydrothermal infill breccia, 3% pyrite,0.3% chalcopyrite
350 352 Argillized Trachyandesite/andesite
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From To
Depth Depth Summary Geology Hole 23CAEDD019
(m) (m)
352 357 Hydrothermal infill breccia, 2% pyrite,0.1% chalcopyrite
357 359 Crowded diorite porphyry, 3 % pyrite
359 370 Hydrothermal infill breccia, 3.5% pyrite,0.5% chalcopyrite
370 372 Hydrothermal infill breccia, 5% pyrite,3% chalcopyrite
372 376 Argillized Trachyandesite/andesite
376 379 Hydrothermal infill breccia, 8% pyrite,5% chalcopyrite
379 384 Hydrothermal infill breccia, 5% pyrite,1% chalcopyrite
384 385 Argillized Trachyandesite/andesite
385 393 Hydrothermal infill breccia, 6% pyrite,0.2% chalcopyrite
393 402 Hydrothermal infill breccia, 12% pyrite,1% chalcopyrite
402 403 Argillized Trachyandesite/andesite
403 404 Hydrothermal infill breccia, 15% pyrite,0.2% chalcopyrite
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Figs 4 to 6 are plan views of the simplified geology trace of CAE Hole # 19 in relation to 20212023 CAE drillholes at Mt Cannindah plotted respectively with downhole Cu, Au, Ag. A plot is presented in Appendix 2 with CAE holes in relation to historical holes.

Figs 7 to 9 are cross sections showing down hole simplified geology for CAE Hole # 19, overlain respectively on plotted downhole Cu, Au, Ag. Figs 10 to 15 illustrate aspects of the mineralised copper rich breccias. Assay highlights, showing total mineralised aggregate zones and higher grade downhole intervals are presented in Table 2.

Table 2. Assay Highlights from Top of Drillhole 23CAEDD019

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Down Hole Mineralized Zones Hole Cu Au
23CAEDD019 From To m CuEq % % g/t Ag g/t
Aggregate Interval (Cut off 0.15% CuEq,
126 404 278 0.62 0.43 0.22 7.4
allow 15m waste)
Includes Following Primary zones of
sulphidic breccia. (Cut off 0.25% CuEq, 158 266 108 0.92 0.67 0.3 9.5
allow 5m waste)
Includes Following Higher Grade Cu Au Ag
Zones in sulphidic breccia. (Allow Cut off 159 167 8 1.08 13.5
1% CuEq, allow 1m waste) 1.41 0.37
177 179 2 2.36 1.96 0.37 22.6
188 192 4 1.95 1.54 0.41 20
206 230 24 1.55 1.09 0.53 17
236 239 3 1.72 0.68 1.54 13
245 246 1 2.84 1.89 1.37 14.7
296 300 4 1.37 0.62 1.02 16.2
302 307 5 1.3 0.96 0.31 19.7
322 327 5 2.04 1.44 0.69 22.6
373 379 6 1.41 0.72 0.81 24.2
Includes Semi-massive sulphide interval 378 379 1 2.97 1.9 0.66 83.7
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Fig 4. Plan view CAE Hole # 19 simplified geology in relation to 2021-2023 CAE Drillholes Mt Cannindah. Downhole lab Cu plotted, CuEq intercepts annotated for previous CAE holes.

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Fig 5. Plan view CAE Hole # 19 simplified geology in relation to 2021-2023 CAE Drillholes Mt Cannindah. Downhole lab Au plotted, CuEq intercepts annotated for previous CAE holes.

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Fig 6. Plan view CAE Hole # 19 simplified geology in relation to 2021-2023 CAE Drillholes Mt Cannindah. Downhole lab Ag plotted, CuEq intercepts annotated for previous CAE holes.

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Fig 7. Cross section CAE Hole # 19, section line oriented south south west to north north east , looking north west, showing simplified geology ,extent of mineralised breccia and downhole copper results to 404m.

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Fig 8. Cross section CAE Hole # 19, section line oriented south south west to north north east , looking north west, showing simplified geology ,extent of mineralised breccia and downhole gold results to 404m.

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Fig 9. Cross section CAE Hole # 19, section line oriented south south west to north north east , looking north west, showing simplified geology ,extent of mineralised breccia and downhole silver results to 404m.

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Fig 10. Photo - full HQ core Hole #19, oriented in core oriented frame, hole drilling to south south west , view looking west north west , hole at 163m inclined at -53 degrees toward 217 degrees mag: Hydrothermal Infill Breccia. Clasts of grey, light brown grey hornfels, light grey where sericite altered, minor diorite porphyry clasts with infill of abundant chalcopyrite (golden) , pyrite (brassy) ,minor calcite (white) ,quartz (glassy), dark green chlorite, fine rock flour. 2m interval 162m-164m : 1.64% Cu, 0.39 g/t Au, 20.3 g/t Ag, 6.15% S.

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Fig 11. Photo Half HQ Core . Sulphidic hydrothermal breccia at 190.9m -. Angular clasts fine grained hornfelsed siltstone with feldspathic sandstone interbeds, Infill of golden chalcopyrite, some brassy pyrite, white calcite & light grey quartz. 3m interval 189m164m : 1.77% Cu, 0.36 g/t Au, 23.1 g/t Ag, 5.72% S.

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Fig 12. Photo full HQ core Hole #19, oriented in core oriented frame, hole drilling to south south west , view looking west north west , hole at 221m inclined at -51 degrees toward 218 degrees mag: Hydrothermal Infill Breccia. Clasts dominated by yellow grey, sericite altered hornfels, with infill of chalcopyrite (golden) , pyrite (brassy) ,minor calcite (white) ,quartz (glassy).

6m Interval 219m-225m grades 1.37%Cu, 0.58 g/t Au, 24.5 g/t Ag, 3.9% S.

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Fig 13. Photo Half HQ Core . Sulphidic hydrothermal breccia at 245m -. Angular clasts grey fine hornfels, feldspar porphyry, infill of golden chalcopyrite, brassy pyrite, white calcite & light grey well formed quartz. 1m Interval 245m-246m grades 1.89%Cu, 1.37 g/t Au, 14.7 g/t Ag, 5.6% S.

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Fig 14. Photo full HQ core Hole #19 , oriented in core oriented frame, hole drilling to south south west , view looking south south east , hole at 325.7m inclined at -48 degrees toward 220 degrees mag: Infill hydrothermal breccia. Clasts dominated by light grey,sericite altered hornfels , with infill of chalcopyrite (golden) , pyrite (brassy) , 5m Interval 322m-327m grades 1.44%Cu, 0.69 g/t Au, 22.6 g/t Ag, 5.3% S.

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ASX Code: CAE

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Fig 15. Photo full HQ core Hole #19 , oriented in core oriented frame, hole drilling to south south west , view looking south south west , hole at 375.87m inclined at -46 degrees toward 222 degrees mag: Uphole while , light brown argillised trachyandesite dyke with hydrothermal infill breccia downhole. Clasts dominated by light grey,sericite altered hornfels , with infill of chalcopyrite (golden) , pyrite (brassy) ,minor calcite (white) ,quartz (glassy). 4m Interval 373m-377m grades 0.52%Cu, 1.02 g/t Au, 14 g/t Ag, 6.4% S.

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ADDITIONAL DEVELOPMENTS MT CANNINDAH PROJECT

IP Survey

Commencing in June,2023, a major IP survey is underway at Mt Cannindah. The initial proposed survey is illustrated in Fig 16. The professional contractor is Geophysical Resources & Services (GRS) based in Brisbane, utilising their MIMDAS system. Key components of the proposals are a pole-dipole regional survey covering the Mining Leases at Mt Cannindah with extensions into CAE’s surrounding EPMs. Line spacing is 400m, with a 200m dipole spacing. A detailed 3D IP survey covering the main breccia and extensions is also planned. This is proposed to be a 3D pole -dipole survey with a line spacing of 100m, and dipole spacing of 100m.

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Fig 16 .Mt Cannindah, June 2023 Proposed MIMDAS IP Survey.

Preliminary results from the first two lines have been received. Chargeability inversion models are shown for line 7270600N and 7269800N (MGA94 Zone 56) in Fig 17.

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ASX Code: CAE

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Fig 17. Mt Cannindah, June 2023 MIMDAS IP Survey. Preliminary Chargeability Inversion Model Images. Regional Survey Lines 7270600n over northern section Mt Cannindah & 7269800N North of United Allies (see Fig 3). ( GRS Modelling.)

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ASX Code: CAE

On the 7270600N line, a prominent chargeability anomaly is coincident with the breccia at Mt Cannindah, reflecting large sulphide accumulations seen in CAE’s recent drilling. A similar size anomaly is also present approximately 1km to the east, where only sparse relatively shallow drilling has occurred. This anomaly is modelled as dipping off to the east.

On the 7269800N line prominent chargeability anomalies are also present. The western anomaly is split with one section possibly the extension of the Mt Cannindah mineralisation. This has to be evaluated. Again, there is a large-scale modelled chargeability anomaly 1km or so to the east which is in the vicinity of known porphyry style mineralisation at the United Allies prospect. This anomaly is also modelled to dip to the east.

These preliminary IP results are very encouraging. However, it needs to be noted that chargeability anomalies can have a range of sources, not always related to sulphide mineralisation. The IP survey to date has successfully located significant targets for evaluation and drill testing. The MIMDAS IP and magneto-telluric system has been designed to obtain electrical responses from deep targets. The preliminary modelling suggests that the Mt Cannindah anomalies are modelling to depths untested to date by earlier drilling.

Metallurgy

Metallurgical test-work is also currently being conducted by Core Metallurgical Consultants based in Brisbane. Preliminary results received to date have been very encouraging with excellent floatation attributes and recoveries obtained from rougher floatation tests. From a grinding perspective, the ore shows hardness indexes typical of hard-rock deposits. More testwork is underway and full results will be reported on completion.

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ASX Code: CAE

The information in this report that relates to exploration results is based on information compiled by Dr. Simon D. Beams, a full-time employee of Terra Search Pty Ltd, geological consultants employed by Cannindah Resources Limited to carry out geological evaluation of the mineralisation potential of their Mt Cannindah Project, Queensland, Australia. Dr Beams is also a non-Executive Director of Cannindah Resources Limited. Dr. Beams has BSc Honours and PhD degrees in geology; he is a Member of the Australasian Institute of Mining and Metallurgy (Member #107121) and a Member of the Australian Institute of Geoscientists (Member # 2689). Dr. Beams has sufficient relevant experience in respect to the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code).

Dr. Beams consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Disclosure:

Dr Beams’ employer Terra Search Pty Ltd and Dr Beams personally hold ordinary shares in Cannindah Resources Limited.

For further information, please contact:

Tom Pickett. Executive Chairman Ph: 61 7 55578791

Formula for Copper Equivalent calculations

Copper equivalent has been used to report the wider copper bearing intercepts that carry Au and Ag credits, with copper being dominant e.g. have confidence that existing metallurgical processes would recover copper, gold and silver from Mt Cannindah. We have confidence that the Mt Cannindah ores are amenable to metallurgical treatments that result in equal recoveries. This confidence is reinforced by some preliminary metallurgical test work by previous holders, geological observations and our geochemical work which established a high correlation between Cu, Au, Ag.

The full equation for Copper Equivalent is:

CuEq/% = (Cu/% * 92.50 * CuRecovery + Au/ppm * 56.26 * AuRecovery + Ag/ppm * 0.74 * AgRecovery)/(92.5* CuRecovery)

When recoveries are equal this reduces to the simplified version: CuEq/% = (Cu/% * 92.50 + Au/ppm * 56.26 + Ag/ppm * 0.74)/ 92.5

We have applied a 30 day average prices in USD for Q4,2021, for Cu, Au , Ag , specifically copper @ USD$9250/tonne, gold @ USD$1750/oz and silver @ USD$23/oz. This equates to USD$92.50 per 1 wt %Cu in ore, USD$56.26 per 1 ppm gold in ore, USD$0.74 per 1 ppm silver in ore . We have conservatively used equal recoveries of 80% for copper, 80% for gold, 80% for Ag and applied to the CuEq calculation. CAE are conducting Metallurgical test work to quantify these recoveries.

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ASX Code: CAE

Appendix 1 Cu, Au, Ag, S assays and chalcopyrite/pyrite visual estimates 0m-402m 22CAEDD019 (Table 1.) All assays are reported for those intervals containing significant mineralisation. Lesser mineralised sections are grouped and summarized along geological unit lines. Lithology colour coded according to geological unit.

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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 0 7 0.02 0.01 0.3 0.12 Fractured oxidised hornfels
Fractured Partially oxidised
DD019 7 20 0.01 0.01 0.3 0.30 0.1 hornfels
DD019 20 22 0.00 0.01 0.3 0.28 Post Mineral andesite dyke
Flinty hornfelsed siltstone,tuff
DD019 22 29 0.02 0.01 0.3 1.23 1 beds
DD019 29 32 0.00 0.01 0.3 0.59 0.5 Post Mineral andesite dyke
Flinty hornfelsed siltstone,tuff
DD019 32 33 0.02 0.01 0.3 1.07 1 beds
DD019 33 40 0.00 0.01 0.3 0.45 0.1 Post Mineral andesite dyke
DD019 40 52 0.01 0.01 0.3 1.75 2.25 Flinty hornfelsed siltstone
Flinty hornfelsed siltstone,tuff
DD019 52 55 0.01 0.01 0.3 2.34 3 beds
DD019 55 59 0.01 0.01 0.3 1.77 2 Crowded diorite porphyry
Flinty hornfelsed
DD019 59 86 0.02 0.01 0.3 1.19 1.5 siltstone,sandstone interbeds
DD019 86 94 0.00 0.01 0.3 2.58 3 Crowded diorite porphyry
Flinty hornfelsed
DD019 94 102 0.02 0.01 0.3 1.44 2 siltstone,sandstone interbeds
DD019 102 115 0.03 0.01 0.3 2.63 3 Crowded diorite porphyry
Sericite-quartz infill vein and shear
DD019 115 118 0.01 0.00 0.3 1.36 1.5 zone.
DD019 118 122 0.03 0.01 0.3 1.75 2 Flinty biotite hornfels
Sericite altered hornfelsed
DD019 122 125 0.03 0.01 0.3 0.87 1 siltstone, rock crush zones.
DD019 125 126 0.04 0.01 0.3 2.33 3 Pyritic tuffaceous sandstone
DD019 126 127 0.22 0.06 1.9 5.45 8 0.1 Pyritic tuffaceous sandstone
Sericite altered hornfelsed
DD019 127 132 0.04 0.01 0.0 1.01 1 siltstone
Sericite altered hornfels shatter
DD019 132 154 0.11 0.04 2.03 1.98 3 0.2 breccia ,some infill
DD019 154 156 0.10 0.03 2.6 0.64 1 0.1 Sericite altered diorite porphyry
DD019 156 157 0.12 0.03 1.6 1.05 1 0.1 Argillised Fault Zone
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 157 158 0.06 0.03 1.8 1.69 2 0.1 Hydrothermal infill breccia
DD019 158 159 0.30 0.06 3.5 1.99 3 1 Hydrothermal infill breccia
DD019 159 160 0.58 0.70 5.1 5.29 8 2 Hydrothermal infill breccia
DD019 160 161 0.68 0.10 8.9 4.42 8 2 Hydrothermal infill breccia
DD019 161 162 0.94 0.09 10.4 3.23 5 3 Hydrothermal infill breccia
DD019 162 163 1.39 0.26 15.5 5.45 8 3 Hydrothermal infill breccia
DD019 163 164 1.98 0.52 25.2 6.85 8 5 Hydrothermal infill breccia
DD019 164 165 1.01 0.11 14 4.99 8 3 Hydrothermal infill breccia
DD019 165 166 1.31 0.22 18.6 3.88 5 3 Hydrothermal infill breccia
DD019 166 167 0.75 0.99 10 4.18 8 3 Hydrothermal infill breccia
DD019 167 168 0.78 0.17 8.6 3.82 5 3 Hydrothermal infill breccia
DD019 168 169 0.21 0.06 3.4 1.88 3 0.5 Hydrothermal infill breccia
DD019 169 170 0.26 0.04 2.8 2.80 3 0.5 Porphyrytic diorite
DD019 170 171 0.03 0.02 -0.5 1.98 2 0.2 Porphyrytic diorite
DD019 171 172 0.07 0.02 2.3 0.35 1 0.1 Porphyrytic diorite
DD019 172 173 0.15 0.08 3.3 0.71 1 0.1 Porphyrytic diorite
Hydrothermal infill breccia,
DD019 173 174 0.90 0.27 12.3 6.65 10 2 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 174 175 0.82 0.20 10.1 7.89 10 2 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 175 176 0.76 0.19 10.1 2.89 5 2 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 176 177 0.33 0.05 3.9 2.88 5 1 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 177 178 1.99 0.35 24.5 5.08 8 5 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 178 179 1.92 0.39 20.7 7.39 10 5 prominent chalcopyrite
DD019 179 187 0.18 0.06 2.5 1.51 2 0.5 Hydrothermal infill breccia
Hydrothermal infill breccia,
DD019 187 188 0.82 0.08 6.9 2.74 5 1 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 188 189 0.84 0.58 10.7 5.94 8 1 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 189 190 2.05 0.50 25.8 5.72 8 5 prominent chalcopyrite
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
Hydrothermal infill breccia,
DD019 190 191 1.88 0.36 28 6.92 10 5 prominent chalcopyrite
Hydrothermal infill breccia,
DD019 191 192 1.37 0.21 15.4 6.51 10 3 prominent chalcopyrite
DD019 192 193 0.03 0.03 0.3 0.30 0.5 0.1 Post Mineral andesite dyke
DD019 193 194 0.01 0.00 0.3 0.04 Post Mineral andesite dyke
DD019 194 195 0.14 0.03 3.9 1.64 1 0.2 Post Mineral andesite dyke
DD019 195 196 0.38 0.07 5 2.13 2 0.5 Hydrothermal infill breccia
DD019 196 197 0.18 0.07 3.2 1.07 1 0.5 Hydrothermal infill breccia
DD019 197 198 0.01 0.00 0.3 0.13 Post Mineral andesite dyke
DD019 198 199 0.32 0.07 3.8 2.97 5 1 Hydrothermal infill breccia
DD019 199 200 0.21 0.12 2.8 1.33 2 0.5 Hydrothermal infill breccia
DD019 200 201 0.80 0.21 10.5 4.49 5 2 Hydrothermal infill breccia
DD019 201 202 0.41 0.97 8.1 2.80 3 1 Hydrothermal infill breccia
DD019 202 203 0.63 0.12 9.9 4.12 5 1 Hydrothermal infill breccia
DD019 203 204 0.16 0.02 2.4 1.04 1 0.5 Hydrothermal infill breccia
DD019 204 205 0.36 0.10 4.2 1.45 2 1 Hydrothermal infill breccia
DD019 205 206 0.74 0.24 8.8 2.11 3 1 Hydrothermal infill breccia
DD019 206 207 1.30 0.37 15.2 2.79 3 3 Hydrothermal infill breccia
DD019 207 208 1.86 0.88 22.3 4.06 5 5 Hydrothermal infill breccia
DD019 208 209 1.09 0.50 13.4 2.55 3 2 Hydrothermal infill breccia
DD019 209 210 0.42 0.08 5.5 2.50 3 1 Hydrothermal infill breccia
DD019 210 211 1.97 0.46 21.5 6.21 8 5 Hydrothermal infill breccia
DD019 211 212 0.94 0.29 16.1 3.84 5 3 Hydrothermal infill breccia
DD019 212 213 0.13 0.06 2.4 2.28 3 0.5 Hydrothermal infill breccia
DD019 213 214 1.21 1.05 21.3 8.46 10 3 Hydrothermal infill breccia
DD019 214 215 0.79 0.25 11.7 3.47 5 2 Hydrothermal infill breccia
DD019 215 216 0.79 0.10 9.1 2.51 3 2 Hydrothermal infill breccia
DD019 216 217 0.76 0.41 14.1 2.89 3 2 Hydrothermal infill breccia
DD019 217 218 1.11 0.32 15.1 2.49 3 3 Hydrothermal infill breccia
DD019 218 219 0.81 0.33 11.4 2.20 2 2 Hydrothermal infill breccia
DD019 219 220 1.46 0.67 25.9 4.06 5 3 Hydrothermal infill breccia
DD019 220 221 0.71 0.52 10.3 2.31 2 2 Hydrothermal infill breccia
DD019 221 222 1.59 0.63 23.8 3.98 5 3 Hydrothermal infill breccia
DD019 222 223 1.63 0.94 50.9 4.83 5 3 Hydrothermal infill breccia
DD019 223 224 0.73 0.09 10.1 1.79 3 2 Hydrothermal infill breccia
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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ASX Code: CAE

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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 224 225 2.12 0.61 25.8 6.59 8 5 Hydrothermal infill breccia
DD019 225 226 0.58 0.62 9.9 4.70 5 2 Hydrothermal infill breccia
DD019 226 227 0.64 0.33 9.9 4.05 5 2 Hydrothermal infill breccia
DD019 227 228 0.80 0.86 18 5.10 8 3 Hydrothermal infill breccia
DD019 228 229 1.31 1.18 16.4 7.15 10 4 Hydrothermal infill breccia
DD019 229 230 1.41 1.16 28.3 4.56 5 4 Hydrothermal infill breccia
DD019 230 231 0.61 0.27 9.2 2.11 5 2 Hydrothermal infill breccia
DD019 231 232 0.73 0.24 10.4 4.08 8 2 Hydrothermal infill breccia
DD019 232 233 0.43 0.28 6.6 1.79 3 1 Hydrothermal infill breccia
DD019 233 234 0.82 0.36 12.7 5.33 8 2 Hydrothermal infill breccia
DD019 234 235 0.62 0.17 8.6 2.82 5 2 Hydrothermal infill breccia
DD019 235 236 0.41 0.22 10 3.85 8 1 Hydrothermal infill breccia
DD019 236 237 0.77 1.17 13.9 7.58 10 2 Hydrothermal infill breccia
DD019 237 238 0.67 1.88 13.3 9.07 10 2 Hydrothermal infill breccia
DD019 238 239 0.60 1.56 11.9 6.54 8 2 Hydrothermal infill breccia
DD019 239 240 0.47 0.22 9.8 3.09 5 2 Hydrothermal infill breccia
DD019 240 241 0.51 0.30 6.7 4.35 5 2 Hydrothermal infill breccia
DD019 241 242 1.21 0.31 17.8 4.78 5 3 Hydrothermal infill breccia
DD019 242 243 0.37 0.13 6.8 2.02 3 1 Hydrothermal infill breccia
DD019 243 244 0.21 0.08 4.2 2.47 3 1 Hydrothermal infill breccia
DD019 244 245 0.62 0.11 6.5 4.28 5 2 Hydrothermal infill breccia
DD019 245 246 1.89 1.37 14.7 5.61 8 5 Hydrothermal infill breccia
DD019 246 247 0.51 0.10 5.3 1.87 3 2 Hydrothermal infill breccia
DD019 247 248 0.22 0.03 2.8 1.10 2 0.5 Hydrothermal infill breccia
DD019 248 249 0.29 0.08 3.9 7.23 10 0.5 Hydrothermal infill breccia
DD019 249 250 0.52 0.12 6.9 9.09 10 1 Hydrothermal infill breccia
DD019 250 251 0.13 0.07 1.8 2.54 5 0.5 Hydrothermal infill breccia
DD019 251 252 0.24 0.05 2.4 3.83 5 0.5 Pyrite veined diorite porphyry
DD019 252 253 0.15 0.04 2.5 4.79 5 0.5 Pyrite veined diorite porphyry
DD019 253 254 0.21 0.05 3.1 5.58 8 0.5 Hydrothermal infill breccia
DD019 254 255 0.39 0.45 4.5 1.81 2 1 Hydrothermal infill breccia
DD019 255 256 0.20 0.03 2.1 1.31 1 0.5 Hydrothermal infill breccia
DD019 256 257 0.08 0.03 1 1.90 2 0.1 Hydrothermal infill breccia
DD019 257 258 0.13 0.04 1.6 5.10 8 0.2 Hydrothermal infill breccia
DD019 258 259 0.31 0.08 4.2 1.73 3 0.5 Hydrothermal infill breccia
DD019 259 260 0.04 0.04 1 2.26 3 0.1 Hydrothermal infill breccia
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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ASX Code: CAE

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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 260 261 0.33 0.12 4.2 5.19 8 0.5 Hydrothermal infill breccia
DD019 261 262 0.13 0.05 2.9 3.38 5 0.1 Hydrothermal infill breccia
DD019 262 263 0.05 0.04 1 1.63 2 0.1 Hydrothermal infill breccia
DD019 263 264 0.08 0.11 3 4.96 8 0.1 Hydrothermal infill breccia
DD019 264 265 0.19 0.03 2.6 2.12 3 0.1 Hydrothermal infill breccia
DD019 265 266 0.68 0.15 9.1 3.49 5 1 Hydrothermal infill breccia
DD019 266 267 0.15 0.04 2.1 1.21 1 0.5 Hydrothermal infill breccia
DD019 267 289 0.05 0.03 0.8 1.09 1.5 0.1 Hornfels shatter breccia
DD019 289 290 0.47 0.15 9.3 4.41 5 1 Hydrothermal infill breccia
DD019 290 291 0.51 0.14 7.6 4.33 5 1 Hydrothermal infill breccia
DD019 291 292 0.77 0.44 15.2 7.27 10 2 Hydrothermal infill breccia
DD019 292 293 0.11 0.03 2.1 1.54 2 0.1 Hydrothermal infill breccia
DD019 293 294 0.41 0.08 6 3.76 5 1 Hydrothermal infill breccia
DD019 294 295 0.45 0.35 22.1 7.99 10 1 Hydrothermal infill breccia
DD019 295 296 0.17 0.09 6.7 1.55 2 0.2 Hydrothermal infill breccia
DD019 296 297 0.23 1.89 13.6 2.34 2 0.1 Sericite altered porphyrytic diorite
DD019 297 298 0.47 0.23 20.5 1.42 2 1 Sericite altered porphyrytic diorite
DD019 298 299 0.35 1.68 16.5 1.97 2 1 Sericite altered porphyrytic diorite
DD019 299 300 1.42 0.27 14.1 11.11 15 3 Hydrothermal infill breccia
DD019 300 301 0.17 0.10 3.5 17.09 29 0.5 Hydrothermal infill breccia
DD019 301 302 0.43 0.27 9.4 16.17 20 1 Hydrothermal infill breccia
DD019 302 303 1.14 0.18 18.4 10.26 15 3 Hydrothermal infill breccia
DD019 303 304 0.50 0.18 12.8 14.76 20 2 Hydrothermal infill breccia
DD019 304 305 1.34 0.50 20.9 9.83 15 3 Hydrothermal infill breccia
DD019 305 306 0.91 0.17 16.9 11.56 15 3 Hydrothermal infill breccia
DD019 306 307 0.90 0.52 29.5 12.92 15 2 Hydrothermal infill breccia
DD019 307 308 0.01 0.07 1.1 0.12 Argillized Trachyandesite/andesite
DD019 308 309 0.00 0.00 0.3 0.05 Argillized Trachyandesite/andesite
DD019 309 310 0.00 0.00 0.3 0.06 Argillized Trachyandesite/andesite
DD019 310 311 0.04 0.03 1.8 2.81 5 0.1 Argillized Fault Zone
DD019 311 312 0.08 0.04 3.4 2.20 3 0.1 Argillized Fault Zone
DD019 312 313 0.17 0.18 7.1 3.73 6 0.2 Argillized Fault Zone
DD019 313 314 0.20 1.34 9.5 1.63 2 0.2 Sericite altered porphyrytic diorite
DD019 314 315 0.16 0.37 7.9 1.22 2 0.3 Sericite altered porphyrytic diorite
DD019 315 316 0.14 0.07 4 0.54 1 0.2 Sericite altered porphyrytic diorite
DD019 316 317 0.21 0.11 3.8 0.68 1 0.2 Sericite altered porphyrytic diorite
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 317 318 0.12 0.02 3 0.71 1 0.2 Sericite altered porphyrytic diorite
DD019 318 319 0.18 0.01 3.1 0.75 1 0.3 Hydrothermal infill breccia
DD019 319 320 1.01 0.14 9.5 1.95 3 3 Hydrothermal infill breccia
DD019 320 321 0.17 0.15 3.9 1.39 2 0.5 Hydrothermal infill breccia
DD019 321 322 0.53 0.08 6.7 2.38 3 1.5 Hydrothermal infill breccia
DD019 322 323 0.90 0.32 14.3 2.76 5 2 Hydrothermal infill breccia
DD019 323 324 1.39 1.56 40.1 8.16 10 3 Hydrothermal infill breccia
DD019 324 325 0.91 1.00 17.9 3.68 5 2 Hydrothermal infill breccia
DD019 325 326 2.81 0.41 28.7 6.31 8 5 Hydrothermal infill breccia
DD019 326 327 1.21 0.14 11.9 5.65 8 3 Hydrothermal infill breccia
DD019 327 328 0.44 0.07 4.4 1.73 2 2 Hydrothermal infill breccia
DD019 328 329 0.65 0.12 10.8 2.97 5 2 Hydrothermal infill breccia
DD019 329 330 0.42 0.05 4 1.86 2 1 Hydrothermal infill breccia
DD019 330 331 0.79 0.05 10.7 3.29 5 2 Hydrothermal infill breccia
DD019 331 332 0.20 0.04 1.9 5.48 8 0.5 Hydrothermal infill breccia
DD019 332 333 1.19 0.26 12 5.62 8 3 Hydrothermal infill breccia
DD019 333 334 1.64 0.29 21.2 6.21 8 3 Hydrothermal infill breccia
DD019 334 335 0.01 0.00 0.3 0.17 0.5 Hydrothermal infill breccia
DD019 335 336 0.01 0.00 0.3 0.48 1 Hydrothermal infill breccia
DD019 336 337 0.03 0.01 0.9 2.17 3 0.1 Hydrothermal infill breccia
DD019 337 338 0.73 0.11 6.2 5.29 8 2 Hydrothermal infill breccia
DD019 338 339 0.51 0.13 5.6 4.54 5 1.5 Hydrothermal infill breccia
DD019 339 340 0.54 0.16 5.8 4.66 5 1.5 Hydrothermal infill breccia
DD019 340 341 0.06 0.02 1.5 1.57 2 0.1 Hydrothermal infill breccia
DD019 341 342 0.08 0.03 1.3 1.87 3 0.1 Hydrothermal infill breccia
DD019 342 343 0.43 0.06 4.5 1.90 3 1 Hydrothermal infill breccia
DD019 343 344 0.47 0.02 3.5 1.09 1 1 Hydrothermal infill breccia
DD019 344 345 0.08 0.06 1.8 3.48 5 0.1 Hydrothermal infill breccia
DD019 345 346 0.11 0.49 3.1 6.49 8 0.1 Hydrothermal infill breccia
DD019 346 347 0.06 0.07 0.3 1.91 3 0.1 Hydrothermal infill breccia
DD019 347 348 0.02 0.03 0.3 1.56 3 Hydrothermal infill breccia
DD019 348 349 0.01 0.01 0.3 1.97 3 0.1 Hydrothermal infill breccia
DD019 349 350 0.05 0.02 0.8 3.76 5 0.1 Hydrothermal infill breccia
DD019 350 351 0.01 0.07 0.7 2.38 3 Argillized Trachyandesite/andesite
DD019 351 352 0.00 0.00 0.3 0.09 Argillized Trachyandesite/andesite
DD019 352 353 0.08 0.02 0.9 1.62 2 0.1 Hydrothermal infill breccia
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 353 354 0.05 0.02 0.7 1.04 1 0.1 Hydrothermal infill breccia
DD019 354 355 0.03 0.03 -0.5 1.13 1 0.1 Hydrothermal infill breccia
DD019 355 356 0.09 0.03 1.5 1.72 2 0.1 Hydrothermal infill breccia
DD019 356 357 0.02 0.01 0.3 2.17 2 0.1 Hydrothermal infill breccia
DD019 357 358 0.01 0.00 0.3 1.46 2 Crowded diorite porphyry
DD019 358 359 0.03 0.05 0.7 4.08 5 0.1 Crowded diorite porphyry
DD019 359 360 0.06 0.06 1.1 1.95 3 0.1 Hydrothermal infill breccia
DD019 360 361 0.06 0.05 1.1 1.40 2 0.1 Hydrothermal infill breccia
DD019 361 362 0.25 0.05 4.3 3.22 5 0.5 Hydrothermal infill breccia
DD019 362 363 0.35 0.04 10.3 2.20 3 0.5 Hydrothermal infill breccia
DD019 363 364 0.10 0.09 1.4 2.02 3 0.1 Hydrothermal infill breccia
DD019 364 365 0.67 0.20 11.5 3.91 5 1 Hydrothermal infill breccia
DD019 365 366 0.40 0.03 5.6 2.77 3 1 Hydrothermal infill breccia
DD019 366 367 0.89 0.11 12.7 5.15 8 2 Hydrothermal infill breccia
DD019 367 368 0.10 0.03 1.8 2.33 3 0.1 Hydrothermal infill breccia
DD019 368 369 0.07 0.05 1.9 2.21 3 0.1 Hydrothermal infill breccia
DD019 369 370 0.07 0.01 1.1 1.17 2 0.1 Crowded diorite porphyry
DD019 370 371 0.92 0.06 17.5 4.02 5 3 Hydrothermal infill breccia
DD019 371 372 0.57 0.16 7.8 4.88 5 2 Hydrothermal infill breccia
DD019 372 373 0.35 0.04 8.4 2.46 3 1 Latite Porphyry
DD019 373 374 0.98 0.43 25.6 7.57 10 3 Argillized crowded porphyry
DD019 374 375 0.47 1.00 16.2 8.12 10 2 Argillized crowded porphyry
DD019 375 376 0.32 0.91 7.8 2.77 5 1 Argillized Trachyandesite/andesite
DD019 376 377 0.29 1.76 7.2 7.05 10 1 Hydrothermal infill breccia
DD019 377 378 0.37 0.09 4.8 3.26 5 1 Hydrothermal infill breccia
DD019 378 379 1.90 0.66 83.7 6.45 8 5 Hydrothermal infill breccia
DD019 379 380 0.11 0.17 3.7 2.68 5 0.1 Hydrothermal infill breccia
DD019 380 381 0.09 0.03 2.7 1.80 3 0.1 Hydrothermal infill breccia
DD019 381 382 0.08 0.03 2.6 1.86 3 0.1 Hydrothermal infill breccia
DD019 382 383 1.06 0.86 41.7 5.87 8 3 Hydrothermal infill breccia
DD019 383 384 0.06 0.16 2.8 4.51 8 0.1 Hydrothermal infill breccia
DD019 384 385 0.01 0.02 -0.5 0.20 Argillized Trachyandesite/andesite
DD019 385 386 0.06 1.00 3.5 5.35 8 0.1 Hydrothermal infill breccia
DD019 386 387 0.03 0.37 2.3 6.17 10 0.1 Hydrothermal infill breccia
DD019 387 388 0.06 0.27 1.6 3.26 5 0.1 Hydrothermal infill breccia
DD019 388 389 0.15 0.13 3.2 3.74 5 0.2 Hydrothermal infill breccia
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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Lab Lab Lab
From To
Depth Depth Cu Au Ag
23CAE# m m % g/t g/t Lithology
DD019 389 390 0.02 0.04 0.6 1.64 3 0.1 Hydrothermal infill breccia
DD019 390 391 0.02 0.03 0.6 2.27 3 0.1 Hydrothermal infill breccia
DD019 391 392 0.23 0.12 3.6 6.55 8 0.5 Hydrothermal infill breccia
DD019 392 393 0.24 0.07 4.4 4.85 8 0.5 Hydrothermal infill breccia
DD019 393 394 0.30 0.10 9 8.77 10 1 Hydrothermal infill breccia
DD019 394 395 0.57 0.35 31 14.16 20 1.5 Hydrothermal infill breccia
DD019 395 396 0.27 0.11 5.8 6.96 10 1 Hydrothermal infill breccia
DD019 396 397 0.29 0.20 6.6 6.49 10 1 Hydrothermal infill breccia
DD019 397 398 0.42 0.22 12.5 10.96 15 2 Hydrothermal infill breccia
DD019 398 399 0.37 0.16 10.4 9.56 15 1 Hydrothermal infill breccia
DD019 399 400 0.21 0.27 12.3 7.16 10 0.5 Hydrothermal infill breccia
DD019 400 401 0.53 0.26 16.3 7.07 10 1 Hydrothermal infill breccia
DD019 401 402 0.06 0.06 1.8 4.07 7 0.1 Hydrothermal infill breccia
DD019 402 403 0.05 0.04 1.2 0.85 1 0.1 Argillized Trachyandesite/andesite
DD019 403 404 0.15 0.05 5.3 3.97 5 0.2 Hydrothermal infill breccia
Lab Sulphur% Pyrite Visual %
Chalcopyrite Visual %
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ASX RELEASE

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ASX Code: CAE

Appendix 2 Plan View with Historic Drillholes

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Fig App2.1. Plan view CAE Hole # 19 simplified geology in relation to 2021-2023 CAE and Historic Drillholes, Mt Cannindah. Downhole lab Cu plotted, CuEq intercepts annotated for previous CAE holes.

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ASX Code: CAE

Appendix 3: JORC Table 1. Section 1: Sampling Techniques and Data

Criteria	Explanation	Commentary
*Sampling techniques*	Nature and quality of sampling (e.g. cut	. Sampling results are based on sawn half
	channels, random chips, or specific	core samples of both PQ ,HQ and NQ
	specialised industry standard	diameter diamond drill core. An orientation
	measurement tools appropriate to the	line was marked along all core sections.
	minerals under investigation, such as	One side of the core was consistently sent
	down hole gamma sondes, or handheld	for analysis and the other side was
	XRF instruments, etc.) These examples	consistently retained for archive purposes.
	should not be taken as limiting the broad	The orientation line was consistently
	meaning of sampling.	preserved.
		Indicative preliminary analysis to support
	Include reference to measures taken to	the geological logging at Mt Cannindah is
	ensure sampling representivity and the	also obtained via sludge sampling . In this
	appropriate calibration of any	method drill cuttings are collected from the
	measurement tools or systems used.	water return lines while diamond drilling.
		These samples are collected over 3m
		intervals as fine sand & silt size material
		and bagged in calico bags, dried ,
		subsampled , crushed in a mortar & pestle
		and analysed with a PXRF instrument.
		Standards and comparisons with lab
		results are consistent with the sludge
		samples being representative of the
		metres drilled. Caution is required in
		assessing the sludge results as the
		samples are influenced by drilling
		additives , muds, detergents etc and wear
		and tear of the drill string , rods and bits.
		Providing these considerations are taken
		into account, CAE’s geological consultants
		Terra Search are confident of the robust
		nature of the sludge results at Mt
		Cannindah, particularly in regard to certain
		elements including copper, checks against
		the logged visual estimates also provide
		robust support for the sludge results..
	Aspects of the determination of	Half core samples were sawn up on a
	mineralisation that are Material to the	diamond saw on a metre basis for HQ,NQ
	Public Report. In cases where ‘industry	diameter core and a 0.5m basis for PQ
	standard’ work has been done this would	diameter core. Samples were forwarded
	be relatively simple (e.g. ‘reverse	to commercial NATA standard
	circulation drilling was used to obtain 1m	laboratories for crushing, splitting and
	samples from which 3kg was pulverised to	grinding ,Laboratory used in this instance
	produce a 30g charge for fire assay’). In	is Intertek Genalysis , Townsville.
	other cases more explanation may be	Analytical sample size was in the order of
	required, such as where there is coarse	2.5kg to 3kg.
	gold that has inherent sampling problems.
	Unusual commodities or mineralisation
	types (e.g. submarine nodules) may
	warrant disclosure of detailed information.

Drilling techniques Drill type (e.g. core, reverse circulation, Drill type is diamond core. Core diameter open-hole hammer, rotary air blast, auger, at top of hole is PQ, below 30m core Bangka, sonic, etc.) and details (e.g. core diameter is HQ and NQ.Triple tube diameter, triple or standard tube, depth of methodology was deployed for PQ & HQ,

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ASX Code: CAE

Criteria	Explanation			Commentary
	diamond tails, face-sampling	bit	or other	which resulted in excellent core recovery
	type, whether core is oriented	and if so, by		throughout the hole.Core was oriented ,
	what method, etc.)			utilizing an Ace Orientaion equipment and
				rigorously supervised by on-site geologist.
*Drill sample recovery*	Method of recording and assessing core			Core recovery was recorded for all drill
	and chip sample recoveries	and results		runs and documented in a Geotechnical
	assessed.			log. The Triple Tube technology and
				procedure ensured core recoveries were
				excellent throughout the hole.
	Measures taken to maximise		sample	Triple tube methodology ensure excellent
	recovery and ensure representative nature			core recoveries. Core was marked up in
	of the samples.			metre lengths and reconciled with drillers
				core blocks. An orientation line was drawn
				on the core . Core sampling was
				undertaken by an experienced operator
				who ensured that half core was sawn up
				with one side consistently sent for analysis
				and the other side was consistently
				retained for archive purposes. The
				orientation line was consistently
				preserved.
	Whether a relationship exists between			Core recoveries were good. An unbiased ,
	sample recovery and grade and		whether	consistent half core section was submitted
	sample bias may have occurred due to			for the entire hole, on the basis of
	preferential loss/gain of	fine/coarse		continuous 1m sampling. The entire half
	material.			core section was crushed at the lab and
				then split , The representative subsample
				was then fine ground and a representative
				unbiased sample was extracted for further
				analysis.
*Logging*	Whether core and chip samples have been			Geological logging was carried out by well-
	geologically and geotechnically logged to			trained/experienced geologist and data
	a level of detail to support	appropriate		entered via a well-developed logging
	Mineral Resource estimation,		mining	system designed to capture descriptive
	studies and metallurgical studies			geology, coded geology and quantifiable
				geology. All logs were checked for
				consistency by the Principal Geologist.
				Data captured through Excel spread
				sheets and Explorer 3 Relational Data
				Base Management System. A
				geotechnical log was prepared.
	Whether logging is qualitative or			Logging was qualitative in nature. A
	quantitative in nature. Core	(or costean,		detailed log was described on the basis of
	channel etc.) photography.			visual observations. A comprehensive
				Core photograph catalogue was
				completed with full core dry, full core wet
				and half core wet photos taken of all core.
	The total length and percentage of the			The entire length of all drill holes has been
	relevant intersections logged.			geologically logged.
*Sub-sampling*	If core, whether cut or sawn	and	whether	Half core samples were sawn up on a
*techniques and*	quarter, half or all core taken.			diamond saw on a metre basis for HQ, NQ
*sample preparation*				diameter core and a 0.5m basis for PQ
				diameter core. . .
	If non-core, whether riffled, tube sampled,			All sampling was of diamond core
	rotary split, etc. and whether sampled wet
	or dry.
	For all sample types, the nature, quality			The above techniques are considered to
	and appropriateness of the		sample	be of a high quality, and appropriate for the
	preparation technique.			nature of mineralisation anticipated.

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ASX RELEASE

ASX Code: CAE

Criteria	Explanation			Commentary
	Quality control procedures adopted for all			QA/QC protocols were instigated such
	sub-sampling	stages to	maximise	that they conform to mineral industry
	representativity of samples.			standards and are compliant with the
				JORC code.
				Terra Search’s input into the Quality
				Assurance (QA) process with respect to
				chemical analysis of mineral exploration
				diamond core samples includes the
				addition of both coarse blanks, Certified
				pulped Blanks, Certified and Internal
				matrix matched standards to each batch
				so that checks can be done after they are
				analysed. As part of the Quality Control
				(QC) process, Terra Search checks the
				resultant assay data against known or
				previously determined assays to
				determine the quality of the analysed batch
				of samples. An assessment is made on
				the data and a report on the quality of the
				data is compiled.
	Measures taken to ensure		that the	The lab results are checked against visual
	sampling is representative of		the in situ	estimations and PXRF sampling of sludge
	material collected, including for instance			and coarse crush material.
	results for	field duplicate/second-half
	sampling.
	Whether sample sizes are appropriate to			The standard 2kg -5kg sample is more
	the grain size of the material being			than appropriate for the grainsize of the
	sampled.			rock-types and sulphide grainsize. The
				sample sizes are considered to be
				appropriate to represent the style of the
				mineralisation, the thickness and
				consistency of the intersections.
*Quality of assay data*	The nature, quality and appropriateness of			After crushing splitting and grinding at
*and laboratory tests*	the assaying	and laboratory procedures		Intertek/Genalysis lab Townsville samples
	used and whether the technique is			were assayed for gold using the 50g fire
	considered partial or total.			assay method
				The primary assay method used is
				designed to measure both the total gold in
				the sample as per classic fire assay.
				The total amount of economic metals tied
				up in sulphides and oxides such as Cu, Pb,
				Zn, Ag, As, Mo, Bi,S is captured by the 4
				acid digest method ICP finish. This is
				regarded as a total digest method and is
				checked against QA-QC procedures which
				also employ these total techniques.
				Major elements which are present in
				silicates, such as K, Ca, Fe, Ti, Al, Mg are
				also digested by the 4 acid digest Total
				method.
				The techniques are considered to be
				entirely appropriate for the porphyry, skarn
				and vein style deposits in the area.
				The economically important elements in
				these deposits are contained in sulphides
				which is liberated by 4 acid digest, all gold
				is determined with a classic fire assay.

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ASX RELEASE

ASX Code: CAE

Criteria	Explanation	Commentary
	For geophysical tools, spectrometers,	Magnetic susceptibility measurements
	handheld XRF instruments, etc. the	utilizing Exploranium KT10 instrument,
	parameters used in determining the	zeroed between each measurement.
	analysis including instrument make and
	model, reading times, calibration factors	PXRF analysis has been utilized to provide
	applied and their derivation, etc.	multi-element data for the prospect. Dried
		sludge samples are considered
		appropriate and representative samples to
		provide preliminary chemical analysis to
		guide exploration targeting, providing the
		shortcomings of the nature of these
		samples is taken into consideration. The
		latter applies in particular to drilling
		additives, muds, wear and tear on the drill
		string etc.
		PXRF Analysis is carried out in a
		controlled environment in air conditioned
		Terra Search offices in Townsville or a
		mobile enclosed office on site.. The
		instrument used is Terra Search’s portable
		Niton XRF analyser (Niton ‘trugeo’
		analytical mode) analysing for a suite of 40
		major and minor elements. in.
		The PXRF equipment is set up on a bench
		and the sub-sample (loose powder in a thin
		clear plastic freezer bag) is placed in a
		lead-lined stand. An internal detector
		autocalibrates the portable machine, and
		Terra Search standard practice is to
		instigate recalibration of the equipment
		every 2 to 3 hours.
		Readings are undertaken for 60 seconds
		on a circular area of approximately 1cm
		diameter. A higher number of
		measurements are taken from the centre
		of the circle and decreasing outwards.
		PXRF measures total concentration of
		particular elements in the sample. Reading
		of the X-Ray spectra is effected by
		interferences between different elements.
		The matrix of the sample eg iron content
		has to be taken into account when
		interpreting the spectra.
		The reliability and accuracy of the PXRF
		results are checked regularly by reference
		to known standards. There are some
		known interferences relevant to particular
		elements eg W & Au; Th & Bi, Fe & Co.
		Awareness of these interferences is taken
		into account when assessing the results.

‐ Nature of quality control procedures QAQC samples are monitored on a batch adopted (e.g. standards, blanks, by ‐ batch basis, Terra Search has well duplicates, external laboratory checks) established sampling protocols including and whether acceptable levels of accuracy blanks (both coarse & pulped), certified (i.e. lack of bias) and precision have been reference material (CRM standards) , and established. in-house standards which are matrix matched against the samples in the program.

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ASX RELEASE

ASX Code: CAE

Criteria	Explanation	Explanation			Commentary
					Terra Search quality control included
					determinations on certified OREAS
					samples and analyses on duplicate
					samples interspersed at regular intervals
					through the sample suite of both the
					commercial laboratory batch. .Standards
					were checked and found to be within
					acceptable tolerances. Laboratory assay
					results for these quality control samples
					are within 5% of accepted values.
*Verification of*	The verification of significant intersections				Significant intersections were verified by
*sampling and*	by either	independent or alternative			Terra Search Pty Ltd, geological
*assaying*	company personnel.				consultants who geologically supervised
					the drilling. Validation is checked by
					comparing assay results with logged
					mineralogy eg sulphide material in relation
					to copper and gold gradse.
	The use of	twinned holes.			There has been little direct twinning of
					holes, the hole reported here pass close to
					earlier drill holes , assay results and
					geology and assay results are entirely
					consisted with previous results. .
	Documentation of primary data, data			entry	Data is collected by qualified geologists
	procedures, data		verifications,	data	and experienced field assistants and
	storage	(physical	and electronic)		entered into excel spreadsheets.
	protocols.
					Data is imported into database tables from
					the Excel spreadsheets with validation
					checks set on different fields. Data is then
					checked thoroughly by the Operations
					Geologist for errors. Accuracy of drilling
					data is then validated when imported into
					MapInfo.
					Location and analysis data are then
					collated into a single Excel spreadsheet.
					Data is stored on servers in the
					Consultants office and also with CAE.
					There have been regular backups and
					archival copies of the database made.
					Data is also stored at Terra Search’s
					Townsville Office. Data is validated by
					long-standing procedures within Excel
					Spreadsheets and Explorer 3 data base
					and spatially validated within MapInfo GIS.
	Discuss any adjustment to assay data.				No adjustments are made to the
					Commercial lab assay data. Data is
					imported into the database in its original
					raw format.
*Location of data*	Accuracy and quality of surveys used to				Collar location information was originally
*points*	locate drill	holes (collar and down-hole			collected with a Garmin 76 hand held GPS.
	surveys), trenches,		mine workings	and
	other locations used		in Mineral Resource		X-Y accuracy is estimated at 3-5m,
	estimation.				whereas height is +/- 10m.Coordinates
					have been reassessed with DGPS,
					Accuracy is sub 0.5m in X,Y,Z.
					Down hole surveys were conducted on all
					holes using a Reflex downhole digital
					camera . Surveys weregenerallytaken

ASX RELEASE

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ASX Code: CAE

Criteria	Explanation				Commentary
					every 30m downhole , dip, magnetic
					azimuth and magnetic field were recorded.
	Specification of the grid system			used.	Coordinate system is UTM Zone 55 (MGA)
					and datum is GDA94
	Quality and	adequacy of topographic			Pre-existing DTM is high quality and
	control.				available.
*Data spacing and*	Data spacing	for reporting of Exploration			At the Mt Cannindah mine area previous
*distribution*	Results.				drilling program total over 100 deep
					diamond and Reverse Circulation
					percussion holes.. Almost all have been
					drilled in 25m to 50m spaced fences , from
					west to east, variously positioned over a
					strike length of 350m and a cross strike
					width of at least 500m.. Down hole sample
					spacing is in the order of 1m to 2m which
					is entirely appropriate for the style of the
					deposit and sampling procedures.
	Whether the data spacing and distribution				Previous resource estimates on Mt
	is sufficient to establish the			degree of	Cannindah include Golders 2008 for
	geological	and	grade	continuity	Queensland Ores and Helman & Schofield
	appropriate for the Mineral Resource and				2012 for Drummond Gold. Both these
	Ore Reserve	estimation procedure(s) and			estimates utilised 25m to 50m fences of
	classifications applied.				west to east drillholes, but expressed
					concerns regarding confidence in assay
					continuity both between 50m sections and
					between holes within the plane of the cross
					sections. The hole reported 23CAEDD018
					has drilled to the south south west and is
					largely drilling in a direction and area
					where there is little previous drilling. CAE
					Hole # 13 is parallel in section but some
					60m distance across section. Further
					drilling is necessary to enhance and fine
					tune the previous Mineral Resource.
					estimates at Mt Cannindah and lift the
					category from Inferred to Indicated and
					Measured and compliant with JORC 2012.
					.
	Whether sample compositing			has been	No sample compositing has been applied,
	applied.				Almost all sampling is of 1m downhole
					samples of half core..
*Orientation of data in*	Whether the orientation of			sampling	The main objective of hole 23CAEDD019
*relation to geological*	achieves unbiased sampling of possible				reported here was to drill to the south
*structure*	structures and the extent to which this is				west. CAE hole #19 was drilled at the
	known, considering the deposit			type.	southern end of the prospect in an area of
					little previous drilling and fragmented
					outcrop and subcrop.
					The overall geological interpretation at Mt
					Cannindah, built up from the CAE holes
					and historical drilling, is of a steeply west
					dipping, roughly north south oriented,
					tabular body of breccia, bounded on the
					east by hornfels and on the west by
					diorite and wedges of hornfels.
					CAE Hole #19 followed up on CAE Hole
					#13 & 18 as the third of CAE’s holes to
					explore the southern & south western end
					of the Mt Cannindah breccia. CAE Holes #
					13 & 18 drilled NNE to SSW,effectivelyat

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ASX Code: CAE

Criteria	Explanation	Commentary
		right angles to historical drilling at Mt
		Cannindah.
		The drill direction of CAE hole #19 is
		particularly appropriate for east-west
		striking structures and geological features.
		Follow up results from CAE holes # 13, #
		17 # 18 show that the east – west trending
		andesite dykes encountered in many holes
		are thin (mostly less than 5m true
		thickness) and,do not materially appear to
		stope out significant volumes of potential
		ore at Cannindah, Structural
		measurements on mineralised, often high
		grade veins and sulphidic zones have also
		been shown to be east-west and the
		southerly drill direction of CAE Hole #19 is
		entirely appropriate to test these
		structures. .
		Historical and CAE drill results show that
		there are several orientations of
		mineralized zones , breccia bodies and pre
		and post mineral dykes . The most
		common orientations are broadly east
		west, and north south . In this regard,
		geological consultants Terra Search have
		planned drill holes of various orientations
		to target the known range of orientations
		observed and measured in the mineralised
		structures and breccia bodies.

If the relationship between 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 Infill breccia is massive textured , recent interpretation suggests the clasts may have an imbrication or preferred orientation, that is gently to moderately dipping to the east or south east. The overall orientation of the Mt Cannindah breccia sheet is steeply dipping to the west , although the bounding structures are uncertain. CAE Hole # 19 was drilled in a southerly direction, at right angles to the mostly east west holes at Mt Cannindah. One of the key aims of Hole # 19 was to determine the true thickness of mineralised east west structures. A further objective was to help determine grade continuity along the north east to south west trend within the breccia zone . No sampling bias is evident in the logging, or the presentation of results on drill cross and long sections. Steep structures are evident and with steep inclined holes these are cut at oblique angles. The breccia zone at Mt Cannindah is of sufficient width and depth that drillhole 23CAEDD019 provides valuable unbiased information concerning grade continuity of the breccia body.

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Criteria Explanation

28 June 2023

ASX Code: CAE

Commentary Observations of core reported here in Hole 19 show an alignment of breccia clasts that is broadly at a high angle to the drill hole, indicating the hole orientation is appropriate for the broadly east west oriented structures and geological units. The complete geometry of the breccia body is unknown at this stage. Similarly, vein structures have several orientations and only in certain instances is it evident that vein orientations have introduced a sampling bias. These are well documented with oriented core. Historically, most holes at Mt Cannindah have been drilled from west to east . These can be severely hampered when encountering the similar parallel direction of east west post mineral andesite dykes and other structures. This situation was evident in CAE hole # 15 which drilled down an east west dyke for a lot of its length. This relationship did demonstrate that following the historical drill pattern at Mt Cannindah does not necessarily lead to optimum results. Analysis of these geological relationships has led geological consultants Terra Search to design drill directions both 180 degrees and 90 degrees contrary to the historical direction. This drill pattern has produced outstanding results , leading to drill intersections of considerable grade and length. From preliminary investigation of the grade model It is anticipated that there is little overall evidence of any sampling bias in the CAE drilling at Mt Cannindah.

*Sample security*	The measures taken to ensure sample	Chain of custody was managed by Terra
	security.	Search Pty Ltd. Core trays were freighted
		in sealed & strapped pallets from Monto
		were they were dispatched by Terra
		Search . The core was processed and
		sawn in Terra Search’s Townsville facilities
		and half core samples were delivered by
		Terra Search to Intertek/Genalysis
		laboratory Townsville lab.
*Audits or reviews*	The results of any audits or reviews of	There have been numerous independent
	sampling techniques and data.	reviews carried out on the Mt Cannindah
		project. reviewing sampling, data sets,
		geological controls, the most notable ones
		are Newcrest circa 1996; Coolgardie
		Gold1999; Queensland Ores
		2008;Metallica ,2008; Drummond Gold,
		2011;CAE 2014.

APPENDIX 2 – JORC Code Table 2

Section 2: Reporting of Exploration Results

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ASX RELEASE

ASX Code: CAE

Mineral tenement and Type, reference name/number, location Exploration conducted on MLs 2301, land tenure status and ownership including agreements or 2302, 2303, 2304, 2307, 2308, 2309, EPM material issues with third parties such as 14524, and EPM 15261. 100% owned by joint ventures, partnerships, overriding Cannindah Resources Pty Ltd. royalties, native title interests, historical sites, wilderness or national and The MLs were acquired in 2002 by environmental settings. Queensland Ores Limited (QOL), a precursor company to Cannindah Resources Limited. QOL acquired the Cannindah Mining Leases from the previous owners, Newcrest and MIM, As part of the purchase arrangement a 1.5% net smelter return (NSR) royalty on any production is payable to MIM/Newcrest and will be shared 40% by MIM and 60% by Newcrest.

					An access agreement with the current
					landholders in in place.
	The security of the tenure held at the time				No impediments to operate are known.
	of reporting along with		any known
	impediments to obtaining		a license	to
	operate in the area.
*Exploration done by*	Acknowledgement	and	appraisal	of	Previous exploration has been conducted
*other parties*	exploration by other parties.				by multiple companies. Data used for
					evaluating the Mt Cannindah project
					include : Drilling & geology, surface
					sampling by MIM (1970 onwards ) drilling
					data Astrik (1987), Drill,Soil, IP & ground
					magnetics and geology data collected by
					Newcrest (1994-1996), rock chips
					collected by Dominion (1992),. Drilling
					data collected by Coolgardie Gold (1999),
					Queensland Ores (2008-2011), Planet
					Metals-Drummond Gold (2011-2013) .
					Since 2014 Terra Search Pty Ltd,
					Townsville QLD has provided geological
					consultant support to Cannindah
					Resources.
*Geology*	Deposit type, geological setting and style				Breccia and porphyry intrusive related Cu-
	of mineralisation.				Au-Ag-Mo , base metal skarns and shear
					hosted Au bearing quartz veins occur
					adjacent to a Cu-Mo porphyry.

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ASX RELEASE

ASX Code: CAE

Drill hole information A summary of all information material to A major drill data base exists for the Mt the understanding of the exploration Cannindah district amounting to over 400 results including a tabulation of the holes. Selected Cu and Au down hole following information for all Material drill intervals of interest have been listed in holes: CAE’s ASX announcement, March,2021.

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 If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation In reporting Exploration Results, weighting The standard for reporting of high grade methods averaging techniques, maximum and/or Cu zones in hole from Mt Cannindah minimum grade truncations (e.g. cutting of reported over the past two years is an high grades) and cut-off grades are usually intersection grade of 0.5% Cu equivalent, Material and should be stated. allowing for 5m of internal waste.. The standard cut-off for reporting of total aggregate Cu mineralized zones is 0.15% CuEq% allowing for 15m of internal waste. No cut-offs have been routinely applied in reporting of the historical drill results .There has been no cutting of high grade analyses including gold. . Laboratory repeat analyses are determined for very high grade analyses of gold in particular and these are averaged. Repeat analyses to date of highly sulphidiic samples have not shown major nugget effects even with high grade gold values. Where aggregate intercepts incorporate The Cu-Au-Ag breccia style mineralisation short lengths of high grade results and at Mt Cannindah is developed over longer lengths of low grade results, the considerable downhole lengths. The procedure used for such aggregation breccia is generally mineralised, although should be stated and some typical copper grade and sulphide content is examples of such aggregations be shown variable. In addition pre and post mineral in detail dykes and intrusive bodies can mask the mineralisation .Down hole Cu-Au-Ag intercepts have been quoted both as a semi-continuous, aggregated down hole interval and also as tighter higher grade Cu-Au-Ag sections. In addition, historical results have been reported in the aggregated form displayed in the ASX Announcement for CAE, March,2021, many times previously. There are some zones of high grade which can influence the longer intercepts, All results are reported as down hole plotted 1m half core sampling intervals or tabulated with lower grade zones clearly noted. Aggregation of the longer intercepts at Mt Cannindah is advantageous for analysis and

28 June 2023

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ASX RELEASE

ASX Code: CAE

comparison of historical and recently collected drill data.

The assumptions used for any reporting of	A copper equivalent has been used to
metal equivalent values should be clearly	report the wider copper bearing intercepts
stated.	that carry Au and Ag credits with copper
	being dominant.
	Previous holders have undertaken
	preliminary metallurgical test work. We
	have confidence that existing metallurgical
	processes would recover copper, gold and
	silver from Mt Cannindah.CAE have
	commenced metallurgical testwork on Mt
	Cannindah diamond core samples.
	Preliminary results show very good
	recoveries of copper, silver and gold
	consistent with previous testwork.
	Depending on laboratory time constraints,
	the current metallurgical test program will
	likely be finished in August, 2023.
	We have confidence that the Mt
	Cannindah ores are amenable to
	metallurgical treatments that result in
	equal recoveries. This confidence is
	reinforced by some preliminary
	metallurgical test work by previous
	holders,preliminary results from current
	metallurgical testwork, geological
	observations and our geochemical work
	which established a high correlation
	between Cu,Au,Ag. In December, 2022,
	CAE initiated a Metallurgical testing
	program for Mt Cannindah breccia. This
	program is currently underway scoped and
	materially important results will be reported
	when available.
	The full equation for Copper Equivalent is:
	CuEq/% = (Cu/% * 92.50 * CuRecovery +
	Au/ppm * 56.26 * AuRecovery + Ag/ppm *
	0.74 * Ag Recovery)/(92.5* CuRecovery)
	When recoveries are equal this reduces to
	the simplified version:
	CuEq/% = (Cu/% * 92.50 + Au/ppm * 56.26
	+ Ag/ppm * 0.74)/ 92.5
	We have applied a 30 day average prices
	in USD for Q4,2021, for Cu, Au , Ag ,
	specifically copper @ USD$9250/tonne,
	gold @ USD$1750/oz and silver @
	USD$23/oz. This equates to USD$92.50
	per 1 wt %Cu in ore, USD$56.26 per 1
	ppm gold in ore, USD$0.74 per 1 ppm
	silver in ore .As these prices are similar to
	current Q3-Q4,2022 averages,CAE has

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28 June 2023

ASX Code: CAE

maintained these prices in order to allow consistent reporting from 2021 to 2022.

We have conservatively used equal recoveries of 80% for copper, 80% for gold , 80% for Ag and applied to the CuEq calculation.

Relationship between mineralisation widths and intercept lengths

The relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. down hole length, true width not known).

22CAEDD019 reported here is an angled hole, inclined 55 degrees to the south west (magnetic azimuth 216 degrees at the drill collar). The hole is collared on fractured oxidised hornfels.

As the breccia geometry is still to be established, the final attitude and thickness of the mineralisation is unknown at this stage.

. The Mt Cannindah Infill breccia is massive textured , recent interpretation suggests the clasts may have an imbrication or preferred orientation, that is relatively flat dipping to the east or south east.

The overall orientation of the Mt Cannindah breccia sheet is steeply dipping to the west , although the bounding structures are uncertain. The south westerly drill direction of hole #18 was considered important to determine whether mineralised breccia extended in that direction..

Previous resource estimations at Mt Cannindah model the breccia body as elongated NNE-SSW and at least 100m plus thick in an east west direction. Previous estimations indicate a potentially depth extension to 350m plus.. The breccia body geometry, as modelled at surface has the long axis oriented NNESSW. In this context, hole 22CAEDD019 drills to the south west of the mineralised envelope previously recognized at Mt Cannindah, . raking across the strike of the overall body

CAE Hole # 19 is drilling to the south south west and parallels CAE hole # 13 & 18 which intersected several breccia and dyke like bodies at high angles .Observations of core reported here in Hole 19 show an alignment of breccia clasts that is broadly at a high angle to the drill hole, indicating the hole orientation is appropriate for the broadly east west oriented structures and geological units.. In this regard, the orientation of hole # 19 was entirely appropriate for the geometry and trends of the targeted bodies and structures.

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ASX RELEASE

28 June 2023

ASX Code: CAE

		CAE drilling has shown that the longest
		axis of the Mt Cannindah breccia is
		plunging to great depths, and the upper
		and lower contacts , effectively the
		hanging and footwall contacts are still to be
		firmly established.. Further investigation is
		required to establish the geometry of the
		mineralised breccia body in the north,
		south and down plunges of the Mt
		Cannindah deposit.
*Diagrams*	Appropriate maps and sections (with	Preliminary sections and plans of the
	scale) and tabulations of intercepts should	drillhole 22CAEDD019 reported here, are
	be included for any significant discovery	included in this report. Geological data is
	being reported. These should include, but	still being assembled at the time of this
	not be limited to a plan view of drill hole	report. An update of the geological model
	collar locations and appropriate sectional	for Mt Cannindah is underway and will be
	views.	released upon completion.
*Balanced reporting*	Where comprehensive reporting of all	Over the past two years ,the majority of 1m
	Exploration Results is not practicable,	Cu,Au,Ag,S assays fromdrilling at Mt
	representative reporting of both low and	Cannindah are listed with CAE’s ASX
	high grades and/or widths should be	reports. In some instances. These have
	practised to avoid misleading reporting of	been reported as lithological and
	Exploration Results.	geochemical groups or sub-sets.
		Significant intercepts of Cu,Au,Ag are
		tabulated. All holes were sampled over
		their entire length, Reported intercepts
		have been aggregated where
		mineralization extends over significant
		down hole widths. This aggregation has
		allowed for the order of 15m of non
		mineralized late dykes or lower grade
		breccia sections.to be incorporated within
		the reported intersections. In general, a
		lower value of 0.15% CuEq has been
		utilized for the aggregated results. Wider
		aggregations have been reported for
		comparative purposes, in respect of
		reporting assaying of the mineralized
		sections which extend over the entire hole
		length. Aggregated intersections that
		contain zones of internal waste are clearly
		identified. .
*Other substantive*	Other exploration data, if meaningful and	The latest drill results from the Mt
*exploration data*	material, should be reported including (but	Cannindah project are reported here. The
	not limited to): geological observations;	report concentrates on the Cu,Au, Ag
	geophysical survey results; geochemical	results. Visual estimates of sulphide
	survey results; bulk samples – size and	minerals ,supported by PXRF sludge
	method of treatment; metallurgical test	results are also reportd.Other data,
	results; bulk density, groundwater,	although not material to this update will be
	geotechnical and rock characteristics;	collected and reported in due course.
	potential deleterious or contaminating
	substances.
*Further work*	The nature and scale of planned further	Drill targets are identified and further
	work (e.g. test for lateral extensions or	drilling is required. Hole 22CAEDD019
	depth extensions or large-scale step-out	drills at the southern end of the prospect
	drilling).	in a south westerly direction, similarly
		hole 19 drills sub parallel to CAE Hole #
		13. & 18. Hole 13 was drilled in 2022.
		Drilling is underway at Mt Cannindah for
		the year 2023. CAE Hole # 20 is complete
		and core is being processed. Hole # 21
		and 22 have been completed at

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28 June 2023

ASX Code: CAE

Cannindah East . The current hole # 23 is testing the extent of the Mt Cannindah breccia at the southern end. Further drilling is planned at Mt Cannindah Breccia and other target in the Cannindah project area. . Diagrams clearly highlighting the areas of Not yet determined, further work is being possible extensions, including the main conducted. geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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APPENDIX 3– JORC Code Table 2

Section 3: Estimation and Reporting of Mineral Resources

*Audits or Review*	The results of audits and reviews of any	There have been several resource
	ore resource Estimates.	estimations made over the various
		deposits at Mt Cannindah. These have
		been in the public domain for a number of
		years.
		The most recent resource statement by by
		Hellman & Schofield in 2011 is for
		Drummond Gold on the resource at Mt
		Cannindah itself. This was reported under
		the JORC 2004 code and has not been
		updated to comply with JORC 2012 on the
		basis that the information has not
		materially changed since it was last
		reported.

AI assistant

CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2023

64600_rns_2023-06-27_7880ca3c-e3d1-4d3d-91eb-6a79ac060c4a.pdf

ASX Announcement

DATE: 28 June 2023

HOLE 19 LAB RESULTS CONFIRM HIGHLY MINERALISED COPPER BRECCIA SOUTHERN SECTION MT CANNINDAH:

ENCOURAGING PRELIMINARY RESULTS FOR MAJOR IP SURVEY AND METALLURGY TESTWORK.

Fast Facts

Board and Management

Company Highlights

EXECUTIVE CHAIRMAN COMMENTS

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LAB RESULTS COPPER MINERALISED BRECCIA CAE HOLE 19 AT MT CANNINDAH

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ADDITIONAL DEVELOPMENTS MT CANNINDAH PROJECT

IP Survey

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Metallurgy

For further information, please contact:

Formula for Copper Equivalent calculations

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Appendix 3: JORC Table 1. Section 1: Sampling Techniques and Data

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Section 2: Reporting of Exploration Results

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Relationship between mineralisation widths and intercept lengths

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APPENDIX 3– JORC Code Table 2

More from CANNINDAH RESOURCES LIMITED

CANNINDAH RESOURCES LIMITED Capital/Financing Update 2023