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CONSTELLATION RESOURCES LIMITED Capital/Financing Update 2024

Sep 11, 2024

64701_rns_2024-09-11_d849b693-71dd-4304-985a-cc1489627579.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT 12 September 2024

ACQUISITION OF ULARRING COPPER GOLD PROJECT

Constellation Resources Limited (the “Company” or “Constellation”) is pleased to announce that the Company has entered into a binding agreement to acquire 100% of the Ularring Copper Gold Project (“Ularring” or the “Project”) in Western Australia from Breaker Resources NL (“Breaker”), a wholly owned subsidiary of Ramelius Resources Limited (“Ramelius”) (ASX: RMS). The Ularring Project was inherited by Ramelius as part of its acquisition of Breaker. The Company considers Ularring a complementary addition to its current Western Australian mineral exploration properties.

HIGHLIGHTS

  • Historical Copper-Gold (“Cu-Au”) drill results and geology indicates a highly prospective Intrusion related Cu-Au system for Ularring, a system style that can generate large scale deposits.

  • Well-developed Cu-Au horizon identified at the Centre Forest Prospect (“Centre Forest”), interpreted to be hosted within a prospective regional shear corridor that follows the margins of an interpreted intrusion.

  • Exciting opportunity to not only explore for higher grade Cu-Au zones at Centre Forest but also regionally along the targeted shear corridor (24km of strike), where minimal exploration has been undertaken to date.

  • Consideration includes A$200,000 (payable in fully paid shares) and a Conditional Buyback Right for Ramelius.

Centre Forest Prospect

  • Broad, Cu-Au zone confirmed in drilling with 1.1km strike, true thickness up to 35m wide and open.

  • Centre Forest drillhole results from surface oxides (saprolite) include:

  • CFR004 19m @ 2.02g/t Au, 0.16% Cu from 16m to EOH

  • CFC001 37m @ 0.73g/t Au, 0.26% Cu, from 21m

  • o CFC003 35m @ 0.64g/t Au, 0.16% Cu from 16m o UAC001 30m @ 0.94g/t Au, 0.1% Cu from 0m o UAC007 12m @ 0.8g/t Au, 0.01% Cu from 0m to EOH o UAC008 61m @ 0.82g/t Au, 0.15% Cu from 0m to EOH

  • Drilled down dip of mineralised trend

  • Centre Forest Prospect unweathered ‘fresh’ drillhole results include:

  • CFC002 17m @ 1.1g/t Au, 0.21% Cu, from 84m

  • CFC006 20m @ 0.55g/t Au, 0.13% Cu from 80m

  • CFC010 7m @ 0.61g/t Au, 0.26% Cu from 67m

  • o BUDD0003 20.35m @ 0.53g/t Au, 0.17% Cu from 338.45m to EOH

Regional Targets (Outside Centre Forest)

  • Historic pre 2012 exploration results sourced from open reports have identified several promising Cu-Au-Bi-MoW soil anomalies and other prospective targets that require further investigation.

For further information, please contact:

Peter Woodman

Managing Director Tel: +61 8 9322 6322

Peter Muccilli Technical Director Tel: +61 8 9322 632

Level 9, 28 The Esplanade PERTH WA 6000 tel +61 8 9322 6322 fax +61 8 9322 6558 email [email protected] constellationresources.com.au

ABN 57 153 144 211

12 September 2024

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Figure 1: Ularring Project Location with regional geology (inset) over TMI aeromagnetics image displaying the Meenar Shear.

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PROJECT BACKGROUND

Ularring, consisting of tenements E70/4686 and E70/4901 (cumulatively 187km[2] ) is located 100km northeast of Perth (Figure 2). Ularring is situated within the Archaean Yilgarn Craton and borders the Southwest and Youanmi Terranes. The Ularring tenements overlie broad acreage farms and capture the Shires of Goomalling, Cunderdin and Northam. A series of access agreements that allow exploration within private properties are in place.

The region is known to host several major deposits that are intrusion related, such as the Boddington Copper-Gold mine (11Moz Au and 1Mt of copper produced, hosted in a sheared Intrusive related setting[1] ) and Caravel Minerals’ (ASX: CVV) Caravel Copper Project (a porphyry hosted Cu-Mo-Ag-Au deposit containing 3Mt Cu, 61Kt Mo, 895koz Au and 46Moz Ag in Mineral Resource[2] ). A separate style of deposit in the region is the recently discovered Julimar Project (a mafic hosted PGE-Ni deposit) owned by Chalice Mining Ltd (ASX: CHN).

==> picture [438 x 384] intentionally omitted <==

Figure 2: Ularring Project Location.

As part of the acquisition, the Company has inherited historical exploration data relating to the Project including drillhole and geochemistry databases, geophysical information from electromagnetic, aeromagnetic and induced polarisation surveys, various geological GIS layers and optical petrology reports. Nearly all historic exploration has been focussed on the Centre Forest Prospect with little sustained exploration undertaken in the greater portfolio.

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CENTRE FOREST PROSPECT

Centre Forest is the most advanced and explored prospect within the Ularring Project (Figures 1 and 2). A welldeveloped Cu-Au horizon has been identified at Centre Forest which is interpreted to be hosted within a prospective regional shear corridor that follows the margins of an interpreted intrusion. A number of phases of drilling have been undertaken historically at Centre Forest by various exploration companies, however, there has been minimal programs in the last decade. Centre Forest represents an exciting opportunity to follow-up on previous drilling with the intention of identifying higher grade Cu-Au zones.

The results from previous drilling programs at Centre Forest have confirmed a continuous, broad zone of Cu-Au mineralisation over a strike length of 1.1km and remains open when utilising a >0.1g/t Au cutoff (Figures 1, 3-7). The Cu-Au mineralisation is interpreted to be best developed along a highly altered sheared margin of a granitoid intrusion and is hosted both in oxides (saprolite) from the surface and in the fresh rock located down dip. The associated mineral assemblage comprises quartz-garnet-biotite-cordierite-orthopyroxene with a sulphide suite comprising of pyrrhotite-chalcopyrite with trace levels of bismuthate. Other metal associations with the gold mineralisation include elevated levels of silver, bismuth, molybdenum and tungsten. The sheared contact is believed to be part of the regional Meenar Shear Corridor.

The general orientation of the Cu-Au mineralisation at Centre Forest is at a strike ~335 degrees, moderately easterlydipping ~45 degrees and is typically 20-30m wide (Figures 1, 3-7). The hanging wall stratigraphy to the east of the Meenar Shear is mainly made up of coarse-grained biotite-cordierite gneisses, amphibolites and mafic intrusions that juxtaposes a competent K-Feldspar gneissic gneiss on the footwall side to the west. The drilling was undertaken on oblique sections and is orthogonal (perpendicular) to the strike of the main mineralised zone. For drillholes drilled towards 245 degrees at -60 dip, the downhole intervals are interpreted to be close to true width (Table 2).

  • Selected Centre Forest drillhole intersections from the surface oxides (saprolite) include;

  • CFR004 19m @ 2.02g/t Au, 0.16% Cu from 16m to EOH

  • o CFC001 37m @ 0.73g/t Au, 0.26% Cu, from 21m o CFC003 35m @ 0.64g/t Au, 0.16% Cu from 16m o UAC001 30m @ 0.94g/t Au, 0.1% Cu from 0m o UAC007 * 12m @ 0.8g/t Au, 0.01% Cu from 0m to EOH o UAC008* 61m @ 0.82g/t Au, 0.15% Cu from 0m to EOH

* Drilled down dip of mineralised trend

  • Selected Centre Forest unweathered ‘fresh’ drillhole** intersections include;

o CFC002 17m @ 1.1g/t Au, 0.21% Cu, from 84m o CFC006 20m @ 0.55g/t Au, 0.13% Cu from 80m o CFC010 7m @ 0.61g/t Au, 0.26% Cu from 67m o BUDD0003 20.35m @ 0.53g/t Au, 0.17% Cu from 338.45m to EOH

**Sulphides assemblages associated with the fresh gold intersections are chalcopyrite, pyrrhotite with trace levels of bismuthinite

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Figure 3: Centre Forest historical drill intersection displaying wide continuous mineralisation over a 1.1km strike over TMI aeromagnetic image and cross section locations.

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Figure 4: Simplified Centre Forest Prospect Cross Sections - A-A1 looking north.

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Figure 5: Simplified Centre Forest Prospect Cross Sections - B-B1 looking north.

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Figure 6: Simplified Centre Forest Prospect Cross Sections. C-C1 looking north.

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Figure 7: Simplified Centre Forest Prospect Cross Sections. D-D1 looking north.

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Greater Exploration Potential

Regional Targets

Ularring represents an exciting opportunity to not only explore for higher grade Cu-Au zones at Centre Forest but also regionally along the targeted shear corridor (24km of strike), where minimal exploration has been undertaken to date. Historical results have generated Cu-Au-Bi-Mo-W soil anomalies utilising a variety of sampling methods (soil and auger sampling) and various analytical techniques. These anomalies are located along strike of Centre Forest and on separate trends. These geochemistry anomalies along with a number of other promising historic targets were generated from exploration programs undertaken prior to 2012 and require further investigation/validation.

Proposed Initial Work Programs

The Company is proposing the following work programs as the initial phase of exploration at Ularring:

  • Validation programs to continue to verify historical soil anomalies and other historical prospects;

  • A program of shallow drilling to infill possible higher grade mineralised saprolite zones at Centre Forest and to generate samples for metallurgical purposes;

  • Reconnaissance soil sampling and drilling to identify additional mineralised oxides, a proven vector to mineralised sulphides once all surface geochemistry datasets are fully processed;

  • Additional soil sampling to both verify and potentially extend some of the priority historical soil anomalies; and

  • A number of generative geophysical surveys to help better identify developed sulphide zones are being considered, including extending Induced Polarisation coverage along fertile trends.

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Commercial Terms

Constellation Resources Limited (“Constellation”) through its wholly owned subsidiary, CR1 Minerals Pty Limited (the “Company”), has entered into a binding tenement sale agreement (“Agreement”) with Breaker Resources NL (“Breaker”), a 100% wholly owned subsidiary of Ramelius Resources Limited (ASX: RMS), to acquire 100% of the Ularring Project (E70/4686 and E70/4901) (“Ularring Tenements”) (the “Acquisition”), for the following consideration:

  • Consideration - $200,000 worth of fully paid ordinary shares in Constellation (“Constellation Shares”), at a deemed issue price of the higher of:

  • 10-day volume weight average price (VWAP) of the shares on ASX as at the date one day prior to the date of issue; and

  • AUD $0.15 per Constellation Share.

  • Conditional Buyback Right – Constellation granting Breaker (or its nominated related body corporate), the option to acquire 51% of the legal and beneficial interests of the Ularring Tenements from Constellation (in its complete discretion) (“Buyback Right”) upon the announcement by Constellation to the ASX (or any stock exchange) of a Mineral Resource as defined by the JORC Code 2012 or equivalent (“Milestone”), for 10 years (“Sunset Date”) following Completion of the Agreement. Should Breaker exercise the option to acquire 51% of the legal and beneficial interests of the Ularring Tenements, the exercise price payable in cash for the Buyback Right will be the amount equal to the greater of:

  • four times the in-ground exploration expenditure incurred by Constellation from the date of Completion to the date of a notice in writing to Constellation that Breaker exercises its Buyback Right (the “Buyback Notice”); or

  • A$100 per gold equivalent resource ounce defined in respect of the Ularring Tenements as at the date of the Buyback Notice.

pro rata to a 51% interest in the Ularring Tenements.

Following achievement of the Milestone, Breaker may provide a Buyback Notice. Any issuance of a Buyback Notice must be issued no later than 40 Business Days from the date of the related Milestone being achieved. For the avoidance of doubt any new release or update to the market (being a new Milestone) prior to the Sunset Date shall mean Breaker has the right to exercise the Buyback Right in relation to that new Milestone, provided that Breaker cannot obtain, in aggregate, more than 51% of the legal and beneficial interests in the Ularring Tenements pursuant to the Buyback Rights. If Breaker acquires a 51% interest under the Buyback Right, the parties will enter into a joint venture in respect of the Ularring Tenements in their respective interests.

Completion of the Acquisition is subject to the following conditions precedent being satisfied or waived:

  • a) Constellation completing due diligence to its satisfaction, including title related due diligence; and

  • b) the parties (and the relevant third parties to the extent required) executing Deeds of Assignment and Assumption in relation to any third party agreements relating to Ularring.

Completion of the Acquisition is expected to occur within two months.

The Agreement includes pre-completion obligations on both parties and standard representations and warranties. Breaker is an unrelated party to the Company. The Consideration will be issued under the Company’s 15% placement capacity under Listing Rule 7.1.

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Risk Factors

Constellation has undertaken an initial due diligence process (including title and other risks) with respect to the Project. The Project is an early-stage project and is subject to the usual risks associated with companies undertaking exploration and development activities of projects in Western Australia which will remain at completion of the acquisition.

Usual risk factors for early stage exploration projects will apply, however a number of additional risk factors specific to the Project and associated activities have also been identified, including, but not limited to:

  • The conditions precedent to the Agreement may not be met or waived and therefore the transaction does not complete; and

  • The Conditional Buyback Right may or may not be exercised.

Shareholders should note that some of the risks may be mitigated by the use of appropriate safeguards and systems, whilst others are outside the control of the Company and cannot be mitigated. Should any of the risks eventuate, then it may have a material adverse impact on the financial performance of the Project, the Company and the value of the Company’s securities.

References

1 Production details are sourced and summarised from https://www.newmont.com/.

McCuaig, T.C., Behn, M., Stein, H., Hagemann, S.G., McNaughton, N.J., Cassidy, K.F., Champion, D. and Wyborn, L., 2001 - The Boddington gold mine: A new style of Archaean Au-Cu deposit.

2 Caravel Minerals Limited ASX release “2023 Mineral Resource Update – Caravel Copper Project“ dated 13 November 2023.

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to exploration results is based on information reviewed by Mr Peter Muccilli, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Muccilli is the Technical Director for Constellation Resources Limited and a holder of shares and incentive options in Constellation Resources. Mr Muccilli has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, 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” (JORC Code). Mr Muccilli consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

Statements regarding plans with respect to Constellation’s projects are forward-looking statements. There can be no assurance that the Company’s plans for development of its projects will proceed as currently expected. These forward-looking statements are based on the Company’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

This ASX Announcement has been approved in accordance with the Company’s published continuous disclosure policy and authorised for release by the Company’s Board of Directors.

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Table 1: Tenement Information.

Tenement ID Registered Holder Granted
Date		 Expiry Date **Size (km2) ** Status
E70/4901 Breaker Resources NL
(100%)		 17/03/2017 16/03/2027 64.6 Granted
E70/4686 Breaker Resources NL
(100%)		 07/07/2015 06/07/2025 122.8 Granted

Table 2: Centre Forest Prospect Drill Intersections Only (Using a 0.1g/t Au bottom cut)

A validation of the Centre Forest Prospect drillhole database has been completed allowing for the reporting of drill results (refer to JORC 2012 Appendices) in this announcement. Some key points of the verification process included the cross checking of the drill hole information stored in the database against the original open file WAMEX reports, confirmation of assay methodology, the use of an accredited laboratory and the visual inspection of mineralised diamond core.

The Company will continue with the verification process of the inherited datasets outside the Centre Forest Prospect in the months ahead.

Hole ID From To Interval* Au
g/t		 Cu
%		 NAT_East NAT_North NAT_RL Depth Dip NAT_Azimuth Hole Type**
BUDD0001 NSA 476367 6528979 238 0 -59 78 DDH
BUDD0002 37.02 38 0.98 0.21 0.02 483924 6515634 274 0 -60 239 DDH
BUDD0003 301.7 302.1 0.39 0.11 0.28 483925 6515634 274 0 -59 241 DDH
BUDD0003 338.5 358.8 20.35 0.53 0.17 483925 6515634 274 0 -59 241 DDH
BUDD0004 NSA 484045 6515698 259 0 -59 242 DDH
BUDD0005 27.7 29 1.3 0.12 0.01 484360 6515854 259 0 -60 243 DDH
CFA0001 NSA 483709 6515172 265.72 0 -90 360 AC
CFA0002 NSA 483789 6515216 266.87 0 -90 360 AC
CFA0003 NSA 483893 6515263 270.41 0 -90 360 AC
CFA0004 NSA 483977 6515308 269.89 0 -90 360 AC
CFA0005 37 38 1 2.30 0.21 484069 6515350 268.48 0 -90 360 AC
CFA0005 39 40 1 0.19 0.18 484069 6515350 268.48 0 -90 360 AC
CFA0006 NSA 484164 6515391 266.72 0 -90 360 AC
CFA0007 NSA 484252 6515436 263.63 0 -90 360 AC
CFA0008 NSA 484342 6515481 263.01 0 -90 360 AC
CFA0009 NSA 484416 6515236 261.83 0 -90 360 AC
CFA0010 NSA 484319 6515193 262.73 0 -90 360 AC
CFA0011 NSA 484231 6515150 262.04 0 -90 360 AC
CFA0012 NSA 484136 6515105 266.99 0 -90 360 AC
CFA0013 25 27 2 0.20 0.14 484052 6515063 268.47 0 -90 360 AC
CFA0014 NSA 483955 6515018 266.95 0 -90 360 AC
CFA0015 NSA 483861 6514984 265.96 0 -90 360 AC
CFA0016 NSA 483775 6514934 263.45 0 -90 360 AC
CFA0017 NSA 483865 6514708 259.44 0 -90 360 AC
CFA0018 NSA 483962 6514749 260.86 0 -90 360 AC
CFA0019 NSA 484054 6514787 263.36 0 -90 360 AC
CFA0020 NSA 484146 6514829 265.2 0 -90 360 AC
CFA0021 NSA 484243 6514870 263.52 0 -90 360 AC
CFA0022 NSA 484330 6514908 261.28 0 -90 360 AC

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CFA0023 NSA 484419 6514948 260.61 0 -90 360 AC
CFA0024 NSA 484511 6514987 259.41 0 -90 360 AC
CFA0025 NSA 484597 6514584 256.3 0 -90 360 AC
CFA0026 NSA 484503 6514540 256.31 0 -90 360 AC
CFA0027 NSA 484411 6514496 254.77 0 -90 360 AC
CFA0028 NSA 484322 6514445 254.58 0 -90 360 AC
CFA0029 NSA 484230 6514400 254.98 0 -90 360 AC
CFA0030 NSA 484137 6514359 256.25 0 -90 360 AC
CFA0031 NSA 484048 6514319 253.68 0 -90 360 AC
CFA0032 NSA 483960 6514265 253.88 0 -90 360 AC
CFA0033 NSA 485080 6514503 258.81 0 -90 360 AC
CFA0034 NSA 484989 6514463 259.11 0 -90 360 AC
CFA0035 NSA 484899 6514410 258.04 0 -90 360 AC
CFA0036 NSA 484812 6514374 257.49 0 -90 360 AC
CFA0037 NSA 484722 6514327 256.89 0 -90 360 AC
CFA0038 NSA 484630 6514277 257.52 0 -90 360 AC
CFA0039 NSA 484543 6514234 258.78 0 -90 360 AC
CFA0040 NSA 484451 6514190 258.4 0 -90 360 AC
CFA0041 NSA 483545 6514955 260.69 0 -90 360 AC
CFA0042 NSA 483574 6514961 262.71 0 -90 360 AC
CFA0043 NSA 483599 6514972 263.94 0 -90 360 AC
CFA0044 30 31 1 0.43 0.06 483619 6514977 264.53 0 -90 360 AC
CFA0044 36 37 1 0.11 0.15 483619 6514977 264.53 0 -90 360 AC
CFA0045 NSA 483579 6514871 260.71 0 -90 360 AC
CFA0046 NSA 483603 6514881 262.45 0 -90 360 AC
CFA0047 NSA 483635 6514896 263.58 0 -90 360 AC
CFA0048 NSA 483663 6514907 263.69 0 -90 360 AC
CFA0049 NSA 483685 6514926 263.37 0 -90 360 AC
CFA0050 NSA 483714 6514936 263.17 0 -90 360 AC
CFA0051 NSA 483657 6514991 264.59 0 -90 360 AC
CFA0052 NSA 483687 6515005 264.05 0 -90 360 AC
CFA0053 0 4 4 0.24 0.01 483998.4 6515377.3 268.92 0 -60 245 AC
CFA0054 NSA 484050.1 6515394 268.66 0 -60 245 AC
CFA0055 NSA 484095.2 6515416.8 267.8 0 -60 245 AC
CFA0056 NSA 484022.3 6515329.2 269.06 0 -60 245 AC
CFA0057 NSA 484113.7 6515366.2 267.42 0 -60 245 AC
CFA0058 NSA 484049 6515281.7 268.8 0 -60 245 AC
CFA0059 NSA 484096.2 6515307.5 267.86 0 -60 245 AC
CFA0060 NSA 484128 6515334.9 267.27 0 -60 245 AC
CFA0061 NSA 483990.8 6515086.3 268.02 0 -60 245 AC
CFA0062 NSA 484030.4 6515111.6 268.18 0 -60 245 AC
CFA0063 NSA 484074.3 6515133.9 268.22 0 -60 245 AC
CFA0064 NSA 484004.5 6515046.2 267.96 0 -60 245 AC
CFA0065 NSA 484097 6515088.2 268.14 0 -60 245 AC
CFA0066 NSA 484027.1 6514999.7 267.63 0 -60 245 AC
CFA0067 40 44 4 0.11 0.07 484072.7 6515024.3 268.11 0 -60 245 AC
CFA0068 NSA 484118.2 6515045.5 267.52 0 -60 245 AC
CFA0069 NSA 483792.9 6515014.6 266.85 0 -60 245 AC
CFA0070 NSA 483840.7 6515030.2 267.1 0 -60 245 AC
CFA0071 NSA 483889.5 6515047.5 267.06 0 -60 245 AC

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CFA0072 NSA 483816.6 6514964.2 265.19 0 -60 245 AC
CFA0073 NSA 483906.2 6515009.3 266.08 0 -60 245 AC
CFA0074 NSA 483838.5 6514918.7 264.36 0 -60 245 AC
CFA0075 NSA 483881.5 6514938.7 265.47 0 -60 245 AC
CFA0076 NSA 483928.4 6514965 265.69 0 -60 245 AC
CFA0077 NSA 483901.4 6514788.2 261.4 0 -60 245 AC
CFA0078 NSA 483940.8 6514803.3 262.29 0 -60 245 AC
CFA0079 NSA 483989.1 6514824.1 263.12 0 -60 245 AC
CFA0080 NSA 484032.1 6514841.8 264.67 0 -60 245 AC
CFA0081 NSA 484073.2 6514856.7 265.95 0 -60 245 AC
CFA0082 NSA 483919.8 6514734.6 260.2 0 -60 245 AC
CFA0083 NSA 484008.5 6514775.7 262.78 0 -60 245 AC
CFA0084 NSA 484097.5 6514809.7 264.36 0 -60 245 AC
CFA0085 NSA 483930.6 6514692 259.78 0 -60 245 AC
CFA0086 NSA 483977.6 6514705.8 260.51 0 -60 245 AC
CFA0087 NSA 484024.4 6514728.5 261.79 0 -60 245 AC
CFA0088 NSA 484074 6514748 262.22 0 -60 245 AC
CFA0089 NSA 484117.1 6514764.5 262.81 0 -60 245 AC
CFA0090 NSA 484444 6515021.5 260.29 0 -60 245 AC
CFA0091 NSA 484486.6 6515034 259.26 0 -60 245 AC
CFA0092 NSA 484542.1 6515057.3 258.73 0 -60 245 AC
CFA0093 NSA 484464.3 6514969.3 259.24 0 -60 245 AC
CFA0094 NSA 484562.4 6515009.9 260.36 0 -60 245 AC
CFA0095 NSA 484617.7 6515031.9 259.91 0 -60 245 AC
CFA0096 NSA 484487.7 6514929.9 256.94 0 -60 245 AC
CFA0097 NSA 484529.7 6514947.6 258.08 0 -60 245 AC
CFA0098 NSA 484579.3 6514964 260.63 0 -60 245 AC
CFA0099 NSA 484531.2 6514606.6 256.82 0 -60 245 AC
CFA0100 NSA 484575.4 6514632.4 256.49 0 -60 245 AC
CFA0101 52 55 3 0.15 0.03 484617.8 6514649 255.63 0 -60 245 AC
CFA0102 NSA 484669.4 6514670.5 254.88 0 -60 245 AC
CFA0103 NSA 484551.4 6514568.9 256.78 0 -60 245 AC
CFA0104 NSA 484640 6514607.1 255.94 0 -60 245 AC
CFA0105 NSA 484687.6 6514628.1 255.6 0 -60 245 AC
CFA0106 NSA 484780.4 6514670.8 256.7 0 -60 245 AC
CFA0107 NSA 484572.8 6514521 255.9 0 -60 245 AC
CFA0108 NSA 484617.6 6514540.5 255.6 0 -60 245 AC
CFA0109 NSA 484661.9 6514562.4 255.52 0 -60 245 AC
CFA0110 NSA 484702.3 6514567.8 256.55 0 -60 245 AC
CFC001 0 1 1 0.17 0.02 483573.8 6515455.9 266.98 0 -60 247 RC
CFC001 21 58 37 0.73 0.26 483573.8 6515455.9 266.98 0 -60 247 RC
CFC002 75 81 6 0.55 0.14 483629.8 6515483.6 265.34 0 -60 247 RC
CFC002 84 101 17 1.10 0.21 483629.8 6515483.6 265.34 0 -60 247 RC
CFC002 104 107 3 0.24 0.15 483629.8 6515483.6 265.34 0 -60 247 RC
CFC003 1 3 2 0.27 0.01 483549.4 6515532.9 266.8 0 -60 247 RC
CFC003 16 51 35 0.64 0.16 483549.4 6515532.9 266.8 0 -60 247 RC
CFC004 55 70 15 0.39 0.13 483605.3 6515559.9 264.89 0 -60 247 RC
CFC004 75 86 11 0.37 0.16 483605.3 6515559.9 264.89 0 -60 247 RC
CFC005 0 4 4 0.27 0.02 483512.4 6515603.3 264.51 0 -60 247 RC
CFC005 24 36 12 0.33 0.08 483512.4 6515603.3 264.51 0 -60 247 RC

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CFC006 80 100 20 0.55 0.13 483622.6 6515390.8 265.35 0 -60 247 RC
CFC007 0 4 4 0.11 483554.1 6515269.5 265.87 0 -60 247 RC
CFC007 21 41 20 0.60 0.14 483554.1 6515269.5 265.87 0 -60 247 RC
CFC008 0 4 4 0.11 0.01 483574.4 6515190.4 266.05 0 -60 247 RC
CFC008 20 44 24 0.53 0.18 483574.4 6515190.4 266.05 0 -60 247 RC
CFC009 16 28 12 0.21 0.09 483601.8 6515114.3 265.37 0 -60 247 RC
CFC009 36 60 24 0.27 0.12 483601.8 6515114.3 265.37 0 -60 247 RC
CFC010 8 12 4 0.11 0.01 483598.1 6515292 265.84 0 -60 247 RC
CFC010 54 62 8 0.30 0.10 483598.1 6515292 265.84 0 -60 247 RC
CFC010 67 74 7 0.61 0.26 483598.1 6515292 265.84 0 -60 247 RC
CFDD001 194 219 25 0.48 0.18 483746 6515540 263.96 0 -60 245 ACDD
CFR001 NSA 483478.5 6515229.5 265.39 0 -60 247 RAB
CFR002 0 4 4 0.11 483496.5 6515237.5 265.39 0 -60 247 RAB
CFR003 1 4 3 0.20 483520.5 6515255.6 265.75 0 -60 247 RAB
CFR004 0 4 4 0.11 0.01 483542.5 6515264.6 265.87 0 -60 247 RAB
CFR004 16 35 19 2.02 0.16 483542.5 6515264.6 265.87 0 -60 247 RAB
CFR005 0 4 4 0.12 0.01 483564.5 6515275.6 265.94 0 -60 247 RAB
CFR005 28 39 11 0.32 0.12 483564.5 6515275.6 265.94 0 -60 247 RAB
CFR006 NSA 483586.5 6515286.5 265.84 0 -60 247 RAB
CFR007 NSA 483424 6515561 266.08 0 -60 247 RAB
CFR008 NSA 483445 6515572 265.9 0 -60 247 RAB
CFR009 NSA 483467 6515584 265.77 0 -60 247 RAB
CFR010 0 12 12 0.22 0.09 483477.5 6515589.2 265.77 0 -60 247 RAB
CFR011 8 20 12 0.62 0.12 483489.1 6515594.2 265.6 0 -60 247 RAB
CFR012 0 4 4 0.14 0.07 483500.7 6515599.2 264.81 0 -60 247 RAB
CFR012 16 27 11 0.33 0.08 483500.7 6515599.2 264.81 0 -60 247 RAB
CFR013 0 4 4 0.18 0.03 483512 6515604 264.51 0 -60 247 RAB
CFR013 24 35 11 0.33 0.10 483512 6515604 264.51 0 -60 247 RAB
CFR014 0 4 4 0.18 0.02 483522.2 6515609.2 264.51 0 -60 247 RAB
CFR014 28 32 4 0.42 0.09 483522.2 6515609.2 264.51 0 -60 247 RAB
CFR015 0 4 4 0.39 0.02 483535 6515614 264.16 0 -60 247 RAB
CFR015 36 40 4 0.12 0.09 483535 6515614 264.16 0 -60 247 RAB
CFR016 0 4 4 0.54 0.01 483559.3 6515625 263.02 0 -60 247 RAB
CFR017 0 4 4 0.37 0.01 483580 6515635 263.02 0 -60 247 RAB
CFR018 0 4 4 0.15 0.02 483597 6515642 262.6 0 -60 247 RAB
CFR019 NSA 483391 6515633 265.49 0 -60 247 RAB
CFR020 NSA 483413 6515645 265.45 0 -60 247 RAB
CFR021 NSA 483435 6515656 264.61 0 -60 247 RAB
CFR022 4 8 4 0.32 0.11 483447 6515661 264.61 0 -60 247 RAB
CFR023 0 4 4 0.10 0.03 483458 6515666 264.19 0 -60 247 RAB
CFR023 12 20 8 0.17 0.12 483458 6515666 264.19 0 -60 247 RAB
CFR024 16 20 4 0.15 0.09 483468.4 6515671.1 264.19 0 -60 247 RAB
CFR025 20 29 9 0.20 0.09 483480 6515677 263.19 0 -60 247 RAB
CFR026 0 4 4 0.13 0.02 483491 6515682 263.19 0 -60 247 RAB
CFR026 16 24 8 0.86 0.11 483491 6515682 263.19 0 -60 247 RAB
CFR027 0 4 4 0.17 0.02 483503 6515688 263.19 0 -60 247 RAB
CFR027 20 32 12 0.32 0.18 483503 6515688 263.19 0 -60 247 RAB
CFR028 0 4 4 0.22 0.02 483526 6515699 262.6 0 -60 247 RAB
CFR029 0 4 4 0.37 0.02 483548 6515710 261.61 0 -60 247 RAB
CFR030 NSA 483570 6515720 261.28 0 -60 247 RAB

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CFR031 20 31 11 0.37 0.12 483452.8 6515728.5 262.75 0 -60 247 RAB
CFR032 NSA 483319 6515781 263.92 0 -60 247 RAB
CFR033 NSA 483340 6515792 263.84 0 -60 247 RAB
CFR034 NSA 483362 6515805 263.59 0 -60 247 RAB
CFR035 NSA 483385 6515817 262.87 0 -60 247 RAB
CFR036 NSA 483402 6515825 262.4 0 -60 247 RAB
CFR037 NSA 483421 6515834 261.95 0 -60 247 RAB
CFR038 NSA 483438 6515842.7 261.24 0 -60 247 RAB
CFR039 4 12 8 0.17 0.12 483457 6515852 260.53 0 -60 247 RAB
CFR040 16 20 4 0.13 0.21 483475.8 6515860 259.84 0 -60 247 RAB
CFR040 NSA 483475.8 6515860 259.84 0 -60 247 RAB
CFR041 28 32 4 0.13 0.17 483493 6515871 259.24 0 -60 247 RAB
CFR042 NSA 483604.2 6515295.8 265.84 0 -60 247 RAB
CFR043 NSA 483623.8 6515304.1 265.79 0 -60 247 RAB
CFR044 NSA 483640.5 6515313.6 265.65 0 -60 247 RAB
CFR045 20 24 4 0.39 0.10 483658.5 6515322.6 265.65 0 -60 247 RAB
CFR046 0 30 30 0.34 0.13 483551.9 6515181.4 265.75 0 -60 247 RAB
CFR047 20 27 7 0.25 0.16 483572.9 6515190.4 266.05 0 -60 247 RAB
CFR048 NSA 483593.9 6515201.4 266.26 0 -60 247 RAB
CFR049 24 26 2 0.11 0.08 483583.9 6515196.4 266.32 0 -60 247 RAB
CFR050 0 4 4 0.24 0.02 483561.9 6515185.4 266.05 0 -60 247 RAB
CFR050 16 30 14 0.29 0.25 483561.9 6515185.4 266.05 0 -60 247 RAB
CFR051 8 12 4 0.16 0.09 483590.6 6515109.4 265.37 0 -60 247 RAB
CFR051 24 41 17 0.44 0.10 483590.6 6515109.4 265.37 0 -60 247 RAB
CFR052 16 25 9 0.19 0.11 483601 6515113.9 265.37 0 -60 247 RAB
CFR053 NSA 483612.5 6515119.6 265.91 0 -60 247 RAB
CFR054 NSA 483622.3 6515123.8 265.91 0 -60 247 RAB
CFR055 0 16 16 0.47 0.12 483558.3 6515094 264.9 0 -60 247 RAB
CFR056 2 4 2 0.37 0.10 483540.5 6515085.5 263.52 0 -60 247 RAB
CFR057 0 49 49 0.63 0.12 483559.8 6515094.8 264.9 0 -60 67 RAB
CFR058 0 4 4 0.16 0.03 483523.5 6515165.6 265.3 0 -60 247 RAB
CFR059 1 3 2 0.36 0.02 483524.5 6515165.6 265.3 0 -60 67 RAB
CFR060 0 8 8 0.22 0.10 483533.5 6515170.6 265.64 0 -60 67 RAB
CFR060 16 27 11 0.22 0.16 483533.5 6515170.6 265.64 0 -60 67 RAB
CFR061 0 4 4 0.11 0.01 483522.5 6515298.6 266.08 0 -60 247 RAB
CFR062 0 4 4 0.15 0.01 483543.7 6515308.3 266.31 0 -60 247 RAB
CFR062 8 30 22 0.84 0.14 483543.7 6515308.3 266.31 0 -60 247 RAB
CFR063 0 4 4 0.21 0.01 483566.5 6515319.6 266.04 0 -60 247 RAB
CFR064 4 8 4 0.24 0.02 483556.1 6515313.6 266.31 0 -60 247 RAB
CFR064 12 16 4 0.28 0.07 483556.1 6515313.6 266.31 0 -60 247 RAB
CFR064 24 27 3 0.52 0.13 483556.1 6515313.6 266.31 0 -60 247 RAB
CFR065 0 4 4 0.34 0.01 483534.1 6515303.3 266.08 0 -60 247 RAB
CFR066 0 4 4 0.22 0.01 483520.5 6515276.6 265.75 0 -60 247 RAB
CFR067 0 4 4 0.13 483541.5 6515287.6 266.08 0 -60 247 RAB
CFR067 16 28 12 0.27 0.16 483541.5 6515287.6 266.08 0 -60 247 RAB
CFR068 0 4 4 0.18 0.01 483562.5 6515297.6 265.99 0 -60 247 RAB
CFR068 8 20 12 0.13 0.07 483562.5 6515297.6 265.99 0 -60 247 RAB
CFR069 8 20 12 0.62 0.06 483536.5 6515326.6 266.31 0 -60 247 RAB
CFR070 0 12 12 0.21 0.02 483558.5 6515337.6 266.16 0 -60 247 RAB
CFR070 28 33 5 0.77 0.20 483558.5 6515337.6 266.16 0 -60 247 RAB

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CFR071 0 4 4 0.16 0.01 483581.5 6515348.6 266.16 0 -60 247 RAB
UAC001 0 30 30 0.94 0.11 483530 6515434 267.97 0 -90 360 AC
UAC002 0 3 3 0.18 0.01 483507 6515423 267.97 0 -90 360 AC
UAC003 NSA 483484 6515412 268.01 0 -90 360 AC
UAC004 NSA 483462 6515401 267.49 0 -90 360 AC
UAC005 0 1 1 0.39 0.01 483597 6515466 266.01 0 -60 67 AC
UAC006 0 2 2 0.24 0.01 483574 6515456 266.98 0 -60 67 AC
UAC007 0 12 12 0.80 0.01 483552 6515445 267.76 0 -60 67 AC
UAC007 15 18 3 0.22 0.08 483552 6515445 267.76 0 -60 67 AC
UAC007 21 54 33 0.80 0.25 483552 6515445 267.76 0 -60 67 AC
UAC008 0 61 61 0.82 0.15 483531 6515434 267.62 0 -60 67 AC
UAC009 0 3 3 0.29 0.01 483508 6515423 267.97 0 -60 67 AC
UAC010 NSA 483484 6515412 268.01 0 -60 67 AC
UAC011 0 3 3 0.11 483505 6515333 266.7 0 -60 247 AC
UAC012 0 3 3 0.32 0.01 483528 6515344 266.7 0 -60 247 AC
UAC012 9 12 3 0.21 483528 6515344 266.7 0 -60 247 AC
UAC013 0 5 5 0.26 0.02 483550 6515355 266.56 0 -60 247 AC
UAC013 23 27 4 0.67 0.21 483550 6515355 266.56 0 -60 247 AC
UAC014 0 7 7 0.29 0.02 483572 6515366 266.36 0 -60 247 AC
UAC014 36 52 16 0.61 0.15 483572 6515366 266.36 0 -60 247 AC
UAC014 54 57 3 0.21 0.06 483572 6515366 266.36 0 -60 247 AC
UAC015 9 12 3 0.23 0.02 483595 6515377 265.68 0 -60 247 AC
UAC015 51 65 14 0.47 0.07 483595 6515377 265.68 0 -60 247 AC
UAC016 NSA 483617 6515388 265.35 0 -60 247 AC
UAC017 NSA 483640 6515399 265.11 0 -60 247 AC
UAC018 NSA 483662 6515410 264.98 0 -60 247 AC
UAC019 1 2 1 0.19 0.01 483605 6515560 264.89 0 -60 67 AC
UAC020 0 3 3 0.35 0.01 483583 6515549 265.55 0 -60 67 AC
UAC021 0 3 3 0.31 0.01 483560 6515538 266.31 0 -60 67 AC
UAC022 0 5 5 0.68 0.02 483538 6515527 266.8 0 -60 67 AC
UAC022 33 48 15 0.68 0.11 483538 6515527 266.8 0 -60 67 AC
UAC023 0 9 9 0.42 0.04 483515 6515516 267.01 0 -60 67 AC
UAC023 15 49 34 0.54 0.15 483515 6515516 267.01 0 -60 67 AC
UAC024 0 3 3 0.30 0.01 483493 6515505 267.47 0 -60 67 AC
UAC025 NSA 483470 6515494 267.37 0 -60 67 AC
UAC026 NSA 483448 6515483 267.27 0 -60 67 AC
UAC027 NSA 483425 6515472 266.64 0 -60 67 AC
UAC028 NSA 483340 6515673 264.62 0 -60 247 AC
UAC029 NSA 483385 6515695 264.94 0 -60 247 AC
UAC030 NSA 483430 6515717 263.87 0 -60 247 AC
UAC031 0 3 3 0.11 0.02 483475 6515739 262.75 0 -60 247 AC
UAC031 33 42 9 0.44 0.13 483475 6515739 262.75 0 -60 247 AC
UAC032 NSA 483686 6514818 262.54 0 -60 67 AC
UAC033 NSA 483663 6514807 263.12 0 -60 67 AC
UAC034 NSA 483641 6514797 262.51 0 -60 67 AC
UAC035 NSA 483618 6514785 262.82 0 -60 67 AC
UAC036 9 12 3 0.16 0.10 483596 6514775 260.25 0 -60 67 AC
UAC037 NSA 483573 6514764 258.6 0 -60 67 AC
UAC038 NSA 483551 6514753 257.2 0 -60 67 AC
UAC039 NSA 483528 6514742 255.65 0 -60 67 AC

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UAC040 NSA 483505 6514731 255.65 0 -60 67 AC
UAC041 NSA 483220 6514590 247.33 0 -60 67 AC
UAC042 NSA 483119 6514541 247.03 0 -60 67 AC
UAC043 NSA 483029 6514498 244.36 0 -60 67 AC
UAC044 NSA 483800 6514720 258.24 0 -60 67 AC
UAC045 NSA 483845 6514744 259.61 0 -60 67 AC
UAC046 NSA 483796 6515660 262.66 0 -55 244 AC
UAC047 NSA 483766 6515642 262.65 0 -55 244 AC
UAC048 NSA 483722 6515620 262.94 0 -55 244 AC
UAC049 NSA 483676 6515601 262.98 0 -55 244 AC
UAC050 NSA 483742 6515984 257.93 0 -55 244 AC
UAC051 NSA 483723 6515976 257.93 0 -55 244 AC
UAC052 NSA 483698 6515966 257.58 0 -55 244 AC
UAC053 NSA 483589 6515907 258.3 0 -55 244 AC
UAC054 NSA 483645 6515580 263.37 0 -55 244 AC
UAC055 NSA 483558 6515886 258.11 0 -55 244 AC
UAC056 NSA 483596 6513847 258.22 0 -90 360 AC
UAC057 NSA 483673 6513885 259.82 0 -90 360 AC
UAC058 NSA 483737 6513917 261.29 0 -90 360 AC
UAC059 NSA 483813 6513951 263.41 0 -90 360 AC
UAC060 NSA 483887 6513983 262.55 0 -90 360 AC
UAC061 NSA 483959 6514016 262.38 0 -90 360 AC
UAC062 NSA 484033 6514043 262.12 0 -90 360 AC
UAC063 NSA 485236 6511394 244.15 0 -55 244 AC
UAC064 NSA 485224 6511385 243.86 0 -55 244 AC
UAC065 11 17 6 0.23 0.09 485203 6511376 244.42 0 -55 244 AC
UAC065 19 20 1 0.45 0.14 485203 6511376 244.42 0 -60 245 AC
UAC066 20 24 4 0.16 0.02 483475 6517000 238.35 0 -60 245 AC
UAC067 NSA 483547 6517040 240.31 0 -60 245 AC
UAC068 NSA 483625 6517080 241.85 0 -60 245 AC
UAC069 NSA 483696 6517120 242.12 0 -60 245 AC
UAC070 NSA 483775 6517145 243.07 0 -60 245 AC
UAC071 NSA 483850 6517180 243.7 0 -60 245 AC
UAC072 NSA 483925 6517215 244.58 0 -60 245 AC
UAC073 NSA 483995 6517250 244.26 0 -60 245 AC
UAC074 NSA 484065 6517290 245.23 0 -60 245 AC
UAC075 NSA 484135 6517322 245.73 0 -60 245 AC
UAC076 NSA 485165 6512070 256.68 0 -60 245 AC
UAC077 NSA 485230 6512100 260.81 0 -60 245 AC
UAC078 NSA 485303 6512144 266.36 0 -60 245 AC
UAC079 28 32 4 0.18 0.04 485376 6512180 268.07 0 -60 245 AC
UAC080 NSA 485447 6512213 267.09 0 -60 245 AC
UAC081 NSA 485519 6512250 264.7 0 -60 245 AC
UAC082 NSA 485594 6512286 261.64 0 -60 245 AC
UAC083 NSA 485659 6512316 260.8 0 -60 245 AC
UAC084 NSA 485731 6512355 260.06 0 -60 245 AC
UAC085 NSA 485814 6512400 258.08 0 -60 245 AC
UAC086 NSA 484186 6512514 254.98 0 -60 245 AC
UAC087 NSA 484212 6512530 256.23 0 -60 245 AC
UAC088 NSA 484254 6512554 255.65 0 -60 245 AC

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UAC089 NSA 484291 6512566 257.22 0 -60 245 AC
UAC090 NSA 484330 6512586 259.93 0 -60 245 AC
UAC091 NSA 484362 6512616 262.04 0 -60 245 AC
UAC092 NSA 484387 6512633 262.93 0 -60 245 AC
UAC093 24 28 0.27 0.02 484436 6512656 264.03 0 -60 245 AC
UAC094 NSA 484468 6512675 263.46 0 -60 245 AC
UAC095 NSA 484498 6512694 262.86 0 -60 245 AC
UAC096 NSA 484537 6512711 260.63 0 -60 245 AC
UAC097 NSA 484927 6511450 244.39 0 -60 245 AC
UAC098 NSA 484960 6511466 244.35 0 -60 245 AC
UAC099 NSA 484988 6511482 243.59 0 -60 245 AC
UAC100 NSA 485037 6511495 243.98 0 -60 245 AC
UAC101 NSA 485070 6511520 244.18 0 -60 245 AC
UAC102 NSA 485112 6511530 244.31 0 -60 245 AC
UAC103 NSA 485147 6511553 245.29 0 -60 245 AC
UAC104 NSA 485182 6511567 245.98 0 -60 245 AC
UAC105 NSA 485225 6511591 246.9 0 -60 245 AC
UAC106 NSA 485256 6511602 246.97 0 -60 245 AC
UAC107 NSA 485019 6511487 243.98 0 -60 245 AC
UAC108 NSA 485057 6511503 243.75 0 -60 245 AC
UAC109 NSA 485085 6512036 255.11 0 -60 245 AC
UAC110 NSA 485010 6512000 253.09 0 -60 245 AC

* Centre Forest Prospect drill holes were drilled on oblique sections and perpendicular to the main mineralised trend. For drill holes drilled towards 245 degrees at -60 dip, the downhole intervals are interpreted to be close to true width.

** Abbreviations - Aircore Drilling (AC), Rotary Air Blast (RAB) and Diamond Drilling (DD)

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Appendix 1: JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria JORC Code explanation Commentary
Sampling
techniques		 Nature and quality of sampling (i.e. Cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of mineralisation that are
Material to the Public Report.
In cases where ‘industry standard’ work has been done this
would be relatively simple (eg ‘reverse circulation drilling
was used to obtain 1 m samples from which 3 kg was
pulverised to produce a 30 g charge for fire assay’). In
other cases, more explanation may be required, such as
where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of detailed
information.		 Rotary Air Blast drillholes (CFR001 – CFR071), Air Core drill holes
(UAC001 - UAC065), and Reverse Circulation for holes (CFC001-
CFC010) were all undertaken by Sipa Resources between 2002 -
2003. Refer to WAMEX report A66830.
Sipa Resources RAB and Aircore samples were initially
composited up to 4m, with anomalous samples intervals re-split
to 1m and re-assayed. RC samples were all sampled at 1m splits.
A Joint Venture with Sipa Resources and Placer Dome Asia
Pacific during 2004 -2006 had completed further Air Core holes
(UAC066 – UAC116) and Diamond drill hole (CFDD001). Refer to
open file WAMEX report A76439. RAB and Aircore samples were
initially composited up to 4m, and anomalous samples re- split
to 1m and re-assayed. RC samples were sampled at 1m splits.
Diamond samples were half cored with a diamond saw generally
sampled on 1m intervals or on geological boundaries (minimum
0.1m to maximum of 1.5m).
Mindax Limited between 2007- 2014 completed aircore
programs (CFA001 – CFA 111) that are mainly located east of the
Centre Forest Prospect - refer to open file WAMEX reports
A100823. Aircore samples were initially composited up to 4m,
and anomalous samples then re split to 1m and re-assayed.
Diamond holes (BUDD001- BUDD005) were drilled by Breaker
Resources, refer to open file WAMEX report A134826 and JORC
information in the Breaker ASX announcement titled “Drill
results from the Centre Forest prospect indicates potential
intrusive related mineralisation system at Ularring” on the 27
March 2023. Breaker diamond consisted of HQ3, HQ or NQ2
sized core, dependent upon ground conditions. Core was cut in
half by a diamond saw and half core is submitted for analysis
except duplicate samples which are submitted as quarter core.
The remaining half core was delivered to the Perth Geological
Survey of Western Australia core library as part of the co-funded
EIS program agreement. Diamond sampling was undertaken
using Breaker Resources’ sampling protocols and QAQC
procedures in line with industry practice, including standard and
duplicate samples. Half core samples were taken with a diamond
saw generally on 1m intervals or on geological boundaries
where appropriate (minimum 0.3m to maximum of 1.2m). The
samples were sent to ALS in Perth. Samples were sorted, dried,
crushed to 10mm, pulverised to -75µm and split to produce a
50g charge for fire assay analysis for gold
Drilling
techniques		 Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).		 Sipa Resources, Mindax Limited and Placer Dome Asia Pacific
collectively undertook Aircore, RAB and Diamond drilling.
Sipa Resources RAB holes were drilled to blade refusal. Small
amounts of water were intersected at 20-30m with some
swelling clays that affected RAB drilling.
Placer Dome Asia Pacific and Breaker Diamond core is HQ3, HQ
or NQ2. Core is orientated usingReflex orientation tools,with

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Criteria JORC Code explanation Commentary
core initially cleaned and pieced together at the drill site, and
fully orientated.
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.		 For the Breaker diamond program, the measure core recoveries
for every drill run completed using either three or six metre core
barrels. The core recovered is physically measured by tape
measure and the length is recorded for every “run.” Core
recovery is calculated as a percentage recovery. Core recovery is
confirmed by BRB staff during core orientation activities on site
and recorded into the database.
There is no significant loss of material reported in the
mineralised parts of the diamond core at Breaker or the Placer
Dome holes inspected by Constellation geologist at the GSWA
core yard.
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.		 All holes were logged by company geologists at the time for
lithology, alteration, mineralisation, structure, weathering,
wetness and any obvious contamination and logged in full as
per the company procedures. Data is then captured in a
database
and
made
public
as
per
annual reporting
requirements.
All cores are photographed in the core tray, with individual
photographs taken of each tray both dry and wet.
Sub-
sampling
techniques
and sample
preparation		 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 to the grain size of
the material being sampled.		 For each drillhole intersection included in this announcement,
the drillhole database was cross checked to the original open
file reports and assay files and recalculated at a 0.1g/t Au
bottom cut. Samples were all sent to an accredited laboratory
for sample preparation and analysis.
For full details on the Sipa Resources sampling techniques refer
to open file WAMEX reports A66830 and A76439.
Full details on the sampling and assay techniques used under a
Joint Venture with Sipa Resources and Placer Dome Asia Pacific
during 2004 - 2006 refer to open file WAMEX report A76439.
Mindax Limited samples sampling and assay techniques used -
refer to open file WAMEX reports A99272 and A100823. Mindax
submitted samples to LabWest in Malaga, Perth for analysis and
analysed for the following multi-element suite, As, Au, Bi, Co, Cr,
Cu, Fe, Mn, Mo, Ni, Pb, Sb, U, W, Zn, Zr. Analyses were
undertaken by a mixture of methods ie: ICP-OES and ICP-MS,
with gold being determined utilizing aqua regia.
Full details on the sampling and assay techniques used by
Breaker Resources refer to ASX announcement titled “Drill
results from the Centre Forest prospect indicates potential
intrusive related mineralisation system at Ularring” on the 27
March 2023.
Quality of
assay data
and
laboratory
tests		 The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
Nature of quality controlprocedures adopted(eg		 Sipa Resources samples were all sent to Ultratrace Laboratories
where they were analysed for Au, Pt and Pd by fire assay and for
Ag, As, Ba, Bi, Cd, Co, Cr, Cu, Fe, Mn, Mo, Ni, Pb, Zn, Se, Sb, Sn,
Te and W by mixed acid digest and ICP-OES or ICP-MS.
Placer Dome were sent to Genalysis Laboratories where they
were analysed for Au by fire assay and for Ag, Al, As, Ba, Bi, Ca,
Ce, Cr, Cs, Cu, Fe, Hf, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Ni, P, Pb,
Rb, S, Sb, Se, Sr, Ta, Te, Th, Ti, V, W, Y, Zn and Zr, by mixed acid

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Criteria JORC Code explanation Commentary
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.		 digest and ICP-OES or ICP-MS.
Breaker Resources diamond holes analytical techniques used
were summarised in the following sources, refer to open file
WAMEX report A134826 and the JORC tables included in
Breaker ASX announcement titled “Drill results from the Centre
Forest
prospect
indicates
potential
intrusive
related
mineralisation system at Ularring” on the 27 March 2023.
Verification
of
sampling
and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.		 CR1 personnel have verified the significant results outlined in
this report using a bottom up approach. A validation of the
inherited Centre Forest Prospect drillhole database was
completed that included the cross checking of the drill hole
information stored in the database against the original open file
WAMEX reports, confirmation of assay methodology suitability,
confirming the use of an accredited laboratory and the visual
inspection of mineralised diamond core. Each intersection was
recalculated with a strict 0.1g/t Au bottom cut.
A number of the Sipa Resources Aircore holes were drilled in
close proximity but at different angles. In these instances, these
“pseudo twinned holes” showed promising repeatability in both
grades and thicknesses.
Primary geological and sampling data were recorded and were
subsequently transferred to a digital database. Constellation
geological staff validated this information.
No adjustments or calibrations were undertaken other than the
average any repeated analysis for each individual sample.
Location of
data points		 Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.		 Handheld GPS recorded drill hole collar’s locations. GPS
elevation values are corrected where necessary using a digital
elevation model from a LIDAR survey. Expected accuracy is +/-
5m for easting, northing and RL (GPS) and +/- 0.1m or less
LIDAR elevation point data. All diamond holes are gyro surveyed
for rig alignment and downhole at the completion of the hole.
The grid system is GDA94 MGA, Zone 50.
As detailed above.
Data
spacing
and
distribution		 Data spacing for reporting of Exploration Results.
Whether the data spacing, and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.		 Drill holes are at reconnaissance variable spacings. Drilling is not
located on any particular grid at this time.
There is insufficient drilling to use for a mineral resource at this
point in time.
No sample compositing has been applied to diamond drill core.
Orientation
of data in
relation to
geological
structure		 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.		 The general orientation of the Centre Forest Prospect
mineralisation is at a strike ~ 335 degrees, moderately easterly-
dipping ~45 degrees and is typically between 10-30m wide.
Centre Forest Prospect drill holes were drilled on oblique
sections and perpendicular to the main mineralised trend. For
drill holes drilled towards 245 degrees at -60 dip.
There remains Insufficient information available to conclusively
determine if there is a relationship between drilling orientation
and mineralisation, but an initial assessment shows this is
unlikely.

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12 September 2024

Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
Sample
security		 The measures taken to ensure sample security. Refer to open file sources mentioned above.
Audits or
reviews		 The results of any audits or reviews of sampling techniques
and data.		 No formal audits/reviews have been conducted on sampling
technique or data to date.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation Commentary
Mineral
tenement 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.		 The portfolio is made up of two granted tenements E70/4686
and E70/4901 which is held 100% by Breaker Resources NL, the
registered holder of the tenement will be assigned to CR1
Minerals Pty Ltd as part of the completion of the sale.
There are no material interests or issues associated with the
tenements. The tenement is in good standing and no known
impediments exist.
A series of Access Agreements are in place with the landholders
to conduct exploration activity within the portfolio. The private
landholders have standard rights to their property.
Breaker executed a “Noongar Standard Heritage Agreement”
on the 20/03/2023 covering tenements E70/4901 and E70/4686.
The project area was previously subject to the “South West
Settlement” determined area (Native Title Area ID WC1996/041;
Federal Court Reference WAD6085/1998).
As per the National Native Title Register, the project is currently
within “South West Settlement”, Tribunal file number
WCD2021/010 with a determination date of 01/12/2021.
Exploration
done by other
parties		 Acknowledgment and appraisal of exploration by other
parties.		 The area of the tenement was covered by reconnaissance scale
laterite sampling undertaken by the CSIRO between 1983 and
1986. It was from this data that the Centre Forest Prospect was
identified.
Billiton conducted Cu-Zn exploration in the 1970’s to early
1980’s in the area covered by the current tenement. Billiton’s
work consisted of soil, lag and rockchip geochemical sampling,
Sirotem, RAB and diamond drilling.
From 1993 to 1996, BHP Minerals targeted a Boddington-Style
deposit however their regional soil sampling activities were
focussed further to the west.
Between 1996 and 1999, CRA Exploration undertook aircore
drilling targeting kaolinite deposits.
Between 2000 and 2003, exploration activities were conducted
on the tenement area by Sipa Resources NL, and by Placer Dome
in joint venture with Sipa between 2004 and 2006. Exploration
activities by Sipa and Placer are well summarised by Sipa
(A076439 WAMEX report) and Mindax Energy Pty Ltd (A078088
WAMEX report).
From 2009 to 2014, Mindax Energy Pty Ltd commenced
exploration fieldwork with heli VTEM and geochemical sampling
program (auger, soil, rock chip) which was followed by extensive
geophysical, aircore drilling and fixed-loop EM survey.
Breaker Resources NL(2015 - 2023) purchased Mindax’s

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12 September 2024

Criteria JORC Code explanation Commentary
database, carried out detailed re-logging of the two Placer
Dome diamond drill holes. 20 line-km Deep Ground Penetrating
Radar survey across three prospect areas was undertaken. A 615
line-km High Resolution Drone Magnetic survey over one
prospect area. A 5-hole, 1,145.5m, diamond drilling program
from 31 October to 8 December 2022 under EIS Co-funding.
Geology Deposit type, geological setting and style of
mineralisation.		 The Ularring Project is located within the Archaean Yilgarn
Craton, in the Corrigin tectonic zone and borders the Southwest
and Youanmi Terranes. The region is known to host several
economic deposits such as Boddington, the past mined Griffin’s
Find, Calingiri, the world-class Julimar PGE-Ni and the 2.84Mt
Caravel Minerals Caravel copper deposit.
The project area regolith is dominated by loose sand produced
by granite gneisses weathering, and the fresh bedrock is
dominated by gneisses, banded iron formations, amphibolites,
and granulites belonging to the 3.2 – 2.8 Ga Jimperding
Metamorphic Belt. This belt extends N-NW for over 120km and
varies in width from 15-65km (Wilde and Low, 1978) and was
interpreted as mixed mafic, sedimentary sequence intruded by
sills of dolerite and ultramafic rocks that were all together
subject to regional/granulite facies metamorphism (high
temperature and pressure conditions) progressively increasing
eastward. The strata dips mostly to the east at moderate to steep
angles.
The Meenar Shear zone appears to separates the two domains:
The western domain dominated by the upper mentioned gneiss
and granulite with sedimentary, mafic and ultramafic protolith.
The south-western domain is dominated by banded and
nebulitic migmatite and gneiss with local banded iron formation
(BIF), as well as leucocratic gneiss.
The eastern domain dominated by gneiss and migmatite that
were intruded by equigranular to porphyritic granite. In the
regional context, little is understood about the Meenar Shear
zone and its potential for hosting mineralisation.
Constellation is currently investigating the geology and the
paragenesis of the mineralisation styles observed at Ularring.
Preliminary interpretation suggests the presence of granitoid
related gold style of mineralisation in the area
Drill hole
Information		 A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material
drill holes:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o
dip and azimuth of the hole.
o
down hole length and interception depth
o
hole length.
If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly explain		 Refer to Table 2 for significant drill results and a summary of all
the required drill hole information.

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Criteria JORC Code explanation Commentary
why this is the case.
Data
aggregation
methods		 In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade
truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation should
be stated and some typical examples of such
aggregations should be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.		 Grades are reported above a lower cut-off grade of 0.1g/t Au,
Tabulated results are individual samples with a length ranging
from 0.1 to 4m. A minimum intercept length of 1m applies to
the intervals. A minimum internal dilution of one metre is
applied where applicable.
All reported diamond drill assay results, RAB and AC have been
length weighted (arithmetic length weighting).
No metal equivalents have been undertaken.
Relationship
between
mineralisation
widths and
intercept
lengths		 These 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 (eg ‘down hole length, true width not known’).		 All drill hole intercepts are measured in downhole metres.
The general orientation of the Centre Forest Prospect
mineralisation is at a strike ~ 335 degrees, moderately easterly-
dipping ~45 degrees and is typically between 10-30m wide.
Centre Forest Prospect drill holes were drilled on oblique
sections and perpendicular to the main mineralised trend. For
drill holes drilled towards 245 degrees at -60 dip, the downhole
intervals are interpreted to be close to true width.
Diagrams Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.		 A series of representative cross sections and plans of drillhole
locations have been provided in the body of the report.
Balanced
reporting		 Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting of
both low and high grades and/or widths should be
practiced avoiding misleading reporting of Exploration
Results.		 Grades reported in are based om a 0.1g/t Au bottom cut. No top
cut off has been applied for the gold.
Other
substantive
exploration
data		 Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
substances.		 Mineralogical information that has been included in the report
is based on two historic optical petrology reports by
independent consultants sourced from WAMEX Report A76439
and A71782. Other mineralogical information was obtained
from open file HyLogger-3 scans for diamond hole CFDD001
that is available on GeoView from the Geological Survey of
Western Australia.
Further work The nature and scale of planned further work (eg tests
for lateral extensions or depth extensions or large-scale
step-out drilling).
Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.		 Further work is planned as stated in this announcement.

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