CORE ENERGY MINERALS LTD — Capital/Financing Update 2021

Apr 13, 2021

ACN 009 118 861

OAR RESOURCES LIMITED

14 April 2021

ASX Announcement

PHASE 1 EXTENSION DRILLING

AT GIBRALTAR HALLOYSITE-KAOLIN PROJECT IN SOUTH AUSTRALIA COMPLETE

Crown Project Expecting Granting of Tenure

HIGHLIGHTS:

• Initial 400m x 400m wide spaced drilling completed, extending drill coverage ~3.5km north of previous drilling completed in late 2020, which identified a well-defined kaolinitic clay and high-grade halloysite layer.

• Composite samples from the initial drilling have been sent to the laboratory for detailed analysis, with results anticipated in May 2021.

• Targeted infill drilling on 200m x 200m grid to be undertaken focusing on areas where logging has identified good kaolinitic clay development.

• Approvals received for a regional reconnaissance scale drilling campaign across the wider Project area aimed at identifying additional favourable weathered granite basement material.

• Crown Project tenements expected for imminent granting.

Oar Resources Limited ( ASX: OAR ) ( “OAR” or “the Company” ) is pleased to advise that its latest phase of extension air-core drilling has been completed at the Company’s Gibraltar Halloysite-Kaolin Project (“ Gibraltar ” or “ The Project ”) in the Eyre Peninsula, in South Australia. The Project is located to the north and adjacent to the Andromeda Metals Ltd ( ASX: ADN ) (“ Andromeda ”) Mt Hope KaolinHalloysite Project ( Appendix 1 ).

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Figure 1 : OAR’s Gibraltar Project – AC Drilling rig completing 400m x 400m wide-spaced drill pattern

Unit 3, 32 Harrogate Street, West Leederville, WA 6007

P: +61 8 6117 4797 ASX: OAR E: info@oarresources.com.au ACN: 009 118 861 W: www.oarresources.com.au

The Company completed approximately 1,400m of shallow drilling in 40 holes of wide-spaced 400m x 400m grid pattern drilling ( Appendix 1 and Appendix 2 ) in this latest phase of drilling. Drilling was completed directly adjacent, to the north, of the Company’s previous drilling completed in late 2020[1] , which successfully confirmed the presence of high-grade halloysite mineralisation ( 20%[1] ) within a blanket of saprolitic clays.

Logging of drill cutting from holes in the most recent drilling has shown good white kaolinitic saprolite development in the southern portion of the drilling grid, adjacent to and along strike from the previous phase of drilling - with the depth to basement/thickness of cover increasing to the north.

Figure 2 (adjacent), shows drill hole GBAC069[2] which intersected 10m of light-white kaolinitic saprolite ( 10m - 23m down-hole) beneath 10m of cover soil/calcrete, developed over micaceous granitic-gneiss basement.

Targeted Infill Drilling Underway

Based on this logging, selective infill drilling on a 200m x 200m grid pattern has commenced in this area, to better define this material. A total of 20 holes for an estimated additional 700m will be completed.

Approvals have also been received for a regional reconnaissance drilling program over the wider project area. This program will aim to identify areas of granite basement, which is favourable for the development of the target kaolinite clays. This drilling will commence immediately following the current infill drilling program.

Composite samples from the early stages of the drilling have been dispatched to the laboratory for detailed test work, with results anticipated to be returned from May 2021.

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Figure 2 : OAR’s Gibraltar Project Drill cutting from GBAC069 showing white kaolinitic saprolite developed over gneissic basement material.

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Figure 3 : Wet sample screening for size fraction analysis of white kaolinitic saprolite clays from the Gibraltar Project South Australia.

1 Refer to OAR ASX announcements dated 19 November 2020 and 16 February 2021 for full details and JORC tables

2 Refer to Appendix 2, Table 1 for collar details.

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Crown Project, Western Australia

With Native Title heritage agreements executed and lodged with the Department of Mines, Industry Regulation and Safety ( DMIRS ), the Company anticipated the final granting of the Crown Project tenement (E70/5046), at any time.

Discussions with local private landholders in the region are ongoing, and the Company expects to be in a position to commence its initial on-ground reconnaissance work shortly after the tenements are granted in the current quarter.

This work will comprise detailed outcrop mapping and sampling, followed by systematic geochemical sampling in order to identify potential drill targets.

“This Announcement has been authorised for release to ASX by the Board of Oar Resources Limited”

For further information please contact:

Chris Gale James Moses Executive Chairman Media & Investor Relations Oar Resources Ltd. Mandate Corporate P: +61 8 6117 4797 E: james@mandatecorporate.com.au

About Oar Resources Limited

Oar Resources Limited is an ASX listed precious metals explorer and aspiring producer. Oar has acquired 100% of the Alpine Resources gold exploration projects in the highly prospective gold province of Nevada, United States, also ranked the third best mining jurisdiction in the world. The three projects are in an area that hosts several multi-million-ounce deposits. Oar’s Peruvian subsidiary Ozinca Peru SAC, owns a CIP Gold lixiviation plant, strategically located proximal to thousands of small gold miners in Southern Peru. Oar has also acquired 100% of Australian Precious Minerals Pty Ltd, holder of the Crown Project in Western Australia. Crown is situated near the Julimar polymetallic discovery. Oar, through its wholly owned subsidiary Lymex Tenements Pty Ltd holds a number of tenements on the South Australian Eyre Peninsular which are considered highly prospective for kaolinite and halloysite mineralisation, graphite, iron ore and other commodities.

Forward Looking Statement

This ASX announcement may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Oar Resources Ltd.’s current expectations, estimates and assumptions about the industry in which Oar Resources Ltd operates, and beliefs and

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assumptions regarding Oar Resources Ltd.’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Oar Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Oar Resources Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

Competent Person’s Statement

The information in this Announcement for Oar Resources Limited was compiled by Mr. Anthony Greenaway, a Competent Person, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is an employee of Oar Resources Limited. Mr Greenaway has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity to which he is undertaking to qualify as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Greenaway consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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APPENDIX 1

OAR’s Gibraltar Project Location plan and Proposed Drill collar Location Plans

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Figure 4 : OAR’s Gibraltar Project – Project Location plan

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Figure 5 : OAR’s Gibraltar Project – 2020 AC Drilling area showing maximum down-hole halloysite grade contours, and proposed northern extensional AC drilling

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APPENDIX 2

Table 2 : Drill-hole collar Information from 400m x 400 wide spaced drilling at the Gibraltar Halloysite Project, South Australia

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East North RL Dip Azi EOH
Hole ID Comments
(m) (m) (m) (deg) (deg) (m)
GBAC060 533800 6244600 22 -90 360 24
GBAC061 533608 6244605 19 -90 360 51
GBAC062 533010 6244651 26 -90 360 23
GBAC063 532794 6244604 40 -90 360 32
GBAC064 532597 6244603 44 -90 360 29
GBAC065 532401 6244606 38 -90 360 39
GBAC066 532202 6244604 34 -90 360 39
GBAC067 532201 6245003 23 -90 360 24
GBAC068 532603 6244991 12 -90 360 15
GBAC069 533001 6245000 24 -90 360 33
GBAC070 533400 6245001 23 -90 360 31
GBAC071 533800 6245005 20 -90 360 46
GBAC072 533795 6245399 27 -90 360 51
GBAC073 533399 6245400 40 -90 360 23
GBAC074 532997 6245400 39 -90 360 21
GBAC075 532601 6245403 27 -90 360 32
GBAC076 532197 6245399 24 -90 360 45
GBAC077 532202 6245795 22 -90 360 48
GBAC078 532597 6245803 30 -90 360 23
GBAC079 533001 6245796 39 -90 360 25
GBAC080 533401 6245794 29 -90 360 31
GBAC081 533795 6245803 17 -90 360 42
GBAC082 533796 6246200 21 -90 360 48
GBAC083 533399 6246201 18 -90 360 34
GBAC084 532999 6246201 27 -90 360 15
GBAC085 532597 6246198 35 -90 360 25
GBAC086 532200 6246206 33 -90 360 45
GBAC087 532202 6246601 45 -90 360 28
GBAC088 532605 6246587 29 -90 360 29
GBAC089 533003 6246599 37 -90 360 23
GBAC090 533402 6246599 20 -90 360 33
GBAC091 533798 6246599 17 -90 360 48
GBAC092 533796 6247001 21 -90 360 39
GBAC093 533399 6247000 21 -90 360 39
GBAC094 532997 6247003 23 -90 360 39
GBAC095 532600 6246999 24 -90 360 22
GBAC096 532202 6247003 18 -90 360 39
GBAC097 532204 6247395 18 -90 360 39
GBAC098 532198 6247817 22 -90 360 51
GBAC099 533799 6247415 20 -90 360 51
GBAC100 533403 6247415 20 -90 360 39
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APPENDIX 3

JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

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Criteria JORC Code explanation Commentary
Sampling  Nature and quality of sampling (e.g., cut  2020 OAR: Aircore drilling consisted of vertical
techniques channels, random chips, or specific holes to industry standard completed by Oar
specialised industry standard Resource Ltd (“OAR”) generating individual 1m
measurement tools appropriate to the
samples. A total of 59 holes for 2,043m were
minerals under investigation, such as
completed at the Gibraltar Project in late 2020.
down hole gamma sondes, or handheld
Sample compositing was carried out on site by
XRF instruments, etc). These examples
OAR representative’s
should not be taken as limiting the broad
 Aircore 1m samples were composited based on
meaning of sampling.
 Include reference to measures taken to perceived reflectance levels. Composite intervals
range from 1-4m
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 (e.g., ‘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 (e.g., submarine
nodules) may warrant disclosure of
detailed information.
Drilling  Drill type (e.g., core, reverse circulation,  OAR drilling is completed using industry
techniques open-hole hammer, rotary air blast, standard practices. AC drilling is with a blade
auger, Bangka, sonic, etc) and details bit.
(e.g. core diameter, triple or standard  All drill collar positions are recorded using
tube, depth of diamond tails, face- handheld GPS.
sampling bit or other type, whether core
is oriented and if so, by what method,
etc).
Drill sample  Method of recording and assessing core  Air core drilling samples are not weighed,
recovery and chip sample recoveries and results however smaller samples (on a relative
assessed. basis) are noted in drill logs
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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
 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.  No indication of sample bias with respect to recovery has been established.
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.  OAR geological logging is completed for all holes and is representative across the ore body. The lithology, alteration, and characteristics of drill samples are logged on hard copy logs and entered into excel using standardised geological codes.  Logging is both qualitative and quantitative depending on field being logged.  All drill-holes are logged in full.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all cores 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.	 Spear sample compositing consisted of contiguous 1m drill samples up to 5m in total length, based on drill logs and visual estimation of whiteness of material. Sample composites were prepared with the aim of including kaolinised saprolite of similar quality within each composite, although in some cases narrow bands of discoloured kaolinised saprolite were included in the composite.  Composite Sample took place on site by OAR representatives  Samples were processed by laboratory Bureau Veritas. Sample weights were recorded before any sampling or drying. Samples are dried at low temperature (60C) to avoid destruction of halloysite. The dried sample was then pushed through a 5.6mm screen prior to splitting.  A small rotary splitter is used to split an 800g sample for sizing.  The 800g split is then wet sieved at 180µm and 45µm. The +180 and +45µm fractions are filtered and dried with standard papers then photographed. The -45µm fraction is filtered and dried with 2micron paper.  A small portion of the -45µm material is split for XRF analysis.  At CSIRO, Division of Land and Water, Urbrae, South Australia testing was conducted on selected -45µm samples by the method below.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
 The dried -45µm sample was analysed for quantitative elemental and mineralogical testing by XRD. A 2-gram subsample was micronised, slurried, spray dried, and a spherical agglomerated sample prepared for XRD. Quantitative analysis of the XRD data was performed by CSIRO using SIROQUANT and Halloysite: Kaolinite proportions determined using profile fitting by TOPAS, calibrated by SEM point counting of a suite of 20 standards.  ISO Brightness and Lab* colour of the dried - 45micron kaolin powder were determined according to TAPPI standard T 534 om-15 using by the University of South Australia, using a Hunter lab QE instrument.
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 control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.  The analytical method and procedure were as recommended by the laboratory for exploration and are appropriate at the time of undertaking.  As this is early-stage exploration with a wide variation in sample results the Company has not inserted field control samples in the regular stream of sampling. This is considered appropriate for early-stage exploration. The laboratory inserts a range of standard samples in the sample stream the results of which are reported to the Company.  The laboratory uses a series of control samples to calibrate the XRD and XRD instrumentation. Analytical work was completed by an independent analytical laboratory.  A number of samples are selected as part of the Company’s routine QA/QC process and dispatched for independent SEM analysis for visually verification of clay mineral species.
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.	 Sample and assay data from aircore drilling have been compiled and reviewed by the OAR GM Geology, who was involved in the logging and sampling of the drilling at the time.  Primary data is on paper drill logs and entered in excel and stored in an access database.  Hole and sample location are captured with a hand-held GPS  Assay data and results is reported by the laboratory, unadjusted as contained in the original laboratory reports

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Criteria JORC Code explanation Commentary
Location of  Accuracy and quality of surveys used to  Drill holes were located using a handheld GPS
data points locate drill holes (collar and down-hole with +/- 5m accuracy
surveys), trenches, mine workings and  The grid system used is MGA94 Zone 53 for South
other locations used in Mineral Resource Australia
estimation. .
 Specification of the grid system used.
 Quality and adequacy of topographic
control.
Data spacing  Data spacing for reporting of Exploration  Aircore drilling has been completed on a 100m x
and Results. 100m drill spacing over areas of previous drilling,
distribution  Whether the data spacing, and and a nominal 200m x 200m drill spacing
distribution is sufficient to establish the elsewhere.
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.
Orientation of  Whether the orientation of sampling  Sampling is preferentially across the strike or
data in relation achieves unbiased sampling of possible trend of mineralized outcrops
to geological structures and the extent to which this is
structure known, considering the deposit type.
 If the relationship between the drilling
orientation and the orientation of key
mineralized structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Sample  The measures taken to ensure sample  At all times samples were in the custody and
security security. control of the Company’s representatives until
delivery to the laboratory where samples were
held in a secure enclosure pending processing.
Audits or  The results of any audits or reviews of  None undertaken at this stage
reviews sampling techniques and data.
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Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	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 Gibraltar Project is covered by a Granted Exploration Licence EL6506.  The EL is current and live
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.  Shallow auger sampling has been completed over the Gibraltar Project area by Monax resources, with hole locations and assay results contained within company reports
Geology  Deposit type, geological setting and style of mineralisation.  Kaolin occurrences, such as that seen on the Gibraltar Project, developed in situ by weathering of the feldspar-rich basement.  The resultant kaolin deposits are sub-horizontal zone of kaolinised granite resting with a sharp contact on unweathered basement. The kaolinised zone is overlain by loosely consolidated Tertiary and Quaternary sediment and silcrete.  Halloysite is a rare derivative of kaolin where the mineral occurs as nanotubes. The kaolin encountered at the Gibraltar Project contain variable amounts of naturally occurring halloysite within the kaolinite saprolite.
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	 Not Applicable - No new drill results are being reported in this announcement.

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Criteria JORC Code explanation Commentary
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly explain
why this is the case.
Data  In reporting Exploration Results,  Reported summary intercepts are weighted
aggregation weighting averaging techniques, averages based on length.
methods maximum and/or minimum grade  All samples were selected for XRD analysis at
truncations (e.g., cutting of high grades) CSIRO
and cut-off grades are usually Material  No maximum or minimum grade truncations have
and should be stated. been applied.
 Where aggregate intercepts incorporate  No metal equivalent values have been quoted.
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.
Relationship  These relationships are particularly  Drillhole angle relative to mineralisation has
between important in the reporting of Exploration been almost perpendicular, with vertical
mineralisation Results. drillholes through flat horizontal mineralisation
widths and  If the geometry of the mineralisation related to the regolith. Generally, the strata-
intercept with respect to the drill hole angle is bound intercepts are close to true width
lengths 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’).
Diagrams  Appropriate maps and sections (with  Appropriate maps and tabulations are presented
scales) and tabulations of intercepts in the body of the announcement.
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.
Balanced  Where comprehensive reporting of all  Comprehensive results are reported in the body
reporting Exploration Results is not practicable, of the announcement as tabulated in Appendix 1.
representative reporting of both low and
high grades and/or widths should be
practiced avoiding misleading reporting
of Exploration Results.
Other  Other exploration data, if meaningful  Not Applicable
substantive and material, should be reported
exploration including (but not limited to): geological
data observations; geophysical survey results;
geochemical survey results; bulk samples
– size and method of treatment;
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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (e.g., 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.	 Additional Air-core drilling will be undertaken to infill and extend the current drill coverage.  Further metallurgical test work and additional halloysite analyses will be conducted as part of future studies.

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