DALAROO METALS LTD — Capital/Financing Update 2021

Oct 24, 2021

25 October 2021

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ASX Announcement: (ASX: DAL)

Pb-Zn-Ag results support BHT/SEDEX-style Prospectivity at Lyons River

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Highlights

• Diamond hole LRDD003 assays returns promising anomalous lead and zinc zones including a higher-grade intersection of 0.2m of 3.05% Pb, 1.37% Zn and 3g/t Ag

• The anomalous intersections are beneath the Four Corners Pb-Zn soil geochemical anomaly and within a 2.5 km-long Induced Polarisation (IP) chargeable zone. Significant down hole sulphide intervals intersected in all four diamond drill holes confirm the IP anomaly. Mineralisation remains open in all directions

• The anomalous Pb-Zn-Ag intersections are hosted in an interpreted metamorphosed stratabound sequence of pyritic psammitic and pelitic rocks. The IP chargeable anomaly, intersected mineralsation and corresponding Pb-Zn geochemistry validate and help support the BHT/SEDEX prospectivity for the Lyons River Project area

• The Four Corners prospect is one of six regional Pb-Zn soil geochemical prospects identified to date at Lyons River within a Proterozoic basin setting that covers an area of 30km by 10km. Generative gravity survey is now complete and geochemical surveys are underway to better refine prospects/regional targets

• New copper trend defined by recent rock chip sampling returned 10.7% Cu and 6 g/t Ag along the northern edge of the IP anomaly. Further infill geochemistry sampling is underway there

• Results from the generative programmes will guide and prioritise the regional targets identified to date for follow up RC drilling earmarked during the December quarter and into 2022

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Dalaroo Metals Ltd (“DAL” or “Company”) is pleased to announce the results at its Lyons River Project (“Lyons River” or “Project”). Lyons River is a strategic (100% owned) land position of 703 km[2] within the Proterozoic Mutherkin Group of the Gascoyne Province. The Company believes the district is an emerging Broken Hill Type (“BHT”) / Sedimentary Exhalative (“SEDEX”) deposit setting.

Promising Pb-Zn-Ag assay results were part of an EIS funded ($125,000 grant) diamond drilling programme comprising four holes which were all drilled at the Four Corners prospect (Figures 2 and 3). The drilling tested coincident Induced Polarisation (IP), soil geochemical Pb-Zn anomalism and historic 2008 RC drill results. Better results include (see also Table 1):

• 1m @ 0.68% Pb, 0.28% Zn and 0.6 g/t Ag from 223m

• including 0.2m @ 3.05% Pb, 1.37% Zn and 3 g/t Ag from 223.2m

• 1m @ 0.65 % Pb and 0.24% Zn and 1 g/t Ag from 226m

• 4.9m @ 0.22% Pb from 238.5m including 1m @ 0.60% Pb, 454ppm Zn and 1 g/t Ag

• 1m @ 0.57 % Pb and 0.17% Zn and 1 g/t Ag from 273m

Managing Director Mr Harjinder Kehal commented “These encouraging early stage results at Four Corners further supports the prospectivity at the Lyons River Project to host Pb-Zn mineralisation. Thus far Lyons River has five other Pb-Zn soil geochemical prospects that warrant drill testing . The results from the diamond drill program at Four Corners and generative regional programs are expected to provide important vectors for the search for economic ore grade intersections”.

He also commented that “future targets for drill testing in early 2022, will include the Browns prospect which is a 2km by 1km compelling soil geochemical anomaly with peak Pb and Zn values of 900ppm and 264ppm respectively, where a detailed gravity survey has now been completed. Heritage surveys are being planned to undertake a drilling programme at Browns”.

Five regional base metal prospects/targets at Lyons River

Systematic soil geochemical sampling, completed by previous explorer Serena Minerals over an area of 22 km by 5 km to 10 km at a spacing of 250 m by 100 m, had delineated five Pb-Zn geochemical anomalies in the prospects (detailed below) in addition to the emerging Four Corners prospect at Lyons River (Figure 1):

1. Browns – 2km by 1km Pb-Zn soil geochemical anomaly (peak values of 900ppm Pb and 264ppm Zn)

2. Crawfords - 3km by 2km Pb-Zn-Mn soil geochemical anomaly (peak values of 350ppm Pb and 214 ppm Zn)

3. Moondyne - 2km by 1km Pb-Zn soil geochemical anomaly (peak values of 284ppm Pb and 288ppm Zn)

4. McCarthy - 1km by 0.5km Pb-Zn soil geochemical anomaly (peak values of 249ppm Pb and 201ppm Zn)

5. Goodbody - 1km by 0.5km Pb-Zn soil geochemical anomaly (peak values of 429ppm Pb and 197ppm Zn)

Further infill geochemistry sampling is underway at all of the above prospects/ targets.

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Figure 1: Lyons River, Four Corners prospect and new five Pb-Zn soil geochemical prospects /targets

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Figure 2: Lyons River Project, drill hole location map with historical holes, recent rock chip sample results and diamond drill holes

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Figure 3: Four Corners prospect drill section 371700E with drill hole LRDD003

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Four Corners

Geological logging of the drill core, subsequent petrological studies and pXRF spectral analyses have highlighted a signature BHT/SEDEX lithological package with interpreted psammitic and pelitic rocks that have undergone high grade metamorphism and comprise quartz-biotite-garnet-cordierite-sillimanite (Figure 3). These metamorphosed rocks have subsequently been intruded by the Davey Well granite batholith and pegmatite dykes.

Significant intervals of disseminated/blebby pyrite occur within the IP chargeability zones which were the foci of the completed diamond drilling programme. In addition, silicified zones with accompanying pyrite and chlorite, pyrrhotite and weak-to-moderate hematite alteration, were logged. Coeval galena and sphalerite have been observed with trace amounts of chalcopyrite in the holes (Figure 4A and B).

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Figure 4: (A) Base metal mineralisation at 223.2m in LRDD003 assaying 0.20m @ 3.05% Pb, 1.36% Zn and 3 g/t Ag from 223.2m. (B) Mineralogy assemblage from Bruker spectral scan in LRDD003, biotite-calcitequartz-anorthoclase-sphalerite-galena

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Gravity Surveys

Dalaroo has now completed gravity surveys at the Four Corners and Browns prospects to complement previously flown 50m spaced airborne magnetics surveys and a ground BHP gravity survey from late 2004. The Dalaroo gravity surveys were conducted at line spacing of 200m and station spacing of 50m during the September quarter and were designed to provide a better understanding of the structural framework at these prospects.

A review and assessment of the gravity survey data from the Four Corners and Browns prospects is being completed by Dalaroo's consultant geophysicist. An image of the 1st Vertical Derivative of terrain corrected Bouguer gravity linear colour stretch overlain on a grey scale image of the Automatic Gain Control (AGC) filtered Total Magnetic Intensity is shown in Figure 5.

Gravity is an important reconnaissance geophysical dataset. The higher resolution obtained from the recent gravity survey thus far (compared to open file), in conjunction with the magnetic dataset, is identifying features of interest, important stratigraphic trends and zones of structural complexity necessary for the formation of BHT/SEDEX Pb-Zn-Ag deposits.

Next Steps

Exploration activities planned for the Lyons River Project include:

1. Dalaroo has secured a drill rig for a circa 3,000 metre RC drilling programme earmarked to commence in the December quarter to further test the Four Corners prospect, where primary zinc, lead and copper sulphide mineralisation has now been intersected. The drill programme will test extensions to mineralisation in drill hole LRDD003 along the strike extent of the NE zone of the IP anomaly and the broader untested portions of the geochemical anomaly. In addition, drilling will target the copper trend located along the northern edge of the NE zone of the IP anomaly.

2. An assessment of gravity survey data for the Four Corners and Browns prospect and integration with the IP, magnetics and available geochemistry is well underway and will be completed during the December quarter. This will guide and prioritise regional targeting and work programmes during 2022.

3. Infill and extension geochemical surveys are currently underway and will be completed during the December quarter, covering the Browns, Crawfords, McCarthys and Goodbody prospects. Additional geochemical sampling will further refine drill targets for the coming year. Results will be reported in due course following assessment and review.

4. Specialist geophysical contractor engagement to conduct surface IP and radial/downhole IP surveys now pushed to March quarter 2022 due to unprecedented demand for their services. The IP anomaly NE and SE zones remain open to the east, IP survey lines will be extended further to the east to determine the eventual size of the currently defined 2.5km strike length anomaly.

5. Heritage surveys are being planned for the drill testing of the Browns prospect and other regional prospects/targets.

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Figure 5: Image of the 1st Vertical Derivative of terrain corrected Bouguer gravity, linear colour stretch overlain on a grey scale image of the AGC of the Total Magnetic Intensity

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Table 1: Assay Intersections

										Intersection	Intersection	Intersection	Intersection	Intersection	Intersection
Hole	East	North	RL	EOH (m)	Azi deg	Dip deg	From (m)	To (m)	Interval (m)	Pb %	Pb ppm	Zn %	Zn ppm	Ag g/t	Cu ppm
LRDD001	370509	7285412	282	360.9	180o	-65	NSI
LRDD002	370504	7285601	280	357.2		90	NSI
LRDD003	371699	7286546	279	345.3	180o	-60	133	137	4	0.15			528
							204	205	1.00	0.16			824
							223	224	1.00	0.68		0.28		1
						inc.	223.2	223.4	0.20	3.05		1.37		3
							226	227	1.00	0.65		0.24		1
							238.5	243.4	4.9	0.22			400
						inc.	240	241	1.00	0.60			454	1
							246	247	1.00	0.14			202
							273	274	1.00	0.57		0.17		1
							284	285	1.00		541	0.14
							292	293	1.00	0.13		0.12		1.5
							312	313	1.00		508	0.10		1
							335	337							410
LRDD004	371925	7285692	284	300.5	180o	-80	NSI

NSI = No significant intercept

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ENDS

For more Information:

Please visit our website for more information: www.dalaroometals.com.au

Harjinder Kehal, Managing Director on +61 400 044 890

COMPETENT PERSON

The information in this report that relates to Exploration results is based on information compiled by Dalaroo Metals Ltd and reviewed by Mr Harjinder Kehal who is the Managing Director of the Company and is a Registered Practicing Geologist and Member of the AusIMM and AIG. Mr Kehal has sufficient experience that is relevant to the style of mineralisation, the type of deposit under consideration and to the activities 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”. Mr Kehal consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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About Lyons River Project

Location

Lyons River is located approximately 1,100km north of Perth and approximately 220 km to the northeast of the coastal town of Carnarvon, Western Australia (Figure 6).

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Figure 6: Lyons River Project location diagram

Geological setting

The Lyons River Project lies within the Mutherbukin Zone of the Gascoyne Province, which is the deformed and high-grade metamorphic core zone of the early Proterozioc Capricorn Orogen (Figure 7). The Mutherbukin Zone is 50km wide and trends WNW-ESE, bounded to the north by the Ti Tree Shear Zone and to the south by the Chaliba Shear Zone). These south-dipping, crustal-scale structures delineate the margins of the Mutherbukin Zone and separate it from the older Limejuice Zone to the north and the Mooloo Zone to the south.

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Figure 7: Location diagram showing geological setting

Sweet Spots for BHTs/ SEDEXs

Combination of exploration work completed to date by previous explorers, has led to the development of a conceptual model that suggests Lyons River is prospective for BHT deposits (Table 2).

Geoscience Australia’s 2019 study, using surface wave tomography and a parameterisation for anelasticity at seismic frequencies shows 85% of world’s sediment hosted base metal deposits occur within 200km of the edges of thick lithosphere. The Australian model shows striking correlation between major sediment hosted deposits and edge of thick lithosphere, defined by 170km LAB contour. Lyons River Project is located 156km away from the 170km LAB contour (Figure 8).

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Figure 8: Distribution of BHT/SEDEX deposits, function of lithospheric thickness in Australia

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Table 2: Deposit Characteristics – Lyons River vs World class BHT/SEDEX’s

Characteristics	Lyons River	Broken Hill	Cannington	Rampura Agucha
	Potential based on coincident IP anomaly with core of 30 ms, RC drill results and soil geochemistry.	280 Mt @ 8.5% Zn, 10.0% Pb, 148 g/t Ag, 0.14% Cu	45 Mt @ 4.4% Zn, 11.1% Pb, 500 g/t Ag, 0.1% Cu	64 Mt @ 13.6% Zn, 1.9% Pb, 45 g/t Ag
Resource
Age		Palaeoproterozoic
	Zinc-lead in-soil anomalism (five additional discrete anomalies outlined). Zinc-rich gahnites widespread across prospective stratigraphy.	Zinc-rich gahnites define lateral extents of prospective stratigraphy.	Zinc-lead soil anomalism (though discovered by gossan prospecting).	Zinc-lead soil anomalism (though discovered by gossan prospecting, by the ancients and rediscovered in 1977 by GSI).
Surface
geochemical
signature
	IP/Resistivity anomalism (IP high).	Gravity anomaly (high).	Anomalous IP, susceptible to influence from chargeable stratigraphy.	IP anomaly over the deposit.
Geophysical
signature
	Sphalerite, galena, chalcopyrite (in RC and diamond drilling).	Sphalerite, galena, chalcopyrite.	Sphalerite, galena, chalcopyrite.	Sphalerite and galena.
Sulphide minerals
LAB contour	156 km.	92 km.	67 km.	115 km.
distance

Table 3: Four Corners Diamond drilling locations

						Azimuth	Depth
Drillhole	IP anomaly	MGAE	MGAN	RL	Dip (°)			Tenement
						(mag)	(m)
LRDD001	Four Corners: Central	370509	7285412	282	-65	180°	360.9	E09/1825
LRDD002		370504	7285601	280	-90	0°	357.2	E09/1825
LRDD003	Four Corners: NE	371699	7286546	279	-60	180°	345.3	E09/2098
LRDD004	Four Corners: SE	371925	7285682	284	-80	180°	300.5	E09/2098

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Appendix 1: Dalaroo Metals Ltd – Diamond Drilling Programme Lyons River Project – Four Corners prospect - JORC Code Edition 2012: 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 (e.g. 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 x-ray fluorescence (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 (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.	Diamond drilling was used to produce quarter HQ3 and NQ2 core samples (between 0.2m- 1.05m) which were submitted to Bureau Veritas Laboratory Perth for geochemical analysis.• Sample intervals were based on geology and style of sulphide occurrence.• • Samples were analysed for Al, Ca, Cr, Cu, Fe, K, Mg, Mn, Na, P, S, Ti have been determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. Ag, As, Ba, Li, Mo, Pb, W and Zn have been determined by Inductively Coupled Plasma (ICP) Mass Spectrometry Gravity surveywith the following survey details: - 50m spaced stations on 200m spaced lines (2,351 stations) - Scintrex CG-5-6 Autograv Gravity Meter - Real Time Kinematic GPS (+/- 0.05m) - Accuracy <0.04 mGal Gravity surveywas chosen as a method for delineating the presence of sulphide mineralisation due to the high density of lead/zinc sulphide relative to host rock lithologies

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Criteria	JORC Code explanation	Commentary
Drilling techniques	Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).	Diamond drillhole pre-collars were completed using the mud rotary technique to depths of 2.7- 6.4m. No samples were recovered from the mud rotary pre-collar. • The remainder of the hole was drilled with HQ ranging between 119.1- 140.7m), followed by NQ2 diamond coring to end of hole. Westralian Diamond Driller completed the drilling. The data were tide and drift corrected with additional repeat readings taken to establish the survey accuracy Not applicable forgravity survey
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.	Drill core orientation was recorded when possible at the end of each drill run (line on bottom of core). • Drill core sample recoveries for the HQ3 and NQ2 core were measured and recorded in drill log sheets. • No relationship has been determined between sample recoveries and grade and there is insufficient data to determine if there is a sample bias. Not applicable forgravity survey
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.	Geological logging of all drillholes included; lithology, grainsize, texture, deformation, mineralisation, alteration, veining, colour, weathering. Drill core logging is qualitative and based on drill core retained in core trays. All drillholes were logged in their entirety. Not applicable forgravity survey

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Criteria	JORC Code explanation	Commentary
Subsampling 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 subsampling 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.	Selected sawn quarter HQ3 and NQ2 core samples based on geology and sulphide occurrence were submitted for geochemical analysis. • The size of the sample from the diamond drilling method is considered appropriate for the mineralisation style sought and for the analytical technique used.• The samples are dried, crushed and pulverised before analysis.• A quartz wash was utilised between samples to avoid any carry over. Not applicable forgravity survey
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.	Samples were analysed for Al, Ca, Cr, Cu, Fe, K, Mg, Mn, Na, P, S, Ti have been determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. Ag, As ,Ba, Li, Mo, Pb, W and Zn have been determined by Inductively Coupled Plasma (ICP) Mass Spectrometry All samples were analysed by Bureau Veritas Laboratory Haines surveys acquired routine repeat reading throughout thegravity survey(7% of survey), which was statistically analysed. Repeat gravity readings were within +/-0.05mGal (SD = 0.03 mGal and elevations within +/-9cm (SD = 3cm). Data was analysed by independent geophysical consultant (Kim Frankcombe) for QAQC
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.	Assay data is presented as it appears in the original documentation and electronic database and no adjustment has been made. Not applicable forgravity survey

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Criteria	JORC Code explanation	Commentary
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	All drillhole collars are surveyed with a handheld GPS unit with an accuracy of ±5m which is considered sufficiently accurate for the purpose of the drillhole. • All co-ordinates are expressed in GDA94 datum, Zone 51. • Regional topographic control has an accuracy of ±2m based on detailed DTM data. Gravity surveylocations were measured with Scintrex CG-5-6 system and vertical and horizontal accuracy determined by Kinematic GPS. Gravity control was established using multiple ABA ties to a control station tied to the Australian Fundamental Gravity Network.
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.	Diamond drillhole spacing is not regular or grid based, with the location of individual drillholes governed by targeting the position of coincident modelled Induced Polarisation contours, soil geochem and historical RC drilling The Competent Person considers that the paucity of drilling at Lyons River is insufficient to establish grade continuity but is indicative of mineralisation appropriate to an early-stage exploration project. Not applicable forgravity survey
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 Competent Person has reported downhole intersections without reference to interpreted mineralisation orientation. This is appropriate for an early-stage exploration program where the orientation of mineralisation is preliminary, and it is inappropriate to geometrically correct intersections. Gravity surveysundertaken includes an area with SW-NE magnetic grain, 3D and cross-cutting magnetic bodies, and N-S faults. The survey grid is well suited to the SW-NE magnetic stratigraphy but under samples the N-S fault.

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Criteria	JORC Code explanation	Commentary
Sample security	The measures taken to ensure sample security.	Individual calico sample bags from the core drilling were placed in polyweave bags and hand delivered directly to the assay laboratory in Perth by company personnel. • All diamond drill core will be removed from site and stored at an appropriate facility. Allgravitydata is digitally stored by the contractor andgeophysical consultant.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	None of the drilling has been subject to audit. The Competent Person does not consider this to be material for early-stage exploration projects. Gravitydata has been independently checked by geophysical consultant Kim Francombe.

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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
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 Lyons River Project tenements are wholly owned by Dalaroo Metals Limited (Dalaroo) The Project is located 220km north-east of Carnarvon on Eudamullah Pastoral Station. The Competent Person is unaware of any impediments to development of these tenements.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Exploration of Lyons River has previously been undertaken by other parties including BHP, Altera and Serena and the Competent Person has referenced the parties involved and the results of this work throughout the text.
Geology	Deposit type, geological setting, and style of mineralisation.	The primary mineralisation style being sought is metamorphosed base metal mineralisation of the Broken Hill type (BHT) and SEDEX.
Drillhole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: • easting and northing of the drillhole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole col- lar • 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.	Refer to table of drillhole collars in body of report

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Criteria	JORC Code explanation	Commentary
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. 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.	In all cases, Exploration Results have been reported in accordance with Clause 19 of the JORC Code. Data has been reported as arithmetic averages, weighted by downhole drill intersection for identified zones of mineralisation. No metal equivalent values have been reported.
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 drillhole angle is known, its nature should be reported. If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width not known’).	The drill core has been oriented to enable structural logging and evaluation of true thicknesses of the mineralised intervals. • All drillhole intercepts/intervals are measured downhole in metres.
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 drillhole collar locations and appropriate sectional views.	Appropriate diagrams are included in the main body of this 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 to avoid misleading reporting of Exploration Results.	Assay results presented are balanced. Reporting of the gravity results is considered balanced.
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.	Detailed high quality aeromagnetic, IP, gravity datasets and soil geochemistry Thegravity surveyfor the Four Corners and Browns prospects was merged with the BHP survey to produce a data set of 3,594 stations. This was then merged with the regional Geoscience Australia gravity data set for an area of around 200km x 200km centred on the project in order to allow for better regionals to be created. The merged data set consisted of 12,600 stations.

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Criteria	JORC Code explanation	Commentary
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.	Full geological, geophysical and geochemical integration of data • Drill testing (air core and/or RC percussion and/or diamond drilling) will be undertaken on priority targets identified. These diagrams are included in the main body of this report

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