DALAROO METALS LTD — Capital/Financing Update 2022

Apr 10, 2022

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ASX ANNOUNCEMENT:
ASX : DAL 11 April 2022
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Namban Project Exploration Update

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Highlights

• Large coincident PGE* and Cu-Ni-Au anomaly outlined at Manning by auger geochemical sampling.**

• Pd anomaly with a peak value of 28ppb is coincident with Cu (605ppm) and Ni (206ppm) anomalism, covering 2km X 0.5km and remains open to north and south.

• Previous broad Au anomaly outlined at east Manning extended to the south with Au values up to 43ppb, complementing previous soil geochemical Au values of up to 224ppb.

• At Manning geophysical (IP & EM) surveys proposed to investigate significance of the new large PGE-Cu-Ni-Au anomaly.

• At Cattady, anomalous zones of PGEs and Au were intersected in maiden drilling program, confirming presence of bedrock PGE mineralisation.

• Cattady north-south trending mafic unit intersected values up to 0.15 g/t 3E (Pd+Pd+Au)

• Additional land access agreements in place permitting expansion of geochemical sampling coverage at Manning, Cattady and other targets.

• New detailed drone magnetic surveys have been completed at the Watheroo Chonolith prospect and the data is currently being assessed with results to be released in due course.

Dalaroo Metals Ltd ( ASX: DAL , “Dalaroo” or “Company”) provides an exploration update on activities at its Namban Project located ~ 150km north-northeast of Perth and adjacent to the regional centre of Moora in Western Australia (Figure 1).

Following the completion of the annual grain harvest, systematic auger geochemical sampling was completed covering larger areas at Manning with multi-element results received. The Manning anomaly lies immediately to the west of Minerals 260’s (ASX: MI6) Mallory PGE-Au anomaly.

In addition, analytical results have been received from the maiden aircore (AC) drilling program at the Cattady PGE-Au anomaly within the Namban Project area.

*PGE: Platinum Group Elements – palladium (Pd) and platinum (Pt)

**Copper (Cu)-Nickel (Ni)-Gold (Au)

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Figure 1: Namban Project Location map, Cattady,Manning and neighboring prospects.

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Manning

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Systematic auger geochemical sampling totaling 537 samples has been completed by Dalaroo at the Manning prospect, spaced on a pattern of 100 X 50m and 200 X 50m. A large coincident PGE-Cu-Ni-Au anomaly along the eastern boundary of the Namban Project tenement E70/4928 has been defined. The PGE anomaly covers an area of 2 km X 0.5 km and remains open along strike to the north and south. The Pd anomaly with a peak value of 28ppb is coincident with Cu (peak value of 605 ppm) and Ni anomalism (peak value of 206 ppm) (Figures 2 and 3).

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peak Pd
28 ppb
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Figure 2: Manning auger geochemical sampling – Pd anomalism and Cu anomaly outline. See Minerals 260’s Mallory PGE-Au anomaly located to the east of Manning.

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The Geological Survey of Western Australia geological mapping and subsequent in field follow-up by Dalaroo indicates the large Manning PGE-Cu-Ni-Au anomaly lies on or near the terrain boundary between Archaean age gneisses and mafic rocks and the Proterozoic age Moora Group to the west.

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peak Cu
605 ppm
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Figure 3: Manning auger geochemical sampling – Cu anomalism with Pd anomaly outline. See Minerals 260’s Mallory PGE-Au anomaly located to the east of Manning.

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Previous broad Au anomaly outlined at east Manning extended to the south with Au values up to 43ppb (Figure 4), complementing previous soil geochemical Au values of up to 224ppb.

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224
peak Au
43 ppb
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Figure 4: Manning auger geochemical sampling – Au anomalism with Pd anomaly outline. See Minerals 260’s Mallory PGE-Au anomaly located to the east of Manning.

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Cattady

The Company’s maiden AC drilling program, undertaken to test areas of surface geochemical Pd and Au anomalism at Cattady has been completed. The Cattady Anomaly comprised two parallel platinum-group element (PGE)* trends with values of up to 97ppb Pd + Pt, 28ppb Au and peak anomalous values of 642 ppm Nickel (Ni) and 226 ppm Copper (Cu) outlined over a 1km strike length.

The AC drilling program goals were to obtain an understanding of the regolith profile and provide key geological constraints on the rock types that underlie the surface soil geochemical Pd and Au anomalism, with a focus on identifying potential mafic lithologies that confirm geochemical anomalism that could be prospective for hosting magmatic PGE-Ni-Cu mineralization.

A total of 90 drill holes for 1,495 metres were completed at Cattady. East-west drill lines were mostly 150 - 100 metres apart, with a 50m spacing on each drill section (Table 2). A total of 534 samples were collected from the AC drill program.

The AC drilling program defined two north-south, north-northwest trending mafic rock types hosted within a broader felsic gneiss package. The north-south trending mafic intrusive defined over 1km broadly coincides with the soil geochemical anomalies, see Figure 5. Best results include: 18m @ 61 ppb Pd +Pt from 0 m, including 1m @ 0.155 g/t Pd + Pt + Au and 391ppm Cu in drill hole CAC003 (Table 1 and Figure 5). Further work by Dalaroo will investigate to the significance of the PGE anomalous mafic intrusive phase at the Cattady prospect.

In addition, AC drilling also tested Au geochemical anomalies. Within the felsic gneiss package, zones of hematite +/- epidote +/- chlorite alteration and pyrite were observed in proximity to an inferred northeast trending structure and intervals of quartz veining; however, these do not show any correlation with gold-in-soil anomalism. AC drilling has highlighted that the Proterozoic age Dalaroo Siltstone is unconformably overlying the Archean crust at a shallow angle. Interestingly at this contact, moderate to intense hematite altered Archean felsic gneiss was observed, returning an encouraging intersection of 4m @ 108ppb Au. This implies that this major unconformity/ contact zone has the potential to host Au mineralisation.

Table 1: Cattady – Significant drill Intercepts

Hole	East	North	From (m)	To (m)	Interval (m)	Pd ppb	Pt ppb	Au ppb	Cu ppm	Ni ppm
CAC003	411000	6620852	0	18	18	45	16
		inc	1	5	4	73	16
		inc.	17	18	1	83	37	35	391	224
CAC010	410851	6621050	21	22	1	31	42	2
CAC012	410901	6621206	5	16	11				349
CAC024	411005	6620753	0	15	15	32	14
CAC031	410502	6621256	9	13	4			108

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Figure 5: Cattady Anomaly – Prospect geology with anomalous Pd and Au zones with AC drill holes and results. Proterozoic Dalaroo siltstone to the west unconformably overlies the Archean to the east at a shallow angle.

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Upcoming Exploration Milestones

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At Manning, follow up geophysical surveys comprising IP and EM are proposed to determine the significance of the large PGE-Cu-Ni-Au anomaly.

At Cattady, anomalous PGE and multi-element results from AC drilling will be assessed further in conjunction detailed magnetics. Further land access agreements are being negotiated to allow expansion of the geochemical sampling coverage to the north and south and determine the full extent of precious metal and PGE anomalism at Cattady.

Additional magnetic targets identified from recently completed detailed drone surveys in the Moora region are being assessed, with geochemical sampling to be completed over areas that are not being cropped.

New detailed drone magnetic surveys have been completed at the Watheroo Chonolith prospect and the data is currently being assessed with results to be released in due course.

“We are highly encouraged by the scale of the large Manning PGE-Ni-Cu-Au anomaly outlined from our recent auger geochemical sampling. Its significance will be investigated further using electrical geophysical methods such as IP and or EM to define potential conductive bedrock drill targets related to PGE-Ni-Cu mineralization.

In addition, our maiden aircore drilling at Cattady has intersected bedrock values up to 0.15 g/t 3E (Pd+Pd+Au)” said Harjinder Kehal, Managing Director of Dalaroo Metals.

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ENDS

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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.

FORWARD-LOOKING INFORMATION

This report may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the planned exploration program and other statements that are not historical facts. When used in this report, the words "could", "plan", "estimate", "expect", "intend", "should" and similar expressions are forward-looking statements. Although Dalaroo believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forwardlooking statements.

CAUTIONARY NOTE

The statements and information contained in this report are not investment or financial product advice and are not intended to be used by persons in deciding to make an investment decision. In releasing this report, Dalaroo has not considered the objectives, financial position or requirements of any particular recipient. Accordingly, potential investors should obtain financial advice from a qualified financial advisor prior to making an investment decision.

Authorised for release to the ASX by the Board of Dalaroo Metals Ltd.

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About the Namban Project

Namban comprises an under explored ground package totalling 437km[2] located in the mid-north part of the wheatbelt region of Western Australia, deemed by Dalaroo to be prospective for magmatic intrusion related Ni-Cu-PGE deposits. Project tenements cover a strike distance of 60 km, adjacent to the crustalscale Darling Fault, on the western margin of the Archaean Yilgarn Craton. The Company has a 100% controlling interest comprising six tenements extending from the townships of Moora in the south to Three Springs in the north (Figure 6).

No modern systematic exploration has been undertaken over the Namban Project area of the Archaean age Jimperding Metamporhic Belt prior to the very recent work by Dalaroo.

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Figure 6: Namban Project tenements location map.

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Table 2: Cattady AC drill hole statistics

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			°	Azimuth	Depth (m)	Tenement
Drillhole	MGAE	MGAN	Dip ()	(mag)
CAC001	411099	6620848	-60	270	6	E70/4928
CAC002	411058	6620845	-60	270	6	E70/4928
CAC003	411000	6620852	-60	270	19	E70/4928
CAC004	410951	6620851	-60	270	13	E70/4928
CAC005	410897	6620848	-60	270	8	E70/4928
CAC006	410863	6620851	-60	270	5	E70/4928
CAC007	411003	6621052	-60	270	4	E70/4928
CAC008	410952	6621051	-60	270	16	E70/4928
CAC009	410902	6621052	-60	270	20	E70/4928
CAC010	410851	6621050	-60	270	22	E70/4928
CAC011	410952	6621206	-60	270	9	E70/4928
CAC012	410901	6621206	-60	270	16	E70/4928
CAC013	410851	6621208	-60	270	14	E70/4928
CAC014	410802	6621209	-60	270	3	E70/4928
CAC015	410900	6621310	-60	270	4	E70/4928
CAC016	410850	6621306	-60	270	2	E70/4928
CAC017	410800	6621303	-60	270	7	E70/4928
CAC018	411091	6620646	-60	270	9	E70/4928
CAC019	411051	6620650	-60	270	13	E70/4928
CAC020	411026	6620650	-60	270	15	E70/4928
CAC021	411009	6620655	-60	270	10	E70/4928
CAC022	411046	6620759	-60	270	12	E70/4928
CAC023	411025	6620753	-60	270	15	E70/4928
CAC024	411005	6620753	-60	270	15	E70/4928
CAC025	410949	6620758	-60	270	9	E70/4928
CAC026	410601	6621408	-60	270	10	E70/4928
CAC027	410550	66214045	-60	270	10	E70/4928
CAC028	410499	6621404	-60	270	10	E70/4928
CAC029	410590	6621253	-60	270	9	E70/4928
CAC030	410654	6621257	-60	270	15	E70/4928
CAC031	410502	6621256	-60	270	19	E70/4928
CAC032	410749	6620405	-60	270	20	E70/4928
CAC033	410695	6620408	-60	270	31	E70/4928
CAC034	410653	6620404	-60	270	22	E70/4928
CAC035	410601	6620408	-60	270	34	E70/4928
CAC036	410548	6620411	-60	270	45	E70/4928
CAC037	410502	6620406	-60	270	42	E70/4928
CAC038	410949	6620550	-60	270	4	E70/4928

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			°	Azimuth	Depth (m)	Tenement
Drillhole	MGAE	MGAN	Dip ()	(mag)
CAC039	410893	6620546	-60	270	9	E70/4928
CAC040	410855	6620555	-60	270	10	E70/4928
CAC041	410811	6620522	-60	270	22	E70/4928
CAC042	410749	6620555	-60	270	40	E70/4928
CAC043	410829	6620522	-60	270	15	E70/4928
CAC044	410779	6620534	-60	270	34	E70/4928
CAC045	410677	6620408	-60	270	20	E70/4928
CAC046	410628	6620406	-60	270	31	E70/4928
CAC047	410654	6621259	-60	270	8	E70/4928
CAC048	410739	6621142	-60	270	6	E70/4928
CAC049	410703	6621150	-60	270	4	E70/4928
CAC050	410651	6621149	-60	270	10	E70/4928
CAC051	410602	6621147	-60	270	12	E70/4928
CAC052	410552	6621151	-60	270	13	E70/4928
CAC053	410503	6621150	-60	270	13	E70/4928
CAC054	410928	6620687	-60	270	7	E70/4928
CAC055	410898	6620699	-60	270	5	E70/4928
CAC056	410837	6620693	-60	270	5	E70/4928
CAC057	410895	6620403	-60	270	5	E70/4928
CAC058	410847	6620396	-60	270	7	E70/4928
CAC059	410804	6620402	-60	270	16	E70/4928
CAC060	410700	6620256	-60	270	32	E70/4928
CAC061	410645	6620255	-60	270	23	E70/4928
CAC062	410602	6620239	-60	270	43	E70/4928
CAC063	410552	6620252	-60	270	55	E70/4928
CAC064	410658	6620095	-60	270	22	E70/4928
CAC065	410596	6620101	-60	270	44	E70/4928
CAC066	410552	6620100	-60	270	45	E70/4928
CAC067	410800	6620248	-60	270	34	E70/4928
CAC068	410759	6620236	-60	270	34	E70/4928
CAC069	410726	6620258	-60	270	31	E70/4928
CAC070	410699	6620553	-60	270	37	E70/4928
CAC071	410652	6620552	-60	270	37	E70/4928
CAC072	410603	6620552	-60	270	22	E70/4928
CAC073	410551	6620553	-60	270	34	E70/4928
CAC074	410796	6620697	-60	270	8	E70/4928
CAC075	410755	6620703	-60	270	5	E70/4928
CAC076	411493	6620025	-60	270	20	E70/4928
CAC077	411450	6620024	-60	270	23	E70/4928

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			°	Azimuth	Depth (m)	Tenement
Drillhole	MGAE	MGAN	Dip ()	(mag)
CAC078	411402	6620026	-60	270	18	E70/4928
CAC079	411357	6620027	-60	270	10	E70/4928
CAC080	411300	6620022	-60	270	9	E70/4928
CAC081	411247	6620023	-60	270	6	E70/4928
CAC082	411205	6620023	-60	270	12	E70/4928
CAC083	411496	6620485	-60	270	5	E70/4928
CAC084	411476	6620476	-60	270	7	E70/4928
CAC085	411301	6620477	-60	270	5	E70/4928
CAC086	411201	6620479	-60	270	8	E70/4928
CAC087	411102	6620427	-60	270	9	E70/4928
CAC088	410825	6621300	-60	270	5	E70/4928
CAC089	410779	6621300	-60	270	4	E70/4928
CAC090	410875	6621307	-60	270	13	E70/4928

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Appendix 1: Dalaroo Metals Ltd – Namban Project - 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.	Sampling was completed using Aircore (AC) drilling. AC drill samples were collected at 1m intervals in a cyclone at the side of the drilling rig. Samples were laid out on the ground for sampling and logging. Auger samples collected from 0.6 – 1m depth with 0.5-1kg collected for assay. Aircore sampling procedure comprised of a sample being collected for 0 to 1m interval and a “Bottom of Hole” single metre sample for all holes, with the remainder comprising 3 or 4 metres composites samples collected using a scoop. Geochem augur sampling required entire auger sample was submitted for sample prep and assay.
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.).	Aircore drilling used a 4.5 inch aircore bit 5 inch hammer and with 6 metre rod lengths. Both bits are face sampling. Strike Drilling completed the AC drilling.
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.	Sample recovery generally excellent in weathered and fresh rocks. Drilling has utilised AC rig of sufficient size and air capacity to maximise recovery and provide dry chip samples. No indication of sample bias is evident or has been established

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Criteria	JORC Code explanation	Commentary
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 and weathering. Chip-trays of samples collected. Drillhole logging of AC chips is qualitative on visual recordings of rock forming minerals & estimates of sulphide mineral abundance. All drillholes were logged in their entirety.
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.	Representative samples obtained from AC sample pile with a scoop at a 45 degree through the sample pile to ensure a representative sample. Method appropriate for deposit and sample type using accepted industry practices. AC samples have field duplicate samples taken at regular intervals and compared. Samples sub-sampled using accepted splitting techniques and have been delivered to laboratory for total preparation by crushing and pulverisation, before being sub-sampled for analysis. Sample sizes are generally appropriate for grain size and materials sampled. Sample preparation of samples follows industry best practice standards and is conducted by internationally recognized laboratories; i.e Oven drying, jaw crushing and pulverising so that 90% passes -75 microns. Auger sampling completed on a regular grid spacing to ensure representative sampling of area being assessed. Soil sampling completed on a regular grid spacing to ensure representative sampling of area being assessed. -2mm sample submitted for assay. .
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.	Assay and laboratory procedures have been selected following a review of techniques provided by internationally certified laboratories. Dalaroo samples are submitted for multi- element analyses to Bureau Veritas, Perth

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Criteria	JORC Code explanation	Commentary
	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 assay techniques used are total. A four-acid digest is used before a combination of Inductively Coupled Plasma (ICP) Optical Emission Spectrometry (OES), Inductively Coupled Plasma (ICP) Mass Spectrometry (MS) for 50 elements (AR101 and 102) and Fire Assay 40g (I-9105-FA-40) to determine Au, Pd and Pt . QAQC measures including certified reference standards and field duplicates samples and umpire laboratory check samples carried out have shown acceptable levels of accuracy and precision.
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.	Certified standards and field duplicates inserted every 25 samples to test for laboratory accuracy and precision. All field data is manually collected, entered into excel spreadsheets, validated and and processed using a number of different exploration software packages. None required
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 50. • Regional topographic control has an accuracy of ±2m based on detailed DTM data. All auger samples collected are located using a handheld GPS. Grid system used for geochemical sampling is GDA94 Zone 50 For geochemical sampling nominal RLs based on regional topographic data sets and handheld GPS.
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.	AC drilling, various spacing but generally 200 x 50m and 100m x 50m over high priority anomalies Auger sampling on 100 X 50m and 200 X 50m spacing based on geology/structural framework. MRE not being reported.

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Criteria	JORC Code explanation	Commentary
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.	AC samples were a mixture of weathered and fresh material, with fresh chips or core taken from the end of hole
Sample security	The measures taken to ensure sample security.	Individual calico sample bags from the AC drilling were placed in polyweave bags and then in bulka bags on a pallet and delivered by experienced freight company to the assay laboratory in Perth. Auger samples were collected in calico bags which were placed in polyweave bags and then in bulka bags on a pallet and delivered by an experienced freight company to the assay laboratoryin Perth.
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.

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 Namban Project tenements are wholly owned by Dalaroo Metals Limited (Dalaroo) . The Project is located 150km north of Perth on freehold land. Tenure is in the form of Exploration Licences with standard 5-year expiry dates which may be renewed. 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.	No known exploration in Archaean age Jimperding Metamporhic Belt. Area covered by Proterozoic rocks explored for potash with geological mapping and rock chip sampling. Government DMIRS 200m spaced airborne magnetics and radiometrics data has been included.

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Criteria	JORC Code explanation	Commentary
Geology	Deposit type, geological setting, and style of mineralisation.	The primary mineralisation style being sought is nickel-copper-PGE (Ni-Cu-PGE) intrusive related deposits such as Julimar. All holes logged and data entered into a database.
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 collar • dip and azimuth of the hole • down hole length and interception depth • hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer to table of drillhole collars in body of report.
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’). _	All drillhole intercepts/intervals are measured downhole in metres.

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Criteria	JORC Code explanation	Commentary
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.
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.	No additional meaningful and material exploration data has been excluded from this report.
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.	Infill and extension geochemical sampling. Geological/regolith mapping Geophysical surveys (EM/IP) Drill testing (aircore and or RC percussion drilling) will be undertaken on priority targets identified. These diagrams are included in the main body of this report.

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