DART MINING NL — Capital/Financing Update 2023

Apr 5, 2023

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ASX Release

6 April 2023

DART MINING DRILLING INTERSECTS LCT PEGMATITE FROM 77.6M (SUPPLEMENTARY INFORMATION)

On 5 April 2023, Dart Mining NL (ASX:DTM) (“Dart Mining” or “the Company”) announced that it had commenced diamond drilling of Lithium-Caesium-Tantalum (LCT) bearing pegmatites in an initial 3,000m Phase 1 diamond drill program, testing five pegmatite targets, along the northern portion of the Dorchap Lithium Project (Figure 1) (DTM ASX April 5 2023). This release provides information supplementing that earlier release.

• As announced, drilling is currently underway on the first diamond drill hole at the Eagle Dyke with pegmatite intersected from 77.6m down hole (see Appendix 1) with a planned hole depth of 250m (Photograph 1). It should be noted that the presence of pegmatite, as has been determined by visual inspection of the core, does not necessarily indicate the presence of lithium mineralisation. It should also be noted that the core sample is yet to be assayed and analysed: detailed logging and sampling is currently underway, and assay data is expected during May 2023 subject to laboratory turnaround period.

• Previous rock chip highlights from Eagle Dyke: 10m @ 0.9% Li2O and duplicate sample 10m @ 1.0% Li2O (ASX April 3[rd] 2017 Lithium Exploration Update)

• The Dorchap Lithium project is fully funded by Dart Mining’s joint-venture partner, Sociedad Química y Minera (SQM) under a A$12m / 6 year earn in agreement (ASX July 26[th] 2022 SQM Earn-in Agreement)

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Photograph 1 – Drill contractor DDH1 set up on hole MIDDH001 (Appendix 1) with drill core logging underway – Eagle Dyke, Dorchap Lithium Project.

Chairman, James Chirnside commented: “We are working closely with our joint venture partner SQM to efficiently progress the drilling of these LCT pegmatite targets, and at the same time maintaining rock chip sampling crews in the field, who are mapping and sampling additional LiDAR pegmatite targets”.

Visit our webpage: www.dartmining.com.au Find us on LinkedIn: Dart Mining NL

For more information, contact: Dart Mining NL James Chirnside, Managing Director ABN: 84 119 904 880 Email: jchirnside@dartmining.com.au 412 Collins Street Phone: +61 447 447 613 Melbourne VIC 3000

Dorchap Lithium Project Summary

Dart Mining geologists first identified the lithium prospectivity of pegmatite dykes in the Dorchap Range in 2016 and set about acquiring exploration leases across the region ( Dart ASX May 2016 ; Dart ASX August 2016 ). These are the first recorded lithium pegmatites identified in Victoria, and are believed to have been sourced from the nearby Mount Wills Granite. A regional sampling program consisting of 826 samples has identified a strong fractionation trend across the Dorchap Range, resolving a 20×12 km zone of strongly fractionated pegmatites bearing enriched Li, Cs, Ta, Be and Sn mineralisation ( Dart ASX July 2021 ).

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Figure 1 – Location of Dart Mining’s tenements and the Dorchap Lithium / LCT pegmatite exploration project in Northeast Victoria.

Approved for release by the Board

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For more information contact:

James Chirnside

Managing Director Dart Mining NL jchirnside@dartmining.com.au +61 447 447 613

Peter Taylor Investor Relations NWR Communications peter@nwrcommunications.com.au +61 412 036 231

About Dart Mining

Dart Mining (ASX: DTM) has the aim of evaluating and developing several historic goldfields, as well as substantiating a new porphyry province in Northeast Victoria. The area is prospective for precious, base, and strategic metals. These include Lithium, Gold, Silver, Copper, Molybdenum, Zinc, Tungsten, Tin, Tantalum, and a host of other important minerals. Dart Mining has built a strategically placed gold exploration footprint in the Central and Northeast regions of Victoria, where historic surface and alluvial gold mining indicates the existence of potentially significant gold endowment.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Dean Turnbull B.App.Sc.(Geol) Hons. M. AIG, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Turnbull is a consultant geologist and Non-Executive Director of Dart Mining NL. Mr Turnbull has sufficient experience that is relevant to the style of mineralisation and type of deposits 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”. Mr Turnbull consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statement

Certain statements contained in this document constitute forward-looking statements. Forward-looking statements include, but are not limited to, Dart Mining’s current expectations, estimates and projections about the industry in which Dart operates, and beliefs and assumptions regarding Dart’s future performance. Such forward-looking statements are based on a number of estimates and assumptions made by the Company and its consultants in light of experience, current conditions and expectations of future developments which the Company believes are appropriate in the current circumstances. When used in this document, words such as; “anticipate”, “could”, “intends”, “estimate”, “potential”, “plan”, “seeks”, “may”, “should”, and similar expressions are forward-looking statements. Although Dart believes that its expectations presented in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, which may cause the actual results, achievements and performance of the Company to be materially different from the future results and achievements expressed or implied by such forward-looking statements. Investors are cautioned that forward-looking information is no guarantee of future performance and accordingly, investors are cautioned not to place undue reliance on these forwardlooking statements.

Additional JORC Information

Further details relating and information relating to Dart Mining’s Strategic and Technology metals exploration programs can be found in Dart Mining’s ASX announcements:

23[rd] June 2022: “Spodumene dominant in Dorchap Pegmatites”

6[th] October 2021 : “Lithium Drilling Update”

27[th] October 2021: “LiDAR Points Towards Increase in Lithium Pegmatites”

21[st] July 2021: “Strategic & Technology Metals”

18[th] March 2021: “LiDAR Data Acquisition over Strategic Projects”

10[th] February 2021 : “Exploration Strategy & Tenement Status Update”

19[th] June 2019 : “Lithium Project Update”

19[th] March 2019: “Lithium Exploration Drilling to Commence at the Dorchap Project”

14[th] November 2018 : “Lithium Exploration Update”

10[th] September 2018: “Exploration Update: Dorchap Lithium Project”

10[th] May 2018 : “Significant Lithium Mineralisation in Pegmatites of the Dorchap Range, Victoria”

21[st] December 2017: “Lithium Exploration Update”

6[th] October 2017: “Lithium Tenements & Prospects”

24[th] July 2017: “Lithium Exploration Update”

3[rd] April 2017: “Exploration Program Confirms Significant Lithium Pegmatites in NE Victoria”

6[th] February 2017: “Acquisition of Tenement Package”

9[th] August 2016: “Company Update: Lithium”

1[st] June 2016: “Exploration Tenement Update”

18[th] May 2016 : “Tenement Application Update”

APPENDIX 1: Drill Hole Location, Orientation, Planned depth and Summary Llithology Logging

Drill Hole	Easting MGA Z55	Northing MGA Z55	Elevation (m)	Site / Dyke	Planned Depth (m)	Azimuth (Grid)	Inclination
MIDDH001	524,012	5,949,111	1164	Eagle Dyke	250	30	-55

MIDDH001 Summary Lithology Logging (Drill hole lithology summary to 157m, planned 250m depth)

HOLE ID	FROM(m)	TO(m)	INTERVAL* (m)	LITHOLOGY (Summary)	COMMENTS
MIDDH001	0	77.6	77.6	SEDIMENT	Metasediment - interbedded silt and sandstone
MIDDH001	77.6	95.1	17.5	PEGMATITE	Pegmatite - variable crystal size
MIDDH001	95.1	128	32.9	SEDIMENT	Metasediment - interbedded silt and sandstone
MIDDH001	128	143.1	15.1	PEGMATITE	Pegmatite - variable crystal size
MIDDH001	143.1	157	13.9	SEDIMENT	Metasediment - interbedded silt and sandstone

Note. * Down hole interval only, true width unknown pending detailed core structure analysis where available.

APPENDIX 2: Tenement Status

All tenement applications continue to pass through the approvals process with the tenements remaining in good standing as of the 31[st] of March 2023 (Table 1 – Figure 1).

Table 1. TENEMENT STATUS

Tenement Number	Name	Tenement Type	Area (km2) Unless specified	Interest	Location
MIN006619	Mt View2	Mining License	224 Ha	100%	NE Victoria
EL5315	Mitta Mitta4	Exploration Licence	148	100%	NE Victoria
EL006016	Rushworth4	Exploration Licence	32	100%	Central Victoria
EL006277	Empress	Exploration Licence	87	100%	NE Victoria
EL006300	Eskdale3	Exploration Licence	96	100%	NE Victoria
EL006486	Mt Creek	Exploration Licence	116	100%	NE Victoria
EL006764	Cravensville	Exploration Licence	170	100%	NE Victoria
EL006861	Buckland	Exploration Licence	414	100%	NE Victoria
EL007007	Union	Exploration Licence	3	100%	Central Victoria
EL006994	Wangara	Exploration Licence	190	100%	Central Victoria
EL007008	Buckland West	Exploration Licence	344	100%	NE Victoria
EL007099	Sandy Creek	Exploration Licence	437	100%	NE Victoria
EL006865	Dart	EL (Application)	567	100%	NE Victoria
EL006866	Cudgewa	EL (Application)	508	100%	NE Victoria
EL007170	Berringama	EL (Application)	27	100%	NE Victoria
EL007430	Buchan	EL (Application)	546	100%	Gippsland
EL007435	Goonerah	EL (Application)	587	100%	Gippsland
EL007425	Deddick	EL (Application)	341	100%	Gippsland
EL007428	Boebuck	EL (Application)	355	100%	NE Victoria
EL007426	Walwa	EL (Application)	499	100%	NE Victoria
EL007754	Tallandoon	EL (Application)	88	100%	NE Victoria
RL006615	Fairley’s2	Retention License	340 Ha	100%	NE Victoria
RL006616	Unicorn1&2	Retention License	23,243 Ha	100%	NE Victoria
EL9476	Woomargama	Exploration Licence	188	100%	New South Wales
ELA6536	Yambacoona	EL (Application)	549	100%	New South Wales
ELA6548	Barellan	EL (Application)	159	100%	New South Wales

All tenements remain in good standing as of 31 March 2023.

NOTE 1: Unicorn Project area subject to a 2% NSR Royalty Agreement with Osisko Gold Royalties Ltd dated 29 April 2013.

NOTE 2: Areas subject to a 1.5% Founders NSR Royalty Agreement. NOTE 3: Areas are subject to a 1.0% NSR Royalty Agreement with Minvest Corporation Pty Ltd (See DTM ASX Release 1 June 2016).

NOTE 4: Areas are subject to a 0.75% Net Smelter Royalty on gold production, payable to Bruce William McLennan.

JORC CODE, 2012 EDITION – TABLE 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

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 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.	•Chip samples are taken continuously across the general strike of pegmatites in outcrop, large samples (4 – 10kg) are taken where possible to take a more representative sample of the large crystals in the pegmatites. The chip samples are of adequate quality to be indicative of the small area sampled. •Diamond Drill Core – No sampling has been undertaken to date. Only partial hole depth summary lithology is presented and is based on a rapid interval log of dominant lithology and does not capture structure, mineralisation or alteration data.
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 Drilling (Core) is of HQ3 (63.5mm diameter) from surface. Drill holes are angled and core is orientated (Reflex Tool) to allow structural interpretation (not yet completed)
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 recovery is recorded for each drill interval recorded by the drill contractor. The drilled interval (recorded on core blocks) and the recovered interval (measured during logging) are recorded in the company drill log database and recovery is calculated as a percentage. • Drilling techniques are designed to maximise core recovery • No sampling has been carried out to date to establish if any relationship between sample recovery, grade and any possible sample bias may exist.
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.	• Chip / Grab samples were logged for qualitative mineral percentages, mineral species and habit and each sample is photographed and its location recorded. • Drill core initial summary lithologyloggingis carried out

Criteria JORC Code explanation	Commentary
	to allow subsequent hole planning and to track hole geology against hole plan. Detailed geological logging of all drill core will follow and include recording of recovery, weathering, lithology, alteration, mineralisation and RQD. All drill core will be photographed prior to sampling. This logging is qualitative.
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.	•Individual <10kg chip / grab samples were collected from outcrop, individual chips making up the sample were <40mm and chipped from a random selection of the mineralisation to generate a representative average sample of the mineralisation targeted. •The <10kg sample size is considered appropriate to test the mineralisation for the presence of lithium and associated elements. The sample is considered suitable for the purposes of estimating the magnitude of lithium within the mineralisation at a local scale only and not as a sample representative of the wider area of the pegmatite dyke on average. •The whole sample was crushed and pulverised prior to sub-sampling at the laboratory via riffle splitting. •The sample size is smaller than ideal when compared to the grain size of the pegmatite crystals and any lithium mineralisation observed at outcrop. The pegmatite dyke shows considerable grain size variability and possible zonation of mineralisation. •No drill core sampling has been carried out to date.
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	•Chip and Grab samples were submitted to ALS Chemex and analysed for a suit of trace elements using ALS Methods ME-MS61 (A four-acid digest is performed on 0.25g of sample to quantitatively dissolve most geological materials). Analysis was via ICP-MS + ICP-AES and for over limit elements Cs, Rb and Ta byALS method ME-

Criteria JORC Code explanation	Commentary
checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	MS85 (lithium borate fusion and ICP-MS) for quantitative results of all elements, including those encapsulated in resistive minerals. These techniques are appropriate and considered a total extraction technique. •Due to the reconnaissance nature of the sampling, no QAQC procedures were adopted other than internal laboratory CRM and one duplicate field sample site. •Sn has also been analysed by XRF using ALS Method XRF05 due to potential for partial digestion. •No drill core assay sampling has been carried out to date.
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.	•No drill core sampling data to date. •No verification process or independent review of rock chip assay data has been carried out. •Chip / Grab samples were geologically logged, photographed in the field and entered into the company database from hard copy field sheets for long term electronic storage. •Lithium analysis reports Li%, Li2O (%) is derived by using a conversion factor: Li2O = Li x 2.153 •Tantalum analysis (where reported) Ta (ppm) Ta2O5 (ppm) is derived by using a conversion factor: Ta2O5= Ta x 1.2211
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.	•The location of the chip / grab samples and geological mapping used a Trimble GPS using the MGA94 Grid Datum (Zone 55) with topographic control taken from the GPS. Accuracy is variable but maintained <5m during the mapping process with constant visual quality assessment conducted. •Drill hole collar location is established using a hand held Garmin GPS, accuracy is variable <10m. All co-ordinate

Criteria JORC Code explanation	Commentary
	data is presented using the MGA94 Zone 55 reference system, topographic control is based on LiDAR data where available or GPS levels <10m accuracy – both considered adequate at this exploration stage.
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.	•Chip / Grab samples are not presented or considered to be representative of the pegmatites average grade. Grab samples only represent the grade at a single point within the mineralisation. •No drill core assay data is available to date
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.	•As above, Chip / Grab samples do not capture any aspect of the potential variation in grade in relation to the orientation of the mineralisation and represents only a single point inside the mineralisation. Chip samples are collected perpendicular to strike where possible to avoid any sample bias. •No drill core assay data or structural orientation data is available to date. Drill hole MIDDH001 was planned to intersect at near right angles to the strike of the Eagle Dyke. The dip of the dyke is unknown at this location and as such the orientation of the hole with the dyke is unknown pending detailed structure interpretation. This will be reported in subsequent updates where the data is available.
Sample security • The measures taken to ensure sample security.	•All rock chip / Grab samples submitted for analysis are placed in sealed plastic bags and enclosed in strong plastic boxes, delivered to a commercial transport company for delivery to the laboratory. Any evidence of sample damage or tampering is immediately reported by the laboratory to the company and a decision made as to the integrity of the sample and the remaining samples within the damaged / tampered bag/s. •No drill core assaysamples

Criteria JORC Code explanation	Commentary
Audits or reviews • The results of any audits or reviews of sampling techniques and data.	have been collected or submitted for analysis to date
	•The mapping and rock chip sampling methodology and results were documented and reviewed by an independent expert. •No audit or review of drill core logging, sampling or interpretation have been undertaken to date given the early stage of the drilling program.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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.	• All tenements remain in good standing as of 31st March 2023. • Details of Dart Mining tenements shown in Appendix 2.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	•Prior to Dart Mining, no commercial exploration for Li has occurred. Geological investigations as part of academic research has been reported for the pegmatite dykes of the area in: Eagle, R. M., 2009. Petrology, petrogenesis and mineralisation of granitic pegmatites of the Mount Wills District, northeastern Victoria. Unpublished thesis, University of Ballarat. Eagle, R. M., Birch, W. D & McKnight, S., 2015. Phosphate minerals in granitic pegmatites from the Mount Wills district, northeastern Victoria. Royal Society of Victoria. 127:55-68. •Previous exploration in the district has focussed on gold exploration at Glen Wills and historic Sn production from pegmatite dykes.
Geology	• Deposit type, geological setting and style of mineralisation.	•Lithium mineralisation along the Dorchap Dyke Swarm is hosted within highly evolved, late tectonic peraluminous granite pegmatites of the complex Lithium, Caesium, Tantalum (LCT) class. These dykes are thought to be distal to a sourcegranitic bodyand arepresent

Criteria	JORC Code explanation	Commentary
		as lenticular, discontinuous bodies of variable length and width (up to many hundreds of metres in length and tens of metres in width). Lithium mineralisation within the pegmaties is poorly understood at this early exploration stage but suspected to be spatially related to the zonation within the complex pegmatites. Lithium mineralisation observed to date appears to be as spodumene – Cassiterite is also evident within the dykes of the swarm.
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 why this is the case.	•Appendix 1 presents drill hole MIDDH001 details to date, the hole is ongoing. Only down hole summary lithology logging is presented in Appendix 1 at this time, drilling of this hole is ongoing and detailed logging and sampling is yet to be carried out. All logging, sampling and analysis details will be reported when the data are available.
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.	•NA
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	•NA

Criteria	JORC Code explanation	Commentary
	should be a clear statement to this effect (e.g. ‘down hole length, true _width not known’). _
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.	•NA
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.	•NA
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.	•Any other relevant information is discussed in the main body of the 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.	•Planned work is discussed in the body of the report and is dependent on future company direction.