DELTA LITHIUM LIMITED — Capital/Financing Update 2020

Oct 22, 2020

ASX Announcement 23 October 2020

==> picture [150 x 52] intentionally omitted <==

TNT ACQUIRES HISTORIC WESTERN AUSTRALIAN GOLD PROJECTS

Highlights:

• TNT signs binding share sale agreement to acquire 100% of Warriedar Mining Pty Ltd, which owns the Eureka and Warriedar gold projects in Western Australia

• Highly leveraged to exploration success, acquired and run by successful WA gold exploration team (Spectrum Metals founders)

• Eureka & Warriedar Projects:

• Historical gold production

• Granted Mining Leases (MLs) in place on core project areas

• Strike and depth potential of mineralisation largely untested

• Walk-up drill targets already defined

• Both projects are in well-known and established goldfields close to infrastructure, operating mills, host known gold mineralisation and possess outstanding exploration upside

• Eureka tenement package includes 5.7km strike of the Bardoc tectonic zone host to deposits such as Paddington and Zoroastrian

• Drill rig secured, 15,000m Reverse Circulation (RC) drilling program planned to commence immediately post-completion

• Warriedar directors Alex Hewlett and James Croser to join TNT Board, while Warriedar CEO Matthew Boyes will become TNT CEO

• Firm commitments received from strategic high net worth investors and funds for placement to raise $3.9 million in support of the transaction and to fund high priority work programs starting in 2020

TNT Mines Limited (ASX: TIN) ( TNT or the Company ) is pleased to announce that it has signed a binding share sale agreement ( Agreement ) to acquire 100% of Warriedar Mining Pty Ltd ( Warriedar ), which owns the Eureka Gold Project 50km north of Kalgoorlie in the Western Australian Goldfields and the Warriedar Gold Project in WA’s Murchison region.

Both Eureka and Warriedar have a history of gold production, are located close to established infrastructure including operating gold mills. Eureka, which is under granted Mining Leases will be the initial focus of exploration, containing an existing JORC2012 Indicated and Inferred Mineral Resource of 762,000 tonnes at 1.80 g/t Au for 43,100 ounces of contained gold.[1]

As part of the transaction, Alex Hewlett (previous Chairman of Spectrum Metals Limited (ASX: SPX) and current Non-Executive Director of Black Cat Syndicate Limited (ASX: BC8)) will join the TNT board as Chairman, while James Croser, also a previous director of Spectrum Metals, will join TNT as a NonExecutive Director.

1 See Note 1 & Appendix 1

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

Spectrum was acquired by Ramelius Resources earlier this year after the company delineated one of the highest-grade undeveloped gold resources in Australia at the Penny West Project in WA’s Yilgarn district.

Settlement of the acquisition is subject to the approval of TNT shareholders, along with the satisfaction of other conditions precedent common in transactions of this nature. In support of the transaction and to ensure sufficient funding is in place to undertake significant near-term exploration programs at Eureka and Warriedar, the Company has received firm commitments for a share placement to institutional, sophisticated and professional investors to raise $3.9 million. Further detail on the Eureka and Warriedar assets, the consideration to be paid for the acquisition, capital raising, proposed Board and management changes and next steps is provided below.

TNT Executive Director Brett Mitchell said: “ Warriedar stands out as a unique opportunity to acquire two Western Australian gold projects with a history of production that are positioned with immediate access to infrastructure and operating gold plants. This presents a unique opportunity to join forces with a management team that has a very successful track record in the exploration and redevelopment of ex-production gold assets in WA. Given the outstanding value creation they delivered for Spectrum Metals shareholders, Alex and James have developed a strong and loyal following and we are excited by the possibility of recreating their Spectrum success with TNT.”

==> picture [417 x 402] intentionally omitted <==

Figure 1. Warriedar and Eureka Gold Project Locations

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

The Eureka Gold Project

The Eureka gold project is located roughly 50km north of Kalgoorlie and within trucking distance to multiple existing plant sites. Access is via the Goldfields Highway north from Kalgoorlie then 2km unsealed road to the project location. Infrastructure in the Kalgoorlie region includes all amenities necessary to support mining and exploration activities.

Eureka is a high-grade asset on granted Mining Leases with strong potential for walk-up drill targets. Warriedar considers that the strike and depth potential of the Eureka mineralised system has not been fully tested, and hosts potential for additional shallow mineralisation in a strongly endowed mineral terrain.

Initial exploration will focus on expansion of the existing mineralisation below the current open pit and testing the structure to the North and South of the current pit. The recent addition of adjacent prospecting licence P24/5116 to the Eureka landholding has added new exploration opportunities and on success will allow flexibility to expand the dimensions of the current open pit.

==> picture [485 x 398] intentionally omitted <==

Figure 2. Eureka Gold Project location plan and regional simplified geological setting

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

==> picture [420 x 330] intentionally omitted <==

Figure 3. Eureka Gold Project tenement location plan

Tenement ID	Area Blocks – Ha
M24/189	218.2
M24/584	110.5
M24/585	104.5
M24/586	130.7
P24/5116	157
L24/234	15

Table 1. Tenement numbers for Eureka tenement group

The mineralisation at Eureka is hosted within basalts and is contained with a zone of shearing and foliation with quartz veining containing quartz, carbonate and low amounts of sulphides with some visible gold has a variable thickness of up to 20 metres.

Mineralisation has been exploited in a 120m deep, 300m long open pit that was developed on a number of lens shaped shoots up to 10 metre wide within an intensely sheared zone some 30 metres wide. The mineralisation is subvertically dipping and strikes in an north south orientation with several offsets and splays form the main structure.

Previous and historical drilling at the Project has defined a combined Inferred and Indicated Mineral Resource of 43,100 ounces of gold as detailed in Table 2 below, Note 1 and Appendix 1.

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

Current Mineral Resources[1 ]

**eral Resources1 **
Category	Tonnes Grade g/t Ounces Au
Indicated	434,000 1.80 25,200
Inferred	328,000 1.70 17,900
Total	762,000 1.80 43,100

Table 2. Eureka JORC (2012) compliant Mineral Resources reported at 0.50g/t Au cut-off

==> picture [510 x 309] intentionally omitted <==

Figure 4. Longsection view of Eureka pit looking west showing the distribution of mineralised blocks comprising Mineral Resources reported at 0.50g/t Au cut-off

The Warriedar Gold Project

The Warriedar Gold Project is located approximately 420km north east of Perth, 50km northwest of Paynes Find in the Yalgoo mineral field. Access is by the Great Northern Highway to Warriedar Road followed by old station tracks. Road access is in good condition up to site with no major earthworks required to create access for drilling equipment. On site existing infrastructure includes a historic plant site, mine shaft and photo headframe.

The property package consists of approximately 45km[2] of highly prospective Archaean terrain, with a contiguous tenement package of one core Mining Lease, one prospecting licence and four exploration leases covering 42 blocks.

---

1 See Note 1 & Appendix 1

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

==> picture [436 x 359] intentionally omitted <==

Figure 5. Warriedar Gold Project

Tenement	ID	Area Blocks - km2/ha
E59/1696		3 blocks - 9km2
E59/1723		2 blocks - 6km2
E59/1966		8 blocks - 24km2
E59/2104		1 block - 3km2
P59/2070		105 Ha
M59/755		370Ha

Table 3: Tenement list Warriedar Project

Mineralisation

Epigenetic gold mineralisation in the Warriedar Fold Belt is associated with pyritic alteration of intensely folded and brecciated banded ironstones, forming quartz or quartz-tourmaline veins and stock works in felsic and mafic rocks. Additionally, high grades have been reported in narrow vein quartz-bearing structures along structural shear zones which are prevalent throughout the tenement area. Veins are subvertical to vertically dipping in geotechnically sound host rock.

Initial exploration activities will focus on the high-grade shear hosted narrow vein mineralisation as mined at the historic Reids Ridge shaft.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

Geology

The Warriedar Project covers a region in the south of the Warriedar Fold Belt, over a sequence of mafic volcanic and sill rocks with interlayered banded iron formations (BIFs). The area is prospective for BIF hosted epigenetic gold, as well as for gold hosted in narrow quartz-vein bearing structures which trend northeast throughout the area.

Historic Production

oric Production
Site	Dates	Product	Quantity (kt)	Au Grade (g/t)	Yield (oz Au)	Yield (oz Ag)
Ironclasp	1913-1914	Au-ore	0.005	878.15	166.8
Shot Over	1914	Au-ore	0.004	281.5	39.7
Mt Laws	1936	Au-ore	0.028	4.142	4.1
Commodore	1910-1921	Au-ore	0.754	31.56	839.3
	1910-1921	Au- dollied	0	0	8.6
(Reids Ridge)	1936-1957	Au-ore	2.604	19.77	1816.2	1.73

Table 4. Historic production from the Warriedar Project area (List of Cancelled Gold Mining Leases which have produced Gold by Mines Department of WA (1954))

Formerly known as the Rose Marie Mine, the Reids Ridge Gold Mine has produced high-grade gold mineralisation from underground intermittently from 1913 through to present day, with pre-1960’s production as set out in Table 4 above.

Underground workings extend from surface to approximately 120m depth. Between 2003 and 2005 the existing headframe shaft and ladder were refurbished allowing for access to hoist approximately 400 tonnes of mined ore to the surface and provide drill access. The other infrastructure at surface is now derelict and most probably cannot be salvaged.

==> picture [290 x 289] intentionally omitted <==

Photo 1. Reids Ridge Gold Mine headframe at the Warriedar Project

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

The Company intends to compile past drilling activity in the mine area and then assess potential for additional targeted RC drilling drilling to delineate high grade (>10g/t Au) mineralisation. Workings extend for some distance along strike and may offer new step-out drill targets.

The Project is well located in close proximity to existing milling capacity (Mt Magnet - Kirkalocka) if new high-grade mineralisation can be outlined

Acquisition Terms

The Agreement is between TNT, Warriedar and major shareholders of Warriedar, Amanda Croser and Elefantino Pty Ltd. Under the Agreement, TNT agrees to make separate offers to each of the 27 shareholders of Warriedar ( Vendors ) to acquire 100% of their Warriedar shares, on the terms and conditions set out below ( Offers ). The Acquisition is conditional on each of the Vendors accepting their respective Offer.

Under the proposed acquisition, TNT will issue 29.55 million ordinary shares and 19.75 million unlisted options to the Vendors, pro-rata to their existing holding in Warriedar.

The unlisted options will have an exercise price of $0.25 expiring on 1 October 2024, with 10.5 million carrying no vesting conditions and 9.25 million vesting only upon the delineation of an inferred mineral resource of not less than 100,000 ounces of gold at a grade greater than 1.5 g/t Au at the Projects.

As a facilitation fee, TNT will also issue corporate advisor Chieftain Securities with 2 million shares and 1.25 million unlisted ordinary options ($0.25 exercise price expiring 1 October 2024).

The issue of the abovementioned securities is subject to shareholder approval, which TNT will seek at its upcoming Annual General Meeting to be held on 30 November 2020 ( AGM ).

Capital Raising

TNT has received binding commitments for a share placement from institutional, sophisticated and professional investors to raise $3.9 million through the issue of 30,000,000 shares at a price of $0.13 each in two tranches. Chieftain Securities is lead manager of the raising. TNT Executive Director Brett Mitchell is also a director and shareholder of Chieftain with the Placement fee an industry standard fee and negotiated on arm’s length commercial terms.

The first tranche of 5,173,287 shares will be issued under TNT’s existing 7.1 placement capacity. The second tranche of 24,826,713 shares will require shareholder approval and will be voted on at the Company’s AGM. Completion of the acquisition is conditional on completion of the placement.

Following completion of the share placement, TNT will have in excess of $5 million in cash with which to fund exploration on the newly acquired WA gold assets and to advance its North American projects.

Board and Management Changes

Upon settlement of the Warriedar acquisition, Warriedar Executive Chairman Alex Hewlett will become Non-Executive Chairman of TNT and Warriedar Executive Director James Croser will become a NonExecutive Director of TNT.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

Mr Hewlett is a qualified geologist highly skilled at project identification and acquisition and was previously Chairman of Spectrum Metals Limited, overseeing its growth from in mid-2018 to being taken over by established goldminer Ramelius Resources in early 2020. He is currently a Non-Executive Director of ASX-listed companies Black Cat Syndicate and Wildcat Resources.

Mr Croser is a qualified mining engineer with 20 years’ operational, technical and management experience in the Australian mining sector. He is currently a director of privately owned mining consultancy Vaportrail Pty Ltd and has served as an executive on the boards of ASX-listed companies including Spectrum Metals Limited, Kalgoorlie Mining Company Limited and Resources & Energy Group Limited.

In addition to the changes at Board level, Warriedar Chief Executive Officer Matthew Boyes will become Chief Executive Officer of TNT. Mr Boyes is a qualified geologist and fellow of the Australasian Institute of Mining and Metallurgy with 25 years’ industry experience and a strong background in mineral resource estimation, project development and operations management. He recently served as Chief Operating Officer for AIM-listed Patagonia Gold, successfully overseeing the construction of two stand-alone gold-silver heap leach projects in southern Argentina.

The TNT Board will then comprise Mr Hewlett, Mr Croser, Executive Director Brett Mitchell and NonExecutive Director Peter Woods. Nick Castleden, currently a Non-Executive Director, intends to resign from the Board at the completion of the Warriedar transaction.

Next Steps

The Company’s AGM, at which resolutions pertaining to the acquisition of Warriedar will be voted on, will be held on 30 November 2020. A Notice of Meeting containing the requisite resolutions will be despatched to TNT shareholders next week.

A reverse circulation (RC) drilling program of up to 15,000 metres is planned to commence at the Eureka Gold Project within the next 4-6 weeks. Following the completion of that drilling, an RC program is expected to be carried out at Warriedar. Assay results from both programs will be reported as they become available.

TNT will continue planning and permitting for an initial drilling program at the East Canyon UraniumVanadium Project in south-eastern Utah and intends to retain its interest in the Pelley Ridge Zinc Project. Holding costs on these North American assets are minimal.

Note 1. Additional notes to Mineral Resource estimation

The Mineral Resource as presented in Table 2 have been estimated on the basis of historical and recent drilling a the Project by previous owner Tyranna Resources Limited (ASX: TYX) and reported in public releases during the period August 2018 to October 2020, and are restated here by Independent consulting resource geologist Richard Maddocks. Further details of the Mineral Resource estimation are provided in Appendix 1.

--Ends--

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

ASX Announcement 23 October 2020

==> picture [151 x 52] intentionally omitted <==

Competent Persons Statement

The information in this report that relates to Exploration Targets and Mineral Resource estimates is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Richard Maddocks is an independent consultant to Warriedar Mining Pty Ltd. Mr Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’. Mr. Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Exploration as those terms are defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve", is based on information compiled by Mr. Nick Castleden, who is a director of the Company and a Member of the Australian Institute of Geoscientists. Mr. Castleden has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve". Mr. Castleden consents to the inclusion of the matters based on his information in the form and context in which it appears.

Authorised for lodgement by the Board.

For further information, please contact:

Media Enquiries TNT Mines Ltd Luke Forrestal Brett Mitchell Media and Capital Partners Executive Director +61 411 479 144 +61 8 6319 1900 luke.forrestal@mcpartners.com.au frontdesk@tntmines.com.au

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

APPENDIX 1 JORC Code, 2012 Edition – Table 1 EUREKA PROJECT MINERAL RESOURCE ESTIMATIONS

==> picture [150 x 52] intentionally omitted <==

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg 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.	• Sampling at the three deposits subject to Mineral Resource estimation has been carried out using a combination of Reverse Circulation (RC) and Diamond Drilling (DDH). • The samples were collected through RC and Diamond Core drilling. RC samples were collected through an on rig cyclone and splitter. Diamond core was HQ (63.5mm diameter) • The RC sample length was 1 meter. The split sample weighed between 1-3kg. All samples were dry. Core samples were generaly 1m in length but some were sampled to geological boundaries. The longest sample was 1.2m and the shortest 0.35m.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• The RC drilling was standard 135mm hole diameter. The diamond core was HQ (63.5mm diameter)
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 was generally good but there were someintervals in the backfill horizon with less than 100% recovery. • Core recovery was generally 100% but some zones in the oxide horizon did experience some core loss.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All RC chips and drill core were geologically logged • The diamond core was photographed and stored • The geological information collected provides data to a level of detail adequate to support Mineral Resource Estimation activities
Sub- sampling	• If core, whether cut or sawn and whether quarter, half or

==> picture [595 x 106] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
techniques and sample preparation	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.	• The RC sample after being split to a ~3kg sub-sample through a rig mounted splitter was transported to Kalgoorlie and then dried, crushed and pulverised in Kalgoorlie and transported to the Intertek Genalysis assay facilities in Perth for final analysis. • Field duplicated were taken and submitted • The core was cut in half with half core sent to assay. The core and RC samples was crushed and pulverised to 80% passing 70 microns • Each metre are stored at drill collar for future assay if required.
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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• The prepared drill samples were assayed by the fire assay method FA50/OE. • Historical channel samples were assayed by ALS in Kalgoorlie with a 50g charge fire assay. The analysis was by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry. • The laboratory included their QAQC protocols with standards, blanks and duplicate checks reported • Field duplicates were inserted into the RC sample submissions by Tyranna at the rate of approximately 1 in 30.
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.	• Significant intersections were verified visually by inspection of the chips and core. There has been no adjustment to the assay data.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
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 collar positions were surveyed by a qualified surveyor using a differential GPS. • The RC holes were only up to 40m deep so no downhole surveys were taken. • The core holes were downhole surveys every 30m by a north seeking gyro.
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.	• The drill holes were placed to infill some of the historic drilling and to also explore the down plunge continuation of the interpreted orezone • For the purposes of resource estimation the samples were composited to 1m • The spacing of the drilling is sufficient to establish geological continuity
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 drilling was generally drilled to intersect the mineralisation at a perpendicular angle. • Previous reported intersections are all reported as downhole lengths.
Sample security	• The measures taken to ensure sample security.	• Samples and core were logged on site by Tyranna company personnel and then transported to the laboratory in Kalgoorlie by company personnel.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Sampling and assay techniques are industry standard. No external audit or reviews have been completed.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

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.	• The Eureka deposit is located on M24/189 about 50km north of Kalgoorlie. The tenement is registered to COASTAL SHIPPING LOGISTICS PTY LTD and is owned 100% by Warriedar Mining Pty Ltd. • There are no known impediments to operate in the region.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Previous to Tyranna Resources drilling activity, exploration has been carried out by several companies dating back to the early 1980's. • Historic RC and diamond drilling was carried out by West Coast Holdings and Glengarry Resources. • Additional drilling was conducted in the early 2000's by Central Kalgoorlie Gold Mines Ltd.
Geology	• Deposit type, geological setting and style of mineralisation.	• Mineralisation at Eureka is located within extrusive mafic units. The Victorious and Bent Tree Basalt units host a series of quartz veins on a dilational jog. Mineralisation is characterised by quartz veining up to 15cm with minor sulphides and occasional visible gold. • Continuous marker units of black carbonaceous shales delineate the boundary between the basalt units
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	• This announcement does not disclose new exploration results and therefore this section is not applicable. • Drilling by most recent past owner Tyranna Resources (ASX: TYZ) can be reviewed in ASX: TYZ public releases reported during the period August 2018 to October 2020

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• This announcement does not disclose new exploration results and therefore this section is not applicable.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• Past reported drilling intercepts were reported as downhole widths. True widths compared to downhole widths vary but are generally thought to be between 60% to 90% of the reported width.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to appropriate diagrams provided in body of this report
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low	• This announcement does not disclose new exploration results and therefore this section is not applicable.

==> picture [151 x 52] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
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 substantive exploration information is reportable here.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• TNT Mines intends to compile and collate all historical drilling activity in the area surrounding the Eureka pit and strike extensions to define step-out and plunge drilling targets • Exploration programs and targets will be reported in forthcoming release ahead of the commencement of drilling activity.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

Section 3 Estimation & Reporting of Mineral Resource Eureka Project

Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. Data validation procedures used.	Field checks of drill hole collar position were conducted. Spot checks of database entries against original files were also conducted.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case.	The Competent Person has visited the mine site on numerous occasions.
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Nature of the data used and of any assumptions made. The effect, if any, of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	The mineralisation is contained within the Bent Tree basalt. A zone of moderate shearing with quartz veining is apparent towards the footwall of the basalt unit. Mineralisation is strongest where there are flexures in the shear zone resulting in dilation zones. The best mineralization contains quartz veining up to several 10’s of cm wide with some visible gold. Observations within the pit indicate the mineralization plunges moderately to steeply to the north. A feature of the geology is the presence of interbedded black carbonaceous shale units. These shales mark the boundary between the Bent Tree Basalt and the overlying Victorious Basalt. The foot wall shale unit demarcates the boundary between the Bent Tree Basalt and in intrusive Mt Pleasant Dolerite Sill.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The Eureka Mineral Resource estimate block model has the following extents: Along strike 740m, across strike 360m and a vertical extent of 480 m extending to a depth of about 420 m below surface.
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domains, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. The assumptions made regarding recovery of by-products. Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables. Description of how the geological interpretation was used to control the resource estimates. Discussion of basis for using or not using grade cutting or capping	Inverse distance squared was used for estimation of the Eureka Mineral Resource. The domain for the deposit was based on geological continuity of mineralisation. A top cut of 20g/t was applied based on statistical analysis of data. Search directions and extents were determined by the geological interpretation. The maximum search distance was 90m along strike, 20m across and 50m down dip. The search orientation was 000 with a -50 dip to the east, this is aligned with the orientation of the main mineralised structure. There has been prior mining at Eureka but production records are not known. The model estimated production as 380,000t @ 3.03g/t containing 37,000oz. This is consistent with what data is available and the size of the pit. No assumptions have been made regarding by-products. There are no material by-products assumed to be produced. There has been no sampling of deleterious elements. Geological logging of RC chips and diamond drill core has indicated no such elements exist. The block size has been selected based on a drill spacing along strike with other dimensions selected to achieve adequate resolution of the geological interpretation. The parent block size is 5m X, 10m Y, 5m Z. The sub-block size is 2.5m x 5m x 2.5m. No assumptions have been made about correlation between variables. The only variable modelled was gold. The gold grades are constrained by geological shear structures. This structure provided a hard boundary which was used to constrain the estimation of grades.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

	The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnages are determined on a dry basis.
Cut-off parameters	The basis of the adopted cut-off grade(s) or quality parameters applied.	Cut off grades are quoted at 0.5g/t and 1g/t to represent open pit mining with smaller or larger mining equipment at a range of gold prices.
Mining factors or assumptions	Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	The model was constructed and estimated with open pit mining in mind.
Metallurgical factors or assumptions	The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	No metallurgical factors were incorporated into the model. Recent mining produced a package of about 50,000t @ 3.3g/t with was toll treated with no metallurgical issues.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	The project is located on a granted mining lease with existing mining operations including a waste dump, ROM pad, laydown areas and haulage roads.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

==> picture [151 x 52] intentionally omitted <==

Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Bulk densities were based on measurements from similar deposits in the area. Densities were assigned to weathering domains, Oxidised 1.8t/m3, Transitional 2.3t/m3, and Fresh 2.8t/m3
Classification	The basis for the classification of the Mineral Resources into varying confidence categories. Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data. Whether the result appropriately reflects the Competent Person’s view of the deposit.	Classification is based on confidence of the geological interpretation which is in turn based on drilling density. Mineral Resources have been classified as Indicated or Inferred. This appropriately reflects the Competent Persons view of the deposit.
Audits or reviews	The results of any audits or reviews of Mineral Resource estimates	No external audits or reviews
Discussion of relative accuracy/ confidence	Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The accuracy and confidence level of this Mineral Resource estimate for the Eureka deposit is evident in the classification and reporting as per the 2012 JORC Code and is deemed appropriate by the Competent Person. The model reconciles well with previous production. The estimate relates to a global estimate.

==> picture [595 x 109] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----