EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2024

Jul 8, 2024

ASX Announcement 9 JULY 2024

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Copper Porphyry-Style Targets Confirmed at Silver Mountain

Highlights

• Large high-priority porphyry-style targets defined beneath tertiary cover

• Modelled porphyry-style target strike length of approximately 2 kilometres

• Depth to top of targets from approximately 300 metres

• Recently completed 3D seismic survey with Fleet Space’s ExoSphere solution identifies the porphyry-style targets supported by previous aeromagnetic and gravity surveys

• Structural setting and surface mapping aligns with other major porphyry deposits in Arizona

• Argonaut PCF appointed as advisors to a strategic review of Oracle Ridge project following unsolicited market approaches

Eagle Mountain Mining’s CEO, Tim Mason, said:

“The recent 3D seismic survey at our Silver Mountain Project has been a resounding success, significantly enhancing our geological understanding and propelling the project to a top priority for exploration activities.

While historical indicators suggested the potential for large mineralised systems at Silver Mountain, younger rock cover hampered our ability to pinpoint deeper targets. The new seismic data has effectively unlocked this geological potential.

These new findings highlight an unexplored, western target zone, well beyond the past exploration efforts that were focussed on the eastern volcanogenic massive sulphide horizon. Extensive mapping has identified encouraging alteration zones along with structures that may have acted as pathways for mineralised fluids originating from a large, buried, heat source and showing themselves as the extensive copper, gold and silver surface occurrences.

Propyllitic alteration, found on the outer edges of porphyry deposits, was found at the bottom of previously drilled diamond holes in the area. These holes were terminated about 100 metres above one of the porphyry-style targets.

The Silver Mountain property is exceeding expectations and has solidified its place in our exploration strategy moving forward.”

Eagle Mountain Mining Limited (ASX: EM2 ) ( Eagle Mountain , or the Company ) is pleased to provide an update on the Company’s 100% owned Silver Mountain Project ( Silver Mountain , or the Project ) in Arizona, USA.

Silver Mountain is located northwest of Phoenix and is positioned on the Laramide Arc, a northwestsoutheast trending geological feature containing world-class porphyry copper mines such as Bagdad, Miami and Resolution in Arizona. It also lies on the southern extension of a northeast-southwest prospective metallogenic belt that hosts the extremely high grade United Verde and Iron King deposits, two historical mines of volcanogenic massive sulphide affinity.

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Figure 1 – Section and surface projection supporting an interpreted geological concept at depth (left) with similarities to typical porphyry deposit models (right)

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The Big Picture – Hunt for the Porphyry System

The identified porphyry-style alteration zones that are considered to be the drivers of previously mapped and logged surface features such as veining, alteration and pebble dykes have been further confirmed by results from the real-time 3D ambient noise tomography “(ANT”) seismic survey. This has assisted in defining possible mineralising fluid and heat sources at depth. Additional near surface targets could exist that may have been obscured from surface due to later stage Tertiary cover sequences such as volcanics and conglomerates, similar to other significant copper porphyry deposits such as Resolution in Arizona. A conceptual geological model showing how these prospective features may be related, and similarities to classic porphyry-style systems, is shown in Figure 1.

Previously developed geophysical datasets, such as magnetics and gravity, further support the presence of these possible porphyry-style targets. An example is shown in Figure 2 for Target 1, where the high velocity zone is aligned to a magnetic and gravity low, with an outer halo of elevated magnetics. These are common characteristics of mineralised porphyry systems, where mineralisation, alteration and structural deformation results in lowered gravity response. The localised destruction and remobilisation of magnetite-bearing minerals proximal to a porphyry, as part of possible ore forming processes, is a potential reason for lowered magnetic response surrounded by a higher magnetic halo. Previously, the overlying cover units were believed to have contributed to the gravity low (refer ASX announcement dated 7 June 2018), however results and findings from the recent seismic survey have warranted further investigation of this interpretation by way of gravity and magnetic 3D inversions to help determine the depth and cause of these anomalies.

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Figure 2 – Left to right: 3D seismic velocity model; magnetics - reduced to pole (RTP) total magnetic intensity (TMI); gravity – residual Bouger (corrected for terrain). Refer to Figure 3 for image location. Note the location of the high velocity body at Target 1 in relation to magnetics and gravity lows, often prospective signs of possible porphyry-style alteration, structural deformation and mineralisation.

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Figure 3 – Left: Seismic velocity model (view clipped to 600m below surface) at Silver Mountain. Right: Geological data including lithology, alteration, veining and structure.

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Porphyry-Style Targets Identified with Seismic Survey

3D ANT Seismic Survey

Fleet Space has recently used its mineral exploration solution, ExoSphere, to complete a real-time 3D ANT seismic survey on the western portion of the Silver Mountain Project, as shown in Figure 3. Seismic modelling measures the velocity differences of various rock units and is considered a highly suitable exploration indicator due to the presence of overlying cover and defined rock units with contrasting velocities. The realtime ANT seismic surveys from Fleet Space’s ExoSphere technology have been widely and successfully used across the exploration and mining sector to improve geological understanding and generate prospective targets greater than two kilometres deep.

The velocity model has confirmed multiple large-scale targets, including several high velocity volumes interpreted to be porphyry-style alteration zones. A section of the priority areas is shown in Figure 4.

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Figure 4 – Section view looking NW of seismic velocity model from Silver Mountain with interpreted geological features such as alteration and structures.

These prospective targets are yet to be tested, as all previous drilling has only progressed through the lowest velocity regions (of approximately < 2800 m/s). The previous drilling was not targeting deep anomalies but only the down dip extension of some surface veining.

Additional high velocity zones have been identified from the survey, with follow-up work including review and re-processing of existing geophysics to aid interpretation.

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- Prospective Features Supporting Porphyry Style Targets

Phyllic-style veining and propylitic alteration found in drill core proximal to the Breakaway fault zone in the Scarlett area support the concept of a related, nearby porphyry intrusion (refer ASX announcements dated 28 August 2018 and 8 April 2019).

These features, such as the Breakaway fault and porphyry veins, are oriented along the regionally significant NW-SE Laramide Arc structural trend and the localised NE-SW trend respectively, similar to other major porphyry systems such as Bagdad and Miami (refer to ASX announcement dated 29 April 2024). The Breakaway (and NE-SW oriented Ryland fault) may have been an important control to mineralisation by acting as a structural conduit for metal-bearing fluids originating from a large-scale heat and fluid source at depth.

Increasing propylitic-phyllic and argillic porphyry-style alteration from mapping and existing drill holes (see Photo 1) towards the central section of the Breakaway fault support the concept of a larger mineralisation system being located at depth along these structures. The presence of features such as pebble dykes are further evidence of a high pressure and temperature hydrothermal system (refer to ASX announcement dated 29 April 2024).

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Photo 1 – Drill hole 19SMDD015 showing granite altered with green chlorite and epidote (example zones highlighted) due to propylitic-style alteration. Interval shown from 144.5 to 147m (refer to ASX announcement dated 4 June 2019).

Next Steps

Further investigations are underway to refine existing porphyry-style targets for drilling and identify additional potential mineralisation within the project area.

• Geophysical Data Enhancement: Existing magnetic and gravity data is being reprocessed using inversion techniques to estimate the depth and likely cause of anomalies. This will help define areas with depleted magnetic and gravity signatures, potentially indicating zones where porphyry cores have altered surrounding rocks.

• Geochemical Analysis: Assays are pending for a suite of prospective samples, including those from precious/base metal veins, pegmatites, breccias, and gossans. These results will help identify areas with anomalous metal concentrations that could be associated with various mineralisation styles.

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• Age Dating: Age dating of key geological units is planned to establish a chronological framework for the project area. This information could be crucial for understanding the timing of potential mineralisation events, particularly those of the Laramide age.

• Petrographic Analysis: Thin sections have been prepared and are being analysed to identify key minerals and confirm the presence of porphyritic textures. This information will aid in vectoring towards the source of the interpreted porphyry alteration system.

• Geological Mapping: Detailed mapping and sampling of porphyry-style alteration, high grade veining and uranium bearing pegmatites is ongoing. Interpretation of the mapping data is in progress and will be evaluated to assess any potential connection between the pegmatites and the porphyry heat source. This will include analysis of elevated rare earth elements within pegmatites from existing Scarlett drill holes (refer to ASX announcement dated 4 June 2019).

Strategic Review Process

Following recent interest in Eagle Mountain's Oracle Ridge Project, the Company has initiated a strategic review of the Oracle Ridge Project which aims to maximise shareholder value. Argonaut PCF has been appointed to lead the review and will explore all options. All communication and queries should be addressed in confidence to Mr Liam Twigger, Deputy Chairman and Executive Director (ltwigger@argonaut.com) and Mr Harrison Shepherd, Analyst – Corporate Finance (hshepherd@argonaut.com).

The Scoping Study will continue to progress concurrently with the strategic review, which is due for completion in Q4 2024, reflecting adjustments from the previously communicated Q3 2024 timeline. The Scoping Study leverages the project's updated mineral resource and will consider throughputs ranging from 2.5 to 4.0 mtpa.

There have been recent media reports that Grupo Mexico is planning to restart their Hayden copper smelter, located about 100 kilometres north of Oracle Ridge. This smelter previously treated Oracle Ridge concentrates and presents a strategic opportunity for future processing of concentrate from the Project.

This ASX announcement was authorised for release by the Board of Eagle Mountain Mining Limited.

For further information please contact:

Tim Mason Mark Pitts Jane Morgan Chief Executive Officer Company Secretary Investor and Media Relations tim@eaglemountain.com.au mark@eaglemountain.com.au jm@janemorganmanagement.com.au

COMPETENT PERSON STATEMENT

The information in this document that relates to Exploration Activities is based on, and fairly represents, information and supporting documentation that was compiled by Mr Brian Paull, who is a member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience relevant to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Paull is a full time employee and the Director of Exploration at Eagle Mountain Mining Limited’s wholly-owned subsidiary, Silver Mountain Mining Inc, and consents to the inclusion in this document of the information in the form and context in which it appears. Mr Paull holds shares and options in Eagle Mountain Mining Limited.

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ABOUT EAGLE MOUNTAIN MINING

Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfields Silver Mountain Project, both located in Arizona, USA. Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.

Follow the Company’s developments through our website and social media channels:

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LinkedIn

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Twitter

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EM2 Website

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Attachment 1

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut	• No new surface sampling or drilling results announced.
techniques	channels, random chips, or specific	• New results comprise a velocity model created from an ambient noise tomography (ANT)
	specialised industry standard measurement	survey carried out by Eagle Mountain Mining staff with assistance from Fleet Space
	tools appropriate to the minerals under	Technologies.
	investigation, such as downhole gamma	• The ANT survey was completed in May, with results delivered in June, utilising 100 Geodes
	sondes, or handheld XRF instruments, etc).	as part of Fleet Space’s mineral exploration solution, ExoSphere.
	These examples should not be taken as	• Specifications of the Geodes used were:
	limiting the broad meaning of sampling.	o	1-component (vertical) 2Hz geophones.
	• Include reference to measures taken to	o	20Hz sampling rate.
	ensure sample representivity and the	o	260 v/m/s sensitivity.
	appropriate calibration of any	o	Continuous recording mode.
	measurement tools or systems used.	o	32 preamplifier gain (linear).
	• 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
	(eg ‘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 (eg submarine
	nodules) may warrant disclosure of detailed
	information.

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Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-	• There was no new drill data presented in the report.
techniques	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 the core is oriented and if so,
	_by what method, etc). _
Drill sample	• Method of recording and assessing core and	• There was no new drill data presented in the report.
recovery	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.
Logging	• Whether core and chip samples have been	• There was no new drill data presented in the report.
	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.
Sub-sampling	• If core, whether cut or sawn and whether	• There was no new drill data presented in the report.
techniques and	quarter, half or all core taken.
sample	• If non-core, whether riffled, tube sampled,
preparation	rotary split, etc and whether sampled wet or

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Criteria	JORC Code explanation	Commentary	Commentary
	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.
Quality of assay	• The nature, quality and appropriateness of	• There was	no new drill data presented in the report.
data and	the assaying and laboratory procedures	• Specifications of the 100 Fleet Space’s Geodes used were:
laboratory tests	used and whether the technique is	o	1-component (vertical) 2Hz geophones.
	considered partial or total.	o	20Hz sampling rate.
	• For geophysical tools, spectrometers,	o	260 v/m/s sensitivity.
	handheld XRF instruments, etc, the	o	Continuous recording mode.
	parameters used in determining the	o	32 preamplifier gain (linear).
	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) andprecision have been established.
Verification of	• The verification of significant intersections	• The ANT model has been validated by Fleet Space’s staff and is currently in the process of
sampling and	by either independent or alternative	being validated by Eagle Mountain Mining’s geophysical consultant and staff.
assaying	company personnel.

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Criteria	JORC Code explanation	Commentary
	• The use of twinned holes.
	• Documentation of primary data, data entry
	procedures, data verification, data storage
	(physical and electronic) protocols.
	• Discuss any adjustments to assay data.
Location of data	• Accuracy and quality of surveys used to	• NAD83 UTM Zone 12N (meters).
points	locate drill holes (collar and down-hole	• National Elevation Dataset. Horizontal resolution of approximately 10m and vertical
	surveys), trenches, mine workings and other	resolution of 1m.
	locations used in Mineral Resource	• Geodes were located with a hand-held GPS or equivalent with an estimated horizontal
	estimation.	accuracy of ±5m.
	• Specification of the grid system used.
	• Quality and adequacy of topographic
	control.
Data spacing	• Data spacing for reporting of Exploration	• The Geode spacing was approximately 250 to 500m. This was deemed appropriate for the
and distribution	Results.	area of interest and expected geological targets.
	• 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.
Orientation of	• Whether the orientation of sampling	• The ANT survey was aligned approximately parallel to the Breakaway fault and other
data in relation	achieves unbiased sampling of possible	features of interest across the broad survey area.
to geological	structures and the extent to which this is
structure	known, considering the deposit type.
	• If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.

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Criteria	JORC Code explanation	Commentary
Sample security	• The measures taken to ensure sample	• There was no sampling undertaken.
	_security. _
Audits or	• The results of any audits or reviews of	• Eagle Mountain Mining’s geophysical consultant and staff are currently validating the ANT
reviews	sampling techniques and data.	velocity model.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and	• The Silver Mountain Project (Project) is located approximately 100 kilometres by air north-
tenement and	ownership including agreements or material	west of Phoenix, Arizona, U.S.A. The geographical coordinates are approximately Latitude
land tenure	issues with third parties such as joint	34º8' North, Longitude 112º23' West.
status	ventures, partnerships, overriding royalties,	• The Project is 100% owned by Eagle Mountain Mining Limited through its subsidiaries
	native title interests, historical sites,	Silver Mountain Mining LLC.
	wilderness or national park and	• Silver Mountain comprises 26 Patented Mining Claims, 351 Unpatented Mining Claims and
	environmental settings.	3 State Exploration Permits.
	• The security of the tenure held at the time of	• 100% of the surface rights for the 26 Patented Mining Claims are owned by Silver
	reporting along with any known	Mountain Mining LLC (private property).
	impediments to obtaining a licence to
	operate in the area.
Exploration done	• Acknowledgment and appraisal of	• It is believed that the first mining claims at the Pacific Horizon prospect were staked in
by other parties	exploration by other parties.	1898.
		• Between 1906 and 1912 the Pacific Copper Mining Company sunk a 150m (500ft) shaft
		into the gossan at the Pacific Mine.
		• Drilling was carried out in 1966, however it is unclear who completed the program
		(possibly Heinrichs GeoExploration).
		• In 1968 Heinrichs GeoExploration conducted some dual frequency IP, resistivity and
		magnetic geophysical surveys. This was followed by further geophysical surveys in 1978
		using Very Low Frequency (VLF) Electro Magnetics (EM).
		• KOOZ contracted Applied Geophysics in 1978 to run EM surveys (VLF, MaxMin II and Crone
		Horizontal Shootback) over selected areas.

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Criteria	JORC Code explanation	Commentary
		• Detailed geological mapping was carried out by Kennecott in 1991 and 1992, focussing on
		the eastern and central areas of the Pacific Horizon prospect. Kennecott’s mapping was
		based on previous work done by Winegar et al, (1978).
		• Ferguson & Johnson (2013, Arizona Geological Survey) completed a mapping program
		which covered the Pacific Horizon area.
Geology	• Deposit type, geological setting and style of	Several types of deposit styles have been identified for the various prospects at Silver
	mineralisation.	Mountain:
		• Proterozoic volcanogenic massive sulphides (VMS) in Precambrian greenstone (Pacific
		Horizon prospect).
		• Quartz-carbonate breccia with associated copper-gold-silver mineralisation (Pacific
		Horizon prospect).
		• Younger (Laramide arc) copper-gold porphyry and associated gold veins (Scarlett
		prospect).
		• Pegmatite dykes elevated in uranium and thorium (Scarlett prospect).
		• Overprinting and remobilisation of fluids by Cenozoic trans-tension resulting in
		detachment style mineralisation(Red Muleprospect).
Drill hole	• A summary of all information material to	• There was no new drill data presented in the report.
information	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

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Criteria	JORC Code explanation	Commentary
	explain why this is the case.
Data	• In reporting Exploration Results, weighting	There was no new drill data presented in the report.
aggregation	averaging techniques, maximum and/or
methods	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.
Relationship	• These relationships are particularly	• There was no new drill data presented in the report.
between	important in the reporting of Exploration
mineralisation	Results.
widths and	• If the geometry of the mineralisation with
intercept lengths	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’). _
Diagrams	• Appropriate maps and sections (with scales)	• Refer to images presented in the body of the announcement.
	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.

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Criteria	JORC Code explanation	Commentary
Balanced	• Where comprehensive reporting of all	• The ANT survey and associated data is reported for Silver Mountain.
reporting	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.
Other	• Other exploration data, if meaningful and	• All exploration results obtained so far have been reported.
substantive	material, should be reported including (but
exploration data	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.
Further work	• The nature and scale of planned further	• Further work as outlined in Next Steps within the body of the report.
	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.

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