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EAGLE MOUNTAIN MINING LIMITED Capital/Financing Update 2024

Feb 28, 2024

64839_rns_2024-02-28_702b641d-98d9-4a00-a4f6-914ca6e112c8.pdf

Capital/Financing Update

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ASX Announcement 29 February 2024

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Anomalous Uranium and Thorium Identified at Silver Mountain

While Eagle Mountain continues with its Scoping Study at the Oracle Ridge Copper Project, the Company recently had the opportunity to reassess its early exploration at the 100% owned Silver Mountain Project in Arizona. Following up on a known uranium occurrence, a field team recently undertook further investigation through a mapping and sampling program. Altered pegmatites and other granitic rocks were mapped and sampled that showed spectrometer radioactivity. Consulting Geologist, Dr Linus Keating, concludes a recent report with:

  • “ The Silver Dollar radiogenic pegmatite is an important, and unique, occurrence for Arizona and should be followed up thoroughly. A unique uranium-rare earth deposit could be present. ”

Highlights

  • Several uranium anomalies with elevated thorium hosted in radiogenic pegmatites at the Silver Mountain Project

  • Extensive pegmatites mapped in the northwestern area of Silver Mountain, known as Scarlett

  • The most prominent anomaly occurs in a granitic intrusion with a magmatic-style breccia

  • Eight surface samples taken in prior field work resulted in assays of uranium greater than four times anomalous levels[1]

  • Field mapping suggests that the source of radioactive mineralisation occurs in an unusual intrusive rock that appears to have intruded a granitic pluton adjacent to a regional-scale fault system

  • The recently acquired rock samples are being prepared for assay and mineralogical studies

Commenting on the new field work and next steps, Eagle Mountain Mining’s Managing Director, Charlie Bass, said:

“Well before my private company’s assets were vended into the newly formed Eagle Mountain Mining Limited, my consultant Dr Linus Keating mapped and sampled the Silver Dollar area of the Scarlett region at Silver Mountain. He came across some unusual coarse-grained pegmatite dykes that were elevated in uranium and thorium. At the time, we were focussed on copper, gold and silver mineralisation and did not pay much

1 Spencer, J.E., 2002, Naturally Occurring Radioactive Materials (NORM) in Arizona. Arizona Geological Survey Open File Report, OFR-02-13

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attention to this. As a result of the recent field work, we now recognise the potential significance of previous observations, particularly given uranium can be associated with monzonite and pegmatite, as mapped by Dr Keating in nearby areas.

The United States Department of Energy’s website lists uranium as a Near Critical mineral with High Importance to energy now and well into the future (“www.energy.gov/cmm/what-are-the-critical-materialsand-critical -minerals”). As such, we will now revisit the uranium potential at the Scarlett Project.

With the recent pause in exploration, sampling and mapping at Oracle Ridge, our geology team has had a close look at the previous work conducted at the Scarlett Project and has developed a new model focussed on the unique radioactive pegmatites and granites.”

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 (see Figures 1 and 2).

Background

The Silver Mountain copper/gold project is located in Arizona to the northwest of Phoenix. The project area sits on the Laramide Arc, a northwest-southeast trending geological feature containing world-class porphyry copper mines such as Bagdad, Miami and Resolution. It also lies on the southern extension of a northeast-southwest prospective metallogenic belt that hosts United Verde and Iron King, two historical mines of volcanogenic massive sulphide affinity (Figure 1). The intersection of these two trends results in a favourable geologic setting with high complexity and potential for multiple mineralisation styles.

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Figure 1 – Location of Silver Mountain and surrounding deposits in Arizona USA, showing regional-scale porphyry and volcanogenic massive sulphide (VMS) corridors.

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Silver Mountain encompasses three main prospects known as “Pacific Horizon”, “Scarlett” and “Red Mule”, each having a unique mineralisation style.

With the Company now undertaking a Scoping Study at its Oracle Ridge Copper Project, our geology team have had the opportunity to follow up previously encountered uranium and thorium occurrences at Silver Mountain (refer Attachment 1). The recent field activities focused on the Scarlett/Silver Dollar and Red Mule areas (refer Figure 2).

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Figure 2 – Landholdings, prospects, recent field work area and selected assays from Silver Mountain (refer to Attachment 1 and ASX announcements dated 23 January 2018, 30 April 2018 and 28 August 2018).

Uranium Occurrence

Recent field mapping confirmed the presence of extensive pegmatite dykes in the Scarlett area near the historical Silver Dollar mine (refer Photo 1). Eight samples (refer Figure 2) taken previously by the Company’s consulting geologist, Dr Linus Keating, had assays in excess of four times anomalous levels with one sample showing elevated uranium and thorium of 58.4ppm and 152ppm respectively.

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Photo 1 – Outcropping pegmatite dyke (see dashed area) near the historical Silver Dollar mine at Silver Mountain.

The promising pegmatites at Silver Dollar occur in scattered outcrops and display several different orientations, suggesting the presence of a dyke cluster. The dykes appear unfoliated as opposed to the Proterozoic granodiorites that host them. Their variable trends and lack of foliation suggests that they were emplaced post-Proterozoic granites and perhaps pre-Laramide processes.

The pegmatite dyke has a brecciated appearance (refer Photo 2) possibly due to emplacement in a highvolatile environment. Some cross-cutting quartz vein/limonite textures suggest that there may have been hydrothermal re-mobilisation resulting in possible minerals enriched with uranium and thorium. Pegmatite appears in the footwall of the nearby regional Breakaway Fault, but it is unclear how the fault may have affected emplacement. It is possible that a larger body of pegmatite may lay below in the footwall of this fault. Field mapping will be necessary to fully characterise the nature of the pegmatite occurrence. The team acquired additional samples for analysis (refer Photo 2) to help establish the nature and extent of uranium and thorium in the Scarlett area. A second radioactive pegmatite was intercepted during previous drilling two kilometres south in the main Scarlett zone; this second occurrence has some similarities to the Silver Dollar discovery.

Follow up work included reassessment of the existing Silver Mountain field sample datasets, with all samples >20ppm uranium compiled as these were considered highly anomalous (as shown in Figure 2 and Attachment 1)[2,3]

2 This threshold was selected given the Arizona Geological Survey considers values above 4.5ppm uranium to be anomalous in this area, as documented in their report on Naturally Occurring Radioactive Materials (NORM) in Arizona.

3 Spencer, J.E., 2002, Naturally Occurring Radioactive Materials (NORM) in Arizona. Arizona Geological Survey Open File Report, OFR-02-13

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The reddish-brown bleb shown in the upper right of the Silver Dollar mine sample in Photo 2 is believed to be pyroxene, a possible of host of allanite, monzonite and thorite, all uranium and thorium bearing minerals.

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Photo 2 – Field sample of brecciated pegmatite dyke collected from the Silver Dollar mine showing widespread pink potassic alteration.

Next Steps

The Company plans to undertake the following work as recommended by Dr Linus Keating:

  1. Conduct detailed mapping of pegmatites at Silver Dollar, including a systematic scintillometer survey along known outcrops;

  2. Petrography to identify key uranium, thorium and rare earth minerals to aid in determining the key recoverable elements and potential mill grade; and

  3. Design a drill program to find productive mineral intercepts, test the vertical extent of the mineralisation system and test downhole radioactivity.

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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 [email protected] [email protected] [email protected]

COMPETENT PERSON STATEMENT

The information in this document that relates to Exploration Activities is based on information 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 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.

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

Summary table of all field samples >20ppm U at Silver Mountain

Sample ID Easting Northing Sample Type U Th Cu Ag Au
[m] [m] [ppm] [ppm] [%] [g/t] [g/t]
563691 367959 3777786 Outcrop 58.4 152 0.00 0.04 0.00
267283 369277 3774680 Outcrop 47 7.8 0.01 1.52 0.00
469919 368999 3776176 Outcrop 33.3 16.1 0.00 0.03 0.00
266595 369016 3774996 Outcrop 31.9 1.1 0.03 2.79 0.01
610945 368529 3776781 Outcrop 25.1 11.6 0.09 17.50 1.62
610973 368836 3776517 Outcrop 22.4 33.1 0.05 5.51 0.75
266609 368982 3774997 Outcrop 21.9 8.7 0.01 1.03 0.00
266593 369019 3775001 Outcrop 20.1 6.4 0.03 0.13 0.00

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Attachment 2

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut • Reconnaissance-style sampling at Silver Mountain during geological mapping to test
techniques channels, random chips, or specific mineralised material found on historical mining dumps, significant outcrops, unknown or
specialised industry standard measurement
altered lithologies. The key objectives were to verify the metal content of historically mined
tools appropriate to the minerals under material, confirm historical sampling programs and test new areas/significant outcrops.
investigation, such as downhole gamma • Sample types have included dump material collected near historical mine developments,
sondes, or handheld XRF instruments, etc). rock chip samples from outcrops and some channel samples. Rock chips are collected and
These examples should not be taken as placed in sample bags with a location captured by hand-held GPS.
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
(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- • N/A - no drilling results reported.
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
• N/A - no drilling results reported.
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 • Mapping and associated geological logging information captured where samples have been
geologically and geotechnically logged to a acquired.
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 • ALS Minerals conducted all preparation work: surface samples were weighed, dried and
techniques and quarter, half or all core taken. crushed to better than 70% passing 2mm; sample was split with a riffle splitter and a split of
sample If non-core, whether riffled, tube sampled, up to 250g pulverised to better than 85% passing 75µm.
preparation rotary split, etc and whether sampled wet or
• Sample sizes are considered appropriate to the grain size of the material being sampled.

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Criteria JORC Code explanation 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 • ME-MS61 (48 element four acid ICP-MS), Hg-MS42 (trace Hg by ICP-MS) and Au-AA23 (Au 30g
data and the assaying and laboratory procedures charge Fire Assay with Atomic Absorption finish). The technique is considered a near total
laboratory tests used and whether the technique is digest of relevant minerals. Above detection samples are re-assayed with Au-GRA21, Ag-
considered partial or total. OG62, Cu-OG62, Pb-OG62 and Zn-OG62.
For geophysical tools, spectrometers, • Certified Reference Material (CRM), blanks and duplicates were inserted/collected at a ratio
handheld XRF instruments, etc, the of 1:10, with a minimum of 1 CRM per assay batch. CRMs are inserted at intervals never
parameters used in determining the exceeding 20 samples. Acceptable levels of accuracy and precision have been established.
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 • Significant intersections have been verified by the Company’s Director of Exploration.
sampling and by either independent or alternative • No twinned holes reported.
assaying company personnel. • Logging and sampling data are collected using tablet computers to ensure data integrity.

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Criteria JORC Code explanation Commentary
The use of twinned holes. • No assay adjustment was performed.
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 Arizona State Plane Central (International feet). Data is presented in NAD83 UTM
points locate drill holes (collar and down-hole Zone 12N (meters).
surveys), trenches, mine workings and other
• National Elevation Dataset. Horizontal resolution of approximately 10m and vertical
locations used in Mineral Resource resolution of 1m.
estimation. • Surface samples are located with a hand-held GPS with an estimated horizontal accuracy of
Specification of the grid system used. ±5m.
Quality and adequacy of topographic
control.
Data spacing Data spacing for reporting of Exploration • Data spacing is insufficient to establish the degree of geological and grade continuity
and distribution Results. appropriate for Mineral Resource estimation.
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 relationship between surface sampling orientation and orientation of key mineralised
data in relation achieves unbiased sampling of possible structures is yet to be determined.
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 • All field samples were collected by Company personnel or consultants and securely stored
_security. _ at the Companyofficeprior to dropoff at the assayinglaboratories.
Audits or The results of any audits or reviews of • No audits or reviews of sampling techniques have been completed.
reviews sampling techniques and data.

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 Arizona
native title interests, historical sites, subsidiaries Wedgetail Operations LLC (100%) and Wedgetail Holdings LLC (100%).
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 Wedgetail
reporting along with any known Operations LLC (private property).
impediments to obtaining a licence to • 100% of the mineral rights for the 26 Patented Mining Claims starting from 15.2m (50 feet)
operate in the area. below surface are owned byWedgetail Operations LLC.
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 • No new drilling results outlined in this announcement.
information the understanding of the exploration results
• Eight field samples previously collected and assayed from Silver Mountain have now been
including a tabulation of the following reported, as summarised in Attachment 1. These samples had not been previously
information for all Material drill holes: announced due to their relatively low copper, gold and silver values compared to other
o easting and northing of the drill hole Silver Mountain field samples previously reported. After recent field work which identified
collar the host rock as part of a potentially unique mineralisation system, all field samples
o elevation or RL (Reduced Level – >20ppm uranium have been reported (see subsequent section – Data aggregation
elevation above sea level in metres) of methods).
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 • All field samples >20ppm uranium have been reported and are considered to be
aggregation averaging techniques, maximum and/or anomalous. This threshold was selected given the Arizona Geological Survey considers
methods minimum grade truncations (eg cutting of values above 4.5ppm uranium to be anomalous, as documented in their report on
high grades) and cut-off grades are usually Naturally Occurring Radioactive Materials (NORM) in Arizona. Citation: Spencer, J.E., 2002,
Material and should be stated. Naturally Occurring Radioactive Materials (NORM) in Arizona. Arizona Geological Survey
Where aggregate intercepts incorporate Open File Report, OFR-02-13
short lengths of high grade results and • No metal equivalents reported.
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 • N/A - no drilling results reported.
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)
• See body of 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 • All Silver Mountain field samples obtained so far over 20ppm uranium have been
reporting Exploration Results is not practicable, reported.
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 • No other meaningful and material exploration data beyond this and previous ASX
substantive material, should be reported including (but announcements by the Company.
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 will involve additional data review, field mapping, sampling, geology model
work (eg tests for lateral extensions or updates.
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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