ELEMENTOS LIMITED — Regulatory Filings 2022

Aug 15, 2022

Elementos Limited Level 7, 167 Eagle St ABN 49 138 468 756 Brisbane Queensland 4000 ASX: ELT Phone +61 (0)7 2111 1110 elementos.com.au admin@elementos.com.au

16 August 2022

ASX RELEASE

Infill drilling program intersects additional tin mineralisation at Oropesa Tin Project

Elementos Limited (ASX: ELT) has confirmed intersections of near-surface tin mineralisation at its Oropesa Tin Project, Spain, which are significantly broader than previously modelled by its 2021 Mineral Resource Estimate[1] .

The first hole to be completed in Elementos’ nine-hole infill drill program[3] , drill hole ADD_24, returned broad intersections at the margins of the current geological resource, highlighted by the results below:

ADD_24:- 37.9m @ 0.34% Sn from 59.3m

• (0.1% Sn cut-off grade)

==> picture [499 x 282] intentionally omitted <==

Figure 1. Section depicting drill hole ADD_24 from the 2022 Infill Drilling Program where the main aim is to upgrade the Inferred Mineral Resources within the US$30k/t pit shell into a higher confidence Mineral Resource category.

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Managing Director Joe David commented, “This is an encouraging result to kick-off our 2022 infill drilling program at Oropesa. The main aim of this program is to upgrade the Inferred Mineral Resources, that reside within the US$30,000/t pit shell[4] , to a higher confidence Resource category. Drill hole ADD_24 targeted the intersection of two significant previously interpreted controlling structures and confirms the continuity of the tin mineralisation at this location, but notably has intersected a much broader zone of mineralisation than currently modelled.

==> picture [487 x 251] intentionally omitted <==

Figure 2. Location of hole ADD_24, the 2021 Inferred Resource and the 2022 Scoping Study US$30,000/t pit shell

==> picture [487 x 245] intentionally omitted <==

Figure 3. Plan of the location of the 2022 infill drilling program within the south-eastern section of the 2022 Scoping Study US$30,000/t pit shell

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Hole ID	Easting ED50 Zone 30	Northing ED50 Zone 30	Easting ETRS89 Zone 30	Northing ETRS89 Zone 30	RL	Total Depth (m)	Dip	AZIMUTH (grid)
ADD_24	283917.6	4243259	283807.1	4243053	594.7296	148.3	-60	240

Table 1. ADD_24 drill hole data

ALS CODE	Drill Hole ID	MESPA Sample ID	From (m)	To (m)	Length (m)	ME-ICP81 %Sn
SV22214783	ADD_24	D816501	59.3	60.3	1	0.23
SV22214783	ADD_24	D816502	60.3	61.3	1	0.22
SV22214783	ADD_24	D816503	61.3	62.3	1	0.39
SV22214783	ADD_24	D816504	62.3	65.3	3	0.62
SV22214783	ADD_24	D816505	65.3	68.3	3	0.23
SV22214783	ADD_24	D816506	68.3	69.3	1	0.35
SV22214783	ADD_24	D816507	69.3	70.4	1.1	0.27
SV22214783	ADD_24	D816508	70.4	71.4	1	0.34
SV22214783	ADD_24	D816509	71.4	72.4	1	0.35
SV22214783	ADD_24	D816510	72.4	73.4	1	0.26
SV22214783	ADD_24	D816511	73.4	74.4	1	0.32
SV22214783	ADD_24	D816512	74.4	75.4	1	0.41
SV22214783	ADD_24	D816513	75.4	76.3	0.9	0.31
SV22214783	ADD_24	D816515	76.3	77.3	1	0.26
SV22214783	ADD_24	D816516	77.3	78.3	1	0.26
SV22214783	ADD_24	D816517	78.3	79.2	0.9	0.25
SV22214783	ADD_24	D816518	79.2	80.1	0.9	0.22
SV22214783	ADD_24	D816519	80.1	81.8	1.7	0.38
SV22214783	ADD_24	D816520	81.8	82.8	1	0.28
SV22214783	ADD_24	D816521	82.8	83.9	1.1	0.23
SV22214783	ADD_24	D816522	83.9	85.4	1.5	0.07
SV22214783	ADD_24	D816523	85.4	86.9	1.5	0.10
SV22214783	ADD_24	D816524	86.9	88.2	1.3	0.24
SV22214783	ADD_24	D816525	88.2	89.2	1	0.75
SV22214783	ADD_24	D816526	89.2	90.2	1	0.51
SV22214783	ADD_24	D816527	90.2	91.2	1	0.43
SV22214783	ADD_24	D816528	91.2	92.2	1	0.57
SV22214783	ADD_24	D816529	92.2	93.2	1	0.50
SV22214783	ADD_24	D816531	93.2	94.2	1	0.36
SV22214783	ADD_24	D816532	94.2	95.2	1	0.39
SV22214783	ADD_24	D816533	95.2	96.2	1	0.37
SV22214783	ADD_24	D816534	96.2	97.2	1	0.33
SV22214783	ADD_24	D816535	97.2	99.2	2	0.06
SV22214783	ADD_24	D816536	99.2	101.2	2	0.05
SV22214783	ADD_24	D816537	101.2	103.2	2	0.12
SV22214783	ADD_24	D816538	103.2	104.2	1	0.11
SV22214783	ADD_24	D816539	104.2	105.6	1.4	0.05
SV22214783	ADD_24	D816540	105.6	106.9	1.3	0.07
SV22214783	ADD_24	D816541	106.9	108.1	1.2	0.12
SV22214783	ADD_24	D816542	108.1	109.3	1.2	0.05
SV22214783	ADD_24	D816543	109.3	111.1	1.8	0.40
SV22214783	ADD_24	D816545	111.1	112.5	1.4	0.15
SV22214783	ADD_24	D816546	112.5	113.7	1.2	0.24
SV22214783	ADD_24	D816547	113.7	115	1.3	0.19
SV22214783	ADD_24	D816548	115	116.3	1.3	0.07
SV22214783	ADD_24	D816549	116.3	117.3	1	0.19
SV22214783	ADD_24	D816550	117.3	118.9	1.6	0.13
SV22214783	ADD_24	D816551	118.9	120.6	1.7	0.05
SV22214783	ADD_24	D816552	120.6	122.3	1.7	0.04
SV22214783	ADD_24	D816553	122.3	123.8	1.5	0.13
SV22214783	ADD_24	D816554	123.8	125.3	1.5	0.15
SV22214783	ADD_24	D816555	125.3	126.4	1.1	<0.01
SV22214783	ADD_24	D816556	126.4	127.4	1	0.01
SV22214783	ADD_24	D816558	132	133	1	0.09
SV22214783	ADD_24	D816559	133	135.8	2.8	0.07
SV22214783	ADD_24	D816560	135.8	136.8	1	0.26

Table 2. Analytical results for ADD_24

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Elementos’ Board has authorised the release of this announcement to the market.

For more information, please contact:

Mr Duncan Cornish Mr Joe David Company Secretary Managing Director Phone: +61 7 3221 7770 Phone +61 7 2111 1110 admin@elementos.com.au jd@elementos.com.au

ABOUT ELEMENTOS

Elementos is committed to the safe and environmentally conscious exploration, development, and production of its global tin projects. The company owns two world class tin projects with large resource bases and significant exploration potential in mining-friendly jurisdictions. Led by an experienced-heavy management team and Board, Elementos is positioned as a pure tin platform, with an ability to develop projects in multiple countries. The company is well-positioned to help bridge the forecast significant tin supply shortfall in coming years. This shortfall is being partly driven by reduced productivity of major tin miners in addition to increasing global demand due to electrification, green energy, automation, electric vehicles and the conversion to lead-free solders as electrical contacts.

Competent Persons Statement:

The information in this report that relates to the Annual Mineral Resources and Ore Reserves Statement, Exploration Results and Exploration Targets is based on information and supporting documentation compiled by Mr Chris Creagh, who is a consultant to Elementos Ltd. Mr Creagh is a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and who consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Chris Creagh 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 Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

References to Previous Releases

The information in this report that relates to the Mineral Resources and Ore Reserves were last reported by the company in compliance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Mineral Resources, Ore Reserves, production targets and financial information derived from a production target were included in market releases dated as follows:

• 1 – “Oropesa Tin Project Mineral Resource Estimate”, 8[th] November 2021

• 2 – “Oropesa Tin Project additional mineralisation”, 16[th] March 2022

• 3 – “2022 Oropesa Drilling Program Commences”, 26[th] June 2022

• 4 – “Optimisation Study Oropesa Tin Project”, 29[th] March 2022

The company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements referred above and further confirms that all material assumptions underpinning the production targets and all material assumptions and technical parameters underpinning the Ore Reserve and Mineral Resource statements contained in those market releases continue to apply and have not materially changed.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Diamond Drilling Exploration Program, Oropesa Tin Project, Spain – August 2022

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. • 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.	• ADD_24 was completed by PQ diameter pre-collar diamond drill core to 29.8m. The remainder of the drill hole was completed recovering HQ diameter drill core. • Only HQ drill core was sampled based on intervals determined by the project geologist and cut using a diamond saw to split the core in half. • Cassiterite mineralisation at Oropesa is rarely visible to the naked eye. Historical exploration mineralogical reports (¹) have reported a strong relationship between tin mineralisation (cassiterite) and sulphide mineralisation. High levels of oxidation of the sulphide mineralisation to iron oxides has been observed and recorded in drill logs from previous drilling campaigns at Oropesa. These oxidised zones occur near the surface (gossans) and within sub-vertical fault zones. Historical drilling data indicates that these highly oxidised zones can contain significant quantities of tin mineralisation (cassiterite). • Observations made from transitional and fresh drill core from the current drilling program are in keeping with historical observations as indicators of potential cassiterite mineralisation zones (± sulphides) at Oropesa. These include silicification of the host sandstones with finely disseminated to semi- massive sulphides (pyrite ± arsenopyrite) with late-stage infill colloform and/or vuggy quartz(¹). Cassiterite mineralisation at Oropesa has also been observed to be associated with intense silicification, leaching and chlorite alteration of the host rocks. Physical or chemical weathering of the fine- grained sulphides has been observed as small voids (pitting) in the host rocks. • Samples have been selected for analysis based on portable NITON XRF analysis taken at 10cm intervals and from visual identification of zones of potential tin mineralisation. The NITON portable XRF data has been used solelyas aguide to sample boundaries for analysis at a commercial

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Criteria	JORC Code explanation	Commentary
		laboratory and are not presented in this report. • Samples were split into half core with a minimum sample weight of approximately 1kg. Samples were prepared and analysed in a certified commercial laboratory.
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).	• A Drillcon Christensen CS 140 self-propelled track mounted drilling rig was used, drilling PQ and HQ standard diamond core. Coring was from surface. • Drill core was collected using a standard triple tube system. • Drill core is not oriented
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.	• Diamond drill hole core recoveries and RQD are logged. Measurements are taken systematically downhole between core blocks. The maximum increment being 3.1m. • Overall drill core recovery for the mineralised intervals being reported is 89.7% • The mineralisation occurs predominantly in softer sandstone units. A mineralisation depth prediction table is used to assist the drillers in preparing to drill the mineralised zones and maximise recoveries. • Visual assessment of the drill core shows that core recovery is variable with zones of lower recoveries often noted in zones of significant oxidation, mineralisation or structure. No clear relationship exists between tin grade and recovery.
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 andpercentage of the relevant intersections logged.	• All drill core has been photographed dry and wet. The core is photographed within core boxes, which are identified by drill hole number and start and finish depths. Drill run depths are marked on core blocks. All drill core has been geologically and geotechnically logged prior to being sampled.
Sub-sampling techniques and	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core,whether riffled,tube sampled,rotarysplit,etc and whether	• Whole core was split using a core saw operated by trained Company personnel. The samples were recorded and submitted to an ISO-accredited

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Criteria	JORC Code explanation	Commentary
sample preparation	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.	ALS facility in Seville for preparation. This facility followed procedure CRU-31 to weigh, dry and crush the samples where 70% <2mm. A 1000g sample was split and pulverised to 85% passing 75 microns. Prepared samples were sent to the ALS laboratory in Galway, Ireland for analysis. • Duplicate samples were analysed by ALS as part of the internal QAQC procedures
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.	• ALS, Galway, Ireland, analysed the samples for tin by peroxide fusion, ICP- AES (ME-ICP81X). • The QAQC procedures featured the insertion of accredited standards and blanks at an insertion rate of approximately 5% in every batch to the laboratory. • ALS Galway selected sample repeats in accordance with their procedures Elementos considers the assay data from the drill core to be accurate, based on the generally accepted industry standard practices employed by the company and the QAQC procedure adopted by ALS.
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.	• All the mineralised intersections and assay data is reviewed by the Elementos Competent Person. • The geological logging and drilling program supervision is being carried out by the Company’s Senior Geologist and experienced personnel. The drilling program is controlled by the Company’s Competent Person • Drill core is available for verification at the Company’s facility in Fuente Obejuna, Spain. • No twinned holes have been drilled in this program. • Geological data is recorded on laptopcomputers onto a standardized Excel

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Criteria	JORC Code explanation	Commentary
		logging template utilising the Company’s coding system. Data is uploaded on a daily basis onto a commercial “cloud” data storage system. • No adjustment has been made to the original assay data as received from ALS.
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.	• Drill collars have been located using a hand-held GPS and confirmed using a triangulation method from known survey points. • Downhole surveys (dip and azimuth) have been collected using a single shot tool. Downhole surveys are collected every 30m, depending on ground conditions. • The grid system used for the GPS is 1989 ETRS Spanish Datum (ETRS89) • The level of topographic control offered by the initial collar survey is considered sufficient for the current stage of the work program. • Drill orientation during set-up is established using a compass and back sight and foresight markers. Dip is determined using a clinometer on the drilling rig mast.
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.	• All the drill holes in this report have been targeted to increase the confidence level in the existing geological mineral resource. Drill holes are oriented perpendicular to known mineralisation. The drill hole spacing has been designed to be suitable in the reporting of Exploration Results and Geological Resources. • Sample compositing has not been carried out.
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.	• Where applicable, drill hole orientation is approximately perpendicular to known mineralisation, as previously reported. • The orientation of the drilling is not considered to have introduced any bias to the sample data.

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Criteria	JORC Code explanation	Commentary
Sample security	• The measures taken to ensure sample security.	• Transport of core samples to the ALS preparation facility in Seville is carried out by Company personnel. All drill core and crushed reject samples are stored in the Company’s secure facility in Fuente Obejuna, Spain.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been carried out for the current drilling program described in this release.

Section 2 Reporting of Exploration Results

Diamond Drilling Exploration Program, Oropesa Tin Project, Spain – August 2022

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.	• Elementos Limited announced to the ASX the acquisition of Minas De Estaño De España, SLU (“MESPA or the Company”) from TSX-V listed Eurotin Ltd on 31 July 2018: (Acquisition of the Oropesa Tin Project) • MESPA has registered title to the Oropesa project property with the Andalucia mining authorities (Permit number 13.050), under the Spanish Mining Act. The property is a 14.51km² concession in Andalucía, southern Spain, located 75 km northwest of Cordoba and 180 km northeast of Seville. On 10th October 2017 the Company filed an Exploitation Permit application for the Oropesa property. Under Spanish Law an Exploitation Concession is granted for a 30-year period and may be extended for two further periods of 30 years each and up to a maximum of 90 years. Completing and filing the Exploitation Application prior to the expiration of the Investigation Permit allows the Company to remain in compliance with its title for the Oropesa property • There are no known litigations potentially affecting the Oropesa Project
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Instituto Geológico y Minero de España (“IGME”) conducted an exploration program in southern Spain between1969–1990, including geological mapping and geochemical surveys, which led to the discovery of tin on the Oropesa property in 1982.Additional tin exploration targeted Oropesa and the neighbouringLa Granapropertyduring1983–1990,which included further

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Criteria	JORC Code explanation	Commentary
		mapping, stream sediment sampling, geochemical soils, geophysical surveys, trenching and initial drilling.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Oropesa deposit is characterised by replacement-style tin mineralisation (cassiterite and minor stannite) occurring mainly at sandstone-conglomerate contacts in the Peñarroya Basin, a Carboniferous basin formed during the Hercynian/Variscan Orogeny. Reactivation of syn-sedimentary and basin- controlling faults has resulted in complex, folded geometries. Subordinate fault-hosted mineralisation is also present.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• All material data for the drill hole information related to this report is located in Table 1 in the body of this announcement. • An estimated Mineral Resource for Oropesa was released to the ASX on 8th November 2021 - “Oropesa Tin Project Mineral Resource Estimate”. Please refer to this announcement for information related to the geological resource. *1
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.	• Weighted averaging based on core length and tin grade has been applied to the reporting of mineralized intervals in the body of this report. • The variation in tin grade is not considered significant enough to be material in the compilation of the reported mineralisation intervals. See Table 2 in the body of this report. • No assay results were considered necessary to be truncated for the weighted averaging techniques employed in this report. • No metal equivalent values are reported.

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Criteria	JORC Code explanation	Commentary
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’).	• This report is based on analytical data from ALS, Seville on drill core analyses only. • The drill holes have been targeted to intersect the mineralisation perpendicular to the known mineralisation boundaries. • All drill hole lengths reported in the release are “down hole lengths”. True widths are not known.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• See main body of the report
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The reporting is considered to be balanced.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Elementos is reporting results for drill holes that have the following principal objectives; • To convert existing Inferred Resources into Indicated Resources to improve the overall waste-to-ore stripping ratio
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.	• Complete the proposed diamond drilling program. Current plan is for a total of 9 drill holes for approximately 1,590m. • Completion of a new geological resource model • Converting resources from Inferred to Indicated • Follow-up exploration drill testing on significant open-ended mineralisation trends that were identified during the 2021 exploration drilling program

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Section 3 Estimation and Reporting of Mineral Resources

n/a

Section 4 Estimation and Reporting of Ore Reserves

n/a

Section 5 Estimation and Reporting of Diamonds and Other Gemstones

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