EMERALD RESOURCES NL — Capital/Financing Update 2022

Jul 14, 2022

ASX Announcement & Media Release

15 July 2022

Fast Facts

ASX Code: EMR Shares on issue: 593,350,983 Market Cap: ~A$525 million Cash: A$34.1 million (at 31 Mar 2022) Bullion: A$17.1 million (at 31 Mar 2022)

Board & Management

Simon Lee AO, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Ross Stanley, Non-Executive Director Billie Slott, Non-Executive Director Mark Clements, Non-Executive Director and Company Secretary Bernie Cleary, Operations Manager Brett Dunnachie, Chief Financial Officer

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Retraction and Amendment - ASX Announcement dated 5 July 2022

Reason for Retraction and Amendment

In accordance with ASX listing rules 5.8.1, 5.8.2 and 5.22, ASX has informed the Company that the disclosure of Bullseye Mining Limited’s (Bullseye) previously reported mineral resources requires the consent of a competent person. As the competent person who previously consented to the mineral resources is no longer an employee of Bullseye and the Company has not yet carried out sufficient work to verify the Mineral Resource Statement, references to the mineral resources previously reported have been removed from this ASX announcement. This announcement includes additional disclosure in relation to the intersections previously reported in Bullseye’s Supplementary Target Statement dated 21 February 2022 (refer Appendix One) and an amended competent person (refer Competent Persons statement). Investors should not rely on the information that has been retracted from the Company’s 5 July 2022 ASX announcement.

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Company Highlights

▪ First mover in an emerging gold province in Cambodia;

• Okvau Deposit: Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g/t Au;

• Project built in 2021 on time on budget and now in operation;

▪ Forecast economics demonstrates high grade, low cost, compelling project;

o Ore Reserve of 14.3Mt & 2.0g/t Au for 0.9Mozs in a single open pit with waste:ore ratio of 5.8:1;

o LOM average annual production of 106,000ozs pa;

o AISC US$754/oz over LOM (at a US$1,450 gold price assumption);

▪ Mineral Investment Agreement governs significant tax and duty concessions for first 5 years and includes offshore arbitration process;

▪ Highly credentialed gold project operational and development team;

• Significant resource growth potential;

▪ Focussed on a net positive impact on near-mine environmental and social values by targeting strict compliance with corporate governance, international guidelines (IFC PS’s) and local law by engaging and collaborating with all stakeholders.

Registered Office

1110 Hay Street West Perth WA 6005

T: +61 8 9286 6300

F: +61 8 6243 0032

W: www.emeraldresources.com.au

Emerald Resources NL (ASX: EMR) (“Emerald”) is pleased to report the exceptional drill results from Bullseye Mining Limited’s ( Bullseye )( EMR: 59.32% ) recent 14,341m resource and mine definition drilling completed on the Neptune Gold Prospect ( Neptune ).

The results of 7,244m of this drilling were reported by Bullseye in its Supplementary Target Statement dated 21 February 2022 with the balance reported in this announcement.

The exceptional drill results include;

• **22m @ 4.87g/t from 17m (NPRD0056) ***

• 9m @ 9.44g/t from 82m (NPRD0078)

• **33m @ 3.82g/t from 37m (NPMD1019) ***

• **15m @ 6.60g/t from 67m (NPMD1007) ***

• **3m @ 29.85g/t from 45m (NPMD1026) ***

• 25m @ 5.24g/t from 0m (NPGC0053)

• 40m @ 2.98g/t from 14m (NPGC0025)

• 6m @ 14.24g/t from 37m (NPGC0018)

• 9m @ 9.36g/t from 7m (NPGC0045)

*** Previously reported intersection from Bullseye’s Supplementary Target Statement dated 21 February 2022, recalculated to JORC table parameters**

Emerald’s Managing Director, Morgan Hart, commented:

“The Neptune drilling campaign which commenced in 2021 and continued through to 2022 aimed to target extensions and infill the known mineralisation in the Neptune portion of the 6.4km Boundary through to Bungarra mineralised trend. These results have increased the density of information on the Neptune and Neptune North prospects and will be used by Emerald to estimate a maiden JORC resource.

“This drilling will complement the 98,000m resource definition drilling programme which Emerald’s experienced development and geological team has formulated to initially focus on the Boundary through Bungarra mineralised zone which, once completed will total circa 150,000m of new drilling available to estimate an updated North Laverton resource and a maiden reserve estimate.

”As announced on 3 June 2022, this drilling programme and future exploration and development will be funded using Bullseye’s existing cash reserves and ongoing prorata entitlement offers to Bullseye shareholders as required.”

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Neptune Gold Prospect

The Neptune Prospect is a 430m south-eastern extension of Bullseye’s Boundary Prospect. A 23 collar (2,140m) resource definition programme was completed in early 2021 (see Appendix One). This was followed by an 84 collar (5,104m) mine definition RC programme in late 2021 (see Appendix One). In early 2022, a further 24 collar (4,005m) RC resource definition programme and 64 collar (3,092m) infill mine definition RC programme was completed (see Appendix Two).The significant results are reported below in Tables 1, 2 and 3.

Neptune Resource Drilling Table 1 - Resource Definition RC Drilling completed 2021 and early 2022.

• **22m @ 4.87g/t from 17m (NPRD0056) ***

• 9m @ 9.44g/t from 82m (NPRD0078)

• 3m @ 20.55g/t from 70m (NPRD0065)

• **9m @ 6.29g/t from 74m (NPRD0042) ***

• **16m @ 3.07g/t from 26m (NPRD0053) ***

• **16m @ 2.59g/t from 56m (NPRD0063) ***

• **19m @ 2.11g/t from 45m (NPRD0051) ***

• **10m @ 3.67g/t from 38m (NPRD0059) ***

• **3m @ 12.11g/t from 69m (NPRD0051) ***

• 17m @ 2.12g/t from 77m (NPRD0086)

*** Previously reported intersection from Bullseye’s Supplementary Target Statement dated 21 February 2022, recalculated to JORC table parameters. As listed in Appendix One**

Neptune Mine Definition Drilling 18m x 18m spacing Table 2 - Significant gold mineralisation from mine definition RC drill programme completed late 2021.

• **33m @ 3.82g/t from 37m (NPMD1019) ***

• **15m @ 6.60g/t from 67m (NPMD1007) ***

• **3m @ 29.85g/t from 45m (NPMD1026) ***

• **53m @ 1.45g/t from 12m (NPMD1034) ***

• **22m @ 2.54g/t from 16m (NPMD1052) ***

• **8m @ 6.91g/t from 37m (NPMD1065) ***

• **17m @ 2.98g/t from 72m (NPMD1000) ***

*** Previously reported intersection from Bullseye’s Supplementary Target Statement dated 21 February 2022, recalculated to JORC table parameters. As listed in Appendix One**

Neptune Infill Mine Definition Drilling 10m x 10m spacing Table 3 - Significant gold mineralisation from infill mine definition RC drill programme completed early 2022.

• 25m @ 5.24g/t from 0m (NPGC0053)

• 40m @ 2.98g/t from 14m (NPGC0025)

• 6m @ 14.24g/t from 37m (NPGC0018)

• 9m @ 9.36g/t from 7m (NPGC0045)

• 21m @ 3.19g/t from 1m (NPGC0026)

• 40m @ 1.67g/t from 11m (NPGC0032) (EOH)

• 9m @ 7.19g/t from 52m (NPGC0014)

• 17m @ 3.7g/t from 2m (NPGC0047)

• 20m @ 3.05g/t from 2m (NPGC0035)

• 26m @ 2.17g/t from 53m (NPGC0012)

• 23m @ 2.35g/t from 28m (NPGC0027)

• 10m @ 5.11g/t from 11m (NPGC0039)

• 9m @ 5.54g/t from 17m (NPGC0048)

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North Laverton Gold Project

The North Laverton Gold Project consists of 32 exploration licences (including 2 applications) and 4 mining licences controlling the entire Dingo Range greenstone belt which covers more than 800km[2] of tenure (refer Figures 1 and 2) and has the potential to host multiple standalone deposits or satellite deposits to supply additional ore to central mill. It includes the Boundary, Neptune, Stirling, Hurleys and Bungarra Prospects over a 6.4km greenstone strike length (refer Figure 2).

Figure 1 | North Laverton Gold Project Location

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Figure 2 – North Laverton Tenements and location of known gold mineralisation zones

Boundary-Bungarra Prospects

North Laverton Gold Project Tenure Holding

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The recent drilling on the Neptune Prospect continued to delineate high-grade, southeast trending mineralised structures extending 430m from the Boundary prospect (refer Figures 3 and 4).

Figure 3 – Au gram x metre intercepts from drilling completed on the Boundary, Neptune and Stirling prospects.

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Figure 4 – Drill collar plan of Neptune prospect including latest significant drill intersections.

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Drilling on the Neptune Prospect to date has only been tested to ~80m vertical depth (on average). It remains open at depth (refer Figure 5).

Figure 5 Long section of Neptune Prospect with Au gram x metre intercepts. The recent drill results are highlighted with drill intercept details (oblique section view has vertical exaggeration of approx. x1.5).

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The regional long section (refer Figure 6) also highlights the potential for extensions of mineralisation both down-dip and along strike of all prospects. The interpreted corridor of mineralisation extends along the 6.4km strike length between the northern Boundary Prospect and the southern Bungarra Prospect.

Figure 6 Long section of North Laverton Project with Au gram x metre intercepts.

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This ASX release was authorised on behalf of the Emerald Board by: Morgan Hart, Managing Director.

For further information please contact

Emerald Resources NL Morgan Hart Managing Director

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Forward Looking Statement

This document contains certain forward looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections about the industry in which Emerald Resources operates, and beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”’ “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known or unknown risks, uncertainties and other factors, some of which are beyond the control of the Company, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward looking statements, which reflect the view of Emerald Resources only as of the date of this announcement. The forward looking statements made in this release relate only to events as of the date on which the statements are made. Emerald Resources will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority. This document has been prepared in compliance with the current JORC Code 2012 Edition and the ASX listing Rules.

The Company believes that is has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any production targets and financial estimates, based on the information contained in this announcement. Reference is made to ASX Announcements dated 1 May 2017 and 26 November 2019. All material assumptions underpinning the production target, or the forecast financial information continue to apply and have not materially changed. 100% of the production target referred to in this announcement is based on Probable Ore Reserves.

Emerald has a highly experienced management team, undoubtedly one of the best credentialed gold development teams in Australia with a proven history of developing projects successfully, quickly and cost effectively. They are a team of highly competent mining engineers and geologists who have overseen the successful development of gold projects in developing countries such as the Bonikro Gold Project in Cote d’Ivoire for Equigold NL and more recently, Regis Resources Ltd.

Competent Persons Statements

The information in this report that relates to work including Exploration and Drill Results completed before on or before 21 February 2022 (as listed in Appendix One and stated in Section 1 and 2 JORC tables in Appendix Four) is based on information compiled by Mr Rob Cooke, a Competent Person who is an employee of Bullseye Mining Limited and a Member of the Australian Institute of Geoscientists (Membership No. 3054840 ). Mr Cooke 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’. The Company confirms that the form and context in which the Competent Person’s findings presented have not been materially modified. Mr Cooke has reviewed the contents of this release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

Work including drilling completed after 21 February 2022 (as listed in Appendix Two and stated in Section 1 and 2 JORC tables in Appendix Three) was completed under the supervision of Mr Rob Cooke, who is an employee of Bullseye Mining Limited and is a Member of The Australasian Institute of Mining & Metallurgy. Mr Cooke has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and 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’. Mr Cooke has reviewed the contents of this release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

Drill assay results received after 21 February 2022 (as listed in Appendix Two and stated in Section 1 and 2 JORC tables in Appendix Three) have been reviewed for QAQC and data integrity by Mr Keith King, who is an employee of the Company and is a Member of The Australasian Institute of Mining & Metallurgy. Mr King has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and 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’. Mr King has reviewed the contents of this release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

No New Information

To the extent that announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new material information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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Appendix One | Drill Significant Intercepts on the Neptune Prospect, reported in Bullseye’s Supplementary Target Statement dated 21 February 2022 (>5 gram metre gold)

Hole Name	Easting	Northing	RL	Azi	Dip	End Depth (m)	From (m)	To (m)	Interval (m)	Gold (g/t)
NPMD1019 NPRD0056 NPMD1007 NPMD1026 NPMD1034 NPRD0042 NPMD1052 NPMD1065 NPMD1000 NPRD0053 NPRD0063 NPRD0051 NPMD1026 NPMD1030 NPMD1038 NPRD0059 NPRD0051 NPMD1067 NPRD0041 NPMD1077 NPMD1047 NPRD0058 NPMD1006 NPRD0044 NPMD1046 NPMD1003 NPMD1011 NPMD1008 NPRD0046 NPMD1044 NPMD1008 NPMD1018 NPMD1072 NPRD0052 NPMD1051 NPMD1062 NPMD1020 NPRD0043 NPMD1060 NPRD0064 NPMD1079 NPMD1001 NPRD0060 NPRD0043	345,456 345,285 345,422 345,444 345,475 345,512 345,522 345,256 345,395 345,292 345,270 345,428 345,444 345,457 345,526 345,282 345,428 345,274 345,487 345,309 345,533 345,284 345,403 345,499 345,513 345,454 345,391 345,436 345,486 345,495 345,436 345,437 345,304 345,280 345,502 345,368 345,495 345,473 345,376 345,264 345,313 345,416 345,266 345,473	6,971,159 6,971,206 6,971,192 6,971,142 6,971,131 6,971,193 6,971,086 6,971,240 6,971,211 6,971,206 6,971,268 6,971,177 6,971,142 6,971,132 6,971,118 6,971,227 6,971,177 6,971,238 6,971,193 6,971,204 6,971,101 6,971,214 6,971,195 6,971,170 6,971,102 6,971,208 6,971,178 6,971,184 6,971,114 6,971,105 6,971,184 6,971,162 6,971,221 6,971,190 6,971,086 6,971,227 6,971,156 6,971,171 6,971,210 6,971,282 6,971,184 6,971,210 6,971,246 6,971,171	503 500 501 502 503 504 503 499 501 499 499 502 502 502 505 499 502 499 503 500 505 499 501 504 504 502 501 502 503 503 502 502 500 500 503 501 504 503 500 499 500 501 499 503	217 219 218 221 215 219 217 217 218 219 219 219 221 212 219 219 219 216 219 216 222 219 223 225 215 222 213 219 219 221 219 219 217 219 218 216 220 219 217 219 219 223 219 219	-60 -60 -60 -60 -60 -60 -61 -60 -60 -60 -60 -60 -60 -61 -61 -60 -60 -61 -60 -61 -61 -60 -60 -60 -60 -60 -60 -61 -60 -60 -61 -60 -61 -60 -61 -60 -60 -60 -60 -60 -61 -60 -60 -60	90 60 87 85 88 100 39 56 100 60 150 120 85 74 57 60 120 56 120 60 47 60 68 150 72 103 62 99 100 70 99 93 75 60 39 96 99 150 93 150 43 104 60 150	37 17 67 45 12 74 16 37 72 26 56 45 9 8 21 38 69 33 73 22 0 30 37 121 1 78 19 60 2 27 79 36 36 6 12 58 44 56 45 75 19 83 48 79	70 39 82 48 65 83 38 45 89 42 72 64 36 35 32 48 72 52 86 33 21 42 41 130 12 99 37 74 20 46 82 53 44 16 27 66 60 72 56 80 22 98 55 88	33 22 15 3 53 9 22 8 17 16 16 19 27 27 11 10 3 19 13 11 21 12 4 9 11 21 18 14 18 19 3 17 8 10 15 8 16 16 11 5 3 15 7 9	3.82 4.87 6.60 29.85 1.45 6.29 2.54 6.91 2.98 3.07 2.59 2.11 1.47 1.45 3.42 3.67 12.11 1.86 2.56 3.00 1.54 2.60 7.49 3.30 2.61 1.34 1.54 1.89 1.44 1.31 7.50 1.30 2.76 2.16 1.28 2.38 1.10 1.08 1.50 3.27 5.30 1.01 2.10 1.64 1.14
NPRD0057	345,276	6,971,203	499	219	-60	60	9	21	12

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NPMD1073 NPRD0046 NPMD1009 NPRD0054 NPMD1040 NPMD1036 NPRD0044 NPMD1046 NPRD0040 NPRD0062 NPMD1009 NPMD1004 NPMD1031 NPMD1055 NPMD1005 NPRD0044 NPRD0064 NPMD1066 NPMD1031 NPMD1040 NPMD1023 NPRD0041 NPRD0040 NPRD0047 NPMD1015 NPMD1028 NPMD1000 NPMD1027 NPMD1045 NPMD1044 NPMD1049 NPMD1059 NPMD1004 NPMD1065 NPRD0061 NPMD1016 NPMD1049 NPMD1007 NPMD1030 NPRD0045 NPMD1000 NPRD0047	345,260 345,486 345,477 345,275 345,546 345,574 345,499 345,513 345,463 345,284 345,477 345,475 345,496 345,539 345,384 345,499 345,264 345,234 345,496 345,546 345,364 345,487 345,463 345,462 345,396 345,537 345,395 345,520 345,434 345,495 345,550 345,525 345,475 345,256 345,250 345,479 345,550 345,422 345,457 345,523 345,395	6,971,220 6,971,114 6,971,184 6,971,213 6,971,118 6,971,128 6,971,170 6,971,102 6,971,193 6,971,245 6,971,184 6,971,207 6,971,131 6,971,081 6,971,195 6,971,170 6,971,282 6,971,239 6,971,131 6,971,118 6,971,144 6,971,193 6,971,193 6,971,116 6,971,162 6,971,134 6,971,211 6,971,137 6,971,102 6,971,105 6,971,095 6,971,066 6,971,207 6,971,240 6,971,234 6,971,162 6,971,095 6,971,192 6,971,132 6,971,170 6,971,211	499 503 503 499 507 508 504 504 502 499 503 502 504 504 501 504 499 499 504 507 500 503 502 502 500 506 501 505 501 503 506 503 502 499 499 503 506 501 502 504 501	217 219 218 219 221 217 225 215 219 219 218 216 213 220 216 225 219 216 213 221 211 219 219 219 216 215 218 221 220 221 219 219 216 217 219 216 219 218 212 219 218	-59 -60 -60 -60 -61 -61 -60 -60 -60 -60 -60 -60 -60 -61 -60 -60 -60 -60 -60 -61 -60 -60 -60 -60 -61 -60 -60 -60 -60 -60 -60 -61 -60 -60 -60 -60 -60 -60 -61 -60 -60	46 100 100 60 54 60 150 72 120 60 100 112 81 39 100 150 150 46 81 54 44 120 120 100 68 59 100 81 60 70 44 30 112 56 60 88 44 87 74 120 100	12 37 65 19 19 30 43 38 93 49 86 85 31 19 40 61 67 6 16 50 12 92 80 8 2 39 49 36 48 2 14 5 96 51 23 47 25 58 41 65 61	25 48 77 31 34 48 55 51 101 54 93 90 39 24 47 71 69 10 26 54 14 94 87 13 13 47 56 46 56 11 19 12 97 52 27 51 28 62 46 72 64	13 11 12 12 15 18 12 13 8 5 7 5 8 5 7 10 2 4 10 4 2 2 7 5 11 8 7 10 8 9 5 7 1 1 4 4 3 4 5 7 3	1.03 1.12 1.01 1.00 0.80 0.65 0.92 0.84 1.29 2.04 1.41 1.85 1.15 1.84 1.30 0.89 4.44 2.11 0.82 2.02 3.98 3.63 1.01 1.37 0.62 0.84 0.96 0.67 0.83 0.70 1.26 0.89 6.13 6.07 1.45 1.43 1.90 1.42 1.12 0.80 1.67 1.54
	345,462	6,971,116	502	219	-60	100	0	3	3

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Appendix Two | Drill Significant Intercepts on the Neptune Prospect (>5 gram metre gold)

Hole Name	Easting	Northing	RL	Azi	Dip	End Depth (m)	From (m)	To (m)	Interval (m)	Gold (g/t)
NPGC0053 NPGC0025 NPGC0018 NPRD0078 NPGC0045 NPGC0026 NPGC0032 NPGC0014 NPGC0047 NPRD0065 NPGC0035 NPGC0012 NPGC0027 NPGC0039 NPGC0048 NPGC0036 NPGC0004 NPRD0086 NPGC0045 NPGC0006 NPGC0041 NPGC0031 NPGC0021 NPGC0018 NPGC0052 NPGC0018 NPGC0033 NPRD0076 NPGC0058 NPGC0001 NPGC0020 NPRD0087 NPGC0002 NPGC0009 NPRD0066 NPRD0073 NPGC0034 NPGC0040 NPRD0076 NPGC0017 NPGC0062 NPGC0051 NPGC0037 NPGC0014 NPRD0069 NPGC0020 NPGC0021	345,508 345,467 345,452 345,215 345,478 345,445 345,480 345,451 345,506 345,304 345,468 345,465 345,548 345,472 345,525 345,539 345,416 345,250 345,478 345,399 345,529 345,459 345,481 345,452 345,500 345,452 345,551 345,211 345,511 345,393 345,461 345,255 345,398 345,403 345,290 345,382 345,490 345,501 345,211 345,526 345,537 345,490 345,496 345,451 345,262 345,461 345,481	6,971,094 6,971,134 6,971,142 6,971,344 6,971,107 6,971,132 6,971,125 6,971,151 6,971,106 6,971,245 6,971,123 6,971,159 6,971,133 6,971,115 6,971,104 6,971,123 6,971,185 6,971,554 6,971,107 6,971,176 6,971,111 6,971,125 6,971,138 6,971,142 6,971,097 6,971,142 6,971,125 6,971,391 6,971,086 6,971,193 6,971,139 6,971,585 6,971,187 6,971,169 6,971,267 6,971,253 6,971,124 6,971,112 6,971,391 6,971,144 6,971,071 6,971,097 6,971,120 6,971,151 6,971,344 6,971,139 6,971,138	503 503 503 498 503 502 503 503 504 500 503 503 507 503 504 506 501 497 503 501 505 502 503 503 503 503 507 498 503 501 503 496 501 501 499 501 504 504 498 505 503 502 504 503 499 503 503	207 220 206 229 208 205 219 209 219 219 211 212 224 219 215 220 218 225 208 215 218 220 211 206 218 206 220 225 219 226 204 228 214 217 223 220 213 214 225 221 221 219 219 209 219 204 211	-61 -60 -60 -61 -60 -61 -60 -60 -60 -60 -60 -60 -60 -60 -61 -62 -60 -60 -60 -60 -60 -59 -60 -60 -60 -60 -61 -60 -60 -60 -60 -61 -60 -61 -60 -60 -60 -60 -60 -61 -61 -60 -61 -60 -60 -60 -60	35 55 64 150 45 55 51 75 42 80 51 80 55 46 40 51 70 150 45 57 48 47 59 64 37 64 48 200 33 45 63 150 58 62 85 200 55 52 200 63 33 40 50 75 150 63 59	0 14 37 82 7 1 11 52 2 70 2 53 28 11 17 19 56 77 21 13 11 4 37 14 24 49 23 63 0 32 37 148 20 8 64 101 40 6 109 39 7 23 9 21 108 15 22	25 54 43 91 16 22 51 61 19 73 22 79 51 21 26 40 68 94 40 23 29 24 40 29 34 52 44 72 16 43 46 150 31 18 82 112 55 18 125 52 26 32 20 38 121 31 32	25 40 6 9 9 21 40 9 17 3 20 26 23 10 9 21 12 17 19 10 18 20 3 15 10 3 21 9 16 11 9 2 11 10 18 11 15 12 16 13 19 9 11 17 13 16 10	5.24 2.98 14.24 9.44 9.36 3.19 1.67 7.19 3.70 20.55 3.05 2.17 2.35 5.11 5.54 1.84 3.19 2.12 1.84 3.27 1.80 1.61 10.72 2.13 3.16 10.50 1.40 3.19 1.76 2.24 2.69 11.61 2.09 2.25 1.25 1.99 1.39 1.66 1.24 1.50 1.03 2.15 1.73 1.11 1.39 1.12 1.72 1.00
NPGC0040	345,501	6,971,112	504	214	-60	52	33	50	17

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	NPRD0080 NPRD0076 NPGC0034 NPRD0065 NPGC0048 NPGC0050 NPRD0075 NPGC0028 NPRD0074 NPGC0056 NPRD0077 NPGC0011 NPGC0060 NPRD0080 NPRD0073 NPGC0035 NPGC0050 NPGC0044 NPGC0042 NPGC0026 NPGC0037 NPGC0024 NPGC0012 NPGC0030 NPRD0081 NPGC0016 NPGC0016 NPGC0040 NPRD0068 NPGC0015 NPGC0035 NPGC0003 NPGC0051 NPGC0057 NPGC0023 NPGC0059 NPGC0043 NPGC0052 NPGC0049 NPGC0054 NPGC0042 NPGC0022 NPGC0063 NPRD0070 NPRD0072 NPRD0084 NPGC0039 NPGC0014 NPRD0075 NPGC0020	345,206 345,211 345,490 345,304 345,525 345,482 345,239 345,516 345,331 345,533 345,234 345,407 345,524 345,206 345,382 345,468 345,482 345,533 345,552 345,445 345,496 345,489 345,465 345,533 345,186 345,475 345,475 345,501 345,262 345,496 345,468 345,406 345,490 345,559 345,509 345,548 345,520 345,500 345,545 345,518 345,552 345,530 345,564 345,532 345,431 345,167 345,472 345,451 345,239 345,461	6,971,256 6,971,391 6,971,124 6,971,245 6,971,104 6,971,103 6,971,411 6,971,130 6,971,253 6,971,090 6,971,345 6,971,163 6,971,079 6,971,256 6,971,253 6,971,123 6,971,103 6,971,118 6,971,113 6,971,132 6,971,120 6,971,135 6,971,159 6,971,127 6,971,280 6,971,144 6,971,144 6,971,112 6,971,312 6,971,145 6,971,123 6,971,186 6,971,097 6,971,084 6,971,135 6,971,084 6,971,111 6,971,097 6,971,104 6,971,095 6,971,113 6,971,136 6,971,065 6,971,252 6,971,253 6,971,431 6,971,115 6,971,151 6,971,411 6,971,139	499 498 504 500 504 503 498 505 500 504 498 501 503 499 501 503 503 506 506 502 504 504 503 506 499 503 503 504 499 504 503 501 502 505 504 505 504 503 506 504 506 505 504 503 501 498 503 503 498 503	217 225 213 219 215 213 219 216 216 220 226 210 219 217 220 211 213 220 214 205 219 214 212 217 217 219 219 214 221 214 211 209 219 222 223 219 223 218 227 208 214 217 223 230 231 222 219 209 219 204	-60 -60 -60 -60 -61 -60 -60 -61 -60 -60 -62 -60 -60 -60 -60 -60 -60 -56 -61 -61 -61 -60 -60 -60 -60 -60 -60 -60 -60 -61 -60 -61 -60 -61 -60 -61 -60 -60 -61 -61 -61 -60 -61 -60 -60 -61 -60 -60 -60 -60	150 200 55 80 40 41 200 58 200 40 200 65 34 150 200 51 41 43 33 55 50 55 80 52 100 65 65 52 150 55 51 60 40 40 55 35 43 37 35 35 33 55 45 200 250 150 46 75 200 63	89 77 11 48 31 22 92 29 75 6 96 6 9 116 117 31 6 21 6 27 41 21 40 38 71 24 49 23 81 35 41 52 8 19 33 22 15 12 12 32 18 22 38 146 161 16 26 68 187 52	111 79 32 65 38 37 103 46 85 15 109 14 24 120 126 33 10 26 8 30 50 29 47 39 76 27 64 28 92 41 47 54 17 24 42 31 22 19 23 35 22 25 42 150 164 19 29 75 197 58	22 2 21 17 7 15 11 17 10 9 13 8 15 4 9 2 4 5 2 3 9 8 7 1 5 3 15 5 11 6 6 2 9 5 9 9 7 7 11 3 4 3 4 4 3 3 3 7 10 6	0.77 8.39 0.79 0.98 2.30 1.07 1.33 0.85 1.40 1.48 1.01 1.63 0.86 3.18 1.31 5.82 2.74 1.96 4.75 3.13 0.99 1.11 1.26 8.63 1.68 2.77 0.54 1.61 0.73 1.34 1.33 3.74 0.82 1.46 0.80 0.78 0.97 0.94 0.60 2.10 1.57 2.06 1.53 1.52 2.01 1.99 1.89 0.79 0.53 0.85 0.56
	NPGC0009	345,403	6,971,169	501	217	-61	62	32	41	9

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Appendix Three | JORC Code, 2012 Edition | ‘Table 1’ Report

Section 1 Sampling Techniques and Data from Neptune 2022 Drilling

(Criteria in this section apply to all succeeding sections).

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 30g 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.	• Standards are inserted in sample batches to test laboratory performance. • All Bullseye RC samples were put through a fixed cone splitter at 1m intervals with the sample reduced to between a 2kg to 4kg sample. • Bullseye’s 2022 drill programme at Neptune used Jinning Laboratories, Kalgoorlie for RC samples: • Jinning – samples crushed and milled to <75µm and assayed using fire assay (50g) with additional AAS.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• All collars were picked up by a licensed on site surveyor. • All drilling was reverse circulation. • Hole diameter for all results at the collar was 140mm – 143mm, but may have been decreased down hole depending on drill bits used.
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.	• RC drill sample recovery averaged better than 99%.
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 is routinely logged (qualitatively) by a geologist, to record lithology, mineralogy, alteration, weathering, texture, sulphide content, veining and macro structure; All logging and sampling data are captured into a database, with appropriate validation and security features. • All logging was completed in sufficient detail to support Mineral Resource estimations.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected,	• Most samples are dry and there is no likelihood of compromised results due to moisture. • This sample technique is industry norm and is deemed appropriate for the material. • All RC samples were put through a fixed cone splitter at 1m intervals with the sample reduced to between a 2kg to 4kg sample. • The 2022 drilling at Neptune used Jinning Laboratories, Kalgoorlie for RC samples: Jinning – samples dried at 105° Celsius, crushed and milled to 85% passing -75µm. Assay was 50g fire assay with AAS finish for gold.

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Criteria	JORC Code explanation	Commentary
	including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material beingsampled.
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.	• All samples are sent to the accredited Jinning Laboratories, Kalgoorlie 50g fire assay with AAS finish for gold. This method has a lower detection limit of 0.01ppm gold. • Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available pulp CRMs at rate of 1 for every 20 field samples and pulp blanks at a rate of 1 for every 50 field samples. Field duplicates were collected at the rig, directly from the cyclone at a rate of one in every 50 samples for the entire programme. • QAQC data are routinely checked before any associated assay results are reviewed for interpretation. • All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assay results, are communicated electronically.
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 field data associated with sampling, and all associated assay and analytical results, are archived in a relational database, with industry-standard verification protocols in place. • The calculations of all significant intercepts (for drill holes) are routinely checked by senior management. • Data verification and validation procedures undertaken included checks on collar position against design and site survey collar pick-ups by Licensed on site surveyors. Hole depths were cross- checked in the geology logs, down hole surveys, sample sheets and assay reports to ensure consistency. All down hole surveys were exposed to rigorous QAQC and drill traces were plotted in 3D for validation and assessment of global deviation trends.
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 grid system used is GDA_94. The creation of the topographic surface is based on a site survey pick-up in March 2014 by GEMS (Glockner Engineering and Mining Services, licensed Australian surveyors) and again in July 2014, August 2015 and August 2017 of all drill holes and surface contour points in GDA_94. • Collars of holes drilled have been picked up by Licensed on site surveyors using a Trimble GNSS DGPS. • All Bullseye RC holes at Neptune were downhole surveyed using a gyroscopic survey tool (a REFLEX GYRO SPRINT-IQ™) and are routinely undertaken at ~5m intervals for the 2022 Neptune drilling.
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.	• This drill spacing is considered to be sufficient to establish geological and grade continuity appropriate for the declaration of estimates of resources. • The Neptune drill programme adopted a standard sample length of 1.0m. No composite samples were taken at Neptune.
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.	• Drill holes are usually designed to intersect target structures with a “close-to-orthogonal” intercept.

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Criteria	JORC Code explanation	Commentary
	• 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.	• Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low.
Sample security	• The measures taken to ensure sample security.	• All 2022 RC samples were sampled as single 1m calico samples, each with a unique sample number. These calicos were collected from the drill sites in allotments of 1 tonne bulka bags. These bulka bags were loaded by Bullseye field staff and delivered to JinningLabs byroad freight.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported.

Section 2 Reporting of Exploration Results from Neptune 2022 Drilling

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

Criteria	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 obtaininga licence to operate in the area.	• The Neptune Gold Prospect is 100% held by Bullseye Mining Limited. The tenure is considered to be secure.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical drilling was conducted between 1989 – 2005 by companies Julia Mines NL, Eagle Mining NL,DeepYellow NL and Korab Resources Ltd.
Geology	• Deposit type, geological setting and style of mineralisation.	• Geology comprises a basalt country rock and BIF. The Neptune deposit is associated with an approximately 45 degree plunging mineralised lode (or sheets) that have formed in association with the basalt/BIF contact, a large antiform structure and a large cross cutting structure. Gold Mineralisation is as shallow as a few metres below surface, extends to some 100m below surface and is open at depth. • The weathering profile displays a surface laterite, followed by clay/saprolite weathering predominately in association with the weathered basalt. Saprock is encountered earlier in association with weathered BIF. Global fresh rock is encountered from 70m down hole, but weathering is not well advanced at Neptune and hard saprock and fresh rock are encountered in more shallow horizons. • The style of mineralisation is typical of Archean gold mineral systems in the Yilgarn Craton.
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: - easting and northing of the drill hole collar; - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar; - dip and azimuth of the hole; - down hole length and interception depth; - hole length. If the exclusion of this information is justified on the basis that the information is not Material and	• Details of significant drilling results are shown in Appendix Two.

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Criteria	Explanation	Commentary
	this exclusion does not detract from the understanding of the report, the Competent Person should clearly 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 clearlystated.	• No high grade top cuts have been applied. • Only intercepts with a minimum width of 1 metre at a 0.5g/t gold cut-off and over 5 gram metre Au are considered significant and reported in Appendix Two. • The reported significant intersections allow for up to 4m of internal dilution with a lower cut trigger values of greater than 0.5g/t.
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’).	• All reported intersections are down hole lengths. The majority of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low
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.	• Appropriate maps and sections are included in the body of this release.
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.	• All significant drilling results being intersections with a minimum 5 gram metre values are reported in Appendix Two.
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 contaminatingsubstances.	• Surface geological mapping and detailed structural interpretation have helped inform the geological model at Neptune.
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 commerciallysensitive.	• Additional drilling programmes are being planned across all exploration licences.

Appendix Four | JORC Code, 2012 Edition | Section 1 and 2 Reports for Neptune Drill Results completed in 2021 (reported to ASX on 21 February 2022)

– Neptune Section 1 | Sampling Techniques and data for 2021 Drill Programme.

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 meaningof sampling.	• Standards are inserted in sample batches to test laboratory performance. • All Bullseye RC samples were put through a fixed cone splitter at 1m intervals with the sample reduced to between a 2kg to 4kg sample;

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Criteria	JORC Code explanation	Commentary
	• 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 30g 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.	• Bullseye’s 2021 drill programme at Neptune used 2 Laboratories: Bureau Veritas, Kalgoorlie, & Jinning Laboratories, Kalgoorlie for RC samples:- • Bureau Veritas – samples crushed and milled to <75µm and assayed using fire assay (40g) with additional AAS; • Jinning – samples crushed and milled to <75µm and assayed using fire assay (50g) with additional AAS.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• All collars were picked up by a licensed on site surveyor; • All drilling was reverse circulation • Hole diameter for NPRD0040 – NPRD0064 at the collar was 130mm, but may have been decreased down hole depending on drill bits used; • Hole diameter for NPMD1000 – NPMD1083 at the collar was 140mm – 143mm, but may have been decreased down hole depending on drill bits used;
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.	• RC drill sample recovery averaged better than 99%.
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 is routinely logged (qualitatively) by a geologist, to record lithology, mineralogy, alteration, weathering, texture, sulphide content, veining and macro structure; All logging and sampling data are captured into a database, with appropriate validation and security features. • All logging was completed in sufficient detail to support Mineral Resource estimations.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Most samples are dry and there is no likelihood of compromised results due to moisture. • This sample technique is industry norm and is deemed appropriate for the material. • All RC samples were put through a fixed cone splitter at 1m intervals with the sample reduced to between a 2kg to 4kg sample. • The 2021 drilling at Neptune used 2 Laboratories: Bureau Veritas, Kalgoorlie, & Jinning Laboratories, Kalgoorlie for RC samples:- Bureau Veritas – samples dried at 85° Celsius, crushed and milled to 90% passing -75µm. Assay was 40g fire assay with AAS finish for gold. Jinning – samples dried at 105° Celsius, crushed and milled to 85% passing -75µm. Assay was 50g fire assay with AAS finish for gold.
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	• All samples are sent to the accredited Jinning and Bureau Veritas Laboratories, Kalgoorlie fire assay with AAS finish for gold. This method has a lower detection limit of 0.01ppm gold. • Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay.

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Criteria	JORC Code explanation	Commentary
	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.	• QAQC data are routinely checked before any associated assay results are reviewed for interpretation. • All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assay results, are communicated electronically. • All 2021 RC samples were subject to insertion of certified standards (CRMs) at a rate of one standard every 20-30 samples. Field duplicates were collected at the rig, directly from the cyclone at a rate of one in every 50 samples for the entire programme. Coarse blank material was also inserted at a rate of one in every 20-50 samples for the entireprogramme.
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 field data associated with sampling, and all associated assay and analytical results, are archived in a relational database, with industry- standard verification protocols in place. • The calculations of all significant intercepts (for drill holes) are routinely checked by senior management. • Data verification and validation procedures undertaken included checks on collar position against design and site survey collar pick-ups by Licensed on site surveyors. Hole depths were cross-checked in the geology logs, down hole surveys, sample sheets and assay reports to ensure consistency. All down hole surveys were exposed to rigorous QAQC and drill traces were plotted in 3D for validation and assessment of global deviation trends.
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 grid system used is GDA_94. The creation of the topographic surface is based on a site survey pick-up in March 2014 by GEMS (Glockner Engineering and Mining Services, licensed Australian surveyors) and again in July 2014, August 2015 and August 2017 of all drill holes and surface contour points in GDA_94. • Collars of holes drilled have been picked up by Licensed on site surveyors using a Trimble GNSS DGPS. • All Bullseye RC holes at Neptune were downhole surveyed using a gyroscopic survey tool (a REFLEX GYRO SPRINT-IQ™) and are routinely undertaken at ~5m intervals for the 2022 Neptune drilling.
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.	• This drill spacing is considered to be sufficient to establish geological and grade continuity appropriate for the declaration of estimates of resources. • The Neptune drill programme adopted a standard sample length of 1.0m. No composite samples were taken at Neptune.
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.	• Drill holes are usually designed to intersect target structures with a “close-to-orthogonal” intercept. • Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low.
Sample security	• The measures taken to ensure sample security.	• All 2021 RC samples were sampled as single 1m calico samples, each with a unique sample number. These calicos were collected from the drill sites in allotments of 1 tonne bulka bags. These bulka bags

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Criteria	JORC Code explanation	Commentary
		were loaded by Bullseye field staff and delivered to Bureau Veritas/JinningLabs byroad freight.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported.

Neptune – Section 2 | Reporting of Exploration Results for 2021 Drill Programme

Criteria	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 obtaininga licence to operate in the area.	• The Neptune Gold Prospect is 100% held by Bullseye Mining Limited. The tenure is considered to be secure.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical drilling was conducted between 1989 – 2005 by companies Julia Mines NL, Eagle Mining NL,DeepYellow NL and Korab Resources Ltd.
Geology	• Deposit type, geological setting and style of mineralisation.	• Geology comprises a basalt country rock and BIF. The Neptune deposit is associated with an approximately 45 degree plunging mineralised lode (or sheets) that have formed in association with the basalt/BIF contact, a large antiform structure and a large cross cutting structure. Gold Mineralisation is as shallow as a few metres below surface, extends to some 100m below surface and is open at depth. • The weathering profile displays a surface laterite, followed by clay/saprolite weathering predominately in association with the weathered basalt. Saprock is encountered earlier in association with weathered BIF. Global fresh rock is encountered from 70m down hole, but weathering is not well advanced at Neptune and hard saprock and fresh rock are encountered in more shallow horizons. • The style of mineralisation is typical of Archean gold mineral systems in the Yilgarn Craton.
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: - easting and northing of the drill hole collar; - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar; - dip and azimuth of the hole; - down hole length and interception depth; - 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.	• Details of significant drilling results are shown in Appendix One.
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 highgrade results and longer lengths of	• No high grade top cuts have been applied. • Only intercepts with a minimum width of 1 metre at a 0.5g/t gold cut-off and over 5 gram metre Au are considered significant and reported in Appendix One.

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Criteria	Explanation	Commentary
	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 clearlystated.	• The reported significant intersections allow for up to 4m of internal dilution with a lower cut trigger values of greater than 0.5g/t.
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’).	• All reported intersections are down hole lengths. • The majority of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low
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.	• Appropriate maps and sections are included in the body of this release.
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.	• All significant drilling results being intersections with a minimum 5 gram metre values are reported in Appendix One.
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 contaminatingsubstances.	• Surface geological mapping and detailed structural interpretation have helped inform the geological model at Neptune.
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 commerciallysensitive.	• Additional drilling programmes are being planned across all exploration licences.

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