EMMERSON RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 27, 2021

ASX Announcement

28 April 2021

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QUARTERLY ACTIVITIES REPORT for the Period Ending 31 March 2021

Highlights:

• Tennant Consolidated Mining Group (TCMG) completes $2m Placement in Emmerson at $0.13 a share as part of the Strategic Alliance over the Northern Project Area. Agreements have been executed following all Conditions Precedent to the Exploration Earn-In, Small Mines and Major Mines Joint Ventures being satisfied.

• High grade gold and copper from drilling at Mauretania at Tennant Creek enhance future open pit development potential.

• Two diamond drill holes at Kadungle in NSW confirm potential for a large gold system superimposed on deeper porphyry copper mineralisation.

• Preparation for drilling programs across multiple targets at Tennant Creek in June quarter.

• Emmerson is in a strong financial position with approximately $5.8m cash as at 31 March 2021 to support 100%-owned exploration activities in Tennant Creek and NSW.

TENNANT CREEK: building a pipeline of high-impact exploration projects with funds generated by low risk, royalty streams

Strategic Alliance with Tennant Consolidated Mining Group

Emmerson announced in November 2020 that it had entered into a Strategic Alliance in the Tennant Creek Mineral Field (TCMF) with Tennant Consolidated Mining Group (TCMG) (ASX: 16 November 2020, Figure 1).

On 24 March 2021 Emmerson announced the completion of a $2m placement of shares to TCMG as part of the Strategic Alliance over the Northern Project Area (NPA). All Conditions Precedent to the Earn-In, Small Mines and Major Mines Joint Ventures have been satisfied as follows:

• $2m equity investment in Emmerson at $0.13 share (escrowed for 12 months) with an attaching option at $0.20 (expiring December 2025).

• Exploration Earn-In and Joint Venture (EEJV) Agreements executed (to be managed by Emmerson) whereby TCMG contributes $5.5m toward exploration over five years to earn a 75% interest in the NPA.

Performance obligations under the Joint Venture Agreements with TCMG include the requirement to supply detailed staffing, mining and processing plans to Emmerson within six months which ensures tangible project advancement.

TCMG is required to produce a minimum of 30,000oz of gold within five years (from which Emmerson will receive a 6% production royalty) or make the equivalent payment to Emmerson in cash. These agreements, together with funding and mining expertise from TCMG, provide a low-risk pathway for Emmerson shareholders to monetise the high-grade gold and copper assets in Tennant Creek. It allows Emmerson to drive future exploration and discovery both at Tennant Creek and NSW while minimising future dilution to shareholders.

Emmerson Resources Limited ABN 53 117 086 745 t: +61 8 9381 7838 | e: corporate@emmersonresources.com.au | w: www.emmersonresources.com.au 3 Kimberley St, West Leederville 6007 WA

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Mauretania – high value starter project for the TCMG Joint Venture

The high-grade Mauretania gold project is located within the Northern Project Area (NPA) of Emmerson’s Tennant Creek project (Figures 1 & 2). A diamond drilling program commenced in November 2020 with the aim to better delineate the grade and scale of the known “bonanza” high grade gold zone, as well as provide geotechnical data to support the design of a future open pit (ASX: 17 February 2021).

This two-hole diamond drill program represents the first activity funded through the TCMG Strategic Alliance which is managed by Emmerson.

Assay results from the upper oxide zone of drill hole MTDD009 intersected high-grade copper:

• 9.5m at 0.17g/t gold from 60m; and

• 12m at 2.5% copper, 0.26g/t gold and 0.14% cobalt from 85m including:

• 2m at 4.1% copper from 90m

Assay results from the primary high-grade gold zone of MTDD009 returned:

• 8.8m at 3.44g/t gold from 181m including:

• 2m at 9.0g/t gold from 186m

The second drill hole, MTDD010, intersected an extension of Mauretania to the northwest of ~12m of oxidised jasper-hematite ironstone, before entering a zone of limonite at the base of oxidation. MTDD010 was aimed at testing the underlying primary gold zone however had to be prematurely terminated at 106m due to the impending wet season (Figure 3).

Resumption of the Mauretania drill program is scheduled for May 2021.

Preparation for drilling high grade gold, copper and cobalt at Jasper Hills

Emmerson entered into a landmark joint venture agreement with the Marnturla Aboriginal Corporation (MAC), which acts on behalf of the custodians of the land that contains the Jasper Hills, Hermitage and Golden Slipper mineral titles (Figure 1). This landmark agreement with MAC provides both an equity interest in the projects and employment opportunities during exploration which, if successful, may lead to future mining (ASX: August 2020) .

Further discussions and documentation on behalf of the Traditional Owners and Emmerson were lodged with the AAPA to support the variation for access application. Drilling within the area cannot take place until this formal variation is approved. Following receipt of the variation, Emmerson expects the immediate exploration priorities will include a circa 2,000m, six hole diamond drill program to verify historic drilling results and further assess the continuity of the gold, copper and cobalt mineralisation.

NSW: hunting in elephant country for large copper-gold porphyry deposits

– Kadungle Project first deep drill hole intersects epithermal and porphyry style alteration

Results from a 1,700m, two-hole drill program were returned for the Kadungle project during the quarter (Figures 4 and 6).

Recent work at Kadungle has confirmed that the likely source of the gold and copper mineralisation at surface and in historic drilling is centred on the Mt Leadley and Mt Leadley South prospects (Figure 5). This interpretation of a deeper source to the metals is corroborated in a number of independent datasets including vectors derived from the alteration and metal zonation, supported by new cutting-edge techniques utilising the trace element signatures from the outer, chlorite-epidote (green rock) assemblages.

Both prospects occur within a circular, 2.5km zone of intense silica-sulphide alteration and demagnetisation that contains numerous broad and anomalous copper-gold intersections. One diamond drill hole was completed in each of Mt Leadley and Mt Leadley South to test the underlying potential for both copper and gold (Figure 6) (Table 2 and Table 3):

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At Mt Leadley South, drill hole KDD019 extended the historic epithermal gold mineralisation (Figure 7):

• 28m at 0.27g/t gold from 176m

• 5m at 0.21g/t gold from 346m

• 5m at 0.13% copper from 420m

• 21m at 0.21g/t gold from 451m

• 14m at 0.40g/t gold from 475m

• 2m at 1.5g/t gold from 480m

• At Mt Leadley, drill hole KDD018 indicated the potential for a deeper porphyry copper system (Figure 7):

• 7m at 0.62% copper from 356m

  • incl 3m at 0.92% copper and 0.18g/t gold

Based on this drilling, further work will include undertaking a structural interpretation to assist in pinpointing higher grade gold zones within this very large mineralised system. Both drill holes are partly funded by a ~$100k grant from the NSW New Frontiers Cooperative Drilling program plus 50% funded under the Strategic Alliance with Longreach Minerals (ASX:24 June 2020).

– Kiola Project NSW deep penetrating survey to guide future drilling

Kiola is one of Emmerson’s five early-stage copper-gold projects in the Molong geological belt of the Macquarie Arc in NSW (Figure 4).

First pass diamond drilling (ASX: June 2020) within the prospective 15km[2] Kiola Geochemical Zone (KGZ) has confirmed potential for further gold and base metals at the Nasdaq skarn and also the possibility of deeper copper-gold associated with an underlying porphyry system.

Whilst this drilling intersected copper in every drill hole, the source and exact location of the metals is yet to be determined. A recently completed 3D MIMDAS geophysical survey is currently being processed, with initial results highly encouraging in constructing a 3D model ahead of further drilling in 2021.

CORPORATE: funding in place to support growth and future exploration programs

Emmerson announced a change in Company Secretary during the Quarter with Rod Wheatley taking the role effective 22 March 2021. The Board acknowledges and thanks the valuable contribution Paul Mason has made during his tenure and wish him all the very best in his future endeavours. The board welcomes Rod Wheatley to the Company Secretary position.

On March 24 the Company issued 15,384,615 shares at $0.13 per share and 15,384,615 unlisted options at $0.20 (expiring December 2025) to TCMG as part of the Placement Strategic Alliance Agreement.

Emmerson cash balance of $5.8m as at 31 March 2021.

The Quarterly Cashflow Report (Appendix 5B) for the period ending 31 March 2021 was released to ASX the same day as this report and provides an overview of the Company’s financial activities. Significant items in the Appendix 5B include:

• Exploration expenditure for the reporting period of $978,000.

• Corporate and other operating expenditure, net of other income, totalling $367,000.

• Total amount paid to directors of the entity in the period (item 6.1 of the Appendix 5B) of $124,000, which includes salary, directors’ fees, consulting fees and superannuation.

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Key Activities Expected in June Quarter 2021

• Resumption of drilling at Mauretania in Tennant Creek

• RC drilling for shallow oxide gold mineralisation at West Gibbet (Southern Project Area – Tennant Creek)

• Decision by TCMG on location and size of the new mill in Tennant Creek, plus mine development schedules (under the Small Mines JV)

• Commencement of pre-development drilling and further baseline studies at Mauretania and Chariot

• Commencement of drilling at Jasper Hills – subject to receiving variation agreement from the AAPA

• Finalisation of 3D models and drill targets for Kiola copper-gold NSW

Announcements

25 Mar 2021	Investor Update Presentation
24 Mar 2021	Notice under Section 708A(5)(e)
24 Mar 2021	Appendix 3G
24 Mar 2021	Appendix 2A
24 Mar 2021	$2m Placement at 13 Cents per share Completed
22 Mar 2021	Company Secretary Appointment/Resignation
15 Mar 2021	Change in Substantial Holding
12 Mar 2021	Update – Proposed Issue of Securities
12 Mar 2021	Half year Accounts
24 Feb 2021	Response to ASX Appendix 3Y Query
22 Feb 2021	Change of Director's Interest Notice
17 Feb 2021	New Primary Gold Zone Intersected at Depth at Mauretania
1 Feb 2021	AGM presentation (amended)
29 Jan 2021	Appendix 3G
29 Jan 2021	Constitution
29 Jan 2021	Results of Meeting

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29 Jan 2021	AGM Presentation
25 Jan 2021	Virtual Meeting Guide
13 Jan 2021	Investor Update
13 Jan 2021	Quarterly Activities Report
13 Jan 2021	Quarterly Cashflow Report

About Emmerson Resources, Tennant Creek and New South Wales

Emmerson is fast tracking exploration across five exciting early-stage gold-copper projects in NSW, identified (with our strategic alliance partner Kenex/Duke Exploration) from the application of 2D and 3D predictive targeting models – aimed at increasing the probability of discovery. Duke can earn up to 10% (to pre BFS) of any project generated providing certain success milestones are met.

The highly prospective Macquarie Arc in NSW hosts >80Mozs gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson’s five exploration projects contain many attributes of the known deposits within the Macquarie Arc but remain underexplored due to historical impediments, including overlying cover (farmlands and younger rocks) and a lack of effective exploration. Kadungle is a JV with Aurelia Metals covering 43km[2 ] adjacent to Emmerson’s Fifield project.

In addition, Emmerson has a commanding land holding position and is exploring the Tennant Creek Mineral Field (TCMF), one of Australia’s highest-grade gold and copper fields producing over 5.5 Moz of gold and 470,000 tonnes of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot, and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date, discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor. These Emmerson discoveries are the first in the TCMF for over two decades.

About Tennant Consolidated Mining Group (TCMG)

TCMG is a subsidiary of TA Private Capital Security Agent Ltd and advised by TransAsia Private Capital (TA), a Hong Kong headquartered assets management firm, best known for its private debt solutions spanning trade finance through mid-tenor supply chain financing to mid to longer tenor term and project loans. TA has a diverse portfolio of capital deployed globally including within the Australian mining sector.

TCMG’s focus is to rationalise assets in the Tennant Creek area, with the objective of undertaking detailed studies with the ultimate goal of developing a centralised processing facility commercialising known mill feed sources in and around Tennant Creek.

Regulatory Information

The Company does not suggest that economic mineralisation is contained in the untested areas, the information contained relating to historical drilling records have been compiled, reviewed and verified as best as the Company was able. As outlined in this announcement, the Company is planning further drilling programs to understand the geology, structure and potential of the untested areas. The Company cautions investors against using this announcement solely as a basis for investment decisions without regard for this disclaimer.

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Competency Statement

The information in this report on exploration results is based on information compiled by Dr Ana Liza Cuison, MAIG, MSEG. Dr Cuison is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 edition and the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cuison is a full-time employee of the Company and consents to the inclusion in this report of the matters based on her information in the form and context in which it appears.

Cautionary Statement

The Exploration Targets described above are conceptual in nature. It must be noted that that there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Emmerson Resources Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Emmerson believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.

For further information, please contact:

Rob Bills	Media enquiries
Managing Director and CEO	Michael Vaughan, Fivemark Partners
E: rbills@emmersonresources.com.au	E: michael.vaughan@fivemark.com.au
T: +61 8 9381 7838	T: +61 422 602 720

This release has been authorised by the Board of Emmerson Resources Limited

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Figure 1. Map of the Emmerson Tennant Creek tenements and TCMG JV area. Yellow labels indicate future potential small mines that are at various stages of exploration or mining studies.

Note: quoted resources from historical deposits from Ahmad, M., Wygralak, A.S. and Ferenczi, P.A. (1999). Gold deposits of the Northern Territory 2[nd] ed. Darwin: Northern Territory Geological Survey, p.60

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Figure 2: Historic drill results by Emmerson at Mauretania. Note the shallow high-grade gold intercepts correlate with the oxide zone, with few holes testing the deeper primary gold zone - the subject of future drilling.

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Figure 3 . Mauretania plan view showing location of proposed holes and completed drilling. Background is the enhanced magnetic RTP also showing location of proposed Mauretania diamond holes.

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Figure 4. Emmerson NSW Projects (Lachlan Resources). The background is the regional magnetic image, with green indicating the various segments of the Macquarie Arc.

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Figure 5: Mt Leadley and Mt Leadley South prospects – showing historic drill results

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Figure 6. Drill Hole collars at Mt Leadley and Mt Leadley South

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Figure 7. Cross section for the Mt Leadley South prospect showing current drill hole KDD019, geology and interpreted geology plus previous drilling.

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Table 1. Kadungle Mount Leadley drilling collar details

Hole ID	East (MGA94_55)	North (MGA94_55)	RL AHD	Dip (deg)	AZI mag (deg)	Total Depth (m)	Drill Type	Drill Date	Prospect Name	Tenement
KDD018	560782.80	6378667.60	274.4	-70	249.5	951.8	DDH	3/11/2020	Mount Leadley North	EL8999
KDD019	559451.90	6378212.00	290.8	-62	75.0	660.5	DDH	14/12/2020	Mount Leadley South	EL8999

Table 2. KDD018 Significant intersections

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (g/t)	Cu (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Zn (%)	Mo (ppm)	Sample Type	Geology	Tenement
KDD018	560782.8	6378667.60	274.4	-70	249.5 incl. incl.	81	91	10	<0.01	2.04	23	0.002	3.8	1318	2921	0.29	2	0.5HQ3	disseminated pyrite + sphalerite +galena	EL8999
						109	119	10	0.01	2.32	126	0.01	4.16	724	1488	0.15	4	0.5HQ3	disseminated pyrite + sphalerite + galena ± chalcopyrite
						135	137	2	0.02	4.05	2170	0.22	3.7	46	702	0.07	7	0.5HQ3	disseminated pyrite + chalcopyrite
						310	312	2	0.12	<0.5	12	0.001	3.8	7	56	0.01	4	0.5NQ3
						333	335	2	0.06	<0.5	1245	0.12	2.6	11	30	0.003	54	0.5NQ3	disseminated pyrite + chalcopyrite
						356	363	7	0.09	0.9	6166	0.62	3.0	6	30	0.003	18	0.5NQ3	chalcopyrite ± pyrite disseminations, blebs, fracture fills and stringers
						360	363	3	0.18	1.5	9233	0.92	3.4	7	28	0.003	28
						362	363	1	0.11	2.9	21000	2.10	5.9	9	50	0.005	21
						909	915	6	0.24	0.8	11	0.001	4.7	7	61	0.006	7	0.5NQ3	Pyrite dissemination on feldspar-phyric intrusion
						930	934	4	0.11	0.6	9	0.001	4.4	16	48	0.005	16	0.5NQ3	Pyrite dissemination on hydrothermally breccciated felsic intrusion

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Note: (1) All samples are half core samples.

• (2) Gold analysis method by 50g fire assay AA finish.

• (3) Multi element analysis method by four acid ICP-AES.

• (4) Intersections are reported as downhole lengths and not true width.

• (5) Minimum cut-off of 0.1 g/t Au. No maximum cut-off.

• (6) Minimum cut-off of 0.1% Cu. No maximum cut-off.

• (7) Minimum cut-off of 0.1% Zn. No maximum cut-off.

• (8) Maximum internal dilution of 4 metres.

Table 3. KDD019 Significant intersections

Hole ID	East (MGA94_53)	North **(MGA94_53) **	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (g/t)	Cu (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Mo (ppm)	Sample Type	Geology	Tenement
KDD019	559451.9	6378212.0	290.8	-62	75.0 incl.	176	204	28	0.27	0.66	12	0.001	2.8	15	20	50	0.5NQ3	disseminated pyrite; vuggy, sericite- quartz altered lithic ignimbrire cut by quartz veins locally	EL8999
						346	351	5	0.21	0.25	6	0.001	3.3	9	44	11	0.5NQ3	disseminated pyrite; chlorite altered lithic ignimbrite; cut by quartz veins
						420	425	5	0.02	0.25	1321	0.13	3.8	6	56	3	0.5HQ3	disseminated pyrite and chalcopyrite as fracture fill; chlorite altered lithic ignimbrite cut by quartz veins locally
						451	472	21	0.21	0.27	10	0.001	3.2	6	34	1	0.5NQ3	disseminated pyrite; sericite-quartz altered lithic tufff
						475	489	14	0.40	1.10	33	0.003	3.8	17	23	19	0.5NQ3	Hydrothermal breccia, pryite as breccia fill and dissemination on wallrock
						480	482	2	1.50	4.9	57	0.006	5.9	65	67	17
						577	578	1	1.58	0.3	40	0.004	5.5	1	4	101	0.5NQ3	disseminated pyrite; quartz-sericite altered porphyritic felsic intrusion (?Syenite)cut by quartz stockcworks

Note: (1) All samples are half core samples.

• (2) Gold analysis method by 50g fire assay AA finish.

• (3) Multi element analysis method by four acid ICP-AES.

• (4) Intersections are reported as downhole lengths and not true width.

• (5) Minimum cut-off of 0.1 g/t Au. No maximum cut-off.

• (6) Minimum cut-off of 0.1% Cu. No maximum cut-off.

• (8) Maximum internal dilution of 2 metres.

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Mining Tenements Held at 31 March 2021 (Northern Territory, Australia)

Tenement	Name	Interests	Tenement	Name	Interests	Tenement	Name	Interests
EL10114	McDougall	100	MCC316	The Trump	100	MLC132	Golden Forty	100
EL10124	Speedway	100	MCC317	The Trump	100	MLC133	Golden Forty	100
EL10313	Kodiak	100	MCC334	Estralita Group	100	MLC134	Golden Forty	100
EL10406	Montana	100	MCC340	The Trump	100	MLC135	Golden Forty	100
EL23285	Corridor 2	100	MCC341	The Trump	100	MLC136	Golden Forty	100
EL23286	Corridor 3	100	MCC344	Mt Samuel	100	MLC137	Golden Forty	100
EL23905	Jackie	100	MCC364	Estralita	100	MLC138	Golden Forty	100
EL26594	Bills	100	MCC365	Estralita	100	MLC139	Golden Forty	100
EL26787	RisingRidge	100	MCC366	Estralita	100	MLC140	Golden Forty	100
EL27011	SnappyGum	100	MCC524	Estralita	100	MLC141	Golden Forty	100
EL27408	Grizzly	100	MCC55	Mondeuse	100	MLC142	Golden Forty	100
EL27537	Chappell	100	MCC56	Shiraz	100	MLC143	Golden Forty	100
EL27538	Mercury	100	MCC57	Mondeuse	100	MLC144	Golden Forty	100
ELA27539	Telegraph	100	MCC66	Golden Forty	100	MLC146	Golden Forty	100
ELA27902	Lynx	100	MCC67	Golden Forty	100	MLC147	Golden Forty	100
EL28601	Malbec	100	MCC9	Eldorado	100	MLC148	Golden Forty	100
EL28602	Red Bluff	100	MCC925	Brolga	100	MLC149	Golden Forty	100
EL28603	White Devil	100	MCC926	Brolga	100	MLC15	Eldorado 4	100
EL28618	Comstock	100	ML22284	BillyBoy	100	MLC16	Eldorado 5	100
EL28760	Delta	100	ML23216	Chariot	100	MLC17
EL28761	Quartz Hill	100	MLA29527	Wiso	100	MLC176	Chariot	100
EL28775	Trinity	100	MLA29528	Wiso	100	MLC177	Chariot	100
EL28776	Whippet	100	MLA29529	Wiso	100	MLC18	West Gibbet	100
ELA30123	Mosquito Creek	100	MLA29530	Wiso	100	MLC182	Riesling	100
EL30167	Dolomite	100	MLA29532	Wiso	100	MLC183	Riesling	100
EL30505	Golden East	100	ML30096	Malbec	100	MLC184	Riesling	100
EL30584	Juno North	100	ML30177	North Star	100	MLC253	Mulga 1	100
ELA30746	Mule	100	ML30322	Verdot	100	MLC254	Mulga 1	100
ELA30747	Power of Wealth	100	ML30620	Kia Ora	100	MLC255	Mulga 1	100
EL30748	BatteryHill	100	ML30623	Pinnacles South	100	MLC256	Mulga 2	100
ELA30749	MaryAnne	100	ML30716	Comstock	100	MLC257	Mulga 2	100
ELA31355	Mt Samuel	100	ML30742	Black Cat	100	MLC258	Mulga 2	100
EL31832	Russell	100	ML30743	True Blue	100	MLC259	Mulga 2	100
EL31833	Prosperity	100	ML30870	RisingStar	100	MLC260	Mulga 2	100
EL31834	Colombard	100	ML30872	The Extension	100	MLC261	Mulga 2	100
EL31835	Bishops Creek	100	ML30893	Troy	100	MLC32	Golden Forty	100
EL31919	BillyBoy	100	ML30909	Archmedes	100	MLC342	Tinto	100
EL32030	GreyBluff East	100	ML30911	Wolseley	100	MLC343	RockyRange	100
EL32213	Golden Slipper	100	ML30912	Ivanhoe	100	MLC344	RockyRange	100
EL9403	Jess	100	ML30938	EXP195	100	MLC345	RockyRange	100
EL9958	RunningBear	100	ML30945	Metallic Hill	100	MLC346	RockyRange	100
MA23236	Udall Road	100	ML31074	RockyRange	100	MLC347	Golden Forty	100
MA30798	Little Ben	100	ML31123	Gibbet 1	100	MLC348	Brolga	100
MCC203	Galway	100	ML31651	White Devil	100	MLC349	Brolga	100
MCC211	Shamrock	100	ML32214	Mauretania	100	MLC35	Golden Forty	100
MCC212	Mt Samuel	85	MLC127	Peko East Ext 4	100	MLC350	Brolga	100
MCC239	West Peko	100	MLC129	Peko Sth-East	100	MLC351	Brolga	100
MCC240	West Peko	100	MLC130	Golden Forty	100	MLC352	Golden Forty	100
MCC308	Mt Samuel	85	MLC131	Golden Forty	100	MLC353	Golden Forty	100

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Mining Tenements Held at 31 March 2021 (Northern Territory, Australia)

Tenement	Name	Interests	Tenement	Name	Interests	Tenement	Name	Interests
MLC354	Golden Forty	100	MLC51	Eldorado Anom	100	MLC615	Lone Star	100
MLC355	Golden Forty	100	MLC518	Ellen,Eldorado	100	MLC616	Lone Star	100
MLC36	Golden Forty	100	MLC520	Great Northern	100	MLC617	Mt Samuel	50
MLC362	Lone Star	100	MLC522	Aga Khan	100	MLC619	Ture Blue	85
MLC363	Lone Star	100	MLC523	Eldorado	100	MLC644	Enterprise	100
MLC364	Lone Star	100	MLC524	Susan	100	MLC645	Estralita	100
MLC365	Lone Star	100	MLC527	Mt Samuel	100	MLC654	TC8 Lease	100
MLC366	Lone Star	100	MLC528	Dingo,Eldorado	100	MLC66	Traminer	100
MLC367	Lone Star	100	MLC529	Cats Whiskers	100	MLC67	Traminer	100
MLC368	Lone Star	100	MLC53	Gold Forty	100	MLC683	Eldorado	100
MLC369	Lone Star	100	MLC530	Lone Star	100	MLC692	Warrego Mine	100
MLC37	Golden Forty	100	MLC535	Eldorado No. 5	100	MLC705	Apollo 1	100
MLC370	Lone Star	100	MLC54	Gold Forty	100	MLC91	Carraman/Klondyke	100
MLC371	Lone Star	100	MLC546	The Mount	100	MLC92	Carraman/Klondyke	100
MLC372	Lone Star	100	MLC55	Golden Forty	100	MLC93	Carraman/Klondyke	100
MLC373	Lone Star	100	MLC555	Tennant Creek		MLC94	Carraman/Klondyke	100
MLC374	Lone Star	100	MLC558	New Hope	100	MLC95	Carraman/Klondyke	100
MLC375	Lone Star	100	MLC56	Golden Forty	100	HLDC101	SallyNo Name	100
MLC376	Mulga 1	100	MLC576	Golden Forty	100	HLDC37	Warrego No. 1	100
MLC377	Mulga 1	100	MLC577	Golden Forty	100	HLDC39	Warrego Min	100
MLC378	Mulga 1	100	MLC581	Eldorado ABC	100	HLDC40	Warrego No. 2	100
MLC379	Mulga 1	100	MLC582	Eldorado ABC	100	HLDC41	Warrego No. 3	100
MLC38	Memsahib East	100	MLC583	Eldorado ABC	100	HLDC42	Warrego S7	100
MLC380	Mulga 1	100	MLC584	Golden Forty	100	HLDC43	Warrego S8	100
MLC381	Mulga 1	100	MLC585	Golden Forty	100	HLDC44	Warrego No. 2	100
MLC382	Mulga 1	100	MLC586	Golden Forty	100	HLDC45	Warrego No. 1	100
MLC383	Mulga 1	100	MLC591	TC8 Lease	100	HLDC46	Warrego No. 1	100
MLC384	Mulga 2	100	MLC592	TC8 Lease	100	HLDC55	Warrego No. 4	100
MLC385	Mulga 2	100	MLC593	TC8 Lease	100	HLDC56	Warrego No. 5	100
MLC386	Mulga 2	100	MLC594	TC8 Lease	100	HLDC58	Wiso Line No. 6	100
MLC387	Mulga 2	100	MLC595	TC8 Lease	100	HLDC59	Warrego No. 6	100
MLC4	Peko Extended	100	MLC596	TC8 Lease	100	HLDC94	Warrego No. 4	100
MLC406	Comet	100	MLC597	TC8 Lease	100	HLDC95	Warrego No. 3	100
MLC407	Comet	100	MLC598	Golden Forty	100	HLDC96	Wiso Basin	100
MLC408	Comet	100	MLC599	Mt Samuel	85	HLDC97	Wiso Basin	100
MLC409	Comet	100	MLC601	TC8 Lease	100	HLDC99	Wiso No.3pipe	100
MLC432	Mulga 1	100	MLC602	TC8 Lease	100
MLC48	Tinto	100	MLC603	TC8 Lease	100
MLC49	Mt Samuel	100	MLC604	TC8 Lease	100
MLC498	Eldorado	100	MLC605	TC8 Lease	100
MLC499	Eldorado	100	MLC606	Lone Star	100
MLC5	Peko Extended	100	MLC607	Lone Star	100
MLC50	Eldorado Anom	100	MLC608	Lone Star	100
MLC500	Eldorado	100	MLC609	Lone Star	100
MLC501	Eldorado	100	MLC610	Lone Star	100
MLC502	Eldorado	100	MLC611	Lone Star	100
MLC503	Eldorado	100	MLC612	Lone Star	100
MLC504	Eldorado	100	MLC613	Lone Star	100
MLC505	Eldorado	100	MLC614	Lone Star	100

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Mining Tenements Held at 31 March 2021 (New South Wales, Australia)

Tenement	Name	Interest
EL8463	Wellington	90%
EL8464	Fifield	90%
EL8590	Kiola	90%
EL8652	Sebastopol	90%
EL8766	Greater Kadungle	100%
EL8999	Kadungle	82%

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The exploration results contained within the above company release are in accordance with the guidelines of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012).

• – Appendix 1 Section 1 Sampling Techniques and Data Kadungle Mount Leadley prospects

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 downhole 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.	Mount Leadley prospects • The Mount Leadley North prospect (KDD018) and Mount Leadley South prospect (KDD019) have been drilled using Diamond (DDH) drilling techniques. • Diamond core has been logged for lithological, density, magnetic susceptibility and geotechnical characteristics. The core interval for sampling was marked by Emmerson geologist during logging, taking into account the contact of mineralization and alteration. Core was cut along a longitudinal line (core axis) and sampled on geological intervals (0.5 m to 1.5 m) as marked and using the pre-designed sample number/cut sheet • KDD018 & KDD019 were drilled with PQ3, HQ3 and NQ3 size, sampled on geological intervals (typically 1m), cut into half core to provide sample weights of approximately 4.0kg. • Core was sampled on geological intervals (0.5 m to 1.5 m), cut into half core using a standard brick saw. Sample weights of approximately 3.0kg were crushed, dried and pulverised (ALS Lab in Orange) to produce a 25g sub sample for ME-ICP61 analysis by four acid digest with ICP -AES finish & Fire Assay (Au)finish.
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).	• Two diamond holes for a total of 1,612m were drilled for Mount Leady prospects. • KDD018 - PQ3 = 67.8m, HQ3 = 89.6m, NQ3 = 791.8m, final depth = 951.8m. • KDD019 - PQ3 = 53.7m, HQ3 = 152.2m, NQ3 = 454.6m, final depth = 660.5m. • PQ3 core diameter is 83.0mm • HQ3 core diameter is 61.1mm • NQ3 core diameter is 45.0mm • The core was oriented using downhole core orientation equipment provided by the drilling company. • Standard inner tube has been used for the diamond core drilling.
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.	• Recoveries are considered good and representative. Diamond drill core recoveries were recorded during drilling and reconciled during the core processing and geological logging. • The recovery for KDD018 is 94.7%. • The recovery for KDD019 is 99.4%. • Diamond drill core recovery was marked after each drill run using plastic blocks calibrating depth by the drilling contractor. The driller adjusting rig procedures as necessary including rotation, fluid, pressure to maintain sample integrity. • The Geologist then measure/check the recovery after each run, RQD and fracture count, and core loss has been recorded on the original diamond logging sheets Geotech sheet) and retained for reference. • No detailed analysis was conducted to determine relationships between sample recovery of metal grades. Emmerson do not consider that there is evidence for sample bias that may have occurred due to preferential loss/gain of fine/coarse material.
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.	• Standard operating procedures are employed for logging KDD018 and KDD019. • Drill hole logging data is directly entered into field laptop computer. Standardised code were used for lithology, oxidation, alteration, presence of sulphide information are recorded. • Structural logging records orientation of veins, fractures and lithological contacts. • Information on structure type, dip, dip direction, alpha angle, beta angle, texture, shape, roughness and fill material is stored in the structure table ofthe database.

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Criteria	JORC Code explanation	Commentary
		• Geotechnical logging records the RQD, core lengths, recovery, and fracture count and hardness. • Magnetic susceptibility data were collected for diamond core every 1m meter as per procedure. • Magnetic susceptibility data were collected for diamond core every 1m meter as per standard procedure using a Terraplus KT-10 magnetic susceptibility meter • Specific density is recorded for all lithological types and entered in the database. • Drill core was logged both qualitative (discretional) and qualitative (% volume). All drill core is photographed (wet and dry).
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.	• Standard operating procedures were used for sampling diamond core. Areas of geological interest were identified by the Emmerson geologists and the halved core samples dispatched for assay. This procedure meets industry standard where 50% of the total sample interval from the core is submitted for analysis. Sample weights are recoded by the laboratory. • Diamond core was halved using an automatic core saw. Samples were collected from the same side of drill core. • No sub-sampling is completed by Emmerson. All sub-sampling is completed by the laboratory. • The core interval for sampling was marked by Emmerson geologist during logging, taking into account the contact of mineralization and alteration. The remaining half core is retained and stored at RME core yard located in Orange, NSW for future viewing and cross-checking of assay values against the actual geology. Where require, further samples may be submitted for quality assurance. • The sample sizes are considered to be appropriate to correctly represent the mineralization on the style of mineralisation.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• The samples are submitted to ALS Laboratory in Orange for preparation. The sample preparation of diamond core follows industry best practice involving coarse crushing of the half core sample down to ~10mm followed by pulverisation of the entire sample to a grind size of 85% passing 75 micron. • The following techniques were used for analysis: ME-ACP61and Au-AA26. • No downhole geophysical tools or handheld XRF instruments were used to determine grade. • Magnetic susceptibility data were collected for diamond core every 1m meter as per standard procedure using a Terraplus KT-10 magnetic susceptibility meter. • Laboratory checks include CRM’s and/or in-house controls, blanks, splits, and replicates that are analysed with each batch of samples submitted. These QC results are reported along with sample values in the final analytical report. • QAQC protocols are documented and involve the use of certified reference material (CRM’s) as assay standards, and include blanks, duplicates. • Certified reference material or blanks are inserted at least every 40 samples. Standards are purchased from Certified Reference Material manufacture companies. Standards were purchased in foil lined packets of between 60g and 100g. Different reference materials are used to cover high grade, medium grade and low grade ranges of elements: Au, Ag, Pb, Zn Cu, Fe, S and As. The standard names on the foil packages were erased before going into the pre-numbered sample bag and the standards are submitted to the lab blind. The sample sizes are considered to be appropriate to correctly represent the mineralisation at the Kadungle Mount Leadley prospects based on the style of mineralisation, the thickness and mineral consistency of the intersection(s).
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.	• Original sample data sheets and files have been retained and were used to merge the assay results with the sample intervals for each hole. Assay data is loaded to an industry-standard database and intercepts calculated. Assay data and intercepts are cross-check internallybythe Exploration Manager.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Discuss any adjustment to assay data.	• No twin drillholes have been completed at the Kadungle Mount Leadley prospects. • Drill Hole Data including: meta data, orientation methods, any gear left in the drill hole, lithological, mineral, structural, geotechnical, density, survey, sampling, magnetic susceptibility is collected and entered directly into an excel spread sheet using drop down codes. When complete the spreadsheet is emailed to the geological database administrator, the data is validated and secured through a relational database. • All digital logs, sample ledgers, assay results were uploaded to a secure server. The merged and complete database is then plotted imported to Micromine software for assessment. • Data back-ups (onsite) are employed to external drive. • No adjustment were made on original assay data for the purpose of reporting grade and mineralized intervals.
Location of data points	• Accuracy and quality of surveys used to locate drillholes (collar and downhole 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 hole collars were surveyed (set out and picked up) using a differential GPS and by a suitably qualified company contractor. • Collar survey accuracy is +/- 30 mm for easting, northing and elevation coordinates. • Downhole survey measurements were collected every 30-40 for diamond drill hole using a True North Seeking Gyro (CHAMP GYRO #14613) • Co-ordinate system GDA94, Zone 55. • Topographic measurements are collected from the final survey drill hole pick up.
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.	• Core sampling of KDD018 and KDD019 is typically defined by geological characteristics and lithological boundaries. • The mineralised areas are yet to demonstrate sufficient grade or continuity to support the definition of a Mineral Resource and the classifications applied under the 2012 JORC code. • No sample compositing was applied..
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.	• KDD018 and KDD019 are both angled holes and were drilled perpendicular to the interpreted mineralized shear zone. • Results at this stage suggest that the geological and geophysical targets being tested have been drilled in the correct orientation. • Diamond core sampling is generally defined by geological characteristics and controlled by alteration and lithological boundaries. No orientation-based sampling biased has been identified in the data.
Sample security	• The measures taken to ensure sample security.	• Cut samples were placed in sealed calico bags with predetermined sample number, placed in polyweave bags for transport to the assay laboratory. • The laboratory confirms that all samples have been received and that no damage has occurred during transport. • Sample receipt is logged into NSW Emmerson sample ledger. • While samples are being prepared in the Lab they are considered to be secure. • All diamond core is stored at RME yard in Orange, NSW
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•	No formal audit has been completed on the samples being reported.

Section 2 Reporting of Exploration Results – Kadungle Mount Leadley prospects

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.	• Mount Leadley and Mount Leadley prospects were drilled within EL8999. • EL8999 is located between the towns of Tullamore and Trundle and 55kms NW of Parkes in Central Western NSW. Kadungle is situated on map sheet SI55-3 Narromine 1:250,000 and sheet 8432Tullamore 1:100,000. • EL8999 is located within regional farm land. The tenement is 82% held by Emmeron Resources and 18% held by Defiance Resources Pty Ltd.

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Criteria	JORC Code explanation	Commentary
		• Emmerson Resources are in Joint Venture with Aurelia Metals and Longreach. • EL8999 is in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Union Miniere Development and Mining Corp Ltd carried out exploration in the 1970’s in and around the Kadungle Exploration Target Area. • CRA Exploration Pty Ltd carried out exploration in and around the Kadungle Exploration Target Area between 1970 and 1971 and also 1996 – 1998. • Mines Exploration Proprietary Ltd carried out exploration in and around the Kadungle Exploration Target Area between 1979 and 1983. • Seltrust Gold Pty Ltd – Peko Wallsend Operations Pty Ltd – Paragon Gold Pty Ltd conducted exploration between 1983 – 1993in and around the Kadungle Exploration Target Area. • BHP Gold Mines Ltd carried out exploration in and around the Kadungle Exploration Target Area between 1991 and 1992. • LFB carried out exploration between 1997 – 2004 in and around the Kadungle Exploration Target Area and during this time outlined very encouraging gold and copper mineralisation. • Big Sky Holdings Pty Ltd carried out exploration in and around the Kadungle Exploration Target Area between 2004 and 2006. • YTC Resources carried out exploration in and around the Kadungle Exploration Target Area between 2006 and 2014. • Aurelia Metals Ltd carried out exploration in and around the Kadungle Exploration Target Area between 2015 and 2016.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Kadungle Volcanics contain minor historic Au ± Pb ± Ag workings at the Mount Leadley Prospect and anomalous enrichment of Au ± base metals is also recorded at various other localities. • Mineralization within the target area has identified five styles of mineralisation: 1. Epithermal (chalcedonic) quartz + Au + Ag + Cu veins; 2. Disseminated chalcopyrite ± bornite ± Mo mineralisation; 3. Pervasively silica–pyrite flooded volcanics with low grade Au mineralisation and sporadic quartz veining associated with higher Au grades; 4. Quartz‐chalcopyrite vein mineralisation associated with monzodiorite intrusive; and 5. Volcanic hosted base metal mineralisation associated with the top of the volcanic pile. • The mineralisation style is considered to be Porphyry Copper Gold and/or Epithermal Copper Gold. • The Kadungle Volcanics are considered to be highly prospective for shallow marine to sub-aerial mesothermal and epithermal Au ± base metal deposits. Potential also exists for deeper level porphyry style mineralisation and possibly volcanic hosted base metal mineralisation.
Drillhole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: o easting and northing of the drillhole collar o elevation or RL of the drillhole collar o dip and azimuth of the hole o downhole length and interception depth o hole length.	• Location of KDD018 and KDD019, collar details and Significant Intersections are provided in the body of this text in Figure, Table 1, Table 2 and Table 3.
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	• Mineralized intersections are reported as down hole intervals and not weighted averages. • The results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result, nor metallurgical flow sheet considerations. • Cut-off grades applied to results reported in this report are : Minimum cut-off of 0.1 g/t Au. No maximum cut-off. Minimum cut-off of 0.1 % Cu. No maximum cut-off. Minimum cut-off of 0.1 % Zn. No maximum cut-off.

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Criteria	JORC Code explanation	Commentary
	equivalent values should be clearly stated.	• Maximum internal dilution for diamond drilling is 4 meters for KDD018 and 2 meters for KDD019 • No metal equivalent values reported
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 drillhole angle is known, its nature should be reported. • If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (eg‘downhole length, true width not known’).	• KDD018 and KDD019s are perpendicular to the mineralised zone. The holes were designed and drilled aimed at being as perpendicular as possible to the steep dipping mineralised zone, the drill holes are at a high angle therefore making the intercepts larger than true width.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	• Refer to Figures in body of text.
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.	• Drilling results are reported at in Table 2 and Table 3.. • The drilling at Mount Leadley prospects confirmed/suggest that pyrite is ubiquitous in the system, which could suggest that the core of the system might still be deeper. • It is uncertain that following evaluation and/or further exploration work that the current identified mineralisation will be able to be reported as Mineral Resources or Ore Reserves in accordance with the requirements in Appendix 5A (JORC Code).
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.	• Geotechnical logging of KDD018 and KDD019 was carried out to measure recovery, RQD and number of defects (per interval). Information on structure type, dip, dip direction, alpha angle, beta angle, texture, shape, roughness and fill material was stored in the structure table of the database. • Magnetic susceptibility was carried out 100% for all the holes drilled/completed.
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.	• Mount Leadley prospects (North and South) has seen hydrothermal fluids, with alteration dominated by quartz-albite-sericite-K-feldspar suggesting a wide system ~1.5 x 0.5 km intersected from drilling, with a NE-SW trend . It is possible the system is still open in all directions. • Further work: Assess the assay results; structural interpretation to assist in pinpointing higher grade gold zones within this very large mineralised system

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