EMU NL — Capital/Financing Update 2023

Aug 20, 2023

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EMU NL
ASX Release
21 August 2023
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AMENDED ASX RELEASE

Pursuant to a request made by ASX, Emu NL hereby resubmits the ASX Release made on 24 July 2023 in its entirety, and requests that readers disregard the original announcement.

This announcement now includes a completed JORC table.

RELEASE AUTHORISED BY DOUG GREWAR

Contact Details: Doug Grewar - Mobile: 0419 833 604

E info@emunl.com.au

- END -

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ABN 50 127 291 927 PO Box 1112, West Perth, WA, 6872 ASX Codes: EMU, EMUCA www.emunl.com.au
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Substantial Increase in REE Prospectivity,
Drilling to Commence Condingup WA
24 July 2023 – Amended to include JORC table
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Following an incredibly successful rock chip sampling field programme, EMU NL (ASX: EMU) (“ EMU ” or “ the Company ”) is excited to announce results of its recently completed first pass, Passive Seismic Survey (PSS) at its 100% owned Condingup Project near Esperance WA.

The survey, conducted during June and July, was initiated to test for depth of clays, identify “clay trap zones” and to determine drill depths in areas overlaying and adjacent to the highly fertile clay hosted Rare Earth Element ( REE ) Booanya Granite suite. Passive seismic surveys were also completed at EMU’s REE Viper, Graceland and Merredin discoveries.

HIGHLIGHTS

• Substantially enhanced exploration potential, with the identification of multiple, kilometre scale (3 to +6km wide), shallow clay traps to 100m depth associated with the Booanya Granites.

• Targeted aircore drilling programme to test the clay hosted REE enrichment at Condingup.

• The PSS confirms EMU’s conceptual modelling of weathered zones surrounding and overlaying the highly fertile REE Booanya Granites.

• Multiple target areas revealed by the survey with interpreted clay depths ranging between as little as 20m down to 100m and pointing to significant clay trap zones identified for follow up drilling.

• A wide 6km+ paleo channel identified on the eastern margin of the most westerly Booanya Granite intrusions, presents an excellent, large scale “ walk-up” clay-trap drill target.

• Walk up drill targets include substantial, repeated, 3-4km wide “flank” clay trap zones surrounding the intrusive Booanya plutons. The identified flank traps are likely to exhibit economically significant REE enrichment based on results recorded from EMU’s rock sample programmes[1] .

• A number of Booanya Granite intrusions are yet to be tested by the PSS methodology. It is expected potential REE clay traps might be identified in subsequent surveys thereby enhancing prospectivity in these areas.

• Emu has demonstrated passive seismic surveying to be a powerful geophysics technique to identify depths of weathered lithologies overlaying bedrock. The

1 ASX Release “Assays Confirm Magnetic and Heavy Rare Earth Fertility” 14 March 2023

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ABN 50 127 291 927 | 10 Walker Avenue, West Perth, WA, 6005 | PO Box 1112, West Perth, WA, 6872 E: info@emunl.com.au | www.emunl.com.au | ASX Code: EMU

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surveys provide the foundation for targeted drill collar locations in the identified clay traps, significantly reducing exploration drill costs.

• Comparisons between EMU’s survey, open-source gravity and airborne electromagnetic surveys have enhanced drill targeting in areas where EMU is seeking broader concentrated REE clay trap zones which may lead to large economic resource envelopes.

• Passive seismic surveys have now been completed at each of our 4 REE discovery projects in WA; namely, Condingup, (near Esperance), Viper (near Jerramungup), Graceland (near Hyden) and Merredin (30kms north of that regional centre).

• Each of the surveys has produced highly successful outcomes in terms of drill vectoring, laying the foundation for numerous drill programmes.

Peter Thomas, EMU’s Chairman, comments

“EMU’s Passive Seismic Survey programme, which was conducted over our WA based REE discovery projects, has provided us with resounding success, adding to the weight of evidence suppor�ng EMU’s conceptual modelling for poten�al REE clay trap hosted zones at each of the projects. The surveys have provided us with walk up drill targets at all of our REE projects through the defini�on of vectors to loca�ons of shallow broad trap zones with poten�ally economically enriched concentra�ons of REE.

At Condingup, highly significant broad clay zones have been interpreted for immediate walk-up drilling targets including an interpreted clay paleo-channel more than 6kms wide, open to the east, north and south. Broad, 3-4km wide, clay traps zones surrounding the “flanks” of Booanya granite plutons surveyed, present as highly prospec�ve drill targets.

The Board has requested an immediate aircore drilling programme to test the clay hosted REE enrichment at Condingup.”

Passive Seismic Surveys

Passive seismic surveying is a geophysics method used to determine the depth of weathered, oxidised material which overlies basement rock. EMU, working with its Geophysics Consultants, Resource Poten�als, has completed passive seismic surveys at its Condingup, Viper, Graceland and Merredin REE Projects. The programme was ini�ated following results recorded from assays of EMU’s rock chip sampling programmes at its projects and from RC drilling programmes (drilled targe�ng other commodi�es) at Graceland and Viper. The PSS were directed at delinea�ng the most prospec�ve areas for aircore drilling.

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Figure 1. Passive Seismic Survey cross sec�on of Merivale Road showing Flank, Internal and Paleochannel Clay Traps iden�fied in the passive seismic survey. The magnitude of the prospec�vity is demonstrated by the 20km length of this cross sec�on. Loca�on of Line 01 in Figure 3. below

Conceptual modelling of clay hosted REE’s, supported by substan�al evidence from elevated REE results in clay hosted REE explora�on areas, suggests concentra�ons of REE are formed in the saproli�c, deeper trap zones surrounding fer�le host rocks. (See Figure 2). The surveys support EMU’s modelling at our REE projects and has added further prospec�vity for economic concentra�ons of REE by the indica�on of significant, broad trap zones. The success of the surveys now provides EMU with confidence to ini�ate a scien�fically targeted and cost effec�ve aircore drilling programme at Condingup.

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Figure 2. Conceptual Model showing types of clay traps and possible concentra�ons of REE.

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Condingup REE Project

A maiden aircore drill programme at Condingup to target clay trap zones surrounding and overlying the Booanya granite plutons is to be ini�ated forthwith. The interpreted surrounding “flank clay traps” provide excellent targets as they are located adjacent to the host rocks and present as shallow, highly weathered clays.

A seismic line, tes�ng clay depths along Merivale Road, Condingup (Figure 1), has reported a wide, shallow north – south striking paleochannel. The paleochannel, which is closed out to the west but otherwise open to the north, south and east, provides EMU with an extensive, outstanding walk-up drill target, being adjacent to the western most, Booanya granites REE host. Based on the modelling of concentra�ons of REE and the yet to be determined boundaries of the paleo channel, the magnitude of the REE target zone here could be significant.

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Line 01
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Figure 3. Passive seismic survey lines overlying Booanya Granite intrusions.

The survey conducted at Condingup has confirmed clay trap zones with depths interpreted between 20-100m. The iden�fied shallow nature of the clay traps presents as one of the more highly desirable aspects of clay hosted REE deposits for mining.

Following rock chip sampling programmes, assays confirmed the fer�lity of the Booanya Granites (Figure 4). EMU believes the planned 3,000m, maiden aircore drilling programme will likely yield

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higher concentra�ons of REE than the results reported from its rock and clay sampling programmes.[2]

Open-source gravity survey and airborne electromagne�c survey informa�on was overlaid with results from EMU’s passive seismic survey. Informa�on from the combined overlay, confirms and reinforces the passive seismic survey results and further supports the accuracy of clay depths and prospec�ve drill areas.

EMU an�cipates that the aircore drilling programme will commence late August, early September 2023 with the earliest results expected towards the end of September or in early October. Drill collar loca�ons will be established along the passive seismic survey lines and the ac�vity will be confined by access approvals and administra�ve processes. Whilst comple�ng the drill programme EMU will sample drill cu�ng material for metallurgical analysis.

About the Condingup Rare Earth Project

The 100% owned Condingup Rare Earth Project is located just 35kms southeast of ASX:OD6’s Splinter Rock Project. That project is achieving success in a similar geological se�ng within REE enriched Booanya suite granites.

EMU’s Condingup Project, accessible by sealed roads, is situated just 60kms from the port of Esperance and essen�al infrastructure. Esperance is widely projected to become a central hub for major renewable energy and green hydrogen produc�on and is located within a well-regarded explora�on/mining support jurisdic�on.

The 1,560 square kilometre Condingup Rare Earth Project overlies saprolite, clay enriched rare earth soils, and covers REE enriched, geologically significant Booanya granite suite plutons. The project tenements are located directly over what EMU considers to be some of the most prospec�ve and highly fer�le clay hosted REE granite suites in the Esperance region.

2 ASX Release “Significant REE Values, Project Footprint Extended Condingup” 4 May 2023

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Figure 4. Condingup REE Project highligh�ng extensive regional land holding and broad REE mineralisa�on determined from a number of high value Total Rare Earth Oxides (TREO’s) sampled from outcropping rocks including Booanya granites.

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For further informa�on, please contact:

Doug Grewar

Emu NL info@emunl.com.au

Investors can sign into our interac�ve investor hub and join in on the conversa�on with Emu NL.

h�ps://investorhub.emunl.com.au/auth/signup

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EMU Investorhub QR Code

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COMPETENT PERSON’S STATEMENT

Emu NL

ABN 50 127 291 927

ASX Codes: EMU and EMUCA

10 Walker Ave West Perth, WA 6005 T +61 8 9226 4266 E info@emunl.com.au PO Box 1112 West Perth, WA 6872

Fully paid shares (listed)

1,450,021,079 (including 18.6m the subject of the ATM which EMU can buy back for nil consideration)

Contributing Shares (listed)

40,485,069 paid to $0.03, $0.03 to pay, no call before 31 December 2023

Contributing Shares (Unlisted)

35,000,000 paid to $0.0001, $0.04 to pay, no call before 31 December 2025

Options (unlisted)

172,453,621 options to acquire fully paid shares, exercisable at $0.01 each, on or before 7 October 2024

Performance Rights (Unlisted)

48,571,429 performance rights in relation to acquisition of Gnows Nest project

Directors:

Peter Thomas

Non-Executive Chairman

Terry Streeter Non-Executive Director

Gavin Rutherford Non-Executive Director

Tim Staermose Non-Executive Director

Investor enquiries: Doug Grewar CEO M +61 419833604 E info@emunl.com.au

The informa�on in this report that relates to explora�on results is based on, and fairly represents informa�on and suppor�ng documenta�on prepared by Kur�s Dunstone, a Competent Person who is a Member of the Australian Ins�tute of Geoscien�sts. Mr Dunstone is an employee of EMU NL and has sufficient experience in the ac�vity which he is undertaking to qualify as a Competent Person as defined in the 2012 edi�on of the “ Australasian Code for Repor�ng of Explora�on Results, Mineral Resources and Ore Reserves” . Mr Dunstone consents to the inclusion herein of the ma�ers based upon his informa�on in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

As a result of a variety of risks, uncertain�es and other factors, actual events and results may differ materially from any forward looking and other statements herein not purpor�ng to be of historical fact. Any statements concerning mining reserves, resources and explora�on results are forward looking in that they involve es�mates based on assump�ons. Forward looking statements are based on management’s beliefs, opinions and es�mates as of the respec�ve dates they are made. The Company does not assume any obliga�on to update forward looking statements even where beliefs, opinions and es�mates change or should do so given changed circumstances and developments.

NEW INFORMATION OR DATA

EMU confirms that it is not aware of any new informa�on or data that materially affects the informa�on included in the original market announcements and, in the case of es�mates of Mineral Resources, which all material assump�ons and technical parameters underpinning the es�mates in the relevant market announcement con�nue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially changed from the original market announcement.

• END –

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JORC Code 2012 Edition Table 1: Section 1 - Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut	 No drilling undertaken.
techniques	channels, random chips, or specific
	specialised industry standard
	measurement tools appropriate to the
	minerals under investigation, such as
	down hole gamma sondes, or handheld
	XRF instruments, etc). These examples
	should not be taken as limiting the broad
	meaning of sampling.
	 Include reference to measures taken to
	ensure sample representivity and the
	appropriate calibration of any
	measurement tools or systems used.
	 Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	 In cases where ‘industry standard’ work
	has been done this would be relatively
	simple (eg ‘reverse circulation drilling was
	used to obtain 1 m samples from which 3
	kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases,
	more explanation may be required, such
	as where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types (eg
	submarine nodules) may warrant
	disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation,	 No drilling undertaken.
techniques	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).
Drill sample	 Method of recording and assessing core	 No drilling undertaken.
recovery	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

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Criteria	JORC Code explanation	Commentary
	preferential loss/gain of fine/coarse
	material.
Logging	 Whether core and chip samples have been	 No drilling undertaken.
	geologically and geotechnically logged to
	a level of detail to support appropriate
	Mineral Resource estimation, mining
	studies and metallurgical studies.
	 Whether logging is qualitative or
	quantitative in nature. Core (or costean,
	channel, etc) photography.
	 The total length and percentage of the
	relevant intersections logged.
Sub-	 If core, whether cut or sawn and whether	 No drilling undertaken.
sampling	quarter, half or all core taken.
techniques and sample preparation	 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.
Quality of	 The nature, quality and appropriateness of	 No drilling undertaken.
assay data	the assaying and laboratory procedures
and	used and whether the technique is
laboratory	considered partial or total.
tests
	 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.

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Criteria	JORC Code explanation	Commentary	Commentary
Verification	 The verification of significant intersections		No drilling undertaken.
of sampling	by either independent or alternative
and	company personnel.
assaying	 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.
Location of	 Accuracy and quality of surveys used to		No drilling undertaken.
data points	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.
Data	 Data spacing for reporting of Exploration		No drilling undertaken.
spacing	Results.
and
distribution	 Whether the data spacing and distribution
	is sufficient to establish the degree of
	geological and grade continuity
	appropriate for the Mineral Resource and
	Ore Reserve estimation procedure(s) and
	classifications applied.
	 Whether sample compositing has been
	applied.
Orientation	 Whether the orientation of sampling		No drilling undertaken.
of data in	achieves unbiased sampling of possible
relation to	structures and the extent to which this is
geological	known, considering the deposit type.
structure
	 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.
Sample	 The measures taken to ensure sample		No drilling undertaken.
security	security.
Audits or	 The results of any audits or reviews of		No drilling undertaken.
reviews	sampling techniques and data.		The programme is reviewed on an
			ongoing basis by Senior EMU NL
			personnel.
			Passive Seismic Horizontal to Vertical
			Spectral Ratio(HVSR)surveys undertaken

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Criteria	JORC Code explanation	Commentary
		at Condingup were controlled and
		monitored for QA/QC by external
		geophysical consultants Resource
		Potentials Pty. Ltd. Of Osbourne Park,
		Perth WA.

JORC Code 2012 Edition Table 1: Section 2 - Reporting of Exploration Reports

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location	 The Condingup Project is held 100% by
tenement and	and ownership including agreements or	Emu NL.
land tenure	material issues with third parties such as	 The project comprises a total of seven
status	joint ventures, partnerships, overriding	tenements (see listing below) which
	royalties, native title interests, historical	include both granted and areas under
	sites, wilderness or national park and	application.
	environmental settings.	 All works undertaken and reported in
	 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.	this ASX announcement were completed on the tenements listed below.  E 63/2277 (granted)  E 63/2278 (granted)  E 63/2296 (granted)
		 E 63/2305 (granted)
		 E 69/4116 (granted)
		 E 63/2326 (application)
		 E 63/2342 (application)
		 E 69/4146 (application)
		 The project tenements are all in good
		standing.
		 The EL’s predominantly overly freehold
		agricultural land used for crop and
		livestock farming, with minor areas
		overlying vacant Crown land.
		 The company has Native Title Land
		Access Agreements in place.
Exploration	 Acknowledgment and appraisal of	 There has been no appraisal of rare-
done by other	exploration by other parties.	earth element exploration by other
parties		parties.
Geology	 Deposit type, geological setting and style	 The project lies within the Eastern
	of mineralisation.	Nornalup Zone of the northeastern
		trending Albany-Fraser Orogen (the
		Fraser Province). This Province extends
		along the southeastern margins of the
		Yilgarn Craton.
		 The principal geological unit of interest
		and host to the REE bearing intrusive
		plutons (Esperance Granite) are 1200-
		1100 Ma Amphibolite to Greenschist

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Criteria	JORC Code explanation	Commentary
		facies metamorphic units that have
		undergone a westward transport in
		thrust sheets onto the Yilgarn Craton.
		The rocks exhibit a regional weak to
		moderate foliation.
		 The geomorphology of the Condingup
		area exhibits a variety of landforms and
		is characterised by low hills, rolling plains
		and some possible remnants of ancient
		volcanic activity. The weathering profile
		is typically deep (as shown by the Passive
		Seismic geophysical work reported
		herein) and exhibit typical regolith
		formation over Archaean rocks (lateritic
		residuum, saprolite formation, saprock
		and bedrock).
Drill hole	 A summary of all information material to	 No drilling undertaken.
Information	the understanding of the exploration
	results including a tabulation of the
	following information for all Material drill
	holes:
	o easting and northing of the drill hole
	collar
	o elevation or RL (Reduced Level –
	elevation above sea level in metres)
	of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	 If the exclusion of this information is
	justified on the basis that the information
	is not Material and this exclusion does
	not detract from the understanding of
	the report, the Competent Person should
	clearly explain why this is the case.
Data	 In reporting Exploration Results,	 No drilling undertaken.
aggregation	weighting averaging techniques,
methods	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

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Criteria	JORC Code explanation	Commentary
	shown in detail.
	 The assumptions used for any reporting
	of metal equivalent values should be
	clearly stated.
Relationship	 These relationships are particularly	 No drilling undertaken.
between	important in the reporting of Exploration
mineralisation	Results.
widths and
intercept lengths	 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’).
Diagrams	 Appropriate maps and sections (with	 Refer to maps and figures in the body of
	scales) and tabulations of intercepts	the announcement.
	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.	 Geological and mineralisation interpretations are based on current knowledge and will change with further exploration.
Balanced	 Where comprehensive reporting of all	 All meaningful information has been
reporting	Exploration Results is not practicable,	included in the body of the text.
	representative reporting of both low and high grades and/or widths should be	 Reporting is considered balanced.
	practiced to avoid misleading reporting
	of Exploration Results.
Other	 Other exploration data, if meaningful	 Geological interpretations have been
substantive	and material, should be reported	taken from published maps, geophysical
exploration	including (but not limited to): geological	interpretation, historical and ongoing
data	observations; geophysical survey results;	exploration.
	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.	 Passive seismic data was acquired by EMU NL using 8 x self-contained Tromino® TEB seismometer arrays employing a sampling frequency of 128Hz. Each recording station had an acquisition time ranging from 16 to 20
		minutes. The Tromino® seismometers
		were meticulously positioned at fixed
		recording stations, ensuring firm
		coupling to the ground and protection
		from environmental factors, such as
		wind-induced motion and wildlife
		disturbances, to mitigate unwanted
		noise interference.
		 To preserve spatial information, the
		Tromino® instruments were equipped
		with in-built GPS antennas, allowing for
		accurate location recordingof each

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Criteria	JORC Code explanation	Commentary
		station. A Garmin GPSMap 66i was used
		to confirm station location. Additionally,
		comprehensive field logs were diligently
		maintained, manually documenting
		station identities, associated field
		conditions, and corresponding
		geographic coordinates. These field logs
		served multiple purposes aiding in data
		processing, facilitating cross-sectional
		analysis, and ensuring precise station-to-
		location matching throughout the
		survey.
Further work	 The nature and scale of planned further	 Further work will include the
	work (eg tests for lateral extensions or	implementation of an air core drilling
	depth extensions or large-scale step-out	programme (AC drilling) to define
	drilling).	economic intervals of REE
	 Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	concentrations in the main target zones. These are prioritised according to host rock environments (principally within or adjacent to Booanya Granites) and deep regolith formation (clay traps, paleo channels and deeply weathering of
		regolith).

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