EMU NL — Capital/Financing Update 2023

May 3, 2023

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Significant REE Values, Project Footprint
Extended - Condingup, Esperance WA
4 May 2023
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EMU NL (ASX: EMU) (“ EMU ” or “ the Company ”) is pleased to announce results of its highly successful Stage 2 Rock Chip Reconnaissance Survey and the making of applications to extend the Project footprint at its 100% owned Condingup REE Project within the Esperance REE Province of Western Australia.

HIGHLIGHTS

• EMU’s Stage 2 Rock Chip Reconnaissance Survey has confirmed and extended the Rare Earth Element ( REE ) mineralisation footprint with highly anomalous REE values recorded from outcropping Booanya suite granites.

• Rock Chip assays results have confirmed the extensive surface TREO ( Total Rare Earth Oxides ) REE mineralisation with assay results including 941 ppm TREO, 1,089 ppm TREO, 1,205 ppm TREO and 1,242 ppm TREO.

• High value Magnet Rare Earth Oxides ( MREO ) represent an average of ~22% of TREO grade from 28 rock chip samples.

• Rock Chip Assay results confirm EMU’s Booanya suite granites to be highly fertile for rare earth elements with the potential to host significantly enriched rare-earth minerals in clay.

• EMU has applied for an additional 765 square km of highly prospective Exploration Licence ground, taking the overall exploration package at the Condingup REE Project to 1,560 square km of Exploration Licence area – further increasing its major strategic footprint in the Esperance REE Province.

• On a regional scale, the western, central and eastern granitic zones remain untested with numerous, extensive strong exploration targets varying from 14.1km to 18.3km in strike length .

• EMU is currently planning a maiden aircore drilling programme to ascertain mineralisation in target clay REE enriched horizons.

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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Following the highly successful December 2022 Stage 1 Rock Chip Reconnaissance Survey and surface clay sampling programme[1] , which reported significant 25% MREO as percentage to TREO and 12.7% HREO[2] as percentage to TREO assay results, the Company undertook a more extensive surface rock chip sampling programme targeting Booanya style granite outcropping.

Assay results from the Stage 2 Rock Chip Reconnaissance Survey iden�fied highly anomalous REE zones, clearly demonstra�ng strong underlying host rock fer�lity over the Condingup REE Project. Based on these very early-stage explora�on results, the Project has all the hallmarks to poten�ally host significant economic, clay hosted REE mineralisa�on.

Results from this sampling programme encouraged EMU to immediately make applica�ons for an addi�onal 765 square kms of explora�on licence ground substan�ally adding to the overall project footprint over the Booanya style granites, associated drainage profiles and adjacent weathered clay zones.

As part of EMU’s assessment of the intrusive Booanya suite granites, the regional magne�c survey has outlined a direct correla�on between strong magne�c vectors and highly elevated REE assays, delivering a number of walk-up explora�on targets. These targets are very extensive in area and provide substan�al opportuni�es for drill tes�ng.

Peter Thomas, EMU’s Chairman, comments

“These are stunning results from the rock chip sampling programmes and are extremely encouraging. The results shine a bright light on EMU’s Condingup REE Project and iden�fy it as being a “dead ringer” to OD6’s Splinter Rocks project. The intrusive Booanya granite suite has proven to be a significant indicator of REE fer�lity in the eastern Esperance REE Province.

Following successful high value TREO results and the strong possibility of higher enrichment in the surrounding clays, EMU immediately made strategic applica�ons for an addi�onal explora�on tenement area, bringing the 100% owned Condingup Project area to an aggregate 1,560 square kilometres thus advancing EMU’s status as a significant REE player in the Province.

The impending maiden aircore drilling programme is envisaged to report higher concentra�ons of REE hosted in clay zones adjacent to, and overlaying, the weathered granite suite”.

Stage 2 Rock Chip Reconnaissance Survey

A total of 28 rocks were collected during March and assayed in April 2023. The primary focus of the reconnaissance sampling was to collect clay samples from road cu�ngs and surfaces from various farms in the region. The mul�-element assays of the granite rock samples indicate that the anomalous REEs are hosted within frac�onated, metasoma�zed, alkaline Booanya suite granites. Globally, frac�onated alkaline systems are known to be associated with significant REE deposits.

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

2 Heavy Rare-Earth Element Oxides as defined by the USGS “Rare-Earth Elements Professional Paper 1802–O ” publication 2017, page 2

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Figure 1 Condingup REE Project highligh�ng extensive regional land holding and broad REE mineralisa�on determined from a number of high value TREO’s sampled from Booanya granite outcropping.

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Conceptual Mineralisa�on Model

Given the significant exploration success of near neighbour, OD6 Metals at Splinter Rocks, and the results from EMU’s Rock Chip Reconnaissance Surveys, EMU expects to identify REE supergene concentrations in clay zone traps through upcoming drilling and exploration vectoring.

Due to geological weathering processes, any clay traps intersected in drilling will likely contain greater concentra�ons of TREO than the numbers reported in the Booanya granite rock samples detailed in this release highligh�ng the “fer�lity” significance of the rock sample results reported herein.

EMU's Condingup REE Project is represented by the discovery of clay hosted rare-earths in an exploration location which has been previously overlooked by past explorers whose primary focus was exploration for industrial minerals. EMU has identified the project through the compilation, review, and processing of publicly available data, combined with the application of geological first principles which includes the collection and assaying of more than 58 regional surface rock and 39 surface clay samples.

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Figure 2 A conceptual cross sec�on of the Booanya suite granites at Condingup showing outcrops dam loca�ons and prospec�ve enriched clay layers.

Follow Up Work Programme

EMU has commenced planning its maiden aircore drill programme at Condingup which will test deeper clay zone targets iden�fied from reprocessed aero magne�c survey data. The drilling programme target areas will focus on interpreted deeper “clay traps” which EMU hypothesises host high grade REE deposi�ons. Drilling will be scheduled following the finalisa�on of necessary administra�ve access protocols. Further to drilling programmes, EMU is reviewing the possibility of a geophysical Airborne Electromagne�c Survey ( AEM ), a methodology that has shown significant promise at other clay hosted projects in the area, to iden�fy clay depths over basement rock. An AEM survey has the poten�al to unlock mineralised zones and provide defini�ve vectors for drill targets.

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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 which is achieving success in a similar geological se�ng within the REE enriched Booanya suite granites. EMU’s Condingup Project is situated just 60kms from the port of Esperance and other essen�al infrastructure all accessible by sealed roads. Esperance is 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.

EMU has applica�ons and granted tenements over a package of highly prospec�ve explora�on tenements east of Esperance in Western Australia. The 1,560 square kilometre Condingup Rare Earth Project overlies saprolite, clay enriched rare earth soils, and covers the geologically significant Booanya granite suite. The project tenements are located directly over what EMU considers to be the last remaining vacant Booanya granite tenements in the region extending from Condingup to Balladonia, east of Esperance.

RELEASE AUTHORISED BY THE BOARD

For further informa�on, please contact:

Doug Grewar Chief Execu�ve Officer Emu NL

info@emunl.com.au

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Table 1. Signifcant Rock Sample Results > 450 TREO (PPM & %)

Site_ID	Medium	Easting	Northing	TREO	**MREO % **	**HREO % **	CREO %	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	**Nd2O3 **	**Pr6O11 **	Sm2O3	Tb4O7	Tm2O3	Y2O3	Yb2O3
ESS01794	Granitoid	465113	6259327	1242	25.8	12.7	28.3	510.69	16.87	8.86	4.50	23.63	3.10	233.39	1.10	234.45	66.00	35.95	3.28	1.23	91.94	7.44
ESS01780	Granitoid	493384	6265611	1206	21.2	20.7	30.3	441.58	25.25	14.41	2.05	26.05	4.99	258.02	1.44	173.79	51.84	29.34	4.10	2.02	160.01	11.06
ESS01795	Granitoid	459453	6257654	1090	21.7	11.2	23.8	466.18	12.74	6.88	3.53	17.52	2.44	253.32	0.94	169.13	51.26	24.93	2.50	0.99	71.37	6.10
ESS01802	Granitoid	495029	6282783	942	22.6	14.2	26.6	373.64	14.00	7.91	3.54	17.75	2.71	212.28	1.07	150.47	45.17	23.42	2.59	1.14	79.11	6.96
ESS01813	Granitoid	466558	6269998	934	22.9	11.8	25.4	398.24	11.10	6.17	2.86	14.87	2.11	200.55	0.67	153.96	46.46	22.50	2.08	0.95	66.54	5.41
ESS01811	Granitoid	478278	6254980	896	22.4	8.6	22.4	413.47	9.56	4.24	3.98	14.75	1.62	189.99	0.51	144.63	44.35	22.73	2.00	0.61	40.00	3.75
ESS01791	Granitoid	488337	6269295	889	22.4	4.9	20.0	384.19	4.66	1.93	2.12	10.37	0.78	247.46	0.23	146.97	46.11	18.90	1.15	0.25	22.35	1.47
ESS01803	Granitoid	490842	6280610	876	22.0	15.7	27.6	357.25	14.12	7.50	2.37	16.60	2.76	181.78	0.65	135.30	40.49	21.57	2.54	0.95	87.24	5.02
ESS01774	Granitoid	516370	6258593	832	23.7	14.8	28.2	329.14	13.08	6.85	4.03	16.71	2.41	172.40	0.86	141.13	39.91	22.50	2.38	0.97	73.65	5.83
ESS01808	Granitoid	444778	6261158	666	24.0	16.9	29.7	256.51	12.62	6.22	2.43	15.68	2.35	130.18	0.65	113.26	31.60	19.71	2.38	0.81	67.05	4.74
ESS01781	Granitoid	495844	6263859	655	21.3	7.9	21.3	299.85	5.51	2.81	1.59	8.16	0.99	155.98	0.33	100.78	31.60	13.34	1.09	0.39	29.97	2.32
ESS01798	Granitoid	478398	6269476	637	22.5	6.1	21.2	288.14	4.36	1.80	2.94	8.24	0.73	155.98	0.16	105.56	32.30	13.57	0.98	0.21	21.08	1.15
ESS01773	Granitoid	518991	6268795	611	20.3	24.6	32.4	221.38	13.77	8.50	0.98	14.87	2.68	114.23	1.16	83.51	24.34	16.47	2.35	1.26	97.27	7.97
ESS01779	Granitoid	488492	6266253	568	22.3	6.3	20.8	248.32	4.03	1.64	1.37	8.09	0.63	147.77	0.19	93.31	28.32	13.80	0.93	0.22	18.29	1.34
ESS01783	Granitoid	501803	6263974	561	21.9	10.0	23.1	245.97	5.91	2.82	1.26	9.20	1.04	129.01	0.39	88.76	26.57	13.68	1.21	0.41	32.51	2.46
ESS01771	Granitoid	512977	6276609	544	22.5	7.2	21.6	247.14	4.56	1.90	1.47	7.93	0.76	126.66	0.23	89.23	27.50	12.99	0.97	0.25	20.95	1.49
ESS01792	Granitoid	467032	6255851	535	21.1	5.7	19.4	255.34	3.42	1.62	1.18	5.92	0.60	129.01	0.22	82.00	26.45	10.42	0.74	0.23	16.25	1.33
ESS01799	Granitoid	490193	6277981	533	22.4	15.2	27.3	213.18	8.17	4.59	2.05	10.35	1.59	113.29	0.59	84.33	25.28	14.15	1.59	0.65	48.89	4.09
ESS01812	Granitoid	483439	6263090	486	22.7	6.5	21.5	226.06	3.27	1.51	1.47	6.12	0.58	110.48	0.15	81.06	25.04	10.78	0.73	0.17	17.65	1.06
ESS01772	Granitoid	522891	6269292	459	21.1	23.9	32.5	165.15	10.93	6.42	1.66	11.87	2.18	86.44	0.85	65.67	18.26	12.18	1.83	0.95	68.57	5.74

Table 2. Other Rock Sample Results <450 TREO (PPM & %)

Site_ID	Medium	Easting	Northing	TREO	**MREO % **	**HREO % **	CREO %	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	**Nd2O3 **	**Pr6O11 **	Sm2O3	Tb4O7	Tm2O3	Y2O3	Yb2O3
ESS01804	Granitoid	487504	6283981	436	19.0	12.2	22.6	201.46	5.14	3.01	1.31	6.43	1.02	94.76	0.48	58.09	18.49	8.69	0.96	0.43	32.76	2.92
ESS01782	Granitoid	502357	6264874	421	20.9	29.1	36.1	141.73	12.05	7.39	1.69	11.53	2.45	69.78	0.98	58.09	15.68	11.60	1.92	1.07	77.97	6.67
ESS01788	Granitoid	491634	6269715	416	19.7	6.4	18.7	196.78	2.97	1.27	1.07	5.82	0.48	105.32	0.18	59.25	18.96	8.38	0.67	0.17	13.59	1.12
ESS01784	Granitoid	503665	6264905	377	19.3	30.6	36.3	124.16	10.29	6.91	0.94	9.00	2.19	67.20	0.92	47.01	13.69	9.00	1.57	1.07	77.08	6.42
ESS01787	Granitoid	497774	6270953	335	21.7	13.5	25.4	139.38	4.96	2.70	1.37	6.41	0.95	74.36	0.30	51.20	15.45	7.99	0.94	0.35	26.29	2.19
ESS01790	Granitoid	486812	6268295	296	19.2	5.7	18.1	128.84	1.56	0.88	0.75	2.54	0.30	89.84	0.13	40.82	14.04	4.66	0.31	0.13	9.99	0.80
ESS01770	Granitoid	516302	6275538	196	13.5	37.6	35.5	85.86	6.59	5.57	0.43	3.93	1.55	13.96	0.93	14.70	4.30	3.44	0.86	0.95	46.99	6.39
ESS01805	Granitoid	484636	6282115	129	20.6	13.7	24.7	55.05	1.80	1.04	0.60	2.33	0.37	28.26	0.16	18.55	5.76	3.18	0.36	0.14	10.50	0.93

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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.

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JORC Code 2012 Edi�on Table 1: Sec�on 1- Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	 Nature and quality of sampling (eg cut		A 1-2kg surface rock sample was
techniques	channels, random chips, or specific		collected for assay.
	specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples		Sampling was carried out under Company protocols and QAQC procedures as per current industry practice. See further details below.
	should not be taken as limiting the broad		Samples were dispatched to LabWest in
	meaning of sampling.		Perth. Sample preparation by the
	 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.		laboratory included sample sorting, oven drying, mechanical pulverisation to 95% passing 75 microns. Analytical method MMA-04.
	 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 was 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		Not applicable.
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
	preferential loss/gain of fine/coarse
	material.
Logging	 Whether core and chip samples have		Geological logging was done on a visual

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Criteria	JORC Code explanation	Commentary
	been geologically and geotechnically	basis, including; colour, grain size,
	logged to a level of detail to support	lithology type, weathering, and
	appropriate Mineral Resource estimation,	mineralogy.
	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	 The samples were dried and pulverised to
sampling	quarter, half or all core taken.	95% passing -75 microns before analysis.
techniques and sample preparation	 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	 QA/QC certified reference samples and field duplicates were routinely inserted at a rate of 1 in 20 with every batch
	 For all sample types, the nature, quality	submitted for assay.
	and appropriateness of the sample	 The sample size is appropriate for the
	preparation technique.	mineralization style, application and
	 Quality control procedures adopted for all	analytical techniques used.
	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	 Microwave mixed-acid method MMA-04,
assay data	of the assaying and laboratory	62 element determination including rare-
and	procedures used and whether the	earths using a combination of ICP-MS and
laboratory	technique is considered partial or total.	ICP-OES finish.
tests
	 For geophysical tools, spectrometers,	 Detection limits are appropriate for the
	handheld XRF instruments, etc, the	included results.
	parameters used in determining the analysis including instrument make and model, reading times, calibrations factors	 All elements were reported in PPM (Parts Per Million).
	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.
Verification	 The verification of significant	 Assays are as reported from the
of sampling	intersections by either independent or	laboratory and stored in the company
and	alternative company personnel.	database, managed by an independent
assaying		database consultant.

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• Criteria JORC Code explanation Commentary  The use of twinned holes.  Field data was collected on site using both field sample books and a company

• Documentation of primary data, data Toughbook (laptop computer) and

• entry procedures, data verification, data entered into a set of standard logging

• storage (physical and electronic) templates.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Relevant individual rare-earth element results were converted to stoichiometric oxide using industry standard stoichiometric conversion factors:

• Discuss any adjustment to assay data.

Element Oxide	Conversion	Conversion
PPM Form		Factor
Ce CeO2		1.2284
Dy Dy2O3		1.1477
Er Er2O3		1.1435
Eu Eu2O3		1.1579
Gd Gd2O3		1.1526
Ho Ho2O3		1.1455
La La2O3		1.1728
Lu Lu2O3		1.1371
Nd Nd2O3		1.1664
Pr Pr6O11		1.2082
Sm Sm2O3		1.1596
Tb Tb4O7		1.1762
Tm Tm2O3		1.1421
Y Y2O3		1.2699
Yb Yb2O3		1.1387
Rare-Earth Oxide results were		calculated
using:
TREO (Total Rare Earth Oxide)		= CeO2 +
Dy2O3 + Er2O3 + Eu2O3 +		Gd2O3 +
Ho2O3 + La2O3 + Lu2O3 +		Nd2O3 +
Pr6O11 + Sm2O3 + Tb4O7		+ Tm2O3 +
Y2O3 + Yb2O3
Mag REO (Magnet Rare Earth Oxide)=
Dy2O3 + Pr6O11 + Nd2O3		+ Tb4O7 +
Gd2O3 + Ho2O3 + Sm2O3
HREO (Heavy Rare Earth Oxide)= Dy2O3 +
Er2O3 + Eu2O3 + Gd2O3 +		Ho2O3 +
Lu2O3 + Tb4O7 + Tm2O3 + Y2O3 + Yb2O3
CREO (Critical Rare Earth Oxide)= Dy2O3 +
Eu2O3 + Nd2O3 + Tb4O7 + Y2O3
Percent MREO (Magnetic)= MREO / TREO
Percent HREO (Heavy)= HREO		/ TREO
Percent CREO (Critical)= CREO / TREO

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Criteria	JORC Code explanation	Commentary
Location of	 Accuracy and quality of surveys used to	 Rock samples were located using a
data points	locate drill holes (collar and down-hole	handheld GPS system with an accuracy of
	surveys), trenches, mine workings and	+/- 5m and stored in the company
	other locations used in Mineral Resource	database.
	estimation.	 All coordinates are referenced to MGA
	 Specification of the grid system used.	Zone 51, Datum GDA94.
	 Quality and adequacy of topographic
	control.

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