EMU NL — Capital/Financing Update 2024

Jun 3, 2024

ASX RELEASE | ASX:EMU

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4 June 2024

GEORGETOWN PROJECT UPDATE

“Significant and Pervasive” Copper Mineralisation Discovery Confirmed by pXRF Geochemistry Survey at Fiery Creek

Highlights

• pXRF geochemistry programme has confirmed an extensive broad copper mineralised zone

• The mineralised discovery zone, tested by pXRF over soil, termite mound and rock chip sample mediums, covers an area approximately 720m long x 480m wide

• The highest copper grade recorded was 32.5% from 27 rock chip samples

• Significant copper grades up to 2,484ppm were recorded from pXRF soil samples whilst the highest termite mound sample recorded 1,674ppm copper

• Samples from the programme have been dispatched to the laboratory for wet geochemistry testing to confirm and correlate the pXRF in field results

• Results indicate the mineralisation is significant and pervasive between outcropping high-grade copper veining and stockwork veining within the discovery zone and is interpreted to be a subset of a much broader and significant system

• Addi�onal sampling has defined a mineralised, copper anomalous, shear zone extending at least 2.5 km to the SE

• Drone LiDAR and photogrammetry works now complete with data processing underway

• Ground pole dipole, IP resistivity and MT survey scheduled for August

• Airborne aeromagnetic survey over Yataga Igneous Complex scheduled between July and October

• Maiden drilling programme planned for October 2024 following ground geophysics assessment

EMU NL (“ EMU ” or “the Company ”) is pleased to provide an update on recent exploration work completed at the Company’s Fiery Creek Copper Prospect located within the Georgetown Project in North Queensland.

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Portable XRF ( pXRF ) geochemistry results have extended previously defined high-grade copper mineralisation and aided the interpretation of structural controls. The pXRF programme forms part of a wider suite of geochemical surveys designed to confirm and extend the known mineralisation of this significant copper porphyry discovery.

EMU Non-Executive Chairman Peter Thomas commented ,

“The initial pXRF results from the field are highly encouraging with broad disseminated copper mineralisation reported from the discovery zone potentially providing EMU with an immediate drill target. Whilst geophysics planned over the next few months will tighten drilling vectors, we are optimistic the results support our interpretation that Fiery Creek could host a large bulk multimillion tonne copper – silver porphyry system.

The pXRF survey was designed to extend our previous laboratory analysed geochemistry surveys results. The advantage of pXRF is that it gives immediate feedback in field which can substantially reduce on ground cost and time. The confirmation of significant copper mineralisation in the discovery zone by pXRF is only bettered by the fact that pXRF results from termite mounds in the adjacent zones suggest an even broader envelope of copper mineralisation than first thought.”

Geochemistry Programme

EMU successfully completed a soil sampling program on an 80m x 20m grid, covering the discovery area of the Fiery Creek Copper Prospect ( FCCP ). The soil sampling survey measures 720m (north-south) by 480m (east-west). Soil sampling was supplemented by the collec�on of addi�onal rock chip and termite mound samples.

The sampling followed standard geochemical explora�on procedures by taking samples below the sheetwash sand and gravels in the clay horizon developed immediately above weathered bedrock. All samples were analysed in the field by pXRF. The soil geochemical sampling grid is shown below in Figure 3.

Understanding these results in their geologic context is important to ascertain where they sit in respect of the overall explora�on poten�al of the large prospect area.

Figure 1 shows the loca�on of the FCCP within the Yataga Igneous Complex ( YIC ) as outlined by the inverted aeromagne�c signature, which was caused by the intrusion of the YIC at around 286 Ma (Lower Permian age) when the magne�c pole of the Earth was reversed.

Figure 2 shows the YIC aeromagne�c signature, and the structural geologic features as interpreted by Consultant Economic Geologist, Mr Nigel Maund. Most noteworthy is the impact of the late NE striking shear corridor, which has geologically modified the YIC and impacted the Fiery Creek Cu–Bi–Ag mineralised shear zone. These shear zones are hos�ng the mineralisa�on and are a very important structural feature that will focus EMU’s explora�on to their occurrences across the broader discovery area in future work.

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Emu explored the area to the SE of the FCCP and located a substan�al zone of copper mineralisa�on which is most likely the faulted con�nua�on of the FCCP as suggested in this structural analysis. This area will be systema�cally soil sampled during the next quarter.

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Figure 1 : The TMI aeromagne�c map showing the ovoid (8 x 5 km) Yataga Igneous Complex (YIC) and the loca�on of the ini�al rock chip sampling (green triangles) at the Fiery Creek Copper Prospect.

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Figure 2 : EMU’s structural geologic interpreta�on of the YIC TMI aeromagne�c map. The key structural geologic features iden�fied are the earlier WNW striking shear corridor which brackets the FCCP. This corridor has been modified by the subsequent ENE striking largely right lateral le� lateral shear corridor which impacts the en�re YIC. Importantly these structural shear zones control FCCP mineralisa�on and are responsible for controlling late emplacement of a porphyry intrusive event. This intrusive is interpreted to be located to the immediate south the FCCP, and displaces the FCCP copper mineraliza�on towards the east.

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Figure 3 : A summary geologic map of the Fiery Creek Copper Prospect ( FCCP ) discovery area showing the loca�on of some original rock chip samples (diamonds) and the recently implemented soil sampling grid and the handheld pXRF copper results given in ppm and coloured according to the legend on the Figure. The white line shows the outline of the copper anomalous zone. The offse�ng of the mineralized zone shows the consistent right lateral (dextral) offse�ng of the host FCCP zone.

The results of the soil sampling have defined a copper anomalous shear zone, developed within the moderately potassic altered (bio�te + K feldspar) medium grained, equigranular, granodiorite. This shear zone strikes NNW (340°) and generally dips ver�cally in outcrop. As Figure 3 shows, the mineralized shear zone is offset by elements of an ENE striking (50° to 60°) shear corridor.

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Soil samples from FCCP were taken from the red brown clay hardpan developed below surficial unconsolidated sheetwash sand and gravels. Generally, soil sample Cu results exhibit values at a frac�on of those collected in bedrock oxide copper + goethite (a�er pyrite) mineralisa�on. Hence, unsurprisingly, the soil values vary between 100 and 2484 ppm Cu with significantly anomalous values being above 300 ppm, as compared to values up to 32.5% returned from rock chip samples taken from sub-crop and outcrop. This implies that the shear zone hosted mineralisa�on, within the ini�al discovery area of the FCCP, varies from a width of 60 m to a maximum of 150 m over a sampled strike length of 480 m.

Termite mound geochemistry has been undertaken to the east and southeast of the discovery FCCP area where further copper mineralisa�on has been discovered. Explora�on in the areas outside the primary zone remains a work in progress and will be reported upon in detail once addi�onal sampling programmes have been completed.

It should be stated that explora�on of the FCC prospect is very much in its early days, with a considerable amount of grid-based soil sampling yet to be completed, along with accompanying detailed geologic mapping. LiDAR & orthophotography drone surveying was recently completed and the data taken from the programme is currently undergoing processing.

Ground geophysical work is scheduled to be undertaken during the coming quarter following geochemical, LiDAR and geologic mapping work being completed and analysed to iden�fy specific targets for appropriate IP and MT geophysical surveys.

Upon the comple�on of geochemical and geophysical surveys over the broader Project area, a maiden drilling program is envisaged to be undertaken towards the end of this year, perhaps as early as October.

Termite Mound Sampling

Sampling of termite mounds is an extremely effective exploration method to rapidly assess areas prospective for gold and base metal mineralisation. Termites collect organic and inorganic material for nest construction from burrowed corridors within the soil, bringing material upwards from deep-seated environments. Previous studies[1] suggest termites transport materials from depths of over 8.5m and up to 70m. The height of termitaria is directly proportional to the depth of burrowed materials from sub surface environment. As the termites collect material from underling rocks and mineralisation, anomalies defined by sampling of termitaria represent in situ mineralisation.

1 Coventry, Holt and Sinclair, 1988, Nutrient cycling by mound building termites in low fertility soils of semi-arid tropical Australia, Australian Journal of Soil Research 26(2) 375 - 390

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Figure 4 . An example of a typical termite mound located within the Georgetown Fiery Creek Copper Prospect area

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AUTHORISED FOR RELEASE BY THE BOARD

For further information, please contact:

Doug Grewar

Chief Executive Officer

EMU NL info@emunl.com.au

Investors can sign into our interactive investor hub and join in on the conversation with Emu NL.

https://investorhub.emunl.com.au/auth/signup

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www.emunl.com.au 10 Walker Avenue info@emunl.com.au WEST PERTH WA 6005

ASX Code: EMU ABN: 50 127 291 927

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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)

76,872,966 (net of 620,000 the subject of the ATM which EMU can buy back for nil consideration)

Contributing Shares (listed)

1,349,586 paid to $0.90, $0.90 to pay

Contributing Shares (Unlisted)

1,166,670 paid to $0.003, $1.20 to pay, no call before 31 December 2025

Options (unlisted)

5,748,486 options to acquire fully paid shares, exercisable at $0.30 each, on or before 7 October 2024

10,579,193 options to acquire fully paid shares, exercisable at $0.09 each, on or before 31 December 2026

Performance Rights (Unlisted)

1,619,051 performance rights in relation to acquisition of Gnows Nest project (can be repurchased for $20k if Gnows Nest disposed of before 22.9.2025)

COMPETENT PERSON’S STATEMENT

The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by compiled by Mr Nigel Maund, a Competent Person who is consulting economic geologist. Mr Maund is a Fellow of the Australian Institute of Geoscientists, a Fellow of the Australian Institute of Mining and Metallurgy. Mr Maund is a consultant to EMU NL and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” . Mr Maund consents to the inclusion herein of the matters based upon his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

As a result of a variety of risks, uncertainties and other factors, actual events and results may differ materially from any forward looking and other statements herein not purporting to be of historical fact. Any statements concerning mining reserves, resources and exploration results are forward looking in that they involve estimates based on assumptions. Forward looking statements are based on management’s beliefs, opinions, and estimates as of the respective dates they are made. The Company does not assume any obligation to update forward looking statements even where beliefs, opinions and estimates change or should do so given changed circumstances and developments.

NEW INFORMATION OR DATA

EMU confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, which all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue 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.

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 +61 419 833 604

E info@emunl.com.au

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10 Walker Avenue WEST PERTH WA 6005

ASX Code: EMU ABN: 50 127 291 927

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ASX RELEASE | ASX:EMU

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ASX Code: EMU ABN: 50 127 291 927

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Table 3: Empirical pXRF (Nikon XL5 Plus) Analysis Results - Crushed Rock

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Appendix 2 JORC Tables

Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or speci�c 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 �re 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.	 No drill assays are presented in this update.  Traditional soil samples as well as termite mound samples were collected at 20m spacings. A further 200-300g sample (where submitted) will be crushed and a sub-fraction obtained for pulverisation.  Samples have been dispatched to both LabWest and Nagrom laboratories in Perth.  Rock samples were collected where available and for both lithological identi�cation and geochemical analysis.  All sample mediums were sieved to passing -1mm mesh before pXRF analysis.  Field samples were located using hand-held GPS.  Sampling was carried out under Emu NL protocols and QAQC procedures as per current industry practice.  Sample quality was supervised by experienced �eld geologists and �eld technicians under geologist supervision.  All LabWest samples will be analysed using Microwave digest (MD), Inductively Coupled Plasma Mass Spectrometry and Inductively Coupled Plasma (ICP) Mass Spectrometry (MS) and Optical Emission Spectrometry (OES) to �nish. 62 element analysis by ICP-MS/OES.  All Nagrom samples will be analysed using a 50g Fire assay method.
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).	 No drilling was done.
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 & grade and whether sample bias may have occurred due to preferential loss/gain of �ne/coarse material.	 No drilling was done.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length andpercentage of the	 All samples were logged geologically by Company geologists, using EMU logging codes.  Logging is both qualitative and quantitative in nature, and includes lithology, mineralogy, mineralisation, weathering, & colour.  Photographs taken for each sample and stored in a database.  In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineral

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Criteria	JORC Code explanation		Commentary
	relevant intersections logged.		abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation (if reported) in preliminary geological logging.
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 �eld duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.		 Current sampling includes comprehensive and industry standard QAQC inclusive of split and duplicate samples, and applicable and representative standards for copper and gold. pXRF Analysis pXRF analysis of soil samples is deemed �t for purpose as a preliminary exploration screening technique. pXRF provides a spot reading on sample locations with variable grain sizes and states of homogenisation. High grade results were repeated at multiple locations to con�rm repeatability. The competent person considers this acceptable within the context of reporting preliminary exploration results.
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.		 pXRF screening of soil sample points by preliminary analysis was obtained with a Niton XL5 portable XRF. ‒ NOTE 1: pXRF (portable x-ray fluorescence) assay results are semi-quantitative only. ‒ NOTE 2: pXRF – Only a selection of path�nder elements are analysed with pXRF analyser: Cu, As, (add other elements of interest)  Elements detected by pXRF at ppm levels include: Ag, As, Au, Ba, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Hf, K, K , La, Mn, Mo, Nb, Nd, Ni
Veri�cation of sampling and assaying	 The veri�cation of signi�cant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data veri�cation, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.		 Analytical QC is monitored by the laboratory using standards, blanks and repeat assays.  Independent standards were submitted by the Company at a rate of 1:25 samples.  Independent �eld duplicates were included at regular intervals.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Speci�cation of the grid system used.  Quality and adequacy of topographic control.		 Sample locations were captured using a handheld Garmin RINO GPS using the UTM coordinate system, with an accuracy of +/- 5m  Map coordinates: all recorded in MGA94, Zone 54 GDA
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is suf�cient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classi�cations applied.		 Sample spacing is suitable for reporting of exploration results.  Sample spacing is not suitable for Mineral Resource estimation.  Soil surveys were undertaken on a typical spacing of 20 x 80m in the interpreted mineralised shear zone areas and up to 100 x 200m in semi-regional

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Criteria	JORC Code explanation	Commentary
	 Whether sample compositing has been applied.	investigations.
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.	 Soil sampling was undertaken at a perpendicular angle to the targeted lithological unit.  Sampling is regarded to be unbiased with respect to the orientation of the lithologies.
Sample security	 The measures taken to ensure sample security.	 Samples are given individual samples numbers for tracking. The sample chain of custody is overseen by the Company’s Exploration Manager. Samples were transported in secure sealed bags to the laboratory.  Sample security and integrity is in place to industry standards
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 The sampling techniques and analytical data are monitored by the Company’s geologists and IT consultants.  External audits of the data have not been completed.

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Section 2 Reporting of Exploration Results

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

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.	 The tenure hosting the Georgetown Project in this news release is owned 100% by Rugby Resources Ltd. EMU NL has the right to earn up to 80% interest in three EPM’s under a Heads of Agreement and JVA with Rugby Resources Ltd.  The three EPM’s are:  27642  27664; and  27667  All works undertaken and reported in this ASX announcement were completed within these tenements.  The project tenements are all in good standing.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Historical prospecting, sampling and drilling activities have been undertaken in different areas within the project tenements intermittently by multiple third parties over a period of at least 50 years.  Historic RC drilling at Camp-oven Creek and Turtle Creek was undertaken by Georgetown Mining Pty Ltd. Historic RC drilling at Munitions Creek was undertaken byDiatreme Resources Ltd.
Geology	 Deposit type, geological setting and style of mineralisation.	 Intrusive related epithermal vein system mineralisation and Cu-Mo Porphyry-style mineralisation.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justi�ed 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.	 No drilling done.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 No weighting techniques or grade truncation has been applied to results.  Results rounded to nearest ppm.
Relationship between mineralisation	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its	 No drilling done.

ASX Code: EMU ABN: 50 127 291 927

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Criteria	JORC Code explanation	Commentary
widths and intercept lengths	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 scales) and tabulations of intercepts should be included for any signi�cant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 Refer to �gures in this announcement with sections and map plans created using QGIS software.  Refer to maps and �gures in body of the announcement.  Geological interpretations are based on current knowledge and will change with further exploration. 
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.	 No inference to economic mineralisation has been stated.  Key �ndings and location information has been reported in body of text.  Reporting is considered balanced.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 All of the relevant data has been included in this report.  Geological interpretations have been taken from published maps, geophysical interpretation, historical and ongoing exploration.
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.	 On-going �eld reconnaissance exploration in the project area continues and is a high priority for the Company.  Exploration is likely to include further lithological and structural mapping, rockchip sampling, acquisition of high-resolution geophysical data and arial drone imagery to assist geological interpretation, target identi�cation, pXRF soil sampling campaigns and drilling.

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