EQ RESOURCES LIMITED — Capital/Financing Update 2020

Oct 15, 2020

ABN: 77 115 009 106 (ASX: SEI)

==> picture [250 x 45] intentionally omitted <==

16 October 2020 Company Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

High-grade structural zones extend for 1.2km: Mt Carbine historical drilling reinterpretation (validated by re-assaying*)

Highlights:

• Speciality Metals’ re-assaying of historical drill core, as a basis for reinterpretation of the Mt Carbine underground resource and definition of high-grade corridors

• Mt Carbine High-Grade Zones** include:

• CB005 – 2m*** @ 7.7% WO3 from 162.01m

• CB001 – 11.2m @ 2.9% WO3 from 127.86m

• CB040 – 6.18m @ 1.4% WO3 from 244.86m

• CB038 – 13.58m @ 0.57% WO3 from 213.93m

• A total of 154 intercepts from 43 historic drill holes outline veining extends for 1.2km strike length with five main veins identified

• Trade-off study initiated to evaluate a narrow high-grade mine targeting ‘King Vein’ style mineralisation against historical considerations

• Consultation commenced with Department of Natural Resources, Mines and Energy and contractors setting out detailed planning for reopening of decline for further underground testing

* See Appendix 2, Table 3 for details regarding re-assayed core sections_ _* Redefined high-grade zones_ – see Appendix 1, Table 2 for details _**** WO3 grade diluted to a 2m mining width; no uppercut to grade has been applied

Speciality Metals International Limited (Speciality Metals or the Company ) is pleased to announce its resource redefinition of high-grade tungsten envelopes at its Mt Carbine project in Queensland, identified over a 1.2km strike length (open along strike in a westerly direction, see Figure 1).

REGISTERED OFFICE: Office 06-110, Level 6 25 King Street, Bowen Hills Queensland 4006 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880

T: (07) 4094 3072 F: (07) 4094 3036 W: specialitymetalsintl.com.au

Page 1 of 10

==> picture [190 x 35] intentionally omitted <==

Speciality Metals CEO and Snr.Technical Advisor Kevin MacNeill commented , " These latest results have expanded our understanding of an economically viable underground project at Mt Carbine. What has always been of interest was the historical miner’s ability to produce significant quantities of tungsten by mining these high-grade veins. The veins have now been traced through the deposit within the Dyke West extension and provide us with an alternative mining concept currently under review. The mining of such high-grade veins, in combination with the already existing processing infrastructure, has the potential to make Speciality Metals a world class and low-cost tungsten producer.”

Based on the total of 154 intercepts from the 43 historical drill holes, the Company is evaluating the underground development potential for a narrow high-grade mine to extract ‘King-Vein’ style mineralisation which is defined using a minimum mining width and grade of 2m>0.2% WO3. This allows for less dilution when compared to the previously defined sub-level caving methodology proposed by historical owners in 1985 for which a 430m decline was constructed at the time. Upon relogging the historical core and the assaying of certain sections for reinterpretation, it has been revealed that most of the mineralisation is contained in these high-grade veins, leading to the potential of a much highergrade resource enclosed in less tonnage.

For the purpose of this investigation, the ore body was divided into two zones called the ‘Main Pit’ and ‘Dyke West’ reflecting their respective locations relative to the underground location of the historical open pit: the Main Pit Zone is situated beneath the historical pit, while the Dyke West Zone is located in the unmined area extending west of the pit.

Both zones show high-grade intervals, extending for 750m and 450m strike length, respectively. Each zone contains multiple veins and reflect the current opinion that the mineralisation occurs in 0.1-3.0m wide ‘King-Veins’ which are interpreted as the last liquid phase event of mineralisation at Mt Carbine in comparison to an earlier more pervasive gaseous event that distributed a lower grade mineralisation over a wider area.

By relogging the historical core, the Company has identified the corridors that belong to these intercepts. More than 30 veins have been identified in the core and old workings in this review area alone, including the five (5) major veins named in the section below. These names reflect the historical miners’ names for the major lodes mined to 60m depth during the period from 1890 to 1940.

Main Pit Zone

This zone of 750m strike length is the center of the mineralisation and is located immediately below the historical pit. It has the highest grade and width intervals in the currently known vein system at Mt Carbine. Central in this historical pit was the old 'main shaft' which targeted the depth extents of the Bluff Vein. Here the high-grade ore zone reaches true widths of 9m with significant wolframite mineralisation (for example as seen in CB001 from 127.8m - 139m comprising of 11.2m @ 2.9% WO3). The five (5) major veins encountered in the Main Pit Zone are Iolanthe, Bluff, Wayback, Johnson and Dazzler which all contain high-grade shoots above 1% grade and were the focus of the past underground activity by the historical miners. It is now understood that this pattern of high-grade mineralisation has its own structural controls and overprints a more pervasive lower grade style of mineralization.

Dyke West Zone

This area has not been included in previous underground examinations and extends the deposit for a further 450m over the flats to west of the Main Pit Zone. Three (3) main veins were intersected in the 430m decline. These veins were noted for their high-grade and persistent nature and have been linked to extensions for the Iolanthe, Bluff and Johnson Veins which host by far most of the mineralisation at Mt Carbine (thought to contain more than 50% of the known tungsten in the deposit).

The Dyke West Zone is advantageous for the Company as the veins are accessible from the decline that is already in place.

Page 2 of 10

==> picture [189 x 34] intentionally omitted <==

==> picture [741 x 414] intentionally omitted <==

----- Start of picture text -----

Open
----- End of picture text -----

Figure 1 - Extent of veining traced for 1.2km from 22,000E to 23,200E

Page 3 of 10

==> picture [190 x 34] intentionally omitted <==

==> picture [425 x 196] intentionally omitted <==

Figure 2 - Composite of the 5 major vein sections traced in the historical drilling over a strike of 1.2km

The Company expects to be able to release further information on the underground testing and development plan in the near future. The anticipated next steps will see the submission of the Facility Document to the Department of Natural Resources, Mines & Energy to allow the Company to re-enter the historical decline. Evaluation of the decline would the take place along with sampling underground.

==> picture [419 x 121] intentionally omitted <==

==> picture [419 x 72] intentionally omitted <==

----- Start of picture text -----

Open at Depth
----- End of picture text -----

Figure 3 - 22850E Cross section of Main Zone showing the multiple tungsten lodes and their WO3 % grades, refer to Table 1 for additional details

Page 4 of 10

==> picture [190 x 34] intentionally omitted <==

==> picture [419 x 347] intentionally omitted <==

----- Start of picture text -----

RL AZIMUTH EOH FROM TO
HOLE # EAST NORTH (m) (Mag) DIP (m) (m) (m) M WO3%
BLUFF
CB039 22,850 26,513 389.3 217.3 -45 324.70 261.69 261.90 2.00 2.86
CB039 22,850 26,513 389.3 217.3 -45 324.70 270.50 274.15 3.65 0.79
CB005 22,853 26,423 409.6 226.1 -45 215.04 162.01 162.39 2.00 7.73
CB005 22,853 26,423 409.6 226.1 -45 215.04 171.12 171.72 2.00 1.61
WAYBACK
CB038 22,825 26,512 389.5 216.13 -52 325.00 272.12 274.11 2.00 1.10
CB039 22,850 26,513 389.3 217.3 -45 324.70 217.34 217.58 2.00 1.16
CB040 22,851 26,545 391.5 217.13 -49 350.00 299.23 302.69 3.46 0.98
CB005 22,853 26,423 409.6 226.1 -45 215.04 87.51 87.65 2.00 1.16
CB005 22,853 26,423 409.6 226.1 -45 215.04 128.44 132.00 3.56 0.60
JOHNSON
CB038 22,825 26,512 389.5 216.13 -52 325.00 193.04 193.12 2.00 0.20
CB038 22,825 26,512 389.5 216.13 -52 325.00 213.93 227.51 13.58 0.57
CB017 22,844 26,480 404.1 229.13 -45 176.50 126.83 127.00 2.00 0.30
CB017 22,844 26,480 404.1 229.13 -45 176.50 142.36 142.57 2.00 0.29
CB017 22,844 26,480 404.1 229.13 -45 176.50 155.90 158.20 2.00 0.29
CB039 22,850 26,513 389.3 217.3 -45 324.70 165.24 165.40 2.00 0.35
CB040 22,851 26,545 391.5 217.13 -49 350.00 244.86 251.04 6.18 1.40
CB040 22,851 26,545 391.5 217.13 -49 350.00 261.20 261.33 2.00 1.56
CB040 22,851 26,545 391.5 217.13 -49 350.00 266.00 267.00 2.00 0.39
CB005 22,853 26,423 409.6 226.1 -45 215.04 50.82 54.28 3.46 0.46
CB005 22,853 26,423 409.6 226.1 -45 215.04 68.65 77.25 8.60 0.74
DAZZLER
CB038 22,825 26,512 389.5 216.13 -52 325.00 125.25 125.50 2.00 0.20
CB017 22,844 26,480 404.1 229.13 -45 176.50 50.19 52.93 2.74 0.99
CB005 22,853 26,423 409.6 226.1 -45 215.04 4.92 5.00 2.00 0.31
CB005 22,853 26,423 409.6 226.1 -45 215.04 24.46 24.66 2.00 0.60
----- End of picture text -----

Table 1 - Detailed information relating to 22850E cross section of Main Zone

On behalf of the board

Kevin MacNeill Interim CEO and Snr Technical Advisor Speciality Metals International Limited	Investor Relations Peter Taylor 0412 036 231 peter@nwrcommuniciations.com.au

About the Company

Speciality Metals International Limited is an ASX-listed company transforming its world-class tungsten assets at Mt Carbine in North Queensland; leveraging advanced technology, historical stockpiles and unexploited resource with the aim of being the pre-eminent tungsten producer in Australia. The Company also holds gold exploration licences in New South Wales. The Company aims to create shareholder value through the exploration and development of its current portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector.

Page 5 of 10

==> picture [190 x 34] intentionally omitted <==

Competent Person’s Statements

Speciality Metals’ exploration and resource work is being managed by Mr. Tony Bainbridge, AusIMM, AIG. Mr. Bainbridge is engaged as a contractor by the Company and is not "independent" within the meaning of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code ). Mr. Bainbridge has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in JORC Code 2012.

The technical information contained in this announcement relating exploration results are based on, and fairly represents, information compiled by Mr. Bainbridge. Mr. Bainbridge has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The diamond core samples are assayed at the ALS Laboratory in Brisbane, Australia. Mr. Bainbridge has consented to the inclusion in this release of the matters based on his compiled information in the form and context in which it appears in this announcement.

Mr. Bainbridge confirms there is no new information or data in this announcement that materially affects the historical results from the report issued by the Company (formerly known as Icon Resources Limited) titled, ‘Mt Carbine Project Resource Estimate by Geostats Services, October 2010’. The information included in this announcement and all material assumptions and technical parameters underpinning this interpretation do not change this 2010 global resource estimate.

Forward-looking Statements

This announcement may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this announcement include risks associated with planned production, including the ability of the Company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement.

Page 6 of 10

==> picture [190 x 34] intentionally omitted <==

APPENDIX 1

Table 2 - High Grade results from past drilling - listed as per vein zone

==> picture [374 x 592] intentionally omitted <==

----- Start of picture text -----

RL AZIMUTH EOH FROM TO
HOLE # EAST NORTH (m) (Mag) DIP (m) (m) (m) M WO3%
IOLANTHE
CB014 22.475 26.196 385,5 44,13 -45 297 39,85 39,87 2,00 0,20
CB014 22.475 26.196 385,5 44,13 -45 297 64,00 68,35 4,35 0,29
CB060 22.505 26.358 426,076 220 -55 248,9 171,50 172,00 2,00 0,26
CB060 22.505 26.358 426,076 220 -55 248,9 187,50 188,50 2,00 0,72
CB012 22.555 26.207 384,3 44,13 -45 253 62,16 67,50 5,34 0,26
CB012 22.555 26.207 384,3 44,13 -45 253 83,45 83,67 2,00 0,26
CB008 22.630 26.246 390,8 42,13 -45 166,27 27,21 32,71 5,50 0,35
CB008 22.630 26.246 390,8 42,13 -45 166,27 67,03 67,26 2,00 1,20
CB016 22.663 26.276 387,3 44,13 -45 240,78 37,30 41,10 3,80 0,28
CB009 22.695 26.206 383,3 44,63 -45 215,04 61,01 79,19 18,18 0,47
CB001 22.772 26.225 384,3 44,13 -45 253 58,95 62,34 3,39 1,93
CB043 22.778 26.245 347,1 224,13 -45 50 7,02 9,67 2,65 1,03
CB002 22.914 26.241 395,7 39,13 -45 236,4 27,21 33,25 6,04 0,74
CB002 22.914 26.241 395,7 39,13 -45 236,4 45,27 48,23 2,96 1,29
CB002 22.914 26.241 395,7 39,13 -45 236,4 55,60 58,07 2,54 0,74
CB011 22.990 26.325 387,9 224,13 -45 102,52 51,32 51,52 2,00 1,62
BLUFF
CB014 22.475 26.196 385,5 44,13 -45 297 190,20 190,45 2,00 0,29
CB060 22.505 26.358 426,076 220 -55 248,9 78,00 79,50 2,00 0,40
CB060 22.505 26.358 426,076 220 -55 248,9 95,80 96,10 2,00 0,20
CB060 22.505 26.358 426,076 220 -55 248,9 101,60 101,90 2,00 0,42
CB064 22.536 26.485 451,513 215 -55 368,5 238,85 239,10 2,00 0,19
CB064 22.536 26.485 451,513 215 -55 368,5 244,00 244,20 2,00 0,61
CB064 22.536 26.485 451,513 215 -55 368,5 269,65 270,56 2,00 0,37
CB064 22.536 26.485 451,513 215 -55 368,5 291,59 293,22 2,00 6,66
CB064 22.536 26.485 451,513 215 -55 368,5 296,27 297,18 2,00 0,34
CB064 22.536 26.485 451,513 215 -55 368,5 319,00 319,50 2,00 0,26
CB064 22.536 26.485 451,513 215 -55 368,5 328,00 329,30 2,00 0,25
CB012 22.555 26.207 384,3 44,13 -45 253 102,60 102,77 2,00 0,31
CB012 22.555 26.207 384,3 44,13 -45 253 113,35 115,26 2,00 0,64
CB015 22.606 26.327 415,6 45,13 -45 152 12,63 12,92 2,00 0,48
CB009 22.695 26.206 383,3 44,63 -45 215,04 124,97 130,39 5,42 0,61
CB009 22.695 26.206 383,3 44,63 -45 215,04 149,47 150,72 2,00 0,47
CB001 22.772 26.225 384,3 44,13 -45 253 85,83 89,87 4,04 0,13
CB001 22.772 26.225 384,3 44,13 -45 253 97,26 98,15 2,00 0,51
CB001 22.772 26.225 384,3 44,13 -45 253 110,77 111,30 2,00 0,23
CB001 22.772 26.225 384,3 44,13 -45 253 116,76 121,39 4,63 0,28
CB001 22.772 26.225 384,3 44,13 -45 253 127,86 139,09 11,23 2,90
CB001 22.772 26.225 384,3 44,13 -45 253 141,08 142,72 2,00 0,27
CB003 22.775 26.178 395,7 39,13 -45 236,4 190,45 196,25 5,80 0,32
CB003 22.775 26.178 395,7 39,13 -45 236,4 210,72 216,74 6,02 0,33
CB003 22.775 26.178 395,7 39,13 -45 236,4 226,38 229,66 3,28 0,54
CB003 22.775 26.178 395,7 39,13 -45 236,4 236,09 239,12 3,03 1,24
CB003 22.775 26.178 395,7 39,13 -45 236,4 248,59 262,76 14,17 0,36
CB039 22.850 26.513 389,301 217,13 -45 324,7 256,00 256,70 2,00 0,44
CB039 22.850 26.513 389,301 217,13 -45 324,7 261,25 261,29 2,00 0,13
CB039 22.850 26.513 389,301 217,13 -45 324,7 261,69 261,90 2,00 2,86
CB039 22.850 26.513 389,301 217,13 -45 324,7 270,50 274,15 3,65 0,79
CB005 22.853 26.423 409,6 226,13 -45 215,04 162,01 162,39 2,00 7,73
CB005 22.853 26.423 409,6 226,13 -45 215,04 171,12 171,72 2,00 1,61
CB002 22.914 26.241 395,7 39,13 -45 236,4 81,99 82,19 2,00 0,41
CB002 22.914 26.241 395,7 39,13 -45 236,4 87,60 89,24 2,00 1,02
CB002 22.914 26.241 395,7 39,13 -45 236,4 108,68 119,51 10,83 0,33
CB002 22.914 26.241 395,7 39,13 -45 236,4 128,61 130,25 2,00 0,53
CB002 22.914 26.241 395,7 39,13 -45 236,4 138,45 140,09 2,00 0,34
CB007 22.975 26.408 393,7 226,13 -45 145,66 113,31 113,40 2,00 0,98
----- End of picture text -----

Note: Blue highlights are significant intervals >0.5% WO3, bold highlights are intervals >1% WO3

Recent check assays have been included in interval averages; no uppercut to grade has been applied

Page 7 of 10

==> picture [190 x 34] intentionally omitted <==

==> picture [375 x 594] intentionally omitted <==

----- Start of picture text -----

RL AZIMUTH EOH FROM TO
HOLE # EAST NORTH (m) (Mag) DIP (m) (m) (m) M WO3%
WAYBACK
CB014 22.475 26.196 385,5 44,13 -45 297 217,63 219,45 2,00 3,38
CB013 22.501 26.386 430 44,13 -45 140,04 11,89 11,92 2,00 0,31
CB064 22.536 26.485 451,513 215 -55 368,5 46,90 47,50 2,00 0,70
CB012 22.555 26.207 384,3 44,13 -45 253 117,00 118,50 2,00 0,23
CB012 22.555 26.207 384,3 44,13 -45 253 153,17 153,50 2,00 0,85
CB015 22.606 26.327 415,6 45,13 -45 152 38,00 38,14 2,00 0,28
CB009 22.695 26.206 383,3 44,63 -45 215,04 182,51 184,58 2,07 0,79
CB065 22.716 26.593 406,656 215 -55 440,8 359,80 360,10 2,00 3,62
CB065 22.716 26.593 406,656 215 -55 440,8 364,43 365,30 2,00 0,23
CB065 22.716 26.593 406,656 215 -55 440,8 377,00 377,65 2,00 0,72
CB001 22.772 26.225 384,3 44,13 -45 253 185,22 185,47 2,00 0,87
CB003 22.775 26.178 395,7 39,13 -45 236,4 290,83 296,41 5,58 0,34
CB003 22.775 26.178 395,7 39,13 -45 236,4 304,09 304,23 2,00 0,35
CB029A 22.789 26.637 383,7 214,13 -45 404 371,13 376,86 5,73 1,12
CB038 22.825 26.512 389,527 216,13 -52 325 253,56 253,78 2,00 0,42
CB038 22.825 26.512 389,527 216,13 -52 325 272,12 274,11 2,00 1,10
MTC01 22.799 26.546 400,52 230 -50 401,5 300,00 302,00 2,00 0,53
MTC01 22.799 26.546 400,52 230 -50 401,5 323,00 324,00 2,00 0,48
CB039 22.850 26.513 389,301 217,13 -45 324,7 217,34 217,58 2,00 1,16
CB040 22.851 26.545 391,49 217,13 -49 351 299,23 302,69 3,46 0,98
CB005 22.853 26.423 409,6 226,13 -45 215,04 87,51 87,65 2,00 1,16
CB005 22.853 26.423 409,6 226,13 -45 215,04 128,44 132,00 3,56 0,60
CB007 22.975 26.408 393,7 226,13 -45 145,66 83,31 89,68 6,37 0,22
JOHNSON
CB062 22.652 26.524 431,226 215 -55 306 197,95 198,15 2,00 1,09
CB062 22.652 26.524 431,226 215 -55 306 207,85 208,00 2,00 0,22
CB065 22.716 26.593 406,656 215 -55 440,8 305,20 305,55 2,00 0,19
CB065 22.716 26.593 406,656 215 -55 440,8 316,00 317,50 2,00 0,26
CB001 22.772 26.225 384,3 44,13 -45 253 198,49 210,08 11,59 0,57
CB001 22.772 26.225 384,3 44,13 -45 253 219,82 223,10 3,28 1,04
CB001 22.772 26.225 384,3 44,13 -45 253 248,67 252,15 3,48 2,77
CB003 22.775 26.178 395,7 39,13 -45 236,4 324,80 328,08 3,28 2,75
CB029A 22.789 26.637 383,7 214,13 -45 404 327,55 327,78 2,00 0,17
MTC01 22.799 26.546 400,52 230 -50 401,5 261,00 262,00 2,00 0,21
CB038 22.825 26.512 389,527 216,13 -52 325 193,04 193,12 2,00 0,20
CB038 22.825 26.512 389,527 216,13 -52 325 213,93 227,51 13,58 0,57
CB017 22.844 26.480 404,1 229,13 -45 176,5 126,83 127,00 2,00 0,30
CB017 22.844 26.480 404,1 229,13 -45 176,5 142,36 142,57 2,00 0,29
CB017 22.844 26.480 404,1 229,13 -45 176,5 155,90 158,20 2,00 0,29
CB039 22.850 26.513 389,301 217,13 -45 324,7 165,24 165,40 2,00 0,35
CB040 22.851 26.545 391,49 217,13 -49 351 244,86 251,04 6,18 1,40
CB040 22.851 26.545 391,49 217,13 -49 351 261,20 261,33 2,00 1,56
CB040 22.851 26.545 391,49 217,13 -49 351 266,00 267,00 2,00 0,39
CB005 22.853 26.423 409,6 226,13 -45 215,04 50,82 54,28 3,46 0,46
CB005 22.853 26.423 409,6 226,13 -45 215,04 68,65 77,25 8,60 0,74
CB041 22.899 26.500 380,1 216,63 -55 279 196,95 197,55 2,00 1,91
CB041 22.899 26.500 380,1 216,63 -55 279 264,00 264,32 2,00 1,42
CB004 22.912 26.459 385,9 231,13 -37 146,46 76,59 81,99 5,64 0,64
CB004 22.912 26.459 385,9 231,13 -37 146,46 116,43 124,76 8,33 0,85
CB002 22.914 26.241 395,7 39,13 -45 236,4 177,20 178,92 2,00 0,58
CB002 22.914 26.241 395,7 39,13 -45 236,4 190,94 192,59 2,00 1,34
CB022 22.974 26.477 381,3 217,13 -60 245 183,20 185,22 2,02 0,95
CB022 22.974 26.477 381,3 217,13 -60 245 197,70 197,85 2,00 0,66
CB007 22.975 26.408 393,7 226,13 -45 145,66 57,48 57,76 2,00 0,36
----- End of picture text -----

Note: Blue highlights are significant intervals >0.5% WO3, bold highlights are intervals >1% WO3

Recent check assays have been included in interval averages; no uppercut to grade has been applied

Page 8 of 10

==> picture [190 x 34] intentionally omitted <==

==> picture [380 x 511] intentionally omitted <==

----- Start of picture text -----

RL AZIMUTH EOH FROM TO
HOLE # EAST NORTH (m) (Mag) DIP (m) (m) (m) M WO3%
DAZZLER
CB064 22.536 26.485 451,513 215 -55 368,5 4,80 5,80 2,00 0,21
CB064 22.536 26.485 451,513 215 -55 368,5 39,50 39,80 2,00 0,57
CB048 22.551 26.404 434,7 40,88 -46,5 120 18,18 18,30 2,00 0,23
CB048 22.551 26.404 434,7 40,88 -46,5 120 67,46 67,74 2,00 0,64
CB048 22.551 26.404 434,7 40,88 -46,5 120 78,95 79,16 2,00 0,47
CB048 22.551 26.404 434,7 40,88 -46,5 120 90,25 90,74 2,00 1,95
CB048 22.551 26.404 434,7 40,88 -46,5 120 96,36 96,50 2,00 0,19
CB063 22.621 26.613 434,986 215 -55 311,8 271,70 273,10 2,00 0,35
CB063 22.621 26.613 434,986 215 -55 311,8 282,44 282,88 2,00 1,91
CB063 22.621 26.613 434,986 215 -55 311,8 284,60 285,00 2,00 0,74
CB063 22.621 26.613 434,986 215 -55 311,8 296,50 296,80 2,00 1,09
CB062 22.652 26.524 431,226 215 -55 306 86,58 86,80 2,00 0,99
CB062 22.652 26.524 431,226 215 -55 306 106,20 114,10 7,90 0,30
CB062 22.652 26.524 431,226 215 -55 306 136,00 137,10 2,00 0,23
CB065 22.716 26.593 406,656 215 -55 440,8 282,00 282,30 2,00 0,45
CB006 22.730 26.469 443 224,13 -45 146,08 19,62 22,43 2,81 0,25
CB006 22.730 26.469 443 224,13 -45 146,08 39,62 39,79 2,00 0,99
CB006 22.730 26.469 443 224,13 -45 146,08 47,88 51,89 4,01 0,21
CB006 22.730 26.469 443 224,13 -45 146,08 66,41 66,56 2,00 0,30
CB018 22.748 26.717 383,027 217,63 -49 700 471,62 471,82 2,00 1,08
CB018 22.748 26.717 383,027 217,63 -49 700 169,00 173,72 4,72 1,08
CB001 22.772 26.225 384,3 44,13 -45 253 269,03 270,67 2,00 2,27
CB001 22.772 26.225 384,3 44,13 -45 253 285,09 286,49 2,00 0,83
CB029A 22.789 26.637 383,7 214,13 -45 404 249,00 249,64 2,00 1,35
MTC01 22.799 26.546 400,52 230 -50 401,5 145,00 146,00 2,00 0,58
MTC01 22.799 26.546 400,52 230 -50 401,5 160,00 161,00 2,00 0,26
CB038 22.825 26.512 389,527 216,13 -52 325 125,25 125,50 2,00 0,20
CB038 22.825 26.512 389,527 216,13 -52 325 146,76 149,01 2,25 2,18
CB052 22.834 26.602 384,821 210 -55 399,2 230,50 231,00 2,00 0,38
CB052 22.834 26.602 384,821 210 -55 399,2 288,45 288,65 2,00 0,62
CB017 22.844 26.480 404,1 229,13 -45 176,5 50,19 52,93 2,74 0,99
CB039 22.850 26.513 389,301 217,13 -45 324,7 116,00 116,20 2,00 0,64
CB039 22.850 26.513 389,301 217,13 -45 324,7 138,13 139,35 2,00 0,16
CB040 22.851 26.545 391,49 217,13 -49 351 117,24 119,20 2,00 2,09
CB040 22.851 26.545 391,49 217,13 -49 351 124,66 124,68 2,00 0,30
CB040 22.851 26.545 391,49 217,13 -49 351 150,00 151,00 2,00 0,26
CB040 22.851 26.545 391,49 217,13 -49 351 172,70 175,86 2,00 0,64
CB005 22.853 26.423 409,6 226,13 -45 215,04 4,92 5,00 2,00 0,31
CB005 22.853 26.423 409,6 226,13 -45 215,04 24,46 24,66 2,00 0,60
CB041 22.899 26.500 380,1 216,63 -55 279 112,33 117,03 4,70 0,12
CB041 22.899 26.500 380,1 216,63 -55 279 163,86 169,90 5,75 0,58
CB004 22.912 26.459 385,9 231,13 -37 146,46 24,21 24,59 2,00 0,47
CB004 22.912 26.459 385,9 231,13 -37 146,46 56,06 60,48 4,42 0,21
CB002 22.914 26.241 395,7 39,13 -45 236,4 227,03 228,67 2,00 1,54
CB022 22.974 26.477 381,3 217,13 -60 245 128,76 128,90 2,00 1,82
CB022 22.974 26.477 381,3 217,13 -60 245 160,89 162,57 1,68 8,00
----- End of picture text -----

Note: Blue highlights are significant intervals >0.5% WO3, bold highlights are intervals >1% WO3

Recent check assays have been included in interval averages; no uppercut to grade has been applied

Page 9 of 10

==> picture [190 x 34] intentionally omitted <==

Appendix 2

Table 3 – Results from re-assaying of selected core sections

==> picture [429 x 489] intentionally omitted <==

----- Start of picture text -----

Validation Results - Check Assaying vs Historical Result Assay Comparison
RL AZIMUTH EOH
HOLE # EAST NORTH (m) (Mag) DIP (m) FROM TO M INTERVAL WO3%
CB003 22775,4 26178,4 395,7 39,13 -45 236,4 248,56 262,00 ORIGINAL ASSAY 13,44 0,36
CB003 22775,4 26178,4 395,7 39,13 -45 236,4 248,56 262,00 RESAMPLING ASSAY 13,44 0,15
CB005 22850,3 26512,6 389,3 217,3 -45 324,70 68,65 77,25 ORIGINAL ASSAY 8,60 0,74
CB005 22850,3 26512,6 389,3 217,3 -45 324,70 68,65 77,25 RESAMPLING ASSAY 8,60 0,54
CB014 22475 26196 385,5 44,13 -45 297 64,00 68,35 ORIGINAL ASSAY 4,35 0,29
CB014 22475 26196 385,5 44,13 -45 297 64,00 68,37 RESAMPLING ASSAY 4,37 0,52
CB014 22475 26196 385,5 44,13 -45 297 81,52 81,7 ORIGINAL ASSAY 2,00 0,18
CB014 22475 26196 385,5 44,13 -45 297 81,52 81,7 RESAMPLING ASSAY 2,00 0,57
CB014 22475 26196 385,5 44,13 -45 297 102,50 103,07 ORIGINAL ASSAY 2,00 0,23
CB014 22475 26196 385,5 44,13 -45 297 102,44 103,12 RESAMPLING ASSAY 2,00 0,46
CB014 22475 26196 385,5 44,13 -45 297 190,20 190,45 ORIGINAL ASSAY 2,00 0,29
CB014 22475 26196 385,5 44,13 -45 297 190,20 190,43 RESAMPLING ASSAY 2,00 1,20
CB014 22475 26196 385,5 44,13 -45 297 200,26 200,57 ORIGINAL ASSAY 2,00 0,13
CB014 22475 26196 385,5 44,13 -45 297 200,30 200,51 RESAMPLING ASSAY 2,00 0,58
CB014 22475 26196 385,5 44,13 -45 297 277,07 277,28 ORIGINAL ASSAY 2,00 0,02
CB014 22475 26196 385,5 44,13 -45 297 277,00 277,21 RESAMPLING ASSAY 2,00 0,42
CB029A 22788,9 26637,3 383,7 214,13 -45 404 371,13 376,86 ORIGINAL ASSAY 5,73 1,12
CB029A 22788,9 26637,3 383,7 214,13 -45 404 371,00 376,93 RESAMPLING ASSAY 5,93 1,14
CB038 22825,2 26511,5 389,5 216,13 -52 325 213,93 227,51 ORIGINAL ASSAY 13,58 0,57
CB038 22825,2 26511,5 389,5 216,13 -52 325 213,93 227,56 RESAMPLING ASSAY 13,63 0,57
CB039 22850,3 26512,6 389,3 217,3 -45 324,70 260,53 261,90 ORIGINAL ASSAY 2,00 2,87
CB039 22850,3 26512,6 389,3 217,3 -45 324,70 260,53 261,90 RESAMPLING ASSAY 2,00 2,61
CB039 22850,3 26512,6 389,3 217,3 -45 324,70 271,90 274,25 ORIGINAL ASSAY 2,35 0,79
CB039 22850,3 26512,6 389,3 217,3 -45 324,70 271,90 274,25 RESAMPLING ASSAY 2,35 0,27
CB040 22850,6 26544,8 391,5 217,13 -49 351 244,90 251,04 ORIGINAL ASSAY 6,14 1,44
CB040 22850,6 26544,8 391,5 217,13 -49 351 244,85 251,04 RESAMPLING ASSAY 6,19 0,84
----- End of picture text -----

Page 10 of 10