FOCUS MINERALS LTD — Capital/Financing Update 2021

Jun 23, 2021

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Market Announcement

24 June 2021

CNX’s Mineral Resource increases 30% in major boost for Coolgardie Gold Project

Highlights:

• CNX’s open pit Mineral Resource increased by 30% as a result of twin, infill and geotechnical drilling

• 66% conversion of the December 2020 CNX Mineral Resource to Indicated status following June 2021 Quarter drilling programs

• Drilling confirmed average mineralisation width of 35m over 700m strike, highlighting CNX’s bulk mining potential

• Additional resource development drilling underway

• 400m CNX-style mineralisation confirmed at nearby Green Light target

West Australian gold explorer Focus Minerals ( ASX: FML ) ( Focus or the Company ) is pleased to announce a significant Mineral Resource upgrade for the CNX deposit, at the Coolgardie Gold Project.

The 30% increase in CNX’s Mineral Resource was achieved on the back of successful drilling campaigns, which also highlighted that this shallow gold deposit remains open at depth and along strike. Focus is planning another drilling program targeting a resource extension.

The Coolgardie Gold Project ( Coolgardie ) covers 175km[2] of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. An updated Pre-Feasibility Study ( PFS ) delivered a NPV7.5% of $183 million (see ASX announcement dated 22 September 2020), prior to the latest mineral resource success at CNX.

CNX is immediately north-west along strike to the Three Mile Hill open-cut mine and close to the Three Mile Hill processing plant (in care and maintenance). The mineralisation sub-crops over a drill-defined strike of 700m. The updated CNX open pit Mineral Resource is reported on a dry tonnage basis using a 0.7 g/t Au cut-off to 290mRL and a southern strike extent cut-off of 6,577,490mN (MGA94, Zone 51).

Classification	Tonnage (Mt)	Au Grade (g/t)	Au Contained Oz	Change vs Dec 2020
Indicated	2.2	1.5	105,000	+105,000
Inferred	1.2	1.4	55,000	- 68,000
Total Mineral Resource	3.4	1.5	159,000	+37,000

Focus Minerals Limited ACN 005 470 799 | ABN 56 005 470 799 | ASX: FML Level 2, 159 Adelaide Terrace, East Perth WA 6004 | PO Box 3233, East Perth WA 6892 T +61 (0) 8 9215 7888 | F +61 (0) 8 9215 7889 | E info@focusminerals.com.au | W focusminerals.com.au

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Commenting on the CNX Mineral Resource update, Focus Minerals’ CEO, Mr Zhaoya Wang, said:

“The growing bulk-style CNX deposit is ideally located to supply our Three Mile Hill plant, which will be the centrepiece of a proposed restart of gold mining operations at Coolgardie. It is likely that the fastexpanding CNX deposit will be the primary source of open-pit mill feed in the initial years of a resumption of mining. Further resource additions at CNX and at the highly exciting Green Light target will strongly enhance our mining plans at Coolgardie.”

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CNX (Caledonia North Extended)

Emerging bulk-tonnage pit option enhances Coolgardie mine plan

The CNX gold deposit is located on the north-west extension of the Three Mile Hill open pit. The strike of the Mineral Resource being reported is 700m and reported to a vertical depth of 138m (290mRL) and south east strike cut off at northing 6,577,490mN (GDA94, Zone 51). CNX is located only 1.25km north north-west of the Three Mile Hill ROM pad.

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Figure 1: Coolgardie location map highlighting recent Mineral Resource updates and Mineral Resources currently under review.

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CNX Location and Historic Production

The CNX deposit is contiguous with the Three Mile Hill open pit, which had historic production of 4.2Mt @ 2.4 g/t Au for 324Koz. CNX is located on the north-west extension of the Three Mile Hill Mineral Resource, starting on the north-western side of Great Eastern Highway. The June 2021 CNX resource model has been truncated 40m north-west of Great Eastern Highway at northing 6,577,490mN.

Exploration has been conducted along strike of CNX. This drilling has confirmed the presence of the host G2 Gabbro, extending a further 800m north-east and around a fold into the Green Light target.

Based on drilling-defined geology and mineralisation, the CNX trend has been divided into three regions (Figure 2) comprising:

1. CNX Main covers a 700m strike of the G2 Gabbro-hosting, bulks-style mineralisation averaging widths of 35m;

2. The Gap Zone extends north-west of CNX Main over a 390m strike and is transected by several cross faults. This area appears to have been targeted by several shallow workings and minor shafts, possibly targeting cross faults and loosely named Princess Midas workings; and

3. Green Light is the west south-west trending limb of the folded mine stratigraphy starting immediately to the west of the Gap Zone. Shallow drilling in the June 2021 Quarter confirmed 400m strike of CNX-style mineralisation hosted by G2 Gabbro at Green Light. There is a prominent shaft located on the north-east side of Green Light called Princess Midas. No production figures are available for the Princess Midas workings.

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Figure 2: Plan view showing the location of CNX along strike from the Three Mile Hill deposit. The 2D location of significant intersections drilled in 2020-21 exceeding 0.5g/t and including up to 3m internal dilution are shown by dots, coloured as: CNX Main (red dots), Gap Zone (blue dots) and Green Light (green dots). The G2 Gabbro (pink semi-transparent polygon) is the host of the majority of the CNX and Green Light mineralisation. The G2 Gabbro strikes north-west at Three Mile Hill, CNX and the Gap Zone. At the east side of Green Light the G2 Gabbro is folded and strikes west south-west. The location of section boxes for Figure 3 (yellow box) and Figure 4 (Blue Box) are also shown. Princess Midas shallow workings and minor shafts are shown as orange stars. The larger Princess Midas shaft is marked by a red star.

The CNX deposit was last mined in 1992 as a 30m deep and 270m long north-west striking open pit. No accurate production records exist. However, based on historic grade control and the new Mineral Resource model cut-off at 0.7g/t Au, production is estimated to have been in the vicinity of 319Kt @ 1.7g/t for 18Koz.

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CNX Geology and Structure Summary

Infill drilling at CNX, and in particular a significant amount of orientated HQ diamond core, has confirmed the structural controls at CNX. The drilling also indicated that the December 2020 Mineral Resource update was valid and needed only minimal adjustment.

The main control on the bulk-style tabular mineralisation at CNX is the G2 Gabbro (Figure 2). Within the G2 Gabbro, 0.5cm to +5cm quartz-chlorite-sulphide veins form a series of stacked, shallow southwest dipping stockworks (Figures 3 and 4). Higher-grade mineralisation dips south-east within the G2 Gabbro and is characterised by sets of 5cm to 30cm-thick quartz-chlorite-sulphide veins (Figure 5). The stockworks and higher-grade, south-east dipping veins were deposited contemporaneously and mutual overprinting relationships are observed in core.

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Figure 3: Sectional view north-west of the interpreted cross section 20CNDD001. The sub-vertical pink polygon shows the location of the modelled G2 Gabbro that hosts the majority of the CNX mineralisation. The labelled significant intersection was calculated using a 0.5g/t cut-off and up to 3m internal dilution. Red polygons show the location of the stockworks that host the bulk of CNX mineralisation. A preliminary pit design that was developed to assess the December 2020 CNX Mineral Resource update is also shown.

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Figure 4: Sectional view north-west of the interpreted cross section 21CNDD004 that was drilled beneath the December 2020 CNX Mineral Resource. The sub-vertical pink polygon shows the location of the modelled G2 Gabbro that hosts the majority of the CNX mineralisation. The blue arrows show the location of infill holes pending assays, drilled on azimuths nearly perpendicular to the viewing plane and optimally targeting the stockworks. Labelled significant intersections were calculated using a 0.5g/t cut-off and up to 3m internal dilution. Red polygons show the location of the stockworks that host the bulk of CNX mineralisation. A preliminary pit design that was developed to assess the December 2020 CNX Mineral Resource update is also shown.

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Figure 5: Long sectional view north-east of the CNX Main Indicated block model with only 2020 and 2021 drilling traces shown (the blue arrows show the location of diamond tails pending assays). Labelled significant intersections were calculated using a 0.5g/t cut-off and up to 3m internal dilution. The magenta polygon represents the next area to be targeted with infill resource drilling scheduled for July 2021. Preliminary pit optimisations have been performed on the June 2021 CNX Mineral Resource update suggesting initial pit depths of ~200m. The red-dashed polygon shows the region to 200m depth that will be targeted in later resource development programs.

The northern margin of CNX Main plunges to the south-east in the vicinity of inferred cross faulting. To the south-east of the cross faulting, CNX Main mineralisation is characterised as bulk tonnage with widths between 30m and 45m (average width of 35m) over a 700m strike. Recent significant intersections calculated using a 0.5 g/t cut-off and up to 3m internal dilution at CNX Main include:

• 20CNRC001 37m @ 3.49g/t from 59m for (GxM 129)

• 21CNDD004 20m @ 5.2g/t from 178m for (GxM 104)

• 21CNRD027 10m @ 7.14g/t from 185m for (GxM 71)

• 21CNRC026 15m @ 2.57g/t from 95m for (GxM 38)

• 21CNRC026 10m @ 3.27g/t from 118m for (GxM 33)

For 390m north-west of CNX Main the mineralisation is still mostly hosted by the G2 Gabbro (Figure 2). However, the grade and thickness are much more variable and this area is now called the Gap Zone. The northern and central parts of the Gap Zone have been targeted by a number of shafts and exploration pits historically called Princess Midas. At about 350-390m to the north-west of CNX, additional cross faults result in some block faulting of the G2 Gabbro to mark the northern part of the Gap Zone (Figure 2). Recent significant intersections calculated using a 0.5 g/t cut-off and up to 3m internal dilution from the Gap Zone include:

• 21CNRC023 20m @ 0.9g/t from 85m for (GxM 18)

• 21CNRC024 10m @ 1.42g/t from 73m for (GxM 14)

• 21CNRC024 9m @ 1.39g/t from 87m for (GxM 12)

• 21CNRC010 11m @ 0.91g/t from 177m for (GxM 10)

From 390m north-west of CNX the G2 Gabbro is folded striking to the west south-west (Figure 2). This west south-west strike of the G2 Gabbro is now named Green Light. Shallow reconnaissance drilling at Green Light has identified significant CNX-style stockwork mineralisation from near-surface over 400m strike.

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Given current limited drilling at Green Light, no resource estimate is currently possible. Additional assay results are pending at Green Light and will be assessed prior to the Company planning follow-up resource development drilling. Recent significant intersections calculated using a 0.5 g/t cut-off and up to 3m internal dilution from Green Light include:

• 21CNRC015 19m @ 1.93g/t from 64m for (GxM 37)

• 21CNRC001 33m @ 0.89g/t from 87m for (GxM 29)

• 21CNRC017 14m @ 1.57g/t from 202m for (GxM 22)

• 21CNRC030 12m @ 1.42g/t from 33m for (GxM 17)

CNX Exploration Target

The June 2021 CNX open pit Mineral Resource update outlines an emerging bulk-tonnage resource that remains open for additional extensions at depth and along strike.

Based on the Company’s current understanding of the CNX-Three Mile Hill mine corridor geology and mineralisation distribution, Focus has determined the additional CNX open pit Exploration Target in the region, marked by the dashed polygons in Figure 5, comprises:

CNX Open Pit Exploration	Tonnage	Au Grade	Au Contained
Target	(Mt)	(g/t)	Koz
CNX Open Pit	2.0 – 2.4	1.40 – 1.5	90 – 120

The CNX Exploration Target will be assessed by exploration drilling and resource modelling over the next 12 months. The first resource development drilling program is scheduled to start in July 2021.

The potential quantity and grade of the Exploration Target are conceptual in nature and therefore only an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Figure 6: View south towards the Three Mile Hill Crusher/ROM in December 2020 when drilling was underway at CNX.

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Green Light Exploration Target

Drilling completed in the June 2021 Quarter at Green Light located shallow CNX-style mineralisation over a 400m west south-west strike length. The Green Light mineralisation remains open for extension.

Based on the current understanding of the CNX-Three Mile Hill mine corridor geology and mineralisation intersected to date at Green Light, Focus has determined the initial Green Light open pit Exploration Target to comprise:

Green	Light Open Pit Exploration Target	Tonnage (Mt)	Au Grade (g/t)	Au Contained Koz
	Green Light Open Pit	1.1 – 1.5	1.4 – 1.5	50 – 70

The Green Light Exploration Target will be assessed by exploration drilling and resource modelling over the next 12 months. First drilling using diamond and reverse circulation (RC) holes started during June 2021.

The potential quantity and grade of the Exploration Target are conceptual in nature and therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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The release of this ASX announcement was authorised by Mr Zhaoya Wang, CEO of Focus Minerals Ltd.

For further information For media and investor enquiries please contact: please contact:

Alex Aaltonen Peter Klinger General Manager Exploration Director, Investor Relations Focus Minerals Ltd. Cannings Purple Phone: +61 8 9215 7888 Phone: +61 411 251 540 Email: info@focusminerals.com.au Email: pklinger@canningspurple.com.au

About Focus Minerals Limited (ASX: FML)

Focus Minerals is a Perth-based, ASX-listed gold exploration company focused on delivering shareholder value from its 100%-owned Laverton Gold Project and Coolgardie Gold Project, in Western Australia’s Goldfields.

The flagship Laverton Gold Project covers 386km[2] area of highly prospective ground that includes the historic Lancefield and Chatterbox Trend mines. Focus’ priority target is to confirm sufficient gold mineralisation at the Beasley Shear Zone, Lancefield-Wedge Thrust, Karridale and Burtville to support a Stage 1 production restart at Laverton. In parallel, Focus is working to advance key Laverton resource growth targets including Sickle, Ida-H and Burtville South. Focus has delivered first results from a progressive Pre-Feasibility Study (Pre Tax NPV5.0% A $132M) and is advancing study work utilising Laverton’s expanded Mineral Resource position.

Focus is also committed to delivering shareholder value from the Coolgardie Gold Project, a 175km[2] tenement holding that includes the 1.4Mtpa processing plant at Three Mile Hill (on care and maintenance), by continuing exploration and value-enhancing activities. An updated PFS in September 2020 highlighted the potential for a low capital cost, fast-tracked return to mining at Coolgardie and delivered an NPV7.5% of $183 million. The Company’s efforts are now focused on increasing production ready Mineral Resources at Coolgardie.

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Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Alex Aaltonen, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Aaltonen is an employee of Focus Minerals Limited. Mr Aaltonen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to 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.

The Mineral Resource estimates were undertaken by Ms Hannah Kosovich, an employee of Focus Minerals. Ms Hannah Kosovich is a member of Australian Institute of Geoscientists and has sufficient experience 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 Aaltonen and Ms Hannah Kosovich consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The CNX and Green Light Exploration Targets in this announcement were compiled by Mr Alex Aaltonen, who is a Member of AusIMM and, employee of Focus Minerals. Mr Aaltonen has sufficient experience with the style of mineralisation/deposit under consideration 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 Aaltonen consents to the release of the CNX and Green Light Exploration Targets for the form and context as it appears.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Sampling techniques	FML RC Sampling • Focus Minerals Ltd (FML) RC percussion drill chips were collected through a cyclone and riffle splitter. Samples were collected on a 1m basis. The spoils were either bagged per metre in appropriately sized plastic bags or placed on the ground and left in neat rows at 1m intervals with an accompanying cone split 1m calico sample FML Diamond Core Sampling • Diamond core was collected into standard plastic core trays. Down hole depths were marked onto wooden core blocks and stored in the trays. • The diamond core was marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of mineralisation and/or alteration. Whenever possible the cutline was drawn parallel to and close to the core orientation line to ensure the cutline was consistent over the hole. The core was cut in half using an automatic core saw, with half-core samples submitted for analysis. • At the assay laboratory all samples were oven dried, crushed to a nominal 10mm using a jaw crusher (core samples only) and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight before being pulverized to 90% passing 75μm. • The diamond core was orientated and marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of mineralisation and/or alteration. The core was cut in half using an Almonte automatic core saw. • Goldfan collected 2kg samples as either 4m composites or as 1m samples through mineralised ground or interesting geology. Samples were run through a cyclone and then put through a riffle splitter. Where the 4m composite samples returned greater than 0.25g/t Au, 1m samples were submitted. • Cord Holdings (Cord) collected 1m samples off the RC rig, split the samples by unknown methods and submitted them for assay. • Information on the seven Diamond holes drilled by Northland Minerals Ltd is limited and only referred to as an internal report on WAMEX. However, four of these holes were targeted within the current CNX pit. Samples were taken as predominantly 1m intervals, with 2m composites taken from surface to approx. 18m below surface. Samples were also taken to geological contacts. • Clackline Ltd (Clackline) drilled RC pre-collars followed by NQ drill core. The RC pre-collars were riffle split with 1m samples submitted for assay, while NQ core was sawn and ½ core 1m samples submitted for analysis.
Drilling techniques	• Years 2020 onward FML RC drilling was conducted using a 5 3/8inch face sampling hammer for RC drilling. • At hole completion, downhole surveys for RC holes were completed at a 10m interval by using True North Seeking Gyro tool. Otherwise, a single shot Eastman camera downhole survey was used either “in-rod” or “open hole”. • Years 2020 onward FML diamond drilling core was drilled at NQ2/HQ3/PQ size. All drill core was oriented where competent by the drilling contractor using an electronic, accelerometer-based system. • At hole completion diamond holes were open hole surveyed using an electronic multi-shot (EMS) tool in single shot mode at a range of intervals between 20m and 50m on drilling advance, averaging 30m. • Year 2014 FML drilling was completed using an RC face sampling hammer or NQ2/HQ3 size diamond core. Where achievable, all drill core was oriented by the drilling contractor using an Ezy-mark system. Most holes were surveyed upon completion of drilling using an EMS camera open hole.

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	• Goldfan used RC face sampling hammer. Holes were downhole surveyed by Eastman single shot camera and later by Eastman multiple shot camera. • Cord RC holes were completed using RC roller and hammer. • Clackline drilled RC pre-collars followed by NQ diamond core tails. Holes were downhole surveyed by Eastman single shot camera.
Drill sample recovery	• FML sample recovery was recorded by a visual estimate during the logging process. • All RC samples were drilled dry whenever possible to maximize recovery, with water injection on the outside return to minimise dust. • FML DD sample recovery was measured and calculated (core loss) during the logging process. DD core had excellent recovery. • Goldfan states a consistent sample recovery in the range of 80-90%. • Cord, Clackline and Northland sample recovery is unknown.
Logging	The information of logging techniques below applies to the drill holes drilled by FML only. • All core samples were oriented, marked into metre intervals and compared to the depth measurements on the core blocks. Any loss of core was noted and recorded in the drilling database. • All RC samples were geologically logged to record weathering, regolith, rock type, colour, alteration, mineralisation, structure and texture and any other notable features that are present. • All diamond core was logged for structure, and geologically logged using the same system as that for RC. • The logging information was transferred into the company’s drilling database once the log was complete. • Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. • Diamond core was photographed one core tray at a time wet and dry using a standardised photography jig. • RC chip trays are wet photographed. • The entire length of all holes is logged. Historic RC holes have been logged at 1m intervals to record weathering, regolith, rock type, colour, alteration, mineralisation, structure and texture and any other notable features that are present.
Sub-sampling techniques and sample preparation	• FML core samples were taken from half core, cut using an Almonte automatic core saw. The remainder of the core was retained in core trays tagged with a hole number and metre mark. • FML RC samples were riffle split to a nominal 2.5kg to 3kg sample weight. The drilling method was designed to maximise sample recovery and delivery of a clean, representative sample into the calico bag. • 2014 FML The samples were submitted to ALS or Kal Assay for analysis. • 2020 onward FML samples were submitted to Jinning lab in Kalgoorlie with gold analysed by fire assay • Where possible all RC samples were drilled dry to maximise recovery. Sample condition was recorded (wet, dry, or damp) at the time of sampling and recorded in the database. • The samples were collected in a pre-numbered calico bag bearing a unique sample ID. Samples were crushed to 75μm at the laboratory and riffle split (if required) to a maximum 3kg sample weight. Gold analysis was primarily a 40g Fire Assay for individual samples with an ICP-OES or AAS Finish. • The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion.

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	• FML QAQC checks involved inserting a certified standard or blank alternating every 20 samples. A minimum of 3 standards was inserted for every sample batch submitted. • The sample sizes are considered to be appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration. • Goldfan originally submitted its samples to Australian Laboratories Group Kalgoorlie. The 2kg samples were oven dried, then crushed to a nominal 6mm and split once through a Jones riffle splitter. A 1kg sub-sample was fine pulverised in a Keegor Pulveriser to a nominal 100 microns. This sample was homogenised and 400-500g split as the assay pulp for analysis. Assaying was by a classical fire assay on a 50g charge to a lower detection limit of 0.01 ppm gold. • Later RC drilled by Goldfan was submitted to Minlab Kalgoorlie where the whole of the sample is pulverised in a ring mill before 300g sample is split as the assay pulp. Assaying was by fire assay on a 50g charge to a lower detection limit of 0.01 ppm gold. • Goldfan conducted inter-laboratory check sampling over approx. 10% of holes over the whole program with results found to be within acceptable limits. • Laboratory repeat checks were also run on the assay data. • Cord submitted 1m samples to Kalgoorlie Assay Laboratory. • Clackline submitted 1m RC samples or 1m ½ core diamond samples to Australian Assay Laboratories for fire assay on a 50g charge.
Quality of assay data and laboratory tests	• The assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. • No geophysical tools, spectrometers or handheld XRF instruments were used. • The QA/QC process described above was sufficient to establish acceptable levels of accuracy and precision. All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances.
Verification of sampling and assaying	• Significant intervals were visually inspected by company geologists to correlate assay results to logged mineralisation. Consultants were not used for this process. • Primary data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. Once loaded, data was extracted for verification by the geologist in charge of the project. • No adjustments were made to any current or historic data. If data could not be validated to a reasonable level of certainty it was not used in any resource estimations.
Location of data points	• All 2020 onwards FML drill core was oriented by electronic accelerator system. All diamond holes were surveyed on advance during drilling single shot, open hole using a reflex system. • All 2020 onwards FML RC holes were down hole surveyed using a north seeking gyro. • All 2014 FML holes were surveyed using an EMS system. • After completion, the drill hole locations were picked up by DGPS with accuracy of +/-20cm. • All coordinates and bearings use the MGA94 Zone 51 grid system. • FML utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments. • Detailed drone topography and imagery has also been acquired over the project area to provide additional topographic detail and spatial accuracy. • Goldfan holes were laid out and picked up by the Three Mile Hill Survey Department. Down hole surveying was conducted by Down Hole Surveys using Eastman multiple shot cameras.

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	• Clackline used Eastman single shot cameras for down hole surveying and state collars were surveyed with respect to local grids that existed at the time.
Data spacing and distribution	• Drill spacing along CNX in indicated resource areas approxets 20m x 10m. Infreed parts of the CNX resource ha a drill spacing approximating 40m x 20m. The average depth of the RC drilling is 80m, with a maximum depth of 149m and the average depth of the diamond drilling was 100m with a maximum depth of 131.05m.
Orientation of data in relation to geological structure	• Drilling was designed based on known geological models, field mapping, verified historical data and cross-sectional interpretation. • The vast majority of holes are oriented at right angles to the strike of the host G2 Gabbro intrusion, with dip optimised for drill capabilities and the dip of the ore body. • During 2020 and 2021 significant additional structural data was acquired from Geotechnical drilling. Based on this data 8 RC/DD holes were drilled with dips to the NW in order to facilitate the best possible orientation of drilling to test the CNX stockwork and convert significant parts of the resource to indicated status
Sample security	• All samples were reconciled against the sample submission with any omissions or variations reported to FML. • All samples were bagged in a tied numbered calico bag, grouped into green plastic bags. The bags were placed into cages with a sample submission sheet and delivered directly from site to the Kalgoorlie laboratories by FML personnel. • Historic sample security is not recorded.
Audits or reviews	• A review of sampling techniques was carried out by rOREdata Pty Ltd in late 2013 as part of a database amalgamation project. Their only recommendation was to change the QA/QC intervals to bring them into line with the FML Laverton system, which uses the same frequency of standards and duplicates but has them inserted at different points within the numbering sequence.

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Section 2 Reporting of Exploration Results

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

Criteria	Commentary
Mineral tenement and land tenure status	• CNX is located within Mining Lease M15/645, registered to Focus Minerals Ltd. and Focus Operations Pty Ltd of Perth, Western Australia and which is current until March 2035. • The Malinyu Ghoorlie 2017 and Maduwongga 2017 Claims overlap this resource area.
Exploration done by other parties	• CNX and the adjacent Three Mile Hill deposits have been explored by numerous parties over the years. A 1986 Cord WAMEX report references the lease mentioned in 1947 Department of Mines Annual Reports. They also indicate earlier prospecting activity was evident by: • two shallow shafts • several shallow pits sunk within the mineralised dolerite belt. • large scale alluvial/elluvial surface mining by previous holders • More modern exploration of the deposit has involved various drilling campaigns by various drilling methods such as RAB, RC and Diamond since the mid 1960’s. • Geological mapping, trenching, ground magnetics, aeromagnetics and soil sampling have also been routinely carried out by other parties since the mid 1980’s. • Herald Resources briefly mined CNX in the 1990’s by open pit extraction while it was mining the adjacent Three Mile Hill deposit to the SE of the Great Eastern Highway. A 1.2Mtpa processing plant was constructed at the Three Mile Hill deposit. • The existing CNX pit is 275m long, 75m wide and has been mined to a depth of 30m. • Production figures for the historic CNX OP are not available however the portion of the new resource within the old pit can be calculated and reports at 0.7 g/t cut off as 319Kt @ 1.7g/t for 18Koz (figures rounded). Further to the south-east along the strike of the host G2 Gabbro is the Three Mile Hill OP. TMH OP has reported production of 4.2Mt at a grade of 2.4g/t Au for 324,116 ounces.
Geology	CNX Main • The CNX deposit mineralisation is located within the steeply southwest dipping and northwest striking Three Mile Hill Meta-gabbro. The Three Mile Hill Gabbro is a layered sill which includes a differentiated coarse grained granophyric quartz- hornblende granodiorite unit locally called “G2 Gabbro”. • The bulk of the quartz stockwork hosted mineralisation is developed within the G2 Gabbro. • Bulk style stockwork mineralisation is hosted by networks of 1 to +5cm quartz veins with general very shallow dips to the south-west. • Higher grade, generally 5 to +30cm laminated quartz veins, dip moderately to the south-east. • Together the two orientations of quartz vein stockworks have developed a bulk-style, tabular ore body at CNX Main within the G2 Gabbro. This mineralisation extends under the Great Eastern Highway and has been confirmed by drilling to be contiguous with the Three Mile Hill OP 190m to the south-east. • The main part of the CNX deposit averages 35 to 45m width and outcrops/subcrops over more than 700m strike. • Infill and extensional drilling conducted since late 2020 has shown the mineralisation at CNX main to be remarkably consistent and predictable with new drill holes beneath the indicated parts of the resource confirming potential for future resource expansion. CNX Gap Zone/Princess Midas • Recent drilling north of CNX OP has confirmed the location of the G2 Gabbro extending a further 190m to the NW before folding and extending an additional 400m to the west – southwest.

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		• Stockworks have been intersected between the north end of CNX Main and the fold nose over 190m strike. However, the tenor and width of the mineralisation declines in this area and it is now termed the “Gap Zone”. It is also noted the Gap Zone is crosscut by several north-west trending faults resulting in block faulting of the stratigraphy. • Several shallow workings and a single significantly larger shaft are located at the north end of the Gap Zone, historically called “Princess Midas”. The workings have targeted some of the Gap Zone crosscutting faults and also the eastern margin of the fold hinge where the mine stratigraphy changes orientation and extends west- southwest. Green Light • Drilling has been conducted over 400m west-southwest strike of this fold limb targeting the now mapped G2 Gabbro. The drilling has extended a new zone of CNX bulk style mineralisation 400m to the west. This developing prospect has been named “Green Light”	• Stockworks have been intersected between the north end of CNX Main and the fold nose over 190m strike. However, the tenor and width of the mineralisation declines in this area and it is now termed the “Gap Zone”. It is also noted the Gap Zone is crosscut by several north-west trending faults resulting in block faulting of the stratigraphy. • Several shallow workings and a single significantly larger shaft are located at the north end of the Gap Zone, historically called “Princess Midas”. The workings have targeted some of the Gap Zone crosscutting faults and also the eastern margin of the fold hinge where the mine stratigraphy changes orientation and extends west- southwest. Green Light • Drilling has been conducted over 400m west-southwest strike of this fold limb targeting the now mapped G2 Gabbro. The drilling has extended a new zone of CNX bulk style mineralisation 400m to the west. This developing prospect has been named “Green Light”	• Stockworks have been intersected between the north end of CNX Main and the fold nose over 190m strike. However, the tenor and width of the mineralisation declines in this area and it is now termed the “Gap Zone”. It is also noted the Gap Zone is crosscut by several north-west trending faults resulting in block faulting of the stratigraphy. • Several shallow workings and a single significantly larger shaft are located at the north end of the Gap Zone, historically called “Princess Midas”. The workings have targeted some of the Gap Zone crosscutting faults and also the eastern margin of the fold hinge where the mine stratigraphy changes orientation and extends west- southwest. Green Light • Drilling has been conducted over 400m west-southwest strike of this fold limb targeting the now mapped G2 Gabbro. The drilling has extended a new zone of CNX bulk style mineralisation 400m to the west. This developing prospect has been named “Green Light”	• Stockworks have been intersected between the north end of CNX Main and the fold nose over 190m strike. However, the tenor and width of the mineralisation declines in this area and it is now termed the “Gap Zone”. It is also noted the Gap Zone is crosscut by several north-west trending faults resulting in block faulting of the stratigraphy. • Several shallow workings and a single significantly larger shaft are located at the north end of the Gap Zone, historically called “Princess Midas”. The workings have targeted some of the Gap Zone crosscutting faults and also the eastern margin of the fold hinge where the mine stratigraphy changes orientation and extends west- southwest. Green Light • Drilling has been conducted over 400m west-southwest strike of this fold limb targeting the now mapped G2 Gabbro. The drilling has extended a new zone of CNX bulk style mineralisation 400m to the west. This developing prospect has been named “Green Light”
Drill hole Information		• Historic drilling information has been validated against publicly available WAMEX reports. Company Drill Hole Number WAMEX Report A- Number WAMEX Report Date CLACKLINE TMH004R, TMH011R, TMH013R, TMH014R, TMH016R, TMH018R, TMH019R, TMH021R, TMH022R, TMH023R, TMH024R, TMH031R, TMH032R, TMH033R, TMH034R, TMH035R, TMH036R, TMH037R, TMH038R, TMH039R, TMH040R, TMH041R,TMH042R 20750 Jan-86 ECN001RD,ECN002RD 20750 Jan-86 ECN003RD,ECN004RD 20344 1986 CORD-PAL RC1, RC10, RC11, RC12, RC13, RC14, RC15, RC16, RC17, RC18, RC19, RC2, RC20, RC21, RC22, RC23, RC24, RC3, RC4, RC5, RC6, RC7, RC8 19363 Jun-86 GOLDFAN TMH001RD, TMH012RD, TMH072RD, TMH098RD, TMH099RD, TMH102RD, TMH015RD, TMH071RD, TMH353RD, TMH354RD,TMH355RD 25383 Oct-88 TMH185R, TMH186R, TMH188R, TMH189R, TMH190R, TMH191R, TMH192R, TMH193R, TMH194R, TMH205R, TMH180R, TMH181R, TMH196R, TMH197R, TMH198R, TMH199R, TMH200R, TMH201R, TMH202R, TMH203R, TMH204R, TMH206R, TMH207R, TMH209R, TMH210R, TMH211R, TMH212R, TMH164RD, TMH165RD, TMH166RD, TMH167RD, TMH168RD, TMH169RD, TMH170RD, TMH171RD, TMH172RD, TMH173RD, TMH176RD, TMH177RD, TMH179RD, TMH182RD, TMH183RD, TMH174RD, TMH175RD, TMH178RD, TMH208RD 33456 Jun-91
		Company	Drill Hole Number	WAMEX Report A- Number	WAMEX Report Date
		CLACKLINE	TMH004R, TMH011R, TMH013R, TMH014R, TMH016R, TMH018R, TMH019R, TMH021R, TMH022R, TMH023R, TMH024R, TMH031R, TMH032R, TMH033R, TMH034R, TMH035R, TMH036R, TMH037R, TMH038R, TMH039R, TMH040R, TMH041R,TMH042R	20750	Jan-86
			ECN001RD,ECN002RD	20750	Jan-86
			ECN003RD,ECN004RD	20344	1986
		CORD-PAL	RC1, RC10, RC11, RC12, RC13, RC14, RC15, RC16, RC17, RC18, RC19, RC2, RC20, RC21, RC22, RC23, RC24, RC3, RC4, RC5, RC6, RC7, RC8	19363	Jun-86
		GOLDFAN	TMH001RD, TMH012RD, TMH072RD, TMH098RD, TMH099RD, TMH102RD, TMH015RD, TMH071RD, TMH353RD, TMH354RD,TMH355RD	25383	Oct-88
			TMH185R, TMH186R, TMH188R, TMH189R, TMH190R, TMH191R, TMH192R, TMH193R, TMH194R, TMH205R, TMH180R, TMH181R, TMH196R, TMH197R, TMH198R, TMH199R, TMH200R, TMH201R, TMH202R, TMH203R, TMH204R, TMH206R, TMH207R, TMH209R, TMH210R, TMH211R, TMH212R, TMH164RD, TMH165RD, TMH166RD, TMH167RD, TMH168RD, TMH169RD, TMH170RD, TMH171RD, TMH172RD, TMH173RD, TMH176RD, TMH177RD, TMH179RD, TMH182RD, TMH183RD, TMH174RD, TMH175RD, TMH178RD, TMH208RD	33456	Jun-91

Market Announcement | Page 18 of 28

				TMH222R, TMH223R, TMH224R, TMH225R, TMH226R, TMH227R, TMH228R, TMH229R, TMH230R, TMH231R, TMH232R, TMH242R, TMH243R, TMH244R, TMH245R, TMH246R, TMH247R, TMH248R, TMH249R, TMH250R, TMH251R	TMH222R, TMH223R, TMH224R, TMH225R, TMH226R, TMH227R, TMH228R, TMH229R, TMH230R, TMH231R, TMH232R, TMH242R, TMH243R, TMH244R, TMH245R, TMH246R, TMH247R, TMH248R, TMH249R, TMH250R, TMH251R	43021	Dec-94	Dec-94
				TMH255R, TMH256R, TMH258R, TMH259R, TMH260R, TMH261R, TMH262R, TMH263R, TMH264R, TMH265R, TMH266R, TMH267R, TMH268R, TMH269R, TMH270R, TMH271R, TMH272R, TMH273R, TMH275R, TMH276R, TMH279R, TMH280R, TMH282R, TMH283R, TMH284R, TMH285R, TMH287R, TMH288R, TMH289R, TMH290R, TMH291R, TMH292R, TMH294R, TMH296R, TMH297R, TMH299R, TMH300R, TMH301R, TMH302R, TMH303R, TMH304R, TMH305R, TMH306R, TMH307R, TMH308R, TMH309R, TMH310R, TMH311R, TMH312R, TMH313R, TMH314R, TMH315R, TMH316R, TMH317R, TMH321R, TMH322R, TMH323R, TMH324R, TMH327R, TMH328R, TMH329R, TMH330R, TMH331R, TMH333R, TMH334R, TMH335R, TMH336R, TMH337R, TMH338R, TMH339R,TMH340R,TMH341R		46486	Dec-95
				TMH579R,TMH578RD		53195	Dec-97
		GMC /GOLDFAN		TMH338R, TMH339R, TMH340R, TMH341R, TMH344RD, TMH345RD, TMH346RD, TMH347RD, TMH352RD, TMH353RD,TMH354RD,TMH355RD		49956	Jan-97
		FOCUS		CNXC001, CNXC002, CNXC003, CNXC003A, CNXC004, CNXC005, CNXC006, CNXC007, CNXC008, CNXC009, CNXC010, CNXC011, CNXC012, CNXC013, CNXC015, CNXC016, CNXC017,CNXDD014		96924	Feb-12
				CNXC019, CNXC020, CNXC021, CNXC022, CNXC023, CNXC024, CNXC025, CNXC026, CNXC027, CNXC028, CNXC029, CNXC030, CNXC031,CNXC032		101352	Feb-14
				20CNDD001, 20CNRC001, 20CNRC002, 20CNRC003		126766	Feb-21
		• Holes not available through WAMEX but previously reported:
		Company	Drill Hole Number		Announcement			Release Date
		Northland	TMDDH-2, TMDDH-3, TMDDH-4, TMDDH-5, TMDDH-6, TMDDH-7, TMDDH-8		Large-Scale Mineral Resource at Coolgardie Gold Project's CNX Deposit			17-Dec-2
		• Holes drilled by FML not previously reported:

Market Announcement | Page 19 of 28

Hole ID Easting Northing RL Dip Azimuth Depth Intersection (MGA94) (m) 21CNDD001 1.00m@1.24g/t from 112m for(GxM 1.2) 21CNDD001 1.00m@0.64g/t from 117m for(GxM 0.6) 21CNDD001 1.00m@4.74g/t from 127m for(GxM 4.7) 21CNDD001 7.00m@0.56g/t from 134m for(GxM 3.9) 21CNDD001 4.00m@1.45g/t from 148m for(GxM 5.8) 21CNDD001 1..000m@0.95g/t from 169m for(GxM 1) 21CNDD001 3.80m@0.59g/t from 172m for(GxM 1.7) 21CNDD001 1.00m@0.61g/t from 177m for(GxM 0.6) 21CNDD001 3.32m @ 0.55g/t from 183m for (GxM 1.8) 21CNDD002 0.54m@1.04g/t from 0.76m for(GxM 0.6) 21CNDD002 0.30m@0.73g/t from 156m for(GxM 0.2) 21CNDD002 1.00m@1.53g/t from 174m for(GxM 1.5) 21CNDD002 13.00m@0.5g/t from 184m for(GxM 6.5) 21CNDD002 1.00m @ 2.57g/t from 214m for (GxM 2.6) 21CNDD003 1.00m@1.61g/t from 145m for(GxM 1.6) 21CNDD003 1.00m@0.62g/t from 224m for(GxM 0.6) 21CNDD003 3.00m @ 0.84g/t from 229m for (GxM 2.5) 21CNDD004 0.15m@0.63g/t from 147.55m for(GxM 0.1) 21CNDD004 5.30m@1.51g/t from 162.7m for(GxM 8.0) 21CNDD004 20.00m@5.2g/t from 178m for(GxM 104) 21CNDD004 1.00m @ 1.14g/t from 210m for (GxM 1.1) 21CNDD005 4.00m@1.21g/t from 172m for(GxM 4.8) 21CNDD005 1.00m@0.57g/t from 185m for(GxM 0.6) 21CNDD005 5.00m @ 0.6g/t from 192m for (GxM 3.0) 21CNDD006 1.00m@1.95g/t from 170m for(GxM 2.0) 21CNDD006 1.00m @ 0.67g/t from 233m for (GxM 0.7) 21CNDD007 3.00m@0.95g/t from 202m for(GxM 2.9) 21CNDD007 1.00m @ 4.13g/t from 245m for (GxM 4.1) 21CNDD009 327068 6577724 414 -55 25 183.4 21CNDD009 1.00m @ 0.6g/t from 128m for (GxM 0.6) 21CNDD010 327225 6577624 413 -55 39 168.3 21CNDD010 2.00m @ 1.57g/t from 165m for (GxM 3.1) 21CNDD012 3.30m@0.94g/t from 17m for(GxM 3.1) 21CNDD012 1.00m@1.47g/t from 165m for(GxM 1.5) 21CNDD012 1.00m@0.62g/t from 172m for(GxM 0.6) 21CNDD012 1.00m@2.33g/t from 216m for(GxM 2.3) 21CNDD012 1.00m @ 1.42g/t from 223m for (GxM 1.4) 21CNDD013 1.00m@0.98g/t from 121m for(GxM 1.0) 21CNDD013 17.00m@0.94g/t from 138m for(GxM 16.) 21CNDD013 1.80m @ 0.6g/t from 195.8m for (GxM 1.1) 21CNDD014 1.00m@0.53g/t from 37m for(GxM 0.5) 21CNDD014 7.85m@0.67g/t from 200m for(GxM 5.2) 21CNDD014 2.00m@0.83g/t from 216m for(GxM 1.7) 21CNDD014 1.00m@0.54g/t from 221m for(GxM 0.5) 21CNDD014 0.76m@0.78g/t from 245m for(GxM 0.6) 21CNDD014 0.74m @ 1.38g/t from 284.26m for (GxM 1.0) 21CNRC009 1.00m@4.23g/t from 67m for(GxM 4.2) 21CNRC009 15.00m@0.86g/t from 104m for(GxM 12.9) 21CNRC009 4.00m@2.88g/t from 124m for(GxM 11.5) 21CNRC009 1.00m@1.32g/t from 155m for(GxM 1.3) 21CNRC009 1.00m @ 0.71g/t from 178m for (GxM 0.7) 21CNDD001 276.7 213 -63 430 6577667 327446 21CNDD003 225.2 52 -50 414 6577725 327104 21CNDD002 291.6 204 -52 431 6577678 327506 21CNDD005 276.1 212 -50 426 6577741 327438 21CNDD004 267.6 218 -50 428 6577930 327197 21CNDD007 243.3 70 -55 415 6577831 326972 21CNDD006 273.5 39 -58 414 6577687 327150 21CNDD013 246.0 39 -55 413 6577549 327292 21CNDD012 255.3 39 -55 414 6577496 327376 327075 21CNRC009 300.7 240 -50 425 6577792 327389 21CNDD014 186.0 60 -50 415 6577806 (MGA 94 Zone 51) CNX Main RCDrill Collars. Significant Intersections calculated at 0.5g/t Au cut off an up to 3m internal dilution

Market Announcement | Page 20 of 28

Hole ID Easting Northing RL Dip Azimuth Depth Intersection (MGA94) (m) 21CNRC026 3.00m@0.63g/t from 12m for(GxM 1.9) 21CNRC026 5.00m@0.82g/t from 67m for(GxM 4.1) 21CNRC026 1.00m@2.22g/t from 77m for(GxM 2.2) 21CNRC026 2.00m@3.28g/t from 82m for(GxM 6.6) 21CNRC026 15.00m @ 2.57g/t from 95m for(GxM 38.6) 21CNRC026 10.00m @ 3.27g/t from 118m for (GxM 32.7) 21CNRC028 1.00m @ 0.51g/t from 4m for(GxM 0.51) 21CNRC028 12.00m @ 1.26g/t from 44m for(GxM 15.1) 21CNRC028 2.00m @ 1.33g/t from 61m for(GxM 2.7) 21CNRC028 1.00m @ 0.64g/t from 80m for(GxM 0.6) 21CNRC028 3.00m @ 1.67g/t from 87m for(GxM 5.0) 21CNRC028 37.00m@1.38g/t from 97m for(GxM 51.1) 21CNRC028 11.00m@0.76g/t from 144m for(GxM 8.4) 21CNRC028 6.00m@1.72g/t from 160m for(GxM 10.3) 21CNRC028 10.00m@0.96g/t from 181m for(GxM 9.6) 21CNRC028 1.00m@0.6g/t from 235m for(GxM 0.6) 21CNRC028 7.00m @ 1.07g/t from 240m for (GxM 7.5) 21CNRD001 1.00m@1.49g/t from 67m for(GxM 1.5) 21CNRD001 12.00m@1.12g/t from 73m for(GxM 13.4) 21CNRD001 7.00m@0.98g/t from 90m for(GxM 6.9) 21CNRD001 2.00m@0.63g/t from 103m for(GxM 1.3) 21CNRD001 4.90m @ 2.81g/t from 115m for (GxM 13.8) 21CNRD002 1.00m @ 1.85g/t from 6m for(GxM 1.8) 21CNRD002 3.00m @ 0.77g/t from 61m for(GxM 2.3) 21CNRD002 1.00m @ 1.2g/t from 75m for(GxM 1.2) 21CNRD002 2.00m @ 0.89g/t from 86m for(GxM 1.8) 21CNRD002 13.00m @ 1.81g/t from 97m for(GxM 23.5) 21CNRD002 1.00m @ 2.7g/t from 117m for(GxM 2.7) 21CNRD002 3.00m @ 2.25g/t from 129m for (GxM 6.8) 21CNRD003 1.00m @ 6.78g/t from 7m for(GxM 6.8) 21CNRD003 1.00m@0.67g/t from 35m for(GxM 0.7) 21CNRD003 1.00m@0.92g/t from 38m for(GxM 0.9) 21CNRD003 7.00m@0.88g/t from 49m for(GxM 6.2) 21CNRD003 4.00m@0.54g/t from 63m for(GxM 2.2) 21CNRD003 15.00m@0.77g/t from 101m for(GxM 11.6) 21CNRD003 18.00m @ 1.6g/t from 125m for (GxM 28.8) 21CNRD004 3.00m@0.89g/t from 65m for(GxM 2.7) 21CNRD004 1.00m@0.79g/t from 79m for(GxM 0.8) 21CNRD004 16.00m@1.01g/t from 85m for(GxM 16.2) 21CNRD004 1.00m @ 0.55g/t from 106m for(GxM 0.6) 21CNRD004 3.00m @ 0.64g/t from 128m for (GxM 1.92) 21CNRD005 1.00m @ 0.68g/t from 29m for(GxM 0.7) 21CNRD005 1.00m @ 0.59g/t from 40m for(GxM 0.6) 21CNRD005 1.00m @ 0.82g/t from 101m for(GxM 0.8) 21CNRD005 1.00m @ 1.1g/t from 117m for (GxM 1.1) 21CNRD025 2.00m @ 0.68g/t from 15m for(GxM 1.4) 21CNRD025 1.00m @ 0.72g/t from 19m for(GxM 0.7) 21CNRD025 20.00m @ 0.96g/t from 32m for(GxM 19.2) 21CNRD025 6.00m @ 1.08g/t from 57m for (GxM 6.5) 21CNRD027 7.00m @ 2.23g/t from 132m for(GxM 15.6) 21CNRD027 1.00m@0.74g/t from 145m for(GxM 0.7) 21CNRD027 10.00m@7.14g/t from 185m for(GxM 71.4) 21CNRD027 1.00m @ 0.6g/t from 201m for (GxM 0.6) (MGA 94 Zone 51) CNX Main RCDrill Collars. Significant Intersections calculated at 0.5g/t Au cut off an up to 3m internal dilution 21CNRD003 284.9 300 -59 428 6577646 327402 21CNRD005 282.4 301 -61 426 6577616 327433 21CNRD004 264.4 302 -61 426 6577592 327462 283 -61 422 6577725 327309 21CNRD025 327373 21CNRD002 240.6 293 -60 423 6577536 327516 21CNRD027 315.7 425 270.7 292 -59 428 6577674 270.0 301 270.8 290 -60 6577707 327347 21CNRD001 -60 423 6577535 327517 21CNRC026 -59 425 6577557 327481 21CNRC028 132.0 290

Market Announcement | Page 21 of 28

Hole ID Easting Northing RL Dip Azimuth Depth Intersection (MGA94) (m) 21CNDD008 327121 6577952 422 -52 241 192.3 21CNDD008 2.00m @ 1.27g/t from 145m for (GxM 2.5) 21CNRC002 1.00m@1.7g/t from 0m for(GxM 1.7) 21CNRC002 1.00m @ 0.51g/t from 108m for (GxM 0.5) 21CNRC003 1.00m@0.64g/t from 129m for(GxM 0.6) 21CNRC003 1.00m @ 2.01g/t from 142m for (GxM 2.0) 21CNRC004 326863 6578041 421 -50 63 162 21CNRC004 1.00m @ 0.83g/t from 42m for (GxM 0.8) 21CNRC005 2.00m@0.63g/t from 19m for(GxM 1.3) 21CNRC005 1.00m@1.2g/t from 28m for(GxM 1.2) 21CNRC005 1.00m@2.52g/t from 34m for(GxM 2.5) 21CNRC005 1.00m @ 0.64g/t from 98m for (GxM 0.6) 21CNRC006 1.00m@0.51g/t from 0m for(GxM 0.5) 21CNRC006 1.00m@0.6g/t from 76m for(GxM 0.6) 21CNRC006 1.00m@0.81g/t from 127m for(GxM 0.8) 21CNRC006 1.00m @ 0.7g/t from 153m for (GxM 0.7) 21CNRC007 3.00m@0.56g/t from 79m for(GxM 1.7) 21CNRC007 1.00m@1.27g/t from 123m for(GxM 1.3) 21CNRC007 6.00m @ 0.88g/t from 132m for (GxM 5.3) 21CNRC008 1.00m@1.1g/t from 78m for(GxM 1.1) 21CNRC008 1.00m @ 1.51g/t from 107m for (GxM 1.5) 21CNRC010 11.00m@0.91g/t from 177m for(GxM 10.0) 21CNRC010 4.00m @ 0.9g/t from 193m for (GxM 3.6) 21CNRC023 1.00m@2.06g/t from 72m for(GxM 2.1) 21CNRC023 20.00m @ 0.9g/t from 85m for (GxM 18) 21CNRC024 1.00m@0.52g/t from 27m for(GxM 0.5) 21CNRC024 6.00m@0.58g/t from 39m for(GxM 3.5) 21CNRC024 1.00m@0.79g/t from 66m for(GxM 0.8) 21CNRC024 10.00m@1.42g/t from 73m for(GxM 14.2) 21CNRC024 9.00m@1.39g/t from 87m for(GxM 12.5) 21CNRC024 3.00m @ 0.93g/t from 105m for (GxM 2.8) 21CNRC002 419 6577946 210 242 -51 427 6578171 326913 21CNRC005 180 55 -50 421 6578082 326841 21CNRC003 180 61 -49 420 6578004 326886 21CNRC007 216 57 -50 417 6577927 326918 21CNRC006 210 60 -51 417 6577895 326937 21CNRC010 204 51 -50 418 6577958 326911 21CNRC008 198 61 -61 421 6578080 326845 24 -70 418 6577908 326995 21CNRC023 (MGA 94 Zone 51) Gap Zone RCDrill Collars. Significant Intersections calculated at 0.5g/t Au cut off an up to 3m internal dilution 126 19 -74 326971 21CNRC024 174

Market Announcement | Page 22 of 28

Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	Intersection
	(MGA 94 Zone 51)				(MGA94)	(m)
Green Light RCDrill Collars. Significant Intersections calcul							ated at 0.5g/t Au cut off an up to 3m internal dilution
21CNRC001	326888	6578204	425	-52	235	210	21CNRC001 6.00m @ 0.97g/t from 66m for(GxM 5.8)
							21CNRC001 33.00m @ 0.89g/t from 87m for (GxM 29.4)
21CNRC012	326749	6578150	433	-53	38	210	21CNRC012 1.00m @ 1.46g/t from 19m for(GxM 1.5)
							21CNRC012 3.00m @ 0.86g/t from 61m for(GxM 2.6)
							21CNRC012 6.00m@0.63g/t from 96m for(GxM 3.8)
							21CNRC012 5.00m @ 1.49g/t from 128m for (GxM 7.4)
21CNRC013	326674	6578178	434	-52	1	173	21CNRC013 1.00m @ 1.53g/t from 0m for(GxM 1.5)
							21CNRC013 7.00m @ 0.64g/t from 58m for (GxM 4.5)
21CNRC014	326753	6578144	433	-51	66	240	21CNRC014 19.00m@1.02g/t from 121m for(GxM 19.4)
							21CNRC014 1.00m @ 0.99g/t from 145m for(GxM 1.0)
							21CNRC014 7.00m @ 0.76g/t from 176m for (GxM 5.3)
21CNRC015	326713	6578178	433	-54	0	198	21CNRC015 5.00m@0.78g/t from 41m for(GxM 3.9)
							21CNRC015 1.00m @ 0.99g/t from 59m for(GxM 1.0)
							21CNRC015 19.00m@1.93g/t from 64m for(GxM 36.7)
							21CNRC015 6.00m @ 0.99g/t from 87m for (GxM 5.9)
21CNRC016	326635	6578179	437	-54	2	180	21CNRC016 1.00m @ 2.28g/t from 68m for (GxM 2.3)
21CNRC017	326750	6578146	433	-51	94	240	21CNRC017 14.00m @ 1.57g/t from 202m for (GxM 22.0)
21CNRC018	326595	6578181	435	-53	0	180	21CNRC018 6.00m @ 1.23g/t from 22m for (GxM 7.4)
21CNRC019	326561	6578181	433	-54	356	180	21CNRC019 1.00m @ 0.61g/t from 23m for(GxM 0.6)
							21CNRC019 6.00m@1.42g/t from 36m for(GxM 8.5)
							21CNRC019 2.00m @ 1.17g/t from 46m for (GxM 2.3)
21CNRC020	326519	6578174	432	-53	355	150	21CNRC020 1.00m @ 0.74g/t from 29m for (GxM 0.7)
21CNRC029	326820	6578199	425	-66	275	168	21CNRC029 12.00m @ 0.94g/t from 13m for(GxM 11.3)
							21CNRC029 3.00m@0.63g/t from 35m for(GxM 1.9)
							21CNRC029 1.00m @ 1.89g/t from 46m for(GxM 1.9)
							21CNRC029 5.00m@0.98g/t from 64m for(GxM 4.9)
							21CNRC029 1.00m @ 0.6g/t from 78m for(GxM 0.6)
							21CNRC029 1.00m @ 0.63g/t from 96m for(GxM 0.6)
							21CNRC029 3.00m@0.76g/t from 114m for(GxM 2.3)
							21CNRC029 2.00m @ 0.8g/t from 134m for (GxM 1.6)
21CNRC030	326781	6578207	427	-64	274	180	21CNRC030 2.00m @ 0.58g/t from 0m for(GxM 1.2)
							21CNRC030 1.00m@0.7g/t from 13m for(GxM 0.7)
							21CNRC030 12.00m @ 1.42g/t from 33m for(GxM 17.0)
							21CNRC030 1.00m@2.38g/t from 69m for(GxM 2.4)
							21CNRC030 16.00m @ 0.68g/t from 93m for (GxM 10.9)

Data aggregation • Mineralised intersections are reported at a 0.5g/t Au cut-off with a minimum reporting methods width of 1m for RC holes and 0.3m for diamond holes, composited to 1m.

Relationship • Holes were drilled orthogonal to mineralisation as much as possible, however the between exact relationship between intercept width and true width cannot be estimated mineralisation exactly in all cases. • 8 RC/DD holes have been drilled with dips toward the northwest, sub parallel and widths and cutting across the G2 Gabbro. These holes were completed to test the resource intercept lengths model in areas being converted to Indicated status with holes planned to drill right across the host stratigraphy. This orientation while not perpendicular to the overall

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	tabular mineralisation is in fact closer to orthogonal to the mineralised stockwork system developed within the host G2 Gabbro.
Diagrams	• Refer to Figures and Tables in body of the release.
Balanced reporting	• Drill hole results available on WAMEX.
Other substantive exploration data	• There is no other material exploration data to report at this time.
Further work	• Preliminary metallurgical samples have been submitted to a testing laboratory to quantify gold recovery. • Geotechnical sampling and logging has been completed, samples have been submitted and analysis and interpretation will be completed upon receipt of test results. Pit wall angles are expected to be confirmed during July 2021 • Pit optimisation and design will be refreshed following reporting of geotechnical and metallurgical results. It is expected that the resource will be revaluated during this process for possible conversion to measured status

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section)

Criteria	Commentary
Database integrity	• FML data was geologically logged electronically, collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by either consultants rOREdata or the company in-house Database Administrator. Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. • FML’s database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational, and normalised to the Third Normal Form. As a result of normalisation, the following data integrity categories exist: • Entity Integrity: no duplicate rows in a table, eliminated redundancy and chance of error. • Domain Integrity: Enforces valid entries for a given column by restricting the type, the format, or a range of values. • Referential Integrity: Rows cannot be deleted which are used by other records. • User-Defined Integrity: business rules enforced by acQuire and validation codes set up by FML. • Additionally, in-house validation scripts are routinely run in acQuire on FML’s database and they include the following checks: • Missing collar information • Missing logging, sampling, downhole survey data and hole diameter • Overlapping intervals in geological logging, sampling, down hole surveys • Checks for character data in numeric fields. • Data extracted from the database were validated visually in GEOVIA Surpac software and Seequent Leapfrog software. Also, when loading the data any errors regarding missing values and overlaps are highlighted. • Historic data has been validated against WAMEX reports where possible.
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is FML’s General Manager - Exploration and conducts regular site visits including October 27 and early December. • Hannah Kosovich, the Competent Person for Section 3 of Table 1 is FML’s Resource Geologist and last visited site in February 2014.
Geological interpretation	• All available drill hole and pit mapping data was used to guide the geological interpretation of the mineralisation. • The recent 2020 and 2021 drilling by FML confirmed the mineralisation interpretation from the December 2020 mineral resource update for CNX. • Only minor modifications were made to the interpretation when adding in the new drill holes. • From the December 2020 release: o A series of closely spaced, stacked flatter dipping lodes (27 in total) were modelled as dipping 30° to the SW based on observations in the pit walls, previous reports and structural measurements from oriented core. o A series of 15 regularly spaced steeper SE dipping feeder/cross faults were also interpreted as controlling the distribution of higher grade and thicker shoots. This population of veins is well supported from oriented drill core structural measurements o The Mine stratigraphy has been determined by careful logging and where necessary relogging of older holes. The key mine geological units have been built as 3 solids using all available inputs including geological logging, geophysics, and surface mapping o The mineralisedgeological interpretation was created in Leapfrog Geo software.

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	o Minor deviation only of the lode geometry was noticed between drill holes along strike and down-dip within each of the two different mineralisation sets.
Dimensions	• The CNX – Three Mile Hill trend strikes NW – SE over 1.6km • The reported CNX resource has been truncated using the Great Eastern Highway as a divide and only the northern portion of the resource is reported. • The CNX mineralisation has been modelled over 700m, the lodes have been interpreted from near surface to approximately 155m below surface to the 260mRL (deeper mineralisation located adjacent and along strike of Three Mile Hill Open Pit). • However for the majority of CNX currently defined by drilling, mineralisation is only modelled to around 290mRL (~130m depth) • The average thickness of the flatter lodes is 4m. However, as the lodes are stacked the bulk style mineralisation combines to form a tabular style of very steeply southwest dipping mineralisation averaging 35-46m width over 700m strike currently defined by drilling.
Estimation and modelling techniques	• The drill hole samples were composited to 1m within each domain. This is the dominant sampling interval. • Composited assay values of each domain were imported into Snowden Supervisor for geostatistical analysis. • A review of histograms, probability plots and mean/variance plots for each domain revealed some outlier sample values. • Top capping of higher Au values within each domain was carried out with Au values above the cut-off grade reset to the cut-off grade. • An average top-cap of 10g/t was used and a maximum top-cap of 27g/t. • Variograms were modelled in Supervisor. The main flat lode was modelled and the largest of the steep cross fault lodes. Due to the skewed nature of the dataset a Normal Scores transformation was applied to obtain better variograms. A back- transformation was then applied before being exported. The other lodes shared the variograms. • A cell weighted declustering method was applied to the data prior to variogram modelling in flat lode as some clustering of historic data occurred as subsequent tenement holders followed up on high grade intersections. • This also resulted in a higher nugget value being applied to help address any negative kriging weights that arose. • Datamine Software was used for the estimation and modelling process. The model was created in GDA 94 grid co-ordinates. Block sizes for the model were 5m in Y, 10m in X and 5m in Z direction. Sub celling of the parent blocks was permitted to 1.25m in the Y direction, 2.5m in the X direction and 1.25m in the Z direction. Sub- blocking was used to best fill the wireframes and inherit the grade of the parent block. • Block size is approximately ½ of the average drill hole spacing. • An Ordinary Kriging (OK) estimation technique was selected and used the variograms modelled in Supervisor. Each domain was estimated separately, samples were shared between the flat lodes and steeper cross-cutting faults where they intersected as it is believed to be one system of gold and a neighbourhood analysis in Supervisor. This only affects a small proportion of the samples. • Minimum (8) and maximum (18) sample numbers were selected based on a Kriging Neighbourhood analysis in Supervisor. This was dropped to a minimum (4) samples on the second and third search pass. • An elliptical search was used based on range of the Variograms. • Three search passes were run in order to fill the block model with estimated Au values. The search distance was doubled between each estimation run. • The estimate was validated by a number of methods. An initial visual review was done by comparing estimated blocks and raw drill holes. • Tonnage weighted mean grades were compared for all lodes with the raw and top- capped drill hole values. There were no major differences.

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	• Swath plots of drill hole values and estimated Au grades by northing and RL were done for the main domain and showed that the estimated grades honoured the trend of the drilling data.
Moisture	• Tonnages are estimated on a dry basis.
Cut-off parameters	• The Mineral Resources for CNX have been reported above a 0.7g/t cut-off for open pit above 290mRL (~130m depth).
Mining factors or assumptions	• The CNX deposit would be mined by open-cut methods. Pit optimisations using preliminary wall angles, PFS inputs and the updated 2021 resource have been run during June 2021 indicating potential for open pit extraction to around 200m depth.
Metallurgical factors or assumptions	• Historic mining at CNX has focussed on alluvial and oxide portion of the mineral resource. • Pre 1990’s limited metallurgical test work indicates encouraging recoveries from oxide samples. • FML is conducting metallurgical test work on CNX samples collected in April/May 2021 with results expected in July 2021. • CNX is along strike of the Three Mile Hill open pits and part of the same system. Three Mile Hill OP has historical production of 4.2Mt at a grade of 2.4g/t Au for 324,116 ounces. No production records exist for the historic shallow pit at CNX. However, the portion of the new resource within the old pit can be calculated and reports at 0.7 g/t cut off as 319Kt @ 1.7g/t for 18Koz.
Environmental factors or assumptions	• The CNX deposit occurs within an area of significant previous ground disturbance including: • the existing CNX pit, • large scale alluvial/elluvial washing plants, • shafts/ trenches. • the deposit is located just 1.25km north of the Three Mile Hill ROM pad. • The flora a fauna in the CNX area was assessed in 2013 as part of a mine proposal developed at that time. No significant habitats were identified at that time. • The southern margin of the reported Mineral Resource has been truncated 40m north of great Eastern Highway which is seen as a reasonable break between what is considered CNX to the northwest and Three Mile Hill Mineral Resource (not being reported here) to the southeast.
Bulk density	• Density values were assigned based on weathering profile. CNX has a very shallow weathering profile and the bulk to the deposit occurs in Fresh Rock. The diamond core from the 2020 and 2021 drill campaigns were used for water immersion technique density test work. Averages from the extensive testing were applied based on updated weathering surfaces. • A value of 1.83 t/m3 was applied to oxide blocks, 2.88 t/m3 was applied to transitional material blocks and a value of 2.99 t/m3 applied to Fresh Rock.
Classification	• Mineral Resources have been classified as Indicated and Inferred based mainly on geological confidence in the geometry and continuity of the lodes and close spaced (20m x 10m) drilling across the bulk of the deposit. In addition, various estimation output parameters such as number of samples, search pass, kriging variance, and slope of regression have been used to assist in classification. • A wireframe solid was created to encapsulate blocks that predominantly filled in the first search pass, blocks that filled in the second and third search pass above the 260mRL and north of 6,577,490mN were classified as Inferred. • Blocks that estimated below the 260mRL and south of 6,577,490mN were classified as Sub-Inferred and are not included in the reported Mineral Resource Estimate. These blocks are a future exploration target.
Audits or reviews	• The CNX estimate has not been externally audited or reviewed.

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Discussion of relative accuracy/ confidence	• This is addressed in the relevant paragraph on Classification above. • The Mineral Resource relates to global tonnage and grade estimates. • While production figures for CNX and unavailable, the adjacent Three Mile Hill was successfully mined.

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