FORTUNA METALS LTD — Capital/Financing Update 2022

Apr 25, 2022

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ADDRESS ABN Level 8, 99 St Georges Terrace 96 095 684 389 Perth WA 6000 PHONE WEBSITE +61 (08) 9486 4036 www.frontierresources.net.au

26 April 2022

Drill Plan Targeting Gascoyne REE Bearing Ironstones and Carbonatites

• Geological review provides multiple high priority carbonatite and REE bearing ironstone drill targets for upcoming maiden drill program

• DMIRS approval received for Program of Works (PoW) Reverse Circulation (RC) drill program

• Heritage surveys planned to commence shortly to allow site works to begin

• Drilling to follow up exceptional high-grade rare earth results from rock chips across multiple targets at the Gascoyne Rare Earths Project, including[1] :

• 8.01% TREO (2.8% Nd2O3+Pr6O11) Lyon_11 (GPR012)

• 6.44% TREO (2.3% Nd2O3+Pr6O11) Lyon_11 (GPR019)

• 5.27% TREO (1.9% Nd2O3+Pr6O11) Lyon_11 (GPR020)

• 4.32% TREO (1.53% Nd2O3+Pr6O11) Lyon_11 (GPR013)

• 4.17% TREO (1.69% Nd2O3+Pr6O11) Lyon_11 (GPR013)

• 3.38% TREO (1.3% Nd2O3+Pr6O11) Lyon_11 (GPR035)

• 2.53% TREO (1.15% Nd2O3+Pr6O11) Lyon_13 (GPR082)

• 1.23% TREO (0.55% Nd2O3+Pr6O11) Lyon_12 (GPR069)

• 1.77% TREO (0.79% Nd2O3+Pr6O11) Lyon_27 (GPR108)

• Priority drill targets on interpreted circular carbonatite bodies identified in magnetics imagery showing similarities to Hastings Yangibana rare earth deposits adjacent to Frontier’s Lyons and Edmund Projects

• Metallurgical test work in progress with results expected by end of April to determine the amenability of the ironstones to produce a commercially treatable monazite concentrate

1 Refer ASX release 21 March 2022

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Figure 1. Map showing the location of interpreted ironstones and carbonatite intrusives at the Lyons and Edmund Projects

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Mr Brian Thomas, Frontier Technical Director commented “The geological team are really excited by the number of targets identified to date from the ongoing detailed geophysical review and are looking forward to getting our maiden drill program underway as soon as possible. We anticipate drilling to commence in May pending the final heritage survey approvals and completion of siteworks.”

“It is also encouraging to see the continued involvement of the Federal government in stepping up its support for rare earth and critical minerals projects with its commitment to Australia’s 2022 Critical Minerals Strategy to grow the Australian critical minerals sector, expand downstream processing and help meet future global demand. The Lyons and Edmunds Projects are still very underexplored and with our rapidly evolving geological understanding I’m looking forward to a busy exploration schedule throughout 2022.”

Frontier Resources Ltd (ASX: FNT) ( Frontier or the Company ) is pleased to announce the drill targeting plan and rationale for the upcoming maiden drill program at the Gascoyne Rare Earths Project in Western Australia ( Gascoyne Project ). The drill program will target highgrade rare earth mineralisation discovered at outcropping ironstones and additional interpretated carbonatite intrusives and ironstones under cover (Figure 1 and 2). The drill program will investigate high priority targets located within the Gifford Creek Carbonatite Complex, host to Hastings Technology Metals’(ASX:HAS) world-class Yangibana Mineral Resource¹ of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3+Pr6O11, and Dreadnought Resources multiple discoveries².

Initial metallurgical test work is progressing with results expected end of April, to determine the amenability of the ironstones to produce a commercially treatable monazite concentrate . Heritage surveys are scheduled to commence shortly, following the approval received by the Department of Mines, Industry Regulation and Safety (DMIRS) to allow for a maiden drill program to commence in Q2, 2022. Drilling will be critical to understanding the resource potential of the mineralised ironstones, to determine width, grade, and continuity at depth and along strike of interpreted ironstone trends.

Further rock chip sampling, ground based geophysics and drilling programs are planned to investigate additional targets not yet followed up, including thorium and magnetic anomalies throughout the Lyons Project and the high priority structural target along the major Bald Hill lineament which transects both the Edmund and Lyons Project Areas (Figures 1, 4 and 5). Potential remains for further discoveries of ironstones and carbonatites where no historical REE exploration has occurred.

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Figure 2. Interpreted intrusives with RTPVD1 filtered magnetics imagery, highlighting relationship with rare earth mineralisation at Hastings, and target areas on Frontier’s Lyons Project

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Figure 3. Lyons Proposed Drill Sites on Magnetic (RTPVD1) Image

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Figure 4. Edmund Project Proposed Drillhole Sites on Magnetic (RTPVD1) Image

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Figure 5. Location of Lyons and Edmund Projects in the Gascoyne, Western Australia, (geology overlay), highlighting the prospective Durlacher Suite of the Gifford Creek Carbonatite Complex, in pink underlying the project areas

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Table 1: Description of Lyons Carbonatite / Intrusive Centres (* Denotes Secondary Proposed Drill Site)

(* Denotes	SecondaryProposed Drill Site)
TARGET	DESCRIPTION	Proposed Drillhole ID
LI 01	A 4.3km diameter interpreted intrusive with a distinctive magnetic southern halo. Anomalous Th are targets for REE ironstone. Drill targets include inner Th anomalies and also Th anomalies along the southern magnetic rim. A separate intrusive event is interpreted to occur on its north-eastern rim at LI08.	LPD30 LPDX36 LPD29 LPDX37 LPDX38 *LPDX39*
LI 02	Circular 2.7km diameter magnetic rim with an inner 1km diameter magnetic intrusive body. A Th lineament occurs within coincident with SGC targets.	LPD32 LPD31
LI 03	Circular 2.8km diameter magnetic rim. A separate 1km diameter magnetic intrusive occurs alongits outer eastern rim.	LPDX33 LPDX34**
LI 04	Circular 2.2km diameter intrusive identified through a western magnetic rim. Anomalous Th occurs along its south-western rim. Two paralleling NNW lineaments transect the intrusive as defined bya linear RTP magnetic low and high Th.	LPDX47 LPDX48**
LI 05	A 2km x 1.3km topographical amphitheatre. A number of NNW trending Th lineament REE ironstone dyke targets trend through the feature along the Bald Hill Lineament.	LPDX44 LPD09*
LI 06	A 2.5km x 2.1km rhomboid intrusive target define by an anomalous magnetic low zone which may be part of an outer halo from a 2600m diameter magnetic intrusive outside the tenement. SGC defined the Lyon_12 Th anomaly on its rim. Three Th REE linear dyke targets trend NNW and NW.	LPDX45 LPDX46**
LI 07	A 4.8km x 3km oval shaped intrusive target defined as a broad magnetic low area with anomalous Th which occur along its southern and western rim. Three NW trending Th REE linear targets have been defined that extend into the nearby LI05 intrusive along the Bald Hill Lineament. SGC outlined nine Th targets along the rim of this feature includingLyon_2,9,10 & 18.	LPD27 LPD28 LPDX42 LPDX43**
LI 08	A circular magnetic feature intruding the north-eastern rim of LI 01. A northerly trending REE ironstone dyke occurs along its centre. Two drill targets LI07&08 have beenproposed.	LPDX41 LPDX40**
Lyon_23	Circular 1.4km diameter target outlined by SGC as a discrete magnetic intrusive with NW trending lineaments within. It occurs along a major NE trending deep-set gravity fault which has likely controlled the intrusive event. Radiometric signatures are obscured bycover.	LPDX35*

Table 2: LYONS PROPOSED DRILL (LPD) SITES (* Denotes drill sites selected to test for Carbonatite intrusives)

Hole ID	Comments
LPD01	Follow-up ironstones discovered to date and SGCLyon_12Th target on western rim of LI05 intrusive.
LPD02	Follow-up ironstones discovered to date and SGCLyon_12Th target on western rim of LI05 intrusive.
LPD03	Follow-up ironstones discovered to date and SGCLyon_13Th target on western rim of LI05 intrusive.
LPD04	Follow-up ironstones discovered to date and SGCLyon_13Th target on western rim of LI05 intrusive.
LPD05	Follow-up ironstones discovered to date and SGCLyon_13Th target on western rim of LI05 intrusive.
LPD06	Follow-up ironstones discovered to date and magnetic lineament along the south- western rim of LI05 intrusive related toLyon_13.
LPD07	Follow-up ironstones discovered to date and magnetic lineament along the south- western rim of LI05 intrusive related toLyon_13.

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LPD08	Follow-up ironstones discovered to date and magnetic lineament along the south- western rim of LI05 intrusive related toLyon_13.
LPD09*	Selected within intrusive targetLI05to intersect a Th lineament also selected bySGC.
LPD10	Follow-upironstones discovered to date and SGCLyon_27Th target.
LPD11	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD12	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD13	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD14	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD15	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD16	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD17	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD18	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD19	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD20	Follow-upironstones discovered to date and SGCLyon_11target area and Th lineament.
LPD21	Test Th lineament alongstrike 2200m SW ofLyon_11target area.
LPD22	Follow-upironstone dykes in theLyon_1area.
LPD23	Follow-upironstone dykes in theLyon_1area.
LPD24	Follow-upironstone dykes in theLyon_1area.
LPD25	Selected byTL to follow-upironstone dykes in theLyon_1area.
LPD26	Follow-upironstone dykes in theLyon_3area.
LPD27*	Selected to intersect SGC Th target interpreted to lie on the southern rim ofLI07carbonatite intrusive.
LPD28*	Selected to intersect SGCLyon_10Th target on the south-western rim ofLI07carbonatite intrusive.
LPD29*	Selected to intersect an SGC high Th anomalywithin intrusive targetLI01.
LPD30*	Targetingthe southern rim of interpreted carbonatite intrusiveLI01and magnetic anomaly.
LPD31*	Targeting Th linear anomaly selected by SGC trending NNE over 900m within interpretedLI02 carbonatite intrusive target.
LPD32*	Targeting a 1000m diameter magnetic intrusive rim and SGC Th targetLyon_6within the larger 3000m diameterLI02carbonatite intrusive target.

Table 3: EDMUND PROPOSED DRILL (EPD) SITES

Hole ID	Comments
EPD01	Targeted to test northern boundaryof the Bald Hill Lineament.
EPD02	Targeted to test the central magnetic(ASIG)section of the Bald Hill Lineament.
EPD03	Targeted to test the central magnetic section of the Bald Hill Lineament.
EPD04	Targeted to test the southern boundaryof the Bald Hill Lineament.
EPD05	Targeted to test the southern boundary of the Bald Hill Lineament a further 500m NW along strike from EPD01-04.
EPD06	Targeted to test the central section of the Bald Hill Lineament a further 500m NW along strike from EPD01-04.
EPD07	Targeted to test the central magnetic (ASIG) section of the Bald Hill Lineament a further 500m NW alongstrike from EPD01-04.
EPD08	Targeted to test the northern margin of the Bald Hill Lineament a further 500m NW along strike from EPD01-04.
EPD09	Targeted to test to magnetic(ASIG)Bald Hill Lineament a further 580m SE alongstrike from EPD01.
EPD10	Designed to test a 1200m NE trending magnetic (ASIG) REE dyke also interpreted independently by SGC.
EPD11	Designed to test a 700m NE trending magnetic (ASIG) REE dyke also interpreted independently by SGC 640m WNW of EPD10.

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EDP12	Occurs at the intersection of the NW trending Bald Hill Lineament and a 4500m NE trending magnetic(ASIG)dyke interpreted independentlybySGC.
EPD13	Occurs along an inflexion point of the 4500m NE trending magnetic (ASIG) dyke and also defined as a high Th Target “EDMUND-1” bySGC.
EPD14	Targeting the intersection point of the 4500m NE trending magnetic (ASIG) dyke and 3400m diameter circular intrusive margin interpreted bySGC.
EPD15	Testingalongthe centre of a 2600m NE trendingmagnetic(ASIG)dyke interpreted bySGC.
EPD16	Testing the isolated SGC “EDMOND_2” Th anomaly on the western edge of their interpreted 3400m diameter circular intrusive.
EPD17	Testing a magnetic (ASIG & RTP) lineament within the SGC interpreted 3400m diameter circular intrusive near the intersection of a NE trendingintrusive and two cross-cuttingfaults.
EPD18	Testingan isolated Th high within the 3400m diameter circular intrusive.
EPD19	Testing the north-eastern rim of the 3400m diameter circular intrusive defined by SGC and coincident with anomalous Th.
EPD20	Testing the isolated Th high named as target EDMOND_4 by SGC on the northern boundary of the tenement.
EPD21	Testingthe 2300m NNE trendingmagnetic(ASIG & RTP)dyke identified bySGC.
EPD22	Testingthe 650m NNE trendingmagnetic(ASIG & RTP)dyke identified bySGC.

This announcement has been authorised for release by the Directors of the Company.

For additional information please visit our website at www.frontierresources.net.au

FRONTIER RESOURCES LTD

The information referred to in this announcement relates to the following sources:

• ¹ ASX.HAS: 5 May 2021 “Yangibana Project updated Measured and Indicated Resource tonnes up by 54%” b07ebf9d-03c.pdf (investi.com.au). The HAS Resource estimate comprises 4.9Mt @1.01% TREO in the Measured category, 16.24Mt @0.95% TREO Indicated and 6.27Mt @0.99% TREO Inferred.

² ASX.DRE: 1 Feb 2022 “Rare Earths, Phosphate, Niobium & Zircon Results From Mangaroon (DRE 100%)” a531f354-fd1.pdf (investi.com.au).

Competent Person’s Statement

The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Thomas Langley who is a member of the Australian Institute of Geoscientists (MAIG) and a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr. Thomas Langley is a consultant of Frontier Resources Limited, and is a shareholder, however Mr. Thomas Langley believes this shareholding does not create a conflict of interest, and Mr. Langley has sufficient experience which 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”. Mr. Langley consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the format and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

Competent Person’s Statement

The information in this report that relates to Geophysical Exploration Results is based on information compiled by Peter Swiridiuk - Member of the Aust. Inst. of Geoscientists. Peter Swiridiuk is a Technical Consultant and Non-Executive Director for Frontier Resources. Peter Swiridiuk has sufficient experience which is relevant to the type of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting Exploration Results, Mineral Resources and Ore Resources. Peter Swiridiuk consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Additionally, Mr Swiridiuk confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

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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	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Rock Chips • Rock Chips were collected by Gascoyne Geological Services Geologist and submitted for analysis. Rock chips are random, subject to bias and often unrepresentative for the typical widths required for economic consideration. They are by nature difficult to duplicate with any acceptable form of precision or accuracy. • Rock chips have been collected by Gascoyne Geological Services to assist in characterising different lithologies, alterations and expressions of mineralisation. In many instances, several rock chips were collected from a single location to assist with characterising and understanding the different lithologies, alterations and expressions of mineralisation present at the locality. • Rock chips were submitted to ALS Laboratories in Perth for determination of Rare Earth Oxides by Lithium Borate Fusion XRF (ALS Method ME-XRF30).
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	No drilling undertaken.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling undertaken.

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Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	No drilling undertaken.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	Rock Chips Entire rock chips were submitted to the lab for sample prep and analysis.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Rock Chips • All samples were submitted to ALS Laboratories in Wangara, Perth where 1-3kg rock chips samples were crushed so that >70% of material passes through -6mm, the sample is then pulverised to >85% passing 75 micron. • A 66-gram aliquot of pulverised sample is fused with 12:22 lithium borate flux containing an oxidizing agent, and poured to form a fused disk. The resultant disk is then analysed by XRF spectrometry specifically for Rare Earths (ALS Method ME-XRF30) • Lithium borate fusion is considered a total digest and Method ME-XRF30 is appropriate for REE determination. • No standards, duplicates or blanks submitted with rock chips. Airborne geophysical data including magnetics and radiometrics (eK, eTh, eU) were collected by MagSpec Airborne Surveys. The survey was flown with a Cessna 206 aircraft. Magnetic data was

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Criteria	JORC Code explanation	Commentary
		collected from a G-823A cesium vapour magnetometer using a 50m line spacing and 30m sensor height. Radiometric data was collected from an RSI RS-500 gamma-ray spectrometer of 32L Crystal Volume flown at 30m sensor height and 50m line spacing. All readings (X,Y,Z) were within a 2m accuracy. Traverse Line Direction was East-West.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Rock Chips • Rock chip and geological information is written in field books and coordinates and track data saved from handheld GPSs used in the field. • Gascoyne Geological Services geologist inspected and logged all rock chips. • Field data is entered into excel spreadsheets to be loaded into a database.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• All sample locations were recorded with a Garmin handheld GPS which has an accuracy of +/- 5m. • GDA94 MGAz50.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	Sample spacing and distribution is not sufficient to establish the degree of geological and grade continuity appropriate for a Mineral Resource.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	At this early stage of exploration, mineralisation thickness’s, orientation and dips are not known.
Sample security	• The measures taken to ensure sample security.	• All geochemical samples were collected, bagged, and sealed by Gascoyne Geological Services staff and delivered to Bennalong Transport in Carnarvon. • Samples were delivered directly to ALS Laboratories in Wangara, Perth by Bennalong Transport ex Carnarvon.

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Criteria	JORC Code explanation	Commentary
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	No audits have been completed.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Frontier Resources Ltd entered into a conditional agreement to acquire all of the shares in Dalkeith Capital Pty Ltd (Dalkeith) which holds two granted exploration licences in the Gascoyne Region of Western Australia. The acquisition was completed on 4 January 2022. • The Gascoyne Project consists of 2 granted Exploration Licenses (E09/2515 and E09/2516). • All tenements are 100% owned by Dalkeith Capital. • The Gascoyne Project covers 2 Native Title Determinations including the Thudgari (WAD6212/1998) and the Combined Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (WAD464/2016). • The Gascoyne Project is located over the following pastoral leases; Edmund, Gifford Creek, and Wanna.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical exploration of a sufficiently high standard was carried out in the region by a few parties including: Hurlston Pty Ltd 1986-1987: WAMEX Report A23584 Newmont 1990: WAMEX Report A32886 Newcrest 1990: WAMEX Report A36887 Desert Energy 2006-2007: WAMEX Reports A78056, A80879
Geology	• Deposit type, geological setting and style of mineralisation.	• The Gascoyne Project is located within the Gascoyne Province of the greater Capricorn Orogen – the region that records the collision of the Pilbara- Glenburgh Terrane at 2215–2145 Ma (Ophthalmian Orogeny) and eventual collision of Pilbara/Glenburgh and Yilgarn at 2005–1950 Ma (Glenburgh Orogeny), the Gifford Creek Carbonatite Complex (GCCC) intrudes the Durlacher Supersuite (including Yangibana and Pimbyana Granites) and the Pooranoo Metamorphics. The c.1360 Ma GCCC is composed of; • ~NW striking Lyons River Sills (calcio-, magnesio- and ferrocarbonatites)

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Criteria	JORC Code explanation	Commentary
		• ~NE striking fenite (alteration) veins • Yangibana Ironstones (REE ore bodies) • Magnetite-biotite dykes • Carbonatites in the region are thought to have been generated from melting of the Glenburgh Orogen-fertilized mantle during reactivation of structures (e.g. Lyons River Fault) at c. 1370 Ma followed by magma ascent along the same structures. • The Gascoyne Project is prospective for Ferrocarbonatite hosted REEs.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No drilling undertaken.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	No drilling undertaken.
Relationship between mineralisatio n widths and _intercept _	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is	No drilling undertaken.

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Criteria	JORC Code explanation	Commentary
lengths	known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to figures within this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Suitable commentary of the geology encountered are given within the text of this document.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Detailed airborne magnetic – radiometric surveys, surface geochemistry and mapping prior to drilling

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