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HAWK RESOURCES LIMITED. Capital/Financing Update 2025

Oct 16, 2025

65081_rns_2025-10-16_0bb5fc1e-37f6-4215-9bfc-0c16f9a2a010.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

17 October 2025

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Hawk completes A$5.0m placement and secures option over Olympus Scandium Project, WA

Funding strengthens balance sheet to advance drilling at Cactus (Utah) and de-risk Olympus in Tier-1 jurisdictions

HIGHLIGHTS

  • Binding Heads of Agreement option to earn up to 80% of the Olympus Scandium Project in the West Musgrave region, Western Australia.

  • Olympus has potential to be a major new scandium province : Olympus hosts a large 7 km × 4 km scandium in soil anomaly (+500 ppm Sc) defined by historical (pre-JORC 2012) pXRF analyses with select RAB intercepts up to 11 m @ 934 ppm Sc from surface (1m RAB samples to 2,164 ppm Sc).

  • Scandium is a strategic high value rare earth (or ‘critical’) metal with critical applications in lightweight aluminium alloys, fuel cells and advanced technologies. Reliable new supply is scarce, giving Hawk the opportunity to create significant value by advancing a large-scale scandium discovery.

  • Strategic fit: aligns with HWK’s plan to drive near-term value from copper while adding scalable critical-minerals upside in a Tier-1 jurisdiction.

  • Successful completion of Placement: The Company has received firm commitments from sophisticated, professional and institutional investors to raise $5.0M (before costs) through a strongly supported placement of 250.0M shares at an issue price of $0.02 per Share. Cygnet Capital and Canaccord Genuity acted as Joint Lead Managers to the Placement.

Immediate work program : permit-to-enter application with the Ngaanyatjarra, soil sampling to confirm historical results and follow-up across priority zones.

Cautionary Statement: In relation to the disclosure of pXRF results, the Company cautions that estimates of mineral abundance from pXRF results should not be considered a proxy for laboratory assay results. Lab assay results are required to determine widths and grades of mineralisation. Some variation from results presented in this announcement would be expected from laboratory analyses.

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ASX ANNOUNCEMENT 17 October 2025

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Hawk Resources Limited (ASX: HWK) ( Hawk or the Company ) is pleased to announce the successful completion of a strongly supported placement to raise A$5.0 million (before costs). In parallel it has executed a binding Heads of Agreement ( HoA ) with unlisted Australian public company Opal Resources ( Opal ), to acquire an option to earn up to 80% of the Olympus scandium project ( Olympus ) in Western Australia’s West Musgrave region ( Option ).

Olympus was previously explored for copper, nickel, cobalt, platinum group elements (PGE) and gold between 2001-2009 - scandium was not a target commodity of previous exploration. A review of pXRF analyses of soil, lag and RAB samples has identified a 4km x 7km scandium soil anomaly with grades up to 1,284ppm Sc and peak RAB assays of 2,164ppm Sc over 1.0m sample intervals (see Figure 1).

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Figure 1: Olympus past exploration soil sampling and RAB drilling highlighting a 4km x 7km scandium pXRF soil anomaly which grades >500ppm Sc.

ASX ANNOUNCEMENT 17 October 2025

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Managing Director of Hawk Resources, Scott Caithness, commented:

“Olympus offers Hawk a genuine large-scale opportunity in a Tier-1 jurisdiction. Scandium is a highly strategic metal due to its unique ability to strengthen and reduce the weight of aluminium alloys, as well as its role in solid oxide fuel cells and next-generation 5G/6G telecom networks. With global supply constrained and dominated by by-product streams, any scalable new source of scandium offers strong strategic value and leverage to future demand growth.

“The opportunistic acquisition of Olympus fits neatly with our strategy: copper now, with critical-minerals optionality moving forward.

“Historical work defines a ~7km × 4km anomaly above 500ppm Sc (pXRF), supported by shallow RAB results including 5m @ 948ppm Sc and 11m @ 934ppm Sc from surface.

“Our first steps are straightforward: obtain permit-to-enter with the Ngaanyatjarra, run confirmatory laboratory assays to validate pXRF, and then execute a systematic program to test thickness and continuity.”

Strategic Rationale

  • Large surface footprint : coherent +500ppm Sc signature over ~7 km × 4 km, with multiple +1,000 ppm Sc zones and supportive shallow RAB results.

  • Undervalued dataset : historical programs did not target scandium; Hawk can rerun the data the right way with modern QA/QC and targeted verification.

  • Strategic commodity : scandium is a high value critical metal that strengthens aluminium alloys for auto, aerospace, defence and energy applications.

Olympus Background[1]

Olympus is located in the West Musgrave region of Western Australia approximately 285km west of Yulara and 150km northeast of Warburton (see Figure 2). Access is via the unsealed Great Central Road. The nearest airstrip lies 45km to the northwest at the Warakurna Roadhouse and Warburton is also serviced by a sealed airstrip.

Olympus was previously explored by Redstone Resources Limited for nickel, copper, cobalt, platinum group elements (PGE) and gold between 2001-09. This work was reported prior to and not in compliance with JORC 2012. Redstone’s exploration included geological mapping, grid soil and lag sampling, rock chip sampling, ground magnetics and 42

1 Redstone Resources; Musgraves Project Surrender Report; Mt Muir Project EL 69/1629; for the period 1st February 2001 to 2.5[th] June 2009; 5[th] October 2009; WA Department of Mines, Petroleum & Energy WAMEX Open file system.

ASX ANNOUNCEMENT 17 October 2025

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shallow RAB holes on 7 lines. Highly anomalous Niton pXRF scandium results were reported in soil, lag and RAB samples.

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Figure 2 : Olympus project location plan

This highly anomalous scandium in soil and lag occurs in a distinct 7km x 4km zone grading greater than 500ppm Sc. Within this there are five discrete zones grading +1,000ppm Sc as highlighted in Figure 1. The soil sampling lines were widely spaced 1.6km apart and samples were collected on average every 400m along lines. Infill was carried out where anomalous copper, nickel, cobalt, PGE or gold was located. Samples were analysed for scandium using a Niton pXRF analyser and Hawk cautions that the estimates of mineral abundance should not be considered a proxy for laboratory assay results. Lab assay results are required to determine widths and grades of mineralisation and variation from the pXRF results would be expected from laboratory analyses.

Followup of anomalous targets included drilling 42 shallow RAB holes on seven lines. Twenty four of these holes on 4 lines were sampled at 1m intervals and analysed for scandium by Niton pXRF (sections A-B, C-D, E-F and G-H on Figure 1). The exploration was not targeting scandium and consequently the RAB lines did not test the 4km x 7km scandium soil anomaly however Line A-B was drilled just off the western edge of the anomaly and Line E-F traversed a separate scandium soil anomaly.

ASX ANNOUNCEMENT 17 October 2025

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All four RAB lines intersected highly anomalous near surface scandium over 800m wide zones (See Figures 3-6). All pXRF analysed holes contained anomlaous scandium with intersections ranging from 2m to 11m thick and grading from 300ppm to 948ppm Sc. The highest individual 1m sample graded 2037ppm Sc. Significant RAB hole intersections include:

Line A-B

Hole MMB0002 5m @ 948ppm Sc from surface including 3m @ 1139ppm Sc Hole MMB0001 6m @ 821ppm Sc from 2m including 2m @ 1547ppm Sc Line C-D Hole MMB0023 4m @ 654ppm Sc from surface including 1m @ 1107ppm Sc

Line E-F

Hole MMB0016 8m @ 664ppm Sc from 1m including 1m @ 1161ppm Sc Hole MMB0017 11m @ 934ppm Sc from surface including 2m @ 1613ppm Sc Hole MMB 0019 7m @ 700ppm Sc from surface including 1m @ 1205ppm Sc

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Figure 3: Olympus RAB Line A-B highlighting scandium intersections.

ASX ANNOUNCEMENT 17 October 2025

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Figure 4: Olympus RAB Line C-D showing highlighting intersections.

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Figure 5: Olympus RAB Line E-F highlighting scandium intersections.

ASX ANNOUNCEMENT 17 October 2025

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Figure 6: Olympus RAB Line G-H highlighting scandium intersections.

WA Geological Survey surface geological mapping of Olympus indicates that it is largely covered by calcrete, calcareous gravels and aeolian sands (see Figure 7). The scandium anomalous zone occurs within and marginal to an interpreted mafic/ultramafic intrusive body evident from magnetics (see Figure 8). Mapping by Redstone located outcrops of paragneiss and other metamorphic rock types, mylonite, gabbro and olivine gabbro intrusions, retrogressed gabbro and intermediate retrogressed and recrystallized amygdaloidal volcanic rocks.

Scandium Projects in Australia

Scandium is a rare strategic critical mineral, unique because it has no primary mines globally (US Geological Survey[2] ). Current supply relies solely on by-product extraction from rare earth operations (China, Russia) or processing stockpiles.

Scandium’s importance and supply vulnerability has led to its formal designation as a critical mineral by the U.S., EU and Australian governments.

2 U.S. Geological Survey, Mineral Commodity Summaries, 2025

ASX ANNOUNCEMENT 17 October 2025

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Scandium key uses are in strengthening aluminium to provide exceptional strength-toweight ratios, solid oxide fuel cells and global 5G and emerging 6G networks. It has vital applications in the automotive, aerospace and defence industries and is used in solid oxide fuel cells to stabilize zirconia electrolytes enabling next-gen fuel cells to achieve 60– 70% electrical efficiency which is key to decarbonisation efforts. In 5G and 6G networks scandium components improve signal quality and energy efficiency.

The price of scandium metal on the Shanghai Metals Market is quoted at over US$3,000/kg[3] . It is produced as by-product from nickel and titanium mining with grades typically below 100ppm in the primary ore.

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Figure 7: Olympus surface geology from WA Geological Survey mapping with soil/lag sample locations, the pXRF analysed +500ppm Sc zones outlined and the RAB lines.

There are a number of stand alone scandium projects under exploration and feasibility in Australia with the majority near the town of Fifield in central New South Wales. This area is referred to as ‘Scandium Valley’ and project owners include Sunrise Energy Metals and

3 Shanghai Metals Market https://www.metal.com/

ASX ANNOUNCEMENT 17 October 2025

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Rio Tinto. The focus of project owners is on maximising the grade of their projects to improve viability.

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Figure 8: Olympus magnetics showing soil/lag sample locations, the outline of the pXRF analysed +500ppm Sc zones andthe RAB lines.

Heads of Agreement Key Terms

The key Heads of Agreement terms for the Olympus scandium project acquisition are:

1. Exclusivity Period & Acquisition

On 18 October 2024, Opal entered into a 12 month extendable and exclusive binding option agreement with Beau Resources Pty Ltd ( Beau ), enabling Opal to acquire 100% of the Olympus tenements ( Beau Option Agreement ).

Under Beau Option Agreement, Opal holds an option to acquire the Olympus tenements from Beau ( Beau Option ).

ASX ANNOUNCEMENT 17 October 2025

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Under the HoA, Hawk has secured the right to direct Opal to exercise the Beau Option, funding the $210,000 option fee that is payable to Beau under the Beau Option Agreement.

Subject to the satisfaction of the Conditions (defined below), Hawk may exercise the Option any time prior to 18 October 2026.

In Consideration for acquiring the Option, Hawk has agreed to:

  • (a) pay Opal A$60,000;

  • (b) pay the Olympus tenement’s maintenance costs until the Option is exercised or expires; and

  • (c) sell its 101 upatented mining claims surrounding Horn Silver Mines in Utah, USA to Antler Resources LLC for A$1.00 ( Utah Sale ).

2. Condition to Option Exercise

The exercise of the Option remains subject to the following conditions (together, the Conditions ).

  • (a) Due diligence: completion of financial, legal and technical due diligence by Hawk on Olympus, to the absolute satisfaction of Hawk;

  • (b) Utah Sale : the Utah Sale completing;

  • (c) Royalty: execution of the deed of assignment and assumption in relation to the royalty described below;

  • (d) Beau Option Agreement : completion occurring under the Beau Option Agreement;

  • (e) JV Agreement : Hawk and Opal entering into a joint venture agreement in relation to Olympus based on the customary terms and conditions of a joint venture agreement;

  • (f) Shareholder approval: Opal’s shareholders approving the all transactions required to give effect to the exercise of the Option, including a resolution authorising the allotment and issue of any consideration shares that Hawk elects to issue (see below); and

  • (g) Third party and regulatory approvals : other customery conditions including the parties obtaining all required third party and regulatory consents and approvals (inlcuding by way of assignment and assumption deeds where required).

If the Conditions are not satisfied or waived on or before 13 September 2026, then any party may terminate the HoA.

ASX ANNOUNCEMENT 17 October 2025

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3. Option Exercise and Upfront Consideration

On exercise of the Option, Hawk has agreed to pay/issue Opal the following on exercise of the option:

  • (a) $150,000 cash by way of electronic transfer;

  • (b) at Hawk’s election, either:

  • (i) $500,000 in cash; or

  • (ii) subject to Hawk obtaining shareholder approval, $500,000 worth of fully paid ordinary shares in Hawk based on the Deemed Issue Price;

  • (c) at Hawk’s election, either:

  • (i) $500,000 in cash; or

  • (ii) subject to Hawk obtaining shareholder approval, $500,000 worth of options to acquire Shares (each with an exercise price equal to a 100% premium of the Deemed Issue Price, and expiring four years after the date of issue) based on the Black-Scholes valuation model.

On Option exercise, Hawk will also pay Beau a $210,000 cash fee.

On exercise of the Optoin, Opal shall retain a 20% free-carried interest until a decision to mine. After a decision to mine at Olympus has been made, Opal must elect to fund its 20% share of joint venture expenditure, or have its interest diluted in accordance with the joint venture terms.

4. Deferred Consideration

Subject to Hawk obtaining shareholder approval and regulatory approvals (if required), Hawk has also agreed to pay Opal the Deferred Consideration as outlined below.

  • (a) Milestone 1 - $750,000 worth of cash and/or shares (at Hawk’s election) upon Hawk announcing to the ASX the achievement of ≥3m @ ≥550ppm Sc in 5 drill holes in respect of the Tenements within five years from the Completion Date;

  • (b) Milestone 2 - $1,500,000 worth of cash and/or shares (triggered once only and at Hawk’s election) upon Hawk announcing to the ASX the achievement of an Inferred Resource as defined in the JORC Code (2012 Edition) of at least ≥2Mt @ ≥550ppm Sc or 500koz Au Eq in respect of the Tenements within five years from the Completion Date; and

  • (c) Milestone 3 - $3,000,000 worth of cash and/or shares (at Hawk’s election) upon Hawk announcing the completion of a positive Feasibility Study on the Tenements within 5 years from the Completion Date,

ASX ANNOUNCEMENT 17 October 2025

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(the Deferred Consideration ).

If Hawk elects for any Deferred Consideration payment to be made in Hawk shares, the deemed issue price will be the amount equal to the volume weighted average price of HWK shares over the 10 trading days as at one day prior to the satisfaction of the relevant milestone.

5. First Right of Refusal

In the event that either Hawk or Opal sells, or otherwise relinquishes part of, or all of its interest in Olympus; or grants a royalty over some or all of Olympus, each Party will have a pre-emptive right to acquire such interest.

6. Royalty

Hawk agrees to enter into a deed of assignment and assumption with Opal and Beau in relation to the royalty, whereby Hawk agrees to grant Beau a royalty calculated by multiplying the royalty percentage by the gross revenue generated from the Project. 1% of this royalty shall be bought back by HWK for $1,000,000 and/or fair market value within 12 months of a decision to mine.

7. Board Representation

Upon Hawk’s acquisition of an 80% interest in Olympus, should Opal hold a relevant interest of at least 15% in Hawk, it will have the right to nominate one Non-Executive Director to the Hawk Board.

Work Program and Next Steps

Hawk’s next steps at Olympus will include:

  • Obtain permit to enter Ngaanyatjarra land (Q4, 2025)

  • Lab analysis of soil and lag sampling to verify historical results (Q4, 2025)

  • Systematic drilling programme to determine continuity and thickness of mineralisation (H1, 2026)

Placement

The Company is pleased to announce that it has received binding firm commitments from sophisticated, professional and institutional investors to raise $5.0 million (before costs) through a strongly supported two-tranche placement of a total of 250.0 million Shares at an issue price of $0.02 per Share ( Placement ).

ASX ANNOUNCEMENT 17 October 2025

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The Placement will be completed in two tranches as follows:

  • Tranche 1 – 67,732,350 Shares will be issued under the Company's existing Listing Rule 7.1 (40,639,410 Shares) and 7.1A(27,092,940 Shares) capacity at an issue price of $0.02 to raise $1,354,647 (before costs).

  • Tranche 2 – subject to the Company obtaining shareholder approval, 182,267,650 Shares will be issued at an issue price of $0.02 to raise $3,645,353 (before costs).

Completion of the Tranche 1 Placement is expected to occur on or around 23 October 2025. Completion of the Tranche 2 Placement is subject to the Company obtaining shareholder approval to be sought at the annual general meeting.

The Shares to be issued under the Placement will, upon their issue, rank equally with existing fully paid ordinary shares in the Company.

Participants in the Placement will receive one (1) free attaching HWKO quoted option for every two (2) new Shares issued ( Placement Options ). The issue of the Placement Options will be subject to receipt of shareholder approval at the AGM.

Directors of the Company have committed to participate for a combined total of $70,000 under the Placement. The issue of 3.5 million shares to directors will be subject to shareholder approval at the Company’s annual general meeting.

  • Funds raised from the Placement will be utilised primarily for the following:

  • Drilling programme at the Cactus copper-gold Project in Utah;

  • Completion of the acquisition of the Olympus scandium Project in Western Australia;

  • Exploration activities at Olympus; and

  • General working capital.

Cygnet Capital Pty Limited ( Cygnet Capital ) and Canaccord Genuity (Australia) Limited ( Canaccord Genuity ) acted as joint lead managers to the Placement ( Joint Lead Managers ). The Company will pay the Joint Lead Managers a capital raising fee of 6% of the amount raised (plus GST) and, subject to shareholder approval, will issue to the Joint Lead Managers (and/or their nominees):

  • a) Capital Raising Options: on the basis of three (3) Options for every A$1.00 of funds introduced under the Placement; The Capital Rasing Options will have the same terms as the Placement Options, with an exercise price of $0.05 and expiry date of 1 October 2026.

  • b) Upon successful completion of the Placement, the Joint Lead Managers will be offered 10,000,000 management Options. The management Options will have an issue price of $0.0001 per option and otherwise the same terms as the Placement Options, with an exercise price of $0.05 and expiry date of 1 October 2026.

ASX ANNOUNCEMENT 17 October 2025

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Cautionary Statement: In relation to the disclosure of pXRF results, the Company cautions that estimates of mineral abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. Some variation from the results presented in this announcement would be expected from laboratory analysis of the samples.

END

This announcement was authorised for release by the Board of Hawk Resources Limited.

HAWK RESOURCES LIMITED

ABN: 55 165 079 201

Suite 1, Level 6, 350 Collins Street, Melbourne, 3000, VIC www.hawkresources.com.au

For further information:

Scott Caithness , Managing Director Rod North, Managing Director Hawk Resources Bourse Communications Pty Ltd M: +61 409 401 078 M: +61 408 670 706 E: [email protected] E: [email protected]

About Hawk Resources Limited (ASX: HWK)

Hawk Resources (formerly Alderan Resources) is a critical minerals explorer. Near term, Hawk is advancing its Cactus copper project in Utah, USA- with drilling set to restart to drive value. In parallel, the Company is de-risking the Olympus Scandium Project in Western Australia to add strategic critical-minerals exposure. It also holds five lithium projects across Minas Gerais and Bahia, Brazil.

Led by Managing Director Scott Caithness, a 40-year exploration leader (ex-Rio Tinto; former Exploration Director at Vedanta/Hindustan Zinc; former Senior Trade Commissioner), and Chairman Tom Eadie (ex-Pasminco; founder of the Century Mine), Hawk offers investors immediate copper catalysts, scandium and lithium optionality and ultimately, leverage to long-term demand for critical minerals.

ASX ANNOUNCEMENT 17 October 2025

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For more information please visit: https://hawkresources.com.au/

Competent Persons Statement

The information contained in this announcement that relates to exploration results is based on, and fairly reflects, information compiled by Mr Scott Caithness, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Caithness is the Managing Director of Hawk Resources and 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 Caithness consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Caithness holds securities in the Company.

ASX ANNOUNCEMENT 17 October 2025

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Appendix 1: Redstone Resources sample numbers, sample co-ordinates, sample type and Niton pXRF scandium analyses for soil and lag samples.

Data source: Redstone Resources; Musgraves Project Surrender Report; Mt Muir Project EL 69/1629; for the period 1[st] February 2001 to 2.5[th] June 2009; 5[th] October 2009; WA Department of Mines, Petroleum & Energy WAMEX Open file system.

SAMPLE NO. CO-ORDINATES CO-ORDINATES SAMPLE TYPE SAMPLE
SUBTYPE
DATE NITON SC
AMG E AMG N ppm
A18109 407814 7186683 SOIL AUGER 24-Sep-06
A18110 407783 7186198 SOIL AUGER 24-Sep-06
A18111 407799 7185796 SOIL AUGER 24-Sep-06
A18112 407800 7185400 SOIL AUGER 24-Sep-06
A18113 407800 7187006 SOIL AUGER 24-Sep-06
A18114 409394 7186035 SOIL AUGER 24-Sep-06
A18115 409387 7186034 SOIL AUGER 24-Sep-06
A18116 410996 7189392 SOIL AUGER 24-Sep-06
A18117 410988 7189205 SOIL AUGER 24-Sep-06
A18118 410983 7189215 SOIL AUGER 24-Sep-06
A18501 397403.11 7192220.11 SOIL DLAG 14-Nov-06 470
A18502 397401 7192303 SOIL DLAG 14-Nov-06 80
A18503 397413 7192397 SOIL DLAG 14-Nov-06 176
A18504 397388 7192499 SOIL DLAG 14-Nov-06 57
A18505 397396 7192594 SOIL DLAG 14-Nov-06 0
A18506 397396 7192702 SOIL DLAG 14-Nov-06 518
A18507 397408 7192803 SOIL DLAG 14-Nov-06 362
A18508 397403 7192900 SOIL DLAG 14-Nov-06 195
A18509 397407 7193000 SOIL DLAG 14-Nov-06 14
A18510 397403 7193099 SOIL DLAG 14-Nov-06 0
A18511 397397 7193202 SOIL DLAG 14-Nov-06 18
A18512 397407 7193296 SOIL DLAG 14-Nov-06 27
A18513 397404 7193398 SOIL DLAG 14-Nov-06 341
A18514 397396 7193502 SOIL DLAG 14-Nov-06 319
A18515 397389 7193599 SOIL DLAG 14-Nov-06 0
A18516 396577 7193599 SOIL DLAG 14-Nov-06 264

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A18517 396598 7193298 SOIL DLAG 14-Nov-06 35
A18518 396632 7193102 SOIL DLAG 14-Nov-06 392
A18519 396568 7192904 SOIL DLAG 14-Nov-06 0
A18520 396562 7192704 SOIL DLAG 14-Nov-06 29
A18521 396606 7192500 SOIL DLAG 14-Nov-06 516
A18522 396605 7192300 SOIL DLAG 14-Nov-06 82
A18523 396598.26 7192215.72 SOIL DLAG 14-Nov-06 46
A18524 396811.27 7192212.72 SOIL DLAG 14-Nov-06 0
A18525 396796 7192293 SOIL DLAG 14-Nov-06 293
A18526 396800 7192398 SOIL DLAG 14-Nov-06 0
A18527 396802 7192500 SOIL DLAG 14-Nov-06 0
A18528 396804 7192592 SOIL DLAG 14-Nov-06 0
A18529 396811 7192702 SOIL DLAG 14-Nov-06 130
A18530 396796 7192805 SOIL DLAG 14-Nov-06 42
A18531 396797 7193000 SOIL DLAG 14-Nov-06 0
A18532 396806 7193202 SOIL DLAG 14-Nov-06 41
A18533 396807 7193402 SOIL DLAG 14-Nov-06 0
A18534 396805 7193608 SOIL DLAG 14-Nov-06 0
A18535 397208 7193594 SOIL DLAG 15-Nov-06 49
A18536 397193 7193499 SOIL DLAG 15-Nov-06 495
A18537 397196 7193405 SOIL DLAG 15-Nov-06 174
A18538 397209 7193300 SOIL DLAG 15-Nov-06 83
A18539 397191 7193198 SOIL DLAG 15-Nov-06 219
A18540 397203 7193086 SOIL DLAG 15-Nov-06 0
A18541 397206 7192996 SOIL DLAG 15-Nov-06 84
A18542 397203 7192901 SOIL DLAG 15-Nov-06 412
A18543 397202 7192801 SOIL DLAG 15-Nov-06 0
A18544 397203 7192700 SOIL DLAG 15-Nov-06 234
A18545 397203 7192597 SOIL DLAG 15-Nov-06 0
A18546 397208 7192493 SOIL DLAG 15-Nov-06 0
A18547 397203 7192401 SOIL DLAG 15-Nov-06 0
A18548 397198 7192303 SOIL DLAG 15-Nov-06 43
A18549 397198.05 7192220.11 SOIL DLAG 15-Nov-06 127
A18550 396793 7193498 SOIL DLAG 15-Nov-06 119

ASX ANNOUNCEMENT

17 October 2025

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A18551 396807 7193308 SOIL DLAG 15-Nov-06 0
A18552 396819 7193100 SOIL DLAG 15-Nov-06 112
A18553 396783 7192896 SOIL DLAG 15-Nov-06 39
A18554 402991 7191410 SOIL DLAG 15-Nov-06 18
A18555 403008 7190984 SOIL DLAG 15-Nov-06 235
A18556 403031 7190554 SOIL DLAG 15-Nov-06 657
A18557 403008 7190194 SOIL DLAG 16-Nov-06 742
A18558 403016 7189784 SOIL DLAG 16-Nov-06 16
A18559 402992 7189401 SOIL DLAG 16-Nov-06 510
A18560 402992 7189603 SOIL DLAG 16-Nov-06 611
A18561 402993 7189200 SOIL DLAG 16-Nov-06 339
A18562 403008 7189004 SOIL DLAG 16-Nov-06 212
A18563 403000 7188799 SOIL DLAG 16-Nov-06 352
A18564 402973 7188598 SOIL DLAG 16-Nov-06 272
A18565 402992 7188152 SOIL DLAG 16-Nov-06 670
A18566 403004 7187792 SOIL DLAG 16-Nov-06 734
A18567 402999 7187404 SOIL DLAG 16-Nov-06 324
A38129 415795 7183596 SOIL DLAG 27-Oct-06 0
A38130 415812 7183807 SOIL DLAG 27-Oct-06 27
A38131 415800 7184215 SOIL DLAG 27-Oct-06 3
A38132 415795 7184611 SOIL DLAG 27-Oct-06 12
A38133 415804 7185004 SOIL DLAG 27-Oct-06 79
A38134 415798 7185395 SOIL DLAG 27-Oct-06 21
A38135 415802 7185808 SOIL DLAG 27-Oct-06 36
A38136 415802 7186205 SOIL DLAG 27-Oct-06 53
A38137 415808 7186611 SOIL DLAG 27-Oct-06 48
A38138 415801 7187004 SOIL DLAG 27-Oct-06 1
A38139 415797 7187383 SOIL DLAG 27-Oct-06 44
A38140 415801 7187808 SOIL DLAG 27-Oct-06 0
A38141 415809 7188189 SOIL DLAG 27-Oct-06 0
A38142 415800 7188611 SOIL DLAG 27-Oct-06 12
A38143 415792 7188991 SOIL DLAG 27-Oct-06 0
A38144 415808 7189403 SOIL DLAG 27-Oct-06 0
A38145 415801 7189811 SOIL DLAG 27-Oct-06 0

ASX ANNOUNCEMENT

17 October 2025

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A38146 415810 7190203 SOIL DLAG 27-Oct-06 0
A38147 415803 7190603 SOIL DLAG 27-Oct-06 14
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A38178 412602 7188213 SOIL DLAG 28-Oct-06 275
A38179 412591 7188614 SOIL DLAG 28-Oct-06 75
A38180 412601 7189012 SOIL DLAG 28-Oct-06 48

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

A38181 412594 7189407 SOIL DLAG 28-Oct-06 114
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A38195 410993 7186998 SOIL DLAG 28-Oct-06 174
A38196 411009 7186600 SOIL DLAG 28-Oct-06
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A38353 409400 7186993 SOIL DLAG 12-Nov-06 309

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

A38354 409390 7187407 SOIL DLAG 12-Nov-06 6
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ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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A38459 401397 7186930 SOIL DLAG 13-Nov-06 696
A38460 401401 7186640 SOIL DLAG 13-Nov-06 194

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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A38462 401398 7185738 SOIL DLAG 13-Nov-06 177
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A38495 397004 7192304 SOIL DLAG 14-Nov-06 72

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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B10527 397198 7192950 SOIL DLAG 14-Jul-07 108

ASX ANNOUNCEMENT 17 October 2025

==> picture [114 x 71] intentionally omitted <==

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ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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B10596 403798 7190002 SOIL DLAG 21-Jul-07 385

ASX ANNOUNCEMENT 17 October 2025

==> picture [114 x 71] intentionally omitted <==

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B11009 406215 7188201 SOIL DLAG 20-Jun-07 716
B11010 406202 7188602 SOIL DLAG 20-Jun-07 274

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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B11043 406206 7191785 SOIL DLAG 21-Jun-07 160
B11044 406197 7191401 SOIL DLAG 21-Jun-07 678

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

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B11049 406192 7189395 SOIL DLAG 22-Jun-07 8
B11050 406212 7189003 SOIL DLAG 22-Jun-07 0
B11051 404592 7188997 SOIL DLAG 22-Jun-07 816
B11052 404590 7189407 SOIL DLAG 22-Jun-07 850
B11053 404607 7189800 SOIL DLAG 22-Jun-07 911
B11055 404599 7190203 SOIL DLAG 22-Jun-07 1251
B11056 404595 7190603 SOIL DLAG 22-Jun-07 1175
B11057 403006 7187000 SOIL DLAG 22-Jun-07 1108
B11058 403004 7186604 SOIL DLAG 22-Jun-07 1167
B11059 402996 7186200 SOIL DLAG 22-Jun-07 256
B11060 403078 7185814 SOIL DLAG 22-Jun-07 -5
B11061 402999 7185400 SOIL DLAG 22-Jun-07 783
B11062 403007 7185003 SOIL DLAG 22-Jun-07 556
B11063 404600 7185009 SOIL DLAG 22-Jun-07 276
B11064 404600 7185402 SOIL DLAG 22-Jun-07 174
B11065 404603 7185810 SOIL DLAG 22-Jun-07 1019
B11066 404596 7186207 SOIL DLAG 22-Jun-07 669
B11067 404607 7186616 SOIL DLAG 22-Jun-07 810
B11068 404601 7187010 SOIL DLAG 22-Jun-07 948
B11069 404606 7187458 SOIL DLAG 22-Jun-07 837
B11070 404603 7187800 SOIL DLAG 23-Jun-07 880
B11071 404598 7188257 SOIL DLAG 23-Jun-07 699
B11072 404605 7188603 SOIL DLAG 23-Jun-07 1284
B11073 404600 7191007 SOIL DLAG 23-Jun-07 884
B11074 404601 7191401 SOIL DLAG 23-Jun-07 1077
B11075 404588 7191808 SOIL DLAG 23-Jun-07 1256
B11076 404601 7192201 SOIL DLAG 23-Jun-07 826
B11077 404597 7192604 SOIL DLAG 23-Jun-07 491
B11078 404605 7193004 SOIL DLAG 23-Jun-07 354
B11079 404608 7193410 SOIL DLAG 23-Jun-07 0

ASX ANNOUNCEMENT

17 October 2025

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B11080 404608 7193804 SOIL DLAG 23-Jun-07 28
B11081 404589 7194204 SOIL DLAG 23-Jun-07 319
B11082 404594 7194603 SOIL DLAG 23-Jun-07 26
B11083 404599 7195001 SOIL DLAG 23-Jun-07 238
B11084 404596 7195401 SOIL DLAG 23-Jun-07 326
B11085 404601 7195797 SOIL DLAG 23-Jun-07 706
B11086 403000 7197793 SOIL DLAG 23-Jun-07 382
B11087 402940 7197310 SOIL DLAG 23-Jun-07 347
B11088 402867 7196972 SOIL DLAG 23-Jun-07 0
B11089 402998 7196590 SOIL DLAG 23-Jun-07 443
B11090 403018 7196201 SOIL DLAG 23-Jun-07 233
B11091 403015 7195800 SOIL DLAG 23-Jun-07 279
B11092 402993 7195400 SOIL DLAG 23-Jun-07 39
B11093 402993 7194600 SOIL DLAG 24-Jun-07 516
B11094 402995 7194214 SOIL DLAG 23-Jun-07 796
B11095 403004 7193800 SOIL DLAG 23-Jun-07 858
B11096 403000 7193384 SOIL DLAG 23-Jun-07 291
B11101 411400 7185200 SOIL DLAG 20-Jul-07 183
B11102 411200 7185401 SOIL DLAG 20-Jul-07 85
B11103 411399 7185600 SOIL DLAG 20-Jul-07 52
B11104 411399 7185801 SOIL DLAG 20-Jul-07 59
B11105 411401 7186000 SOIL DLAG 20-Jul-07 302
B11106 411400 7186200 SOIL DLAG 20-Jul-07 115
B11107 411401 7186400 SOIL DLAG 20-Jul-07 0
B11108 411400 7186601 SOIL DLAG 20-Jul-07 0
B11109 411401 7186799 SOIL DLAG 20-Jul-07 0
B11110 411400 7187000 SOIL DLAG 20-Jul-07 10
B11111 411400 7187200 SOIL DLAG 20-Jul-07 0
B11112 411400 7187400 SOIL DLAG 21-Jul-07 176
B11113 411400 7187601 SOIL DLAG 21-Jul-07 206
B11114 411399 7187800 SOIL DLAG 21-Jul-07 63
B11115 411400 7187999 SOIL DLAG 21-Jul-07 27
B11116 411401 7188200 SOIL DLAG 21-Jul-07 70
B11117 411401 7188401 SOIL DLAG 21-Jul-07 0

ASX ANNOUNCEMENT 17 October 2025

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B11118 411401 7188600 SOIL DLAG 21-Jul-07 0
B11119 411399 7188800 SOIL DLAG 21-Jul-07 1
B11120 411399 7189000 SOIL DLAG 21-Jul-07 12
B11121 411399 7189201 SOIL DLAG 21-Jul-07 0
B11122 411400 7189400 SOIL DLAG 21-Jul-07 32
B11123 411400 7189609 SOIL DLAG 21-Jul-07 0
B11124 411400 7189800 SOIL DLAG 21-Jul-07 0
B11125 410602 7189801 SOIL DLAG 21-Jul-07 0
B11126 410600 7189600 SOIL DLAG 21-Jul-07 43
B11127 410600 7189400 SOIL DLAG 21-Jul-07 24
B11128 410599 7189200 SOIL DLAG 21-Jul-07 49
B11129 410600 7189001 SOIL DLAG 21-Jul-07 58
B11130 410580 7188759 SOIL DLAG 21-Jul-07 56
B11131 410604 7188600 SOIL DLAG 21-Jul-07 0
B11132 410601 7188400 SOIL DLAG 21-Jul-07 36
B11133 410602 7188200 SOIL DLAG 21-Jul-07 38
B11134 410599 7188002 SOIL DLAG 21-Jul-07 27
B11135 410599 7187801 SOIL DLAG 21-Jul-07 49
B11136 410600 7187600 SOIL DLAG 21-Jul-07 259
B11137 410600 7187403 SOIL DLAG 22-Jul-07 125
B11138 410599 7187200 SOIL DLAG 22-Jul-07 0
B11139 410601 7187001 SOIL DLAG 22-Jul-07 0
B11140 410599 7186800 SOIL DLAG 22-Jul-07 323
B15138 406400 7186700 SOIL DLAG 3-Dec-07 0
B15139 406400 7186600 SOIL DLAG 3-Dec-07 0
B15140 406400 7186500 SOIL DLAG 3-Dec-07 0
B15141 406400 7186400 SOIL DLAG 3-Dec-07 0
B15142 406400 7186300 SOIL DLAG 3-Dec-07 0
B15143 406400 7186200 SOIL DLAG 3-Dec-07 0
B16063 406600 7188200 SOIL DLAG 4-Dec-07 0
B16064 406600 7187800 SOIL DLAG 4-Dec-07 0
B16065 406598 7187398 SOIL DLAG 4-Dec-07 0
B16066 406601 7187002 SOIL DLAG 4-Dec-07 0
B16067 406600 7186800 SOIL DLAG 4-Dec-07 0

ASX ANNOUNCEMENT

17 October 2025

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B16068 406597 7186700 SOIL DLAG 4-Dec-07 0
B16069 406602 7186600 SOIL DLAG 4-Dec-07 0
B16070 406601 7186500 SOIL DLAG 4-Dec-07 0
B16071 406601 7186400 SOIL DLAG 4-Dec-07 0
B16072 406601 7186300 SOIL DLAG 4-Dec-07 0
B16073 406599 7186200 SOIL DLAG 4-Dec-07 0
B16074 406604 7185800 SOIL DLAG 4-Dec-07 0
B16075 406601 7185401 SOIL DLAG 4-Dec-07 0
B16076 406800 7186200 SOIL DLAG 4-Dec-07 0
B16077 406800 7186300 SOIL DLAG 4-Dec-07 0
B16078 406800 7186400 SOIL DLAG 4-Dec-07 0
B16079 406802 7186500 SOIL DLAG 4-Dec-07 0
B16080 406801 7186601 SOIL DLAG 4-Dec-07 0
B16081 406799 7186699 SOIL DLAG 4-Dec-07 0
B16082 406801 7186801 SOIL DLAG 4-Dec-07 0
B16083 406800 7186900 SOIL DLAG 4-Dec-07 0
B16084 406800 7187003 SOIL DLAG 4-Dec-07 0
B16085 407000 7188200 SOIL DLAG 4-Dec-07 0
B16086 407000 7187800 SOIL DLAG 4-Dec-07 0
B16087 407000 7187400 SOIL DLAG 4-Dec-07 0
B16088 407000 7187003 SOIL DLAG 4-Dec-07 0
B16089 407000 7186902 SOIL DLAG 4-Dec-07 0
B16090 407000 7186800 SOIL DLAG 4-Dec-07 0
B16091 407001 7186700 SOIL DLAG 4-Dec-07 0
B16092 407001 7186600 SOIL DLAG 4-Dec-07 0
B16093 406999 7186499 SOIL DLAG 4-Dec-07 0
B16094 407000 7186399 SOIL DLAG 4-Dec-07 0
B16095 406999 7186301 SOIL DLAG 4-Dec-07 0
B16096 406999 7186199 SOIL DLAG 4-Dec-07 0
B16101 407000 7185800 SOIL DLAG 4-Dec-07 0
B16102 407001 7185401 SOIL DLAG 4-Dec-07 0

ASX ANNOUNCEMENT 17 October 2025

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Appendix 3: Redstone Resources RAB drill hole Niton pXRF scandium analyses.

All RAB holes were drilled vertically (-90[o] dip; zero azimuth) and all holes have been sampled at 1m intervals from surface to end of hole. The last sample interval is the end of each hole.

Data Source: Redstone Resources; Musgraves Project Surrender Report; Mt Muir Project EL 69/1629; for the period 1[st] February 2001 to 2.5[th] June 2009; 5[th] October 2009; WA Department of Mines, Petroleum & Energy WAMEX Open file system.

HOLE ID HOLE COORDINATES HOLE COORDINATES FROM
(M)
TO
(M)
GREEN BAG
NUMBER
NITON DATE &
TIME
NITON Sc
(ppm)
AMG E AMG N
MMB0001 402995 7189400 0 1 W11158 6/05/2007 12:13 0
MMB0001 402995 7189400 1 2 W11159 6/05/2007 12:16 0
MMB0001 402995 7189400 2 3 W11160 6/05/2007 12:17 760
MMB0001 402995 7189400 3 4 W11161 6/05/2007 12:19 490
MMB0001 402995 7189400 4 5 W11162 6/05/2007 12:20 2164
MMB0001 402995 7189400 5 6 W11163 6/05/2007 12:23 931
MMB0001 402995 7189400 6 7 W11164 6/05/2007 12:25 183
MMB0001 402995 7189400 7 8 W11165 6/05/2007 12:26 401
MMB0001 402995 7189400 8 9 W11166 6/05/2007 12:28 0
MMB0001 402995 7189400 9 10 W11167 6/05/2007 12:29 79
MMB0001 402995 7189400 10 11 W11168 6/05/2007 12:31 79
MMB0001 402995 7189400 11 12 W11169 6/05/2007 12:32 66
MMB0001 402995 7189400 12 13 W11170 6/05/2007 12:33 431
MMB0001 402995 7189400 13 14 W11171 6/05/2007 12:34 0
MMB0001 402995 7189400 14 15 W11172 6/05/2007 12:36 304
MMB0001 402995 7189400 15 16 W11173 6/05/2007 12:38 251
MMB0001 402995 7189400 16 17 W11174 6/05/2007 12:39 41
MMB0001 402995 7189400 17 18 W11175 6/05/2007 12:40 0
MMB0002 403002 7189196 0 1 W11176 6/05/2007 12:53 1010
MMB0002 403002 7189196 1 2 W11177 6/05/2007 12:56 935
MMB0002 403002 7189196 2 3 W11178 6/05/2007 12:58 1473
MMB0002 403002 7189196 3 4 W11179 6/05/2007 13:04 492
MMB0002 403002 7189196 4 5 W11180 6/05/2007 13:06 831
MMB0002 403002 7189196 5 6 W11181 6/05/2007 13:08 1
MMB0002 403002 7189196 6 7 W11182 6/05/2007 13:09 0

ASX ANNOUNCEMENT

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MMB0002 403002 7189196 7 8 W11183 6/05/2007 13:10 61
MMB0002 403002 7189196 8 9 W11184 6/05/2007 13:11
MMB0002 403002 7189196 9 10 W11185 6/05/2007 13:12 0
MMB0002 403002 7189196 10 11 W11186 6/05/2007 13:14 293
MMB0002 403002 7189196 11 12 W11187 6/05/2007 13:16 38
MMB0002 403002 7189196 12 13 W11188 6/05/2007 13:18 220
MMB0002 403002 7189196 13 14 W11189 6/05/2007 13:20 225
MMB0002 403002 7189196 14 15 W11190 6/05/2007 13:21 166
MMB0002 403002 7189196 15 16 W11191 6/05/2007 13:23 0
MMB0002 403002 7189196 16 17 W11192 6/05/2007 13:26 0
MMB0002 403002 7189196 17 18 W11193 6/05/2007 13:27 671
MMB0002 403002 7189196 18 19 W11194 6/05/2007 13:29 466
MMB0002 403002 7189196 19 20 W11195 6/05/2007 13:31 367
MMB0002 403002 7189196 20 21 W11196 6/05/2007 13:36 313
MMB0002 403002 7189196 21 22 W11197 6/05/2007 13:38 368
MMB0002 403002 7189196 22 23 W11198 6/05/2007 13:40 357
MMB0002 403002 7189196 23 24 W11199 6/05/2007 13:41 151
MMB0002 403002 7189196 24 25 W11200 6/05/2007 13:43 0
MMB0002 403002 7189196 25 26 W11201 6/05/2007 13:44 212
MMB0002 403002 7189196 26 27 W11202 6/05/2007 13:46 0
MMB0002 403002 7189196 27 28 W11203 6/05/2007 13:47 0
MMB0002 403002 7189196 28 29 W11204 6/05/2007 13:49 245
MMB0002 403002 7189196 29 30 W11205 6/05/2007 13:50 0
MMB0002 403002 7189196 30 31 W11206 6/05/2007 13:53 339
MMB0002 403002 7189196 31 32 W11207 6/05/2007 13:54 309
MMB0002 403002 7189196 32 33 W11208 6/05/2007 13:56 310
MMB0002 403002 7189196 33 34 W11209 6/05/2007 13:58 208
MMB0002 403002 7189196 34 35 W11210 6/05/2007 13:59 89
MMB0002 403002 7189196 35 36 W11211 6/05/2007 14:00 0
MMB0003 402997 7189001 0 1 W11212 6/05/2007 14:07 0
MMB0003 402997 7189001 1 2 W11213 6/05/2007 14:10 1233
MMB0003 402997 7189001 2 3 W11214 6/05/2007 14:12 0
MMB0003 402997 7189001 3 4 W11215 6/05/2007 14:13 0
MMB0003 402997 7189001 4 5 W11216 6/05/2007 14:14 476
MMB0003 402997 7189001 5 6 W11217 6/05/2007 14:16 0

ASX ANNOUNCEMENT

17 October 2025

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MMB0003 402997 7189001 6 7 W11218 6/05/2007 14:18 438
MMB0003 402997 7189001 7 8 W11219 6/05/2007 14:20 0
MMB0003 402997 7189001 8 9 W11220 6/05/2007 14:21 513
MMB0003 402997 7189001 9 10 W11221 6/05/2007 14:22 53
MMB0003 402997 7189001 10 11 W11222 6/05/2007 14:24 0
MMB0003 402997 7189001 11 12 W11223 6/05/2007 14:26 311
MMB0003 402997 7189001 12 13 W11224 6/05/2007 14:27 0
MMB0003 402997 7189001 13 14 W11225 6/05/2007 14:29 174
MMB0003 402997 7189001 14 15 W11226 6/05/2007 14:30 222
MMB0003 402997 7189001 15 16 W11227 6/05/2007 14:32 0
MMB0003 402997 7189001 16 17 W11228 6/05/2007 14:33 389
MMB0003 402997 7189001 17 18 W11229 6/05/2007 14:34 29
MMB0003 402997 7189001 18 19 W11230 6/05/2007 14:35 77
MMB0003 402997 7189001 19 20 W11231 6/05/2007 14:37 0
MMB0003 402997 7189001 20 21 W11232 6/05/2007 14:39 0
MMB0003 402997 7189001 21 22 W11233 6/05/2007 14:40 42
MMB0003 402997 7189001 22 23 W11234 6/05/2007 14:41 316
MMB0003 402997 7189001 23 24 W11235 6/05/2007 14:42 0
MMB0003 402997 7189001 24 25 W11236 6/05/2007 14:44 0
MMB0003 402997 7189001 25 26 W11237 6/05/2007 14:47 177
MMB0003 402997 7189001 26 27 W11238 6/05/2007 14:49 198
MMB0003 402997 7189001 27 28 W11239 6/05/2007 14:52 134
MMB0003 402997 7189001 28 29 W11240 6/05/2007 14:53 30
MMB0003 402997 7189001 29 30 W11241 6/05/2007 14:55 118
MMB0003 402997 7189001 30 31 W11242 6/05/2007 14:57 109
MMB0003 402997 7189001 31 32 W11243 6/05/2007 14:58 0
MMB0003 402997 7189001 32 33 W11244 6/05/2007 15:00 445
MMB0003 402997 7189001 33 34 W11245 6/05/2007 15:01 0
MMB0003 402997 7189001 34 35 W11246 6/05/2007 15:03 83
MMB0003 402997 7189001 35 36 W11247 6/05/2007 15:04 24
MMB0003 402997 7189001 36 37 W11248 6/05/2007 15:06 0
MMB0003 402997 7189001 37 38 W11249 6/05/2007 15:07 0
MMB0003 402997 7189001 38 39 W11250 6/05/2007 15:08 520
MMB0003 402997 7189001 39 40 W11251 6/05/2007 15:09 0
MMB0003 402997 7189001 40 41 W11252 6/05/2007 15:13 0

ASX ANNOUNCEMENT 17 October 2025

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MMB0003 402997 7189001 41 42 W11253 6/05/2007 15:14 0
MMB0003 402997 7189001 42 43 W11254 6/05/2007 15:15 30
MMB0003 402997 7189001 43 44 W11255 6/05/2007 15:17 8
MMB0003 402997 7189001 44 45 W11256 6/05/2007 15:18 0
MMB0003 402997 7189001 45 46 W11257 6/05/2007 15:24 251
MMB0003 402997 7189001 46 47 W11258 6/05/2007 15:26 0
MMB0003 402997 7189001 47 48 W11259 6/05/2007 15:27 513
MMB0003 402997 7189001 48 49 W11260 6/05/2007 15:28 0
MMB0003 402997 7189001 49 50 W11261 6/05/2007 15:29 96
MMB0003 402997 7189001 50 51 W11262 6/05/2007 15:31 0
MMB0003 402997 7189001 51 52 W11263 6/05/2007 15:33 190
MMB0003 402997 7189001 52 53 W11264 6/05/2007 15:34 0
MMB0003 402997 7189001 53 54 W11265 6/05/2007 15:35 252
MMB0004 403000 7188800 0 1 W11266 6/05/2007 15:46 89
MMB0004 403000 7188800 1 2 W11267 6/05/2007 15:47 2037
MMB0004 403000 7188800 2 3 W11268 6/05/2007 15:49 0
MMB0004 403000 7188800 3 4 W11269 6/05/2007 15:51 0
MMB0004 403000 7188800 4 5 W11270 6/05/2007 15:53 874
MMB0004 403000 7188800 5 6 W11271 6/05/2007 15:55 39
MMB0004 403000 7188800 6 7 W11272 6/05/2007 15:58 0
MMB0004 403000 7188800 7 8 W11273 6/05/2007 15:59 463
MMB0004 403000 7188800 8 9 W11274 6/05/2007 16:01 154
MMB0004 403000 7188800 9 10 W11275 6/05/2007 16:02 227
MMB0004 403000 7188800 10 11 W11276 6/05/2007 16:05 0
MMB0004 403000 7188800 11 12 W11277 6/05/2007 16:06 0
MMB0004 403000 7188800 12 13 W11278 6/05/2007 16:07 0
MMB0004 403000 7188800 13 14 W11279 6/05/2007 16:09 0
MMB0004 403000 7188800 14 15 W11280 6/05/2007 16:10 105
MMB0004 403000 7188800 15 16 W11281 6/05/2007 16:13 880
MMB0004 403000 7188800 16 17 W11282 6/05/2007 16:16 317
MMB0004 403000 7188800 17 18 W11283 6/05/2007 16:19 0
MMB0004 403000 7188800 18 19 W11284 6/05/2007 16:21 0
MMB0004 403000 7188800 19 20 W11285 6/05/2007 16:22 0
MMB0004 403000 7188800 20 21 W11286 6/05/2007 16:24 0
MMB0004 403000 7188800 21 22 W11287 6/05/2007 16:26 0

ASX ANNOUNCEMENT

17 October 2025

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MMB0004 403000 7188800 22 23 W11288 6/05/2007 16:28 0
MMB0004 403000 7188800 23 24 W11289 6/05/2007 16:29 82
MMB0004 403000 7188800 24 25 W11290 6/05/2007 16:31 0
MMB0004 403000 7188800 25 26 W11291 6/05/2007 16:33 0
MMB0004 403000 7188800 26 27 W11292 6/05/2007 16:35 296
MMB0004 403000 7188800 27 28 W11293 6/05/2007 16:37 188
MMB0004 403000 7188800 28 29 W11294 6/05/2007 16:39 413
MMB0004 403000 7188800 29 30 W11295 6/05/2007 16:40 338
MMB0004 403000 7188800 30 31 W11296 6/05/2007 16:42 0
MMB0004 403000 7188800 31 32 W11297 6/05/2007 16:43 0
MMB0004 403000 7188800 32 33 W11298 6/05/2007 16:46 132
MMB0004 403000 7188800 33 34 W11299 6/05/2007 16:47 178
MMB0004 403000 7188800 34 35 W11300 6/05/2007 16:51 110
MMB0004 403000 7188800 35 36 W11301 6/05/2007 16:52 242
MMB0004 403000 7188800 36 37 W11302 6/05/2007 16:54 332
MMB0004 403000 7188800 37 38 W11303 6/05/2007 16:56 0
MMB0004 403000 7188800 38 39 W11304 6/05/2007 16:58 181
MMB0004 403000 7188800 39 40 W11305 6/05/2007 17:00 0
MMB0004 403000 7188800 40 41 W11306 6/05/2007 17:01 413
MMB0005 402998 7189600 0 1 W11307 6/05/2007 17:57 95
MMB0005 402998 7189600 1 2 W11308 6/05/2007 17:59 300
MMB0005 402998 7189600 2 3 W11309 6/05/2007 18:01 1194
MMB0005 402998 7189600 3 4 W11310 6/05/2007 18:03 284
MMB0005 402998 7189600 4 5 W11311 6/05/2007 18:04 367
MMB0005 402998 7189600 5 6 W11312 6/05/2007 18:05 137
MMB0005 402998 7189600 6 7 W11313 6/05/2007 18:07 274
MMB0005 402998 7189600 7 8 W11314 6/05/2007 18:09 0
MMB0005 402998 7189600 8 9 W11315 6/05/2007 18:11 0
MMB0005 402998 7189600 9 10 W11316 6/05/2007 18:12 27
MMB0005 402998 7189600 10 11 W11317 6/05/2007 18:14 0
MMB0005 402998 7189600 11 12 W11318 6/05/2007 18:16 0
MMB0005 402998 7189600 12 13 W11319 6/05/2007 18:18 128
MMB0005 402998 7189600 13 14 W11320 6/05/2007 18:19 0
MMB0005 402998 7189600 14 15 W11321 6/05/2007 18:21 0
MMB0005 402998 7189600 15 16 W11322 6/05/2007 18:23 0

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0006 411001 7189598 0 1 W11323 13/05/2007 11:45 433
MMB0006 411001 7189598 1 2 W11324 13/05/2007 11:47 262
MMB0006 411001 7189598 2 3 W11325 13/05/2007 11:48 0
MMB0006 411001 7189598 3 4 W11326 13/05/2007 11:49 0
MMB0006 411001 7189598 4 5 W11327 13/05/2007 11:50 613
MMB0006 411001 7189598 5 6 W11328 13/05/2007 11:52 75
MMB0006 411001 7189598 6 7 W11329 13/05/2007 11:53 60
MMB0006 411001 7189598 7 8 W11330 13/05/2007 11:54 3
MMB0006 411001 7189598 8 9 W11331 13/05/2007 11:55 235
MMB0006 411001 7189598 9 10 W11332 13/05/2007 11:56 0
MMB0006 411001 7189598 10 11 W11333 13/05/2007 11:57 0
MMB0006 411001 7189598 11 12 W11334 13/05/2007 11:59 189
MMB0006 411001 7189598 12 13 W11335 13/05/2007 12:00 39
MMB0006 411001 7189598 13 14 W11336 13/05/2007 12:01 58
MMB0006 411001 7189598 14 15 W11337 13/05/2007 12:02 79
MMB0006 411001 7189598 15 16 W11338 13/05/2007 12:03 289
MMB0006 411001 7189598 16 17 W11339 13/05/2007 12:05 347
MMB0006 411001 7189598 17 18 W11340 13/05/2007 12:06 627
MMB0006 411001 7189598 18 19 W11341 13/05/2007 12:07 133
MMB0006 411001 7189598 19 20 W11342 13/05/2007 12:08 0
MMB0006 411001 7189598 20 21 W11343 13/05/2007 12:09 378
MMB0006 411001 7189598 21 22 W11344 13/05/2007 12:10 456
MMB0007 411002 7189400 0 1 W11345 13/05/2007 12:17 0
MMB0007 411002 7189400 1 2 W11346 13/05/2007 12:18 50
MMB0007 411002 7189400 2 3 W11347 13/05/2007 12:19 109
MMB0007 411002 7189400 3 4 W11348 13/05/2007 12:21 354
MMB0007 411002 7189400 4 5 W11349 13/05/2007 12:22 0
MMB0007 411002 7189400 5 6 W11350 13/05/2007 12:23 483
MMB0007 411002 7189400 6 7 W11351 13/05/2007 12:24 0
MMB0007 411002 7189400 7 8 W11352 13/05/2007 12:25 0
MMB0007 411002 7189400 8 9 W11353 13/05/2007 12:26 0
MMB0007 411002 7189400 9 10 W11354 13/05/2007 12:27 0
MMB0007 411002 7189400 10 11 W11355 13/05/2007 12:29 26
MMB0007 411002 7189400 11 12 W11356 13/05/2007 12:30 460
MMB0007 411002 7189400 12 13 W11357 13/05/2007 12:31 0

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0007 411002 7189400 13 14 W11358 13/05/2007 12:32 0
MMB0007 411002 7189400 14 15 W11359 13/05/2007 12:33 337
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ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0007 411002 7189400 48 49 W11393 13/05/2007 13:19 423
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MMB0008 410996 7189198 33 34 W11427 13/05/2007 14:12 197

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0008 410996 7189198 34 35 W11428 13/05/2007 14:14 63
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MMB0010 411002 7187800 11 12 W11462 13/05/2007 15:09 40

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0010 411002 7187800 12 13 W11463 13/05/2007 15:10 0
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MMB0013 410998 7187200 9 10 W11497 13/05/2007 15:59 261

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0013 410998 7187200 10 11 W11498 13/05/2007 16:00 602
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MMB0016 409410 7186800 18 19 W11532 12/05/2007 19:05 0

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0016 409410 7186800 19 20 W11533 12/05/2007 19:06 0
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MMB0017 409402 7186600 9 10 W11561 13/05/2007 9:40 661
MMB0017 409402 7186600 10 11 W11562 13/05/2007 9:41 690
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MMB0017 409402 7186600 14 15 W11566 13/05/2007 9:46 476
MMB0017 409402 7186600 15 16 W11567 13/05/2007 9:47 223

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0017 409402 7186600 16 17 W11568 13/05/2007 9:48 276
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MMB0018 409398 7186400 3 4 W11596 13/05/2007 10:26 95
MMB0018 409398 7186400 4 5 W11597 13/05/2007 10:27 551
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MMB0018 409398 7186400 8 9 W11601 13/05/2007 10:33 367
MMB0018 409398 7186400 9 10 W11602 13/05/2007 10:34 255

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0018 409398 7186400 10 11 W11603 13/05/2007 10:35 64
MMB0018 409398 7186400 11 12 W11604 13/05/2007 10:37 86
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MMB0020 407799 7187401 1 2 W11637 13/05/2007 16:41 0

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0020 407799 7187401 2 3 W11638 13/05/2007 16:42 0
MMB0020 407799 7187401 3 4 W11639 13/05/2007 16:43 285
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MMB0020 407799 7187401 21 22 W11658 13/05/2007 17:06 153
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MMB0021 407808 7187200 0 1 W11663 13/05/2007 17:26 238
MMB0021 407808 7187200 1 2 W11664 13/05/2007 17:27 31
MMB0021 407808 7187200 2 3 W11665 13/05/2007 17:28 126
MMB0021 407808 7187200 3 4 W11666 13/05/2007 17:29 0
MMB0021 407808 7187200 4 5 W11667 13/05/2007 17:30 0
MMB0021 407808 7187200 5 6 W11668 13/05/2007 17:33 0
MMB0021 407808 7187200 6 7 W11669 13/05/2007 17:34 5
MMB0021 407808 7187200 7 8 W11670 13/05/2007 17:35 477
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MMB0021 407808 7187200 9 10 W11672 13/05/2007 17:37 332
MMB0021 407808 7187200 10 11 W11673 13/05/2007 17:40 73

ASX ANNOUNCEMENT

17 October 2025

==> picture [114 x 71] intentionally omitted <==

MMB0021 407808 7187200 11 12 W11674 13/05/2007 17:41 0
MMB0021 407808 7187200 12 13 W11675 13/05/2007 17:42 426
MMB0021 407808 7187200 13 14 W11676 13/05/2007 17:43 0
MMB0021 407808 7187200 14 15 W11677 13/05/2007 17:44 116
MMB0021 407808 7187200 15 16 W11678 13/05/2007 17:46 0
MMB0021 407808 7187200 16 17 W11679 13/05/2007 17:47 0
MMB0021 407808 7187200 17 18 W11680 13/05/2007 17:48 0
MMB0021 407808 7187200 18 19 W11681 13/05/2007 17:49 86
MMB0021 407808 7187200 19 20 W11682 13/05/2007 17:50 478
MMB0021 407808 7187200 20 21 W11683 13/05/2007 17:52 410
MMB0021 407808 7187200 21 22 W11684 13/05/2007 17:53 0
MMB0021 407808 7187200 22 23 W11685 13/05/2007 17:54 201
MMB0021 407808 7187200 23 24 W11686 13/05/2007 17:55 371
MMB0022 407798 7187000 0 1 W11687 13/05/2007 17:59 0
MMB0022 407798 7187000 1 2 W11688 13/05/2007 18:00 0
MMB0022 407798 7187000 2 3 W11689 13/05/2007 18:01 339
MMB0022 407798 7187000 3 4 W11690 13/05/2007 18:02 689
MMB0022 407798 7187000 4 5 W11691 13/05/2007 18:04 0
MMB0022 407798 7187000 5 6 W11692 13/05/2007 18:05 174
MMB0022 407798 7187000 6 7 W11693 13/05/2007 18:06 0
MMB0022 407798 7187000 7 8 W11694 13/05/2007 18:07 43
MMB0022 407798 7187000 8 9 W11695 13/05/2007 18:08 323
MMB0022 407798 7187000 9 10 W11696 13/05/2007 18:10 409
MMB0022 407798 7187000 10 11 W11697 13/05/2007 18:11 39
MMB0022 407798 7187000 11 12 W11698 13/05/2007 18:12 366
MMB0022 407798 7187000 12 13 W11699 13/05/2007 18:13 300
MMB0022 407798 7187000 13 14 W11700 13/05/2007 18:14 146
MMB0022 407798 7187000 14 15 W11651 13/05/2007 18:16 247
MMB0022 407798 7187000 15 16 W11701 13/05/2007 18:17 252
MMB0022 407798 7187000 16 17 W11702 13/05/2007 18:18 0
MMB0022 407798 7187000 17 18 W11703 13/05/2007 18:19 251
MMB0022 407798 7187000 18 19 W11704 13/05/2007 18:20 226
MMB0022 407798 7187000 19 20 W11705 13/05/2007 18:21 388
MMB0022 407798 7187000 20 21 W11706 13/05/2007 18:23 503
MMB0022 407798 7187000 21 22 W11707 13/05/2007 18:24 328

ASX ANNOUNCEMENT

17 October 2025

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MMB0022 407798 7187000 22 23 W11708 13/05/2007 18:25 178
MMB0022 407798 7187000 23 24 W11709 13/05/2007 18:26 223
MMB0022 407798 7187000 24 25 W11710 13/05/2007 18:28 0
MMB0023 407800 7186800 0 1 W11711 13/05/2007 18:30 625
MMB0023 407800 7186800 1 2 W11712 13/05/2007 18:31 1107
MMB0023 407800 7186800 2 3 W11713 13/05/2007 18:32 626
MMB0023 407800 7186800 3 4 W11714 13/05/2007 18:34 260
MMB0024 407798 7186600 0 1 W11715 13/05/2007 18:38 626
MMB0024 407798 7186600 1 2 W11716 13/05/2007 18:39 0
MMB0024 407798 7186600 2 3 W11717 13/05/2007 18:40 0
MMB0024 407798 7186600 3 4 W11718 13/05/2007 18:41 664
MMB0024 407798 7186600 4 5 W11719 13/05/2007 18:42 326
MMB0024 407798 7186600 5 6 W11720 13/05/2007 18:44 411
MMB0024 407798 7186600 6 7 W11721 13/05/2007 18:45 0
MMB0024 407798 7186600 7 8 W11722 13/05/2007 18:47 0
MMB0024 407798 7186600 8 9 W11723 13/05/2007 18:48 0
MMB0024 407798 7186600 9 10 W11724 13/05/2007 18:49 436
MMB0025 396583 7192600 0 1 W11725 14/05/2007 8:51 159
MMB0025 396583 7192600 1 2 W11726 14/05/2007 8:52 0
MMB0025 396583 7192600 2 3 W11727 14/05/2007 8:53 4
MMB0025 396583 7192600 3 4 W11728 14/05/2007 8:54 337
MMB0025 396583 7192600 4 5 W11729 14/05/2007 8:55 0
MMB0025 396583 7192600 5 6 W11730 14/05/2007 8:56 0
MMB0025 396583 7192600 6 7 W11731 14/05/2007 8:57 0
MMB0025 396583 7192600 7 8 W11732 14/05/2007 8:58 0
MMB0025 396583 7192600 8 9 W11733 14/05/2007 9:00 28
MMB0025 396583 7192600 9 10 W11734 14/05/2007 9:01 0
MMB0025 396583 7192600 10 11 W11735 14/05/2007 9:02 0
MMB0025 396583 7192600 11 12 W11736 14/05/2007 9:03 0
MMB0025 396583 7192600 12 13 W11737 14/05/2007 9:04 294
MMB0025 396583 7192600 13 14 W11738 14/05/2007 9:06 71
MMB0025 396583 7192600 14 15 W11739 14/05/2007 9:07 27
MMB0025 396583 7192600 15 16 W11740 14/05/2007 9:08 190
MMB0025 396583 7192600 16 17 W11741 14/05/2007 9:09 58
MMB0025 396583 7192600 17 18 W11742 14/05/2007 9:10 227

ASX ANNOUNCEMENT

17 October 2025

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MMB0025 396583 7192600 18 19 W11743 14/05/2007 9:11 462
MMB0025 396583 7192600 19 20 W11744 14/05/2007 9:12 92
MMB0025 396583 7192600 20 21 W11745 14/05/2007 9:13 0
MMB0025 396583 7192600 21 22 W11746 14/05/2007 9:14 179
MMB0025 396583 7192600 22 23 W11747 14/05/2007 9:16 7
MMB0025 396583 7192600 23 24 W11748 14/05/2007 9:17 0
MMB0025 396583 7192600 24 25 W11749 14/05/2007 9:18 50
MMB0025 396583 7192600 25 26 W11750 14/05/2007 9:19 72
MMB0025 396583 7192600 26 27 W11751 14/05/2007 9:20 507
MMB0025 396583 7192600 27 28 W11752 14/05/2007 9:21 134
MMB0025 396583 7192600 28 29 W11753 14/05/2007 9:22 18
MMB0025 396583 7192600 29 30 W11754 14/05/2007 9:23 43
MMB0025 396583 7192600 30 31 W11755 7/05/2007 11:05 0
MMB0025 396583 7192600 31 32 W11756 7/05/2007 11:07 0
MMB0025 396583 7192600 32 33 W11757 7/05/2007 11:08 0
MMB0025 396583 7192600 33 34 W11758 7/05/2007 11:09 0
MMB0025 396583 7192600 34 35 W11759 7/05/2007 11:11 0
MMB0026 396602 7192800 0 1 W11760 14/05/2007 9:27 0
MMB0026 396602 7192800 1 2 W11761 14/05/2007 9:28 0
MMB0026 396602 7192800 2 3 W11762 14/05/2007 9:29 596
MMB0026 396602 7192800 3 4 W11763 14/05/2007 9:30 363
MMB0026 396602 7192800 4 5 W11764 14/05/2007 9:31 670
MMB0026 396602 7192800 5 6 W11765 14/05/2007 9:32 289
MMB0026 396602 7192800 6 7 W11766 7/05/2007 11:19 0
MMB0026 396602 7192800 7 8 W11767 7/05/2007 11:21 516
MMB0026 396602 7192800 8 9 W11768 7/05/2007 11:22 0
MMB0026 396602 7192800 9 10 W11769 7/05/2007 11:23 169
MMB0026 396602 7192800 10 11 W11770 7/05/2007 11:24 739
MMB0027 396615 7192998 0 1 W11771 7/05/2007 11:28 65
MMB0027 396615 7192998 1 2 W11772 7/05/2007 11:29 107
MMB0027 396615 7192998 2 3 W11773 7/05/2007 11:30 0
MMB0027 396615 7192998 3 4 W11774 7/05/2007 11:31 14
MMB0027 396615 7192998 4 5 W11775 7/05/2007 11:32 174
MMB0028 396620 7193200 0 1 W11776 7/05/2007 11:35 75
MMB0028 396620 7193200 1 2 W11777 7/05/2007 11:36 0

ASX ANNOUNCEMENT

17 October 2025

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MMB0028 396620 7193200 2 3 W11778 7/05/2007 11:38 177
MMB0028 396620 7193200 3 4 W11779 7/05/2007 11:39 0
MMB0028 396620 7193200 4 5 W11780 7/05/2007 11:40 0
MMB0029 396580 7193400 0 1 W11781 7/05/2007 11:43 38
MMB0029 396580 7193400 1 2 W11782 7/05/2007 11:44 398

ASX ANNOUNCEMENT

17 October 2025

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Appendix 3: JORC Code, 2012 Edition – Table 1 Report in relation to soil sampling, RAB drilling and pXRF analysis of samples carried out by Redstone Resources Limited at the Olympus scandium project, Western Australia. The technical information in this JORC table comes from the Redstone Surrender report for the period 1°' February 2001 to 25" June 2009 on its Mt Muir Project, EL 69/1629.

Section 1 - Sampling Techniques and Data

(Criterial in this section apply to all succeeding sections)

Criteria of JORC
Code 2012
JORC Code (2012) explanation Details of the Reported Project
Sampling techniques Nature and quality of sampling (e.g. cut
channels, random chips, or specific
specialized
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.
469 deflation lag (D-Lag) soil samples were collected by Redstone Resources in 2006-07 and assayed using a
Niton pXRF analyser. The soils were collected at1600 x 400 to 200 x 100m spacings with the more detailed
infill sampling carried out where encouragement was obtained for targeted commodities nickel,
copper, platinum group metals (PGE), cobalt and gold.
Regional reconnaissance RAB drilling (generally 200m spaced RAB on lines 1.6km apart) was conducted in
2007 (holes MMBO001 to 29)and 2008 (MMBO30 to 42) with 42 drill holescompleted for a total of 932m.
The RAB drilling was undertaken to test geochemical anomalism defined by broad and infill DLag
sampling. All holes were sampled at 1m intervals andholes MMBO001 to 29 wereassayed (except sand
cover near the tops of the drill holes) by thehandheld XRF Niton for As, Ca, Co, Cr, Cu, Fe, Hg, K,
Mn, Mo, Ni, Pb, Rb, Sc, Se, Sr, Ti, V, Zn, Zr.
Include reference to measures taken to
ensure sample representativeness and
the appropriate calibration of any
measurement tools or systems used.
The soil samples are all described as D-Lag. No information on the sample collection procedure is available.
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 (e.g. ‘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
The soil samples are all described as D-Lag. No information on the sample collection procedure is available.
Lag sampling commonly involves screening particles in the range 2.0–6.0mm on site from the unconsolidated
alluvial and aeolian surface material. This size fraction material is commonly distributed over arid environments,
including areas where residual soils are severely diluted by transported alluvial and aeolian materials.
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types
(e.g. submarine nodules) may warrant
disclosure of detailed information.
Drilling techniques Drill type (e.g. core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. 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.).
Regional reconnaissance RAB drilling (generally 200m spaced RAB on lines 1.6km apart) was conducted in
2007 (holes MMB0001 to 29)and 2008 (MMB030 to 42) with 42 drill holescompleted for a total of 932m.
Only holes MMB0001-29 were assayed for Sc using the Niton pXRF.
Drill sample recovery Method of recording and assessing core
and chip sample recoveries and results
assessed.
No information on RAB drill sample recovery is available.
RAB holes produce chips hence recovery percentages are not possible. Sample weights are not provided in the
Redstone report
Measures taken to maximize sample
recovery and ensure representative
nature of the samples.
Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
Redstone logged a small number of soil samples with lithologies and site descriptions. Lithologies were logged
for the length of all RAB holes. No photographs of soil sample sites or RAB hole samples are available. The data
is of insufficient quality and quantity to support a Mineral Resource estimation.
Whether
logging
is
qualitative
or
quantitative in nature. Core (or costean,
channel, etc.) photography.
The total length and percentage of the
relevant intersections logged.
If core, whether cut or sawn and whether
quarter, half or all core taken
Not applicable – no diamond drilling was carried out.
Sub-sampling
techniques and
sample preparation
If
non-core,
whether
riffled,
tube
sampled, rotary split, etc. and whether
sampled wet or dry.
Not applicable – no information.
For all sample types, the nature, quality,
and appropriateness of the sample
preparation technique.
The soil samples are all described as D-Lag. No information on the sample collection procedure is available.
Lag sampling commonly involves screening particles in the range 2.0–6.0mm on site from the unconsolidated
alluvial and aeolian surface material. This size fraction material is commonly distributed over arid environments,
including areas where residual soils are severely diluted by transported alluvial and aeolian materials.
The 1m RAB samples were collected and analysed for multi-elements including scandium using a Niton pXR
analyser. This sample interval is considered appropriate for reconnaissance RAB drilling. No information on
sample preparation techniques is available.
Quality control procedures adopted for
all sub-sampling stages to maximise
representativeness 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.
No information on procedures to ensure that samples were representative of in-situ material is available. Soils
were collected along sampling lines at1600 x 400 to 200 x 100m spacingsand RAB holes were drilled
generally 200m spaced on lines 1.6km apart in areas deemed anomalous for the targeted commodities.
Scandium assays in RAB holes occur below scandium anomalies in soils in places.
Whether sample sizes are appropriate to
the grain size of the material being
sampled.
No information on sample sizes is available
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.
The analysis was carried out using a Niton pXRF analyser in ‘Bulk’ mode with 60 second readings for a multi-
element suite including scandium. No information on calibration of the pXRF is available in the Redstone report.
It should be noted that pXRF analysis is not as accurate as lab analysis. The pXRF results are regarded by
Hawk as indicative of grade only but are viewed as suitable for determining areas of anomalous copper
mineralisation.
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.
The sample analyses were carried out using an Niton pXRF analyser with all readings taken in ‘Bulk’ mode. The
standard operating procedure was to take 60 second sample reading times. There is no information on whether
calibration factors were applied to the data.
Nature of quality control procedures
adopted
(e.g.
standards,
blanks,
There is no information on quality control procedures for the pXRF analysis of soil and RAB samples.
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and precision
have been established.
Verification of
sampling and
assaying
The
verification
of
significant
intersections by either independent or
alternative company personnel.
There is no information on verification of sampling and assaying. Soils were collected along sampling lines at
1600 x 400 to 200 x 100m spacingsand RAB holes were drilled generally 200m spaced on lines 1.6km apart
in areas deemed anomalous for the targeted commodities (Cu, Ni, PGE, Co & Au). Niton pXRF scandium assays
in RAB holes occur below scandium anomalies in soils in places.
The use of twinned holes. Soils were collected along sampling lines at1600 x 400 to 200 x 100m spacingsand RAB holes were drilled
generally 200m spaced on lines 1.6km apart in areas deemed anomalous for the targeted commodities (Cu, Ni,
PGE, Co & Au). Niton pXRF scandium assays in RAB holes occur below scandium anomalies in soils in places.
Documentation of primary data, data
entry procedures, data verification, data
storage
(physical
and
electronic)
protocols.
All historical data has been compiled and stored electronically in the company’s secure digital database.
Discuss any adjustment to assay data. There is no information on adjustments to assay data. The sample analyses for scandium were carried out using
an Niton pXRF analyser with all readings taken in ‘Bulk’ mode. The standard operating procedure was to take
60 second sample reading times.
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.
Co-ordinates are available in Appendices 1 and 2 for all soil samples and all RAB holes. Sample sites were
located.using a Trimble GPS.
Specification of the grid system used. All data are recorded in UTM zone 52 GDA94 co-ordinate system.
Quality and adequacy of topographic
control.
The elevation data for sample sites is collected by the Trimble GPS used to locate each sample site. Elevation
data for RAB drill collars ranges from 528m to 543m and is not considered critical.
Data spacing and
distribution
Data spacing for reporting of Exploration
Results.
Soils were collected along sampling lines at 1600 x 400 to 200 x 100m spacings and RAB holes were drilled
generally 200m spaced on lines 1.6km apart in areas deemed anomalous for the targeted commodities (Cu, Ni,
PGE, Co & Au).
Whether
the
data
spacing,
and
distribution is sufficient to establish the
degree
of
geological
and
grade
continuity appropriate for the Mineral
The 1600 x 400 to 200 x 100m spacings used for the soil sampling and RAB holes drilled generally 200m spaced
on lines 1.6km apart are considered appropriate to identify broad anomalous zones of scandium mineralisation.
Infill sampling and drilling will be required to better define the anomaly. This sampling is not considered sufficient
for Mineral Resource estimation.
Resource and Ore Reserve estimation
procedure(s) and classifications applied.
Whether sample compositing has been
applied.
There is no information on compositing of samples that have been analysed for scandium.
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.
The sampling was carried out on unbiased north-south sample lines. There is no indication that the soil sampling
or RAB drilling was targeting structures.
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.
The sampling was carried out on unbiased north-south sample lines. There is no indication that the soil sampling
or RAB drilling was targeting structures.
Sample security The measures taken to ensure sample
security
There is no indication that the soil sampling or RAB drilling was targeting structures
Audits or reviews The results of any audits or reviews of
sampling techniques and data.
Not Applicable.There is no information on audits or reviews of sampling techniques or data by Redstone.

Section 2 – Reporting of Exploration Results

(Criterial in this section apply to all succeeding sections)

Criteria of JORC Code
2012
JORC Code (2012) explanation Details of the Reported Project
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 Olympus project is located in the West Musgrave Ranges in Western Australia approximately 300km west
of Yulara and 170km northeast of Warburton. It is held through two exploration licences (E69/3987 and
E69/3988) owned by Beau Resources (Beau) covering a total area of 309km2which were granted on the 16th
of October 2024 for a period of 5 years.
Unlisted Australian public company Opal Resources (Opal) has an exclusive binding option agreement with Beau
Resources Pty Ltd (Beau) enabling Opal to acquire 100% of the Olympus tenements. Hawk has executed a
binding Heads of Agreement (HoA) with Opal to earn an 80% interest in the Olympus scandium project in
Western Australia’s West Musgrave region.
Olympus lies within the Musgrave Block, an arcuate belt of Proterozoic metamorphic and intrusive rocks
covering approximately 140,000km2 in central Australia. The West Musgrave Region is flanked by
Neoproterozoic and Palaeozoic sedimentary basins, including the Officer Basin to the south, the Canning
Basin to the west and the Amadeus Basin to the north.
Compared with other Proterozoic terranes in Australia, the geology of the area is only moderately understood,
with relatively little research or detailed work having been undertaken. It has limited geological exposure however
the cover is generally considered thin and composed of a combination of sand, pisolitic laterite and calcrete in
palaeo-drainages.
The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a license to
operate in the area.
E69/3987 and E69/3988 covering the Olympus are granted and in good standing.
Exploration done by
other parties (2.2)
Acknowledgment
and
appraisal
of
exploration by other parties.
Exploration over the Olympus area for copper, nickel, PGE, cobalt and gold was carried out by Redstone
Resources Limited between 2001-2009. This included data review and digital capture, regolith and geological
mapping and assessment, a ground magnetic survey (22 line km), petrographic investigations (4 samples), 47
rock chip geochemical analysis, 3386 rock chip geochemical analysis utilizing a handheld Niton XRF machine,
601 Deflation Lag (DLag), 469 soil Dlag samples assayed with Niton only, 89 Magnetic Lag (MLag — sample
never assayed), RAB drilling (42 holes, 953m, 207 5m composites and 954 1m samples) and on ground
evaluation of target areas.
Geology Deposit type, geological setting, and
style of mineralisation.
The project contains part of the Giles Intrusive Complex in the West Musgrave Bock. The main rock types are
gabbro, fractionated gabbro, granite, pegmatite and gneiss. While past exploration found anomalous copper
and PGE in soils, no known economic mineral deposits for the targeted commodities were discovered.
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:
This announcement covers Niton pXRF scandium assays for 29 RAB drilled in 2007-08 to followup copper,
PGE and base metal anomalies in 469 DLag soil samples assayed by Niton pXRF.
All soil and RAB hole sample details and pXRF assays are outlined in Appendices 1 and 2 of this
announcement. No new exploration data has been generated for this announcement - all relevant historical
data is referenced in the body of the announcement.
Easting and Northing of the drill hole
collar. Elevation or RL (Reduced Level –
elevation above sea level in metres) of
the drill hole collar.
Dip and azimuth of the hole.
Down hole length and interception depth
and_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.
Not applicable. All relevant data has been reported and referenced in this announcement.
Data aggregation
methods
In
reporting
Exploration
Results,
weighting
averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades)
and cut-off grades are usually Material
and should be stated.
The RAB hole scandium assays reported in the announcement have been calculated by simple averaging Niton
pXRF assays for 1m intervals over the reported mineralised interval.
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 RAB hole scandium assays reported in the announcement have been calculated by simple averaging the
Niton pXRF assays for 1m intervals down the holes over the reported mineralised interval.
The assumptions used for any reporting
of metal equivalent values should be
clearly stated.
Not applicable – no metal equivalent grades have been calculated for this announcement.
Relationship between
mineralisation widths
and intercept lengths
These relationships are particularly
important in the reporting of Exploration
Results.
The RAB hole scandium assays reported in the announcement have been calculated by simple averaging the
Niton pXRF assays for 1m intervals down the holes over the reported mineralised interval.
If the geometry of the mineralisation with
respect to the drill hole angle is known,
its nature should be reported.
All RAB holes are vertical. The mineralisation geometry is interpreted occur in near surface sub-horizontal zones
based on the drill hole intercepts. Infill drilling will be required to confirm this interpretation.
If it is not known and only the down hole
lengths are reported, there should be a
clear statement to this effect (e.g. ‘down
hole length, true width not known’).
All RAB holes are vertical. The mineralisation geometry is interpreted occur in near surface sub-horizontal zones
based on the drill hole intercepts. Infill drilling will be required to confirm this interpretation as the true thickness
of the mineralisation is not yet 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.
Maps are presented in the text of this ASX release.
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.
All new data has been reported in this announcement.
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.
A ground magnetic survey was carried out by Redstone Resources over the project area and regional
aeromagnetics from the WA Geological Survey has been used to assist in interpreting geology.
Further work The nature and scale of planned further
work (e.g. 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.
1. Obtaining a permit to enter from the traditional owners
2. Carry out a non-ground disturbing soil sampling programme to better define the scandium anomaly
3. Carrying out a first pass RAB programme to test the scandium soil anomalies
Diagrams clearly highlighting the areas
of possible extensions, including the
main geological interpretations and
future drilling areas, provided this
information
is
not
commercially
sensitive.
Maps showing targets are presented in the text of this ASX release.