HAWK RESOURCES LIMITED. — Capital/Financing Update 2025

Mar 30, 2025

ASX ANNOUNCEMENT 31 March 2025

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Electromagnetic Geophysics Confirms Cactus Copper Targets, Utah, USA

HIGHLIGHTS

• Electromagnetic geophysical surveying over three grids in the Cactus project has identified conductors coincident with induced polarisation, magnetic and copper soil geochemical anomalies enhancing the exploration potential of these targets.

• Conductive EM anomalies have been identified asssociated with:

• the Cactus and Comet historical copper-gold mines which have coincident magnetic and resistivity low anomalies and lie at the intesection of NW and NNW trending structures.

• the N-1 target which has coincident induced polarisation chargeability high (possible sulphides), magnetic low and copper in soil anomalies and sits on the margin of an interpreted intrusive.

• o The New Years West (NYW) target which has magnetic and resistivity lows, sits on the margin of an interpreted intrusive and lies 100m to the west of the Hawk drilling at the New Years deposit.

• The CZ-1 anomaly at Copperopolis which lies 100m to the SE along a structure and has coincident magnetic and resistivity low anomalies.

• Soil sampling to close off copper anomalies from the postponed Q4, 2024 programme has commenced. This sampling will include gold assaying over the Cactus-Comet trend where historical holes and surface rock sampling at Comet contained gold from surface including:

• Hole PCT04-1: 16.8m @ 1.15g/t gold from 1.5m downhole

• Hole PCT04-1A: 25.9m @ 1.53g/t gold from surface

• Hole PCT04-3: 18.3m @ 0.88g/t gold from surface

• Rock sampling traverse: 32.0m @ 2.15g/t gold

• o Rock sampling traverse: 16.7m@ 2.6g/t gold

Cautionary Statement : The Company stresses that assay data from historical rock samples and drill holes in this announcement were not subject to modern quality assurance and quality control practices and are not JORC compliant. All historical assays for rocks and drill holes are regarded as indicative of exploration potential only.

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ASX ANNOUNCEMENT 31 March 2025

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Hawk Resources Limited (ASX: HWK) ( Hawk or the Company ) is pleased to announce that the modelling and interpretation of an electromagnetic (TEM) survey in the Cactus project area has identified conductivity anomalies which have the potential to extend existing and represent new zones of copper mineralisation.

TEM data was collected over three separate grids covering magnetic and induced polarisation (IP) geophysical anomalies plus copper soil anomalies[1] . Targets included the historical Cactus and Comet copper-gold deposits. Cactus reportedly mined copper and gold grading 2.07% and 0.3g/t respectively. Eight additional magnetic and three IP anomalies in the area remain to be covered by EM.

The Company will now complete the Cactus soil sampling programme which was suspended in December 2024 due to the onset of winter. This sampling will close off already identified copper anomalies and delineate the extent of gold mineralisation at the Comet deposit where +1.0g/t gold grades occur in past surface rock samples and drill holes.

Managing Director of Hawk Resources, Scott Caithness, commented:

“Hawk’s TEM survey has identified conductors which coincide with IP chargeability high and resistivity low anomalies, magnetic low anomalies, anomalous copper in soils and interpreted structures. These conductors have better TEM responses than the known copper-gold rich sulphide mineralisation of the Cactus deposit which historically mined grades of 2.07% copper and 0.33g/t gold and has multiple post-mining drill intersections grading +1.5% copper.

“Soil sampling to fully delineate copper anomalies and the extent of +1.0g/t gold mineralisation at the gold-rich Comet deposit is expected to be completed in early April. The most easterly historical drill hole into Comet is CT-2 which intersected 24.4m grading 1.0g/t gold from surface. There is no record of any past surface exploration to determine the extent of the Comet gold mineralisation despite surface rock sampling traverses of 32m grading 2.15g/t gold and 55ft grading 2.6g/t gold.

“Once the soil sampling is completed it is expected that Hawk’s next step will be designing its 2025 drilling programme.”

1 Refer HWK ASX announcements dated 22 February 2024, 12 March 2024, 25 June 2024, 8 July 2024, 13 December 2024 & 9 January 2025

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ASX ANNOUNCEMENT 31 March 2025

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Electromagnetic Geophysical Survey Outcomes

Fixed loop style TEM geophysical surveys over three separate grids at Cactus has identified conductive anomalies which coincide with magnetic and resistivity low, chargeability high and copper soil anomalies highlighted by Hawk’s previous exploration. The TEM surveys were carried out on grids in the New Years and Cactus-Comet mine areas of the Northern Zone and the CZ-1 area in the Copperopolis Zone. The locations of the anomalies are shown on Figure 1 and the anomalies are summarised in Table 1.

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Figure 1: Cactus EM, magnetic and IP geophysical anomalies on the copper soil geochemistry base plan. The EM anomalies coincide with or are on the margins of magnetic and IP geophysical anomalies, copper soil anomalies and structures interpreted from magnetics. Figure 4 in this announcement shows the location of the EM survey grids.

Conductive zones in the Cactus geological environment are likely to be caused by significant areas/volumes of 1) connected sulphide mineralisation, 2) alteration where the rocks are preferentially oxidised to conductive clay minerals, and 3) enhanced secondary permeability due to structures which are water bearing, or combinations of these three

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ASX ANNOUNCEMENT 31 March 2025

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causes. The Cactus deposit which historically mined 2% copper grades consists of chalcopyrite rich matrix mineralisation hosted within a tourmaline breccia. It has multiple post mining drill intersections with copper grades exceeding 1.5%, coincident magnetic and resistivity low anomalies indicative of alteration and lies along a northwest structure.

Table 1: Description of Cactus Electromagnetic Anomalies

Anomaly	UTM Co-Ordinates	Features
N-1	4263000N, 298650E & 4263050N, 298550E	• Coincident N-1 magnetic low anomaly and 50mV chargeability high anomaly which is 10x background • Located on the western margin of an interpreted intrusive sill from magnetics. • Located at the intersection of E-W trending structure from the New Years prospect and a N-S structure • Landslip scree masks soil assays but soil assays jump to 479ppm Cu 50m to north outside landslip. • Cactus Stock quartz monzonite intruded by grey porphyry and crowded porphyry dykes.
New Years West (NYW)	4262950N, 299275E & 4262950N, 299375E	• Located 100-200m west of Hawk’s New Years drill holes NY24DDH2 and NY24DDH3 which intersected 30m @ 0.78% Cu and 26m @ 1.31% Cu from depths of 10m and 0m respectively. • Located on the southern margin of an interpreted intrusive sill from magnetics. • New Years West (NYW) magnetic low anomaly lies 50m south. • On western edge of the New Years copper soil anomaly and partially scree covered.
Southeast Comet	4262500-550N, 300150E	• Located at the SE end of the Comet deposit. • Coincident with historical hole CT-2 which intersected 80ft @ 1.0g/t Au from surface - no drilling to east. • Coincident Comet magnetic and resistivity lows. • Lies on a NW-SE trending structure.
Cactus- Comet East	4262450N, 299925E	• Located ~150m east of the Comet deposit. • Lies on NNW trending structure which separates the Cactus and Comet deposits
CZ-1	4262150N, 300250E	• Located on NW trending structure ~100m NW of the CZ- 1 intense magnetic low and resistivity low anomaly. • Lies on margin of pink porphyry intrusive within the Cactus stock

Eight additional magnetic low anomalies and three IP chargeability high anomalies identified from Hawk’s previous exploration have not yet been covered by EM.

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ASX ANNOUNCEMENT 31 March 2025

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Cactus Next Steps – Soil Sampling

Hawk’s next step at Cactus will be completing the soil sampling programme which was suspended due to the onset of winter in December 2024. The sampling is aimed at closing off anomalous copper zones and covering additional areas such as southeast of the Cactus-Comet deposit trend (see Figure 2).

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Figure 2: Cactus soil grid showing proposed samples to delineate known copper anomalies and the gold mineralisation at Comet.

Historical holes drilled in 2004 by Western Utah Copper Company (WUCC) at the southeastern end of Comet have intersections grading +1/g/t gold from surface (see Figure 3). These include:

• Hole PCT04-1: 16.76m (55ft) @ 1.15g/t gold from 1.5m downhole

• Hole PCT04-1A: 25.91m(85ft) @ 1.53g/t gold from surface

• Hole PCT04-3: 18.29m (60ft) @ 0.88g/t gold from surface

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ASX ANNOUNCEMENT 31 March 2025

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• Hole PCT04-6 : 3.05m (10ft) @ 6.89g/t gold from surface

• Hole PCT04-7 : 9.14m (30ft) @ 0.72g/t gold from 6.1m downhole plus 9.14m (30ft) @ 0.85g/t gold from 18.3m downhole

• Hole CT-2 : 24.38m (80ft) @ 1.0g/t gold from surface

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Figure 3: Historical rock sample gold assays (white) and gold drill hole intersections (e.g. PCT04-1A, 25.9m @ 1.53g/t gold) at Comet mine. There are >20 rock samples grading +1g/t gold.

Two WUCC roughly NNW trending surface rock sampling traverses which passed the drill collar of hole PCT04-3 returned 32.0m (105ft) grading 2.15g/t gold and 16.7m (55ft) grading 2.6g/t gold . The maximum gold assays for each traverse was 11.1g/t and 7.48g/t respectively. The sampling was reportedly at 1.52m (5ft) intervals however plotting of sample locations suggests that the sample intervals were closer to 2.4m (8ft) and the mineralised intervals are approximately 50m and 27m. Hole PCT04-1A, 25m east of PCT04-3, had gold grading 2.9g/t in its 1.52m sample from surface.

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ASX ANNOUNCEMENT 31 March 2025

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There is no past drilling or surface exploration to the southeast of Comet hole CT-2 which intersected 24.4m grading 1.0g/t gold from surface and past soil sampling has not been assayed for gold hence the extent of the gold mineralisation is unknown.

While these historical gold results are encouraging, Hawk stresses that the assay data from the historical drill holes are not JORC compliant as they were not subject to modern quality assurance and quality control practices and. All historical assays for these rocks and drill holes are regarded as indictive of exploration potential only.

Electromagnetic Geophysical Survey Details

Zonge International Inc. carried out the transient electromagnetic (TEM) survey on the Cactus Project (see Figure 4).

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Figure 4: Cactus project EM survey grids covering the New Years and Cactus-Comet targets in the Northern Zone and the CZ-1 anomaly in the Copperopolis Zone to the southeast of the historical Cactus-Comet mines.

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ASX ANNOUNCEMENT 31 March 2025

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TEM measurements were acquired at 234 stations on 20 lines using 3 separate large fixedloop arrays. Three-component dB/dt measurements were acquired every 50m downline on 100m line-spacing except on a section of Lines 5200 and 5300 where measurements were acquired at 25m intervals. Data were collected for a 2Hz transmitted waveform and the response was measured at a sample rate of 32kHz. Survey control was established using a Juniper Geode GNS3 handheld GPS unit.

A summary of data acquisition parameters is provided below:

Survey Positioning:	Juniper Geode GNS3 under real-time WAAS differential corrections
Survey Accuracy:	Sub-meter accuracy under standard operating conditions
Elevation Source:	Surveyed elevations
Coordinate system:	UTM Zone 12N, NAD83
Line Azimuth:	Loop 1: N0E, Loop 2: N23E, Loop 3: N90E
Polarity:	Positive X: Loop 1: N0E, Loop 2: N23E, Loop 3: N90E Positive Y: Loop 1: N90W, Loop 2: N67W, Loop 3: N0E Positive Z: up
Array:	Fixed-loop: single-turn transmitter loop of 14AWG insulated wire
Station Spacing:	25-50m
Line Spacing:	100m
Receiver:	Zonge 24bit A/D, GDP 3224, GPS synchronized
Magnetic Coil:	Zonge TEM/3
Data Acquisition:	Stacked waveforms
Transmitter:	Zonge GGT-30, 30 KVA, powered by Zonge ZMG-30, 30KVA Generator, XMT GPS transmitter control
Transmitted Output:	25-27A, 2Hz, 50% duty-cycle square wave
Transmitter Turnoff:	Loop 1: 427μs, Loop 2: 396μs, Loop 3: 396μs

Routine data processing consisted of the following steps:

• 1) Observed values were reviewed to identify data quality problems and make any adjustments to recording times, number of cycles and stacks.

• 2) Raw data files were binned into 34 windows after transmitter turn-off. These windows were referenced to the base of the transmitter turn-off ramp and include delays introduced by the antenna and anti-alias filters.

• 3) Transmitter waveforms were recorded for each loop and the transmitter turn-off ramp time for each loop was determined. Anti-alias filter and antenna delays are then added to the turn-off delay in processing. The sum of these delays determines

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ASX ANNOUNCEMENT 31 March 2025

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the time at which the transmitter current has decayed to zero and the first receiver value is recorded. The transient measurement window times were referenced to this total delay time.

• 4) Raw data files were processed with TEMAVGW and reviewed and edited interactively while viewing the data in profile or transient curve plots. The averaged data and individual stacks of data were saved.

Data quality was monitored in the field by the receiver operator with real-time standarderror values displayed during acquisition. Multiple measurements were made at each point with a standard measurement being made of 32-64 cycles stacked together to average out random background noise. Typically 3-6 stacks of measurements were collected at each location.

TEM data quality is affected by noise from cultural sources, such as powerlines or pipelines, or by noise from natural sources such as geomagnetic activity and nearby lightning discharges. For this survey, data in the early time were clean and repeatable while noise and distortion became more common in the late time.

Significant mine debris is scattered about the project site, but no cultural features such as fences or pipelines were observed. During the course of the survey, minimal noise from cultural sources was observed and no electrical storms occurred nearby. Geomagnetic noise levels were relatively high for the duration of the project.

Due to the quality of the data, the EM anomalies have been qualitatively derived from modelling using Maxwell thin plates.

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:

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ASX ANNOUNCEMENT 31 March 2025

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Scott Caithness , Managing Director Rod North, Managing Director Hawk Resources Bourse Communications Pty Ltd M: +61 3 8630 3321 M: +61 408 670 706 E: scott@hawkresources.com.au E: rod@boursecommunications.com.au

About Hawk Resources Limited

Hawk Resources specialises in critical and precious metal exploration.[2] The Company has copper and gold projects in Utah, USA (Cactus and Detroit) plus eight (8) lithium projects in Minas Gerais and Bahia, Brazil Resources Corp (see Figures 5 & 6). Hawk’s objective is to rapidly discover, delineate and develop critical and precious metal deposits for mining. The Company’s project portfolio has high potential for discovery as it lies in underexplored geological belts with similar geology to neighbouring mining districts. Our exploration plans also include reviewing new opportunities to secure and upgrade our pipeline of projects.

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.

2 https://www.energy.gov/cmm/what-are-critical-materials-and-critical-minerals

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ASX ANNOUNCEMENT 31 March 2025

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Figure 5 : Hawk Resources project locations in Utah, USA.

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Figure 6: Hawk Resources project locations in Minas Gerais and Bahia, Brazil.

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Appendix 1: JORC Code, 2012 Edition – Table 1 Report in relation to the induced polarisation survey.

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.	No new drilling or sampling data is included in this announcement. All drilling and sampling data included in this announcement is historical and was generated between the mid-1960s through to 2020. It is regarded by Hawk as an indication of exploration potential only. Historical (2002-2004) rock samples collected by Western Utah Copper Company (WUCC) reported in this announcement were either single point grab samples or grab samples collected over intervals along a continuous sampling traverse. Traverse samples were typically collected over intervals ranging from 1.52m (5ft) to 3.04m (10ft) along the sampling lines. Labs used by WUCC for sample analysis included ALS Chemex and American Assay Laboratories. WUCC sampling of its historical drill holes was at 5 foot (1.52m) intervals down the holes with all samples sent to either ALS Chemex or American Assay Laboratories for multi-element ICP analysis and gold by fire assay. The Hawk soil samples referred to in this announcement were typically collected within 30cm of surface with collected weights approximately 1kg. Samples were coarse sieved in the field to remove coarse rock material that could bias a result. For pXRF analysis, samples were dried and then sieved to -1mm to create a plastic cap charge for analysis. Any organic matter was removed. The pXRF machine was calibrated daily against standard reference materials and the samples were analysed a minimum of three times with the final sample assay being an average of the readings taken.
	Include reference to measures taken to ensure sample representativeness and the appropriate calibration of any measurement tools or systems used.	No new sampling results are reported in this announcement.
	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	Historical (2002-2004) rock samples collected by Western Utah Copper Company (WUCC) reported in this announcement were either single point grab samples or grab samples collected over intervals along a continuous sampling traverse. Traverse samples were typically collected over intervals ranging from 1.52m (5ft) to 3.04m (10ft) along the sampling lines. Labs used by WUCC for sample analysis included ALS Chemex and American Assay Laboratories. WUCC sampling of its historical drill holes was at 5 foot (1.52m) intervals down the holes with all samples sent to either ALS Chemex or American Assay Laboratories for multi-element ICP analysis and gold by fire assay. The Hawk soil samples referred to in this announcement were typically collected within 30cm of surface with collected weights approximately 1kg. Samples were coarse sieved in the field to remove coarse rock material

	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.	that could bias a result. For pXRF analysis, samples were dried and then sieved to -1mm to create a plastic cap charge for analysis. Any organic matter was removed. The pXRF machine was calibrated daily against standard reference materials and the samples were analysed a minimum of three times with the final sample assay being an average of the readings taken. No new sampling results are reported in this announcement and all sampling and assaying details are reported in earlier Hawk announcements which are referenced in the body of the announcement.
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.).	The historical holes referred to in this announcement and in Figure 3 are as follows: • prefix ‘PCT’ holes are reverse circulation rotary holes drilled by WUCC in 2004. • prefix ‘R’ holes and hole C-1 are all vertical rotary holes drilled by Rosario in the mid-1960s. • prefix ‘CT’ holes were percussion holes drilled by Newmont in 2002 • prefix ‘ALCA’ holes are diamond holes drilled by Alderan Resources (now Hawk Resources) in 2018 • prefix ‘SAWM’ holes are diamond holes drilled by Kennecott Exploration Company in 2020
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Drill sample recovery data is not available for the WUCC holes with prefix ‘PCT’ Drill sample recovery for the ‘ALCA’ holes ranged from 73-85% in mineralised intervals and approximately 95% outside the mineralised zones. Drill sample recovery for the ‘SAWM’ holes was documented using linear measurement method. The average recovery was approximately 85%, and approximately 75% when drilled through the mineralised breccia.
	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.	All historical drill holes and rock chip samples have been geologically logged with copies of historical logs held by Hawk. Logging is not of sufficient quality to support Mineral Resource estimation and is regarded by Hawk as semi-qualitative due to its age. Mineralised intersections outlined in this announcement are based on assay results for those drill hole and rock sampling intervals.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
	The total length and percentage of the relevant intersections logged.

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	Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken	Historical drill holes with prefixes ‘PCT’, ‘R’ and ‘CT’ are all percussion holes. For ‘ALCA’ and ‘SAWM’ prefix holes sampling was half core.
		If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Data not available.
		For all sample types, the nature, quality, and appropriateness of the sample preparation technique.	No new sampling or drilling results are reported in this announcement. Sample preparation techniques for pre- 2018 samples are not available. The soils referred to in this announcement were coarse sieved during collection in the field to remove coarse material that could bias the soil assays. They were then dried and sieved to -1mm with any organic matter removed ahead of packing into a charge cap for pXRF analysis. This is a standard sample preparation procedure for analysis using a pXRF machine.
		Quality control procedures adopted for all sub-sampling stages to maximise representativeness of samples.	No new sampling results are reported in this announcement. QA/QC procedures are not available for the pre- 2018 sampling. Post 2018 drill hole sample intervals were defined by a geologist to honour geological, mineralisation or alteration boundaries. Sample intervals are typically greater than 30cm up to 1.5m in length. Core was cut with an Almonte core saw. Laboratory preparation procedures involved oven drying samples, two stage crushing to 2mm, riffle splitting to 250gm, pulverizing to 85% passing 75micron. Duplicates were taken at first crushing stage and this procedure was industry standard and considered appropriate. In reference to the soil sampling mentioned in the announcement duplicate samples were collected from all sites. Hawk will retain the duplicate samples for lab analysis if required for quality control check on the pXRF assays. Hawk carried out lab check sample analyses on 98 soil samples analysed by pXRF which were collected over the Cactus grid in June 2024 and found that the Olympus pXRF assays under-reported copper assays. The pXRF readings required an average multiplier of 1.35 to match the lab assays. Since this work was carried out the Olympus pXRF has been fully serviced and calibrated by the manufacturer due to a technical issue during the earlier Cactus soil sample analyses. Given this background, the Hawk is confident that the anomalies identified by the pXRF readings reflect genuine elevations in copper content and are not false positives. The results of the June 2024 comparison between the pXRF and lab assays are contained in Hawk’s ASX announcement dated 8 July, 2024. Samples analysed with the pXRF machines were sieved to -1mm and homogenised ahead of placing in a charge cap for analysis.
		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 new sampling results are reported in this announcement. No data is available on the how representative the sampling was for historical pre-2018 activities apart from the individual sample interval lengths and hence this data can only be considered an indication of exploration potential.

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		The soils referred to in this announcement were coarse sieved in the field to remove any coarse rock material that could bias assays. Duplicate samples were collected from all sites – one for pXRF and one for lab analysis if required.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	No new sampling results are reported in this announcement. No data on whether sample sizes were appropriate to the grain size of the material being sampled is available for pre-2018 sampling. For the soils referred to in this announcement sample sizes after sieving in the field were approximately 1kg which is considered appropriate for the programme being undertaken.
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.	No new sampling results are reported in this announcement. Historical assay data is available for all drill holes and rock samples reported in this announcement. Assaying techniques are considered appropriate for the era of exploration however most of the work reported in the announcement was done 20-60 years ago and hence the results can only be considered to be an indication of exploration potential. For the soils referred to in this announcement which were collected by Hawk in 2024 the analysis was carried out using the Olympus Vanta pXRF analyser which was calibrated at the start of each day of readings against standard reference material 2711A and a blank. No issues were detected with the calibration readings It should be noted that pXRF analysis is not as accurate as lab analysis. The pXRF results are regarded by Hawk as indicative copper grades 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 full specifications for the electromagnetic survey and processing procedures are outlined in the body of this announcement and included below: Survey Positioning: Juniper Geode GNS3 under real-time WAAS differential corrections Survey Accuracy: Sub-meter accuracy under standard operating conditions Elevation Source: Surveyed elevations Coordinate system: UTM Zone 12N, NAD83 Line Azimuth: Loop 1: N0E, Loop 2: N23E, Loop 3: N90E Polarity: Positive X: Loop 1: N0E, Loop 2: N23E, Loop 3: N90E Positive Y: Loop 1: N90W, Loop 2: N67W, Loop 3: N0E Positive Z: up Array: Fixed-loop: single-turn transmitter loop of 14AWG insulated wire

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		Station Spacing: 25-50m Line Spacing: 100m Receiver: Zonge 24bit A/D, GDP 3224, GPS synchronized Magnetic Coil: Zonge TEM/3 Data Acquisition: Stacked waveforms Transmitter: Zonge GGT-30, 30 KVA, powered by Zonge ZMG-30, 30KVA Generator, XMT GPS transmitter control Transmitted Output: 25-27A, 2Hz, 50% duty-cycle square wave Transmitter Turnoff: Loop 1: 427μs, Loop 2: 396μs, Loop 3: 396μs Due to the quality of the data, the EM anomalies have been qualitatively derived from modelling using Maxwell thin plates.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	No new sampling results are reported in this announcement. No data is available on quality control procedures for sampling done prior to 2018 and hence the results are viewed by Hawk as an indication of exploration potential only. For the soils referred to in this announcement a standard operating procedure was utilised throughout the pXRF analysis process which entailed calibrating the machine at the start of each reading period against standard reference material 2711A and a blank. Sample readings are a minimum of three readings and most commonly four readings on dry samples sieved to -1mm. Sample reading times were 30 seconds. The readings for each sample were then averaged to calculate the final assay for each sample.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	No new surface sampling or drilling was carried out for this announcement and hence there has been no verification of significant mineralised intersections in historical surface rock and drill hole samples. Hawk regards the historical results as an indication of exploration potential and its future programme is designed to commence the process of verifying historical results.
	The use of twinned holes.	No new sampling results are reported in this announcement. For the soils referred to in this announcement duplicate samples were collected in the field at each sample site for future lab analysis to provide a check on the pXRF assays if required.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All data has been stored electronically in the company’s secure digital database
	Discuss any adjustment to assay data.	No new sampling results are reported in this announcement.

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		For the soils referred to in this announcement sample readings are a minimum of three readings and most commonly four readings on dry samples sieved to -1mm. Sample reading times are 30 seconds. The readings for each sample have then been averaged to calculate the final assay for each sample. No adjustments have been made to readings.
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.	No new sampling results are reported in this announcement. Historical surface samples and drill hole collar locations have been located by converting the sample co-ordinates in old reports to the UTM Zone 12 (WGS 84) projection and in some cases through triangulating from known reference points on the ground. There is some uncertainty on exact rock sample locations in the sampling traverses at Comet however these are not considered dramatic and if samples are incorrectly plotted it is likely to be by only a few metres. For the soils referred to in this announcement all sample sites were located using a Garmin Montana 750i GPS.
	Specification of the grid system used.	No new sampling results are reported in this announcement. All data locations have been recorded in a UTM zone 12 (WGS 84) grid.
	Quality and adequacy of topographic control.	No new sampling results are reported in this announcement. Historical surface samples and drill hole collar locations have been located by converting the sample co-ordinates in old reports to the UTM Zone 12 (WGS 84) projection and in some cases through triangulating from known reference points on the ground. There is some uncertainty on exact rock sample locations in the sampling traverses at Comet however these are not considered major and if samples are incorrectly plotted it is likely to be by only a few metres. For the soil sampling coverage in this announcement the elevation data for sample sites was collected by the Garmin Montana 750i GPS used to locate each sample site. Elevation data is not considered critical for the soil sampling. No new topographic data has been generated for this announcement.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	No new sampling results are reported in this announcement. Data spacing along historical rock sample traverses at Comet is believed to be 1.52m based on old reports however there is some uncertainty on exact sample locations in the sampling traverses due to how they plot on a plan. The discrepancy is not major and if samples are incorrectly plotted it is likely to be by only a few metres. For the soils covered in this announcement the sampling was carried out on a 100m x 50m grid.
	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.	No new sampling results are reported in this announcement. The historical rock sampling and drill hole results are not sufficient to establish geological or grade continuity for Mineral Resource estimation. For the soils referred to in this announcement the 100m x 50m grid used for the soil sampling is considered appropriate to identify anomalous zones of mineralisation. Infill sampling may be required in future to better define the anomalous areas.

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	Whether sample compositing has been applied.	Not applicable - no new sample compositing has been carried out.
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.	Not applicable - no new sampling results are reported in this announcement. The relationship between sampling and structures is unknown in the historical rock samples and drill holes.
	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.	Not applicable - no new sampling results are reported in this announcement. There is insufficient past drilling to determine a relationship between mineralised structures and drill hole orientation.
Sample security	The measures taken to ensure sample security	Not applicable - no new sampling results are reported in this announcement. Sample security for holes drilled pre-2018 is unknown. For the soils referred to in this announcement all samples were managed and controlled by the sampling crew from Burgex that executed the programme. Samples sent to the lab were transported by Burgex personnel.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Not applicable - no new sampling results are reported in this announcement and no audits have been carried out on past sampling.

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,	The Cactus Prospect comprises over 300 patented and unpatented claims which are governed by the Cactus lease agreement entered into with the private landowners and held by Hawk in its own right. The Cactus lease agreements grant Hawk all rights to access the property and to explore for and mine minerals, subject to a retained royalty of 3% to the landholder. Hawk holds options to reduce the royalty to 1% and to purchase the patented claims.

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	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 license to operate in the area.	All licences covering the Cactus project are granted.
Exploration done by other parties (2.2)	Acknowledgment and appraisal of exploration by other parties.	A large amount of historical exploration has been carried out by numerous different parties dating back to the 1800’s. Historical mining records including level plans and production records exist for the Cactus and Comet mines for the period between 1905 and 1915 when the vast majority of production occurred. Historical drilling has been carried out by multiple parties including Anaconda Company, Rosario Exploration Company, Amax Exploration and Western Utah Copper Corporation/Palladon Ventures. Data has been acquired, digitized where indicated, and interpreted by Hawk. This announcement covers a review of electromagnetic geophysical data which was collected by Hawk in March 2025. It also highlights historical Comet mine gold exploration results which were collected between 2004-2006 by Western Utah Copper Corporation.
Geology	Deposit type, geological setting, and style of mineralisation.	Mineralisation throughout the Cactus district is primarily copper-gold rich tourmaline breccias, structurally hosted mineralisation and oxide copper mineralised zones. Part of the larger Laramide mineralising event. Overprinted by Basin and Range tectonics.
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 a review of electromagnetic geophysical data which was collected by Hawk in March 2025. It also highlights historical Comet mine gold exploration results which were collected between 2004-2006 by Western Utah Copper Corporation. No new drilling or sampling data has been generated for this announcement - all relevant historical data is referenced in the body of the announcement and the history of the project is outlined in Hawk announcements dating back to 2015. Drillhole ID Drill Type Easting Northing Collar RL Azimuth Dip Depth (m) Company Year SAWM0006 Diamond 300147.0 4262531 1985.0 146 - 61.6 348.08 Kennecott 2020 ALCA008 Diamond 300105.0 4262571 1989.0 195 -55 297.60 Hawk 2018 ALCA014 Diamond 300147.0 4262531 1985.0 210 -50 114.20 Hawk 2018 ALCA015 Diamond 300147.0 4262531 1985.0 270 -60 300.80 Hawk 2018
	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.

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	Down hole length and interception depth_and_hole length.	CT-2 Percussion 300144.3 4262509 1990.6 0 -90 36.60 Newmont 2004 PCT-04-1 Percussion 300138.0 4262527 1996.0 275 -60 16.80 WUCC 2004 PCT-04-1A Percussion 300139.0 4262528 1996.1 275 -45 61.00 WUCC 2004 PCT-04-3 Percussion 300114.0 4262523 1982.6 0 -90 18.30 WUCC 2004 PCT-04-4 Percussion 300138.0 4262480 1980.3 350 -60 61.00 WUCC 2004 PCT-04-5 Percussion 300133.0 4262482 1979.2 330 -60 61.00 WUCC 2004 PCT-04-6 Percussion 300089.0 4262544 1983.0 135 -60 61.00 WUCC 2004 PCT-04-7 Percussion 300123.0 4262553 1998.7 130 -60 61.00 WUCC 2004 PCT-04-8 Percussion 300155.0 4262522 1997.3 305 -60 61.00 WUCC 2004 C-1 300087.1 4262545 1983.6 0 -90 64.01 Rosario 1966 R-18 Rotary 300117.1 4262521 1998.1 0 -90 45.72 Rosario 1966 R-19 Rotary 300079.3 4262509 1971.9 0 -90 38.10 Rosario 1966 R-27 Rotary 300093.9 4262515 1981.6 0 -90 19.81 Rosario 1966 R-28 Rotary 300070.7 4262524 1980.3 0 -90 30.50 Rosario 1966 The mineralised drillhole intercepts in these historical holes are outlined in the body of the report and below: • Hole PCT04-1:16.76m (55ft) @ 1.15g/t goldfrom 1.5m downhole • Hole PCT04-1A:25.91m(85ft) @ 1.53g/t goldfrom surface • Hole PCT04-3: 18.29m (60ft) @ 0.88g/t goldfrom surface • Hole PCT04-6 :3.05m (10ft) @ 6.89g/t goldfrom surface • Hole PCT04-7 :9.14m (30ft) @ 0.72g/t goldfrom 6.1m downholeplus 9.14m (30ft) @ 0.85g/t goldfrom 18.3m downhole • Hole CT-2 : 24.38m (80ft) @ 1.0g/t goldfrom surface
	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	Not applicable. The above drilling data is regarded by Hawk as indicative of exploration potential only.

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	the report, the Competent Person should clearly explain why this is the case.
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.	This announcement covers a review of electromagnetic geophysical data which was collected by Hawk in March 2025. It also highlights historical Comet mine gold exploration results which were collected between 2004-2006 by Western Utah Copper Corporation. The soil sample copper assays referred to in the announcement have been calculated by averaging a minimum of three readings but most commonly four readings for each sample.
	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.	Not applicable - no new sampling results are reported in this announcement and the quoted mineralised intercepts are from historical holes regarded as indications of exploration potential only.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable - no metal equivalent results are reported in this announcement.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Not applicable - no new sampling results are reported in this announcement and the relationship between mineralisation widths and intercept lengths is unknown.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Not applicable - no new sampling results are reported in this announcement. There has been insufficient drilling to work out the geometry of mineralisation.

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	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’).	Not applicable - no new sampling results are reported in this announcement. The mineralised intercepts reported are down hole lengths and do not represent the true width of mineralisation which is 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.	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.	All new sampling data has been reported in this announcement. The electromagnetic geophysical survey specifications are reported in full in the body of the announcement and in Appendix 1, Section 1 of this JORC table.

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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. Reviewing all geophysical data collected by Hawk Reeources over the Cactus project area 2. Completing grid soil sampling to delineate the full extent of the copper and gold soil anomalies at Cactus 3. Designing a drilling programme to test new high priority 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.

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