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HYDROCARBON DYNAMICS LIMITED Capital/Financing Update 2026

Feb 22, 2026

65041_rns_2026-02-22_b6745091-727f-49a7-b00b-b9251cebad93.pdf

Capital/Financing Update

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HCD TO ACQUIRE GREAT BEAR COPPER-GOLD-SILVER-URANIUM PROJECT

HIGHLIGHTS

  • HCD has entered into a conditional binding agreement with White Cliff Minerals Ltd (ASX: WCN) to acquire the Great Bear Copper-Gold-Silver-Uranium Project, located in the Northwest Territories, Canada.

  • The Great Bear Project covers an area >2,800km[2] . Key investment highlights of the Project include:

  • the Great Bear region has been identified by the Northwest Territories ( NWT ) Geoscience office to have the highest potential for Iron Ore-Copper-Gold-Uranium ( IOCG-U ) style mineralisation in Canada.

  • Historical production (pre-1982) from mines located near the Project included:

    • 6,200 t of Uranium Oxide (U3O8);

    • 34.2 Moz of refined Silver;

    • 5,160 t of Copper with Gold credits; and

    • 104 t of Lead, 127 t of Nickel, and 227 t of Cobalt.

  • Exploration undertaken from the 1980s onward by numerous companies prior to WCN included geological mapping, soil, rock chip and trench sampling, airborne and ground geophysics, and some drilling. This work identified more than 20 prospective surface expressions of epithermal, skarn and IOCG-U mineralisation across the Great Bear Project.

  • WCN was granted Prospecting Permits and Mineral Claims in 2024 and to date has completed:

    • desktop evaluation to integrate and validate historical datasets comprising rock chip geochemistry, trenching, drilling results, and geophysical surveys;

    • identification of initial high-priority field targets;

    • a program of field work undertaken in mid-2024 comprising regional mapping and rock chip sampling together with the flying of a MobileMT geophysical survey; and

    • assessment and interpretation of results from the field program, and planning of future exploration.

ABN: 75 117 387 354 Tel: +61 3 9642 2899 | Fax: +61 3 9642 5177 Level 6, 412 Collins Street, Melbourne VIC 3000 Australia

  • Fieldwork undertaken by WCN during 2024 validated exploration completed by previous companies. A total of 165 rock chip samples (inclusive of six blank standards) were collected from 12 prospective areas, many returning exceptional widespread Silver, Copper and Gold[1] mineralisation. Highlights included:

    • 7.54% Ag (75,439g/t Ag or 2,425 oz/t Ag) (Sample F005907)

    • 5.35% Ag (53,506g/t Ag or 1,720 oz/t Ag) (F005909)

    • • 0.91% Ag (9,070g/t Ag or 291 oz/t Ag) (F005908)

    • 42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437)

    • 39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436)

    • 39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435)

    • • 38.2g/t Au, 76.5g/t Ag, 4.16% Cu (F005424) • 29.7g/t Au, 121g/t Ag, 2.55% Cu (F005426) • 17.4g/t Au, 1.47% Cu, 29.6g/t Ag (F005673) • 42.20% CU, 716g/t Ag (F005604)

  • WCN also completed an airborne MobileMT geophysical survey comprising a total of 1,294 line km across the central part of the Project, covering most of the prospect areas flagged for field inspection and sampling. Modelling of this data identified 10 targets that are interpreted to be prospective for IOCG-U or epithermal mineralisation.

  • WCN assessment of the results from the 2024 exploration program identified multiple prospective areas for follow up, and the need to collate all available data for the remainder of the Project area to prioritise future exploration.

  • The transaction is subject to satisfaction (or waiver) of a number of conditions precedent, including HCD obtaining shareholder approval for the transaction, completion of technical and legal due diligence, and ASX conditional approval for HCD to be re-admitted to the official list of ASX.

  • ASX has advised that HCD will be required to re-comply with Chapters 1 and 2 of the ASX Listing Rules as part of the transaction.

  • HCD intends to raise a minimum of $5.5 million under a public offering as part of the transaction.

  • HCD also intends to undertake a consolidation of its issued capital on a 1:10 basis as part of the transaction.

  • HCD proposes to change its name to ‘Great Bear Exploration Ltd’ to reflect the new direction and activities of the Company.

1 See WCN ASX announcements 13 August 2024 “Extraordinary Cu, Au and Ag Assays Received for Great Bear”; 19 August 2024 “Great Bear Delivers Further Outstanding Cu, Au & Ag Assays”; 27 August 2024 “Bonanza Grade Ag Discovery at the Great Bear Project”

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Hydrocarbon Dynamics Limited (ASX: HCD) ( Company or HCD ) announces that it has entered into a binding agreement ( Acquisition Agreement ) with White Cliff Minerals Limited (ASX: WCN) ( WCN ) and White Cliff Minerals Ltd ( White Cliff Canada ), a wholly owned subsidiary of WCN, pursuant to which the Company is to acquire a 100% interest in the Mineral Claims and Prospecting Permits forming the Great Bear Copper-Gold-Silver-Uranium Project (the Great Bear Project or Project ), subject to satisfaction (or waiver) of certain conditions precedent ( Proposed Acquisition ).

The Great Bear Project is located in the Northwest Territories, Canada. Please refer to the ‘About the Great Bear Project’ section below for further information about the Project.

Non-Executive Chairman, Ray Shorrocks, commented on the transaction: “This transaction represents an exciting opportunity for HCD to acquire the Great Bear Project, which has shown substantial potential to create shareholder value via the exploration, appraisal and possible development of Silver, Gold, Copper and Uranium resources.”

Overview

The Company is proposing to acquire a 100% interest in the Great Bear Project under the Proposed Acquisition. To give effect to the Proposed Acquisition, ASX has advised that the Company will be required to re-comply with Chapters 1 and 2 of the ASX Listing Rules. As part of the Proposed Acquisition and the Company’s re-compliance with Chapters 1 and 2 of the ASX Listing Rules, the Company intends to:

  • (a) raise a minimum of $5.5 million by the issue of 275,000,000 fully paid ordinary shares in the capital of HCD ( Shares ) and a maximum of $6.5 million by the issue of 325,000,000 Shares at $0.02 per Share (on a post-Consolidation basis) pursuant to a public offer ( Public Offer ) to be made under a full-form prospectus;

  • (b) undertake a consolidation of its issued capital on a 1:10 basis ( Consolidation );

  • (c) change its name to ‘Great Bear Exploration Ltd’ to reflect the new direction and activities of the Company;

  • (d) change its ASX code to ASX:GRL to align with the proposed new name; and

  • (e) apply to ASX for reinstatement of trading in its Shares on ASX.

The implementation and completion of the Proposed Acquisition, the Public Offer and the Company’s re-compliance with Chapters 1 and 2 of the ASX Listing Rules (together, the Transaction ) is subject to the Company obtaining certain shareholder approvals in general meeting ( General Meeting ). A notice of meeting is expected to be released in the coming month which will outline the shareholder approvals that will be sought at the General Meeting to facilitate the Transaction.

Rationale for the Proposed Acquisition

The Board of the Company is of the view that the Proposed Acquisition creates a significant opportunity for the Company to acquire an asset which offers significant potential for the exploration, appraisal and possible development for Silver, Gold, Copper and Uranium.

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About the Great Bear Project

Introduction

White Cliff Canada holds 100% of 9 Mineral Claims and 19 Prospecting Permits forming the Great Bear Project, in the Northwest Territories (Figure 1). The Great Bear Lake area is Identified as having Canada’s highest probability for the hosting of Iron-Oxide-Copper-Gold Uranium (IOCG-U) plus Silver-style mineralisation in the country.

Figure 1 – Great Bear Project location

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Permits and Claims

White Cliff Canada is the titleholder of 19 Prospecting Permits with an area of approximately 2,760 km[2] and 9 Mineral Claims with an area of approximately 50 km[2 ] located across the Northwest Territories, Canada. The Prospecting Permits are administered by the Government of the Northwest Territories, and the Mineral Claims are administered by the Government of Canada.

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Geology and Mineralisation

The Project is located in the Echo Bay Stratovolcano Complex ( EBSVC ) situated near the northeastern margin of the Great Bear Magmatic Zone ( GBMZ ), along the eastern shore of Great Bear Lake in the northwestern Canadian Shield (Figure 2). Volcanics of the GBMZ range from basalt to rhyolite forming part of an early Proterozoic continental volcanic arc. With the exception of minor exposed remnants of early Proterozoic Hottah Arc terrane along its western margin, the GBMZ forms a north trending linear belt, exposed over 450 km and up to 100 km wide.

Figure 2 – Regional geology

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The EBSVC is an ~1.86 Ga andesitic stratovolcano with associated subvolcanic diorite plutons. Precursor rocks and older basement are not exposed within or immediately adjacent to the volcanic pile. The Port Radium Formation and the Mile Lake Member are interpreted as part of a minimum 15 km diameter coeval caldera lake-fill sequence comprised of volcanic-derived tuff and epiclastic sediments with thin interbedded sheets of ash, lapilli tuff and breccia, and subvolcanic sills of intermediate composition.

The entire EBSVC is folded in on itself, from a collapse of the underlying batholith that is now exposed as tabular bodies of monzodiorite. A central cauldron, approximately 5 km in diameter is clearly visible in satellite imagery, with further collapse features noted at Contact Plateau and south of Sparkplug Lake.

The entire EBSVC is crosscut by a network of fractures, faults and shear-related structures, forming a complex array. Older rocks are typically more segmented than younger, recording a longer history of tectonic activity, which is used to determine pre-, syn- and post volcanic rocks. Tectonic activity associated with both the northeast and southeast trending faulting/fracturing is constrained as coeval with the Mystery Island intrusions as hydrothermal alteration styles and vein filling is common within these orientations.

The GBMZ is an extensively hydrothermally altered Proterozoic stratovolcano-plutonic complex and is host to a range of mineralisation styles associated with IOCG-U style, iron oxide-apatite ( IOA ) style, epithermal deposits, and skarn mineralisation

Previous Mining in the District

More than a dozen historical mining operations have been recorded in the vicinity of the Project area, although none of these operations are on the current WCN tenements. Mining operated for much of the 1900s to 1982, with production mostly from underground mining of vein-style mineralisation. Production is recorded from more than 10 individual mines including Eldorado, Echo Bay, Contact Lake, and Terra (Silke[2] and Figure 3).

The main commodities produced were Uranium, Copper, Silver, Gold, Lead, Nickel and Cobalt. Historical production (pre-1982) from mines located near the Project included:

  • 6,200 t of Uranium Oxide ( U3O8 );

  • 34.2 Moz of refined Silver;

  • 5,160 t of Copper with Gold credits; and

  • 104 t of Lead, 127 t of Nickel, and 227 t of Cobalt.

2 Silke, R., 2009. The Operational History of Mines in the Northwest Territories, Canada

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Exploration Prior to WCN

Historical exploration in the district is recorded from the early 1930s after the discovery of SilverUranium veining in the Port Radium-Echo Bay area, but few details are recorded for the exploration completed prior to the 1980s.

Several companies have been active in and around the Project area since the 1990s. Exploration has consisted of prospecting, geological mapping and rock chip geochemistry, airborne and ground-based geophysics and some drilling. This work has resulted in the discovery of numerous surface expressions of mineralisation including IOCG-U style, epithermal style, and skarn mineralisation.

Figure 3 – Location of historical mines in the Great Bear Lake region

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Exploration by WCN

In February 2024, WCN was granted the first batch of tenements that now form the Project. Since grant, WCN has completed the following exploration activities:

  • desktop evaluation to integrate and validate historical datasets comprising rock chip geochemistry, trenching, drilling results, and geophysical surveys;

  • identification of initial high-priority field targets;

  • a program of field work undertaken in June and July 2024 comprising regional mapping and rock chip sampling together with the flying of a MobileMT geophysical survey;

  • assessment and interpretation of results from the field program; and

  • planning of future exploration.

WCN completed an assessment of previous work, notably the work by Alberta Star Development Corporation ( ASDC ) from 2005 to 2009. Additional historical work was digitised and compiled into a geographic information system utilising assessment reports accessed through the Northwest Territories Geological Survey reference search portal.

WCN was able to integrate rock chip sampling locations and analyses from several companies that explored across the Project tenements. In addition, WCN was able to collate locations and some drilling results from the drilling programs completed by ASDC. Of the 141 drillholes reported to have been drilled by ASDC, 95 are located within the WCN tenements. None of the reported drilling by ASDC has been subject to due diligence by HCD as yet.

The desktop evaluation resulted in WCN preparing a list of targets, together with priority locations for field inspection and sampling, plus the definition of an area to be covered by airborne geophysics. IOCG-U and epithermal mineralisation styles were prioritised.

WCN completed a field mapping and sampling program in June/July 2024 with the aim of verifying historical mineral occurrences and prospects identified by previous companies, visit in-house developed targets, and collect geophysical data to inform future exploration activities. A total of 165 samples (including 6 standards) comprising a variety of outcrop, subcrop, and float samples were collected across 12 prospect areas (Figure 4).

The 2024 field program successfully identified historic showings, with new samples and observations gathered at each prospect area. Several styles of mineralisation and metal associations were observed and selected samples returned high to very high grades for a range of metals in the assay results. Highlights included:

  • 7.54% Ag (75,439g/t Ag or 2,425 oz/t Ag) (Sample F005907)

  • • 5.35% Ag (53,506g/t Ag or 1,720 oz/t Ag) (F005909) • 0.91% Ag (9,070g/t Ag or 291 oz/t Ag) (F005908) • 42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437) • 39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436) • 39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435) • 38.2g/t Au, 76.5g/t Ag, 4.16% Cu (F005424) • 29.7g/t Au, 121g/t Ag, 2.55% Cu (F005426)

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  • 17.4g/t Au, 1.47% Cu, 29.6g/t Ag (F005673)

  • • 42.20% CU, 716g/t Ag (F005604)

A total of 1,294 line km of airborne geophysics using the MobileMT technique was also completed in July 2024 and flown across the central part of the Project, covering most of the prospect areas flagged for field inspection and sampling. Modelling and interpretation of the MobileMT survey data and an airborne electromagnetic survey undertaken in 2005 was completed to prepare a lithostructural interpretation and define 10 potential IOCG-U and epithermal targets (Figure 4).

After all results were received from the 2024 field program in the central part of the tenements, WCN collated and integrated the geochemistry and geophysics to identify 16 surface mineralisation targets and ten geophysical targets, some of which are overlapping (Figure 5).

A JORC Code Table 1 checklist of Assessment and Reporting Criteria is presented in Appendix 4, and a tabulation of rock chip samples collected by WCN in 2024 is presented in Appendix 5.

Figure 4 – Location of WCN 2024 rock chip samples

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Proposed Exploration Focus

WCN considers that the Project is primarily prospective for IOCG-U and epithermal style mineralisation, with a commodity focus on Uranium, Copper, Gold and Silver.

WCN has proposed that future exploration should include a tenement-wide remote sensing study to develop the geological understanding of the Project and surrounds and should include lithology, alteration, and regolith. This will assist in identifying key target areas for more focussed work, while definition of the regolith types will assist in optimising specific, follow-up exploration techniques for given regolith domains.

Ground truthing will follow the remote sensing program to define and confirm the lithology, alteration, and regolith of specific domains defined remotely. This will be followed by several stages of field geological mapping and rock chip sampling to test and refine priority areas. Once adequate work has been completed at priority target areas, a drilling program will be initiated to test these targets.

Figure 5 – Great Bear Project exploration priority areas .

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References:

Mumin, A.H., Phillips, A. Katsuragi, C.j., Mumin, A., and Ivanov G., 2014. Geotectonic Interpretation of the Echo Bay Stratovolcano Complex, Northern Great Bear magmatic zone, Northwest Territories Geoscience Office, NWT Open File 2014-04, yy p and digital files

Mumin. A., Phillips, J., Katsuragi, C., and Mumin, A.H., 2015. Glacier Lake East Geology; in Echo Bay IOCG thematic map series: Geology, structure and hydrothermal alteration of a stratovolcano complex, Northwest Territories, Canada, (ed.) A.H. Mumin; Geological Survey of Canada, Open File 7807, Sheet 2 of 18.

Ostensoe, Eric., 2007. Report of Geological Evaluation and Diamond Drilling, Eldorado-Echo Bay Property, Assessment Report NWT Reference 085178, prepared for submission to Indian and Northern Affairs Canada, Yellowknife, NWT.

Silke, R., 2009. The Operational History of Mines in the Northwest Territories, Canada

Competent Person Statement

The information in this announcement that relates to Exploration Results at the Great Bear Project in Canada is based on information compiled by Mark Berry, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mark is employed by Derisk Geomining Consultants Pty Ltd, is independent of Hydrocarbon Dynamics Limited and White Cliff Minerals Ltd, and has no conflict of interest in accepting Competent Person responsibility for the relevant content in this announcement. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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. Mark consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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Change in the nature and scale of activities and suspension of trading in HCD’s securities on ASX

The Company is currently a global provider of specialist oil and gas production chemicals that are environmentally safe, high performing and significantly cost effective. Since acquiring the underlying technology in April 2017, industry uptake of the technology has been slow reflected in low sales volumes of that period.

As part of the Company’s business objectives to restore shareholder value, the Company has continued to assess new investment opportunities both within the broader energy sector as well as the minerals sector in Australia and North America. The Company is proposing to proceed with the Proposed Acquisition to acquire a 100% interest in the Great Bear Project in line with its business strategy.

However, the Proposed Acquisition will constitute a change in the nature and scale of the Company’s activities for the purposes of the ASX Listing Rules. Accordingly, the Company will be required to obtain shareholder approval at a general meeting pursuant to ASX Listing Rule 11.1.2 in order to give effect to the Proposed Acquisition, and therefore the Company may not be able to proceed with the Proposed Acquisition if that approval is not obtained.

The Company will also be required to re-comply with Chapters 1 and 2 of the ASX Listing Rules (ASX requirements for admission and quotation) pursuant to ASX Listing Rule 11.1.3 as part of the Proposed Acquisition in order to seek re-admission to the official list of ASX, given the change in the nature and scale of the Company’s activities.

Completion of the Proposed Acquisition is conditional on (among other things) the Company obtaining all necessary shareholder approvals required to give effect to the Proposed Acquisition, the Company obtaining ASX conditional approval for the Company to be re-admitted to the official list of ASX and completing a minimum capital raising of $5.5m.

Trading in the Company’s Shares has been suspended since 19 December 2025. The Company anticipates that in accordance with the requirements of ASX and the ASX Listing Rules, trading in the Shares quoted on ASX will be suspended until completion of the Proposed Acquisition, the Public Offer and re-compliance by the Company with Chapters 1 and 2 of the ASX Listing Rules and compliance with any further conditions ASX imposes on the Company’s reinstatement to trading.

ASX has absolute discretion in deciding whether to re-admit the Company to the official list of the ASX and grant official quotation of its Shares, and therefore the Proposed Acquisition may not proceed if the ASX exercises this discretion in the negative.

If the Transaction does not proceed, the Company’s Shares may remain suspended from trading and the Company could ultimately be delisted from the ASX on 19 December 2027 (being the date that is 2 years from the date the Company’s Shares were suspended from trading).

Investors should take account of these uncertainties in determining whether to acquire or dispose of securities in the Company.

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Proposed business model following completion of the Transaction

Business model and main objectives

The Company’s proposed business model following completion of the Transaction will be primarily focused on undertaking exploration and development activities on the Project. The Company’s main objectives on completion of the Transaction will be to:

  • (a) systematically explore and seek to develop the Project;

  • (b) undertake exploration activities at the Project which may include:

  • (i) field mapping and sampling,

  • (ii) airborne geophysical surveys,

  • (iii) land based geophysical surveys, and

  • (iv) drilling;

  • (c) evaluate opportunities for mineral production at the Project, assuming exploration and development success; and

  • (d) implement a growth strategy and actively canvass other mineral exploration and resource opportunities which have the potential to generate growth and value for the Company’s shareholders.

The Company’s vision is to develop a world class resource portfolio.

Key dependencies of the business model

The key dependencies influencing the viability of the Company’s business model are:

  • (a) completion of the Acquisition;

  • (b) the Company’s ability to re-comply with Chapters 1 and 2 of the ASX Listing Rules to enable the re-admission to Official Quotation of the Company’s Securities;

  • (c) completion of a capital raising of no less than $5.5m;

  • (d) the receipt of all necessary approvals from Canadian authorities to conduct exploration and appraisal activities at the Project; and

  • (e) access to personnel skilled in the mining exploration sector.

Key risk factors

The key risks which the Company will be exposed to on completion of the Transaction and which may have a materially adverse impact on the performance of the Company and the value of the Shares are summarised in Appendix 1. It should be noted that the list of key risk factors set out in Appendix 1 is not intended to provide an exhaustive list of the risk factors to which the Company will be exposed.

Group structure

The corporate structure of the Company upon completion of the Transaction is set out in Appendix 2.

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Transaction overview and key metrics

Public Offer

In conjunction with the Proposed Acquisition, the Company proposes to undertake the Public Offer to raise a minimum of $5.5 million (before associated costs) ( Minimum Subscription ) by the issue of 275,000,000 Shares, and a maximum of $6.5 million (before associated costs) ( Maximum Subscription ) by the issue of 325,000,000 Shares, at an issue price of $0.02 per Share (on a post-Consolidation basis).

The Public Offer will be undertaken pursuant to a full-form prospectus. As at the date of this announcement, the Public Offer is not intended to be underwritten.

The Company intends to apply the funds raised under the Public Offer, together with existing cash reserves, as set out in the Proposed use of funds section in Appendix 3.

Full details of the Public Offer will be set out in a prospectus expected to be lodged with ASIC, and released to ASX, in March 2026.

Consolidation

As part of the Proposed Transaction, the Company proposes to undertake the Consolidation whereby every ten (10) securities held on the record date of the Consolidation will consolidate into one (1) security. The Consolidation is subject to the approval of HCD shareholders.

Lead Manager

The Company has appointed Peloton Capital Pty Ltd ( Lead Manager ) to act as lead manager to the Public Offer. The Company has agreed to:

  • (a) pay the Lead Manager a placement fee equal to 6% of the total funds raised under the Public Ofer; and

  • (b) issue to the Lead Manager (and/or its nominees) 30,000,000 options to acquire Shares exercisable at $0.04 each on or before the date that is 2 years from the date of issue (on a post-Consolidation basis) ( Lead Manager Options ),

in consideration for lead manager services to be provided in relation to the Public Offer.

Legal Adviser

Steinepreis Paganin is acting as Australian legal adviser to the Company in relation to the Transaction.

Board composition and senior management

It is proposed that upon completion of the Transaction, the Board of HCD will comprise of two new directors Roderick McIllree (Executive Director) and Troy Whittaker (Non-Executive Director) from White Cliff Minerals, and the existing directors, Raymond Shorrocks (Non-Executive Chairman) and Stephen Mitchell (Non-Executive Director). The Company proposes to issue the Directors (and/or their nominees) and management an aggregate of 64,374,794 Performance Rights

Indicative pro-forma capital structure

The indicative pro-forma capital structure of the Company following completion of the Transaction is set out in the Pro-forma capital structure section in Appendix 3.

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Control effect of the Transaction

Upon completion of the Transaction, WCN is expected to retain such number of Shares which results in it having voting power in the Company of approximately 9.99% with WCN undertaking an inspecie distribution of the balance of the Consideration Shares to its shareholders ( In-Specie Distribution ). WCN obtaining shareholder approval for the In-Specie Distribution is a condition precedent to completion of the Transaction.

Financial information

A pro-forma statement of financial position of the Company as at 31 December 2025 showing the effect of the Transaction on the Company is set out in Appendix 3. The pro-forma financial information is presented in an abbreviated form, insofar as it does not include all the disclosures required by the Australian Accounting Standards applicable to annual financial statements. Further information in relation to the effects of the Transaction on the Company’s assets and financial position and its revenue, expenditure and profit is also set out in Appendix 3.

Indicative Timetable

The indicative timetable for completion of the Transaction is set out below:

EVENT DATE
Announcement of the Transaction 23 February 2026
Dispatch of notice of meeting for General Meeting 16 March 2026
Lodgement of prospectus with ASIC 20 March 2026
Opening date of Public Offer 20 March 2026
General Meeting to approve the Transaction and associated items 16 April 2026
Closing date of Public Offer 17 April 2026
Settlement of Proposed Acquisition and issue of Shares under the Public
Offer
29 April 2026
Expected date for reinstatement of the Shares to official quotation 7 May 2026

The above timetable is indicative only and is subject to change. The Directors reserve the right to vary the timetable without notice and will keep shareholders updated (via ASX announcements) on the timing of completion of the Transaction as it progresses. Shareholders should also note that the Company’s Shares will remain suspended until such time as the Company has satisfied Chapters 1 and 2 of the ASX Listing Rules.

Material terms of the Proposed Acquisition

Pursuant to the Acquisition Agreement, the Company has agreed to acquire 100% of the claims and permits forming the Great Bear Project. A summary of the material terms of the Proposed Acquisition is set out below:

  • (a) Consideration : As consideration for the Proposed Acquisition, the Company has agreed to issue WCN 230,000,000 Shares at a deemed issue price of $0.02 per Share (on a postConsolidation basis) and pay $1,200,000 in cash to WCN as reimbursement for expenditure incurred in respect of the Project,

  • (b) Conditions Precedent : Settlement is conditional upon the satisfaction (or waiver) of the following conditions precedent:

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  • (i) the Company completing technical and legal due diligence on the Great Bear Project to its own satisfaction;

  • (ii) the Company receiving valid non-revocable applications under the Public Offer for a minimum of $5,500,000;

  • (iii) the Company receiving conditional ASX approval for its re-compliance listing, on conditions which are reasonably able to be satisfied by the Company;

  • (iv) the Company obtaining all necessary Shareholder approvals (including, but not limited to, approval under Listing Rule 11.1.2 for the Proposed Acquisition, approval for the Consolidation, the issue of the Consideration Shares, the issue of the Public Offer Shares and any other ancillary matters required by, or desirable to, the Company to facilitate the Proposed Acquisition and re-compliance of Chapters 1 and 2 of the ASX Listing Rules) and any other applicable third-party approvals, waivers and/or consents in relation to the Proposed Acquisition;

  • (v) WCN obtaining all necessary shareholder approvals required for the purpose of completing the Proposed Acquisition and the other transactions contemplated by the Acquisition Agreement, including approval to complete the In-Specie Distribution;

  • (vi) the Company obtaining all necessary governmental, regulatory and third-party approvals, waivers and/or consents required for the purpose of completing the Proposed Acquisition;

  • (vii) WCN obtaining all necessary shareholder, governmental, regulatory and thirdparty approvals, waivers and/or consents required for the Proposed Acquisition; and

  • (viii) the parties executing a deed of assignment and assumption in relation to any relevant third party agreements;

  • (c) Settlement : Settlement is to occur on that date which is five (5) business days after the satisfaction (or waiver) of the conditions precedent (or such other date as the parties may agree in writing).

The Acquisition Agreement otherwise contains terms and conditions, including representations and warranties, indemnities and confidentiality provisions, considered standard for an agreement of this nature.

Shareholder approvals

The Company proposes to hold the General Meeting in April 2026, at which the Company will seek shareholder approval for all resolutions required to implement and complete the Transaction (including those items of business identified in the summary of the conditions precedent at the Material terms of the Proposed Acquisition section above). A notice of meeting to convene the General Meeting, which will contain details of each of the resolutions to be considered at the General Meeting, will be dispatched to the Company’s shareholders in due course. The shareholder approvals intended to be sought at the General Meeting will include the following items of business in accordance with the requirements of the ASX Listing Rules and the Corporations Act:

  • (a) the Company changing the nature and scale of its activities;

  • (b) the Proposed Acquisition and the issue of the Consideration Shares to WCN;

  • (c) the issue of the Shares under the Public Offer;

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  • (d) the Consolidation;

  • (e) the issue of Shares to current and proposed Directors as a result of participation in the Public Offer;

  • (f) the issue of the Performance Rights to the Directors and management (and/or their nominees);

  • (g) the issue of the Lead Manager Options to the Lead Manager (and/or its nominees); and

  • (h) the Company changing its name to ‘Great Bear Exploration Ltd’ .

Other items of business to be considered by shareholders at the General Meeting may be identified subsequent to the date of this announcement. These items of business will be detailed in the notice of meeting to be released by the Company.

Regulatory matters

Escrow requirements

Under the ASX Listing Rules, ASX may determine that securities issued to promoters, seed capital investors and vendors of classified assets are to be classified as “restricted securities” and subject to escrow restrictions. Such securities may be required to be held in escrow for up to twenty-four months from quotation of the entity’s securities, during which time they must not be transferred, assigned or otherwise disposed of.

The Company anticipates that the Consideration Shares to be issued to WCN and retained by WCN post In-Specie Distribution, the Performance Rights to be issued to the Directors (and/or their nominees) and the Lead Manager Options issued to the Lead Manager (and/or its nominees) will be classified as restricted securities and subject to escrow.

The Company will announce final escrow arrangements to ASX prior to re-quotation of its Shares on the ASX.

Due diligence investigations and enquiries

The Company’s due diligence investigations into the Great Bear Project are ongoing, and it is noted that completion of the Proposed Acquisition is conditional on the Company being satisfied with such due diligence investigations. As at the date of this announcement, the Company is in the process of completing its technical due diligence on the Great Bear Project and legal and financial due diligence enquiries in respect of the Project. The Company intends to complete its due diligence investigations by March 2026 and in any case, prior to lodging the prospectus for the Public Offer. Notwithstanding the above, the Company confirms that to date it has undertaken appropriate enquiries into the Project for the Board to be satisfied at this time that the Company’s proposed undertaking of the Proposed Acquisition is in the best interests of the Company and its shareholders.

ASX waivers and confirmations

In addition to in-principle approval of the Transaction in terms of suitability for listing (subject to ASX providing all required in-principle advice required to facilitate the Transaction), the Company has received in-principle confirmation that the A$1,200,000 cash payable to WCN as part consideration

17

for the Proposed Acquisition will be treated, for the purposes of ASX Listing Rule 1.1, Condition 11, as reimbursement of expenditure incurred by WCN on developing the Project.

The Company will shortly seek:

  • (a) in-principle confirmation that the terms of the Performance Rights proposed to be issued to Directors and management (and/or their nominees) are appropriate and equitable for the purposes of ASX Listing Rule 6.1; and

  • (b) a waiver from the requirements of ASX Listing Rule 2.1 Condition 2 to allow the Company to issue Shares at 2 cents per Share under the Public Offer; and

  • (c) a waiver from ASX Listing Rule 1.1, Condition 12 to permit the Company to have on issue Options and with an exercise price of less than $0.20 and Performance Rights with a nil exercise price.

Further details of ASX waivers and confirmations sought and granted will be included in the Company’s notice of meeting and prospectus.

Recent issues of securities

In the previous 6 months, the Company has issued 106,658,888 Shares under its entitlement offer announced on 17 July 2025 and 252,711,430 Shares pursuant to the placement of shortfall under that entitlement offer.

Regulatory statements

The Company confirms that it is in compliance with its continuous disclosure obligations under ASX Listing Rule 3.1 and that all material and accessible information available to the directors of the Company has been included in this announcement. The Company notes that ASX takes no responsibility for the contents of this announcement.

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

Forward-looking statements

This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘should’, ‘believes’, ‘estimates’, ‘targets’, ‘expected’, ‘anticipates’ or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are considered reasonable.

Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance, or achievements expressed or implied by the forward-looking statements contained in this announce will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.

18

Appendix 1 – Key risk factors

Risks relating to the Company and re-compliance with Chapters 1 and 2 of the ASX Listing Rules

Completion risk

The Proposed Acquisition is subject to the satisfaction (or waiver) of certain conditions precedent. If any of the conditions precedent are not satisfied (or waived), or any of the counterparties do not comply with their obligations under the Acquisition Agreement, settlement of the Proposed Acquisition may not occur. In addition, if settlement of the Proposed Acquisition is not completed, the Company will incur costs relating to services provided by advisers and other costs associated with the Proposed Acquisition without any material benefit being achieved.

Re-quotation of Shares on ASX

The Proposed Acquisition constitutes a change in the nature and scale of the Company’s activities and the Company needs to re-comply with Chapters 1 and 2 of the ASX Listing Rules. It is anticipated that trading in the Shares quoted on ASX will be suspended until completion of the Proposed Acquisition, the Public Offer and re-compliance by the Company with Chapters 1 and 2 of the ASX Listing Rules and compliance with any further conditions ASX imposes on the Company’s reinstatement to trading. There is a risk that the Company may not be able to meet the requirements of the ASX for re-quotation of its Shares on the ASX. Should this occur, the Shares will not be able to be traded on the ASX until such time as those requirements can be met, if at all. Shareholders may be prevented from trading their Shares should the Company be suspended until such time as it does re-comply with Chapters 1 and 2 of the ASX Listing Rules.

Dilution risk

The Company currently has 143,747,960 Shares on issue (on a post Consolidation basis). As part of the Transaction, the Company is proposing to issue 230,000,000 Shares under the Proposed Acquisition and a minimum of 275,000,000 Shares under the Public Offer. Accordingly, completion of the Transaction will have dilutionary effects on the holdings of existing shareholders. In addition, the Proposed Acquisition will result in the issue of the Performance Rights to the current and incoming Directors and management (and/or their respective nominees) and potentially other convertible securities (such as options) including to the lead manager appointed in respect of the Public Offer. Any such convertible securities issued, if and when exercised or converted to Shares, will also have dilutionary effects on the holdings of existing shareholders and investors.

Trading in Shares may not be liquid

There is currently no public market for the Shares, as the Company’s Shares have been suspended from trading since 19 December 2025. There can be no assurance that an active market for the Shares will develop or continue following the Company’s re-admission to the official list of ASX. There may be relatively few potential buyers or sellers of the Shares on the ASX at any time. These factors may cause, or at least contribute to, limited liquidity in the market for the Shares and may affect the ability of a shareholder to sell some or all of their Shares due to the effect less liquidity may have on demand. An illiquid market for the Company’s Shares could increase the volatility of the price of the Shares and have an adverse impact on the Share price.

19

Company specific risks

Future funding requirements and ability to access debt and equity markets

The Company has limited operating revenue and is unlikely to generate any operating revenue from the Project unless and until the Project is successfully explored, evaluated, developed and production commences. The funds to be raised under the Public Offer are considered sufficient to meet the immediate objectives of the Company. However, the Company’s capital requirements depend on numerous factors and the Company will require additional debt or equity financing in the future to maintain or grow its business in addition to funds raised under the Public Offer. There can be no assurance that the Company will be able to secure additional capital from debt or equity financing on favourable terms or at all. If the Company is unable to raise additional capital if and when required, this could delay, suspend or reduce the scope of the Company’s business operations (including scaling back exploration and development programs) and could have a material adverse effect on the Company’s operating and financial performance. Any additional equity financing may result in dilution for some or all Shareholders, and debt financing, if available, may involve restrictive covenants which limit operations and business strategy.

Title, maintenance and renewal of tenure

The success of the Company will largely depend upon the Company being able to maintain title to the permits and mining claims forming the Great Bear Project, or any other projects that may be acquired by the Company in the future. The continuation of the term of the permits and mining claims, and any periodic renewal of the same, is subject to compliance with the applicable mining laws and regulations, including satisfying any relevant reporting requirements (including technical justification for the continuation of exploration), expenditure conditions and fees. Failure to satisfy these requirements may result in the imposition of fees or forfeiture of the permits and mining claims. The renewal of a permit or mining claim is also subject to the discretion of the relevant regulatory authority. In addition, additional conditions on the permits and mining claims may be imposed following renewal. The imposition of new conditions or the inability to meet those conditions may adversely affect the operations, financial position and/or performance of the Company.

Approvals, authorisations, licences and permits

The Company’s activities are subject to the need for a variety of governmental approvals, authorisations, licences and permits, including work permits and environmental approvals, at various stages of exploration and development. These requirements will change as the Company’s operations develop. There can be no assurance that the various approvals, authorisations, licences and permits required for the Company to carry out exploration, development and mining operations on the Project will be obtained on reasonable terms or at all or, if obtained, will not be cancelled or renewed upon expiry in the future.

Industry specific risks

Sovereign risk

The Project is located in the Northwest Territories, Canada. While Canada is a federal parliamentary democracy and the political conditions in Canada are considered generally stable, changes may occur in the political, fiscal and legal systems which may affect the ownership or operations of the Company, such as changes in exchange rates, control or fiscal regulations, regulatory regimes, political insurrection or labour unrest, inflation or hyperinflation or economic recession. There are numerous risk factors associated with operating in a foreign jurisdiction, such as Canada, including economic, social or political instability or change.

20

Nature of Mineral Exploration and Mining

The business of mineral exploration, development and production is subject to a high level of risk. Mineral exploration and development require large amounts of expenditure over extended periods of time with no guarantee of revenue, and exploration and development activities may be deterred by circumstances and factors beyond the Company’s control. There can be no assurance that exploration and development at the Project, or any other projects that may be acquired by the Company in the future, will result in the discovery of mineral deposits which are capable of being exploited economically.

Operating and production risks

The Company’s ability to achieve production on a timely basis cannot be assured and the operations of the Company may be affected by various factors that are beyond the control of the Company, including a variety of risks and hazards. In addition, the Company’s profitability could be adversely affected if for any reason its mine development or production and processing of ore is unexpectedly interrupted or slowed.

Infrastructure

Exploration, development and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important elements of infrastructure, which affect access, capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items (including any interference in maintenance) could prevent or delay exploration or development of the Project (or other projects the Company may acquire in the future).

Environmental risk

The minerals and mining industry has become subject to increasing environmental regulations and liability. The operations and proposed activities of the Company are subject to extensive laws and regulations (specifically, under Canadian federal, state and municipal laws) concerning the environment. If such laws or regulations are breached or modified, the Company could be required to cease its operations and/or incur significant liabilities including penalties, due to past or future activities. As with most exploration projects and mining operations, the Company’s activities are expected to have an impact on the environment, particularly if advanced exploration or mine development proceeds. The Company is committed to environmental compliance and will endeavour to undertake all activities in compliance with applicable environmental laws, regulations and requirements.

General risks

Economic conditions and other global or national issues

General economic conditions, laws relating to taxation, new legislation, trade barriers, movements in interest and inflation rates, currency exchange controls and rates, national and international political circumstances (including outbreaks in international hostilities, wars, terrorist acts, sabotage, subversive activities, security operations, labour unrest, civil disorder, and states of emergency), natural disasters (including fires, earthquakes and floods), and epidemics and pandemics, may have an adverse effect on the Company’s operations and financial performance. General economic conditions may also affect the value of the Company and its market valuation regardless of its actual performance.

21

Competition risk

The mining industry is intensely competitive. The Company’s ability to compete depends on, among other things, knowledgeable personnel, high product quality and competitive pricing. Increased competition may require the Company to reduce prices or increase costs and may have a material adverse effect on its financial condition and results of operations.

Government policy and regulation changes

Adverse changes in government policies or legislation that affect ownership of mineral resources interests, taxation, royalties, land access, native title, environmental protection, carbon emissions, labour and mining, could have an adverse impact on the Company’s operations.

Litigation and other proceedings

The Company is exposed to potential legal and other claims or disputes in the normal course of its business, including (without limitation) native title claims, tenure and land ownership disputes, environmental claims, occupational health and safety claims and employee claims. Further, the Company may be involved in disputes with other parties in the future which may result in litigation.

22

Appendix 2 – Indicative Corporation structure

==> picture [455 x 310] intentionally omitted <==

23

Appendix 3 – Effects of the Transaction

Proposed use of funds

The Company intends to apply funds raised from the Public Offer, together with existing cash reserves, over the first two years following re-admission of the Company to the official list of ASX as follows:

FUNDS AVAILABLE MINIMUM SUBSCRIPTION
-$5,500,000
PERCENTAGE OF FUNDS
(%)
Source of funds
Existing cash reserves $500,000 8.3%
Funds raised from the Public Offer $5,500,000 91.7%
Total $6,000,000 100%
Allocation of funds
Exploration Expenditure - Great Bear Project
In-country manager, geologist and consultants $610,000 10%
Archaeology, permitting, approvals and
community relations
$195,000 3.3%
Camp and logistics $275,000 4.6%
Mapping and sampling $400,000 6.7%
RC Drilling $1,175,000 19.6%
Cash Payment to WCN under Acquisition
Agreement
$1,200,000 20%
Expenses of the Public Offer $750,000 12.5%
Working capital and corporate costs $1,395,000 23.3%
Total $6,000,000 100%

The above table is a statement of current intentions as of the date of this announcement. As with any budget, intervening events and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

The Directors consider that following completion of the Public Offer, the Company will have sufficient working capital to carry out its stated objectives. However, it should be noted that an investment in the Company is highly speculative and prospective investors are encouraged to read the key risk factors outlined in Appendix 1.

Pro-forma capital structure

Completion of the Transaction will result in the Company issuing a significant number of new securities.

The indicative capital structure of the Company following completion of the Transaction (on the basis of the Minimum Subscription) is set out in the table below:

MINIMUM SUBSCRIPTION MINIMUM SUBSCRIPTION MINIMUM SUBSCRIPTION
CAPITAL STRUCTURE SHARES OPTIONS PERFORMANCE
RIGHTS
Securities currently on issue 1,437,479,598 - -
Securities on issue post Consolidation 143,747,960 - -

24

MINIMUM SUBSCRIPTION MINIMUM SUBSCRIPTION MINIMUM SUBSCRIPTION
CAPITAL STRUCTURE SHARES OPTIONS PERFORMANCE
RIGHTS
Securities to be issued under the Public Offer 275,000,000 - -
Securities to be issued under the Proposed
Acquisition
230,000,000 - -
Securities to be issued to the Directors and
management
- - 64,374,795
Securities to be issued to the Lead Manager - 30,000,000 -
Total securities on completion of the
Transaction
648,747,960 30,000,000 64,374,795

Effect of the Transaction on the Company’s assets and financial position

The principal effects of the Transaction on the Company's consolidated total assets and total equity interests is reflected in the pro-forma statement of financial position set out below. The unaudited pro-forma statement of financial position as at 31 December 2025 shown below has been prepared on the basis of the accounting policies normally adopted by the Company and reflect the changes to its financial position as a result of the Transaction.

31 DECEMBER 2025
(UNAUDITED)
$
PRO-FORMA WITH
MINIMUM
SUBSCRIPTION
(UNAUDITED) $
PRO-FORMA WITH
MAXIMUM
SUBSCRIPTION
(UNAUDITED) $
Assets
Current Assets
Cash and cash equivalents 770,205 4,320,205 5,260,205
Trade and other
receivables
19,573 19,574 19,574
Prepayments 48,353 48,353 48,353
Inventory 56,197 56,197 56,197
Total Current Assets 894,328 4,444,329 5,384,329
Non-Current Assets
Project acquisition - 5,800,000 5,800,000
Plant and equipment 6,381 6,381 6,381
Other financial assets 76,837 76,837 76,837
Total Non-Current Assets 83,218 5,883,218 5,883,218
Total Assets 977,546 10,327,547 11,267,547
Liabilities
Current Liabilities
Trade and other payables 210,371 210,371 210,371
Total Current Liabilities 210,371 210,371 210,371
Total Liabilities 210,371 210,371 210,371

25

31 DECEMBER 2025
(UNAUDITED)
$
PRO-FORMA WITH
MINIMUM
SUBSCRIPTION
(UNAUDITED) $
PRO-FORMA WITH
MAXIMUM
SUBSCRIPTION
(UNAUDITED) $
Net Assets 767,175 10,117,176 11,057,176
Equity
Issued capital 69,970,856 79,740,856 80,680,856
Reserves -781,913 -781,913 -781,913
Accumulated losses -68,421,768 -68,841,768 --68,841,768
Total Equity 767,175 10,117,176 11,057,176

The financial information provided above has been prepared in accordance with Australian equivalents to International Financial Reporting Standards (A-IFRS). In relation to the Public Offer, the following transactions have occurred:

  • Completion of the Public Offer raising $5,500,000 as a minimum and $6,500,000 as a maximum

  • Asset acquisition cash settlement of $1,200,000

  • Asset acquisition share issue settlement of 230,000,000 shares (on a post consolidation basis) with a deemed value of $4,600,000

  • Total expenses cash and non-cash associated with the Public Offer amounting to $750,000 for minimum subscription and $810,000 for maximum subscription.

Please note that the financial information provided above does not include:

  • an allowance for funds expended by the Company since 31 December 2025; or

  • the value of options and performance rights issued.

The unaudited pro-forma Balance Sheet has been prepared by adjusting the expected balance sheet as at 31 December 2025 to reflect the financial effect of the Proposed Acquisition and Public Offer, as if it had occurred at 31 December 2025.

Effect of the Transaction on the Company’s revenue, expenditure and profit before tax

The Company does not expect to generate revenues from operations or sale of assets during the relevant period. The effect of the Transaction on the Company's expenditure will be to increase expenditure, primarily to progress exploration and development activities at the Project, as contemplated by the Proposed use of funds section above.

26

Appendix 4 – JORC Code Table 1; Checklist of Assessment and Reporting Criteria

Section 1 – Sampling Techniques and Data

CRITERIA JORC CODE
EXPLANATION
COMMENTARY
Sampling
techniques
• Nature and quality of
sampling
(e.g.
cut
channels,
random
chips,
or
specific
specialised
industry
standard
measurement
tools
appropriate
to
the
minerals
under
investigation, such as
down hole gamma
sondes, or handheld
XRF instruments, etc).
These
examples
should not be taken
as limiting the broad
meaning of sampling.
SAMPLING PRIOR TO WCN
• Exploration records and reports have been collated for
a range of companies that explored in the Great Bear
district from the 1980s onwards, including Central
Electricity Generating Board Exploration (Canada)
Limited (CEGB), Kalvik Mining Services (Kalvik), Hunter
Bay Resources Inc (HBR), and Alberta Star Development
Corporation (ASDC).
• These reports are not always comprehensive and rarely
describe the nature and quality of sampling techniques
used.
• Surface sampling consisted of soil, rock chip and
trenching. WCN has not been able to locate detailed
descriptions of the nature and quality of these samples.
None of this information is used to inform Exploration
Target or Mineral Resource estimates.
• Several companies have undertaken drilling in the
district, some of which was completed on the WCN
tenements, notably by ASDC. WCN has not been able
to locate detailed descriptions of the nature and quality
of these samples. None of this information is used to
inform Exploration Target or Mineral Resource estimates.
SAMPLING BY WCN
• In 2024, WCN collected a combination of surface rock
chip samples of outcrop, subcrop and float, sometimes
as a composite. Rock chip composite samples were
also collected along pre-existing trench floors at some
locations.
• 165 samples were collected from 12 prospects, inclusive
of 6 standards for quality assurance and quality control.
• Sampling was aimed at verifying results reported from
previous companies or collect samples from new
locations identified by WCN’s data compilation.
• None of this information is used to inform Mineral
Resource estimates.
• Include reference to
measures
taken
to
ensure
sample
representivity and the
appropriate
calibration
of
any
measurement tools or
systems used.
SAMPLING PRIOR TO WCN
• WCN has not been able to locate detailed descriptions
of measures taken to ensure sample representivity.
SAMPLING BY WCN
• Surface rock chip sampling was based on visual
assessment of outcrop and subcrop features.
• For grab samples, no measures were taken to ensure
sample representivity. Some composite samples were
collected across a surface area in an attempt to collect
a semi-representative sample from an outcrop.
• An RS-125 Super-SPEC field spectrometer was utilised to
assist the selection of sampling of radioactive
mineralisation. No quantitative calibration was required
for this purpose except for recording a background
measurement prior to use.
• 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’).
EXPLORATION PRIOR TO WCN
• Those companies exploring for uranium made use of
field spectrometers to measure radioactivity to define
surface
expressions
of
mineralisation
that
were
subsequently sampled and analysed.
• Surface rock chip and trenching geochemistry was
used
to
define
surface
expressions
of
other
mineralisation styles e.g., silver, copper and base
metals. Reports sighted by WCN indicate samples were
crushed, pulverised and analysed at commercial
laboratories using a mix of techniques that included
AAS and fire assay.

27

CRITERIA JORC CODE
EXPLANATION
COMMENTARY
In other cases more
explanation may be
required,
such
as
where there is coarse
gold that has inherent
sampling
problems.
Unusual commodities
or mineralisation types
(e.g.
submarine
nodules) may warrant
disclosure of detailed
information.
• ASDC public reports indicate that samples from drilling
was of variable length and presumable sampled to
honour geology or mineralisation contacts.
EXPLORATION BY WCN
• Surface rock chip samples were normally 0.3 – 3.0 kg
each. Samples were crushed, pulverised and analysed
at a commercial laboratory using a mix of techniques
that included ICP-IES, ICP-MS, and fire assay.
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).
DRILLING BY ASDC
• WCN has collated public reports released by ASDC in
the 1990s. No detail has been sighted on drilling
techniques, except that it was mostly diamond coring.
No details of core diameter, standard/triple tube, or
core orientation have been collated.
DRILLING BY WCN
• No drilling has been undertaken by WCN.
Drill
sample
recovery
• Method of recording
and assessing core
and
chip
sample
recoveries and results
assessed.
DRILLING BY ASDC
• No information has been sighted describing methods of
recording and assessing core and chip sample
recoveries.
• Measures
taken
to
maximise
sample
recovery and ensure
representative nature
of the samples.
• No information has been sighted describing measures
taken by ASDC to maximise sample recovery and
ensure representative nature of the samples.
• Whether
a
relationship
exists
between
sample
recovery and grade
and whether sample
bias
may
have
occurred
due
to
preferential loss/gain
of
fine/coarse
material.
• No information has been sighted describing whether
ASDC assessed if a relationship exists between sample
recovery and grade.
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.
DRILLING BY ASDC
• Public reports suggest that ASDC geologically logged
drillholes because these reports provide summaries of
the nature of mineralisation and host rocks.
• No detailed logs have been located to date to allow
an assessment of whether the logging could support
appropriate Mineral Resource estimation, mining
studies and metallurgical studies.
• Whether
logging
is
qualitative
or
quantitative in nature.
Core
(or
costean,
channel,
etc)
photography.
• WCN assumes that logging descriptions wee qualitative
in nature.
• The total length and
percentage
of
the
relevant intersections
logged.
• WCN has only located summaries of drillhole results that
were publicly reported by ASDC and cannot determine
the total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques
and
sample
preparation
• If core, whether cut or
sawn
and
whether
quarter, half or all
core taken.
DRILLING BY ASDC
• No information has been sighted describing if core was
cut or sawn and the proportion of the core sampled.
• If non-core, whether
riffled, tube sampled,
rotary split, etc and
• All drilling is assumed to be core.

28

CRITERIA JORC CODE
EXPLANATION
JORC CODE
EXPLANATION
COMMENTARY
whether sampled wet
or dry.
• For all sample types,
the nature, quality,
and appropriateness
of
the
sample
preparation
technique.
METHODS USED BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the nature,
quality, and appropriateness of the sample preparation
technique used by any company.
METHODS USED BY WCN
• All rock chip samples were sent to ALS Canada Ltd for
preparation using code PREP-31D, consisting of crushing
to 90% passing 2 mm diameter followed by pulverising
a 1.0 kgsub-sample to 85%passing75 microns.
• Quality
control
procedures adopted
for all sub-sampling
stages to maximise
representivity
of
samples.
QC PROCEDURES USED BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the quality
control procedures adopted by ASDC for all sub-
sampling stages to maximise representivity of samples.
QC PROCEDURES USED BY WCN
• WCN relied on internal ALS QCprocesses.
• 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.
MEASURES TAKEN BY COMPANIES PRIOR TO WCN
• No information has been sighted describing measures
taken by ASDC to ensure that the sampling is
representative of the in-situ material collected.
MEASURES TAKEN BY WCN
• WCN did not collect field duplicates.
• Whether sample sizes
are appropriate to the
grain
size
of
the
material
being
sampled.
• For previous companies, no information has been
sighted
describing
whether
sample
sizes
are
appropriate to the grain size of the material being
sampled.
• For the WCN rock chip sampling program, sample sizes
are deemed appropriate for the style of mineralisation
targeted and to determine the tenor of precious and
base metal content.
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.
ASSAY METHODS BY COMPANIES PRIOR TO WCN
• Reports by CEGB indicate grab samples and composite
rock chip samples were analysed for U, Au, Ag, Cu, Co,
Pb and Zn by Barringa Magenta Laboratories, Alberta
(unknown method). Au and Ag were analysed by fire
assay.
• Reports by HBR indicate that grab samples were
analysed by ACME Analytical Laboratories, Vancouver.
Digestion was by aqua regia followed by ICP-ES
analysis.
• Reports by ASDC indicate samples were analysed by
ACME Analytical Laboratories, Vancouver. Digestion
was by 4- acid digest followed by ICP-MS analysis.
ASSAY METHODS BY WCN
• All samples were analysed by ALS Canada Ltd and
underwent 4-acid digestion followed by multi-element
ICP-MS (ME-MS61) with over assays completed by OG62
techniques.
• All samples underwent fire assay followed by ICP-AES for
gold analysis (Au-ICP21), with over assay gold (>10
ppm) by Au-GRA21.
• Any samples >1,500 ppm Ag from Ag-OG62 were
reassayed using Ag-GRA21. Samples >10,000 ppm Ag
were reassayed usingAg-CON01.
• For geophysical tools,
spectrometers,
handheld
XRF
instruments, etc, the
parameters used in
determining
the
analysis
including
instrument make and
model, reading times,
GEOPHYSICAL TOOLS USED BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the
geophysical equipment used by companies prior to
WCN.
GEOPHYSICAL TOOLS USED BY COMPANIES PRIOR TO WCN
• A handheld RS-125 Super-SPEC scintillometer was used
to record natural radioactivity in counts per second
when targeting surface uranium mineralisation. This was
CRITERIA JORC CODE
EXPLANATION
JORC CODE
EXPLANATION
COMMENTARY
whether sampled wet
or dry.
• For all sample types,
the nature, quality,
and appropriateness
of
the
sample
preparation
technique.
METHODS USED BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the nature,
quality, and appropriateness of the sample preparation
technique used by any company.
METHODS USED BY WCN
• All rock chip samples were sent to ALS Canada Ltd for
preparation using code PREP-31D, consisting of crushing
to 90% passing 2 mm diameter followed by pulverising
a 1.0 kgsub-sample to 85%passing75 microns.
• Quality
control
procedures adopted
for all sub-sampling
stages to maximise
representivity
of
samples.
QC PROCEDURES USED BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the quality
control procedures adopted by ASDC for all sub-
sampling stages to maximise representivity of samples.
QC PROCEDURES USED BY WCN
• WCN relied on internal ALS QCprocesses.
• 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.
MEASURES TAKEN BY COMPANIES PRIOR TO WCN
• No information has been sighted describing measures
taken by ASDC to ensure that the sampling is
representative of the in-situ material collected.
MEASURES TAKEN BY WCN
• WCN did not collect field duplicates.
• Whether sample sizes
are appropriate to the
grain
size
of
the
material
being
sampled.
• For previous companies, no information has been
sighted
describing
whether
sample
sizes
are
appropriate to the grain size of the material being
sampled.
• For the WCN rock chip sampling program, sample sizes
are deemed appropriate for the style of mineralisation
targeted and to determine the tenor of precious and
base metal content.
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.
ASSAY METHODS BY COMPANIES PRIOR TO WCN
• Reports by CEGB indicate grab samples and composite
rock chip samples were analysed for U, Au, Ag, Cu, Co,
Pb and Zn by Barringa Magenta Laboratories, Alberta
(unknown method). Au and Ag were analysed by fire
assay.
• Reports by HBR indicate that grab samples were
analysed by ACME Analytical Laboratories, Vancouver.
Digestion was by aqua regia followed by ICP-ES
analysis.
• Reports by ASDC indicate samples were analysed by
ACME Analytical Laboratories, Vancouver. Digestion
was by 4- acid digest followed by ICP-MS analysis.
ASSAY METHODS BY WCN
• All samples were analysed by ALS Canada Ltd and
underwent 4-acid digestion followed by multi-element
ICP-MS (ME-MS61) with over assays completed by OG62
techniques.
• All samples underwent fire assay followed by ICP-AES for
gold analysis (Au-ICP21), with over assay gold (>10
ppm) by Au-GRA21.
• Any samples >1,500 ppm Ag from Ag-OG62 were
reassayed using Ag-GRA21. Samples >10,000 ppm Ag
were reassayed usingAg-CON01.
• For geophysical tools,
spectrometers,
handheld
XRF
instruments, etc, the
parameters used in
determining
the
analysis
including
instrument make and
model, reading times,
GEOPHYSICAL TOOLS USED BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the
geophysical equipment used by companies prior to
WCN.
GEOPHYSICAL TOOLS USED BY COMPANIES PRIOR TO WCN
• A handheld RS-125 Super-SPEC scintillometer was used
to record natural radioactivity in counts per second
when targeting surface uranium mineralisation. This was

29

CRITERIA JORC CODE
EXPLANATION
COMMENTARY
calibrations
factors
applied
and
their
derivation, etc.
conducted in survey mode when walking transects
across prospective structures. Anomalous data points
were recorded but the data was not used for
quantitative determination of elemental abundance.
• 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.
MEASURES TAKEN BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the nature
of quality control procedures adopted by previous
companies.
MEASURES TAKEN BY WCN
• WCN inserted six blanks with the 159 rock chip samples
analysed – a rate of 4%.
Verification of
sampling and
assaying
• The
verification
of
significant
intersections by either
independent
or
alternative company
personnel.
VERIFICATION UNDERTAKEN BY COMPANIES PRIOR TO WCN
• No information has been sighted describing verification
of significant intersections by either independent or
alternative company personnel.
VERIFICATION UNDERTAKEN BY WCN
• No verification of significant geochemical results was
done by either independent or alternative company
personnel.
• The use of twinned
holes.
• ASDC did not complete any twinned drillholes.
• Documentation
of
primary data, data
entry
procedures,
data
verification,
data
storage
(physical
and
electronic) protocols.
DOCUMENTATION BY COMPANIES PRIOR TO WCN
• No information has been sighted describing how
previous companies documented primary data, data
entry procedures, data verification, or data storage
protocols.
DOCUMENTATION BY WCN
• All assay results received by WCN directly from ALS as
PDF certificates and CSV files. WCN stores these
electronic files under 2-factor authorisation.
• Discuss
any
adjustment to assay
data.
MEASURES TAKEN BY COMPANIES PRIOR TO WCN
• No information has been sighted describing adjustment
to assay data by previous companies.
MEASURES TAKEN BY WCN
• WCN converted uranium analyses to uranium oxide
using the formula U3O8= U x 1.1792.
• Assay results below the detection limit, returning
nonnumeric characters have been changed to a
numeric value of half the detection limit.
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.
SURVEY ACCURACY BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the
accuracy and quality of surveys used to locate rock
chip sample locations, trenches and drillholes by
previous companies.
SURVEY ACCURACY BY WCN
• Sample locations were determined using a handheld
Garmin GPSMAP 66sr or a Garmin GPSMAP 65 unit.
Accuracy is assumed to be +/- 2 – 5 m.
• Specification of the
grid system used.
• WCN understands that previous companies used the
NAD83 / UTM Zone 11 N grid system.
• WCN used the NAD83 / UTM Zone 11 Ngrid system.
• Quality
and
adequacy
of
topographic control.
• No detailed topographic control is available, except for
GPS measurements, which have an assumed accuracy
of +/- 5 m.
Data spacing
and
distribution
• Data
spacing
for
reporting
of
Exploration Results.
• The spacing of all exploration completed to date is
based on surface locations of prospective lithologies,
alteration, structure, and visible mineralisation. No
detailed grid-based spacing for sampling has been
instituted to date.

30

CRITERIA JORC CODE
EXPLANATION
COMMENTARY
• 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 Exploration Targets or Mineral Resources are
reported because exploration to date is inadequate to
define geological and grade continuity at any
prospect.
• Whether
sample
compositing has been
applied.
• For some public reporting by ASDC of drillhole results,
some sample compositing was done to summarise
mineralised intervals.
• WCN has not undertaken any sample compositing of
rock chipsamples.
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.
• Grab sampling conducted by WCN and previous
companies
was
undertaken
in
areas
where
mineralisation or alteration of interest is/was observed.
The collection of rock chip samples does not quantify
the scale or subsurface orientation of mineralisation.
• Trench sampling by previous explorers is assumed to be
perpendicular to the observed orientation of surface
mineralisation or mineralised structures.
• It is not known if ASDC oriented drillholes perpendicular
to the surface expression of mineralisation.
• 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.
• Detailed drill logs for ASDC have not been located and
therefore
the
relationship
between
the
drilling
orientation and the orientation of key mineralised
structures is unknown.
Sample
security
• The measures taken to
ensure
sample
security.
SECURITY MEASURES ADOPTED BY COMPANIES PRIOR TO
WCN
• No information has been sighted describing sample
security measures adopted by previous companies.
SECURITY MEASURES ADOPTED BY WCN
• Samples collected by WCN staff and contractors were
stored in rice sacks in a remote exploration camp,
sealed with zip ties. Samples were sent to Yellowknife
via a private charter flight and picked up by an
employee of Aurora Geosciences Ltd who delivered
them to ALS.
Audits
or
reviews
• The
results
of
any
audits or reviews of
sampling techniques
and data.
AUDITS DONE BY COMPANIES PRIOR TO WCN
• No information has been sighted describing the results
of any audits or reviews of sampling techniques
completed by previous companies.
AUDITS DONE BY WCN
• No independent reviews or audits have been
undertaken. Sample collection was undertaken by
experienced geological staff, competent in identifying
mineralisation and alteration.

31

Section 2 – Reporting of Exploration Results

CRITERIA JORC
CODE
EXPLANATION
COMMENTARY
Mineral
tenement
and
land
tenure status
• Type,
reference
name/number,
location
and
ownership
including
agreements
or
material issues with
third parties such as
joint
ventures,
partnerships,
overriding
royalties,
native title interests,
historical
sites,
wilderness or national
park
and
environmental
settings.
• The Great Bear project is located in the Canadian
territory of Northwest Territories approximately 400 km
north-northwest of the capital Yellowknife.
• The assets consist of 19 Prospecting Permits (PPs) i.e., NP-
8487 – NP-8505; and nine Mineral Claims (MCs) i.e.,
K20031 – K20037, K20039, and K20040 covering an area
of 2,814 km2.
• The PPs are due to expire on 31 January 2028 and the
MC’s at various dates in 2034.
• As at 1 January 2026, all of the tenements were held in
the name of WCN, and there are no underlying joint
ventures, partnerships or net smelter return agreements.
• The security of the
tenure held at the
time
of
reporting
along with any known
impediments
to
obtaining a licence to
operate in the area.
• Security of tenure has been independently assessed in
January 2026 by Lawson Lundell LLC. All tenements are
granted and were in good standing at that time.
Exploration
done
by
other parties
• Acknowledgment
and
appraisal
of
exploration by other
parties.
• Historical exploration in the district is recorded from the
early 1930s after the discovery of silver-uranium veining
in the Port Radium-Echo Bay area. However, little
exploration work was documented for this period.
• Exploration was completed in the 1940s by Eldorado
Gold Mines Limited comprising prospecting, geological
mapping, radiometric surveys, and diamond drilling to
define uranium reserves for its mining operation.
Cominco Ltd were also active in the Echo Bay mine
area.
• Post mine closure in the 1980s little exploration work was
conducted until CEGB carried out regional exploration
programs targeting mineralisation of the Port Radium U-
Ag style veining.
• ASDC commenced detailed groundwork in the region
in 2005, with large campaigns of rock chip sampling,
airborne geophysics (z-axis tipper electromagnetics,
magnetics, and radiometrics), line cutting, ground
induced polarisation, and drilling.
• During the 2000s, HBR was also active to the north of the
Port Radium area exploring for copper and uranium.
The company completed ground IP/resistivity surveys,
rock chip sampling, and geological mapping.
• WCN has not identified any significant exploration
activityacross the Project area since the late 2000s.
Geology • Deposit
type,
geological
setting,
and
style
of
mineralisation.
• The Project is located in the Echo Bay Stratovolcano
Complex (EBSVC) situated near the northeastern
margin of the Great Bear Magmatic Zone (GBMZ),
along the eastern shore of Great Bear Lake in the
northwestern Canadian Shield.
• The GBMZ is an extensively hydrothermally altered
Proterozoic stratovolcano-plutonic complex and is host
to a range of mineralisation styles associated with iron
oxide-copper-gold-uranium (IOCG-U) style, iron oxide
apatite (IOA) style, epithermal deposits and skarn
mineralisation.
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:
-
Easting
and
northing of the
drill hole collar.
• No
drillhole
results
are
documented
in
this
announcement. HCD due diligence is ongoing.

32

CRITERIA JORC
CODE
EXPLANATION
COMMENTARY
-
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.
-
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
whythis is the case.
• No
drillhole
results
are
documented
in
this
announcement. HCD due diligence is ongoing.
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.
• ASDC publicly reported the results from various drilling
campaigns and sometimes aggregated individual
sample intervals within zones of mineralisation. No
information is available on the methods used by ASDC
to calculate aggregated mineralised intervals.
• No
drillhole
results
are
documented
in
this
announcement. HCD due diligence is ongoing.
• Where
aggregate
intercepts
incorporate
short
lengths of highgrade
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.
• No information is available on the methods used by
ASDC to calculate aggregated mineralised intervals.
• The assumptions used
for any reporting of
metal
equivalent
values
should
be
clearly stated.
• WCN has not reported any metal equivalent grades.
Relationship
between
mineralisatio
n widths and
intercept
lengths
• These relationships are
particularly important
in the reporting of
Exploration Results.
• WCN has no information about the relationship
between mineralisation widths and intercept lengths for
drilling completed by ASDC.
• If the geometry of the
mineralisation
with
respect to the drill
hole angle is known,
its nature should be
reported.
• For the ASDC drilling, the geometry of the mineralisation
with respect to the drill hole angle is unknown.
• 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
• ASDC drilling data is reported using downhole lengths.
There is no inference that these intervals represent true
width intersections of mineralisation.

33

CRITERIA JORC
CODE
EXPLANATION
COMMENTARY
hole length, true width
not known’).
Diagrams • Appropriate
maps
and
sections
(with
scales)
and
tabulations
of
intercepts should be
included
for
any
significant
discovery
being reported These
should include, but
not be limited to a
plan view of drill hole
collar locations and
appropriate sectional
views.
• Where appropriate, tables and diagrams are included
in the body of the announcement.
Balanced
reporting
• Where
comprehensive
reporting
of
all
Exploration Results is
not
practicable,
representative
reporting of both low
and
high
grades
and/or widths should
be practiced to avoid
misleading
reporting
of Exploration Results.
• The commentary in the announcement includes a
balanced reporting of Exploration Results.
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.
• In 2024, WCN completed an airborne MobileMT
geophysical
survey
by
Expert
Geophysics
with
helicopter services by Capital Helicopters.
• The survey was completed on 300 m spaced east-west
survey lines with north-south tie lines completed every 3
km. A total of 1,264 line-km was flown.
• Data was collected and processed by Expert
Geophysics, including quality control and 2D inversions
of the conductivity data.
• Further filtering of the magnetics and conductivity data
was completed by Southern Geoscience Consultants,
including 3D inversions of the data, target generation,
and recommendations.
• Modelling of this data identified 10 targets that are
interpreted to be prospective for IOCG-U or epithermal
mineralisation.
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).
• Future exploration activities are proposed that consist of
two stages:
-
Remote sensing to develop the geological
understanding
of
the tenements
including
lithology, alteration, and regolith interpretation to
identify key target areas for in-field ground
truthing. This will be followed by field geological
mapping and rock chip sampling at priority areas
identified.
-
Results from Stage 1 will be assessed and targets
prioritised for further infill field sampling to refine
the mineralised trends and defining areas for
further exploration. Priority targets identified will
be subject to trenching to assess mineralised
controls and orientation as part of drill target
definition. In year one and year two, the
Company plans to complete an initial campaign
of 2,000 – 4,000 m of drilling across the top ten
prospects prioritised from all previous work.
• Diagrams
clearly
highlighting the areas
of possible extensions,
including
the
main
geological
interpretations
and
future drilling areas,
provided
this
• Generic maps showing the main prospects identified to
date are included in the announcement.

34

CRITERIA JORC
CODE
EXPLANATION
COMMENTARY
information
is
not
commercially
sensitive.

35

Appendix 5 – WCN 2024 Rock Chip Sampling Locations and Geochemistry

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005430 Blank
reference
0.1 <0.001 0.0 0.1 0.002 2.6 3.4 0.0 1.6 1.3 0.4
F005630 Blank
reference
0.1 0.001 0.0 0.1 0.003 2.6 3.7 0.0 1.8 1.3 0.4
F005665 Blank
reference
0.1 <0.001 0.0 0.1 0.003 2.6 3.7 0.0 1.9 1.4 0.5
F005685 Blank
reference
0.1 <0.001 0.0 0.1 0.004 2.7 3.8 0.0 1.8 1.3 0.4
F005901 Blank
reference
0.1 <0.001 0.0 0.0 0.002 2.5 3.7 0.0 1.6 1.2 0.4
F005951 Blank
reference
0.1 <0.001 0.2 0.4 0.005 2.6 3.9 0.0 1.8 1.3 0.4
F005686 Bullwinkle 470304 7312718 288 0.9 0.011 0.3 2.0 0.101 27.2 0.4 0.0 4.7 13.9 7.0
F005632 Cleaver 458787 7330883 401 0.5 0.047 4.7 1345.0 3.640 18.1 1.9 3.6 2.4 3.3 10.3
F005633 Cleaver 458796 7330879 399 0.5 0.358 25.7 >10000 2.780 23.2 0.6 6.1 4.3 1.5 2.9
F005634 Cleaver 458776 7330882 395 1.2 0.009 0.9 30.3 0.125 18.4 1.7 0.2 2.1 1.1 20.8
F005635 Cleaver 458777 7330886 394 1.1 0.014 6.0 3150.0 1.010 10.3 1.0 1.4 2.9 1.6 1.8
F005636 Cleaver 458793 7330886 395 0.3 0.030 1.5 700.0 1.080 8.5 1.3 1.4 4.9 3.1 5.5
F005637 Cleaver 458766 7330870 400 1.1 0.069 3.2 960.0 0.519 12.1 1.2 0.8 4.3 1.2 3.2
F005638 Cleaver 458719 7330825 394 0.8 0.054 2.8 27.3 0.072 6.4 3.3 3.3 9.3 3.8 10.8
F005639 Cleaver 458788 7330813 404 1.4 0.001 0.1 1.3 0.008 8.5 0.5 0.1 5.1 73.1 1.8
F005640 Cleaver 458814 7330720 409 1.1 <0.001 0.1 1.0 0.018 17.3 4.9 0.1 11.4 2.4 7.3
F005641 Cleaver 458947 7330631 406 1.4 0.001 1.9 1.2 0.010 15.0 0.5 0.7 14.4 3.9 9.7
F005642 Cleaver 458995 7330646 405 1.4 0.039 1.1 10.9 0.144 28.2 1.9 1.7 4.2 3.8 3.6
F005643 Cleaver 459027 7330818 477 1.6 0.045 4.0 4.2 0.629 13.6 1.8 1.2 5.4 4.5 4.4
F005644 Cleaver 459019 7330825 481 0.9 0.187 8.2 3.6 0.886 16.5 7.4 2.8 3.6 2.8 11.0
F005645 Cleaver 458999 7330822 485 0.8 0.096 14.9 4.8 1.320 13.7 6.0 3.2 6.8 4.3 4.5
F005646 Cleaver 458998 7330838 484 1.2 0.717 >100 169.5 3.000 9.6 25.0 4.4 2.9 4.0 4.1
F005647 Cleaver 459025 7330902 457 0.7 0.113 12.1 16.8 0.019 1.8 14.2 0.8 1.8 2.3 6.6
F005687 Cleaver 459040 7330835 373 0.8 0.082 9.9 12.0 0.662 15.8 11.1 3.0 2.1 3.0 7.5
F005688 Cleaver 459020 7330877 378 0.8 0.468 28.2 16.3 6.310 19.6 47.1 8.4 5.1 1.7 5.4
F005689 Cleaver 458981 7330857 384 0.8 0.067 2.1 4.2 0.333 7.5 5.8 5.1 3.2 3.2 5.4
F005690 Cleaver 459002 7330860 384 0.5 0.050 9.9 9.4 0.963 15.8 7.8 2.1 2.2 3.6 6.4
F005691 Cleaver 458977 7330840 389 1.0 0.028 45.4 3.0 0.103 24.5 3.3 0.8 4.3 4.8 9.5

36

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005692 Cleaver 458968 7330849 385 1.1 0.046 2.7 5.7 0.081 33.3 0.8 3.5 3.0 4.1 7.3
F005693 Cleaver 458965 7330855 386 0.4 0.014 11.6 4.2 0.060 36.7 0.4 0.6 5.4 4.1 3.1
F005694 Cleaver 458964 7330862 388 1.6 1.285 10.1 22.6 1.755 17.0 6.5 6.9 4.2 16.6 5.3
F005695 Cleaver 458984 7330814 390 2.0 0.041 2.7 5.2 0.231 25.4 1.2 1.0 5.3 3.0 1.9
F005696 Cleaver 459002 7330798 391 0.4 0.367 19.4 11.4 0.550 8.3 23.6 4.5 6.6 1.7 2.2
F005697 Cleaver 458934 7330688 396 0.8 0.056 2.2 5.3 0.005 11.6 15.2 5.1 30.5 2.6 17.2
F005698 Cleaver 458898 7330721 390 0.5 0.015 3.8 2.6 0.003 7.2 1.8 3.7 4.4 2.6 9.2
F005699 Cleaver 458822 7330814 402 0.8 0.009 1.0 2.7 0.066 12.5 1.6 2.0 2.8 3.6 7.0
F005700 Cleaver 458808 7330884 398 0.9 0.027 3.8 85.5 0.465 18.6 2.1 0.9 1.1 7.8 3.1
F005648 Coastal Cu 463463 7322356 275 1.0 1.140 97.4 452.0 13.500 17.0 2.8 4.0 1.2 1.6 11.3
F005419 Glacier Gold 456458 7330102 166 1.7 0.099 6.3 6.5 0.044 6.3 1.5 2.4 1.1 1.0 0.8
F005420 Glacier Gold 456460 7330104 164 1.7 0.105 2.2 5.2 0.321 4.2 1.4 1.8 0.4 0.7 0.4
F005421 Glacier Gold 456463 7330138 167 1.8 0.011 1.2 1.7 0.061 7.8 1.1 1.0 28.7 2.1 2.7
F005422 Glacier Gold 456458 7330137 167 0.9 0.145 1.1 10.9 2.050 4.4 1.5 3.6 0.5 0.1 0.1
F005423 Glacier Gold 456455 7330245 177 1.2 0.013 1.1 0.7 0.023 6.1 0.7 0.2 4.3 1.7 2.7
F005424 Glacier Gold 456459 7330243 175 1.6 >10.0 76.5 1590.0 4.160 8.4 4.0 6.3 1.8 1.3 1.7
F005425 Glacier Gold 456457 7330256 176 1.1 0.816 31.3 433.0 0.388 4.9 2.2 0.4 1.6 1.0 1.4
F005426 Glacier Gold 456456 7330235 177 0.6 >10.0 >100 1000.0 2.550 6.7 4.4 4.4 1.0 0.4 0.6
F005427 Glacier Gold 456461 7330317 182 1.5 4.080 24.6 216.0 1.485 5.3 9.6 2.6 0.9 1.0 0.7
F005446 Glacier IOCG-
U East
456740 7330851 365 1.1 0.031 1.0 0.4 1.185 9.5 12.2 1.1 4.8 5.0 2.6
F005447 Glacier IOCG-
U East
456746 7330855 369 0.8 0.019 1.0 0.3 0.776 7.0 4.2 0.2 3.8 6.9 2.7
F005448 Glacier IOCG-
U East
456755 7330862 239 1.3 0.009 1.1 5.8 0.509 1.9 4.5 0.1 2.6 141.5 3.2
F005449 Glacier IOCG-
U East
456773 7330871 376 1.2 0.125 0.3 1.7 0.900 7.9 0.7 0.6 6.8 2.8 3.0
F005450 Glacier IOCG-
U East
456780 7330879 378 1.1 0.166 0.4 1.4 0.662 12.9 18.2 0.3 1.5 3.0 1.7
F005623 Glacier IOCG-
U East
456787 7330886 380 0.8 0.294 0.5 2.3 1.210 15.5 11.2 1.8 1.9 2.6 1.7
F005624 Glacier IOCG-
U East
456426 7330963 315 1.1 0.364 4.9 3.2 1.800 9.6 16.6 1.2 3.1 1.7 1.8
F005625 Glacier IOCG-
U East
456426 7330968 315 1.0 0.582 5.9 2.8 1.205 10.5 32.8 0.5 10.8 2.3 0.9
F005626 Glacier IOCG-
U East
456427 7330968 311 0.9 0.334 2.8 1.8 1.045 7.8 1.2 0.7 5.3 1.8 1.4

37

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005627 Glacier IOCG-
U East
456424 7330975 313 0.8 0.550 6.7 6.9 1.085 13.3 8.1 0.3 5.8 3.2 2.9
F005628 Glacier IOCG-
U East
456383 7330950 464 0.7 0.183 1.0 0.5 0.302 9.2 0.6 0.1 5.5 2.6 1.8
F005629 Glacier IOCG-
U East
456378 7330941 465 1.5 0.700 10.7 5.2 1.895 14.0 1.0 0.4 5.5 2.1 1.3
F005631 Glacier IOCG-
U East
456376 7330754 425 1.3 0.138 1.1 0.4 0.231 15.6 84.9 0.2 9.5 3.9 2.6
F005651 Glacier IOCG-
U East
456446 7330808 271 0.9 0.177 2.2 12.4 0.557 13.4 106.0 0.1 8.9 3.6 1.3
F005652 Glacier IOCG-
U East
456441 7330806 272 0.9 0.402 2.7 5.0 0.831 9.9 38.1 0.1 16.2 3.5 1.5
F005428 Glacier IOCG-
U West
456109 7330873 353 0.7 0.953 12.9 23.6 2.630 18.5 3.5 9.0 15.2 11.0 5.6
F005429 Glacier IOCG-
U West
456108 7330872 351 1.1 0.160 3.6 4.7 0.686 9.8 9.3 1.4 17.3 6.8 3.7
F005431 Glacier IOCG-
U West
456089 7330867 354 1.5 0.023 0.5 1.1 0.107 10.8 3.7 0.2 14.4 9.9 1.7
F005432 Glacier IOCG-
U West
456074 7330864 349 1.2 0.199 19.2 15.6 0.329 15.4 16.7 9.8 7.0 15.0 2.9
F005433 Glacier IOCG-
U West
456076 7330865 350 1.4 0.110 4.1 6.1 0.178 12.6 33.1 0.8 7.3 19.1 9.7
F005434 Glacier IOCG-
U West
456062 7330865 348 1.3 7.960 >100 245.0 3.080 12.4 7.4 1.1 8.3 15.6 68.4
F005435 Glacier IOCG-
U West
456060 7330864 347 1.4 2.280 >100 222.0 39.500 22.1 6.5 >10.0 7.6 1.3 11.8
F005436 Glacier IOCG-
U West
456059 7330864 345 1.4 3.540 >100 362.0 39.500 20.6 6.6 >10.0 8.6 1.0 16.6
F005437 Glacier IOCG-
U West
456056 7330864 347 1.2 2.280 >100 224.0 42.600 21.8 7.0 >10.0 6.9 1.9 15.3
F005438 Glacier IOCG-
U West
455960 7330857 311 1.3 1.870 96.7 197.0 5.700 14.0 1.5 7.8 6.4 3.0 0.9
F005439 Glacier IOCG-
U West
455956 7330857 312 1.1 0.784 86.5 134.5 3.410 7.2 4.2 2.9 5.2 4.9 2.8
F005440 Glacier IOCG-
U West
455843 7330867 292 0.9 0.266 1.5 1.1 0.787 7.4 4.1 0.4 9.9 5.3 226.0
F005441 Glacier IOCG-
U West
455847 7330867 293 1.3 0.398 11.8 237.0 1.395 7.4 11.5 1.1 6.3 3.3 3.6
F005442 Glacier IOCG-
U West
455820 7330873 285 0.8 1.855 11.1 8.6 3.840 12.0 0.4 1.4 26.7 2.9 3.6
F005443 Glacier IOCG-
U West
455814 7330872 286 0.8 0.398 3.0 3.7 0.679 10.7 0.3 0.3 13.9 8.3 53.2
F005609 Glacier IOCG-
U West
456033 7330866 431 1.7 1.045 44.6 71.0 4.900 16.5 2.8 3.9 11.6 3.5 2.0
F005610 Glacier IOCG-
U West
455834 7330867 384 1.1 0.140 0.9 2.5 0.666 4.8 11.2 0.6 5.4 7.5 3.5
F005611 Glacier IOCG-
U West
455835 7330869 384 1.1 0.389 2.1 2.7 0.840 3.7 90.5 0.8 3.4 1.7 0.9

38

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005612 Glacier IOCG-
U West
455818 7330878 374 1.1 0.615 11.4 11.4 1.390 9.0 0.4 1.5 10.8 7.9 3.7
F005653 Glacier IOCG-
U West
456021 7330861 334 1.1 0.688 2.7 4.4 1.875 11.6 5.1 2.2 6.0 9.4 2.8
F005654 Glacier IOCG-
U West
455996 7330861 330 1.3 1.330 >100 360.0 3.150 13.2 30.1 8.5 5.5 4.5 2.4
F005655 Glacier IOCG-
U West
455992 7330861 330 0.8 0.247 33.8 27.1 1.385 6.6 25.2 1.2 4.8 5.2 2.8
F005656 Glacier IOCG-
U West
455990 7330861 330 1.2 0.571 >100 193.0 2.130 8.8 45.3 4.0 6.9 5.7 3.1
F005657 Glacier IOCG-
U West
455979 7330820 333 0.9 0.228 3.7 11.1 0.881 11.1 6.7 0.9 5.3 2.9 0.7
F005658 Glacier IOCG-
U West
455798 7330860 288 1.1 0.053 1.4 4.4 0.212 4.9 3.2 0.1 3.4 4.1 2.3
F005659 Glacier IOCG-
U West
455797 7330877 280 1.0 0.136 1.7 1.5 0.378 8.5 1.9 0.5 7.7 5.3 0.9
F005660 Glacier IOCG-
U West
455793 7330879 278 0.9 0.551 4.1 6.2 0.952 8.3 0.3 1.4 11.4 5.1 1.7
F005661 Glacier IOCG-
U West
455792 7330889 279 0.9 0.330 2.2 4.8 0.798 14.0 7.8 1.2 4.9 5.8 1.2
F005662 Glacier IOCG-
U West
455724 7330901 269 1.2 0.393 3.1 1.1 0.891 5.0 0.9 0.4 8.9 4.1 3.0
F005663 Glacier IOCG-
U West
455676 7330937 265 1.1 0.063 0.6 0.7 0.168 14.3 3.8 0.2 4.1 7.2 3.9
F005664 Glacier IOCG-
U West
455715 7330910 264 1.1 0.622 2.9 2.1 2.280 6.4 6.7 2.7 13.3 3.3 1.3
F005910 K2 460309 7323823 385 0.8 0.137 >100 18.5 0.003 5.0 11.2 0.3 19.8 3.9 27.7
F005911 K2 460330 7323795 396 0.7 0.071 55.3 8.8 0.042 12.6 1.5 4.4 3.2 5.6 57.4
F005912 K2 460318 7323791 394 1.3 0.094 2.8 7.9 0.024 5.9 2.8 1.4 11.6 6.1 21.8
F005913 K2 460295 7323764 389 0.8 0.305 25.9 120.0 0.356 15.0 3.8 6.1 9.9 8.1 327.0
F005914 K2 460294 7323747 393 1.2 0.080 13.2 134.0 0.444 14.9 14.5 8.0 15.4 1.7 48.4
F005402 Mile Lake
Skarn
453537 7321168 355 0.8 0.064 4.9 7.1 1.490 17.1 403.0 0.2 15.2 2.1 117.0
F005403 Mile Lake
Skarn
453533 7321173 356 0.8 0.047 14.0 3.8 1.695 11.7 1580.0 0.9 21.8 4.8 266.0
F005404 Mile Lake
Skarn
453535 7321175 361 1.7 0.036 11.6 10.5 1.570 12.0 1085.0 0.8 26.1 4.0 81.5
F005405 Mile Lake
Skarn
453538 7321177 355 1.9 0.025 24.1 6.1 3.360 10.7 241.0 1.2 29.0 3.2 2430.0
F005406 Mile Lake
Skarn
453537 7321176 355 1.5 0.029 51.7 6.1 2.570 10.1 201.0 1.3 25.2 2.0 233.0
F005407 Mile Lake
Skarn
453541 7321179 355 2.0 0.046 >100 7.2 8.340 9.2 163.0 2.6 23.5 3.1 173.0
F005408 Mile Lake
Skarn
453526 7321180 354 2.6 0.104 >100 7.6 9.820 12.1 176.0 4.0 14.4 3.4 940.0

39

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005409 Mile Lake
Skarn
453517 7321188 354 2.1 0.022 80.4 6.7 2.570 11.6 463.0 0.7 13.6 2.9 1840.0
F005410 Mile Lake
Skarn
453527 7321183 355 2.4 0.106 23.3 6.4 1.385 12.0 1575.0 0.6 16.4 3.7 600.0
F005411 Mile Lake
Skarn
453534 7321183 356 2.2 0.036 31.9 8.4 1.315 13.5 161.0 0.9 12.8 2.0 57.3
F005412 Mile Lake
Skarn
453552 7321145 355 2.0 0.022 25.9 12.9 0.797 12.7 3.5 0.1 16.4 3.6 69.4
F005444 Rust 456516 7329248 239 1.3 0.007 2.3 4.7 0.062 4.0 0.8 1.3 9.1 19.0 2.7
F005445 Rust 456521 7329245 236 1.3 0.009 2.4 3.2 0.228 5.5 2.7 1.3 5.9 42.3 3.2
F005613 Rust 456700 7329408 302 1.3 0.104 7.4 66.2 0.543 3.6 86.5 0.4 4.6 3400.0 13.2
F005614 Rust 456683 7329413 285 1.0 0.003 0.4 4.7 0.381 2.6 3.4 0.1 8.6 8.1 0.9
F005615 Rust 456625 7329406 300 1.0 0.002 1.6 5.0 0.589 4.7 2.8 0.1 2.1 173.5 2.5
F005616 Rust 456625 7329406 300 1.0 0.082 7.9 15.8 0.502 7.4 11.9 1.4 5.2 381.0 7.6
F005617 Rust 456632 7329408 301 1.8 <0.001 0.1 0.5 0.014 3.4 0.4 0.0 4.7 8.8 1.8
F005618 Rust 456631 7329407 301 1.1 0.016 1.6 7.0 0.266 3.8 7.1 0.1 4.3 265.0 4.0
F005619 Rust 456620 7329409 304 1.0 0.029 3.9 12.5 0.111 4.7 8.0 0.2 6.0 24.1 7.7
F005620 Rust 456619 7329409 304 0.9 0.028 4.2 14.0 0.570 5.2 9.4 0.3 5.6 848.0 8.0
F005621 Rust 456600 7329416 305 1.1 <0.001 0.7 2.1 0.046 3.4 1.9 0.0 3.1 267.0 6.9
F005622 Rust 456518 7329356 329 1.7 0.014 1.8 4.5 0.028 4.1 0.6 0.6 7.5 32.8 4.4
F005666 Sparkplug
Lake
461602 7333360 300 0.5 0.562 3.5 79.0 0.823 2.8 1.7 1.1 1.1 0.9 1.5
F005667 Sparkplug
Lake
461643 7333341 305 0.8 2.140 15.6 2200.0 5.400 7.4 1.2 5.8 0.6 0.4 0.6
F005668 Sparkplug
Lake
461650 7333333 300 0.8 0.277 3.0 6.9 3.580 5.8 0.5 3.7 1.3 1.4 3.3
F005669 Sparkplug
Lake
461648 7333338 301 0.8 >10.0 45.3 >10000 10.550 20.0 1.5 >10.0 0.4 0.3 0.4
F005670 Sparkplug
Lake
461643 7333336 298 1.0 1.345 20.3 4470.0 12.100 11.6 0.3 7.5 0.3 0.2 0.3
F005671 Sparkplug
Lake
461675 7333308 410 1.0 1.735 53.0 6250.0 3.650 6.4 18.4 3.2 0.5 0.5 0.5
F005672 Sparkplug
Lake
461673 7333309 410 0.8 0.095 5.1 664.0 4.940 10.6 7.0 3.3 0.7 0.3 0.3
F005673 Sparkplug
Lake
461665 7333304 328 1.1 >10.0 29.6 4920.0 1.470 7.1 2.9 3.3 0.5 0.6 0.8
F005674 Sparkplug
Lake
461823 7333192 363 1.0 0.485 0.4 10.4 0.423 9.6 1.6 0.2 1.1 1.7 3.5
F005675 Sparkplug
Lake
461824 7333193 367 0.8 1.135 0.8 61.0 0.657 9.1 1.0 0.2 1.1 1.7 2.7
F005676 Sparkplug
Lake
461825 7333214 367 0.6 1.590 15.7 2500.0 1.535 6.3 0.7 1.1 1.1 1.7 1.5

40

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005677 Sparkplug
Lake
461840 7333227 367 0.6 4.480 5.9 1310.0 1.255 6.1 0.7 0.6 1.0 1.0 1.4
F005678 Sparkplug
Lake
462017 7333212 359 1.0 0.503 1.5 29.7 0.950 4.3 106.5 1.5 0.4 0.8 0.5
F005679 Sparkplug
Lake
462014 7333211 361 1.0 0.670 0.9 7.1 0.520 4.1 18.6 0.4 0.4 0.8 0.8
F005680 Sparkplug
Lake
462010 7333210 362 0.9 0.277 2.8 590.0 3.070 7.7 61.0 3.5 0.7 1.0 0.8
F005681 Sparkplug
Lake
462003 7333205 366 0.6 4.240 0.8 27.7 0.907 3.3 14.8 0.7 0.6 0.6 0.9
F005682 Sparkplug
Lake
461915 7333084 353 0.8 8.910 62.5 4840.0 1.465 9.1 1.0 0.5 1.3 2.7 2.5
F005683 Sparkplug
Lake
461919 7333081 354 1.2 >10.0 32.4 679.0 1.750 6.9 1.7 1.1 0.6 3.0 1.9
F005684 Sparkplug
Lake
461936 7333077 354 0.9 >10.0 4.2 19.5 0.179 9.0 2.2 0.4 0.7 0.7 1.6
F005413 Spud Bonanza 448860 7322203 190 1.5 0.028 >100 153.0 0.925 18.9 4.9 0.2 >500 1.8 16.0
F005414 Spud Bonanza 448858 7322202 194 1.5 0.028 >100 132.5 0.732 15.0 1.0 0.3 48.2 0.8 9.9
F005415 Spud Bonanza 450047 7321868 272 1.8 0.002 >100 20.1 0.042 10.3 0.7 0.1 24.5 5.7 1.3
F005416 Spud Bonanza 450048 7321869 274 0.7 <0.001 >100 5.4 0.007 6.1 0.4 <0.01 3.3 1.4 0.9
F005417 Spud Bonanza 450047 7321874 275 0.8 0.014 >100 5.8 2.000 16.8 1.1 1.3 107.0 1.9 1.2
F005418 Spud Bonanza 450019 7321865 271 0.5 <0.001 24.7 0.3 0.016 2.1 0.8 0.0 4.7 0.2 0.6
F005605 Spud Bonanza 448683 7322364 280 1.6 0.003 15.2 68.7 2.160 12.2 0.4 1.3 184.5 1.3 2.1
F005606 Spud Bonanza 448863 7322199 298 1.1 0.032 >100 132.5 6.510 17.0 3.3 5.7 253.0 0.5 6.4
F005607 Spud Bonanza 449022 7322079 204 1.8 0.058 73.5 465.0 0.948 16.5 0.7 0.6 >500 0.6 3.6
F005608 Spud Bonanza 450054 7321844 343 1.6 0.001 17.6 8.6 0.392 18.1 0.5 0.0 73.4 1.8 1.8
F005907 Spud Bonanza 450048 7321868 272 0.5 >100 1755.0 0.007 3.5 1.3 0.0 16.4 3.0 0.5
F005908 Spud Bonanza 450047 7321865 271 0.7 >100 11.0 0.085 5.8 0.2 0.1 3.3 0.8 0.2
F005909 Spud Bonanza 450048 7321868 271 0.5 >100 66.5 0.003 1.7 3.3 0.0 2.8 2.4 0.6
F005952 Spud Bonanza 450016 7321983 298 0.3 0.001 1.1 0.9 0.004 7.4 1.0 0.0 1.5 4.7 4.0
F005649 Spud North 449857 7322852 323 1.6 0.036 >100 12.2 13.600 33.7 4.4 4.5 0.8 0.5 5.0
F005650 Spud North 449996 7322772 232 0.4 0.005 39.5 88.8 0.496 7.4 401.0 0.1 224.0 2.1 2.3
F005902 Spud North 450006 7322841 220 0.8 0.011 83.4 204.0 1.750 11.6 58.2 0.3 95.0 4.4 3.4
F005903 Spud North 450029 7322873 213 0.6 0.002 10.8 26.0 0.575 10.2 52.3 0.1 41.9 3.9 2.3
F005904 Spud North 450008 7322982 198 0.7 0.003 2.0 50.8 0.592 4.4 6.7 0.3 4.2 4.0 2.2
F005905 Spud North 450050 7323059 194 1.0 0.007 9.3 9.9 0.804 4.1 18.5 1.0 5.3 3.6 1.5
F005906 Spud North 450052 7323223 167 1.0 0.006 2.2 8.5 0.144 1.7 1.9 0.2 7.9 13.4 2.9

41

SAMPLE
ID
TARGET EASTING NORTHIN
G
ELEVATION WEIGHT
(KG)
AU
(PPM)
AG
(PPM)
BI
(PPM)
CU
(%)
FE
(%)
MO
(PPM)
S
(%)
SN
(PPM)
U
(PPM)
W
(PPM)
F005601 Thompson 458819 7318921 410 3.0 2.040 >100 5090.0 10.300 3.3 8.2 3.8 24.2 956.0 4.3
F005602 Thompson 458818 7318921 408 1.2 0.046 >100 285.0 30.200 7.6 1.4 9.0 9.2 31.3 1.4
F005603 Thompson 458814 7318926 412 1.4 0.033 79.8 4230.0 9.550 3.1 1.5 2.9 14.3 38.1 1.4
F005604 Thompson 458806 7318925 412 1.1 0.021 >100 20.3 42.200 13.4 1.8 >10.0 0.6 0.6 0.5

42