INFINITY MINING LIMITED - Interim / Quarterly Report 2025

ABN: 73 609 482 180

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CONSOLIDATED FINANCIAL REPORT For the half-year ended 30 September 2024

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1. Review of Operations 3
2.
3. 2
4. Consolidated Statement of Comprehensive Income 2
5. Consolidated Statement of Financial Position
6. Consolidated Statement of Changes in Equity
7. Consolidated Statement of Cash Flows
8. Notes to the Financial Statements 3
9. 5
10. 5
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1. REVIEW OF OPERATIONS

The main highlight of the Group during the half-year to 30 September 2024 was the acquisition of several new advanced exploration projects in Eastern Australia. The new projects will significantly increase NSW, Victoria and Tasmania.

While Infinity considers its existing project portfolio in Western Australia as diversified and compelling, Infinity views the new Eastern Australian projects, which are prospective for gold, copper and other critical minerals, as an attractive and complimentary addition to its existing lithium, gold, copper and base metal assets in WA.

1.1 EASTERN AUSTRALIAN PROJECTS

During the half-year to 30 September 2024, Infinity entered into binding term sheets to acquire a portfolio of gold and copper exploration projects in New South Wales, Victoria and Tasmania, via two separate transactions:

of a portfolio of exploration licences and applications prospective for gold and copper in the Lachlan
the acquisition of various exploration licences and applications prospective for gold in Eastern Victoria
The details of the projects and the key terms of the acquisitions are summarised within the ASX Announcement dated 15 August 2024.

The Eastern Australian tenements to be acquired by Infinity are shown below in Table 1 and Figure 1 . This +2,000 km² portfolio includes potential high-grade gold projects, as well as copper, tungsten, molybdenum, tin, and other critical minerals, offering multiple avenues for valuable new resource discoveries.

Many of the new projects show strong potential for significant new gold discoveries. Beyond gold, the portfolio encompasses projects with diverse mineralisation, including copper, tungsten, molybdenum, tin, copper, and other critical minerals. Most notable are the Monkey Gully and Bogong Copper Projects, offering multiple avenues for potential valuable resource discoveries.

Key projects such as Harden are strategically located near established mining operations, providing potential synergies in processing and infrastructure utilisation, which can significantly enhance project economics and development timelines. Additionally, the projects benefit from extensive historical exploration data. This strong foundation of existing knowledge and planned activities, positions the company for accelerated exploration and potential resource definition.

Key summaries for the GMH Projects (comprising Achilles, Bogong, Harden and Gundagai) and the EVGE Projects (comprising Monkey Gully, Tanjil Bren, Walhalla South Ext, Prosser's Reef and Weld River) are set out below. During the half-year, a binding agreement was also negotiated to purchase the Cangai Copper Project in NSW including EL8625, EL8635 and EL8601.

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Figure 1

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Achilles (NSW)

The project covers 5km of the Achilles Shear Zone and key Ural Volcanic units, including historic mining sites at Ural and Mt Bowen. The project lies ~15km to the north (along strike) from Australian Gold and Copper Ltd (AGC), who recently announced spectacular drilling intercepts such as 5m @ 16.9 g/t Au, 1667 g/t Ag & 15% Pb+Zn from 112m[1.] The project is considered to have high potential for significant gold discoveries, drawing on its favourable geological setting and preliminary findings.

Bogong (NSW)

The project exhibits extensive historical exploration with significant copper-gold mineralisation over a 14 km strike length. The project also hosts an open-ended copper-gold system with over 500m of strike in a 14 km trend of prospective Silurian Volcanics.

Gundagai (NSW)

The project is located on the southern extension of the Macquarie Arc, Australia's largest porphyry coppergold terrane. The project hosts numerous historical workings, mainly for gold and minor copper, and is considered prospective for orogenic gold, IRGS, VHMS, and porphyry-hosted copper-gold deposits.

Harden (NSW)

Given its proximity to the historical Harden Gold Mine, the Harden project is poised for substantial gold discoveries, supported by extensive historic recorded local gold production.

Monkey Gully (VIC)

The project is known for its strong IRGS geochemical signatures for gold plus associated W, Mo, and Sn. Historical exploration has yielded promising results, and planned future work aims to delineate the mineralisation further.

Tanjil Bren & Walhalla South Ext (VIC)

Both tenements contain parts of the high-grade historic Woods Point Walhalla goldfield, which has significant gold production of over 5 million ounces[2] Limited systematic exploration has been conducted in the area, including on the highly fractionated granitoids targeted for IRGS deposits.

Prosser's Reef (VIC)

Prosser's Reef, with its expansive 543km² area, presents a significant opportunity for gold exploration, backed by robust geophysical and geochemical surveys.

Weld River (TAS)

Weld River in Tasmania shows potential for gold, base metals, and nickel, bolstered by encouraging historical exploration results.

Cangai (NSW)

A binding agreement was also negotiated during the half-year, to purchase the Cangai Copper Project EL8625, EL8635 and EL8601. This acquisition was still pending at the end of the September 2024. More information on the Cangai Copper Project will be released in Q4 2024.

https://app.sharelinktechnologies.com/announcement/asx/e5fe60fa4ce5ebe50c73c744e0a7fd1d 2 White Rock Minerals Ltd Presentation, Nov 2021 - https://static1.squarespace.com/static/5cda2eae523958edb6e04f7e/t/ 61a404267803d639adcbc6e5/1638138928668/2021+Woods+Point+Gold+Project+Overview.pdf

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Next Steps

Over the coming summer months, Infinity will focus on evaluating its new Eastern Australian asset portfolio. A thorough evaluation of all existing historical exploration data, including drilling results and resource estimates has already commenced and will help Infinity to prioritise the projects for future work. Exploration campaigns including drilling will be implemented in 2025, to test the highest-priority targets.

1.2 PILBARA PROJECTS WA

The Pilbara tenement package comprises an extensive portfolio of Lithium, Gold, Nickel and Copper exploration tenements located in the Pilbara region of northwest Western Australia, including the Woody Project (formerly Tambourah South).

Infinity holds approximately 670km2 in the Pilbara area (see Table 2 and Figure 2 ). The Company also has a number of pending applications in the Pilbara totalling a further ~100 km[2] . No new exploration results were released during the half-year period to 30 September 2024.

Summaries of the key projects in the Pilbara are included below.

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Figure 2 s.

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Table 2

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E 45/4824 LIVE INFINITY MINING LIMITED 206.1
E 45/4732 LIVE INFINITY MINING LIMITED 137.2
E 45/6281 LIVE INFINITY MINING LIMITED 111.7
E 45/4779 LIVE INFINITY MINING LIMITED 102.5
E 45/4708 LIVE INFINITY MINING LIMITED 85.9
E 45/4709 LIVE INFINITY MINING LIMITED 70.1
E 45/6495 PENDING INFINITY MINING LIMITED 25.5
E 45/4685-I LIVE INFINITY MINING LIMITED 19.1
E 45/4735 LIVE MACARTHUR IRON ORE PTY LTD 11.2
E 45/6471 LIVE HAWKER GEOLOGICAL SERVICES PTY LTD 15.9
E 45/4764 LIVE INFINIY MINING LIMITED 12.8
E 45/5324 LIVE MACARTHUR IRON ORE PTY LTD 12.7
E 45/6494 PENDING INFINITY MINING LIMITED 9.5
E 45/6493 PENDING INFINITY MINING LIMITED 6.4
E 46/1492 LIVE INFINITY MINING LIMITED 6.4
E 45/4848 LIVE INFINITY MINING LIMITED 3.2
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Woody (Tambourah South) (E45/4848)

The Woody (Tambourah South) Project is located 80 km southwest of Marble Bar and 155 km south of Port Headland (see Figure 2 above).

2023 RC Drilling Program

During 2023, Infinity completed a second drilling program at the Woody Project (formerly Tambourah South), plus additional geological mapping and surface rock chip sampling. RC drilling results confirmed lithium mineralisation within highly fractionated pegmatites with elevated lithium, rubidium, caesium and tantalum assays indicating fertile Lithium-Caesium-Tantalum (LCT) pegmatites.

The lithium RC drilling results within the pegmatites were highly variable. The highest lithium Intercept was 1 m @ 2.1% Li2O, 1,060 ppm Rb, 119 ppm Cs and 80 ppm Ta, in hole TM23RC026 from 31 m depth. Spodumene was the dominant lithium bearing mineral confirmed by Potable Spectral Solution using the Bruker Ramen Spectrometer on various pegmatite drill chips. The thickest high-grade intersection of tantalum returned 8 m @ 118 ppm Ta, within RC Drillhole TM23RC2023. For more details see ASX Announcements dated 22 November 2023 and 8 February 2024.

Geological Mapping and Rock Chip Sampling

Geological mapping carried out at Woody has identified new outcropping pegmatite zones extending out from previously mapped areas, many of which contain visible lithium minerals (Spodumene and Lepidolite). The multiple stacked pegmatites mapped by Infinity now have a cumulative strike length of over 5.7 km and many of these pegmatites remain untested by drilling (see ASX Announcement dated 13 December 2023 and 8 February 2024). Rock chip sampling has further enhanced the prospectivity of this tenement, returning calculated Li2O grades up to 3.70%, see Figure 3

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Figure 3. Woody Project geological mapping and surface rock chip sampling showing Li2O assays >1%

Ambient Noise Tomography (ANT)

An Ambient Noise Tomography (ANT) survey was completed during 2023 at Woody. The ANT survey was implemented to generate 3D seismic images down to +200 m depth to help define the geometry of pegmatite zones at depth, in particular where LCT pegmatites identified at surface could have expanded at depth.

The ANT survey results are still undergoing final interpretation, which also Incorporates all of Infinity's mapping, Reverse Circulation (RC) drilling and surface sampling.

identify seven priority pegmatite targets at the Woody Prospect, Located within the Infinity Project in the Pilbara.

ANT is a passive ground geophysics method that uses natural or man-made seismic noise as a signal source to measure the seismic velocity of the subsurface in three dimensions. During an ANT survey geodes are place in the ground on a regular grid and record the passive seismic noise over a period. Depending nature of the seismic noise, this can take several days, after which the geodes are moved to new sites on the grid.

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Results from the ANT survey was converted into a 3D block model using a kriging extrapolation orientated to the regional NNE geological trend and near vertical dip of the geological units (see Figure 1)

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Figure 1. 3D ANT S-wave velocity model with draped magnetics, geology and IM's drilling

Analysis of the 3D model incorporating 3D magnetic inversions, ground gravity, surface geology and zones of low density which cut through the steeply dipping stratigraphy, see Figure 2 and Figure 3. The targets also lie below the base of weathering which is easily identified in the seismic data. Exact depths and thicknesses of the targets are different to quantify as their interpretation is based on varying low speed S-wave velocities.

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Figure 2. E45/4848 surface geology, drilling and surface projected Target Zones on 2VD magnetics

TARGETS

Two of the target zones, Target 1 and 2, lie directly below mapped outcropping lithium bearing pegmatites

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Figure 3. Targets zones with 3D faulting, mapped pegmatites and IM's drilling.

Target 1

Target 1 is situated within the Euro Basalt along the boundary between a basalt unit and a felsic schist unit, extending approximately 1.2 km north from the Naughton Prospect. The top of this target is estimated to be between 100m and 200m below the surface, as shown in Figure 4. Below the Naughton Prospect drilling, the target extends to approximately 350m in what may be a feeder structure. Thicknesses vary from 30m to 100m. The host basalt exhibits a strong magnetic response along strike from the prospect, which has been disrupted within the target zone. The less magnetic felsic schist to the east also shows subtle magnetic destruction.

Target 2

Located at the northern end of the central ultramafic (komatiite) unit of the Euro Basalt, Target 2 exhibits magnetic signature destruction in the komatiite unit. The target lies just below the 2022 RC drilling at the McNeill Prospect (see Figure 4) and measures approximately 350m by 300m, with a thickness of around 40m. It also extends to roughly 350m below the Naughton Prospect drilling area, possibly in a feeder structure.

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Figure 4. North-south cross-section 1 through Targets 1 and 2. Note, the section is 50m wide and includes data either side the section line. Section location shown in Figure 2.

Target 3

Targets 3 lies at the southern end of the tenement within felsic schists of the Euro Basalt where they are faulted up against the central komatiite unit. The target is approximately 500m by 150m and 60m thick and dips at ~45o to the north, with the top of the body at the southern end being approx. 60m below the surface and northern end approx. 250m below, see Figure 5. There is possible magnetic destruction in the area however this is overshadowed by strong magnetic response of the adjacent komatiite.

Target 4

Target 4 lies within the central komatiite unit and lies approx. 35m to 60m below the surface. It is approx. 700m long and up to 500m wide and 60m thick. No pegmatite dykes are exposed in these ultramafic rocks however they are tightly folded and faulted and maybe concealing pegmatites at depth. There is no evidence of strong magnetic destruction despite the body cutting roughly horizontal across the near vertical dip of the komatiite units.

Target 5

Target 5 is another large body that lies within basalts and schists of the Euro Basalt, on the eastern side of the komatiite, where they are faulted up against rocks of the Apex Basalt. The body is approx. 850m long and up to 500m wide and lies roughly 70m to 130m below the surface, thanks to ~15o to the north. The area is also partially covered by alluvium and colluvium and displays magnetic destruction.

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Figure 5. North-south cross-section 2 through Targets 3, 4 and 7. Note, the section is 20m wide and includes data either side the section line. Section location shown in Figure 2.

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Target 6

Target 6 is approx. 300m long by 150m wide and up to 80m thick. The body lies roughly 150m below the within basalts and schists of the Euro basalt which are partly covered by alluvium. The area shows magnetic destruction like that seen in Target 5.

Target 7

Target 7 lies in the central northern part of the tenement. The target is roughly 300m by 250m and the top lies approx. 130m below the surface. It is located within interbedded basalts and schist of the Euro Basalt. There is no evidence of pegmatites however the area is covered by recent alluvium and colluvium. The host basalts also show evidence of magnetic destruction which roughly lines with trends seen in the Target 2 area.

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Figure 6. North-West cross-section 3 through Targets 5, 6 and 7. Note, the section is 20m wide and includes data either side the section line. Section location shown in Figure 2.

NEXT STEPS

Infinity Mining had planned two 300m diamond drill holes targeting the northern and southern ends of Target 1, with one hole positioned beneath previous Reverse Circulation (RC) drilling and surface sampling at the Naughton Prospect.

The diamond core obtained will provide valuable insights into the geology and geochemistry of the Li pegmatites. IMI is seeking a Joint Venture Partner to assist with the drilling program. Additional exploratory holes are also planned to test other targets, with further detailed drilling contingent on these initial results.

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Co-Funded Drilling Program

Infinity has been granted $149,675 under the WA Government's Exploration Incentive Scheme (EIS), to complete two (2) inclined 300 m deep NQ diamond drill holes, to test the deeper parts of the Li-bearing pegmatite swarm at Woody. Infinity will fund the balance of the $299,350 program budget. A preliminary 3D seismic image showing the two proposed drill holes is Included below as Figure 4 (see ASX Announcement dated 28 November 2023).

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Figure 4. Woody Project proposed drill holes and ANT passive seismic 3D model

Hillside (E45/4685, E45/4824, E45/4708 and E45/4709)

2023 RC Drilling

An RC drilling program was completed at Hillside during 2023, which totalled 2,278 meters across 9 holes, aimed at testing conductive EM anomalies, which may represent buried sulphide mineralisation. The drill targets were generated from a helicopter-borne EM survey (SkyTEM) flown by Infinity in 2018. For further details see ASX Announcement dated 8 Nov 2023.

A total of 24 intervals returned assays greater than 1,000ppm Ni, including 4 with a Ni/Cr ratio greater than 1. Two of these intervals are greater than 100m, while another is 95m, and 4 intervals returned a Ni/Cr ratio greater than 1. These results are encouraging, so further work is planned.

HS23RC003 reported a 135m interval (64m -199m) at 2,189ppm (0.22%) Ni and a further 95 meters interval (254m-349m) at 2,197ppm (0.22%) Ni with a Ni/Cr ratio of 1.5.
HS23RC005 reported a 107m interval (235m-342m) at 1,727 ppm (0.17%) Ni.

Lithium Pegmatites at Hillside

Two new LCT pegmatite outcrops were identified at the Hillside project. The Buzz and Lightyear prospects are located on the opposite side of the granite dome to where multiple lithium pegmatite zones have been discovered at the Woody Project. The new pegmatite discoveries are located within Hillside tenement E45/4824 on the western edge of the greenstone belt, see ASX Announcement dated 8 November 2023.

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Hillside (E45/4685, E45/4824, E45/4708 and E45/4709) continued

The Hillside pegmatites were identified during a helicopter survey of the region. A total of 7 samples, each identifying a separate pegmatite outcrop, were assayed indicating LCT enrichment. No lithium minerals were identified but anomalous grades of caesium, rubidium and tantalum of 15.8ppm, 0.2% and 12.6ppm respectively were returned. The locations sampled are highly weathered at surface therefore depleted in significant surface mineralisation, see ASX Announcement dated 13 December 2023. Detailed ground exploration Is planned to fully ascertain the Lithium prospectivity of the new pegmatites at Hillside.

Panorama (E45/4732, E45/4764 and E45/4779)

Brisbane Nickel Drill Hole Targeting

E45/4779 is the Brisbane Nickel Prospect. -rich ultra-mafic body (peridotite), with gossanous and silicified shear zones plus gossanous cherts along the peridotite contact. Rock chip samples from this area returned up to 7,636 ppm (0.764%) Ni, 8,918 ppm (0.892%) Cr and 2,569 ppm (0.257%) Zn (see ASX Announcement dated 15 December 2022).

A drilling program has been designed to drill test both the surface geochemistry and VTEM anomaly with 10 RC holes. Six (6) of the holes are to be drilled at an incline under existing rock chip geochemistry and anomalous gossan to test down dip extensions of the peridotite. Four (4) holes will be drilled as inclined scissor holes to test the offset VTEM anomaly.

WA Government Funding for Proposed Drilling

-funded drilling program at the Brisbane Nickel Prospect was under the Exploration Incentive Scheme (EIS).

Infinity has been granted $117,810 to undertake this proposed drilling program at the Brisbane Nickel Prospect on the Panorama Project (E45/4779). Infinity aims to fund the balance of the $268,720 program budget. Details are included in ASX Announcement dated 27 April 2023.

1.3 CENTRAL GOLDFIELDS PROJECTS

The Central Goldfields tenements are highly prospective for orogenic gold systems and copper-rich VMS systems, in the area around the gold mining district of Leonora, WA. The Central Goldfields Project comprises a collection of mining, exploration and prospecting licenses, which all lie in areas of Archaean greenstone, associated with major NNW-trending fault zones tenements is included as Figure 5 and details are shown in Table 3 .

No new exploration results were released during the half-year to 30 September 2024. The company is actively undertaking negotiations with third parties regarding the sale or partnerships of non-core assets, including the Central Goldfields Project.

Summaries of the key Central Goldfields projects are included below.

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Figure 5. Location Map

Table 3

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M 37/1359 MINING LEASE PENDING INFINITY MINING LIMITED 2.0
P 37/8278 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 2.0
P 37/8325 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 1.9
M 37/1367 MINING LEASE PENDING INFINITY MINING LIMITED 1.9
M 37/1368 MINING LEASE PENDING INFINITY MINING LIMITED 1.8
P 37/8376 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 1.8
M 37/1377 MINING LEASE PENDING INFINITY MINING LIMITED 1.4
P 37/8468 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 1.4
M 37/1360 MINING LEASE PENDING INFINITY MINING LIMITED 1.3
P 37/8310 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 1.3
P 37/9162 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 1.1
P 37/8571 PROSPECTING LICENCE LIVE INFINITY MINING LIMITED 1.1
M 37/983 MINING LEASE LIVE INFINITY MINING LIMITED 0.4
M 37/1349 MINING LEASE LIVE INFINITY MINING LIMITED 0.2
E 37/1442 EXPLORATION LICENCE LIVE INFINITY MINING LIMITED 2.7
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Central Goldfields Maiden JORC (2012) Mineral Resource Estimate

In early 2024, Infinity released its maiden JORC (2012) Inferred Mineral Resource Estimate (MRE) at its Central Goldfields Project for a total of 60,300 oz gold. A potential Exploration Target of up to 592,000 oz gold was also estimated.

The MRE has been compiled from RC drilling completed by Infinity in 2023 and historical drilling at the Craig's Rest and Victor Bore Prospects. The MRE details are shown below using a cut-off at 0.5 g/t Au (see Table 4 ). Details of the Mineral Resource estimate are outlined in ASX Announcements dated 19 January 2024 and 8 February 2024.

Table 4 Central Goldfields JORC (2012) Mineral Resource Estimate by Prospect

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Interpretations were conducted in cross-

of pre-existing structural interpretations. To assist with planning and provide an understanding of potential gold mineralisation across the Central Goldfields Project, IMI also commissioned an Exploration Target Estimate (see Table 5 ). The results are extremely encouraging with up to 592,000 oz @ 3.7 g/t potentially discoverable across the project. Details are outlined in ASX Announcements dated 19 January 2024 and 8 February 2024.

Table 5 Central Goldfields Exploration Target Estimate

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The potential quantity and grade of this exploration target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a JORC resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

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JORC (2012) Mineral Resource Estimate (Great Northern)

A further 2,700 oz gold JORC (2012) Inferred Mineral Resource estimate was also released for the Great Northern Project. Details are shown below using a cut-off at 0.5 g/t Au (see Table 6). Details of the Mineral Resource estimate are outlined in ASX Announcements dated 8 February and 29 February 2024.

The Great Northern interpretation comprises of 2 lodes to a maximum 110m in strike length and oriented in towards 300°. The orebody is open at depth.

Table 6. Great Northern JORC (2012) Mineral Resource Estimate

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JORC (2012) Mineral Resource - Total Central Goldfields

Northern, this takes the total to 63,000 oz gold for the 3 projects in the Central Goldfields (see Table 7 ).

Infinity considers the inferred resources defined to date to have future mining potential in that:

the mineralisation is exposed on the surface,
is of sufficient width and grade for open pit mining, and
having a probable free dig component from near surface weathering.

Table 7 Central Goldfields

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2. DIRECTORS REPORT

The Directors present their report on Infinity Mining Limited for the half-year ended 30 September 2024.

2.1 DIRECTORS

The names of the directors who held office during or since the end of the half-year are set out below.

Directors were in office for this entire period unless otherwise stated.

Alan Joseph (Joe) Phillips Dr Michael Kale Kevin Woodthorpe (appointed 30 August 2024) Josephus (Joe) Antonio Groot (retired 30 August 2024) Cameron McCall (retired 30 August 2024)

2.2 COMPANY SECRETARY

Mima Wirakara.

2.3 REVIEW AND RESULTS OF OPERATIONS

Principal Activities

Infinity Mining Limited is publicly listed on the The principal activity of the Group during the half-year was the acquisition of a portfolio of gold and copper exploration projects in New South Wales, Victoria and Tasmania, via two separate transactions. There The Group maintained its corporate head office and principal place of business at Level 1, 470 St Pauls Terrace, Fortitude Valley QLD 4000, Australia.

Results

The Group recorded a total comprehensive loss for the six months ended 30 September 2024 of $3,880,332 (30 September 2023: loss $1,830,013) after income tax. Included in the loss for the half-year was exploration expenditure written off of $ 3,088,872 (30 September 2023: $45,399). As an exploration and evaluation company, the Group expects to continue to report losses until such time as profit is earned from potential production activities.

At 30 September 2024, the Group had net assets of $4,574,588 compared to $7,869,336 at 31 March 2024. The decrease in net assets is largely due to the impairment of previously capitalised exploration activity expenses. Refer note 11 Exploration, evaluation and development assets.

A summary of operating results for the period is set out below:

	2024
	Revenue and	Net Loss
	Other Income	After Tax
	$	$
Infinity Mining Limited	24,962	3,880,332
Shareholders Return
	2024	2023
	$	$
Basic and diluted loss per share (cents)	(0.03)	(0.02)

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2.4 DIVIDENDS

No dividends were declared or paid during the period and the Directors recommend that no dividend be paid.

2.5 EVENTS SUBSEQUENT TO REPORTING DATE

a) Cangai Copper Project Transaction

On 2 December 2024, Infinity Mining (IMI) entered into a Tenement Purchase Agreement (TSA) with Castillo Copper Ltd (ASX: CCZ) to acquire the Cangai Copper Project which includes exploration tenements EL8625, EL8635, and EL8601 in north-western New South Wales, located approximately 220 km south of Brisbane and 500 km north of Sydney. The project hosts the Cangai Copper Mine.

The consideration payable to CCZ consists of 40,000,000 fully paid ordinary shares in IMI (Acquisition Shares), 20,000,000 options to acquire IMI shares at $0.07 per share, expiring five years from the grant date (Acquisition Options) and 3,000,000 shares to Marshall Custodians as a fee for facilitating the acquisition. CCZ will also ensure that holders of existing royalties over the project (ranging from 1-3% NSRs) grant IMI a first right of refusal to forfeit or assign 100% of the royalty interests in exchange for 30,000,000 IMI shares and 15,000,000 IMI options exercisable at $0.07 and expiring five years from the grant date.

Cangai Copper Project Summary

The Cangai Copper Project is located in northeastern New South Wales, Australia, within the New England Orogen a region known for hosting significant base metal and precious metal deposits. This report outlines the geological setting, historical exploration, current resource estimates, and future exploration potential of the project.

The Cangai Copper Project is hosted in the Silurian-Devonian Willowie Creek Beds, a sequence of dacitic volcanics and tuffaceous sedimentary rocks, cross-cut by felsic and lamprophyric dykes. The mineralization is associated with hydrothermally altered micro-tonalite dykes and a shear zone dipping steeply with associated chlorite, calcite, quartz, and pyrite veins.

Key geological features include :

Tectonic Setting: Located within the New England Orogen, a region characterized by complex folding and faulting due to multiple phases of deformation.

Stratigraphy: The mineralized zones are hosted within Palaeozoic sedimentary rocks, intruded by younger granitic bodies that have contributed to the hydrothermal alteration.

Mineralisation Style: Copper, zinc, and silver mineralization is primarily vein-hosted, with evidence of skarn-type mineralization in certain areas.

The Cangai Copper Project has a JORC-compliant Mineral Resource Estimate of 3.2 million tonnes at 3.35% Cu, containing 107,600 tonnes of copper, along with significant silver and gold credits. The resource is primarily concentrated in the Cangai Copper Mine area, with high-grade copper mineralization remaining open along strike and at depth.

The next steps for the Cangai Copper Project involve a multi-faceted approach to advancing the project, focusing on both immediate development opportunities and long-term resource expansion. Key activities include:

Immediate Drilling Campaign: Targeting identified high-priority zones, including downdip extensions and untested geophysical anomalies.
Metallurgical Testing: Conducting detailed metallurgical studies of the spoil dumps to confirm economic viability and optimize recovery methods.
Resource Expansion Drilling: Designing and executing a drilling program aimed at expanding the current resource, with a focus on downdip extensions and near-surface targets.
Feasibility Study: Commencing a comprehensive feasibility study, incorporating the results of ongoing drilling, metallurgical testing, and environmental assessments.

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b) GMH Resources (NSW) Pty Ltd (GMH) and Eastern Victoria Gold Exploration Pty Ltd (EVGE) Transactions

As announced on 1 November 2024, the Group successfully raised $2,000,000 (before costs) through a private placement which took place on 30 October 2024. A total of 105,263,161 shares were issued at an issue price of $0.019 per share. This placement was a condition precedent to the acquisition of GMH Resources (NSW) Pty Ltd (GMH) and Eastern Victoria Gold Exploration Pty Ltd (EVGE).

CPS Capital Group acting as Lead Manager, received 20,000,000 options with an exercise price of $0.029 per option, expiring three years from the date of issue. In addition, CPS Capital Group received a 2% management fee and a 4% placing fee. A further 12,000,000 shares were issued in connection with corporate advisory and restructuring services.

As announced on 5 November 2024, the Group entered into Sale and Royalty Agreements with the shareholders of GMH Resources (NSW) Pty Ltd (GMH) and Eastern Victoria Gold Exploration Pty Ltd (EVGE) to acquire a portfolio of high-potential gold and copper projects in NSW, Victoria, and Tasmania.

For the acquisition of GMH, the consideration consists of 60,000,000 shares, reimbursement of up to $85,000 for reasonable and verifiable costs incurred to maintain the GMH Projects in good standing, and a 1.5% net smelter return (NSR) royalty on minerals extracted from the GMH Projects.

For the acquisition of EVGE, the consideration consists of 30,000,000 shares, reimbursement of up to $40,000 for reasonable and verifiable costs incurred to maintain the EVGE Projects in good standing and a 1.5% net smelter return (NSR) royalty on minerals extracted from the EVGE Projects.

GMH Resources and EVGE Project Summaries

of a portfolio of exploration licences and applications prospective for gold and copper in the the acquisition of various exploration licences from Eastern Victoria Gold Exploration Pty Ltd

The portfolio includes several gold projects, such as Tanjil Bren and Harden, all located in historically productive gold regions with promising geological settings and recent neighbouring exploration success.

Utilising the recently recognised application of the Intrusion-Related Gold System (IRGS) exploration model in Victoria, these projects show good potential for significant discoveries by focusing on fertile, reduced intrusive complexes.

Beyond gold, the portfolio encompasses projects with diverse mineralisation, including copper, tungsten, molybdenum, tin, copper, and other base metals. Notable Monkey Gully and Bogong Copper Project, offering multiple avenues for potential valuable resource discoveries.

Key projects such as Harden are strategically located near established mining operations, providing potential synergies in processing and infrastructure utilisation, which can significantly enhance project economics and development timelines. Additionally, the projects benefit from extensive historical exploration data and workings. This strong foundation of existing knowledge and planned activities positions the projects for accelerated exploration and potential resource definition.

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Some of the tenements within the portfolio, including ELA7620 (Monkey Gully), ELA7520 (Prosser's Reef), ELA6753 (Achilles), and ELA6752 (Bogong), are currently under application status. There are no competitive applicants for these tenements, and based on our review and compliance with regulatory requirements, we see no reason for them not to be granted in the foreseeable future

Key summaries for the EVGE Projects (comprising Monkey Gully, Tanjil Bren, Walhalla South Ext, Prosser's Reef and Weld River) and the GMH Projects (comprising Achilles, Bogong, Harden and Gundagai) are set out below.

Monkey Gully

Tanjil Bren & Walhalla South Ext

Both tenements contain parts of the high-grade historic Woods Point Walhalla goldfield, which has significant gold production of over 5 million ounces.1 Limited systematic exploration has been conducted in the area, including on the highly fractionated granitoids targeted for IRG deposits.

Bogong

Gundagai

The project is located on the southern extension of the Macquarie Arc, Australia's largest porphyry copper-gold terrane. The project hosts numerous historical workings, mainly for gold and minor copper, and is considered prospective for orogenic gold, IRGS , VHMS, and porphyry-hosted copper-gold deposits.

Prosser's Reef

Prosser's Reef, with its expansive 543km² area, presents a significant opportunity for gold exploration, backed by robust geophysical and geochemical surveys.

Weld River

Weld River in Tasmania shows promising potential for gold, base metals, and nickel, bolstered by encouraging historical exploration results. Only approximately one quarter of the greenstone contact has been examined to date, presenting significant exploration potential.

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Achilles

The project covers 5km of the Achilles Shear Zone and key Ural Volcanic units, including historic mining sites at Ural and Mt Bowen. The project lies ~15km to the north (along strike) from Australian Gold and Copper Ltd (AGC), who recently announced spectacular drilling intercepts such as 5m @ 16.9 g/t Au, 1667 g/t Ag & 15% Pb+Zn from 112m2. The project is considered to have high potential for significant gold discoveries, drawing on its favourable geological setting and preliminary survey findings.

Harden

Given its proximity to the historic Harden Gold Mine, the Harden project is poised for substantial gold discoveries, supported by extensive historic recorded local gold production.

Next Steps

With several identified drill-ready targets, the next phase will prioritise immediate drilling while concurrently conducting thorough review and extraction of all existing historical exploration data, including any geological surveys, drilling results, geophysical and geochemical analyses, and nearby resource estimates. This historical data will undergo rigorous verification to ensure it meets JORC standards, involving re-assaying existing samples, conducting independent reviews of historical reports, and validating data through modern exploration techniques. Once verified, this data will be digitised and integrated into a centralised geological database to facilitate comprehensive analysis. Utilising this compiled data, high-potential exploration targets will be identified, focusing on areas with significant historical mineralisation and geological anomalies. Advanced geospatial and data analytics tools will be employed to refine target areas and prioritise drilling locations based on geological, geophysical, and geochemical signatures.

Initial drilling programs will be designed and executed in parallel with the data review, tailored to each project's unique geological setting. This includes detailed geophysical and geochemical surveys to refine targets and guide drilling efforts. Drilling campaigns will be conducted to test and confirm these high-priority targets, with drill samples analysed to validate historical data and enhance the understanding of subsurface geology and mineralisation.

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2.6 AUDITORS INDEPENDENCE DECLARATION

A copy of independence declaration is required under section 307C of the Corporations Act 2001(Cth) and is set out on page 2 .

Signed in accordance with a resolution of the Directors.

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Alan Joseph Phillips Executive Chairman 11 December 2024

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