ITECH MINERALS LTD — Regulatory Filings 2021

Nov 11, 2021

ASX RELEASE

12 November 2021

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BOARD & MANAGEMENT

Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec

CAPITAL STRUCTURE

Ordinary Shares Issued 96.1M

Options Issued 3.0M

CONTACT

Address: Level 3, 63 Pirie Street ADELAIDE SA 5000

Email: info@itechminerals.com.au

Website: www.itechminerals.com.au

RARE EARTH POTENTIAL CONFIRMED AT EYRE PENINSULA KAOLIN PROJECT

• Results from first batch of 10 historical drill hole samples received

• Over 1,100 ppm total rare earth element oxides in clay fraction

• Enriched in high value rare earths used in permanent magnets in wind turbines and electric vehicles

• Potential for dual high purity kaolin and rare earth product streams to de-risk the project

• Clay beneficiation significantly increases rare earth grades to ~180%

• Best drill hole expected in next batch of analysis

iTech Minerals Ltd (ASX: ITM , iTech or Company ) has received the first batch of analytical results from resampling of historical drilling at the Ethiopia Prospect on the Eyre Peninsula, South Australia. The results have confirmed iTech’s view of the dual potential for high purity kaolin and coincident ion adsorption clay (IAC) rare earth element (REE) mineralisation. Significant Total Rare Earth Element Oxides (TREO) occur in all 10 holes sampled with an average beneficiation to 180% in the clay fraction (<45µm). The rare earths display significant enrichment of neodymium and praesidium (~23% Nd+Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy.

All 10 sampled drill holes returned significant REE results including:

• ETH-01 – 6m @ 896 ppm TREO (-45µm) from 0m

• including 2m @ 1104 ppm TREO (-45µm) from 4-6m

• ETH-03 – 6m @ 696 ppm TREO (-45µm) from 0m

Telephone: +61 2 5850 0000

• ETH-13 – 10m @ 784 ppm TREO (-45µm) from 0m

• ETH-16 – 6m @ 502 ppm TREO (-45µm) from 20m

• ETH-32 – 6m @ 552 ppm TREO (-45µm) from 2m

• ETH-33 – 18m @ 652 ppm TREO (-45µm) from 0m

• including 6m @ 1062 ppm TREO (-45µm) from 14-20m

• ETH-34 – 24m @ 411 ppm TREO (-45µm) from 2m

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Location – Ethiopia Prospect, Eyre Peninsula, South Australia

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• ETH-36 – 4m @ 504 ppm TREO (-45µm) from 18m

• ETH-37 – 6m @ 876 ppm TREO (-45µm) from 2m

• ETH-38 – 8m @ 812 ppm TREO (-45µm) from 2m

“The nature of high purity kaolin and REE mineralisation at Ethiopia opens the path for the potential of an extremely low-cost source of these two critical minerals. Processing of the high purity kaolin increases the REE grades and extracting the REEs makes a higher quality kaolin product, potentially leading to more financially robust project economics”

• Managing Director Mike Schwarz –

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REE bearing high purity kaolin samples from the Ethiopia Prospect – Eyre Peninsula Project, South Australia

www.itechminerals.com.au

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Figure 1. Location of the Ethiopia Prospect – Eyre Peninsula, South Australia

High Purity Kaolin and REE Potential

A detailed review of historical data, from aircore drilling undertaken by Adelaide Exploration Pty Ltd in 2007, identified thick intervals, up to 24m, of high purity kaolin clay, over an area of approximately 1 km x 1km (Fig. 2). Of the 41 aircore holes drilled, a preliminary 10 holes were sub-sampled to assess the potential for high purity kaolin and ion adsorption clay (IAC) REE mineralisation. Significant results from the sampling are presented in Table 1 ( All of the 10 samples had significant REE ). A full list of results can be found in Appendix 1. The results show thick intervals of high purity kaolin at or near surface with coincident total rare earth element oxides (TREO) and confirm the Company’s view that the prospect has potential for a dual commodity stream with both REE potential and applications such as feedstock for high purity alumina and ceramics for the kaolin component. Mildly acidic leaching to extract the REE’s is expected to remove much of the iron content, significantly increasing the ISO brightness values and purity of the kaolin. Further test work is planned to confirm this expectation.

Hole ID	From (m)	**To (m) **	Interval (m)	Recovery <45µm (%)	ISO Brightness (%)	Fe2O3 (%)	Al2O3 (%)	CaO (%)	TiO2 (%)	TREO <45µm (ppm)	TREO >45µm (ppm)	TREO bulk (ppm)	TREO <45µm/ bulk (%)	TREO-CeO2 <45µm (ppm)	LREO <45µm (ppm)	HREO <45µm (ppm)	CREO <45µm (ppm)	% NdPr <45µm
Sample type				Clay							Quartz	Bulk	Clay
ETH-01	0	6	6	39	73	0.5	31.1	0.11	0.9	896	177	454	197%	511	758	138	239	24%
ETH-03	0	6	6	33	63	1.3	30.3	0.11	1.0	696	236	386	180%	389	605	91	173	24%
ETH-013	0	10	10	35	74	0.7	30.2	0.06	0.9	784	167	380	206%	440	682	102	200	25%
ETH-016	2	26	24	33	71	0.9	31.9	0.13	1.6	367	125	125	294%	204	322	45	80	20%
including	20	26	6	25	64	0.9	27.7	0.04	0.62	556	116	214	235%	279	441	61	113	22%
ETH-032	2	8	6	32	69	1.3	29.0	0.09	0.7	552	130	267	207%	324	456	95	151	23%
ETH-033	2	20	18	47	75	0.8	31.9	0.06	0.75	652	216	499	130%	379	544	107	185	17%
ETH-034	2	26	24	44	74	1.0	33.2	0.05	0.7	411	172	335	123%	313	464	86	145	23%
ETH-036	2	22	20	35	74	0.7	30.4	0.12	0.28	209	78	116	180%	119	176	33	52	20%
including	18	22	4	25	61	1.4	27.0	0.27	0.5	504	94	197	256%	285	431	73	131	23%
ETH-037	2	8	6	34	76	0.8	28.7	0.05	1.0	876	154	402	218%	218	775	101	218	25%
ETH-038	2	10	8	29	61	1.8	26.1	0.21	0.9	812	149	342	237%	456	711	101	206	25%

Table 1. Preliminary kaolin and REE test work of the Ethiopia Prospect – Eyre Peninsula, South Australia (results pertaining to kaolin test work were previously released in ASX Release, 21-Oct-21, Rare Earth Potential Identified at Kaolin Project)

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Figure 2. Location of kaolin analysis samples, Ethiopia Prospect – Eyre Peninsula, South Australia

Why is high purity kaolin and ion adsorption clay REE mineralisation at Ethiopia?

The rocks that occur at the Ethiopia prospect are naturally enriched in both rare earth element bearing minerals and a mineral called feldspar, relative to other rocks on the Eyre Peninsula. When these rocks become weathered by many thousands of years of rain and breakdown of organic matter to produce mildly acidic groundwater, the feldspar is converted to kaolin clay and the tightly bound REEs are released and loosely bound to the clay minerals. Elements which are normally not wanted, or considered to be contaminants (such as thorium, uranium, and iron), are removed by the weathering process leaving the rocks enriched in kaolin clays with loosely bound REEs and quartz grains.

Complimentary beneficiation characteristics

1. The kaolin clay with adsorbed REEs is the valuable component. Fortunately, with this style of mineralisation the clays can be easily upgraded (or beneficiated) by simply washing out the quartz grains with water and retaining the concentrated kaolin and REEs in suspension. As the REE’s are bound to the clays they will be upgraded as well.

2. To extract the REE’s an acidic solution containing an inorganic salt such as ammonium sulphate or sodium chloride is used to leach the REE’s from the clay. This solution also has the potential to remove impurities in the kaolin such as iron, leaving a much purer, whiter, and more valuable kaolin product after REE extraction.

iTech has undertaken the kaolin beneficiation process (refer to 1 above) on the first 10 samples it submitted for kaolin test work. In each sample the REE’s were significantly concentrated in the clay component, upgrading the REE grade on average 184%. This confirms that the REE’s are bound to the clay particles, and this is most likely an ion adsorption clay style of REE mineralisation. Test work to understand the REE recoveries and kaolin purity is planned after the initial drill program is completed.

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Characteristics of REE IAC Deposits

‐ Although ion adsorption clay deposits are substantially lower grade than other types of lanthanide sources (e.g., carbonatites, alkaline igneous complexes, magmatic magnetite-hematite bodies, and heavy mineral deposits), the lower grade is largely offset by easier mining and lower processing ‐ costs, and the very low content of radioactive elements. These deposits are generally mined by open pit methods and little beneficiation is required. A simple leach process using monovalent sulphate or ‐ chloride salt solutions at ambient temperature can produce a high grade REO product.

REE’s are found in soils deposited after weathering of granitic and/or REE enriched source rocks

• Occur primarily in China, but now being recognised globally.

• Sometimes called laterite deposits

• REE’s are adsorbed to kaolinite, halloysite and other clay minerals

• Ore is relatively low-grade, generally only 0.05% to 0.5% REO (rare earth element oxides)

• High heavy REE enriched, which are more valuable

• Easily extractable REE can be highly profitable due to low extraction costs

• REE’s leachable from clays with simple ammonium sulphate at room temperature

Next Steps

Having confirmed the potential for coincident IAC REE mineralisation in samples selected for high purity kaolin, iTech has resampled an additional 12 drill holes with Ce values above 100ppm to analyse for the full suite of REEs. Included in this batch is drill hole ETH-029 which had 33m @ 356 ppm Ce from surface (Fig. 2). This is over three times the Ce concentration in the best samples submitted to date and over a significantly thicker interval . Analytical results of these samples are due in 5-6 weeks. Drilling approvals are progressing rapidly. The results of this round of test work will help to focus the drilling program on those areas with the best potential for coincident high purity kaolin and REE mineralisation. Once drilling is completed, iTech will have enough sample to commence beneficiation test work to optimise REE extraction while upgrading the quality of high purity kaolin through removal of impurities such as iron.

For further information please contact the authorising officer Michael Schwarz:

Michael Schwarz, FAusIMM, AIG Managing Director E: mschwarz@itechminerals.com.au Ph: +61 2 5850 0000 W: www.itechminerals.com.au

Or

Gavan H Farley Director - Corporate Advisory Novus Capital Mob: +61 420 520 300 Main: +61 2 9375 0114 E: gavan.farley@novuscapital.com.au

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ABOUT iTECH MINERALS LTD

iTech Minerals Ltd is a newly listed mineral exploration company exploring for and developing battery materials and critical minerals within its 100% owned Australian projects. The company is exploring for kaolinite-halloysite, ion adsorption clay rare earth element mineralisation and developing the Campoona Graphite Deposit in South Australia. The company also has extensive exploration tenure prospective for Cu-Au porphyry mineralisation, IOCG mineralisation and gold mineralisation in South Australia and tin, Tungsten, and polymetallic Cobar style mineralisation in New South Wales.

COMPETENT PERSON STATEMENT

The information which relates to exploration results is based on and fairly represents information and supporting documentation compiled by Michael Schwarz. Mr Schwarz has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Schwarz is a full-time employee of iTech Minerals Ltd and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy. Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears.

This announcement contains results that have previously released as “Replacement Prospectus” on 19 October 2021 and “Rare Earth Potential Identified at Kaolin Project” on 21 October 2021. iTech confirms that the Company is not aware of any new information or data that materially affects the information included in the announcement.

GLOSSARY

CREO = Critical Rare Earth Element Oxide HREO = Heavy Rare Earth Element Oxide IAC = Ion Adsorption Clay LREO = Light Rare Earth Element Oxide REE = Rare Earth Element REO = Rare Earth Element Oxide TREO = Total Rare Earth Element Oxides %NdPr = Percentage amount of neodymium and praesidium as a proportion of the total amount of rare earth elements

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www.itechminerals.com.au

ASX RELEASE 12 November 2021

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APPENDIX 1 – DETAILED TECHNICAL INFORMATION AND JORC TABLE 1

<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)	<45 micron (Clay Fraction)
Sample ID	Hole ID	From (m)	To (m)	Interval (m)	ISO Brightness (%)	recovery %	Fe2O3 %	SiO2 %	Al2O3 %	CaO %	K2O %	Mn %	Na2O %	MgO %	P %	S %	TiO2 %	LOI %
Detection Limit							0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.001	0.001	0.01	0.01
3275973	ETH-001	0	4	4	69.0	38.89	0.53	52.78	31.00	0.14	4.02	<0.01	0.26	0.15	0.06	0.01	0.87	10.10
3275974	ETH-001	4	6	2	79.5	38.11	0.56	52.78	31.40	0.05	3.80	<0.01	0.19	0.13	0.07	0.01	1.01	9.88
3275975	ETH-003	0	6	6	63.0	32.62	1.31	53.22	30.30	0.11	3.87	<0.01	0.11	0.40	0.03	0.01	0.96	9.43
3275976	ETH-003	6	10	4	58.5	36.41	2.48	58.69	25.50	0.17	3.83	<0.01	0.17	0.59	0.02	0.01	0.65	7.57
3275978	ETH-013	0	2	2	67.5	37.66	0.44	55.83	28.60	0.08	5.38	<0.01	0.28	0.14	0.06	0.01	0.83	8.42
3275979	ETH-013	2	6	4	78.0	40.25	0.53	52.90	31.60	0.06	4.06	<0.01	0.19	0.16	0.05	0.01	0.76	9.76
3275980	ETH-013	6	10	4	72.5	28.92	0.88	54.94	29.70	0.06	3.90	<0.01	0.19	0.20	0.05	0.01	0.96	9.08
3275982	ETH-016	2	8	6	74.0	39.39	0.84	50.80	34.00	0.03	1.59	<0.01	0.08	0.24	0.01	0.02	0.53	11.40
3275983	ETH-016	8	14	6	74.0	39.84	1.01	49.94	34.10	0.39	2.14	<0.01	0.07	0.29	0.02	0.01	1.10	11.00
3275984	ETH-016	14	20	6	72.0	27.57	0.73	54.78	31.80	0.04	1.62	<0.01	0.05	0.21	0.02	0.01	0.30	10.40
3275985	ETH-016	20	26	6	63.5	25.29	0.93	59.77	27.70	0.04	1.09	<0.01	0.04	0.18	0.04	0.01	0.43	9.35
3275987	ETH-032	2	8	6	68.5	32.37	1.28	55.49	29.00	0.09	4.35	<0.01	0.30	0.29	0.04	0.02	0.73	8.54
				0
3275989	ETH-033	2	8	6	75.5	50.84	0.83	50.33	34.30	0.08	1.40	<0.01	0.08	0.22	0.03	0.01	0.69	11.80
3275990	ETH-033	8	14	6	76.5	49.30	0.77	53.61	30.90	0.04	4.65	<0.01	0.24	0.14	0.07	0.01	0.69	9.10
3275991	ETH-033	14	20	6	73.0	40.68	0.89	53.42	30.40	0.05	4.53	<0.01	0.18	0.15	0.07	0.01	0.87	9.06
3275993	ETH-034	2	8	6	73.5	44.11	1.18	51.98	32.40	0.06	1.28	<0.01	0.07	0.23	0.03	0.02	1.19	11.30
3275994	ETH-034	8	14	6	75.0	47.57	1.07	49.85	34.50	0.04	1.66	<0.01	0.05	0.24	0.02	0.01	0.55	11.60
3275995	ETH-034	14	20	6	76.5	47.73	0.93	49.87	35.00	0.06	1.73	<0.01	0.05	0.24	0.03	0.01	0.59	11.70
3275996	ETH-034	20	26	6	69.0	35.63	0.99	54.73	30.90	0.05	1.70	<0.01	0.06	0.23	0.03	0.01	0.62	10.40
3275997	ETH-036	2	8	6	76.0	39.19	0.57	53.53	31.80	0.05	3.65	<0.01	0.15	0.17	0.03	0.03	0.24	9.94
3275998	ETH-036	8	14	6	78.5	37.82	0.58	54.48	30.70	0.08	3.85	<0.01	0.37	0.16	0.04	0.03	0.17	9.15
3275999	ETH-036	14	18	4	77.0	32.35	0.65	54.18	31.00	0.14	3.37	<0.01	0.81	0.23	0.03	0.02	0.29	9.18
3276000	ETH-036	18	22	4	60.5	25.06	1.36	58.19	27.00	0.27	3.32	<0.01	1.45	0.32	0.04	0.02	0.47	7.22
3276001	ETH-037	2	8	6	75.5	34.38	0.75	55.82	28.70	0.05	4.88	<0.01	0.30	0.15	0.05	0.02	0.99	8.14
3276004	ETH-038	2	6	4	71.5	31.64	0.90	57.21	27.50	0.07	4.82	<0.01	0.26	0.15	0.05	0.01	0.87	7.89
3276005	ETH-038	6	10	4	50.0	27.33	2.73	57.94	24.70	0.34	4.44	<0.01	1.38	0.45	0.06	0.01	0.96	6.51

Table 2. Ethiopia Prospect 2007 RAB drillhole kaolin composite sample assay results (All except ISO brightness previously released in ASX Release, 21-Oct-21, Rare Earth Potential Identified at Kaolin Project)

www.itechminerals.com.au

ASX RELEASE 12 November 2021

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<45 micron (Clay Fraction)
Sample ID Hole ID From To (m) Interval CeO2 La2O3 Dy2O3 Er2O3 Eu2O3 Gd2O Ho2O Lu2O3 Nd2O3 Pr6O11 Sm2O3 Tb4O7 Tm2O3 Yb2O3 Y2O3 TREO TREO- LREO HREO CREO NdPr (%) %LREO %HREO
(m) (m) (ppm) (ppm) (ppm) (ppm) (ppm) 3 3 (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) CeO2 (ppm) (ppm) (ppm)
(ppm) (ppm) (ppm)
Detection Limit 1 1 0.5 1 0.5 1 1 0.5 0.5 1 0.5 0.5 1 1 1
3275973 ETH-001 0 4 4 340.3 141.9 10.3 4.6 1.2 18.4 1.1 0.6 144.6 42.3 27.3 2.4 1.1 2.3 53.3 792 451 669 123 212 24% 85% 15%
3275974 ETH-001 4 6 2 472.9 195.9 14.3 5.7 1.7 25.4 2.3 0.6 205.3 61.6 40.6 3.5 1.1 3.4 69.8 1104 631 936 169 295 24% 85% 15%
3275975 ETH-003 0 6 6 307.1 132.5 6.9 3.4 1.7 15.0 1.1 0.6 128.3 37.5 22.6 1.8 1.1 2.3 34.3 696 389 605 91 173 24% 87% 13%
3275976 ETH-003 6 10 4 I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S.
3275978 ETH-013 0 2 2 299.7 119.6 7.5 2.3 1.2 16.1 1.1 0.6 134.1 38.7 26.1 1.8 1.1 1.1 31.7 683 383 592 91 176 25% 87% 13%
3275979 ETH-013 2 6 4 319.4 133.7 8.0 2.3 1.2 15.0 1.1 0.6 140.0 38.7 24.9 1.8 1.1 2.3 34.3 724 405 632 93 185 25% 87% 13%
3275980 ETH-013 6 10 4 390.6 164.2 10.3 3.4 1.2 20.7 1.1 0.6 171.5 50.7 33.0 2.4 1.1 2.3 40.6 894 503 777 117 226 25% 87% 13%
3275982 ETH-016 2 8 6 125.3 71.5 2.3 1.1 1.2 3.5 1.1 0.6 38.5 13.3 5.8 0.6 1.1 1.1 12.7 280 154 249 31 55 19% 89% 11%
3275983 ETH-016 8 14 6 138.8 73.9 4.0 2.3 1.2 4.6 1.1 0.6 44.9 14.5 7.0 0.6 1.1 2.3 22.9 320 181 272 48 74 19% 85% 15%
3275984 ETH-016 14 20 6 164.6 83.3 3.4 1.1 1.7 5.8 1.1 0.6 59.5 20.5 10.4 0.6 1.1 1.1 11.4 366 202 328 39 77 22% 89% 11%
3275985 ETH-016 20 26 6 223.6 106.7 5.2 2.3 2.3 9.2 1.1 0.6 84.0 26.6 15.7 1.2 1.1 2.3 20.3 502 279 441 61 113 22% 88% 12%
3275987 ETH-032 2 8 6 227.3 99.7 8.6 3.4 0.6 13.8 1.1 0.6 99.1 30.2 21.5 1.8 1.1 2.3 40.6 552 324 456 95 151 23% 83% 17%
0
3275989 ETH-033 2 8 6 238.3 98.5 7.5 3.4 0.6 11.5 1.1 0.6 105.0 31.4 19.7 1.8 1.1 3.4 40.6 565 326 473 91 155 24% 84% 16%
3275990 ETH-033 8 14 6 384.5 158.3 10.3 3.4 1.2 19.6 1.1 0.6 171.5 52.0 33.0 2.4 1.1 2.3 52.1 893 509 766 127 237 25% 86% 14%
3275991 ETH-033 14 20 6 432.4 171.2 15.5 8.0 1.7 23.1 2.3 0.6 204.1 59.2 41.2 2.9 1.1 5.7 92.7 1062 629 867 195 317 25% 82% 18%
3275993 ETH-034 2 8 6 281.3 119.6 8.0 2.3 1.2 15.0 1.1 0.6 126.0 35.0 22.6 1.8 1.1 2.3 36.8 655 373 562 93 174 25% 86% 14%
3275994 ETH-034 8 14 6 190.4 82.1 6.9 3.4 0.6 9.2 1.1 0.6 80.5 24.2 15.1 1.2 1.1 2.3 34.3 453 263 377 76 123 23% 83% 17%
3275995 ETH-034 14 20 6 235.9 100.9 8.0 3.4 1.2 10.4 1.1 0.6 84.6 27.8 16.8 1.8 1.1 2.3 41.9 538 302 449 89 137 21% 84% 16%
3275996 ETH-034 20 26 6 240.8 102.0 8.0 3.4 1.2 11.5 1.1 0.6 96.8 29.0 18.0 1.8 1.1 2.3 38.1 556 315 469 87 146 23% 84% 16%
3275997 ETH-036 2 8 6 61.4 31.7 2.3 1.1 0.6 2.3 1.1 0.6 21.0 7.2 3.5 0.6 1.1 1.1 11.4 147 86 121 26 36 19% 82% 18%
3275998 ETH-036 8 14 6 45.5 22.3 1.1 1.1 0.6 1.2 1.1 0.6 15.7 4.8 2.9 0.6 1.1 1.1 8.9 109 63 88 20 27 19% 81% 19%
3275999 ETH-036 14 18 4 68.8 34.0 1.7 1.1 0.6 2.3 1.1 0.6 24.5 7.2 4.1 0.6 1.1 1.1 6.3 155 86 135 21 34 20% 87% 13%
3276000 ETH-036 18 22 4 218.7 93.8 5.7 2.3 1.2 9.2 1.1 0.6 91.6 26.6 16.8 1.2 1.1 2.3 31.7 504 285 431 73 131 23% 85% 15%
3276001 ETH-037 2 8 6 391.9 159.5 8.0 2.3 1.2 18.4 1.1 0.6 172.6 50.7 30.1 1.8 1.1 2.3 34.3 876 484 775 101 218 25% 88% 12%
3276004 ETH-038 2 6 4 313.2 138.4 5.7 2.3 1.2 15.0 1.1 0.6 136.5 38.7 23.8 1.8 1.1 1.1 27.9 708 395 627 82 173 25% 88% 12%
3276005 ETH-038 6 10 4 399.2 165.4 10.3 3.4 1.2 20.7 1.1 0.6 179.6 50.7 32.5 2.4 1.1 2.3 45.7 916 517 795 121 239 25% 87% 13%
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Table 3. Ethiopia Prospect 2007 RAB drillhole <45µm (Clay Fraction) REE assay results

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ASX RELEASE 12 November 2021

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45 micron (Quartz Fraction)
Sample Hole ID From To (m) Interval CeO2 La2O3 Dy2O3 Er2O3 Eu2O3 Gd2O3 Ho2O3 Lu2O3 Nd2O3 Pr6O11 Sm2O3 Tb4O7 Tm2O3 Yb2O3 Y2O3 TREO TREO- LREO HREO CREO NdPr (%) %LREO %HREO
ID (m) (m) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) CeO2 (ppm) (ppm) (ppm)
(ppm)
Detection Limit 1 1 0.5 1 0.5 1 1 0.5 0.5 1 0.5 0.5 1 1 1
3275973 ETH-001 0 4 4 84.8 28.1 2.3 0.6 0.6 4.6 1.1 0.6 29.2 8.5 5.8 0.6 1.1 2.3 25.4 195 111 151 45 58 19% 77% 23%
3275974 ETH-001 4 6 2 97.7 30.5 1.1 0.6 0.6 4.6 1.1 0.6 33.2 9.7 5.8 0.6 1.1 1.1 10.2 199 101 171 27 46 22% 86% 14%
3275975 ETH-003 0 6 6 77.4 46.9 1.1 1.1 1.2 4.6 1.1 0.6 43.7 12.1 7.0 0.6 1.1 1.1 8.9 209 131 180 28 56 27% 86% 14%
3275976 ETH-003 6 10 4 71.9 48.1 1.1 0.6 0.6 4.6 1.1 0.6 42.6 13.3 7.0 0.6 1.1 1.1 10.2 204 133 176 29 55 27% 86% 14%
3275978 ETH-013 0 2 2 82.9 34.0 1.1 0.6 0.6 4.6 1.1 0.6 39.7 10.9 7.0 0.6 1.1 1.1 8.9 195 112 167 27 51 26% 86% 14%
3275979 ETH-013 2 6 4 95.8 27.0 1.1 0.6 0.6 3.5 1.1 0.6 30.3 8.5 5.8 0.6 1.1 1.1 11.4 189 93 162 28 44 21% 85% 15%
3275980 ETH-013 6 10 4 89.1 29.3 1.1 0.6 0.6 3.5 1.1 0.6 29.2 8.5 6.4 0.6 1.1 1.1 8.9 182 93 156 26 40 21% 86% 14%
3275982 ETH-016 2 8 6 90.9 22.3 1.1 0.6 0.6 2.3 1.1 0.6 15.2 4.8 2.9 0.6 1.1 1.1 17.8 163 72 133 30 35 12% 82% 18%
3275983 ETH-016 8 14 6 90.9 24.6 3.4 0.6 0.6 3.5 1.1 0.6 18.7 4.8 4.1 0.6 1.1 3.4 30.5 188 98 139 49 54 12% 74% 26%
3275984 ETH-016 14 20 6 88.4 22.3 1.1 0.6 0.6 3.5 1.1 0.6 21.0 6.0 3.5 0.6 1.1 1.1 6.3 158 69 138 20 30 17% 87% 13%
3275985 ETH-016 20 26 6 78.0 21.1 1.1 0.6 0.6 2.3 1.1 0.6 19.8 6.0 3.5 0.6 1.1 1.1 8.9 147 69 125 22 31 18% 85% 15%
3275987 ETH-032 2 8 6 84.1 22.3 1.1 0.6 0.6 3.5 1.1 0.6 19.2 6.0 4.1 0.6 1.1 1.1 20.3 166 82 132 35 42 15% 79% 21%
0
3275989 ETH-033 2 8 6 92.7 38.7 2.3 0.6 0.6 5.8 1.1 0.6 47.2 12.1 8.7 0.6 1.1 2.3 27.9 242 150 191 52 79 24% 79% 21%
3275990 ETH-033 8 14 6 94.0 38.7 1.1 0.6 0.6 4.6 1.1 0.6 43.7 12.1 8.1 0.6 1.1 1.1 21.6 230 136 188 41 68 24% 82% 18%
3275991 ETH-033 14 20 6 89.7 25.8 2.3 0.6 0.6 3.5 1.1 0.6 28.6 8.5 5.8 0.6 1.1 1.1 22.9 193 103 153 40 55 19% 79% 21%
3275993 ETH-034 2 8 6 90.3 36.4 1.1 0.6 0.6 4.6 1.1 0.6 42.6 12.1 7.5 0.6 1.1 1.1 14.0 214 124 181 33 59 26% 85% 15%
3275994 ETH-034 8 14 6 92.1 29.3 2.3 0.6 0.6 4.6 1.1 0.6 32.7 8.5 6.4 0.6 1.1 2.3 22.9 206 113 163 43 59 20% 79% 21%
3275995 ETH-034 14 20 6 94.0 30.5 1.1 0.6 0.6 4.6 1.1 0.6 32.7 9.7 6.4 0.6 1.1 1.1 19.0 204 110 167 37 54 21% 82% 18%
3275996 ETH-034 20 26 6 84.8 17.6 1.1 0.6 0.6 2.3 1.1 0.6 16.9 4.8 3.5 0.6 1.1 1.1 12.7 149 65 124 25 32 15% 83% 17%
3275997 ETH-036 2 8 6 93.4 15.2 1.1 0.6 0.6 2.3 1.1 0.6 11.7 3.6 2.3 0.6 1.1 1.1 14.0 149 56 124 25 28 10% 83% 17%
3275998 ETH-036 8 14 6 96.4 10.6 1.1 0.6 0.6 1.2 1.1 0.6 8.2 2.4 1.2 0.6 1.1 1.1 5.1 132 35 118 14 16 8% 89% 11%
3275999 ETH-036 14 18 4 94.6 16.4 1.1 0.6 0.6 1.2 1.1 0.6 12.2 3.6 1.7 0.6 1.1 1.1 3.8 140 46 127 14 18 11% 90% 10%
3276000 ETH-036 18 22 4 74.3 17.6 1.1 0.6 0.6 1.2 1.1 0.6 14.6 4.8 3.5 0.6 1.1 1.1 6.3 129 55 111 18 23 15% 86% 14%
3276001 ETH-037 2 8 6 92.7 27.0 1.1 0.6 0.6 3.5 1.1 0.6 27.4 8.5 5.2 0.6 1.1 1.1 10.2 181 89 156 26 40 20% 86% 14%
3276004 ETH-038 2 6 4 87.8 28.1 1.1 0.6 0.6 3.5 1.1 0.6 27.4 7.2 5.2 0.6 1.1 1.1 7.6 174 86 151 23 37 20% 87% 13%
3276005 ETH-038 6 10 4 61.4 24.6 1.1 0.6 0.6 2.3 1.1 0.6 28.6 7.2 4.6 0.6 1.1 1.1 14.0 150 88 122 28 45 24% 81% 19%
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Table 4. Ethiopia Prospect 2007 RAB drillhole >45µm (Quartz Fraction) REE assay results

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Bulk drill sample
Sample Hole ID From To (m) Interval CeO2 La2O3 Dy2O3 Er2O3 Eu2O3 Gd2O3 Ho2O3 Lu2O3 Nd2O3 Pr6O11 Sm2O3 Tb4O7 Tm2O3 Yb2O3 Y2O3 TREO TREO- LREO HREO CREO NdPr (%) %LREO %HREO
ID (m) (m) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) CeO2 (ppm) (ppm) (ppm)
(ppm)
Detection Limit 1 1 0.5 1 0.5 1 1 0.5 0.5 1 0.5 0.5 1 1 1
3275973 ETH-001 0 4 4 184.1 72.4 5.4 2.1 0.8 10.0 1.1 0.6 74.1 21.6 14.1 1.3 1.1 2.3 36.3 427 277 318 75 118 22% 74% 18%
3275974 ETH-001 4 6 2 240.7 93.5 6.2 2.5 1.0 12.5 1.6 0.6 98.8 29.5 19.1 1.7 1.1 2.0 32.9 544 303 462 81 141 24% 85% 15%
3275975 ETH-003 0 6 6 152.3 74.8 3.0 1.9 1.3 8.0 1.1 0.6 71.3 20.4 12.1 1.0 1.1 1.5 17.2 368 215 319 49 94 25% 87% 13%
3275976 ETH-003 6 10 4 I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S. I.S.
3275978 ETH-013 0 2 2 164.6 66.3 3.5 1.2 0.8 9.0 1.1 0.6 75.2 21.3 14.2 1.0 1.1 1.1 17.5 379 214 327 51 98 26% 86% 14%
3275979 ETH-013 2 6 4 185.8 69.9 3.9 1.3 0.8 8.1 1.1 0.6 74.5 20.6 13.5 1.1 1.1 1.6 20.6 405 219 351 54 101 24% 87% 13%
3275980 ETH-013 6 10 4 176.3 68.3 3.8 1.4 0.7 8.5 1.1 0.6 70.3 20.7 14.1 1.1 1.1 1.5 18.1 388 211 336 52 94 23% 87% 13%
3275982 ETH-016 2 8 6 104.4 41.7 1.6 0.8 0.8 2.8 1.1 0.6 24.4 8.2 4.0 0.6 1.1 1.1 15.8 209 105 179 30 43 16% 85% 15%
3275983 ETH-016 8 14 6 110.0 44.3 3.7 1.3 0.8 3.9 1.1 0.6 29.1 8.7 5.2 0.6 1.1 3.0 27.4 241 131 192 49 62 16% 80% 20%
3275984 ETH-016 14 20 6 109.4 39.1 1.8 0.7 0.9 4.1 1.1 0.6 31.6 10.0 5.4 0.6 1.1 1.1 7.7 215 106 190 25 43 19% 88% 12%
3275985 ETH-016 20 26 6 114.8 42.8 2.2 1.0 1.0 4.1 1.1 0.6 36.1 11.2 6.6 0.7 1.1 1.4 11.8 236 122 205 32 52 20% 87% 13%
3275987 ETH-032 2 8 6 130.5 47.3 3.6 1.5 0.6 6.8 1.1 0.6 45.1 13.9 9.7 1.0 1.1 1.5 26.9 291 161 237 54 77 20% 81% 19%
0
3275989 ETH-033 2 8 6 166.7 69.1 4.9 2.0 0.6 8.7 1.1 0.6 76.6 21.9 14.3 1.2 1.1 2.9 34.4 406 239 334 72 118 24% 82% 18%
3275990 ETH-033 8 14 6 237.2 97.7 5.7 2.0 0.9 12.0 1.1 0.6 106.7 31.7 20.4 1.5 1.1 1.7 36.6 557 320 473 84 151 25% 85% 15%
3275991 ETH-033 14 20 6 229.1 85.0 7.7 3.6 1.0 11.4 1.6 0.6 100.0 29.1 20.2 1.5 1.1 3.0 51.3 546 317 443 103 162 24% 81% 19%
3275993 ETH-034 2 8 6 174.5 73.1 4.2 1.3 0.8 9.2 1.1 0.6 79.4 22.2 14.2 1.1 1.1 1.6 24.1 409 234 349 59 110 25% 85% 15%
3275994 ETH-034 8 14 6 138.9 54.4 4.5 1.9 0.6 6.8 1.1 0.6 55.4 15.9 10.5 0.9 1.1 2.3 28.3 323 184 265 59 90 22% 82% 18%
3275995 ETH-034 14 20 6 161.7 64.1 4.4 1.9 0.9 7.4 1.1 0.6 57.4 18.3 11.4 1.1 1.1 1.7 30.0 363 201 302 62 94 21% 83% 17%
3275996 ETH-034 20 26 6 140.3 47.7 3.6 1.6 0.8 5.6 1.1 0.6 45.4 13.4 8.6 1.0 1.1 1.5 21.7 294 154 247 47 73 20% 84% 16%
3275997 ETH-036 2 8 6 80.8 21.7 1.6 0.8 0.6 2.3 1.1 0.6 15.3 5.0 2.8 0.6 1.1 1.1 13.0 148 68 123 26 31 14% 83% 17%
3275998 ETH-036 8 14 6 77.1 15.0 1.1 0.8 0.6 1.2 1.1 0.6 11.0 3.3 1.8 0.6 1.1 1.1 6.5 123 46 107 17 20 12% 87% 13%
3275999 ETH-036 14 18 4 86.2 22.1 1.3 0.8 0.6 1.5 1.1 0.6 16.2 4.8 2.5 0.6 1.1 1.1 4.6 145 59 129 16 23 14% 89% 11%
3276000 ETH-036 18 22 4 110.5 36.7 2.3 1.0 0.7 3.2 1.1 0.6 33.9 10.3 6.8 0.7 1.1 1.4 12.7 223 113 191 32 50 20% 86% 14%
3276001 ETH-037 2 8 6 195.6 72.5 3.5 1.2 0.8 8.6 1.1 0.6 77.3 23.0 13.8 1.0 1.1 1.5 18.5 420 225 368 52 101 24% 88% 12%
3276004 ETH-038 2 6 4 159.2 63.0 2.6 1.1 0.8 7.1 1.1 0.6 61.9 17.2 11.1 1.0 1.1 1.1 14.0 343 184 301 42 80 23% 88% 12%
3276005 ETH-038 6 10 4 153.7 63.1 3.7 1.4 0.7 7.3 1.1 0.6 69.9 19.1 12.2 1.1 1.1 1.4 22.6 359 205 306 53 98 25% 85% 15%
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Note: I.S. = insufficient sample for analysis

Table 5. Ethiopia Prospect 2007 RAB drillhole bulk sample (Clay + Quartz Fractions) REE assay results

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Prospect Hole ID From (m) To (m) Interval (m) U ppm Th ppm Ce ppm
Ethiopia ETH-001 0 6 6 14 79 120
Ethiopia ETH-002 12 18 6 20 58 110
Ethiopia ETH-003 0 12 12 5 42 110
Ethiopia ETH-004 0 25 25 9 70 148
Ethiopia ETH-005 6 36 30 10 57 118
Ethiopia ETH-006 0 12 12 9 71 120
Ethiopia ETH-007 18 34 16 11 71 113
Ethiopia ETH-008 0 36 36 8 58 110
Ethiopia ETH-009 0 36 36 8 70 123
Ethiopia ETH-010 0 29 29 10 72 128
Ethiopia ETH-011 0 30 30 11 66 120
Ethiopia ETH-012 0 30 30 12 73 120
Ethiopia ETH-013 0 36 36 11 73 120
Ethiopia ETH-014 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-015 12 18 6 4 22 100
Ethiopia ETH-016 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-017 0 12 12 8 57 100
Ethiopia ETH-018 12 16 4 8 52 100
Ethiopia ETH-019 0 28 28 9 63 122
Ethiopia ETH-020 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-021 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-022 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-023 18 28 10 11 56 115
Ethiopia ETH-024 18 36 18 11 60 110
Ethiopia ETH-025 0 40 40 10 60 112
Ethiopia ETH-026 0 47 47 11 62 110
Ethiopia ETH-027 6 24 18 11 70 130
Ethiopia ETH-028 30 36 6 30 54 130
Ethiopia ETH-029 0 30 30 15 36 356
Ethiopia ETH-030 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-031 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-032 NSI NSI NSI NSI NSI NSI
Ethiopia ETH-033 6 40 34 20 101 148
Ethiopia ETH-034 0 18 18 8 73 105
Ethiopia ETH-035 0 32 32 10 69 138
Ethiopia ETH-036 24 30 6 12 74 100
Ethiopia ETH-037 0 31 31 11 73 132
Ethiopia ETH-038 6 28 22 8 73 115
Ethiopia ETH-039 18 24 6 12 60 110
Ethiopia ETH-040 0 6 6 12 52 100
Ethiopia ETH-041 0 18 18 12 79 127
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Table 6. Ethiopia Prospect 2007 RAB drillhole historical U, Th, Ce composite sample assay results (NSI = No significant Interval) (ASX Release, 21-Oct-21, Rare Earth Potential Identified at Kaolin Project)

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Table 7. Ethiopia Prospect 2007 RAB drillhole collars

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JORC 2012 EDITION - TABLE 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code Explanation	Commentary
Sampling Techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as 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.	Adelaide Exploration Pty Ltd • Rotary Air Blast (RAB) drill cuttings were collected at 1 metre intervals and contained in large plastic bags. Samples for geochemical analysis were collected as 6 metre composites taken over the entire length of each hole. The composites were collected by taking equal volumes from the contributing 1 metre bulk samples with the resulting composites weighing approximately 3-4 kilograms. A total of 258 original composite samples were collected. Additionally, eleven of the original samples were duplicated and submitted to the laboratory to determine laboratory accuracy and maintain quality control. • The Competent Person has referenced publicly sourced information through the report and considers that sampling was commensurate with industry standards current at the time of drilling and is appropriate for the indication of the presence of mineralisation.
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.).	• Ethiopia RAB holes ETH-01-41 – drilled by Johannsen Drilling using drill rig Edison 2000. Historical report no other details provided. • All holes were drilled using a small diameter percussion hammer run on RAB rods and in effect the drill method can be considered as open hole percussion. • The Competent Person has referenced publicly sourced information through the report and considers that drilling techniques was commensurate with industry standards current at the time of drilling and is appropriate for the indication of the presence of mineralisation.
Drill Sample Recovery	• Method of recording and assessing core and chip sample recoveries and results assessed.	• Ethiopia RAB holes ETH-01-41 - historical report no details reported.

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Criteria	JORC Code Explanation	Commentary
	• Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	• Drill collar information, geological logs, total count gamma scintillometer and spectrometer readings and magnetic susceptibility readings were recorded in excel spreadsheets and made available in appendices 1-5 of PACE Report DPY4-33
Sub- Sampling Techniques and Sample Preparation	• If core, whether cut or sawn and whether quarter, half or all cores taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality, and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	Adelaide Exploration Pty Ltd • Samples for geochemical analysis were collected as 6 metre composites taken over the entire length of each hole. The composites were collected by taking equal volumes from the contributing 1 metre bulk samples with the resulting composites weighing approximately 3-4 kilograms. • Additionally, eleven of the original samples were duplicated and submitted to the laboratory to determine laboratory accuracy and maintain quality control. Archer Materials • Kaolin rich intervals of the original Adelaide Resources 2007 RAB drilling were subsampled and submitted for kaolin analysis at Bureau Veritas based on visual estimates of whiteness and kaolin content • The Competent Person has referenced publicly sourced information through the report and considers that sampling techniques was commensurate with industry standards current at the time of drilling and is appropriate for the indication of the presence of mineralisation.
Quality of Assay Data and	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the	Adelaide Exploration Pty Ltd • Ethiopia RAB holes ETH-01-41 - historical report, no geochemistry details reported. However, duplicate

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Criteria	JORC Code Explanation	Commentary
Laboratory Tests	technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	samples were deemed to be within an acceptable range • Total count gamma scintillometer readings were made on each sample obtained from all the drill holes. Total counts were obtained using an Exploranium 110 instrument. • Where anomalous high counts were recorded estimates of uranium (U ppm), thorium (Th ppm) and potassium (K %) were obtained using an Exploranium GR-135G spectrometer. • Magnetic susceptibility readings were made on all composited (6m) drill samples using an Exploranium KT9 instrument Archer Materials • Kaolin rich intervals of the original Adelaide Resources 2007 RAB drilling were subsampled and submitted for kaolin analysis at Bureau Veritas using the following method o Screen with 45 micron screen using cold water o Retain both fractions o Dry each fraction in low temp over o Record masses. o Riffle split a 10gm (+45 and -45 fraction) for whole rock assay (14 element oxides) and LOI. iTech Minerals • Samples submitted by Archer materials were resubmitted for ISO (B) brightness and rare earth element analysis to Bureau Veritas. Industry standard blanks and repeat analysis were used • The samples for brightness analysis were prepared by another group within BV Minerals. They were sized, at -45 µm, and a split was forwarded to the Mineralogy team for brightness analysis • Discs were prepared from the powdered sample using clear plastic tube (25 mm ID x 22 mm long), stainless steel pin (25 mm OD), a ceramic tile, sample press and a digital scale for measuring weight applied to the sample. • Brightness measurements were generally conducted according to (i) ISO 2469 Paper, board and

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Criteria	JORC Code Explanation	Commentary
		pulps - Measurement of diffuse radiance factor (diffuse reflectance factor) and (ii) ISO 2470-1 Paper, board and pulps - Measurement of diffuse blue reflectance factor Part 1: Indoor daylight conditions (ISO brightness). Modifications were made, where appropriate, to these ISO procedures due to the difference between the materials in this standard and the current test samples (i.e. paper, board and pulps versus kaolinite/halloysite containing powders). • The Spectra Magic NX software was activated and the CM-25d spectrophotometer connected to the computer. • Spectrophotometer standards provided with the unit (i.e. zero and white) were run at the start of each analysis session and every 2 hours thereafter. • A clean ceramic tile was placed on the weighing balance. This tile was used for the preparation of the three replicates for each sample - a new tile was used for each additional sample. • A plastic tube was placed on the ceramic tile and the sample placed in it, to just below the top of the tube. The steel pin was then carefully lowered onto the sample and the tube/sample/pin/ceramic tile carefully moved to the press. • The arm of the press was moved to achieve a weight of 20 kg on the digital scale, for approximately 5 seconds. The pressure was gradually released, then the pin carefully removed. This resulted in a disc approximately 10 mm thick. • The disc was then inverted and placed, along with 8 others, in a 800 Watt microwave and dried, at full power, for 10 seconds. The 'dried' discs were then placed in a custom-made plastic holder, with holes for 9 samples. These samples were then analysed for brightness using a Konica-

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Criteria	JORC Code Explanation	Commentary
		Minolta CM-25d spectrophotometer. Each disc was analysed three times, and each sample had 3 discs prepared. • REE analysis was undertaken by Bureau Veritas using and ICP- MS technique (Scheme IC4M). • Sample preparation was the same as for the kaolin test work undertaken by Archer Materials as the same samples were used. • Both the +45 and -45 fraction were analysed for REEs and the bulk sample result was calculated from the relative proportions and REE values of each fraction.
Verification of Sampling and Assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Ethiopia RAB holes ETH-01-41 - historical report no details reported • Rare earth element analyses were originally reported in elemental form but have been converted to relevant oxide concentrations as in the industry standard o TREO = La2O3+ CeO2+ Pr6O11+ Nd2O3 + Sm2O3+ Eu2O3+ Gd2O3+ Tb4O7+ Dy2O3+ Ho2O3+ Er2O3+ Tm2O3+ Yb2O3+ Lu2O3+ Y2O3 o CREO = Nd2O3+ Eu2O3+ Tb4O7+ Dy2O3 + Y2O3 o LREO = La2O3+ CeO2+ Pr6O11+ Nd2O3 o HREO = Sm2O3+ Eu2O3+ Gd2O3+ Tb4O7+ Dy2O3+ Ho2O3+ Er2O3+ Tm2O3+ Yb2O3+ Lu2O3+ Y2O3 o NdPr = Nd2O3+ Pr6O11 o TREO-Ce = TREO - CeO2 o % NdPr = NdPr/ TREO o %HREO = HREO/TREO o %LREO = LREO/TREO
Location of Data Points	• Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	Adelaide Exploration Pty Ltd • No information reported on drill hole location method or accuracy • Ethiopia RAB holes ETH-01-41 – Datum used was GDA94 MGA Zone 53 • No information reported on drill hole location method or accuracy
Data Spacing and Distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade	Adelaide Exploration Pty Ltd • Samples for geochemical analysis were collected as 6 metre composites taken over the entire length of each hole. The composites were collected by taking equal volumes from the

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Criteria	JORC Code Explanation	Commentary
	continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	contributing 1 metre bulk samples with the resulting composites weighing approximately 3-4 kilograms. Archer Materials Ltd • Sample compositing was applied on the basis of the visual estimates of whiteness and kaolin content.
Orientation of Data in Relation to Geological Structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Adelaide Exploration Pty Ltd • Ethiopia RAB holes ETH-01-41 – Holes were drilled vertically which is appropriate to sufficiently assess the horizontally lying weathering profile
Sample Security	• The measures taken to ensure sample security.	• Ethiopia RAB holes ETH-01-41 - historical report no details reported
Audits or Reviews	• The results of any audits or reviews of sampling techniques and data.	• None undertaken.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code Explanation	Commentary
Mineral Tenement and Land Tenure Status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Tenement status confirmed on SARIG. • The tenements are in good standing with no known impediments.
Exploration Done by Other Parties	• Acknowledgment and appraisal of exploration by other parties.	• Relevant previous exploration has been undertaken by Shell Company of Australia Pty Ltd, Adelaide Exploration Pty Ltd and Archer Materials Ltd • See body of report for details on previous exploration
Geology	• Deposit type, geological setting and style of mineralisation.	• The tenements are within the Gawler Craton, South Australia. • iTech is exploring for porphyry Cu-Au, epithermal Au, kaolin and halloysite and REE deposits. • This release refers to kaolin mineralisation and ion adsorption rare earth elements mineralisation related to lateritic weathering processes on basement rock of the Gawler Craton, in particular the Palaeoproterozoic Miltalie Gneiss and Warrow Quartzite. • See body of the report for description of the geology in more detail.
Drillhole 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 – Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar	• Refer to Appendix 1, Table 5 of this report for details

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Criteria	JORC Code Explanation	Commentary
	– Dip and azimuth of the hole – Downhole 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 clearlyexplain whythis is the case.
Data Aggregation Methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Archer Materials kaolin analysis intervals were aggregated using no lower or upper cut-offs. • Adelaide Exploration U, Th and Ce intervals were aggregated using a 100 ppm Ce lower cut-off and with no high cut • iTech Minerals REE analysis intervals were aggregated using a lower cut-off of 100ppm TREO with no upper limit applied
Relationship Between Mineralisation Widths and Intercept Lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g., ‘downhole length,true width not known’).	• Ethiopia RAB holes ETH-01- 41 – holes were drilled vertically which is appropriate to sufficiently assess the horizontally lying weathering profile and kaolin and REE mineralisation.
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.	• See main body of report.
Balanced Reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Adelaide Exploration Pty Ltd - 2006 • Rock chip samples EU016- EU018 were submitted to Amdel Ltd for multielement geochemistry using assay codes FA3, IC3E, IC3M, IC3R and XRF1and were the only samples assayed for REE and therefore the only samples reported in this

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Criteria	JORC Code Explanation	Commentary
		announcement. Detection limits are considered appropriate for the style of mineralisation. • All other relevant data has been reported • The reporting is considered to be balanced.
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.	• The Project area has been subject of significant exploration for base metals, graphite and gold. • See body of report for details
Further Work	• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.	• Further exploration sampling geochemistry and drilling required at all prosects

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