KALAMAZOO RESOURCES LIMITED — Investor Presentation 2021

Aug 18, 2021

World Class Victorian & Pilbara Gold Projects Virtual Gold Presentation Investor Presentation August 2021

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ASX: KZR

Forward Looking Statements

Investment Presentation

This Investment Presentation (IP) is not a disclosure document under Chapter 6D of the Corporations Act nor an offer to subscribe for shares. This IP is specifically provided to the receiving party (Recipient) in response to a request for information from the Recipient about Kalamazoo Resources Limited (Kalamazoo or the Company) and its proposed mineral projects, for the purpose of considering an investment in the Company. This IP is provided by the Company to the Recipient on a confidential and personal basis and is not intended for, and should not be distributed to, any other person. By receipt of this IP, the Recipient agrees that the Recipient will not transmit, reproduce or make available this IP (or any information contained in it) to anyone other than the Recipient’s professional advisers without the prior written consent of the Company.

Forward Looking Statements

This IP may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). Statements regarding Kalamazoo’s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that Kalamazoo’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that Kalamazoo will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Kalamazoo’s mineral properties. The performance of Kalamazoo may be influenced by a number of factors which are outside the control of the Company and its Directors, staff and contractors.

Previously Released ASX Material References

For further details relating to the Company’s Projects and information in this announcement please refer to the following ASX announcements:

ASX: SRI: 14 February 2011 ASX: NST 28 February 2013 ASX: DEG 27 April 2020 ASX: KZR 19 October 2020 ASX: NST: 14 February 2011 ASX: KZR 20 November 2017 ASX: KZR 29 April 2020 ASX: KZR 27 October 2020 ASX: NST 28 July 2011 ASX: KZR 20 June 2018 ASX: CMM 12 May 2020 ASX: KZR 5 November 2020 ASX: NST 2 April 2012 ASX: KZR 14 November 2018 ASX: KZR 3 June 2020 ASX: KZR 22 December 2020 ASX: NST 2 July 2012 ASX: NST: 1 August 2019 ASX: NST 22 June 2020 ASX: KZR 5 January 2021 ASX: NST 26 July 2012 ASX: KZR 19 October 2019 ASX: KZR 23 June 2020 ASX: KZR 8 July 2021 ASX: NST: 27 August 2012 ASX: KZR 2 December 2019 ASX: KZR 4 August 2020 ASX: KZR 23 July 2021 ASX: NST 10 September 2012 ASX: KZR 15 January 2020 ASX: KZR 28 August 2020 ASX: NST 7 February 2013 ASX: CAI 19 February 2020 ASX: KZR 23 September 2020

The information in this IP for the Victorian Projects is based on information compiled by Dr Luke Mortimer, a competent person who is a Member of The Australian Institute of Geoscientists. Dr Mortimer is an employee engaged as the Exploration Manager Eastern Australia for the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’. Dr Mortimer consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

The information in this IP relating to the exploration data for the Western Australian Projects is based on information compiled by Mr. Matthew Rolfe, a competent person who is a Member of The Australasian Institute of Geoscientists. Mr. Rolfe is an employee of Kalamazoo Resources Ltd and is engaged as Exploration Manager Western Australia for the Company. Mr. Rolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Rolfe consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the estimation and reporting of mineral resources at the Ashburton Project is based on information compiled by Dr Damien Keys, a competent person who is a Member of Australian Institute of Geoscientists. Dr Keys is an employee of Complete Target Pty Ltd who is engaged as a consultant to Kalamazoo Resources Limited. Dr Keys 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’. Dr Keys consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

The information in this IP that relates to the Mineral Resources for the Ashburton Project is based on information announced to the ASX on 23 June 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply.

Disclaimer

This IP does not purport to contain all the information that a prospective investor may require in relation to the Company’s mineral projects. In all cases, before acting in reliance on any information, the Recipient should conduct its own investigation and analysis and should check the accuracy, reliability and completeness of the information and obtain independent and specific advice from appropriate professional advisers. The Company makes no representation, or warranty (express or implied) as to the accuracy, reliability or completeness of the information. The Company and its respective Directors, employees, agents and consultants shall have no liability for any statements, opinions, information or matters arising out of, or for any omissions from, this IP, except liability under law that cannot be excluded.

Competent Persons Statement

The information in this report that relates to Exploration Results for The Sisters, Marble Bar, DOM’s Hill and Ashburton Projects are extracted from the Company’s ASX announcements as referred to above (see releases marked *) and are available to view on www.kzr.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES
	INDICATED			INFERRED			TOTAL
	Tonnes (000’s)	Grade (g/t)	Ounces (000’s)	Tonnes (000’s)	Grade (g/t)	Ounces (000’s)	Tonnes (000’s)	Grade (g/t)	Ounces (000’s)	Cut off Grade (g/t Au)
Mt Olympus	6,038	2.3	448	9,138	2.2	632	15,176	2.2	1,080	0.7
Peake	113	5.2	19	3,544	3.3	380	3,657	3.4	399	0.9
Waugh	347	3.6	40	240	3.6	28	587	3.6	68	0.9
Zeus	508	2.1	34	532	2.2	38	1,040	2.2	72	0.9
Romulus	-	-	-	329	2.6	27	329	2.6	27	0.9
TOTAL RESOURCE	7,006	2.4	541	13,783	2.5	1,105	20,789	2.5	1,646

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The Kalamazoo Story

An Australian gold explorer with major assets in two of the most sought after gold provinces in the world

Victorian Goldfields

• Exploring for the next major gold deposit in Victoria, close to Fosterville

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• Major projects in the Bendigo Zone: advanced exploration/drill programs at:

• Castlemaine Gold Project ( 5.6Moz historical production)[1]

• South Muckleford Gold Project ( 2.1Moz historical field production)[1]

–

Pilbara Craton

• Ashburton Gold Project

• Previous production of ~350,000oz @ 3.3g/t Au in 1998-2004

• Current JORC Code (2012) Resource of 1.65Moz comprised of 20.8Mt @ 2.5g/t Au[2]

• Highly prospective Sisters Gold Project along strike from De Grey’s Hemi discovery

• Significant lithium potential identified at 100% owned DOM’s Hill Project in the Pilbara[3]

Our strategy is to acquire and discover gold projects that create tangible shareholder value

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1. Willman et al 2002 Geology Survey Victoria, Report 2. ASX: KZR 23 June 2020 3. ASX: KZR 8 July 2021

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Corporate Overview

Substantial Shareholders

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29.1%
51.4%
7.5%
7.5%
2.0%
2.5%
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Mutual Trust (Doux Argent Pty Ltd)

Beatons Creek Gold (Novo Resources)

2176423 Ontario Ltd (Eric Sprott) HSBC Nominees

BNP Paribas Nominees

Remainder

Board & Management Capital Structure

Shares 134,181,434 Performance Rights 4,250,000 Unlisted Options 41,410,000 Market Cap ($0.36) A$48.3m Cash[1] A$7.1m 1. As at 31 March 2021

Luke Reinehr Executive Chairman/CEO Angus Middleton Non-Executive Director Paul Adams Non-Executive Director Bernard Crawford CFO/Company Secretary Dr. Luke Mortimer Exploration Manager - East Matthew Rolfe Exploration Manager - West Dr. Quinton Hennigh Technical Advisor

Options

$0.80 exp. 24/08/21 20.0m $0.25 exp. 30/11/21 8.9m $0.42 exp. 30/11/22 9.5m $1.04 exp. 30/11/23 1.75m $0.69 exp. 15/03/2024 1.5m

Share Price Performance

The Top 20 hold 63.1%

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Victoria: Bendigo Zone

• Bendigo Zone: 60M+ oz Au[1] at ~ 15g/t Au[2]

• Fosterville mine has global attention on Victoria[3]

• 2020 Land Release Tender (next to Fosterville)

• Kalamazoo exploring 515km[2] of major goldfields

• Right locations for next World-Class discovery[4]

• Limited modern exploration

• Castlemaine historical drilling averaged 137m

• Exploring smarter with innovative technologies

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1. Willman et al 2002, Geology Survey Victoria, Report 121, 2. Source: Ross Cayley, “Gold in Victoria – The Current State ofPlay”, 3. KLA: “A Leading Senior Gold Producer CIBC Western Institutional Investor Conference January 2020, Kirkland Lake Media release, 19 February 2020 4. ASX: KZR 20 June 2018

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Victoria: Strategy and Target Generation

• Discovering high-grade (>10g/t) large resources (1Moz+) in structurally complex goldfields

• New approach required – thinking differently

• Exploring smarter and innovating with “Low Impact” technologies:

• UltraFine+TM Soil/Mica Sampling Programs (CSIRO)

• Induced Polarisation (IP), Ground Magnetic Surveys

• LiDAR, 3D Geological Modelling, Fieldwork

• Different techniques for specific geological settings

• 10 high priority prospects already identified:

• Mustang and Lightning - drilled

• Fentiman: epizonal Au/Sb target – drilling underway

• South Muckleford

• Wattle Gully extensions

• Extensive programs over next 24 months

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Fentimans
Prospect
Mustang Lightning
Prospect Prospect
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Kalamazoo’s First Two Drill Programs

• Mustang ~4,500m drill program March 2020 with high grade intersections (e.g. 1.42m@ 261g/t Au )[1]

• Lightning ~1.800m drill program December 2020 highgrade/anomalous intersections (e.g. 0.8m at 11 g/t Au and 0.4m at 12 g/t Au )[2]

• Mustang and Lightning now over a 2.5km mineralized trend:

• High grade structurally complex mineralisation similar to nearby Wattle Gully Mine and Fosterville style

• Shallow-dipping fault structures, cross-cut anticline-syncline folds

• Highly prospective requiring further investigation and testing

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Three coarse gold-in-quartz specimens discovered by a third party north of the Lightning Prospect. These are not the property of Kalamazoo.

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1. ASX: KZR 29 April 2020 2. ASX:KZR 22 December 2020

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Victoria: Fentiman’s Reef Project

• :

• South Muckleford Project – new discovery[1]

• Broad epizonal high-grade Au-Sb mineralised system

• Similar system to Fosterville and Costerfield

• Long mining history, high grade ( ~1 oz/t Au and ~43% Sb )

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• Confirmed by geochem, IP, rock-chip sampling and mapping

• 4,499m RC drill program completed[2]

• Early drilling results and assays have identified multiple shallow epizonal Au-Sb-As mineralised reef structures

• Follow up diamond drill program underway to further test structural targets

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8 1. ASX: KZR 22 December 2020 2. ASX: KZR 22 July 2021

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Victoria: Tarnagulla Gold Project

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• Tarnagulla Gold Project centrally located within the historic Tarnagulla goldfield (561,000 oz Au)[1]

• Ultrafine+[TM] soil geochemistry sampling program with CSIRO completed October 2020[2]

• Significant 1.4km long linear gold in soil anomaly (>100 ppb Au) consistent with a trend of historical high-grade hard rock mine workings

• Historic “Poverty Reef” Mine (360,000oz @ 92 g/t Au) just 1km along strike to the south

• ~2,000m RC drilling program planned for Q4 4 2021

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9 1. ERR VIMP Report 71 2. ASX: KZR 22 July 2021

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Pilbara: Ashburton Gold Project Location

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Kalamazoo’s Ashburton Project of 1.65Moz @

• 2.5g/t compares well on grade with Pilbara peers:

• De Grey’s Mallina Project (9Moz @1.2g/t)[1]

• Calidus’ Warrawoona Project (1.5Moz @1.1g/t)[2]

• Capricorn’s Karlawinda Project (2.1Moz @0.8 g/t)[3]

• Novo’s Beatons Creek Project (~0.9Moz)[4]

• 1.65Moz sulphide/oxide resource: potential for significant expansion and development

Maiden drilling program completed Dec. 2020

• ~12,000m Phase 2 drilling program underway

Development plans and metallurgical studies

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1. ASX: DEG 23 June 2021, 2. ASX: CAI 29 June 2020, 3. ASX: CMM 12 May 2020, 4. Novo Resources Media release 4 August 2020

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Pilbara: Ashburton Gold Project Strategy

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• Important Tier 1 Jurisdiction: Western Australia is the world’s top-ranked mining region[1]

• Project has significant brownfields and regional greenfields exploration potential

• Aiming to expand resource well past 2Moz

• Maiden ~5,800m drilling program completed December 2020[2]

Drilling at the Waugh Prospect November 2020

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Fully operational exploration camp

Major follow up drilling programs for 2021 season designed to substantially increase current resource

Experienced team led by Paul Adams

Northern Star’s 2013 plan: build initial 100,000oz pa. oxide CIL plant, then a Stage 2 sulphide circuit

• Gold price in 2013 fell to ~ A$1,300 (now A$2,300 )

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11 1. Fraser Institute Annual Survey of Mining Companies 2019 2. ASX: KZR 5 January 2021

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Pilbara: Ashburton Gold Project Resource

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Mineral Resource JORC Code (2012) of 20.8Mt @2.5g/t for 1.65M oz Au

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Pilbara: Phase 1 Waugh Prospect Drill Program

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• Maiden 5,781m drilling program at the Ashburton Gold Project was completed in late December 2020[1]

Prospective thick quartz/ironstone units intersected, characteristic of ‘Waugh Type’ mineralisation[2]

• Waugh intersections include:

• 9m @ 5.52 g/t Au including 1m @ 22.1 g/t Au

• 9m @ 3.03 g/t Au including 2m @ 9.71 g/t Au

• 9m @ 4.03 g/t Au including 1m @ 17.8 g/t Au

• • 7m @ 4.25 g/t Au including 3m @ 7.99 g/t Au

Waugh surface gold anomalism extends for 1,300m

A highly prospective siltstone unit hosting the Waugh Prospect outcrops for over 20km and has only been tested with minimal historical drilling

Mt Olympus resource drilled to provide bulk samples for gold deportment studies & metallurgical testwork

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13 1. ASX: KZR: 5 January 2021 2. ASX: KZR 27 October 2020

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Pilbara: Current Drill Program

• Phase 2 ~12,000m drilling program at the Ashburton Gold Project has commenced

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Pilbara: The Sisters Gold Project

• The Sisters Gold Project along same shear zone as De Grey’s world class Hemi discovery[1]

• Ultrafine+[TM] soil sampling and airborne surveys have identified 5 highly prospective drill targets

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• First RC drilling program planned 2[nd] H 2021[2]

• ~5,000m drill campaign targeting distinct trends of gold-in-soil highs at Wattle Plains Prospect

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1. ASX: DEG 17 December 2019, 6 February 2020, 27 May 2020, 5 June 2020, 9 June 2020 2. ASX: KZR 5 November 2020

Pilbara: DOM’s Hill Project - Lithium

• Recent studies and field reconnaissance have identified significant pegmatite-hosted lithium mineralisation potential at 100% owned 122km[2] gold and base metals project

• East Pilbara region hosts two of the world’s largest pegmatite-hosted lithium mines at Pilgangoora (Pilbara Minerals) 50kms to south-west and Wodgina (Mineral Resources)

• 25km strike of prospective 1-10km wide Archaean granite-greenstone contact zone, otherwise known as the “Goldilocks Zone” which is highly prospective for pegmatite-hosted lithium mineralization

• Exploration program underway including first-pass soil sample analyses and further field exploration reconnaissance activities to fast-track to a drill-ready status

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1. ASX: DEG 17 December 2019, 6 February 2020, 27 May 2020, 5 June 2020, 9 June 2020 2. ASX: KZR 5 November 2020

ASX Gold Peer Valuations[1]

Enterprise value per total Mineral Resource[2 ] ounce

$300

$262

$250

$218

$200

$150

$129

$100

$50

$96 $82 $69 $67 $72 Av . $58 $55 $52 $50 $36 $34 $33 $32 $30 $27 $26 $14

$-

Note: Nil ounce value allocated to Kalamazoo’s Pilbara or Victorian Gold Projects

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1. Source data provided in Appendix 1 2. Includes Measured, Indicated and Inferred Mineral Resources

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Investment Highlights

✓ Major assets in two of the most highly rated gold provinces in the world today

✓ Searching for the next Victorian world-class discovery utilising latest technologies

✓ Ashburton Gold Project - expanding 1.65Moz @ 2.5g/t Au resource towards development[1]

✓ Eric Sprott and Novo Resources are strategic cornerstone investors

✓ Fully funded: $7.1m cash and $2m Novo shares[2]

✓ Building on past work, the 2021 exploration/drilling programs are underway across portfolio

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1. ASX: KZR 23 June 2020 and ASX: 5 January 2021 2. ASX: KZR 23 September 2020

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Contact Us

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Luke Reinehr

Chairman/CEO Unit 3, 328 Reserve Road Cheltenham 3192, Victoria +61 3 9988 9007 luke.reinehr@kzr.com.au

Paul Adams

Director 16 Douro Place West Perth 6005, Western Australia 1300 782 988 paul.adams@kzr.com.au

Taylor Collison Tom Whiting +61 02 9377 1500 twhiting@taylorcollison.com.au

Victoria Humphries

Investor Relations +61 (0) 431 151 676 victoria@nwrcommunications.com.au

Focus Communications

Leo Karabelas: leo@fcir.ca Tom Panoulias: tom@fcir.ca

ACN: 150 026 850 ASX: KZR FRA: KR1 www.kzr.com.au

Appendix 1

Source Data for EV/Resource ASX Gold Peer Comparison

Company	BGL	MGV	CAI	GMD	KIN	AOP	VAN	STN	HRZ	KAI	OBM	BDC	AUC	RXL	LCD	BRB	KZR	HRN	MDI
Price (ASX Closing Price)	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021	6/08/2021
Shares (Appendix 2A/3B)	6/08/2021	3/02/2021	4/06/2021	10/06/2021	6/08/2021	1/07/2021	13/07/2021	6/07/2021	5/10/2020	20/07/2021	9/07/2021	16/03/2021	10/05/2021	15/06/2021	3/06/2021	15/09/2020	27/07/2021	16/04/2021	28/05/2021
Cash (Appendix 5B)	29/07/2021	30/07/2021	21/07/2021	29/07/2021	13/07/2021	29/07/2021	30/07/2021	30/07/2021	20/07/2021	30/07/2021	28/07/2021	29/07/2021	30/07/2021	26/07/2021	28/07/2021	2/08/2021	29/07/2021	30/07/2021	29/07/2021
Debt (Appendix 5B)	29/07/2021	30/07/2021	21/07/2021	29/07/2021	13/07/2021	29/07/2021	30/07/2021	30/07/2021	20/07/2021	30/07/2021	28/07/2021	29/07/2021	30/07/2021	26/07/2021	28/07/2021	2/08/2021	29/07/2021	30/07/2021	29/07/2021
Mineral Resource (ASX Announcement)	8/07/2021	11/11/2020	29/06/2020	29/03/2021	17/05/2021	20/04/2021	20/05/2020	28/01/2021	27/04/2021	4/03/2020	17/03/2021	29/03/2021	15/04/2021	23/06/2021	18/05/2021	29/04/2021	23/06/2020	12/02/2021	17/11/2020
Project Stage	Feasibility Study	Feasibility Study	Develop.	Feasibility Study	Exploration	Exploration	Exploration	Exploration	Feasibility Study	Exploration	Develop.	Feasibility Study	Exploration	Exploration	Exploration	Exploration	Exploration	Exploration	Feasibility Study

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