LEGEND MINING LIMITED — Capital/Financing Update 2023

Jun 26, 2023

ASX Announcement ASX:LEG

27 June 2023

Octagonal diamond drilling update

HIGHLIGHTS

• Diamond drillhole OCDD003 to test Target Area A has been completed with narrow zones of nickel-copper sulphide mineralisation intersected. Downhole EM (DHTEM) is now underway

• New diamond drillhole (OCDD005) designed to test primary targets at Target Area B

• Diamond drillhole OCDD004 is now underway to test Target Area C

Legend Mining Limited (Legend) is pleased to provide an update on the diamond drilling at the Octagonal prospect within the Rockford Project, Fraser Range, Western Australia (see Figures 1 and 4).

Legend Executive Chair, Mr Mark Wilson said: “There have been several encouraging aspects to both holes drilled to date with semi massive, brecciated nickel-copper sulphide remobilised into the country rock in hole 3 and mineralised intrusion at the basal contact in hole 2. It is important to note that neither hole has intersected the primary targets at Area A and Area B.

“We are awaiting downhole EM results from hole 3 before designing further holes at Area A and a new hole 5 has been designed to test the primary targets at Area B, with hole 4 currently in progress into a new Target Area C. Further updates will be provided as results come to hand.”

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Photo 1: Semi-massive, brecciated Ni-Cu sulphide from diamond drillhole OCDD003 from 501m .

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TECHNICAL DISCUSSION

Diamond drilling continues at the Octagonal Prospect at the time of writing.

Below is a summary of the exploration activities across the 3 Target Areas.

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Figure 1: Priority target areas and diamond drillholes shown with Octagonal intrusion model, IP anomalies, 2D & 3D AMT anomalies and visual Ni-Cu mineralisation on AMAG.

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TARGET AREA A

Diamond drillhole OCDD003 targeted interpreted extensions of the Octagonal intrusion based on seismic interpretation. Beyond this, the drillhole was designed to test the extension of a highly chargeable IP trend before continuing to test the top of a large AMT conductor (see Figures 1 and 2). Narrow ‘fingers’ of intrusion were encountered where the intrusions was predicted to extend from seismic interpretation. Narrow zones of Ni-Cu sulphide mineralisation were also intersected, including a zone of semi-massive, brecciated Ni-Cu sulphide (see Photo 1) which has been remobilised into the metasedimentary country rocks. This is further evidence of the Octagonal intrusion cracking into the surrounding country rock, and an encouraging sign for deposition of Ni-Cu sulphide given the right structural trap.

Early indications are that the moderate level (5-10 ohm-m) AMT target is derived from magnetite. The drillhole was ceased at 909.4m due to a distinct change in geology, specifically a transition to a mafic gneiss and orthogneiss assemblage, which is interpreted as the Nova footwall sequence (below the Nova intrusion). DHTEM is underway at the time of writing to assess if extending drillhole OCDD003 is warranted or drilling of a new drillhole.

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Figure 2: Section B-B’ showing drillhole OCDD003 on seismic section and downhole geology.

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TARGET AREA B

Diamond drillhole OCDD002 dropped more than the planned trajectory, which would have resulted in the drillhole missing the primary seismic and AMT targets at Target Area B. As a result, a decision was made to cease the drillhole at 1031m. DHTEM has subsequently been conducted on OCDD002, with no conductors identified. The primary targets of Target Area B will now be tested with a new drillhole, OCDD005 (see Figures 1 and 3).

OCDD002 delivered some highly encouraging results, including a mineralised ultramafic intrusion with blebby Ni-Cu sulphide and intense carbonate digestion at the base of the Octagonal intrusion (see photo in Figure 3). This is an important indicator as the favourable carbonate horizon is a key stratigraphic marker unit for NiCu mineralisation at the Nova-Bollinger deposit. These visual intersections confirm the prospectivity of the Octagonal intrusion at depth and validate Legend’s exploration model to test the base and below the Octagonal intrusion.

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Figure 3: Section A-A’ showing drillhole OCDD002 on seismic section and downhole geology, with proposed drillhole OCDD005 and primary seismic and AMT targets .

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TARGET AREA C

Target Area C will see diamond drillhole OCDD004 target the interpreted ‘keel zone’ of the Octagonal intrusion based on seismic interpretation (see Figure 1). This zone is defined by a junction of structures interpreted to be the source pathway of the Octagonal intrusion. The drillhole is designed to test the eastern hanging wall contact, which is the site of numerous Ni-Cu intercepts to date from previous drilling. OCDD004 will then test the Octagonal intrusion through to the basal contact position. DHTEM will be completed on completion of the drillhole.

Diamond drilling of OCDD004 is underway at time of writing (see Photo 2).

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Photo 2: Diamond drilling continues at Octagonal at Target Area C.

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FUTURE OCTAGONAL PROGRAMME

• Diamond drilling of OCDD004 into Target Area C

• Diamond drilling of OCDD005 into Target Area B

• DHTEM on OCDD003

• DHTEM on OCDD004 and OCDD005 once completed

• Downhole petrophysics on completed drillholes

• Assaying of selected intervals

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Figure 4: Rockford Project Prospect Locations on Gravity.

Authorised by Oliver Kiddie, Managing Director.

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Appendix 1 – Summary Drill Log of Ni-Cu Mineralisation

Hole	Interval	Sulphide Mode	Sulphide Type	Sulphide % (Visual Estimate)
OCDD002	205.54m - 205.6m	Massive sulphide	Pyrrhotite-chalcopyrite-pentlandite	>80%
OCDD002	206.88m – 210.0m	Disseminated	Pyrrhotite-chalcopyrite-pentlandite	1% - 5%
OCDD002	210.33m - 210.84m	Disseminated	Pyrrhotite-chalcopyrite-pentlandite	1% - 5%
OCDD002	317.33m - 326.99m	Disseminated	Pyrrhotite-chalcopyrite-pentlandite	1% – 5%
OCDD002	344.74m - 344.78m	Massive Sulphide	Pyrrhotite-chalcopyrite-pentlandite	>80%
OCDD002	383.68m - 383.94m	Disseminated	Pyrrhotite-chalcopyrite-pentlandite	1% - 5%
OCDD003	500.62m – 501.0m	Semi Massive	Pyrrhotite-chalcopyrite-pentlandite	40% - 80%
OCDD003	501.0m – 502.0m	Net Textured	Pyrrhotite-chalcopyrite-pentlandite	20% - 40%
OCDD003	502.0m - 502.66	Disseminated	Pyrrhotite-chalcopyrite-pentlandite	1% - 5%

Cautionary Statement: The sulphide percentage is a visual estimate of total sulphide. Visual estimates should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Legend regularly uses a portable XRF (pXRF) analyser to screen diamond drill core for mineralisation prior to cutting and sampling. This allows for understanding of the distribution of mineralisation prior to sampling to better ensure that the sampled core is representative of the type and style of mineralisation. Readings are obtained and recorded for future reference. The pXRF provides confirmation that mineralisation is present however it is not an accurate determination of the elemental concentration within the sample analysed. Limitations include; very small analysis window, possible inhomogeneous distribution of mineralisation, analytical penetration depth and possible effects from irregular rock surface. The pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.

Appendix 2 – Octagonal Diamond Drillhole Details

Hole	Type	MGA2020-East	MGA2020-North	RL	Azimuth	Dip	Total Depth
OCDD002	DD	601,685	6,602,095	267	306	-70	1,031m
OCDD003	DD	603,595	6,604,425	263	034	-65	909.4m
OCDD004* (Proposed)	DD	602,280	6,601,245	266	300	-65	1,350m (Proposed)
OCDD005 (Proposed)	DD	601,375	6,602,285	268	302	-70	1,500m (Proposed)

*OCDD004 in progress

Co-ordinates GDA2020 Zone 51

Appendix 3 - Legend Field Logging Guidelines

	Appendix 3 - Legen
Sulphide Mode	**Percentage Range **
Disseminated & blebby	1-5%
HeavyDisseminated	5-20%
Matrix	20-40%
Net-Textured	20-40%
Semi-Massive	>40% to <80%
Massive	>80%

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Oliver Kiddie. Mr Kiddie is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Legend Mining Limited. Mr Kiddie has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Kiddie consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Legend’s Exploration Results is a compilation of previously released to ASX by Legend Mining (28 March 2023, 20 April 2023, 17 May 2023, and 5 June 2023). Mr Oliver Kiddie consents to the inclusion of these Results in this report. Mr Kiddie has advised that this consent remains in place for subsequent releases by Legend of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. Legend confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters in the market announcements continue to apply and have not materially changed. Legend confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward Looking Statements

This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These forward-looking statements are based upon a number of estimates, assumptions and expectations that, while considered to be reasonable by Legend Mining Limited, are inherently subject to significant uncertainties and contingencies, involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Legend Mining Limited and any of its officers, employees, agents or associates.

Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, to date there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forwardlooking statements and Legend Mining Limited assumes no obligation to update such information made in this announcement, to reflect the circumstances or events after the date of this announcement.

Visit www.legendmining.com.au for further information and announcements.

For more information contact: Mr Mark Wilson Mr Oliver Kiddie Executive Chair Managing Director Ph: +61 8 9212 0600 Ph: +61 8 9212 0600

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Appendix 4:

Legend Mining Ltd – Octagonal Diamond Drilling Programme - Rockford Project JORC Code Edition 2012: Table 1

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • 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.	HiSeis Pty Ltd conducted a ground seismic survey between 7 November and 24 November 2022, with survey details below. • Equipment area coverage: ~19.2 km2 • Total receivers: 10 986 • Total source points: 8357 • Sample rate: 2 ms • Record length: 3 s • Source: INOVA AHV-IV (60000 lb) • Source array: 1 x AHV-IV • Source number: 2 ping pong Recording Filters: • Hi-cut: 0.8 Nyquist set to 205 Hz • Notch: out • Diversity stack: no Source Parameters: • Source spacing: 18m • Source line spacing: 108m (central area), 216m (outer area) • Sweep frequency: 3-180 Hz • Sweep length: 20 s • Sweep type: -0.8 db/oct • Source array: stacked • Tapers: 750 ms start and 350 ms end • Maximum source gaps: as required for safety • Drive level: 65% Receiver Parameters: • Group spacing: 18 m • Receiver line spacing: 108m (central area), 216m (outer area) • Geophone type: Quantum 5 Hz (geophone (PS-5GR)) and STRYDE 10 Hz (accelerometer) • Case: land • Frequency: 5 Hz and 10 Hz • Geophones per group: 1 •Geophone spacing: 18 mNo diamond drill core sampling has been undertaken.
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	•Diamond drillholes OCDD002 and 003 were pre-collared using the mud rotary technique. •No samples were recovered from the mud rotary pre-collar.

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Criteria	JORC Code Explanation	Commentary
	tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	•The remainder of the holes were diamond drilled with HQ then NQ coring to end of hole. •Terra Drilling completed the diamond drilling.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • 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.	•Drill core sample recoveries for the HQ-NQ core were measured and recorded in drill log sheets. •Drill core orientation was recorded when possible at the end of each drill run (line on bottom of core). •No diamond drill core sampling has been undertaken.
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.	•Geological logging of drillholes OCDD002 and 003 included; lithology, grainsize, texture, structure, deformation, mineralisation, alteration, veining, colour, weathering. •Drill core logging is qualitative and based on drill core retained in core trays. •The drillholes were logged in their entirety.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core 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.	•No diamond core sampling has been undertaken.

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Criteria	JORC Code Explanation	Commentary
	• Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • 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.
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.	•Significant intersections were verified by senior exploration personnel. •Primary data was collected in the field using a set of standard logging templates and entered into a laptop computer. •The data was forwarded to Legend’s database manager for validation and loading into the company’s drilling database.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	•The drillhole collars were surveyed with a handheld GPS unit with an accuracy of ±5m which is considered sufficiently accurate for the purpose of the drillhole. •All co-ordinates are expressed in GDA2020 datum, Zone 51. •Regional topographic control has an accuracy of ±2m based on detailed DTM data.
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 continuity	•No regular drill hole spacing has been set with individual holes designed to intersect specific targets. •Diamond drillholes OCDD002 and 003 were designed to test seismic, IP and AMT features.

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Criteria	JORC Code Explanation	Commentary
	appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.
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.	•The relationship between drill orientation and mineralisation is unknown.
Sample security	• The measures taken to ensure sample security.	•No diamond drill core sampling has been undertaken.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•Internal audits/reviews of seismic procedures are ongoing, with external reviews managed by Terra Resources Pty Ltd.

Section 2: Reporting of Exploration Results

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	•The Rockford Project comprises nine granted exploration licences, covering 2,336km2, (Legend manager). •Rockford JV tenements: E28/2188, 2189, 2192 (70% Legend, 30% Rockford Minerals Pty Ltd) E28/1716, 1717, 1718, 1727 (70% Legend, 30% Ponton Minerals Pty Ltd). •Legend 100%: E28/2404, 2405. •The Project is located 280km east of Kalgoorlie mostly on vacant crown land with the eastern portion on Kanandah Pastoral Station. •Tenements E28/1716, 1717, 2192, 2405 are covered by the Upurli Upurli Nguratja Native Title Claim. •Tenements E28/2188, and E28/2189 are covered 20% and 85% respectively by the Untiri Pulka Native Title Claim with the remaining area covered by the Upurli Upurli Nguratja Native Title Claim. •Tenements E28/1718 and E28/1727 are covered 90% and 20%, respectively by the Ngadju Native

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Criteria	JORC Code Explanation	Commentary
		Title Claim with the remaining area covered by the Upurli Upurli Nguratja Native Title Claim. •Tenement E28/2404 is covered 100% by the Ngadju Native Title Claim. •The tenements are in good standing and there are no known impediments.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by otherparties.	•Not applicable, not referred to.
Geology	• Deposit type, geological setting and style of mineralisation.	•The primary target is Nova style nickel-copper mineralisation hosted in mafic/ultramafic intrusives within the Fraser Zone of the larger Albany- Fraser Orogen. •Secondary targets include VMS style zinc-copper-lead-silver mineralisation and structurally controlled Tropicana style gold.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	•See Appendix 2.

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Criteria	JORC Code Explanation	Commentary
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.	•No assay results have been received.
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 down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).	•The drill core has been oriented to enable structural logging and evaluation of true thicknesses of the mineralised intervals. •Drillhole intercepts/intervals are measured downhole in metres.
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.	•Project and drillhole location maps and seismic sections have been included in the body of the 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.	•All significant results are reported.
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;	•Detailed high quality aeromagnetic and gravity datasets, aircore drilling, ground EM surveys and DHTEM surveys have been used to target drilling. • Highpower EM Geophysical Services Pty Ltd completed high powered moving loop electromagnetic

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Criteria

JORC Code Explanation

metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Commentary (MLTEM) surveying over the Octagonal prospect.

MLTEM Details

• Loop Size: 300 x 300m, single turn

• Line/Station Spacing: 500/250m spaced lines with 100m stations

• Transmitter: HPEM HPTX (200 amps)

• Receiver: EMIT SMARTem24

• Sensor: HT SQUID LANDTEM 3 component B field sensor

• Time base/freq.: 0.25Hz (500msec time base), 0.5-1.0msec ramp

• GEM Geophysics Pty Ltd completed downhole electromagnetic (DHTEM) surveying in diamond hole OCDD002.

DHTEM Details

•  Loop Size: 800mx800m single turn  Station Spacing: 10-20m intervals  Sensor: B-field DigiAtlantis

•  Base/frequency: 0.25Hz, 1,000ms time base, 0.5-1.0ms ramp

•  Stacking: ~32+ stacks, 2-3 repeatable readings

Further work

• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Submit selection of OCDD002 and OCDD003 for geochemical analysis.

• Full integration of geological, structural, geophysical (including seismic), and geochemical data.

• Plan further diamond drillholes.

• Plan further EM surveys.

• Petrophysical property measurements

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