LIBERTY METALS LTD — Annual Report 2021

Oct 28, 2021

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Traka Resources Limited

ABN: 63 103 323 173

29 October 2021

Company Announcements Office ASX Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

2021 Annual Report

Attached is a copy of the Traka Resources Limited 2021 Annual Report.

By authority of the board.

P C Ruttledge Company Secretary

Suite 2, Ground Floor, 43 Ventnor Avenue, West Perth, Western Australia 6005 PO Box 601, West Perth, Western Australia, 6872 Tel: +61 8 9322 1655 Fax: +61 8 9322 9144

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Annual Report 2021

Traka Resources Limited ABN 63 103 323 173

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Traka Resources Limited Annual Report 2021

ABN 63 103 323 173

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CONTENTS	PAGE	PAGE
Corporate Directory		2
Managing Director’s Report		3
Directors’ Report		13
Statement of Proft or Loss and Other Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Directors’ Declaration Auditor’s Independence Declaration Independent Auditor’s Report Shareholder Information Mineral Resources Statement Schedule of Tenements		23 24 25 26 27 47 48 49 52 54 55

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Corporate Directory

Directors

Joshua Pitt BSc, MAusIMM, MAIG, Non-Executive Chairman Patrick Verbeek BSc, MAusIMM, Managing Director George Petersons, Non-Executive Director

Company Secretary

Peter Ruttledge BSc, CA, FFin

Principal and Registered Office Suite 2 Ground Floor 43 Ventnor Avenue West Perth WA 6005 Ph: (08) 9322 1655 Fax: (08) 9322 9144 Email: traka@trakaresources.com.au Web: www.trakaresources.com.au

Auditor

HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000

Share Register

Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace PERTH WA 6000 Telephone (08) 9323 2000 Facsimile (08) 9323 2033

Stock Exchange Listing

Traka Resources Limited (TKL) shares are listed on the Australian Securities Exchange

Corporate Governance

The company’s Corporate Governance Statement is set out on: http://www.trakaresources.com.au/corporate-governance

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Managing Director’s Report

Mt Cattlin Gold Project

I am pleased to report on what has been a busy and productive period for Traka Resources in the 2021 financial year, with the move to 100% ownership of the rights over all metals (excluding pegmatitebearing lithium and tantalum) at the Mt Cattlin Gold Project in Western Australia signalling the start of an exciting new strategic focus for the Company.

The Mt Cattlin Gold Project is located in southwestern Western Australia in a proven mining district that includes Galaxy Resources’ Mt Cattlin Lithium Mine (located immediately to the south of Traka’s tenements), the Ravensthorpe Nickel Mine (First Quantum Minerals Ltd) and the Ravensthorpe Gold Project (Medallion Metals Limited). The Company’s

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tenements at Mt Cattlin comprise a prime strategic ground-holding in the emerging Ravensthorpe Greenstone Belt, which remains historically underexplored despite hosting numerous significant mining operations.

Traka originally acquired the Mt Cattlin Project in 2003 with a focus on gold exploration and delivered high-grade results from drilling at the Maori Queen and Sirdar mine targets. However, the low prevailing gold price at the time (US$400/oz) and the lack of gold mills in the region saw the Company’s focus move elsewhere.

Galaxy Resources acquired an 80% interest in the tenements in 2009 with a focus on lithium and tantalum exploration, with Traka retaining a 20% free-carried interest. In July 2020, Traka exchanged its 20% free-carried interest for 100% of the rights over all metals excluding lithium and tantalum.

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Since re-commencing exploration programs at Mt Cattlin, Traka has undertaken high-resolution aeromagnetics, Induced Polarisation (IP), geochemistry and geological mapping programs, as well as more than 3,500m of drilling. Most of the drilling was geared towards the completion of JORC 2012 compliant maiden Mineral Resource estimates at the advanced Maori Queen and Sirdar prospects, while some new targets were also investigated. The declaration of Resources will enable conversion of the existing Exploration Licence to a Mining Licence – an important step towards any future mining operations, but also one which allows the time for the numerous other mineralised positions to be drilled.

The Company’s recent exploration activities have highlighted that all historical mines and newly-identified targets at Mt Cattlin are located within or immediately peripheral to a large 3.5 x 1.5 km elliptical shaped porphyry-style intrusive complex (Figure 1). We believe there is excellent scope to discover large gold-copper resources within this complex, with follow-up exploration now underway.

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Figure 1. The Mt Cattlin Gold Project on a Google Earth image showing the position of the Maori Queen and Sirdar prospects and other targets within the porphyry intrusive complex geological setting.

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Mineral Resources and Exploration Targets* at Maori Queen and Sirdar

The JORC 2012 compliant Mineral Resource Estimates for the Maori Queen and Sirdar deposits total 165,094 tonnes @ 3.94 g/t Au (22,940 oz Au) (Refer the Mineral Resources Statement set out in this Annual Report). These deposits were readily defined in shallow positions where there was previous drilling and mining and, more significantly, remain open and provide excellent scope for additional mineralisation to be drilled out in the immediate vicinity.

The Exploration Target* at Maori Queen lies in the immediate footwall and hanging-wall positions relative to the Main Lode as well as in the down-plunge position. In the footwall and hanging-wall positions, this is between 130,000 to 150,000 tonnes at a grade range of between 2.0 to 3.0g/t Au down to 120m vertical depth (Figure 2). In the Main Lode down-plunge position below 120m depth, an additional 25,000 to 35,000 tonnes at a grade range of between 5.5 to 6.5g/t Au is estimated over the 100m down-plunge extension.

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Figure 2. Cross-section view of the Maori Queen Main Lode showing the mineralised footwall and hanging-wall lodes relative to it.

At Sirdar, the Company has identified extensions of mineralisation below a shallow east-dipping pegmatite, representing an Exploration Target* of 120,000 to 160,000 tonnes at a grade range of between a 2.5 to 3.5g/t Au down-plunge over 100m vertical depth of the Mineral Resource position (Figure 3).

*Exploration Targets: The potential quantity and grade of the Exploration Targets at Maori Queen and Sirdar is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Figure 3. Schematic view of the 1.0 g/t Au bottom cut-off mineralised model of Sirdar showing the stacked high-grade gold shoots above the east-dipping pegmatite dyke, the IP anomaly position and the drill hole intersection in drill-hole RAGD038.

New exploration targets

State-of-the-art high-resolution aeromagnetic and IP geophysical surveys in addition to soil geochemistry and geological mapping have been completed over the project area.

This work has provided a very effective layer of new information which has added perspective and, most significantly, has highlighted that all historic and newly-recognised mineralised positions within the project appear to be part of a large porphyry intrusive complex. This finding significantly expands the scope of the project beyond the limits of the relatively small-scale historic mines to that of larger gold and copper intrusivestyle mineralised bodies. The combination of shallow, narrow high-grade mineralised bodies peripheral to larger intrusives bodies is an exciting possibility.

One of the compelling targets highlighted by the recent work is a 1km long north-east trending gold-in-soil geochemical anomaly extending between the Maori Queen and Lone Hand mines. A number of high-grade mineralised shoots on the southern side of a large intrusive associated with vertical zones of high resistivity and shearing characterises this trend (Figures 4 and 5).

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Figure 4. Resistivity anomalies (green zones) with all drilling, old and new, shown. Wide-spaced drilling over a 1 km mineralised shear zone on the southern margin of a large intrusive.

Two drill-holes testing resistivity anomalies were completed with both intersecting mineralisation. A few widely spaced and shallow drill holes from 1980’s drilling around old workings also intersected mineralisation, attesting to the overall potential along the shear.

These were to the side of what we now believe to be the high-grade shoots. One of our two new drill-holes was at the old Maori Chief Prospect, which is about 300m from Maori Queen. Here, drill-hole RAGC054 returned 2 metres @ 4.16 g/t Au. The second drill-hole, RAGC056, at Maori Prince intersected 4 metres @ 20.44 g/t Au including 1.0 metre @ 79.60 g/t Au. Additional drilling along the shear zone and particularly on the resistivity anomalies is now being undertaken as part of the drill program currently underway (Figure 5).

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Figure 5. A long section with Resistivity Anomaly chimneys and drill-hole intersections, indicating the presence of other highgrade gold shoots like that at Maori Queen.

Another compelling target, this time an example of the intrusive-style mineralised bodies, is located at the Revelation Prospect. These intrusiverelated targets are evident as coincident bullseye aeromagnetic and multi-element soil geochemical anomalies.

At Revelation, the anomaly extends over 500 metres in length (Figure 6). A single traverse of drilling, which included a drill-hole completed by Traka in 2003, highlighted a 30-metre-wide sulphide-rich gold-copper zone at about 150 metres depth. The peak intersections are shown on Figure 7 in drillholes RAGC058 and RAGC059.

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Figure 6. An aeromagnetic image showing a bullseye anomaly (underlying green colour) with the anomalous soil geochemical footprint (copper, arsenic and gold) draped over the top.

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Figure 7. A combined aeromagnetic and XCITE image showing the FRFZ and target positions.

Figure 7: Cross-section through the Revelation Prospect showing drillholes RAGC058 and RAGC059 and Traka’s drillhole in 2003.

It is evident that the mineralisation is open in all directions, which is encouraging, but equally important is the fact that no previous drilling anywhere on the project has previously encountered this style of mineralisation.

The extensive widths, the abundant sulphides and a strong association of the gold-copper mineralisation with the gangue magnetite and garnet minerals indicate skarn alteration characteristic of porphyry intrusive mineralisation. This is an exciting opportunity and certainly a contrast to the narrow high-grade shear

style mineralisation like that at Maori Queen. They also provide better opportunities for the definition of larger-scale resources.

Other than at Revelation, there are six other aeromagnetic bullseye anomalies identified which are indicative of buried intrusives (Figure 8). For the most part, these remain to be drilled, having only been identified for the first-time last year along with the numerous other targets around shear zones and the old mining centres.

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Figure 8: An aeromagnetic image showing bullseye anomalies (red colours) like that at the Revelation Prospect. The Maori Queen, Chief and Prince anomalies are on the edge of a large intrusive with skarn like magnetite and garnet alteration characteristic of porphyry intrusive complexes.

A 6-8,000 metre drill program is currently underway to test many of the targets identified.

The opportunity to make a significant new discovery on the Mt Cattlin Gold Project is as good as it gets in the otherwise high-risk exploration business we are pursuing. It will take several more programs of work to drill and evaluate this project, but we are off to a good start.

Subsequent to the end of the financial year

Traka mobilised a drill rig to site in August 2021 to commence the Company’s next phase of high-impact exploration at Mt Cattlin. The program will comprise 6-8,000m of predominantly Reverse Circulation (RC) drilling, with provision for some diamond drilling to test deeper targets or where better structural and geological data is required.

The new phase of drilling will focus predominantly on new target areas and will have a broader focus, namely:

1. To test new prospects with the potential to host shallow, high-grade gold mineralisation similar to that at Maori Queen and Sirdar as well as down-plunge extensions of the Sirdar deposit; and

2. To test multiple deeper intrusive-related porphyry gold-copper targets at Revelation, Ellendale, Grafter and Plantagenet, which are prospective for larger tonnage mineralised bodies, and to test large bulls-eye targets identified by aeromagnetic surveys which may indicate the presence of additional untested intrusives.

The drill program is expected to continue until October/November.

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Gorge Creek Project

There was no reportable activity at the Gorge Creek Project during FY2021, but exploration programs are currently being planned to re-commence in the FY2022 field season. The focus of activity at Mt Cattlin combined with COVID travel restrictions and dry-season-only project access has prevented the various plans to re-invigorate exploration at Gorge Creek.

Corporate

In August and September 2020, the Company completed a share placement followed by a non-renounceable entitlement offer raising $2,236,181 before costs.

Subsequent to the end of the financial year, in July and August 2021, the Company raised further capital by way of a placement and a share purchase plan which raised $1,619,000 before costs.

These funds provided working capital for the Company’s exploration activities at the Mt Cattlin Gold Project.

Compliance Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr P Verbeek, who is the Managing Director of Traka Resources Limited. Mr Verbeek, who is a Competent Person and a Member of the Australasian Institute of Mining and Metallurgy, has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Verbeek consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

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Drilling at Mt Cattlin Gold Project

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Testing samples using XRF

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Notes to the Financial Statements For the year ended 30 June 2021

NOTE 24 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(f) Accounting standards and interpretations (continued)

As a result of this review, the directors have determined that there is no material impact of any new and revised Standards and Interpretations issued on the Company and therefore no material change is necessary to accounting policies.

New accounting standards and interpretations in issue, not yet adopted

The directors have also reviewed all of the new and revised Standards and Interpretations issued, but not yet effective, that are relevant to the Company and effective for the reporting periods beginning on or after 1 July 2020.

As a result of this review, the directors have determined that there is no material impact on the Company for any new and revised Standards and Interpretations, but not yet effective, and therefore no material change is necessary to accounting policies.

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Shareholder Information

As at 21 September 2021

NUMBER OF EQUITY SECURITIES

Shares Ordinary shares fully paid Options over unissued shares Exercisable at 4.67 cents expiring 16 November 2021 Exercisable at 1.75 cents expiring 4 April 2022 Exercisable at 1.03 cents expiring 28 November 2022 DISTRIBUTION OF SHARES AND OPTIONS BY SIZE OF HOLDING Holders 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001+ UNMARKETABLE PARCEL There are 436 holders of less than a marketable parcel of ordinary shares. SUBSTANTIAL SHAREHOLDERS Name Perth Capital Pty Ltd, Elohpool Pty Ltd & Associates Tattersfield Group	Listed Not listed 622,107,894 - - 2,000,000 - 650,000 - 2,000,000 - 4,650,000 Shareholders Option holders 63 - 30 - 64 - 546 4 509 3	Listed Not listed 622,107,894 -
		- 2,000,000 - 650,000 - 2,000,000
		- 4,650,000
	1,212 7
	No of Shares % 91,104,053 14.64 52,819,049 8.49

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Shareholder Information As at 21 September 2021

VOTING RIGHTS

The voting rights attaching to the ordinary shares, set out in clause 13.14 of the Company’s constitution are:

Subject to any rights or restrictions for the time being attached to any class or classes of Shares, at meetings of Shareholders or classes of Shareholders:

• a) each Shareholder entitled to vote may vote in person or by proxy, attorney or Representative;

• b) on a show of hands, every person present who is a Shareholder or a proxy, attorney or Representative of a Shareholder has one vote (even though he or she may represent more than one member); and

• c) on a poll, every person present who is a Shareholder or a proxy, attorney or Representative of a Shareholder shall, in respect of each fully paid Share held by him or her, or in respect of which he or she is appointed a proxy, attorney or Representative, have one vote for the share, but in respect of partly paid Shares, shall have such number of votes being equivalent to the proportion which the amount paid (not credited) is of the total amounts paid and payable in respect of those Shares (excluding amounts credited).

TWENTY LARGEST HOLDERS OF LISTED EQUITY SECURITIES

Holder name 1 Tattersfield Securities Ltd 2 Perth Capital Pty Ltd 3 Elohpool Pty Ltd 4 Walter Mick George Yovich 5 Bellarine Gold Pty Ltd 6 Cap Holdings Pty Ltd 7 Vermar Pty Ltd 8 Malahang Pty Ltd 9 Mr Martin I’ons + Mrs Jane Margaret I’ons 10 Mr Michael James Pauley 11 Campbell Kitchener Hume & Assoc Pty Ltd 12 Malahang Pty Ltd 13 Amal Trustees Pty Ltd 14 Hamilton Hawkes Pty Ltd 15 C G X Pty Ltd 16 Whitecombe Super Investments Pty Ltd 17 Bass Media Pty Ltd 18 Malahang Pty Ltd 19 Glyde Street Nominees Pty Ltd 20 Wythenshawe Pty Ltd

No of Shares % 51,658,679 8.30 48,115,537 7.73 34,442,803 5.54 19,302,897 3.10 18,331,197 2.95 16,052,007 2.58 12,600,000 2.03 11,273,008 1.81 10,357,142 1.66 10,010,255 1.61 10,000,000 1.61 8,834,670 1.42 7,142,857 1.15 6,605,016 1.06 6,000,000 0.96 5,723,572 0.92 5,700,650 0.92 4,714,284 0.76 4,642,857 0.75 3,902,856 0.63

295,410,287 47.49

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Mineral Resources Statement

As at 30 June 2021

PROJECT: MT CATTLIN GOLD

Commodity: Gold Traka Resources interest: 100% Location: Ravensthorpe Greenstone Belt of south-west Western Australia Review: The Company announced a maiden Mineral Resources for this project during the financial year ended 30 June 2021

Mineral Resources (JORC 2012): (Traka Resources Limited ASX announcement 22 June 2021)

	JORC category	JORC category	JORC category	JORC category	Total	Total	Total
	Indicated		Inferred				Estimated
Lti
ocaon		Grade		Grade	Tonnes	Grade	contained
	Tonnes	g/t Au	Tonnes	g/t Au		g/t Au	Ounces Au
Maori Queen Main Sirdar Sirdar	- 101,214 -	- 3.58 -	31,908 - 31,972	6.19 - 2.83	31,908 101,214 31,972	6.19 3.58 2.83	6,353 12,781 3,191
Total					165,094	3.94	22,940
Bottom cut-off grade of 1.0 g/t Au Maori Queen and 0.5 g/t Sirdar

Comparison with previous year:

The maiden Mineral Resource was announced by the Company during the current year.

Compliance Statements:

The information in this report that relates to the Mineral Resources for the Mt Cattlin Gold Project is based on information compiled by Mr Patrick Verbeek, who is the Managing Director of Traka Resources Limited. Mr Verbeek, who is a Competent Person and a Member of the Australasian Institute of Mining and Metallurgy, has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and 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 2012). Mr Verbeek has been assisted by Independent Geological Consultant, Mr Robert Seed, (BSc Geology University of Natal) who has 30+ years of professional experience in exploration, development and resource estimation of gold and base metals. Mr Seed has geostatistical, GIS and Leapfrog software proficiency and contributed to the modelling of the mineralised models and mineral calculations included in this statement. Mr Verbeek consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Governance and internal controls:

The Company is satisfied that the above statements of Mineral Resources comply with the Company’s Corporate Governance arrangements and Internal Controls.

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Schedule of Tenements As at 21 September 2021

Tenement	Location	Registered holding	Beneficial interest
E69/2749	Musgrave, WA	0%	Note 1
E69/3156	Musgrave, WA	0%	Note 1
E69/3157	Musgrave, WA	0%	Note 1
E69/3490	Musgrave, WA	0%	Note 1
EA69/3569	Musgrave, WA	0%	Note 1
P74/0370	Ravensthorpe, WA	0%	Note 2
P74/0373	Ravensthorpe, WA	0%	Note 2
E74/0401	Ravensthorpe, WA	0%	Note 2
E74/0636	Ravensthorpe, WA	0%	20%
EPM26264	Gorge Creek, QLD	100%	100%
EPM26723	Gorge Creek, QLD	100%	100%

Note 1: The Company retains a 2% net smelter royalty on all minerals produced from these tenements.

Note 2: The Company holds a 100% interest in the gold and other minerals excluding pegmatite minerals.

Key: E : Exploration licence EA: Exploration licence application P: Prospecting licence EPM: Exploration permit mineral

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Suite 2 Ground Floor, 43 Ventnor Avenue West Perth WA 6005 Ph: (08) 9322 1655 Fax: (08) 9322 9144 email: traka@trakaresources.com.au www.trakaresources.com.au

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