MANY PEAKS MINERALS LTD — Capital/Financing Update 2023

Jun 12, 2023

ASX Announcement

13 June 2023

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OVER 1% COBALT RETURNED FROM HEAVY MINERAL SEPARATION TESTS

Highlights

• Preliminary heavy mineral (HM) separation results significantly upgrade cobalt values;

• 1.06% cobalt value returned in HM from 1.05m @ 0.252% cobalt, hole CODD01

• 1.17% cobalt returned in HM from 1.35m @ 0.038% cobalt, hole CODD02

• HM separation results average 0.69% cobalt and 0.21% nickel in the cobalt horizon from previously reported 4 diamond holes

• The sub-horizontal cobalt horizon and heavy mineral sands visually identified at shallow depths in 30 air core holes across a 4km lateral extent – analyses pending

• Drilling has commenced covering a 40km[2] target area at the Plateau Cobalt Project to define the extent of cobalt and heavy mineral sands mineralisation

Many Peaks Gold Limited (ASX:MPG) ( Many Peaks or the Company ) is pleased to announce the initial HM separation test results for the Plateau Cobalt Project (Plateau Project) in central Queensland. Results confirm dense media separation has concentrated cobalt mineralisation hosted in manganese oxides. Samples from the first four diamond holes (ASX announcement dated 25 May 2023) each intersected cobalt mineralisation returning grades up to 0.252% cobalt over 1.05m. The cobalt mineralisation is associated with manganese oxide (0.85m to 2m thick in initial 4 holes) overprinting the base of an approximate 20m thick profile of alluvial sand, enriched in heavy mineral sands (HMS), at the Plateau Project.

Many Peaks’ Executive Chairman, Travis Schwertfeger commented:

“Preliminary mineral separation results underpin the potential for low-cost beneficiation of cobalt mineralisation at the Plateau Project. The Company is now focussed on assessing the tonnage and value potential of the Plateau Project through more advanced mineralogical assessment. The current drilling program is designed to explore a significant portion of a larger 8km by 18km target area where the shallow, bulk tonnage potential for mineralisation remains significant.”

Heavy liquid separation successfully concentrated combined cobalt-manganese oxide and HMS across all four diamond holes analysed. Hole CODD002 yielded 3.6% HM in the gravity separation, which assayed 1.17% cobalt from the sample interval and returned 1.35m @ 0.038% cobalt. Overall, separation tests average 5.6% HM across the four holes tested and returned an average of 0.69% cobalt and 0.21%Ni in the HM.

Further assessment work is planned to define mineralogy and mineral chemistry of valuable heavy minerals (VHM) and critical minerals within the HM concentrate (HMC). Separation of the cobalt in manganese oxides is also proposed.

The potential remains to generate multiple VHM products and upgrade cobalt values in the manganese oxide concentrate from the Plateau Project by conventional, physical separation methodologies (magnetic, electrostatic and gravity separation).

manypeaks.com.au/

E: info@manypeaks.com.au A: Level 1, 50 Ord Street West Perth WA 6005 P: +61 8 9480 0429

ASX:MPG

ACN 642 404 797

@ManyPeaksASX ManyPeaksGold

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Gravity Separation Study

Sample material from previously reported diamond drill results, at the Plateau Project (ASX announcement dated 25 May 2023), were resubmitted for further analyses following gravity separation testwork. The preliminary testwork was designed to assess if the manganese oxides, overprinting a profile of HMS, are amenable to gravity separation. The drill sample was crushed to pass a 1mm oversize screen and the minus 38 micron (Slimes) fraction was washed from the resultant sand fraction which was then- subjected to a Heavy Liquid Separation (HLS). The HM fraction separated successfully and returned an average in-ground HM content of 5.6% and a significant increase in both cobalt and nickel content in the HMC.

Results are summarised by hole in Table 1 below, where upgrades from the original drill assays include hole CODD01 that returned 0.252% (2,520ppm) cobalt in the total sample, was upgraded to a value of 1.06% cobalt in the gravity concentrate. Previously, below detection nickel values returned 0.32% nickel in the HMC.

Similarly, CODD02 returned 0.038% (380ppm) cobalt and below detection nickel values over a 1.35m interval from 13.35m depth and the HM concentrate returned 1.17% cobalt 0.41% nickel in 3.6% HM.

Gravity separation tests have successfully demonstrated effective concentration of manganese oxide minerals containing cobalt and nickel.

Table 1: Summary of Heavy Mineral (HM) Separation test results.

HoleID	Interval Type	Interval Type	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM	From (m) To (m) Drill Thickness (m) HM (%) Slimes (%) Cobalt (%) in HM Nickel (%) in HM
CODD01	HMS	including	0.00	19.55	19.55
	Cobalt/HMS		18.50	19.55	1.05	8.7%	14.4%	1.06%	0.32%
CODD02	HMS	including	1.00	15.50	14.50
	Cobalt/HMS		13.35	14.70	1.35	3.6%	18.6%	1.17%	0.41%
CODD03	HMS	including	5.30	7.85	2.55
	Cobalt/HMS		5.85	6.70	0.85	5.0%	27.2%	0.18%	0.05%
CODD04	HMS	including	0.00	20.65	20.65
	Cobalt/HMS		19.00	20.65	1.65	5.6%	18.4%	0.33%	0.08%
AVERAGE	Cobalt/HMS Horizon					5.6% 19.1% 0.69% 0.21%

Air Core Drilling Commenced

Many Peaks has commenced drilling at the Plateau Project, extending drilling a further 5km to the north of the reported results. Current drilling includes extending several lines of air core sampling across the southern plateau where HMS and overprinting manganese and cobalt mineralisation have already been identified in a 1km x 4km footprint. Drilling will continue into the northern plateau area where HMS have been mapped in several locations.

Previous air core drilling has been successful in extending the manganese discovery 4km to the southwest of the reported diamond drilling results (Figure 1). Geochemical analyses and HM separation testwork are in progress from 30 air core holes covering 4km x 1km of the southernmost area of the Plateau Project. Results from the previous and for current drilling are anticipated in the next quarter.

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Figure 1: Plateau Project area inset with drill collar locations for reported results and proposed drill locations for current programme, and cobalt rock chip sampling locations on modified Queensland Dept. of Resources 100k geology.

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Figure 2: Cross Section of reported Diamond drill results (with 2x vertical exaggeration) illustrating cobalt and nickel enriched manganese oxide forming in the base of HMS horizons intersected.

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Plateau Project

Located central to a 1,030km[2] land holding in central Queensland, the Plateau Project is host to manganese and cobalt replacement style mineralisation augmenting HMS mineralisation in unconsolidated Tertiary sediments. The cobalt in manganese oxides is accompanied by enrichments in both nickel and copper.

The Cobalt enriched material is currently interpreted as open fill style mineralisation (from either supergene or hydrothermal processes) forming in the basal units of what is interpreted to be Tertiary (Eocene) aged, fluvial sediments preserved by a thin overlay of later Tertiary (Oligocene) volcanic basalt flows (Figure 5). The manganese horizon is believed to form a laterally extensive, subhorizontal replacement zone(s) ranging from manganese dominant replacement to a hematite replacement within channels of the sedimentary basin. The cobalt-enriched material observed at surface (Figure 2) has been identified at multiple locations across a 4km extent of the breakaway slope beneath a basalt plateau within the Yarrol land holding.

The first drilling into the Plateau Project provided a conceptual test of the replacement style mineralisation

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Figure 3: Project location Map – Refer to Figure 1 for inset geology map and collar locations.

model. Drilling to date successfully confirms the cobalt previously reported in rock chips returning multiple >1% cobalt results (including up to 2.24% cobalt and 1.68% cobalt) across a 4km extent (Figure 1) (refer to ASX announcement dated 2 May 2023) continues in the subsurface within the Tertiary sediments.

Drilling of the Eocene aged fluvial sediments hosting the cobalt mineralisation has also identified that heavy mineral sands are present throughout the unconsolidated sand and gravel profile (Figure 2). Initial study work has identified zircon, monazite and several titanium bearing minerals such as rutile, ilmenite and leucoxene. Further heavy mineral separation tests and mineralogy study work are required to assess the valuable and critical heavy mineral sand potential.

Planned Work Programs

Analysis work is ongoing for 30 air core drill holes (ASX release dated 25 May 2023) and comprises geochemical assays and HM separation tests. An additional air core drilling program, for a planned 5,000m, has commenced at the Plateau Project, with drilling expected to extend the HMS and manganese-cobalt discovery with completion anticipated by the end of June 2023.

Encouragingly, the Plateau Project has been awarded a Queensland Government Collaborative Exploration Initiative ( CEI ) grant for A$223,300 for the Yarrol critical minerals study. The CEI Round 7 funding will support a passive seismic geophysics survey over the 2km x 4km basalt plateau capping the manganese-cobalt mineralisation. The objective is to map the topographic lows in basement rocks and potentially directly map the higher-density manganese oxide target horizon. Seismic survey work is anticipated to commence in July 2023.

- Ends -

This announcement has been approved for release by the Board of Many Peaks Gold Limited

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For further information please contact:

Travis Schwertfeger (Executive Chairman) Mark Flynn Many Peaks Gold Limited Investor Relations T: +61 (8) 9480 0429 T: +61 416 068 733 E: info@manypeaks.com.au E: ir@manypeaks.com.au

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Richard Stockwell, a Competent Person who is a Fellow of The Australian Institute of Geoscientists. Mr Stockwell is not a full-time employee of the Company and as Principal of Placer Consulting PL (“Placer”) is a consultant to the Company. Neither Richard Stockwell, nor any associates or employees of Placer, have any material interest either direct, indirect or contingent in Many Peaks Gold Limited nor in any of the mineral assets included in this report nor in any other Many Peaks asset nor has any such interest existed previously. Mr Stockwell has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Stockwell consents to their inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook,’ ‘anticipate,’ ‘project,’ ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.

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Appendix A – Plateau Project, 2012 JORC Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised	o	Samples collected from PQ diameter, triple-tube core drilling
techniques	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.	o	Reported results for the Plateau Project were submitted to ALS Laboratories in Brisbane for sample preparation and analyses. Samples were crushed to >70% passing 2mm and a 250g split was pulverised. Samples were analysed by ME-XRF26s
	Include reference to measures taken to ensure sample representivity and the		method for a whole rock analysis combining X-Ray fluorescence (XRF) and ICP-AES
	appropriate calibration of any measurement tools or systems used.		method.
	Aspects of the determination of mineralisation that are Material to the Public Report.	o	A second split of the sand core samples was sent to ALS (Perth) and control crushed
	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		to 1mm for heavy liquid separation. This includes a wet screening to determine slimes (-38µm) and sand (+38µm to -1mm) fractions. Approximately 100g of the resultant sand sample is then subjected to a heavy mineral (HM) float/sink technique using
	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.	o	Tetra-Bromo-ethane (TBE) with a specific gravity of 2.95g/cm3. The resulting HM concentrate is then dried and weighed and reported as a percentage of the split and of the original, total sample weight. Heavy mineral results are reported
			as a wt% of the original, in-ground sample.
		o	Resulting HM is analysed with ALS ME-XRF26s method for a whole rock analysis
			combining X-Ray fluorescence (XRF) and ICP-AES method, with an overlimit analysis
			for TiO2.
Drilling	Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger,	o	Reported drilling results from vertically oriented PQ diameter triple tube wireline
techniques	Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of		diamond drill holes
	diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by
	what method, etc).
Drill sample	Method of recording and assessing core and chip sample recoveries and results	o	Recovery estimated by measurement of recovered core lengths in diamond drilling.
recovery	assessed.	o	Variable recovery achieved in unconsolidated sands profile in diamond drilling method
	Measures taken to maximise sample recovery and ensure representative nature of the		and results of PQ diameter diamond drilling not intended for use in mineral resource
	samples.		estimations for heavy minerals sands. Improved recovery with representative intervals
			recovered in manganese oxide material in relation to reported results.
	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.	o	No suspected bias from loss of material associated with 100% recovery intervals for variable loss of fine vs coarse material.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a	o	Diamond drill results for the Plateau Cobalt Project include detail geologic logging with
	level of detail to support appropriate Mineral Resource estimation, mining studies and		geology defined sample intervals defined sufficient detail to be included in geological
	metallurgical studies.		modelling for future mineral resource estimation work.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)	o	logging is quantitative with respect to estimations of heavy mineral and manganese
	photography.		content, with systematic core photography completed.
	The total length and percentage of the relevant intersections logged.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all cores taken.	o	PQ diameter diamond holes are whole core samples for reported intervals analysed
techniques and	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or		for gravity concentration.

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Criteria	JORC Code explanation	Commentary	Commentary
sample	dry.
preparation	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.
Quality of assay	The nature, quality and appropriateness of the assaying and laboratory procedures	o	Assaying and Laboratory procedures reported are completed by certified independent
data and	used and whether the technique is considered partial or total.		labs and considered to be appropriate and in accordance with best practices for the
laboratory tests	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters		type and style of mineralisation being assayed for.
	used in determining the analysis including instrument make and model, reading times,	o	No geophysical tools, spectrometers, or handheld XRF instruments have been used
	calibrations factors applied and their derivation, etc.		in the reported drill results to determine chemical composition at a semi-quantitative
	Nature of quality control procedures adopted (e.g., standards, blanks, duplicates,		level of accuracy.
	external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias)	o	No quality control measures are applied to these reconnaissance gravity separation
	and precision have been established.		analyses. QA/QC protocols are included in subsequent phases of drilling.
		o	Analyses for Diamond drill assay results reported include company inserted quality
			control samples (3.5% standards, 1% blank) and 10% internal lab quality control
			samples (2.5% blank, 3% duplicate, 4% standard).
Verification of	The verification of significant intersections by either independent or alternative company	o	Exploration results are initial reconnaissance drilling of the project and no verification
sampling and	personnel.		sampling, check analyses, or use of twin holes implemented at the time of reporting.
assaying	The use of twinned holes.
	Documentation of primary data, data entry procedures, data verification, data storage	o	Data entry is a combination of paper and spreadsheet software-based data entry, with
	(physical and electronic) protocols.		all results compiled to a self-validating digital worksheet.
	Discuss any adjustment to assay data.	o	No adjustment to data is made in the reported results
Location of data	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	o	Drillholes locations are collected with a hand-held GPS unit with a +/- 5m accuracy
points	surveys), trenches, mine workings and other locations used in Mineral Resource		and drill collar locations are plugged and monumented for more precise survey work
	estimation.		as required.
	Specification of the grid system used	o	Exploration results are acquired and reported in GDA94 datum
	Quality and adequacy of topographic control.	o	Current topographic control is based on publicly available contour maps and hand-
			held GPS measurements. Current topographic control is inadequate for mineral
			resource estimation and more detailed aerial acquired topographic control is planned
			to be acquired subject to success in planned confirmatory and extension drilling
			utilising appropriate survey control prior to mineral resource estimation work.
Data spacing	Data spacing for reporting of Exploration Results.	o	Initial drill testing reported is early-stage exploration, designed to assess conceptual
and distribution	Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve		target models. Further drilling and sampling is required to determine sufficient data spacing for the purpose of Mineral Resource estimation.
	estimation procedure(s) and classifications applied.
	Whether sample compositing has been applied.	o	No sample compositing is applied.
Orientation of	Whether the orientation of sampling achieves unbiased sampling of possible	o	Sample orientation is vertical and approximately perpendicular to the dip and strike of
data in relation	structures and the extent to which this is known, considering the deposit type.		the strata-bound mineralization, which results in true thickness estimates.

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Criteria	JORC Code explanation	Commentary	Commentary
to geological	If the relationship between the drilling orientation and the orientation of key mineralised	o	No apparent bias is known to arise from the orientation of the drill holes with respect
structure	structures is considered to have introduced a sampling bias, this should be assessed		to the strike and dip of the units drilled.
	and reported if material.
Sample security	The measures taken to ensure sample security.	o	Samples are removed from the field daily, transported by company personnel to a
			locked, storage shed where sub-sampling for analysis is completed. Transport of
			samples to the laboratories is completed by company personnel. All un-sampled core
			and chip samples are retained at the locked storage shed. All laboratory splits and
			retains are returned to the same storage shed.
Audits or	The results of any audits or reviews of sampling techniques and data.	o	No audits or reviews of sampling techniques and data completed at the time of
reviews			reporting due to the early-stage nature of the exploration results.

Section 2 - Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary	Commentary
Mineral tenement	Type, reference name/number, location and ownership including agreements or	o	The Company holds an exclusive option to acquire a 100% interest in Queensland
and land tenure	material issues with third parties such as joint ventures, partnerships, overriding		Exploration Permit (Minerals) EPM 27561, EPM 28230, EPM 8402, and pending
status	royalties, native title interests, historical sites, wilderness or national park and		application EPM 28658 (Yarrol Project) of which the EPM 27561, EPM 28230 cover the
	environmental settings.		Plateau Project area.
	The security of the tenure held at the time of reporting along with any known	o	The exercise of option to acquire a 100% interest in the Yarrol Project remains subject
	impediments to obtaining a licence to operate in the area.		to terms and conditions summarised in the ASX release dated 2 May 2023
		o	EPM27561 permit partially covers the Cannindah State Forest reserve in its north which
			is excluded from the current work program as Native Title Authority was not sought prior
			to grant of tenure.
		o	The Plateau Project is located between the towns of Monto and Mt Perry and can be
			accessed from the Burnett Highway (A3) between Eidsvold and Monto via the Monto-Mt
			Perry road and along the unsealed Yarrol Road with further access to various areas by
			secondary roads and farm property tracks.
		o	Land access agreements are in place with all landowners coincident with the exploration
			results.
		o	Upon mining, there is a customary 5%, state government royalty payable.
		o	There are no known impediments to the security of tenure or land access over the area
			containing the reported exploration results.
Exploration done		o	The Yarrol Project has received the attention of numerous companies in the last 50 years
by other parties	Acknowledgment and appraisal of exploration by other parties.		with exploration activity primarily focused on gold and copper comprised of soil sampling, mapping, channel sampling, ground magnetics and induced polarity geophysics, RAB,
			RC and diamond drilling, 3D modelling. Modern exploration commenced in the late
			1960’s with Noranda, and during the 1980’s by Amoco Minerals (Completing 39 airtrack
			holes totalling 771m drilling in 1981) and AuGold NL (Completing 5, 55m holes in 1984-
			86). In the 1990’s the Geopeko-Fawdon/Skett JV drilled 21 RC holes in 1992-93) and
			Strike Resource Pty Ltd (Strike) completed RC drilling including several diamond core
			tails in 31 holes totalling 2,357m in 1994-95. Subsequently, In JV with Strike, Cyprus
			Gold Corp completed drilling in 1996 completing 50 RC holes totalling 5,792.5m
			including4 diamond tails. Strike carried out further explorationpost Cyprus JV drilling

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Criteria	JORC Code explanation	Commentary	Commentary
			47 RC and diamond holes totalling 4,376m in 1996 to 1999 campaigns. Diatreme
			Resources drilled 6 RC holes totalling 910m in 2006. The 2021 to early 2023 exploration
			activity by the vendor is outlined in the body of the report.
		o	No previous heavy mineral sands exploration is known.
Geology	Deposit type, geological setting, and style of mineralisation.	o	The Yarrol Project is situated in the southern Yarrol Gold Province and hosts an
			extensive corridor of gold mineralisation featuring several shallowly drilled zones of
			intrusion related style gold mineralisation and several undrilled surface geochemistry
			anomalies requiring follow-up work. Locally, the basement rocks are comprised of
			Devonian to Lower Permian sediments and volcanic units intruded by gabbro to granite
			composition stocks. Most of the metalliferous deposits and IRG related mineralisation is
			spatially related to the diorite and granite intrusions of Permian to Triassic age.
		o	Heavy mineral sands mineralisation is restricted to a sequence of Eocene alluvial
			sediments, unconformably overlying basement volcanic, volcaniclastic and
			metasedimentary rocks of Permian and Carboniferous age. The mineralised, mixed
			alluvial sediments are then overlain by a variably eroded and deeply-weathered Tertiary
			flood Basalt. Ilmenite, Monazite, Rutile and Zircon are apparent in the HM suite.
Drill hole	A summary of all information material to the understanding of the exploration results	o	Refer to ASX Release dated 25 March 2023
Information	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.
Data aggregation	In reporting Exploration Results, weighting averaging techniques, maximum and/or	o	There is no data aggregation of HM results or application of top or bottom cuts. Results
methods	minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated		are reported on individual intercepts at reported intervals. No upper cut-offs are applied to the reported results.
	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	o	No metal equivalent reporting is applicable to this announcement
	stated.
Relationship	These relationships are particularly important in the reporting of Exploration Results.	o	Reported drilling is early-stage exploration and no definitive modelling for geometry of
between mineralisation widths and intercept lengths	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		mineralisation is completed, however fabrics in vertical core, and projections of mineralisation indicate the targeted cobalt mineralisation horizon and heavy minerals sands are sub-horizontal bodies and reported drilling is believed to be perpendicular to mineralisation and returning near true width intercepts.
	clear statement to this effect (e.g., ‘down hole length, true width not known’).	o	Heavy minerals are concentrated throughout the alluvial succession in horizontally
			layered sequences.

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Criteria	JORC Code explanation	Commentary	Commentary
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be	o	Included in body of report as deemed appropriate by the competent person
	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.
Balanced	Where comprehensive reporting of all Exploration Results is not practicable,	o	All results for the reported exploration activity are included in the report.
reporting	representative reporting of both low and high grades and/or widths should be
	practiced avoiding misleading reporting of Exploration Results.
Other	Other exploration data, if meaningful and material, should be reported including (but	o	Public domain geophysical datasets are available for the project and included in
substantive	not limited to): geological observations; geophysical survey results; geochemical		diagrams as deemed pertinent to provide geologic context...
exploration data	survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential	o	No material geotechnical or groundwater tests have been completed on exploration results.
	deleterious or contaminating substances.
Further work	The nature and scale of planned further work (e.g., tests for lateral extensions or	o	Proposed work is outlined in this report.
	depth extensions or large-scale step-out drilling).
	Diagrams clearly highlighting the areas of possible extensions, including the main	o	Included in body of report as deemed appropriate by the competent person
	geological interpretations and future drilling areas, provided this information is not
	commercially sensitive.

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