MARQUEE RESOURCES LIMITED — Capital/Financing Update 2024

Sep 3, 2024

ASX RELEASE

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04 September 2024

– SA PEDRA BIANCA PROJECT ANTIMONY UPDATE

• Antimony grades of up to 6.5% Sb recorded at the Sa Pala deposit identified by Marquee.

• Potential for the Sa Pedra Bianca Project to host significant amounts of critical metals with historic data sets being overlooked previously.

• Significant Results from Channel Sampling include:

• 5m @ 0.6% Sb from 2m, including 1m @ 1.16% Sb (CH_13)

• 3m @ 0.7% Sb from 8m, including 1m @ 1.4% Sb (CH_45)

• 2m @ 0.7% Sb from 10.5m (OPB12)

• 6.2m @ 0.25% Sb from 2m, including 1m @ 0.85% Sb (CH_31)

• Significant Results from Drilling include:

• 0.6m @ 6.5% Sb from 137.55m (OSD73)

• 5.55m @ 0.3% Sb from 74.5m, including 3m @ 0.5% Sb (OSD08)

• 2.25m @ 0.3% Sb from 129.75m, including 1.4m @ 0.5% Sb (OD08)

Marquee Resources Limited (“ Marquee ” or “ Company ”) (ASX:MQR) is pleased to update the market on the Sa Pedra Bianca Project. Marquee holds options to acquire 100% of the high-grade Sa Pedra Bianca Gold and Silver Project located in northern Sardinia, Italy.

The Project is in the establishment phase with an Italian private company recently incorporated to conduct the business activities associated with the Project. A Research Permit (RP) application is in the final stages of being prepared and will be lodged in September 2024. It will overprint and replace the existing investigation permit. The Research Permit, which is expected to take 3-6 months to be granted, will allow drilling activities to be undertaken by Marquee in early 2025.

Marquee Executive Chairman, Mr Charles Thomas, commented:

“The dedicated team at Marquee Resources, in collaboration with Mr. Tim Spencer and Dr. Francesco Manca, has been diligently working on the preparation of the necessary documentation for the submission of the Research Permit for the Sa Pedra Bianca Project. During this process, the team has made a significant discovery—previously unrecognised antimony results from the Project. This discovery is particularly exciting as it opens up new possibilities for the potential of the Project moving forward.

While Sa Pedra is already known for its substantial gold resources, this recent identification suggests that the Project could also host critical metals, a prospect that is only beginning to be explored. We are eager to continue our exploration efforts, focusing on both the gold resources and the newly identified critical metals. I look forward to providing the market with updates on the status of the Research Permit and our future exploration plans as we continue to advance this promising project.”

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Potential for Antimony at Sa Pedra Bianca (a European Union classified critical mineral)

Further review and analysis of retrieved historical data and reports[1] , has highlighted the potential for critical minerals within the Project extents. Of particular interest is the prevalence of anomalous antimony within the historical surface sampling and drilling datasets, including several high-grade intercepts at the Sa Pala and Pedra Bianca deposits.

Although not the primary focus for historical exploration, semi-continuous zones of antimony mineralisation have been observed over a strike length of 1.5km at Sa Pala and 400m at Pedra Bianca (Figure 2) with grades up to 6.5% Sb (OSD73) returned from drilling, and a peak assay of 3m @ 0.7% Sb from 8m, including 1m @ 1.4% Sb (CH_45) returned from channel sampling (Table 3).

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Figure 1 – Overview of the Sa Pedra Bianca Project, Sardinia, Italy.

1 Mineralogical and fluid inclusion studies of low-sulfidation epithermal veins at Osilo (Sardinia), Italy - R. Simeone; S. F. Simmons 1999

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Figure 2: Oblique view of Sa Pala and Pedra Bianca highlighting anomalous zones of antimony mineralisation.

Paragenetic studies[1] indicate that antimony mineralisation occurs after gold and silver mineralisation during a later deformation event and as such, may represent an underexplored mineralisation style in the region.

Vein portions that contain >5 gpt gold are generally restricted to stages I and II (Table 2). A petrographic study showed that precious metals occur as electrum and argentite. Electrum occurs as isolated grains usually <30 micron in size and is commonly found in crustiform banded quartz and in the quartz-rich matrix of stage II breccia sometimes occluded by pyrite. Argentite grains that are larger than 50 micron, (occasionally reaching 200 micron) appear most abundant in stage I.

In terms of the presence of sulphides in what is a low sulfidation system, pyrite is the predominant sulphide, with lesser amounts of arsenopyrite, marcasite and stibnite. Subordinate sphalerite is common in the early stages (I and II), whereas stibnite (antimony) and arsenopyrite appear to increase from stages I to IV.

It is thought that areas where increasing stibnite grades (the most prevalent mineral source of antimony) tend to coincide with lower precious metals grades, this is likely because they were each deposited by different mineralisation events.

Table 2 – Mineral paragenesis of Sa Pala

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COMPETENT PERSON STATEMENT

The information in this report which relates to Exploration Results is based on information compiled by Dr. James Warren, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Warren is the Chief Technical Officer of Marquee Resources Limited. Dr. Warren has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Warren consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Marquee Resources Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

This ASX Release has been approved by the Board of Directors.

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Charles Thomas – Executive Chairman Marquee Resources info@marqueeresources.com.au

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Table 1: Drill Hole Collar Table

Deposit	Hole ID	TYPE	Easting	Northing	RL	Depth	Azi	Dip
Sa Pala	OD02	DD	471390	4505552	389	172	170	-90
Sa Pala	OD04	DD	471920	4505812	366	190.8	180	-70
Sa Pala	OD08	DD	472225	4505796	445	167.1	180	-80
Sa Pala	OD09	DD	472507	4505843	480	148.75	187	-60
Sa Pala	OD19	DD	471979	4505763	368	78.1	180	-60
Sa Pala	OD24	DD	472158	4505787	436	181.8	178	-47
Sa Pala	OSD06	DD	471847	4505724	359	102.75	180	-60
Sa Pala	OSD07	DD	471799	4505697	371	110.5	160	-50
Sa Pala	OSD08	DD	471790	4505726	373	99.75	160	-55
Sa Pala	OSD14	DD	471454	4505600	360	142.55	160	-60
Sa Pala	OSD16	DD	471440	4505682	353	135.45	160	-60
Sa Pala	OSD22	DD	472118	4505756	426	152.3	163	-60
Sa Pala	OSD23	DD	472081	4505742	423	152.2	163	-50
Sa Pala	OSD25	DD	471973	4505750	369	187.9	165	-50
Sa Pala	OSD49	DD	471079	4505456	445	173	160	-55
Sa Pala	OSD50	DD	471051	4505517	452	245.45	160	-55
Sa Pala	OSD71	DD	472312	4505882	471	248.7	172	-60
Sa Pala	OSD73	DD	472227	4505855	445	200	170	-50
Pedra Bianca	OP07	DD	470960	4506308	465	150.5	335	-40
Pedra Bianca	OPD108	DD	471013	4506461	449	70	155	-55
Pedra Bianca	OPD113	DD	471029	4506519	454	170.3	155	-60
Pedra Bianca	OPD114	DD	471049	4506531	456	170.4	155	-60
Pedra Bianca	OPD115	DD	471051	4506508	462	106	155	-50
Pedra Bianca	OPD116	DD	470710	4506334	469	62.3	330	-55
Pedra Bianca	OPD124	DD	471065	4506290	458	236.2	331	-50
Pedra Bianca	OPD130	DD	470960	4506300	463	200.85	325	-60
Pedra Bianca	OPD134	DD	470753	4506262	455	145.1	325	-50
Pedra Bianca	OPD143	DD	470792	4506261	453	194.8	325	-45
Pedra Bianca	OPD144	DD	470792	4506261	453	187.2	325	-60
Pedra Bianca	OPD146	DD	471126	4506345	458	240.5	350	-50
Pedra Bianca	OPR02	RC	470959	4506308	464	113	335	-60
Pala Edra	OED21	DD	473810	4509403	585	118.5	195	-45

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Table 2: Surface Sampling Table

Deposit	Hole ID	TYPE	Easting	Northing	RL	Depth	Azi	Dip
Sa Pala	CH_13	CH	471918	4505721	345	12	230	-7
Sa Pala	CH_31	CH	471569	4505558	336	8.2	336	-2
Sa Pala	CH_35	CH	471499	4505530	364	5	360	10
Sa Pala	CH_44	CH	471333	4505451	432	6.98	350	25
Sa Pala	CH_45	CH	471314	4505443	436	15	354	23
Sa Pala	CH_46	CH	471294	4505440	443	13.22	355	17
Sa Pala	CH_52	CH	471180	4505424	459	4.9	0	29
Sa Pala	CH_59	CH	471061	4505371	430	9.5	344	25
Sa Pala	CH_62	CH	470997	4505341	413	7.3	343	17
Sa Pala	OSC14	CH	471867	4505709	353	5	170	0
Sa Pala	OSM01	CHIP	471593	4505576	336	42.7	160	0
Sa Pala	OSS05	CHIP	471636	4505579	349	4.6	180	0
Sa Pala	OSS06	CHIP	471815	4505688	369	15.45	60	0
Pedra Bianca	CH_10	CH	470703	4506348	464	2.42	157	34
Pedra Bianca	CH_7	CH	470748	4506372	463	0.6	167	21
Pedra Bianca	OPB05	CHIP	470796	4506390	452	0.7	140	-45
Pedra Bianca	OPB11	CHIP	470555	4506251	437	16.1	140	0
Pedra Bianca	OPB12	CHIP	470608	4506295	450	22.75	135	0

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Table 3: Significant Drill Hole Intercepts (>500ppm Sb)

Hole ID	From (m)	To(m)	Interval(m)	Sb (ppm)	Au(g/t)	Ag (g/t)
OD02	106.5	107.95	1.45	516	0.63	5.5
OD04	123.3	124.2	0.9	652	0.09	2.7
OD08	129.75	132	2.25	3184	0.58	49.2
inc.	129.75	131.15	1.4	4610	0.58	55.4
OD09	130	132	2	620	0.12	1.0
OD19	66.3	67.9	1.6	1348	2.63	12.0
OD24	114.1	116.3	2.2	835	7.85	21.0
OSD06	28	30.1	2.1	544	2.45	21.0
OSD07	14	15.25	1.25	640	3.40	116.0
OSD08	54	54.55	0.55	700	1.14	116.0
OSD14	74.5	80.05	5.55	2948	0.67	3.4
inc.	75.45	78.45	3	4693	0.81	2.9
OSD16	82.4	84	1.6	740	7.59	91.4
OSD22	75.7	76.4	0.7	550	0.61	42.9
OSD23	56.9	57.1	0.2	580	0.59	222.0
OSD25	42.1	43.2	1.1	7500	3.17	14.0
OSD49	91	92	1	560	0.47	5.2
OSD50	173	173.7	0.7	530	13.20	255.0
OSD71	204	205	1	2550	0.21	4.2
OSD73	137.55	138.15	0.6	65000	0.53	21.0
OSD73	140.7	141.15	0.45	2800	0.11	3.4
OP07	41	44	3	865	0.56	0.7
inc.	41	42.5	1.5	1126	0.73	0.6
OPD108	7.5	8.35	0.85	1700	17.73	21.5
OPD108	53.2	54.6	1.4	780	2.25	3.5
OPD113	28	29	1	532	-	0.7
OPD114	56	57	1	979	-	-
OPD115	26.55	26.95	0.4	1362	4.00	1.3
OPD116	18	19	1	1080	3.50	10.5
OPD116	20.1	22.5	2.4	2133	2.14	22.3
inc.	20.5	21.5	1	3100	1.72	9.0
OPD124	196	197	1	3300	1.04	2.3
OPD130	22.74	22.92	0.18	1224	1.41	6.0
OPD134	107.6	108.58	0.98	864	4.86	12.3
OPD143	135.3	136.25	0.95	3900	0.14	14.7
OPD143	166	166.3	0.3	1500	0.54	0.7
OPD144	129.2	130	0.8	2790	0.12	1.0
OPD146	27.5	28	0.5	740	1.83	12.3
OPR02	14	15	1	835	0.11	0.5
OED21	89.63	90	0.37	1520	0.01	1.0

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Table 4: Significant Surface Sampling Results (>500ppm)

Channel ID	From (m)	To(m)	Interval (m)	Sb(ppm)	Au(g/t)	Ag (g/t)
CH_13	2	7	5	6000	9.42	45.8
inc.	5	6	1	11600	7.80	27.2
CH_31	2	8.2	6.2	2316	0.95	4.5
inc.	6.7	7.7	1	8500	0.15	3.6
CH_35	0	1	1	560	36.00	47.4
CH_44	6.05	6.55	0.5	990	0.60	11.1
CH_45	8	11	3	7033	0.57	5.6
inc.	10	11	1	14000	0.27	4.2
CH_45	14	15	1	1700	0.41	4.1
CH_46	0	1	1	930	0.42	3.2
CH_46	2	3	1	1040	2.13	13.3
CH_46	5	7	2	4000	0.22	1.2
CH_46	8	8.6	0.6	8600	0.17	1.5
CH_46	9.6	10.3	0.7	570	1.19	6.5
CH_52	3.6	3.8	0.2	1220	0.35	1.2
CH_59	4.5	5.5	1	3820	0.02	0.3
CH_62	0	0.8	0.8	2970	0.67	54.6
OSC14	3	4	1	520	10.72	18.8
OSM01	4.7	5.85	1.15	1799	2.80	7.2
OSS05	2.1	3.1	1	723	2.10	28.8
OSS06	6.9	8.6	1.7	932	1.99	12.0
CH_10	0	1.9	1.9	833	2.60	14.1
CH_7	0	0.5	0.5	850	4.75	12.7
OPB05	0	0.7	0.7	1092	7.40	22.3
OPB11	4.8	5.3	0.5	1115	1.85	1.7
OPB12	10.5	12.75	2.25	7429	1.85	4.1

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg	•	No sampling completed by Marquee Resources
techniques	cut channels, random chips, or		Ltd.
	specific specialised industry	•	Prior to September 1995 all the exploration at
	standard measurement tools		Osilo had been undertaken under the
	appropriate to the minerals under		management of Progemisa.
	investigation, such as down hole	•	Since this time the work has been managed by
	gamma sondes, or handheld XRF		Sardinia Gold Mining SpA (“GMS”). In addition,
	instruments, etc). These examples		the logging methodologies and the primary and
	should not be taken as limiting the		check laboratories used have varied with time.
	broad meaning of sampling.		The data available for use, and the data used, to
	• Include reference to measures		derive the resource estimates given here
	taken to ensure sample		therefore have been collected from a variety of
	representivity and the appropriate		sources.
	calibration of any measurement	•	The historical data comprises outcrop mapping
	tools or systems used.		and channel sampling, borehole logging and
	• Aspects of the determination of		assay data, and density determinations carried
	mineralisation that are Material to		out on drill core.
	the Public Report.	•	Historical drilling data was compiled and audited
	• In cases where ‘industry standard’		by SRK Consulting (UK) Ltd in 2022 by Dr Jamie
	work has been done this would be		Price.
	relatively simple (eg ‘reverse	•	The historical data retrieved comprises collar
	circulation drilling was used to		(header), survey, lithology, assay, geotech and
	obtain 1 m samples from which 3 kg		met testwork data.
	was pulverised to produce a 30 g	•	These have been compiled in the excel file
	charge for fire assay’). In other		Osilo_Au_database.xlsx.
	cases more explanation may be	•	The historical drillhole database contains 655
	required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed	holes/channels drilled in 21 areas covering a total length of 56,429.56m and Assay data for 17,157 samples over a total assayed sample length of 21,622.80m Historical Resource
	information.	•	Although there is a variety of historical data
			available, data specific to the historical resource
			estimate was collected by GMS from 1998-2000
			and consisted of reverse-circulation (RC) and
			diamond drilling (DD).
		•	In some cases, diamond tails were drilled from
			an RC collar.
		•	DD = 249 holes for 44,002m
		•	RC = 61 holes for 8,003.5m
		•	RC+DD = 4 holes for 1,066.9m
		•	All the drilling has been carried out using a HQ
			hole diameter and has been surveyed using
			Eastman Single Shot equipment usually after
			30m and thereafter every 50m.
		•	In the case of DD, the core was cut for assaying
			using variable sample lengths up to 1m, cut
			against geological contacts.
		•	In the case of RC drilling, 1m samples from
			which ~3kgwas pulverisedfor fire assay.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	The sample preparation and the primary check
			assaying has been carried out at three different
			laboratories; Laboratorio Chimico Progemisa
			(Progemisa), in Iglesias, Sardinia; Genalysis
			Laboratory Services (Genalysis), in Perth,
			Australia; and OMAC Laboratories Limited
			(OMAC) in Loughrea, Ireland. Some 60% of all
			the values used in the estimation procedure, and
			over 90% of those at Pala Edra, Bunnari and
			Fieldies were prepared and assayed at OMAC.
		•	The entire sample submitted to Progemisa was
			crushed to –2mm, a 4.5kg sub-sample was then
			pulverised to 90% -75um and a 150 gramme
			sub-sample taken from this. Assaying for both
			gold and silver was undertaken using AAS after
			digestion of 15 gramme sub-samples with Aqua
			Regia. All samples assayed at Genalysis were
			prepared as above at Progemisa and then 50
			gramme fire assayed for gold and ICP assayed
			for silver at Genalysis. Samples sent to OMAC
			were prepared at OMAC as above except that
			150 gramme sub-samples were pulverised to -
			100um and 30 gramme charges were fire
			assayed. Silver assays were undertaken using
			AAS.
Drilling	• Drill type (eg core, reverse	•	Although there is a variety of historical data
techniques	circulation, open-hole hammer,		available, data specific to the historical resource
	rotary air blast, auger, Bangka,		estimate was collected by GMS from 1998-2000
	sonic, etc) and details (eg core		and consisted of reverse-circulation (RC) and
	diameter, triple or standard tube,		diamond drilling (DD).
	depth of diamond tails, face-	•	In some cases, diamond tails were drilled from
	sampling bit or other type, whether		an RC collar.
	core is oriented and if so, by what	•	DD = 249 holes for 44,002m
	method, etc).	•	RC = 61 holes for 8,003.5m
		•	RC+DD = 4 holes for 1,066.9m
		•	All the drilling has been carried out using a HQ
			hole diameter and has been surveyed using
			Eastman Single Shot equipment usually after
			30m and thereafter every 50m.
Drill sample	• Method of recording and assessing	•	Core loss in veins such as Bunnari and Pala
recovery	core and chip sample recoveries		Edra has been previously identified by GMS as
	and results assessed.		related to high level of weathering/oxidation of
	• Measures taken to maximise		the softer associated carbonates and sulphates
	sample recovery and ensure		in the veins, which, once subjected to grinding
	representative nature of the		and introduction of water, completely
	samples.		disintegrate. Argillic alteration around the vein
	• Whether a relationship exists		itself also adds to the problem of ground stability
	between sample recovery and grade		and core loss at the contact of the vein with
	and whether sample bias may have		surrounding country rock.
	occurred due to preferential	•	GMS have developed an approach to reconcile
	loss/gain of fine/coarse material.		these core losses. Within intersections where
			such core loss (100% loss) occurs, sections with
			no core recovery are assessed the same grade
			as the average grade of the whole intersection.
			Where partialcorerecovery occurs (e.g. 70%),

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Criteria	JORC Code explanation	Commentary	Commentary
			core is assumed to be ‘ground’ i.e. core
			recovered is assumed to represent the core that
			was lost, in terms of density and grade.
		•	The Company is aware of limitations in the
			current Resource estimate with respect to core-
			losses and possible over estimation of densities
			in some parts of the vein systems.
		•	The Company proposes to use triple-tubed
			diamond drill core in future exploration programs
			to effectively sample the argillic altered zones
			andminimise/eliminate coreloss.
Logging	• Whether core and chip samples	•	All holes were logged in full and record
	have been geologically and		geological information such as colour,
	geotechnically logged to a level of		weathering, lithology, structure, mineralisation
	detail to support appropriate Mineral		and any other observations of importance.
	Resource estimation, mining studies	•	The Company’s opinion is that further
	and metallurgical studies.		metallurgical, hydrological and geotechnical data
	• Whether logging is qualitative or		is required to be collected, and mine planning
	quantitative in nature. Core (or		work needs to be undertaken based on this
	costean, channel, etc) photography.		data, before any portions of the delineated
	• The total length and percentage of		orebodies could be reported as Ore Reserves,
	the relevant intersections logged.		we are confident that the work undertaken on all
			the above aspects is sufficient to indicate that
			the delineated veins do have the potential to be
			exploited economically.
Sub-	• If core, whether cut or sawn and	•	In the case of DD, the core was cut for assaying
sampling	whether quarter, half or all core		using variable sample lengths up to 1m, cut
techniques and sample preparation	taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	• •	against geological contacts. In the case of RC drilling, 1m samples from which ~3kg was pulverised for fire assay The sample preparation and the primary check
	• For all sample types, the nature,		assaying has been carried out at three different
	quality and appropriateness of the		laboratories; Laboratorio Chimico Progemisa
	sample preparation technique.		(Progemisa), in Iglesias, Sardinia; Genalysis
	• Quality control procedures adopted		Laboratory Services (Genalysis), in Perth,
	for all sub-sampling stages to		Australia; and OMAC Laboratories Limited
	maximise representivity of samples.		(OMAC) in Loughrea, Ireland. Some 60% of all
	• Measures taken to ensure that the		the values used in the estimation procedure, and
	sampling is representative of the in		over 90% of those at Pala Edra, Bunnari and
	situ material collected, including for		Fieldies were prepared and assayed at OMAC.
	instance results for field	•	The entire sample submitted to Progemisa was
	duplicate/second-half sampling.		crushed to –2mm, a 4.5kg sub-sample was then
	• Whether sample sizes are		pulverised to 90% -75um and a 150 gramme
	appropriate to the grain size of the		sub-sample taken from this. Assaying for both
	material being sampled.		gold and silver was undertaken using AAS after
			digestion of 15 gramme sub-samples with Aqua
			Regia. All samples assayed at Genalysis were
			prepared as above at Progemisa and then 50
			gramme fire assayed for gold and ICP assayed
			for silver at Genalysis. Samples sent to OMAC
			were prepared at OMAC as above except that
			150 gramme sub-samples were pulverised to -
			100um and 30 gramme charges were fire
			assayed. Silver assays were undertaken using
			AAS.

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Criteria	JORC Code explanation	Commentary	Commentary
Quality of	• The nature, quality and	•	The quality of the sample preparation and
assay data	appropriateness of the assaying and		assaying has been monitored over time by a
and	laboratory procedures used and		combination of internal duplicate assaying
laboratory tests	whether the technique is considered partial or total. • For geophysical tools,		and check assaying between Progemisa and Genalysis. No standards assaying has been carried out to date and no independent
	spectrometers, handheld XRF		check assaying has been undertaken on the
	instruments, etc, the parameters		samples sent to OMAC. No significant
	used in determining the analysis		concerns have been raised from the work
	including instrument make and		that has been undertaken to date, other than
	model, reading times, calibrations		to confirm that the Aqua Regia assaying
	factors applied and their derivation,		carried out at Progemisa underestimates
	etc.		grade relative to fire assaying at Genalysis.
	• Nature of quality control procedures	•	Density determinations have been made on
	adopted (eg standards, blanks,		samples collected from most of the
	duplicates, external laboratory		orebodies. These are all gravimetric
	checks) and whether acceptable		determinations of short lengths of half core
	levels of accuracy (ie lack of bias)		coated in wax. Most of the determinations
	and precision have been		have been carried out at Genalysis in Perth
	established.		and are consistently between 2.2 g/cm3 and
			2.7g/cm3.
Verification	• The verification of significant	•	The sampling and assaying have been
of sampling	intersections by either independent		independently reviewed by consultancy groups
and	or alternative company personnel.		including;
assaying	• The use of twinned holes. • Documentation of primary data, data		• Steffen, Robertson & Kirsten (UK) Ltd, June 2000.
	entry procedures, data verification,		• David M. Rigg, P.Geo, Senior Associate
	data storage (physical and		Geologist, Mincon International Inc.
	electronic) protocols.		November 2003.
	• Discuss any adjustment to assay		• Dr Jamie Price, SRK Consulting (UK) Ltd,
	data.		June 2022.
		•	The sampling and information pertaining to the
			release has been verified by the Competent
			Person.
Location of	• Accuracy and quality of surveys	•	All data identified in the historical databases
data points	used to locate drill holes (collar and		(drilling data, wireframes and block models) are
	down-hole surveys), trenches, mine		present in a modified version of the WGS 1984
	workings and other locations used in		Zone 32N co-ordinate system:
	Mineral Resource estimation.		• X values given as WGS 1984 Zone 32N
	• Specification of the grid system		with the prefix “1” in front of each X co-
	used.		ordinate.
	• Quality and adequacy of		• Y values correct as per WGS 1984 Zone
	topographic control.		32N.
			• Z values given as elevation in metres, but
			with the the prefix “10” in front of each Z
			value.
		•	To convert co-ordinates to WGS 1984 Zone
			32N, the following changes have been made to
			the drillhole collar file and block model
			databases:
			• X values: 1,000,000 subtracted from each
			co-ordinate to give corrected X co-ordinate
			(X_WGS84_Z32N_SRK field)
			• Y values: duplicated as
			Y_WGS84_Z32N_SRK field
			• Z values: 10,000 subtractedfromeach

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Criteria	JORC Code explanation	Commentary
		value to give corrected Z value (Z_SRK
		field)
		• The X and Z positions of wireframes
		retrieved from the historical databases have
		been adjusted using the corrections stated
		above.
		• A visual check of a selection of corrected
		collar and channel sample locations has
		been undertaken using satellite imagery,
		where collar co-ordinates were observed to
		match the locations of visible remnants of
		drillhole collars, and channel sample
		locations follow field boundaries and tracks.
		•The Competent Person has verified the data
		pertaining to the Historical Resource Estimate.
Data	• Data spacing for reporting of	•Independent and Company audits concur that
spacing and	Exploration Results.	the drillhole spacing has been sufficient to
distribution	• Whether the data spacing and	enable the physical geometry of portions of the
	distribution is sufficient to establish	Pala Edra, Bunnari and Fieldies orebodies to be
	the degree of geological and grade	outlined to a reasonable level of confidence.
	continuity appropriate for the	•However, while we consider that the continuity
	Mineral Resource and Ore Reserve	of these veins has been reasonably well
	estimation procedure(s) and	demonstrated, and the overall mean grade
	classifications applied.	determined for these areas to be reliable, the
	• Whether sample compositing has	spatial variation over smaller distances, such as
	been applied.	would for example be required to guide mine
		planning, is in our opinion not yet known.
		•Further infill grade information is therefore
		required ahead of detailed mine planning.
Orientation	• Whether the orientation of sampling	•The veins, the subject of this release, dip
of data in	achieves unbiased sampling of	vertically to sub-vertically and have varying
relation to	possible structures and the extent to	orientations.
geological structure	which this is known, considering the deposit type. • If the relationship between the	•Angled drillholes (-60o) have been completed perpendicular to the strike of the known veins. •Due to the steep dipping nature of the veins, the
	drilling orientation and the	drillhole intercepts do not represent true widths.
	orientation of key mineralised	•True widths are interpreted to be 30-50% of
	structures is considered to have	drillhole widths.
	introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure	•Sample security measures are unknown for the
security	sample security.	historical data.
Audits or	• The results of any audits or reviews	•The historical data has been independently
reviews	of sampling techniques and data.	reviewed by consultancy groups including;
		• Steffen, Robertson & Kirsten (UK) Ltd, June
		2000.
		• David M. Rigg, P.Geo, Senior Associate
		Geologist, Mincon International Inc.
		November 2003.
		• Dr Jamie Price, SRK Consulting (UK) Ltd,
		June 2022.
		•The Historical data and reports have been
		reviewed and verified by the Competent Person.

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number,	•	Information pertaining to mineral claims has
tenement	location and ownership including		been provided in the body of the text and in
and land	agreements or material issues with		previous announcements (refer MQR ASX
tenure	third parties such as joint ventures,		Release 28 May 2024)
status	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 inthe area. _
Exploration	• Acknowledgment and appraisal of	•	Prior to September 1995 all the exploration at
done by	exploration by other parties.		Osilo had been undertaken under the
other parties			management of Progemisa. Since this time the work has been managed by SGM.
		•	All relevant exploration completed by other
			parties has been provided in the text and JORC
			Tables.
		•	Although there is a variety of historical data
			available, data specific to the historical resource
			estimate was collected by GMS from 1998-2000
			and consisted of reverse-circulation (RC) and
			diamond drilling (DD).
		•	In some cases, diamond tails were drilled from
			an RC collar.
		•	DD = 249 holes for 44,002m
		•	RC = 61 holes for 8,003.5m
		•	RC+DD = 4 holes for 1,066.9m
Geology	• Deposit type, geological setting and	•	The Osilo orebodies comprise low sulphidation
	style of mineralisation.		epithermal gold and silver vein systems which
			outcrop to the south and southeast of the village
			of Osilo. The orebodies are hosted by Oligocene
			age andesite-basalt-dacite lava flows and flow
			domes and rhyo-dacite ignimbrites. These occur
			within a ring structure identified by SGM from a
			combination of DTM, Landsat and ground
			magnetic data.
		•	To date over 20 vein systems have been
			identified outcropping over a total area of some
			100km2. These are generally oxidised down to
			depths of between 20m and 40m though some
			degree of partial oxidation is usually visible for
			some distance below this. The gold is
			considered to be generally free but very fine
			grained.
Drill hole	• A summary of all information	•	Drill hole information has been provided as
Information	material to the understanding of the		Tables in the body on the announcement.
	exploration results including a
	tabulation of the following
	information for all Material drill holes:
	o easting and northing of the drill

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Criteria	JORC Code explanation	Commentary
	hole collar
	o elevation or RL (Reduced Level –
	elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and
	interception depth
	o 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	• In reporting Exploration Results,	•Compositing of each vein intersection over the
aggregation	weighting averaging techniques,	full width of the vein to derive a single
methods	maximum and/or minimum grade	intersected vein width, a true vein width and
	truncations (eg cutting of high	mean gold and silver grades for each
	grades) and cut-off grades are	intersection.
	usually Material and should be	•Missing core was assumed to have a grade
	stated.	equal to the mean grade of the whole
	• Where aggregate intercepts	intersection.
	incorporate short lengths of high	•In deriving these grades one value of 94 g/t Au
	grade results and longer lengths of	at Fieldies was considered to be an outlier and
	low grade results, the procedure	scaled back to 50 g/t Au.
	used for such aggregation should be	•In the case of Bunnari outcrop channel samples
	stated and some typical examples of	were included in the process along with
	such aggregations should be shown	borehole intersections. In this case the full width
	in detail.	of the vein had been exposed and the data was
	• The assumptions used for any	considered to be reliable. This was not the case
	reporting of metal equivalent values	with the other veins and therefore in these cases
	should be clearly stated.	only borehole data was used.
		•Extrapolated the above mean composited
		assays into the block models using inverse
		distance weighting.
		•Vein intersections outside of the interpreted
		orebody limits (for example where intersections
		were less than 3 g/t Au over a true width of 1m)
		were included in the extrapolation process to
		prevent higher grades being given too high a
		weighting at the edges of the interpreted
		orebodies.
		•All vein intersections within the interpreted
		outlines were used regardless of whether or not
		these satisfied the above conditions regarding
		vein width and grade.
Relationship	• These relationships are particularly	•The veins, the subject of this release, dip
between	important in the reporting of	vertically to sub-vertically and have varying
mineralisatio	Exploration Results.	orientations.
n widths and	• If the geometry of the mineralisation	•Angled drillholes (-60o) have been completed
intercept lengths	with respect to the drill hole angle is known, its nature should be reported.	perpendicular to the strike of the known veins. •Due to the steep dipping nature of the veins, the drillhole intercepts do not represent true widths.
	• If it is not known and only the down	•True widths are interpreted to be 30-50% of
	hole lengths are reported, there	drillhole widths.

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Criteria	JORC Code explanation	Commentary
	should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with	•Appropriate diagrams are included in the body of
	scales) and tabulations of intercepts	the release.
	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. _
Balanced	• Where comprehensive reporting of	•All relevant information pertaining to the
reporting	all Exploration Results is not	Historical Resource Estimate has been
	practicable, representative reporting	released.
	of both low and high grades and/or
	widths should be practiced to avoid
	misleading reporting of Exploration
	_Results. _
Other	• Other exploration data, if meaningful	•The Company has received an extensive data
substantive	and material, should be reported	room containing geophysical, geochemical,
exploration data	including (but not limited to): geological observations; geophysical	geological, mapping and sampling datasets. •The Company also has reviewed historical
	survey results; geochemical survey	resource wireframes and block models.
	results; bulk samples – size and	•It is the Company’s opinion further metallurgical,
	method of treatment; metallurgical	hydrological and geotechnical data is required to
	test results; bulk density,	be collected, and mine planning work needs to
	groundwater, geotechnical and rock	be undertaken based on this data, before any
	characteristics; potential deleterious	portions of the delineated orebodies could be
	or contaminating substances.	reported as Ore Reserves, we are confident that
		the work undertaken on all the above aspects is
		sufficient to indicate that the delineated veins do
		have the potential to be exploited economically.
Further work	• The nature and scale of planned	•The Company plans to continue data review and
	further work (eg tests for lateral	compilation.
	extensions or depth extensions or	•Following a site visit, the Company will look to
	large-scale step-out drilling).	complete diamond drilling to verify the historical
	• Diagrams clearly highlighting the	data.
	areas of possible extensions,	•The Company will update the market with
	including the main geological	proposed future work programs.
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

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