MARQUEE RESOURCES LIMITED — Capital/Financing Update 2024

Jun 24, 2024

25[th] June 2024

ASX RELEASE

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Conditions Precedent met for Agreement to Acquire Sa Pedra High Grade Gold and Silver Project With Historical Resource

HIGHLIGHTS:

• The Conditions Precedent included in the Option Agreements entered into on 28 May[1] over the advanced high-grade gold and silver Project in Sardinia, Italy, named the Sa Pedra Bianca Project, have been satisfied or waived.

• Marquee now enters into the Option Period, during which it will conduct exploration activities aimed at confirming the historical mineral resource of 1.65Mt @ 7.06 g/t Au and 29.7 g/t Ag for a total of 376,140oz gold and 1.58Moz silver[1] , testing numerous other historical exploration targets as well as several others that have been newly identified during the due diligence process.

• Meetings held last week between Marquee and local and regional Sardinian government representatives have positively affirmed that Sardinia is in step with the Italian national government’s new directive to promote and facilitate mining activities in Italy.

• Based on its due diligence, Marquee considers the Project to have exceptional upside with real potential to become a 1Moz+ gold Project.

Marquee Resources Limited ( “Marquee” or “the Company” ) ( ASX:MQR ) is pleased to announce that the Conditions Precedent to the two interlinked Option agreements entered into with two parties to acquire the advanced high grade gold and silver Project in Sardinia, Italy, named the Sa Pedra Bianca Project, have been met or waived and the Option Period of 12 months has now commenced.

MQR believes that its decision to enter into the jurisdiction of Sardinia is extremely well timed for the Company and its shareholders. A ministerial decree to adapt the Italian legislation of the mining sector to conform with EU regulations was approved in the Italian Council of Ministers on 20 June 2024. It includes new simplified procedures for approving exploration and mining activities. Whilst the focus of a new mining decree are the 34 critical minerals designated by the EU, it is likely that the new laws will have flow-on benefits for exploration and mining activities focussed on other minerals, such as gold and silver.

Marquee Executive Chairman, Mr Charles Thomas, commented:

“After the Company's Chief Technical Officer (CTO) Dr James Warren and myself visited the Sa Pedra Project last week to complete the final due diligence checklist items, I am extremely pleased to announce that the Sa Pedra Bianca Gold and Silver Project has passed our rigorous due diligence process and we have now entered into the Option Period with the vendors Dr Manca and Mr Spencer. We are extremely

1 Refer ASX announcement dated 28 May 2024 Ftled ‘MQR secures Au & Ag Project with Historical Resource’

WWW.MARQUEERESOURCES.COM.AU | ABN: 94 616 200 312

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excited to now begin properly evaluating the historical resource and the enormous exploration upside potential that exists at the Project.”

“I am furthered enthused that this trip has highlighted multiple new areas at the Project that require field testing, with our belief that the Sa Pedra Project has the real prospect of being a 1Moz+ gold Project for the Company.”

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Figure 1 – Map showing the regional geology of the greater Osilo area.

The Project is held under an investigation permit that allows low impact exploration activities. It encapsulates the Bunnari, Pedra Bianca, Sa Pala (de Sa Fae), Fieldies (partially) and Pala Edra gold bearing quartz veins. An exploration permit will soon be applied for to allow full exploration activities including drilling. It is expected to take 4-6 months for the application process to be completed.

During this period, Marquee will focus on various exploration activities, including:

• Retrieval and analysis of as much historical data and information as possible from various sources including archives held by various Sardinian government bodies and geologists who have previously worked on the Project. Previous exploration work included comprehensive soil and trench sampling, drilling, geophysics, mapping, mine planning and various associated studies to assist in applying for a mining concession, including hydrology and environmental studies.

• Undertaking various low impact exploration work (e.g. soil geochemistry, mapping, geophysics, structural interpretation), as permitted by the existing investigation permit.

WWW.MARQUEERESOURCES.COM.AU | ABN: 94 616 200 312

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• Planning an engagement strategy to govern interaction with Sardinian regulatory authorities, local communities and other stakeholders. The key tenet of the strategy will be to advance and develop the Project by applying best practice ESG principles and in a manner consistent with European and Italian principles for extracting sustainable raw materials.

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Figure 2 – An historical geochemical map showing the anomalous gold signature from soil sampling and the locations of the main gold and silver bearing vein systems within the greater Osilo area.

During the due diligence process, the map shown above in Figure 2 was obtained. It provides compelling evidence of the many anomalies located within greater Osilo area that have yet to be drill tested, with the previous explorer only drill testing 5 of 22 veins that had been mapped on surface. It is very likely that there are also multiple targets that do not outcrop, as was evidenced by the Bunnari prospect, where drilling of the outcropping vein also intersected a second, deeper sub-surface high-grade vein.

Following the grant of the research permit and before a decision to exercise the Options needs to be made, a Reverse Circulation (RC) and/or Diamond drill (DD) campaign will be undertaken with the objectives of providing confidence in the results achieved from historical drilling and to test down dip and extensions of previously drilled veins as well test new veins for mineralisation.

WWW.MARQUEERESOURCES.COM.AU | ABN: 94 616 200 312

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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

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.

HISTORICAL ESTIMATE

The information in this report that relates to non-JORC Historical Estimates 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. The information in this announcement provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the Sa Pedra Deposit.

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.

WWW.MARQUEERESOURCES.COM.AU | ABN: 94 616 200 312

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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 ~3kg was pulverised for fire assay
		•	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;andOMACLaboratories Limited

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Criteria	JORC Code explanation	Commentary	Commentary
			(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 partial core recovery occurs (e.g. 70%),
			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
			and minimize/eliminate core loss.

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Criteria	JORC Code explanation	Commentary	Commentary
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-sampling	• If core, whether cut or sawn and	•	In the case of DD, the core was cut for assaying
techniques	whether quarter, half or all core		using variable sample lengths up to 1m, cut
and sample	taken.		against geological contacts.
preparation	• If non-core, whether riffled, tube	•	In the case of RC drilling, 1m samples from
	sampled, rotary split, etc and		which ~3kg was pulverised for fire assay
	whether sampled wet or dry.	•	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.
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	whether the technique is considered		and check assaying between Progemisa and
tests	partial or total.		Genalysis. No standards assaying has been
	• For geophysical tools,		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

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Criteria	JORC Code explanation	Commentary	Commentary
	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 of	• The verification of significant	•	The sampling and assaying has been
sampling and	intersections by either independent		independently reviewed by consultancy groups
assaying	or alternative company personnel.		including;
	• The use of twinned holes.		• Steffen, Robertson & Kirsten (UK) Ltd, June
	• Documentation of primary data, data		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 subtracted from each
			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 spacing	• Data spacing for reporting of	•	Independent and Company audits concur that
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 andOre Reserve		of these veins has been reasonablywell

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Criteria	JORC Code explanation	Commentary
	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 of	• Whether the orientation of sampling	•The veins, the subject of this release, dip
data in	achieves unbiased sampling of	vertically to sub-vertically and have varying
relation to	possible structures and the extent to	orientations.
geological	which this is known, considering the	•Angled drillholes (-60o) have been completed
structure	deposit type.	perpendicular to the strike of the known veins.
	• If the relationship between the	•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.

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 have
tenement and	location and ownership including		been provided previously, refer to MQR ASX
land tenure	agreements or material issues with		release dated 28 May 2024
status	third parties such as joint ventures,
	partnerships, overriding royalties,
	native title interests, historical sites,
	wilderness or national park and
	environmental settings.
	• The security of the tenure held at the
	time of reporting along with any
	known impediments to obtaining a
	licence to operate in the area.
Exploration	• Acknowledgment and appraisal of	•	Prior to September 1995 all the exploration at
done by other	exploration by other parties.		Osilo had been undertaken under	the
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).

9

Criteria	JORC Code explanation	Commentary	Commentary
		•	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
Information	material to the understanding of the		previously, refer to MQR ASX release dated 28
	exploration results including a		May 2024
	tabulation of the following
	information for all Material drill holes:
	o easting and northing of the drill
	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.		onlyborehole data was used.

10

Criteria	JORC Code explanation	Commentary
		•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
mineralisation	Exploration Results.	orientations.
widths and	• If the geometry of the mineralisation	•Angled drillholes (-60o) have been completed
intercept	with respect to the drill hole angle is	perpendicular to the strike of the known veins.
lengths	known, its nature should be	•Due to the steep dipping nature of the veins, the
	reported.	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.
	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
substantive	and material, should be reported	dataroom containing geophysical, geochemical,
exploration	including (but not limited to):	geological, mapping and sampling datasets.
data	geological observations; geophysical	•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 ofpossible extensions,	•The Companywill update the market with

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Criteria	JORC Code explanation	Commentary
	including the main geological	proposed future work programs.
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

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