ORBMINCO LIMITED — Interim / Quarterly Report 2018

Apr 26, 2018

Woomera Mining Limited

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WOOMERA MINING LTD (ASX: WML) MARCH 2018 QUARTERLY ACTIVITIES REPORT

HIGHLIGHTS

• The Company listed on the ASX on 5 March 2018 via a reverse takeover of Ausroc Metals Ltd (ASX: ARK) raising $4,086,320 at $0.20/share

• Successful listing paved the way for WML to acquire the assets of Volt Lithium Pty Ltd and Liquid

Lithium Pty Ltd consisting of 10 tenements prospective for lithium in Western Australia

• The Company’s name was changed to Woomera Mining Limited (ASX: WML) on 9 March 2018 as

outlined in the Prospectus

• Key assets now include 19 tenements covering 6,197km[2] in the Gawler Craton and Musgrave Province regions of South Australia and the Pilbara, Ravensthorpe and eastern Yilgarn regions of Western Australia

• New exploration licences secured in the Gawler Craton – Carulinia and Labyrinth projects

• Native Title Mining Agreement signed over Alcurra-Tieyon project in the Musgrave Province

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Listing on the Australian Stock Exchange

Australian copper, nickel, cobalt and lithium minerals explorer Woomera Mining Limited (formerly Ausroc Metals Limited) commenced trading on the Australian Securities Exchange (ASX) on 5 March 2018, following a successful reverse takeover of Ausroc Metals Limited. The Company raised $4,086,320 at $0.20/share via its capital raising. The Company’s name changed from Ausroc Metals Limited to Woomera Mining on 9 March 2018.

Acquisition of 10 Tenements Prospective for Lithium in Western Australia

WML’s listing paved the way for Woomera to acquire the assets of Volt Lithium Pty Ltd and Liquid Lithium Pty Ltd consisting of 10 tenements prospective for lithium in Western Australia.

Subsequent ELAs Granted

Subsequent Exploration Licence Applications, ELA 2017/00155 and ELA 2017/00182 were granted during the reporting period as EL 6133 and EL 6134 respectively (see Fig 1). EL 6133 hosts the Company’s Carulinia potential IOCG project near Oodnadatta in the north-east Gawler Craton and EL 6134 represents the Company’s Labyrinth project in the central Gawler Craton.

The granted tenements cover prospective ground on which Woomera plans to undertake exploration activities later in 2018 subject to regulatory compliance applications such as Native Title and Environment approvals.

The tenements in South Australia are held by Woomera Exploration Limited (WEX) and Norsa Exploration Pty Ltd (Norsa) which are wholly owned subsidiaries of WML.

Figure 1. Location of Gawler Craton tenements including new exploration licences

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Woomera Mining Limited Tenement Status

The Company’s key assets include 19 tenements covering 6,197km[2] in the Gawler Craton and Musgrave Province in South Australia, as well as Pilbara and South East Yilgarn in Western Australia. The land surrounding the Company’s assets in the Gawler Craton and Musgrave Province is tightly held, with ownership dominated by the Australia’s largest mining companies.

The current status of the Company’s tenement holding is set out below.

South Australian Granted Tenements

Tenement Name	Number	Location	Area (km²)	Expiry/next renewal date	Holder
Sundown	EL 6091	Musgrave Province	768	10 October 2018	WEX
Mount Howe	EL 6092	Musgrave Province	854	10 October 2018	WEX
Mount Irwin	EL 5287**	Musgrave Province	503	24 June 2018	Norsa
Tieyon Station	EL 6090	Musgrave Province	938	11 January 2019	WEX
Mount Carulinia	EL 6133	Gawler Craton	401	10 October 2018	WEX

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Whymlet	EL 6134	Gawler Craton	266	28 November 2018	Held by WEX
Tallaringa	EL 5116 (SELA 2017/00183)	Gawler Craton	459	28 November 2017**	Held by WEX

Note :

** the Exploration Licence is in its final term and a Subsequent Exploration Licence Application has been submitted. This is in effect a renewal application of an existing tenement.

South Australian Applications for New Tenements

Tenement Name	Number	Location	Area (km²)	Status	Notes
Great Central Desert	ELA 2012/00119	Gawler Craton	929	Application	Application by Norsa.
Great Victorian Desert	ELA 2012/00120	Gawler Craton	848	Application	Application by Norsa.

Western Australian Granted Tenements

WML’s tenements are held by Volt Lithium Pty Ltd and Liquid Lithium Pty Ltd which are wholly owned subsidiaries of Woomera Mining Limited.

Tenement Name	Number	Location	Area (km²)	Status	Expiry Date	Notes
Magpie Range Pilgangoora	E45/4790	Central Pilbara	64	Granted	6 June 2022	Held by Volt Lithium
Peak Charles Salt Lake	E74/596	SE Yilgarn	92	Granted	3 May 2022	Held by Volt Lithium
Mt Cattlin East	E74/597	SE Yilgarn / Ravensthorpe	56	Granted	3 January 2022	Held by Volt Lithium
Lake Dundas	E63/1804	SE Yilgarn/ Norseman	57	Granted	30 April 2022	Held by Liquid Lithium
Lake Sharpe	E74/598	SE Yilgarn	60	Granted	27 April 2022	Held by Liquid Lithium
Mt. Cattlin East West	E74/599	SE Yilgarn / Ravensthorpe	40	Granted	17 January 2022	Held by Liquid Lithium
Magpie Range West	E45/4796	Central Pilbara	29	Granted	4 July 2022	Held by Liquid Lithium

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E15/1532 SE 3 Yilgarn/Norseman

Lake Cowan

Granted 4 May 2022 Held by Liquid Lithium

Western Australian Applications for New Tenements

Tenement Name	Number	Location	Area (km²)	Status	Notes
Turner Siding Pilgangoora	E45/4789	Central Pilbara	57	Application	Application by Volt Lithium
Dumbleyung Salt Lake	E70/4870	SE Yilgarn	86	Application	Application by Volt Lithium

An overview of the Company’s projects and activities since listing:

Eastern Musgrave Project (South Australia) and OZ Minerals Joint Venture

The Musgrave Alcurra-Tieyon Project covers 3,063km[2] and is prospective for copper, nickel, cobalt and also for gold, silver-lead-zinc, platinum group elements (‘PGE’) and rare earths (Figure 2).

Figure 2. Location of the Company’s Musgrave Block Tenements

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The Company executed a binding Heads of Agreement (HoA) with OZ Exploration Pty Ltd a wholly owned subsidiary of OZ Minerals Limited to develop its Musgrave assets via a Farm-in Arrangement and Joint Venture. Under the HoA, OZ Minerals can elect to farm-in 51% equity in the project by spending $2.5m in exploration activity within 18 months. An additional $5m spend will secure a total 75% equity in the project within the following two years.

During the Quarter, the Company advised that a Native Title Mining Agreement (NTMA) had been executed over the Alcurra-Tieyon project between the Tjayuwara-Unmuru Aboriginal Corporation (TUAC) and WML’s subsidiaries, Woomera Exploration Ltd and Norsa Exploration Pty Ltd. TUAC administers land on behalf of the Tjayuwara-Unmuru peoples, whose ownership over the land was recognised in the Tjayuwara-Unmuru Native Title Claim Determination of July 2013.

WML plans to lodge the executed NTMA with the SA Department of Premier and Cabinet.

In accordance with the conditions of the NTMA, a Native Title Heritage Survey has been scheduled for early May to conduct clearance work in preparation for an electromagnetic survey and drilling program.

The Native Title Heritage Survey will cover all 12 geophysical/geochemical anomalies that have been identified on the tenements below to date (Figure 3).

Figure 3. Geophysical/Geochemical Anomalies Within the Alcurra-Tieyon Project

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Once the Native Title Heritage Survey has been completed, Woomera will commence an exploration campaign, to be funded by OZ Minerals.

WML has identified 12 anomalies from geophysics and government drilling results, with seven of these anomalies to be tested immediately following the Native Title Heritage Survey via a ground MLEM survey and a 3,850m RC drilling program.

WML has almost completed an Exploration Environmental Protection and Remediation Plan which will be lodged with the SA Department of Premier and Cabinet. The E-PEPR is required to be approved prior to undertaking ground activities.

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WML will operate Stage 1 and 2 of the exploration Farm-In with Oz Minerals.

Gawler Craton Carulinia Project (South Australia)

The Carulinia Project is 10km west of Oodnadatta on the Torrens Hinge Zone, which is a complex structure defining the eastern margin of the Gawler Craton. The primary exploration focus at this tenement is a large coincident gravity and magnetic anomaly which displays striking similarities to that of BHP’s Olympic Dam and OZ Minerals’ Carrapateena.

WML has undertaken 3D magnetic and gravity inversion modelling over the anomaly and the results indicate that the causative zone is composed of a highly magnetic core, surrounded by a high-density shell.

Gawler Craton Labyrinth Project (South Australia)

The Labyrinth Project covers 266km[2] and is located 60km north-east of Tarcoola.

The project lies within the Woomera Prohibited Area in the central Gawler Craton, 30km north-west of Kingoonya and 40km north-east of Tarcoola between the Stuart Highway and the Adelaide-Darwin railway.

Previous drilling by CRA Exploration Pty Ltd reported nickel-copper sulphides and rare earth mineralisation in peridotites and basalts respectively. WML considers that the western portion of the tenement is prospective for lode gold mineralisation related to the Hiltaba Suite intrusives.

Gawler Craton Nawa Project (South Australia)

The Nawa Project comprises three tenements 150km west of Coober Pedy and 100km north of WPG Resources’ Challenger gold mine.

Previous exploration by BHP indicates that the project area is prospective for IOCG. As a first pass, Woomera has focused its attention on a coincident magnetic/gravity anomaly in the south-east of the tenement. Modelling indicates that two large dense magnetic sources cause this anomaly and warrant further investigation given that a nearby hole drilled by BHP intersected metamorphosed sediments of the Mount Woods Complex which hosts OZ Minerals’ Prominent Hill (BHP EL 1718, EL 1719 and EL 1725, Coober Pedy Ridge Project, Partial Relinquishment Reports for the periods 12/5/91 To 13/11/93, and 12/5/91 To 7/4/94).

Pilgangoora Lithium Project (Western Australia)

The Company’s three Pilgangoora Project tenements lie within the Pilbara Craton, between 60km and 110km south east from Port Headland, within close proximity to the following world-class pegmatite hosted projects including:

• Pilbara Minerals Ltd: Mineral Resource of 156.3Mt @ 1.25% Li2O and 128ppm Ta2O5 - ASX: PLS announcement 25 January 2017.

• Altura Mining Ltd: Resource 40.3Mt @ 1.0% Li2O - ASX: AJM announcement 24 October 2017.

• Mineral Resource Ltd: The Wodgina Lithium Mine Resource of 120Mt @ 1.28% Li2O - ASX: MIN announcement 28 April 2017.

The regional mineralisation of the area principally consists of greenstone shear-hosted gold and base metals, Banded Iron Formation (BIF) hosted iron ore and lithium-tantalum associated with post-tectonic Sn-Ta-Li bearing monzogranite to syenogranite plutons and pegmatites.

WML plans to conduct initial field reconnaissance at Pilgangoora in Q4 2018.

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Mount Cattlin Lithium Project (Western Australia)

The Mt Cattlin Lithium Project comprises two Exploration Licences covering an area of approximately 96km[2] immediately north of Ravensthorpe.

The Mt Cattlin Spodumene Mine which has a Mineral Resource of 16.4 Mt @ 1.08% Li2O and 5.7 Mlbs Ta2O5 (ASX: GXY Announcement 10 October 2017) lies 10km to the south. Mt Cattlin-style lithium mineralisation is an exploration opportunity for the Company.

WML’s tenements lie on the boundary of the Ravensthorpe greenstone belt where the Geological Survey of WA has noted that structurally controlled lithium-hosted pegmatites occur. Initial exploration will comprise geological and structural mapping to identify and sample the pegmatite dykes.

WML’s plan is to undertake initial site reconnaissance to the Mt Cattlin project in April 2018.

Lakes Lithium Project (Western Australia)

WML has five tenements located over Lakes Tay (lithium values 50x seawater), Sharpe (lithium values 50x seawater), Dundas (lithium values 90x seawater), Cowan (lithium values 90x seawater) and Dumbleyung (surrounded by felsic rocks) which all possess key factors needed for the development of lithium-rich brines.

WML will undertake initial field reconnaissance over the most prospective lake systems in April 2018.

CORPORATE

During the Quarter, the Company advised that 200,737 ordinary fully paid shares were released from escrow on 18 April 2018.

EXPLORATION PLANNED FOR Q4

In the Musgraves, WML will coordinate a Native Title Heritage Survey with the Tjayiwara-Unmuru Aboriginal Corporation (TUAC). Once completed, ground moving loop EM surveys will be conducted to more accurately define the drilling coverage needed for the 7 anomalies to be drill tested. Drill testing will follow the EM survey most likely commencing in July 2018.

At Pilgangoora, the Company will endeavour to negotiate either an NTA or become a signatory to an ILUA so that ground disturbing exploration activities can be planned. The drilling corridor has been established and drill testing will follow the completion of all statutory requirements.

In the Gawler Craton, the exploration priorities will be to enter into Native Title Mining Agreements over the Labryinth and Nawa Projects to enable drilling to be undertaken over 2018-2019.

Initial field reconnaissance will be conducted at Pilgangoora, Mt Cattlin, Lake Dumbleyung and Lakes Cowan and Dundas.

COMPETENT PERSONS STATEMENT

The exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Gerard Anderson, Managing Director of Woomera Mining Limited. Mr Anderson is a Member of the Australasian Institute of Mining and Metallurgy who has over forty-two years of experience in the field of activity being reported. Mr Anderson has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ relating to the reporting of Exploration Results. Mr Anderson consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

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