PACIFIC RESOURCES LIMITED - Capital/Financing Update 2026

24 March 2026

==> picture [611 x 55] intentionally omitted <==

ASX ANNOUNCEMENT

Due Diligence Update - Eastern Victorian Goldfields Project

HIGHLIGHTS

First Au Ltd (ASX: FAU) and is pleased to update the market on the progress of its due diligence.[1]
Ernestine Prospect within EL006816 (Haunted Stream) at the Eastern Victorian Goldfields Project.[2]
The Exploration Target is based on a detailed review of previous drilling results and a geological interpretation of the mineralised zone at the Ernestine Prospect as part of PXR’s due diligence for its Option to acquire the Eastern Victorian Goldfields Project
It is interpreted that the Ernestine lode has a strike extent of ~50m, a vertical extent of ~150m and true widths of ~1–2m
Additionally, the Ernestine-Hibernia lode is interpreted to sit within a broader mineralised corridor with a strike extent of ~500–550m – this conceptual exploration upside is not included in the Exploration Target

ASX: PXR ) (“ PXR ”, the “ Company ” or “ ”) is pleased to announce a maiden Exploration Target assessment of Haunted Stream’s Ernestine Prospect within the Eastern Victorian Goldfields Project in the East Gippsland region of Victoria (Figure 1).

1 2 Appendix 1 – JORC Code, 2012 Table 1

==> picture [612 x 68] intentionally omitted <==

----- Start of picture text -----

Pacific Resources Limited: Level 7, 344 Queen Street Brisbane, QLD 4000 | ABN20 075 877075
T: +61 7 3229 6606 | E: [email protected] | www.pacificresources.com
----- End of picture text -----

==> picture [611 x 55] intentionally omitted <==

PXR has an Option to acquire the Eastern Victorian Goldfields Project from First Au Ltd (ASX: FAU). The Option is for a period of 19months, with PXR updating the market on the progress of its due diligence.

As part of its technical due diligence, PXR has undertaken a detailed review of previous drilling results at the Ernestine Prospect and has updated the geological interpretation of the mineralised shear corridor at Ernestine.

The Ernestine Prospect sits within the priority EL006816 (Haunted Stream) target area, within PXR’s broader Eastern Victorian Goldfields Project area.

==> picture [256 x 240] intentionally omitted <==

Figure 1: Eastern Victorian Licences Under Option to acquire

Haunted Stream (Figure 2) is an 8.0 – 8.5 kilometre mineralised corridor of fold-hinge and shearcontrolled quartz-sulphide shoots within Ordovician turbidites; the field remains shallowly tested relative to Victorian analogues.

==> picture [377 x 268] intentionally omitted <==

Figure 2: EL006816 - Haunted Stream

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

Ernestine Exploration Target Assessment

Based on the technical assessment of this available data, the Company considers that the Ernestine lode has the potential to host an Exploration Target of; 40,000 to 80,000 tonnes grading approximately 5–10g/t Au , containing approximately 6,000 to 25,000 ounces of gold.

exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.

Results from drilling at the Ernestine Prospect by FAU in 2023[3] , and earlier diamond drilling and reverse circulation drilling (RC) by Mantle Mining Corporation (Mantle Mining)[4] ;
Geological interpretation of North–South striking quartz lodes hosted within Southwest-striking shear zones; and
Assumptions regarding shoot dimensions, including a strike extent of approximately 50m, a vertical extent of approximately 150m and true widths of approximately 1–2m.

prospectivity and potential of the priority Haunted Stream target area. The Ernestine Prospect has been subject to previous diamond drilling and reverse circulation drilling, and an analysis of these results has helped confirm the Exploration Target.

Importantly, our work also indicates that the Ernestine mineralised zone sits within a larger mineralised corridor, which further underlines the exploration upside potential at Haunted Stream.

We continue to work through our due diligence in respect of our option to acquire the Eastern Victorian Goldfields Project and will provide further updates to the market in due course.”

Drilling and Exploration Summary and Interpretation

Drilling at the Ernestine Prospect to date has comprised two phases of exploration drilling; diamond core drilling conducted by FAU in 2023[3] , and earlier rock chip sampling, diamond core drilling and RC drilling by Mantle Mining as reported by FAU[4] . FAU’s drilling intersected North–South striking

3 FAU ASX Release 31 August 2023 – Haunted Stream, Victoria Delivers Further Outstanding Drilling Results

4 FAU ASX Release 03 June 2020 – FAU Acquire Victorian Gold Exploration Project and

FAU ASX Release 03 February 2021 – High Grade Rock Chips at Vic Gold Project Drilling Starting

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

quartz lodes within the Ernestine mineralised corridor. These lodes appear to form steeply dipping and steeply south-plunging shoots of high-grade gold mineralisation (Figure 3).

This drilling indicates that these shoots may have a strike extent at surface (of approximately ~50m), but may extend significantly down plunge within the broader shear corridor.

Drillhole intersections including ERN001 (0.2m @ 36.88g/t Au) quartz veins within these shoots, consistent with shoot-controlled mineralisation commonly observed in Victorian orogenic gold systems.

==> picture [401 x 449] intentionally omitted <==

Figure 3: FAU drilling, 2023[3] ; identifying high-grade shoots within mineralised shears zones. MGA94 Zone 55.

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

In plan view, drillholes ERN006, ERN007, ERN008B and ERN009 appear to intersect a second parallel North–South striking lode, indicating that at least two high-grade shoots may occur within the Ernestine corridor (Figure 4).

The apparent ~40m East–West width of mineralised drilling intersections is interpreted as being from drillholes that have intersected two separate North–South striking shoots, rather than a single wide lode.

Drilling oriented toward the West–Southwest intersected one North–South striking lode, whereas holes drilled toward the East intersected a second parallel structure which had not been intersected by earlier drilling.

==> picture [451 x 334] intentionally omitted <==

Figure 4: Structural Interpretation against drilling on LiDAR and Multiple Shoot Intersections (inferred by yellow arrows). MGA94 Zone 55.

The earlier diamond drilling by Mantle Mining intersected mineralisation associated with Southwest-striking, sulphide-bearing shear zones, which correspond with structures mapped at surface. These shear zones are interpreted to form a structural corridor that hosts the Ernestine mineralised system.

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

This drilling intersected intervals of sulphide mineralisation typically around 2m in width and grading approximately 2g/t Au, and are interpreted to represent two bounding shear zones which define the margins of a mineralised structural corridor.

Ernestine Exploration Target Details

Based on FAU’s drilling results and geological interpretation, the Ernestine Prospect is interpreted to host two high-grade quartz shoots within a mineralised shear corridor.

shoots in the order of:

40,000–80,000t grading approximately 5–10g/t Au for ~ 6,000–25,000 Oz of gold.

estimate a Mineral Resource. It is uncertain whether further exploration will result in the estimation of a Mineral Resource.

The Exploration Target is based on the following parameters (Table 1):

Parameter	Assumption
Strike length of each shoot	~50m
Vertical extent	~150m
True shoot width	~1m–2 m (1.5m Average)
Average grade	~5–10g/t Au
Bulk density	~2.7 tonnes/m³

Table 1: Exploration Target parameters and assumptions.

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

Conceptual Exploration Potential – Ernestine-Hibernia Corridor

Southwest-striking shear zones, which can be traced along a strike extent of approximately 500550m (Figure 5).

Several historic underground workings occur along this structural corridor and may represent locations where high-grade shoots were historically mined. Inspections of these adits and historic open stopes highlight that they are open underfoot - with no evidence of additional work below the level of entry from the adit workings.

The presence of these workings, together with the structural interpretation derived from drilling suggests the potential for multiple North–South striking shoots developed within the shear corridor. This is further supported by rock-chip assays that have been collected across the mineralised trend, and are shown along with the historic drill results in Figure 5 [4] .

==> picture [499 x 282] intentionally omitted <==

Figure 5: Rock chip assays, drilling and historic workings across the Ernestine-Hibernia mineralised corridor [4] . MGA94 Zone 55.

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

At least two such shoots (Ernestine – Figure 3) have been intersected by the FAU drilling in 2023, and form the basis of the initial Exploration Target reported in this announcement, and it is interpreted that additional parallel shoots may occur along the broader corridor.

These additional shoots remain largely untested by drilling and represent what is interpreted by PXR as conceptual exploration upside.

Given the strike length of the corridor and the presence of several historic workings, the system may have the potential to host multiple high-grade shoots similar to those intersected at Ernestine, although these remain conceptual at this stage, and are not included in the Exploration Target.

Summary: Ernestine Exploration Target vs Conceptual Potential

Category	Basis	Geometry	Grade	Gold Potental
Ernestne Exploraton		~50 m strike × ~150 m	~5–10 g/t	~5,000 – 25,000
	ERN drilling
Target		depth × ~1–2 m width	Au	oz Au

Ernestne – Hibernia
	Structural interpretaton +	~500–550 m corridor
			variable	conceptual only
Conceptual Corridor
	historic workings	hostng multple shoots
Potental

Exploration Implications

The previous drilling at the Ernestine Prospect has demonstrated the presence of high-grade gold shoots within a broader mineralised shear corridor.

The structural interpretation indicates that the corridor may host multiple North–South striking shoots controlled by Southwest-striking shear zones.

Next Steps

Further exploration drilling expected to be undertaken within the Option Period will focus on:

testing the down-plunge extensions of the Ernestine shoots
evaluating the second parallel lode intersected by drill holes ERN006–009
testing additional shoot positions along the broader structural corridor.

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

This announcement has been approved for release by the Chairman of the Board

Andrew Fogg	James Moses
Chief Executive Ofcer	Investor & Media Relations
T: +61 7 3229 6606	T: +61 420 991 574
E: [email protected]	E: [email protected]

on key, high-demand minerals – including gold, antimony and base metals. Its current projects include the Sulphide Creek Gold Antimony Project and the Mersey Volcanogenic Massive Sulphide (VMS) Base Metals and Gold Project in active world-class mineral belts in Tasmania, and the Blackall Coal Project in Queensland. It also holds an exclusive option to acquire a portfolio of gold, silver, base metals and critical minerals assets in Victoria and an investment interest in an ASX-listed copper exploration company.

Competent Person Statement

The information in this announcement that relates to Exploration Results for the Eastern Victorian Goldfields Project were compiled by Ian Neilson, who is a Member of the Australian Institute of Geosciences. Mr Neilson is a shareholder of PXR due to PXR acquiring Penwortham Exploration Pty Ltd for scrip, which were the vendors of 2 Tasmanian projects now held by PXR.

Mr. Neilson is providing geological support to the Company on several project areas. Mr. Neilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Neilson consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original report.

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

Table 2: Drilling Collar Locations and Surveys; FAU drilling, 2023 [3]

HOLEID	EASTING	NORTHING	Z	Azimuth MAG	Dip	EOH
ERN001	567744	5854613	293.7895	243	-45	68.7
ERN002	567744	5854613	293.7895	254	-55	68.4
ERN003	567744	5854613	293.7895	222	-55	71.1
ERN004B	567744	5854613	293.7895	222	-60	104.5
ERN005	567744	5854613	293.7895	227	-60	110.5
ERN006	567668	5854589	292.1	84	-60	89.6
ERN007	567668	5854589	292.1	82	-66	118
ERN008	567668	5854589	292.1	95	-70	122.5
ERN009	567668	5854589	292.1	60	-45	80.2
ERN010	567670	5854580	292.4	267	-49	80.4
ERN011	567670	5854580	292.4	209	-45	133.9

Table 3: Drilling results; FAU drilling, 2023 [3]

HOLEID	FROM	TO	Au-PA01_ppm
ERN001	21.8	22.2	0.96
ERN001	22.2	22.5	0.3
ERN001	22.5	23	0.08
ERN001	37.7	38.3	<0.05
ERN001	38.3	38.6	0.91
ERN001	38.6	38.85	6.85
ERN001	38.85	39.3	4.67
ERN001	39.3	39.55	4.85
ERN001	39.55	40.1	2.07
ERN001	40.1	40.3	36.88
ERN001	40.3	40.7	2.49
ERN001	40.7	41.2	3.22
ERN001	41.2	41.6	5.62
ERN001	41.6	42	4.57
ERN001	42	42.45	4.8
ERN001	42.45	42.9	9.62

ERN001	42.9	43.5	1.08
ERN001	43.5	44	7.34
ERN001	44	44.6	2.13
ERN001	44.7	45.2	3.66
ERN001	45.2	45.7	1.39
ERN001	45.7	45.9	10.57
ERN001	45.9	46	0.36
ERN001	46	46.5	0.52
ERN001	46.5	47	3.21
ERN001	47	47.4	1.17
ERN001	47.4	47.7	1.39
ERN001	47.7	48.2	1.63
ERN001	48.2	48.8	1.28
ERN001	48.8	49	0.69
ERN001	49	49.5	1.37
ERN001	49.5	50	3.18
ERN001	50	50.4	2.65

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN001	50.4	51	0.47
ERN001	51	51.5	1.2
ERN001	51.5	52	0.42
ERN002	51.5	51.85	0.21
ERN002	51.85	52.3	0.91
ERN002	52.3	52.8	0.65
ERN002	52.8	53.1	1.99
ERN002	53.1	53.5	5.17
ERN002	53.5	53.85	3.24
ERN002	53.85	54.35	0.69
ERN002	54.35	54.7	1.79
ERN002	54.7	55	0.56
ERN002	55	55.3	7.09
ERN002	55.3	55.8	2.88
ERN002	55.8	56.2	4.73
ERN002	56.2	56.55	3.16
ERN002	56.55	57	1.59
ERN002	57	57.35	6.02
ERN002	57.35	57.6	12.81
ERN002	57.6	57.9	4.51
ERN002	57.9	58.2	1.81
ERN002	58.2	58.7	3.25
ERN002	58.7	59.1	3.14
ERN002	59.1	59.4	0.93
ERN002	59.4	59.75	2.3
ERN002	59.75	60.3	1.53
ERN002	60.3	60.75	0.79
ERN002	60.75	61.25	0.29
ERN002	61.25	61.6	0.42
ERN002	61.6	62.15	3.65
ERN002	62.15	62.95	2.98

Hole_ID	from	to	Au_ppm
ERN003	36.2	36.7	0.75
ERN003	36.7	37.2	1.77

ERN003	37.2	37.7	0.97
ERN003	37.7	38.2	1.57
ERN003	38.2	38.7	1.27
ERN003	38.7	39.2	1.42
ERN003	39.2	39.7	0.69
ERN003	39.7	40.2	0.89
ERN003	40.2	40.7	0.74
ERN003	40.7	41.2	1.82
ERN003	41.2	41.6	1.91
ERN003	41.6	42.3	1.54
ERN003	42.3	43	2.81
ERN003	43	43.6	4.47
ERN003	43.6	44.2	2.67
ERN003	44.2	45.1	3.19
ERN003	45.1	45.7	1.15
ERN003	45.7	46.4	0.41
ERN003	46.4	46.7	0.64
ERN003	46.7	47	0.61
ERN003	47	47.6	0.68
ERN003	47.6	48.2	0.27
ERN003	48.2	48.8	1.44
ERN003	48.8	49.4	0.76
ERN003	49.4	50	0.34
ERN003	50	50.4	0.83
ERN003	50.4	50.8	1.52
ERN003	50.8	51.3	0.14
ERN003	51.3	51.8	1.19
ERN003	51.8	52.5	<0.07

Hole_ID	from	to	Au_ppm
ERN004b	27	27.5	<0.05
ERN004b	27.5	28	0.06
ERN004b	28	28.5	<0.05
ERN004b	28.5	29	<0.05
ERN004b	69	69.5	0.49
ERN004b	69.5	70	2.08

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN004b	70	70.5	0.59
ERN004b	70.5	71	0.36
ERN004b	71	71.5	2.53
ERN004b	71.5	72	3.71
ERN004b	72	72.5	1.5
ERN004b	72.5	73	2.48
ERN004b	73	73.5	6.27
ERN004b	73.5	74	6.11
ERN004b	74	74.5	3.8
ERN004b	74.5	75	4.44
ERN004b	75	75.5	4.73
ERN004b	75.5	76	6.19
ERN004b	76	76.5	6.53
ERN004b	76.5	77	3.43
ERN004b	77	77.5	0.36
ERN004b	77.5	78	0.25
ERN004b	78	78.5	0.79
ERN004b	78.5	79	0.67
ERN004b	79	79.5	0.66
ERN004b	79.5	80	0.88
ERN004b	80	80.5	21.13
ERN004b	80.5	81	1.16
ERN004b	81	81.5	0.34
ERN004b	86.5	87	1.4
ERN004b	87	87.5	1.17
ERN004b	87.5	88	2.74
ERN004b	88	88.5	0.36
ERN004b	88.5	89	0.07
ERN004b	89	89.5	0.43
ERN004b	89.5	90	2.54
ERN004b	90	90.5	0.08
ERN004b	90.5	91	<0.06
ERN004b	91	91.5	<0.06
ERN004b	91.5	92	0.27

Hole_ID	*from*	to	Au_ppm

ERN005	35.2	35.6	<0.06
ERN005	35.6	36.2	0.06
ERN005	36.2	36.5	0.15
ERN005	36.5	37	<0.04
ERN005	37	37.5	<0.06
ERN005	51.5	51.8	<0.04
ERN005	51.8	52.3	<0.05
ERN005	52.3	52.8	1.21
ERN005	52.8	53.2	<0.05
ERN005	54.5	54.9	0.44
ERN005	54.9	55.4	<0.06
ERN005	55.4	55.8	<0.06
ERN005	55.8	56.3	<0.06
ERN005	56.3	56.5	<0.06
ERN005	60.6	61.1	0.59
ERN005	61.1	61.6	<0.05
ERN005	61.6	62.1	0.12
ERN005	62.1	62.6	0.67
ERN005	62.6	63.1	<0.06
ERN005	63.1	63.4	<0.08
ERN005	63.4	63.9	0.87
ERN005	63.9	64.4	0.93
ERN005	64.4	64.9	0.41
ERN005	64.9	65.4	0.9
ERN005	65.4	65.9	0.35
ERN005	65.9	66.4	0.15
ERN005	66.4	66.9	0.27
ERN005	66.9	67.4	0.17
ERN005	67.4	67.9	0.12
ERN005	67.9	68.5	<0.07
ERN005	68.5	69	0.69
ERN005	69	69.5	0.41
ERN005	69.5	70.1	0.39
ERN005	70.1	70.6	0.85
ERN005	70.6	71.1	2.25
ERN005	71.1	71.5	1.7

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN005	71.5	72	3
ERN005	72	72.5	8.47
ERN005	72.5	73	7.68
ERN005	73	73.5	4.2
ERN005	73.5	74	1.32
ERN005	74	74.5	0.87
ERN005	74.5	75	0.59
ERN005	75	75.5	0.36
ERN005	75.5	76	0.59
ERN005	76	76.7	0.51
ERN005	76.7	77.4	0.52
ERN005	77.4	77.9	0.6
ERN005	77.9	78.4	0.65
ERN005	78.4	78.9	0.81
ERN005	78.9	79.4	0.49
ERN005	79.4	79.9	0.55
ERN005	79.9	80.4	0.77
ERN005	80.4	80.9	1.98
ERN005	80.9	81.4	1.29
ERN005	81.4	81.9	1.14
ERN005	81.9	82.3	0.59
ERN005	82.3	82.8	0.76
ERN005	82.8	83.3	1.76
ERN005	83.3	83.8	0.61
ERN005	83.8	84.3	0.66
ERN005	84.3	84.9	0.83
ERN005	84.9	85.3	0.42
ERN005	85.3	85.8	0.75
ERN005	85.8	86.4	1.07
ERN005	86.4	86.7	0.42
ERN005	86.7	87.2	0.22
ERN005	87.2	87.7	0.59
ERN005	87.7	88.2	0.96
ERN005	88.2	88.7	0.26
ERN005	88.7	89.2	0.73
ERN005	89.2	89.7	0.29

ERN005	89.7	90.2	2
ERN005	90.2	90.7	1.12
ERN005	90.7	91.2	1.39
ERN005	91.2	91.7	1.61
ERN005	91.7	92	3.04
ERN005	92	92.5	1.91
ERN005	92.5	93	1.49
ERN005	93	93.5	1.91
ERN005	93.5	94	2
ERN005	94	94.5	0.78
ERN005	94.5	95	2.8
ERN005	95	95.5	2.15
ERN005	95.5	96	1.28
ERN005	96	96.5	0.84
ERN005	96.5	97	2.44
ERN005	97	97.5	0.66
ERN005	97.5	98	0.25
ERN005	98	98.5	1.12
ERN005	98.5	99	1.18
ERN005	99	99.5	0.59
ERN005	99.5	99.8	1.19
ERN005	99.8	100.4	2.4
ERN005	100.4	101.1	0.76
ERN005	101.1	101.5	0.81
ERN005	101.5	102	1.1
ERN005	102	102.5	1.4
ERN005	102.5	103	1.03
ERN005	103	103.5	2.65
ERN005	103.5	103.9	0.64
ERN005	103.9	104.2	1.09
ERN005	104.2	104.7	9.6
ERN005	104.7	105.6	2.03
ERN005	105.6	106	7.38
ERN005	106	106.5	2.52
ERN005	106.5	107	2.39
ERN005	107	107.5	1.16

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN005	107.5	108	0.64
			Au_ppm <0.06 2.97 1.11 1.43 2.09 2.93 2.45 0.25 <0.06 <0.05 0.21 <0.06 <0.06 0.87 <0.05 0.12 <0.05 0.2 2.81 0.16 0.41 0.39 0.37 1.23 0.26 0.54 0.58 0.71 0.43 2.81 3.6 0.12 0.21
Hole_ID	from	to	Au_ppm
ERN006	34.7	35	<0.06
ERN006	35	35.5	2.97
ERN006	35.5	36	1.11
ERN006	36	36.5	1.43
ERN006	36.5	36.9	2.09
ERN006	36.9	37.4	2.93
ERN006	37.4	37.8	2.45
ERN006	37.8	38.1	0.25
ERN006	38.1	38.6	<0.06
ERN006	38.6	39	<0.05
ERN006	39	39.5	0.21
ERN006	39.5	40	<0.06
ERN006	40	40.5	<0.06
ERN006	40.5	41	0.87
ERN006	41	41.5	<0.05
ERN006	41.5	42	0.12
ERN006	42	42.5	<0.05
ERN006	42.5	42.8	0.2
ERN006	42.8	43.1	2.81
ERN006	43.1	43.5	0.16
ERN006	50.3	50.8	0.41
ERN006	50.8	51.1	0.39
ERN006	51.1	51.5	0.37
ERN006	51.5	52	1.23
ERN006	52	52.6	0.26
ERN006	52.6	53	0.54
ERN006	53	53.3	0.58
ERN006	53.3	53.6	0.71
ERN006	53.6	54.1	0.43
ERN006	54.1	54.6	2.81
ERN006	54.6	55	3.6
ERN006	55	55.5	0.12
ERN006	55.5	55.8	0.21

ERN006	55.8	56.2	<0.05
ERN006	56.2	56.6	0.2
ERN006	59.8	60.4	0.16
ERN006	60.4	60.9	2.16
ERN006	60.9	61.4	1.98
ERN006	61.4	61.9	1.44
ERN006	61.9	62.4	1.52
ERN006	62.4	62.6	<0.05
ERN006	76.9	77.1	<0.06
ERN006	77.1	77.4	0.07
ERN006	77.4	77.7	<0.05
ERN006	77.7	78.2	0.2
ERN006	78.2	78.7	0.97
ERN006	78.7	79.1	0.12
ERN006	79.1	79.7	0.66
ERN006	79.7	80.2	0.5
ERN006	80.2	80.6	0.13
ERN006	83	83.5	0.33
ERN006	83.5	83.9	<0.07
ERN006	83.9	84.2	0.23
ERN006	84.2	84.7	0.67
ERN006	84.7	85	0.25
ERN006	85	85.5	0.29
ERN006	85.5	86	0.6

Hole_ID	from	to	Au_ppm
ERN007	9.4	9.7	<0.05
ERN007	9.7	9.9	0.08
ERN007	9.9	10.2	<0.04
ERN007	39.9	40.25	0.07
ERN007	40.25	41	0.1
ERN007	41	41.15	0.46
ERN007	41.15	41.35	3.06
ERN007	41.35	42	2.31
ERN007	42	42.5	2.01
ERN007	42.5	43	0.43

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN007	43	43.4	0.41	ERN007	72.2	72.8	1.99
ERN007	47.8	48.2	0.43	ERN007	72.8	73.5	0.31
ERN007	48.2	48.35	0.97	ERN007	73.5	73.95	0.12
ERN007	48.35	48.6	0.09	ERN007	73.95	74.1	1.4
ERN007	48.6	48.95	1.34	ERN007	74.1	74.7	4.57
ERN007	48.95	49.05	3.16	ERN007	74.7	75.25	0.73
ERN007	49.05	49.4	0.19	ERN007	75.25	75.7	0.42
ERN007	49.4	49.8	0.13	ERN007	75.7	76.2	0.9
ERN007	49.8	50.3	<0.05	ERN007	86	86.45	0.68
ERN007	50.3	50.7	0.07	ERN007	86.45	87	1.03
ERN007	50.7	51	0.18	ERN007	87	87.4	1.2
ERN007	51	51.6	0.09	ERN007	87.4	87.8	18.87
ERN007	51.6	52	<0.05	ERN007	87.8	88.35	6.39
ERN007	54.2	54.7	0.42	ERN007	88.35	88.8	6.35
ERN007	54.7	55.1	2.48	ERN007	88.8	89.6	3.76
ERN007	55.1	55.5	0.16	ERN007	89.6	90.1	2.36
ERN007	55.5	55.8	<0.06	ERN007	90.1	90.5	0.81
ERN007	55.8	56.4	0.22	ERN007	90.5	90.8	1.03
ERN007	56.4	57.1	0.18	ERN007	90.8	91	0.64
ERN007	57.1	57.5	0.34	ERN007	91	91.5	0.61
ERN007	57.5	58	0.62	ERN007	91.5	92	1.54
ERN007	58	58.2	0.68	ERN007	92	92.3	0.5
ERN007	58.2	58.3	2.29	ERN007	92.3	92.8	0.88
ERN007	58.3	59	1.04	ERN007	92.8	93	0.22
ERN007	59	59.8	0.54	ERN007	93	93.7	0.49
ERN007	59.8	60.6	0.33	ERN007	93.7	94.25	0.57
ERN007	60.6	61	<0.05	ERN007	94.25	94.8	0.65
ERN007	67.5	68	1.08	ERN007	94.8	95.25	1.54
ERN007	68	68.4	0.83	ERN007	95.25	95.8	0.66
ERN007	68.4	69	0.9	ERN007	95.8	96.2	0.37
ERN007	69	69.5	0.54	ERN007	96.2	96.6	<0.05
ERN007	69.5	69.8	1.17	ERN007	96.6	97.2	0.24
ERN007	69.8	70.4	1.56	ERN007	97.2	97.9	0.55
ERN007	70.4	71.25	0.33	ERN007	97.9	98.4	0.09
ERN007	71.25	71.7	0.46	ERN007	98.4	99	3.42
ERN007	71.7	72.2	1.21	ERN007	99	99.5	<0.05

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN007	99.5	100	<0.04
ERN007	100	100.3	<0.05
ERN007	100.3	100.6	0.16
ERN007	104.5	105	1.21
ERN007	105	105.65	1.81
ERN007	105.65	106.15	1.22
ERN007	106.15	106.6	0.89
ERN007	106.6	107.3	0.39
ERN007	107.3	108	0.14
ERN007	108	108.5	0.81
ERN007	108.5	109	0.12
ERN007	109	109.6	0.08
ERN007	109.6	110	0.63
ERN007	110	110.55	2.53
ERN007	110.55	111.2	0.39
ERN007	111.2	111.7	1.12
ERN007	111.7	112.2	0.88
ERN007	112.2	112.5	2.84
ERN007	112.5	112.85	0.72
ERN007	112.85	113.5	0.46
ERN007	113.5	114	0.08
ERN007	114	114.3	0.85
ERN007	114.3	114.7	0.4
ERN007	114.7	115	0.15

Hole_ID	from	to	Au_ppm
ERN008B	6.8	7.2	1.7
ERN008B	7.2	8	1.16
ERN008B	8	8.6	0.91
ERN008B	8.6	9	1.45
ERN008B	9	9.6	1.33
ERN008B	9.6	10	<0.05
ERN008B	40.5	41.2	<0.05
ERN008B	41.2	41.7	0.31
ERN008B	41.7	42	0.91
ERN008B	42	42.5	3.17

ERN008B	42.5	43	2.54
ERN008B	43	43.5	1.16
ERN008B	43.5	43.9	2.85
ERN008B	43.9	44.3	0.34
ERN008B	44.3	44.9	0.49
ERN008B	44.9	45.3	0.59
ERN008B	45.3	45.6	1.2
ERN008B	45.6	45.95	0.05
ERN008B	45.95	46.15	2.71
ERN008B	46.15	46.7	0.78
ERN008B	46.7	46.8	0.29
ERN008B	46.8	47.6	0.3
ERN008B	47.6	48.45	0.9
ERN008B	48.45	49.1	1.38
ERN008B	49.1	49.5	1.63
ERN008B	49.5	50	0.52
ERN008B	50	50.6	0.18
ERN008B	50.6	51.1	0.54
ERN008B	51.1	51.65	0.52
ERN008B	51.65	51.8	0.59
ERN008B	51.8	52.35	0.96
ERN008B	52.35	53	0.75
ERN008B	53	53.6	0.44
ERN008B	53.6	54	0.91
ERN008B	54	54.7	1.14
ERN008B	54.7	55.25	0.14
ERN008B	55.25	55.65	0.17
ERN008B	55.65	56.4	<0.05
ERN008B	56.4	57.25	0.25
ERN008B	57.25	57.8	0.41
ERN008B	57.8	58.5	0.64
ERN008B	58.5	58.8	<0.06
ERN008B	58.8	59.4	<0.06
ERN008B	59.4	59.6	0.81
ERN008B	59.6	60.1	0.98
ERN008B	60.1	60.5	1.12

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN008B	60.5	61.3	0.42	ERN008B	90.7	91.7	0.14
ERN008B	70.65	71.25	0.11	ERN008B	91.7	92.1	0.13
ERN008B	71.25	71.6	0.94	ERN008B	92.1	92.6	0.57
ERN008B	71.6	71.9	<0.05	ERN008B	92.6	93.3	0.23
ERN008B	71.9	72.65	<0.05	ERN008B	93.3	93.7	0.34
ERN008B	72.65	73.3	0.07	ERN008B	93.7	94.05	0.68
ERN008B	73.3	74	0.79	ERN008B	94.05	94.75	8.42
ERN008B	74	74.5	0.27	ERN008B	94.75	95.45	5.24
ERN008B	74.5	75	0.16	ERN008B	95.45	96	11.82
ERN008B	75	75.9	<0.05	ERN008B	96	96.5	8.62
ERN008B	75.9	76.5	0.08	ERN008B	96.5	97.1	3.81
ERN008B	76.5	77	0.26	ERN008B	97.1	97.7	1.93
ERN008B	77	77.6	0.92	ERN008B	97.7	98	3.41
ERN008B	77.6	78.35	0.92	ERN008B	98	98.6	1.13
ERN008B	78.35	78.85	3.34	ERN008B	98.6	98.9	0.62
ERN008B	78.85	79.35	1.72	ERN008B	98.9	99.4	1.33
ERN008B	79.35	80.15	1.37	ERN008B	99.4	100.05	1.04
ERN008B	80.15	81	1.31	ERN008B	100.05	100.4	0.5
ERN008B	81	81.7	0.94	ERN008B	100.4	100.9	3.55
ERN008B	81.7	82.35	0.72	ERN008B	100.9	101.3	0.47
ERN008B	82.35	82.85	0.28	ERN008B	101.3	101.7	1.48
ERN008B	82.85	83.35	0.2	ERN008B	101.7	102.1	0.58
ERN008B	83.35	83.85	0.06	ERN008B	102.1	102.5	1.13
ERN008B	83.85	84.55	0.1	ERN008B	102.5	103.2	0.65
ERN008B	84.55	85.05	0.11	ERN008B	103.2	103.8	1.7
ERN008B	85.05	85.55	<0.05	ERN008B	103.8	104.4	0.86
ERN008B	85.55	85.9	<0.06	ERN008B	104.4	105.05	0.21
ERN008B	85.9	86.6	0.1	ERN008B	105.05	105.35	0.8
ERN008B	86.6	87	0.65	ERN008B	105.35	105.8	0.09
ERN008B	87	87.6	2.4	ERN008B	105.8	106.35	0.27
ERN008B	87.6	88.2	1.55	ERN008B	106.35	106.7	0.52
ERN008B	88.2	88.7	0.54	ERN008B	106.7	107.3	0.58
ERN008B	88.7	89.4	1.46	ERN008B	107.3	107.9	0.12
ERN008B	89.4	89.85	3.16	ERN008B	107.9	108.55	0.24
ERN008B	89.85	90.3	0.63	ERN008B	108.55	109.05	0.27
ERN008B	90.3	90.7	0.11	ERN008B	109.05	109.85	<0.05

==> picture [612 x 68] intentionally omitted <==

==> picture [611 x 55] intentionally omitted <==

ERN008B	109.85	110.25	<0.05
ERN008B	110.25	111.05	0.13
ERN008B	111.05	111.5	0.31
ERN008B	111.5	112	<0.04
ERN008B	112	112.2	<0.05
ERN008B	112.2	112.45	0.46
ERN008B	112.45	112.65	6.65
ERN008B	112.65	113.35	4.01
ERN008B	113.35	114	0.96
ERN008B	114	114.5	2.43
ERN008B	114.5	114.95	0.84
ERN008B	114.95	115.6	2.6
ERN008B	115.6	116.15	0.25
ERN008B	116.15	116.6	0.6

Hole_ID	from	to	Au_ppm
ERN009	32	32.6	<0.05
ERN009	32.6	33.2	<0.05
ERN009	33.2	33.9	<0.04
ERN009	33.9	34.4	<0.06
ERN009	34.4	34.9	<0.06
ERN009	34.9	35.5	<0.05
ERN009	35.5	36.1	<0.04
ERN009	36.1	36.75	0.47
ERN009	36.75	37.6	2.98
ERN009	37.6	38	0.92
ERN009	38	38.5	0.47
ERN009	38.5	39	0.29
ERN009	39	39.5	0.12
ERN009	39.5	40.2	0.12
ERN009	40.2	40.6	<0.06
ERN009	40.6	40.95	0.1
ERN009	40.95	41.45	<0.05
ERN009	41.45	42	0.29
ERN009	42	42.3	<0.05
ERN009	46.65	47.3	0.34

ERN009	47.3	48.1	6.14
ERN009	48.1	48.55	0.74
ERN009	48.55	49.1	0.47
ERN009	54	54.65	0.42
ERN009	54.65	54.95	2.74
ERN009	54.95	55.3	2.47
ERN009	55.3	56	0.37
ERN009	56	56.65	0.34
ERN009	71.2	71.85	0.22
ERN009	71.85	72.55	2.25
ERN009	72.55	73	1.78
ERN009	73	73.5	1.54
ERN009	73.5	74.2	0.56
ERN009	74.2	74.9	0.55
ERN009	74.9	75.2	<0.05
ERN009	75.2	75.7	0.24

==> picture [612 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Appendix 1 - JORC Code, 2012 Edition – Table 1 report – Ernestine Drilling

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
*Sampling* *techniques*	Nature and quality of sampling (eg cut channels, random chips, or specific specialised 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. _	The sampling has been carried out on diamond drilling core. A total of 9 diamond holes were sampled from a recently completed 1,047.8m drilling program. Approximately 280.1 m of core was cut and sampled from a total 833.5m drilled.
	Include reference to measures taken to ensure sample representation and the appropriate calibration of any measurement tools or systems used.	The drill hole collar locations were surveyed by handheld GPS. Sampling was carried out under First Au’s protocols and QAQC procedures as per industry best practice. See further details below.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘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 explanation may be 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 information.	Diamond core was collected into standard plastic core trays by the drilling contractor. Downhole depths determined, were then marked on wooden blocks. The diamond core was split using a diamond bladed saw into ½ core for assay, while ½ remained in the core tray for reference and future metallurgical studies. Intervals of between 0.2 and 1.0 metre samples were collected from HQ & NQ2 diamond core, which was cut for sampling. A sample size of approximately 1-2 kg minimum was collected for each sample. All samples were crushed and pulverised at the lab to -75um using CRU-31, SPL-32a with a 500g charge for Au- PAO1 photon assay for Au.
*Drilling* *techniques*	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	The diamond drilling rig, owned and operated by Precision Drilling, was used to obtain the samples. Core was both HQ and NQ2 diameter. Diamond core was oriented by the drill contractor using a Boart Longyear TRUSHOT tool. Downhole survey was completed by a gyro-tool for all drill holes. All holes had single shot surveysperformed at ~15 metre intervals.
*Drill* *sample* *recovery*	Method of recording and assessing core and chip sample recoveries and results assessed.	Diamond core sample recovery was measured and calculated during the logging, using standard RQD logging procedures. Recovery of the samples was generally good, generally estimated to be full, except for some sample loss at the collar of the hole, and when samples were hosted in fault zones at depth,which affected onlya few samples.

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	The diamond drilling generally showed good recovery (>80%), particularly within the mineralized interval.
	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.	No relationship between recovery and grade has been identified.
*Logging*	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All core was geologically logged by FAU’s geologists using the First Au geological logging legend and protocol. Structural logging was undertaken by Ian E Neilson MSc RP Geo, FAU’s Chief Geologist. All core was orientated, marked into meter intervals, and compared to the depth measurements on the core blocks. Any core loss recorded in the drilling database. Core was logged geologically and structurally. Logging information was transferred into the company database once complete.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging of diamond core records lithology, mineralogy estimates, mineralisation, weathering, colour and other features of the samples. All core was photographed wet and dry.
	The total length and percentage of the relevant intersections logged	All holes were logged in full.
*Sub-sampling* *techniques and* *sample* *preparation*	If core, whether cut or sawn and whether quarter, half or all core taken.	0.2m to One-meter intervals of 1/2 core samples were collected by FAU geologist’s and field staff into calico bags.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether _sampled wet or dry. _	n/a
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were prepared at the ALS in Adelaide and analysis in ALS Labs in Perth. Samples were dried, and the whole sample pulverised to 70% passing 2mm, and a sub-sample of approx. 500g retained. A nominal 500g was used for the assay analysis. The procedure is industry standard for this type of sample analysis technique (Photon Assay).

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	Quality control procedures adopted for all sub-sampling stages to maximise representation of samples.	A CRM standard and fine blank was submitted at a rate of approximately 1 in 20 samples. At the laboratory, regular Repeats and Lab Check samples are assayed. Duplicate analysis is performed on all samples > 10 g/t Au using Fire Assay 50g charges on existing residual.
	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.	Diamond core field duplicates were not taken but will be measured in future if the holes are required in a Resource Estimation. The nature of the mineralisation was relatively homogenous and could be represented within a quarter core sample over 1m interval.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate to give an indication of mineralisation given the particle size and the preference to keep the sample weight at a targeted 1 to 2kg mass.
*Quality* of *assay data and* *laboratory* *tests*	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Samples were analysed at the ALS in Adelaide and analysis in ALS Labs in Perth. The analytical method used was an Au-PA01 Photon Assay for gold with periodical repeats and Au-AA26 for repeats. For preparation, CRU-31 is used as a preliminary step before fine crushing of larger sample sizes. Drill samples are crushed to 70% passing 2mm. The techniques are appropriate for the material and style of mineralisation .
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	First Au protocol for the 2023 diamond drilling was for a single CRM (Certified Reference Material) and a fine blank to be inserted in 1 of every 20 samples. At the ALS Laboratory, regular assay Repeats, Lab Standards and Blanks are analysed. Results of the Lab QAQC were analysed on assay receipt. On analysis, all assays passed QAQC protocols, showing no levels of contamination.
*Verification of* *sampling and* *assaying*	The verification of significant intersections by either independent or alternative company personnel.	Significant results were checked by First Au executives and geologists.
	The use of twinned holes.	Not applicable.

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All field logging is carried out using a customised logging form on a Tough Book and transferred into an Access database. Assay files are received electronically from the Laboratory. All data is stored by EarthSQL, a centralised and certified Database Administration Group on behalf of FAU. Project Access database prepared by EarthSQL. This data is then transferred to a FAU centralised database
	Discuss any adjustment to assay data.	No assay data was adjusted.
*Location of* *data points*	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Diamond hole collar locations were surveyed by GPS.
	Specification of the grid system used.	Grid projection is MGA94, Zone 55.
	Quality and adequacy of topographic control.	A 50cm contour set derived from LIDAR and Collar pick-up of historical drill holes does an adequate job of defining the topography.
*Data spacing* *and* *distribution*	Data spacing for reporting of Exploration Results.	The diamond holes here were placed for a specific target.
	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 estimation procedure(s) and classifications applied.	This is not considered material.
	Whether sample compositing has been applied.	Intervals were sampled generally at 1m or less (dependent on geology) in Diamond.
*Orientation of* *data in* *relation to* *geological* *structure*	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	It is considered the orientation of the drilling and sampling suitably captures the likely “structures” for each exploration domain.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	From available information, mineralisation appears moderate to steeply dipping in orientation, although more studies are required to determine true thickness. The drill angle is considered optimal to represent this, for current stage of exploration.

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
*Sample* *security*	The measures taken to ensure sample security.	Samples were sealed and sent by secure freight to the ALS laboratory in Adelaide.
*Audits or* *reviews*	The results of any audits or reviews of sampling techniques and data.	Sampling and assaying techniques are industry-standard. Sampling procedures and data have been internally reviewed by company geologists.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
*Mineral tenement and* *land tenure status*	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Drilling undertaken by FAU and historic drilling information by Mantle Mining and geology reinterpreted by First Au Limited sits wholly within Haunted Stream EL006816. The tenement is held under the name of Jaquian Pty Ltd and is 80% owned by FAU. See FAU announcement 3rdJune 2020. There are no other agreements or JV, and the area is not located in a National Park or Reserve.
	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.	The tenements included in this report are granted.
*Exploration done by* *other parties*	Acknowledgment and appraisal of exploration by other parties.	Most recently exploration by Mantle Mining between 2007 to 2014, completed rock chip sampling, ground magnetic surveys, and some limited drilling. From preliminary data compilation, some of the historic drilling under the old mine workings did intersect gold mineralisation , although initial analysis suggests that some of this drilling was ineffective in properly testing the lode positions due to poor structural control and will require re-drilling by FAU. Other explorers over Haunted Stream area over the past 40 years include Freeport of Australia, Canyon Resources, Enigma Gold, Condor Mining Corporation Limited and Barrick Gold. This data is still been compiled. Most of this exploration has concentrated on surface samplingof historic workings.
*Geology*	Deposit type, geological setting and style of mineralisation.	Field reconnaissance and review of the literature suggests that mineralisation has an orogenic signature, is hosted in folded and faulted, Turbidite sequences predominantly comprising quartz-arenite to sandstone, black shale, siltstone and greywacke sequences of Upper Ordovician age rocks. Historic reports from explorers identified both free gold and heavily mineralized sulphide charged gold zones and were the target of earlyminers in the mid to late 1800’s. Hand

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		specimens indicate the presence of Arseno-pyrites, Pyrite, Chalcopyrite and Lead Zinc. This is supported by the current drilling. Where accessible, mapping of available adits and open stopes along with outcrop highlighted mineralized quartz veins occurred in tension vein arrays, conjugate spur and laminated veins, shear veins and hydrothermal breccia style veins occurs best in silicified, chlorite altered sandstone units immediately adjacent black shale contacts. Carbonate(+ankerite) spotting occurs throughout the mineralized sections of rock as does minor calcite in conjugate veins. The Ernestine Prospect is interpreted to occur within a mineralised structural corridor defined by southwest-striking sulphide-bearing shear zones. These shear zones host north–south striking quartz lodes forming steeply south- plungingshoots ofgold mineralisation.
*Drill hole Information*	A summary of all information material to the understanding of the exploration results 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.	Drilling collars, surveys and end of hole depths and specific intersection intervals are reported in tables 1 & 2 provided in the body of text. Drilling at Ernestine includes earlier HSD drillholes and the more recent ERN drillholes. These drillholes tested mineralisation within the interpreted shear corridor and intersected both sulphide-bearing shear zones and high-grade quartz veins.
*Data aggregation* *methods*	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	Diamond drilling is recorded as weighted averages.

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	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.	Reported gold intercepts are calculated using standard length-weighted averages. Where applicable, high-grade results have been reported individually.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents recorded
*Relationship between* *mineralisation widths* *and intercept lengths*	These relationships are particularly important in the reporting of Exploration Results. 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 clear statement to this effect _(eg ‘down hole length, true width not known’). _	Only downhole lengths are reported, with no true widths been determined yet. All intersections occur at moderate to high angles to the drill core. Planned scissor holes to determine true width.
*Diagrams*	Appropriate maps and sections (with scales) and tabulations of intercepts 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.	Maps and sections have been included within the report above, with scales provided.
*Balanced reporting*	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	All the drilling by FAU is reported around the Ernestine area. Best intersects from each hole is reported along with assays for first two holes and supporting mineralogical logs pertaining to mineralisation style, host structure, intensity and type for all holes as comparison to assay results from first two holes to demonstrate a reasonable correlation of the continuum of mineralized stratigraphy across the fan of drill holes. Both significant and low-grade intercepts have been considered in the geological interpretation of the Ernestineprospect.
*Other substantive* *exploration data*	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The drilling is specifically targeting a steeply inclined (up to 65 degrees) shoot of mineralisation hosted in an ~NS fault jog within a ~NE-SW trending plane occurring footwall to a SW dipping fault observed in an old historic working. The prospective fault compartment is being drill targeted between ~WNW-ESE trending dextral normal faults. The mineralisation envelope is anticipated to pinch and swell down plunge approximately sub-parallel to the main bedding. Historic stopes within the area plunge at attitudes approximating the dip of beddingand are observed followingsteepfoldplunges. This linear component

==> picture [732 x 68] intentionally omitted <==

==> picture [736 x 55] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		is further supporting the targeting of the mineralized zone. Historical underground workings occur along the broader structural corridor and provide evidence of high-gradequartz vein mineralisation within the system.
*Further work*	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further work includes the continued structural logging and mapping, sampling within the project area to assist in determining additional drill targets. In conjunction with this, all historic data is being compiled for Haunted stream. Potential future drill programs will look to test the down plunge extensions of the Ernestine shoots while evaluating the second parallel lode as well as testing for additional shoot positions along the corridor.

==> picture [732 x 68] intentionally omitted <==

AI assistant

PACIFIC RESOURCES LIMITED Capital/Financing Update 2026

65638_rns_2026-03-23_495816f6-966a-46a4-beca-5b8f769fbec5.pdf

ASX ANNOUNCEMENT

Due Diligence Update - Eastern Victorian Goldfields Project

HIGHLIGHTS

Ernestine Exploration Target Assessment

Drilling and Exploration Summary and Interpretation

Ernestine Exploration Target Details

Conceptual Exploration Potential – Ernestine-Hibernia Corridor

Summary: Ernestine Exploration Target vs Conceptual Potential

Exploration Implications

Next Steps

This announcement has been approved for release by the Chairman of the Board

Competent Person Statement

Appendix 1 - JORC Code, 2012 Edition – Table 1 report – Ernestine Drilling

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

PACIFIC RESOURCES LIMITED — Capital/Financing Update 2026

65638_rns_2026-03-23_495816f6-966a-46a4-beca-5b8f769fbec5.pdf

ASX ANNOUNCEMENT

Due Diligence Update - Eastern Victorian Goldfields Project

HIGHLIGHTS

Ernestine Exploration Target Assessment

Drilling and Exploration Summary and Interpretation

Ernestine Exploration Target Details

Conceptual Exploration Potential – Ernestine-Hibernia Corridor

Summary: Ernestine Exploration Target vs Conceptual Potential

Exploration Implications

Next Steps

This announcement has been approved for release by the Chairman of the Board

Competent Person Statement

Appendix 1 - JORC Code, 2012 Edition – Table 1 report – Ernestine Drilling

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

More from PACIFIC RESOURCES LIMITED

PACIFIC RESOURCES LIMITED Capital/Financing Update 2026