PATERSON RESOURCES LTD — Capital/Financing Update 2026

Mar 25, 2026

26 March 2026

ASX ANNOUNCEMENT

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Phase I Assays Continue to Shine With 8m @ 5.62g/t Au from 97m and 23m @ 2.3 g/t from 72m Intersected @ Grace Gold-Copper Project

HIGHLIGHTS

• 6 (out of 7) final assays were received from Phase I of the comprehensive 8,500m RC drilling campaign at the Grace Gold-Copper Project, with standout shallow intercepts – 8m @ 5.62 g/t from 97m (25GRC012) and 23m @ 2.3g/t Au from 72m (25GRC017) – highlighting the underlying gold system’s upside potential

• A notable feature of the Phase I assays has been the consistent intersection of shallow zones of wide gold mineralisation along the 1.3km strike length

• The best intercepts, including several previously unreported assays from 25GRC011, include:

• ❖ 11m @ 1.02g/t Au from 66m (25GRC011)

• ❖ 16m @ 2.72g/t Au from 90m including 2m @ 14.08g/t Au from 90m (25GRC011)

• ❖ 6m @ 1.99g/t Au from 110m including 2m @ 4.5g/t Au from 110m (25GRC011)

• ❖ 8m @ 5.62g/t Au from 97m including 3m @ 13.05g/t Au from 97m (25GRC012)

• ❖ 12m @ 1.61g/t Au from 91m including 2m @ 5.91g/t from 91m (25GRC013)

• ❖ 7m @ 2.32 g/t Au from 86m (25GRC014)

• ❖ 16m @ 1.9g/t Au from 13m (25GRC017)

• ❖ 23m @ 2.3g/t Au from 72m (25GRC017)

• With 17 (out of 18) assays from Phase I received, the geology team will now undertake a full recalibration of the Inferred Mineral Resource Estimate (MRE) – 1.59mt @ 1.35g/t Au for 69,000oz[*] – across the 1.3km strike event down to 200m

• With access conditions at site starting to improve, the Board is now preparing to commence Phase II of the drilling campaign, which is intended to comprise of 32 reverse circulation (RC) drill-holes for ~6,000m

• Once assays from Phase II are analysed, the geology team is targeting a further recalibration and upgrading of the resource, as the focus likely pivots to developing a viable path to market

+++

Paterson’s Executive Director, Mr Matt Bull said : “The Board is delighted with the Phase I drilling results consistently intersecting shallow zones of wide, high-grade gold mineralisation, especially 23m @ 2.3g/t from 72m. Holistically, the assays and insights provide compelling evidence there is a significant underlying system at the Grace Gold-Copper Project. Our geology team will recalibrate the current MRE and, concurrently, focus on getting Phase II of the campaign underway now site access conditions have improved. More significantly, the Board can now commence making tangible steps to build a path to market which has the potential to generate significant value for shareholders.”

+++

~~* PSL ASX Announcement “Entitlement Issue Prospectus” 22 May 2020~~

PHASE I ASSAYS CONTINUE TO SHINE

Paterson Resources Limited (“ Paterson ” or “ Company ”) ( ASX: PSL ) is pleased to advise that 6 (out of 7) final assay results from Phase I were received, with the standout shallow intercepts:

8m @ 5.62 g/t from 97m (25GRC012)

23m @ 2.3g/t Au from 72m (25GRC017)

Pleasingly, most of the assays received to date have intersected shallow zones of wide gold mineralisation along the 1.3km strike event (Figure 1). This high degree of consistency highlights there is a significant underlying gold system at the Grace Gold-Copper Project.

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Figure 1: 17 assay results from Phase I drilling campaign at Grace Gold-Copper Project

MRE RECALIBRATION

Utilising results from historical drilling and the Phase I campaign, the geology team will now embark on recalibrating the current inferred MRE 1.59mt @ 1.35g/t Au for 69,000oz Au[*] . A key feature will be modelling results along the 1.3km strike event down to 200m (vs 500m strike; 75m depth).

Further-a-field, once full insights from Phase II of the campaign are processed, the geology team is targeting a full recalibration which could potentially include a partial upgrading to an Indicated MRE.

PHASE II DRILLING CAMPAIGN

With ground conditions at site starting to improve, the Board is now actively working with key stakeholders to commence the Phase II drilling campaign which is intended to comprise 32 drill-holes for ~6,000m.

Paterson Resources Limited ACN: 115 593 005 Unit 1, 1 Centro Avenue, SUBIACO WA 6008

OVERVIEW – GRACE GOLD-COPPER PROJECT, PATERSON PROVINCE

The Grace Gold-Copper Project is in the heart of the highly prospective Paterson Province, where numerous large groups including Rio Tinto, Antipa Minerals and Greatland Gold are actively exploring the region. Significant discoveries proximal to Paterson’s Grace Gold Project include the Havieron 8.5million-ounce gold-copper resource being developed by Greatland Gold, Cyprium Metal’s Maroochydore copper prospect to the south and Greatland’s world-class 30-plus million-ounce Telfer gold-copper mine, located 25km to the north-west.

The previous drilling campaigns in 2022-23 (Figure 2) resulted in the discovery of a thick high-grade gold shoot and produced significant intercepts, previously reported, including:

• ❖ 15m @ 4.03g/t Au from 77m including 6m @ 9.3g/t Au from 79m (PRC0024)

• ❖ 31m @ 3.13g/t Au from 145m including 7m @ 11.0g/t Au from 148m (PRC0024)

• ❖ 19m @ 1.23g/t Au from 104m including 2m @ 5.9g/ t Au from 106m (PRC0025)

• ❖ 41m @ 2.56g/t Au from 143m including 4m @ 9.2g /t Au from 143m and 3m @ 8.7g/t Au from 176m (PRC0025)

• ❖ 35m @ 2.34 g/t Au from 91m including 17m @ 4.57 g/t Au from 98m which includes 1m @ 46.2 g/t Au from 105m and 19m @ 2.44 g/t Au from 145m including 2m @ 10.23 g/t Au from 149m (23PRC013)

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Figure 2: Plan of Grace Gold Project with Significant Intercepts from Previous Drilling

Paterson Resources Limited ACN: 115 593 005 Unit 1, 1 Centro Avenue, SUBIACO WA 6008

Pleasingly, reported assay results from Phase I of the current campaign 2025 are consistent with findings from the 2022-23 program:

• ❖ 20m @ 2.25g/t Au from 68m including 8m @ 5.67g/t Au from 75m (25GRC001)

• ❖ 14m @ 1.15g/t Au from 67m including 4m @ 3.24g/t Au from 74m (25GRC002)

• ❖ 14m @ 1.60g/t Au from 54m including 5m @ 3.27g/t Au from 55m (25GRC003)

• ❖ 26m @ 2.19g/t Au from 72m including 13m @ 4.88g/t Au from 86m (25GRC004)

• ❖ 13m @ 1.24g/t Au from 20m (25GRC005)

• ❖ 19m @ 3.53g/t Au from 40m including 3m @ 4.27 g/t Au from 40m & 2m @ 24.39 g/t Au from 53m (25GRC006)

• ❖ 7m @ 1.09g/t Au from 27m (25GRC009)

• ❖ 6m @ 3.04g/t Au from 102m (25GRC010)

• ❖ 15m @ 2.93g/t Au from 13m including 5m @ 7.16 g/t Au from 15m (25GRC011)

This announcement was authorised for release to ASX by the Board of Paterson Resources

Matt Bull

Executive Director

Please refer to the following PSL ASX announcements for full details:

• Further High-Grade Shallow Gold Results Returned: PSL: 24 February 2026

• Initial Assays Confirm Zones of Shallow Gold Mineralisation: PSL: 9 February 2026

• Comprehensive RC Drilling Campaign Commences at Grace Gold Project: PSL: 26 November 2025

• High Grade Gold intercepts Next to Telfer Continue: PSL: 23 October 2023

• Entitlement Issue Prospectus: PSL: 22 May 2020

In relying on the above mentioned ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above-mentioned announcements, and in the case of estimates of mineral resources, all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

COMPETENT PERSON’S STATEMENT:

The information in this announcement that relates to exploration results is based on and fairly represents information reviewed or compiled by Mr Matt Bull, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Bull is a Director of Paterson Resources Limited. Mr Bull has sufficient experience that is relevant to the styles of mineralisation and types 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 Bull has provided his prior written consent to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

Paterson Resources Limited ACN: 115 593 005 Unit 1, 1 Centro Avenue, SUBIACO WA 6008

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Paterson operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation asto future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Paterson Resources (PSL) control.

The Company does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of PSL, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by PSL. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

Paterson Resources Limited ACN: 115 593 005 Unit 1, 1 Centro Avenue, SUBIACO WA 6008

APPENDIX A: ASSAY RESULTS

HoleID Northing Easting Elevation Depth Inclination Azimuth	HoleID Northing Easting Elevation Depth Inclination Azimuth	HoleID Northing Easting Elevation Depth Inclination Azimuth	HoleID Northing Easting Elevation Depth Inclination Azimuth	HoleID Northing Easting Elevation Depth Inclination Azimuth	HoleID Northing Easting Elevation Depth Inclination Azimuth	HoleID Northing Easting Elevation Depth Inclination Azimuth	Zone	From	To	Interval	Au Gradeg/t
25GRC001	7574641	430365	298	100	-60	196	1	68	86	18	2.99
25GRC002	7574632	430386	298	100	-55	196	1	68	81	13	1.23
							2	23	26	3	0.4
25GRC003	7574640	430415	298	120	-80	196	1	55	68	13	2.17
							2	96	106	10	0.34
25GRC004	7574638	430414	298	110	-65	196	1	72	98	26	5.29
25GRC005	7574634	430414	298	100	-50	196	1	20	25	5	2.04
							2	66	86	20	1.1
25GRC006	7574606	430459	301	170	-80	196	1	40	59	19	3.53
							2	164	170	6	1.23
25GRC007	7574602	430456	301	135	-65	197	1	71	78	7	0.9
							2	85	90	5	0.54
25GRC008	7574599	430454	301	120	-50	196	1	7	19	12	0.8
25GRC009	7574591	430476	301	170	-75	196	1	14	17	3	1.77
							2	27	34	7	1.09
25GRC010	7574588	430476	301	135	-50	196	1	4	9	5	0.56
							2	84	93	9	0.76
							3	102	108	6	3.04
							1	13	28	15	2.93
							2	66	77	11	1.02
25GRC011 7574582 430504 301 200 -65 196							3	90	106	16	2.72
							4	110	116	6	1.99
							5	136	139	3	1.06
							6	152	153	1	15.4
25GRC012 7574579 430503 301 200 -57 196							1	31	36	5	0.32

~~* PSL ASX Announcement “Entitlement Issue Prospectus” 22 May 2020~~

	7574579	430503	301	200	-57	196	2	97	105	8	5.62
25GRC013	7574696	430381	298	120	-75	196	1	59	61	2	1.28
	7574696	430381	298	120	-75	197	2	91	103	12	1.61
							1	86	93	7	2.32
25GRC014	7574693	430377	298	120	-52	196	2	107	109	2	1.19
25GRC015	7574767	430247	299	180	-60	196	1	97	99	2	1.49
							1	59	90	31	0.6
25GRC016	7574763	430245	299	180	-52	196	2	144	150	6	1.16
							1	13	29	16	1.90
25GRC017	7574715	430227	299	160	-60	196	2	45	47	2	5.96
							2	72	95	23	2.30

Paterson Resources Limited ACN: 115 593 005 Unit 1, 1 Centro Avenue, SUBIACO WA 6008

Section 1 – Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut	•	Drilling was completed using Reverse Circulation (RC)
techniques		channels, random chips, or specific		Drilling.
		specialised industry standard measurement	•	For each one metre drilled, the RC rig-mounted cone
		tools appropriate to the minerals under		splitter collected the bulk of sample into plastic bags,
		investigation, such as down hole gamma		these were placed onto the ground in rows of 30 to 50
		sondes, or handheld XRF instruments, etc).		samples.
		These examples should not be taken as	•	A smaller, representative 1m split sample of roughly 2.0kg
		limiting the broad meaning of sampling.		was collected from the splitters second port into a
	•	Include reference to measures taken to		numbered calico bag.
		ensure sample representivity and the	•	The rig-split calico bags from individual one metre
		appropriate calibration of any		samples of geologically prospective zones, as determined
		measurement tools or systems used.		by the site geologist, were submitted to SGS Laboratories
	•	Aspects of the determination of		for analysis.
		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.
Drilling	•	Drill type (eg core, reverse circulation,	•	RC drilling using a truck mounted drill rig with onboard
techniques		open-hole hammer, rotary air blast, auger,		compressor and truck mounted support booster and
		Bangka, sonic, etc) and details (eg core		auxiliary unit.
		diameter, triple or standard tube, depth of	•	A nominal 5¼ inch face sampling reverse circulation
		diamond tails, face-sampling bit or other		percussion hammer bit was used.
		type, whether core is oriented and if so, by
		what method, etc).
Drill sample	•	Method of recording and assessing core	•	The sample quality, in terms of degree of wetness and an
recovery		and chip sample recoveries and results		estimate of the recovery, was recorded routinely by the
		assessed.		field geologist.
	•	Measures taken to maximise sample	•	The cyclone was regularly cleaned, at the end of each
		recovery and ensure representative nature		drilling rod as a minimum, to ensure sample quality.
		of the samples.	•	Based on the sampling method and sample weight no bias
	•	Whether a relationship exists between		in the 1m sampling process has been identified.
		sample recovery and grade and whether	•	A relationship between recovery and grade has not been
		sample bias may have occurred due to		established for the first pass RC drilling.
		preferential loss/gain of fine/coarse
		material.
Logging	•	Whether core and chip samples have been	•	All drill metre samples had a grab sample sieved, washed,
		geologically and geotechnically logged to a		logged and stored by a suitably qualified and experienced
		level of detail to support appropriate		geologist.
		Mineral Resource estimation, mining	•	Logging was qualitive with semi-quantitative estimates
		studies and metallurgical studies.		made of relevant features such as percentage of quartz
	•	Whether logging is qualitative or		veins or sulphides.
		quantitative in nature. Core (or costean,	•	The samples were geologically logged.
		channel, etc) photography.
	•	The total length and percentage of the
		relevant intersections logged.

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sub-sampling	•	If core, whether cut or sawn and whether	•	The 1m samples were collected from a cone splitter via
techniques		quarter, half or all core taken.		the cyclone directly into pre-numbered calico bags,
and sample preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet	•	creating a nominal 2.0kg sample. All samples were submitted to SGS laboratories in Perth.
		or dry.		Most samples were dry with some moisture present at
	•	For all sample types, the nature, quality		depth in some holes.
		and appropriateness of the sample	•	Sample preparation for drill samples involved drying the
		preparation technique.		whole sample, pulverising to 85% passing 75 microns. A
	•	Quality control procedures adopted for all		50g sample charge was then used for the fire assay.
		sub-sampling stages to maximise	•	Field Duplicate samples were taken as per Paterson’s
		representivity of samples.		QAQC sample procedure at a rate of 1:20.
	•	Measures taken to ensure that the	•	Sample sizes are considered appropriate for the grain size
		sampling is representative of the in-situ		of material sample.
		material collected, including for instance
		results for field duplicate/second-half
		sampling.
	•	Whether sample sizes are appropriate to
		the grain size of the material being
		sampled.
Quality of	•	The nature, quality and appropriateness of	•	RC samples were submitted securely to an accredited
assay data		the assaying and laboratory procedures		laboratory in Perth.
and laboratory tests	•	used and whether the technique is considered partial or total. For geophysical tools, spectrometers,	• •	A 50g sample was used to analyse gold by fire assay. The fire assay analysis undertaken is considered to be a total analysis method.
		handheld XRF instruments, etc, the	•	Paterson QAQC procedures collect field duplicates and
		parameters used in determining the		insert certified reference materials (CRMs). Standards
		analysis including instrument make and		were inserted at a rate of 1:20, duplicate samples were
		model, reading times, calibrations factors		taken every 1:25 samples and blanks were inserted at
		applied and their derivation, etc.		1:50.
	•	Nature of quality control procedures	•	Laboratory CRMs and repeats have been received and
		adopted (eg standards, blanks, duplicates,		used to assess laboratory reproducibility and accuracy.
		external laboratory checks) and whether	•	The assaying techniques and quality control protocols
		acceptable levels of accuracy (ie lack of		used are considered appropriate for the material tested
		bias) and precision have been established.		and for the data to be used for reporting exploration
				drilling results.
			•	No geophysical tools were used in determining element
				concentrations.
Verification of	•	The verification of significant intersections	•	No independent verification of results has been
sampling and		by either independent or alternative		conducted.
assaying		company personnel.	•	All sampling and assay data are stored in a secure
	•	The use of twinned holes.		database with restricted access.
	•	Documentation of primary data, data entry	•	Twinned holes are not considered necessary at this stage.
		procedures, data verification, data storage	•	All data collected in the field is checked by the responsible
		(physical and electronic) protocols.		and qualified geologist and digitally transferred to Perth.
	•	Discuss any adjustment to assay data.		Logging data was validated by geological staff and then
				imported into the Paterson Microsoft Access database.
Location of	•	Accuracy and quality of surveys used to	•	Drill collar location was surveyed by handheld GPS to a
data points		locate drill holes (collar and down-hole		stated accuracy of +/-3m.
		surveys), trenches, mine workings and	•	Rig was initially aligned on surface and direction of drilling
		other locations used in Mineral Resource		was collected and checked via a down hole gyro
		estimation.	•	Datum GDA94 and projected MGA Zone 51.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic
		control.
Data spacing	•	Data spacing for reporting of Exploration	•	Drill holes for the program were variably spaced to test
and		Results.		the strike and depth extents of historical intercepts, along
distribution	•	Whether the data spacing and distribution		with testing priority regional targets identified by
		is sufficient to establish the degree of		geophysical methods.

Criteria	JORC Code explanation	Commentary
	geological and grade continuity	• The drilling is part of an infill program and planned to be
	appropriate for the Mineral Resource and	part of a two-phase program to define an JORC compliant
	Ore Reserve estimation procedure(s) and	Indicated resource.
	classifications applied.	• Data density is appropriately indicated in the presentation
	• Whether sample compositing has been	with all sample positions shown in the plans provided.
	applied.
Orientation of	• Whether the orientation of sampling	• Drillholes were orientated approximately 70-80 degrees
data in	achieves unbiased sampling of possible	to the Grace-Bemm shear zone and Parallel fault as
relation to	structures and the extent to which this is	defined by previously drilling and 3D-modelled VTEM and
geological structure	known, considering the deposit type. • If the relationship between the drilling	the IP geophysical surveys. • No sampling bias from the orientation of the drilling is
	orientation and the orientation of key	believed to exist.
	mineralised structures is considered to have	• Assay results are reported as downhole widths.
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	• The measures taken to ensure sample	• Samples were collected on site under supervision of a
security	security.	geologist. The samples are delivered to a haulage
		company in Port Hedland for delivery to the laboratory in
		Perth, Western Australia.
Audits or	• The results of any audits or reviews of	• The data has not been audited as it is not required at this
reviews	sampling techniques and data.	stage.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location	• E45/4524 is held directly or by entities controlled by
tenement and	and ownership including agreements or	Paterson Resources.
land tenure status	material issues with third parties such as joint ventures, partnerships, overriding	• The tenement is contained completely within land where the Martu People have been determined to hold native title
	royalties, native title interests, historical	rights. To the Company’s knowledge no historical or
	sites, wilderness or national park and	environmentally sensitive sites have been recorded.
	environmental settings.	• The tenements are in good standing and no known
	• The security of the tenure held at the time	impediments exist.
	of reporting along with any known
	impediments to obtaining a licence to
	operate in the area.
Exploration	• Acknowledgment and appraisal of	• Previous exploration was completed by Newcrest Mining
done by other	exploration by other parties.	Limited (Newcrest), including its predecessor Newmont
parties		Mining Australia, owners of the Telfer Gold Mine.
		• Exploration completed included geological mapping,
		geophysical surveys (IP, ground magnetics and ground
		gravity), rock chip sampling and drilling (RAB, RC and
		diamond core drilling).
		• WAMEX reports reviewed and utilised to complete the data
		compilation include A29118, A30479, A31642, A34922,
		A37495, A43922, A46877, A50323, A53741, and A79774.
		• Open file data available from the Geological Survey of
		Western Australia and Geoscience Australia has also been
		reviewed.
		• Paterson acquired the project in 2017.
Geology	• Deposit type, geological setting and style	• The geological setting is the Paterson Province Proterozoic
	of mineralisation.	aged meta-sediment hosted hydrothermal shear, fault and
		strata/contact controlled precious and/or base metal
		mineralisation which is typically sulphide bearing. The
		mineralisation in the region is interpreted to be granite
		intrusion related. The Paterson is a low-grade metamorphic

Criteria	JORC Code explanation	Commentary
		terrane, but local hydrothermal alteration and/or contact
		metamorphic mineral assemblages and styles are indicative
		of a high-temperature local environment. Mineralisation
		styles include vein, stockwork, breccia and skarns.
		• The Grace Gold-Copper Project, gold-copper mineralisation
		is hosted by laminated and banded carbonaceous pyritic
		dolomitic siltstones and micritic dolomite. Intrusive dolerite
		sill units are also known to be associated with
		mineralisation within the sequence, but granitic intrusion
		could occur at depth below the project area. The host rocks
		are variably contorted and brecciated with intense albite
		alteration. High grade gold, chalcopyrite, +/-arsenopyrite,
		+/- pyrite occurs as veins which appear linear features and
		are spaced up to 50m apart. Based on recent Leapfrog
		modelling of past work undertaken by Criterion, there
		appears to be ore shoots associated with secondary
		structures cutting the veins that have a plunge and have
		not been adequately tested.
		• Two principal targets are being targeted. Stacked reefs
		associated with domal structure similar to the Telfer Gold–
		Copper Mine. The second target is gold mineralisation
		associated with shear zones cross cutting dolerite units
		intruding the sedimentary sequence.
Drill hole	• A summary of all information material to	• Hole information is together with maps is contained within
Information	the understanding of the exploration	the announcement.
	results including a 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,	• Lithology is aggregated based on the primary lithological
aggregation	weighting averaging techniques,	unit logged.
methods	maximum and/or minimum grade	• Reported intercepts are compiled intervals with a minimum
	truncations (eg cutting of high grades)	weighted average grade of 1g/t Au and containing a
	and cut-off grades are usually Material	maximum of 2m of waste (waste defined as <0.5g/t Au).
	and should be stated.	• Reported mineralised intervals are reported as downhole
	• Where aggregate intercepts incorporate	weighted averages. No grade truncations or lower cut-offs
	short lengths of high-grade results and	are used.
	longer lengths of low-grade results, the
	procedure used for such aggregation
	should be stated and some typical
	examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting
	of metal equivalent values should be
	clearly stated.

Criteria	JORC Code explanation	Commentary
Relationship	• These relationships are particularly	• Drilling is designed to be at roughly 70-80 degrees to the
between	important in the reporting of Exploration	dominant orientation of the major structures (~dipping 80°
mineralisation widths and intercept lengths	Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	to 100°).
	• 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’). _
Diagrams	• Appropriate maps and sections (with	• Refer to figures in body for spatial context of the drilling. A
	scales) and tabulations of intercepts	plan view is provided.
	should be included for any significant	• Significant results are reported in the body of the
	discovery being reported These should	announcement.
	include, but not be limited to a plan view
	of drill hole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all	• All relevant data to targets is discussed and included on
reporting	Exploration Results is not practicable,	plans, sections and tables.
	representative reporting 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 and	• No other information is considered material for this
substantive	material, should be reported including	presentation.
exploration	(but not limited to): geological
data	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.
Further work	• The nature and scale of planned further	• Compilation and assessment of work.
	work (eg tests for lateral extensions or	• Completion of JORC resource
	depth extensions or large-scale step-out	• upgrade
	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.