PEEL MINING LIMITED — Capital/Financing Update 2024

Feb 26, 2024

ASX ANNOUNCEMENT 27

th February 2024

AMBERGRIS PROSPECT DRILL ASSAYS

• Recently returned assays confirm broad intervals of significant lead-zinc-copper-silver-gold mineralisation in reconnaissance drilling at the Ambergris prospect.
• AMRC006 returned 24m @ 0.60% Zn, 0.52% Pb, 0.25% Cu, 12g/t Ag, 0.08g/t Au from 236m including 2m @ 2.38% Cu, 73g/t Ag, 0.58% Pb, 0.23% Zn, 0.24g/t Au from 236m.
• AMRC007 returned 53m @ 0.59% Zn, 0.26% Pb, 4g/t Ag from 191m including 11m @ 2.14% Zn, 0.48% Pb, 9g/t Ag from 198m.
• AMRC008 returned 8m @ 1.20% Zn, 0.25% Pb, 5g/t Ag from 174m and 7m @ 0.21% Zn, 0.28% Pb, 5g/t Ag, 0.11g/t Au from 234m.

Technical Director, Rob Tyson Commented:

"The assay results from the recent reconnaissance drilling at Ambergris have confirmed the prospect's potential to host significant mineralisation, yielding broad intervals of base and precious metals mineralisation indicative of a substantial hydrothermal system. These initial results are akin to those seen in the early stages of exploration at other Cobar deposits, such as Mallee Bull. Planning is now underway to follow up the recent results to further advance this encouraging target".

Ambergris Drilling Summary

Ambergris is contained within Peel's 100%-owned EL8655 tenement located ~100km SSE of Cobar, ~10km NE of Mallee Bull. The greater Ambergris area includes the Ambergris, Cachalot, Peel 10, Maloney's Tank, Kewpie and Tigerland prospects covering ~4km of strike (see Figure 2).

Ambergris is an advanced greenfields target comprising multi-element pXRF and laboratory analysed geochemical anomalism; with proximal IP chargeability and subtle magnetic anomalism; with associated altered geology. The Ambergris area is postulated to occur near the intersection of several major regional scale structures.

A reconnaissance exploration drilling program, comprising nine RC drillholes (AMRC001-009) for 2,574m, was recently completed at various targets across the wider Ambergris area. The drillholes were designed to test numerous coincident or semi-coincident geophysical and geochemical anomalies that are present at the greater Ambergris area.

Table 1 lists the location and orientation of all drillholes. Table 2 lists significant assay results returned from drillholes AMRC006, AMRC007 and AMRC008. Appendix 1 provides a summary of all drillholes.

As previously reported, drillholes AMRC006 and AMRC007 (approximately 150m N-S apart), targeted to test beneath the main Ambergris prospect, both returned significant pyrite-sphalerite-galenachalcocite mineralisation, intercepted on the eastern edge of an IP chargeability anomaly, and down dip of surface multielement geochemical anomalism.

AMRC006 (288m) intersected a 24m wide zone of variable sulphide mineralisation including pyrite, galena, sphalerite and chalcocite at 236m downhole (~140m below surface). Mineralisation was

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associated with strongly silica-sericite altered volcaniclastic and sedimentary rocks. Significant assays included:

• 24m @ 0.60% Zn, 0.52% Pb, 0.25% Cu, 12g/t Ag, 0.08g/t Au from 236m including:
  • o 2m @ 2.38% Cu, 73g/t Ag, 0.58% Pb, 0.23% Zn, 0.24g/t Au from 236m;
  • o 1m @ 2.25% Pb, 0.62% Zn, 0.25% Cu, 19g/t Ag, 0.07g/t Au from 240m; and
  • o 2m @ 3.63% Zn, 2.62% Pb, 18g/t Ag, 0.15g/t Au from 252m.

AMRC007 (270m) intersected a 53m wide zone of variable pyrite, galena and sphalerite mineralisation from 191m. Mineralisation was associated with strongly silica-sericite altered volcaniclastic and sedimentary rocks. Significant assays included:

• 53m @ 0.59% Zn, 0.26% Pb, 4g/t Ag from 191m including:
  • o 11m @ 2.14% Zn, 0.48% Pb, 9g/t Ag from 198m;
  • o 2m @ 3.10% Pb, 0.56% Zn, 0.14% Cu, 15g/t Ag, 0.1g/t Au from 230m; and
  • o 1m @ 0.44% Cu, 23g/t Ag, 0.31g/t Au from 240m.

Additionally, AMRC008 (264m), located ~150m north of AMRC006, intersected several zones of mineralisation comprising variable pyrite, galena and sphalerite, significant assays included:

• 8m @ 1.20% Zn, 0.25% Pb, 5g/t Ag from 174m and:
• 7m @ 0.21% Zn, 0.28% Pb, 5g/t Ag, 0.11g/t Au from 234m.

AMRC006 to AMRC008's geology comprised intermixed sandstones and siltstones, with highly altered volcaniclastic and sedimentary rocks associated with the mineralised zones.

It is currently posited that mineralisation is near vertical which means that downhole widths are interpreted to be ~80% of true width. It should be noted that the Ambergris drilling intercepts are relatively shallow compared to other Cobar style deposits.

Further commentary regarding geochemical results received to date can be found in Appendix 1.

Next Steps

Follow-up exploration and planning is underway. Infill and extensional surface geochemical surveying has recently been completed with results pending. A downhole electromagnetic survey is to be undertaken in the near future to search for any potential conductor(s).

This announcement has been approved for release by the Peel Mining Limited Board of Directors.

For further information on Peel Mining Limited please contact:

Jim Simpson Rob Tyson Peel Mining Limited Peel Mining Limited Ph: +61 (08) 9382 3955 Ph: +61 (0)420 234 020

CEO & Managing Director Executive Director - Technical

Appendix 1

AMRC001 targeted the Maloney's Tank prospect and intercepted anomalous Ag-As-Au-Pb-Sb-Zn mineralisation, in sediments explaining the coincident multi-element surface geochemical anomaly and associated chargeable IP anomaly.

AMRC002 targeted the Kewpie prospect, located ~600m south of Maloney's Tank. AMRC002 also intercepted a narrow zone of anomalous As-Au-Pb-Sb-Zn mineralisation in sediments, explaining the anomalous multi-element surface geochemistry.

AMRC003 to AMRC009 were drilled ~2km south at the namesake Ambergris prospect targeting numerous IP chargeable, magnetic, gravity and multi-element surface geochemical anomalies.

AMRC003 intercepted sediments and significantly, volcaniclastic sandstone, with associated very strong silica-sericite-pyrite alteration including highly anomalous Ag-Au-Pb-Sb-Zn mineralisation. Anomalous As-Pb-Sb-Tl-Zn was returned from end of hole at 330m.

AMRC004, located ~300m north of AMRC004, failed to properly test its target with the drillhole dip dropping significantly, retuning only weakly anomalous As-Pb-Zn mineralisation in sediments.

AMRC005 targeted the western side of the Ambergris prospect area with a coincident strong gravity and a surface multi-element geochemical anomaly. The drillhole intersected only weakly anomalous Pb-Zn however highly anomalous As-Tl was intercepted from 79-81m associated with a pyrite-rich interval.

AMRC006 successfully targeted the altered volcanic package intersected in AMRC003, coincident with various geophysical and geochemical anomalies. Strong mineralisation (pyrite-galena-sphaleritechalcocite) was identified with results reported herein. Mineralisation was observed within sedimentary units, the volcanic unit, and on the sedimentary-volcanic contact.

AMRC007 was drilled east of AMRC003, and successfully targeted the altered volcanic horizon coincident with various geophysical and geochemical anomalies. Strong mineralisation (pyrite-galenasphalerite) was identified with results reported herein. Mineralisation was observed within sedimentary units, the volcanic unit, and on the sedimentary-volcanic contact.

AMRC008 was drilled ~150m N of AMRC006, successfully targeting the altered volcanic horizon coincident with various geophysical and geochemical anomalies. Moderate mineralisation (pyritegalena-sphalerite) was identified with results reported herein. Mineralisation was observed within sedimentary and volcanic units.

AMRC009 was drilled ~150m SSE of AMRC003, successfully targeting a southern continuation of the altered volcanic horizon coincident with various geophysical and geochemical anomalies. The hole intersected weak-moderately anomalous Pb-Zn-As mineralisation (pyrite-galena-sphalerite) within sedimentary units and within the volcanic unit.

Figure 1 - Ambergris drilling

Figure 2 – Greater Ambergris Drilling Plan with lead XRF geochem and IP chargeability shells

Figure 3 - Ambergris Prospect Drilling Plan with lead XRF geochem and IP chargeability shells

Figure 4 – Long Section of Ambergris at 42210mE facing West, showing significant intercepts in drillhole AMRC006, AMRC007 and AMRC008.

Figure 5 – Cross Section 6422280N – Drilling with IP chargeability shell

Figure 6 – Cross Section 6422280N – Drilling with IP chargeability shell

COMPETENT PERSONS STATEMENTS

The information in this report that relates to Exploration Results is based on information compiled by Mr Rob Tyson who is a fulltime employee of the company. Mr Tyson is a member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Tyson consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures.

PREVIOUS RESULTS

Previous results referred to herein have been extracted from previously released ASX announcements. Previous announcements and reports are available to view on www.peelmining.com.au and www.asx.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Hole ID	Easting	Northing	Azi(grid)	Dip	FinalDepth (m)	Status
AMRC001	421238	6424934	85	-60	216	Completed
AMRC002	421123	6424299	85	-60	258	Completed
AMRC003	422044	6422459	85	-60	330	Completed
AMRC004	422066	6422740	85	-60	324	Completed
AMRC005	421800	6422600	85	-58	354	Completed
AMRC006	422050	6422600	85	-57	288	Completed
AMRC007	422082	6422456	85	-58	270	Completed
AMRC008	422101	6422738	85	-58	264	Completed
AMRC009	422081	6422301	85	-58	270	Completed

Table 1: Ambergris Exploration Drillhole Locations

Table 2: Ambergris Drilling Significant Assays

Hole ID	From (m)	To (m)	Width (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
AMRC006	236	260	24	0.25	0.52	0.60	12	0.08
including	236	238	2	2.38	0.58	0.23	73	0.24
and	240	241	1	0.25	2.25	0.62	19	0.07
and	252	254	2	-	2.62	3.63	18	0.15
AMRC007	191	244	53	-	0.26	0.59	4	-
including	198	209	11	-	0.48	2.14	9	-
and	230	232	2	0.14	3.10	0.56	15	0.10
and	240	241	1	0.44	-	-	23	0.31
AMRC008	174	182	8	-	0.25	1.20	5	-
and	234	241	7	-	0.28	0.21	5	0.11

JORC CODE (2012 Edition) – Table 1 Checklist of Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data for South Cobar Project - Ambergris

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialisedindustrystandardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken toensure sample representivity and theappropriatecalibrationofanymeasurement tools or systems used.•Aspectsofthedeterminationofmineralisation that are Material to thePublic Report.•In cases where 'industry standard' workhas been done this would be relativelysimple (eg 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other casesmore explanation may be required, suchas where there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarinenodules)maywarrantdisclosure of detailed information.	•Reverse circulation (RC) drilling was used toobtain samples for geological logging andassaying.•RC chip samples were split using a conesplitter attached to the cyclone to generateasplitof2-4kgtoensuresamplerepresentivity at 1m downhole intervals. RCcomposite samples of 2-6m were collected,where appropriate, from the 1m cyclonesplits using a pvc spear with each combinedcomposite sample weighing 2-4kg.•Multi-element readings were taken of thediamond core and RC drill chips using anOlympusDeltaInnov-XportableXRFmachine or an Olympus Vanta portable XRFmachine.PortableXRFmachinesareroutinely serviced, calibrated and checkedagainst blanks/standards.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details (egcore diameter, triple or standard tube,depth of diamond tails, face-sampling bitor other type, whether core is orientedand if so, by what method, etc).	•Drilling to date has been completed usingreversecirculation.Reversecirculationdrilling utilised a 5 1/2 inch diameterhammer.
Drill samplerecovery	•Method of recording and assessing coreand chip sample recoveries and resultsassessed.•Measures taken to maximise samplerecoveryandensurerepresentativenature of the samples.•Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferentialloss/gainoffine/coarsematerial.	•RC samples are not weighed on a regularbasis but no significant sample recoveryissues have been encountered in drilling todate.•When poor sample recovery is encounteredduring drilling, the geologist and drillerhave endeavoured to rectify the problem toensure maximum sample recovery.

Criteria	JORC Code explanation	Commentary
Logging	•Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriateMineralResourceestimation,miningstudiesandmetallurgical studies.•Whetherloggingisqualitativeorquantitative in nature. Core (or costean,channel, etc) photography.•The total length and percentage of therelevant intersections logged.	•All drill chip samples are geologicallylogged. Drill chip samples are logged at 1mintervals from surface to the bottom of eachindividual hole to a level that will supportappropriatefutureMineralResourcestudies.•Logging of RC samples records lithology,mineralogy,mineralisation,weathering,colour and other features of the samples.Chips are photographed as wet samples.•All RC drill holes in the current programwere geologically logged in full.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•Ifnon-core,whetherriffled,tubesampled, rotary split, etc and whethersampled wet or dry.•For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.•Quality control procedures adopted forall sub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that thesampling is representative of the in-situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.•Whether sample sizes are appropriate tothe grain size of the material beingsampled.	•The RC drilling rig was equipped with an inbuilt cyclone and splitting system, whichprovided one bulk sample of approximately20kg and a sub-sample of 2-4kg per metredrilled.•All samples were split using the systemdescribed above to maximise and maintainconsistent representivity. 2m to 6m samplecompositing is applied to RC drilling for goldand/ormulti-elementassaywhereappropriate. The majority of samples weredry.•Bulk samples were placed in green plasticbags, with the sub-samples collected placedin calico sample bags.•Field duplicates were collected by resplitting the bulk samples from large plasticbags. These duplicates were designed forlab checks.•Laboratory duplicate samples are splitusing method SPL-21d which produces asplit sample using a riffle splitter. Thesesamples are selected by the geologist withinmoderate and high-grade zones.•A sample size of 2-4kg was collected andconsidered appropriate and representativeforthegrainsizeandstyleof
Qualityofassay dataandlaboratorytests	•The nature, quality and appropriatenessoftheassayingandlaboratoryproceduresusedandwhetherthetechnique is considered partial or total.•For geophysical tools, spectrometers,handheldXRFinstruments,etc,theparameters used in determining theanalysis including instrument make andmodel,readingtimes,calibrationsfactors applied and their derivation, etc.•Nature of quality control procedures	mineralisation.•ALS Laboratory Services are being used forAuandmulti-elementanalysisworkcarried on out on 1m split RC samples. Thelaboratory techniques below are for allsamplessubmittedtoALSandareconsidered appropriate for the style ofmineralisation encountered within theSouth Cobar Project:oCRU-21 (Sample preparationcode – primary crush)oPUL-23 (Sample preparation

Criteria	JORC Code explanation	Commentary
	adopted(egstandards,blanks,duplicates, external laboratory checks)andwhetheracceptablelevelsofaccuracy (ie lack of bias) and precisionhave been established.	code - pulverising)oAu-AA25 Ore Grade Au 30g FAAA Finish, Au-AA26 Ore GradeAu 50g FA AA Finish, oroAu-ICP21 Low Detection LevelAu 30g FA and ICP-AESoME-ICP41 35 element aquaregiaICP-AES,withanappropriate Ore Grade basemetal AA finish, oroME-ICP61 33 element 4 aciddigestICP-AES,withanappropriate Ore Grade basemetal AA finish, oroME-MS61 48 element 4 aciddigest ICP-MS and ICP-AES,withanappropriateOreGrade base metal AA finish•Assaying of samples in the field was byportable XRF instruments: Olympus DeltaInnov-X or Olympus Vanta Analysers.Reading time for Innov-X was 20 secondsper reading, reading time for Vanta was 10-20 seconds per reading.•TheQA/QCdataincludesstandards,duplicatesandlaboratorychecks.Duplicates for percussion drilling arecollected directly from the drill rig or themetre sample bag using a half roundsection of pipe or via sample splitter. Inhouse QA/QC tests are conducted by thelab on each batch of samples withstandardssuppliedbythesamecompanies that supply our own.
Verificationof samplingandassaying	•Theverificationofsignificantintersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification, datastorage(physicalandelectronic)protocols.•Discuss any adjustment to assay data.	•Allgeologicalloggingandsamplinginformation is completed via GeobankMobile or in spreadsheets, which are thentransferred to a database for validation andcompilationatthePeelheadoffice.Electronic copies of all information arebacked up periodically.•Noadjustmentsofassaydataareconsidered necessary.
Location ofdata points	•Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.•Specification of the grid system used.•Quality and adequacy of topographic	•A Garmin hand-held GPS is used to definethe location of the drill holes. Standardpractice is for the GPS to be left at the siteof the collar for a period of 5 minutes toobtainasteadyreading.Collarsareroutinely picked up after by DGPS.•Down-hole surveys are conducted by the

Criteria	JORC Code explanation	Commentary
Dataspacing anddistribution	control.•Data spacing for reporting of ExplorationResults.•Whetherthedataspacinganddistribution is sufficient to establish thedegree of geological and grade continuityappropriate for the Mineral Resourceand Ore Reserve estimation procedure(s)and classifications applied.•Whether sample compositing has been	drill contractors using either a Reflexgyroscopic tool with readings every 10mafter drill hole completion or a Reflexelectronic multi-shot camera will be usedwith readings for dip and magnetic azimuthtaken every 30m down-hole. QA/QC in thefield involves calibration using a test stand.Theinstrumentispositionedwithastainless steel drill rod so as not to affectthe magnetic azimuth.•Grid system used is MGA 94 (Zone 55). Alldown-holemagneticsurveyswereconverted to MGA94 grid.•DGPSpick-updeliversadequatetopographic control.•Data/drill hole spacing is variable andappropriate to the geology and historicaldrilling.•2m to 6m sample compositing is applied toRC drilling for gold and/or multi-elementassay where appropriate.
Orientationof data inrelationtogeologicalstructure	applied.•Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	•Most drillholes are planned to intersect theinterpreted mineralised structures/lodes asnear to a perpendicular angle as possible(subject to access to the preferred collarposition).•Drillhole deviation may affect the true widthofmineralisationandwillbefurtherassessed with further drill data.
Samplesecurity	•The measures taken to ensure samplesecurity.	•The chain of custody is managed by theproject geologist who places calico samplebags in polyweave sacks. Up to 5 calicosample bags are placed in each sack. Eachsack is clearly labelled with:oPeel Mining LtdoAddress of LaboratoryoSample range•Detailed records are kept of all samples thatare dispatched, including details of chain ofcustody.
Auditsorreviews	•The results of any audits or reviews ofsampling techniques and data.	•Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Criteria	JORC Code explanation	Commentary
Mineraltenement andlandtenurestatus	•Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.•The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	•The Ambergris prospect area is locatedwithin 100%-owned tenements – EL8655and EL8656.•The tenements are in good standing andno known impediments exist.
Explorationdone by otherparties	•Acknowledgmentandappraisalofexploration by other parties.	•The Ambergris area covers an approx.>4kmtrendcomprisingmultipleprospects,fromSouthtoNorth:Tigerland, Peel-10 (aka Anomaly H),Ambergris,Cachalot,KewpieandMaloney's Tank.•The area has been subject to historicexploration by various companies, mostnotablyPlacerExploration(EL3510)between 23 April 1990 and 22 April 1993.•Placercompletedvariousactivitiesduring their tenure, including:•Ground magnetics•Induced Polarisation•Self-Potential•Stream sediment geochemistry•Soil geochemistry•Auger sampling geochemistry•Percussion and diamond drilling
Geology	•Deposit type, geological setting and styleof mineralisation.	•The Ambergris prospect area lies withintheCobar-MtHopeSiluro-Devoniansedimentary and volcanic units. ThenorthernCobarregionconsistsofpredominantly sedimentary units withtuffaceous member, whilst the southernMtHoperegionconsistsofpredominantly felsic volcanic rocks; theAmbergris prospect appears to be in anarea of overlap between these tworegions. No deposit has been defined atAmbergris as yet.

Section 2 - Reporting of Exploration Results for South Cobar Project

Criteria	JORC Code explanation	Commentary
DrillholeInformation	•A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Materialdrill holes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information isjustifiedonthebasisthattheinformation is not Material and thisexclusion does not detract from theunderstandingofthereport,theCompetent Person should clearly explainwhy this is the case.	•All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.•No information has been excluded.
Dataaggregationmethods	•InreportingExplorationResults,weightingaveragingtechniques,maximumand/orminimumgradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.•Where aggregate intercepts incorporateshort lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.•The assumptions used for any reportingof metal equivalent values should beclearly stated.	•No length weighting or top-cuts havebeen applied.•No metal equivalent values are used forreporting exploration results.
Relationshipbetweenmineralisationwidthsandinterceptlengths	•Theserelationshipsareparticularlyimportant in the reporting of ExplorationResults.•If the geometry of the mineralisation withrespect to the drill hole angle is known,its nature should be reported.•If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'downhole length, true width not known').	•True widths are estimated to be 80% ofthe downhole width however it shouldbe noted that drilling reported in thisrelease is reconnaissance in nature andfurther drilling is required to properlydiscern the geometry of mineralisation.
Diagrams	•Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These should	•Refer to Figures in the body of text.

Criteria	JORC Code explanation	Commentary
	include, but not be limited to a plan viewofdrillholecollarlocationsandappropriate sectional views.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reportingof Exploration Results.	•In relation to the disclosure of visualmineralisation, the Company cautionsthat visual estimates of sulphide andoxide material abundance should neverbe considered a proxy or substitute forlaboratory analysis. Laboratory assayresults are required to determine thewidthsandgradeofthevisiblemineralisation reported in preliminarygeological logging. The Company willupdate the market when laboratoryanalytical results become available.
Othersubstantiveexplorationdata	•Other exploration data, if meaningfulandmaterial,shouldbereportedincluding (but not limited to): geologicalobservations; geophysical survey results;geochemical survey results; bulk samples–sizeandmethodoftreatment;metallurgical test results; bulk density,groundwater,geotechnicalandrockcharacteristics; potential deleterious orcontaminating substances.	•No other substantive exploration dataare available.
Further work	•The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areasof possible extensions, including themaingeologicalinterpretationsandfuturedrillingareas,providedthisinformationisnotcommerciallysensitive.	•Further exploration drilling is anticipatedin the future however planning of aspecific drilling programme is yet to becompleted.