PEEL MINING LIMITED — Capital/Financing Update 2024

Jan 28, 2024

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PEX:ASX
ASX ANNOUNCEMENT 29 [th] January 2024
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AMBERGRIS PROSPECT DRILLING UPDATE

• Reconnaissance exploration drilling program comprising nine RC Drillholes for 2,574m recently completed over wider Ambergris area.

• Encouraging lead-zinc-copper mineralisation has been intercepted at the namesake Ambergris prospect with significant mineralisation returned from two RC drillholes over ~150m N-S strike.

• Assays remain pending, however visual geological logging aided by portable XRF analyses has confirmed zones of strong mineralisation to be present.

Peel Mining Ltd (ASX:PEX) (Peel or the Company) , is pleased to provide an update on recent exploration activities at the Company’s Ambergris prospect.

Technical Director, Rob Tyson Commented:

“The Ambergris prospect area has generated some encouraging initial results. The reconnaissance drilling completed to date is at wide drillhole spacing, and it is promising to see significant mineralisation at this early stage. Samples have been dispatched to ALS for assay analysis and we look forward to updating the market once results are received. These drill intercepts have resulted from our sustained and systematic approach to exploration of Peel’s ground.”

Figure 1 – AMRC007 230-232m – strong galena mineralisation in volcaniclastics

Peel Mining Limited P: (08) 9382 3955 E: info@peelmining.com.au Unit 1, 34 Kings Park Road, West Perth WA 6005

ACN 119 343 734

PO Box 849, West Perth WA 6872 www.peelmining.com.au

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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. Appendix 1 provides a summary of all drillholes.

Drillholes AMRC006 and AMRC007, targeted to test beneath the main Ambergris prospect, both returned significant pyrite-sphalerite-galena-chalcocite mineralisation, intercepted on the eastern edge of an IP chargeability anomaly, and down dip of surface multielement geochemical anomalism. Table 2 provides a visual estimate of mineralisation in AMRC006 and AMRC007.

AMRC006 (288m) intersected an approximate 20m wide zone of variable sulphide mineralisation including pyrite, galena, sphalerite and chalcocite at ~235m downhole (~140m below surface). Mineralisation was associated with strongly silica-sericite altered volcaniclastic rocks.

AMRC007 (270m) was drilled ~150m south of AMRC006 and intersected an approximate 5m wide zone of variable pyrite, galena and sphalerite mineralisation between ~199-234m, which sits in a very similar stratigraphic position to the mineralisation seen in AMRC006. Mineralisation was associated with strongly silica-sericite altered volcaniclastic rocks.

Two concentrated zones of sulphides were identified in AMRC007: the first (202-204m) characterised by high sphalerite-pyrite, with lesser galena; and the second (230-232m) characterised by high galena with lesser sphalerite-pyrite (see Figure 1).

AMRC006 and AMRC007’s geology comprised intermixed sandstones and siltstones, with highly altered volcaniclastics 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.

All assays are pending at the time of reporting.

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 Peel Mining Limited CEO & Managing Director Ph: +61 (08) 9382 3955

Rob Tyson Peel Mining Limited Executive Director - Technical Ph: +61 (0)420 234 020

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Appendix 1

AMRC001 targeted the Maloney’s Tank prospect and intercepted anomalous As-Pb-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 anomalous As-Pb-Zn mineralisation in sediments, explaining the anomalous multielement 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 As-Pb-Zn mineralisation.

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 moderate surface geochemical anomaly. The drillhole intersected weakly anomalous Pb-Zn and highly anomalous As.

AMRC006 successfully targeted the altered volcanic package intersected in AMRC003, coincident with various geophysical and geochemical anomalies. Very highly anomalous Pb-Zn-As-Cu mineralisation (pyrite-galena-sphalerite-chalcocite) was identified in visual logging and portable XRF results. Mineralisation was observed within sedimentary units, the volcanic unit, and on the sedimentaryvolcanic contact.

AMRC007 was drilled east of AMRC003, and successfully targeted the altered volcanic horizon coincident with various geophysical and geochemical anomalies. Very highly anomalous Pb-Zn-As mineralisation (pyrite-galena-sphalerite) was identified in visual logging and portable XRF results. Mineralisation was observed within sedimentary units, the volcanic unit, and on the sedimentaryvolcanic contact.

AMRC008 was drilled ~150m N of AMRC006, successfully targeting the altered volcanic horizon coincident with various geophysical and geochemical anomalies. The hole intersected weakmoderately anomalous Pb-Zn-As mineralisation (galena-sphalerite) within sedimentary units and within the volcanic unit.

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 (galena-sphalerite) within sedimentary units and within the volcanic unit.

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Macro photographs of AMRC006 mineralisation styles

AMRC006 - 236-237m Volcaniclastic? + Qtz vein + pyrite + chalcocite

AMRC006 - 247-248m – epithermal colloform texture with bands of pyrite

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Figure 2 - Ambergris drilling

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Figure 3 – Greater Ambergris Drilling Plan with lead XRF geochem and IP chargeability shells

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Figure 4 - Ambergris Prospect Drilling Plan with lead XRF geochem and IP chargeability shells

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

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

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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.

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Table 1: Ambergris Exploration Drillhole Locations

Hole ID	Easting	Northing	Azi (grid)	Dip	Final Depth (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	-60	354	Completed
AMRC006	422048	6422590	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 2: Ambergris Mineralised Intersection Descriptions (Visual Estimate)

Interval(m)	Interval(m)		Mineralisation Description %
From	To	Width
AMRC006
202	204	2	Volcanic/seds + disseminated/fracture fill sulphide(Py+Sph+Gn)1-2%
237	238	1	Volcanic/seds + blebbysulphide(Py+Ch+Gn+Sph)5-10%
240	242	2	Volcanic/seds + vein/blebbysulphide(Py+Gn+Sph)5-10%
249	254	5	Volcanic/seds + vein/blebbysulphide(Py+Gn+Sph)5-10%
AMRC007
198	212	14	Volcanics/seds + fracture/vein fill sulphide(Py+Sph+Gn)2-5%
230	232	2	Volcanics/seds + fracture/vein fill sulphide(Py+Gn+Sph)10-20%
240	241	1	Volcanics/seds + fracture/vein fill sulphide(Py+Ch)1-2%

In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

Cpy = chalcopyrite; Po = pyrrhotite; Py = pyrite; Sph = sphalerite; Gn = galena; Mal = Malachite; Az = Azurite; Ch = Chalcocite.

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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
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. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • 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.	• Reverse circulation (RC) drilling was used to obtain samples for geological logging and assaying. • RC chip samples were split using a cone splitter attached to the cyclone to generate a split of 2-4kg to ensure sample representivity at 1m downhole intervals. RC composite samples of 2-6m were collected, where appropriate, from the 1m cyclone splits using a pvc spear with each combined composite sample weighing 2-4kg. • Multi-element readings were taken of the diamond core and RC drill chips using an Olympus Delta Innov-X portable XRF machine or an Olympus Vanta portable XRF machine. Portable XRF machines are routinely serviced, calibrated and checked against blanks/standards.
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). _	• Drilling to date has been completed using reverse circulation. Reverse circulation drilling utilised a 5 1/2 inch diameter hammer.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • 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.	• RC samples are not weighed on a regular basis but no significant sample recovery issues have been encountered in drilling to date. • When poor sample recovery is encountered during drilling, the geologist and driller have endeavoured to rectify the problem to ensure maximum sample recovery.

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Criteria	JORC Code explanation	Commentary
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. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All drill chip samples are geologically logged. Drill chip samples are logged at 1m intervals from surface to the bottom of each individual hole to a level that will support appropriate future Mineral Resource studies. • 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 program weregeologicallylogged in full.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • 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. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• The RC drilling rig was equipped with an in- built cyclone and splitting system, which provided one bulk sample of approximately 20kg and a sub-sample of 2-4kg per metre drilled. • All samples were split using the system described above to maximise and maintain consistent representivity. 2m to 6m sample compositing is applied to RC drilling for gold and/or multi-element assay where appropriate. The majority of samples were dry. • Bulk samples were placed in green plastic bags, with the sub-samples collected placed in calico sample bags. • Field duplicates were collected by re- splitting the bulk samples from large plastic bags. These duplicates were designed for lab checks. • Laboratory duplicate samples are split using method SPL-21d which produces a split sample using a riffle splitter. These samples are selected by the geologist within moderate and high-grade zones. • A sample size of 2-4kg was collected and considered appropriate and representative for the grain size and style of mineralisation.
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. • 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. • Nature of quality controlprocedures	• ALS Laboratory Services are being used for Au and multi-element analysis work carried on out on 1m split RC samples. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation encountered within the South Cobar Project: o CRU-21 (Sample preparation code – primary crush) o PUL-23(Samplepreparation

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Criteria	JORC Code explanation	Commentary
	adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	code - pulverising) o Au-AA25 Ore Grade Au 30g FA AA Finish, Au-AA26 Ore Grade Au 50g FA AA Finish, or o Au-ICP21 Low Detection Level Au 30g FA and ICP-AES o ME-ICP41 35 element aqua regia ICP-AES, with an appropriate Ore Grade base metal AA finish, or o ME-ICP61 33 element 4 acid digest ICP-AES, with an appropriate Ore Grade base metal AA finish, or o ME-MS61 48 element 4 acid digest ICP-MS and ICP-AES, with an appropriate Ore Grade base metal AA finish • Assaying of samples in the field was by portable XRF instruments: Olympus Delta Innov-X or Olympus Vanta Analysers. Reading time for Innov-X was 20 seconds per reading, reading time for Vanta was 10- 20 seconds per reading. • The QA/QC data includes standards, duplicates and laboratory checks. Duplicates for percussion drilling are collected directly from the drill rig or the metre sample bag using a half round section of pipe or via sample splitter. In- house QA/QC tests are conducted by the lab on each batch of samples with standards supplied by the same companies that supply our own.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All geological logging and sampling information is completed via Geobank Mobile or in spreadsheets, which are then transferred to a database for validation and compilation at the Peel head office. Electronic copies of all information are backed up periodically. • No adjustments of assay data are considered necessary.
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. • Specification of the grid system used. • Quality and adequacy of topographic	• A Garmin hand-held GPS is used to define the location of the drill holes. Standard practice is for the GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. Collars are routinely picked up after by DGPS. • Down-hole surveys are conducted bythe

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Criteria	JORC Code explanation	Commentary
	control.	drill contractors using either a Reflex gyroscopic tool with readings every 10m after drill hole completion or a Reflex electronic multi-shot camera will be used with readings for dip and magnetic azimuth taken every 30m down-hole. QA/QC in the field involves calibration using a test stand. The instrument is positioned with a stainless steel drill rod so as not to affect the magnetic azimuth. • Grid system used is MGA 94 (Zone 55). All down-hole magnetic surveys were converted to MGA94 grid. • DGPS pick-up delivers adequate topographic control.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • 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. • Whether sample compositing has been applied.	• Data/drill hole spacing is variable and appropriate to the geology and historical drilling. • 2m to 6m sample compositing is applied to RC drilling for gold and/or multi-element assay where appropriate.
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. • 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.	• Most drillholes are planned to intersect the interpreted mineralised structures/lodes as near to a perpendicular angle as possible (subject to access to the preferred collar position). • Drillhole deviation may affect the true width of mineralisation and will be further assessed with further drill data.
Sample security	• The measures taken to ensure sample security.	• The chain of custody is managed by the project geologist who places calico sample bags in polyweave sacks. Up to 5 calico sample bags are placed in each sack. Each sack is clearly labelled with: o Peel Mining Ltd o Address of Laboratory o Sample range • Detailed records are kept of all samples that are dispatched, including details of chain of custody.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Data is validated when loading into the database. No formal external audit has been conducted.

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Section 2 - Reporting of Exploration Results for South Cobar Project

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. • 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 Ambergris prospect area is located within 100%-owned tenements – EL8655 and EL8656. • The tenements are in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The Ambergris area covers an approx. >4km trend comprising multiple prospects, from South to North: Tigerland, Peel-10 (aka Anomaly H), Ambergris, Cachalot, Kewpie and Maloney’s Tank. • The area has been subject to historic exploration by various companies, most notably Placer Exploration (EL3510) between 23 April 1990 and 22 April 1993. • Placer completed various activities during 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 style of mineralisation.	• The Ambergris prospect area lies within the Cobar-Mt Hope Siluro-Devonian sedimentary and volcanic units. The northern Cobar region consists of predominantly sedimentary units with tuffaceous member, whilst the southern Mt Hope region consists of predominantly felsic volcanic rocks; the Ambergris prospect appears to be in an area of overlap between these two regions. No deposit has been defined at Ambergris as yet.

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Criteria	JORC Code explanation	Commentary
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: 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.	• All relevant information material to the understanding of exploration results has been included within the body of the announcement or as appendices. • No information has been excluded.
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. • 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. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No length weighting or top-cuts have been applied. • No metal equivalent values are used for reporting exploration results.
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’). _	• True widths are estimated to be 80% of the downhole width however it should be noted that drilling reported in this release is reconnaissance in nature and further drilling is required to properly discern the geometry of mineralisation.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should	• Refer to Figures in the body of text.

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Criteria	JORC Code explanation	Commentary
	include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
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 to avoid misleading reporting of Exploration Results.	• In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
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.	• No other substantive exploration data are available.
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 exploration drilling is anticipated in the future however no specific work has been determined as yet.

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