PTR MINERALS LTD — Capital/Financing Update 2022

Aug 7, 2022

PETRATHERM LIMITED

ACN 106 806 884 ASX: PTR

www.petratherm.com.au admin@petratherm.com.au

ASX ANNOUNCEMENT 08/08/2022

Thick Intervals of Rare Earths Uncovered at Comet

HIGHLIGHTS

• First batch results from 116 drill holes outline two Rare Earth Zones, with intercepts over substantial vertical thicknesses.
• 108 of the 116 holes (93% of drill holes) record Total Rare Earth Oxide (TREO) above significant cut offof 350 ppm, highlighting the regional extent of rare earth anomalism.
• Total Rare Earth Oxide (TREO) intervals up to 3,600 ppm recorded.
• In some areas TREO mineralisation starts at shallow depths (6 to 9 metres) and includes thick intercepts ranging between 6 to 27 metres.
• Notable thick intercepts include:
  • o 22ACCR007 8m @ 984 ppm TREO & 105 Sc2O3 from 7m, (inc. 1m @ 1838 ppm TREO)
  • o 22ACCR008 11m @ 1008 ppm TREO & 71 Sc2O3 from 10m, (inc. 2m @ 2045 ppm TREO)
  • o 22ACCR021 9 m @ 962 ppm TREO & 42 Sc2O3 from 12m, (inc. 1m @ 3600 ppm TREO)
  • o 22ACCR022 8m @ 793 ppm TREO & 22 Sc2O3 from 8m
  • o 22ACCR031 6m @ 1173 ppm TREO & 45 Sc2O3 from 12m, (inc. 3m @ 1720 ppm TREO)
  • o 22ACCR038 6m @ 1112 ppm TREO & 78 Sc2O3 from 15m, (inc. 3m @ 1808 TREO)
  • o 22ACCR074 15m @ 792 ppm TREO & 33 Sc2O3 from 9m
  • o 22ACCR085 15m @ 1148 ppm TREO & 37 Sc2O3 from 15m, (inc. 3m @ 1942 TREO)
  • o 22ACCR094 6m @ 1041 ppm TREO & 58 Sc2O3 from 12m
  • o 22ACCR101 9m @ 867 ppm TREO & 34 Sc2O3 from 15m
  • o 22ACCR104 9m @ 1012 ppm TREO & 27 Sc2O3 from 12m
• High-value Scandium Oxide credits occur with the rare earth intersections and offer an additional revenue potential. Scandium Oxide (Sc2O3) averages 40 ppm with a peak intersection value of 104 ppm recorded.
• Drilling results summarised are just the first batch results and a further 214 drill holes from other prospect areas are in the lab being tested

INTRODUCTION

Petratherm Limited (ASX: PTR) is pleased to report Batch 1 rare earth (REE) drill results from the Comet Project in the Northern Gawler Craton of South Australia (Figures 1 & 2). Drilling has defined two REE mineralised zones within the saprolite clay profile which remain open in several directions. Numerous Total Rare Earth Oxide (TREO) intervals have been intersected with a highest TREO value of 3,600 ppm recorded.

REE mineralisation starts at relatively shallow depths in some areas ranging from 6 to 9 metres and importantly extends to much greater depths than previously reported. Multiple intercepts are recorded over a 6 to 15 metre interval and range up to 27 metres of vertical thickness. A summary of significant drill intercepts are shown in Table 1 below.

	Comet REE Drilling Program - Batch 1 Significant Results
									High Value Magnet Rare Earths
Drill Hole	From	To	Interval	TREO	Scandium		Praseodymium		Neodymium		Terbium	Dysprosium
					Sc2O3		Pr6O11		Nd2O3		Tb4O7	DyO3		% MREO
	metres	metres	metres	ppm	ppm	ppm	% TREO	ppm	% TREO	ppm	% TREO	ppm	% TREO
22ACCR007	7	15	8	984	105	48	5	172	18	2.87	0.3	12.7	1.3	23.9%
Including	8	9	1	1838	101	91	5	325	18	5.34	0.3	21.1	1.1	24.1%
22ACCR008	9	27	18	849	94	41	5	156	18	2.27	0.3	12.9	1.5	25.0%
Including	10	21	11	1008	71	49	5	176	17	2.57	0.3	13.1	1.3	23.9%
Including	18	20	2	2045	96	80	4	351	17	3.80	0.2	17.7	0.9	22.1%
22ACCR009	18	21	3	1087	37	57	5	166	15	0.52	0.0	6.1	0.6	21.1%
22ACCR021	8	35	27	732	36	34	5	125	17	1.76	0.2	9.5	1.3	23.3%
Including	12	21	9	962	42	49	5	176	18	2.02	0.2	10.4	1.1	24.7%
Including	12	13	1	3600	85	200	6	736	20	7.83	0.2	36.7	1.0	27.2%
22ACCR022	8	16	8	793	22	43	5	147	19	2.56	0.3	13.7	1.7	26.0%
22ACCR023	18	21	3	869	62	47	5	176	20	3.87	0.4	20.4	2.4	28.5%
and	24	31	7	711	54	35	5	132	19	3.28	0.5	17.6	2.5	26.5%
22ACCR031	6	18	12	751	43	32	4	88	12	1.64	0.2	9.3	1.2	17.4%
Including	12	18	6	1173	45	48	4	127	11	2.49	0.2	14.1	1.2	16.3%
22ACCR038	15	21	6	1112	78	60	5	214	19	3.81	0.3	20.5	1.8	26.8%
Including	15	18	3	1808	90	100	6	355	20	5.62	0.3	29.2	1.6	27.1%
22ACCR049	9	18	9	769	60	36	5	127	17	2.24	0.3	12.3	1.6	23.1%
22ACCR057	15	21	6	993	36	43	4	131	13	1.90	0.2	7.4	0.7	18.5%
22ACCR058	12	15	3	1231	27	71	6	261	21	3.02	0.2	15.6	1.3	28.5%
22ACCR061	12	18	6	798	28	42	5	139	17	2.19	0.3	12.7	1.6	24.6%
22ACCR070	15	18	3	1172	36	65	6	221	19	1.51	0.1	7.7	0.7	25.2%
22ACCR074	9	24	15	792	33	38	5	142	18	2.99	0.4	17.1	2.2	25.3%
22ACCR077	18	24	6	828	33	45	5	163	20	2.81	0.3	16.6	2.0	27.5%
22ACCR078	15	18	3	804	33	40	5	142	18	2.90	0.4	18.0	2.2	25.2%
22ACCR079	18	21	3	787	39	48	6	147	19	2.99	0.4	18.0	2.3	27.4%
22ACCR080	12	15	3	913	40	49	5	155	17	4.25	0.5	26.7	2.9	25.7%
22ACCR083	21	24	3	819	52	45	5	149	18	2.49	0.3	13.1	1.6	25.6%
22ACCR084	6	9	3	878	20	50	6	157	18	1.93	0.2	10.2	1.2	25.0%
22ACCR085	15	30	15	1148	37	57	5	210	18	3.40	0.3	19.2	1.7	25.2%
Including	24	27	3	1942	42	103	5	404	21	5.64	0.3	28.6	1.5	27.9%
22ACCR087	21	24	3	878	58	45	5	178	20	3.46	0.4	20.6	2.3	28.1%
22ACCR090	18	21	3	1071	48	64	6	224	21	3.39	0.3	16.6	1.5	28.7%
22ACCR091	6	9	3	889	33	38	4	103	12	0.94	0.1	4.5	0.5	16.5%
22ACCR094	12	18	6	1041	58	54	5	197	19	3.26	0.3	19.1	1.8	26.3%
22ACCR100	18	27	9	780	30	43	6	147	19	2.36	0.3	13.3	1.7	26.4%
22ACCR101	15	24	9	867	34	48	6	167	19	2.79	0.3	14.9	1.7	26.8%
22ACCR103	24	27	3	898	29	30	3	109	12	1.74	0.2	10.3	1.2	16.8%
22ACCR104	12	21	9	1012	27	63	6	237	23	2.80	0.3	16.0	1.6	31.5%
22ACCR107	18	21	3	785	40	55	7	209	27	2.82	0.4	14.5	1.8	35.8%
22ACCR108	24	27	3	814	54	37	5	139	17	3.42	0.4	20.8	2.6	24.6%
22ACCR258	5	7	2	1213	69	45	4	131	11	1.39	0.1	7.6	0.6	15.3%
22ACCR259	19	24	5	859	31	38	4	134	16	2.23	0.3	10.1	1.2	21.4%
22ACCR263	8	9	1	875	93	29	3	73	8	0.75	0.1	3.6	0.4	12.1%
22ACCR264	13	14	1	998	23	36	4	96	10	1.01	0.1	6.1	0.6	13.9%

Table 1 Comet REE Drilling – Batch 1 Significant Results

Figure 1 Regional Map showing REE Area 1 summary results and REE Area 2 which is awaiting results.

Figure 2 REE 1 Anomaly - Summary of drill results, and outline of the most significant mineralised areas.

Drilling was conducted on a 200-metre spaced grid with some 100-metre spaced and very limited closer spaced drilling in the south-eastern portion of the REE 1 Anomaly Area (Figure 2). The 116 holes from Batch 1 total 3,933 metres with average hole depth of 33.9 metres. The drilling at this spacing has proved effective in locating higher-grade REE zones within the broader regionally anomalous area. The confirmation of high TREOs forming discrete mineralised zones is very promising and will be the focus for future drill targeting. It is postulated the mineralisation may be reflecting zones of primary REE enriched basement source rock below. This opens the potential for primary REE basement targets also in the fresh rock below.

REE 1 Anomaly - South Zone - A northwest trending zone extends approximately 1000 metres and has an approximate average width of 200 metres and remains open along trend. The discrete mineralised zone shows some distinctive structural form particularly in the southern half and may be reflecting a zone of primary REE enriched basement rock below. It includes numerous thick intercepts from relatively shallow depths.

REE 1 Anomaly - Northeast Zone – A prominent zone with consistent higher concentrations of REEs extending over an approximate 1.5 kilometre by 1 kilometre area. It is open in several directions with some of the better intercepts occurring along the northern edge which remains open.

REE Mineralised Profile

The drilling has confirmed the mineralisation starts in the upper clay saprolite and has been found to extend down through the saprock zone and finally weathered basement rock. Vertical grade variability is evident between holes, with rare earths concentrating over a range of levels and closer spaced drilling will be required to determine mineralisation shells within the saprolite. Figure 3 shows one metre drill chip samples from drill hole 22ACCR007 which returned 8m @ 984 ppm TREO & 105 Sc2O3 from 7m and drill hole 22ACCR008 which was drilled 100 metres to the east and returned an 11m interval @ 1008 ppm TREO & 71 Sc2O3 from 10m.

The profiles shown are typical of the region and highlights the well-developed saprolite profile that has formed over the basement with mineralisation occurring throughout the clay zones. In detail, both holes include a distinctive red-brown alluvial sandy soil with calcrete and silcrete horizons. Below the cover the mineralised upper white saprolite clays start at approximately 6 metres depth and extend down to approximately 18 metres. The clay zones then transition into the saprock where remnant rock textures and minerals become increasingly evident down hole until finally fresher hard basement rock is intersected at the base of each hole. The profiles shown may indicate potential for Ion Adsorption Style Mineralisation, similar to deposits of Southeast China which are a major world supplier.

Next Steps

These results are from the first 116 drill holes of a much larger 330-hole program which was completed in late July covering several REE anomalous areas (PTR ASX release 22/07/22) . Results from REE 2 Anomaly (Figure 1) are due in the next few weeks and PTR will report on these once they arrive and have undergone compilation and interpretation by the reporting geologist.

Other work to be undertaken in the near term will be 1 metre split sampling of higher-grade REE zones to better characterise grade profiles and widths down-hole. Once all results from the REE drill campaign are in, PTR will undertake follow-up drilling of the best mineralised zones for the purposes of defining potentially economic concentrations of TREOs with size potential.

WAT	$O - 1$		$20 - 2)$		22AccRoofTESTA	$O-1$	ZZPECROSS海绿	$20 - 21$
AA	$1 - 2$		$21 - 22$			$1 - 2$		$21 - 22$
REA	$2 - 3$		$22 - 23$			$2 - 3$	N M6	22-23
	$3 - 4$		$23 - 24$			$3 - 4$	CAND	$23 - 24$
	$4 - 5$		$24 - 25$			$4 - 5$		$24 - 25$
	$5 - 6$		$25 - 26$			$5 - 6$	Ard	$25 - 24$
	$6 - 7$		$26 - 27$			$6 - 7$		$26 - 27$
	$4 - 8$		$27 - 28$			48		$27 - 28$
	$8 - 9$		$28 - 29$			$9		$28 - 29$
	$2 - 10$		29-30			940		$23 - 30$
	$80 - 11$					$10 - 11$		$B - 31$
	$11 - 12$		$20 - 4$			$99 - 12$
			$3 - 42$					St-32
	12点3		$52 - 83$			$12 - 13$		$22 - 33$
	$13^{514}$		$33 - 34$			$13 - 14$		$33 - 34$
	$14 - 15$		$34 - 35$			$14 - 15$		$34 - 35$
	$15 - 16$		$35 - 36$			$15 - 16$		$35 - 36$
	$16 - 17$		$36 - 37$		340	$16 - 17$		$36 - 37$
	$17 - 18$	大学大学	$37 - 38$		305	$17 - 18$		$37 - 38$
	$18 - 19$	SHAKE !!	38-39		M	$18 - 19$		$38 - 39$
	19-20	醫療	39-40		人文	19-20		$39 - 40$

Figure 3 1m Chip Tray samples from drill hole 22ACCR007 (Left) which records 8m @ 984 ppm TREO & 105 Sc2O3 from 7m and drill hole 22ACCR008 (right) which was drilled 100 metres to the east and returned 11m @ 1008 ppm TREO & 71 Sc2O3 from 10m. Drill holes provides an overview of typical regolith profile comprising red-brown cover sediment from 0 to 6m, then white saprolite clay, transitioning to saprock from approximately 18 metres and finally intersecting fresher basement in the bottom metre samples.

This ASX announcement has been approved by Petratherm's Board of Directors and authorised for release by Petratherm's Chairman Derek Carter.

For further information contact :

Peter Reid (Exploration Manager) Tel: 0435 181 705 E: preid@petratherm.com.au

Competent Persons Statement: The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of Petratherm Ltd. Mr Reid has sufficient experience that 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 Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

					Comet Drilling Program - Table of all Significant REE Intercepts (Pg 1 of 3)
									High Value Magnet Rare Earths
Drill Hole	From	To	Interval	TREO	Scandium	Praseodymium			Neodymium		Terbium	Dysprosium
					Sc2O3	Pr6O11			Nd2O3		Tb4O7	DyO3
22ACCR001	metres18	metres34	metres16	ppm354	ppm28	ppm17	% TREO5	ppm56	% TREO16	ppm0.68	% TREO0.2	ppm3.7	% TREO1.1
22ACCR002	15	36	21	368	28	18	5	56	15	1.05	0.3	6.3	1.7
22ACCR003	18	22	4	390	15	18	5	57	15	1.04	0.3	6.1	1.6
22ACCR004	12	30	18	422	24	20	5	65	15	1.02	0.2	6.0	1.4
22ACCR005	18	37	19	457	53	19	4	78	17	2.40	0.5	14.6	3.2
Including	18	27	9	577	65	24	4	101	18	3.06	0.5	18.7	3.2
22ACCR00622ACCR007	247	2630	223	382545	1770	1624	44	5888	1516	1.201.81	0.30.3	7.69.5	2.01.8
Including	7	15	8	984	105	48	5	172	18	2.87	0.3	12.7	1.3
Including	8	9	1	1838	101	91	5	325	18	5.34	0.3	21.1	1.1
22ACCR008	9	27	18	849	94	41	5	156	18	2.27	0.3	12.9	1.5
Including	10	21	11	1008	71	49	5	176	17	2.57	0.3	13.1	1.3
Including22ACCR009	1818	2021	23	20451087	9637	8057	45	351166	1715	3.800.52	0.20.0	17.76.1	0.90.6
22ACCR010	15	18	3	513	19	24	5	74	14	0.51	0.1	5.4	1.1
22ACCR011	21	26	5	434	45	21	5	70	16	0.61	0.1	6.2	1.4
22ACCR012	12	33	21	419	24	21	5	65	16	1.34	0.3	5.6	1.3
22ACCR013	9	32	23	397	22	20	5	57	14	0.67	0.2	5.8	1.5
22ACCR014	33	40	7	408	31	20	5	68	17	0.71	0.2	9.8	2.4
22ACCR01522ACCR016	1518	3739	2221	415406	3232	2220	55	7062	1715	0.470.80	0.10.2	6.06.3	1.51.6
22ACCR017	15	30	15	414	28	18	4	56	14	1.03	0.2	6.4	1.6
22ACCR018	9	12	3	614	18	32	5	103	17	5.72	0.9	8.4	1.4
and	21	30	9	404	41	19	5	65	16	1.21	0.3	7.5	1.9
22ACCR020	21	24	3	416	22	18	4	52	13	0.71	0.2	3.8	0.9
22ACCR021	8	35	27	732	36	34	5	125	17	1.76	0.2	9.5	1.3
IncludingIncluding	1212	2113	91	9623600	4285	49200	56	176736	1820	2.027.83	0.20.2	10.436.7	1.11.0
Including	13	14	1	1471	60	77	5	269	18	2.41	0.2	11.4	0.8
Including	20	21	1	1185	59	59	5	220	19	2.11	0.2	11.4	1.0
Including	33	35	2	1903	43	94	5	337	18	3.22	0.2	15.0	0.8
22ACCR022	8	38	30	507	35	24	5	83	16	1.61	0.3	9.1	1.8
Including22ACCR023	86	169	83	793415	2238	4324	56	14784	1920	2.561.73	0.30.4	13.79.0	1.72.2
and	18	21	3	869	62	47	5	176	20	3.87	0.4	20.4	2.4
and	24	31	7	711	54	35	5	132	19	3.28	0.5	17.6	2.5
Including	30	31	1	859	53	44	5	170	20	4.13	0.5	22.3	2.6
22ACCR025	18	24	6	394	25	15	4	51	13	1.31	0.3	7.8	2.0
and22ACCR026	3318	3921	63	375376	4733	1716	54	6549	1713	1.430.86	0.40.2	8.14.6	2.21.2
22ACCR027	24	36	12	406	31	18	4	62	15	1.12	0.3	6.9	1.7
22ACCR028	9	15	6	396	31	17	4	56	14	1.11	0.3	6.8	1.7
and	30	38	8	442	37	19	4	69	16	1.62	0.4	9.6	2.2
22ACCR029	27	30	3	589	96	26	4	90	15	1.67	0.3	8.2	1.4
22ACCR030and	921	1230	39	730452	4628	2823	45	7579	1017	0.791.04	0.10.2	4.45.5	0.61.2
22ACCR031	6	18	12	751	43	32	4	88	12	1.64	0.2	9.3	1.2
Including	12	18	6	1173	45	48	4	127	11	2.49	0.2	14.1	1.2
and	12	15	3	1720	53	69	4	177	10	3.29	0.2	19.1	1.1
22ACCR032	18	21	3	468	41	24	5	82	18	1.53	0.3	8.4	1.8
22ACCR033	12	35	23	485	24	25	5	80	16	1.45	0.3	7.8	1.6
Including22ACCR036	1218	2133	915	583407	1936	3319	65	10466	1816	1.671.64	0.30.4	8.98.9	1.52.2
Including	27	30	3	569	38	26	5	94	17	2.08	0.4	11.1	1.9
22ACCR037	12	30	18	574	56	28	5	94	16	1.93	0.3	10.3	1.8
22ACCR038	15	21	6	1112	78	60	5	214	19	3.81	0.3	20.5	1.8
Including	15	18	3	1808	90	100	6	355	20	5.62	0.3	29.2	1.6
22ACCR039	12	30	18	427	36	23	5	73	17	1.06	0.2	6.0	1.4
IncludingIncluding	1527	1830	33	528631	3845	3034	65	93109	1817	1.201.70	0.20.3	6.510.1	1.21.6
22ACCR041	6	27	21	390	26	19	5	65	17	1.14	0.3	6.7	1.7
Including	18	21	3	537	33	24	4	90	17	2.07	0.4	11.7	2.2
22ACCR042	3	23	20	359	31	17	5	55	15	0.86	0.2	5.1	1.4
Including	21	23	2	553	35	23	4	79	14	2.33	0.4	15.4	2.8

Table 2 Comet REE Drilling – Table of all Significant Results

					Comet Drilling Program - Table of all Significant REE Intercepts (Pg 2 of 3)
								High Value Magnet Rare Earths
Drill Hole	From	To	Interval	TREO	Scandium	Praseodymium			Neodymium	Terbium		Dysprosium
					Sc2O3		Pr6O11		Nd2O3	Tb4O7		DyO3
22ACCR043	metres6	metres12	metres6	ppm447	ppm41	ppm20	% TREO4	ppm62	% TREO14	ppm1.39	% TREO0.3	ppm8.3	% TREO1.9
Including	9	12	3	528	46	24	5	75	14	1.66	0.3	9.6	1.8
22ACCR044	27	30	3	375	34	15	4	55	15	1.38	0.4	9.0	2.4
22ACCR045	21	24	3	493	33	20	4	63	13	1.02	0.2	5.9	1.2
22ACCR046	12	35	23	425	50	19	4	63	15	1.24	0.3	7.2	1.7
22ACCR04822ACCR049	219	2921	812	444720	3556	2133	55	64120	1517	1.202.27	0.30.3	6.912.9	1.61.8
Including	9	18	9	769	60	36	5	127	17	2.24	0.3	12.3	1.6
22ACCR050	36	39	3	382	17	20	5	66	17	0.54	0.1	3.0	0.8
22ACCR051	21	24	3	540	33	28	5	94	17	0.94	0.2	5.6	1.0
22ACCR052	9	21	12	382	35	19	5	58	15	0.98	0.3	5.9	1.5
22ACCR053Including	921	3424	253	400882	3328	2053	56	66174	1720	1.162.58	0.30.3	7.314.5	1.81.6
22ACCR054	6	12	6	555	32	30	5	111	20	1.78	0.3	9.4	1.7
and	21	24	3	356	26	16	4	60	17	1.15	0.3	6.9	1.9
22ACCR055	18	22	4	403	34	19	5	68	17	1.12	0.3	6.0	1.5
22ACCR056	6	21	15	415	30	20	5	69	17	0.86	0.2	4.7	1.1
Including22ACCR057	1815	2133	318	587582	3138	2826	54	10887	1815	1.471.35	0.30.2	8.37.9	1.41.3
Including	15	21	6	993	36	43	4	131	13	1.90	0.2	7.4	0.7
22ACCR058	9	30	21	584	28	30	5	109	19	1.51	0.3	8.7	1.5
Including	12	15	3	1231	27	71	6	261	21	3.02	0.2	15.6	1.3
22ACCR059	9	12	3	381	22	18	5	56	15	0.78	0.2	3.9	1.0
and	24	26	2	451	23	21	5	78	17	1.31	0.3	7.8	1.7
22ACCR06022ACCR061	279	3336	627	419517	2336	1625	45	6784	1616	1.841.64	0.40.3	11.59.8	2.81.9
Including	12	18	6	798	28	42	5	139	17	2.19	0.3	12.7	1.6
Including	30	33	3	993	46	56	6	195	20	3.69	0.4	19.6	2.0
22ACCR062	27	41	14	392	34	16	4	57	15	1.28	0.3	7.5	1.9
22ACCR063	21	27	6	436	84	16	4	69	16	2.21	0.5	13.6	3.1
Includingand	2436	2738	32	523386	7751	1815	34	7859	1515	2.741.54	0.50.4	17.19.7	3.32.5
22ACCR064	24	30	6	446	46	20	4	72	16	1.63	0.4	9.7	2.2
22ACCR065	21	33	12	415	32	18	4	64	15	1.03	0.2	6.2	1.5
22ACCR066	9	42	33	434	27	20	5	74	17	1.08	0.2	6.1	1.4
Including	12	21	9	554	30	27	5	96	17	1.40	0.3	7.7	1.4
Including22ACCR067	369	3915	36	537446	2277	2023	45	9485	1819	1.111.17	0.20.3	8.06.9	1.51.5
Including	9	12	3	516	68	29	6	103	20	1.24	0.2	6.9	1.3
and	24	30	6	395	68	16	4	54	14	1.16	0.3	6.5	1.6
22ACCR068	18	21	3	394	30	20	5	72	18	0.66	0.2	3.8	1.0
and	27	36	9	364	37	14	4	54	15	1.50	0.4	9.1	2.5
22ACCR06922ACCR070	1215	3633	2418	531626	8027	2237	46	92118	1719	2.971.53	0.60.2	18.68.0	3.51.3
Including	15	18	3	1172	36	65	6	221	19	1.51	0.1	7.7	0.7
and	24	27	3	762	26	39	5	145	19	2.65	0.3	14.8	1.9
22ACCR071	9	26	17	397	28	18	5	65	16	1.25	0.3	7.0	1.8
22ACCR072	12	24	12	405	31	17	4	77	19	1.08	0.3	6.3	1.6
22ACCR073Including	612	2118	156	458559	2428	2432	56	86112	1920	1.231.60	0.30.3	6.68.3	1.41.5
22ACCR074	9	36	27	646	33	31	5	115	18	2.32	0.4	13.1	2.0
Including	9	24	15	792	33	38	5	142	18	2.99	0.4	17.1	2.2
22ACCR075	24	30	6	383	28	17	4	63	16	1.24	0.3	6.8	1.8
22ACCR076	12	27	15	374	21	19	5	67	18	1.01	0.3	5.8	1.6
22ACCR077	15	33	18	660	32	36	5	126	19	2.13	0.3	12.5	1.9
Including22ACCR078	1815	2444	629	828437	3333	4520	55	16370	2016	2.811.35	0.30.3	16.67.9	2.01.8
Including	15	18	3	804	33	40	5	142	18	2.90	0.4	18.0	2.2
22ACCR079	15	33	18	515	42	29	6	95	18	1.92	0.4	11.1	2.2
Including	18	21	3	787	39	48	6	147	19	2.99	0.4	18.0	2.3
Including	27	30	3	825	73	63	8	215	26	2.66	0.3	11.9	1.4
22ACCR080	9	33	24	471	40	22	5	74	16	2.11	0.4	13.4	2.8
Including	12	15	3	913	40	49	5	155	17	4.25	0.5	26.7	2.9

Table 2 Continued Comet REE Drilling – Table of all Significant Results

					High Value Magnet Rare Earths
Drill Hole	From	To	Interval	TREO	Scandium	Praseodymium		Neodymium		Terbium		Dysprosium
					Sc2O3	Pr6O11		Nd2O3		Tb4O7		DyO3
	metres	metres	metres	ppm	ppm	ppm	% TREO	ppm	% TREO	ppm	% TREO	ppm	% TREO
22ACCR081	6	30	24	454	34	23	5	75	17	1.01	0.2	6.2	1.4
Including	6	9	3	600	16	32	5	110	18	0.61	0.1	3.5	0.6
22ACCR082	27	29	2	584	39	29	5	94	16	2.20	0.4	12.7	2.2
22ACCR083	6	30	24	390	39	19	5	64	16	1.19	0.3	7.1	1.8
Including	21	24	3	819	52	45	5	149	18	2.49	0.3	13.1	1.6
22ACCR084	6	27	21	544	36	29	5	96	18	1.40	0.3	8.3	1.5
Including	6	9	3	878	20	50	6	157	18	1.93	0.2	10.2	1.2
22ACCR085	15	30	15	1148	37	57	5	210	18	3.40	0.3	19.2	1.7
Including	24	27	3	1942	42	103	5	404	21	5.64	0.3	28.6	1.5
22ACCR086	12	21	9	363	37	16	5	63	17	1.16	0.3	7.0	1.9
22ACCR087Including	2121	2724	63	646	48	3045	55	120178	1920	2.603.46	0.40.4	16.320.6	2.52.3
22ACCR088	9	31	22	878415	5831	19	4	66	16	1.12	0.3	7.0	1.7
22ACCR089	12	24	12	368	33	17	5	59	16	1.06	0.3	6.9	1.9
22ACCR090	12	27	15	567	30	28	5	98	17	1.65	0.3	8.7	1.5
Including	18	21	3	1071	48	64	6	224	21	3.39	0.3	16.6	1.5
22ACCR091	6	33	27	414	28	18	4	62	15	0.96	0.2	5.6	1.4
Including	6	9	3	889	33	38	4	103	12	0.94	0.1	4.5	0.5
22ACCR092	15	18	3	434	33	23	5	86	20	1.29	0.3	6.5	1.5
22ACCR093	27	30	3	453	50	21	5	81	18	1.45	0.3	9.9	2.2
22ACCR094	12	18	6	1041	58	54	5	197	19	3.26	0.3	19.1	1.8
22ACCR096	9	12	3	381	27	18	5	57	15	0.84	0.2	5.1	1.3
and	24	26	2	376	32	13	3	45	12	1.96	0.5	14.0	3.7
22ACCR097	9	18	9	480	42	22	5	83	17	1.80	0.4	10.4	2.2
Including	15	18	3	540	41	21	4	82	15	2.75	0.5	17.4	3.2
22ACCR098	12	18	6	592	20	38	6	129	22	1.77	0.3	10.5	1.8
22ACCR099	12	30	18	494	29	23	5	82	17	1.25	0.3	7.2	1.5
Including	27	30	3	755	24	39	5	146	19	1.31	0.2	7.3	1.0
22ACCR100	6	33	27	558	25	29	5	99	18	1.49	0.3	8.5	1.5
Including	18	27	9	780	30	43	6	147	19	2.36	0.3	13.3	1.7
22ACCR101	12	30	18	626	32	34	5	116	19	2.02	0.3	11.4	1.8
Including	15	24	9	867	34	48	6	167	19	2.79	0.3	14.9	1.7
22ACCR103Including	15	42	27	545	28	25	5	93	17	1.28	0.2	8.0	1.5
22ACCR104	2412	2736	324	898645	2936	3035	35	109131	1220	1.741.94	0.20.3	10.311.4	1.21.8
Including	12	21	9	1012	27	63	6	237	23	2.80	0.3	16.0	1.6
22ACCR105	9	32	23	433	27	21	5	73	17	1.26	0.3	7.2	1.7
Including	12	18	6	627	21	32	5	107	17	1.68	0.3	9.7	1.6
22ACCR106	18	39	21	536	31	27	5	97	18	1.56	0.3	9.0	1.7
Including	24	27	3	767	30	43	6	157	20	2.50	0.3	13.9	1.8
22ACCR107	15	24	9	598	28	34	6	123	21	1.70	0.3	9.1	1.5
Including	18	21	3	785	40	55	7	209	27	2.82	0.4	14.5	1.8
22ACCR108	18	33	15	470	33	20	4	73	16	1.56	0.3	9.3	2.0
Including	24	27	3	814	54	37	5	139	17	3.42	0.4	20.8	2.6
22ACCR109	15	27	12	389	21	18	5	64	16	0.83	0.2	4.2	1.1
22ACCR258	5	42	37	455	37	18	4	61	13	1.28	0.3	7.7	1.7
Including	5	7	2	1213	69	45	4	131	11	1.39	0.1	7.6	0.6
22ACCR259	9	39	30	583	42	26	4	90	15	1.51	0.3	7.6	1.3
Including	19	24	5	859	31	38	4	134	16	2.23	0.3	10.1	1.2
22ACCR260	27	39	12	374	56	15	4	53	14	1.24	0.3	7.5	2.0
22ACCR261	11	39	28	380	25	17	5	58	15	1.32	0.3	5.4	1.4
22ACCR262	6	10	4	357	35	15	4	48	14	0.86	0.2	5.1	1.4
and	11	12	1	350	35	17	5	57	16	0.81	0.2	4.3	1.2
and	19	36	17	366	26	12	3	38	10	0.69	0.2	4.0	1.1
22ACCR263	8	9	1	875	93	29	3	73	8	0.75	0.1	3.6	0.4
and	13	34	21	434	31	20	5	69	16	1.64	0.4	6.9	1.6
22ACCR264	13	14	1	998	23	36	4	96	10	1.01	0.1	6.1	0.6
and	18	39	21	369	30	17	5	52	14	1.33	0.4	5.3	1.4

Comet Drilling Program - Table of all Significant REE Intercepts (Pg 3 of 3)

Table 2 Continued - Comet REE Drilling – Table of all Significant Results

	Easting (MGA94	Northing				Azimuth EOH Depth
Hole ID	Z53)	(MGA94 Z53)	RL (m)	Dip (Deg)		(m)
22ACCR001	446,690	6,703,062	170	-90	0	36
22ACCR002	446,492	6,703,056	172	-90	0	42
22ACCR003	446,289	6,703,043	171	-90	0	22
22ACCR004	446,090	6,703,034	176	-90	0	32
22ACCR005	445,898	6,703,026	174	-90	0	37
22ACCR006	445,895	6,703,125	169	-90	0	26
22ACCR007	445,997	6,703,120	167	-90	0	45
22ACCR008	446,093	6,703,125	160	-90	0	27
22ACCR009	446,186	6,703,127	163	-90	0	33
22ACCR0010	446,295	6,703,120	169	-90	0	32
22ACCR0011	446,397	6,703,127	170	-90	0	26
22ACCR0012	446,497	6,703,128	167	-90	0	33
22ACCR0013	446,594	6,703,122	196	-90	0	32
22ACCR0014	446,694	6,703,128	196	-90	0	40
22ACCR0015	446,691	6,703,228	178	-90	0	32
22ACCR0016	446,599	6,703,218	175	-90	0	38
22ACCR0017	446,496	6,703,220	176	-90	0	35
22ACCR0018	446,398	6,703,225	172	-90	0	30
22ACCR0020	446,193	6,703,223	167	-90	0	37
22ACCR0021	446,080	6,703,228	167	-90	0	42
22ACCR0022	446,001	6,703,215	164	-90	0	38
22ACCR0023	445,895	6,703,223	166	-90	0	31
22ACCR0025	446,092	6,703,328	168	-90	0	50
22ACCR0026	446,209	6,703,333	167	-90	0	39
22ACCR0027	446,300	6,703,334	169	-90	0	41
22ACCR0028	446,400	6,703,326	170	-90	0	38
22ACCR0029	446,498	6,703,326	172	-90	0	42
22ACCR0030	446,597	6,703,320	171	-90	0	35
22ACCR0031	446,702	6,703,331	184	-90	0	25
22ACCR0032	446,694	6,703,422	168	-90	0	18
22ACCR0033	446,493	6,703,425	166	-90	0	35
22ACCR0036	445,891	6,703,420	164	-90	0	43
22ACCR0037	445,706	6,703,422	166	-90	0	39
22ACCR0038	445,493	6,703,416	168	-90	0	22
22ACCR0039	445,295	6,703,421	168	-90	0	25
22ACCR0041	444,896	6,703,422	166	-90	0	33
22ACCR0042	444,696	6,703,430	167	-90	0	23
22ACCR0043	444,695	6,703,224	166	-90	0	18
22ACCR0044	444,903	6,703,222	163	-90	0	30
22ACCR0045	445,088	6,703,226	168	-90	0	35
22ACCR0046	445,295	6,703,226	166	-90	0	35
22ACCR0048	445,494	6,703,024	166	-90	0	29
22ACCR0049	445,292	6,703,028	164	-90	0	21
22ACCR0050	445,096	6,703,021	166	-90	0	41
22ACCR0051	444,896	6,703,024	167	-90	0	27
22ACCR0052	444,697	6,703,025	171	-90	0	27
22ACCR0053	444,698	6,703,628	166	-90	0	34
22ACCR0054	444,897	6,703,628	168	-90	0	24
22ACCR0055	445,101	6,703,620	168	-90	0	22
22ACCR0056	445,304	6,703,621	169	-90	0	21
22ACCR0057	445,491	6,703,633	169	-90	0	34
22ACCR0058	445,699	6,703,624	169	-90	0	36
22ACCR0059	445,897	6,703,629	170	-90	0	26
22ACCR0060	446,098	6,703,622	162	-90	0	38
22ACCR006122ACCR0062	446,303446,495	6,703,6286,703,627	164169	-90-90	00	4441

Table 3 – Comet Drill Hole Collars

	Easting (MGA94	Northing				EOH Depth
Hole ID	Z53)	(MGA94 Z53)	RL (m)	Dip (Deg)	Azimuth	(m)
22ACCR0063	446,700	6,703,627	168	-90	0	26
22ACCR0064	446,689	6,703,824	168	-90	0	36
22ACCR0065	446,491	6,703,818	167	-90	0	33
22ACCR0066	446,288	6,703,818	174	-90	0	43
22ACCR0067	446,103	6,703,829	172	-90	0	35
22ACCR0068	445,883	6,703,829	171	-90	0	38
22ACCR0069	445,696	6,703,834	169	-90	0	36
22ACCR0070	445,492	6,703,822	168	-90	0	33
22ACCR0071	445,289	6,703,828	174	-90	0	26
22ACCR0072	445,092	6,703,823	141	-90	0	34
22ACCR0073	444,895	6,703,818	152	-90	0	24
22ACCR0074	444,688	6,703,816	159	-90	0	41
22ACCR0075	445,700	6,704,019	163	-90	0	34
22ACCR0076	445,896	6,704,015	167	-90	0	30
22ACCR0077	446,098	6,704,022	169	-90	0	44
22ACCR0078	446,312	6,704,018	170	-90	0	44
22ACCR0079	446,505	6,704,022	170	-90	0	34
22ACCR0080	446,710	6,704,018	168	-90	0	48
22ACCR0081	447,085	6,704,228	170	-90	0	42
22ACCR0082	446,891	6,704,223	166	-90	0	29
22ACCR0083	446,690	6,704,218	166	-90	0	42
22ACCR0084	446,488	6,704,222	167	-90	0	32
22ACCR0085	446,287	6,704,233	167	-90	0	37
22ACCR0086	446,095	6,704,223	166	-90	0	33
22ACCR0087	445,895	6,704,220	169	-90	0	39
22ACCR0088	445,696	6,704,229	169	-90	0	31
22ACCR0089	445,893	6,704,431	167	-90	0	33
22ACCR0090	446,102	6,704,432	166	-90	0	33
22ACCR0091	446,304	6,704,420	158	-90	0	38
22ACCR0092	446,499	6,704,411	177	-90	0	36
22ACCR0093	446,691	6,704,413	189	-90	0	36
22ACCR0094	446,904	6,704,422	165	-90	0	32
22ACCR0096	447,084	6,704,625	167	-90	0	25
22ACCR0097	446,894	6,704,624	168	-90	0	18
22ACCR0098	446,692	6,704,620	168	-90	0	40
22ACCR0099	446,485	6,704,622	174	-90	0	35
22ACCR0100	446,300	6,704,621	175	-90	0	35
22ACCR0101	446,094446,102	6,704,6206,704,813	175175	-90-90	00	3243
22ACCR010322ACCR0104	446,291	6,704,823	174	-90	0	37
22ACCR0105	446,500	6,704,811	175	-90	0	32
22ACCR0106	446,694	6,704,812	172	-90	0	40
22ACCR0107	446,494	6,705,019	165	-90	0	37
22ACCR0108	446,301	6,705,024	167	-90	0	41
22ACCR0109	446,092	6,705,029	166	-90	0	36
22ACCR258	446,009	6,703,134	166	-90	0	42
22ACCR259	446,019	6,703,152	165	-90	0	39
22ACCR260	446,034	6,703,169	167	-90	0	39
22ACCR261	446,046	6,703,184	167	-90	0	39
22ACCR262	446,057	6,703,198	168	-90	0	39
22ACCR263	446,070	6,703,214	167	-90	0	34
22ACCR264	446,448	6,703,213	172	-90	0	39

Table 3 Continued – Comet Drill Hole Collars

EL 6443 & EL 6633 (Comet Project) JORC Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (egcut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc.).These examples should not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination of mineralisation thatare Material to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (eg'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases more explanationmay be required, such as where there is coarse Au thathas inherent sampling problems. Unusualcommodities or mineralisation types (eg submarinenodules) may warrant disclosure of detailedinformation.	•A total of 330 drill holes havebeen drilled to blade refusalon spacing ranging from 200to 100 metres.•During the program sampleswere collected as compositeintervals from one metre drillsamples stored individually inbuckets and separate 1msamples were collected by asplitter attached to thecyclone on the drill rig.•Composite samples werecollected using a "spear" toolto collect representativesamples from buckets and RCbags. Composite sampleswere an average weight of 2kg.•A handheld Garmin 64s wasused to record the location ofeach drill hole. The accuracyof this GPS is +/- 3m
Drillingtechniques	•Drill type (egcore, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.)and details (eg core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by whatmethod,etc.).	•Drill Method consisted ofAircore. Hole diameters are78 mm.
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias may haveoccurred due to preferential loss/gain of fine/coarsematerial.	•Aircore drilling methods wereutilised throughout theduration of the program.•Hole diameters are 78mm.•A Geologist was on site forevery drill hole to ensure thatsample recoveries wereappropriate.
Logging	•Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to	•All samples were geologicallylogged by the on-sitegeologist.

Criteria	JORC Code explanation	Commentary
	support appropriate Mineral Resource estimation,mining studies and metallurgical studies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.) photography.•The total length and percentage of the relevantintersections logged.	•Geological logging isqualitative.•Representative chip trayscontaining 1 m geological subsamples were collected.•All drillholes were geologicallylogged.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, halfor 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 andappropriateness of the sample preparation technique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grain sizeof the material being sampled.	•Samples averaging 2 kg werecollected for laboratory assay.•It is considered representativesamples were collected.•Laboratory samplepreparation includes dryingand pulverizing of submittedsample to target of p80 at 75um.•Duplicate samples have beenintroduced into the samplestream by the Company.•Standard samples wereintroduced into the samplestream by the Company, andthe laboratory also completedstandard assays.•Laboratory analytical chargesizes are standard sizes andconsidered adequate for thematerial being assayed.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used and whetherthe technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (ielack of bias) and precision have been established.	•ALS in Perth was used foranalytical work. Samples wereanalysed in the followingmanner:•Lithium Borate Fusion isanalysed by InductivelyCoupled Plasma MassSpectrometry for 32elements.•A mixed Acid digest is alsodone and assayed byinductively Coupled Plasmaand Atomic EmissionSpectroscopy for 40 elements.•Lithium Borate Fusion isanalysed by InductivelyCoupled Plasma MassSpectrometry and Mixed AcidDigest for 30 elements. Amixed Acid digest is also doneand assayed by inductivelyCoupled Plasma – Atomic

Criteria	JORC Code explanation	Commentary
Verification	•The verification of significant intersections by either	Emission Spectroscopy for 11elements.•For laboratory samples, theCompany has introducedQA/QC samples at a ratio ofone QA/QC sample for every40 drill samples. Thelaboratory will introduceadditional QA/QC samples(blanks, standards, checks)•The Company has queried the
of samplingandassaying	independent or alternative company personnel.•Theuse of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage (physicaland electronic) protocols.•Discuss any adjustment to assay data.	results with ALS to verify theaccuracy of the results.•No twinned holes were drilledin the program.•Rare earth element analyseswere originally reported inelemental form but have beenconverted to relevant oxideconcentrations as in theindustry standard•TREO = La2O3 + CeO2 + Pr6O11+ Nd2O3 +Sm2O3 + Eu2O3 +Gd2O3 + Tb4O7 + Dy2O3 +Ho2O3 + Er2O3 + Tm2O3 +Yb2O3 + Lu2O3 + Y2O3•MREO = Pr6O11 + Nd2O3 +Dy2O3 + Tb4O7Element Name Element OxideOxide FactorCeCeO21.2284DyDy2O31.1477ErEr2O31.1435EuEu2O31.1579GdGd2O31.1526HoHo2O31.1455LaLa2O31.1728LuLu2O31.1371NdNd2O31.1664PrPr6O111.2082ScSc2O31.5338SmSm2O31.1596TbTb4O71.1762ThThO21.1379TmTm2O31.1421UU3O81.1793
		YY2O31.2699YbYb2O31.1387
Location ofdata points	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.	•All maps and locations are inUTM grid (GDA94 Z53) andhave been measured byhand-held GPS with a lateralaccuracy of ±3 metres and a

Criteria	JORC Code explanation	Commentary
	•Specification of the grid system used.•Quality and adequacy of topographic control.	vertical accuracy ±5m.
Dataspacing anddistribution	•Data spacing for reporting of Exploration Results.•Whether the dataspacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.•Whether sample compositing has been applied.	•Drill holes were completedon a 200 and 100-metrespaced grids.•The data spacing anddistribution is insufficient toestablish the degree ofgeological and gradecontinuity appropriate for aJORC mineral resource.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.•If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•No Geological informationregarding orientation ofstructure was available.
Samplesecurity	•The measures taken to ensure sample security.	•Company staff andcontractors collectedlaboratory samples.•Samples submitted to thelaboratory were transportedand delivered by Companystaff or contractors to ALSLaboratories Adelaide.
Audits orreviews	•The results of any audits or reviews of samplingtechniques and data.	•No independent audit ofdata has been completed todate.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national parkand environmental settings.•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	•EL 6443 Comet and EL 6633Gina are locatedapproximately 80km southsouth-west of Coober Pedyoverlapping Ingomar andCommonwealth Hill PastoralStations.•The tenements are locatedwithin the WoomeraProhibited Area (Amber Zone)and the Far North Prescribed

Criteria	JORC Code explanation	Commentary
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration byother parties.	Wells Area.•Native Title Holder:SCD2011/001 AntakirinjaMatu-Yankunytjatjara.•The tenement is in goodstanding and no knownimpediments exist.•Previous exploration workincludes;•Surface GeochemicalSampling: Calcrete
		Airborne Geophysics:Magnetics & Radiometrics.Ground Geophysics:Magnetics and Gravity.Exploration Drilling: 202Mechanised Auger, 103Aircore, 9 Rotary Air, 27Reverse Circulation & 3Diamond.
Geology	•Deposit type, geological setting and style ofmineralisation.	•The tenements are within theNorthern Gawler Craton,South Australia•Petratherm are exploring forgold, REE and other criticalminerals.•This release refers to ionadsorption REE mineralisationbound to clays within theweathered saprolite profile.•Anomalous primary REEminerals are recorded fromfresher rock samples belowthe clays at Target 14Prospect. Petrologicallydescribed as a S type calcalkaline granitoid withaccessory monazite innumerous samples and isconsidered sufficient toaccount for anomalous REE.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation aboveosea level in metres) of the drill hole collardip and azimuth of the holeodown hole length and interception deptho	•The type of drillingperformed, comprisedvertical shallow holes to anapproximate average depthof 30 metres on 200 and100m grids. The drilling isfirst pass explorationprogram designed to test theextend of previouslydiscovered rare earthmineralisation.
	www.petratherm.com.au

Criteria	JORC Code explanation	Commentary
	hole length.o•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	•All drillhole informationpertaining to results in thisrelease are tabulated inTable's 2 & 3 at the end ofthe release.
Dataaggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (eg cutting of high grades) andcut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•All reported drill results aretrue results as reported byALS.•No assumptions of metalequivalent values were madeor used.
Relationshipbetweenmineralisation widths andinterceptlengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (eg 'down hole length, true width not known').	•Drill holes were drilledvertically at -90 degrees. Anyrelationship betweenmineralisation widths andintercepts lengths is notknown.•TREO values reported aredown hole length.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•See Figures in main body ofrelease attached.
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	•Assay results from 116 drillholes were assayed. Sampleswe digested using LithiumBorate Fusion and MixedAcid Digest and assayed byICP-MS and ICP-AES. Allresults above 350 ppm TREOare reported in the Table 2of Significant Intercepts. Acut off value of 350 ppm wasimplemented which is in linewith other ionic clay bound

Criteria	JORC Code explanation	Commentary
		rare earth deposits.•All sample locations whereREE grades were found to bebelow 350 ppm TREO arealso shown on the Figures inthe main body of therelease.
Othersubstantiveexplorationdata	•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 andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•See attached ASX Release.Geological observations areincluded in that report.
Further work	•The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	•See attached release.