PTR MINERALS LTD — Capital/Financing Update 2024

Nov 18, 2024

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19 November 2024

Outstanding Rosewood Metallurgical Results Indicates Significant High Value Titanium Minerals

Highlights

• A trial heavy mineral separation test, using samples from historical drilling at the Rosewood Prospect, has returned highly significant Heavy Mineral (HM) grades and mineralogy.

• Composite samples from wide spaced drill holes over 2.5 kilometres returned heavy mineral (HM) concentrations of 12.0% and 12.5 % from shallow depths.

• Laboratory analysis confirms high titanium mineral content of the HM fraction with results reporting approximately 65% TiO2, indicating a significant portion of higher value Ti Minerals are present.

• X-Ray Diffraction analyses of HM fraction indicates 19-21% Rutile, 4-7% Anatase and 68-70% Pseudorutile.

• Company has recently completed regional drilling of Rosewood Prospect stepping away from these historical drill holes covering an expanded area of approximately 8km x 2km.

• 90 samples from a representative drill section trending over 1.8 kilometres selected for fast-tracking HM separation analysis with results expected in 3-4 weeks.

• Titanium is on the critical minerals list for Australia, US and EU and has uses in electric vehicles and battery storage, wind technology, pigments, and as an alloy in steel and superalloys.

Petratherm CEO, Peter Reid, commented:

“The initial metallurgical results from historic drilling at the Rosewood prospect are outstanding and beyond our expectations. As the Muckanippie project evolves, it continues to surprise with emerging potential to be a significant source of high value Titanium minerals and transformational for the Company.

“This outcome is a massive step forward for the Muckanippie Titanium Project and supports our strategy to maintain momentum on activities over the coming weeks and months to determine the full potential of the project. We now eagerly await the initial batch of heavy mineral results from Petratherm’s recent drilling at Rosewood and look forward to providing results as they come to hand.”

Petratherm Limited (ASX: PTR) (“ PTR” or “ the Company” ) is pleased to announce results from an initial trial heavy mineral sand (HMS) separation test using samples collected from historic drill holes stored at the South Australian Core Library (CAR series drill holes). The composite samples were collected from widely spaced contiguous drill holes along a 2.5-kilometre-long traverse on the eastern side of the Rosewood HMS Prospect area, located within the Company’s Muckanippie Project in the northern Gawler Craton, South Australia.

Results from three composite samples submitted to ALS Laboratories for Heavy Liquid Separation (HLS) analysis confirmed high grade Heavy Mineral (HM) separation results (7.2-12.5% HM). Associated high TiO2 grades between 63.4% and 65.0% are additionally reported and high value heavy minerals, including rutile have been identified. Detailed results from the initial trial HMS separation tests and metallurgical test work are described herein.

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In October, Petratherm completed seven drill traverses at 1 kilometre to 2 kilometre spacing, over the Rosewood Prospect (fifty drill holes totalling 1,697 metres) as part of a larger exploration program to determine the nature and extent of the HMS mineralisation identified from mapping and re-assaying of historic drilling (Figure 1)[1] . All metres from this program have been submitted for TiO2 and multi-element assay to help identify the best mineralised zones.

Additionally, to help accelerate understanding of the HMS mineralisation, the Company has submitted an initial batch of 90 samples from 5 drill holes along a single 1.8 kilometre traverse at Rosewood to determine indicative HM grades and thicknesses. These results are expected in approximately 3-4 weeks.

Petratherm previously reported high titanium dioxide (TiO2) sample grades from Rosewood and this report provides new detail on the nature of the HMS mineralisation. It should be noted that the results presented in this report are based on Petratherm’s analysis of samples obtained from historic drill holes and Petratherm makes no warranties that these samples are necessarily representative of the broader Rosewood target.

Historic Drill Hole Heavy Mineral Results

Petratherm previously reported high TiO2 grades from historic drill holes (CAR series) at the Rosewood HM Prospect (Figures 1 & 3)[ 2] . Geological interpretation of the data suggests two extensive marine placer style, flatlying, high-grade HM sheets are present within a broader mineralised zone (Section A-a, Figure 2). Three representative composite samples from additional material held at the South Australian Core Library were selected from these zones for HM separation test work. Samples Met 1 and Met 2, each totalling 8 metres of composite sample, were collected from the upper horizon, from four drill holes covering 2.5 kilometres of strike length. Sample Met 3, totalling 10 metres of composite sample, was selected from the lower mineralised horizon, across three drill holes. Composite sample locations are shown in Figure 2 and described in Table 1.

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

Drill hole
traverse
selected for
initial HM
analysis
Photo 1 and 2
‘CAR’
location of HMS
drill hole
Mineralisation
traverse
(see page 6)
----- End of picture text -----

Figure 1 – Location of historic CAR drill holes, Petratherm October 2024 drilling and cross-sections for the Rosewood HM Prospect.

1 ASX Announcement 31 October 2024 – Muckanippie Titanium Drilling Successfully Completed

2 ASX Announcement 11 September 2024 – High-Grade Titanium Rich Heavy Mineral Sands at Muckanippie

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The three composite samples were submitted to ALS Laboratories in Perth for Heavy Liquid Separation (HLS) analysis to determine HM content. Excellent HM concentrations have been reported from the upper zone with the two composites reporting 12.48% and 12.01% HM respectively over 4 metres of interpreted true thickness. The lower zone reports reduced, but still highly significant, 7.24% HM content. The lower zone sample has a high fines (slime) content, and once these fines are removed the beneficiated ore records a 31.90% HM content. Potential exists to produce a beneficiated ore and further work will be undertaken.

Table 1: Composite samples of historic drilling

Sample ID	HM Zone	Drill Hole	Depth (m)	Thickness (m)	HM %Original Sample	Slimes % (<0.045mm)
Met 1	Upper Zone	CAR 38	8-12	4	12.48	16.68
		CAR 39	4-8	4
Met 2	Upper Zone	CAR 36	6-10	4	12.01	15.19
		CAR 37	8-12	4
Met 3	Lower Zone	CAR 37	22-24	2	7.24	77.31
		CAR 38	24-26	2
			28-30	2
		CAR 39	22-24	2

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Figure 2 – Section A-a showing location of HMS trial samples from CAR drillholes at the Rosewood Prospect.

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Heavy Mineral Assay Results

Geochemical assays of the three HM concentrates report high TiO2 concentrations between 63.4% and 65% (Table 2), consistent with values expected from high-value titanium minerals. Significant vanadium (V2O5) credits ranging from 0.28% to 0.35% occur and very low deleterious U-Th concentrations are reported.

Table 2: Heavy Mineral geochemical assay results

Sample Nos.	**HMC % **	TiO2(%)	Al2O3(%)	CaO(%)	Fe2O3(%)	La2O3(%)	**MgO(%) **	**MnO(%) **	**SiO2(%) **	**Th(ppm) **	U(ppm)	V2O5(%)	ZrO2(%)
Met 1	12.48	63.4	3.02	0.22	21.0	0.01	0.15	0.67	6.35	80	20	0.28	0.18
Met 2	12.01	65.0	2.92	0.23	19.5	<0.01	0.18	0.66	6.18	70	< 10	0.30	0.15
Met 3	7.24	64.5	1.35	0.20	25.4	<0.01	0.09	0.39	2.21	60	10	0.35	0.38

Heavy Mineral Mineralogical Assessment

The separated HM material was subjected to X-Ray Diffraction analysis to help determine the mineralogy of the sample. Results are presented in Table 3 as a percentage of the HM fraction. All samples returned exceptionally high rutile concentrations (up to 21%). Rutile is the highest-grade naturally occurring form of titanium. The presence of rutile was confirmed by petrological analysis. Additionally, the samples returned 4-7% anatase, a mineral very similar in use and value to rutile, and 68-70% pseudo-rutile. Pseudo-rutile is a form of leucoxene, also a valuable titanium-bearing mineral.

Table 3: Heavy Mineral Mineralogical Assessment

Mineral or Mineral Group	MET 1 Mass %	MET 2 Mass %	MET 3 Mass %
Rutile*	21	21	19
Pseudorutile*	69	68	70
Anatase	4	5	7
Goethite	-	-	3
Kandite group	5	3	< 1
Quartz	1	2	1

*As a cautionary note the samples have a poorly crystalline nature due to leaching of iron and weathering processes and results preceded by an asterisk indicate a larger than usual uncertainty in regard to the quantity and phase reported. The approximate 20% Fe2O3 and 65% TiO2 concentrations reported however from the XRF data (Table 2) support the XRD results presented herein and therefore are considered a reasonable guide of mineral concentrations. The quantitative results shown in the table have been normalised to 100%, and the values shown represent the relative proportion of the crystalline material in the sample.

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Exploration Drilling Completed

As reported previously, the Company recently completed its maiden drilling program at the Muckanippie Project Area, completing 100 vertical air-core holes for a total of 3,392 metres (Figure 3)[1] . Half of these drill holes were drilled at the Rosewood HM Prospect in order to determine the nature and extent of the HM mineralisation identified from mapping and re-assaying of historic drilling.

Holes at Rosewood were drilled on north-south traverses spaced between 1 kilometre and 2 kilometres apart (Figure 1). Drill traverses varied from 1.6 kilometres to 2.2 kilometres in length, with variable spacing of 200 metres to 400 metres along the traverses. The area drill tested to date at Rosewood covers approximately 8 kilometres by 2 kilometres. An example of one of the better panned intersects is shown in Photo 2 from 10-11 metres in drill hole drill hole 24RW049 where a visual estimate of 20% HM content was logged (Figure 1 for location). No identification of the HM species can be made until further laboratory work is completed (refer to Cautionary Note at end of this report for further details).

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Figure 3 – Interpreted Geology Map of Muckanippie Project Area with Prospect Names and 2024 drill collars.

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Photo 1 – High-grade Heavy Mineral Sand interval from recently completed drilling (drill hole 24RW049, 10-11m). Sands become distinctively dark grey due to higher heavy mineral content. See Photo 2 of the panned sample and Cautionary Statement.

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Photo 2 – Panned Heavy Minerals from drill hole 24RW049, (10-11 metres). HM estimate based solely on visual inspection is 20% and is yet to be assayed. No identification of the HM species can be made until laboratory work is completed. Results are expected in 4 to 6 weeks’ time. Refer to Table 4 at the end of this report for further Cautionary Statement details.

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Three-metre drill composites from the Rosewood Prospect have been despatched to ALS Laboratories for multielement analysis including TiO2 by Lithium Borate Fusion. These results will help to define the better HM mineralised zones and assist in prioritising samples for HM content analysis and other metallurgical test work. Results from this work will be returned in batches over the next 4-8 weeks. In anticipation of positive results, an initial selection of 90 samples from five drill holes along one traverse (Figure 1, Section B-b Figure 4) have already been submitted to ALS Laboratories in Perth for HM content and sample feed sizing analysis. Results from this work are expected in 3-4 weeks.

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Figure 4 – Section showing samples from current drilling recently dispatched for Heavy Mineral analysis.

About the Muckanippie Project

In September 2024, PTR announced a high-grade heavy mineral sand (HMS) discovery at its Muckanippie Project area southwest of Coober Pedy in South Australia (Figure 3). The Muckanippie Titanium Project contains both 100% owned Petratherm tenure and the JV tenement EL 6715, owned by Narryer Metals Limited (ASX:NYM)[3] . Reconnaissance mapping and surface sampling along with assaying of historic drill core stored at the South Australian Government’s Core Library identified previously unknown high-grade Titanium mineralisation spanning many square kilometres at two prospect sites, Rosewood and Claypan.

Outcrop samples recorded exceptional grades ranging between 10% and 50% titanium dioxide (TiO2). The mineralisation occurs from or near surface (<10 metres) and is present as heavy mineral bands forming sheetlike Heavy Mineral Sand (HMS) mineralisation. Re-assaying of historical wide spaced drilling confirms HMS mineralisation extends at least 6 kilometres to the North.

At Claypan significant Titanium-Vanadium mineralisation has also been identified in the underlying basement source rock, returning grades up to 21.0% TiO2 and 0.44% V2O5, and additionally has potential for primary basement mineralisation (Refer to PTR ASX Release 11/09/2024 for details and JORC Table 1 information).

ENDS

3 PTR ASX release 18/04/2024 – Farm-in Agreement Expands Muckanippie Project

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This announcement has been authorised for release on the ASX by the Company’s Board of Directors.

For further information: Media and Broker Contact Peter Reid Jason Mack Chief Executive Officer White Noise Communications preid@petratherm.com.au jason@whitenoisecomms.com 0435 181 705 0400 643 799

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 Limited. 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.

Cautionary Note on Visual Estimates

Cautionary Note on Visual Estimates	Cautionary Note on Visual Estimates	Cautionary Note on Visual Estimates	Cautionary Note on Visual Estimates	Cautionary Note on Visual Estimates	Cautionary Note on Visual Estimates	Cautionary Note on Visual Estimates
Table 4: Photos 1 & 2- Heavy Mineral Visual Estimate
**Item **	**Drill hole **	Interval (metres)	Nature of Mineral Occurrence	Minerals Observed	Heavy Mineral Abundance	Assay Result Expected
Photos 1 & 2	24RW049	10-11	Heavy mineral sand layer forming concordant bands within a silty sand horizon. Some minor indurated silcreted bandspresent.	Titanium bearing heavy minerals. No identification of the HM species can be made until further laboratory work is completed.	20% of total volume	Dec-24

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

The photos contained herein are of a higher-grade mineralised horizon and are not necessarily indicative of the broader mineralisation in the area. Assays have been submitted for geochemical testing and results are expected in 4 to 6 weeks’ time.

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About Petratherm Limited

Petratherm Limited (ASX: PTR) is a copper and critical minerals explorer focused on the discovery of worldclass deposits in both frontier and mature mineral provinces. The Company has two major exploration projects in the world-class Olympic Copper-Gold Province of South Australia. Work in the region has uncovered IronOxide Copper-Gold style alteration/mineralisation at both its Mabel Creek and Woomera Project Areas. Geophysical targeting work has defined several compelling Tier-1 Copper-Gold targets which the Company is aiming to drill test during the 2024 calendar period.

In addition, PTR has a major project holding in the northern Gawler Craton of South Australia. Recent exploration has uncovered significant concentrations titanium rich heavy mineral sands (HMS) over large areas. The mineral sands are associated with the weathering of a major intrusive complex, the Muckanippie Suite, which has been found to be highly prospective for other critical minerals including Platinum Group Elements, Vanadium, and Titanium. This is an early-stage Greenfields project with exceptional upside potential.

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PTR’s Project Locations in South Australia

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Table 5: Drill Hole Collars

Hole ID	Easting MGA94 Z53	Northing MGA94 Z53	RL metres	Dip Deg.	Azimuth Deg.	EOH Depth metres
CAR 030	421837	6669463	180	-90	0	62
CAR 031	421860	6668673	179	-90	0	54
CAR 032	421892	6667487	178	-90	0	35
CAR 033	421909	6666673	172	-90	0	67
CAR 034	421934	6665936	181	-90	0	55
CAR 035	421964	6665453	182	-90	0	53
CAR 036	421965	6664475	185	-90	0	55
CAR 037	421997	6663404	184	-90	0	80
CAR 038	422020	6662460	186	-90	0	52
CAR 039	422043	6661923	187	-90	0	79
24RW001	422010	6661830	163	-90	0	72
24RW002	422011	6661995	182	-90	0	36
24RW003	422002	6662200	194	-90	0	30
24RW004	421989	6662393	192	-90	0	33
24RW005	421986	6662613	182	-90	0	33
24RW006	421976	6662796	182	-90	0	30
24RW007	421980	6662982	186	-90	0	39
24RW008	421979	6663192	186	-90	0	33
24RW009	421971	6663397	183	-90	0	33
24RW010	421964	6663692	182	-90	0	60
24RW011	420997	6663780	184	-90	0	53
24RW012	420992	6663607	189	-90	0	33
24RW013	421000	6663385	187	-90	0	33
24RW014	420998	6663015	180	-90	0	33
24RW015	421000	6662806	186	-90	0	33
24RW016	421006	6662606	188	-90	0	33
24RW017	421005	6662400	190	-90	0	33
24RW018	421005	6662211	192	-90	0	24
24RW019	421003	6662009	186	-90	0	45
24RW020	420997	6661808	192	-90	0	33
24RW024	419995	6662436	185	-90	0	33
24RW025	419995	6662664	190	-90	0	33
24RW026	419994	6662829	192	-90	0	33
24RW027	419001	6663804	189	-90	0	23
24RW028	419009	6664203	195	-90	0	33
24RW029	419010	6664604	192	-90	0	33
24RW030	417001	6664797	198	-90	0	33
24RW031	417001	6664414	195	-90	0	33
24RW032	417000	6664013	191	-90	0	33
24RW033	418980	6664966	187	-90	0	33
24RW034	419004	6665407	183	-90	0	33
24RW035	417020	6665203	189	-90	0	33
24RW036	417001	6665594	188	-90	0	33
24RW037	415001	6664399	192	-90	0	33
24RW038	415003	6664013	188	-90	0	33
24RW039	414995	6663618	191	-90	0	33
24RW040	414997	6663216	192	-90	0	33
24RW041	415002	6662807	194	-90	0	33
24RW042	415003	6662996	191	-90	0	33
24RW043	423009	6664646	195	-90	0	33
24RW044	423000	6665008	193	-90	0	24
24RW045	422998	6663408	191	-90	0	37
24RW046	422999	6663769	188	-90	0	33
24RW047	422998	6664198	189	-90	0	33
24RW048	419994	6663031	194	-90	0	33
24RW049	419997	6663233	194	-90	0	33
24RW050	419997	6663435	196	-90	0	30
24RW051	419997	6663825	198	-90	0	30
24RW052	419990	6664223	194	-90	0	21
24RW053	419990	6664611	194	-90	0	21

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ASX RELASE 19 September 2024

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EL6815, EL6855, EL6715, EL6873 & EL7007 (Muckanippie Project) JORC Table 1

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

	Criteria	JORC Code explanation	Commentary	Commentary
	Sampling	• Nature and quality of sampling (e.g. cut channels,	•	5 drillholes have been
	techniques	random chips, or specific specialised industry standard measurement tools appropriate to the		selected for Heavy Liquid Separation (HLS) testing,
		minerals under investigation, such as down hole		from recently completed
		gamma sondes, or handheld XRF instruments, etc.).		Petratherm Drilling.
		These examples should not be taken as limiting the	•	1 metre samples were split
		broad meaning of sampling.		from the drill rig using a
		• Include reference to measures taken to ensure		cone splitter attachment to
		sample representivity and the appropriate calibration		the cyclone.
		of any measurement tools or systems used.	•	A riffle splitter was
		• Aspects of the determination of mineralisation that are		subsequently used to split
		Material to the Public Report.		1 metre samples for HLS
		• In cases where ‘industry standard’ work has been		testing. Results are
		done this would be relatively simple (e.g. ‘reverse		pending.
		circulation drilling was used to obtain 1 m samples	•	3 composite samples were
		from which 3 kg was pulverised to produce a 30 g		collected for HLS testing
		charge for fire assay’). In other cases more		from historic CAR
		explanation may be required, such as where there is		drillholes located at the
		coarse Au that has inherent sampling problems.		South Australian Drill Core
		Unusual commodities or mineralisation types (e.g.		Reference Library.
		submarine nodules) may warrant disclosure of	•	Approximately 50 grams
		detailed information.		per historic 2 metre
				sample was collected to
				produce approximately
				200-gram composite
				samples.
			•	Samples were composited
				over adjacent holes due to
				limited sample volume,
				from similar depths.
			•	Samples were dried,
				controlled crushed and
				screened to remove < .045
				mm slimes.
			•	HM content testing
				conducted using Static
				HLS on -1/+0.045mm sand
				using Tetrabromoethane
				(TBE), discarding floats.
			•	The resulting Heavy
				Mineral fractions were
				analyzed using XRF.
			•	The HM fractions were
				prepared for XRD testing.
				Each sample was pressed
				into a back-packed sample
				holder to minimize
				preferred orientation of the
				particles. Powder X-ray
				diffraction (XRD) was used
				to analyse each sample
				and Rietveld refinement

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Criteria	JORC Code explanation	Commentary	Commentary
			was used in the
			quantification of the
			minerals identified in each
			sample.
		•	Historic drill hole
			information has been
			sourced from open file
			public records managed
			by the South Australian
			Department of Primary
			Industries and Resources.
		•	Additional details from
			historic drilling are
			unknown.
Drilling	• Drill type (e.g. core, reverse circulation, open-hole	•	Historic CAR exploration
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard	•	drilling reported was RC. Additional details from
	tube, depth of diamond tails, face-sampling bit or		historic drilling are
	other type, whether core is oriented and if so, by what		unknown.
	method, etc.).	•	Petratherm has completed
			air core drilling however
			results are currently
			pending.
Drill sample	• Method of recording and assessing core and chip	•	Petratherm has completed
recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and		drilling and results are currently pending.
	ensure representative nature of the samples.	•	Additional details from
	• Whether a relationship exists between sample		historic drilling are
	recovery and grade and whether sample bias may		unknown.
	have occurred due to preferential loss/gain of
	fine/coarse material.
Logging	• Whether core and chip samples have been	•	Petratherm has completed
	geologically and geotechnically logged to a level of		drilling however results are
	detail to support appropriate Mineral Resource		currently pending.
	estimation, mining studies and metallurgical studies.	•	Additional details from
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.		historic drilling are unknown.
	• The total length and percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half	•	Samples taken from South
sampling techniques and sample preparation	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.	•	Australian drill core library were taken from representative 2 metre composites. Approximately one third to
	• Quality control procedures adopted for all sub-		one half of each sample
	sampling stages to maximise representivity of		was taken for analysis.
	samples.		Average composite sample
	• Measures taken to ensure that the sampling is		weight was 200 grams.
	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.

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Criteria	JORC Code explanation	Commentary	Commentary
Quality of	• The nature, quality and appropriateness of the	•	Internal quality control was
assay data and laboratory	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		carried out by ALS laboratories.
tests	the analysis including instrument make and model,
	reading times, calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures adopted (e.g.
	standards, blanks, duplicates, external laboratory
	checks) and whether acceptable levels of accuracy
	(i.e. lack of bias) and precision have been
	established.
Verification	• The verification of significant intersections by either	•	Petratherm has completed
of sampling and assaying	independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical		drilling however results are currently pending. Additional details from historic drilling are
	and electronic) protocols.		unknown.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill	•	All maps and locations are
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral		in UTM grid (GDA94 Z53). Drill hole positions have
	Resource estimation.		been reproduced from SA
	• Specification of the grid system used.		Government open file
	• Quality and adequacy of topographic control.		databases and the
			accuracy of this data is
			unknown.
Data	• Data spacing for reporting of Exploration Results.	•	Petratherm has completed
spacing and distribution	• 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.	•	drilling however results are currently pending. Data spacing is insufficient to establish the degree of geological and grade
	• Whether sample compositing has been applied.		continuity required for a
			Mineral Resource
			estimation.
Orientation	• Whether the orientation of sampling achieves	•	Petratherm has completed
of data in relation to geological structure	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.	•	drilling however results are currently pending. The mineralisation in drillholes and mapped in outcrop is interpreted to be recent flat lying fluvio- deltaic marine sediments.
		•	Historic drilling is vertical
			and gives a true reflection
			of grade, thickness and
			continuity.
Sample	• The measures taken to ensure sample security.	•	Samples were taken
security			directly from the South Australian Core Library by
			PTR staff to the ALS
			preparation facilities.

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		Criteria	JORC Code explanation	Commentary
		Audits or	• The results of any audits or reviews of sampling	•There is currently a review
		reviews	techniques and data.	into the methods used by
				ALS for analysis of titanium
				ores.
Section 2 Reporting of Exploration Results
(Criteria listedin the preceding section alsoapplytothis section.)
		Criteria	JORC Code explanation	Commentary
		Mineral	• Type, reference name/number, location and	•EL6815 was granted 100%
		tenement	ownership including agreements or material issues	to Petratherm Limited on
		and land tenure	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental	12/08/2022 for a period of 6 years. •EL 6855 was granted 100%
		status	settings.	to Petratherm Limited on
			• The security of the tenure held at the time of reporting	18/10/22 for a period of 6
			along with any known impediments to obtaining a	years.
			licence to operate in the area.	•EL 7007 was granted 100%
				to Petratherm Limited on
				15/08/24 for a period of 6
				years.
				•EL6873 was granted to G4
				Metals Pty. Ltd. on
				18/11/2022 for a period of 6
				years. Petratherm Ltd may
				earn up to a 70% interest
				via a 2 Stage Farm-in with
				further provisions,
				dependent on elections, to
				earn up to a 100% equity in
				the project. Refer to PTR
				ASX release 29/02/2024.
				•EL6715 was granted on
				06/04/2022 to Leasingham
				Metals Pty. Ltd. a, wholly
				owned subsidiary of ASX
				listed Narryer Metals Ltd.
				for a period of 6 years.
				Petratherm Ltd may earn
				up to an 70% interest, via a
				2 Stage Farm-in with
				further provisions,
				dependent on elections, to
				earn up to an 80% equity in
				the project. Refer to PTR
				ASX release 18/04/2024
				•The tenements are located
				approximately 120 km
				south south-west of Coober
				Pedy overlapping
				Bulgunnia, Mulgathing and
				Commonwealth Hill
				Pastoral Stations.
				•The tenements are located
				within the Woomera
				Prohibited Area (Green
				Zone).
				• Native Title Claims:

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Criteria	JORC Code explanation	Commentary	Commentary
			SCD2011/001 Antakirinja
			Matu-Yankunytjatjara.
		•	The tenements are in good
			standing and no known
			impediments exist.
Exploration	• Acknowledgment and appraisal of exploration by	•	Previous exploration work
done by other parties	other parties.	•	includes; Surface Geochemical Sampling:Calcrete
			Airborne Geophysics:
			Magnetics & Radiometrics.
			Ground Geophysics:
			Prospect scale Magnetics,
			Gravity and EM.
			Exploration Drilling:
			Open file records indicate
			296 RAB / Air core, 2 sonic
			& 51 RC reconnaissance
			and prospect scale holes
			drilled over Project Group.
Geology	• Deposit type, geological setting and style of	•	Petratherm is exploring for
	mineralisation.		Ti-Fe-V-P, rare earths, and
			Au-PGM associated with
			the Muckanippie Suite.
			Targets include primary
			basement mineralisation
			and secondary enrichments
			as HMS placers in
			overlying younger cover
			strata.
Drill hole	• A summary of all information material to the	•	Petratherm has completed
Information	understanding of the exploration results including a tabulation of the following information for all Material		drilling however results are currently pending.
	drill holes:	•	PTR recent drill hole collars
	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	• •	are presented in Table 5 Details from historic drilling are presented in Table 5. Data sourced from SA Government open file databases and the accuracy of this data is unknown.
	the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging	•	Petratherm has completed
aggregation methods	techniques, maximum and/or minimum grade truncations (e.g. 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	•	drilling however results are currently pending. No assumptions of metal equivalent values were made or used.
	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.

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Criteria	JORC Code explanation	Commentary	Commentary
Relationship	• These relationships are particularly important in the	•	The mineralisation viewed
between	reporting of Exploration Results.		in drillholes and outcrop is
mineralisati on widths and	• 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		interpreted to be recent, flat lying fluvio-deltaic marine sediments. Historic drilling is vertical and
intercept	reported, there should be a clear statement to this		should give a true
lengths	effect (e.g. ‘down hole length, true width not known’).		reflection of thickness and continuity.
Diagrams	• Appropriate maps and sections (with scales) and	•	See Figures in main body
	tabulations of intercepts should be included for any		of release attached.
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration	•	Petratherm has completed
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		drilling however results are currently pending.
	practiced to avoid misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful and material,	•	No other substantive
substantive	should be reported including (but not limited to):		exploration data has been
exploration data	geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk		collected by Petratherm.
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further	• The nature and scale of planned further work (e.g.	•	A range of exploration
work	tests for lateral extensions or depth extensions or		techniques are being
	large-scale step-out drilling).		considered to progress
	• Diagrams clearly highlighting the areas of possible		exploration.
	extensions, including the main geological	•	Extensive metallurgical
	interpretations and future drilling areas, provided this		test work will be conducted
	information is not commercially sensitive.		on current drill sample to
			determine grade,
			mineralogy and nature of
			the heavy mineral
			mineralisation at
			Rosewood.
		•	Further infill and extension
			drilling is likely to occur in
			the near future.

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