PTR MINERALS LTD — Capital/Financing Update 2024

Sep 10, 2024

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11 September 2024

Exceptional High-Grade Titanium Rich Heavy Mineral Sands Discovered Over Large Area At Muckanippie

Highlights

• Mapping, surface sampling, and re-assaying of historic drilling has discovered highgrade Titanium rich heavy mineral sands (HMS) over several kilometres at the Muckanippie Project.

• Exceptional sample grades ranging from 10% to 50% TiO2 from two large Prospect Areas. 79% of samples >10% TiO2, with 28% > 30% TiO2

• 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.

• At the Rosewood Prospect, outcropping mineralisation extends over 9 kilometres West to East. Wide spaced drilling confirms HMS extend at least 6 kilometres to the North.

• Re-Assaying of Historical Rosewood drill intercepts include:

• CAR 39 – 20m @ 4.2% TiO2 from 4m, including 4m @ 9.1% TiO2 from 4m

• CAR 38 – 36m @ 4.0% TiO2 from 0m, including 6m @ 7.8% TiO2 from 8m

• An accompanying Exploration Target for the initial planned drill area over the Rosewood Target highlights excellent upside potential.

• At Claypan Prospect, samples of the mineral sandstone horizons assaying >5% TiO2 and up to 31.5% TiO2 have been traced over a 1.5 kilometre trend before passing under cover.

• A historical drill hole, 6 kilometres South of Claypan outcrop, intersected the heavy mineral sand layer assaying 12.1% TiO2 , and underlying source rocks were intersected returned grades up to 21.0% TiO2 and 0.44% V2O5 .

• A 4000-metre drilling program is scheduled to start early October to test grade and extent of HMS mineralisation and high-grade Titanium-Vanadium basement horizons.

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Petratherm Limited (ASX: PTR) (“PTR” or “the Company”) is pleased to announce a highgrade heavy mineral sand (HMS) discovery at its Muckanippie Project area southwest of Coober Pedy in South Australia (Figure 1). Reconnaissance mapping and surface sampling along with assaying of historic drill core stored at the South Australian Government’s Core Library has identified previously unknown high-grade Titanium mineralisation spanning many square kilometres at two prospect sites, Rosewood and Claypan.

Recent outcrop samples recorded exceptional grades ranging between 10% and 50% titanium dioxide (TiO2) (Table 1 & 2). The mineralisation occurs from or near surface (<10 metres) and is present as heavy mineral bands forming sheet-like Heavy Mineral Sand (HMS) mineralisation. At Claypan significant Titanium-Vanadium mineralisation has also been identified in the underlying basement source rock, and additionally has potential for primary basement mineralisation.

The Australian Government along with the United States, the European Union, India, Japan, South Korea and the United Kingdom designated Titanium as a critical mineral for essential modern technologies, economies and national security. Titanium has uses in electric vehicles and battery storage, wind technology, pigments, and as an alloy in steel and superalloys. The global market size of titanium in 2022 amounted to 28.6 billion U.S. dollars and is forecast to grow over the coming years, to nearly 52 billion U.S. dollars in 2030[1] .

An Exploration Target for the Rosewood Prospect is defined over the initial planned drill area and represents approximately 10% of the total interpreted prospective HMS area. The Rosewood target and grade range reports:

Rosewood Exploration Target (Phase 1 – proposed drill program area)

	Low	High
Tonnes(Mt)	237	377
Grade(TiO2%)	5.3	7.9

Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource

PTR Chief Executive Officer, Peter Reid Commented:

“The Muckanippie Suite is a rare and highly fertile layered intrusion, and this titanium discovery including high-grade, high value, titanium ores as heavy mineral sands has the potential to be transformational for the Company.

“The mineralisation has been traced over a large-scale area and has significant potential as large tonnage direct shipment ore. The Adelaide to Darwin railway, located just 30 kilometres east of Muckanippie, offers low-cost access to ports and global markets.

“The Company looks forward to drilling in October, which will expand on these significant and exciting findings to define initial grades and extent of the mineralisation”.

1 Source: Statista - Global market value of titanium 2021-2030, April 2024.

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Figure 1 – Interpreted Geology Map of Muckanippie Project Area, High TiO2 basement source rock prospects (yellow labels)[2] , HMS Titanium Prospects (red labels) and interpreted extent of Titanium Rich Mineral Sands.

Rosewood Titanium Heavy Mineral Sands Prospect

At the Rosewood Prospect reconnaissance mapping identified outcrops of high-grade heavy mineral banded, partly indurated sandstone on the side of a low escarpment (Photo 1). This unit has subsequently been traced over a length of 9 kilometres. PTR geologists took 31 surface rock chip samples to test for the presence of Titanium-bearing minerals with multiple samples returning bonanza TiO2-grades of >25%, and up to 49.4% (Figure 2, Table 1).

Notable rock chip samples results include:

• G01989 Rosewood East - 49.4% TiO2 and 0.16% V205

• • S10471c Rosewood West - 38.5% TiO2 and 0.22% V205 • S10465 Rosewood East - 33.6% TiO2 and 0.23% V205 • PTR011045 Rosewood East - 33.2% TiO2 and 0.19% V205

2 PTR ASX release 14/11/2022- Muckanippie Project Tenement Granted

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The Rosewood Prospect straddles EL 6855, 100% owned by PTR, and EL 6715 where PTR completed a Mining Farm-in and Joint Venture Agreement with Narryer Metals (ASX:NYM). PTR can earn up to a 70% interest in EL6715, via a 2 Stage Farm-in with further provisions, dependent on NYM’s elections, to earn up to an 80% equity in the project[3] .

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Figure 2 – Location of rock chip and historic drilling samples at Rosewood Prospect.

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Photo 1 – Low escarpment at Rosewood Prospect showing tertiary silcrete cap and exposures of underlying HMS horizon

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

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Photo 2 – Left – Typical outcrop of HMS titanium ore (dark minerals) in white silts. Right – high-grade ores (>30% TiO2) from the Rosewood Prospect. The brown-black minerals are the Titanium-bearing mineral ores comprising ilmenite, leucoxene and rutile.

North of the high-grade escarpment outcrop, PTR has obtained samples from wide-spaced air core drilling undertaken by the Mines Department in 1991 and stored at the South Australian Core Reference Library. These samples had not previously been subject to analysis for TiO2 and the new assaying shows that the mineralisation continues at least 6 kilometres North (Figure 2). The drill holes were drilled along an existing North-South track at approximately 1 kilometre spacing.

Notable intercepts from historic drill core include:

• CAR 36 – 20m @ 4.0 % TiO2 from 2m, including 10m @ 6.0% TiO2 from 2m

• CAR 37 – 24m @ 3.6 % TiO2 from 0m, including 4m @ 7.7% TiO2 from 8m

• CAR 38 – 36m @ 4.0 % TiO2 from 0m, including 6m @ 7.8% TiO2 from 8m,

• including 2m @ 14.9 % TiO2 from 10m

• CAR 39 – 20m @ 4.2 % TiO2 from 4m, including 4m @ 9.1% TiO2 from 4m

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Figure 3 – Section showing Titanium assays from CAR drillholes at the Rosewood Prospect

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Table 1 – Rosewood Prospect – High Titanium Surface Samples

Rosewood Prospect Surface Sampling >5% TiO2	Rosewood Prospect Surface Sampling >5% TiO2	Rosewood Prospect Surface Sampling >5% TiO2	Rosewood Prospect Surface Sampling >5% TiO2	Rosewood Prospect Surface Sampling >5% TiO2	Rosewood Prospect Surface Sampling >5% TiO2
Sample ID	Prospect	Easting (GDA94)	Northing (GDA94)	TiO2 %	V2O5 %
S10452	Rosewood East	422460	6661585	10.1	0.06
S10453	Rosewood East	422382	6661579	6.9	0.04
S10454	Rosewood East	422392	6661614	24.0	0.12
S10455	Rosewood East	422414	6661638	21.3	0.11
S10456	Rosewood East	421542	6661650	30.2	0.22
S10457	Rosewood East	420763	6661578	6.8	0.04
S10458	Rosewood East	420697	6661628	9.6	0.06
S10459	Rosewood East	420697	6661628	25.5	0.15
S10460	Rosewood East	420716	6661646	18.0	NS
S10461	Rosewood East	420530	6661824	30.8	0.22
G01989	Rosewood East	420530	6661824	49.4	0.16
S10462	Rosewood East	420530	6661824	12.8	0.08
S10463	Rosewood East	420542	6661744	19.5	NA
S10464	Rosewood East	420402	6661848	14.9	0.08
S10465	Rosewood East	420190	6661986	33.6	0.23
S10466	Rosewood East	420190	6661986	25.3	0.12
S10467	Rosewood East	419909	6662413	31.6	0.25
S10469	Rosewood West	415557	6662606	24.4	0.18
S10470	Rosewood West	415734	6662648	8.5	0.05
S10471a	Rosewood West	416651	6663740	34.8	0.20
S10471b	Rosewood West	416651	6663740	35.0	0.20
S10471c	Rosewood West	416651	6663740	38.5	0.22
PTR01123	Rosewood West	414912	6662509	30.7	0.21
PTR01125	Rosewood West	414910	6662491	12.7	0.10
PTR01126	Rosewood West	415727	6662634	18.6	0.10
PTR01127	Rosewood West	415727	6662634	16.2	0.08
S10085	Rosewood East	422404	6661429	24.0	0.15
S10086	Rosewood East	422472	6661596	10.2	0.06
PTR01140	Rosewood East	421572	6661500	22.6	0.11
PTR01145	Rosewood East	420248	6661989	33.2	0.19

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Claypan Prospect

Outcrop of HMS sandstone at the Claypan Prospect located on EL 6715[4] , comprises a series of low escarpments outcropping over 2 kilometres of trend. Rock chip sampling returned TiO2 assays ranging between 5.7% and 31.5% TiO2 (Table 2, Figure 4). Higher-grade mineralised horizons were found on the southern side of an interpreted high Titanium-Vanadium basement source rock horizon ( see below - Claypan Basement Titanium Target ). The source rock horizon has a distinctive magnetic signature, and its outline is shown overlain in Figure 4 below.

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Figure 4 – Location of rock chip and drilling samples at Claypan Prospect, outline of prospective HMS extent and outline of underlying interpreted high titanium-Vanadium basement source rocks horizon.

Table 2 – Claypan Prospect – High Titanium Surface Samples

Claypan Prospect Surface Sampling >5% TiO2	Claypan Prospect Surface Sampling >5% TiO2	Claypan Prospect Surface Sampling >5% TiO2	Claypan Prospect Surface Sampling >5% TiO2	Claypan Prospect Surface Sampling >5% TiO2	Claypan Prospect Surface Sampling >5% TiO2
Sample ID	Prospect	Easting (GDA94)	Northing (GDA94)	TiO2 %	V2O5 %
G01997	Claypan	432042	6678437	8.3	NA
PTR01108	Claypan	432046	6678420	13.4	0.067
PTR01112	Claypan	432046	6678417	13	0.034
PTR01113	Claypan	432252	6678504	31.5	0.075
PTR01115	Claypan	432410	6678438	12.1	0.044
S10450	Claypan	431495	6679457	5.66	0.022

4 EL 6715 – Petratherm Mining Farm-in and Joint Venture Agreement with Narryer Metals (ASX: NYM) refer to JORC Table 1

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Claypan Basement Titanium Target

Claypan Prospect has additional high potential for basement-hosted Ti-V targets immediately below and adjacent to the HMS mineralisation. Approximately 6 kilometres south of the outcropping Titanium-bearing sandstone, Flinders Mines drilled two shallow holes in 2008 at two magnetic anomalies, as part of a regional exploration program for diamonds (Figure 4).

Drill holes GM 25.1 and GM 25.2 were selectively assayed for a wide range of elements over short down hole intervals. Both drill holes record exceptional concentrations of vanadium ( up to 0.44% ), titanium ( up to 21% TiO2 ) and iron ( up to 47.5% Fe ) along with highly anomalous phosphate and chrome (Table 3)[5] . Although only limited sampling was undertaken by Flinders Mines, almost all samples returned significant TiO2 assays throughout the hole (Figure 5).

In drill hole GM25.2, a single cover sediment sample was taken of the overlying HMS unit returning 10.1% TiO2 . Further down the hole it passes into weathered high titanium and vanadium basement rock recording up to 18.2% TiO2 and 0.44% V2O5 (Figure 5).

The style of mineralisation intersected in the basement rock is indicative of Vanadiferous Titanomagnetite (VTM) deposits, which supply approximately 88% of the world’s vanadium[6] . These deposits are associated with layered intrusions like that identified at Muckanippie and the ores typically form stratiform horizons due to their association with the layered intrusions. At Claypan, the prospective magnetic horizon extends for approximately 18 kilometres (Figure 4) under shallow cover and will be a priority for follow up drilling.

Table 3 - Historical drill assays from Claypan Prospect. Drill holes were not continuously sampled. Element assays reported show all sampled intervals.

Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays	Claypan Prospect - Historic Vanadium -Titanium Drillhole Assays
Drill Hole From To Interval V2O5 TiO2 Fe P2O5 Cr2O3 (m) (m) (m) % % % % %
GM25.1	20	21	1	0.07	0.9	47.5	0.3	0.1
GM25.1	24.5	25	0.5	0.44	21.0	43.5	0.2	1.5
GM25.1	45	46	1	0.06	5.3	15.4	1.5	0.1
GM25.1	50	51	1	0.06	8.6	14.3	4.4	0.0
GM25.1	54	55	1	0.01	0.6	2.4	0.4	0.0
GM25.1	55	56	1	0.04	8.3	14.3	4.2	0.0
GM25.2	10.5	11	0.5	0.05	10.1	27.6	0.8	0.0
GM25.2	24	24.5	0.5	0.05	12.1	16.6	3.1	0.0
GM25.2	34.8	35	0.2	0.40	16.7	43.5	0.1	1.3
GM25.2	41	41.5	0.5	0.39	16.7	44.5	0.1	1.2
GM25.2	48.5	49	0.5	0.13	14.3	17.3	0.0	0.2
GM25.2	52	52.5	0.5	0.44	18.2	45.4	0.0	1.4
GM25.2	53	53.2	0.2	0.07	3.5	17.9	0.2	0.2
GM25.2	53.7	54	0.3	0.04	1.9	21.8	0.1	0.1

5 PTR ASX Release 18/04/2024 – Farm-in Agreement Expands Muckanippie Project.

6 Simandl GJ & Paradis S 2022. Vanadium as a critical material: economic geology with emphasis on market and the main deposit types. Applied Earth Science 131 (4): 218-236.

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Figure 5 – Section through historic drill hole GM25.2 at the Claypan Prospect showing limited Ti assays and interpreted geology.

High Value Titanium Heavy Mineral Sands

The Titanium HMS form horizons in a recent white silt and sand sequence. It is postulated the underlying high Titanium-Vanadium bearing Muckanippie Suite basement rocks are softer than surrounding strata forming an ancient lowland lake depositional centre. The distinctive white silts are the result of breakdown of aluminous feldspar (anorthite) which make up a large portion of the Muckanippie Suite layered Complex.

Typically, HMS occurrences contain high percentages of deleterious iron rich minerals that need to be removed, however at Muckanippie the HMS comprise >90% titanium minerals. The associated iron rich minerals (originally mostly magnetite and some haematite) have broken down and have been removed leaving only titanium minerals which are more resistant to weathering.

Preliminary petrological assessment of titanium bearing minerals, describes original ilmenites which have undergone varying degrees of leaching and removal of iron to produce higher value titanium enriched leucoxene. Iron leaching is pronounced in some specimens with replacement to high value rutile around mineral grains and other free rutile grains being observed. At this stage average mineral compositions cannot be determined until detailed metallurgical testing is completed.

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Rosewood Exploration Target

An initial Exploration Target over the proposed Rosewood drilling program area is defined and represents approximately 10% of the total interpreted prospective HMS area (Figure 6). The target area is limited to the extent of historical higher-grade CAR drill hole intercepts and mapped extent of outcropping mineralisation.

Mapping observations and sampling of outcropping mineralised HMS showed mineralisation was continuous, flat lying and had little grade and thickness variation. The outcropping sequence extends over a 7.5 kilometre west-east trend. The exploration target area was limited north-south to the Southern 4 CAR drill holes (CAR036 to CAR039) closest to the outcropping mineralisation. These 4 holes demonstrate good continuity between drill holes in terms of average TiO2 grade, intercept thickness and mineralisation depth (Figure 3). Drill hole spacing ranges from 537 metres to 1070 metres. Mineralisation does continue further North but at an overall lower grade and thickness.

In total, 81 two metre composite drill samples were analysed from the CAR drill holes. Samples analysed were the sedimentary cover sequence through to the upper saprolite (weathered basement) boundary. Samples were analysed by ALS, prepared via lithium borate fusion and analysed with ICPAES.

Due to potential biases being introduced from the surface sampling, grade and thickness data was based solely on CAR drilling intercepts (Tables 4 & 5). The surface mapping served only to map the extent of mineralisation. Grade ranges and interval thicknesses are based on calculation of the weighted average CAR drillhole intercepts within the defined Exploration Target Area. A nominal 6% TiO2 average intercept cut-off grade was applied. This was deemed as having prospects of eventual economic extraction. Only the higher-grade top zone of mineralisation was selected for the calculation ranging from 4 to 10 metres of intercept thickness and starting from 2 to 8 metres from surface.

A dry density range of 1.6 to 1.7 t/m[3] was applied based on range of typical Eocene cover sediment indicative of the host rock. The Exploration target and grade range is determined by applying a +20% and -20% threshold to determine the upper and lower limits of the Exploration Target grade range.

Rosewood Exploration Target (Phase 1 proposed drill program area)

	Low	High
Tonnes(Mt)	237	377
Grade(TiO2%)	5.3	7.9

The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Future work could comprise:

• Obtaining measured density data.

• Metallurgical test work to determine titanium mineral assemblage and mineral recoveries.

• • Complete drilling to determine a Mineral Resource.

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Figure 6 - Outline of the initial Exploration Target Area for Rosewood Prospect

Next Steps

Initial metallurgical evaluation of titanium ores is underway and further results will be reported once they come to hand. The Company will conduct heritage surveying starting in two weeks, to allow for more extensive ground exploration and drilling operations over the wider Muckanippie Project area.

An initial 4,000 metre drill program is scheduled to start in early October. The drilling will assess at a regional scale the Rosewood Area defined in the Exploration Target to test its validity (Figure 6) as well as the initial extent of the Claypan Prospect mineralisation. Drill traverses are also planned over high Titanium-Vanadium bearing source rock horizons for primary VTM style deposits.

About Titanium - Key Market Metrics

• The Australian Government along with the United States, the European Union, India, Japan, South Korea and the United Kingdom have designated Titanium as a critical mineral for essential modern technologies, economies and national security.

• Rutile (TiO2) and Ilmenite (FeTiO3) are the principal ores of titanium dioxide (TiO2) and titanium metal.

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• Approximately 90% of titanium product is sold as titanium dioxide, which is a white pigment with high brightness, and used in the manufacture of paint, plastic, paper and fibre where, in addition to being a non-toxic whitener, it also provides UV and chemical resistance.

• Titanium metal has superior material properties that are prized across advanced industries. It has a high strength to weight ratio that is 45% lighter than steel and has superior corrosion resistance. Titanium alloys are 3 to 5 times stronger than stainless steel. Titanium's light weight combined with great strength, rust resistance and very high melting point make it ideal for use across a diverse range of applications including aeronautics, medical implants, defence, sporting goods and high-tech componentry.

• The global market size of titanium in 2022 amounted to 28.6 billion U.S. dollars. The titanium market size is forecast to grow over the coming years, to nearly 52 billion U.S. dollars in 2030.[7]

• Ti Prices (10 Sept 2024) – rutile = US$2,265 metric tonne, ilmenite (~47% TiO2) = US$362 metric tonne[8] , Leucoxene prices dependent on TiO2 content. High grade leucoxene (HiTi = 86-90%), will typically command 80-85% of the rutile price.[9]

About the Muckanippie Complex – Regional Prospectivity

The Muckanippie Suite is series of large layered igneous intrusions, ranging in composition from ultramafic to felsic (anorthosite), located in the northern Gawler Craton of South Australia (Figure 1). This style of layered intrusion forms in specific geological environments and are uncommon. Globally, layered mafic and anorthosite igneous intrusions are a major source of critical minerals. The most notable example being the Bushveld Complex of South Africa which is host to world’s foremost Platinum Group Metals mining operations and includes major quantities of base metal, chromium and vanadium .

Other layered mafic to anorthosite intrusions host major titanium, iron, vanadium and phosphate mines, for example Lac Tio in Canada (Ti-Fe), Tellnes in Norway (Ti), and Damiao in China (Fe-Ti-VP).

The Muckanippie Suite has been largely unexplored as it is partially masked by a thin layer of cover material above the layered geological sequence. Where sparse outcrop occurs or shallow drilling has been undertaken, highly anomalous Gold, Platinum Group Metals, Titanium, Vanadium, Iron and Phosphate are reported. PTR has previously announced high Ti-Fe-P and elevated V drill intersections at its M1 and Wigetty Prospects (Figure1) .

-ENDS-

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

7 Source: Statista - Global market value of titanium 2021-2030, April 2024.

8 Shanghai Metals Market - https://www.metal.com/

9 Shanghai Metals Market - https://www.metal.com/

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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 0410 611 709

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.

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Rosewood Prospect - Significant Drill Hole Intercepts	Rosewood Prospect - Significant Drill Hole Intercepts	Rosewood Prospect - Significant Drill Hole Intercepts	Rosewood Prospect - Significant Drill Hole Intercepts	Rosewood Prospect - Significant Drill Hole Intercepts	Rosewood Prospect - Significant Drill Hole Intercepts
Drill Hole From To Interval TiO2 metres metres metres %					V2O5 %
CAR 030	4	10	6	2.04	NA
inc	4	6	2	3.0	NA
CAR 031	10	12	2	2.89	NA
and	22	26	4	2.14	NA
CAR 032	14	26	12	2.15	NA
inc	14	18	4	4.01	0.053
CAR 033	2	26	24	2.26	NA
inc	8	12	4	5.94	0.042
inc	8	10	2	9.62	0.057
CAR 034	4	6	2	3.36	0.026
sample missing	6	8	2	NA	NA
and	8	10	2	3.67	0.032
and	22	26	4	3.62	NA
CAR 035	2	24	22	2.45	NA
inc	6	12	6	3.11	0.028
CAR 036	2	22	20	3.97	0.028
inc	2	12	10	6.01	0.035
inc	8	10	2	12.50	0.067
CAR 037	0	24	24	3.57	0.029
inc	8	12	4	7.73	0.044
inc	22	24	2	7.47	0.068
CAR 038	0	36	36	4.01	NA
inc	8	14	6	7.84	0.043
inc	10	12	2	14.90	0.079
inc	28	32	4	7.16	NA
CAR 039	4	24	20	4.20	0.035
inc	4	8	4	9.14	0.045
inc	20	24	4	5.67	0.039
STRB04	32	33	1	20.8	0.20

Table 4 - Table of Significant Drill Intercepts

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
STRB04	412507	6670004	NA	-60	270	33

Table 5 - Table of Drill Collars

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LIMITED ASX:PTR

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About Petratherm Limited

Petratherm Limited (ASX: PTR) is a copper and critical minerals explorer focused on the discovery of world-class 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 Iron-Oxide 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 of rare earths over large areas at several prospect sites. The rare earths are associated with a major intrusive complex, 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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@petratherm-ltd

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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,	•	73 surface rock chip
	techniques	random chips, or specific specialised industry standard measurement tools appropriate to the		samples were collected from outcrop, across the
		minerals under investigation, such as down hole		tenement package.
		gamma sondes, or handheld XRF instruments, etc.).	•	123 drill chip samples
		These examples should not be taken as limiting the		were taken from 11
		broad meaning of sampling.		Drillholes. Samples were
		• Include reference to measures taken to ensure		collected from the South
		sample representivity and the appropriate calibration		Australian Drill Core
		of any measurement tools or systems used.		Reference Library. Holes
		• Aspects of the determination of mineralisation that are		sampled were, CAR030-
		Material to the Public Report.		CAR039 and STRB04. 2
		• In cases where ‘industry standard’ work has been		metre composites were
		done this would be relatively simple (e.g. ‘reverse		sampled, with
		circulation drilling was used to obtain 1 m samples		approximately one third to
		from which 3 kg was pulverised to produce a 30 g		one half of the available
		charge for fire assay’). In other cases more		sample utilized to ensure
		explanation may be required, such as where there is		samples were
		coarse Au that has inherent sampling problems.		representative. Average
		Unusual commodities or mineralisation types (e.g.		sample weight was 100
		submarine nodules) may warrant disclosure of		grams.
		detailed information.	•	Titanium bearing samples
				were digested using a
				lithium borate fusion
				method and analysed
				using ICP-AES and ICP-
				MS, by ALS laboratories.
			•	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.). _
	Drill sample	• Method of recording and assessing core and chip	•	No drilling has been
	recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and		undertaken by Petratherm although limited historical
		ensure representative nature of the samples.		drilling exists.
		• Whether a relationship exists between sample	•	Additional details from
		recovery and grade and whether sample bias may		historic drilling are
		have occurred due to preferential loss/gain of		unknown.
		fine/coarse material.

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Criteria JORC Code explanation Commentary	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. • •	No drilling has been undertaken by Petratherm although limited historical drilling exists. Additional details from historic drilling are unknown.
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. • • •	Samples taken from South Australian drill core library were taken from representative 2 metre composites. Approximately one third to one half of each composite were taken per sample for analysis. Average sample weight was 100 grams. Sample sizes are appropriate to the grain size of the material.
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 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. • • •	Internal quality control was carried out by ALS laboratories, including blanks and standards. Higher-grade surface rock chip samples in excess of 20% TiO2have in some instances reported lower total oxide recoveries than typically expected. Further studies are underway to confirm the quality of digestion of samples in the methods used. It is possible some of the higher-grade samples areunder reporting TiO2 grades due to incomplete digestion of titaniferous minerals. The CAR drill hole assays used in the Exploration Target are deemed accurate as these samples are lower grade (<20 % TiO2) and oxide recoveries indicate they have undergone complete or very near complete digestion.
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 •	No drilling has been undertaken by Petratherm although limited historical drilling exists.

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Criteria	JORC Code explanation	Commentary	Commentary
	and electronic) protocols.		Additional details from
	• Discuss any adjustment to assay data.		historic drilling are
			unknown.
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.	•	No drilling has been
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		undertaken by Petratherm although historical drilling exists.
	Ore Reserve estimation procedure(s) and	•	Data spacing is insufficient
	classifications applied.		to establish the degree of
	• Whether sample compositing has been applied.		geological and grade
			continuity required for a
			Mineral Resource
			estimation.
Orientation	• Whether the orientation of sampling achieves	•	No drilling has been
of data in relation to geological	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	•	undertaken by Petratherm although limited historical drilling exists. The mineralisation in
structure	the orientation of key mineralised structures is		drillholes and mapped in
	considered to have introduced a sampling bias, this		outcrop is interpreted to be
	should be assessed and reported if material.		recent flat lying 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. ALS
			sample results closely
			match prior internal XRF
			measurements.
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 listed in the preceding section also apply to this 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.

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Criteria	JORC Code explanation	Commentary	Commentary
	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:
			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

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Criteria	JORC Code explanation	Commentary	Commentary
			& 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
			in paleochannels and in the
			weatheringzone.
Drill hole	• A summary of all information material to the	•	No drilling has been
Information	understanding of the exploration results including a tabulation of the following information for all Material		undertaken by Petratherm although regional historical
	drill holes:		prospect drilling exists.
	o easting and northing of the drill hole collar	•	Details from historic drilling
	o elevation or RL (Reduced Level – elevation above		are presented in main body
	sea level in metres) of the drill hole collar		of the report and Tables 4
	o dip and azimuth of the hole		& 5.
	o down hole length and interception depth	•	Data sourced from SA
	o hole length.		Government open file
	• If the exclusion of this information is justified on the		databases and the
	basis that the information is not Material and this		accuracy of this data is
	exclusion does not detract from the understanding of		unknown.
	the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging	•	No drilling has been
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.	•	undertaken by Petratherm. No assumptions of metal equivalent values were
	• Where aggregate intercepts incorporate short lengths		made or used.
	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.
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 sediments. Historic drilling is vertical and should give a true
intercept	reported, there should be a clear statement to this		reflection of thickness and
lengths	effect (e.g. ‘down hole length, true width not known’).		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	•	No drilling has been
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		undertaken by Petratherm.
	practiced to avoid misleading reporting of Exploration
	Results.

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Criteria	JORC Code explanation	Commentary	Commentary
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 including rock
	extensions, including the main geological		chip and soil sampling,
	interpretations and future drilling areas, provided this		geophysical surveying,
	information is not commercially sensitive.		and drilling.

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