PTR MINERALS LTD — Capital/Financing Update 2025

Feb 18, 2025

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19 February 2025

Greenfields Exploration Drilling Uncovers a New Style of High-Grade Titanium Mineralisation at Muckanippie

Highlights

• Exploration drilling in greenfield areas, away from the Rosewood Heavy Mineral Sands Discovery has identified a new style of Titanium Rich Heavy Mineral (HM) Mineralisation hosted in Saprolite Clay.

• Trial Heavy Mineral separation tests returned exceptional, thick, high-grade results from all four holes tested. Drill intersections returned:

• Nardoo Prospect: 24ND003 - 44m @ 29.4% HM from surface to end of hole.

• Duke Prospect: 24DK004 - 61m @ 19.7% HM from surface to end of hole.

• Claypan Prospect: 24CP009 – 45m @ 27.0% HM from 6m.

  • 24CP004 – 48m @ 23.5% HM from 10m to end of hole.

• HM mineralisation at Duke and Nardoo Prospects occur along a prominent magnetic trend which extends over 16 kilometres. Potential exists for the entire trend to be mineralised.

• At Claypan Prospect high-grade Titanium mineralisation is associated with discrete magnetic features, but mineralsation may also be present in untested non-magnetic zones and further drilling is required.

• The saprolite HM mineralisation start from or near surface and range from 40m to 60m in thickness. Potential exists for a free dig operation.

• Preliminary visual mineral logging of HM concentrates suggest a high-grade ilmenite-dominant content with leucoxene credits.

• This style of mineralisation, hosted in saprolite, has the potential to be mined and processed using similar methods to standard HMS Mining Operations.

Petratherm CEO, Peter Reid, commented:

“The Titanium Heavy Minerals hosted in saprolite clays at Muckanippie, represent a new style of mineralisation that we believe has tremendous upside potential. The drill results shows that the mineralisation is regionally extensive and has potential for large tonnage free dig ore. Importantly intercepts occur over wide thicknesses, making them favourable for open pit free dig mining. Saprolite hosted HM deposits have the potential to be mined and processed using very similar mining techniques to traditional HMS deposits.

The Muckanippie Project is shaping up as a Camp Style Province for Titanium with the Discovery of high grade HMS at Rosewood and now these new saprolitic hosted HM Prospects located just within a few kilometres. Potential exists for further new discoveries with follow up exploration drilling at Muckanippie.”

Titanium is on the Australian Critical Minerals list and the Muckanippie Project offers potential to provide a secure and substantial domestic supply, as part of Australia’s National Security”

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Drilling Program

Petratherm Limited (ASX: PTR) (“ PTR” or “ the Company” ) is pleased to announce results from exploration drilling of titanium targets on the Muckanippie Project in the northern Gawler Craton, South Australia. During October 2024 the Company drilled 49 holes totalling 1,652 metres at 10 targets with the potential to host titanium-bearing Heavy Minerals (Figure 1). Anomalous titanium assays were intercepted at eight of the targets tested (Table 2 - TiO2 assays). From these targets four drillholes were selected for trial Heavy Mineral Separation to test for the presence of titaniferous Valuable Heavy Minerals (VHMs). All four holes selected returned exceptional HM results presented in Table 1. Semi-quantitative visual logging of the HM concentrates was undertaken by Diamantina Laboratories and indicate an ilmenite dominant ore (Table 1).

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Figure 1 : Magnetic image of Muckanippie Project Area, Tenements, Prospect Names and 2024 drill collars. The Project contains both 100% owned Petratherm tenure and the JV tenements, EL 6715 (Narryer Metals Limited, ASX:NYM)[ 1] and EL6873 (G4 Metals)[2]

1 ASX Announcement 18 April 2024 – Farm-in Agreement Expands Muckanippie Project

2 ASX Announcement 29 Feb 2024 – Farm-In Agreement Executed – Muckanippie Project Expansion

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Table 1: Significant Heavy Mineral Intercepts

Saprolite HMC Significant Intercepts	Saprolite HMC Significant Intercepts	Saprolite HMC Significant Intercepts	Saprolite HMC Significant Intercepts	Saprolite HMC Significant Intercepts	Valuable HMC Mineralogy*	Valuable HMC Mineralogy*	Valuable HMC Mineralogy*	Valuable HMC Mineralogy*
Drill Hole	From (metres)	To (metres)	Interval (metres)	HMC % Original Sample	Valuable HMC %	Illmenite %	Leucoxene %	Other %
24CP004	10	58	48	23.5	62.7	58.0	4.3	37.2
incl.	25	33	8	29.7	77.3	76.3	1.0	22.7
and	44	58	14	19.6	78.4	73.4	5.0	21.6
24CP009	6	51	45	27.0	38.6	33.8	4.8	61.4
incl.	6	24	18	30.5	47.2	42.5	4.7	53.5
24ND003	0	44	44	29.4	50.1	45.1	5.0	49.9
incl.	29	44	15	23.6	63.8	58.8	5.0	36.2
24DK004	0	61	61	19.7	36.6	31.3	5.3	63.4
incl.	4	17	13	18.0	76.9	71.9	5.0	23.1

• Cautionary Note: 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 Valuable HMC Mineralogy is a semi-quantitative mineral counting method undertaken by an experience independent mineralogist with a reported accuracy of ± 5%.

Duke and Nardoo Prospects

HM mineralisation at Duke and Nardoo Prospects are formed from the deep weathering of a titanium rich basement horizon easily traceable from aeromagnetic data (Figures 1 & 4). The magnetic trend extends over an interpreted 16 kilometres on PTR’s licence area, and potential exists for this entire trend to be mineralised. The Duke and Nardoo Prospects were drilled to test different parts of the magnetic trend, 5 kilometres apart. At both Duke and Nardoo HM mineralisation starts at surface and continues to end of hole (air core blade refusal). Drill cross sections are presented in Figures 2 and 3.

At Nardoo exceptional grades were encountered over the entire length of the hole, returning 44 metres at 29.4% HM. Diamantina Laboratories conducted visual logging of the HM concentrates from Nardoo which returned high ilmenite concentrations (averaging 45.1% of HM) with additional credits of high-value leucoxene (averaging 5.0% of HM). At Duke deep weathering produced a very thick HM saprolite sequence of 61 metres averaging 19.7% HM. Encouragingly, visual logging of the Duke HM concentrates also returned high ilmenite concentrations averaging 31.3% of HM and leucoxene averaging 5.3% of HM concentrates.

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Figure 2: Nardoo Prospect cross section 70000 showing HM intercept and extent of TiO2 mineralisation.

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Figure 3: Duke Prospect cross section 65000 showing HM intercept and extent of TiO2 mineralisation.

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Figure 4 : Magnetic image of Nardoo-Duke Prospect areas and 2024 drill collars. Note mineralisation occurs along a regionally extensive magnetic horizon which extends over a 16 kilometre trend on PTRs Muckanippie Project Area.

Claypan Prospects

Six different saprolitic/weathering targets were tested in the Claypan area (Figure 7). High titanium assays were returned from five of these targets, most notably from those around the southern rim of the targeted magnetic feature . Two holes were selected for initial HM assaying, both returning exceptional results. Drill hole 24CP004 returned 48 metres at 23.5% HM (including 8 metres at 29.7% HM) and drill hole 24CP009 returned 45 metres at 27.0% HM . Cross sections for these holes are presented in Figures 5 and 6. Similar or better TiO2 assays in other holes on these sections suggest that the HM mineralisation is open in all directions.

Visual logging of the HM concentrates returned very high grades of titanium-bearing minerals. Drill hole 24CP004 averaged an exceptional 58% ilmenite for the HM zone along with 4.3% leucoxene credits giving a total VHM content of 62.7%. Drill hole 24CP009 averaged 33.8% ilmenite and 4.8% leucoxene in the HM zone. The drill hole immediately to the east, 24CP008, returned a thicker intercept with a higher TiO2 grade (Table 2). HM mineralogy results (pending) are therefore anticipated to be better here, warranting additional drilling followup.

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Figure 5: Claypan Prospect – Cross section 73250 showing HM intercepts and extent of TiO2 mineralisation.

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Figure 6: Claypan Prospect – Cross section 72300 showing HM intercepts and extent of TiO2 mineralisation.

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Figure 7 : Magnetic image of Claypan Prospect areas and 2024 drill collars.

Future Work

Given the encouraging initial trial HM work, other exploration drill holes with significant TiO2 assays are being submitted for HM analysis and visual logging of HM concentrates. Following this, selected concentrates will be composited and submitted to benchtop and small-scale HM recovery investigations including magnetic and electrostatic separation of HM concentrate and geochemical evaluation of concentrate product. These results will complement the similar testing being undertaken on Rosewood samples and will help to determine if a joint mining operation is viable.

Additional exploration drilling will be undertaken to test the continuity of mineralisation relative to magnetic trends and to test other HM models currently being developed by the PTR team.

ENDS

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

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Table 2: Saprolite TiO2% Significant Intercepts	Table 2: Saprolite TiO2% Significant Intercepts	Table 2: Saprolite TiO2% Significant Intercepts	Table 2: Saprolite TiO2% Significant Intercepts	Table 2: Saprolite TiO2% Significant Intercepts
Drill Hole	From (metres)	To (metres)	Interval (metres)	TiO2 %
24CP001	6	21	15	7.56
incl.	9	15	6	8.67
24CP002	3	47	44	4.48
incl.	36	47	11	7.60
24CP003	21	57	36	6.67
incl.	30	39	9	9.25
24CP004	6	58	52	10.16
incl.	12	30	18	17.20
and	27	30	3	32.69
24CP005	9	53	44	5.02
24CP006	9	48	39	2.90
24CP007	12	24	12	6.98
incl.	21	24	3	15.00
24CP008	3	66	63	8.02
incl.	6	15	9	13.92
and	21	27	6	11.38
24CP009	3	51	48	7.25
incl.	6	12	6	11.51
24CP010	3	51	48	6.86
incl.	6	9	3	11.79
and	42	51	9	14.44
24CP011	9	30	21	9.13
incl.	21	27	6	18.75
24CP012	3	28	25	5.27
24CP013	3	45	42	6.39
24CP014	6	12	6	5.67
24CP015	3	15	12	4.90
24CP026	6	21	15	3.79
24ND001	24	36	12	4.63
24ND002	0	45	45	7.87
incl.	3	27	24	11.35
and	3	9	6	17.04
24ND003	0	44	44	8.98
incl.	3	9	6	17.01
24DK001	0	24	24	8.78
incl.	15	24	9	14.33
24DK002	0	27	27	6.54
incl.	3	9	6	9.83
24DK003	0	42	42	6.29
24DK004	0	61	61	7.81
incl.	3	15	12	11.62
and	24	30	6	13.28
24DK005	15	21	6	3.94
24M101	15	24	9	6.67
24M105	0	21	21	4.66

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Table 3: Saprolite target exploration drill collars

Hole ID	Easting MGA94 Z53	Northing MGA94 Z53	RL metres	Dip Deg.	Azimuth Deg.	EOH Depth metres
24CP001	432665	6672245	185	-90	0	41
24CP002	432625	6672307	185	-90	0	47
24CP003	432595	6672357	187	-90	0	57
24CP004	432544	6672430	186	-90	0	58
24CP005	432131	6671860	181	-90	0	53
24CP006	432183	6671814	181	-90	0	50
24CP007	432204	6671736	178	-90	0	68
24CP008	433957	6673175	188	-90	0	68
24CP009	433917	6673228	189	-90	0	52
24CP010	433856	6673284	191	-90	0	51
24CP011	433818	6673345	193	-90	0	57
24CP012	435324	6674225	178	-90	0	28
24CP013	435255	6674295	178	-90	0	45
24CP014	435185	6674366	176	-90	0	43
24CP015	435115	6674438	175	-90	0	15
24CP016	435043	6674510	174	-90	0	33
24CP017	434976	6674580	174	-90	0	30
24CP018	432873	6676052	170	-90	0	25
24CP019	432812	6675989	169	-90	0	19
24CP020	432767	6675934	172	-90	0	34
24CP021	434493	6677998	163	-90	0	6
24CP022	434393	6678008	163	-90	0	3
24CP023	434292	6678003	160	-90	0	7
24CP024	434193	6678007	160	-90	0	16
24CP025	434092	6678007	162	-90	0	16
24CP026	433993	6678007	163	-90	0	21
24CP027	434045	6678018	165	-90	0	16
24CP028	434146	6678009	162	-90	0	5
24CP029	434244	6678005	160	-90	0	10
24RW021	420841	6661190	177	-90	0	16
24RW022	420844	6661115	176	-90	0	20
24RW023	420842	6661039	174	-90	0	15
24ND001	412432	6670008	180	-90	0	36
24ND002	412501	6670004	179	-90	0	45
24ND003	412580	6670002	178	-90	0	44
24ND004	412636	6670009	178	-90	0	31
24ND005	412626	6670016	178	-90	0	62
24DK001	411463	6664954	188	-90	0	45
24DK002	411419	6664982	188	-90	0	28
24DK003	411408	6664995	187	-90	0	42
24DK004	411368	6665013	189	-90	0	61
24DK005	411341	6665023	188	-90	0	52
24M101	410210	6645610	192	-90	0	33
24M102	410352	6645609	195	-90	0	14
24M103	410492	6645610	193	-90	0	32
24M104	410635	6645612	194	-90	0	27
24M105	410781	6645615	192	-90	0	21
24M106	410864	6645613	194	-90	0	18
24M107	410950	6645615	194	-90	0	36

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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 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.

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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 2025 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 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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ASX RELASE 19 February 2025

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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	Drilling
	techniques	channels, random chips, or specific specialised industry standard	•	4 drillholes have been selected for Heavy Liquid Separation (HLS)
		measurement tools appropriate to the		testing, from recently completed
		minerals under investigation, such as		Petratherm Drilling.
		down hole gamma sondes, or handheld	•	1 metre samples were split from the
		XRF instruments, etc.). These examples		drill rig using a cone splitter
		should not be taken as limiting the broad		attachment to the cyclone.
		meaning of sampling.	•	A riffle splitter was subsequently
		• Include reference to measures taken to		used to split 1 metre samples for
		ensure sample representivity and the		HLS testing. Results are contained in
		appropriate calibration of any		the main body of this report.
		measurement tools or systems used.	•	Samples were dried, weighed and
		• Aspects of the determination of		soaked.
		mineralisation that are Material to the	•	De-slime using 2mm and 38um
		Public Report.		Endecott sieves.
		• In cases where ‘industry standard’ work	•	Standard HM separation conducted
		has been done this would be relatively		HLS on - 2mm /+0.038mm sand
		simple (e.g. ‘reverse circulation drilling		using Tetrabromoethane (TBE),
		was used to obtain 1 m samples from		discarding floats.
		which 3 kg was pulverised to produce a 30	•	TiO2assays were derived from 3m
		g charge for fire assay’). In other cases		composite bulk sample intervals and
		more explanation may be required, such		assayed using lithium borate fusion
		as where there is coarse Au that has		method and analysed using ICP-
		inherent sampling problems. Unusual		AES and ICP-MS, by ALS
		commodities or mineralisation types (e.g.		laboratories.
		submarine nodules) may warrant disclosure of detailed information.	•	Heavy Mineral Sachets were independently logged by Diamantina
				Laboratories. Mineralogy was
				estimated from the separated heavy
				mineral concentrate, to the nearest
				5% by an experienced mineralogist.
			•	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,	•	Petratherm has completed air core
	techniques	open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core		drilling.
		diameter, triple or standard tube, depth of
		diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by
		_what method, etc.). _
	Drill sample	• Method of recording and assessing core	•	Air core drilling methods were
	recovery	and chip sample recoveries and results assessed.		utilised throughout the duration of the program.
		• Measures taken to maximise sample	•	Hole diameters are 78mm.

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Criteria	JORC Code explanation	Commentary	Commentary
	recovery and ensure representative nature	•	A Geologist was on site for every drill
	of the samples.		hole to ensure that sample
	• Whether a relationship exists between		recoveries were appropriate.
	sample recovery and grade and whether		Excellent recoveries were recorded.
	sample bias may have occurred due to	•	1m sample intervals were collected
	preferential loss/gain of fine/coarse		in buckets and a 1 metre split
	material.		sample taken using a cone splitter
			attached to the drill cyclone into pre-
			numbered calico bags.
		•	3m composite samples were collect
			using a spear method from 1m
			spoils.
Logging	• Whether core and chip samples have	•	All samples were geologically logged
	been geologically and geotechnically		by the on-site geologist.
	logged to a level of detail to support	•	Geological logging is qualitative.
	appropriate Mineral Resource estimation,	•	Representative chip trays containing
	mining studies and metallurgical studies.		1 m geological sub-samples were
	• Whether logging is qualitative or		collected.
	quantitative in nature. Core (or costean,	•	Heavy Mineral Sachets were
	channel, etc.) photography.		independently logged by Diamantina
	• The total length and percentage of the		Laboratories. Mineralogy was
	relevant intersections logged.		estimated from the separated heavy
			mineral concentrate, to the nearest
			5% by anexperiencedmineralogist
Sub-	• If core, whether cut or sawn and whether	•	Samples averaging 1.6 kg were
sampling techniques and sample preparation	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	• •	collected for laboratory assay, using a cone splitter. It is considered representative samples were collected. Samples were dried, weighed and
	and appropriateness of the sample		soaked. De-slime using 2mm and
	preparation technique.		38um Endecott sieves. Standard HM
	• Quality control procedures adopted for all		separation conducted HLS on - 2mm
	sub-sampling stages to maximise		/+0.038mm sand using
	representivity of samples.		Tetrabromoethane (TBE), discarding
	• Measures taken to ensure that the		floats.
	sampling is representative of the in-situ	•	The nature, quality and
	material collected, including for instance		appropriateness of sample
	results for field duplicate/second-half		preparation has been achieved.
	sampling.	•	Duplicate check samples have been
	• Whether sample sizes are appropriate to		introduced into the sample stream by
	the grain size of the material being		the Laboratory.
	sampled.	•	Standard samples were introduced
			into the sample stream by the
			laboratory also completed standard
			assays.
		•	Laboratory analytical charge sizes
			are standard sizes and considered
			adequate for the material being
			assayed.
Quality of	• The nature, quality and appropriateness of	•	For the HLS work, internal quality
assay data and laboratory	the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers,		control was carried out by Diamantina Laboratories. QC samples, in the form of standards and repeats were inserted at a rate of approximately 1
tests	handheld XRF instruments, etc., the		in 20.
	parameters used in determining the

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Criteria	JORC Code explanation	Commentary	Commentary
	analysis including instrument make and	•	3m assays for TiO2analysis carried
	model, reading times, calibrations factors		out by ALS Laboratories, including
	applied and their derivation, etc.		blanks and standards.
	• 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	•	Verification of intercepts has been
of sampling and assaying	by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	•	undertaken by an independent consultant geologist, who has visually assessed drill samples and examined the laboratory data. All data used is from primary sources.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to	•	All maps and locations are in UTM
data points	locate drill holes (collar and down-hole surveys), trenches, mine workings and		grid (GDA94 Z53) and have been measured by a GPS with a lateral
	other locations used in Mineral Resource		accuracy of ± 5 metres and a
	estimation.		topographic accuracy of ±5 metres.
	• Specification of the grid system used.
	• Quality and adequacy of topographic
	control.
Data	• Data spacing for reporting of Exploration	•	Petratherm has completed regional
spacing and distribution	Results. • Whether the data spacing and distribution is sufficient to establish the degree of		exploration drilling along drill traverses over magnetic anomalies. Drill hole traverses extend from 200
	geological and grade continuity		metres to 600 metres.
	appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been	•	Data spacing is insufficient to establish the degree of geological and grade continuity required for a Mineral Resource estimation.
	applied.	•	No compositingwas used
Orientation	• Whether the orientation of sampling	•	Drill holes were targeted over
of data in relation to geological	achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling		magnetic features and drilled at 50- 100m spacing on lines perpendicular to magnetic trends to give an indication of mineralised width.
structure	orientation and the orientation of key	•	The mineralisation in drillholes and is
	mineralised structures is considered to		interpreted to be hosted in weathered
	have introduced a sampling bias, this		saprolite, leaving the resistant oxide
	should be assessed and reported if		minerals preserved in weathered
	material.		saprolitic clays.
		•
Sample	• The measures taken to ensure sample	•	Samples were taken directly from the
security	security.		field to Petratherm’s warehouse and then couriered to Diamantina
			Laboratories in Perth.
		•	Composite 3m samples taken directly
			to ALS Adelaide from Petratherm’s
			warehouse.
Audits or	• The results of any audits or reviews of	•	There is currently a review into the
reviews	sampling techniques and data.		methods used to improve HM
			recoveries.

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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location and	•	EL6815 was granted 100% to
tenement	ownership including agreements or material		Petratherm Limited on 12/08/2022
and land tenure	issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,	•	for a period of 6 years. EL 6855 was granted 100% to Petratherm Limited on 18/10/22 for
status	wilderness or national park and		a period of 6 years.
	environmental settings.	•	EL 7007 was granted 100% to
	• The security of the tenure held at the time of		Petratherm Limited on 15/08/24 for
	reporting along with any known impediments		a period of 6 years.
	to obtaining a licence to operate in the area.	•	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 done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• •	Previous exploration work 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

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Criteria	JORC Code explanation	Commentary	Commentary
			reconnaissance and prospect
			scale holes drilled over Project
			Group.
Geology	• Deposit type, geological setting and style of	•	Petratherm is exploring for Ti-Fe-
	mineralisation.		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	•	Drill hole collar locations, RL, dip
Information	understanding of the exploration results including a tabulation of the following		and azimuth of reported drill holes contained in Table 3 of this report.
	information for all Material drill holes:
	o easting and northing of the drill hole
	collar
	o elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified
	on the basis that the information is not
	Material and this exclusion does not detract
	from the understanding of the report, the
	Competent Person should clearly explain
	_why this is the case. _
Data	• In reporting Exploration Results, weighting	•	All reported drill results are true
aggregation methods	averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually	•	results as reported by the Laboratory. All results above 2% HM are
	Material and should be stated.		reported in Table 1 of Significant
	• Where aggregate intercepts incorporate		Intercepts.
	short lengths of high-grade results and	•	All drill hole assay intervals above
	longer lengths of low-grade results, the		3% TiO2are reported in Table 2 of
	procedure used for such aggregation should		Significant Intercepts.
	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	•	Down hole length, true width not
between	important in the reporting of Exploration		known due to the interpreted
mineralisati on widths and	Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		steeply dipping geology.
intercept	• If it is not known and only the down hole
lengths	lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole
	_length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales)	•	See Figures in main body of
	and tabulations of intercepts should be		release attached.
	included for any significant discovery being

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Criteria	JORC Code explanation	Commentary	Commentary
	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	•	Petratherm has completed drilling
reporting	Exploration Results is not practicable, representative reporting of both low and		of 49 drill holes totalling 1,652 metres at 10 targets on the
	high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.		Muckanippie Project (see Figure 1) with the potential to host titanium- bearing Heavy Minerals.
		•	These drill hole results are from
			initial reconnaissance drill traverses
			principally testing magnetic
			horizons.
Other	• Other exploration data, if meaningful and	•	No other substantive exploration
substantive	material, should be reported including (but		data has been collected by
exploration data	not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and		Petratherm.
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
Further	• The nature and scale of planned further	•	A range of exploration techniques
work	work (e.g. tests for lateral extensions or		are being considered to progress
	depth extensions or large-scale step-out		exploration.
	drilling).	•	Extensive mineralogical and
	• Diagrams clearly highlighting the areas of		metallurgical test work will be
	possible extensions, including the main		conducted on current drill samples
	geological interpretations and future drilling		to determine grade, mineralogy
	areas, provided this information is not		and nature of the heavy mineral
	commercially sensitive.		mineralisation hosted in saprolite
			at several prospect sites.
		•	Further infill and extension drilling
			islikelyto occur in thenear future.

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