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RAND MINING LIMITED Interim / Quarterly Report 2026

Oct 23, 2025

65721_rns_2025-10-23_57871135-6176-425c-a1a6-e6c21a8ec33a.pdf

Interim / Quarterly Report

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A.B.N. 41 004 669 658

24 October 2025

ASX ANNOUNCEMENT

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East Kundana Joint Venture (EKJV) Exploration Report September 2025 Quarter

ASX:RND

Rand Mining Ltd ( ASX code: RND ) has pleasure in providing the Quarterly EKJV Exploration Report for the quarter ending 30 September 2025.

Board of Directors

Mr Otakar Demis Chairman & Joint Company Secretary

The EKJV is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie. The EKJV is between Rand (12.25%), Tribune Resources Ltd (36.75%) and Evolution Mining Limited (51%).

This report has been released with the approval of Mr. Anton Billis, Managing Director of Rand Mining Ltd.

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Roland Berzins & Mr Sheran De Silva Joint Company Secretaries

-ENDS-

For further information, please contact: Roland Berzins Joint Company Secretary E: [email protected] Ph: + 61 8 9474 2113

Suite G1, 49 Melville Parade South Perth WA 6151 T: +61 8 9474 2113 | F: +61 8 9367 9386 W: www.randmining.com.au

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EAST KUNDANA JOINT VENTURE

FY2026 Quarter 1 EKJV Exploration Report

October 2025

For distribution to JV Partners:

  • Evolution Mining Limited

  • Tribune Resources Limited

  • Rand Mining Limited

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CONTENTS

1 EXECUTIVE SUMMARY .................................................................................................................. 3
2 WORK COMPLETED ..................................................................................................................... 3
3 FUTURE WORK ............................................................................................................................... 5
4 TABLE OF RESULTS ......................................................................................................................... 6
5 APPENDIX 1 .................................................................................................................................. 7

TABLES AND FIGURES

Figure 1 A Plan view of EKJV area showing Upper Sadler Incline surface diamond drilling drilled in the quarter, holes SADRT25001 and SADRT25004. ......................................................................... 4 Figure 2 A Long section view of the Ambition mineralisation showing significant intercepts returned from within the quarter. ........................................................................................................ 5 Table 1 EKJV exploration activity for the September quarter FY26................................................. 3

EKJV Quarterly Report – October 2025

Page 2

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1 EXECUTIVE SUMMARY

During the first quarter of FY26, a total of 671 metres of drilling was completed for the East Kundana Joint Venture (EKJV). Work completed included Diamond Drilling (DD) for the Sadler underground and Resource targeting RC and DD at Ambition (Table 1).

Table 1 EKJV exploration activity for the September quarter FY26.

Project Prospect Tenement RAB/AC
Metres
RAB/AC
Samples
RC
Metres
RC
Samples
DD
Metres
DD
Samples
ME
Samples
Raleigh Sadler M16/309 671 97
Ambition Ambition M16/0326 13
Total 671 110

2 WORK COMPLETED

Sadler

During the quarter, surface diamond drilling commenced to test potential southerly extensions of the Sadler mineralisation at Raleigh. This program is targeting additional resource growth beyond the current underground mining area.

Drilling was conducted on an 80m x 80m spacing and intersected a brittle-ductile structure ranging from 0.2m to 0.45m wide, consistent with mineralisation currently being mined at Sadler. These results support the geological model and the potential for resource extension.

A further 1,054 metres of diamond drilling is scheduled for completion in Q2 FY26. No assay results were returned during the quarter; results are expected to inform resource modelling in upcoming periods.

EKJV Quarterly Report – October 2025

Page 3

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Figure 1 A Plan view of EKJV area showing Upper Sadler Incline surface diamond drilling drilled in the quarter, holes SADRT25001 and SADRT25004.

Ambition

No drilling was undertaken at Ambition during the quarter. However, all assay results from the previous quarter’s drilling were received and reviewed.

Drilling intersected the Strezlecki lode consistently over a 500-metre strike length, with minimal surface expression. Results suggest the presence of a southward-plunging high-grade zone (see Figure 2), which may represent a new target area for future drilling.

Of the six holes with assay results returned in Q1 FY26, three reported significant intercepts (>3 g/t*m), including:

EKJV Quarterly Report – October 2025

Page 4

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  • 0.6m @ 15.09g/t Au from 196.7m (AMRD25003A)

  • 0.68m @ 8.31g/t Au from 242.35m (AMRD25001)

  • 0.4m @ 7.82g/t Au from 406m (AMRD25004)

These results provide early indications of high-grade mineralisation and will inform the next phase of exploration planning at Ambition.

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Figure 2 A Long section view of the Ambition mineralisation showing significant intercepts returned from within the quarter.

These intercepts were calculated based on underground parameters. A full list of the drilling intercepts is listed in Table 1 below.

3 FUTURE WORK

For the Sadler prospect (Raleigh), the remaining 1,054 metres of diamond drilling is scheduled for completion in Q2 FY26. Pending assay results will inform further targeting and potential expansion of the current mineral resource.

For the Ambition Prospect, assay results received this quarter from the previous drill program will be incorporated into an updated geological and resource model. Interpretation of the emerging high-grade, southward-plunging zone will guide the design of future drilling.

EKJV Quarterly Report – October 2025

Page 5

4 TABLE OF RESULTS

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Hole ID Hole Easting Northing Elevation Dip Azi
MGA
Gold
grade
Hole From DH ETW
type MGA (m) MGA (m) AHD (m) Length
(m)
(m) Width
(m)
(m) (g/t Au)
AMRD25003A RC_DD 328444 6604896 368 -61 59 220 196.7 0.6 0.5 15.09
AMRD25001 RC_DD 328394 6604936 368 -62 59 379 242.35 0.68 0.5 8.31
AMRD25004 RC_DD 328330 6604786 368 -60 60 421 406 0.4 0.3 7.82
AMRD25002 RC_DD 328322 6604878 368 -61 61 506 376 0.35 0.2 5.1
AMRC25006 RC 328276 6605114 368 -59 58 268 249 0.35 0.2 4.95
AMRD25009 RC_DD 328240 6604950 368 -60 60 469 412.5 0.35 0.2 3.92

EKJV Quarterly Report – October 2025

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5 APPENDIX 1

JORC Code, 2012 Edition – Table 1

Mungari – Ambition

Section 1 Sampling Techniques and Data

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

EKJV Quarterly Report – October 2025

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Mungari – Ambition Section 1 Sampling Techniques and Data

Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
Sampling
techniques
Nature and quality of
sampling
(e.g.
cut
channels, random chips,
or specific specialised
industry
standard
measurement
tools
appropriate
to
the
minerals
under
investigation,
such
as
downhole
gamma
sondes, handheld XRF
instruments, etc). These
examples should not be
taken as limiting the
broad
meaning
of
sampling.
Include reference to
measures
taken
to
ensure
sample
representation and the
appropriate calibration
of
any
measurement
tools or systems used.

Aspects
of
the
determination
of
mineralisation that are
material to the Public
Report.
In cases where ‘industry
standard’ work has been
completed this would be
relatively
simple
(e.g.
‘reverse
circulation
drilling
was
used
to
obtain 1 m samples from
which
3
kg
was
pulverised to produce a
30 g charge for fire
assay’). In other cases,
more explanation may
be required, such as
where there is coarse
gold that has inherent
sampling problems, or
unusual
commodities/mineralisat
ion
types
(e.g.
submarine nodules).

Two sample types were used to collect material for analysis:
surface diamond drilling (DD) and surface reverse circulation
drilling (RC).

RC samples were split using a rig-mounted cone splitter on 1 m
intervals to obtain a sample for assay.

Diamond core was placed in core trays for logging and
sampling. Half core samples were nominated by the geologist
from the diamond core with a minimum sample width of 30 cm.

Sample procedures followed by historic operators are assumed
to be in line with RC sampling was split using a rig mounted cone
splitter to deliver a sample of approximately 3 kg.

Surface diamond drill holes were completed using HQ (63.5 mm)
core. DD drill core was cut in half using an automated core saw,
the mass of material collected will vary on the hole diameter
and sampling interval.

All samples were delivered to a commercial laboratory where
they were assayed via photon analyses. Samples were dried,
crushed to 3 mm for photon, at this point, large samples may be
split using a rotary splitter, pulverisation to 90% passing 75 µm for
fire assays. ~500g is selected for photon analyses or a 40g
charge was selected for fire assay. industry standards at the
time.
Drilling
techniques
Drill type (e.g. core,
reverse
circulation,
open-hole
hammer,
rotary air blast, auger,
Bangka, sonic, etc.) and
details
(e.g.
core
diameter,
triple
or
standard tube, depth of
diamond
tails,
face-
sampling bit or other
type, whether core is

RC sampling was completed using a 4.5” to 5.5” diameter face
sampling
hammer.
Diamond
holes
from
surface
were
predominantly HQ (63.5mm) holes.

All diamond core was orientated where possible using the reflex
(act II or ezi-ori) tool.

In many cases, RC pre-collars were drilled, followed by diamond
tails. Pre-collar depth was determined in the drill design phase
depending on the target being drilled and production
constraints.

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Mungari – Ambition Section 1 Sampling Techniques and Data

Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
oriented and if so, by
what method, etc.).
Drill
sample
recovery
Method of recording
and assessing core and
chip sample recoveries
and results assessed.

Measures
taken
to
maximise
sample
recovery
and
ensure
representative nature of
the samples.
Whether a relationship
exists between sample
recovery and grade and
whether
sample
bias
may have occurred due
to preferential loss/gain
of fine/coarse material.

RC drilling sample weights were recorded for selected sample
intervals and monitored for fluctuations against the expected
sample weight. If samples were below the expected weight,
feedback was given promptly to the RC driller to modify drilling
practices to achieve the expected weights.

All diamond core was orientated and measured during
processing and the recovery recorded into the drill-hole
database. The core where possible was reconstructed into
continuous runs on a cradle for orientation marking. Hole depths
were checked against the driller’s core blocks.

Inconsistencies between the logging and the driller’s core depth
measurement blocks are investigated. Core recovery has been
acceptable. Surface drilling recoveries were generally excellent
except oxide zones; however, these rarely fell below 90%.

Measures taken to maximise sample recovery include
instructions to drillers to slow down drilling rates or reduce the
coring run length in less competent ground.

Recovery of RC samples was continuously monitored. Duplicate
sampling (e.g., field splits) was performed for every meter to
assess reproducibility and identify heterogeneity or size-related
segregation.

Recovery was excellent for diamond core, and no relationship
between grade and recovery was observed.
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.

RC drill chips and diamond core have been geologically logged
to the level of detail required for the Mineral Resource
estimation, mining studies and metallurgical studies.

All logging is both qualitative and quantitative in nature,
recording features such as structural data, RQD, sample
recovery, lithology, mineralogy, alteration, mineralisation types,
vein density, oxidation state, weathering, colour, etc. All holes
are photographed wet.

All RC and diamond holes were logged in entirety from collar to
end of hole.
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
allsub-sampling stages

Diamond core was half-core sampled, and the remaining half
was retained in the EVN core farm.

All RC samples were split by a cone or a riffle splitter and
collected into a sequenced calico bag. Any wet samples that
could not be appropriately split were dried, then riffle split.

Sample preparation of RC and diamond samples was
undertaken by external laboratories according to the sample
preparation and assaying protocol established to maximise the
representation of the mineralisation. Samples are sorted for
processing. The material jaw crushed to a nominal 3mm particle
size, and a 500g subsample was prepared for analysis. Grind
checks are performed at the crushing stage (3mm) for Photon
Assay samples. This 500g subsample was sealed into a plastic jar,
weighed and labelled with a unique identifier and reference
disk. Laboratory's performance was monitored as part of EVN’s
QAQC procedure. Laboratory inspections were undertaken to

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Mungari – Ambition Section 1 Sampling Techniques and Data

Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
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.
monitor the laboratory's compliance with the EVN sampling and
sample preparation protocol.

Quality control procedures adopted to maximise sample
representation for all sub-sampling stages include the collection
of field and laboratory duplicates and the insertion of certified
reference material as assay standards (1 in 20) and the insertion
of blank samples (1 in 20) or at the geologist’s discretion. Coarse
blank material is routinely submitted for assay and is inserted into
each mineralised zone where possible. The quality control
performance was monitored as part of EVN’s QAQC procedure.

Umpire sampling is performed monthly, where 3% of the samples
are sent to the umpire laboratory for processing.

The sample sizes are considered appropriate for the laboratory
test-work being conducted. In-situ grain sizes of the sampled
materials have not been measured and most likely vary
considerably.
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,
calibration
factors
applied
and
their
derivation, etc.

Nature
of
quality
control
procedures
adopted (eg standards,
blanks,
duplicates,
external
laboratory
checks)
and
whether
acceptable
levels
of
accuracy (i.e. lack of
bias) and precision have
been established.

The sampling preparation and assaying protocol used by EVN
was developed to ensure the quality and suitability of the
assaying
and
laboratory
procedures
relative
to
the
mineralisation types. Fire assay and photon assay are tests
designed to measure the total gold within a sample. Both
methods have been confirmed as suitable technique for
orogenic-type mineralisation. It has been extensively used
throughout the Goldfields region.

No geophysical tools or other remote sensing instruments were
utilised for reporting or interpretation of gold mineralisation,
although aeromagnetic interpretation was used to build the
structural model, which does constrain the mineralised
envelope.

Quality control samples were routinely inserted into the sampling
sequence and were also inserted either inside or around the
expected zones of mineralisation. The intent of the procedure
for reviewing the performance of certified standard reference
material is to examine for any erroneous results (a result outside
of the expected statistically derived tolerance limits) and to
validate, if required, the acceptable levels of accuracy and
precision for all stages of the sampling and analytical process.
Typically, batches which fail quality control checks are re-
analysed.
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
and
data
storage
(physical
and
electronic) protocols.
Discuss any adjustment
to assay data
Independent internal or external verification of significant
intercepts
is
not
routinely
completed.
The
quality
control/quality assurance (QAQC) process ensures the
intercepts are representative of the orogenic gold systems.
Half core is retained at Mungari if further verification is
required, and field duplicates used for verification of any
assay value where required.
The twinning of holes is not a common practice undertaken.
Data which is inconsistent with the known geology undergoes
further verification to ensure its quality.
All sample and assay information are stored utilising the
acQuire database software system. Data undergoes QAQC
validation prior to being accepted and loaded into the
database. Assay results are merged when received
electronically from the laboratory. The geologist reviews the
database, checking for the correct merging of results and
that all data has been received and entered. Any
adjustments to this data are recorded permanently in the
database. Historical paper records (where available) are
retained in the exploration and mining offices.

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Mungari – Ambition Section 1 Sampling Techniques and Data

Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
No adjustments or calibrations have been made to the final
assay data reported by the laboratory.
Location
of
data points
Accuracy and quality
of surveys used to locate
drillholes
(collar
and
downhole
surveys),
trenches, mine workings
and other locations used
in
Mineral
Resource
estimation.
Specification of the grid
system used.
Quality and adequacy
of topographic control.
All drill holes have been surveyed for easting, northing and
reduced level.
Resource drill hole collar positions are surveyed by the site-
based survey department or contract surveyors (utilising a
differential GPS or conventional surveying techniques, with
reference to a known base station) with a precision of less
than 0.2m variability. Holes drilled prior to 2019 had downhole
gyroscopic surveys completed at distance between 40 and
80 metres downhole, and again at end of hole. Holes drilled
post 2019 had downhole gyroscopic surveys completed at an
average of 10 m spacing downhole.
Recent data is collected and stored in MGA 20 Zone 51.
Topographic control was generated from aerial surveys and
detailed Lidar surveys to 0.2m accuracy.
Data spacing
and
distribution

Data
spacing
for
reporting of Exploration
Results.

Whether
the
data
spacing and distribution
is sufficient to establish
the degree of geological
and
grade
continuity
appropriate
for
the
Mineral Resource and
Ore Reserve estimation
procedure(s)
and
classifications applied.

Whether
sample
compositing has been
applied.
Resource definition drilling spacing was typically 40m x 40m,
to allow for classification as Indicated Resource for an
Underground resource, or 20m x 20m for an Open Pit
resource. Outside of the Indicated Resource, drill spacing is
highly
variable
with
Resource
classifications
applied
appropriately.
Data spacing and distribution is considered sufficient for
establishing geological continuity and grade variability
appropriate for classifying a Mineral Resource.
Sample data is composited before grade estimation is
undertaken.
Orientation of
data
in
relation
to
geological
structure
Whether the orientation
of
sampling
achieves
unbiased
sampling
of
possible structures and
the extent to which this is
known, considering the
deposit type.

If
the
relationship
between
the
drilling
orientation
and
the
orientation
of
key
mineralised structures is
considered
to
have
introduced a sampling
bias,
this
should
be
assessed and reported if
material.
Drilling is planned to intersect the mineralisation in an
orientation that does not introduce sample bias.
The relationship between the drilling orientation and the
orientation of key mineralised structures at Ambition is not
considered to have introduced a sampling bias and is not
considered to be material.
Sample
security
The measures taken to
ensure sample security.
Chain of custody protocols to ensure the security of samples
are followed. Prior to submission, samples are retained on site
and access to the samples is restricted. Collected samples
are dropped off at the respective commercial laboratories in
Kalgoorlie. The laboratories are contained within a
secured/fenced compound. Access into the laboratory is
restricted and movements of personnel and the samples are
tracked under supervision of the laboratory staff. During some
drill campaigns, some samples are collected directly from site
bythe commercial laboratory. While various laboratories

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Mungari – Ambition Section 1 Sampling Techniques and Data

Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data Mungari – Ambition Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
have been used, the chain of custody and sample security
protocols have remained similar.
Audits
or
reviews
The results of any audits
or reviews of sampling
techniques and data.
No audits have been undertaken for the drill holes at this stage.

Section 2 Reporting of Resource Development Results

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

Mungari – Ambition Section 2 Reporting of Resource Development Results Mungari – Ambition Section 2 Reporting of Resource Development Results Mungari – Ambition Section 2 Reporting of Resource Development Results
Criteria Explanation Commentary
Mineral
tenement
and
land
tenure status

Type,
reference
name/number, location and
ownership
including
agreements
or
material
issues with third parties such
as
joint
ventures,
partnerships,
overriding
royalties, native title interests,
historical sites, wilderness or
national
park
and
environmental settings.
The security of the tenure
held at the time of reporting,
along
with
any
known
impediments to obtaining a
licence to operate in the
area.

All holes mentioned in this report are located on the
M16/326. Mining lease held by the East Kundana Joint
Venture (EKJV). The EKJV is majority owned and
managed by Evolution Mining Limited (51%). The minority
holding in the EKJV is held by Tribune Resources Ltd
(36.75%) and Rand Mining Ltd (12.25%). There are no
private royalty agreements applicable to M16/326.

No known impediments exist, and the tenements are in
good standing.
Exploration
done
by
other parties

Acknowledgment
and
appraisal of exploration by
other parties.

The Ambition target was originally defined in 2001 from
magnetic ‘anomalies’ as “a continuation of the Arctic
Structure mined in the Arctic Pit to the south”. A small drill
program of four RC holes targeted the mineralised
structure at Ambition in 2003. These holes failed to
intersect the structure, presumably due to an offset of the
aeromagnetic lineament. Other drilling in the area has
absent or poor-quality geological logging. The 2003
drillholes assisted in successfully intersecting the target in
this drill program, but beyond that, historical drilling
provides little value in appraisal of the structure at
Ambition.
Geology Deposit type, geological
setting
and
style
of
mineralisation.

The Kundana camp is situated within the Norseman-
Wiluna Greenstone Belt, in an area dominated by the
Zuleika shear zone, which separates the Coolgardie
Domain
from
the
Ora
Banda
Domain.
K2-style
mineralisation consists of narrow vein deposits hosted by
shear zones located along steeply dipping overturned
hangingwall basalts. The K2 structure defines the contact
between a black shale unit (Centenary shale) and
intermediate volcaniclastics (Sparogville formation). In
the northern part of the Ambition target, the hangingwall
basalts are absent and the structure separates a gabbro
and lithic gritstone from Spargoville Volcaniclastic rocks.
Although it is unclear at this stage, the current
interpretation is that the target structure in the northern
part of the Ambition prospect is actually the confluence
of the Strzelecki and K2 structures thus the basalt

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Mungari – Ambition Section 2 Reporting of Resource Development Results Mungari – Ambition Section 2 Reporting of Resource Development Results Mungari – Ambition Section 2 Reporting of Resource Development Results
Criteria Explanation Commentary
sequences are faulted out where the two structures
converge.
Drill
Hole
Information

A
summary
of
all
information material to the
understanding
of
the
exploration results, including
a tabulation of the following
information for all Material
drill holes:
o easting and northing of the
drillhole collar
o elevation or RL of the
drillhole collar
o dip and azimuth of the
hole
o
downhole
length
and
interception depth
o hole length.

See Table 1 for a table of results.

All holes in this FY program are listed in the table. No drill
holes are excluded from this report or from Table 1.
Data
aggregation
methods
In reporting Exploration
Results, weighting averaging
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 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.

All reported assay results have been length weighted to
provide an intersection width. Barren material between
mineralised
samples
has
been permitted in the
calculation of these widths where the resultant average
composite grade of samples beyond (and not including)
the core mineralised zone exceeds the 1 g/t cut-off
grade used for intercept calculation.

No assay results have been top cut for the purpose of this
report. A lower cut-off of 1g/t has been used to identify
significant results. Where the target zone does not
exceed the 1g/t cut-off, NSI (no significant intercept) has
been declared.

No metal equivalent values have been used for the
reporting of these exploration results.
Relationship
between
mineralisatio
n widths and
intercept
lengths
These relationships are
particularly important in the
reporting
of
Exploration
Results.
If the geometry of the
mineralisation with respect
to the drill hole angle is
known, its nature should be
reported.
If it is not known and only
the downhole lengths are
reported, there should be a
clear statement to this effect
(e.g. ‘downhole length, true
width not known’)

The target structure undulates, but its general orientation
is well constrained, allowing reliable calculations of true
widths. True widths have been calculated for all reported
intersections.

Both the downhole width and true width have been
clearly specified when used.
Diagrams Appropriate maps and
sections (with scales) and
tabulations
of
intercepts
should be included for any
significant discovery being
reported.
These
should
include but not be limited to
aplan view of drill hole.

The diagram below shows the location of the Ambition
drilling relative to the geological model and historic
Arctic open pit

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Mungari – Ambition Section 2 Reporting of Resource Development Results
Criteria Explanation Commentary
Balanced • Where comprehensive
• Both high and low grades have been reported
reporting reporting of all Exploration
accurately, clearly identified with the drillhole attributes
Results is not practicable,
and ‘From’ and ‘To’ depths. All target zone intercepts for
representative reporting of
all eighteen holes have been reported for this drill
both low and high grades
and/or widths should be program, regardless of grade. Drill holes with outstanding
practised to avoid assays have not been included in the table.
misleading reporting of
Exploration Results.
Other • Other exploration data, if
substantive meaningful and material, • No other material exploration data has been collected
exploration should be reported, for this drill program.
data including (but not limited to):
geological observations;
geophysical survey results;
geochemical survey results;
bulk samples – size and
method of treatment;
metallurgical test results; bulk
density, groundwater,
geotechnical and rock
characteristics; potential
deleterious or contaminating
substances.
Further work • The nature and scale of • Further Reverse Circulation and Diamond drilling is
planned further work (e.g. planned to infill the higher-grade zones of the structure
tests for lateral extensions or intersected to date and to better define the exact
depth extensions or large- position and orientation of the structure, especially in the
scale step-out drilling). northern half of the prospective trend. Diamond drilling is
• Diagrams clearly planned to test the south plunging high-grade zone at
highlighting the areas of depths exceeding 400m from the surface.
possible extensions, • Appropriate Diagrams accompany this report.
including the main
geological interpretations
and future drilling areas,
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Mungari – Ambition Section 2 Reporting of Resource Development Results Criteria Explanation Commentary provided this information is not commercially sensitive.

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