RAPTOR METALS LTD — Capital/Financing Update 2023

Mar 9, 2023

Re-Lodgement - Market Announcement dated 8 March 2023

On 8 March 2023, Eastern Metals Limited (ASX: EMS) (Company) made a market announcement titled "Resource Grows at Home of Bullion Copper Project".

The Company is required to provide full disclose under ASX Listing Rule 5.8.1, which requires a market announcement to include in the body of its announcement a summary of all information material to understanding the reported estimates of mineral resources.

While all the information required in Listing Rule 5.8.1 was included in JORC Table 1 attached to and forming part of the 8 March 2023 ASX announcement, cross referencing to the JORC Table 1 is not sufficient to satisfy this rule. The information must be included in the body of the announcement as well.

Following is the Company's announcement dated 8 March 2023, amended to comply with ASX Listing Rule 5.8.1 and re-lodged.

Authorisation for this Announcement

This announcement has been authorised for release by the Company's Disclosure Officers in accordance with its Disclosure and Communications Policy which is available on the Company's website, www.easternmetals.com.au .

Contacts

For more information, please contact:

Bob Duffin

Chairman bobduffin@easternmetals.com.au Victoria Humphries / Ben Creagh Media & Investor Relations victoria@nwrcommunications.com.au benc@nwrcommunications.com.au

Resource Grows at Home of Bullion Copper Project

Updated MRE of 3.1 mt at an average grade of 2.9% Cu equivalent

Highlights

• Updated Mineral Resource Estimate (MRE) for the Home of Bullion copper deposit in the Northern Territory has been completed, taking into account the results of recent diamond drill holes (2022) and changes in metal prices since the earlier MRE was completed in 2014.
• The previous MRE1 was for a total of 2.5 million tonnes at an average grade of 1.8% copper, 2.0% zinc, 36 grams per tonne silver, 1,2% lead, 0.14 parts per million gold and 0.02% cobalt. Expressed as a copper equivalent2 , this is 2.5 million tonnes at an average grade of 2.8% Cueq.
• The updated MRE3 is a total of 3.1 million tonnes at an average grade of 1.7% copper, 2.0% zinc, 35 grams per tonne silver, 1.1% lead, 0.17 parts per million gold and 0.02% cobalt. Expressed as a copper equivalent, this is 3.1 million tonnes at an average grade of 2.9% Cueq.
• The tonnage has increased by 0.6 mt or 24% and the grade by 0.1% Cueq or 4%. Contained copper equivalent has increased from 70,000 tonnes to 89,900 tonnes of metal – an increase of 19,900 tonnes or 28%.

Eastern Metals' Chairman Bob Duffin said; "In our August 2021 IPO prospectus, we stated there was considerable potential to increase the size of the Home of Bullion deposit with additional drilling. We have done that. The 28% increase in contained copper equivalent – from 70,000 tonnes to 89,900 tonnes – is highly significant and vindicates the strategy outlined in the prospectus. There is still further potential to add to the size of the deposit – not only at depth but also in the poorly defined shallow lode targets near the mine, and along strike towards the Mulbangas copper deposit, 15 kilometres to the west. In addition, the full potential of the copper and nickel mineralisation at Prospect D has not been tested, and the lithium potential of our tenement package, which lies in the Barrow Creek pegmatite field, has been only partly explored by us so far. We are excited about what the future holds for this high-quality Project."

1 See ASX announcement by Kidman Resources Limited (ASX: KDR) "Maiden Resource at Home of Bullion", 29 July 2014, and EMS's IPO prospectus dated 18 August 2021.

2 See following pages and attached JORC Table 1 on the calculation of copper equivalent grades.

3 The methodology used for the updated estimate follows closely to the methodology used for the earlier estimate. See following pages for details.

Home of Bullion

The Home of Bullion mine lies on EL 23186, in the Arunta Province of the Northern Territory, 290 kilometres northeast of Alice Springs. EL 23186 is part of a package of tenements held by Eastern Metals Limited (Eastern Metals, or the Company) that is prospective for base and precious metals, in addition to lithium. The location of the tenements and the Home of Bullion mine are shown in Figure 1.

Figure 1. Location of the Home of Bullion Mine, Northern Territory

The deposit consists of two principal lodes: the Main Lode and the South Lode, with an additional low grade footwall unit (LGFW) directly abutting the South Lode. The deposit was mined intermittently between the 1930s and 1950s. It is generally thought to be a high-grade volcanogenic massive sulphide style deposit.

At least three shafts have been sunk to a maximum depth of 90 metres and the lodes have been traced for at least 170 metres underground, with an average width of 2.4 metres and a maximum width of 6 metres. A photo of the headframe on one of the shafts is illustrated in Figure 2.

Figure 2. Headframe at Home of Bullion

Historically, several companies have carried out exploration programs, including diamond drilling, at Home of Bullion. Prior to Eastern Metals' activities, the most recent drilling was carried out by Kidman Resources Limited (ASX: KDR). Kidman engaged SRK Consulting (Australasia) Pty Ltd (SRK) to complete a Mineral Resource Estimate4 for the project. A summary of the July 2014 Mineral Resource Estimate is set out in Table 1.

Lode	Weathering	Class	Tonnage(kt)	Density	CuEq6(%)	Cu(%)	Zn(%)	Ag(ppm)	Pb(%)	Au(ppm)	Co(%)
All	Oxide		270	2.7	2.8	1.8	1.6	36	1.3	0.14	0.01
All	Fresh		2,200	3.8	2.8	1.8	2.0	36	1.1	0.14	0.02
		Total	2,500	3.7	2.8	1.8	2.0	36	1.2	0.14	0.02
All		Indicated	470	3.6	4.5	2.8	3.4	56	1.6	0.30	0.03
All		Inferred	2,000	3.7	2.5	1.6	1.7	31	1.0	0.10	0.02
		Total	2,500	3.7	2.8	1.8	2.0	36	1.2	0.14	0.02

Table 1. Home of Bullion Mineral Resource Estimate, July 2014

As shown in Table 1, the July 2014 Total Mineral Resource Estimate is 2.5 million tonnes at an average grade of 1.8% copper, 2.0% zinc, 36 grams per tonne silver, 1.2% lead, 0.14 parts per million gold and 0.02% cobalt. Expressed as a copper equivalent this is 2.5 million tonnes at an average grade of 2.8% Cu equivalent.

Eastern Metals acquired Home of Bullion in 2021 and completed a four-hole diamond drilling program5 in 2022. The Company then engaged SRK to update the 2014 Mineral Resource Estimate to incorporate the results of its 2022 drilling, and changes in metals prices since the 2014 estimate was prepared.

Updated Mineral Resource Estimate – Overview

SRK has completed a Mineral Resource Estimate for Home of Bullion. This estimate is an update to the 2014 estimation completed by SRK and contains an additional four recently completed drill holes. The updated Mineral Resource Estimate is shown in Table 2, broken down by lode, weathering and classification. Subtotals for weathering state and classification are also shown.

4 See ASX announcement by Kidman Resources Limited (ASX: KDR) "Maiden Resource at Home of Bullion", 29 July 2014, for details 5 See the Company's ASX announcements "High Grade Copper Assays up to 9.6% Cu at Home of Bullion", 26 October 2022, and "Copper Rich Massive Sulphides Drilled at Home of Bullion",31 August 2022

Metal price and recovery assumptions used in the modelling are shown in Table 3.

Lode	Weathering	Class	Tonnage	Density	CuEq6	Cu	Zn	Ag	Pb	Au	Co
			(kt)		(%)	(%)	(%)	(ppm)	(%)	(ppm)	(%)
Main Upper	Oxide	Indicated	110	2.7	4.0	2.3	1.0	71	2.6	0.37	0.01
Main Upper	Fresh	Indicated	370	3.8	4.7	2.8	4.1	47	1.2	0.28	0.03
Main Lower	Fresh	Inferred	740	4.3	4.5	2.7	2.9	39	1.1	0.43	0.03
South	Oxide	Inferred	120	2.7	2.1	1.4	1.3	19	0.7	0.02	0.01
South	Fresh	Inferred	1,100	3.8	2.5	1.4	1.7	40	1.2	0.05	0.02
South LGFW	Oxide	Inferred	40	2.7	0.8	0.4	0.4	10	0.5	0.01	0.00
South LGFW	Fresh	Inferred	580	3.4	0.9	0.4	0.8	14	0.6	0.01	0.01
		Total	3,100	3.7	2.9	1.7	2.0	35	1.1	0.17	0.02
All	Oxide		270	2.7	2.6	1.6	1.0	39	1.4	0.16	0.01
All	Fresh		2,790	3.9	2.9	1.7	2.2	35	1.1	0.17	0.02
		Total	3,100	3.7	2.9	1.7	2.0	35	1.1	0.17	0.02
All		Indicated	480	3.6	4.6	2.7	3.4	53	1.5	0.3	0.03
All		Inferred	2,580	3.8	2.6	1.5	1.8	32	1.0	0.1	0.02
		Total	3,100	3.7	2.9	1.7	2.0	35	1.1	0.17	0.02

	Table 2.		Home of Bullion Mineral Resource	Estimate, March		2023
--	----------	--	----------------------------------	-----------------	--	------

Notes:

1 Tonnages and grades are rounded to two significant figures. Discrepancies in totals may exist due to rounding.

2 All lodes reported at a 0.5% CuEq6 cut-off. A cut-off grade of 0.5% CuEq6 is consistent with other comparable copper deposits and can be demonstrated to be break even for base processing costs at approximately US$45/t ore. (Cut off (%) = processing cost / (recovery * price [per % unit]).e.g. – 0.5 = 45 / (0.9 * 100).

3 CuEq6=Cu+(Zn*0.25)+(Ag*83.49)+(Au*5940)+(Pb*0.19)+(Co*4.29) – all elements in ppm. Assumed price and recoveries listed in Table 3. Metal prices and recoveries listed in Table 3 have been provided by EMS.

As set out in Table 2, the updated Total Mineral Resource Estimate is of 3.1 million tonnes at an average grade of 1.7% copper, 2.0% zinc, 35 grams per tonne silver, 1.1% lead, 0.17 parts per million gold and 0.02% cobalt. Expressed as a copper equivalent, this is 3.1 million tonnes at an average grade of 2.9% copper equivalent. When compared with the previous estimate, the tonnage has increased by 0.6 mt or 24% and the grade by 0.1% Cueq or 4%. Contained copper equivalent has increased from 70,000 tonnes to 89,900 tonnes of metal – an increase of 19,900 tonnes or 28%.

Metal	Prices	Units	Recoveries
Cu	8,900	US$/t	0.9
Zn	3,300	US$/t	0.6
Ag	26	US$/troy oz	0.8
Au	1,850	US$/troy oz	0.8
Pb	2,500	US$/t	0.6
Co	57,300	US$/t	0.6

Table 3. Metal Price and Recovery Assumptions

The deposit consists of two lodes, the Main Lode and the South Lode. In addition, a low-grade footwall unit (LGFW) has been modelled that abuts the South Lode footwall contact.

Summary of Estimation Details

Sampling

2022: Sampling was completed under the supervision of EMS geologists. Diamond drilling using PQ, HQ and NOQ sizes. 1m intervals of drill core were cut in half along the long axis of the core. Half of the core was submitted for assay. Where core was incompetent due to being broken, representative samples have been collected along the axis of the core. Sample weights were recorded by the assay laboratory. No subsampling was completed by EMS, all sub-sampling of the prepared core was completed by the assay laboratory. The sample preparation and assaying methods used were selected by EMS and were appropriate for the style and grade of mineralisation. Analysis techniques for the 2022 assaying were crushing and drying the entire submitted sample followed by pulverising and riffle splitting to provide a sub-sample for analysis by the 35 element Aqua Regia ICP-AES method. High grade Cu, Pb and Zn samples were re-analysed following a further Aqua Regia leach.

Au analysis comprised a 30g Fire Assay with a low-level AA finish.

2014: sampling was by Diamond and RC. Diamond core is HQ , NQ2 and NQ3 size, sampled on geological intervals (0.2 m to 1.4 m), cut into half (NQ2) or half (HQ) core to give sample weights under 5 kg. Samples were crushed, dried and pulverised (total prep) to produce a sub sample for analysis by four acid digest with an ICP/OES, ICP/MS or FA/AAS (Au, Pt, Pd) finish.

Reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised (total prep) to produce a sub sample for assaying as above.

Geology and Lode modelling

Home of Bullion lies on the SW margin of the Late Proterozoic to Palaeozoic Georgina Bain. Block faulting during the tertiary has produced a number of small non-marine basins in central Australia. Also preserved are relics of a Tertiary silicified land surface. A thin Quaternary veneer of soil, sand and gravel covers most of the lowland area in the region. The sulphide mineralisation appears to be of VMS origin with a strong structural control on zones of high grade.

The geological interpretation follows the logic of the previous estimate completed in 2014 and is based primarily on examination of the copper grades with reference also to the zinc, silver, lead and gold grades. Lodes have been modelled in Leapfrog Geo using the vein modelling tools. The previous interpretation has been honoured. In most cases there is a sharp drop in copper grade around 0.5% Cu, that has been used to define the footwall and hanging wall boundaries used for volumetric modelling. In limited cases this modelling threshold has been lowered to preserve geological continuity.

Most intercepts within the lodes form a single coherent interval. The lodes do show signs of breaking up at a depth of around 500 m below surface.

The South Lode footwall contains significant intervals of low-grade mineralisation, and this zone has also been defined volumetrically as a separate unit (South FWLG). The South low-grade hanging wall boundary is the same as the South Lode footwall boundary. The South low-grade footwall boundary was defined using copper grades >0.1% Cu in conjunction with elevated zinc, silver and lead grades.

Confidence in the continuity of the geological formation is high, with all holes that intercept the modelled formation containing significant grade at varying thicknesses.

A minimum downhole thickness of 2 m was imposed on the modelling process; however, the mineralised intervals of all but a few holes exceeded this. The resultant modelled lodes are shown in Figures 3 and 4.

Figure 3. Plan view of the drill holes and modelled lodes. Main Lode Upper and Lower are shown in blue, South Lode in green, and LGFW in red

Figure 4. Oblique cross-sectional view of the drill holes and modelled lodes. Main Lode Upper and Lower are shown in blue, South Lode in green, and LGFW in red

Drilling used

SRK has received the collar, assay and survey information for four recently completed drill holes (HDD049AA, HDD049AAA, HDD049B and HDD053). These holes were added to the 2014 database used in the previous estimation. Of the 113 holes, including wedges, in the Home of Bullion area, 63 holes were used for compositing and estimation. Ten holes have been excluded from the modelling process. Four of the original 1940s diamond holes (DDH No.1 to DDH No. 4) were not used due to collar and/or downhole survey discrepancies and the absence of assay quality assurance and quality control. All of these holes did contain significant mineralised intervals consistent with the modern diamond holes and consistent with the approximate position of the main lode.

Holes HRC034, HRC036, HRC040 and HDD041 were not used due to being drilled directly down-dip within the South Lode. Mineralisation in these drill holes is consistent with the South Lode, however, the geometry of the holes and the nature of the samples may have introduced anomalies and bias into the volume and grade estimates.

HDD038 and HDD040 were not used because, as they intercepted the lodes within 5 m of each other, the downhole position of the Lode was not consistent between them. They were both within 7 m of another hole (HRC002), that was retained. HDD042W1 was not used as it has not been sampled at the lode location. HDD042 is within 10 m of HDD042W1 and contains mineralisation.

Estimation details

Copper, zinc, silver, gold, lead and cobalt have been estimated into blocks using ordinary kriging implemented in the Datamine RM software package. The variogram modelling was updated with the new holes and a different software package used. Three search passes have been used with the orientation of the ellipsoid taken from the variogram. Each successive pass uses a larger search ellipsoid with fewer minimum samples. A copper equivalent value (Cueq) has been calculated from the block estimates post estimation using the details supplied above.

Co-kriging was not used, however where correlations exist between elements these are maintained by utilising the same search parameters for all elements.

Validation

Model validation included visual inspection in 3D of wireframes and estimated block grades, comparison of sample and block statistics, examination of estimation quality parameters, and comparison of wireframe volumes with block volumes. In addition, representative sectional validation graphs or swath plots have been created to compare the estimated grades to the mean of the clustered and de-clustered input grades within block model slices (bins) on Easting, Northing and Reduced Level (RL).

Classification

The classification of Mineral Resources for the Home of Bullion deposit has been completed in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code as prepared by the Joint Ore Reserve Committee of the AusIMM, AIG and MCA and updated in December 2012 (JORC, 2012)). The major classifications and terminologies have been adhered to. All directions and recommendations have been followed, in keeping with the intent of the code. The categories of Mineral Resource as outlined by the JORC Code (2012) are as follows:

• Measured tonnage, densities, shape, physical characteristics, grade, and mineral content can be estimated with a high level of confidence.
• Indicated tonnage, densities, shape, physical characteristics, grade, and mineral content can be estimated with a reasonable level of confidence.
• Inferred tonnage, grade, and mineral content can be estimated with a reduced level of confidence.

The resource classification has been applied to the Mineral Resource based on the confidence in the input data, the data spacing, estimation quality and the grade and geological continuity. The Upper Main Oxide and Fresh have been classified as Indicated due to the tighter drill spacing (between 20 and 40m on average) and the existence of drilling that minimises extrapolation along the strike and depth extents. The remainder of the Mineral Resource has been classified as Inferred with a drill spacing between 40-80m, as shown in Figure 5. The Indicated and Inferred portions of the model have an average slope of regression of 0.58 and 0.31 respectively.

Reporting

A cut-off grade of 0.5% CuEq6 has been chosen as it is consistent with other comparable copper deposits and can be demonstrated to be break even for base processing costs at approximately US$45/t ore. (Cut off (%) = processing cost / (recovery * price [per % unit]).e.g. – 0.5 = 45 / (0.9 * 100).

CuEq6 = Cu + (Zn*0.25) + (Ag*83.49) + (Au*5940) + (Pb*0.19) + (Co*4.29) – all elements in ppm.

The equivalence factors for metals other than copper are derived from the following metal prices and assumed recoveries as shown in Table 3. Recoveries used for Cueq calculations are assumed from SRK's experience with similar deposits. Preliminary metallurgical testing (2013) has been completed by ALS on two small composites each from two holes. This showed:

• 1. Good copper flotation yielding good grades and high recovery for both lodes.
• 1. Further testwork required to improve zinc and lead recoveries.

1. Significant differences in mineralogy between the Main and South lodes with the Main Lode containing abundant magnetite and only minor pyrite while the South Lode contains only minor magnetite but significant pyrite.

The model is not designed for detailed mine planning purposes but for global grade and tonnage scoping level studies. It is assumed that open cut methods may be appropriate for the portion of the deposit within 100 m of surface and that underground mining methods could be used for the remainder. Scoping level pit optimisation trials completed in 2014 were done on preliminary models using current cost and price parameters and these indicated operational cash flow positive pits (exclusive of capital costs) could be achieved within the top 100 m of the deposit. The results of the 2014 pit optimisations are considered appropriate for application to this Mineral Resource.

Additional details

For more details of the resource estimation see the entries in JORC Code, 2012 edition Table 1, Section 3 in attached to this announcement.

Figure 5. Home of Bullion Mineral Resource classification

Authorisation for this Announcement

This announcement has been authorised for release by the Company's Disclosure Officers in accordance with its Disclosure and Communications Policy which is available on the Company's website, www.easternmetals.com.au .

Previously Reported Information

The information in this announcement that references previously reported Exploration Results or Mineral Resources for the Home of Bullion mine is extracted from the ASX announcement by Kidman Resources Limited dated 29 July 2014 "Maiden Resource at Home of Bullion", the Company's Prospectus released on 18 August 2021, and the Company's ASX announcements "High Grade Copper Assays up to 9.6% Cu at Home of Bullion", 26 October 2022, and "Copper Rich Massive Sulphides Drilled at Home of Bullion",31 August 2022. The Prospectus and the Company's ASX announcements are available to view on the Company's website (www.easternmetals.com.au ) and on the ASX website (www.asx.com.au ). Kidman's ASX announcement of 29 July 2014 is also available to view on the ASX website. Other than the information in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus or the previous announcements and that all material assumptions and technical parameters underpinning the Exploration Results and Resource Estimates continue to apply and have not materially changed.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company's planned activities, including mining and exploration programs, and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward looking statements. Although Eastern Metals believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Persons Statements

The Exploration Results and Sections 1 and 2 of the attached JORC Table 1 in this announcement are based on information compiled by Mr Gary Jones who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Jones is a full-time employee of Geonz Associates, Consultant Geologists, a former director of Eastern Metals, and Principal Consultant – Geology to the Company. Mr Jones has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Jones consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Home of Bullion Mineral Resource Estimate and Section 3 of the attached JORC Table 1 are based on information compiled by Mr Danny Kentwell, who is a Fellow of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Kentwell is a full-time employee of SRK Consulting (Australasia) Pty Ltd. Mr Kentwell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Kentwell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Contacts

For more information, please contact:

Bob Duffin Chairman bobduffin@easternmetals.com.au Victoria Humphries / Ben Creagh Media & Investor Relations victoria@nwrcommunications.com.au benc@nwrcommunications.com.au

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data: Home of Bullion Project

Diamond Drilling and Resource Estimation

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (eg cut channels, random chips, orspecific specialised industry standard measurement tools appropriate tothe minerals under investigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples should not be takenaslimiting the broad meaning of sampling.	Diamond drill core provides a high-quality sample that is logged forlithological, structural, geotechnical, analytical and other attributes.Sampling by previous companies was by both Reverse Circulation(RC) and diamond drilling techniques. Details of this work werecontained in the Kidman Resources ASX release dated 29 July 2014.The four holes drilled by EMS were added to the project data base andused in the current resource estimation. Details pertaining tothe drillholes used for the resource estimation are contained Kidman's ASXannouncement of 29 July 2014 and EMS's ASX announcements of 31August 2022 and 26 July 2022, and in the main body of this release.
	Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.	Sampling of the mineralised core for assaying was carried out using adiamond saw as per industry best practice.
	Aspects of the determination of mineralisation that are Material to thePublic Report. In cases where 'industry standard' work has been donethis would be relatively simple (eg 'reverse circulation drilling was usedto obtain 1 m samples from which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases more explanation may be required,such as where there is coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (eg submarine nodules)may warrant disclosure of detailed information.	The tenor of the mineralisation wasdetermined by laboratory analysis.The core from the holes wasgeologically logged in detailand visualestimates madeof the quantities of the copper, lead and zincsulphides.
Drillingtechniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, triple orstandard tube, depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc).	The Home of Bullionprojectholesweredrilled with standard diamonddrilling techniques. Diamond coring commenced from surface in PQsize core (diameter: 80mm) to 30m, proceeded in HQ (diameter:63.5mm) to fresh rock and then NQ core (diameter: 47.6mm)throughthe lode sections to end of hole (EOH). Eastern Metals used areputable drilling contractor; DDH1Drilling with a truck mounted rig.
Drill samplerecovery	Method of recording and assessing core and chip sample recoveries andresults assessed.	Diamond drill core recoveries were recorded during drilling andreconciled during the core processing and geological logging. Corewas generally competent with some zones of broken core. There wasno significant drill core lost during drilling.

Criteria	JORC Code explanation	Commentary
	Measures taken to maximise sample recovery and ensurerepresentative nature of the samples	Diamond drill core is measured and marked after each drill run usingwooden blocks denoting the depth. Rig procedures are adjusted asnecessary including drilling rate, run length, bitand fluid pressure tomaintain sample integrity and to keep the profile of the hole as near aspossible to the planned dip and azimuth.
	Whether a relationship exists between sample recovery and grade andwhether sample biasmay have occurred due to preferential loss/gain offine/coarse material.	Laboratory analyses have been received and core loss was minimal.Care wastakentoavoid bias when sawing the mineralised zones.
Logging	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies.	Systematic geological logging hasbeenundertaken. Data collectedincludes:•Nature and extent of lithologies and alteration•Intervals, amount and mode of occurrence of metallicminerals such as pyrite, chalcopyrite, galena and sphalerite.•Location, extentand nature of structures such as bedding,cleavage, veins, faults etc•Geotechnical logging has yet to be completed.
	Whether logging is qualitative or quantitative in nature. Core (or costean,channel, etc) photography	Depending on the lithology being logged, drill core is logged as bothqualitative (discretional) and quantitative (volume percent sulphideminerals, quartz veining).Core wasphotographed wet and dry with onetray per image.
	The total length and percentage of the relevant intersections logged.	The entire hole was geologically logged from top to bottom (100%).Intervals with no recovery were noted as such but were generallyminor.
Subsamplingtechniquesand samplepreparation	If core, whether cut or sawn and whether quarter, half or all core taken	Core wasdispatched to a core processing facility where it wascutusing an automatic Almonte Core saw. The 1m intervalsof half-coresamplesweresubmitted for assay analysis. Where corewasincompetent due to being broken rock, representative samples werecollected along the axis of the core.
	If non-core, whether riffled, tube sampled, rotary split, etc and whethersampled wet or dry.	Not applicable –core drilling.
	For all sample types, the nature, quality and appropriateness of thesample preparation technique.	Drill core wascut in half along the length and the total half core wassubmitted as the sample. This procedure meets industry standardswhere 50% of the total sample taken from the diamond core issubmitted. All intervals weresubmitted for assaying. Sample weightswererecorded by the assay laboratory.
	Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.	No sub-sampling wascompleted by Eastern Metals. All sub-samplingof the prepared core wascompleted by the assay laboratory.

Criteria	JORC Code explanation	Commentary
	Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.	The retention of the remaining half-core is an important control as itallows assay values to be viewed against the actual geology; and,where required, further samples may be submitted for qualityassurance or petrography. Half core or duplicated samples has beenretainedby EasternMetals.
	Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	The sample sizes are appropriate to correctly represent themineralisation based on style of mineralisation
Quality ofassay dataandlaboratorytests	The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial ortotal.	The sample preparation and assaying methods used were selected byEastern Metals and were appropriate for the style and grade ofmineralisation. The techniques used for the 2022 assaying werecrushing and drying the entire submitted sample followed bypulverising and riffle splitting to provide a sub-sample for analysis bythe 35 element Aqua Regia ICP-AES method. High grade Cu, Pb andZn samples were re-analysed following a further Aqua Regia leach.Au analysis comprised a 30g Fire Assay with a low level AA finish.
	For geophysical tools, spectrometers, handheld XRF instruments, etc,the parameters used in determining the analysis including instrumentmake and model, reading times, calibrations factors applied and theirderivation, etc.	Magnetic susceptibility measurements wereperformedusing a handheld susceptibility meter at three repetitions within onemetreintervalson all core drilled.
	Nature of quality control procedures adopted (eg standards, blanks,duplicates, external laboratory checks) and whether acceptable levels ofaccuracy (ie lack of bias) and precision have been established.	Appropriate standards and blanks wereinserted into the samplestream. Duplicate samples are scheduled tobe forwarded to anindependent laboratory for check assaying.
Verificationof samplingand assaying	The verification of significant intersections by either independent oralternative company personnel.	The presence of massive sulphides has been confirmed byvisualinspection bythe senior project geologist and thePrincipal ConsultingGeologist via close-up core photographs.
	The use of twinned holes.	Nil.
	Documentation of primary data, data entry procedures, data verification,data storage (physical and electronic) protocols.	All data and logging wasrecorded directly into field laptops. Visual andnumerical validation was completed by theon-site geologists.
	Discuss any adjustment to assay data.	No adjustments to the assay data isrequired.
Location ofdata points	Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locations usedin Mineral Resource estimation.	A handheld Garmin GPSmap unit was used to site the hole collarpositionswith an averaged waypoint measurement accuracy of 1m.Completed hole collar positions have beenaccurately measured by aregistered land surveyor.Alignment of the drill rig was carried out using offset fore and back sitepegs and compass and confirmed with the down-hole survey tool.Down-hole surveys for dip and azimuth were carried out using an Axisgyroscopic survey instrument at down-hole intervals of 18m.
	Specification of the grid system used	Grid system used for the Home of Bullionproject is Geodetic Datum ofAustralia (GDA)94 Zone 53S.

Criteria	JORC Code explanation	Commentary
	Quality and adequacy of topographic control.	Topographic control with hand-held GPS and government 1:50,000scale topographic mapping is adequate for the project. DTM data hasbeen obtained from previous exploration company surveys.
Data spacinganddistribution	Data spacing for reporting of Exploration Results.	Drill holes in this program were designed to test for extensions to thezones of mineralisation outside of the previously reported (KidmanResources ASX release dated 29 July 2014) resource estimate. Bothholes HDD049AA and HDD049B were spaced approximately 206mand 98m respectively from the nearest previous drill hole andintersected mineralisation approximately 62m and 40m from the SouthEastern margin of the Kidman resource outline for the Lower MainLode. HDD053 was spaced approximately 130m from the nearestprevious drillhole and approximately 55m from the South Easternmargin of the Kidman resource outline for the Southern Lode. Coreblocks recordingthe depth are inserted at the end of each core run.
	Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and classificationsapplied.	Thespacing of drill holes HDD049AA and 049B wassufficient toenable the revised estimation of themineralresource for this sectionof theHome of Bullionmineral deposit.
	Whether sample compositing has been applied	Nosample compositing has been applied.
Orientationof data inrelation togeological	Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.	The inclined drill holesweredesigned to intersect the knownlithological and interpreted mineralisation as near as possible to aperpendicular orientation. The orientation of the drill holesachievedrelatively unbiased sampling.
structure	If the relationship between the drilling orientation and the orientation ofkey mineralised structuresis considered to have introduced a samplingbias, this should be assessed and reported if material.	The holesweredesigned to intercept perpendicular to geological unitsand mineralisation to best obtain near true widths.
Samplesecurity	The measures taken to ensure sample security.	Mineralised sections of core wereheld at an off-site location and whenbeing processedwere stored in secure storage. Unmineralisedsections of core remain at the Home of Bullion core yard located at theNeutral Junction station where historic core is also stored. Core trayscontaining the mineralisedsectionsofcorewerestrapped andwrapped in plastic securely to prevent loss, damage or theft andtransported by secure private roadtransportdirectly to Mining Industryand Mineral Exploration Field Services in Parkesfor core cutting andassay sample preparation. 'MIME' Field Services specialise in assaycutting and sampling procedures as part of their services to themineral exploration industry. Assay samples weredelivered directly tothe analytical laboratory by the EMS Senior Field Geologistvia utilityvehicle.

Criteria	JORC Code explanation	Commentary
Audits or	The results of any audits or reviews of sampling techniques and data.	No audits or review are warranted at this stage.
reviews

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, location and ownership includingagreements 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 ofthe tenure held at the time of reporting along with any knownimpediments to obtaining a licence to operate in the area.	EL23816Barrow Creek, which hosts the Homeof Bullion deposit, islocated 290 km northof Alice Springs in the Northern Territory. Thetenement is held by Eastern Metals Limited. Ground activity andsecurity of tenure are governed by the Northern Territorygovernment.An exclusion zone exists to the southwestof the Home of Bullionmine. The tenement has recently been renewed by the NTgovernment and is current to 14 April 2024.
Explorationdone by otherparties	Acknowledgment and appraisal of exploration by other parties.	•Ward (1925): The earliest available record on the Home ofBullionprospect is by the South Australian GovernmentGeologist (Ward, 1925) who examined the workings in Julyand September 1925.•Madigan (1934): The earliest detailed records of the minegeology, exploratory underground mine development, orereserves and mineral potential of the Home of Bullion copperdeposits are given by Madigan (1934). Commissioned byCentral Australian Silver, Lead & Copper Mining Company NL,he undertook a property examination on 21-24 August 1934.•Blanchard (1936): Blanchard (1936) inspected the property forthe Mt Isa Mines Limited (owned by American Smelting andRefining Company).He provides interesting details ontransportation, water supply and costs at that time, as well asvaluable information on the general geology, exploratoryunderground development and mineral potential.•Hossfeld (1937): The next currently available record of thegeneral geology, aerial photography, mine geology,underground workings, mineral potential, water supply and oretreatment of the Home of Bullion copper deposits is given byHossfeld (1937), as part of the investigations carried out bythe Geophysical Survey of Northern Australia.•Sullivan (1950): After a gap of 13 years the next availablereports on the Home of Bullion mine were those by Sullivan,Brittingham and Thomson in 1950.Sullivan briefly summarisedthe main features of the general geology, mine geology, mine

Section 2 Reporting of Exploration Results

Commentary
workings and mineral potential of the Home of Bullion copperdeposits.•Thomson (1950): Thomson (1950) undertook an eight dayfield examination, magnetometer survey and samplingassessment for Zinc Corporation Limited in May 1950.Hesummarised the main features of the general geology, minegeology, workings and production, mining operation andmineral potential of the Home of Bullion copper deposits.•Brittingham (1950): In a preliminary metallurgical report onflotation of the Home of Bullion mineralisation,Brittingham(1950) provides some interesting facts on previous exploratoryunderground mine development as well as on two completeddiamond drill holes.•Bell (1953, 1954): The Bureau of Mineral Resources' ResidentGeologist at Alice Springs (Bell, 1953) undertook anassessment of Home of Bullion mine.•Australian Geophysical (1965b): In 1965 a private company(Australian Geophysical PtyLtd.) undertook geophysicalsurveys (mainly induced polarisation) and soil sampling byshallow drilling over the Home of Bullion mine.•Drown (1992): Aberfoyle Resources Limited examined theabandoned Homeof Bullion in 1992 to assess the regionalpotential of EL 6910 which surrounded the MLC's covering theold mine workings.•Goldstake Exploration Inc. (2001-2012): Goldstake undertookan initial diamond drilling programin June-August 2006.Itcomprised 15 drill holes totaling 1,406m on both thenorthernand southern groups of lodes.Seven of the drill holes failed tointersect the targeted lodes
•Kidman Resources (2012-2019): Kidman Resources drilled atotal of 116 holesat the Home of Bullion site on both the Mainand Southern Lodes. SRK Consulting completed a ResourceEstimate on Home of Bullion in 2014of 2.5MT @ 1.8% Cu,2% Zn, 36 g/t Ag, 1.2 % Pb,0.14 g/t Au at 0.5% CuEq cutoff.

Criteria	JORC Code explanation	Commentary
		Details of this resource estimate arecontained in the KidmanResources ASX release dated 29 July 2014•Wesfarmers (2019-2020): Wesfarmers did not complete anyexploration activity during their ownership of the tenementassociated with Home of Bullion.
Geology	Deposit type, geological setting and style of mineralisation.
		•The Barrow Creek Project lieson the SW margin of the LateProterozoic toPalaeozoic Georgina Basin.Block faultingduring the Tertiary has produced a number of small nonmarine basins in central Australia. Also preserved are relics ofa Tertiary silicified land surface. A thin Quaternary veneer ofsoil, sand and gravel covers most of the lowland area in theregion. The sulphide mineralisation appears to be VMS inorigin with a large structural control on zones of higher grade.
Drill holeInformation	A summary of all information material to the understanding of theexploration results including a tabulation of the following information for	This information was included in theEMS ASX Release dated 26October 2022.
	all Material drill holes:easting and northing of the drill hole collar
	•elevation or RL (Reduced Level –elevation above sea level in•metres) of the drill hole collar
	dip and azimuth of the hole•down hole length and interception depth•
	hole length.•
	If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract from theunderstanding of the report, the Competent Person should clearlyexplain why this is the case.	Not applicableas the information has been disclosed previously. Seecomment above.
Dataaggregation	In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of high grades)	Length weighting of individual samples was used to obtain the meangrades for Hole HDD049B. Only one individual sample result was
methods	and cut-off grades are usually Material and should be stated.	reported for Hole HDD049AA. No cutting of high grades was done andall mineralised core was sampled. Details of these results arecontained in the EMS ASX release dated 26th October 2022.
	Where aggregate intercepts incorporate short lengths of high-graderesults and longer lengths of low-graderesults, the procedure used for	See above paragraph.
	such aggregation should be stated and some typical examples of such
	aggregations should be shown in detail

Criteria	JORC Code explanation	Commentary
	The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.	No metalequivalents wereused in reporting of the resultsfor HolesHDD049AA and HDD049B. Metal equivalents as described in thebody of the announcement were used by SRK as part of the resourceestimate.
Relationshipbetween	These relationships are particularly important in the reporting ofExploration Results.
mineralisationwidths andinterceptlengths	If the geometry of the mineralisation with respect to the drill hole angle isknown, its nature should be reported.	Drill hole azimuths for the EMS holes were between193and 201TrueNorthMGA 94 Z53to the southwest.The targeted mineral zone issteeply dippingand plunges to the northeast. The holesweredesigned to intersectperpendicular to the mineralisation to best gainnear true widths.
	If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (eg 'down hole length, truewidth not known').	Intersections of sulphide mineralisationpreviously reported byEMSare down hole lengths. Based on the known geology and orientation ofthe drill hole true widths are estimated at 80% ofthese down holelengths.
Diagrams	Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views	See figures 1,3, 4, and 5in the body of the report.
Othersubstantiveexplorationdata	Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics; potential deleteriousor contaminating substances.	Other exploration data are discussed in the body of the report.
Further work	The nature and scale of planned further work (eg tests for lateralextensions or depth extensions or large-scale step-out drilling).	Further step-out inclined diamond holes are intendedfor this project.
	Diagrams clearly highlighting the areas of possible extensions, includingthe main geological interpretations and future drilling areas, providedthis information is not commercially sensitive.	Detailed planning of future drilling will be carried out incorporating theresults of the EMSdrilling program and the SRK resource estimatereported here.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	•Measures taken to ensure that data has not been corruptedby, for example, transcription or keying errors, between itsinitial collection and its use for Mineral Resource estimationpurposes.•Data validation procedures used.	•Four new drill holes (HDD049AA, HDD049AAA, HDD049Band HDD053) have been appended to the 2014 databaseused in the previous estimation. These holes have beenchecked for missing intervals, overlapping intervals,duplicated intervals, out of range assays, and collarposition.•The 2014 database was managed by an external databasemanagement company that regularly updated and checkedthe data integrity. SRK checked for but found no databaseintegrity errors upon import of the data into its software(missing intervals, overlapping intervals, duplicatedintervals, out of range assays, etc.).•Limited spot checks were carried out on 2014 datacomparing original laboratory assay reports with thedatabase and no errors were found.
Site visits	•Comment on any site visits undertaken by the CompetentPerson and the outcome of those visits.•If no site visits have been undertaken indicate why this isthe case.	•SRK has not completed a site visit. There is sufficientevidence from current publicly released exploration results,current core photography, historical reports, anddiscussions with staff from current and previous ownerswho have been on site for SRK to be satisfied with thephysical existence of thedeposit. A site visit would not haveadded any relevant knowledge that could not have beengained from review of existing data and reports and fromdiscussion with staff.
Geological interpretation	•Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.•Nature of the data used and of any assumptions made.•The effect, if any, of alternative interpretations on MineralResource estimation.•The use of geology in guiding and controlling MineralResource estimation.•The factors affecting continuity both of grade and geology.	•The geological interpretation is based primarily onexamination of the copper grades with reference also to thezinc, silver, lead and gold grades. Lithology logging wascompared to grades and is also used where the choice ofexact lode boundary position isnot clear from the grades.•In most cases there is a sharp drop in copper grade around0.5% Cu, that has been used to define the footwall andhanging wall boundaries used for volumetric modelling.Limited exception has been made to retain geologicalcontinuity.

Criteria	JORC Code explanation	Commentary
		•The deposit comprises two primary, discrete, steeplydipping lodes named the Main Lode and the South Lode.•Most intercepts within the lodes form a single coherentinterval. The lodes do show signs of breaking up at a depthof around 500 m below surface.•A clear discontinuity in the Main Lode grade and geometryoccurs at around 200 m from surface. Main Lode is splitinto two lodes, named Upper and Lower.•The South Lode footwall contains significant intervals oflow-grade mineralisation and this zone has also beendefined volumetrically as a separate unit (South FWLG).The South low-grade hanging wall being the same as theSouth Lode footwall. The South low-grade footwall wasdefined using copper grades >0.1% Cu in conjunction withelevated zinc, silver and lead grades.•Confidence in the continuity of the geological formation ishigh, with all holes intercepting the modelled formationcontaining significant grade at varying thicknesses.•A minimum downhole thickness of 2m was imposed on themodelling process, however, the mineralised intervals of allbut a few holes exceeded this.
Dimensions	•The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), plan width,and depth below surface to the upper and lower limits of theMineral Resource.	•The Main Lode outcrops at surface and is approximately160 m in length at surface along strike. Approximateaverage true thickness is 4 m. It is formed by two sections,upper and lower with the upper terminating approximately200 m below surface. There is around a 20 m vertical gapbefore the Main lower unit starts and the Main lower unitterminates at approximately 500 m below surface.•The SouthLode outcrops at surface and has a surfacestrike length of around 220 m. Approximate average truethickness is 3 m. The strike length reduces with depth andthe lode terminates at approximately 500m below surface.
Estimation and modellingtechniques	•The nature and appropriateness of the estimationtechnique(s) applied and key assumptions, includingtreatment of extreme grade values, domaining, interpolationparameters and maximum distance of extrapolation fromdata points. If a computer assisted estimation method was	•The estimation was calculated using ordinary kriging intothree domains, Main, South and South FWLG.•Copper, zinc, silver, lead, gold and cobalt were estimated.•Oxide and Fresh material was estimated in the same passutilising a soft boundary between the weathering state

Criteria	JORC Code explanation	Commentary
	chosen, include a description of computer software andparameters used.•The availability of check estimates, previous estimatesand/or mine production records and whether the MineralResource estimate takes appropriate account of such data.•The assumptions made regarding recovery of by-products.•Estimation of deleterious elements or other non-gradevariables of economic significance (e.g. sulphur for acidmine drainage characterisation).•In the case of block model interpolation, the block size inrelation to the average sample spacing and the searchemployed.•Any assumptions behind modelling of selective miningunits.•Any assumptions about correlation between variables.•Description of how the geological interpretation was used tocontrol the resource estimates.•Discussion of basis for using or not using grade cutting orcapping.•The process of validation, the checking process used, thecomparison of model data to drillhole data, and use ofreconciliation data if available.	volumes so that block grades were allowed to be influencedby sample grades in both weathered and fresh material.•Variography was completed on the copper only as this isthe major economic element. Trial modelling of zinc andsilver experimental variograms showed similar ranges andstructure to copper. A Gaussian transform was used toenable variogram modelling, together with a subsequentback transform of the variogram model. All elements werethen estimated with the same variogram model. Thevariogram model showed a relative nugget of 5% with aninitial structure at around 35 m and a final range of around80 m.•The two lodes have slightly different geochemistry, with anotable absence of gold in the South Lode.•Co-kriging was not used, however where correlations existbetween elements these are maintained by utilising thesame search parameters for all elements.•In the Main Lode copper is strongly correlated with silver,gold and cobalt, while zinc and lead are still positivelycorrelated with copper but to a lesser extent.•In the South Lode, copper is strongly correlated with silverand lead and to a lesser extent with zinc and cobalt.•Block size was 20m x 5m x 20 m (X, Y, Z) using subcelling down to 0.5m to generate an accurate volume.•No top-cutting or grade capping has been used as therewere no significant outliers for any of the elementsestimated.•Model validation included visual inspection in 3D ofwireframes and estimated block grades, comparison ofsample and block statistics, examination of estimationquality parameters, and comparison of wireframe volumeswith block volumes. In addition, representative sectionalvalidation graphs or swath plots have been created tocompare the estimated grades to the mean of the clusteredand declustered input grades within block model slices(bins) on Easting, Northing and Reduced Level (RL).

Criteria	JORC Code explanation	Commentary
Moisture	•Whether the tonnages are estimated on a dry basis or withnatural moisture, and the method of determination of themoisture content.	•Dry tonnages are estimated.
Cut-off parameters	•The basis of the adopted cut-off grade(s) or qualityparameters applied.	•All lodes have been reported at 0.5% Cu equivalent(CuEq6)•CuEq6, as well as the six estimated elements, are reported.CuEq6 has been calculated from the block estimates on ablock by block basis.•Copper equivalent is calculated as follows:CuEq6=Cu+(Zn0.25)+(Ag83.49)+(Au5904)+(Pb0.19)+(Co*4.29) (all elements in ppm)•This calculation is based on the following assumed metalprices and recoverieswhich have been provided by EMS
		MetalPricesUnitsRecoveries
		Cu8,900US$/t0.9
		Zn3,300US$/t0.6
		Ag26US$/troy oz0.8
		Au1,850US$/troy oz0.8
		Pb2,500US$/t0.6
		Co57,300US$/t0.6
		•A cut-off grade of 0.5% CuEq6 is consistent with othercomparable copper deposits and can be demonstrated tobe break even for base processing costs at approximatelyUS$45/t ore. (Cut off (%) = processing cost / (recovery *price [per % unit]).e.g. –0.5 = 45 / (0.9 * 100)
Mining factors orassumptions	•Assumptions made regarding possible mining methods,minimum mining dimensions and internal (or, if applicable,external) mining dilution. It is always necessary as part ofthe process of determining reasonable prospects foreventual economic extraction to consider potential miningmethods, but the assumptions made regarding miningmethods and parameters when estimating MineralResources may not always be rigorous. Where this is thecase, this should be reported with an explanation of thebasis of the mining assumptions made.	•The model is not designed for detailed mine planningpurposes but for global grade and tonnage scoping levelstudies.•It is assumed that open cut methods may be appropriatefor the portion of the deposit within 100m of surface andthat underground mining methods could be used for theremainder.

Criteria	JORC Code explanation	Commentary
		•A minimum downhole thickness of 2 m was imposed onthe modelling process; however, the mineralised intervalof all but a few holes exceeded this.•Scoping level pit optimisation trials completed in 2014were done on preliminary models using current cost andprice parameters and these indicated operational cashflow positive pits (exclusive of capital costs) could beachieved within the top 100 m of the deposit. The resultsof the 2014 pit optimisations are considered appropriatefor application to this Mineral Resource.•Historical reports indicate small scale oxide mining duringthe 1940s where ore was hand selected. Shafts anddrives were mined but exact tonnages are not known. Nosignificant voids were encountered during the moderndrilling campaigns. Any tonnages removed by pastmining activities are assumed to be insignificant for thepurpose of this Mineral Resource.
Metallurgical factors orassumptions	•The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary as partof the process of determining reasonable prospects foreventual economic extraction to consider potentialmetallurgical methods, but the assumptions regardingmetallurgical treatment processes and parameters madewhen reporting Mineral Resources may not always berigorous. Where this is the case, this should be reportedwith an explanation of the basis of the metallurgicalassumptions made.	•Recoveries used for Cueqcalculations are assumed fromSRK's experience with similar deposits.•Preliminary metallurgical testing (2013) has beencompleted by ALS on two small composites each fromtwo holes. This showed:1. Good copper flotation yielding good grades and highrecovery for both lodes.2. Further testwork required to improve zinc and leadrecoveries.3. Significant differences in mineralogy between the Main andSouth lodes with the Main Lode containing abundant magnetiteand only minor pyrite while the South Lode contains only minormagnetite but significant pyrite.

Criteria	JORC Code explanation	Commentary
Environmental factors orassumptions	•Assumptions made regarding possible waste andprocess residue disposal options. It is always necessaryas part of the process of determining reasonableprospects for eventual economic extraction to considerthe potential environmental impacts of the mining andprocessing operation. While at this stage thedetermination of potential environmental impacts,particularly for a greenfields project, may not always bewell advanced, the status of early consideration of thesepotential environmental impacts should be reported.Where these aspects have not been considered thisshould be reported with an explanation of theenvironmental assumptions made.	•No environmental studies onmining aspects have beencompleted to date.
Bulk density	•Whether assumed or determined. If assumed, the basisfor the assumptions. If determined, the method used,whether wet or dry, the frequency of the measurements,the nature, size and representativeness of the samples.•The bulk density for bulk material musthave beenmeasured by methods that adequately account for voidspaces (vugs, porosity, etc.), moisture and differencesbetween rock and alteration zones within the deposit.•Discuss assumptions for bulk density estimates used inthe evaluation process of the different materials.	•Bulk density measurements were made on specificallytargeted mineralised intercepts. These are considered tobe representative of the majority of the modelledmineralisation.•The weight in water/weight in air method was used,utilising a wire cradle to contain all fragments ofmeasured intervals from half NQ core.•A total of 247 individual measurements were made onintervals of an average 0.24m length, totaling59.4 m ofresource material.•Average dry bulk densities for six different densitydomains were applied with values ranging between 2.67g/cm3in the oxide to 4.23 g/cm3for the lower maindensity domain.

Criteria	JORC Code explanation	Commentary
Classification	•The basis for the classification of the Mineral Resourcesinto varying confidence categories.•Whether appropriate account has been taken of allrelevant factors (i.e. relative confidence in tonnage/gradeestimations, reliability of input data, confidence incontinuity of geology and metal values, quality, quantityand distribution of the data).•Whether theresult appropriately reflects the CompetentPerson's view of the deposit.	•No issues were identified with the recovery, drilling orsampling procedures or with the assay quality assuranceand quality control checks (duplicates repeats, blanksetc.).•Bulk density determinations are reasonablycomprehensive and well spread across the lodes.•Drill spacing of 20–40 m in the Main upper domain isgenerally less thanhalfthat of the variogram range.•Drill spacing in the upper portion of the South is around40–80m with larger down-dip spacing compared to theMain.•Drill spacing in the lower Main and the lower portion ofthe South is limited to one or two holes along strike.•Continuity of the thickness of the South FWLG is poor.•Both Main Lode and South Lode mineralisation show atendency to disseminate and drop in grade at depthsbeyond 400 m from surface.•The majority of the deposit has been classified asInferred due to the lack of confidence in the grade andgeological continuity and extrapolation at depth.•The Upper Main Oxide and Fresh have been classifiedas Indicated due to the tighter drill spacing and theexistence of drilling that minimises extrapolation alongthe strike and depth extents.
Audits or reviews	•The results of any audits or reviews of Mineral Resourceestimates.	•The Mineral Resource estimate has been internally peerreviewed by SRK and compared to the 2014 estimation.
Discussion of relativeaccuracy/confidence	•Where appropriate, a statement of the relative accuracyand confidence levelin the Mineral Resource estimateusing an approach or procedure deemed appropriate bythe Competent Person. For example, the application ofstatistical or geostatistical procedures to quantify therelative accuracy of the resource within stated confidencelimits, or, if such an approach is not deemed appropriate,a qualitative discussion of the factors that could affect therelative accuracy and confidence of the estimate.•The statement should specify whether it relates to globalor local estimates, and, if local, state the relevanttonnages, which should be relevant to technical and	•The model is not designed for detailed mine planningpurposes but for global grade and tonnage scoping levelstudies.•Estimation quality parameters, such as the kriging slopeof regression, are used to assess the relative accuracy oflocal block estimates. The closer the kriging slope ofregression is to 1 the better the local block estimate.However, this does not mean that the global grade andtonnage curves are correct as local accuracy and globalblock distribution accuracy are conflicting aspirations.

Criteria	JORC Code explanation	Commentary
	economic evaluation. Documentation should includeassumptions made and the procedures used.•These statements of relative accuracy and confidence ofthe estimate should be compared with production data,where available.	•The average kriging slope of regression for the Indicatedmaterial is 0.58. The average for the Inferred material is0.31•There has been no modern mining of the deposit.