RAREX LIMITED — Capital/Financing Update 2017

Jun 14, 2017

ASX / MEDIA ANNOUNCEMENT 15 June 2017

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Clancy Exploration Limited Phone:(08) 6143 6720
Suite 23, 513 Hay Street
Subiaco WA 6008 www.clancyexploration.com
Australia info@clancyexploration.com
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ACQUISITION OF LEOGANG HIGH GRADE COBALTNICKEL-COPPER SULPHIDE PROJECT, AUSTRIA

Highlights:

• High grade cobalt-nickel-copper rock chip sampling includes: o Nockelberg Historical Mine

  • Sample 1: 3.9% Co, 1.55% Ni & 2.19% Cu

  • Sample 2: 3.6% Co & 4.38% Cu

  • Sample 3: 1.95% Co, 2.35% Ni & 3.59% Cu

  • Sample 4: 2.75% Co, 2.36% Ni & 3.19% Cu

  • Sample 5: 4.65% Co, 3.14% Ni & 12.7% Cu

• Leogang Historical Mine

  • Sample 6: 11.67% Co, 6.52% Ni & 3.82% Cu

  • Sample 7: 15.76% Co, 8.12% Ni & 4.91% Cu

• Cobalt-nickel sulphide mineralisation hosted in gersdorffite (NiAsS) and smaltite ((Co, Fe, Ni) As2)

• Substantial ground holding covering 80km[2] secured

• No modern exploration completed to date

• London listed Cadence Minerals Plc has a 14-day exclusive and binding option to acquire a 10% of the assets for A$500,000 and an option to increase its interest a further 10% for a further A$1.0 million.

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Figure 1: Leogang Historical Underground Cobalt-Nickel Mine

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Clancy Exploration Limited (ASX: CLY) is pleased to advise that it has been granted exploration licences covering approximately 80km[2] in the Salzburg and Kitzbuhel regions of western Austria. The licences incorporate the historical and highly prospective Leogang Cobalt-Nickel Sulphide Project (the Project).

Clancy have also signed a binding Term Sheet, subject to a short 14-day due diligence period, with London listed Cadence Minerals Plc (“Cadence”) (AIM: KDNC), to acquire an initial 10% interest the Project for the consideration of approximately 74 million Cadence shares (value of A$500,000) with a six-month option to increase its interest in the Project for an additional A$1 million in either cash or Cadence shares at Cadence’s election. Full details are shown below. Cadence specialises in investing in the key metals associated with the energy storage sector and is also European Metals Holdings (ASX: EMH) largest shareholder.

This acquisition delivers an exciting land position (80km[2] ) in the prospective dolomite belt in western Austria, with exploration targets generated on several historical cobalt-nickel mines.

• Nickel and cobalt were mined in the region from the mid-16[th] century when Leogang was famed for the richness of its cobalt and nickel mineralisation;

• Mining peaked in the late 1700’s but the market fell away after the Napoleonic Wars;

• Licences have been targeted to cover each historical mine and further extensions of the host dolomitic mineralisation; and

• Airborne magnetic survey to be flown this year.

Leogang Project Overview:

The historical Leogang cobalt mines are located within the mining friendly but environmentally sensitive jurisdiction of Austria in central Europe. Suitable infrastructure is widespread and particularly well established. These polymetallic mines were operated mainly in the 16th and 17th centuries, and sporadically until the first half of the 20th century. The mines consequently lack documentation on the historical production and grades. At the end of the 16th century, they were famous in Europe for their production of cobalt.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

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Figure 2: Nockelberg Mine Plan (Adapted from Haditsch & Mostler, 1970) Centred on 325286mE, 5255872mN UTM WGS84

Old workings and mineralised outcrops extend over 2 km strike, and early documents refer to other mine workings and mineralisation occurrences in the region. No modern exploration has been carried out.

The initial exploration program will comprise an airborne geophysical survey, detailed geological mapping and geochemical sampling: all will have minimal impact on the local community and involve no ground disturbance. Survey quotes have been received for a program to cover the entire 80km[2] . The quotes include mobilisation and demobilisation, data acquisition, data processing and reporting and are approximately A$250,000.

Location and access:

The former mines of Leogang exist in the community of Hutten, some 75 km south of Salzburg.

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Clancy Exploration Limited (ASX: CLY)
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Figure 3: Regional Location Plan of Leogang Project

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Figure 4: Location Plan Leogang Project (Gauss-Kruger Projection)

Historical background:

The recovery of stone and bronze miner’s hammers by archaeologists at Leogang supports mining in Prehistoric times. However, documented mining began in 1550 with the first map of Schwarzleo dated 1671. Nickel and cobalt ore at Nockelberg were mined from the 17[th] Century, and three maps displaying mining activity are dated 1761, 1790 and 1794. At the end of the 16[th] Century, Leogang was known and famous in Europe for its richness in cobalt and nickel ores. The mined cobalt was utilised for the preparation of blue colours, but the market sank after the Napoleonic Wars and the Nockelberg mine came to a standstill by the end of the 18[th] Century. During the 19[th] Century, sporadic mining was performed between 1852-1860 and

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

1871-1885, and again but to a lesser extent in the first half of the 20[th] Century. Part of the former Leogang mines is now a regional mining museum.

Geology:

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Figure 5: Leogang geological cross-sections (Adapted from Haditsch & Mostler, 1970)

Austria covers an area of some 84,000 km[2] in central Europe, with E-W and N-S extensions of 550 km and 300 km, respectively. The Eastern Alps and the Danube River are the most prominent features of the Austrian landscape. The Bohemian Massif occupies the northern part of the country. To the south, are the Molasse, Helvetic and Penninic Zones. Further south, the Austro-Alpine Unit underlies the most mountainous parts of Austria and comprises the Central Zone of the Eastern Alps and the Northern Calcareous Alps where the Leogang project is located. The polymetallic mineralization is hosted within upper Silurian to middle Devonian aged dolomites.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Mineralisation:

The mineralisation is hosted almost exclusively by dolomite, and is often associated with over thrusting where the dolomite failed during faulting promoting the circulation of hydrothermal fluids. The mineralisation is of three main types:

• Quite intense and strong when overthrust related.

• Rather low when associated with shear zones.

• Rather low when related to small faults or stratification.

Mineralisation was mined in three main areas: Inschlagalm, Nockelberg and Schwarzleo.

Historical Production:

Past production records for the area are scarce. Those that have been obtained from the Schwarzleo mining museum are shown as follows:

Historical Mine	Easting UTM	Northing UTM	Production Period	Production
Nockelberg	324,875	5,255,750	1872-1877	60 tonnes of ingot at 22.2% Ni, 11.0% Co, 3% Cu
			1871-1872	650 tonnes of ore at 3-6% Ni-Co.

Note: Coordinates provided are in UTM WGS84 Projection.

High grade rock chip samples reported include (Haditsch & Mostler, 1970):

Mine	Easting UTM	Northing UTM	Sample	Co%	Ni%	Cu%	Reference
Nockelberg	324,875	5,255,750	1	3.9	1.55	2.19	Haditsch & Mostler, 1970
			2	3.6	-	4.38
			3	1.95	2.35	3.59
			4	2.75	2.36	3.19
			5	4.65	3.14	12.7
Schwarzleo	324,800	5,254,950	6	11.67	6.52	3.82	Haditsch & Mostler, 1970
			7	15.76	8.12	4.91

Note: Coordinates provided are in UTM WGS84 Projection.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Tenure:

The basis of Austria’s mining law is the Mineralrohstoffgesetz (MinroG) (Federal Law BGBl. I no. 38/1999) which came into effect in 1999. As of the end of 2012, the MinroG had been amended by several Federal Laws. The MinroG applies to the exploration for, production of, and processing of minerals in the country.

Three environmental laws are directly applicable to mining and other mineral production and processing operations in the country.

According to the MinroG, Austrian mineral resources are divided into three main categories:

• Bergfreie - For resources in this category, the holder of the mining license has ownership of those minerals in the deposit for which the holder has a license to mine. The mineral raw materials in this category are metallic ores; oil shale; and many industrial minerals.

• Bundeseigene - The resources in this category are state owned, no matter who is awarded a license to extract and produce them. Mineral fuels, such as oil and natural gas, and related materials, such as uranium, are included under this classification.

• Grundeigene - The resources in this category are owned by the owner of the land. They include the stone, sand, and gravel not included in the first category and feldspar.

In late 2012, the Government founded an “Austrian Raw Materials Alliance” to ensure a secure supply of raw materials for the country in the long-term future.

Clancy has been granted exploration licences (Schurfberechtigung) over the relevant area. Exploration licences grant the holder the exclusive licence to explore and are valid for five calendar years (including the year of application) and can be extended for a further five years if the exploration program has been carried out according to a program approved by the mining authorities. However, the right to conduct mining operations are not included in an exploration licence. For these activities a mining licence (“Bergwerksberechtigung”) has to be obtained which is a separate legal process.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

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Figure 6: Leogang Tenement Map

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Figure 7: Kitzbuhel Tenement Map

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Commercial:

A finder’s fee of $10,000 cash based consideration and a further 6,666,667 fully paid ordinary shares was paid to secure the Leogang Project. In addition, in the event that Clancy elects to mine the Leogang Project a further $300,000 will be payable to the Finder, in a mix of cash and shares.

The Company has issued 40 million unquoted options to advisors in relation to the acquisition of the Leogang Project and the partial divestment. For further details refer to the Appendix 3B to follow.

Cadence Minerals Plc Transaction Terms:

The Parties agree that Clancy will sell to Cadence and Cadence will acquire, subject to a 14-day due diligence period, 10% of the legal and beneficial interest in the Project Tenements (10% Acquisition). The consideration payable by Cadence to Clancy for the 10% Acquisition is $500,000 (10% Acquisition Consideration). The 10% Acquisition Consideration must be satisfied by the issue of 73,750,000 fully paid ordinary shares in Cadence (Cadence Shares) to Clancy (or its nominee).

Subject to completion of the 10% Acquisition, Clancy grants Cadence an exclusive option to acquire a further 10% of the legal and beneficial interest in the Project Tenements (Option). The Option can be exercised at any time up to and including the date that is 6 months from completion of the 10% Acquisition by Cadence giving written notice to Clancy (Option Notice). The consideration payable by Cadence upon exercise of the Option is $1,000,000 (Option Consideration).

The Option Consideration is to be satisfied by (at the sole discretion of KDNC):

• (i) the payment by Cadence of cash to Clancy (or its nominee); or

• (ii) the issue of Cadence Shares to Clancy (or its nominee); or

• (iii) any combination of cash or Cadence Shares.

Any Cadence Shares issued as part or all of the Option Consideration must be issued at a deemed issue price equal to the volume weighted average price of Cadence Shares for the 30-day period ending on the date that Cadence gives the Option Notice.

Please direct enquiries to:

Evan Cranston Non-executive Director Phone: +61 8 6143 6720 Email: info@clancyexploration.com Web: www.clancyexploration.com

About Clancy Exploration

Clancy Exploration (ASX: CLY) is an Australian-based minerals explorer. The Company’s portfolio consists of copper-gold projects in the Lachlan Fold Belt of NSW where Clancy has 5 wholly owned and managed projects and a joint venture project with Alkane Resources Ltd (ASX: ALK). In addition, Clancy has recently acquired the

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Leogang Cobalt-Nickel-Copper Project located in Austria and is in the process of devising a field based exploration program to be completed.

Details of Clancy’s projects can be found at the Company's website: www.clancyexploration.com.

Disclaimer

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Competent Persons Statement

The information in this announcement that relates to the historical Exploration Results is based on information compiled and fairly represented by Jonathan King, who is a Member of the Australian Institute of Geoscientists and a consultant to Clancy Exploration Ltd. Mr King has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr King consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Appendix 1: Tenement Schedule 1 Leogang Project

Designation	Reference Meridian	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
49/17/S (CLY-LEOG- 001)	M 31	-47.949,45	5.255.194,95	Schwarzleo	Sonnberg
50/17/S (CLY-LEOG- 002)	M 31	-48.648,10	5.255.198,14	Schwarzleo
51/17/S (CLY-LEOG- 003)	M 31	-48.300,37	5.255.801,08	Schwarzleo
52/17/S (CLY-LEOG- 004)	M 31	-48.297,18	5.254.598,39	Schwarzleo
53/17/S (CLY-LEOG- 005)	M 31	-48.999,02	5.254.598,39	Schwarzleo
54/17/S (CLY-LEOG- 006)	M 31	-48.644,91	5.253.995,45	Schwarzleo
55/17/S (CLY-LEOG- 007)	M 31	-49.349,93	5.253.995,45	Schwarzleo
56/17/S (CLY-LEOG- 008)	M 31	-47.598,54	5.255.801,08	Schwarzleo	Sonnberg, Pirzbichl
57/17/S (CLY-LEOG- 009)	M 31	-48.999,02	5.255.797,89	Schwarzleo	Grießen
58/17/S (CLY-LEOG- 010)	M 31	-49.698,06	5.255.794,71	Schwarzleo	Grießen
59/17/S (CLY-LEOG- 011)	M 31	-49.348,40	5.255.197,62	Schwarzleo
60/17/S (CLY-LEOG- 012)	M 31	-49.693,80	5.254.599,97	Schwarzleo
61/17/S (CLY-LEOG- 013)	M 31	-50.046,95	5.255.201,50	Schwarzleo	Grießen
62/17/S (CLY-LEOG- 014)	M 31	-50.050,42	5.254.001,55	Schwarzleo
63/17/S (CLY-LEOG- 015)	M 31	-50.393,99	5.254.596,68	Schwarzleo
64/17/S (CLY-LEOG- 016)	M 31	-50.400,13	5.255.799,19	Schwarzleo	Grießen
65/17/S (CLY-LEOG- 017)	M 31	-50.755,97	5.255.191,80	Schwarzleo	Grießen
66/17/S (CLY-LEOG- 018)	M 31	-50.749,84	5.254.001,56	Schwarzleo
67/17/S (CLY-LEOG- 019)	M 31	-51.093,42	5.254.596,68	Schwarzleo
68/17/S (CLY-LEOG- 020)	M 31	-51.093,42	5.255.793,06	Grießen
69/17/S (CLY-LEOG- 021)	M 31	-51.449,26	5.254.001,56	Schwarzleo
70/17/S (CLY-LEOG- 022)	M 31	-51.449,26	5.255.191,79	Schwarzleo	Grießen
71/17/S (CLY-LEOG- 023)	M 31	-51.798,97	5.255.793,05	Grießen
72/17/S (CLY-LEOG- 024)	M 31	-51.798,98	5.254.596,67	Schwarzleo

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Designation	Reference Meridian	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
73/17/S (CLY-LEOG-025)	M 31	-52.142,55	5.255.197,93	Schwarzleo	Grießen
74/17/S (CLY-LEOG-026)	M 31	-52.498,40	5.255.799,19	Grießen	Hoch filzen
75/17/S (CLY-LEOG-027)	M 31	-51.099,55	5.253.400,30	Schwarzleo
76/17/S (CLY-LEOG-028)	M 31	-51.792,84	5.253.394,16	Schwarzleo
77/17/S (CLY-LEOG-029)	M 31	-52.142,55	5.254.001,56	Schwarzleo
78/17/S (CLY-LEOG-030)	M 31	-52.492,26	5.254.596,68	Schwarzleo
79/17/S (CLY-LEOG-031)	M 31	-52.492,26	5.253.394,16	Schwarzleo	Saalbach
80/17/S (CLY-LEOG-032)	M 31	-52.841,97	5.254.001,55	Schwarzleo	Saalbach
81/17/S (CLY-LEOG-033)	M 31	-52.848,10	5.255.197,93	Schwarzleo	Grießen, Hoch filzen, Fieberbrunn
82/17/S (CLY-LEOG-034)	M 31	-53.203,95	5.253.400,29	Schwarzleo	Saalbach
83/17/S (CLY-LEOG-035)	M 31	-53.191,68	5.254.596,68	Schwarzleo	Fieberbrunn
84/17/S (CLY-LEOG-036)	M 31	-53.547,53	5.254.001,56	Schwarzleo	Fieberbrunn, Saalbach
85/17/S (CLY-LEOG-037)	M 31	-53.541,39	5.255.191,80	Fieberbrunn
86/17/S (CLY-LEOG-038)	M 31	-53.205,07	5.255.798,61	Fieberbrunn	Hoch filzen
87/17/S (CLY-LEOG-039)	M 31	-53.900,65	5.254.602,23	Fieberbrunn
88/17/S (CLY-LEOG-040)	M 31	-54.253,07	5.255.195,78	Fieberbrunn
89/17/S (CLY-LEOG-041)	M 31	-53.890,53	5.255.792,75	Fieberbrunn
90/17/S (CLY-LEOG-042)	M 31	-53.897,23	5.253.400,97	Fieberbrunn	Saalbach
91/17/S (CLY-LEOG-043)	M 31	-54.252,31	5.253.997,24	Fieberbrunn
92/17/S (CLY-LEOG-044)	M 31	-54.593,99	5.254.600,21	Fieberbrunn
93/17/S (CLY-LEOG-045)	M 31	-54.593,99	5.255.799,44	Fieberbrunn
94/17/S (CLY-LEOG-046)	M 31	-54.942,37	5.253.990,54	Fieberbrunn
95/17/S (CLY-LEOG-047)	M 31	-54.600,69	5.253.400,97	Fieberbrunn	Saalbach

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Designation	Reference Meridian	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
96/17/S (CLY-LEOG-048)	M 31	-54.949,08	5.255.203,18	Fieberbrunn
97/17/S (CLY-LEOG-049)	M 31	-55.290,75	5.254.600,21	Fieberbrunn
98/17/S (CLY-LEOG-050)	M 31	-55.290,76	5.255.799,44	Fieberbrunn
99/17/S (CLY-LEOG-051)	M 31	-55.297,46	5.253.400,97	Fieberbrunn	Saalbach
100/17/S (CLY-LEOG-052)	M 31	-55.652,54	5.253.997,24	Fieberbrunn
101/17/S (CLY-LEOG-053)	M 31	-55.652,54	5.255.196,48	Fieberbrunn
102/17/S (CLY-LEOG-054)	M 31	-55.994,22	5.254.600,21	Fieberbrunn
103/17/S (CLY-LEOG-055)	M 31	-56.000,92	5.253.400,97	Fieberbrunn
104/17/S (CLY-LEOG-056)	M 31	-56.000,92	5.255.799,45	Fieberbrunn
105/17/S (CLY-LEOG-057)	M 31	-56.349,30	5.255.203,18	Fieberbrunn
106/17/S (CLY-LEOG-058)	M 31	-55.659,24	5.256.402,41	Fieberbrunn
107/17/S (CLY-LEOG-059)	M 31	-54.949,07	5.256.395,71	Fieberbrunn
108/17/S (CLY-LEOG-060)	M 31	-56.342,60	5.256.395,71	Fieberbrunn
109/17/S (CLY-LEOG-061)	M 31	-56.690,98	5.255.792,75	Fieberbrunn
110/17/S (CLY-LEOG-062)	M 31	-56.697,68	5.254.600,21	Fieberbrunn
111/17/S (CLY-LEOG-063)	M 31	-57.052,77	5.256.395,72	Fieberbrunn
112/17/S (CLY-LEOG-064)	M 31	-57.052,76	5.255.209,88	Fieberbrunn
113/17/S (CLY-LEOG-065)	M 31	-56.349,30	5.253.997,24	Fieberbrunn
114/17/S (CLY-LEOG-066)	M 31	-57.401,15	5.255.799,44	Fieberbrunn
115/17/S (CLY-LEOG-067)	M 31	-57.401,15	5.254.606,91	Fieberbrunn
116/17/S (CLY-LEOG-068)	M 31	-56.697,68	5.256.998,68	Fieberbrunn
117/17/S (CLY-LEOG-069)	M 31	-57.749,53	5.256.395,71	Fieberbrunn
118/17/S (CLY-LEOG-070)	M 31	-57.749,53	5.255.203,18	Fieberbrunn
119/17/S (CLY-LEOG-071)	M 31	-57.052,76	5.253.997,24	Fieberbrunn

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Designation	Reference Meridian	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
120/17/S (CLY-LEOG-072)	M 31	-57.401,14	5.256.998,68	Fieberbrunn
121/17/S (CLY-LEOG-073)	M 31	-58.097,91	5.256.998,68	Fieberbrunn
122/17/S (CLY-LEOG-074)	M 31	-58.459,69	5.256.395,71	Fieberbrunn
123/17/S (CLY-LEOG-075)	M 31	-58.091,21	5.255.799,44	Fieberbrunn
124/17/S (CLY-LEOG-076)	M 31	-58.452,99	5.255.196,47	Fieberbrunn
125/17/S (CLY-LEOG-077)	M 31	-58.801,37	5.255.799,45	Fieberbrunn
126/17/S (CLY-LEOG-078)	M 31	-58.097,91	5.254.600,20	Fieberbrunn
127/17/S (CLY-LEOG-079)	M 31	-59.143,06	5.255.203,17	Fieberbrunn
128/17/S (CLY-LEOG-080)	M 31	-56.697,68	5.253.400,97	Fieberbrunn
129/17/S (CLY-LEOG-081)	M 31	-57.394,45	5.253.400,97	Fieberbrunn
130/17/S (CLY-LEOG-082)	M 31	-57.749,52	5.253.997,24	Fieberbrunn
131/17/S (CLY-LEOG-083)	M 31	-58.091,21	5.253.400,97	Fieberbrunn
132/17/S (CLY-LEOG-084)	M 31	-58.446,29	5.253.997,24	Fieberbrunn
133/17/S (CLY-LEOG-085)	M 31	-58.801,37	5.254.593,51	Fieberbrunn
134/17/S (CLY-LEOG-086)	M 31	-59.149,75	5.253.997,24	Fieberbrunn
135/17/S (CLY-LEOG-087)	M 31	-59.498,13	5.254.600,21	Fieberbrunn
136/17/S (CLY-LEOG-088)	M 31	-58.801,37	5.253.400,97	Fieberbrunn
137/17/S (CLY-LEOG-089)	M 31	-59.498,13	5.253.400,97	Fieberbrunn	Aurach
138/17/S (CLY-LEOG-090)	M 31	-59.853,22	5.253.997,24	Fieberbrunn	Aurach
139/17/S (CLY-LEOG-091)	M 31	-59.853,22	5.255.203,17	Fieberbrunn
140/17/S (CLY-LEOG-092)	M 31	-59.498,14	5.255.799,44	Fieberbrunn
141/17/S (CLY-LEOG-093)	M 31	-55.653,82	5.252.803,35	Fieberbrunn	Saalbach
142/17/S (CLY-LEOG-094)	M 31	-56.338,36	5.252.803,34	Fieberbrunn
143/17/S (CLY-LEOG-095)	M 31	-52.843,60	5.256.382,17	Hochfilzen	Grießen

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Designation	Reference Meridian	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
144/17/S (CLY-LEOG-096)	M 31	-52.145,01	5.256.394,15	Hochfilzen	Grießen
145/17/S (CLY-LEOG-097)	M 31	-54.947,60	5.252.798,07	Fieberbrunn	Saalbach
146/17/S (CLY-LEOG-098)	M 31	-56.000,44	5.257.001,49	Fieberbrunn
147/17/S (CLY-LEOG-099)	M 31	-58.450,18	5.257.599,58	Fieberbrunn
148/17/S (CLY-LEOG-1OO)	M 31	-57.749,83	5.257.599,58	Fieberbrunn

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Appendix 2: Tenement Schedule 2 Kitzbuhel Project

Designation	Reference	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
	Meridian	Y	X	Centre in the	Other Cadastral Municipality Concerned
				Cadastral Municipality
38/17/T (CLY- KITZ-001)	M31	-58.798,58	5.257.006,95	Fieberbrunn
39/17/T (CLY- KITZ -002)	M31	-59.153,61	5.256.407,82	Fieberbrunn
40/17/T (CLY- KITZ -003)	M31	-59.153,61	5.257.598,68	Fieberbrunn
41/17/T (CLY- KITZ -004)	M31	-59.501,26	5.256.999,55	Fieberbrunn
42/17/T (CLY- KITZ-005)	M31	-59.501,26	5.258.197,80	Fieberbrunn
43/17/T (CLY- KITZ-006)	M31	-59.856,29	5.257.598,68	Fieberbrunn
44/17/T (CLY- KITZ -007)	M31	-59.856,29	5.258.811,73	Fieberbrunn
45/17/T (CLY- KITZ -008)	M31	-59.161,01	5.258.804,33	Fieberbrunn
46/17/T (CLY- KITZ -009)	M31	-60.203,94	5.258.197,80	Fieberbrunn
47/17/T (CLY- KITZ-010)	M31	-60.211,33	5.256.999,55	Fieberbrunn
48/17/T (CLY- KITZ -011)	M31	-59.863,69	5.256.407,82	Fieberbrunn
49/17/T (CLY- KITZ-012)	M31	-60.551,58	5.257.598,68	Fieberbrunn
50/17/T (CLY- KITZ-013)	M31	-60.551,58	5.258.804,32	Fieberbrunn
51/17/T (CLY- KITZ-014)	M31	-60.203,94	5.259.403,46	Fieberbrunn
52/17/T (CLY- KITZ -015)	M31	-59.501,26	5.259.403,46	Fieberbrunn
53/17/T (CLY- KITZ -016)	M31	-60.914,02	5.258.197,81	Fieberbrunn
54/17/T (CLY- KITZ -017)	M31	-61.254,26	5.258.804,32	Fieberbrunn
55/17/T (CLY- KITZ -018)	M31	-60.914,02	5.259.403,45	Fieberbrunn
56/17/T (CLY- KITZ-019)	M31	-60.194,72	5.255.800,21	Fieberbrunn
57/17/T (CLY- KITZ-020)	M31	-60.553,37	5.255.200,49	Fieberbrunn
58/17/T (CLY- KITZ-021)	M31	-60.553,38	5.256.399,93	Fieberbrunn
59/17/T (CLY- KITZ-022)	M31	-60.894,40	5.255.800,22	Fieberbrunn
60/17/T (CLY- KZTZ-023)	M31	-60.194,72	5.254.600,76	Fieberbrunn	Aurach
61/17/T (CLY- KITZ-024)	M31	-60.900,28	5.254.600,77	Fieberbrunn	Aurach

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Designation	Reference Meridian	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
62/17/T (CLY-KITZ- 025)	M 31	-61.247,17	5.255.200,49	Fieberbrunn	Aurach
63/17/T (CLY-KITZ- 026)	M 31	-60.553,38	5.254.001,04	Fieberbrunn	Aurach
64/17/T (CLY-KITZ- 027)	M 31	-61.599,95	5.254.594,89	Fieberbrunn	Aurach
65/17/T (CLY-KITZ- 028)	M 31	-61.594,07	5.255.800,21	Fieberbrunn
66/17/T (CLY-KITZ- 029)	M 31	-61.247,17	5.256.394,06	Fieberbrunn
67/17/T (CLY-KITZ- 030)	M 31	-61.952,73	5.256.399,93	Fieberbrunn
68/17/T (CLY-KITZ- 031)	M 31	-61.946,85	5.255.200,49	Fieberbrunn	Aurach
69/17/T (CLY-KITZ- 032)	M 31	-62.299,63	5.255.800,21	Fieberbrunn	Aurach
70/17/T (CLY-KITZ- 033)	M 31	-62.299,62	5.254.600,76	Aurach
71/17/T (CLY-KITZ- 034)	M 31	-61.594,07	5.258.199,11	Fieberbrunn
72/17/T (CLY-KITZ- 035)	M 31	-61.594,07	5.259.392,67	Fieberbrunn
73/17/T (CLY-KITZ- 036)	M 31	-61.946,85	5.258.798,83	Fieberbrunn
74/17/T (CLY-KITZ- 037)	M 31	-61.247,17	5.257.593,50	Fieberbrunn
75/17/T (CLY-KITZ- 038)	M 31	-60.900,27	5.256.999,66	Fieberbrunn
76/17/T (CLY-KITZ- 039)	M 31	-61.599,95	5.256.999,66	Fieberbrunn
77/17/T (CLY-KITZ- 040)	M 31	-61.952,73	5.257.593,50	Fieberbrunn
78/17/T (CLY-KITZ- 041)	M 31	-62.299,62	5.256.999,66	Kitzbühel Land	Fieberbrunn
79/17/T (CLY-KITZ- 042)	M 31	-62.652,41	5.257.599,38	Kitzbühel Land	Fieberbrunn
80/17/T (CLY-KITZ- 043)	M 31	-62.293,75	5.258.199,10	Fieberbrunn
81/17/T (CLY-KITZ- 044)	M 31	-62.652,41	5.258.792,95	Fieberbrunn
82/17/T (CLY-KITZ- 045)	M 31	-62.299,63	5.259.398,55	Fieberbrunn
83/17/T (CLY-KITZ- 046)	M 31	-62.993,42	5.258.199,10	Kitzbühel Land	Fieberbrunn
84/17/T (CLY-KITZ- 047)	M 31	-62.999,30	5.256.999,66	Kitzbühel Land
85/17/T (CLY-KITZ- 048)	M 31	-63.352,08	5.257.599,38	Kitzbühel Land	Fieberbrunn

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Designation	Reference	Coordinates in Metres	Coordinates in Metres	Cadastral Municipalities	Cadastral Municipalities
	Meridian
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
86/17/T (CLY-KITZ- 049)	M 31	-63.352,08	5.258.798,82	Kitzbühel Land	Fieberbrunn
87/17/T (CLY-KITZ- 050)	M 31	-63.005,18	5.259.398,55	Fieberbrunn
88/17/T (CLY-KITZ- 051)	M 31	-62.650,00	5.256.400,26	Kitzbühel Land	Fieberbrunn, Aurach
89/17/T (CLY-KITZ- 052)	M 31	-62.649,99	5.255.202,51	Aurach
90/17/T (CLY-KITZ- 053)	M 31	-63.008,02	5.254.597,13	Aurach
91/17/T (CLY-KITZ- 054)	M 31	-63.001,50	5.255.801,38	Kitzbühel Land	Aurach
92/17/T (CLY-KITZ- 055)	M 31	-63.340,00	5.255.196,00	Aurach
93/17/T (CLY-KITZ- 056)	M 31	-63.691,52	5.254.597,13	Aurach
94/17/T (CLY-KITZ- 057)	M 31	-64.049,54	5.255.202,51	Kitzbühel Land	Aurach
95/17/T (CLY-KITZ- 058)	M 31	-64.401,05	5.254.597,13	Aurach
96/17/T (CLY-KITZ- 059)	M 31	-64.746,05	5.255.202,51	Kitzbühel Land	Aurach
97/17/T (CLY-KITZ- 060)	M 31	-63.691,52	5.255.801,38	Kitzbühel Land	Aurach
98/17/T (CLY-KITZ- 061)	M 31	-63.340,00	5.256.393,75	Kitzbühel Land	Aurach
99/17/T (CLY-KITZ- 062)	M 31	-64.043,03	5.256.400,26	Kitzbühel Land
100/17/T (CLY-KITZ- 063)	M 31	-64.401,05	5.255.801,38	Kitzbühel Land
101/17/T (CLY-KITZ- 064)	M 31	-65.097,57	5.255.801,38	Kitzbühel Land	Aurach
102/17/T (CLY-KITZ- 065)	M 31	-65.097,56	5.254.597,13	Aurach
103/17/T (CLY-KITZ- 066)	M 31	-65.442,57	5.255.196,00	Kitzbühel Land	Aurach
104/17/T (CLY-KITZ- 067)	M 31	-64.739,54	5.256.393,75	Kitzbühel Land
105/17/T (CLY-KITZ- 068)	M 31	-65.442,57	5.256.400,25	Kitzbühel Land	Aurach
106/17/T (CLY-KITZ- 069)	M 31	-65.800,59	5.255.801,38	Kitzbühel Land	Aurach
107/17/T (CLY-KITZ- 070)	M 31	-66.145,60	5.256.400,26	Kitzbühel Land
108/17/T (CLY-KITZ- 071)	M 31	-63.702,89	5.256.997,52	Kitzbühel Land
109/17/T (CLY-KITZ- 072)	M 31	-64.402,07	5.257.002,51	Kitzbühel Land

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Designation	Reference Meridian	Coordinates in Meters	Coordinates in Meters	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
110/17/T (CLY-KITZ- 073)	M 31	-65.106,24	5.256.997,51	Kitzbühel Land
111/17/T (CLY-KITZ- 074)	M 31	-64.052,48	5.257.596,81	Kitzbühel Land
112/17/T (CLY-KITZ- 075)	M 31	-64.751,66	5.257.596,80	Kitzbühel Land
113/17/T (CLY-KITZ- 076)	M 31	-63.702,89	5.258.206,09	Kitzbühel Land
114/17/T (CLY-KITZ- 077)	M 31	-64.402,06	5.258.201,09	Kitzbühel Land
115/17/T (CLY-KITZ- 078)	M 31	-65.450,83	5.257.596,81	Kitzbühel Land
116/17/T (CLY-KITZ- 079)	M 31	-65.101,24	5.258.201,10	Kitzbühel Land
117/17/T (CLY-KITZ- 080)	M 31	-64.052,48	5.258.805,38	Kitzbühel Land
118/17/T (CLY-KITZ- 081)	M 31	-64.756,65	5.258.800,39	Kitzbühel Land
119/17/T (CLY-KITZ- 082)	M 31	-65.450,83	5.258.800,39	St. Johann in Tirol	Kitzbühel Land
120/17/T (CLY-KITZ- 083)	M 31	-65.800,42	5.258.201,09	Kitzbühel Land
121/17/T (CLY-KITZ- 084)	M 31	-63.698,46	5.259.399,70	Kitzbühel Land	Fieberbrunn
122/17/T (CLY-KITZ- 085)	M 31	-64.401,43	5.259.399,70	St. Johann in Tirol	Kitzbühel Land
123/17/T (CLY-KITZ- 086)	M 31	-65.100,16	5.259.399,70	St. Johann in Tirol	Kitzbühel Land
124/17/T (CLY-KITZ- 087)	M 31	-64.049,95	5.260.001,03	St. Johann in Tirol	Kitzbühel Land, Fieberbrunn
125/17/T (CLY-KITZ- 088)	M 31	-64.748,68	5.260.001,03	St. Johann in Tirol
126/17/T (CLY-KITZ- 089)	M 31	-65.455,89	5.260.001,03	St. Johann in Tirol
127/17/T (CLY-KITZ- 090)	M 31	-64.401,43	5.260.606,61	St. Johann in Tirol
128/17/T (CLY-KITZ- 091)	M 31	-65.104,40	5.260.602,37	St. Johann in Tirol
129/17/T (CLY-KITZ- 092)	M 31	-65.798,89	5.260.606,60	St. Johann in Tirol
130/17/T (CLY-KITZ- 093)	M 31	-65.807,36	5.259.399,70	St. Johann in Tirol	Kitzbühel Land
131/17/T (CLY-KITZ- 094)	M 31	-65.450,97	5.261.204,52	St. Johann in Tirol
132/17/T (CLY-KITZ- 095)	M 31	-66.148,70	5.261.202,29	St. Johann in Tirol
133/17/T (CLY-KITZ- 096)	M 31	-66.150,93	5.260.003,62	St. Johann in Tirol

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Designation	Reference Meridian	Coordinates in Meters	Coordinates in Meters	Cadastral Municipalities	Cadastral Municipalities
		Y	X	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
134/17/T (CLY-KITZ-097)	M 31	-66.153,17	5.258.802,72	St. Johann in Tirol	Kitzbühel Land
135/17/T (CLY-KITZ-098)	M 31	-65.801,79	5.257.002,86	Kitzbühel Land
136/17/T (CLY-KITZ-099)	M 31	-66.153,31	5.257.600,01	Kitzbühel Land
137/17/T (CLY-KITZ-100)	M 31	-60.203,85	5.253.403,67	Aurach

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Crite	ria in this section apply to all succeeding sections.)	ria in this section apply to all succeeding sections.)	ria in this section apply to all succeeding sections.)
	Criteria	JORC Code explanation	Comments
	Sampling techniques	· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	Historical production grades and quantities reported within this ASX Release refers to historical production records and rock chip sampling are documented in_“Die Kupfer- _nickel-kobalt-verezung IM Bereich Leogang _(Inschlagalm, Schwarzleo, Nockelberg)”_by J.G. Haditsch and H. Mostler 1970 which have been published based on this information.
		· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	No reference towards the sampling method or procedures were documented in_Die_ Kupfer-nickel-kobalt-verezung IM Bereich Leogang (Inschlagalm, Schwarzleo, Nockelberg) Report
		· Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘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. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	No reference towards the sampling method, sampling procedure or analytical method were documented in_Die Kupfer- _nickel-kobalt-verezung IM Bereich Leogang (Inschlagalm, Schwarzleo, Nockelberg) Report.
		· In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘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. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	No reference towards the sampling method, sampling procedure or analytical method were documented in_Die Kupfer- _nickel-kobalt-verezung IM Bereich Leogang (Inschlagalm, Schwarzleo, Nockelberg) Report.
	Drilling techniques	· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	No drilling results have been included in this release.
	Drill sample recovery	· Method of recording and assessing core and chip sample recoveries and results assessed.	No drilling results have been included in this release.
		· Measures taken to maximise sample recovery and ensure representative nature of the samples.	No drilling results have been included in this release.

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Criteria	JORC Code explanation	Comments
	· 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.	No drilling results have been included in this release.
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.	No records of logging of samples have been recovered at present.
	· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	No records of logging completed.
	· The total length and percentage of the relevant intersections logged.	No drilling, rock chip sampling only.
Sub-sampling techniques and sample preparation	· If core, whether cut or sawn and whether quarter, half or all core taken.	No drilling, rock chip sampling only.
	· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	No drilling, rock chip sampling only.
	· For all sample types, the nature, quality and appropriateness of the sample preparation technique.	No record of the methodology applied in the preparation of samples has been identified.
	· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	No QAQC measures were documented
	· 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.	Field duplicates were reported to be completed.
	· Whether sample sizes are appropriate to the grain size of the material being sampled.	No documentation with respect to the sample size is available.
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.	No description of analytical method was provided
	· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical instruments used
	· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	No QAQC procedures were documented.
Verification of sampling and assaying	· The verification of significant intersections by either independent or alternative company personnel.	No drilling, rock chip sampling only.

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Criteria	JORC Code explanation	Comments
	· The use of twinned holes.	No drilling, rock chip sampling only.
	· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Paper records written in German were converted to digital format.
	· Discuss any adjustment to assay data.	No adjustments were made to assay data presented in this report
Location of data points	· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	No drilling, rock chip sampling only.
	· Specification of the grid system used.	Gauss Kruger System for all tenement maps plans and points. UTM WGS84 coordinate systemutilisedforsampling points.
	· Quality and adequacy of topographic control.	A digital terrain model was generated from 1:100,000 topographic map. The quality of the DTM is sufficient for the stage of exploration for the Project.
Data spacing and distribution	· Data spacing for reporting of Exploration Results.	Rock chip information gathered from selected localities within historical workings. The spacing is irregular
	· 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.	At this stage, Clancy is not attempting to establish a mineral resource. Data spacing and distribution is sufficient to identify the project’s prospectivity and to guide future exploration.
	· Whether sample compositing has been applied.	No sample compositing is completed.
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.	No documentation with respect to the orientation of samples and potential of bias.
	· 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.	No drilling, rock chip sampling only.
Sample security	· The measures taken to ensure sample security.	No records available on the sample security chain of custody process.
Audits or reviews	· The results of any audits or reviews of sampling techniques and data.	None conducted

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
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 Leogang Project consists of a total of 80km2and are held 100% by Clancy Exploration. A full listing of the tenement schedule and location plans are provided in the body of the announcement.
	·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.	No known impediments exist with respect to the exploration or development of Leogang Project. The right to conduct mining operations is not included in an exploration licence. For these activities, a mining licence (“Bergwerksberechtigung”) has to be obtained which is a separate legal process.
Exploration done by other parties	·Acknowledgment and appraisal of exploration by other parties.	At present the information utilised within this release is sourced from_“Die Kupfer-nickel-kobalt-verezung_ IM Bereich Leogang (Inschlagalm, Schwarzleo, _Nockelberg)”_by J.G. Haditsch and H. Mostler 1970 A process of acquiring all of the available historical reports and where relevant digitising of these reports is presently underway.
Geology	· Deposit type, geological setting and style of mineralisation.	The Eastern Alps and the Danube river are the most prominent features of the Austrian landscape. The northern part of the country is occupied by the Bohemian Massif. To the south, there are the Molasse, Helvetic and Penninic Zones. Further to the south, the Austro-Alpine Unit corresponds with most of the mountainous parts of Austria and comprises the Central Zone of the Eastern Alps and the Northern Calcareous Alps where the Leogang Project is located. The polymetallic mineralisation is hosted within dolomites dated of upper Silurian to Middle Devonian ages. Additionally, the mineralisation tends to be associated with thrusting. The prospective dolomitic unit is commonly brecciated due to faulting providing a fluid conduit to hydrothermal fluids. Three discrete types of mineralisation are noted. - Intense mineralisation related to overthrust - Moderate mineralisation associated with shear zones - Moderate mineralisation occurring associated with minor faulting or stratification (Haditsch & Mostler, 1970)
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:	No drilling performed
	o_easting and northing of_ the drill hole collar	No drilling performed
	o_elevation or RL (Reduced_ Level – elevation above sea level in metres) of the drill hole collar	No drilling performed

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Criteria	JORC Code explanation	Commentary
	o_dip and azimuth of the_ hole	No drilling performed
	o_down hole length and_ interception depth	No drilling performed
	o_hole length._	No drilling performed
	·If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	All available information has been released.
Data aggregation methods	·In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	No aggregation methods applied
	· 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 indetail.	No aggregation methods applied
	·The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalence values are reported.
Relationship between mineralisation widths and intercept lengths	·These relationships are particularly important in the reporting of Exploration Results.	No drilling performed
	·If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	No drilling performed
	·If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	No drilling performed
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 a plan view of drill hole collar locations and appropriate sectional views.	Maps and plans have been included in announcement.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Criteria	JORC Code explanation	Commentary
Balanced reporting	·Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results including those with no significant results have been reported.
Other substantive exploration data	·Other exploration data, if meaningful and material, should be reported 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.	No other exploration data is considered meaningful and material to this announcement.
Further work	·The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling).	Translation of all available information is presently underway. Further releases will be made to market upon collation of this information. In addition, field reconnaissance mapping and sampling of historical underground workings and waste dump material is planned to be undertaken.
	· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further activities will be planned upon completion of the data digitising, translation and collation process.

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