RAREX LIMITED — Capital/Financing Update 2018

Jun 24, 2018

Clancy Exploration Limited Suite 23, 513 Hay Street Subiaco WA 6008 Australia

Phone:(08) 6143 6720

www.clancyexploration.com info@clancyexploration.com

ASX / MEDIA ANNOUNCEMENT 25 June 2018

HIGH GRADE COPPER RESULTS RECEIVED FROM MOROCCAN LICENCES

HIGHLIGHTS:

• Copper results received from first surface exploration programme at Morocco.
• Grades up to 17% copper received, with high iron and elevated silver values, and all samples returning background values of nickel, cobalt, gold and arsenic.
• Technical due diligence on the three Moroccan licences under option near the Bou Azzer Cobalt Mine has now been completed and a shareholder's meeting will soon be called to approve the acquisition.

David Lenigas, Clancy's Executive Chairman commented:

"There is surprisingly very little exploration on these three tenements, considering how close they are to one of the most famous primary and historic cobalt mines in the world. Where there is smoke there is usually fire and the fact that we are picking up copper grades at surface of this order, all bodes well for future exploration programmes. The Company has now completed its technical due diligence on the tenements with the assistance of CSA Global and we will soon be putting this deal to shareholders for approval. The Company is now also actively seeking to acquire an interest in further tenements proximal to Bou Azzer Cobalt Mine. The Board looks forward to putting this exciting Moroccan deal to shareholders, getting it approved and starting an aggressive exploration programme."

Clancy Exploration Limited (ASX: CLY) (Clancy or the Company) is pleased to provide the laboratory results from the recent surface due diligence fieldwork programme undertaken across its new Moroccan Licences, located adjacent to the world famous Bou Azzer Cobalt Mine, which is located about 165km south-east of Marrakesh. Of the 15 surface samples analysed, 9 returned copper grades above 1%.

On 10 April 2018, the Company announced1 the signing of an agreement by which it will acquire, subject to shareholder and regulatory approvals and completion of a 60 day due diligence period to the satisfaction of Clancy, up to a 100% interest in 3 licences in Morocco through a staged acquisition. Each of the licences is 16km2 in size, two of which (the Bou Amzil and Tizi Belhaj licences) are located immediately to the west and adjacent the famous Bou Azzer Cobalt Mine, with the third licence (the Imdere licence) located approximately 20km northwest of Bou Azzer.

1 Clancy Exploration Limited ASX news release dated 10 July 2018 – Clancy Secures Key Cobalt Licences Next to Famous Bou Azzer Cobalt Mine – Morocco

On 6 June 2018, the Company announced2 that a letter agreement has been signed between the parties extending the period of time by which Clancy may complete conditions relating to its agreement to acquire up to a 100% interest in the 3 licences in Morocco. Clancy, by mutual agreement with Atlas, Cocam Pty Ltd and the shareholders of Atlas, signed a letter agreement extending the period by which it may conduct exclusive due diligence and obtain shareholder approval by 30 days, such that Clancy would have 90 days from the signing of the Sale Agreement to conduct due diligence and 120 days to obtain shareholder approval.

The Bou Azzer Cobalt Mine comprises underground operations and produces high purity cobalt cathodes. The mine is now operated by the Moroccan government (Compagnie de Tifnout Tiranimine - CTT) and has been in operation since 1929. Information on the Bou Azzer Cobalt mine is available on Managem's website at www.managemgroup.com

Clancy appointed independent mining industry consultants, CSA Global Pty Ltd (CSA Global) to conduct an independent geological review of the Moroccan licences and advise on future exploration. As part of this review process, CSA Global's Tony Donaghy conducted a 5-day site visit to the Bou Amzil, Tizi Belhaj and Imdere tenements between 25 and 30 April 2018.

As part of the site visit review, particular attention was paid to visiting the sites of surface copper mineralisation previously reported by Clancy on 20 April, 20183 to try to understand their geological context. Samples were taken at all sites visited and sent to the SGS laboratory in Perth, Australia, for analyses. The key results of the analyses are presented in Table 1 below.

			UTM WGS 84 Z29N	Ca	Fe	S	Cu	Ni	Pb	Zn	Au	Ag	As	Co
Sample	Tenement	East	North	%	%	%	%	%	%	%	ppb	ppm	ppm	ppm
BKBMZ-1	Bou Amzil	691324	3381332	12.40	2.68	0.11	1.90	-	0.05	0.04	37	2.63	134	11
BKMDR-1A	Imdere	679982	3406576	0.36	5.31	0.02	4.70	-	-	0.02	36	1.96	450	32
BKMDR-1B	Imdere	679982	3406576	0.28	4.71	0.02	4.72	-	-	0.01	26	1.24	297	27
BKMDR1-TS2	Imdere	679303	3406861	0.24	4.14	0.01	7.48	-	-	0.02	92	1.16	397	17
BKMDR-2A	Imdere	679490	3406796		0.22 30.60	0.01	0.55	-	-	-	8	0.96	16	39
BKMDR-2B	Imdere	679490	3406796		0.27 23.70	0.01	0.62	-	-	-	9	1.51	18	36
BKMRD-TD1	Imdere	679303	3406861		0.35 26.50	0.02	4.39	-	-	-	14	1.04	48	15
BKMRD-TD2	Imdere	679303	3406861		0.07 28.90	0.01	0.52	-	-	-	3	1.08	16	21
MDR-GS-TSA	Imdere	680021	3406529	0.25	8.50	0.01	2.91	0.01	-	0.04	17	1.43	267	85
TDMDR-TSX1	Imdere	679303	3406861		0.18 37.00	0.01	0.15	-	-	-	9	0.28	30	25
TDMDR-TSX2	Imdere	679303	3406861		0.23 11.60	0.01	0.21	0.03	-	-	4	0.19	36	61
BKZTR-XA	Tizi Belhaj	684303	3382077	4.35	3.55	0.32	5.68	-	-	-	13	1.18	12	27
BKZTR-XB	Tizi Belhaj	684303	3382077	6.38	4.78		0.18 17.00	-	-	-	14	0.47	52	59
BKZTR-XC	Tizi Belhaj	684303	3382077	7.29	4.05	0.01	0.71	-	-	-	7	0.21	11	22
BKZTR-XD	Tizi Belhaj	684303	3382077		6.45 11.70	0.21	8.90	-	-	-	11	1.22	18	49

Table 1. Whole rock analytical results for reconnaissance rock samples collected, Bou Amzil, Tizi Belhaj and Imdere

2 Clancy Exploration Limited ASX news release date 6 June – Morocco Cobalt Acquisition Update

3 Clancy Exploration Limited ASX news release date 20 April 2018 - MULTIPLE MINERALISED OUTCROPS DISCOVERED ACROSS MOROCCAN LICENCES

The copper mineralisation reported by Clancy on 20 April is exposed in hand-cut trenches and shallow pits in one location at Bou Amzil, several locations on Tizi Belhaj and several locations at Imdere (Figure 1). These hand-cut trenches were carried out by artisanal prospectors at an unknown time prior to Clancy's involvement in the project.

Clancy Exploration Limited (ASX: CLY) ASX / Media Announcement

At Bou Amzil (Figure 2), the copper sulphide occurrence (BKBMZ-1; Clancy announcement 20 April, 2018) appears to be associated with narrow (millimetre to sub-metre width), north-south trending subvertical quartz-carbonate vein sets containing locally abundant specular hematite. These hematite vein systems at Bou Amzil, while individually very narrow and widely spaced, are found across an extensive area on the order of over a square kilometre and cross cut the basal volcanic sandstone units at the bottom of the Cambrian sedimentary cover sequence. The Cambrian cover sequence unconformably overlies the Neoproterozoic basement sequence that hosts the Bou Azzer cobalt mine to the immediate east of the tenement. The vein sets are worked by local artisanal miners for the hematite, with numerous shallow pits and shafts hand-dug on vein systems in the easternmost portion of the Bou Amzil tenement.

The hematite-bearing vein systems appear to be regionally extensive in the Taznakht-Ouarzazate district. They are also observed on the Imdere tenement as well, where they are hosted within a similar geological setting to Bou Amzil, cross cutting the basal volcanosedimentary units of the Cambrian cover sequence. Again, while individually narrow (millimetre to sub-metre scale) and widely spaced, the veins are found across a wide area on the order of a square kilometre. At Imdere, several of the hematite vein systems have visible malachite and azurite copper staining on fracture surfaces and within vein matrix material at surface (Figure 3; Samples BKMDR-1A, BKMDR-1B, BKMDR1-TS2, BKMRD-TD1, BKMRD-TD2, MDR-GS-TSA). Other hematite veins analysed have significant copper values within the hematite vein material, but no obvious copper species are visible within the samples analysed (Figure 3; BKMDR-2A, BKMDR-2B, TDMDR-TSX1, TDMDR-TSX2).

At Tizi Belhaj, the copper mineralisation reported by Clancy on 20 April is associated with a discrete 1-2m wide, subvertical breccia vein system that cross cuts sediments of the Cambrian sedimentary cover sequence. The copper carbonates malachite and azurite are observed in the weathered surface exposures and shallow handcut artisanal trenches of several occurrences (Figure 2; Samples BKZTR-XA, BKZTR-XB, BKZTR-XC, BKZTR-XD) of breccia veins, with (at times crystalline) malachite and azurite forming breccia matrix fill between rock fragments within the breccia of surrounding lithologies.

The stratigraphic setting of Tizi Belhaj is such that there is some 1.5–2.0 km of Cambrian sedimentary cover thickness between the copper breccia mineralisation observed at Tizi Belhaj and the hematite and hematitecopper mineralisation observed at Bou Amzil and Imdere within the lowermost Cambrian sedimentary cover sequence units. It is unknown at this stage whether these systems form part of the same copper mineralising event or are separate copper mineralised events/systems.

The formation and association of these hematite, hematite-copper, and malachite-azurite breccia matrix vein systems within the Cambrian sedimentary cover sequence, and their significance to the regional mineralisation history as seen in the underlaying Neoproterozoic basement at Bou Azzer, is at present unknown. Apart from artisanal mining for the hematite, they have not received any previous exploration or academic attention. Future exploration work will determine the mineral potential of these copper-hosting vein systems at Bou Amzil, Tizi Belhaj and Imdere.

Figure 1: Tenement locations, Taznakht-Ouarzazate region, Anti-Atlas Morocco

Figure 2: Sample locations, Bou Amzil and Tizi Belhaj tenements

Figure 3: Sample locations, Imdere tenement

Moroccan Transaction Due Diligence and Shareholders Meeting Update

Clancy is currently progressing its due diligence and expects to complete this process within the 90 day period contemplated by the letter agreement, as announced on 6 June 2018.

Clancy aims to circulate a notice of meeting to its shareholders, seeking approval to issue shares in consideration for the acquisition of the licences, among other things, shortly.

Please direct enquiries to:

David Lenigas / Scott Patrizi Phone: +61 8 6143 6720 Email: info@clancyexploration.com Web: www.clancyexploration.com

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Tony Donaghy who is a Registered Professional Geoscientist (P.Geo) with the Association of Professional Geoscientists of Ontario (APGO), a Recognised Professional Organisation. Mr Donaghy is a technical advisor to the Company. Mr Donaghy has sufficient experience which is relevant to the style 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 Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Donaghy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-looking Statements and 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 Clancy, 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 Clancy'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.

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Comments
Samplingtechniques	·Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustrystandardmeasurementtoolsappropriate to the minerals under investigation,such as down hole gamma sondes, or handheldXRF instruments, etc.). These examples shouldnot be taken as limiting the broad meaning ofsampling.	The sampling was completed as part of areconnaissance level field trip to the projectsconducted over 5 days in April-May 2018.Sampling was not conducted in a systematicfashion but represents rock samples collected asgrab/composite chip samples from outcropsvisited. The samples were collected to quantify thecomposition of the mineralisation.
	·Include reference to measures taken toensuresamplerepresentivityandtheappropriate calibration of any measurementtools or systems used.	Sample size of rock samples varied from 0.5kg – 2kgin weight, and are considered representative ofthe mineralisation types sampled.
	·Aspectsofthedeterminationofmineralisation that are Material to the PublicReport. In cases where 'industry standard' workhas been done this would be relatively simple(eg 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fireassay'). In other cases, more explanation maybe required, such as where there is coarse goldthat has inherent sampling problems. Unusualcommoditiesormineralisationtypes(egsubmarine nodules) may warrant disclosure ofdetailed information.	Rock samples were collected from outcrops, withsample sizes of approximately 0.5-2kg.TherocksamplesweresubmittedtoSGSlaboratories agents in Morocco and shipped toSGS laboratories in Perth Australia for multielementanalyses.Samples were crushed and dried and thenpulverised so that >85% of sample is -75um.Multi-elementanalysiswascompletedusingmethods XRF78S (21 elements on a glass fuseddisc); ICP40Q (14 elements using a four-aciddigest); IMS40Q (45 elements using a four-aciddigest) and FAM303 (Gold - 30g sample, ICP-MSfinish) techniques.
Drilling techniques	·Drill type (eg core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc) and details (eg core diameter, tripleor standard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	No drill results are reported
	·Method of recording and assessing coreand chip sample recoveries and results assessed.	No drill results are reported
Drill samplerecovery	·Measurestakento maximisesamplerecovery and ensure representative nature ofthe samples.	No drill results are reported
	·Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarse material.	No drill results are reported
Logging	·Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResourceestimation,miningstudiesandmetallurgical studies.	No drill results are reported.Rock samples and outcrops from which they weresampled were described in terms of lithology,mineralogy, texture, structures.Thesamples werecollectedtoexplorationpurposes and will not contribute to any resourceestimation or other studies.
	·Whetherloggingisqualitativeorquantitative innature.Core (orcostean,channel, etc) photography.	All geological descriptions of outcrops and handspecimen grab samples are qualitativeandquantitative.Samplesandoutcropswerephotographed in the field.

Criteria	JORC Code explanation	Comments
	·The total length and percentage of therelevant intersections logged.	No drill results are reported
Sub-samplingtechniques andsample	·If core, whether cut or sawn and whetherquarter, half or all core taken.	No drill results are reported
	·If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet or dry.	No drill results are reported
	·For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	TherocksamplesweresubmittedtoSGSlaboratoriesagents in Moroccoforsamplepreparation and then shipped to SGS laboratoriesin Perth Australia for multielement analyses.Rock samples were dried, crushed to -2mm using ajaw crusher and then pulverised in a low Chromesteel bowl. Samples were then split and a split sentfor analysis.Samplesizesandpreparationtechniquesemployed are considered to be appropriate forthe generation of early stage exploration results.
preparation	·Quality control procedures adopted for allsub-sampling stages to maximise representivityof samples.	No additional QA/QC was conducted on the rocksamples other than the standard laboratoryQA/QC. This was due to the preliminary andregional nature of the sampling.
	·Measures taken to ensure that the samplingis representative of the in situ material collected,includingforinstanceresultsforfieldduplicate/second-half sampling.	Sample size was approximately 0.5kg – 2kg inweight for the rock samples, and was collected bya highly trained and experienced geologist, fromoutcrops.1 duplicate sample was taken for each 20 samples
	·Whether sample sizes are appropriate to thegrain size of the material being sampled.	completed, representing 5% of the samples beingduplicates.Given the early exploration stage nature of thiswork the sample sizes are deemed appropriate.Rock hand samples are considered representativefor this style of analysis.
Quality of assaydata andlaboratory tests	·The nature, quality and appropriateness ofthe assaying and laboratory procedures usedand whether the technique is considered partialor total.	TherocksamplesweresubmittedtoSGSlaboratories agents in Morocco and shipped toSGS laboratories in Perth Australia for multielementanalyses.Multi-elementanalysiswascompletedusingmethods XRF78S (21 elements on a glass fuseddisc); ICP40Q (14 elements using a four-aciddigest); IMS40Q (45 elements using a four-aciddigest) and FAM303 (Gold - 30g sample, ICP-MSfinish)techniques.Thesetechniquesareconsidered total.
	·Forgeophysicaltools,spectrometers,handheld XRF instruments, etc, the parametersused in determining the analysis includinginstrument make and model, reading times,calibrations factors applied and their derivation,etc.	No geophysical results are reported
	·Nature of quality control proceduresadopted (eg standards, blanks, duplicates,externallaboratorychecks)andwhetheracceptable levels of accuracy (i.e. lack of bias)and precision have been established.	The Company has relied upon SGS laboratories forstandards and QA/QC.The external laboratory used maintains their ownprocess of QA/QC using standards, sampleduplicates and blanks.Review of the internal and external laboratoryquality QA/QC reports, has shown no samplepreparation issues, acceptable levels of accuracyand precision and no bias in the analyticaldatasets.

8

Clancy Exploration Limited (ASX: CLY) ASX / Media Announcement

Criteria	JORC Code explanation	Comments
Verification ofsampling andassaying	·The verification of significant intersections byeither independent or alternative companypersonnel.	The sampling techniques were reviewed in the fieldby an independent technical consultant.Significant outcrops were visually verified by theChairmanandanindependenttechnicalconsultant.
	·The use of twinned holes.	No drill results are reported
	·Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	All primary data is recorded in specificallydesigned templates. Assay data from the externallaboratory was received in spreadsheetsanddownloadeddirectlyintoanExcel-basedGeological Database.
	·Discuss any adjustment to assay data.	No adjustments have been made to the assaydata.
Location of data	·Accuracy and quality of surveys used tolocate drill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	GPS coordinates of rock sample locations werecaptured using a handheld GPS with±5maccuracy.
points	·Specification of the grid system used.	Sample locations were collected and reportedusing the UTM WGS84 Zone 29N grid system.
	·Quality and adequacy of topographiccontrol.	GPS coordinates of rock sample locations werecaptured using a handheld GPS with ±10m verticalaccuracy.
Data spacing anddistribution	·Data spacing for reporting of ExplorationResults.	Rock samples were randomly collected based onoutcrop location i.e. not on a fixed grid pattern.
	·Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResourceandOreReserveestimationprocedure(s) and classifications applied.	The exploration completed is early stage in nature.The data spacing is not considered sufficient toassume geological and grade continuity and willnot allow the estimation of Mineral Resources.
	·Whether sample compositing has beenapplied.	No drill results are reported. No compositing of rocksamples has been applied.
Orientation of datain relation togeological	·Whethertheorientationofsamplingachievesunbiasedsamplingofpossiblestructures and the extent to which this is known,considering the deposit type.	There is good outcrop on which to base geologicalcontrol in most areas at surface, however thereconnaissance and regional nature of thesampling conducted in early stage explorationactivity precludes detailed geological control.Further work is required to map geological contextat surface. There is no subsurface information toestablish geological control or continuity at depth.
structure	·If the relationship between the drillingorientationandtheorientationofkeymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	No drill results are reported
Sample security	·The measures taken to ensure samplesecurity.	Chain of custody for samples was managed bySGS Morocco and their contractors DHL, and thenSGS Australia's Laboratory in Perth.All rock samples were submitted to the SGS agentsin Morocco as soon as the program wascompleted
Audits or reviews	·The results of any audits or reviews ofsampling techniques and data.	The sampling techniques were reviewed in the fieldby an independent technical consultant.Significant outcrops were visually verified in thefield by an independent technical consultant.

Section 2 Reporting of Exploration Results

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

Clancy Exploration Limited (ASX: CLY) ASX / Media Announcement

Criteria	JORC Code explanation	Commentary
Mineral tenement andland tenure status	·Type,referencename/number,locationandownershipincludingagreements or material issueswith third parties such as jointventures,partnerships,overriding royalties, native titleinterests,historicalsites,wilderness or national park andenvironmental settings.	On 10 April 2018, the Company announced the signing of anagreement by which it will acquire, subject to shareholderand regulatory approvals, up to a 100% interest in AtlasManagem SARL ("Atlas") through a staged acquisition. Atlasis the owner of 3 licences in Morocco (being research permitno. 23408 79 and exploration licences 2338804 and 2339405("Licences")). Clancy has a 90 day exclusivity period toconduct due diligence on the Licences, Atlas and ChaterSARL (a subsidiary of Atlas), comprising an initial 60 dayperiod plus a further 30 days, as announced on 6 June 2018.To complete Stage 1 of the acquisition, at completion ofsuccessful due diligence, upon receiving shareholderapproval, upon receiving confirmation that Atlas is the ownerof the 3 Licences and upon confirmation that ministerialconsent is not required for Clancy to acquire up to 100% ofthe issued capital of Atlas, Clancy may proceed by paying$US175,000 and issuing 130,000,000 shares to the shareholdersof Atlas and Cocam Pty Ltd. For further information, pleaserefer to the announcements of 10 April 2018 and 6 June 2018.The Company intends to circulate a notice of meetingseeking the relevant shareholder approval, among others,shortly.
	·The security of the tenureheld at the time of reportingalongwithanyknownimpediments to obtaining alicence to operate in the area.	Tenure in the form of:Exploration Licences with standard 3-year expiry dates upongrant, which may be renewed for a further four years.Mining Licences with standard 10-year expiry dates upongrant, which may be renewed every 10 years until resourcedepletion.Save for the conditions precedent set out above, no knownimpediments exist with respect to the exploration ordevelopment of the Licences. There are no knownimpediments to obtaining a licence to operate in this area.
Exploration done byother parties	·Acknowledgmentandappraisalofexplorationbyother parties.	Previous regional exploration included government flownhistoricalgeophysicalsurveysincludinganairborne(helicopter) electromagnetic survey flown on 500m spacedlines in 1999, and regional widely spaced geochemicalsurveys including soil sampling and stream sedimentsampling conducted by the British geological Survey in 2000.No previous mining company exploration of the area isknown. To the best of the company's knowledge, theprojects have never been subjected to modern explorationtechniques.A detailed assessment of the historic government data is inprogress. To date the company has not been able to secureaccess to the government owned data and relies on 1:50,000and 1:100,000 scale analogue maps of these governmentsurvey results.At present the only identified surface activities conductedhavebeenartisanalminingofhematiteandmalachite/azurite veins in hand trenchingby unknown
Geology	·Deposit type, geologicalsettingandstyleofmineralisation.	parties.The Projects occur within the Anti-Atlas region of Morocco.The Anti-Atlas consists of a deformed Neoproterozoicbasement complex of felsic volcanic, sedimentary andintrusive rocks intercalated with ophiolitic mafic andultramafic rocks, all unconformably overlain by a well layeredcoversequenceofCambriansedimentaryandvolcanosedimenary rocks.The basement and cover sequence have been subjected toat least two folding events, forming a dome and basin foldinterference pattern in the Cambrian cover sequence thatexposes the Neoproterozoic basement in the core of domalfold structures.

Criteria JORC Code explanation Commentary This region is well-known for its significant mining activity in the Neoproterozoic basement lithologies (Co, Ni, As, Cu, Au, Ag, Pd). All copper and iron mineralisation observed in the reconnaissance exploration work to date consists of vein and breccia vein matrix material within the oxidised surficial weathering environment in structures that apparently subvertically cross cut the Cambrian sedimentary cover sequence. No fresh un-weathered subsurface copper and iron mineralisation has yet been observed due to the lack of drill information below surface. The project is at a very early stage of exploration. Further mapping, drilling and assaying is required to fully assess the geology and style of mineralisation observed to date. Drill hole Information · A summary of all information material to the understanding of the exploration results including tabulation of the following information for 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. Refer to table 1 in the announcement where rock sample location data is tabulated. No drill results are reported · 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. No information has been excluded. Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cutoff grades are usually Material and should be stated. No grade cuts or weighted averages have been applied to the sample data reported. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. No aggregation has been applied to the rock sample data reported. · The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalent values are used.

Clancy Exploration Limited (ASX: CLY) ASX / Media Announcement

Criteria	JORC Code explanation	Commentary
Relationship betweenmineralisation widthsand intercept lengths	·Theserelationshipsareparticularly important in thereporting of Exploration Results.·If the geometry of themineralisation with respect tothe drill hole angle is known, itsnature should be reported.	There is insufficient data to determine the orientation ofmineralisation below surface.No drill results are reported.
	·If it is not known and only thedown hole lengths are reported,thereshouldbeaclearstatement to this effect (eg'down hole length, true widthnot known').	No drill results are reported.
Diagrams	·Appropriatemapsandsections(withscales)andtabulations of intercepts shouldbe included for any significantdiscovery being reported Theseshould include, but not belimited to a plan view of drill holecollarlocationsandappropriate sectional views.	Appropriate diagrams are included in the main body of thisannouncement.
Balanced reporting	·WherecomprehensivereportingofallExplorationResultsisnotpracticable,representative reporting of bothlow and high grades and/orwidths should be practiced toavoid misleading reporting ofExploration Results.	All results are reported.
Other substantiveexploration data	·Other exploration data, ifmeaningfulandmaterial,should be reported including(but not limited to): geologicalobservations;geophysicalsurveyresults;geochemicalsurvey results; bulk samples – sizeandmethodoftreatment;metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleterious or contaminatingsubstances.	No other exploration data relating to the Project isavailable. No additional meaningful and materialexploration data has been excluded from thisannouncement.
	·The nature and scale ofplanned further work (eg testsfor lateral extensions or depthextensions or large-scale stepout drilling).	Further regional exploration related work planned includessystematic follow-up geological mapping, rock samplingand geophysical surveys e.g. ground based and airborne EMsurveys, over identified prospects and exploration targets.Drill testing (aircore and/or RC percussion and/or diamonddrilling) will be undertaken on any priority targets identified.
Further work	·Diagramsclearlyhighlightingtheareasofpossible extensions, includingthemaingeologicalinterpretations and future drillingareas, provided this informationis not commercially sensitive.	These diagrams are included in the main body of thisannouncement.The project is at an early stage of exploration. There is goodoutcrop on which to base geological control in most areasat surface, however the reconnaissance and regional natureof the sampling conducted to date precludes detailedgeological control and determination of potential extensionsat surface. There is no subsurface information to establishgeological control or potential extensions at depth.