REDIVIUM LIMITED — Capital/Financing Update 2022

Apr 4, 2022

5 April 2022

ASX Announcement

Moogie Cu-Au and Ni-Cu-PGE Project Exploration Update

• Ground-based Moving-Loop and Fixed-loop electromagnetic (EM) surveys completed.
• Two priority helicopter EM targets confirmed with two discrete conductors defined; drill testing recommended.
• Moogie is located at the boundary of the Pilbara and Yilgarn Cratons, regional positions known to host deep, crustal-scale structures, considered favourable sites for potential economic mineralisation.
• Survey focused on priority helicopter-borne EM targets associated with deep, regionally-significant Cardilya Shear Zone, being explored for Cu-Au, Ni-Cu-PGE and orogenic Au mineralisation.

Hannans Ltd (ASX:HNR) has completed a ground electromagnetic (EM) survey at its 100% owned Moogie Copper-Gold and Nickel-Copper-PGE Project ("Moogie"), located approximately 260km north-west of Meekatharra and 300km east of Carnarvon in the East Gascoyne Region of Western Australia (refer Figures 6 to 8 on pages 4 and 5 for state, regional and project location maps).

Moogie is located within the Gascoyne Province proximal to the margin with the Yilgarn and Pilbara Cratons. Such collision belts at the margin of cratons are known to host deep crustalscale structures, favourable target sites for mineralisation. The project hosts a significant strike length of the Cardilya Shear Zone, identified as such a deep-seated structure. The Cardilya Shear Zone is a 2-5km wide, east-west trending shear zone which buckles and thickens at its intersection with the northeast-trending Deadman Fault Zone, a second major structure transecting the project. Hannans is exploring the Cardilya Shear Zone and related structures for Cu-Au, Ni-Cu-PGE and orogenic Au mineralisation (refer to Figure 1 on page 2).

A series of moving-loop (MLEM) and detailed fixed-loop EM (FLEM) surveys were recently completed over Targets A, B and C, as previously identified in the February 2022 airborne EM (AEM) survey (refer to Figures 2 & 3 on page 2 and Hannans ASX announcement 17 February 2022). The aim of the ground surveys was to firstly verify the original AEM anomalies and provide an accurate location of the conductive target for potential drill testing.

All three targets, located in the centre of the project, occur within a zone of thickening of Cardilya Shear Zone proximal to its intersection with the Deadman Fault: a zone considered prospective for intrusive-hosted Ni-Cu-PGE mineralisation.

Figure 1: Moogie Project structural interpretation (Modified after McCormack, B., 2020.). Ground EM survey shown in blue.

Figure 2: AEM Survey area centered on Minni Ritchi prospect (noted as B).

Figure 3: Ground EM survey lines, Targets A, B (Minni Ritchi) and C.

The results from Targets A & C confirmed the presence of two weak but discrete conductors at relatively shallow depths (100-150m below surface). Both targets are either associated with or adjacent to weakly magnetic units and recommended for drill testing (refer to Figures 4 & 5). The modelled dimensions of the conductive bodies are approximately 500x300m (Target A) and 250x250m (Target C).

The AEM anomaly at Target B (Minni Ritchi) was also confirmed in the ground EM data but is considered only a very weakly conductive target and has been downgraded.

Figure 4: Target A: 3-D modelling

Figure 5: Target C: 3-D modelling

Continued…

Figure 6: Hannans' Project location map

Figure 7: Regional location map showing Moogie and its proximity to several current and historic mines.

Figure 8: Project location, regional geology & priority targets.

Phase	Explanation
Concept	Can the position and nature of the major structures at Moogie be definedand its mineral potential explored? Hannans is targeting discovery of alarge, long-life, low-cost gold, copper and or nickel-copper-PGE deposits(Tier 1). The deposit models being investigated include both: orogenic Auand or Cu and intrusion hosted Ni-Cu-PGE. (October 2019).
Proof of Concept	Detailed aeromagnetic data collection and interpretation, geochemicalsampling and interpretation, mapping and thin section analysis resulted inproof of concept. (December 2019 – June 2020).
Deposit Models	Following the collection of additional geochemical data, mapping, andinterpretation plus a detailed review of all historic and modern data, focushas turned to deposit models best described as: hydrothermal silicamagnetite breccia systems (Moogie Breccia); and mafic and ultramaficintrusivesystemshostingmagmaticsulphides(MinniRitchiandGhallangee) (E09/2373, E09/2374 and E09/2417). The opportunity fororogenic gold mineralisation also remains in tenements (E09/2460 andE09/2461) (July 2020-June 2021).
Field Work	A ground gravity survey was completed over the Breccia prospect (August2021). Airborne EM and magnetic survey over the Breccia, Minni Ritchi andGhallangee prospects (January 2022). Ground EM survey completed(February 2022). Archaeological survey schedule (May 2022). Regionalsurface sampling and prospect scale surface sampling scheduled (AprilJune 2022), drilling schedule (July-August 2022).

Table 1: Development and exploration timeline of Moogie Project

This ASX announcement has been authorised for released by Mr Damian Hicks, Executive Director.

For further information, please contact:

Damian Hicks Executive Director

Competent Person

The information in this document that relates to exploration results is based on information compiled by Amanda Scott, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda Scott is a full-time employee of Scott Geological AB. Amanda Scott is also a non-executive director of Hannans and holds both shares and options in Hannans. Amanda Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her information in the form and context in which it appears

JORC Code 2012 Edition

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as downholegamma sondes, or handheld XRF instruments,etc). These examples should not be taken aslimiting the broad meaning of sampling.•Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused. Aspects of the determination ofmineralisation that are Material to the PublicReport.•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, such aswhere there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)	•Ground Electro-Magnetic surveys completed byGap Geophysics during February-March 2022.•Moving Loop EM (MLEM) survey data collectedusing 200x200m transmitter loops at 100mstation spacing and 400m line spacing. Slingramconfiguration with receiver 100m from southernloop edge.•Fixed Loop EM (FLEM) survey data collectedusing 400x400m and 500x500m transmitterloops,with75mor100mlinespacingrespectively and 50m stations.•Survey parameters / specifications:EMIT SMARTEM24 receiverEMIT SMART Fluxgate 3-component B-FieldsensorGap GeoPak EMTX-200 transmitterTransmitter current 70-80A (FLEM) and 110A(MLEM)Base frequency 1Hz (FLEM) and 2Hz (MLEM)Transmitter turn-off = 0.13ms (FLEM),0.07ms (MLEM)Stacking = 128 x 2or3 readings per station
Drillingtechniques	may warrant disclosure of detailed information.•Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc.) and details (e.g. 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 drilling has been undertaken.
Drill samplerecovery	•Method of recording and assessing core andchip sample recoveries and results assessed.•Measures taken to maximise sample recoveryand ensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	•No drilling has been undertaken.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.)photography.•The total length and percentage of the relevantintersections logged.	•Not applicable, as no drilling has beenundertaken.

Criteria	JORC Code explanation	Commentary
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc. and whether sampled wet or dry.•For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to thegrain size of the material being sampled.	•Not applicable, as no drilling has beenundertaken.
Qualityofdataassayandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.•For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.•Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptable levelsof accuracy (i.e. lack of bias) and precision havebeen established.	•Not applicable, as no drilling has beenundertaken.
Verificationof samplingand assaying	•The verification of significant intersections byeither independent or alternative companypersonnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Not applicable, as no drilling has beenundertaken.
Locationofdata points	•Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•The data was collected in GDA94 / MGA50coordinate system using a handheld GPS withaccuracy +/-3m.
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.•Whether sample compositing has been applied.	•Not applicable, as no drilling has beenundertaken.

Criteria		JORC Code explanation		Commentary
Orientationofdatainrelationtogeologicalstructure	•	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.	•	The survey grid was aligned to cross themajority of the known structures, stratigraphyand mineralisation.
	•	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.
Samplesecurity	•	The measures taken to ensure sample security.	•	Not applicable, as no drilling has beenundertaken.
Auditsorreviews	•	The results of any audits or reviews of samplingtechniques and data.	•	Not applicable, as no drilling has beenundertaken.