REDIVIUM LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

4th QUARTER ACTIVITIES REPORT 2020/2021

FAST FACTS

ASX Code: HNR

CAPITAL STRUCTURE

Shares on issue: 2.36 billion Market cap: $16.5M (at 0.7c) Cash: $1.01M (30 Jun 2021) Debt: Nil

BOARD OF DIRECTORS

Non-Executive Chairman Jonathan Murray Executive Director Damian Hicks Non-Executive Directors Markus Bachmann Clay Gordon Amanda Scott

KEY PROJECTS

Sole Funded Fraser Range (Ni-Cu) Forrestania (Ni) Southern Cross (Ni & Au) Moogie (Cu-Au & Ni-Cu) Free-Carried to Decision to Mine Forrestania (Au) 20%

ABOUT HANNANS LTD

(EST. 2002) Hannans Ltd is an exploration company with a focus on nickel and gold in Western Australia.

During the 4th Quarter (April – June 2021):

• Forrestania (Nickel) completed diamond drill testing 4 nickel targets – iron sulphides intersected in each hole;
• Moogie (Copper-Gold & Nickel-Copper) completed airborne magnetic survey over two new tenements; reviewed all historic exploration results; rationalised project tenure; and
• Business Development assessed new opportunities.

Goals for the 1st Quarter (July – September 2021):

• Moogie (Copper-Gold & Nickel-Copper) complete ground gravity survey over breccia IOCG prospect; complete airborne electromagnetic survey over intrusive nickel-copper prospects; and complete project (and prospect) scale geochemical sampling;
• Forrestania (Nickel) commence critical review of results and commence next phase of exploration;
• Fraser Range (Nickel-Copper) subject to crew availability and weather, complete 2nd phase of EM surveying;
• Southern Cross (Nickel & Gold) subject to securing access, complete 1st phase of EM surveying;
• Forrestania (Gold) follow gold exploration results from joint venture partner; and
• Business Development assess new opportunities.

NOTE

All material results and commentary included in this Quarterly Report have previously been released to ASX. Please click here for more information.

EXPLORATION

Figure 1: State map showing location of Hannans' Forrestania, Fraser Range, Southern Cross and Moogie Projects (red font with yellow background) relative to the location of major projects not owned by Hannans (in blue font with white background).

Forrestania Nickel

The Forrestania Nickel Project ("FNP") is located approximately 120km south of Southern Cross and 80km east of Hyden, in the Goldfields region of Western Australia (refer Figures 1 and 2 on pages 2 and 3).

Four diamond drill holes were recently completed to test four separate geophysical and geological targets located within the Western and Mid-Western Ultramafic sequences at the FNP1. All holes intersected iron sulphides of pyrrhotite-pyrite at the expected depths of the target horizons (refer Table 1 on page 4). Based upon geological inspection, the targets intersected are not expected to contain significant nickel grades.

The next phase of exploration planning for the FNP has commenced and shareholders will be advised when field work commences (refer Table 2 on page 5).

As previously advised the ultramafic belts at Forrestania host some of the most attractive nickel sulphide deposits in Australia and possibly the world. Its nickel sulphide endowment is remarkable having four mines with two open pits and nickel sulphides persisting beyond 1 km depth2 . All the mineralised belts that host the mines, resources, and prospects at Forrestania are represented within the Hannans ground package, particularly the Western Ultramafic belt that contains the highest-grade nickel deposits. It is principally for these reasons that Hannans persists with its methodical exploration process targeting a new nickel sulphide discovery.

Figure 2: Regional location map showing major nickel mines and nickel deposits. Hannans Forrestania Nickel Project shaded in red**.**

1 Refer ASX releases dated 20 April 2021 and 13 July 2021 for further information.

2 Refer Appendix 1 in ASX releases dated 20 April 2021 for a list of producing mines, past producers, significant resources, and significant prospects.

Table 1: Completed 3rd Phase of Exploration

TargetID	CompletedHole ID	Hole collarcoordinates	Dip /Azimuth	End ofhole depth	Comment
A1	FSDD076	751507E6420459N	-70/280	271.0m	HoletestedDHEMplateandencounteredsemi-massivesulphidescentred at 254m. No significant nickelsulphides encountered.
C4	FSRC062	751754E6423146N	-70/270	273.1	HoletestedsurfaceMLEMplateencountering sulphides from 209m to227m. No significant nickel sulphidesencountered.
B3	FSRC068	751136E6430122N	-60/250	372.8m	Hole tested basal ultramafic contact andencounteredsulphidesatseveralintervals. PVC was installed in hole to testfor off-hole conductors. No significantnickel sulphides encountered.
B5	FSDD075	751507E6420459N	-74/220	226.1m	Hole tested basal ultramafic contact andencountered semi-massive and stringersulphidesfrom176mto181m.Nosignificant nickel sulphides encountered.

Figure 3 Project location map showing major nickel mines and nickel deposits (owned by Western Areas Ltd).

Table 2: Completed Exploration Phases from Detailed Review through to completion of Phase 3. Phase 4 is being planned.

Phase	Explanation
DetailedReview	Review of all Hannans Forrestania Tenements with the emphasis on generating nickelsulphide targets. A geological-geochemical review and a geophysical review evaluatedpast work and recommended targeting bedrock geophysical anomalies mainly within theWestern Ultramafic belts. Prospects and anomalies were visited on the ground toground-truth geochemical and geophysical anomalies.
1	A stage-one drilling programme drilled FSRC060-FSRC066 testing these targets andintersected sulphides but no significant nickel sulphide intersections. Of the seven holesdrilled, two holes were surveyed using DHEM which resulted in an off-hole anomalywarranting follow-up in one.
2	Ground geophysical surveys employing Moving Loop and Fixed Loop electromagneticswere carried out in areas previously untested. Prospects and anomalies were visited onthe ground to check out geochemical and geophysical anomalies, two areas weresampled by soil sampling. Seven holes FSRC067-FSRC073 were drilled targeting bedrockgeophysical conductors and one geology-geochemical target. One lithium dedicatedhole FSRC074 was drilled. Encouraging nickel-copper values were intersected inultramafic rocks along the Western Ultramafic Belts. DHEM was undertaken whichconfirmed that most of the geophysical anomalies were intersected by drilling andseveral new targets were generated that warrant further follow-up.
3	Historic results were evaluated in conjunction with recent geophysical and drilling resultsGeophysical models and anomalies were reviewed and refined. Diamond drill testing offour targets within the Western and Mid-Western Ultramafic sequence was contractedto commence in June 2021. These holes were drilled, all 4 holes encountered bedrocksulphides and are reported above in Table 1.
4	A critical review of results so far at Forrestania Project is in progress. The next phase ofexploration planning for the FNP has commenced and shareholders will be advised whenfield work commences.

Moogie (Copper-Gold & Nickel-Copper)

The Moogie cooper-gold and nickel-copper project is located approximately 260km north-west of Meekatharra in the East Gascoyne region of Western Australia (refer Figure 4 on page 6).

Moogie represents a conceptual greenfield exploration opportunity based on large-scale tectonic controls on mineralisation. The concept is that deep, long-lived crustal scale structures like major shear zones represent excellent tectonic settings for large scale mineralising events. Government seismic lines indicate the surface expression of a major structure occurs with the Moogie Project3.

Following a review of the major airborne magnetic survey, available remote sensing data, geochemical and thin section analysis and four field visits, Hannans is assessing deposit models best described as:

• Hydrothermal silica-magnetite breccia systems with discreet magnetic anomalies that have potential for IOCG mineralization (Moogie Breccia); and
• Mafic and ultramafic parts of the gneissic lithology with geochemistry indicative of magmatic fractionation of the protolith, a process that is key to development of magmatic sulphides generally, including nickel-copper sulphides (Minni Ritchi and Ghallangee).

Two approaches to further investigate the potential for IOCG mineralization include a ground gravity survey (to be completed in August 2021), along with a lithium-borate fusion analysis of selected pulps.

3 Refer ASX release dated 3 June 2020 for further information.

Following interpretation of the gravity survey and geochemistry Hannans will decide if the Moogie Breccia and surrounds justifies further exploration.

The Minni Ritchi and Ghallangee mafic and ultramafic intrusive prospects require further data collection and validation prior to understanding their potential. The final phase of a project mapping / soil sampling program will be completed (in August) along with prospect scale mapping. After consideration of the merits of several additional exploration techniques it was determined that a regional and prospect scale airborne electromagnetic (EM) survey would be flown (in September 2021). If justified, ground EM surveys will be completed over anomalous geochemical and geophysical responses. Targets generated at the end of this process will be drill tested.

An airborne magnetic survey was flown in May 2021 over two recently granted tenements and interpretation of the data is ongoing. The purpose of the survey is to obtain detailed magnetic resolution over structures considered to have potential to host a major mineralised gold system. The first geochemical sampling program will occur after interpretation of the magnetic data (in September).

Figure 4: Regional location map showing Moogie and its proximity to several current and historic mines.

Continued…

Figure 5: Project location map showing Hannans tenement applications E09/2373 and E09/2374 highlighted by the yellow stars. An airborne magnetic (gradiometer) and radiometric survey will be flown over these tenements in March 2021. Gold star represents approximate location of Moogie Breccia, the orange star Minni Ritchi and the green star Ghallangee.

Table 3: Development and exploration timeline of Moogie Project
-----------------------------------------------------------------	--

Phase	Explanation
Concept	Can the position and nature of the major structure at Moogie be defined, andits mineral potential explored? Hannans is targeting discovery of a large, longlife, low cost gold, copper and or nickel-copper-PGE deposits (Tier 1). Thedeposit models being investigated include both: orogenic Au and or Cu; andintrusion hosted Ni-Cu-PGE. (October 2019)
Proof of Concept	Detailed aeromagnetic datacollection 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 todeposit modelsbest described as:hydrothermal silicamagnetite breccia systems (Moogie Breccia); andmafic and ultramaficintrusive systems hosting magmatic sulphides (Minni Ritchi and Ghallangee)(E09/2373, E09/2374 and E09/2417). The opportunity for orogenic goldmineralisation also remains in tenements (E09/2460 and E09/2461) (July 2020– June 2021).

Fraser Range (Nickel-Copper)

The Fraser Range nickel-copper project is located 100km east of Norseman, Western Australia (refer Figure 6 on page 8).

A heritage agreement was signed during the Quarter and all tenement applications were granted. Unfortunately, crew availability and ground conditions resulted in the planned ground electromagnetic (EM) surveys being postponed. As soon as practical Hannans will complete the EM surveys over priority targets within tenements E63/2023 – 2026. 4 Heritage approvals have been received for the ground EM surveys. Hannans is reviewing its position in relation to the joint venture into E63/1772.

Figure 6: Plan of the Hannans tenure at the Fraser Range**.**

Southern Cross (Nickel & Gold)

Hannans has the option to purchase a 90% interest in EL77/2691 located between Southern Cross and Bullfinch in Western Australia (refer Figure 1 on page 2).5

After the Quarter ended the tenement application was granted, however permission from private landowners to commence exploration hasn't been obtained thus far. Ground geophysical surveys targeting ultramafic rocks having the potential to host nickel sulphide mineralisation have been planned and will commence once access is obtained.

Forrestania Gold

Joint venture partner, Classic Minerals Ltd (ASX:CLZ), is funding exploration on the Forrestania Gold Project. Hannans owns a 20% free-carried interest in the FGP6 meaning Hannans is not required to fund the costs of exploration until a decision to mine gold has been made by the joint venture. For the avoidance of doubt Hannans owns a 100% interest in all non-gold rights on the tenements including but not limited to nickel, lithium, and other metals. Hannans continues to monitor the joint venture partners exploration activities for gold.

4 Refer ASX release dated 19 April 2021 for further information.

5 Refer ASX release dated 30 November 2021 for further information.

6 Please refer to the ASX releases made by Classic Minerals Ltd dated 2 May 2017, 18 December 2019 and 21 January 2020 for full details of the mineral resource estimates reported in compliance with the JORC Code, 2012 Edition. Hannans has no interest in either the Lady Lila or Kat Gap prospects owned by Classic Minerals Ltd.

CORPORATE GOVERNANCE

ASX Announcements since 1 April 2021

Table 4: ASX announcements

Date	Announcement
30/04/2021	3rd Quarter Activities Report
30/04/2021	3rd Quarter Cashflow Report
21/04/2021	Forrestania nickel project update
19/04/2021	Geophysical surveys at Fraser Range

CORPORATE FINANCE

Issued Capital

As at 30 June 2021 the total number of shares on issue was 2,359,977,192.

Investments

The approximate value of the Company's investments as of 30 June 2021 was $393,459.

Table 5: Investee company portfolio

Investee Name	Number of Securities	Value
Errawarra Resources Ltd (ASX: ERW)	687,594	$154,709
Critical Metals Ltd (Unlisted)	575,000	$230,000
NickelX Limited (ASX: NKL)	50,000	$8,750

Finance

The Company held cash and term deposits on hand as of 30 June 2021 of $1.01 million.

Related Party payments for the quarter outlined in the Appendix 5B at section 6.1 total $88,000 include amounts paid to directors including salary, directors' fees, geological consulting fees and statutory superannuation.

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

– END –

COMPLIANCE STATEMENT

The information in this document that relates to exploration results at the Fraser Range, Forrestania and Southern Cross is based on information compiled by Adrian Black, a Competent Person who is a Member of the AIG (1364). Adrian Black is a consultant to Hannans Ltd and its subsidiary companies. Adrian Black 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).

Granted Tenements

		Interest 4th Quarter2020/2021			Interest 4th Quarter2020/2021
Tenement number	Start	End	Note	Tenement number	Start	End	Note
HR FORRESTANIA PTY LTD 1
Location: Forrestania, Australia
E77/2460	100%	100%	1
REED EXPLORATION PTY LTD 2
Location: Forrestania, Western Australia				Location: Fraser Range, Western Australia
E77/2207-I	100%	100%	3	E63/1772	0%	0%	5
E77/2219-I	100%	100%	3	E63/2020	0%	100%
E77/2220-I	100%	100%	3	E63/2021	0%	100%
E77/2239-I	100%	100%	3,4	E63/2022	0%	100%
P77/4290	100%	100%	3	E63/2023	0%	100%
P77/4291	100%	100%		E63/2024	0%	100%
E77/2546	100%	100%		E63/2025	0%	100%
P77/4534	100%	100%		E63/2026	0%	100%
Location: Moogie, Western Australia
E09/2373	100%	100%
E09/2374	100%	100%
E09/2417	0%	100%

Note:

• 1 HR Forrestania Pty Ltd (HRF) is a wholly owned subsidiary of Hannans Ltd. HRF is the registered holder of the tenements.
• 2 Reed Exploration Pty Ltd (REX) is a wholly owned subsidiary of Hannans Ltd. REX is the registered holder of the tenements unless indicated otherwise.
• 3 REX holds a 100% interest in all minerals excluding gold. REX holds a 20% free-carried interest in the gold rights.
• 4 REX voluntary partial surrendered 6 sub-blocks during the period.
• 5 REX may earn up to 70% interest in all minerals in accordance with the transaction terms. Kingmaker Metals Pty Ltd is the registered holder of the tenement. Refer to ASX announcement titled, "Secures Nickel Project at Fraser Range" released on 30 November 2020.

Tenement Applications

Tenement numberNote		Tenement number
REED EXPLORATION PTY LTD
Location: Forrestania, Western Australia		Location: Southern Cross, Western Australia
E77/2711		E77/2691	6
Location: Moogie, Western Australia		Location: Andover West, Western Australia
E09/2460		P47/1976
E09/2461

Note:

6 Subject to an option to purchase a 90% interest on grant.

Relinquished or Lapsed Tenements

Interest 4th Quarter2020/2021				Interest 4th Quarter2020/2021
Start	End	Note	Tenement number	Start	End	Note
REED EXPLORATION PTY LTDLocation: Forrestania, Western Australia
100%	0%		E77/2489	100%	0%
					Location: Mt Holland, Western Australia

Interest 4th Quarter2020/2021