REDSTONE RESOURCES LIMITED — Capital/Financing Update 2025

Nov 25, 2025

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ASX ANNOUNCEMENT 26 November 2025

DIAMOND DRILLING DISCOVERS SIGNIFICANTLY DEEPER AND MORE EXTENSIVE COPPER MINERALISATION AT TOLLU DEPOSIT, WA

Tollu continues to show exciting exploration upside and the strong potential to host Cu-Ni-Co-PGE style mineralisation

HIGHLIGHTS

• Assays confirm that diamond hole TLD005 has intersected additional high-grade copper (Cu) mineralisation, some 400m deeper and significantly further to the south (130m) of the Chatsworth mineralisation; in isolation to any previous Cu intersects at Tollu

• In addition to previously reported results in September 2025, further analysis shows that drill hole TLD005 also intersected significant high-grade Cu at two other locations much deeper downhole (see Figure 2), including:

 1.8m at 2.5% Cu from 912.4m downhole; and

 4m at 1.3% Cu from 1,048m downhole, inclusive of o 1.6m at 2.7% Cu from 1,048.4m

• Additional multiple lower grade Cu intersections were observed throughout TLD005, highlighting the potential extent and upside of the Cu system at Tollu (see below and Appendix 2 for further information)

• Significantly, even at lower grades, geochemistry in TLD005 indicates that cobalt (Co) is probably in sulphide form, not always associated with Cu mineralisation, and bias towards an underlying gabbro

• Potential association of Co sulphide mineralisation in the gabbro that underlies the Tollu Cu deposit is important for Redstone’s exploration strategy because it is potential evidence for a magmatic sulphide source of the Tollu Cu deposit and hence elevates the prospectivity of the entire Project for Voisey’s Bay style magmatic Cu-Ni-Co-PGE mineral deposits, such as that of the world-class NeboBabel deposit located 60km to the west of Tollu

Redstone Resources Limited ABN 42 090 169 154 Level 1,50 Kings Park Road, West Perth WA 6005 Tel: 08 9328 2552

www.redstone.com.au Email: contact@redstone.com.au

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• These results confirm the strong success of deep diamond hole TLD005 which are in addition to the previously announced (17 September 2025) intersection of:

 10m at 1.37% Cu from 193m downhole, inclusive of o 4m at 2.37% Cu from 195m downhole

Redstone Resources Limited (ASX Code: RDS ) (‘ Redstone ’ or the ‘Company ’) is pleased to report outcomes of the remaining geochemistry from the 1,195.5m diamond drill hole TLD005, drilled beneath the Tollu Cu Deposit on the Company’s 100% owned West Musgrave Project (the Project ) in Western Australia (Refer to Figure 1 ).

Pleasingly, the latest results confirm that drill hole TLD005 has discovered multiple lenses of Cu mineralisation - including two further significant high-grade intersections - at much greater depth (over 400m deeper vertically than previous) and more extensive being ~130m further to the south, in isolation to any Cu mineralisation at Tollu ever reported by Redstone (refer to Figures 2 and 3).

Commenting on the latest exciting results from TLD005, Chairman Richard Homsany said:

“We are delighted and very encouraged by the latest outcomes from diamond hole TLD005, which highlight some of the most significant exploration progress made at Redstone’s West Musgrave copper project in some time.

TLD005 has dramatically expanded the known limits of the Tollu Cu mineralisation, having intersected high-grade Cu mineralisation, some 400m deeper (vertically) and 130m south, in isolation of all known Cu mineralisation in the area of the Tollu Cu deposit.

These intersections suggest that the Tollu Cu mineralising system is potentially more extensive and far deeper than previously considered; and analysis of Co geochemistry suggests a potential magmatic source for the Co which also gives credence for a similar source for the Tollu Cu mineralisation.

Importantly, there are no indications of this new zone of deep and isolated Cu mineralisation directly above it at the surface, unlike at the Tollu Cu deposit, where all historical drilling has targeted Cu veins that often outcrop at the surface.

This suggests there is far more Cu mineralisation to be discovered at Tollu.

We are now working towards finalising follow-up drilling plans for early 2026 and will report on further progress in the near-term.”

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Figure 1 – Location of Redstone's West Musgrave Project and the Tollu Cu Deposit relative to the world class Nebo-Babel Cu-Ni-Co Deposit and other deposits and prospects in the area. Information for deposits and prospects from DEMIRS Minedex, Cassini Resources Ltd ASX announcement of 7 December 2015 and Redstone Resources Ltd maiden JORC 2012 resource ASX announcement of 15 June 2016.

Details of TLD005 are presented in Appendix 1, and the significant intersections of Cu mineralisation are presented in Appendix 2. The JORC Table 1 for the exploration results presented in this ASX announcement is provided in Appendix 3.

Diamond Drilling Delivers More High-Grade Cu Mineralisation

The two further significant high grade Cu intersections of TLD005 were ( Figure 2 ):

• 1.8m at 2.5% Cu from 912.4m downhole; and

• 4m at 1.3% Cu from 1,048m downhole, inclusive of o 1.6m at 2.7% Cu from 1,048.4m.

These are in addition to the previously announced (17 September 2025) intersection of:

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Figure 2 – Cross-section of geology and significant (1% and greater and over 1m downhole width) and anomalous (0.1% and greater) copper (Cu) and significant (0.07% and greater) and anomalous (0.03% and greater) cobalt (Co) assay results for the completed deep diamond drill hole TLD005. See text for further details. No historical drilling results included in this cross-section. Looking towards the NE approximately.

Figure 3 shows that the bottom 4m intersection of 1.3% Cu is some 400m deeper vertically than the previously deepest significant Cu mineralisation ever intersected at the Tollu Cu deposit, being 0.7m at 1.68% from 470.2m downhole in TLD003, which was drilled in 2012. This TLD005 deep high-grade Cu intersection is over 800m vertical from the surface and, importantly, was not the only sign of Cu mineralisation on the way downhole to that point. High-grade Cu was also intersected at 912m downhole (see above and Figures 2 and 3 ) and further lower grade but anomalous Cu (0.1% Cu and greater) was intersected at 6.5m, 307.8m, 338.5m, 340.26m, 508.42m, 622m, 657.7m, 816.32m, 863.03m, 870.67m, 946.61m, 958m and 966m downhole (refer to Figure 2 and Appendix 2 ).

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Figure 3 – Cross-section of TLD005 as in Figure 2 but projected onto all historical drilling results from the drilling of the Chatsworth Prospect part of the Tollu Cu deposit. Looking towards the NE approximately. Only intersections of Co in TLD005 of 0.05% Co and greater included. As shown, significant historical intersections of Cu are greater than 1% Cu and anomalous Cu intervals are greater than 0.1% Cu. A number of smaller anomalous intersections of Cu in Figure 2 not included here for clarity in the section. See text for further details.

The depth of the Cu mineralisation can be explained by the size and depth of the structure related to it. The entire length of drill hole TLD005 encountered broken rock from brecciation and shearing (see Figure 2 ) that was oriented approximately parallel to the drilling (NW-SE towards SSE), suggesting that the structures that also host the Tollu Cu veins continue to at least 800m from surface and probably beyond. Although the drilling of TLD005 down the structure hosting the Tollu Cu mineralisation was intended (refer to ASX announcement of 17 September 2025), this made it difficult to maintain the planned azimuth, and as a result the drill hole veered away from its target, which was to pass deep beneath the potential hydrothermal ‘chute’ of the Tollu Cu deposit (see Figure 4 ). Instead, drill hole TLD005 passed approximately 130m to the SW of the planned target and ended below an area not previously drilled to the south, in isolation, to all of the main areas of known Cu mineralisation (refer to Figure’s 3 and 4 ).

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Figure 4 – Plan view of planned v final orientation of TLD005 according to the downhole drilling survey, along with all significant and anomalous Cu grades intersected in TLD005 as outlined in 3 and Appendix 2, projected upon all historical drilling results for Cu at the Chatsworth Prospect part of the Tollu Cu deposit. As shown, significant historical intersections of Cu are greater than 1% Cu and thicker than 1m downhole and anomalous Cu intervals are greater than 0.1% Cu. See text for further details.

The deep TLD005 high grade Cu mineralisation at approximate 912m and 1,048m downhole, could herald another major area of high grade Cu mineralisation at Tollu, potentially very deep . It is possible that outcropping Cu mineralisation, also intersected in limited drilling to the WNW of the deep TLD005 high grade ‘hits’, previously thought to be isolated, are linked at depth. It could also be possible that the deep high grade ‘hits’ of TLD005 are linked to the Chatsworth Prospect mineralisation via a north shallowing structural connection. Neither of which can be proven or disproven without further drilling.

Cobalt Mineralisation and Magmatic Sulphide Prospectivity

One of the main objectives of deep diamond hole TLD005 was to test deep beneath the Tollu Cu veins for evidence of a Voisey’s Bay style massive Cu-Ni mineralising system in the area. This is based on Redstone’s conceptual exploration model that the high grade Tollu Cu veins could represent a remobilisation of Cu, preferentially leached by hydrothermal fluids from a large, massive sulphide accumulation hosted within a mafic magmatic intrusion at depth (see ASX announcement of 23 April 2025). The obvious essential component of this would be the presence of a mafic intrusion, such as gabbro, at depth beneath the Tollu Cu veins, and then, evidence for magmatic sulphides within this intrusion.

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Significantly, TLD005 intersected a gabbro dominant mafic intrusion at 811m downhole until the end of hole, proving that gabbro does reside beneath the Tollu Cu deposit, as conceptualised. Above this is a 300m transition zone (downhole thickness) of mixed mafic (inclusive of similar gabbro to that below) and felsic to intermediate volcanic and sub-volcanic rocks. Similar felsic and intermediate igneous rocks dominate above 520m to the surface. The transition zone is interpreted to be a mixed zone as a result of the large breccia/shear that dominates the entire TLD005 drillhole, where large cobble to boulder sized breccia pieces of the mafic have been caught up in the overlying felsics.

Co mineralisation has been of particular interest for Redstone, not only because it is found in varying amounts with the Tollu Cu mineralisation and has economic value, but also because, given its tendency to be associated with mafic to ultramafic rocks, its presence may be evidence that the Cu is from a mafic magmatic source. Low grade Co mineralisation was found throughout TLD005, in thin lenses, with the most significant concentrations being:

• 1.1m at 0.11% Co from 728.3m downhole; and

• 0.6m at 0.076% Co from 1,048m downhole, within the deepest significant zone of Cu mineralisation stated above.

This is in addition to the previously announced Co intersection on 17 September 2025 in the upper 10m of quartz vein hosted Cu mineralisation of 1.2m at 0.12% Co from 201.2m downhole (see Figure’s 2 and 3 and Appendix 2 ). However, further anomalous Co (0.03% Co and greater) was intersected at 509.3m, 543.57m, 609m, 618m, 624m, 654m, 730m, 775.32m, 864.7m, 871.4m, 912.4m, 966m, 971m, 978m, 987m, 997m, and 1,083.51m downhole (see Figure 2 and Appendix 2 ).

Significantly, the Co in TLD005 is not always associated with Cu or quartz veining, and apart from the significant Co anomaly in the shallower 10m zone of Cu mineralisation previously announced, there is a bias of Co anomalies in the deeper mafic rocks greater than 700m downhole depth (refer to Figure 2 ). This could be subtle evidence for a gabbroic source for the Co.

It is also significant that even at low concentrations, Co seems to be associated with sulphur (S) in most of the mafic geochemical samples (see Figure 5 ). This suggests that Co is often in the form of a sulphide when in the mafic rocks, even when not associated with the Cu mineralisation within the quartz veins. This, along with the bias of Co anomalies in the deeper mafic rocks, could be evidence for a magmatic sulphide source for the Co. Given the obvious implications of this for the source of the Tollu Cu mineralisation and the prospectivity for a magmatic sulphide Cu-Ni-Co-PGE deposit on the Project, this will be investigated further.

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Figure 5 – Bivariate chart showing a relatively strong positive association between the concentration of sulphur (S) and cobalt (Co) in the mafic only geochemical samples collected and assayed in TLD005, above approximately 50ppm Co. This relatively strong association suggests that Co is present as a sulphide in the mafic samples when in concentrations more than only 50ppm Co. See text for further details. Chart has been produced using IoGas ©.

Next Steps: Exploration Plans

Redstone was recently awarded a West Australian State government EIS co-fund grant (Round 32) for up to $180,000 for a universal RC drilling program to test priority magnetic targets in a 7.5km corridor NE of the Tollu Cu deposit . This is in addition to the Round 31 EIS grant successfully awarded to Redstone in the June 2025 quarter to co-fund a further deep diamond hole for up to $220,000.

Planning is currently underway for this potential RC drilling program to be undertaken in the first half of 2026.

Moving forward, Redstone will continue to examine the geology and mineralisation of the TLD005 drill core in greater detail to further ascertain its implications for Redstone’s exploration strategy. It is already clear that TLD005 has proved that the Tollu Cu mineralisation is not restricted to the package of felsic to intermediate volcanics and sub-volcanics of what is currently defined as the Tollu Cu Deposit.

The Tollu Cu mineralising system runs deep into an underlying gabbroic intrusion and TLD005 has provided some suggestive evidence that this mafic gabbro may be the ultimate source of the Cu sulphides at the Tollu Cu deposit. If so, then this highlights the prospectivity of the entire Project for magmatic Cu or magmatic CuNi-Co-PGE sulphide deposits, such as that of the world-class Canadian Voisey’s Bay deposit or Nebo-Babel deposit, the latter situated only 60km to the west of Tollu.

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A number of magnetic anomalies to the NE of Tollu (refer to Figure 6 ) have already been geologically tested by Redstone through very limited RC drilling (Prospects EM5, Cigar West and East and Hiding Maggie) and shown to be the right rocks for hosting magmatic Cu or Cu-Ni-Co-PGE deposits. One RC drill hole, TLC170, has already shown that these intrusions are potentially fertile, having intersected 94m (downhole thickness) of visible low grade Cu sulphides of 0.03-0.06% Cu from only 66m downhole (refer to ASX announcement of 6 July, 2020).

However, there are many more similar magnetic anomalies thought to be mafic magmatic intrusions in the same area NE of Tollu that are yet to be tested and for which some of the limited drilling completed so far requires further follow-up.

Additionally, a large magnetic body of rock shown in airborne magnetics directly east of Tollu but spanning all the way to the Hiding Maggie East Prospect, some 6.5km to the ENE of Tollu, has also never been drilled (refer to blue bounded area in Figure 6 ).

These targets are being considered for drilling in the potential upcoming RC program stated above.

Redstone is now assessing how best to explore at Tollu in order to test the extent of the new TLD005 mineralisation and whether it is connected to the currently known Tollu Cu mineralisation, which is previously only been determined to be mostly within approximately 300m from the surface vertically. This may include drilling of an additional deep diamond hole for which Redstone was also successfully awarded a Round 31 EIS grant in the June 2025 quarter to co-fund a further deep diamond hole for up to $220,000.

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Figure 6 – Map of prospects based on features in airborne magnetic image (except for EM1) that have so far proven to be mafic and layered mafic magmatic intrusions from limited confirmation exploration drilling by Redstone. A thick layer of low grade disseminated Cu mineralisation has already been intersected at EM5 (see text for further details). Note the large amalgamated voluminous magnetic feature adjacent Tollu to the east (inside blue perforated boundary) that stretches all the way to Hiding Maggie East, that could also be target mafic gabbro given the results of TLD005. See text for further details.

-ENDS-

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This Announcement has been approved for release by the Board of Redstone Resources Limited.

For further information please contact:

Richard Homsany Miranda Conti Chairman Company Secretary Redstone Resources Limited Redstone Resources Limited +61 8 9328 2552 +61 8 9328 2552 contact@redstone.com.au contact@redstone.com.au

Media and Investors: Sam Burns at Six Degrees Investor Relations +61 400 164 067

ABOUT REDSTONE RESOURCES:

Redstone Resources Limited (ASX: RDS) is a base, precious metals and a lithium company exploring its 100% owned prospective West Musgrave Project, which includes the Tollu Copper deposit, in Western Australia. The West Musgrave Project is located between BHP’s Nebo Babel Deposit and Nico Resources’ Wingellina Ni-Co project. Redstone continues to evaluate the HanTails Gold Project at Kalgoorlie, Western Australia for potential development in the future. Redstone also has a 50/50 JV with Galan Lithium for lithium projects, located in James Bay, Québec, Canada (the James Bay Lithium Projects).

Competent Persons Statement

West Musgrave Project, West Musgrave, Western Australia

The information in this document that relates to exploration results for the West Musgrave Project from 2017 to date was authorised by Dr Greg Shirtliff, who is employed as a consultant to the company through Zephyr Professional Pty Ltd. Dr Shirtliff is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the tasks with which he is employed 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’. Dr Shirtliff consents to the inclusion in the report of matters based on information in the form and context in which it appears.

The information in this report that relates to Mineral Resource for the West Musgrave Project was authorised by Mr Darryl Mapleson, a Principal Geologist and full time employee of BM Geological Services, who were engaged as consultant geologists to Redstone Resources Limited. Mr Mapleson is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Mapleson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to act as a competent person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mapleson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX Listing Rule Information

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement referred to in the release.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Redstone Resources Limited’s ( Redstone ) planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Redstone believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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Appendix 1 –Table of drill collar information for Cu mineralisation intervals reported in this ASX announcement.

HOLE ID	Easting (GDA94z52)	Northing (GDA94z52)	Elevation (mASL)	Method	Azimuth from start to finish (degrees)	Dip from start to finish (degrees)	EOH Depth (downhole m)
TLD005	437927.888	7108702.976	577.802	DGPS	136.8 - 155.22	55.82 - 48.58	1195.51

Note: DGPS = Differential Global Positioning System (accurate to 1-10cm both horizontal and vertical). The azimuth stated is magnetic, not true. Both the azimuth and dip are in ranges from start of hole to end of hole.

Appendix 2 – Significant Cu and Co mineralisation intervals relevant to this ASX announcement.

Note: All grades of Cu are stated to 2 decimal places, the closest 0.01%, and 3 decimal places for Co, the closest 0.001%.

Previously announced intervals are highlighted in light grey.

	Depth From (m)	Depth To (m)	Interval Width (m)	Av. Copper (Cu) wt%	Cu-cutoff (wt% Cu)	Dilution (m)
TLD005	6.5	7	0.5	0.15	0.1	0
TLD005	193	203	10	1.37	0.2	0.7
TLD005	195	199	4	2.37	0.2	0
TLD005	307.8	308.2	0.4	1.05	0.1	0
TLD005	338.5	339	0.5	0.14	0.1	0
TLD005	340.26	341	0.74	0.23	0.1	0
TLD005	508.42	509.3	0.88	0.36	0.1	0
TLD005	622	623	1	0.3	0.1	0
TLD005	657.7	658.03	0.33	0.16	0.1	0
TLD005	816.32	817	0.68	0.46	0.1	0
TLD005	863.03	864.7	1.67	0.2	0.1	0
TLD005	870.67	871.4	0.73	0.52	0.1	0
TLD005	912.4	914.2	1.8	2.5	0.1	0
TLD005	946.61	947.48	0.87	0.25	0.1	0
TLD005	966	966.7	0.7	0.3	0.1	0
TLD005	1048	1052	4	1.3	0.1	0
TLD005	1048.4	1050	1.6	2.7	0.75	0
TLD005	958	959	1	0.18	0.1	0

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	Depth From (m)	Depth To (m)	Interval Width (m)	Av. Cobalt (wt%Co)	Co-cutoff (wt% Co)	Dilution (m)
TLD005	201.4	202.6	1.2	0.12	0.08	0
TLD005	509.3	510	0.7	0.036	0.03	0
TLD005	543.57	544	0.43	0.042	0.03	0
TLD005	609	610	1	0.03	0.03	0
TLD005	618	619	1	0.03	0.03	0
TLD005	624	624.57	0.57	0.038	0.03	0
TLD005	654	655	1	0.031	0.03	0
TLD005	728.34	729.43	1.09	0.11	0.03	0
TLD005	730	730.7	0.7	0.034	0.03	0
TLD005	775.32	776	0.68	0.054	0.03	0
TLD005	864.7	865	0.3	0.033	0.03	0
TLD005	871.4	872	0.6	0.056	0.03	0
TLD005	912.4	914.2	1.8	0.046	0.03	0
TLD005	966	966.7	0.7	0.039	0.03	0
TLD005	971	971.53	0.53	0.047	0.03	0
TLD005	978	979	1	0.053	0.03	0
TLD005	987	988	1	0.04	0.03	0
TLD005	997	998	1	0.04	0.03	0
TLD005	1048.4	1049	0.6	0.076	0.03	0
TLD005	1083.51	1084	0.49	0.03	0.03	0

Appendix 3 – JORC Table 1 Report

JORC Code, 2012 Edition – Table 1

West Musgrave Project - Deep Diamond Drill Hole TLD005

SECTION 1 SAMPLING TECHNIQUES & DATA

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature & quality of sampling (e.g. cut	• The geochemical samples referenced with
techniques	channels, random chips, or specific	assay results in this ASX announcement
	specialised industry standard	represent either half core from NQ2 diamond
	measurement tools appropriate to the	core (50.6mm diameter as full core) or half
	minerals under investigation, such as	core from HQ diamond core (63.5mm
	down hole gamma sondes, or handheld	diameter as full core).
	XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	• The core is cut in the field by a portable core cutter circular saw using a diamond blade.
	• Include reference to measures taken to ensure sample representivity & the appropriate calibration of any measurement tools or systems used.	• Sampling intervals have been carefully selected based on the target mineralisation so as to better ascertain alteration mineralogy and geochemistry associated directly with the mineralisation for exploration purposes.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Aspects of the determination of	•	Sampling intervals are also selected on a
	mineralisation that are Material to the		continuous basis so that full 1m assay results
	Public Report.		can be quantified and announced, which
	• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling		means sub-metre intervals are selected so that when grouped together they add to a full metre. However, this is not always the case.
	was used to obtain 1 m samples from	•	The cut line for the half core sample is
	which 3 kg was pulverised to produce a		selective and determined based on the best
	30 g charge for fire assay’). In other		knowledge available for which geological
	cases more explanation may be		features host the target mineralisation. For
	required, such as where there is coarse		example, if it is a certain structure, the
	gold that has inherent sampling		structure is ‘halved’, if it is foliation the foliation
	problems. Unusual commodities or		is ‘halved’. This method is used to make sure
	mineralisation types (e.g. submarine		the sample is as representative as possible of
	nodules) may warrant disclosure of		the ‘true’ concentration of the target element
	detailed information.		in the core.
		•	In some instances, hand-held portable XRF
			method has been used to ascertain very
			approximate ranges of copper (Cu) and other
			transition element concentrations and if so this
			method has been explained elsewhere in this
			ASX announcement.
Drilling	• Drill type (eg core, reverse circulation,	•	All drilling was conducted by the diamond
techniques	open-hole hammer, rotary air blast,		drilling technique. The diamond drilling was
	auger, Bangka, sonic, etc.) & details		used to collect HQ and NQ2 core (63.5mm
	(e.g. core diameter, triple or standard		and 50.6mm diameter respectively) from the
	tube, depth of diamond tails, face-		drill hole with a combination of standard tube
	sampling bit or other type, whether core		and triple tube, where broken core was
	is oriented & if so, by what method,		suspected. Core orientation was achieved by
	etc.).		referencing the bottom of hole with a Reflex
			downhole orientation tool for each core
			sample tube. Drill core was refitted where
			broken from sample tube by jig-saw matching
			where possible. A line was drawn along core
			to reference the bottom of hole orientation for
			referencing structural measurements to.
Drill sample	• Method of recording & assessing core	•	Core loss was recorded by the driller and
recovery	& chip sample recoveries & results		checked by the geologist when measuring up
	assessed.		the core. Core loss was marked in the core
	• Measures taken to maximise sample		storage trays with core blocks.
	recovery & ensure representative nature of the samples.	•	To minimise core loss the driller was notified of any known difficult ground conditions and
	• Whether a relationship exists between		the depths at which they may be encountered
	sample recovery & grade & whether		to ensure the driller could adjust his drilling
	sample bias may have occurred due to		technique prior to intersecting them.
	preferential loss/gain of fine/coarse material.	•	Not enough geochemistry data has been accumulated to date (this is the first from the
			diamond drilling) to make an assessment of

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• Criteria JORC Code explanation Commentary any bias of geochemical assay results due to core loss.

• • •

• Logging Whether core & chip samples have Logging of diamond core is achieved both at been geologically & geotechnically the drill rig and at the exploration camp on logged to a level of detail to support portable core racking prior to sample selection appropriate Mineral Resource and core cutting. estimation, mining studies & • Both geology and structures/veins are logged

• metallurgical studies. throughout the core. Alpha and beta angles

• • Whether logging is qualitative or are used for structural orientation relative to quantitative in nature. Core (or costean, the core axis and then converted to true channel, etc.) photography. orientation after consideration of the dip and

• • azimuth of the drill hole at the particular The total length & percentage of the downhole depths.

• The total length & percentage of the relevant intersections logged.

• All geological intervals are logged to the closest 1cm although it is obvious that such accuracy is within the error in overall length that will occur from drilling to receiving the core at the logging table.

• Hand held pXRF analysis is used to aid in the identification of major rock types, in particular for ascertaining potential protoliths through areas of intensive alteration.

• All core is measured and checked to the drillers log for depth correction and oriented with a core axis line drawn for bottom of core.

• Geological logging is qualitative and quantitative in nature.

• Visual estimations of sulphides and geological interpretations are based on examination of drill core using the naked eye and a 20x hand lens during drilling operations.

• It should be noted that whilst % mineral proportions are based on standards as set out by JORC, they are estimation only and can be subjective to individual geologists to some degree.

• Details of the sulphides, type, nature of occurrence and general % proportion estimation are found within the text of the announcement if reported at all.

• Sub- • If core, whether cut or sawn & whether • In-field sampling techniques are described sampling quarter, half or all core taken. above. techniques • If non-core, whether riffled, tube • At the lab, samples were crushed to a nominal & sample sampled, rotary split, etc.& whether 2mm using a jaw crusher before being split

• preparation sampled wet or dry. using a rotary splitter (or riffle splitter when

• • rotary splitter is not available) into 400-700g For all sample types, the nature, quality samples for pulverising.

• & appropriateness of the sample •

• preparation technique. Samples were pulverised to a nominal >90% passing 75 micron for which a 100g sample

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• Criteria JORC Code explanation Commentary • Quality control procedures adopted for was then selected for analysis. A spatula was all sub-sampling stages to maximise used to sample from the pulverised sample for representivity of samples. digestion.

• • Measures taken to ensure that the • The Bureau Veritas geochemical laboratory in sampling is representative of the in situ Perth that is used for this Project both use their material collected, including for own internal standards and blanks as well as instance results for field flushing and cleaning methods accredited by duplicate/second-half sampling. international standards.

• • • Whether sample sizes are appropriate Sample sizes and splits are considered to the grain size of the material being appropriate to the grain size of the material sampled. being sampled as according to the Gi standard formulas.

• • The laboratory introduced geochemical standards for specific elements and of different grades as per the geologist’s instructions at the rate of approximately 1 in 20 or 5% or at smaller intervals. In this case the specific standards used were targeted for Cu.

• • To estimate total error, field duplicates are taken to undergo all the same crushing, splitting and milling procedures at the lab. Overall, the field duplicate sampling rate is targeted at approximately 1 in 20 samples or 5% of the sample stream or where considered appropriate due to observations of the drill core and according to the geologist’s instructions.

• • It is important to note that due to this single deep diamond drill hole being part of the West Australian government’s research grant scheme and the requirements of this research grant to have full half core preserved at all times, ‘true duplicates’ were not taken. True duplicates are the other half of the core sampled, which means no core remains in areas of duplicate sampling. So, for this drill hole, field duplicates are half of the half core geochemical sample taken. So, in areas where duplicates exist the actual geochemical sample is also only in effect a quarter core sample.

• • •

• Quality of The nature, quality & appropriateness When analysed, Gold (Au), Platinum (Pt) and assay data of the assaying & laboratory Palladium (Pd) were analysed by Fire Assay & laboratory procedures used & whether the and Inductively Coupled Plasma Mass tests technique is considered partial or total. Spectrometry (ICPMS) finish which has a • detection limit of 0.001g/t Au. All other For geophysical tools, spectrometers, elements are analysed by ICP with either a

• handheld XRF instruments, etc., the MS or Optical Emission Spectrometry (OES)

• parameters used in determining the finish, whichever is most accurate for the

• analysis including instrument make & individual element within the matrix of the

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Criteria	JORC Code explanation	Commentary
	model, reading times, calibrations	sample being analysed. A combination of a lab
	factors applied & their derivation, etc.	developed mixed acid digest and peroxide
	• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) & whether acceptable levels of accuracy (i.e. lack of bias) & precision	fusion followed by dilute HCl digest were used to get elements into solution (excluding Au) prior to analysis and the most accurate method chosen for each element based on matrix geochemistry (post initial analyses).
	have been established.	• This analytical technique is considered a total
		analysis for all intent and purposes.
		• No other analytical techniques are relevant to
		reporting in this ASX announcement.
		• All QAQC procedures (duplicates etc) have
		been outlined above.
		• Acceptable levels of accuracy for all data
		referenced in this ASX announcement have
		been achieved given the purpose of the
		analysis (first pass exploration)
Verification	• The verification of significant	• All intervals selected for sampling are made by
of sampling	intersections by either independent or	geologists in the field and double checked by
& assaying	alternative company personnel.	their supervising geologist.
	• The use of twinned holes.	• The same procedure as above is completed
	• Documentation of primary data, data entry procedures, data verification, data storage (physical & electronic)	for the determination of significant intervals and their cut-offs for the reporting of geochemical assay results
	protocols.	• There are no twinned holes reported on in this
	• Discuss any adjustment to assay data.	ASX announcement.
Location of	• Accuracy & quality of surveys used to	• TLD005 has been surveyed for easting,
data points	locate drill holes (collar & down-hole	northing & elevation using a DGPS with 10cm
	surveys), trenches, mine workings &	horizontal and vertical accuracy is used to
	other locations used in Mineral	survey in the drill hole collars.
	Resource estimation.
	• Specification of the grid system used.
	• Quality & adequacy of topographic
	control.
Data	• Data spacing for reporting of	• This is a single deep diamond drill hole for
spacing &	Exploration Results.	largely research and exploration purposes and
distribution	• Whether the data spacing & distribution is sufficient to establish the degree of geological & grade continuity appropriate for the Mineral Resource & Ore Reserve estimation procedure(s)&classifications applied.	so there are no other diamond holes targeting the same geology as this hole for drill hole spacing measurements. Historical, shallower drill holes targeting only the Tollu Copper Deposit quartz veins that host the Cu mineralisation are located nearby but with different orientations. A map of all drill hole
	• Whether sample compositing has been	locations referenced in this ASX
	applied.	announcement has been provided in the text

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• Criteria JORC Code explanation Commentary of the announcement. A drill hole collar table was provided in Appendix 1.

• • No sample compositing has been applied to data referenced in this ASX announcement.

• Orientation • Whether the orientation of sampling • As sampling of half core is selective based on of data in achieves unbiased sampling of the knowledge of the controls on relation to possible structures & the extent to mineralisation, where structure is an important geological which this is known, considering the control on mineralisation, it is sampled structure deposit type. accordingly to reduce any bias. • If the relationship between the drilling • Samples are carefully selected according to

• orientation & the orientation of key the geological features hosting the

• mineralised structures is considered to mineralisation so as to be as representative as

• have introduced a sampling bias, this possible. Further details of this process are

• should be assessed & reported if outlined above.

• material.

• • •

• Sample The measures taken to ensure sample All samples are given a project scale code and security security. consecutive sample number that has no reference to drill hole, depth in drill hole or location of drill hole thus ensuring anonymity of sample numbers.

• • All samples are bagged in calico bags inside poly-weave bags inside bulla bags for transport. Samples are either delivered personally to the laboratory by the field geologist or field manager if deemed important or transported to Perth by appropriate transport company within 1-2 days of delivery to in-field dock/pick-up location.

• Audits or • The results of any audits or reviews of • Not applicable reviews sampling techniques & data.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location &	• The Tollu project are located within
tenement &	ownership including agreements or material	exploration licenses	E69/2450.
land tenure	issues with third parties such as joint	E69/3456 and the exploration licence
status	ventures, partnerships, overriding royalties,	application ELA3568	(Western
	native title interests, historical sites,	Australia). This exploration licenses and
	wilderness or national park & environmental	applications are held by	Redstone
	settings.	Resources.
	• The security of the tenure held at the time of	• The tenements are in good	standing &
	reporting along with any known impediments	no known impediments exist.
	to obtaining a licence to operate in the area.

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Criteria	JORC Code explanation	Commentary
Exploration	• Acknowledgment & appraisal of exploration	• There has been limited recent
done by	by other parties.	exploration undertaken by other parties
other parties		at Tollu.
Geology	• Deposit type, geological setting & style of	• The genetic origin is currently under
	mineralisation.	review and part of a research project and
		the purpose of this drill hole, TLD005.
Drill hole	• A summary of all information material to the	• All the information relevant to the drill
Information	understanding of the exploration results	holes referenced in this ASX
	including a tabulation of the following	announcement is contained in Appendix
	information for all Material drill holes:	1 and 2. Elevations are given where a
	o Easting & northing of the drill hole collar	DGPS has been used but otherwise it has not been given due to the known
	o elevation or RL (Reduced Level –	problems of hand held GPS devices to
	elevation above sea level in metres) of the	give accurate elevations.
	drill hole collar
	o dip & azimuth of the hole
	o down hole length & interception depth
	o hole length.
	• If the exclusion of this information is justified
	on the basis that the information is not
	Material & this exclusion does not detract
	from the understanding of the report, the
	Competent Person should clearly explain
	why this is the case.
Data	• In reporting Exploration Results, weighting	• No data aggregation methods have
aggregation	averaging techniques, maximum and/or	been used in this ASX announcement.
methods	minimum grade truncations (e.g. cutting of
	high grades)&cut-off grades are usually	• Refer to Appendix 2 for grade cut-offs
	Material & should be stated.	and any dilution that has been included
	• Where aggregate intercepts incorporate short lengths of high grade results & longer	in any intervals reported in this ASX announcement.
	lengths of low grade results, the procedure
	used for such aggregation should be stated
	& some typical examples of such
	aggregations should be shown in detail.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	• These relationships are particularly important	• No true widths have been stated in this
between	in the reporting of Exploration Results.	ASX announcement, all relate to
mineralisatio n widths & intercept lengths	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	downhole intercept lengths. TLD005 has been drilled at an approximate oblique angle to the Chatsworth mineralisation. This has been adequately reported in the
	• If it is not known & only the down hole	text of the announcement.
	lengths are reported, there should be a clear
	statement to this effect (e.g. ‘down hole	.
	length, true width not known’).

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Criteria	JORC Code explanation	Commentary
Diagrams	• Appropriate maps & sections (with	• All provided above within the			ASX
	scales)&tabulations of intercepts should be	announcement.
	included for any significant discovery being
	reported These should include, but not be
	limited to a plan view of drill hole collar
	locations & appropriate sectional views.
Balanced	• Where comprehensive reporting of all	• All relevant information is provided in the
reporting	Exploration Results is not practicable,	text of this ASX	announcement.
	representative reporting of both low & high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful &	• No other exploration data		collected is
substantive	material, should be reported including (but	considered	material	to	this
exploration	not limited to): geological observations;	announcement.
data	geophysical survey results; geochemical
	survey results; bulk samples – size & method
	of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical & rock
	characteristics; potential deleterious or
	contaminating substances.
Further work	• The nature & scale of planned further work	•The details of the nature of future work are
	(e.g. tests for lateral extensions or depth	currently being assessed.
	extensions or large-scale step-out drilling).
	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations & future drilling
	areas, provided this information is not
	commercially sensitive.

SECTION 3 ESTIMATION & REPORTING OF MINERAL RESOURCES

NOT APPLICABLE

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