RESOLUTION MINERALS LTD — Capital/Financing Update 2018

Dec 13, 2018

COBALT AND COPPER SYSTEM CONFIRMEDAT RUNNING CREEK, NT

• Much higher cobalt values reported from assays compared with pXRF field results (280%), including 5m @ 1604 ppm Co from 20m (18RAB123)
• Assays at Running Creek Prospect confirm copper from surface to the end of hole at 55 m, highlights;
  • 55 m @ 0.78% Cu from 0 m (hole 18RAB102),
    • including 33 m @ 1.08% Cu from 11 m,
    • including 13 m @ 2.01% Cu from 11 m
    • and 12 m @ 380 ppm Co from 22m
• This drill hole ends in mineralisation with the last metre assaying 0.37% Cu and 450 ppm Co
• New induced polarisation (IP) survey at Running Creek highlights a chargeable target beneath mineralisation
• A drilling program is currently being planned to test the Running Creek IP anomaly at the earliest possible opportunity
• The Running Creek copper-cobalt system has a much larger footprint than the Stanton Cobalt Deposit

Running Creek Prospect

Northern Cobalt Limited (ASX: N27) is pleased to announce it has confirmed copper and cobalt mineralisation, with laboratory assays, identified in drilling and analysed by pXRF in an announcement to the market on the 9 October 2018. The best mineralisation was identified in drill hole 18RAB102 which contained a thick intersection of high-grade copper mineralisation with associated cobalt mineralisation.

"The identification of significant copper mineralisation in drilling, above an extensive IP chargeability target at Running Creek has opened up the potential for a significant new copper mineralised system only 1.8 km to the east of the Stanton Cobalt Deposit. We previously thought the system appeared to be dominated by copper mineralisation, but the new laboratory data has shown significant cobalt also occurs within the system. The project continues to show the extent of the mineralisation that runs through the Wollogorang Project.", Michael Schwarz (MD)

CAPITAL STRUCTURE

Ordinary Shares Issued 50.8 M

Options and rights Listed options 6.3 M @ 20c Unlisted options 12.3 M @ 25c Unlisted rights 2.5 M

Performance Shares Class A 9.6 M Class B 3.6 M

Last Capital Raise 24 April 2018 - SPP $0.6M @ 35c

BOARD

Len Dean - Chair Michael Schwarz - MD Duncan Chessell - NED Andrew Shearer - NED Jarek Kopias - Co Sec

Figure 1. 2018 RTP magnetic image showing the Stanton Deposit and Running Creek and Gregjo Prospects

Mineralisation is associated with north-east trending structures at the Running Creek Prospect, located approximately 1.8 km east of the Stanton Cobalt Deposit (Figure 1). The Running Creek Prospect was originally identified by CRA in the 1990's as a group of small, individual copper and cobalt mineralised systems with limited extent. Reinterpretation of the main controls of mineralisation by Northern Cobalt along north-east trending structures has linked the individual mineral systems and led to the exciting copper intersection in drill hole 18RAB102 and cobalt intersections throughout the project area (Figure 2).

An IP survey, recently undertaken by Northern Cobalt across the Running Creek Prospect has identified a large chargeable feature beneath the currently identified mineralisation (Figure 3). Northern Cobalt interprets this feature to represent an extension of high-grade copper-cobalt mineralisation at depth. A drilling program is being planned to test this feature at the earliest possible opportunity. The company is considering using a helicopter supported diamond drill rig during the oncoming wet season since the camp and other infrastructure required are still in place from the current drill program.

Aerial view of RAB drilling at Running Creek

Figure 2. Significant cobalt reults and at Running Creek on total magnetic Intensity image

Figure 3. Induced polarisation chargeability section at Running Creek

Figure 4. Google Earth image with RAB hole locations and copper results

Comparisons with the Stanton Cobalt Deposit

The Stanton Cobalt Deposit is a cobalt dominated mineral system with spatially associated copper mineralisation controlled by a north-east trending fault structure which is approximately 100m across at surface. At Running Creek, copper and cobalt mineralisation appears to also be associated with north-east trending structures interpreted from detailed magnetics flown in 2017 and from surficial linear features evident in satellite imagery. However, the Running Creek system is much larger and has the potential to be at least 2-3 times the size of Stanton at surface. Evidence from the IP survey suggests that the mineralisation also continues at depth, making the Running Creek Prospect a high priority for follow-up drilling in the near future.

Hole_ID	Easting(m)	Northing(m)	Depth From(m)	DepthTo (m)	Interval (m)	Cu (%)
18RAB091	795520	8148606	26	27	1	0.20
18RAB091	795520	8148606	54	55	1	0.28
18RAB093	795456	8148670	2	6	4	0.83
18RAB094	795442	8148695	1	5	4	0.46
18RAB094	795442	8148695	9	19	10	0.53
18RAB094	795442	8148695	22	23	1	0.61
18RAB094	795442	8148695	27	30	3	0.39
18RAB094	795442	8148695	34	36.5	2.5	0.38
18RAB094a	795442	8148695	1	2	1	0.34
18RAB094a	795442	8148695	3	5	2	0.46
18RAB094a	795442	8148695	8	12	4	1.50
18RAB094a	795442	8148695	13	18	5	0.45
18RAB094a	795442	8148695	22	25	3	0.48
18RAB094a	795442	8148695	27	28	1	0.25
18RAB094a	795442	8148695	54	57	3	1.00
18RAB094a	795442	8148695	58	59	1	0.64
18RAB094a	795442	8148695	61	62	1	0.24
18RAB095	795466	8148724	0	1	1	0.26
18RAB095	795466	8148724	3	30	27	0.67
18RAB095	795466	8148724	33	36	3	0.22
18RAB095	795466	8148724	37	38	1	0.23
18RAB095	795466	8148724	64	66	2	0.21
18RAB096	795582	8148780	6	7	1	0.57
18RAB096	795582	8148780	10	29	19	0.78
18RAB096	795582	8148780	30	34	4	0.44
18RAB096	795582	8148780	54	55	1	0.35
18RAB096	795582	8148780	57	59	2	0.35
18RAB096	795582	8148780	69	70	1	0.68
18RAB097	795492	8148744	16	19	3	0.48
18RAB097	795492	8148744	38	41	3	0.41
18RAB097	795492	8148744	45	49	4	0.25
18RAB097	795492	8148744	52	58	6	0.32

Table 1. Significant copper drill intersections

Hole_ID	Easting(m)	Northing(m)	Depth From(m)	DepthTo (m)	Interval (m)	Cu (%)
18RAB098	795496	8148666	1	2	1	0.21
18RAB100	795540	8148691	31	32	1	0.31
18RAB100	795540	8148691	34	35	1	0.34
18RAB101	795682	8148653	7	9	2	0.26
18RAB102	795417	8148667	0	55	55	0.78
18RAB102	795417	8148667	11	44	33	1.08
18RAB102	795417	8148667	11	24	13	2.01
18RAB103	795411	8148632	2	3	1	0.33
18RAB103	795411	8148632	41	46	5	0.60
18RAB105	795406	8148746	3	5	2	0.23
18RAB105a	795406	8148746	2	5	3	0.35
18RAB105a	795406	8148746	19	20	1	0.25
18RAB105a	795406	8148746	28	31	3	0.44
18RAB106	795305	8148686	3	13	10	0.60
18RAB107	795326	8148740	26	32	6	0.44
18RAB107	795326	8148740	51	53	2	0.47
18RAB107	795326	8148740	56	59	3	0.32
18RAB107	795326	8148740	62	71	9	0.37
18RAB107	795326	8148740	72	73	1	0.44
18RAB109	795451	8148799	3	10	7	0.44
18RAB115	795573	8149103	20	22	2	0.27
18RAB115	795573	8149103	23	24	1	0.22
18RAB116	795572	8149160	38	39	1	0.33
18RAB116	795572	8149160	40	42	2	0.74
18RAB119	795286	8148684	8	9	1	0.21
18RAB119	795286	8148684	10	11	1	0.24
18RAB120	795304	8148707	26	30	4	0.39
18RAB121	795324	8148688	2	5	3	0.36
18RAB121	795324	8148688	9	11	2	0.38
18RAB121	795324	8148688	12	13	1	0.30
18RAB122	795306	8148663	3	8	5	0.66
18RAB122	795306	8148663	9	11	2	0.22
18RAB123	795420	8148975	14	16	2	0.21
18RAB123	795420	8148975	20	21	1	0.28
18RAB123	795420	8148975	42	43	1	0.20
18RAB123	795420	8148975	44	45	1	0.22
18RC001	795456	8148670	2	6	4	0.39

					Table 2. Significant cobalt drill intersections
--	--	--	--	--	-------------------------------------------------

Hole_ID	Easting	Northing	Depth From (m)	Depth To	Interval	Co (ppm)
	(m)	(m)		(m)	(m)
18RAB091	795520	8148606	54	55	1	340
18RAB092	795498	8148625	57	58	1	530
18RAB093	795456	8148670	29	30	1	390
18RAB093	795456	8148670	50	51	1	370
18RAB093	795456	8148670	54	59	5	414
18RAB094	795442	8148695	22	24	2	1045
18RAB094	795442	8148695	27	28	1	280
18RAB094	795442	8148695	30	36.5	6.5	597
18RAB094a	795442	8148695	22	25	3	410
18RAB094a	795442	8148695	27	28	1	290
18RAB094a	795442	8148695	29	34	5	906
18RAB094a	795442	8148695	39	43	4	403
18RAB094a	795442	8148695	54	56	2	525
18RAB094a	795442	8148695	57	59	2	520
18RAB095	795466	8148724	11	12	1	280
18RAB095	795466	8148724	15	30	15	405
18RAB095	795466	8148724	33	38	5	272
18RAB095	795466	8148724	65	66	1	250
18RAB096	795582	8148780	1	5	4	818
18RAB097	795492	8148744	1	2	1	310
18RAB097	795492	8148744	25	26	1	1310
18RAB097	795492	8148744	29	35	6	580
18RAB097	795492	8148744	36	41	5	810
18RAB097	795492	8148744	55	57	2	250
18RAB098	795496	8148666	0	1	1	400
18RAB098	795496	8148666	21	22	1	530
18RAB098	795496	8148666	45	54	9	480
18RAB098	795496	8148666	55	56	1	510
18RAB100	795540	8148691	24	25	1	1300
18RAB100	795540	8148691	26	28	2	585
18RAB100	795540	8148691	29	35	6	1125
18RAB100	795540	8148691	54	55	1	380
18RAB102	795417	8148667	1	2	1	390
18RAB102	795417	8148667	5	6	1	280
18RAB102	795417	8148667	19	20	1	660
18RAB102	795417	8148667	22	29	7	381
18RAB102	795417	8148667	31	34	3	480
18RAB102	795417	8148667	40	43	3	304
18RAB102	795417	8148667	47	48	1	290
18RAB102	795417	8148667	54	55	1	450
18RAB103	795411	8148632	5	19	14	548
18RAB103	795411	8148632	41	46	5	784
18RAB104	795450	8148624	47	48	1	600
18RAB105	795406	8148746	24	25	1	380

Hole_ID	Easting(m)	Northing(m)	Depth From (m)	Depth To(m)	Interval(m)	Co (ppm)
18RAB105	795406	8148746	29	33	4	510
18RAB105a	795406	8148746	2	5	3	367
18RAB105a	795406	8148746	30	31	1	590
18RAB106	795305	8148686	13	26	13	858
18RAB107	795326	8148740	33	45	12	681
18RAB107	795326	8148740	55	59	4	868
18RAB108	795422	8148800	3	6	3	1039
18RAB109	795451	8148799	22	24	2	1055
18RAB115	795573	8149103	25	27	2	505
18RAB117	795523	8149161	38	49	11	831
18RAB120	795304	8148707	16	22	6	778
18RAB121	795324	8148688	1	3	2	495
18RAB122	795306	8148663	0	1	1	370
18RAB123	795420	8148975	20	25	5	1604
18RAB123	795420	8148975	42	44	2	275
18RAB124	795485	8148833	19	20	1	1040
18RAB125	795454	8148836	10	14	4	898
18RAB125	795454	8148836	17	19	2	815
18RAB125	795454	8148836	21	22	1	1310
18RAB126	795412	8148838	12	13	1	716
18RAB126	795412	8148838	16	17	1	312
18RC001	795456	8148670	29	30	1	310

Project Location

The Wollogorang Cobalt Project is in the far north-eastern corner of the Northern Territory, a mining friendly authority. The Project area is 180 km to the south-east of the population centre of Borroloola. The capital city of Darwin is 870 km to the north-west and the McArthur River Mine is approximately 150 km to the west-northwest.

Competent Persons Statement

The information in this report that relates to exploration results is based on, and fairly represents, information and supporting documentation compiled by Mr Michael Schwarz who is a member of the Australian Institute of Geoscientists. Mr Michael Schwarz is a full-time employee of the company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Michael Schwarz consents to the inclusion in the report of the matters based on his information in the form in which it is appears. The information in this announcement is an accurate representation of the available data and studies of the material mining project. This report includes results that have previously been released under JORC 2012 by the Company as "Copper Discovery at the GregJo Prospect" on the 28th August 2018 and Copper Intersection Confirms New Model at Running Creek on the 9th October 2018. The Company is not aware of any new information or data that materially affects the information included in this announcement and all material assumptions and technical parameters underpinning the Mineral Resource continue to apply and have not materially changed.

Historical results have been obtained from open file company report CR2002-0102 lodged with the Department of Primary Industries and Resources, NT. https://geoscience.nt.gov.au/gemis/ntgsjspui/handle/1/3

For further information please contact: Michael Schwarz Managing Director, Northern Cobalt Ltd M: +61 402 101 790 E: mschwarz@northerncobalt.com.au

Appendix 1. Drill hole table

Hole_ID	Hole	Total	Easting	Northing	RL (m)	Azimuth	Dip
	Type	Depth	(m)	(m)
		(m)
18RAB091	RAB	64	795520	8148606	50	0	-90
18RAB092	RAB	58	795498	8148625	38	0	-90
18RAB093	RAB	67	795456	8148670	38	0	-90
18RAB094	RAB	36.5	795442	8148695	59	0	-90
18RAB094a	RAB	70	795442	8148695	59	0	-90
18RAB095	RAB	67	795466	8148724	59	0	-90
18RAB096	RAB	73	795582	8148780	58	0	-90
18RAB097	RAB	61	795492	8148744	58	0	-90
18RAB098	RAB	67	795496	8148666	54	0	-90
18RAB100	RAB	61	795540	8148691	61	0	-90
18RAB102	RAB	55	795417	8148667	55	0	-90
18RAB103	RAB	64	795411	8148632	55	0	-90
18RAB104	RAB	61	795450	8148624	63	0	-90
18RAB105	RAB	40	795406	8148746	59	0	-90
18RAB105a	RAB	48	795406	8148746	61	0	-90
18RAB106	RAB	49	795305	8148686	61	0	-90
18RAB107	RAB	73	795326	8148740	45	0	-90
18RAB108	RAB	49	795422	8148800	58	0	-90
18RAB109	RAB	46	795451	8148799	59	0	-90
18RAB115	RAB	55	795573	8149103	68	0	-90
18RAB117	RAB	55	795523	8149161	68	0	-90
18RAB120	RAB	52	795304	8148707	63	0	-90
18RAB121	RAB	55	795324	8148688	66	0	-90
18RAB122	RAB	46	795306	8148663	66	0	-90
18RAB123	RAB	58	795420	8148975	73	0	-90
18RAB124	RAB	64	795485	8148833	52	0	-90
18RAB125	RAB	73	795454	8148836	52	0	-90
18RAB126	RAB	67	795412	8148838	62	0	-90
18RC001	RAB	38	795456	8148670	38	0	-90
18RAB101	RAB	49	795682	8148653	61	0	-90
18RAB116	RAB	47	795572	8149160	68	0	-90
18RAB119	RAB	25	795286	8148684	64	0	-90

Appendix 2. Historical drill hole table – Runing Creek

Hole_ID	Easting(m)	Northing(m)	RL(m)	Azimuth	Dip	DepthFrom(m)	DepthTo(m)	Interval(m)	Cu(%)	Co(%)	Ni(%)
17RC070	795222	8148597	57	0	-90	32	36	4	0.42	0.01	0.00
17RC083	795833	8148880	59	0	-90	48	52	4	0.17	0.01	0.00
DD90RC001	795506	8148988	63	0	-90	0	17	17	0.58	0.01	0.00
DD90RC002	795494	8149000	63	0	-90	0	6.84	6.84	0.40	0.00	0.00
DD90RC002	795494	8149000	63	0	-90	10.33	10.64	0.31	0.21	0.00	0.00
DD90RC002	795494	8149000	63	0	-90	21	33	12	0.81	0.02	0.00
DD90RC002	795494	8149000	63	0	-90	23	24	1	1.70	0.04	0.01
DD90RC002	795494	8149000	63	0	-90	25.5	30	4.5	1.32	0.02	0.00
DD93RC035	795362	8148684	58	0	-90	4.75	6	1.25	0.20	0.01	0.01
DD93RC035	795362	8148684	58	0	-90	76	78	2	0.34	0.05	0.00
DD93RC035	795362	8148684	58	0	-90	78.8	80.3	1.5	0.19	0.01	0.00
DD94RC063	795571	8149134	64	0	-90	32	47	15	0.86	0.00	0.00
DD94RC063	795571	8149134	64	0	-90	33	39	6	1.34	0.00	0.00
DD94RC063	795571	8149134	64	0	-90	44	45	1	1.05	0.00	0.00
DD94RC063	795571	8149134	64	0	-90	59	61	2	0.42	0.00	0.00
DD94RC063	795571	8149134	64	0	-90	89.5	92.3	2.8	0.20	0.00	0.00
DD94RC077	795547	8149072	64	0	-90	0	1.4	1.4	0.84	0.02	0.17
DD94RC077	795547	8149072	64	0	-90	0	1.4	1.4	0.84	0.02	0.17
DD94RC125	795533	8149133	64	0	-90	25	29	4	0.67	0.00	0.00
DD94RC125	795533	8149133	64	0	-90	25	26.05	1.05	0.88	0.01	0.00
DD94RC125	795533	8149133	64	0	-90	27.85	29	1.15	0.80	0.01	0.00
DD94RC125	795533	8149133	64	0	-90	39	46	7	0.37	0.00	0.00
DD95RC127	795516	8148643	57	0	-90	20	21	1	0.18	0.00	0.00
DD95RC127	795516	8148643	57	0	-90	27	28	1	0.26	0.01	0.00
DD95RC129	795476	8148683	57	0	-90	51	52	1	0.15	0.07	0.00
DD95RC130	795436	8148643	57	0	-90	52.7	56.4	3.7	1.96	0.14	0.03
DD95RC130	795436	8148643	57	0	-90	52.7	56.4	3.7	1.96	0.14	0.03
DD95RC219	795471	8148643	57	320	-60	57	58	1	0.49	0.35	0.04
DD95RC219	795471	8148643	57	320	-60	59	60	1	0.45	0.04	0.01
DD95RC219	795471	8148643	57	320	-60	64.5	66.95	2.45	3.24	0.04	0.01
DD95RC219	795471	8148643	57	320	-60	64.5	65.5	1	7.66	0.07	0.02
DD95RC220	795426	8148723	58	140	-60	0	19	19	0.78	0.02	0.00
DD95RC220	795426	8148723	58	140	-60	0.8	3.7	2.9	2.45	0.00	0.00
DD95RC220	795426	8148723	58	140	-60	12	16.9	4.9	0.81	0.03	0.00
DD95RC220	795426	8148723	58	140	-60	20	21	1	0.27	0.05	0.00
DD95RC220	795426	8148723	58	140	-60	23.5	26	2.5	0.35	0.01	0.00
DD95RC220	795426	8148723	58	140	-60	27	31	4	0.62	0.03	0.00
DD95RC220	795426	8148723	58	140	-60	28	30	2	0.91	0.03	0.00
DD95RC220	795426	8148723	58	140	-60	33	36	3	0.30	0.01	0.00
DD95RC220	795426	8148723	58	140	-60	38	39	1	0.42	0.01	0.00
DD95RC220	795426	8148723	58	140	-60	84	85	1	1.40	0.02	0.01
DD95RC220	795426	8148723	58	140	-60	84	85	1	1.40	0.02	0.01
PD90RC003	795352	8149078	65	0	-90	2	4	2	0.20	0.01	0.00

Hole_ID	Easting(m)	Northing(m)	RL(m)	Azimuth	Dip	DepthFrom	DepthTo	Interval(m)	Cu(%)	Co(%)	Ni(%)
						(m)	(m)
PD90RC004	795549	8149128	64	0	-90	14	28	14	0.36	0.00	0.00
PD90RC004	795549	8149128	64	0	-90	30	44	14	0.62	0.00	0.00
PD90RC004PD90RC005	795549795413	81491288148688	6458	00	-90-90	320	3424	224	1.700.35	0.010.02	0.000.01
PD90RC005	795413	8148688	58	0	-90	30	36	6	0.49	0.09	0.02
PD90RC005	795413	8148688	58	0	-90	30	32	2	1.11	0.11	0.03
PD90RC005	795413	8148688	58	0	-90	38	40	2	0.18	0.03	0.01
PD90RC017	795422	8149027	64	0	-90	2	14	12	0.66	0.00	0.00
PD90RC017	795422	8149027	64	0	-90	6	12	6	1.00	0.00	0.00
PD90RC017	795422	8149027	64	0	-90	48	50	2	0.27	0.01	0.00
PD94RC041	795617	8148718	58	0	-90	0	3	3	0.20	0.00	0.00
PD94RC041	795617	8148718	58	0	-90	47	52	5	0.23	0.00	0.00
PD94RC042	795571	8148930	62	0	-90	0	11	11	0.50	0.00	0.00
PD94RC042	795571	8148930	62	0	-90	6	11	5	0.80	0.00	0.00
PD94RC082	795573	8149184	64	0	-90	5	7	2	0.19	0.01	0.00
PD94RC082	795573	8149184	64	0	-90	68	70	2	0.19	0.02	0.00
PD94RC088	795624	8149134	63	0	-90	7	9	2	0.19	0.00	0.00
PD94RC092	795523	8149134	64	0	-90	0	10	10	0.19	0.01	0.00
PD94RC092	795523	8149134	64	0	-90	25	43	18	0.54	0.00	0.00
PD94RC092	795523	8149134	64	0	-90	26	27	1	0.76	0.01	0.00
PD94RC092	795523	8149134	64	0	-90	31	33	2	0.92	0.00	0.00
PD94RC092	795523	8149134	64	0	-90	37	38	1	0.91	0.00	0.00
PD94RC092	795523	8149134	64	0	-90	47	48	1	0.65	0.00	0.00
PD94RC092	795523	8149134	64	0	-90	51	53	2	0.18	0.00	0.00
PD94RC092	795523	8149134	64	0	-90	55	57	2	0.21	0.00	0.00
PD95RC131	795476	8148603	57	0	-90	10	15	5	0.20	0.00	0.00
PD95RC142	795576	8148828	60	0	-90	38	43	5	0.21	0.01	0.00
PD95RC173	795436	8148603	57	0	-90	0	2	2	0.19	0.02	0.00
PD95RC174	795408	8148575	56	0	-90	21	24	3	0.21	0.01	0.00
PD95RC174	795408	8148575	56	0	-90	26	27	1	0.49	0.01	0.00
PD95RC236	795456	8148762	59	140	-60	0	29	29	0.74	0.01	0.01
PD95RC236	795456	8148762	59	140	-60	22	29	7	1.77	0.02	0.01
PD95RC236	795456	8148762	59	140	-60	45	46	1	0.39	0.05	0.00
PD95RC237	795488	8148800	59	140	-60	8	25	17	0.62	0.05	0.01
PD95RC237	795488	8148800	59	140	-60	10	15	5	1.25	0.02	0.00
PD95RC238	795364	8148643	57	140	-60	0	1	1	0.16	0.04	0.00
PD95RC238	795364	8148643	57	140	-60	10	30	20	0.34	0.02	0.01
PD95RC243	795386	8148724	58	0	-90	5	10	5	0.25	0.00	0.00
PD95RC243	795386	8148724	58	0	-90	14	20	6	0.23	0.01	0.00
PD95RC243	795386	8148724	58	0	-90	30	35	5	0.20	0.02	0.00
PD95RC245	795617	8148758	59	0	-90	0	1	1	0.16	0.09	0.01
PD95RC245	795617	8148758	59	0	-90	31	34	3	0.16	0.00	0.00
PD95RC245	795617	8148758	59	0	-90	76	77	1	0.15	0.00	0.00
PD95RC246	795657	8148718	59	0	-90	0	16	16	0.22	0.01	0.00

Hole_ID	Easting(m)	Northing(m)	RL(m)	Azimuth	Dip	DepthFrom	DepthTo	Interval(m)	Cu(%)	Co(%)	Ni(%)
						(m)	(m)
PD95RC246	795657	8148718	59	0	-90	66	67	1	0.22	0.01	0.00
PD95RC247	795577	8148758	59	0	-90	0	5	5	0.23	0.01	0.00
PD95RC247	795577	8148758	59	0	-90	10	33	23	1.56	0.01	0.00
PD95RC247	795577	8148758	59	0	-90	14	20	6	3.92	0.01	0.00
PD95RC247	795577	8148758	59	0	-90	23	25	2	0.99	0.00	0.00
PD95RC247	795577	8148758	59	0	-90	26	29	3	2.22	0.00	0.00
PD95RC247	795577	8148758	59	0	-90	42	49	7	0.46	0.00	0.00
PD95RC247	795577	8148758	59	0	-90	60	66	6	0.19	0.01	0.00
PD95RC248	795537	8148758	59	0	-90	0	24	24	0.25	0.02	0.01
PD95RC250	795577	8148718	59	0	-90	19	20	1	0.69	0.02	0.00
PD95RC252	795697	8148758	59	0	-90	0	2	2	0.15	0.08	0.00
PD95RC253	795657	8148798	60	0	-90	14	17	3	0.60	0.00	0.00
PD95RC253	795657	8148798	60	0	-90	25	29	4	0.44	0.03	0.01
PD95RC253	795657	8148798	60	0	-90	32	33	1	0.17	0.01	0.00
PD95RC253	795657	8148798	60	0	-90	35	36	1	0.20	0.00	0.00
PD95RC253	795657	8148798	60	0	-90	57	59	2	0.56	0.01	0.00
PD95RC253	795657	8148798	60	0	-90	60	65	5	0.39	0.00	0.00
PD95RC254	795657	8148838	60	0	-90	11	15	4	0.44	0.01	0.00
PD95RC254	795657	8148838	60	0	-90	20	25	5	0.35	0.01	0.00
PD95RC254	795657	8148838	60	0	-90	28	33	5	0.39	0.01	0.00
PD95RC254	795657	8148838	60	0	-90	29	30	1	0.79	0.01	0.00
PD95RC255	795697	8148838	60	0	-90	53	54	1	0.16	0.00	0.00
PD95RC256	795577	8148803	60	0	-90	15	27	12	0.36	0.04	0.01
PD95RC256	795577	8148803	60	0	-90	23	24	1	1.68	0.20	0.04
PD95RC256	795577	8148803	60	0	-90	37	43	6	0.59	0.01	0.00
PD95RC256	795577	8148803	60	0	-90	38	40	2	0.78	0.01	0.00
PD95RC256	795577	8148803	60	0	-90	81	82	1	0.21	0.00	0.00
PD95RC256	795577	8148803	60	0	-90	98	99	1	0.19	0.01	0.00
PD95RC257	795617	8148678	58	0	-90	63	64	1	0.61	0.00	0.00

Appendix 3. The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of the exploration results for the Wollogorang Cobalt Project

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, orhandheld XRF instruments, etc).These examples should not be takenas limiting the broadmeaning ofsampling.•Include reference to measures takento ensure sample representivity andthe appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material to thePublic Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used to obtain 1m samples from which 3 kg waspulverised to produce a 30 g chargefor fire assay'). In other cases, moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) may warrantdisclosure of detailed information.	Current Program•Rotary Air Blast Hammer (RAB)drilling using standardequipment.•Sampling was undertaken atone metre intervals.•Samples were collected inrubber buckets from the drill rigcyclone and then subsampledfor analyses into plastic zip-lockbags.•Drilling was designed to samplerelatively fresh basementbeneath surficial soil cover andwetherd and laterisedbasement.•Sampling was undertaken atvariableintervalsdepending onvisual estimates ofmineralisation.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(eg core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	•Rotary Air Blast(RAB) with a137mm diameter hammer.Historical Holes•Reverse Circulation (RC)drilling using standardequipment.•Diamond Drilling (DD) usingstandard equipment
Drill samplerecovery	•Method of recording and assessingcore and chip sample recoveries andresults assessed.	•Recovery generally good, with poorrecovery in a small number of

Criteria	JORC Code explanation	Commentary
	•Measures taken to maximise samplerecovery and ensure representativenature of the samples.•Whether a relationship exists betweensample recovery and grade andwhether sample bias may haveoccurred due to preferential loss/gainof fine/coarse material.	samples due to groundwater.
Logging	•Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage of therelevant intersections logged.	•Drilling logged in detail on a metreby metre basis.•Lithology, alteration and oxidationlogged qualitatively.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn andwhether quarter, half or all core taken.•If non-core, whether riffled, tubesampled, rotary split, etc. and whethersampled wet or dry.•For all sample types, the nature,quality and appropriateness of thesample preparation technique.•Quality control procedures adopted forall sub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that thesampling is representative of the insitu material collected, including forinstance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriateto the grain size of the material beingsampled.	RAB Drilling•Samples were collected in rubberbuckets from the drill rig cyclone andthen subsampled by sieving to a -2mmmesh size fraction and placedinto plastic zip-lock bags.•Representative end-of-hole sampleshave been kept in plastic chip trays.•Sampleduplicates collected,andstandards usedto confirmrepresentivity of sampling.
Quality ofassay dataandlaboratorytests	•The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument makeand model, reading times, calibrationsfactors applied and their derivation,etc.•Nature of quality control proceduresadopted (eg standards, blanks,	Analytical Laboratory Analyses•Sample Preparation -The sampleshave been sorted & dried. The wholesample has been pulverised in avibrating disc pulveriser.•Analytical Methods -As, Bi, Co, Cu,NiO, Mo XRF determined by X-RayFluorescence Spectrometry on ovendry (85 'C) sample unless otherwisestated.•The samples have been cast using a12:22 flux to form a glass beadwhich has been analysed by XRF.

Criteria	JORC Code explanation	Commentary
	duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (ie lack of bias) and precisionhave been established.
Verificationof samplingandassaying	•The verification of significantintersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification,data storage (physical and electronic)protocols.•Discuss any adjustment to assay data.	•An electronic database containingcollars, geological logging andassays is maintained by theCompany.
Location ofdata points	•Accuracy and quality of surveys usedto locate drill holes (collar and downhole surveys), trenches, mine workingsand other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographiccontrol.	•Holes have been surveyed usingahandheld GPS (GPS).•UTM grid MGA94 Zone 53 was used
Dataspacing anddistribution	•Data spacing for reporting ofExploration Results.•Whether the data spacing, anddistribution is sufficient to establish thedegree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classificationsapplied.•Whether sample compositing has beenapplied.	•RAB drill hole locations have beenplaced to infill and extend knownmineralisation. Holes are generally25m-50m apart.•Where morethan one traversecovers a target they are spaced 50-100m apart.•Spacing and distribution isconsidered to be appropriate.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould beassessed and reported ifmaterial.	•Sample relationship to mineralisationand structure is unknown at thisstage.
Samplesecurity	•The measures taken to ensure samplesecurity.	•Samples are bagged and sealed inplastic tubs on site and transportedto the analytical laboratories bycommercial transport companies fortraditional anlyses and to the fieldcamp for pXRF analyses.•Samples are bagged and sealed onpallets on site and transported to the

Criteria	JORC Code explanation	Commentary
		analytical laboratories by commercialtransport companies.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•No audits undertaken at this stageas the drilling program has onlyrecently commenced.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenurestatus	•Type, reference name/number,location and ownership includingagreements or material issues withthird parties such as joint ventures,partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure held at thetime of reporting along with any knownimpediments to obtaining a licencetooperate in the area.	•Wollogorang Cobalt Projectexploration area occurs on EL 31272which is 100% owned by MangroveResources Pty Ltd a wholly ownedsubsidiary to Northern Cobalt Ltd.•The licence is currently in goodstanding with the relevant authorities.
Explorationdone byotherparties	•Acknowledgment and appraisal ofexploration by other parties.	•The Stanton Cobalt Deposit, RunningCreek Prospectand surroundingprospects were discovered by CRAExploration Pty Ltd in the period 1990-1996 period under a farm inarrangement with W J (Joe) Fisher.
Geology	•Deposit type, geological setting andstyle of mineralisation.	•The local geology is dominated by theGold Creek Volcanics of the TawallahGroup. This formation is a series ofbasaltic lavas and shallow intrusives,interlayered with thin oxidisedsandstone, carbonate and siltstoneunits. It is conformably underlain byreduced sedimentary facies of theWollogorang Formation, whichincludes dolostones, sandstones andcarbonaceous shales. A regionaldolerite sill, the Settlement CreekDolerite, was emplaced synchronouswith effusion of the Gold CreekVolcanics. The WollogorangFormation and Settlement CreekDolerite do not outcrop on the Stantonprospect area, but are howeverintersected in a number of drill holeson the tenement. Within the district,the Gold Creek Volcanics aredisconformably overlain by a felsicvolcanic package that includes arhyolitic rheoignimbrite sheet(Hobblechain Rhyolite), proximalepiclastics (Pungalina Member) anddistal reworked clastics (EchoSandstone).•Mineralisation is interpreted to belargely controlled by stratigraphy

Criteria	JORC Code explanation	Commentary
		within the flat lying interbeddedsediment and volcanic rock units ofthe Proterozoic Gold Creek Volcanics.Brecciation and faulting has a strongcontrol on the intensity and limits ofmineralisation. In fresh rock thecobalt-nickel is located indisseminated siegenite (cobalt-nickelsulphide). Chalcocite and pyrite arealso noted. Weathering to a variabledepth of approximately 30m hasresulted in cobalt oxide secondarymineralisation in a large proportion ofthe deposit.
Drill holeInformation	•A summary of all information materialto the understanding of the explorationresults including a tabulation of thefollowing information for all Materialdrill holes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case.	•See Appendix 1
Dataaggregationmethods	•In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.•Where aggregate interceptsincorporate short lengths of high graderesults and longer lengths of low graderesults, the procedure used for suchaggregation should be stated andsome typical examples of suchaggregations should be shown indetail.•The assumptions used for anyreporting of metal equivalent values	Copper results•Simple length weighted averageswere used for reporting ofsignificant drill intercepts with acut-off grade of 0.2% (2000ppm)Cu and a maximuminternaldilution of 2m @ 1500ppm.Cobalt results•Simple length weighted averageswere used for reporting ofsignificant drill intercepts with acut-off grade of 250ppm Coand amaximum internal dilution of 2m@ 150ppm.

Criteria	JORC Code explanation	Commentary
	should be clearly stated.
Relationshipbetweenmineralisation widths andinterceptlengths	•These relationships are particularlyimportant in the reporting ofExploration Results.•If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported.•If it is not known and only the downhole lengths are reported, there shouldbe a clear statement to this effect (eg'down hole length, true width notknown').	•Any observations made are down holelength and true width is not known.
Diagrams	•Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a planview of drill hole collar locations andappropriate sectional views.	•See attached release.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both lowand high grades and/or widths shouldbe practiced to avoid misleadingreporting of Exploration Results.	•All significant drill intersections havebeen reported and it has been notedwhen no significant intersection hasbeen encountered.
Othersubstantiveexplorationdata	•Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to): geologicalobservations; geophysical surveyresults; geochemical survey results;bulk samples –size and method oftreatment; metallurgical test results;bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	•No other relevant data to report.
Further work	•The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areasof possible extensions, including themain geological interpretations andfuture drilling areas, provided thisinformation is not commerciallysensitive.	•Planned further work detailed in this,and previous releases, and in figures.This work includes comprises drilltesting further drill targets and followup drilling of mineralised prospects.