RESOLUTION MINERALS LTD — Capital/Financing Update 2021

Jul 8, 2021

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9 July 2021
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VTEM Survey Identifies Multiple Conductors - Wollogorang Project

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• Results from a recent VTEM geophysics survey has identified 40 conductors highlighting the copper potential of the Wollogorang Project, NT .

• VTEM surveys can detect sub-surface conductive bodies to 400m such as massive base metal sulfides directly and other potential trap sites for base metals.

• The underexplored Wollogorang Project is located in the highly prospective McArthur Basin, with surrounding ground held by Teck, BHP, Rio Tinto, Redbank and South 32.

• Prioritisation of drilling targets with modelling of VTEM results is underway.

• Drilling is planned for late August on VTEM targets and the Gregjo Prospect to allow for extra track preparation and permitting, subject to rig availability.

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The VTEM survey has identified 40 conductors , including multiple late time conductors, which have been ranked on the VTEM geophysics characteristics on a scale from 1 (best) to 3 (See Figure 1). Combining the VTEM results (conductors) with the litho-structural interpretation will allow RML to rank the geophysical results against geological context and logistical considerations and this work is ongoing. Ground verification of all the VTEM targets confirms no interference from human factors. It is highly likely further drill targets will be refined from this ongoing interpretation of the VTEM results and the Company intends to update investors once this has been completed over coming weeks.

Previous exploration has focussed on discrete breccia pipes, which demonstrated the presence of copper and cobalt in the system. However, these breccia pipes were not of sufficient scale to warrant further attention on RML’s tenements. Resolution’s new approach is to use modern geophysics to identify large scale sediment-hosted stratiform copper mineralisation within two McArthur Basin Formations (Wollogorang Formation & Gold Creek Volcanics Formation). Both Formations contain reductive units, which are prospective trap sites for sediment-hosted stratiform copper mineralisation .

Managing Director – Duncan Chessell commented:

Resolution’s geology team has taken a fresh approach to the project using a wide-spaced, powerful VTEM Max geophysical survey, complemented with a new litho-structural interpretation. It’s paid off with these better-than-expected VTEM geophysics results. The conductors identified could indicate the presence of massive sulfides or the presence of rocks that could be excellent trap sites for base metal mineralisation. Using the new litho-structural interpretation we also aim to identify additional areas prospective for disseminated sulfides, which we can deploy ground IP geophysics to chase. The project is now wide open for copper discoveries. What has us most excited now, is that the VTEM has generated dozens of untested new targets. This has created an opportunity for Resolution to undertake a first pass assessment on the potential for the Wollogorang Project to host sediment-hosted stratiform copper mineralisation associated with VTEM derived anomalies.

CAPITAL STRUCTURE

BOARD

Ordinary Shares Issued 448 M

Options and rights Listed options 6 M @ 10c Listed options 75 M @ 12c Unlisted options 6 M @ 25c Unlisted options 13 M @ 8c Unlisted options 59 M @ 4.2c Unlisted rights 11 M

Performance Shares Class A 9.6 M Class B 3.6 M Last Capital Raise February 2021 – Placement $3.2M @ 2.8c

Craig Farrow- Chair Duncan Chessell - MD Andrew Shearer - NED Jarek Kopias - Co Sec

Level 4, 29 King William Street Adelaide SA 5000

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ASX RELEASE

Resolution Minerals Ltd ( RML or Company ) is pleased to announce encouraging preliminary results from a ~2,000 line-kilometre VTEM Max geophysics survey and a litho-structural interpretation of the Wollogorang Project, NT (Australia) which is prospective for copper (Cu) and other base metals.

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Figure 1 VTEM conductors coloured by rank (red-orange-green), VTEM survey outline (pink) over RML tenements (black)

Targets have been ranked on the VTEM geophysics characteristics on a scale from 1 (best) to 3, by Resolution’s consulting geophysicist, Kelvin Blundell.

Priority	Number of Targets	Comments
1	4	Stronglate-time anomalyor discrete mid-time anomaly
2	13	Good mid-time to late-time anomalyindicative of a bedrock source
3	23	Moderate mid-time anomalyindicative of as bedrock source

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ASX RELEASE
Wollogorang
Project
Cu, Co, U
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Figure 2 The Underexplored Wollogorang Project is located in the highly prospective McArthur Basin (NT), with surrounding ground held by Teck, BHP, Rio Tinto, Redbank and South 32.

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Figure 3 VTEM geophysics survey flight underway at the Wollogorang Project 2021.

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Exploration Targeting – Wollogorang Project

During 2021 Resolution completed a VTEM Max geophysical survey over the eastern portion of the Wollogorang Project and concurrently commissioned a specialist litho-structural interpretation of the project area and surrounding district within the McArthur Basin.

VTEM Max (Versatile Time-Domain Electromagnetic) induces a “primary” magnetic field into the earth, which produces eddy currents in any conductors this field passes through. These eddy currents produce a time-varying secondary magnetic field that the VTEM Max system can measure. The stronger the conductor, the slower the secondary-field decays, so a “late-time” response is a favourable outcome. VTEM can directly detect massive sulfides and/or identify conductive formations and thus could also detect reductant carbonaceous or pyritic shales in certain conditions, which are an excellent trap site for copper or base metal mineralisation.

Litho-structural interpretations see Figure 4, (GeoMagik consulting) are primarily based on specialist magnetic data interpretation, which integrate remotely sensed and other geophysical datasets into a broader geological framework. The structural interpretation separates out major from minor, first order from second order structures and provides insights into the relative timing of each phase of deformation (i.e. organised structural domains). The lithologies are defined based on existing mapping, which has been extrapolated based on variations in the magnetic signatures associated with those lithologies (i.e. geophysical domains constrained to the known geology).

Combining the VTEM results (conductors) with the litho-structural interpretation will allow the Company to rank the geophysical results against geological context and logistical considerations and this work is ongoing. The Wollogorang Formation is an interbedded sedimentary-volcanic unit and is overlain by Gold Creek Volcanics through Resolution’s tenements. Where the Gold Creek Volcanics are present it can be assumed the Wollogorang Formation lies beneath at relatively shallow depths (50-200m). Reductive units within the Wollogorang Formation and the Gold Creek Volcanics are considered a prime host stratigraphy given they contain reductive units with demonstrated significant copper anomalism. Conductors within the Gold Creek Volcanics, close to the intersection of coeval and early structures are considered high priority, given the increased potential for cross-stratal fluid flow and potential copper accumulation during basin extension. Furthermore, proximity to the Packsaddle microgranite and other interpreted buried intrusive rocks may also have influenced hydrothermal fluid flow along basin structures or localised hydrothermal cells.

Disseminated sulfide mineral systems such as the existing Gregjo Prospect can be more readily detected using IP (Induced Polarisation) geophysical surveys and are not typically detected using VTEM as it requires “connected” conductive material. Previous RAB drilling at the Gregjo Prospect intersected near surface copper oxide mineralisation with the best intersection (hole 18RAB013) of 7m @ 1.23% Cu including 1m @ 4.24% Cu from 5m. (previously reported ASX 22/1/2019). The new lithostructural interpretation of the area will be used to identify other zones prospective for disseminated sulfide which can be targeted using ground IP geophysical techniques.

Further target identification is ongoing.

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Figure 4 VTEM conductor picks overlying new litho-structural interpretation. (VTEM in Blue – not ranked by colour)

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About Sediment-Hosted Stratiform Copper Deposits

Sediment-hosted copper deposits (SSC) are desirable due to the large tonnage and high ore grades relative to VMS or Porphyry systems, respectively. The key geological components required to form a sediment hosted copper deposit include:

• (1) source rocks such as volcanic or continental red bed sequences – basin fluids strip copper and other metals from the source rocks

• (2) evaporites such as gypsum/anhydrite – allow the hydrothermal fluid to carry the copper

• (3) reduced sedimentary horizon trap sites such as pyrite rich units, units containing mobile hydrocarbons or degraded organic material – trigger copper precipitation along the redox boundary (i.e. transition from an oxidised to a reduced horizon)

• (4) fault intersections – not essential but can enhance fluid flow

• (5) intrusive heat source – not essential but can trigger maturation of hydrocarbons and drive basin fluid convention (hydrothermal influence).

Specifically, RML is targeting laterally extensive, basin hosted, stratiform copper mineralisation analogous to the Kupferschiefer copper deposits in Poland/Germany (Figure 5). Prospectivity for this style of copper mineralisation is found at relatively shallow depths (50-200m) on the Wollogorang Project .

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Figure 5 Geological cross section through the Fore-Sudetic copper district, Poland host to Kupferschiefer stratiform copper deposit in Poland/Germany (Bartlett et al, 2012).

Criteria present on the Wollogorang Project (derived from Rawlings 2002 and Resolution’s interpretation)

• (1) Earlier basin fill - various volcanic units + clastic rocks

• (2) Upper Wollogorang Formation contains some units with evaporites

• (3) Gold Creek Volcanics + Wollogorang Fm reductants (includes maturated hydrocarbons?)

• (4) Intersections of NE extension faults (syn Gold Creek Volcanics) and early NS extension faults

• (5) Heat source to enhance / trigger maturation (Packsaddle Microgranite + other interpreted undifferentiated intrusive emplaced coeval with the Gold Creek Volcanics).

The context of the project is that the Wollogorang Formation and Gold Creek Volcanics form part of the Tawallah Group, which makes up part of the eastern McArthur Basin sedimentary succession. The McArthur Basin is a 12km thick, unmetamorphosed sedimentary succession, which is host to large-scale sediment hosted base metal deposits including the HYC stratiform Zn-Pb-Ag. Carbonaceous shales within the Wollogorang Formation (Unit 3) and Upper “Target Unit” of the Gold Creek Volcanics are reductive, containing significant copper anomalism. These potential host units are Resolution’s target horizons in which stratiform copper mineralisation may have formed via cross-strata fluid flow.

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Figure 6 Stratigraphic section, tectonic setting and interpretations Sheldon (2021), Rawlings (2002) and Resolution (2021)

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About Resolution Minerals

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Resolution Minerals Ltd is a precious and battery metals mineral explorer with an international portfolio of projects in top ranked mining jurisdictions.

The Wollogorang Project , is 100% owned, 3,825km[2] in size and is highly prospective for sedimentary hosted battery metals Copper and Cobalt in the McArthur Basin. It sits on the LAB Base Metal Corridor defined by Geoscience Australia (Hoggard et al 2020). Previous exploration activities by RML intersected high grade shallow copper mineralisation in drilling at the Gregjo Prospect 7 m @ 1.23% Cu from 1 m including 1 m @ 4.24% Cu (hole ID 18RAB013). A follow up IP geophysical survey defined a sizeable anomalous drill target below the oxide zone identified in previous drilling. The Gregjo Prospect is fully permitted, drill ready, open along strike and accessible in the dry season from May to the end of November (in a normal year).

*Australian Projects Location Map page 1 – source of data: Geoscience Australia ( LAB 170km Depth Corridor - Hoggard et al 2020), Northern Territory Government of Australia (STRIKE Tenure and Geoscience Information, Queensland Government (Open Data Portal Queensland Mining and Exploration Tenure Series).

Resolution confirms that the Company is not aware of any new information or data that materially affects the exploration results cross referenced in this announcement.

For further information please contact the authorising officer:

Duncan Chessell Managing Director Resolution Minerals Ltd M: +61 414 804 055

E: duncan@resolutionminerals.com

Follow RML on LinkedIn or Twitter or visit our website www.resolutionminerals.com Join RML’s Newsletter Link

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Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Duncan Chessell who is a member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Chessell is a Director and full-time employee of the company. Mr Chessell holds Shares, Options and Performance Rights in the Company as has been previously disclosed. Mr Chessell 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 Duncan Chessell consents to the inclusion in the report of the matters based on his information in the form in which it is appears.

JORC Information

This report includes results that have previously recently been released under JORC 2012 by the Company as “Stanton Resource Upgrade Increases Contained Cobalt” and 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. This report also contains exploration results announced on 24 November 2017 as “High Grade First Drill Results - Stanton Cobalt Deposit”, 29 November 2017 as “Further High Grade Cobalt Results - Stanton Cobalt Deposit”, 7 December 2017 as “Stanton Cobalt Resource Remains Open in Multiple Directions”, 22 December 2017 as “Detailed Magnetic Survey over Stanton Cobalt Deposit”, 5 February 2018 as “Final Drilling Results 2017 Drilling Program”, “Stanton Resource Upgrade Increases Contained Cobalt” 9 April 2018, 7 May 2018 as “Stanton Cobalt Resource Diamond Assay Results”, 30 May 2018 as “Regional Cobalt Targets Identified on Wollogorang Project”, 28 August 2018 as “Copper discovered at First Drill Target”, 19 September 2018 as “Copper Discovery Grows at Gregjo Prospect”, 28 September 2018 as “AGM Managing Director's Presentation”, 9 October 2018 as “Copper Intersection Confirms New Model at Running Creek”, 19 October 2018 as “Cobalt System Developing at Running Creek”, 14 December 2018 as “Cobalt and Copper System Confirmed at Running Creek” and 22 January 2019 as ”Geophysics Highlight Potential at Gregjo”.

Appendix 1. VTEM Max Results, Wollogorang Project, Northern Territory

Priority	Number of Targets	Comments
1	4	Stronglate-time anomalyor discrete mid-time anomaly
2	13	Good mid-time to late-time anomalyindicative of a bedrock source
3	23	Moderate mid-time anomalyindicative of as bedrock source
	40	Total

A location map of the targets is included in the body of the document.

Note the targets are developed from preliminary data supplied from the contractor, Geotech Ltd, and are subject to minor changes on final data set. Depth modelling and target prioritising is ongoing.

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Appendix 2. The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of the exploration results for the Wollogorang Project – NT, Australia.

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	•	This release relates to results from
techniques	channels, random chips, or specific		a geophysical survey; this section
	specialised industry standard measurement		is not relevant to this release.
	tools appropriate to the minerals under
	investigation, such as down hole gamma
	sondes, or handheld XRF instruments, etc.).
	These examples should not be taken as
	limiting the broad meaning of sampling.
	• Include reference to measures taken to
	ensure sample representivity and the
	appropriate calibration of any measurement
	tools or systems used.
	• Aspects of the determination of mineralisation
	that are Material to the Public Report.
	• In cases where ‘industry standard’ work has
	been done this would be relatively simple
	(e.g. ‘reverse circulation drilling was used to
	obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fire
	assay’). In other cases, more explanation may
	be required, such as where there is coarse Au
	that has inherent sampling problems. Unusual
	commodities or mineralisation types (e.g.
	submarine nodules) may warrant disclosure
	of detailed information.
Drilling	• Drill type (e.g. core, reverse circulation, open-	•	This release relates to results from
techniques	hole hammer, rotary air blast, auger, Bangka,		a geophysical survey; this section
	sonic, etc.) and details (e.g. core diameter,		is not relevant to this release.
	triple or standard tube, depth of diamond tails,
	face-sampling bit or other type, whether core
	_is oriented and if so, by what method, etc.). _
Drill sample	• Method of recording and assessing core and	•	This release relates to results from
recovery	chip sample recoveries and results assessed.		a geophysical survey; this section
	• Measures taken to maximise sample recovery		is not relevant to this release.
	and ensure representative nature of the
	samples.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias
	may have occurred due to preferential
	loss/gain of fine/coarse material.

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Criteria			JORC Code explanation	Commentary	Commentary
Logging			• Whether core and chip samples have been	•	This release relates to results from
			geologically and geotechnically logged to a		a geophysical survey; this section
			level of detail to support appropriate Mineral		is not relevant to this release.
			Resource estimation, mining studies and
			metallurgical studies.
			• Whether logging is qualitative or quantitative
			in nature. Core (or costean, channel, etc.)
			photography.
			• The total length and percentage of the
			relevant intersections logged.
Sub-			• If core, whether cut or sawn and whether	•	This release relates to results from
sampling			quarter, half or all core taken.		a geophysical survey; this section
techniques			• If non-core, whether riffled, tube sampled,		is not relevant to this release.
and sample preparation			rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and
			appropriateness of the sample preparation
			technique.
			• Quality control procedures adopted for all
			sub-sampling stages to maximise
			representivity of samples.
			• Measures taken to ensure that the sampling
			is representative of the in situ material
			collected, including for instance results for
			field duplicate/second-half sampling.
			• Whether sample sizes are appropriate to the
			grain size of the material being sampled.
Quality		of	• The nature, quality and appropriateness of	•	This release relates to results from
assay	data		the assaying and laboratory procedures used		a geophysical survey; this section
and			and whether the technique is considered		is not relevant to this release.
laboratory tests			partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the
			parameters used in determining the analysis
			including instrument make and model,
			reading times, calibrations factors applied and
			their derivation, etc.
			• Nature of quality control procedures adopted
			(e.g. standards, blanks, duplicates, external
			laboratory checks) and whether acceptable
			levels of accuracy (i.e. lack of bias) and
			precision have been established.
Verification			• The verification of significant intersections by	•	This release relates to results from
of sampling			either independent or alternative company		a geophysical survey; this section
and assaying			personnel. • The use of twinned holes.		is not relevant to this release.
			• Documentation of primary data, data entry
			procedures, data verification, data storage
			(physical and electronic) protocols.
			• Discuss any adjustment to assay data.

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Criteria	Criteria		JORC Code explanation	Commentary	Commentary
Location		of	• Accuracy and quality of surveys used to	•	This release relates to results from
data	points		locate drill holes (collar and down-hole		a geophysical survey; therefore
			surveys), trenches, mine workings and other		the accuracy and quality of
			locations used in Mineral Resource		surveys used to locate drill holes is
			estimation.		not relevant to this release.
			• Specification of the grid system used.	•	The grid system used for the
			• Quality and adequacy of topographic control.		geophysical sensing survey was
					UTM grid (MGA94 Zone 53).
				•	Airborne survey lines have been
					measured by a Real time GPS
					Navigation System providing an in-
					flight accuracy up to 1.5 metres.
				•	Topographic control of the
					airborne geophysical survey was
					achieved using a Radar altimeter
					with an accuracy of approximately
					1 metre.
Data spacing			• Data spacing for reporting of Exploration	•	Airborne geophysical survey data
and			Results.		was acquired continuously on 1km
distribution			• Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve		line spacing. Infill occurred based on results as detailed on accompanying diagrams.
			estimation procedure(s) and classifications	•	This release relates to results from
			applied.		a geophysical survey; therefore
			• Whether sample compositing has been		the data spacing is not relevant for
			applied.		establishing the degree of
					geological control and grade
					continuity, nor was any sample
					compositing applied.
				•	This release relates to results from
					a geophysical survey; this section
					on sample compositing is not
					relevant to this release.
Orientation			• Whether the orientation of sampling achieves	•	Geophysical survey data was
of	data	in	unbiased sampling of possible structures and		acquired in an orientation to avoid
relation geological structure		to	the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have	•	running parallel to the dominant structural trend and therefore maximise structural definition. This release relates to results from
			introduced a sampling bias, this should be		a geophysical survey; therefore
			assessed and reported if material.		drilling orientation and sampling
					bias is not relevant to this release.
Sample			• The measures taken to ensure sample	•	This release relates to results from
security			security.		a geophysical survey; this section
					is not relevant to this release.

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Criteria		JORC Code explanation	Commentary	Commentary
Audits	or	• The results of any audits or reviews of	•	No independent audit was
reviews		sampling techniques and data.		undertaken on the geophysical
				data.
			•	Internal review of all data was
				undertaken by RML geoscientists
				on contractor provided data and
				analysis.
			•	The internal review determined the
				data and analysis are of good
				quality. No issues were identified.

Section 2 Reporting of Exploration Results

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

Criteria	Criteria		JORC Code explanation	Commentary	Commentary
Mineral			• Type, reference name/number, location and	•	Resolution Minerals Ltd owns a
tenement and land			ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties,		100% interest in the Wollogorang Project via it’s wholly owned subsidiary Mangrove Resources
tenure			native title interests, historical sites,		Pty Ltd. Tenements Numbers
status			wilderness or national park and environmental settings.		EL31546, EL30496, EL31548, EL31272, EL31549 and EL31550.
			• The security of the tenure held at the time of		A total of 13.2m Vendor Milestone
			reporting along with any known impediments		Performance Shares are due in two
			to obtaining a licence to operate in the area.		stages on resource definition, the
					details of which are available in the
					Company’s Annual Report, expire
					4/9/22.
				•	The tenure is in good standing and
					no known impediments exist. Valid
					drilling approvals are currently held
					on some specific targets.
Exploration			• Acknowledgment and appraisal of exploration	•	Previous exploration work
done		by	by other parties.		includes; Surface Geochemical
other parties					Sampling: Stream Sediments, soils & rock chips. Airborne
					Geophysics: GeoTEM,
					Radiometric & Magnetics. Ground
					Geophysics: Magnetics, EM,
					GPR, IP. Drilling: RAB, Air-Core,
					RC and diamond core drilling. The
					previous work is indicated on
					maps and diagrams in the body of
					the document when relevant. The
					majority of the previous work was
					undertaken by CRA Exploration
					(RIO)in the 1990’s for base

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Criteria	JORC Code explanation	Commentary
		metals. Uranium exploration began
		in 1980’s by ANZEX at the Selby
		and Karns Prospects, followed by
		Toro Energy in the 2000’s.
		Exploration In 2003 exploration for
		diamonds by Legend International
		at the Selby Prospect was
		undertaken. More recently
		Northern Cobalt Ltd (former name
		of Resolution Minerals) undertook
		exploration for Cobalt in 2017-18
		on and around the Stanton Cobalt
		Deposit (discovered by CRA in
		1990’s) located on EL31272.
		During the most recent phase of
		exploration (2017-18) copper
		mineralisation was observed at the
		Gregjo and Running Creek
		Prospects and the Stanton Cobalt
		Deposit was revisited and brought
		up to JORC 2012 standard.
		(announced “Stanton Resource
		Upgrade Increases Contained
		Cobalt” 9 April 2018 as Northern
		Cobalt Ltd).
Geology	• Deposit type, geological setting and style of	•Resolution Minerals Ltd is primarily
	mineralisation.	exploring for sediment-hosted
		stratiform copper mineralisation.
		•The local geology is dominated by
		the Gold Creek Volcanics of the
		Tawallah Group. This formation is
		a series of basaltic lavas and
		shallow intrusives, interlayered with
		thin oxidised sandstone, carbonate
		and siltstone units. It is
		conformably underlain by reduced
		sedimentary facies of the
		Wollogorang Formation, which
		includes dolostones, sandstones
		and carbonaceous shales. A
		regional dolerite sill, the Settlement
		Creek Dolerite, was emplaced
		synchronous with effusion of the
		Gold Creek Volcanics. The
		Wollogorang Formation and
		Settlement Creek Dolerite do not
		outcrop on the Stanton prospect
		area or RML’s tenements, but are
		however intersected in a number of
		drill holes on the tenement. Within

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Criteria	Criteria	JORC Code explanation	Commentary	Commentary
				the district, the Gold Creek
				Volcanics are disconformably
				overlain by a felsic volcanic
				package that includes a rhyolitic
				rheoignimbrite sheet (Hobblechain
				Rhyolite), proximal epiclastics
				(Pungalina Member) and distal
				reworked clastics (Echo
				Sandstone).
Drill	hole	• A summary of all information material to the	•	This release relates to results from
Information		understanding of the exploration results including a tabulation of the following		a geophysical survey; this section is not relevant to this release.
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level –
		elevation above sea level in metres) of the
		drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		• If the exclusion of this information is justified
		on the basis that the information is not
		Material and this exclusion does not detract
		from the understanding of the report, the
		Competent Person should clearly explain why
		this is the case.
Data		• In reporting Exploration Results, weighting	•	This release relates to results from
aggregation methods		averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually		a geophysical survey; this section is not relevant to this release.
		Material and should be stated.
		• Where aggregate intercepts incorporate short
		lengths of high-grade results and longer
		lengths of low-grade results, the procedure
		used for such aggregation should be stated
		and some typical examples of such
		aggregations should be shown in detail.
		• The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
Relationship		• These relationships are particularly important	•	This release relates to results from
between mineralisati		in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its		a geophysical survey; this section is not relevant to this release.
on	widths	nature should be reported.
and		• If it is not known and only the down hole lengths are reported, there should be a clear
intercept		statement to this effect (e.g. ‘down hole
lengths		length, true width not known’).

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Criteria	JORC Code explanation	Commentary	Commentary
Diagrams	• Appropriate maps and sections (with scales)	•	This release relates to results from
	and tabulations of intercepts should be		a geophysical survey; this section
	included for any significant discovery being		is not relevant to this release.
	reported These should include, but not be
	limited to a plan view of drill hole collar
	locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all	•	This release relates to results from
reporting	Exploration Results is not practicable, representative reporting of both low and high		a geophysical survey; this section is not relevant to this release.
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful and	•	Previous drilling did not test 37 of
substantive exploration	material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical		the 40 VTEM conductors identified in this geophysical survey. The three historic drill holes close to
data	survey results; bulk samples – size and		the conductors are approximate
	method of treatment; metallurgical test		and may not have effectively
	results; bulk density, groundwater,		tested the conductors. As this
	geotechnical and rock characteristics;		release relates to results from a
	potential deleterious or contaminating		geophysical survey; this section is
	substances.		not relevant to this release.
		•	VTEM (Versatile Time-Domain
			Electromagnetic) helicopter borne
			system developed by Geotech Ltd
			with a 35 m diameter transmitter
			loop. The VTEM Max can generate
			up to 866,000 NIA peak dipole
			moment (230Amps). The EM
			receiver provides both dB/dt and
			B-field measurements for Z, X and
			optional Y axis. The revised data
			acquisition system (full waveform)
			provides a wider range of time
			gate windows (18 microseconds to
			10milliseconds).
Further	• The nature and scale of planned further work	•	A range of exploration techniques
work	(e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).		are being considered to progress exploration including drilling.
	• Diagrams clearly highlighting the areas of	•	Refer to figures in the body of this
	possible extensions, including the main		report.
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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