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RESOURCE BASE LIMITED. Capital/Financing Update 2022

Aug 3, 2022

65667_rns_2022-08-03_cca508dc-04fd-470f-adae-ca607a9c5ccf.pdf

Capital/Financing Update

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About Resource Base

EV Metals explorer targeting clay Rare Earths and VHMS in Victoria and South Australia

Executive Chairman & CEO Shannon Green

Non-Executive Director Jamie Myers

Non-Executive Director Paul Hissey

CFO & Company Secretary Ailsa Osborne

L/4, 105 St Georges Terrace Perth WA 6000 E. [email protected] W. www.resourcebase.com.au

Enquiries: Company Secretary Ailsa Osborne T. +61 8 6102 8072

Mitre Hill Drilling Update

Highlights

  • Initial step out drilling program completed
  • Drilling targeting the northwest area of tenement EL007646 where higher grade clay hosted Rare Earth Element (REE) mineralisation was previously discovered
  • Visual results1 indicate widespread occurrence of REE prospective clayey horizons across the recently drilled area. The drilling program will continue to test across the extent of EL007646 in due course
  • First batch of sample results from the laboratory expected by mid to late August
  • Drilling will now move across to our high priority tenement EL007647 located along strike from AR3's Red Tail and Yellow Tail REE deposits
  • The Company is working towards establishing a JORC Compliant Resource by end of Q1 CY2023

Resource Base Limited (ASX:RBX) (Resource Base or the Company), a strategic metals explorer targeting clay hosted REE and VHMS in Victoria and South Australia, is pleased to provide an update on its initial step out drilling program, targeting the northwest section of tenement EL007646 where higher grade clay hosted REE was discovered in an earlier drilling program, has been completed.

Geological logging of the drill holes has identified ferruginous clayey intervals visually1 like those previously found to be hosting REE mineralisation in earlier drilling. These clayey horizons are consistently developed across the extent of the step-out drilling and continue up to the southern border of the recently granted EL007640, a distance of approximately 1.5km. Details of the recently completed drillholes containing visually1 identified ferruginous clayey horizon targeted for REE mineralisation can be found in Annexure A Table 1.

Figure 1: Regional Location of Mitre Hill Granted Project Tenements

  1. Visual results are to be considered preliminary and subject to confirmation by subsequent geochemical analysis that is underway. RBX will report the final results when they have been received from the laboratory.

The initial step out drilling was completed on a 200m x 100m spacing, with a total of 125 holes completed for a total of 1,348m. Figure 2 below shows the hole locations completed for this initial step out drilling program. Further step out drilling will be completed in this area once the winter rains clear and ground conditions improve later in the year.

The drilling program will continue to test across the extent of EL007646 as well as extending onto and beginning to broadly test EL007640 to the north in due course and as prevailing weather conditions allow.

Figure 2: EL007646 step out drill hole locations (yellow)

Air Core Drill

The Company's newly acquired air core drill rig has now been fully commissioned including the recruitment and training of the operating crew. The drilling operations have performed above expectations with many of the expected benefits being exceeded. In particular the continuous operation, flexibility and significantly reduced costs are being realised.

Laboratory Results

The Company anticipates receiving the first batch of sample results from the laboratory by mid to late August.

JORC Resource

The Company is working towards establishing a JORC Compliant Resource by end of Q1 CY2023.

Near Term Drilling Activity

Air core drilling will commence imminently on our high priority tenement EL007647 located closely to and along strike from AR3's Red Tail and Yellow Tail JORC compliant REE resources.

Initially broad spaced drilling along existing road accesses will be undertaken which will be then followed up with closer spaced step out drilling.

Figure 3: EL007647 Tenement Location

- ENDS –

This announcement has been authorised by the Board of Resource Base Limited.

For further information please visit our website – www.resourcesbase.com.au

Follow @ResourceBaseLtd

Follow Resource Base Ltd (ASX:RBX)

About Resource Base Ltd

Resource Base Ltd (ASX: RBX) is an Australian based mineral exploration company focused on the development of highly prospective exploration projects with demonstrated potential for scalable discoveries.

Mitre Hill Project

The Mitre Hill tenements account for 4,830km2 that are prospective for clay hosted Rare Earth Elements (REE) within the southern margin of the Murray Basin, the Project consists of four (4) granted tenements in Victoria, one (1) granted tenement in South Australia and seventeen (17) applications in Victoria.

Upon granting of all tenements Mitre Hill will hold the 2nd largest position within a potential emerging clay hosted Rare Earth precinct located in the southern margin of the Murray Basin across Victoria and South Australia.

The licence and applications are located in the southern margin of the Murray Basin on the South Australian and Victorian state Border near the towns of Naracoorte, Penola and Edenhope

The main economic target is clay hosted REE deposits, with Heavy Rare Earths considered strategically important given global supply modelling. A significant archive of historical exploration data has been acquired by the Company, including drilling results, numerous government studies and minor private exploration.

Black Range Project

The Black Range Project (124km2) in Victoria's premier porphyry and VHMS target district, the Mount Stavely Volcanic Complex (MSVC) in Western Victoria, captures three fault-bound segments of the MSVC volcanics with a combined strike length of approximately 55kms. The Project includes the advanced Eclipse prospect, which is prospective for copper, gold and zinc.

The MSVC is considered an analogue of the Mt Read Volcanics in Tasmania, which is host to a number of world-class VHMS deposits (Rosebery, Hellyer, Que River), the giant Mt Lyell Cu-Au deposit, and the Henty Au deposit. Numerous other targets, including Anomaly F, Honeysuckle, Anomaly K and Mt Bepcha are associated with MSVC rocks across the tenement but have seen little work to date.

Petrological studies indicate that important VHMS style hydrothermal alteration and is well developed on the Eclipse prospect. Resource Base will utilise systematic geophysics, drilling and geochemical analyses combined with petrological and hyperspectral SWIR alteration mapping to vector towards zones with high mineralisation potential as identified from comparison with known VHMS deposits in the Mt Read Volcanics and around the world.

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events, or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forwardlooking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Person Statement

The information in this report which relates to Exploration Results is based on, and fairly represents, information compiled by Mr Ian Cameron. Mr Cameron is a Member of the Australian Institute of Geoscientists (AIG) and an employee of the Company. Mr Cameron has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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' (the JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcement. Mr Cameron consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Mitre Hill Pty Ltd Tenements

Mitre Hill Project Tenements
Victoria Tenements Tenement Size (km2) Application Date Date Granted
EL007640 490 23 July 2021 17 June 2022
EL007641 103 11 June 2021 17 June 2022
EL007646 28 22 June 2021 8 November 2021
EL007647 30 11 June 2021 17 June 2022
EL007888 6 2 March 2022
EL007889 15 2 March 2022
EL007891 6 2 March 2022
EL007892 4 2 March 2022
EL007893 9 2 March 2022
EL007894 6 2 March 2022
EL007895 13 2 March 2022
EL007896 24 2 March 2022
EL007897 44 2 March 2022
EL007898 204 2 March 2022
EL007899 353 2 March 2022
EL007900 456 2 March 2022
EL007982 500 21 July 2022
EL007983 499 14 July 2022
EL007984 233 14 July 2022
EL007985 500 14 July 2022
EL007986 498 14 July 2022
South Australia Tenement Tenement Size (km2) Application Date Date Granted
EL6708 809 28 May 2021 1 April 2022

Resource Base Limited Tenements

Black Range Project Tenements
Victoria Tenements Tenement Size (km2) Date Granted
EL4590 124 14 February 2017

Annexure A

Table 1: Recently completed drillholes containing visually identified ferruginous clayey horizon targeted for REE mineralisation

HoleID Type East North RL Dip Azi Tdepth
MHAC220037 AC 510402 5881400 129.1 -90 0 8
MHAC220038 AC 510500 5881401 129.1 -90 0 12
MHAC220039 AC 510400 5881598 129.3 -90 0 9
MHAC220040 AC 510300 5881598 129.7 -90 0 9
MHAC220041 AC 510200 5881599 130.1 -90 0 9
MHAC220042 AC 510101 5881601 130.3 -90 0 8
MHAC220043 AC 510000 5881600 130.6 -90 0 9
MHAC220044 AC 509898 5881600 130.8 -90 0 9
MHAC220045 AC 509799 5881600 131.1 -90 0 9
MHAC220046 AC 509701 5881599 131.2 -90 0 8
MHAC220047 AC 509600 5881600 131.3 -90 0 8
MHAC220048 AC 509500 5881598 131.5 -90 0 8
MHAC220049 AC 509400 5881600 131.8 -90 0 8.5
MHAC220050 AC 509301 5881798 132.5 -90 0 8.5
MHAC220051 AC 509399 5881798 132.1 -90 0 11.5
MHAC220052 AC 509500 5881799 131.7 -90 0 11.5
MHAC220053 AC 509600 5881799 131.5 -90 0 8.5
MHAC220054 AC 509700 5881799 131.3 -90 0 8
MHAC220055 AC 509801 5881801 131 -90 0 8.5
MHAC220056 AC 509900 5881999 130.8 -90 0 11
MHAC220058 AC 509701 5881998 131.3 -90 0 8.5
MHAC220059 AC 509600 5881999 131.7 -90 0 8.5
MHAC220060 AC 509500 5881999 131.9 -90 0 11.5
MHAC220061 AC 509399 5882003 132.3 -90 0 11.5
MHAC220062 AC 509396 5882196 132.3 -90 0 11.5
MHAC220063 AC 509500 5882197 132 -90 0 11.5
MHAC220064 AC 509600 5882198 131.6 -90 0 11.5
MHAC220065 AC 509699 5882198 131.4 -90 0 11.5
MHAC220066 AC 509798 5882197 131.1 -90 0 11.5
MHAC220067 AC 509900 5882199 130.9 -90 0 11.5
MHAC220068 AC 509300 5882196 132.4 -90 0 11.5
MHAC220069 AC 509202 5882195 132.4 -90 0 11.5
MHAC220070 AC 509101 5882194 132.4 -90 0 11.5
MHAC220071 AC 509099 5882398 132 -90 0 9.5
MHAC220072 AC 509000 5882398 132.8 -90 0 11.5
MHAC220073 AC 508999 5882192 133.2 -90 0 11.5
MHAC220074 AC 509000 5881995 133.8 -90 0 11.5
MHAC220075 AC 509099 5881995 132.8 -90 0 11.5
MHAC220076 AC 509199 5881997 132.6 -90 0 11.5
MHAC220077 AC 509300 5881996 132.5 -90 0 11.5

HoleID Type East North RL Dip Azi Tdepth
MHAC220078 AC 509200 5881796 132.8 -90 0 11.5
MHAC220079 AC 509100 5881798 133.1 -90 0 11.5
MHAC220080 AC 509000 5881798 133.9 -90 0 11.5
MHAC220081 AC 509899 5881799 130.8 -90 0 11.5
MHAC220082 AC 510000 5881799 130.6 -90 0 8.5
MHAC220083 AC 510100 5881800 130.3 -90 0 8.5
MHAC220084 AC 510199 5881799 130.1 -90 0 8.5
MHAC220085 AC 510299 5881798 129.8 -90 0 8.5
MHAC220086 AC 510301 5881999 130 -90 0 8.5
MHAC220087 AC 510200 5881999 130.2 -90 0 8.5
MHAC220088 AC 510100 5881999 130.4 -90 0 8.5
MHAC220089 AC 509999 5881998 130.6 -90 0 11.5
MHAC220090 AC 509999 5882199 130.5 -90 0 11.5
MHAC220091 AC 510101 5882201 130.3 -90 0 11.5
MHAC220092 AC 510200 5882201 129.6 -90 0 11.5
MHAC220093 AC 510201 5882402 130.5 -90 0 11.5
MHAC220094 AC 510099 5882400 130.6 -90 0 11.5
MHAC220095 AC 509999 5882400 130.7 -90 0 11.5
MHAC220096 AC 510001 5882599 130.6 -90 0 11.5
MHAC220097 AC 509897 5882600 130.6 -90 0 11.5
MHAC220098 AC 509803 5882595 130.8 -90 0 11.5
MHAC220099 AC 509699 5882600 130.9 -90 0 11.5
MHAC220100 AC 509602 5882597 130.9 -90 0 11.5
MHAC220101 AC 509599 5882799 131.4 -90 0 11.5
MHAC220102 AC 509690 5882802 131.5 -90 0 11.5
MHAC220103 AC 509796 5882802 131.1 -90 0 11.5
MHAC220104 AC 509901 5882800 130.9 -90 0 11.5
MHAC220105 AC 509903 5883003 131.3 -90 0 11.5
MHAC220106 AC 509800 5883003 132 -90 0 11.5
MHAC220107 AC 509701 5882999 132.9 -90 0 11.5
MHAC220108 AC 509600 5882999 134.3 -90 0 11.5
MHAC220109 AC 509503 5882802 130.2 -90 0 11.5
MHAC220110 AC 509501 5883000 133.7 -90 0 14.5
MHAC220111 AC 509036 5882800 135.3 -90 0 11.5
MHAC220112 AC 509100 5882802 135 -90 0 11.5
MHAC220113 AC 509101 5882998 135.4 -90 0 14.5
MHAC220114 AC 509199 5883000 134.1 -90 0 11.5
MHAC220115 AC 509300 5882999 132.9 -90 0 11.5
MHAC220116 AC 509401 5882999 132.7 -90 0 11.5
MHAC220117 AC 509702 5882403 130.9 -90 0 8.5
MHAC220118 AC 509802 5882402 130.9 -90 0 11
MHAC220119 AC 509902 5882403 130.8 -90 0 11.5
MHAC220120 AC 510100 5882608 130.6 -90 0 11.5

HoleID Type East North RL Dip Azi Tdepth
MHAC220121 AC 510200 5882601 130.6 -90 0 11.5
MHAC220122 AC 510000 5882803 130.5 -90 0 14.5
MHAC220123 AC 509999 5883002 130.9 -90 0 9
MHAC220124 AC 511200 5883000 135.9 -90 0 11.5
MHAC220125 AC 511096 5883000 135 -90 0 11.5
MHAC220126 AC 511001 5883001 134.1 -90 0 11.5
MHAC220127 AC 510900 5883000 132.9 -90 0 11.5
MHAC220128 AC 510800 5883000 131.9 -90 0 11.5
MHAC220129 AC 510700 5882999 131.2 -90 0 11.5
MHAC220130 AC 510602 5883000 130.2 -90 0 11.5
MHAC220131 AC 510499 5882796 139.6 -90 0 11.5
MHAC220132 AC 510500 5882599 140.9 -90 0 11.5
MHAC220133 AC 510401 5882601 138.3 -90 0 11.5
MHAC220134 AC 510601 5882599 134.8 -90 0 11.5
MHAC220135 AC 510703 5882601 140 -90 0 11.5
MHAC220136 AC 510803 5882602 136.1 -90 0 11.5
MHAC220137 AC 510902 5882600 135 -90 0 14.5
MHAC220138 AC 511004 5882601 125.4 -90 0 11.5
MHAC220139 AC 511101 5882600 124.9 -90 0 11
MHAC220140 AC 511202 5882601 135.2 -90 0 11.5
MHAC220141 AC 511302 5882601 138.2 -90 0 11.5
MHAC220142 AC 511298 5882800 139.2 -90 0 14
MHAC220143 AC 511198 5882800 136.2 -90 0 11.5
MHAC220144 AC 511100 5882811 139.1 -90 0 11.5
MHAC220145 AC 510999 5882799 140.9 -90 0 11.5
MHAC220146 AC 510896 5882798 133.8 -90 0 11.5
MHAC220147 AC 510800 5882798 136.4 -90 0 11.5
MHAC220148 AC 510696 5882793 137 -90 0 11.5
MHAC220149 AC 510599 5882801 139 -90 0 11.5
MHAC220150 AC 510802 5882401 136.1 -90 0 11.5
MHAC220151 AC 510697 5882402 138.5 -90 0 11.5
MHAC220152 AC 510597 5882392 115.8 -90 0 11
MHAC220153 AC 510499 5882401 135.7 -90 0 11.5
MHAC220154 AC 510401 5882403 134.1 -90 0 11.5
MHAC220155 AC 510299 5882402 136.1 -90 0 11.5
MHAC220156 AC 510302 5882200 134.6 -90 0 8.5
MHAC220157 AC 510393 5882202 134 -90 0 8.5
MHAC220158 AC 510504 5882204 140.7 -90 0 8.5
MHAC220159 AC 510602 5882200 137.8 -90 0 8.5

Table 2: Mitre Hill Project - EL007646 Drillhole Information (MGA54)

HoleID Type East North RL Dip Azi Tdepth
MHAC220001 AC 514748 5880808 145.4 -90 0 21
MHAC220002 AC 514243 5880866 134.1 -90 0 24
MHAC220003 AC 513741 5880925 134.2 -90 0 15
MHAC220004 AC 509019 5881278 133.6 -90 0 21
MHAC220005 AC 509174 5880859 133.3 -90 0 12
MHAC220006 AC 509351 5880388 130.7 -90 0 12
MHAC220007 AC 509531 5879924 127.9 -90 0 12
MHAC220008 AC 509702 5879455 126.2 -90 0 12
MHAC220009 AC 509882 5878985 125.2 -90 0 12
MHAC220010 AC 510036 5878581 126.1 -90 0 12
MHAC220011 AC 509030 5878266 132.2 -90 0 12
MHAC220012 AC 509564 5878197 129.2 -90 0 12
MHAC220013 AC 510608 5878057 128.8 -90 0 9
MHAC220014 AC 510979 5878016 130.1 -90 0 12
MHAC220015 AC 510860 5878530 129.4 -90 0 9
MHAC220016 AC 510959 5879530 126.1 -90 0 9
MHAC220017 AC 511032 5880357 129.6 -90 0 9
MHAC220018 AC 511455 5881121 129.7 -90 0 9
MHAC220019 AC 511639 5881270 130.5 -90 0 12
MHAC220020 AC 511918 5881168 130.2 -90 0 12
MHAC220021 AC 513240 5880991 132.1 -90 0 15
MHAC220022 AC 512758 5881050 134.7 -90 0 12
MHAC220023 AC 512264 5881112 130.6 -90 0 15
MHAC220024 AC 511297 5882999 136.8 -90 0 15
MHAC220025 AC 511350 5882761 135.4 -90 0 15
MHAC220026 AC 511397 5882421 132.7 -90 0 15
MHAC220027 AC 511458 5882154 131.6 -90 0 15
MHAC220028 AC 511506 5881903 130.7 -90 0 15
MHAC220029 AC 510485 5881337 129.2 -90 0 15
MHAC220030 AC 510235 5881369 129.7 -90 0 15
MHAC220031 AC 509991 5881401 130.4 -90 0 15
MHAC220032 AC 509747 5881431 131.1 -90 0 15
MHAC220033 AC 509496 5881459 131.7 -90 0 15
MHAC220034 AC 509246 5881502 132.5 -90 0 15
MHAC220035 AC 510199 5881401 129.9 -90 0 9
MHAC220036 AC 510298 5881401 129.6 -90 0 9
MHAC220037 AC 510402 5881400 129.1 -90 0 8
MHAC220038 AC 510500 5881401 129.1 -90 0 12
MHAC220039 AC 510400 5881598 129.3 -90 0 9
MHAC220040 AC 510300 5881598 129.7 -90 0 9
MHAC220041 AC 510200 5881599 130.1 -90 0 9

HoleID Type East North RL Dip Azi Tdepth
MHAC220042 AC 510101 5881601 130.3 -90 0 8
MHAC220043 AC 510000 5881600 130.6 -90 0 9
MHAC220044 AC 509898 5881600 130.8 -90 0 9
MHAC220045 AC 509799 5881600 131.1 -90 0 9
MHAC220046 AC 509701 5881599 131.2 -90 0 8
MHAC220047 AC 509600 5881600 131.3 -90 0 8
MHAC220048 AC 509500 5881598 131.5 -90 0 8
MHAC220049 AC 509400 5881600 131.8 -90 0 8.5
MHAC220050 AC 509301 5881798 132.5 -90 0 8.5
MHAC220051 AC 509399 5881798 132.1 -90 0 11.5
MHAC220052 AC 509500 5881799 131.7 -90 0 11.5
MHAC220053 AC 509600 5881799 131.5 -90 0 8.5
MHAC220054 AC 509700 5881799 131.3 -90 0 8
MHAC220055 AC 509801 5881801 131 -90 0 8.5
MHAC220056 AC 509900 5881999 130.8 -90 0 11
MHAC220057 AC 509799 5882000 131.1 -90 0 9
MHAC220058 AC 509701 5881998 131.3 -90 0 8.5
MHAC220059 AC 509600 5881999 131.7 -90 0 8.5
MHAC220060 AC 509500 5881999 131.9 -90 0 11.5
MHAC220061 AC 509399 5882003 132.3 -90 0 11.5
MHAC220062 AC 509396 5882196 132.3 -90 0 11.5
MHAC220063 AC 509500 5882197 132 -90 0 11.5
MHAC220064 AC 509600 5882198 131.6 -90 0 11.5
MHAC220065 AC 509699 5882198 131.4 -90 0 11.5
MHAC220066 AC 509798 5882197 131.1 -90 0 11.5
MHAC220067 AC 509900 5882199 130.9 -90 0 11.5
MHAC220068 AC 509300 5882196 132.4 -90 0 11.5
MHAC220069 AC 509202 5882195 132.4 -90 0 11.5
MHAC220070 AC 509101 5882194 132.4 -90 0 11.5
MHAC220071 AC 509099 5882398 132 -90 0 9.5
MHAC220072 AC 509000 5882398 132.8 -90 0 11.5
MHAC220073 AC 508999 5882192 133.2 -90 0 11.5
MHAC220074 AC 509000 5881995 133.8 -90 0 11.5
MHAC220075 AC 509099 5881995 132.8 -90 0 11.5
MHAC220076 AC 509199 5881997 132.6 -90 0 11.5
MHAC220077 AC 509300 5881996 132.5 -90 0 11.5
MHAC220078 AC 509200 5881796 132.8 -90 0 11.5
MHAC220079 AC 509100 5881798 133.1 -90 0 11.5
MHAC220080 AC 509000 5881798 133.9 -90 0 11.5
MHAC220081 AC 509899 5881799 130.8 -90 0 11.5
MHAC220082 AC 510000 5881799 130.6 -90 0 8.5
MHAC220083 AC 510100 5881800 130.3 -90 0 8.5
MHAC220084 AC 510199 5881799 130.1 -90 0 8.5

HoleID Type East North RL Dip Azi Tdepth
MHAC220085 AC 510299 5881798 129.8 -90 0 8.5
MHAC220086 AC 510301 5881999 130 -90 0 8.5
MHAC220087 AC 510200 5881999 130.2 -90 0 8.5
MHAC220088 AC 510100 5881999 130.4 -90 0 8.5
MHAC220089 AC 509999 5881998 130.6 -90 0 11.5
MHAC220090 AC 509999 5882199 130.5 -90 0 11.5
MHAC220091 AC 510101 5882201 130.3 -90 0 11.5
MHAC220092 AC 510200 5882201 129.6 -90 0 11.5
MHAC220093 AC 510201 5882402 130.5 -90 0 11.5
MHAC220094 AC 510099 5882400 130.6 -90 0 11.5
MHAC220095 AC 509999 5882400 130.7 -90 0 11.5
MHAC220096 AC 510001 5882599 130.6 -90 0 11.5
MHAC220097 AC 509897 5882600 130.6 -90 0 11.5
MHAC220098 AC 509803 5882595 130.8 -90 0 11.5
MHAC220099 AC 509699 5882600 130.9 -90 0 11.5
MHAC220100 AC 509602 5882597 130.9 -90 0 11.5
MHAC220101 AC 509599 5882799 131.4 -90 0 11.5
MHAC220102 AC 509690 5882802 131.5 -90 0 11.5
MHAC220103 AC 509796 5882802 131.1 -90 0 11.5
MHAC220104 AC 509901 5882800 130.9 -90 0 11.5
MHAC220105 AC 509903 5883003 131.3 -90 0 11.5
MHAC220106 AC 509800 5883003 132 -90 0 11.5
MHAC220107 AC 509701 5882999 132.9 -90 0 11.5
MHAC220108 AC 509600 5882999 134.3 -90 0 11.5
MHAC220109 AC 509503 5882802 130.2 -90 0 11.5
MHAC220110 AC 509501 5883000 133.7 -90 0 14.5
MHAC220111 AC 509036 5882800 135.3 -90 0 11.5
MHAC220112 AC 509100 5882802 135 -90 0 11.5
MHAC220113 AC 509101 5882998 135.4 -90 0 14.5
MHAC220114 AC 509199 5883000 134.1 -90 0 11.5
MHAC220115 AC 509300 5882999 132.9 -90 0 11.5
MHAC220116 AC 509401 5882999 132.7 -90 0 11.5
MHAC220117 AC 509702 5882403 130.9 -90 0 8.5
MHAC220118 AC 509802 5882402 130.9 -90 0 11
MHAC220119 AC 509902 5882403 130.8 -90 0 11.5
MHAC220120 AC 510100 5882608 130.6 -90 0 11.5
MHAC220121 AC 510200 5882601 130.6 -90 0 11.5
MHAC220122 AC 510000 5882803 130.5 -90 0 14.5
MHAC220123 AC 509999 5883002 130.9 -90 0 9
MHAC220124 AC 511200 5883000 135.9 -90 0 11.5
MHAC220125 AC 511096 5883000 135 -90 0 11.5
MHAC220126 AC 511001 5883001 134.1 -90 0 11.5
MHAC220127 AC 510900 5883000 132.9 -90 0 11.5
MHAC220128 AC 510800 5883000 131.9 -90 0 11.5

HoleID Type East North RL Dip Azi Tdepth
MHAC220129 AC 510700 5882999 131.2 -90 0 11.5
MHAC220130 AC 510602 5883000 130.2 -90 0 11.5
MHAC220131 AC 510499 5882796 139.6 -90 0 11.5
MHAC220132 AC 510500 5882599 140.9 -90 0 11.5
MHAC220133 AC 510401 5882601 138.3 -90 0 11.5
MHAC220134 AC 510601 5882599 134.8 -90 0 11.5
MHAC220135 AC 510703 5882601 140 -90 0 11.5
MHAC220136 AC 510803 5882602 136.1 -90 0 11.5
MHAC220137 AC 510902 5882600 135 -90 0 14.5
MHAC220138 AC 511004 5882601 125.4 -90 0 11.5
MHAC220139 AC 511101 5882600 124.9 -90 0 11
MHAC220140 AC 511202 5882601 135.2 -90 0 11.5
MHAC220141 AC 511302 5882601 138.2 -90 0 11.5
MHAC220142 AC 511298 5882800 139.2 -90 0 14
MHAC220143 AC 511198 5882800 136.2 -90 0 11.5
MHAC220144 AC 511100 5882811 139.1 -90 0 11.5
MHAC220145 AC 510999 5882799 140.9 -90 0 11.5
MHAC220146 AC 510896 5882798 133.8 -90 0 11.5
MHAC220147 AC 510800 5882798 136.4 -90 0 11.5
MHAC220148 AC 510696 5882793 137 -90 0 11.5
MHAC220149 AC 510599 5882801 139 -90 0 11.5
MHAC220150 AC 510802 5882401 136.1 -90 0 11.5
MHAC220151 AC 510697 5882402 138.5 -90 0 11.5
MHAC220152 AC 510597 5882392 115.8 -90 0 11
MHAC220153 AC 510499 5882401 135.7 -90 0 11.5
MHAC220154 AC 510401 5882403 134.1 -90 0 11.5
MHAC220155 AC 510299 5882402 136.1 -90 0 11.5
MHAC220156 AC 510302 5882200 134.6 -90 0 8.5
MHAC220157 AC 510393 5882202 134 -90 0 8.5
MHAC220158 AC 510504 5882204 140.7 -90 0 8.5
MHAC220159 AC 510602 5882200 137.8 -90 0 8.5

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria Commentary
Sampling techniques •Air-core drilling•Sampling at 1m intervals off rig
Drilling techniques •Reverse circulation air-core drilling•NQ size
Drill sample recovery •Recoveries logged based on visual estimate of percentage of expected samplevolume in 25% gradations from 0% to 100%.•Wetness of sample is recorded as dry, damp or wet•Contamination is recorded on visual basis as hi, low or no contamination based onlikelihood of contamination with adjoining sampling intervals due to high level ofwater or inaccurate sampling boundary.•No attempt has been made to assess potential bias due to sample size fractionloss/gain
Logging •Geological log entire drillhole on meter by meter or interval basis as appropriate•Geological boundaries based on 1m sample boundaries•Data recorded to digital platform onsite•Core-yard logging as required
Sub-sampling techniques andsample preparation •Not applicable to this announcement
Quality of assay data andlaboratory tests •Not applicable to this announcement
Verification of sampling andassaying •Geological and sampling data is logged into Excel based templates using an autovalidated library structure•Excel data is verified and uploaded to the appropriate project database by theCompany's dedicated database management external consultants – GeobaseAustralia Pty Ltd•Visual identification of ferruginous clayey horizons expected to be REE mineralisedintervals based on observations from previous drilling and spatial relationship tolimestone contact
Location of data points •Location Method: Garmin handheld 12 channel GPS•Location Accuracy Horizontal: ±3m•Location Accuracy Vertical: ±6m•Grid System: GDA94 UTM Zone 54•Drillhole locations are extrapolated onto SRTM digital elevation model to obtainfinal elevation value•Topographic control is adequate at this stage of exploration
Data spacing and distribution •Systematic grid style drilling at nominal 100m spacing along E-W lines spaced 200mapart in the N-S direction.•Exclusion of cultural overlay zones in first pass program
Orientation of data in relationto geological structure •Vertical drill holes•Air-core drilling is of reconnaissance nature and not intended to produce small scalestructural information•Geological domains within drilled intersections are approximately horizontal andtherefore approximately perpendicular to drill direction
Sample security •Samples collected during drilling and removed to secure warehouse each day•pXRF analyses undertaken by company employee in the warehouse•Project Geologist defines samples to be dispatched for laboratory analysis based onpreliminary pXRF data•Compilation of samples for dispatch to laboratory takes place in the warehouse bycompany employees•Samples are palletised and protected with multiple layers of packaging film for

Criteria Commentary
transport by logistics contractor to the analytical laboratory, Bureau Veritas inAdelaide.
Audits or reviews •Ongoing comparison of geological logging of potentially mineralised intervals withfinal laboratory data to refine visual indicators of mineralisation

Section 2 Reporting of Exploration Results

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

Criteria Commentary
Mineral tenement and landtenure status •Drilling related to the reported results was undertaken on EL007646 which is 100%owned by Mitre Hill Pty Ltd, a wholly owned subsidiary of Resource Base Ltd(ASX:RBX).•Information relevant to EL007646 includes;•Currently in good standing and valid until 7th November 2026•There are no non-government royalties applicable.•Land use is mixed grazing/cropping and privately owned plantation forest.•There are no registered Native Title claims.•There is no known impediments to obtaining a license to operate in the areaand exploration is active and on-going.
Exploration done by otherparties •Previous exploration work has been very limited.•There has been no previous exploration targeting REE•1979-1982 Western Mining explored the region for brown coal. No holes weredrilled on the current EL007646 area.•1986-1989 CRA Exploration explored the region for Heavy Mineral Sands, drillingone hole only on the current EL700646 area. Results did not warrant follow up.•2007 Mineral Sands Ltd explored the region for Heavy Mineral Sands with no drillingon the current EL007646 area.•2008 Corvette Resources Ltd explored the region for Heavy Mineral Sands with nodrilling on the current EL007646 area.
Geology •The project area is considered highly prospective for the discovery of economicdeposits of Rare Earth Elements (REE) deposited as secondary accumulations withinMurray Basin stratigraphy and potentially occurring as ionic attachments withinclayey horizons.•Project geology consists of poorly consolidated clayey and sandy horizons of theBookpurnong formation in the lower Loxton-Parilla Sands unit overlying asubstantial base of the Duddo Limestone (Gambier Limestone in SA).•Regionally, REE accumulations are known to occur in clayey horizons immediatelyabove the limestone unit.
Drill hole Information •Please see drillhole information table included in the announcement text
Data aggregation methods •Not applicable to this announcement
Relationship betweenmineralisation widths andintercept lengths •Vertical drilling•Stratigraphy and structure appears to be mostly flat lying•Drilled intercepts are expected to be very near to true widths within limitations of1m sampling intervals.
Diagrams •Please see maps and diagrams included in the announcement text
Balanced reporting •Results are visual indications of potential REE mineralisation only
Other substantive explorationdata •Geology logged in drillholes reported in this announcement contain ferruginousclayey intervals visually like those previously found to be hosting REE mineralisationin earlier drilling at this project area and occur for the most part in the expectedprospective horizon in the upper portion of the Duddo Limestone and theBookpurnong Formation clays and sandy clay horizons immediately above thelimestone contact.

Criteria Commentary
Further work • Ongoing systematic grid based air-core drilling as weather and ground conditionspermit access

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