RESOURCE BASE LIMITED. — Capital/Financing Update 2022

Jul 27, 2022

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. admin@resourcebase.com.au W. www.resourcebase.com.au

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

Sulphide Mineralisation Intersected at Callisto Prospect

Highlights

• Laboratory results of samples from the most recent Black Range air-core drilling program have been received
• Discovery of Gold-Silver-Zinc sulphide mineralisation approximately 2km South of Eclipse-Nebula mineralisation
• This reconnaissance drilling program was undertaken to test geophysical features across the tenement
• Follow up of these highly encouraging first pass results will be undertaken in due course using electrical geophysics, initially IP/Resistivity to map lithology and hydrothermal alteration

Resource Base Limited (ASX:RBX) (Resource Base or the Company), the strategic metals explorer targeting clay hosted REE and VHMS in Victoria and South Australia, is pleased to advise that results have been received for its most recent reconnaissance air-core drilling program over its Black Range project situated within the well-known and highly prospective Stavely Volcanics corridor 50km south of Horsham in western Victoria.

A majority of the drilling was aimed at regional targets across the central part of the tenement EL4590 with the objective of locating additional VHMS or intrusive related gold and base metal targets further afield from the known Eclipse and Nebula mineralisation.

Commenting Resource Base Executive Chairman & CEO, Mr. Shannon Green, said:

"We are very encouraged with these initial early-stage results, the discovery of Gold-Silver-Zinc sulphide mineralisation approximately 2km South of Eclipse-Nebula mineralisation demonstrates the scale potential of the Black Range project. We look forward to undertaking further lower cost geophysics and RC drilling in due course as this project continues to unfold."

Drilling on the Callisto target sought to test a similar stratigraphic position to the Eclipse VHMS mineralisation some 2km along geological strike to the North.

Sulphide rich mineralisation with highly anomalous Gold, Silver and Zinc has been intersected over an interval of 8m on the western margin of the same magnetic unit which lies on the eastern side of the Eclipse mineralisation.

This stratigraphic position is interpreted to be the eastern margin of a narrow half-graben basin formed during the deposition of the volcano-sedimentary Mt Stavely Volcanics and a prospective horizon for development of VHMS mineralisation.

RESOURCE BASE LIMITED ACN 113 385 425 Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 T. +61 8 6102 8072 E. admin@resourcebase.com.au www.resourcebase.com.au

A list of anomalous intercepts from the first pass reconnaissance drilling over the Callisto target is presented in Table 1Error! Reference source not found. below.

A full list of RBX drill collar locations follows in Table 2.

HoleID	Depth From	DepthTo	Au_ppm	Ag_ppm	Cu_ppm	Pb_ppm	Zn_ppm
BRAC22036	28	32	0.05	-0.2	171	42	682
BRAC22036	32	36	0.55	1.2	289	96	5040
BRAC22036	36	40	0.13	0.6	235	26	524
BRAC22039	16	20	0.02	0.4	202	53	238
BRAC22045	20	24	0.02	-0.2	48	8	72

Table 1: Anomalous Gold (Au) and Zinc (Zn) Intercepts from Callisto reconnaissance drilling

Table 2: Black Range Project Drill Collars - GDA94 MGA54

Hole ID	Prospect	Type	East	North	RL	Dip	Azim	Depth
BRAC21001	Black Range	AC	600337	5886883	239.029	-90	0	36
BRAC21002	Black Range	AC	600389	5886881	239.061	-90	0	51
BRAC21003	Black Range	AC	600911	5886993	223.278	-90	0	24
BRAC21004	Black Range	AC	600859	5886991	223.728	-90	0	21
BRAC21005	Black Range	AC	600810	5886990	225.725	-90	0	28
BRAC21006	Black Range	AC	600740	5885795	224.719	-90	0	18
BRAC21007	Black Range	AC	600795	5885779	223.508	-90	0	15
BRAC21008	Black Range	AC	600846	5885778	221.727	-90	0	17
BRAC21009	Black Range	AC	600942	5885761	221.916	-90	0	18
BRAC21010	Black Range	AC	600994	5885761	221.36	-90	0	23
BRAC21011	Black Range	AC	600887	5885768	222.197	-90	0	12
BRAC21012	Black Range	AC	600708	5884001	221.824	-90	0	48
BRAC21013	Black Range	AC	600748	5884017	220.876	-90	0	81
BRAC21014	Black Range	AC	600795	5884039	217.669	-90	0	51
BRAC21015	Black Range	AC	600833	5884064	214.392	-90	0	51
BRAC21016	Black Range	AC	600875	5884106	212.798	-90	0	63
BRAC21017	Black Range	AC	600884	5884151	210.478	-90	0	48
BRAC21018	Black Range	AC	600880	5884219	208.107	-90	0	45
BRAC21019	Black Range	AC	600820	5884253	210.902	-90	0	36
BRAC21020	Black Range	AC	600771	5884232	213.175	-90	0	57
BRAC21021	Black Range	AC	600727	5884213	215.442	-90	0	60
BRAC21022	Black Range	AC	600681	5884187	216.866	-90	0	41
BRAC21023	Black Range	AC	600647	5884164	218.145	-90	0	51
BRAC21024	Black Range	AC	600587	5884588	207.4	-90	0	51
BRAC21025	Black Range	AC	600640	5884586	206.532	-90	0	36
BRAC21026	Black Range	AC	600690	5884587	205.917	-90	0	33
BRAC21027	Black Range	AC	600737	5884586	204.718	-90	0	24
BRAC21028	Black Range	AC	600787	5884582	202.693	-90	0	21
BRAC21029	Black Range	AC	599498	5887071	242.953	-90	0	27

Hole ID	Prospect	Type	East	North	RL	Dip	Azim	Depth
BRAC21030	Black Range	AC	599436	5887080	240.921	-90	0	80
BRAC21031	Black Range	AC	599300	5887116	231.439	-90	0	99
BRAC21032	Black Range	AC	598601	5887214	211.362	-90	0	36
BRAC21033	Black Range	AC	598775	5887191	217.665	-90	0	48
BRAC21034	Black Range	AC	598974	5887165	223.905	-90	0	54
BRAC21035	Black Range	AC	598901	5885997	214.556	-90	0	12
BRAC21036	Black Range	AC	599011	5885978	221.024	-90	0	69
BRAC21037	Black Range	AC	600493	5884401	213.405	-90	0	30
BRAC21038	Black Range	AC	600532	5884397	212.501	-90	0	34
BRAC21039	Black Range	AC	600582	5884392	210.954	-90	0	33
BRAC21040	Black Range	AC	600455	5884407	215.091	-90	0	33
BRAC21041	Black Range	AC	599897	5885510	226.19	-90	0	25
BRAC21042	Black Range	AC	599841	5885509	230.282	-90	0	30
BRAC21043	Black Range	AC	600497	5885349	214.138	-90	0	26
BRAC21044	Black Range	AC	600465	5885312	212.652	-90	0	27
BRAC21045	Black Range	AC	600531	5885380	215.592	-90	0	26
BRAC21046	Black Range	AC	600562	5885426	218.03	-90	0	30
BRAC21047	Black Range	AC	600599	5885465	220.053	-90	0	23.3
BRAC22001	Solaris	AC	598548	5886528	210.073	-90	0	40
BRAC22002	Solaris	AC	598651	5886532	211.153	-90	0	39
BRAC22003	Solaris	AC	598735	5886510	213.561	-90	0	36
BRAC22004	Solaris	AC	598839	5886517	218.213	-90	0	27
BRAC22005	Solaris	AC	598932	5886556	222.182	-90	0	12
BRAC22006	Solaris	AC	598792	5886519	217.171	-90	0	18
BRAC22007	Solaris	AC	598688	5886510	211.726	-90	0	32
BRAC22008	Baskara	AC	598350	5888246	210.912	-90	0	22
BRAC22009	Baskara	AC	598453	5888231	211.33	-90	0	25
BRAC22010	Baskara	AC	598549	5888217	215.343	-90	0	23
BRAC22011	Baskara	AC	598645	5888204	220.068	-90	0	37
BRAC22012	Baskara	AC	598745	5888191	226.816	-90	0	34
BRAC22013	Baskara	AC	598848	5888177	233.373	-90	0	54
BRAC22014	Baskara	AC	598954	5888164	239.736	-90	0	30
BRAC22015	Baskara	AC	598896	5888173	236.856	-90	0	45
BRAC22016	Baskara	AC	598796	5888186	230.355	-90	0	34
BRAC22017	Baskara	AC	598700	5888198	223.393	-90	0	45
BRAC22018	Ceres	AC	599513	5886203	248.726	-90	0	21
BRAC22019	Ceres	AC	599470	5886217	248.864	-90	0	42
BRAC22020	Ceres	AC	599421	5886227	247.761	-90	0	76
BRAC22021	Virgo	AC	599818	5886642	236.247	-90	0	24
BRAC22022	Virgo	AC	599864	5886642	235.453	-90	0	36
BRAC22023	Virgo	AC	599915	5886644	234.508	-90	0	26
BRAC22024	Virgo	AC	599960	5886640	232.612	-90	0	36
BRAC22025	Stellar	AC	599452	5884258	226.29	-90	0	51

Hole ID	Prospect	Type	East	North	RL	Dip	Azim	Depth
BRAC22026	Stellar	AC	599404	5884253	223.889	-90	0	22
BRAC22027	Stellar	AC	599352	5884254	219.771	-90	0	21
BRAC22028	Baskara	AC	598514	5887667	211.919	-90	0	33
BRAC22029	Baskara	AC	598615	5887644	211.803	-90	0	44
BRAC22030	Baskara	AC	598722	5887641	216.324	-90	0	41
BRAC22031	Baskara	AC	598544	5887938	210.853	-90	0	34
BRAC22032	Callisto	AC	601464	5882591	207.804	-90	0	29
BRAC22033	Callisto	AC	601854	5882607	218.692	-90	0	66
BRAC22034	Callisto	AC	602240	5882627	214.856	-90	0	33
BRAC22035	Callisto	AC	602626	5882530	221.48	-90	0	18
BRAC22036	Callisto	AC	600814	5882155	202.829	-90	0	43
BRAC22037	Callisto	AC	600788	5882110	202.12	-90	0	33
BRAC22038	Callisto	AC	600770	5882065	201.697	-90	0	42
BRAC22039	Callisto	AC	600729	5881979	201.194	-90	0	32
BRAC22040	Callisto	AC	600676	5881888	200.874	-90	0	26
BRAC22041	Callisto	AC	600833	5882199	203.151	-90	0	24
BRAC22042	Callisto	AC	600664	5881792	200.446	-90	0	27
BRAC22043	Callisto	AC	600643	5881685	202.254	-90	0	44
BRAC22044	Callisto	AC	600650	5881591	204.164	-90	0	44
BRAC22045	Callisto	AC	600627	5881493	205.34	-90	0	32
BRAC22046	Callisto	AC	600618	5881402	205.84	-90	0	71
BRAC22047	Callisto	AC	601120	5880659	211.509	-90	0	37
BRAC22048	Callisto	AC	601228	5880648	218.574	-90	0	23.5
BRAC22049	Callisto	AC	601340	5880647	222.469	-90	0	21.5
BRAC22050	Callisto	AC	601427	5880645	224.671	-90	0	13
BRAC22051	Callisto	AC	601529	5880641	228.891	-90	0	10.2
BRAC22052	Callisto	AC	601622	5880644	233.396	-90	0	6.2
BRAC22053	Callisto	AC	601725	5880644	237.199	-90	0	1
BRAC22054	Callisto	AC	601796	5880641	240.492	-90	0	2
BRAC22055	Callisto	AC	601931	5880634	246.797	-90	0	6
BRAC22056	Callisto	AC	602012	5880638	251.905	-90	0	6
BRAC22057	Callisto	AC	602131	5880636	255.629	-90	0	4
BRAC22058	Callisto	AC	602353	5880161	223.721	-90	0	12
BRAC22059	Dione	AC	602390	5880077	220.032	-90	0	22.5
BRAC22060	Dione	AC	602444	5879975	218.836	-90	0	20.5
BRAC22061	Dione	AC	602495	5879888	216.953	-90	0	41
BRAC22062	Dione	AC	602524	5879805	214.496	-90	0	14
BRAC22063	Dione	AC	602441	5879751	214.014	-90	0	34

Next Steps

• Follow up of these highly encouraging first pass results will be done using electrical geophysics, initially IP/Resistivity to map lithology and hydrothermal alteration and then Electromagnetics to search for conductive massive sulphide bodies. These programs can be undertaken during the Winter and Spring period with the aim of generating specific drill targets for testing during the Summer period, once the ground has dried up enough to ensure that drilling equipment can be mobilised without damage to the ground surface and any actively flowering native plants.
• Elsewhere across the tenement air-core drilling will continue to test geophysical targets and more regionally a combination of IP/Resistivity and air-core drilling will continue the search for additional targets along trend from Nebula and Eclipse and across the broader EL4590 tenement.

- ENDS –

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

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

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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.

RESOURCE BASE LIMITED ACN 113 385 425 Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 T. +61 8 6102 8072 E. admin@resourcebase.com.au www.resourcebase.com.au

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

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•Consecutive 4m samples sub-sampled into a 4m composite ofapproximately 2kg which was pulverised to produce a 30g charge forfire assay with ICP-AES finish for gold and 0.25g for four-acid digestand ICP-AES/ICP-MS finish for 48 multi-element suite
Drilling techniques	•Air-core drilling –NQ size
Drill sample recovery	•Recoveries logged as visual estimate of expected sample volume,normally obtained in upper part of drillhole•No attempt has been made to assess potential bias due to samplesize fraction loss/gain
Logging	•Geological log entire drillhole onmeter by meter or interval basis asappropriate•Data recorded to digital platform onsite•Core-yard logging as required
Sub-sampling techniquesand sample preparation	•Cone-and-quarter and tube sampling from 1m rig samples for assayand storage•Sampling techniques are appropriate for the reconnaissance natureof the drilling programs•Field duplicates taken rate of 1:80 samples
Quality of assay data andlaboratory tests	•Analysis represents near total digestion of sample using fire assayand four-acid digests•Certified QA/QC standards inserted at rate of 1:40 samples•Certified Blank sample inserted at rate of 1:80 samples•Field duplicates inserted at rate of 1:80 samples•Automated analysis and reporting of QA/QC results withingeochemical database•Database managed by dedicated external third party -GeobaseAustralia Pty Ltd
Verification of samplingand assaying	•Not applicable to reported data
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•Topographic control is adequate at this stage of exploration
Data spacing anddistribution	•50m holes along selected traverses located to test geophysicalanomalies from previous IP/Resistivity and Gravity surveys

Criteria	Commentary
Orientation of data inrelation to geologicalstructure	•Vertical drill holes•Air-core drilling is of reconnaissance nature and not intended toproduce small scale structural information
Sample security	•Samples collected during drilling and removed to secure warehouseeach day
Audits or reviews	•QA/QC reporting has not identified any significant data issues

Section 2 Reporting of Exploration Results

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

Criteria	Commentary
Mineral tenement andland tenure status	•Eclipse Prospect is located within EL4590 which is 100% owned byResource Base Ltd (ASX:RBX).EL4590 was purchased from Navarre Minerals Ltd on 5th July 2021•however registration of the transfer of ownership by ERR is currentlypending.EL4590 is currently in good standing and valid until 14th February•2022•There are no non-government royalties or historical sites at Eclipse.•The Eclipse Prospect area is situated on a mix of private grazing landand State Forest (Crown Land) over which exploration is permittedsubject to standard care required to minimize impact to any nativeflora and fauna as per standard Victorian regulations.•There are native title agreements in place with two Native Title claimgroups in respect of Crown Land within EL4590.•There is no known impediments to obtaining a license to operate inthe area and exploration is active and on-going.
Exploration done byother parties	•1969-1971 Western Mining conducted stream sediment, soilandmapping programs over the black range volcanics. No sampling ofdrainages from Eclipse Prospect mineralization.•1984 CRA Exploration (CRAE) conducted airborne magnetic survey aspart of its Murray Basin mineral sands exploration program.•1988-1997 CRAE undertook numerous drill programs including RAB,Air-Core, RC and DDH, soil sampling, mapping, geophysics includingIP/Resistivity, gravity, ground magnetics and numerous petrologicalstudies.
	Discovered Eclipse Prospect (then called McRaes Prospect) VHMSrelated Au and Base Metal mineralisation during 1989reconnaissance RAB programs targeting easily accessible traversesacross volcanics (magnetic features).
	329 RAB holes were drilled between 1988 and 1990. Early programsstruggled with depth penetration, particularly in areas of shallowGrampians Sandstone. Also, end of hole samples appear to havebeen assayed for gold only with re-assay for base metals where goldwas considered anomalous. The reliability of early reconnaissanceRAB drilling in the area is questionable, particularly in terms of basemetal exploration.

Criteria	Commentary
	287 air-core holes were drilled during 1995 and 1996 over EclipseProspect and immediate surrounds on nominal 100m x 50m grid.Avoided areas where Grampians Sandstone cover was known to bethicker. Repeated 39 of the earlier RAB holes with improvedpenetration and reliability of bedrock geochemistry.
	25 RC and 6 DDH testing continuity of mineralisation and variousextensions, geophysical and geochemical targets over the EclipseProspect. No resource estimate found in reporting.
	In 1997 commissioned an airborne EM survey coveringapproximately 550km2 with 200m flight line spacing. This surveyincluded the Eclipse Prospect. Conductive regolith and theGrampians group sediments appears tohave limited the usefulnessof the data. CRAE discontinued exploration in the region in 1997.
	EL4590 was granted to Leviathan Resources Ltd on the 14th February•2007. No exploration works were undertaken and the tenement wasfarmed out to Navarre Discovery No 1 Pty Ltd ("Navarre") on the 25thJune 2008.•2008-2021 Navarre continued on from the earlier CRAE explorationon the Eclipse Prospect with detailed airborne magnetics, multiple
	IP/Resistivity programs, soil sampling, AC, RC and DDH drilling.A detailed airborne magnetic and radiometric survey covered 17.5kmof the Black Range limb of the Stavely Volcanics hosting the EclipseProspect and adjacent Glenisla limb to its East. Several discrete
	intrusive like magnetic features occur in the Eclipse prospect area.A shallow IP/Resistivity survey was undertaken over the Eclipsemineralisation which defined a possible extension to the South. Alater survey was oriented parallel the general trend of geology anddesigned to look quite deep in search of a porphyry target. Sometargets remain to be tested.
	20 AC holes were drilled, mostly to infill data density over thechalcocite blanket zone of the Eclipse Prospect.
	22 RC and 8 DDH holes were drilled mostly to test primary gradesbeneath the Eclipse oxide mineralisation.
	Navarre divested EL4590 containing the Eclipse Prospect in July 2021as a non-core asset.
Geology	•The project area is considered highly prospectivefor the discovery ofeconomic precious and base metal deposits related to volcanichosted massive sulphide (VHMS) and porphyry style systems.•Project geology consists of submarine volcanic arc related lithologiesincluding mafic volcanics, intermediate tofelsic volcanics,volcanogenic sediments and marine sediments.•Past workers have noted considerable similarities to geology hostingthe Que River –Hellyer deposits geology in the Mt Read Volcanics onthe West coast of Tasmania.•The Mt Stavely Volcanics in Victoria are considered to be anextension of the Mt Read Volcanics in Tasmania.

Criteria	Commentary
Drill hole Information	•Refer to Tables 1, 2 and 3 in the announcement text
Data aggregationmethods	•No data aggregation has been applied
Relationship between	•Vertical drilling
mineralisation widths	•Stratigraphy and structure appears to be quite steeply dipping
and intercept lengths	•Unknown relationship between drilled and true width
Diagrams	•Please see maps and diagrams included in the announcement text
Balanced reporting	•Reporting results significant to the drill program and targets testedby this reconnaissance style work
Other substantive	•Anomalous geochemistry is co-incident with chargeability anomaly
exploration data	and intense hydrothermal alteration
Further work	•Geophysical and drill programs to identify and assess regional targetsalong trend from Nebula/Eclipse and further afield across EL4590