SABRE RESOURCES LIMITED — Capital/Financing Update 2025

Jan 21, 2025

ASX:SBR ANNOUNCEMENT 22 JANUARY 2025

Imaging and Interpretation of Induced Polarisation Data Highlights New Uranium Targets at the Dingo Project in the NT

Sabre Resources Ltd has received imagery from final processing of new Gradient Array Induced Polarisation (GAIP) data which has highlighted a series of IP chargeability uranium targets on its Dingo Uranium Project . The Dingo Project is part of the Company’s extensive tenement package in the Ngalia Basin uranium province, 300km north-west of Alice Springs in the Northern Territory (see Figure 1).

The GAIP survey was carried out over a 4km strike-length corridor extending northeast of an excised retention lease held by Energy Metals Ltd (ASX:EME) which hosts the Camel Flat Inferred Mineral Resource of 211,300t @ 1,384ppm U3O8[1] (see Figures 1 and 2).

The imagery from the new GAIP survey has highlighted four distinct IP chargeability anomalies extending northeast of Camel Flat over an aggregate strike-length of approximately 3.5km (see Figure 2). The IP anomalies have been offset by potentially mineralised faults and represent targets for uranium bearing carbonaceous/pyritic units within the Mt Eclipse Sandstone .

The Mt Eclipse Sandstone is host to several high-grade uranium deposits close to Sabre’s tenements, including the Bigrlyi Mineral Resource of 6.32Mt @ 1,530ppm U3O8 and 960ppm V2O5[2] , as well as Camel Flat (see Figure 1). These deposits are roll-front type uranium deposits hosted by reduced carbonaceous/pyrite bearing horizons which can be detected as IP chargeability anomalies.

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Figure 1: Dingo Project showing existing uranium deposits, interpreted Mt Eclipse Sandstone and IP survey location

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Figure 2: Dingo Project, Gradient Array IP image showing four new IP chargeability anomalies along strike from Camel flat uranium resource

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The Company is targeting further roll-front/tabular sandstone-hosted deposits within the Mt Eclipse Sandstone. Previous drone magnetics and radiometric imagery indicates that the Mt Eclipse Sandstone is extensive on the Dingo Project tenements[3] (see Figure 1).

Previous shallow vacuum and selective RC and diamond drilling has only partially tested a 3km strikelength of the Mt Eclipse Sandstone, centred on the Camel Flat resource (Figure 3). High-grade uranium results of up to 1.3m @ 5,914ppm eU3O8[4 ] have been identified in historical drilling within the Company’s tenements immediately south of Camel Flat (see Figure 3 and Appendix 2 for drilling details). The new GAIP chargeability anomaly targets extending northeast of Camel flat have not been effectively tested by previous drilling.

The Company intends to test these new uranium targets, initially with aircore drilling. The program will be incorporated into the Mine Management Plan (MMP) which is in the advanced stages of approval with the NT Government (see Figure 2).

Approval of the MMP would allow selected aircore drilling traverses across the key GAIP chargeability anomalies, targeting high-grade uranium-vanadium mineralisation hosted by the favourable horizons in the Mt Eclipse Sandstone (see Figure 3).

The GAIP survey included 24 line-km of 200m x 50m stations on four 1km x 1km grids extending northeast of the Camel Flat retention lease (see Figure’s 1 and 2). Processing and imaging of the data produced chargeability (Figure 2) and conductivity / resistivity images. The layout of the GAIP survey is shown on Figure 3 below.

Details of the GAIP survey are included in JORC table 1 (Appendix 1).

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Figure 3: Layout of the Dingo Project GAIP Survey.

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About Sabre Resources Ltd

ASX-listed Sabre Resources Ltd (ASX: SBR) is focused on exploration of a prospective portfolio of gold, nickelcopper sulphide and lithium assets in Western Australia, and uranium-vanadium prospects in the Northern Territory.

In the Northern Territory, Sabre holds an 80% interest in the Ngalia Uranium-Vanadium Project , which comprises five granted exploration licences and two applications over an area of 1,100 sq.km in the highly prospective Ngalia Basin uranium province. Drone magnetics completed on the Company’s Dingo Project has defined multiple targets, including along strike from the Camel Flat Uranium [1 ] (excised, held by Energy Metals Ltd, ASX:EME). A Mine Management Plan (MMP), which is close to final approval by the NT Government, will allow drilling of targeted strike extensions of the identified uranium mineralisation, including testing several Gradient Array IP (GAIP) chargeability anomalies described in this release.

The Company has extensive tenement holdings in WA’s north-west Pilbara region, covering over 300 sq.km of geological structures considered highly prospective for the discovery of nickel-copper-cobalt sulphide, gold and lithium deposits. The Sherlock Bay tenements, including EL applications at Andover East and Andover Northeast[5] , lie within the same structural and stratigraphic corridor as the Andover Lithium Project[6] .

The Company’s most advanced project in the north-west Pilbara region is the Sherlock Bay (nickel-coppercobalt) Project – a significant, un-developed, nickel-copper-cobalt sulphide Mineral Resource comprising 24.6Mt @ 0.40% Ni, 0.09% Cu, 0.02% Co containing 99,200t Ni, 21,700t Cu, 5,400t Co (including Measured: 12.48Mt @ 0.38% Ni, 0.11% Cu, 0.025% Co; Indicated: 6.1Mt @ 0.59% Ni, 0.08% Cu, 0.022% Co and Inferred: 6.1Mt @ 0.27% Ni, 0.06% Cu, 0.01% Co)[7] . In 2023 diamond drilling intersected an extensive new sulphide zone[8] southwest of the resource, with Ni-Cu-Co sulphide as well as gold mineralisation[8] , associated with a strong EM conductor. The sulphide zone remains open to the southwest where new aircore drilling intersected copper mineralisation and confirmed potential for new sulphide resources within the 20km long Sholl Shear structural and intrusive corridor within the Company’s tenements at Sherlock Bay[9] .

Sabre also has an 80% interest in the Nepean South tenement (E15/1702) and five granted exploration licences at Cave Hill , covering a >100km strike length of interpreted extensions to the Nepean and Queen Victoria Rocks greenstone belts near Coolgardie in the Eastern Goldfields of WA. The Company previously reported anomalous lithium and gold in soil sampling across its extensive 700sq.km ground holdings in this highlyprospective area[10] . Results of further sampling are currently being reviewed before any further work is recommended.

Sabre’s 100% owned Ninghan Gold Project in WA’s southern Murchison district is located less than 20km along strike from the Mt Gibson gold mine[11] . Previous RAB and aircore drilling has defined two strongly anomalous zones of gold mineralisation. A PoW has been granted for possible drilling to follow up these anomalies.

References

1 Energy Metals Ltd, 13th February 2014, 626 Tonnes U3O8 Combined Maiden Resource Bigrlyi Satellite Deposits

2 Energy Metals Ltd, 1st August 2024, Resource Update - Bigrlyi Project.

3 Sabre Resources Ltd, 28th March 2024. Drone Mag Highlights Li-Pegmatite and Gold Targets at Andover East 4 Sabre Resources Ltd, 18th January 2024. High-Grade Uranium to 5,194ppm eU3O8 on Ngalia Project.

5 Sabre Resources Ltd, 14th May 2024. Magnetics Defines Li-Pegmatite Targets 5km NE of Andover.

6 Azure Minerals Ltd (ASX:AZS), 4h August 2023. 209m High-Grade Lithium Intersection at Andover.

7 Sabre Resources Ltd, 12th June 2018. Resource Estimate Update for the Sherlock Bay Ni-Cu-Co Deposit.

8 Sabre Resources Ltd, 2nd January 2024. Major New Nickel Trend and New Intersections at Sherlock.

9 Sabre Resources Ltd, 9th January 2024. Significant copper in Aircore Drilling at sherlock Bay

10 Sabre Resources Ltd, 9th April 2024. Large New Lithium & gold Anomalies Identified at Cave Hill.

11 Capricorn Metals Ltd announcement, 15th November 2024. MGGP Ore Reserve Grows to 2.59 Million Ounces.

This announcement has been authorised for release by the Board of Directors.

*ENDS***

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For background, please refer to the Company’s website or contact:

Jon Dugdale Michael Muhling or Tanya Newby Chief Executive Officer Joint Company Secretaries Sabre Resources Limited Sabre Resources Limited +61 (08) 9481 7833 +61 (08) 9481 7833

Cautionary Statement regarding Forward-Looking information

This document contains forward-looking statements concerning Sabre Resources Ltd. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties, and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political, and social uncertainties, and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of Sabre Resources Ltd as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

Competent Person Statements

The information in this report that relates to exploration results, metallurgy and mining reports and Mineral Resource Estimates has been reviewed, compiled, and fairly represented by Mr Jonathon Dugdale. Mr Dugdale is the Chief Executive Officer of Sabre Resources Ltd and a Fellow of the Australian Institute of Mining and Metallurgy (‘FAusIMM’). Mr Dugdale has sufficient experience, including over 36 years’ experience in exploration, resource evaluation, mine geology, development studies and finance, relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (‘JORC’) Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Dugdale consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

ASX Listing Rules Compliance

In preparing this announcement the Company has relied on the announcements previously made by the Company as listed under “References”. The Company confirms that it is not aware of any new information or data that materially affects those announcements previously made, or that would materially affect the Company from relying on those announcements for the purpose of this announcement.

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Appendix 1: JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement 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 gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	• Details of the historical drilling are contained in the release bySabre Resources Ltd, 18thJanuary 2024 titled “High-Grade Uranium to 5,194ppm eU3O8 on Ngalia Project”._These details are repeated below. • Previous drilling results highlighted in this report by AGIP Australia Pty Ltd were part of a 21 hole reverse circulation (RC) drilling program carried out in 1979 by Davies Drilling Aust (see_AGIP Australia Pty Ltd Annual Report for EL1200, 9/2/1979 to 8/2/1980 on geoscience.nt.gov.au/gemis). • Drillholes were generally vertical or dipping steeply to the south and representatively tested the shallow dipping Mt Eclipse Sandstone unit. • Targeted intervals were logged for natural gamma radiation using a Gearhart-Owen Model 3200 logging instrument. The total count gamma logging method used here is a common method used to estimate uranium grade where the radiation contribution from thorium and potassium is small (as is the case for sandstone-hosted deposits of the Bigrlyi-type considered here). Background gamma rays from thorium and potassium add the equivalent of a few parts per million to the equivalent uranium values and are relatively constant in each geological unit. Gamma radiation is measured from a volume surrounding the drill hole that has a radius of approximately 35cm. The gamma probe therefore samples a much larger volume than RC drill spoil or drill core samples recovered from a drill hole of normal diameter and are therefore representative. The results were reported aseU3O8 (radiometric equivalent triuranium octoxide). • Estimates of uranium concentrations based on gamma ray measurements are based on the commonly accepted initial assumption that the uranium is in secular equilibrium with its daughter products (radionuclides), which are the principal gamma ray emitters along the U-series decay chain. If uranium is in disequilibrium as a result of the redistribution (depletion or enhancement) of uranium relative to its daughter radionuclides, then the true uranium concentration in the holes logged using the gamma probe will be higher or lower than those reported in the announcement. • Collars were located on a local grid, which has been converted to GDA94, MGA Zone 53 coordinates from the NTGS STRIKE database.
Drilling techniques	• Drill type (e.g., core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, 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).	• Previous drilling by AGIP Australia included vacuum drilling, RC drilling and some diamond drillholes in selected areas – as reported in the_AGIP Australia Pty_ Ltd Annual Report for EL1200, 9/2/1979 to 8/2/1980 (on geoscience.nt.gov.au/gemis).
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples.	• AGIP Australia noted “considerable difficulties with caving conditions in the drillholes”. Consequently, some holes did not reach target depth and some contamination/smearing would be expected.

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Criteria	JORC Code Explanation	Commentary
	• 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.	• No obvious relationships between sample recovery and grade.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral 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.	• All holes were/are logged in the field at the time of drilling. • No core photographs were located from historical holes.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, 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.	• As noted above, the total count gamma logging method used by AGIP Australia is a common method used to estimate uranium grade where the radiation contribution from thorium and potassium is small (as is the case for sandstone-hosted deposits of the Bigrlyi-type considered here). • The gamma probe samples a much larger volume than RC drill spoil or drill core samples recovered from a drill hole of normal diameter and are therefore representative.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered 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.	• As noted above, targeted intervals were logged for natural gamma radiation using a Gearhart-Owen Model 3200 logging instrument. The total count gamma logging method used here is a common method used to estimate uranium grade where the radiation contribution from thorium and potassium is small (as is the case for sandstone-hosted deposits of the Bigrlyi-type considered here). Background gamma rays from thorium and potassium add the equivalent of a few parts per million to the equivalent uranium values and are relatively constant in each geological unit. Gamma radiation is measured from a volume surrounding the drill hole that has a radius of approximately 35cm. The gamma probe therefore samples a much larger volume than RC drill spoil or drill core samples recovered from a drill hole of normal diameter and are therefore representative. The results were reported aseU3O8(radiometric equivalent triuranium octoxide). • Estimates of uranium concentrations based on gamma ray measurements are based on the commonly accepted initial assumption that the uranium is in secular equilibrium with its daughter products (radionuclides), which are the principal gamma ray emitters along the U-series decay chain. If uranium is in disequilibrium as a result of the redistribution (depletion or enhancement) of uranium relative to its daughter radionuclides, then the true uranium concentration in the holes logged using the gamma probe will be higher or lower than those reported in the announcement.

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Criteria	JORC Code Explanation	Commentary
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Previous reports by AGIP Australia have been reviewed and verified by independent consultants. • OriginaleU3O8(radiometric equivalent triuranium octoxide) reported by AGIP Australia have been located and loaded into an electronic database. • No adjustment to assay data.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• A local grid system was used to locate drillholes and data has been converted to GDA94, MGA zone 53 coordinates.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • 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 estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Previous drilling was not systematic and was based on follow-up of previous ~200m spaced, north-south oriented vacuum drilling traverses. • Drill data is not of sufficient spacing to define Mineral Resources. • Intervals were gamma logged downhole and not composited.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and 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 introduced a sampling bias, this should be assessed and reported if material.	• Drillholes were generally vertical or dipping steeply to the south and representatively tested the shallow dipping Mt Eclipse Sandstone unit.
Sample security	• The measures taken to ensure sample security.	• No data on sample securityinprevious reports.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Previous reports by AGIP Australia have been reviewed and verified by independent consultants.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	• Sabre Resources Ltd (Sabre) completed the purchase of 80% of Chalco Resources Pty Ltd (Chalco), the owner of the two granted exploration licences EL 32829 and EL32864 as announced 7thFebruary 2022. • Both tenements were granted on the 23rdMarch 2022 for a period of 6 years to 21 March 2028 and are in good standing. • Three further tenements, EL33642, EL33644 and EL33646 were granted on 23 April 2024 for 6 year terms. Two applications EL33643 and EL33645 are not yet granted. • SBR retains a 80% beneficial interest in the project.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The most relevant previous exploration, including drilling, was conducted by AGIP Australia Pty Ltd from 1978 to 1982. Previous drilling results by AGIP Australia Pty Ltd were part of a 21 hole reverse circulation (RC) drilling program carried out in 1979 by Davies Drilling Aust (see_AGIP Australia Pty Ltd Annual_ Report for EL1200, 9/2/1979 to 8/2/1980 on geoscience.nt.gov.au/gemis). • All previous exploration has been appraised by consultant Discover Resource Services Pty Ltd, Dr A. L. Dugdale and verified to be of a good standard. • Energy Metals Australia have carried out extensive work programs in the region, including drilling of the Camel Flat Mineral Resource which is in an excised retention lease within E32829. This work was reported in an ASX release by_Energy Metals Ltd, 13th February_ 2014, “626 Tonnes U3O8 Combined Maiden Resource Bigrlyi Satellite Deposits”.
Geology	• Deposit type, geological setting, and style of mineralisation.	• The project is hosted within the highly prospective Ngalia Basin in the southwestern Northern Territory, approximately 300km NW of Alice Springs. • The Ngalia Basin units include the highly prospective Mount Eclipse Sandstone, which is covered by flat lying Palaeozoic sediments in the southern part of the tenement, however drainage anomalies with elevated uranium highlight the prospectivity of the underlying units. • The Ngalia ‘Dingo’ tenement EL32829 is highly prospective for tabular, sandstone - hosted, uranium– vanadium (U-V) deposits of Carboniferous age. The targeted deposits are fluvial, sandstone-hosted U-V deposits which are analogous to the nearby Bigrlyi U-V deposit.
Drill hole information	• A summary of all information material to the under-standing of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth	• See Appendix 2, significant RC drilling intersections from AGIP drilling located within E32829.

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Criteria	JORC Code explanation	Commentary
	• 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 aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually 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.	• Length weighted average grades have been reported. • No high-grade cuts have been applied. • Metal equivalent values are not being reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., down hole length, true width _not known’). _	• The majority of holes have been drilled at angles to intersect the mineralisation approximately perpendicular to the orientation of the mineralised trend. • Some steeper holes will have intersection length greater than the true thickness.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• The location of previously identified Mineral Resources and the area of previous RC drilling results highlighted in this release are shown on Figure 2.
Balanced Reporting	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Collars were located on a local grid, which has been converted to GDA94, MGA Zone 53 coordinates and drawn from the NTGS STRIKE database.

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Criteria	JORC Code explanation	Commentary
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• A Gradient Array Induced Polarisation (GAIP) survey was carried out on EL32829 by Fender Geophysics. • The GAIP survey measured conductivity/resistivity and chargeability. • The Receiver type was a GDD Rx32 16-channel Receiver. • The Transmitter type was a GDD TxII 5kVA Transmitter. • The survey comprised four gradient array IP grids of 1km length by 1km width. • The lines and electrodes were located by Garmin 64s GPS unit – 3m accuracy. • The grids were located in a 4km long northeast trending corridor along strike from the excised tenement containing Energy Metals Ltd Camel Flat uranium resource (see Figures 2 and 3). • The GAIP survey specifications were: - Survey type: Induced Polarisation. - Array Type: Gradient Array. - Domain and cycle: Time domain – 2s or 0.125Hz. - Line bearing 150°. - 4, 1km spaced Tx (Transmitter) lines. - 2,000m Tx Dipole length. - 21, 200m spaced Rx (Receiver) lines (4 grids of 6, overlap 1 line). - 1,000m Rx line length. - 50m Rx Dipole length. - Total 24 line km. • The receiver electrodes (non-polarising porous pot electrodes with a copper sulphate solution) were connected to the receiver via single-core receiver cable. • The transmitting electrodes (aluminium plates) were connected to the transmitter via single-core transmission wire. Heavy-duty alligator clips on the plates ensured a consistent and safe contact. • The GAIP survey comprised a total of 441 data acquisition stations. • Final data processing and imaging carried out by Southern Geoscience (SGC). SGC generated chargeability, conductivity, resistivity and “metal factor” images (ratio of chargeability over resistivity).
Further work	• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large- scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• The Company plans to drill test, initially with aircore drilling, the GAIP chargeability anomalies identified within the extensions of the Mt Eclipse sandstone. • The program will be incorporated into a revised Mine Management Plan (MMP) which is in the advanced stages of approval with the NT Government. • Evaluation of other targets on the Dingo tenements will continue.

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Appendix 2: Historical significant RC intersections on E32829:

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Company Years GDA94 MGA Zone 53 Dip Azimuth RL Hole # Type From To Interval eU3O8 ppm
East North
AGIP Australia, EL1200 1977 - 1982 118,618.9 7,519,287.9 90 N/A 640 CF55P RC 167.5 170.3 2.8 2841
incl. 168.5 169.8 1.3 5194
118,600.6 7,519,257.4 90 N/A 640 CF58P RC 124.7 125.5 0.8 1186
118,854.8 7,510,237.1 90 N/A 640 C89P RC 39.1 45.6 4.8 363
39.9 40.6 0.7 782
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