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ST GEORGE MINING LIMITED — Capital/Financing Update 2026
Feb 4, 2026
65782_rns_2026-02-04_b82a079c-346a-4c5f-aaa5-c8eec5b47b2c.pdf
Capital/Financing Update
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ASX RELEASE.
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5 February 2026
ARAXÁ HIGH-GRADE RARE EARTHS AND NIOBIUM RESOURCE CONTINUES TO BE REDEFINED BY EXCEPTIONAL DRILL RESULTS
Thick mineralised intervals from surface and ending in mineralisation with high grades up to 15% TREO and 2.7% Nb₂O₅
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Latest batch of assays for a further ten diamond drill holes confirm all intersected thick, highgrade mineralisation from surface including[1] :
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135.2m @ 3.37% TREO and 0.58% Nb₂O₅ from surface in AXDD042 including : • 38.8m @ 4.40% TREO and 0.82% Nb₂O₅ from 0m
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99.2m @ 4.63% TREO and 0.61% Nb₂O₅ from surface in AXDD043 including :
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20.7m @ 4.48% TREO and 1.01% Nb₂O₅ from 0m
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22m @ 5.31% TREO and 0.51% Nb₂O₅ from 51m
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85.8m @ 5.16% TREO and 0.72% Nb₂O₅ from surface in AXDD044 including :
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22m @ 7.48% TREO and 1.05% Nb₂O₅ from 12m
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12.8m @ 7.41% TREO and 0.51% Nb₂O₅ from from 49m
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108m @ 3.42% TREO and 0.48% Nb₂O₅ from surface in AXDD045 including : • 5m @ 5.66% TREO and 0.75% Nb₂O₅ from 0m
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81.2m @ 4.51% TREO and 0.72% Nb₂O₅ from surface in AXDD047 including : • 23.8m @ 5.29% TREO and 0.72% Nb₂O₅ from 9.2m
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100.6m @ 3.92% TREO and 0.48% Nb₂O₅ from surface in AXDD048 including : • 14.85m @ 7.35% TREO and 0.60% Nb₂O₅ from 0m
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Consistent, high-grade mineralisation redefines the Araxá resource: The new results highlight the remarkable continuity and thickness of the extensive high-grade mineralisation and point to the potential for a very large increase in the volume of the Araxá resource – already the largest and highest-grade carbonatite-hosted REE resource in South America and secondhighest grade in the Western world[2] .
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Drilling 24/7: Expansion and resource definition drilling continues 24/7 with three diamond core rigs and one RC rig – with the drill campaign extending into 2026 indefinitely; 31 drill holes at the laboratory with assays pending.
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See Tables 1, 2 and 3 for details of the latest drill holes and assays.
See Table 5 and our ASX Release dated 1 April 2025 ‘High-Grade Niobium and REE JORC Resource for Araxa’ for more information on the Mineral Resource Estimate
ST GEORGE MINING LIMITED ACN 139 308 973 Suite 2, Level 2, 28 Ord Street West Perth WA 6005 | PO Box 100 West Perth WA 6872 www.stgeorgemining.com.au | Phone +61 8 6118 2118
ASX RELEASE. Page 2 of 18
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St George Mining Limited ( ASX: SGQ ) (“ St George ” or the “ Company ”) is pleased to report further outstanding assay results from ongoing diamond drilling at its 100%-owned Araxá Rare Earths and Niobium Project in Minas Gerais, Brazil.
John Prineas, St George Mining’s Executive Chairman, said:
“Its non-stop drilling at Araxá with exceptional results continuing to roll in.
“Significantly, with mineralisation open in all directions, we still have not found the limits of the system. The ongoing drill campaign will, we believe, deliver more tremendous intercepts that have potential to have a very positive impact on the volume of the resource.
“The latest results again highlight three of the favourable features that distinguish Araxá from other projects in development – very high grades, a resource that starts from surface and abundant volumes of both niobium and rare earths. These features have potential to be huge value drivers for Araxá as we move towards development studies.
“We look forward to reporting further assay results over the coming weeks and keeping shareholders updated as we continue to advance our work at Araxá.”
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Figure 1 – oblique section showing some of the latest diamond drill holes as well as other significant drilling completed in the current campaign, set against the current 3D model of the MRE. The latest drill holes are shown with red labels.
ASX RELEASE. Page 3 of 18
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Redefining the Araxá resource
The consistency of high grades over very broad, continuous widths demonstrates the robust and reliable nature of the resource modelling for the Araxá Project.
The increased drill density of the expansion and resource definition drilling is identifying niobium and rare earths mineralisation that is constant across the entire mineral system. This supports both an expansion of the resource and conversion of Inferred resources to the Indicated category.
The current MRE is modelled to a depth of 100m from surface. We are seeing many mineralised intersections extend beyond this level – including AXDD042 with 135.2m @ 3.37% TREO and 0.58% Nb₂O₅ from surface. Drill holes like this have potential to add significant volume to the resource.
The latest drilling confirms the Araxá mineralisation continues to be rich in magnet rare earths, with a NdPr:TREO ratio around 20%, in line with the existing MRE.
The sections in Figures 2 and 3 highlight the consistent, thick mineralisation from surface – as well as showing that mineralisation remains open in all directions.
The sections include drill holes that have intersected high-grade mineralisation over significant depth extents beyond the current defined limits of the MRE (i.e. 100m from surface).
Figure 4 shows the location of the two sections – areas that were previously sparsely drilled. The increased drill density in these areas and confirmation of consistent mineralisation, will assist in the resource modelling in this part of the mineral system with increased potential to define high confidence indicated resources.
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Figure 2 – section A – A’ showing high-grade TREO intercepts (cut-off 1% TREO) and high-grade Nb2O5 intercepts (cut-off 0.2% Nb2O5) along with the existing MRE outline, showing both in-fill drilling and the expansion of the existing MRE along strike and at depth.
ASX RELEASE. Page 4 of 18
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Figure 3 – section B – B’ showing high-grade TREO intercepts (cut-off 1% TREO) and high-grade Nb2O5 intercepts (cut-off 0.2% Nb2O5) along with the existing MRE outline, showing the westward expansion of the existing MRE.
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Figure 4 – plan view map of Araxá area showing the location of the diamond drilling relative to the MRE, and the sections in Figures 2 and 3 above.
ASX RELEASE. Page 5 of 18
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Table 1 – Drill hole details for the diamond holes reported in this announcement.
| HOLEID | EASTING | NORTHING | ELEVATION | DEPTH | DIP | AZIMUTH |
|---|---|---|---|---|---|---|
| AXDD042 | 296714.94 | 7826505.27 | 1058.76 | 135.20 | -90.00 | 0.00 |
| AXDD043 | 296550.04 | 7826426.22 | 1041.36 | 99.2 | -90.00 | 0.00 |
| AXDD044 | 296702.72 | 7826578.46 | 1045.12 | 85.80 | -90.00 | 0.00 |
| AXDD045 | 296521.16 | 7826422.82 | 1037.74 | 108 | -90.00 | 0.00 |
| AXDD046 | 296677.82 | 7826700.86 | 1055.32 | 87.50 | -90.00 | 0.00 |
| AXDD047 | 296675.23 | 7826542.50 | 1047.54 | 81.20 | -90.00 | 0.00 |
| AXDD048 | 296502.27 | 7826388.71 | 1045.31 | 100.60 | -90.00 | 0.00 |
| AXDD049 | 296633.46 | 7826740.34 | 1053.35 | 79 | -90.00 | 0.00 |
| AXDD053 | 296515.04 | 7826706.27 | 1036.94 | 137.00 | -90.00 | 0.00 |
Table 2 – List of significant intercepts from diamond drilling (cut-off grade of 1% TREO)
| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD042 | 0.00 | 135.20 | 135.20 | @ | 3.37 | 0.65 | 20 | 0.58 |
| AXDD042 | 0.00 | 38.80 | 38.80 | Incl. | 4.40 | 0.83 | 19 | 0.82 |
| AXDD042 | 4.00 | 23.00 | 19.00 | Incl. | 4.76 | 0.92 | 19 | 0.71 |
| AXDD042 | 16.00 | 19.00 | 3.00 | Incl. | 7.29 | 1.42 | 19 | 1.29 |
| AXDD042 | 20.00 | 21.00 | 1.00 | Incl. | 7.08 | 1.41 | 20 | 0.49 |
| AXDD042 | 24.00 | 28.00 | 4.00 | Incl. | 4.63 | 0.90 | 19 | 0.34 |
| AXDD042 | 30.00 | 33.00 | 3.00 | Incl. | 3.86 | 0.74 | 19 | 0.59 |
| AXDD042 | 33.45 | 38.80 | 5.35 | Incl. | 6.06 | 0.97 | 16 | 1.09 |
| AXDD042 | 37.30 | 38.80 | 1.50 | Incl. | 8.71 | 1.13 | 13 | 1.74 |
| AXDD042 | 40.00 | 63.00 | 23.00 | Incl. | 2.97 | 0.61 | 20 | 0.48 |
| AXDD042 | 40.00 | 44.00 | 4.00 | Incl. | 3.55 | 0.76 | 21 | 0.44 |
| AXDD042 | 46.00 | 47.80 | 1.80 | Incl. | 3.41 | 0.71 | 20 | 0.65 |
| AXDD042 | 49.00 | 50.00 | 1.00 | Incl. | 3.21 | 0.65 | 20 | 0.55 |
| AXDD042 | 56.00 | 59.00 | 3.00 | Incl. | 5.73 | 1.08 | 19 | 0.93 |
| AXDD042 | 60.00 | 61.00 | 1.00 | Incl. | 3.14 | 0.58 | 18 | 0.35 |
| AXDD042 | 64.15 | 68.00 | 3.85 | Incl. | 2.44 | 0.46 | 18 | 0.59 |
| AXDD042 | 64.15 | 64.85 | 0.70 | Incl. | 5.56 | 1.05 | 19 | 1.66 |
| AXDD042 | 69.00 | 72.30 | 3.30 | Incl. | 6.96 | 1.16 | 18 | 0.95 |
| AXDD042 | 70.00 | 71.60 | 1.60 | Incl. | 12.00 | 1.93 | 16 | 0.97 |
| AXDD042 | 73.00 | 74.00 | 1.00 | Incl. | 7.69 | 1.57 | 20 | 0.75 |
| AXDD042 | 76.00 | 88.00 | 12.00 | Incl. | 5.70 | 1.14 | 20 | 0.70 |
| AXDD042 | 77.00 | 81.20 | 4.20 | Incl. | 8.86 | 1.77 | 19 | 1.05 |
| AXDD042 | 83.00 | 85.00 | 2.00 | Incl. | 8.81 | 1.70 | 19 | 0.52 |
| AXDD042 | 86.00 | 87.00 | 1.00 | Incl. | 3.66 | 0.77 | 21 | 0.76 |
| AXDD042 | 88.70 | 109.35 | 20.65 | Incl. | 3.29 | 0.63 | 19 | 0.72 |
ASX RELEASE. Page 6 of 18
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| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD042 | 88.70 | 89.00 | 0.30 | Incl. | 6.30 | 1.29 | 20 | 1.85 |
| AXDD042 | 90.00 | 93.20 | 3.20 | Incl. | 5.12 | 1.09 | 21 | 1.06 |
| AXDD042 | 95.00 | 96.00 | 1.00 | Incl. | 8.28 | 1.32 | 16 | 2.07 |
| AXDD042 | 104.00 | 105.20 | 1.20 | Incl. | 3.37 | 0.53 | 16 | 0.59 |
| AXDD042 | 106.00 | 107.00 | 1.00 | Incl. | 6.33 | 1.11 | 17 | 0.29 |
| AXDD042 | 110.00 | 112.90 | 2.90 | Incl. | 3.88 | 0.64 | 18 | 0.17 |
| AXDD042 | 110.45 | 112.00 | 1.55 | Incl. | 6.24 | 0.99 | 16 | 0.19 |
| AXDD042 | 118.00 | 120.00 | 2.00 | Incl. | 2.60 | 0.53 | 20 | 0.13 |
| AXDD042 | 119.00 | 120.00 | 1.00 | Incl. | 3.90 | 0.80 | 20 | 0.10 |
| AXDD042 | 128.10 | 128.70 | 0.60 | Incl. | 3.05 | 0.49 | 16 | 0.58 |
| AXDD042 | 129.20 | 129.45 | 0.25 | Incl. | 3.47 | 0.53 | 15 | 0.10 |
| AXDD043 | 0.00 | 99.20 | 99.20 | @ | 4.63 | 0.82 | 18 | 0.61 |
| AXDD043 | 0.00 | 16.00 | 16.00 | Incl. | 5.18 | 0.82 | 16 | 1.20 |
| AXDD043 | 1.00 | 2.90 | 1.90 | Incl. | 9.49 | 1.40 | 15 | 1.42 |
| AXDD043 | 9.20 | 13.50 | 4.30 | Incl. | 6.38 | 0.97 | 15 | 1.49 |
| AXDD043 | 23.00 | 24.00 | 1.00 | Incl. | 3.50 | 0.68 | 19 | 0.29 |
| AXDD043 | 27.00 | 30.00 | 3.00 | Incl. | 5.20 | 0.90 | 17 | 0.46 |
| AXDD043 | 33.00 | 33.85 | 0.85 | Incl. | 6.13 | 1.21 | 19 | 0.68 |
| AXDD043 | 25.00 | 35.00 | 10.00 | Incl. | 4.23 | 0.80 | 19 | 0.53 |
| AXDD043 | 40.70 | 49.00 | 8.30 | Incl. | 4.94 | 0.86 | 18 | 0.63 |
| AXDD043 | 40.70 | 41.65 | 0.95 | Incl. | 6.02 | 0.93 | 15 | 0.63 |
| AXDD043 | 43.75 | 46.00 | 2.25 | Incl. | 5.60 | 0.95 | 17 | 0.46 |
| AXDD043 | 48.00 | 49.00 | 1.00 | Incl. | 7.33 | 1.17 | 16 | 1.17 |
| AXDD043 | 51.00 | 73.00 | 22.00 | Incl. | 5.31 | 0.96 | 18 | 0.51 |
| AXDD043 | 56.00 | 57.00 | 1.00 | Incl. | 6.19 | 1.07 | 17 | 0.76 |
| AXDD043 | 59.00 | 61.00 | 2.00 | Incl. | 5.43 | 1.03 | 19 | 0.75 |
| AXDD043 | 64.00 | 65.00 | 1.00 | Incl. | 5.51 | 0.95 | 17 | 0.47 |
| AXDD043 | 66.00 | 68.00 | 2.00 | Incl. | 9.39 | 1.39 | 15 | 0.52 |
| AXDD043 | 69.00 | 70.00 | 1.00 | Incl. | 15.12 | 2.60 | 17 | 0.50 |
| AXDD043 | 71.00 | 71.75 | 0.75 | Incl. | 5.52 | 1.14 | 20 | 0.27 |
| AXDD043 | 75.00 | 76.25 | 1.25 | Incl. | 3.29 | 0.57 | 17 | 0.60 |
| AXDD043 | 80.00 | 82.00 | 2.00 | Incl. | 4.38 | 0.92 | 21 | 0.36 |
| AXDD043 | 82.70 | 91.00 | 8.30 | Incl. | 5.44 | 1.00 | 19 | 0.81 |
| AXDD043 | 82.70 | 86.00 | 3.30 | Incl. | 5.66 | 1.04 | 18 | 1.01 |
| AXDD043 | 88.00 | 89.00 | 1.00 | Incl. | 9.62 | 1.53 | 16 | 1.50 |
| AXDD043 | 93.00 | 95.00 | 2.00 | Incl. | 7.55 | 1.46 | 20 | 0.38 |
| AXDD043 | 95.50 | 99.20 | 3.70 | Incl. | 11.79 | 1.61 | 14 | 0.34 |
| AXDD044 | 0.00 | 85.80 | 85.80 | @ | 5.16 | 0.91 | 18 | 0.72 |
| AXDD044 | 1.80 | 3.00 | 1.20 | Incl. | 3.30 | 0.66 | 20 | 0.73 |
ASX RELEASE. Page 7 of 18
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| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD044 | 4.00 | 9.00 | 5.00 | Incl. | 4.28 | 0.78 | 18 | 0.53 |
| AXDD044 | 12.00 | 34.00 | 22.00 | Incl. | 7.48 | 1.26 | 17 | 1.05 |
| AXDD044 | 12.00 | 16.00 | 4.00 | Incl. | 7.20 | 1.37 | 19 | 1.32 |
| AXDD044 | 17.25 | 22.00 | 4.75 | Incl. | 9.44 | 1.58 | 17 | 1.37 |
| AXDD044 | 23.00 | 27.00 | 4.00 | Incl. | 10.16 | 1.66 | 16 | 1.03 |
| AXDD044 | 28.00 | 29.00 | 1.00 | Incl. | 5.62 | 0.92 | 16 | 0.70 |
| AXDD044 | 30.00 | 33.00 | 3.00 | Incl. | 7.64 | 1.09 | 14 | 0.61 |
| AXDD044 | 34.90 | 37.00 | 2.10 | Incl. | 4.60 | 0.79 | 17 | 0.96 |
| AXDD044 | 36.10 | 37.00 | 0.90 | Incl. | 5.88 | 0.94 | 16 | 1.30 |
| AXDD044 | 40.00 | 41.00 | 1.00 | Incl. | 3.12 | 0.59 | 19 | 1.38 |
| AXDD044 | 42.00 | 46.00 | 4.00 | Incl. | 6.18 | 1.01 | 16 | 0.66 |
| AXDD044 | 42.00 | 43.00 | 1.00 | Incl. | 9.74 | 1.52 | 15 | 1.10 |
| AXDD044 | 45.00 | 46.00 | 1.00 | Incl. | 6.96 | 1.12 | 16 | 0.52 |
| AXDD044 | 49.00 | 61.80 | 12.80 | Incl. | 7.40 | 1.30 | 17 | 0.51 |
| AXDD044 | 51.00 | 53.00 | 2.00 | Incl. | 8.08 | 1.30 | 16 | 0.80 |
| AXDD044 | 54.00 | 57.70 | 3.70 | Incl. | 6.91 | 1.13 | 16 | 0.70 |
| AXDD044 | 58.35 | 61.80 | 3.45 | Incl. | 11.70 | 2.24 | 19 | 0.26 |
| AXDD044 | 69.00 | 70.00 | 1.00 | Incl. | 4.18 | 0.69 | 16 | 0.15 |
| AXDD044 | 74.00 | 75.80 | 1.80 | Incl. | 3.98 | 0.85 | 21 | 0.66 |
| AXDD044 | 76.70 | 84.80 | 8.10 | Incl. | 6.44 | 1.13 | 17 | 0.68 |
| AXDD044 | 76.70 | 77.75 | 1.05 | Incl. | 6.79 | 1.11 | 16 | 0.94 |
| AXDD044 | 79.00 | 84.80 | 5.80 | Incl. | 6.87 | 1.22 | 18 | 0.64 |
| AXDD045 | 0.00 | 108.00 | 108.00 | @ | 3.42 | 0.68 | 20 | 0.48 |
| AXDD045 | 0.00 | 63.90 | 63.90 | Incl. | 3.56 | 0.71 | 20 | 0.51 |
| AXDD045 | 0.00 | 5.00 | 5.00 | Incl. | 5.66 | 1.06 | 18 | 0.75 |
| AXDD045 | 6.00 | 7.00 | 1.00 | Incl. | 3.76 | 0.76 | 20 | 0.24 |
| AXDD045 | 8.00 | 11.00 | 3.00 | Incl. | 4.48 | 0.73 | 16 | 1.55 |
| AXDD045 | 18.00 | 21.00 | 3.00 | Incl. | 3.81 | 0.67 | 18 | 0.73 |
| AXDD045 | 24.00 | 26.00 | 2.00 | Incl. | 3.67 | 0.69 | 19 | 0.68 |
| AXDD045 | 27.00 | 30.00 | 3.00 | Incl. | 3.80 | 0.80 | 21 | 0.38 |
| AXDD045 | 33.00 | 35.00 | 2.00 | Incl. | 5.79 | 0.97 | 17 | 0.73 |
| AXDD045 | 36.25 | 40.50 | 4.25 | Incl. | 4.14 | 0.80 | 19 | 0.46 |
| AXDD045 | 43.00 | 46.00 | 3.00 | Incl. | 6.53 | 1.35 | 20 | 0.53 |
| AXDD045 | 47.00 | 48.55 | 1.55 | Incl. | 5.12 | 0.96 | 19 | 0.38 |
| AXDD045 | 54.00 | 56.00 | 2.00 | Incl. | 4.55 | 1.01 | 23 | 0.35 |
| AXDD045 | 61.50 | 62.70 | 1.20 | Incl. | 7.09 | 1.34 | 19 | 0.27 |
| AXDD045 | 65.00 | 75.00 | 10.00 | Incl. | 2.27 | 0.48 | 21 | 0.29 |
| AXDD045 | 71.00 | 72.00 | 1.00 | Incl. | 4.57 | 0.91 | 20 | 0.41 |
| AXDD045 | 73.00 | 74.00 | 1.00 | Incl. | 3.65 | 0.66 | 18 | 0.41 |
ASX RELEASE. Page 8 of 18
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| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD045 | 78.00 | 108.00 | 30.00 | Incl. | 3.88 | 0.74 | 20 | 0.52 |
| AXDD045 | 78.00 | 79.00 | 1.00 | Incl. | 3.20 | 0.58 | 18 | 0.38 |
| AXDD045 | 79.75 | 82.10 | 2.35 | Incl. | 6.98 | 1.36 | 19 | 1.05 |
| AXDD045 | 83.00 | 84.00 | 1.00 | Incl. | 4.10 | 0.84 | 20 | 0.22 |
| AXDD045 | 87.20 | 88.00 | 0.80 | Incl. | 6.12 | 1.55 | 25 | 0.72 |
| AXDD045 | 89.00 | 90.00 | 1.00 | Incl. | 4.36 | 0.94 | 21 | 0.38 |
| AXDD045 | 92.00 | 94.00 | 2.00 | Incl. | 4.62 | 0.77 | 17 | 0.59 |
| AXDD045 | 96.00 | 100.00 | 4.00 | Incl. | 4.99 | 0.88 | 18 | 0.55 |
| AXDD045 | 98.00 | 99.00 | 1.00 | Incl. | 7.95 | 1.33 | 16 | 0.63 |
| AXDD045 | 102.00 | 104.00 | 2.00 | Incl. | 9.09 | 1.45 | 17 | 0.58 |
| AXDD045 | 102.00 | 103.00 | 1.00 | Incl. | 14.42 | 2.11 | 14 | 0.57 |
| AXDD045 | 106.00 | 108.00 | 2.00 | Incl. | 4.49 | 0.86 | 19 | 0.80 |
| AXDD046 | 0.00 | 87.50 | 87.50 | @ | 3.42 | 0.64 | 19 | 0.39 |
| AXDD046 | 0.00 | 35.00 | 35.00 | Incl. | 4.94 | 0.89 | 18 | 0.55 |
| AXDD046 | 1.85 | 4.00 | 2.15 | Incl. | 4.50 | 0.88 | 19 | 0.47 |
| AXDD046 | 6.00 | 9.00 | 3.00 | Incl. | 8.67 | 1.29 | 15 | 1.09 |
| AXDD046 | 11.00 | 14.80 | 3.80 | Incl. | 5.20 | 0.90 | 17 | 0.41 |
| AXDD046 | 16.00 | 19.00 | 3.00 | Incl. | 4.44 | 0.78 | 17 | 0.73 |
| AXDD046 | 20.15 | 29.00 | 8.85 | Incl. | 6.79 | 1.24 | 18 | 0.45 |
| AXDD046 | 20.15 | 21.00 | 0.85 | Incl. | 7.73 | 1.28 | 16 | 0.14 |
| AXDD046 | 22.10 | 29.00 | 6.90 | Incl. | 7.16 | 1.31 | 18 | 0.48 |
| AXDD046 | 30.00 | 33.85 | 3.85 | Incl. | 4.94 | 0.90 | 18 | 0.35 |
| AXDD046 | 31.00 | 32.00 | 1.00 | Incl. | 7.52 | 1.18 | 16 | 0.06 |
| AXDD046 | 36.00 | 45.00 | 9.00 | Incl. | 2.28 | 0.46 | 20 | 0.29 |
| AXDD046 | 36.00 | 37.00 | 1.00 | Incl. | 3.85 | 0.86 | 22 | 0.63 |
| AXDD046 | 41.10 | 42.25 | 1.15 | Incl. | 3.78 | 0.65 | 17 | 0.20 |
| AXDD046 | 46.00 | 66.00 | 20.00 | Incl. | 2.33 | 0.47 | 20 | 0.35 |
| AXDD046 | 51.25 | 52.00 | 0.75 | Incl. | 3.64 | 0.71 | 19 | 0.86 |
| AXDD046 | 53.00 | 54.00 | 1.00 | Incl. | 4.81 | 0.97 | 20 | 0.62 |
| AXDD046 | 58.00 | 60.00 | 2.00 | Incl. | 3.26 | 0.56 | 17 | 0.39 |
| AXDD046 | 61.00 | 62.00 | 1.00 | Incl. | 3.16 | 0.55 | 17 | 0.46 |
| AXDD046 | 69.00 | 87.50 | 18.50 | Incl. | 3.00 | 0.58 | 19 | 0.27 |
| AXDD046 | 71.75 | 73.00 | 1.25 | Incl. | 3.15 | 0.55 | 17 | 0.20 |
| AXDD046 | 74.00 | 75.00 | 1.00 | Incl. | 3.31 | 0.59 | 18 | 0.48 |
| AXDD046 | 76.40 | 80.00 | 3.60 | Incl. | 5.04 | 0.94 | 18 | 0.28 |
| AXDD046 | 82.50 | 85.00 | 2.50 | Incl. | 4.56 | 0.84 | 18 | 0.12 |
| AXDD046 | 86.25 | 87.50 | 1.25 | Incl. | 3.55 | 0.64 | 18 | 0.48 |
| AXDD047 | 0.00 | 81.20 | 81.20 | @ | 4.51 | 0.85 | 19 | 0.72 |
| AXDD047 | 0.00 | 33.00 | 33.00 | Incl. | 4.49 | 0.85 | 20 | 0.60 |
ASX RELEASE. Page 9 of 18
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| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD047 | 0.00 | 2.00 | 2.00 | Incl. | 4.45 | 0.79 | 18 | 0.35 |
| AXDD047 | 4.00 | 4.70 | 0.70 | Incl. | 3.25 | 0.58 | 18 | 0.50 |
| AXDD047 | 12.00 | 17.50 | 5.50 | Incl. | 6.59 | 1.17 | 18 | 0.77 |
| AXDD047 | 13.00 | 16.00 | 3.00 | Incl. | 8.32 | 1.45 | 18 | 0.67 |
| AXDD047 | 16.50 | 17.50 | 1.00 | Incl. | 6.39 | 1.08 | 17 | 1.11 |
| AXDD047 | 18.00 | 27.00 | 9.00 | Incl. | 6.20 | 1.17 | 19 | 0.80 |
| AXDD047 | 18.00 | 19.00 | 1.00 | Incl. | 6.98 | 1.22 | 17 | 1.44 |
| AXDD047 | 20.00 | 23.05 | 3.05 | Incl. | 8.50 | 1.67 | 20 | 0.88 |
| AXDD047 | 24.00 | 25.00 | 1.00 | Incl. | 8.30 | 1.32 | 16 | 0.56 |
| AXDD047 | 28.00 | 30.00 | 2.00 | Incl. | 4.82 | 0.90 | 19 | 0.88 |
| AXDD047 | 30.50 | 31.00 | 0.50 | Incl. | 4.20 | 0.87 | 20 | 0.86 |
| AXDD047 | 31.50 | 33.00 | 1.50 | Incl. | 7.39 | 1.48 | 20 | 0.97 |
| AXDD047 | 33.50 | 81.20 | 47.70 | Incl. | 4.57 | 0.85 | 19 | 0.80 |
| AXDD047 | 33.50 | 34.50 | 1.00 | Incl. | 3.20 | 0.61 | 19 | 0.69 |
| AXDD047 | 36.00 | 41.00 | 5.00 | Incl. | 7.19 | 1.40 | 20 | 1.62 |
| AXDD047 | 36.00 | 36.50 | 0.50 | Incl. | 8.34 | 1.19 | 14 | 0.87 |
| AXDD047 | 37.00 | 40.00 | 3.00 | Incl. | 8.79 | 1.72 | 19 | 2.02 |
| AXDD047 | 43.00 | 46.85 | 3.85 | Incl. | 4.87 | 0.89 | 18 | 1.09 |
| AXDD047 | 43.00 | 44.00 | 1.00 | Incl. | 5.59 | 1.05 | 19 | 0.65 |
| AXDD047 | 48.00 | 50.75 | 2.75 | Incl. | 4.78 | 0.84 | 18 | 0.99 |
| AXDD047 | 52.00 | 56.00 | 4.00 | Incl. | 7.91 | 1.37 | 17 | 1.42 |
| AXDD047 | 57.00 | 58.00 | 1.00 | Incl. | 3.34 | 0.64 | 19 | 0.57 |
| AXDD047 | 59.00 | 60.00 | 1.00 | Incl. | 9.87 | 1.56 | 16 | 0.84 |
| AXDD047 | 61.00 | 63.00 | 2.00 | Incl. | 3.53 | 0.66 | 18 | 0.27 |
| AXDD047 | 66.00 | 67.00 | 1.00 | Incl. | 4.04 | 0.71 | 17 | 0.56 |
| AXDD047 | 67.70 | 73.30 | 5.60 | Incl. | 7.84 | 1.46 | 19 | 0.55 |
| AXDD047 | 67.70 | 71.00 | 3.30 | Incl. | 9.41 | 1.74 | 18 | 0.40 |
| AXDD047 | 72.00 | 73.30 | 1.30 | Incl. | 7.19 | 1.32 | 18 | 0.80 |
| AXDD047 | 77.85 | 79.00 | 1.15 | Incl. | 3.02 | 0.52 | 17 | 0.41 |
| AXDD048 | 0.00 | 100.60 | 100.60 | @ | 3.92 | 0.74 | 19 | 0.48 |
| AXDD048 | 0.00 | 72.00 | 72.00 | Incl. | 4.87 | 0.90 | 19 | 0.60 |
| AXDD048 | 0.00 | 14.85 | 14.85 | Incl. | 7.35 | 1.36 | 18 | 0.60 |
| AXDD048 | 0.00 | 3.80 | 3.80 | Incl. | 9.66 | 1.88 | 19 | 0.89 |
| AXDD048 | 5.00 | 7.00 | 2.00 | Incl. | 8.16 | 1.48 | 17 | 0.51 |
| AXDD048 | 9.00 | 11.00 | 2.00 | Incl. | 7.36 | 1.23 | 17 | 0.35 |
| AXDD048 | 12.10 | 14.85 | 2.75 | Incl. | 7.77 | 1.29 | 16 | 0.66 |
| AXDD048 | 16.00 | 25.00 | 9.00 | Incl. | 4.41 | 0.76 | 17 | 0.71 |
| AXDD048 | 21.00 | 23.00 | 2.00 | Incl. | 5.72 | 0.99 | 17 | 0.92 |
| AXDD048 | 28.00 | 33.00 | 5.00 | Incl. | 5.11 | 0.79 | 16 | 0.82 |
ASX RELEASE. Page 10 of 18
==> picture [122 x 23] intentionally omitted <==
| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD048 | 31.00 | 32.00 | 1.00 | Incl. | 9.04 | 1.30 | 14 | 0.80 |
| AXDD048 | 34.00 | 42.00 | 8.00 | Incl. | 4.86 | 0.89 | 18 | 0.44 |
| AXDD048 | 34.00 | 35.00 | 1.00 | Incl. | 5.16 | 0.96 | 18 | 0.39 |
| AXDD048 | 37.00 | 40.00 | 3.00 | Incl. | 5.75 | 1.07 | 18 | 0.46 |
| AXDD048 | 43.00 | 62.35 | 19.35 | Incl. | 5.36 | 1.04 | 19 | 0.72 |
| AXDD048 | 43.00 | 44.00 | 1.00 | Incl. | 5.30 | 0.90 | 17 | 0.61 |
| AXDD048 | 45.60 | 52.60 | 7.00 | Incl. | 6.13 | 1.13 | 18 | 0.72 |
| AXDD048 | 55.30 | 56.00 | 0.70 | Incl. | 6.54 | 1.27 | 19 | 1.15 |
| AXDD048 | 58.00 | 60.00 | 2.00 | Incl. | 8.48 | 1.82 | 21 | 0.91 |
| AXDD048 | 63.10 | 64.00 | 0.90 | Incl. | 3.43 | 0.71 | 20 | 0.26 |
| AXDD048 | 69.00 | 70.00 | 1.00 | Incl. | 3.01 | 0.63 | 21 | 0.42 |
| AXDD048 | 75.80 | 76.60 | 0.80 | Incl. | 3.16 | 0.59 | 19 | 0.32 |
| AXDD048 | 84.10 | 87.45 | 3.35 | Incl. | 3.13 | 0.79 | 24 | 0.20 |
| AXDD048 | 84.10 | 85.35 | 1.25 | Incl. | 4.72 | 1.21 | 25 | 0.17 |
| AXDD048 | 86.30 | 87.45 | 1.15 | Incl. | 3.14 | 0.79 | 25 | 0.28 |
| AXDD048 | 90.00 | 92.00 | 2.00 | Incl. | 3.64 | 0.62 | 17 | 0.38 |
| AXDD048 | 91.00 | 92.00 | 1.00 | Incl. | 4.61 | 0.79 | 17 | 0.26 |
| AXDD048 | 97.95 | 100.60 | 2.65 | Incl. | 2.78 | 0.55 | 20 | 0.41 |
| AXDD048 | 97.95 | 99.00 | 1.05 | Incl. | 3.42 | 0.62 | 18 | 0.30 |
| AXDD049 | 0.00 | 79.00 | 79.00 | @ | 3.39 | 0.65 | 19 | 0.43 |
| AXDD049 | 0.00 | 44.00 | 44.00 | Incl. | 4.15 | 0.79 | 19 | 0.55 |
| AXDD049 | 1.00 | 3.00 | 2.00 | Incl. | 3.91 | 0.72 | 18 | 0.65 |
| AXDD049 | 4.00 | 10.00 | 6.00 | Incl. | 7.14 | 1.36 | 19 | 0.99 |
| AXDD049 | 11.00 | 14.00 | 3.00 | Incl. | 3.97 | 0.77 | 19 | 0.92 |
| AXDD049 | 11.00 | 12.00 | 1.00 | Incl. | 5.45 | 0.98 | 18 | 0.95 |
| AXDD049 | 15.00 | 16.00 | 1.00 | Incl. | 7.22 | 1.25 | 17 | 0.34 |
| AXDD049 | 17.00 | 20.00 | 3.00 | Incl. | 5.44 | 0.97 | 18 | 0.63 |
| AXDD049 | 17.00 | 18.00 | 1.00 | Incl. | 7.22 | 1.18 | 16 | 0.47 |
| AXDD049 | 25.45 | 37.10 | 11.65 | Incl. | 4.92 | 0.92 | 18 | 0.39 |
| AXDD049 | 25.45 | 26.50 | 1.05 | Incl. | 5.97 | 1.16 | 19 | 0.05 |
| AXDD049 | 29.00 | 29.85 | 0.85 | Incl. | 7.43 | 1.51 | 20 | 0.05 |
| AXDD049 | 32.55 | 34.30 | 1.75 | Incl. | 5.73 | 1.09 | 18 | 0.22 |
| AXDD049 | 36.00 | 37.10 | 1.10 | Incl. | 8.24 | 1.30 | 16 | 0.46 |
| AXDD049 | 40.00 | 41.00 | 1.00 | Incl. | 3.44 | 0.66 | 19 | 0.25 |
| AXDD049 | 45.00 | 56.00 | 11.00 | Incl. | 3.41 | 0.62 | 18 | 0.35 |
| AXDD049 | 46.00 | 50.00 | 4.00 | Incl. | 5.20 | 0.94 | 18 | 0.42 |
| AXDD049 | 47.00 | 49.00 | 2.00 | Incl. | 6.11 | 1.11 | 18 | 0.45 |
| AXDD049 | 51.80 | 53.00 | 1.20 | Incl. | 3.83 | 0.65 | 17 | 0.31 |
| AXDD049 | 58.35 | 77.00 | 18.65 | Incl. | 2.26 | 0.46 | 21 | 0.27 |
ASX RELEASE. Page 11 of 18
==> picture [122 x 23] intentionally omitted <==
| HOLEID | FROM | TO | INTERVAL | TYPE | TREO% | MREO% | NdPr:TREO | Nb2O5% |
|---|---|---|---|---|---|---|---|---|
| AXDD049 | 63.00 | 66.00 | 3.00 | Incl. | 4.42 | 0.83 | 19 | 0.24 |
| AXDD049 | 65.00 | 66.00 | 1.00 | Incl. | 5.88 | 1.06 | 18 | 0.32 |
| AXDD049 | 71.00 | 72.00 | 1.00 | Incl. | 4.01 | 0.66 | 16 | 0.16 |
| AXDD053 | 0.00 | 137.00 | 137.00 | @ | 1.93 | 0.39 | 21 | 0.27 |
| AXDD053 | 0.00 | 19.00 | 19.00 | Incl. | 3.24 | 0.72 | 22 | 0.75 |
| AXDD053 | 0.00 | 0.50 | 0.50 | Incl. | 3.17 | 0.63 | 19 | 0.60 |
| AXDD053 | 2.00 | 7.00 | 5.00 | Incl. | 3.49 | 0.91 | 25 | 1.35 |
| AXDD053 | 12.00 | 17.95 | 5.95 | Incl. | 4.53 | 0.90 | 20 | 0.60 |
| AXDD053 | 14.00 | 15.10 | 1.10 | Incl. | 5.88 | 1.02 | 17 | 0.82 |
| AXDD053 | 22.00 | 30.50 | 8.50 | Incl. | 2.83 | 0.59 | 21 | 0.20 |
| AXDD053 | 22.95 | 25.00 | 2.05 | Incl. | 5.08 | 1.03 | 20 | 0.18 |
| AXDD053 | 24.00 | 25.00 | 1.00 | Incl. | 6.30 | 1.27 | 20 | 0.23 |
| AXDD053 | 29.00 | 30.00 | 1.00 | Incl. | 3.12 | 0.60 | 19 | 0.10 |
| AXDD053 | 35.00 | 36.00 | 1.00 | Incl. | 2.13 | 0.42 | 19 | 0.26 |
| AXDD053 | 47.20 | 50.00 | 2.80 | Incl. | 2.16 | 0.39 | 18 | 0.40 |
| AXDD053 | 55.00 | 59.00 | 4.00 | Incl. | 4.42 | 0.80 | 21 | 0.19 |
| AXDD053 | 56.00 | 56.55 | 0.55 | Incl. | 3.13 | 0.74 | 23 | 0.17 |
| AXDD053 | 57.00 | 58.00 | 1.00 | Incl. | 12.58 | 2.01 | 16 | 0.18 |
| AXDD053 | 65.00 | 70.70 | 5.70 | Incl. | 1.89 | 0.39 | 22 | 0.24 |
| AXDD053 | 66.00 | 67.00 | 1.00 | Incl. | 3.09 | 0.53 | 17 | 0.16 |
| AXDD053 | 71.80 | 76.00 | 4.20 | Incl. | 5.68 | 0.98 | 18 | 0.42 |
| AXDD053 | 71.80 | 73.80 | 2.00 | Incl. | 7.90 | 1.26 | 16 | 0.21 |
| AXDD053 | 76.80 | 91.00 | 14.20 | Incl. | 3.00 | 0.55 | 19 | 0.27 |
| AXDD053 | 77.85 | 79.00 | 1.15 | Incl. | 10.24 | 1.77 | 17 | 0.19 |
| AXDD053 | 80.00 | 81.00 | 1.00 | Incl. | 4.06 | 0.71 | 17 | 0.20 |
| AXDD053 | 88.00 | 90.00 | 2.00 | Incl. | 4.26 | 0.82 | 19 | 0.31 |
| AXDD053 | 110.00 | 112.05 | 2.05 | Incl. | 2.37 | 0.41 | 17 | 0.12 |
| AXDD053 | 110.00 | 111.00 | 1.00 | Incl. | 3.39 | 0.58 | 17 | 0.13 |
| AXDD053 | 113.00 | 119.00 | 6.00 | Incl. | 1.74 | 0.33 | 19 | 0.12 |
| AXDD053 | 116.00 | 117.00 | 1.00 | Incl. | 3.46 | 0.65 | 18 | 0.16 |
Table 3 – List of significant intercepts from diamond drilling (cut-off grade of 0.2% Nb2O5)
| HOLEID | FROM | TO | INTERVAL | TYPE | Nb2O5% | TREO% | MREO% |
NdPr:TREO |
|---|---|---|---|---|---|---|---|---|
| AXDD042 | 0.00 | 135.20 | 135.20 | @ | 0.58 | 3.37 | 0.65 | 20 |
| AXDD042 | 0.00 | 27.00 | 27.00 | Incl. | 0.86 | 4.37 | 0.85 | 19 |
| AXDD042 | 0.00 | 2.75 | 2.75 | Incl. | 2.69 | 2.45 | 0.48 | 19 |
| AXDD042 | 7.50 | 8.30 | 0.80 | Incl. | 1.23 | 5.61 | 1.11 | 19 |
| AXDD042 | 18.00 | 19.00 | 1.00 | Incl. | 2.40 | 7.82 | 1.61 | 20 |
| AXDD042 | 28.00 | 61.00 | 33.00 | Incl. | 0.59 | 3.50 | 0.67 | 20 |
ASX RELEASE. Page 12 of 18
==> picture [122 x 23] intentionally omitted <==
| HOLEID | FROM | TO | INTERVAL | TYPE | Nb2O5% | TREO% | MREO% | NdPr:TREO |
|---|---|---|---|---|---|---|---|---|
| AXDD042 | 35.00 | 36.20 | 1.20 | Incl. | 1.50 | 6.68 | 1.23 | 18 |
| AXDD042 | 37.30 | 38.80 | 1.50 | Incl. | 1.74 | 8.71 | 1.13 | 13 |
| AXDD042 | 62.00 | 63.00 | 1.00 | Incl. | 0.29 | 1.45 | 0.29 | 20 |
| AXDD042 | 64.15 | 88.00 | 23.85 | Incl. | 0.69 | 4.74 | 0.91 | 19 |
| AXDD042 | 64.15 | 64.85 | 0.70 | Incl. | 1.66 | 5.56 | 1.05 | 19 |
| AXDD042 | 69.00 | 70.00 | 1.00 | Incl. | 1.15 | 2.89 | 0.55 | 19 |
| AXDD042 | 70.50 | 71.60 | 1.10 | Incl. | 1.28 | 14.66 | 2.28 | 15 |
| AXDD042 | 74.00 | 74.70 | 0.70 | Incl. | 1.15 | 3.37 | 0.54 | 16 |
| AXDD042 | 77.00 | 78.20 | 1.20 | Incl. | 1.40 | 6.87 | 1.33 | 19 |
| AXDD042 | 79.00 | 80.00 | 1.00 | Incl. | 1.41 | 8.75 | 1.80 | 20 |
| AXDD042 | 88.70 | 109.00 | 20.30 | Incl. | 0.73 | 3.31 | 0.63 | 19 |
| AXDD042 | 88.70 | 89.00 | 0.30 | Incl. | 1.85 | 6.30 | 1.29 | 20 |
| AXDD042 | 90.00 | 92.00 | 2.00 | Incl. | 1.36 | 4.95 | 1.06 | 21 |
| AXDD042 | 95.00 | 96.00 | 1.00 | Incl. | 2.07 | 8.28 | 1.32 | 16 |
| AXDD042 | 109.35 | 110.00 | 0.65 | Incl. | 0.54 | 0.71 | 0.12 | 17 |
| AXDD042 | 113.90 | 115.00 | 1.10 | Incl. | 0.25 | 0.80 | 0.16 | 20 |
| AXDD042 | 127.40 | 129.20 | 1.80 | Incl. | 0.34 | 1.55 | 0.28 | 20 |
| AXDD042 | 134.00 | 135.20 | 1.20 | Incl. | 0.31 | 1.20 | 0.23 | 19 |
| AXDD043 | 0.00 | 99.20 | 99.20 | @ | 0.61 | 4.63 | 0.82 | 18 |
| AXDD043 | 0.00 | 20.70 | 20.70 | Incl. | 1.01 | 4.48 | 0.73 | 17 |
| AXDD043 | 1.70 | 5.00 | 3.30 | Incl. | 1.52 | 6.09 | 0.96 | 16 |
| AXDD043 | 6.00 | 11.50 | 5.50 | Incl. | 1.73 | 5.26 | 0.83 | 16 |
| AXDD043 | 21.90 | 27.00 | 5.10 | Incl. | 0.49 | 3.16 | 0.61 | 19 |
| AXDD043 | 26.00 | 27.00 | 1.00 | Incl. | 1.00 | 3.62 | 0.71 | 19 |
| AXDD043 | 28.00 | 40.00 | 12.00 | Incl. | 0.46 | 3.62 | 0.73 | 20 |
| AXDD043 | 40.70 | 41.65 | 0.95 | Incl. | 0.63 | 6.02 | 0.93 | 15 |
| AXDD043 | 42.50 | 96.70 | 54.20 | Incl. | 0.53 | 4.66 | 0.86 | 19 |
| AXDD043 | 47.00 | 49.00 | 2.00 | Incl. | 1.16 | 5.41 | 0.90 | 17 |
| AXDD043 | 82.70 | 83.90 | 1.20 | Incl. | 1.34 | 6.41 | 1.10 | 17 |
| AXDD043 | 88.00 | 89.00 | 1.00 | Incl. | 1.50 | 9.62 | 1.53 | 16 |
| AXDD043 | 97.95 | 99.20 | 1.25 | Incl. | 0.57 | 15.77 | 2.01 | 13 |
| AXDD044 | 0.00 | 85.80 | 85.80 | @ | 0.72 | 5.16 | 0.91 | 18 |
| AXDD044 | 0.00 | 58.35 | 58.35 | Incl. | 0.85 | 5.37 | 0.92 | 18 |
| AXDD044 | 0.00 | 1.80 | 1.80 | Incl. | 2.60 | 2.66 | 0.53 | 20 |
| AXDD044 | 14.00 | 22.00 | 8.00 | Incl. | 1.46 | 7.95 | 1.40 | 18 |
| AXDD044 | 23.00 | 25.00 | 2.00 | Incl. | 1.25 | 10.63 | 1.75 | 16 |
| AXDD044 | 27.00 | 28.00 | 1.00 | Incl. | 1.09 | 4.79 | 0.82 | 17 |
| AXDD044 | 36.10 | 37.00 | 0.90 | Incl. | 1.30 | 5.88 | 0.94 | 16 |
| AXDD044 | 40.00 | 41.00 | 1.00 | Incl. | 1.38 | 3.12 | 0.59 | 19 |
ASX RELEASE. Page 13 of 18
==> picture [122 x 23] intentionally omitted <==
| HOLEID | FROM | TO | INTERVAL | TYPE | Nb2O5% | TREO% | MREO% | NdPr:TREO |
|---|---|---|---|---|---|---|---|---|
| AXDD044 | 42.00 | 43.00 | 1.00 | Incl. | 1.10 | 9.74 | 1.52 | 15 |
| AXDD044 | 61.00 | 63.00 | 2.00 | Incl. | 0.63 | 4.83 | 0.90 | 18 |
| AXDD044 | 64.00 | 69.00 | 5.00 | Incl. | 0.39 | 1.76 | 0.32 | 18 |
| AXDD044 | 72.00 | 85.80 | 13.80 | Incl. | 0.58 | 4.89 | 0.90 | 19 |
| AXDD044 | 74.00 | 74.55 | 0.55 | Incl. | 1.18 | 3.90 | 0.77 | 19 |
| AXDD045 | 0.00 | 108.00 | 108.00 | @ | 0.48 | 3.42 | 0.68 | 20 |
| AXDD045 | 0.00 | 27.00 | 27.00 | Incl. | 0.64 | 3.54 | 0.66 | 18 |
| AXDD045 | 8.00 | 10.00 | 2.00 | Incl. | 2.08 | 4.50 | 0.72 | 16 |
| AXDD045 | 28.00 | 37.50 | 9.50 | Incl. | 0.63 | 3.46 | 0.69 | 20 |
| AXDD045 | 39.60 | 48.00 | 8.40 | Incl. | 0.46 | 4.61 | 0.95 | 21 |
| AXDD045 | 48.55 | 62.70 | 14.15 | Incl. | 0.32 | 3.03 | 0.66 | 22 |
| AXDD045 | 65.00 | 68.00 | 3.00 | Incl. | 0.21 | 1.16 | 0.28 | 23 |
| AXDD045 | 68.60 | 75.00 | 6.40 | Incl. | 0.33 | 2.89 | 0.59 | 20 |
| AXDD045 | 78.00 | 82.10 | 4.10 | Incl. | 0.77 | 5.06 | 0.98 | 19 |
| AXDD045 | 81.00 | 82.10 | 1.10 | Incl. | 1.30 | 9.19 | 1.76 | 19 |
| AXDD045 | 83.00 | 85.00 | 2.00 | Incl. | 0.33 | 3.14 | 0.63 | 20 |
| AXDD045 | 86.00 | 108.00 | 22.00 | Incl. | 0.52 | 3.96 | 0.75 | 19 |
| AXDD046 | 0.00 | 87.50 | 87.50 | @ | 0.39 | 3.42 | 0.64 | 19 |
| AXDD046 | 0.00 | 14.25 | 14.25 | Incl. | 0.63 | 4.63 | 0.81 | 18 |
| AXDD046 | 7.55 | 9.00 | 1.45 | Incl. | 1.44 | 11.47 | 1.64 | 14 |
| AXDD046 | 14.80 | 20.15 | 5.35 | Incl. | 0.67 | 3.55 | 0.64 | 18 |
| AXDD046 | 16.00 | 17.00 | 1.00 | Incl. | 1.14 | 4.82 | 0.77 | 16 |
| AXDD046 | 21.00 | 22.10 | 1.10 | Incl. | 0.49 | 3.75 | 0.77 | 20 |
| AXDD046 | 23.00 | 31.00 | 8.00 | Incl. | 0.63 | 5.91 | 1.15 | 19 |
| AXDD046 | 29.00 | 30.00 | 1.00 | Incl. | 1.06 | 2.81 | 0.61 | 21 |
| AXDD046 | 32.00 | 33.50 | 1.50 | Incl. | 0.34 | 3.94 | 0.75 | 19 |
| AXDD046 | 33.85 | 35.00 | 1.15 | Incl. | 0.25 | 1.49 | 0.30 | 19 |
| AXDD046 | 36.00 | 43.45 | 7.45 | Incl. | 0.35 | 2.38 | 0.50 | 21 |
| AXDD046 | 49.00 | 65.50 | 16.50 | Incl. | 0.39 | 2.39 | 0.49 | 21 |
| AXDD046 | 68.00 | 71.00 | 3.00 | Incl. | 0.42 | 1.11 | 0.27 | 24 |
| AXDD046 | 71.75 | 77.00 | 5.25 | Incl. | 0.31 | 2.66 | 0.49 | 18 |
| AXDD046 | 78.00 | 79.00 | 1.00 | Incl. | 0.47 | 6.39 | 1.16 | 18 |
| AXDD046 | 85.00 | 87.50 | 2.50 | Incl. | 0.35 | 3.01 | 0.56 | 18 |
| AXDD047 | 0.00 | 81.20 | 81.20 | @ | 0.72 | 4.51 | 0.85 | 19 |
| AXDD047 | 0.00 | 5.40 | 5.40 | Incl. | 0.34 | 2.69 | 0.51 | 20 |
| AXDD047 | 6.00 | 7.70 | 1.70 | Incl. | 0.29 | 1.80 | 0.44 | 23 |
| AXDD047 | 9.20 | 33.00 | 23.80 | Incl. | 0.72 | 5.29 | 1.00 | 19 |
| AXDD047 | 17.00 | 17.50 | 0.50 | Incl. | 1.22 | 6.43 | 1.09 | 17 |
| AXDD047 | 18.00 | 19.00 | 1.00 | Incl. | 1.44 | 6.98 | 1.22 | 17 |
ASX RELEASE. Page 14 of 18
==> picture [122 x 23] intentionally omitted <==
| HOLEID | FROM | TO | INTERVAL | TYPE | Nb2O5% | TREO% | MREO% | NdPr:TREO |
|---|---|---|---|---|---|---|---|---|
| AXDD047 | 29.00 | 30.00 | 1.00 | Incl. | 1.42 | 5.22 | 0.87 | 17 |
| AXDD047 | 32.50 | 33.00 | 0.50 | Incl. | 1.11 | 8.26 | 1.55 | 19 |
| AXDD047 | 33.50 | 81.20 | 47.70 | Incl. | 0.80 | 4.57 | 0.85 | 19 |
| AXDD047 | 36.50 | 41.00 | 4.50 | Incl. | 1.71 | 7.06 | 1.42 | 20 |
| AXDD047 | 46.00 | 46.85 | 0.85 | Incl. | 2.71 | 4.55 | 0.87 | 19 |
| AXDD047 | 49.70 | 50.75 | 1.05 | Incl. | 1.23 | 5.72 | 0.97 | 17 |
| AXDD047 | 52.00 | 53.00 | 1.00 | Incl. | 1.01 | 6.39 | 1.15 | 18 |
| AXDD047 | 53.50 | 56.00 | 2.50 | Incl. | 1.72 | 9.06 | 1.53 | 17 |
| AXDD048 | 0.00 | 100.60 | 100.60 | @ | 0.48 | 3.92 | 0.74 | 19 |
| AXDD048 | 0.00 | 62.35 | 62.35 | Incl. | 0.65 | 5.33 | 0.98 | 18 |
| AXDD048 | 2.00 | 3.00 | 1.00 | Incl. | 1.25 | 10.13 | 2.09 | 20 |
| AXDD048 | 22.00 | 23.00 | 1.00 | Incl. | 1.52 | 5.12 | 0.84 | 16 |
| AXDD048 | 24.00 | 25.00 | 1.00 | Incl. | 1.12 | 4.56 | 0.78 | 17 |
| AXDD048 | 28.00 | 29.00 | 1.00 | Incl. | 1.14 | 4.50 | 0.68 | 15 |
| AXDD048 | 54.60 | 56.00 | 1.40 | Incl. | 1.29 | 5.38 | 1.06 | 19 |
| AXDD048 | 58.00 | 59.00 | 1.00 | Incl. | 1.01 | 9.83 | 2.10 | 21 |
| AXDD048 | 63.10 | 67.00 | 3.90 | Incl. | 0.30 | 2.31 | 0.53 | 23 |
| AXDD048 | 68.00 | 71.00 | 3.00 | Incl. | 0.30 | 1.82 | 0.40 | 21 |
| AXDD048 | 86.30 | 87.45 | 1.15 | Incl. | 0.28 | 3.14 | 0.79 | 25 |
| AXDD048 | 90.00 | 97.00 | 7.00 | Incl. | 0.31 | 1.82 | 0.34 | 20 |
| AXDD048 | 97.95 | 100.60 | 2.65 | Incl. | 0.41 | 2.78 | 0.55 | 20 |
| AXDD049 | 0.00 | 79.00 | 79.00 | @ | 0.43 | 3.39 | 0.65 | 19 |
| AXDD049 | 0.00 | 25.45 | 25.45 | Incl. | 0.69 | 4.38 | 0.84 | 19 |
| AXDD049 | 5.00 | 7.00 | 2.00 | Incl. | 1.62 | 5.76 | 1.07 | 18 |
| AXDD049 | 12.00 | 13.00 | 1.00 | Incl. | 1.03 | 3.20 | 0.65 | 20 |
| AXDD049 | 27.65 | 29.00 | 1.35 | Incl. | 0.89 | 3.22 | 0.57 | 17 |
| AXDD049 | 27.65 | 28.30 | 0.65 | Incl. | 1.19 | 3.24 | 0.54 | 17 |
| AXDD049 | 29.85 | 32.55 | 2.70 | Incl. | 0.64 | 3.56 | 0.70 | 19 |
| AXDD049 | 33.15 | 37.10 | 3.95 | Incl. | 0.33 | 5.63 | 0.96 | 17 |
| AXDD049 | 40.00 | 45.00 | 5.00 | Incl. | 0.32 | 2.26 | 0.44 | 19 |
| AXDD049 | 46.00 | 56.00 | 10.00 | Incl. | 0.38 | 3.59 | 0.66 | 19 |
| AXDD049 | 62.00 | 64.00 | 2.00 | Incl. | 0.29 | 2.97 | 0.58 | 20 |
| AXDD049 | 65.00 | 69.00 | 4.00 | Incl. | 0.34 | 2.99 | 0.57 | 19 |
| AXDD049 | 70.00 | 71.00 | 1.00 | Incl. | 0.27 | 1.30 | 0.29 | 21 |
| AXDD049 | 72.00 | 77.00 | 5.00 | Incl. | 0.37 | 2.01 | 0.47 | 23 |
| AXDD053 | 0.00 | 137.00 | 137.00 | @ | 0.27 | 1.93 | 0.39 | 21 |
| AXDD053 | 0.00 | 19.00 | 19.00 | Incl. | 0.75 | 3.24 | 0.72 | 22 |
| AXDD053 | 3.00 | 6.00 | 3.00 | Incl. | 1.72 | 3.71 | 1.00 | 26 |
| AXDD053 | 24.00 | 26.00 | 2.00 | Incl. | 0.25 | 4.62 | 0.93 | 20 |
ASX RELEASE. Page 15 of 18
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| HOLEID | FROM | TO | INTERVAL | TYPE | Nb2O5% | TREO% | MREO% | NdPr:TREO |
|---|---|---|---|---|---|---|---|---|
| AXDD053 | 30.00 | 32.00 | 2.00 | Incl. | 0.26 | 1.36 | 0.26 | 20 |
| AXDD053 | 35.00 | 36.00 | 1.00 | Incl. | 0.26 | 2.13 | 0.42 | 19 |
| AXDD053 | 37.00 | 39.00 | 2.00 | Incl. | 0.44 | 1.97 | 0.45 | 23 |
| AXDD053 | 47.20 | 50.00 | 2.80 | Incl. | 0.40 | 2.16 | 0.39 | 18 |
| AXDD053 | 58.00 | 59.00 | 1.00 | Incl. | 0.24 | 1.47 | 0.30 | 20 |
| AXDD053 | 69.00 | 73.00 | 4.00 | Incl. | 0.36 | 3.20 | 0.59 | 21 |
| AXDD053 | 73.80 | 76.00 | 2.20 | Incl. | 0.61 | 3.66 | 0.72 | 19 |
| AXDD053 | 80.00 | 82.20 | 2.20 | Incl. | 0.61 | 3.14 | 0.58 | 19 |
| AXDD053 | 83.00 | 84.00 | 1.00 | Incl. | 0.26 | 2.00 | 0.39 | 19 |
| AXDD053 | 86.00 | 87.00 | 1.00 | Incl. | 0.30 | 1.82 | 0.34 | 18 |
| AXDD053 | 89.00 | 91.00 | 2.00 | Incl. | 0.36 | 2.75 | 0.53 | 19 |
| AXDD053 | 95.00 | 96.00 | 1.00 | Incl. | 0.33 | 2.60 | 0.52 | 20 |
| AXDD053 | 123.30 | 124.30 | 1.00 | Incl. | 0.23 | 1.11 | 0.23 | 19 |
| AXDD053 | 126.00 | 130.50 | 4.50 | Incl. | 0.36 | 0.89 | 0.20 | 22 |
| AXDD053 | 132.00 | 133.00 | 1.00 | Incl. | 0.29 | 1.34 | 0.27 | 20 |
About the Araxá Project:
St George acquired 100% of the Araxá Project on 27 February 2025. Araxá is a de-risked, world-class rare earths and niobium project in Minas Gerais, Brazil, located adjacent to CBMM’s world-leading niobium mining operations.
The region around the Araxá Project has a long history of commercial niobium production and provides access to infrastructure and a skilled workforce.
St George has negotiated government support for expedited project approvals and assembled a highly experienced in-country team and established relationships with key parties and authorities in Brazil to drive the Project through exploration work and development studies.
St George has been selected to participate in the Federal Government’s MagBras Initiative – a program aimed at establishing an integrated and sustainable rare earth products supply chain including the production of permanent magnets entirely within Brazil – and has signed a cooperation agreement with the State of Minas Gerais in October 2024 pursuant to which the State will assist in expediting permitting approvals for the Araxá Project.
On 1 April 2025, St George announced a maiden Mineral Resources Estimate (MRE) for the Project, both a globally significant niobium and rare earths resource as shown in Table 4 below:
Niobium – total resource:
41.2 Mt at 0.68% Nb₂O₅ (6,800ppm Nb2O5) comprising (at a cut-off of 0.2% Nb₂O₅) :
| Resource Classification | Million Tonnes (Mt) | Nb₂O₅ (%) |
|---|---|---|
| Measured | 1.90 | 1.19 |
| Indicated | 7.37 | 0.93 |
| Inferred | 31.93 | 0.59 |
| Total | 41.20 | 0.68 |
ASX RELEASE. Page 16 of 18
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Rare earths – total resource:
40.6 Mt at 4.13% TREO (41,300ppm TREO) comprising (at a cut-off of 2% TREO):
| Resource Classification | Million Tonnes (Mt) | TREO (%) | MREO (%) |
|---|---|---|---|
| Measured | 1.90 | 5.44 | 1.04 |
| Indicated | 7.37 | 4.76 | 0.90 |
| Inferred | 31.37 | 3.90 | 0.74 |
| Total | 40.64 | 4.13 | 0.78 |
Authorised for release by the Board of St George Mining Limited.
| John Prineas | Peter Klinger |
|---|---|
| Executive Chairman | Media and Investor Relations |
| St George Mining | Purple |
| +61 411 421 253 | +61 411 251 540 |
| [email protected] | [email protected] |
Competent Person Statement – Mineral Resource Estimate
Mr. Beau Nicholls: The information in this ASX Release that relates to Mineral Resource Estimate and historical/foreign results is based upon, and fairly represents, information and supporting documentation reviewed and compiled by Mr. Beau Nicholls, a Competent Person who is a Fellow of The Australian Institute of Geoscientists. Mr Nicholls is the Principal Consultant of EM2 Ltd (Sahara), an independent consultancy engaged by St George Mining Limited for the review of historical data and preparation of the Mineral Resource Estimate for the Araxá Niobium & Rare Earth Project under the JORC guidelines of 2012. Mr Nicholls 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 "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Mr. Leandro Silva: The information in this ASX Release that relates to Mineral Resource Estimate is based upon, and fairly represents, information and supporting documentation reviewed and compiled by Mr Leandro Silva, a Competent Person who is Member of The Australian Institute of Geoscientists. Mr Silva is the Consulting Geologist of EM2 Ltd (Sahara), an independent consultancy engaged by St George Mining Limited for the review of historical data and preparation of the Mineral Resource Estimate for the Araxá Niobium & Rare Earth Project under the JORC guidelines of 2012. Mr Silva 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 "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves"
This ASX announcement contains information related to the following reports which are available on the Company’s website at www.stgm.com.au:
- 1 April 2025 Maiden High-Grade Niobium and Rare Earth Resource Estimate for the Araxá Project, Brazil
The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource Estimates included in any original market announcements referred to in this report and that all material assumptions and technical parameters underpinning the Mineral Resource Estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.
ASX RELEASE. Page 17 of 18
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Competent Person Statement – Exploration Results
The information in this ASX Release that relates to historical and foreign results is based upon, and fairly represents, information and supporting documentation reviewed by Mr. Carlos Silva, Senior Geologist employed by GE21 Consultoria Mineral and a Competent Person who is a Member of The Australian Institute of Geoscientists. GE21 is an independent consultancy engaged by St George Mining Limited for the review of historical exploration data. Mr Silva 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 "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Competent Person Statement:
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Araxá Project is based on information compiled by Mr Wanderly Basso, a Competent Person who is a Member of The Australasian Institute of Geoscientists. Mr Basso is employed by St George Mining Limited to provide technical advice on mineral projects, and he holds performance rights issued by the Company.
Mr Basso 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Basso consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward Looking Statements:
This announcement includes forward-looking statements that are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of St George, the directors and the Company’s management. Such forward-looking statements are not guarantees of future performance.
Examples of forward-looking statements used in this announcement include use of the words ‘may’, ‘could’, believes’, estimates’, targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of the announcement, are expected to take place.
Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, St George does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.
This announcement has been prepared by St George Mining Limited and contains background Information about St George Mining Limited current at the date of this announcement. The announcement is in summary form and does not purport to be all inclusive or complete. Recipients should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.
The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.
This announcement does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and
ASX RELEASE. Page 18 of 18
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recommendations in this announcement are not intended to represent recommendations of particular investments to particular person.
Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this material is accepted by St George Mining Limited (including any of its related bodies corporate), its officers, employees, agents and advisers.
– Ends –
The following section is provided for compliance with requirements for the reporting of exploration results under the JORC Code, 2012 Edition.
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling | Nature and quality of sampling (eg cut | Drilling programme completed by Diamond (DD) Drilling |
| techniques | 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. |
Diamond Core Sampling: The sections of the core that are selected for assaying are marked up and then recorded on a sample sheet for cutting and sampling at the certified assay laboratory. Samples of HQ, NQ2, HTW or NTW core are cut just to the right of the orientation line where available, using a diamond core saw, with half core sampled lengthways for assay. |
| Appropriate QAQC samples (standards, blanks and duplicates) are | ||
| inserted into the sequences as per industry best practice for all samples | ||
| collected in the different drilling methods. | ||
| Include reference to measures taken to ensure | Diamond Core Sampling: For diamond core samples, blank samples are | |
| sample representivity and the appropriate | inserted in the first position of the batch and every 20th sample after | |
| calibration of any measurement tools or | that, a duplicate sample is taken every 20th sample. A certified sample | |
| systems used. | standard for niobium and REE is also added according to geology, but | |
| at no more than 1:20 samples. Core recovery calculations are made | ||
| through a reconciliation of the actual core and the driller’s records. | ||
| For all drilling methods, the number of samples per batch varies | ||
| between 30 to 50 samples. | ||
| A percentage of the samples will be selected to be assayed by the same | ||
| method by a different laboratory for umpire checks. | ||
| The drill-hole collar locations are recorded using a handheld GPS and | ||
| after completion the final drill hole location will be recorded using a | ||
| high-precision RTX station which as expected accuracy of +/- 4cm. | ||
| Geological logging of core is completed at site with core being stored | ||
| for future reference. | ||
| Aspects of the determination of mineralisation | Diamond Core Sampling: Diamond core (both HTW, NTW, HQ and | |
| that are Material to the Public Report. | NQ2) are half-core sampled to geological boundaries with an average | |
| In cases where ‘industry standard’ work has been done this would be relatively simple (eg |
sample size of 1 meter. A minimum size of 20 cm and maximum of 1.2m. 95% of samples are expected to be less or equal than 1 metre. |
|
| ‘reverse circulation drilling was used to obtain | The samples are prepared by the laboratory according to the following | |
| 1 m samples from which 3 kg was pulverised | procedure: | |
| 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 (eg |
Whole samples drying and weighing, crushing of sample to -2mm followed by homogenization and splitting to a 250g sub-sample. Samples pulverization to 85% passing 75 micron and splitting of pulverized material to 50-gram pulp. |
|
| submarine nodules) may warrant disclosure of | Elements for all suites go through the following analytical method: | |
| detailed information. | Elements are analysed by ALS Laboratories using Lithium Metaborate | |
| fusion and an ICP-MS/AES finish. These elements are: La2O3, CeO2, | ||
| Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Lu2O3, | ||
| Ho2O3, Er2O3, Y2O3, Yb, Tm2O3, Nb2O5, Hf, Rb, Sn, Ta, Th, U, V, W, | ||
| Zr, Sc, SiO2, Na2O, P2O5, Al2O3, K2O, SrO, Fe2O3, Cr2O3, BaO, CaO, | ||
| TiO2, MgO, MnO and LOI. | ||
| Elements are analysed by SGS Laboratories using Lithium Metaborate | ||
| fusion and an ICP-MS/XRF finish. These elements are: La2O3,CeO2, |
1
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Lu2O3, | ||
| Ho2O3, Er2O3, Y2O3, Yb, Tm2O3, Nb2O5, Hf, Rb, Sn, Ta, Th, U, V, W, | ||
| Zr, Sc, SiO2, Na2O, P2O5, Al2O3, K2O, SrO, Fe2O3, Cr2O3, BaO, CaO, | ||
| TiO2, MgO, MnO and LOI. | ||
| Due to the high-grade nature of the deposit, assays results that are | ||
| reported above the upper detection limit for the methods above | ||
| mentioned will be subject to determination by XRF finish. | ||
| Prior to be analysed by the methods above mentioned, the samples will | ||
| be analysed using a Sciapps X555 portable XRF, the results obtained | ||
| from the portable XRF analyses are indicative only and will only be used | ||
| as preliminary indication of mineralisation occurrences and for the | ||
| purposes of geological interpretation. | ||
| Drilling | Drill type (eg core, reverse circulation, open- | Drilling programme were be completed by Diamond Drilling (DD). |
| techniques | hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diametre, 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). |
Diamond Core Sampling: The diamond holes are drilled from surface through the regolith to planned depth using a either a HTW, NTW, HQ or NQ2 diameter, subject to ground and geological conditions, triple- tube core barrels will be used whenever possible to preserve sample integrity. |
| Drill sample | Method of recording and assessing core and | Diamond Core Sampling: Diamond core recoveries are recorded during |
| recovery | chip sample recoveries and results assessed. | drilling and reconciled during the core processing and geological |
| logging. The core length recovered is measured for each run and | ||
| recorded which is used to calculate core recovery as a percentage | ||
| Measures taken to maximise sample recovery | Diamond Drilling: Measures taken to maximise core recovery include | |
| and ensure representative nature of the | using appropriate core diameter and shorter barrel length through | |
| samples. | the weathered zone. Primary locations for core loss in fresh rock are | |
| on geological contacts and structural zones, and drill techniques are | ||
| adjusted accordingly, and if possible, these zones are predicted from | ||
| the geological modelling. | ||
| Whether a relationship exists between sample | To date, no sample recovery issues have been identified that could | |
| recovery and grade and whether sample bias | introduce bias in the sampling methods. | |
| may have occurred due to preferential | ||
| loss/gain of fine/coarse material. | ||
| Logging | Whether core and chip samples have been | Logging of samples records lithology, mineralogy, mineralisation, |
| geologically and geotechnically logged to a | alteration, structures (when possible), weathering, colour and other | |
| level of detail to support appropriate Mineral | noticeable features to a level of detail to support appropriate Mineral | |
| Resource estimation, mining studies and | Resource estimation. | |
| metallurgical studies. | ||
| Whether logging is qualitative or quantitative | The logging is both qualitive and quantitative in nature, with sample | |
| in nature. Core (or costean, channel, etc) | recovery and volume being recorded. All core trays are photographed | |
| photography. | in sequence. | |
| The total length and percentage of the | All drill holes are geologically logged in full. The data relating to the | |
| relevant intersections logged. | elements analysed is later used to determine further information | |
| regarding the detailed rock composition. | ||
| Detailed litho-geochemical information is collected by the portable XRF | ||
| unit to help with lithological identification and geological | ||
| interpretation. | ||
| Sub-sampling | If core, whether cut or sawn and whether | Diamond core are drilled with HTW, HQ and NQ2 size and sampled as |
| techniques and | quarter, half or all core taken. | complete half core to produce a bulk sample for analysis. Intervals |
| sample | selected varied from 0.25 – 1.25m (maximum) where 5% of samples | |
| preparation | are expected to be less or equal than 1 metre. The HTW, HQ and NQ2 | |
| core is cut in half length ways using a diamond core saw. All samples | ||
| are collected from the same side of the core where practicable. |
2
| Criteria | JORC Code explanation Commentary |
|---|---|
| If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. Only diamond core drilling reported. |
|
| For all sample types, the nature, quality and appropriateness of the sample preparation technique. Assay preparation procedures follow a standard protocol which include drying and weighing of whole sample, samples are then crushed to - 2mm size. Sample homogenization and splitting to a 250g sub-sample. Pulverization to 85% passing 75 micron and splitting of pulverized material to 50-gram pulp. |
|
| Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Quality control procedures include submission of Certified Reference Materials (standards), duplicates and blanks Diamond Core Sampling: Drill core is cut in half lengthways and the total half-core submitted as the sample. This meets industry standards where 50% of the total sample taken from the diamond core is submitted. QC procedures maximise representivity of diamond core and involve the use of certified reference material as assay standards, along with blanks and duplicates with each sample batch. QAQC results are routinely reviewed to identify and resolve any issues, eventual failed batches are re-analysed. A percentage of the global samples are selected to be assayed by the same method by a different laboratory for umpire checks. |
|
| 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. Diamond drilling: Duplicate samples comprise half core samples for Diamond Core. |
|
| Whether sample sizes are appropriate to the grain size of the material being sampled. The sample sizes are considered to be appropriate to correctly represent type and style of mineralisation and associated geology based on the deposit style (supergene deposit), the thickness and consistency of the intersections and the sampling methodology. |
|
| 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. The assay method and detection limits are appropriate for analysis of the elements required. |
| For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. XRF: A handheld XRF instrument (Sciapps X555) is used to systematically analyse the drill core, auger and RC sample piles onsite. One reading is taken per half-metre, however for any core samples with expected mineralisation then multiple samples are taken at set intervals. The instruments are serviced and calibrated at least once a year following the manufacturer protocol. Field calibration of the XRF instrument using standards is periodically performed (usually daily). The handheld XRF results are only used for preliminary assessment and reporting of element compositions, prior to the receipt of assay results from the certified laboratory. |
|
| Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Laboratory QAQC involves the use of internal lab standards using certified reference material (CRMs), blanks, umpire assays and pulp duplicates as part of in-house procedures. The Company also submits a suite of CRMs, blanks, umpire assays and selects appropriate samples for duplicates. Company’s QAQC protocols are expected to be collected at an overall rate of 16%. Blank samples represent 4% of the database; duplicates, 4%; umpire checks, 4%; and certified reference materials, for niobium and REE, has an expected 4% insertion rate in the program. |
3
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Verification of | The verification of significant intersections by | Significant intersections and assays are verified by the Company’s |
| sampling and | either independent or alternative company | Technical Director and Consulting Geologist. |
| assaying | personnel. | |
| The use of twinned holes. | No twinned holes. | |
| Documentation of primary data, data entry | Primary data is captured onto a laptop using acQuire software and | |
| procedures, data verification, data storage | includes geological logging, sample data and QA/QC information. This | |
| (physical and electronic) protocols. | data, together with the assay data, is entered into the St George Mining | |
| central SQL database which is managed by external consultants. | ||
| Discuss any adjustment to assay data. | No adjustments or calibrations will be made to any primary assay data | |
| collected for the purpose of reporting assay grades and mineralised | ||
| intervals. | ||
| For geological analysis recognised calculations may be used to | ||
| demonstrate mineralisation potential for one or more elements of | ||
| interest, such as demonstrate below: | ||
| TREO (Total Rare Earth Oxides) calculations include the summation of | ||
| the following elements: La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + | ||
| Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Lu2O3 + Ho2O3 + Er2O3 + Y2O3 + | ||
| Yb2O3 | ||
| MREO (Magnetic Rare Earth Oxides) calculations include the | ||
| summation of the following elements: Pr6O11+ Nd2O3+ Tb4O7+ | ||
| Dy2O3 | ||
| HREO (Heavy Rare Earth Oxides) calculations include the summation of | ||
| the following elements: Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Lu2O3 + | ||
| Ho2O3 + Er2O3 + Y2O3 + Yb2O3 | ||
| NdPr:TREO (NdPr Ratio) calculation include the summation of Pr6O11 | ||
| + Nd2O3 divided by TREO (Total Rare Earth Oxides) which is the | ||
| summation of following elements: La2O3 + CeO2 + Pr6O11 + Nd2O3 + | ||
| Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Lu2O3 + Ho2O3 + Er2O3 | ||
| + Y2O3 + Yb2O3 | ||
| Location of | Accuracy and quality of surveys used to locate | Drill holes have been located and pegged using a Handheld GPS system |
| data points | drill holes (collar and down-hole surveys), | with an expected accuracy of +/-5m for easting, northing and elevation. |
| trenches, mine workings and other locations | Upon completion of drilling the holes were recorded using a high- | |
| used in Mineral Resource estimation. | precision RTX Trimble Catalyst DA2 GNSS station which as expected | |
| accuracy of +/- 4cm. | ||
| Downhole surveys are conducted using a downhole Gyro with reading | ||
| of 5m intervals after drilling is complete to record deviations of the hole | ||
| from the planned dip and azimuth. | ||
| Specification of the grid system used. | The coordinates were provided in following format: SIRGAS 2000 | |
| datum - georeferenced to spindle 23S. | ||
| Quality and adequacy of topographic control. | Elevation data are acquired using a RTX Trimble Catalyst DA2 GNSS | |
| station at individual collar locations and entered in a central database. | ||
| A topographic surface will be created using this data and additional | ||
| topographic survey at later stage. | ||
| Data spacing | Data spacing for reporting of Exploration | Drill hole spacing has been designed to achieve the level desired for |
| and | Results. | exploratory work, aimed at identifying new areas of mineralisation. |
| distribution | Hole spacing varies but an average of 40-150m distance is the most | |
| common. | ||
| Whether the data spacing and distribution is | Drilling conducted to date indicates that the mineralised zone remains | |
| sufficient to establish the degree of geological | open both at depth and laterally, highlighting the potential for resource | |
| and grade continuity appropriate for the | expansion. Ongoing drilling aims to update and increase the current | |
| Mineral Resource and Ore Reserve estimation | resource base, supporting the definition of Mineral Resources and | |
| procedure(s) and classifications applied. |
4
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Reserves in accordance with the classification criteria of the 2012 JORC | ||
| Code. | ||
| Whether sample compositing has been | No compositing has been applied to the exploration results. | |
| applied. | ||
| Orientation of | Whether the orientation of sampling achieves | The mineralisation is flat lying and occurs within the saprolite/clay zone |
| data in relation | unbiased sampling of possible structures and | of a deeply developed regolith (reflecting topography and weathering). |
| to geological | the extent to which this is known, considering | Vertical sampling from the drill holes is therefore appropriate. |
| structure | the deposit type. | |
| If the relationship between the drilling | No orientation-based sampling bias has been identified in the data to | |
| orientation and the orientation of key | date. | |
| mineralised structures is considered to have | ||
| introduced a sampling bias, this should be | ||
| assessed and reported if material. | ||
| Sample | The measures taken to ensure sample | Chain of Custody is managed by the Company until samples pass to a |
| security | security. | duly certified assay laboratory for subsampling and assaying. The |
| sample bags are stored on secure sites and delivered to the assay | ||
| laboratory by the Company or a competent agent. When in transit, they | ||
| are kept in locked premises. Transport logs have been set up to track | ||
| the progress of samples. The chain of custody passes upon delivery of | ||
| the samples to the assay laboratory. | ||
| Audits or | The results of any audits or reviews of | Sampling techniques and procedures are regularly reviewed |
| reviews | sampling techniques and data. | internally, as is data. To date, no external audits have been completed |
| on the planned drilling programme. |
5
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral | Type, reference name/number, location and ownership including | The Araxa Project is comprised of three granted permits held by Itafos Araxá |
| tenement and | agreements or material issues with third parties such as joint ventures, | Mineracao E Fertilizantes S.A (“Itafos Araxá”), which has been acquired |
| land tenure | partnerships, overriding royalties, native title interests, historical sites, | 100% by St George. |
| status | wilderness or national park and environmental settings. | |
| Tenement 831.972/1985 is an application for a mining concession that is | ||
| The security of the tenure held at the time of reporting along with any | progressing through the application process. Further submissions to ANM | |
| known impediments to obtaining a licence to operate in the area. | (the relevant mining authority) are required to finalise the application | |
| including environmental and geotechnical studies. Additional information | ||
| may also be requested by ANM. There is no certainty that the application | ||
| will be granted or granted on conditions that are acceptable. | ||
| Tenements 832.150/1989 (Exploration Licence) and 831.436/1988 | ||
| (Application for Mining Concession) are subject to renewal and extension | ||
| applications to ANM (the relevant mining authority). Additional information | ||
| may be requested by ANM to complete the process for renewal or extension. | ||
| There is no certainty that the renewal and extension requests will be | ||
| granted or granted on conditions that are acceptable. | ||
| Some areas within the project site are classified as legal reserve or APP. | ||
| Further exploration work (including drilling), mining activities and any other | ||
| suppression of vegetation in these areas will require certain submissions and | ||
| undertakings to the relevant authorities and the approval of those | ||
| authorities. There is no certainty that approvals will be granted in the future | ||
| or granted on conditions that are acceptable. | ||
| Some areas within the project site are a listing and preservation zone by the | ||
| municipality, according to the current master plan, recognized by Brazil and | ||
| the State of Minas Gerais, according to the Geoenvironmental Study of | ||
| Hydromineral Sources/Araxá Project conducted by CPRM/Geological Service | ||
| of Brazil. This classification is designed to protect water resources and | ||
| vegetation within the designated area. Approvals are required from the | ||
| relevant authorities to conduct exploration and mining activities in these | ||
| areas, presenting a significant environmental management risk to the |
1
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| project. There is no certainty that approvals will be granted in the future or | ||
| granted on conditions that are acceptable. | ||
| A royalty is payable to Extramil, a former owner of the project. The royalty is | ||
| a specified percentage of the revenue on Net Smelter Returns (NSR). The | ||
| following percentages apply: | ||
| • 3.5% NSR on phosphate; | ||
| • 3.0% - 10.5% NSR on REEs and niobium, on a sliding scale according to the | ||
| actual Internal Rate of Return of the Araxá Project, more specifically: | ||
| • 3.0% NSR for IRR =<25%; | ||
| • 4.5% NSR for IRR =>25% < 30%; | ||
| • 6.0% NSR for IRR =>30% < 50%; | ||
| • 7.5% NSR for IRR =>50% < 70%; or | ||
| • 10.5% NSR for IRR => 90%. | ||
| A Government royalty is also payable which can range between 0.2% to 3% | ||
| of revenue depending on the product produced. | ||
| The land on which the project tenements are situated is owned either by the | ||
| State of Minas Gerais, CBMM or another third party. The approval of the | ||
| landowner is required to access the project area. Access arrangements for | ||
| the project have previously been agreed but there is no certainty that access | ||
| arrangements will be agreed in the future or the timeframe in which such | ||
| arrangements can be agreed. | ||
| Exploration | Acknowledgment and appraisal of exploration by other parties. | Historical exploration within the area of the Araxa Project is known to have |
| done by other | occurred since 1965. Known historical exploration includes: | |
| parties | ||
| 1965 to 1974: | ||
| Exploration by the Braziliangovernment under the auspices of the DNPM |
2
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and by CBMM and Canopus Holding SA (Canopus). Exploration included the | ||
| drilling and sampling of 24 diamond boreholes and the excavation and | ||
| sampling of 59 pits. | ||
| 2004 to 2008: | ||
| Exploration was conducted by Extramil and Companhia Industrial | ||
| Fluminense (CIF) within the Araxá Project boundary. Exploration included | ||
| the drilling and sampling of 11 diamond boreholes and 31 auger holes. | ||
| 2011 to 2012: | ||
| Exploration By Itafos (previously called MBAC Fertilizer Corp) which included | ||
| mapping, topographical surveys, 36 auger drillholes and 67 diamond core | ||
| drillholes. Itafos also completed preliminary metallurgical testwork and | ||
| resource estimates. | ||
| Geology | Deposit type, geological setting and style of mineralisation. | St George is targeting Carbonatite hosted supergene style Niobium, +/- Rare |
| Earth mineralisation at the Araxa project. | ||
| This is based on geological interpretations and existing operating mines | ||
| within the vicinity of the Barreiro Carbonatite complex. | ||
| The project lies within the Barreiro Carbonatite complex. The host mineral | ||
| for niobium at Araxá is pyrochlore, and the host mineral for REEs is | ||
| monazite. | ||
| This complex is known to host high grade supergene (superficial) niobium, | ||
| rare-earths and phosphate with two existing mines currently operating | ||
| within the intrusion since as early as the 1950’s. | ||
| Drill hole | A summary of all information material to the understanding of the | Drill hole details are shown in the ASX Release. |
| Information | exploration results including a tabulation of the following information for all | |
| Material drill holes: | For historical drill holes, see Tables 1 and 2 in the ASX Release dated 6 | |
| o easting and northing of the drill hole collar | August 2024. For methodology of new drilling, see Section 1 of this JORC | |
| o elevation or RL (Reduced Level – elevation above sea level in metres) of | Table. | |
| the drill hole collar | ||
| o dip and azimuth of the hole | ||
| o down hole length and interception depth | ||
| o hole length. |
3
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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 averaging techniques, maximum | |
| aggregation | and/or minimum grade truncations (eg cutting of high grades) and cut-off | For historical drill holes, see Tables 1 and 2 in the ASX Release dated 6 |
| methods | grades are usually Material and should be stated. | August 2024. For methodology of new drilling, see Section 1 of this JORC |
| Table. | ||
| 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 in the reporting of Exploration | |
| between | Results. | For historical drill holes, see Tables 1 and 2 in the ASX Release dated 6 |
| mineralisation | August 2024. For methodology of new drilling, see Section 1 of this JORC | |
| widths and | If the geometry of the mineralisation with respect to the drill hole angle is | Table. |
| intercept | known, its nature should be reported. | |
| lengths | ||
| If it is not known and only the down hole lengths are reported, there should | ||
| be a clear statement to this effect (eg ‘down hole length, true width not | ||
| _known’). _ | ||
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts | A prospect location map and section are shown in the body of the ASX |
| should be included for any significant discovery being reported These should | Release. |
|
| include, but not be limited to a plan view of drill hole collar locations and | ||
| appropriate sectional views. | ||
| Balanced | Where comprehensive reporting of all Exploration Results is not practicable, | Details of new exploration results are within the ASX Release. |
| reporting | representative reporting of both low and high grades and/or widths should | |
| be practiced to avoid misleading reporting of Exploration Results. | For historical drill holes, see Tables 1 and 2 in the ASX Release dated 6 | |
| August 2024. For methodology of new drilling, see Section 1 of this JORC | ||
| Table. | ||
| Other | Other exploration data, if meaningful and material, should be reported | A discussion of the new exploration results is in the ASX Release. |
| substantive | including (but not limited to): geological observations; geophysical survey | |
| results; geochemical survey results; bulk samples – size and method of |
4
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| exploration | treatment; metallurgical test results; bulk density, groundwater, | For historical drill holes, see our ASX Release dated 6 August 2024. |
| data | geotechnical and rock characteristics; potential deleterious or | |
| contaminating substances. | ||
| Further work | The nature and scale of planned further work (eg tests for lateral extensions | A discussion of further exploration work is contained in the body of the ASX |
| or depth extensions or large-scale step-out drilling). | Release. Further exploration will be planned based on ongoing drill results, | |
| geophysical surveys, metallurgical testwork results and geological | ||
| Diagrams clearly highlighting the areas of possible extensions, including the | assessment of prospectivity. | |
| main geological interpretations and future drilling areas, provided this | ||
| information is not commercially sensitive. |
5