TARUGA MINERALS LIMITED — Capital/Financing Update 2021

Aug 11, 2021

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12 August 2021

MANJIMUP PROJECT UPDATE, WESTERN AUSTRALIA

Taruga Minerals Limited ( Taruga or the Company ) is pleased to provide an update on the Company’s Manjimup precious and base metal project, Western Australia.

Highlights

• Geological and geophysical review highlights multiple targets across Taruga’s Manjimup project including potential for Julimar-Style Ni-PGE mineralisation, Volcanic-HostedMassive-Sulphide (VHMS) mineralisation, and Greenbushes-style Li-Sn-Ta mineralisation –

• Targeting supported by nearby discoveries, strong geophysical features and favourable geology

• E70/5029 (Manjimup East) adjoins the Chalice Mining – Venture Minerals JV ‘Julimar Lookalike’ JV, and contains mafic-ultramafic sub-cropping rocks

• Rock-chips collected from mafic/ultramafic rocks over the M1 magnetic anomaly extending from Chalice ground directly west returned anomalous PGE’s (max 54ppb Pt + Pd + Au – similar to rocks chips over Thor Prospect ~ 60ppb) and anomalous Cu, Ni and Cr

• Anomalous Cu (up to 7,541ppm Cu) from hand held XRF field analysis of fractured mafic rocks

• E70/5031-E70/5848 (Manjimup West) contains a significant 38km long magnetic anomaly (the Darling Anomaly) coincident with the Darling Fault, a major north-south structure with Interbedded Banded Iron Formation (BIF) and mafic-ultramafic rocks mapped at surface

• The Darling Fault records over 500 million years of intense shearing, and marks a major crustal boundary of the Yilgarn Craton

• Underexplored frontier terrane with strong geophysical/geological support for base/precious metal potential

• Au mineralisation is present along strike along the Darling Shear Zone to the north

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• E70/5030 (Manjimup Central) hosts strong VHMS potential

• A well-defined and untested electro-magnetic (EM) conductor along strike from massive sulphide mineralisation (Zn-Pb-Cu-Au) intercepted at Jack and Kingsley VHMS prospects (Wheatley-JV - BHP, Teck Cominco)

• VHMS mineralisation is very rare and often extremely high-grade – Degrussa Cu-Au (Sandfire)

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• Taruga are currently finalising plans to progress the licences to being granted

• Reconnaissance exploration including mapping and surface geochemistry (laterite and rockchip sampling) and further geophysical reprocessing is planned over the coming quarter

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Taruga Minerals Limited ( Taruga or the Company ) is pleased to provide an update on the Manjimup Project, Western Australia. Recent review and reprocessing of historical company and government geophysical data has been completed by Taruga and geophysical consultants Southern Geoscience. This review highlighted priority target areas across the tenement package which stretches across the highly prospective Southwest terrane, along the western margin of the Yilgarn Craton. The Southwest terrane contains the nearby Greenbushes Li-Sn-Ta mine (60km) the Wheatley JV VHMS targets (5km) and the Chalice Mining-Venture Minerals JV ‘Julimar Lookalike’ Ni-PGE targets (Thor < 10 km) ( Figures 1 & 2 ).

Taruga is currently planning reconnaissance exploration which will include detailed mapping and surface sampling of laterite and outcrop geology over prospective geophysical anomalies. Infill airborne magnetics, extensional airborne EM and ground-based EM will be considered following the phase-1 reconnaissance exploration.

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Figure 1 : Analytical Signal of the Vertical Integral (ASVI) Magnetics Image for the Manjimup Project Area, showing Taruga Exploration Permits, Major Structures, and the nearby Thor Ni-Cu-PGE “Julimar Lookalike” Target.

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F

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Figure 2 : Gravity Image for the Manjimup Project Area, showing Taruga Exploration Permits and Major Structures. Note the Significant Gravity Anomaly Coincident with the Darling Fault and Darling Magnetic Anomaly.

Local Mineralisation Styles

There are several known mineral occurrences and prospects within the project area ( Figures 1, 3, 4 & 5 ). The main style of mineralisation sought in the Manjimup project area is magmatic Ni-Cu-PGE. This is the same style of mineralisation as Chalice Mining’s Gonneville deposit within the Julimar project and at the Thor and Odin prospects of the South West Ni-Cu-PGE project located within between the Taruga central and eastern blocks. This style of mineralisation is hosted within mafic/ultramafic intrusions. The primary massive sulphide mineral assemblage is pyrrhotite-pentlandite-chalcopyrite, while the secondary (supergene) mineral assemblage is pyrite-violarite.

The exploration techniques to targets this mineralisation style include magnetic surveys as the serpentinized ultramafic rocks define magnetic anomalies and the primary massive sulphide assemblage is suitable for electrical surveys (EM and IP geophysical surveys) as the assemblage of pyrrhotite and pentlandite is conductive. Small intrusions are considered equally prospective as large intrusions.

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If intrusions can be identified, primarily using magnetic interpretation, then surface geochemistry and electromagnetic surveying is a likely next step. Regionally, Chalice Mining has identified a large zone on the western margin of the Yilgarn craton considered prospective for Ni-Cu-PGE deposits. This is bounded on the west by the Darling Fault and on the south by the Manjimup Fault. The Manjimup project lies within this Western Margin prospective zone.

The Manjimup project is also prospective for VHMS style mineralisation as found at the Kingsley and Jack prospects located east of E70/5030. Generally, VHMS mineralisation is hosted within marine (meta) sedimentary sequences associated with felsic volcanics. The mineralisation itself can be present as massive or disseminated sulphide. The massive sulphide at Kingsley is predominantly pyrrhotite with subordinate pyrite, minor arsenopyrite, galena and sphalerite. The pyrrhotite in the ore is magnetic and conductive. The previous exploration program conducted by BHP has included airborne electromagnetic surveys with follow up ground electromagnetic surveys ( Figure 4 ), drilling and downhole electromagnetic surveying.

Lithium is produced from the Greenbushes mine approximately 30km north of the Manjimup project area ( Figure 7 ). The lithium is hosted in pegmatites. High resolution magnetics and radiometrics can be used for geological interpretation to identify pegmatite targets. Most exploration for pegmatite involves geochemical sampling and geological mapping.

Gold (Au) mineralisation is mapped to the north of E70/5031 at the Majenup occurrence and historical Nannup mine. Little information about these sites has been identified, however they appear to be associated with significant shearing along the Darling Fault.

Manjimup East (E70/5029)

The most eastern permit, E70/5029 adjoins the Chalice Mines tenure and Chalice/Venture JV tenure to the west. The permit is approximately 100 km[2] , with the Manjimup fault running east-northeast through its southern most part and a major fault / shear running southeast through the east of the permit, as can be interpreted from Figure 1 . The basement geology is interpreted as a combination of migmatite and granitic rocks, with migmatite more common in the western part of the block. Figure 3 shows a summary of the main geophysical and geochemical features in and around E70/5029.

		ManjimupEast Rock ChipSamples - E70/5029
ID	Location	PGE3(g/t)	Au(g/t)	Pt(g/t)	Pd(g/t)	Cu(ppm)	Ni(ppm)	Cr(ppm)
SCG084	MagM1	0.002	0.001	BD	0.001	68	78	80
SCG086	MagM1	0.003	0.002	BD	0.001	88	48	218
SCG087	MagM1	0.012	0.003	0.005	0.004	171	69	70
SCG088	MagM1	0.036	0.006	0.013	0.017	192	129	129
SCG089	MagM1	0.058	0.004	0.026	0.028	47	99	112
SCG090	MagM1	0.013	0.002	0.005	0.006	48	108	204

Table 1. Rock chip samples collected from magnetic anomaly M1 within the Manjimup East permit E70/5029. Note that PGE3 includes Pt+Pd+Au.

The Odin prospect (Chalice / Venture Minerals) is a large intense magnetic anomaly associated with a local gravity high and elevated copper in surface geochemistry interpreted to be a mafic / ultramafic intrusion located at 432000 mE 6217000 mN. There is another similar feature ~8 km north of the Odin prospect (Odin North) at 434000 mE 6225300 mN.

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The gravity anomalies from both features appear to extend east into Taruga’s E70/5029, where anomalous PGE’s ( Table 1 ) were identified from recent rock-chip sampling. Sparse regional laterite geochemical sampling has identified copper anomalism over the permit area, largely coincident with the mafic dykes in the eastern part of the block.

Taruga is evaluating the acquisition of detailed aeromagnetic (AM) and airborne electromagnetics (AEM) datasets to identify potential massive sulphide occurrences in the subsurface for follow-up investigation. The use of airborne EM has proven successful at the nearby Odin and Thor Ni-PGE prospects, and also at the Kingsley and Jack VHMS discoveries further west.

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Figure 3: E70/5029 Summary. Taruga Tenure and Surrounding Chalice/Venture Tenure is shown on a Magnetic RTP 1VD Image with structures and Rock-Chip Geochemistry (PGE3 is from lab assay and Cu is from a handheld XRF reading on fractured rocks in the field). The Odin Ni-Cu-PGE Prospects (Odin North and South) Anomalies are Shown to the West of the Block, along with Interpreted Intrusions.

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Manjimup Central (E70/5030)

Manjimup Central lies directly to the west of the Jack and Kingsley VHMS discoveries (BHP – Wheatley JV) and contains a well-defined mid-late-time EM conductor (EM1, Figure 4 ) along strike from these known VHMS deposits. The basement is mapped as quartz-feldspar-biotite gneiss, however detailed mapping over the tenure has not been conducted and basement is obscured by laterite and vegetation. Figure 4 shows a summary of the main mid-late time VTEM anomalies along strike from the Jack and Kingsley VHMS mineralisation which sits only 2km to the east.

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Figure 4: E 70/5029 Summary. VTEM 3.74 mSec Channel Image and VTEM 3.74 mSec Channel Contours are shown highlighting mid-late time VTEM anomalies EM1 – EM3, as well as major faults. The Jack and Kingsley VHMS prospects are also Shown Along Strike from EM1, where Massive Sulphides (VHMS) have been Intersected by Historical Drilling (Cu-Au-Pb-Zn).

AEM data has previously been acquired over the entire block by the Wheatley VTEM survey and Wheatley TEMPEST survey. The VTEM survey ( Figure 4 ) is considered the better survey for detecting basement conductors prospective for mineralisation. Immediately east of the tenement lie the Kingsley and Jack VHMS prospects. The prospects have subtle magnetic anomalies and mid-late time responses in the VTEM survey. Follow up ground EM allowed plates to be modelled at Jack and Kingsley which were targeted with drilling where massive sulphides were intercepted.

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There is a mid-late time VTEM response in the southwest corner of Taruga’s Manjimup Central Block ( EM1 - Figure 3 ) that is coincident with a subtle magnetic anomaly along strike from the Kingsley prospects. EM1 spans 1.7km long by 0.7km wide and is considered a strong exploration target for VHMS potential and will be followed up along with other smaller VTEM anomalies ( EM2 and EM3 ) in the project area.

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Manjimup West (E70/5030)

The Manjimup West block lies on the western margin of the Yilgarn Craton. The Darling Fault and associated escarpment are located at the western edge of the block. The block covers ~300 km[2] and with a northsouth strike length of ~46km. The basement is mapped as quartz-feldspar-biotite gneiss, however limited exposure has made interpretation and mapping difficult historically. A large magnetic anomaly extends over 38km coincident with the Darling Fault, within the Taruga Tenure ( Figure 4 ). Taruga XRF sampling has confirmed anomalous Cu in Mafic/Ultramafic rocks and Banded Iron Formation (BIF) which coincide with magnetic high features in the northern part of the permit. Two bullseye VTEM anomalies have been identified in the southern potion of the project area, coincident with the Darling Fault and the semi-coincident with the magnetic and gravity anomalies (Figure 5). These anomalies (EM4 & EM5) may be associated with interpreted intrusive bodies.

The Darling fault records over 500 million years of intense shearing. The local rocks are intensely deformed, and the structure is believed to have acted as a major fluid pathway for mineralising fluids. Two gold prospects lie directly north of the Manjimup West block, along strike on the Darling Fault on a similar but smaller magnetic feature that Taruga’s Darling Anomaly.

Figure 5: Analytical Signal of the Vertical Integral (ASVI) Magnetics Image for the Manjimup West, showing the 38km Long Darling Magnetic Anomaly, Taruga Exploration Permits (Red), and the Darling and Manjimup Faults.

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Infill Airborne magnetics to a tighter spacing is being considered to further define the magnetic features, along with ground base EM over priority areas to identify potential massive sulphide mineralisation.

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Figure 6: Western Manjimup (E 70/5031) Two Bullseye Mid-Late Time VTEM Anomalies (175m CDI) and Interpreted Intrusive Bodies Highlighted in the Southern Portion of E70/5031.

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About the Manjimup project, Western Australia

Taruga holds 4 exploration licence applications in the Southwest Terrane/Greenbushes area of Western Australia (the Manjimup Project ). The Manjimup Project tenements have potential for Thor and Odin type Ni-PGE mineralisation, Volcanic Hosted Massive Sulphide (VHMS) polymetallic mineralisation, and Greenbushes tin-tantalum-lithium style of mineralisation.

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Figure 7: Taruga tenement location relative to Venture Minerals and Chalice Gold Mines.

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The next stage for the Manjimup Project is to complete the Environment Management plan and progress the grant of the tenements. Following grant, a program of surface geochemistry and detailed geological mapping will be undertaken to identify and define targets for detailed exploration. Follow-up geophysical programs including AEM, AM and ground-based EM are also being evaluated.

This announcement was approved by the Board of Taruga Minerals Limited.

For more information contact:

Thomas Line Eric de Mori CEO Director +61 8 9486 4036 +61 8 6169 2668

Competent person’s statement

The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Mr Bernard Aylward, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Processing and modelling of the geophysics has been conducted by Southern Geoscience Consultants, a geophysical consultant to the Company. Mr Aylward is a consultant of Taruga Minerals Limited. Mr Aylward 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 Resource and Ore Reserves”. Mr Aylward consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1 report template

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 (e.g. cut channels, random chips, or	Sampling reported is from field reconnaissance hand-held XRF analysis.
techniques	specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma	Hand held XRF is an Olympus Vanta M-series, geochemical setting.
	sondes, or handheld XRF instruments, etc). These examples should
	not be taken as limiting the broad meaning of sampling.	Rocks analysed are representative of area.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Limited samples due to extensive surficial cover, transported and residual laterite and vegetation
	• 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.
Drilling	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air	No drilling undertaken. Exploration activity is geological mapping
techniques	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).
Drill	• Method of recording and assessing core and chip sample recoveries	No drilling undertaken. Exploration activity is geological mapping
sample	and results asses
recovery	• Measures taken to maximise sample recovery and ensure

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Criteria	JORC Code explanation	Commentary
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	Exploration activity is field reconnaissance completed on available
	geotechnically logged to a level of detail to support appropriate	access tracks and field traverses. Geological notes were made to be
	Mineral Resource estimation, mining studies and metallurgical	included in an interpretation.
	studies.
		No drill logging was completed
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of the relevant intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	No sub-sampling was undertaken
sampling	taken.
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and
and sample	whether sampled wet or dry.
preparation	• For all sample types, the nature, quality and appropriateness of the
	sample preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the material
	being sampled.
Quality of	• The nature, quality and appropriateness of the assaying and	6 rock chip samples collected from E70/5029 were sent for lab analysis
assay data and	laboratory procedures used and whether the technique is considered partial or total.	to ALS Perth. Samples were analysed by ME-ICP61 and PGM-ICP23. Analysis included 2 repeats, 3 lab standards, 1 company standard, and
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	two blanks.
	the parameters used indetermining the analysis including instrument

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Criteria	JORC Code explanation	Commentary
tests	make and model, reading times, calibrations factors applied and their	All standards, blanks and repeats were within acceptable QA/QC limits
	derivation, etc.	for all elements.
	• Nature of quality control procedures adopted (e.g. standards, blanks,	Reported hand-held XRF results are a reconnaissance tool and are not
	duplicates, external laboratory checks) and whether acceptable levels	reported as an accurate laboratory analysis.
	of accuracy (i.e. lack of bias) and precision have been established.
Verification	• The verification of significant intersections by either independent or	Pt+Pd results were combined with Au results from lab analysis to give
of	alternative company personnel.	the reported “PGE3” value.
sampling	• The use of twinned holes.
and assaying	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	Sample points are located by GPS+5m accuracy
data points	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.
Data	• Data spacing for reporting of Exploration Results.	Sample spacing is random and is dependant of field access, traverses
spacing and	• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	and limited outcrop
distribution	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• Whether sample compositing has been applied.
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	No grid utilised. Field traverses were attempted perpendicular to the
of data in	possible structures and the extent to which this is known, considering	interpreted geological strike.
relation to	the deposit type.
geological	• If the relationship between the drilling orientation and the orientation
	of key mineralised structures is considered to have introduced a

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Criteria	JORC Code explanation	Commentary
structure	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	Samples analysed on site with hand-held XRF. Sample location
security		recorded and photographed. Samples to be assessed for Laboratory
		analysis and locations are recorded
Audits or	• The results of any audits or reviews of sampling techniques and data.	No audits completed.
reviews

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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	Taruga Minerals Ltd has applied for four tenements in the Manjimup
tenement	agreements or material issues with third parties such as joint	area. All tenements are 100% owned by Taruga, and were acquired as
and land tenure status	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 licence to operate in the area.	vacant ground. All tenements are in application stage, with correspondence and an Environmental Management plan currently being finalised. Tenements are E70/5029, 5030, 5031 & 5848
Exploration	• Acknowledgment and appraisal of exploration by other parties.	There are 3 separate application tenements presented in this release.
done by		Each have undergone different levels of historical exploration.
other		Exploration directly within the application tenements is extremely limited.
parties		Historical geophysical surveys (aeromagnetic) and gravity surveys
		completed by government cover the tenements.
		A historical VTEM survey was conducted by BHP over E70/5030
		however the resultant anomalies within the tenement were not followed
		up. A historical TEMPEST EM survey was conducted in the southern
		portion of the E70/5031 tenement application, presumably for exploration
		for heavy mineral sands.
		No evidence of previous sampling (apart from sparse government laterite
		sampling), or drilling with the tenements has been located.
		Exploration in the areas has targeted Tin/Tantalum/Lithium pegmatite
		mineralisation for which there is a historical working with E70/5029.
		Exploration in the area has also targeted VHMS, base metal and PGE
		mineralisation.

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Criteria	JORC Code explanation	Commentary
		Historical gold mining and prospecting has occurred adjacent to
		E70/5031 along strike to the north along the Darling Fault/Shear.
Geology	• Deposit type, geological setting and style of mineralisation.	The Manjimup project is considered prospective for base metal
		mineralisation including Cu-Ni-Co and PGE mineralisation. In addition,
		exploration on adjacent tenements has identified VHMS style
		mineralisation, and finally the Company will also review the potential for
		Tin/Tantalum/Lithium mineralisation associated with pegmatite veins.
		The geological model is appropriate as the geological setting of proximity
		to a craton margin (Yilgarn Craton), association with structural
		complexity and recognition of intrusive mafic and ultramafic units. The
		Government geological mapping has identified mafic and ultramafic units
		within the project area, and field reconnaissance completed by Taruga
		has observed these units in the area, and interpreted from
		aeromagnetics that these units may continue within the Taruga
		applications.
		The proposed exploration program has been designed to target this style
		of mineralisation and includes geological mapping, geochemical
		sampling, geophysical survey and re-processing (completed and
		reported in this announcement). This approach has been demonstrated
		to be successful in the southwest terrane of Western Australia
Drill hole	• A summary of all information material to the understanding of the	No drill hole data. Appropriate figures are included in the
Information	exploration results including a tabulation of the following information	announcement.
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.

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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,	No data aggregation
aggregation	maximum and/or minimum grade truncations (e.g. cutting of high
methods	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.
Relationship	• These relationships are particularly important in the reporting of	Announcement refers to field reconnaissance and geophysical review.
between	Exploration Results.	No reference is made to mineralisation
mineralisatio n widths and intercept	• If the geometry of the mineralisation with respect to the drill hole angle is 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 (e.g. ‘down hole length, true
	width not known’).
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	Appropriate diagrams of location, surface features and results are
	intercepts should be included for any significant discovery being	provided in the report.
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	Announcement reports initial field reconnaissance, limited field hand-held
reporting	practicable, representative reporting of both low and high grades	XRF analysis and geophysical re-processing.
	and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Taruga intends to continue a systematic exploration program to evaluate the project.
Other	• Other exploration data, if meaningful and material, should be reported	Detailed review and digitisation of the historical exploration and

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Criteria	JORC Code explanation	Commentary
substantive	including (but not limited to): geological observations; geophysical	geoscience data, and reprocessing of geophysical data was conducted
exploration	survey results; geochemical survey results; bulk samples – size and	by Southern Geoscience (SGS) and was accompanied by a detailed
data	method of treatment; metallurgical test results; bulk density,	report.
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (e.g. tests for lateral	An exploration program consisting of:
	extensions or depth extensions or large-scale step-out drilling).	Finalisation of Environmental Management plan to facilitate granting of
	• Diagrams clearly highlighting the areas of possible extensions,	licences
	including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Geological mapping, interpretation and Rock chip sampling
		Geochemical sampling to consist of auger geochemical sampling and
		multi-element analysis where existing access tracks are available
		Geophysical interpretation and review of further geophysical surveys.
		Ground-based and airborne EM over priority target areas.
		Higher resolution infill airborne magnetics.

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