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TIVAN LIMITED Capital/Financing Update 2024

Nov 7, 2024

65967_rns_2024-11-07_0b099396-8f19-4450-9612-40dced07d632.pdf

Capital/Financing Update

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8 November 2024

Commencement of Drilling at the Speewah Fluorite Project

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to advise that the Company’s first phase of drilling at the Speewah Fluorite Project in Western Australia (“Project”) has commenced, with contractor DDH1 Drilling beginning diamond drilling earlier this week.

The Speewah Fluorite Project is located 100km south of the port of Wyndham, and 110km south-west of Kununurra, in the Kimberley region of north-east Western Australia. The Project forms part of the broader Speewah Project, which covers an area of 226km[2] . In July 2024, the Company completed a Pre-Feasibility Study (“PFS”) for the Project for a mining and processing operation of fluorite ore to produce acid grade fluorspar, confirming the technical and economic robustness of the Project on the basis of the PFS assumptions (see ASX announcement of 30 July 2024).

Tivan has developed a detailed phased drill plan for the Speewah Fluorite Project, including exploration, resource extension, metallurgical testwork, geotechnical and hydrogeological drilling (see ASX announcement of 18 September 2024). Tivan commenced ground-disturbing works to facilitate the drill plan three weeks ago (see ASX announcement of 11 October 2024).

The first phase of drilling is prioritising metallurgical testwork drilling, with up to eleven diamond drill holes planned across the existing resource to provide core sampling for further testwork in support of the next stage of Project development and resource management following completion of the PFS. Metallurgical testwork will provide essential data on ore characteristics and will be used to provide ongoing assurance of ore quality, ensuring the Project’s operational efficiency and attainment of product specifications. Images of the core returned from the first drill hole along with geological descriptions and data are provided below.

The Speewah Fluorite Project hosts a JORC compliant Indicated and Inferred Resource of 37.3 million tonnes at 9.1% CaF2 (at a 2% CaF2 cut-off grade) for 3.39 million tonnes CaF2 (see ASX announcement of 22 April 2024). The Resource includes a high-grade component of 8.6 million tonnes at 22.8% CaF2 (at a 10% CaF2 cut-off grade) for 1.95 million tonnes CaF2. Refer to Annexure A for details of the Speewah Fluorite Project Mineral Resource estimate.

Comment from Tivan Executive Chairman

Mr Grant Wilson commented:

“Tivan is delighted to have commenced the drill campaign at the Project well ahead of the arrival of the wet season. With the ongoing support of DDH1 and Ngarranggarni Civil and Mining, we are making excellent progress.

The timely commencement of the drill campaign is highly supportive of our Project schedule and has been well received by Sumitomo Corporation, our Strategic Alliance partner for the Speewah Fluorite Project.”

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DDH1 diamond drill rig

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Diamond drilling in progress

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Setting up for diamond drill hole

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Diamond drilling in progress

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**Diamond Core Image 1 ***

Significant fluorite veining in sandstone with silicic alteration and brecciation

Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz, silica

Interval: 65.2m – 67.4m (drill hole SFM24017)

Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data

**Diamond Core Image 2 ***

Fluorite vein intercept displaying fluorite mineralisation of multiple colours. Sulphides present as well as brecciation of host sandstone lithology.

Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz, silica

Interval: 54.35m – 54.55m (drill hole SFM24017)

Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data

* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

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Diamond Core Image 3

Brecciated sandstone with minor fluorite veining ~2cm in width.

Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz

Interval: 68.0m – 68.27m (drill hole SFM24017)

Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data

**Diamond Core Image 4 ***

Fluorite vein intercept displaying fluorite mineralisation of multiple colours. Sulphides present as well as brecciation of host sandstone lithology. Quartz crystal growth present.

Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz

Interval: 49.10m – 49.25 (drill hole SFM24017)

Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data

* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

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Hole ID From
(m)
To
(m)
Width
(m)
Mineralisation Visual
**Estimate (%) ***
SFM24017 40.5 42.0 1.5 Fluorite 30
42.0 44.5 2.5 Fluorite 10
44.5 49.2 4.7 Fluorite 5
50.4 57.2 6.8 Fluorite 5
64.0 70.0 6.0 Fluorite 20

Table 1 - Mineralised intervals for the first drill hole (SFM24017) (intervals are down hole length, true width not known)

* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Hole ID Easting Northing Azimuth Dip Depth (m) Locality
SFM24017 390,870.5 8,185,688.7 289 -60 80 Speewah Fluorite Project

Table 2 - Drill collar data

Tivan is planning to send samples from the first phase of the drill program in batches to an assay laboratory in Perth. The timing of dispatch and expected receipt of assays depends upon progress achieved with the drill program and is subject to weather-related risks. On baseline scheduling, Tivan expects to report assay results in December and January.

This announcement has been approved by the Board of the Company.

Inquiries:

Nicholas Ong

Company Secretary: + 61 8 9486 4036 Email: [email protected]

Elena Madden

True North Strategic Communication (Darwin): + 61 8 8981 6445 Email: [email protected]

Ends

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Competent Person’s Statement

Tivan’s exploration activities, including for the Speewah Project, are being overseen by Mr Stephen Walsh (BSc). The information that relates to exploration results in this announcement is based on and fairly represents information and supporting documentation prepared and compiled by Mr Walsh, a Competent Person, who is the Chief Geologist and an employee of Tivan, and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Walsh has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Mr Walsh consents to the inclusion in this announcement of the matters based on information compiled by him in the form and context which it appears.

Speewah Fluorite Project – Production Target and Forecast Financial Information

This announcement includes information extracted from the Company’s ASX announcement entitled “Pre-Feasibility Study for Speewah Fluorite Project” dated 30 July 2024 in relation to a production target and forecast financial information disclosed in the Pre-Feasibility Study (“PFS”) for the Speewah Fluorite Project. A copy of this announcement is available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target disclosed in the announcement dated 30 July 2024 and titled “Pre-Feasibility Study for Speewah Fluorite Project” continue to apply and have not materially changed.

Speewah Fluorite Mineral Resource

The information in this announcement related to the Speewah Fluorite Mineral Resource estimate is extracted from an ASX announcement entitled “Tivan Upgrades Resource Estimate - Speewah Fluorite Project” and is dated 22 April 2024 and is available to view at www.tivan.com.au/investors/asx-announcements and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement, and, in the case of the estimate of the Mineral Resource, that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the relevant announcement 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 announcement.

Forward Looking Statement

This announcement contains certain “forward-looking statements” and comments about future matters. Forwardlooking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “estimate”, “target”, “outlook”, and other similar expressions and include, but are not limited to, the timing, outcome and effects of exploration, test work, future studies, project development and other work. Indications of, and guidance or outlook on, test results, future earnings, financial position, performance of the Company or global markets for relevant commodities are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this announcement speak only as of the date hereof, are preliminary views and are based on assumptions and contingencies subject to change without notice. Forward-looking statements are provided as a general guide only. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors and may involve significant elements of subjective judgement and assumptions that may cause actual results, performance and achievements to differ. Except as required by law the Company undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements in the future, regardless of whether new information, future events or results or other factors affect the information contained in this announcement.

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Annexure A - Speewah Fluorite Project Mineral Resource

The Speewah Fluorite Mineral Resource estimate set out below in Table 1 was released in an ASX Announcement entitled “Tivan Upgrades Resource Estimate - Speewah Fluorite Project” on 22 April 2024 in accordance with the JORC Code (2012). The Mineral Resource estimate was completed by SRK Consulting (Australasia) Pty Ltd.

Table 1 - Speewah Fluorite Mineral Resource 2024 (source: SRK)

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1. Differences in totals may occur due to rounding

2. The 2% cut off is based on a USD600 Fluorite (CaF2) average price from Q1 2024 and Revenue Factor of 1.5

3. The 2% cut off Mineral Resource is inclusive of the 10% High Grade resource

4. The Mineral Resource is reported within a constraining Revenue Factor 1.5 pit shell based on a USD600 Fluorite price

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Annexure B - JORC Code, 2012 Edition: Table 1 Report

SECTION 1 SAMPLING TECHNIQUES AND DATA SECTION 1 SAMPLING TECHNIQUES AND DATA SECTION 1 SAMPLING TECHNIQUES AND DATA
Criteria JORC Code explanation Commentary
Sampling Nature and quality of The diamond drill core was PQ in this drilling program.
techniques sampling (eg cut channels, Diamond core sample intervals are quickly logged for lithology and photographed
random chips, or specific and placed into numbered trays before shipping to ALS Perth laboratory for
specialised industry standard sampling.
measurement tools Mineralisation was determined using lithological changes.
appropriate to the minerals
under investigation, such as
down hole gamma sondes, or
handheld XRF instruments,
etc). These examples should
not be taken as limiting the
broad meaning of sampling.
Include reference to
measures taken to ensure
sample representivity and the
appropriate calibration of any
measurement tools or
systems used.
Aspects of the determination
of mineralisation that are
Material to the Public Report.
In cases where ‘industry
standard’ work has been
done this would be relatively
simple (eg ‘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 (eg submarine nodules)
may warrant disclosure of
detailed information.
Drilling Drill type (eg core, reverse Diamond drilling contractor for Tivan Limited’s drilling program is DDH1.
techniques circulation, open-hole The diamond drill core is PQ sized.
hammer, rotary air blast, All core is oriented.
auger, Bangka, sonic, etc) All drilling was commissioned and managed by Tivan Limited.
and details (eg 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 sample Method of recording and Core loss was measured for each drilling run and recorded.
recovery assessing core and chip Recoveries were determined to be very good.
sample recoveries and results
The core has not yet been sampled for analysis, no assays have been received from
assessed. the drilling program.
Measures taken to maximise
sample recovery and ensure

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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 The core was logged to a level consistent with industry standards and appropriate
samples have been to support Mineral Resource estimation.
geologically and Logging is both qualitative and quantitative.
geotechnically logged to a 100% of the drill core sampled by Tivan Limited has been logged.
level of detail to support
appropriate Mineral Resource
estimation, mining studies
and metallurgical studies.
Whether logging is qualitative
or quantitative in nature. Core
(or costean, channel, etc)
photography.
The total length and
percentage of the relevant
intersections logged.
Sub-sampling If core, whether cut or sawn The core has not yet been sampled for analysis; no assays have been received from
techniques and and whether quarter, half or the drilling program.
sample all core taken.
preparation If non-core, whether riffled,
tube sampled, rotary split, etc
and whether sampled wet or
dry.
For all sample types, the
nature, quality and
appropriateness of the
sample preparation
technique.
Quality control procedures
adopted for all sub-sampling
stages to maximize
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 The core has not yet been sampled for analysis; no assays have been received from
assay data and appropriateness of the the drilling program.
laboratory tests assaying and laboratory
procedures used and whether
the technique is considered
partial or total.

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For geophysical tools,
spectrometers, handheld XRF
instruments, etc, the
parameters used in
determining the analysis
including instrument make
and model, reading times,
calibrations factors applied
and their derivation, etc.
Nature of quality control
procedures adopted (eg
standards, blanks, duplicates,
external laboratory checks)
and whether acceptable
levels of accuracy (ie lack of
bias) and precision have
been established.
Verification of The verification of significant The core has not yet been sampled for analysis; no assays have been received from
sampling and intersections by either the drilling program.
assaying independent or alternative
company personnel.
The use of twinned holes.
Documentation of primary
data, data entry procedures,
data verification, data storage
(physical and electronic)
protocols.
Discuss any adjustment to
assay data.
Location of Accuracy and quality of Drill collars have been located by handheld GPS.
data points surveys used to locate drill The adopted grid system is GDA 94 Zone 52.
holes (collar and down-hole
surveys), trenches, mine
workings and other locations
used in Mineral Resource
estimation.
Specification of the grid
system used.
Quality and adequacy of
topographic control.
Data spacing Data spacing for reporting of Data spacing is between 10 m and 80 m along strike at surface and between 20 m
and distribution Exploration Results. and 80 m at 100 m depth. Veins have also been intersected an at a depth of 400 m
Whether the data spacing in approximately 1 km spaced drilling. 80 m strike spacing is sufficient to establish
and distribution is sufficient to Inferred continuity. 40 m is typical of Indicated material. No Measured Resource has
establish the degree of been allocated.
geological and grade Data reporting in this announcement is not being utilised to establish geological or
continuity appropriate for the grade continuity for the purposes of Mineral Resource and Ore Reserve estimation.
Mineral Resource and Ore No data is currently applied for these estimation procedures or classifications.
Reserve estimation
procedure(s) and
classifications applied.
Whether sample compositing
has been applied.
Orientation of Whether the orientation of Holes are typically drilled oriented across the strike of the sub-vertical mineralisation
data in relation sampling achieves unbiased intersecting at dip angles between 10 and 70 degrees.
to geological sampling of possible The relationship between the drilling orientation and the orientation of key
structure structures and the extent to mineralised structures is not considered to have introduced a sampling bias.

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which this is known,
considering the deposit type.
If the relationship between
the drilling orientation and the
orientation of key mineralised
structures is considered to
have introduced a sampling
bias, this should be assessed
and reported if material.
Sample The measures taken to The core samples will be sent to ALS Perth by courier where they will be cut and
security ensure sample security. sampled then assayed.
Core is currently stored on site within the confines of the secure camp.
Audits or The results of any audits or No external audits have been completed.
reviews reviews of sampling
techniques and data.
SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria JORC Code Commentary
explanation
Mineral Type, reference The Speewah Project comprises two Exploration Licences (E80/2863, E80/3657),
tenement and name/number, location and three Mining Leases (M80/267, M80/268, M80/269) and two Miscellaneous
land tenure ownership including Licences (L80/43, L80/47). The tenements are 100% owned by Speewah Mining
status agreements or material Pty Ltd (a wholly owned subsidiary of Tivan Limited), and are located over the
issues with third parties such Speewah Dome, 100 km SW of Kununurra In the East Kimberley. The drilling
as joint ventures, described in this announcement was completed on M80/269. The tenements are in
partnerships, overriding good standing and no known impediments exist. An application for extension of the
royalties, native title interests, term of E80/2863 is in progress.
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.
Exploration Acknowledgment and The deposit has been explored by numerous parties from 1970 to the present. A
done by other appraisal of exploration by comprehensive record of this exploration is contained in the Western Australian
parties other parties. department of Energy, Mines, Industrial regulation and Safety – online systems
Mineral exploration reports (WAMEX) at https://www.dmp.wa.gov.au/WAMEX-
Minerals-Exploration-1476.aspx.
The most significant of these companies are:
-
Great Bounder Mines / North Kalgoorlie Mines
-
Elmina N.L.
-
Speewah Resources
-
Doral Resources
-
NiPlats
-
King River Copper
Geology Deposit type, geological The Greenvale Fault forms the eastern margin of the Kimberley Block and consists
setting, and style of of a series of intersecting faults. Fluorite mineralisation is mainly hosted by north
mineralisation. northeast and north trending faults within the Greenvale Fault, with minor
occurrences along north trending normal faults within the Speewah Dome. The
Early Proterozoic, Valentine Siltstone and Lansdowne Arkose of the Speewah
Group host most of the mineralisation and outcrop as linear north northeast trending
ridges. These sediments dip 10° to 20° to the SE. The other major unit exposed in
the core of the dome is the Hart Dolerite (1703 Ma), which was emplaced as a sill
predominantly within the Valentine Siltstone.
The predominantly white fluorite mineralisation occurs mainly within tabular steeply
dipping veins showing very good strike continuity often over several hundred metres
in length. The veins range in thickness from less than 1 m to 15 m, often flanked by

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lower grade stockwork and stringer veins, forming an overall envelope up to 50 m
wide.
The fluorite veins have been mapped in three prospect areas known as Main Zone,
West Zone and Central Zone over an area of approximately 160 km2. Potential also
exists under soil covered areas and in steep topographical areas within the district.
In the Main Zone, at least nine fluorite vein sets have been mapped over a strike
length of 8 km.
The following description is after Crossing 2004 and SRK’s observations concur with
the various mineralisation settings described.
Fluorite is associated with quartz-feldspar veining but is younger. It occurs in the
various settings previously discussed:
Large, persistent veins occupying the main northerly and northeasterly trending
structures.
Fault breccias and brecciated veins occupying the main structures.
Stockworks and breccias hosted preferentially by the sandstone and to a lesser
extent by the dolerites adjacent to the main structures.
En-echelon vein sets trending northwest between structures.
En-echelon vein set trending northeast (rare).
Thin persistent veinlets following jointing mainly in the siltstones (rare).
Thin persistent veinlets following bedding planes in the siltstones (rare).
The larger veins range in thickness up to 15 metres and are up to 800 m long. They
have similar persistence down-dip within the faults and have been intersected in
several holes as deep as 400 m below surface, albeit it only in the order of 0.5 m
wide at that depth.
The stockworks tend to occur adjacent to the main faults and are dominantly hosted
by the brittle sandstone unit, although reasonable stockwork veining sometimes
occurs in the dolerites. Best fluorite intersections occur where the main northerly
trending faults contain fluorite in the form of veins and breccias, and the adjoining
wall rocks (usually hanging wall) contain sandstone hosted stockwork veining. The
en-echelon vein systems usually have a lower density of veining than the stockwork
and hence a lower fluorite grade globally.
The fluorite veins are younger and crosscut the earlier quartz-feldspar veins, as
seen in the photo above. They also often form co-axially in the centre of the quartz-
feldspar veins, and as vugh fill within them and in the matrix of quartz-feldspar vein
breccia. Later carbonate veins crosscut all earlier features. Carbonate and quartz
also infill voids in the fluorite veins, and occasionally quartz veinlets cut across
fluorite veins. The fluorite is dominantly green to whitish in colour with less common
purple coloured fluorite. In outcrop it weathers to a grey-white colour. It is generally
coarsely crystalline often with euhedral crystals infilling open spaces. The green-
coloured fluorite appears to be younger than the purple-coloured variety.
Drill hole A summary of all information
Information material to the understanding
of the exploration results
including a tabulation of the
following information 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

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o
down hole length
and interception
depth
o
hole length.
If the exclusion of this
information is justified on the
basis that the information is
not Material and this
exclusion does not detract
from the understanding of the
report, the Competent Person
should clearly explain why
this is the case.
Data In reporting Exploration No assays have been received at date of publication of this release.
aggregation Results, weighting averaging
methods techniques, maximum and/or
minimum grade truncations
(eg cutting of high grades)
and cut-off grades are usually
Material and should be
stated.
Where aggregate intercepts
incorporate short lengths of
high grade results and longer
lengths of low grade results,
the procedure used for such
aggregation should be stated
and some typical examples of
such aggregations should be
shown in detail.
The assumptions used for
any reporting of metal
equivalent values should be
clearly stated.
Relationship These relationships are No assays have been received at date of publication of this release.
between particularly important in the
mineralisation reporting of Exploration
widths and Results.
intercept If the geometry of the
lengths mineralisation with respect to
the drill hole angle is known,
its nature should be reported.
If it is not known and only the
down hole lengths are
reported, there should be a
clear statement to this effect
(eg ‘down hole length, true
width not known’).
Diagrams Appropriate maps and No new drilling is reported in this release.
sections (with scales) and
tabulations of intercepts
should be included for any
significant discovery being
reported These should
include, but not be limited to a
plan view of drill hole collar
locations and appropriate
sectional views.

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Balanced Where comprehensive No assays have been received at date of publication of this release.
reporting reporting of all Exploration
Results is not practicable,
representative reporting of
both low and high grades
and/or widths should be
practiced to avoid misleading
reporting of Exploration
Results.
Other Other exploration data, if All relevant data is included in the body of the announcement.
substantive meaningful and material,
exploration should be reported including
data (but not limited to): geological
observations; geophysical
survey results; geochemical
survey results; bulk samples
– size and method of
treatment; metallurgical test
results; bulk density,
groundwater, geotechnical
and rock characteristics;
potential deleterious or
contaminating substances.
Further work The nature and scale of See body of announcement.
planned further work (eg tests
for lateral extensions or depth
extensions or large-scale
step-out drilling).
Diagrams clearly highlighting
the areas of possible
extensions, including the
main geological
interpretations and future
drilling areas, provided this
information is not
commercially sensitive.

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