TIVAN LIMITED — Capital/Financing Update 2024

Jul 4, 2024

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5 July 2024

Tivan and EARTH AI ready drill program at Sandover

• Further high-grade surface mineralisation discovered at Aileron Station (EL33099) with grades up to 23.8% lead (Pb) returned from surface rock sampling assays, the highest to date.

• New sampling results have constrained the extent of the mineralised area, supporting a revised drill program plan designed to assess the potential for a polymetallic mineral deposit in the area.

• Agreement in principle reached with the Central Land Council in respect of a Mineral Exploration Deed, with drill program expected to commence in Q3 2024.

• New Exploration Licences granted at the Sandover Project.

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to provide an update of the Company’s 100% owned Sandover Project. Sandover is located 100km north of Alice Springs and covers an area of approximately 8,000km[2] across two contiguous blocks of Exploration Licences and Exploration Licence Applications (14 tenements in total) in the Northern Arunta Pegmatite Province. In March, the Sandover Project was upgraded to a strategic priority at Tivan (see ASX announcement of 27 March 2024).

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Figure 1. Compilation of surface assays and geological observations across the Sandover Project

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Galena at Sandover, within improved mineralisation constraints

In recent months, activity at the Sandover Project has largely focused on advancing the high-grade lead and silver prospect at Aileron Station. A soil sample campaign and geological investigation was undertaken to further evaluate the distribution of Pb-Ag mineralisation across the prospect. Assay results have better constrained the mineralisation footprint, defining a 1.75 km x 750 m lead-enriched zone (Figure 2).

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Figure 2: Map of soil samples showing improved constraints of lead mineralisation

Primary Pb sulphides (galena) were identified as a result of petrographical studies on rock chips in the area (Figure 3).

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Figure 3. Petrographic thin sections in reflected light show galena

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Assay results have also better constrained the mineralisation footprint for silver, defining a 2.3 km x 300 m enriched zone (Figure 4).

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Figure 4. Map of soil samples showing improved constraints of silver mineralisation

New highest grade achieved for lead

The on-going geological investigation at Aileron has returned new rock samples depicting a mineralised zone with grades up to 23.8% Pb. This new rock chip assay almost doubles previous known enrichment concentration. The sample was taken within the north-south striking mineralised zone on the western flank of the prospect. The location of the sample is displayed in Figure 5 , in proximity to the prior highest grade results for lead and silver.

A table of new rock chip assay results is provided in Appendix 1 .

Revised drill program

Tivan and EARTH AI had previously designed a drill program to test both the high-grade lead and silver zones at Aileron Station. The new results have sharpened the focus of the program, resulting in changes that target the larger mineralised footprint to investigate the source at depth. Tivan and EARTH AI are working through planning processes with the NT Government and Central Land Council (“CLC”) in respect of these changes.

The revised drill program is shown in Figure 5 .

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Figure 5. Assay results & map of drill program targeting lead and silver mineralisation

New Exploration Licences granted

Tivan is also pleased to advise that new Exploration Licences within the Sandover Project have been granted: EL33106, EL33095, EL33096, EL33097 and EL33594.

EL33106 is in close proximity to the Molyhil Tungsten deposit, while licences EL33095, EL33096 and EL33097 are close to the Nolans REE deposit (see Figure 6 ). The location of EL33594 is shown in Figure 1 . The newly granted licenses provide an additional 1,573 km[2] in ground, expanding the Sandover Project to over 5000 km[2] of licensed area under grant.

Reconnaissance geological mapping of the new tenement areas will include a preliminary study involving the deployment of EARTH AI’s proprietary artificial intelligence software to locate potential areas of mineralisation. Field mapping will entail validating the targets generated by the AI software, alongside soil and rock chip survey sampling and detailed geological mapping undertaken by the team at EARTH AI.

This progression of newly prospective exploration areas reflects Tivan’s commitment to the Sandover Project as a strategic priority.

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Figure 6. Newly granted EL33106, EL33095, EL33096 & EL33097 increase the size of the Sandover Project

Engagement with Traditional Owners and Native Title Holders

Executive Chairman, Mr Grant Wilson, met with Traditional Owners near Dneiper (EL33105) in June, as part of Tivan’s ongoing commitment to early inclusive engagement with Traditional Owners and Native Title Holders. Further in person meetings are being scheduled for July and August for Dneiper (EL33105) and Aileron (EL33099).

Mr Wilson also met with the CLC in Alice Springs in June. Tivan has reached in principle agreement with the CLC in respect of a Minerals Exploration Deed for the Sandover Project, noting that different forms of land tenure are present across the Project. This deed is the basis for Tivan’s long-term engagement in central Australia and aims to achieve best practices on country.

Upcoming drill campaign and further works

For the upcoming drill campaign EARTH AI will deploy its in-house diamond drill team, prioritising the lead-silver, copper and lithium pegmatite targets across the Sandover Project. Tivan will announce via the ASX platform when the drill campaign commences.

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Meanwhile, EARTH AI continues to undertake soil and rock chip surveys to better constrain extents of the surface mineralisation at Aileron. Further soil sampling campaigns aim to constrain areas of lead and silver mineralisation that remain unconstrained, as shown in Figure 7.

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Figure 7. Future soil sampling campaigns are designed to further constrain unconstrained areas of lead and silver anomalies

A government co-funded geophysical Induced Polarisation survey will also be undertaken at Aileron (EL33099).

This survey will test the effectiveness of mapping a shallow source body associated with surface lead-silver mineralisation and the potential for identifying a deeper feeder source. The design includes a 50 m station dipoledipole and a 150 m station pole-dipole across the primary target. A single line of 100 m dipole-dipole has also been included over the northern magnetic anomaly.

The design of this survey is shown in Figure 8 .

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Figure 8. IP survey designed across the lead-silver prospects with additional line testing a magnetic anomaly

EARTH AI also plans to conduct additional rock chip and soil surveys at Dneiper (EL33105) focusing on the Li-prospect of highly differentiated pegmatites and Cu-mineralisation of a potential IOCG prospect for the drill program survey to further constrain the target drill areas before commencement.

Comment from Tivan Executive Chairman

Mr Grant Wilson commented:

“Our update today shows the Sandover Project taking shape in practically real time and highlights the differentiated value proposition that EARTH AI has brought through its AI technology and data skills. We are excited to be in the final preparatory stage of what may be a historic drill campaign at Aileron. And we are pleased to be progressing across the entire Project landscape, setting the stage for several years of discovery ahead”.

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

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Inquiries:

Tony Bevan

Company Secretary: + 61 8 9327 0900 Email: corporate@tivan.com.au

Elena Madden

True North Strategic Communication (Darwin): + 61 8 8981 6445 Email: elena@truenorthcomm.com.au

Ends

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Competent Person’s Statement

Tivan’s exploration activities in the Northern Territory 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.

The information in this announcement that relates to exploration results for the Sandover Project has been extracted from the Company’s previous ASX announcements entitled "High-Grade Lead Identified at Tivan's Sandover Project" dated 4 March 2024, "High Grade Silver Discovered at Tivan's Sandover Project" dated 16 April 2024 and “Lead-Silver Mineralisation Extended at Sandover Project” dated 23 April 2024. Copies of these announcements are available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. Tivan confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

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 the future studies, project development and other work. Indications of, and guidance or outlook on, future earnings or financial position or performance 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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APPENDIX A – NEW ASSAY RESULTS

ASX Compliance Note: rock chips are random, subject to bias and often unrepresentative for the typical widths required for economic consideration. Measures specified in ASX LR 5.7 relating to drill-hole collar, dip and azimuth are not relevant for surface sampling.

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Table 1: Sandover Project - Results from the recent soil survey campaign across Aileron Station

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Table 2: Sandover Project - Results from the rock chip assays at Aileron Station

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JORC Code, 2012 Edition - Table 1 Report

		SECTION 1 SAMPLING TECHNIQUES AND DATA
Criteria	JORC Code explanation		Commentary
Sampling techniques	•	Nature and quality of sampling (eg cut channels, random chips,	•	Rock chip and grab samples were
		or specific specialised industry standard measurement tools		taken from numerous locations
		appropriate to the minerals under investigation, such as down		throughout prospective areas.
		hole gamma sondes, or handheld XRF instruments, etc). These	•	Our sampling methodology was
		examples should not be taken as limiting the broad meaning of		primarily rock chip and grab sampling of
		sampling.		visible outcrop and float. The nature of
	•	Include reference to measures taken to ensure sample		this sampling method does not
		representivity and the appropriate calibration of any		constrain grade across significant
		measurement tools or systems used.		areas.
	•	Aspects of the determination of mineralisation that are Material	•	This type of first pass rock chip
		to the Public Report.		sampling is considered standard and
	•	In cases where ‘industry standard’ work has been done this		appropriate for assessing tenor of
		would be relatively simple (eg ‘reverse circulation drilling was		across the prospective areas. The
		used to obtain 1 m samples from which 3 kg was pulverised to		laboratory methods are appropriate.
		produce a 30 g charge for fire assay’). In other cases more	•	Samples taken weighed about a
		explanation may be required, such as where there is coarse		kilogram.
		gold that has inherent sampling problems. Unusual	•	Soil samples were taken from a depth
		commodities or mineralisation types (eg submarine nodules)		of approximately 30cm by spade on
		may warrant disclosure of detailed information.		traverse lines with intermittent sample
				spacing. Samples were not sieved in
				the field due to wet conditions. The
				500g samples were dispatched to ALS
				Adelaide for processing.
			•	Soil sample spacing was conducted on
				approximately 250-350m intervals,
				which is appropriate for first pass
				exploration. The pattern is based on the
				suspected orientation of mineralisation
				whereby the sample points are across
				strike and spread out along strike.
Drilling techniques	•	Drill type (eg core, reverse circulation, open-hole hammer,	•	No drilling is reported in this release.
		rotary air blast, auger, Bangka, sonic, etc) 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 recovery	•	Method of recording and assessing core and chip sample	•	No drilling is reported in this release.
		recoveries and results assessed.
	•	Measures taken to maximise sample recovery and ensure
		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	•	No drilling is reported in this release.
		geotechnically logged to a level of detail to support appropriate		Logging of rock chip samples record
		Mineral Resource estimation, mining studies and metallurgical		lithology, minerology, mineralisation,
		studies.		structures, textures, and other
	•	Whether logging is qualitative or quantitative in nature. Core (or		noticeable features. Rock chip samples
		costean, channel, etc) photography.		are photographed for reference.
	•	The total length and percentage of the relevant intersections
		logged.

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Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	Samples were delivered to ALS
techniques and sample		core taken.		Geochemistry, Pooraka SA for
preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and		laboratory analysis. Sample preparation
		whether sampled wet or dry.		will comprise of an industry standard of
	•	For all sample types, the nature, quality and appropriateness of		drying, jaw crushing and pulverising to -
		the sample preparation technique.		75 microns (85% passing) (ALS code
	•	Quality control procedures adopted for all sub-sampling stages		PUL-21 and PUL-22). Pulverisers are
		to maximize representivity of samples.		washed with QAQC tests undertaken
	• •	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.	•	(PUL-QC). Samples are dried, crushed and pulverized to produce a homogenous representative sub- sample for analysis. Laboratory QC procedures for rock sample assays involve the use of
				internal certified reference material as
				assay standards, along with blanks and
				duplicates.
			•	Representative
				sampling/measurements are not
				appropriate for this stage of
				explorations.
			•	The size of the rock chip samples is
				appropriate for this stage of exploration
Quality of assay data	•	The nature, quality and appropriateness of the assaying and	•	All samples were sent to ALS
and laboratory tests		laboratory procedures used and whether the technique is		Geochemistry, Pooraka SA for analysis.
		considered partial or total.	•	Samples are pulverised to 85% passing
	•	For geophysical tools, spectrometers, handheld XRF		75 microns. An 48 element suite are
		instruments, etc, the parameters used in determining the		analysed using 4-acid digest and a ICP
		analysis including instrument make and model, reading times,		finish (ALS code: ME-MS61r). The
		calibrations factors applied and their derivation, etc.		lower detection limit for Cu and Li is 0.2
	•	Nature of quality control procedures adopted (eg standards,		ppm which is believed to be a
		blanks, duplicates, external laboratory checks) and whether		reasonable detection limit. Additionally
		acceptable levels of accuracy (ie lack of bias) and precision		samples were analysed for precious
		have been established.		elements (ALS code: PGM-ICP23).
			•	Standards and blanks were used as
				standard practices by ALS Global
				following standard QAQC protocols.
			•	For samples that showed overlimit
				readings in ME-MS61r, ore-grade
				assays methods were used (Ag-OG61,
				Pb-OG62)
Verification of sampling	•	The verification of significant intersections by either	•	No drilling is reported in this release.
and assaying		independent or alternative company personnel.	•	Primary field data is recorded on an
	•	The use of twinned holes.		iphone using Fieldmove Clino
	•	Documentation of primary data, data entry procedures, data		application. Assay data analysis and
		verification, data storage (physical and electronic) protocols.		interpretation is performed on a laptop
	•	Discuss any adjustment to assay data.		using Excel. This encompasses
				geological logs, sample details, and
				QA/QC insights. This information,
				alongside the assay results, is saved
				locally and uploaded to a central online
				database. Every primary assay result is
				obtained from the lab in the form of
				digital files and incorporated into the
				sampling database, ensuring
				verification processes. Each lab report
				undergoes a QAQC review.

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			•	Primary assay data gathered for
				reporting on assay grades and
				mineralized intervals will not be subject
				to any modifications or calibrations. In
				the analysis of geological components,
				recognized standards and factors might
				be employed to estimate the oxide form
				of assayed elements or determine the
				levels of minerals free from volatile
				compounds within rock specimens.
Location of data points	•	Accuracy and quality of surveys used to locate drill holes (collar	•	An iPhone 14 dual frequency GPS was
		and down-hole surveys), trenches, mine workings and other		used to pick up locations of samples
		locations used in Mineral Resource estimation.		with an accuracy of 1m to 5m
	•	Specification of the grid system used.	•	The grid system used is WGS84
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	Rock chip sampling is applicable to this
distribution	•	Whether the data spacing and distribution is sufficient to		level of reconnaissance of this work
		establish the degree of geological and grade continuity	•	No mineral resource or reserve
		appropriate for the Mineral Resource and Ore Reserve		calculation have been applied.
		estimation procedure(s) and classifications applied.	•	No sample composting have been
	•	Whether sample compositing has been applied.		applied.
Orientation of data in	•	Whether the orientation of sampling achieves unbiased	•	Samling was conducted at visible
relation to geological		sampling of possible structures and the extent to which this is		outcropping units and focused on areas
structure		known, considering the deposit type.		expressing notable variation, alteration,
	•	If the relationship between the drilling orientation and the		or mineralization. Due to the early stage
		orientation of key mineralised structures is considered to have		of the prospects and poor
		introduced a sampling bias, this should be assessed and		understanding of geology, the relation
		reported if material.		of sampling relative to geological
				structures in unknown.
			•	No previous historic drilling has been
				conducted.
Sample security	•	The measures taken to ensure sample security.	•	All samples are placed into labeled
				calico bags and transported in a box
				stored inside a car. Samples are sent
				via courier to ALS Geochemistry
				laboratory in Pooraka SA. All sample
				submissions are documented via the
				ALS tracking system with results
				reported via email.
Audits or reviews	•	The results of any audits or reviews of sampling techniques	•	Sampling and data methodologies and
		and data.		practices are regularly reviewed
				internally. To date, no external audits
				have been completed on this project.
		SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria		JORC Code explanation		Commentary
Mineral tenement and	•	Type, reference name/number, location and ownership	•	The prospective areas lie within the
land tenure status		including agreements or material issues with third parties such		exploration license EL33099, part of the
		as joint ventures, partnerships, overriding royalties, native title		Sandover Project. This license is held
		interests, historical sites, wilderness or national park and		by Tivan Limited. Tivan and EARTH AI
		environmental settings.		are in a success-based exploration
	•	The security of the tenure held at the time of reporting along		alliance, where EARTH AI can earn
		with any known impediments to obtaining a licence to operate		royalties in the event of drilling and
		in the area.		meeting a qualified drilling intersection.
				There are no royalties or
				encumbrances over the tenement areas
				at present.
			•	The land is primarily pastoral leases
				land.

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				•	Native Title tribunal IDs DCD2014/009
					and DCD2017/001 exist over the
					exploration license area.
Exploration done by	•	Acknowledgment and appraisal of exploration by other parties.		Historical exploration included:
other parties				•	The previous exploration undertaken
					across the whole project area is outside
					the scope of this announcement;
					therefore, the previous work relating to
					the findings are presented here.
				•	CRA Exploration Pty Ltd – Exploration
					efforts were focused by CRA in 1971 on
					the Mt. Byrne area in efforts to identify
					kimberlite deposits. Soil and rock
					surface samples were taken and
					followed by a drilling campaign. Results
					showed only siliceous rock and no
					kimberlites were identified.
Geology	•	Deposit	type, geological setting, and style of mineralisation.	•	The project is located in the Arunta
					Pegmatite Province, in southern-central
					Northern Territory, Australia. The
					Arunta Pegmatite province is situated
					within the Archean to Paleoproterozoic-
					aged Arunta Block of the North
					Australian Craton. During this time the
					Arunta Block experienced multiple
					episodes of orogenic deformation and
					the formation of granitic intrusions. In
					the Mesoproterozoic the Arunta Block
					was intruded by a pegmatite swarm
					which emplaced into the granitic and
					metamorphic hosts. This was followed
					by further deformation and
					metamorphism during the
					Neoproterozoic to Palaeozoic periods
					which formed a series of schists,
					gneisses, and migmatites. An
					extensional tectonic regime in the
					Mesozoic caused basins to form,
					resulting in the deposition of
					sedimentary units. The Arunta Block
					was uplifted and exhumed in the
					Cenozoic resulting in the formation of
					numerous REE rich alluvial deposits.
				•	Not enough is known about the newly
					discovered prospects to accurately
					determine the style of mineralisation,
					however elemental enrichments of Pb
					and P suggests secondary supergene
					enrichment of a shallow subsurface
					deposit.
Drill hole Information	•	A summary of all information material to the understanding of		•	No drilling is reported in this release.
		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
		o	down hole length and interception depth

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		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 aggregation	•	In reporting Exploration Results, weighting averaging	•	Not applicable. No aggregation_._
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 between	•	These relationships are particularly important in the reporting of	•	Not applicable, no drilling reported in
mineralisation widths		Exploration Results.		this release.
and intercept lengths	•	If the geometry of the mineralisation with respect to the drill
		hole angle is known, its nature should be reported.
	•	If it is not known and only the down hole lengths are reported,
		there should be a clear statement to this effect (eg ‘down hole
		length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of	•	Refer to Figures in the body of the text.
		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.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is	•	See the body of the report.
		not practicable, representative reporting of both low and high
		grades and/or widths should be practiced to avoid misleading
		reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be	•	All material or meaningful data
exploration data		reported including (but not limited to): geological observations;		collected has been included in this
		geophysical survey results; geochemical survey results; bulk		report. Geological results are further
		samples – size and method of treatment; metallurgical test		discussed in the text of the report.
		results; bulk density, groundwater, geotechnical and rock
		characteristics; potential deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned further work (eg tests for	•	See body of report
		lateral extensions or depth extensions or large-scale step-out	•	See figures in body of report
		drilling).	•	Future exploration will be planned on
	•	Diagrams clearly highlighting the areas of possible extensions,		results attained from geologic mapping
		including the main geological interpretations and future drilling		and sampling.
		areas, provided this information is not commercially sensitive.

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