TIVAN LIMITED — Capital/Financing Update 2024

Apr 21, 2024

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22 April 2024

Tivan Upgrades Mineral Resource Estimate for the Speewah Fluorite Project

• Mineral Resource estimate completed by SRK Consulting (Australasia) Pty Ltd for the Speewah Fluorite Project confirms Speewah as one of the largest high-grade fluorite resources globally.

• Speewah hosts a JORC compliant Indicated and Inferred Resource of 37.3 million tonnes at 9.1% CaF2 (2% CaF2 cut-off grade) containing 3.39 million tonnes CaF2; ~62% of the resource tonnage is in the Indicated category.

• The Mineral Resource estimate includes a high-grade component of 8.6 million tonnes at 22.8% CaF2 (10% CaF2 cut-off grade) containing 1.95 million tonnes CaF2.

• Resource update represents a 37% increase in tonnage at a 2% CaF2 cut-off grade, and a 28% increase in tonnage at a 10% CaF2 cut-off grade, compared to the prior resource estimate in 2018.

• Drill program being planned with the primary aim of expanding the resource, targeting fluorite mineralisation along strike of and below the existing Mineral Resource, and at proximal veins outside of the Mineral Resource.

• Tivan and SRK are also evaluating development of an Exploration Target in support of resource expansion opportunities, to be determined in May.

• Surface mineralisation provides scope for shallow, open-cut mine plan, in support of an onsite processing operation with low technical risk and proximate location to the Port of Wyndham in the East Kimberley region.

• Pre-Feasibility Study with Lycopodium is progressing to assess the technical and economic feasibility of a mining and processing operation at the Speewah site to produce acid grade fluorspar.

• Fluorite is processed to produce fluorspar products, used in existing industrial processes and emerging sectors including lithium-ion batteries, solar cells and semiconductor manufacturing.

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to report an updated JORC compliant Mineral Resource estimate prepared by SRK Consulting (Australasia) Pty Ltd (“SRK”) for the Speewah Fluorite Project in the Kimberley region of north-east Western Australia, confirming Speewah as one of the largest high-grade fluorite resources globally.

The completion of the updated resource is an important milestone for Tivan in support of project development planning, including for the Pre-Feasibility Study (“PFS”) with Lycopodium and mine development studies focused on mining and processing operations to produce acid grade fluorspar (see ASX announcements of 30 January 2024 and 19 February 2024).

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. 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. The high-grade component is the initial focus for mine development planning and the PFS.

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The Speewah Fluorite Project forms part of the Company’s broader Speewah Project, 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 covers an area of 226km[2] comprising seven granted tenements: E80/2863, E80/3657, M80/267, M80/268, M80/269, L80/43, and L80/47.

The Speewah Fluorite Resource is hosted on M80/268 and M80/269, located to the southeast of the Central, Redhill and Buckman vanadium titanomagnetite deposits (refer to Figure 1 below).

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Figure 1: Speewah map showing location of tenements, access tracks, and fluorite and vanadium deposits

Fluorite as a Critical Mineral

Fluorite is the mineral form of calcium fluoride (CaF2) and is predominantly extracted from hydrothermal vein deposits. Fluorite is mined and processed to produce commercial grade fluorspar, which can be further processed to produce fluorine.

Fluorite is an important industrial mineral used to produce commercial grade fluorspar products. Industrial and metallurgical uses include steel and iron production, refrigeration and air conditioning systems, aluminium manufacturing, fluoropolymer and fluorochemical production, and uranium fuel production; and in energy transition sectors including next-generation lithium ion batteries, solar cells and semiconductor manufacturing.

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Fluorspar is produced at a number of commercial specifications dependent on the end use, with acid grade fluorspar being of the highest purity (+97% CaF2). China, Mexico, South Africa and Mongolia are the largest producers of fluorspar, with global production totalling 8.3 million tonnes in 2022[1] . There is currently no domestic fluorspar or fluorine production in Australia.

The Federal Government recently added fluorine to Australia’s Critical Minerals List, providing eligibility for in-country projects for strategic and targeted Government policy, facilitation and financing support for development.

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Table 1: Global fluorspar production by country (source: Benchmark Mineral Intelligence, Tivan)

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Table 2: Fluorine - Australia's Identified Mineral Resources as at Dec-22 (source: Geoscience Australia )

1. Economic Demonstrated Resources (EDR) predominantly comprise Ore Reserves and most Measured and Indicated Mineral Resources that have been reported in accordance with the Joint Ore Reserves Committee (JORC) Code to the Australian Securities Exchange (ASX)

2. Total Inferred Resources in economic, subeconomic and undifferentiated categories

3. Accessible Economic Demonstrated Resources (AEDR) is the portion of total EDR that is accessible for mining. AEDR does not include resources that are inaccessible for mining because of environmental restrictions, government policies or military lands

4. Mining production from Office of the Chief Economist, Department of Industry, Science and Resources

1 Source: https://www.statista.com/statistics/1051717/global-fluorspar-production-by-country/

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Updated Mineral Resource Estimate

The current JORC 2012 compliant Mineral Resource estimate was prepared by SRK, updating a prior Mineral Resource estimate for the Speewah fluorite deposit completed by CSA Global Pty Ltd in 2018. The Mineral Resource update completed by SRK (see below) represents a 37% increase in tonnage at a 2% CaF2 cut-off grade, and a 28% increase in tonnage at a 10% CaF2 cut-off grade, compared to the prior resource estimate for the deposit.

The deposit was last estimated in 2009 and re-reported unchanged in 2018. Since 2009 additional drilling and exploration on the deposit and immediate surrounds has been completed by prior project owners, and this new data has been incorporated in the 2024 estimate. In addition, SRK have reviewed, validated and incorporated additional historic data, that was excluded from the 2009 estimate, where appropriate. The additional historic and post 2009 data, together with a new structure, lithology and grade interpretation, underpin the changes in the estimate since 2009.

A high-grade 10% cut-off Mineral Resource is included in Table 3 for comparison with previous estimates and to highlight the extent of the deposit at average grades comparable with head grades of metallurgical testwork completed work to date. These show a final concentrate product compatible with typical “Acidspar” product specifications.

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Table 3: Speewah Fluorite Mineral Resource 2024 (source: SRK)

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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Compared to the 2009/2018 Mineral Resource, the 2024 update increases both the overall tonnage and the Indicated proportion of the Mineral Resource. These increases are driven by several factors:

• Ability to link along strike veins that were previously disconnected.

• Addition of material on the eastern structures.

• Increased confidence in continuity along strike and down dip from both new drilling, mapping and validated historic data.

• Additional material within previously unmodelled low grade sandstone/siltstone lithology to the east of the main veins.

The resulting Mineral Resource estimate is displayed as a Grade Tonnage curve in Figure 2 .

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Figure 2: Speewah Fluorite Mineral Resource 2024 - Grade Tonnage Curve (source: SRK)

A detailed summary of the technical parameters for the updated Mineral Resource Estimate is set out in Appendix A attached to this announcement. See below a topographical image ( Figure 3 ) of resource drilling and the block model used for definition of the Mineral Resource estimate.

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Figure 3: Topography cut away coloured by lithology - drill collars - all block model (veins + stockwork) coloured by CaF2% (source: SRK)

Drill Program Planning for Resource Expansion

The updated Mineral Resource estimate prepared by SRK represents the first phase of resource definition for the Speewah Fluorite Project under Tivan’s ownership.

A drill program is being planned with the aim of expanding the Speewah Fluorite Mineral Resource, targeting fluorite mineralisation along strike of and below the existing resource, and at proximal veins outside of the existing resource, and also for facilitating metallurgical testwork (see ASX announcement of 7 March 2024).

Tivan and SRK are also evaluating the development of an Exploration Target for the project in support of planning for the resource extension drilling. The detailed evaluation will primarily identify target areas with existing geological data relating to the fluorite mineralisation that were deemed insufficient to include in the mineral resource estimate. This will enable an Exploration Target to be presented as an estimated range of tonnes and range of grade in terms of attainable exploration potential. Tivan expects this process to be completed in May.

The drilling program is being planned within the framework of the Heritage Protection Agreements that Tivan recently concluded with the Kimberley Land Council. Tivan will submit a Program of Works application to the Department of Energy, Mines, Industry Regulation and Safety (“DEMIRS”) at the appropriate time.

Following completion of the resource extension drill program, the results will be incorporated into the resource model. A subsequent Mineral Resource update will then be undertaken with SRK, which will provide the basis for a PFS update.

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Planned Work Program

Tivan is progressing various work streams in support of its strategy to develop a mining and processing operation at the Speewah site to produce acid grade fluorspar (+97% CaF2). Current work streams include:

• Pre-Feasibility Study with Lycopodium.

• Mining, hydrology and tailings studies with SRK.

• Testwork program development in support of the process flowsheet and confirmation of fluorspar product specifications.

• Planning for a resource expansion drilling program (including sourcing samples for metallurgical testwork).

• • Environmental desktop studies and field surveys.

Tivan is well advanced in securing A-list partners for the Speewah Fluorite Project.

Comment from Tivan Executive Chairman

Mr Grant Wilson commented:

“The upgraded Mineral Resource estimate for the Speewah Fluorite Project is an important milestone for Tivan. The size, grade, location and mineralogy confirm this as a world-class resource. As the sole JORC compliant Fluorite resource in Australia, it is also a unique opportunity for Tivan to produce and export Acid Grade Fluorspar, a critical and structurally scarce feedstock for EV batteries and semi-conductor manufacturing.

Tivan continues to make rapid progress on all aspects of project facilitation. The enhanced disclosure provided today is reflective of the approach we will take with our mid-year Pre-Feasibility Study, in support of further institutional engagement. By integrating our studies with ongoing resource expansion, the fundamentals of the Speewah Fluorite Project will be optimised. This will maximise the opportunity for Tivan's shareholders, along with stakeholders throughout the East Kimberley region.”

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

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, 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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Competent Person’s Statement

The information in this announcement that relates to Estimation and Reporting of Mineral Resources for the Speewah Fluorite Project is based on, and fairly represents, information compiled by Mr Danny Kentwell, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Kentwell is a Consultant and full time employee of SRK Consulting (Australasia).

Mr Kentwell has had 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 the Reporting of Exploration Results, Minerals Resources and Ore Reserves (2012 JORC Code).

Mr Kentwell consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Further Information - Exploration Results

No new Exploration Results are used as part of this Mineral Resource update.

A comprehensive record of the exploration from 1970 onwards, including collar, survey and assay data, is contained in the Western Australian department of Energy, Mimes, Industrial regulation and Safety – online systems Mineral exploration reports (WAMEX) at https://www.dmp.wa.gov.au/WAMEX-Minerals-Exploration-1476.aspx.

Further information regarding exploration results can be found in previous announcements:

Exploration Results ASX releases relating to Speewah from 2007 to 2020

Company Name	Release Date	Release Headline	Main Commodity
NiPlats Australia	26/09/2007	New Platinum Reef confirmed in the Hart Dolerite on Speewah	PGE
Limited		Project, northern Western Australia
NiPlats Australia	23/10/2007	New Vanadium Zone confirmed in the Hart Dolerite northern	Vanadium
Limited		Western Australia
NiPlats Australia	30/10/2007	Further Reconnaissance Drill Results Confirm Additional New	Vanadium
Limited		Vanadium Zones within Speewah Dome
NiPlats Australia	23/01/2008	Excellent Fluorite Results from 2007 Drilling at Speewah	Fluorite
Limited
NiPlats Australia	18/03/2008	Copper-Gold zone identified in the Speewah Dome, northern	Copper
Limited		Western Australia
NiPlats Australia	28/03/2008	Two PGE+Au zones identified in the Speewah Dome, northern	PGE
Limited		Western Australia
NiPlats Australia	14/10/2008	Fluorspar Resource Upgrade	Fluorite
Limited
NiPlats Australia	25/11/2008	Vanadium Assay Results Confirm Major Deposit within Central	Vanadium
Limited		Prospect at Speewah Dome
NiPlats Australia	19/06/2009	Platinum results help target feeder conduits at Speewah	PGE
Limited

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Company Name	Release Date	Release Headline	Main Commodity
NiPlats Australia	26/06/2009	Excellent Fluorite Results from 2008 Drilling at Speewah - Further	Fluorite
Limited		Resource Upgrade Pending
NiPlats Australia	25/08/2009	Fluorspar Resource Upgrade	Fluorite
Limited
NiPlats Australia	5/11/2009	New Vanadium Assay Results at Central Deposit To Support	Vanadium
Limited		Vanadium Scoping Studies
NiPlats Australia	13/11/2009	Phase 2 Diamond Core Drilling at Speewah Completed	Copper
Limited
NiPlats Australia	1/12/2009	Drilling Extends Vanadium at Red Hill and Buckman	Vanadium
Limited
NiPlats Australia	11/12/2009	Visible copper sulphides at Speewah	Copper
Limited
NiPlats Australia	10/02/2010	New Platinum Results at Speewah	PGE
Limited
NiPlats Australia	5/03/2010	NiPlats Quadruples Resource at Australia’s largest vanadium	Vanadium
Limited		deposit
NiPlats Australia	23/06/2010	Excellent Copper (16.5%) Gold (4.2 g/t) and Silver (26oz/t) surface	Copper
Limited		assays
NiPlats Australia	2/07/2010	Initial 2010 Exploration Delivers 6.4% Cu at Speewah	Copper
Limited
NiPlats Australia	28/07/2010	New Speewah Location Delivers Gold (4.9 g/t) Copper (3.4%)	Gold
Limited
NiPlats Australia	25/08/2010	New Drill Target Identifies Copper (8.1%), Gold (5.0 g/t) and Silver	Copper
Limited		(24oz/t)
NiPlats Australia	1/09/2010	Lead Sample Assaying 11.1% Pb Found	Lead
Limited
NiPlats Australia	1/10/2010	Drilling Update	Copper
Limited
Speewah Metals Ltd	12/11/2010	Speewah Exploration Update	Copper
Speewah Metals Ltd	17/01/2011	Surface Copper assays 27.2% at new Speewah Gap location	Copper
Speewah Metals Ltd	31/03/2011	Speewah Dome 2010 exploration results	Gold
Speewah Metals Ltd	12/03/2012	SIGNIFICANT RESOURCE UPGRADE 32% INCREASE TO	Vanadium
		RESOURCE, 34% INCREASE TO MEASURED & INDICATED
Speewah Metals Ltd	5/10/2012	SPEEWAH COPPER/GOLD UPDATE AND SHARE PURCHASE	Copper
		PLAN
Speewah Metals Ltd	15/01/2013	COPPER / GOLD RESULTS IN SURFACE SAMPLES	Copper
King River Copper	19/08/2013	NEW VISIBLE COPPER OUTCROPS IDENTIFIED	Copper
Limited
King River Copper	4/10/2013	HIGHLY ENCOURAGING INITIAL ASSAYS FROM CHAPMAN	Copper
Limited		DISCOVERY
King River Copper	4/11/2013	NEW MINERALISATION INTERSECTED AT CATTO	Copper
Limited
King River Copper	6/11/2013	HIGH SILVER VALUES AT CATTO	Silver
Limited
King River Copper	4/12/2013	RC DRILL ASSAY RESULTS FROM CHAPMAN FLATS	Gold
Limited
King River Copper	2/01/2014	RC DRILL ASSAY RESULTS FROM CATTO	Gold
Limited

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Company Name	Release Date	Release Headline	Main Commodity
King River Copper	18/04/2014	DIAMOND DRILLING INTERSECTS TARGET STRUCTURES AT	Gold
Limited		TODHUNTER
King River Copper	4/06/2014	COPPER OXIDE MINERALISATION IDENTIFIED DURING DRILL	Copper
Limited		ACCESS
King River Copper	19/06/2014	DIAMOND DRILLING INTERSECTS TARGET STRUCTURES	Copper
Limited
King River Copper	4/09/2014	EXPLORATION UPDATE	Copper
Limited
King River Copper	5/11/2014	NEW PENTECOST MINERALISATION	Copper
Limited
King River Copper	5/06/2015	EXPLORATION UPDATE	Copper
Limited
King River Copper	8/09/2015	DRILLING UPDATE	Gold
Limited
King River Copper	6/10/2015	NEW EPITHERMAL GOLD	Gold
Limited
King River Copper	2/11/2015	66 OZ/TONNE SILVER ROCK ASSAY	Silver
Limited
King River Copper	10/11/2015	DRILLING UPDATE	Gold
Limited
King River Copper	7/06/2016	EXPLORATION UPDATE	Gold
Limited
King River Copper	4/08/2016	29G/T GOLD ASSAY AT CHAPMAN WEST VEIN	Gold
Limited
King River Copper	4/10/2016	EXPLORATION AND DRILLING UPDATE	Gold
Limited
King River Copper	26/05/2017	SPEEWAH V-TI-FE RESOURCE CONVERSION TO JORC 2012	Vanadium
Limited
King River Copper	6/07/2017	SPEEWAH DRILL TARGETS	Copper
Limited
King River Copper	23/02/2018	FLUORITE RESOURCE CONVERSION TO JORC 2012	Fluorite
Limited
King River Copper	19/10/2018	DEEP GOLD TARGET	Gold
Limited
King River	27/06/2019	SPEEWAH PROJECT UPDATE	Vanadium
Resources Limited
King River	21/01/2020	SPEEWAH PFS UPDATE AND PROJECT PLAN	Vanadium
Resources Limited

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APPENDIX A: Updated Mineral Resource Estimate - Technical Parameters

Deposit geology

Fluorite is associated with quartz-feldspar veining but is younger. It occurs in the various settings:

• 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 northwesterly 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 800m long. They have similar persistence down-dip within the faults and have been intersected in several holes as deep as 400m below surface, albeit only in the order of 0.5m 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. 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 infills 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 purplish fluorite. In outcrop it weathers to grayish-white. It is generally coarsely crystalline often with euhedral crystals infilling open-spaces. The greenish fluorite appears to be younger than the purple variety.

Geological interpretation

SRK undertook an entirely new geological interpretation and did not rely on any previous geological interpretations.

The exact definition of vein thickness as opposed to surrounding stockwork interpretation is subject to some uncertainty due to the nature of the 1m interval RC drilling being unable to define exact down hole boundaries of veins between 1cm and 15m (typically around 3m).

Both geology, in the form on lithology and vein logging, and assay information together with surface mapping and also deposit scale structural interpretation were used for controlling the interpretation.

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Previous estimates and interpretations have used a simplistic 10% CaF2 cut off for definition of high grade Vein material. This interpretation used geological vein logging, statistical log probability plot inflections at ~ 35% CaF2 and structural observations to define high grade vein material. As such the vein models are not defined by a fixed cut off grade but are centered on the > 35% material and bounded by a combination of geological logging, step changes in grade, surface mapping and interpreted structural orientation. This interpretation results in a “tighter” more geological vein model component containing lower tonnage and higher grades when compared to previous Resource high grade vein modelling. During estimation this is counterbalanced by the resulting stockwork estimation containing higher grades compared to previous models.

The current interpretation also includes significantly more lower grade sandstone/siltstone stockwork mineralisation volume compared to previous models.

17 continuous individual vein wireframes, 13 separate encompassing stockwork halo wireframes and one sandstone/siltstone wireframe were used to form six estimation domains. The six estimation domains were combined on the basis of similar CaF2 grades and were:

• A Veins

• B Veins

• E Veins

• Low Grade veins

• All Encompassing stockwork halos

• Sandstone/siltstone package

Drilling and sampling techniques

Numerous phases of drilling and sampling have occurred over the history of definition of the deposit. The various drilling and sampling techniques used are shown below:

• 1970’s – airtrack percussion chips

• 1970’s – diamond core

• 1970’s - costean samples

• 1980’s - RC chips

• 2002 - RC chips

• 2003-2005 - RC chips

• 2003-2005 - Diamond core full core used for metallurgical samples, downhole Caf2 percentages visually assessed every metre in 5% increments.

• 2006-2011 - RC chips - field duplicates taken and validate well for CaF2

• 2006-2011 - Diamond core

• 20012-2018 - RC chips

In all cases the nature of the Fluorite material being sampled is massive crystal / vein / type material compromising between 1% and 95% Fluorite.

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Classification criteria

The classification is the result of the competent persons subjective judgement.

Classification is loosely based on drill spacing together with examination with estimation quality statistics such as Kriging slope of regression and with conscience of the high continuity of the veins themselves. Nominal strike spacing for Inferred is 80m. Nominal strike spacing for Indicted is 40m. The main veins are also supported by surface vein outcrop mapping and surface costeans.

The deposit scale structural architecture was also considered during the classification process.

Classification is implemented via broad “cookie cutter” volumes defined in long section interacting with the various estimation domain volumes.

Smaller veins or lower grade veins were in some cases downgraded to Inferred where their strike or dip continuity was based on grade intercepts only.

Consideration of the relative confidence in the different phases of data collection over the history of the project has been made with some surface and shallow assay results being excluded from the estimation.

Based on the occurrence of Fluorite vein intervals seen in the deep drilling in several holes. Inferred material has been interpolated down dip between 30m and 80m from the nearest upper hole in some areas with the deep intercepts a further 250m below the termination of the inferred material.

Indicated vein material has been extrapolated approximately 40m past the last lines of drilling where surface mapping indicates continuation.

Inferred stockwork material has been extrapolated up to approximately 100m past the last lines of drilling where surface mapping indicates continuation.

Sample analysis method

Assaying methods from the work prior to 2000 before the regular use of XRF are not well documented. It is possible that some of these assay results may have back calculated CaF2 from Ca, as F was difficult to assay with methods such as ICP due to its tendency to flux. The proportion of drilling used in the estimate by meterage prior to 2000 is approximately 10%. Some of these early campaigns show significantly higher average CaF2 grades. These abnormally high CaF2 were subsequently excluded from the estimation process.

From 2000 onwards assays for F, Ca, Ba and Bi were done using XRF.

For most campaigns F, Ca, Ba and Bi were consistently assayed, however for some campaigns only Ca was assayed. Ca and F were typically assayed by XRF In most cases CaF2 was back calculated from F on the assumption that Fluorite mineralisation (CaF2) is the only source of F and using the fixed relative abundances of Ca and F within pure CaF2. In later deep drilling and peripheral campaigns where Fluorite was no longer the target mineral, F and Ba were not assayed but Ca and Bi were assayed. For these cases SRK has back calculated CaF2 from Ca. Statistics on

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mineralised material from campaigns that assay F Ca Ba and S show that Fluorite is the only source if F however the fluorite is not the only source of Ca, which can be contained in other minerals present such as calcite (CaCO3). Further statistical analysis shows that when Bi > 1ppm, all Ca is highly correlated with F and is associated with Fluorite. Hence, CaF2 is only back calculated from Ca when Bi > 1ppm. When Bi < 1ppm it is an indication that other Ca bearing minerals such as Calcite are present and CaF2 cannot be back calculated.

Estimation methodology

The estimated was carried out using ordinary kriging within the Seequent leapfrog Geo software package.

Previous estimates and interpretations have used a simplistic 10% CaF2 cut off for definition of high grade vein material. This interpretation used geological vein logging, statistical log probability plot inflections at ~ 35% CaF2 and structural observations to define high grade vein material. As such the vein models are not defined by a fixed cut-off grade but are centred on the > 35% material and bounded by a combination of geological logging, step changes in grade, surface mapping and interpreted structural orientation. This interpretation results in a “tighter” more geological vein model component containing lower tonnage and higher grades when compared to previous Resource vein modelling. During estimation this is counterbalanced by the resulting stockwork estimation containing higher grades.

Composites used for vein estimation were 1m downhole, composites used for stockwork estimation were 2m downhole.

In cases where historic drilling did not sample the entire hole and geological logging indicated that there is mineralisation potential, intervals have been left blank so that the estimated blocks will utilise data from adjacent holes. Where more recent drilling has not assayed the entire hole and it is apparent from a geological logging and continuity perspective that material is most likely barren, these intervals have been assigned waste grades for estimation purposes.

Parent block size for all estimation was 2m across strike, 10m along strike and 10m vertical. Sub blocks for volumetric calculations were 0.5m x 2.5m x 2.5m. Strike sample spacing ranges between 10m and 80m.

No grade capping was used. For some domains, grade thresholding was used restricting the distance of influence or high grades to 10% of the search distance (typically around 20m). High grade threshold grade values were selected by examination of histograms, log histograms, log probability plots and downhole grade step changes.

The estimates were validated by statistical examination of de-clustered composite grades against estimated block grades at zero cut off per domain, by swath plots per domain and by visual examination in cross section and plan against drill holes.

No mining has taken place, so no reconciliation data is available.

Global results were also compared to previous model estimates.

Additional grades estimated were BaS04, CaCo3 and Bi. There were insufficient assays to estimate any other elements/oxides/compounds.

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Cut-off grades including basis for selection

The reporting cut off of 2% CaF2 is based on a USD900 / tonne of Acidspar quality Fluorite price (being a revenue factor of 1.5 above the assumed current USD600 Acidspar fluorite price) and utilises a marginal cut-off derivation of:

Cut-off = processing cost / (revenue * recovery)

where processing cost is AUD25 at an AUD USD exchange rate of 0.65 and with a recovery of 90%.

Minng and metallurgical methods and parameters

Open pit mining is assumed. No mining dilution is included in the estimates.

The final Mineral Resource reporting volume is restricted by a Whittle derived pit shell based on the following parameters:

• USD900 / t fluorite (CaF2) being a 1.5 revenue factor on an assumed current USD600 / t fluorite price.

• AUD25 / t processing cost at a 0.65 AUD USD exchange rate

• 50 degree overall slope angle

Various metallurgical testwork over the history of the deposit indicate that both vein and stockwork material can produce concentrates suitable for sale at fluorite recoveries in the order of 90%. The assumed target product is Acidspar (>97% CaF2 in concentrate) and the metallurgical tests show the lower quality Metspar product (>60% < 97% CaF2 in concentrate) is also easily achievable.

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APPENDIX B: JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut	Numerous phases of drilling and sampling
	channels, random chips, or specific	have occurred over the history of definition of
	specialised industry standard measurement	the deposit.
	tools appropriate to the minerals under	1970’s – airtrack percussion chips samples at
	investigation, such as downhole gamma	geological intervals between approximately
	sondes, or handheld XRF instruments, etc.).	1m and 15m based on footwall stockwork,
	These examples should not be taken as	high grade vein and hangingwall stockwork
	limiting the broad meaning of sampling.	mineralisation across the near surface veins.
	Include reference to measures taken to	1970’s – diamond core samples at geological
	ensure sample representivity and the	intervals typically on vein material only,
	appropriate calibration of any measurement	between 0.1m and approximately 6m.
	tools or systems used.	1970’s - costean samples at geological
	Aspects of the determination of mineralisation	intervals between approximately 1m and 4m
	that are Material to the Public Report.	based on footwall, vein and hangingwall
	In cases where ‘industry standard’ work has	mineralisation across surface veins.
	been done, this would be relatively simple	1980’s - RC chips – 1m sampling downhole in
	(e.g. ‘reverse circulation drilling was used to	all mineralisation only
	obtain 1 m samples from which 3 kg was	2002 – RC chips – 1m sampling full hole
	pulverised to produce a 30 g charge for fire	2003-2005 – RC chips - 1m sampling full hole
	assay’). In other cases, more explanation may	- RC drilling in the 2003 (Doral) programme
	be required, such as where there is coarse	was conducted by Mt Magnet Drilling utilising
	gold that has inherent sampling problems.	a Hydco RC 300 drill rig and Colby Drilling
	Unusual commodities or mineralisation types	utilizing an Aardvark 125S track mounted drill
	(e.g. submarine nodules) may warrant	rig. Samples were collected every metre at
	disclosure of detailed information.	the drill site and were split using a dual pass
		75:25 riffle splitter. Assay samples were
		collected in calico bags and comprised
		approximately 2kg of material. The remainder
		of the sampled metre was collected in UV
		resistant plastic bags which were removed
		from the drill site and stored in a centralised
		bag farm.
		2003-2005 – Diamond core – The 2003
		diamond drilling programme was based on
		conventional reverse circulation precollars in
		conjunction with HQ triple tube diamond tails.
		Drilling was conducted by Mt Magnet Drilling
		of Perth utilising a Hydco SD 1000 drill rig.
		Triple tube coring was used in order to
		minimise core rotation in the barrel and
		maximise core recovery. All holes were
		designed to intersect the orebody at depth on
		systematic 200 metre spacings. This would
		provide both geological and grade information
		over the 2km strike length. On completion of
		core orientation, logging and photography,
		drill core was systematically sampled every
		metre. Core was cut using a brick saw with
		half core being bagged in calico bags. The
		remaining half core trays were then stored in
		racks at the Speewah core yard. – Results

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Criteria	JORC Code explanation	Commentary
		only exist as graphical logs but appear to be
		selective geological intervals only, possibly
		visual estimates as some of this core was
		used for metallurgical testing.
		2006-2007 – RC chips – 1m sampling full hole
		- Similar sampling procedures to the 2005 –
		2005 RC drilling were used by Niplats for their
		RC and core drilling, however McKay Drilling
		is used as the principal drilling contractor. The
		rigs involved in the most recent drilling
		program were a Schramm T6850 (Rig 2)
		using 5 ¾” bits for the RC drilling and a
		UDR1200 for the core drilling.
		2008-2011 – Diamond core samples at
		selective geological intervals
		20012-2018 – RC chips – 1m sampling
		selective intervals
Drilling techniques	Drill type (e.g. core, reverse circulation, open-	Numerous drilling methods have been utilised
	hole hammer, rotary air blast, auger, Bangka,	by different companies over the history of
	sonic, etc.) and details (e.g. core diameter,	definition of the deposit. During the 1970’s Air
	triple or standard tube, depth of diamond tails,	track percussion and diamond drilling were
	face-sampling bit or other type, whether core	used By Great Boulder / New Kalgurli.
	is oriented and if so, by what method, etc.).	Between 1988 and 1990 both RC (28 holes)
		and NQ2 diamond (4 holes) drilling was used
		by Elmina Resources. During 2002 Speewah
		Resources drilled 16 holes. From 2003 to
		2005 RC and (HQ) diamond drilling was used
		by Doral. From 2006 to 2011 RC and (NQ)
		diamond drilling were used by Speewah
		Resources. From 2012 to 2018 King River
		Copper drilled 10 RC holes on the peripheries
		of the resource looking for copper.
Drill sample recovery	Method of recording and assessing core and	Numerous phases of drilling and sampling
	chip sample recoveries and results assessed.	have occurred over the history of definition of
	Measures taken to maximise sample recovery	the deposit.
	and ensure representative nature of the	1970’s – airtrack percussion chips, recoveries
	samples.	unknown
	Whether a relationship exists between sample	1970’s – diamond core, recoveries unknown
	recovery and grade and whether sample bias	1970’s - costean samples, recoveries
	may have occurred due to preferential	unknown
	loss/gain of fine/coarse material.	1980’s - RC chips, recoveries unknown
		2002 – RC chips, recoveries unknown
		2003-2005 – RC chips, recoveries unknown
		2003-2005 – Diamond core, noted in
		geological logs, infrequent losses noted.
		2006-2011 – RC chips, recoveries unknown
		2006-2011 – Diamond core, unknown
		20012-2018 – RC chips, unknown
Logging	Whether core and chip samples have been	All core and chips within or close to
	geologically and geotechnically logged to a	mineralisation have been geologically logged.
	level of detail to support appropriate Mineral	Quality of logging is variable over the various
	Resource estimation, mining studies and	phases of drilling, however detailed logging of
	metallurgical studies.	specific holes and phases allows appropriate
		correlation to other phases in most areas.
		Drill core photography is available for:

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Criteria	JORC Code explanation	Commentary
	Whether logging is qualitative or quantitative	2003 Diamond Drilling
	in nature. Core (or costean, channel, etc.)	2008 Diamond Drilling
	photography.	2009 Diamond Drilling
	The total length and percentage of the	2010 Diamond Drilling
	relevant intersections logged.	2011 Diamond Drilling
Sub-sampling	If core, whether cut or sawn and whether	Numerous phases of drilling and sampling
techniques and	quarter, half or all core taken.	have occurred over the history of definition of
sample preparation	If non-core, whether riffled, tube sampled,	the deposit.
	rotary split, etc. and whether sampled wet or	1970’s – airtrack percussion chips
	dry.	1970’s – diamond core
	For all sample types, the nature, quality and	1970’s - costean samples
	appropriateness of the sample preparation	1980’s - RC chips
	technique.	2002 – RC chips
	Quality control procedures adopted for all sub-	2003-2005 – RC chips
	sampling stages to maximise representivity of	2003-2005 – Diamond core full core used for
	samples.	metallurgical samples, downhole Caf2
	Measures taken to ensure that the sampling is	percentages visually assessed every metre in
	representative of the in situ material collected,	5% increments.
	including for instance results for field	2006-2011 – RC chips – field duplicates taken
	duplicate/second-half sampling.	and validate well for CaF2
	Whether sample sizes are appropriate to the	2006-2011 – Diamond core
	grain size of the material being sampled.	20012-2018 – RC chips
		In all cases the nature of the Fluorite material
		being sampled is massive crystal / vein / type
		material compromising between 1% and 95%
		Fluorite.
		See next section for additional details.
Quality of assay data	The nature, quality and appropriateness of the	Numerous phases of drilling and sampling
and laboratory tests	assaying and laboratory procedures used and	have occurred over the history of definition of
	whether the technique is considered partial or	the deposit.
	total.	1970’s – airtrack percussion chips
	For geophysical tools, spectrometers,	1970’s – diamond core
	handheld XRF instruments, etc., the	1970’s - costean samples
	parameters used in determining the analysis	1980’s - RC chips
	including instrument make and model, reading	Assaying methods from the work prior to 2000
	times, calibrations factors applied and their	before the regular use of XRF are not well
	derivation, etc.	documented. It is possible that some of these
	Nature of quality control procedures adopted	assay results may have back calculated CaF2
	(e.g. standards, blanks, duplicates, external	from Ca, as F was difficult to assay with
	laboratory checks) and whether acceptable	methods such as ICP due to its tendency to
	levels of accuracy (i.e. lack of bias) and	flux. The proportion of drilling used in the
	precision have been established.	estimate by meterage prior to 2000 is
		approximately 10%.

  Some of these early campaigns show significantly higher average CaF2 grades. These abnormally high CaF2 were subsequently excluded from the estimation process.  2002 – RC chips  2003-2005 – RC chips - UltraTrace Analytical Laboratories (Ultra Trace) was used by Doral from 2003 to analyse Speewah samples. Upon receipt of samples, each sample was sorted and dried. The whole sample was then

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JORC Code explanation

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Criteria

Commentary

pulverized in a ring pulveriser so that 90% passed 106 micron. The same procedure has been used by Niplats using Ultra Trace at its Canning Vale facility in Perth, WA. - Duplicate samples were collected routinely every 40 samples and involved re-splitting of the original retention sample through the riffle splitter at the drill site. Duplicates amounted to approximately 1% of total samples. F and Ca were assayed using XRF.  2006-2007 – RC chips - A program of duplicate sampling was undertaken by Niplats to compare the original sample with a riffle split resample. A total of 320 duplicate samples were used. A total of 128 samples were re-assayed for ‘F%’ and 173 samples for ‘Ca_total%’.  The results show an almost perfect one-toone correlation between the original and duplicate values. The five outliers (3 for ‘F%’ and 2 for ‘Ca_total%’) all report the duplicate value higher than the original sample. No independent laboratory checks have been conducted due to the lack of laboratories in Australia at the time prepared to undertake assaying for fluorine and total calcium.  No standards were used at any stage of the exploration programs due to unavailability of off the shelf Flourite standards.  2006-2011 – Diamond core  20012-2018 – RC chips  For most campaigns F, Ca, Ba and Bi were consistently assayed, however for some campaigns only Ca was assayed. Ca and F were typically assayed by XRF In most cases CaF2 was back calculated from F on the assumption that Fluorite mineralisation (CaF2) is the only source of F and using the fixed relative abundances of Ca and F within pure CaF2. In later deep drilling and peripheral campaigns where Fluorite was no longer the target mineral, F and Ba were not assayed but Ca and Bi were assayed. For these cases SRK has back calculated CaF2 from Ca. Statistics on mineralised material from campaigns that assay F Ca Ba and Bi show that Fluorite is the only source if F however the fluorite is not the only source of Ca, which can be contained in other minerals present such as calcite (CaCO3). Further statistical analysis shows that when Bi > 1ppm, all Ca is highly correlated with F and is associated with Fluorite. Hence, CaF2 is only back calculated from Ca when Bi > 1ppm. When Bi < 1ppm it is an indication that other Ca bearing minerals

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Criteria	JORC Code explanation	Commentary
		such as Calcite are present and CaF2 cannot
		be back calculated.
Verification of	The verification of significant intersections by	Multiple phases and types of drilling and
sampling and	either independent or alternative company	sampling across the same veins confirm the
assaying	personnel.	tenor of both the vein and stockwork CaF2
	The use of twinned holes.	mineralisation.
	Documentation of primary data, data entry	There are no dedicated twin holes.
	procedures, data verification, data storage	SRK has examined statistics for CaF2 split
	(physical and electronic) protocols.	into 10 phases/drilling methods and compared
	Discuss any adjustment to assay data.	by estimation domain and has excluded some
		of the early “SB” and “SVD” phase holes from
		estimation due to abnormally high café values
		compared to all other phases/drilling types.
		These excluded holes are however retained
		for geological, continuity and thickness
		modelling.
Location of data	Accuracy and quality of surveys used to	Collar and downhole survey methods vary
points	locate drill holes (collar and down-hole	greatly with the phases of exploration, from
	surveys), trenches, mine workings and other	compass and tape, theodolite and chain,
	locations used in Mineral Resource	theodolite and EDM to handheld GPS and
	estimation.	DGPS. Compilation and modelling surest that
	Specification of the grid system used.	the older collars fit reasonably well with later
	Quality and adequacy of topographic control.	surface mapping and with DGPS surveyed
		collars. Uncertainty of +/- 5 m at surface
		appears likely for the Pre 2000 data but is not
		considered material to the final Resource
		estimate. No collars were eliminated due to
		horizontal discrepancies.
		The grid system used for the estimate is a
		Local Grid aligned to the strike of the deposit.
		Transforms are used where original data
		requires conversion from local to AMG or from
		AMG to local. Early collars were mostly
		originally located in local grid whereas later
		exploration utilised AMG co-ordinates as
		original with subsequent transforms. SRK has
		utilised the reported transformation
		parameters and found excellent horizontal
		correspondence between local grid original
		data and transformed AMG original data.
		Downhole surveys were not available for
		holes drilled prior to 2003 with only a nominal
		dip and azimuth supplied. Doral used an
		Eastman single shot camera to give a collar
		and end of-hole survey. Drilling by NiPlats
		used a GlobalTec Pathfinder Digital Survey
		tool with 3 surveys per RC hole and every
		50m for core holes.
		Elevation data is AHD71 and is the same in
		both Local and AMG. Lidar data has been
		used for topographic control. Some older
		holes did not have elevation surveys.
		Recently surveyed collars were found to have
		good correspondence (+/- 1m or better) with
		the available topography data. For the final

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Criteria	JORC Code explanation	Commentary
		estimate all collars were snapped to
		topography to avoid outcrop in air
		discrepancies when modelling.
Data spacing and	Data spacing for reporting of Exploration	Data spacing is between 10m and 80m along
distribution	Results.	strike at surface and between 20m and 80m
	Whether the data spacing and distribution is	at 100m depth. Veins have also been
	sufficient to establish the degree of geological	intersected an at a depth of 400m in
	and grade continuity appropriate for the	approximately 1 km spaced drilling. 80m strike
	Mineral Resource and Ore Reserve	spacing is sufficient to establish Inferred
	estimation procedure(s) and classifications	continuity. 40m is typical of Indicated material.
	applied.	No Measured has been allocated.
	Whether sample compositing has been	With the exception of results from a few
	applied.	metallurgical sample compositing is not used
		for the raw data.
Orientation of data in	Whether the orientation of sampling achieves	Holes are typically drilled oriented across the
relation to geological	unbiased sampling of possible structures and	strike of the sub vertical mineralisation
structure	the extent to which this is known, considering	intersecting an dip angles between 10 and 70
	the deposit type.	degrees.
	If the relationship between the drilling	Sample interval orientation is considered not
	orientation and the orientation of key	to create any biases.
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample security	The measures taken to ensure sample	The historical measures taken to ensure
	security.	sample security are unknown.
Audits or reviews	The results of any audits or reviews of	The results of any historic audits or reviews of
	sampling techniques and data.	sampling techniques and data are unknown.

Section 2 Reporting of Exploration Results

(Criteria listed in section 1 also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement	Type, reference name/number, location and	The Speewah Fluorite Resource is
and land tenure	ownership including agreements or material	encompassed by tenement M 80 / 269 with an
status	issues with third parties such as joint ventures,	expiry date of 21/05/2031 owned by
	partnerships, overriding royalties, native title	“Speewah Mining Pty Ltd” which is a 100%
	interests, historical sites, wilderness or	owned subsidiary of Tivan.
	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 done by	Acknowledgment and appraisal of exploration	The deposit has been explored by numerous
other parties	by other parties.	parties from 1970 to the present. A
		comprehensive record of this exploration is
		contained in the Western Australian
		department of Energy, Mimes, 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 Kalgurlie Mines

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Criteria

JORC Code explanation

Commentary

•  Elmina N.L.  Speewah Resources  Doral Resources

•  NiPlats

•  King River Copper

Geology  Deposit type, geological setting and style of mineralisation.

 The Greenvale Fault forms the eastern margin of the Kimberley Block and consists of a series of intersecting faults. Fluorite mineralisation is mainly hosted by north 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 (1703Ma), 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 1m to 15m, often flanked by lower grade stockwork and stringer veins, forming an overall envelope up to 50m 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 160km2. 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 kilometres.   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.

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Criteria

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JORC Code explanation

Commentary

Criteria	JORC Code explanation	Commentary
		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 northwesterly
		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 800m long. They have
		similar persistence down-dip within the faults
		and have been intersected in several holes as
		deep as 400m below surface, albeit it only in
		the order of 0.5m 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 center 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 infills 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 purplish fluorite. In outcrop it
		weathers to grayish-white. It is generally
		coarsely crystalline often with euhedral
		crystals infilling open-spaces. The greenish
		flourite appears to be younger than the purple
		variety.
		
Drill hole Information	A summary of all information material to the	No new exploration results are being reported
	understanding of the exploration results	refer to attached list of previous
	including a tabulation of the following	announcements from 2007 to 2020. Prior to
	information for all Material drillholes:	2007 ASX and / or media release
	– easting and northing of the drillhole collar	announcements the companies involved with
	– elevation or RL (Reduced Level – elevation	the project are not available publicly and
	above sea level in metres) of the drillhole	hence cannot be referenced. A
	collar	comprehensive record of the exploration from

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Criteria	JORC Code explanation	Commentary
	– dip and azimuth of the hole	1970 onwards, including collar, survey and
	– downhole length and interception depth	assay data, is contained in the Western
	– hole length.	Australian department of Energy, Mimes,
	If the exclusion of this information is justified	Industrial regulation and Safety – online
	on the basis that the information is not	systems Mineral exploration reports
	Material and this exclusion does not detract	(WAMEX) at
	from the understanding of the report, the	https://www.dmp.wa.gov.au/WAMEX-
	Competent Person should clearly explain why	Minerals-Exploration-1476.aspx
	this is the case.
Data aggregation	In reporting Exploration Results, weighting	See previous releases
methods	averaging techniques, maximum and/or
	minimum grade truncations (e.g. cutting of
	high grades) and cut-off grades are usually
	Material and should be stated.
	Where aggregate intercepts incorporate short
	lengths of high grade results and longer
	lengths of low grade results, the procedure
	used for such aggregation should be stated
	and some typical examples of such
	aggregations should be shown in detail.
	The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	These relationships are particularly important	See previous releases
between	in the reporting of Exploration Results.
mineralisation widths	If the geometry of the mineralisation with
and intercept lengths	respect to the drillhole angle is known, its
	nature should be reported.
	If it is not known and only the downhole
	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)	See previous releases
	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 drillhole collar
	locations and appropriate sectional views.
Balanced reporting	Where comprehensive reporting of all	See previous releases
	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 substantive	Other exploration data, if meaningful and	See previous releases
exploration data	material, should be reported including (but not
	limited to): geological observations;
	geophysical survey results; geochemical
	survey results; bulk samples – size and
	method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and
	rock characteristics; potential deleterious or
	contaminating substances.

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Criteria	JORC Code explanation	Commentary
Further work	The nature and scale of planned further work	A drill program is being planned with the aim
	(e.g. tests for lateral extensions or depth	of expanding the Speewah Fluorite Mineral
	extensions or large-scale step-out drilling).	Resource, targeting fluorite mineralisation
	Diagrams clearly highlighting the areas of	along strike of and below the existing
	possible extensions, including the main	resource, and at proximal veins outside of the
	geological interpretations and future drilling	existing resource, and also for facilitating
	areas, provided this information is not	metallurgical testwork and (see ASX
	commercially sensitive.	announcement of 7 March 2024).
		Tivan and SRK are also evaluating the
		development of an Exploration Target for the
		project in support of planning for the resource
		extension drilling. The detailed evaluation will
		primarily identify target areas with existing
		geological data relating to the fluorite
		mineralisation that were deemed insufficient
		to include in the mineral resource estimate.
		This will enable an Exploration Target to be
		presented as an estimated range of tonnes
		and range of grade in terms of attainable
		exploration potential. Tivan expects to this
		process to be completed in May.
		The drilling program is being planned within
		the framework of the Heritage Protection
		Agreements that Tivan recently concluded
		with the Kimberley Land Council. Tivan will
		submit a Program of Works application to the
		Department of Energy, Mines, Industry
		Regulation and Safety (“DEMIRS”) at the
		appropriate time.
		Following completion of the resource
		extension drill program, the results will be
		incorporated into the resource model. A
		subsequent Mineral Resource update will
		then be undertaken with SRK, which will
		provide the basis for a PFS update.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	Measures taken to ensure that data has not	SRK re-compiled the collar, survey, assay,
	been corrupted by, for example, transcription	geology, and density data by re-examining all
	or keying errors, between its initial collection	available historic databases and reports from
	and its use for Mineral Resource estimation	1970 to the present. Where electronic data
	purposes.	existed, the original paper/text reports were in
	Data validation procedures used.	most cases able to be cross referenced with
		the WAMEX database archives. Several
		generations of electronic database from
		various companies and points in history were
		able to be cross referenced. The compiled
		database was then validated for structural
		integrity (missing intervals, overlapping
		intervals, conflicting holes, invalid down hole
		surveys, duplicate, collars, duplicate intervals
		and various other validations were completed.

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Criteria	JORC Code explanation	Commentary
Site visits	Comment on any site visits undertaken by the	The competent person has not yet visited site
	Competent Person and the outcome of those	due to access and timing restrictions but is
	visits.	scheduled to visit site within the next six
	If no site visits have been undertaken indicate	months. An SRK geologist, other than the
	why this is the case.	competent person, have visited site within the
		previous six months and has confirmed
		fluorite mineralisation.
Geological	Confidence in (or conversely, the uncertainty	There is very high confidence in the high level
interpretation	of) the geological interpretation of the mineral	interpretation of the nature of the vein and
	deposit.	stockwork Fluorite mineralisation due to
	Nature of the data used and of any	significant outcrop and highly continuous
	assumptions made.	strike continuity.
	The effect, if any, of alternative interpretations	The exact definition of vein thickness as
	on Mineral Resource estimation.	opposed to surrounding stockwork
	The use of geology in guiding and controlling	interpretation is subject to some uncertainty
	Mineral Resource estimation.	due to the nature of the 1m interval RC drilling
	The factors affecting continuity both of grade	being unable to define exact down hole
	and geology.	boundaries of veins between 1cm and 15m
		(typically around 3m).
		Both geology, in the form on lithology and vein
		logging, and assay information together with
		surface mapping and also deposit scale
		structural interpretation is used for controlling
		the interpretation.
		Previous estimates and interpretations have
		used a simplistic 10% CaF2 cut off for
		definition of high grade Vein material. This
		interpretation used geological vein logging,
		statistical log probability plot inflections at ~
		35% CaF2 and structural observations to
		define high grade vein material. This
		interpretation results in a “tighter” more
		geological vein model component containing
		lower tonnage and higher grades when
		compared to previous Resource vein
		modelling. During estimation this is
		counterbalanced by the resulting stockwork
		estimation containing higher grades.
		The current interpretation also includes
		significantly more lower grade
		Sandstone/siltstone stockwork mineralisation
		volume compared to previous models.
Dimensions	The extent and variability of the Mineral	The deposit as modelled consists of a fully
	Resource expressed as length (along strike or	continuous unbroken main strike zone
	otherwise), plan width, and depth below	approximately 2.4km long. The fluorite veins
	surface to the upper and lower limits of the	ate thicker at surface but have been traced in
	Mineral Resource.	drilling to approximately 400m depth albeit at
		sub meter thickness at this depth. Modelled
		Mineral resource mineralisation extends to
		200m depth. Modelled High grade vein widths
		vary between 1m and 15m horizontal width,
		with the full mineralised stockwork plus vein
		package being up to 60m wide.

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Criteria	JORC Code explanation	Commentary
Estimation and	The nature and appropriateness of the	The estimated was carried out using ordinary
modelling techniques	estimation technique(s) applied and key	kriging within the Seequent leapfrog Geo
	assumptions, including treatment of extreme	software package.
	grade values, domaining, interpolation	Previous estimates and interpretations have
	parameters and maximum distance of	used a simplistic 10% CaF2 cut off for
	extrapolation from data points. If a computer	definition of high grade Vein material. This
	assisted estimation method was chosen,	interpretation used geological vein logging,
	include a description of computer software	statistical log probability plot inflections at ~
	and parameters used.	35% CaF2 and structural observations to
	The availability of check estimates, previous	define high grade vein material. As such the
	estimates and/or mine production records and	vein models are not defined by a fixed cut off
	whether the Mineral Resource estimate takes	grade but are centered on the > 35% material
	appropriate account of such data.	and bounded by a combination of geological
	The assumptions made regarding recovery of	logging, step changes in grade, surface
	by-products.	mapping and interpreted structural orientation.
	Estimation of deleterious elements or other	This interpretation results in a “tighter” more
	non-grade variables of economic significance	geological vein model component containing
	(e.g. sulphur for acid mine drainage	lower tonnage and higher grades when
	characterisation).	compared to previous Resource vein
	In the case of block model interpolation, the	modelling. During estimation this is
	block size in relation to the average sample	counterbalanced by the resulting stockwork
	spacing and the search employed.	estimation containing higher grades.
	Any assumptions behind modelling of	17 continuous individual vein wireframes, 13
	selective mining units.	separate encompassing stockwork halo
	Any assumptions about correlation between	wireframes and one sandstone/siltstone
	variables.	wireframe were used to form 6 estimation
	Description of how the geological	domains. The six estimation domains were
	interpretation was used to control the	combined on the basis of similar Caf2 grades
	resource estimates.	and were:
	Discussion of basis for using or not using	1. A Veins
	grade cutting or capping.	2. B Veins
	The process of validation, the checking	3. E Veins
	process used, the comparison of model data	4. Low Grade veins
	to drillhole data, and use of reconciliation data	5. All Encompassing stockwork halos
	if available.	6. Sandstone/siltstone package
		Composites used for vein estimation were 1m
		downhole, composites used for stockwork
		estimation were 2m downhole.
		In cases where historic drilling did not sample
		the entire hole and geological logging
		indicated that there is mineralisation potential,
		intervals have been left blank so that the
		estimated blocks will utilise data from adjacent
		holes. Where more recent drilling has not
		assayed the entire hole and it is apparent
		from a geological logging and continuity
		perspective that material is most likely barren,
		these intervals have been assigned waste
		grades for estimation purposes.
		Parent block size for all estimation was 2m
		across strike, 10m along strike and 10m
		vertical. Sub blocks for volumetric calculations
		were 0.5m x 2.5m x 2.5m. Strike sample
		spacing ranges between 10m and 80m.
		No grade capping was used. For some
		domains, grade thresholding was used

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Criteria	JORC Code explanation	Commentary	Commentary
			restricting the distance of influence or high
			grades to 10% of the search distance
			(typically around 20m). High grade threshold
			grade values were selected by examination of
			histograms, log histograms, log probability
			plots and downhole grade step changes.
			The estimates were validated by statistical
			examination of de-clustered composite grades
			against estimated block grades at zero cut off
			per domain, by swath plots per domain and by
			visual examination in cross section and plan
			against drill holes.
			No mining has taken place, so no
			reconciliation data is available.
			Global results were also compared to
			previous model estimates.
			Additional grades estimated were BaS04,
			CaCo3 and Bi. There were insufficient assays
			to estimate any other
			elements/oxides/compounds.
Moisture	Whether the tonnages are estimated on a dry		Dry tonnage
	basis or with natural moisture, and the method
	of determination of the moisture content.
Cut-off parameters	The basis of the adopted cut-off grade(s) or		The reporting cut off of 2% CaF2 is based on
	quality parameters applied.		a USD900 / tonne of Acidspar quality Fluorite
			price (being a revenue factor of 1.5 above the
			assumed current USD600 Acidspar fluorite
			price) and utilises a marginal cuttof derivation
			of:
		
			Cutoff = processing cost / (revenue *
			recovery)
		
			where processing cost is AUD25 at an AUD
			USD exchange rate of 0.65 and with a
			recovery of 90%.
Mining factors or	Assumptions made regarding possible mining		Open pit mining is assumed.
assumptions	methods, minimum mining dimensions and		No mining dilution is included in the
	internal (or, if applicable, external) mining		estimates.
	dilution. It is always necessary as part of the		The final reporting volume is restricted by a
	process of determining reasonable prospects		Whittle derived pit shell based on the following
	for eventual economic extraction to consider		parameters:
	potential mining methods, but the		USD900 /t fluorite (Caf2) being a 1.5 revenue
	assumptions made regarding mining methods		factor on an assumed current USD600 /t
	and parameters when estimating Mineral		fluorite price.
	Resources may not always be rigorous.		AUD25 / t processing cost at a 0.65 AUD USD
	Where this is the case, this should be		exchange rate
	reported with an explanation of the basis of		50 degree overall slope angle
	the mining assumptions made.		Note that these represent an optimistic set of
			pit optimisation parameters suitable for
			confirming reasonable prospects of eventual
			economic extraction for Mineral Resource
			reporting purposed and do not represent
			parameters that would be used for mine
			planning or Ore reserves.

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Criteria	JORC Code explanation	Commentary
Metallurgical factors	The basis for assumptions or predictions	Various metallurgical testwork over the history
or assumptions	regarding metallurgical amenability. It is	of the deposit indicate that both vein and
	always necessary as part of the process of	stockwork material can produce concentrates
	determining reasonable prospects for	suitable for sale at fluorite recoveries in the
	eventual economic extraction to consider	order of 90%. The assumed target product is
	potential metallurgical methods, but the	Acidspar (>97% Caf2 in concentrate) and the
	assumptions regarding metallurgical treatment	metallurgical tests show the lower quality
	processes and parameters made when	Metspar product (>60% < 97% CaF2 in
	reporting Mineral Resources may not always	concentrate) is also easily achievable.
	be rigorous. Where this is the case, this
	should be reported with an explanation of the
	basis of the metallurgical assumptions made.
Environmental	Assumptions made regarding possible waste	Waste rock: SRK is currently engaged to
factors or	and process residue disposal options. It is	complete a mining study to determine the
assumptions	always necessary as part of the process of	classes and waste that will be mined and
	determining reasonable prospects for	devise a mining plan for waste. Tailings:
	eventual economic extraction to consider the	Tailings will be disposed of as sediment
	potential environmental impacts of the mining	beaches in engineered tailing ponds. The
	and processing operation. While at this stage	tailings management plan is part of the
	the determination of potential environmental	environmental permit conditions. SRK are
	impacts, particularly for a greenfields project,	currently engaged in designing a tailings
	may not always be well advanced, the status	storage facility (TSF) for the project.
	of early consideration of these potential
	environmental impacts should be reported.
	Where these aspects have not been
	considered this should be reported with an
	explanation of the environmental assumptions
	made.
Bulk density	Whether assumed or determined. If assumed,	Bulk density was reportedly determined using
	the basis for the assumptions. If determined,	the water displacement method.
	the method used, whether wet or dry, the	Approximately 260 density measurements
	frequency of the measurements, the nature,	from drill core typically between 5cm and
	size and representativeness of the samples.	15cm lengths are available from holes drilled
	The bulk density for bulk material must have	in 2004 well distributed over the deposit. From
	been measured by methods that adequately	these SRK has calculated an average Vein
	account for void spaces (vugs, porosity, etc.),	material a density of 2.8 and stockwork
	moisture and differences between rock and	material a density of 2.65.
	alteration zones within the deposit.	Stoicametrically pure 100% CaF2 has a
	Discuss assumptions for bulk density	density of 3.18. Given the average Vein
	estimates used in the evaluation process of	material in the estimate is around 30% CaF2
	the different materials.	and assuming quartzite waste at a density of
		2.65, this equates to a calculated vein
		material density of 2.81 which matched well
		with the measured densities.
		Elmina reports from 1990 show densities
		between 2.56 and 2.93 averaging around 2.64
		which concurs with other available evidence.
		Density is assigned as a single average per
		estimation domain.
		No apparent density differences are seen
		between oxide and fresh material.
Classification	The basis for the classification of the Mineral	Classification is loosely based on drill spacing
	Resources into varying confidence categories.	together with examination with estimation
	Whether appropriate account has been taken	quality statistics such as Kriging slope of
	of all relevant factors (i.e. relative confidence	regression and with conscience of the high

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Criteria	JORC Code explanation	Commentary
	in tonnage/grade estimations, reliability of	continuity of the veins themselves. Nominal
	input data, confidence in continuity of geology	strike spacing for Inferred is 80m. Nominal
	and metal values, quality, quantity and	strike spacing for Indicted is 40m. The main
	distribution of the data).	veins are also supported by surface vein
	Whether the result appropriately reflects the	outcrop mapping and surface costeans.
	Competent Person’s view of the deposit.	The deposit scale structural architecture was
		also considered during the classification
		process.
		Classification is implemented via broad
		“cookie cutter” volumes defined in long
		section interacting with the various estimation
		domain volumes.
		Smaller veins or lower grade veins were in
		some cases downgraded to Inferred where
		their strike or dip continuity was based on
		grade intercepts only.
		Consideration of the relative confidence in the
		different phases of data collection over the
		history of the project has been made with
		some surface and shallow assay results being
		excluded from the estimation.
		The classification is the result of the
		competent persons subjective judgement.
		Based on the occurrence of Fluorite vein
		intervals seen in the deep drilling in several
		holes. Inferred material has been interpolated
		down dip between 30m and 80m from the
		nearest upper hole in some areas with the
		deep intercepts a further 250m below the
		termination of the inferred material.
		Indicated Vein material has been extrapolated
		approximately 40m past the last lines of
		drilling where surface mapping indicates
		continuation.
		Inferred Stockwork material has been
		extrapolated up to approximately 100m past
		the last lines of drilling where surface mapping
		indicates continuation.
Audits or reviews	The results of any audits or reviews of Mineral	SRK implements internal peer review process.
	Resource estimates.	No external audits have been completed on
		the estimate.
Discussion of	Where appropriate, a statement of the relative	No qualitative geostatistical procedures have
relative	accuracy and confidence level in the Mineral	been used to attempt to quantify relative or
accuracy/confidence	Resource estimate using an approach or	global accuracy or confidence limits.
	procedure deemed appropriate by the	Qualitative assessment of relative accuracy is
	Competent Person. For example, the	essentially related to the levels of confidence
	application of statistical or geostatistical	in the historic data collection. Given the
	procedures to quantify the relative accuracy of	various phases of data collection are spatially
	the resource within stated confidence limits,	well distributed over the deposit, confidence in
	or, if such an approach is not deemed	the older data is relatively high such that, in
	appropriate, a qualitative discussion of the	most cases, it ranks equally with more recent
	factors that could affect the relative accuracy	drilling.
	and confidence of the estimate.	No accuracy statements are used and
	The statement should specify whether it	therefore the local / global distinction is not
	relates to global or local estimates, and, if	relevant.

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Criteria	JORC Code explanation	Commentary
	local, state the relevant tonnages, which	No mining has taken place and therefore no
	should be relevant to technical and economic	reconciliation data is available.
	evaluation. Documentation should include
	assumptions made and the procedures used.
	These statements of relative accuracy and
	confidence of the estimate should be
	compared with production data, where
	available.

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