TIVAN LIMITED — Capital/Financing Update 2025

Mar 18, 2025

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19 March 2025

Speewah Fluorite Project delivers excellent testwork results

• Tivan has successfully completed flotation optimisation testwork for the Speewah Fluorite Project in Western Australia with ALS Metallurgy in Perth.

• The testwork program achieved excellent results, delivering an improvement in both fluorite grades and recoveries to acidspar product relative to historic flotation testwork.

• Grades of up to 98.8% CaF2 were achieved from fourteen cleaner flotation trials.

• Testwork also demonstrated potential to improve fluorite recoveries from 90% to up to 95% at the 97% calcium fluorite (CaF2) acidspar product specification.

• Tivan is now progressing with a comminution and beneficiation testwork program in support of engineering design of the process plant as part of the Feasibility Study.

• An opportunity to produce a metspar by-product for the Speewah Fluorite Project is also being evaluated through a concept study initiated with Lycopodium.

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to advise that Tivan has successfully completed the current phase of flotation optimisation testwork for the Speewah Fluorite Project (“Project”) in Western Australia, delivering excellent results including grades of up to 98.8% calcium fluorite (CaF2) and improved fluorite recoveries relative to historical testwork, from 90% up to 95% at the minimum 97% CaF2 acidspar product specification. The results demonstrate that the 97% CaF2 acidspar product specification can be achieved, and support engineering design of the process plant and further testwork being undertaken as part of the Feasibility Study being progressed.

Tivan is progressing development planning for the Speewah Fluorite Project for a mining and processing operation of fluorite ore to produce acidgrade fluorspar. In December 2024, the Company announced that it had signed a nonbinding Memorandum of Understanding with Sumitomo Corporation, recording the key commercial and corporate terms for a planned incorporated joint venture for the Project to facilitate proposed negotiation of binding joint venture agreements (see ASX announcement of 24 December 2024).

Testwork Program Overview

Flotation is a physical beneficiation process used extensively in industry to upgrade ore to saleable products, and is a standard technology utilised for recovery of acidgrade fluorspar products around the world. The Speewah Fluorite Project utilises a flotation flowsheet with rougher flotation, regrinding and cleaner flotation. The final acidspar product is the flotation concentrate recovered from cleaner flotation.

Flotation testwork is required to support engineering design of the process plant. Tivan previously completed initial flotation testwork in 2024 to validate historic results (see ASX announcement 30 July 2024). Following the positive outcomes from this initial Tivan testwork, the Company commissioned a further testwork program to optimise flotation conditions. The flotation optimisation testwork program included the following:

• Rougher and cleaner flotation stage testwork.

• Grind size, reagent selection and reagent dose optimisation.

• Flotation condition optimisation.

• Product specification and product recovery optimisation.

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Remaining testwork composite material from 2004 (18.9% CaF2) was used for this testwork.

The program has delivered excellent outcomes, with the highlight being improvements in both overall fluorite recovery and fluorite grade in the final acidspar concentrate relative to both the previous Tivan and historic results. The outcomes from this testwork are important for the Feasibility Study testwork program which recently commenced (see below).

Testwork Program Results

Rougher Flotation

Twenty bench-scale rougher trials were performed to investigate commercial fluorite collectors, fluorite collector dose, flotation grind size, depressant selection and depressant dose. The results from the rougher trials are presented in Appendix 1, Table 1 .

The key outcomes from the rougher flotation optimisation trials included:

• Rougher flotation was robust, achieving high recoveries for almost all tested conditions.

• The program identified multiple options for commercial collectors.

• Depressant addition was reduced.

• Coarsened grind size for rougher flotation by ~40%, which will reduce power consumption for milling.

Utilising preferred flotation parameters selected from the bench-scale rougher trials, a bulk rougher float was performed to prepare a concentrate sample for cleaner optimisation trials. The bulk rougher trials were performed in a 40L vessel, the testwork setup can be seen in Figure 1. Two repeated trials validated conditions selected from the optimisation tests, achieving 69.5% CaF2 at 98.0% recovery.

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Figure 1: Bulk rougher flotation trial at ALS Metallurgy

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Cleaner Flotation

Fourteen cleaner flotation trials were performed to investigate and optimise multiple variables in the flowsheet including cleaner flotation grind size, depressant selection, depressant dose and flotation pH. The results from the cleaner trials are presented in Appendix 1, Tables 2 and 3 .

The key outcomes from the cleaner flotation trials included:

• Multiple reagent schemes successfully rejected key impurities.

• Defined options for alternative reagents suites, improving flexibility for reagent selection for the Feasibility Study.

• • Kinetics for gangue rejection were improved.

• Fluorite recovery improved.

• Fluorite cleaner tailings are indicatively suitable for scavenging a metspar grade product.

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Figure 2: Cleaner flotation trial at ALS Metallurgy

The grade-recovery curves from optimised trial condition sets are presented in Figure 3 . The historic results from 2004 are included for comparison. The graph highlights the significant improvement in flotation kinetics and fluorite recoveries achieved in this program.

The testwork outcomes demonstrated that 97% CaF2 products can be met with ore feed grades that are close to the mine plan feed grade. Indicatively, key impurities arsenic, baryte, sulphides, phosphorous and calcite can be rejected with the tested flowsheet. Due to the relatively high SiO2 content of the ore, the SiO2 specification and product grind size specification require further consideration and testwork. As part of the proposed joint venture with Sumitomo Corporation, Tivan will progress engagement with end-users to assess product demand and establish the final product specification for the Speewah Fluorite Project.

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Figure 3: Comparison of grade-recovery curves

The presented data in Figure 3 compares the optimised trial outcomes from this testwork program to comparable historical testwork (RG5708, conducted by Ammtec Ltd in 2004) and Tivan’s testwork from 2024 (fingerprint trial). In physical separation processes such as flotation, grade and recovery are generally inversely related, as seen in Figure 3 . The grade-recovery curve presents the trade-off between grade and recovery, when targeting a higher grade acidspar product, there will be an associated loss in total fluorite recovery. In this testwork program the grade-recovery curves have been shifted up and to the right. The interpretation for this outcome is as follows:

1. The achievable fluorite recovery for any given target grade has been improved

2. This testwork demonstrates that higher CaF2 grades can be achieved if required.

Cautionary statement: The above results in Figure 3 for trial RG5708 are historical (2004) metallurgical results and are not reported in accordance with the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”). A competent person has not done sufficient work to classify the historical results in accordance with the current JORC Code. It is uncertain that following evaluation and/or further exploration work that the results will be able to be reported in accordance with the JORC Code 2012.

• The historical results were summarised in a metallurgical testwork report prepared in 2004 by Ammtec Ltd.

• The reporting of the testwork results appears robust with no reason to doubt the reliability of the results reported.

• • The current results from the testwork program described in this announcement supersede any previous results including the historic results; therefore there is no reliance on the historic results data for future work programs.

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• The historic results are of historical relevance and provide a comparison point for progress made in the development of the process flowsheet and current testwork results; however, they are not considered material to the Company under current JORC Code guidelines.

• Other items listed in ASX Rule 5.12 have been considered but are not applicable to these historical results.

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), confirms that the information in this market announcement is an accurate representation of the available data and studies on the Speewah Fluorite Project.

Refer to JORC Table 1 for further information. Note no drilling results have been reported in this release and the JORC Table 1 is provided for general information purposes only.

Next Steps

Metallurgical grade fluorite (metspar)

An opportunity to produce a metspar by-product was identified by Tivan and announced in the Speewah Fluorite Project Pre-Feasibility Study (see ASX announcement of 30 July 2024). Tivan recently engaged Lycopodium to prepare a concept study comparing the CAPEX and OPEX for three process configurations with potential to recover metspar as a lower tonnage co-product. The metspar concept study is expected to be completed within six weeks and the results will inform the Feasibility Study being progressed.

In parallel, Tivan has planned a sighter metallurgical testwork scope to investigate the recovery of a metspar grade product from cleaner tailings generated from the completed flotation optimisation testwork program.

Feasibility Study Testwork

Drill core (PQ) from the recent drilling program completed by the Company for the Speewah Fluorite Project (see ASX announcement of 8 November 2024) is now at the ALS Laboratory in Perth. A new testwork program using this core has commenced, and includes comminution and beneficiation testwork to support engineering design of the process plant as part of the Feasibility Study.

The primary targets for this testwork program are as follows:

• Variability testwork to test different deposit lithologies and locations in support of Feasibility Study engineering.

• Optimisation testwork to investigate the impact of alternative plant feed grades.

• Ore sorting testwork with a vendor to assess potential for upgrading the ore feeding the process plant.

Tivan is also planning a further metallurgical sample drilling campaign to obtain additional core to support testwork through to piloting of the flowsheet.

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Tivan Executive Chairman Mr Grant Wilson commented:

“ We are very pleased to have achieved this important technical milestone. The testwork results represent major derisking of the Speewah Fluorite Project and open multiple pathways for design optimisation and revenue enhancement going forward.

In fast-tracking the Pre-Feasibility Study last year, we made strong assumptions as to historical testwork and expected fluorite recovery. Our team have worked systematically since, utilising modern flotation reagents. They have achieved a substantial improvement on all historical results and have demonstrated that the 97% CaF2 acidspar threshold can be achieved without a material dimunition in fluorite recovery.

Given the low levels of intrinsic impurities at Speewah, most notably arsenic, Tivan is now in a great position to optimise the Project further into Feasibility Study. The results also enable us to further support the marketing and distribution campaign of our proposed JV partner, Sumitomo Corporation, in the period ahead.

Reflecting Tivan’s broader strategy, the learnings from this program will be applied at the Sandover Fluorite Project later this year.”

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

Inquiries:

Nicholas Ong

Company Secretary: + 61 8 9486 4036 Email: nicholas.ong@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 for the Speewah Fluorite Project are being overseen by Mr Stephen Walsh (BSc). The information that relates to historic 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, Mineral Resources and Ore Reserves. 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.

Regarding the information in this announcement concerning historical results, Mr Walsh confirms the information is an accurate representation of the available data.

Speewah Fluorite Exploration Results

The information in this report that relates to exploration results for the Speewah Fluorite Project has been extracted from the Company’s previous ASX announcement entitled "Pre-Feasibility Study for Speewah Fluorite Project" dated 30 July 2024. A copy of this announcement is available at www.asx.com.au or www.tivan.com.au/investors/asxannouncements. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement. Tivan confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement.

Forward looking statement

This announcement contains certain “forward-looking statements” and comments about future matters. Forwardlooking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “estimate”, “target”, “outlook”, and other similar expressions and include, but are not limited to, the timing, outcome and effects of the future studies, plans, programs, budgets, project development and other work. Indications of, and guidance or outlook on, future exploration and development, 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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Appendix 1 – Metallurgical Testwork Results

Trial ID	CaF2 Grade %	CaF2 Recovery %	SiO2 Grade %	BaSO4 Grade %	S Grade %	P2O5 Grade %
R0	68.5	97.9	23.0	1.6	0.3	0.08
R1	67.3	97.3	23.9	1.7	0.3	0.08
R2	70.6	97.8	21.2	1.8	0.3	0.08
R3	71.0	98.1	21.4	1.7	0.3	0.08
R4	69.3	97.8	20.6	2.3	0.3	0.09
R5	62.6	97.9	24.3	2.1	0.3	0.09
R6	62.8	98.3	23.1	1.7	0.3	0.10
R7a	69.2	98.1	23.1	1.7	0.3	0.08
R7b	70.7	98.0	23.7	1.6	0.3	0.06
R8a	69.4	96.1	24.2	1.8	0.3	0.07
R8b	75.1	95.1	20.4	1.8	0.3	0.07
R9	55.1	28.6	28.4	3.2	0.5	0.12
R10	70.1	96.2	22.0	1.7	0.3	0.07
R11	69.0	96.2	22.4	1.8	0.3	0.07
R12	73.7	96.5	21.0	1.7	0.3	0.07
R13	76.9	95.0	19.0	1.8	0.3	0.07
R14	70.0	96.8	22.4	1.7	0.3	0.07
R15	72.4	96.4	18.7	1.9	0.3	0.08
R16	71.2	95.9	19.1	1.8	0.3	0.08
R17	78.8	95.6	14.0	2.5	0.4	0.07
Bulk	69.5	98.0	23.4	2.2	0.3	0.08

Table 1: Bench-scale rougher trial results summary

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Trial ID	CaF2* Grade (%)	CaF2 Recovery (%)	SiO2 Grade (%)	BaSO4 Grade (%)	S Grade (%)	P2O5 Grade (%)	CaCO3 Grade (%)
C21	96.7	95.2	2.64	0.31	0.09	0.05	Below LOD
C22	96.8	94.8	2.74	0.29	0.06	0.05	Below LOD
C23	96.0	93.7	3.17	0.08	0.11	0.05	Below LOD
C24	97.5	93.3	2.20	0.17	0.03	0.02	Below LOD
C25	97.8	92.7	1.99	0.12	0.02	0.05	Below LOD
C26	97.9	93.9	1.87	0.08	0.02	0.02	Below LOD
C27	96.1	92.4	3.28	0.12	0.03	0.05	0.25
C28	96.9	95.8	2.64	0.27	0.04	0.05	Below LOD
C29	96.6	90.8	2.93	0.10	0.03	0.02	0.25
C30	97.3	90.1	2.37	0.19	0.03	0.02	Below LOD

Table 2: Four stage cleaner testwork results summary

LOD – Limit of detection

Four stage cleaner trials were performed under various conditions and were not optimised to maximise grades or recovery

* Fluorite grades and recoveries calculated based on impurities (Refer to JORC Table for details)

Trial ID	CaF2* Grade	CaF2 Recovery	SiO2 Grade (%)	BaSO4 Grade (%)	S Grade (%)	P2O5 Grade (%)	CaCO3 Grade (%)
C19	98.8	84.5	1.08	0.03	0.01	0.01	Below LOD
C20	98.6	88.9	1.30	0.05	0.01	0.01	Below LOD
C31**	98.5***	84.6	1.35	0.05	0.01	0.01	TBD
C32	97.8***	78.3	2.04	0.07	0.01	0.02	TBD

Table 3: Seven stage cleaner testwork results summary

* Fluorite grades and recoveries calculated based on impurities (Refer to JORC Table for details)

** C31 was performed with the same conditions as C19

*** Carbon assay not yet received, for the CaF2 calculation it is assumed that the inorganic carbon is below LOD, in line with other trials

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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,	•	Testwork was performed on
		or specific specialised industry standard measurement tools		composited diamond core from the
		appropriate to the minerals under investigation, such as down		2003 diamond drilling program
		hole gamma sondes, or handheld XRF instruments, etc). These	•	The 2003 diamond drilling program was
		examples should not be taken as limiting the broad meaning of		based on conventional reverse
		sampling.		circulation precollars in conjunction with
	•	Include reference to measures taken to ensure sample		HQ triple tube diamond tails. Drilling
		representivity and the appropriate calibration of any		was conducted by Mt Magnet Drilling of
		measurement tools or systems used.		Perth utilising a Hydco SD 1000 drill rig.
	•	Aspects of the determination of mineralisation that are Material		Triple tube coring was used in order to
		to the Public Report.		minimise core rotation in the barrel and
	•	In cases where ‘industry standard’ work has been done this		maximise core recovery. All holes were
		would be relatively simple (eg ‘reverse circulation drilling was		designed to intersect the orebody at
		used to obtain 1 m samples from which 3 kg was pulverised to		depth on systematic 200 metre
		produce a 30 g charge for fire assay’). In other cases more		spacings. This would provide both
		explanation may be required, such as where there is coarse		geological and grade information over
		gold that has inherent sampling problems. Unusual		the 2km strike length. On completion of
		commodities or mineralisation types (eg submarine nodules)		core orientation, logging and
		may warrant disclosure of detailed information.		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.
Drilling techniques	•	Drill type (eg core, reverse circulation, open-hole hammer,	•	No new drilling was completed in
		rotary air blast, auger, Bangka, sonic, etc) and details (eg core		preparation for the testwork reported in
		diameter, triple or standard tube, depth of diamond tails, face-		this announcement.
		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	•	Diamond core, noted in geological logs;
		recoveries and results assessed.		infrequent losses noted.
	•	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/gainof fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and	•	Geological logging has been performed
		geotechnically logged to a level of detail to support appropriate		for core within or close to
		Mineral Resource estimation, mining studies and metallurgical		mineralisation.
		studies.	•	Drill core photography is available.
	•	Whether logging is qualitative or quantitative in nature. Core (or
		costean, channel, etc) photography.
	•	The total length and percentage of the relevant intersections
		_logged. _
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	Diamond core full core used for
techniques and sample		core taken.		metallurgical samples.
preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and
		whether sampled wet or dry.
	•	For all sample types, the nature, quality and appropriateness of
		the sample preparation technique.
	•	Quality control procedures adopted for all sub-sampling stages
		_to maximize representivity of samples. _

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	•	Measures taken to ensure that the sampling is representative
		of the in situ material collected, including for instance results for
		field duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the grain size of the
		material being sampled.
Quality of assay data	•	The nature, quality and appropriateness of the assaying and	For	the testwork program reported in this
and laboratory tests		laboratory procedures used and whether the technique is	announcement:
		considered partial or total.	•	Sample analyses in the program were
	•	For geophysical tools, spectrometers, handheld XRF		conducted by X-Ray Fluorescence
		instruments, etc, the parameters used in determining the		(“XRF”) at ALS Global
		analysis including instrument make and model, reading times,	•	Select samples were also analysed for
		calibrations factors applied and their derivation, etc.		total carbon, organic carbon and
	•	Nature of quality control procedures adopted (eg standards,		sulphide S with a CS2000
		blanks, duplicates, external laboratory checks) and whether	•	Standards, blanks and duplicates were
		acceptable levels of accuracy (ie lack of bias) and precision		utilised as per the laboratories standard
		have been established.		QAQC procedures.
Verification of sampling	•	The verification of significant intersections by either	•	Assays are received in digital format
and assaying		independent or alternative company personnel.		and stored on a server.
	•	The use of twinned holes.	•	Presented fluorite grades for “fingerprint
	•	Documentation of primary data, data entry procedures, data		trial” in figure 3 were adjusted to
		verification, data storage (physical and electronic) protocols.		remove traceable impurity introduced
	•	Discuss any adjustment to assay data.		through laboratory procedure.
			•	CaF2grades calculated by F (%) x
				2.055
			•	CaCO3grades calculated by inorganic
				C (%) * 8.33
			•	CaCO3assumed to be 0% where
				inorganic C is below LOD (0.03%)
			•	Where noted and/or for final cleaner
				fluorite concentrate products, CaF2
				grade presented on basis of [CaF2(%)
				= 100% – impurities (%)] where, the
				impurities are SiO2, BaSO4, Fe2O3,
				CaCO3, Cu, K2O, MgO, MnO and
				S.sulphide
Location of data points	•	Accuracy and quality of surveys used to locate drill holes (collar	•	No new drilling was completed in
		and down-hole surveys), trenches, mine workings and other		preparation for the testwork reported in
		locations used in Mineral Resource estimation.		this announcement.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	No new drilling was completed in
distribution	•	Whether the data spacing and distribution is sufficient to		preparation for the testwork reported in
		establish the degree of geological and grade continuity		this announcement.
		appropriate for the Mineral Resource and Ore Reserve	•	Testwork was performed on
		estimation procedure(s) and classifications applied.		composited diamond core from the
	•	Whether sample compositing has been applied.		2003 diamond drilling program
Orientation of data in	•	Whether the orientation of sampling achieves unbiased	•	No new drilling was completed in
relation to geological		sampling of possible structures and the extent to which this is		preparation for the testwork reported in
structure		known, considering the deposit type.		this announcement.
	•	If the relationship between the drilling orientation and the
		orientation of key mineralised structures is considered to have
		introduced a sampling bias, this should be assessed and
		reported if material.
Sample security	•	The measures taken to ensure sample security.	•	The historical measures taken to
				ensure sample security are unknown.
Audits or reviews	•	The results of any audits or reviews of sampling techniques	•	No external audits have been
		and data.		completed.
		SECTION 2 REPORTING OF EXPLORATION RESULTS

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Criteria		JORC Code explanation		Commentary
Mineral tenement and	•	Type, reference name/number, location and ownership	•	The Speewah Fluorite Resource is
land tenure status		including agreements or material issues with third parties such		encompassed by tenement M80/269
		as joint ventures, partnerships, overriding royalties, native title		with an expiry date of 21/05/2031
		interests, historical sites, wilderness or national park and		owned by “Speewah Mining Pty Ltd”
		environmental settings.		which is a 100% owned subsidiary of
	•	The security of the tenure held at the time of reporting along		Tivan.
		with any known impediments to obtaining a licence to operate
		inthe area.
Exploration done by	•	Acknowledgment and appraisal of exploration by other parties.	•	The deposit has been explored by
other parties				numerous 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
				➢ Elmina N.L.
				➢ Speewah Resources
				➢ Doral Resources
				➢ NiPlats
				➢ KingRiverCopper
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 areasknownasMain

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	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 8km.
•	The following description is after
	Crossing 2004 and SRK’s observations
	concur with the various mineralisation
	settings described.
•	Fluorite is associated with quartz-
	feldspar veining but is younger. It
	occurs in the various settings previously
	discussed:
•	Large, persistent veins occupying the
	main northerly and northeasterly
	trending structures.
•	Fault breccias and brecciated veins
	occupying the main structures.
•	Stockworks and breccias hosted
	preferentially by the sandstone and to a
	lesser extent by the dolerites adjacent
	to the main structures.
•	En-echelon vein sets trending
	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
	ofthe quartz-feldspar veins, and as

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				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
				youngerthanthe purplevariety.
Drill hole Information	•	A summary of all information material to the understanding of	•	No new drilling is reported in this
		the exploration results including a tabulation of the following		release.
		information for all Material drill holes:	•	The hole data is not presented in this
		o easting and northing of the drill hole collar		announcement. This information is not
		o elevation or RL (Reduced Level – elevation above		considered material as the concentrate
		sea level in metres) of the drill hole collar		was prepared from several holes
		o dip and azimuth of the hole		across the deposit. Therefore, the
		o down hole length and interception depth		testwork results for the concentrate can
		o hole length.		only show the generalised response of
	•	If the exclusion of this information is justified on the basis that		the orebody, and not variability due to
		the information is not Material and this exclusion does not		location throughout the orebody.
		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	•	See previous releases
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	•	See previous releases
mineralisation widths		Exploration Results.
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	•	See previous releases
		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 previous releases
		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	•	See previous releases
exploration data		reported including (but not limited to): geological observations;
		geophysical survey results; geochemical survey results; bulk
		samples – size and method of treatment; metallurgical test
		_results; bulkdensity, groundwater, geotechnical and rock _

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		characteristics; potential deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned further work (eg tests for	•	See body of announcement.
		lateral extensions or depth extensions or large-scale step-out
		drilling).
	•	Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling
		areas, provided this information is not commercially sensitive.

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