TIVAN LIMITED — Capital/Financing Update 2025

Jan 20, 2025

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21 January 2025

Tivan achieves high-purity vanadium specification at Speewah

• Tivan has completed a salt roast testwork program for the Speewah Vanadium Project that successfully produced high-purity vanadium pentoxide (V2O5) with a grade of 99.86% V2O5 without the use of solvent extraction.

• The testwork program was announced in February 2024 and was designed to evaluate the commercial viability of development pathway from Speewah ore to vanadium flow batteries (“VFB”).

• The V2O5 produced is being used for vanadium electrolyte (“VE”) preparation and testing at the University of New South Wales specifically targeting achievement of the VE specifications of Sumitomo Electric Industries. These results are expected in Q1.

• Tivan continues to progress its assessment of two vanadium processing technology pathways: TIVAN+ in strategic partnership with CSIRO and a conventional salt roast processing flowsheet.

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to provide an update on the vanadium electrolyte testwork program being undertaken for the Speewah Vanadium Project (“Speewah”) in Western Australia. This forms part of an assessment of two separate vanadium processing technology pathways under consideration for Speewah: the TIVAN+ processing technology in strategic partnership with CSIRO and a conventional salt roast processing flowsheet (see ASX announcement of 27 September 2024).

As previously announced, excellent preliminary testwork results had been achieved for both the TIVAN+ and salt roast technology pathways, providing Tivan with significant development optionality (see ASX announcements of 30 May 2024, 19 June 2024; 27 September 2024).

For the conventional salt roast pathway, Tivan has completed a testwork program that included desilication trials, purification trials and a set of bulk trials for the flowsheet from concentrate through to vanadium pentoxide production.

The testwork program was highly successful, producing high-purity V2O5 with a grade of 99.86% V2O5 without the use of solvent extraction. The V2O5 is suitable for the next phase of testwork targeting production of high-purity VE at the specifications provided by Sumitomo Electric Industries (“SEI”), a Japanese manufacturer of large-scale, long-life vanadium flow batteries (see ASX announcement of 28 February 2024).

Vanadium Electrolyte Program Development

The VE development program comprised of a set of sighter tests designed to assess the amenability of preparing a VE sample that meets the SEI specification, using the traditional salt roast method for vanadium extraction from Speewah vanadium titanomagnetite (“VTM”) ore.

The technical highlights from the program are as follows:

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Desilication

Desilication trials were designed to investigate a broad range of conditions across a number of tests with a focus on the impact of reagent dosing, pH and temperature. The outcomes from the desilication work were positive, demonstrating that there are parameters that will be suitable to prepare either a standard (98.5% V2O5) vanadium pentoxide product or a high purity >99.5% V2O5 product.

• 99% Si removal and <2% vanadium loss to prepare a solution better suited to preparation of a standard grade V2O5

• 99% Si removal and ~5-10% vanadium loss to prepare a solution better suited to preparation of a high-purity V2O5 product

Purification

The purification trials were preliminary tests to investigate two methods for upgrading the vanadium bearing solution prior to ammonium metavanadate (“AMV”) calcination. AMV calcination is the standard industry process for preparing vanadium pentoxide. Solvent extraction shake tests were performed for three solvents for a range of processing parameters. The solvent extraction trials identified a promising solvent that could be utilised for future flowsheet development. Due to additional costs, solvent extraction is not Tivan’s preferred method for purification of the vanadium solution and the need for development will be assessed before commissioning any future work programs.

The alternative tested purification flowsheet is simpler than a solvent extraction flowsheet, utilising precipitation reactions to purify and separate out a higher quality AMV product. These tests were very successful, preparing high purity AMV products at ~4% vanadium loss. This was selected as the preferred method for the bulk V2O5 preparation trials (see below).

Bulk Trial

~35 kg of Speewah VTM concentrate (2.44% V2O5) was processed from salt roasting through to AMV calcination, to prepare a V2O5 sample for VE testing. The testwork program was executed at ALS Balcatta utilising bulk batch conditions for each unit process.

The final vanadium pentoxide product has met the high purity target, achieving a grade of 99.86% V2O5.The high purity product is considered suitable for VE testing.

Process Area	Vanadium Recoveries
Salt Roasting	96.6%
Desilication	93.7%
Purification/AMV Precipitation	93.1%
Total Recovery	84.2%

Table 1: Bulk testwork recoveries summary

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Image 1: Bulk desilication trial at ALS

The full vanadium pentoxide sample analysis included a 66-element suite (excluding vanadium), the assay data is summarised in Table 3 below.

Element	Unit	V2O5 Sample
Al	%	0.05
As	ppm	0.25
Fe	ppm	10.4
Ti	ppm	0.31
Mg	ppm	1.07
Ca	ppm	7.02
Cu	ppm	0.18
Cr	ppm	3.91
Si	ppm	91.6
K	ppm	1.30
Na	ppm	4.15
S	ppm	64.9
Sb	ppm	65.8
P	ppm	2.63
V2O5 (calculated – oxide basis)	%	99.86

Table 2: Vanadium pentoxide analysis

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Summary

A goal of the program was to produce the high-purity V2O5 sample without the use of solvent extraction to simplify the flowsheet and reduce potential project costs. The alternative purification process trialled in this program met this goal and is a suitable processing solution as demonstrated by the outstanding vanadium pentoxide product grade.

The bulk testwork conditions for the desilication and purification areas were based on preliminary un-optimised batch conditions. Future testwork will include optimisation of processing parameters to target increased overall vanadium yield. Furthermore, in engineering studies, the viability of industry standard salt roasting flowsheet recycle streams will be investigated to improve the total plant recovery.

Refer to Appendix 1 for desilication and purification results.

Next Steps

The program has successfully achieved the target high-purity vanadium pentoxide specification, and the sample is now being used for VE preparation and testing. This program has commenced at UNSW and is expected to be completed in Q1. Tivan will provide an update on the final outcomes of the program following completion.

As previously announced, since the publication of the CSIRO TIVAN+ testwork results in May 2024, Tivan has received significant third-party interest in the technology, including from VTM resource owners in Australia and overseas (see ASX announcement of 27 September 2024). Tivan continues to advance opportunities for collaboration in conjunction with CSIRO and expects to provide a status update in Q1. Tivan notes that while there is significant third-party interest in the TIVAN+ technology, there is no guarantee or certainty that a commercial arrangement or sublicensing agreement will eventuate.

Tivan Executive Chairman Mr Grant Wilson commented:

“The outstanding testwork results achieved by Tivan’s process engineering team confirm Speewah’s status as Australia’s premier VTM resource and the technical viability of the pathway to supply vanadium flow batteries at scale. Speewah’s comparative advantages include high vanadium in concentrate grade, low strip ratio, close proximity to port and vast size. In addition, the Speewah Fluorite Project will introduce enabling infrastructure to the site location, further reducing project costs and establishing a durable social licence to operate in the East Kimberley region.

While the commercial pathway to develop a vanadium project in Australia remains challenging, the testwork results and our rapid progress with the Speewah Fluorite Project, put Tivan in poll position. We will continue to advance the project development pathway, ensuring that the Speewah Vanadium Project contributes to Tivan’s sum of parts valuation and in support of the development of long-duration energy storage capabilities across northern Australia.”

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

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

The information in this announcement that relates to exploration results for the Speewah Project (TIVAN+ testwork program) has been extracted from the Company’s previous ASX announcements entitled "Tivan & CSIRO successfully complete TIVAN+ Testwork Program" dated 30 May 2024 and “Update on Vanadium Electrolyte Testwork Program” dated 19 June 2024. Copies of these announcements are available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. Tivan confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

Forward looking statement

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

Table 3: Desilication Results

Trial	Vanadium Loss (%)	Silica Precipitation (%)
HY18778	0.2	99.1
HY18779	0.4	99.9
HY18780	0.9	99.2
HY18781	4.7	99.9
HY18958	0.2	99.1
HY18959	1.8	99.8
HY19020	9.0	99.7

Table 4: Purification Results

Trial	Vanadium Recovery (%)
Trial 1	65.4
Trial 2	96.3
Trial 3	95.4

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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,	•	The metallurgical testwork program was
		or specific specialised industry standard measurement tools		completed on a titanomagnetite
		appropriate to the minerals under investigation, such as down		concentrate sample received in the
		hole gamma sondes, or handheld XRF instruments, etc). These		Speewah Project acquisition from King
		examples should not be taken as limiting the broad meaning of		River Resources Limited (“KRR”).
		sampling.	•	The sample used is a p80 45 micron
	•	Include reference to measures taken to ensure sample		high grade concentrate that assayed
		representivity and the appropriate calibration of any		2.44% V2O5produced from a RC chips
		measurement tools or systems used.		sample by magnetic separation
	•	Aspects of the determination of mineralisation that are Material		methods in 2011.
		to the Public Report.
	•	In cases where ‘industry standard’ work has been done this
		would be relatively simple (eg ‘reverse circulation drilling was
		used to obtain 1 m samples from which 3 kg was pulverised to
		produce a 30 g charge for fire assay’). In other cases more
		explanation may be required, such as where there is coarse
		gold that has inherent sampling problems. Unusual
		commodities or mineralisation types (eg submarine nodules)
		may warrant disclosure of detailed information.
Drilling 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	•	The testwork described in this
		what method, etc).		announcement was completed on
				titanomagnetite concentrate derived
				from RC drilling with a face-sampling
				bit.
Drill sample recovery	•	Method of recording and assessing core and chip sample	•	RC chip samples from every 1 metre
		recoveries and results assessed.		drilled interval were sampled and
	•	Measures taken to maximise sample recovery and ensure		composited. The host gabbro is fresh
		representative nature of the samples.		from near surface and sample recovery
	•	Whether a relationship exists between sample recovery and		into RC bags was high.
		grade and whether sample bias may have occurred due to	•	No relationship between grade and
		preferential loss/gainof fine/coarse material.		recoveryhas been identified.
Logging	•	Whether core and chip samples have been geologically and	•	RC drill 1 metre intervals logged 100%
		geotechnically logged to a level of detail to support appropriate		from surface to end-of-hole.
		Mineral Resource estimation, mining studies and metallurgical
		studies.
	•	Whether logging is qualitative or quantitative in nature. Core (or
		costean, channel, etc) photography.
	•	The total length and percentage of the relevant intersections
		_logged. _
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	RC bags were re-sampled to collect a 6
techniques and sample		core taken.		tonne composite sample for testwork.
preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and	•	The average grade of the 6 tonne
		whether sampled wet or dry.		sample compares with the drill assayed
	•	For all sample types, the nature, quality and appropriateness of		intervals for the HG zone.
		the sample preparation technique.	•	Subsampling was performed during the
	•	Quality control procedures adopted for all sub-sampling stages		preparation stage according to the
		to maximize representivity of samples.		metallurgical laboratories’ internal
	•	Measures taken to ensure that the sampling is representative		protocol.
		of the in situ material collected, including for instance results for	•	RC chips from every 1 metre interval
		field duplicate/second-half sampling.		were sampled and composited. The
				final composited grade compares
				favourablywiththe averageV,Tiand

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	•	Whether sample sizes are appropriate to the grain size of the		Fe grades from the drill assays for the
		material being sampled.		HG zones of the vanadium deposit.
			•	Sample sizes were considered
				appropriate to the grain size of the
				materialbeing 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.	•	Solid sample analyses in the program
	•	For geophysical tools, spectrometers, handheld XRF		were conducted by X-Ray
		instruments, etc, the parameters used in determining the		Fluorescence (“XRF”) at ALS Global
		analysis including instrument make and model, reading times,	•	AMV analyses in the program were
		calibrations factors applied and their derivation, etc.		conducted by ICP at ALS Global
	•	Nature of quality control procedures adopted (eg standards,	•	Vanadium pentoxide analysis
		blanks, duplicates, external laboratory checks) and whether		performed by Labwest Minerals
		acceptable levels of accuracy (ie lack of bias) and precision		Analysis
		have been established.	•	Standards, blanks and duplicates were
				utilised as per each respective
				laboratories standard QAQC
				procedures.
Verification of sampling	•	The verification of significant intersections by either	•	Significant drill intersections have been
and assaying		independent or alternative company personnel.		verified by alternative company
	•	The use of twinned holes.		personnel.
	•	Documentation of primary data, data entry procedures, data	•	Data is incorporated into a digital
		verification, data storage (physical and electronic) protocols.		database, assays from laboratories
	•	Discuss any adjustment to assay data.		received in a digital format.
			•	No adjustments or calibrations made to
				primary assay data collected for the
				purpose of reporting assay grades and
				mineralizedintervals.
Location of data points	•	Accuracy and quality of surveys used to locate drill holes (collar	•	Almost 90% of the collars used in the
		and down-hole surveys), trenches, mine workings and other		resource estimate were surveyed using
		locations used in Mineral Resource estimation.		a differential global positioning system
	•	Specification of the grid system used.		instrument, with the remaining surveyed
	•	Quality and adequacy of topographic control.		using a hand-held GPS. Downhole
				deviations were measured by downhole
				survey instruments on 3 holes only
				using a Globaltech Pathfinder digital
				downhole camera. All but four holes are
				vertical. All metallurgical holes are
				vertical. The vertical and shallow nature
				of the drilling means that the absence
				of downhole surveys is not considered
				a material risk.
			•	The adopted grid system is GDA 94
				Zone 52.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	RC drill spacing is mostly 250 m by 250
distribution	•	Whether the data spacing and distribution is sufficient to		m in the deposit, closing down to 100 m
		establish the degree of geological and grade continuity		by 100 m in the Western Area.
		appropriate for the Mineral Resource and Ore Reserve	•	The Competent Person believes the
		estimation procedure(s) and classifications applied.		mineralised domains have sufficient
	•	Whether sample compositing has been applied.		geological and grade continuity to
				support the classification applied to the
				Mineral Resources given the current
				drill pattern.
			•	The RC composite represents the HG
				zone within the magnetite gabbro within
				the resource envelope. This was
				considered appropriate giventhe

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				metallurgical testwork was designed to
				test the HG zones of mineralisation and
				it provided for a bulk sample suitable for
				testwork.
Orientation of data in	•	Whether the orientation of sampling achieves unbiased	•	All RC holes are vertical. This allowed
relation to geological		sampling of possible structures and the extent to which this is		the holes to intersect the mineralisation
structure		known, considering the deposit type.		at a high angle as the magnetite gabbro
	•	If the relationship between the drilling orientation and the		has a very shallow dip to the East.
		orientation of key mineralised structures is considered to have	•	The relationship between the drilling
		introduced a sampling bias, this should be assessed and		orientation and the orientation of key
		reported if material.		mineralised structures is not considered
				tohaveintroduced sampling bias.
Sample security	•	The measures taken to ensure sample security.	•	The titanomagnetite concentrate stored
				at Nagrom under job number T687; was
				transported to a secure site followed by
				delivery to the metallurgical laboratory
				by the Company.
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
Criteria		JORC Code explanation		Commentary
Mineral tenement and	•	Type, reference name/number, location and ownership	•	The Speewah Project comprises two
land tenure status		including agreements or material issues with third parties such		Exploration Licences (E80/2863,
		as joint ventures, partnerships, overriding royalties, native title		E80/3657), three Mining Leases
		interests, historical sites, wilderness or national park and		(M80/267, M80/268, M80/269) and two
		environmental settings.		Miscellaneous Licences (L80/43,
	•	The security of the tenure held at the time of reporting along		L80/47). The tenements are 100%
		with any known impediments to obtaining a licence to operate		owned by Speewah Mining Pty Ltd (a
		in the area.		wholly owned subsidiary of Tivan
				Limited), and are located over the
				Speewah Dome, 100 km SW of
				Kununurra in the East Kimberley. The
				testwork described in this
				announcement was on samples
				collected entirely within E80/2863. The
				tenements are in good standing and no
				known impediments exist.
Exploration done by	•	Acknowledgment and appraisal of exploration by other parties.	Historical exploration:
other parties			•	All exploration and testwork relevant to
				the preparation of the titanomagnetite
				concentrate utilised for the testwork
				described in this announcement was
				managed by KRR.
Geology	•	Deposit type, geological setting, and style of mineralisation.	•	The deposits represent part of a large
				layered intrusion (the Hart Dolerite),
				which was intruded c1790 Ma into the
				Palaeo-Proterozoic sediments and
				minor volcanics of the 1814 Ma
				Speewah Group in the East Kimberley
				Region of Western Australia. The
				deposits occur within the Speewah
				Dome, which is an elongated antiform
				trending N-S. The dome is about 30 km
				long and attains a maximum width of
				about 15 km. The Hart Dolerite sill
				forms the core of the dome.
				Two distinct types of felsic granophyres
				(K felsic granophyre and Mafic
				granophyre) and threemafic gabbros

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				(pegmatoidal gabbro, magnetite gabbro
				and felsic gabbro) have been identified
				in the Hart Dolerite.
				The vanadium-titanium mineralisation is
				hosted within a magnetite bearing
				gabbro unit which is up to 80 m thick.
				Given the mode of formation,
				mineralisation displays excellent
				geological and grade continuity.
				Exposure is limited and fresh rock
				either outcrops or is at a shallow depth
				of a few metres. Ti-V-Fe mineralisation
				occurs as disseminations of
				vanadiferous titanomagnetite and
				ilmenite.
				The Speewah Project comprises three
				deposits (Central, Buckman and Red
				Hill). The reported Mineral Resource
				lies entirely within fresh magnetite
				gabbro of the Hart Dolerite sill within
				the Speewah Dome. The magnetite
				gabbro unit can be subdivided into an
				upper low grade zone and a basal high
				grade zone, based on increasing
				vanadium tenor (grade) in the
				magnetite grains towards the base of
				the unit.
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 many holes across
		o dip and azimuth of the hole		the deposit. Therefore, the testwork
		o down hole length and interception depth		results for the concentrate can only
		o hole length.		show the generalised response of the
	•	If the exclusion of this information is justified on the basis that		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	•	RC chip samples from every 1 metre
methods		techniques, maximum and/or minimum grade truncations (eg		drilled interval were sampled and
		cutting of high grades) and cut-off grades are usually Material		composited. The final composited
		and should be stated.		grade compares favourably with the
	•	Where aggregate intercepts incorporate short lengths of high		average V, Ti and Fe grades from the
		grade results and longer lengths of low grade results, the		drill assays average grades for the HG
		procedure used for such aggregation should be stated and		zones of the vanadium deposit.
		some typical examples of such aggregations should be shown	•	Metal equivalent values have not been
		in detail.		used for reporting.
	•	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	•	Due to the very shallow dip of the
mineralisation widths		Exploration Results.		mineralisation, the vertical holes
and intercept lengths	•	If the geometry of the mineralisation with respect to the drill		represent almost the true width of the
		hole angle is known, its nature should be reported.		mineralisation.
	•	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’).

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Diagrams	•	Appropriate maps and sections (with scales) and tabulations of	•	No new drilling is reported in this
		intercepts should be included for any significant discovery		release.
		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	•	All relevant results have been reported
		not practicable, representative reporting of both low and high
		grades and/or widths should be practiced to avoid misleading
		reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be	•	All relevant data is included in the body
exploration data		reported including (but not limited to): geological observations;		of the announcement.
		geophysical survey results; geochemical survey results; bulk
		samples – size and method of treatment; metallurgical test
		results; bulk density, groundwater, geotechnical and rock
		characteristics; potential deleterious or contaminating
		substances.
Further work	•	The nature and scale of 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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