TIVAN LIMITED — Capital/Financing Update 2025

Jan 13, 2025

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14 January 2025

Ultra High-Grade Fluorite assays returned at Sandover

• Assay results from an extensive surface sampling program at the Sandover Fluorite Project conducted by Tivan in December have returned ultra high-grade fluorite grades with favourable mineralogy.

• Results from 26 assays measured up to a high-grade of 94% CaF2 (calcium fluorite), with 8 assays from randomly sampled locations returning grades above 80% CaF2. Of importance, none of the 26 assays show incidence of deleterious elements, including arsenic and phosphorus.

• The results are considered ultra high-grade when compared to global peer resources, as presented in Tivan’s Pre-Feasibility Study for the Speewah Fluorite Project in July 2024.

• Fluorite is a critical mineral with strategic importance to the global semiconductor industry and rapidly growing use in energy transition sectors, including lithium-ion batteries.

• Tivan acquired the Sandover Fluorite Project in November 2024 for consideration of $1.075 million, comprised of up-front cash payments, including an initial payment of $400k, and contingent cash payments subject to JORC Resource definition and mineral production. Acquisition completion is expected in February following tenement transfers and stamp duty assessment by the NT government.

• Tivan has commenced a Sacred Site Clearance Certification process with the Central Land Council and negotiation toward a third Mineral Exploration Deed at the Sandover precinct. Executive Chairman, Mr Grant Wilson, will advance this pathway with the CLC in meetings scheduled for later this month in Alice Springs.

• In parallel, Tivan will progress development planning through the first half of 2025, including further surface sampling and resource mapping, in support of a drilling campaign later this year.

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to announce that outstanding assays have been returned from the Sandover Fluorite Project in the Northern Territory. The assays are consistent with the presence of a world-class fluorite deposit, characterised by extensive surface calcium fluorite (CaF2) mineralisation at ultra high-grade of up to 94% CaF2. The mineralogy is favourable for the production of acidgrade fluorspar, with no indication of typical deleterious elements, including arsenic and phosphorus.

The results are an early validation of Tivan’s acquisition of the Sandover Fluorite Project and provide the Company with an optimal pathway to a second fluorite project. Tivan’s extensive review of fluorite prospects in Australia conducted in Q3 2024 (see ASX announcement of 22 November 2024) suggests that Tivan has successfully secured the minerals rights to all of Australia’s known high-grade fluorite.

Surface sampling program and assay results

In late December 2024, Tivan undertook an extensive surface sampling campaign across the Sandover Fluorite Project. Sampling works were conducted via helicopter and entailed landing at several outcropping fluorite reefs where rock chip samples were taken. Sample locations were identified through available historical data and validated in the field by Tivan’s geologists.

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Field work confirmed the presence of multiple fluorite rich reefs which were confirmed via assay results from rock chip samples to be ultra-high grade. Samples were taken along a 10km strike length at multiple landing sites, including at the historical “Reef E” (see ASX Announcement of 22 November 2024).

Results from 26 assays returned grades of up to 94% CaF2, with 8 assays from randomly sampled locations returning grades exceeding 80% CaF2, with 10 assays returning grades exceeding 70% CaF2. Sampling techniques are detailed in the JORC Code, 2012 Edition: Table 1 Report enclosed with this announcement. Refer to Figure 1 and Table 1 below for further details on sampling locations and assay results.

The presence of ultra high-grade mineralisation across multiple reefs, observed along significant strike lengths, strongly reinforces the high prospectivity of the area for further fluorite mineralisation. The distribution highlights the potential for an extensive economically viable resource to be defined.

Further, the presence of multiple continuous mineralised zones within the project area provides an opportunity to target high-priority zones while exploring for further extensions of the known mineralisation. These findings not only confirm the significant exploration potential but also contribute to building a comprehensive understanding of the deposit.

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Figure 1: Location of rock chip samples displayed by CaF2 % grade.

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SAMPLE	Latitude	Longitude	CaF2	As	Ba	S	P	SiO2	Ca	F
			(%)	(ppm)	(ppm)	(%)	(ppm)	(%)	(%)	(%)
SFV24001	-22.7072	135.833	82.5507	<5	>10000	0.3	80	11.3	40.3	40.2
SFV24002	-22.707	135.8328	10.88355	<5	1800	0.27	30	2.78	5.98	5.3
SFV24003	-22.7067	135.8326	24.642	<5	2910	0.23	30	16.4	12.85	12
SFV24004	-22.7066	135.8324	1.84815	<5	5910	0.18	40	95.5	1.17	0.9
SFV24005	-22.706	135.832	7.18725	<5	4150	0.19	30	54.8	3.95	3.5
SFV24006	-22.7056	135.8318	56.88195	<5	7590	0.21	60	40.6	28.7	27.7
SFV24007	-22.712	135.8498	90.354	<5	1200	0.05	100	7.89	44	44
SFV24008	-22.712	135.8498	85.63095	<5	1020	0.04	100	11.85	42.6	41.7
SFV24009	-22.7117	135.8496	94.0503	<5	530	0.03	60	4.29	46.5	45.8
SFV24010	-22.7108	135.8491	80.29185	<5	490	0.02	60	15.6	39.7	39.1
SFV24011	-22.7093	135.8484	1.84815	<5	1600	0.06	40	96.2	1.15	0.9
SFV24012	-22.7093	135.85	42.3021	<5	2470	0.24	70	30.8	22.4	20.6
SFV24013	-22.7105	135.8505	36.34695	<5	6780	0.25	50	53.1	19.85	17.7
SFV24014	-22.7275	135.8691	5.13375	<5	1260	0.05	40	91.5	3.06	2.5
SFV24015	-22.727	135.869	10.88355	<5	740	0.04	40	85.9	6.28	5.3
SFV24016	-22.7261	135.8688	85.22025	<5	380	0.14	60	8.91	43.2	41.5
SFV24017	-22.726	135.8688	82.75605	<5	630	0.03	60	13.1	41.5	40.3
SFV24018	-22.7257	135.8688	38.81115	<5	8340	0.22	130	25.4	20.2	18.9
SFV24019	-22.7253	135.8686	73.1046	<5	1320	0.04	70	24.3	37.1	35.6
SFV24020	-22.7241	135.8681	71.8725	<5	250	0.01	120	26.4	36	35
SFV24021	-22.7228	135.8677	51.13215	<5	1230	0.04	90	37.5	26.8	24.9
SFV24022	-22.7221	135.8675	86.6577	<5	50	0.01	60	11.75	42.6	42.2
SFV24023	-22.7447	135.8833	1.02675	<5	4720	0.14	50	95.1	0.7	0.5
SFV24024	-22.7456	135.8855	55.0338	<5	1130	0.05	60	41.4	29.3	26.8
SFV24025	-22.748	135.8916	10.2675	<5	3240	0.24	100	50.4	5.64	5
SFV24026	-22.7573	135.8975	2.8749	<5	5920	0.1	40	33.8	1.66	1.4

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Table 1: Sample locations and certified assay results from surface rock chip sampling at the Sandover Fluorite Project

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Metallurgical findings

The Sandover fluorite rock chip samples display a similar chemical composition to the Speewah Fluorite resource.

In the Sandover samples, the major gangue component for processing is silica, which is typically separable with standard industry flowsheets. The samples have other favourable properties for producing acidgrade fluorspar, which include but are not limited to:

• Low arsenic, at less than lower limit of 5 ppm

• Low phosphorous

• NORMS around or below background levels

• Low calcite

• Similar baryte levels to Speewah

The processing solution to recover an acid grade fluorspar product based on information from these rock chip samples is therefore anticipated to be similar to the process flowsheet for the Speewah Fluorite Project. To assess the viability of producing an acid grade fluorspar or metallurgical grade fluorspar from the deposit, metallurgical testwork is required. Tivan will investigate process options and metallurgical testwork programs on samples obtained from future exploration programs.

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Figure 2: Outcropping Fluorite at Reef E while conducting rock chip sampling, December 2024

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Pathways with Northern Territory Government

The completion of the acquisition of the Sandover Fluorite Project is currently progressing. Under the terms of the Binding Term Sheet, executed in November 2024, Tivan acquires:

• Approximately 30% of EL22349 (by way of a new sub-divided tenement - refer to Figure 3).

• 100% of ML33904, MLS79, ML3905, ML33903 and MLS86, which are located within the area of the sub-divided tenement acquired by Tivan.

The new sub-divided Exploration Licence has been defined by the NT Government as EL34050. Stamp duty payable to the Northern Territory Government is $53,212 (4.95% of the total consideration of the acquisition).

Tivan expects to complete the acquisition by late February 2025, including payment of A$100,000 to Thor Energy and Investigator Resources Limited (A$50,000 each) at the completion of title transfer, per the Binding Term Sheet.

In March 2025, Tivan will also apply for the Northern Territory's Geophysics and Drilling Collaborations (GDC) program (Round 18), a competitive grants program funded by the NT Government, to progress exploration activities at the Sandover Fluorite Project. Tivan was awarded two grants in Round 17 of the program in 2024.

Following the completion of resource mapping, Tivan will apply for an Environmental (Mining) Licence in conjunction with progressing all other relevant regulatory processes.

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Figure 3: Map showing proposed subdivision of EL22349. The blue shaded area is to be subdivided and transferred to Tivan as part of the acquisition; Tivan has rights to explore for fluorite in the green shaded area.

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Pathway with Traditional Owners & Native Title Holders

Tivan has commenced engagement with the Central Land Council (“CLC”) regarding the tenement area and exploration scheduling for the year ahead. Executive Chairman, Mr Grant Wilson, will attend planning meetings at the CLC's head office in Alice Springs in late January.

Tivan will work toward securing a Mineral Exploration Deed and Sacred Site Clearance Certificate at the tenement area, building on agreements that were reached with Traditional Owners and Native Title Holders at the nearby Dneiper tenement in November 2024 (see ASX announcement of 21 November 2024).

Tivan remains committed on a firmwide basis to the early inclusion of Traditional Owners and Native Title Holders in project development and to best practices in respect of cultural heritage.

Next Steps - Exploration

Tivan will continue the mapping and surface sampling program during the first half of 2025, with the aim of identifying further new areas of mineralisation. This program will assist in preliminary targeting of prospective areas in the northern belt, estimated at 21kms long, and in the southern belt, estimated at 8kms long. Further infill sampling will be undertaken on prospective areas identified from the results in this announcement, with the aim of refining potential targets for a maiden drilling program during the second half of 2025.

Tivan will keep shareholders informed as the resource definition pathway takes shape.

Comment from Tivan Executive Chairman

Mr Grant Wilson commented:

“The assay results from the Sandover Fluorite Project have far exceeded the bullish expectations Tivan held during our due diligence for the acquisition last year. The extent of the surface mineralisation, the ultra-high grades and the absence of deleterious elements indicate a genuinely Tier 1 global deposit, highly amenable to project development.

Tivan will now leverage the project development capabilities we are building at the Speewah Fluorite Project and the good standing we have achieved with Traditional Owners and Native Title Holders over the past two years to develop a low-risk pathway to resource definition and project delivery. In doing so, we will sequence our entry into offtake markets in Asia in close collaboration with our proposed joint venture partner, Sumitomo Corporation.

With the valuation framework recently achieved at Speewah, and the structural scarcity and criticality of high-grade Fluorspar in Asia, Tivan is now in a commanding position to build a company of strategic importance across northern Australia.”

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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

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Competent Person’s Statement

Tivan’s exploration activities in the Northern Territory are being overseen by Mr Stephen Walsh (BSc). The information that relates to exploration results in this announcement is based on and fairly represents information and supporting documentation prepared and compiled by Mr Walsh, a Competent Person, who is the Chief Geologist and an employee of Tivan, and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Walsh has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Mr Walsh consents to the inclusion in this announcement of the matters based on information compiled by him in the form and context which it appears. Regarding the information in Table 1 above in this announcement concerning historical estimates, Mr Walsh confirms the information is an accurate representation of the available data and studies for the project being acquired.

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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JORC Code, 2012 Edition: Table 1 Report

		SECTION 1SAMPLING TECHNIQUES AND	SECTION 1SAMPLING TECHNIQUES AND	DATA
Criteria	**JORC Code explanation **		Commentary
Sampling	•	Nature and quality of sampling (eg cut channels,	•	Rock chip and grab samples were taken from numerous
techniques		random chips, or specific specialised industry standard		locations throughout prospective areas.
		measurement tools appropriate to the minerals under	•	Sampling methodology was primarily rock chip and grab
		investigation, such as down hole gamma sondes, or		sampling of visible outcrop and float. The nature of this
		handheld XRF instruments, etc). These examples		sampling method does not constrain grade across
		should not be taken as limiting the broad meaning of		significant areas.
		sampling.	•	This type of first pass rock chip sampling is considered
	•	Include reference to measures taken to ensure sample		standard and appropriate for assessing prospective
		representivity and the appropriate calibration of any		areas. The laboratory methods are appropriate.
		measurement tools or systems used.	•	Samples were taken at ~100 -200m intervals, which is
	•	Aspects of the determination of mineralisation that are		appropriate for first pass exploration.
		Material to the Public Report.
	•	In cases where ‘industry standard’ work has been done
		this would be relatively simple (eg ‘reverse circulation
		drilling was used to obtain 1 m samples from which 3
		kg was pulverised to produce a 30 g charge for fire
		assay’). In other cases more explanation may be
		required, such as where there is coarse gold that has
		inherent sampling problems. Unusual commodities or
		mineralisation types (eg submarine nodules) may
		warrant disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation, open-hole	•	No drilling is reported in this release.
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc)
		and details (eg core diameter, triple or standard tube,
		depth of diamond tails, face-sampling bit or other type,
		whether core is oriented and if so, by what method,
		etc).
Drill sample	•	Method of recording and assessing core and chip	•	No drilling is reported in this release.
recovery		sample recoveries and results assessed.
	•	Measures taken to maximise sample recovery and
		ensure representative nature of the samples.
	•	Whether a relationship exists between sample recovery
		and grade and whether sample bias may have
		occurred due to preferential loss/gain of fine/coarse
		material.
Logging	•	Whether core and chip samples have been geologically	•	No drilling is reported in this release.
		and geotechnically logged to a level of detail to support	•	Logging of rock chip samples record lithology, minerology,
		appropriate Mineral Resource estimation, mining		mineralisation, structures, textures, and other noticeable
		studies and metallurgical studies.		features. Rock chip samples are photographed for
	•	Whether logging is qualitative or quantitative in nature.		reference.
		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	•	Samples were delivered to ALS Geochemistry Brisbane
techniques and		or all core taken.		QLD for laboratory analysis. Sample preparation
sample	•	If non-core, whether riffled, tube sampled, rotary split,		comprised of an industry standard of drying, jaw crushing
preparation		etc and whether sampled wet or dry.		and pulverising to -75 microns (85% passing) (ALS
	•	For all sample types, the nature, quality and		codes CRU-21, CRU-32c and PUL-32m). Samples are
		appropriateness of the sample preparation technique.		dried, crushed and pulverized to produce a homogenous
	•	Quality control procedures adopted for all sub-sampling		representative sub-sample for analysis.
		stages to maximize representivity of samples.	•	Laboratory QC procedures for rock sample assays
	•	Measures taken to ensure that the sampling is representative of the in situ material collected,		involve the use of internal certified reference material as assay standards, along with blanks and duplicates.
		including for instance results for field duplicate/second-	•	Representative sampling/measurements are not
		_halfsampling. _		appropriate for this stage of exploration.

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	•	Whether sample sizes are appropriate to the grain size	•	The size of the rock chip samples is appropriate for this
		of the material being sampled.		stage ofexploration
Quality of	•	The nature, quality and appropriateness of the	•	All samples were sent to ALS Geochemistry Brisbane
assay data and		assaying and laboratory procedures used and whether		QLD for analysis.
laboratory tests		the technique is considered partial or total.	•	Samples are pulverised to 85% passing 75 microns. A 34
	•	For geophysical tools, spectrometers, handheld XRF		element suite is analysed using a multi-acid digest and a
		instruments, etc, the parameters used in determining		ICP finish (ALS code: ME-ICP61). Additionally samples
		the analysis including instrument make and model,		were analysed for Fluorine by Fusion / XRF (ALS code
		reading times, calibrations factors applied and their		ME-XRF24).
		derivation, etc.	•	Standards and blanks were used as standard practices
	•	Nature of quality control procedures adopted (eg		by ALS Global following standard QAQC protocols.
		standards, blanks, duplicates, external laboratory	•	For samples that showed overlimit readings, ore-grade
		checks) and whether acceptable levels of accuracy (ie		assays methods were used (ME-OG62).
		lack of bias) and precision have been established.
Verification of	•	The verification of significant intersections by either	•	No drilling is reported in this release.
sampling and		independent or alternative company personnel.	•	Primary field data is recorded on a Garmin GPSMAP 67i
assaying	•	The use of twinned holes.		multi frequency GPS. Assay data analysis and
	•	Documentation of primary data, data entry procedures,		interpretation is performed on a laptop using Excel. This
		data verification, data storage (physical and electronic)		encompasses geological logs and sample details. This
		protocols.		information, alongside the assay results, is saved locally
	•	Discuss any adjustment to assay data.		and uploaded to a central online database. Every
				primary assay result is obtained from the lab in the form
				of digital files and incorporated into the sampling
				database, ensuring verification processes. Each lab
				report undergoes a QAQC review.
			•	Primary assay data gathered for reporting on assay
				grades and mineralized intervals will not be subject to any
				modifications or calibrations. In the analysis of geological
				components, recognized standards and factors might be
				employed to estimate the oxide form of assayed elements
				or determine the levels of minerals free from volatile
				compoundswithin rockspecimens.
Location of	•	Accuracy and quality of surveys used to locate drill	•	A Garmin GPSMAP 67i multi frequency GPS was used
data points		holes (collar and down-hole surveys), trenches, mine		to pick up locations of samples with an accuracy of 1m to
		workings and other locations used in Mineral Resource		3m.
		estimation.	•	The grid system used is WGS84.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	Rock chip sampling is applicable to this level of
and distribution	•	Whether the data spacing and distribution is sufficient		reconnaissance of this work
		to establish the degree of geological and grade	•	No mineral resource or reserve calculation have been
		continuity appropriate for the Mineral Resource and		applied.
		Ore Reserve estimation procedure(s) and	•	No sample composting has been applied.
		classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased	•	Samling was conducted at visible outcropping units and
data in relation		sampling of possible structures and the extent to which		focused on areas expressing notable variation,
to geological		this is known, considering the deposit type.		alteration, or mineralization.
structure	•	If the relationship between the drilling orientation and	•	Sampling was conducted along the strike of the outcrop,
		the orientation of key mineralised structures is		ensuring systematic coverage of the exposed structures
		considered to have introduced a sampling bias, this
		should be assessed and reported if material.
Sample	•	The measures taken to ensure sample security.	•	All samples are placed into labeled calico bags and
security				transported inside RC bags in the helicopter and car..
				Samples are sent via courier to ALS Geochemistry
				laboratory in Birsbane. All sample submissions are
				documented via the ALS tracking system with results
				reportedvia email.

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Audits or	•	The results of any audits or reviews of sampling	•	Sampling and data methodologies and practices are
reviews		techniques and data.		regularly reviewed internally. To date, no external audits
				have beencompleted onthis project.
		SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria		JORC Code explanation		Commentary
Mineral	•	Type, reference name/number, location and ownership	•	The Project comprises an exploration license (EL22349)
tenement and		including agreements or material issues with third		which is owned by the Molyhil Joint Venture (Fram 25%,
land tenure		parties such as joint ventures, partnerships, overriding		Molyhill 75%). Tivan will acquire ~30% of EL22349 and
status		royalties, native title interests, historical sites,		have agreed to a Mineral Sharing Agreement which will
		wilderness or national park and environmental settings.		allow Tivan to explore for fluorite in an area in the north
	•	The security of the tenure held at the time of reporting		(See Figure 1). • Tivan will acquire 100% ownership of the
		along with any known impediments to obtaining a		Mining Leases ML33904, MLS79, ML3905, ML33903 and
		licence to operate in the area.		MLS86, which are located within the area of EL22349.
			•	It is anticipated the sub-division process will be completed
				by approximately the end of February 2025.
			•	The new tenement (sub-divided from EL223349) will be
				EL34050 (100%Tivanownership).
Exploration	•	Acknowledgment and appraisal of exploration by other	•	The deposit was explored by Central Pacific Minerals NL
done by other		parties.		in the 1970’s
parties
Geology	•	Deposit type, geological setting, and style of	•	The fluorite reefs form a hydrothermal vein system within
		mineralisation.		the Lower Proterozoic Jinka Granite.
			•	The reefs are exposed in two southeasterly trending belts
				on the northern and southern side of the Elyuah Range.
				These belts contain several reefs striking in an easterly to
				east-southeasterly direction. The distance between the
				two belts at the western end is 4 km, increasing gradually
				in an easterly direction. The Elyuah Range consists of
				Upper Proterozoic to Lower Cambrian sediments
				synclincally folded (limbs dipping 20o) and pitching gently
				south eastward. • The northern belt of fluorite
				mineralisation is 21 km in length. It contains the Narbarloo
				stockworks at the western end together with at least 16
				separate veins of various sizes, including reefs A to H
				some 10 km to the eastward. Strike directions vary
				between north-west, north-east and east-southeasterly.
			•	The southern belt is 8 km in length, trends east-south-
				easterly and contains five known separate quartz fluorite
				reeds or stockworks confined to a zone less than 600 m
				wide. Strike of the individual veins is irregular. • The
				dimensions and grades of the reefs vary between quartz
				and fluorite reefs from 3 to 1800 m in length and from 0.1
				to 8 m in width. The granite host passes beneath the
				surface drift and alluvium of Thring Creek in an easterly
				direction. • The fluorite-quartz reefs in the Narbarloo
				locality are situated 1.6 km north-west and 3 km south of
				Grant Bluff. The Narbarloo Reefs form the western-most
				mineralisation of the northern mineralised belt where the
				vein structure of these reefs could be classed as multiple
				cymoid loops which in the vicinity of the reef intersections
				tend to form open stockworks approximately 8 m across.
				Host rocks for the reefs is the Lower Proterozoic Jinka
				Granite, however, fragment of reef material shas been
				traced into the overlying Upper Proterizoic Mount Cornish
				Formation.
Drill hole	•	A summary of all information material to the	•	No drilling is reported in this release.
Information		understanding of the exploration results including a
		tabulation of the following information for all Material
		drill holes:
		o _easting and northing of the drill hole collar _

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		o elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole
		collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the
		basis that the information is not Material and this
		exclusion does not detract from the understanding of
		the report, the Competent Person should clearly
		_explain why this is the case. _
Data	•	In reporting Exploration Results, weighting averaging	For	the calculation of CaF₂equivalent values, the following
aggregation		techniques, maximum and/or minimum grade	assumptions were made:
methods		truncations (eg cutting of high grades) and cut-off	•	The conversion is based on the stoichiometric relationship
		grades are usually Material and should be stated.		between fluorine (F) and calcium fluoride (CaF₂), where 2
	•	Where aggregate intercepts incorporate short lengths		moles of fluorine are equivalent to 1 mole of CaF₂.
		of high grade results and longer lengths of low grade	•	Molar masses used for calculations: Fluorine (F) = 18.998
		results, the procedure used for such aggregation		g/mol, Calcium Fluoride (CaF₂) = 78.076 g/mol.
	•	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.	•	No adjustments were made for impurities, recovery rates, or processing losses, assuming 100% conversion efficiency and purity of fluorine input.
Relationship	•	These relationships are particularly important in the	•	Not applicable, no drilling reported in this release.
between		reporting of Exploration Results.
mineralisation widths and	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
intercept lengths	•	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	•	Refer to Figures in the body of the text.
		tabulations of intercepts should be included for any
		significant discovery being reported These should
		include, but not be limited to a plan view of drill hole
		collar locations and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration	•	See the body of the report.
reporting		Results is not practicable, representative reporting of
		both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration
		Results.
Other	•	Other exploration data, if meaningful and material,	•	All relevant data is included in the body of the
substantive		should be reported including (but not limited to):		announcement.
exploration		geological observations; geophysical survey results;
data		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	•	See body of report
		for lateral extensions or depth extensions or large-	•	See figures in body of report
		scale step-out drilling).	•	Future exploration will be planned on results attained from
	•	Diagrams clearly highlighting the areas of possible		geologic mapping and sampling.
		extensions, including the main geological
		interpretations and future drilling areas, provided this
		information is not commercially sensitive.

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