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REG - Cobra Resources PLC - Manna Hill Project Exploration Update

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RNS Number : 7908I  Cobra Resources PLC  25 November 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

25 November 2025

 

 

 

Cobra Resources plc

("Cobra" or the "Company")

 

Manna Hill Project Exploration Update

 

Geophysics Team Mobilised to Site

Approvals in place to Drill Test Blue Rose Copper Prospect Before Year End

 

Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, a South Australian critical minerals developer advancing projects across the
pre-production stage, is pleased to announce it has received Program for
Environment Protection and Rehabilitation ("PEPR") approval from the
Government of South Australia's Department for Energy and Mining to pave the
way for exploration to commence at the Manna Hill Project, an under explored
porphyry province in the 'copper capital' of Australia.

 

As announced on 26 August 2025, Cobra has a 12-month option to acquire the
Manna Hill Project and will focus initially on the Blue Rose priority prospect
("Blue Rose") where existing drilling has intersected skarn hosted copper-gold
mineralisation across 1.6km of strike immediately adjacent to a geophysical
anomaly interpretated as a porphyry intrusion.

 

Key Points:

 

·    PEPR approved to drill up to 50 drill holes across the Blue Rose
prospect

·    Geophysics contractor mobilised to site to execute an Induced
Polarisation ("IP") survey (12 days) at Blue Rose that aims to:

o  Validate the Company's interpretation for the scale of existing
mineralisation to be greatly increased by testing for an additional fold limb
and syncline hinge at depth

o  Refine the interpretation of the Blue Rose porphyry system

·    Drilling contractor secured to execute an initial programme to
commence after Christmas where ~2,800m of Reverse Circulation ("RC") drilling
will target strike and depth extensions as well as the interpreted northern
syncline limb, aiming to significantly increase the scale of skarn
mineralisation

 

Rupert Verco, Managing Director of Cobra, commented:

 

"This is a defining period for Cobra and its shareholders. This is the first
time the Blue Rose prospect has been drilled in over a decade. We have worked
diligently to understand geological controls and assess upside for both scale
and grade. There is no doubt that Blue Rose bears the right geological setting
to deliver a major porphyry discovery.

 

The IP survey will seek to validate our interpretation of the structure
hosting skarn mineralisation and improve the targeting of the porphyry system.
Drilling will target scale upside of the existing skarn mineralisation and
look to test for depth extensions of previous high-grade intersections.

 

This upcoming work programme is designed to demonstrate the potential of the
Manna Hill asset as a basis for which the Company will look to exercise its
option to acquire the Manna Hill Project."

 

Follow this link to watch a short video of MD Rupert Verco discussing this
update on the Manna Hill Project: https://investors.cobraplc.com/link/eW3MJe
(https://investors.cobraplc.com/link/eW3MJe)

 

Manna Hill Exploration Strategy

 

The Manna Hill Project comprises Exploration Licences ("ELs") 6009, 6046 and
6646 that cover 1,855km(2) and incorporate the Anabama Granite Intrusion. The
Blue Rose prospect is the priority target for near term exploration during the
option period.

 

Blue Rose - copper-gold skarn and porphyry target, shallow, scalable and open
at depth

 

·    Stratigraphic limestone unit hosting 1.6km of defined skarn
mineralisation with existing intersections that include:

 

o   RABR822  48m at 2.2% Cu and 0.76 g.t Au from 11m

o   RCBR025  132m at 0.52% Cu from 8m including 48m at 1.04% Cu

o   RABR152  41m at 1.6% Cu from 9m including 18m at 2.03% Cu

o   RABR205  43m at 0.6% Cu from 12m

o   RCBR030  52m at 0.77% Cu and 0.94 g/t Au from 80m

 

IP Survey

 

·    A geophysical IP survey will extend across the interpreted porphyry
intrusion and the length of the interpreted extent of the skarn host limestone
unit

·    The survey will also assist in modelling the greater porphyry system,
supporting future diamond drill design aimed at testing for porphyry stockwork
mineralisation at depth

·    The survey will be completed in early December 2025

 

Blue Rose RC Drilling

 

·    The Company has received PEPR approval to drill up to 50 drill holes
across Blue Rose

·    An initial ~2,800m programme to commence after Christmas will aim to
test:

o  Depth extensions and confirmation of previously reported intersection by
infilling on a 50m spacing

o  Extended strike towards the porphyry intrusion where previous drilling
comprises shallow holes targeting near surface oxide mineralisation

o  The Company's geological interpretation of a syncline hosted skarn system
to deliver increased scale

·    Drilling is expected to take approximately two weeks with assays
expected in late January 2026

·    Results will ultimately inform follow-up drilling

 

Figure 1: Designed IP survey lines for the survey currently underway.
Interpreted porphyry intrusion and synclinal folded limestone unit (skarn
host) over gravity "edge" image

 

 

 

Figure 2: 3D model of the limestone unit hosting Blue Rose skarn
mineralisation. Black traces represent the drill holes to be drilled in the
upcoming programme. Orange traces are contingent upon results and blue traces
represent future diamond drill holes based on current porphyry modelling.

 

 

Timeline for Blue Rose Exploration

 

·    IP Survey - 20 November to 2 December 2025

·    RC Stage 1 RC Drilling - December 2025 to January 2026

·    Assays - January to February 2026

·    RC Stage 2 RC Drilling - February 2026

·    Diamond Drilling - April 2026 (contingent on above results)

 

Background to the Manna Hill Project

 

The Nakara Arc, a Cambrian age rift system, has long been recognised for its
prospective porphyry systems. Previous work undertaken by the Geological
Survey of South Australia, academics and explorers demonstrates:

 

·    Deep crustal architecture defined within a Geoscience South Australia
Magnetotelluric survey that defines modelled fertile, middle crust magma and
structurally controlled conduits supportive of porphyry intrusions.(1)

·    Geochemical and geochronological studies performed by Hong et al,
2023 demonstrate that porphyritic stocks at Anabama and Netley Hill have
formed from favourable lithospheric scale structures and simultaneously with
known porphyry systems within the Macquarie Arc such as Cadia and North
Parkes.(1)

 

The project comprises numerous prospects with varying styles of mineralisation
including skarn, porphyry, carlin, orogenic and sediment hosted mineralisation
across 1,855 km(2) of tenure that includes the historic Wadnaminga and
Talkaboolka goldfields.

 

Exploration over the project has been limited over the last two decades owing
to land access. Land access has been achieved with a Native Title Mining
Agreement with the Wilyakali Traditional Owners paving the way for exploration
across this highly fertile geological province.

 

Located 150km southwest of Broken Hill, the township and mining asset which
was the starting point for the world's largest miner, BHP, the region is well
serviced by road and rail.

 

References

 

1.    Wei Hong, Adrian Fabris, Tom Wise, Allan S Collins, Sarah Gilbert,
David Selby, Stacey Curtis and Anthony Reid, 2023 Economic Geology.
 "Metallogenic Setting and Temporal Evolution of Porphyry Cu-Mo
Mineralisation and Alteration in the Delamerian Orogen, South Australia:
Insights From Zircon, U-Pb, Molybdenite Re-Os, and In Situ White Mica Rb-Sr
Geochronology."

2.    Collar coordinates for RCBR030 has not been verified within the
database but was announced on 8 July 2002:
asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=text&issuerId=558&announcementId=493738&documentDate=2002-07-08&documentNumber=219186
(https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=text&issuerId=558&announcementId=493738&documentDate=2002-07-08&documentNumber=219186)

 

Enquiries:

 

 Cobra Resources plc                           via Vigo Consulting

 Rupert Verco (Australia)                      +44 (0)20 7390 0234

 Dan Maling (UK)

 SI Capital Limited (Joint Broker)             +44 (0)1483 413 500

 Nick Emerson

 Sam Lomanto

 Global Investment Strategy (Joint Broker)     +44 (0)20 7048 9437

 James Sheehan                                 james.sheehan@gisukltd.com
 Vigo Consulting (Financial Public Relations)  +44 (0)20 7390 0234

 Ben Simons                                    cobra@vigoconsulting.com

 Fiona Hetherington

 

The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.

 

About Cobra

 

Cobra Resources is a South Australian critical minerals developer, advancing
assets at all stages of the pre-production pathway.

 

In 2023, Cobra identified the Boland ionic rare earth discovery at its Wudinna
Project in the Gawler Craton - Australia's only rare earth project suitable
for in situ recovery (ISR) mining. ISR is a low-cost, low-disturbance
extraction method that eliminates the need for excavation, positioning Boland
to achieve bottom-quartile recovery costs.

 

In 2025, Cobra further expanded its portfolio by optioning the Manna Hill
Copper Project in the Nackara Arc, South Australia. The project contains
multiple underexplored prospects with strong potential to deliver large-scale
copper discoveries.

 

In 2025, Cobra sold its Wudinna Gold Assets to Barton Gold (ASX: BDG) for up
to A$15 million in cash and shares.

 

Regional map showing Cobra's tenements in South Australia

 

 

 

Boland Project

 

Cobra's unique and highly scalable Boland discovery is a strategically
advantageous ionic rare earth discovery where high grades of valuable heavy
and magnet rare earths occur concentrated in a permeable horizon confined by
impermeable clays. Bench scale ISR testing has confirmed that mineralisation
is amenable to ISR mining. ISR has been used successfully for decades within
geologically similar systems to recover uranium within South Australia.
Results of this metallurgical test work support that, with minor optimisation,
ISR techniques should enable non-invasive and low-cost production of critical
REEs from Cobra's Boland discovery.

 

Manna Hill Project

 

Cobra has entered a binding Option Deed to acquire the Manna Hill Project
("the Manna Hill Option"), a forgotten porphyry province within the copper
capital of Australia. The project has the potential to deliver the next tier 1
discovery. Historical intersections include 48m @ 2.2% Cu & 0.76 g/t Au
and 132m at 0.5% Cu, and underpin the potential to deliver the next
multi-million tonne copper resource.

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
(https://www.linkedin.com/company/cobraresourcesplc)

X: https://twitter.com/Cobra_Resources (https://twitter.com/Cobra_Resources)

 

Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:
https://investors.cobraplc.com/ (https://investors.cobraplc.com/)

 

Subscribe to our news alert service:
https://investors.cobraplc.com/auth/signup
(https://investors.cobraplc.com/auth/signup)

 

Competent Persons Statement

 

Information and data presented within this announcement has been compiled by
Mr Robert Blythman, a Member of the Australian Institute of Geoscientists
("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has
sufficient experience, which is relevant to the style of mineralisation,
deposit type and to the activity which he is undertaking to qualify as a
Competent Person defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 12 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.

 

Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 17 years' industry experience which is
relevant to the style of mineralisation, deposit type, and activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition
of the Australasian Code for Reporting Exploration Results, Mineral Resources
and Ore Reserves of JORC. This includes 13 years of Mining, Resource
Estimation and Exploration.

 

Appendix 1: JORC Code, 2012 Edition - Table 3

 

 Criteria                                                 JORC Code explanation                                                            Commentary
 Sampling techniques                                      ·  Nature and quality of sampling (eg cut channels, random chips, or             ·     Drill results are historic, reported from previous explorers
                                                          specific specialised industry standard measurement tools appropriate to the      across multiple company databases.
                                                          minerals under investigation, such as down hole gamma sondes, or handheld XRF

                                                          instruments, etc). These examples should not be taken as limiting the broad      ·   GS Series holes have uncertain sampling methods but 2024 HGRC series
                                                          meaning of sampling.                                                             holes across reflected the grade tenor and distribution

                                                          ·    Include reference to measures taken to ensure sample representivity         ·     Blue Rose drill results were undertaken over multiple generations
                                                          and the appropriate calibration of any measurement tools or systems used.        with validation required. Sample lengths were between 1m and 4m. sample types

                                                                                are listed as composites and splits in historically reported data for the
                                                          ·    Aspects of the determination of mineralisation that are Material to         reported results.
                                                          the Public Report.

                                                                                ·      NETRP series holes were completed in the late 1960s as percussion
                                                          ·    In cases where 'industry standard' work has been done this would be         holes. Results are considered reflective of typical grades and scale but are
                                                          relatively simple (eg 'reverse circulation drilling was used to obtain 1 m       historic in nature.
                                                          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    ·     NETDD holes were diamond holes that were half core samples to 1m
                                                          is coarse gold that has inherent sampling problems. Unusual commodities or       length.
                                                          mineralisation types (eg submarine nodules) may warrant disclosure of detailed

                                                          information.                                                                     ·   Select review of sampling data provided indicates the retained data is
                                                                                                                                           of good quality.
 Drilling techniques                                      ·    Drill type (eg core, reverse circulation, open-hole hammer, rotary          RAB, AC, RC, percussion and diamond drilling methods have all been used with
                                                          air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or   AC and RC being the dominant drill methods on a per m basis. Further
                                                          standard tube, depth of diamond tails, face-sampling bit or other type,          assessment of the drilling methods will be undertaken during data validation
                                                          whether core is oriented and if so, by what method, etc).                        and migration. Select review of drilling data provides indicates the retained
                                                                                                                                           data is of good quality.
 Drill sample recovery                                    ·    Method of recording and assessing core and chip sample recoveries and       ·      Sample recovery data is limited.
                                                          results assessed.

                                                                                ·     Blue Rose prospect, sample codes L.N.R. are less than 0.1% of
                                                          ·    Measures taken to maximise sample recovery and ensure representative        assessed data.
                                                          nature of the samples.

                                                                                ·    Netley Hill, Diamond drilling appears to have excellent recoveries
                                                          ·    Whether a relationship exists between sample recovery and grade and         based on core photos with NTRP sewries holes not expected to have recovery
                                                          whether sample bias may have occurred due to preferential loss/gain of           data
                                                          fine/coarse material.

                                                                                                                                           ·    At Golden Sophia, 2024 HGRC drilling had consistent good recoveries
                                                                                                                                           as reported in sampling with historic GS drilling expected to be comparable.
 Logging                                                  ·    Whether core and chip samples have been geologically and                    ·      A review of historic logging has determined the quality of
                                                          geotechnically logged to a level of detail to support appropriate Mineral        logging to be good.
                                                          Resource estimation, mining studies and metallurgical studies.

                                                                                ·      Translation of logging codes to a uniform code library  across
                                                          ·    Whether logging is qualitative or quantitative in nature. Core (or          the project will be undertaken to ensure consistency of historic logging for
                                                          costean, channel, etc) photography.                                              future interpretation.

                                                          ·    The total length and percentage of the relevant intersections logged.
 Sub-sampling techniques and sample preparation           ·    If core, whether cut or sawn and whether quarter, half or all core          ·    Sample data is historic and all processes and proceduresare unknown.
                                                          taken.                                                                           There is records of sample splits being sent for lab analysis after initial

                                                                                composite sampling had taken place.  Core samples are reported to be half
                                                          ·    If non-core, whether riffled, tube sampled, rotary split, etc and           core sent to the lab
                                                          whether sampled wet or dry.

                                                                                ·    Further validation of the data will be undertaken during the data
                                                          ·    For all sample types, the nature, quality and appropriateness of the        validation and migration.
                                                          sample preparation technique.

                                                                                ·   Sampling technique is not expected to have applied a bias to results.
                                                          ·    Quality control procedures adopted for all sub-sampling stages to

                                                          maximise representivity of samples.

                                                          ·    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 and laboratory tests               ·    The nature, quality and appropriateness of the assaying and                 ·      Laboratory analysis is from cetified labs and most certificates
                                                          laboratory procedures used and whether the technique is considered partial or    are on file therefore analysis is expected to be of adequate quality
                                                          total.

                                                                                ·      NETRP series holes have limited associated lab data but are
                                                          ·    For geophysical tools, spectrometers, handheld XRF instruments, etc,        considered to be refective of in situ grades and acceptable to report in a
                                                          the parameters used in determining the analysis including instrument make and    historic context.
                                                          model, reading times, calibrations factors applied and their derivation, etc.

                                                                                ·      Historic lab certificates indicate analytical methods have been
                                                          ·    Nature of quality control procedures adopted (eg standards, blanks,         primarily 4 acid digest for ore grade copper and a mixture of aqua regia and
                                                          duplicates, external laboratory checks) and whether acceptable levels of         fire assay for gold. Other elements assayed have been a mixture of aqua regia
                                                          accuracy (ie lack of bias) and precision have been established.                  digest and 4 acid digest. These techniques are acceptable in this geological
                                                                                                                                           setting with 4 acid digest preferred.

                                                                                                                                           ·      Standards, blanks and duplicates have been included in some
                                                                                                                                           historic lab jsubmissions.
 Verification of sampling and assaying                    ·    The verification of significant intersections by either independent         ·      Historic data has been compiled from multiple open file and
                                                          or alternative company personnel.                                                historic company sources

                                                          ·    The use of twinned holes.                                                   ·      For Blue Rose, drill results are geologically consistent across

                                                                                multiple historic drill programs managed by different companies and different
                                                          ·    Documentation of primary data, data entry procedures, data                  drill techniques
                                                          verification, data storage (physical and electronic) protocols.

                                                                                ·      For Netley Hill, NETRP holes are considered historic and
                                                          ·    Discuss any adjustment to assay data.                                       indicative, NETDD holes are considered to be of high quality.

                                                                                                                                           ·      Data validation will be completed on compiled data during a
                                                                                                                                           database migration to ensure appropriate confidence in results is applied.

                                                                                                                                           ·      Historic lab certificate results will be used as a primary source
                                                                                                                                           for a large portion of assay data

                                                                                                                                           ·      Significant intersections have been prepared by Mr Robert
                                                                                                                                           Blythman and reviewed by Mr Rupert Verco
 Location of data points                                  ·    Accuracy and quality of surveys used to locate drill holes (collar          ·      Drillhole collars have been picked up by GPS post 2003 based on
                                                          and down-hole surveys), trenches, mine workings and other locations used in      historic reporting
                                                          Mineral Resource estimation.

                                                                                ·      Prior to 2003, drillholes were reported as NOM
                                                          ·    Specification of the grid system used.

                                                                                ·      Field validation of historic collars shows historic holes were
                                                          ·    Quality and adequacy of topographic control.                                within 10-20m consistently and generally within 5m

                                                                                                                                           ·      NETRP series holes have not been field validated and are
                                                                                                                                           considered spatially indicative. Limited historical surface evidence indicates
                                                                                                                                           the program occurring in the correct area.
 Data spacing and distribution                            ·    Data spacing for reporting of Exploration Results.                          ·      All reported results are being reported as historic in nature

                                                                                with no resource classification applied at this stage.
                                                          ·    Whether the data spacing and distribution is sufficient to establish

                                                          the degree of geological and grade continuity appropriate for the Mineral        ·      Preliminary review of the historic data available has the
                                                          Resource and Ore Reserve estimation procedure(s) and classifications applied.    potential to be used in a resource estimation, particularly at Blue Rose once

                                                                                historic data validation has been completed.
                                                          ·    Whether sample compositing has been applied.

                                                                                                                                           ·      Significant intersections have been calculated as downhole length
                                                                                                                                           weighted averages.
 Orientation of data in relation to geological structure  ·    Whether the orientation of sampling achieves unbiased sampling of           ·      Intersections are expected to be oblique to mineralization.
                                                          possible structures and the extent to which this is known, considering the

                                                          deposit type.                                                                    ·      Drill orientation is not expected to have introduced bias to

                                                                                grades reported
                                                          ·    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.                               ·      Samples are considered historic, no tampering with samples is
                                                                                                                                           expected.

                                                                                                                                           ·      HGRC series drillholes were zip tied in polyweave bags and sent
                                                                                                                                           directly to the lab by Hamelin Gully contractors from the drill site in zip
                                                                                                                                           tied Bulka bags.
 Audits or reviews                                        ·    The results of any audits or reviews of sampling techniques and data.       ·      A full review of historic data is underway to ascertain historic
                                                                                                                                           data confidence. Preliminary findings have shown drilling and assay data is of
                                                                                                                                           a good quality  and appropriate for further use.

 

Appendix 2: Section 2 reporting of exploration results

 

 Criteria                                                          JORC Code explanation                                                            Commentary
 Mineral tenement and land tenure status                           ·      Type, reference name/number, location and ownership including             ·      EL's 6009, 6046 and 6646 are 100% Owned by Hamelin Gully Pty Ltd
                                                                   agreements or material issues with third parties such as joint ventures,         and are in good standing
                                                                   partnerships, overriding royalties, native title interests, historical sites,

                                                                   wilderness or national park and environmental settings.                          ·      A Native Title Mining Access Agreement is in Place between

                                                                                Hamelin Gully and the Wilyakali Traditional Owners. A 1% over riding royalty
                                                                   ·      The security of the tenure held at the time of reporting along            is in place between Hamelin Gully and David Clarke,
                                                                   with any known impediments to obtaining a licence to operate in the area.

                                                                                                                                                    ·
 Exploration done by other parties                                 ·      Acknowledgment and appraisal of exploration by other parties.             ·      A multitude of historic explorers have undertaken exploration
                                                                                                                                                    over the area.

                                                                                                                                                    ·      PacMag, Giralia, Lynas, Dominion, Panda and Hamelin Gully have
                                                                                                                                                    completed a number of geophysical, surface and drillhole exploration programs
                                                                                                                                                    across the tenement package. The tenement package has also had government
                                                                                                                                                    exploration undertaken over the Netley Hill, Anabama Hill and Blue Rose
                                                                                                                                                    Project areas. Exploration has primarily been focused on porphyry- skarn
                                                                                                                                                    copper and gold mineralization. Iron ore exploration has been undertaken on
                                                                                                                                                    the periphery of the exploration package
 Geology                                                           ·      Deposit type, geological setting and style of mineralisation.             ·      Mineralisation is associated with the Anabama Granite and
                                                                                                                                                    adjacent Adelaidean metasediments within the Nackara Arc of the Delamerian
                                                                                                                                                    Orogen.

                                                                                                                                                    ·      Deposit styles include:

                                                                                                                                                    ·      Porphyry Cu-Mo systems with greisen overprint hosted within the
                                                                                                                                                    granite.

                                                                                                                                                    ·      Skarn and replacement (manto-style) Cu-Au mineralisation
                                                                                                                                                    developed in carbonate metasediments proximal to intrusive contacts.

                                                                                                                                                    ·      Structurally controlled quartz-reef/orogenic gold styles within
                                                                                                                                                    folded Adelaidean sequences, analogous to the Manna Hill goldfield.

                                                                                                                                                    ·      Geological setting is characterised by early Palaeozoic granite
                                                                                                                                                    intrusion into Adelaidean platform sediments, with contact-related alteration
                                                                                                                                                    and deformation associated with the Delamerian Orogeny.

                                                                                                                                                    ·      Styles of mineralisation include disseminated and stockwork
                                                                                                                                                    sulphides (chalcopyrite, pyrite, molybdenite), carbonate
                                                                                                                                                    replacement/recrystallisation with sulphides, and quartz-sulphide reef systems
                                                                                                                                                    in shear/fold settings

 Drillhole Information                                             ·      A summary of all information material to the understanding of the         ·      see appendix 3
                                                                   exploration results including a tabulation of the following information for

                                                                   all Material drill holes:                                                        ·      A full review and validation of all historic data is currently

                                                                                being undertaken prior to the full report of all historic data.
                                                                   o  easting and northing of the drill hole collar

                                                                   o  elevation or RL (Reduced Level - elevation above sea level in metres) of
                                                                   the drill hole collar

                                                                   o  dip and azimuth of the hole

                                                                   o  down hole length and interception depth

                                                                   o  hole length.

                                                                   ·      If the exclusion of this information is justified on the basis
                                                                   that the information is not Material and this exclusion does not detract from
                                                                   the understanding of the report, the Competent Person should clearly explain
                                                                   why this is the case.
 Data aggregation methods                                          ·      In reporting Exploration Results, weighting averaging techniques,         ·      Significant intersections are calculated as length weighted
                                                                   maximum and/or minimum grade truncations (eg cutting of high grades) and         averages.
                                                                   cut-off grades are usually Material and should be stated.

                                                                                ·      Only metal equivalent values were applied within the cross
                                                                   ·      Where aggregate intercepts incorporate short lengths of high              section (Figure 4) to simplify overlapping intersections. The formula applied
                                                                   grade results and longer lengths of low grade results, the procedure used for    does not include metal recoveries and is therefore not a true representation
                                                                   such aggregation should be stated and some typical examples of such              of mineral economics. Applied formula is:
                                                                   aggregations should be shown in detail.

                                                                                ·      CuEq% = Cu% + ((Au (g/t) x (US$3,000/31.10348) / (US$9,000/100))
                                                                   ·      The assumptions used for any reporting of metal equivalent values         + ((Mo % x (US$40,000/100) / ($9,000/100))
                                                                   should be clearly stated.
 Relationship between mineralisation widths and intercept lengths  ·      These relationships are particularly important in the reporting           ·      Intercept lengths are oblique to mineralization with downhole
                                                                   of Exploration Results.                                                          lengths reported only

                                                                   ·      If the geometry of the mineralisation with respect to the drill           ·      Further review of historic data is required before determining
                                                                   hole angle is known, its nature should be reported.                              true drillhole width

                                                                   ·      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            ·      Relevant diagrams have been included in the announcement.
                                                                   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     ·      Exploration results are not being reported for existing mineral
                                                                   locations and appropriate sectional views.                                       resources.

                                                                                                                                                    ·      Additional collar locations in diagrams reflect spatial location
                                                                                                                                                    of historic data under review.
 Balanced reporting                                                ·      Where comprehensive reporting of all Exploration Results is not           ·      Significant intersections have been reported to highlight
                                                                   practicable, representative reporting of both low and high grades and/or         exploration potential of the project. Upon completion of historic data review,
                                                                   widths should be practiced to avoid misleading reporting of Exploration          further reporting of existing results will be reported
                                                                   Results.
 Other substantive exploration data                                ·      Other exploration data, if meaningful and material, should be             ·      Completion of historic exploration data is underway. All
                                                                   reported including (but not limited to): geological observations; geophysical    meaningful results will be released once the historic data review has been
                                                                   survey results; geochemical survey results; bulk samples - size and method of    completed.
                                                                   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                ·      Finalisation of historic data review.
                                                                   lateral extensions or depth extensions or large-scale step-out drilling).

                                                                                ·      Planning for RC and diamond drilling at Blue Rose and Netley Hill
                                                                   ·      Diagrams clearly highlighting the areas of possible extensions,           Prospects underway; Drilling will aim to confirm geological interpretations
                                                                   including the main geological interpretations and future drilling areas,         and validate pervious intersections
                                                                   provided this information is not commercially sensitive.

 

Appendix 3: Collar locations of reported intersections

 

 BHID      Easting  Northing  Elevation  Dip    Azimuth  Length
 BRDD003   429020   6388425   240        -60.8  172      227.8
 BRRB11    428922   6388377   239        -90    0        48
 BRRC18    429052   6388338   238        -90    0        100
 GS2       437060   6398114   287        -60    340      40
 GS27      437151   6398102   285        -60    162      40
 GS29      437160   6398064   285        -60    162      40
 GS3       437067   6398084   287        -60    344      70
 GS4       437075   6398046   286        -60    343      40
 HGRC0003  437090   6398076   286        -60    345      124
 NTDD001   411017   6370179   280        -90    0        350
 NETRP14   410433   6370263   280        -90    0        76
 NETRP03   411053   6370125   280        -90    0        79
 RABR186   429372   6388377   235        -90    0        40
 RABR150   429272   6388357   237        -90    0        47
 RABR151   429322   6388382   236        -90    0        60
 RABR152   429372   6388357   236        -90    0        50
 RABR155   429372   6388347   236        -60    172      23.5
 RABR187   429372   6388297   237        -90    0        40
 RABR191   429272   6388337   237        -90    0        37
 RABR198   428822   6388403   239        -90    0        54
 RABR203   428922   6388327   238        -90    0        51
 RABR205   429022   6388352   239        -90    0        55
 RABR209   429172   6388327   237        -90    0        59
 RABR211   429321   6388278   237        -90    0        19
 RABR212   429322   6388252   237        -90    0        63
 RABR213   429322   6388227   236        -90    0        42
 RABR214   429472   6388402   232        -90    0        46.5
 RABR523   428872   6388327   238        -90    0        72
 RABR609   428722   6388302   240        -90    0        54
 RABR822   429348   6388361   236        -90    0        59
 RBBR18    429322   6388177   235        -90    0        12
 RCBR019   429322   6388337   237        -90    0        122
 RCBR021   429127   6388342   238        -90    0        152
 RCBR022   429122   6388377   238        -60    172      122
 RCBR023   429122   6388327   238        -60    172      116
 RCBR025   429322   6388377   236        -60    172      140
 RCBR026   429322   6388327   237        -60    172      116
 RCBR027   429422   6388352   234        -60    172      110
 RCBR029D  429322   6388427   236        -60    172      219
 RCBR030   429122   6388427   238        -60    172      188

 

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