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RNS Number : 3278X  Future Metals NL  17 February 2025

Future Metals NL

("Future Metals" or the "Company")

Significant Copper-Nickel Discovery at Eileen Bore with 4.5km Strike Potential

Highlights

·      Drilling at Eileen Bore has confirmed significant Cu-Ni
mineralisation, including:

o  30m @1.06% Cu, 0.45%Ni & 1.14g/t PGM((3E)) from 88.9m (EBDD002)

·      Drilling results, combined with recent ground gravity, confirm
the Eileen Bore mineralisation to be a faulted section (offset 300m north) of
a newly defined 4.5km NE trending intrusion

·      Holes EBDD003 and EBDD004 were drilled in the northern end of the
4.5km intrusion, representing the first ever drilling of this target area. The
results have confirmed the intrusion to be mineralised, with 127m of anomalous
magmatic sulphides intersected including:

o  7.4m @ 0.46% Cu, 0.51% Ni and 0.3g/t PGM((3E)) (EBDD003)

·      The newly defined 4.5km intrusion represents a significant
advancement in the potential of the Eileen Bore Prospect, and Future Metals
believes that there is significant scope for expansion in the size and grade
of mineralisation within the 4.5km intrusion via future exploration activity

 

Figure 1: Plan view on ground gravity (Terrain Corrected bouguer anomaly tilt
image) showing the extent of the main intrusion, location of all drilling and
density targets similar to hole EBDD003 intersections.

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce that recent drilling and ground gravity undertaken at the Eileen
Bore Prospect ("Eileen Bore") and the adjacent previously undrilled 'Target
2', within the Alice Downs Corridor, has returned a significant mineralised
intrusive extending over a strike of 4.5km.

A total of four diamond holes were drilled for, in aggregate, 1,195m,
co-funded by a recent EIS grant. Two diamond holes (EBDD001 and EBDD002) were
drilled at Eileen Bore to test for extensions and confirm the continuity of
wide zones of copper & nickel mineralisation encountered in historical
drilling. A further two diamond holes (EBDD003 and EBDD004) were drilled at
Target 2 as a first pass test of surface mineralisation (see Figure 1).
Drilling commenced at the historical Eileen Bore prospect to confirm and test
for extensions to Cu-Ni mineralisation.  Hole EBDD002 intersected a 30m zone
at 1.06% Cu, 0.45% Ni and 1.14g/t PGM((3E)) which confirmed historical grades
and mineralisation (see Figure 2).

Figure 2: | Cross section looking northwest at Eileen Bore.  Section line
location in Figure 1 & 3 and marked as A-A'.

 

The ground gravity survey, which was completed at the same time as the
drilling, indicates that mineralisation at Eileen Bore has been faulted
approximately 300m north from the main intrusion.  The gravity data indicates
a 4.5km long intrusion with internal density variations and north-south
faulting.  There has been no prior drilling into this main intrusive target
(see Figure 1).

The prospectivity of this 4.5km intrusion was confirmed by hole EBDD003, which
intersected 7.4m at 0.46% Cu, 0.51% Ni and 0.3g/t PGM((3E)) within a magmatic
sulphide fertile pyroxenite.  The fertile ultramafic extends over 127.25m
with anomalous associated Ni-Cu-Pd-Pt-S throughout.  The significant
intersection occurs within a mineralised finger of magma (an apophyses) within
the larger ultramafic.

Holes EBDD003 and EBDD04 were drilled in what was previously interpreted to be
a fold hinge with confirmed surface soil anomalism and pentlandite,
chalcopyrite and pyrrhotite confirmed in historical petrography. The recent
ground gravity survey indicates that this interpretation was incorrect, and
that the folding is all pre-emplacement of the original mafic-ultramafic,
thereby opening up the 4.5km of prospective strike of the intrusion.

The Target 3 area, which is now interpreted as the southeastern extent of the
4.5km intrusion, is yet to be drilled. This area also has a coincident soil
anomaly and density anomaly larger than that drilled in hole EBDD003 (see
Figure 3).  Additionally, the Target 3 area has had no ground targeting
geophysics (namely EM) or a complete soil survey.

Figure 3: Plan image on TMI-RTP magnetics 1VD showing soil anomaly with
section lines.

Further work to advance the area will include ground EM to focus follow up
drilling within the main 4.5km Eileen Bore Intrusion.

Table One | Mineralisation percentages, pXRF have confirmed chalcopyrite and
pentlandite mineralogy

 Hole ID  Depth   Interval (m)  Cu cut off  Max waste int  Cu    Ni    3E    S     Co

          (m)                   %           (m)            %     %     g/t   %     %
 EBDD001  128.95  3.25          0.3         0              0.46  0.16  0.51  0.88  0.03

 EBDD002  79.9    40.1          0.3         0              0.92  0.39  1.01  2.23  0.017
 incl     88.9    30            1.0         4              1.06  0.45  1.14  2.60  0.019
          138.4   1             0.3         0              0.59  0.26  0.74  1.34  0.013

 EBDD003  124.9   7.4           0.3         0              0.46  0.51  0.30  1.56  0.015
 incl     127.6   4.7           0.5 Ni      0              0.52  0.64  0.34  1.89  0.017

 

Table Two | Holes drilled in MGA94 Zone 52

 HoleID   Easting  Northing  RL     EOH (m)  Dip  Azi  Drill Type  Prospect
 EBDD001  389556   8039930   384    296.2    -60  120  Diamond     Eileen Bore
 EBDD002  389580   8039890   384    275.4    -60  120  Diamond     Eileen Bore
 EBDD003  390537   8040350   382    316      -60  120  Diamond     Target 2
 EBDD004  390464   8040384   382.6  307.6    -60  115  Diamond     Target 2

 

Previous announcements that are relevant to this announcement are:

·    ASX announcement of 13 February 2024 | Multiple Drill Targets
Identified Over an 18km Strike at the Recently Acquired Alice Downs Corridor.

·    ASX announcement of 9 October 2024 | Drilling Underway at Eileen
Bore.

·    ASX announcement of 29 October 2024 | Copper Nickel Sulphide
Intercepts in Exploration Drilling

The Company confirms that it is not aware of any information or data that
materially affects the information included in the abovementioned original
announcements and the form and context in which the Competent Persons'
findings were presented have not materially modified from the original market
announcements.

This announcement has been authorised and approved for release by the Board.

 

For further information, please contact:

 Future Metals NL           Strand Hanson Limited (Nominated Adviser)
 Patrick Walta              James Bellman/Rob Patrick
 + 61 8 9480 0414           +44 (0) 207 409 3494
 info@future-metals.com.au

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law pursuant to
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

Competent Person's Statement

The information in this announcement that relates to Exploration Results is
based on, and fairly represents, information compiled by Ms Barbara Duggan,
who is a Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Ms Duggan is the Company's Principal
Geologist and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity she
is undertaking to qualify as a competent person as defined in the 2012 Edition
of the "Australasian Code for reporting of Exploration Results, Exploration
Targets, Mineral Resources and Ore Reserves" (JORC Code). Ms Duggan consents
to the inclusion in this announcement of the matters based upon her
information in the form and context in which it appears.

 

Eileen Bore Project | Appendix 2 | JORC Code (2012) Edition Table 1

Section 1 Sampling Techniques and Data

 Criteria                                                 JORC Code explanation                                                            Commentary
 Sampling techniques                                      § Nature and quality of sampling (e.g. cut channels, random chips, or            Diamond Drilling
                                                          specific specialised industry standard measurement tools appropriate to the

                                                          minerals under investigation, such as down hole gamma sondes, or handheld XRF    § Details of the drilling completed referred to within this announcement are
                                                          instruments, etc). These examples should not be taken as limiting the broad      reported in Table 1 (Significant Results) and Table 2 (Drill Collars). No
                                                          meaning of sampling.                                                             historic details are reported as they have been previously reported in an ASX

                                                                                release dated 13 February 2024: Multiple Drill Targets Identified Over an 18km
                                                          § Include reference to measures taken to ensure sample representivity and the    Strike at the Recently Acquired Alice Downs Corridor.
                                                          appropriate calibration of any measurement tools or systems used.

                                                                                § HQ3/NQ2 diamond core was submitted for analysis.  All samples were cut
                                                          § Aspects of the determination of mineralisation that are Material to the        using an almonti core saw and are either ½ or ¼ core.  All duplicate
                                                          Public Report. In cases where 'industry standard' work has been done this        samples were ¼ core.  Half core remains in the core tray and is available at
                                                          would be relatively simple (e.g. 'reverse circulation drilling was used to       the Perth Core Library as drilling was completed with EIS cofunding.
                                                          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     § All drill core sampling was either supervised by, or undertaken by,
                                                          there is coarse gold that has inherent sampling problems. Unusual commodities    qualified geologists.
                                                          or mineralisation types (e.g. submarine nodules) may warrant disclosure of

                                                          detailed information.                                                            § Sample intervals are based on geological observations (Lithological
                                                                                                                                           contacts, mineralisation, alteration, etc).  Minimum core sampled was 0.3m.

                                                                                                                                           Ground Gravity Survey

                                                                                                                                           § The ground gravity survey was completed from 18 September to 12 October
                                                                                                                                           2024 by Haines Gravity Surveys.  A total of 1,203 detailed gravity stations
                                                                                                                                           were collected in an irregular grid comprising 69 West-East trending lines
                                                                                                                                           with a 200m spacing and station intervals of 100m.  Quality control repeated
                                                                                                                                           stations were collected giving a repeat percentage of 6.9%.

                                                                                                                                           § Terrain corrections were completed by Terra Resources.

 Drilling techniques                                      § Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air       § Diamond drilling was completed by Top Drill with holes starting in HQ3 and
                                                          blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or    finishing in NQ2.  The depth of HQ3 core was determined based on ground
                                                          standard tube, depth of diamond tails, face-sampling bit or other type,          conditions.
                                                          whether core is oriented and if so, by what method, etc).

                                                                                                                                           § All core was oriented using Axis Mining Technology's Champ Ori Tool.

                                                                                                                                           § HQ3 core diameter is 61.1mm and NQ2 core diameter is 50.6mm.

                                                                                                                                           § Triple tubes were utilised until the hole was competent and then a standard
                                                                                                                                           barrel was used.
 Drill sample recovery                                    § Method of recording and assessing core and chip sample recoveries and          § Each core run was measured for RQD and checked against the driller's core
                                                          results assessed.                                                                blocks.  Any core loss was noted.  To date, core recoveries have been good

                                                                                with core loss only reported in structural zones.
                                                          § Measures taken to maximise sample recovery and ensure representative nature

                                                          of the samples.                                                                  § All drilling is planned to be as close to orthogonal to mineralisation and

                                                                                geology as practicable to get representative samples of mineralisation.
                                                          § Whether a relationship exists between sample recovery and grade and whether

                                                          sample bias may have occurred due to preferential loss/gain of fine/coarse       § No historic relationship between recovery and grade has been identified and
                                                          material.                                                                        there is no current analytical data being reported.
 Logging                                                  § Whether core and chip samples have been geologically and geotechnically        § All drill holes were logged on site by geologists to a level of detail to
                                                          logged to a level of detail to support appropriate Mineral Resource              support appropriate Mineral Resource estimation, mining studies and
                                                          estimation, mining studies and metallurgical studies.                            metallurgical studies.

                                                          § Whether logging is qualitative or quantitative in nature. Core (or costean,    § Logging is qualitative and records lithology, grain size, texture,
                                                          channel, etc.) photography.                                                      weathering, structure, alteration, veining and mineralisation.  Core is

                                                                                digitally photographed.
                                                          § The total length and percentage of the relevant intersections logged.

                                                                                                                                           § All drillholes are logged in full.

 Sub-sampling techniques and sample preparation           § If core, whether cut or sawn and whether quarter, half or all core taken.      § The drill programme was co-funded by the Geological Survey of Western

                                                                                Australia's Exploration Incentive Scheme (EIS) and the diamond core is
                                                          § If non-core, whether riffled, tube sampled, rotary split, etc and whether      required to be submitted to the Core Library as a minimum.  To retain drill
                                                          sampled wet or dry.                                                              core for further analysis/petrography and review, the drill core was either

                                                                                half or quarter cut depending on the zone being sampled.  A majority of core,
                                                          § For all sample types, the nature, quality and appropriateness of the sample    both HQ3 and NQ2 was ¼ cut.
                                                          preparation technique.

                                                                                § Only diamond drill core was sampled.
                                                          § Quality control procedures adopted for all sub-sampling stages to maximise

                                                          representivity of samples.                                                       § All samples were put into pre-numbered sample bags that were checked

                                                                                against the cut sheet.
                                                          § Measures taken to ensure that the sampling is representative of the in-situ

                                                          material collected, including for instance results for field                     § Samples were prepared by ALS's Laboratory in Perth.
                                                          duplicate/second-half sampling.

                                                                                § Certified reference materials (CRM)'s including blanks were used in each
                                                          § Whether sample sizes are appropriate to the grain size of the material         drill hole with CRM's being comparable to the material analysed and ore grade
                                                          being sampled.                                                                   and blank CRMs inserted in mineralised zones.

                                                                                                                                           § Duplicates were completed every 50 samples to ensure that the sampling was
                                                                                                                                           representative of the material collected.

                                                                                                                                           § Samples ranged from a minimum of 0.3m to 1.4m to follow lithological,
                                                                                                                                           mineralisation and or alteration contacts where possible.

 Quality of assay data and laboratory tests               § The nature, quality and appropriateness of the assaying and laboratory
                                                          procedures used and whether the technique is considered partial or total.

                                                                                § All samples were sent to ALS's Laboratory in Perth for multi-element
                                                          § For geophysical tools, spectrometers, handheld XRF instruments, etc, the       analysis (4 acid digestion with ICP-MS finish and Au, Pd, and Pt analysis (30g
                                                          parameters used in determining the analysis including instrument make and        lead fire assay with ICP-AES finish). This method is appropriate for
                                                          model, reading times, calibrations factors applied and their derivation, etc.    lithogeochemistry and determination of mineralisation. All samples that

                                                                                exceeded the upper limit of detection were analysed for the appropriate ore
                                                          § Nature of quality control procedures adopted (e.g. standards, blanks,          grade values.
                                                          duplicates, external laboratory checks) and whether acceptable levels of

                                                          accuracy (ie lack of bias) and precision have been established.                  § All analytical results listed are from an accredited laboratory.

                                                                                                                                           § For all sampling, CRMs were utilised every 20-30 samples with duplicates
                                                                                                                                           collected every 50 samples, approximately. CRM's also included blanks used
                                                                                                                                           every 3rd sample. In addition, the QAQC data from the lab will be collected
                                                                                                                                           and stored in the database

 Verification of sampling and assaying                    § The verification of significant intersections by either independent or
                                                          alternative company personnel.

                                                                                § The results were reviewed by the principal geologist.  An issue with a
                                                          § The use of twinned holes.                                                      blank in a mineralised zone was queried with the laboratory with results

                                                                                verified prior to release.
                                                          § Documentation of primary data, data entry procedures, data verification,

                                                          data storage (physical and electronic) protocols.                                § Significant results are a mix or combination of the following: >0.3% Cu,

                                                                                >0.5 g/t 3E (Au+Pt+Pd), and/or 0.3% Ni.
                                                          § Discuss any adjustment to assay data.

                                                                                                                                           § No twinned holes were completed.

                                                                                                                                           § Data was captured into digital spreadsheets and checked and verified prior
                                                                                                                                           to submission.

                                                                                                                                           § No adjustments were made to the assay data but dilution was included up to
                                                                                                                                           4m.

                                                                                                                                           § All primary data including drill hole data, geological logging, sample
                                                                                                                                           intervals, etc. are all recorded digitally.

                                                                                                                                           § Data is stored in Future Metals' Datashed database.

 Location of data points                                  § Accuracy and quality of surveys used to locate drill holes (collar and         Diamond Drilling
                                                          down-hole surveys), trenches, mine workings and other locations used in

                                                          Mineral Resource estimation.                                                     § All drill holes were located with handheld GPS.

                                                          § Specification of the grid system used.                                         § Downhole surveys were taken with a north seeking gyroscope at 5m intervals

                                                                                down hole.
                                                          § Quality and adequacy of topographic control.

                                                                                                                                           § Future Metals' drilling is located using Map Grid of Australia 1994, Zone
                                                                                                                                           52.

                                                                                                                                           § The topographic control is <3m and is considered adequate.

                                                                                                                                           Ground Gravity Survey

                                                                                                                                           All data points were collected using a DGPS with accuracy ±3cm.
 Data spacing and distribution                            § Data spacing for reporting of Exploration Results.                             § Diamond drill holes were drilled to selectively target key geological

                                                                                targets that were untested.  One hole, EBDD002, was between two historic
                                                          § Whether the data spacing and distribution is sufficient to establish the       holes that were 30m away, one to the north and one to the south.
                                                          degree of geological and grade continuity appropriate for the Mineral Resource

                                                          and Ore Reserve estimation procedure(s) and classifications applied.             § The drill spacing is insufficient to estimate a mineral resource.

                                                          § Whether sample compositing has been applied.                                   § No sample compositing has been applied.
 Orientation of data in relation to geological structure  § Whether the orientation of sampling achieves unbiased sampling of possible     § All drill holes were planned orthogonal to the geological contacts and
                                                          structures and the extent to which this is known, considering the deposit        logging of structures indicates that samples are relatively orthogonal.
                                                          type.

                                                                                § No sampling bias is present.
                                                          § 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.                                  § All samples were cut in Perth and placed into prenumbered calico bags.
                                                                                                                                           Calico bags were placed into polyweaves and then into a bulka bag that was
                                                                                                                                           taped shut and delivered to ALS in Perth.

 Audits or reviews                                        § The results of any audits or reviews of sampling techniques and data.          § No audits or reviews of sampling techniques were undertaken.

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 agreements or    § Future Metals acquired the Eileen Bore project within the Alice Downs
                                                                   material issues with third parties such as joint ventures, partnerships,         Corridor as part of its acquisition of Osprey Minerals Pty Ltd (OSP).  The
                                                                   overriding royalties, native title interests, historical sites, wilderness or    Eileen Bore project comprises licences, E80/4923 and E890/5056 which are
                                                                   national park and environmental settings.                                        granted tenements with HPA's signed/in place.

                                                                   § The security of the tenure held at the time of reporting along with any        § The project is within the traditional lands of the Malarngowen with the
                                                                   known impediments to obtaining a licence to operate in the area.                 necessary agreements in place with representatives of the Native Title Owners.

                                                                                                                                                    § There are no known impediments to working in the area.

 Exploration done by other parties                                 § Acknowledgment and appraisal of exploration by other parties.                  Eileen Bore Prospect

                                                                                                                                                    §  Exploration has been recorded since the 1970s.  The most significant
                                                                                                                                                    exploration was the discovery of the Cabernet (now Copernicus) and Shiraz
                                                                                                                                                    prospects by WMC in 1975 and the Eileen Bore prospect by Australian Anglo
                                                                                                                                                    American (Anglo) in 1975.

                                                                                                                                                    §  In 1978, WMC drilled 3 holes at Eileen Bore (in paper, handwritten form)
                                                                                                                                                    and entered a joint venture with Anglo which ended in 1983.  During this
                                                                                                                                                    time, an additional 11 holes were drilled with up to 15% sulphide intersected
                                                                                                                                                    with the best grades being 19m @ 0.41% Ni, 1.06% Cu in EP5.  Graphitic zones
                                                                                                                                                    were observed up to 4m in some drill holes.

                                                                                                                                                    §  In 1987, Dry Creek Mining completed 11 holes, stream sediment and rock
                                                                                                                                                    chip sampling.  The drill programme was based on the EM survey and follow up
                                                                                                                                                    ground magnetics and soil geochemistry.  The drilling indicated a target that
                                                                                                                                                    is fault bounded and inclined steeply to the south east. The ultramafic-mafic
                                                                                                                                                    sequence has an apparent width of 75m.  Mineralisation is disseminated and
                                                                                                                                                    comprised of pyrite, chalcopyrite and pyrrhotite.

                                                                                                                                                    §  From 2001 to 2004, Thundelarra completed extensive exploration: 20 RC
                                                                                                                                                    holes, Ground fixed loop EM-magnetics, petrography as well as rock, soil and
                                                                                                                                                    stream sediment sampling.  The focus of this work was at Eileen Bore proper
                                                                                                                                                    with additional targets identified along strike between Eileen Bore and
                                                                                                                                                    Copernicus. Two main targets were identified from the EM survey with drilling
                                                                                                                                                    identifying mineralisation associated with disseminated pyrrhotite, pyrite and
                                                                                                                                                    chalcopyrite that remained open at depth.

                                                                                                                                                    §  From 2004-2005, Lionore, in a joint venture with Thundelarra, completed
                                                                                                                                                    further surface sampling, RC drilling, surface and downhole geophysical
                                                                                                                                                    surveys.  Ground IP was completed in the Eileen Bore area (50m stations on
                                                                                                                                                    200m line spacing) to cover known mineralisation as well as potential strike
                                                                                                                                                    extensions to the north and south as well as over the Eileen Bore East
                                                                                                                                                    pyroxenite.  The chargeability data over Eileen Bore defined a linear trend
                                                                                                                                                    coincident and extending beyond the known disseminated mineralisation over a
                                                                                                                                                    2.2km strike length.

                                                                                                                                                    §  From 2009-2011, Panoramic Resources and Thundelarra completed at VTEM
                                                                                                                                                    survey over the entire Eileen Bore Project as well as Falcon Gravity and
                                                                                                                                                    magnetics.  No drilling or further work was completed as it was determined
                                                                                                                                                    that the source of the EM anomalies was due to the presence of graphitic
                                                                                                                                                    shales within the Tickalarra Sediments.

                                                                                                                                                    §  From 2013-2014, Iron Ore Holdings completed a review and had SGC
                                                                                                                                                    (geophysical consultants) complete a detailed review of the geophysical data
                                                                                                                                                    including EM, gravity and magnetics. Based on SGC's review, Eileen Bore
                                                                                                                                                    remained as a high-moderate priority target.

                                                                                                                                                    §  Since Osprey have held the tenure, an auger programme has been completed
                                                                                                                                                    covering a small area around and to the south of Eileen Bore.  No further
                                                                                                                                                    drilling has been completed.
 Geology                                                           § Deposit type, geological setting and style of mineralisation.                  § The Project contains a series of differentiated pyroxenite and gabbro
                                                                                                                                                    intrusions emplaced along a structural corridor, the Alice Downs Fault, which
                                                                                                                                                    represents a major north-northeast trending splay off the deep-seated mantle
                                                                                                                                                    tapping Halls Creek Fault.  Broad zones of disseminated and net-textured Cu
                                                                                                                                                    and Ni sulphides occur within the host pyroxenite intrusions and are comprised
                                                                                                                                                    of chalcopyrite, pyrrhotite, pentlandite and pyrite. The intrusions are
                                                                                                                                                    emplaced into the Tickalarra metamorphics which include paragneiss (pelites,
                                                                                                                                                    psammites), amphibolites and marble.

 Drill hole Information                                            § A summary of all information material to the understanding of the              § Details of all drill holes reported in this announcement are provided in
                                                                   exploration results including a tabulation of the following information for      the associated tables, in the body of the text and on the related figures.
                                                                   all Material drill holes:

                                                                                § No information material to the understanding of the exploration results has
                                                                   o  easting and northing of the drill hole collar                                 been excluded.

                                                                   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, maximum      § Significant intercepts are reported as down-hole length weighted averages
                                                                   and/or minimum grade truncations (e.g. cutting of high grades) and cut-off       of grades above 0.3% Cu, and/or 0.3% Ni and/or 0.50g/t PGM3E (Pt+Pd+Au).
                                                                   grades are usually Material and should be stated.

                                                                                § No top cuts have been applied to the reporting of the assay results.
                                                                   § Where aggregate intercepts incorporate short lengths of high-grade results

                                                                   and longer lengths of low-grade results, the procedure used for such             § Up to 4 metres of internal dilution is allowed in the reported intervals.
                                                                   aggregation should be stated and some typical examples of such aggregations

                                                                   should be shown in detail.                                                       § Higher grade intervals are included in the reported grade intervals; and

                                                                                have also been split out on a case-by-case basis where relevant.
                                                                   § The assumptions used for any reporting of metal equivalent values should be

                                                                   clearly stated.

 
 Relationship between mineralisation widths and intercept lengths  § These relationships are particularly important in the reporting of             § Mineralisation is disseminated within the pyroxenite. Remobilised stringers
                                                                   Exploration Results.                                                             of chalcopyrite-pyrrhotite±pentlandite have orientations related to late

                                                                                deformation in the area.
                                                                   § If the geometry of the mineralisation with respect to the drill hole angle

                                                                   is known, its nature should be reported.                                         § No structural controls on the main mineralisation are present.

                                                                   § If it is not known and only the down hole lengths are reported, there
                                                                   should be a clear statement to this effect (e.g. 'down hole length, true width
                                                                   not known').
 Diagrams                                                          § Appropriate maps and sections (with scales) and tabulations of intercepts      § Relevant maps and diagrams have been included in the body of this
                                                                   should be included for any significant discovery being reported These should     announcement.
                                                                   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 not                § All historic drill results have been previously reported in an ASX release
                                                                   practicable, representative reporting of both low and high grades and/or         of 13 February 2024.
                                                                   widths should be practiced to avoid misleading reporting of Exploration

                                                                   Results.
 Other substantive exploration data                                § Other exploration data, if meaningful and material, should be reported         § All relevant data has been included within this announcement.
                                                                   including (but not limited to): geological observations; geophysical survey

                                                                   results; geochemical survey results; bulk samples - size and method of
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical
                                                                   and rock characteristics; potential deleterious or contaminating substances.
 Further work                                                      § The nature and scale of planned further work (e.g. tests for lateral           § Further analysis of the ground gravity survey data to refine the targets
                                                                   extensions or depth extensions or large-scale step-out drilling).                and determine if a ground electromagnetic survey would add further target

                                                                                definition.
                                                                   § 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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