REG - Future Metals NL - Quarterly Activities Report

Future Metals NLAnnouncement

31/10/2023 07:15

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RNS Number : 7847R  Future Metals NL  31 October 2023

 

31 November 2023

Future Metals NL

Quarterly Activities Report for period ending

30 September 2023

Highlights

§  Upgraded independent JORC 2012 Mineral Resource Estimate ("MRE")
confirmed Panton's status as the highest grade in Australia and one of the
highest grade undeveloped PGM projects globally

 Deposit                              Tonnage  Grade           Contained PdEq(2)

                                                               (Moz)

                                      (Mt)     (PdEq(2) g/t)
 Reef                                 10.8     7.0             2.4
 High-Grade Dunite                    26.4     1.8             1.5

 ((1.4g/t PdEq cut-off))
 Reef + High-Grade Dunite             37.2     3.3             3.9
 Bulk Dunite ((0.9g/t PdEq cut-off))  55.7     1.2             2.1
 Total                                92.9     2.0             6.0

§  Material increase in MRE confidence with the Indicated category
comprising 44% of the total MRE from 6% previously

§  Option agreement entered into with Osprey Minerals Pty Ltd ("Osprey") to
acquire ~100km(2) of highly prospective exploration tenure adjacent to the
Panton Project, including the drill ready Eileen Bore Cu-Ni-PGM prospect(3)

§  Historical drilling at Eileen Bore returned wide zones of shallow copper,
nickel and PGM mineralisation including:

§  120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E)(1) from 0m((EBRC 010))

o  Including 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E)(1) from 100m

§  96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E)(1) from 24m((EBRC 003))

§  84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m ((EBRC 011))

§  Strategic Board changes in line with the continued development of the
Panton Project with the proposed appointment of Mr Patrick Walta as Executive
Chairman, a qualified metallurgist and mineral economist with experience
across both technical and commercial roles

 

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce its Quarterly Activities and Cashflow Report for the Quarter ended
30 September 2023 (the "Quarter").

 

   (1) Platinum-Group-Metals 3E refers to platinum, palladium and gold

   ( 2) PdEq (Palladium Equivalent). Refer to end of the main body of this
   announcement for calculation details

   (3) See announcement dated 5 October 2023 regarding Future Metals' option to
   acquire 100% of Osprey Pty Ltd

 

 

 

Resource Upgrade

On 26 October 2023, the Company announced a significant milestone with a
substantial upgrade to its independent JORC Code (2012) MRE for its 100% owned
Panton PGM-Ni-Cr Project.

The total MRE at Panton is now 92.9Mt @ 1.5g/t PGM(3E)(1), 0.20% Ni, 3.1%
Cr(2)O(3) (2.0g/t PdEq(2)) for contained metal of 4.5Moz PGM(3E)(1), 185kt Ni,
2.8Mt Cr(2)O(3), (6.0Moz PdEq(2)). The MRE was reported across three separate
units: Reef, High-Grade Dunite and Bulk Dunite.

This upgraded MRE further establishes the Panton project as the highest grade
PGM project in Australia and one of the highest grade undeveloped PGM projects
globally. The MRE included an estimate for the Panton deposit's chromite
content for the first time, positioning it as one of the only chromite
projects in Australia, and one of the few in a top tier jurisdiction.

Figure One | Australian PGM Project Comparison.

See Appendix Three for source information.

 

Panton Mineral Resource Estimate Overview

Table One | Panton Total Mineral Resource Estimate

 Mass                    PGM(3E)(1)  Ni    Cr(2)O(3)  PdEq(2)

 (Mt)                    (g/t)       (%)   (%)        (g/t)
 92.9   Grade            1.5         0.20  3.1        2.0
                         (Moz)       (kt)  (Mt)       (Moz)
        Contained Metal  4.5         185   2.8        6.0

The Reef MRE component was 10.8Mt @ 5.6g/t PGM(3E)(1), 0.27% Ni, 14.6%
Cr(2)O(3) (7.0g/t PdEq(2)) for contained metal of 2.0Moz PGM(3E)(1), 29kt Ni,
1.6Mt Cr(2)O(3) (2.4Moz PdEq(2)).

Table Two | Panton Mineral Resource Estimate - High Grade Reef

 Mass                    PGM(3E)(1)  Ni    Cr(2)O(3)  PdEq(2)

 (Mt)                    (g/t)       (%)   (%)        (g/t)
 10.8   Grade            5.6         0.27  14.6       7.0
                         (Moz)       (kt)  (Mt)       (Moz)
        Contained Metal  2.0         29    1.6        2.4

The High-Grade Dunite MRE component was 26.4Mt @ 1.3g/t PGM(3E)(1), 0.21% Ni
(1.8g/t PdEq(2)) for contained metal of 1.1Moz PGM(3E)(1), 54kt Ni (1.5Moz
PdEq(2)). The High-Grade Dunite is the mineralisation which sits parallel to
the reef mineralisation at the footwall and hangingwall contacts.

Table Three | Panton Mineral Resource Estimate - High Grade Dunite (1.4g/t
PdEq cut-off)

 Mass                    PGM(3E)(1)  Ni    PdEq(2)

 (Mt)                    (g/t)       (%)   (g/t)
 26.4   Grade            1.3         0.21  1.8
                         (Moz)       (kt)  (Moz)
        Contained Metal  1.1         54    1.5

The combined Reef and High-Grade Dunite mineralisation of 37.2Mt @ 2.6g/t
PGM(3E)(1), 0.22% Ni, 6.2% Cr(2)O(3) (3.3g/t PdEq(2)) for contained metal of
3.1Moz PGM(3E)(1), 83kt Ni, 2.2Mt Cr(2)O(3) (3.9Moz PdEq(2)).

Table Four | Panton Mineral Resource Estimate - Reef & High-Grade Dunite

 Mass                    PGM(3E)(1)  Ni    Cr(2)O(3)  PdEq(2)

 (Mt)                    (g/t)       (%)   (%)        (g/t)
 37.2   Grade            2.6         0.22  6.2        3.3
                         (Moz)       (kt)  (Mt)       (Moz)
        Contained Metal  3.1         83    2.2        3.9

The Bulk Dunite has been reported at a 0.9g/t PdEq cut-off for an MRE of
55.7Mt @ 0.8g/t PGM(3E)(1), 0.18% Ni (1.2g/t PdEq(2)) for contained metal of
1.4Moz PGM(3E)(1), 102kt Ni (2.1Moz PdEq(2)).

A detailed table for the Panton MRE is provided in Appendix Two.

 

The primary change between the previously reported MRE (announced 21 June
2022) and the upgraded MRE announced on 26 October 2023 is enhanced geological
modelling of the Reef mineralisation and the surrounding dunite into separate
geological units. The new MRE enables the Company to more accurately model the
volume and grade of different mineralisation types which can be mined and
milled as part of the forthcoming Scoping Study, which is focussed on the Reef
and High Grade Dunite mineralisation.

Another key change to the MRE is the inclusion of a chromite (Cr(2)O(3))
estimate following numerous successful metallurgical test work programmes
demonstrating that a saleable chromite concentrate can be produced from the
tails of the PGM flotation where the Ni-PGM concentrate is produced. Figure
Two shows the composition of Panton's PdEq(2) grade and its basket price where
chromite provides a material contribution.

Figure Two | Breakdown of palladium equivalent and basket price per PGM(3E)
ounce. Assumptions used are those set out under Palladium Equivalent
calculations below.

Figure Three | Isometric view of high-grade Panton with drill traces and
resource blocks coloured by Resource classification.

The proportion of mineralisation classified as Indicated also increased,
constituting approximately 44% of the total MRE (and 41% of the Reef),
compared to 6% in the previous MRE. This follows the inclusion of a number of
recently completed drill holes which were not previously included, and
improved metallurgical understanding and performance of the dunite
mineralisation.

The new MRE was prepared independently by International Resource Solutions Pty
Ltd and reported in accordance with the JORC Code (2012).

Exploration & Resource Upside

Panton's Reef and High-Grade Dunite are open at depth and shallowing as they
plunge to the south-west. Drill hole PS414 (shown in Figure Four) is on the
largest step-out and demonstrates increasing grade and a potential thickening
in the deposit as it flattens in its plunge. There is considerable potential
to grow the high-grade Reef and High-Grade Dunite MRE through further drilling
targeting down plunge extensions.

Figure Four | Isometric view of high-grade PGM reef looking north with drill
traces and resource blocks coloured by PdEq grade

There is also potential to discover localised zones of economic mineralisation
(such as more reefs) near the existing Reef modelled in the MRE. Drill hole
PS291 (shown in Figure Four) demonstrates sulphide-rich mineralisation with
significantly less chromite than the majority of the reef intersections which
inform the MRE. This style of mineralisation is analogous to the Bushveld
system in South Africa, where the sulphide-rich Merensky reef sits higher up
in the stratigraphy than the chromite-rich UG2 reef.

The majority of the drill holes included in the MRE have only been sampled
close to the upper and lower reef contacts. There was limited sampling of
mineralisation above or below the reefs by prior owners of Panton, with
geological logging providing multiple indications of chromite stringer reefs
which have not been sampled (a potential marker for PGM(3E) mineralisation).
The Company is currently completing a review of this historical logging to
target previously drilled holes of interest for follow up re-logging and
portable X-Ray Fluorescence ("pXRF") analysis, followed by sampling and
assaying.

The Company has not included copper or cobalt in its PdEq calculations however
continued optimisation of metallurgical performance may warrant their
inclusion in subsequent MRE updates. Similarly, the Company's MRE did not
include rhodium, iridium or osmium due to paucity of assay data however
flotation test work has demonstrated the recovery of these valuable metals.
The Company will examine whether resampling of existing drill core for these
elements is warranted as it progresses the Project.

 

Scoping Study Progress

Following the announcement of the Company's upgraded MRE, and significant
flowsheet optimisation achievements through the past 12 months, the Company is
finalising its Scoping Study on Panton in Q4 2023. The Reef and High Grade
Dunite components of the deposit will underpin a high-grade, long life
operation at Panton.

Strategic Exploration Position

On 5 October 2023, the Company entered into an option agreement to acquire
100% of Osprey Minerals Pty Ltd ("Osprey") which owns ~100km(2) of highly
prospective exploration tenements ("Osprey Projects") in the East Kimberley
region of Western Australia (shown in Figure Five).

The Osprey Projects are located within a 20km radius of the Company's 100%
owned Panton Project and are made up of the Eileen Bore, Sally Downs and
Springvale Projects.

Figure Five | Future Metals tenements including Octava Joint Venture, and
Osprey Projects (Eileen Bore, Sally Downs and Springvale)

 

Eileen Bore

The Eileen Bore Project (shown in Figure Six) is characterized by 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 intrusions and are comprised of chalcopyrite, pyrrhotite, pentlandite and
pyrite. Much of the project area is under cover which has limited the
effectiveness of historical surface sampling. There is significant potential
for blind deposits with no surface anomalism.

Figure Six | Aeromagnetics with Ni-Cu-PGM prospects highlighted at the Eileen
Bore Project. The Copernicus Mine is excluded.

The Eileen Bore prospect is an advanced exploration target with drilling
confirming wide zones of consistent Cu-Ni-PGM mineralisation from surface
along a known strike of ~400m. Mineralisation remains open along a significant
strike and at depth, with an average hole depth of just 96m and a maximum
drilled vertical depth of ~200m. Eileen Bore sits along the same structure
which hosts the Copernicus mine 15km to the north-east.

Drilling results include (see announcement of 5 October 2023):

o   120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E)(1) from 0m (EoH)((EBRC
010))

§ Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E)(1) from 100m

o   96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E)(1) from 24m (EoH) ((EBRC
003))

§ Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E)(1) from 56m

o   84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E)(1) from 36m (EoH) ((EBRC
011))

o   47m @ 0.62% Cu, 0.30% Ni & 0.60g/t PGM(3E)(1) from 3m((AD07))

o   36m @ 0.53% Cu, 0.25% Ni & 0.59g/t PGM(3E)(1) from 40m((EBRC 002))

o   64m @ 0.77% Cu, & 0.30% Ni from 32m (EoH) ((EP09))

o   52m @ 0.74% Cu, & 0.29% Ni from 10m ((EP08))

 

Figure Seven | Cross section of drilling at Eileen Bore demonstrating
mineralisation open at depth.

Drilling to date (shown in Figure Seven) has focused on near surface
mineralisation. The Company's interpretation of drill hole data is that
mineralisation is controlled by a south-west plunging, chonolith-like body
with grades and thicknesses increasing towards the centre of the intrusion.
The down plunge extent of the body has not been effectively drill tested. It
is likely that the mineralisation has been offset and displaced laterally or
vertically by cross-faults and no drilling to date has tested this potential
either.

Option Agreement Terms

The Company made an upfront payment of A$25,000 in cash for a 30-day option
period. On completion of due diligence to its satisfaction, Future Metals may
elect to offer to acquire 100% of Osprey for upfront consideration of
A$625,000 in FME shares, priced at the 5-day Volume Weighted Average Price
("VWAP") on the day prior to delivering an option exercise notice. These FME
shares will be subject to a 6-month voluntary escrow period. Shareholders
representing 76.5% of the share capital in Osprey have already undertaken to
accept Future Metals' offer upon exercise of the option.

Deferred consideration of A$325,000 in FME shares or cash (at the Company's
sole election) will be payable in 6 months from completion of the acquisition.
Once the Company drills 2,000m or more on the Osprey Projects, an additional
A$325,000 in FME shares or cash will be payable (at the Company's sole
election). In the event of the Company electing to pay the deferred
consideration in FME shares, this will be priced at the 5-day VWAP at the time
of the milestone being met.

All other terms of the option agreement were customary for a transaction of
this nature.

Panton North Exploration

A scout reverse circulation ("RC") drilling programme was completed at the
Panton North Project where Future Metals has a farm-in joint venture agreement
with Octava Minerals Ltd. The drilling programme was designed to test the BC1
and Panton West prospects for Ni-Cu-PGM mineralisation. Neither of these
targets had been previously drilled.

Drilling at Panton West intersected a horizon of ultramafic with anomalous
platinum and palladium, which is interpreted to be the top of a sill. Shallow
drilling at BC1 identified a sheared/faulted contact of the Tickalara
metasediments with the Panton Sill, however the depth to target was not
achieved due to shallow capability of the rig. Remodelling of geophysics is
being completed to refine targeting for both prospects.

Corporate

The Company announced strategic Board changes in line with the continued
development of the Panton PGM-Ni-Cr Project and overall growth of the Company.
As announced on 9 October 2023, experienced board executive, Mr Patrick Walta,
is intended to be appointed as Executive Chairman following the Company's 2023
Annual General Meeting ("AGM") which is being held on 17 November 2023.

Patrick is a qualified metallurgist and mineral economist with experience
across both technical and commercial roles within the mining and water
treatment industries. In 2017, Patrick founded New Century Resources Ltd and
became Managing Director following the successful acquisition of the Century
Zinc Mine in Queensland. Over the proceeding five years Patrick led the growth
of the Company though feasibility, mine restart, commissioning and steady
state operations. Through this process, the Century Mine became the 13th
largest zinc producer in the world. In 2023, New Century was acquired by the
multinational PGM-gold producer Sibanye-Stillwater Ltd.

Accordingly, following the AGM, Mr Justin Tremain will step down from the
position of Non-Executive Chairman, remaining on the Board as the Senior
Independent Non-Executive Director while current Non-Executive Director, Allan
Mulligan, will step down to focus on his other business interests.

Financial commentary

The Quarterly Cashflow Report (Appendix 5B) for the period ending 30 September
2023 provides an overview of the Company's financial activities.

The Quarterly Cashflow Report (Appendix 5B) is available at the following
link: http://www.rns-pdf.londonstockexchange.com/rns/7847R_1-2023-10-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7847R_1-2023-10-30.pdf)  and
on the Company's website.

The Company held approximately A$1.6 million in cash at the end of the
Quarter.

Exploration and project development expenditure during the Quarter amounted to
approximately A$523k. During the quarter, the Company paid significant one-off
annual costs including ASX Listing Fees (A$31k), insurance (A$58k) and audit
fees (A$27k) which contributed to above average administration costs for the
quarter. Payments for administration and corporate costs amounted to
approximately A$525k. This included payments to related parties and their
associates of A$112k, comprising Director fees and remuneration (including
superannuation).

For additional information please refer to ASX/AIM announcements covered in
this report:

§  26 October 2023 | Resource Upgrade Defines Panton's Impressive Grade
& Scale

§  19 October 2023 | Notice of Annual General Meeting / Proxy Form

§  9 October 2023 | Executive Chair Appointment and Board Changes

§  5 October 2023 | FME Doubles Strategic Exploration Position Near Panton

§  29 September 2023 | Annual Report to Shareholders

§  20 September 2023 | Corporate Presentation, September 2023

§  11 July 2023 | Step Change in PGM Recovery - Improved to 86%

The above announcements are available to view on the Company's website at
future-metals.com.au. The Company confirms that it is not aware of any new
information or data that materially affects the information included in the
relevant original market announcements. The Company confirms that the
information and context in which the Competent Person's findings are presented
have not been materially modified from the original market announcements.

 

 

For further information, please contact:

 

 Future Metals NL                           +61 8 9480 0414
 Jardee Kininmonth                          info@future-metals.com.au (mailto:info@future-metals.com.au)
 Strand Hanson Limited (Nominated Adviser)  +44 (0) 207 409 3494
 James Harris/James Bellman
 Panmure Gordon (UK) Limited (UK Broker)    +44 (0)207 886 2500

 John Prior/Hugh Rich/Rauf Munir
 FlowComms (UK IR/PR)                       +44 (0) 789 167 7441
 Sasha Sethi

 

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 Statements

The information in this announcement that relates to Exploration Results in
relation to the Panton PGM Project is based on and fairly represents
information and supporting documentation compiled by Ms. Barbara Duggan (MSc),
a Competent Person, who is a Member of the Australian Institute of
Geoscientists. Ms Duggan is a full-time employee of the Company and is
entitled to participate in the Future Metals Performance Rights Plan. Ms
Duggan has sufficient experience that is relevant to the activity being
undertaken to qualify as a Competent Person as defined in the 2012 edition of
the Australasian Code for the Reporting of Exploration Results. The Competent
Person has verified the data disclosed in this announcement, including
sampling and analytical data underlying the information contained in this
announcement. Ms. Duggan consents to the inclusion in this announcement of the
matters based on this information in the form and context in which it appears.

 

The information in this announcement that relates to Mineral Resources is
based on, and fairly represents, information compiled by Mr Brian Wolfe, who
is a Member of the Australian Institute of Geoscientists. Mr Wolfe an external
consultant to the Company and is a full-time employee of International
Resource Solutions Pty Ltd, a specialist geoscience consultancy.  Mr Wolfe
has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity he 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). Mr Wolfe consents to the
inclusion in this announcement of the matters based upon his information in
the form and context in which it appears.

 

Palladium Metal Equivalents

Metal recoveries used in the palladium equivalent (PdEq) calculations are
shown below:

§  Reef: Palladium 80%, Platinum 80%, Gold 70%, Nickel 45% and Chromite 70%

§  Dunite: Palladium 75%, Platinum 75%, Gold 85% and Nickel 40%

Assumed metal prices used are also shown below:

§  Palladium US$1,500/oz, Platinum US$1,250/oz, Gold US$1,750/oz, Nickel
US$20,000/t and US$175/t for chromite concentrate (40-42% Cr(2)O(3))

Metal equivalents were calculated according to the follow formulae:

§  Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x Pt(g/t) +
1.02083 x Au(g/t) + 2.33276 x Ni(%) + 0.07560 x Cr(2)O(3) (%)

§  Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x Pt(g/t) +
1.322 x Au(g/t) + 2.2118 x Ni(%)

 

 

 

Appendix One | Exploration and Mining Permits

Exploration & Mining Permits changes during the Quarter

 

                                 Interest at beginning of Quarter  Interest at end of Quarter

 Project   Location   Tenement
 No changes during the Quarter

 

Farm-In / Farm-Out Agreement changes during the Quarter

 

                                                                      Interest at beginning of Quarter  Interest at end of Quarter

 Joint Venture        Project           Location           Tenement
 Octava Minerals Ltd  Panton North      Western Australia  E80/5455   -                                 -
 Octava Minerals Ltd  Copernicus North  Western Australia  E80/5459   -                                 -

Future Metals may earn up to 70% in the two tenements listed above. Details of
the transaction can be found in the announcement 'Farm-In Agreement Over East
Kimberley Ni-Cu-PGE Prospects' released on 17 January 2023.

Interests in Mining & Exploration Permits & Joint Ventures at 30
September 2023

 

 Project                   Location           Tenement  Area     Interest at end of Quarter
 Panton PGM-Ni-Cr Project  Western Australia  M80/103   8.6km2   100%

                                              M80/104   5.7km2   100%
                                              M80/105   8.3km2   100%
 Panton North              Western Australia  E80/5455  8 BL     -
 Copernicus North          Western Australia  E80/5459  2 BL     -

 

 

Appendix Two | Panton Mineral Resource Estimate (JORC Code 2022)

 

 Category   Mass  Grade                                                                             Contained Metal
            (Mt)  Pd      Pt      Au      PGM(3E) (g/t)  Ni    Cr(2)O(3)  PdEq(1)     Cu    Co      Pd      Pt          Au          PGM(3E) (Koz)     Ni        Cr(2)O(3)  PdEq(1)  Cu     Co

                  (g/t)   (g/t)   (g/t)                  (%)   (%)        (g/t)       (%)   (ppm)   (Koz)   (Koz)       (Koz)                         (kt)      (kt)       (Koz)    (kt)   (kt)

 Upper Reef
 Indicated  3.0   3.3     2.8     0.5     6.5            0.29  15.5       7.9         0.08  217     318     272         46          635               9         472        771      2      0.7
 Inferred   4.9   3.2     2.7     0.4     6.4            0.30  15.6       7.8         0.10  221     506     431         65          1,003             15        761        1,227    5      1.1
 Subtotal   7.9   3.2     2.8     0.4     6.4            0.30  15.6       7.8         0.09  219     824     703         111         1,637             23        1,233      1,998    7      1.7
 Lower Reef
 Indicated  1.4   1.3     1.7     0.1     3.1            0.17  10.7       4.1         0.04  200     59      79          6           143               2    151             186      1      0.3
 Inferred   1.4   1.6     2.1     0.1     3.8            0.19  13.0       4.9         0.05  215     73      95          5           173               3    185             223      1      0.3
 Subtotal   2.8   1.4     1.9     0.1     3.5            0.18  11.8       4.5         0.04  208     132     174         11          316               5    337             409      1      0.6
 Total Reef
 Indicated  4.5   2.6     2.4     0.4     5.4            0.25  14.0       6.7         0.07  211     377     350         51          778               11   623             957      3      0.9
 Inferred   6.3   2.9     2.6     0.3     5.8            0.28  15.0       7.2         0.09  220     579     526         70          1,175             17   946             1,450    5      1.4
 Subtotal   10.8  2.8     2.5     0.4     5.6            0.27  14.6       7.0         0.08  216     956     876         122         1,954             29   1,569           2,407    8      2.3

 High Grade Dunite (Underground, below 300mRL, 1.4g/t PdEq cut-off)
 Indicated  5.9   0.6     0.6     0.2     1.4            0.20  2.2        1.7         0.04  151     120     109         30          259               12   132             334      2      0.9
 Inferred   20.5  0.6     0.6     0.1     1.3            0.21  2.3        1.8         0.04  160     425     373         87          885               43   478             1,154    9      3.3
 Subtotal   26.4  0.6     0.6     0.1     1.3            0.21  2.3        1.8         0.04  158     545     482         118         1,144             54   610             1,488    11     4.2
 Reef + High Grade Dunite
 Indicated  10.4  1.5     1.4     0.2     3.1            0.22  7.3        3.9         0.05  177     497           459         81    1,037             23        755        1,291    5      1.8
 Inferred   26.8  1.2     1.0     0.2     2.4            0.22  5.3        3.0         0.05  174     1,004         899         158   2,061             60        1,424      2,604    14     4.7
 Subtotal   37.2  1.3     1.1     0.2     2.6            0.22  5.9        3.3         0.05  175     1,501         1,358       239   3,098             83        2,179      3,895    19     6.5

 Bulk Dunite (Near surface, above 300mRL, 0.9g/t PdEq cut-off)
 Indicated  30.3  0.4     0.4     0.1     0.9            0.18  1.1        1.3         0.03  144     384           363         103   850               56        337        1,220    9      4.4
 Inferred   25.3  0.3     0.3     0.1     0.7            0.18  1.3        1.1         0.03  140     273           230         61    564               46        329        873      8      3.5
 Subtotal   55.7  0.4     0.3     0.1     0.8            0.18  1.2        1.2         0.03  142     657           593         164   1,414             102       666        2,094    17     7.9

 Total Resource
 Indicated  40.7  0.7     0.6     0.1     1.4            0.19  2.7        1.9         0.04  153     881     822         184         1,887             79   1,092           2,511    15     6.2
 Inferred   52.1  0.8     0.7     0.1     1.6            0.20  3.4        2.1         0.04  157     1,277   1,129       219         2,625             106  1,753           3,478    22     8.2
 Total      92.9  0.7     0.7     0.1     1.5            0.20  3.1        2.0         0.04  155     2,158   1,951       403         4,512             185  2,846           5,989    37     14.4

 

(            1) Refer to the main body of this announcement for the
palladium equivalent (PdEq) calculations

(2) No cut-off grade has been applied to reef mineralisation and a cut-off of
0.9g/t PdEq has been applied to the Bulk Dunite mineralisation and 1.4g/t PdEq
cut-off to the High-Grade Dunite mineralisation

 

Appendix Three | Peer Benchmarking References

 

 Company  Reference link
 CHN      Gonneville Project Mineral Resource Estimate (JORC Code 2012), 28 March 2023
          (https://chalicemining.com/wp-content/uploads/2023/07/20230531-Mineral-Resource-and-Competent-Person-Statements-Extract-VF.pdf)
 POD      Parks Reef Resource Doubles to 6Moz 5E PGM
          (https://wcsecure.weblink.com.au/clients/podiumminerals/v2/headline.aspx?headlineid=61119167)
 GAL      Maiden Mineral Resource at Callisto Marks New Province
          (https://wcsecure.weblink.com.au/clients/galileomining/headline.aspx?headlineid=61171817)

 

 

 

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