REG - Future Metals NL - Results for the Half-Year Ended 31 December 2024
12/03/2025 13:00
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RNS Number : 4051A Future Metals NL 12 March 2025
12 March 2025
Future Metals NL
("Future Metals" or the "Company")
Results for the Half-Year Ended 31 December 2024
The Board of Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME) is pleased to announce the Company's unaudited consolidated interim
results for the 6 months to 31 December 2024 (the "Half-Year Report").
Please see below extracts from the Company's full Half-Year Report comprising
the:
- Directors' Report
- Consolidated Statement of Profit or Loss and Other Comprehensive
Income
- Consolidated Statement of Financial Position
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
A pdf copy of the full Half-Year Report is available at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4051A_1-2025-3-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4051A_1-2025-3-12.pdf) and
is also available on the Company's website at: www.future-metals.com.au
(http://www.future-metals.com.au)
For further information, please contact:
Future Metals NL +61 8 9480 0414
Patrick Walta info@future-metals.com.au (mailto:info@future-metals.com.au)
Strand Hanson Limited (Nominated Adviser & UK Broker) +44 (0) 207 409 3494
James Bellman / Rob Patrick
Key extracts from the Company's Half-Year Report are set our below:
Directors' Report
The Directors present their report for Future Metals NL ("Future Metals" or
the "Company") and its subsidiaries (together the "Group") for the half-year
ended 31 December 2024.
DIRECTORS
The persons who were directors of Future Metals during the half-year and up to
the date of this report (unless stated otherwise) were:
§ Patrick Walta - Executive Chairman
§ Justin Tremain - Non-Executive Director (resigned 21 November 2024)
§ John Carr - Non-Executive Director
§ Sam Rodda - Non-Executive Director
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activities of the Company during the period were to:
§ Undertake development studies and exploration on the Company's 100% owned
Panton PGM-Ni-Cr project in the Kimberley region of Western Australia
("Panton" or the "Project");
§ Define drill targets along ~18km of highly prospective strike ('Alice Downs
Corridor') within the Company's 100% owned exploration package, located ~12km
north-east of Panton. Targets include Eileen Bore, Palamino and Salk, none of
which have been effectively drill tested; and
§ Assess multiple regional opportunities for further enhancing the Company's
strategic land position in the highly prospective East Kimberley region and
abroad.
REVIEW OF OPERATIONS
Future Metals owns 100% of Panton, located in the eastern Kimberley region of
Western Australia, a tier one mining jurisdiction. The Project is located on
three granted mining licenses 70km north of Halls Creek and 60km south of the
operating Savannah Nickel Mine owned by Panoramic Resources Ltd.
The Project is well situated for future planned operations, with good access
to roads, a deep-water port at Wyndham, sealed airstrips and local populations
at the nearby towns of Halls Creek and Kununurra. The Project is located
within the traditional lands of the Malarngowem, and the tenure sits within
the Alice Downs Pastoral Station.
PGM-Ni-Cr mineralisation occurs within a layered, differentiated
mafic-ultramafic intrusion referred to as the Panton intrusive which is a 9km
long, 3km wide and 1.7km thick south-west plunging synclinal intrusion. PGM
& Cr mineralisation is hosted within a series of stratiform chromite reefs
as well as a surrounding zone of mineralised dunite within the ultramafic
package.
Panton is the highest grade PGM deposit in Australia, with mineralisation
defined across three components within a JORC (2012) Mineral Resource Estimate
("MRE"); the Reef, the High Grade Dunite and the Bulk Dunite. The High Grade
Dunite is at the contact and runs parallel to the Reef throughout the entire
deposit. The Company's Scoping Study, announced on 7 December 2023 (the
"Scoping Study") was based solely on the Reef and High Grade Dunite components
of the MRE such that the near-surface Bulk Dunite mineralisation represents
significant potential upside for future expansion.
Future Metals plans to produce both a high-grade PGM concentrate, and a
chromite concentrate from the Panton deposit. These concentrates will be
trucked via sealed public roads to Wyndham for export to customers globally.
The total MRE at Panton is 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
and 2.8Mt Cr(2)O(3), (6.0Moz PdEq(2)). The MRE has been reported across three
separate units; the Reef, the High-Grade Dunite and the Bulk Dunite (Please
refer to the Company's ASX announcement dated 26 October 2023 and Table Five
for full details).
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 component has an MRE of 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 component has an MRE of 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) and 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 has an MRE 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(2) cut-off for an MRE of
55.7Mt @ 0.8g/t PGM(3E), 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 Table Five.
(1) Platinum-Group-Metals 3E refers to platinum, palladium and gold
(2) PdEq (Palladium Equivalent). Refer to page 8 for calculation details
Table Five | Panton Mineral Resource Estimate (JORC Code 2022)
Category Mass Grade Contained Metal
(Mt) Pd Pt Au PGM(3E)(1) (g/t) Ni Cr(2)O(3) PdEq(2) Cu Co Pd Pt Au PGM(3E)(1) (Koz) Ni Cr(2)O(3) PdEq(2) 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
Note: ( )(3) 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
Scoping Study Highlights
§ Completed the Panton Scoping Study leveraging off ~A$50m of investment at
Panton to date, including previous feasibility studies, ~45,000m of drilling,
decline access to orebody & comprehensive bulk metallurgical testwork
§ The Scoping Study demonstrated the potential for Panton to be one of few
long life, globally significant PGM operations in the western world
§ Robust project economics, low capital intensity versus industry benchmarks
and strong leverage to PGM price appreciation, with:
o 1.5Moz PdEq(2) mining inventory from 9.8Mt @ 3.60g/t PGM(3E)(1), 0.25% Ni,
12.6% Cr(2)O(3) (4.77g/t PdEq(2)) for 1.1Moz PGM(3E)(1), 25kt Ni, 1.1Mt
Cr(2)O(3) concentrate
o Initial ~9-year mine life (study's mine plan covers 26% of the current
defined Reef & High Grade Dunite material and 10% of the overall MRE)
o PGM production averaging 117,000oz pa from high grade feed of 3.60g/t
PGM(3E)(1)
o PdEq(2) production averaging 161,000oz pa (incl. nickel and chromite
by-products)
o Low All-in Sustaining Costs (AISC), averaging US$789/oz (projected to be
in the 2(nd) quartile), providing resilience throughout the metal price cycle
§ Scoping Study demonstrates the potential for Panton to be one of the few
significant primary PGM operations in the western world. The Scoping Study
supports a high-grade, initial 9-year operation processing both Reef and
High-Grade Dunite material through a conventional crush, grind and flotation
flow sheet, producing:
Avg. Production PGM Chromite Conc. Nickel PdEq(2)
(Oz pa) (Tpa) (Tpa) (Oz pa)
1,250ktpa 117,000 134,000 1,200 161,000
§ Robust economics with Panton demonstrating strong financial metrics that
reflect the high-grade and low capital intensity of the Project.
Valuation Pre-Production Capex NPV(8%) IRR
(1,250kt) (A$m) (A$m) (%)
(pre / post tax) (pre / post tax)
Base Case 267 250 / 153 26% / 21%
PGM 5yr Avg Case 477 / 311 39% / 31%
PGM Basket By-product credits
Prices Platinum Palladium Gold Rhodium* Basket Price Nickel Chromite
(US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/t) (US$/t)
Base Case 1,285 1,400 2,000 4,450 1,556 20,000 282
PGM 5yr Avg Case 1,040 2,115 1,870 12,450 2,200 20,000 282
*Note: Rh not included in Panton Scoping Study economic evaluation. Included
for comparison to South African PGM Basket Price only
§ Panton Base Case long term PGM pricing aligns with the ~85(th) percentile
of the cost curve (see Figure One), with the current South African PGM(4E)
basket price at an unsustainable ~65% percentile (i.e. ~35% of current global
operations losing money), near all-time lows
§ Panton's estimated AISC of US$789/oz (projected 2(nd) quartile) provides
the opportunity for the planned future operations to generate robust operating
margins in all phases of the PGM price cycle (see Figures One & Two).
§ Scoping Study includes just 26% of Reef & High Grade Dunite material -
mine life extension and valuation uplift to be targeted via progressive uplift
in Resource categorisation
o Indicated potential average annual operating free cash flow of A$72m -
clear value-add from mine life extensions
§ Panton has the opportunity to achieve an accelerated pathway to production,
driven by:
o Project's location on granted Mining Leases
o >A$50m invested in the Project to date including an established portal
and decline, comprehensive metallurgical test work, >45,000m of drilling
& prior environmental studies
o Strong relationships with local stakeholders including the Traditional
Owners
§ Panton is optimally located, with good access to established
infrastructure:
o East Kimberley region of Western Australia, a top-tier mining and
investment jurisdiction
o ~1km from a sealed highway utilised by other mining operations
o ~70km from a sealed airstrip for employee and contractor transportation
o 300km from deep-water port at Wyndham, with easy access into key
potential markets
Figure One | PGM Industry's Cost Curve and Panton Project's positioning.
Source SFA (Oxford)
* Further details for the industry cost curve analysis are shown under the PGM
Industry Cost Curve Position section of this report. The PGM(4E) basket price
is calculated based on the weightings of Pt, Pd, Au and Rh production for the
South African PGM industry. All other metals production is considered a
by-product and credited towards an operations' cost base
§ Significant upside potential for Panton over and above the Scoping Study
outcomes from:
o Panton orebody is open at depth and interpreted to have improving
thicknesses and grades; further drilling may support mine life extensions
o Inclusion of other payable metals including rhodium, iridium, copper and
cobalt
o Resource delineation and inclusion of processing feed from nearby
projects such as the Eileen Bore Project or other discoveries within Future
Metals' 176km(2) exploration acreage
o Pricing upside associated with 'Western premiums' for scarce and
critical resources located in Australia supporting supply chain development
outside of China, Russia and South Africa
o Expansion potential from the significant near-surface Bulk Dunite
mineralisation which is not included within the Scoping Study
Figure Two | Panton PGM-Ni-Cr Project's Location
Project's Positioning
The Scoping Study highlighted the Project as being a potentially globally
significant producer of PGMs and chromite. Panton also represents one of the
only near-term development PGM projects outside of Russia and South Africa.
Additionally, the Scoping Study demonstrated that Panton has a lower capital
intensity than other similar PGM projects in the study phase, given its higher
PGM grade.
PGM Market Dynamics
The supply of primary PGM production is currently dominated by South African
and Russian operations. Such operations supply >80% of PGM(4E) (Pd, Pt, Au
& Rh) production (based on actual 2022 figures). Both of these countries
are subject to material investment and operating risks:
- Russia is currently subject to international sanctions which has
deterred Western investment into its mining industry, complicated the sourcing
of new and sustaining mining equipment for existing operations and caused
Western customers to seek alternative sources for metals such as PGMs.
- South Africa produced over 71% of primary platinum supply and 37% of
primary palladium supply in 2022. Many of the operations in South Africa have
operated for several decades, leading to deep mines and aging infrastructure
which ultimately increases operating costs and sustaining capital. These
issues are amplified by the chronic power availability issues in the country.
- South African deposits are also relatively high in rhodium, with the
recent profitability of many operations being driven by very strong rhodium
prices, which has subsequently declined (2021: Rh price ~US$29,000/oz vs 2023:
Rh price ~US$4,450/oz). This price decline, coupled with significant cost base
inflation has the potential to lead to mine closures in the near to medium
term.
PGM Industry Cost Curve Position
The Scoping Study demonstrated that the proposed operation has the potential
to be a low-cost producer of PGMs, with strong resilience for future
operations throughout the PGM price cycle.
Figure One shows that at the current PGM(4E) basket price of ~US$1,250/oz
approximately 35% of existing PGM production is loss-making. This creates
potential for a significant amount of supply to cease in the near to medium
term unless prices increase.
Panton's cash costs net of by-product credits and AISC of US$678/oz and
US$789/oz respectively demonstrate that if the Project was currently producing
it would be towards the middle of the 2(nd) quartile of PGM production,
thereby ensuring resilient margins in a depressed price environment and making
for an economically robust project capable of withstanding sustained downturns
in PGM prices.
Further details on the calculation methodology for the Company's stated cash
costs, AISC and PGM industry cost curve are set out in Chapter 10 of the
Scoping Study as released to the market on 7 December 2023.
Study Stage PGM Projects ex-South Africa and Russia
Table Six compares Panton's study-stage PGM project with two similar projects
located outside of South Africa and Russia. In contrast to other developers,
Panton stands out due to its higher PGM grade and significantly lower capital
requirements in contrast to the other developers.
Table Six | PGM Project Comparisons (ex-South Africa & Russia)
Project Owner Location Upfront Pre-Production Capital PGM(3E)(1) Grade Life of Mine PGM(3E)(1) Production Co-Product Production
(A$m) (g/t) (Years) (Koz, LOM Avg) (LOM Avg)
Panton Future Metals Western Australia 267 3.60 8.5 117 1kt nickel
134kt chromite concentrate
Gonneville Chalice Mining Western Australia 1,600 0.95 19 280 9kt nickel
(15Mt) 10kt copper
0.8kt cobalt
Marathon Generation Mining Ontario, Canada 1,243(4) 0.90 12.5 216 9kt copper
248koz silver
* Refer to the Company's announcement on 7 December 2023 for source details.
(4 )Pre-production capital estimate of C$1,110. AUD:CAD exchange rate of
0.89 applied
Upside Opportunities
The Scoping Study underpinned a compelling investment case for progressing the
Project, and the Company sees significant further upside opportunities as set
out below:
§ Improved geological confidence in existing Resource: The Scoping Study only
included 26% of the Reef and High Grade Dunite MRE due to reporting
constraints in including Inferred resources. Average annual free cash flows of
A$72m in the Scoping Study demonstrate the significant upside in increasing
mine life through the inclusion of existing Resources.
§ Resource growth: The Panton orebody is open at depth and interpreted to
have improving thicknesses and grades; further drilling may support mine life
extensions beyond the currently modelled life of mine.
§ Additional payable metals: The Panton deposit contains metals either not
included in the MRE or not assumed to be payable. Additional work in the PFS
stage may support the inclusion of other payable metals including rhodium,
iridium, copper and cobalt.
§ Expansion potential: The Scoping Study does not include the near-surface
Bulk Dunite mineralisation. This component of the MRE comprises 55.7Mt @
1.2g/t PdEq(2), and future metallurgical studies may support a significantly
expanded operation.
§ Regional discoveries: The Company has recently expanded its exploration
position around the Panton Project. Additional nearby discoveries will
potentially further enhance the Project's economics through shared surface and
processing infrastructure. Future Metals' Eileen Bore Project is located ~15km
to the east of Panton and historical drilling indicates the potential to
quickly establish a resource estimate, progress metallurgical understanding
and include it in the overall project development plan.
§ Western price premiums: Pricing upside associated with being one of the few
western PGM & chromite projects outside of China, Russia and South Africa.
The Company will establish the Project's competitiveness on a carbon intensity
basis during the planned PFS, however given the grade, and intended power
source the Company is currently of the view that the Project will be
substantially less carbon intensive than many existing projects.
Note: MRE PdEq calculation details provided in Appendix One of the Scoping
Study (please refer to the Company announcement on 7 December 2023).
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 following 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(%)
Strategic Exploration Position - Alice Downs Corridor
On 5 October 2023, an option agreement was entered into 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. The Osprey Projects are located within a 20km radius of the
Company's 100% owned Panton Project and made up of the Eileen Bore, Sally
Downs and Springvale Projects, collectively referred to as the Alice Downs
Corridor (see Figure Four).
The Alice Downs Corridor is characterised by a series of differentiated
pyroxenite, and gabbroic 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 copper and nickel sulphides occur
within the host intrusions and are comprised of chalcopyrite, pyrrhotite,
pentlandite and pyrite. The previously mined Copernicus deposit is one such
example. Additionally, targets along the 18km Alice Downs Corridor, with
confirmed nickel-copper sulphide mineralisation, include Eileen Bore, Palamino
and Salk on the Company's tenure.
Figure Three | Regional Plan showing main targets along the Alice Downs
Corridor 18km strike. Note the location of the Eileen Bore inset Map for
Figure Six.
The majority 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. There is an extensive
exploration dataset for parts of the tenement area including geophysical
surveys; magnetics, gravity, Versatile Time Domain Electromagnetic ("VTEM")
and Induced Polarisation ("IP") which concentrated at the Eileen Bore
Prospect. The main focus of historic drilling within the Company's tenure has
been on the near surface mineralisation at Eileen Bore.
Review of historical drilling combined with geophysical and structural
interpretations has identified multiple mineralised bodies that have a NW
plunge proximal to the Alice Downs Fault, with historic drilling ineffectively
testing these targets.
Eileen Bore Prospect
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 approximately 300m. Mineralisation remains open down
plunge and at depth, with mineralisation only tested to 96m.
A total of 60 holes have been drilled at Eileen Bore for 5,761m. This
historical drilling demonstrated a disseminated Cu-Ni-PGM magmatic sulphide
body within a gabbro-pyroxenite host which extends over ~300m of strike. There
are multiple holes which have ended in mineralisation and modelling suggests
mineralisation is focused within a synformal fold axis and is plunging to the
north-northwest. Drilling down plunge remains open with scope for
significant additional mineralisation (see Figure Five).
Drilling results include:
§ 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m (EOH) ((EBRC 010))
o Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) from 100m
§ 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m (EOH) ((EBRC 003))
o Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) from 56m
§ 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EOH) ((EBRC 011))
§ 47m @ 0.62% Cu, 0.30% Ni & 0.60g/t PGM(3E) from 3m((AD07))
§ 36m @ 0.53% Cu, 0.25% Ni & 0.59g/t PGM(3E) from 40m((EBRC 002))
§ 64m @ 0.77% Cu, & 0.30% Ni from 32m (EoH) ((EP09))
§ 52m @ 0.74% Cu, & 0.29% Ni from 10m ((EP08))
Figure Four | Cross section of drilling at Eileen Bore demonstrating
mineralisation open at depth.
In addition, compelling targets at Eileen Bore are to the north of the area
which has been previously drilled, in an antiformal fold axis and to the south
along the Alice Downs Fault in a synform. Drill Target 2 to the north is
based on coincident magmatic chalcopyrite-pyrrhotite mineralisation identified
in peridotite rock chips by petrology and is associated with Ni-Cu, PGE and Au
soil anomalism. There is no historic drill testing in the area.
To the south, Drill Target 3 is associated with the same coincident soil
anomalism identified at Eileen Bore and Drill Target 2, which has also not
been drill tested. Targets are outlined in Figure Six.
Figure Five | Eileen Bore Prospect showing 3 main drill areas: down plunge
mineralisation from section A-A' and Drill Targets 2 and 3.
Additional Targets
The Salk prospect is situated along strike to the north of Eileen Bore within
the same 100% owned exploration tenement. Historical drilling at Salk
identified nickel-copper mineralisation in an ultramafic that is interpreted
to be in a fault offset position from the Copernicus Mine. Results included
17m @ 0.31% Ni, 0.18% Cu from 36m (including 2m @ 0.68% Ni and 0.31% Cu).
The current structural interpretation suggests mineralisation plunges to the
northwest and drilling at Salk has only been to the south.
Further along strike to the north, within the farm in and joint venture with
Octava Minerals Ltd (ASX:OCT) where FME is earning a 70% interest, is the
Palamino prospect (see Figure Four). Historical drilling confirmed a thick
pyroxenite body dipping to the northwest that was not previously mapped.
Disseminated sulphides were intersected with the best result being 5m @ 0.39%
Ni and 0.32% Cu in hole WCR016.
Forward Exploration Plan
Preparation for a drilling campaign to test the down plunge extension of
Eileen Bore and confirm adjacent near-surface economic mineralisation at Drill
Targets 2 and 3 is underway. The next steps will involve the initial stage of
drilling. Follow up stages will occur if initial drilling determines the
potential for a material amount of economic mineralisation.
In addition, field mapping and sampling will be undertaken along the Alice
Springs Corridor, with a particular focus on Palamino and Salk to confirm the
current geological model and refine these drill targets.
The Company continues to assess opportunities for further enhancing the
Company's strategic land position in the highly prospective East Kimberley
region. The Company sees a strong opportunity for development of a potential
'hub and spoke' strategy utilising Panton and Eileen Bore as potential feed
sources for a central processing hub.
Corporate
Mr Justin Tremain stepped down as Non-Executive Director on 21 November 2024
following increased commitments with his executive role at another ASX-listed
company. The Company does not intend to find a replacement at this stage and
will continue to operate with three directors, leading to a reduction in
corporate costs.
The Company announced a change of Company Secretary after the resignation of
Thomas O'Rourke. Mr Harry Miller, with 10 years' experience in the provision
of secretarial services, was appointed on 19 December 2024.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
No matters or circumstance has arisen since 31 December 2024 that has
significantly affected, or may significantly affect the consolidated entity's
operations, the results of those operations, or the consolidated entity's
state of affairs in future financial years, other than those disclosed below:
Exploration Incentive Scheme:
On 4 March 2025, the Company received $75,306 from the submission of its
invoice under the Exploration Incentive Scheme, with a further $114,000
expected.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires the Company's auditors to
provide the Directors of the Company with an Independence Declaration in
relation to their review of the half-year financial report.
This Independence Declaration is set out on page 12 and forms part of this
Directors' report for the half-year ended 31 December 2024.
This report is signed in accordance with a resolution of the Board of
Directors made pursuant to s.306(3) of the Corporations Act 2001.
Signed on behalf of the Board in accordance with a resolution of the
Directors.
Patrick Walta
Executive Chairman
12 March 2025
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the half-year ended 31 December 2024
Note 31-Dec-24 ( )
31-Dec-23
$ $
Continuing Operations
Interest received 8,167 17,874
Government grants 7,497 19,686
Employee and director benefits expense (199,816) (372,777)
Professional and Consultants (69,300) (119,552)
ASX, AIM and share registry fees 3 (156,079) (162,755)
Travel expenditure (51,858) (25,406)
Exploration expenditure (1,169,252) (963,123)
Share based payment expense 10 (66,386) (137,172)
Amortisation/depreciation expense (8,620) -
Unrealised Foreign exchange loss (22,347) (12,595)
Other expenses (161,024) (341,646)
Loss before income tax (1,889,018) (2,097,466)
Income tax expense - -
Loss after Income Tax (1,889,018) (2,097,466)
Other comprehensive loss
Items that may be reclassified to profit or loss
Other comprehensive income/(loss) - -
Other comprehensive income/(loss) for the period net of tax - -
Total comprehensive loss for the period (1,889,018) (2,097,466)
(Loss)/profit for the period attributable to:
Members of the parent entity (1,889,018) (2,097,466)
Non-controlling interests - -
(1,889,018) (2,097,466)
Total comprehensive (loss)/income for the period attributable to:
Members of the parent entity (1,889,018) (2,097,466)
Non-controlling interests - -
(1,889,018) (2,097,466)
Loss per share
Basic and diluted loss per share (cents) (0.33) (0.49)
The above Consolidated Statement of Profit or Loss and Other Comprehensive
Income should be read in conjunction with the accompanying notes.
Consolidated Statement of Financial Position
as at 31 December 2024
Note 31-Dec-24 30-Jun-24
$ $
Current Assets
Cash and cash equivalents 545,907 2,291,466
Trade and other receivables 82,646 7,615
Total Current Assets 628,553 2,299,081
Non-Current Assets
Deferred Exploration & Evaluation Expenditure 4 17,857,710 17,857,710
Property, Plant and Equipment 42,455 51,075
Total Non-Current Assets 17,900,165 17,908,785
Total Assets 18,528,718 20,207,866
Current Liabilities
Trade and other payables 5 465,706 344,223
Leave provision 37,577 37,577
Total Current Liabilities 503,283 381,800
Non-Current Liabilities
Total Non-Current Liabilities - -
Total Liabilities 503,283 381,800
Net Assets 18,025,435 19,826,066
Equity
Issued capital 6 40,780,923 40,798,846
Reserves 7 2,557,432 2,451,123
Accumulated losses 8 (25,312,920) (23,423,903)
Total Equity 18,025,435 19,826,066
The above Consolidated Statement of Financial Position should be read in
conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2024
Issued capital Share based payments reserve Accumulated losses Total
$ $ $ $
Balance at 1 July 2023 36,524,091 3,628,232 (21,261,586) 18,890,737
Total comprehensive loss for the period
Loss for the period - - (2,097,466) (2,097,466)
Other Comprehensive loss - - - -
Total comprehensive loss for the period - - (2,097,466) (2,097,466)
Transactions with owners in their capacity as owners
Shares issued during the period 735,294 - - 735,294
Exercise of performance rights - (1,777,334) 1,777,334 -
Share based payment (note 10 (a)) - 137,172 - 137,172
Balance at 31 December 2023 37,259,385 1,988,070 (21,581,718) 17,665,737
Balance at 1 July 2024 40,798,846 2,451,123 (23,423,903) 19,826,066
Total comprehensive loss for the period
Loss for the period - - (1,889,018) (1,889,018)
Other Comprehensive loss - - - -
Total comprehensive loss for the period - - (1,889,018) (1,889,018)
Transactions with owners in their capacity as owners
Shares issued during the period - - - -
Options issued during the period - 39,923 - 39,923
Share based payment (note 10 (a)) - 66,386 - 66,386
Transaction costs (17,923) - - (17,923)
Balance at 31 December 2024 40,780,923 2,557,432 (25,312,920) 18,025,435
The above Consolidated Statement of Changes in Equity should be read in
conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
for the half-year ended 31 December 2024
31-Dec-24 ( )
31-Dec-23
$ $
Cash flows from operating activities
Payments to suppliers and employees (609,743) (978,581)
Payments for exploration and evaluation (1,169,252) (1,109,502)
Interest received 8,167 17,874
Grants received 7,497 17,065
Net cash used in operating (1,763,331) (2,053,144)
activities
Cash flows from investing activities
Acquisition of property, plant and equipment - (8,563)
Payment for exploration and evaluation - (25,000)
Net cash used in investing activities - (33,563)
Cash flows from financing activities
Proceeds from issue of equity 39,923 -
Transaction costs (17,923) -
Net cash provided by financing activities 22,000 -
Net (decrease)/increase in cash and cash equivalents (1,741,331) (2,086,707)
Cash and cash equivalents at beginning of period 2,291,466 2,705,754
Effects on exchange rate changes on cash and cash equivalents (4,228) (12,595)
Cash and cash equivalents at the end of the period 545,907 606,452
The above Consolidated Statement of Cash Flows should be read in conjunction
with the accompanying notes.
Condensed Notes to the Consolidated Financial Statements for the half-year
ended 31 December 2024
1. Corporate Information
The financial report of Future Metals NL ("Future Metals" or the "Company")
for the half-year ended 31 December 2024 was authorised for issue in
accordance with a resolution of the Directors made on 12 March 2025. The
nature of the operations and the principal activities of the Company are
described in the Directors' Report on page three of this report.
2. Summary of Material Accounting Policies
(a) Basis of Preparation
These general purpose financial statements for the half-year reporting period
ended 31 December 2024 have been prepared in accordance with applicable
accounting standards including AASB 134 "Interim Financial Reporting" and the
Corporations Act 2001. Compliance with AASB 134 ensures compliance with IAS 34
"Interim Financial Reporting".
These half-year financial statements do not include all the notes of the type
normally included in annual financial statements and therefore cannot be
expected to provide as full an understanding of the financial performance,
financial position and financing and investing activities of the Group as the
full financial statements. Accordingly, these half-year financial statements
are to be read in conjunction with the annual financial statements for the
year ended 30 June 2024 and public announcements made by Future Metals during
the half-year reporting period to 31 December 2024 and to the date of this
report in accordance with the continuous disclosure requirements of the
Corporations Act 2001.
The half-year report has been prepared on an accruals basis and is based on
historical costs. For the purpose of preparing the half-year financial report
the half-year has been treated as a discrete reporting period.
Going concern
These financial statements have been prepared on the going concern basis,
which contemplates the continuity of normal business activities and the
realisation of assets and settlement of liabilities in the normal course of
business.
As disclosed in the financial statements, the Group incurred a loss of
$1,889,018 and had net cash outflows from operating activities of $1,763,331.
At 31 December 2024, the Company had $545,907 in cash and cash equivalents.
For the Group to continue to carry out its exploration activities, meet its
expenditure requirements and continue as a going concern it is dependent on
securing additional funding. These conditions indicate the existence of a
material uncertainty that may cast significant doubt about the Group's ability
to continue as a going concern, and therefore, that it may be unable to
realise its assets and discharge its liabilities in the normal course of
business.
For the Group to be able to continue to carry out its exploration activity and
to have sufficient working capital, it is dependent on the financial support
from its shareholders to fund its working capital requirements and/or
successfully raising capital. The Directors are satisfied they will be able to
raise additional working capital as required and thus it is appropriate to
prepare the financial statements on a going concern basis. In arriving at this
position, the Directors have considered the following matters:
• The Directors have assessed the cash flow requirements for the 12-month
period from the date of approval of the financial statements and its impact on
the Group and believe there will be sufficient funds to meet the Group's
working capital requirements as the Group has the ability to raise additional
capital as and when required;
• In the event that funding of an amount required to meet the future
budgeted operational and investing activities of the Company is unavailable,
the Directors would undertake steps to scale down its operations and reduce
its discretionary expenditure in order to curtail cash outflows; and
• The Group has demonstrated its ability to raise capital if required
including having raised A$3.3m (approximately £1.7m) before costs in February
2024.
Should the Group not be able to continue as a going concern, it may be
required to realise its assets and discharge its liabilities other than in the
ordinary course of business, and at amounts that differ from those stated in
the financial statements and that the financial report does not include any
adjustments relating to the recoverability and classification of recorded
asset amounts or liabilities that might be necessary should the Group not
continue as a going concern.
Principles of consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities
of all subsidiaries of Future Metals. Future Metals and its subsidiaries
together are referred to in this financial report as the Group or the
consolidated entity. Subsidiaries are all those entities (including special
structured entities) over which the Group has control. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases. The acquisition method
of accounting is used to account for the acquisition of subsidiaries by the
Group.
Intercompany transactions, balances and unrealised gains on transactions
between Group companies are eliminated. Unrealised losses are also eliminated
unless the transaction proves evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
Subsidiaries are accounted for in the parent entity financial statements at
cost.
(b) Compliance Statement
The financial report complies with Australian Accounting Standards, which
include Australian equivalents to International Financial Reporting Standards
(AIFRS). Compliance with AIFRS ensures that the financial report, comprising
the financial statements and notes thereto, complies with International
Financial Reporting Standards (IFRS). The principal accounting policies
adopted are consistent with those of the previous financial year and
corresponding interim reporting period, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board that are
mandatory for the current reporting period. The impact on the financial
performance and position of the Company from the adoption of the new or
amended Accounting Standards and Interpretations was not material. Any new or
amended Accounting Standards or Interpretations that are not yet mandatory
have not been early adopted.
3. Expenses
31-Dec-2024 31-Dec-2023
$
$
ASX and AIM and share registry fees
AIM fees - 565
Corporate management London 49,563 95,363
Other 106,516 66,827
156,079 162,755
4. Deferred Exploration & Evaluation Expenditure
31-Dec-2024 30-Jun-2024
$
$
Opening balance 17,857,710 16,609,916
Acquisition of Osprey (b) - 1,247,794
Closing balance 17,857,710 17,857,710
a) The ultimate recoupment of any costs carried forward for exploration
expenditure is dependent on the successful development and commercial
exploitation or sale of the respective lease areas.
b) On 17 November 2023, Future Metals entered into an Acquisition
Agreement to acquire 100% of the shares in Osprey Minerals Pty Ltd, for total
consideration of A$1,247,794; including a contingent consideration component.
Contingent consideration: upon completion of drilling 2,000m cumulatively on
any of the tenements at Company's sole election;
o Issue that number of new ordinary shares equal to the value of A$325,000
at a deemed issue price equal to the 5 day volume weighted average price of
the Company's shares on the day prior to the issue date; or
o Pay the vendors A$325,000
Management have assessed a 50% probability of drilling 2,000m cumulatively on
any tenements.
5. Trade and other payables
31-Dec-2024 30-Jun-2024
$
$
Trade payables 193,419 181,723
Other payables 60,147 -
Contingent consideration (a) 162,500 162,500
Accruals 49,640 -
465,706 344,223
Trade creditors and other creditors are non-interest bearing and generally
payable on 30-day terms. Due to the short-term nature of these payables, their
carrying value is assumed to approximate their fair value.
a) The outstanding contingent consideration relates to the acquisition of
Osprey Minerals. Refer to Note 4.
6. Issued Capital
(a) Issued and paid-up capital
Issued and fully paid 40,780,923 40,798,846
(b) Movements in ordinary shares in issue
June 2024
Number of shares $
Opening Balance 413,204,037 36,524,091
Shares issued on exercise of Performance Rights 8,666,666 -
Shares issued on exercise of Performance Rights 1,966,666 -
Shares issued as consideration for Osprey acquisition 18,382,352 735,294
Shares issued as deferred consideration - Octava farm in agreement 6,674,887 200,000
Shares issued as deferred consideration - Osprey minerals acquisition 13,025,263 325,000
Shares issued 110,554,930 3,273,971
Shares issued to former managing director for good standing 2,500,000 -
Options exercised 65,694 7,057
Transaction costs on share issues - (266,567)
Closing Balance 575,040,495 40,798,846
December 2024
Number of shares $
Opening Balance 575,040,495 40,798,846
Transaction costs - (17,923)
Closing Balance 575,040,495 40,780,923
7. Reserves
31-Dec-2024 30-Jun-2024
$
$
Share based payments reserve
Opening balance 2,451,123 3,628,232
Movements during the period 106,309 600,625
Exercise of performance rights - (1,777,734)
Closing balance 2,557,432 2,451,123
The share-based payments reserve is used to record the value of equity
benefits provided to Directors and executives as part of their remuneration
and non-employees for their goods and services and to record the premium paid
on the issue of unlisted options.
During the period, 159,691,684 Options were issued, exercisable at a price of
A$0.06 on or before that date which is 3 years from the date of issue, at an
issue price of 0.025 cents per New Option to raise $39,923 (before costs).
Please refer to note 10 for further details of the securities issued during
the reporting period ended 31 December 2024.
8. Accumulated losses
31-Dec-2024 30-Jun-2024
$
$
Movements in accumulated losses were as follows:
Opening balance (23,423,903) (21,261,586)
Loss for the period (1,889,018) (3,940,051)
Exercise of performance rights - 1,777,734
Closing balance (25,312,920) (23,423,903)
9. Subsidiaries
The consolidated financial statements include the financial statements of
Future Metals and the subsidiaries listed in the following table:
Name of Entity Country of Incorporation Equity Holding
Future Metals NL Australia
Vianista Pty Ltd Australia 100%
Great Northern Palladium Pty Ltd ("GNP") Australia 100%
Panton Sill Pty Ltd Australia 100%
Panamulet Resources Pty Ltd Australia 100%
Osprey Minerals Pty Limited Australia 100%
10. Share-based payments
(a) Recognised share-based payment transactions
Share-based payment transactions during the half-year were as follows:
( ) 31-Dec-2024 31-Dec-2023
$
$
Director share-based payments (note 10 (b)) 66,386 70,088
Employee share-based payments - 67,084
Movement in share option reserve 66,386 137,172
(b) Director share-based payments
During the half-year ended 31 December 2024, the Company did not issue any new
performance rights to Directors. The expense recognised relates to performance
rights granted in previous periods.
(c) Supplier share-based payments
There were no supplier share based payments during the half year ended 31
December 2024.
(d) Employee share-based payments
There were no new performance rights issued to employees during the half year
ended 31 December 2024.
11. Commitments
In order to maintain an interest in the exploration tenements in which the
Group is involved, the Group is committed to meet the conditions under which
the tenements were granted. The timing and amount of exploration expenditure
commitments and obligations of the Group are subject to the minimum
expenditure commitments required as per the Mining Act, as amended, and may
vary significantly from the forecast based upon the results of the work
performed which will determine the prospectivity of the relevant area of
interest.
These obligations are not provided for in the financial report and are
payable. The annual minimum expenditure commitment on the Group's tenements is
A$346,000.
12. Dividends
No dividends have been paid or provided for during the half-year.
13. Contingent assets and liabilities
There are two historical royalty holders pursuant to agreements entered into
by former owners of the Panton PGM Project unrelated to Future Metals or GNP.
A 0.5% net smelter return royalty is payable to Elemental Royalties Australia
Pty Ltd in respect of any future production of chrome, cobalt, copper, gold,
iridium, palladium, platinum, nickel, rhodium and ruthenium and a 2% net
smelter return royalty is payable to Maverix Metals (Australia) Pty Ltd on any
PGMs produced from the mining licences.
14. Events Occurring after the Reporting Period
No matters or circumstance has arisen since 31 December 2024 that has
significantly affected, or may significantly affect the consolidated entity's
operations, the results of those operations, or the consolidated entity's
state of affairs in future financial years, except those disclosed below:
Exploration Incentive Scheme:
On 4 March 2025, the Company received $75,306 from the submission of its
invoice under the Exploration Incentive Scheme, with a further $114,000
expected.
15. Related Party Disclosures
There were no material changes to the Group's related party transactions to
those disclosed in the 30 June 2024 Annual Report.
16. Segment Information
The Group has identified its operating segments based on the internal reports
that are reported to the Executive Directors (the chief operating decision
makers) in assessing performance and in determining the allocation of
resources. The Board as a whole will regularly review the identified segments
in order to allocate resources to the segments and assess their performance.
The Group operates predominately in one industry, being the exploration of
PGM. The main geographic area in which the entity operates is Australia.
On behalf of the Board
Patrick Walta
Executive Chairman
12 March 2025
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being platinum (Pt), palladium (Pd),
iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally
rare, they have similar physical and chemical properties and tend to occur, in
varying proportions, together in the same geological deposit. The usefulness
of PGMs is determined by their unique and specific shared chemical and
physical properties.
PGMs have many desirable properties and as such have a wide variety of
applications. Most notably, they are used as auto-catalysts (pollution control
devices for ICE vehicles), but are also used in jewellery, electronics,
hydrogen production / purification and in hydrogen fuel cells. The unique
properties of PGMs help convert harmful exhaust pollutant emissions to
harmless compounds, improving air quality and thereby enhancing health and
wellbeing.
Schedule of Tenements at 31 December 2024
Project Location Tenement No. Area Interest
Panton PGM-Ni Project Western Australia M80/103 8.6km(2) 100%
Western Australia M80/104 5.7km(2) 100%
Western Australia M80/105 8.3km(2) 100%
Eileen Bore Western Australia E80/4922 3.3km(2) 100%
Western Australia E80/4933 6.6km(2) 100%
Western Australia E80/5056 33km(2) 100%
Joint Venture * Location Tenement No. Interest at 31 December 2024
Octava Minerals Ltd Western Australia E80/5455 -
Panton North
Octava Minerals Ltd Western Australia E80/5459 -
Copernicus North
*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.
Competent Person's Statement
The information in this report 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 report of the matters based upon her information in
the form and context in which it appears.
The information in this report 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 is 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 report of the matters based upon his information in the form
and context in which it appears.
References may have been made in this report to certain past ASX/AIM
announcements, including references regarding exploration results. For full
details, please refer to the referenced ASX/AIM announcement on the said date.
The Company confirms that it is not aware of any new information or data that
materially affects the information included in these earlier market
announcements.
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