Wudinna Project

Highlights

211,000 Oz defined JORC Gold Mineral Resource Estimate
22 orogenic gold targets, with significant grades of between 16 g/t up to 37.4 g/t gold outside of the current resource
Discovery of critical rare earth elements overlying gold mineralisation at multiple prospects, with grades and intercept widths comparable to other IAC hosted rare earth projects of considerable market value
South Australia’s only vertically associated gold and rare earths project
JORC Rare Earth Mineral Resource Estimate of 20.9 Mt occurs above and proximal to a defined 94,000 Oz gold resource at the Baggy Green prospect, and overlies 600m of intersected gold mineralisation at the Clarke prospect
Significant regional scalability potential for saprolite hosted rare earths
Positive indicators for paleo-channel hosted ionic rare earths
Unique opportunity to advance an economically beneficial combination of gold and rare earth resources
One copper-gold prospect, and five IOCG targets
One adjacent exploration tenement (Corrobinnie – 100% Cobra Resources) covering 532 km² sits outside the Wudinna Project and is prospective for orogenic lode gold and IAC style rare earth mineralisation
Excellent existing infrastructure

Three-stage geochemical sampling/re-assay programme, defining the geochemical relationships with mineralisation
65 RC holes (>9,000m) drilled, expanding gold mineralisation across the Clarke, Baggy Green, Barns, and White Tank prospects
Pathfinder programme defined 1.1 km gold anomaly at the Clarke prospect, validated IOCG targets, and identified REE potential
Detailed gravity surveys and geochemistry analysis of IOCG targets
Over 10,000m of drilling completed, refining gold and IOCG targets and defining REE mineralisation
Re-analysis of retained samples from previous drilling programmes to expand the tested REE mineralisation, resulting in a maiden REE Mineral Resource overlying gold mineralisation at the Clarke and Baggy Green prospects, a significant REE Exploration Target defined at the Thompson prospect, and significant REE mineralisation across 15 different prospects
Scanning Electron Microscope (SEM) analysis, defining phase changes of REE mineralogy and identifying economic desorption potential
Preliminary desorption and leach testing by the Australian Nuclear Science and Technology Organisation, defining magnet REE recoveries of up to 34.7%
Geophysical surveys at the Clarke prospect co-funded by the South Australia Accelerated Discovery Initiative (ADI), defining further gold and REE associations (including Loupe TEM and Controlled Source Audio-frequency Magneto-Tellurics surveys)

Metallurgical evaluation of a range of samples selected at varying pH conditions – an important catalyst for ionic REE adsorption
Evaluate beneficiation and metallurgical optimisation processes to enable the development of a commercial flowsheet evaluation
Further SEM analyses to evaluate quantities of REE mineral phases at various pH conditions
Drilling programme of 5,000–10,000m, aimed at growing both gold and REE Mineral Resources at the Clarke, Barns, and Thompson prospects
Update existing 211,000 Oz gold MRE to incorporate the Clarke prospect and over 5,000m of additional drilling undertaken across existing gold Mineral Resource prospects