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#AYM Anglesey Mining PLC – Change of Non-Executive Directors

1st June 2026 / Leave a comment

Anglesey Mining plc (AIM: AYM), the UK-based mineral exploration and development company and the 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS project in Anglesey, North Wales, is pleased to announce the appointment of Messrs. Martin Wood and Taj Singh to the Board as Independent Non-Executive Directors, effective immediately. Martin and Taj will replace Andrew King and Doug Hall, who are stepping down from the Board with immediate effect.

Martin, who is the founder and Managing Director of Vicarage Capital, an FCA-registered brokerage house which aids junior and mid-cap resource companies, was the CEO of ASX-listed Kogi Iron Limited between 2017 and 2019 and, since 2022, has been the Senior Independent Non-Executive Director and Remuneration Committee Chair at AIM-listed Tungsten West Limited.

Before Vicarage Capital, Martin worked in corporate finance at NM Rothschild & Sons, Standard Bank and Benfield Advisory, providing services to resource companies. Martin was a director of Royal Helium Limited, which went into a Voluntary Company Arrangement with its bondholders in 2023.

Martin holds an MBA from Exeter University.

Martin currently holds no direct interests in the Company’s ordinary shares.

Martin Wood, aged 57, holds or has held the following directorships/partnerships in the past five years:

Current Directorships/Partnerships	Former Directorships/Partnerships (past five years)
Vicarage Capital Limited	Altona Energy Plc
Tungsten West Plc	Toya Gold SL
	Royal Helium Limited

Martin Wood: LinkedIn profile

Taj is an accomplished mining executive with more than 25 years of experience in the minerals sector and has raised over $400 million in equity throughout his career. He is currently the President and CEO of Crown 80 Consulting Services Ltd., which provides technical and capital markets advisory services within the minerals and mining industry.

Taj was the founder, President and CEO of TSX/V-listed First Nordic Metals Corp., which merged with Mawson Gold Ltd. in late 2025 to form TSX/V-listed Gold Sky Resources. Gold Sky Resources, a gold explorer and developer focused on Northern Europe, is currently valued at $720 million. At First Nordic Metals Corp., he executed numerous acquisitions, oversaw more than $100 million in equity financing, and helped increase the market capitalisation 30x during his tenure.

His previous experience includes serving as the founding President and CEO of TSX/V-listed NOA Lithium Brines, where he had significant success with the flagship project in Argentina, the founding President and CEO of TSX/V-listed Discovery Silver Corp., where he spearheaded the company to grow to a market capitalisation of more than $750 million, and he was the Chairman of TSX/V listed Silver Viper Minerals Corp from February 2024 to December 2025.

Taj is a Professional Engineer (P.Eng), a Chartered Professional Accountant (CPA), a Certified Management Accountant (CMA) and holds B.Eng and M.Eng qualifications in Minerals Processing and Metallurgy.

Taj currently holds no direct interests in the Company’s ordinary shares.

Taj Singh, aged 46, holds or has held the following directorships/partnerships in the past five years:

Current Directorships/Partnerships	Former Directorships/Partnerships (past five years)
	Silver Viper Minerals Corp
	First Nordic Metals Corp
	NOA Lithium Brines Inc
	Discovery Silver Corp

Taj Singh: LinkedIn profile

Jim Williams, Executive Chairman of Anglesey, commented:

“I would like to take this opportunity to thank both Andrew and Doug for their service to Anglesey and wish them the very best for the future.”

“On behalf of Anglesey, I am delighted to welcome both Martin and Taj as our new independent Non-Executive Directors, which now fully complements our Board restructuring. Martin and Taj bring their demonstrable expertise in the mining sector to the Company at its critical point of strategic rejuvenation for the future.”

For further information, please visit the Company’s website: www.angleseymining.co.uk

-Ends-

For further information, please contact:

Anglesey Mining plc (via Yellow Jersey PR Limited)

Jim Williams, Executive Chairman

angleseymining@yellowjerseypr.com

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy/Daragh O’Reilly

Tel: +353 1 679 6363

AlbR Capital Limited

Joint Corporate Broker

Lucy Williams/Duncan Vasey

Tel: +44 (0)20 7562 0930

Yellow Jersey PR Limited

Financial & Media Relations

Dominic Barretto/Shivantha Thambirajah

Tel: +44 (0)20 3004 9512

About Anglesey Mining plc:

Anglesey is advancing the UK’s largest copper project at the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales.

#AYM Anglesey Mining PLC – Half yearly report for the six months to 30 September 2025

22nd December 2025 / Leave a comment

Chairman’s Statement and Management Report

During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine.

The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits.

Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain.

It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term.

In the period to the 30th September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.

As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million. Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore management of GIAB reverted to Eurmag AB, GIAB’s 50.2% shareholder, with Anglesey retaining its 49.8% ownership interest.

Post the end of the half year period, on 5 December 2025 the Company announced that it had entered into a binding letter of intent with its largest shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will eliminate approximately £4 million of debt in exchange for its interest in GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total outstanding debt to approximately £100,000.

Energold has also provided immediate funding to Anglesey of £350,000 through the purchase of non-voting exchangeable warrants.

The Board believes that the restructuring of the Company’s balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing Parys Mountain.

Finally, at the beginning of December 2025, we were delighted to welcome Brendan Cahill and Jim Williams to Anglesey’s board.

Financial

The group had no revenue for the period. The loss for the six months to 30 September 2025 was £334,699 (2024 comparative period £311,052) and expenditure on the mineral properties in the period was £50,955 compared to £125,479 in the same period in 2024.

Net current liabilities as at 30 September 2025 were £370,085 compared to net current liabilities of £182,582 at 31 March 2025.

Andrew King

Chairman

19 December 2025

Unaudited condensed consolidated income statement

		Notes	Unaudited six months ended 30 September 2025	Unaudited six months ended 30 September 2024
All operations are continuing			£	£
	Revenue		–	–
	Expenses		(236,591)	(213,575)
	Equity-settled employee benefits		–	(4,230)
	Investment income		883	2,169
	Finance costs		(98,957)	(95,384)
	Foreign exchange movement		(34)	(32)

Loss before tax			(334,699)	(311,052)

	Taxation	8	–	–

Loss for the period		7	(334,699)	(311,052)

	Loss per share
	Basic – pence per share		(0.1)p	(0.1)p
	Diluted – pence per share		(0.1)p	(0.1)p

Unaudited condensed consolidated statement of comprehensive income

Loss for the period			(334,699)	(311,052)
	Other comprehensive income
	Items that may subsequently be reclassified to profit or loss:
	Change in fair value of investment	14	(449,562)	388,683
	Foreign currency translation reserve		13,912	17,654

Total comprehensive (loss) for the period			(770,349)	95,285

All attributable to equity holders of the company

Unaudited condensed consolidated statement of financial position

		Notes	Unaudited 30 September 2025	31 March 2025
			£	£
Assets
	Non-current assets
	Mineral property exploration and evaluation	9	17,043,457	16,992,502
	Property, plant and equipment		204,687	204,687
	Investments	10	777,119	1,226,681
	Deposit		129,727	128,857

			18,154,990	18,552,727
	Current assets
	Other receivables		35,358	36,988
	Cash and cash equivalents		43,791	44,264

			79,149	81,252

Total assets			18,234,139	18,633,979

Liabilities
	Current liabilities
	Trade and other payables		(449,234)	(263,834)

			(449,234)	(263,834)

	Net current liabilities		(370,085)	(182,582)

	Non-current liabilities
	Loans		(4,231,211)	(4,046,102)
	Long term provision		(50,000)	(50,000)

			(4,281,211)	(4,096,102)

Total liabilities			(4,730,445)	(4,359,936)

Net assets			13,503,694	14,274,043

Equity
	Share capital	11	10,359,056	10,359,056
	Share premium		12,910,853	12,910,853
	Currency translation reserve		(68,797)	(82,709)
	Retained losses		(9,697,418)	(8,913,157)

Total shareholders’ funds			13,503,694	14,274,043

All attributable to equity holders of the company

Unaudited condensed consolidated statement of cash flows

		Notes	Unaudited six months ended 30 September 2025	Unaudited six months ended 30 September 2024
			£	£
Operating activities
	Loss for the period		(334,699)	(311,052)
	Adjustments for:
	Investment income		(883)	(2,169)
	Finance costs		98,957	95,384
	Share based payments charge		–	4,230
	Foreign exchange movement		34	32
			(236,591)	(213,575)
	Movements in working capital
	Decrease/(increase) in receivables		1,630	9,385
	Increase in payables		182,627	4,041
Net cash used in operating activities			(52,334)	(200,149)

Investing activities
	Investment income		13	3
	Mineral property exploration and evaluation		(48,118)	(274,755)
Net cash used in investing activities			(48,105)	(274,752)

Financing activities
	Issue of share capital		–	567,750
	Movements on loans		100,000	(29,207)
Net cash generated from financing activities			100,000	538,543

Net increase in cash and cash equivalents			(439)	63,642
Cash and cash equivalents at start of period			44,264	219,685
Foreign exchange movement			(34)	(32)
Cash and cash equivalents at end of period			43,791	283,295

All attributable to equity holders of the company

Unaudited condensed consolidated statement of changes in group equity

	Share capital £	Share premium £	Currency translation reserve £	Retained losses £	Total £
Equity at 1 April 2025 – audited	10,359,056	12,910,853	(82,709)	(8,913,157)	14,274,043
Total comprehensive loss for the period:
Loss for the period	–	–	–	(334,699)	(334,699)
Change in fair value of investment	–	–	–	(449,562)	(449,562)
Exchange difference on translation of foreign holding	–	–	13,912	–	13,912
Total comprehensive loss for the period	–	–	13,912	(784,261)	(770,349)
Shares issued	–	–	–	–	–
Share issue expenses	–	–	–	–	–
Equity-settled employee benefits	–	–	–	–	–
Equity at 30 September 2025 – unaudited	10,359,056	12,910,853	(68,797)	(9,697,418)	13,503,694
Comparative period
Equity at 1 April 2024 – audited	9,711,764	12,963,103	(89,589)	(8,097,527)	14,487,751
Total comprehensive loss for the period:
Loss for the period	–	–	–	(311,052)	(311,052)
Change in fair value of investment	–	–	–	388,683	388,683
Exchange difference on translation of foreign holding	–	–	17,654	–	17,654
Total comprehensive loss for the period	–	–	17,654	77,631	95,285
Shares issued	635,000	–	–	–	635,000
Share issue expenses	–	(67,250)	–	–	(67,250)
Share issue expenses	–	–	–	4,230	4,230
Equity at 30 September 2024 – unaudited	10,346,764	12,895,853	(71,935)	(8,015,666)	15,155,016

All attributable to equity holders of the company

Notes to the accounts

1. Basis of preparation

This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2025. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 – Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2025 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts.

The financial information contained in this report in respect of the year ended 31 March 2025 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company’s auditor.

2. Significant accounting policies

The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2025. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group’s results.

The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group.

3. Risks and uncertainties

The principal risks and uncertainties set out in the group’s annual report and financial statements for the year ended 31 March 2025 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2025 annual report – see note 1 above.

4. Statement of directors’ responsibilities

The directors confirm to the best of their knowledge that:

(a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and

(b) the interim management report includes a fair review of the information required by the FCA’s Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R).

This report and financial statements were approved by the board on 19 December 2025 and authorised for issue on behalf of the board by Andrew King, interim chairman and Rob Marsden, chief executive officer.

5. Activities

The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items.

6. Earnings per share

The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.3 million by 484 million – the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2024 of £0.3m divided by 442 million shares. However where there are losses the effect of outstanding share options is not dilutive.

7. Business and geographical segments

There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group’s income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board.

Income statement analysis


	Unaudited six months ended 30 September 2025
	UK	Sweden – investment	Canada – investment	Total
	£	£	£	£
Expenses	(242,701)	6,110	–	(236,591)
Investment income	883	–	–	883
Finance costs	(92,235)	(6,722)	–	(98,957)
Exchange rate movements	–	(34)	–	(34)
Loss for the period	(334,053)	(646)	–	(334,699)


	Unaudited six months ended 30 September 2024
	UK	Sweden – investment	Canada – investment	Total
	£	£	£	£
Expenses	(187,450)	(26,125)	–	(213,575)
Equity settled employee benefits	(4,230)	–	–	(4,230)
Investment income	2,169	–	–	2,169
Finance costs	(88,642)	(6,742)	–	(95,384)
Exchange rate movements	–	(32)	–	(32)
Loss for the period	(278,153)	(32,899)	–	(311,052)

Assets and liabilities

`	Unaudited 30 September 2025
	UK	Sweden investment	Canada investment	Total
	£	£	£	£
Non current assets	17,377,871	633,170	143,949	18,154,990
Current assets	77,977	1,172	–	79,149
Liabilities	(4,370,796)	(359,649)	–	(4,730,445)

Net assets	13,085,052	274,693	143,949	13,503,694

	Audited 31 March 2025
	UK	Sweden investment	Canada investment	Total
	£	£	£	£
Non current assets	17,326,046	633,170	593,511	18,552,727
Current assets	80,083	1,169	–	81,252
Liabilities	(3,993,161)	(366,775)	–	(4,359,936)

Net assets	13,412,968	267,564	593,511	14,274,043

8. Deferred tax

There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 – £1.6m) which, in view of the group’s results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million (unchanged from 31 March 2025) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements.

9. Mineral property exploration and evaluation costs

Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on financing being available to fund such development. During the period activities were limited and no drilling took place.

10. Investments

	Labrador	Grangesberg	Total
	£	£	£
At 1 April 2024	771,564	633,170	1,404,734
Net change during the period	(178,053)	–	(178,053)
At 31 March 2025	593,511	633,170	1,226,681
Net change during the period	(449,562)	–	(449,562)
At Unaudited 30 September 2025	143,949	633,170	777,119

Labrador – Canada

The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group’s holding of 19,289,100 shares in LIM (12% of LIM’s total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors’ assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2025 was 1 US cent per share (2024 – 8 US cents). As at 19 December 2025 the share price was 2 US cents per share.

Grängesberg – Sweden

The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits.

The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at 30 September 2025 to be £633,170.

11. Share capital

	Ordinary shares of 1p		Deferred shares of 4p		Total
Issued and fully paid	Nominal value £	Number	Nominal value £	Number	Nominal value £
At 31 March 2024	4,200,931	420,093,017	5,510,833	137,770,835	9,711,764
Issued in the period	647,292	64,729,238	–	–	647,292
At 31 March 2025	4,848,223	484,822,255	5,510,833	137,770,835	10,359,056
Issued in the period	–	–	–	–	–
At Unaudited 30 September 2025	4,848,223	484,822,255	5,510,833	137,770,835	10,359,056

The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.

12. Financial instruments

Group	Financial assets classified at fair value through other comprehensive income		Financial assets measured at amortised cost
	Unaudited 30 September 2025	31 March 2025	Unaudited 30 September 2025	31 March 2025
	£	£	£	£
Financial assets
Investments	777,119	1,048,628	–	–
Deposit	–	–	129,727	128,857
Other receivables	–	–	35,358	36,988
Cash and cash equivalents	–	–	43,791	44,264
	777,119	1,048,628	208,876	210,109

	Financial liabilities measured at amortised cost
	Unaudited 30 September 2025	31 March 2025
	£	£
Trade payables	(179,123)	(107,559)
Other payables	(270,111)	(156,275)
Loans	(4,231,211)	(4,046,102)
	(4,680,445)	(4,309,936)

Anglesey Mining plc

Directors

Andrew King Chairman

Rob Marsden Chief executive

Douglas Hall Non executive

Brendan Cahill Non executive

Jim Williams Non executive

Registered office address – Parys Mountain, Amlwch, Anglesey, LL68 9RE

Phone 01407 831275 Email mail@angleseymining.co.uk

Registrars MUFG Corporate Markets, 29 Wellington Street, Leeds, LS1 4DL

Share dealing phone 0371 664 0445 Helpline phone 0371 664 0300

Company registered number 01849957

Web site www.angleseymining.co.uk

Shares listed AIM – AYM

#SVML Sovereign Metals Ltd – Demerger Timetable

20th March 2023 / Leave a comment

Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) provides an update to the indicative timetable in relation to the demerger of NGX as disclosed below.

Event	Indicative Date
Effective date of Distribution	20 March 2023
Repositioning of securities between the Australian share register and UK Depositary Interest register is suspended at the close of business	21 March 2023
Ex Date	22 March 2023
Record Date	23 March 2023
Repositioning of securities between the Australian share register and UK Depositary Interest register recommences	24 March 2023
Date for Distribution to Shareholders (Distribution Date)	24 March 2023
Despatch of holding statements for NGX Shares transferred under the Distribution	27 March 2023

Note: The dates shown in the table above are indicative only and may vary subject to the Corporations Act, the Listing Rules, the AIM Rules and other applicable laws.

ENQUIRIES

Dylan Browne

Company Secretary
+61(8) 9322 6322

info@sovereignmetals.com

Nominated Adviser on AIM
RFC Ambrian
Andrew Thomson	+61 8 9480 2500

Joint Brokers
Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Optiva Securities	+44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis

#SVML Sovereign Metals Ltd – Company Presentation

6th February 2023 / Leave a comment

COMPANY PRESENTATION

Sovereign Metals Limited (Company) is pleased to advise that a presentation entitled ‘Company Presentation’ is available to download from the Company’s website at: http://sovereignmetals.com.au/company-presentations/.

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson	+44 20 3440 6800

Joint Brokers
Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Optiva Securities	+44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis

#POW Power Metal Resources PLC – Strategic Uranium Properties Staked – Athabasca

2nd February 2023 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“The uranium acquisitions by staking announced today are a further leap forward for Power Metal’s strategic uranium interests in and surrounding the prolific Athabasca Basin located in northern Saskatchewan, Canada.

The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the Company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin.

Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position. Our intentions do not stop here, with plans to further expand our uranium focused interests where suitable opportunities are identified.

Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.“

HIGHLIGHTS:

All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired during the most recent Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system claim reopening on 31 January 2023. The staking acquisitions represent some of the most significant additions to the Company’s uranium portfolio. Further information on the staking process can be found in the further information section below.

The newly acquired Haresign Bay uranium Property (“Haresign Bay”) covers a total area of 3,189.2-hectares (31.89km²) located 35km south of the Athabasca Basin. Haresign Bay is surrounded by claims held by uranium focussed companies F3 Uranium Corp, Baselode Energy Corp, CanAlaska Uranium Ltd and Skyharbour Resources Ltd.

The newly acquired Kernaghan uranium Property (“Kernaghan”) covers a total area of 4,566.2-hectares (45.66km²) within the northeastern edge of the Athabasca Basin. Kernaghan is bordered on three sides by claims held by uranium focussed companies including Standard Uranium Ltd., IsoEnergy Ltd., and Purepoint Uranium Group Inc.

During the most recent claim reopening, Power Metal also staked an additional 1,982-hectare (19.82km²) claim area bordering the western extension of its Thibault Lake uranium Property (the “Extension”). Significantly, the Extension covers a historical showing which returned a trenching result of 1.09% U₃0₈ over 10.7m, greatly increasing the overall prospectively of the extended Thibault Lake uranium Property. ²

With the addition of the Kernaghan and Haresign Bay uranium properties, as well as the additional staking at Thibault Lake, the Power Metal Athabasca uranium portfolio now consists of fourteen properties, including two conditional disposals¹, with a combined total area of 940km².

FURTHER INFORMATION

Mineral Claim Staking Process

The mineral claims constituting the Haresign Bay and Kernaghan Uranium Properties as well as the Thibault Lake Extension were acquired directly through the Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking at a set time each month. Select reopening’s are often highly competitive with many parties attempting to acquire the newly available land.

The total cost of staking was CAD$5,842.34. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of CAD$146,059 per annum.

The Haresign Bay Property

Haresign Bay is located 43km south of Cameco Corporation’s Key Lake Uranium Mine which is the third largest deposit within the Athabasca Basin – with an average mineable grade of just over 2% U₃O₈.¹ Haresign Bay is located 35km south of the Athabasca Basin, along the Key Lake trend, which is defined by a cluster of northeast-southwest trending electromagnetic conductors which extend to the northeast over the Key Lake Mine. The Key Lake trend is a defining geophysical and geological trend within the Athabasca Basin, and Haresign Bay represents a significant position held within this important uranium-rich corridor.

The Upper Roberta Lake Target (“Upper Roberta Lake” or the “Target”) is located in the southwestern part of the Haresign Bay Property and is defined by a gravity low anomaly which is coincident with elevated Radon²²²-in-lake water results. This Target area is further intersected by multiple electromagnetic conductors of part of the Key Lake Trend. Upper Roberta Lake represents a highly compelling target for future work.

The Kernaghan Property

Kernaghan is located within the prolific Athabasca Basin approximately 13km from the Basin’s edge. Based on nearby borehole’s drilled by Denison Mines Corp., the sandstone-basement unconformity on the Property is expected to be at around 100m depth.

The Kernaghan Property covers multiple anomalous Radon²²²-in-lake water results which are oriented within a northeast-southwest trending belt. This trend is coincident with a magnetic low feature. Kernaghan represents the Company’s third property which is located entirely within the Athabasca Basin.

Thibault Lake West Extension

The Extension covers an additional four Saskatchewan Mineral Deposit Index (“SMDI”) points. These SMDI points cover multiple high-grade uranium showings including a north trending zone of strong uranium mineralisation from which historic trenching returned 10.7m of 1.09% U₃0₈.² Several other high-grade uranium showings are covered by the Extension including grab and/or channel samples which returned 4.8%, 1.75%, 0.71%, and 0.66% U₃0₈.^3,4

Next Steps

The Company is preparing fact sheets which will include further information and maps for newly acquired staking. These will be released to the market once ready. Furthermore, detailed data rooms are being prepared.

URANIUM PROPERTIES – HOLDING STRUCTURE

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.

The Power Metal Canada Uranium Property Map is available to view at the following link:

https://www.powermetalresources.com/power-metal-canada-uranium-map/

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings

Project	Licence ID	Area (Hectare)	Area (km²)
Clearwater Uranium Property	MC00015079	1,110	11.1
	MC00015083	563	5.63
	MC00015082	3,191	31.91
	MC00015151	760	7.6
	MC00015646	761	7.61
	MC00015658	1,541	15.41
Tait Hill Uranium Property	MC00015078	1,576	15.76
	MC00015081	968	9.68
	MC00015153	1,530	15.3
	MC00015152	1,886	18.86
	MC00015647	725	7.25
	MC00015648	1,129	11.29
	MC00016158	3,242	32.42
Thibault Lake Uranium Property	MC00015077	2,206	22.06
	MC00015659	2,195	21.95
	AC00018709	1,982	19.82
Soaring Bay Uranium Property	MC00015080	1,255	12.55
	MC00015155	3,375	33.75
	MC00015874	748	7.48
	MC00015875	2,529	25.29
Cook Lake Uranium Property	MC00015212	984	9.84
E-12 Uranium Property⁵	MC00015213	1,323	13.23
Reitenbach Uranium Property⁶	MC00015214	2,135	21.35
	MC00015474	1,235	12.35
	MC00015655	4,570	45.7
	MC00015656	5,322	53.22
	MC00015657	886	8.86
	MC00015824	528	5.28
	MC00016155	1,333	13.33
Reindeer Lake	MC00015522	3,336	33.36
Porter Lake	MC00015561	5,656	56.56
Porter Lake	MC00015562	5,198	51.98
Old Woman Rapids	MC00015563	4,851	48.51
	MC00015564	5,063	50.63
	MC00015565	3,044	30.44
Durrant Lake	AC00018000	5,866	58.66
Badger Lake	MC00016253	1,671	16.71
Haresign Bay	AC00018692	3,189	31.89
Kernaghan	AC00018694	4,566	45.66
Total Licence Holding Area		93,998	939.98km²

#SVML Sovereign Metals Ltd – Kasiya Resource Infill Drilling Results

30th January 2023 / Leave a comment

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (“Sovereign” or the “Company”) announced on 27 January 2023 that following movements in its share price on the Australian Securities Exchange (“ASX”) and a price query from ASX, the Company’s ordinary shares were placed in a trading halt on the ASX. The ASX has informed Sovereign that the trading halt has been lifted and trading of the Company’s ordinary shares has resumed on the ASX.

The trading halt did not affect trading in the Company’s shares on the AIM market of the London Stock Exchange plc, where normal trade continued.

Drilling results from the Company’s targeted deep infill air-core (AC) and push tube (PT) core drilling program confirms consistency of high-grade rutile and graphite mineralisation at depth

· AC results include:

– 31m @ 1.14% rutile & 1.9% graphite

– 27m @ 1.08% rutile & 2.1% graphite

– 29m @ 1.14% rutile & 1.7% graphite

– 24m @ 1.14% rutile & 1.8% graphite

– 21m @ 1.28% rutile & 1.9% graphite

– 25m @ 1.18% rutile & 2.0% graphite

– 25m @ 1.08% rutile & 5.2% graphite

– 26m @ 1.16% rutile & 1.5% graphite

– 26m @ 1.07% rutile & 1.4% graphite

– 24m @ 1.13% rutile & 4.0% graphite

· Infill core PT drilling of numerous Inferred category pits and potential pit extensions is expected to add new blocks of Indicated material to the upcoming Mineral Resource Estimate (MRE) update targeted for Q1 2023

· Kasiya’s pre-feasibility study (PFS) and Environmental and Social baseline workstreams are progressing on schedule with the targeted completion of the PFS during H1 2023

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report further results for 98 AC holes and 247 PT holes from the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit.

Sovereign’s Managing Director Dr Julian Stephens commented: “We are pleased with the consistency of the high-grade rutile results from the 2022 Kasiya infill resource drilling program. These results will all now feed into a revised resource estimate planned for Q1 2023 as part of the Company’s forthcoming PFS”.

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson	+44 20 3440 6800

Joint Brokers
Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Optiva Securities	+44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis

KASIYA AIR CORE DRILLING

A 191-hole AC drilling program was completed at the Kasiya rutile deposit. The final batch of the remaining 98 AC holes for 2,548m are reported in this announcement.

This drilling phase targeted the early-scheduled mining pit shells in the southern and central areas of the MRE footprint. As previously reported (ASX Announcement released 26 October 2022) the drilling has revealed that rutile and graphite mineralisation is commonly pervasive throughout the saprolite zone and beyond the base of the current modelled pit shells. However, it is not expected the revised MRE incorporating these results will materially impact the mine plan to be included in the PFS.

KASIYA PUSH TUBE CORE DRILLING

Results for the 247-hole PT (core) drilling program are reported in this announcement. The core program objectives were to target high grade Inferred mining pits and potential areas of pit extensions to bring into the Indicated category to facilitate conversion to Ore Reserves in the upcoming PFS. Overall, results are as expected and continue to confirm laterally extensive and consistent rutile and graphite mineralisation at Kasiya.

PT results include:

– 11m @ 1.70% inc. 3m @ 2.13% rutile

– 12m @ 1.36% inc. 7m @ 1.63% rutile

– 11m @ 1.27% inc. 9m @ 1.40% rutile

– 7m @ 1.67% inc. 6m @ 1.79% rutile

– 11m @ 1.20% inc. 4m @ 1.72% rutile

– 9m @ 1.28% inc. 4m @ 1.68% rutile

– 13m @ 1.19% inc. 1m @ 2.29% rutile

– 13m @ 1.26% inc. 9m @ 1.45% rutile

– 14m @ 1.15% inc. 2m @ 2.02% rutile

– 15m @ 1.03% inc. 2m @ 2.16% rutile

– 11m @ 1.11% inc. 6m @ 1.43% rutile

– 14m @ 1.11% inc. 2m @ 1.84% rutile

On completion of the PFS resource drilling programs the rigs continued to execute additional PFS work programs including water bore exploration drilling, water monitoring holes, geotechnical drilling of the water dam wall, geotechnical mining pit hole drilling and community borehole drilling until November 2022.

Four “deep” stratigraphic geology holes were also completed to benefit the geological interpretation of the mineralisation at Kasiya. Drilling and logging revealed, as expected, Kasiya is underlain by a rutile and graphite rich paragneiss parent host rock.

These stratigraphic holes were suitable as pit geotechnical test work holes where standard penetration testing was completed and as observation water bores which will be monitored over the coming years. The Company was also able to drill new community water bores as well as refurbish several existing ones.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Mineral Resource Estimate is extracted from the announcement dated 5 April 2022. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.

Table 1: Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off
Mineral Resource Category	Material Tonnes (millions)	Rutile (%)	Rutile Tonnes (millions)	Total Contained Graphite (TGC) (%)	TGC Tonnes (millions)	RutEq. Grade* (%)
Indicated	662	1.05%	6.9	1.43%	9.5	1.76%
Inferred	1,113	0.99%	11.0	1.26%	14.0	1.61%
Total	1,775	1.01%	18.0	1.32%	23.4	1.67%

* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding

Qualified Person

Data disclosed in this press release have been reviewed and verified by Sovereign’s Qualified Person, Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, for the purposes of the AIM Rules for Companies.

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

To view the announcement in full, including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/

Appendix I – DRILL RESULTS – Table 2

Rutile and graphite drilling results from Kasiya are shown below in Table 2.

Hole ID	Interval Thickness	Rutile %	TGC %	From (m) Downhole	Hole Type
KYAC0094	22.0	0.98	2.1	0.0	AC
incl	15.0	1.07	2.5	5.0
KYAC0095	10.0	0.76	2.0	0.0	AC
KYAC0096	NSR				AC
KYAC0097	20.0	0.81	1.7	0.0	AC
incl	5.0	1.53	0.6	2.0
KYAC0098	32.0	0.92	2.0	0.0	AC
incl	2.0	1.83	0.8	0.0
KYAC0099	20.0	0.94	1.3	0.0	AC
incl	6.0	1.09	0.4	0.0
KYAC0100	27.0	1.02	1.6	0.0	AC
incl	2.0	2.35	0.5	0.0
KYAC0101	20.0	0.90	1.4	0.0	AC
incl	4.0	1.63	0.5	0.0
KYAC0102	27.0	0.99	2.0	0.0	AC
incl	16.0	1.09	2.1	0.0
KYAC0103	27.0	1.08	2.1	0.0	AC TWIN
incl	16.0	1.11	2.1	0.0
KYAC0104	25.0	0.80	1.9	0.0	AC
incl	2.0	1.89	0.3	0.0
KYAC0105	25.0	0.93	1.6	0.0	AC
incl	2.0	1.85	0.3	0.0
KYAC0106	24.0	1.07	1.9	0.0	AC
incl	20.0	1.15	1.9	0.0
KYAC0107	17.0	0.93	1.7	0.0	AC
incl	2.0	1.85	0.6	0.0
KYAC0108	4.0	0.86	0.4	0.0	AC
KYAC0109	21.0	0.81	1.9	0.0	AC
incl	2.0	2.10	0.2	0.0
KYAC0110	26.0	0.82	2.1	0.0	AC
incl	4.0	1.28	0.2	0.0
KYAC0111	28.0	0.90	2.9	0.0	AC
incl	4.0	1.59	0.5	0.0
KYAC0112	24.0	1.01	1.6	0.0	AC
incl	12.0	1.27	1.6	0.0
KYAC0113	18.0	1.29	1.6	0.0	AC
KYAC0114	14.0	1.02	2.5	0.0	AC
incl	2.0	1.84	0.2	0.0
KYAC0115	31.0	1.14	1.9	0.0	AC
incl	4.0	1.67	0.4	0.0
incl	10.0	1.25	2.2	19.0
KYAC0116	24.0	0.92	1.6	0.0	AC
incl	8.0	1.08	2.2	8.0
KYAC0117	14.0	0.98	1.7	0.0	AC
incl	2.0	2.31	0.3	0.0
KYAC0118	22.0	1.13	1.8	0.0	AC
incl	9.0	1.17	2.2	10.0
KYAC0119	26.0	0.76	1.6	0.0	AC
KYAC0120	21.0	1.00	1.1	0.0	AC
incl	2.0	2.28	0.4	0.0
KYAC0121	24.0	1.09	2.1	0.0	AC
incl	3.0	1.65	0.2	0.0
KYAC0122	29.0	1.14	1.7	0.0	AC
incl	21.0	1.25	1.6	0.0
KYAC0123	29.0	1.16	1.8	0.0	AC TWIN
incl	4.0	1.72	0.5	0.0
KYAC0124	23.0	1.03	1.2	0.0	AC
incl	4.0	1.63	0.1	0.0
KYAC0125	23.0	0.95	2.0	0.0	AC
incl	6.0	1.20	2.5	4.0
KYAC0126	27.0	0.73	1.1	0.0	AC
incl	4.0	1.14	1.7	6.0
KYAC0127	17.0	0.91	1.2	0.0	AC
incl	2.0	2.18	0.2	0.0
KYAC0128	21.0	1.00	1.7	0.0	AC
incl	11.0	1.10	2.2	6.0
KYAC0129	4.0	1.14	0.2	0.0	AC
incl	2.0	1.52	0.2	0.0
KYAC0130	24.0	0.98	1.5	0.0	AC
incl	2.0	2.12	0.3	0.0
KYAC0131	34.0	0.86	1.8	0.0	AC
incl	3.0	2.06	0.3	0.0
KYAC0132	32.0	0.73	1.7	0.0	AC
incl	6.0	1.06	2.4	6.0
KYAC0133	33.0	0.81	1.9	0.0	AC
incl	2.0	1.40	0.2	0.0
KYAC0134	24.0	0.84	3.1	0.0	AC
incl	2.0	1.48	0.3	0.0
KYAC0135	2.0	2.44	0.2	0.0	AC
KYAC0136	19.0	0.90	2.4	0.0	AC
incl	2.0	1.03	0.2	0.0
KYAC0137	23.0	1.05	1.9	0.0	AC
incl	3.0	1.90	0.2	0.0
KYAC0138	15.0	1.01	1.5	0.0	AC
incl	3.0	1.32	0.2	0.0
KYAC0139	25.0	1.18	2.0	0.0	AC
incl	15.0	1.27	1.9	0.0
KYAC0140	25.0	0.93	1.6	0.0	AC
incl	5.0	1.41	1.2	0.0
KYAC0141	23.0	0.94	1.7	0.0	AC
incl	2.0	1.96	0.3	0.0
KYAC0142	23.0	1.03	2.2	0.0	AC
incl	6.0	1.51	1.0	0.0
KYAC0143	23.0	0.99	2.2	0.0	AC TWIN
incl	4.0	1.87	0.5	0.0
KYAC0144	24.0	1.14	1.8	0.0	AC
incl	14.0	1.37	1.5	0.0
KYAC0145	20.0	1.25	2.1	0.0	AC
incl	10.0	1.50	0.9	0.0
incl	18.0	1.29	2.0	0.0
KYAC0146	25.0	0.92	2.5	0.0	AC
incl	2.0	1.38	0.4	0.0
KYAC0147	20.0	0.85	1.6	0.0	AC
incl	2.0	1.37	0.4	0.0
KYAC0148	20.0	1.08	1.7	0.0	AC
incl	4.0	1.81	0.3	0.0
KYAC0149	24.0	0.97	2.3	0.0	AC
incl	4.0	1.58	0.3	0.0
KYAC0150	16.0	0.96	1.7	0.0	AC
incl	2.0	1.05	0.3	0.0
KYAC0151	22.0	0.82	2.3	0.0	AC
incl	2.0	1.14	0.4	0.0
KYAC0152	27.0	1.01	2.0	0.0	AC
incl	4.0	1.56	0.4	0.0
KYAC0153	21.0	1.28	1.9	0.0	AC
incl	17.0	1.40	1.6	0.0
KYAC0154	19.0	1.19	1.6	0.0	AC
incl	5.0	2.00	0.4	0.0
KYAC0155	24.0	1.13	4.0	0.0	AC
incl	4.0	1.71	1.4	0.0
KYAC0156	22.0	1.09	1.7	0.0	AC
incl	2.0	2.25	0.2	0.0
KYAC0157	26.0	1.07	1.4	0.0	AC
incl	4.0	1.93	0.2	0.0
KYAC0158	6.0	0.95	0.3	0.0	AC
incl	2.0	1.54	0.2	0.0
KYAC0159	21.0	1.06	1.5	0.0	AC
incl	2.0	1.53	0.2	0.0
KYAC0160	33.0	0.80	1.5	0.0	AC
incl	2.0	1.67	0.3	0.0
KYAC0161	28.0	0.86	2.5	0.0	AC
incl	2.0	2.22	0.3	0.0
KYAC0162	5.0	1.29	0.1	0.0	AC
incl	2.0	1.97	0.0	0.0
KYAC0163	5.0	1.16	0.3	0.0	AC TWIN
incl	3.0	1.42	0.3	0.0
KYAC0164	20.0	1.07	2.3	0.0	AC
incl	4.0	1.78	0.4	0.0
KYAC0165	26.0	1.16	1.5	0.0	AC
incl	6.0	1.73	0.6	0.0
incl	20.0	1.27	1.5	0.0
KYAC0166	25.0	1.14	1.6	0.0	AC
incl	5.0	1.73	0.2	0.0
KYAC0167	23.0	1.15	2.0	0.0	AC
incl	13.0	1.43	1.4	0.0
KYAC0168	21.0	1.04	1.5	0.0	AC
incl	3.0	1.83	0.2	0.0
KYAC0169	18.0	0.99	1.3	0.0	AC
incl	2.0	2.26	0.3	0.0
KYAC0170	26.0	0.67	1.1	0.0	AC
incl	2.0	1.01	2.0	14.0
KYAC0171	28.0	0.95	1.4	0.0	AC
incl	2.0	1.86	0.3	0.0
KYAC0172	17.0	0.81	1.7	0.0	AC
incl	1.0	1.46	0.3	0.0
KYAC0173	23.0	0.82	1.3	0.0	AC
KYAC0174	3.0	0.76	0.8	0.0	AC
KYAC0175	17.0	0.92	4.9	0.0	AC
incl	3.0	1.61	0.6	0.0
KYAC0176	23.0	0.99	6.4	0.0	AC
incl	11.0	1.19	6.1	0.0
KYAC0177	14.0	2.23	9.6	0.0	AC
incl	8.0	2.27	13.9	6.0
KYAC0178	20.0	1.07	3.4	0.0	AC
incl	6.0	1.43	1.7	0.0
KYAC0179	22.0	1.05	5.2	0.0	AC
incl	6.0	1.56	3.3	0.0
KYAC0180	13.0	1.06	5.4	0.0	AC
incl	5.0	1.43	3.2	0.0
KYAC0181	26.0	0.91	5.0	0.0	AC
incl	4.0	1.57	1.0	0.0
KYAC0182	11.0	0.91	2.2	0.0	AC
incl	2.0	1.56	0.7	0.0
KYAC0183	15.0	0.84	3.0	0.0	AC TWIN
incl	2.0	1.24	0.0	0.0
KYAC0184	4.0	0.83	0.2	0.0	AC
incl	2.0	1.06	0.0	0.0
KYAC0185	4.0	0.97	0.3	0.0	AC
incl	2.0	1.08	0.2	0.0
KYAC0186	27.0	1.02	3.5	0.0	AC
incl	12.0	1.20	4.6	0.0
KYAC0187	25.0	0.95	4.1	0.0	AC
incl	5.0	1.39	2.4	0.0
KYAC0188	9.0	0.90	0.4	0.0	AC
incl	4.0	1.15	0.3	0.0
KYAC0189	21.0	1.08	4.6	0.0	AC
incl	12.0	1.34	4.2	0.0
KYAC0190	16.0	1.01	3.9	0.0	AC
incl	5.0	1.47	2.1	0.0
KYAC0191	25.0	1.08	5.2	0.0	AC
incl	5.0	1.88	1.2	0.0
KYPT0222	6.0	1.33	0.3	0.0	PT
incl	2.0	2.30	0.3	0.0
KYPT0223	7.0	1.06	0.1	0.0	PT
incl	2.0	2.07	0.2	0.0
KYPT0224	6.0	1.34	0.7	0.0	PT
incl	3.0	1.75	0.4	0.0
KYPT0225	3.0	1.28	0.0	0.0	PT
KYPT0226	2.0	0.82	0.1	0.0	PT
incl	0.5	1.58	0.0	0.0
KYPT0227	4.0	1.51	0.3	0.0	PT
incl	3.0	1.77	0.3	0.0
KYPT0228	6.0	1.24	0.4	0.0	PT
incl	2.0	1.98	0.2	0.0
KYPT0229	11.0	1.02	2.4	0.0	PT
incl	2.0	1.74	0.6	0.0
KYPT0230	7.0	0.93	0.6	0.0	PT
incl	1.0	2.02	0.3	0.0
KYPT0231	8.0	0.98	0.4	0.0	PT
incl	4.0	1.39	0.2	0.0
KYPT0232	2.0	1.02	0.2	0.0	PT
KYPT0233	11.0	1.70	1.4	0.0	PT
incl	3.0	2.13	0.3	0.0
KYPT0234	9.0	1.16	0.7	0.0	PT
incl	4.0	1.74	0.2	0.0
KYPT0235	7.0	1.67	0.5	0.0	PT
incl	6.0	1.79	0.4	0.0
KYPT0236	2.0	2.16	0.2	0.0	PT
KYPT0237	1.0	1.21	0.2	0.0	PT
KYPT0238	3.0	1.49	0.8	0.0	PT
incl	2.0	1.80	0.6	0.0
KYPT0239	5.0	1.11	0.5	0.0	PT
incl	1.0	2.50	0.2	0.0
KYPT0240	1.0	1.72	0.4	0.0	PT
KYPT0241	2.0	1.30	0.1	0.0	PT
incl	1.0	1.71	0.0	0.0
KYPT0242	10.0	0.92	1.2	0.0	PT
incl	1.0	2.32	0.0	0.0
KYPT0243	0.4	1.04	3.8	0.0	PT
KYPT0244	3.0	0.63	0.0	0.0	PT
KYPT0245	4.0	1.45	0.3	0.0	PT
KYPT0246	7.0	1.19	0.3	0.0	PT
incl	2.0	2.29	0.2	0.0
KYPT0247	7.0	1.17	0.8	0.0	PT
incl	2.0	2.01	0.2	0.0
KYPT0248	2.0	1.57	0.2	0.0	PT
KYPT0249	2.0	0.95	0.0	0.0	PT
KYPT0250	3.0	1.19	0.2	0.0	PT
KYPT0251	8.0	0.79	0.7	0.0	PT
incl	1.0	1.69	0.0	0.0
KYPT0252	7.0	0.89	0.6	0.0	PT
incl	1.0	2.11	0.0	0.0
KYPT0253	2.0	1.67	1.3	0.0	PT
KYPT0254	7.0	1.11	1.1	0.0	PT
incl	2.0	1.70	0.3	0.0
KYPT0255	12.0	1.13	1.0	0.0	PT
incl	2.0	1.59	0.3	0.0
KYPT0256	12.0	1.00	0.8	0.0	PT TWIN
incl	2.0	1.68	0.3	0.0
KYPT0257	5.0	1.45	0.2	0.0	PT
incl	2.0	2.10	0.2	0.0
KYPT0258	10.0	1.02	1.2	0.0	PT
incl	3.0	1.86	0.4	0.0
KYPT0259	12.0	1.36	0.7	0.0	PT
incl	7.0	1.63	0.3	0.0
KYPT0260	5.0	0.84	0.1	0.0	PT
incl	2.0	1.19	0.1	0.0
KYPT0261	3.0	1.13	0.5	0.0	PT
incl	2.0	1.29	0.5	0.0
KYPT0262	0.2	1.02	0.0	0.0	PT
KYPT0263	3.0	1.69	0.2	0.0	PT
incl	2.0	2.08	0.3	0.0
KYPT0264	3.0	1.77	0.3	0.0	PT
incl	2.0	2.18	0.4	0.0
KYPT0265	6.0	0.74	0.7	0.0	PT
incl	1.0	1.41	0.1	0.0
KYPT0266	4.0	0.76	0.0	0.0	PT
incl	1.0	1.43	0.2	0.0
KYPT0267	NSR				PT
KYPT0268	3.0	0.95	0.2	0.0	PT
incl	1.0	1.69	0.2	0.0
KYPT0269	2.0	0.69	0.6	0.0	PT
KYPT0270	9.0	0.84	2.3	0.0	PT
incl	2.0	1.54	0.5	0.0
KYPT0271	2.0	0.61	0.2	0.0	PT
KYPT0272	2.0	1.43	0.3	0.0	PT
KYPT0273	2.0	1.41	0.3	0.0	PT
KYPT0274	3.0	1.30	0.2	0.0	PT
KYPT0275	3.0	0.99	0.2	0.0	PT
incl	1.0	1.88	0.3	0.0
KYPT0276	3.0	1.03	0.1	0.0	PT
incl	1.0	1.39	0.2	0.0
KYPT0277	4.0	0.86	0.2	0.0	PT
incl	2.0	1.15	0.2	0.0
KYPT0278	10.5	1.03	1.7	0.0	PT
incl	1.0	2.07	0.5	0.0
KYPT0279	3.0	1.03	0.2	0.0	PT
incl	1.0	1.35	0.3	0.0
KYPT0280	3.0	1.04	0.2	0.0	PT
KYPT0281	4.6	0.84	0.9	0.0	PT
KYPT0282	7.9	0.95	0.6	0.0	PT
incl	1.0	2.04	0.4	0.0
KYPT0283	3.8	1.74	0.1	0.0	PT
KYPT0284	1.0	0.91	0.2	0.0	PT
KYPT0285	3.0	2.01	0.1	0.0	PT
KYPT0286	2.0	1.18	0.2	0.0	PT
KYPT0287	6.1	0.90	1.2	0.0	PT
incl	1.0	2.26	0.0	0.0
KYPT0288	6.0	1.16	0.6	0.0	PT
incl	1.0	3.13	0.4	0.0
KYPT0289	4.0	0.66	0.3	0.0	PT
KYPT0290	2.0	0.68	0.0	0.0	PT
KYPT0291	2.0	0.77	0.0	0.0	PT
KYPT0292	4.0	0.73	0.2	0.0	PT
KYPT0293	1.0	1.45	0.0	0.0	PT
KYPT0294	2.0	0.74	0.2	0.0	PT
KYPT0295	5.0	0.92	0.2	0.0	PT
incl	1.0	1.94	0.2	0.0
KYPT0296	2.0	1.66	0.1	0.0	PT
KYPT0297	9.0	1.11	1.0	0.0	PT
incl	2.0	1.97	0.1	0.0
KYPT0298	4.0	0.75	0.0	0.0	PT
incl	1.0	1.42	0.0	0.0
KYPT0299	3.0	0.95	0.1	0.0	PT
incl	1.0	1.41	0.2	0.0
KYPT0300	4.0	0.97	0.0	0.0	PT
incl	2.0	1.21	0.0	0.0
KYPT0301	3.0	1.48	0.2	0.0	PT
incl	2.0	1.90	0.3	0.0
KYPT0302	8.0	1.13	0.4	0.0	PT
incl	3.0	1.67	0.0	0.0
KYPT0303	4.0	0.70	1.4	0.0	PT
KYPT0304	4.0	1.04	0.9	0.0	PT TWIN
incl	1.0	2.06	0.6	0.0
KYPT0305	5.9	1.11	0.0	0.0	PT
incl	3.0	1.42	0.0	0.0
KYPT0306	2.6	1.53	0.2	0.0	PT
incl	1.0	2.87	0.2	0.0
KYPT0307	10.0	0.91	3.3	0.0	PT
incl	3.0	1.39	0.5	0.0
KYPT0308	1.0	1.10	0.3	0.0	PT
KYPT0309	9.0	0.81	0.7	0.0	PT
KYPT0310	3.0	0.89	0.1	0.0	PT
incl	2.0	1.00	0.2	0.0
KYPT0311	3.0	1.62	0.2	0.0	PT
KYPT0312	3.0	1.08	0.4	0.0	PT
KYPT0313	3.0	1.26	0.2	0.0	PT
incl	2.0	1.43	0.2	0.0
KYPT0314	3.8	1.37	1.1	0.0	PT
incl	2.0	1.78	0.5	0.0
KYPT0315	3.0	0.97	0.4	0.0	PT
incl	2.0	1.16	0.4	0.0
KYPT0316	5.0	1.05	1.0	0.0	PT
incl	1.7	1.92	0.6	0.0
KYPT0317	2.0	0.77	0.4	0.0	PT
KYPT0318	4.2	1.35	0.2	0.0	PT
KYPT0319	4.1	1.05	0.2	0.0	PT
incl	2.0	1.40	0.3	0.0
KYPT0320	5.0	0.84	0.3	0.0	PT
incl	1.5	1.36	0.2	0.0
KYPT0321	11.0	0.86	1.0	0.0	PT
incl	2.4	1.58	0.2	0.0
KYPT0322	1.0	1.42	0.3	0.0	PT
KYPT0323	1.8	1.09	0.4	0.0	PT
KYPT0324	3.0	1.41	0.5	0.0	PT
incl	1.7	1.95	0.5	0.0
KYPT0325	4.1	1.02	0.1	0.0	PT
incl	2.0	1.42	0.2	0.0
KYPT0326	4.2	1.02	0.1	0.0	PT TWIN
incl	2.0	1.46	0.2	0.0
KYPT0327	3.0	1.12	0.0	0.0	PT
incl	1.0	1.99	0.0	0.0
KYPT0328	8.0	1.00	1.5	0.0	PT
incl	1.0	1.18	1.9	0.0
KYPT0329	2.0	0.65	0.4	0.0	PT
KYPT0330	7.0	1.14	0.4	0.0	PT TWIN
incl	3.0	1.82	0.3	0.0
KYPT0331	4.2	0.83	0.1	0.0	PT
incl	2.0	1.13	0.2	0.0
KYPT0332	1.0	0.63	0.2	0.0	PT
KYPT0333	8.6	0.98	1.0	0.0	PT
incl	1.4	1.51	0.3	0.0
KYPT0334	2.0	0.60	0.2	0.0	PT
KYPT0335	3.7	0.67	0.8	0.0	PT
KYPT0336	2.0	1.62	0.1	0.0	PT
KYPT0337	14.2	0.80	3.4	0.0	PT
incl	1.0	1.28	0.6	0.0
KYPT0338	5.5	1.25	0.8	0.0	PT
incl	1.0	2.38	0.4	0.0
KYPT0339	4.0	1.50	0.7	0.0	PT
incl	2.4	1.93	0.4	0.0
KYPT0340	6.0	0.98	4.0	0.0	PT
KYPT0341	14.6	1.05	1.2	0.0	PT
incl	2.9	1.53	0.4	0.0
KYPT0342	6.0	1.30	2.9	0.0	PT
incl	4.7	1.40	3.6	1.3
KYPT0343	7.0	1.11	0.9	0.0	PT
incl	1.0	2.33	0.5	0.0
KYPT0344	7.0	1.01	1.4	0.0	PT
incl	1.4	1.29	0.3	0.0
KYPT0345	3.4	0.99	0.4	0.0	PT
incl	2.0	1.32	0.5	0.0
KYPT0346	2.0	1.70	0.5	0.0	PT
KYPT0347	10.0	0.88	2.3	0.0	PT
incl	1.9	1.82	4.4	0.0
KYPT0348	6.0	1.00	0.7	0.0	PT
incl	2.0	1.55	0.2	0.0
KYPT0349	4.0	0.83	5.0	4.5	PT
KYPT0350	10.0	0.82	3.0	0.0	PT
incl	1.0	1.83	0.5	0.0
KYPT0351	3.8	1.20	0.5	0.0	PT
incl	2.0	1.49	0.5	0.0
KYPT0352	5.0	1.41	0.3	0.0	PT
KYPT0353	12.2	0.94	3.6	0.0	PT
incl	4.6	1.31	1.0	0.0
KYPT0354	13.0	0.90	1.5	0.0	PT
incl	3.7	1.15	0.2	0.0
KYPT0355	7.0	0.99	2.0	0.0	PT
incl	1.8	1.75	0.5	0.0
KYPT0356	5.0	0.83	0.2	0.0	PT
incl	2.0	1.18	0.2	0.0
KYPT0357	4.0	0.87	0.1	0.0	PT TWIN
incl	1.0	1.44	0.2	0.0
KYPT0358	13.0	1.12	2.0	0.0	PT
incl	2.5	2.06	0.2	0.0
KYPT0359	11.0	1.20	2.6	0.0	PT
incl	4.0	1.72	0.7	0.0
KYPT0360	11.0	1.27	1.7	0.0	PT
incl	9.0	1.40	1.6	0.0
KYPT0361	5.2	0.95	0.1	0.0	PT
incl	2.0	1.45	0.2	0.0
KYPT0362	5.0	1.27	0.3	0.0	PT
incl	2.0	2.06	0.2	0.0
KYPT0363	13.4	0.90	2.7	0.0	PT
incl	1.3	1.60	0.0	0.0
KYPT0364	7.0	1.26	2.5	0.0	PT
incl	3.0	1.80	1.1	0.0
KYPT0365	7.0	0.76	1.3	0.0	PT
KYPT0366	4.0	0.77	0.8	0.0	PT
KYPT0367	10.6	0.95	2.0	0.0	PT
incl	2.0	1.97	0.3	0.0
KYPT0368	8.3	0.79	0.6	0.0	PT
incl	3.0	1.19	0.2	0.0
KYPT0369	8.0	0.95	3.2	0.0	PT
incl	2.6	1.39	0.5	0.0
KYPT0370	1.5	1.84	0.1	0.0	PT
incl	1.5	1.84	0.1	0.0
KYPT0371	12.5	0.92	1.5	0.0	PT
incl	2.0	1.90	0.4	0.0
KYPT0372	15.0	0.55	4.4	0.0	PT
incl	0.7	1.18	1.5	0.0
KYPT0373	13.3	1.19	2.4	0.0	PT
incl	1.0	2.29	0.4	0.0
KYPT0374	5.4	1.17	1.6	0.0	PT
incl	1.2	2.32	0.3	0.0
KYPT0375	9.0	1.08	1.1	0.0	PT
incl	2.5	1.66	0.4	0.0
KYPT0376	7.0	1.22	0.7	0.0	PT
incl	2.9	1.79	0.2	0.0
KYPT0377	2.0	1.70	0.3	0.0	PT
KYPT0378	4.1	1.31	0.2	0.0	PT TWIN
incl	2.0	1.80	0.1	0.0
KYPT0379	9.0	1.28	1.3	0.0	PT
incl	4.0	1.68	1.7	5.0
KYPT0380	2.0	1.30	0.5	0.0	PT
KYPT0381	8.0	1.09	2.5	0.0	PT
KYPT0382	3.8	1.80	0.2	0.0	PT
incl	2.0	2.31	0.2	0.0
KYPT0383	8.0	0.91	3.5	0.0	PT
incl	1.6	1.76	0.7	0.0
KYPT0384	1.8	1.62	0.4	0.0	PT
incl	1.0	2.35	0.4	0.0
KYPT0385	3.2	0.67	0.3	0.9	PT
KYPT0386	8.3	0.85	1.1	0.0	PT
incl	1.6	1.61	0.0	0.0
KYPT0387	6.0	0.87	0.6	0.0	PT
incl	1.6	1.36	0.4	0.0
KYPT0388	14.0	1.09	1.3	0.0	PT
incl	4.0	1.57	0.1	0.0
KYPT0389	10.7	1.04	3.4	0.0	PT
incl	2.0	1.94	0.3	0.0
KYPT0390	11.5	0.97	4.4	0.0	PT
incl	2.0	2.06	0.5	0.0
KYPT0391	15.0	1.03	6.4	0.0	PT
incl	1.7	2.16	0.6	0.0
KYPT0392	8.0	1.17	2.9	0.0	PT
incl	2.4	1.70	0.5	0.0
KYPT0393	12.8	1.26	4.2	0.0	PT
incl	9.0	1.45	2.5	0.0
KYPT0394	4.0	0.98	0.2	0.0	PT
incl	2.0	1.20	0.2	0.0
KYPT0395	11.0	1.00	2.6	0.0	PT
incl	5.0	1.42	2.2	0.0
KYPT0396	5.8	0.91	0.1	0.0	PT
incl	2.7	1.35	0.0	0.0
KYPT0397	2.8	1.84	0.2	0.0	PT
KYPT0398	1.0	0.89	1.7	5.0	PT
KYPT0399	6.0	0.97	0.2	0.0	PT
incl	2.0	1.34	0.2	0.0
KYPT0400	8.0	0.62	1.9	2.0	PT
KYPT0401	3.0	0.86	0.0	0.0	PT
incl	0.9	1.57	0.2	0.0
KYPT0402	2.8	2.26	0.0	0.0	PT
KYPT0403	4.5	0.93	0.0	0.0	PT
incl	3.0	1.09	0.0	0.0
KYPT0404	4.3	0.94	0.0	0.0	PT TWIN
incl	3.0	1.09	0.0	0.0
KYPT0405	6.3	1.17	0.7	0.0	PT
incl	2.8	1.73	0.3	0.0
KYPT0406	10.0	0.78	1.4	0.0	PT
KYPT0407	11.7	1.12	2.4	0.0	PT
incl	7.0	1.35	2.0	0.0
KYPT0408	7.0	0.99	0.1	0.0	PT
incl	4.5	1.17	0.1	0.0
KYPT0409	1.0	2.74	0.3	0.0	PT
KYPT0410	6.0	0.93	0.1	0.0	PT
incl	2.0	1.22	0.1	0.0
KYPT0411	5.0	1.00	0.6	0.0	PT
incl	2.0	1.49	0.3	0.0
KYPT0412	1.0	0.94	0.4	0.0	PT
incl	1.0	1.06	2.8	9.0
KYPT0413	8.0	0.90	3.7	0.0	PT
incl	1.0	1.53	0.4	0.0
KYPT0414	3.0	0.68	0.1	0.0	PT
incl	1.0	1.01	0.2	0.0
KYPT0415	11.0	1.09	0.7	0.0	PT
incl	3.4	1.83	0.2	0.0
KYPT0416	5.0	1.08	0.2	0.0	PT
incl	2.0	1.55	0.2	0.0
KYPT0417	8.3	0.90	0.7	0.0	PT
incl	1.4	2.06	0.2	0.0
KYPT0418	13.6	1.15	2.3	0.0	PT
incl	2.0	2.02	0.3	0.0
KYPT0419	2.8	1.15	0.2	0.0	PT
incl	1.0	1.50	0.3	0.0
KYPT0420	6.0	0.98	0.0	0.0	PT
incl	3.0	1.39	0.0	0.0
KYPT0421	11.0	1.00	3.3	0.0	PT
incl	4.0	1.39	1.4	0.0
KYPT0422	6.0	1.10	0.4	0.0	PT
incl	4.7	1.23	0.3	0.0
KYPT0423	4.0	0.90	0.1	0.0	PT
incl	1.0	1.44	0.2	0.0
KYPT0424	10.8	1.11	1.5	0.0	PT
incl	6.0	1.43	0.8	0.0
KYPT0425	14.0	1.11	1.5	0.0	PT
incl	2.0	1.84	0.3	0.0
KYPT0426	2.0	0.70	0.2	0.0	PT
KYPT0427	5.5	1.05	0.0	0.0
incl	2.9	1.51	0.0	0.0
KYPT0428	3.6	1.21	0.2	0.0	PT
KYPT0429	1.7	1.35	0.2	0.0	PT
KYPT0430	3.8	1.03	0.2	0.0	PT
incl	2.0	1.45	0.2	0.0
KYPT0431	3.5	1.15	0.3	0.0	PT TWIN
incl	2.0	1.48	0.3	0.0
KYPT0432	6.0	0.76	1.1	0.0	PT
incl	0.5	2.77	0.0	0.0
KYPT0433	1.0	2.40	0.3	0.0	PT
KYPT0434	4.0	1.92	0.1	0.0	PT
incl	1.0	2.40	0.3	0.0
KYPT0435	10.0	1.06	0.7	0.0	PT
incl	4.7	1.52	0.1	0.0
KYPT0436	9.0	1.17	0.9	0.0	PT
incl	3.4	1.85	0.2	0.0
KYPT0437	2.4	0.91	0.1	2.0	PT
KYPT0438	6.0	1.26	0.7	0.0	PT
incl	4.0	1.55	0.3	0.0
KYPT0439	2.0	1.01	0.3	0.0	PT
KYPT0440	5.4	0.75	1.0	0.0	PT
KYPT0441	5.0	1.19	0.1	0.0	PT
incl	3.0	1.57	0.2	0.0
KYPT0442	10.0	0.93	2.0	0.0	PT
KYPT0443	3.7	0.93	0.2	0.0	PT
incl	2.0	1.13	0.2	0.0
KYPT0444	3.8	1.01	0.7	0.0	PT
incl	1.3	1.18	0.8	2.0
KYPT0445	2.9	1.27	1.9	0.0	PT
incl	1.9	1.66	0.8	0.0
KYPT0446	3.0	0.65	0.3	0.0	PT
KYPT0447	2.1	0.73	1.8	9.4	PT
KYPT0448	7.0	1.07	0.7	0.0	PT
incl	3.8	1.28	0.3	0.0
KYPT0449	8.0	1.13	0.5	0.0	PT
incl	3.3	1.66	0.2	0.0
KYPT0450	5.0	1.22	0.3	0.0	PT
incl	1.9	1.81	0.2	0.0
KYPT0451	9.0	1.01	0.7	0.0	PT
incl	2.2	1.63	0.3	0.0
KYPT0452	10.0	1.00	2.4	0.0	PT
incl	1.7	1.55	0.3	0.0
KYPT0453	3.0	1.02	0.3	0.0	PT
incl	1.7	1.34	0.3	0.0
KYPT0454	9.0	0.95	0.8	0.0	PT
incl	2.0	1.74	0.5	0.0
KYPT0455	4.0	1.43	0.3	0.0	PT
incl	2.0	1.88	0.3	0.0
KYPT0456	5.0	1.10	0.3	0.0	PT
incl	2.9	1.47	0.2	0.0
KYPT0457	2.4	1.11	0.2	0.0	PT
incl	1.0	1.84	0.3	0.0
KYPT0458	1.0	1.02	0.4	0.0	PT
KYPT0459	8.0	0.80	2.0	0.0	PT
incl	1.0	1.51	0.4	0.0
KYPT0460	1.5	1.59	0.2	0.0	PT
KYPT0461	1.0	1.38	0.4	0.0	PT
KYPT0462	2.0	1.17	0.4	0.0	PT
KYPT0463	2.0	1.58	0.3	0.0	PT
KYPT0464	5.0	0.78	1.1	0.0	PT
KYPT0465	1.1	1.17	0.4	0.0	PT
KYPT0466	2.0	1.75	0.3	0.0	PT
KYPT0467	NSR				PT
KYPT0468	NSR				PT

APPENDIX II: DRILL HOLE COLLAR DATA – TABLE 3

Hole ID	Easting	Northing	RL	Depth	Hole ID	Easting	Northing	RL	Depth
KYAC0094	549202	8479802	1129	23.0	KYAC0137	544001	8468400	1137	24.0
KYAC0095	549400	8479802	1128	30.0	KYAC0138	543800	8468400	1132	16.0
KYAC0096	549600	8479776	1126	34.0	KYAC0139	543597	8468400	1127	28.0
KYAC0097	549778	8479810	1123	27.0	KYAC0140	543599	8468001	1132	27.0
KYAC0098	548998	8479395	1135	33.0	KYAC0141	543800	8468000	1138	24.0
KYAC0099	549198	8479401	1133	26.0	KYAC0142	544000	8467999	1141	25.5
KYAC0100	549400	8479401	1131	29.0	KYAC0143	544000	8468000	1141	25.5
KYAC0101	549600	8479402	1128	25.0	KYAC0144	543799	8467801	1140	25.0
KYAC0102	549800	8479402	1126	28.0	KYAC0145	544001	8467801	1143	24.0
KYAC0103	549800	8479402	1126	28.0	KYAC0146	543599	8467803	1135	26.5
KYAC0104	549600	8479603	1129	27.0	KYAC0147	543600	8467601	1136	21.0
KYAC0105	549401	8479600	1131	25.8	KYAC0148	543800	8467605	1141	21.0
KYAC0106	549799	8479600	1126	25.0	KYAC0149	544000	8467600	1144	33.0
KYAC0107	549200	8479600	1132	20.0	KYAC0150	543800	8467401	1143	30.0
KYAC0108	549000	8479802	1128	22.7	KYAC0151	544001	8467401	1145	24.0
KYAC0109	548798	8479195	1138	25.0	KYAC0152	544402	8467801	1144	28.6
KYAC0110	548799	8479000	1138	27.0	KYAC0153	545000	8465600	1162	22.0
KYAC0111	548600	8478999	1141	29.0	KYAC0154	545200	8465601	1163	21.0
KYAC0112	548399	8478999	1143	25.0	KYAC0155	545201	8465799	1161	28.0
KYAC0113	548801	8478799	1138	19.8	KYAC0156	545399	8465201	1167	24.0
KYAC0114	548600	8478799	1141	14.0	KYAC0157	545200	8465202	1164	28.0
KYAC0115	548401	8478800	1143	32.0	KYAC0158	544996	8465204	1161	28.0
KYAC0116	548201	8478801	1145	24.8	KYAC0159	545201	8465000	1164	34.0
KYAC0117	549399	8478799	1124	15.0	KYAC0160	545398	8465001	1167	35.0
KYAC0118	549204	8478815	1128	22.0	KYAC0161	545400	8464801	1167	30.0
KYAC0119	549002	8478801	1134	27.0	KYAC0162	545600	8465000	1169	35.0
KYAC0120	549001	8478403	1133	22.7	KYAC0163	545600	8464999	1169	35.0
KYAC0121	548800	8478399	1136	25.8	KYAC0164	545600	8465200	1169	27.0
KYAC0122	548600	8478399	1138	30.0	KYAC0165	545400	8465600	1164	27.0
KYAC0123	548599	8478399	1138	30.0	KYAC0166	545601	8465602	1164	29.0
KYAC0124	548400	8478398	1140	24.0	KYAC0167	545400	8465800	1160	24.0
KYAC0125	549000	8478200	1131	24.0	KYAC0168	545600	8465784	1160	22.6
KYAC0126	548799	8478200	1134	28.0	KYAC0169	545800	8465601	1164	20.0
KYAC0127	548599	8478198	1136	18.0	KYAC0170	545800	8465800	1159	27.0
KYAC0128	548397	8478197	1137	22.0	KYAC0171	546000	8465800	1157	29.0
KYAC0129	548201	8478201	1139	14.0	KYAC0172	546000	8466201	1149	18.0
KYAC0130	548200	8478401	1142	25.0	KYAC0173	546002	8466001	1152	25.0
KYAC0131	544600	8468801	1136	36.0	KYAC0174	545999	8466401	1147	13.0
KYAC0132	544601	8468598	1137	35.0	KYAC0175	545998	8467403	1162	19.0
KYAC0133	544798	8468597	1132	35.0	KYAC0176	546200	8467400	1165	26.6
KYAC0134	544598	8468398	1139	29.0	KYAC0177	546400	8467399	1168	23.0
KYAC0135	544792	8468405	1135	30.0	KYAC0178	546400	8467600	1169	21.4
KYAC0136	544600	8468000	1142	32.0	KYAC0179	546200	8467601	1166	26.0
KYAC0180	545998	8467601	1162	15.5	KYPT0255	547793	8477399	1148	12.0
KYAC0181	546198	8467797	1164	27.0	KYPT0256	547793	8477400	1148	12.0
KYAC0182	546197	8467999	1162	32.0	KYPT0257	547401	8477398	1150	11.0
KYAC0183	546198	8467999	1162	32.0	KYPT0258	547000	8477000	1149	10.0
KYAC0184	546400	8468199	1161	22.8	KYPT0259	547395	8477000	1152	12.0
KYAC0185	546601	8468201	1163	32.7	KYPT0260	547800	8476999	1148	11.0
KYAC0186	546398	8468002	1165	32.0	KYPT0261	548201	8477000	1140	6.0
KYAC0187	546600	8468001	1166	27.4	KYPT0262	546604	8477001	1143	8.0
KYAC0188	546200	8468201	1159	25.8	KYPT0263	546999	8476604	1148	8.0
KYAC0189	546400	8467801	1167	22.0	KYPT0264	547399	8476604	1149	9.0
KYAC0190	546599	8467803	1169	17.4	KYPT0265	547801	8476601	1144	6.0
KYAC0191	546598	8467599	1171	26.0	KYPT0266	547387	8476200	1146	4.0
KYPT0222	549000	8479394	1135	9.0	KYPT0267	545001	8471800	1133	8.6
KYPT0223	549400	8479400	1131	7.0	KYPT0268	547000	8476199	1149	9.0
KYPT0224	549800	8479400	1126	7.0	KYPT0269	544998	8472202	1134	10.0
KYPT0225	548999	8479802	1128	3.0	KYPT0270	546605	8476211	1146	9.0
KYPT0226	549401	8479803	1128	4.0	KYPT0271	544598	8472601	1129	3.9
KYPT0227	549777	8479810	1124	6.0	KYPT0272	546197	8476198	1138	7.0
KYPT0228	548200	8479000	1145	12.0	KYPT0273	544200	8472600	1128	3.2
KYPT0229	548601	8478999	1141	11.0	KYPT0274	546199	8475798	1142	9.0
KYPT0230	549000	8479001	1135	7.0	KYPT0275	543800	8472600	1123	8.0
KYPT0231	547799	8478599	1148	11.0	KYPT0276	546196	8475402	1143	11.0
KYPT0232	547800	8479001	1149	12.9	KYPT0277	546196	8475403	1143	11.0
KYPT0233	548198	8478600	1144	11.0	KYPT0278	543803	8472997	1124	10.5
KYPT0234	548598	8478601	1140	9.0	KYPT0279	546201	8474634	1130	3.0
KYPT0235	548998	8478600	1134	7.0	KYPT0280	544200	8473002	1130	10.7
KYPT0236	549401	8478602	1125	8.0	KYPT0281	546594	8474612	1133	4.6
KYPT0237	549400	8478183	1123	3.0	KYPT0282	543400	8473001	1114	7.9
KYPT0238	549764	8479050	1121	3.0	KYPT0283	546598	8476548	1138	3.8
KYPT0239	549400	8478999	1126	5.0	KYPT0284	546201	8476465	1132	4.0
KYPT0240	550202	8479799	1118	4.0	KYPT0285	547799	8476129	1143	3.0
KYPT0241	550197	8479406	1117	7.0	KYPT0286	543051	8472996	1104	2.0
KYPT0242	548599	8479402	1138	10.0	KYPT0287	542998	8472623	1105	6.1
KYPT0243	548205	8479442	1139	6.6	KYPT0288	548202	8476199	1144	6.0
KYPT0244	547400	8478200	1144	3.6	KYPT0289	543347	8472600	1110	4.0
KYPT0245	548200	8478200	1139	4.0	KYPT0290	543000	8473400	1105	10.3
KYPT0246	548600	8478199	1136	7.0	KYPT0291	548598	8476199	1143	9.0
KYPT0247	549000	8478200	1131	7.0	KYPT0292	543000	8473800	1103	9.0
KYPT0248	547788	8478206	1139	2.0	KYPT0293	548201	8476599	1138	4.0
KYPT0249	546999	8477800	1150	9.0	KYPT0294	543407	8473756	1107	3.0
KYPT0250	547000	8477400	1150	9.0	KYPT0295	548600	8476600	1139	5.0
KYPT0251	547400	8477800	1145	8.0	KYPT0296	543800	8473800	1115	4.0
KYPT0252	547800	8477761	1143	7.0	KYPT0297	548202	8474999	1151	9.0
KYPT0253	548200	8477800	1135	3.0	KYPT0298	543799	8473402	1118	5.0
KYPT0254	548201	8477401	1141	8.0	KYPT0299	548485	8474600	1146	4.0
KYPT0300	543400	8473377	1113	4.5	KYPT0345	544200	8469800	1130	14.5
KYPT0301	548598	8475458	1144	4.0	KYPT0346	545111	8468600	1132	12.3
KYPT0302	548179	8474595	1154	8.9	KYPT0347	545400	8468600	1138	14.4
KYPT0303	547800	8473801	1158	8.9	KYPT0348	547004	8473401	1148	8.0
KYPT0304	547800	8473800	1158	9.0	KYPT0349	545802	8468598	1148	10.0
KYPT0305	542600	8471400	1107	5.9	KYPT0350	547796	8472997	1167	13.4
KYPT0306	548205	8473797	1151	3.0	KYPT0351	547714	8472654	1170	15.0
KYPT0307	547806	8474197	1157	11.0	KYPT0352	546200	8468601	1154	15.0
KYPT0308	542600	8471000	1110	5.9	KYPT0353	547401	8472600	1169	12.2
KYPT0309	548200	8474200	1152	9.0	KYPT0354	546600	8468600	1156	13.0
KYPT0310	542999	8471401	1110	8.3	KYPT0355	547400	8472202	1167	7.0
KYPT0311	547403	8473802	1152	5.0	KYPT0356	546600	8468200	1163	13.9
KYPT0312	542997	8471027	1104	5.0	KYPT0357	546602	8468200	1163	14.0
KYPT0313	547350	8473399	1158	11.0	KYPT0358	547774	8472220	1170	14.0
KYPT0314	543393	8471084	1105	3.8	KYPT0359	547800	8471801	1169	11.0
KYPT0315	543000	8470600	1111	6.3	KYPT0360	546999	8468601	1156	12.0
KYPT0316	543347	8470600	1106	5.0	KYPT0361	547401	8471803	1164	12.9
KYPT0317	548602	8475002	1142	6.3	KYPT0362	547000	8468200	1162	12.0
KYPT0318	543000	8470200	1122	11.0	KYPT0363	548210	8472992	1161	10.4
KYPT0319	547797	8473428	1162	12.0	KYPT0364	547403	8468612	1151	7.0
KYPT0320	542600	8470200	1122	8.0	KYPT0365	548199	8473400	1158	7.0
KYPT0321	547403	8474199	1154	11.0	KYPT0366	547400	8471399	1160	12.0
KYPT0322	542600	8470520	1110	2.3	KYPT0367	547400	8471002	1160	10.6
KYPT0323	547006	8474128	1141	4.4	KYPT0368	546200	8468200	1159	8.3
KYPT0324	543398	8470206	1114	3.5	KYPT0369	547400	8470601	1158	8.4
KYPT0325	543000	8469802	1128	9.1	KYPT0370	545800	8468200	1152	14.4
KYPT0326	543001	8469803	1128	9.2	KYPT0371	547801	8471000	1164	12.5
KYPT0327	547082	8473799	1142	3.0	KYPT0372	545400	8468200	1143	15.0
KYPT0328	543394	8469800	1120	8.0	KYPT0373	547804	8471403	1167	13.3
KYPT0329	548599	8479800	1131	6.6	KYPT0374	545400	8467800	1146	11.4
KYPT0330	549000	8479394	1135	8.0	KYPT0375	547800	8470599	1158	9.0
KYPT0331	543000	8469400	1130	11.1	KYPT0376	547798	8470200	1148	7.0
KYPT0332	549002	8480143	1127	5.3	KYPT0377	545799	8467800	1146	14.0
KYPT0333	543400	8469400	1122	8.6	KYPT0378	545799	8467801	1156	14.0
KYPT0334	549400	8480159	1123	5.0	KYPT0379	547414	8470212	1152	9.0
KYPT0335	549801	8480163	1120	4.7	KYPT0380	547396	8469807	1141	2.0
KYPT0336	543800	8469000	1123	2.0	KYPT0381	546980	8468992	1149	8.0
KYPT0337	547401	8472999	1167	14.2	KYPT0382	547360	8469019	1144	4.0
KYPT0338	543800	8469400	1119	14.5	KYPT0383	545800	8467400	1158	8.0
KYPT0339	543799	8469802	1118	14.5	KYPT0384	545410	8467400	1146	15.0
KYPT0340	543797	8470198	1118	20.4	KYPT0385	546599	8469002	1147	4.0
KYPT0341	543800	8470600	1119	14.6	KYPT0386	547799	8468999	1149	7.0
KYPT0342	544201	8471000	1121	17.5	KYPT0387	547794	8469400	1144	6.0
KYPT0343	543851	8471000	1116	20.5	KYPT0388	546999	8467401	1169	14.0
KYPT0344	544200	8470200	1128	14.5	KYPT0389	546197	8467796	1164	10.7
KYPT0390	547000	8467800	1167	11.5	KYPT0430	544999	8465800	1160	10.6
KYPT0391	546201	8467400	1165	15.0	KYPT0431	544999	8465799	1160	10.6
KYPT0392	546600	8467805	1169	8.0	KYPT0432	545000	8466200	1154	9.0
KYPT0393	546599	8467399	1171	12.8	KYPT0433	544998	8466601	1147	15.0
KYPT0394	547407	8467404	1169	9.6	KYPT0434	545400	8464200	1165	4.0
KYPT0395	546602	8467001	1165	12.0	KYPT0435	545800	8464199	1174	10.0
KYPT0396	546999	8466999	1167	6.5	KYPT0436	545403	8464598	1167	9.0
KYPT0397	546200	8467000	1159	15.0	KYPT0437	546199	8464601	1173	11.6
KYPT0398	544199	8484999	1112	6.0	KYPT0438	545801	8464599	1173	13.0
KYPT0399	544602	8484598	1119	6.0	KYPT0439	546199	8464201	1176	14.0
KYPT0400	544199	8484603	1119	10.0	KYPT0440	545000	8468200	1133	15.0
KYPT0401	543802	8484999	1112	9.0	KYPT0441	544199	8465800	1157	11.0
KYPT0402	546291	8466603	1151	11.6	KYPT0442	543800	8465799	1150	10.0
KYPT0403	543798	8484602	1117	10.0	KYPT0443	544552	8466601	1155	11.0
KYPT0404	543799	8484602	1117	10.0	KYPT0444	545001	8467800	1136	11.6
KYPT0405	545799	8466996	1150	15.0	KYPT0445	545000	8466991	1142	15.0
KYPT0406	543800	8484201	1122	10.9	KYPT0446	545400	8466600	1144	13.0
KYPT0407	544201	8484201	1125	11.7	KYPT0447	545800	8466600	1146	15.0
KYPT0408	543399	8484200	1119	12.0	KYPT0448	545401	8483801	1129	10.7
KYPT0409	545503	8467035	1145	15.0	KYPT0449	546202	8483795	1122	8.0
KYPT0410	543400	8484602	1114	6.0	KYPT0450	545805	8483799	1126	9.0
KYPT0411	543001	8484601	1114	10.0	KYPT0451	545805	8483800	1125	9.0
KYPT0412	544986	8467390	1139	13.7	KYPT0452	545401	8483400	1129	10.0
KYPT0413	542600	8484602	1112	10.0	KYPT0453	545801	8483400	1125	11.0
KYPT0414	542201	8484600	1107	10.0	KYPT0454	546199	8483399	1121	9.0
KYPT0415	544600	8467001	1150	11.0	KYPT0455	546600	8483400	1114	9.0
KYPT0416	542201	8484202	1110	9.5	KYPT0456	546601	8483792	1117	9.5
KYPT0417	542200	8483802	1106	8.3	KYPT0457	546601	8484201	1115	10.0
KYPT0418	544200	8467000	1151	13.6	KYPT0458	546207	8484200	1117	9.0
KYPT0419	542604	8483802	1110	8.0	KYPT0459	545800	8484200	1121	8.0
KYPT0420	543800	8467000	1146	11.0	KYPT0460	544953	8481801	1125	2.5
KYPT0421	542600	8484204	1114	11.0	KYPT0461	545400	8481800	1120	7.0
KYPT0422	543800	8466600	1149	12.0	KYPT0462	545401	8481400	1123	8.2
KYPT0423	543005	8484200	1117	11.0	KYPT0463	545400	8482201	1121	4.0
KYPT0424	544200	8466600	1155	10.8	KYPT0464	548961	8477740	1128	5.0
KYPT0425	544200	8466200	1156	14.0	KYPT0465	549307	8477767	1127	4.0
KYPT0426	544600	8466201	1158	9.0	KYPT0466	548450	8477772	1132	4.0
KYPT0427	543800	8466200	1150	5.5	KYPT0467	544650	8470996	1113	1.7
KYPT0428	544600	8465800	1161	8.7	KYPT0468	544913	8471407	1125	8.0
KYPT0429	544642	8484599	1119	1.7

Appendix III: 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 specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses. Push tube/core drilling is sampled routinely at 2m intervals bounded by weathering contacts by compositing dried and riffle-split half core. A consistent, 1.5kg sample is generated for both the rutile and graphite determination.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard. Each sample is sun dried and homogenised. Sub-samples are carefully riffle split to ensure representivity. The 1.5kg composite samples are then processed. An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment. Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to 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 there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Logged mineralogy percentages, lithology information and TiO₂% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together
Drilling Techniques	Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).	A total of 98 Air-Core holes for 2,548m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC). A total of 247 push-tube core holes, for 2,205m, were drilled at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC). Placer has reviewed SOPs for Air-Core and Core drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.
Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered. Core drilling samples are actively assessed by the driller and geologist onsite for recoveries and contamination.
Measures taken to maximise sample recovery and ensure representative nature of the samples.	The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process. Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing. For push-tube drilling, core is extruded into core trays; slough is actively removed by the driller at the drilling rig and core recovery and quality is recorded by the geologist.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range. No bias related to preferential loss or gain of different materials is observed.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.	Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation. All individual 1-metre intervals are geologically logged, recording relevant data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference. All individual 1-metre core intervals are geologically logged, recording relevant data to a set template using company codes.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.
The total length and percentage of the relevant intersection logged	100% of samples are geologically logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	N/A
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed. An equivalent mass is taken from each primary sample to make up the composite. The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists. Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	The sampling equipment is cleaned after each sub-sample is taken. Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.
Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample size is considered appropriate for the material sampled.
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.	Rutile The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated. Final results generated are for recovered rutile i.e. the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC. The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF. All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi; · Dry sample in oven for 1 hour at 105℃ · Soak in water and lightly agitate · Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material · Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃ · Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC) · Pan HMC to remove retained light minerals · Dry HMC in oven for 30 minutes at 105℃ · Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction. Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination. · The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS. Graphite All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg. The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA. A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC). The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon. An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting. Accuracy monitoring is achieved through submission of certified reference materials (CRM’s). ALS and Intertek both use internal CRMs and duplicates on XRF analyses. Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20. Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch. Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy. Acceptable levels of accuracy and precision are displayed in geostatistical analyses.
Verification of sampling & assaying	The verification of significant intersections by either independent or alternative company personnel.	Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.
The use of twinned holes.	Twinned holes are drilled across a geographically dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes. Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All geological logging data is collected in LogChief logging software. This data is then imported to Datashed5 and validated automatically and then manually. Sovereigns’ laboratory data is captured onto paper templates or excel and transferred manually to the database. A transition to electronic laboratory data capture is under investigation.
Discuss any adjustment to assay data.	QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction. Recovered rutile is therefore defined and reported here as: TiO₂ recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e. recoverable rutile within the whole sample.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.
Specification of the grid system used.	WGS84 UTM Zone 36 South.
Quality and adequacy of topographic control.	DGPS pickups are considered to be high quality topographic control measures.
Data spacing & distribution	Data spacing for reporting of Exploration Results.	The Air-Core holes are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation. The Core holes are spaced on a 400m x 400m grid which is deemed to adequately define the mineralisation.
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.
Whether sample compositing has been applied.	Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 98 Air-Core holes and 247 Core holes.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type	Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
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.	There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
Sample security	The measures taken to ensure sample security	Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete. A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia. At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.
Audits or reviews	The results of any audits or reviews of sampling techniques and data	Richard Stockwell (resource CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice. Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

Criteria

JORC Code explanation

Commentary

Sampling Techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.

Push tube/core drilling is sampled routinely at 2m intervals bounded by weathering contacts by compositing dried and riffle-split half core. A consistent, 1.5kg sample is generated for both the rutile and graphite determination.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard.

Each sample is sun dried and homogenised. Sub-samples are carefully

riffle split to ensure representivity. The 1.5kg composite samples are then processed.

An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment.

Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to 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 there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Logged mineralogy percentages, lithology information and TiO₂% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together

Drilling Techniques

Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).

A total of 98 Air-Core holes for 2,548m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

A total of 247 push-tube core holes, for 2,205m, were drilled at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

Placer has reviewed SOPs for Air-Core and Core drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.

Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination.

Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered.

Core drilling samples are actively assessed by the driller and geologist onsite for recoveries and contamination.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.

Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.

For push-tube drilling, core is extruded into core trays; slough is actively removed by the driller at the drilling rig and core recovery and quality is recorded by the geologist.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range.

No bias related to preferential loss or gain of different materials is observed.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.

Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation.

All individual 1-metre intervals are geologically logged, recording relevant

data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.

All individual 1-metre core intervals are geologically logged, recording relevant

data to a set template using company codes.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.

The total length and percentage of the relevant intersection logged

100% of samples are geologically logged.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

N/A

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed.

An equivalent mass is taken from each primary sample to make up the composite.

The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists.

Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

The sampling equipment is cleaned after each sub-sample is taken.

Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The sample size is considered appropriate for the material sampled.

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.

Rutile

The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated.

Final results generated are for recovered rutile i.e. the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC.

The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF.

All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi;

· Dry sample in oven for 1 hour at 105℃

· Soak in water and lightly agitate

· Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material

· Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃

· Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC)

· Pan HMC to remove retained light minerals

· Dry HMC in oven for 30 minutes at 105℃

· Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction.

Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination.

· The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS.

Graphite

All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg.

The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA.

A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC).

The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon.

An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting.

Accuracy monitoring is achieved through submission of certified reference materials (CRM’s).

ALS and Intertek both use internal CRMs and duplicates on XRF analyses.

Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20.

Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch.

Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.

Acceptable levels of accuracy and precision are displayed in geostatistical analyses.

Verification of sampling & assaying

The verification of significant intersections by either independent or alternative company personnel.

Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.

The use of twinned holes.

Twinned holes are drilled across a geographically dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes.

Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All geological logging data is collected in LogChief logging software. This data is then imported to Datashed5 and validated automatically and then manually.

Sovereigns’ laboratory data is captured onto paper templates or excel and transferred manually to the database. A transition to electronic laboratory data capture is under investigation.

Discuss any adjustment to assay data.

QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction.

Recovered rutile is therefore defined and reported here as: TiO₂ recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e. recoverable rutile within the whole sample.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration.

No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.

Specification of the grid system used.

WGS84 UTM Zone 36 South.

Quality and adequacy of topographic control.

DGPS pickups are considered to be high quality topographic control measures.

Data spacing & distribution

Data spacing for reporting of Exploration Results.

The Air-Core holes are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation.

The Core holes are spaced on a 400m x 400m grid which is deemed to adequately define the mineralisation.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.

Whether sample compositing has been applied.

Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 98 Air-Core holes and 247 Core holes.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type

Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

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.

There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

Sample security

The measures taken to ensure sample security

Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.

A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.

At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.

Audits or reviews

The results of any audits or reviews of sampling techniques and data

Richard Stockwell (resource CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice.

Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

SECTION 2 – REPORTING OF EXPLORATION RESULTS

Criteria	Explanation	Commentary
Mineral tenement & land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings.	The Company owns 100% of the following Exploration Licences (ELs) and Retention Licence (RL) under the Mines and Minerals Act (No 8. of 2019), held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0492, EL0528, EL0545, EL0561, EL0582 and RL0012. A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor. No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops.
Mineral tenement & land tenure status	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements are in good standing and no known impediments to exploration or mining exist.
Exploration done by other parties	Acknowledgement and appraisal of exploration by other parties.	Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite resources in Malawi. No other parties are involved in exploration.
Geology	Deposit type, geological setting and style of mineralisation	The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by eluvial processes. Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m). The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation.
Drill hole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length	All collar and composite data are provided in the body and appendices of this report.
Drill hole information	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	No information has been excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated.	All results reported are of a length-weighted average of in-situ grades. The results reported in the body of the report are on a nominal lower cut-off of 0.5% Rutile and exclude bottom of hole samples where saprock has been geologically logged.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	No data aggregation was required.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are used in this report.
Relationship between mineralisation widths & intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045°.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred in alluvial channels. These areas are adequately defined by the drilling pattern and topographical control.
	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’.	Downhole widths approximate true widths limited to the sample intervals applied. Graphite results are approximate true width as defined by the sample interval and typically increase with depth.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views.	Refer to figures in the body of the full announcement at http://sovereignmetals.com.au/announcements/.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results.	All results are included in this report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported 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.	Rutile has been determined, by QEMSCAN, to be the major TiO₂-bearing mineral at and around several rutile prospects within Sovereign’s ground package. The Company continues to examine areas within the large tenement package for rutile and graphite by-product mineralisation.
Further work	The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling).	No further exploration is planned at this stage.
Further work	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to diagrams in the body of this report.

#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway

26th January 2023 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.

EXPLORATION PROGRAMME KEY OBJECTIVES

– To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.

– Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.

o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.

o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.

Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.

So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.

Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”

EXPLORATION PROGRAMME OVERVIEW

Exploration Work

Rationale and Targeted Outcome

TRENCHING

A circa 500 metre mechanised trenching programme (underway).

Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure.

Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.

This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip.

If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign.

By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions.

SOIL GEOCHEMISTRY

High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below).

Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.

Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly.

Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing.

This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved.

This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes.

By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint.

GEOPHYSICS

A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).

The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.

Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling.

REVERSE CIRCULATION (“RC”) DRILLING⁽¹⁾

~15 RC drillholes are planned to an average planned depth of ~100m for ~1,500m in total.

This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure.

The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface.

The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling.

DIAMOND CORE DRILLING⁽²⁾

~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.

The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022.

Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.

The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project.

KEY:

(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.

(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.

FURTHER INFORMATION

Figure 1 – Tati Project Overview Plan Map:

Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

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

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

#FCM First Class Metals PLC – Gold & Molybdenum Trend Identified on North Hemlo

26th January 2023 / Leave a comment

Map Description automatically generated First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam Project land holding is pleased to provide an update on activities in respect to the North Hemlo property.

Marc J Sale, Chief Executive Officer of First Class Metals commented:

“I am delighted to report on what has been a highly successful first field season for FCM across the North Hemlo property. The newly defined extension of the Dead Otter Lake occurrence into a trend of over 3km is a significant event. This trend with several gold assays over 1g/t and the incredible +19 g/t. Furthermore the associated molybdenum as a key pathfinder is very positive, given the Mo associated at Hemlo, only 20km to the south on a similar structural trend.

Alongside our own work on the property which has been majority focussed on the south, Palladium One have achieved some outstanding successes with high grade nickel sulphides from several drill intercepts on the West Pickle Lake JV. We are preparing for the 2023 season with the encouragement to develop an exploration programme to further this highly prospective project”.

HIGHLIGHTS:

Identification of the Dead Otter Lake gold & molybdenum trend

· Identification of a +3km long gold (Au) and molybdenum (Mo) anomalous trend to the southeast of the historic Dead Otter Lake occurrence. Grab samples recorded up to 19.6g/t Au along the trend.

Sampling of the Dead Otter Lake trend (“DOLT”) has extended anomalous Au/Mo mineralisation for +3km to the SE from the historic showing (3.7 g/t Au, 0.59% Mo). The mineralised structure closely mimics the granite contact. The 19.6 g/t Au sample, (see Photo 1), in the extreme SE of the trend could be where one of potentially two subparallel arcuate trends intersects the DOLT, see Figure 1

The Dead Otter Lake area is situated 20.5km North of the iconic Barrick Hemlo 23m Oz Au producing mine.

A hand holding a tree stump Description automatically generated with medium confidence

Photo 1 Sample from the DOLT trend which has reported a double-digit g/t gold assay.

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Figure 1 the ‘DOLT’ with potential for subparallel / intersecting trends

Drilling at the West Pickle Lake JV

· Drilling at West Pickle Lake by Palladium One has demonstrated that the high-grade nickel-copper sulphide occurrence hold’s potential to be extended both east towards their RJ showing as well as west onto or close to the 100% owned FCM North Hemlo property. This area will also be a focus for reconnaissance in the upcoming field season and is currently being explored via collection of lake sediment samples and grab samples. See Table 1.

Drill Hole ID	Intersection (% Ni Eq.)
TK22-059	5.27% over 2.4m from 185.3m
TK22-060	3.94% over 2.4m from 186.6m
TK22-070	12.76% over 2.3m from 165.4m
TK22-073	7.2% Ni & 2.0% Cu over 2.6m of massive sulphides from 137.5m

Table 1 Highlights of the to date significant drilling intercept results, from West Pickle Lake

Photo 2 Massive nickel-copper sulphides in drill core from West Pickle Lake, drill hole TK22-059

Diagram Description automatically generated

Figure 2 West Pickle Lake area showing the potential for extension to the east and west on to the FCM property.

High-Definition Magnetic Survey

· High-definition magnetic survey (HDMS) has shown that there are additional linear anomalies which require further exploration throughout the property, especially where intersected by north-south and north west structures. The survey highlighted the structure hosting the DOLT, as well as other potentially interesting features such as the extension of the Dotted Lake mineralised zone. The intersections of the N-S and NW-SE structures in the central north area are veritable exploration targets as are the structures paralleling the DOLT in the south.

Map Description automatically generated

Figure 3 hi resolution magnetic survey across the entire block, highlighting potential exploration targets.

Winter Exploration Activities

· In January 52 Lake sediment samples and 8 rock samples have been collected to date as part of the Winter exploration programme on North Hemlo currently focussed in the north central sector but which will continue to the south as well as on other properties thereafter. During the exploration season of 2022 there were significant anomalous samples reported from Olga Lake on the Dotted Lake / Fairservice trend, proving the viability of this exploration method in the Hemlo area.

First Class Metals is extremely excited about the DOLT ‘discovery’ an enthusiasm shared by Bruce MacLachlan, head of Emerald Geological Services¹ (FCM geological lead) who commented that to the best of his understanding “this is one of the highest grab sample results ever recorded on the Hemlo north limb.”

Further work including reconnaissance and detailed sampling is required in order to define the trend as well as the potential and role that the ‘subparallel’ trends play in the mineralisation.

Exploration on the remainder of the claim area is ongoing and this field season will see a focus not only on the DOLT but also the area around the anomalous lake sediment samples reported and anticipated. This area is exciting as it is on strike from not only interesting magnetic features evidenced by the (HDMS) but also the interpreted extension of the Fairservice showing to the SW.

Future work in 2023 will focus on

• Dead Otter Lake trend and potential subparallel structures highlighted in soil samples.

• West Pickle Lake extension on to 100% owned FCM area of North Hemlo.

• Extension of the Dotted Lake / Fairservice structure.

• Other areas with potentially mineralised structures identified by the high-definition magnetic survey.

• Completion of the exploration Permit process

Background:

Historic exploration and to an extent contemporary data was limited and sporadic across the property, however, the pre field season deep review of the historic data did reveal that some encouraging ‘showings’, exist on the property or on structures interpreted to continue to the property, including Dotted Lake, Dead Otter Lake as well as the West Pickle Lake on Pezim II. The historic ‘showings’ identified on North Hemlo as well as the vectors from successful of exploration on neighbouring properties highlighted the potential for discovery of both gold and base metals and were what drove the exploration effort in the 2022 field season. The most important historical showing is the gold / molybdenum showing at Dead Otter Lake.

The Flagship North Hemlo property historically comprised of three claim areas:

Pezim I & II, and Wabikoba, which weren’t contiguous, but the additional of the Hemlo north block, acquired from Power Metals Plc. brought North Hemlo together as one cohesive block. The property now extends across 427 claims covering ~90km². The North Hemlo block is located in the north limb of the Hemlo greenstone belt, the comprising volcano-sedimentary rocks occur in an antiformal pattern, mimicking the ‘southern limb’ hosting the Barrick Hemlo gold mine.

Three parallel mineralised trends, potentially occupying shears, have been identified north of the Barrick Hemlo gold trend, interpreted as lying within proximity to magnetic anomalies. This is a similar signature to the Hemlo mine which is defined as ‘shear hosted’.

The North Hemlo (and Esa) properties are situated in an extremely prospective geological setting, as three of these inferred shears pass through the claim blocks, See figure 4.

Figure 4 the simplified regional structure of the Hemlo areas highlighting the subparallel trends in the north Hemlo Limb

For further information, please contact:

First Class Metals PLC

James Knowles, Executive Chairman	JamesK@Firstclassmetalsplc.com	07488 362641
Marc J Sale, CEO	MarcS@Firstclassmetalsplc.com	07711 093532
Ayub Bodi, Executive Director	AyubB@Firstclassmetalsplc.com	07860 598086

First Equity Limited

(Financial Adviser & Broker)

Jonathan Brown		0207 3742212
Jason Robertson		0207 3742212

#TM1 Technology Minerals PLC – Exploration Update on the Leinster Project

19th January 2023 / Leave a comment

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce results from detailed lithogeochemical sampling has yielded high-grade spodumene pegmatite samples in float ranging up to 3.75% lithium oxide (“Li₂O”) at Prospecting Licence Area (“PLA 1597”) in County Carlow, Republic of Ireland.

Highlights:

· Assay results are reported for the first stage of detailed lithogeochemical sampling at the Knockeen and Carriglead target areas on the Company’s Leinster Lithium Project.

· A total of 56 rock samples are reported, all of which were analysed at ALS Laboratories in Ireland.

· Two prospects are reported at:

o Knockeen: Out of a total of 56 samples, 41 samples graded above 1% Li₂O, of which 20 graded above 2% Li₂O and of which two graded above 3% Li₂O (Sample AES 63003 – 3.63% Li₂O and Sample AES 63033 – 3.75% Li₂O)

o Carriglead: Out of a total of 10 samples, six samples graded above 1% Li₂O of which one sample analysed above 2% Li₂O (sample AES63504 – 2.09% Li₂O).

· The programme of intensive prospecting has consolidated the extent of the spodumene pegmatite boulder train at surface as well as significantly enhancing the resolution of the dispersion zone

· The known extent of the boulder train is now over 1km in length from NE to SW and 0.5km from NW to SE and is still open in all directions at Knockeen and Carriglead

· The ongoing work is helping to refine specific areas for targeted drilling.

The licence, which was awarded to Technology Minerals’ wholly owned subsidiary LRH Resources Limited (“LRH”) on 22 March 2022, forms part of the Company’s Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.

Field Exploration Programme Update

The current phase of detailed exploration work is centred on an area where a forty-year-old historical company report described a trench excavated at Knockeen Townlands on PLA 1597 (Figure 1) which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene-bearing pegmatite at surface.

The current exploration programme carried out under LRH Resources management by Aurum Exploration Services Limited included an initial reconnaissance in July 2022 totalling six samples followed by a more detailed prospecting and lithogeochemical survey on two areas at Knockeen and Carriglead Townlands in December 2022 and totalling 56 samples (Figure 1 & Table 1).

Prospect	Programme	No
Carriglead	Recon Sampling July 2022	2
Knockeen	Recon Sampling July 2022	4

Prospect	Programme	No
Carriglead	Follow Up Sampling Dec 2022	10
Knockeen	Follow Up Sampling Dec 2022	56

Prospect	Programme	No
Carriglead	Total	12
Knockeen	Total	60

Table 1: Showing number of samples collected (July 2022 & December 2022)

Preliminary Reconnaissance July 2022

Two areas at Knockeen and Carriglead Townlands were targeted with an initial reconnaissance visit in July 2022. Six samples were collected during a site visit and included four at Knockeen and two at Carriglead. Analytical results confirmed the presence of the historically reported spodumene pegmatite boulder train and returned very significant grades of Li₂O in all samples. These results have been reported previously but are reproduced here for continuity (Table 2).

Sample_ID	Programme	Li_ppm	Li₂O_%	Prospect
210724CL05	Recon Sampling July 2022	13,700	2.95	Knockeen
210724CL03	Recon Sampling July 2022	11,200	2.41	Knockeen
210724CL04	Recon Sampling July 2022	11,000	2.37	Knockeen
210724CL02	Recon Sampling July 2022	3,240	0.70	Knockeen
AES61138	Recon Sampling July 2022	7,470	1.61	Carriglead
AES61137	Recon Sampling July 2022	3,550	0.76	Carriglead

Table 2: Results from reconnaissance prospecting (July 2022)

* Li₂O % = Li ppm % (x 2.153)

Follow Up Detailed Prospecting and Lithogeochemistry

In December 2022, an extensive prospecting and lithogeochemistry survey was completed covering the two areas identified during the reconnaissance programme. A total of 56 samples were collected at Knockeen and 10 at Carriglead. The results were highly encouraging with coherent boulder trains of spodumene-bearing lithium pegmatites mapped out across the prospects. The highlight sample results are shown in Table 3 and the full results are appended in Appendix 1 to this release in Tables 4 and 5 with associated maps showing the locations in Figure 2 (Knockeen) and Figure 3 (Carriglead) below.

Map Description automatically generated

Figure 1: Location of the Knockeen and Carriglead target areas PL 1597 showing sample locations

Sample_ID	Programme	Li_ppm	Li2O%
AES63003	Follow Up Sampling Dec 2022	17,410	3.75
AES63033	Follow Up Sampling Dec 2022	16,860	3.63
AES63519	Follow Up Sampling Dec 2022	13,160	2.83
AES63015	Follow Up Sampling Dec 2022	13,050	2.81
AES63029	Follow Up Sampling Dec 2022	12,920	2.78
AES63042	Follow Up Sampling Dec 2022	12,580	2.71
AES63014	Follow Up Sampling Dec 2022	12,200	2.63
AES63021	Follow Up Sampling Dec 2022	12,040	2.59
AES63018	Follow Up Sampling Dec 2022	11,980	2.58
AES63011	Follow Up Sampling Dec 2022	11,820	2.54

Table 3: Highlight results from the prospecting programme (December 2022)

* Li₂O % = Li ppm % (x 2.153)

The current results focussed on the two areas and considerably enhanced the area of boulder trains and significantly shows the high-grade nature and size of the boulders in the material being sampled.

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Figure 2: Location of samples and assay results from the Knockeen target area

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Figure 3: Location of samples and assay results from the Carriglead target area

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Photo 1: Spodumene pegmatite samples from Knockeen and Carriglead

Alex Stanbury, CEO of Technology Minerals, said: “These latest assay results from the Leinster Project in Ireland are highly encouraging and build on previous reconnaissance work which displayed significant grades of Li₂O in all samples. The results announced today continue to demonstrate the high-grade nature and size of the boulders in the material being sampled as well as expanding the known extent of the spodumene pegmatite boulder train at Knockeen and Carriglead. Today’s results and ongoing work will help us to determine specific areas for targeted drilling as we progress with the exploration campaign.”

Competent Person

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.

Enquiries

Technology Minerals Plc
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	+44 20 4582 3500

Global Battery Metals Ltd.
Michael Murphy BA, MBA, MSc., ICD, President & CEO	+1 604-649-2350

Oberon Investments Limited
Nick Lovering, Adam Pollock	+44 (0)20 3179 0535

Arden Partners Plc
Louisa Waddell, Tim Dainton	+44 207 614 5900

Gracechurch Group
Harry Chathli, Alexis Gore, William Dobinson	+44 20 4582 3500

Technology Minerals Plc

Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk

Appendix 1: Analytical Results

Sample_ID	Programme	Li _ppm	Li2O%	Prospect
AES63003	Follow Up Sampling Dec 2022	17,410	3.75	Knockeen
AES63033	Follow Up Sampling Dec 2022	16,860	3.63	Knockeen
AES63519	Follow Up Sampling Dec 2022	13,160	2.83	Knockeen
AES63015	Follow Up Sampling Dec 2022	13,050	2.81	Knockeen
AES63029	Follow Up Sampling Dec 2022	12,920	2.78	Knockeen
AES63042	Follow Up Sampling Dec 2022	12,580	2.71	Knockeen
AES63014	Follow Up Sampling Dec 2022	12,200	2.63	Knockeen
AES63021	Follow Up Sampling Dec 2022	12,040	2.59	Knockeen
AES63018	Follow Up Sampling Dec 2022	11,980	2.58	Knockeen
AES63011	Follow Up Sampling Dec 2022	11,820	2.54	Knockeen
AES63023	Follow Up Sampling Dec 2022	11,620	2.50	Knockeen
AES63028	Follow Up Sampling Dec 2022	11,580	2.49	Knockeen
AES63041	Follow Up Sampling Dec 2022	11,570	2.49	Knockeen
AES63037	Follow Up Sampling Dec 2022	11,510	2.48	Knockeen
AES63016	Follow Up Sampling Dec 2022	11,460	2.47	Knockeen
AES63044	Follow Up Sampling Dec 2022	11,340	2.44	Knockeen
AES63012	Follow Up Sampling Dec 2022	11,180	2.41	Knockeen
AES63008	Follow Up Sampling Dec 2022	9,920	2.14	Knockeen
AES63048	Follow Up Sampling Dec 2022	9,520	2.05	Knockeen
AES63043	Follow Up Sampling Dec 2022	9,360	2.02	Knockeen
AES63027	Follow Up Sampling Dec 2022	8,820	1.90	Knockeen
AES63046	Follow Up Sampling Dec 2022	8,790	1.89	Knockeen
AES63516	Follow Up Sampling Dec 2022	8,370	1.80	Knockeen
AES63036	Follow Up Sampling Dec 2022	8,300	1.79	Knockeen
AES63007	Follow Up Sampling Dec 2022	8,090	1.74	Knockeen
AES63026	Follow Up Sampling Dec 2022	8,030	1.73	Knockeen
AES63010	Follow Up Sampling Dec 2022	7,890	1.70	Knockeen
AES63517	Follow Up Sampling Dec 2022	7,910	1.70	Knockeen
AES63512	Follow Up Sampling Dec 2022	7,840	1.69	Knockeen
AES63017	Follow Up Sampling Dec 2022	7,550	1.63	Knockeen
AES63520	Follow Up Sampling Dec 2022	7,370	1.59	Knockeen
AES63049	Follow Up Sampling Dec 2022	7,100	1.53	Knockeen
AES63515	Follow Up Sampling Dec 2022	7,040	1.52	Knockeen
AES63024	Follow Up Sampling Dec 2022	6,190	1.33	Knockeen
AES63031	Follow Up Sampling Dec 2022	6,140	1.32	Knockeen
AES63013	Follow Up Sampling Dec 2022	5,720	1.23	Knockeen
AES63019	Follow Up Sampling Dec 2022	5,420	1.17	Knockeen
AES63030	Follow Up Sampling Dec 2022	5,300	1.14	Knockeen
AES63034	Follow Up Sampling Dec 2022	4,960	1.07	Knockeen
AES63039	Follow Up Sampling Dec 2022	4,790	1.03	Knockeen
AES63022	Follow Up Sampling Dec 2022	4,710	1.01	Knockeen
AES63514	Follow Up Sampling Dec 2022	4,300	0.93	Knockeen
AES63045	Follow Up Sampling Dec 2022	4,290	0.92	Knockeen
AES63025	Follow Up Sampling Dec 2022	3,940	0.85	Knockeen
AES63032	Follow Up Sampling Dec 2022	3,550	0.76	Knockeen
AES63035	Follow Up Sampling Dec 2022	2,680	0.58	Knockeen
AES63009	Follow Up Sampling Dec 2022	1,920	0.41	Knockeen
AES63047	Follow Up Sampling Dec 2022	1,480	0.32	Knockeen
AES63038	Follow Up Sampling Dec 2022	450	0.10	Knockeen
AES63001	Follow Up Sampling Dec 2022	120	0.03	Knockeen
AES63002	Follow Up Sampling Dec 2022	120	0.03	Knockeen
AES63004	Follow Up Sampling Dec 2022	120	0.03	Knockeen
AES63005	Follow Up Sampling Dec 2022	130	0.03	Knockeen
AES63513	Follow Up Sampling Dec 2022	100	0.02	Knockeen
AES63518	Follow Up Sampling Dec 2022	80	0.02	Knockeen
AES63006	Follow Up Sampling Dec 2022	60	0.01	Knockeen

Table 4: Results from follow up prospecting at Knockeen (December 2022)

* Li₂O % = Li ppm % (x 2.153)

Sample_ID	Programme	Li_ppm	Li2O%	Prospect
AES63504	Follow Up Sampling Dec 2022	9,720	2.09	Carriglead
AES63503	Follow Up Sampling Dec 2022	8,890	1.91	Carriglead
AES63509	Follow Up Sampling Dec 2022	7,870	1.69	Carriglead
AES63501	Follow Up Sampling Dec 2022	7,460	1.61	Carriglead
AES63507	Follow Up Sampling Dec 2022	5,620	1.21	Carriglead
AES63505	Follow Up Sampling Dec 2022	5,120	1.10	Carriglead
AES63508	Follow Up Sampling Dec 2022	3,280	0.71	Carriglead
AES63511	Follow Up Sampling Dec 2022	500	0.11	Carriglead
AES63506	Follow Up Sampling Dec 2022	330	0.07	Carriglead
AES63502	Follow Up Sampling Dec 2022	290	0.06	Carriglead

Table 5: Results from follow up prospecting at Carriglead (December 2022)

* Li₂O % = Li ppm % (x 2.153)

#BRES Blencowe Resources Plc – Export Approval for Bulk Samples

11th January 2023 / Leave a comment

Highlights

· Ugandan Government approves landmark one-off permit for Blencowe to export bulk sample graphite from Orom-Cross for key final testing

· Underlines huge support for Orom-Cross advancement to production at all levels within the country

· Blencowe has successfully completed two rounds of smaller sample metallurgical testing on Orom-Cross graphite during 2022, using technical firms in Canada and Australia.

· Mandate signed with experienced Chinese graphite processing specialist Jilin Huiyang New Material Technology Company Ltd to use its existing bulk pilot facility for final metallurgical testing.

· 100 tonnes of bulk sample to be mined immediately and sea-freighted to China.

· Additional 150kgs sample to be mined and fast-track delivered to China by air freight for initial off-site testing in same facility.

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has received an approval from the Ugandan Ministry of Energy and Mineral Development to export materials from its Orom-Cross Graphite Project to Chinese testing facilities to enable final bulk metallurgical test work to be undertaken in 2023. Blencowe has mandated Jilin Huiyang New Material Technology Company Ltd (“Jilin”) to complete this test work in their existing pilot plant facility, which negates the requirement for the Company to build its own bulk testing facility on-site in the near term.

Jilin has over 30 years direct experience in graphite processing and has completed similar bulk sample testing for other leading international graphite companies in the past. This is a key step in the process to pre-qualify Orom-Cross end-products as concentrates through to OEMs in order to ultimately achieve binding offtake contracts for production from the Project.

As Ugandan Mining Law does not allow for the export of unprocessed raw materials this approval is a landmark decision by the Government, who fully understand the need and requirement for this testing to occur as a key action for the advancement of Orom-Cross towards first production. Blencowe acknowledges and appreciates the support of the Government of Uganda and the Ministry of Energy and Mineral Development in this matter.

The export permits for 100t of bulk raw ore materials and 400 litres of local groundwater will enable the Company to export a representative bulk sample from the initial 5 years of production, which will be used to assess the metallurgical processes on a commercial scale including differing plant components to maximise the grade, recovery and flake sizing from the Project. The addition of the groundwater sample will enable the test facilities to assess the water characteristics in terms of the reagents required under proposed site operating conditions.

Works to excavate and transport the bulk samples will begin immediately and will be freighted by sea to China to have the testing completed as quickly as practically possible. In addition, 150kgs of the same samples will be air-freighted to same Jilin facility more quickly to undergo metallurgical testing and build knowledge before the larger samples arrive.

Blencowe has already been able to share significant data with Jilin having previously completed two stages of bench scale metallurgical testing with SGS in Canada (30kgs) and more recently a further round of testing via a small pilot plant (130kgs) in Perth, Australia. This next-level proposed test in China, using their existing infrastructure and experience, will be done on a considerably larger scale, which will give all parties more knowledge of the end concentrates that can be produced on a production scale from Orom-Cross. It is hoped that this program will initially lead to non-binding MOUs for offtake, and ultimately to binding sale agreements for a substantial portion of the initial 50,000tpa product to be produced from stage one within Orom-Cross. There may also be potential for EPC and funding contracts emanating from this relationship, potentially providing one solution to the CAPEX requirement for initial stage production.

Cameron Pearce, Executive Chairman commented;

“China is currently the most mature graphite market worldwide and entering into an offtake relationship there would be very valuable to us given the highly attractive economics at Orom-Cross, which already has an NPV8 of US$482M based on an initial 14-year mine life, from just ~2% drilled from our broader graphite resource.

This bulk sample trial is significant as a precursor that ultimately leads us to a full offtake agreement, which in turn would enable us to kick start production with a critical mass of product sold to drive profitability and cash flow. If successful it can also lead to building an EPC relationship and potential funding solutions.

The graphite market is evolving very quickly and we will see a lot of change ahead as the world expands from current 15-20 million electric vehicles (EVs) towards the targeted 100 million by 2030. This in turn will drive up the demand for flake graphite as a non-replaceable input required to produce lithium-ion batteries to power these EVs and leading analysts forecast a 300% rise in world demand for graphite by 2030. We are already seeing prices rise in anticipation of this looming shortage. The Chinese graphite market remains the largest and will likely remain so for some time ahead, thus establishing a strong and commercial relationship with both Chinese and other Asian partners is decisive for Orom-Cross and a natural progression for the Company.“

For further information please contact:

Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.

A 21-year Mining Licence for the Project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe completed a successful Pre-Feasibility Study in 2022. The Company has now moved into the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

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