Quarterly Activities Report – Period Ending 31 January 2020

A period of clearing the decks of past legacies, recapitalisation and planning for the future.

• In an important vote of confidence by shareholders, $3,135,362 was subscribed at the close of the non-renounceable, non-underwritten Entitlement Offer on 11 November 2019. Subsequently $1,632,620 of Shortfall Shares have been subscribed for, with the balance of approximately $0.69 million expected to be placed.
• Investec standby credit facility fully repaid. Security held by Investec over Kalkaroo and Mutooroo lapsed.
• Shareholders overwhelmingly approved the election of Messrs Victor Previn and Simon Gray as Directors at the AGM held on 18 December 2019 in Adelaide.
• Updated Kalkaroo PFS progressing, with the Company re-engaging RPM Global Asia Limited (‘RPM Global’).
• Mutooroo PFS commences with modelling of underground mining potential.
• Grants Basin resource delineation drilling planning has advanced, with the objective of forming the basis of a scoping study for a large open pit.
• Elevated levels of rare earth elements returned in re-assaying of Havilah drill samples from several Curnamona Copper Belt prospects, supported by earlier MMG Limited drilling results.
• Raises possibility of an additional revenue stream for the Kalkaroo project, if REE can be recovered as a by-product of the copper-gold concentration process.
• Interpretation of newly acquired gravity survey data in the Jupiter area confirms an earlier circular gravity anomaly and highlights several other features of potential exploration interest, supporting the prospectivity of this MT feature.

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