Quarterly Activities Report – Period Ending April 2019

• $2 million received in accordance with the revised terms of the North Portia divestment.
• $1 million received from SIMEC for extension of the exclusivity agreement relating to the                                                                        Maldorky, Grants and Grants Basin Projects.
• An initial Exploration Target highlights a large volume of iron ore mineralisation in the Grants
Basin based on new reconnaissance exploration drilling results.
• SIMEC’s beneficiation studies on Maldorky iron ore indicates a favourable 40% yield of a 65% Fe                                                              product, for an efficient overall >85% Fe recovery.
• Mutooroo as a stand-alone, lower risk, copper only project to be investigated by a new scoping
study with the objective of supporting a higher throughput longer life mining operation.
• The proposed terms and conditions for the Kalkaroo Project mining tenements accepted.

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