Drilling Contracts Awarded at Rae Cu Project

• Northspan Explorations Ltd (“Northspan”) awarded a Contract for drilling at the Company’s Rae Copper Project. Northspan have been successfully undertaking drilling in Northern Canada for more than 40 years, including recently having safely and successfully completed drilling activities at nearby Nunavut projects
• The maiden campaign will target approximately 4,000 meters of drilling at the Hulk sedimentary target and Danvers project area
• Drilling will commence at the recently acquired Danvers project area, with works looking to further define the expansion upside noted by previous operators
• Geophysical methods are currently being evaluated to assist in defining depth and strike extents at Danvers, with mineralisation remaining open in all directions
• Several robust targets within the Rae Group sediments at Hulk have been defined for drill testing sediment hosted copper potential where:
  • Key regional scale structures are present as fluid conduits for mineralising fluids entering the sedimentary basin
  • Conductive signatures have been identified within sub basins at the Hulk target from 2024 MobileMT airborne surveys, indicating possible sulphide accumulations
  • Copper mineralisation has been sampled by the Company in outcrop
• Alongside the drilling, detailed geological mapping and sampling will be undertaken this year to further expand the strike extent of surface mineralisation, and to identify further drill targets within the wider Rae Project area, with a focus on the Danvers, Hulk and Stark prospects

Figure 1 - Rae Copper Project

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