March 2024 Quarterly Activities Report and Appendix 5B

Highlights

Exploration – Golden Ridge Project, NE Tasmania

• Assay results from soil sampling completed during the quarter at Golden Ridge identified new prospect targets and now define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite contact zone, further enhancing the potential large scale of the overall Golden Ridge target deposit
• Infill and extension soil sampling is ongoing across the Golden Ridge project area
• Initial geological/vein modelling of mineralisation at Trafalgar Prospect indicates the deposit comprises multiple sub-parallel high-grade veins and associated splays, open along strike and down dip
• An initial 1,500m drill program (Phase 3) planned at the Trafalgar prospect comprising infill and extension drilling targeting down-dip and along-strike extensions to previous high- grade gold intercepts, includes multiple intersections grading >100g/t Au
• Post quarter, Phase 3 drilling commenced at Trafalgar Prospect

Exploration – Firetower Project, NW Tasmania

• Final assay results from recent 4-hole diamond drilling program received
• All holes intersected significant mineralised intervals, with a best result of:
  • 2019FTD007E:
    • 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO₃, 0.16% Cu from 121.0, including:
    • 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO₃ and 0.14% Cu from 121m and
    • 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO₃, 0.33% Cu from 132.5m
• Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones with depth and strike extension target zones recognised
• Detailed surface mapping and sampling program initiated over priority target areas

Exploration – Parker Dome Project, WA

• Soil sampling outlined multiple, large-scale lithium anomalies of up to 187ppm Li₂O at the recently optioned Parker Dome project
• Lithium anomalies extend up to 2,300m length and 900m width

Exploration – Lake Johnston Project, WA

• Soil sampling outlined a large, high priority lithium anomaly
• Priority Target 1 presents as a large scale (4km x 1km), strong anomaly with 23 samples returning assay results over 100ppm Li₂O

Corporate

• Share Purchase Plan and Tranche 2 Placement completed raising $1.1 million
• Post quarter, one-for-two Renounceable Rights Issue, partially underwritten to $750,000 and priced at 3 cents per new share announced to raise up to $2.5 million
• The Company’s cash position at 31 March 2024 was $1.53 million

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