30 June 23 Quarterly Activities Report & Appendix 5B

Gascoyne Resources Limited (“Gascoyne” or “Company”) (ASX: GCY) is pleased to present its Quarterly Report.

Summary:

Exploration / Growth

Drilling at the Never Never Gold Deposit continued to intersect significant widths and grades of mineralisation, both within and outside the current Resource. Some of the more significant assays included:
- 50m @ 6.46g/t Au from 144m, incl. 10m @ 23.7g/t – DGRC1186
- 29.15m @ 11.09g/t Au from 449m, incl. 9.44m @ 22.26g/t – DGRC1183-DT
- 24.0m @ 6.32g/t Au from 343m, incl. 7m @ 14.69g/t – DGDH035
- 19.9m @ 8.12g/t Au from 451m, incl. 14.7m @ 10.46g/t – DGRC1204-DT
- 19.0m @ 6.49g/t Au from 471m, incl. 2m @ 29.57g/t – DGRC1218-DT
New high-grade discovery in the hangingwall position 200m west along-strike from Never Never – referred to as the “Ink” prospect. Assays include:
- 4m @ 24.56g/t Au from 160m. incl. 2m @ 46.2g/t – DGRC1187
- 10.0m @ 12.15g/t Au from 237.0m, incl. 6.0m @ 19.53g/t (DGRC1183-PC)
- 3.0m @ 10.07g/t Au from 117.0m (DGRC1232)
Work commenced late in the Quarter on an upgrade to the current Mineral Resource Estimate of 303,100oz at 4.64g/t Au. The updated MRE is expected to be released before the end of July 2023.
Strong metallurgical testwork results for Never Never deposit, including +92% overall metallurgical recoveries with a high gravity component and leach kinetics aligned with the “fit-for-purpose” Dalgaranga CIL process plant.

Care and Maintenance (Dalgaranga)

Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure in a state for a rapid restart.

Corporate

Conversion of Tranche A of the Tembo Capital facility to equity and Tranche B to a gold production royalty, resulting in Tembo Capital now being Gascoyne’s largest shareholder (18.6% of the shares currently on issue), and conversion of Tranche B to a gold production royalty.
John Hodder appointed to the Board as a Non-Executive Director as the nominee of Tembo Capital.
Shareholder approval to be sought to change the Company’s name to “Spartan Resources Limited” to reflect recent corporate and strategic developments and reflect its rapid transformation.
Non-Executive Director fees reduced, representing a pragmatic step by the Company as it focuses its efforts on further delineating and growing the exciting high-grade Never Never deposit at Dalgaranga.
Total cash and listed company investments at 30 June 2023 of $35.3M.

Gascoyne Managing Director and CEO, Mr Simon Lawson, commented:

“The June Quarter marked another significant step in the Company’s rapid transformation following the remarkable Never Never gold discovery.

“During the quarter, our exploration team continued with the efficient and safe execution of resource drilling and exploration activities at Dalgaranga – with the current resource drilling effort at Never Never wrapping up in June. The standout results that this program has generated – both inside and outside the existing resource envelope – continue to build confidence in the impending resource upgrade.

“Based on the grade and tenor of the results we are seeing, we have a high degree of confidence in the potential for Never Never to become the cornerstone of our long-term operating mine plan at the Dalgaranga Gold Project.

“In addition to our drilling, we also reported positive results from metallurgical testwork on the high- grade Never Never ore, which demonstrated overall metallurgical recoveries of more than 92% with a high gravity component, and leach kinetics that are aligned with the existing Dalgaranga processing plant infrastructure. This confirms a very simple, straightforward processing flowsheet can achieve very high recoveries from the extensive high-grade Never Never mineralisation, checking another key box on our pathway back to production.

“On the corporate front, we welcomed John Hodder to the Board as a Non-Executive Director in May, bringing more than 30 years’ experience in the mining industry, funds management and private equity. John represents our major shareholder, Tembo Capital, who provided outstanding support to the Company in our recent $50 million financial restructure.

“With the Company continuing to forge ahead with a new growth pathway at Dalgaranga – focused on new discoveries to deliver higher-grade mill feed – subsequent to the Quarter-end we announced plans to seek shareholder approval to change the Company’s name to ‘Spartan Resources’. I believe this name perfectly encapsulates our corporate goals and our approach to business, based on strong discipline and fearless execution, providing an opportunity to better align our name with our longer-term strategic direction.”

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This article includes content from Gascoyne Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Tectonic Metals Initiates Heap Leach Metallurgical Testing on Flat Gold Project

Tectonic Metals Inc. (the "Company" or "Tectonic") (TECT:TSX-V)(TETOF:OTCQB)(T15B:FSE) today announced the launch of a multi-phase metallurgical column test program to confirm low-cost heap leaching as a viable gold processing and extraction method at the Chicken Mountain bulk-tonnage intrusion target, one of six district-scale intrusion targets within the 99,840 acre, Flat Gold Project ("Flat") in southwestern Alaska. This initiative is part of the Company's ongoing 2024 value creation strategy as metallurgical testing is one of the most critical steps a company can take in successfully transforming an exploration-stage project into a profitable mining opportunity

Tony Reda commented, "Heap leaching is a processing and extraction technology becoming increasingly popular and coveted over recent years due to the potential cost advantages and lower environmental impact it can offer to miners especially as the world-wide average grade of gold deposits has decreased over the past few decades. Tectonic is excited about the prospects of heap leaching at our Flat Gold Project especially since our initial metallurgical test work completed in 2023 demonstrated exceptional plus 95% gold recoveries with gold mineralization appearing to be not grind sensitive, extremely low in sulphur, non-preg-robbing and favourable to not just one but several gold extraction methods. Our heap leach column test work program is rigorous and will not only assess overall leach kinetics, but also provide insight into how various size fractions of drill core respond to leaching as an indication of optimal crush sizing. For context, crushing and grinding typically are the biggest consumers of energy at an operating mine, and therefore, the most expensive operational cost significantly impacting a mine's all-in sustaining costs. With this in mind, we are setting the bar high by initiating our first ever column tests utilizing coarse, ¾ inch crushed rock material. The 2024 column results will provide a baseline on determining the optimum crush and recovery characteristics for heap leaching at Flat."

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Basin Uranium Stakes Uranium Project in the Great Divide Basin, Wyoming

Basin Uranium CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium" or the "Company") is pleased to announce it has acquired the Great Divide Basin Uranium Project (the "Project" or "GDB") located in Sweetwater County, Wyoming, USA. The Project, which was acquired through direct staking by the Company, is comprised of 104 unpatented mineral lode claims totaling approximately 1,880 acres located in south-central Wyoming and within the Great Divide Basin (Figure 1). The claims are located contiguous with Premier American Uranium's Cyclone Project which hosts an exploration target ranging from 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8)1. Wyoming is home to both the largest uranium reserves and top producing uranium state in US2, with the Great Divide Basin representing the least exploited of Wyoming's basins estimated to contain over 270 million pounds of uranium3.

"The staking of the GDB property represents our continued expansion into the USA and second internally generated project in Wyoming. We continue to execute on acquiring and developing strategic assets located in prolific mining districts with extensive historical exploration," commented Mike Blady, CEO of Basin Uranium. "The GDB Project and surrounding area have played host to a plethora of explorers, starting with the U.S. government in the 1950's and most recently Tournigan Energy Ltd. in the mid 2000's. The well understood geology, historic exploration, and proximity to UR Energy's Lost Creek ISR mine and processing facility add to the appeal and potential of GDB. Wyoming represents one of the premiere exploration and mining jurisdictions for uranium within the USA which provides for a clearly defined and expedient pathway for permitting and development."

The Great Divide Basin (GDB) Project, Wyoming

The GDB Project is comprised of approximately 1,880 acres of contiguous claims (104 unpatented mineral lode claims) located south and west of Jeffrey City and north and west of Wamsutter, Wyoming. The Project adjoins Premier American Uranium's Cyclone Project and is readily accessible by gravel and dirt roads maintained by the Bureau of Land Management (BLM). The Project has seen extensive historical drilling dating back to the 1970's with many of the pads identifiable on the western half of the project. More recently, Tournigan Energy drilled a number of wells with grade-thickness or GT (grade U₃O₈X thickness in feet) in excess of 0.25GT from a grid located about 500 - 1,000 feet to the southwest of the project, further highlighting the potential for economic grade uranium mineralization within the immediate vicinity.

Figure 1 - GDB Project Location

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Qualified Person

R. Tim Henneberry, PGeo (B.C.), a technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.

About Basin Uranium Corp.

Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.

For further information, please contact Mr. Mike Blady or view the Company's filings at www.sedarplus.ca.

On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS:

Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

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⁽¹⁾		Cash gross operating margin per AuEq ounce is in US$ and is calculated by subtracting the average cash cost of sale per equivalent ounces of Au from the average selling price per equivalent ounces of Au and is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another company.
⁽²⁾		EBITDA: "Earnings before interest, taxes and depreciation" is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another corporation. The Corporation uses this non-IFRS measure as an indicator of the cash generated by the operations and allows investor to compare the profitability of the Corporation with others by canceling effects of different assets basis, effects due to different tax structures as well as the effects of different capital structures.
⁽³⁾		Cash-flow per share is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another corporation. The Corporation uses this non-IFRS measure which can also be helpful to investors as it provides a result which can be compared with the Corporation market share price.

*Consolidated Statement of net income and comprehensive income*
	For the three-month periods ended March 31,
(in $'000) (unaudited)	2024	2023

Sales	67,733	56,733
Cost of sales	(58,585)	(48,904)
Gross operating margin	9,148	7,829
General and administrative expenses	(1,704)	(1,553)
Other projects expenses	(214)	(224)
Operating income	7,230	6,052
Financial income net of expenses	171	153
Foreign exchange gain (loss)	(59)	50
Income before income taxes	7,342	6,255
Current income tax expense	(2,577)	(1,979)
Deferred income tax recovery	16	191
Net income and comprehensive income	4,781	4,467

Earnings per share
Basic	$0.13	$0.11
Diluted	$0.13	$0.11

*Reconciliation of non-IFRS measures*
(in $'000) (unaudited)	For the three-months periods ended March 31,
	2024	2023
Reconciliation of net income and comprehensive income to EBITDA
Net income and comprehensive income	4,781	4,467
Income taxes expense (current and deferred)	2,561	1,788
Financial income net of expenses	(171)	(153)
Depreciation	885	784
EBITDA	8,056	6,886

(in $'000) (unaudited)	As at March 31,	As at December 31,
	2024	2023
Cash	27,675	22,481
Accounts receivable	12,013	13,328
Inventories	27,321	31,925
Prepaid	841	277
Property, plant and equipment	24,496	24,590
Right-of-use assets	591	613
Exploration and evaluation assets	18,570	18,566
Total assets	111,507	111,780

Trade and other payables	13,530	15,357
Current tax liabilities	2,230	1,799
Asset retirement obligations	3,746	3,724
Deferred tax liabilities	661	677
Lease liabilities	602	636
Shareholders' equity	90,738	89,587
Total liabilities and equity	111,507	111,780

30 June 23 Quarterly Activities Report & Appendix 5B

Company Highlights

5 metres at 16.9g/t gold, 1,473g/t silver* & 15.0% lead+zinc Max. grades of 45.0g/t gold, +3,000g/t silver* & 38.8% lead+zinc

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5 metres at 16.9g/t gold, 1,473g/t silver* & 15.0% lead+zinc
Max. grades of 45.0g/t gold, +3,000g/t silver* & 38.8% lead+zinc