March 2024 Quarterly Report

HIGHLIGHTS

1. Lake Hope, WA (IPT 80%)

• Greater than 99.99% (4N+) High Purity Alumina (Al2O3) is produced from Lake Hope mud via the proprietary and patented Playa One Sulphate Process and a new low-temperature leach process called the LTL Process.
• The Sulphate Process underpins the recent Scoping Study, which demonstrated an NPV8 of A$1.3 billion for the project and an estimated operating cost to produce 4N HPA up to 50% lower than anyone else globally at less than US$4,000 per tonne.
• The LTL Process produced 4N within a few months, attesting to a simpler process that may lower the Capital and Operating Costs to produce HPA than the Sulphate Process.
• The LTL Process will now be integrated into the ongoing Pre-Feasibility Study at marginal extra cost.
• Production of larger quantities of HPA can now commence using the now- optimized Sulphate Process to demonstrate consistent quality to potential customers.
• Preliminary discussions with potential customers indicate very strong demand for 4N HPA.
• The Pre-Feasibility Study is on schedule to be completed in late 2024.

• Rare Earth Element anomalism of up to 5,880 ppm (0.59%) Total Rare Earth Oxide plus Yttrium (TREO+Y) and Nd+Pr of up to 21% returned from a soil geochemistry survey at the Hyperion prospect. The anomaly covers at least a 3 km2 area at greater than 1,000ppm TREO and is open along strike to the northwest and southeast.
• Another new prospect, Swordfish, and the previously identified Horseshoe prospect attest to the significant prospectivity for REE mineralisation across the Arkun project.
• Soil geochemistry and Mobile Magneto-Telluric (MMT) data at the Caligula Prospect identified a large and significant target for porphyry copper mineralisation. A 5 km by 1 km soil geochemistry anomaly contains the key metal assemblage of copper-silver-cobalt+/-tellurium-bismuth-molybdenum, all indicators of porphyry copper mineralisation, such as that found at Boddington and Calingiri in the same region of Western Australia.
• Infill and extensional soil geochemistry surveys, together with a detailed interpretation of the MMT data completed to define the extent of Caligula and identify specific drill targets.
• Three new Exploration Licence applications submitted immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly. The new licences cover a further 720 km2 and increase the size of the Arkun project to 2,900 km2 in the emerging mineral province of southwest WA.
• Statutory approvals and land access agreements are in progress for a maiden drill programme at Hyperion and other targets, along with negotiations with drilling contractors.

3. Commonwealth Project (IPT 100%)

• Agreement signed for the sale of up to 75% interest in the Commonwealth Project, NSW.

4. Other Projects

• Broken Hill: data synthesis and interpretation in progress on all data collected during the BHP Xplor Programme.
• Doonia: assays received highlighting large gold and lithium-in-soil anomalies. The company is currently assessing its options for the project.
• Southwest regional: No significant soil results were returned on the Dinninup and Mineral Hill projects, and they have been relinquished subsequent to the Quarter.

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