ASX Announcements

Desktop studies of historic exploration and mining operations with a focus on structural geology and fault delineation and historic sampling locations; Digitally capture the location of historic shafts, drives and stopes from old reports for review into 3-dimensional modelling software (Vulcan); Generate geographic information system (GIS) and geological digital database of historic exploration; Generate site base map; Field reconnaissance of exploration area and old workings including:- Detailed field mapping to better identify the geological setting, rock chip sampling to replicate historic sampling, assaying multi-element suite including Au, As, Cu, Cr, Ag, Pb, Bi and Mo. establishment of surface survey stations, as well as surveying locations of lines of reefs/workings and shafts; assessment of the state of the main North of England Shaft as this is an important link in future decline development plans from Union Hill to Nuggetty. Ideas for dewatering. Early plans for exploration drilling; Identify any nearby private land users and other stake holders and establish on-going community engagement relationships (as part of the overall Maldon Gold Project).

Ongoing surface geological mapping and rock chip sampling; Updates of GIS and geological digital database; An induced polarisation (IP) geophysics survey could be considered to help target at depth; Determine sites for exploration drilling; Structural geology assessment and correlation of mineralised structures from historic mine plans; Underground sampling if shaft access is dewatered; Drilling underground from developments within MIN5146 may be considered; and On-going community engagement as required.

On-going geological mapping and rock chip sampling focusing on anomalies delineated in the previous years; Review of any drilling assay results; If not conducted in year 2, drilling underground from developments within MIN5146; New or follow-up drilling based on previous sampling and mapping; Review initial areas of application for potential licence reduction based on newly generated exploration targets; and On-going community engagement as required.

Advancement of exploration target priorities and consultant reviews of results and design of further exploration programs; If results indicate; apply to extend exploration over the delineated zones of mineralisation based on advanced geological targets. Year 5 will be structured according to the extent of resource delineation and the advancement of mining activity in MIN5146 and MIN5528. Advanced exploration programs in EL8215 will be informed by gap analysis of the resource understanding. Years 4-5 may expand into pre-feasibility studies but are more likely to focus on more advanced exploration activities such as drilling and geophysical programs.