Annual Report on Marqua Creek Phosphate and Base Metal Prospects EL 30960, Northern Territory Reporting Period 7 June, 2020 to 6 June, 2021

Abstract

MLM Drilling Pty Ltd ('MLM') acquired the Marqua Creek Phosphate project in 2016 in order to explore for potential phosphate targets previously outlined by Elkedra Diamonds NL and Uramet Minerals Limited. The phosphate target lies within the Georgina Basin of the Northern Territory, which is host to the renowned Duchess Deposit held by Incitec Pivot. Although phosphate prices have dropped since 2010 it is believed the move towards organic farming practises will mean this product will be highly marketable within Australia and overseas in the future. During the 2020 year work undertaken included a geomorphological interpretation of the area and a desktop biological analysis. In addition, Southern Geoscience were engaged to source publicly available geophysical data for a future geophysical interpretation. The studies were not finalised at the time of that reporting year and are contained herewith in this report. In 2020, there was considerable interest for a Joint Venture or sale of the project. During the 2020 reporting year, a deal was progressed and finalised. During the 2021 reporting period, the deal was further restructured with the intention of adding it to a public listing. During the 2021 year, Southern Geoscience were engaged to undertake a geophysical analysis over the tenements. The report was not available at the time of this report's due date and will be included in the next reporting period. No on-ground work has been conducted this year due to the Covid-19 restrictions and random lockdowns.