Charley Creek Partial Relinquishment Report for EL 28795 for the period 12 December 2011 to 29 May 2018

Abstract

The subject tenement originally consisted of 16 sub-blocks when granted on 12 December 2011 to Crossland Nickel Pty Ltd and Panconoz Pty Ltd. The latter entity was purchased by the current JV partner, Essential Mining Resources Pty Ltd. (EMR) in 2016. Crossland holds a 56.28% and EMR 43.72% ownership of the licence. Both companies are wholly owned by Crossland Strategic Metals Limited (Crossland), the Operator of the Charley Creek Project. Crossland / EMR was issued with a Partial Cancellation Notice (Loss of Block Penalty) from the Department of Primary Industry and Resources Mines and Energy (DPIR) on the 27th March 2018. The penalty relates to two consecutive years of underspend on the licence. The number of sub-blocks subject to the cancellation was two (2). On the 8th May 2018, Crossland was notified by DPIR that its request to waive the penalty was refused. Crossland has subsequently notified the department of the two sub-blocks it has chosen for relinquishment. No exploration activities have been carried out within the relinquished area.