Partial relinquishment report Highlander EL 26094 for the period 6 May 2008 to 5 May 2018

Abstract

EL 26094 is located in the Rum Jungle area and is considered highly prospective for gold and base metals. The area has been moderately explored due to its proximity to known resources and two gold prospects (Highlander, De Monchaux) are recorded within the licence. There are numerous prospects and mines nearby covering various commodities. Between 6 May 2008 and 17 May 2018 the exploration licence was held by Assetowl Limited ('AssetOwl'). Work during this period focused on the Highlander Prospect where gold has been recorded in north-trending quartz veins over a strike exceeding 2000 metres. Shallow RC drilling by Assetowl in 2011 confirmed historic results with a best intersection of 6 m at 3.91 g/t Au including 1 m at 13.1 g/t Au. In June 2014 Assetowl was notified by the Northern Territory Department of Primary Industry and Resources ('DPIR') that parts of EL 26094 are within the Adelaide River Offstream Water Supply ('AROWS') catchment and so more than half the tenement was voluntarily relinquished. The remaining parts of the licence retain the known gold prospects at Highlander and De Monchaux. In February 2018 Podium Minerals Limited ('Podium') completed a transaction to acquire the tenement from AssetOwl with transfer of the licence effective from 17 May 2018. A renewal of the license for 2 years until 5 May 2020 was granted by the DPIR 13 September 2018. The license renewal included advice that a portion of EL 26094 will be excised from the license and become general reserve land as part of RL 30617 as per Government Gazette G25 dated 24 June 2015. This partial relinquishment report is related to this excised area.