EL 29851 Annual Report for the period 13 August 2017 to 12 August 2018

Abstract

EL 29851 was transferred from Gempart NT Pty. Ltd. to Xavier Resources Pty. Ltd., a subsidiary company of Northern Cobalt Limited during the reporting period. The transfer was lodged in December 2017 and finalised in February 2018. Arrangements are currently being made to incorporate EL 29851 into Group Reporting / Expenditure status. To date, work has been focused on other tenements, which fall within this group, many of which have exceeded covenant. Consequently, very little work was completed during the reporting period, limited to geological desktop studies, a short reconnaissance trip and collection of two rock chip samples. For this reason, a waiver of reduction was sort and granted to account for the underspend. The planned work to be undertaken during the next reporting period will include mapping and surface geochemical sampling for the purpose of targeting pegmatite hosted Li and REE.