Charley Creek GR086/09 Combined Annual Report for the period 7 February 2014 to 6 February 2015 ELs 24281, 25230, 27283, 27284, 27358, 27359, 28154, 28155, 28224 and 28226

Abstract

This Combined Annual Report covers the subject licences as held by Crossland Nickel Pty Ltd and currently operated by Crossland Strategic Metals Limited (Crossland). The project is centred approximately 95 km WNW of Alice Springs in Central Australia. The company has been in a Joint Venture arrangement with Pancontinental Uranium Corporation of Canada (Pancon) since listing on the ASX in 2007. Crossland has been exploring the region since 2005, initially for ultra-mafic hosted nickel deposits then uranium following recognition of the potential of the Teapot Granite, a highly fractionated granitoid, which has anomalously high uranium and thorium content. Following an aircore drilling program in 2008, which was carried out to check the potential of buried channels for redox-style uranium, some samples collected from the drill holes showed anomalous amounts of Rare Earth Elements (REE). Since that time extensive regional exploration has shown that the alluvial outwash plains, draining the foothills of the MacDonnell Ranges, contain widespread accumulations of REE-bearing minerals derived from weathering of the various high grade metamorphic rocks and the radioactively anomalous Teapot Granite. The past year has seen a continuation of Crossland's difficulties in acquiring sufficient financial backing to carry out the level of work required at Charley Creek, and on its other projects. Private investors have been funding Crossland since 2013 so that a basic level of activity can continue. Since mid-2014 the current investor has initiated a due diligence with the object of acquiring Pancon's share of the joint venture. This process is continuing.