Annual Report on Marqua Creek Phosphate and Base Metal Prospects EL 30960 Reporting period 7 June 2019 to 6 June 2020

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. A substantial analysis of historical data had been undertaken suggesting the area was prospective for rare earths, which to date had been underexplored. The 2019 reporting period focussed on re-assay of preexisting drill samples from the Core Library in Alice Springs and analysis of results. In August 2018, a brief reconnaissance field trip was conducted to Darwin mainly to understand future project logistics, and then to Alice Springs to collect existing drill samples for re-assay of Scandium. The results have proven to show no results of interest for Scandium nor any potential. In 2019, there was considerable interest for a Joint Venture or sale of the project. During the 2020 reporting year, a deal was progressed and finalised. Work conducted during the reporting year has included an Independent prospectivity and geomorphological study by R. Russell and Associates and a biological desktop study by Animal Plant Mineral. Unfortunately no on-ground activities were conducted due to the coronavirus.