EL 32010 Partial Relinquishment Report Tenure period: 7 May 2019 to 16 June 2023

Abstract

Pennant Resources Pty. Ltd. ('Pennant') holds tenure over two (2) significant projects, the Tanumbirini Project and the Victoria River Downs project, within Proterozoic terrane of the Northern Territory. Pennant is focused on exploration for giant sediment-hosted base metal deposits like the world-class McArthur River, Century, and Mt Isa deposits. The Tanumbirini Project which at the time of grant covered more than 6,500 km2 covers the eastern section of the Beetaloo sub-basin and hosts regionally significant geochemical anomalism potentially indicative of sediment-hosted base metal mineralisation styles (Pb-Zn-Ag, and/or Cu plus-minus), Iron Oxide Copper Gold ('IOCG'), and potentially magmatic Ni-Cu sulphide systems. The current report is a partial relinquishment report that summarizes the geology and exploration history of Exploration Licence ('EL') 32010 'Lagoon Creek West' which forms part of the Tanumbirini Project, discusses work completed in the reporting period and the results synthesized to produce the geological interpretations and the work completed up until partial relinquishment. The reporting period covers from the tenure grant date 7th May 2019 to the date of partial relinquishment for EL 32010 on the 16th June 2023. Work within the reporting period included high-level planning and data validation activities, data compilation, and interpretation of geophysical and remote sensing data have been carried out as a precursor to interpretation and targeting over the Tanumbirini Project tenures (for a summary of the tenures refer to Table 1 on page 9). The work included review and analysis of data and/or information related to: AusAEM (NT-QLD) survey - publicly available from Geoscience Australia [ (Geoscience Australia, 2018.a), (Geoscience Australia, 2018.b), & (Wong, S.C.T, et al., 2021)]; Sentinel-2; Shuttle Radar Tomography ('SRTM'); World Imagery - various satellite image services; Interpretation of sections for the multiple seismic lines (~35) across the Tanumbirini Project tenures, further details can be found in Bierling (2022); and Northern Australia Geochemical Survey ('NAGS') dataset - publicly available from Geoscience Australia [ (Bastrakov, E.N., et al., 2018) & (Main, P.T., Bastrakov, E.N., Wygralak, A.S., & Khan, M., 2019)]. It is recommended that further analysis, refinement, and integration of publicly accessible data will occur to highlight and rank high-priority areas for fieldwork to be undertaken in a leading practice manner. At this stage of exploration, the prospects can be considered 'greenfields', with areas of interest defined from positive indicators of multiple datasets for the target mineralisation styles. It is likely that reconnaissance-level exploration is predicted to utilise MMI surface sampling over the defined areas of interest to initially advance the Tanumbirini project, followed by high-resolution geophysical surveys, 3D geophysical inversions, and targeted scout drilling, with each stage dependent on the previous exploration results and/or predicted depth below surface to the various targets.surface to the various targets.