Combined Annual and Final Technical Report for EL 32507, EL 32508 and EL 32509 Mathison Project (GR583) 11 June 2021 to 15 June 2023

Abstract

This document is submitted as a Final Surrender Report for EL 32507, EL 32508 and EL 32509, which comprised the remaining tenements of the Mathison Project (GR583) after the earlier relinquishment of EL 32510. The exploration targets within the Mathison Project area were selected based on historical exploration data and the distribution of potentially mineralised laterite, hosting the occurrence of Group 4-11 transition minerals. In particular, the laterite was considered a permissive host for vanadium and Rare Earth Element (REE) mineralisation. In addition, historic mining associated with the Dorisvale fault system includes baryte, uranium and thorium, and copper, lead and zinc, which were added to the list of potential mineral commodities targeted for exploration. A single reconnaissance field trip was undertaken in 2021 with the aim of completing a first-pass, geochemistry sampling programme. Thirteen rock-chip samples and five soil samples were collected and analysed in-situ with a pXRF. While the results were encouraging for the potential of laterite-hosted vanadium, further surface geochemical studies were necessary to assess economic viability. In a recent rationalisation of the Company's tenement portfolio, it was deemed that the Mathison Project was relatively un-prospective relative to its other core assets and resulted in a decision to surrender in full the remaining three tenements held under the Mathison Project (GR583), with their effective cessation being 15 June 2023.