EL 32039 Partial Relinquishment Report Tenure period 05 July 2019 to 15 August 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 which is potentially indicative of sediment-hosted base metal mineralisation styles (Pb-Zn-Ag, and/or Cu plus minus Co), 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 historyof Exploration Licence ('EL') 32039 'Bullock Creek' which forms part of the Tanumbirini Project. This report discusses the work completed within the reporting period and the results of that work up to the partial relinquishment discussed herein. The reporting period covers from the tenure grant date 5th July 2019 to the date of partial relinquishmentfor EL 32039 on the 10th August 2023. Work within the reporting period included high-level planning and data validation activities, datacompilation, 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 (approx 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 occurto highlight and rank high-priority areas for fieldwork to be undertaken in a best practice approach. 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 types. It is likely that reconnaissance-level exploration will utilise Mobile Metal Ion ('MMI') surface sampling over the defined areas of interest to 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.