Combined Final Technical Report for Exploration Licences 32528, 32533, 32536, 32537, 32540, 32541, 32542 and 32543 Buntine Project GR581 1 July 2021 to 3 July 2023

Abstract

This document is submitted as an Annual and Final Technical Report for Exploration Licences 32528, 32533, 32536, 32537, 32540, 32541, 32542 -Buntine-GR581, which comprise Transition Minerals Limited's 'Buntine Project'. The exploration targets within the Buntine 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. The tenement was applied for due to its prospective nature regarding the surficial laterite capping which was deemed a permissive and significant host for the occurrence of Group 4- 11 transition minerals. In addition, there is mounting evidence that the Palaeoproterozoic Limbunya Group sediments are the temporal and spatial lithostratigraphic correlatives to the lithological subgroups of the economically important McArthur Group, which mineralised Barney Creek Formation. A total of ten rock-chip samples, and one soil sample, were collected from the target areas in EL 32537 and EL 32529 (north-northeast of the Buntine Project area). The most encouraging results were located within EL 32537, with peak V values at 712 ppm. In addition to the machine-learning, mineral prospectivity analysis report, that was completed in late 2021 across all of Transition Minerals' tenement areas in the Northern Territory, a detailed literature review of the Fraynes Formation was completed to assess the potential for base metal mineralisation in the Limbunya prospect area, which incorporates the north-eastern tenements of the Buntine project area. In a recent rationalisation of the Company's tenement portfolio, it was deemed that the Buntine Project (GR581) could be pared down even further to significant, quality, Limbunya Group formations that were deemed of higher interest to the Company with subsequently more prospective attributes. This resulted in a decision to fully surrender eight (8) individual (249 block) tenements within GR581, with their effective cessation being 03 July 2023.