GR115 Annual and Final Report for EL 24716 and EL 24724, Patanella Phosphate, NT

Abstract

The Patanella Prospect contains an independently estimated Exploration Target of around 50 to 100 Mt at 10% to 17% P2O5 at a cut off grade of 5% P2O5, and 20 to 50 Mt at 15% to 20% P2O5 at a cut off of 10% P2O5. These estimates are based on broad spaced drilling and are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there are uncertainties that further exploration would result in the determination of a Mineral Resource. The AAPA provided an updated Abstract of Records in March 2020. This remains confidential. During the reporting year, QAQC and final validation of the geological data was completed. A full 3D geological model was started but not completed. The Patanella Project is being relinquished following a decision by the Board of Directors to reduce the number of assets in the Company and focus on the development of the Ammaroo Phosphate Project.