Tanumbirini Project Group Annual Technical Report GR520 Tenure Period 7 May 2022 to 6 May 2023

Abstract

The current report is the Group Annual Technical Report ('Group ATR') for the fourth tenure year period (7th May 2022 to the 6th May 2023) for the Tanumbirini project. The Tanumbirini project Holder is Pennant Resources Pty Ltd, and the project consists of eleven (11) Exploration Licences ('EL') these are formally approved for group reporting under GR520 and the individual tenure information is detailed in the body of the report in Table 1 on page 7. Pennant Resources Pty. Ltd. ('Pennant Resources') holds tenure over two (2) significant projects Tanumbirini and Victoria River Downs within the Proterozoic terrane of the Northern Territory ('NT') and is focused on exploration for giant sediment-hosted base metal deposits like the world-class McArthur River, Century and M.t Isa deposits. The Tanumbirini Project (>6,500 km2) covers the eastern second 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 Co), Iron Oxide Copper Gold ('IOCG'), and potentially magmatic Ni-Cu sulphide systems. Work completed during the fourth tenure year period (7th May 2022 to the 6th May 2023) included data compilation as a precursor to interpretation and targeting over the project area. No on-the-ground exploration work was carried out by Pennant Resources within the Tanumbirini Group GR520 during the fourth tenure year period: 7th May 2022 to the 6th May 2023. The current report summarizes the geology and exploration history of the Tanumbirini project, discusses work completed in the reporting period and synthesizes results to produce geological interpretations and indicative forward exploration programs. Work included high-level planning and data validation activities during the tenure period. External factors beyond the control of Pennant Resources restricted site access and the ability to undertake exploration activities. The major reason was due to the persistent impacts of the COVID-19 pandemic and restrictions to both personnel and logistical movements. Secondly, there were financial challenges in relation to the Australian Stock Exchange ('ASX') listing of parent company Auburn Resources, which took place in late 2021. Due to the ASX listing deferral, Auburn Resources had limited funds at their disposal during the period and were unable to implement the expected exploration programs for Pennant Resources, particularly at the Tanumbirini project group of tenures.