Annual Group Technical Report Tanumbirini Project EL 31980, EL 31981, EL 32002, EL 32008, EL 32009, EL 32010, EL 32011, EL 32012, EL 32013, EL 32014, EL 32039, 7 May 2019 to 6 May 2020 Year 1

Abstract

Pennant Resources Pty. Ltd. (Pennant) holds tenure over two significant projects (Tanumbirini and Victoria River Downs) within Proterozoic terrane of the Northern Territory and is focused on exploration for giant sediment-hosted base metal deposits similar to the world class McArthur River, Century, Mt Isa and Cannington deposits. The Tanumbirini Project (+6,500km2) covers the eastern third of the Beetaloo sub-basin and hosts regionally significant geochemical anomalism indicative of sediment-hosted base metal, IOCG and potentially even magmatic Ni-Cu sulphide systems. This 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. No field work was completed at the Tanumbirini project during the first year of tenure with work limited to desktop data collation and interpretation.