EL 32496 Buchanan Project Northern Territory Partial Cancellation Report 23 October 2023

Abstract

This document reports on the work completed by the company specifically related to the portion of EL 32496 which was recently approved for cancellation on October 23rd, 2023. EL 32496 was previously comprised of 196 blocks covering an area of 635.12 km2, situated approximately 130 km northeast of the Barkly Homestead in the Northern Territory. The license was originally granted for a 6-year term on the 27th of May 2021. In October 2023, after receiving the partial cancellation notice from the Northern Territory government, Brema indicated an area to be considered for cancellation. The area included the required 30 blocks (18% by area). The cancelled blocks were along the east and south-east margins of the original tenement. The original footprint of EL 32496 was applied for following analysis of NTGS gravity data, partially infilled to 1km x 1km by the NTGS for Brema, which highlighted a series of gravity anomalies along this structural corridor, potentially indicative of Palaeoproterozoic basement highs, possibly associated with iron enrichment and prospective for IOCG systems of the Tennant Creek type. Prior to the cancellation of the specified area the Company carried out the following work: Conducted field reconnaissance including assessing outcrops. Collated, reviewed and interpreted previously identified gravity anomalies in conjunction with magnetic data. Engaged with pastoral lease holders and progressed access consultation.