Annual and Final Technical Report EL 32039 for the period 5 July 2019 to 5 April 2024

Abstract

This is the Final Surrender Report for EL 32039, and describes exploration over the title during the period of tenure from grant on 5 July 2019 to cessation on 5 April 2024. It includes description of previouslyunreported exploration during the title's final year of tenure in the period from 7 May 2023 to 5 April 2024. EL 32039 formed part of the Tanumbirini Project, held by Pennant Resources Pty Ltd with a focus on exploration for giant sediment-hosted base metal deposits like the world class McArthur River, Century, and Mt Isa deposits. The Tanumbirini Project covered the eastern third of the Beetaloo Sub-Basin, and hosted regionally-significant geochemical anomalism indicative of sediment-hosted base metal, iron ore copper-gold, and potentially magmatic Ni-Cu sulfide systems. Exploration during the period of tenure included data compilation, processing, and modelling of geophysical and remote sensing data as a precursor to interpretation and targeting over the Project area. No field work was conducted due to the impact of the COVID-19 pandemic. Financial challenges related to the deferred ASX listing of parent company Auburn Resources resulted in Pennant Resources being unable to progress the Tanumbirini Project. The decision was therefore made to surrender the title.