Combined Annual Report for period ending 8 August 2017 Exploration Licences 24899, 24900, 24901, 24902, 24903, 24904, 24913, 24914, 26045, 27219, 27347, 27348, 29685, 29702, 29703, 29704, 29705, 29714, 29715, 29716, 29233, 29234, 29235 and 30639

Abstract

During this reporting period, Tri-Star completed a review of existing data of the project area and the surrounding basins to understand the extent of the mineralisation within the application areas. On 22 July 2016 and 2 November 2016 Exploration Licences (EL) 24899, 24900, 24901, 24902, 24903, 24904, 24913, 24914, 29685, 29702, 29703, 29704, 29705, 29714, 29715, 29716 and 27219 were due for renewal. Tri-Star applied for the renewals on the basis Tri-Star has drilled in excess of 32 holes, ran 526 of seismic and expended in excess of $21 million reportable expenditure. This is $2 million more than required over the life of the tenures. 30 May 2016, The Department of Mines and Energy granted Tri-Star the renewal of ELs 24899, 24900, 24901, 24902, 24903, 24904, 24913, 24914, 29685, 29702, 29703, 29704, 29705, 29714, 29715, 29716 and 27219. Tri-Star continued the analysis of available data and engaged external consultants to assist with the interpretation of noteworthy geological features within the project area. These consultants also assisted with the preparation of a preliminary drilling program that would target certain aspects of the geological features to gather additional data that would help determine the composition and mineralisation within those features. Tri-Star have commenced studies to ascertain the viability of developing the project area including a conceptual mine plan and production schedule, evaluation of mineral extraction methodologies and cost analysis of mineral extraction.