Annual Technical Report Exploration Licence 30483 13 March 2022 to 12 March 2023

Abstract

This report describes exploration conducted over EL 30483 during the reporting period from 13 March 2022 to 12 March 2023. EL 30483, along with five other Exploration Licences, four Mineral Leases and two Access Authorities, forms the Mount Peak Project approximately 235 km NNW of Alice Springs. The Mount Peake Project is owned and operated by Enigma Mining Limited, a wholly-owned subsidiary of Tivan Limited (formerly TNG Limited). The Mount Peake orebody is hosted by a differentiated basic sill. The main focus of the Mount Peake Project in recent times has been evaluation of the potential of the Fe-V-Ti deposit. On 14 February 2023, Tivan Limited announced that it had reached agreement with the Northern Territory Government to return the planned TIVAN(r) Processing Facility, previously to be delivered at the Mount Peake mine site, to the Middle Arm Sustainable Development Precinct in Darwin. This represents a return to the original development strategy for Mount Peake, with mining and beneficiation operations planned for the mine site, and downstream processing to occur in Darwin. As a result of this return to Middle Arm, Tivan Limited is undertaking a review of the Mount Peake Project to realign its planning and development program for the two separate sites, which will inform future work activities for EL 30483. The immediate exploration program on EL 30483 is planned to assess the proposed rail infrastructure footprint to ensure that there is no mineral deposit present in the area that would be impacted (sterilised) by the proposed construction. Proposed work on EL 30483 includes geological mapping, sampling and pXRF geochemical surveys. It is intended to conduct more frequent monitoring for environmental and rehabilitation purposes.