Annual Technical Report Exploration Licence 31896 7 March 2023 to 6 March 2024

Abstract

This report describes exploration conducted over EL 31896 during the reporting period from 7 March 2023 to 6 March 2024. EL 31896 is located approximately 200 km north of Alice Springs, and comprises Tivan's Calcrete Project. The Project was acquired by the Company's previous Board of Directors on the basis that the title may contain a very large calcrete deposit, and if technically and commercially suitable, the calcrete could potentially be used as road base for the construction of a haul road at Tivan's nearby Mount Peake Vanadium-Titanium-Iron Project. In addition, the calcrete could potentially be used to provide acid mitigation of mine tailings at the Mine Site. Desktop technical review will be re-visited to assess the title for prospectivity regarding recent additions to the critical minerals list. A comprehensive review will be conducted from which it will be determined whether the title is prospective for commodities that align with the objectives of the Company. Pending the outcome of this review, innovative targeting techniques such as AI may be applied to exploration on the title.