Final Report EL 32419 Box Hole Project reporting period 26 March 2021 to 03 February 2025

Abstract

This report covers the work completed by MetalsGrove Mining Ltd. (MetalsGrove or the Company) on Exploration License EL 32419 (the Box Hole Project) during the period from March 26, 2022, to March 25, 2025. The Box Hole Project is located in the north-central region of the Huckitta (SF53-11) 1:250,000 map sheet, north of the Plenty Highway and approximately 340 km northeast of Alice Springs. The Box Hole Project has significant potential for large-tonnage Mississippi Valley-Type (MVT) carbonate-hosted lead-zinc deposits. Mineralisation is hosted within a mixed carbonate and shale sedimentary sequence of the Georgina Basin. Exploration on the tenement dates back to the late 1950s. The project is centered around the King's Workings galena deposit, which was historically mined by hand, producing a total of 15 tonnes of galena. The ore was hand-picked and sold to the Broken Hill Smelter, with an average grade of 66% lead (Pb) and 58.5 g/t silver (Ag). Over the years, several companies have conducted exploration activities on the tenement, including CRA Exploration Pty Ltd, BHP, and Uramet Minerals. Exploration efforts have included geological mapping, sampling, drilling, ground gravity surveys, induced polarization (IP), and aeromagnetic surveys. During the reporting period, MetalsGrove commissioned Thomson Airborne Pty Ltd. (Thomson Airborne) to conduct airborne magnetics, radiometric, and digital elevation surveys in August 2022. The airborne survey over the Box Hole Project area was conducted with 50 m line spacing, 500 m tie line spacing, and an average flight clearance of 35 m. A total of 1,149 km of survey lines were flown across the tenement. Following the completion of the geophysical survey in August 2022, Southern Geoscience Consultants (SGC) processed the final dataset into a MapInfo-compatible format and delivered it to MetalsGrove.