Emu East Project Partial Relinquishment Report Exploration Licence EL 32466 Period 30 March 2021 to 29 March 2025

Abstract

Exploration licence EL 32466 recently completed the end of its fourth operational year on March 29, 2025. This licence forms part of amalgamated reporting group GR548, together with EL 32464, EL 32465, EL 32467, EL 32468, EL 32469, EL 32470, EL 32471 and EL 32873, referred to as the Redbank West Project. The tenements are held by Redbank Operations Pty Ltd, a wholly owned subsidiary of NT Minerals Ltd ('NTM'). In late-November 2024, NTM entered into an option agreement with Maverick2 Pty Ltd whereby Maverick2 acquired a 20% interest in four of the Redbank West tenements: EL 32464, EL 32465, EL 32466 and EL 32467, referred to as the Emu East Project. Maverick2 can earn an additional 31% (cumulative 51%) by expending $500,000 on Exploration Expenditure within 24 months and a further 39% by expending an additional $2,000,000 within 36 months (cumulative 90%). A partial reduction for EL 32466 of fifteen blocks to 235 blocks was completed. The tenement group is located south and southeast of the township of Borroloola within the district of the McArthur Basin prospective for sediment-hosted copper and zinc within units of the Tawallah Group and McArthur Group, the area is also considered prospective for diamond and manganese. The exploration focus of Redbank Operations Pty Ltd has been for sediment-hosted style mineralisation analogous to the McArthur River Deposit, located about 7 km west of EL 32464. Diamonds were mined at the Merlin Mine, located 9 km west of EL 32466, and breccia-type copper was mined at Sandy Flat Mine, located 150 km east of EL 32465. Over the course of four years, NT Minerals and Maverick2 have completed desktop studies relating to data compilation, historic data reviews and helicopter supported regional scale reconnaissance sampling programs. However, no ground-based exploration activities were completed on the fifteen blocks that are the subject of this relinquishment report.