Pine Creek Project EL 33225 Dorat West Partial Relinquishment Report for the Period 03 January 2023 to 2 January 2025

Abstract

Mangusta Minerals Pty Ltd, a 100% subsidiary of DeSoto Resources Limited, holds and operates the Pine Creek Project licence Dorat West EL 33225, located approximately 150 km south of Darwin, Northern Territory. A major structure, the Fenton Shear Zone (FSZ), is interpreted from regional geophysics (gravity and magnetics) along the eastern edge of the Fenton anticlinorium. It is comparable in scale to the Pine Creek Shear Zone through the central part of the Pine Creek Orogen which hosts significant gold resources. The Dorat West licence occurs to the northwest of the FSZ and is covered by Cambrian limestones and mudstones of the Daly Basin which are interpreted to overlie structurally complex Palaeoproterozoic prospective rocks. A total of 14 sub-blocks were relinquished from the licence in Year 2 on 12 December 2024 with 12 sub-blocks retained. A total of 10 historical stream samples were digitised and supplied with 8 located within the relinquished area. No field work was completed on the relinquished portion of the licence. An assessment of existing geological and geophysical datasets suggests that the relinquished blocks have significant thicknesses of Cambrian Limestone, Cretaceous and younger cover rocks overlying the Proterozoic basement and have low potential to host economic gold, base metal or lithium mineralisation. No further work is recommended on these blocks, and they have been relinquished.