Group Technical Report GR575 Exploration Licences 32433 and 32434 1 April 2022 to 31 March 2023

Abstract

This Group Report (GR575) describes exploration conducted over the Moonlight Group of titles, comprising EL 32433 and EL 32434, during the reporting period from 1 April 2022 to 31 March 2023. The Moonlight titles lie approximately 85 km west of Daly Waters, and will be the subject of a focused program of exploration to assess the potential of the vanadium-rich lateritic duricrust. The key to this speculative play is the ability to process the material and economically extract the vanadium. During the reporting period a change in the Board of Directors occurred at Tivan Limited (parent company of Enigma Mining Limited, the tenement holder). Expenditure during the reporting period was therefore impacted as the new Board and management team reviewed the strategy for the Moonlight tenements to inform future planning. Expenditure related to general administration and review of exploration data. In the forthcoming period, Enigma Mining Limited intends to undertake desktop technical reviews for the Moonlight tenements of existing data and publicly available information as part of an assessment of the project's mineral prospectivity. This assessment process may extend to a field visit for a preliminary onsite inspection including limited sampling. Upon determination of areas of potential mineral prospectivity, Enigma Mining Limited will consider development of an early phase exploration program.