Year 2 Relinquishment Report Exploration Licence EL 33384 Iron Wood Project For the reporting period 13 June 2023 to 12 June 2025

Abstract

EL 33384 is located about 1150 km SE of Darwin and approximately 350 km northwest of Alice Springs. No work has been done on the relinquished ground for the duration it was held. Territory Minerals was unable to meet the minimum expenditure commitments on its Aileron Project tenements in 2024 due to delays in securing of necessary funding as the company underwent a change in overall strategy. In light of this, the company has made a significant rationalisation of its tenement portfolio, surrendering 763 blocks across its six NT licences and retaining only 301 blocks - approximately 28% of the original holding - reflecting a more sustainable level of commitment. 239 of 250 blocks have been relinquished from this tenement. The tenement is extensively under shallow cover rocks which have obscured exploration targets from previous exploration efforts. Geologically distinctive units and structures can be seen which are interpreted to be the same units as those hosting REE, gold and base-metals to the north and east. The tenement has excellent untested REE, gold and base-metal potential under shallow cover units. Given the extensive shallow cover areas throughout the tenement it will be difficult to have an initial focus on any areas. However geophysical work will aim to identify and differentiate the lithological areas and respective mineral potential. Primary initial focus will be along the main structure fault zones and mineralisation trends evident in the magnetics with the northern portion of the application area. 'Walk up' targets include reconnaissance exploration for outcropping areas in the northern portion of the tenements, this may also help identify geophysical units. Historical data and geophysical data review will be required to identify other targets due to the extensive shallow cover and the lack of exploration. Ongoing historical review and target generation is proposed as well as on site reconnaissance, costean sampling for alluvial/eluvial gold. Drilling will be considered based on this work.