Year 2 Relinquishment Report Exploration Licence EL 33386 Gideya Project For the reporting period 19 June 2023 to 18 June 2025

Abstract

EL 33386 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. 141 of 235 blocks have been relinquished from this tenement. The tenement is extensively under shallow cover rocks which have obscured exploration targets from previous exploration efforts. Known prospects in the region suggest potential exists for Lithium (tin and tungsten mineralisation in pegmatites indicate potential for Lithium), Nolans Bore style REE mineralisation (nearby Nolans Bore discoveries and numerous uranium prospects) as well as gold in the northern parts of the tenement. The central and southern parts of the tenement cover strike extents of the Eclipse Sandstone which is known to host uranium anomalies to the west indicating potential for sediment hosted REE mineralisation within the application. Given the extensive shallow cover throughout the tenement and the sparse historical exploration it will be difficult to have an initial focus on any particular area. However geophysical work will be done to identify and differentiate the lithological areas and respective mineral potential. Primary initial focus will be in the northern portion of the application area where more outcrop is evident and is closer to mineralised units to the north. 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.