Partial Relinquishment Report for the Ammaroo Phosphate Project EL 31789 15 August 2018 - 14 August 2025

Abstract

EL 31789 forms the eastern extent of the Ammaroo Phosphate Project, located 240 km southeast of Tennant Creek. A JORC-compliant Resource and Reserve consisting of over one billion tonnes of phosphate ore exists along strike in the contiguous southern tenements of EL 24726, EL 25184, EL 31791. Exploration tenure covering the main part of the Resource (EL 24726 and EL 25184) have been converted to mining leases ML 29854 and ML 29463 respectively. EL 31789 contains the JORC-compliant Ammaroo South Inferred satellite resource. The decision has been made to partially relinquish EL 31789. Mineralisation Model: Ammaroo South is a satellite rock phosphate deposit along strike from Verdant Minerals' flagship resource at Ammaroo itself. Ammaroo South is between 53km and 78km southeast of the centre of the main Ammaroo Resource. An Inferred resource exists in the northern portion of the mineralisation model, estimated at 70 million tonnes at 13% P2O5 using a 10% cut off. Reason for Relinquishment: The northern portion of EL 31789 is being relinquished following a decision by the Board of Directors to reduce the number of assets in the Company and focus on the development of the Ammaroo Phosphate Project.