Exploration Permit for Minerals EPM16243 (Lady Maggie), was acquired to undertake exploration for copper mineralization in close proximity to the existing facilities at Lady Annie. The tenement is held by Austral Resources Lady Annie Pty Ltd (ARLA) and is part of a larger contiguous tenure package around ARLA’s Lady Annie and Mount Kelly mines. ARLA acquired the tenement on the 22/07/2019 through the sale of CST Minerals Australia Pty Ltd and its subsidiaries, CST Minerals Lady Annie Pty Ltd (CSTLA) and CST Minerals Exploration Pty Ltd (CSTEXP), to Kombi Mining Pty Ltd. CSTLA changed its name to Austral Resources Lady Annie Pty Ltd on the 12/08/2019.
This Partial Relinquishment Report for EPM16243 outlines exploration activities undertaken by CSTLA/ARLA between 11/01/2010 and 24/04/2020, over four sub-blocks relinquished on the 24/04/2020. The tenement lies on the Mammoth Mines (6758) 1:100,000 and the Camooweal (SE54 -13) 1:250,000 scale map sheets and is within the Kalkadoon and covered by Native Title claims of the Indjalandji-Dhidhanu People and Kalkadoon People #4. Within the relinquished areas, ARLA has undertaken the following exploration programmes during the period 11/01/2010 – 22/04/2020: • Desktop studies and historical data review: • Historical data included surface geochemical sampling, drilling and geological mapping. • High resolution magnetic and radiometric airborne geophysical survey in 2010. • Airborne TEMPEST EM survey flown by Fugro Airborne Surveys Pty Ltd in 2013 • A review of the airborne TEMPEST EM survey by Southern Geoscience Group • Douglas Haynes of Douglas Haynes Discovery Pty Ltd undertook a target generation project. • Surface soil and lag sampling. • Collaboration with the Commonwealth Scientific & Industrial Research Organisation (CSIRO) including: • Max-Ent: Development of the Max-Ent programme. • Regolith study with exploration targeting and vectoring based on drill holes through the regolith profiles. • ‘Uncover Cloncurry’ Collaboration • Data review by geological consultant Glenn Beere in 2020.

After a thorough review of all exploration programmes over EPM16423, ARLA determined that the 4 sub-blocks relinquished had limited potential to contain a minable deposit.