This report documents exploration work conducted by Newmont Exploration Pty Ltd (Newmont) on Exploration Permit for Minerals (EPM) 26071 for the period 23rd May 2016 to 6th January 2021, which forms part of Newmont’s Mt Margaret project (the Project).

The Project is located in the Eastern succession of the Mt Isa Inlier, located approximately 10km east of the world class iron oxide copper gold (IOCG) Ernest Henry deposit and approximately 35km northeast of Cloncurry. Exploration targeted IOCG style mineralisation.

Work completed during the reporting period included desktop studies, ground gravity and ground magnetic geophysical surveys, two surface geochemical surveys utilising Newmont’s proprietary Deep Sensing Geochemistry (DSG) technique and a diamond drilling program.

A surface geochemical survey (DSG) was completed during 2016 across two selected geophysical anomalies. A total of 788 survey points were collected across the Project, along a series of east-west trending lines at a nominal spacing of 75x200m. An anomalous DSG response coincident with the subtle gravity-magnetic feature was observed coincident with the subtle gravity-magnetic feature in the northeastern DSG grid.

A diamond drilling program designed to test the coincident geophysical-geochemical target was conducted during 2017-2018. Three diamond drill holes (NEWMMDD001-NEWMMDD003) were completed for a total of 2240.4m. Alteration observed in NEWMMDD001 and NEWMMDD003 included sodic, albite and potassic alteration, which has been interpreted as intersecting the weakly altered margins of a potential IOCG system.

During 2019, a second surface geochemical survey was carried out, including the collection of DSG survey points and Ultra Fine Fraction (UFF) samples over a selected area of the 2016 DSG sampling grid. A total of 90 DSG survey points and 54 UFF samples were collected to test the repeatability of the 2016 results. The 2016 and 2019 DSG results display a strong correlation, confirming the DSG sampling method has returned an anomalous result. The UFF results, however did not return any significant anomalous results.

The diamond drilling program identified IOCG-style alteration, with associated weak mineralisation, interpreted to be distal to a potential IOCG system. Evaluation of the anomalous diamond drilling and surface geochemical results did not define any prospective areas that warranted further assessment.

Opportunities to seek divestment of the Project were explored however, no significant interest was expressed. The Project was subsequently relinquished.