This Final report documents exploration work conducted by Newmont Exploration Pty Ltd (Newmont) on Exploration Permit for Minerals (EPM) 25993 during the reporting period 8th January 2016 to 7th January 2021, which forms part of Newmont’s Gipsy project (the Project).

The Project is located in the Eastern succession of the Mt Isa Inlier, located approximately 10km north of the world class iron oxide copper gold (IOCG) Ernest Henry deposit and approximately 40km northeast of Cloncurry. Exploration targeted IOCG style mineralisation.

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

A surface geochemical survey (DSG) was completed during 2016 across selected geophysical anomalies. A total of 787 survey points were collected across the Project, along a series of north-south and east-west trending lines at a nominal spacing of 50x200m. An anomalous DSG response was observed coincident with the geophysical gravity-magnetic feature in the central Project area.

The diamond drilling program comprised, one diamond drillhole NEWGPDD001 for a total of 618.5m. Persistent strong to moderate red rock alteration comprising pervasive magnetite was observed in NEWGPDD001, however minimal sulphides were intersected.

The diamond drilling program identified IOCG-style alteration, interpreted to be distal to a potential IOCG system. Evaluation of the diamond drilling and surface geochemical survey 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.