Announcement PDF 23 August 2023 JACK TRACK BULK TESTWORK PRODUCES MARKETABLE HEAVY MINERAL PRODUCTS High-value Ilmenite, Rutile and Zircon products separated from Jack Track Heavy Mineral Concentrate Key Highlights • Governor Broome Heavy Minerals Project: Wet and Dry Plant testwork program successfully completed on a 2tonne bulk sample from the cornerstone Jack Track deposit • Heavy Mineral Concentrate (HMC) successfully produced in the wet concentrator circuit using conventional mineral sands processing equipment • High 85.5% recovery of Heavy Minerals (HM) to produce HMC with heavy mineral grade exceeding 90% using conventional wet gravity separation techniques. • High-value Ilmenite, Rutile and Zircon products successfully produced from HMC using conventional dry plant mineral separation equipment • Rutile product meets premium criteria and suitable for high-value welding applications • A concentrate rich in monazite was also generated which could be sold into the Chinese markets • Zircon meets standard ceramic and foundry specification • Scoping Study to be completed incorporating results from the bulk sample testwork to demonstrate the potential of the Governor Broome Heavy Mineral Project Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that it has taken another important step towards unlocking the value of its 100%-owned Governor Broome Heavy Mineral Sands Project in the South West of Western Australia after receiving highly encouraging results from metallurgical testwork carried out on bulk samples from the key Jack Track deposit. Astute Executive Chairman, Tony Leibowitz, said: “These excellent bulk sample testwork results mark another important step in our value-realisation strategy at the Governor Broome Project. Because of its scale and Tier-1 location, Governor Broome is a valuable asset which probably doesn’t receive the recognition that it should in our portfolio. “The bulk sample testwork on the Jack Track deposit has further de-risked the project, demonstrating the ability to produce the three high-value saleable products Rutile, Zircon and Ilmenite from the eastern portion of the deposit. Previous test-work focused on the western part of the deposit. The results, together with the impending resource upgrade due next quarter, will be incorporated in the Scoping Study scheduled for completion early next year. This should provide investors with a clear line of sight to the value proposition that we can see emerging at Governor Broome.” Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com Background The 100% Astute-owned Governor Broome Heavy Mineral Sands Project is located in the heart of Mineral Sands country in South West WA. The development project is being systematically de-risked as part of the clear critical-minerals focused value-realisation strategy implemented by the restructured Board of the Company earlier this year. The first stage of the de-risking process was completed in Q2, with the successful execution of in-fill drilling designed to upgrade high-value Inferred Mineral Resources to Indicated status, to be reported in a Mineral Resource update due for completion in Q4. The updated Mineral Resource estimate will underpin a Scoping Study scheduled for completion Q1 of 2024. Strong study output metrics are expected due to the shallow, high-grade Mineral Resources that form the foundation of the Project, and the Project’s demonstrated ability to separate the valuable heavy minerals into products. Another pre-requisite for the Scoping Study is bulk testwork, which demonstrates the ability of the deposit to produce a Heavy Mineral Concentrate (HMC) from which heavy mineral products may be separated into marketable products. Previous bulk sample results from the Governor Broome (western) part of the Project demonstrated the ability of the project to produce premium-grade Zircon, chloride-grade Ilmenite and sulfate-grade Ilmenite1. This most recent testwork focused on the Indicated Resources of the Jack Track Deposit, in the eastern part of the Project (Figures 1 and 5). Results Summary Outstanding performance of the Jack Track bulk sample was observed through processing of a 2tonne bulk sample by employing conventional processing stages, including: • Successful processing of the feed sample through the first processing stage by rejecting the unwanted fine (<45µm) and oversize (>2mm) fractions using conventional mineral sands processing techniques and methods. • High 85.5% recovery of Heavy Minerals (HM) to produce Heavy Mineral Concentrate (HMC) with heavy mineral grade exceeding 90% using conventional wet gravity separation techniques. • Ilmenite, Rutile and Zircon products produced using conventional gravity, magnetic and electrostatic dry processing methods, with additional Monazite (rare-earth element mineral) concentrate by-product. • Low levels of impurities in the Ilmenite and Zircon products. • The Zircon product generated would be suitable for ceramics and foundry applications. • The Ilmenite (58.7% TiO2) produced is suitable for direct use in chloride feedstock markets or for chloride slag manufacture. • The Rutile meets the criteria of a premium grade Rutile product. Low levels of key impurities make it suitable for welding applications as a high-value product. • A concentrate rich in monazite was also generated which could be sold into the Chinese markets. Interpretation The bulk testwork results clearly indicate that the Jack Track Deposit is highly amenable to processing using conventional mineral sands processing equipment producing separate TiO2 (titania) feedstock, zircon and monazite products. The results also indicate that further optimisation of Wet Concentration Plant conditions may result in improved performance. Next Steps The bulk testwork results will form key inputs to the upcoming Scoping Study, scheduled for completion in Q1 2024. The Company intends to undertake further optimization testwork with a view to improving on what is an excellent foundation of HM processing and separation characteristics. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com Figure 1. Governor Broome Project tenements and Mineral Resources Detailed Bulk Testwork Program and Results Program Objectives The testwork program, carried out by Allied Mineral Laboratories (AML) in Perth, was designed to evaluate grades and recoveries of potential heavy mineral products separated from the Jack Track Deposit (Figure 1) bulk sample. The testwork comprised Feed Preparation Plant (FPP), Wet Concentrator Plant (WCP) and Dry Plant sighter testwork on a 2-tonne bulk sample from the Jack Track Deposit. The Wet Concentrator Plant is the second stage of typical Mineral Sands processing, whereby HM are concentrated from the sand by exploiting the differences in the density of the various minerals present in the feed. This process rejects the lighter low value minerals such as quartz, which are not of economic interest. Dry Plant testwork separates the HMC produced by the WCP stage into mineral products using conventional magnetic, gravity and electrostatic processes. The mineral products produced are then tested for quality. Products produced as part of the testwork include TiO2 feedstocks including primary ilmenite, secondary ilmenite and rutile, as well as zircon and monazite concentrate. Results Feed preparation plant test-work Feed preparation is the first stage in Mineral Sands processing, whereby coarse material (>2mm) and fine clays/slimes (the <45µm fraction) are separated and rejected from the sand fraction containing the valuable heavy minerals. The processing employed a trommel, screen, and desliming cyclone. Table 1 shows the proportions of the size fractions recovered from the bulk sample. Size Jack Track Fraction Deposit Mass % Coarse 1.5% Sand 89.8% Slimes 8.6% Table 1. Size proportions of Bulk Sample As with the Governor Broome West and East material previously tested1, this stage of the testwork successfully demonstrated the amenability of the material sourced from the Jack Track Deposit to processing through the feed preparation circuit using conventional mineral sands processing equipment. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com The material was processed without difficulty with the sand fraction containing the valuable heavy minerals readily liberated from the slimes without the need for energy intensive processing equipment. A photomicrograph of the heavy mineral concentrate produced during the trial is shown in Figure 2. Figure 2. Photomicrograph of heavy mineral concentrate produced during testwork (scale approximate) Wet Concentrator Plant test-work The metallurgical performance of the sand-fraction through the WCP circuit was assessed using fullscale gravity concentration spirals in a five-stage circuit followed by an attritioning/gravity upgrade stage. The processing successfully demonstrated that a heavy mineral concentrate containing valuable heavy minerals could be produced with a high recovery of valuable heavy minerals to the concentrate. The low-density ‘gangue’, or valueless, minerals were successfully rejected to tails producing a heavy mineral concentrate containing greater than 90% heavy minerals. Overall recovery of heavy minerals to the heavy mineral concentrate at 85.5% exceeded the previous results achieved for the Governor Broome West and Governor Broome East bulk testwork1. Estimates of the recoveries of minerals across the FPP and WCP, based on a mineralogical assessment were determined to be: • • • • Zircon: 97.5% Primary Ilmenite 89.7% Rutile 74.7% Secondary ilmenite 58.0% The testwork results indicated the potential to isolate several TiO2 mineral products of differing TiO2 grades, and the opportunity exists to improve the recovery of valuable heavy minerals by optimisation of the WCP circuit. Overall, the wet circuit testwork demonstrated the amenability of the material sourced from the Governor Broome Project Jack Track Deposit to processing using conventional mineral sands processing equipment and that high recoveries of valuable heavy mineral to a high-grade heavy mineral concentrate could be achieved. Dry Plant Test-work The HMC produced from the Governor Broome Project Jack Track Deposit bulk sample was then processed through a drymill flowsheet, making use of conventional mineral sands processing techniques and equipment, to investigate the potential quality of the final mineral products. The dry plant process was simulated at a pilot scale by employing multiple magnetic separation stages (RED and RER) followed by electrostatic separation and a screening stage to investigate the potential to isolate several ilmenite products of differing TiO2 grades. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com The non-magnetic stream, rich in zircon and rutile, was upgraded through stages of gravity, electrostatic, and high intensity magnetic separation to isolate zircon and rutile products. A by-product monazite concentrate product was also produced which assayed 7.46% CeO2 (Cerium oxide). The testwork demonstrated that the HMC produced responded well to the dry circuit processing with ilmenite, rutile and zircon minerals readily isolated into final products. Mineral Products The drymill processing of the HMC successfully demonstrated that a range of ilmenite, leucoxene, rutile, and zircon products could be recovered from the HMC. Monazite was also recovered to a para-magnetic concentrate stream. Highly-regarded international mineral sands consultancy group TZMI has assessed the TiO2 feedstock products generated during the testwork program and is of the opinion that: • The combined ilmenite (58.7% TiO2) product will be suitable for direct use in chloride feedstock markets or for chloride slag manufacture. • The CaO, MgO and MnO of the combined ilmenite are within the generally accepted thresholds for direct use in chloride pigment manufacture or as an ilmenite feed for chloride slag or SR manufacture, particularly with the MgO content at ≤ 0.3% compares favourably against competing products. • The rutile product meets the criteria of a premium grade rutile product and will be suitable for use in pigment production. Low levels of key impurities make it suitable for welding applications for sale as a higher value product. The composition of the TiO2 products generated during the trial is given in Table 2. Primary Secondary Combined Rutile Ilmenite Ilmenite Ilmenite Product Product TiO2 (%) 55.9 63.3 79.6 58.7 96.5 Fe2O3 (%)* 41.1 30.9 14.7 37.2 0.79 Al2O3 (%) 0.41 0.99 1.15 0.62 0.28 CaO (%) 0.04 0.08 0.11 0.06 <0.01 Cr2O3 (%) 0.05 0.11 0.14 0.07 0.13 MgO (%) 0.29 0.19 0.10 0.26 <0.01 MnO (%) 0.98 0.88 0.34 0.94 <0.002 Nb2O5 (%) 0.12 0.17 0.34 0.14 0.33 P2O5 (%) 0.07 0.14 0.15 0.10 0.03 SiO2 (%) 0.87 0.51 0.66 0.80 0.44 V2O5 (%) 0.20 0.24 0.28 0.22 0.48 U+Th (ppm) 64 205 260 116 66 Element Leucoxene *Total iron expressed as Fe2O3 Table 2. Indicative TiO2 product compositions A photomicrograph of a sample of the ilmenite produced is shown in Figure 3. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com Figure 3. Photomicrograph of ilmenite produced during the testwork (Scale approximate) TZMI has also assessed the zircon products and is of the opinion that: • • • At a ZrO2 + HfO2 content of 65% the zircon product generated is considered a standard grade product. The Fe2O3 and TiO2 contents of the Jack Track zircon product are within the acceptable threshold for ceramics and foundry applications. TZMI estimates that a price discount of about 5% relative to premium grade zircon may be applicable. Element Zircon Product ZrO2+HfO2 (%) 65.0 SiO2 (%) 32.8 Al2O3 (%) 0.68 TiO2 (%) 0.14 Fe2O3 (%) 0.04 CaO (%) 0.03 CeO2 (%) <0.01 U+Th (ppm) 530 Cr2O3 (%) 0.01 MgO (%) 0.01 MnO (%) 0.01 Nb2O5 (%) 0.01 P2O5 (%) 0.14 K2O (%) 0.01 SO3 (%) <0.01 LOI1000 0.17 Table 3. Indicative Zircon product composition Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com Figure 4. Photomicrograph of zircon produced during the testwork (Scale approximate) Bulk Sample Data The bulk samples were sourced from the full depth of the modelled heavy mineral sands mineralisation in each of the 233 air-core holes drilled by Astro into the Jack Track Deposit during 2022 and, as such, are representative of its HM mineralisation. A total of 960 one-metre samples were used to make up the bulk sample. Full details of the hole locations and HM intersections that provided the bulk samples are given in Appendix 2. Figure 5. Jack Track Heavy Mineral Resources and aircore drill holes Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com Tenement Category Tonnage HM Slimes Oversize (Mt) (%) (%) (%) R70/58 - Jack Indicated 26 4.0 8.6 7.1 Track Inferred 43 4 9 3 R70/53 - Governor Indicated 52 4.8 13 8.5 Broome Inferred 6 4 15 6 R70/22 - Fouracres Indicated 0.72 11.4 6.5 1.7 Inferred 0.2 4 9 0.8 Project Indicated 79 4.5 11 8 Project Inferred 48 4 10 4 Project Total Resources 127 4.3 11 6.5 Table 2. Governor Broome Project Resources – at 2% HM lower block-cut-off grade Notes to Table 4: (a) the above figures have been appropriately rounded. (b) Fouracres Resources estimated at a 3% Heavy Mineral (HM) lower block cut-off grade (c) Governor Broome and Jack Track Resources estimated at a 2% HM lower block cut-off grade Authorisation This announcement has been authorised for release by the Board of Astute. More Information Matt Healy General Manager – Exploration mhealy@astutemetals.com +61 (0) 431 683 952 Nicholas Read Media & Investor Relations nicholas@readcorporate.com.au +61 (0) 419 929 046 Competent Persons The information in this report as it relates to Mineral Resources and Exploration Results for the Governor Broome Project is based on information compiled by John Doepel, a Director of Continental Resource Management Pty Ltd (CRM), who is a member of the Australasian Institute of Mining and Metallurgy. Mr Doepel has sufficient experience in mineral resource estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Doepel consents to the inclusion in this announcement of the information in the form and context in which it appears. 1 ASX: ARO 16 June 2021 ‘Bulk Testwork Program Delivers Further Positive Results for Governor Broome Heavy Mineral Project’ Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Section 1 - Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialisedindustry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheldXRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Air-core drilling was used to obtain 1m samples from target horizons; Include reference to measures taken to ensuresample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. The approximately 5.5 kg samples were collected into RC plastic bags from the drill cyclone. Approximately 1.5 kg sub-samples were split from the bags by PVC spears or scoops from potentially mineralised sections of each hole, as determined on site by the Competent Person. These samples were sent for assay. The remaining approximately 4kg sample was sealed by cable tie for transportation to AML for bulk testwork. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drilling techniques Drill type (eg core, reverse circulation, openholehammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core isoriented and if so, by what method, etc). Drill sample recovery Method of recording and assessing core andchip sample recoveries and results assessed. Measures taken to maximise sample recoveryand ensure representative nature of the samples. Vertical NQ Air-core Good recovery and retention of all size fractions; Holes and cyclone cleaned at completion of each three-metre rod Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gainof fine/coarse material. Logging Whether core and chip samples have been geologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies. All intervals geologically logged during drilling, recording grainsize, sorting, mineralogy, colour, and stratigraphic unit. All chip trays stored for future reference Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography. The total length and percentage of the relevantintersections logged. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Section 1 - Sampling Techniques and Data (continued) Criteria JORC Code explanation Commentary Subsampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Sample preparation via drying and manual pulverisation before removal of +3.3mm material; If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry. 100g sub-samples riffle split from remaining sample For all sample types, the nature, quality and appropriateness of the sample preparationtechnique. Quality control procedures adopted for all sub-sampling stages to maximise representivityof samples. Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/second-half sampling. Quality of assay data and laboratory tests Whether sample sizes are appropriate to thegrain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial ortotal. For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precisionhave been established. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entryprocedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Location of data points Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Analysis by Western Geolabs Pty Ltd by its standard HM analytical procedures for HM%, Slimes % (-53µ), and Oversize % (+710µ); Repeat laboratory sub-sample splits analysed at 1:12 ratio. Western Geolabs Pty Ltd re-analysed 10% of samples from within the mineralised wireframes at -45µ, +710µ. Sampling carried out under supervision of Competent Person; Logging carried out by Competent Person; Assay entry by digital capture of laboratory files, with later verification of significant intervals against geological logging; Twinned holes drilled at 1:20 ratio. Duplicate sub-samples taken at 1:20 ratio. Holes located using a handheld GPS; Grid MGA_GDA94, Zone 50; Elevation data interpolated from elevation data on Google Earth. Quality and adequacy of topographic control. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Section 1 - Sampling Techniques and Data (continued) Criteria JORC Code explanation Commentary Data spacing and distribution Data spacing for reporting of Exploration Results. 1m samples collected and analysed throughout mineralized horizons. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and classifications applied. Holes drilled on approximate 80m spacing along lines approximately 160m apart. No sample compositing applied Whether sample compositing has been applied. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Sample security The measures taken to ensure sample security. Vertical drilling through horizontal stratigraphy resulted in intersected thickness equivalent to true thickness If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Sub-samples transported from accommodation site to laboratory by courier. Bulk samples transported in bulka bags from drill site to AML. Audits or reviews The results of any audits or reviews of samplingtechniques and data. Sample techniques, logs, and data reviewed by Competent Person Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Section 2 - Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Jack track Deposit is within Retention Licence, R70/58 held by Governor Broome Sands Pty Ltd, a wholly owned subsidiary of Astute Metals NL. R70/58 has an expiry date of 24/07/24 and is in good standing. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration done by other parties Acknowledgment and appraisal of exploration byother parties. Metals Sands Australia Ltd carried out an aircore drilling campaign over the ground in 2007 within E70/1583,1584, and 2464. Iluka carried out an air-core drilling campaign over the ground in 2015 within E70/ 2464. The recent drilling infills and extends that coverage. Geology Deposit type, geological setting and style of mineralisation. The deposits are located in the Scott Coastal Plain, within the Perth Basin. It consists of beach deposited HM strands. The host beach sand facies (Warren Sands) is overlain by sand and soil at surface. The poorly sorted and arkosic (fluvial) Beenup Beds forms the basement. The Warren Sands vary in thickness from 4m to 16m within the area, with an average thickness of 9.5m. They contain HM mineralisation, which increases in grade in the unit’s lower few metres; The average overburden thickness is 5.2m and an average mineralisation thickness of 4.4m; for an overburden to mineralisation ratio of 1.2:1. The heavy mineral assemblage of the Jack Track Deposit comprises approximately 66.5% primary ilmenite (58% TiO2), 14.5% secondary ilmenite (including approx. 8.5% leucoxene), 4.5% rutile, 10.5% zircon, and 0.8% monazite – for an overall 96.5% valuable heavy mineral (“VHM”) content. The TiO2 minerals have an average composition of 63% TiO2. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: ◦ easting and northing of the drill hole collar ◦ elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar ◦ dip and azimuth of the hole ◦ down hole length and interception depth ◦ hole length. See Appendix 2, which lists the 233 Astro air-core drill-holes drilled into the Jack Track Deposit. HM intercepts are provided for each hole. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. No grade cutting carried out; No metal equivalents employed. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shownin detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001 +61 (0) 2 8046 2799 | admin@astutemetals.com www.astutemetals.com Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. Vertical drilling through virtually horizontal stratigraphy resulted in intersected thickness equivalent to true thickness If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down