Announcement PDF 27 October 2023 SEPTEMBER 2023 QUARTERLY REPORT Active quarter sees substantial progress in Astute’s critical minerals strategy HIGHLIGHTS Lithium Projects, Nevada USA Altair Project • • First hole in maiden program intersected two zones of significant lithium 1mineralisation: • 33.5m @ 481ppm Li from 80.8m and 33.5m @ 508ppm Li from 147.8m (AL01) • Hole ended in lithium 1mineralisation, indicating further potential beyond hole depth. Mineralisation occurs within regionally significant Siebert formation claystone, known to host lithium deposits. Cobre Project Staking of the Cobre Project completed, with mapped Ts3 sedimentary host rocks prospective for lithium clay mineralisation and soil sample results of up to 1,640ppm Li. Red Mount Project • Staking of the Red Mountain Project completed, containing mapped Ts3 sedimentary host rocks. Governor Broome Mineral Sands Project, WA Acquisition of Fouracres • Acquisition of Retention Licence R70/22 (the “Fouracres Deposit”) completed, located along strike • Indicated Resource of 0.72Mt @ 11.4% HM and Inferred Resource of 0.22Mt @ 3.6% HM. • High-value Heavy Mineral suite comprising 75% ilmenite, 3% secondary ilmenite, 4% leucoxene/rutile from the Jack Track Heavy Mineral Deposit. and 8% zircon for a valuable HM content of 90%. Completion of Wet and Dry Plant testwork program • Testwork program completed on 2t bulk sample from the cornerstone Jack Track deposit. • Successful processing using conventional mineral sands processing techniques delivered a high • Ilmenite, Rutile and Zircon products produced using conventional methods, with additional Monazite 85.5% recovery to produce a concentrate with an HM grade exceeding 90%. (rare-earth element mineral) concentrate by-product. Scoping Study • Highly-regarded international mineral sands consultancy group, TZMI, appointed to undertake the Governor Broome Scoping Study, which is on track for completion in Q1 2024. Georgina Basin • ExoSphere Ambient Noise Tomography (ANT) Survey underway to delineate structural features and identify zones of potential IOCG alteration to assist with drill targeting. Corporate • $3.403M raised through completion of “Tranche 2” and placement to Holdmark Property Group. • Shareholders approve change of name from “Astro Resources” to “Astute Metals”. 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 Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to report on exploration and development activities across its projects in Australia and the USA for the period ended 30 September 2023. Lithium Projects Background Nevada hosts a number of large claystone-hosted lithium deposits and is home to North America’s only lithium mining operation, Albermarle’s Silver Peak lithium brine operation. Other major deposits in the district include Ioneer’s (ASX: INR) Rhyolite Ridge Project3 and Lithium America’s Thacker Pass deposit, the largest lithium deposit in North America4 (Figure 1). Claystone-hosted deposits differ from hard-rock pegmatite deposits (such as are common in Australia) in that they form in soft rocks, with a semi-tabular shape that can be both strike extensive and thick. If situated at surface or under shallow cover, this tabular morphology may facilitate low strip-ratio mining. Processing of ore from claystone hosted deposits does not require roasting and is therefore less energy intensive. These differences result in lithium claystone projects having lower production costs than most hard-rock spodumene projects 3,4. Altair and Polaris Projects The Altair and Polaris Projects were staked by the Company in Q3 2022 following a systematic review of regional open file data, such as mapped geology, topography, stream sediment geochemistry, land administration and an assessment of suitable claim-free areas. The projects are located in the southern extent of the Big Smoky Valley, south-west of the township of Tonopah, Nevada, in the heart of one of the world’s most active lithium exploration districts. Close to the projects, the Siebert formation (Ts3) hosts large claystone lithium deposits, including American Battery Technology Corporation’s (OTCMKTS: ABML) 15.8Mt Lithium Carbonate Equivalent (LCE) Inferred category Tonopah Flats Lithium Clay Deposit1 and American Lithium Corporation’s (TSX.V: LI) 9.79Mt LCE Measured and Indicated category TLC Lithium Project2 (Figure 2). Figure 1. Project locations and lithium deposits. Figure 2. Project locations and select neighbouring projects 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 Work During the Quarter The Company embarked on its maiden scout drill campaign over Q2-Q3 2023, exploring for lithium mineralisation within the Siebert formation claystone under alluvial (gravel) cover at the two projects. Initial drilling was successful, confirming the presence of lithium-bearing claystone at Polaris and a thick intersection of Siebert formation claystone in the first hole at Altair4. Drill Results Drill-hole AL01 at Altair was drilled to a total depth of 181.4m, ending in Siebert formation claystone. It intersected 109.7m of Siebert Formation that contained two significant zones of lithium mineralisation, with the final, end-of-hole sample grading 585ppm Li, indicating further potential for lithium beyond the current drill-hole depth. Assays from the drill-hole, reported at a 300ppm Li intersection cut-off (with allowance for 5ft of internal dilution) are: • • 33.5m @ 481ppm Li from 80.8m (265ft); and 33.5m @ 508ppm Li from 147.8m (485ft) to End-of-Hole (181.4m/595ft) 33.5m (110ft) @ 508ppm Li from 147.8m (485ft) to End Of Hole 33.5m (110ft) @ 481ppm Li from 80.8m (265ft) The two intersections are both hosted mostly by blue-green claystones, and are separated by a lowergrade zone dominated by clayey gravels (Figure 3). Both intersections lie within a broader lower-grade envelope of 109.7m @ 389ppm Li that constitutes the full Siebert formation claystone intersected by AL01. Figure 3. Chip tray samples at 5-foot (Approx. 1.5m) depth intervals from Altair drill-hole AL01 and colour-coded arrows indicating zones of lithium mineralisation. 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 In addition to the results from AL01, assay results were also returned for PL04A, the re-drill of Polaris Project drill-hole PL04. The deepening of hole PL04A was designed to test for higher-grade lithium mineralisation beyond the original PL04 intersection of 3.05m (10 feet) grading 140.8ppm lithium at end-of-hole. The successful re-drill continued to intersect highly anomalous lithium results, up to a maximum grade of 236ppm Li over a single 1.5m (5-foot) sample from 158.5-160.0m (520-525ft). The full intersection of Siebert formation claystone of 59.5m (195ft) graded 82.8ppm Li on average. Interpretation The intersection of two thick zones of lithium mineralisation in the first hole drilled at Altair is an excellent result that highlights the potential of the Altair Project for thick claystone-hosted lithium mineralisation. Next Steps A plan to further build on the initial success of AL01 at Altair includes the drilling of two already permitted drill holes in quarter 4 this year. These two holes are designed to test for continuity of lithium mineralisation to the east over a 7km strike extent (Figure 4). Due to the challenging ground conditions encountered during drilling of the initial sites at Polaris and Altair, the Company has prioritised sourcing a higher-powered rig to drill the remaining holes at Altair. Figure 4. East-west cross-section showing AL01, lithium geochemistry and remaining planned 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 Expansion of Lithium Footprint During the quarter, the Company completed the physical staking of a new project, known as the Cobre Lithium Project, in northeast Nevada (Figure 5). The Cobre Project is located east of Wells and close to the locality of Cobre, a historical interchange between the Southern Pacific Railroad and the Nevada Northern Railway, which historically serviced the copper mining industry in Ely, Nevada. The claims are considered prospective for claystone-hosted lithium deposits. Cobre Soil Sampling Following the staking of the Cobre Project, the Company conducted a soil sampling program to detect the presence of lithium in soil. Lithium in the soil may indicate the presence of lithium-bearing claystone. The Company collected a total of 229 samples covering the staked project area on a 400m x 100m sampling grid pattern, mostly overlaying mapped outcropping tertiary sedimentary (Ts3) host rocks, considered prospective for lithium claystone mineralisation. Figure 5. Map showing the location of Cobre Project and its proximity to the Polaris and Altair Projects The results returned were highly encouraging, with a peak value of 1,640ppm lithium, and 23 results of over 100ppm lithium, which is considered highly anomalous (Figure 6). The lithium-in-soil geochemistry, which highlights the prospective nature of the Project, will be used to inform drill locations for permitting and subsequent drill testing. Full results can be found in Appendix 1 of the ASX release dated 18 September 2022. 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 6. Soil sample lithium geochemistry, Cobre Project claims outline and aerial image. Red Mountain Project Staking During the quarter, the Company also completed physical staking of a project in eastern central Nevada named ‘Red Mountain’ (Figure 7). The Project is located 195 kilometres from the Polaris and Altair Projects. The Project was an area of interest to the Company based on the presence of mapped Ts3 sedimentary rocks, known to host lithium deposits elsewhere in the state of Nevada, and anomalous lithium geochemistry in two historical stream sediment samples collected in 1980 as part of the National Uranium Resource Evaluation (NURE) program2. The samples were re-assayed for a full suite of elements, with the latest revised data publicly released in 2021. These results included analysis for lithium4. At quarter-end, the Company was in the final stages of processing its claims forms, with the matter finalised subsequent to the end of the reporting period. The Company noted that a competitor has staked claims in the same area and it is possible that a number of the claims may be the subject of dispute. However, based on information to hand, the Company considers that it will be in a position to secure at a minimum, a substantial part of the area. 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 7. Astute Metals Nevada Lithium Project locations and lithium deposits. 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 Governor Broome Mineral Sands Project, WA Project Overview The 100%-owned Governor Broome Mineral Sands Project is located approximately 95km by sealed road south of Busselton, 105km south of Iluka’s processing plant at Capel, and 135km from Bunbury Port and from Picton, where Doral has a heavy mineral separation plant. Figure 8. Governor Broome Project Location, WA. A 132kV power line is located just 5km to the north and a three-phase power line passes through the Governor Broome Project, giving it significant strategic advantages from an infrastructure and access perspective. Astute is progressively de-risking the project development, with the first stage of this process completed in Q2 with the successful execution of in-fill drilling to upgrade high-value Inferred Mineral Resources to Indicated status. The Company expects to report an updated Mineral Resource Estimate for Governor Broome in Q4. This updated Mineral Resource estimate will underpin a Scoping Study, scheduled for completion Q1 of 2024. The Scoping Study is expected to deliver strong output metrics, based on the shallow, high-grade nature of the Mineral Resources that form the foundation of the Project, and the demonstrated ability to separate the valuable heavy minerals into marketable products. Previous bulk sample results from the western part of the Governor Broome Project demonstrated the ability to produce premium-grade Zircon, chloride-grade Ilmenite and sulphate-grade Ilmenite (ARO Announcement 16th June 2021). During the September Quarter, Astute undertook bulk sample testwork on Indicated Resource material from the Jack Track Deposit, in the eastern part of the Project, which confirmed the ability to produce high-value Ilmenite, Rutile and Zircon products using conventional dry plant mineral separation 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 Acquisition of the Fouracres Deposit During the quarter, the Company completed the acquisition of the Fouracres Deposit, which hosts an Indicated Resource with a very high grade of 11.4% heavy minerals (“HM”). The heavy mineral assemblage of the Fouracres Deposit is also high value, comprising 75% ilmenite, 3% secondary ilmenite, 4% leucoxene/rutile, and 8% zircon for a 90% VHM content. The ilmenite has a high TiO2 content of 60%. The Fouracres Deposit was explored using air-core drilling by Cable Sands during 1991. Cable Sands carried out a resource estimation and mineralogical studies. The Fouracres Resources were re-estimated in 2011 to comply with the reporting standards of the JORC code, using the results of the drilling and mineralogical studies that had been previously reported to the Department of Mines and Petroleum. Details of the drilling and resource assessment are set out in JORC Code Table 1 in Appendix 1 to the ARO announcement dated 13 July 2023. Below (Figure 9) is a map showing the expanded Governor Broome Project area, including the Fouracres Deposit, which now forms part of the expanded Governor Broome Project: Figure 9. Governor Broome Project – Resources and Licences, including Fouracres 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 Governor Broome Project Updated Resources The Governor Broome Project’s updated Mineral Resources are summarised in Table 1 (refer to ASX ARO release 13 July 2023). Based on the previously announced resource table (ASX release 19 September 2022), set out below are the updated resources inclusive of the Fouracres Deposit. Tenement Category Indicated Inferred Tonnage (Mt) 26 43 HM (%) 4 4 Slimes (%) 8.6 9 Oversize (%) 7.1 3 R70/58 - Jack Track R70/53 - Governor Broome Indicated Inferred 52 6 4.8 4 13 15 8.5 6 R70/22 – Fouracres1 Indicated Inferred 0.72 0.2 11.4 4 6.5 9 1.7 0.8 Project Indicated Inferred 79 48 4.5 4 11 10 8 4 Total Resources 127 4.3 11 6.5 Table 1. Governor Broome Project Resources – at 2% HM lower block-cut-off grade for Jack Track and Governor Broome and 3% for Fouracres Notes: 1. The Fouracres resources were estimated at a 3% HM lower block-cut-off grade 2. The values in the table have been appropriately rounded Acquisition Terms The terms of the acquisition with Cable Sands are as follows: • a cash payment on settlement of $150,000; and • a 1% gross royalty on all future product arising from the Fouracres Deposit. Completion of the transaction occurred on 3 August 2023. Work During the Quarter Bulk sample testwork Program During the quarter, a testwork program was completed by Allied Mineral Laboratories (“AML”) in Perth (ASE Announcement 23rd August 2023). The purpose of the program was to evaluate grades and recoveries of potential heavy mineral products separated from the Jack Track Deposit (Figure 10). 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 (WCP) is the second stage of typical Mineral Sands processing, whereby heavy minerals 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 Heavy Mineral Concentrate (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 included TiO2 feedstocks including primary ilmenite, secondary ilmenite and rutile, as well as zircon and monazite concentrates. 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 2 shows the proportions of the size fractions recovered from the bulk sample. 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 Size Jack Track Fraction Deposit Mass % Coarse 1.5% Sand 89.8% Slimes 8.6% Table 2. Size proportions of Bulk Sample As with the Governor Broome West and East material previously tested6, 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. 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 10. Figure 10. 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 full-scale 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 lowdensity ‘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 testwork6. 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% 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 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 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 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. 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 as 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 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 Element Primary Secondary 55.9 63.3 79.6 Ilmenite TiO2 (%) Ilmenite Leucoxene Combined Rutile Ilmenite Product Product 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 64 205 260 116 66 (ppm) *Total iron expressed as Fe2O3 Table 3. TiO2 product compositions A photomicrograph of a sample of the ilmenite produced is shown in Figure 11. Figure 11 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. 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 Element ZrO2+HfO2 (%) Zircon Product 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 4. Indicative Zircon product composition Figure 12. 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 Astute 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 of the ASX release dated 23 August 2023. 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 Resource and Project Development Timeline Astute is currently in the final stages of completing an updated Mineral Resource Estimate (MRE) for the Governor Broome Project. The Company embarked on an in-fill drilling campaign in Q2 designed to upgrade Inferred Mineral Resources within R70/58 to the Indicated category. The upcoming MRE update will incorporate data and results from this in-fill campaign with a view to maximizing Resource tonnes to be included in the Scoping Study. The MRE update will be completed in Q4 and provided to TZMI for incorporation into the Scoping Study, which is scheduled for completion in Q1 2024. Results from mineral assemblage data sourced from the drilling campaign will to be reported in conjunction with the updated MRE. They will also be incorporated in the Scoping Study. Scoping Study During the quarter, the Company finalised arrangements with highly-regarded international mineral sands consultancy group, TZ Minerals International (TZMI), to complete the Scoping Study for the Governor Broome Project. The study, scheduled for completion in Q1 2024, will comprise a review and assessment of the project setting, mining options, processing options, infrastructure assessment and mineral products market review, guided by the bulk testwork outcomes. Optimisation of the value of Project In parallel with the progress of the Governor Broome Project Scoping Study, the Company will commence actively considering its options for the ultimate direction of the Project, with a view to optimising valuecreation for shareholders in alignment with Astute’s clear long-term strategic direction as a critical metals explorer. The options to be considered include: • Sourcing of debt funding • Investigating potential Joint Venture partners and how the arrangements can enhance value; • Review of sale options and likely buyers for the asset; and • Consider other avenues for value realisation. Georgina Basin, Northern Territory IOCG Project Project Overview Located in the highly prospective East Tennant province in the Northern Territory, the Georgina Project comprises seven granted Exploration Licences and three under application for a combined total of approximately 4,500km2. The Georgina Project is 80%-owned by Astute, with the remaining 20% owned by Greenvale Energy Limited (ASX: GRV). The East Tennant province has been the subject of intense geoscientific investigation by both Geoscience Australia and the Northern Territory Geological Survey for over five years. Pre-competitive work undertaken as part of the Federal Government’s $225 million Exploring for the Future program (EFTF) included solid geology interpretation, alteration proxy mapping and mineral prospectivity mapping for Iron Oxide Copper Gold (IOCG) deposits. The collaborative MinEx CRC National Drilling Initiative, conducted in late 2020, confirmed the highly prospective nature of the region by intersecting prospective host rocks, IOCG-style alteration and sulphide mineralisation as part of a 10-hole program at East Tennant. IOCG deposits are typically large, economically attractive copper-gold deposits with some smaller highgrade variants – most notably those at Tennant Creek. This style of deposit contains elevated levels (10-60wt %) of the iron oxide minerals magnetite and hematite, which gives rise to their (typically) elevated magnetic and gravity (density) properties. Australian IOCG’s include South Australia’s Olympic Dam, Prominent Hill and Carrapateena deposits, Ernest Henry in north-west Queensland, and the high-grade Warrego and Juno deposits located west of the Georgina Project at Tennant Creek in the Northern Territory. 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 Work During the Quarter During the quarter, the Company commenced an Ambient Noise Tomography (“ANT”) geophysical survey over its highly prospective central Georgina tenement, EL33375. The survey, conducted using Fleet Space Technologies’ “ExoSphere” technology, is the first of its kind to be employed in the frontier IOCG-prospective East Tennant region. The purpose of the ExoSphere survey is to gain an improved understanding of the subsurface structure, which, when used to constrain the Company’s existing gravity and magnetic survey data, is expected to be a highly powerful tool for the identification of IOCG-style targets for future drill testing. Astute’s survey comprised of 192 survey points stretching across a 14km survey axis incorporating previous drilling, including two National Drilling Initiative (NDI) drill holes. Geodes are placed in the field and left in place until sufficient seismic data has been collected, after which they are relocated to a new survey point. Next Steps Following completion of the survey, surfaces of the two broad cover sequences of the Georgina Basin l