Toondoon Kaolin Project

The project comprises an approved Mining Lease (ML80126) and two Exploration Permits for Minerals (EPM 27395 & 27866), located approximately 20 kilometres south of Mundubbera, Queensland and spans over 28,000 hectares.

In December 2022, the Company acquired the freehold land underlying the Group’s approved ML80126, as well as overlapping the adjacent EPMs. The land of approximately 682 hectares provides direct access to local roads and water sources which will be necessary for future mining operations.

Trials undertaken by Central Queensland University in 2024, confirm that a high reactivity metakaolin (“HRM”), that exceeds the Australian Standard and ASTM International Standard for a manufactured pozzolan, can be produced from a range of the Company’s Toondoon kaolin profiles. The high kaolinite content of Toondoon’s raw ore, of between 80-90%, underpins a simple flowsheet and potential competitive cost advantage due to the limited beneficiation required to produce a high reactivity metakaolin.

Toondoon project highlights include:

• Resource remains open in all directions
• Large scale mineralised system from surface
• High Grade alumina and low iron content assay results
• Low cost operation – straight forward open cut mining
• Little to no overburden
• Low impurities
• Good logistics (highway for heavy rated trucks) being 200km Bundaberg Port.

Toondoon raw ore kaolin is an optimal feedstock for manufactured zeolite production and high alumina, low iron properties, combinded with good logistics also presents an immediate DSO opportunity.

Abercorn Kaolin Project

The project comprises of 4 contiguous Exploration Permits for Mineral (“EPM”) for a total of 50 sub-blocks, comprising EPM 26837 (33 sub-blocks), EPM 26903 (4 sub-blocks), EPM 19081 (1 sub-block) and EPM 27427 (12 sub-blocks),located 20km north of Eidsvold and 70km south of Monto in the North Burnett District of south-central Queensland, spanning circa 20,000 hectares.

JORC confirms a total Maiden Resource of 39Mt yielding 36.8% -20µm grading 28.6% Al₂O₃

The resource remains open in all directions with less than circa 10% of the project area being drilled.

Abercorn project highlights include:

• Initial drilling has demonstrated a consistent grade of mineralisation
• The resource runs from surface and contains little to no overburden
• The project is located close to existing infrastructure including, main sealed highway adjacent to the project area, mains power on site, large water supply within the EPM.
• Good logistics (highway for heavy rated trucks) being 250km to Gladstone and 200km Bundaberg Ports.