Tomingley Exploration Intersects Significant Gold at El Paso

• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Diamond core drilling (DD) was undertaken by Ophir Drilling Pty Ltd
• DD sample intervals were defined by geologist during logging to honour geological boundaries, cut in half by diamond saw, with half core sent to ALS Laboratories
• RC drilling was undertaken by Strike Drilling Pty Ltd
• Air-core (AC) drilling was undertaken by Drillit Pty Ltd
• RC and AC samples are collected at one metre intervals via a cyclone on the rig. The cyclone is cleaned regularly to minimise any contamination

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Sampling and QAQC procedures are carried out using Alkane protocols as per industry best practice.

• Aspects of the determination of mineralisation that are Material to the Public Report. 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, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• Core was laid out in suitably labelled core trays. A core marker (core block) was placed at the end of each drilled run (nominally 3m) and labelled with the hole number, down hole depth, length of drill run. Core was aligned and measured by tape, comparing back to this down hole depth consistent with industry standards. Half core is sampled with a Corewise automatic core saw.
• RC and AC Drilling – the total sample (~20-30kg) is delivered via cyclone into a large plastic bag which is retained for future use if required. A sub-sample of approximately 1kg is spear sampled from each plastic bag and composited to make a 3 metres sample interval. If strong mineralisation is observed by the site geologist this is sampled as a final 1m interval instead.
• Gold was determined by fire assay fusion of a 50g charge with an AAS analytical finish.
• A multi-element suite was determined using either aqua regia or a multi-acid digest with a ICP Atomic Emission Spectrometry or ICP Mass Spectrometry analytical finish.

• Drill type (eg core, reverse circulation, open-hole hammer, 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 is oriented and if so, by what method, etc).

• Reverse circulation (RC) drilling using 110mm rods 144mm face sampling hammer.
• Triple tube diamond drilling with PQ3/HQ3 wireline bit producing 83mm diameter (PQ3) and 61.1mm diameter (HQ3) sized orientated core (using a Reflex orientation tool). In areas of deep cover, the collars were emplaced using mud rotary through the cover sequence and not sampled.
• Air-core (AC) drilling using 89mm rods and bit to refusal.

• Method of recording and assessing core and chip sample recoveries and results assessed.

• DD – core loss was identified by drillers and calculated by geologists when logging. Core was only lost in the saprolite for approximately ≥95% recovery in the oxide material.
• RC and AC sample quality is assessed by the sampler by visual approximation of sample recovery and if the sample is dry, damp or wet.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Sample quality is qualitatively logged.
• A high capacity AC rig was used to maximise penetration through the clays to refusal on fresh bedrock. Drill cyclone was cleaned after each hole to minimise cross-hole contamination.
• Triple tube coring is used at all times to maximise core recovery for diamond drilling.
• A high capacity RC rig was used to enable dry samples collected. Drill cyclone is cleaned between rod changes and after each hole to minimise cross-hole contamination.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• There is no known relationship between sample recovery and grade.

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Each one metre interval is geologically logged for characteristics such as lithology, weathering, alteration (type, character and intensity), veining (type, character and intensity) and mineralisation (type, character and volume percentage)
• A detailed geotechnical log on the diamond core is also undertaken collecting parameters such as core recovery, RQD, fracture count, and fracture type and orientation.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography

• Mostly logging was qualitative with visual estimates of the various characteristics. In addition, magnetic susceptibility data (quantitative) was collected as an aid for logging.
• All drill holes were geologically logged into Geobank Mobile, followed by validation before importing into Alkane’s central Geobank database.
• All drill holes were logged by qualified and experienced geologists.

• The total length and percentage of the relevant intersections logged

• All drill holes were logged in full, except for the mud rotary technique through the cover sequence.

• If core, whether cut or sawn and whether quarter, half or all core taken.

• Core sawn with half core samples submitted for analysis

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• Each one metre interval is spear sampled with 3m composite samples collected in a calico sample bag and forwarded to the laboratory. Where strong mineralisation is observed by the site geologist, instead of compositing, this is individually sampled from the cone splitter on the RC rig as a 1 metre interval into a calico bag and forwarded to the laboratory.
• Laboratory Preparation – the entire sample (~3kg) is dried and pulverised in an LM5 (or equivalent) to ≥85% passing 75µm. Bulk rejects for all samples are discarded. A pulp sample (±100g) is stored for future reference.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Samples were delivered by Alkane personnel to ALS Minerals Laboratory, Orange NSW. Crushed with 70% <2mm (ALS code CRU-31), split by riffle splitter (ALS code SPL-21), and pulverised 1000grm to 85% <75um (ALS code PUL-32). Crushers and pulverisers are washed with QAQC tests undertaken (ALS codes CRU-QC, PUL-QC).

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples

• Internal QAQC system in place to determine accuracy and precision of assays.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling

• Non-biased core cutting using an orientation line marked on the core.
• Duplicate RC and AC samples are collected for both composite intervals and re-split intervals.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Sample are of appropriate size.

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• All samples were analysed by ALS Minerals
• Gold is determined using a 50g charge fused at approximately 1100°C with alkaline fluxes, including lead oxide. The resultant prill is dissolved in aqua regia with gold determined by flame AAS.
• Other geochemical elements, DD core and bottom of hole AC samples are digested by near-total mixed acid digest with each element determined by ICP Atomic Emission Spectrometry or ICP Mass Spectrometry. RC and AC samples are digested by aqua regia with a ICP Atomic Emission Spectrometry for As, Cu, Fe, Ni, P, Pb only.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• No geophysical tools were used to determine any element concentrations

• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• Commercially prepared Certified Reference Materials (CRM) are inserted at 1 in 40 samples. CRM’s are not identifiable to the laboratory.
• Field duplicate samples are inserted at 1 in 40 samples (alternate to CRM’s).
• Laboratory QAQC sampling includes insertion of CRM samples, internal duplicates and screen tests. This data is reported for each sample submission.
• Failed standards result in re-assaying of portions of the affected sample batches.

• The verification of significant intersections by either independent or alternative company personnel.

• Drill data is compiled and reviewed by senior staff. External consultants do not routinely verify exploration data until resource estimation procedures are deemed necessary.

• The use of twinned holes.

• No twinned holes have been drilled.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• All drill hole logging and sampling data is entered directly into Geobank Mobile in the field for validation, transfer and storage into Geobank database with verification protocols in place.
• All primary assay data is received from the laboratory as electronic data files which are imported into sampling database with verification procedures in place. QAQC analysis is undertaken for each laboratory report.
• Data is also verified on import into mining related software.

• Discuss any adjustment to assay data.

• No assay data was adjusted. In the case of assay checks the original assay is utilised as there was no statistical variability.

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Drillholes are laid out using hand-held GPS (accuracy ±2m) then all RC and DD collars are DGPS surveyed accurately (± 0.1m) by trained surveyors on completion.

• Specification of the grid system used.

• GDA94, MGA (Zone 55)

• Quality and adequacy of topographic control.

• DD and RC drillhole collars DGPS surveyed accurately (± 0.1m) by trained surveyors on completion. A site based digital terrain model was developed from accurate (± 0.1m) survey control by licenced surveyors.

• Data spacing for reporting of Exploration Results..

• At this exploration stage, data spacing is variable with the focus on identifying new zones of mineralisation.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied

• All the results are early stage, reconnaissance drilling, and as such are spaced to test strike and dip extents of any significant mineralisation.

• Whether sample compositing has been applied

• RC – samples with no visible mineralisation or alteration are composited to 3m. One metre samples override 3m composites in the database.
• DD – core is sampled to geology with sample sizes ranging from 0.3m to 1.3m.

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• Drilling suggests a broadly sub vertical geometry at most prospects and moderately SE at El Paso.

• 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

• Estimated true intervals at this early stage of drilling are possibly ~90% of downhole lengths at El Paso and ~60% of downhole lengths at other prospects.

• The measures taken to ensure sample security.

• All samples are bagged into tied calico bags, before being grouped into polyweave bags and transported ~2hr to ALS Minerals Laboratory in Orange by Alkane personnel. All sample submissions are documented via ALS tracking system with results reported via email.
• Sample pulps are returned to site and stored for an appropriate length of time (minimum 3 years).
• The Company has in place protocols to ensure data security.

• The results of any audits or reviews of sampling techniques and data.

• No audits or reviews have been conducted at this stage

• 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.

• All seven licences (EL5675, EL5942, EL6085, EL6319, EL8676, EL8794 and EL9597) in the Tomingley Gold Project are owned 100% by Alkane.

• 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.

• All exploration licences are in good standing. EL5675 expires on 17 January 2029. EL5942 expires on 3 May 2030. EL6085 expires on 20 May 2030. EL6319 expires on 12 October 2026. EL8676 expires on 27 November 2029. EL8794 expires on 20 September 2030. EL9597 expires on 22 August 2029.

• Acknowledgment and appraisal of exploration by other parties.

• Only minor work has been completed by previous companies within EL5675, EL5942 and EL6319 covered by this announcement with many holes that did not penetrate the cover sequence.
• Work completed within EL6085 and EL9597 at the Allendale-Coldstream prospect areas can be summarised as:

      Climax (in JV with Newcrest, Transit, MPI Gold) (1989-2003) – Tenement-wide heli-magnetics, MMI soils (no anomalism as deep cover was prohibitive); 70x air-core drill holes for 7,458m over magnetic targets intersecting broad zones of Au-Cu anomalism. Follow up 3x diamond core tails off air-core pre-collars for 764m with a petrology study.

• Deposit type, geological setting and style of mineralisation.

• Mineralisation at Tomingley is associated with quartz veining and alteration focused within sub-volcanic andesite sills and adjacent volcaniclastic sediments. The deposits appear to have formed as the result of a competency contrast between the sub-volcanic sills and the surrounding volcaniclastic sediments, with the sills showing brittle fracture and the sediments ductile deformation and have many similarities to well documented orogenic – lode-style gold deposits.
• Geological nature of the Tomingley Deposits is well documented elsewhere.
• Geological nature of Peak Hill is well documented elsewhere.
• The Allendale/Coldstream prospect area lies approximately 5km northwest of Tomingley on the western side of a regional east-dipping Narromine Thrust. This regional fault separates the largely undeformed andesitic volcanics and intrusives of the Narromine Igneous Complex, that is host to the Corvette-Kingswood Cu-Au deposit (contained metal of 0.29Mt Cu, 0.24Moz Au – Magmatic Resources Ltd ASX announcement dated 11 July 2023) that is the subject of the Magmatic-Fortescue joint venture, from the highly deformed and faulted volcanics and volcaniclastics to the east that are host to the orogenic gold mineralisation at Tomingley. The entire prospect area is covered by 30 – 80m of alluvial quartz-rich sands and clays and all previous exploration was limited to air-core drilling and three diamond drill hole tails.

• 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 body of announcement.

• 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.

• All RC and DD drill holes have been reported in this announcement.
• Only AC drill holes with significant assays of ≥0.2g/t Au have been reported for Tomingley. Impractical to list all AC holes completed.

• 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.

• Exploration results reported for uncut gold grades, grades calculated by length weighted average

• 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 shown in detail.

• Reported intercepts (>0.2g/t Au) are calculated using a broad lower cut of 0.2g/t Au although grades lower than this may be present internally (internal dilution).
• No top cut has been used.
• Short intervals of high grades that have a material impact on overall intersection are reported as separate (included) intervals.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• No metal equivalents are reported.

• These relationships are particularly important in the reporting of Exploration Results.

        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 hole length, true width not known’).

• The mineralisation is structurally complex and the majority of drilling is reconnaissance in nature. Down hole lengths are reported – true widths estimated to be 90% of the down hole lengths at El Paso and 60% at the other prospects at this early stage exploration stage.

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Plans showing geology with drill collars are included in the body of the announcement. An appropriate sectional view for the significant results at El Paso prospect is included.

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• Comprehensive reporting has been undertaken with all DD and RC holes listed in the included table.

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• No other material exploration data to be reported.

• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

• See body of announcement.

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive

• See figures included in the announcement.