Announcement PDF ASX Release 14th Dec 2023 Copper Wolf Project: Assay Results from 2nd Diamond Hole • Assays from CPW0002DD have returned 405.38 metres at 0.70% CuEq 1 from 608.38 metres, including 105.77 metres at 0.86% CuEq from 700.43 metres • This interval sits beneath CPW0001DD which returned 83.76 metres at 0.90% CuEq from 527.91 metres (see ASX Announcement 28th August), resulting in an aggregated intersection of approximately 485.85 metres at 0.73 % CuEq • Outcomes from technical site visit and core review by independent expert Alan Wilson in early November include; o Confirmation of a large, mineralised porphyry Cu-Mo system o Hypogene Cu-Mo grades equalling or higher than those reported by previous explorers o Recognition of multiple Cu-Mo mineralising vein events and associated potassic alteration over a vertical extent of >600 m o Recommendation for Phase 2 step-out drilling program • Maiden drilling program was 100% funded by JV partner IGO Limited Buxton Resources Ltd (ASX:BUX) is pleased to report that assay results from the second diamond drillhole at its 100% owned Copper Wolf Project have returned 405.38 metres at 0.70% CuEq from 618.38 metres, extending high grade Cu-Mo mineralisation previously reported from CPW0001DD. CEO Marty Moloney commented “Buxton is delighted to report that the maiden drilling program at Copper Wolf has intersected over 485 metres of porphyry mineralisation exceeding a 0.7% CuEq grade. These assay results and independent expert Alan Wilson’s review and recommendation for further drilling is a fantastic validation of the Copper Wolf Project’s prospectivity. Buxton's project generation work continues to add value for our shareholders and we're now focussing on the 100%-owned tenure surrounding the JV where mapping & sampling is underway." Assumptions used in USD for the copper equivalent (CuEq) calculation were metal prices of $8,259/t Cu and $17.63/lb Mo (57-63% Mo in conc.) as of 13/12/23. CuEq (%) = Cu (%) + (Mo (%) x 7.728). No allowance has been made for metal recovery or payability, minimum results of 0.25% and 0.6% CuEq for reported composite calculations (see Table A). 1 PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au CPW0002DD intersected 626.88 metres of mineralised basement rocks beneath 529.13 metres of post-mineralisation volcanic geology and was collared approximately 10 metres from CPW0001DD which was terminated above the target depth. JV partner IGO Limited has requested that assaying of the repeated / twinned interval equivalent to the adjacent CPW0001DD be deferred so that geometallurgical testwork could be undertaken prior to geochemical assay. The new intervals reported here (Figure 1, Table A) for CPW0002DD therefore sit immediately beneath, and extend those previously reported from CPW0001DD, which returned 83.76 metres at 0.90% CuEq from 527.91 metres. Figure 1: Cross section looking Northwest showing individual and composited assays at various cutoffs designed to represent the geological variability. Sampled overlap between the 0.6% CuEq cut-off intervals reported from CPW0001DD and CPW0002DD is 3.29 metres. The two holes are approximately 14.65 metres apart at the TD of CPW0001DD (V/H = 1/4). PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Independent Geologist Review Buxton and IGO geologists have undertaken a site visit focussed on a thorough technical review of the CPW drill core. This review was led by independent geologist Alan Wilson who has extensive experience with this style of mineralisation. This work confirmed that a substantial hydrothermal porphyry Cu-Mo system exists at the Bobcat Prospect. A key recommendation is that further step-out drilling is warranted based on the scale & intensity of porphyry alteration & mineralisation in the core. The veining exhibits complex cross-cutting relationships. A paragenetic sequence of five different vein styles has been defined. High Cu & Mo grades are associated with at least three of these veining events. This shows that the Copper Wolf mineral system involved a sustained introduction of value driving metals - a typical characteristic of economic porphyry systems. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Figure 2: Core from CPW0002DD - V2 & V3 are two of three vein styles that appear to introduce the bulk of Cu & Mo (Wilson, 2023). PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au The alteration system comprises potassic alteration (mainly K-feldspar & biotite) which occurs in the margins of early quartz-sulfide veins, and which sometimes completely floods the core. This potassic alteration has been overprinted by structurally controlled zones of quartz-sericite-pyrite and later illite-kaolinite alteration. These alteration styles overprint host rocks comprising Proterozoic gneiss, schists, metapelites and metagranitoids which have been intruded by a diverse suite of distinct porphyritic dykes of likely Laramide age. These dykes are volumetrically small, accounting for less than 10% of the basement interval drilled. Based on cross cutting alteration and mineralization relationships, the drilling program has intersected early-mineral, inter-mineral, and late/post-mineral porphyries. The broad spectrum of lithologies present in drill core provides a strong basis for geological assessment of the porphyry system. A major fault zone was intersected at the base of CPW0002DD between ~975 - 1,115 metres depth (Figure 3). This fault juxtaposes rocks with distinct alteration and mineralisation intensities. Understanding the relative movement along this fault zone is a key element of further work, due to the high grade of the hanging wall zone. Figure 3: Cut core from CPW0002DD between 1,098 -1,120 metres depth showing the highly fractured zone which juxtaposes strong potassic alteration / Cu & Mo mineralisation (left) against pyrite-sericite-quartz dominated alteration (right) PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au This release is authorised by Martin Moloney on behalf of the Board of Buxton Resources Limited. For further information, please contact: Martin Moloney Chief Executive Officer marty@buxtonresources.com.au Sam Wright Company Secretary sam@buxtonresources.com.au Competent Persons The information in this report that relates to Exploration Results is based on information compiled by Mr Martin Moloney, Member of the Australian Institute of Geoscientists and Society of Economic Geologist. Mr Moloney is a full-time employee of Buxton Resources Ltd. Mr Moloney have sufficient experience which is relevant to the activity being undertaken to qualify as a “Competent Person” as defined in the 2012 edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Moloney consent to the inclusion in this report of the matters based on the information in the form and context in which it appears. Validity of Referenced Results Buxton confirms that it is not aware of any new information or data that materially affects the information from previous ASX announcements which has been referenced in this announcement. Drillhole Data Table A: Assay composites for CPW0001DD and CPW0002DD (duplicates at lower cutoffs omitted) Hole ID Minimum From To Thickness* CuEq Cu Mo CuEq Grade (m) (m) (m) (%) (%) (%) (%) CPW0001DD 0.60 527.91 611.67 83.76 0.90 0.40 0.06 CPW0002DD 0.60 608.38 1013.76 405.38 0.70 0.35 0.05 CPW0002DD 0.25 * true thickness is not known Hole ID 1024.74 1173.48 148.74 0.29 0.12 Table B: Collar information for Buxton holes at the Copper Wolf Project UTM Easting UTM Northing Elevation (m) Azimuth Dip Depth (m) CPW0001DD 375104 3767349 892 020 -85 611.76 CPW0002DD 375111 3767357 891 020 -85 1174.40 PO Box 661 Nedlands WA 6009 0.02 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Figure 4: Plan view of the Bobcat Prospect showing cross section as presented in Figure 1. Figure 5: Copper Wolf Project tenure situation showing ~16.7 km2 area (coloured polygons) for which Buxton has 100% unencumbered interest in the subsurface estate. These areas include substantial basement exposures indicating potential for copper porphyry mineralisation at shallower depths in comparison to the Bobcat, Rattler and Coyote prospects. The BUX / IGO JV covers ~11.0 km2 and includes the supergene blanket which has been the focus of previous exploration including historical resource estimates by Liontown and others. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au About the Copper Wolf Project The Copper Wolf Project has multiple historical resource estimates available that confirm the presence of a large porphyry Cu-Mo system. Porphyry Cu-Mo mineralisation at Copper Wolf has been dated at 70.3 Ma (Laramide age) and is largely concealed by a post-mineral (Tertiary) sequence of volcanic and sedimentary rocks. The Project is located within one of the most prolifically endowed copper belts in the world (Figure 5), yet it has not seen any drilling since the early 1990s. Buxton’s 2022 airborne magnetic survey was the first geophysical work undertaken since the early 1960s. Historic exploration has consisted of relatively wide spaced drilling which focussed on significant supergene copper mineralisation located where the NW trending Cow Creek Fault intersects Laramide hypogene porphyry style mineralisation. Buxton is targeting high grade, underground bulk mineable copper-molybdenum mineralisation. In this context, Buxton’s exploration approach can leverage the significant advances and ready availability of modern geophysical targeting tools and mineral systems knowledge that have been developed since exploration in this area ceased many decades ago. Figure 6: Buxton’s Copper Wolf project is located in the prolific porphyry copper belt of SW USA / Northern Mexico - most of the porphyry Cu-Mo deposits marked are current or previously operating mines. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au JORC 2012 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 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. Include reference to measures taken to ensure sample 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. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information. Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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). PQ, HQ and NQ diamond core samples have been obtained during drilling. Drilling techniques Drill core was geologically logged, and selected intervals were selected for sampling and analysis. The diamond core was cut in half along the long axis using a diamond blade rock saw. Half-core was sampled. The samples lengths ranged from 0.3m to 2m to within geological boundaries with all samples submitted to SGS Laboratories in Burnaby. Diamond core was drilled from surface to the end of the hole. CPW0001DD: HQ3 diamond core diameter is 61,1mm and was drilled until the end of hole. CPW0002DD: HQ3 diamond core diameter is 61,1mm and was drilled until 970.64m. NQ3 diamond core diameter is 45 mm and has been drilled from 970.64 until the end of hole. Drill recovery Logging PO Box 661 Nedlands WA 6009 sample Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. 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. Drill core recoveries were routinely recorded by the drilling contractors on core blocks are the end of each core run. Intervals are cross-checked by the Company’s geologists. 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. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. Drill core is logged by Company geologists with appropriate detail to support mineral resource estimates. T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 No material core loss is recorded in the intervals being reported. Insufficient data from the modern drilling program exists to establish a relationship between sample recovery and grade. Historical data indicates there is no relationship between sample recovery and grade. Systematic geological and geotechnical logging is being undertaken. Data collected includes: Nature and extent of lithology. Relationship between lithology and mineralisation Identification of nature and extent of alteration and mineralisation. Location, extent and nature of structures such as bedding, cleavage, veins, faults etc. - - Structural data (alpha & beta) are recorded for orientated core. Geotechnical data such as recovery, RQD, fracture frequency, qualitative IRS, microfractures, veinlets and number of defect sets may be collected. Magnetic susceptibility recorded at 0.33m intervals Comments on estimates of the proportion of visible sulfides (e.g. chalcopyrite): Systematic logging of HQ and NQ diamond drill core with an estimate of the proportion of sulfide species present is completed on an interval basis. Estimates on an interval basis vary from trace (~0.1%) to 10.5%. This estimate is a guide only as it is difficult to estimate accurately due to the variable nature of the mineralisation. Actual metal grade will be determined using analytical method at a certified laboratory. The sulfide species (pyrite, chalcopyrite, chalcocite, bornite and molybdenite) occur as irregular blebs (~10mm diameter) in fine (~0.1mm) to medium (~0.5mm) disseminations, narrow stringers, irregular vein infill, irregular to laminated, narrow (110mm but up to 50mm+) pyritechalcopyrite-molybdenite veins, as well as narrow (2-15mm) centreline quartz-pyritechalcopyrite veins. Identification of sulfide species is completed by or under supervision of experienced geologists and supported by a handheld portable XRF. To assist with the selection of intervals for reporting visual sulfides, Buxton records visual intersections of porphyry vein style mineralisation by estimating for each foot of core: 1) the average width of the veins (w), and 2) the number of veins (n). Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. 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. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au The equation w * n / interval length yields the volume percent of the rock that is constituted by veins. Drill core has been halved with a core saw; with one half of the core sent to a laboratory for assay and the other half retained on site in ordered core storage trays for future reference. If core is broken, then a representative selection of half the core is taken. Core is photographed wet at site prior to transport. Further sample preparation in advance of assay (weighing, crushing, splitting, pulverising) is then undertaken at SGS Burnaby. www.buxtonresources.com.au Whether sample sizes are appropriate to the grain size of the material being sampled. Buxton retains all residual laboratory pulps in a secure storage facility. This procedure, including the sample sizes, meets industry standards where 50% of the total sample taken from the diamond core is submitted. The sample sizes are appropriate for the style of mineralisation encountered. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. The retention of the remaining half-core is an important control as it allows assay values to be viewed against the actual geology; and, where required, further samples may be submitted for quality assurance. No resampling of quarter core or duplicated samples have been completed at the project to date. Samples were submitted to SGS Laboratories in Burnaby, British Columbia Sample preparation comprised of drying, crushing to 75% passing 2mm and a 250g split was pulverized to better than 85% passing 75 micron mesh Samples were submitted for multi-element analysis by GE_IMS40Q12 and GE_IMS50Q12-AE which comprise of 4-acid digestion and combined ICP-AES & ICP-MS finish for the Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Hf, Ho, In, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P, Pb, Pr, Rb, Re, S, Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn and Zr 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. 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. Samples were additionally assayed for Au via GE_FAI50V5 using 50g samples for fire assay and ICP-AES finish Not applicable – no assays are reported in this announcement. Magnetic susceptibility was taken for every foot using a Terraplus KT-10 magnetic susceptibility meter. No geophysical tools or other handheld XRF instruments were used to determine grade. Handheld PXRF was used only to confirm presence of minerals and not to determine grade. Blanks, duplicates and standards are included in every 10 samples submitted to the laboratory for analysis. SGS also undertakes internal industry standard laboratory quality control procedures including insertion of blanks and standards and QA/QC review. Logging of Drillcore was completed by a suitably qualified geologist. Logging was reviewed onsite by the competent person. Assay intersections were checked against core, photos, and recovery by the supervising geologist. PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au BUX standards, blanks and crush duplicates, lab standards, blanks and repeats were reviewed for each batch. All results for QAQC fall within acceptable limits. Verification sampling assaying Location points of and of data The verification of significant intersections by either independent or alternative company personnel. The assay results have been reviewed by Buxton’s site geologists in Arizona, and by supervising geologists in Perth. The use of twinned holes. Drillholes CPW0001DD and CPW0002DD is located within 100m of historic hole RC-UC-17, drilled to 774.19 m (2540 feet) and for which historical logs and assays are available. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All drillhole data is entered to spreadsheets by Company personnel and validated by Company geologists. This data is then imported into the Leapfrog software where additional validation is completed. Digital data is securely archived on and off-site. No adjustments were made to assay data Handheld GPS (+/-5m) as well as reference to topographical, remote sensing and known reference points (e.g., previously surveyed holes). Previous drill collars were pickup by licensed surveyor. Discuss any adjustment to assay data. 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. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing and distribution Data spacing for reporting of Exploration Results. 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. Whether sample compositing has been applied. Locations reported here use NAD83 zone 12, elevations are reported as NAVD 88 Topographic control is USGS NED 1/3 arc-second n35w113 1 x 1 degree ArcGrid 2019. CPW0001DD and CPW0002DD are the first drillhole in several decades at the Copper Wolf project and is designed to establish short range continuity of mineralisation with RC-UC-17. Single shot surveys were taken down hole every 90 feet using a REFLEX EZ-Shot electronic single shot instrument. Hole deviation was monitored by the geologist during drilling No Mineral Resource and Ore Reserve estimation procedures / classifications have been applied in this Announcement. Sample compositing has been applied using Micromine software, “Advanced Drillhole Grade Compositing” function to calculate length weighted averages of Cu, Mo and CuEq. Composites were applied on a Copper Equivalent cut-off basis (cutoff = threshold of resulting CuEq value of composited intersection). For the 0.2% CuEq cut-off calculation, a maximum length of waste of 15 m, and a minimum width of 40m. For the 0.6% CuEq cut-off calculation, a maximum length of waste of 10 m, and a minimum width of 10 m. For all composites, Include Internal Waste Options were applied as follows: Perform Multiple passes = 5 PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au - Orientation of data in relation to geological structure Sample security Audits or reviews Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 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. The measures taken to ensure sample security. The results of any audits or reviews of sampling techniques and data. Advanced (Relaxed) Allow composite to start with low grade The assessment of sampling bias in relation to drilling orientation will require additional drilling. Drill core is being stored and processed within a secure workshop facility. Samples are regularly dispatched to a laboratory for analysis as they are processed. Not undertaken. JORC 2012 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. BUX have a 100% interest in ~27.8 km2 of tenure consisting of Federal Lode Mining Claims SM1SM54 and CW01-CW215 issued by the Bureau of Land Management (BLM) covering 19.5 km2 and Arizona State Lands Department (ASLD) Mineral Exploration Permits 008-121028 and 1213390 covering 5.1 km2, and 008-124215 covering 2.5 km2. On the 4th of October August 2022, Buxton satisfied all conditions precedent for Buxton and IGO to enter into an earn-in and joint venture agreement for the Copper Wolf Project (Arizona, USA) then held as 100% by BUX. By that agreement, IGO has an exclusive right to earn a 51% interest in the initial Copper Wolf Project tenements (SM1-SM54, CW01CW44, 008-121028 and 008-1213390, covering approximately 11.0 km2) by incurring and sole funding A$350,000 of exploration expenditure in a 24-month period from 4/10/2022. Upon IGO incurring the A$350,000 earn-in expenditure, it may elect to earn-in and form a 51% IGO / 49% BUX unincorporated joint venture. During the earn-in period, BUX will be the project manager. IGO will be the initial manager of the joint venture. Within 6 months of the commencement of the joint venture, IGO has the exclusive right to elect to earn a further 19% joint venture interest (to take its joint venture interest to 70%) by sole funding exploration expenditure of A$5,000,000 over 3 years (stage 2 earn-in). On the 10th November 2023, Buxton entered into a “Copper Chief Lease and Option Agreement” with the private owner of 7 Lode Mining Claims (Copper Chief #1-5 & Copper Chief #18-19) covering PO Box 661 Nedlands WA 6009 Suite 1, First Floor 14-16 Rowland Street Subiaco WA 6008 T. 08-9380 6063 E. info@buxtonresources.com.au www.buxtonresources.com.au approximately 58 hectares and a parcel of private property covering approximately 16 hectares which is wholly contained within the area of the Copper Chief Lode Mining Claims (see Figure 4). This package of surface and subsurface rights is contiguous with existing BUX tenure. The agreement provides BUX the option to acquire 100% of the surface and subsurface rights at any time prior to 10th November 2028. Should BUX chose to exercise the option, BUX will grant the seller a five percent (5%) Net Smelter Returns Royalty, with rights to purchase up to 3.5% of that Royalty. There is a long history of exploration and mining in the project area, so it is considered likely requisite permits will be obtained as and when they are required. Exploration done by other parties 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. Acknowledgment and appraisal of exploration by other parties. The Copper Wolf project does not intersect or lie adjacent to areas with native title interests, historical cultural sites, wilderness or national park and otherwise sensitive environmental settings. The tenements are in good standing with the Federal / State government agencies. A summary of the history of previous exploration activities is included in this announcement. The Competent Person has reviewed previous reports on drilling at the Copper Wolf Project and confirmed in the field and from discussions with a PD site geologist that historic drilling has been undertaken. Practices employed appear to have been consistent with those adopted at other projects in North America around the same time. Geology Deposit type, mineralisation. geological setting and style of 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: o easting and northing of the drill hole collar The mineralisation at the Copper Wolf Project comprises porphyry copper-molybdenum type, with both hypogene (primary) and supergene (secondary) variants. This type of mineralisation is widely distributed in the region around the Project Drill hole collar details and significant intersections of mineralisation in drilling are tabulated in this announcement. o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth Data aggregation methods PO Box 661 Nedlands WA 6009 o hole length 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. In reporting Exploration Results, weighting averaging techniques, maximum and/or m