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Ubuntu

Exploration – Golden Ridge Project, NE Tasmania

· 1,500m drill program (Phase 3) at the Trafalgar prospect commenced during the quarter,  targeting down-dip and along-strike extensions to previous high-grade gold intercepts, includes multiple intersections grading >100g/t Au.

· 3 drill holes (TFDD016-TFDD018) were completed for 927 metres by the end of the quarter.

· Multiple high-grade gold veins intersected in drill hole TFDD016, including:

· 0.5m @ 35.1g/t Au within 1.4m @ 12.7g/t Au from 164.6m (Trafalgar Main Vein);

· 0.3m @ 19.0g/t Au within 0.65m @ 10.5g/t Au from 187.55m (Magazine Vein), and

· 0.4m @ 67.6g/t Au within 1.3m @ 21.9g/t Au from 248.7m.

· Mapping and vein sampling within the historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation in the Link Zone prospect with underground grab sampling of mineralised veins in the adit recording gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au.

· New high-grade gold vein zone discovered in trenching 250m north of the Trafalgar mine where 17 out of 36 grab rock chip samples assayed over 10g/t Au, including 99.4g/t Au, 76.6g/t Au and 67.1g/t Au. Drilling to test beneath this vein zone is underway.

· Maiden soil sampling program at Forrestania Project outlined four high priority lithium anomalies up to 4,200m in length and 500m width

· Infill and extensional soil sampling at Parker Dome Project confirmed and extended multiple, large-scale, high priority lithium anomalies

· Rights Issue successfully raised $2.5 million with strong support from existing shareholders and new investors introduced by Mahe Capital

· The Company’s cash position at 30 June 2024 was $2.96 million