Future Metals Regulatory News (FME)

Mass

(Mt)

PGM3E1

(g/t)

Ni

(%)

Cr2O3

(%)

PdEq2

(g/t)

92.9

Grade

1.5

0.20

3.1

2.0

(Moz)

(kt)

(Mt)

(Moz)

Contained Metal

4.5

185

2.8

6.0

Mass

(Mt)

PGM3E1

(g/t)

Ni

(%)

Cr2O3

(%)

PdEq2

(g/t)

10.8

Grade

5.6

0.27

14.6

7.0

(Moz)

(kt)

(Mt)

(Moz)

Contained Metal

2.0

29

1.6

2.4

Mass

(Mt)

PGM3E1

(g/t)

Ni

(%)

PdEq2

(g/t)

26.4

Grade

1.3

0.21

1.8

(Moz)

(kt)

(Moz)

Contained Metal

1.1

54

1.5

Mass

(Mt)

PGM3E1

(g/t)

Ni

(%)

Cr2O3

(%)

PdEq2

(g/t)

37.2

Grade

2.6

0.22

6.2

3.3

(Moz)

(kt)

(Mt)

(Moz)

Contained Metal

3.1

83

2.2

3.9

Enquiries:

Future Metals NL

Jardee Kininmonth

+61 8 9480 0414

info@future-metals.com.au

Strand Hanson Limited (Nominated Adviser)

+44 (0) 207 409 3494

James Harris/James Bellman

Panmure Gordon (UK) Limited (UK Broker)

John Prior/Hugh Rich/Rauf Munir

+44 (0)207 886 2500

FlowComms (UK IR/PR)

+44 (0) 789 167 7441

Sasha Sethi

Archaean

earliest geological period in the earth's history until 2,500 million years before present

Assay

chemical determination of metal content in a sample

Au

gold, one of the transition metals elements

Chromite

an oxide mineral and principal ore of chromium

Co

cobalt, one of the transition metals elements

Competent Person or CP

International Resource Solutions Pty Ltd, the competent person responsible for the mineral resource information contained within this announcement

Cr

chromium, one of the transition metals elements

Cu

copper, one of the transition metals elements

g/t

grammes per tonne

Gabbro

a coarse grained mafic intrusive rock

ha

hectare

Indicated

that part of a Mineral Resource for which quantity, grade and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit

Inferred

that part of a Mineral Resource for which quantity and grade are estimated on the basis of limited geological evidence and sampling

Ir

irdium, one of the platinum group elements

JORC Code (2012)

Australasian Code for Reporting of Mineral Resources and Ore Reserves 2012, published by the Joint Ore Reserves Committee

kt

kilo tonnes

Mafic

igneous rocks that are low in silicon and high in iron and magnesium

MAGLAG

a magnetic lag; a geochemistry method for analysing surface samples for anomalous occurrences of elements (metals)

Mass Pull

proportion of ore feed reporting to concentrate

Mineral Resource

a concentration or occurrence of solid material of economic interest for which there is a reasonable prospect of eventual economic extraction

Moz

million ounces

MRE

mineral resource estimate

mRL

metres relative level; i.e. metres above sea level

Mt

million tonnes

Ni

nickel, one of the transition metals elements

Ore Reserve

the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted

Os

osmium, one of the platinum group elements

oz

ounces

Paleoproterozoic

a geological period of time 1,600 to 2,600 million years before

present

Panton PGM-Ni-Cr Project

Panton PGM-Nickel-Cromium Project

Pd

palladium, one of the platinum group elements

PdEq

palladium Equivalent

PGE or PGM

platinum Group Elements or Metals. The collective term for platinum, palladium, rhodium, ruthenium, osmium and iridium

ppb

parts per billion

ppm

parts per million

Pt

platinum, one of the platinum group elements

RC

reverse circulation

RC Drilling

an exploration drilling method that uses a dual walled drilling rod and compressed air to obtain samples from the drill face

Rh

rhodium, one of the platinum group elements

RL

relative level or depth below a reference point either the surface or sea-level

RPEEE

Reasonable Prospects for Eventual Economic Extraction

Ru

ruthenium, one of the platinum group elements

SMU

selective mining unit

Syncline

a concave flexure of a geological layer

Ultramafic

relating to igneous rocks composed of mafic mineral rich in magnesium and iron

um

a micron equivalent to one millionth of a metre

Category

Mass

Grade

Contained Metal

(Mt)

Pd

(g/t)

Pt

(g/t)

Au

(g/t)

PGM3E (g/t)

Ni

(%)

Cr2O3

(%)

PdEq1

(g/t)

Cu

(%)

Co

(ppm)

Pd

(Koz)

Pt

(Koz)

Au

(Koz)

PGM3E (Koz)

Ni

(kt)

Cr2O3

(kt)

PdEq1

(Koz)

Cu

(kt)

Co

(kt)

Upper Reef

Indicated

3.0

3.3

2.8

0.5

6.5

0.29

15.5

7.9

0.08

217

318

272

46

635

9

472

771

2

0.7

Inferred

4.9

3.2

2.7

0.4

6.4

0.30

15.6

7.8

0.10

221

506

431

65

1,003

15

761

1,227

5

1.1

Subtotal

7.9

3.2

2.8

0.4

6.4

0.30

15.6

7.8

0.09

219

824

703

111

1,637

23

1,233

1,998

7

1.7

Lower Reef

Indicated

1.4

1.3

1.7

0.1

3.1

0.17

10.7

4.1

0.04

200

59

79

6

143

2

151

186

1

0.3

Inferred

1.4

1.6

2.1

0.1

3.8

0.19

13.0

4.9

0.05

215

73

95

5

173

3

185

223

1

0.3

Subtotal

2.8

1.4

1.9

0.1

3.5

0.18

11.8

4.5

0.04

208

132

174

11

316

5

337

409

1

0.6

Total Reef

Indicated

4.5

2.6

2.4

0.4

5.4

0.25

14.0

6.7

0.07

211

377

350

51

778

11

623

957

3

0.9

Inferred

6.3

2.9

2.6

0.3

5.8

0.28

15.0

7.2

0.09

220

579

526

70

1,175

17

946

1,450

5

1.4

Subtotal

10.8

2.8

2.5

0.4

5.6

0.27

14.6

7.0

0.08

216

956

876

122

1,954

29

1,569

2,407

8

2.3

High Grade Dunite (Underground, below 300mRL, 1.4g/t PdEq cut-off)

Indicated

5.9

0.6

0.6

0.2

1.4

0.20

2.2

1.7

0.04

151

120

109

30

259

12

132

334

2

0.9

Inferred

20.5

0.6

0.6

0.1

1.3

0.21

2.3

1.8

0.04

160

425

373

87

885

43

478

1,154

9

3.3

Subtotal

26.4

0.6

0.6

0.1

1.3

0.21

2.3

1.8

0.04

158

545

482

118

1,144

54

610

1,488

11

4.2

Reef + High Grade Dunite

Indicated

10.4

1.5

1.4

0.2

3.1

0.22

7.3

3.9

0.05

177

497

459

81

1,037

23

755

1,291

5

1.8

Inferred

26.8

1.2

1.0

0.2

2.4

0.22

5.3

3.0

0.05

174

1,004

899

158

2,061

60

1,424

2,604

14

4.7

Subtotal

37.2

1.3

1.1

0.2

2.6

0.22

5.9

3.3

0.05

175

1,501

1,358

239

3,098

83

2,179

3,895

19

6.5

Bulk Dunite (Near surface, above 300mRL, 0.9g/t PdEq cut-off)

Indicated

30.3

0.4

0.4

0.1

0.9

0.18

1.1

1.3

0.03

144

384

363

103

850

56

337

1,220

9

4.4

Inferred

25.3

0.3

0.3

0.1

0.7

0.18

1.3

1.1

0.03

140

273

230

61

564

46

329

873

8

3.5

Subtotal

55.7

0.4

0.3

0.1

0.8

0.18

1.2

1.2

0.03

142

657

593

164

1,414

102

666

2,094

17

7.9

Total Resource

Indicated

40.7

0.7

0.6

0.1

1.4

0.19

2.7

1.9

0.04

153

881

822

184

1,887

79

1,092

2,511

15

6.2

Inferred

52.1

0.8

0.7

0.1

1.6

0.20

3.4

2.1

0.04

157

1,277

1,129

219

2,625

106

1,753

3,478

22

8.2

Total

92.9

0.7

0.7

0.1

1.5

0.20

3.1

2.0

0.04

155

2,158

1,951

403

4,512

185

2,846

5,989

37

14.4

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 (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.

Holes PS001 to PS058 were completed by Pancontinental Mining Ltd ("Pancon") and Minsarco Resources NL ("Minsarco"). Details related to the nature and quality of the sampling have not been recorded except for two holes which had samples that had quarter, half and full core samples collected. All sampling was from diamond core. Samples ranged from 0.06m to 2m in length. Additionally, no information is recorded regarding sample representativity. Sampling intervals correlate to historical drill logs where mineralisation was logged.

Holes PS059 to PS379 were drilled by Platinum Australia Ltd ("PLA") using RC and diamond coring. Reverse circulation ("RC") sampling was a combination of 4m composites produced by spearing 1m bulk samples and 1m split samples taken from the rig mounted sample splitter. Sample intervals ranged from 1m to 4m. Diamond drill core was half or quarter cored with sampling intervals ranging from 0.15m to 3.0m. Details related to the nature and quality of all drill holes completed by PLA was not recorded in the database with approximately 10% of the sampling details not recorded. Sampling intervals correlate to historical drill logs where mineralisation was logged. Qualitative care was taken when sampling diamond drill core to sample the same half of the drill core with half core remaining in the trays. All sampling was either supervised by, or undertaken by, qualified geologists.

Holes PS380 to PS414 were completed by Future Metals NL ("FME"). All holes were diamond cored with PQ3 from surface reducing to HQ3 and NQ2 where appropriate. All samples are half or quarter cored with sample intervals ranging from 0.06cm to 2.0m. Qualitative care was taken when sampling diamond drill core to sample the same half of the drill core with the remaining half of core left in the trays. All sampling was either supervised by, or undertaken by, qualified geologists.

Across all drill holes, not all core or sections drilled with RC (in particular pre-collars) were sampled. In diamond drill core, the intervals of rock that were not recognized as part of the main reef zone from geological logging were not always sampled. Additionally, not all intervals between mineralised zones were historically sampled. 

Drilling techniques

§ 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).

From 1970 to 1991, drill holes PS001 to PS058 were completed by Pancon and Minsarco. The holes were HQ to NQ/NQ2 in size with daughter holes drilled to BQ/BQ3. 29 precollars were drilled with 62 only diamond holes. Multiple holes had diamond wedges/daughter holes. Details regarding core orientation is not recorded. 

From 2000 to 2012, PLA completed holes PS059 to PS379 that are a mix of RC and diamond drill holes. From the holes drilled by PLA, 71 holes were diamond cored, 137 were RC holes and 117 were RC precollars with diamond core tails. Details of core orientation, where recorded, was by the Reflex Orientation Tool. 

From 2020, FME drilled diamond core holes PS380 to PS414. All diamond core drill holes were cored from surface by either PQ3 or HQ3 followed by NQ3 where appropriate. Generally, the top 50m (approximately) of rock were drilled in PQ3 until competent rock was encountered. The drill hole was then cased off and continued in HQ3 size core drilling. Where there was a need to case off the HQ3 core drilling, or due to depth drilling, the hole was continued in NQ3 core. Details of the orientation tool have only been recorded for PS407 to PS414. The core was orientated using a BLY TruCore UPIX Orientation Tool. Diamond holes were triple tubed in the weathered horizon (less than 10m) and standard tubes for the remainder of the drill hole.

Drill sample recovery

§ 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.

Holes PS001 to PS058: Information regarding the method of core recovery and results assessed is not recorded in the historical data.

Holes PS059 to PS379: Sample recovery was assessed qualitatively with sample moisture, bulk recovery and quality recorded for each sample in 57% of the drilling. The remaining drill holes do not have any core recovery methods recorded in the historical data. RC samples were collected off the rig mounted cyclone directly into calico sample bags. Where possible, samples were collected dry. Composite samples were collected using a spear from the center of the drill spoil pile. 

Holes PS380 to PS414:  Sample recovery was recorded for 75% of the drilling. No core recovery or core loss was recorded for any of the drilling completed.

For all drill holes, there is no known relationship between recovery and grade identified and core is very competent upon recent review of available drill core.

Logging

§ 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.

§ All drill holes were geologically logged for lithology, weathering, regolith, texture, grainsize and mineralisation. Alteration was only logged in drill holes from PLA to present. All logging was at an appropriate level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

§ Where logging was historically vague, relogging was completed using historic photos and geochemistry to provide as much detail as possible.

§ Core photography is present for more than 50% of all drilling at the Panton PGM Project.

§ All logging is qualitative in nature with all drill holes logged in full.

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.

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

Holes PS001 to PS058:

§ The details of core sampling procedures and representativity are not recorded in the historical data.

§ No details on field duplicates are recorded in the historical data.

Holes PS059 to PS379:

§ RC drilling by PLA was sampled from a rig mounted riffle splitter in 1m, or half metre intervals. RC samples were mostly dry with a small percentage damp or wet. Sections of drill holes logged as unmineralised were sampled as 4m composites using a PVC spear.

§ All core that is sampled is cut using a diamond saw but only the type of sample was recorded in ~55% of the diamond sampling. Where PQ3 core was drilled for metallurgical testing, the core is cut in half, and then one half cut again into quarters. One quarter core is kept as a reference, one quarter core is sent to the laboratory for assay and the remaining half core was sent for metallurgical test work.

§ RC drill holes had field duplicate samples taken at the rate of 1 in 25 samples. In the case of 1m samples, a second split was taken from the riffle splitter or the bulk sample was passed through a 50/50 riffle splitter several times to produce a sample of about 1kg in size. Composite samples were duplicated by spearing the original bags twice.

§ Limited duplicate core samples were collected by PLA with occasional ¼ core samples being assayed against the original ½ core sample assayed (1:167 samples).

Holes PS380 to PS414:

§ All diamond core was cut in half (HQ3 and NQ3) with PQ3 core cut in half and then quartered for analysis. Half core was left in the tray for record purposes. Limited field duplicates were collected (1:119 samples).

§ Sample preparation was completed by various laboratories with sample sizes considered appropriate for the material being sampled.

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.

§ 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.

§ Details regarding the assaying and laboratory procedures for holes PS001 to PS058 are not recorded in the database.

§ Analysis by PLA for holes PS059 to PS379 was completed by fire assay with an ICPMS finish for Au, Pd and Pt. As, Co, Cr, Cu, Ni and S were analysed by a sodium peroxide fusion and hydrochloric digest with an ICPOES finish. Laboratory repeat analysis was completed on 1:20 samples submitted for assay.

§ FME complete similar analysis to PLA for holes PS380 to PS406. Holes PS407 to PS414 were analysed by 50g fire assay with an ICPMS finish for Au, Pd and Pd with a full multi-element analysis (4 acid digestion with ICPMS finish).

§ All analysis completed are appropriate for the type and style of mineralisation. 

§ Details relating to the quality of assay data and laboratory test are not recorded in the historical data for PS001 to PS058. This includes any record of CRM's and external laboratory checks.

§ For holes PS059 to PS379, historical data records indicate PLA submitted standards/blanks 1:36 samples with lab standards recorded at 1:8. Review of all standards for Pd, Pt, Ni, Cu, Co and Au indicate that the results are within acceptable levels with any outliers present a result of a data entry errors.

§ For holes PS380 to PS414, FME submitted standards/blanks at ratio of 1:30 with lab standards recorded at 1:8. Review of all standards for Pd, Pt, Ni, Cu, Co and Au indicate that the results are within acceptable levels with any outliers present a result of data entry errors.

§ No geophysical tools, spectrometers or handheld XRF instruments, etc were used.

Verification of sampling and assaying

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

§ The use of twinned holes.

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

§ Discuss any adjustment to assay data.

§ No adjustments were made to the assay data.

§ PLA and FME twinned several drill holes.

§ Primary data including drill hole data, geological logging and sample intervals were recorded by paper and then translated digitally by PLA. The original paper logs no longer exist. All FME drilling was logged digitally. All logging and drill hole information is stored in the company database which is a Datashed SQL database. 

§ No significant intersections are reported.

Location of data points

§ 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.

§ Minsarco, Pancon and PLA drilling was initially located on a local grid system which was re-installed by PLA using metal survey stakes by Whelan's surveyors in Kununurra. The local grid had survived in the field to be verified and converted to Australian Map Grid 1966, Zone 52.

§ FME has subsequently converted the location data to Map Grid of Australia 1994, Zone 52.

§ Where historical collars remained in the field, DGPS of the collar position was collected.

§ All FME holes included in the Mineral Resource Estimation were DGPS to an accuracy of

§ Down hole survey methods by Minsarco involved a combination of down hole cameras and acid bottle methods. Pancon down hole surveying was completed by down hole camera. All holes completed by PLA were surveyed with a single shot Eastman down hole camera with a number re-surveyed with a north seeking gyroscope as a comparison and a check against interference due to magnetism within the host ultramafic rocks. PLA found that, in general, the down hole camera surveys were acceptable. All FME down hole surveys were taken with a north seeking gyroscope at regular intervals down hole. 

§ The topographic control is considered better than

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.

§ No Exploration Results are reported in this announcement.

§ Drill hole spacing varies between 25m to 100m between sections and ~5m to 25m along section. Drill spacing is restrictive in areas due to the topographic relief of the Panton Sill.

§ Results from the drilling to date are considered sufficient to assume geological or grade continuity appropriate for Mineral Resource estimation procedure(s) and classifications.

§ No compositing undertaken for diamond drill core or RC samples.

Orientation of data in relation to geological structure

§ 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.

§ Drilling is generally oriented orthogonal to the interpreted dip and strike of the known chromite reef mineralisation. However, several historical holes were drilled less than optimal to the mineralisation due to structural complexity not being understood at the time of drilling. 

§ No intended sampling bias is present.

Sample security

§ The measures taken to ensure sample security.

§ Details for drill samples collected prior to work completed by FME are not recorded in the historical documents or in the database. 

§ All sampling completed by FME was delivered to the Company's transport contractor's yard in Halls Creek directly by Company personnel in a securely sealed bulka bag. The transport company delivered samples directly to the assay laboratory.

Audits or reviews

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

§ No independent audits or reviews have been conducted.

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.

§ 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.

§ The Panton PGM-Ni-Cr Project comprises three granted mining licenses M80/103, M80/104 and M80/105 ('MLs'). The MLs are held 100% by Panton Sill Pty Ltd which is a 100% owned subsidiary of Future Metals NL. The MLs were granted on 17 March 1986 and are currently valid until 16 March 2028. A 0.5% net smelter return royalty is payable to Elemental Royalties Australia Pty Ltd in respect of any future production of chrome, cobalt, copper, gold, iridium, palladium, platinum, nickel, rhodium and ruthenium. A 2.0% net smelter return royalty is payable to Maverix Metals (Australia) Pty Ltd on any PGMs produced from the MLs.

§ The Panton PGM-Ni-Cr Project is located within the traditional lands of the Malarngowen with the necessary agreements in place. The tenure is within the Alice Downs Pastoral Station.

§ There are no impediments to working in the area.

Exploration done by other parties

§ Acknowledgment and appraisal of exploration by other parties.

§ The Panton deposit was discovered by the Geological Survey of Western Australia from surface sampling in the mid-1960s. Pickland Mathers and Co drilled the first holes to test the intrusives in 1970, followed by Minsaco Resources Pty Ltd and completed a prefeasibility study in 1987. In 1989, Pancontinental Mining Limited and Degussa Exploration GMHB drilled 32 further holes to define a resource of 2.2 million tonnes at a grade of 5.6 g/t PGM and Au containing 387,000 ounces. By 1991 a total of 59 primary diamond core drill holes with an additional 30 daughter holes were drilled into the Panton Sill Upper and Middle Chromitite Reefs that were used to estimate the resource. Between 1991 and 2000 there was no exploration activity at Panton. 

§ Platinum Australia Limited (PLA) acquired the project in 2000, mining a new adit for metallurgical testing and further drilling for a new resource update. A major drilling campaign was completed with a further 325 diamond and reverse circulation holes completed. Twenty-one trenches were also completed. From the adit, 650t of material from the Upper Reef was shipped to South Africa for pilot plant test work.

§ In March 2012, PLA announced the results of a review of its 2003 Bankable Feasibility Study. The 2012 BFS Review assumed the resources would be mined via a combination of open and underground with annual production of 600,000tpa for ~83,000ozpa 3E (Pt+Pd+Au).

§ The 2004 JORC Measured, Indicated and Inferred resources for the Panton Project were 14.32Mt at 5.20g/t PGM+Au (at 2.19 g/t Pd, 0.31g/t Au, 0.27% Ni, 0.07% Cu) was reported by PLA.

§ In May 2012, Panton Sill Pty Ltd (a wholly owned subsidiary of Panoramic Resources Ltd) then known as Panoramic Precious Metals Pty Ltd, purchased the Panton Project, which included M80/103, M80/104 and M80/105, from PLA. In October 2012, Panoramic Precious Metals Pty Ltd changed its name to Panton Sill Pty Ltd. 

§ While Panoramic Resources held the project, further metallurgical studies were completed but little additional work was undertaken on site. In 2021, Great Northern Palladium purchased the project from Panoramic Resources. Red Emperor Resources Limited acquired this project prior to Future Metals Limited acquiring the project in 2022.

Geology

§ Deposit type, geological setting and style of mineralisation.

§ The Panton intrusive is a layered, differentiated mafic to ultramafic body that has been intruded into the sediments of the Proterozoic Lamboo Complex in the Kimberley Region of Western Australia. The Panton intrusion has undergone several folding and faulting events that have resulted in a south westerly plunging synclinal structure approximately 9km long, 3km wide and 1.5km depth

§ PGM mineralisation is associated with several thin cumulate Chromitite reefs within the ultramafic sequence. There are three chromite horizons, the Upper group Chromitite (situated within the upper gabbroic sequence), the Middle group Chromitite (situated in the upper portion of the ultramafic cumulate sequence) and the Lower group Chromitite (situated toward the base of the ultramafic cumulate sequence).

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

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

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.

§

§ No previously unreleased exploration results are included in this announcement.

§ No material information has been excluded in this announcement.

Data aggregation methods

§ 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.

§ 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.

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

§ No Exploration Results are reported in this announcement.

§ Metal price assumptions used in the metal equivalent calculations are Palladium US$1,500/oz, Platinum US$1,250/oz, Gold US$1,750/oz, Nickel US$20,000/t and Chromite US$175t for chromite concentrate (40-42% Cr2O3)

§ Metallurgical recovery assumptions used in the metal equivalent calculation are:

§  Reef: Palladium 80%, Platinum 80%, Gold 70%, Nickel 45% and Chromite 70%

§  Dunite: Palladium 75%, Platinum 75%, Gold 85% and Nickel 40%

§ Pd equivalence is calculated by:

§  Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x Pt(g/t) + 1.02083 x Au(g/t) +2.33276 x Ni(%) + 0.07560 x Cr2O3(%)

§  Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x Pt(g/t) + 1.32222 x Au(g/t) +2.2118 x Ni(%)

Relationship between mineralisation widths and intercept lengths

§ 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').

§ No new Exploration Results are reported in this announcement.

§ Drilling is generally oriented orthogonal to the interpreted dip and strike of the known mineralisation. However, several historical holes were drilled less than optimal to the mineralisation due to structural complexity not being understood at the time of drilling. 

Diagrams

§ 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.

§ Relevant maps and diagrams have been included in the body of this announcement.

Balanced reporting

§ 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.

§ All holes drilled at the Panton PGM-Ni-Cr project included in this resource envelope have been previously reported.

Other substantive exploration data

§ 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.

§ All meaningful and relevant data relating to the Mineral Resource has been included. 

Further work

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

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

§ Scoping study work is near completion.

§ Any potential extensions to mineralisation are shown in the figures in the body of the text.

§ Infill sampling from available historical drill core as well as additional infill drilling is being reviewed to improve confidence in the MRE.

Database integrity

§ Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

§ Data validation procedures used.

§ All data is stored in a Datashed SQL database. Future Metals employs a Database Manager who is responsible for the integrity and efficient use of the system. Only the Database Manager has permission to modify the data. It has been thoroughly checked for consistency. For example, sampling and geological logging data is initially collected in the field on hard copy logs then entered digitally by the Geologist into Microsoft Excel. The data is checked by plotting sections and maps in MapInfo Discover GIS software and once verified by the Geologist it is uploaded digitally into Datashed by the Database Manager. The software utilises lookup tables, fixed formatting and validation routines to ensure data integrity prior to upload to the central database. Sampling data is sent to, and received from, the assay laboratory in digital format. Drill hole collars are picked up by differential GPS (DGPS) and delivered to the database in digital format. Down hole surveys are delivered to the database in digital format.

§ DataShed software has validation procedures that include constraints, library tables, triggers and stored procedures. Data that does not pass validation tests must be corrected before upload. Geological logging data is checked visually in three dimensions against the existing data and geological interpretation. Assay data must pass laboratory QAQC before database upload. Sample grades are checked visually in three dimensions against the logged geology and geological interpretation. Drill hole collar pickups are checked against planned and/or actual collar locations. A hierarchical system is used to identify the most reliable down hole survey data. Drill hole traces are checked visually in three dimensions. The Exploration Manager is responsible for interpreting the down hole surveys to produce accurate drill hole traces.

§ The historical PLA data was uploaded from a Microsoft Access relational database into the current version of Maxwell Geoservices Datashed. Most of the sample assay data was re-loaded from the original assay files supplied form the various laboratories to ensure OAQC protocols were honoured.

Site visits

§ Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

§ If no site visits have been undertaken indicate why this is the case.

§ The CP has not yet conducted a site visit and has relied on information provided by Future Metals' technical personnel, some of whom have been involved with the project since 2001. A site visit will be undertaken at the earliest possible opportunity.

Geological interpretation

§ Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

§ Nature of the data used and of any assumptions made.

§ The effect, if any, of alternative interpretations on Mineral Resource estimation.

§ The use of geology in guiding and controlling Mineral Resource estimation.

§ The factors affecting continuity both of grade and geology.

§ The confidence in the interpretation is high as a result of the predominance of core logging and underground mapping information from surface sampling, drilling and exploration mining activity.

§ Wireframe models of the mineralised volumes have been made by independent consultants ABGM group and provided to the CP.

§ The current geological interpretation is based on the logged geology and assayed chromite content within the host dunite sequence. Significant sulphide percentage was also used in the criteria to identify reef hangingwall and footwall stratigraphic mineralisation defined by a 3E (Pd + Pt + Au) cut off of 0.75g/t.

§ Alternative interpretations have not been considered for the purpose of Mineral Resource Estimation as the current interpretation is thought to represent the best fit based on the current level of data.

§ The mineralised dunite is interpreted to be a south plunging synclinal feature, this geological interpretation is based on geological logging of drill hole data. A series of four major shears are interpreted to cut-off or offset the mineralisation and separate the mineralisation into a series of discrete blocks.

§ In the CP's opinion there is sufficient information available from drilling to build a plausible geological interpretation that is of appropriate confidence for the classification of the Mineral Resource Estimate.

Dimensions

§ The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource

§ The Mineral Resource Estimate area has overall dimensions of approximately 5,100m of strike length and has been intercepted in drillholes to 800m depth below surface.

Estimation and modelling techniques

§ The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

§ Geological and mineralisation constraints were generated on the above basis by ABGM Group. The constraints were subsequently used in geostatistics, variography, block model domain coding and grade interpolation. Ordinary kriging was used for estimating Pd, Pt, Au, Cu, Ni, Cr and Co.

§ Based on the OK estimates for the above elements, a series of regression formulae have been used to assign grades for the rare PGE's Os, Ir, Rh and Ru. The regression formulae themselves have been historically developed based on work completed by PLA prior to 2003 and have not been checked by the CP. The assigned grade values for the above rare PGE's are an indication of the expected grades and should not be used in any economic evaluation.

§ The constraints were coded to the drillhole database and samples were composited in two ways. In the chromite reefs a single composite interval of varying length was generated which encompassed the downhole thickness of the entire interpreted interval. Outside the reefs, in the encompassing hangingwall, footwall and dunite material, 3m downhole length composites were generated. 

§ A parent block size of 50mE by 50mN by 20mRL was selected with sub-celling to 0.5mE by 0.5mN by 0.5mRL to account for the extreme thickness variability of the chromite reefs. Comparison checks between the block models and wireframes indicate an adequate volume resolution at the selected level of sub celling.

§ Variography was generated for the various A Block lodes to enable estimation via ordinary kriging. Variography for the A Block lodes generally demonstrated the best structure and were adopted for the other lodes. Hard boundaries were used for the estimation throughout.

§ Input composite counts for the estimates were variable and set at a minimum of between 4 and a maximum of 6 and this was dependent on domain sample numbers and geometry. Any blocks not estimated in the first estimation pass were estimated in a second pass with an expanded search neighbourhood and relaxed condition to allow the domains to be fully estimated. Extrapolation of the drillhole composite data is commonly approximately 200m to 300m beyond the edges of the drillhole data, however, may be considered appropriate given the overall style and occurrence of mineralisation in continuous chromite reef structures and the classification of such extended grade estimates as Inferred.

§ The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

§ Previous Resource estimates are >20 years old and were re-stated in 2015 under JORC 2012. Current estimated grades and tonnages are approximately in line with the historical resource estimates for the chromite reefs only. Resource estimates for the mineralised dunite were not estimated at this time.

§ The assumptions made regarding recovery of by-products.

§ No by-products are currently assumed.

§ Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).

§ No other elements have been assayed. 

§ In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

§ The parent block estimation was selected to be 10mN x10mE x 5mRL throughout, with sub-celling for domain volume resolution. The parent block size was chosen based on mineralised bodies dimension and orientation, estimation methodology and relates to a highly variable drill section spacing and likely method of a mixture of future underground production. The search ellipse was oriented in line with the interpreted mineralised bodies. Search ellipse dimensions were chosen to encompass adjacent drillholes on sections and adjacent lines of drilling along strike and designed to fully estimate the mineralised domains. Overall, the estimation parent block dimension may be considered small, however coupled with the low numbers of input samples, it is considered unlikely that this will have resulted in significant distortion of the grade tonnage curve.

§ Any assumptions behind modelling of selective mining units.

§ Selective mining assumptions of a 10m by 10m by 5m RL SMU for open pit mining were made. For underground mining, it has been assumed that full seam width mining will be undertaken 

§ Any assumptions about correlation between variables.

§ The following variables are strongly correlated within the chromite reefs only- Pd, Pt and Cr.

§ Description of how the geological interpretation was used to control the Resource estimates.

§ The geological and mineralization model domained the mineralized lode material and were used as hard boundaries for the estimation.

§ Discussion of basis for using or not using grade cutting or capping.

§ To limit the effects of extreme grades the following high-grade limits were applied to the composited grade values prior to the OK estimations; in the case of the reefs gold was cut to 1.5g/t; copper 0.3%. For the remainder of the domains, Au was cut to 1ppm, Co was cut to 0.2%, Cr was cut to 5%, Cu was cut to 0.2%, Pd was cut to 2g/t and Pd to 1.5g/t.

§ The process of validation, the checking process used, the comparison of model data to drillhole data, and use of reconciliation data if available.

§ The block model estimates were validated by visual comparison of block grades to drillhole composites, comparison of composite and block model statistics and swath plots of composite versus whole block model grades.

Moisture

§ Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

§ The tonnages are estimated on a dry basis.

Cutoff parameters

§ The basis of the adopted cutoff grade(s) or quality parameters applied

§ A 0.9g/t Pd Eq cutoff grade was used to report the Mineral Resources in the Dunite domains. No cutoff was applied to the reporting of the chromite reefs. This cutoff grade is estimated to be the minimum grade required for economic extraction.

Mining factors or assumptions

§ Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

§ A mixture of open pit and underground mining is assumed however no rigorous application has been made of minimum mining width, internal or external dilution.

Metallurgical factors or assumptions

§ The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

§ Metallurgical testwork is considered to be at an early stage. Bench scale flotation testwork has demonstrated the following:

o  As announced on 13 February 2023 'Mining and Processing Breakthrough at Panton' and in the announcement on 11 July 2023 'Step Change in PGM Recovery - Improved to 86%' the Company has successfully demonstrated the ability to produce a high-grade Ni-PGM concentrate with consistent PGM3E flotation recovery of ~80% to concentrate grades over 250g/t PGM3E. Recoveries for Ni have ranged from 37 - 45%. Recent test work by the Company has shown chromite recoveries of ~70% to a concentrate grading between 40-42% Cr2O3 through flotation and magnetic separation on a composite of flotation tails. Flotation test work on dunite mineralisation has demonstrated recoveries in line with those stated in the Palladium metal equivalents section.

o  The Company believes these results can be further optimised however they do support the development of a scoping level flow sheet. Further optimisation and variability test work will be undertaken as the Company progresses the Project past a scoping stage.

Environmental factors or assumptions

§ Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made

§ No consideration has yet been given to environmental matters such as waste and process residue disposal options or the environmental impacts of a mining and processing operation. The Resource estimate assumes that the Company will be able to obtain all required environmental permitting in a manner that does not adversely affect the Resource estimate.

Bulk density

§ Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

§ The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit,

§ Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

§ Direct measurements of Dry Bulk Densities have been taken for all domains. Typically, a 10cm billet has been determined on a representative basis in the mineralised portion. A total of 689 measurements were available for estimation.

§ Density measurements were undertaken using a core cylinder measurement technique, with 10% being determined by water immersion methods. Given the shallow weathering profile of the project area these density measurements on competent core are considered representative of the mineralised material.

§ Densities have been estimated into blocks within the reef domains using identical parameters as the Pd OK estimates and this is appropriate given the high degree of correlation between the two variables.

§ In the case of the mineralised domains where there is no evidence for a strong correlation between densities and degree of mineralisation, densities have been applied as a single value of 2.9 t/m3 and this has been reduced to 2.5 t/m3 for the upper weathered 25m below the surface.

Classification

§ The basis for the classification of the Mineral Resources into varying confidence categories

§ Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

§ Whether the result appropriately reflects the Competent Person's view of the deposit.

§ The Mineral Resource has been classified as Indicated and Inferred. The classification is based on the relative confidence in the mineralised domain continuity countered by variable drill spacing. The classification of Indicated is only considered in areas where the drill spacing is better than approximately 100m strike by 100m down dip. The classification of Indicated applies to the chromite reefs and their associated hangingwall and footwall domains only based on the more complete degree of sampling and better knowledge of the metallurgical parameters. Sampling in the dunite material was not completed for every drillhole and the sample spacing is therefore more irregular and incomplete. Metallurgical parameters are also so far unknown as testing is not yet complete.

§ Additionally, the Resource classification applies to the estimated block grade items of Pt, Pd, Au, Ni, Cr, Cu and Co only. The regressed grades for rare PGE's Os, Ir, Rh and Ru are only an indication of the grade as they are based on relatively few assayed samples in comparison to the block grade items estimated via OK. The regressed grades for rare PGE's should not be used in definitive economic analysis.

§ The validation of the block model shows moderately good correlation of the input data to the estimated grades.

§ The Mineral Resource Estimate appropriately reflects the view of the Competent Persons.

Audits or reviews

§ The results of any audits or reviews of Mineral Resource estimates.

§ Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the Resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate

§ The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

§ These statements of relative accuracy and confidence of the estimate should be compared with production data, where available

§ No external audits or reviews have been undertaken

§ The relative accuracy of the Mineral Resource Estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code.

§ The statement relates to global estimates of tonnes and grade.

§ Mining activity has not taken place apart from minor underground activity by PLA which was intended to bulk sample the reefs at depth only

Company

Reference link

CHN

Gonneville Project Mineral Resource Estimate (JORC Code 2012), 28 March 2023

POD

Parks Reef Resource Doubles to 6Moz 5E PGM

GAL

Maiden Mineral Resource at Callisto Marks New Province