TIDMFME
RNS Number : 7847R
Future Metals NL
31 October 2023
31 November 2023
Future Metals NL
Quarterly Activities Report for period ending
30 September 2023
Highlights
-- Upgraded independent JORC 2012 Mineral Resource Estimate
("MRE") confirmed Panton's status as the highest grade in Australia
and one of the highest grade undeveloped PGM projects globally
Deposit Tonnage Grade Contained PdEq(2)
(Moz)
(Mt) (PdEq(2) g/t)
=================== ==========================
Reef 10.8 7.0 2.4
=================== ========================== =============================
High-Grade Dunite
(1.4g/t PdEq cut-off) 26.4 1.8 1.5
=================== ========================== =============================
Reef + High-Grade Dunite 37.2 3.3 3.9
=================== ========================== =============================
Bulk Dunite (0.9g/t PdEq
cut-off) 55.7 1.2 2.1
=================== ========================== =============================
Total 92.9 2.0 6.0
=================== ========================== =============================
-- Material increase in MRE confidence with the Indicated
category comprising 44% of the total MRE from 6% previously
-- Option agreement entered into with Osprey Minerals Pty Ltd
("Osprey") to acquire 100km(2) of highly prospective exploration
tenure adjacent to the Panton Project, including the drill ready
Eileen Bore Cu-Ni-PGM prospect (3)
-- Historical drilling at Eileen Bore returned wide zones of
shallow copper, nickel and PGM mineralisation including :
-- 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) (1) from
0m(EBRC 010)
o Including 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) (1)
from 100m
-- 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) (1) from
24m(EBRC 003)
-- 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EBRC
011)
-- Strategic Board changes in line with the continued
development of the Panton Project with the proposed appointment of
Mr Patrick Walta as Executive Chairman, a qualified metallurgist
and mineral economist with experience across both technical and
commercial roles
Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME) is pleased to announce its Quarterly Activities and Cashflow
Report for the Quarter ended 30 September 2023 (the "Quarter").
(1) Platinum-Group-Metals 3E refers to platinum, palladium and gold
(2) PdEq (Palladium Equivalent). Refer to end of the main body of this announcement
for calculation
details
(3) See announcement dated 5 October 2023 regarding Future Metals' option to acquire
100%
of Osprey Pty Ltd
Resource Upgrade
On 26 October 2023, the Company announced a significant
milestone with a substantial upgrade to its independent JORC Code
(2012) MRE for its 100% owned Panton PGM-Ni-Cr Project.
The total MRE at Panton is now 92.9Mt @ 1.5g/t PGM(3E) (1) ,
0.20% Ni, 3.1% Cr(2) O(3) (2.0g/t PdEq(2) ) for contained metal of
4.5Moz PGM(3E) (1) , 185kt Ni, 2.8Mt Cr(2) O(3) , (6.0Moz PdEq(2)
). The MRE was reported across three separate units: Reef,
High-Grade Dunite and Bulk Dunite.
This upgraded MRE further establishes the Panton project as the
highest grade PGM project in Australia and one of the highest grade
undeveloped PGM projects globally . The MRE included an estimate
for the Panton deposit's chromite content for the first time,
positioning it as one of the only chromite projects in Australia,
and one of the few in a top tier jurisdiction.
Figure One | Australian PGM Project Comparison.
See Appendix Three for source information.
Panton Mineral Resource Estimate Overview
Table One | Panton Total Mineral Resource Estimate
Mass PGM(3E) (1) Ni Cr(2) O(3) PdEq (2)
(Mt) (g/t) (%) (%) (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
================ ============= ===== ============ ==========
The Reef MRE component was 10.8Mt @ 5.6g/t PGM(3E) (1) , 0.27%
Ni, 14.6% Cr(2) O(3) (7.0g/t PdEq(2) ) for contained metal of
2.0Moz PGM(3E) (1) , 29kt Ni, 1.6Mt Cr(2) O(3) (2.4Moz PdEq(2)
).
Table Two | Panton Mineral Resource Estimate - High Grade
Reef
Mass PGM(3E) (1) Ni Cr(2) O(3) PdEq (2)
(Mt) (g/t) (%) (%) (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
================ ============= ===== ============ ==========
The High-Grade Dunite MRE component was 26.4Mt @ 1.3g/t PGM(3E)
(1) , 0.21% Ni (1.8g/t PdEq(2) ) for contained metal of 1.1Moz
PGM(3E) (1) , 54kt Ni (1.5Moz PdEq(2) ). The High-Grade Dunite is
the mineralisation which sits parallel to the reef mineralisation
at the footwall and hangingwall contacts.
Table Three | Panton Mineral Resource Estimate - High Grade
Dunite (1.4g/t PdEq cut-off)
Mass PGM(3E) (1) Ni PdEq (2)
(Mt) (g/t) (%) (g/t)
============= =====
26.4 Grade 1.3 0.21 1.8
================ ============= ===== ==========
(Moz) (kt) (Moz)
================ ============= ===== ==========
Contained Metal 1.1 54 1.5
================ ============= ===== ==========
The combined Reef and High-Grade Dunite mineralisation of 37.2Mt
@ 2.6g/t PGM(3E) (1) , 0.22% Ni, 6.2% Cr(2) O(3) (3.3g/t PdEq(2) )
for contained metal of 3.1Moz PGM(3E) (1) , 83kt Ni, 2.2Mt Cr(2)
O(3) (3.9Moz PdEq(2) ).
Table Four | Panton Mineral Resource Estimate - Reef &
High-Grade Dunite
Mass PGM(3E) (1) Ni Cr(2) O(3) PdEq (2)
(Mt) (g/t) (%) (%) (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
================ ============= ===== ============ ==========
The Bulk Dunite has been reported at a 0.9g/t PdEq cut-off for
an MRE of 55.7Mt @ 0.8g/t PGM(3E) (1) , 0.18% Ni (1.2g/t PdEq(2) )
for contained metal of 1.4Moz PGM(3E) (1) , 102kt Ni (2.1Moz
PdEq(2) ).
A detailed table for the Panton MRE is provided in Appendix
Two.
The primary change between the previously reported MRE
(announced 21 June 2022) and the upgraded MRE announced on 26
October 2023 is enhanced geological modelling of the Reef
mineralisation and the surrounding dunite into separate geological
units. The new MRE enables the Company to more accurately model the
volume and grade of different mineralisation types which can be
mined and milled as part of the forthcoming Scoping Study, which is
focussed on the Reef and High Grade Dunite mineralisation.
Another key change to the MRE is the inclusion of a chromite
(Cr(2) O(3) ) estimate following numerous successful metallurgical
test work programmes demonstrating that a saleable chromite
concentrate can be produced from the tails of the PGM flotation
where the Ni-PGM concentrate is produced. Figure Two shows the
composition of Panton's PdEq(2) grade and its basket price where
chromite provides a material contribution.
Figure Two | Breakdown of palladium equivalent and basket price
per PGM(3E) ounce. Assumptions used are those set out under
Palladium Equivalent calculations below.
Figure Three | Isometric view of high-grade Panton with drill
traces and resource blocks coloured by Resource classification.
The proportion of mineralisation classified as Indicated also
increased, constituting approximately 44% of the total MRE (and 41%
of the Reef), compared to 6% in the previous MRE. This follows the
inclusion of a number of recently completed drill holes which were
not previously included, and improved metallurgical understanding
and performance of the dunite mineralisation.
The new MRE was prepared independently by International Resource
Solutions Pty Ltd and reported in accordance with the JORC Code
(2012).
Exploration & Resource Upside
Panton's Reef and High-Grade Dunite are open at depth and
shallowing as they plunge to the south-west. Drill hole PS414
(shown in Figure Four) is on the largest step-out and demonstrates
increasing grade and a potential thickening in the deposit as it
flattens in its plunge. There is considerable potential to grow the
high-grade Reef and High-Grade Dunite MRE through further drilling
targeting down plunge extensions.
Figure Four | Isometric view of high-grade PGM reef looking
north with drill traces and resource blocks coloured by PdEq
grade
There is also potential to discover localised zones of economic
mineralisation (such as more reefs) near the existing Reef modelled
in the MRE. Drill hole PS291 (shown in Figure Four) demonstrates
sulphide-rich mineralisation with significantly less chromite than
the majority of the reef intersections which inform the MRE. This
style of mineralisation is analogous to the Bushveld system in
South Africa, where the sulphide-rich Merensky reef sits higher up
in the stratigraphy than the chromite-rich UG2 reef.
The majority of the drill holes included in the MRE have only
been sampled close to the upper and lower reef contacts. There was
limited sampling of mineralisation above or below the reefs by
prior owners of Panton, with geological logging providing multiple
indications of chromite stringer reefs which have not been sampled
(a potential marker for PGM(3E) mineralisation). The Company is
currently completing a review of this historical logging to target
previously drilled holes of interest for follow up re-logging and
portable X-Ray Fluorescence ("pXRF") analysis, followed by sampling
and assaying.
The Company has not included copper or cobalt in its PdEq
calculations however continued optimisation of metallurgical
performance may warrant their inclusion in subsequent MRE updates.
Similarly, the Company's MRE did not include rhodium, iridium or
osmium due to paucity of assay data however flotation test work has
demonstrated the recovery of these valuable metals. The Company
will examine whether resampling of existing drill core for these
elements is warranted as it progresses the Project.
Scoping Study Progress
Following the announcement of the Company's upgraded MRE, and
significant flowsheet optimisation achievements through the past 12
months, the Company is finalising its Scoping Study on Panton in Q4
2023. The Reef and High Grade Dunite components of the deposit will
underpin a high-grade, long life operation at Panton.
Strategic Exploration Position
On 5 October 2023, the Company entered into an option agreement
to acquire 100% of Osprey Minerals Pty Ltd ("Osprey") which owns
100km(2) of highly prospective exploration tenements ("Osprey
Projects") in the East Kimberley region of Western Australia (shown
in Figure Five) .
The Osprey Projects are located within a 20km radius of the
Company's 100% owned Panton Project and are made up of the Eileen
Bore, Sally Downs and Springvale Projects.
Figure Five | Future Metals tenements including Octava Joint
Venture, and Osprey Projects (Eileen Bore, Sally Downs and
Springvale)
Eileen Bore
The Eileen Bore Project (shown in Figure Six) is characterized
by a series of differentiated pyroxenite and gabbro intrusions
emplaced along a structural corridor, the Alice Downs Fault, which
represents a major north-northeast trending splay off the
deep-seated mantle tapping Halls Creek Fault. Broad zones of
disseminated and net-textured Cu and Ni sulphides occur within the
host intrusions and are comprised of chalcopyrite, pyrrhotite,
pentlandite and pyrite. Much of the project area is under cover
which has limited the effectiveness of historical surface sampling.
There is significant potential for blind deposits with no surface
anomalism.
Figure Six | Aeromagnetics with Ni-Cu-PGM prospects highlighted
at the Eileen Bore Project. The Copernicus Mine is excluded.
The Eileen Bore prospect is an advanced exploration target with
drilling confirming wide zones of consistent Cu-Ni-PGM
mineralisation from surface along a known strike of 400m.
Mineralisation remains open along a significant strike and at
depth, with an average hole depth of just 96m and a maximum drilled
vertical depth of 200m. Eileen Bore sits along the same structure
which hosts the Copernicus mine 15km to the north-east.
Drilling results include (see announcement of 5 October
2023):
o 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) (1) from 0m (EoH)(EBRC 010)
-- Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) (1) from
100m
o 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) (1) from 24m (EoH) (EBRC 003)
-- Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) (1) from
56m
o 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) (1) from 36m (EoH) (EBRC 011)
o 47m @ 0.62% Cu, 0.30% Ni & 0.60g/t PGM(3E) (1) from 3m(AD07)
o 36m @ 0.53% Cu, 0.25% Ni & 0.59g/t PGM(3E) (1) from 40m(EBRC 002)
o 64m @ 0.77% Cu, & 0.30% Ni from 32m (EoH) (EP09)
o 52m @ 0.74% Cu, & 0.29% Ni from 10m (EP08)
Figure Seven | Cross section of drilling at Eileen Bore
demonstrating mineralisation open at depth.
Drilling to date (shown in Figure Seven) has focused on near
surface mineralisation. The Company's interpretation of drill hole
data is that mineralisation is controlled by a south-west plunging,
chonolith-like body with grades and thicknesses increasing towards
the centre of the intrusion. The down plunge extent of the body has
not been effectively drill tested. It is likely that the
mineralisation has been offset and displaced laterally or
vertically by cross-faults and no drilling to date has tested this
potential either.
Option Agreement Terms
The Company made an upfront payment of A$25,000 in cash for a
30-day option period. On completion of due diligence to its
satisfaction, Future Metals may elect to offer to acquire 100% of
Osprey for upfront consideration of A$625,000 in FME shares, priced
at the 5-day Volume Weighted Average Price ("VWAP") on the day
prior to delivering an option exercise notice. These FME shares
will be subject to a 6-month voluntary escrow period. Shareholders
representing 76.5% of the share capital in Osprey have already
undertaken to accept Future Metals' offer upon exercise of the
option.
Deferred consideration of A$325,000 in FME shares or cash (at
the Company's sole election) will be payable in 6 months from
completion of the acquisition. Once the Company drills 2,000m or
more on the Osprey Projects, an additional A$325,000 in FME shares
or cash will be payable (at the Company's sole election). In the
event of the Company electing to pay the deferred consideration in
FME shares, this will be priced at the 5-day VWAP at the time of
the milestone being met.
All other terms of the option agreement were customary for a
transaction of this nature.
Panton North Exploration
A scout reverse circulation ("RC") drilling programme was
completed at the Panton North Project where Future Metals has a
farm-in joint venture agreement with Octava Minerals Ltd. The
drilling programme was designed to test the BC1 and Panton West
prospects for Ni-Cu-PGM mineralisation. Neither of these targets
had been previously drilled.
Drilling at Panton West intersected a horizon of ultramafic with
anomalous platinum and palladium, which is interpreted to be the
top of a sill. Shallow drilling at BC1 identified a sheared/faulted
contact of the Tickalara metasediments with the Panton Sill,
however the depth to target was not achieved due to shallow
capability of the rig. Remodelling of geophysics is being completed
to refine targeting for both prospects.
Corporate
The Company announced strategic Board changes in line with the
continued development of the Panton PGM-Ni-Cr Project and overall
growth of the Company. As announced on 9 October 2023, experienced
board executive, Mr Patrick Walta, is intended to be appointed as
Executive Chairman following the Company's 2023 Annual General
Meeting ("AGM") which is being held on 17 November 2023.
Patrick is a qualified metallurgist and mineral economist with
experience across both technical and commercial roles within the
mining and water treatment industries. In 2017, Patrick founded New
Century Resources Ltd and became Managing Director following the
successful acquisition of the Century Zinc Mine in Queensland. Over
the proceeding five years Patrick led the growth of the Company
though feasibility, mine restart, commissioning and steady state
operations. Through this process, the Century Mine became the 13th
largest zinc producer in the world. In 2023, New Century was
acquired by the multinational PGM-gold producer Sibanye-Stillwater
Ltd.
Accordingly, following the AGM, Mr Justin Tremain will step down
from the position of Non-Executive Chairman, remaining on the Board
as the Senior Independent Non-Executive Director while current
Non-Executive Director, Allan Mulligan, will step down to focus on
his other business interests.
Financial commentary
The Quarterly Cashflow Report (Appendix 5B) for the period
ending 30 September 2023 provides an overview of the Company's
financial activities.
The Quarterly Cashflow Report (Appendix 5B) is available at the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/7847R_1-2023-10-30.pdf
and on the Company's website.
The Company held approximately A$1.6 million in cash at the end
of the Quarter.
Exploration and project development expenditure during the
Quarter amounted to approximately A$523k. During the quarter, the
Company paid significant one-off annual costs including ASX Listing
Fees (A$31k), insurance (A$58k) and audit fees (A$27k) which
contributed to above average administration costs for the quarter.
Payments for administration and corporate costs amounted to
approximately A$525k. This included payments to related parties and
their associates of A$112k, comprising Director fees and
remuneration (including superannuation).
For additional information please refer to ASX/AIM announcements
covered in this report:
-- 26 October 2023 | Resource Upgrade Defines Panton's
Impressive Grade & Scale
-- 19 October 2023 | Notice of Annual General Meeting / Proxy
Form
-- 9 October 2023 | Executive Chair Appointment and Board
Changes
-- 5 October 2023 | FME Doubles Strategic Exploration Position
Near Panton
-- 29 September 2023 | Annual Report to Shareholders
-- 20 September 2023 | Corporate Presentation, September
2023
-- 11 July 2023 | Step Change in PGM Recovery - Improved to
86%
The above announcements are available to view on the Company's
website at future-metals.com.au. The Company confirms that it is
not aware of any new information or data that materially affects
the information included in the relevant original market
announcements. The Company confirms that the information and
context in which the Competent Person's findings are presented have
not been materially modified from the original market
announcements.
For further information, please contact:
Future Metals NL +61 8 9480 0414
Jardee Kininmonth 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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law pursuant to the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
Competent Person's Statements
The information in this announcement that relates to Exploration
Results in relation to the Panton PGM Project is based on and
fairly represents information and supporting documentation compiled
by Ms. Barbara Duggan (MSc), a Competent Person, who is a Member of
the Australian Institute of Geoscientists. Ms Duggan is a full-time
employee of the Company and is entitled to participate in the
Future Metals Performance Rights Plan. Ms Duggan has sufficient
experience that is relevant to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 edition of the
Australasian Code for the Reporting of Exploration Results. The
Competent Person has verified the data disclosed in this
announcement, including sampling and analytical data underlying the
information contained in this announcement. Ms. Duggan consents to
the inclusion in this announcement of the matters based on this
information in the form and context in which it appears.
The information in this announcement that relates to Mineral
Resources is based on, and fairly represents, information compiled
by Mr Brian Wolfe, who is a Member of the Australian Institute of
Geoscientists. Mr Wolfe an external consultant to the Company and
is a full-time employee of International Resource Solutions Pty
Ltd, a specialist geoscience consultancy. Mr Wolfe has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity he is
undertaking to qualify as a competent person as defined in the 2012
Edition of the "Australasian Code for reporting of Exploration
Results, Exploration Targets, Mineral Resources and Ore Reserves"
(JORC Code). Mr Wolfe consents to the inclusion in this
announcement of the matters based upon his information in the form
and context in which it appears.
Palladium Metal Equivalents
Metal recoveries used in the palladium equivalent (PdEq)
calculations are shown below:
-- Reef: Palladium 80%, Platinum 80%, Gold 70%, Nickel 45% and
Chromite 70%
-- Dunite: Palladium 75%, Platinum 75%, Gold 85% and Nickel
40%
Assumed metal prices used are also shown below:
-- Palladium US$1,500/oz, Platinum US$1,250/oz, Gold
US$1,750/oz, Nickel US$20,000/t and US$175/t for chromite
concentrate (40-42% Cr(2) O(3) )
Metal equivalents were calculated according to the follow
formulae:
-- 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 Cr(2)
O(3) (%)
-- Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x
Pt(g/t) + 1.322 x Au(g/t) + 2.2118 x Ni(%)
Appendix One | Exploration and Mining Permits
Exploration & Mining Permits changes during the Quarter
Interest at beginning Interest at
Project Location Tenement of Quarter end of Quarter
No changes during the Quarter
Farm-In / Farm-Out Agreement changes during the Quarter
Interest Interest
Joint Venture Project Location Tenement at beginning at end of
of Quarter Quarter
Octava Minerals Panton North Western Australia E80/5455 - -
Ltd
Octava Minerals Copernicus Western Australia E80/5459 - -
Ltd North
=============== ============ ================= ========== ============= ==========
Future Metals may earn up to 70% in the two tenements listed
above. Details of the transaction can be found in the announcement
'Farm-In Agreement Over East Kimberley Ni-Cu-PGE Prospects'
released on 17 January 2023.
Interests in Mining & Exploration Permits & Joint
Ventures at 30 September 2023
Project Location Tenement Area Interest at
end of Quarter
Panton PGM-Ni-Cr
Project Western Australia M80/103 8.6km 2 100%
M80/104 5.7km 2 100%
M80/105 8.3km 2 100%
Panton North Western Australia E80/5455 8 BL -
Copernicus North Western Australia E80/5459 2 BL -
================= ================== ========= ======== ===============
Appendix Two | Panton Mineral Resource Estimate (JORC Code
2022)
Category Mass Grade Contained Metal
(Mt) Pd Pt Au PGM(3E) (g/t) Ni Cr(2) O(3) PdEq(1) Cu Co Pd Pt Au PGM(3E) (Koz) Ni Cr(2) O(3) PdEq(1) Cu Co
(g/t) (g/t) (g/t) (%) (%) (g/t) (%) (ppm) (Koz) (Koz) (Koz) (kt) (kt) (Koz) (kt) (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
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
(1) Refer to the main body of this announcement for the
palladium equivalent (PdEq) calculations
(2) No cut-off grade has been applied to reef mineralisation and
a cut-off of 0.9g/t PdEq has been applied to the Bulk Dunite
mineralisation and 1.4g/t PdEq cut-off to the High-Grade Dunite
mineralisation
Appendix Three | Peer Benchmarking References
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
=============================================================================
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