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Future Metals NL Further Assay Results from the Panton Deposit

17/01/2022 8:45am

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RNS Number : 6529Y

Future Metals NL

17 January 2022

Further Assay Results from Metallurgical Drilling

at the Panton PGM-Ni Deposit

Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME ), is pleased to announce further high-grade PGM assay results from the metallurgical drilling completed at its 100% owned Panton PGM Project ("Panton") in northern Western Australia.

The results reported are from the remaining three of eight metallurgical holes drilled to provide samples for flotation optimisation and variability test work which is underway. Assay results remain pending for a further 52 exploration drill holes, with initial results expected during Q1, 2022.

Panton has a current JORC Mineral Resource Estimate ("MRE") of 14.32Mt @ 4.89g/t PGM (6E) and 0.31g/t gold for 2.4Moz of contained PGM and gold (refer to Appendix One) .

Highlights

-- Assay results received for the remaining three metallurgical holes drilled, further to the initial five drill hole results reported in the Company's announcement of 28 October 2021, include (refer to Table One and Appendix Two for full details) :

   o   8.4m @ 4.89g/t PGM 3E   (4.90g/t PdEq) from 32.6m (PS383) 
   o   12.6m @ 2.58g/t PGM 3E (2.81g/t PdEq) from 54.4m (PS385) 
   -- including 4.6m @ 5.42g/t PGM 3E   (5.34g/t PdEq) from 54.4m 
   o   13m @ 1.03g/t PGM 3E (1.30g/t PdEq) from 43m (PS386) 

-- Metallurgical flotation test work is underway on both high-grade and low-grade representative composite samples

-- Assay results pending for a further 52 drill holes comprising 19 exploration holes recently drilled by the Company and 33 historical drill holes that were not previously sampled through the footwall of the Upper Reef

-- Initial batch of results expected to be reported within the coming weeks and thereafter regularly throughout Q1, 2022.

-- Once all of the assays have been received, the Company will incorporate the new results into an updated MRE that will encompass shallow, bulk PGM-Ni mineralisation up to 20-40 metres in thickness, that importantly sits outside of the current MRE (refer to the Company's announcement of 8 December 2021)

-- The Company remains in a strong financial position with cash at bank of A$6.0 million as at 30 November 2021

(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)

(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 0.875xAu(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)

Metallurgical Drillhole Assay Results

A total of eight metallurgical holes were drilled (PS382 - PS389) to recover sufficient mineralised chromitite reef and associated mineralised dunite for metallurgical test work.

Results were reported for the initial five holes on 28 October 2021 and results have now been received for the remaining three holes as set out in Table One below (refer to Appendix Two for the drill hole details) :

 
 Hole ID       From     To      Width      Pd        Pt        Au       PGM 3E      Ni      Cu       Co        Pd Eq 
                (m)     (m)      (m)      (g/t)     (g/t)     (g/t)    (g/t)(1)     (%)     (%)     (ppm)     (g/t)(2) 
-----------  ------  -------  -------  --------  --------  --------  ----------  ------  ------  --------  ----------- 
 PS383         32.6     41       8.4      2.37      2.08      0.42       4.89      0.24    0.06     n/a        4.90 
 PS385         54.4     67      12.6      1.21      1.04      0.33       2.58      0.23    0.05     n/a        2.81 
 including     54.4     59       4.6      2.72      2.18      0.52       5.42      0.23    0.04     n/a        5.34 
 and           101     103.3     2.3      1.23      1.55      0.16       2.93      0.16    0.03     n/a        2.90 
-----------  ------  -------  -------  --------  --------  --------  ----------  ------  ------  --------  ----------- 
 PS386          43      56       13       0.45      0.39      0.19       1.03      0.17    0.05     n/a        1.30 
-----------  ------  -------  -------  --------  --------  --------  ----------  ------  ------  --------  ----------- 
 

Table One | Metallurgical Sample Drilling Assay Results

(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)

(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 1.90394xNi(%) + 0.875x(Au(g/t) + 1.38936xCu(%) + 8.23xCo(%)

Metallurgical flotation test work is underway at ALS Laboratories in Perth, Western Australia. Test work is being carried out on both high-grade and lower-grade bulk samples composited from the eight metallurgical drill holes.

http://www.rns-pdf.londonstockexchange.com/rns/6529Y_1-2022-1-17.pdf

Figure One | Panton Drill Hole Plan

Pending Exploration Drillhole Assay Results

As previously reported, the Company has completed approximately 6,000m of diamond core drilling designed to:

-- provide samples for further metallurgical test work (as reported above);

-- test continuity and depth extensions to the existing MRE;

-- test the potential for defining a much larger and shallower mineralised zone at lower cut-off grades; and

-- test parallel zones of highly anomalous PGM at surface (i.e. the Northern Anomaly)

The Company has completed 27 drill holes. Eight holes were drilled to provide metallurgical samples as reported above and as announced on 28 October 2021. Assay results from the remaining 19 exploration holes remain pending with samples submitted to Bureau Veritas in Perth, Western Australia in 11 batches between October 2021 and January 2022.

Historical drill holes were often terminated once the hole reached the 'Upper Reef' or the 'Middle Reef' and were not drilled through the entire prospective footwall horizon to the 'Lower Reef' (refer to the Company's announcement of 8 December 2021) . Furthermore, several historic drill holes only had samples and assays taken within the visible chromitite in the Upper and Middle Reef and were not sampled between or below in the host dunite rock.

The Company has now completed sampling of the partially unassayed holes that were drilled into the mineralised footwall dunite. A total of 33 historical drill holes that were not previously completely assayed have now been sampled and submitted for assaying in December 2021 and January 2022.

Accordingly, the Company expects to progressively report assay results from a further 52 drill holes (comprising 19 recently drilled holes and 33 historical holes) over the next 2-3 months. The initial batch of results are expected to be received in the next few weeks.

Once received, all new assay data will be incorporated into a new MRE for the Panton PGM Project. The planned updated MRE will take into consideration shallow, bulk PGM-Ni mineralisation of up to 20-40 metres in thickness, that sits outside of the current MRE (refer to the Company's announcement of 8 December 2021).

Palladium Equivalent (PdEq)

Based on metallurgical test work completed on Panton samples, all quoted elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being ultimately recovered and sold.

Metal recoveries used in the palladium equivalent (PdEq) calculations are in the midpoint of the range of recoveries for each element based on metallurgical test work undertaken to date at Panton. It should be noted that palladium and platinum grades reported in this announcement are lower than the palladium and platinum grades of samples that were subject to metallurgical test work (grades of other elements are similar).

Metal recoveries used in the palladium equivalent calculations are shown below:

-- Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%

Metal prices used are also shown below:

-- Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t

Metal equivalents were calculated according to the follow formula:

-- PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)

This announcement has been approved for release by the Board of Future Metals NL.

For further information, please contact :

 
            Future Metals NL                                        +61 8 9480 0414 
            Justin Tremain                                          info@future-metals.com.au 
 
            Strand Hanson Limited (Nominated Adviser)               +44 (0) 20 7409 3494 
            James Harris 
 
            W H Ireland Limited (UK Broker) 
             Harry Ansell/Katy Mitchell                             +44 (0) 207 220 1670 
 
 

Competent Person's Statement:

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Shane Hibbird, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration Manager and 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 Hibbird consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

The information in this announcement which relates to Mineral Resources was stated in the Company's ASX Prospectus dated 18 May 2021. The Company confirms that is not aware of any new information or data that materially affects the information included in the Prospectus relating to Mineral Resources, and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

The information in this announcement that relates to Metallurgical Results is based on, and fairly represents, information compiled by Dr Evan Kirby, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Dr Kirby is a full-time employee of Metallurgical Management Services (MMS) a specialist metallurgical consultancy and an independent consultant of the Company. Dr Kirby 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). Dr Kirby consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.

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 is forms part of United Kingdom domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended.

Notes to Editors:

About Panton PGM Project

The 100% owned Panton PGM project is located 60 kilometres north of the town of Halls Creek in the eastern Kimberly region of Western Australia, a tier one mining jurisdiction. The project is located on three granted mining licences and situated just 1 kilometre off the Great North Highway which accesses the Port of Wyndham.

The Panton PGM Project has a JORC Mineral Resource estimate of 14.32Mt @ 4.89g/t PGM, 0.31g/t Au and 0.27% Ni (refer to Appendix One) .

The Panton mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive which is a 10km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted within two stratiform chromite reefs, the Upper and Middle reefs, within the ultramafic sequence.

About Platinum Group Metals (PGMs)

PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally rare, they have similar physical and chemical properties and tend to occur, in varying proportions, together in the same geological deposit. The usefulness of PGMs is determined by their unique and specific shared chemical and physical properties.

PGMs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for ICE vehicles), but are also used in jewellery, electronics, hydrogen production / purification and in hydrogen fuel cells. The unique properties of PGMs help convert harmful exhaust pollutant emissions to harmless compounds, improving air quality and thereby enhancing health and wellbeing.

Appendix One

Panton JORC (2012) Mineral Resource Estimate

http://www.rns-pdf.londonstockexchange.com/rns/6529Y_1-2022-1-17.pdf

Appendix Two

Metallurgical Drill Hole Details

 
            Hole Type                                           Dip 
                                                       Depth    ((0)   Azi ((0) 
 Hole ID                 Easting   Northing   RL (m)    (m)      )         ) 
  PS383         PQ       377043    8037291     455     44.4     -87      339 
  PS385         PQ       377648    8037205     458     115.3    -50      250 
  PS386         PQ       377649    8037205     458     60.3     -70      250 
           -----------  --------  ---------  -------  ------  ------  --------- 
 

Appendix Three | JORC Code (2012) Edition Table 1

Section 1 Sampling Techniques and Data

 
 Criteria       JORC Code explanation                                         Commentary 
               ============================================================ 
 Sampling 
  techniques     *    Nature and quality of sampling (eg cut channels,         *    Sampling methods used for samples in this 
                      random chips, or specific specialised industry                announcement were PQ3 Diamond Core which was cut in 
                      standard measurement tools appropriate to the                 half, and then one half cut again to produce 1/4 core 
                      minerals under investigation, such as down hole gamma         samples using a core saw. 
                      sondes, or handheld XRF instruments, etc). These 
                      examples should not be taken as limiting the broad 
                      meaning of sampling.                                     *    All sampling was either supervised by, or undertaken 
                                                                                    by, qualified geologists. 
 
                 *    Include reference to measures taken to ensure sample 
                      representivity and the appropriate calibration of any    *    1/4 and 1/2 core samples were sent to ALS Metallurgy 
                      measurement tools or systems used.                            in Balcatta, Perth, Western Australia. 1/2 core 
                                                                                    samples were reserved for metallurgical test work and 
                                                                                    the 1/4 core samples were assayed at ALS Minerals in 
                 *    Aspects of the determination of mineralisation that           Malaga, Perth, Western Australia. 
                      are Material to the Public Report. In cases where 
                      'industry standard' work has been done this would be 
                      relatively simple (eg 'reverse circulation drilling      *    To ensure representative sampling, for each hole, the 
                      was used to obtain 1 m samples from which 3 kg was            same quadrant of the original core was sent for assay 
                      pulverised to produce a 30 g charge for fire assay').   , 
                      In other cases more explanation may be required, such         for example when looking at the core down hole, the 
                      as where there is coarse gold that has inherent               left-hand side was sampled for metallurgical test 
                      sampling problems. Unusual commodities or                     work, the lower right-hand quadrant was retained in 
                      mineralisation types (eg submarine nodules) may               the core tray as a reference sample, and the upper 
                      warrant disclosure of detailed information.                   right-hand quadrant was always sent to the laboratory 
                                                                                    for assay. In the case of other cored drill holes, 
                                                                                    the left-hand side of the core was always sent for 
                                                                                    assay. At the laboratory the entire 1/4 or 1/2 core 
                                                                                    sample was crushed, a 300g split was pulverised to 
                                                                                    provide material for fire assay, ICP-MS and XRF 
                                                                                    analysis. 
=============  ============================================================  ============================================================ 
 Drilling 
  techniques      *    Drill type (eg core, reverse circulation, open-hole     *    All metallurgical drill holes PS382 - PS389 were 
                       hammer, rotary air blast, auger, Bangka, sonic, etc)         drilled PQ3 (83.0mm diameter). 
                       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      *    Core is orientated using a BLY TruCore UPIX 
                       what method, etc.).                                          Orientation Tool. 
 
 
                                                                               *    The drilling contractor was Terra Drilling. Triple 
                                                                                    tubes are utilised 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          *    Each core run is measured and checked against the 
                      sample recoveries and results assessed.                       drillers core blocks. Any core loss is noted. To date 
                                                                                    core recoveries have been excellent with very little 
                                                                                    core loss reported. 
                 *    Measures taken to maximise sample recovery and ensure 
                      representative nature of the samples. 
                                                                               *    Metallurgical drill holes PS382 - PS389 that were 
                                                                                    drilled to collect sample material for metallurgical 
                 *    Whether a relationship exists between sample recovery         test work were deliberately drilled at a low angle to 
                      and grade and whether sample bias may have occurred           the chromitite reefs so as to maximise the amount of 
                      due to preferential loss/gain of fine/coarse                  mineralised material recovered in each drill hole. 
                      material.                                                     The drilled widths of mineralisation in these drill 
                                                                                    holes are larger than the true widths. 
 
 
                                                                               *    No relationship between recovery and grade has been 
                                                                                    identified. 
=============  ============================================================  ============================================================ 
 Logging 
                 *    Whether core and chip samples have been geologically     *    All drill core and reverse circulation samples have 
                      and geotechnically logged to a level of detail to             been logged onsite by geologists to a level of detail 
                      support appropriate Mineral Resource estimation,              to support appropriate Mineral Resource estimation, 
                      mining studies and metallurgical studies.                     mining studies and metallurgical studies. 
 
 
                 *    Whether logging is qualitative or quantitative in        *    Logging is qualitative and records lithology, grain 
                      nature. Core (or costean, channel, etc.) photography.         size, texture, weathering, structure, alteration, 
                                                                                    veining and sulphides. Core is digitally 
                                                                                    photographed. 
                 *    The total length and percentage of the relevant 
                      intersections logged. 
                                                                               *    All holes are logged in full . 
=============  ============================================================  ============================================================ 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,       *    All core that is sampled is cut using a diamond saw. 
  and sample           half or all core taken.                                      PQ3 core is cut in half, and then one half cut again 
  preparation                                                                       into quarters. One quarter core is kept as reference, 
                                                                                    one quarter core is sent to the laboratory for assay, 
                  *    If non-core, whether riffled, tube sampled, rotary           and the remaining half core is sent to ALS Metallurgy 
                       split, etc and whether sampled wet or dry.                   for metallurgical test work. 
 
 
                  *    For all sample types, the nature, quality and           *    Generally, core samples are 1 metre in length, with a 
                       appropriateness of the sample preparation technique.         minimum sample length of 25 centimetres. Sample 
                                                                                    lengths are altered from the usual 1 metre due to 
                                                                                    geological contacts, particularly around the 
                  *    Quality control procedures adopted for all                   chromitite reefs. 
                       sub-sampling stages to maximise representivity of 
                       samples. 
                                                                               *    The sample size is considered appropriate for the 
                                                                                    material being sampled. 
                  *    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. 
=============  ============================================================  ============================================================ 
 Quality 
  of assay       *    The nature, quality and appropriateness of the           *    For Future Metals NL metallurgical drill holes 1/4 
  data and            assaying and laboratory procedures used and whether           and 1/2 core samples were sent to ALS Metallurgy in 
  laboratory          the technique is considered partial or total.                 Balcatta, Perth, Western Australia. 1/2 core samples 
  tests                                                                             are reserved for metallurgical test work and the 1/4 
                                                                                    core samples were assayed at ALS Minerals in Malaga, 
                 *    For geophysical tools, spectrometers, handheld XRF            Perth, Western Australia. 
                      instruments, etc, the parameters used in determining 
                      the analysis including instrument make and model, 
                      reading times, calibrations factors applied and their    *    Future Metal NL analysis of metallurgical drill hole 
                      derivation, etc.                                              samples had Pt, Pd and Au determined by either a 10 
                                                                                    or 25 gram charge with ICP-OES finish providing a 
                                                                                    lower detection limit of 0.02ppm. XRF has been used 
                 *    Nature of quality control procedures adopted (e.g.            to determine Cr, Cu, Ni and S to a lower detection of 
                      standards, blanks, duplicates, external laboratory            0.01% . Both XRF and fire assay analytical methods 
                      checks) and whether acceptable levels of accuracy (ie         are total. 
                      lack of bias) and precision have been established. 
 
                                                                               *    No geophysical tools were used. 
 
 
                                                                               *    Laboratory repeat analysis is completed on 10% of the 
                                                                                    samples submitted for assay. 
=============  ============================================================  ============================================================ 
 Verification 
 of sampling     *    The verification of significant intersections by          *    Significant intercepts are calculated as composites 
 and assaying         either independent or alternative company personnel.           and reported using 0.70g/t PGM (3E) (Pt + Pd + Au) 
                                                                                     cut-off grade. A maximum of 2m consecutive internal 
                                                                                     waste is allowed in composites. 
                 *    The use of twinned holes. 
 
                                                                                *    All significant intercepts are calculated by the 
                 *    Documentation of primary data, data entry procedures,          Company's Exploration Manager and checked by 
                      data verification, data storage (physical and                  management. 
                      electronic) protocols. 
 
 
                 *    Discuss any adjustment to assay data. 
=============  ============================================================  ============================================================ 
 Location 
  of data        *    Accuracy and quality of surveys used to locate drill     *    Drill hole collars are located using a hand-held GPS. 
  points              holes (collar and down-hole surveys), trenches, mine          Down hole surveys are taken with a north seeking 
                      workings and other locations used in Mineral Resource         gyroscope at regular intervals of 30m down hole. 
                      estimation. 
 
                                                                               *    Grid system used is Map Grid of Australia 1994, Zone 
                 *    Specification of the grid system used.                        52. 
 
 
                 *    Quality and adequacy of topographic control.             *    The topographic control is considered better than 
=============  ============================================================  ============================================================ 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.        *    Data spacing down hole is considered appropriate at 
 distribution                                                                        between 0.25 and 1m intervals. 
 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and      *    The metallurgical drill holes reported in this 
                      grade continuity appropriate for the Mineral Resource          announcement are designed to recover material for 
                      and Ore Reserve estimation procedure(s) and                    metallurgical test work. 
                      classifications applied. 
 
                                                                                *    Samples have not been composited. 
                 *    Whether sample compositing has been applied. 
=============  ============================================================  ============================================================ 
 Orientation 
 of data         *    Whether the orientation of sampling achieves unbiased     *    Metallurgical drill holes have been deliberately 
 in relation          sampling of possible structures and the extent to              orientated at a low angle to the dip of the 
 to                   which this is known, considering the deposit type.             mineralised chromitite reefs to maximise the amount 
 geological                                                                          of material recovered for metallurgical test work. 
 structure                                                                           The drilled thickness is considerably greater than 
                 *    If the relationship between the drilling orientation           the true thickness in these drill holes as a result. 
                      and the orientation of key mineralised structures is 
                      considered to have introduced a sampling bias, this 
                      should be assessed and reported if material. 
=============  ============================================================  ============================================================ 
 Sample 
  security        *    The measures taken to ensure sample security.           *    All core sample intervals are labelled in the core 
                                                                                    boxes, recoded digitally and captured with the core 
                                                                                    photography. Cut core samples are collected in bags 
                                                                                    labelled with the sample number. Samples are 
                                                                                    delivered to the Company's transport contractor in 
                                                                                    Halls Creek directly by Company personnel. Samples 
                                                                                    are then delivered to the laboratory by the transport 
                                                                                    contractor. 
=============  ============================================================  ============================================================ 
 Audits 
  or reviews      *    The results of any audits or reviews of sampling         *    The Company employed industry-standard protocols. No 
                       techniques and data.                                          independent audit has been conducted. 
=============  ============================================================  ============================================================ 
 

Section 2 Reporting of Exploration Results

 
 Criteria         JORC Code explanation                                         Commentary 
                 ============================================================ 
 Mineral 
 tenement           *    Type, reference name/number, location and ownership      *    The Panton PGM Project is located on three granted 
 and land                including agreements or material issues with third            mining licenses M80/103, M80/104 and M80/105 ('MLs'). 
 tenure status           parties such as joint ventures, partnerships,                 The MLs are held 100% by Panton Sill Pty Ltd which is 
                         overriding royalties, native title interests,                 a 100% owned subsidiary of Future Metals NL. 
                         historical sites, wilderness or national park and 
                         environmental settings. 
                                                                                  *    The MLs were granted on 17 March 1986 and are 
                                                                                       currently valid until 16 March 2028. 
                    *    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.              *    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. 
 
 
                                                                                  *    There are no impediments to working in the area. 
===============  ============================================================  ================================================================= 
 Exploration 
  done by other     *    Acknowledgment and appraisal of exploration by other     *    The Panton deposit was discovered by the Geological 
  parties                parties.                                                      Survey of Western Australia from surface mapping 
                                                                                       conducted in the early 1960s. 
 
 
                                                                                  *    Pickland Mather and Co. drilled the first hole to 
                                                                                       test the mafic-ultramafic complex in 1970, followed 
                                                                                       by Minsaco Resources which drilled 30 diamond holes 
                                                                                       between 1976 and 1987. 
 
 
                                                                                  *    In 1989, Pancontinental Mining Limited and Degussa 
                                                                                       Exploration drilled a further 32 drill holes and 
                                                                                       defined a non-JORC compliant resource. 
 
 
                                                                                  *    Platinum Australia Ltd acquired the project in 2000 
                                                                                       and conducted the majority of the drilling, 
                                                                                       comprising 166 holes for 34,410 metres, leading to 
                                                                                       the delineation of a maiden JORC Mineral Resource 
                                                                                       Estimate. 
 
 
                                                                                  *    Panoramic Resources Ltd subsequently purchased the 
                                                                                       Panton PGM Project from Platinum Australia Ltd in May 
                                                                                       2012 and conducted a wide range of metallurgical test 
                                                                                       work programmes on the Panton ore. 
===============  ============================================================  ================================================================= 
 Geology 
                    *    Deposit type , geological setting and style of           *    The Panton intrusive is a layered, differentiated 
                         mineralisation .                                              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 some 10km long and 3km 
                                                                                       wide. 
 
 
                                                                                  *    PGM mineralisation is associated with several thin 
                                                                                       cumulate Chromitite reefs within the ultramafic 
                                                                                       sequence. In all 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). The top reef mineralised zone has been 
                                                                                       mapped over approximately 12km. 
===============  ============================================================  ================================================================= 
 Drill hole 
  Information       *    A summary of all information material to the             *    Details of all drill holes reported in this 
                         understanding of the exploration results including a          announcement are provided in Appendix Two. 
                         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. 
===============  ============================================================  ================================================================= 
 Data 
 aggregation       *    In reporting Exploration Results, weighting averaging         *    Significant intercepts are reported as down-hole 
 methods                techniques, maximum and/or minimum grade truncations               length weighted averages of grades above 0.70g/t PGM 
                        (e.g. cutting of high grades) and cut-off grades are               (3E) (Pt/Pd/Au). No top cuts have been applied to the 
                        usually Material and should be stated.                             reporting of the assay results. 
 
 
                   *    Where aggregate intercepts incorporate short lengths          *    2 metres of internal dilution is allowed in the 
                        of high grade results and longer lengths of low grade              reported intervals. 
                        results, the procedure used for such aggregation 
                        should be stated and some typical examples of such 
                        aggregations should be shown in detail.                       *    Higher grade intervals are included in the reported 
                                                                                           grade intervals; and have also been split out on a 
                                                                                           case-by-case basis where relevant. 
                   *    The assumptions used for any reporting of metal 
                        equivalent values should be clearly stated. 
                                                                                      *    Where palladium equivalents are reported, these 
                                                                                           values are based on the following assumptions 
 
 
                                                                                      *    Prices in USD 
 
                                                                                                $/(t or oz) 
                                                                                      Cu %            9,000 
                                                                                      Pt ppm          1,300 
                                                                                      Au ppm          1,700 
                                                                                      Pd ppm          1,700 
                                                                                      Ni %           18,500 
                                                                                      Co ppm         60,000 
 
                                                                                      *    Metal recoveries are based on past metallurgical test 
                                                                                           work. 
 
                                                                                            Recovery 
                                                                                                   % 
                                                                                      Cu       67.5% 
                                                                                      Pt       80.0% 
                                                                                      Au       70.0% 
                                                                                      Pd       80.0% 
                                                                                      Ni       45.0% 
                                                                                      Co       60.0% 
===============  ============================================================  ================================================================= 
 Relationship 
 between           *    These relationships are particularly important in the     *    Metallurgical drill holes have been deliberately 
 mineralisation         reporting of Exploration Results.                              orientated at a low angle to the dip of the 
 widths and                                                                            mineralised chromitite reefs to maximise the amount 
 intercept                                                                             of material recovered for metallurgical test work. 
 lengths           *    If the geometry of the mineralisation with respect to          The drilled thickness is considerably greater than 
                        the drill hole angle is known, its nature should be            the true thickness in these drill holes as a result. 
                        reported. 
 
 
                   *    If it is not known and only the down hole lengths are 
                        reported, there should be a clear statement to this 
                        effect (e.g. 'down hole length, true width not 
                        known'). 
===============  ============================================================  ================================================================= 
 Diagrams 
                    *    Appropriate maps and sections (with scales) and          *    Drill hole plan included in Figure One of the body of 
                         tabulations of intercepts should be included for any          this announcement. 
                         significant discovery being reported These should 
                         include, but not be limited to a plan view of drill 
                         hole collar locations and appropriate sectional 
                         views. 
===============  ============================================================  ================================================================= 
 Balanced 
  reporting         *    Where comprehensive reporting of all Exploration         *    All results at hand at the time of this announcement 
                         Results is not practicable, representative reporting          have been reported. 
                         of both low and high grades and/or widths should be 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
===============  ============================================================  ================================================================= 
 Other 
 substantive       *    Other exploration data, if meaningful and material,       *    No other exploration data is relevant. 
 exploration            should be reported including (but not limited to): 
 data                   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. 
===============  ============================================================  ================================================================= 
 Further work 
                    *    The nature and scale of planned further work (eg         *    Next stage of work will consist of additional 
                         tests for lateral extensions or depth extensions or           mineralogical and metallurgical test work. The 
                         large-scale step-out drilling).                               Company plans to undertake a new JORC Mineral 
                                                                                       Resource model and estimate once all assays from 
                                                                                       recently completed drilling are received. 
                    *    Diagrams clearly highlighting the areas of possible 
                         extensions, including the main geological 
                         interpretations and future drilling areas, provided 
                         this information is not commercially sensitive. 
===============  ============================================================  ================================================================= 
 

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