Yerrida North

The Oval and Oval South Targets are hosted within the vastly under-explored Yerrida Basin, located adjacent to the DeGrussa and Monty Cu-Au Volcanic Hosted Massive Sulphide deposits (VHMS).

Great Western interprets Oval and Oval South represent giant Winu-style intrusive-related copper-gold targets, partly because they share many coincident geological and geophysical features.

Great Western interprets that Oval and Oval South’s coincident geophysics anomalism, location on a major crustal mantle tapping fault intersected with a basin defining growth fault, and within favourable stratigraphy creates the potential for a large discovery to be made.

This view is supported by the fact that numerous significant key factors have been identified at Oval and Oval South which Great Western believes greatly enhance the prospect of discovering a giant Winu-style intrusive related copper-gold system. These include:

• Co-incident gravity and EM anomalies – zones of dense rocks that are conductive and interpreted to represent obscured metal-rich sulphide mineralisation;

• Magnetic anomalism at depth below the conductive high, potentially representing a deep intrusive providing mineralised fluids and heat to drive a mineralised system, possibly similar to the magnetic granite found at Winu;

• Proximity to the crustal scale Ida Fault, a crustal scale feature stretching greater than 500km long, with proven fertility conduit for metal rich mantle fluids. The Mt Keith and Perseverance Deposits (nickel), DeGrussa (Copper) and Davyhurst (gold) are some of the deposits found along its length;

• Intersection of the Ida Fault by a basin defining “growth structure”, allowing mineralised fluids to ascend and focus within suitable trap site/stratigraphy;

• Favourable Yerrida Basin stratigraphy of the Johnson Cairn Formation for mineralised fluids to deposit copper-gold (shales, dolomites, siltstones), similar to the sedimentary rocks found at Winu; and

• Position of both Oval and Oval South within an east-west intrusive corridor, a potential zone of weakened crust which in conjunction with the Ida Fault and GSWA growth Fault makes an ideal trap site for metal accumulation.

Sumo Niobium Target

The Sumo Niobium Target has been defined by lag soil sampling, with a large, strong niobium anomaly measuring 2km x 1km.

An external geochemistry consultant found that the Sumo anomaly is co-incident with As, Ag, Bi, Cr, Mo, Sb, Sn, Ta, Ti, Th, U W and Zr. These elements are commonly associated with carbonatite niobium deposits.

Importantly, the Sumo niobium anomaly is also located within a magnetic high which contains a small zone of gravity high within the modelled inverted gravity data, which combined with the magnetic peak at this location, may potentially represent a blind carbonatite. Field reconnaissance of the anomaly found no outcrop to explain the feature. However, it was found the anomaly is insitu and not related to transported sediments.

Heavy mineral concentrate sampling (HMC) has been undertaken to better understand the mineralogy related to niobium mineralisation and to further develop a genetic mineralisation model for exploration programmes. Samples have been scanned, with spectral analysis and interpretation completed. The results included grain, mineral and elemental counts.

The HMC analysis confirmed the Sumo Niobium Target is drill-ready, with the results finding niobium mineralisation was closely related to titanium, interpreted to be most likely contained with the mineral Ilmenite. This association is often found with weathered niobium mineralisation systems (for example carbonatite systems, Mitchell 2015), with secondary niobium mineralisation potentially located below surface. Further, the HMC results supported the initial interpretation that the niobium soil anomaly is not related to iron and manganese scavenging. Mineral counts found the dominant mineralogy to be iron-oxides and aluminium-iron silicates, indicative of a weathered regolith.

Juggernaut Copper-Gold Target

The Juggernaut Copper-Gold Targets were identified during a review of legacy lag and soil sampling data completed by Xstrata in the mid to late 2000s. In particular, this review identified a large lead-zinc lag soil anomaly that was not drill tested.

 Great Western completed considerable additional lag soil sampling west and north of this identified zone of anomalism. The sampling extended the lead-zinc anomaly footprint and, importantly, identified copper anomalism to the north. Two anomalous zones were interpreted to represent one broad and zoned geochemical anomaly.

 Field mapping and rock-chip sampling was then undertaken to ground truth the soil anomalism, with geological units mapped including sedimentary rocks (siltstones, sandstones, cherts/exhalates) and basaltic volcanic rocks of the Killara Formation. The basaltic units included pillow and pepperite textures, representing sub aqueous deposition. The association between sedimentary and volcanic rocks suggest a deep seafloor geological environment with syngenetic volcanic activity, particularly evident by pillow and pepperite textures within the basaltic units.

The Killara Formation has been determined by previous studies to be the equivalent of the DeGrussa Formation, host to the DeGrussa and Monty copper-gold VHMS Deposits in the adjacent Byrah Basin. The Killara Formation is thought to be of similar age with similar types of sedimentary and volcanic rock units of the DeGrussa Formation.

Rock-chip sampling completed at Juggernaut recorded significant results that included: silver (ranging between 0.24g/t to 20g/t), lead (range: 145ppm – 4,460ppm), zinc (range: 682ppm – 4,850ppm), and copper (range: 427ppm – 850ppm).

Great Western interpreted the zoned lag soil lead-zinc and copper anomalism together with the mapped geological association between sedimentary and volcanic rocks suggests a deep seafloor geological environment, represents a highly prospective VHMS mineralisation system at Juggernaut.

The Company believes the mapped geological units at surface represent a position outboard from a volcanic vent, with potential at depth to define copper mineralisation below a black smoker position of a VHMS system. The association between the mapped fault and interpreted fault structures and lag soil copper anomalism is considered potential leakage of mineralisation at depth.

Further interpretation and modelling of the geological, geochemical, and structural data by Great Western has found Juggernaut represents a potential VHMS copper-gold “camp”, with six separate drill targets defined. VHMS style mineralisation is often formed in clusters of deposits and the Company believes these six individual targets represent this mineralisation characteristic.

The Yerrida North Project is located on the northern and western portions of the Yerrida Basin, approximately 800km north-east of Perth and adjacent to the DeGrussa and Monty Cu-Au Volcanic Hosted Massive Sulphide deposits (VHMS) (GTE Announcement 5 October 2023).

The Company’s analysis of the geophysical data, the position adjacent to the crustal scale mantle tapping Ida Fault, and the favourable sedimentary units of the Yerrida basin makes these targets highly prospective for colossal scale deposits such is:

• Intrusive related copper-gold - Winu (2.88Mt Cu – 7.88Moz Au, Rio Tinto 2023) and Greatland Gold-Newcrest’s Haverion (2.9Moz Au – 140Kt Cu, Newcrest 2023) deposits, or

• DeGrussa-Monty style VHMS deposits (combined metal endowment 766Kt Cu, 588Kt Oz Au).