Earnings release
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1 QUARTERLY REPORT for the Quarter Ended 31 December 2025 HIGHLIGHTS • New multiple thick gold intersections have been identified via aggressive drilling within high grade core 1, core 3 and core 4 (Figure 2). • The aim of this deep drilling was to upgrade the northern portion of the current resource, and to expand the resource at depth. (9 holes for 4,339m completed December Quarter). • Following this work, the current combined resource for the Lady Julie Gold Project is now 39.1Mt at 1.78g/t containing 2.24Moz, with over 80% in the Indicated category. LJN4 has 82% of its resource in the indicated category, which is an 8% increase (Table 2). • LJN4 is one of the largest and highest grade undeveloped open pit gold deposits in Western Australia and contains 34.61Mt at 1.83g/t for 2.03Moz. • Following the Feasibility Study completion, and the permitting process advancing, Magnetic is rapidly evolving into a position of being “shovel ready” for development. • The underground mine design and development schedule is currently being updated to include additional resources associated with high - grade core 3 and 4, reduce pre -production capital, and improve mined ore recovery. • Magnetic is continuing discussions with interested mining companies who are completing due diligence studies in its data room. In addition, numerous financiers are also completing their due diligence and are potentially looking at providing financing for the Lady Julie Gold Project. Magnetic Resources NL ABN 34 121 370 232 ASX Codes: MAU and MAUCA Level 1 44A Kings Park Road, West Perth, WA 6005 T +61 8 9226 1777 F +61 8 9321 6571 PO Box 1388 West Perth WA 6872 Issued Capital: Shares - Quoted: 295,454,516 ordinary shares. 20,418,862 partly paid shares ($0.20 unpaid). Options – Unquoted 3,750,000 options exercisable at $1.53 on or by 6 December 2026 5,000,000 director performance rights Cash: $35.4m Directors: George Sakalidis Managing Director Eric Lim Non-Executive Chairman Hiang Sian Chan Ben Donovan Aaron Lim (Alternate) Non-Executive Directors Company Secretary Ben Donovan For personal use only
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2 Laverton Area Magnetic Resources NL has 201.7km2 in the Laverton region comprising E38/3127 Hawks Nest, E38/3100 Mt Jumbo, E38/3205 Hawks Nest East, E38/3666 Lady Julie North 4 East, P38/4319 & P38/4322 Mt Jumbo East, E39/2125 & P39/6134-44 Little Well, P38/4380, P38/4380 & P38/4382 Lady Julie and P38/4581 LJN4 NE (Figure 1). Mining and Miscellaneous Licences approved in 2025 included M38/1315 LJN4, L38/0395 HN Connection Corridor, M38/1317 Hawks Nest 9, and M38/1318 Lady Julie Hub. Figure 1. Hawks Nest, Hawks Nest East, Lady Julie, Lady Julie North4 East, Lady Julie Hub, Little Well, Mt Jumbo and Mt Jumbo East projects, showing tenements, major shear zones, targets and gold deposits and historic workings. For personal use only
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3 Table 1 shows the exploration completed to date and recent/proposed exploration. Table 1. Laverton region drilling summary Project/Tenements Surface sampling completed Drilling & ground magnetics completed Proposed exploration Hawks Nest 5,411 soils 1,125 RC holes for 71,429m E38/3127, M38/1041 117 rock chips 201 RAB holes for 2,726m 5 Diamond/RCD holes for 501m 67 AC holes for 3,384m 507km ground magnetics Lady Julie 2,148 soils 80 Diamond holes for 32,935 m 14 Diamond holes for 7,050m P38/4346, P38/4379-84, E38/3127, P38/4170, E38/3666 15 rock chips 865 RC holes for 87,511m 8 RCD holes for 1,915m 237 AC holes for 9,807m 290 shallow RAB for 1,691m 125km ground magnetics Mt Jumbo E38/3100, E38/3127 3 rock chips 11 RC holes for 1,811m 43 lags 2 Diamond holes for 457m 143km ground magnetics Mt Jumbo East P38/4317–24 23 rock chips 33 RC holes for 2,527m 155 lags 229km ground magnetics Lady Julie Gold Project Exceeds 2.24Moz (Updated Version)) (ASX Release 20 January 2026) On 20 January 2026 Magnetic Resources NL announced the latest Mineral Resource Estimate for the Lady Julie Gold Project following the completion of a number of deep diamond drillholes at LJN4. The purpose of this infill drilling was to upgrade the resource category in the northern portion of the current resource, and to expand the resource at depth. Following this work, the combined resource for the Lady Julie Gold Project now exceeds 39.1Mt at 1.78g/t containing 2.24Moz, with over 80% in the Indicated category. 82% of the largest resource, LJN4, now falls in that Category (Table 2), an 8% increase. The new drillholes used in this updated resource study are shown in Tables 3 and 4, in the inclined section shown in Figure 3, and in plan and sections (Figures 5 to 7). Figure 2 shows the benchmark for the project. Since the release of the Feasibility Study in July 2025, the focus of work has been on advancing approvals and advancing pre-production as detailed in the ASX release of 15 December 2025. Three Mining Leases covering the Project (shown in Figure 4) have all been approved, and several small clarifications for the Mining Proposal application are being attended to. The underground mine design and development schedule is currently being updated to include additional resources associated with high-grade core 3 and 4, reduce pre-production capital and improve mined ore recovery (ASX release 15 December 2025). For personal use only
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4 Table 2. Current Project Mineral Inventory Resource Indicated Inferred Total Mt g/t Au Cont. oz Mt g/t Au Cont. oz Mt g/t Au Cont. oz LJN4 (Open Pit) 26.32 1.80 1,523,640 4.26 1.69 231,740 30.58 1.79 1,755,380 LJN4 (Underground) 2.09 2.25 151,011 1.95 2.04 127,865 4.04 2.15 278,876 LJN4 Total 28.41 1.83 1,674,651 6.21 1.80 359,605 34.61 1.83 2,034,256 LJC 0.79 1.97 50,200 0.54 1.26 22,000 1.33 1.68 72,200 HN9 2.00 1.29 82,800 1.18 1.25 47,600 3.18 1.28 130,400 LJGP Total 31.19 1.80 1,807,651 7.93 1.68 429,205 39.12 1.78 2,236,856 Other MAU 0.84 0.94 25,230 4.19 1.15 155,160 5.03 1.12 180,390 Combined Total 32.03 1.78 1,832,881 12.12 1.50 584,365 44.15 1.70 2,417,246 Note 1: The 0.4g/t Au cutoff grade is considered appropriate for a large-scale open pit operation and in the case of LJN4, is applied to a depth of 450m below surface. It should be noted that the pit resource does not consider any restraining factors which may influence the final pit design in the Feasibility Study. The mineralisation deeper than 450m below surface shows strong continuity and is expected to be amenable to underground mining. On the basis of a gold price of A$4,500/oz and economic modelling of an underground operation, a cutoff grade of 1.4g/t Au is considered appropriate and has been applied to this portion of the resource block model. As above, constraints applied to a pit design at Feasibility may lead to an increase in the resource available for underground extraction. The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr. M Edwards of Blue Cap Mining. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code. Table 3. Additional diamond holes used for this resource upgrade compared to the 23/06/2025 upgrade Hole ID Easting Northing Depth MLJDD081 432872 6826849 588.6 MLJDD084 433021 6826727 639.2 MLJDD086 432705 6826857 450 MLJDD088 432719 6826791 423.6 MLJDD089 432589 6826777 360.2 MLJDD090 432800 6826740 489.6 MLJDD092 433087 6826690 720 MLJDD104 432549 6826348 300.54 MLJDD107 432607 6826860 367.1 Table 4. Additional meters of drilling and holes used for this resource upgrade at Lady Julie North 4 project compared to the 23/06/2025 upgrade Type of Drilling Current Resource Metres 2025 Resource Metres Current Resource Number of Holes 2025 Resource Number of Holes Diamond 32,349 28,010 74 65 Reverse Circulation 34,787 34,567 241 239 RCD 1,915 1,915 8 8 Air Core 8,732 8,732 157 157 Rotary Air Blast 1,754 1,754 41 41 Sub Total 79,537 74,978 521 510 For personal use only
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5 Note: (1) For source information please refer to ASX Announcement 19/01/2026 ‘Investor Presentation’. Each of the deposits outlined above are pre-production asset and have not commenced production. Figure 2. Lady Julie Resource Project Benchmarking The updated combined (Indicated and Inferred) Mineral Resources estimate for the entire Lady Julie gold project area announced on 20 January 2026, “Lady Julie gold project exceeds 2.24moz (updated version)” included 35.7Mt @ 1.86g/t Au totalling 2.24Moz of gold at 0.5/1.4g/t cutoff. RC drilling included 1 metre splits taken directly from a cone splitter mounted beneath the rig’s cyclone. The cyclone and splitter are cleaned regularly to minimize contamination. Sampling and QAQC procedures are carried out using Magnetic’s protocols as per industry sound practice. For diamond drilling, core sizes range from PQ, HQ to NQ depending on conditions. Core is oriented where practicable and the core recovery is measured and recorded. Historic RC drilling methodology has obtained bulk 1 metre samples from which composite 4m samples were prepared by spear sampling of the bulk 1m samples. 3kg of the composite sample was pulverized to produce a 50g charge for fire assay for gold. The assay results of the composite samples are used to determine which 1m samples from the rig’s cyclone and splitter are selected for fire assay using the same method. For personal use only
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6 Managing Director George Sakalidis commented: “LJN4 continues to deliver, it is such an exceptional orebody. In terms of resources, LJN4 alone now exceeds 2Moz, with 2.42Moz in the overall Laverton Project. This upgrade is significant because it confirms previous interpretations and builds confidence in the overall estimate. LJN4 is one of the largest and highest grade undeveloped open pit deposits in Western Australia as shown in Figure 1. With the Feasibility Study completion and the permitting process advancing, Magnetic is rapidly evolving to a position of being “shovel ready” for development. Further ongoing drilling both infill and extension is being carried out seeking to extend the resource announced in this ASX release, even further. Planned holes MLJDD108-MLJDD110 (950m) are testing near surface lower parts of the main lode in HGC4 where previous RC drilling was too shallow and only intersected the upper portions of the main lode. In addition, planned hole MLJDD111 (350m) is testing for a possible fifth high grade core zone just south of the planned open pit. These holes are part of an ambitious drill programme of 14 holes for 7,050m looking to extend the LJN4 Resource. LJN4 represents an excellent development proposition and is now significantly larger than the resource considered in the LJGP Feasibility Study (released to the ASX on 23 July 2025), both in scale and detail, with the depth of information now available providing increased confidence in the viability of the proposed development and associated value available to be unlocked. With the Feasibility Study completion and the permitting process advancing, Magnetic is rapidly evolving to a position of being “shovel ready” for development.” Since the release of the Feasibility Study in July 2025, the focus of work has been on advancing approvals and advancing pre-production as detailed in the ASX release (15 December 2025). Applications for the three mining leases covering the Project (shown in Figure 3) have all been approved, and several small clarifications for the Mining Proposal application are being attended to. The underground mine design and development schedule is currently being updated to include additional resources associated with high-grade core 3 and 4, reduce pre-production capital and improve mined ore recovery (ASX release 15 December 2025). For personal use only
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7 Figure 3. Composite Inclined longitudinal projection of the main lode in LJN4 in gram-metre. Highlighting continuous mineralisation over the whole 750m strike length. Four high grade core zones have been defined. The southern High-Grade Core Zone 1 is 300 x 200m in size and is associated with multiple silica pyrite and breccia lodes. High-grade Core zone 2 is 150m x 600m and is associated with altered silicified and fuchsite ultramafic lodes. HGC3 is 150m x 600m and has similar alteration to HGC2. High-Grade Core 4 is 100m x500m and has similar alteration as HGC3 and remains open at depth and is currently being tested with further extension holes MLJDD085, MLJDD100, MLJDD108-110. For personal use only
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8 Figure 4. Overview of Lady Julie Gold Project Approved Mining Tenements Figure 5. LJN4 Plan view showing sections with recent drilling For personal use only
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9 Figure 6. LJN4 Section 6826740N showing recent drilling Figure 7. LJN4 Section 6826850N showing recent drilling For personal use only
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10 Multiple Intersections show potential to extend the size of the 1.94Moz LJN4 Deposit (ASX Release 12 January 2026) Very thick intersection of 149.4M at 1.24g/t from 145.6M within the planned open pit at LJN4 (ASX Release 25 November 2025) Fourth new high grade core zone intersected at LJN4 and follow up drilling has already commenced (ASX Release 6 November 2025) On 6 November 2025, 25 November 2025, and 12 January 2026 Magnetic Resources NL announced updates on recent drilling, within the full extent of the 750m long LJN4, which is still increasing in size. Previously the Company had a 200m x 300m High-Grade Core 1 (HGC1) in the southern silicified breccia, a 150m x 600m High-Grade Core 2 (HGC2), a 150m x 600m High-Grade Core 3 (HGC3), which remains open at depth and a new High-Grade Core 4 (HGC4), which is interpreted to be 100m x 500m and is also open at depth (Figure 3). The latest drilling was multipurposed and directed at infill and extension drilling in HGC3 and HGC4 and infill drilling on the southern silica-pyrite breccia zone (HGC1). In all cases the drilling was successful. Multiple thick gold intersections are present from new drilling: MLJDD053 and MLJDD104 in HGC1, MLJDD088, MLJDD090, MLJDD092 and MLJDD084 within HGC3, MLJDD081, MLJDD089 and MLJDD107 in HGC4. High-grade core 3 New diamond hole MLJDD088 (423.6m) is an infill hole within HGC3 and intersected three separate high-grade zones of mineralisation and is 125m up dip from MLJDD075 which intersected 51m at 3.48g/t from 444m including 14m at 8.78g/t from 452m. MLJDD088 intersected • 18m at 2.27g/t from 306m, including 9m at 3.61g/t from 315m; • 20m at 1.82g/t from 347m, including 7m at 3.34g/t from 350m; • 22m at 1.18g/t from 384m, including 9m at 2.01g/t from 384m. MLJDD084 intersected • 22m at 1.96g/t from 587m, including 8m at 2.87g/t from 587m • and 4m at 2.04g/t from 616m MLJDD089 intersected • 33m at 2.06g/t from 238m, • including 9m at 4.45g/t from 252m MLJDD090 intersected • 18m at 2.28g/t from 417m, • including 6m at 3.15g/t from 421m • and 6m at 2.88g/t from 468m MLJDD092 intersected • 31m at 1.30g/t from 633m, • including 11m at 2.48g/t from 641m For personal use only
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11 • including 6m at 3.20g/t from 646m. MLJDD092 (720m) is a deep extension hole below the bottom of High -grade core 3 and is 250m down dip from the very promising MLJDD075 which intersected 51m at 3.48g/t from 444m. Infill holes MLJDD82, MLJDD087 and MLJDD092 are planned within this very promising higher grade part of HGC3. These holes are within the best part of High -grade core 3 with very high gram metre numbers, ranging from 95 to 175gm. High-grade core 4 New diamond holes within the recently outlined zone include MLJDD086 and MLJDD107, which are 200m and 275m up dip extensions of hole MLJDD081, which intersected 17m at 3.01g/t from 497m. Hole MLJDD085 is planned within the promising HGC4. Also, planned holes MLJDD108-110 (950m) will test near-surface lower parts of the main lode in HGC4 where previous RC drilling was too shallow and only intersected the upper portions of the main lode. MLJDD081 intersected • 17m at 3.01g/t from 497m, • including 10m at 3.75g/t from 497m • 6m at 2.82g/t from 536m MLJDD086 intersected • 17m at 1.55g/t from 330m, • including 8m at 3.63g/t from 330m MLJDD107 intersected • 61m at 1.13g/t from 257m, • including 14m at 2.02g/t from 304m • 4m at 4.20g/t from 306m High-grade core 1 MLJDD053 intersected • 149.4m at 1.24g/t from 145.6m, • including 9.8m at 2.45g/t from 145.6m, • including 28.4m at 2.67g/t from 167m, • including 16m at 1.55 g/t from 249m MLJDD104 intersected • 4m at 2.39g/t from 116m; • 4.7m at 1.21g/t from 123m; • 4m at 1.38g/t from 192m; • 8m at 1.56 g/t from 211m For personal use only
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12 These excellent results are within the proposed open pit . The silica pyrite breccia zone (HGC1) is distinctive and has a very well -developed very high -grade zone with values of between 80 to 278 gram-metres. An aggressive programme of 14 diamond holes for 7,050m is currently underway over the extent of the LJN4 deposit, including planned holes MLJDD107 testing 150m below the bottom of HGC1 and MLJDD111 will test for a possible fifth high grade core zone just south of the planned open pit. Most of the assay results are expected next quarter. Progress update on Lady Julie Gold Project (ASX Release 15 December 2025) On 15 December 2025 Magnetic Resources NL announced an update on activities being undertaken to advance its 100% owned Lady Julie Gold Project: • Updating underground mine design and development schedule to incorporate additional Resources (ASX Release 23 June 2025) associated with high-grade core 3 and 4, reduce pre- production CAPEX and improve mined ore recovery. • Engaging with providers of Mining Services to assist with open pit and underground mining considerations. • Detailed engineering work in progress for key infrastructure including tailings storage, water supply and pit dewatering, camps and power supply in progress. • Investigating impacts of ore variability on the process plant performance and opportunity to utilise additional gravity process rather than flotation to improve gold recovery. • The Company is also actively responding to requests from the Department of Mines Petroleum and Exploration (DMPE) for information (RFIs) associated with our Mining Proposal (submitted November 2024) since the granting of Mining Leases in July 2025 (ASX Release 23 June 2025) and September 2025 (ASX Release 28 July 2025). Other Projects The Company actively reviews other projects and tenements for acquisition and development within the Leonora–Laverton region. Iron Ore The Company has an agreement signed with Northam Iron Pty Ltd (now Northam Resources Pty Ltd regarding the sale of the Company’s iron ore assets, with a sliding scale royalty with payments starting at $0.25/t for a sale price of $80.00/t or less, and thereafter, for every increase in the sale price of $10.00/t. Corporate On 9 December 2025, the Company announced the exercise of $1.20 options held by directors. In accordance with ASX Listing Rule 5.3.1, the Company advises that during the quarter it incurred a total of approximately $1.089m on exploration and evaluation activities. This comprised: • $1.089m in payments for exploration and evaluation activities included under cash flows from operating activities in the Appendix 5B section 1.2(a); and • $Nil in capitalised exploration and evaluation expenditure, included under cashflows from investing activities in the Appendix 5B section 2.1(d). For personal use only
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13 The expenditure related to ongoing work programs across the Company’s projects. No substantive costs were incurred on mining and development activities during the quarter (ASX Listing Rule 5.3.2). For the purpose of Section 6 of the Appendix 5B, all payments made to related parties have been paid in relation to director fees. This announcement has been authorised for release by Managing Director George Sakalidis . For more information on the company visit www.magres.com.au George Sakalidis Managing Director Phone (08) 9226 1777 Mobile 0411 640 337 Email george@magres.com.au The information in this report is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is a Director of Magnetic Resources NL. George Sakalidis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Expl oration Results, Mineral Resources and Ore Reserves’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of exploration and resource results, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. For personal use only
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14 Tenement Schedule in accordance with ASX Listing Rule 5.3.3 Tenements held at the end of the Quarter Location Tenement Nature of Interest Project Equity (%) held at start of Quarter Equity (%) held at end of Quarter WA E37/1177 Granted MERTONDALE EAST 100% 100% WA E37/1258 Granted MERTONDALE 100% 100% WA E38/3100 Granted MT JUMBO 100% 100% WA E38/3127 Granted HAWKS NEST 100% 100% WA E38/3205 Granted HAWKS NEST EAST 100% 100% WA E38/3666 Granted LJN4 EAST 100% 100% WA P38/4319 Granted MT JUMBO EAST 100% 100% WA P38/4322 Granted MT JUMBO EAST 100% 100% WA P38/4382 Granted LADY JULIE 100% 100% WA P39/5455 Granted HOMEWARD BOUND SOUTH 100% 100% WA P39/5928 Granted HOMEWARD BOUND SOUTH 100% 100% WA P39/5929 Granted HOMEWARD BOUND SOUTH 100% 100% WA P39/5932 Granted HOMEWARD BOUND SOUTH 100% 100% WA P39/5933 Granted HOMEWARD BOUND SOUTH 100% 100% WA P39/5934 Granted HOMEWARD BOUND SOUTH 100% 100% WA E39/2125 Granted LITTLE WELL 100% 100% WA P39/6134 Granted LITTLE WELL 100% 100% WA P39/6135 Granted LITTLE WELL 100% 100% WA P39/6136 Granted LITTLE WELL 100% 100% WA P39/6137 Granted LITTLE WELL 100% 100% WA P39/6138 Granted LITTLE WELL 100% 100% WA P39/6139 Granted LITTLE WELL 100% 100% WA P39/6140 Granted LITTLE WELL 100% 100% WA P39/6141 Granted LITTLE WELL 100% 100% WA P39/6142 Granted LITTLE WELL 100% 100% WA P39/6143 Granted LITTLE WELL 100% 100% WA P39/6144 Granted LITTLE WELL 100% 100% WA E70/5534 Granted TRAYNING 100% 100% WA E70/5537 Granted BENJABERRING 100% 100% WA E70/5538 Granted GODDARD 100% 100% WA L38/0395 Granted HN CONNECTION CORRIDOR 100% 100% WA M38/1315 Granted LADY JULIE NORTH 4 100% 100% WA M38/1317 Granted HAWKS NEST 9 100% 100% WA M38/1318 Granted LADY JULIE HUB 100% 100% WA P38/4581 Granted LADY JULIE NORTH 4 NE 100% 100% WA E37/1331 Granted MALCOLM - 2% Royalty Retained WA E37/1367 Granted MELITA - 2% Royalty Retained WA E37/1419 Granted MALCOLM - 2% Royalty Retained WA P37/8905 Granted RAESIDE EAST - 2% Royalty Retained WA P37/8906 Granted RAESIDE EAST - 2% Royalty Retained WA P37/8907 Granted RAESIDE EAST - 2% Royalty Retained WA P37/8908 Granted RAESIDE EAST - 2% Royalty Retained WA P37/8909 Granted BRAISER - 2% Royalty Retained WA P37/8910 Granted BRAISER - 2% Royalty Retained WA P37/8911 Granted BRAISER - 2% Royalty Retained For personal use only
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15 WA P37/8912 Granted BRAISER - 2% Royalty Retained WA P37/9204 Granted MALCOLM - 2% Royalty Retained WA P37/9205 Granted MALCOLM - 2% Royalty Retained WA P37/9206 Granted MALCOLM - 2% Royalty Retained WA P37/9207 Granted MALCOLM - 2% Royalty Retained WA E70/3536 Granted JUBUK - 1% Royalty Retained WA E70/4243 Granted RAGGED ROCK - 1% Royalty Retained WA E70/4692 Granted MT JOY - 1% Royalty Retained WA E70/4508 Granted KAURING - 1% Royalty Retained WA E70/5276 Granted KAURING - 1% Royalty Retained WA E70/5277 Granted KAURING - 1% Royalty Retained Tenements acquired in the quarter WA P38/4581 Granted LADY JULIE NORTH 4 NE 100% 100% Tenements surrendered in the quarter For personal use only