March 2025 Quarterly Activities Report and Appendix 5B

Highlights

Exploration – Golden Ridge Project, NE Tasmania

• Phase 4 diamond drilling program commenced at the Trafalgar and Trafalgar North prospects, comprising 2,000m of in-fill and extensional drilling targeting down-dip and along-strike extensions – assays pending

• Significant new quartz vein system identified at the Grenadier Prospect, with latest trenching channel sampling assays pending – follow-up drilling planned

• Emerging gold target identified at the Double Event Prospect, with recent rock chip sampling recording gold grades of up to 44.5g/t Au – follow-up trenching planned

• Gold-in-soil sampling anomaly at the Grenadier Prospect extended to >1km north-south and 1km east-west - follow-up sampling planned

Exploration – Henty Project, Western Tasmania

• Highly anomalous silver-lead-zinc mineralisation in rock chip samples, with nine of the 17 samples returning assays exceeding 10 ounces/tonne silver values

Corporate

• Successful $2.6M share placement completed

• 31 March 2025 cash position was $1.02 million.

• Cash position excludes $1.40 million (less expenses) raised under Tranche 2 of the $2.6M share placement, which was received on 23 April 2025.