Announcement PDF Annual Report 2021 Contents Corporate Directory ................................................................................................................................ ii Review of Operations............................................................................................................................. iii Environmental, Social and Governance Framework............................................................................ xxii Mineral Resources Statement............................................................................................................. xxiii Corporate Governance........................................................................................................................ xxiii ASX Additional Information .................................................................................................................. 68 i Corporate Directory Directors Registered and business address John Young (Non-Executive Chairman) Unit 6, 94 Rokeby Road Jeremy Robinson (Managing Director) Subiaco WA 6008 Shaun Hardcastle (Non-Executive Director) Australia Cameron Henry (Non-Executive Director) Telephone: +61 8 6383 6593 Website: www.rarex.com.au Company secretary Auditors Oonagh Malone Walker Wayland WA Audit Pty Ltd Level 3, 1 Preston Street Como WA 6152 Securities exchange Share registry Australian Securities Exchange (ASX) Automic Registry Services Code: REE 126 Phillip Street Home office: Perth Sydney, New South Wales 2000 Telephone: 1300 288 664 Country of incorporation and domicile Australia ii Review of Operations The Board is pleased to provide a review of operations across the Company’s asset portfolio for the financial year 2021 and to date. Cummins Range Rare Earths Project Cummins Range is located in the mining-friendly state of Western Australia and now has the potential to underpin a standalone rare earth oxide production scenario as well as becoming a supplier of concentrate to third parties within Australia and overseas. Figure 1 – Cummins Range Rare Earths Project, Kimberley Region, Western Australia with potential refining locations 2020 Drill Program In July 2020, RareX commenced a 6,000m Reverse Circulation in-fill and extensional drilling program at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia. The commencement of drilling marked an important milestone for the Company and the project, being the first drilling to be undertaken there since 2011. The drilling program was completed by late August 2020, with the program comprising a total of 58 holes for 6,146m of Reverse Circulation (RC) drilling. Drilling was successful in confirming the Resource in the known areas and extending the mineralisation, primarily at depth, with the deepest hole intersecting weathered carbonatite to a depth of 150m. Logging of the drill chips also identified a NW-SE striking breccia fault zone for the first time, which represents a likely control on both the higher grade mineralisation in the weathered material and a target for primary mineralisation, as it is likely to be a conduit for mineralisation and has never been tested at depth. iii Figure 1 – Recently completed RC drilling at Cummins Range On the 30 September 2020, RareX reported the first batch of assays received from the program, with assays from the first three RC holes returning results significantly above the resource grade, including spectacular widths and grades in both CRX0002 and CRX0003. Results for the full suite of elements were subsequently reported on 13 October 2020, confirming the presence of the critical mineral, niobium, in significant concentrations. These holes intersected significant shallow zones of mineralisation including 41m at 4% TREO + 0.21% Nb2O5 from 29m and 36m at 4.6% TREO + 0.32% Nb2O5 from surface including an ultra-high-grade zone of 3m at 25.1% TREO + 0.45% Nb2O5. Results for drill-holes CRX0010 and CRX0011 (reported on 19 October 2020) confirmed an outcropping, thick high-grade mineralised channel trending north-west with further strongly mineralised assays. Drill holes CRX0010 and CRX0011 are located 100m along strike from the highgrade results reported in drill holes CRX0002 and CRX0003. These holes also have ultra-high-grade seams within a broader high-grade intersection, with the internal zones including 3m @ 11.3% TREO, 5m @ 9% TREO and 2m @ 10.4% TREO. On 27 October 2020, the Company released results from RC holes, CRX0012 and CRX0013, which included significant widths of high-grade rare earths and niobium mineralisation with broad zones of bonanza grade mineralisation encountered in CRX0013. The north-west trending channel of mineralisation encountered in drill holes CRX0002, CRX0003, CRX0010 and CRX0011 has been confirmed in holes CRX0012 and CRX0013, further enhancing the potential size and grade of the Resource in this area. Previous historical drilling on surrounding sections had confirmed the presence of high-grade mineralisation down to 70m below surface. The 2020 drill program extended the zone of high-grade mineralisation to 130m below surface. Hole CRX0013 is especially significant in that it contains wide ultra-high grade zones including 13m at 10.7% TREO and 1.04% Nb2O5 from 76m and 8m at 9.1% TREO and 0.58% Nb2O5. iv Results from the next 18 holes (CRX0020 to CRX0037) (reported on 17 November 2020) demonstrate that the mineralisation is thickening towards the east, while maintaining excellent widths and grades such as 62m at 2.62% TREO and 0.48% Nb2O5 including 25m at 4.36% TREO and an ultra-high grade zone of 6m at 9.44% TREO and 1.46% Nb2O5 in CRX0035. Sections 307,315 and 307,370 remain open along strike to the north and south, and section 307,315 is open at depth in the main mineralised channel, where hole CRX0025 was stopped due to ground conditions in a strongly mineralised silicified breccia. On 17 December 2020, the Company was pleased to release the results for the remaining 20 holes of the program. Results from this final batch, particularly for holes CRX0053 (section 307,130mE) and CRX0054 (section 307,180mE), have extended the mineralisation on those sections 40m and 65m deeper respectively. Geological modelling is ongoing and a mineralised fault breccia with associated quartz veining, silicification and carbonate alteration has been intersected in some of the drill holes and highlighted in section 307,420mE. Initial interpretation of the fault is a shallow south-dipping fault ranging from 10m to 40m wide that has not been tested in fresh rock. A revised geological model has recently been established, based largely on the 58 RC drill holes completed in the 2020 drill program, leading to the identification of significant new high-grade exploration targets. The new interpretation has established that, while there is general erosion of the entire carbonatite pipe leading to an upgrade in the regolith profile, there are also pre-existing high-grade fault structures that represent high-priority exploration targets with the potential to substantially change the scale of the Cummins Range Project. Deeper RC drilling completed as part of the 2020 drill program has identified for the first time the presence of a strongly rare earth element (REE) mineralised fault that sits beneath the length of the known mineralisation at the Cummins Range deposit. The RareX geological team has identified a mineralised fault that has been intersected over 550m of strike length and is open in all directions. The Main Fault strikes in a north-westerly direction of 230 degrees and dips to the south-west at 5060 degrees as shown below. Identifying the fault in the upper 70m can very difficult due to the strong weathering profile, which is most likely the reason for it not being recognised previously. v Figure 2 - Total Magnetic Image of Cummins Range Pipe with Main Fault position and planned 2021 diamond drilling At depth, where weathering has decreased, the fault is characterised by strong wall rock silicification with quartz veining and the fault itself is a silicified sulphidic milled breccia and is 5-20m in true width. High-grade REE mineralisation is consistently greater than 1% TREO. In addition to the MF mineralisation, the 2020 drilling has shown that a significant proportion of the grade is also related to dispersion in the regolith as shown in below. Grade within the dispersion or enriched areas is often moderate to high grade: for example, in Figure 2, the upper 20m of the significant intercept in hole CRX0035 is an enriched zone that sits beneath a 40m deep REE and Nb2O5 depleted zone. This enriched zone contains 20m at 4.5% TREO and 0.6% Nb2O5, including 6m @ 9.4% TREO and 1.5% Nb2O5 (see ASX: 17 November 2020). Dispersion and enrichment are seen in the regolith profile along the entire strike of the known mineralised system and will be an exploration target for this year’s RC drill program. vi Figure 3 - Cross-section 307365E showing geological interpretation, oblique view of Main Fault, true thickness is approximately 40% of drilled metres. The surface expression of the MF can be seen in Figure 2. At 307300E, the MF has been displaced by an interpreted north-south trending fault. At this position, the MF is displaced by 100m and is showing sinistral displacement. Mineralised intervals associated with the MF are shown in the vertical longitudinal projection (VLP) in Figure 4. The red dots are the MF on the western side of the displacement fault and the blue dots are the MF on the eastern side of the displacement fault. Also shown on the VLP are the 10 diamond drill holes that will be drilled in coming months. These holes are designed to target the down-dip extension of the MF, which has proven to be fertile in all MF intersections to date. vii Figure 4 - Vertical Longitudinal Projection showing centre points of Main Fault and associated TREO mineralisation The MF strike of 230 degrees is parallel to the north-eastern and south-western walls of the Cummins Range carbonatite pipe, as seen in the magnetics in Figure 2. This structural orientation is likely to be repeated throughout the pipe from a micro to a macro scale. A parallel candidate to the south-west of the MF has been identified from the magnetics and is shown in Figure 2. This location has not been tested from an appropriate angle and a historical drill hole KRC167 finishing in REE and Nb2O5 mineralisation with assays up to 3.2% TREO and 0.67% Nb2O5 (ASX: 15 October 2019). Resource Upgrade On 19 July, the Company announced a substantial resource upgrade for Cummins Range, having incorporated the results of the successful 2020 drill program. The Cummins Range Mineral Resource has grown significantly both in size and quality, firmly establishing the deposit as a high-quality development opportunity in a Tier-1 mining jurisdiction. The resource has increased on the back of the quality work undertaken by the RareX technical team, with the increase stemming both from drilling results from 2020 and correct specific gravity measurements taken from the current expansionary drill program. The overall 46% increase in the deposit is accompanied by a significant high-grade component and the announcement of a maiden Indicated resource of 11.1 million tonnes at 1.34% TREO + 0.17% Nb2O5 (0.5% TREO cut-off) and 4.9 million tonnes at 2.11% + 0.23% Nb2O5 (1.0% TREO cut-off) marking a significant increase in the quality of the resource as well. viii Table 1: Cummins Range JORC Resource at 0.5% TREO and 1.0% TREO Cut Off grade 0.5% Cut Off Tonnes Mt TREO % NdPr % Nb₂O5 % HREO ppm Indicated 11.1 1.34 0.27 0.17 830 Inferred 7.7 0.88 0.18 0.11 540 Total 18.8 1.15 0.23 0.14 711 1.0% Cut Off Tonnes Mt TREO % NdPr % Nb₂O5 % HREO ppm Indicated 4.9 2.11 0.41 0.23 1,150 Inferred 1.6 1.60 0.31 0.16 800 Total 6.5 1.98 0.38 0.21 1,060 Figure 5: Cummins Range JORC Resource at 0.5% TREO Block Model 2021 Drill Program In July 2021, the Company announced the commencement of a significant diamond drilling program at Cummins Range. The drilling represents the first-ever test of the primary potential of the deposit and the opportunity to significantly grow the scale of the Resource. The 2021 diamond drill program will comprise over 3,000m of diamond drilling, to be undertaken by ASX-listed DDH1 Drilling. ix Figure 6: Diamond drill rig on site at Cummins Range. Figure 7: Vertical longitudinal projection showing centre pierce points of main fault and associated TREO mineralisation and planned diamond drill holes. To date, multiple diamond holes have been drilled along the main fault at Cummins Range, designed for both exploration and study test work purposes. Visual inspection of the drill core has exceeded RareX’s expectations, with the initial holes intersecting wide mineralised breccia/fault zones and, more importantly, a significant zone of fresh mineralisation at the bottom of CDX0007. This represents the first time significant primary REE-Nb mineralisation has been intersected at Cummins Range. x Three drill holes (CDX0001, CDX0003 and CDX0004) were completed for mining studies, with CDX0004 intersecting a 67m fault breccia that had been previously interpreted from RC drilling as a wellmineralised saprolite zone that had rare earth elements upgraded via dispersion. This fault breccia is located where a displacement fault is interpreted in the new geological model. Surrounding drill holes to CDX0004 are well mineralised, indicating that the fault breccia is the source of the REE mineralisation in this area. This presents strong exploration upside with a previouslyunrecognised wide mineralised structure to test at depth. Figure 8: 2021 Drill Collar Location Plan, red boxes indicate the recent drill holes xi Figure 9: CDX0004 Example of oxidized polymictic breccia Four of the planned exploration drill holes (CDX0002, CDX0005 CDX0006 and CDX0007) were drilled (with CDX0002 being lost metres) before the expected Main Fault target. CDX0005 intersected carbonatite in the target area with sparse patchy massive monazite over 5m. Hole CDX0006 intersected a 10m mineralised fault breccia on a carbonatite contact. Drill hole CRX0007 was drilled 75m east of hole CDX0004 and intersected 77m of fault breccia. This zone is interpreted to be part of the displacement fault intersected in hole CDX0004. The width and extent of the fault breccia between these two holes indicates a significant brittle breccia system with extensive alteration. Figure 10: CDX0007 123.5m massive orange monazite forming on lower contact of a primary sulphidic carbonatite breccia within a larger 75m fault breccia xii A further four diamond drill holes (CDX0008 to CDX0011) were then drilled to test for primary mineralisation. The additional holes are shown on the collar location plan in Figure 8. Importantly, all four holes intersected primary mineralisation in shear or breccia zones over various widths as described below, providing further strong evidence of the potential to significantly expand the potential scope and scale of the Project. Of greatest significance, hole CDX0011 intersected a 24m-wide strongly rare earth mineralised fault zone with common visible coarse-grained monazite, as shown in Figure 12. CDX0011 was drilled to test down-dip of a high-grade intersection returned from Reverse Circulation (RC) drill hole CRX0063 during the Quarter, which intersected 41m at 2.4% TREO and 0.51% Nb2O5 including 10m at 4.1% TREO and 0.75% Nb2O5. CDX0011 is the westernmost diamond drill-hole completed to date and extends the primary Main Fault mineralisation to 120 vertical metres, which is amenable for extraction via open pit. Further drilling is planned both along strike and down-dip. The continued success of the diamond drilling program further reinforces RareX’s view that there is considerable potential to expand the Cummins Range deposit, with significant zones of high-grade primary mineralisation present over mineable widths. Figure 11: Schematic cross-section showing diamond drill-hole CDX0011 xiii Hole CDX0008, which was drilled to test an area 40m south-west of hole CDX0007 intersected a 20m silicified fault breccia zone from 70m down-hole. Routine XRF analysis suggests that the breccia is anomalous in rare earths. The zone is weathered and likely correlates with the 77m wide zone seen in CDX0007. Further down-hole common foliated and sheared areas were seen in carbonatite with localised visual monazite. The geometry of the mineralised structures around the interpreted displacement fault is currently unclear and requires further drilling. Hole CDX0009 is the easternmost diamond drill-hole completed to date and was designed to test the fresh rock Main Fault position. A 10m silicified sulphidic carbonatite breccia was encountered from 30m down-hole, with confirmed rare earths mineralisation observed from XRF analysis. In the Main Fault position, broad breccia and fault zones were seen with patchy fresh monazite mineralisation occurring at up to 15% monazite over 1m intervals. CDX0010 was drilled to target the area down-dip of the 10m mineralised fault breccia intersected in hole CDX0006. The hole drilled through two intervals of fresh rare earth mineralisation, as confirmed by pXRF. The first is 4.9m of 10% coarse monazite from 115.1m. The second was a 20m mineralised sulphidic fault zone from 139m. Figure 12: Zones of massive coarse monazite at Cummins Range CDX0010 encountered massive patches of coarse green-brown monazite. CDX0011 was drilled to test down-dip of the high-grade intersection in hole CRX0063 of 41m at 2.4% TREO and 0.51% Nb2O5 including 10m at 4.1% TREO and 0.75% Nb2O5. The 24m strongly-mineralised fault breccia was intersected and has common disseminated to massive patches of monazite. The fault breccia also contains a milled matrix component which has highly-anomalous rare earths from pXRF analysis and fine monazite banding as shown in Figure 10. This position has not been tested along strike to the north-west and drilling is planned in this area. Note: RareX has a Niton XRF on site that has been calibrated to Cummins Range mineralisation. The XRF analyses for 43 elements including Cerium, Lanthanum, Praseodymium, Neodymium, Yttrium, Niobium and Phosphorus. The XRF is used as a tool to indicate whether a zone is mineralised, however it is not an accurate indicator of grade. With the XRF results, rock type and visual confirmation of mineralisation, the RareX geologist can assess whether an interval is mineralised. xiv Scoping Study Underway Given the exciting results from Resource drilling to date, with deeper diamond drilling significantly expanding the mineralisation at depth, RareX is now targeting to release the Scoping Study for the Cummins Range Project in Q1 2022 to provide sufficient time to continue to develop the Resource and integrate this with metallurgy and processing design. Project strategy The Scoping Study has been refined in scope to focus on the following key objectives in order to test the financial sensitivity and scale of a proposed facility: 1. 2. 3. 4. 5. Resource optimisation and geo-metallurgical modelling Balanced metallurgical understanding Product definition Environmental approvals and impacts Stakeholder engagement and social impacts To support the Scoping Study, RareX has assembled a team of appropriately experienced consultants as shown in the table below. This team is capable of delivering the study, future and further defined studies and supporting project execution. Consultant Scope Gavin Beer Rare Earth Element, metallurgical and general technical counsel Primero Lead consultant; process design and cost estimation METS Group Metallurgical program lead Mining Plus Pit design, pit optimisation mining method AMC Geo-metallurgical modelling Animal Plant Resources ESG integration, stakeholder engagement, approvals and permitting Advisian Hydrogeology PWC ESG integration Resource optimisation and geo-metallurgical modelling With the continuation of Resource drilling and the re-interpretation of the Resource, the scope of chemical, mineral and metallurgical investigations has increased. The Resource is being re-defined with additional domains and, in conjunction with geo-metallurgical modelling, will allow for an improved understanding of metallurgical performance in each domain and sub-domain. The integration of geological, geotechnical, mining, metallurgical, environmental and economic information will help maximize the Net Present Value (NPV) of the Project and can continually be applied and advanced to minimise future technical and operational risk. Metallurgical understanding The metallurgical program – led by METS Group, with Gavin Beer as technical counsel and leading laboratories in support – has worked methodically through early testing. xv The program for the Scoping Study must define likely metallurgical processing steps but is not designed to optimise recovery. The team will work to an optimal program for the stage of study and identify key development areas for subsequent phases. Product definition The Cummins Range Critical Metals Project has an array of strategic metals within the Resource which are likely to add to the value-in-use of the product and may form discrete by-products in their own right. The product suite is notionally: • • • Rare Earths Elements – principally Neodymium and Praseodymium Niobium Scandium RareX has set out to define the simplest product that will facilitate a commercially viable project as a base case for project definition. To achieve this, the metallurgical and marketing teams are working together with potential off-taker requirements. Feedback on technical viability and pricing is iterated into the plant design to confirm the base case. From this platform the team will be able to optimise the product specifications with additional plant facilities, principally by way of upgrade modules, to produce the preferred product. Environmental approvals and impacts RareX is defining a clear pathway for approvals, permitting and stakeholder engagement which is of particular importance in the Kimberley and with the Jaru as Traditional Owners. The Project is likely to remain entirely within Western Australia and will be assessed within the framework of WA legislation as well as being considered under the Commonwealth Environmental Protection and Biodiversity Conservation Act 1999. The Project area is on relatively flat, open shrubland and tussock grassland, within the Kimberley and within a Native Title Determination Area. Hydrogeological investigations are underway and baseline investigations across social and environmental aspects have been scoped and made ready for investigation early in 2022. Stakeholder engagement and social impacts The regional stakeholders have been identified and a stakeholder engagement roadmap is being developed. The nearest community is Billiluna (population c. 150) and, when possible, the project team has been prioritising recruitment from this community, other local communities and the Halls Creek township. RareX continues to have positive engagement with the Kimberley Land Council (KLC), the Jaru and with the station owners in the Project area as well as a number of key stakeholders including shire councils and industry groups along the likely supply chain between the Project site and Wyndham Port. RareX is operating under a Native Title Heritage Protection and Mineral Exploration Agreement with the KLC in relations to Jaru lands (Agreement). The Agreement provides a cooperative framework under which the Company can conduct activities on tenements granted on Jaru land and provides for community benefits to the Jaru people. Additionally, and following on from the release of the RareX ESG Framework, activities on site are monitored to develop a baseline from which the Company can establish improvement initiatives to xvi further integrate with local communities and to reduce adverse the environmental and social impact of the Project at any given development stage. NSW Joint-Venture Copper Gold Projects In January 2020, RareX entered into a binding Memorandum of Understanding (MoU) with Kincora Copper (Kincora) whereby Kincora paid a non-refundable option payment of C$25,000 to RareX for a six week exclusive option period. Following completion of its due diligence activities, Kincora subsequently exercised the option and paid RareX an additional C$150,000 and issued RareX with 14.95 million shares in Kincora. As a result of the agreement, RareX transferred a 65% interest in its NSW tenements to Kincora with RareX retaining a 35% free carried interest until such time as a positive scoping study or preliminary economic assessment is delivered, following which industry standard JV dilution mechanisms will apply. Kincora’s technical team includes Mr John Holliday and Mr Peter Leaman. Mr Holliday has over 30 years’ experience in metals exploration mostly with BHP Minerals and Newcrest Mining, including the positions of Chief Geoscientist and General Manager, Property Generation and more recently in the junior sector. Mr Holliday was a principal discoverer and site manager of the undercover Cadia and Marsden porphyry Tier 1 gold-copper deposits in NSW, and was a principal geological advisor on the acquisition of many significant projects, including Namosi and Wafi-Golpu. Mr Leaman has over 40 years’ experience in exploration mostly with BHP Minerals, with a particular focus on Base & Precious Metals, and PanAust Limited, where he was Regional Exploration Manager SE Asia and remains an Exploration Advisor. Trundle Park Prospect Kincora’s first drill hole (TRDD001) intersected multiple significantly mineralized skarn zones including 51m @ 1.17 g/t gold and 0.54% copper from 39m and 18m @ 0.53 g/t gold and 0.05% copper from 284m. TRDD001 also intersected broad anomalous mineralization (including 21.1m @ 0.25 g/t Au and 0.03% Cu from 664m to end of hole) in the outer zone of the targeted adjacent porphyry intrusion system. Kincora’s second follow-up drill hole (TRDD004) was drilled 269m to the west of TRDD001, a considerable step-out, and was completed to 694m targeting a blind finger porphyry and not targeting the previously intersected high-grade skarn mineralization in TRDD001. TRDD004 did not intersect any skarn alteration and is interpreted to have intersected volcanics intruded by monzodiorite and monzonite across a fault block with minor potassic alteration at the bottom of the hole – anomalous results presented in Table 3. Such a fault setting is not uncommon in other Ordovician age porphyry systems in the Macquarie Arc and TRDD004 has assisted understanding of the fault blocks and potential preservation levels within the Trundle Park target. On 2 December 2020, Kincora reported that drilling at Trundle Park has returned further encouragement for the targeted at/near surface skarn system, with ongoing deeper drilling also testing the potential for a larger causative porphyry intrusion system. Assay results received for TRDD008 have returned two significant zones of mineralised skarn: xvii • Surface zone: returned 87.7 metres @ 0.65g/t gold and 0.19% copper from surface, including 16.4 metres @ 1.51g/t gold and 0.19% copper from surface and 8 metres @ 1.63g/t gold and 0.57% copper from 66 metres. • Second zone: 27 metres @ 0.10g/t gold and 0.07% copper from 305 metres, 5 metres @ 0.18g/t gold and 0.02% copper from 379 metres and 19 metres @ 0.43g/t gold and 0.21% copper from 388 metres, including 4 metres @ 0.94g/t gold and 0.57% copper. As outlined in the 21 December 2020 release, hole TRDD011 intersected intense structurally controlled mineralization hosted within near surface skarn alteration with further positive visual indications reported from TRDD012, a step back to the south-east from TRDD011. Assay results from nearer surface intervals for TRDD011 (to 102m of 332m) and TRDD012 (to 202m of 581m) have been received and were released on 21 January 2021. Highlights include: • • TRDD011: 74m @ 0.40% copper and 0.37 g/t gold from surface including: - 42m @ 0.64% copper and 0.58 g/t gold from 32m including: - 14m @ 1.69% copper and 1.39 g/t gold from 58m including: - 4m @ 4.98% copper and 3.36 g/t gold from 68m TRDD012: 29m @ 0.10% copper and 0.18 g/t gold from 191m including: - 2m @ 0.87% copper and 0.05 g/t gold from 195m; and, - 1m @ 0.09% copper and 1.17 g/t gold from 204m. TRDD011 extended the mineralised skarn horizon to the north-west of TRDD001 (previously reported 51m @ 0.54% copper and 1.17g/t gold from 39m) and TRDD012 was a 50m step out to the south from TRDD001. TRDD012 has provided encouragement and vectors for the targeted causative porphyry intrusion system source with observations of: • Primary bornite and chalcopyrite within quartz veins occurring in an interval of volcaniclastic rocks from 160m to 210m down-hole which are the best primary bornite and chalcopyrite veining intersected to date at the Trundle project (Figure 3); • Observations of discrete monzodiorite intrusions from 275m to 340m down-hole depth, and coarse primary molybdenum within a quartz vein at 314m down-hole depth (assay results pending); and, • Four well developed and broad skarn horizons identified commencing from the surface (noting dilution in reported intervals from core loss) and extending deep down-hole (assay results pending). On 22 April 2021, Kincora reported that recent drilling has provided encouragement for the northern and southern extensions to the skarn alteration, extending the strike of the mineralised skarn footprint at Trundle Park to over 500 metres and still open in all directions. Assay results from TRDD007 have expanded the mineralization to the no