26 Nov

Horseshoe Lights Phase 1 Stockpile Results Received

1 ASX ANNOUNCEMENT 2 6 Nov ember 2021 Horseshoe Lights Phase 1 Stockpile Results Received • All Phase 1 a ctivity r esults received • Gold rehandle stockpile volume averages 1.13 g/t Au • Vat 2 (initial flotation tails) average s 1.04 g/t Au and 0.88% Cu • Material within G old L each Vats 3, 4, 5 and 6 average 0.5 7 g/t Au • Vat Perimeter material averages 0.58 g/t Au • C20 stockpile contains significant gold and copper mineralisation • Horseshoe assessi ng early development/cashflow opportunities from the processing of historic gold and copper stockpiles • Planned Phase 2 activities will include further RC drilling, auger sampling and stockpile resource esti mations at Horseshoe Lights _____________________ __________________________________________________ Horseshoe Metals Limited (ASX: HOR) ( the ‘ Company ’ ) is pleased to provide the following update on exploration activities at its Horseshoe Lights Copper - Gold project located in the Bryah Basin, Murchison re gion of Western Australia (refer Figure 6 ) . The Phase 1 Auger d rilling programme was recently completed and designed to assess various surface stockpile materials that remain from historic gold and copper mining activities (refer Figure 2) . These targets are under investigation for early development opportunities at the historic mine site, which might include offsite p rocessing of gold - bearing materials . Significant results received from this programme include: • 4m @ 5.34g/t Au from surface (MVAG008 - Gold rehandle area) • 4m @ 2.40g/t Au from surface (MVAG023 - Gold rehandle area) • 4m @ 2.19g/t Au from surface (MVAG025 - Gold rehandle area) In addition, shallow Reverse Circulation (RC) drilling of the C20 stockpile (refer Figure 4) was completed in late August o n lines 20m apart with 10m spaced holes, part of a proposed 10m x 10m spaced drill hole pattern designed to confirm the grade and distribution of mineralisation. Results confirmed significant gold and copper material within the stockpile in coherent minab le volumes. Phase 2 activities at Horseshoe Lights will include completion of the 10m x 10m drill pattern in the C20 stockpile . Significant results received from the C20 stockpile drilling include: • 9m @ 1.69g/t Au and 0.4 % Cu from 1m in hole C20_RC8 • 6m @ 1.20g/t Au from surface in hole C20_RC21 • 3m @ 2.54g/t Au and 0.73% Cu from surface in hole C20_RC46 2 Targets tested by augering include d gold - bearing vat leach material, vat walls , gold tailings and copper flotation tailings (refer release s dated 6 August 2021 , 10 September 2021, and Figures 2 and 3 ) . 2 55 holes totalling 1 204 . 8 m were completed in Phase 1 activities during July and August 2021 , as outlined below (Table 1) : • 8 4 holes into v at l each gold - bearing material from early mining activit i es prior to Barrick ’s gold production (Vats 3, 4, 5 and 6 - refer Figure 2 - blue collars ) ; • 2 0 holes into initial copper flotation tails pumped into a Barrick - mined gold vat (Vat 2 - refer Figure 2 - green collars ) - the same material forming the flotation tailings re source (refer Table 6 ) ; • 7 2 holes in a n area of initial gold production including vats covering by subsequent mining activity ( Gold rehandle area - refer Figure 2 - yellow collars ) ; • 62 holes to assess the perimeter of material constructed to constrain the g old vats ( Vat Perimeter - refer Figure 2 - magenta collars ; • 34 holes of up to 10m depth being first - pass perimeter drilling of material forming the gold tailings and copper flotation tailings dam s ’ walls (refer Figure 3 ) , with some planned holes unable to b e completed , and • 4 holes into the flotation tailings as a grade/depth check and to assess moisture content for materials handling considerations. Table 1: Phase 1 Auger Drilling at Horseshoe Lights summary Vat and Stockpile A ugering H oles m Gold Vats 3, 4, 5 and 6 63 3 75 . 3 Initial Flotation tails ( Vat 2 ) 20 95.2 Gold Rehandle Area 72 2 40.7 Flotation Tails 4 29.6 Perimeter augering holes m Vats 1 to 6 62 30 2.4 Tails Dams 34 161.6 Totals 2 55 1 204 . 8 Discussion of Results : Vat and Gold Rehandle area auger sampling was typically sampled every metre, and subset thereof at the bottom of hole, while Vat and Tails P erimeter sampling was undertaken every two metres down hole. Gold Leach Vats 3, 4, 5 and 6 : Remnant gold leach vats ( Vats 3, 4, 5 and 6 - refer Figure 2 ) consists of large blue plastic - lined ponds , with augering designed to assess gold concentrations and to assist in determining the geometry and volume of material above the liner. Depths of holes encountered in the centre of the ponds were typic ally between 4 m - 5m for Vats 4, 5 and 6 ; and 7m in Vat 3 . Assay r esults from Vats 3, 4, 5 and 6 are now complete , averaging 0.5 7 g/t Au length - weighted for results above the vat liners, and are summarised below in Table 2, and detailed further in Table 4 : Table 2: Summary of auger grades - Gold Leach Vats 3, 4, 5 and 6 Area S amples Ave Grade Au VAT 3 90 0.53 VAT 4 88 0.53 VAT 5 94 0.73 VAT 6 93 0.50 VATS 3, 4,5 and 6 365 0.5 7 3 These results compare favourably with historical work undertaken in 1985 (refer announcement 10 September 2021). Some minor contamination of the surface of Vat 3 from Copper Flotation Tails from Vat 2 in the NE corner could be observed in the results and is considered easily rectifi able ahead of any processing of either mater ial. As there is currently insufficient information to estimate a Mineral Resource for Vats 3, 4, 5 and 6 , the Company contends releasing an Exploration Target for Vats 3, 4, 5 and 6 the most appropriate way to discuss these results. F rom the grade assess ment , preliminary investigation of the vat volume s and anticipated density the Company considers a n Exploration Target for Vats 3, 4, 5 and 6 at Horseshoe Lights of between : Exploration target - Gold Leach Vats 3, 4, 5 and 6 • 14 0,000 to 21 0,000 tonnes, • G rad ing between 0.5 5 to 0.60g/t Au, • C ontain ing metal of between 2475 - 405 0 oz gold The above does not represent an estimate of a Mineral Resource or Ore Reserve. The Company notes that the potential quantity and grade is conceptual in nature, that there has b een insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource . Vat 2 and Gold Rehandle A rea : Analysis of results from augering of Vat 2 confirmed the V at had been fully excavated of original gold - bearing material and filled with initial tailings material from the Copper Plant circuit. Some 92 samples within the now better - defined Vat 2 averaged 1.04 g/t Au and 0.88% Cu. Table 3 : Summary of auger grades - Vat 2, Gold Rehandle area, Vats 1 - 6 Perimeter Area S amples Ave Grade Au Ave Grade C u VAT 2 92 1.04 0.88 Gold Rehandle Area 194 1.13 0. 16 Vat Perimeter 166 0.58 N/A As there is currently insufficient information to estimate a Mineral Resource for Vat 2, t he Company contends releasing an Exploration Target for Vat 2 the most appropriate way to discuss these results. From the grade assessment, preliminary investigation of the vat volume and anticipated density the Company considers an Exploration Target for Vat 2 at Horseshoe Lights of between: Exploration target - Initial Flotation Tails - Vat 2 • 55 ,000 to 75 ,000 tonnes, • Grading between 0.9 to 1.1 g/t Au; 0.8 - 1.0% Cu • Containing metal of between 1590 - 26 50 oz gold, and between 440 - 750 tonnes Cu metal . The abo ve does not represent an estimate of a Mineral Resource or Ore Reserve. The Company notes that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is unce rtain i f further exploration will result in the estimation of a Mineral Resource. The area to the west of the Gold Vat area, now renamed the Gold Rehandle area, consistently returned significant gold values averaging 1.13 g/t Au over a coherent mineable v olume, increasing in depth from the west to the east, where it achieves a maximum height of 4m, in the vicinity of two now - covered ( smaller ) original gold leach Vats ( referred to previously by the Company as Vats 7 and 8) . The results 4 confirmed some minor associ ated copper in the near surface, averaging 0.16% Cu over the samples analysed. As there is currently insufficient information to estimate a Mineral Resource for the Gold Rehandle area , the Company contends releas ing an Exploration Target for the Gold Reh andle area the most appropriate way to discuss these results. From the grade assessment, preliminary investigation of the vat volumes and anticipated density the Company considers an Exploration Target for the Gol d Rehandle area at Horseshoe Lights of bet ween: Exploration target - Gold Rehandle Area . • 75 ,000 to 12 0,000 tonnes, • Grading between 1 . 0 to 1.2 g /t Au, • Containing metal of between 24 00 - 4 60 0 oz gold. The above does not represent an estimate of a Mineral Resource or Ore Reserve. The Company notes tha t the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is unce rtain if further exploration will result in the estimation of a Mineral Resource. Vat 1 - 6 P erimete r A ugering, Tails Dam Augering : The results of perimeter auger drilling of Vats 1 - 6 on a variable but typically sub - 10m spacing confirmed the likelihood that the construction material for the vats consisted of low grade gold - mineralised material, as sugg ested by initial results from subdrill below the liner associated with vats 4, 5 and 6. Results from 166 generally 2m samples from the perimeter of the Vats averaged 0.58 g/t Au, but as would be expected, were quite variable. Further infill drilling is p lanned in better performing portions of the Vat perimeter to better assess the vo lume. No exploration target is suggested at this point. Results from Tails perimeter auger drilling (refer Figure 3 , and Table 4 ) generally confirmed sub - economic concentrati ons of mineralisation, not warranting further investigation. Results from the fo ur tailings holes to primarily assess moisture content for materials handling purposes returned lower than average resource grade values but generally comparable to local valu es. C20 Stockpile Drilling : The C20 stockpile is interpreted to be a low grade rehandle stockpile created during the gold only CIP operations phase in the mid to late 1980’s. During the subsequent Chalcocite DSO mining phase, the surface of this stockpi le was used a resample area fo r high grade ore excavated from the margins of the DSO orebody that may have been diluted during mining. Satisfaction of ASX activity requirements prior to relisting This release covers the balance of results undertaken in Ph ase 1 activities at Horseshoe Lights, and coupled with recently completed aerial mapping and photography at Glenloth in South Australia , completes activity requirements laid out by the ASX prior to giving consideration to the lifting of the suspension of t rading in shares of the Company. The Company anticipates the commencement of Phase 2 activities, including further RC drilling , auger sampling and stockpile resource estimations at Horseshoe Lights following the lifting of this suspension . 5 The Board of D irectors of HOR has authorised this announcement to be given to the ASX. Enquiries Craig Hall Non - Executive Director, T: +61 8 6241 1844 E : info@horseshoemetals.com.au . Figure 1 : Horseshoe Lights Project tenure and location , with areas of Figure 2 a nd 3 noted . Tenements E52/3759, P52 - 1 5 42 - 50, and part of M52/743 are subject to a farm - in agreement with Kopore Metals Limited (refer ASX release 28 January 2021 – “ Horseshoe West Copper/Gold Farm - in and JV Agreement ”) 6 Figure 2: Location and average length - weighted grade of areas tested by 2021 Auger drilling, with drilling of Vat s 3, 4, 5 and 6 denoted by blue collars ; Vat 2 by green collars ; Gold rehandle area by yellow collars, and Vat perimeter material by magenta collars. Maximum intersects deno ted by circled collars . Location of C20 stockpile is immediately NW of Gold Rehandle stockpile 7 and surrounding perimeter construction material in magenta in inset figure Figure 3 : Auger drilling completed on Horseshoe Gold (left) and Copper Flotation (Ri ght) Tailings Dams. Refer Table 6 for inferred Mineral Resource on Flotation Tailings. Four check holes (green) were completed on the Flotation tails to primarily assess moisture content for materials handling pu rposes 8 Figure 4: RC drilling Lo cation p lan for C20 2021 Stockpile drilling , with highlighted copper and gold intersects 9 For Section Lines refer to Figure 5. Figure 5 : Stacked RC Drill Sections for C20 Stockpile drilling , with highlighted copper and gold intersects 10 Table 4 Auger – 2021 Auger Summary : NB: Vats 3, 4, 5 and 6 assayed by Nagrom method FA50_OES for Gold only; Vat 2 and Gold Rehandle Area assayed by Nagrom Method ICP008 - 40gram charge Aqua Regia Digest for Copper Gold only , with ICP finish . Sub - drill results not included in Inters ect . All results from surface. Target Site ID MGA North MGA East AHD RL Dip Depth (m) From (m) To (m) Interval (m) Au g/t Cu % Sub Drill Depth (m) Vat 2 Flotation Tails Vat VTAG001 7194394 663603 524 - 90 5.00 0.00 3.00 3.00 0.81 0.50 2.00 VTAG002 719438 4 663587 524 - 90 3.00 0.00 3.00 3.00 0.59 0.85 VTAG003 7194373 663570 523 - 90 6.00 0.00 4.00 4.00 0.81 0.86 2.00 VTAG004 7194360 663549 523 - 90 4.00 0.00 4.00 4.00 0.87 0.93 VTAG005 7194355 663576 523 - 90 4.70 0.00 4.70 4.70 1.06 1.01 VTAG006 7194345 663554 523 - 90 4.70 0.00 4.70 4.70 0.92 1.04 VTAG007 7194367 663595 523 - 90 5.00 0.00 5.00 5.00 1.10 0.94 VTAG008 7194376 663613 524 - 90 5.00 0.00 5.00 5.00 0.95 0.77 VTAG009 7194362 663621 524 - 90 7.30 0.00 6.00 6.00 0.90 0.71 1.30 VTAG010 7194350 663603 523 - 90 6.00 0.00 6.00 6.00 1.24 1.00 VTAG011 7194340 663584 523 - 90 5.80 0.00 5.80 5.80 1.05 1.05 VTAG012 7194329 663563 523 - 90 5.00 0.00 5.00 5.00 1.16 1.01 VTAG013 7194312 663572 523 - 90 5.00 0.00 5.00 5.00 1.17 0.91 VTAG014 7194322 663592 523 - 90 4.80 0.00 4.80 4.80 0.75 0.62 VTAG015 7194334 663610 523 - 90 4.50 0.00 4.50 4.50 1.26 0.98 VTAG016 7194344 663628 524 - 90 4.40 0.00 4.40 4.40 1.37 1.08 VTAG017 7194327 663636 524 - 90 4.60 0.00 4.00 4.00 1.17 0 .94 0.60 VTAG018 7194317 663619 523 - 90 4.30 0.00 4.30 4.30 1.16 0.97 VTAG019 7194306 663602 523 - 90 2.80 0.00 2.80 2.80 0.91 0.81 VTAG020 7194293 663582 523 - 90 3.30 0.00 3.00 3.00 1.44 0.35 0.30 Vat 3 VTAG021 7194275 663587 523 - 90 5.50 0.00 1 .00 1.00 0.49 0.07 4.50 VTAG022 7194289 663608 523 - 90 5.70 0.00 5.70 5.70 0.27 0.06 VTAG023 7194301 663628 523 - 90 4.40 0.00 2.00 2.00 0.91 0.85 2.40 VTAG024 7194305 663645 524 - 90 3.00 0.00 1.00 1.00 0.84 0.74 2.00 VTAG025 7194288 663644 524 - 9 0 4.30 0.00 2.00 2.00 0.42 0.37 2.30 VTAG026 7194285 663626 524 - 90 4.00 0.00 3.00 3.00 0.55 0.26 1.00 VTAG027 7194255 663598 523 - 90 6.00 0.00 6.00 6.00 0.44 0.09 VTAG028 7194273 663610 523 - 90 5.00 0.00 5.00 5.00 0.57 0.08 VTAG029 7194273 663 637 523 - 90 4.00 0.00 4.00 4.00 0.85 0.15 VTAG030 7194280 663656 523 - 90 3.00 0.00 1.00 1.00 0.59 0.44 2.00 VTAG031 7194264 663663 523 - 90 4.20 0.00 4.20 4.20 0.44 0.11 VTAG032 7194257 663645 523 - 90 7.00 0.00 7.00 7.00 0.75 0.09 VTAG033 7194 256 663624 523 - 90 7.00 0.00 7.00 7.00 0.34 0.08 VTAG034 7194247 663601 523 - 90 6.00 0.00 6.00 6.00 0.54 0.08 VTAG035 7194214 663617 523 - 90 7.00 0.00 7.00 7.00 0.53 VTAG036 7194219 663637 523 - 90 6.00 0.00 5.00 5.00 0.59 1.00 VTAG037 719 4229 663654 523 - 90 5.50 0.00 5.50 5.50 0.54 VTAG038 7194239 663670 523 - 90 4.80 0.00 4.00 4.00 0.45 0.80 VTAG039 7194224 663674 523 - 90 4.00 0.00 4.00 4.00 0.47 0.50 VTAG040 7194213 663659 523 - 90 3.00 0.00 2.00 2.00 0.61 1.00 VTAG041 71 94205 663640 523 - 90 2.80 0.00 2.80 2.80 0.53 VTAG042 7194199 663623 523 - 90 4.00 0.00 3.00 3.00 0.45 1.00 Vat 4 VTAG043 7194499 663604 520 - 90 3.00 0.00 3.00 3.00 0.54 VTAG044 7194480 663613 520 - 90 4.00 0.00 3.00 3.00 0.75 1.00 VTAG045 7194498 663625 520 - 90 4.70 0.00 4.70 4.70 0.45 VTAG046 7194492 663641 520 - 90 4.70 0.00 4.70 4.70 0.33 VTAG047 7194512 663634 520 - 90 4.90 0.00 4.90 4.90 0.43 VTAG048 7194520 663653 520 - 90 4.40 0.00 4.40 4.40 0.61 VTAG049 7194529 663672 520 - 90 4.00 0.00 4.00 4.00 0.42 VTAG050 7194512 663669 520 - 90 4.30 0.00 4.30 4.30 0.40 VTAG051 7194506 663682 521 - 90 5.30 0.00 5.00 5.00 0.50 0.30 VTAG052 7194497 663662 520 - 90 4.50 0.00 4.50 4.50 0.49 VTAG053 7194477 6636 69 521 - 90 4.40 0.00 4.40 4.40 0.41 VTAG054 7194487 663692 521 - 90 4.50 0.00 1.00 1.00 0.79 3.50 VTAG055 7194464 663702 521 - 90 4.60 0.00 3.00 3.00 0.42 1.60 VTAG056 7194470 663685 521 - 90 1.00 0.00 1.00 1.00 0.72 VTAG056A 7194469 66368 7 521 - 90 4.60 0.00 4.60 4.60 0.50 VTAG057 7194456 663679 521 - 90 4.30 0.00 4.30 4.30 0.48 VTAG058 7194470 663652 521 - 90 4.10 0.00 4.10 4.10 0.60 VTAG059 7194457 663627 521 - 90 4.00 0.00 4.00 4.00 0.88 VTAG060 7194432 663633 521 - 9 0 4.20 0.00 3.00 3.00 0.80 1.20 VTAG061 7194450 663644 521 - 90 4.20 0.00 4.20 4.20 0.73 VTAG062 7194445 663656 521 - 90 4.40 0.00 4.40 4.40 0.82 Vat 5 VTAG063 7194418 663674 520 - 90 4.40 0.00 4.00 4.00 0.62 0.40 VTAG064 7194406 663645 520 - 90 1.60 0.00 1.60 1.60 0.98 VTAG064A 7194405 663647 520 - 90 2.60 0.00 2.60 2.60 0.44 VTAG065 7194380 663658 520 - 90 4.00 0.00 3.00 3.00 0.63 1.00 VTAG066 7194400 663668 520 - 90 5.00 0.00 5.00 5.00 0.57 VTAG067 7194391 663686 520 - 90 5.00 0.00 5.00 5.00 0.50 VTAG068 7194427 663690 521 - 90 4.50 0.00 4.00 4.00 0.53 0.50 VTAG069 7194439 663715 521 - 90 2.40 0.00 2.40 2.40 0.49 VTAG069A 7194438 663717 521 - 90 4.50 0.00 4.00 4.00 0.57 0.50 VTAG070 7194410 663732 521 - 90 5.00 0.00 5.00 5.00 0.52 VTAG071 7194418 663707 521 - 90 5.00 0.00 5.00 5.00 0.61 VTAG072 7194398 663703 521 - 90 5.50 0.00 5.00 5.00 0.78 0.50 VTAG073 7194380 663711 520 - 90 4.50 0.00 4.50 4.50 0.49 VTAG074 7194394 663740 521 - 90 3.40 0.00 3.40 3.40 0.80 VTAG075 7194368 663757 521 - 90 4.00 0.00 4.00 4.00 1.23 VTAG076 7194374 663729 520 - 90 5.00 0.00 5.00 5.00 0.76 VTAG077 7194356 663723 520 - 90 5.00 0.00 5.00 5.00 0.73 VTAG078 7194374 663694 521 - 90 5.00 0.00 5.0 0 5.00 0.61 VTAG079 7194363 663667 520 - 90 4.20 0.00 4.20 4.20 0.61 VTAG080 7194334 663681 520 - 90 5.00 0.00 4.00 4.00 0.69 1.00 VTAG081 7194354 663686 520 - 90 4.90 0.00 4.90 4.90 0.85 VTAG082 7194347 663707 520 - 90 5.00 0.00 5.00 5.0 0 1.65 Vat 6 VTAG083 7194314 663717 519 - 90 4.00 0.00 4.00 4.00 0.29 VTAG084 7194306 663693 519 - 90 2.80 0.00 2.80 2.80 0.33 VTAG085 7194274 663705 519 - 90 4.70 0.00 4.70 4.70 0.37 VTAG086 7194296 663711 519 - 90 4.70 0.00 4.70 4.70 0 .43 VTAG087 7194289 663728 519 - 90 4.90 0.00 4.90 4.90 0.44 11 Target Site ID MGA North MGA East AHD RL Dip Depth (m) From (m) To (m) Interval (m) Au g/t Cu % Sub Drill Depth (m) VTAG088 7194321 663742 519 - 90 4.90 0.00 4.60 4.60 0.52 0.30 VTAG089 7194336 663763 519 - 90 2.60 0.00 2.60 2.60 0.45 VTAG090 7194310 663766 519 - 90 4.80 0.00 4.80 4.80 0.49 VTAG091 7194317 663753 519 - 90 4.20 0.00 4.20 4.20 0.42 VTAG092 7194301 663749 519 - 90 4.80 0.00 4.80 4.80 0.78 VTAG093 7194277 663756 519 - 90 4.10 0.00 4.10 4.10 0.32 VTAG094 7194289 663779 519 - 90 5.00 0.00 5.00 5.00 0.79 VTA G095 7194272 663792 519 - 90 4.10 0.00 4.10 4.10 1.27 VTAG096 7194274 663769 519 - 90 4.10 0.00 4.10 4.10 0.34 VTAG097 7194263 663763 519 - 90 4.20 0.00 4.20 4.20 0.41 VTAG098 7194270 663737 519 - 90 4.10 0.00 4.10 4.10 0.32 VTAG099 719 4258 663714 519 - 90 4.00 0.00 4.00 4.00 0.52 VTAG100 7194238 663718 519 - 90 4.00 0.00 3.00 3.00 0.35 1.00 VTAG101 7194253 663728 519 - 90 4.50 0.00 4.50 4.50 0.50 VTAG102 7194251 663742 519 - 90 5.00 0.00 5.00 5.00 0.64 Gold Rehandle Sto ckpile MVAG001 7194355 663487 525 - 90 5.00 NSI 5.00 MVAG002 7194350 663463 525 - 90 5.00 NSI 5.00 MVAG003 7194341 663442 525 - 90 5.00 0.00 1.00 1.00 0.52 0.05 4.00 MVAG004 7194333 663419 524 - 90 4.00 0.00 2.00 2.00 0.57 0.07 2.00 MVAG005 7194328 663 465 525 - 90 4.50 0.00 4.50 4.50 1.39 0.07 MVAG006 7194294 663450 525 - 90 4.00 0.00 2.00 2.00 2.67 0.07 2.00 MVAG007 7194258 663455 525 - 90 4.00 0.00 4.00 4.00 0.64 0.10 MVAG008 7194223 663452 524 - 90 4.00 0.00 4.00 4.00 5.34 0.39 MVAG009 7194 204 663456 524 - 90 4.00 0.00 2.00 2.00 1.51 0.30 2.00 MVAG010 7194175 663456 524 - 90 1.50 0.00 1.00 1.00 0.32 0.62 0.50 MVAG011 7194167 663508 523 - 90 4.00 NSI 4.00 MVAG012 7194167 663537 523 - 90 4.00 0.00 4.00 4.00 0.56 0.15 MVAG013 7194192 6635 54 523 - 90 4.00 0.00 1.00 1.00 0.49 0.56 3.00 MVAG014 7194203 663517 523 - 90 3.00 0.00 3.00 3.00 0.44 0.18 MVAG015 7194189 663501 523 - 90 3.00 0.00 2.00 2.00 0.58 0.05 1.00 MVAG016 7194230 663500 523 - 90 3.80 0.00 3.00 3.00 1.38 0.07 0.80 MVAG017 7194258 663504 523 - 90 2.00 0.00 2.00 2.00 2.42 0.15 MVAG018 7194255 663517 523 - 90 1.00 0.00 1.00 1.00 3.20 0.16 MVAG019 7194226 663542 523 - 90 4.00 0.00 4.00 4.00 1.46 0.08 MVAG020 7194267 663522 523 - 90 4.00 0.00 4.00 4.00 0.90 0.07 MVA G021 7194292 663514 524 - 90 4.00 0.00 4.00 4.00 0.66 0.06 MVAG022 7194339 663494 524 - 90 4.00 0.00 3.00 3.00 0.80 0.08 1.00 MVAG023 7194309 663491 524 - 90 4.00 0.00 4.00 4.00 2.40 0.06 MVAG024 7194282 663489 524 - 90 4.00 0.00 4.00 4.00 0.78 0.05 MVAG025 7194318 663478 524 - 90 4.00 0.00 4.00 4.00 2.19 0.05 MVAG026 7194298 663483 524 - 90 4.00 0.00 4.00 4.00 1.07 0.19 MVAG027 7194278 663519 523 - 90 4.00 0.00 4.00 4.00 0.47 0.13 MVAG028 7194268 663495 524 - 90 4.00 0.00 4.00 4.00 0.68 0 .19 MVAG029 7194251 663492 523 - 90 2.70 0.00 2.70 2.70 1.31 0.16 MVAG030 7194243 663512 523 - 90 4.00 0.00 4.00 4.00 0.74 0.18 MVAG031 7194251 663528 523 - 90 4.00 0.00 4.00 4.00 0.97 0.13 MVAG032 7194240 663536 523 - 90 4.00 0.00 4.00 4.00 0. 96 0.14 MVAG033 7194218 663516 523 - 90 4.00 0.00 4.00 4.00 0.35 0.11 MVAG034 7194215 663549 523 - 90 3.00 0.00 3.00 3.00 0.61 0.18 MVAG035 7194180 663562 523 - 90 3.00 0.00 3.00 3.00 0.34 0.18 MVAG036 7194183 663530 523 - 90 4.00 0.00 1.00 1.0 0 0.62 0.62 3.00 MVAG037 7194166 663480 523 - 90 4.00 0.00 1.00 1.00 0.44 0.26 3.00 MVAG038 7194187 663429 524 - 90 4.00 0.00 4.00 4.00 1.18 0.22 MVAG039 7194206 663429 525 - 90 1.30 0.00 1.30 1.30 2.40 0.28 MVAG040 7194255 663429 525 - 90 4.00 0.0 0 4.00 4.00 1.12 0.46 MVAG041 7194279 663430 525 - 90 4.00 0.00 2.00 2.00 0.61 0.12 2.00 MVAG042 7194275 663400 526 - 90 4.00 0.00 4.00 4.00 1.65 0.12 MVAG043 7194255 663399 525 - 90 4.00 0.00 4.00 4.00 1.23 0.11 MVAG044 7194232 663399 528 - 90 3 .00 0.00 3.00 3.00 1.73 0.12 MVAG045 7194196 663400 525 - 90 4.00 0.00 2.00 2.00 0.64 0.17 2.00 MVAG046 7194210 663372 526 - 90 3.00 0.00 3.00 3.00 0.97 0.19 MVAG047 7194188 663480 523 - 90 4.00 0.00 2.00 2.00 0.62 0.11 2.00 MVAG048 7194254 663371 526 - 90 3.00 0.00 3.00 3.00 1.06 0.25 MVAG049 7194275 663371 527 - 90 2.80 0.00 2.80 2.80 1.12 0.10 MVAG050 7194272 663348 527 - 90 2.30 0.00 2.30 2.30 0.83 0.07 MVAG051 7194269 663328 527 - 90 1.50 0.00 1.50 1.50 1.01 0.12 MVAG052 7194243 66 3337 527 - 90 1.30 0.00 1.00 1.00 0.33 0.11 0.30 MVAG053 7194243 663351 527 - 90 2.30 0.00 2.30 2.30 1.08 0.13 MVAG054 7194224 663329 528 - 90 1.30 NSI 1.30 MVAG055 7194312 663410 523 - 90 2.00 0.00 1.00 1.00 0.32 0.12 1.00 MVAG056 7194296 663415 523 - 90 2.00 0.00 2.00 2.00 0.64 0.06 MVAG057 7194250 663473 524 - 90 3.00 0.00 3.00 3.00 0.78 0.22 MVAG058 7194229 663480 524 - 90 2.50 0.00 2.50 2.50 1.34 0.38 MVAG059 7194307 663506 524 - 90 4.00 0.00 4.00 4.00 0.71 0.09 MVAG060 7194326 663496 524 - 90 1.00 0.00 1.00 1.00 1.30 0.15 MVAG061 7194195 663541 523 - 90 4.00 0.00 1.00 1.00 0.35 0.21 3.00 MVAG062 7194319 663442 525 - 90 2.00 0.00 1.00 1.00 0.39 0.04 1.00 MVAG063 7194269 663533 523 - 90 4.00 0.00 1.00 1.00 0.52 0.17 3.00 MVAG064 7 194254 663540 523 - 90 4.00 0.00 4.00 4.00 0.60 0.11 MVAG065 7194233 663522 523 - 90 4.00 0.00 4.00 4.00 0.60 0.15 MVAG066 7194218 663352 527 - 90 2.30 0.00 2.00 2.00 0.85 0.16 0.30 MVAG067 7194231 663428 525 - 90 2.00 0.00 2.00 2.00 2.02 0.17 MV AG068 7194276 663463 524 - 90 4.00 0.00 2.00 2.00 0.83 0.10 2.00 MVAG069 7194204 663495 523 - 90 3.00 0.00 3.00 3.00 0.92 0.16 MVAG070 7194214 663400 525 - 90 2.00 0.00 2.00 2.00 2.98 0.21 MVAG071 7194233 663371 526 - 90 2.60 0.00 2.60 2.60 1.20 0.44 MVAG072 7194208 663474 524 - 90 4.00 0.00 3.00 3.00 0.61 0.15 1.00 Vats Perimeter VPAG001 7194431 663496 524 - 90 4.70 0.00 4.70 4.70 0.09 VPAG002 7194447 663491 524 - 90 6.00 0.00 6.00 6.00 0.52 VPAG003 7194465 663488 524 - 90 6.70 0.00 6.70 6.70 0.29 VPAG004 7194477 663501 524 - 90 1.50 0.00 1.50 1.50 0.96 VPAG005 7194484 663514 524 - 90 4.50 0.00 4.50 4.50 0.20 VPAG006 7194490 663529 524 - 90 7.00 0.00 7.00 7.00 0.32 VPAG007 7194496 663545 525 - 90 7.00 0.00 7.00 7.00 0. 55 VPAG008 7194501 663558 525 - 90 7.00 0.00 7.00 7.00 0.24 VPAG009 7194504 663571 525 - 90 4.00 0.00 4.00 4.00 0.18 VPAG010 7194491 663578 525 - 90 7.00 0.00 7.00 7.00 0.73 12 Target Site ID MGA North MGA East AHD RL Dip Depth (m) From (m) To (m) Interval (m) Au g/t Cu % Sub Drill Depth (m) VPAG011 7194482 663583 525 - 90 1.50 0.00 1.50 1.50 1.38 VPAG012 7194469 663588 525 - 90 6.00 0.00 6.00 6.00 0.46 VPAG013 7194457 663593 525 - 90 6.00 0.00 6.00 6.00 0.53 VPAG014 7194442 663601 525 - 90 6.00 0.00 6.00 6.00 0.33 VPAG015 7194428 663610 525 - 90 6.00 0.00 6.00 6.00 0.65 VPAG016 7194412 663615 525 - 90 6.00 0.00 6.00 6.00 3.22 VPAG017 7194407 663598 525 - 90 6.00 0.00 6.00 6.00 0.94 VPAG018 7194402 663584 525 - 90 6.00 0.00 6.00 6.00 0.21 VPAG019 7194396 663569 524 - 90 6.00 2.00 6.00 4.00 0.17 VPAG020 7194388 663554 524 - 90 6.00 0.00 6.00 6.00 0.30 VPAG021 7194381 663541 524 - 90 6.00 0.00 6.00 6.00 0.31 VPAG022 7194373 663530 524 - 90 6.00 0.00 6.00 6.00 0.13 VPAG023 7194367 663519 525 - 90 6.00 0.00 6.00 6.00 0.14 VPAG024 7194348 663527 525 - 90 4.60 0.00 4.60 4.60 0.12 VPAG025 7194334 663535 525 - 90 2.00 0.00 2.00 2.00 0.05 VPAG026 7194317 663543 525 - 90 6.00 0.00 6.00 6.00 0.40 VPAG027 7194300 663552 524 - 90 6.00 0.00 6.00 6.00 0.57 VPAG028 7194275 663566 524 - 90 1.20 0.00 1.20 1.20 2.72 VPAG029 7194257 663572 524 - 90 6.00 0.00 6.00 6.00 0.38 VPAG030 7194241 663580 524 - 90 6.00 0.00 6.00 6.00 0.37 VPAG031 7194221 663588 524 - 90 6.00 0.00 6.00 6.00 0.21 VPAG032 7194207 663593 524 - 90 2.00 0.0 0 2.00 2.00 0.27 VPAG033 7194189 663607 523 - 90 6.00 0.00 6.00 6.00 0.25 VPAG034 7194401 663621 525 - 90 6.00 0.00 6.00 6.00 0.58 VPAG035 7194382 663631 524 - 90 6.90 0.00 6.90 6.90 0.60 VPAG036 7194360 663642 524 - 90 4.00 0.00 4.00 4 .00 0.40 VPAG037 7194337 663652 523 - 90 2.00 0.00 2.00 2.00 0.25 VPAG038 7194311 663660 524 - 90 6.70 0.00 6.70 6.70 1.84 VPAG039 7194284 663673 524 - 90 2.80 0.00 2.80 2.80 0.62 VPAG040 7194268 663680 524 - 90 3.60 0.00 3.60 3.60 1.28 VPAG041 7194248 663687 524 - 90 1.50 0.00 1.50 1.50 0.43 VPAG042 7194231 663694 524 - 90 3.00 0.00 3.00 3.00 0.28 VPAG043 7194214 663829 516 - 90 2.00 0.00 2.00 2.00 0.84 VPAG044 7194235 663823 518 - 90 2.50 0.00 2.00 2.00 0.82 V PAG045 7194263 663812 520 - 90 5.00 0.00 5.00 5.00 0.35 VPAG046 7194285 663801 520 - 90 7.00 0.00 7.00 7.00 0.30 VPAG047 7194307 663790 520 - 90 5.00 0.00 5.00 5.00 0.20 VPAG048 7194328 663782 519 - 90 5.00 0.00 5.00 5.00 0.56 VPAG049 7 194359 663770 521 - 90 2.30 0.00 2.00 2.00 0.20 VPAG050 7194387 663758 521 - 90 6.30 0.00 6.30 6.30 0.48 VPAG051 7194407 663747 521 - 90 4.50 0.00 4.50 4.50 0.20 VPAG052 7194433 663736 521 - 90 4.60 0.00 4.60 4.60 1.32 VPAG053 7194457 6 63725 521 - 90 5.60 0.00 5.60 5.60 1.22 VPAG054 7194480 663711 521 - 90 4.00 0.00 4.00 4.00 0.64 VPAG055 7194503 663702 521 - 90 2.70 0.00 2.00 2.00 0.34 VPAG056 7194528 663692 521 - 90 4.50 0.00 4.50 4.50 0.41 VPAG057 7194552 663678 52 1 - 90 4.00 0.00 4.00 4.00 0.25 VPAG058 7194542 663653 521 - 90 4.00 0.00 4.00 4.00 0.71 VPAG059 7194535 663637 521 - 90 5.50 0.00 5.50 5.50 1.17 VPAG060 7194529 663621 521 - 90 6.00 0.00 6.00 6.00 1.14 VPAG061 7194523 663604 521 - 90 5. 70 0.00 5.70 5.70 0.82 VPAG062 7194517 663588 521 - 90 5.00 0.00 5.00 5.00 0.47 Tails Perimeter VPAG063 7194002 663661 527 - 90 5.30 0.00 5.30 5.30 0.09 0.09 VPAG064 7194018 663710 528 - 90 3.00 0.00 3.00 3.00 0.08 0.15 VPAG065 7194032 6637 60 528 - 90 4.70 0.00 4.70 4.70 0.09 0.21 VPAG066 7194048 663810 527 - 90 5.60 0.00 5.60 5.60 0.09 0.09 VPAG069 7194089 663949 526 - 90 3.00 0.00 3.00 3.00 0.36 0.62 VPAG070 7194102 664000 524 - 90 6.30 0.00 6.00 6.00 0.05 0.14 VPAG071 7194114 664050 524 - 90 8.30 0.00 8.30 8.30 0.08 0.14 VPAG072 7194125 664100 524 - 90 6.00 0.00 6.00 6.00 0.06 0.13 VPAG073 7194141 664152 524 - 90 2.00 0.00 2.00 2.00 0.04 0.09 VPAG075 7194167 664250 524 - 90 10.00 0.00 10.00 10.00 0.21 0.20 VPAG076 7 194178 664300 524 - 90 2.50 0.00 2.50 2.50 0.14 0.22 VPAG080 7194003 664378 523 - 90 10.00 0.00 10.00 10.00 0.22 0.28 VPAG083 7193849 664422 523 - 90 10.00 0.00 10.00 10.00 0.23 0.23 VPAG084 7193808 664380 524 - 90 2.70 0.00 2.70 2.70 0.06 0.13 VPAG085 7193798 664331 524 - 90 7.00 0.00 7.00 7.00 0.11 0.17 VPAG086 7193784 664280 524 - 90 7.10 0.00 7.10 7.10 0.19 0.30 VPAG087 7193763 664233 524 - 90 6.00 0.00 6.00 6.00 0.27 0.08 VPAG088 7193749 664181 524 - 90 5.00 0.00 5.00 5.00 0.05 0.09 VPAG090 7193719 664079 524 - 90 2.00 0.00 2.00 2.00 0.02 0.09 VPAG091 7193753 664037 524 - 90 5.00 0.00 5.00 5.00 0.42 0.14 VPAG092 7193812 664017 528 - 90 2.00 0.00 2.00 2.00 0.11 0.19 VPAG093 7193863 664002 528 - 90 5.10 0.00 5.10 5.10 0.11 0.16 VPAG094 7193919 663988 528 - 90 4.00 0.00 4.00 4.00 0.13 0.11 VPAG095 7193970 663975 528 - 90 6.00 0.00 6.00 6.00 0.20 0.38 VPAG096 7194021 663960 528 - 90 4.50 0.00 4.50 4.50 0.16 0.17 VPAG097 7193777 663959 528 - 90 4.50 0.00 4.50 4.50 0 .06 0.17 VPAG098 7193759 663900 528 - 90 6.00 0.00 6.00 6.00 0.18 0.15 VPAG099 7193744 663843 528 - 90 2.00 0.00 2.00 2.00 0.15 0.45 VPAG100 7193725 663787 528 - 90 1.60 0.00 1.60 1.60 0.08 0.09 VPAG101 7193759 663739 528 - 90 3.00 0.00 3.00 3. 00 0.16 0.09 VPAG102 7193800 663707 528 - 90 4.30 0.00 4.30 4.30 0.11 0.23 VPAG103 7193854 663685 528 - 90 1.50 0.00 1.50 1.50 0.04 0.11 VPAG104 7193908 663666 527 - 90 4.40 0.00 4.40 4.40 0.21 0.07 VPAG105 7193960 663652 527 - 90 1.20 0.00 1.2 0 1.20 0.43 0.44 Floatation Tails Dam FTAG002 7193877 664171 521 - 90 7.00 0.00 7.30 7.30 0.23 0.14 FTAG003 7193927 664155 521 - 90 7.30 0.00 7.60 7.60 0.27 0.16 FTAG004 7193978 664139 521 - 90 7.60 0.00 7.70 7.70 0.29 0.31 FTAG001 7194026 6641 24 521 - 90 7.70 0.00 7.00 7.00 0.23 0.29 13 Table 5 : C20 Stockpile RC Drilling summary r esults: Interval of >/= 1m >/=0.3 g/t Au , or 0.3% Cu , 2m internal waste NB: C20 results assayed by Nagrom Method ICP008 - 40gram charge Aqua Regia Digest for Copp er Gold only , with ICP finish A u >= 0.3 g/t Au Site ID East North R L Depth Dip From To Length Au g/t Cu % C20_RC1 663293 7194300 533 5.0 - 90 NSI C20_RC2 663303 7194303 533 6.0 - 90 0.0 5.0 5.0 0.52 0.18 C20_RC3 663312 7194306 534 7.0 - 90 1.0 5.0 4.0 0.3 6 0.09 C20_RC4 663322 7194310 534 7.0 - 90 1.0 2.0 1.0 0.34 0.31 4.0 5.0 1.0 0.36 0.19 C20_RC5 663331 7194313 534 8.0 - 90 0.0 8.0 8.0 1.04 1.10 C20_RC6 663339 7194317 534 8.0 - 90 0.0 8.0 8.0 0.55 0.29 C20_RC7 663350 7194319 534 9.0 - 90 0.0 9.0 9.0 0.83 0.16 C20_RC8 663358 7194323 534 10.0 - 90 1.0 10.0 9.0 1.69 0.40 C20_RC17 663287 7194319 533 6.0 - 90 0.0 1.0 1.0 3.10 0.12 C20_RC18 663297 7194322 534 6.0 - 90 0.0 4.0 4.0 1.40 0.22 C20_RC19 663306 7194326 534 7.0 - 90 0.0 5.0 5.0 1.03 0.43 C20_RC20 663316 7194329 534 8.0 - 90 1.0 4.0 3.0 0.37 0.40 C20_RC21 663325 7194332 534 8.0 - 90 0.0 6.0 6.0 1.20 0.16 C20_RC22 663335 7194335 534 9.0 - 90 2.0 7.0 5.0 1.11 0.07 C20_RC23 663344 7194338 534 10.0 - 90 0.0 9.0 9.0 1.33 0.19 C20_RC31 663346 719 4359 534 10.0 - 90 0.0 6.0 6.0 0.40 0.38 C20_RC32 663338 7194357 534 9.0 - 90 0.0 5.0 5.0 0.49 0.12 C20_RC33 663329 7194354 534 9.0 - 90 0.0 4.0 4.0 0.44 0.43 C20_RC34 663319 7194351 534 8.0 - 90 NSI C20_RC35 663310 7194348 534 7.0 - 90 0.0 3.0 3.0 0.36 0.2 9 C20_RC36 663300 7194345 534 6.0 - 90 0.0 1.0 1.0 0.58 0.23 C20_RC37 663291 7194342 534 6.0 - 90 0.0 1.0 1.0 0.78 1.90 C20_RC38 663281 7194338 534 5.0 - 90 0.0 1.0 1.0 1.94 0.09 C20_RC46 663332 7194376 534 8.0 - 90 0.0 3.0 3.0 2.54 0.73 C20_RC47 663323 7 194373 534 7.0 - 90 0.0 4.0 4.0 0.51 0.28 C20_RC48 663313 7194370 534 6.0 - 90 3.0 4.0 1.0 0.99 0.16 C20_RC49 663304 7194367 534 5.0 - 90 0.0 1.0 1.0 1.02 1.79 C20_RC50 663289 7194361 534 4.0 - 90 0.0 2.0 2.0 0.33 0.12 Cu >= 0.3% Site ID East North Rl Depth Dip From To Length Cu % Au g/t C20_RC1 663293 7194300 533 5.0 - 90 NSI C20_RC2 663303 7194303 533 6.0 - 90 NSI C20_RC3 663312 7194306 534 7.0 - 90 NSI C20_RC4 663322 7194310 534 7.0 - 90 1.0 2.0 1.0 0.31 0.34 C20_RC5 66 3331 7194313 534 8.0 - 90 0.0 5.0 5.0 1.60 1.19 C20_RC6 663339 7194317 534 8.0 - 90 0.0 5.0 5.0 0.38 0.63 C20_RC7 663350 7194319 534 9.0 - 90 0.0 1.0 1.0 0.33 0.53 C20_RC8 663358 7194323 534 10.0 - 90 1.0 9.0 8.0 0.43 1.84 C20_RC17 663287 7194319 533 6.0 - 90 NSI 14 Site ID East North R L Depth Dip From To Length Au g/t Cu % C20_RC18 663297 7194322 534 6.0 - 90 2.0 3.0 1.0 0.45 4.09 C20_RC19 663306 7194326 534 7.0 - 90 3.0 7.0 4.0 0.54 0.78 C20_RC20 663316 7194329 534 8.0 - 90 1.0 5.0 4.0 0.43 0.30 C20_RC21 663325 7194332 534 8.0 - 90 0.0 1.0 1.0 0.34 0.31 C20_RC22 663 335 7194335 534 9.0 - 90 NSI C20_RC23 663344 7194338 534 10.0 - 90 1.0 2.0 1.0 0.37 0.67 C20_RC31 663346 7194359 534 10.0 - 90 1.0 3.0 2.0 0.81 0.20 C20_RC32 663338 7194357 534 9.0 - 90 NSI C20_RC33 663329 7194354 534 9.0 - 90 0.0 3.0 3.0 0.49 0.40 C20_RC3 4 663319 7194351 534 8.0 - 90 NSI C20_RC35 663310 7194348 534 7.0 - 90 1.0 3.0 2.0 0.32 0.34 C20_RC36 663300 7194345 534 6.0 - 90 NSI C20_RC37 663291 7194342 534 6.0 - 90 0.0 2.0 2.0 1.16 0.48 C20_RC38 663281 7194338 534 5.0 - 90 NSI C20_RC46 663332 719437 6 534 8.0 - 90 0.0 3.0 3.0 0.73 2.54 C20_RC47 663323 7194373 534 7.0 - 90 0.0 3.0 3.0 0.31 0.57 C20_RC48 663313 7194370 534 6.0 - 90 NSI C20_RC49 663304 7194367 534 5.0 - 90 0.0 1.0 1.0 1.79 1.02 C20_RC50 663289 7194361 534 4.0 - 90 NSI About Horseshoe Me tals Limited Horseshoe Metals Limited (ASX:HOR) is a copper and gold - focused Company with a package of tenements covering approximately 500km 2 in the highly prospective Peak Hill Mineral Field, located north of Meekatharra in Western Australian and mineral interests in South Australia. The Company manages the Horseshoe Lights Project and the Kumarina Project in Western Australia, and the Glenlo th Gold Project in South Australia. Figure 6 : Location of Horseshoe Lights Copper - Gold Project and Kumarina Pr oject in the Murchison, WA 15 About the Horseshoe Lights Project The Horseshoe Lights Project includes the historic open pit of the Horseshoe Lights copper - gold mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of cont ained copper including over 110,000 tonnes of Direct Shipping Ore (DSO) which graded between 20 - 30% copp er. The Horseshoe Lights ore body is interpreted as a deformed Volcanogenic Hosted Massive Sulphide (VMS) deposit that has undergone supergene alteratio n to generate the gold - enriched and copper - depleted cap that was the target of initial mining. The depo sit is hosted by quartz - sericite and quartz - chlorite schists of the Lower Proterozoic Narracoota Formation. Past mining was focused on the Main Zone, a series of lensoid ore zones, which passed with depth from a gold - rich oxide zone through zones of high - grade chalcocite mineralisation into massive pyrite - chalcopyrite. To the west and east of the Main Zone, copper mineralisation in the Northwest Stringe r Zone and Motters Zone consists of veins and disseminations of chalcopyrite and pyrite and their upper oxide copper extensions. Table 6 summarises the total Mineral Resources for the Horseshoe Lights Project as at 3 0 June 202 1 . TABLE 6 HORSESHOE LIGHTS PROJECT SUMMARY OF MINERAL RESOURCES AS AT 3 0 June 202 1 Location Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu metal (tonnes) Au metal (oz) Ag metal (k oz) In - situ Deposit (0.5% Cu cut - off grade) Measured 1.73 1.04 0.0 0.5 18,000 1,900 28.8 Indica ted 2.43 0.95 0.0 0.7 23,200 3,400 52.2 Inferred 8.69 1.01 0.1 2.6 87,400 30,700 712.4 Total 12.85 1.00 0.1 1.9 128,600 36,000 793.4 Flotation Tailings Inferred 1.421 0.48 0.34 6.5 6,800 15,300 294.8 M15 Stockpiles Inferred 0.243 1.10 0.17 4.7 2,650 1,300 36.7 Note: At 0% Cu cut - off grade unless otherwise stated TOTAL 138,050 52,600 1,124.9 The above Mineral Resource Estimates all meet the reporting requirements of the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Min eral Resources and Ore Reserves”. About the Kumarina Project The copper deposits at the Kumarina Project were discovered in 1913 and worked intermittently until 1973. The workings extend over nearly 5km as a series of pits, shafts and shallow open cuts . At the main Kumarina Copper Mine, the workings are entirely u nderground with drives from the main shaft extending for some 200m in the upper levels and for about 100m in the lower levels at a depth of 49m below surface. Incomplete records post - 1960s ma ke it difficult to estimate the total copper production from the workings. However, indications are that the Kumarina Copper Mine was the second largest producer in the Bangemall Basin group of copper mines. Recorded production to the late 1960s is 481t of copper ore at a high - grade of 37.0% Cu and 2,340t at a grade of 17.51% Cu. An initial Mineral Resource Estimate for the Rinaldi deposit was completed by the Company in 2013 (see 30 June 2013 Quarterly Report announced on 31 July 2013). The total Measu red, Indicated and Inferred Mineral Resource Estimate as at 30 J une 2021 is shown in Table 7 below. 16 TABLE 7 KUMARINA PROJECT SUMMARY OF MINERAL RESOURCES AS AT 3 0 June 202 1 Location Category Tonnes (t) Cu (%) Cu metal (tonnes) Rinaldi Prospect (0.5% Cu c ut - off) Measured 415,000 1.46 6,100 Indicated 307,000 1.16 3,500 Inferred 114,000 0.9 1,000 Total 835,000 1.3 10,600 The Mineral Resource Estimate meets the reporting requirements of the 2012 Edition of the “Australasian Code for Reporting of Explor ation Results, Mineral Resources and Ore Reserves” Forward Looking Statements Horseshoe Metals Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accu racy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Horseshoe Metals Limited, its directors, employees or agents, advisers, nor any other person acc epts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other rec ommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shal l form the basis of any contract or commi tment whatsoever. This announcement may contain forward - looking statements th at are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasona ble but they may be affected by a variety of variables and changes in underlyi ng assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling an d production results, reserve estimations, loss of market, industry competitio n, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countr ies and regions, political risks, pr oject delay or advancement, approvals and cost estimates. Competent Persons S tatement The information in this report that relates to the Exploration Results and Mineral Resources at the Horseshoe Lights and Kuma rina Projects is based on information review ed by Mr Craig Hall, who is a member of the Australian Institute of Geoscienti sts. Mr Hall is a contractor to Horseshoe Metals Limited and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity he is undertaking to qualify as Competent Persons as defin ed in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)’. Mr Hall consents to the inclusion of the data in the form and context in which it appears. The information in this report that relates to the Horseshoe Lights Project In - situ Mineral Resources is based on information originally compiled by Mr Dmitry Pertel, an employee of CSA Global Pty Ltd, and reviewed by Mr Hall. This information was originally issued in the Compan y’s ASX announcement “40% increase in Copper Resource at Horseshoe Lights Copper/Gold Project”, released to the ASX on 5 June 2013, and first disclosed under the JORC Code 2004. This information was subsequently disclosed under the JORC Code 2012 in the C ompany’s ASX release “Quarterly Report Period Ended 30 June 2013”, released on 31 July 2013. The Company confirms that it is not aware of any new information or data that materi ally affects the information included in the original market announcements. Th e Company confirms that the form and context in which the findings are presented have not materially modified from the original market announcements. The information in this repo rt that relates to the Horseshoe Lights Project surface stockpile Mineral Reso urces is based on information compiled by a previous employee of Horseshoe Metals Limited and reviewed by Mr Hall. The information was previously issued in announcements release d to the ASX on 26 February 2015 and 9 March 2015. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and conte xt in which the findings are presented have not materially modified from the o riginal market announcements. The information in this report that relates to the Kumarina Project (Rinaldi Prospect) Mineral Resources is based on informat ion compiled by or unde r the supervision of Mr Robert Spiers, an independen t consultant to Horseshoe Metals Limited and a then full - time employee and Director of H&S Consultants Pty Ltd (formerly Hellman & Schofield Pty Ltd), and reviewed by Mr Hall. The information was origina lly issued in the Company’s ASX announcement “Horses hoe releases Maiden Mineral Resource Estimate for Kumarina”, released to the ASX on 4 March 2013, and first disclosed under t he JORC Code 2004. This information was subsequently disclosed under the JORC Code 2012 in the Company’s ASX release “Quarterly Re port Period Ended 30 June 2013”, released on 31 July 2013. The Company confirms that it is not aware of any new information or data that materially affects t he information included in the original market announcements. The Company confirms that the form a nd context in which the findings are presented have not materially modified from the original market announcements 17 JORC CODE, 2012 EDITION Section 1 Sampling Techniques and Data Criteria JORC Code explan ation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XR F instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘rev erse circulation drilling was used to obtain 1 m samples from which 3 kg was pulver ised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unus ual commodities or mineralisation types (eg submarine nodules) may warrant disclosu re of detailed information. • HOR 2021 RC Drilling - samples were collected to best represent the source material. Samples were sent to Nagrom Perth for Au analysis by ICP - OES (Method ICP - 008), 50g charge with a lower detection limit of 0.001 ppm NAGROM metho d – ICP008; 40gm Aqua Regia Digest - suite included AAu, Ag, Ca, Cu, Fe, Hg, Mg, Pb, S, Se and Zn. Samples were pre - screened at hole for Cu for subsequent assay by portable XRF. • HOR 2021 Auger drilling - samples were collected by spiral auger bit and shafts with flights 3 ½ “in diameter. Samples were collected every metre from a collared liner base of around 50cm x 40cm, into a large labelled plastic bag, and the base swept cl ean before proceeding with the next metre. Sub - sampling into numbered calico bag wa s via an aluminium scoop collecting around 500 - 750gm of sample from the plastic bag, which was retained at the hole over the collar. The historical 1985 RC Vat sampling prog ramme was undertaken by a truck mounted Mole Pioneer drilling rig owned and operate d by Sanfead Drilling Contractors in Perth, using a modified rotary drill with blade bit. Samples were collected ever 2m within holes up to 6m deep, except 3 holes in Vat 3 which were sampled every 1m. • HOR 2021 RC Drilling - Portable Niton XRF used to sele ct sample intervals, internal checks utilised • HOR 2021 Auger drilling Depth control was at the decimetre level, with depth checked against a metre stick • HOR 2021 RC Drilling - undertaken as industry standard reverse circulation drilling, with 1m samples wer e split from the cyclone, with residual sample collected in plastic bags • HOR 2021 Auger drilling was undertaken by experienced contractors Gyro Australia and is cons idered industry standard with a geochemical auger rig used to obtain 1 m samples of 5 - 10kg from a vertical auger hole of less than 6m in this instance. Sub samples of 500 - 750gm were taken via scoop and pulverised at the laboratory to produce a 50 g charge for fire assay analysis for gold only. The historical 1985 RC Vat sampling programme was considered industry standard at the time, with samples split on site by drillers and sent to Perth for analysis Drilling techniques • Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg c ore diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). • HOR 2021 RC Drilling - was undertaken as industry standard reverse circulation drilling, with iDrillin g completing work with a UDR450 track mounted rig and separate 900/1150 booster. Face - sampling drill bit size was 140mm • HOR 2021 Auger drilling wa s completed using a Landcruiser mounted post - hole style auger, capable of at least 10m drill depths. Hole di ameters were 3.5”. The historical 1985 RC Vat sampling programme was undertaken by a truck mounted Mole Pioneer drilling rig, using a modified rotar y drill with blade bit. Size of bit not stated. Drill sample recovery • Method of recording and assessing co re and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred d ue to preferential loss/gain of fine/coarse material. • HOR 2021 RC Drilling - Visual inspection of the RC sample volume indicates sample recovery is excellent • HOR 2021 Auger drilling - Visual inspection of the auger sample volume indicates sample recovery is excellent • HOR 2021 RC Drilling - all samples drilled dry with minimal clayey component. All RC samples samples are visually chec ked for recovery, moisture and contamination • HOR 2021 Auger drilling - Visual inspection of the auger sample volume indicates sam ple recovery is excellent. 1985 RC Vat sampling programme - stated as ‘satisfactory’. Auger samples are visually checked for re covery, moisture and contamination. Hole sides were conditioned where possible, and sample bases cleaned before proceeding. 19 85 RC Vat sampling programme - not known. • HOR 2021 RC Drilling - No potential for sample bias was observed, with no fine/coarse s eparation • HOR 2021 Auger drilling - Ground conditions for auger drilling are good and drilling returned consistent size samples. No potential for sample bias was observed, with no fine/coarse separation. 1985 RC Vat sampling programme - not known 18 Criteria JORC Code explan ation Commentary Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Minera l Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nat ure. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • HOR 2021 RC Dri lling - logged to a level to support appropriate Mineral Resource estimation, mining studies, and metallurgical studies. C20 stockpiles not logged • HOR 2021 Auger drilling Not logged as leached Vat material is relatively homogenous. All material and samplin g viewed and overseen by senior geologist. 1985 RC Vat sampling programme - not known • HOR 2021 RC D rilling - - logged to a level to support appropriate Mineral Resource estimation, mining studies, and metallurgical studies. • HOR 2021 Auger drilling - N/A • HOR 2021 RC Drilling - - All drilling logged to a level to support appropriate Mineral Resource estima tion, mining studies, and metallurgical studies. • HOR 2021 Auger drilling - NA. Sub - sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality contr ol procedures adopted for all sub - sampling stages to maximise representivity of samples. • 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. • No diamond core drilled during this program. • HOR 2021 RC Drilling - - Non - core drilling, generally sampled dry, wet samples noted; Sample preparation technique considered appropriate to sample type; Cyclone cleaning routinely carried out during drilling; No field duplication undertaken to date, further work planned; Sample sizes considered appropriate to the grain size of the material being sampled. • HOR 2021 Auger drilling - Whole samples collected and swept off rubber lined collar pad; Auger drilling All auger samples drilled dry for the purposes of sampling. Sample sizes considered appropriate to the grain size of the material being sampled. 1985 RC Vat sampling programme - not known • RC and Auger sample analysis follows industry best practice whereby samples are sorted, reconciled, placed onto trolleys and dried at 105°C in an oven, then crushed to ~2mm and a 500 - 700g subsample taken by rotary division for pulverisation. The subsample was pulverised >90% passing 75µm using bowl - and - disc type mills, and ~200g of pulverised sample was taken for analysis. The technique is considered appropriate for the process of sub - sampling. 1985 RC Vat samplin g programme - not known • Sub sampl ing stages are considered appropriate for the representivity of samples. • RC and Auger sample analysis - Residuals and original samples sources retained for checks. C20 stockpiles original metre samples not retained • RC and A uger sample analysis - The sample size is considered industry standard for base and precious metal mineralisation. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered part ial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of q uality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e lack of bias) and precision have been established. • HOR 2021 RC D rilling -- RC samples were submitted to Nagrom Laboratory, an ISO_9001:2015 assay laboratory and mineral processor for analysis by Method ICP008; 40gm Aqua Regia Digest - suite included Au, Ag, Ca, Cu, Fe, Hg, Mg, Pb, S, Se and Zn . Aqua Regia digest is considered an effective but partial digestion tech nique. C20 stockpiles analysed by ICP008 for Copper, Gold only • HOR 2021 Auger drilling - Auger samples were submitted to Nagrom Laboratory, an ISO_9001:2015 assay laboratory and mineral processor for analys is by Method FA50. 1985 RC Vat sampling programme - Fire assay analysis conducted by Classic Laboratories Pty Ltd, a NATA registered laboratory. Fire assay for gold is considered a total digestion technique . Vat 2 samples assayed by ICP008 for Copper, Go ld only • HOR 2021 RC Drilling - Standards and Blanks submitted at minimum once each per hole; acceptable levels of accuracy established. C20 Stoclkpile drilling - Standards submit t ed every 50 samples , acceptable standards of accuracy established • HOR 2021 Auge r drilling - Auger sampling was submitted with two standards per 100 samples, and 1 blank per 100, and acceptable levels of accuracy and precision have been established. 1985 RC Vat sampling programme - not known 19 Criteria JORC Code explan ation Commentary Verification of sampling and assaying • The verification of significant intersections by either independent or alternative Company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • HOR 2021 RC Drilling - - Significant intersections verified by multiple Company personnel • Some holes approximately twinning historic drilling • Paper logs of primary data transferred to digital storage and stored, verified by alternate C ompany personnel; electronic records managed by C ompany personnel at Perth office. • No adjustments have been made to the data as received from the laboratory • HOR 2 021 Auger drilling - Auger significant intersections and tabulations were confirmed by alternative Company personnel from first principals. 1985 RC Vat sampling programme - not known • N/A • All auger drilling and sample data is captured in the field, then ente red using established templates and verified in Perth office before upload into database. 1985 RC Vat sampling programme - not known • No adj ustments undertaken. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system use d. • Quality and adequacy of topographic control. • HOR 2021 RC Drilling - Initial collar locations are determined by handheld Garmin GPS but will be surveyed using DGPS before resource estimates are undertaken . Holes subsequently located by high definition phot ography, with estimated accuracy +/- 1m • HOR 2021 Auger drilling - Initial collar locations determin ed by handheld Garmin GPS but will be surveyed using DGPS before resource estimates are undertaken. 1985 RC Vat sampling programme - not known • RC and Auger sam pling - Grid system coordinates are GDA94 MGA Zone 50. • RC and Auger sampling - Topographic control i s available from known survey stations and Hyvista detailed aerial photography acquired in 2017. Topographic control is at the decimetre level on site. 1985 RC Vat sampling programme - not known Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • HOR 2021 RC Drilling - Sectional E - W drilling, typically 20m spacing, otherwise various. C20 stockpile drilling was 20m x 10m, with planned infill lines removed pending results • HOR 2021 Auger drilling - auger dril ling used approx. 20m spacing in a diamond pattern. • RC and Auger sampling - drilling spacing and results employed in this program are considered sufficient to establish th e degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • No sample compositing has been applied. Orientation of data in relation to geological structure • Whether t he orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is c onsidered to have introduced a sampling bias, this should be assessed and reported if material. • HOR 2021 RC Drilling - Orientation of sampling has not necessarily achieved unbiased sampling of some structures, discussed in text. • HOR 2021 Auger drilling - Drill ing in this program is vertical and considered to represent a n unbiased section of the material being sampled. • RC and Auger sampling - No knowledge of sampling bias Sample security • The measures taken to ensure sample security. • RC and Auger sampling - Prior to submission all samples were stored on - site under supervision of the Company personnel. Samples are transported to Perth by Horseshoe Metals personnel and then onto the assay laboratory in Kalamunda. Audits or reviews • The results of any audits or revi ews of sampling techniques and data. • RC and Auger sam pling - No audits or reviews have been performed to date. 20 Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name /number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • 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. • The Horseshoe Lights Project comprises one Mining Lease (M52/743), one Exploration Licence (E52/3759) and 9 Prospecting Li censes. Current registered holder of the tenements is Murchison Copper Mines Pty Ltd (MCM) which is a wholly owned subsidiary of Horseshoe Metals Limited. Tenements E52/3759, P52/1442 - 50, and part of M52/743 are subject to a farm - in agreement with Kopore M etals Limited (refer ASX release 28t h January 2021 – “Horseshoe West Copper/Gold Farm - in and JV Agreement”). The Kumarina project consists of t wo tenements, M52/27; and a mine lease application , M52/1078 . MCM has 100% interest in the tenements. Unrelated party Horseshoe Gold Mine Pty Ltd (a subsidiary of Granges Resources Limited) retains a 3% net smelter return royalty in respect to all production derived from M52/743 • Mining Lease 52/743 containing the exploration results and current resources is in good standing and and has been recently r enewed for an additional 21 years. Prospecting Licences P52/1442 - 50 recently received an Extension of Term for an additional 4 years . The Company is unaware of any additional impediment to it obtaining a licence to ope rate in the area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • The Horseshoe Lights deposit surface gossan was discovered in 1946 and worked at a prospect level until 1949. Open pit and underground workin gs were operated by Asarco from 1949 to 1954. Asarco explored the deposit by sampling surface trenches, drilling one surface diamond drill hole, underground drilling and cross - cutting underground on two levels. • In 1964, Electrolytic Zinc Company conducted widespread explora tion including eight diamond drill holes in a search for copper. During 1969 and 1970 Planet Metals Ltd drilled seven holes. In the period 1975 to 1977, Amax Corporation and its partner Samantha Mines investigated the Horseshoe Lights ar ea for base metals. This investigation included drilling a further three diamond drill holes including one beneath the southern end of the main ore zone. Placer Austex Pty Ltd and Homestake Mining Company Ltd also investigated the property. • Previous explor ation activities du ring the main phase of open pit mining were completed by Horseshoe Gold Mine Pty Ltd which was a wholly owned subsidiary of Barrack Mines Ltd between 1983 - 89. Barrack Mines Ltd drilled 43 diamond holes for 15,353m, 638 Reverse Circulatio n holes for 55,343m . The area was subsequently mined as a copper mine by Sabminco until 1992/3, when production ceased. The Project was re - established by current owners Horseshoe Metals in 2010 after a long period of inactivity. • A summary of resource dr illing undertaken w ithin the Project Area is summarised in an addendum table following the JORC table documentation. Geology • Deposit type, geological setting and style of mineralisation. • VMS mineralisation at Horseshoe Lights occurs in the core of a NNW trending and SE plunging anticline. The mineralised envelope of the deposit itself is also SW dipping and plunging to the SSE, and was likely folded. It sits within altered basalt and maf ic volcanoclastic units along the contact with overlying felsic vol canic schist. The VMS mineralisation in the mine area is constrained by the tightly folded and sheared stratigraphy, and appears to be affected by offsets along N - S and NE trending brittle faults. Drill hole Information • A summary of all information materi al to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • 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. • Refer to the body of text of this report and relevant Tables for information material to the understanding of the exploration results. • No exclusions of information have occurred. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut - off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results • HOR 2021 R C Drilling - no high grade cutting, copper results reported above 0.5% Cu C20 stockpile reported above 0.3% Cu, 0.3 g/t Au • HOR 2021 Auger drilling - Only 1m split samples are reported and simply length weighted and averaged over the length of the hole above the vat liner; no top cut, no minimum interval , no internal dilution considered. Results 21 Criteria JORC Code explanation Commentary and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. are gold only unless stated • N/A • HOR 2021 RC Drilling - N/A - si gnificant copper and gold intersects reported • HOR 2021 Auger drilling N/A, gold assay only Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. If the geo metry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width n ot known’). • HOR 2021 RC Drilling - mineralisation dips around 70 ° to the west, east dipping holes i n tersect approximately perpendicular to mineralisation, vertical and west dippi n g holes are non - perpendicular to mineralisation • HOR 2021 Auger drilling A ll in tercept widths reported are downhole lengths, and equivalent to true widths for remnant vat stockpiles. • HOR 2021 RC Drilling - typically reported as down hole length, true width not known , C20 stockpile drilling considered true width • HOR 2021 Auger drilling - downhole lengths considered true widths Diagram s • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill h ole collar locations and appropriate sectional views. • See plans and sections Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be pract iced to avoid misleading reporting of Exploration Results. • Reported results considered representative, no isolation of high - grade results. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): 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 dele terious or contaminating substances. • RC Drilling - Various, substantially covered by 2013 CSA report Horseshoe Lights Project In - situ Mineral Resources • Auger drilling - 1985 Vat Sampling programme detail taken from in - house memo “Horseshoe Lights Vat Sampling Programme March 1985”, authored by Rosalind Wright, checked and verified by V.J. Novak, M.Sc. Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). • Diagrams clear ly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerci ally sensitive. • Planned activities discussed in text. • Refer to diagrams in body of text. 22 Addendum: Resource Drilling History - Horseshoe Lights Copper - Gold Project HolePrefix Hole ID From Hole ID To Drill Type Sample Type Company Date EZ 1 8 Diamond Drilling Unknown Electrolytic Zinc 1966 HLRC - 1 30 Reverse Circulation RC Cuttings Barrack Mines Ltd 1983 - 1984 RC - 31 703 Reverse Circulation RC Cuttings Barrack Mines Ltd 1985 - 1988 DDH - 11 63 Diamond Drilling Half Core Barrack Mines Ltd 1985 - 1989 SH - 1 26 Pit Seep Hole RC Cuttings Sabminco NL 1992 - 1994 B 445A 565D Pit Bench Sample Channel Cuttings Sabminco NL 1992 - 1994 RC - 704 899 Reverse Circulation RC Cuttings Sabminco NL 1993 DDH - 64 74 Diamond Drilling Half Core Sabminco NL 1993 - 1994 HDD 1 9 Diamond Drilling Half Core Horseshoe Metals Ltd 2012 - 2013 HDD 1013 1037 Diamond Tail Half Co re Horseshoe Metals Ltd 2012 WRL 1 12 Reverse Circulation RC Cuttings Horseshoe Metals Ltd 2017 RC 1000 1144 Reverse Circulation RC Cuttings Horseshoe Metals Ltd 2010 - 2017 RC 1145 1159 Reverse Circulation RC Cuttings Horseshoe Metals Ltd 2021

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