Millennium Project

• • 2012 JORC-compliant Resource of 8.4Mt @ 1.23% CuEq* held on 5 granted Mining Leases near Mt Isa, Qld
  • Bulk of the deposit is from surface, amenable to open cut mining and remains open along strike and at depth with significant potential for expansion – MBK Exploration Target of 12-14Mt @ 1.0-1.3% CuEq*
  • Majority of project value held in cobalt – a critical metal for battery materials
  • Excellent metallurgy supports future economic extraction
  • Close to processing solutions and excellent infrastructure in the Mount Isa region
  • Thick, high grade graphite intersected in drilling over >2km of strike
  • Graphite mineralisation within and adjacent to the Co-Cu-Au resource pit model

The Millennium Co-Cu-Au-graphite project (Millennium) approximately 35km WNW of Cloncurry in North Queensland, represents a near-term critical minerals development opportunity, at surface on granted mining leases and proximal to existing mining infrastructure in a renowned exploration and mining region.

MBK is earning up to an 80% interest in the Millennium Project under the terms of the earn-in and joint venture agreement with diversified critical metals specialist Global Energy Metals Corp (TSX: GEMC).

The Millennium Project near Cloncurry in NW QLD currently holds a JORC2012-compliant Inferred Resource (MRE)* of 8.4Mt @ 1.23% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potential for expansion. It is located 19km from the Rocklands copper-cobalt project (Inferred Resource of 55.4Mt @ 0.64% Cu, 0.15 g/t Au, 290ppm Co for 0.90% CuEq) which has an established processing plant capable of treating Millennium-style ores once recommissioned.

In addition to the MRE, following high grade graphite results of up to 5.8m @ 17.4% TGC2 being returned from diamond drilling earlier in 2024, Graphite has now been demonstrated over >2km of strike and with significant widths which remain open to the west and at depth. All graphite intersections are within or immediately adjacent to the proposed pit model of the 2023 Mineral Resource.

Millennium location plan

Initial drilling by MBK in 2021 provided confidence in growth upside to the existing Resource of 5.9Mt @ 1.08% CuEq (2016), with encouraging infill/extension work in the Southern Area Resource (MI21RC01-2) and expansion of the system strike and scale into the Northern Area (MI21RC03-07). Subsequent resource expansion and infill drilling in 2022 including near surface confidence increases and high grade intersections at depth resulted in a 2023 Mineral Resource Estimate update, with a 42% tonnage increase and 14% grade increase to 8.4Mt @ 1.23% CuEq (Co-Cu-Au)*. This includes proposed open cut Resources of 7.2Mt @ 1.19% CuEq and proposed underground Resources of 1.1Mt @ 1.55% CuEq once Reasonable Prospects for Eventual Economic Extraction (RPEEE) factors were applied.

In conjunction with the 2023 MRE Update, MBK has revised the overall project Exploration Target for Millennium to 12-14Mt @ 1.0-1.3% CuEq* (inclusive of current MRE), supported by its updated mineralisation model, high grade Co-Cu intersections at depth which remain open, a number of infill and extensional gaps in the existing MRE, and additional scope for improving geology, metallurgy, geotechnical and economic parameters, including for the updated MRE.

Millennium plan view showing project areas, existing resource outlines, previous drilling and interpreted basement geology

7722800N Drill cross-section showing interpreted mineralisation, Resource outline, preliminary pit profile and drill hole results

7723500N Drill cross-section showing interpreted mineralisation, Resource outline, preliminary pit profile and drill hole results

In addition to the Resource and Exploration Target areas, there are a number of adjacent and/or peripheral drill ready targets including the Corella and Federal Trends plus key conceptual targets down dip of the Northern, Central and Southern Areas towards and/or adjacent the Fountain Range/Quamby Fault system. Scree and alluvial cover also obscure surface geology and geochemical signatures in areas, adding to previous exploration complexity.

Millennium long section showing topography, resource model, current drilling and proposed pit outline

Australian copper/cobalt resource grades

Graphite Potential

Diamond drilling completed at the Millennium Project in 2024 returned results including significant high grade graphite intervals adjacent to the existing MRE. Following these high grade results, the Company undertook a review of previous drill samples from its 2022 Cu-Co-Au drill campaign with 417 previously sampled and assayed intervals submitted for Total Graphitic Carbon (TGC) analysis.

Millennium 7722700N section showing current Co-Cu-Au resource, 2023 MRE model, optimised pit shell and 2024 graphite results

All samples assayed for TGC returned positive graphite results, with significant graphitic carbon intersected over broad intervals from surface and including drill results up to 56m @ 18.29% TGC, most notably in the south and west of the project in the hangingwall of the Millennium Cu-Co-Au mineralisation.

Millennium project overview showing downhole graphite results to date and graphite target area

Graphite has now been demonstrated over >2km of strike and with significant widths which remain open to the west and at depth.
Importantly, all graphite intersections are within or immediately adjacent to the proposed pit model of the 2023 Mineral Resource and on granted mining leases.

NW Queensland District Graphite Development

Millennium is strategically located between other NW QLD graphite development projects which are currently undergoing consolidation (Figure 4). The Corella deposit is located 14km to the south (13.5Mt @ 9.5% TGC) and the Burke deposit 107km due north (9.1Mt @ 14.4% TGC) of Millennium, both held by Lithium Energy (ASX: ‘LEL’), and the Mt Dromedary deposit (14.3Mt @ 13.3% TGC) held by Novonix (ASX: ‘NVX’ and NASDAQ: ‘NVX”) is immediately adjacent to the Burke Deposit.

NW QLD graphite projects map (modified after Lithium Energy website)

• *refer MBK ASX Release dated 21/3/23 ‘Millennium delivers substantial Resource increase’
• *refer MBK ASX release dated 5/12/22 ‘MBK earns a 51% interest in Millennium’

Further information is available by clicking the following MBK ASX releases:

• 14/04/2025 – Millennium Collaborative Exploration Initiative Grant
• 02/12/2024 – Thick High Grade Graphite at Millennium
• 30/07/2024 – High Grade Graphite Results at Millennium Project
• 15/07/2024 – Significant Graphite Intersected at Millennium Project
• 04/06/2024 – MBK Copper Strategy Update
• 21/03/2023 – Millennium delivers substantial Resource increase
• 16/02/2023 – Millennium Project Update
• 05/12/2022 – MBK earns a 51% interest in Millennium
• 31/10/2023 – Copper-cobalt grades continue at depth at Millennium
• 14/10/2022 – High Cobalt grades confirmed in first Millennium assays
• 07/07/2022 – Millennium Exploration update – early assays received
• 16/03/2022 – Drilling at Millennium Copper-Cobalt Project to commence
• 13/12/2021 – MBK Signs Millennium Earn-in and JV Agreement
• 26/09/2021 – Livingstone Acquisition & Millennium Entitlement Offer
• 23/09/2021 – Millennium North Drilling Results
• 08/09/2021 – Millennium drilling completed with first two holes assayed
• 16/08/2021 – Drilling Commences at Millennium
• 15/07/2021 – Commencement of Phase 1 Work Program at Millennium
• 28/06/2021 – Millennium Option Agreement Signed
• 07/06/2021 – Advanced Copper-Cobalt Project Term Sheet Executed