Millennium Project

• • 2012 JORC-compliant Resource of 8.4Mt @ 1.23% CuEq* held on 5 granted Mining Leases near Mt Isa, Qld
  • Majority of project value held in cobalt – a critical metal for battery materials
  • 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*
  • Close to processing solutions and excellent infrastructure in the Mount Isa region
  • Northern Area drill results identified copper to 1.5%/m

MBK holds 51%* of and has exclusive right to earn up to 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* 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.

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.

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 longsection showing topography, resource model, current drilling and proposed pit outline

Australian copper/cobalt resource grades

• *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’
• *refer MBK ASX Release dated 28 June 2021 ‘Millennium Option Agreement signed and work program commencing’

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

• 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