Announcement PDF www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 16th December 2025 2025g.com.au PEAK VIEW PROJECT UPDATE - 16 SAMPLES TAKEN ACROSS MULTIPLE PROSPECTS, INCLUDING BIG BADJA SILVER MINE HIGHLIGHTS • 16 rock chip samples collected from Big Badja Silver Mine, Undoo Creek and the Peak View prospect at the Peak View Project • Lab results from samples expected in early Q1 2026 • Comprehensive compilation, digitisation and spatial validation of all historical datasets completed • Multiple Land Access Agreements (LAAs) secured across priority areas Exultant Mining Limited (ASX: 10X) ("Exultant" or “the Company”) is pleased to provide an update on exploration activities completed to date across the Peak View Project (EL8931 and EL9411) in New South Wales. Work undertaken during the due diligence phase and following completion of the acquisition of the Peak View Project has focused on consolidating historical technical datasets, progressing reconnaissance fieldwork, and securing land access agreements to enable upcoming exploration programs. Comment from Executive Chairman, Brett Grosvenor: "This is exactly the start we have been working towards, and this enables us to remain on track for an early second quarter 2026 drilling campaign at the Peak View Project. We have multiple rock chip samples in the lab and we are looking forward to receiving the results in early 2026, so we can confirm our geological interpretations and commence planning for the next phase of works. In parallel, key access agreements have been executed and we continue to work closely with stakeholders at Peak View." www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Reconnaissance Fieldwork A reconnaissance field program was completed across the Peak View Project. The program aimed to validate historical information, confirm previous geological mapping, and collect new geochemical samples from known and emerging prospects. Field mapping at Peak View successfully confirmed the position of key lithological boundaries identified in earlier studies, including the prospective contact between coarse-grained and fine- grained rhyolitic volcanic units contained within a broader sedimentary package of arenites, greywackes, siltstones and shales. Importantly, this volcanic package was traced a further ~450 m to the north-northwest beyond previously mapped limits. The field team also independently located and verified historical prospects such as the Big Badja Silver Mine and the Undoo Creek gold prospect using a handheld GPS. A total of 16 rock chip samples were collected from several key prospects including the Big Badja Silver Mine, Undoo Creek and the Peak View prospect (Fig. 1). Figure 1. Peak View Project – Local geology showing key prospect locations www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Big Badja Silver Mine The Big Badja Silver Mine comprises a series of high-grade quartz–galena–chalcopyrite veins hosted along an intrusive granite–sediment contact. Mining operations ceased in 1890 for reasons that remain unknown; however, assays quoted in the Warden’s Report record results of up to 334 oz of silver per ton (9,469 g/t Ag)1 from a depth of approximately 6 metres within the main shaft. The shaft has since collapsed, and despite these ultra–high-grade historical results, the prospect has never been subjected to modern exploration. A total of 8 rock chip samples were collected from the mine and its immediate vicinity and have been submitted to ALS Orange for analysis, including multi-element ICP-MS (ME-MS61) and fire assay gold (Au-AA23). Assay results will be released once received and interpreted. Undoo Creek The Undoo Creek prospect comprises a series of shallow shafts and adits developed along quartz– galena–pyrite veins hosted within granite. Historical workings are distributed over several hundred metres and appear to have targeted narrow, high-grade sulphide-bearing quartz veins. Limited historical assay data is available; however, samples taken from quartz–galena veins within one of the shafts reportedly returned grades of 3.5g/t Au, ~13g/t Ag, and 1.35% Pb2 highlighting the presence of polymetallic mineralisation within the system. Despite these encouraging results, Undoo Creek has not been subject to any systematic modern exploration. A total of 2 rock chips were taken from quartz-pyrite veins (Fig. 2) at the Undoo Creek prospect and have been submitted to ALS Orange for analysis, including multi-element ICP-MS (ME-MS61) and fire assay gold (Au-AA23). Assay results will be released once received and interpreted. Peak View The Peak View prospect is a polymetallic (Cu–Pb–Zn–Ag–Au) sulphide system hosted within a narrow Silurian volcanic package of the Yalmy Group, where mineralisation occurs at or near the contact between two felsic volcanic units and comprises disseminated to massive base-metal sulphides. Historical drilling by WMC, Denehurst and Ironbark returned several high-grade but generally narrow intercepts3 , including: • PVD003: 2.1 m @ 1.79% Cu, 5.89% Pb, 11.83% Zn & 105 g/t Ag from 32.2 m • PVD007: 2.7 m @ 3.0% Cu, 1.41% Pb, 3.88% Zn & 52 g/t Ag from 91.0 m • PV02: 1.5 m @ 0.40% Cu, 3.25% Pb, 5.10% Zn & 188 g/t Ag from 164.1 m • PVI008: 0.8 m @ 1.21% Cu, 11.60% Pb, 22.0% Zn, 0.50 g/t Au & 119 g/t Ag from 152.6 m Large sections of the prospective volcanic horizon remain untested, highlighting the potential for strike and depth extensions. Notably, the extensions to the high-grade system have never been assessed using modern surface geochemistry or geophysics. A total of 6 rock chips were collected from the Peak View prospect and have been submitted to ALS Orange for analysis, including multi-element ICP-MS (ME-MS61) and fire assay gold (Au-AA23). Assay results will be released once received and interpreted. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Figure 2. Rock chip sample 8931-009: Quartz-pyrite veining from the Undoo Creek prospect Historical Data Compilation and Digitisation In preparation for the field works undertaken, the Company has completed a comprehensive compilation and review of all available historical datasets, including drilling, assay data, geological mapping, geochemical data, geophysical surveys and historical mining records. All legacy datasets have now been digitised, georeferenced and converted to modern GDA2020 coordinates. This work ensures full spatial accuracy and provides an essential platform for the next stages of geological interpretation and target generation. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Land Access Agreements The Company has made strong progress on land access. At Peak View, several key land access agreements have now been executed, securing access to the properties covering the Peak View prospect as well as the land containing the Big Badja Silver Mine and Undoo Creek prospects, in addition to several other landholdings within the broader project area. This access supports the efficient rollout of upcoming surface geochemistry and geophysical programs. Figure 3. Peak View access agreement status Next Steps Planned work for the Peak View Project includes completion of ME-MS61 and Au-AA23 soil sampling across the Peak View prospect in Q4 2025. This will be followed by ground-based gravity and induced polarisation (IP) surveys in Q1 2026. Targeted drilling of geophysical and geochemical anomalies generated from this work is scheduled for Q2–Q3 2026. Table 1. Proposed planned work schedule for the Peak View Project. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 This announcement has been approved for release by the Chairman of the Board of Directors of the Company. For further information on Exultant Mining Limited please contact: Brett Grosvenor Exultant Mining Limited Executive Chairman Info@exultantmining.com.au Ph: +61 (08) 9481 0389 1 – Grunberg, M., 1972. Authority to Prospect No. 3665. 12 Months Prospecting Return and the Company's IPO prospectus dated 23 October 2025. 2 - Lake George Mines Pty Ltd., 1955. Report on Mr. Goulden Jackson's Lead, Gold and Pyrite Prospects, Cooma 3 - See tables 2 and 3; JORC Table 1, Sections 1 & 2 www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Disclaimer Some of the statements appearing in this announcement may be in the nature of forward-looking statements.Youshouldbeawarethatsuchstatements areonlypredictionsandare subjecttoinherentrisks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Exultant operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Exultant’s control. Exultant does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Exultant, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as of the date of this announcement. This announcement is not an offer, invitation or recommendation to subscribe for or purchase securities by Exultant. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision. Competent Person Statement The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled and reviewed by Sebastian Hind. Mr Hind is a senior geologist for Exultant Mining Limited and a Member of the Australasian Institute of Geoscientists (Membership number 7693). Mr Hind has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Hind consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Table 2: Summary of Peak View Prospect Significant Intersects (3% Zn+Pb or 0.5% Cu or 30g/t Ag or 0.5g/t Au Cut-off) ID FROM TO LENGTH (m) Ag ppm Au ppm Cu % Pb % Zn % PV001 78.7 79.2 0.5 114.0 0.17 3.08 8.28 PV001 79.2 80.0 0.8 36.0 0.46 1.10 PV002 25.0 25.2 0.2 31.0 0.25 PV002 164.1 164.8 0.7 95.0 2.60 2.09 PV002 164.8 165.5 0.8 269.0 0.75 3.82 7.74 PV002 165.5 166.5 1.0 63.0 0.12 0.63 1.51 PVD003 32.2 32.3 0.1 90.0 0.05 3.40 1.39 3.60 PVD003 32.3 32.4 0.1 70.0 0.05 1.55 1.61 4.50 PVD003 32.4 32.5 0.1 70.0 2.30 1.56 4.20 PVD003 32.5 32.6 0.1 80.0 0.05 1.53 1.83 4.90 PVD003 32.6 32.7 0.1 100.0 0.15 1.79 7.40 6.90 PVD003 32.7 32.8 0.1 110.0 0.10 1.76 4.50 10.30 PVD003 32.8 32.9 0.1 140.0 0.10 2.80 2.20 6.10 PVD003 32.9 33.0 0.1 100.0 0.10 2.60 5.10 11.20 PVD003 33.0 33.1 0.1 110.0 0.25 1.02 10.10 18.90 PVD003 33.1 33.2 0.1 110.0 0.25 9.50 17.90 PVD003 33.2 33.3 0.1 110.0 0.20 10.90 18.20 PVD003 33.3 33.4 0.1 90.0 0.20 1.06 7.60 15.20 PVD003 33.4 33.5 0.1 100.0 0.20 1.63 7.90 15.80 PVD003 33.5 33.6 0.1 100.0 0.25 4.40 6.70 14.50 PVD003 33.6 33.7 0.1 90.0 0.10 5.60 3.60 7.30 PVD003 33.7 33.8 0.1 70.0 0.20 1.71 5.60 14.30 PVD003 33.8 33.9 0.1 110.0 0.15 1.28 4.50 15.40 PVD003 33.9 34.0 0.1 200.0 0.35 1.39 7.80 22.00 PVD003 34.0 34.1 0.1 190.0 0.25 1.71 11.90 22.00 PVD003 34.1 34.2 0.1 100.0 0.20 9.20 9.70 PVD003 37.6 37.7 0.1 70.0 2.90 5.60 PVD005 50.0 53.0 3.0 17.0 0.30 1.27 2.30 PVD005 52.3 52.8 0.5 90.0 0.30 8.50 15.60 PVD006 50.6 51.0 0.4 150.0 0.05 2.90 5.50 PVD006 51.0 51.6 0.6 46.0 0.10 1.28 2.30 PVD007 91.0 92.8 1.9 60.0 0.40 4.25 1.23 2.90 PVD007 92.8 93.2 0.4 40.0 0.50 3.70 11.00 PVD007 93.2 93.6 0.4 25.0 0.05 1.39 PVD012 36.0 38.0 2.0 5.0 1.92 2.50 PVD012 48.0 48.2 0.2 5.0 1.00 PVD013 200.1 201.0 1.0 22.0 0.05 1.16 3.20 PVD013 201.0 201.5 0.5 60.0 0.10 1.15 3.20 11.20 PVD013 201.5 201.9 0.4 27.0 0.05 1.44 1.35 www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 ID FROM TO LENGTH (m) Ag ppm Au ppm Cu % Pb % Zn % PVD014 215.5 215.7 0.2 90.0 2.60 4.60 PVD014 216.1 216.4 0.3 140.0 0.50 1.00 PVD014 217.0 219.0 2.0 130.0 PVI001 180.0 180.4 0.4 62.6 0.70 PVI001 183.2 183.6 0.4 2.0 0.50 PVI002 160.1 160.2 0.1 64.2 0.50 1.37 2.75 PVI002 218.4 218.9 0.5 3.3 1.33 2.43 PVI003 45.9 46.4 0.5 41.5 0.30 2.35 4.96 PVI003 46.4 47.5 1.1 35.5 PVI003 47.5 48.4 0.9 131.0 0.60 1.18 PVI003 48.4 49.9 1.5 34.2 PVI003 53.0 53.7 0.7 6.1 PVI003 53.7 54.0 0.3 28.0 0.20 3.47 6.71 PVI003 54.0 54.5 0.5 12.0 1.22 2.32 PVI003 54.5 56.2 1.7 24.0 0.30 0.99 3.93 6.77 PVI003 56.2 57.4 1.2 60.0 PVI003 83.3 84.4 1.1 2.0 0.80 PVI005 48.3 48.5 0.2 28.0 0.30 1.29 3.39 PVI006 48.7 49.7 1.0 150.0 0.24 1.46 PVI006 49.7 50.2 0.5 334.0 2.29 2.58 7.31 PVI006 50.2 50.9 0.7 1270.0 0.36 1.41 7.02 PVI006 50.9 51.7 0.8 72.0 0.64 1.62 PVI006 51.7 52.3 0.6 155.0 0.51 1.05 2.67 PVI006 52.3 53.1 0.8 75.0 0.40 4.33 3.73 PVI006 53.1 54.3 1.2 13.0 0.10 1.38 2.48 PVI007 93.7 94.1 0.4 7.0 1.40 PVI008 152.6 153.3 0.8 155.0 0.50 1.21 11.60 22.00 PVI008 153.3 153.5 0.2 10.0 1.57 PVI009 253.5 254.5 1.0 6.0 PVI009 254.5 255.0 0.5 3.0 1.22 PVI009 255.0 255.6 0.6 6.0 0.20 3.55 5.76 PVI009 256.0 257.0 1.0 4.0 1.38 2.80 PVI009 258.0 258.6 0.6 33.0 3.46 6.15 PVI010 106.1 106.3 0.2 28.0 0.40 1.38 2.71 PVI010 106.3 106.8 0.5 13.0 PVI010 106.8 107.4 0.6 22.0 2.79 7.34 www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Table 3: Summary of Peak View Historic Drill Collars ID EAST NORTH RL DIP AZI DEPTH COMPANY PVD001 713561 6006751 950 -60 255 108.8 Western Mining Corporation Limited PVD002 713561 6006751 950 -90 0 107 Western Mining Corporation Limited PVD003 713351 6007164 988 -75 255 118.5 Western Mining Corporation Limited PVD004 713701 6006138 939 -60 255 122.2 Western Mining Corporation Limited PVD005 713395 6007112 983 -60 270 79.8 Western Mining Corporation Limited PVD006 713358 6007214 995 -60 270 89.4 Western Mining Corporation Limited PVD007 713406 6007162 991 -75 270 110 Western Mining Corporation Limited PVD008 713423 6007060 978 -60 270 99 Western Mining Corporation Limited PVD009 713459 6006959 978 -75 270 80 Western Mining Corporation Limited PVD012 713669 6006241 935 -60 270 106.7 Western Mining Corporation Limited PVD013 713487 6007161 989 -75 270 231.7 Western Mining Corporation Limited PVD014 713479 6007261 994 -75 270 284.5 Western Mining Corporation Limited PVD015A 713554 6007057 976 -60 270 79.9 Western Mining Corporation Limited PVD015B 713554 6007057 976 -65 270 234.9 Western Mining Corporation Limited PV001 713372 6007277 998 -60 270 109.5 Denehurst PV002 713368 6007269 998 -90 0 181.5 Denehurst PVI001 713432 6007225 1009 -75 265 220 Ironbark Zinc Limited PVI002 713507 6007097 1000 -75 255 243.8 Ironbark Zinc Limited PVI003 713509 6006880 967 -75 255 89.5 Ironbark Zinc Limited PVI004 713446 6007016 979 -75 270 125.4 Ironbark Zinc Limited PVI005 713498 6006921 966 -75 270 69.5 Ironbark Zinc Limited PVI005B 713498 6006920 966 -75 240 78.1 Ironbark Zinc Limited PVI006 713537 6006825 970 -75 275 69.3 Ironbark Zinc Limited PVI007 713537 6006825 970 -85 80 126.3 Ironbark Zinc Limited PVI008 713601 6006861 995 -75 275 264.5 Ironbark Zinc Limited PVI009 713558 6007164 985 -75 275 306.6 Ironbark Zinc Limited PVI010 713598 6006639 948 -75 275 116.8 Ironbark Zinc Limited Table 4: Summary of AC Prospect Significant Intersects (Cut-off of 0.5ppm Au or 0.2% Cu or 3% Pb + Zn) Hole Easting Northing From (m) To (m) Au g/t Cu % Pb % Zn % 4859RA75 760198 6239584 10 12 1.60 www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Table 5: Summary of AC Prospect Historic Drill Collars HOLE ID EAST NORTH RL TYPE DIP EOH DEPTH COMPANY 4530RA51 752274 6241555 1167 AC -90 24 North Ltd 4530RA52 751609 6240863 1160 AC -90 20 North Ltd 4530RA53 751319 6240590 1158 AC -90 13 North Ltd 4530RA54 750949 6240243 1148 AC -90 22 North Ltd 4530RA55 750520 6240140 1133 AC -90 39 North Ltd 4530RA56 750072 6240275 1120 AC -90 5 North Ltd 4530RA57 749551 6240375 1109 AC -90 15 North Ltd 4859RA4 768993 6246184 1213 AC -90 12 North Ltd 4859RA5 768963 6246069 1216 AC -90 27 North Ltd 4859RA6 768928 6245974 1219 AC -90 17 North Ltd 4859RA7 768923 6245859 1228 AC -90 4 North Ltd 4859RA8 768903 6245764 1237 AC -90 18 North Ltd 4859RA9 768888 6245664 1250 AC -90 15 North Ltd 4859RA10 768873 6245564 1244 AC -90 9 North Ltd 4859RA11 768853 6245469 1247 AC -90 11 North Ltd 4859RA43 768133 6251624 1219 AC -90 9 North Ltd 4859RA44 768148 6251744 1240 AC -90 7 North Ltd 4859RA45 768133 6251839 1265 AC -90 4 North Ltd 4859RA46 768068 6251954 1244 AC -90 8 North Ltd 4859RA63 760723 6239724 1247 AC -90 22 North Ltd 4859RA64 760563 6239729 1228 AC -90 3 North Ltd 4859RA65 760458 6239759 1231 AC -90 25 North Ltd 4859RA66 760358 6239779 1222 AC -90 10 North Ltd 4859RA67 760278 6239806 1219 AC -90 3 North Ltd 4859RA68 760273 6239899 1225 AC -90 10 North Ltd 4859RA69 760313 6240009 1225 AC -90 5 North Ltd 4859RA70 760303 6240099 1231 AC -90 4 North Ltd 4859RA71 760363 6240199 1225 AC -90 1 North Ltd 4859RA72 760353 6240304 1218 AC -90 3 North Ltd 4859RA73 760238 6239684 1213 AC -90 4 North Ltd 4859RA74 760233 6239584 1234 AC -90 5 North Ltd 4859RA75 760198 6239484 1186 AC -90 18 North Ltd 4859RA76 760173 6239374 1119 AC -90 29 North Ltd 4859RA77 760158 6239279 1231 AC -90 2 North Ltd 4859RA78 760048 6239169 1244 AC -90 29 North Ltd 4859RA79 760128 6239639 1216 AC -90 10 North Ltd 4859RA80 760018 6239704 1201 AC -90 7 North Ltd 4859RA81 759913 6239684 1202 AC -90 11 North Ltd 4859RA82 759753 6239654 1200 AC -90 4 North Ltd www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Table 6: References to Historic Explorers’ Drill Results Reference Source Company Year NSW Title Previously Reported under a prior JORC Code Link to source R00011711 Western Mining Corporation 1978 PL 278 No https://search.geoscience.nsw.gov.au/re port/R00011711 R00011712 Western Mining Corporation 1978 PL 278 No https://search.geoscience.nsw.gov.au/re port/R00011712 R00011276 Western Mining Corporation 1980 PL 278 No https://search.geoscience.nsw.gov.au/re port/R00011276 R00011278 Western Mining Corporation 1980 PL 278 No https://search.geoscience.nsw.gov.au/re port/R00011278 R00001119 Denehurst Limited 1994 EL 4613 No https://search.geoscience.nsw.gov.au/re port/R00001119 RE0002300 Ironbark Zinc limited 2011 EL 6925 https://search.geoscience.nsw.gov.au/re port/RE0002300 RE0003813 Ironbark Zinc limited 2012 EL 6925 https://search.geoscience.nsw.gov.au/re port/RE0003813 www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Appendix A: Peak View JORC Code, 2012 Table Section 1 Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. 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 XRF 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 (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised 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. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. • No new samples have been collected by Peak View Exploration Pty Ltd. • Historic sampling include: o Stream sediment sampling by multiple explorers (WMC 1971, Delta Gold 1993). o Soil sampling campaigns by WMC at Peak View Prospect. o Drilling by WMC during 1978-82 period (14 holes), Denehurst in 1995-96 (2 holes) and Ironbark Zinc during 2010-2012 (11 holes) at Peak View Prospect with 1,170 samples analysed for Cu, Pb, Zn, As, Ag. Some of the samples were assayed for Au. • Analytical methods included AAS and fire assay; however, QAQC protocols from the 1975-1995 are not consistently documented in available reports. Drilling Techniques • Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple • 27 drill holes completed historically between 1975-2012, comprising: o WMC 1978 – 1982: 14 diamond drillholes for total of 1,852 metres with an average of 132 m. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Criteria JORC Code Explanation Commentary or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). o Denehurst 1995-96: 2 diamond drillholes for total of 291 m. o Ironbark Zinc 2010-2012: 11 diamond drill holes for total of 1,710 m. • Hole orientations generally –60° toward local grid west. • Diamond holes were NQ/HQ Size. • Drilling unit was track mounted. • Core orientation methods not documented in available reports. Drill Sample Recovery • Method of recording and assessing core 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 due to preferential loss/gain of fine/coarse material. • Recovery records are limited or inconsistently reported in historic drilling programs. • No systematic recording of core recovery or sample quality documented for early programs (1975-1995). • Potential sample bias due to preferential loss in broken ground zones cannot be assessed from available data. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • Historic core has been geologically logged to varying standards depending on the operator and time period. • Logging generally qualitative in nature, focusing on lithology, alteration, and mineralisation. • Core photography not systematically undertaken in early programs. • Detailed structural logging limited, though some programs noted shear- foliation oriented N-S with steep dip. • Most intersections appear to have been logged, though detail level varies significantly between operators. Subsampling 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. • Core sampling methods not consistently documented across all historic programs. • RC samples collected at 0.66 m intervals in most programs; Diamond drilling samples collected at 0.1 m intervals. • Sample preparation procedures varied between operators and time www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Criteria JORC Code Explanation Commentary • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the insitu 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 periods. • No documented field duplicate or second-half sampling programs. • Quality control procedures for sub-sampling not systematically documented for early programs. 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 partial 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 quality 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. • Historic assaying conducted using: o Fire assay for gold analysis (considered total extraction method) o Atomic Absorption Spectroscopy (AAS) for gold and base metals. • Laboratories used not consistently documented. • QAQC procedures: Standards, blanks, and duplicates not systematically implemented in early programs (1975-1995). • Modern program (Ironbark 2007-2012) implemented better QAQC but specific details not provided in available reports. • No documented external laboratory checks or round-robin testing. • Accuracy and precision levels not established for historic data. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Limited verification of significant intersections documented. • Data entry and verification procedures not documented for most historic programs. • Primary data storage protocols vary by operator - some data may be housed with NSW Department of Primary Industries. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389, E: info@exultantmining.com.au ACN 684 147 484 Criteria JORC Code Explanation Commentary • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data • No systematic independent verification of historic results undertaken. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Historic survey methods not consistently documented. • Local grid systems used by different operators (WMC) may not be consistent. • Coordinate system conversions between different programs may introduce errors. • Down-hole surveys: Methods not documented for most programs. • Topographic control: Adequate for the low-relief terrain (maximum relief ~700 m). • Grid system: Various local grids used historically; modern programs used MGA94 Zone 55. • Collar survey accuracy estimated at ±5-10 m for early programs, improving to ±1-2 m for modern programs (Ironbark). 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 • Peakview Prospe