Augustus Minerals Limited

Highlights:

• 78 RC holes for 9,086m completed, drilled across 6 project localities
• First drilling at Minnie Springs has intersected mineralisation, geology and alteration consistent with the zones of a porphyry copper system
• Strong results received from the first 22 holes drilled into the Minnie Springs copper project, including intercepts of:
  • MSRC012: 18m @ 0.52% CuEq(0.37% Cu and 9.7 g/t Ag) from 94m downhole, and;
  • 16m @ 0.69% CuEq (0.38% Cu and 19.4g/t Ag) from 121m downhole
  • MSRC022: 7m @ 0.19% Cu from 87m downhole
  • MSRC011: 7m at 0.12% Cu from 21m downhole
• MSRC012 mineralisation contained significant base metal and silver including:
  • 5m @ 27.6 g/t Ag, 0.25% Pb and 0.15% Zn with 148 ppm Mo from 107m, and
  • 14m @ 21.5 g/t Ag, 0.18% Pb and 0.1% Zn with 274ppm Mo from 122m
• Copper mineralization at Minnie Springs comprising disseminated and quartz vein hosted chalcopyrite in moderate to strongly epidote-chlorite (propylitic) altered host rocks
• Copper Ridge CRRC008 returned:
  • 4m @ 0.91% Cu from 13m
    • Including 2m at 1.67% Cu
• 2024 drilling at Minnie Springs to include further RC and DDH drilling to commence in Q1 or early Q2 2024

Highlights:

• Visual copper sulphide mineralisation observed in quartz veining in multiple holes at Minnie Springs
• MSRC012 – intersected multiple blebby to disseminated copper sulphide zones from 82m – 139m downhole
• 9,086m drilled in 78 holes across six project areas
• Review of soil sample results have defined numerous highly promising lithium anomalies over a single coherent area at the Peak Bore
  • Numerous lithium results Li2O > 100ppm and the key lithium pegmatite pathfinder element Rubidium > 400ppm
  • First pass reconnaissance mapping of the anomaly has identified outcrop of mafic greenstone and Leake Spring Metamorphics rock units which host spodumene pegmatites in the region
• Assay results from drilling in Q1 2024
• Cash position of $5.75m as of December 31

Highlights:

The primary objectives of the 2024 exploration program are to:

• Test with follow up RC and diamond drilling the multiple copper sulphide intercepts from prospects drilled during 2023
• Conduct RC Drilling at known prospects not yet drill tested
• Conduct a geophysical program over the Money Intrusion searching for nickel-copper sulphide targets
• Soil sampling program south-east of Minnie Springs along the Minga Bar fault for additional copper-molybdenum- gold mineralisation
• Soil sampling program west of Copper Ridge along the T-Tree Shear for further zones of copper-gold mineralisation
• Follow-up on lithium soil anomalies along the Ti Tree Shear at the Peak Bore prospect

Highlights:

• 9,086m drilled in 78 holes across six project areas
• Campaign designed to test extensive surface mineralisation identified through soil sampling and rock chip analysis
• Visual observations of copper sulphide mineralisation in quartz veining in multiple holes at depth
• Assays are due back progressively over the coming weeks.
• Exploration and drilling activities to re-commence in Q1 2024

• Review of soil sample results have defined numerous highly promising lithium anomalies over a single coherent area at the Peak Bore location.
• There are numerous lithium results where Li2O concentration is superior to 100ppm and where the key lithium pegmatite pathfinder element Rubidum is concentrated at over 400ppm.
• First pass reconnaissance mapping of the anomaly has identified outcrop of mafic greenstone and Leake Spring Metamorphic rock units which host spodumene pegmatites in the region.
• Location will be a key focus during the early portion of the 2024 exploration campaign.

Highlights:

• Copper sulphide zones intercepted in multiple RC holes
• MSRC012 – intersected multiple blebby to disseminated copper sulphide zones from 82m – 139m downhole
• RC Drilling continues at Minnie Springs with activities to be completed over the next several weeks
• Assay results due by late December

Highlights:

• Arrowhead is updating its coverage on Augustus Minerals Limited (“Augustus” or “the Company”) with a fair value bracket of A$ 0.15 – A$ 0.18 (Share Price on October 31, 2023: A$ 0.14) based on Comparable Company Valuation.
• Augustus is an early-stage exploration company that owns 100% of the Ti Tree Shear Project (“the Project”) which is situated in the Gascoyne province of Western Australia. The Company holds 20 granted exploration licenses on the Project and is exploring critical minerals (copper, rare earth elements (“REE”s), and lithium), gold, molybdenum, nickel, and platinum group elements.
• Augustus’ Ti Tree Shear Project is located in an emerging resource-rich region of Western Australia with several companies working on advanced-stage exploration projects in its vicinity. Furthermore, Augustus’ tenement package encompasses 85km of the Ti Tree Shear Zone, a geological structure that hosts most of the region’s mineral occurrences.
• Augustus has conducted numerous field trips and has spent approximately A$ 5 million to date reviewing all the historical geophysical datasets, completing extensive geophysical and soil surveys, and rock chip sampling along the Ti Tree Shear Project. Based on works completed to date, Augustus has identified 50 high-priority drill targets along and surrounding the 85 km strike length of the Ti Tree Shear Zone.
• Augustus raised A$ 10 million through its IPO which closed on May 3, 2023. The Company allocated A$ 7.9 million for exploration expenditures which include reverse circulation, air core, and diamond drilling on various targets identified on the Project. The Company expects that the funds raised can support its exploration activities and routine operations for a two-year period.
• Augustus completed the Aboriginal Heritage survey on September 5, 2023, and based on the positive results from the survey, the Company decided to commence maiden RC drilling at the Ti Tree Shear Project on September 29, 2023. Augustus plans to share the initial results of the RC drilling by the end of 2023.
• Augustus’ leadership has decades of experience in the Mining industry, including years of experience working in the Gascoyne region. The Company’s Managing Director Andrew Reid alone has 30+ years of experience in the Resources industry with Andrew Ford the GM – Exploration having 35+ years of experience.

Highlights:

• Copper Ridge extended 117% to 1,300m in length with rock chip results
• Aboriginal Heritage Survey Completed over multiple drill targets
• Maiden drill campaign commences on advanced copper prospects
• First assay results to be received from late November
• Cash position of $7.4m as of September 30

Highlights:

• To date RC drilling has completed 50 holes totaling 5,320m
• Drilling is progressing faster than expected due to favourable ground conditions
• Drilling focused initially on the 8km x 3km copper zone which hosts prospects Copper Ridge, Nick’s Bore, Crawford and Crawford South
• Drilling now concentrating on the 3km long Cu-Au-Mo anomaly at Minnie Springs, with completion scheduled for mid-November
• First batch of samples is in transit to laboratory for analysis

Highlights:

• Substantial exploration program, that includes reverse circulation (RC) drilling, has commenced at the Ti-Tree Project in the Gascoyne Region of WA
• Exploration program at Ti-Tree is designed to test high-priority targets identified by Augustus
• Program is designed to test prospects with no or minimal historical drilling
• Key target areas include Minnie Springs, Copper Ridge, Nick’s Bore, Crawford, Crawford South and Coo Creek which have had recent target refinement
• Drilling will continue for several months