Liontown Resources : Initial exploration completed at Moora Nickel Project

Initial phase of exploration completed at 100%-owned Moora Nickel Project,

located north-east of Perth in Western Australia

Project located in the same emerging nickel-copper-PGE province as the recent high-grade Julimar discovery

KEY POINTS

• Government mapping and geophysical surveys indicate that the Moora Project is underlain by a number of large, mafic-ultramafic intrusions in a structural setting similar to that which host magmatic nickel sulphide deposits elsewhere in the world (e.g. Nova, W.A).
• Moora is located in the same geological terrain as the Julimar discovery, 95 km to the south where Chalice Gold Mines recently announced a high-gradeNi-Cu-PGE discovery hosted within a mafic-ultramafic intrusion (see ASX:CHN releases dated 23rd March & 15th April 2020).
• Limited historical exploration at Moora has defined strong, Ni+Cu+PGE+Au anomalism spatially associated with mafic-ultramafic outcrops.
• There has been no prior drill testing of the fresh, un-weathered bedrock at Moora.
• The Project is 100%-owned and well serviced by transport and power infrastructure.
• Results are pending for a combined gravity/auger program designed to better define the prospective mafic-ultramafic units ahead of further work including geophysical surveys and potential air-core and RC/diamond drilling.

Figure 1: Location and regional geology plan

Liontown Resources Limited (ASX: LTR, "Liontown" or "Company") is pleased to advise that it has completed an initial phase of ground-based exploration work at its 100%-owned Moora Nickel Project, located ~150km north-northeast of Perth, Western Australia.

Liontown secured the Project in 2018 as part of its generative exploration strategy for battery metals, after recognising the potential of this region to host magmatic Ni-Cu-PGE massive sulphides. The coincidence of large mafic/ultramafic intrusions located close to a craton margin is analogous to magmatic Ni-Cu-PGE occurrences elsewhere in the world including the Nova, Savannah and Nebo-Babel deposits in Western Australia.

The Company has three, granted, contiguous Exploration Licences (ELs) covering a total area of 467km2. Liontown has agreed to pay consulting group Armada Exploration Services, which assisted with the generative work, $1,000,000 cash and a 0.5% NSR if it discovers an economic mineral deposit (and makes a decision to mine) within the ELs.

Liontown's exploration concept has been validated by Chalice Gold Mines' discovery of high-grade Ni- Cu-PGE mineralisation in the same geological terrain at Julimar, located ~95km south of the Moora Project (see Figure 1 / ASX:CHN ASX releases dated 23rd March and 15th April 2020).

Exploration for nickel and copper is consistent with Liontown's corporate focus on battery metals. Field work commenced at Moora following the completion of intensive resource definition drilling at the Company's flagship, world-class Kathleen Valley Lithium-Tantalum Project, where work is now transitioning to Perth-based metallurgical test work and mining studies as announced recently.

Project Background

Government geological mapping within the Moora Project area indicates a series of mafic-ultramafic intrusions spatially associated with large, dense bedrock features clearly visible in the regional gravity data (Figures 2 and 3). This geological setting is similar to those which host Chalice's Julimar nickel discovery and the historic Yarawindah Ni-Cu-PGE occurrence (Figures 1 and 3) being actively explored by Cassini Resources Limited (www.cassini.com.au).

Historical exploration at Moora has been limited to the central part of the Project area and has largely comprised surface sampling and shallow RAB drilling (see Appendix 2 for details of historical exploration).

In 1968, Poseidon NL recorded a number of significant nickel intersections in drilling at Moora including:

• 9m @ 0.62% Ni from 0m;
• 11.5m @ 0.60% Ni from 1.5m; and
• 21m @ 0.57% Ni from 1.5m.

(See Figure 4 for drill-hole locations - note that the locations are approximate due to the conversion from imperial units and Poseidon's use of local, unsurveyed grids - see Appendix 3 for drill statistics. There is not enough geological data to estimate true widths).

The drill intersections were hosted by strongly weathered, oxidised ultramafic rocks and Poseidon interpreted the elevated nickel values to be related to primary sulphides at depth based on the steep orientation of the mineralised zones and the presence of anomalous (>300ppm) copper nearby. Further work was planned by Poseidon, however its focus shifted to the Eastern Goldfields following its discovery of the Windarra nickel deposit.

Subsequent exploration by Palladium Resources and Washington Resources from 1999-2001 and 2004- 2009 respectively confirmed strong, multi-element, Ni+Cu+PGE+Au anomalism in the same area as explored by Poseidon (Figure 4).

Rock chip sampling by Palladium (Appendix 4) recorded a number of coincident Ni (up to 2,060ppm) and Cu (up to 788ppm) anomalies. Shallow follow-up drilling by Palladium (Appendix 5), which was limited to the area covered by Poseidon MC70/1390H (Figure 4), also recorded multiple zones of coincident Ni and Cu anomalism (up to 12m @ 2,763ppm Ni and 288ppm Cu).

Washington Resources' field work included the collection of 333 iron-rich surface samples (i.e. "laterite") which returned anomalous values up to 8,482ppm Ni, 795ppm Cu, 452ppb Pd and 517ppb Au (Figure 4). No follow up drilling was undertaken by Washington, possibly due to the onset of the Global Financial Crisis which constrained the capacity of junior explorers to raise working capital at the time.

Despite the strong geochemical anomalism and prospective geological setting, there has been no prior drill testing of the fresh, unoxidised bedrock at Moora.

Due to extensive shallow cover and strong weathering, geophysical surveys will be required to better delineate the prospective mafic-ultramafic units. Results are pending for a recently completed gravity survey and auger sampling program conducted by Liontown which also includes the first ever field assessment of the large gravity anomalies underlying the western part of the Project area (Figure 2 - E70/5286).

Further work will be planned once data is received for the above work. It will most likely comprise shallow air-core drilling to define anomalous nickel-copper zones within the prospective units, moving-loopelectro-magnetic surveys to define possible massive sulphides and deeper Reverse Circulation /diamond core drilling to test any targets identified.

This announcement has been authorised for release by the Board.

DAVID RICHARDS

Managing Director

For More Information:	Investor Relations:
David Richards	Nicholas Read
Managing Director	Read Corporate
T: [phone]	T: [phone]
[e-mail]	[e-mail]

Competent Person Statement

The Information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr David Richards, who is a Competent Person and a member of the Australasian Institute of Geoscientists (AIG). Mr Richards is a full-time employee of the company. Mr Richards has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken 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'. Mr Richards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statement

This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Figure 2: Moora Project: Gravity image (1VD) showing mapped mafic-ultramafic units. (Hot colours indicate dense,

possible mafic-ultramafic units).

Figure 3: Regional gravity image (1VD).

Figure 4: Moora Project: Summary of historical exploration results on 1VD gravity image.

Appendix 1 - Moora - JORC Code 2012 Table 1 Criteria

The table below summarises the assessment and reporting criteria used for the Moora Project and reflects the guidelines in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012).

Section 1 Sampling Techniques and Data

	Criteria		JORC Code explanation		Commentary
Sampling	Nature and quality of sampling (eg cut	No drilling completed by Liontown.
techniques	channels, random chips, or specific	Liontown auger samples	collected from 0.8	-1m
			specialised industry standard measurement
			depth with	200-500g,-2mm material	collected	for
			tools appropriate to the minerals under
			assay.
			investigation, such as down hole gamma
			sondes, or handheld XRF instruments, etc).	Poseidon NL drilling used open hole techniques with
			These examples should not be taken as
			sample collected from around the collar.
			limiting the broad meaning of sampling.
			Washington	Resources	samples	comprised
				ferruginous duricrust collected on irregular spacing
				based on location of available sample media.

Palladium Resources sampling techniques not documented.

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 '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 (eg submarine nodules) may warrant disclosure of detailed information.

Entire sample is submitted for sample prep and assay.

Drilling	Drill type (eg core, reverse circulation, open-	No drilling completed by Liontown.
techniques	hole hammer, rotary air blast, auger, Bangka,
	sonic, etc) and details (eg core diameter, triple	Poseidon NL used open hole techniques with
	or standard tube, depth of diamond tails, face-
	sample collected from around the collar. (Drill rig
	sampling bit or other type, whether core is
	was truck-mounted, Ingersoll Rand with 600cfm
	oriented and if so, by what method, etc).
	compressor)
Drill sample	Method of recording and assessing core and	No drilling completed by Liontown.
recovery	chip sample recoveries and results assessed.	Recoveries not recorded for historic drilling
	Measures taken to maximise sample recovery	No drilling completed by Liontown.
	and ensure representative nature of the	Not documented for historic drilling
	samples.
	Whether a relationship exists between sample	No drilling completed by Liontown.
	recovery and grade and whether sample bias
	may have occurred due to preferential	None noted in historic reports.
	loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been	Mineral resource estimates, mining studies and
	geologically and geotechnically logged to a	metallurgical studies not considered by previous
	level of detail to support appropriate Mineral	explorers.
	Resource estimation, mining studies and	No drilling completed by Liontown.
	metallurgical studies.
	Whether logging is qualitative or quantitative in	No drilling completed by Liontown.
	nature. Core (or costean, channel, etc)	Historic logging appears quantitative although
	photography.
	sparsely documented.

	Criteria			JORC Code explanation		Commentary
				The total length and percentage of the	See above.
				relevant intersections logged.
Sub-sampling		If core, whether cut or sawn and whether	No core drilling completed.
techniques and		quarter, half or all core taken.
sample
	If non-core, whether riffled, tube sampled,	No drilling completed by Liontown.
preparation
	rotary split, etc and whether sampled wet or
				Historic Poseidon samples collected from around
				dry.
				drill collar with both dry and wet material collected.
				For all sample types, the nature, quality and	Sample preparation of Liontown samples follows
				appropriateness of the sample preparation	industry best practice standards and is conducted by
				technique.	internationally recognised laboratories; i.e.
					Oven drying, jaw crushing and pulverising so that
					85% passes -75microns.
					Not documented for historic Poseidon holes
				Quality control procedures adopted for all sub-	Review of lab standards
				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.

Auger sampling completed on regular 400x400m grid to ensure representative sampling of area being assessed.

Entire sample submitted for assay.

	Whether sample sizes are appropriate to the	Sample size (200-500g) accepted as general
	grain size of the material being sampled.	industry standard.
		Sample size not documented for historic exploration.
Quality of assay	The nature, quality and appropriateness of the	Assay and laboratory procedures have been selected
data and	assaying and laboratory procedures used and	following a review of techniques provided by
laboratory tests	whether the technique is considered partial or	internationally certified laboratories.
	total.	Liontown samples are submitted for multi-element
		analyses by Bureau Veritas aqua-regia techniques
		following mixed-acid digest.
		Poseidon drill samples assayed by AAS following
		digestion by perchloric acid at 180oC.
		Washington laterite samples assayed by ICP+MS.
		The final techniques used are total.
	For geophysical tools, spectrometers,
	handheld XRF instruments, etc, the
	parameters used in determining the analysis	None used
	including instrument make and model, reading
	times, calibrations factors applied and their
	derivation, etc.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established

No QC protocols adopted at this stage due to early nature of exploration.

Lab standards checked for accuracy and precision.

Verification of	The verification of significant intersections by
sampling and	either independent or alternative company	None undertaken
assaying	personnel.
	The use of twinned holes.	None drilled.
	Documentation of primary data, data entry	All field data is manually collected, entered into excel
	procedures, data verification, data storage	spreadsheets, validated and loaded into an Access
	(physical and electronic) protocols.	database.
		Historic data extracted from Annual Technical
		Reports submitted to Mines Department and loaded
		into Access Database where reliable location data is
		provided.

	Criteria			JORC Code explanation			Commentary
					Electronic	data is stored on the Perth server. Data is
					exported from Access for processing by a number of
					different software packages.
					All electronic data is routinely backed up.
					No hard copy data is retained.
				Discuss any adjustment to assay data.	None required
Location of data		Accuracy and quality of surveys used to locate	All samples collected since 1999 are located using a
points		drill holes (collar and down-hole surveys),	hand held GPS.
				trenches, mine workings and other locations	Poseidon NL drill holes located on local, imperial
				used in Mineral Resource estimation.
				grids.
				Specification of the grid system used	The grid system used is GDA94 Zone 50
				Quality and adequacy of topographic control.	Nominal RLs based on regional topographic datasets
					are used initially; however, these will be updated if
					DGPS coordinates are collected.
Data spacing		Data spacing for reporting of Exploration	LTR auger samples collected on 400x400m grid.
and distribution		Results.	Poseidon drill holes spaced according to location of
					surface anomalism.
					Historic surface samples collected on irregular
					spacings based on availability of suitable sample
					media.
				Whether the data spacing and distribution is
				sufficient to establish the degree of geological
				and grade continuity appropriate for the	MRE not being prepared.
				Mineral Resource and Ore Reserve estimation
				procedure(s) and classifications applied.
				Whether sample compositing has been	None undertaken.
				applied.
Orientation of		Whether the orientation of sampling achieves
data in relation		unbiased sampling of possible structures and	Not known at this early stage of exploration.
to geological		the extent to which this is known, considering
structure		the deposit type.
				If the relationship between the drilling
				orientation and the orientation of key
				mineralised structures is considered to have	None observed.
				introduced a sampling bias, this should be
				assessed and reported if material.
Sample security		The measures taken to ensure sample	Senior company personnel supervise all sampling
				security.	and transport to assay laboratory in Perth.
Audits or		The results of any audits or reviews of	None completed.
reviews		sampling techniques and data.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation
Mineral	Type, reference name/number, location and
tenement and	ownership including agreements or material
land tenure	issues with third parties such as joint ventures,
status	partnerships, overriding royalties, native title
	interests, historical sites, wilderness or
	national park and environmental settings.

Commentary

The Moora Project comprises 3 granted exploration licences (E70/5217, E70/5286 and E70/5287). The tenement package forms a contiguous, 467km2 area located ~150km NNE of Perth, Western Australia.

All ELs are held by ERL (Aust) Pty Ltd, a wholly owned subsidiary of Liontown Resources Limited.

Liontown has agreed to pay Armada Exploration Services:

• $1,000,000 cash; and
• a 0.5% NSR

if it discovers an economic mineral deposit (and makes a decision to mine) within the above tenements or any subsequent tenements acquired

Criteria	JORC Code explanation	Commentary

within an Area of Influence around the current tenements.

The Moora Project is largely underlain by freehold properties used for broad acre cropping and livestock rearing. Liontown has negotiated access agreements over 5 of the larger properties which cover the main geophysical anomalies and is in discussions with other landowners.

			Liontown has signed a Heritage Agreement with the
			South West Aboriginal Land and Sea Council
			Aboriginal Council who act on behalf of the Yued
			Agreement Group.
	The security of the tenure held at the time of
	reporting along with any known impediments	All tenements are in good standing.
	to obtaining a licence to operate in the area.
Exploration done	Acknowledgment and appraisal of exploration	Previous exploration for magmatic Ni-Cu-PGE
by other parties	by other parties.	sulphide mineralisation has been carried out over the
			central part of the Moora Project area by Poseidon
			NL (1968), Palladium Resources (1999 - 2001) and
			Washington Resources (2004 - 2009).
			This work included	geophysical surveys, surface
			geochemistry and	shallow drilling. Anomalous
			Ni+Cu+PGE+Au was defined within the shallow,
			weathered regolith.
			There has been no prior drill testing of the primary,
			unoxidised bedrock.
Geology	Deposit type, geological setting and style of	The Moora Project area is located within the >3Ga
	mineralisation.	age Western Gneiss Terrain of the Archaean Yilgarn
			Craton of southwest Western Australia.
			The prospective mafic/ultramafic bodies lie within the
			highly deformed Jimperding Metamorphic Belt which
			locally comprises high grade metamorphic rocks of
			quartz feldspar composition with some amphibolite
			schist and minor banded iron formation. The Belt is
			up to 70 kilometres wide and bounded to the west by
			the Darling Fault (and Perth Basin) and to the east by
			younger Archaean rocks. Regionally the geological
			trend is north-westerly with moderate to steep north-
			easterly dips.
			NNE and NNW trending, Proterozoic dolerite dykes
			also intrude the geological sequence.
			Outcrops are rare and bedrock geology is largely
			obscured by lateritic duricrust and deep saprolitic
			weathering. The clearing of farm land and related
			agricultural practices have further contributed to the
			masking of the bedrock.
			The intrusive mafic/ultramafic units are interpreted to
			form concordant, layered igneous complexes at least
			50m thick; however, the true dimensions are difficult
			to determine due to the limited outcrop.
Drill hole	A summary of all information material to the
Information	understanding of the exploration results
	including a tabulation of the following
	information for all Material drill holes:
	∙	easting and northing of the drill hole	See Tables and/or Appendices in ASX release.
		collar
	∙	elevation or RL (Reduced Level -
		elevation above sea level in metres) of
		the drill hole collar
	∙	dip and azimuth of the hole

Criteria			JORC Code explanation	Commentary
		∙	down hole length and interception depth
		∙	hole length.
Data aggregation		In reporting Exploration Results, weighting	Reported intercepts have been calculated using
methods		averaging techniques, maximum and/or	lower cut of 0.4% Ni. No top cuts used to date.
		minimum grade truncations (eg cutting of high	Internal waste (i.e.
		grades) and cut-off grades are usually Material
		samples between mineralised samples that exceed
		and should be stated.
		cut off grades.
		Where aggregate intercepts incorporate short
		lengths of high grade results and longer
		lengths of low grade results, the procedure	None reported
		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	None reported
		stated.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry 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 not known').

The relationship between true widths and the width of mineralised zones intersected in historic drilling has not yet been determined due to lack of structural data (i.e. dip).

Diagrams	Appropriate maps and sections (with scales)
	and tabulations of intercepts should be
	included for any significant discovery being	See Figures in body of report
	reported These should include, but not be
	limited to a plan view of drill hole collar
	locations and appropriate sectional views.

Balanced	Where comprehensive reporting of all
reporting	Exploration Results is not practicable,
	representative reporting of both low and high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.

Results for all sampling reported are listed in the Appendices attached to the ASX report or shown on diagrams included in the ASX report.

Other	Other exploration data, if meaningful and
substantive	material, should be reported including (but not
exploration data	limited to): geological observations;
	geophysical survey results; geochemical
	survey results; bulk samples - size and	All meaningful and material data reported
	method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and
	rock characteristics; potential deleterious or
	contaminating substances.
Further work	The nature and scale of planned further work	∙ Review of results and data pending for recently
	(eg tests for lateral extensions or depth	completed gravity survey and auger sampling
	extensions or large-scalestep-out drilling).	program.
		∙ Planning of follow-up work.
		∙ Ongoing access negotiations with land owners.

Appendix 2 - Moora - Summary of Historic Exploration

Period	Company	Historic Tenure	Target	Activities	Highlights
	(Open File
	Report)
1968	Poseidon	Optioned 24	Magmatic	Ground	Surface values up to
	(A7291,	MCs. Key	nickel	magnetics, 1019	0.9% Ni.
	A7292,	tenure	sulphides	surface	Drill intersections up
	A7293)	MC70/1365,		sampling	to 20m @ 0.6% Ni.
		1384 and 1390		(mainly shallow	(All highly weathered)
				auger), 16 RAB
				holes for 489m
1999 -	Murchison/	E70/1836	Magmatic	69 rock chips,	Coincident Ni/Cu
2001	Palladium JV		nickel	23 RAB holes	values up to
	(A61330,		sulphides	for 532m	2,060ppm Ni and
	A62906)				788ppm Cu.
					Drill intersections up
					to 12m @ 0.4% Ni
					and 468ppm Cu
2004 -	Washington/	E70/2579, 2722,	Magmatic	Airborne	Multiple, multi-element
2009	Murchison JV	2985	nickel	magnetics and	geochemical
	(A70375,		sulphides	radiometrics	anomalies (Ni-Cu-
	A72509,			333 laterite	PGE-Au,Ni-Cu)
	A75482,			samples
	A78429,
	A82005)
2016	Encounter	E70/4667	Porphyry/	190 roadside	No significant results
	Resources		skarn	samples (mainly
	(A110009)		related	east of
			Cu/Au	E70/5217)

Appendix 3 - Moora - Poseidon NL Drill Hole Statistics

Hole ID	Tenement	Local North (ft)	Local East (ft)	Depth (ft/m)	Azimuth	Dip	Significant intersections (>0.4% Ni)
From (ft/m)	To(ft/m)	Interval (ft/m)		Ni%
PH1	MC1365H	308N	1616W	130/39	150	-53		No significant assays
PH2	MC1365H	167N	1621W	120/36	342	-60
PH3	MC1384H	395S	840E	110/33	12	-63	20/6	25/7.5	5/1.5		0.42
PH4	MC1384H	290S	880E	90/27	201	-50	15/4.5	30/9	15/4.5		0.42
60/18	90/27	30/9		0.52
PH5	MC1384H	203S	763E	100/30	22	-63	0/0	30/9	30/9		0.62
PH6	MC1384H	95S	790E	65/20	202	-55	5/1.5	30/9	25/7.5		0.43
40/12	60/18	20/6		0.48
PH7	MC1384H	259S	882E	75/23	0	-90		No significant assays
PH8	MC1384H	90S	480E	50/15	0	-90	5/1.5	45/13.5	40/12		0.49
PH9	MC1390H	224S	20E	100/30	270	-65
PH10	MC1390H	225S	80W	90/27	90	-60		No significant assays
PH11	MC1365H	115S	1577W	80/24	340	-45
PH12	MC1384H	275S	774E	120/36	201	-45	1.5/0.5	40/12	38.5/11.5		0.6
PH13	MC1384H	321S	984E	120/36	201	-45		No significant assays
PH14	MC1384H	355S	1070E	110/33	201	-45
PH15	MC1384H	46S	706E	125/38	202	-45	5/1.5	60/18	55/16.5		0.48
PH16	MC1384H	148S	878E	110/33	202	-45	5/1.5	75/22.5	70/21		0.57

Appendix 4 - Moora - Palladium Resources Rock Chip Sampling (1999 - 2001)

Sample_ID	East	North	Cu_ppm	Pb_ppm	Zn_ppm		As_ppm	Ni_ppm	Au_ppb		Pt_ppb		Pd_ppb	Co_ppm
918828	431980	6610778	12	5		95			22.5		1480		1	3		0		94
918829	432215	6610468	788	9		1670			4.5		2060		2	5		4		542
918830	432235	6610454	35	5		489			4.5		576		0	0		3		296
918831	432280	6610308	173	2		155			4.5		226		4	12		17		76
918832	432395	6610535	326	5		141			3		74		2	8		5		50
918833	432008	6610685	304	38		242			6.5		2400		0	7		2		194
918834	432008	6610685	19	5		99			2		718		1	2		1		62
918835	435110	6614200	36	10		131			6.5		3280		0	4		0		176
918836	435025	6614193	18	19		82			2		990		2	2		0		40
918837	434990	6614200	22	17		142			3.5		592		1	1		0		52
918838	434900	6613917	43	4		90			3		1450		1	1		0		128
918839	434890	6613855	7	7		107			1.5		590		3	3		0		60
918840	434880	6613805	12	6		79			2		248		0	0		2		28
918841	434915	6613720	20	24		76			3		994		3	3		0		42
918842	434965	6613630	6	6		102			2.5		872		0	0		0		48
918843	439080	6613350	20	5		80			2		952		3	3		0		44
918844	439070	6613350	152	4		93			2.5		110		2	2		0		42
918845	439030	6613045	260	7		80			3		1460		3	3		1		44
918846	439040	6612990	77	5		98			1		522		2	2		3		48
918847	439190	6612910	167	4		105			2		1420		1	1		2		86
918848	438940	6613592	20	8		59			8.5		1220		2	2		0		50
918849	438860	6613955	27	3		93			2		590		0	1		1		24
918850	438860	6613943	12	4		60			3		416		0	0		2		18
Appendix 5 - Moora - Palladium Resources Drill Hole Statistics (1999 - 2001)
Hole_ID	East	North		Depth	Dip	Azimuth		Significant Intersections - >100ppm Cu and >1,000ppm Ni
(GDA94)	(GDA94)			From		To		Interval		Cu (ppm)		Ni (ppm)
BR1	432180	6611275		39	-60	270		6		8		2		260				2,325
BR2	432030	6610670		15	-60	270						No significant assays
BR3	432070	6610670		26	-60	270
BR4	432110	6610670		30	-60	270		0		4		4		757				1,150
		16		20		4		564				1,710
BR5	432150	6610670		31	-60	270		4		12		8		408				1,620
BR6	432190	6610670		33	-60	270
BR7	432230	6610670		25	-60	270
BR8	432270	6610670		29	-60	270
BR9	432310	6610670		9	-60	270
BR10	432350	6610670		12	-60	270
BR11	432070	6610400		3	-60	270
BR12	432110	6610400		8	-60	270						No significant assays
BR13	432150	6610400		11	-60	270
BR14	432190	6610400		33	-60	270
BR15	432230	6610400		20	-60	270
BR16	432270	6610400		14	-60	270
BR17	432310	6610400		13	-60	270
BR18	432350	6610400		17	-60	270
BR19	432390	6610400		5	-60	270
BR20	432190	6611260		54	-60	270		8		20		12		288				2,763
BR21	432198	6611293		45	-60	270
BR22	432228	6611293		31	-60	270						No significant assays
BR23	432268	6611293		29	-60	270