Carbine Resources Limited to present the results of a Mineral Resource Estimate. The Resource is based on the results of drilling completed in 2019 and 2021 and was prepared by independent consultants, Widenbar and Associates. A total of 315 drill holes were completed at the Muchea West project for a total of 2,737m over the course of the two drill campaigns. The drilling was performed using an Aircore drill rig operated by Strataprobe WA Pty Ltd. All drilling to date has been located on existing, cleared tracks avoiding the need for clearing of the native vegetation and minimising any potential spread of jarrah dieback. Drill holes were located using a handheld GPS and, prior to the commencement of drilling, the drill lines were searched for metal objects buried underground using ground GPR and magnetic surveys. Assay and lithological data from these 315 drill holes were used to interpret the base and top of the silica sand horizon as presented in the drilling data. This defines the Main Sand horizon. A surface has also been generated at 3m above the water table, representing the likely true base of the silica sand; this zone is coded as the Lower Sand. These surfaces have been used to constrain a block model of silica grades using an Ordinary Kriging
interpolation methodology. The Muchea West Silica Sand Mineral Resource has been classified in the Indicated and Inferred categories, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves and has been reported at a 99.00 % SiO2 cutoff. Logging data from an additional 28 water bores was also used as an aid to interpretation. No grade data from the water bores was used. All samples were analysed by Intertek Genalysis Laboratories. Collar, assay and lithological logging data was provided as Excel spreadsheets and imported into Micromine
2021 for further processing. A Micromine format drill hole database was created and the data validated and checked, including: Checks for duplicate collars, Checks for missing samples, Checks for down hole from-to interval consistency, Checks for overlapping samples, Checks for samples beyond hole depth. The base of white to off-white silica sand was digitised along section lines and in the region around water bores where that information was available in the down hole logging. A Data Terrain Model surface was then generated honouring the known data points. Tenure. The Muchea West Project covers a land area of 102km2 and consists of a single granted exploration licence, E70/4905. The Muchea West Project is located directly adjacent to VRX Silica Ltd.'s Muchea Project. Project Geology: The Project is underlain by the Bassendean Sand Formation, which extends over large areas of the Swan Coastal Plains of the Perth Basin from about 23 km north of Jurien, to about 15km southwest of Busselton. The Bassendean Sand Formation is considered to have a maximum thickness of about 45 m, and the unit is found as a strip parallel to the coast, having a width of about 10-20 km, and its western edge about 5-10km inland. Concretionary ferruginous material, locally known as "coffee rock", is developed discontinuously in the sand near the groundwater table. In the Tenement, good quality silica sand overlies iron rich brown sand, occasionally interspersed with ferruginous nodules. The upper units of the Bassendean Sand Formation are typically clean, well-rounded and well sorted sands. At depth, it is commonly brown to dark brown with high iron contents, however closer to the surface the sand is cream/white. The physical, chemical and mineralogical characteristics of the Bassendean Sands can vary considerably, resulting in variation in the quality of the sand regionally as well as locally. In general, the Bassendean Sand Formation is covered with very little or no overburden. The region surrounding the Project has been explored for both silica sand and mineral sands. Model Interpolation: Model interpolation has been carried out using Ordinary Kriging in Micromine 2022. A check model has also been generated using Inverse Distance Squared interpolation.