Octanex Limited provided a update to shareholders following a strategic review conducted in respect to the Company's East Yilgarn tenement interests. Located in the Burtville Terrane (between the Kurnalpi and Yamarna Terranes), Octanex's East Yilgarn tenements cover areas that have previously had little modern exploration. With the belief that the new era of Tier 1 gold deposits are likely to be under cover, and encouraged by high- grade gold discoveries at Gruyere and Tropicana to the east, Octanex has pursued a gold- focussed exploration program.

The tenement areas have extremely limited outcrop, and are dominated by broad expanses of transported aeolian sand planes and dunes with smaller islands of residual lateritic soils and granitic outcrop. Four separate wide-spaced lag sampling programs have been completed in 2020 - 2021 with the objective of defining structural targets with favourable geochemistry for subsequent infill geochemistry (aircore/RAB) drilling in order to define potential targets. The highest value returned from the lag sampling programs was 5ppb gold.

Based on the lag sampling results, Octanex's consultant geologist interpreted gold values of 1ppb or higher as anomalous and by plotting percentile contours, interpreted low level gold anomalies with kilometric-scale extent centred on or adjacent to interpreted geophysical linear structures. consultant geologist's recommendation following the fourth lag sampling campaign was for further reconnaissance and infill surface lag sampling. Octanex decided to undertake a strategic review of its acreage before proceeding with further geochemical sampling, conscious that compelling targets for aircore/RAB drilling had not been defined after four lag sampling programs, at significant expense.

Given the size of the granitoid terrane within the tenements, rare earth element (REE) and pegmatite-related mineralisation (eg lithium) was also considered. The lack of outcrop in the tenement areas posed a significant challenge for geological interpretation and targetting. Accordingly the review integrated numerous datasets including geophysics, geology, geochronology and topography as well as new high resolution WorldView- 3 satellite imagery and spectral study over the northern half of the tenements.

The review also integrated new spatial Accelerated Geoscience Program (AGP) datasets released by the Geological Survey of Western Australia (GSWA) in 2021; the Far East Yilgarn (FEY) dataset and the Critical Minerals datasets. The FEY dataset covers much of the tenement areas and includes new whole rock data, an extensive geochemistry compilation and a new major crustal boundaries layer which integrates the most recent geophysical data with current understanding of the geological evolution of Western Australia.