Thomson Resources Ltd. advised that the NSW Deputy Premier, The Hon Paul Toole MP, announced on Monday 21 November 2022, that the NSW Government had awarded Stream 1 Grants under the CMAF to 19 projects aggregating $8,685,438, including a grant to Thomson for its identified further test work on Thomson's New England Fold Belt Hub and Spoke (NEFBHS) strategy. The Grant to Thomson will be a co- contribution out of the CMAF of $500,000. A copy of the Deputy Premier's announcement is annexed.

The NSW Government announced in June 2022 that it had allocated $130 million to activate the critical minerals and high-tech metals sector, which is now known as the Critical Minerals and High- Tech Metals Activation Fund (CMAF), which is designed to activate the sector and diversify mining in regional NSW. There are 2 streams of funding. The first stream provides grants ranging from $300,000 to $500,000 to support industry and research institutions undertake the necessary studies to progress their projects and reduce risk for future investment.

The first stream focuses on funding studies that are needed to activate the sector, such as research and development, feasibility studies and environmental studies. The objectives of CMAF are: unlocking project blockages and expedite project delivery through strategic infrastructure investment; accelerating the development of projects as an enabler for future investment; supporting new capacity in critical minerals processing; supporting scale-up and commercialisation of research and development, including emerging technologies and markets, and supporting new industry applications; enabling growth in the sector, securing a local supply of valuable critical minerals and high- tech metals for future use including the transition to a clean economy; positioning regional NSW as the leading jurisdiction in the critical minerals and high-tech metals sector, attracting investment to the entire critical minerals supply chain; promoting exploration and discoveries, creating an ongoing pipeline of critical minerals and high-tech metal resources in regional NSW; and developing local skills and addressing skills gaps to support diversification within the mining sector. Payment of Grant amounts will be made in instalments, following evidence of costs incurred against prior payments.

The recipient of the Grant must provide a co-contribution. Co-contributions must be cash and at least 50% of the total studies cost (unless otherwise approved by the Department in writing).