Julimar West Project

WYX through its wholly owned subsidiary WYX Aus Pty Ltd (WYX AUS), has a 100% interest in the application for exploration license ELA 70/5111 (Julimar West Project). The project covers a total area of 349km2 within the Darling Ranges located approximately 75km northeast of Perth, Western Australia.

The Julimar West Project is geologically within the Western Gneiss Terrane along the western margin of the Yilgarn Craton of Western Australia. The Yilgarn Craton is host to numerous precious and base metal deposits (i.e., gold, nickel, iron, bauxite and tantalite) which includes the Kalgoorlie, Southern Cross, Leonora, Meekatharra and Wiluna gold mining centres. Within the Yilgarn Craton, nickel is also sourced from Mount Keith, Kambalda, Lake Johnston, Forrestania and Ravensthorpe areas, whilst iron is derived predominantly from Koolyanobbing, Koolanooka, Weld Range and Tallering Peak in the central/west Yilgarn. In addition, bauxite is currently mined at Huntley and Willowdale from the Darling Ranges south of Perth. The Darling Ranges area is considered to be a highly prospective geological region for bauxite, PGE, nickel and copper mineralisation.

The southern portion of the ELA lies immediately adjacent to, and west of, Chalice Mining Limited’s Julimar deposit within the Gonneville Intrusive, which was discovered in 2020. The northern part of the ELA lies in proximity to Caspin Resources Limited’s Yarawindah Brook Project, where initial drilling has outlined a package of mafic and ultramafic rocks extending over a 6km strike length with anomalous levels of PGE, nickel and copper.

WYX AUS applied for ELA 70/5111 on 4 January 2018. The application was recommended for grant on 16 February 2018 and has since cleared Native Title and other approval processes. The application overlaps approximately 2.97% with a file notation area (FNA) for the Strategic Assessment of the Perth-Peel Green Growth Plan (SAPPR), which sits within the Julimar State Forrest area. The Department of Mines, Industry, Regulation and Safety (DMIRS) previously delayed the grant of tenements which overlap the SAPPR, including ELA 70/5111, however DMIRS recently advised that they are consulting with the Department of Biodiversity, Conversation and Attractions for the application to be granted on the basis that a no-mining condition be applied to the application upon grant to protect the reserved area. The application also encroaches on the Julimar State Forest and other land-use stakeholders, including private landholders.

In relation to the file notation and State Forest areas encroaching on ELA 70/5111, if the usual condition restricting mining activities in the affected areas is imposed on the application upon grant, WYX AUS will need to seek ministerial consent to conduct such activities which would require the approval of a conservation management plan. WYX AUS currently understands that approval to grant over the FNA area relating to the SAPPR is the final step before the application is granted. WYX AUS continues to investigate the impact of all conflicting land-uses affecting ELA 70/5111 and further updates will be provided to Shareholders in due course.

WYX AUS is aware that there has historically been and may still be anti-mining sentiment within the community in areas surrounding the Julimar West Project. WYX AUS is committed to open communication with the communities in which it operates and WYX AUS aims to actively manage the impact of its planned activities through the continued consideration and response to the interests and concerns of the local community. WYX AUS will seek to engage with key stakeholders and build trust-based and transparent relationships with those stakeholders in order to derive mutually beneficial outcomes.

Upon granting of ELA 70/5111, WYX AUS plans to undertake an extensive reconnaissance mapping, geophysical surveying and re-interpretation work to delineate targets for drill testing. Given the recent discovery of significant tonnages of nickel-copper-PGE mineralisation within the adjacent tenure held by Chalice Mining Limited, WYX AUS has prioritised data compilation and analysis over the Julimar Range Project to delineate targets capable of representing known extensions or repetitions of this mineralisation style.