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Quarterly Activities Report
For the period ending 31 March 2025
Highlights
Copper - Gold Exploration – Fraser Range, WA
• Five high priority Iron Oxide Copper-Gold (IOCG) and Broken Hill Type (BHT) targets identified in the Company’s substantial Fraser Range tenement holdings
• Farm-in option agreement executed with Minrex Resources Limited to fund drilling of WC1’s Fraser Range targets
• EIS funding for this program of drilling to provide a refund of up to $156,000
• Drilling to commence once approvals have been received
Gold Exploration – Mystique Project
• Prime gold exploration ground with potential for saprolite and bedrock hosted gold, acquired from IGO Ltd
• Drill hole planning underway, to test the main gold prospects, Themis South and Torquata Copper-Antimony Deposit and Exploration – Bulla Park, NSW
• Positive initial float and leach test results with a high-grade copper antimony and silver concentrate produced from representative drill core samples
• Strong macroeconomic factors and high prices continue for antimony and copper
• Maiden MRE and Exploration Target being prepared
• Potential for higher grades and shallower mineralization to improve economics
Corporate
. The Company’s consolidated cash at hand was $0.2M as at 31 March 2025 with no debt. On 5 March 2025 the Company announced that it would conduct a placement to professional and sophisticated investors to raise gross proceeds of $450,000 before costs via the issue of 28,125,000 fully paid ordinary shares.
The Placement received strong support from professional and sophisticated investors and will be undertaken at an issue price of
$0.016 per Share (a 6% discount to the last closing price on 28 February 2025 and a 13% discount to the 5 day VWAP).
The Placement will be completed in two tranches as follows:
(a) 3,244,125 Placement Shares that were issued on 12 Mar 2025 to raise $51,906 (before costs);
(b) subject to shareholder approval, 24,880,875 Placement Shares will be issued to raise $398,094 (before costs).
no mention of Gallium