Eleonore North Project

Geology and Mineralisation

Noa Prospect – Gold/Antimony

The Eleonore North Project area hosts multiple high-value mineral systems, with the primary focus on the Noa Prospect where outcropping gold and high-grade antimony mineralisation has been confirmed. The mineralisation is associated with quartz veining that extends for up to fifteen kilometres at surface. Historical sampling has returned significant results, including

• 40m at 0.78 g/t gold, 14 m at 7.2% antimony and 0.53 g/t gold, and
• grab samples grading up to 23% antimony and 4 g/t gold.

These results, combined with elevated geochemical anomalism and a 6km wide magnetic high, indicate the presence of a large mineralised system.

The geological interpretation suggests that Noa may represent a Reduced Intrusion-Related Gold System (RIRGS), a style of mineralisation responsible for several globally significant bulk-tonnage deposits. This interpretation is supported by a 2023 passive seismic survey that identified multiple blind intrusions rising to shallow levels beneath the prospect area. These intrusions, interpreted as one- to two-kilometre-wide plutons, are considered priority exploration targets and provide a structural and geological framework consistent with a RIRGS environment. The geometry and mineralisation style also display similarities to the Stibnite Gold Project in Idaho, where RIRGS and orogenic features overlap.

Historical results show evidence for high-grade antimony and gold mineralisation above the interpreted pluton at Noa

Margeries Prospects – Tungsten & Antimony

In addition to the gold antimony system at Noa, Eleonore North hosts two historical tungsten antimony deposits at the Margeries Prospects. Historical estimates report 83,000 tonnes at 4.6 % antimony and 32,000 tonnes at 1% tungsten at North Margeries, and 58,100 tonnes at 3.2% tungsten at South Margeries. These prospects form part of a hydrothermal system extending for more than 10km along strike within east–west-trending fault corridors. More than 2,000m of historical drilling were completed, and archived core remains accessible for re-evaluation.

A JORC-compliant cautionary statement applies to these Historical Estimates, which have not yet been verified by GreenX.

Location map for the Margeries Prospects within MEL 2018-19

In May 2026, reprocessing of a historical airborne hyperspectral survey flown in 2000 identified multiple new high-priority tungsten, antimony and gold targets along strike and adjacent to the North and South Margeries historical estimates, including a 2 km-long prospectivity anomaly 3 km west of the North Margeries historical estimate, adjacent to a large east-west fault structure.

Caledonian Intrusions

The two new licences cover Caledonian intrusions that have not been tested against the RIRGS model. Gold-mineralised boulders and quartz veins hosted in granitic intrusions were found in the area in 1975, and regional stream sediment sampling in 1979 and 1980 returned anomalous gold, silver, tungsten and arsenic corresponding to the target intrusions. Follow-up exploration for gold and scheelite was recommended in 1983 but never carried out.

Caledonian Intrusions: Simplified geological map with historical Nordmine grab sample gold results. The inset map shows the location of selected historical high-grade grab samples

Exploration Activities

The 2026 field season took place in July 2026. A RIRGS specialist carried out mapping and sampling at the Noa Pluton, the field team collected 50 kg to 100 kg bulk samples from North Margeries (Sb-W) and South Margeries (W) for scoping study-level metallurgical sighter test work, and reconnaissance sampling and mapping tested the intrusions in the new licences. Archive drill core from the Margeries deposits was re-logged and re-assayed ahead of the field season.

Next Steps

Next steps include assaying of samples from the 2026 field season, scoping study-level metallurgical sighter test work on the Margeries bulk samples, and evaluation by the RIRGS specialist to define drill targets for a future field season.