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This report summarises the activities and results between the dates of 08 September 2019 to 07 September 2020 during exploration for EPM26416 “Cubbaroo” which was granted to Rio Tinto Exploration Pty Limited (RTX). This exploration permit is being worked as part of a package of tenements held by Rio Tinto in the Mt. Isa region.

The work program for EPM26416 “Cubbaroo” during this reporting period was limited to a ground gravity survey by Atlas Geophysics in 2019.

Several reasons prohibited additional field activities being conducted on EPM26416 “Cubbaroo”, resulting in RTX requesting a variation to the expenditure conditions on the 19th June 2020, in accordance with section 141C of the Mineral Resources Act 1989 (MRA).

An airborne magnetic survey was initially planned over EPM26416 “Cubbaroo” for 2019, which would utilise an aircraft from Thomson Aviation already in the region as part of a planned regional airborne magnetic survey (Central Isa Airborne Magnetic survey undertaken by the Geological Survey of Queensland (GSQ)). Such a dataset would have allowed a structural and geological interpretation to be completed, and prospective structure/lithological zones to be identified. However, shortly before EPM26416 “Cubbaroo” was scheduled to be flown, the Cessna Aircraft conducting the survey catastrophically collided with terrain on 26 May 2019, fatally injuring both pilots on board and destroying the aircraft. All work was halted pending investigation of the crash by the Australian Safety Transport Bureau (ATSB). As such, the airborne survey was placed on hold.

In addition, due to COVID-19, a vast majority of planned activities in early 2020 were put on hold due to restrictions, which affected RTX operations across the region. As such, subsequent works on EPM26416 “Cubbaroo” were suspended, with prioritisation of field time towards keeping a existing drill programme on another RTX project in Mt Isa operating.

The combined effects of these events has significantly reduced the amount of work that RTX has been able to complete on EPM26416 “Cubbaroo”.