Brecciated metasediment with quartz-k-feldspar-biotite-sulphide infill and distinct k-feldspar alteration rims around clasts EK002 ~200m

Brecciated and altered metasediments EK004 ~200m

Ekoato prospect (EL2302) drill plan on geology, magnetics and ridge and spur soil gold geochemistry

Drill section Ekoato

Geological model, Ekoato prospect

Ekuti Range tenements and regional geology showing location of Otibanda lodes

Otibanda – Waikanda – Ekoato lodes within EL2302 on magnetics, location of TPJ’s drill holes and significant gold and copper assays

BISMARCK PROJECT

The Bismarck Project (ELs 2378 and 2390) is located on central Manus Island in northern PNG, some 830km north of Port Moresby. The tenements cover a porphyry copper and gold province that is 35km long and 7km wide, with the mineralised corridor having a north-west south-east orientation. Manus Island’s commercial centre, Lorengau township, is in the east of the island and has a regular air service to Port Moresby.

The Bismarck EL’s were granted to Finny Ltd (“Finny”) in December 2015, and Finny was subsequently acquired by Canterbury in 2018. In September 2016 Rio Tinto Exploration (PNG) Ltd entered a Farm-In and Joint Venture Agreement (“JV”) with Finny whereby Rio Tinto has the right to earn equity in, and potentially acquire, the Bismarck Project. Under the JV, Rio Tinto has sole-funded more than A$5 million of exploration activity during the Initial Exploration and Stage-1 Exploration phases to earn a 60% JV interest in the Project. If Rio Tinto completes the Stage-2 Exploration phase, including sole-funding a further $12.5 million of exploration activity and drilling a minimum of 1500m, it will increase its JV interest to 80%.

Geologically, Manus Island is part of a dismembered volcanic arc on the Pacific Plate. The oldest exposed rocks are mid-Eocene to early Miocene volcanic rocks with calcareous interbeds and limestone lenses. Renewed volcanic activity is marked by the deposition of the Tasikim Volcanics, considered to be the extrusive equivalents of the large, early to middle Miocene multiphase quartz monzodiorite of the Yirri Intrusive Complex.

All copper and gold mineralisation on Manus Island appears to be genetically related to the Yirri Intrusive Complex. Preserved roof pendants within the Yirri Intrusive Complex are typically intensely brecciated and pyrite-silica-alunite altered, characteristic of high-sulphidation epithermal systems. Elsewhere hydrothermal alteration is more typical of deeper-seated porphyry copper mineralisation, and in the southeast of the mineralised corridor low-sulphidation epithermal vein and limestone replacement mineralisation occurs.

Detailed geology of the Yirri Intrusive Complex and main prospects

The region has undergone extensive and locally intensive early-stage exploration over the past 50 years, including more than 5,000 stream sediment samples, 1,500 rock chip samples, 6,000 soil samples and 102 diamond drill holes. However, historical drilling has failed to delineate any economic deposits.

Two main mineralisation styles are recognised, with strong potential for a third.

1. Gold bearing low sulphidation epithermal quartz veins
2. Low-grade porphyry-style copper ±gold ±molybdenum mineralisation hosted in the Yirri Intrusive Complex, and
3. Potential high sulphidation copper-gold systems associated with extensive areas of silica-alunite lithocap.

Recognition of extensive lithocap in the southeast of the ELs has significant implications in the ongoing exploration for porphyry mineralisation. Lithocaps, defined as zones of advanced argillic alteration, may form above porphyry systems and may host late-stage metal-rich ore zones e.g. the Wafi gold deposit. Fertile lithocaps may also vector to concealed sizeable porphyry copper-gold deposits at depth e.g. the Golpu copper-gold deposit.

Rio Tinto’s exploration efforts since 2016 have assessed potential mineralisation associated with the lithocap through a combination of mapping, geochemical sampling and geophysics:

• Mapping has provided ample evidence of a well-developed advanced argillic lithocap.
• Re-interpretation of historical geochemical data has identified broad areas of coincident molybdenum, arsenic and bismuth over the lithocap area.
• Geophysics has identified buried potential porphyry style targets.

Rio Tinto’s geophysical activity commenced with a 786-line kilometre ZTEM survey, completed in March 2017. ZTEM (Z-Axis Tipper Electromagnetic) is an airborne audio-frequency magnetics system for electromagnetic surveying. It utilizes the naturally occurring or passive electro-magnetic fields from worldwide thunderstorm activity as the source of transmitted energy and is regarded as being suited to mapping deeply buried, porphyry hosted and structurally controlled deposits.

The Rio Tinto survey identified three significant anomalies that warranted further work (Main ZTEM Anomaly, ZTEM Anomaly 2, and ZTEM Anomaly 3). Evaluation of the Main ZTEM Anomaly concluded it was indicative of a resistive zone, interpreted as an intrusive stock, 500m in diameter with a conductive halo, interpreted as a sulphide zone, and comparable in size and clarity to the anomaly associated with the Wafi-Golpu deposit.

Location of main ZTEM targets and outline of lithocap

In late 2017 a 64-station Audio Magneto Telluric (AMT) survey was completed to verify the identified ZTEM anomalies. The AMT results suggested that the conductive (sulphide) targets are present at shallower depths than that suggested by the ZTEM alone, with the lithocap interpreted to be less than 100m thick in most of the priority target areas.

Rio Tinto proposed an initial diamond drill program of a minimum of 1,500m in three to five holes (DH001 to DH005) to initially test the Main ZTEM Anomaly area – an area that has not been previously drill tested.

Helicopter-supported diamond drilling at BISM0001 (site 001) commenced in 2018 and was terminated in early 2019. Adverse ground conditions, poor penetration rates and unacceptable operating costs resulted in terminating drilling of BISM001A ( a redrill of BISM0001) at 175.2m down hole. Only minor intervals of elevated copper were recorded, associated with limited occurrences of volcanoclastic rocks. It was not confirmed whether BISM0001A tested the interpreted ZTEM-AMT conductor.

A potential resumption of drilling is proposed following completion of the 2022 mapping and sampling program, traversing high priority creeks with anomalous geochemistry and mineralogy around the Chiniwea, Dremsel and Tahi prospects to better define porphyritic intrusions, porphyry related mineralisation, alteration and veining.

Any future drilling programs will seek to utilise an extensive network of tracks and roads that have been established in the area, which should enable the use of track mounted equipment.

Recently constructed forestry tracks in the Mt Kren (lithocap) area, potentially providing ease of access for track mounted drilling equipment

BISM0001 drill core showing quartz-sericite altered volcanoclastic rocks with sulphide rich veins, all indicative of advanced argillic alteration in a lithocap environment

WAMUM PROJECT

The Wamum tenement (EL2658), granted in January 2021, adjoins the Harmony-Newcrest project area in Morobe Province, PNG. Within EL2658 there are two porphyry style deposits at Wamum Creek and Idzan Creek. Since the discovery by CRAE in 1977 there has been a total of 31 diamond holes drilled to test these deposits by various companies including CRAE (11 holes, 1979-1980), Highlands Gold (5 holes, 1990-1991), Barrick (12 holes, 2008-2012) and most recently Newcrest (3 holes (2015).

At both Wamum Creek and Idzan Creek, porphyry style alteration and mineralisation are associated with breccias and dioritic intrusions hosted in andesitic volcanics. Zoned hydrothermal alteration, associated mineralisation and geochemistry at Idzan Creek occurs in a 900m by 300m linear zone that trends east-west. By contrast, hydrothermal alteration and mineralisation at Wamum Creek defines an anomalous zone that is 700m by 500m trending southwest-northeast. Both copper-gold deposits are characterised by predictable zonal arrangement of hydrothermal alteration from: an inner biotite-chlorite (K-feldspar-zeolite) → magnetite-actinolite-albite → actinolite ± albite → distal chlorite-epidote alteration. Metal grades are highest immediately adjacent to single intrusive phases. Chalcopyrite veins, veinlets and disseminations overprint pervasive biotite (± k-feldspar-albite) alteration. Massive centimetre-scale chalcopyrite veins have been intersected.

Following the acquisition of all relevant historical exploration and drilling data in 2020, Canterbury generated geological models of the Idzan Creek and Wamum Creek deposits and engaged external consultants Bluespoint Mining Services (BMS) to undertake a Mineral Resource estimation. The Mineral Resource estimates were classified as Inferred, based on the relatively broad spacing of drill hole data, combined with the continuity and predictability of the mineralisation system.

The total contained metal for the overall Wamum Project is 3.16Moz Au and 762kt Cu.

Planning has commenced for a scoping study to assess the potential development of a stand-alone mining operation. Preliminary metallurgical testwork has been completed, achieving encouraging copper and gold recoveries via conventional processing (crush-grind-flotation).

View south west over the Wamum project area

Wamum tenement (EL2658) located 60km west of Lae and north west of the Wafi-Golpu copper-gold project of Newcrest-Harmony

Geological map of the Wamum Creek and Idzan Creek prospects

Wamum Creek and Idzan Creek prospects, TMI magnetics and drill hole traces

Wamum project, CRAE and Highlands Gold copper soil and bedrock (Wacker) geochemistry

Wamum diatreme breccia: monomict (left) and polymict (right)