Announcement PDF C ATA L I N A R E S O U R C E S LT D ACN 130 618 683 2024 ANNUAL REPORT CATALINA RESOURCES LTD TABLE OF CONTENTS Corporate Directory Directors’ Report Auditor’s Independence Declaration Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Consolidated Entity Disclosure Statement Directors’ Declaration Independent Auditor’s Report Additional Information Corporate Governance Statement 1 2 26 27 28 29 30 31 56 57 58 62 64 CORPORATE DIRECTORY DIRECTORS Sanjay Loyalka Richard Beazley Michael Busbridge Martin Bennett (appointed 13/2/2024) COMPANY SECRETARY Sanjay Loyalka REGISTERED OFFICE Unit 38 18 Stirling Highway Nedlands WA 6009 Ph: (08) 61181672 Email: info@catalinaresources.com.au Website: www.catalinaresources.com.au AUDITOR Stantons Level 2, 40 Kings Park Road West Perth WA 6005 Ph: (08) 94813188 Fax: (08) 93211204 SHARE REGISTRY Boardroom Pty Limited Level 8 210 George Street Sydney NSW 2000 Ph: (02) 92909600 Fax: (02) 92790664 Page 1 DIRECTORS’ REPORT The Directors present this report together with the financial report of Catalina Resources Ltd (“CTN”, “Catalina” and/or “the Company”) for the year ended 30th June 2024. DIRECTORS The names of the Directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Sanjay Loyalka Richard Beazley Michael Busbridge Martin Bennett (appointed 13/2/2024) COMPANY SECRETARY Sanjay Loyalka PRINCIPAL ACTIVITIES The principal activities of the Company during the financial year consisted of mineral exploration, development, and mining. OPERATING RESULTS The net loss of the Company after providing for income tax amounted to $830,640 (2023: net loss $1,431,533). DIVIDENDS PAID OR RECOMMENDED The Directors do not recommend the payment of a dividend, and no amount has been paid or declared by way of a dividend to the date of this report. REVIEW OF OPERATIONS AND ACTIVITIES Highlights: Nelson Bay River Iron Ore Project • Progressing re-permitting to re-commence direct shipping ore (“DSO”) project at Nelson Bay River Iron Project (“NBR”) • EPBC Referral decision (EPBC 2023/09571) received in November2023 that the project is a controlled action & requires further assessment by EIS. • EIS Guidelines issued by DCCEEW in May 2024 Lachlan Fold Belt Project • Diamond drilling scheduled for spring season of 2024 after the rainy winter season. • Approval for planned exploration activities at EL 9155 granted by NSW Resources Regulator. Laverton Project • Aircore drilling - 25 holes for 1,593 metres completed at E38/3697, returns anomalous gold and REE results. • Gold intervals returned best results including: LVAC009 1m @ 2.42g/t Au from 75m LVAC012 3m @ 1.07g/t Au from 49m • Gold mineralization is associated with veining and alteration within the Barnicoat Shear Zone. • REE intervals returned best results including: LVAC023 1m @ 16,426ppm TREO from 28m LVAC022 1m @ 2,633ppm TREO from 37m Page 2 DIRECTORS’ REPORT • LVAC022 5m @ 2,777ppm TREO from 52m LVAC009 1m @ 7,220ppm TREO from 43m LVAC009 4m @ 2,506ppm TREO from 75m REE mineralisation is hosted in intrusive rocks just 2km to the north of the Mt Weld carbonatite REE mine. • Follow up aircore drilling is planned to better delineate gold and REE targets prior to possible RC drilling. Business Development • Catalina is continuing to identify and assess exploration and early development opportunities in lithium, rare earths, gold and base metals projects. • Company’s application for a prospective gold exploration tenement E38/3847 (near the Burtville Mining Centre and in region of Catalina’s E38/3697) drawn first in time in the ballot conducted by the Mining Warden. ➢ Access agreements negotiated and executed with Focus Minerals (Laverton) Pty Ltd having existing tenements (miscellaneous licence) over parts of areas within E38/3847. Nelson Bay River Iron Project Catalina Resources (“Catalina” or “the Company”) made a EPBC referral application of the project in June 2023 as per advice received from the Department of Climate Change, Energy, the Environment and Water (“DCCEEW” or “the Department”) to undertake completion of a partially mined DSO open-cut pit and associated activities to allow for extraction and sale of hematite ore in north-west Tasmania (EPBC 2023/09571). The Department has advised the Company in November 2023 that a delegate of the Minister has decided that the proposed action is a controlled action, requiring further assessment under the EPBC Act 1999. The delegate has also decided, under section 87 of the EPBC Act, that the proposed action will be assessed by an Environmental Impact Statement (EIS). The department issued guidelines for developing the EIS in May 2024. The Company has expanded the scope of the environmental monitoring program in response to EIS guidelines to collect new base line water data. As per previous company announcements, the State Government’s process is advanced, and the process was put on hold until the resolution of the EPBC issues. The DPEMP version of August 2021 was accepted by EPA Tasmania to have been compliant with the guidelines and the public consultation process was completed in February 2022, with subsequent RFIs responded by way of supplementary DPEMPs. Meanwhile, the Company continues to engage with relevant stakeholders to progress the NBR project. The NBR Project (Mining Lease 3M/2011) is located in the far north-west of Tasmania and is approximately 150km from the Burnie Port. The Project is within an established mineral province in the region. Operating mines include Grange Resources Ltd’s (ASX: GRR) Savage River Iron Ore. The Direct Shipping Ore (DSO) project at NBR is an all-contract mining, processing and haulage operation using local contractors in the region. It requires no major processing beyond crushing and screening after which the ore is then trucked to the port and shipped. It was developed in 2013 with the first shipment of ore leaving the Port of Burnie in January 2014. The NBR project was placed on care and maintenance in June 2014 following sharp iron ore price falls. Page 3 DIRECTORS’ REPORT Figure 1. Existing development NBR DSO project. (Source: Google Earth) Historical production from the previous mining campaign totalled 181,000 tonnes shipped with average grades of Fe 57.5%, SiO2 7.7%, Al2O3 1.3%, P 0.07% and S 0.04%. The historic price received for NBR ore was enhanced with premiums (in line with market benchmarks) for low Alumina and Lump (About 40% of the DSO Iron ore at NBR is Lumps with Iron ore Fines being approximately 60%). Historic costs during FY2014 when the mine was last in production was approximately AUD $72 per tonne FOB Burnie Port (as derived from 2014 Annual Report to Shareholders). With the improvement in the iron ore price in recent years, the Company has been actively working to re-permit the NBR project. The strategy has been to recommence the production of the DSO resources from the existing open pit at NBR project. Lachlan Fold Belt Project During the quarter, the Company has received the necessary approvals from the NSW Resource Regulator for the planned exploration. NSW Resources Regulator (Regulator) has revoked the Suspension Notice issued in mid-2022, in relation to EL 9155 as the Company has complied with the stipulated considerations in engaging third-party consultants to review its systems and processes and to complete an ecological review; reporting to the Regulator on the outcomes of the reviews and it’s intended response; and in obtaining an AHIP. The Regulator has further advised that it is satisfied that the terms of the Enforceable Undertaking in this connection have been completed. In addition, Catalina has applied for and been granted a new Assessable Prospecting Operation Application (APO 001743), replacing the previous Activity Approval which will ensure the findings and recommendations from the reviews and the AHIP are taken into consideration in conducting any future works on EL 9155. The Company has also agreed to a settlement to its indemnity claim on the contractor involved with the alleged breaches in this regard. Page 4 DIRECTORS’ REPORT The salvage and relocation works as per conditions of the Aboriginal Heritage Impact Permit (AHIP) has been completed during the quarter. After the rainy winter season, Catalina plans to drill two or three deeper angled diamond drill holes beneath previously drilled RC holes in the spring of 2024. Additionally, diamond drilling will enable the collection of orientated structural data, including dips and strikes of mineralised veins, necessary for future drill hole planning and calculations of the true widths of mineralisation. Down Hole Electro Magnetic (DHEM) surveys may also be employed, searching for off-hole conductors, which may represent wider massive sulphide mineralisation than what has already been found in the RC drilling. Background: The RC drilling campaign completed by the Company in April 2022 at the Rock Lodge prospect in the Lachlan Fold Belt Project, NSW intersected significant mineralisation. The Rock Lodge Project (EL 9155) covers an area of 163 km² and is located 35 km south of Cooma. It is prospective for orogenic, Intrusion Related Gold Systems (IRGS) and skarn related gold mineralisation. RC drilling completed in April 2022 tested prioritised drill targets consisting of extensive and continuous IP anomalies that are coincident with very anomalous soil and rock chip geochemistry. Catalina’s drilling intersected a wide zone of stacked vertical lenses of polymetallic mineralisation at Rock Lodge. For example, RC hole SRLRC05 intersected four (4) significant mineralised zones over a width of 24m, from 75m to 99m (including 2m @ 2.13 g/t Au and another 2m @ 2.12 g/t Au), illustrated in Table 1. At the end of hole at 102m, rocks were still pervasively hydrothermally altered (pyrite, silica, sericite) suggesting that additional downhole zones may have been intersected if excessive water flows had not stopped drilling. West of SRLRC05, Catalina’s drilling has intersected mineralisation in SRLRC02 (8m @ 1.08 g/t Au including 3m @ 2.12 g/t Au). As suggested by the range in elements present, the mineralisation signature suggest a high temperature fluid may have been responsible. Apart from Au and Ag, the mineralisation includes varying amounts of Bi, As, Cu, Sb, Pb, Cd and Zn. Table 1. Significant RC drilling intersections Hole No SRLRC001 SRLRC001 SRLRC002 SRLRC002 SRLRC005 SRLRC005 SRLRC005 SRLRC005 SRLRC005 SRLRC005 SRLRC006 SRLRC006 Total From To Interval Intersection Depth (m) (m) (m) (m) 35 11 12 1 1m @ 3.7 g/t Au, 1.7 g/t Ag, 94 g/t Bi, 21 22 1 1m @ 0.76 g/t Au, 2.1 g/t Ag 35 0 8 8 8m @ 1.08 g/t Au, 4.2 g/t Ag, 0.28% As, 61 g/t Bi 0 3 3 incl. 3m @ 2.12 g/t Au, 6.67 g/t Ag, 0.6% As 102 75 77 2 2m @ 2.13 g/t Au, 2.4 g/t Ag, 0.6% As, 54 g/t Bi, 0.07% Cu 78 84 6 6m @ 0.75 g/t Au, 0.8% As, 22 g/t Bi, 0.05% Cu 82 84 2 incl. 2m @ 2.12 g/t Au, 2.4 g/t Ag, > 1% As, 0.07% Cu, 0.06% Zn 89 96 7 7m @ 0.33 g/t Au, 1.13 g/t Ag, 0.51% As, 51 g/t Bi, 0.06% Cu, 89 91 2 incl. 2m @ 0.49 g/t Au, 1.7 g/t Ag, 0.37% As, 60 g/t Bi, 0.13% Cu 97 99 2 2m @ 0.78 g/t Au,1.9 g/t Ag, 65 g/t Bi, 0.2% Cu 50 27 29 2 2m @ 6.1 g/t Ag, 0.26% Pb, 0.5% Zn, 28 g/t Cd 27 28 1 incl. 1m @ 10.6 g/t Ag, 0.44% Pb, 0.88% Zn, 51 g/t Cd The intersections from Catalina’s drill holes SRLRC02 to SRLRC05 and also the historical drilling, including MYRC01, constitute a very wide (60m) mineralised envelope of stacked vertical lenses of significant polymetallic sulphide at Rock Lodge. Two hundred meters to the north, IP anomalies and similar anomalous rock chip geochemical signatures (Figure 2), suggest the mineralisation envelope may be continuous at least to this area. As the envelope is open in all directions further drilling focusing on the continuity, depth and lateral extent of the stacked veins represents a high priority drill target for Catalina. Page 5 DIRECTORS’ REPORT Figure 2. Summary plan showing significant drilling intersections and RC pre-collars, IP anomalies, rock chip Au geochemistry and location of drilling cross-section C-C’ The gold, bismuth and copper mineralisation at Rock Lodge is interpreted to have an affinity with the Intrusion Related Gold System (IRGS) style of mineralisation. There is potential at depth for bulk tonnage gold mineralisation associated with an intrusion. Characteristic features of IRGS mineralisation include sheeted veins containing gold with elevated bismuth, arsenic, silver, copper, lead, zinc and tin. The systems are commonly geochemically zoned around a central intrusion. They can also have elevated sulphide which can be detected with induced polarisation (resistivity lows). Many of these features are present at Rock Lodge. The multiple veins at Rock Lodge may represent the upper zone of a mineralised system above an intrusion at depth, with bulk tonnage potential (Figure 3). Planned drilling will initially target the shallow veins but pending results deeper drilling is planned to test for an interpreted source intrusion at depth. Several Silurian and Devonian aged intrusions have been mapped in the Rock Lodge area by the NSW Geological Survey. Page 6 DIRECTORS’ REPORT Figure 3: Diagrammatic figure of the Intrusion Related Gold System model at Rock Lodge. Laverton Project In February 2024, the Company drilled aircore holes testing both gold and REE targets on EL 38/3697. Initial assays were conducted on 4 metre composites of drill samples. Following the results, the significant samples were re-assayed using 1 metre samples. Reconnaissance aircore drilling was conducted to test gold targets along the interpreted strike of the regionally significant and mineralised Barnicoat Shear Zone. The shear zone hosts several gold resources to the north and south of E 38/3697 including Lily Pond Well (15k oz Au), Mon Ami (55k oz Au), and Ida H (27.9k oz Au). Holes LVAC009 to LVAC016 were drilled in an east-west traverse at a wide spacing of 100m (Figure 4). A 300m wide supergene gold anomaly was identified north of the Prendergast Well South gold prospect. LVAC012 intersected 16m at 0.43g/t Au from 44m including 4m at 0.95g/t Au from 48m. Adjacent holes LVAC009, LVAC011 and LVAC013 also intersected anomalous gold at or near the bottom of hole at the base of the laterite profile. Page 7 DIRECTORS’ REPORT Figure 4. Aeromagnetic image showing location of completed/planned holes and best intersections of gold and REE Analysis of the mineralised intervals gave the following best results: LVAC009 1m @ 2.42g/t Au from 75m LVAC012 3m @ 1.07g/t Au from 49m Significantly, several of the holes intersected vein quartz and iron-stained stringer veins with bleaching and possible carbonate alteration in heavily weathered siltstone and sandstone. This suggests the supergene mineralisation intersected relates to a proximal source in the fresh bedrock. Drilling by previous companies, that included a few deeper reverse circulation holes failed to locate a bedrock source and the gold mineralisation was assumed to be displaced and not related to a proximal bedrock source. The distribution of supergene gold mineralisation within a leached laterite profile over bedrock mineralisation is shown diagrammatically in Figure 5. Page 8 DIRECTORS’ REPORT Figure 5. Diagrammatic cross section of a leached laterite profile showing reconnaissance aircore holes (AC) intersecting supergene gold mineralisation and a deeper RC hole testing a mineralised structure in the fresh bedrock Additional reconnaissance and in-fill aircore drilling is now planned to delineate the extent of the supergene anomaly to the north and south of LVAC012 along the interpreted strike of the Barnicoat Shear. Only very widespaced drilling has been conducted to the south towards the Prendergast Well South gold prospect. When the extent of the supergene anomaly is determined, deeper RC drilling will be conducted to test for mineralisation in fresh rock below the anomaly. In-fill drilling to 50m spacing along the traverse that includes LVAC009 (1m @ 2.42g/t Au) and LVAC012 (3m @ 1.07g/t Au) may intersect better mineralisation. The target is a zone of more intense shearing and mineralisation, possibly at a lithological contact. Gold mineralisation at Prendergast Well South occurs at a contact between mafic rocks and sediments. Five aircore holes (LVAC0017, LVAC022-25), shown in Figure 4, were designed to test isolated magnetic anomalies modelled by Southern Geoscience Consultants that are possibly caused by magnetic carbonatite dykes hosting REE mineralization similar in style to the Mt Weld mine, located to the south. Dykes related to the circular Mt Weld carbonatite are known to extend several kilometres into the surrounding host sequence. The world class Mt Weld REE mine is hosted by a magnetic, alkaline intrusive rock known as carbonatite. Carbonatites have a diverse range of compositions from mafic to ultramafic. Mineral deposits that form in the alkaline intrusion-related mineral system are also quite diverse, ranging from diamond, through REEs, to Ni-Cu- Page 9 DIRECTORS’ REPORT PGE and vermiculite deposits. Mineralisation is commonly restricted to magnetic carbonatite dykes, sills, breccias, sheets, veins, and large masses, but may occur in other rocks associated with the complex rocks. The best result is in LVAC023 which intersected a mafic rock and assayed 3m at 3,710 ppm TREO from 28m to the end of hole at 31m. Hole LVAC022 intersected a dark grey talcose intrusive rock with trace sulphide that contains nickel but also elevated REEs: 4m at 3,162ppm TREO from 52m and 12m at 0.13% Ni from 48m The drilling results validate the Company’s interpretation of the modelled bullseye magnetic anomalies that are now confirmed to contain anomalous REE and nickel mineralisation with possible affinities to carbonatite source rocks. Resampling of the mineralized intervals using the 1m sample splits returned the following results: LVAC023 3m @ 6,794ppm TREO from 28m Incls. 1m @ 16,426ppm TREO LVAC022 1m @ 2,633ppm TREO from 37m LVAC022 5m @ 2,777ppm TREO from 52m LVAC009 1m @ 7,220ppm TREO from 43m and 4m @ 2,506ppm TREO from 75m The analysis of the 1m split samples using the more accurate peroxide fusion assay method has increased the grade of the intersection in LVAC023 to 1m at 16,426ppm TREO. This strongly anomalous intersection at the bottom of hole in LVAC023 is highly significant. This result opens the potential for a primary high value source rock containing REE mineralization of the Mt Weld type. Two drill holes, (LVAC023 and LVAC009), have significant assays of the high value MREO elements with Nd 2O3 (Neodymium) values are up to 3,136 ppm, Pr 6O11 (Praseodymium) up to 750 ppm and Dy 2O3 (Dysprosium) up to 250 ppm. Additionally, very anomalous scandium (> 95 ppm) has been received in four holes. Scandium is a very high-value critical mineral (the current scandium oxide price is circa US$856 per kg) which has the potential to enhance the economics of any mining project. Based on these results the company now considers it a high priority to conduct extensional and deeper drilling within and around the two high intensity, 400m long bullseye magnetic anomalies initially tested with holes LVAC022 and LVAC023. Additionally, further reconnaissance drilling is warranted around LVAC024 where the single drill hole may have missed the main magnetic body. Also, two bullseye magnetic anomalies in the NE corner of Figure 4 remain to be tested by drilling. Catalina’s initial reconnaissance aircore drilling targeted only the magnetic portions of the broad intrusion shown in Figure 4 outlined by holes LVAC022-25. Modelling by Southern Geoscience Consultants suggests this intrusion has a width of 3.8km within E 38/3697 with a total area of over 6km2. The less magnetic portions of the intrusion have not been tested but may also contain REE and Ni/PGE mineralisation. Planned work will extend drill coverage within the area of the intrusion. Catalina has scheduled a follow up aircore drilling program at the Laverton Project to target gold and REE mineralisation. All relevant approvals have been granted and contractors lined up. Business Development Catalina is continuing to identify and assess exploration and early development opportunities in lithium, rare earths, gold and base metals projects. The Company has successfully built up an exciting portfolio of exploration projects in world class mineral provinces. These exploration tenements/projects acquired are at an early stage and the Company is systematically completing the initial steps of access agreements, heritage agreements, surveys and desktop studies to enable the advancement of exploration activities. As the Company continues its efforts to seek new projects and advance its exploration projects, it has also implemented a process of continuous evaluation and Page 10 DIRECTORS’ REPORT prioritisation of its project portfolio. Accordingly, rationalisation of its portfolio was also done including relinquishing of the lower priority tenements. During the year, the Company’s application for a prospective gold exploration tenement E38/3847 (near the Burtville Mining Centre and in the region of Catalina’s E38/3697) was drawn first in time in the ballot conducted by the Mining Warden and thus has priority over other competing applications for the tenement. During the quarter, an access agreement has been negotiated and executed with Focus Minerals (Laverton) Pty Ltd having existing tenements (miscellaneous licence) over parts of areas within E38/3847. The Company is also pursuing a Heritage Agreement to facilitate grant of the Exploration License. Resource and Reserves Mineral Resources and Reserves Estimates, summarised by JORC classification are as follows: The in-situ DSO Mineral Resource Estimates, September 2015 Category Tonnes Fe % Al2O3 % P ppm S ppm SiO2 % LOI % Measured 300,000 57.6 1.3 947 362 9.2 6.4 Indicated 190,000 57.5 1.4 919 377 9.3 6.3 Inferred 150,000 57.3 1.2 945 421 10.0 6.2 Total 640,000 57.5 1.3 938 380 (Nominal 54% Fe cut off; average density 3t/m3; minor rounding errors) BFO Resource Estimates 2012 9.4 6.4 Category Tonnes Fe % Al2O3 % P ppm S ppm SiO2 % LOI % Inferred 730,000 46.8 2.7 180 680 23.7 4.7 Total 730,000 46.8 2.7 180 680 23.7 4.7 (30% Fe cut off; average density 3t/m3; minor rounding errors) “This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.” Skarn Dyke Global Iron Resource Estimates (Includes Magnetite Resource) Category M Tonnes Iron % Indicated 1.8 38.6 Inferred 9.5 35.9 Total 11.3 36.3 (30% Fe cut off; fresh rock material; minor rounding errors) “This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.” Skarn Dyke Recoverable Magnetite Resource Estimates Category M Tonnes DTR Mag % Magnetite Kt Indicated 1.7 38.5 667 Inferred 6.1 38.2 2,324 Total 7.8 38.3 2,991 (20% DTR cut off; average density 3.71t/m3; fresh rock material; minor rounding errors) “This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.” Page 11 DIRECTORS’ REPORT Magnetite Resource Estimate Concentrate Grades Category Fe % Al2O3 % S% SiO2 % Indicated 66.4 0.16 0.21 4.6 Inferred 64.3 0.31 0.42 6.0 Total 65.5 0.22 0.30 5.2 “This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.” The in-situ DSO Ore Reserve Estimates for the Southern DSO pit, September 2015 Category M tonnes Fe % Al2O3 % P% S% SiO2 % LOI % Proved 0.27 56.5 1.4 0.091 0.035 8.7 6.5 Probable 0.19 56.5 1.5 0.092 0.036 8.8 6.5 Total 0.46 56.5 1.4 0.091 0.035 8.7 6.5 (Minor rounding errors; cut off based on a nominal 54% Fe; default density of 3t/m 3) Competent Person Statement The review of historical exploration activities and new drill results contained in this report is based on information compiled by Martin Bennett, a Member of the Australian Institute of Geoscientists (AIG). He is a Director of Catalina Resources Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Martin Bennett has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Nelson Bay River Iron Ore Project Mineral Resources is based on information evaluated by Mr Simon Tear, who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM). And who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“the JORC Code”). Mr Tear is a Director of H & S Consultants Pty Ltd and he consents to the inclusion in the report of the Mineral Resources in the form and context in which they appear. The information in this report that relates to Ore Reserve Estimates for the Nelson Bay deposit is based on information evaluated by Mr Richard Beazley who is a Member of The Australasian Institute of Mining and Metallurgy and a Chartered Professional (MAusIMM CP(Min)) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Richard Beazley is a Non-Executive Director of Catalina Resources Ltd and the Principal of Altair Mining Consultancy Pty Ltd and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. Where the Company refers to the Mineral Resources in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information Page 12 DIRECTORS’ REPORT included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. Tenements The mining tenements held at the end of the reporting period (30/6/2024) and their locations are as following: Mine Lease/ Exploration License 3M/2011 E40/378 E63/2046 E63/2048 E63/2136 * E63/2227 * EL9155 EL9346 E38/3677 ** E38/3697 E38/3698 E38/3726 ** P38/4554 ** P38/4555 ** P38/4556 ** E63/2269 * E63/2270 * E38/3847 * Locality ML EL EL EL ELA ELA EL EL EL EL EL EL EL EL EL ELA ELA ELA Nelson Bay River Golden Chimney Dundas Dundas Dundas Dundas Rock Lodge Oak Hill Laverton Laverton Laverton Laverton Laverton Laverton Laverton Dundas Dundas Laverton Remarks 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd 100% Catalina Resources Ltd *ELA: Exploration Licence Application ** Relinquished in 1st week of August 2024 • • The mining tenement interests relinquished during the period and their location o E40/384 The mining tenements interests acquired and disposed of during the period and their location Nil • The beneficial percentage interests held in farm-in or farm-out agreements at the end of the period Nil • The beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the period Nil OTHER TENEMENTS Catalina’s exploration activities for the year in review were confined to those referred to in this report. However, the Company can report that all other tenements remain in good standing and meet statutory requirements. OUTLOOK The Company has over the last couple of years, assembled an exciting portfolio of mineral exploration projects in Australia. Securing these exploration projects, provides the Company with early stage highly prospective opportunities. These projects have not benefited from modern exploration techniques, in an emerging area which has an established reputation as a world-class