Bubalus Resources Limited advised that exploration is underway for 2023 at its 100% owned Nolans East Project, where the Company
previously identified anomalous rare earth element (REE) content at surface. Assays from surface samples returned a significant number of anomalous results (41 of 170 samples returning > 500ppm total rare earth oxides (TREO)) with an aggregate strike length of almost 2 kilometres. The anomalies are interpreted to trend WNW - ESE parallel to the regional structural trend. Nolans East is located 15km south east of the Nolans Bore deposit owned by Arafura Resources Limited (Arafura). A Mineral Resource of 56 million tonnes at an average grade of
2.6% total rare earth oxides (TREO) and 11% phosphate (P2O5) has been defined by Arafura at Nolans Bore2. Arafura's market capitalisation has recently grown to over AUD 1 billion. The continuation of the surface sampling programme aims to test mineralisation along the WNW- ESE trend and to define the extent of the anomalism on a broader scale. In addition infill sampling will be carried out to better define the anomalism quantitatively as well as confirming field observations that the anomalies are derived from a source proximal to (near to) the target area Initial results from the first samples in the programme are anticipated in 4 - 6 weeks. These results will provide data to aid the definition of targets for drilling in third quarter of 2023. Drilling will allow the Company to test the relationship between the observed surface anomalies and REE contents in bedrock samples. The current hypothesis is that the bedrock source for the REE anomaly is proximal (close by) based on surface mapping and logging of the material sampled. The Company has commenced the approvals process required for drilling.