Block model validation comprised visual checking of block grades against composite values and other statistical checks. Assignment of the Mineral Resource classification was completed, considering the confidence in the geological interpretation of the mineralisation, drillhole and trench spacing, sample density, and assessments of the integrity and robustness of the sample database. A grade-tonnes distribution was produced to illustrate the sensitivity of the estimate to different cut-off criteria.

Criteria to support the reasonable prospects for eventual economic extraction were assessed and an appropriate cut-off criterion was selected for reporting Mineral Resources. The Company plans to investigate the potential to develop on open pit mining operation at the Property with simple on-site beneficiation to generate a product containing 20% P2O5 for sale domestically and internationally. The Company has completed preliminary studies to assess mining options and an ore sorting technology for on-site beneficiation.

Planning has commenced for the application of a Mining Lease over the eastern side of the Property where the Company considers there is potential to host an open pit phosphate mining and beneficiation operation. This application is not dependent on the grant of EPMA 28589. A portion of the Korella North Mineral Resource estimate has been classified as Indicated.

However, inadequate work has been completed to date to assess the Modifying Factors as defined by the CIM Definition Standards i.e., mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors, to enable the conversion of any of the Indicated Mineral Resource to a Mineral Reserve. Immediately upon the grant of EPMA 28589, the Company's first exploration objective will be to infill drill an initial five hectare area containing approximately 0.4 Mt of the existing Mineral Resource. The goal is to convert this material to Measured and Indicated Mineral Resource status in Year 1 and complete the technical work required to convert this material to a Mineral Reserve.

Shareholders will be kept informed of progress on both the grant of the Exploration Permit for Minerals and the Mining Lease Application.