Firetail Resources Limited provided an update on the exploration and development of the Company's Paterson Copper-Gold Project, following the successful IPO on 13 April 2022. The Company have secured Leon Bagas as the Senior Exploration Geologist for the WA projects. Mr. Bagas has 40 years experience in the mineral exploration industry and is highly experienced with developing mineralisation models using geochemistry and geochronology.

In particular, Mr. Bagas has considerable experience in the Paterson Orogen, and will be instrumental in guiding the Company's exploration efforts at this project. The Firetail technical team has been undertaking comprehensive desktop studies for the Paterson project, with preliminary work including the compilation of data from open-file mineral exploration reports. Information compiled to date includes data from geophysical and geochemical surveys, with over 22,000 surface geochemical data points now integrated into a master GIS database.

Compilation of these datasets has enabled a geochemical prospectivity assessment for several minerals, with areas prospective for Cu, Au, Mo, Pb, Zn and Li identified within the central leases of Firetail's Paterson Project. A significant volume of geophysical surveys have been conducted at the Paterson Project by previous landholders and the Company is currently assessing the suitability of these surveys as a dataset to refine its prioritisation of exploration targets. The Company has engaged a geophysical consultant to reprocess a selection of high priority geophysical datasets, with a 2.5D inversion model of the TEMPEST airborne electromagnetic (AEM) currently underway.

The TEMPEST AEM system was designed to derive 3D models of electrical conductivity in order to: map unconformities and paleochannels which may be prospective hosts for uranium mineralization; support geological mapping of lithologies and structures in the subsurface; improve depth to basement estimates; map alteration, mineralisation or host horizons for other commodities including gold, copper and manganese. 2.5D inversion modelling of the TEMPEST AEM survey will provide an extensive and valuable dataset to use in conjunction with geochemical data for the evaluation of multiple commodities at the Paterson Project. Next Steps: Continue advancing data compilation and desktop studies to define and rank exploration targets; Review appropriate exploration techniques to assess high priority targets; Assess environmental and Native Title considerations as part of exploration activities.