The flagship Orokolo Bay Project (OBP) is initially focused on the production of magnetite, which will be a precursor to the development of a broader portfolio of industrial sands projects in the region and opens the door for other downstream processing and production industries.

Geology

The maiden Ore Reserve for the Orokolo Bay Project has been prepared in accordance with the JORC Code (2012). The Reserve is based on Measured and Indicated Mineral Resources within the Western Area and incorporates all relevant modifying factors including mining, metallurgical, economic, marketing, legal, environmental, social, and governmental considerations.

Ore Reserves represent the economically mineable part of the Mineral Resources. Measured Resources have been converted to Proved Reserves and Indicated Resources to Probable Reserves. Inferred Resources are not included in the Ore Reserve estimate.

Ore Reserve Summary

○ Total Ore Reserve: 30.6 Mt, containing 3.5 Mt of magnetite concentrate and ~21,100 tonnes of zircon.

○ Construction sand by-product: 15.2 Mt contained within Probable Reserves.

○ Proved Reserves derived from the pilot pit area with close-spaced drilling; Probable Reserves from broader Indicated Resources.

○ Inferred Resources are excluded from the Reserve statement in compliance with JORC (2012).

OBP Snapshot:

• Commitment of up to USD 11.2 million from Pacific Unison to fund construction and commissioning

• PLC retains 100% equity ownership of the Project and 50% of all future profits

• Pacific Unison leads the required funding, construction and development of the OBP and also receives 50% of future profits

• Targeted commencement of production is 30 June 2026, with an annual output target of 500,000 tonnes of Magnetite

Successful development of Orokolo Bay will provide the opportunity to develop the broader portfolio of Industrial Sands projects and potentially lay the foundation for other downstream processing and production industries.