Ravensthorpe Project

Figure 1: DMC Projects Location Map

Ravensthorpe Nickel Project (“RNP”)

The Ravensthorpe Nickel Project comprises EL 74/669, is approximately 61km2 in size and was granted on 22 April 2021.

The Ravensthorpe Nickel Project is a nickel and gold exploration project adjacent to the First Quantum Minerals (FQM) open-pit nickel mine and the RAV8 sulphide nickel mine, located in the Esperance region of Western Australia, approximately 550km southeast of Perth.

The Project covers a portion of the northern margin of the metasedimentary Maydon Syncline, within the Archaean Ravensthorpe Greenstone Belt. The geology is dominated by highly deformed and metamorphosed ultramafics, mafics, metasediments and granitic gneiss intruded by dolerite dykes. The ultramafic units contain komatiitic flows and peridotitic intrusives with associated Ni-sulphide mineralisation.

Figure 2: Ravensthorpe Project

Local geology with neighbouring projects

Tenement E74/669 contains several sequences of the Bandalup Ultramafic, which are the host unit for Ni-sulphide mineralisation at Jerdacuttup, the closest being the RAV8 mine immediately adjacent to north (Figure 2).

Despite the known geology and proximity to nickel mineralisation, there has been limited historical exploration within the Project. The tenement is prospective for nickel sulphide mineralisation of a similar style to the RAV8 resources to the north, and also gold mineralisation, based on the existence of small historic gold workings in the far northeast of the tenement. RAV8 sits immediately adjacent to the northern boundary of the RAV 8 nickel mine. RAV8 was discovered by Pickands Mather International (PMI) in the late 1960s. It is a lens of serpentinized olivine peridotite, 100 metres thick, in a prominent embayment 500 metres long, occurring at the south dipping contact between siliceous metasediments to the north, and tremolite-chlorite overlain by metabasalt to the south. Tectonic Resources Limited mined RAV8 from 2000 to 2008. Reserves rose to 206,404 tonnes grading 5.49% nickel from 164,933t at 5.83% Ni, resulting in a 17% increase in anticipated nickel in concentrate from about 19.9 million pounds to 22.4Mlb.