Golden Mile Resources Limited announced that an initial review of the resource drill hole database at Quicksilver has confirmed significant intersections of scandium ("Sc") mineralisation (> 50 ppm Sc) including wide high-grade zones (> 100 ppm Sc). The mineralisation is near surface and widespread, contained within the same footprint of the nickel­cobalt resource and is most likely associated with the nickel-cobalt mineralisation. Significant intersections of scandium intersected in drilling including wide high-grade zones. Best intersections include: QRC0111: 32m @ 124ppm from 3m (incl. 20m @ 154ppm from 5m); QRC0161: 22m @ 115ppm from 9m (incl. 7m @ 190ppm from 10m); QRC0038: 44m @ 77ppm from 32m (incl. 6m @ 114ppm from 44m); QRC0054: 37m @ 61ppm from 29m; QAC0019: 22m @ 74ppm from 12m and QAC0015: 4m @ 98ppm from 0m. Scandium mineralisation is near surface and widespread, occupying the same area of the nickel­cobalt resource. It is most likely associated with the nickel-cobalt mineralisation. Nickel-Cobalt-Scandium deposits are rare, and the addition of scandium can potentially add significant value to the existing nickel­cobalt resource. The scandium mineralisation is in addition to the significant rare earth element ("REE") mineralisation potential reported on 1 March 2023. Quicksilver is interpreted as clay hosted Secondary Nickel-Cobalt-Scandium mineralisation overprinted by REE mineralisation. This appears to be a very rare style of mineralisation. The discoveries of significant REE and scandium mineralisation could potentially have a large positive impact on the economics of the Quicksilver project and will be followed up accordingly. The primary focus remains the development of the current business model focussing on extraction of the nickel and cobalt resources using a low energy process with low operating and capital costs. Stage 3 Metallurgical diamond drilling is continuing with its primary purpose to further de-risk the proposed multi-product flowsheet (Ni, Co, Fe, Cr and industrial) and provide confidence to proceed to a Scoping Study. The Company recently reported significant REE and scandium results that included: Best results include: QAC0010: 4m @ 3,295 ppm TREO (including 1m @ 7,915ppm TREO) and QRC0039: 10m @ 2,548ppm (including 1m @ 3,949ppm). Significant scandium assays including best high-grade results of QRC0111: 1m @ 165 ppm Sc from 21m and QRC0056: 2m @ 102 ppm Sc from 8m. The Company reported that the Quicksilver deposit had the potential to contain significant scandium mineralisation after receiving the above results as part of the staged assessment of the REE potential. The Company noted that it appeared that the majority of the nickel-cobalt resource drilling was assayed for scandium and a review of this database was initiated. An initial review has now been completed confirming there are significant intersections of scandium mineralisation (> 50 ppb Sc) which includes wide high-grade zones (> 100 ppm Sc). Table 1 highlights the high-grade component (100 ppm cut-off grade). The mineralisation is near surface and widespread, contained within the same footprint of the nickel­cobalt resource and is most likely associated with the nickel-cobalt mineralisation. It appears the majority of the nickel-cobalt resource drilling was assayed for scandium allowing the Company to quickly assess the scandium potential and possibly add it to the existing nickel-cobalt resource. Quicksilver is interpreted as clay hosted secondary nickel-cobalt-scandium mineralisation overprinted by REE mineralisation. While nickel-cobalt-scandium deposits are rare the overprinting of REE mineralisation appears to be very rare as the Company has not been able to find any reports of this occurring, at these REE grades, elsewhere to date. Scandium Scandium is commonly grouped with REE even though technically it is not part of this group. While scandium is not uncommon it generally does not occur in concentrations that can support commercial mining operations and it rarely forms concentrations higher than 100 ppm in nature. A major use of scandium is in the production of strong lightweight alloys for the aerospace industry. It is also used in solid oxide fuel cells, in specialised lighting applications, ceramics, lasers, electronics and in alloys with aluminium for sporting goods production. The strategic importance of scandium was emphasised by its inclusion in the US government's 2018 list of 35 critical minerals. This list was an initial step toward ensuring reliable and secure supplies of minerals critical to the US economy and military. Scandium demand is expected to rise with increased usage of solid oxide fuel cells and aluminium- scandium alloys which has been described as a `super alloy' for electrical vehicles. New sources of stable supply may stimulate the use of scandium in a wider range of new technologies. Price of pure scandium has typically fluctuated between $4,000/kg and $20,000/kg. REE Mineralisation: The Company recently reported widespread clay hosted REE mineralisation at Quicksilver which included the following best results: 1m @ 10,600ppm TREO from 57m; 1m @ 6,700ppm TREO from 8m; 4m @ 3,295ppm TREO (including 1m @ 7,915ppm) and 10m @ 2,548ppm TREO (including 1m @ 3,949ppm). The Company has approached REE exploration at Quicksilver in a methodical and staged approach to minimise expenditure, and not to distract from the Company's current business model focussing on extraction of the nickel and cobalt resources using a low energy process with low operating and low
capital costs, with Stage 3 Metallurgical diamond drilling currently underway. However, the REE results to date have been very positive and far above expectations demonstrating the potential for significant REE mineralisation at Quicksilver. The Company has assessed REE by resampling pulps held in storage from isolated intervals in drill holes, with only 6 out of 186 holes having been assayed fully. So far only 628 samples of 12,192 (~5%) have been re-assayed for REE and therefore the Company considers this as potentially being a major development for the project. Maintaining a methodical and staged approach to the REE potential at Quicksilver, the Company will
now carry out additional metallurgical bench testwork into the possible methods of REE extraction, and if these results warrant further investigation, then the investment to re-assay the remaining 11, 564 pulps in storage for REE can be made. After completion of the REE re-assays, the Company anticipates it will be able to determine what effect the REE mineralisation may have on the current business model.