Muckanippie JV

Overview

Figure 1: Location of Narryer Metals Limited’s Titanium and REE projects in Australia

Tenement EL 6715 (JV Tenement) covers 324 km2 and forms part of the Muckanippie Project located in the northern Gawler Craton of South Australia (Figure 1). The participating interests in the JV Tenement being PTR Minerals 70% and Narryer 30% respectively.

Rosewood

The Muckanippie Project contains high-grade and high-value titanium mineralization as heavy mineral sands (HMS) at the Rosewood and Echo Prospects, and as saprolite-hosted titanium mineralisation at Dukes, Nardoo and Claypan Prospects. The project has been developing through multiple drilling programs, mineralogy and metallurgical studies since October 2024. The latest phase of drilling was completed at the end of 2025, with the focus on defining maiden JORC resources.

During the reporting period, PTR Minerals announced¹⁰ a Rosewood Total Resource of 463 MT @ 8.8% HM (93% of HM is Valuable HM), 75% of HM is leucoxene, 3.2% of HM rutile, 14% of HM is ilmenite (Figure 7 and Table 1).  This equates to 40.6Mt of contained Heavy Mineral and makes the Rosewood Project one of the largest and highest grades of any other titanium dominated heavy mineral system in the world.

Region	Resource Classification	Resource (Mt)	Contained Heavy Mineral (Mt)	HM (%)	VHM (% in HM)	Rutile (% in HM)	Leucoxene (% in HM)	Ilmenite (% in HM)	sub 38µm (%)	plus 2mm (%)	d50 Titanium Minerals Size (µm)
Rosewood East	Indicated	263	26.6	10.1	95	3.9	82	9	40	11	275
	Inferred	31	1.9	6.1	92	2.9	68	21	46	14	236
	subtotal	294	28.5	9.7	95	3.8	81	10	40	11	273
Rosewood West	Indicated	1	0.05	4.0	94	2.6	59	32	47	7	224
	Inferred	168	12.0	7.1	88	1.8	63	23	44	14	283
	subtotal	169	12.0	7.1	88	1.8	63	23	44	14	283
COMBINED	Indicated	264	26.7	10.1	95	3.9	82	9	40	11	275
	Inferred	199	13.9	7.0	89	2.0	64	23	44	14	277
	TOTAL	463	40.6	8.8	93	3.2	75	14	42	12	276

Table 1: Rosewood Deposit Mineral Resource Estimate Summary (3% HM cut-off). Rosewood West in Red outline¹⁰.
Note: Totals may not sum due to rounding

The Rosewood West (which majority occupies the Narryer JV tenure) part of the total Rosewood resource is estimated to be 169 Mt @ 7.1% HM (88% of HM is Valuable HM), 63% of HM is leucoxene, 1.8 % of HM rutile, 23% of HM is ilmenite¹⁰. This equates to ~36% of the Total Resources residing at Rosewood West and is 12 Mt of contained Heavy Mineral.  The Rosewood West is nearly all in Inferred JORC Classification.

PTR minerals are continuing studies to advance the project, in areas including processing, mining, marketing, environmental and hydrology.

Figure 7: PTR Map highlighting Narryer JV tenure (EL6715) and outline of the New Rosewood Resource outline¹⁰

 Claypan, Nardoo and Duke Prospects

Nardoo, Dukes and Claypan prospects are different to Rosewood in that rather than the mineralisation being hosted in sediment, the drilling results for these prospects are hosted in soft, saprolite clay¹¹.  The style of mineralisation is potentially analogous to the Sovereign Metals (ASX: SVM) Kasiya Deposit in Malawi which is also hosted in saprolite. A total of 55 holes and 2,261 m in total has now been completed at these saprolite-hosted prospect areas. The Nardoo and Duke Prospects are 100% located on the JV Tenement (Figure 8).

Drill results¹² continue to expand the footprint of the very high-grade titanium discovery at Muckanippie Project. A summary of the latest saprolite drilling results during the reporting period –

• Drilling interceptions show thick, high-grade Heavy Mineral (HM) from surface at both the Nardoo and Duke HM saprolite targets (see Figures 9 and 10), less than 5km from high-grade Rosewood West Project area (JV Tenement).
• HM mineralisation is open along strike at both prospects with excellent potential to significantly extend the mineralisation along the 16km long magnetic anomaly (Figure 9).
• Initial laboratory XRF results of HM concentrate from both prospects (7 holes assayed to date) confirm the presence of titanium in all drill holes assayed, with six of the seven holes returning zones of at least 15m at >20% TiO₂
• QEMSCAN analysis of HM concentrate from both prospects indicate the potential for a high-quality ore, with the samples returning 73-93% Valuable HM (VHM) (all as titanium-bearing minerals).
• QEMSCAN of these samples indicate a high proportion of altered ilmenite (42-70%), which is a form of upgraded ilmenite with significantly higher TiO₂ grades than typical ilmenite.

The Duke Prospect is a 3.3km long north-northeast trending magnetic feature (Figures 9). Very high HM grades and thicknesses were present at Dukes, including –

60m @ 39.3% HM from surface incl. 6m @ 61.6% HM from 25m (25DK005)

              24m @ 26.1% HM from surface (24DK001)

              31m @ 21.5% HM from surface (25DK004)

              37m @ 21.0% HM from surface (25DK007)

The Nardoo Prospect is a series of magnetic features approximately 5 km north of the Duke Prospect (Figure 10). Very high HM grades and thicknesses were present at Nardoo including –

35m @ 31.5% HM from 18m (25ND011)

              44m @ 23.9% HM from 1m (24ND002)

              60m @ 16.3% HM from surface (24ND022)

              36m @ 25.7% HM from surface (25ND018)

              30m @ 30.4% HM from surface (25ND019)

The next phase of work for Dukes and Nardoo include –

• Further HM sachet logging, laboratory XRF and QEMSCAN analysis, with the aim of better quantifying the high TiO2 component of the mineral assemblage.
• Bench scale metallurgical test work to be undertaken to determine the optimal process for concentrating the HM into a saleable product.
• Additional drill testing to expand the HM resource potential.

Figure 8: PTR Map highlighting Narryer JV tenure (EL6715) and prospects areas¹⁰

Figure 9: Regional magnetic imagery, highlighting drilling results at the Duke Prospect (Refer PTR ASX announcement 17 November 2025).

 

Figure 10: Regional magnetic imagery, highlighting drilling results at the Nardoo Prospect (Refer PTR ASX announcement 17 November 2025).

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¹⁰ PTR Minerals ASX announcement 23 June 2026