IND_MRE Stockyard Project

ASX ANNOUNCEMENT
9th November 2022

ABN 87 648 183 297
MAIDEN MINERAL RESOURCE ESTIMATE

For personal use only
Stockyard Project
Highlights
▪ Indicated and Inferred Mineral Resource of 9.6 million tonnes at 98.9% SiO2
▪ The resource is contained within 1500 Ha of the Stockyard Project and represents
<5% of the total landholding
▪ 20 tonne bulk sample in transit to potential offtake partner1 to determine potential
final product specifications and offtake pricing
▪ Scoping Study well advanced, with respected engineering group ABGM appointed to
undertake mine studies
▪ Pre-Feasibility Study (PFS) planned to continue directly on from Scoping Study, with
several workstreams already at PFS level
▪ Additional exploration targets, mineral resource extension and upgrade
opportunities identified at Stockyard
Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce results from the maiden
Mineral Resource Estimate (MRE) for its Stockyard High Purity Silica Sand (HPSS) Project in Western
Australia.
IND’s Managing Director, Jeff Sweet commented: “The completion of a sizeable maiden mineral
resource after commencing exploration 12 months ago, is an endorsement of the quality of the
Stockyard Project, which we anticipate will be further demonstrated with the release of the Scoping
Study.
“We believe that Stockyard is a compelling asset which has the potential to rapidly advance to a
decision to mine, with a clear pathway to production.
“We are further encouraged by the fact that Stockyard has several other exploration targets, and
resource extension opportunities. These require minimal work to progress and provide significant
scope for expanding the scale of the project”.
Table 1. Stockyard Maiden Mineral Resource Estimate, November 2022
Resource Classification Tonnes (Million) SiO2 % Al2O3 ppm Fe2O3 ppm TiO2 ppm
Indicated 4.0 98.8 2,488 1,457 2,619
Inferred 5.6 98.9 2,837 1,240 2,241
Total 9.6 98.9 2,692 1,331 2,399
1 For further details on the Non-Binding MoU please refer to ASX release dated 12 September 2022
www.industmin.com Unit 38, 460 Stirling Highway

Peppermint Grove, WA, 6011 Australia
ASX ANNOUNCEMENT
9th November 2022
ABN 87 648 183 297
Mineral Resource Estimate Overview

The Stockyard Silica Sand Project (Stockyard) Mineral Resource Estimate (MRE) was completed in
accordance with the JORC Code, 2012 Edition by leading detrital-minerals-focused consultancy, Placer
Consulting (Placer).
The Total Mineral Resource Estimate for Stockyard is 9.6 million tonnes at 98.9% SiO2, which contains
Indicated Resources of 4.0 million tonnes at 98.8% SiO2 and Inferred Resources of 5.6 million tonnes
at 98.9% SiO2. Importantly, the Mineral Resource contained within the Stockyard granted Mining
Lease totals 1.9 million tonnes at 98.8% SiO2 and is classified entirely as Indicated.
The MRE comprises 30 silica sand bodies extending over an area approximately 14km EW by 14km NS
(refer to Figures 3 and 4). The resource includes intervals logged as predominantly white sand, with
yellow sand and lateritic material excluded from the mineralisation wireframes. Resource wireframes
were created based on geological logging and adjusted where required, according to chemical analysis
results.
The MRE was based on a total of 2,465 hand auger drill holes for 1,819.75 metres, with hand auger
drilling completed by IND to an average depth of 0.74 metres, with drilling conducted between
September 2021 and May 20222.
Drill data spacing is nominally 50m NS by 50m EW, however the south-eastern region of the MRE is
drilled more broadly at a 100m NS by 100m EW spacing. Drill hole samples were generally composited
in their entirety and average 0.74m down hole for the resource dataset. Drillholes are orientated
vertically to penetrate the sub-horizontal mineralisation orthogonally. The silica sand deposits are
randomly arranged as a result of the mode of transport and depositional environment.
No global trends were identified; hence an isotropic search was applied to the interpolation. Inverse
Distance (power 4; ID4) was applied for interpolation of assay fields, with each element (SiO2, Fe2O3,
Al2O3, TiO2) interpolated using the same search parameters (ID4 method). Three search volumes were
utilised to populate the model with a minimum of 2 and a maximum of 20 samples allowable in any
search population.
Search distances of 75m*75m*10m and 150m*150m*50m, in X, Y and Z, were used for the ID4
interpolation. A multiplication of the search volume by a factor of 3 and 5 were used for the second
and third search.
2For full details on auger drilling completed by IND and included in the MRE please refer to ASX releases dated
17 November 2021, 6 April 2022, and 26 May 2022.

ASX ANNOUNCEMENT
9th November 2022
ABN 87 648 183 297
The bulk density applied to the Stockyard MRE has been generated by nuclear density readings across
the project resources. The resulting average dry density of 1.57g/cm3 was applied to the mineral
resource for weight calculations.
The designation of resource category was by the manual construction of resource boundary
wireframes to constrain areas of greater drilling density and geological continuity. More densely
drilled areas of the resource are classified at an Indicated level of confidence and are considered
suitable for preliminary reserve optimisation and mine planning. Those areas drilled at a 100m north
and 100m east spacing achieve an Inferred level of confidence.
The Mineral Resource flagged the top 0.1m of material, which is envisaged to be processed and silica
sand extracted, with remnant slimes, clay material and organic matter, to be returned and utilised for
rehabilitation purposes.
Initial metallurgical testing was based on a 150kg bulk sample taken from within a proposed pit within
the mining lease area. The sample was taken from a depth of 1.0 to 1.5 metres and is considered
representative of ROM (run of mine) ore material. A 3kg headfeed sub-sample was split from the bulk
sample and used for initial sighter testwork 3.
Testwork has indicated the amenability of the Stockyard silica sand material to upgrading via
conventional gravity screening, washing and desliming methods.
The resultant high purity silica sand product is in accordance with the specifications required for flat
and container glass manufacture and potentially for the foundry and photovoltaic (PV) markets.
IND has signed a two-stage non-binding Memorandum of Understanding (MoU)4 for the supply and
potential refining of HPSS with Shandong Hongbote Solar Technology Co Ltd (SHST).
• Stage one seeks to formalise offtake of up to 600,000 metric tonnes per annum of HPSS from
Stockyard.
• Stage two leads to a strategic partnership agreement with SHST for the construction of a new
joint venture silica processing plant in China.
Negotiations are well underway, with the shipment of a 20 tonne HPSS bulk sample to SHST in China
for full metallurgical beneficiation assessment.
3 For further detail on metallurgical testwork completed at the Stockyard Project please refer to ASX releases
dated 19 July 2022 and 25 October 2021
4 For further details on the Non-Binding MoU and the bulk sample shipment, please refer to ASX releases dated
12 September 2022 and 11 October 2022

ASX ANNOUNCEMENT
9th November 2022
ABN 87 648 183 297
Table 2. Stockyard Maiden Mineral Resource Estimate, November 2022
Resource Volume Density Tonnes SiO2 Al2O3 Fe2O3 ppm TiO2 ppm
Classification (Million (g/cm3) (Million) % ppm
m3)
Indicated 2.6 1.57 4.0 98.8 2,488 1,457 2,619
Inferred 3.6 1.57 5.6 98.9 2,837 1,240 2,241
Total 6.1 1.57 9.6 98.9 2,692 1,331 2,399
Notes: Interpreted silica sand unit is defined by auger drilling and satellite imagery. Differences may
occur due to rounding to significant figures.
Next Steps
IND’s primary objective is the rapid development of the Stockyard Project and the exploration of its
other high priority Silica Sand projects.
The below table outlines items completed and the proposed timeline for development activities for
the Stockyard Project.
Table 3. Stockyard Project exploration and development timeline
Item 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Project Acquired
Exploration Licenses Granted
Exploration Activities/ Drilling
Exploration Target
Metallurgical Testwork
Mining Lease Granted
Non-Binding MoU Executed
20 tonne bulk sample shipped
to potential offtake partner
Water extraction license
Environmental Studies
Heritage Survey
Maiden Resource Estimate
Offtake Agreement
Scoping and Pre-Feasibility
Decision to Mine
Commencement of Mining

ASX ANNOUNCEMENT
9th November 2022
ABN 87 648 183 297
The following workstreams are complete for the Stockyard Project:
✓ Mining Lease granted- contains Indicated Resource of 1.9 million tonnes grading 98.8% SiO2
✓ 20 tonne bulk sample in transit to China, results to determine final product specifications and
potential offtake pricing
✓ Water extraction license granted and bore established
✓ Environmental Studies & Heritage Survey complete within Mining Lease- no impediments
found
✓ Two Stage Non-Binding MoU with potential offtake partner executed
✓ Maiden Resource Estimate complete - substantial initial resource of 9.6 million tonnes
grading 98.9% SiO2
The following workstreams are underway for the Stockyard Project:
• Scoping Study well advanced, with respected engineering group ABGM appointed to
undertake mine studies
• Pre-Feasibility Study (PFS) planned to continue directly on from Scoping Study, with several
workstreams already at PFS level
• Consultation and engagement with key contractors and service providers for the Pre-
Feasibility Study and commencement of mining
• Continued assessment and exploration across IND’s 19 High Purity Silica Sand projects
• Further engagement with farmers and stakeholders, presenting IND’s Low Impact Mining
(LIM) Strategy – extended across priority project areas.
IND’s low impact and low-cost rapid exploration and resource definition techniques give the Company
a significant advantage in its efforts to explore and develop its highly prospective tenure and pipeline
of quality projects. The Stockyard Project development provides a blueprint for future silica sand
development opportunities for the Company.

ASX ANNOUNCEMENT
9th November 2022
ABN 87 648 183 297
Figure 1. Industrial Minerals Silica Sand Projects (North of Perth) displaying the Stockyard Project Mineral
Resource, Geraldton Port and main roads

ASX ANNOUNCEMENT
9th November 2022
ABN 87 648 183 297
Figure 2. Industrial Minerals Projects, Stockyard Resource, in relation to peer projects and native vegetation
(IND Projects primarily on cleared farmland)

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9th November 2022
ABN 87 648 183 297
Figure 3. Orthographic View of the Stockyard Mineral Resource Estimate Block Model coloured by SiO2%

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9th November 2022
ABN 87 648 183 297
Figure 4. Stockyard Block Model Plan View displaying SiO 2%, both Indicated and Inferred Mineral Resource
displayed

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9th November 2022
ABN 87 648 183 297
Figure 5. Mineralisation Wireframes and auger drilling coloured by SiO2% within granted Mining Lease
Figure 6. Cross Section displaying Auger Drilling coloured by SiO2% (10 times vertical exaggeration)

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9th November 2022
ABN 87 648 183 297
Figure 7. Auger drilling coloured by SiO2% used to inform Stockyard Mineral Resource Estimate
Figure 8. Auger drilling and resource wireframes in relation to bulk metallurgical sample, sent to potential
offtake partner for beneficiation test work

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9th November 2022
ABN 87 648 183 297
ASX Listing Rule 5.8.1 Summary

The following summary presents a fair and balanced representation of the information contained
within the Mineral Resource Estimation Technical Report for Stockyard Project:
• Silica sand at Stockyard occurs within the coastal regions of the northern extent of the Perth
Basin and the targeted silica sands are located within multiple shallow sand units most likely
deposited by aeolian (wind) forces. The mineralised high purity sand deposits are generally
topographically higher than surrounding unmineralized regolith material and have been
deposited over older lateritic or calcrete/ hardpan regolith units. (ASX LR 5.8.1 Geology &
Geological Interpretation)
• Samples were obtained from auger drilling. The quality of the drilling, sampling methodology
and analysis for both methods was assessed by the Competent Person and is of an acceptable
standard for the use in a Mineral Resource Estimation publicly reported in accordance with
the JORC 2012 Edition Guidelines. (ASX LR 5.8.1 Sampling & 5.8.1 Drilling)
• Major and trace elements with the exception of SiO2 were analysed using a four-acid digestion
method followed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry (ICP-
OES) analysis by Intertek’s Perth Laboratory. Loss on Ignition at 1000o C (LOI) was analysed by
a Thermal Gravimetric Analyser. SiO2 was back calculated by subtracting all ICP major and
trace elements plus LOI from 100%, as this is the most accurate way of determining the SiO2
content of material with very high SiO2 content. Validation of the ICP results were then
undertaken by verification with an umpire laboratory using ICP methods. Furthermore, a
proportion of the samples were analysed using X-Ray Fluorescence (XRF) at an umpire
laboratory (ASX LR 5.8.1 Analysis)
• Mineral Resources were estimated by the use of a 3D wireframe of the base surface for white
sands and constrained by a Lidar DTM surface. The upper 0.1m of material was flagged as
topsoil, but was not excluded from the resource. (ASX LR 5.8.1 Estimation Methodology)
• Grade estimation was completed using Inverse Distance (Power 4) with hard boundaries
applied between identified silica sand deposits. Top cuts were not applied to the data as they
were not deemed necessary. (ASX LR 5.8.1 Estimation Methodology)
• The Mineral Resource Estimation is quoted from all classified blocks within the mineralised
wireframes for white sands. (ASX LR 5.8.1)
• The Mineral Resource Estimation is classified as Indicated and Inferred on the basis of the drill
hole logging, drill hole sample analytical results, drill spacing, statistical analysis, confidence
in geological continuity and metallurgical testing results. Approximately 42% of the Mineral
Resource Estimation is Indicated and 58% is Inferred. (ASX LR 5.8.1 Classification)
• The JORC 2012 Edition Guidelines, Clause 49 requires that industrial minerals must be
reported “in terms of the mineral or minerals on which the project is to be based and must
include the specifications of those minerals” and that “it may be necessary, prior to reporting
of a Mineral Resource or Ore Reserve, to take into particular account of certain key
characteristics or qualities such as likely product specifications, proximity to markets and
general product marketability”. (ASX LR 5.8.1 Mining, Metallurgy and Economic Modifying
Factors)

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9th November 2022
ABN 87 648 183 297
• The likelihood of eventual economic extraction was considered on the basis of its indicative
product specifications based on metallurgical testing performed, infrastructure access with
respect to road/rail/port, product marketing capacity and potential open pit mining scenarios
and concluded that the Stockyard Silica Sand Project is an Industrial Mineral Resource in
accordance with the terms of Clause 49. (ASX LR 5.8.1 mining, Metallurgy and Economic
Modifying Factors).
This announcement has been approved by the Industrial Minerals Board.
For enquiries regarding this release please contact:
Mr. Jeff Sweet,

Managing Director
(08) 6270 6316
Website: www.industmin.com
Contact: [email protected]
Media and Broker Enquiries:
Fiona Marshall
White Noise Communications
0400 512 109
[email protected]

ASX ANNOUNCEMENT
9 November 2022
ABN 87 648 183 297
Competent Person
The information in this announcement that relates to Exploration Activities is based on information
compiled and fairly represented by Ms Melanie Leighton, who is a Member of the Australasian
Institute of Geologists (MAIG). Ms Leighton has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration, and to the activity which she has undertaken,
to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Ms Leighton consents to the inclusion in this announcement of the matters based on this information
in the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is based on information
compiled and fairly represented by Mr Richard Stockwell, who is a Fellow of the Australasian Institute
of Geologists (FAIG). Richard Stockwell is a Founding Director and Principal Geologist of Placer
Consulting PL, who was engaged by Industrial Minerals Ltd. Mr Stockwell has sufficient experience
relevant to the style of mineralisation and type of deposit under consideration, and to the activity
which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint
Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves”. Mr Stockwell consents to the inclusion in this announcement of the
matters based on this information in the form and context in which it appears.
Forward-looking Statements
Certain statements contained in this document may be ‘forward-looking’ and may include, amongst
other things, statements regarding production targets, economic analysis, resource trends, pricing,
recovery costs, and capital expenditure. These ‘forward–looking’ statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable by IND, are inherently
subject to significant technical, business, economic, competitive, political and social uncertainties and
contingencies and involve known and unknown risks and uncertainties that could cause actual events
or results to differ materially from estimated or anticipated events or results reflected in such forward-
looking statements. Forward-looking statements are often, but not always, identified by the use of
words such as ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘target’, ‘plan’, ‘intends’, ‘budget’, ‘estimate’,
‘may’, ‘will’, ‘schedule’ and others of similar nature. IND does not undertake any obligation to update
forward-looking statements even if circumstances or management’s estimates or opinions should
change. Investors should not place undue reliance on forward-looking statements as they are not a
guarantee of future performance.
Disclaimer
No representation or warranty, express or implied, is made by IND that the material contained in this
document will be achieved or proved correct. Except for statutory liability and the ASX Listing Rules
which cannot be excluded, IND and each of its directors, officers, employees, advisors and agents
expressly disclaims any responsibility for the accuracy, correctness, reliability or completeness of the
material contained in this document and excludes all liability whatsoever (including in negligence) for
any loss or damage which may be suffered by any person through use or reliance on any information
contained in or omitted from this document.

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ABN 87 648 183 297
Appendix 1: Detailed Analysis of Stockyard Mineral Resource Estimate

About Industrial Minerals
The Stockyard Project was targeted specifically due to the presence of white silica sands at surface
which had been cleared previously of native vegetation for agricultural purposes. Due to the poor
carrying capacity of the land underlain by silica sand, the primary target areas for Industrial Minerals
(IND) have been underutilised from an agricultural perspective.
Industrial Minerals aims to implement an environmentally responsible exploration and development

strategy, through exploring and developing areas which have already been cleared for agricultural
purposes, ensuring minimal impact on native flora and fauna in the region.
In addition, through collaboration with agronomists with local experience, IND aims to improve the
carrying capacity of areas with sand to be extracted. Land is either to be returned to farmers with a
higher cultivation and carrying capacity or alternatively to native vegetation.
Location, Infrastructure & Access
The Stockyard project is located approximately 220 km north-northwest of Perth, 25km south of the
town of Eneabba, and 160km from the Geraldton Port. Access to the project is via the Brand Highway,
which transects the project, and numerous tracks servicing the pastoral land cross the tenure. The
Dongara – Greenhead Road also transects the project providing access from the east and west.
The Project is located on M70/1417, L70/237 AND L70/238, which are owned by IND
Geology
The project is located within the Perth Basin, on the Eneabba Plain whose sandy cover is very flat to
gently undulating. It comprises a low-lying portion of the coastal plain and includes Early Pleistocene
to Late Tertiary shoreline, lagoonal and dune deposits, which have been modified to present day
alluvial, lacustrine and aeolian sequences (Mory, 1995).
Geological Survey of Western Australia regolith mapping describes the Stockyard Project as lying
within the Western Plateau Physiographic Division, and the Western Coastlands Physiographic
Province. The region consists of Phanerozoic to Cenozoic aged alluvial and fluvial units which vary in
composition from clay, silt, sand and gravel in channels and floodplains.
The 1:500k State Geology Regolith describes the following units as dominating the project area:
• Ferruginous duricrust, massive to rubbly, includes iron -cemented reworked products…

duricrust.
• Yellow sand with minor pisolitic laterite, ferruginized silcrete, silt, and clay; common on low
plateaus associated with weathered granite
• Colluvium derived from different rock types; includes gravel, sand, silt and clay

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Most of the silica sand mineralisation at the Stockyard project is hosted within the following regolith
group as described by the GSWA 1:500K mapping, “Yellow sand with minor pisolitic laterite,
ferruginised silcrete, silt, and clay; common on low plateaus associated with weathered granite”.
High purity silica sand mineralisation at Stockyard is hosted within multiple shallow sand units which
are most likely to have been deposited by aeolian (wind) forces. The mineralised high purity sand
deposits are generally topographically higher than surrounding unmineralized regolith material and
have been deposited over older lateritic or calcrete/ hardpan regolith units.
Logging of auger drilling suggests that the high purity silica sands have variable characteristics with
observations logged as described in Table 4 where samples returned grades of > 99.0% SiO2.
Table 4. Logged description of high purity silica material intersected in auger drilling.
Attribute Code Description

Colour Predominantly CY- Cream yellow to white,
GY-WH, Occasional brown/ tan (organic matter contamination)
Occasional TA-BR
Grainsize range VF-VC Very fine to Very coarse grained
Bimodal Bimodal Bimodal population
Sorting PS-VW Poorly sorted
(Several grain sizes are present, none of them prevails)
– Very well sorted (nearly all grains have the same size)
Angularity SR-SA Strongly rounded to Strongly angular
Mineral 1 QZ 99-100% Quartz (organic matter)
Mineral 2 FC-HC-OR Ferricrete, Hardcap/ hardpan, Organic Material
Logging suggests that the highest purity silica (>99.5%SiO2) is contained within white or grey sands,
that are fine to medium grained, moderately to very well sorted, strongly rounded, quartz dominant
(+99% composition). These higher-grade SiO2 intervals exhibit an average depth of 1.47 metres from
surface before intersecting underlying yellow sands or lateritic/ hardpan material.
Additional mineralisation is anticipated in extensions to known deposits and in additional occurrences

in the region.
Domaining the mineralised zones included the construction of sectional strings at 50m north spacing.
Sectional strings honour the MIN1 field in the validated drill hole file. This field is the flag field used to
designate assay/no assay and thereby mineralisation/no mineralisation. All mineralisation, where
substantive near-hole support is apparent, are included in the mineralisation domains.
All sectional interpretation strings are conditioned with additional points inserted at 10m intervals.
This smooths the subsequent wireframes and limit the potential for triangulation artefacts upon
linking strings. Sectional and tag strings are linked using the proportional length method into closed
wireframe solids. These solids are verified and cleaned before being allocated a block number and
collated into a single wireframe file for the interpolation. Wireframes are checked in plan and section
to ensure a gap-free and realistic volume is created.

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Drilling, Sampling and Logging Techniques

All holes used in the resource were drilled by hand auger. Auger drilling consists of a manually hand
operated 75 mm diameter sand auger with PVC casing, utilised to reduce contamination potential as
the auger is withdrawn from the hole. The auger is driven about 300 mm then retracted and the
sample is placed in a UV resistant plastic bag. This process continues until the sample interval is
completed.
Auger hole depths vary, depending on the extent of high purity sand encountered, with auger holes
terminated by the driller once yellow sand or underling ferricrete/ hardpan rock is intersected. Auger
depths range from 0.5 metres to a maximum of 2.0 metres, with an average depth 1.10 metres.
The auger samples are labelled with the drillhole number then placed in a second plastic bag, sealed
and removed from site for logging and sample preparation. Each sample bag is weighed to determine
the actual sample recovery. The type of sand auger used provided a clean sample with limited
opportunity for contamination compared to a flight auger, particularly when used with PVC casing.
All drilling and sampling procedures are monitored on site by a field technician on a hole-by-hole basis.
All primary information is initially captured in a written log on site by a geologist, data entered,
imported then validated and stored in a geological database.
Auger samples have been logged and sufficient detail captured on silica sand characteristics.
Attributes logged for each sample interval include estimates of grain size, sorting and texture, and
colour. Particular attention has been taken to ensure a more scientific and less subjective approach to
colour was adopted because colour (white to grey shades, and pale-yellow shades) is one of the
targeting features for high purity silica sand mineralisation.
Assaying and Metallurgy
Cuttings (sands) from the entire auger hole are collected as a composite sample and submitted for
multi-element analysis at Intertek Genalysis, Perth with some samples also sent to North Australian
Laboratories, North Territory. The composite bulk drill samples are submitted to the assay laboratory
for drying, further splitting, and pulverizing in a zircon bowl. A subsample of 200g with -75 µm particle
size was utilised for analysis.
The assay method for multi-element analysis consists of a near-total, four-acid digest including
hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon beakers. Analysis is by inductively
coupled plasma (ICP)-optical (atomic) emission spectrometry finish. The method is referred to by
Intertek as their 4 Acid Silica Sands Element Package. The limit of detection of oxides is 0.05 - 0.01%,
losses on ignition (LOI) are experienced in the analysis and are reported.
Silica is reported by difference. Some elevated silica results are expected to include non-digested (and
un-detected by ICPOES) elements. This is demonstrated by umpire assay results which returned an
average but variable SiO2 reduction of 2.33% using a total digest and ICPAES finish.

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Preliminary metallurgical test work has been undertaken at Stockyard, with favourable results
returned. A 150kg bulk sample of high purity silica sand material was taken from within the resource
and mining licence application area (Table 5). The bulk sample was submitted to Intertek Genalysis for
analysis of product characteristics and for exploring possible processing routes. Exceptional in-situ
results and product characteristics were achieved by wet screening alone.
Test work highlights are as follows:
• Ultra-premium in-situ silica dioxide grade (SiO2) reported at 99.9% for the +150 to-600µm size
range.
• In-situ impurity profile reported as very low by regional standards with an average of 199ppm
Fe₂O₃ and 462ppm Al₂O₃ for the key sizing ranges.
Wet screening test work has been completed with the aim of determining in which size fractions the
deleterious elements report, and ideally which size fractions could potentially yield a premium
marketable product to end users. Wet screening was conducted based on the nominal size fractions
as outlined below, with each of the respective intervals analysed -2.36 + 1.18mm, -1.18mm + 600µm,
-600 + 300µm, -300 + 150µm, and -150µm.
Encouragingly, the head grade analysis of the bulk sample determined that the in-situ material
contained very low contaminants. By using size fraction analysis, the +150 to -600 µm size range
contained what is regarded as a very low impurity product.
Intertek Genalysis were engaged to conduct Particle Size Elemental Analysis of the raw sample and
results are presented in. The positive initial results indicate that the key +150 to -600 µm size range
consists of very high SiO2 content of 99.9% and low impurities, allowing IND to investigate the direct
shipping ore (DSO) potential of the white sand.
Importantly, it is highly likely that the white sands will be amendable to simple/ low-cost off the shelf
processing methods to wash and grade the sand, further supporting a DSO model.

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Figure 9. Stockyard Project proposed infrastructure layout displaying pit locations and metallurgical sample
taken from pit 2
Table 5. Stockyard Project Sighter Testwork Results – HLS and Attritioning
Screen at 1mm and Deslime at 75µm + Gravity Separation of Sand Fraction + Attritioning
Stream Mass SiO2 Al2O3 Fe2O3 MgO TiO2 LOI
% % ppm ppm ppm ppm %
>1 mm Oversize 4.47 99.40 452 616 69 1173 0.36
< 75 µm Slimes 10.15 97.90 3033 2222 194 9857 0.37
HLS Sink 0.27 17.54 137367 68268 3814 426366 0.00
Float <75 µm Att Slimes 2.40 99.00 0 0 0 0
Float Att Sand 82.71 99.70 276 185 41 1021 0.11
Total 100.00 99.26 933 593 67 3067 0.14
NB. HLS: Heavy Liquid Separation

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Table 6. Stockyard Project Sighter Testwork Results – DSO Product
Screened <1mm and Deslime at 75µm – DSO Product

Stream % Mass SiO2 Al2O3 Fe2O3 MgO TiO2 LOI

% ppm ppm ppm ppm %
>1 mm Oversize 4.47 99.40 452 616 69 1173 0.36
< 75 µm Slimes 10.15 97.90 3033 2222 194 9857 0.37
> 75 µm Sand (DSO Product) 85.38 99.50 501 417 185 1896 0.16
Total (Headgrade) 100.00 99.33 756 609 181 2672 0.19
Input Data Validation
An extensive data validation process was undertaken by Placer with the assistance of IND geologists.
Generally, data relating to the discovery and recording of intersected mineralisation was good,
however un-mineralised intervals were unsubstantiated, beyond a comment inserted in the collar file.
The following database preparations were completed:
• All holes prefixed EXC (excavation/ bulk samples) were removed

• All AC (Aircore) drill holes were removed
• Drill hole ID was abbreviated from ‘locn # 3575’ for example, simply to ‘3575’
• Collar details were added for non-mineralised holes and hole depth, where absent, was
designated at 0.3m (being the average depth of un-mineralised holes designated with a hole
depth)
• Geology records were created from collar comments for un-mineralised holes,
• Geology, collar and assay depths were verified between files and discrepancies were
corrected
• A lithology field was added to the geology file and populated with:
o ‘SA’ (sand) for all records
o Where ‘dead rock’ is observed in collar comments, the corresponding lithology was
recorded as ‘LA’ (Laterite)
o Where ‘dead yellow’ is observed in collar comments, the corresponding lithology was
recorded as yellow sand (YE SA),
• Absent assay, collar and geology records were identified and, where possible, located by IND.
• The MIN1 field was validated to ensure all assayed intervals were identified.
Upon completion of the database validation process, fully populated and matching collar, geology and
assay files were available for the MRE.
A total of 2,465 collar and lithology records and 1,352 assay records were combined and de-surveyed
using Datamine RM software for the MRE. Absent assay records include non-mineralised drill hole
records and a selection of samples lost to a laboratory fire at Intertek.

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The average drill depth across the project is 0.74m and sample weights are consistent at an average
of 2.04kg across the dataset. This is considered representative for the detrital material being sampled.
No significant sample loss is recorded from the drilling programme with the use of hand auger and
casing.
Various quality control samples were submitted, some retrospectively upon engagement of Placer.
Laboratory replicates are completed routinely and field duplicates, twin drill holes and audit assay
records were all generated subsequent to the population of the resource drilling database. The
primary host laboratory for these samples is Intertek Genalysis, the secondary host laboratory is North
Australian Labs, based in Darwin and the audit assay laboratory is ALS using their ME-ICP85 method.
Scatter, quantile-quantile and pair difference plots were generated for field duplicate and laboratory
replicate SiO2, Al2O3, Fe2O3 and TiO2 percentages. The plots of the various routine-control sample
pairs show a high degree of precision for SiO2 and TiO2 and lesser precision in oxides of iron and
aluminium. Precision is notably poorer in these elements due to their low concentrations, especially
as concentrations wane towards the detection limits of the technique. Additional variability is
introduced by the near-complete digest of these oxides in contrast to the total digest of silica and
titanium. Geological variability is also expected. Variability is adequately explained and results achieve
an adequate level of precision for this estimate.
Scatter, quantile-quantile and pair difference plots and a targeted bias analysis were completed to
verify the accuracy of the routine analysis. A representative selection of 55 samples were submitted
to ALS using a method that most-closely matched the routine analysis. Findings reflect those of the
replicate analysis with the exception of a variable bias apparent in SiO2, as introduced in the Assaying
and Metallurgy section. An average SiO2 content of 96.69% from the audit assay, ICP-AES results
suggest that a slight overcall exists in the routine analysis, which averages 99.01% SiO2 using ICP-OES.
A total of 64 twin holes were drilled across a geographically dispersed area within the Stockyard
Deposits to quantify short-range variability in grade intersections and lithological character.
Variability and bias observed in twin drilling analysis reflects findings of precision analysis of paired
laboratory data and is not considered material to the integrity/quality of the Stockyard resource
database. Results adequately support assumptions on grade and lithological character for the
resource estimate at the quoted confidence levels.
Survey and Data Spacing
IND completed drill hole set out using hand-held GPS with a +/- 5m accuracy in X and Y axes. A detailed
aerial laser scanning (LiDAR) topographical survey of the Stockyard Project area was completed by
MNG Survey. Equipment used for the aerial survey has 0.1m absolute vertical accuracy. All drill holes
were projected to this topography for the MRE.
The drill data spacing is nominally 50m north by 50m east. The south-eastern region of the MRE is
drilled more broadly at a 100m north by 100m east spacing. Drill holes are generally composited in
their entirety and average 0.74m down hole for the resource dataset.

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All holes are orientated vertically to penetrate the sub-horizontal mineralisation orthogonally.
Deposits are randomly arranged as a result of the mode of transport and depositional environment.
Further Work
Survey set out of drill holes must migrate to a more accurate method (DGPS) to achieve greater
certainty in sample locations required for higher-confidence resources.
Ideally all samples should be analysed by the same laboratory to avoid the potential for creating geo-
statistically discrete datasets. The planned insertion of a standard reference sample will reduce the
requirement to engage an audit laboratory to assess the accuracy of the assay method although some
verification of significant intercepts will still be required. Further investigation of audit analysis
laboratory should be undertaken to ensure the same method is applied for subsequent MRE’s.
The implications of a potential over-call in SiO2 from the routine analysis method should be
investigated in relation to market requirements and product pricing.
In-fill drilling of Inferred resource areas is required to increase resource confidence.
Re-drilling and analysis of samples destroyed by laboratory fire is likely to deliver additional resources.
Further exploration and extensional drilling at the Stockyard Project is also anticipated to deliver
additional resources.
Resource Model Construction and Interpolation
Drill hole data tables were imported into Datamine Studio RM mining software, de-surveyed and
projected vertically to the trimmed DTM topographic surface. Closed vein surfaces were constructed
on all drill intervals where logged MIN1 = QZ. A 25m buffer and 50m reach was applied to regions
drilled at a 50m-spacing and a 50m buffer and 100m reach was applied elsewhere. Vein surface
wireframes were then cut at 50m north intervals, and the resultant strings extended laterally and
above the topography to ensure a gap-free block model was created.
Mineralised block strings were conditioned (max 10m interval, min 0.2m) to minimize the potential
for triangulation errors in resultant, thin wireframes.
Strings were linked using the proportional length method and sufficient tag strings were constructed
to direct the linking. The resultant, oversized mineralised block wireframes were then trimmed to the
topography and cookie-cut using an intersecting wireframe constructed from the vein surface
perimeter. A block number was applied to each of the 30 mineralised block wireframes prior to them
being collated into a single wireframe file for the interpolation.

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A model prototype was created using the model origin, parent cell dimensions, and a sufficient
number of parent cells in each direction to extend to the model boundary. The parent cell dimensions
are designed to replicate the 50m drill spacing in the X and Y axes and ensure the bulk of drill holes
are located centrally within the parent cell. Parent cell size is 50m (Y)*50m (X)*1m (Z) with 10 splits
available in the X and Y axes and a resolution of 20 in the Z axis. Resultant sub-cells may be as small as
5 (Y)*5m (X) *0.05m (Z) to ensure realistic adherence to the undulating topographical surface and
accurate representation of the topsoil horizon.
The model is constrained in the X, Y and Z planes by the lateral extent of the closed, mineralised
wireframes. At the request of IND, a thin (0.1m) topsoil is designated in the model by a downward
translation of the topographical surface. All mineralised blocks maintain a block number (ZONE) to
assist in comparative block assessment.
Topsoil is flagged in the model for mine planning (TSOIL = 1). Topsoil is included in the declarable
resource for the Stockyard Project.
The drill hole file was trimmed to contain just those holes falling within the mineralised blocks. The
MIN1 field was used to designate an additional numeric flag field (QTZ) whereby 1 = QTZ, 0 = no QTZ.
This was critical in directing the interpolation and filtering the intra-block null cells (corresponding
with ‘dead’ holes).
No global trends were identified during the data analysis stage. As a result, an isotropic search was
applied to the parent cell interpolation. Inverse Distance (power 4; ID4) and Nearest Neighbour (NN)
methods were applied. Assay fields interpolated using the ID4 method, and Geology fields were
interpolated using NN. A discretisation array of 3 x 3 x 3 is employed for interpolation averages into
each cell. All parent cells are interpolated individually.
Three search volumes were utilised to populate model cells with a minimum of 2 and a maximum of
20 samples allowable in any search population. Search distances of 75m*75m*10m and
150m*150m*50m, in X, Y and Z, were used for the ID4 and NN interpolations, respectively.
A multiplication of the search volume by a factor of 3 and 5 were used for the second and third search.
Model cells are populated by the estimation search volume applied (EST) and the number of samples
averaged to inform each cell (NUMSAM).
All blocks were estimated after the third interpolation pass.

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Resource Model Validation

The block model was viewed spatially against the resource drill hole file in the XZ, YZ, XY orientations
stepping through the model at the parent cell dimension distances. Each data field was individually
highlighted to observe the performance of the interpolation.
The Inverse Distance weighting interpolation model values were seen to be adequately similar to the
incident drill hole data and intermediate model cells displayed acceptable levels of smoothing. Nearest
Neighbour fields in the model also displayed adequate similarity to the incident drill hole data and
acceptable levels of smoothing in intermediate cells.
The performance of the resource block model interpolation is also measured by producing a statistical
comparison of informing and modelled data.
The comparison is made between unweighted samples and model grade cells (QTZ = 1), with no
bottom cut applied. This produced an almost identical mean SiO2 grade for each, with a variance of
only 0.09% in favour of the model. The high degree of accuracy in the interpolation supports the
resource classification applied.
Further validation includes the construction of a series of swath plots, generated by Datamine Studio
RM software, that compare the model to the drilling at set panel widths. The block model and the drill
hole file are both flagged with XPANEL, YPANEL and ZPANEL where X, Y and Z dimensions are
integrated into multiples (panels) of 100m, 100m and 1m, respectively. Accumulated average SiO 2 is
calculated for both model and drilling data and are reported by Resource Class.
Despite minor variations in the swath plots due to data density, the model has reasonably interpolated
interval data with adequate levels of smoothing. The interpolation of SiO2 is appropriate for the
resource classifications as stated.
Resource Estimate and Classification
The bulk density applied to the Stockyard MRE has been generated by nuclear density readings across
the project resources. The resulting average dry density of 1.57g/cm3 was applied to the mineral
resource for weight calculations.
The designation of resource category was by the manual construction of resource boundary
wireframes to constrain areas of greater drilling density and geological continuity. More densely
drilled areas of the resource are classified at an Indicated level of confidence and are considered
suitable for preliminary reserve optimisation and mine planning. Those areas drilled at a 100m north
and 100m east spacing achieve an Inferred level of confidence.
No bottom cut off is applied to the reported Mineral Resource. It is considered from marketing studies
and metallurgical testwork completed by IND that the overall reported grade of the Stockyard
Resource of 98.9% SiO2 has reasonable prospects for economic extraction. The resource has also been
reported at a range of bottom cuts at 0.5% intervals to allow considerations of the grade-tonnage
relationship.

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Table 7. Grade Tonnage Reported by SiO2% Cut-off Grade at 0.5% increments
CUTOFF TONNES SiO2_pct Al2O3 Fe2O3 TiO2 LOI_pct

(SiO2%)
90 9,591,680 98.9 2692 1331 2399 0.25
90.5 9,591,680 98.9 2692 1331 2399 0.25
91 9,591,680 98.9 2692 1331 2399 0.25
91.5 9,591,680 98.9 2692 1331 2399 0.25
92 9,591,680 98.9 2692 1331 2399 0.25
92.5 9,591,680 98.9 2692 1331 2399 0.25
93 9,591,680 98.9 2692 1331 2399 0.25
93.5 9,591,680 98.9 2692 1331 2399 0.25
94 9,589,043 98.9 2691 1318 2399 0.25
94.5 9,585,437 98.9 2690 1318 2398 0.25
95 9,585,437 98.9 2690 1318 2398 0.25
95.5 9,578,979 98.9 2689 1317 2396 0.25
96 9,568,987 98.9 2672 1309 2395 0.25
96.5 9,539,376 98.9 2632 1286 2392 0.25
97 9,487,632 98.9 2588 1249 2390 0.24
97.5 9,388,988 98.9 2520 1216 2384 0.24
98 9,067,851 99.0 2371 1151 2360 0.23
98.5 8,307,053 99.0 2188 1051 2307 0.21
99 4,872,515 99.2 1946 917 2144 0.15
99.5 156,353 99.6 1024 573 1312 0.00
As this is the maiden MRE there can be no comparison to previous estimates.
Resource Review and Confidence
The Competent Person, Richard Stockwell performed a review of drilling, sampling and assay
techniques used to produce the Stockyard dataset and has deemed them to be suitable for the
purposes of mineral resource estimation. Richard completed the data validation, with input from IND,
and produced the prototype and volume models.
An independent consultant was engaged to peer review the geological interpretation wireframes, drill
hole file and volume model and found them to be suitable for the interpolation. The data analysis and
interpolation were subsequently created, and peer reviewed by Richard. The model validation was
performed by Richard.

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The accuracy and confidence of the Stockyard MRE is conducive to reporting to an Indicated level of
confidence. Factors that influence the confidence levels applied to the resource include:
• The drilling and sampling density and the subsequent geological interpretation, which offers
sufficient control and confidence for the mineralisation,
• The application of industry standard practice data capture and analysis techniques,
• The representative sample size and demonstrable sample quality assurance,
• The reconcilably high accuracy of the topographic surface,
• The demonstrable quality in mineralogical data,
• The application of Competent Person to QA/QC, resource estimation and peer review,
• The use of industry-leading modelling and estimation software and techniques.
Mining & Metallurgical Methods/Parameters, and Material Modifying Factors

Considered
IND is the sole owner of the Stockyard Project. The project resides on cleared agricultural land and
typically in areas of poor soil development and low agricultural yield. Land access agreements are
established with all coincident landowners.
The silica sand ore occurs from surface and is readily identified by its colour and absence of induration.
As such, visual grade control is anticipated with excavation of shallow ore to be completed by scraper.
Excavator and dump trucks are being considered for deeper regions of the resource. Mined sand will
be stockpiled on the ROM adjacent to the screening plant.
No overburden dumps are anticipated, and minimal topsoil removal will be required as the sand
deposits typically occur from surface. Where present, topsoil will be stockpiled off-path and adjacent
to the pit for processing and then rehabilitation.
A simple screening and washing plant design is anticipated for processing of ore. A front-end-loader
will feed the plant from stockpiled ore on the ROM pad. The sand processing will then comprise:
• Oversize material will be screened, stockpiled and used for site construction requirements or
returned to the pit.
• Sand and undersize is washed and pumped through a cyclone classifier to remove the -
0.075mm fines. The +75 micron washed sand then passes over a dewatering screen to extract
and recycle contained process water and prepare the ore for transport.
• Minimal undersize material is present in the ore. From the wash plant it will enter a series of
ponds designed to settle fines and progressively clean process water for re-use. Once ponds
are full, water will be diverted to allow fines to dry and be blended back into the mining void.
• Washed sand product will be stockpiled prior to being loaded onto road trucks and hauled to
the Geraldton port for export.

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Recovery parameters have not been factored into the estimate. No adverse recovery issues have been
identified during process studies. Additional ore is likely to be identified visually during mining.
Post mining, topsoil will be spread over the mining voids. The landform will be contoured to meet
landowner and closure plan commitments.
Bulk sample test work has been completed and has confirmed the process flowsheet and final product
quality. Potential offtake partners have viewed the product and responded favourably, with results
pending from a bulk shipment to potential offtake partner.
Water balance studies predict a total of just under 48ML of water will be used to process the
anticipated annual production of 0.5Mt of ore. A ground water extraction licence is approved and
allows IND to pump 49ML of water from a bore already established at the proposed operational site.
As discussed previously, waste water recycling is integral in the processing and tails disposal plan.

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Appendix 2: JORC TABLE 1

JORC Table 1 – Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary

Sampling • Nature and quality of sampling (e.g. cut channels, • Auger drilling at the Stockyard project was
techniques random chips, or specific specialised industry completed to a nominal depth of 2m to obtain
standard measurement tools appropriate to the each composite sample.
minerals under investigation, such as downhole • The average depth for samples used in
gamma sondes, or handheld XRF instruments, estimating the Mineral Resource was 0.74
etc). These examples should not be taken as metres.
limiting the broad meaning of sampling.
• Sampling techniques and quality are considered
• Include reference to measures taken to ensure appropriate for this style of mineralisation.
sample representivity and the appropriate
calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation that
are Material to the Public Report.
In cases where ‘industry standard’ work has been
done this would be relatively simple (e.g. ‘reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay’). In other cases, more
explanation may be required, such as where there
is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation
types (e.g. submarine nodules) may warrant
disclosure of detailed information.
Drilling Drill type (e.g. core, reverse circulation, open-hole • Auger drilling consisted of a manually hand
techniques hammer, rotary air blast, auger, Bangka, sonic, operated 75 mm diameter sand auger with PVC
etc) and details (e.g. core diameter, triple or casing utilised to reduce contamination potential
standard tube, depth of diamond tails, face- as the auger is withdrawn from the hole. The
sampling bit or other type, whether core is oriented auger was driven about 300 mm then retracted
and if so, by what method, etc). and the sample was placed in a UV resistant
plastic bag, and this continued until the sample
interval was completed. The sample was labelled
with the drillhole number and sample depth
interval then placed in a second plastic bag and
sealed and removed from site for logging and
sample preparation.
Drill sample • Method of recording and assessing core and chip • Each sample bag was weighed to determine the
recovery sample recoveries and results assessed. actual sample recovery. The type of sand auger
• Measures taken to maximise sample recovery and used provided a clean sample with reduced
ensure representative nature of the samples. possibility of contamination compared to a flight
auger.
Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been • The samples have been sufficiently logged
geologically and geotechnically logged to a level of including estimates of grain size, sorting and
detail to support appropriate Mineral Resource texture, and colour. Particular attention has been
estimation, mining studies and metallurgical taken to ensure a more scientific and less
studies. subjective approach to colour has been adopted
• Whether logging is qualitative or quantitative in because colour (white to grey shades, and pale-
nature. Core (or costean, channel, etc) yellow shades) is one of the targeting features.
photography.
The total length and percentage of the relevant
intersections logged.
Subsampling • If core, whether cut or sawn and whether quarter, • The entire auger hole was sampled and
techniques half or all core taken. submitted for analysis. The composite bulk drill
and sample • If non-core, whether riffled, tube sampled, rotary samples were submitted to either:
preparation split, etc and whether sampled wet or dry. o Intertek Genalysis Perth for drying, further
splitting, and pulverisation in a zircon bowl.

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• For all sample types, the nature, quality and A subsample of 200 g with -75 µm particle
appropriateness of the sample preparation size was utilised for analysis; or
technique. o North Australian Laboratories (NAL) in the
• Quality control procedures adopted for all Northern Territory for drying, further
subsampling stages to maximise representivity of splitting, and pulverisation. Samples were
samples. roll crushed to a nominal 1.6 mm, then 250
• Measures taken to ensure that the sampling is gram split through a Jones Riffle Splitter.
representative of the in-situ material collected, The 250 gram sub split was then pulverised
including for instance results for field in an LM2 grinder to a nominal 75 um
duplicate/second-half sampling. particle size.
Whether sample sizes are appropriate to the grain • Limited field splitting is undertaken and a small
size of the material being sampled. dataset of field duplicates are included in
precision analysis.
• Laboratory replicates are completed routinely at
the splitting stage and results are included in
precision analysis.
• The laboratory sample size taken is appropriate
for the sand being targeted.
Quality of • The nature, quality and appropriateness of the • Auger samples were submitted to either:
assay data assaying and laboratory procedures used and o Intertek Laboratory in Maddington, Perth,
and whether the technique is considered partial or Western Australia. The assay method for
laboratory total. multi-element analysis consisted of four-
tests • For geophysical tools, spectrometers, handheld acid digest including hydrofluoric, nitric,
XRF instruments, etc, the parameters used in perchloric and hydrochloric acids in Teflon
determining the analysis including instrument beakers with inductively coupled plasma
make and model, reading times, calibrations (ICP)-optical (atomic) emission
factors applied and their derivation, etc. spectrometry finish. Silica is reported by
Nature of quality control procedures adopted (e.g. difference.
standards, blanks, duplicates, external laboratory o North Australian Laboratories (NAL),
checks) and whether acceptable levels of Northern Territory. The assay method
accuracy (i.e. lack of bias) and precision have consisted of: 300 mg aliquot of sample was
been established. pre-digested with HF acid to near dryness
in a Teflon vessel and then a total digest
with NAL’s standard four acids
[HNO3/HCl/HClO4/HF] to fumes of HClO4.
The residue was then leached with conc.
HCl acid then diluted to volume with
demineralised water. All acids used were
AR [Analytical Reagent] grade. Elements
were determined by ICP-OES
instrumentation. OREAS 60d, OREAS 61f
& ORES 62f and GEOSTATS GBM 302-5
& GBM 311-6 were used as QA/QC CRM’s.
• No geophysical tools were utilised for the
process.
• Quality control of routine laboratory accuracy was
performed by submitting a selection of 55
samples for audit analysis to ALS laboratory in
Wangara, Perth, Western Australia. The ME-
ICP85 technique was chosen to best replicate the
routine analysis. It includes a lithium tetraborate
fusion, nitric acid dissolvation and ICP-AES
finish.
• Analysis of sample duplicates, laboratory
replicates and audit analysis paired data is
undertaken by standard geostatistical
methodologies (Scatter, Pair Difference and QQ
Plots) to test for bias and to verify techniques.
Variability is adequately explained and results
achieve an adequate level of precision for this
estimate.

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• An additional bias analysis was completed on the
audit assay data which showed an average but
variable reduction in SiO2 of 2.32% from the
routine analysis method. This is attributed to a
complete digest in the audit technique when
compared to the routine method stating a near-
total digest.
Verification of • The verification of significant intersections by • Significant intersections were compiled and
sampling and either independent or alternative company verified by an independent geologist.
assaying personnel. • Twinned holes are drilled across a
• The use of twinned holes. geographically-dispersed area to determine
• Documentation of primary data, data entry short-range geological and assay field variability
procedures, data verification, data storage for the resource estimation. A total of 64 twin drill
(physical and electronic) protocols. holes were completed (5% of the drill database).
Acceptable levels of precision are displayed in
Discuss any adjustment to assay data.
the geostatistical analysis of twin drilling data to
support the resource classifications as applied to
the estimate.
• All drilling and sampling procedures were
documented and monitored on site by a trained
field technician.
• All primary information was initially captured in a
written log on site by a field technician, data
entered, imported then visually validated and
stored in a geological database. No data
quarantine function is enabled at this time.
• A set of conversion factors, to 5 decimal places
are developed from molecular weights and
applied to elements to achieve oxide values.
Location of • Accuracy and quality of surveys used to locate drill • The position of the auger hole locations was
data points holes (collar and downhole surveys), trenches, determined by a GPS model Garmin GPS Map
mine workings and other locations used in Mineral 64s with an accuracy of 5 m.
Resource estimation. • The Grid system used was GDA2020 Zone 50.
• Specification of the grid system used. • Drill holes informing the MRE are projected to the
Quality and adequacy of topographic control. Lidar dtm.
Topographic control is from Lidar survey is
considered adequate.
Data spacing • Data spacing for reporting of Exploration Results. • Auger drill holes were completed on a nominal 50
and • Whether the data spacing and distribution is x 50m grid pattern and in some areas on a
distribution sufficient to establish the degree of geological and broader spaced 150 x 150m spaced grid pattern.
grade continuity appropriate for the Mineral • This drill spacing is considered appropriate for
Resource and Ore Reserve estimation exploration, geological interpretation, and
procedure(s) and classifications applied. resource estimation for this type of bulk deposit.
Whether sample compositing has been applied. All samples were taken as whole composite samples
downhole for auger drilling completed. Auger holes
range in depth from 0.3m to 3.0m, with geological
observations used to identify intervals for composite
samples.
Orientation of • Whether the orientation of sampling achieves • It is expected that the sand stratum sampled is
data in unbiased sampling of possible structures and the relatively flat dipping and as such is
relation to extent to which this is known, considering the representative of that layer of sediment.
geological deposit type. • Vertical auger drilling is drilled perpendicular to
structure If the relationship between the drilling orientation and mineralised horizons, and as such is considered
the orientation of key mineralised structures is unbiased and to provide a true width sample.
considered to have introduced a sampling bias, There is not considered to be any mineralised
this should be assessed and reported if material. structures that would cause any sampling bias from
the orientation of drilling utilised.
Sample The measures taken to ensure sample security. • All samples have been bagged and removed from
security site and are under the care of the contract senior
geologist and field sampling supervisor.

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Auger samples were delivered to either Intertek
Genalysis Perth or North Australian Laboratories, NT.
The laboratories provided a sample reconciliation
report which was audited against the sample
submission sheet.
Audits or The results of any audits or reviews of sampling Recommendations have been made by Placer
reviews techniques and data. Consulting resource geologists on all aspects. Further
recommendations are made in Section 2.
JORC Table 1 – Section 2: Reporting of Exploration Results

Mineral • Type, reference name/number, location and • The Stockyard project is 100% held by Industrial
tenement and ownership including agreements or material Minerals. The underlying land is held as pastoral
land tenure issues with third parties such as joint ventures, freehold land and IND has entered into an
status partnerships, overriding royalties, native title agreement with the landowner to access and
interests, historical sites, wilderness or national explore the property.
park and environmental settings. • An access deed is in place to allow mining and a
The security of the tenure held at the time of reporting 1% FOB royalty is payable to the landowner.
along with any known impediments to obtaining a There are no impediments on a licence to operate at
licence to operate in the area. the time of reporting.
Exploration Acknowledgment and appraisal of exploration by Past exploration by others targeting heavy mineral
done by other other parties. sands, IND is the first company to explore for silica
parties sands at the project.
Geology Deposit type, geological setting and style of Unconsolidated Quaternary coastal sediments, part of
mineralisation. the Perth Basin. Aeolian quartz sand dunes overlying
Pleistocene limestones and paleo-coastline.
Drill hole • A summary of all information material to the • Exploration results are reported in previous
information understanding of the exploration results including releases.
a tabulation of the following information for all There are no further drill hole results that are
Material drillholes: considered material to the understanding of the
− easting and northing of the drillhole collar exploration results.
− elevation or RL (Reduced Level – elevation
above sea level in metres) of the drillhole collar
− dip and azimuth of the hole
− downhole length and interception depth
− hole length.
If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding
of the report, the Competent Person should clearly
explain why this is the case.
Data • In reporting Exploration Results, weighting • Significant intercepts were calculated using length
aggregation averaging techniques, maximum and/or minimum weighted averaging.
methods grade truncations (e.g. cutting of high grades) and • The MRE is reported at a series of bottom cuts to
cut-off grades are usually Material and should be assist in determining a lower cut-off grade and the
stated. influence of grades on material tonnes.
• Where aggregate intercepts incorporate short • No upper cut-off grades are applied. Data
lengths of high-grade results and longer lengths of distributions are normal with a positive skew and
low-grade results, the procedure used for such contain no observable spike or nugget effects.
aggregation should be stated and some typical
• Composite sample lengths range from 0.3m to
examples of such aggregations should be shown
3.0m. The average sample interval is 0.74m in the
in detail.
resource drill hole file.
The assumptions used for any reporting of metal
No metal equivalents are required.
equivalent values should be clearly stated.

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Relationship • These relationships are particularly important in • All auger holes are drilled vertically and are
between the reporting of Exploration Results. considered to be drilled perpendicular to
mineralisatio • If the gemetry of the mineralisation with respect to mineralised horizons, hence considered
n widths and the drillhole angle is known, its nature should be representative of true width.
intercept reported. Deposits typically approximate a sub-horizontal
lengths accumulation over a variable basement topography.
If it is not known and only the downhole lengths are
reported, there should be a clear statement to this
effect (e.g. ‘downhole length, true width not
known’).
Diagrams Appropriate maps and sections (with scales) and Plan views illustrating drilling completed and
tabulations of intercepts should be included for significant intercepts are included in body of the
any significant discovery being reported These report.
should include, but not be limited to a plan view of
drillhole collar locations and appropriate sectional
views.
Balanced Where comprehensive reporting of all Exploration Reporting of results is restricted to Mineral Resources
reporting Results is not practicable, representative reporting estimates generated from geological and grade block
of both low and high grades and/or widths should modelling. The grade and dimensions of the Resource
be practiced to avoid misleading reporting of and the extents of the exploration drilling results is
Exploration Results. outlined in the resource report. Intercepts are
disclosed in an unambiguous way.
Other Other exploration data, if meaningful and material, • The silica sand ore occurs from surface and is
substantive should be reported including (but not limited to): readily identified by its colour and absence of
exploration geological observations; geophysical survey induration. Additional ore is likely to be scavenged
data results; geochemical survey results; bulk samples during mining.
– size and method of treatment; metallurgical test • Audit assay by ICPAES method has returned a
results; bulk density, groundwater, geotechnical variable reduction in SiO2 that averages 2.32%
and rock characteristics; potential deleterious or when compared to the routine analysis by
contaminating substances. ICPOES.
• A 0.1m topsoil horizon is flagged in the resource
model. Minimal topsoil removal will be required as
the sand deposits typically occur from surface.
• Bulk density is derived by applying an average of
25 Nuclear Densometer readings taken from
mineralised blocks across the project.
• A 200kg bulk sample from the project was
subjected to raw sample particle size screening,
washing and elemental analysis. The 150-600µm
fraction is characterised by 99.9% SiO2 and very
low contaminants. Metallurgical analysis has been
extended to characterise potential ore from all
mineralised zones. Results are pending.
• The recovery factor attributed to saleable and
non-saleable quartz sand size fractions are not
understood by Placer at this time.
• IND has commenced a Scoping Study on the
Stockyard Project deposits on the basis of the
resource and metallurgical test work completed.
A groundwater extraction licence and bore are
established to support anticipated annual production
of 0.5mt of ore.
Further work • The nature and scale of planned further work (e.g. • Further auger drilling programs are underway to
tests for lateral extensions or depth extensions or define and test lateral extensions of known
large-scale step-out drilling). mineralisation and to test other target areas which
Diagrams clearly highlighting the areas of possible have not yet been subjected to drilling.
extensions, including the main geological • Application of more accurate drill hole survey
interpretations and future drilling areas, provided methods is required to increase resource
this information is not commercially sensitive. confidence.
• Field logging should migrate to digital data capture
using industry software with on-board validation.
• All holes should be geologically logged.

ASX ANNOUNCEMENT
9 November 2022
ABN 87 648 183 297

• The database required quarantine and validation
stages for import of all data.
• The implications of a potential overcall in SiO2
from the routine analysis method requires further
investigation and consideration of market
requirements and product pricing.
JORC Table 1 – Section 3: Estimation and Reporting of Mineral Resources

Database • Measures taken to ensure that data has not been • Logging of drill data is on paper log sheets with
integrity corrupted by, for example, transcription or keying data entered into the MS Access Database daily.
errors, between its initial collection and its use for Tabulated assay data are received and imported
Mineral Resource estimation purposes. Include into the MS Access Database.
reference to measures taken to ensure sample • No quarantine function is enabled in the MS
representivity and the appropriate calibration of Access Database. Data are secure with limited
any measurement tools or systems used. access privileges established.
Data validation procedures used. • Statistical, out-of-range, distribution, error and
missing data validation is completed on data sets
by Placer resource geologists before being
compiled into a de-surveyed drill hole file for
resource estimation.
Cross section interrogation of assay fields was
conducted in Datamine Studio RM software.
Site visits Comment on any site visits undertaken by the • No site visits were undertaken by the Competent
Competent Person and the outcome of those Person. IND supervision of field and laboratory
visits. operations was performed.
There are no issues anticipated that might be
considered material to the Mineral Resource under
consideration.
Geological • Confidence in (or conversely, the uncertainty of) • The Stockyard Deposit comprises a single,
interpretation the geological interpretation of the mineral deposit. visually distinct mineralised dune sand overlying
• Nature of the data used and of any assumptions yellow sand and laterite lithologies. It is a simple
made. deposit and does not require complex logging
fields to generate a robust geological
• The effect, if any, of alternative interpretations on
interpretation.
Mineral Resource estimation
• The geological interpretation is compiled from field
• The use of geology in guiding and controlling geological observations during drill sample
Mineral Resource estimation. logging, and interpretation of sample assay data.
The factors affecting continuity both of grade and A strong correlation between these sources of
geology. information is observed and a high degree of
confidence results.
• Primary IND data is used exclusively for the
resource estimation. No material assumptions
were made.
• No alternative interpretations for the mineral
resource estimation are offered.
• The mineral resource is constrained by the
topographical surface and the base of
mineralisation being the yellow sand or laterite
formations. The resource estimate is controlled by
closed solids that incorporate these two layers
and lateral constraints at 0.5*drill interval in X and
Y.
Silica sand grades are primarily controlled by the
depositional factors of prevailing wind and pre-
existing surface depressions into which the white
sand is deposited and preserved. Further discoveries
are anticipated in areas of similar setting throughout
the region.

ASX ANNOUNCEMENT
9 November 2022
ABN 87 648 183 297

Dimensions The extent and variability of the Mineral Resource Stockyard currently comprises 30 discrete
expressed as length (along strike or otherwise), mineralized blocks over a 16km-by-16km area. Many
plan width, and depth below surface to the upper of these blocks reside in close proximity and may
and lower limits of the Mineral Resource. coalesce upon application of additional drilling.
Estimation • The nature and appropriateness of the estimation • Datamine Studio RM software is used for the
and technique(s) applied and key assumptions, resource estimation with key fields being
modelling including treatment of extreme grade values, interpolated into the volume model using the
techniques domaining, interpolation parameters and Inverse Distance weighting (power 4) method.
maximum distance of extrapolation from data Qualitative geology variables are interpolated
points. If a computer assisted estimation method using the Nearest Neighbour method.
was chosen include a description of computer • Appropriate and industry standard search ellipses
software and parameters used. are used to search for data for the interpolation
• The availability of check estimates, previous and suitable limitations on the number of samples
estimates and/or mine production records and and the impact of those samples is maintained.
whether the Mineral Resource estimate takes • Extreme grade values are not identified by
appropriate account of such data. statistical analysis, nor are they anticipated in this
• The assumptions made regarding recovery of by- style of deposit. No top cut is applied to the
products. resource estimation.
• Estimation of deleterious elements or other non- • Interpolation is constrained by hard boundaries
grade variables of economic significance (eg (domains) that result from the geological
sulphur for acid mine drainage characterisation). interpretation.
• In the case of block model interpolation, the block • No mining or pilot plant-scale test work has
size in relation to the average sample spacing and occurred on the deposit. Bulk sample test work
the search employed. has confirmed a simple wash and screen process
• Any assumptions behind modelling of selective will deliver a high-quality product.
mining units. • No assumptions are made regarding the recovery
• Any assumptions about correlation between of by-products.
variables. • Deleterious elements and oxides are in very low
• Description of how the geological interpretation concentrations. Test work suggests only 0.01% of
was used to control the resource estimates the final product is deleterious.
• Discussion of basis for using or not using grade • The parent cell size used matches the 50m drill
cutting or capping. spacing with drill holes deliberately plotting
centrally within each parent cell. Cell size in the Z-
The process of validation, the checking process used,
axis is established to cater for the thin deposits.
the comparison of model data to drill hole data,
Parent cell size is 50*50*1m with 10 splits
and use of reconciliation data if available.
available in X and Y and a resolution of 20 in Z.
This ensures accurate adherence to the
undulating surfaces and allows a 0.1m topsoil
layer to be flagged in the model.
• No assumptions are made regarding the
modelling of selective mining units. The cell size
and the sub cell splitting regime will allow for an
appropriate ore reserve to be prepared.
• No assumptions are made regarding the
correlation between variables.
• Interpolation is constrained by hard boundaries
(domains) that result from the geological
interpretation.
• Extreme grade values are not identified by
statistical analysis, nor are they anticipated in this
style of deposit. No top cut is applied to the
resource estimation.
Validation of grade interpolations is done visually In
Datamine by loading model and drill hole files and
annotating and colouring and using filtering to check
for the appropriateness of interpolations. Statistical
distributions are prepared from both drill holes and
the model to compare the effectiveness of the
interpolation. Along strike distributions of section line
averages (swath plots) for drill holes and models are
also prepared for comparison purposes.

ASX ANNOUNCEMENT
9 November 2022
ABN 87 648 183 297

Moisture Whether the tonnages are estimated on a dry basis or Tonnages are estimated on a dry basis. No moisture
with natural moisture, and the method of content is factored.
determination of the moisture content.
Cut-off The basis of the adopted cut-off grade(s) or quality The MRE is reported at a series of bottom cuts to
parameters parameters applied. assist in determining a lower cut-off grade and the
influence of grades on material tonnes. Consultation
with mining professionals working on the Stockyard
Project Scoping Study will assist in refining the bottom
cut applied.
Mining Assumptions made regarding possible mining • Conventional dry mining methods are to be
factors or methods, minimum mining dimensions and employed and will include a combination of
assumptions internal (or, if applicable, external) mining dilution. scraper and excavator extraction. Trucks will
It is always necessary as part of the process of stockpile ore at the ROM for screening and
determining reasonable prospects for eventual processing.
economic extraction to consider potential mining • Dilution is considered to be minimal as
methods, but the assumptions made regarding mineralisation occurs from surface and the
mining methods and parameters when estimating basement is visually distinct.
Mineral Resources may not always be rigorous.
Recovery parameters (e.g. quartz sand saleable size
Where this is the case, this should be reported
fractions) have not been factored into the estimate.
with an explanation of the basis of the mining
With visual mining methods it is likely that additional
assumptions made.
ore can be scavenged outside the existing MRE. No
recovery issues are anticipated in the conventional
screening/washing plant.
Metallurgical The basis for assumptions or predictions regarding • The metallurgical recovery and separability
factors or metallurgical amenability. It is always necessary factors are considered to be similar to other silica
assumptions as part of the process of determining reasonable sands operations. Conventional processing
prospects for eventual economic extraction to techniques will be employed.
consider potential metallurgical methods, but the • Screening and wet processing has been
assumptions regarding metallurgical treatment demonstrated in test work, to provide a saleable
processes and parameters made when reporting product at a high SiO2 grade in the 150 – 600µm
Mineral Resources may not always be rigorous. size fraction.
Where this is the case, this should be reported
Undersize material will be washed through settling
with an explanation of the basis of the
ponds to separate fines for drying.
metallurgical assumptions made.
Environmenta • Assumptions made regarding possible waste and • Wet processing uses no environmentally harmful
l factors or process residue disposal options. It is always chemicals. Silt and clay tailings are considered
assumptions necessary as part of the process of determining non-toxic. These undersize tailings will be
reasonable prospects for eventual economic pumped through settling ponds to separate fines
extraction to consider the potential environmental for drying blending upon return to pit voids.
impacts of the mining and processing operation. Oversize material will be used for site construction
While at this stage the determination of potential purposes or trucked back to the pit void for
environmental impacts, particularly for a disposal.
greenfields project, may not always be well • Topsoil stockpiles are included in the mine plan
advanced, the status of early consideration of and will reside off-path, proximal to the area of
these potential environmental impacts should be disturbance. Post mining, topsoil will be spread
reported. Where these aspects have not been over the mining voids and the landform contoured
considered this should be reported with an to meet landowner and closure plan commitments
explanation of the environmental assumptions
• The coincident landscape comprises low-yield
made.
agricultural land with minor stands of remnant
scrubland. Rehabilitation plans include
enhancement of soils for improved agricultural
productivity or re-establishment of native
vegetation.
Water balance studies predict a total of just under
48Ml of water will be used to process the anticipated
annual production of 0.5Mt of ore. A ground water
extraction licence is approved and allows IND to pump
49Ml of water from an existing bore. Waste water
recycling is integral in the processing and tails
disposal plan.

ASX ANNOUNCEMENT
9 November 2022
ABN 87 648 183 297

Bulk density • Whether assumed or determined. If assumed, the • Bulk density is derived by applying an average of
basis for the assumptions. If determined, the 25 Nuclear Densometer readings taken from
method used, whether wet or dry, the frequency of mineralised blocks across the project.
the measurements, the nature, size and An average, dry bulk density of 1.57g/cm 3 is applied
representativeness of the samples. to the MRE.
• The bulk density for bulk material must have been
measured by methods that adequately account for
void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones
within the deposit.
Discuss assumptions for bulk density estimates used
in the evaluation process of the different materials.
Classification • The basis for the classification of the Mineral • The resource classification for the Stockyard
Resources into varying confidence categories. Project is based on the drill hole spacing,
• Whether appropriate account has been taken of all geological domain and mineralisation continuity
relevant factors (ie relative confidence in and the quality of QA/QC processes. Input data
tonnage/grade estimations, reliability of input data, are generally of a high quality, assay information
confidence in continuity of geology and metal is well represented and sufficiently consistent
values, quality, quantity and distribution of the throughout the deposit.
data). • Post-depositional modification is insignificant or
Whether the result appropriately reflects the domained out of the MRE.
Competent Person’s view of the deposit. The resultant MRE appropriately reflects the
Competent Person’s view of the deposits.
Audits or The results of any audits or reviews of Mineral • Independent consultant Gavin Helgeland
reviews Resource estimates. completed review of the prototype and volume
model prior to completing the interpolation.
Competent Person, Richard Stockwell performed a
review and validation of the MRE and concluded that
the interpolation parameters and resultant resource
estimate suitably reflect informing data at the quoted
confidence levels.
Discussion of • Where appropriate a statement of the relative • The accuracy and confidence of the Stockyard
relative accuracy and confidence level in the Mineral MRE can be reported to an Indicated Status. This
accuracy/ Resource estimate using an approach or is largely due to:
confidence procedure deemed appropriate by the Competent • The drilling and sampling density and the
Person. For example, the application of statistical subsequent geological interpretation, which offers
or geostatistical procedures to quantify the relative good control and confidence for the
accuracy of the resource within stated confidence mineralisation.
limits, or, if such an approach is not deemed
• The reconcilably high accuracy of the digital
appropriate, a qualitative discussion of the factors
terrane model.
that could affect the relative accuracy and
confidence of the estimate. • The demonstrable quality in the input assay data
and adequate performance of QA/QC data.
• The statement should specify whether it relates to
global or local estimates, and, if local, state the • Qualitative assessment of the Mineral Resource
relevant tonnages, which should be relevant to estimate indicates the robustness of this particular
technical and economic evaluation. resource estimation exercise.
Documentation should include assumptions made • The estimates are global.
and the procedures used. No production data is currently available.
These statements of relative accuracy and
confidence of the estimate should be compared
with production data, where available.


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ASX ANNOUNCEMENT

9th November 2022

MAIDEN MINERAL RESOURCE ESTIMATE

Table 1. Stockyard Maiden Mineral Resource Estimate, November 2022

www.industmin.com Unit 38, 460 Stirling Highway

Mineral Resource Estimate Overview

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12 September 2022 and 11 October 2022

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Table 2. Stockyard Maiden Mineral Resource Estimate, November 2022

Table 3. Stockyard Project exploration and development timeline

www.industmin.com Unit 38, 460 Stirling Highway

The following workstreams are complete for the Stockyard Project:

The following workstreams are underway for the Stockyard Project:

www.industmin.com Unit 38, 460 Stirling Highway

www.industmin.com Unit 38, 460 Stirling Highway

www.industmin.com Unit 38, 460 Stirling Highway

www.industmin.com Unit 38, 460 Stirling Highway

www.industmin.com Unit 38, 460 Stirling Highway

www.industmin.com Unit 38, 460 Stirling Highway

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ASX Listing Rule 5.8.1 Summary

www.industmin.com Unit 38, 460 Stirling Highway

This announcement has been approved by the Industrial Minerals Board.

For enquiries regarding this release please contact:

Mr. Jeff Sweet,

Media and Broker Enquiries:

www.industmin.com Unit 38, 460 Stirling Highway

www.industmin.com Unit 38, 460 Stirling Highway

Appendix 1: Detailed Analysis of Stockyard Mineral Resource Estimate

Industrial Minerals aims to implement an environmentally responsible exploration and development

Location, Infrastructure & Access

• Ferruginous duricrust, massive to rubbly, includes iron -cemented reworked products…

www.industmin.com Unit 38, 460 Stirling Highway

Attribute Code Description

Additional mineralisation is anticipated in extensions to known deposits and in additional occurrences

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Drilling, Sampling and Logging Techniques

Assaying and Metallurgy

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Test work highlights are as follows:

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Table 5. Stockyard Project Sighter Testwork Results – HLS and Attritioning

NB. HLS: Heavy Liquid Separation

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Table 6. Stockyard Project Sighter Testwork Results – DSO Product

Screened <1mm and Deslime at 75µm – DSO Product

Stream % Mass SiO2 Al2O3 Fe2O3 MgO TiO2 LOI

Input Data Validation

• All holes prefixed EXC (excavation/ bulk samples) were removed

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Survey and Data Spacing

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In-fill drilling of Inferred resource areas is required to increase resource confidence.

Resource Model Construction and Interpolation

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All blocks were estimated after the third interpolation pass.

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Resource Model Validation

Resource Estimate and Classification