Hawkstone Project Joint Venture

The two Falcon applications EL(A)04/2883 and EL(A)04/2884 are located 100km east of Derby in the Kimberley region of Western Australia and are adjacent to the Staveley Minerals (ASX: SVY) Hawkstone Nickel Copper Project.

Location of the Hawkstone Project

The Hawkstone Project is located in the emerging West Kimberley magmatic nickel province with two recent discoveries within separate IGO/Buxton JV’s – the Merlin Ni-Cu-Co discovery in 2015 and the Dogleg Ni-CuCo discovery in 2023. Both of these discoveries are located directly along strike from the Hawkstone Ni-Cu-Co Project.

TERMS

The terms of the Earn-in and Joint Venture Agreement include:

• Minimum expenditure equal to two-years’ statutory minimum expenditure on the tenements;
• Expenditure of $500,000 for Stavely to earn an 80% equity interest in the tenure;
• Formation of a Joint Venture with Falcon free-carried to a decision to mine; and
• If not proceeding to mine development with contributions on an equity basis, acquisition of the non-proceeding interest on a fair value basis.