Exploration Licence 2494 was granted in March 1998 to Paladin Energy Minerals NL and Brightstar Power Corporation Pty Ltd - the Paladin Brightstar Joint Venture (PBJV), with Paladin Resources NL as manager. The target commodity being explored for by the PBJV is uranium. The licence area lies ~600 km north of Adelaide and extends from the western boundary of the Lake Callabonna Fossil Reserve within the Frome Basin and is the subject of exploration for uranium mineralisation within Tertiary palaeochannel. The tenement is situated immediately north-east of the Mount Painter Inlier an exposed sequence of Precambrian crystalline basement consisting of metasediments, metavolcanics and intrusive alkali granites that contain an anomalously high content of uranium. Within the tenement substantial amounts of reduced Eyre Formation sands (35-70m thick) exist beneath a thin covering of Namba mudstones (50-70m thick). The sands occur within two embayment’s of broad channels (Reedy Springs Channel to the west and Petermorra Channel to the east) separated by a palaeo-high of Cretaceous basement. Basement depth increases from southwest to northeast across the tenement. Palaeochannel-hosted uranium mineralisation has been identified with in the sandy lenses of the Upper Namba Formation and is host to the Beverly deposit (south of the tenement) and also occurs in blanket sands of the Eyre Formation. The latter hosts the Honeymoon and Goulds Dam deposits in the southeastern Frome Embayment. The potential for sedimentary uranium mineralisation lies in palaeochannels, generally within 20 kilometres of the exposed and weathered granitic basement located to the southwest. During the first licence year to 18th March 1999, work carried out by the PBJV includes: • Research and compilation of previous drilling data including gamma logs, lithology logs and redox maps. • Compilation of isopach and structural contour maps of the Eyre Formation. • Compilation and interpretation of open-file gravity data. • Negotiations with Native Title parties to secure mining native title agreements required by the Mining Act. • Field visits to the Lake Frome area. • Examination and logging of representative drill core. • Digitising of drill hole data and interpretation of results. During second and third license years, no exploration work was undertaken, and no new data generated. Office based activities included continuing review and interpretation of historical open-file data and the preparation of funding proposals. A portion of the tenement was partially surrendered at the end of the reporting period [ see separately indexed ENV09765 CNO:2022288] During the fourth licence year, a Joint Venture Agreement was entered into by Heathgate Resources Pty Ltd (Heathgate) with Paladin Resources and John Risinger on 16/11/2001, whereby Heathgate can earn an 80% interest in EL 2494 by funding and managing the ongoing uranium exploration programme up until a mining decision point is reached. In the interim, the other parties' respective 15% and 5% interests will be free-carried. Work carried out by Heathgate during the reporting period involved: • The completion of transfer documents relating to the exploration titles. • Review of the Native Title status of the exploration license and contact with the Native Title groups concerning future Aboriginal Heritage clearances prior to surface exploration. Initial reconnaissance with representatives of the Kuyani Peoples Association over a large area of EL 2494 was completed in order to assess the potential for areas of Heritage significance. • Review of the geology, airborne geophysics (aeromagnetic and radiometric) and results of previous exploration in the area. Assessment of the previous work undertaken by Paladin Resources was completed. This work was primarily oriented towards identification of areas of Tertiary sediments containing potential for sandstone uranium deposits amenable to ISL mining, however the potential for base and other metals in underlying basement rocks was also reviewed. During the fifth licence year, For the first three quarters of the reporting period, Paladin Resources Ltd and Heathgate Resources Pty Ltd held title to EL2494, where Heathgate was responsible exploration and expenditure up to a mining decision. In December 2002, Heathgate Resources assigned its interest in the Joint Venture to Quasar Resources Pty Ltd (Quasar). Work carried out during the reporting period involved: • Research and compilation of historical drilling including downhole geophysical and lithology logs. • Undertaking a regional airborne geophysical Tempest EM survey over the Frome Basin that included portions of EL2494. • Planning of a 40 -hole rotary-mud drilling program to test targets for palaeochannel-hosted uranium. • Discussions with Native Title groups concerning Native Title and Heritage clearances and a clearance agreement. The TEMPEST Airborne EM survey was flown by Fugro Airborne Surveys Pty Ltd over portions of the tenement May 2002 as part of a larger survey commissioned by Heathgate over their other tenements held with the Frome Basin. A detailed examination of the data has not been undertaken to date, however, there appears a good correlation with the occurrence of conductivity contrast and the position of mapped fault traces, areas of broad regional elevated conductivity correlate well with the regional drainage pattern and presumably the palaeodrainage in the near subsurface. These areas are interpreted to contain groundwaters of elevated salinity. During the sixth licence year, renewed licence EL 3078 was granted to Quasar for a period of 3 years and they maintain an 80% interest in the joint venture agreement with Paladin. A total of 32 rotary mud holes for 3403 m (PM001 – PM032) were drilled to assess the for sedimentary Uranium mineralisation in the region. The north-western portion of the tenement was relinquished at the end of the reporting period [See separately indexed ENV10554 CNO:2025062]. [The annual report for the period on 16/4/04 to 15/4/05 appears to be a duplication of the previous reporting period] During the eighth licence year, work comprised of drilling 12 rotary mud holes for 1897 m (PM033 – PM043). Except for the development of surface weathering profiles, the Tertiary sediments intersected were almost entirely reduced and no suitable redox boundaries were encountered. No anomalous gamma or mineralisation was intersected in any of the drillholes. Nine of these drillholes were geophysically logged and reconnaissance mapping was completed simultaneously. The drillholes were geophysically logged in order to detect anomalous gamma responses. Drilling results were not encouraging and review of previous intersections of anomalous gamma shows them to be small and insignificant. Thirty-four drill cutting samples were submitted to PIRSA for palynological analysis (results had not been received at the time of reporting). During the ninth licence year, work was restricted to a Native Title Clearance in preparation for a future drilling program. During the tenth licence year, exploration activities consisted of mud rotary drilling with 15 holes for 2038 m drilled (PM044 – PM058), and 420 samples collected for geochemical analysis. Thirteen drillholes were geophysically logged in order to determine uranium grade and interpret lithology. Anomalous gamma results over a broad zone, in one-hole PM054 were identified, in the remainder no significant gamma equivalent grades were intersected. A review of geophysical/remote sensing datasets of the tenement and adjacent Quasar tenements was undertaken, these included: the PIRSA radiometric, magnetic and gravity datasets, the shuttle DEM from NASA, open file satellite imagery (Google earth) and Tempest collected by Quasar resources in 2003. Field interpretations (magnetics and gravity) appear to share similar features and their combined interpretation shares some features with the DEM/Tempest in the south but is vastly different in the north. This is assumed to be due to the deepening of the depth to Proterozoic basement to the north. The DEM and TEMPEST interpretation shows good agreement with each other with the state mapping and historic exploration (from surface to approximately 200m). The most prominent feature is the extension of the Paralana fault which divides outcropping cretaceous sediments (WSW) from the tertiary sequence. Cross cutting linear features are also noted. Palynological results from 2005/2006 reporting period were received with processing and examination completed by Liliana Stoian at the Geological Survey of South Australia, and results were consistent with the known or inferred stratigraphy of the area. During the eleventh licence year, on renewed licence EL 4134, work on the project included the drilling of 11 rotary mud drillholes for 1818 m (PM059 - PM069), geophysical downhole gamma logging of all holes. Thirty-three drill cutting samples were collected from across 3 holes for geochemical analysis, while 15 drill cutting samples from across 3 holes were collected for palynological assessment. The maximum recorded Gamma assay was 0.37 m at 0.009% U3O8; a maximum PFN assay was 0.2 m at 0.005% U3O8 and a geochemical assay result of 59.9 ppm at an approximate depth of 117 m in hole PM064. Hole PM064 also displayed above background assay values for Ag, Cu and Pb, (0.16, 63.3 and 24.3 ppm respectively). Drilling also intersected a structure which vertically offsets sediments by around 60 m. Further work was recommended to investigate these results. During the twelfth licence year, exploration work included a ground gravity survey (170 stations), 2 work area clearance surveys and the drilling of 12 rotary mud drillholes for 1644 m (PM070 – PM081) with associated wire line logging of 9 holes (1422 m). The logging suite included fully calibrated neutron, gamma, induction, resistivity, calliper, and deviation sondes. Drilling targeted the Tertiary aged sediments adjacent to major basin structures. The best intersection for the drilling was 0.2m @ 0.034% eU308 (PM078 – 135.2 to 135.4 m) in clay/silts within the Eyre Formation. The gravity survey was collected by Haines Surveys in July 2009 on either 1 km x 2 km or 2 km x 2 km spacings. The aim of the survey was to provide complete coverage of the tenement at a scale that would highlight any major regional basement structures. During the thirteenth licence year, no field work was completed during the reporting period. During the fourteenth licence year, a data review of historical work identified two priority areas for drilling. A work area heritage survey was conducted across Petermorra by representatives of the Adnyamathanha Traditional Lands Association, between 6 and 10 February 2012. The clearance covered two areas within the Petermorra tenement, the northern most area was cleared as an area and the southern area was cleared as four individual transects. The planned work area clearance to be conducted by the Dieri group was postponed due to inclement weather. This has yet to be undertaken. During the fifteenth licence year, work undertaken saw the completion of 20 rotary mud drillholes for 3112 (PM082 – PM101) m and downhole geophysical logging. Drilling intersected both reduced and oxidized sediments within the Eyre Formation; however no significant gamma intersections were encountered. An anomalous gamma signature was noted in drillhole PM098 within interpreted Eyre Formation sediments. The character of the gamma signature indicated uraniferous fluids had moved through the Eyre Formation, though logging indicated the sediments still appeared to be either neutral or reduced. During the sixteenth licence year, under exploration licence EL 5261, no filed work was undertaken. During the seventeenth licence year, Quasar purchased Paladin’s 20% interest in the exploration licence on the 29/1/2015. No filed work was undertaken during the reporting period.