The subject EL 3998 Braemar, in its eastern part, covers a 20 km long, high amplitude aeromagnetic anomaly located within the northern part of the Adelaide Fold Belt, that overlies a large antiformal fold in the Adelaidean metasedimentary cover which is interpreted to consist of Braemar Ironstone BIF units. During the first four years of licence tenure, no field work of any importance was done. A few grab samples of ironstone outcrop were collected and sent to China for evaluation as iron ore [no data were provided to PIRSA], while locally, a laboratory performed a whole rock XRF compositional analysis of just one sample. At the beginning of 2012, Carpentaria Exploration as operator of the now joint-ventured subject licence commenced a more intensive work program aiming to determine the probable magnetite resource that might be present at Braemar, along with any continuation of the resource onto Carpentaria's adjoining 100% owned EL 4395 South Dam. For the subject EL 3998, it undertook an interpretation of available aeromagnetic data, acquired and modelled new ground magnetic survey data, and performed reconnaissance RC drilling and bedrock sample petrographic analyses focussing on two areas, Area B and Area D. The ground magnetic readings and the drilling of 3 inclined RC holes for a total penetration of 500 m were completed during April 2012. 170 line km of ground magnetic profiles were read over both Areas D and B, along east-west lines spaced 100 m apart, to validate the 400 m line spaced SAEI 1993 aeromagnetic data. Subsequently one exploratory hole, RC12BM003, was drilled at Area B, and the other two at Area D (RC12BM001, RC12BM002). All three holes were terminated due to high groundwater influx. The results of this preliminary exploration confirmed the presence of a thick sequence of magnetite - bearing Neoproterozoic siltstone units associated with Area D, which appears to have similarities to the Hawsons stratabound mineralisation and geology. The Area D aeromagnetic anomaly, located in the south-eastern part of EL 3998, had been interpreted as representing high concentrations of magnetite occupying either the eastern limb of a regional antiformal structure, or alternatively, what could be a faulted offset of the east limb. Holes RC12BM001 and RC12BM002 were drilled to 160 m and 186 m respectively at Area D to test the western horizon and the peak of the magnetisation as determined from 3D data modelling. They both encountered a +100 m thick magnetite ironstone unit interpreted to be steeply dipping to the east, that yielded crushed, 38 micron grain size fraction Davis Tube Recoveries (DTR) of 21 to 29%, with DTR concentrate grades of 59% to 65% Fe plus 9-14% SiO2, besides low levels only of other deleterious elements. Both drillholes intersected 3-4 m of transported regolith material above 14-20 m of oxidised residual clays, before passing through oxidised siltstone into fresh magnetite - bearing units at 62 m downhole. The bedrock lithologies comprise interbedded magnetite - bearing siltstones and diamictites containing quartz-feldspar clasts in a magnetite - bearing siltstone matrix. 106 x 6-metre drill chip composite samples were submitted for multi-element assaying, and 7 of the samples were examined petrographically. The maximum measured rock magnetic susceptibility was 0.81 SI units, and the maximum assayed iron content was 27.5% Fe in hole RC12BM002. Hole RC12BM003 tested rocks forming the nose of the antiformal fold interpreted at Area B, down to 154 m. It intersected 6 m of transported regolith material above 77 m of oxidised siltstone. Below the base of oxidation, logged at 83 m down hole, the hole penetrated fresh magnetite -bearing siltstone to EOH. This unit has lower magnetic susceptibilities and iron than the bedrock at Area D, averaging 0.1 SI units and 15.3% Fe respectively below the base of oxidation. These lower magnetic susceptibilities and iron grades are consistent with lower anomaly amplitudes observed in the ground magnetic survey data. During 2013, Carpentaria arranged to have the Braemar exploration data reviewed by an independent resource estimation consultant. He reported that a likely magnetite conceptual Exploration Target size within renewed EL 5181 might range from 1.2 Bt to 2.2 Bt. The average DTR grade of the target was likely to be between 12% and 27%, whilst its concentrate product was expected to have an Fe grade range of 63% to 67%. However, at this stage it remained unclear if further exploration work might result in the determination of a Mineral Resource. Licensee Maosen Australia began to assess the potential for finding economic kaolin mineralisation in the western portion of the licence area, where several such occurrences has been recorded from historical drilling which had been primarily designed to test for copper mineralisation associated with the Bendigo Granite. Samples of the kaolin were taken from stored drillhole material at the SA State Core Library and were sent to China for evaluation by companies involved in the paper manufacturing and coating business. During the first half of 2014, Carpentaria collected a representative 65 kg bulk composite sample of drill chips from the magnetite - bearing intervals in its three Braemar scout RC holes and sent that sample to South Africa for metallurgical testing. At the same time, a 5 kg control sample was split from the bulk sample and sent to Perth, WA, for DTR analysis. TC Droste Investments (Pty) Limited (TCD) were commissioned by Carpentaria to perform mini-pilot plant metallurgical test work on the magnetite-rich bulk sample, with the aim of establishing whether the magnetic concentrate which it typically produced was amenable to being upgraded to a product with greater than 66% Fe. The scope of work undertaken included processing the sample through two stages of grinding and low intensity magnetic separation (LIMS) to produce a magnetic concentrate, and next attempting to upgrade that concentrate using a processing methodology developed by TCD. The results obtained from the DTR analysis work performed at Australian Laboratory Services, Iron Ore Technical Centre indicated that the head fractions for 38 micron and 25 micron grind size samples contained 20.55 % Fe and 20.54% Fe respectively. The concentrate fractions for these samples had 62.52% Fe and 63.12% Fe respectively. Mass recoveries were 21.5% and 21.2% respectively. During 2015-2017, Maosen Australia attempted to interest steel industry companies in China in funding further exploration on EL 5181, to date without success, via providing information about some suggested project funding models, including a partial float of the company on the Australian Stock Exchange. To assist the licensee with its promotion efforts, a combined exploration gap analysis and mining project scoping study report (a quasi - prospectus) was commissioned from Zealous Engineering Pty Ltd, and this was delivered in December 2017 [copy attached herein]. During the 2018 reporting period no work was done. With a downturn in the market the company were actively seeking potential investors. The company is investigating and studying equipment suppliers for feasibility studies.