Iluka Resources is exploring for possible economic heavy mineral (HM) deposits that may have formed in the northern Murray Basin, with a strategy of targeting any mineralised Loxton-Parilla Sand formation sediments deposited during the Pliocene marine regression, and focussing on evaluating the potential of likely higher grade, coarse-grained strands in regions of favourable mineral assemblage. The company's initial exploration for HM utilised two complementary techniques: - the first entailed examining filtered airborne magnetic data as a first pass reconnaissance of the licence area, to directly select drill targets based on automated pattern recognition of linear magnetic anomalies that might reflect zircon and rutile rich deposits as well as more magnetic ilmenite rich deposits; - the second technique involved the planning of drilling traverses based on previous drilling data, regional structural contour maps, interpretation of detailed digital terrain models, and the utilisation of airborne magnetic data to estimate basement depth. Subsequently, following usual practice, exploratory drilling along orientated traverses would then commence with widely-spaced holes to investigate the broad geological setting, and then be infilled by closer-spaced drilling as required by any revealed geology and mineralised intersections. A single exploratory drilling programme was completed by Iluka on EL 4364 during August 2010, when a total of 44 vertical aircore open holes were completed along six traverses, for a total penetration of 3040.2 m. This program of exploration addressed three different technical objectives: • Drill testing of an embayed beach target adjacent to a headland. • Stratigraphic drilling over the central and western portion of the tenement. • Drill testing of 'TargetMap' - generated linear magnetic anomalies. No significant mineralisation (>3% HM) was intercepted. Grades of up to 0.93% HM were intersected in some holes. The target Loxton Sand horizon was intersected in many of the drillholes located across the tenement. From these intercepts a line indicating the maximum Pliocene coastal transgression position has been proposed. Basement encountered by the drillholes includes the Anabama Granite and Adelaidean metasediments. In all but one hole, the Loxton - Parilla Sand sequence was found to directly overlie basement. The unmasked (by relict deposits of Pliocene soft sediment) basement that occurs in the south-eastern part of EL 4364 presents geomorphologically as a palaeo-headland, and its now covered periphery is still regarded as having good potential to host both embayed beach and up drift beach HM occurrences. During the 2010-2011 licence year, further exploratory drilling was undertaken to test the Loxton Sand target along the eastern and southern sides of the above-mentioned Anabama Granite basement palaeo-headland. 25 NQ diameter vertical aircore holes for 2378 m were completed on EL 4364 along three traverses. All of the holes were terminated when they reached pre-Tertiary basement saprock, here consisting of foliated Adelaidean or older metasediments. Many of the drillholes encountered moderately to well-developed regressive foreshore sedimentary facies, with 3 m to 21 m thick sands. However, only trace to minor (1% to < 3% HM) mineralisation was found, of no significance, as it consists mostly of trash mineral species. Evidence was found of a fluctuating shoreline position, leading to the formation of stratigraphically repeated strandline sequences which are underlain by poorly sorted but often coarse-grained surf zone facies and are overlain by deltaic/lagoonal clays. The maximum Pliocene coastal transgressive position was identified on traverse ST25, lying between holes S01353 and S01354, because the most northern hole (S01354) contained no marine sand. No further drilling was recommended on the subject licence. It is now believed that more prospective strandings may occur in the north-west of the basin margin, some distance to the south and west of this licence. During the 2011-2012 licence year, no drilling activities were undertaken. A data review of the tenement areas remained ongoing, and any resumption of work was dependent on this review. ************** On 26/8/2013, during the fourth licence year of the subject EL 4364 Goode Hill, exploration for Tertiary heavy mineral sands ceased when Iluka sold 100% of this licence to Braemar Iron Pty Ltd (Braemar), whereupon it became a part of that company's Olary Project directed at assessing the potential of buried Neoproterozoic stratabound iron ore mineralisation occurring within Adelaidean glacial metasediments. No field work was done at this time, as the new licence owner was in the process of obtaining a Native Title land access agreement from relevant claimant groups. During licence year 5, Braemar was able to begin doing geological field work on EL 4364, targeting the non-outcropping Braemar Iron Formation which forms part of the Yudnamutana Subgroup and is a stratigraphic package of magnetite bearing siltstones and diamictites associated with glacial sequences. Despite the lack of outcrop of these rocks, there are however several known outcrops of Pualco Tillite and Benda Siltstone which are also part of the Yudnamutana Subgroup and often bound the Braemar Iron Formation. Therefore the aeromagnetic signature of the target strata, combined with the known outcrop of stratigraphically over- and underlying layers, constituted the basis of exploration at this stage, which was envisaged to progress to the acquisition of ground magnetic surveys to better define shallowly subcropping magnetic rich beds. In other office-based work applicable to achieving success for the project as a whole, Braemar engaged consultants to conduct conceptual engineering and cost studies on ore processing and the on the best means of transport and export shipping of bulk magnetite and possibly haematite mineral concentrates. Reports on these studies were finalised during the reporting year. During licence year 6, no field work was done. All corporate attention was directed at the amalgamation of assets and rights from the Lodestone Group of companies into a new holding vehicle, Magnetite Mines Limited. After 26/8/2015, Braemar appointed Magnetite Mines Ltd to act as operator of the project's future work programme. Calculation of a JORC-compliant inferred mineral resource for the Red Dam prospect was commenced. During the 2016 to 2017 reporting period work completed on the Olary Project included a maiden resource on the Red Dam Project completed by H&S Consultants and sighter test work on the concentrate production of the Red Dam prospect ore material. Additional work focused on the amalgamation of tenements and assets with Magnetite Mines Limited. Also during this reporting period the focus was a desktop-study appraisal and resource calculations relating to previous drilling as completed by Helix Resources. produce a concentrate product utilising a conventional magnetite flow sheet was completed. Further review of the Lodestone tenements for eventual amalgamation into Magnetite Mines resulted in the surrender of tenement EL4713. No field work was undertaken on the tenements during the reporting period excepting for regulatory rehabilitation reconnaissance. During the 2017 to 2018 reporting period work completed on the Olary Project consisted of low-impact exploration, with several ground magnetic surveys used to delineate mineralisation and structural controls at the Red Dam Prospect on EL 5267/EL 6115. The ground magnetic surveying consisted of 3 individual surveys with a cumulative 563.6-line km surveyed (area 1 – 120.4 line-km, area 2 – 149.5 line-km, area 3 – 293.7 line-km). During the 2018 to 2019 reporting period work completed on the Olary Project included metallurgical tests and a scope study. Work was conducted by Hazemag and Weir in Europe for metallurgical tests. The company commissioned Calibre Global Pty Ltd to undertake a Scoping Study as a first step towards Definitive Feasibility Study.