During the eighth, 2012-2013 year of tenure of the Pernatty EL area, now being explored in concert with two other adjoining Punt Hill IOCG Project licences, Monax reviewed its past drillhole data, undertook further processing of the project's amassed geophysical data through its consultants Rapid Geophysics, and commissioned an extensive petrological study of basement drill cores from Mason Geoscience Pty Ltd. The company also arranged two meetings and an ensuing Aboriginal cultural heritage survey with the Kokatha Uwankara Native Title Claimants, which successfully cleared a number of targeted sites for drill testing. A diamond drilling campaign was performed on ELs 4642 and 4548 between 18th August and 11th December 2012, comprising 8 vertical, RC precollared HQ/NQ cored holes for a total penetration of 6873.4 m. Seven of these holes were located within EL 4642 to test for calcsilicate skarn - hosted copper-gold mineralisation. One drillhole put in there as a second test at at the Camel Dam prospect (PHDD1206) was partially funded, as approved drilling project DPY7-14, by a $60,000 subsidy successfully obtained from the SA Government's PACE Initiative Year 7 collaborative drilling program [see Env 12622 for the PACE project final report]. 133 drill core samples taken from holes MMDD01 and PHDD1202 were submitted for laboratory geochemical analysis. No work was conducted on newly granted EL 4994 during the year. 83 drill core samples were examined and described for Monax by Doug Mason in a study intended to document the different lithologies and styles of alteration and mineralisation seen at Punt Hill. The samples were collected from various Proterozoic metasedimentary and igneous cover and basement rocks which Monax had encountered in a number of drillhole locations across the project that included the Camel Dam, Otcheck, Groundhog, Woodchuck, Whistle Pig, Prairie Dog and Hoary prospects. The most significant geochemical result returned by the 2012 drilling campaign was from the basement cored in drillhole MMDD1 at Marmot prospect on EL 4642. The 2012 drilling performed at this site was a re-entry into a previously drilled hole (TD ~910 m) which had failed to reach basement. Basement was subsequently reached in the deepened hole at 933.5 m depth, and comprises variably calc-silicate skarn altered sedimentary rocks containing zones of copper mineralisation. The best intercept made in the core assays was 75 m @ 0.21% Cu and 1.5 g/t Ag from the depth interval 990-1064 m. Overall, the 2012 drilling campaign results, in particular from hole MMDD1, greatly enlarged the lateral extent of known skarn alteration and mineralisation. In Monax' view the depths to discovered mineralisation are to date economically undesirable, but this factor can be offset to a degree because skarn systems present an opportunity to discover extremely high grade mineralised zones. A number of geophysical anomalies across the tenements remained untested, and with ongoing exploration might lead to discoveries of economic such mineralisation. No field work took place during the 2013-2014 project year. Activity consisted of office-based target generation via ongoing processing and modelling of gravity and magnetic data. Geophysical consultant David Miller was contracted by Monax to review in detail the model data for certain prospects, to validate and rank the relevant gravity anomalies for their IOCG affinities, besides looking to identify other, more subtle anomalies that might warrant further investigation. Five such were identified and modelled for assessment as IOCG prospects. In addition, Stewart Geophysical were retained to do another round of gravity data terrain corrections for data from the south-eastern portion of the Punt Hill coverage. The outcome of this activity was that Monax recognised the need to undertake further detailed gravity surveying over the Groundhog gravity trend, as well as collecting further data in the north of the Yeltacowie tenement. The company was also intent on keeping a watching brief over the frequent SARIG-delivered Mining Act 'Sunset Clause' data releases starting to be made by DMITRE/DSD that described work done recently by other companies now conducting similar exploration programmes throughout the greater TORRENS region, since new geophysical and geological information was being generated which could guide the exploration at Punt Hill. During the tenth year of the Punt Hill Project, exploration activities included having a meeting with the Kokatha Uwankara Native Title group, acquiring a detailed ground gravity survey in two areas, and later, following the receipt of an Aboriginal Heritage clearance, conducting a diamond drilling campaign comprising one hole each at the Bottle Hill and Groundhog prospects. During the period, Monax's exploration partner and financier Antofagasta met the Phase I Farm-In Joint Venture expenditure requirements, and consequently had earned 51% equity in the project. The Andamooka Ranges Gravity Survey was acquired for Monax by Daishsat during June 2014, when a total of 1584 new stations were read. The survey began at the Bosworth prospect in the Punt Hill North area, where 1066 stations were read on a regular 250 m x 250 m grid. Work then shifted to the Groundhog prospect location to the south, where existing data points at 250 m precision were infilled by 518 stations read on a regular 100 m x 100 m grid. Initial processing of the Bosworth grid data suggested there was no anomaly of suitable amplitude to support an IOCG target, so this target was discounted. The diamond drilling campaign was conducted between 25th September and 7th November 2014, when a total of 2045.53 m were drilled. The first hole, PHDD1401, was located at the Bottle Hill prospect. It was planned as an angled hole directed to the south, that was designed to test the core of a modelled gravity anomaly source body interpreted to have been missed by Monax's previous vertical drill hole BHDD01 in 2011. Progressive regional reviews, and assaying and petrographic work which had been undertaken on the drill core recovered from hole BHDD01, had shown that in this hole there was evidence of proximity to a potential IOCG style system. PHDD1401 was fully cored from the surface for a total distance of 989.03 m. It reached basement at a downhole distance of 635.54 m, which comprises Donington Suite granite intruded by variable amounts of felsic pegmatite and dolerite. There is a zone of moderate haematite alteration and brecciation between 841.54 m and 864.3 m. No significant alteration or mineralisation was encountered. The drill core was sampled for assaying of a full suite of IOCG pathfinder elements, with a sample of the basement taken from every 10 m downhole, as well as from 1 m continuous intervals through the zone of moderate haematite alteration and brecciation. No significant assay values were returned. The JV partners decided not to explore this particular prospect any further. The second hole, PHDD1402, was drilled at Groundhog prospect as a 300 m away stepout westwards from the previous drilling done there, in order to test the lateral extent and continuity of the skarn type alteration and mineralisation that had already been discovered. This hole too was angled, at 60 degrees towards ~205 azimuth, and also was fully cored from the surface, for a total downhole distance of 1056.5 m. It encountered Gawler Range Volcanics at 782 m, followed by altered and mineralised calc-silicate skarn between 903.38 m and 1002.19 m, before entering Donington Suite granite and remaining in it through to the end of hole. A zone of skarn alteration and associated copper-gold-silver-zinc-lead mineralisation was intersected, which when assayed indicated a mineralised intercept of 96 m @ 0.47% Cu, 0.12 g/t Au, 5.3 g/t Ag and 0.37% Zn in the downhole interval 903–999 m. Within this zone are several higher grade intercepts, the best being 26 m @ 1.0% Cu, 0.23 g/t Au, 8.5 g/t Ag and 0.48% Zn (969-995 m). Towards the base of the zone, a 5 m interval contains 3.0% Cu, 0.7 g/t Au, 14.6 g/t Ag and 1.3% Zn, which includes 1 m @ 7.3% Cu, 1.6 g/t Au, 36 g/t Ag and 4.1% Zn. Because of the latter drilling result, Monax was keen to try to advance an economic study of the Groundhog mineral occurrence. It assembled all of the mineral system information that had been recorded for the Groundhog area, and calculated a preliminary resource estimate of approximately 52.9 Mt @ 0.412% Cu. Needing to acquire more geological data on this deep mineral occurrence, and faced with lowering levels of stock market confidence and base and precious metal prices, the company submitted a proposal to DSD seeking a grant of PACE Initiative 2015 collaborative drilling programme funds which would help it to drill another exploratory/appraisal hole at Groundhog. It also hoped that perhaps favourable development synergies might emerge, these depending on the forward progress of mining plans for Oz Minerals' neighbouring Carrapateena IOCG deposit. Monax was successful in its PACE drilling subsidy application, being granted $100,000 to complete one diamond hole at Groundhog under approved Year 8 drilling project DPY8-05, but the company subsequently withdrew its participation in that programme before the final deadline had arrived of the set period for commencing drilling. No field work took place during the eleventh, 2015-2016 project year. A new application was submitted to DSD for a grant of PACE Initiative 2016 collaborative drilling programme funds that were now addressing a wider range of eligible expenditures, but it proved unsuccessful. EL 4642 Pernatty was renewed on 7/1/2016 for a third 5-year term as EL 5774, over a 33% reduced area, with two portions on the eastern side of the licence being relinquished then. No field work took place during the twelfth, 2016-2017 project year. EL 5774 expired 06/01/2017.