Governor Broome Heavy Minerals, WA

The Governor Broome Project is Astute 100% owned Heavy Mineral Sands (HMS) Project located in the minerals sand rich coastal plains of Western Australia and the Company has to date defined a Measured JORC Resource of 28.4 Mt @ 4.4% Heavy Minerals (HM), an Indicated JORC Resource of 65 Mt @ 4.5% Heavy Minerals (HM) and Inferred JORC Resource of 8.5 Mt 3.6% HM. In 2021, the Company acquired the remaining 80% of the Jack Track Deposit from Iluka Resources Limited, increasing its interest to 100% of this high-grade part of the project.

With combined JORC resources of some 102 Mt at a grade of 4.4%, the Governor Broome Project demonstrates the potential to generate economic cash flow with conventional mining techniques to produce a saleable heavy mineral concentrate.

(Mineral Resource Estimate Table (as of 29/01/2024))

Astute carried out metallurgical testwork 2t+ bulk samples from Governor Broome West and Jack Track, which were tested for wet and dry processing, successfully producing heavy mineral concentrates (HMC) from conventional wet separation methods, and dry processing of the HMC to produce ilmenite, rutile and zircon products, with monazite byproduct.

A Scoping study assessing the Governor Broome Project, being completed by TZMI, is currently underway with completion scheduled for Q1 2024. This work will set the scene for the project to progress to a Pre-Feasibility Study.