New Risk • Dec 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$8.59m market cap, or US$5.73m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Oct 24
Perpetual Resources Limited, Annual General Meeting, Nov 26, 2025 Perpetual Resources Limited, Annual General Meeting, Nov 26, 2025. Location: at suite 2, 68 hay street, subiaco wa 6008, Australia New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m (AU$15k revenue, or US$10k). Market cap is less than US$10m (AU$12.3m market cap, or US$8.08m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (19% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). New Risk • Sep 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$10.00m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m (AU$15k revenue, or US$10k). Market cap is less than US$10m (AU$15.1m market cap, or US$10.00m). Minor Risks Share price has been volatile over the past 3 months (19% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Announcement • Aug 05
Perpetual Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.6 million. Perpetual Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 72,727,272
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Jun 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 49% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Revenue is less than US$1m (AU$15k revenue, or US$9.9k). Market cap is less than US$10m (AU$11.4m market cap, or US$7.37m). Minor Risk Significant insider selling over the past 3 months (AU$280k sold). Announcement • May 21
Perpetual Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.5 million. Perpetual Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,461,539
Price\Range: AUD 0.013
Discount Per Security: AUD 0.00078
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Apr 30
Perpetual Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million. Perpetual Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,461,539
Price\Range: AUD 0.013
Discount Per Security: AUD 0.00078
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Apr 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.0m free cash flow). Earnings have declined by 49% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Revenue is less than US$1m (AU$15k revenue, or US$9.8k). Market cap is less than US$10m (AU$10.8m market cap, or US$6.95m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Significant insider selling over the past 3 months (AU$280k sold). Announcement • Apr 02
Perpetual Resources Limited Announces Resignation of Brett Grosvenor as Non-Executive Director, Effective 2 April 2025 Perpetual Resources Limited announced that Brett Grosvenor has resigned as a Non-Executive Director of the Company, effective
immediately, allowing Brett to pursue other business interests. New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.0m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m (AU$222k revenue, or US$141k). Market cap is less than US$10m (AU$11.6m market cap, or US$7.32m). Minor Risk Shareholders have been diluted in the past year (29% increase in shares outstanding). New Risk • Mar 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 56% per year over the past 5 years. Revenue is less than US$1m (AU$15k revenue, or US$9.7k). Market cap is less than US$10m (AU$13.2m market cap, or US$8.38m). Minor Risk Shareholders have been diluted in the past year (29% increase in shares outstanding). Announcement • Jan 06
Perpetual Resources Ltd Announces Appointment of Rafael Mottin to its Board of Directors Perpetual Resources Ltd. announced the appointment of Mr. Rafael Mottin to its Board of Directors, effective immediately. Mr. Mottin brings a wealth of experience in mineral exploration, project development, and corporate strategy, with a strong focus on mining regulations and operational expertise in Brazil. As a co-founder and leader of several successful mining ventures, including RTB Geology and Mining Co., Mr. Mottin has developed and sold over 15 mineral projects to ASX and TSX-listed companies. His expertise spans gold, iron ore, lithium, and rare earth elements, as well as environmental permitting and stakeholder negotiations. Mr. Mottin also holds an MBA from the Rotman School of Management at the University of Toronto, with specialised training in global mining management. He has advised multiple resource companies, including Perpetual, on advancing their projects in Brazil, positioning him as an invaluable addition to the Board. The Board looks forward to leveraging Mr. Mottin's leadership and insights as Perpetual continues to execute its growth strategy. Announcement • Dec 02
Perpetual Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million. Perpetual Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 71,428,571
Price\Range: AUD 0.014
Discount Per Security: AUD 0.00084
Transaction Features: Subsequent Direct Listing Announcement • Oct 29
Perpetual Resources Limited, Annual General Meeting, Nov 27, 2024 Perpetual Resources Limited, Annual General Meeting, Nov 27, 2024. Location: to be held in person at, suite 2, 68 hay street, subiaco wa 6008, Australia New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 62% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$6.26m market cap, or US$4.33m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Sep 06
Perpetual Resources Limited Announces Transition of Robert Benussi from Managing Director to Executive Director Perpetual Resources Limited announced a change to its management structure, to reflect current market conditions and its ongoing commitment to maximise the funds available for exploration at its Brazilian projects. Mr. Robert Benussi, who has been acting in the capacity of Managing Director, will transition to the role of Executive Director, effective immediately. Mr. Benussi has also offered to reduce his cash remuneration by 50%, from $225,000 per annum to $112,500 per annum. The Company notes that Mr. Benussi will remain actively involved in the operations of the Company and looks forward to working with him to advance the exciting Brazilian exploration asset base. New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.8m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 62% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$4.48m market cap, or US$2.94m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Nov 16
Perpetual Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.75 million. Perpetual Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 68,181,818
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,363,636
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Transaction Features: Subsequent Direct Listing New Risk • Nov 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.3m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 48% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$10.5m market cap, or US$6.87m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Sep 16
Perpetual Resources Limited, Annual General Meeting, Nov 30, 2023 Perpetual Resources Limited, Annual General Meeting, Nov 30, 2023. Announcement • Dec 16
Perpetual Resources Limited Announces Results of an Updated Mineral Resource Estimate for its Beharra High Grade Silica Sand Project in Western Australia Perpetual Resources Limited announced the results of an updated Mineral Resource Estimate (Updated MRE) for the Company's Beharra high grade silica sand project in Western Australia. The Updated MRE was prepared by Snowden Optiro (Snowden). Perpetual has previously released a maiden MRE, as well as an upgraded MRE, both of which were also undertaken by Snowden. The updated MRE included a significant resource classification within the Measured category (previous MRE's achieved Indicated category only) and covers the high quality Upper and Lower white sub-domains. The Upper and Lower white horizons contain the highest silica and lowest end product impurity profile within the Beharra orebody, with the Updated MRE now specifically covering these high-quality horizons, which will be the focus of future development efforts for the Beharra Project. Further confirming the quality of the Updated MRE is that the entire 137.8 million tonne MRE has been defined above the water table at Beharra, which provides a true reflection of the mineable area of the deposit. Targeting these high-grade areas will not only ensure the highest quality end product is available to Beharra's eventual customers but will also simplify the mining process as well as removing any environmental concerns that may be associated with a development scenario which interferes with the natural ground water level in mining affected areas. Of the 137.8 million tonnes in the overall Updated MRE, 126.2 million tonnes, or >90% has been delineated from the Upper and Lower White horizons. Specifically, this MRE excludes those previously reported areas which are at or below the water table and which were found to result in lower quality end product. This Updated MRE confirms the Beharra high grade silica sand project as a long life and large-scale project that is expected to play a key role in servicing the high growth silica sand markets in Asia for many decades. Perpetual has previously demonstrated the ability to upgrade Beharra silica sand to >99.5% SiO2 via the application of straight forward industry standard processing methods, delivering a low impurity end product for sale into the fast-growing Asia Pacific silica sand markets. The focus of the potential Beharra development will now centre on the southernmost portion of the mining license, which contains the measured portion of the Updated MRE. Further supporting this decision to centre on the southernmost portion are both the block and seam models (please refer to Figures 6 and 7 over page), which demonstrate that this region of the orebody contains the highest in-situ SiO2 content concurrent with the lowest in-situ Fe2O3 content. Snowden has interpreted the MRE block model to plot estimated in-situ chemistry trends across the deposit from south to north. The following subtle trends for combined yellow and white sands are indicated; SiO2 varies from south to north and is lowest in the north, · Fe2O3 generally increases from c.0.15% in-situ in the south to c.0.3% in-situ in the north, Al2O3 is highest in the north, with lowest values in the centre of the deposit, Grades also seem to vary vertically, as illustrated by Fe2O3, which appears to increase with depth in the white sand unit. Snowden used the drill intersections to construct a preliminary seam model of white sand to verify the subtle trends interpreted from the block model. · Fe2O3 in the white sand generally increases from c.0.1% to 0.2% (in-situ) in the south to c.0.2% to 0.3% (in-situ) in the north, · SiO2 varies from south to north and is lowest in the north, peaking at three areas. The Beharra deposit was initially explored in February 2019 using auger drilling across the southern extent of tenement E70/5221. A total of 38 holes to a maximum depth of 2 m were completed on a 800 mE x 400 million grid, covering 7,215 m of strike and an average width of 1,700 m. Positive results from the auger drilling led to an AC program completed in March 2020 over the same southern portion of the tenement. A total of 40 holes for 506.7 m was completed on a 400 mE x 480 million grid. Holes were numbered AC-16 to AC-55. After a maiden Mineral Resource estimate was announced in July 2020, a further 32 AC holes were completed on the northern Exploration Target and some infill and twin holes in the southern portion. Holes were numbered 20B001 to 20B032. An additional AC drilling program was commenced in June 2021 to provide closer spaced samples to be included in this Updated MRE. A total of 86 holes were drilled for a total length of 1,153m. Holes were numbered C1 to C84, and T1& T2. The drilling was carried out by Bunbury WA based drill contractors, Hornet Drilling provided a Mantis 75 air core drill rig mounted on a 6x6 Toyota Landcruiser. The rig is fitted with a 160cfm/125psi compressor and supported by Isuzu 300 service truck. The drill string consisted of 75mm diameter twin tube rods fitted with an 81mm diameter AC bit. Sample collection was via a cyclone fitted with a rotary splitter. Drill holes were located at the southern end of the licence area with drill hole spacing typically 250m east-west and line spacing of about 250m north-south. Drill and line spacings were reduced to approximately 100m in the centre of the drilled area. All holes were drilled vertically. Two twin holes were drilled, T1 & T2 and these twinned holes coincided with holes from both the phase 1 (March 2020) and phase 2 (September 2020) drill programs. The average hole depth drilled was 12.3m, with hole depths ranging from 11m to 17m. In general, the holes were stopped 1 to 2m below water table, which was assumed to be the top of the first wet sample. Based on average hole depths the water table is about 11m below surface. the holes were stopped 1 to 2m below water table, which was assumed to be the top of the first wet sample. Based on average hole depths the water table is about 11m below surface. Whole samples were split on the rig from the cyclone for each meter (or part meter) drilled. One- meter samples were collected via a cyclone into large plastic bio-degradable green bags. The splitter was set to cut approximately 2kg (estimated 25% of average sample mass) from the whole sample and collected in a small calico bag. The exception was the first meter of each hole, the initial half- meter was discarded due to its organic content. Announcement • Nov 23
Perpetual Resources Limited Provides Update on the Beharra Environmental Approvals Process Perpetual Resources Limited provided the following update on the Beharra environmental approvals process. Perpetual had previously updated the market on the Company's efforts regarding the process for environmental approval at the Beharra Project, which was being progressed for submission under the Western Australian Part IV approvals process. In preparation for the Part IV submission, Perpetual had previously indicated an exhaustive and thorough assessment and study regime that was undertaken to ensure an approvals process would be backed by high quality data for the Company and regulatory agencies to make highly informed assessment. Pleasingly, the outcome of this exhaustive 3rd party study program demonstrated that the Beharra project represents a "low risk" environmental impact. Perpetual then engaged comprehensively with the various relevant Western Australian based regulatory offices, with feedback consistently indicatin that a faster and more efficient Part V (Native Vegetation Clearing Permit) approvals process should also be considered by the Company. In consultation with Perpetual's environmental consultants and the Western Australian Department of Mines, Industry, Regulation and Safety (DMIRS) and the Department of Water and Environment Regulation (DWER), it was decided that a Part V (Native Vegetation Clearing Permit) submission represented potential for a more expeditious route to environmental permitting for Beharra. Part V permits are regularly issued for projects in Western Australia that are considered "low risk" from an environmental perspective, with low annual disturbance footprints and good rehabilitation programs. Subsequently, in June 2022, Perpetual submitted a formal application to DIMRS under Part V for a Native Vegetation Cleating Permit. This application has already progressed through the public comment period with no public comments being received. Perpetual believes that due to the low complexity of the Beharra project that it can be adequately managed under Part V of the EP Act (Native vegetation Clearing Permit) along with other relevant State and Federal legislation. DMIRS were requested by DWER to refer the project to them for consideration and Perpetual is working closely with both agencies to expedite the approval. Should Perpetual's Beharra Part V submission not prove successful, Perpetual has also prepared full Part IV submission documentation which will be submitted for subsequent Part IV approval. Perpetual notes that there currently exists a lengthy assessment period for applications under the Part IV process (which precipitated Perpetual's Part V approvals process initiative), due to the large volume of Part IV applications currently being received and assessed in Western Australia. Perpetual will update the market once the above-mentioned state based environmental approvals pathway is known. Environmental Protection and Biodiversity Conservation Act 1999 (EPBC Act) Perpetual also notes that in addition to the Western Australian state-based approvals process detailed above, the Company is also required to comply with the Federal (Environmental Protection and Biodiversity Act - EPBC) approvals processes, which is administered by the Australian Federal Government Department of Climate Change, Energy, the Environment and Water. Perpetual can now confirm that the Company has received formal notification under the EBPC Act that the Beharra Project has been deemed a Controlled Action, with the project requiring assessment and approval under the EPBC Act prior to final approval. Of note is that the areas of focus raised under the EPBC Act determination have been exhaustively addressed by Perpetual in its various environmental study programs with numerous field surveys providing compelling and strong support for approval of the Beharra project. The timeline for EPBC Act approval is typically around 6 months, with Perpetual opting to progress the Federal approvals process in parallel to the State based approvals. Perpetual welcomes the decision by the Federal Government, which now provides a clear pathway and known deliverables that will allow Perpetual to work towards a full permitting of the Beharra high grade silica sand project. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Brett Grosvenor was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Perpetual Resources Limited, Annual General Meeting, Nov 25, 2022 Perpetual Resources Limited, Annual General Meeting, Nov 25, 2022, at 09:00 W. Australia Standard Time. Location: at Level 2, Suite 16, 420 Bagot Road Subiaco Western Australia Australia Agenda: To consider Annual Report; to consider Adoption of Remuneration Report; to consider Re-election of Director Brett Grosvenor; to consider Approval of 10% Placement Facility; to consider Ratification of Prior Issue of Placement Shares; to consider Approval of Employee Securities Incentive Plan; to consider Replacement of Constitution; and to consider other matters. Announcement • Aug 25
Perpetual Resources Limited Provides Details of Petrographic and Photomicrograph Analysis Undertaken on Silica Sand at the Beharra Project Sample 2190LW: Several hundred sand grains occurred in each of the polished thin section and polished block mounts. Almost all grains were of quartz, which is estimated to have had a particle size ranging between 0.1 mm to 1.2 mm, and with grains being angular to sub-rounded. It was observed that three quartz grains had included grains of muscovite up to 40 µm across, one grain had an inclusion of rutile 50 µm across and another had an inclusion of garnet 0.1 mm across. The sample also had a single grain of K-feldspar 0.3 mm across and another of a lithic grain 0.4 mm across, with the latter being composed of altered fine grained basalt, composed of albite and chlorite, with trace hematite and rutile. Sample 2190LW: Several hundred sand grains occurred in each of the polished thin section and polished block mounts. Almost all grains were of quartz, which is estimated to have had a particle size ranging between 0.1 mm to 1.1 mm, and with grains being angular to sub-rounded. Two possible grains of somewhat turbid K-feldspar were observed (larger one 0.5 mm across) and there was a single discrete (liberated) grain of leucoxene 0.3 mm across. Rare tiny rutile grains were observed as inclusions in quartz, and one quartz grain had a small (0.1 mm) inclusion of biotite. Other quartz grains have rare tiny amounts of superficial goethite staining. The occurrence of rutile inclusions in quartz and goethite staining corroborates with the observations made of the sand samples in immersion oil. Announcement • Aug 15
Perpetual Resources Limited Announces the Finalization of the White Sand Sub-Domain Testing Program At the Company's High Grade Silica Sand Project At Beharra Perpetual Resources Limited announced the finalization of the white sand sub-domain testing program at the Company's high grade silica sand project at Beharra. Perpetual has now confirmed Beharra as the lowest known Fe2O3 silica sand deposit in the Mid West region of Western Australia. Efforts remain ongoing to test the further extent of iron impurity reduction, in addition to analysis of other potentially valuable end product streams from Beharra, with the aim of maximizing the revenue per ton potential of the project. Perpetual had initially studied the Beharra project assuming a comingling of white and yellow sand horizons, which was considered a conservative "baseline" assessment of the project with a view to optimization of project parameters over time. This initial analysis culminated in the announcement in March 2021 of the Beharra Pre-Feasibility Study, which calculated an ungeared project NPV of $231 million with one of the key assumptions being the sale of silica sand with an iron-oxide content (Fe2O3) of 276ppm (235ppm for the coarse product stream and 280ppm for the fine product stream, with a resultant 276ppm for the combined product stream). The Beharra PFS outcome was considered excellent, with development efforts then shifting to target a systematic refinement of end product quality with the aim of further reducing the iron-oxide content in Beharra end product to enable greater acceptance into the Asian glass markets, including potentially the rapidly expanding ultra-clear and cover glass markets (which include the PV-solar cell cover glass markets). Perpetual undertook an initial 300kg white sand sampling program at Beharra, the results of which were announced in April 2021 (please refer to ASX announcement dated 22nd April 2021, titled "Exceptional metallurgical test results at Beharra deliver game changing impurity levels"), demonstrating that a development scenario targeting the white sand horizon was likely to deliver a far superior end product specification than a comingled white and yellow sand product. Perpetual then undertook a representative drilling program and bulk metallurgical testing program that confirmed the metallurgical characteristics of a white sand only processing scenario over an initial 10 years of mine life at Beharra. The results of this representative testing were announced to the market in December 2021 (please refer to ASX announcement dated 2nd December 2021, titled "Beharra Test Work Confirms Exceptional White Sand Impurities"), and demonstrated an end product with the key Fe2O3 impurity level of 173ppm. The results of this testing program were considered exceptional and positioned Beharra, after thorough conclusive test work, as the lowest known impurity silica sand project in the Mid West region of Western Australia. To further understand the potential for iron-oxide and other key impurity reductions, such as aluminium-oxide (Al2O3) and titanium-dioxide (TiO2) additional metallurgical analysis was commissioned to explore whether the distinct chemical zonation that appears throughout the vertical extent of the Beharra white sand sequence had any material impact on final product quality. Individual bulk samples were then undertaken targeting the following specific sub-domains at Beharra; · Yellow sand horizon (Y), · Upper White sand horizon (UW), · Lower White sand horizon (LW), · Grey Sand horizon above the water table (GA), and · Grey Sand horizon below the water table (GB) The test results announced reflect the final representative bulk samples from each of these five sub-domains and confirm that ore-body chemical zonation has an impact on final product specifications and allow potential for selective processing of white sand horizons to match end user specifications. Importantly, the most recent round of metallurgical testing has once again confirmed a simple gravity and magnetic separation flow sheet for the processing of Beharra silica sand, which importantly does not include any use of toxic reagents or acid, owing to the superior metallurgical characteristics of the Beharra orebody. Based on a search of public information, the end product impurity profile of the Beharra orebody on a "low iron" basis is currently unmatched by any high grade silica sand project in the Mid West region of Western Australia, with Beharra now offering the unique characteristics of large annual production and long mine life with a low impurity profile. It should be noted that the yields presented in the above flow sheet are considered conservative, due to the test work focus on maximising the rejection of Fe2O3. Perpetual's previous test work reported yields of 74.4% to the combined product vs the 68.4%. Perpetual is currently undertaking revenue optimization analysis with a view to enhancing the overall product yield potential of the orebody, exploring the potential sale of end products that are not optimised for low-iron content. This represents a key source of potential yield optimization (gains) and potential economic enhancement of the Beharra project. Announcement • Aug 06
Perpetual Resources Limited Announces Completion of Reconnaissance Shallow Auger Drilling At the Northern End of the Beharra Exploration Tenement Perpetual Resources Limited announced completion of reconnaissance shallow auger drilling at the northern end of the Beharra exploration tenement (Beharra North). Shallow Auger Drill Program Completed: Perpetual has now completed shallow auger reconnaissance drilling at the northern end of the Beharra exploration tenement. The program included 25 auger holes for a total length of 117.2 meters and an average hole depth of 4.7 meters. The deepest hole (B2209) was 7.0 meters, and the shallowest hole (B2201) was 2.1 with refusal on lateritic gravel. The drilling was carried out by APS from Gin Gin and utilized a APSA 20 Auger using 3" flight augers fitted with a tungsten carbide auger bit. The drilling was carried out over a two and half-day period, from July 25, to July 27, 2022. The drilling intersected moist fine to medium grained yellow quartz silica sand. Holes reaching shallow depths were a result of either hard drilling due to dense moist gravelly sand, moist slightly silty/clayey sand that blocked off the bottom of the auger, or refusal on rock. The remainder of holes (16 out of 25) achieved designed depth with clean fine to medium grained yellow quartz silica sand being intersected. The top 0.5m of the sample drilled was not taken as per normal practice to ignore this interval due to high organic content. The topsoil was observed to be generally 0.2m to 0.3m thick. Samples were then collected from 0.5m to 1.0m below surface every full meter after that or part thereof if the hole was ended short of a full meter. Approximately 1kg of sample was placed in a calico bag, and a sub sample of that was placed in a chip tray. The remainder of the samples from each meter or part meter was retained for drill hole rehabilitation. The holes where back filled to surface. All holes were rehabilitated on completion of drilling. Fifty samples taken from 10 drill holes have been submitted to Intertek Laboratory in Perth for geochemical analysis. Some of these samples contain duplicates and standards, consisting of 3 duplicates and 3 standards. The analytical method uses a 4-acid dissolution followed by ICP to determine the content of 32 elements, including silica dioxide content. Announcement • Jul 13
Perpetual Resources Limited Provides Beharra Metallurgical Test Work & Project Initiatives Update Perpetual Resources Limited provided the following update on the Company's high grade silica sand project at Beharra. The results of the Beharra sub-domain metallurgical analysis are now expected in August, with some additional required test work having been commissioned by Perpetual's metallurgical consulting team. These results, which are targeting a clear understanding of the ultimate potential for the low iron silica sand product at Beharra, are required prior to finalization and announcement to the market. The ultimate timing of these final results remains subject to minerals testing laboratory workloads, which remain extremely high across the industry. Perpetual is also pleased to announce the appointment of additional experienced silica sand industry specialist engineering and project consultants, MinSol Engineering Pty Ltd. (MinSol) to oversee detailed analysis relating to final end product specifications and likely product market fit for the full production potential at Beharra. With the white sand sub-domain bulk metallurgical test work program now nearing successful completion, the potential for Beharra's low iron (Fe2O3) end product streams will soon be well understood and will enable the advancement of offtake discussions with existing and potential future offtake partners and end users. Project optimization efforts can then transition from the previous singular focus on the well-known and valuable low-iron end product markets, to include a more holistic targeting of the full suite of Beharra's various potential silica sand end product streams, matching each of these to the most economically valuable end markets. The MinSol team will leverage its significant experience and networks within the Asian high grade silica sand markets to create a more complete view of the revenue maximization potential of Beharra, through a specific focus on yield optimization and a critical cost/benefit trade off to optimize the best/most valuable combination of products possible. The first phase of this analysis is due in around 6 weeks, with the outcomes to be reported to the market when complete. Perpetual continues to be pleased with the level of anticipation and enquiry it is currently fielding from potential silica sand end users and trading partners. This interest has confirmed that a tight end market remains for various silica sand specifications with demand appearing broad based for a range of end product applications, including low iron and other specialist end product applications. These discussions continue to advance in line with the end product testing, with the outcomes of the comprehensive testing program currently underway to provide greater certainty for more definitive offtake discussions and new end markets to be explored in a timely manner. Announcement • Jul 05
Perpetual Resources Limited Announces Shallow Auger Drilling At Beharra North to Commence Perpetual Resources Limited announced the receipt of the Program of Works (PoW) from the WA Government Department of Mines, Industry, Regulation and Safety (DMIRS), for the upcoming Beharra shallow auger drill program. Perpetual Managing Director. Perpetual has now finalized a shallow auger reconnaissance drill program to commence in late July (please refer to Figure 1 below). The exploration area being targeted is mostly cleared open farm land with some areas at the southern end of the target area comprising native vegetation cover. No clearing is proposed, and existing tracks will be utilised. Drilling will comprise about 36 shallow (6 to 8m depth) auger holes on approximate 400-meter hole spacing. The target area also contains gas and oil infrastructure (wells and pipelines) and these areas are excluded from any exploration activities. The drill program should be completed in two to three days. Announcement • May 20
Perpetual Resources Limited Provides Beharra Project Environmental Submission Update Perpetual Resources Limited announced the completion of the various independent technical, field and desktop reports required to accompany the Beharra environmental approvals submissions, including all associated stakeholder impact assessments. As was previously indicated and which was confirmed by the final detailed independent studies that have now been completed, no significant environmental constraints have been identified with regard to the Beharra high grade silica sand project. A thorough review of the environmental approvals strategy is now underway with Perpetual's consultant team. Relevant government agencies have also been consulted with a view to optimising the approvals pathway. The following is a list of all key environmental approval related workstreams for Beharra, the reports for all of which have now been received by Perpetual. Pleasingly, all studies received have supported the view of the Beharra Project as affording a benign environmental risk and footprint. Flora & Vegetation: Level 2 field surveys completed and final reports received. Terrestrial Fauna: Level 2 field surveys completed and final reports received. Greenhouse Gas: Assessment confirming emissions are within target ranges received. Noise: Favorable Acoustic assessment completed with final report received. Dust /Air Quality: Air quality assessment report confirms compliance with adopted air quality criteria. Heritage: Aboriginal Heritage site avoidance survey completed with no isolated artefacts or previously unrecorded heritage sites recorded during the survey. Short-range endemic (SRE) invertebrate fauna: Level 1 study completed with final report received. Subterranean Fauna: Desktop assessment completed with final report received. Hydrogeology: Water resource confirmed and conceptual hydrogeology model completed, preliminary desktop model and report received. Hydrology: Surface hydrology assessment completed with final report received. Comprehensive supporting documentation for the EP Act 1986 and EPBC Act 1999 permit applications are now in the final stages of completion with shareholders to be updated once final submission has taken place in June 2022. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Director Brett Grosvenor was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 11
Perpetual Resources Limited Announces Update on Beharra DSO Scoping Study Perpetual Resources Limited announced that significant progress has been made with regard to the Beharra DSO Scoping Study (DSO Scoping Study), with key internally generated data points now derived, although with a number of important externally derived data points yet to be received. Beharra DSO Scoping Study continues, with all but a small number of key externally derived inputs remaining to be received. While final outcomes of the DSO Scoping Study remain undetermined, a strong indication of capital and operating cost estimates now exists. Delivery of final DSO Scoping Study results remain dependent on, white sand only resource estimation by Snowden, results of which are expected in coming weeks, and Further progression of potential offtake discussions, with recent constructive joint venture partner discussions occurring but definitive discussions ongoing. Timeline for final delivery of DSO Scoping Study is dependent on the outcome of commercial discussions with potential offtake partners, with further updates to be provided in due course. Unsolicited inbound enquiries for immediate delivery of low impurity silica sand continue to be regularly received, confirming the market interest in high quality silica sand the potential for continued strong silica sand pricing. Announcement • Sep 15
Perpetual Resources Limited Announces Commencement of Scoping Study for DSO Production Scenario at Beharra Perpetual Resources Limited announced that it has commenced a scoping study to analyze the economics of a Direct-Shipping-Ore (DSO) production scenario at Beharra. This DSO scenario is being analysed in response to inbound interest from a current offtake partner, which has undertaken their own additional analysis on Beharra processed sand products (sourced from the PFS Study metallurgical program) and has concluded that the product can achieve materially lower Fe2O3 content (when compared to the 276ppm Fe2O3 levels reported in the Beharra PFS Study), making Beharra sand potentially suitable for DSO sales. This may ultimately see Beharra sand servicing the fast-growing China PV-solar cell coverings market and other ultra-clear glass markets in the region. The Beharra DSO Scoping Study has been initiated in response to inbound enquiry from one of Perpetual's existing and previously announced offtake partners. This Interested Party has previously been sent and has conducted independent testing and further impurity removal on samples of processed Beharra high grade silica sand that was the outcome of the Beharra PFS Study metallurgical program earlier in 2021. The starting point for the Interested Party's initial testing was a product grading 99.6% Fe2O3 with 276ppm Fe2O3 (Starting Product). Recent Insider Transactions Derivative • Aug 04
MD & Executive Director exercised options to buy AU$477k worth of stock. On the 3rd of August, Robert John Benussi exercised options to buy 4m shares at a strike price of around AU$0.12, costing a total of AU$439k. This transaction amounted to 15% of their direct individual holding at the time of the trade. Since September 2020, Robert John's direct individual holding has increased from 24.00m shares to 25.05m. Company insiders have collectively bought AU$1.5m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 15
Perpetual Resources Limited Announces Conclusion of Stage Three Aircore White Sand Drilling At Beharra Perpetual Resources Limited announced the conclusion of the previously announced 86-hole air-core white sand drilling program at the Beharra high grade silica sand project in Western Australia (Beharra). Conclusion of this drill program is a key step in informing the development decision for the Beharra project. The 86-hole drill program, undertaken by Western Australian drill company Hornet Drilling Pty Ltd, was designed by Snowden Mining Consultants who has co-ordinated and completed all previous resource and reserve estimations for Beharra. The aim of this drilling program was to provide certainty on the first 10 years of mine life at Beharra under a white sand only mining and processing scenario, as compared to the previous development scenario, which included processing of the less pure yellow sand sequences as well. Additionally, samples will also be sent to specialist sand testing laboratory IHC Robbins in Brisbane, who will undertake metallurgical testing on a 2-tonne representative bulk sample generated from the drill sampling. The program is aimed at replicating the previously announced 300kg white sand only laboratory tests. This test work demonstrated that Beharra white sand could be upgraded, using only gravity and magnetic separation process methods, to 99.8% SiO2 and Fe2O3 content of 120ppm (please refer to ASX Announcement titled "Exceptional metallurgical test results at Beharra deliver game changing impurity levels", released on 22nd April 2021). This earlier result was seen as exceptional and suggests that Beharra white sand could be suitable for the higher priced and fast growing solar PV-cell manufacturing industry, which requires low Fe2O3 silica sand. Investors are reminded that the purpose of this IHC Robbins bulk testing program is to determine impurity levels from a wider white sand composite sample (as opposed to the initial 300kg sample from two shallower locations). IHC Robbins will look to define a flow sheet that is replicable under a full production scenario, noting that the results announced on 22nd April 2021 utilised laboratory equipment only and not full production equipment. Based on current timelines, results from this testing program are due in the third quarter 2021. Results of this white sand only drill program will be utilised in planning for the Beharra updated Pre- Feasibility Study as well as the subsequent Feasibility Study, with updated timing to be provided once results are known. Announcement • May 25
Perpetual Resources Limited Announces the Receipt of the Program of Works (Pow) from the Wa Government Department of Mines, Industry, Regulation and Safety (Dmirs) Perpetual Resources Limited announced the receipt of the Program of Works (PoW) from the WA Government Department of Mines, Industry, Regulation and Safety (DMIRS), for the upcoming Beharra white sand only drill program. This upcoming program is targeting the white sand horizon at Beharra and is aiming to delineate a reserve classification for the first 10 years of mine life. This program will also generate enough white sand samples to
complete the planned 2 tonnes representative bulk sample metallurgical test program, which will aid in confirmation of final product specification at Beharra. The company will move into the Feasibility Study later this year. The metallurgical program will also generate significant white sand only end-product for marketing samples and off take discussions. Perpetual has now finalized an 86-hole air-core drill program to commence in early June. The drill program has been designed by Snowden Mining Consultants (Snowden), with the aim of providing certainty on the first 10 years of mine life at Beharra under a white sand only mining scenario. Snowden is ideally placed to undertake this drill program planning due to their involvement in the previously announced Mineral Resource Estimate and Ore Reserve Estimate at Beharra. Recent Insider Transactions • Mar 23
Executive Chairman recently bought AU$62k worth of stock On the 19th of March, Julian Babarczy bought around 750k shares on-market at roughly AU$0.082 per share. This was the largest purchase by an insider in the last 3 months. Julian has been a buyer over the last 12 months, purchasing a net total of AU$559k worth in shares. Announcement • Mar 17
Perpetual Resources Limited Provides Update on Maiden Ore Reserve and Outstanding Beharra PFS Result Update Perpetual Resources Limited announce the release of its Beharra PFS on its 100% owned Beharra Project located south east of Geraldton, Western Australia. The PFS results, which are the culmination of over seven months of extensive independent study, confirm that the Beharra Project will deliver exceptionally strong margins over the initial 32-year mine life. Potential also exists to expand production in future years, with Beharra set to become an essential supplier to regional APAC silica sand markets. It announce the details of its maiden Probable Ore Reserve at its Beharra Silica Sand Project (Beharra), located approximately 300 km north of Perth and 96km south of Geraldton. Perpetual recently released an updated Mineral Resource Estimate (MRE) for Beharra, reporting Indicated Mineral Resources of 139 Mt @ 98.6% SiO2. The MRE was prepared by Snowden Mining Consultants (Snowden), who has also prepared this Probable Ore Reserve estimate. The Ore Reserve is reported in accordance with Clause 49 of the JORC Code (2012), for the reporting of Industrial Minerals and Ore Reserves. Mining Modifying Factors applied to the Ore Reserve estimate included pit optimisation to produce an economic mining shell followed by detailed pit design which was used to convert the Mineral Resources to an Ore Reserve. Mine equipment requirements and pricing were determined by contractors utilizing load and haul mining and a mine production schedule that was developed by Snowden. Minor dilution was included due to boundary losses and offset corridors. Geotechnical analysis recommended pit slope design angles of 30o. Announcement • Mar 09
Perpetual Resources Limited Announces the Finalization of an Upgraded Mineral Resource Estimate for the Company's Beharra High Grade Silica Sand Project Perpetual Resources Limited announced the finalisation of an upgraded Mineral Resource Estimate (MRE) for the Company's Beharra high grade silica sand project. The upgraded Mineral Resource Estimate was prepared by Snowden Mining Consultants Pty Ltd. (Snowden). The Maiden MRE, also prepared by Snowden, was previously released to the market on 22 July 2020. The new MRE resulted in an additional 28Mt for a total Indicated Mineral Resource of 139Mt at a SiO2 grade at 98.6% which was the same grade as that reported in the Maiden MRE. Perpetual has previously demonstrated that the silica grade can be increased to >99.5% SiO2 with application of straight forward industry standard processing methods, delivering a lower impurity profile for sale into the fast-growing Asia Pacific (APAC) silica sand markets. The Upgraded MRE was based on previous drilling which underpinned the maiden MRE in July 2020. It also included an additional air core drilling program which was completed in September 2020. The Beharra deposit was initially explored in February 2019 using auger drilling across the southern extent of tenement E 70/5221. A total of 38 holes to a maximum depth of 2 m were completed on a approximately 800 mE x approximately 400 mN grid, covering 7,215 m of strike and an average width of 1,700 m. Positive results from the auger drilling led to an Aircore program completed in March 2020 over the same southern portion of the tenement. A total of 40 holes for 506.7 m was completed on a approximately 400 mE x approximately 480 mN grid. After the maiden Inferred Mineral Resource estimate was announced in July 2020 a further 32 Aircore holes were completed in September 2020 on the northern Exploration Target, with some additional infill and twin holes in the southern portion. The March 2020 and September 2020 drill samples were used to generate the current MRE. The auger holes were not included in the estimate. In addition to ICP determined assays, an additional 155 samples were used to determine particle size distribution across the resource area. The Aircore samples were logged, including estimates of grain size, sorting and texture, and colour. Particular attention has been taken to ensure a more scientific and less subjective approach to colour because colour (white to grey shades, and pale yellow shades) is one of the targeting features. The industry standard analytical technique used to determine the SiO2 grade is to calculate by difference. Samples are digested in a specialised four-acid mixture and then analysed by means of ICP-optical (atomic) emission spectrometry analysis which reads the quantities of element other than silica. Loss on ignition (LOI) at 1,000°C is determined by thermal gravimetric analyser (TGA). These quantities are then deducted from 100% to determine the SiO2 grade. Further check logging was undertaken, and representative subsamples were collected for duplicate analysis. Subsampling was carried out by spearing the samples selected and collecting approximately 1 kg of sample. The duplicates have been utilised at the rate of 1:18. The 1 kg subsamples, including duplicates and blanks, were submitted to Intertek Genalysis analytical laboratory located in Maddington in Western Perth for drying, splitting to 100 g for pulverisation to a P90-75 µm (90% smaller than 75 microns) particle size in a zircon bowl. The sample preparation methods are considered industry standard for silica sands. Announcement • Feb 09
Perpetual Resources Limited Provides Update in Relation to the Updated Mineral Resource Estimate and Maiden Mineral Reserve Estimate Calculation Perpetual Resources Limited provide update in relation to the updated Mineral Resource Estimate and Maiden Mineral Reserve Estimate calculation, both currently being undertaken. The recent air-core drilling program at Beharra included many of the higher grade and thickest intersections recorded since exploration activities commenced. These drill results are being utilised in an updated Mineral Resource Estimate, currently being completed by Snowden Mining Industry Consultants Pty Ltd. (Snowden). This updated Mineral Resource Estimate has potential to materially grow the resource base of Perpetual, which, if achieved, may also enable delivery of an extremely long-life project at Beharra. The updated Mineral Resource Estimate is expected to be released in coming weeks. With the completion of recent drilling and now the highly successful 2,000kg representative bulk sampling program, Perpetual is also positioned for potential delivery of its maiden Mineral Reserve Estimate (which is also being prepared by Snowden), once successful delivery of the Beharra PFS has occurred. The delivery of a maiden Mineral Reserve Estimate at Beharra, if achieved, would further position the project for rapid development and provide even greater certainty to funding parties and potential end users who continue to engage strongly with Perpetual. Announcement • Feb 02
Perpetual Resources Limited Announces Finalisation of Beharra Product Technical Data Sheets Perpetual Resources Limited announced the release of three product technical data sheets for Beharra, developed as part of the 2,000 kg bulk sampling metallurgical program, completed by renowned mineral sands testing laboratory IHC Robbins in Brisbane. Refer to the previously announced "Exceptional Metallurgical Test Results at Beharra" The Beharra product data sheets detail silica sand products suitable to supply the Asia-Pacific glass-making and foundry industries. The recently announced bulk sampling program has also produced around 1,000kg of end user product samples, which can be shipped to customers upon request. Perpetual also continues to undertake significant ongoing metallurgical testing work with the purpose of delineating a further suite of products for the Asia-Pacific silica sand markets including targeting even lower impurity products for higher specification and increased revenue per ton applications. The port of Geraldton is utilised as a bulk materials handling facility and is currently utilised for the export of bulk materials, minerals and concentrates. Grains, copper concentrates, zinc concentrates, nickel concentrates, mineral sands, talc, and iron ore are currently being exported from the port. Extensive heavy mineral sands mining occurs to the south of the Project area, lime sands mining to the west and natural gas production to the south of the Project. The Beharra Project comprises of a single exploration licence, E70/5221, covering an effective land area of 56.8km. Auger and air core drilling has confirmed the presence of extensive, high purity silica sands, with a maiden Mineral Resource Estimate completed in July 2020. A detailed Pre-Feasibility Study for Beharra is now underway with delivery expected in February 2021. Silica sands have an extensive range of uses including lower purity and grade applications such as construction sand, proppant sand used in well fracturing, and foundry sand. With increasing purity (>99.5% SiO2) uses includes glass making including clear glass. Uses for purity >99.8% includes semi-conductor fillers, LCD screens, and optical glass. Announcement • Jan 29
Perpetual Resources Limited Announces Exceptional Metallurgical Test Results Position Beharra as a Premier Quality Silica Sand Product from the Mid-West Region Perpetual Resources Limited announced the exceptional results of its 2,000kg bulk sample metallurgical testing program, which was commenced in August 2020. The initial metallurgical testing of the Beharra silica sand, demonstrated results from a 178kg bulk sample that was comprised of 9 auger drill hole samples from interval depths of 0.5m to 2.0m. These initial scoping results were aimed only at providing an indication of overall metallurgical outcomes to guide further exploration and project appraisal. The follow-up 2,000kg bulk sample testing program, undertaken by renowned mineral sands testing business IHC Robbins (IHC) at their laboratory in Brisbane, emulated results that can be expected using the run of mine material in relation to the process recoveries and expected product qualities. The bulk sample comprised of sand samples from each 1m interval from all air-core holes, drilled in March 2020 to the south of Mt Adams Road, in the area which falls within the previously announced Mineral Resource Estimate. The bulk sample was composed of approximately 10% yellow sand and 90% white sand. The samples were selected based on a lower grade cut-off of 98% SiO2, to a maximum depth of 10 m, being above the water table. This approach, to utilise a true representative sample, allowed simulation of a simplified run-of-mine feed scenario where both white and yellow sand horizons are processed concurrently, versus a more complex selective mining strategy that would include processing discrete sand horizons or just the white sand only horizons. The test program was designed this way to properly mimic a simplified mining and production scenario and provides the highest confidence yet that results will be repeatable at Beharra for the life of mine operation. Another key focus of the bulk testing program was to aid in flow sheet design as part of the soon to be delivered Pre-Feasibility Study (PFS) and also to provide potential end users with confirmation of what product quality they could likely expect without the application of any selective mining of processing strategies. The program has also therefore delivered a large quantity of product samples that will be utilised for continued sales and marketing efforts. Feed material for the bulk test was comprised of `white' and `yellow' horizon material from the Beharra Silica Sand Project resource. Throughout the developed process, a potential primary product was generated, referred to as `Beharra Premium'. Beharra Premium then had the option of being classified over a 600m screen to produce a coarse product and a fine product, referred to as `Beharra Special #27' and `Beharra Special #46', respectively. The overall mass yield to the potential product was calculated at 74.4%, although studies are ongoing which are expected to demonstrate that the currently modelled waste stream will also be suitable, at least in part, for additional silica sand product markets, which are expected to lead to a much-reduced overall yield loss and which should further enhance project economics. Figure 6 below details the achieved final product assays, which were undertaken by ALS Laboratories using the ICP industry standard method, with further positive refinement of these figures expected in upcoming testing programs. The Beharra Special AFS #46 final product has been confirmed to sit mostly within the particle size range of -600 m to +125 m, while the Beharra Special AFS #27 contains material that is +600 m (noting that the Beharra Premium AFS #44 is a combination of the AFS #46 and AFS #27). These particle size distributions fall within the ranges that generally considered highly favourable for numerous high volume silica sand product markets globally. Final product specifications also compare favourably to the other Mid-West deposits, which bodes well for market acceptance and ultimate product pricing scenarios. A photomicrograph of the final product, highlights that little to no discrete/liberated contaminant particles remain in the sample and that the quartz grains appear largely free of inclusions, with the contaminants believed to be largely due to the occurrence of some yellow sand grains, which were mostly resistant to attritioning. This attribute underpins a simplified flow sheet for the Beharra project, demonstrating no need for the high capital and operating costs that are normally needed to operate attritioning stages as part of the broader flow sheet design. Announcement • Jan 14
Perpetual Resources Limited Provides Update on the Pre-Feasibility Study Activities for the Beharra High Grade Silica Sand Project Perpetual Resources Limited provided an update on the Pre-Feasibility Study activities for the Beharra High Grade Silica Sand Project. Perpetual announced that PFS activities are now 94% complete, with detailed documentation progressing to plan. An internal draft of the final PFS document is due to be tabled for internal peer review and confirmation in coming weeks, with an expectation that the PFS will be finalised for announcement around mid-February. Perpetual is also pleased to announce that results from the 2,000kg representative sample bulk metallurgical testing program, commenced in August 2020, are now imminent, with announcement expected within the next week. These higher confidence metallurgical results will provide greater understanding on the likely individual high grade silica sand product streams that will be modelled in the upcoming PFS. The metallurgical results will provide several key inputs into the PFS financial model, which is now also nearing its final form. The Board of Perpetual remain highly encouraged by the interim outcomes of the PFS and look forward to the announcement of final PFS details in February, which will allow the economic potential of the exciting Beharra high grade silica sand project to be more widely appreciated. Recent Insider Transactions • Dec 27
Executive Chairman recently bought AU$461k worth of stock On the 22nd of December, Julian Babarczy bought around 24m shares on-market at roughly AU$0.019 per share. This was the largest purchase by an insider in the last 3 months. Julian has been a buyer over the last 12 months, purchasing a net total of AU$497k worth in shares. Announcement • Oct 17
Perpetual Resources Limited announced that it expects to receive AUD 2 million in funding Perpetual Resources Limited (ASX:PEC) announced a private placement of 50,000,000 ordinary fully paid common shares at a price of AUD 0.04 per share for gross proceeds AUD 2,000,000 on October 16, 2020. The transaction is expected to close on October 19, 2020. Announcement • Oct 08
Perpetual Resources Limited Provides Update on Beharra Project - PFS Study Perpetual Resources Limited provided an update on the Pre-Feasibility Study ("PFS") at the Beharra Silica Sand Project, which was commenced in late July 2020. The Beharra PFS is designed to prove the economic potential of the Beharra project, prior to a more definitive decision to fund, expected in 2021. The PFS covers all aspects of the potential project, including mining and civil works requirements, processing plant design and analysis, metallurgy, logistics, in addition to analysis regarding capital requirements, power, water and environmental aspects. The Company anticipates delivering the results of the Beharra PFS in January. The Beharra PFS is being overseen by Mr. Matt Robbins, a highly experienced mining industry professional, with deep knowledge of sand plant processing and project development, study management and cost estimation and well as sand industry advisory and strategic business development. Brief update on some of the key Beharra PFS workstreams: Sales and Marketing: Key sales & marketing consultants engaged; Detailed market analysis underway, including how Beharra's likely end product quality is positioned within the regional high-grade silica sand markets; Numerous approaches from silica sand end users received; and Discussions underway regarding offtake. Mining: Initial Whittle shell model being developed and preliminary sections received from Snowden; Analysis and decision making underway regarding starter pit location; and Plant location trade off studies well advanced. Metallurgy: Detailed metallurgical testing underway at IHC Robbins; Rougher sighter test curves comparing spiral options underway with results pending; First pass WHIMS testing underway with results pending; and Initial metallurgical test results for announcement to the market expected in coming weeks. Engineering: Final engineering deliverables received from Haald for tender assembly to potential plant providers; Scope of works documents being assembled; and Equipment providers to be approached shortly to commence PFS quality competitive bidding process. Transport & Logistics: Detailed trade off studies underway to inform optimal logistics solution to port, with potential cost saving identified; and Analysis of various potential product handling scenarios at port underway. Water: Water license application submitted with discussions continuing regarding optimising the ultimate water solution. Flora & Fauna: Initial reports received from Flora & Fauna consultants with manageable issues identified; and Regulatory applications being prepared for submission. Power: Power studies well advanced with likely end solution apparent; and Awaiting final report in coming weeks. Announcement • Oct 03
Perpetual Resources Limited Announces Conclusion of Air-Core Drilling Program at Beharra Perpetual Resources Limited (PEC or the Company) announced that the previously announced 32-hole air-core drilling program at Beharra has now been completed safely and within time and budget expectations. The comprehensive drilling program was designed in conjunction with Snowden Group, to allow an eventual upgrading of the previously announced Mineral Resource Estimate at Beharra. Importantly, once further acceptable project studies are completed, Perpetual expects to be in a position to report an increase of the resource classification to the Indicated category, which should allow the estimation of a maiden Mineral Ore Reserve in due course. The operational team at Perpetual continues its rapid advancement of the Pre-Feasibility Study for Beharra, the results of which are expected to be announced in the coming months. The purpose of the September 2020 drill program was two-fold. Firstly, it was designed to increase the confidence of the previous drilling work undertaken to the south of Mt Adams Road, with the aim of putting Perpetual in a position to upgrade this area of the existing Inferred Mineral Resource Estimate into the Indicated category. Secondly, for the area to the north of Mt Adam's Road, Perpetual required sufficient air-core drilling density so as to upgrade the current Exploration Target, into a higher confidence classification category. The location of the completed drill-holes is shown in the image below, along with that of The Company's March 2020 air-core holes. Three of the recent holes were drilled as twin holes, to provide additional confidence in resource estimation work. Announcement • Sep 24
Perpetual Resources Limited Announces Commencement of Air-Core Drilling Program At Beharra Perpetual Resources Limited announced that a 32-hole air-core drilling program at Beharra has commenced. The comprehensive drilling program has been designed to allow an upgrading of the previously announced Mineral Resource Estimate at Beharra, with the aim of increasing the resource classification into the Indicated category. Once further acceptable project studies are completed at Beharra, this should allow the announcement of a maiden Mineral Ore Reserve, which is a critical component of a decision to fund development of the Beharra high grade silica sand project. Perpetual has secured the services of a suitable air core drill rig, which has commenced drilling. The program will entail the completion of up to 32 holes, drilled to an expected depth of 10-15 meters, and will provide a combination of infill drilling, to upgrade the confidence of PEC's existing Mineral Resource Estimate, as well as extensional drilling, to prove up the previously announced Exploration Target in the area to the north of Mt Adams Road. Once drill samples are collected, detailed sample logging will then be undertaken, including comprehensive colour logging and high-quality photographing, which will further aid in the resource estimation process. The drill program is expected to take approximately 4 days to complete, with samples to be sent to Intertek Australia in Western Australia for mineral assay. It is expected that drill assay results will be available for announcement to the market mid-November, with reporting of an updated mineral resource estimate to follow in due course. 