New Risk • Mar 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.95m) 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 Revenue is less than US$1m (AU$664k revenue, or US$468k). Market cap is less than US$10m (AU$14.1m market cap, or US$9.95m). Anuncio • Oct 01
Mandrake Resources Limited, Annual General Meeting, Nov 26, 2025 Mandrake Resources Limited, Annual General Meeting, Nov 26, 2025. New Risk • Sep 23
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 Revenue is less than US$1m (AU$737k revenue, or US$485k). Market cap is less than US$10m (AU$14.4m market cap, or US$9.50m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Nov 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.4m (US$9.94m) 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 Revenue is less than US$1m (AU$737k revenue, or US$475k). Market cap is less than US$10m (AU$15.4m market cap, or US$9.94m). Minor Risk Shareholders have been diluted in the past year (3.0% increase in shares outstanding). New Risk • Sep 27
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 Risk Revenue is less than US$1m (AU$402k revenue, or US$277k). 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 (3.0% increase in shares outstanding). Market cap is less than US$100m (AU$17.9m market cap, or US$12.3m). Anuncio • Sep 25
Mandrake Resources Limited, Annual General Meeting, Nov 26, 2024 Mandrake Resources Limited, Annual General Meeting, Nov 26, 2024. Location: at level 1, 10 outram street, west perth wa 6005 Australia Recent Insider Transactions • Aug 02
Independent Non-Executive Director recently bought AU$50k worth of stock On the 29th of July, Roger Fitzhardinge bought around 2m shares on-market at roughly AU$0.025 per share. This transaction amounted to 66% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$83k more in shares than they have sold in the last 12 months. Recent Insider Transactions Derivative • Nov 23
MD & Director exercised options to buy AU$612k worth of stock. On the 22nd of November, James Allchurch exercised options to buy 17m shares at a strike price of around AU$0.036, costing a total of AU$615k. This transaction amounted to 117% of their direct individual holding at the time of the trade. Since December 2022, James has owned 14.50m shares directly. This was the only transaction from an insider over the last 12 months. Anuncio • Oct 06
Mandrake Resources Limited, Annual General Meeting, Nov 30, 2023 Mandrake Resources Limited, Annual General Meeting, Nov 30, 2023, at 09:00 W. Australia Standard Time. New Risk • Sep 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 38% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (AU$23.4m market cap, or US$15.0m). New Risk • Sep 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 38% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (AU$23.4m market cap, or US$14.9m). Recent Insider Transactions Derivative • Nov 25
MD & Director exercised options to buy AU$492k worth of stock. On the 23rd of November, James Allchurch exercised options to buy 12m shares at a strike price of around AU$0.03, costing a total of AU$360k. This transaction amounted to 480% of their direct individual holding at the time of the trade. Since June 2022, James has owned 2.50m shares directly. Company insiders have collectively bought AU$469k more than they sold, via options and on-market transactions, in the last 12 months. Anuncio • Nov 16
Mandrake Resources Limited Announces Further High-Grade Drill Results Up to 7.3G/T Au At Berinka Mandrake Resources Limited has now received final results from reverse circulation (RC) and diamond drilling at the 100%-owned Berinka Pine Creek Gold-Copper Project in the Northern Territory. Mandrake drilled a total of 11 holes for 1,131m which comprised 1,047m of RC drilling plus an 84m diamond tail of NQ2 core at FBRD014. RC sampling primarily comprised 4m composites, the results of which were released 19 October 2022. Results have now been received for diamond core (FBRD014) and individual metre samples over mineralised intervals identified by the 4m composites results. FBRC013 was drilled at Terry's Gap to test along strike from mineralisation intersected during the 2020 RC drilling campaign. Strong oxide gold-copper mineralisation associated with weathered quartz veining and silica alteration was intersected near the top of the hole from 4m, returning 6m @ 2.3 g/t Au and 0.34% Cu which included 3m @ 3.8 g/t Au and 0.35% Cu from 7m. Several zones of strong alteration and veining were mostly related to rafts of sheared gabbro and quartz/pyrite veining within the Ti-tree Granophyre host rock. The interval 164- 165m assayed 7.3 g/t Au. FBRD014 intersected an intense zone of carbonate crackle veining and brecciation from 88m to 110m which was clearly evident in diamond core. Results from the core included 3m @ 0.27g/t Au from 96m. Drilling to date has defined gold mineralisation over a strike length of greater than 2km between Vegetation Anomaly and Terry's Prospect. Most of this area is under cover and there is insufficient drilling to enable a complete understanding of the extent of higher- grade zones or their controlling structures. A further drilling programme is required to more adequately define the controls and extent of Au/Cu mineralization with further work also required to investigate Ni/PGE anomalism identified within the Sandy Creek mafic unit. This drill programme is planned for the conclusion of the 2022/2023 wet season. 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 Roger Fitzhardinge was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Anuncio • Oct 20
Mandrake Resources Limited Receives High Grade Gold Results and Ni-PGE Potential At Berinka Mandrake Resources Limited has received initial reverse circulation (RC) results following drilling at the 100%-owned Berinka Pine Creek Gold-Copper Project in the Northern Territory. Mandrake drilled a total of 11 holes for 1,131m which comprised 1,047m of RC drilling plus an 84m diamond tail of NQ2 core at FBRD014. RC sampling primarily comprised 4m composites, the results of which have been received and incorporated into this release. Individual meter samples over anomalous intervals have been identified and submitted to the laboratory for analysis with results to be released in the coming weeks. Results of the individual meter samples will provide further information as to mineralization style and distribution of grade. Diamond core from FBRD014 has been sampled and submitted to the laboratory for analysis. Results expected in the coming weeks. FBRC013 was drilled at Terry's Gap to test along strike from mineralization intersected during the 2020 RC drilling campaign. Several zones of strong alteration and veining were intersected, particularly from 152-168m, mostly related to what appear to be rafts of sheared gabbro within the Ti-tree Granophyre host rock. The interval 164-168m assayed 3.29 g/t Au. Strong oxide gold-copper mineralization was intersected near the top of the hole from 4- 12m, returning 8m @ 1.91 g/t Au and 0.32% Cu (including 4m @ 3.2 g/t Au and 0.32% Cu from 8m), associated with weathered quartz veining and silica alteration. Drilling to date has defined gold mineralization over a strike length of greater than 2km between Vegetation Anomaly and Terry's Prospect. Most of this area is under cover and there is insufficient drilling to enable a complete understanding of the extent of higher grade zones or their controlling structures FBRC015 and FBRC016 at Vegetation Anomaly encountered strong sericite-carbonate- sulphide alteration with anomalism up to 0.2 g/t Au and 0.14% Cu. FBRD014 intersected an intense zone of carbonate crackle veining and brecciation from 88m to 110m in the diamond tail. Patchy disseminated chalcopyrite (1-5%) was observed between 94 and 110m1 mostly associated with zones of intense brecciation and carbonate-sericite-silica-sulphide alteration. A zone of oxide mineralization was intersected in the RC pre-collar between 12 and 16m which assayed 0.78 g/t Au. Following receipt of results for the outstanding individual RC meter samples and diamond core, Mandrake will design an exploration programme to better define gold mineralization along Terry's trend. Three drill holes, FBRD014, FBRC015 and FBRC016, were drilled at the Vegetation Anomaly to follow up Au-Cu mineralization identified during Mandrake's drilling campaign in 2020. Interestingly, broad zones of platinum (Pt) and palladium (Pd) anomalism were intersected for the first time in the Sandy Creek Complex gabbro host rock in both FBRC014 and FBRC015. These zones assayed up to 4m @ 42 ppb Pt and 29 ppb Pd (71 ppb Pt + Pd) from 32m depth within a broader 32m wide zone averaging 43 ppb Pt + Pd. The highly anomalous PGE interval of gabbro was associated with distinctly elevated Mg-Ni geochemistry. This potentially indicates that the Sandy Creek Complex is more fractionated than previously thought, which has markedly increased the Ni-PGE prospectivity of the mafic body. Mandrake will now wait on the additional individual meter assay results before formulating a programme to examine the Ni-PGE potential of the Sandy Creek Complex. 21 rock-chip samples were collected during geological traversing throughout the tenement. The traverses focused on areas with anomalous stream, soil and rock-chip geochemistry as well as areas with geological potential for a range of mineralization types that had not been adequately followed up by previous explorers. Anuncio • Oct 04
Mandrake Resources Limited, Annual General Meeting, Nov 29, 2022 Mandrake Resources Limited, Annual General Meeting, Nov 29, 2022, at 09:00 W. Australia Standard Time. Anuncio • Sep 29
Mandrake Resources Limited Announces Completion of Drilling at Berinka Gold-Copper Project Mandrake Resources Limited has completed a drilling programme that included reverse circulation (RC) and diamond drilling targeting high-grade gold and copper mineralisation at the 100%-owned Berinka Pine Creek Gold Project in the Northern Territory. Mandrake drilled a total of 11 holes for 1,131m which comprised 1,047m of RC drilling plus an 84m diamond tail of NQ2 core at one of the holes. All RC samples have been submitted to the laboratory with results expected in the coming weeks. Diamond core is currently being processed prior to the sampling and submission of applicable intervals to the laboratory for analysis. Carpentaria Exploration (CEC) first explored in the area in 1975 when a reconnaissance visit found quartz veining at what is now known as the Terry's Prospect that assayed 5.5g/t Au. Over the next six years CEC conducted soil sampling, mapping, gridding, rock chip sampling and ground magnetics. Most of these activities were focused on the Terry's Prospect area which is situated approximately 2km south-east of Vegetation Anomaly. Importantly, Vegetation Anomaly and Terry's Prospect appear `connected' by a distinct NW-SE lineament as interpreted from magnetic imagery. In the mid-1980s CEC drilled 36 RC drill holes totaling 3,014m at Terry's prospect. Best intersections include: 4m @ 6.6g/t from 32m; 6m @ 3.1g/t from 18m; 5m @ 2.6g/t from 30m. A complete list of all historic drill intercepts is contained in the Mandrake Resources prospectus lodged with the ASX on 24 May 2019. In mid-2020, Mandrake undertook frontier drilling at Berinka targeting two greenfield prospects, Vegetation Anomaly and Terry's Gap, identifid from aeromagnetics and historic gold results derived from costeans. The programme in 2020 was curtailed by difficult ground conditions and rig breakdown. RC hole FBRC005 at Vegetation Anomaly returned the following high-grade gold-silver-copper intercept: 3m @ 1.8g/t Au, 32 g/t Ag and 2.1% Cu from 124m including; 1m @ 3.7 g/t Au, 69 g/t Ag and 3.1% Cu from 124m. The current drilling programme sought to follow up the encouraging 2020 drilling programme results and test four other prospects in the immediate vicinity. Anuncio • Sep 01
Mandrake Resources Limited Commences Drilling At Berinka Gold-Copper Project in the NT Mandrake Resources Limited has commenced a reverse circulation drilling programme targeting high- grade gold and copper mineralisation at the 100%-owned Berinka Pine Creek Gold Project in the Northern Territory. In mid-2020, Mandrake undertook frontier drilling at Berinka targeting two greenfield prospects, Vegetation Anomaly and Terry's Gap, identified from aeromagnetics and historic gold results derived from costeans. The programme in 2020 was curtailed by difficult ground conditions and rig breakdown. RC hole FBRC005 at Vegetation Anomaly returned the following high-grade gold-silver- copper intercept: 3m @ 1.8 g/t Au, 32 g/t Ag and 2.1% Cu from 124m including; 1m @ 3.7 g/t Au, 69 g/t Ag and 3.1% Cu from 124m Gold appears to be hosted in a series of veins in close proximity to a faulted contact between a gabbro and granite and is associated with sulphides, particularly pyrite and chalcopyrite. The current drilling programme aims to follow up the encouraging 2020 drilling programme results and test five other prospects in the immediate vicinity. The programme comprises approximately 1,410m of RC drilling across 10 holes. The RC rig engaged has the ability to convert to diamond drilling as dictated by ground conditions, allowing for diamond tails if warranted. Soil and Rock Chip Sampling. In July and August 2022, Mandrake carried out soil and rock chip sampling at Berinka with a view to refining existing prospects and generating new targets. Infill soil sampling was carried out in two areas to follow up gold in soil anomalism in a soil sampling program carried out by Discovery Nickel Limited in 2004. Soil samples were taken at 50m sample spacings to infill the existing grid to 200m line spacings. A total of 56 samples were collected along 5 lines. Soils were taken at 0.1-0.4m depth and sieved to 1.5mm in the field. Notes on soil type and outcrop were taken. The infill soil sampling returned a peak result of 236 ppb Au. This sample appears to validate the DNL peak soil result of 250ppb Au on a line 200m to the north. A follow up program of closer spaced infill soil sampling between the two lines is warranted. Rock chip results are pending. Carpentaria Exploration first explored in the area in 1975 when a reconnaissance visit found quartz veining at what is now known as the Terry's Prospect that assayed 5.5g/t Au. Over the next six years CEC conducted soil sampling, mapping, gridding, rock chip sampling and ground magnetics. Most of these activities were focused on the Terry's Prospect area which is situated approximately 2km south-east of Vegetation Anomaly. Importantly, Vegetation Anomaly and Terry's Prospect appear `connected' by a distinct NW-SE lineament as interpreted from magnetic imagery. In the mid-1980s CEC drilled 36 RC drill holes totaling 3,014m at Terry's prospect. Best intersections include: 4m @ 6.6g/t from 32m; 6m @ 3.1g/t from 18m; 5m @ 2.6g/t from 30m. Board Change • Apr 27
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. 1 experienced director. No highly experienced directors. 1 independent director (2 non-independent directors). MD & Director James Allchurch is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Roger Fitzhardinge was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Recent Insider Transactions • Apr 12
Independent Non-Executive Director recently bought AU$62k worth of stock On the 7th of April, Roger Fitzhardinge bought around 1m shares on-market at roughly AU$0.059 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Feb 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. MD & Director James Allchurch is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Anuncio • Jan 18
Mandrake Resources Limited Announces Drilling Re-Commences at Newleyine Mandrake Resources Limited announced that drilling has re-commenced at the Company's Newleyine PGE-nickel-copper prospect. The Newleyine prospect lies within Mandrake's Jimperding Project and is located 30km east of Chalice's Julimar PGE-nickel-copper discovery in the same geological terrane. In July 2021 Mandrake drilled three diamond drill holes targeting two of the three discrete, late-time electromagnetic (EM) bedrock anomalies that geophysical interpretation suggested could be the response of massive sulphides consistent with Julimar-style PGE-Ni-Cu mineralisation. Reverse Circulation (RC) drilling at drill hole MNEWRC004 is now underway targeting the final untested EM bedrock anomaly (conductor plate C). Once complete, MNEWRC004 will be cased ahead of a down-hole EM (DHEM) survey designed to identify off-hole EM conductors. It is anticipated that assay results for MNEWRC004 will be received in late February/March. Anuncio • Jun 16
Mandrake Resources Limited Announces Commencement of Drilling at Newleyine Mandrake Resources Limited announced that drilling has commenced at the Company's promising Newleyine PGE-nickel-copper prospect. The Newleyine prospect lies within Mandrake's Jimperding Project and is located 30km east of Chalice's Julimar PGE-nickel-copper discovery in the same geological terrane. Mandrake has identified multiple similarities to Julimar at Newleyine, including the presence of several large electromagnetic (EM) conductor plates. The initial phase of diamond drilling includes three holes, each targeting one of the three EM conductor plates identified by the ground-based fixed loop EM (FLEM) survey conducted by the Company in 2020. Once complete, drill holes will be cased ahead of a down-hole EM (DHEM) survey designed to identify any off-hole EM conductors. Drill holes will be approximately 300m total depth, with the initial drilling phase scheduled to take around 3 weeks. Anuncio • Jun 01
Mandrake Resources Limited to Commence Drilling at Newleyine Mandrake Resources Limited announced it has received all permits and access required to commence its drilling programme at the Company's promising Newleyine PGE-nickel-copper prospect in Western Australia. The Department of Mines, Industry Regulation and Safety (DMIRS) has approved the Programme of Work (PoW) application for Newleyine relating to the forthcoming diamond drilling programme. A drill contractor has been secured with drilling now scheduled to commence on 14 June 2021. Mandrake has also completed a comprehensive geological mapping, sampling and portable XRF campaign across the entire Jimperding project with particular emphasis on anomalies identified by the recently conducted heli-VTEM survey. Results from this work will be released shortly. Executive Departure • Mar 18
Independent Non-Executive Director has left the company On the 7th of March, Ben Phillips' tenure as Independent Non-Executive Director ended after 2.9 years in the role. As of December 2020, Ben personally held 1.00m shares (AU$85k worth at the time). Ben is the only executive to leave the company over the last 12 months. Executive Departure • Mar 10
Independent Non-Executive Director has left the company On the 8th of March, Ben Phillips' tenure as Independent Non-Executive Director ended after 2.9 years in the role. As of December 2020, Ben personally held 1.00m shares (AU$85k worth at the time). Ben is the only executive to leave the company over the last 12 months. Anuncio • Mar 09
Mandrake Resources Limited Announces Board Changes Mandrake Resources Limited announced that the resignation of Non-Executive Director Ben Phillips effective immediately. Existing Chief Financial Officer and Company Secretary Lloyd Flint has been appointed to the Board as a Non-Executive Director. Anuncio • Feb 18
Mandrake Resources Limited Announces Multiple Strong EM Conductors At Jimperding Mandrake Resources Limited announced the results of an initial whole-of-permit (142km2) airborne electromagnetic (AEM) survey at the Jimperding Project, in the Jimperding Metamorphic Belt located 70km north east of Perth, Western Australia. The heliborne AEM survey utilised Geotech Limited's Versatile Time-Domain Electromagnetic (VTEMTM Max) geophysical system surveying at 200m spacing (with some 100m-spaced infill lines flown over anomalous areas). Cultural sources (sheds, power lines etc.) were avoided by flight lines where possible. The objective of the survey was to generate targets prospective for "Julimar-style" mineralisation given the Jimperding Project lies approximately 28km east of Chalice Mining Limited's Julimar PGE-Ni-Cu discovery in the same geological terrane. The AEM survey has successfully identified a large number of late-time EM conductors that require immediate field reconnaissance work and mapping. In particular in the north of the Jimperding Project represent compelling targets given their relatively strong conductance, proximity to known metamorphic rocks and association with adjacent magnetic responses. Several coherent targets have been identified along with a host of conductors following independent preliminary interpretation with several anomalous responses demonstrating multiple broad late-time EM responses similar to that exhibited by the Newleyine Prospect. AEM survey design and data interpretation were undertaken by Southern Geoscience Consultants (SGC). Final geophysical survey interpretation is yet to be received and it is possible that additional anomalies may be identified. Mandrake has commenced the process of refining and ranking the EM targets. Starting with top ranked EM targets, Mandrake will commence land access discussions with a view to a site visit to characterise rock types and conduct initial mapping (provided sufficient outcrop). Ground EM would then be used to establish drill targets. The Newleyine Prospect was also flown (including infill lines) during the survey which has confirmed the distinct high conductance EM response from the target area. Drilling of Newleyine is on track to commence in the current quarter. Anuncio • Oct 16
Mandrake Resources Limited Provides Results from Reverse Circulation Drilling Programme Targeting Gold Mineralisation at Berinka Pine Creek Gold Project in Northern Territory Mandrake Resources Limited provided results from a recently completed reverse circulation (RC) drilling programme targeting gold mineralisation at the Berinka Pine Creek Gold Project in the Northern Territory. Mandrake investigated two greenfield prospects, Vegetation Anomaly and Terry's Gap, identified from aeromagnetics and historic gold results derived from costeans. RC hole FBRC005 at Vegetation Anomaly returned the following high grade gold-silver-copper intercept: 3m @ 1.8g/t Au, 32 g/t Ag and 2.1% Cu from 124m including; 1m @ 3.7 g/t Au, 69 g/t Ag and 3.1% Cu from 124m. FBRC004, also at Vegetation Anomaly, returned 9m @ 0.31 g/t Au from 22m whilst FBRC002, targeting Terry's Gap recorded 7m @ 0.32 g/t Au from 120m. See Table 2 for significant intercepts. Gold appears to be hosted in a series of veins in close proximity to a faulted contact between a gabbro and granite and is associated with sulphides, particularly pyrite and chalcopyrite (copper). The presence of high concentrations of silver and copper is particularly noteworthy in that previous drilling work at Berinka, primarily at Terry's Prospect in the mid-80s, identified gold with significantly lower copper and silver concentrations. This suggests that the mineralisation at the Vegetation Anomaly may represent a different mineralised system/event. To assist in understanding the structural controls on mineralisation Mandrake engaged specialist downhole logging consultants to run an optical probe in two holes. This information has greatly assisted in determining the orientation of structures/veins of interest and has been invaluable in assisting with the generation of a follow-up drilling programme. The generation of the above results from a small RC programme designed to scout prospects with little to no previous work is outstanding and has confirmed the gold prospectivity of the Berinka Project and compelled the company to complete further drilling. Mandrake completed a very limited drill programme of seven holes (five effective, two abandoned) for 733m of RC drilling. The programme was prematurely curtailed due to rig breakdown and as a result, only two (Vegetation Anomaly and Terry's Gap) prospects were drilled. The Cross and Sandy Creek prospects remain undrilled. Brief Exploration History Berinka Gold Project: Carpentaria Exploration (CEC) first explored in the area in 1975 when a reconnaissance visit found quartz veining at what is now known as the Terry's Prospect that assayed 5.5g/t Au. Over the next six years CEC conducted soil sampling, mapping, gridding, rock chip sampling and ground magnetics. Most of these activities were focused on the Terry's Prospect area which is situated approximately 2km south-east of Vegetation Anomaly. Importantly, Vegetation Anomaly and Terry's Prospect appear connected by a distinct NW-SE lineament as interpreted from magnetic imagery. In the mid-1980s CEC drilled 36 RC drill holes totalling 3,014m at Terry's prospect. Best intersections include: 4m @ 6.6g/t from 32m; 6m @ 3.1g/t from 18m; and 5m @ 2.6g/t from 30m. 
