New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 27% 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$6.0k revenue, or US$4.3k). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (AU$26.8m market cap, or US$19.2m). New Risk • Dec 13
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 Earnings have declined by 27% 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$6.0k revenue, or US$4.0k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$40.8m market cap, or US$27.1m). Recent Insider Transactions Derivative • Dec 05
Board Member exercised options to buy AU$1.7m worth of stock. On the 2nd of December, Ian Mitchell exercised options to buy 3m shares at a strike price of around AU$0.20, costing a total of AU$574k. This transaction amounted to 286% of their direct individual holding at the time of the trade. Since March 2025, Ian's direct individual holding has increased from 1.01m shares to 3.88m. This was the only transaction from an insider over the last 12 months. Announcement • Dec 01
Ark Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 0.575753 million. Ark Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 0.575753 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,878,765
Price\Range: AUD 0.2
Transaction Features: Subsequent Direct Listing Announcement • Nov 28
Ark Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 0.575753 million. Ark Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 0.575753 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,878,765
Price\Range: AUD 0.2
Transaction Features: Subsequent Direct Listing Announcement • Oct 21
Ark Mines Limited, Annual General Meeting, Nov 21, 2025 Ark Mines Limited, Annual General Meeting, Nov 21, 2025. Location: at hall chadwick, level 40, 2 park street, sydney nsw 2000 Australia 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 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 Share price has been highly volatile over the past 3 months (34% average weekly change). Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m (AU$6.0k revenue, or US$3.9k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$25.4m market cap, or US$16.6m). Announcement • Aug 25
Ark Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million. Ark Mines 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: 2,994,012
Price\Range: AUD 0.167
Transaction Features: Subsequent Direct Listing New Risk • Aug 25
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 32% 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 (32% average weekly change). Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m (AU$6.0k revenue, or US$3.9k). Minor Risk Market cap is less than US$100m (AU$27.3m market cap, or US$17.7m). New Risk • Jul 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% 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 14% per year over the past 5 years. Revenue is less than US$1m (AU$6.0k revenue, or US$3.9k). Market cap is less than US$10m (AU$9.92m market cap, or US$6.52m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • May 07
Ark Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million. Ark Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,714,285
Price\Range: AUD 0.14
Transaction Features: Subsequent Direct Listing New Risk • Dec 24
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 Less than 1 year of cash runway based on free cash flow trend (-AU$2.7m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 3.4% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$7.76m market cap, or US$4.85m). Announcement • Oct 22
Ark Mines Limited, Annual General Meeting, Nov 22, 2024 Ark Mines Limited, Annual General Meeting, Nov 22, 2024. Location: hall chadwick, level 40, 2 park street, sydney nsw 2000, Australia 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 Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.9m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$9.98m market cap, or US$6.86m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). New Risk • Mar 12
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$2.9m 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$2.9m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m (AU$18k revenue, or US$12k). Market cap is less than US$10m (AU$7.49m market cap, or US$4.95m). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Recent Insider Transactions Derivative • Jan 11
Board Member exercised options to buy AU$56k worth of stock. On the 10th of January, Ian Mitchell exercised options to buy 296k shares at a strike price of around AU$0.20, costing a total of AU$59k. This transaction amounted to 49% of their direct individual holding at the time of the trade. Since June 2023, Ian's direct individual holding has increased from 440.39k shares to 609.89k. Company insiders have collectively bought AU$118k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 21
Ark Mines Limited, Annual General Meeting, Nov 24, 2023 Ark Mines Limited, Annual General Meeting, Nov 24, 2023, at 11:30 AUS Eastern Standard Time. Location: Hall Chadwick, Level 40, 2 Park Street, Sydney NSW 2000 Sdyney New South Wales Australia Agenda: To consider Remuneration Report; to consider Re-election of Director Mr Ian Mitchell; to consider Approval of 10% Placement Facility; to consider Ratification of prior share issue; to consider Approval of issue of options. New Risk • Oct 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (AU$9.93m market cap, or US$6.28m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Sep 26
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 Revenue is less than US$1m. Market cap is less than US$10m (AU$10.5m market cap, or US$6.72m). 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 (24% increase in shares outstanding). New Risk • Sep 10
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 Revenue is less than US$1m. Market cap is less than US$10m (AU$11.6m market cap, or US$7.38m). 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 (24% increase in shares outstanding). Announcement • Aug 09
Ark Mines Ltd Appoints Ian White an Additional Company Secretary Ark Mines Ltd. announced the appointment of Mr. Ian White an additional Company Secretary. Mr. Ian Mitchell will continue to act as a Company Secretary but will take a period of leave to recover from a recent illness. Mr. White is an experienced and qualified Company Secretary with over 40 years business experience and Director of Professional Edge Pty Ltd, a company that provides professional services to junior listed and unlisted resource exploration companies, including Ark Mines Ltd. Mr. White, through Professional Edge Pty Ltd, has provided finance and accounting support to Ark Mines Ltd. since 2012 and will continue to provide this support as its Chief Financial Officer, as well acting as a Company Secretary with Mr. Mitchell. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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 Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.8m market cap, or US$9.24m). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Announcement • Jul 18
Ark Mines Limited announced that it expects to receive AUD 3.05505 million in funding Ark Mines Limited announced a private placement of 10,534,655 ordinary shares at a price of AUD 0.29 per share for the gross proceeds of AUD 3.05505 million on July 18, 2023. The transaction is expected to close on July 26, 2023. As a part of transaction, the company will pay a capital raising fee 6% of the capital raised. Announcement • Dec 01
Ark Mines Limited Receives Assay Results Back from NAL Laboratories, for the Second Phase of Drilling At Nickel Cobalt Gunnawarra EPM in North Queensland Ark Mines Limited announced that it has received assay results back from NAL Laboratories, for the second phase of drilling at the Company's highly prospective nickel cobalt Gunnawarra EPM in North Queensland. The program is targeting known Ni-Co mineralisation in shallow laterites as well as other potential mineralisation in some step out locations. 844 metres have been drilled to-date and the Phase 2 Ni-Co results mark a positive addition to the Phase 1 assays, which were indicative of shallow, robust nickel mineralization. Along with the Phase 1 drill program Ark has now completed 2,844m of Reverse Circulation drilling at Gunnawarra and drilling will remain ongoing (weather permitting) into 2023 with a significant number of untested drill targets still remaining at the project. The accumulated assay results leave Ark on track to achieve its targeted objective with the delivery of a maiden Mineral Resource estimate at Gunnawarra, which is expected in the first half of 2023. Prior to this, the Company anticipates undertaking more drilling. Significant nickel-cobalt drillhole intersections included: 3m @ 1.2% NiEq from 6m, plus 3m @ 1.2% NiEq from 6m, plus 1m @ 0.81% NiEq from 17m, plus 1m @ 1.14% NiEq from 32m; 2m @ 0.96% NiEq from 4m, plus 1m @ 0.73% NiEq from 12m, plus 1m @ 0.90% NiEq from 29m; 3m @ 0.93% NiEq from 8m, including 1m @ 1.2% NiEq from 8m; 9m @ 0.79% NiEq from 18m, including 2m @ 1.3% NiEq from 25m. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Company Secretary & Non-Executive Independent Director Ian Mitchell was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 03
Ark Mines Limited Announces the Completion of the First and Second Phase of Its Drilling Program At Its 100%-Owned Gunnawarra Nickel Cobalt Project, North Queensland Ark Mines Limited announce that following the completion of the first and second phase of its drilling program at its 100%-owned Gunnawarra Nickel Cobalt Project, North Queensland, it is proceeding with metallurgical testing of the nickel cobalt ore from the project for commercial beneficiation at the Eriez pilot plant in Victoria. The pilot plant is designed as a scalable template for the design and construction of a beneficiation plant for commercial production. Small scale beneficiation trials have showed positive results conducted by Tony King at Herbaton metallurgical and the results from this program, which will be published in the near-term, is the catalyst for this pilot scale beneficiation program. Announcement • Nov 02
Ark Mines Limited Completes A Second Phase of Drilling At the Its Nickel Cobalt Gunnawarra EPM in North Queensland Ark Mines Ltd. announced that it has completed a second phase of drilling at the company's highly prospective nickel cobalt Gunnawarra EPM in North Queensland. The program is targeting known Ni Co mineralization in shallow laterites as well as other potential mineralization in some step out locations. 844 metres have been drilled over an area approximately 600 m across and lateritic material has been encountered in many locations. To date, Ark has drilled a total of 2604 metres at Gunnawarra with further drilling anticipated subject to weather. Highlights: The company has completed 844 metres of Reverse Circulation (RC) drilling in its second round of drilling at its 100% owned Gunnawarra Nickel Cobalt Project, North Queensland; 28 holes drilled at an average depth of 30 metres with deepest hole drilled to 59 metres; Lateritic material encountered to the West and to the southeast of the previous drilled mineralization; Samples have been submitted for assaying with results expected within two weeks; The company will apply these results, along with the first phase drilling results, to report the maiden Mineral Resource Estimate for the Gunnawarra project. Announcement • Oct 27
Ark Mines Ltd Completes Second Phase of Drilling At the Company's Highly Prospective Nickel Cobalt Gunnawarra EPM in North Queensland Ark Mines Ltd. announced that it has completed a second phase of drilling at the Company's highly prospective nickel cobalt Gunnawarra EPM in North Queensland. The program is targeting known Ni Co mineralization in shallow laterites as well as other potential mineralization in some step out locations. 844 metres have been drilled over an area approximately 600 m across and lateritic material has been encountered in many locations. To date, Ark has drilled a total of 2604 metres at Gunnawarra with further drilling anticipated subject to weather. Announcement • Oct 14
Ark Mines Limited, Annual General Meeting, Nov 18, 2022 Ark Mines Limited, Annual General Meeting, Nov 18, 2022, at 11:30 AUS Eastern Standard Time. Location: Hall Chadwick Level 40, 2 Park Street Sydney New South Wales Australia Agenda: To consider Remuneration Report; to consider re-election of Director - Mr. Antony Corel; and to consider approval of Placement Facility. Announcement • Jun 21
Ark Mines Ltd Engages IHC Mining to Undertake Beneficiation Test Work of the Gunnawarra Ni Co Samples Ark Mines Ltd. announced that following the success of its recent drilling program at Gunnawarra the Company has engaged IHC Mining (IHC) of Brisbane to undertake beneficiation test work on its mineralised Ni Co laterite material. The primary focus of the test work being undertaken by IHC will be on magnetic separation. Additional options will also be reviewed and examined to further improve extraction processes for the Gunnawarra laterite material. Given Laterites have a significant Iron content there is potential to upgrade Ni grades through a magnetic separation process. The ability to upgrade is highly dependent on how separate the Ni is from the magnetic iron. The initial 45-hole drill program completed at Gunnawarra confirmed strong nickel and cobalt mineralisation at an area known as `the Pod'. The results of the program revealed most intersections to be shallow with little to no overburden, with the deposit remaining open in numerous directions. Significant intersections include: 28m at .73% Ni Eq from surface including 5m at 1.8% Ni Eq from 5m,including 2m of Co at .1% from 4m; 42m at .76% Ni Eq from 2m including 19m at 1% Ni Eq from 6m; 22m at 1% Ni Eq from 4m including 9m at 1.4% Ni Eq from 8m; 28m at .7% Ni Eq from surface including 6m at 1.4% Ni Eq from 3m; 11m at .84% Ni Eq from 2m including 2m at 1.2% Ni Eq from 5m and; 14m at 1.12% Ni Eq from 3m including 4m at 1.7% Ni Eq from 8m. Coinciding with the beneficiation test work by IHC, Ark will continue to advance its exploration initiatives at the Pod through targeting known extensions to the system. In addition, further high potential targets identified across the 36km² Gunnawarra tenement area will begin to be drilled as the Company looks to continue to build upon the historic resource at the project. Announcement • May 24
Ark Mines Limited Provides Maiden Assay Results from the Recent 2,000M, 45-Hole Drill Program At Its Gunnawarra Nickel Cobalt Project in North Queensland Ark Mines Limited announced assay results from a recently-completed 45-hole drilling program highlight shallow robust nickel mineralisation, further expanding the scope of the resource. Significant intersections of `the Pod' include: 28m at .73% Ni Eq from surface including 5m at 1.8% Ni Eq from 5m, including 2m of Co at .1% from 4m; 42m at .76% Ni Eq from 2m including 19m at 1% Ni Eq from 6m; 22m at 1% Ni Eq from 4m including 9m at 1.4% Ni Eq from 8m; 28m at .7% Ni Eq from surface including 6m at 1.4% Ni Eq from 3m; 11m at .84% Ni Eq from 2m including 2m at 1.2% Ni Eq from 5m; 14m at 1.12% Ni Eq from 3m including 4m at 1.7% Ni Eq from 8m. Most intersections are shallow with little to no overburden. Deposit remains open in numerous directions. Ark is now planning drilling known extensions to `the Pod' as well as other target areas across the Gunnawarra leases. These very encouraging results, highlighted above, support AHK's stated objective to expand the scope of a previously-identified 2004 JORC historical mineral resource estimate (MRE) at Gunnawarra, and convert it to 2012 JORC status. The successful 45-hole drill program was carried out in an area known as `the Pod', where drilling in 2008 by Metallica Minerals Limited (ASX: MLM) reported an Inferred Resource of 280,000 tonnes at 0.73% nickel (Ni) and 0.05% Cobalt (Co). Ark believes the deposit is open to the North West and the South East with a follow up drill program being planned now. By utilising more modern drilling practices with a larger air rig, Ark anticipates significantly expanding the size of the resource with its maiden drilling program which intersected nickel-cobalt mineralisation at depths of up to 60 metres, around double the depth of the previous drilling program. The latest assay results give Ark a strong platform to execute on its development strategy at Gunnawarra, which borders the `Sconi' project operated by Australian Mines (ASX: AUZ) - one of Australia's most advanced cobalt-nickel-scandium projects. Assay results are in line with the timeline projects previously communicated to the market by the Ark management team. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Company Secretary & Non-Executive Independent Director Ian Mitchell was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 08
Ark Mines Limited Reports Nickel and Cobalt Mineralization Intersected in Gunnawarra Laterites Ark Mines Ltd. reported it has intersected extensive Nickel and Cobalt mineralization in the targeted laterites with 1,430 metres of reverse circulation (`RC') drilling completed at the company's highly prospective Gunnawarra project. At the completion of first phase of drilling, Nickel and Cobalt mineralization has been intersected up to 60 metres in depth in the targeted laterites. Given the encouraging results, the drill program has been extended by at least another 400m to the west. As previously announced, the 1,500m RC drill program was targeting known mineralization in shallow laterites as well as other potential mineralization in some step out locations. The extensive nickel and cobalt mineralization intersected adds to the lateritic material encountered from the initial 500 metres of drilling. Announcement • Mar 30
Ark Mines Limited Announces RC Drilling Commence At the Highly Prospective Nickel Cobalt Targets Ark Mines Ltd. announced RC drilling has commenced at the company's highly prospective nickel cobalt targets within the 36km2 Gunnawarra EPM in North Queensland. The program is targeting known Ni Co mineralization in shallow laterites as well as other potential mineralization in some step out locations. So far, 500 metres have been drilled and lateritic material has been encountered up to 40 metres deep in some locations. Announcement • Mar 04
Ark Mines Limited Announces the Completion of A Successful Drone Magnetic Survey Undertaken At Its Gunnawarra Nickel-Cobalt Project in North Queensland Ark Mines Ltd. announced the completion of a successful drone magnetic survey undertaken at its Gunnawarra Nickel-Cobalt Project (EPM 26560) in North Queensland which has confirmed a strong correlation between the proven Nickel-Cobalt laterite mineralisation across the project and the magnetic highs identified through the survey. Gunnawarra has significant potential as a battery mineral exploration and development project in a proven Tier 1 jurisdiction for similar projects. It surrounds the Bell Creek resource, a component of the Sconi project owned by Australian Mines Limited, the most advanced Cobalt-Nickel-Scandium project in Australia. As previously reported, Ultramag Geophysics was engaged to undertake a high spatial resolution drone magnetic survey across Gunnawarra's 36km2 tenure. The Company used unmanned aerial vehicles which provides comparable resolution at 10x the speed and a quarter of the cost of traditional methods. The results from the survey were of excellent quality with high resolution data providing Ark with a clear and detailed aeromagnetic image of the project. The magnetic highs are shown to coincide exceedingly well with the Nickel-Cobalt laterite deposits at surface and in the underlying ultramafic geology. With definitive outlines of the Nickel-Cobalt mineralisation surface and under surface locations confirmed,. In addition, serpentinites and ultra-mafic basement rocks have given a strong signature which provides Ark with further exploration opportunities. The advancing exploration program Gunnawarra is part of Ark's plan to aggressively ramp up exploration activity across its tenements, which includes finalising drill targets at the Company's Mt Jesse Copper-Iron project. Drilling contracts are now being assessed before the Company advances a detailed drilling program. TARGETS; The gridded TMI image (Image 2) show a large magnetic high anomaly (A) trending north- south through the central portion of the survey outlined in yellow. This is the main structure identified in the survey.We are confident these tops are accurate to within a few metres; (A) has two main highs (B) and (C) to the north; All of these highs appear to be cross-cut by ENE to NE trending linearfeatures which add complexity to the interpretation and may offer further mineralisation potential, particularly at intersections of lineations and mag high edges;The other two important features in this area include the mag lows (D) which juxtaposethe main feature (A). These show up best in TMI but wash out in RTP; To the far northwest, there is another mag high structure on the northern side (G) as well as a mag low (G) on the southern side. This structure also offers a secondary target. Announcement • Feb 08
Ark Mines Ltd Commences Magnetic Survey At Gunnawarra Nickel-Cobalt Project Ark Mines Ltd. reported that it has commenced exploration activity at its Gunnawarra Nickel-Cobalt Project in North Queensland, Australia. Ultramag Geophysics is now onsite undertaking a detailed drone magnetic survey across Gunnawarra project's 36km2 tenure. Located ~40km south from Mount Garnet in far-north Queensland, the Gunnawarra Project boasts outstanding access to existing infrastructure including grid power, water and access to port facilities. The project surrounds the Bell Creek resource, a component of the Sconi cobalt project owned by Australian Mines Limited. Gunnawarra presents strong coincidental geophysics to Bell Creek, with outcrops that pervade the tenement from the Bell Creek Resource. Ultramag Geophysics gave been engaged to undertake a high spatial resolution drone magnetic survey at Gunnawarra utilising unmanned aerial vehicles. UAVs provide an advantage over traditional methods with the ability to consistently fly over hard to reach and hazardous areas as well as safely at low elevations. This eliminates the need for large crews, refuelling stations, and other potential risks associated with aircraft. Dronemag surveys provide comparable resolution to groundmag but with a much faster acquisition. Additional new small features can be mapped and used to inform the geological modelling. Dronemag is approximately 10 times faster than groundmag and can be undertaken at a fraction of the cost. Ultramag's survey work is expected to take approximately one week to complete, with a detailed report available later in February. The results of the survey will allow Ark to identify geological structures across the tenement including dykes, sills, and other intrusions, faults, magmatic flows and paleochannels. Being able to pinpoint the magnetic ultramafic host rock will be key to allowing the Company to refine drill targets more efficiently. Various drill targets have previously been defined at Gunnawarra and the results of this survey will confirm these drill locations and likely define others. A detailed drill program will be developed following the reception and interpretation of the survey results. Announcement • Jan 18
Ark Mines Limited Reports the Commencement of Exploration Activity At Its Gunnawarra Nickel-Cobalt Project Ark Mines Limited reported the commencement of exploration activity at its Gunnawarra Nickel-Cobalt Project (EPM 26560) with Ultramag Geophysics engaged to undertake a detailed drone Magnetic survey across the project in early February. Gunnawarra surrounds the Bell Creek resource, a component of the Sconi cobalt project owned by Australian Mines Limited and Gunnawarra has strong coincidental Geophysics and outcrops pervades the tenement from the Bell Creek Resource. It is expected the work will take around a week to complete, with a report available shortly after. The high-resolution magnetic surveys using UAVs (Dronemag) can rapidly identify geological structures such as dykes, sills, and other intrusions, faults, magmatic flows and paleochannels. Ultramag Dronemag provides very high spatial resolution. New small featurescan be mapped and used to inform the geological modelling. UAVs can fly over hard to reach and hazardous areas and can fly consistently and safely at low elevations. UAVs eliminate the need for large crews, refuelling stations, and risks associated with aircraft. Dronemag surveysprovide comparable resolution to groundmag but with a much faster acquisition. Dronemag is about 10 times faster than ground mag, and a fraction of the cost. A number of drill targets have previously been defined at Gunnawarra and the results of this survey will confirm these drill locations and likely define others. The Gunnawarra Nickel-Cobalt Project (EPM 26560) is located 40kms south from Mount Garnet in far-north Queensland, the project is close to existing infrastructure, including grid power, water and access to port facilities. Board Change • Dec 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Company Secretary & Non-Executive Independent Director Ian Mitchell was the last director to join the board, commencing their role in 2010. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 24
Ark Mines Limited Announces Company Drilling Programs First Quarter 2022 Ark Mines Limited announced Highly prospective Mount Jesse Iron rich magnetite skarn with copper mineralisation to be drilled early in the new year: First pass 1,000m relatively shallow angled holed RC drilling program to be undertaken, stepping out from the exposed knobs Drilling of the Gunnawarra Nickel project also planned immediately following completion of Mt Jesse program: 800m shallow vertical holed RC drilling planned Mt Jesse Iron Project (EPM 26464): located 25km west of Mt Garnet and 176km from Cairns far-north Queensland. Project is centered on an Iron rich magnetite skarn with copper which potentially is associated with porphyry style copper mineralisation within a granodiorite. The iron is exposed as low-lying outcrops knobs in three locations surrounding the quaternary cover. Gunnawarra Nickel-Cobalt Project (EPM 26560): located 40kms south from Mount Garnet in far-north Queensland, the project is close to existing infrastructure, including grid power, water and access to port facilities. EPM 26560 surrounds the Bell Creek resource, a component of the Sconi cobalt project owned by Australian Mines Limited. Strong coincidental Geophysics and outcrop pervades the tenement from the Bell Creek Resource. Ark plans to carry out follow-up soil sampling and undertake a shallow RC drilling program along strike of the Bell Creek resource, and on other targets within the license. A component of the drilling will focus on the basement rocks for potential sulphide mineralisation. Further to the drilling programs to be undertaken at Mt Jesse and Gunnawarra,the Ark technical team will be reviewing the Pluton Gold project with a view of determining targets to drill later in the season. 
