Koongie Park, Western Australia (Copper/Zinc/Silver)

The Tundulu Rare Earths On 18 February 2025, the Company announced that it had entered into an Earn-in Joint Venture agreement with Cobalt Blue Holdings Limited (ASX:COB). Under the JV, COB has acquired a 51% interest in the Koongie Park Project and will maintain that percentage by incurring expenditure of $500k before 30 June 2027. In addition, COB may increase their percentage interest to a total 75% by incurring a further $1.5m by 30 June 2028.

Koongie Park Project location and surrounding project areas

On 6 June 2025, COB announced the results of a Scoping Study that they had completed in relation to the Koongie Park Project. The COB Scoping Study established the following life of project financial parameters (on a 100% project basis):

• Pre-tax NPV8 (real) – A$172M
• Post-tax NPV8 (real) – A$121M
• Pre-tax Internal Rate of Return – 28%
• Post-tax Internal Rate of Return – 21.4%

On 4 August 2025 COB announced a further uplift in project activities at Koongie Park featuring the following activities:

• Engineering Review Targets Expansion 

  Multiple value engineering opportunities are being progressed to build on the strong economics delivered in the June 2025 Scoping Study (the ‘Scoping Study’):

  • Silver recovery presents a substantial opportunity to boost Stage 1 margins.
  • Cobalt at Sandiego occurs with high-grade copper-zinc zones—inclusion of cobalt in future Mineral Resource estimates could provide a valuable byproduct credit, enhancing Stage 2 cost competitiveness.
  • A centralised processing hub is under review to integrate satellite deposits into the development plan aiming to extend life-of-mine, increase throughput, and lower unit capital intensity.

• Sandiego North Emerges as a High-Impact Discovery Target

  Defined by a 700 m copper-in-soil anomaly with multiple samples exceeding 200 ppm Cu.

  • Drill hole ASWB01 intersected 5 m at 1.37% Cu and 2m at 1.71% Cu, confirming copper mineralisation north of the existing resource.
  • Deep drilling at Sandiego shows mineralisation trending toward Sandiego North, with high-grade results remaining open along strike.
  • Represents a priority target for near-term resource growth.

• Broader tenement package under systematic review, targeting multi-deposit development potential.