ASX ANNOUNCEMENT 6th MARCH 2019

Millers Creek - Exploration Update

HIGHLIGHTS

Kingoonya EL Application granted. Redbank total project area in Gawler Craton now 1110 km2 Review of Mt Paisley and Billa Kalina targets on Kingoonya

underway. Includes historical core inspection, sampling and assaying in South Australia during March 2019.

Base metal anomalism and hematite enrichment noted in unassayed Mt Paisley diamond hole MPD001 at Kingoonya.

Maximum values of >1% Cu and >4% Zn observed over metre intervals from historic pXRF scans of core.

Geoscience Australia Aeromagnetic survey of region almost complete.

Aeromagnetic data and depth to basement products imminent. Infill gravity survey over Millers Creek and Kingoonya areas planned

for next quarter Planning has commenced for focused seismic surveys to resolve

basement targets ahead of diamond drilling.

Redbank Copper Limited (ASX: RCP) (Redbank or the Company) is pleased to provide an update on its activities in South Australia’s IOCG Belt in the Gawler Craton. Following a programme of project generation activities during 2018, the company has been granted 1110 km2 of tenure in the Gawler Craton region in South Australia. The tenements, EL6247 (or Millers Creek), and EL6321 (or Kingoonya) are located in the world-class IOCG Belt, alongside other premier IOCG deposits such as Olympic Dam, Prominent Hill, and Carrapateena (refer Figures 2, 3). Millers Creek and Kingoonya are located approximately 140 km northwest of Woomera.

The Company has identified at least one compelling undrilled gravity anomaly at Millers Creek from density modelling imagery generated from open file gravity data, (refer Figure 4) which it intends to confirm and drill test. The Kingoonya tenement contains two partially drill-tested gravity anomalies (Billa Kalina and Mt Paisley) to the north and north-west of the Millers Creek anomaly.

Figure 1. Location of Millers Creek Project

Figure 2. Location of Millers Creek relative to significant base and precious metal mines and deposits.

Figure 3. Location of Millers Creek relative to significant mines and major company tenure.

https://www.ozminerals.com/uploads/media/171121_Prominent_Hill_2017_Mineral_Resource_and_Ore_Reserve.pdf p1 https://www.bhp.com/-/media/documents/investors/annual-reports/2018/bhpannualreport2018.pdf p259 https://www.ozminerals.com/uploads/docs/170824_ASX_Release_Resource_and_Reserve_Statement_-_Carrapateena_August_2017.pdf p5 https://www.bhp.com/media-and-insights/news-releases/2018/11/bhp-copper-exploration-program-update

Figure 4. Location of Millers Creek gravity anomaly relative to significant regional deposit footprints at same scale. Base image is 1500m vertical depth slice of gravity model, anomalies are red to magenta.

The Gawler region is currently being surveyed for uniform, high-quality magnetic data collected at 200 m line spacing and 60 m terrain clearance, undertaken by the South Australian Government in partnership with Geoscience Australia. At the time of writing the survey is 99% complete, with the survey concluding in the region of the Millers Creek and Kingoonya tenure. Analytic enhancement images and magnetic source depth estimates

from this data are to be produced in partnership with CSIRO. The Company intends to review the new depth-to-basement model in conjunction with the new aeromagnetic data as soon as it is available, in order to assess any subtle magnetic features which may be coincident with the gravity anomalies, thought to be desirable in known local IOCG deposits. Dependent upon the regional 200 m aeromagnetic results, the company will consider flying infill high-resolution airborne magnetics at 50 m line spacing on the tenure. The company currently plans to undertake additional gravity surveys on EL6247 and EL6321 (refer Figure 5) in the next quarter to confirm and model the potential field anomalies, and plan focused seismic surveys to resolve basement targets ahead of diamond drilling.

Figure 5 – Proposed infill gravity survey area. White dots denote drilling > 300 m depth. Named holes list EOH, and logged depth to crystalline basement in brackets. NR= not reached.

Discussion of Project Geology and mineralisation. At Millers Creek, no historical drilling has been undertaken, and the company intends to refine its mineralisation model before undertaking drilling to a basement target. At Kingoonya, two local gravity prospects have been partially drilled-tested: Mt Paisley and Billa Kalina.

Mt Paisley Exploration Discussion

At Mt Paisley, some 15 km north west of Millers Creek, Esso completed grid-based gravity and ground magnetic surveys further outline two broad gravity highs associated with discrete magnetic anomalies, which it was hoped

might have potential for Olympic Dam style Cu-U-Au deposits in the early 1980’s. These features were tested by 2 diamond drillholes. DP1 (total depth 616.6 m) entered volcanics of a similar density to the Pandurra Formation at 166 m depth. DP2 entered un-mineralised Pandurra Formation below the Mesozoic cover, and remained in it over the depth interval 204.5 - 860 m. Neither tested basement. A subsequent detailed gravity survey suggested the existence of a fault between the two drill sites, which was thought to account for the major stratigraphic displacement between them. In February 2008, IMX Resources drilled a single vertical diamond hole, MPD001, to a depth of 1683.7 m, intersecting basement rocks at 1288 m, testing what was referred to as the Marshall gravity anomaly. Core from the basement included a 185 m thick sequence of dense hematite-rich banded iron formation with minor zones of brecciation, underlain and intruded by dolerite dykes. The combination of a dense BIF sequence and intrusions of magnetic dolerites was thought to explain the geophysically modelled deep-sourced, large gravity and magnetic anomaly by IMX geologists, whom suggested no haematitic alteration or other distal vectors to an IOCG mineralised system were observed in the basement drill core. Although trace chalcopyrite was present in the BIF and shales, this copper sulphide mineralisation was not regarded with any significance by previous explorers. It is worth noting the experience of geologists working on the original Olympic Dam discovery hole (RD1), whom found copper sulfides very difficult to observe, with only traces of bornite and chalcopyrite noted with the aid of a hand lens. Redbank geologists have reviewed the currently available data on MPD001, and are encouraged by a number of factors, in particular the hematite-rich nature of the upper sequence, and the nature of brecciation noted in core and logging. In addition, although the hole was not assayed and remains uncut and unsampled at this time, the core was subsequently subjected to pXRF investigation around a year later in January 2009, and anomalous base metal readings noted. Each metre was subjected to four spot readings over the metre interval, and results averaged as a form of quantitative assessment. Anomalous zones are highlighted alongside the graphic drillhole log in Figure 6. Maximum values recorded by Niton XRF readings were in excess of 1% Cu from 1528-9 m downhole- within a wider 5 m anomalous hematite-rich zone logged as black shale (refer Figure 7), and values to a maximum of over 4% Zn in logged diorite at 1661-2 m (refer Figure 8). The company’s geologists have booked viewing sessions at the South Australia Drill Core Reference Library at Tonsley in late March, where MPD001 is stored, and intends to cut, sample and submit for assay certain sections of the core to better assess the nature of the base metal mineralisation. The Company contends that the Mt Paisley gravity anomalism is complex and large, and the presence of mineralised systems in the area cannot be discounted on the basis of the single hole to basement completed to this point, in particular in conjunction with the anomalous results from MPD001.

Billa Kalina Exploration Discussion

At the Billa Kalina prospect, some 18 km to the north of the Millers Creek anomaly, Eromanga Uranium Limited (earning 50% under JV with Maximus Resources) drilled 2 holes in 2007. Drillhole BKDDH01, sited on the peak of the gravity anomaly, intersected 241 m of Mesozoic and Permian sedimentary cover before penetrating into a sequence of alternating mafic and andesitic volcanics, with the hole terminated at 599 m depth. Drillhole BKDDH02, sited on the flank of the gravity anomaly some 800 m to the north-west of BKDDH01, intersected 317 m of Mesozoic and Permian sedimentary cover before penetrating into a similar sequence of alternating mafic and andestic volcanics to the bottom of hole at 596 m. Within the mafic units intersected, common quartz-hematite veining and minor pyrite was noted, however no iron-oxide copper gold mineralisation was intersected. Eromanga advised that while these two holes drilled did not fully explain the source of the gravity anomaly it was satisfied that the target had been adequately tested within the then prevailing acceptable economic limits. Holes BKDDH01 and 02 are also stored at the Tonsley facility, and the Company intends to review this drilling and lithologies encountered for confirmation that the mafic sequence did in fact constitute basement, and assess the quality of work completed at this prospect.

Figure 6 – MPD001 Showing historical logging and anomalous NITON XFR readings (Data derived from SARIG open file ENV09761)

Figure 7 – MPDD01 Showing anomalous NITON XRF Cu zone from 1526 m.

Figure 8 – MPDD01 Showing anomalous NITON XRF Zn zone from 1661 m.

Background discussion of South Australian IOCG deposits The Gawler Craton (see Figure 2) is a region of Archaean to Mesoproterozoic crystalline basement, underlying most of South Australia, which has not undergone substantial deformation in the past 1450 million years. Significant middle Proterozoic deposits (and the Millers Creek target) are typically covered by conductive post-mineral cover sedimentary rocks of the Stuart Shelf. These sediments are usually barren, and can be of variable thickness, for example at Prominent Hill, depth to basement (mineralisation) is approximately 100 m; at Olympic Dam, 350 m; and at Carrapeteena, 450 m. Depth to basement can vary significantly in short lateral extent, for example at the Acropolis deposit, south-west of Olympic Dam, depth to basement can vary from 600-1000 m over several hundred metres lateral extent. The depth to mineralising systems deems conventional surface geochemistry and most electrical geophysical techniques ineffective. Significantly, large mineralised systems show a density contrast between stratigraphy and alteration system, and to a certain extent show sub-vertical, cylindrical geometry, which can be targeted as potential field anomalies, typically through examination of gravity surveys. Systems tend to be paleo- topographic highs (i.e. resistant ridges in the basement terrain) which amplify the anomaly contrast. However, post-mineral cover can subdue the response to the level of geological noise if basement depth is excessive. The Company has selected Millers Creek from available open ground and utilised images from available gravity data in order to discriminate gravity anomalies, after preparation of a density model and targets selected from the 1500 m depth slice (refer Figure 4). The Millers Creek gravity anomaly compares favourably with known deposits and prospects in the region. The Company considers anomalies which persist at depth are more likely to represent mineralised systems. Examining the well-documented discovery history of the larger known IOCG deposits (refer Figures 2, 3 and 4) highlights the risk, reward and understanding required in the exploration for such systems.

At Olympic Dam (approximately 350 m of cover), a target was modelled on a coincident magnetic and gravity high, and discovery hole RD1 drilled in June 1975 intersected 38 m @1.05% Cu, 0.27 g/t Au, 70 ppm U3O8 from 353 m immediately after passing through the cover, however four of the next five completed holes were barren. The deposit was finally confirmed in September 1976 when hole RD10 intersected 174 m @ 2.03% Cu, 0.66 g/t Au and 620 ppm U3O8 from 344 m.

At Prominent Hill (approximately 100 m of cover) high-grade copper-gold mineralization at was

discovered in October 2001 through drill testing of the non-magnetic portion on the flank of a gravity anomaly. Results from discovery hole URAN1 included; 20 metres @ 3.0g/t Au, 107 metres @ 1.9% Cu and 0.65g/t Au and, deeper, 152 metres @ 1.1% Cu and 0.6 g/t Au.

At Carrapeteena (approximately 450 m of cover) two drill holes were planned in mid-2005, one on the

bullseye gravity anomaly, with a near coincident magnetic response; and a second designed to test the MIMDAS (then propriety IP and MT) conductivity anomaly. The first hole CAR01 was barren, intersecting an extremely copper-depleted mafic, while discovery hole CAR02, sited south 800 m south, intersected 178.2 m @ 1.83% Cu, and 0.64 g/t Au, from 476 m, including 75 m @ 2.89% Cu & 0.4 g/t Au.

At Oak Dam West (between 750 and 950 m of cover) three holes were drilled circa 1983-85; Hole AD4, an

earlier drill hole near the centre of the gravity high, encountered barren, iron-rich hematite breccias and sedimentary rocks that carrying <0.03% Cu. A further hole, AD7, around 700 m to the east of AD4, intersected iron rich conglomerates and breccias and was also barren (<0.01% Cu), whilst AD13, around 1 km NW of AD4, was abandoned in post-mineral cover at 852 m. Results were reviewed and re-interpreted by BHP in 2018, and subsequently the target re-tested. Best result was 425.7m @ 3.04% Cu, 0.59 ppm Au, 346ppm U from 1063 m in Hole AD23 (true width not known).

Table 1- Deep Drilling within Millers Creek Project (refer Figure 5)

Hole ID Prospect North_z53 East_z53 Depth Dip Azi Basement

Depth Year

Drilled Operator

PEEWEENA 1 Peeweena 6675322 603829 655.6 -90.0 0.0 * 1978

Kennecott Exploration

DP-1 Mt Paisley 6679462 581232 616.6 -90.0 0.0 * 1981 Esso Minerals

DP-2 Mt Paisley 6675461 581185 860.0 -90.0 0.0 * 1982 Esso Minerals

BKDDH01 Billa Kalina 6685192 601605 599.0 -90.0 0.0 241 2007 Eromanga Uranium

BKDDH02 Billa Kalina 6686213 600949 595.7 -90.0 0.0 317 2007 Eromanga Uranium

MPD001 Mt Paisley 6676125 581050 1683.7 -90.0 0.0 1288 2008 IMX Resources

* = Basement not reached

Competent Person Statement The information contained in this release that pertains to Exploration Results in relation to Redbank Copper Limited’s Millers Creek and Kingoonya tenements, is based upon, and fairly represents, the information and supporting documentation reviewed by Mr Craig Hall, a director of Redbank Copper Limited. Mr Hall is a Member of the Australian Institute of Geoscientists (AIG) and has sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hall has verified the data disclosed in this release and consents to the inclusion in this release of the matters based on the information in the form and context in which it appears.

Enquiries Michael Fotios Executive Chairman T: +61 8 6241 1855 E: admin@redbankcopper.com.au

JORC CODE, 2012 EDITION – TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Report references pXRF readings taken on uncut core. Four individual readings were taken per metre interval and averaged. Individual results not available. Results at the time were compiled graphically

Not available

Company intends to cut, sample and assay selected core intervals to assess mineralisation to

Not applicable

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Drilling referenced >300m is diamond drilling, typically NQ2

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Core recoveries logged and satisfactory

Not available

Not known

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

The total length and percentage of the relevant intersections logged.

Holes MPD001, BKDDH001-02 have been logged to an acceptable level of detail, and are retained at the Tonsley core facility in SA.

Holes MPD001, BKDDH001-02 have been logged qualitatively, photographed, and retained

100% of intervals logged and retained

Criteria JORC Code explanation Commentary

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Not applicable, core not sampled

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

pXRF considered quantitative at best, only indicative of potential base metal anomalism

pXRF was a Niton model. No additional details available

Not available

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

Not applicable

Not applicable

Documentation retrieved from SARIG database

Four individual pXRF readings were taken per metre core interval and averaged

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Not applicable

GDA94, Zone 53

Not Known

Data spacing and distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classif’ns applied.

Whether sample compositing has been applied.

Not applicable

Not applicable

Not applicable

Criteria JORC Code explanation Commentary

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Not applicable

Not applicable

Sample security

The measures taken to ensure sample security. Not applicable

Audits or reviews

The results of any audits or reviews of sampling techniques and data. Not applicable

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Tenements EL6247 and EL6321 are in the first year of grant, with no

partnership encumbrances. The tenure is subject to the Woomera

Prohibited Area (WPA) access zone, falling mostly in Amber Zone 1. The

WPA is declared as a Prohibited Area under the rule for the testing of war

materiel, so that Defence can access the property up to 20 periods of up to

7 days each per financial year; provided notice must be given at least three

months before the beginning of the financial year in which the exclusion

period begins. EL6247 falls fully within Antakirinja Matu-Yankunytjatjara

Native Title Determination (NTD); EL6321 falls mostly within the same

NTD, with the north-eastern corner (immediately east of the Billa Kalina

gravity anomaly) a part of the Arabana People NTD. No parks, reserves or

other environmental restrictions exist.

Tenements are in good standing and no known impediments exist to obtaining a licence to operate in the area. An ILUA with Traditional Owners will need to be obtained before ground disturbing activities can commence.

Criteria JORC Code explanation Commentary

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties. Discussed in text

Geology Deposit type, geological setting and style of mineralisation. Gawler Craton IOCG mineralisation beneath Stuart Shelf sedimentary cover, discussed in text

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of

the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Refer Table 1

Not applicable

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Not applicable

Not applicable

Not applicable

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

Not known

Not known

Not known

Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations

Not applicable

Criteria JORC Code explanation Commentary

and appropriate sectional views.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Not applicable

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Not applicable

Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Discussed in text

Not applicable