Notice of an Application

Exploration Licence EL008852

On 24 October 2025, Saudi Australian Exploration Pty Ltd ( Lucrum ) lodged an Exploration Licence Application for an area in far western Victoria, approximately 9 km from the boarder with South Australia, as indicated on the map below.

The application for Exploration Licence No 008852 ( EL008852 ) (with acceptance date of 7 November 2025) covers 412 graticules and is effectively a trapezoid shape located 3.2km north-west of Casterton (to the closest boundary of the application for Exploration License) and 2.0km south-west of Dergholm in western Victoria. The application for Exploration License reaches as far north as just past the latitude of Coojar and as far south as just before the latitude of Casterton. Similarly, the application for Exploration License reaches as far west as just short of the longitude of Lake Mundi and as far east as just short of the longitude of Casterton.

The principal exploration target for Lucrum is Holocene-hosted Rare Earth Element deposits. It is proposed that mineralisation of this type May exist in this area analogous to that discovered by others in South Australia at Koppamurra in a potentially similar geological environment. Such mineralisation, which are in ionic clay deposits have not been previously described in Victoria and are of speculative origin.

Lucrum s proposed program of work includes office-based activities which will consist mainly of literature research of government, company, and university reports. Contingent upon results and an assessment of Rare Earth Element potential, a programme of auger or push tube drilling will be initiated. Community engagement is to be undertaken through all stages of exploration.

For a description of the systems employed by Lucrum for managing impacts of the proposed work on the community including (landowners and occupiers) and the environment please refer below to Systems for Managing Impact on the Community and Environment.

For an outline of how Lucrum, as licensee, intends to meet its obligations under Section 39A of the Mineral Resources (Sustainable Development) Act 1990 (VIC) to consult with the community (including landowners and occupiers) please refer below to Community Consultation.

Figure 1: EL008852 Location Plan

Information for Landholders

Lucrum is an exploration company established in 2021 for the purpose of exploration of gold and rare earth elements in particular within Victoria. Lucrum is managed by experienced geologists and finance specialists focused on finding economical deposits across Australia. Respecting the interests of landholders and the environmental values of the tenement area are central to this endeavour.

What are the basic entitlements of Exploration Licenses and how is it different to mining?

An Exploration Licence grants exclusive rights, subject to conditions, to explore for minerals within a certain area. An Exploration Licence does not permit mining. Exploration is defined in the Mineral Resources (Sustainable Development) Act 1990 (VIC) ( MRSD Act ) to include:

a) Conducting geological, geophysical and geochemical surveys;

b) Drilling;

c) Taking samples for the purposes of chemical or other analysis; and

d) Extracting minerals from land, other than for the purpose of producing them commercially.

The MRSD Act defines mining as extracting minerals from the land for the purpose of producing them commercially, including processing and treating ore.

Exploration does not always lead to mining. Exploration is the first step which allows licence holders to determine whether a mineral deposit is economically viable before an Exploration/Mining Company decide to conduct further activity, or mining. While exploration often takes place over larger areas, the area that may be subsequently mined is usually much smaller.

Should EL008852 be granted by the Victorian Department of Jobs, Precincts and Regions, it will be valid for a period of five years (subject to rules to maintain it), with the option to apply for renewal of the licence. Throughout the term of the licence, part of the area must be relinquished (surrendered). Specifically, after 2 years, the area must be reduced by 25% and after 4 years an additional 35% must be surrendered.

Further information regarding the requirements that must be complied with prior to work being undertaken is available on the department s Community & Land Use Page: https://earthresources.vic.gov.au/community-and-land-use

Can I object to the grant of an Exploration Licence?

As a landholder you may object to a minerals exploration application before it is approved. Any landholder objections must be made within 21 days of the Notice of Application for an Exploration Licence (newspaper advertisements).

Most objections can be solved by developing a suitable work plan to address landholders concerns. The work plan will initially involve a compilation of historical exploration data only. However, field reconnaissance and geological/structural mapping may also later be conducted across the area. Low impact geophysical surveys may be conducted in small areas within EL008852. Pending the results of preliminary exploration activities, targets may be identified for drilling. Further, the Department may choose to add extra conditions on any mineral exploration licence granted in satisfaction of the application, to address community and landholder concerns.

Lucrum welcomes the community to contact Lucrum regarding any queries or concerns prior to lodgment of a formal objection with the Department. Lucrum is committed to addressing landholder concerns and working with local community members to allow for the sustainable and supported development of Victoria s mineral resources soon.

As EL008852 is at the application stage, any person may object or comment to a licence being granted by:

(a) putting the objection or comment in writing; and

(b) including the grounds on which it is made

Objections or comments must be lodged within 21 days after the latest date on which the application was advertised and can be lodged online (https://rram-vic-gov.my.site.com/ObjectionSubmission) for timely submission, made via phone by calling the Earth Resources Information Centre (136 186) or posted to:

The Minister for Energy and Resources, c/- Manager Licensing, Resources Victoria, PO Box 500, East Melbourne, Victoria 8002

The Department will consider all objections before deciding whether to grant the licence.

What are the community engagement requirements of the licence holder?

In accordance with Section 39A of the MRSD Act, Lucrum is required to consult with the community throughout the period of the licence by:

a) sharing with the community information about any activities authorised by the licence that may affect the community and;

b) giving members of the community a reasonable opportunity to express their views about those activities.

To this end, Lucrum is committed to working with landholders to ensure its plans are accepted and supported by the community.

As a land holder of a property within EL008852, am I entitled to compensation?

Lucrum must obtain land holder s consent, or a compensation agreement must be in place before work intended to be carried out within the licence area will be approved by the Victorian Department of Jobs, Precincts and Regions.

Pursuant to Section 85 of the MRSD Act, compensation is payable by the licence holder to the owner or occupier of private land that is affected by any loss or damage sustained as a direct, natural or reasonable consequence of the work undertaken in relation to an exploration licence. Compensation is not payable for the value of the minerals, nor is it a prerequisite for landholder consent. Compensation may be paid to land holders whose land is affected by exploration activities, which is defined by legislation to include land used for entry to the exploration area and includes the surface of the land to the depth of 100 metres. The following may be considered as loss or damage:

• Deprivation of possession of the whole or any part of the surface of the land; and
• Damage to the surface of the land; and
• Damage to any improvements on the land; and
• Severance of the land from other land of the owner or occupier; and
• Loss of amenity, including recreation or conservation values; and loss of opportunity to make any planned improvement on the land; and
• Any decrease in the market value of the owner or occupier s interest in the land; and
• Loss of opportunity to use tailings disposed of with the consent of the Minister under section 14(2).

Land in context of the above is defined by legislation to include land used for entry to the exploration area and includes the surface of the land to a depth of 100 metres. Please note, compensation is not payable for the value of the minerals, nor is it a prerequisite for landholder consent. Further, the requirement to pay compensation or form an agreement does not give landholders the absolute power to control access. If an agreement cannot be reached, the compensation claim may be referred to the Victorian Civil and Administrative Tribunal, in accordance with Part 10 of the Land Acquisition and Compensation Act 1986 (VIC). If the amount of compensation in dispute is greater than $50,000, either party may seek to resolve the matter by the Supreme Court of Victoria.

Pursuant to Section 45 of the MRSD Act, a licence holder must not conduct work, other than work using handheld tools, within 100 metres of a dwelling house unless with the consent of the landholder. Lucrum is aware of this obligation and understand the severe penalties which may be imposed by the Department upon noncompliance

How will concerns for environment and land use impacts be managed or addressed?

All areas in Victoria, unless specifically exempt (for example National Parks, State Parks and Wilderness Areas) are open to exploration and mining licence applications. Before any exploration activities may commence, a work plan addressing environmental risks must be approved by the Department, and a rehabilitation bond must be paid by the licence holder, to the Department. The rehabilitation bond represents security of payment for any rehabilitation work that may be necessary because of the exploration activities. Additionally, licence holders are bound by the Department s Code of Practice for Mineral Exploration. This Code provides practical guidance about how activities are to be conducted to meet legislative requirements and environmental standards. With respect to rehabilitation, licence holders are required to rehabilitate any land disturbed by the carrying out of work under the licence. Rehabilitation is to be undertaken in accordance with the work plan and licence conditions, which are set by the Department. The licence holder must also consult with the land holder about any proposed rehabilitation. Lucrum is committed to environmental protection and endeavors to work closely with the Department and landholders to ensure successful rehabilitation and the responsible and sustainable use of any mineral assets which may be found following the grant of EL008852.

Proposed Program of Work - EL008852

Lucrum will take a staged approach to exploration on EL008852. Exploration may comprise the following office and field-based work:

Office based activities, consisting of mainly literature research of government, company and university reports.

Compilation of historic data in company reports and plans available in the public domain (including geophysical data).

Contingent upon results and an assessment of potential, potentially a programme of auger or push tube drilling.

Please do not hesitate to contact Lucrum via its company secretary at camsinmelb@gmail.com or on +61 431 382 217 if you have any questions or queries in relation to EL008852.

Systems for Managing Impact on the Community and Environment EL008852

Lucrum recognises that its exploration activities may have an environmental and community impact. Lucrum is committed to operating in both an ethical and sustainable manner that minimises negative impacts on the community (including landowners and occupiers) and the environment.

Lucrum will ensure that the proposed exploration program for EL008852 will be well planned and managed to ensure that it has little or no lasting impact on the environment and imposes minimal disruption to the surrounding communities.

To effectively manage the impact of the proposed work on the community and environment, all activities will be carried out in accordance with the Licence Conditions and Code of Practice: Standards, Procedures, and Practical Guidance under the Mineral Resources (Sustainable Development Act) 1990 ( Code of Practice ). Among other things, this includes the following practices:

Ensure that all soil imported into the exploration licence area is free of disease and noxious weeds;

Every effort will be made to minimise the risk and impacts of spills or leaks;

Minimise the spread of noxious weeds, pest animals and plant diseases whilst undertaking exploration activities;

Adhere to any biosecurity protocols that have been adopted on private land;

Design, install and maintain erosion and sediment controls to prevent erosion of areas of disturbed land and sedimentation of waterway;

Take all reasonable measures to prevent contamination of the environment by the release of fuels, lubricants and hazardous materials;

Ensure that spills of hazardous materials are cleaned up as soon as practicable;

Ensure that Aboriginal Cultural Heritage and non-Indigenous Cultural Heritage is not harmed as a result of works undertaken within the exploration licence area;

Prior to undertaking any exploration activities, develop and implement a fire response and readiness plan;

Ensure all waste generated on site is disposed of at an appropriate waste management facility;

Potentially select, establish and manage campsites to minimise risks to the environment and/or the health and safety of people;

Ensure that noise generated by exploration activities does not exceed limits set by the Environment Protection Authority and the Local Council;

Establish dust control measures to prevent adverse impacts as a result of the release of dust, odor and/or emission of light;

Ensure livestock disturbance, noise, access and exclusion areas as well as rehabilitation issues are addressed in the compensation agreement to the satisfaction of the landowner/occupier;

Prior to commencing ground intrusive work or work involving the removal or damaging of native vegetation under the definition of low impact exploration, Lucrum is required by the Code of Practice to submit a rehabilitation bond to the satisfaction of the Minister;

Where possible, use existing roads and tracks for vehicles and machinery. Exploration works will be planned to use the existing roads as much as possible;

As is recommended practice, all vehicles, plant and machinery will be thoroughly cleaned prior to moving to a new site or location. Soil and organic matter will be removed from vehicles and equipment prior to moving between areas of EL008852;

Lucrum will comply with the Environment Protection Act 1970 (VIC) and the State Environment Protection Policy (SEPP): Waters of Victoria (2003) and any other relevant legislation;

Take all reasonable measures to prevent adverse impacts of establishing costeans, drill holes, bulk sample excavations and trenches to the environment and/or health and safety of people; and

Ensure that disturbed areas resulting from exploration programs are rehabilitated as soon as possible after the completion of exploration works.

Community Consultation EL008852

Lucrum is required by Section 39A of the Mineral Resources (Sustainable Development) Act 1990 (VIC) to consult with the community throughout the period of the licence by:

Sharing with the community information about any activities authorised by the licence that may affect the community; and

Giving members of the community a reasonable opportunity to express their views about those activities.

Lucrum believes the community has the right to be informed and involved in decisions that will affect their area, lifestyles and interests. Accordingly, Lucrum is committed to establishing a thorough understanding of the concerns and needs of the community, so that these may addressed to the highest degree possible. To do so, Lucrum is committed to employing methods that allow for inclusive and accessible feedback mechanisms.

Lucrum will consult with the community (including landowners and occupiers) concerning the proposed exploration licence. Lucrum is committed to establishing and maintaining good working relationships with all community stakeholders and will consult with community stakeholders regarding a variety of relevant issues, including land access and impact, infrastructure, water, special local land issues, vehicle movements, sensitive flora and fauna, and heritage sites. The community consultation will take place before any disruptive field operations take place.

Alongside a Community Consultation and Engagement Plan, Lucrum plans to conduct the following community consultation activities:

Identify and consult with relevant community, government authorities and employee stakeholders;

Identify the potential impacts of exploration activities on relevant stakeholders;

Utilise face to face meetings and one on one conversations, to establish clear, open and ongoing channels of communication with all relevant stakeholders and ensure they are aware of any real and potential impacts;

Respond to stakeholder concerns in a timely, transparent and effective manner;

Establish a stakeholder Complaints Register;

Establishing stakeholder feedback mechanisms and demonstrate how feedback contributes to decision making;

Maintain records of community engagement activities;

Inform the chief executive of the municipalities within the exploration licence area of the proposed works and estimate duration, in writing, at least seven (7) days prior to commencing work under an approved work plan and provide further information as appropriate during the term of the licence;

Respect the rights, cultural beliefs and concerns of all parties having an interest in the land (and waters) within and surrounding the exploration project area;

If applicable, enlist local knowledge and relevant authorities in the design of the exploration works; and

Prior to designing and constructing geophysical and geochemical surveys, consult with the private landowner/occupier about the position of gridlines and geophysical lines.

Lucrum

Information provided is published in accordance with section 15(5) of the Mineral Resources (Sustainable Development) Act 1990 (VIC) and Regulation 22(1) and Schedule 1 of the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019 (VIC).