Enova’s project development strategy remains focused on updating the Resource Model and Charley Creek Scoping Study, as a necessary step for further funding of the project pre-feasibility study.

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Results from our 2019 drilling programme and metallurgical work programme are redefining our prior resource. Assay results, below the alluvial sediment horizon, reveal localized elevated rare earth (REE) and scandium (Sc) grades, at the northern extent of Cattle Creek within the saprolite, puggy clay and weathered bedrock horizons. Enova is investigating hydrometallurgical leaching required for the high recovery of metals from these rock types. Further metallurgical test work is required to determine the technical and economic viability of these deeper targets. Overall, this mineralisation offers opportunities to increase project value. In concept, this opportunity could result in an alluvial gravity recovery operation and/or a  leach process operation fed by in situ ore below this material.  The alluvial sediment coverage overlaying the insitu weathered rock varies from approximately 6 to 30 metres. Most of the alluvial sediments to be removed could be gravity plant feed. The economics and other external factors for each option are being assessed, considering the impact of the process plant requirements, mining rate and project dependencies. Some key parameters drive this process such as process costs (OPEX & CAPEX), mine planning, practical limitations (logistics) and infrastructure requirements.  Leaching and adsorption test work optimisation are key factors impacting the concept.

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Enova's strategy is to define the economic base case concept and associated parameters based on test work and engineering studies and cost estimates, as a requirement to establish reasonable prospects for eventual economic extraction (RPEEE). This will provide support for the resulting JORC 2012 Resource Estimation.

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