Elmore Ltd. provided an update on the development of the contract with Territory Minerals. Elmore previously announced that the Company had entered into a contract to provide processing services to Territory Minerals ("Territory") over their projects in Far North Queensland. The contract was limited to 2.5 years or circa 1 million tonnes. Commencement of the project was delayed due to lack of access throughout 2021, brought on by COVID-19 state border lockdowns. The lockdowns prevented key personnel from both Territory and Elmore completing on ground work required to submit licensing requests to the relevant authorities in Queensland. Elmore and Territory have now significantly expanded both the scope and potential duration of the contract, with Elmore to now be responsible for design, licensing, and total project management over all of Territory's projects that have defined mineralisation. Territory have, to date, defined circa half a million ounces of gold mineralisation, contained in over 8 million
tonnes of host-rock. The key points of the new contract are: Elmore will fund and manage all remaining elements required to design and license
the initial mining areas, starting at Northcote, West of Cairns. Elmore will provide, at no cost though retain ownership of, a moveable processing
plant. Elmore will provide up to $2 million working capital after licensing has been finalised and the plant is established (this funding is not needed now). Elmore will manage all mining, processing, and product sales. Operating costs will be recovered and then all free-cash will be divided 50/50 between Elmore and Territory. Elmore already owns the majority of the process plant intended to be used on the projects, and thus only has a small amount remaining to be sourced to complete the plant.