ABX GROUP LIMITED — Capital/Financing Update 2021

Oct 13, 2021

ASX ANNOUNCEMENT 14 October 2021

ASX: ABX

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Higher grade rare earth targets now being drilled in Tasmania

• ABx has again discovered higher grade Rare Earth Elements ( REE ) at its Deep Leads rare earth discovery that extends well beyond ABx’s DL130 bauxite deposit in northern Tasmania

• Hole DL187 returned a grade of 3,036 ppm total rare earths oxide (“TREO”), our highest REE grade to date from the Deep Leads discovery

• Hole DL187 represents an 870 metre southerly extension of the REE mineralisation

• The strike length of the Deep Leads REE now exceeds three kilometres (3km) and is open in several directions

• Drilling commenced on Tuesday to test for major extensions of the Deep Leads REE deposit to the northwest, northeast and south

• Recent harvesting of the hardwood plantation trees allows for rapid drill coverage and quick despatch of samples to the laboratory. More assays are pending.

• Our soluble rare earths deposit differs from the more traditional hard rock deposits in many ways and is dominated by the four super-magnet type of REEs – see Figure 6.

• Results to date are consistent with the Ionic Adsorption Clay type of REE mineralisation (IAC) which can be rapidly developed and processed at low cost. ABx is advised that ABx is one of only three publicly listed discoverers of IAC deposits

ABx Group (ASX:ABX) is pleased to report recently received assay results from its Deep Leads rare earth element ( REE ) discovery at the DL130 bauxite deposit in northern Tasmania, which is now proven to extend for more than 3 kilometres - see Figure 3 and Table 1.

A new highest grade to date extends strike length by 870 metres

Results from hole DL187 set a new highest grade of total rare earth elements (TREO) from Deep Leads, returning 3,306 ppm TREO[ 1] . It also extends of the areal extent of the Deep Leads REE discovery, being located 870 metres further south than previous mineralised holes – see Figure 3.

Drilling for large extensions has begun

Harvesting of the hardwood plantation across Deep Leads has now been completed and drilling recommenced on Tuesday this week. The new drilling program is designed to test for:

1. High-grade extensions towards the northwest, northeast and the south – see Figure 5

2. New host rock settings that are not covered by the bauxite layer

3. Deeper REE mineralisation beneath the bauxite at 10 to 20 metres depth that has not been tested by the shallow bauxite holes across the DL130 bauxite deposit

1 See JORC Statement Appendix 1

Australian Bauxite Limited t/a ABx Group ABN 14 139 494 885

Level 5 52 Phillip Street Sydney NSW 2000 P: +61 2 9251 7177 F: +61 2 9251 7500

ASX Announcement 14 October 2021 page 2

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Figure 1: Location of ABx’s Deep Leads REE Discovery in Northern Tasmania

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Figure 2: Drilling underway at ABx’s Deep Leads REE Discovery in the recently harvested hardwood plantation

ASX Announcement 14 October 2021 page 3

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Hole DL187 with 3,306ppm TREO is
the highest grade hole to date
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Figure 3: Drillhole grades of Total Rare Earth Element Oxides (ppm TREO) at Deep Leads Discovery.

Most early holes were too shallow to test the REE horizon which is in clays sitting above the basement rock. Higher grade zone covers an area 3km x 1.5km with extension targets to the NW, NE and South being tested by the new drill campaign. Hole DL187 is a significant 870 metre extension to the south.

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Figure 4: Drilling the eastern flank of the Deep Leads REE discovery. The equipment is designed to fit between plantation hardwood trees which in this case, have just been harvested.

ABx drilling is conducted in accordance with ABx’s paramount policy; to apply best practices on agricultural land; to leave land and environment better than we find it. We only operate where welcomed.

ASX Announcement 14 October 2021 page 4

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Significance of these results

1. ABx’s REE mineralisation is enriched in the super-magnetic rare earth elements neodymium (Nd), praseodymium (Pr), terbium (Tb) and dysprosium (Dy), which are strategically important, high priced metals needed for electric vehicles, wind turbines, smart phones and military electronics. Prices are rising rapidly as demand grows strongly - see Figure 6.

2. ABx believes it has discovered “water-soluble” ionic adsorption clay REE resources that can be concentrated into a saleable precipitate by low-cost leaching with dilute water-based solutions (ASX release 13/09/2021).

3. ABx’s REE exploration has shown that REE extend for significant distances outside of the DL130 bauxite deposit and there is some evidence that grades of REE also increase away from the bauxite.

4. Drillholes up to 25 metres deep are required to reach the hard igneous bedrock to ensure that the entire REE mineralised clay and altered bedrock horizon is sampled.

5. Most of the early drillholes have ended at depths too shallow to fully test the REE mineralisation of the Deep Leads REE discovery.

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Figure 5: Drill results across the Deep Leads REE discovery area to date and ABx’s planned drilling campaigns. Drilling has recommenced on Tuesday 12 October using a rig adapted to suit drilling in hardwood plantations.

ASX Announcement 14 October 2021 page 5

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Summary comments

ABx Operations Manager, Nathan Towns said; “The current drilling campaign could not have commenced without the assistance of landholders, including Forico. We appreciate their support and we will not let them down.

Conducting exploration during a pandemic and a mineral boom is challenging but ABx has managed to press ahead despite the Covid-19 restrictions.

We eagerly await the imminent granting of our large new Exploration License covering several attractive REE targets that exist east of our current Deep Leads discovery.”

ABx CEO, Ian Levy said; “Prices for the four super-magnet REE are still rising strongly – see Figure 6. ABx is targeting the IAC type of REE mineralisation that can be developed fastest to give ABx shareholders an opportunity to capture some of the value from this bull market situation”.

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$160,000 Neodymium (Nd) Price US$/tonne $160,000 Praseodymium (Pr) Price US$/tonne
$140,000
$140,000
$120,000
$120,000
$100,000
$100,000
$80,000 $80,000
$60,000 $60,000
$40,000 $40,000
$20,000 $20,000
$0 $0
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
Terbium (Tb) Price US$/tonne Dysprosium (Dy) Price US$/tonne
$2,500,000 $700,000
$600,000
$2,000,000
$500,000
$1,500,000 $400,000
$1,000,000 $300,000
$200,000
$500,000
$100,000
$0 $0
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
----- End of picture text -----

Figure 6: Prices per tonne for the 4 super-magnet REE

Sources: Chinese exports, cross-referenced with Kitco data.

This announcement is authorised by the Board of Australian Bauxite Limited.

For further information please contact: Ian Levy, CEO ABx Group Mobile: +61 407 189 122 Email: ilevy@australianbauxite.com.au

ASX Announcement 14 October 2021 page 6

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Table 1: REE drill results Deep Leads Discovery

**Hole ID **	From (m)	To (m)	Northing	Easting	TREO (ppm)	Basement Reached?
DL187	5	6	5408943	479500	1911	Yes
DL187	6	7	5408943	479500	3036	Yes
DL316	2	3	5409888	479079	221	Yes
DL316	3	4	5409888	479079	296	Yes
DL316	4	5	5409888	479079	2363	Yes
DL170	3	4	5409906	479301	920	Yes
DL170	4	5	5409906	479301	2030	Yes
DL177	3	4	5409774	479453	1584	Yes
DL321	6	7	5409690	479222	1310	Yes
DL327	6	7	5409719	479087	44	Yes
DL327	7	8	5409719	479087	228	Yes
DL327	8	9	5409719	479087	1272	Yes
DL162	6	7	5410275	478481	1150	No
DL162	7	8	5410275	478481	1140	No
DL162	8	9	5410275	478481	1214	No
DL313	8	9	5410191	479010	482	Yes
DL313	9	10	5410191	479010	1107	Yes
DL315	8	9	5410094	478971	1016	Yes
DL236	8	9	5410154	478458	934	No
DL135	7	8	5410049	478494	928	No
DL293	3	4	5410227	478512	249	Yes
DL293	4	5	5410227	478512	228	Yes
DL293	5	6	5410227	478512	898	Yes
DL298	7	8	5410232	478771	885	Yes
DL298	8	9	5410232	478771	194	Yes
DL180	4	5	5409513	479252	616	Yes
DL180	5	6	5409513	479252	878	Yes
DL156	6	7	5409979	478907	835	No
DL315	3	4	5410094	478971	61	Yes
DL315	5	6	5410094	478971	522	Yes
DL315	9	10	5410094	478971	800	Yes
DL315	9	10	5410094	478971	789	Yes
DL319	4	5	5409804	479213	66	Yes
DL319	5	6	5409804	479213	677	Yes
DL319	5	6	5409804	479213	466	Yes
DL319	6	7	5409804	479213	358	Yes
DL319	7	8	5409804	479213	696	Yes
DL319	8	9	5409804	479213	782	Yes
DL317	6	7	5409825	479111	747	Yes
DL317	8	9	5409825	479111	318	Yes
DL172	4	5	5409999	479114	235	Yes
DL172	5	6	5409999	479114	717	Yes
DL215	10	11	5409815	478737	712	No
DL215	11	12	5409815	478737	370	No
DL324	6	7	5409900	479352	690	Yes
DL167	4	5	5409600	479226	655	Yes
DL238	6	7	5410084	478545	643	Yes
DL157	8	9	5410092	478855	605	No
DL239	7	8	5410094	478491	594	No
DL227	8	9	5410034	478807	576	No
DL228	6	7	5410021	478860	537	No
DL169	5	6	5409784	479285	537	Yes
DL303	7	8	5409604	478655	521	Yes
DL303	8	9	5409604	478655	394	Yes
DL303	8	9	5409604	478655	464	Yes
DL306	8	9	5409533	478622	516	No
DL238	7	8	5410084	478545	484	Yes
DL329	11	12	5409586	478855	461	Yes
DL221	8	9	5409966	478819	455	No

**Hole ID **	From (m)	To (m)	Northing	Easting	TREO (ppm)	Basement Reached?
DL302	7	8	5409617	478611	436	Yes
DL228	6	7	5410021	478860	436	No
DL228	8	9	5410021	478860	433	No
DL221	11	12	5409966	478819	424	No
DL165	7	8	5409676	479029	421	No
DL166	1	2	5409641	479125	414	Yes
DL222	8	9	5409974	478766	401	Yes
DL238	7	8	5410084	478545	396	Yes
DL217	11	12	5409921	478646	395	No
DL163	8	9	5410240	479035	393	No
DL222	7	8	5409974	478766	392	Yes
DL222	7	8	5409974	478766	391	Yes
DL173	5	6	5410019	478971	385	Yes
DL149	7	8	5409550	478349	384	Yes
DL243	7	8	5409729	478557	374	No
DL168	4	5	5409688	479271	373	Yes
DL222	6	7	5409974	478766	371	Yes
DL221	9	10	5409966	478819	370	No
DL234	8	9	5410143	478553	369	No
DL309	6	7	5409815	479013	367	Yes
DL266	7	8	5409715	478602	355	No
DL171	5	7	5409962	479215	352	Yes
DL226	6	7	5410055	478708	337	Yes
DL287	11	12	5410148	478836	333	Yes
DL149	8	9	5409550	478349	331	Yes
DL179	4	5	5409565	479438	318	No
DL320	6	7	5409750	479202	308	Yes
DL228	5	6	5410021	478860	301	No
DL221	10	11	5409966	478819	300	No
DL167	5	6	5409600	479226	299	Yes
DL227	5	6	5410034	478807	298	No
DL330	11	12	5409574	478933	296	Yes
DL314	8	9	5410144	478995	295	Yes
DL247	4	5	5409545	478443	291	Yes
DL329	7	8	5409586	478855	290	Yes
DL295	11	12	5410276	478580	290	Yes
DL244	5	6	5409680	478544	287	Yes
DL313	6	7	5410191	479010	284	Yes
DL152	4	5	5409855	478405	281	No
DL223	8	9	5409988	478713	278	Yes
DL320	7	8	5409750	479202	273	Yes
DL305	6	7	5409546	478571	260	Yes
DL259	8	9	5409955	478466	251	No
DL216	11	12	5409802	478785	241	Yes
DL253	8	9	5409708	478502	240	No
DL254	4	5	5409717	478453	238	Yes
DL239	6	7	5410094	478491	236	No
DL151	5	6	5409749	478388	229	Yes
DL295	11	12	5410276	478580	223	Yes
DL245	6	7	5409632	478511	220	Yes
DL226	7	8	5410055	478708	218	Yes
DL214	14	15	5409767	478805	215	No
DL284	3	4	5410326	478494	213	Yes
DL291	10	11	5410201	478610	212	No
DL253	7	8	5409708	478502	203	No
DL314	6	7	5410144	478995	198	Yes
DL303	5	6	5409604	478655	194	Yes
DL216	7	8	5409802	478785	194	Yes
DL237	8	9	5410075	478597	193	Yes
DL183	5	6	5409188	479201	191	Yes

ASX Announcement 14 October 2021 page 7

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**Hole ID **	From (m)	To (m)	Northing	Easting	TREO (ppm)	Basement Reached?
DL151	4	5	5409749	478388	183	Yes
DL219	7	8	5409902	478757	182	No
DL174	0	1	5410094	479334	182	Yes
DL261	8	9	5409889	478544	181	No
DL331	10	11	5409553	479025	181	Yes
DL331	11	12	5409553	479025	179	Yes
DL245	7	8	5409632	478511	177	Yes
DL134	0	1	5409966	478553	175	No
DL163	7	8	5410240	479035	173	No
DL309	7	8	5409815	479013	170	Yes
DL311	11	12	5409836	479062	170	No
DL258	6	7	5410000	478473	167	No
DL223	6	7	5409988	478713	166	Yes
DL224	11	12	5410008	478650	164	No
DL291	11	12	5410201	478610	163	No
DL130	9	10	5409673	478830	161	No
DL295	12	13	5410276	478580	161	Yes
DL178	1	2	5409678	479440	160	Yes
DL269	6	7	5409662	478643	156	No
DL295	10	11	5410276	478580	155	Yes
DL269	8	9	5409662	478643	154	No
DL138	8	9	5409581	478789	153	No
DL217	8	9	5409921	478646	152	No
DL235	5	6	5410144	478500	152	Yes
DL228	4	5	5410021	478860	152	No
DL247	5	6	5409545	478443	152	Yes
DL240	7	8	5410008	478596	152	No
DL244	6	7	5409680	478544	149	Yes
DL217	8	9	5409921	478646	149	No
DL133	8	9	5409883	478613	148	No
DL311	10	11	5409836	479062	144	No
DL304	5	6	5409555	478516	143	Yes
DL221	1	2	5409966	478819	140	No
DL077	4	5	5400855	475893	137	Yes
DL077	4	5	5400855	475893	137	Yes
DL161	6	7	5410333	478575	133	No
DL248	6	7	5409493	478440	130	Yes
DL287	6	11	5410148	478836	128	Yes
DL164	8	9	5409658	478935	127	No
DL155	8	9	5409879	478876	127	No
DL257	7	8	5409884	478446	123	No
DL308	11	12	5409831	478968	121	No
DL260	8	9	5409939	478505	117	No
DL270	4	5	5409673	478594	117	Yes
DL258	8	9	5410000	478473	116	No
DL292	8	9	5410212	478559	115	No
DL150	5	6	5409650	478367	114	Yes
DL220	11	12	5409887	478808	110	No
DL296	16	17	5410267	478635	110	No
DL132	14	15	5409812	478684	109	No
DL218	11	12	5409914	478696	109	No
DL240	8	9	5410008	478596	108	No
DL330	7	8	5409574	478933	107	Yes
DL281	6	7	5410287	478754	107	Yes
DL239	2	3	5410094	478491	105	No
DL308	10	11	5409831	478968	105	No
DL225	8	9	5410067	478650	104	No
DL132	14	15	5409812	478684	103	No
DL272	8	9	5409829	478863	102	No
DL229	11	12	5410091	478802	102	No

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Hole ID [From ] To Northing Easting TREO Basement
(m) (m) (ppm) Reached?
DL312 9 10 5410253 478971 101 Yes
DL328 4 5 5409778 479094 100 Yes
DL225 7 8 5410067 478650 100 No
DL299 4 5 5410220 478820 99 Yes
DL233 8 9 5410132 478609 96 No
DL237 6 7 5410075 478597 96 Yes
DL226 5 6 5410055 478708 96 Yes
DL277 8 9 5409848 478648 95 No
DL292 7 8 5410212 478559 95 No
DL218 8 9 5409914 478696 94 No
DL307 8 9 5409847 478916 93 No
DL279 5 6 5410000 478525 93 No
DL279 11 12 5410000 478525 90 No
DL299 5 6 5410220 478820 90 Yes
DL136 7 8 5410108 478423 89 Yes
DL285 5 6 5410243 478723 87 Yes
DL230 9 10 5410097 478747 87 No
DL238 4 5 5410084 478545 86 Yes
DL307 7 8 5409847 478916 84 No
DL230 11 12 5410097 478747 83 No
DL217 5 6 5409921 478646 80 No
DL312 8 9 5410253 478971 80 Yes
DL274 7 8 5410184 478902 78 Yes
DL218 10 11 5409914 478696 78 No
DL131 11 12 5409740 478754 76 Yes
DL153 8 9 5409982 478428 75 No
DL230 10 11 5410097 478747 75 No
DL131 11 12 5409740 478754 74 Yes
DL301 4 5 5409621 478559 72 Yes
DL135 4 5 5410049 478494 71 No
DL184 4 5 5409084 479181 71 Yes
DL278 8 9 5409925 478584 69 No
DL203 7 8 5409779 479043 68 No
DL150 4 5 5409650 478367 68 Yes
DL257 8 9 5409884 478446 64 No
DL136 4 5 5410108 478423 64 Yes
DL139 8 9 5409482 478755 62 No
DL224 10 11 5410008 478650 59 No
DL133 5 6 5409883 478613 58 No
DL289 9 10 5410171 478748 57 Yes
DL219 2 3 5409902 478757 56 No
DL220 1 2 5409887 478808 54 No
DL235 3 4 5410144 478500 54 Yes
DL134 7 8 5409966 478553 54 No
DL182 1 2 5409289 479224 53 Yes
DL294 7 8 5410288 478531 53 No
DL320 4 5 5409750 479202 52 Yes
DL168 2 3 5409688 479271 52 Yes
DL289 13 14 5410171 478748 47 Yes
DL312 6 7 5410253 478971 46 Yes
DL282 8 9 5410319 478629 46 Yes
DL161 4 5 5410333 478575 43 No
DL273 8 9 5410135 478885 42 No
DL272 6 7 5409829 478863 42 No
DL273 7 8 5410135 478885 41 No
DL231 11 12 5410116 478705 41 No
DL318 3 4 5409819 479163 39 Yes
DL256 6 7 5409803 478500 38 No
DL280 5 6 5410265 478897 36 Yes
DL276 7 8 5409773 478722 35 Yes
DL229 9 10 5410091 478802 35 No
DL282 7 8 5410319 478629 34 Yes
DL301 3 4 5409621 478559 34 Yes
DL256 7 8 5409803 478500 34 No
DL175 3 4 5409993 479505 33 Yes
DL288 8 9 5410162 478789 33 No
DL175 3 4 5409993 479505 31 Yes
DL171 3 4 5409962 479215 27 Yes
DL296 9 10 5410267 478635 26 No
DL232 7 8 5410121 478655 23 No
DL175 2 3 5409993 479505 20 Yes
DL137 2 3 5410170 478344 19 Yes
DL296 14 15 5410267 478635 15 No
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ASX Announcement 14 October 2021 page 8

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Qualifying statements

General regarding exploration data and reporting

Information in this report that relates to Exploration Information is based on information compiled by Ian Levy who is a Fellow of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists and a qualified geologist. Mr Levy is a director of Australian Bauxite Limited trading as ABx Group.

Nathan Towns, the Operations Manager who conducted the sampling and testwork at the ABx Research Laboratory in Western Junction, near Launceston Airport has been conducting research projects to ISO standards at both the ABx Research Laboratory in Tasmania and the advanced Alcore Research Centre at Berkeley Vale, Central Coast NSW for more than 7 years.

Ian Levy has sufficient experience relevant to the mineralisation style and deposit type under consideration and to the activity being undertaken 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’. Ian Levy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Tasmania

The information relating to Exploration Information and Mineral Resources in Tasmania has been prepared or updated under the JORC Code 2012. Mr Levy has sufficient experience, which is relevant to the mineralisation style and deposit type under consideration and to the activity undertaken 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 Levy has consented in writing to the inclusion in this report of the Exploration Information in the form and context in which it appears.

Disclaimer Regarding Forward Looking Statements

This ASX announcement (Announcement) contains various forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance or achievements to differ materially from the expectations described in such forward-looking statements.

ABx does not give any assurance that the anticipated results, performance or achievements expressed or implied in those forward-looking statements will be achieved.

JORC Code, 2012 Edition – Table 1 report

See ASX release dated 04 May 2021 and update in Appendix 1 following.

ASX Announcement 14 October 2021 page 9

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APPENDIX 1

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry	• Drill holes samples to 25 metres maximum depth
techniques	standard measurement tools appropriate to the minerals under investigation, such as down	but typically to 12 metres depth
	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.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka,	• Reverse circulation rotary percussion
techniques	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). _
Drill sample	• Method of recording & assessing core and chip sample recoveries and results assessed.	• Weight tests indicated reliable sample recovery
recovery	• Measures taken to maximise sample recovery & ensure representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade and whether sample bias
	may have occurred due topreferential loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to	• Geologically logged in detail by senior
	support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	professional geologists. Every sample
	• Whether logging is qualitative or quantitative. Core (or costean, channel, etc) photography.	photographed, with photos and logs and assays
	• The total length and percentage of the relevant intersections logged.	entered into ABx’s proprietary ABacus database.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core taken.	• Chips are subsampled using bauxite shovel method
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	in accordance with ISO standards
and sample	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
preparation	• 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 thegrain size of the material being sampled.

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Criteria	JORC Code explanation	Commentary
Quality of	• The nature, quality and appropriateness of the assaying and laboratory procedures used and	• All assaying done at NATA-registered commercial
assay data	whether the technique is considered partial or total.	laboratories of ALS Brisbane Australia and Labwest
and	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in	Minerals Analysis Pty Ltd in Western Australia.
laboratory	determining the analysis including instrument make and model, reading times, calibrations	Duplicate interlab assays done.
tests	factors applied and their derivation, etc.	• Round robin assays with 4 other major laboratories
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external lab checks) &	confirmed accuracy and precision meets industry
	whether acceptable levels of accuracy (ie lack of bias) &precision have been established.	standards.
Verification	• The verification of significant intersections by either independent or alternative company	• All assaying done at NATA-registered commercial
of sampling	personnel.	laboratories of ALS Brisbane Australia and Labwest
and assaying	• The use of twinned holes.	Minerals Analysis Pty Ltd in Western Australia.
	• Documentation of primary data, data entry procedures, data verification, data storage	Duplicate interlab assays showed excellent
	(physical and electronic) protocols.	correspondence.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),	• GPS hole locations have been tested for accuracy on
data points	trenches, mine workings and other locations used in Mineral Resource estimation.	many prospects, all satisfactorily – within 1m.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	• Drilling typically at 50 to 75 metre spacing on
and	• Whether the data spacing and distribution is sufficient to establish the degree of geological and	mineralised prospects
distribution	grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s)
	and classifications applied.
	• Whether sample compositing has been applied.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the	• Vertical holes through flat-dipping bauxite is as good
data in relation to	extent to which this is known, considering the deposit type.	as it gets
geological	• If the relationship between the drilling orientation and the orientation of key mineralised
structure	structures is considered to have introduced a sampling bias, this should be assessed and
	reported if material.
Sample	• The measures taken to ensure sample security.	• Samples collected and assembled onto pallets every
security		day
Audits or	• The results of any audits or reviews of sampling techniques and data.	• Several audits confirmed reliability
reviews

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including agreements or material issues	• Satisfactory to excellent. All tenements are
tenement and	with third parties such as joint ventures, partnerships, overriding royalties, native title interests,	unencumbered.…
land tenure	historical sites, wilderness or national park and environmental settings.
status	• 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.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• 3 industry majors and two customers have
done by other		approved exploration methods and data
parties		collection, interpretation and reporting
Geology	• Deposit type, geological setting and style of mineralisation.	• Bauxite deposit formed on Lower Tertiary
		basalts
Drill hole	• A summary of all information material to the understanding of the exploration results including	• GPS location.
Information	a tabulation of the following information for all Material drill holes:	• Airborne Radar RL topography
	o easting and northing of the drill hole collar	• All holes are short straight vertical holes
	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.
Data	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum	• All data is presented. To enable comparisons
aggregation	grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should	between different mixtures of valuable elements,
methods	be stated.	an aggregation into a price-weighted equivalence
	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths	of Neodymium oxide was used as follows:
	of low grade results, the procedure used for such aggregation should be stated and some typical	Nd2O3 equivalent= Nd2O3 + 1.01 x Pr2O3 +
	examples of such aggregations should be shown in detail.	11.89 x Tb2O3 + 4.64 x Dy2O3.
	• The assumptions usedfor any reporting of metal equivalent values should be clearly stated.

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Criteria	JORC Code explanation	Commentary
Relationship	• These relationships are particularly important in the reporting of Exploration Results.	• Mineralisation typically 3 to 6 metres thick and
between	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature	Drillholes are sampled at 1 metre intervals
mineralisation	should be reported.
widths and	• If it is not known and only the down hole lengths are reported, there should be a clear
intercept	statement to this effect (eg ‘down hole length, true width not known’).
lengths
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for	• N.A.
	any significant discovery being reported These should include, but not be limited to a plan view
	of drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not practicable, representative	• All new results are reported in this report
reporting	reporting of both low and high grades and/or widths should be practiced to avoid misleading
	reporting of Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported including (but not	• N.A.
substantive	limited to): geological observations; geophysical survey results; geochemical survey results; bulk
exploration	samples – size and method of treatment; metallurgical test results; bulk density, groundwater,
data	geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions	• To be planned
	or large-scale step-out drilling).
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological
	interpretations andfuture drilling areas, provided this information is not commercially sensitive.