AERIS RESOURCES LIMITED — Capital/Financing Update 2016

Aug 15, 2016

ASX/MEDIA RELEASE

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AUGUST 16 2016

AERIS RESOURCES LIMITED (ASX: AIS)

CORRECTION TO ASX ANNOUNCEMENT DATED 3 AUGUST 2016 – “UPDATED ORE RESERVE ESTIMATE FOR THE TRITTON DEPOSIT – CONTAINED COPPER INCREASES BY 32%”

Aeris Resources Limited (ASX: AIS) would like to provide an amended version of the announcement released to the ASX on 3 August 2016 titled “Updated Ore Reserve Estimate for the Tritton Deposit – contained copper increases by 32%”. The attached announcement has been updated to provide additional summary information in the body of the announcement material to understanding the reported estimates of Mineral Resources and Ore Reserves.

Your sincerely

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Rob Brainsbury Company Secretary

AUGUST 16 2016

ASX/MEDIA RELEASE

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AERIS RESOURCES LIMITED (ASX: AIS)

UPDATED ORE RESERVE ESTIMATE FOR THE TRITTON DEPOSIT – CONTAINED COPPER INCREASES BY 32%

Aeris Resources Limited (ASX: AIS) (Aeris or Company) is pleased to announce an update of the Mineral Resource and Ore Reserve Estimates, as at 30 June 2016, for its Tritton deposit at the Company’s Tritton Copper Operations in New South Wales.

The updated Proved and Probable Ore Reserve Estimates for the Tritton deposit is 6.4Mt at 1.6% copper for 100k tonne of contained copper metal. This represents a 32% increase, (by contained metal), on the previous public reported Ore Reserve estimate (as at 30 June 2015) of 4.4Mt at 1.7% coper for 76k tonne of contained copper and is after depletion by mining in the year of 28k tonne contained copper metal.

The increase results from a resource drilling program completed in early 2016 that extended knowledge of the Tritton deposit to approximately 1,250 below surface. An update of the Mineral Resource estimate has also been completed, based on this drilling program. The Tritton deposit remains open at depth and further resource drilling is planned for the future when suitable underground drill locations become available.

Aeris’ Executive Chairman, Andre Labuschagne said “The updated Mineral Resource and Ore Reserve estimates for the Tritton deposit underpin an extension of the mine life at the Tritton Operations to 2023.”

The revised estimates for these deposits are reported in accordance with the JORC Code 2012 standards. The supporting JORC Code 2012 documentation for the updated Mineral Resource and Ore Reserve estimate is attached to this release and posted on the company’s web site.

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MINERAL RESOURCE ESTIMATE

Deposit Geology

Regionally mineralisation is hosted within early to mid-Ordovician turbidite sediments, forming part of the Girilambone Group. The Tritton mineralisation is hosted within greenschist facies, deformed pelitic to psammitic sediments, and sparse zones of coarser sandstones.

The Tritton sulphide mineralisation is stratiform and is classified as a “Besshi style” volcanogenic massive sulphide. Mineralisation is dominated by banded to stringer pyrite – chalcopyrite, with a relatively consistent massive pyrite – chalcopyrite unit along the hanging wall contact. Alteration assemblages adjacent to mineralisation are characterised by an ankerite/chlorite footwall and silica sericite hanging wall. The mineralisation has been variably folded at periodic intervals throughout the resource.

Resource Estimation Model

The reported resource estimates for the Tritton deposit are derived from an updated geology interpretation and block model completed in February 2016.

Copper mineralisation is constrained within a bounding 0.4% copper grade shell. Internally within this wireframe two unmineralised turbidite sequences have been modelled separately to ensure mineralisation does not extend into these areas. A thin ≤ 5m HW massive pyrite with variable chalcopyrite horizon was also modelled separately. The massive sulphide horizon moves within and outside of the main 0.4% copper shell and was important to constrain mineralisation outside of the bounding 0.4% copper shell.

Drilling Techniques

Drill hole data used in the updated Mineral Resource include a combination of grade control and resource definition drill holes. All drill holes are diamond core with a majority of hole diameters NQ2 size with lesser HQ3 (surface resource definition program completed between 2010 to 2012) and LTK60 (grade control up holes).

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Sampling

All samples are diamond half core and assayed at the ALS Orange laboratory. Copper assays were determined via a three stage aqua regia digestion with an ICP finish (ME-ICP41) and copper assays greater than or equal to 1% were re-submitted for an ore digest (MEOG46) which is suitable for accurately determining copper grade above 1%. Gold assays were determined via fire assay with an AAS finish using a 30g sample (Au-AA22) suitable for grade ranges from 0.001 g/t Au – 10g/t Au. Samples returning a gold grade at or above 1 g/t Au are resubmitted for an ore grade gold assay (Au-AA25) suitable for grade ranges up to 100 g/t Au. Higher grade gold assays at Tritton are in the order of 10 g/t Au to 30 g/t Au which is well within the detection range.

Resource Classification Criteria

The resource estimate has been classified and includes Measured, Indicated and Inferred Mineral Resources. A summary of the criteria used to define each category is summarised below:

Classified Measured Mineral Resource is based on the grade control drilling data defined by a nominal 20m x 20m drill spacing along with underground cross cut samples. Data collected from underground mapping and sludge holes were used to improve the accuracy of geology and estimation domains. Measured Mineral Resource is reported down to the 4170mRL level.

Classified Indicated Mineral Resource is based on resource definition drilling on a nominal 40m x 40m drill spacing. The geological understanding is sufficient to have a good understanding of geological continuity between drill holes whilst grade intervals provide a reasonable approximation of the global grade. Indicated Mineral Resource is reported between 4170mRL to 4000mRL. A small quantity of additional Indicated Mineral Resource is reported from remnant pillars in the Tritton upper levels (4655mRL to 4565mRL).

Classified Inferred Mineral Resource is based on resource definition drilling up to a 100m x 100m drill spacing. Two separate zones of Inferred resource have been classified in the updated estimate. The down dip extension of the main Tritton mineralised system contains a majority of the Inferred material between 4000mRL to 3860mRL. In additional a thinner along strike extension of the Tritton mineralised system is also classified as Inferred. This mineralised body appears to be spatially located in the HW of the main Tritton deposit.

Mineralisation remaining above the mining front surface as at 30[th] June 2016 has been depleted, except for the material in the upper level secondary pillars and thinner along strike extension of Inferred Mineral Resource. All other remnant blocks of mineralisation remaining around mined out areas are not classified as Mineral Resource, (not economic for extraction).

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Mineral Resource Cut Off Grade

A bounding 0.4% copper grade shell is used to constrain grade estimates for the Tritton deposit. A 0.4% copper cutoff grade was selected based on log probability plots of copper mineralisation within and surrounding the Tritton system. Within the bounding shell other estimation domains include a low grade “internal dilution” and a massive sulphide HW domain. Each estimation domain is based on drill hole assay data and ore textures. Block grades are interpolated within each domain using ordinary kriging.

Within the bounding 0.4% copper grade shell Mineral Resource is reported at a block cut-off grade of 0.6% copper. Mineral Resource is quoted as material at or above a 0.6% copper block cut-off grade. Application of this cut-off grade excludes blocks below 0.6% copper that exist within the grade shell.

In stope design the whole of the 0.4% copper resource domain volume is available for consideration. Engineers will avoid inclusion of low grade blocks from the stope design where possible. However in order to achieve practical stope design it is sometimes necessary to include blocks that are below 0.6% copper inside the stope volume, some stopes will extend outside the resource domain. Thus stopes will often include some material that has not been classified as Mineral Resource, although the volume of this material is small.

ORE RESERVE ESTIMATE

Supporting Economic Study

The Ore Reserve estimate is supported by both a detailed operations budget and a life of mine plan that demonstrate the economic viability of the mine. The Tritton mine is operating and has been operating continuously for ten years. Operating costs and mine production rates are estimated with a level of confidence that exceeds a feasibility study.

Copper and gold prices used for estimation of revenue for the purposes of Ore Reserve and Mineral Resource estimation are Aeris Resources assumptions based on consensus pricing information from market analysts, banks and financial institutions. These prices change over the life of the mine. The mid-life price assumptions applied in the estimate are; Copper price of USD$5,200/tonne; Gold price of USD$1200/oz; Silver price of USD$17/oz; AUD:USD exchange rate of 0.71; Copper treatment charge of USD$100/tonne copper concentrate; Copper refinery charge of USD10c/lb copper.

Tritton Resources holds all necessary approvals from the State to carry out mining operations at Tritton mine and the associated Tritton ore processing plant.

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Classification of Ore Reserve

Proved Ore Reserve is estimated from Measured Mineral Resource. All Measured Resource has considered for conversion to Ore Reserve.

Probable Ore Reserve is estimated from Measured and Indicated Mineral Resource. All Indicated Resource has been considered for conversion to Ore Reserve. A stope may be downgraded to Probable Ore Reserve where there is high risk of ore production being lower than estimated. The upper level pillar stopes have been classified as Probable Ore Reserve under this process. There are no other areas where significant down grading to Probable has occurred

Mining Method and Reserve Estimate Methodology

Mining method used at Tritton mine is sublevel open stoping or retreating bench stoping. Transverse or longitudinal stope orientation is used depending on the geometry of the ore lenses.

Stopes are backfill with cemented paste fill made from mill tailing. Use of paste fill provides support of the ground around mined out stopes. Mineral Resource recovery is typically over 80% since the use of cemented paste fill means there is no requirement to leave permanent pillars for ground support

Ore Reserves are estimated following a process of engineering design of individual stopes. Detailed (based on Measured Mineral Resource) and conceptual (based on Indicated Mineral Resource) stope designs are generated and reviewed for practicality and economic viability. Only viable stopes are included within the Ore Reserve estimate. Access tunnel development inside Mineral Resource is designed for each mine sub level and included with the Ore Reserve as jumbo or development ore. Modifying factors are different for stope and development ore.

Ore Reserve Cut Off Grade

Copper grade (% Cu) is applied as the only cut-off grade criteria.

Gold content of the ore is not sufficient to be of economic significance to cut-off grade decisions. Silver content of the ore varies in direct proportion with the copper % and so is adequately represented by the simple copper cut-off grade.

A whole of stope cut-off grade of 1.1% copper is applied to the diluted stope grade, (i.e. after dilution and ore loss factors are applied).

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Development in ore is designed for each level of the mine as part of the Ore Reserve process. The development design is converted to a solids volume. An estimate of development (or “Jumbo”) ore is made by interrogating the geology block model within this development design solid. Design development solid volumes are excluded from the stope volumes.

No dilution and no ore loss factors are allocated to development ore. All the Mineral Resource within the design development is reported as development ore. This is consistent with mine practice where material down to an estimated grade of 0.5% Cu can be assigned as ore, once broken in a development heading. The net effect is that the cut-off grade for Ore Reserve derived from design development volumes is the same as the Mineral Resource cut-off grade, i.e. 0.6% Cu.

Ore Reserve Estimation Modifying Factors

Factors to account for dilution and ore loss are applied in the estimate of Ore Reserve. The factors vary with the size of design stope. Small stopes are defined as those with a vertical height of less than 40m. Tall stopes are those with a vertical height of 40m or more.

Factors applied to small stopes in the estimation of Ore Reserve are 90% ore recovery and 11% dilution

Factors applied to tall stopes in the estimation of Ore Reserve are 95% ore recovery and 5% dilution.

Recovery of pillar stopes from older and shallower areas of the mine, (4465mRL to 4640mRL) form part of the Ore Reserve. Due to the age of pillars and uncertain geotechnical rock mass condition an ore recovery factor of 50% and dilution factor of 20% are applied in the estimate of Ore Reserve. The pillar Ore Reserve is 270kt or 2% of total by tonnage.

Ore Processing

The ore produced from the Tritton mine is processed at the Tritton copper sulphide ore processing plant. Copper, silver and gold is recovered by crushing, grinding and conventional flotation of sulphides to produce a copper concentrate.

The copper concentrate product is clean with no impurities that attract a penalty from smelters. The high quality Tritton concentrate is sought after by smelters in the Asia Pacific region.

Copper recovery of 94 to 95% has been consistently achieved at 24% copper grade in concentrate for many years of operation. There are no indications of a change in geology at depth that is likely to change the quality of future copper concentrate.

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Mill tailing is disposed to either the underground stopes as paste backfill (approximately 30 to 40% of the total tailing) or to the Tritton tailing storage facility. The tailing storage facility has at least sufficient capacity to hold an additional eight (8) years tailing production at forecast processing rates. This is more than sufficient to cover this Ore Reserve estimate.

ENDS

For further information, please contact:

Mr. Andre Labuschagne Executive Chairman Tel: +61 7 3034 6200, or visit our website at www.aerisresources.com.au

Media:

Michael Cairnduff Cannings Purple Tel: 0406 775 241 mcairnduff@canningspurple.com.au

About Aeris

Aeris Resources Limited (ASX: AIS) is an established, top 10 independent Australian copper producer and explorer.

The Company’s core asset is its Tritton operations in New South Wales, which produced 30,425 tonnes of copper in FY2016. The existing operations incorporate multiple mines and a 1.8 million tonne per annum processing plant.

Aeris also has an exciting portfolio of highly prospective near mine and regional exploration projects creating a pipeline for future growth and a clear opportunity to leverage the Company’s established infrastructure at Tritton.

Aeris has a highly experienced Board and management team, and is actively reviewing suitable merger and acquisition opportunities.

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STATEMENT OF COMPLIANCE WITH JORC CODE REPORTING

This Mineral Resource statement has been compiled in accordance with the guidelines defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Competent Person’s Statement and Consent – Mineral Resources

I, Brad Cox confirm that I am the Competent Person for the Tritton Mineral Resources section of this Report and:

• I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).

• I am a Competent Person as defined by the JORC Code, 2012 Edition, having relevant experience to the style of mineralisation and type of deposit described in the Report and to the activity for which I am accepting responsibility.

• I am a Member of the Australasian Institute of Mining and Metallurgy, (AusIMM membership No.220544).

• I have reviewed the Report to which this Consent Statement applies.

I am a full time employee of Aeris Resources Limited.

I verify that the Tritton Mineral Resource section of this Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in my supporting documentation relating to Mineral Resources.

Competent Person Consent

With respect to the sections of this report for which I am responsible – Mineral Resource Estimate - I consent to the release of the Tritton Mineral Resources and Ore Reserves Statement as at 30 June 2016 by the directors of Aeris Resources Limited.

Competent Person’s Statement and Consent – Ore Reserves

I, Ian Sheppard, confirm that I am the Competent Person for the Tritton mine Ore Reserve section of this Report and:

• I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).

• I am a Competent Person as defined by the JORC Code, 2012 Edition, having five years’ experience that is relevant to the style of mineralisation and type of deposit described in the Report and to the activity for which I am accepting responsibility.

• I am a Member of The Australasian Institute of Mining and Metallurgy, No. 105998.

• I have reviewed the Report to which this Consent Statement applies.

I am a full time employee of Aeris Resources Limited.

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I have disclosed to the reporting company the full nature of the relationship between myself and the company, including any issue that could be perceived by investors as a conflict of interest. Mr Sheppard has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically, Mr Sheppard has rights to 22,418,546 share options that will vest over the next five years and may be converted to shares over time when various conditions are met.

I verify that the Ore Reserve section of this Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in my supporting documentation relating to Ore Reserve.

Competent Person Consent

With respect to the sections of this report for which I am responsible – Tritton Mine Ore Reserve Estimate - I consent to the release of the Mineral Resources and Ore Reserves Statement as at 30 June 2016 for Tritton mine.

MINERAL RESOURCE ESTIMATE

RESULTS

The Mineral Resource estimate reference date is 30[th] June 2016. The Tritton deposit has been mined and the Mineral Resource depleted since the previous public report.

Table 1 Classified Mineral Resource for the Tritton deposit as at 30th June 2016[ 1,2,3,4,5 ]

Resource Category	Tonne(kt)	Copper(%)	Contained Copper(kt)
Measured	3,850	1.9	73
Indicated	5,430	1.4	73
Total M&I	9,270	1.6	146
Inferred	1,960	1.2	24
Total	11,240	1.5	169

1. Mineral Resources are quoted as INCLUSIVE of Ore Reserve.

2. Mineral Resource is reported at a 0.6% Cu cutoff grade.

3. Discrepancy in summation may occur due to rounding.

4. Estimate is constrained by the survey stope and development positions for Tritton as at end June 2016.

5. Indicated estimate includes 490k tonne at 2.6% Cu for 12.7 k tonne of copper metal contained in the upper Tritton Pillars between the 4655m RL and 4565m RL that have been down-graded from Measured Resource due to risk.

CHANGE FROM PREVIOUS PUBLIC REPORT

Material changes to the Tritton Mineral Resource from the previous reporting period include mine depletion, additional drilling data resulting in spatial changes to the mineralised system and a revised geological interpretation. Mine production in the period reported between each model from June 2015 to June 2016 was 1,412 thousand tonne at 2.0% copper for 27.6 thousand tonne contained copper. This production depleted the Mineral Resource. Net depletion of the Mineral Resource is different from mine production due to the combined impact of dilution and ore loss during mining as well as variation between estimated and actual Mineral Resource.

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The updated resource model has changed noticeably in comparison to the previously reported Mineral Resource which was created in 2012. The differences relate to an increase in drill density and spatial changes to the mineralised system through the previous Indicated and Inferred regions. Additions to the mineralised system are associated with the increased thickness and geometry changes at depth below 4200mRL and extensions to the known mineralised system below 4000mRL.

Table 2 Change in the reported Tritton Mineral Resource since previous public report

Estimate	Resource Category	Tonne(kt)	Copper(%)	Contained Copper(kt)
June 2016	Measured	3,850	1.9	73
	Indicated	5,430	1.4	73
	Total M&I	9,270	1.6	146
	Inferred	1,960	1.2	24
	Total	11,240	1.5	169
June 2015	Measured	2,750	2.1	59
	Indicated	4,620	1.7	79
	Total M&I	7,380	1.9	138
	Inferred	3,140	1.4	45
	Total	10,520	1.7	182
difference	Measured	1,100	‐0.2	14
	Indicated	810	‐0.4	‐6
	Total M&I	1,890	‐0.3	8
	Inferred	‐1,180	‐0.2	‐21
	Total	720	‐0.2	‐13

ORE RESERVE ESTIMATE

RESULTS

The Tritton mine Ore Reserve Estimate as at 30[th] June 2016 is reported in Table 3 . It is reported according to JORC 2012.

Table 3 Ore Reserve Estimate for Tritton deposit as at 30 June 2016

Category	Tonne (k tonne)	Copper %	Contained Copper (k tonne)
Proved Probable Total	3,580 2,790	1.7 1.4	61 39
	6,370	1.6	100

1. Ore Reserves are reported as INCLUSIVE of the supporting Mineral Resource estimate.

2. Discrepancies in summation will occur due to rounding.

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CHANGES FROM PREVIOUS ESTIMATE

The Ore Reserve estimate presented in this report is an update that accounts for changes to the Mineral Resource estimate including depletion due to mining in the year since last report. An increase in the Mineral Resource, net of depletion, resulted from a resource drilling program and subsequent geology modelling of the deposit. Measured and Indicated Mineral Resource has been extended to 4000mRL.

The Ore Reserve has been extended to the depth of 4050mRL consistent with the extension of the Indicated Mineral Resource to 4000mRL.

All of the Measured and Indicated Mineral Resource has been assessed for inclusion in the Ore Reserve. All resource that can be converted has been reported as Ore Reserve. Conversion rates of resource to reserve are 80% for that material above 4080mRL and 5% for that material below 4080mRL, (this level is the last of sublevels where high rates of conversion is possible with current mining methods).

Modifying factors applied for dilution and ore loss have been slightly altered from the prior estimate where the estimate now includes some larger stopes. The modifying factors are selected following review of production reconciliation against the Ore Reserve estimate. The reconciliation indicates that the Ore Reserve estimate is within 2% of the actual ore processed for the stopes mined in the year 2015.

The previous Ore Reserve estimate was made as at June 30[th] 2015.

Table 4 Change in Ore Reserve from previous estimate

Estimate	Category	Tonne (k tonne)		Contained Copper (k tonne)
			Copper %
June 2016	Proved Probable Total	3,580 2,790	1.7 1.4	61 39
		6,370	1.6	100
June 2015	Proved Probable **Total **	2,359 2,040	1.8 1.7	42 34
		4,399	1.7	76
Difference	Proved Probable Total	+1220	-0.1	+19
		+750	-0.3	+5
		+1970	-0.1	+24

JORC CODE, 2012 EDITION – TABLE 1 REPORT: TRITTON MINERAL RESOURCE

Section 1 Sampling Techniques and Data

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

• Criteria JORC Code explanation Commentary Sampling 1. Nature and quality of sampling (e.g. cut techniques 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.

  1. All Diamond core samples are based on ½ core. Pre-collar RC samples in waste zones taken as 4 metre composites and re-spit to 1 metre samples when return assays or geology indicate copper or gold mineralisation. Underground samples are collected from drive headings or cross cuts at 1 metre intervals or at geological breaks. Underground samples are collected as rock chips.

  2. All diamond core is aligned, measured and metre marked. All underground face samples are digitally photographed with face positions measured from survey control points and survey pickups. Underground cross cuts are not digitally photographed however their positions are referenced from survey control points.

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

1. During all drill programs at the Tritton deposit Aeris Resources Limited have ensured drill contractors completing the works maintain a high industry standard. Diamond drill sample lengths are generally taken at 1.0 metre intervals. At geological boundaries (based on mineralisation textural differences or material changes in chalcopyrite content) the sample length can vary between a minimum of 0.5 metres and maximum of 1.4 metres. Sampling is extended 10m beyond the mineralised system. Exploration and resource definition diamond core drilled from surface which intersected the mineralised Tritton deposit pre 2010 are predominantly NQ2 in size. Resource definition holes drilled during 2010 to 2012 (targeting 4300mRL to 4000mRL) are HQ3 in size while resource definition holes drilled from 2014 onwards (4200mRL to 3900mRL) are NQ2 in size. Underground grade control holes are NQ2 for down holes and LTK60 for up holes. Underground face samples (rock chip) are also collected for grade estimation with ore drives mapped and ore boundaries picked up by survey. All Exploration holes sampled by Aeris Resources Limited for the Tritton Mineral Resource are analysed by a 35 element three stage Aqua Regia digestion with an ICP finish (ME-ICP41) suitable for Cu concentrations between 1 ppm to 10,000 ppm. All Cu samples greater than or equal to 1.0% Cu were re-submitted for an ore digest to determine Cu concentrations greater than 1.0% (ME-OG46). Au assays were completed via fire assay fusion with an AAS finish using a 30g charge (Au-AA22) suitable for Au grade ranges between 0.01 g/t – 100

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

4. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information.

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Criteria	JORC Code explanation	Commentary
		g/t. All Au samples greater than or equal to 1.0 g/t Au were re-submitted for
		an ore grade 30g fire assay charge to determine Au concentrations greater
		than 1.0 g/t Au (Au-AA25). All grade control diamond drill holes and
		underground samples are assayed using the ore grade digest method (ME-
		OG46) for Cu, Fe, Ag, Zn, Pb and S. Au assays are completed via Au-AA25.
		Sample preparation and assaying are completed at the ALS laboratory in
		Orange N.S.W.
Drilling	1. Drill type (e.g. core, reverse circulation, open-	1. All drilling data intersecting the Tritton mineralised system was completed via
techniques	hole hammer, rotary air blast, auger, Bangka,	diamond drilling. A small number of RC drill holes were completed early in
	sonic, etc.) and details (e.g. core diameter, triple	the exploration phase pre 2000. These drill holes targeted up upper portions
	or standard tube, depth of diamond tails, face-	of the mineralised system which has subsequently been mined. Diamond
	sampling bit or other type, whether core is	hole diameter sizes vary from HQ3 and NQ2 for resource definition
	oriented and if so, by what method, etc.).	programs. Grade control hole diameter sizes are NQ2 for down holes and
		LTK60 for up holes. All underground samples are rock chip samples.
Drill sample	1. Method of recording and assessing core and	1. All diamond core recoveries are measured and recorded by Aeris Resources
recovery	chip sample recoveries and results assessed.	Limited field technicians or geologists. Initial drill holes completed by NORD
	2. Measures taken to maximise sample recovery and ensure representative nature of the samples.	targeting the Tritton deposit did not have RQD routinely recorded (BDS006 to BDS125). RC pre-collar sample recoveries were not recorded nor required to be recorded as all material estimated for the Tritton mineralisation is defined
	3. Whether a relationship exists between sample	by diamond drill core. RQD measurements are taken on all core prior to all
	recovery and grade and whether sample bias	sampling. This procedure has been part of the standard drill core processing
	may have occurred due to preferential loss/gain	procedure since 2005.
	of fine/coarse material.	2. Rock competency is very good through the Tritton mineralised system and
		adjoining country rock. Faults intersected are generally sub metre in
		thickness and contain minor amounts of clay/fine susceptible to core loss.
		Industry standard drilling practices are maintained to ensure sample
		recoveries and core presentation remains at a high level.
		3. No significant relationship appears to exist between recovery and grade.
Logging	1. Whether core and chip samples have been	1. All diamond core and RC chips are geologically logged by company
	geologically and geotechnically logged to a level	geologists. All surface holes drilled by Aeris Resources Limited are
	of detail to support appropriate Mineral Resource	geotechnically logged. All logging is to the level of detail to support the Tritton
	_estimation, mining studies and metallurgical _

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Criteria	JORC Code explanation	Commentary
	studies.	style of mineralisation (VMS Besshi style).
	2. Whether logging is qualitative or quantitative in	2. Logging of diamond core and RC samples record lithology, alteration,
	nature. Core (or costean, channel, etc.)	mineralisation, degree of oxidation, structure, RQD and recovery. All
	photography.	exploration core was photographed in both dry and wet form. Underground
	3. The total length and percentage of the relevant intersections logged.	resource definition and grade control holes are photo in wet form only. All RC intervals are stored in plastic chip trays, labelled with intervals and hole number. Core is stored in core trays and labelled similarly. Underground
		headings which have been sampled are spatially referenced using survey
		control points. Underground headings which are sampled have a digital
		photography taken.
		3. All RC and core samples were logged in full. Underground samples are
		logged for lithology and structure.
Sub-	1. If core, whether cut or sawn and whether quarter,	1. Diamond core samples are cut using an Almonte automatic core saw. Half
sampling	half or all core taken.	core samples are collected on average at 1.0 m intervals and can vary
techniques and sample preparation	2. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. 3. For all sample types, the nature, quality and appropriateness of the sample preparation technique.	between 0.5 metres to 1.4 metres. Sample intervals not equal to 1.0 metre generally occur at mineralisation/geology contacts. 2. RC samples for waste sections are collected at 1 metre intervals, with a 1m split and bulk residual collected on the drill rig. The bulk residual was composited to 4 metre intervals by spear sampling. If RC composites returned above background copper or gold values, the stored original 1m split
	4. Quality control procedures adopted for all sub-	was sent to the laboratory for analysis.
	sampling stages to maximise representivity of samples.	3. Samples taken are appropriate for the Tritton mineralisation style (Copper VMS). Half core drill core samples are sent to ALS laboratory in Orange for
	5. Measures taken to ensure that the sampling is	sample preparation and assaying. Upon arrival at the laboratory sample
	representative of the in situ material collected,	weights are recorded. Samples greater than 3kg are crushed via a Boyd
	including for instance results for field	crusher (90% passing 2mm) and rotary split to a sub sample between 2kg to
	duplicate/second-half sampling.	3kg. The sub sample is pulverised via a LM5 to 85% passing 75µm. A 300g
	6. Whether sample sizes are appropriate to the grain size of the material being sampled.	sample is taken from the pulverised material for assaying. Samples less thank 3kg are crushed via a jaw crusher to 70% passing 6mm and the whole sample is pulverised in a LM5 with a 300g sub sample taken for assaying.
		Underground face samples are treated in the same manner as diamond core

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Criteria		JORC Code explanation	Commentary
			described above.
			4. Sample blanks and industry standards are routinely submitted at a frequency
			of 1:20. Duplicates and Pulps are retained and re-submitted periodically to
			test assay reproducibility.
			5. Field duplicates from grade control holes are conducted routinely.
			Regression analysis of the field duplicates shows very good correlation. The
			understanding of sample representativeness and grade estimation is also
			reviewed through mine to mill reconciliations and stope reconciliations and
			closing reports. All core samples are visually examined against assay values
			and logged mineralisation.
			6. The sample sizes are considered appropriate to the grain size of the material
			being sampled.
Quality	of	1. The nature, quality and appropriateness of the	1. Mineralisation at the Tritton deposit is associated with primary sulphides.
assay	data	assaying and laboratory procedures used and	Copper mineralisation is primarily associated with chalcopyrite. Copper
and		whether the technique is considered partial or	mineralisation is largely interpreted to be remobilised and varies in nature
laboratory		total.	from fine disseminated spots to zones of erratic +10cm scale stockwork
tests		2. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations	textures. The assay methods described previously are considered appropriate for the style of mineralisation. Sample preparation methods are also considered appropriate for the style of mineralisation. Review of sample duplicates indicates the assay repeatability is very good.
		factors applied and their derivation, etc.	2. Information regarding assay techniques used for samples taken pre 2005
		3. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision	cannot be confirmed. However, drill holes completed up to this period are associated with mineralised zones which have already been mined. Aeris Resources Limited are confident the assay methods used would meet industry standards based on the geological protocols in place at the time.
		have been established.	3. No other methods were used to derive assay values for resource estimation.
			4. Laboratory QA/QC samples included the use of blanks, duplicates, standards
			(commercial certified reference materials) and repeats.
Verification		1. The verification of significant intersections by	1. Significant mineralised intersections are reviewed by the logging geologist.
of sampling		either independent or alternative company	QAQC results are reviewed on a batch bybatch and monthlybasis.

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Criteria		JORC Code explanation	Commentary
and		personnel.	Deviations from precision tolerances are investigated on a batch by batch
assaying		2. The use of twinned holes.	basis. If grade bias is observed then follow up with the laboratory typically occurs on a monthly basis.
		3. Documentation of primary data, data entry procedures, data verification, data storage	2. No twinned holes were conducted.
		(physical and electronic) protocols.	3. All Aeris Resources Limited geological data is logged directly to a Panasonic
		4. Discuss any adjustment to assay data.	tough book laptop at the core yard using company logging codes. Data is logged directly to Acquire (off line) which is then uploaded to the Acquire
			network database once the computer is docked to the office workstation. In
			built Acquire validation occurs at the time of data entry. Assay results are
			returned electronically on a batch by batch basis from the ALS laboratory via
			the webtrieve portal. Returned assay batches are reviewed prior to upload to
			the Acquire database. If a batch fails QAQC procedures then follow up and
			potential reassaying from the laboratory is required. Assay data are not
			uploaded to the Acquire database until a batch passes all QAQC tests.
			4. No adjustments to assay data are made.
Location	of	1. Accuracy and quality of surveys used to locate	1. All surface drill holes completed from 2005 onwards have collar locations
data points		drill holes (collar and down-hole surveys),	surveyed by using a DGPS by either a contractor or staff surveyor. All pre
		trenches, mine workings and other locations	2005 drill holes were surveyed by either staff surveyor(s) or contractors using
		used in Mineral Resource estimation.	a theodolite. All underground drill hole collars are surveyed by company
		2. Specification of the grid system used.	surveyors or contractors using a theodolite. Surveys are entered into the Aeris Resources Limited corporate Acquire database. Underground samples
		3. Quality and adequacy of topographic control.	are located spatially against survey stations which are installed by either staff
			or contract surveyors.
			2. Geology interpretations and grade estimates are based on a local Tritton
			Mine Grid (TMG). The TMG is rotated 8.423⁰to the west from AGD 66 true
			north.
			3. Quality and accuracy of the drill collars are suitable for geological
			interpretation and resource estimation. A majority of drill holes intersecting
			the current Mineral Resources are from underground drill holes.
Data spacing		1. Data spacing for reporting of Exploration Results.	1. Drill spacing across the Tritton deposit vary from approximately 80m (N) x
and

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Criteria	Criteria		JORC Code explanation	Commentary
distribution			2. Whether the data spacing and distribution is	40m (RL) to 20m (N) x 20m (RL).
			sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	2. As a general rule Measured Mineral Resource is defined from a 20m x 20m drill spacing. Indicated Mineral Resource is defined from a 40m x 40m drill spacing. Inferred Mineral Resource is defined from drill spacings up to 100m x 100m. Based on the observed geological continuity from underground
			3. Whether sample compositing has been applied.	develop and drill holes the drill spacing is appropriate.
				3. The Tritton mineralisation is defined sufficiently to define both geology and
				grade continuity for a Mineral Resource estimation and Ore Reserve
				evaluation. The material defined as Measured is suitable for detailed stope
				design.
				4. Samples are composited to 1.0 metre intervals. A majority of the assay data
				are 1.0 metres in length. Within an estimation domain composite lengths are
				created at 1.0 metre intervals from HW to FW. In some instances, the FW
				sample may be less than 1.0 metre in length. Samples greater than or equal
				to 0.5 metres are retained for estimation and those less than 0.5 metres are
				not used for estimation.
Orientation			1. Whether the orientation of sampling achieves	1. Underground drill holes are collared from dedicated HW drill drives. In some
of	data	in	unbiased sampling of possible structures and the	instances, drill holes intersecting mineralisation perpendicular to geology.
relation		to	extent to which this is known, considering the	This is more noticeable on the periphery of the deposit and for holes which
geological			deposit type.	intersect the deposit down dip at oblique angles. This is not considered to
structure			2. 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.	represent a material issue for Measured and Indicated Mineral Resource. There are a small number of holes intersecting mineralisation below the 4000mRL level which cross cut the deposit at an acute angle. Underground samples taken from development headings do not extend across the entire estimation domain. There is potential for a small amount of bias to occur, however it should be noted that there is only a small number of faces
				sampled per level and the amount of diamond drill data would minimise any
				potential grade bias.
				2. No material issues due to sampling bias have been identified. Based on
				mine to mill reconciliations over the course of mining activities the Tritton
				resource estimate reconciles within tolerance levels.

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Criteria		JORC Code explanation	Commentary
Sample		1. The measures taken to ensure sample security.	1. Chain of Custody is managed by the Company. Samples are stored on site in
security			polyweave bags containing approximately 5 samples. These bags are
			securely tied, then loaded and wrapped onto a pallet for dispatch to the
			laboratory. The samples are freighted directly to the laboratory with
			appropriate documentation listing sample numbers and analytical methods
			requested. Samples are immediately receipted by a laboratory staff member
			on arrival, with a notification to Aeris Resources Limited of the number of
			samples that have arrived.
Audits	or	1. The results of any audits or reviews of sampling	1. External reviews and audits have been conducted by AMC, Optiro and HDR
reviews		techniques and data.	between 2010 to 2015. No fatal flaws or significant issues were identified.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2 (not used for Tritton), also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	1. Measures taken to ensure that data has not been	1. All assay results are logged against unique sample numbers. A sampling
integrity	corrupted by, for example, transcription or keying	sheet detailing sample numbers and core / RC intervals is completed prior to
	errors, between its initial collection and its use for	sample collection. During the sampling process each sample interval is
	Mineral Resource estimation purposes.	cross-referenced to the sample number and checked off against the sampling
	2. Data validation procedures used.	sheet. Pre-numbered bags are used to minimize errors. Assay data is received via email in a common electronic format and verified against the
		AcQuire database.
		2. Data validation and QAQC procedures are completed by staff geologists.
		Geology logs are validated by the core logging geologist. Assay data is not
		uploaded to the corporate Acquire database until all QAQC procedures have
		been satisfied.
Site visits	1. Comment on any site visits undertaken by the	1. Brad Cox (Aeris Resources Limited – Geology Manager) has made
	Competent Person and the outcome of those	numerous site visits duringthe latest resource definition drillprogram from

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Criteria	JORC Code explanation	Commentary
	visits.	2014 onward.
	2. If no site visits have been undertaken indicate
	why this is the case.
Geological	1. Confidence in (or conversely, the uncertainty of)	1. The confidence in the Tritton geology model is high. The deposit has been
interpretatio	the geological interpretation of the mineral	mined for over 10 years. During this period a significant amount of geological
n	deposit.	data has been collected from drill core and underground mapping. This
	2. Nature of the data used and of any assumptions made.	information has been used to create the geology models which as each level is developed are showing good correlation between interpreted domain boundaries and their actual location (< 5 metres difference).
	3. The effect, if any, of alternative interpretations on Mineral Resource estimation.	2. Data used for the geological interpretation includes drill hole data (diamond core) and underground mapping. There are not significant assumptions
	4. The use of geology in guiding and controlling	made other than the mineralised system extends between drill holes along
	Mineral Resource estimation.	the interpreted orientation. The geology is relatively simple with minimal
	5. The factors affecting continuity both of grade and geology.	structural deformation. Mineralisation is easily visible from the host turbidite sequences. The geometry of the mineralised system is well understood at drill spacings up to 40m x 40m.
		3. For the updated Mineral Resource estimate two different geological
		interpretations were trialled. The alternative interpretation domained out 2
		high grade (+2% Cu) lodes below 4100mRL. Their orientation is oblique to
		the dominate trend of the sulphide system. The alterative model was used to
		understand the grade/metal differences between each interpretation. There
		was no material difference between the estimates. The high grade domains
		were discarded from the final estimate with Cu estimated within a lower grade
		0.4% Cu shell.
		4. Estimation domains used for the latest resource estimate are based on
		interpreted geology defined from drill core and underground mapping. Cu
		estimates are constrained within a broad low grade 0.4% Cu shell based on
		log probability distribution. Internally within this domain unmineralised
		turbidite sequences are domained out and a massive high pyrite unit along
		the HW is also modelled separately. A significant sub horizontal fault at
		~4050mRL is also modelled and may affect Cu grades either side. Given the
		stratiform nature of mineralisation variogram continuityis orientated down the

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Criteria	JORC Code explanation	Commentary
		plane of the sulphide horizon. Within the plane the direction of maximum
		continuity is steeply plunging to the south. Structural measurements from
		orientated drill core have assisted with determining the orientation of ore
		boundaries in areas of sparse drilling below 4000mRL.
		5. Mineralisation is still open at depth below the 3860mRL (> 1,400 metres
		below surface). Although there is not a significant amount of information the
		geology (stratigraphy and ore textures) is similar in this region. From
		4300mRL down the orientation of mineralisation changes from a NNE trend
		to a E-W trend. Within this zone mineralisation changes from two distinct
		mineralised systems, divided by a small unmineralised sequence, to a broad
		lower grade thicker zone of mineralisation. The change in orientation is not
		fully understood, however the geometry change is well understood.
Dimensions	1. The extent and variability of the Mineral	1. The main Tritton mineralised zone is tabular in nature with an overall down
	Resource expressed as length (along strike or	dip length of 1.5km with mineralisation still open at depth. Mineralisation
	otherwise), plan width, and depth below surface	begins at approximately 155m below surface (5115mRL). The main body
	to the upper and lower limits of the Mineral	varies in thickness averaging 6-8 metres above the main “roll over” at
	Resource.	4500mRL. Below the “roll over” the mineralised sulphide package thickens
		with true widths in the order of 15 to 30 metres to 4300mRL. Below this the
		mineralised body dips at a shallower angle (25⁰) and thickens to 70m thick
		down to the 4000mRL. The geological understanding below this RL is limited
		based on a small drill hole dataset and the dimensions of mineralisation are
		inferred. The strike length of the mineralised system is typically in excess of
		300m (5000mRL to 4300mRL). Below this the strike length reduces to
		approximately 100 to 150 metres. An along strike extension of the Tritton
		deposit (South Wing) is located on the southern extremities of the central
		Tritton resource. The south wing is broadly triangular in shape with the long
		axis down dip with a length of 900 metres with a width at the widest point of
		250 metres. The thickness varies from 1 to 8 metres averaging 2 metres.
Estimation	1. The nature and appropriateness of the estimation	1. Ordinary kriging was used to estimate all variables. Ordinary kriging is an
and	technique(s) applied and key assumptions,	appropriate for this style of mineralisation. Given that a majority of Cu is
modelling	including treatment of extreme grade values,	contained within one domain (0.4% Cu shell) there will be some grade
techniques	domaining, interpolation parameters and	averaging occurring, particularly in areas with variable Cu grades. An
	maximum distance of extrapolation from data	indicator kriged estimate was trialled to determine whether some of this

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Criteria	JORC Code explanation	Commentary
	points. If a computer assisted estimation method	variability could be captured in the estimate. There was little difference
	was chosen include a description of computer	between the OK and IK estimates. The indicator variograms at cut-offs
	software and parameters used.	above the median have short ranges (≤10m) and is likely the reason the IK
	2. The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.	estimate does not reflect a higher degree of variability. Vulcan software was used to create 3D geology/estimation domain wireframes, generate descriptive statistics and grade estimation. Isatis software was used to report descriptive statistics and model variograms. Metal per composite analysis and review of descriptive statistics were used to determine appropriate top
	3. The assumptions made regarding recovery of by-	cut values. For the Cu data no top cuts were applied. Estimation was either
	products.	performed in 2 passes or 3 depending on the search size and dimensions of
	4. Estimation of deleterious elements or other non- grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).	the estimation domain. Estimation pass 1 was generally set at 70% of the variogram range, estimation pass 2 set at 140% of variogram range and estimation pass 3 was designed to populate all remaining blocks within the estimation domain. A majority of Measured and Indicated Mineral Resource
	5. In the case of block model interpolation, the	classified blocks are associated with estimation pass 1.
	block size in relation to the average sample spacing and the search employed.	2. All estimates within each estimation domain are validated against declustered composites. Mean grade estimates that fall within 5% of the declustered
	6. Any assumptions behind modelling of selective	composite mean grade are considered acceptable. If the difference is outside
	mining units.	a 5% tolerance, then the estimation and/or decluster cell size is reviewed and
	7. Any assumptions about correlation between variables.	changes made if necessary. The model is also reconciled against previous models and mill reconciled data on 6 monthly increments. Estimates are within acceptable tolerance levels when compared against the reconciliation
	8. Description of how the geological interpretation	data.
	was used to control the resource estimates.	3. No assumptions have been made for the recovery of gold and silver by-
	9. Discussion of basis for using or not using grade	products.
	cutting or capping.	4. Other variables estimated included S, Fe, Zn and bulk density. Sulphur
	10. The process of validation, the checking process	estimates are used for the identification of PAF material.
	used, the comparison of model data to drill hole data, and use of reconciliation data if available.	5. The parent block sized used for the updated estimate was 10m (E) x 10m (N) x 4m (RL) with sub celling down to 1m (E) x 1m (N) x 1m (RL). The cell size
		takes into consideration drill spacing (grade control 20m x 20m x 20m and
		resource definition 40m x 40m x 40m) and grade variability in different
		orientations.

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Criteria	JORC Code explanation	Commentary
		6. No assumptions have been applied to the model for selective mining unit.
		7. No correlation has been made between variables. fusion
		8. The distinction between background Cu and Cu associated with
		mineralisation was defined from a combination of geology/textural logging
		and population distributions associated with a log probability plot. From this a
		0.4% Cu cut-off was selected to define the bounding Cu estimation domain.
		Geological domains were modelled and tested against each other (geological
		interpretation, descriptive statistics, QQ plots and contact plots) to determine
		whether they could be incorporated into one domain or separated. This
		approach was used for each variable estimated. Generally, domain
		boundaries were treated as hard domains whereby only composite data
		associated with an estimation domain is used for estimation. In some
		instances, based on contact plots, if a semi-soft profile is identified across an
		estimation domain boundary then composites from an adjoining estimation
		domain can be selected for estimation.
		9. Each estimation domain for each variable was reviewed to determine
		whether top cuts are required. Top cuts were applied based on metal per
		composite analysis, histogram distributions and spatial location of composite
		data. Top cuts were applied if too much metal was assigned to particular
		composites (metal per composite) and/or clear disconnect from histogram
		distribution and spatially where the anomalous composites occur in relation to
		other samples.
		10. All estimates within each estimation domain are validated against declustered
		composites. Mean grade estimates that fall within 5% of the declustered
		composite mean grade are considered acceptable. If the difference is outside
		a 5% tolerance, then the estimation and/or decluster cell size is reviewed and
		changes made if necessary. Estimates were also validated visually in Vulcan
		displaying block estimates and composite data. Swath plots on 20m levels
		were also created showing block estimates and declustered composite data
		in the X, Y and Z directions for each variable estimated.
Moisture	1. Whether the tonnages are estimated on a dry	1. Tonnages are estimated on a dry basis.
	_basis or with natural moisture, and the method of _

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Criteria		JORC Code explanation	Commentary
		determination of the moisture content.
Cut-off		1. The basis of the adopted cut-off grade(s) or	1. A 0.4% Cu cut-off was used for domaining mineralised Cu. The selection of
parameters		quality parameters applied.	an appropriate cut-off grade was based on geology (ore textures and
			lithology) and log probability plot distributions. Previously a higher cut-off
			was used (0.8% Cu) which reflected the higher grade more constrained
			geometry of the mineralised system. The mineralised system below the
			current mining front is becoming thicker with less pronounced higher grade
			zones of mineralisation.
Mining		1. Assumptions made regarding possible mining	1. The only consideration to the mining method is the minimum interpretation
factors	or	methods, minimum mining dimensions and	width applied is 2 metres downhole. Otherwise no other mining assumptions
assumptions		internal (or, if applicable, external) mining	have been applied to the Tritton model.
		dilution. It is always necessary as part of the
		process of determining reasonable prospects for
		eventual economic extraction to consider
		potential mining methods, but the assumptions
		made regarding mining methods and parameters
		when estimating Mineral Resources may not
		always be rigorous. Where this is the case, this
		should be reported with an explanation of the
		basis of the mining assumptions made.
Metallurgical		1. The basis for assumptions or predictions	1. The dominant Cu mineral within the Tritton deposit is chalcopyrite. Material
factors	or	regarding metallurgical amenability. It is always	mined from Tritton is processed at the Tritton Copper Operations copper ore
assumptions		necessary as part of the process of determining	processing plant. Copper recovery to copper concentrate at a 24% copper in
		reasonable prospects for eventual economic	concentrate grade is on average 94.5%.
		extraction to consider potential metallurgical
		methods, but the assumptions regarding
		metallurgical treatment processes and
		parameters made when reporting Mineral
		Resources may not always be rigorous. Where
		this is the case, this should be reported with an
		explanation of the basis of the metallurgical
		assumptions made.

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Criteria	JORC Code explanation	Commentary
Environment	1. Assumptions made regarding possible waste and	1. Tailing waste from ore processing is disposed at the current tailings storage
al factors or	process residue disposal options. It is always	facility within ML1544 (or utilised as paste fill). Waste from underground
assumptions	necessary as part of the process of determining	development is stored on site for future rehabilitation of the Tailing Storage
	reasonable prospects for eventual economic	Facility. Any potentially acid forming waste is used for stope backfill
	extraction to consider the potential environmental	underground. No significant environmental impacts have been identified from
	impacts of the mining and processing operation.	the Tritton mining operation.
	While at this stage the determination of potential
	environmental impacts, particularly for a
	greenfields project, may not always be well
	advanced, the status of early consideration of
	these potential environmental impacts should be
	reported. Where these aspects have not been
	considered this should be reported with an
	explanation of the environmental assumptions
	made.
Bulk density	1. Whether assumed or determined. If assumed, the	1. Bulk density has been estimated via OK within all estimation domains. For
	basis for the assumptions. If determined, the	the background estimation domain outside of the mineralised system two
	method used, whether wet or dry, the frequency	estimation passes were run. For unestimated blocks outside of the 2
	of the measurements, the nature, size and	estimation passes a default value of 2.90 was applied (mean value from
	representativeness of the samples.	internal dilution estimation domain).
	2. The bulk density for bulk material must have been	2. Bulk density values were measured using the Archimedes Principle Method'
	measured by methods that adequately account	(weight in air v's weight in water). Varying forms of silicification is present
	for void spaces (vugs, porosity, etc.), moisture	throughout the mineralised system and porosity associated with the turbidite
	and differences between rock and alteration	host sediments is negligible. Vugs have been noticed within the drill core on
	zones within the deposit.	rare occasions. Technically the bulk density determination method does not
	3. Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	take into account for the presence of vugs. Given they have only been observed on the rare occasion and are not correlatable to specific zones they are not considered to represent a material problem with current bulk density determinations.
		3. Bulk density has been estimated from the bulk density measurements. For
		material outside the mineralised domains an average density value for the
		host material has been assigned based on the mean bulk densityfrom the

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Criteria	Criteria			JORC Code explanation	Commentary
					internal dilution estimation domain.
Classificatio			1. The basis for the classification of the Mineral		1. Classification of the resource estimate has been guided by confidence in the
n				Resources into varying confidence categories.	geological interpretation, drill density, underground development. Measured
			2. Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).		classified areas were constrained to levels defined from grade control drilling (drill spacing 20m x 20m x 20m). The Measured resource extends down to the 4170mRL level. Indicated classified areas were constrained to 40m x 40m drill spacings below 4170mRL. The Indicated resource extends down to the 4000mRL level. The Inferred Mineral Resource incorporates the south wing estimation domain (located along strike and south of the main Tritton mineralised system) and down dip extensions below the Indicated resource
			3. Whether the result appropriately reflects the		within the main Tritton mineralised system. Within the main mineralised
				Competent Person’s view of the deposit.	system, the Inferred resource was extended down to the 3860mRL level
					which coincides with the deepest drill intersection.
					2. The drill and input data density is comprehensive in its coverage for this style
					of mineralisation and estimation techniques to allow reasonable confidence
					for the tonnage and grade distribution to the levels of Measured, Indicated
					and Inferred.
					3. The updated Tritton geology interpretation/model and resource estimate
					appropriately reflects the competent persons understanding of the geological
					and grade distributions. The classification of the resource in the area of the
					upper Tritton Pillars has been downgraded from Measured to Indicated due
					to concerns regards the continuity of this mineralisation around old and
					unfilled stopes.
Audits		or	1. The results of any audits or reviews of Mineral		1. External reviews and audits have been conducted by AMC and Optiro for
reviews				Resource estimates.	early generations of the Tritton resource models. No fatal flaws or significant
					issues with the past Tritton models were identified at the time. The current
					geological interpretation, estimation domain assumptions and grade
					estimates have been reviewed by HDR. No fatal flaws or significant issues
					were identified.
Discussion			1. Where appropriate a statement of the relative		1. The models have been validated visually against drilling and statistically
of	relative			accuracy and confidence level in the Mineral	against input data sets on a domain and on swath plot basis. The relative
accuracy/				_Resource estimate using an approach or _	accuracyof the Mineral Resource estimate is reflected in the reportingof the

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Criteria	JORC Code explanation	Commentary
confidence	procedure deemed appropriate by the	Mineral Resource as per the guidelines of the 2012 JORC code. Over a 12
	Competent Person. For example, the application	month period the Measured Mineral Resource should reconcile within 5% of
	of statistical or geostatistical procedures to	reported mill figures. This trend has been consistently observed our previous
	quantify the relative accuracy of the resource	12 month periods.
	within stated confidence limits, or, if such an	2. The statement relates to local estimates of tonnes and grade above
	approach is not deemed appropriate, a	4170mRL for Measured material. Below 4170mRL the estimate is treated as
	qualitative discussion of the factors that could	a global estimate for Indicated material. For the Indicated material grade
	affect the relative accuracy and confidence of the	control drilling to nominal 20m x 20m drill spacing will be required to firm the
	estimate.	mineralised position and grade distribution suitable for final stope designs.
	2. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.	Inferred material relates to a global estimate. 3. Mine to mill reconciliations for the FY2016 year have shown that Ore Reserves has estimated within 2% of tonnes and 2% of grade providing a minimal variance for metal. Tritton resource has been mined since 2005. Reconciliations demonstrate the current models provide good confidence in the estimation and the estimation process used for the Tritton Resource.
	3. These statements of relative accuracy and
	confidence of the estimate should be compared
	with production data, where available.

JORC CODE, 2012 EDITION SECTION 4 – TABLE 1 REPORT: TRITTON ORE RESERVE

Criteria		**JORC Code explanation **	Commentary
Mineral		1. Description of the Mineral Resource estimate	1. The Ore Reserve estimate is based on the 30thJune 2016 Mineral Resource
Resource		used as a basis for the conversion to an Ore	for Tritton mine, estimated by the Tritton Resource named_Model trifeb16_rsc-_
estimate	for	Reserve.	12032016.bmf.
conversion	to	2. Clear statement as to whether the Mineral
Ore Reserves		Resources are reported additional to, or	Mr Brad Cox is the competent person responsible for Mineral Resource
		inclusive of, the Ore Reserves.	Estimation and both estimating models.
			Measured Mineral Resource is estimated above 4170mRL and Indicated
			Mineral Resource below this level down to 4000mRL.

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Criteria	**JORC Code explanation **				Commentary
					2. Mineral Resources arequoted as INCLUSIVE of the Ore Reserve estimate
Site visits	1. Comment on any site	visits undertaken by			1. Mr Ian Sheppard, competent person for the Tritton mine Ore Reserve, has
	the Competent Person	and the outcome of			visited the Tritton mine on several occasions and is familiar with the mine
	those visits.				conditions.
	2. If no site visits have been undertaken
	_indicate why this is the case. _
Study status	1. The type and level of	study	undertaken to		1. Tritton mine Ore Reserve estimate is based on ten years of mine production
	enable Mineral Resources to be converted to				history, production budgets, and mine designs that in aggregate exceed the
	Ore Reserves.				level of detail expected from a feasibility study. The mine budget and
	2. The Code requires that a study to			at least	associated Life of Mine plan demonstrate the technical and economic viability
	Pre-Feasibility Study	level	has	been	of mining the Ore Reserve.
	undertaken to convert Mineral		Resources to
	Ore Reserves. Such studies will have been				2. Modifying factors used in the conversion of Mineral Resource to Ore Reserve
	carried out and will have determined a mine				are based on reconciliation and observation of past mining and ore processing
	plan that is technically achievable and				performance.
	economically viable,	and	that	material
	_Modifying Factors have _	_been considered. _
Cut-off	1. The basis of the cut-off grade(s) or quality				1. The June 2016 Ore Reserve uses copper grade, Cu%, as the cut-off grade
parameters	parameters applied.				criteria.
					2. A cut-off grade of 1.1% Cu is applied to whole stope estimates of grade after
					dilution. Stopes are designed within the Mineral Resource grade envelope that
					has been interpolated by geologists at a nominal 0.6% Cu cut-off. Designers
					aim to reject as much mineralisation with grade less than 1.1% Cu as is
					practical from the stope, however sub-cut-off grade mineralisation will be
					included if necessary to generate a practical stope design. The average grade
					of the whole stope volume is estimated to give the pre-dilution stope tonnage
					and grade, (including any sub cut-off grade blocks within the stope). Dilution
					from surrounding rock and from backfill is then estimated followed by
					estimation of ore loss. Dilution and ore loss factors are applied to estimate the
					diluted stope grade. The diluted whole of stope grade is tested against the
					cut-off grade. The stope average diluted grade must exceed the 1.1% Cu cut-
					off grade to be accepted.

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Criteria	**JORC Code explanation **			Commentary
				3. Where access development tunnel designs are available, all Mineral
				Resource inside these development design shapes and above 0.6% Cu is
				converted directly to Ore Reserve without modification. A lower marginal cost
				applies to this material equivalent only to the cost of ore processing. Mining
				costs will be incurred irrespective of a decision to process this material or not.
				Hence a lower cut-off grade of 0.6% Cu is applied. No dilution or ore loss
				factors are applied to Mineral Resource contained within the development
				shapes in the estimation of Ore Reserve.
				4. Gold and silver grades in the ore are of minor importance as economic by-
				products. Gold and silver grades are strongly correlated with copper grade
				and this combined with minor economic importance means they need not be
				included in the cut-off grade criteria. Gold in copper concentrate grades are
				only occasionally above the payable limit of 1.0g/t. Silver in concentrate
				grades are approximately 60g/t and so silver contributes a modest value of
				AUD$40 to $50 per tonne copper concentrate.
				5. There are no significant impurities in the mineralisation that require inclusion
				in the cut-off grade criteria.
Mining factors	1. The method and	assumptions used as		1. June 2016 Mineral Resources have been converted to; underground Ore
or	reported in the Pre-Feasibility or Feasibility			Reserve by a process of detailed stope and development design. The life of
assumptions	Study to convert the	Mineral Resource to an		mine plan scheduled production is equivalent to the Ore Reserve.
	Ore Reserve (i.e. either by application of
	appropriate factors	by optimisation or by		2. The mining method used at Tritton mine is underground open stoping with
	preliminary or detailed design).			cemented paste backfill. Open stope mining methods have been used with
	2. The choice, nature and appropriateness of			success for ten years. Use of cemented paste fill allows high rates of
	the selected mining method(s)		and other	conversion of Mineral Resource to Ore Reserve, with no permanent pillars
	mining parameters	including	associated	required to be left.
	design issues such as pre-strip, access, etc.
	3. The assumptions	made	regarding	3. Geotechnical stability of the stope designs is based on stable span
	geotechnical parameters (eg		pit slopes,	dimensions established over several years of operational experience with the
	stope sizes, etc), grade control and pre-			use of cemented paste fill. A modest level interval of 20m vertical is used to
	production drilling.			limit the length of hanging wall exposure in the shallow dipping (35 to 50
	_4. The major assumptions made and Mineral _			degree)ore body. Tritton specific empirical design curves based onprior

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Criteria	**JORC **	**Code **	**explanation **				Commentary
		Resource model used for pit and stope					stope stability are used to assist with design of stable spans.
		optimisation (if appropriate).
	5.	The	mining dilution factors used.				4. The Ore Reserve estimates for development and stope ore include the
	6.	The	mining recovery factors used.				volume of material that is below the cut-off grade and which is considered
	7.	Any	minimum mining widths used.				impractical to exclude from the surrounding or adjacent volume of ore. Such
	8.	The	manner in which Inferred		Mineral		diluting material is inclusive to the design ore volume and estimate of grade.
		Resources are utilised in mining studies and
		the	sensitivity of	the outcome	to	their	5. Ore recovery factor of 90% and dilution factor of 11% are applied in the
		inclusion.					estimation of Ore Reserve for stopes less than 40m high; “small stopes”.
	9.	The	infrastructure	requirements	of	the
		selected mining methods.					6. Ore recovery factor of 95% and dilution factor of 5% are applied in the
							estimation of Ore Reserve for the largest stope 40m or higher.
							7. Ore recovery factor of 50% and dilution factor of 20% are applied in the
							estimation of Ore Reserve for the upper levels old pillar stopes.
							8. Dilution due to over break of the hanging wall of small stopes is estimated as
							an average of 12 % for small stopes. A copper grade of 0.8% Cu is estimated
							for this dilution, based on the results of stope reconciliation.
							9. Dilution due to fall-off of paste fill from adjacent filled stopes is estimated as an
							average of 3.0% for all stopes. There is no economic copper in the paste fill
							dilution.
							10. Ore loss due to under break on the footwall of the small stopes, (due the
							shallow dip) is estimated as an average of 12% for all stopes. The grade of
							this ore loss is assumed to be the average of the un-diluted stope grade.
							11. Ore loss due to inability to recover all the broken ore is estimated at an
							average of 2% for all stopes. The grade of this ore loss is assumed to be the
							un-diluted stope grade.
							12. The detailed modifying factors described in items 8 to 11 above are simplified
							into the simple 90% ore recoveryand 11% dilution factors applied in the Ore

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Criteria		**JORC **	**Code explanation **	Commentary
				Reserve estimate, giving the same estimate within precision of the estimate.
				13. Inferred Mineral Resources is scheduled within the Life of Mine plan for
				Tritton, however the small quantity of inferred material does not affect the
				economic viability of the Ore Reserve. All Inferred Mineral Resource is
				schedule for production after the Ore Reserve is exhausted and does not
				impact the decision to mine the Ore Reserve material.
				14. Capital development, ventilation, backfill distribution, electrical, pumping and
				other infrastructure necessary to support the Tritton mine is installed
				incrementally over time. The sustaining capital cost of installing the
				infrastructure is included in the Life of Mine plan.
Metallurgical		1.	The metallurgical process proposed and the	1. The Triton mine ore is treated at the existing Tritton ore processing plant
factors	or		appropriateness of that process to the style	located adjacent to the mine portal. Copper, gold and silver metal are
assumptions			of mineralisation.	recovered to a copper concentrate by sulphide flotation methods.
		2.	Whether the metallurgical process is well-
			tested technology or novel in nature.	2. The sulphide flotation treatment method is proved on Tritton ore with over 12
		3.	The nature, amount and representativeness	million tonne of ore successfully treated to date.
			of metallurgical test work undertaken, the
			nature of the metallurgical domaining applied	3. Tritton ore processing plant to produces a copper concentrate with 24%
			and the corresponding metallurgical recovery	copper. Average recovery ranging from 94% to 95% of copper is achieved.
			factors applied.	Gold is recovered to the copper concentrate at 45% recovery, however grades
		4.	Any assumptions or allowances made for	in the concentrate are generally below payable limits and only occasional
			deleterious elements.	value is derived from the gold. Silver recovery averages 75%.
		5.	The existence of any bulk sample or pilot
			scale test work and the degree to which such	4. The Ore Reserve assumes that no allowances are required for deleterious
			samples are considered representative of the	elements in the copper concentrate. This is supported by historical production
			orebody as a whole.	of a very clean concentrate.
		6.	For minerals that are defined by a
			specification, has the ore reserve estimation
			been based on the appropriate mineralogy to
			_meet the specifications? _
Environmen-		1.	The status of studies of potential	1. The Tritton deposit is located on ML1544. The mine is fully permitted for
tal			environmental impacts of the mining and	production.

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Criteria	**JORC **	**Code explanation **	Commentary
		processing operation. Details of waste rock
		characterisation and the consideration of	2. Tailing from ore treatment are disposed to the existing Tritton Resources
		potential sites, status of design options	tailing storage facility. Closure of this tailing storage facility will be required at
		considered and, where applicable, the status	end of mine life. Sufficient topsoil and waste rock with suitable geochemistry is
		of approvals for process residue storage and	stockpiled and available for capping for capping of the facility at mine closure.
		waste dumps should be reported.
			3. Waste rock with potential to be acid forming is disposed into stopes
			underground and not stored on surface.
Infrastructure	1.	The existence of appropriate infrastructure:	1. The Tritton mine and ore processing site has all necessary infrastructure
		availability of land for plant development,	installed and operating. Infrastructure includes change facilities, offices,
		power, water, transportation (particularly for	workshops, electrical power, water, and road access. Sufficient skilled labour
		bulk commodities), labour, accommodation;	is available in region to support the mine and accommodation is available in
		or the ease with which the infrastructure can	the town of Nyngan located within 50km distance from the mine.
		be provided, or accessed.
			Land from which the Tritton mine is accessed is freehold lease owned by
			Tritton Resources PtyLtd.
Costs	1.	The derivation of, or assumptions made,	1. Capital costs for the Tritton mine include only sustaining capital for mine
		regarding projected capital costs in the study.	development, ventilation extension and mining equipment replacement. These
	2.	The methodology used to estimate operating	costs are based on recent development experience and the purchase of
		costs.	similar mine equipment. Accuracy of estimate is at feasibility study or better
	3.	Allowances made for the content of	precision, (± 15%). The sustaining capital expenditure schedules are included
		deleterious elements.	in the Life of Mine plan.
	4.	The derivation of assumptions made of metal
		or commodity price(s), for the principal	2. Tritton mine operating cost estimates are based on recent experience applied
		minerals and co- products.	to first principles build-up from physical schedules for the budget year (FY
	5.	The source of exchange rates used in the	2017 ending June 2017). The budget estimates are projected forward with
		study.	appropriate modification to account for increasing depth of mining over time.
	6.	Derivation of transportation charges.	Accuracy beyond the budget year is considered to be ±15%.
	7.	The basis for forecasting or source of
		treatment and refining charges, penalties for	3. Metal price assumptions for copper, gold and silver are Aeris Resources
		failure to meet specification, etc.	Limited corporate long term assumptions derived from a variety of market
	8.	The allowances made for royalties payable,	sources – see next section.
		both Government and private.
			4. Exchange rates used in the studies that support the Ore Reserve estimate are
			Aeris Resources Limited corporate longterm assumptions derived from a

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Criteria	**JORC **	**Code explanation **	Commentary
			variety of market sources – see next section.
			5. Copper concentrate product transport costs include road and rail freight to
			port, port handling and sea freight. The costs assumed in the Life of Mine plan
			are based on the budget year contract rates with future changes based on
			market intelligence. Budget for financial year 2016 costs are approximately
			AUD$90 per dry tonne concentrate.
			6. Copper concentrate treatment and refining charges assumed in the Life of
			Mine plan are the financial year 2016 budget costs; USD$100/t concentrate
			smelting and USD 10c/lb copper refining,
			7. NSW government royalty of 4% is payable on revenue less deductible items.
			After deductions, the effective royalty rate on revenue is approximately 3% for
			Tritton Resources. Noprivate royalties will apply.
Revenue	1.	The derivation of, or assumptions made	1. Tritton Ore Reserve breakeven cut-off grade is calculated using the mid-term
factors		regarding revenue factors including head	(2018) Aeris Resources Limited forward looking economic assumptions
		grade, metal or commodity price(s) exchange	regards metal price, exchange rate, smelter treatment, and product handling
		rates, transportation and treatment charges,	cost:
		penalties, net smelter returns, etc.	a. Copper price of USD$5,200/tonne range
	2.	The derivation of assumptions made of metal	b. Gold price of USD$1200/oz
		or commodity price(s), for the principal	c. Silver price of USD$17/oz
		metals, minerals and co-products.	d. AUD:USD exchange rate of 0.71
			e. Copper treatment charge of USD$100/tonne
			f. Copper refinery charge of USD10c/lb
			g. Standard Tritton Resources contract smelter terms for payable
			metal; effective copper payable is 95.8% for concentrate with 24%
			copper content
			h. Assumptions were current at June 2016
			Under this range of economic assumptions and the estimated operating
			costs, the break-even grade varies from;
			 1.4% Cu if full site costs are included
			 1.1% Cu if onlyvariable costs are considered(site fixed

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Criteria	**JORC **	**Code explanation **		Commentary	Commentary
					administration cost ignored), and cost reduction from a change to
					larger stopes.
					Based on the above estimated range of break-even grades, a cut-off
					grade of 1.1% Cu has been applied in the estimation of Ore Reserve.
					Prior year cut-off grade was 1.2% Cu. In general, the shallow small stopes
					in the Ore Reserve have been designed to this slightly higher cut-off
					grade.
					The cut-off grade policy applied in the estimate of Ore Reserves is derived
					by testing the value of the whole Tritton Operations business at a range of
					design cut-off grades. The selected cut-off policy of 1.1% Cu was shown
					to return the best valuegiven the assumed forward curve for copperprice.
Market	1.	The demand, supply and stock situation for		1.	The world market for copper concentrate is large compared to production from
assessment		the particular commodity,	consumption		Tritton mine. The Tritton mine copper concentrate is a very clean product with
		trends and factors likely to affect supply and			low impurities and demand for this product from copper smelters is expected
		demand into the future.			to remain high.
	2.	A customer and competitor	analysis along
		with the identification of	likely market	All copper concentrate is sold under life of mine contract to Glencore International
		windows for the product.		AG.
	3.	Price and volume forecasts and the basis for
		these forecasts.
	4.	For industrial minerals	the customer
		specification, testing and acceptance
		_requirements prior to a supply _	_contract. _
Economic	1.	The inputs to the economic analysis to		1.	The Tritton Life of Mine plan and associated commercial model estimates a
		produce the net present value (NPV) in the			positive Net Present Value for the operation at a discount rate of 7%. The
		study, the source and confidence of these			economic assumptions used in the valuation of the Life of Mine plan vary over
		economic inputs including estimated inflation,			time. They are consistent with the assumptions of economic inputs applied in
		discount rate, etc.			the calculation of break-even grade discussed above.
	2.	NPV ranges and sensitivity to variations in
		the significant assumptions and inputs.		2.	The Tritton mine is one of several mines that will supply ore to the Tritton
					processing plant in the Life of Mineplan. Theplan assumes that Tritton mine

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Criteria	**JORC **	**Code explanation **	Commentary
			shares the cost of site administration, processing plant sustaining capital and
			other overheads with the other mines.
Social	1.	The status of agreements with key	1. The Tritton mine is located on existing Mining Lease ML1544. The mine is
		stakeholders and matters leading to social	fully approved to operate.
		licence to operate.
			2. Tritton Resources is based in the township of Nyngan in the Bogan Shire
			NSW. Strong community support for the continued operation of Tritton
			Resources has been evidenced in regular community consultation sessions.
			There are no known objections from the community against the Tritton
			Resources operations. Tritton Resources owns the land on which access to
			Tritton mineislocated.
Other	1.	To the extent relevant, the impact of the	1. No material natural risks have been identified for the Ore Reserves.
		following on the project and/or on the	2. All copper concentrate produced by Tritton Resources from the Tritton mine
		estimation and classification of the Ore	will be sold to Glencore International AG under an existing life of mine
		Reserves:	contract.
	2.	Any identified material naturally occurring
		risks.
	3.	The status of material legal agreements and
		marketing arrangements.
	4.	The status of governmental agreements and
		approvals critical to the viability of the project,
		such as mineral tenement status, and
		government and statutory approvals. There
		must be reasonable grounds to expect that
		all necessary Government approvals will be
		received within the timeframes anticipated in
		the Pre-Feasibility or Feasibility study.
		Highlight and discuss the materiality of any
		unresolved matter that is dependent on a
		third party on which extraction of the reserve
		_is contingent. _
Classification	1.	The basis for the classification of the Ore	1. The Proved Ore Reserve estimate results from the conversion of Measured
		Reserves into varying confidence categories.	Mineral Resource. The end of the Measured Mineral Resource for June 2016
	2.	Whether the result appropriately reflects the	is set at RL4170m,which is the limit of completedgrade control drilling. Above

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Competent Person’s view of the deposit. 3. The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any). 2. 3. 4.	RL4170m is Proved Ore Reserve and Probable Ore Reserve is below this level. Below RL4170m all Ore Reserve is categorized as Probable. This Ore Reserve is based on the conversion of Indicated Mineral Resource described by the resource model. A Probable Ore Reserve of 0.27Mt has been estimated by conversion of blocks of resource remaining as pillars between completed primary stopes that were mined before the operation used cemented backfill. These blocks of pillar resource are located in the upper levels of the mine; RL4860m and above. The pillar Ore Reserve is derived from Indicated Mineral Resources. Uncertainty over the geotechnical condition of the rock mass in the pillar resource would have been applied as a modifying factor in the estimation of the pillar Ore Reserve. Only Probable Ore Reserve would be estimated for the pillars, irrespective of the resource categorization. The classification of the Ore Reserve as a combination of Proved and Probable is an appropriate reflection of the conditions in Tritton mine in the opinion of the competent person, Mr Ian Sheppard.
Audits or reviews 1. The results of any audits or reviews of Ore Reserve estimates. 1.	No audits of this June 30th2016 Ore Reserve have been completed. Previous Ore Reserve estimates have been externally reviewed as part of requirements forprovision of finance with no significant discrepancies found.
Discussion of relative accuracy/ confidence 2. Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative 1.	For Tritton mine;		Comment Reconciliation of the Mineral Resource and Ore Reserve shows good correlation between actual and estimated; <5% difference on tonne, Cu grade and contained Cu metal for Proved Ore Reserve. The resource modelling that supports Indicated
	Criteria	Risk Rating	Comment
	Mineral Resource estimate for conversion to Ore Reserves	Low	Reconciliation of the Mineral Resource and Ore Reserve shows good correlation between actual and estimated; <5% difference on tonne, Cu grade and contained Cu metal for Proved Ore Reserve. The resource modelling that supports Indicated

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
accuracy and confidence of the estimate. 3. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. 4. Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. 5. It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.			Mineral Resource estimates has been shown to be moderately conservative after reconciliation with modelling that supports Measured Mineral Resource (based on greater drilling density).
	Classification	Low	All Probable Ore Reserve based on Indicated Mineral Resource. No complicationsfrom modifyingfactors.
	Site visit	Low	Site visits completed. Tritton is an operating mine with 10 years production history.
	Study status	Low	Ore Reserves are support by Life of Mine plan and budgets that are higher precision than Feasibility Study.
	Cut-off grade	High	Cut-off grade is sensitive to mine operating costs achieved and dilution in addition to the normal metalpricevolatilityrisk.
	Mining factors	Medium	Dilution and ore loss factors are derived from detailed stope review and reconciliation of actual to reserve estimate
	Metallurgy factors	Low	Tritton ore has been processed for ten (10) years achieving metal recoveries and concentrate quality consistent with those assumed in the preparation of the Ore Reserve.
	Environmental	Low	Located on existing Mining Lease with all approvals in place.
	Infrastructure	Low	All required significant infrastructure is in place.
	Costs	Low	Estimates are based on recent operating cost experience.
	Revenue Factors	High	Copper metal price has high annual variability. Tritton mine cash margins after sustaining capital are moderate and operations could be suspended during

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
			periods ofextendedlow metalprice.
	Market assessment	Low	Life of mine concentrate sale contract is in place.
	Economics	High	Risk reflects impact of metal price variability and modest grade of the deposit for a deep undergroundmine.
	Social	Low	Continued operation of the Tritton Mine is strongly supported by the local community at Nyngan.