ALCHEMY RESOURCES LIMITED — Interim / Quarterly Report 2018

Apr 29, 2018

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MARCH 2018 QUARTERLY REPORT

Highlights

LACHLAN / COBAR BASIN PROJECTS (NSW) – Gold / Base Metals / Ni-Co

BOARD OF DIRECTORS

Mr Lindsay Dudfield Non-Executive Chairman

Mr Leigh Ryan Managing Director

Ms Liza Carpene Non-Executive Director

Mr Anthony Ho Non-Executive Director

• Option Agreement executed with Heron Resources Limited (ASX: HRR ) to include EL8631 (West Lynn) into existing Farm-In and Joint Venture Agreement

• Resource drilling to convert West Lynn Exploration Target[1)] to 2012 JORC compliant resource to commence shortly

• Reverse Circulation drilling at the Black Range Tank and Rosedale prospects completed

• Native Title Land Access Agreement negotiations with respect to accessing Crown Land within the Overflow Project significantly advanced

ISSUED CAPITAL SHARES 352,335,585 OPTIONS 29,500,000 (Unlisted)

KARONIE PROJECT (WA) – Gold

• First-pass RAB drilling confirms gold anomalism over Claypan Shear Zone

• Phase 2 RAB drilling planned

PROJECTS

BRYAH BASIN (80-100%) KARONIE (100%)

• Reverse Circulation drilling planned for KZ5

BRYAH BASIN PROJECT (WA) – Gold / Base Metals

LACHLAN (earning up to 80%)

• Superior Gold Inc. sampling of Alchemy Resources Ltd diamond hole at the Wilgeena (Hermes South) Prospect returns 9m @ 9.3g/t Au from 136.2m[2)]

Suite 8/8 Clive Street WEST PERTH WA 6005 Phone: +61 8 9481 4400 Facsimile: +61 8 9481 4404 www.alchemyresources.com.au

• Drill intercept confirms high grade plunging ore shoots at Wilgeena remain open at depth

• Superior Gold has commenced further drilling at Wilgeena

CORPORATE

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• Cash at 31 March 2018 - $1.1M.

1) Refer to Alchemy Resources Limited ASX Announcement dated 13 April 2018

• 2) Refer to Superior Gold Inc. TSX announcement dated 21 March 2018

Alchemy Resources Ltd (ASX: ALY ; “ Alchemy ” or “the Company ”) is an Australian exploration company focused on growth through the discovery and development of gold, base metal and more recently nickel-cobalt resources within Australia. The Company has built a significant land package in the Karonie greenstone belt in the Eastern Goldfields region in Western Australia, and has entered into a Farm-in and Joint Venture Agreement with Heron Resources Ltd (ASX: HRR; “Heron” ) to earn an 80% interest in the Lachlan Projects in New South Wales. The Company also maintains its interest in the Bryah Basin Project in the emerging gold and base metal-rich Gascoyne region of Western Australia ( Figure 1 ), where farm-in and joint venture partners, Independence Group NL (ASX: IGO ; “ IGO ”), and Billabong Gold Pty Ltd (“ Billabong ”), a subsidiary of TSX-V listed Superior Gold Inc. (TSX-V: SGI ), are continuing to advance base metal and gold exploration, respectively.

Work completed by Alchemy during the March 2018 Quarter included first-pass RAB drilling across the Claypan Shear Zone at the Manhattan and Dragon prospects, and follow up RAB drilling at the Warrior Prospect within the Karonie Project, Western Australia. In NSW, Reverse Circulation drilling at the Black Range Tank and Rosedale prospects in NSW was completed, a Ni-Co Option Agreement was executed with Heron Resources Limited (ASX: HRR ) (“ Heron ”) to include licences EL8631 (Nyngan) and EL8711 (Woodsreef), and Native Title Land Access Agreement negotiations with respect to accessing Crown Land within the Overflow Project were significantly advanced.

Superior Gold announced a significant intercept from the Wilgeena deposit and subsequent to the end of the quarter commenced follow-up RC drilling in order to determine the potential for the prospect to provide mill feed to the Plutonic Gold Operation.

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Figure 1 : Alchemy Resources’ Project Location Map.

Lachlan / Cobar Basin Projects (NSW) (Alchemy earning up to 80%)

The Lachlan / Cobar Basin Projects consist of the Overflow Gold-Base Metal Project, the Eurow Copper-Gold Project, the Girilambone Copper Project and the recently acquired West Lynn and Woodsreef Nickel-Cobalt Projects, each containing multiple gold and/or base metal and/or nickel-cobalt targets, including drill-ready targets at Overflow, Yellow Mountain, and West Lynn. The projects, which are part of a Farm-In and Joint Venture

Quarterly Report 1 January 2018 – 31 March 2018

2

with Heron Resources (ASX: HRR ), are proximal to high profile mining centres in the Cobar Basin and central Lachlan Fold Belt, including Hera/Nymagee (Aurelia Metals Ltd - ASX: AMI ), Mallee Bull/Wagga Tank/Southern Nights (Peel Mining Ltd - ASX: PEX ), Tritton (Aeris Resources Ltd - ASX: AIS ) and the Parkes mining centre ( Figure 2 ).

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Figure 2 : NSW Alchemy / Heron Resources Farm-in / Joint Venture Agreement Projects (including new West Lynn Project).

During the quarter EL8318 (Girilambone) was renewed for a further three years and a renewal application was submitted for EL8356 (Yellow Mountain).

Subsequent to period end, Alchemy executed an Option Agreement with Heron Resources Limited (ASX: HRR ) (“ Heron ”) to include licences EL8631 (Nyngan) and EL8711 (Woodsreef) (Figure 3) into the existing Alchemy / Heron NSW Farm-In and Joint Venture Agreement, enabling Alchemy to earn an 80% interest in all eight NSW licences (including the new Ni-Co licences) by spending $1.5M over the remaining 3 year period (Refer to Alchemy Resources Limited ASX announcements dated 14 March 2018, and 13 April 2018).

			Quarterly Report	3
1	January	2018	– 31 March 2018

- West Lynn Ni Co Project (EL8631)

EL8631 is located 10km north-west of Nyngan, NSW, covers an area of 100km[2] , and is contiguous with EL8318 (Girilambone) which forms part of the existing Alchemy / Heron NSW Farm-In and Joint Venture Agreement.

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Figure 3 : West Lynn Ni-Co Project, Ni-Co+Sc occurrences, and NSW Serpentinite Belts over State-wide greyscale TMI aeromagnetic image

The licence is located within a belt of ultramafic/mafic rocks that cut through central NSW, extending from the ACT to the Queensland border and host numerous Ni-Co (+Sc+Al+Fe) deposits such as Sunrise/Syerston (Clean TeQ Holdings Limited – ASX: CLQ ), Homeville (Collerina Cobalt Limited - ASX: CLL ), and the Nyngan Scandium deposit (Scandium International Mining Corp. – TSX: SCY ) just 11km south-west of EL8631 (Figure 4 - left) .

The West Lynn Prospect includes shallow high grade historic intercepts including; 19m @ 1.21% Ni, 0.10% Co from 36m (WLRC013), 16m @ 0.98% Ni, 0.07% Co from 37m (WLRC015), and 13m @ 0.95% Ni, 0.03% Co from 11m (WLRC002) reported by Anaconda Nickel Limited under the 1996 edition of the JORC code (Refer to Anaconda Nickel Limited EL5485 Annual Report for period ending 25 May 1999) , and 11m @ 0.74% Ni, 0.05% Co from 45m (NA126) reported by Jervois Mining Limited under the 2004 edition of the JORC code (Refer to Jervois Mining Limited Annual Report 2009) , (Figure 4 - right) .

The Summervale prospect located 5km along strike to the north of West Lynn also contains shallow historic intercepts including 13m @ 1.41% Ni, 0.08% Co from 41m (SV44), 15m @ 0.91% Ni, 0.04% Co from 36m (SV48), 11m @ 1.02% Ni, 0.04% Co from 27m (SV39), 10m @ 0.92% Ni, 0.03% Co from 31m (SV06), 8m @ 0.81% Ni, 0.08% Co from 38m (SV49), and 4m @ 0.92% Ni, 0.08% Co from 32m (SV58) (Refer to Jervois Mining Limited ASX announcement dated 30 July 2012) (Figure 4 - right) .

Quarterly Report 1 January 2018 – 31 March 2018

4

The reporting of the Anaconda Nickel Limited and the Jervois Mining Limited exploration drilling results may not conform to the requirements in the JORC Code 2012 and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of Alchemy that causes it to question the accuracy or reliability of the former owner’s Exploration Results; but Alchemy has not independently validated the former owner’s exploration results and therefore is not to be regarded as reporting, adopting or endorsing those results.

Recent historic drilling data validation evaluation work completed by Alchemy including a review of all available drilling, sampling and assay reporting procedures, and a subsequent 3D inverse distance weighted block model has given rise to an Exploration Target of 15  30Mt @ 0.7  0.9% Ni, 0.05  0.07% Co . The Exploration Target (outlined in Figure 4 - right) , is based on 105 Aircore and 29 RC drill holes totalling 6,300m at a nominal hole spacing of 100m x 100m (Summervale) and 100m x 350m (West Lynn). The potential quantity and grade of the exploration target is conceptual in nature and there has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource.

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Figure 4 : Regional Ni-Co+Sc deposits and mining licences over State-wide TMI aeromagnetic image (left) and West Lynn Option Agreement licence (EL8631), existing JV licence (EL8318), previous drill intercepts and drilling coloured by maximum downhole Co (ppm) and Exploration Target outline (white) over State-wide TMI aeromagnetic image (right)

The West Lynn / Summervale mineralisation is geologically, mineralogically, and potentially metallurgically similar to the Homeville Ni-Co-Al-(Fe-Sc) deposit 40km to the south held by Collerina Cobalt Limited (ASX: CLL) (Figure 4 - left) . The Homeville JORC 2004 indicated and inferred resource is 16.3Mt @ 0.05% Co, 0.93% Ni, 19% Fe, 3.1% Al (Ind. & Inf.) (refer to Collerina Cobalt Limited company presentation dated 6 March 2018) .

Quarterly Report 1 January 2018 – 31 March 2018

5

Resource drilling at both the West Lynn and Summervale prospects is planned for the third Quarter 2018. The drilling aims to produce and comply with a 2012 JORC complaint inferred resource. Drilling at West Lynn is to include 95 aircore drill holes for ~5,100m, and drilling at Summervale will include 58 holes for 3,300m with a nominal 100m x 200m hole spacing to be used at both prospects (Figure 5) . Alchemy sees potential for significant expansion of the Ni-Co Exploration Target and subsequent resource by drilling untested sections of the 22km long West Lynn Serpentinite magnetic high. Alchemy also recognises significant scandium, aluminium and iron resource potential as a result of limited Sc, Al and Fe analysis being conducted on previous drill samples. All lab pulps from previous Jervois Mining drilling at West Lynn and Summervale have been retrieved by Rangott Mineral Exploration Pty Ltd (Orange, NSW) and where required, will be analysed for Sc, Al and Fe.

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Figure 5 : Summervale and West Lynn previous drilling cross-sections (coloured by Ni% & Co ppm) (left), and plan of previous drilling (coloured by Ni% & Co ppm) and planned resource drilling over State-wide TMI aeromagnetic image (right).

Woodsreef Ni-Co Project (EL8711)

Exploration licence (EL8711) (also included in the Alchemy – Heron Option Agreement) is located 35km north of Tamworth, NSW, and covers an area of 281km[2] within the New England Fold Belt. The licence encompasses a 34km long section of the Peel Fault, which is recognised as a regional thrust system that hosts intrusive serpentinites and separates the Woolomin Beds and Permian granites to the east from the Tamworth Belt to the west. The principal targets in the region are vein hosted orogenic gold and copper mineralisation hosted by silica-carbonate altered serpentinites located on or adjacent to the Peel Fault, and cobalt, chromite, platinoid, and nickel sulphide targets associated with composite/layered ultramafic intrusives within the licence (Figure 6) .

Quarterly Report 1 January 2018 – 31 March 2018

6

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Figure 6 : Woodsreef Option Agreement licence (EL8711), exploration targets (Au-Cu-Ni-Co), known Cu and Au occurrences, and interpreted structures over State-wide TMI aeromagnetic image (left) and regional Govt. geology (right)

On exercising the Option a consideration comprising 10 million fully paid ordinary Alchemy shares and 10 million Alchemy unlisted options was paid to Heron Resources Limited. The options are exercisable at 5 cents and have a 3 year expiry period (Refer to Alchemy Resources Limited ASX announcement dated 13 April 2018) .

Overflow Gold-Base Metal Project (285km[2] )

Native Title Land Access Agreement (“Agreement”) negotiations with respect to the Ngemba, Ngiyampaa, Wangaaypuwan and Wayilwan Aboriginal People and Crown Land access immediately south and along strike of the Overflow Prospect are well advanced. Upon execution of the Agreement, the planned ground EM survey over the strong airborne EM conductivity anomaly at the Overflow Prospect will commence.

Black Range Tank Prospect

Reverse Circulation (RC) drilling was completed at Black Range Tank during the quarter (2 holes for 344m). The drilling targeting Hera / Overflow style gold and base metal mineralisation associated with a large, insufficiently tested VTEM conductivity high, MLEM conductivity high, coincident gold/base metal soil anomalism, and gossan rock chip values up to 1.94g/t Au, 45g/t Ag, 1.2% Pb, & 0.1% Cu (refer to Alchemy Resources ASX Announcement dated 21 August 2017). Both drill holes intercepted a sequence of quartz veined graphitic sediments which appear to have explained the EM anomaly, and no significant results were returned. The gossanous unit seen at surface to the east of the drill hole collars was not identified in either drill hole and the source of the gold and copper in soil anomaly remains unexplained.

Quarterly Report 1 January 2018 – 31 March 2018

7

Yellow Mountain Copper-Gold Project (93km[2] )

Rosedale Prospect

Reverse Circulation (RC) drilling was completed at the Rosedale Prospect during the quarter (3 holes for 135m). The drilling targeted the western strike extensions of various historic drill intercepts including 24m @ 2.51g/t Au from 4m (PDH02) (refer to Samantha Exploration ELs 2411, 2441, & 2442 Final Report dated June 1987) and 6m @ 3.1g/t Au from 5m (PQS007) (refer to Paradigm Metals EL6325 Annual Report for the period ending 19 October 2012) . All three drill holes intercepted foliated volcaniclastic sandstone above a variably silicified, quartz veined magnetic basalt containing up to 5% disseminated and fracture fill pyrite, however no significant gold mineralisation was encountered. Mineralisation identified in previous drilling does not plunge to the west as initially interpreted and structural controls on mineralisation remain unknown.

Eurow Copper-Gold Project (167km[2] )

No work was completed during the quarter.

Girilambone Copper Project (129km2)

No work was completed during the quarter.

Karonie Project (WA) (Alchemy 100%)

The Karonie Project includes eight exploration licences and one exploration licence application covering 782km[2] of highly prospective mineralised structures within Kurnalpi Terrain greenstones 100km east of Kalgoorlie ( Figure 7 ). The tenements are located along strike of Silver Lake Resources Ltd’s (ASX: SLR ) Karonie/Harry’s Hill and French Kiss deposits (reserves/resources of over 560,000oz @ 2.34g/t Au), and also cover 35km of the underexplored, gold endowed Claypan Shear Zone (“CSZ”) commencing just 12km along strike to the south of the Bombora deposit (Indicated and Inferred resource of 11.8Mt @ 1.6g/t Au for 624,000oz.) (Breaker Resources NL) (ASX: BRB ), all within 50km of Silver Lake’s Randalls processing plant.

Quarterly Report 1 January 2018 – 31 March 2018

8

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Figure 7 : Karonie Project tenements, major deposits, prospects and interpreted major structures over aeromagnetic image

During the quarter 5,507m of orientation RAB drilling was completed within the 100% owned Karonie Gold Project in the Eastern Goldfields, WA (Figure 8) . Drilling targeted gold anomalism identified in previous shallow auger drilling over the CSZ at the Manhattan and Dragon targets where coincident prospective folded or converging dolerite units were interpreted from detailed aeromagnetic imagery. Holes were drilled on lines 200m to 1,400m apart at variable hole spacings to achieve an approximate 50% drill coverage. Results confirm anomalous gold mineralisation associated with the interpreted location of the CSZ at both the Dragon and Manhattan Prospects and have given the Company sufficient confidence to use RAB drilling to explore the remaining thirty six (36) untested strike kilometres of the CSZ (Figure 8) .

Quarterly Report 1 January 2018 – 31 March 2018

9

An additional line of RAB drilling (8 holes for 166m) was completed across an interpreted dolerite unit coinciding with gravity and magnetic highs at the Warrior Prospect located 7 kilometres north of the recently drilled Gilmore Prospect. RAB drilling was unable to reach bedrock, intersecting clay and highly weathered quartz-rich sandstones of the Woodline Formation which continuously collapsed down hole. As expected, assays from transported and Proterozoic sediments at Warrior returned no significant results and the area remains untested. Other drilling methods are being considered.

RAB drilling at Dragon and Manhattan identified up to 22m of transported alluvial cover and has established that historic shallow auger sampling and soil sampling are not reliable sampling methods along the CSZ, and that RAB drilling is required. Subsequently Phase 2 RAB drilling will put less weight on previous soil and auger results and instead target interpreted flexures and pressure shadows identified from aeromagnetics along the CSZ (Figure 8) .

Better assay results from the RAB drilling include 8m @ 0.13g/t Au from 32m to EOH (DRRB067) and 1m @ 0.11g/t Au from 44m to EOH (DRRB128) from the Dragon Prospect (Figures 8, 9 & Table A) , and 8m @ 0.12g/t Au from 44m (MARB027) and 4m @ 0.11g/t Au from 56m (MARB021) from the Manhattan Prospect (Figures 8, 10 & Table A) (refer to Alchemy Resources ASX announcement date 13 April 2018) .

Coarse grained fractionated dolerite units displaying leucocratic segregations (typical host rocks to Bombora, Mt Charlotte, Fimiston, Hidden Secret gold mineralisation) were identified within RAB samples at both the Dragon and Manhattan prospects, and can be correlated to subtle linear and/or folded magnetic highs. These magnetic highs will also be targeted in the proposed Phase 2 RAB drilling (Figure 8) . The Phase 2 RAB program has been submitted to the Government co-funded exploration drilling incentive scheme (EIS), with successful EIS proposals expected to be announced late May 2018.

Table A : Drill hole details and significant RAB drilling intercepts (4m composite sampling).

Hole ID	East*	North*	RL	Dip	Azi*	EOH Depth	From(m)	To(m)	Width(m)	Aug/t#
DRRB067	477050	6563240	300	-60	269	40	32	40	8	0.13
DRRB128	477297	6561992	300	-60	273	45	44	45	1	0.11
MARB021	468146	6586147	361	-60	273	64	56	60	4	0.11
MARB027	469076	6585651	357	-60	281	56	44	52	8	0.12

* GDA94 (zone 51)

# Lower cut-off grade = 0.1g/t Au, no top cut applied, no internal waste, all intercepts >0.1g/t Au reported

Quarterly Report 1 January 2018 – 31 March 2018

10

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Figure 8 : Karonie RAB drilling significant results and proposed Phase 2 RAB drilling (red lines) over Government aeromagnetic image.

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Section
6563240N
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Figure 9 : Dragon Prospect RAB drill hole location plan (coloured by maximum downhole Au ppm), significant drill results and interpreted geology over regional Govt. aeromagnetic image.

Quarterly Report 1 January 2018 – 31 March 2018

11

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Section
6585650N
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Figure 10 : Manhattan Prospect RAB drill hole location plan (coloured by maximum downhole Au ppm), significant drill results and interpreted geology over regional Govt. aeromagnetic image.

Bryah Basin Project (WA) (Alchemy 80-100%)

Base Metals Exploration (IGO earning up to 80%)

Leading Australian base metal and gold producer IGO is exploring and earning a Joint Venture interest in the whole and part tenements that cover the base metal prospective area of the Bryah Basin Project (“ IGO JV ”) ( Figure 11 ). Under the terms of the IGO JV, IGO can earn up to 80% in Alchemy’s interests (excluding iron ore rights) through Earn-In Expenditure of $6M within five years, with Alchemy free-carried on further exploration to completion of a Pre-Feasibility Study and then carried on an interest-free deferred basis for a further $5M of Definitive Feasibility Study expenditure.

No ground work was completed during the quarter.

Gold Exploration (Superior Gold earning up to 80%)

Exploration of Alchemy’s tenements that cover the gold prospective part of the Bryah Basin Project ( Figure 11 ) continued under a farm-in and joint venture arrangement with Billabong Gold Pty Ltd, a subsidiary of Superior Gold Inc (TSX-V: SGI ). Under the terms of the Billabong Gold JV, up to 80% in Alchemy’s interests in the gold prospective tenements can be earned through earn-in exploration expenditure of $1.2M within three years. Upon fulfilment of the earn-in expenditure, Alchemy’s interest is carried on an interest-free deferred basis to production, with Alchemy to repay the deferred amount from 50% of its share of free cash flow from production following commencement of mining.

Quarterly Report 1 January 2018 – 31 March 2018

12

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Figure 11: Bryah Basin Project – Alchemy-IGO Farm-In and Billabong Gold Farm-In tenements and gold and base metal prospects over regional geology interpretation.

The Billabong Gold JV currently has a JORC 2004 Indicated Resource of 87,373 ounces of gold (1.36Mt @ 1.99g/t Au) at the Wilgeena Prospect. The mineralisation is open at depth and has excellent potential for further drilling to expand the area of gold mineralisation and add to the known resource.

As part of the preparation for an updated resource model for Wilgeena (Hermes South), Billabong conducted a review of the existing Wilgeena diamond drill core in order to obtain accurate specific gravity measurements. This work identified a number of geotechnical holes which had not been previously sampled and analysed. The first of these to be analysed was hole WGDC006 which returned 9m @ 9.3g/t Au from 136.2m (Figure 12) (Refer to Superior Gold Inc. TSX announcement dated 21 March 2018) . Holes WGDC003, 004, and 005 are also being sampled for analysis with all results pending.

The WGDC006 intercept confirms the presence of high grade, moderately east plunging ore shoots at the Wilgeena Prospect that remain open at depth (Figure 13) . Mineralisation at the prospect shows excellent potential for further drilling to expand the area of gold mineralisation and add to the known resource.

Superior Gold have commenced further drilling in order to determine the potential for the prospect to become a second open pit and part of the production profile for the Plutonic Gold Operation. The prospect and resource is strategically located and can be readily serviced by extending the existing Hermes haul road. The preliminary resource will be included in Superior’s reserve and resource update for the Plutonic mine, which is expected to be released in the second quarter of 2018.

Quarterly Report 1 January 2018 – 31 March 2018

13

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Figure 12 : Hermes South (Wilgeena) geotechnical diamond holes (WGDC prefix) and cross-section / long section locations over Google Earth image (drill hole traces coloured by Au g/t).

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Open Down Plunge
Open Down Plunge
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Figure 13 : Hermes South (Wilgeena) long section (drill hole traces coloured by Au g/t).

Table 1 –Hole details for WGDC006

Hole ID	Easting (MGA94z50)	Northing (MGA94z50)	RL	Dip (degrees)	Azimuth (degrees)	Total Depth (m)	From (m)	To (m)	Intersection (m)	Au (g/t) uncut	Est. True Thickness (m)
WGDC006	685139	7155602	575	-60	24	180.2	136.2	145.2	9.00	9.30	9.00

Subsequent to the end of the quarter, Alchemy received a letter from Superior Gold advising that their earn-in expenditure had reached $1.2M, with a detailed expenditure statement now awaited.

Quarterly Report 1 January 2018 – 31 March 2018

14

Corporate

At 31 March 2018, the Company held a cash balance of $1.1M.

Please direct enquiries to:

Mr Leigh Ryan – Managing Director

Telephone: +61 8 9481 4400 Email: Leigh@alchemyresources.com.au

Quarterly Report 1 January 2018 – 31 March 2018

15

APPENDIX 1 Schedule of Mining Tenements as at 31 March 2018

			Interest startQtr	Interest endQtr
Project/Tenement	State	Status			Co-holder	Notes
Bryah Basin Project
E52/1668	WA	Granted	80%	80%	Jackson Minerals PtyLtd	1,2,3
E52/1678	WA	Granted	80%	80%	Jackson Minerals PtyLtd	1,2,3
E52/1722	WA	Granted	80%	80%	Jackson Minerals PtyLtd	1,2
E52/1723	WA	Renewal Lodged	100%	100%		2, 4, 5
E52/1730	WA	Renewal Lodged	80%	80%	Jackson Minerals Pty Ltd	1, 2, 3
E52/1731	WA	Granted	100%	100%		2,4
E52/1810	WA	Granted	100%	100%		2
E52/1852	WA	Granted	100%	100%		4
E52/2360	WA	Granted	100%	100%		2,7
E52/2362	WA	Granted	100%	100%		2,4,6
E52/3292	WA	Granted	100%	100%		2
E52/3405	WA	Granted	100%	100%		2,4,6
E52/3406	WA	Granted	100%	100%		2,4,6
E52/3407	WA	Granted	100%	100%		2,6
E52/3408	WA	Granted	100%	100%		2,4,6
E52/3409	WA	Granted	100%	100%		2,6
E52/3472	WA	Granted	100%	100%		2
E52/3475	WA	Granted	100%	100%		2
M52/722	WA	Granted	100%	100%		2,4,6
M52/723	WA	Granted	100%	100%		2,4,6
M52/737	WA	Granted	100%	100%		4,6
M52/795	WA	Granted	100%	100%		2,4,6
M52/844	WA	Granted	100%	100%		2,6
M52/1049	WA	Granted	100%	100%		4,6
P52/1316	WA	Amalg. Appl.	0%	0%		4,6
P52/1318	WA	Amalg. Appl.	0%	0%		2,6
P52/1320	WA	Amalg. Appl.	0%	0%		2,6
P52/1321	WA	Amalg. Appl.	0%	0%		4,6
P52/1322	WA	Amalg. Appl.	0%	0%		4,6
P52/1323	WA	Amalg. Appl.	0%	0%		2,6
P52/1327	WA	Amalg. Appl.	0%	0%		4,6
P52/1365	WA	Granted	100%	100%		4,6
P52/1425	WA	Granted	100%	100%		2
P52/1427	WA	Granted	100%	100%		2
P52/1428	WA	Granted	100%	100%		2
P52/1429	WA	Granted	100%	100%		4
P52/1467	WA	Extn Lodged	100%	100%		2
P52/1468	WA	Extn Lodged	100%	100%		2
P52/1469	WA	Extn Lodged	100%	100%		2
P52/1470	WA	Extn Lodged	100%	100%		2
P52/1531	WA	Granted	100%	100%		2
P52/1532	WA	Granted	100%	100%		2
P52/1533	WA	Granted	100%	100%		2
P52/1534	WA	Granted	100%	100%		2
P52/1535	WA	Granted	100%	100%		2
P52/1538	WA	Granted	0%	100%		4
P52/1539	WA	Granted	0%	100%		4
P52/1565	WA	Granted	0%	100%
P52/1566	WA	Granted	0%	100%
P52/1567	WA	Granted	0%	100%
P52/1568	WA	Granted	0%	100%

Quarterly Report 1 January 2018 – 31 March 2018

16

			Interest startQtr	Interest endQtr
Project/Tenement	State	Status			Co-holder	Notes
Karonie Project
E28/2575	WA	Granted	100%	100%		7
E28/2576	WA	Granted	100%	100%		7
E28/2601	WA	Granted	100%	100%		7
E28/2619	WA	Granted	100%	100%		7
E28/2643	WA	Granted	100%	100%		7
E28/2657	WA	Granted	100%	100%		7
E28/2667	WA	Granted	100%	100%		7
E28/2668	WA	Granted	100%	100%		7
E28/2681	WA	Application	-	-		7
E28/2752	WA	Application	-	-		7
Lachlan Projects
EL5878 - Overflow	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL7941 - Overflow	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL8267 – Overflow Nth	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL8356 – Yellow Mtn	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL8192 - Eurow	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL8318 - Girilambone	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL8711 – West Lynn	NSW	Granted	0%	0%	ALY earningupto 80%	8
EL8711 - Woodsreef	NSW	Granted	0%	0%	ALY earningupto 80%	8

Notes:

1. Jackson Minerals Pty Ltd, a subsidiary of Fe Ltd (ASX: FEL), retains a 20% interest free-carried to a decision to mine.

2. Independence Group NL (ASX: IGO) has a right to explore and earn a 70-80% interest (excludes iron ore) in whole or part tenements by sole funding a total of $6,000,000 of exploration expenditure, with Alchemy free-carried up to completion of a pre-feasibility study.

3. Billabong Gold Pty Ltd has a right to explore and earn a 70% interest in whole or part tenement by sole funding a total $1,200,000 on exploration expenditure over tenements or parts of tenements marked (3) & (4).

4. Billabong Gold Pty Ltd has a right to explore and earn an 80% interest in whole or part tenement by sole funding a total $1,200,000 on exploration expenditure over tenements or parts of tenements marked (3) & (4).

5. PepinNini Robinson Range Pty Ltd retains a 1% NSR on iron ore.

6. 100% minerals rights for all minerals, excluding iron ore; Carey Mining Iron Ore JV – Alchemy Resources 50%, Carey Mining 50% iron ore.

7. Goldtribe Corporation Pty Ltd, a subsidiary of Alchemy Resources Ltd, has 100% interest in the tenement.

8. Alchemy Resources (NSW) Pty Ltd, a subsidiary of Alchemy Resources Ltd, has a right to explore and earn up to an 80% interest in tenements by sole funding a total of $2,000,000 on exploration expenditure.

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Leigh Ryan, who is the Managing Director of Alchemy Resources Limited and holds shares and options in the Company. Mr Ryan is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Ryan consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Wilgeena Gold Deposit is based on information compiled by Simon Coxhell, who is an employee of CoxsRocks Pty Ltd, a consultant to Alchemy Resources Limited. Mr Coxhell is a Member of the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2004’). Mr Coxhell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Alchemy confirms that the Indicated Mineral Resource at the Wilgeena Gold Deposit were prepared and first disclosed under JORC Code 2004. These have not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since last reported on 22 October 2012. Alchemy is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

Quarterly Report 1 January 2018 – 31 March 2018

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