ALICE QUEEN LIMITED — Capital/Financing Update 2021

Jun 24, 2021

ASX Announcement 25 June 2021

Further Cu-Au Mineralisation Identified

at Boda East

Highlights

• ♦ Alice Queen reports results for holes 20BEDH007, 20BEDH009 and 21BEDH010

• ♦ Further Cu-Au mineralisation identified along the northerly trend, with intrusions and alteration

• ♦ Better Cu-Au intercepts recently returned include:

• 20BEDH007: 7m @ 0.03 g/t Au & 0.28% Cu from 561m

  • including 1m @ 0.14 g/t Au & 1.03% Cu from 566m

• 20BEDH009: 5m @ 0.01 g/t Au & 0.19% Cu from 185m

• 20BEDH010: 3m @ 0.01 g/t Au & 0.11 % Cu from 696m

• ♦ Some elevated zones of copper in 20BEDH010 indicate the northern area remains open, large areas east and at depth also remain untested

• ♦ The Nindethana Fault, a significant structure, remains untested

• ♦ A review of results is ongoing to the nature of the intrusions and Cu-Au prospectivity

Advanced gold and copper explorer, Alice Queen Limited ( ASX:AQX ) (“ Alice Queen ” or the “ Company ”), is pleased to provide further results from the Boda East diamond drilling program at its Yarindury Project (EL8646), located in the Lachlan Fold Belt, NSW.

Alice Queen’s Managing Director, Andrew Buxton said,

All results have now been returned from the Boda East drilling, with the better results clearly demonstrating they are associated with the magnetic intrusive complex where “ we have targeted the bulk of our drilling. We are continuing our work program to better understand the nature and further potential of this area.

The remaining results from the previously reported ten-hole diamond program targeting Cu-Au bearing porphyry systems in a magnetic intrusive complex at Boda East are reported in this announcement. The results from holes 20BEDH007, 20BEDH009 and 21BEDH010 are provided in Tables 2 & 3 and are detailed in Figures 1-4. The results confirm the persistence of the discrete diorite-monzonite dykes hosted by shoshonitic mafic to intermediate volcanic rocks. Further discrete intercepts of mineralisation were identified along the western trend, supported by results from 20BEDH007 & 20BEDH009. There is evidence that the mineralisation may persist ~800m to the north in 21BEDH010, with some elevated zones of copper being present. The northern area remains open.

The best results to date lie in the vicinity of holes 20BEDH001 and 20BEDH007 with discrete Cu-Au-Mo intercepts and surrounding disseminated sulphides[1,2] west of the Limestone Fault, where the drill program was targeted. Considering that the significant Boda prospect lies less than 2 km to the west (Figure 1), an ongoing review will continue with the aim of understanding the nature of the intrusions and further Cu-Au potential at Boda East.

==> picture [363 x 430] intentionally omitted <==

Figure 1. Solid geology interpretation with drill traces and highlighting the results from the most northern drill hole 21BEDH010. Other results are shown in detail in Figure 2. Background image is the RTP magnetic map.

==> picture [451 x 537] intentionally omitted <==

Figure 2. Solid geology with dyke trends in the identified mineralised trend. Intervals shown are at ≥0.05% Cu and ≥0.1 g/t cut offs. Only select intercepts are shown. Intercepts with yellow labels have been previously reported.

==> picture [451 x 536] intentionally omitted <==

Figure 3. Cross Section 6412800mN of 20BEDH009 and 20BEDH005 showing monzonite intrusions with associated mineralisation. Intercepts with yellow labels have been previously reported.

==> picture [451 x 536] intentionally omitted <==

Figure 4. Cross Section 6412650mN of 20BEDH007 showing monzonite and diorite intrusions with associated mineralisation. Intercepts with yellow labels have been previously reported.

Table 1. Reported Boda East Drill Holes

Hole ID	MGA E	MGA N	RL m	Azimuth (GN)	Dip (degrees)	Hole Length m
20BEDH007	691572.00	6412657.00	496	264	-60	204.2
20BEDH009	691265.00	6412815.00	491	85	-65	816.7
21BEDH010	691805.00	6414010.00	468	241	-60	855.4

Table 2. 20BEDH007, 20BEDH009 and & 21BEDH010 Au-Cu-Mo Assay Results by 0.05% Cu cut off and sub intervals at 0.1% Cu and 0.5% Cu cut off – 25 June 2021

Hole_ID	From	To	Int	Au g/t	Cu %	Mo ppm
20BEDH007	143.00	144.00	1.00	0.02	0.05	0
20BEDH007	170.00	171.00	1.00	0.06	0.10	1
20BEDH007	178.00	179.00	1.00	0.01	0.14	0
20BEDH007	199.00	200.00	1.00	0.00	0.05	0
20BEDH007	239.00	240.00	1.00	0.04	0.09	0
20BEDH007	250.00	251.00	1.00	0.04	0.08	1
20BEDH007	290.70	292.00	1.30	0.01	0.05	0
20BEDH007	305.00	306.00	1.00	0.01	0.05	1
20BEDH007	405.00	406.00	1.00	0.01	0.05	0
20BEDH007	413.00	414.00	1.00	0.01	0.06	1
20BEDH007	435.00	437.00	2.00	0.01	0.08	3
20BEDH007	451.00	454.00	3.00	0.02	0.13	2
including	452.00	454.00	2.00	0.02	0.16	2
20BEDH007	462.00	463.00	1.00	0.03	0.06	0
20BEDH007	552.00	553.00	1.00	0.02	0.10	0
20BEDH007	561.00	568.00	7.00	0.03	0.28	39
including	562.00	568.00	6.00	0.04	0.32	43
including	566.00	567.00	1.00	0.14	1.03	114
20BEDH007	613.00	614.00	1.00	0.01	0.07	1
20BEDH007	616.00	617.00	1.00	0.02	0.11	1
20BEDH007	630.00	631.00	1.00	0.00	0.05	0
20BEDH007	645.00	646.00	1.00	0.01	0.06	0
20BEDH007	647.00	648.80	1.80	0.01	0.12	0
20BEDH009	123.00	124.00	1.00	0.01	0.11	0
20BEDH009	166.00	167.00	1.00	0.02	0.06	0
20BEDH009	172.00	173.00	1.00	0.01	0.06	1
20BEDH009	185.00	190.00	5.00	0.01	0.19	3
including	185.00	186.00	1.00	0.01	0.16	2
and	188.00	190.00	2.00	0.02	0.33	1
20BEDH009	205.00	206.00	1.00	0.01	0.05	1
20BEDH009	226.00	227.00	1.00	0.01	0.14	1
20BEDH009	233.00	234.00	1.00	0.01	0.05	1
20BEDH009	253.00	254.00	1.00	0.00	0.06	0
20BEDH009	269.00	270.00	1.00	0.01	0.09	19
20BEDH009	288.00	289.00	1.00	0.00	0.06	0
20BEDH009	298.00	299.00	1.00	0.01	0.10	0
20BEDH009	342.00	343.00	1.00	0.02	0.05	0
20BEDH009	344.00	345.00	1.00	0.01	0.05	0
20BEDH009	365.00	367.00	2.00	0.16	0.14	0
20BEDH009	391.00	392.00	1.00	0.03	0.11	0

20BEDH009	397.00	398.00	1.00	0.01	0.13	5
20BEDH009	461.00	462.00	1.00	0.00	0.11	0
20BEDH009	507.00	508.00	1.00	0.01	0.05	17
20BEDH009	643.00	644.00	1.00	0.02	0.07	0
20BEDH009	698.00	699.00	1.00	0.01	0.06	0
20BEDH009	762.00	763.00	1.00	0.00	0.09	2
20BEDH009	764.00	765.00	1.00	0.01	0.07	52
21BEDH010	363.00	364.00	1.00	0.03	0.05	0
21BEDH010	425.00	426.00	1.00	0.02	0.05	0
21BEDH010	429.00	430.00	1.00	0.03	0.06	0
21BEDH010	432.00	433.00	1.00	0.01	0.06	0
21BEDH010	459.00	461.00	2.00	0.01	0.14	0
21BEDH010	492.00	493.00	1.00	0.02	0.08	1
21BEDH010	521.00	522.00	1.00	0.01	0.05	1
21BEDH010	523.00	524.00	1.00	0.00	0.05	2
21BEDH010	586.00	588.00	2.00	0.01	0.07	0
21BEDH010	651.00	652.00	1.00	0.01	0.08	0
21BEDH010	662.00	663.00	1.00	0.01	0.08	0
21BEDH010	696.00	699.00	3.00	0.01	0.11	2
including	696.00	697.00	1.00	0.01	0.12	1
and	698.00	699.00	1.00	0.01	0.15	2
21BEDH010	707.00	708.00	1.00	0.00	0.13	5
21BEDH010	711.00	717.00	6.00	0.01	0.07	1
including	712.00	713.00	1.00	0.01	0.16	2
and	716.00	717.00	1.00	0.01	0.19	1
21BEDH010	731.00	732.00	1.00	0.01	0.07	0
21BEDH010	793.00	794.00	1.00	0.01	0.06	0
21BEDH010	809.00	811.00	2.00	0.02	0.07	2
21BEDH010	814.00	815.00	1.00	0.02	0.05	0
21BEDH010	825.00	826.00	1.00	0.04	0.06	1
21BEDH010	836.00	845.00	9.00	0.01	0.07	0
including	836.00	837.00	1.00	0.00	0.29	0
21BEDH010	843.00	844.00	1.00	0.01	0.10	0

True widths are approximately 25-40% of the reported intervals.

Table 3. 21BEDH010 - Assay Results by 0.1 g/t Au cutoff – 25 June 2021

Hole ID	Interval From m	Interval To m	Intercept m	Au g/t	Cu %	Mo ppm
21BEDH010	798.00	799.00	1.00	0.21	0.01	0

True widths are approximately 25-40% of the reported intervals.

END NOTES

1 Alice Queen Limited, ASX Release, Results from the First Diamond Drill Hole at Boda East, 9 October 2020. 2 Alice Queen Limited, ASX Release, Evidence of a Porphyry System at Boda East 1 March 2021.

Approved by the Board of Alice Queen Limited.

For more information:

Andrew Buxton Victoria Humphries Managing Director, Alice Queen Limited Media & Investor Relations +61 (0) 403 461 247 +61 (0) 431 151 676 andrew.buxton@alicequeen.com.au victoria@nwrcommunications.com.au

Competent Persons Statement

The information in this announcement that relates to results is based on information compiled by Dr Jeff Vassallo who is a Competent Person, who is a member of the Australian Institute of Geoscientists. Dr Vassallo is a consultant to Alice Queen Limited. Dr Vassallo has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Vassallo consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

ASX Listing Rule 5.23 Statement

The information in this ASX Release that relates to the Company’s prior exploration results is extracted from and was reported in the Company’s ASX announcement titled “Evidence of a Porphyry System at Boda East” dated 1 March 2021, which is available at www.asx.com.au the competent person being Dr. Jeff Vassallo. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.

JORC Code, 2012 Edition – Table 1 report template EL8646 Yarindury Project, Boda East Prospect, Holes 20BEDH007, 20BEDH009 and 21BEDH010.

Section 1 Sampling Techniques and Data

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

Criteria	JORC	Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random chips, or specific	•	Diamond drilling was used to produce drill core (PQ3, HQ3 or NQ2) of the
techniques		specialised industry standard measurement tools appropriate to the minerals		targeted volcanic rocks.
		under investigation, such as down hole gamma sondes, or handheld XRF	•	Assay data is being reported for holes 20BEDH007, 20BEDH009 and
		instruments, etc). These examples should not be taken as limiting the broad		21BEDH010.
		meaning of sampling.	•	Sampling has been of PQ quarter core and HQ & NQ half core with sample
				lengths between 0.3m to 1.3m and averaging 1.0 m across the tested
				intervals.
			•	Drill core was orientated using a Reflex ACT III tool. Down hole surveys were
				completed using a ProShot multi-shot camera.
			•	All AQX samples have been submitted to a contract laboratory for crushing
				and pulverising to produce a 30g charge for Fire Assay with AAS finish and a
				0.25g sub-sample for lowest DL multi-element analysis via ICP-MS or ICP-AES.
			•	Only intervals of interest from the drill core were sampled.
	•	Include reference to measures taken to ensure sample representivity and the
		appropriate calibration of any measurement tools or systems used.
	•	Aspects of the determination of mineralisation that are Material to the Public
		Report.

1

Criteria	JORC	Code explanation	Commentary	Commentary
Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	•	The drill holes have been completed to PQ3, HQ3 and NQ2 sizes.
techniques		auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard	•	UDR 1200 truck mounted multi-purpose drill rig operated by Titeline Drilling
		tube, depth of diamond tails, face-sampling bit or other type, whether core is		Pty Ltd
		oriented and if so, by what method, etc).	•	The core was oriented using a a Reflex ACT III tool
Drill sample	•	Method of recording and assessing core and chip sample recoveries and results	•	Core recovery for the reported diamond drill core has been measured from
recovery		assessed.		drillers run blocks with 99% of the sample intervals recovered.
	•	Measures taken to maximise sample recovery and ensure representative	•	Diamond core has been reconstructed into continuous runs with depths
		nature of the samples.		checked against the depths given on the driller’s core blocks.
	•	Whether a relationship exists between sample recovery and grade and	•	As core recovery is >99% for the sampled intervals, there is no evidence of
		whether sample bias may have occurred due to preferential loss/gain of		sampling bias.
		fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and geotechnically	•	All drill core has been measured for recovery by drill run.
		logged to a level of detail to support appropriate Mineral Resource estimation,	•	The drill holes were logged on a portable computer using an Access data
		mining studies and metallurgical studies.		management system with a specific set of logging codes to ensure consistency
	•	Whether logging is qualitative or quantitative in nature. Core (or costean,		and data validation.
		channel, etc) photography.	•	Logging has been qualitative in nature. Some quantitative structural
	•	The total length and percentage of the relevant intersections logged.		measurements (alpha/dip) of specific features, e.g. faults, banding, bedding
				etc., have also been taken.
			•	Magnetic Susceptibility was measured on core at an average of 3 readings for
				every 1m interval.
			•	The core has been photographed wet and dry, in shade with a high
				resolution/megapixel camera.
			•	The entire length of the holes have been logged
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core taken.	•	Sampling has been of PQ quarter core and HQ & NQ half core with good
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether		recoveries. These techniques provide confidence that sampling bias was
sample preparation	•	sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample	•	minimal across the reported composite intervals All core processing, crushing and pulverizing was undertaken by ALS
		preparation technique.		laboratories via methods CRU-21 and PUL-21 with quality control checks
	•	Quality control procedures adopted for all sub-sampling stages to maximise	•	All samples were weighed and submitted sample sizes were proportionate to
		representivity of samples.		the volume of material recovered from the drilling
	•	Measures taken to ensure that the sampling is representative of the in situ
		material collected, including for instance results for field duplicate/second-half

2

Criteria	JORC	Code explanation	Commentary	Commentary
		sampling.
	•	Whether sample sizes are appropriate to the grain size of the material being
		sampled.
Quality of assay	•	The nature, quality and appropriateness of the assaying and laboratory	•	Gold values were determined by Low Grade Fire Assay with Atomic
data and		procedures used and whether the technique is considered partial or total.		Absorption finish, ALS method AU-AA21, Detection limits 0.002– 1ppm.
laboratory tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the	•	For multi-element analysis the ME-MS61L Super Trace method was selected,
		parameters used in determining the analysis including instrument make and		where a four-acid digest has been undertaken on a 0.25 g sample to
		model, reading times, calibrations factors applied and their derivation, etc.		quantitatively dissolve most geological materials, with analysis via ICP-MS +
	•	Nature of quality control procedures adopted (eg standards, blanks,		ICP-AES.
		duplicates, external laboratory checks) and whether acceptable levels of	•	All finalised assay certificates were signed off by a qualified assayer.
		accuracy (ie lack of bias) and precision have been established.	•	ALS Global Ltd is an ISO certified organisation with industry leading quality
				protocols.
			•	The analytical technique used for gold is considered a total assay technique.
			•	Industry standard Certified Reference Materials (CRMs) including low-grade
				matrix matched porphyry gold grade standards and blank material have been
				submitted within the sample stream at a frequency of approximately 1 in 20.
			•	Quality control data has been plotted on charts with control limits at +/-1σ,
				+/- 2σ and +/-3σ standard deviations to monitor for any contamination as well
				as for accuracy and precision.
			•	All QAQC results have been reviewed by the AQX Competent Person who
				considers the results to be within acceptable limits. Therefore, the assay
				results presented are considered accurate and correct.
			•	ALS internal CRMs and duplicates have also been reported prior to release of
				finalised certificates.
			•	All logging and sampling was undertaken by or under the direction of a
				qualified geologist.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Intersections were verified by two geologists
sampling and		company personnel.	•	No hole twinning has been undertaken
assaying	•	The use of twinned holes.	•	Drill hole logging was completed on field data entry spreadsheets then
	•	Documentation of primary data, data entry procedures, data verification, data		transferred to Access based data management system by the Company’s GIS
		storage (physical and electronic) protocols.		database geologist for review.
	•	Discuss any adjustment to assay data.	•	All field data have been entered in the company’s database using a specific set
				of logging codes to ensure consistency with verification protocols in place.
			•	All sampling and analytical data has been stored in an in-house developed
				Access data management system.

3

Criteria	JORC	Code explanation	Commentary	Commentary
			•	All data has been maintained, validated, and managed by a Database
				Manager.
			•	Analytical results received from the lab have been loaded directly into the
				database with no manual transcription of these results undertaken.
			•	Original lab certificates have been stored electronically.
				No adjustment to assay data has been undertaken. Below detection limit data
				presented as 1/10th of the lower detection limit of the method and over the
				detection limit results presented as the upper detection limit of the method
Location of data	•	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	•	Collars have been determined using a handheld GPS meter (+/-3 m).
points		surveys), trenches, mine workings and other locations used in Mineral	•	Downhole surveys were taken for all holes.
		Resource estimation.	•	All locations recorded using GDA94/MGA UTM Zone 55 coordinate system.
	•	Specification of the grid system used.	•	Topographic control was determined using hydrographically corrected SRTM
	•	Quality and adequacy of topographic control.		data.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	Drill holes are selectively sampled with intervals of interest at the geologist’s
and distribution	•	Whether the data spacing and distribution is sufficient to establish the degree		discretion, via mineralisation, alteration or lithology.
		of geological and grade continuity appropriate for the Mineral Resource and	•	The drill spacing is not deemed adequate for use in a Mineral Resource
		Ore Reserve estimation procedure(s) and classifications applied.		Estimate.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible	•	The intersected structures of interest have been tested at ~60-75 degrees to
data in relation		structures and the extent to which this is known, considering the deposit type.		strike and an angle of 20-40 degrees to the dip.
to geological structure	•	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this	•	Discrete structures have been tested in the drilling, with no repetition identified
		should be assessed and reported if material.
Sample security	•	The measures taken to ensure sample security.	•	All samples have been selected by a qualified and experienced geologist.
			•	All samples have been packed in calico bags immediately after cutting.
			•	All samples have been stored in a secure shed, prior to transporting.
			•	Sample bags have been loaded and transported to an ALS Facility in Orange
				NSW, then unloaded directly into Lab’s receival area. Sample submission was
				documented via ALS tracking system with results reported via email.
Audits or	•	The results of any audits or reviews of sampling techniques and data.	•	Due to the limited duration of the program no external or third-party
reviews				contractor has undertaken any audit or review of these procedures.

4

Section 2 Reporting of Exploration Results

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

Criteria	JORC	Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location and ownership including agreements	•	The exploration activities across EL 8646 were undertaken by Monzonite
tenement and		or material issues with third parties such as joint ventures, partnerships,		Metals Pty Ltd, which is a subsidiary of Alice Queen Ltd and operates the
land tenure		overriding royalties, native title interests, historical sites, wilderness or		company’s tenement portfolio in NSW.
status		national park and environmental settings.	•	Monzonite Metals Pty Ltd is the 100% undivided and unencumbered owner of
	•	The security of the tenure held at the time of reporting along with any known		EL 8646 covering the Yarindury Project. EL 8646 was initially granted to
		impediments to obtaining a licence to operate in the area.		Monzonite Metals Pty Ltd on 12 September 2017 for a period of 2 years. The
				tenement has been renewed until 12 September 2025.
			•	Monzonite Metals Pty Ltd/AQX knows of no impediment to obtaining a licence
				to operate in the area.
Exploration	•	Acknowledgment and appraisal of exploration by other parties.	•	No other parties have completed any substantial work in the southern portion
done by other				of EL8646.
parties
Geology	•	Deposit type, geological setting and style of mineralisation.	•	The project area is in the northern extension of the Molong Volcanic Belt
				(MVB), Macquarie Arc, New South Wales
			•	The MVB represents one of four belts of the Ordovician to early Silurian
				Macquarie Arc, an intra-oceanic island arc developed along part of the
				boundary between the Australian and proto-Pacific plates. Its importance for
				mineral prospectivity is signified by the occurrence of the massive Cadia
				porphyry gold copper deposit within MVB rocks located 150km to the south.
			•	Ordovician lithologies in the project area are ascribed to the Late Ordovician
				Oakdale Formation (1:100 000 / 1:250 000 map sheets) of the Cabonne Group
				(Morgan et al, 1999). The formation is characterised by co-magmatic
				intermediate to mafic (often shoshonitic) intrusive and extrusive volcanics,
				volcaniclastics and sedimentary successions.
Drill hole	•	A summary of all information material to the understanding of the exploration	•	Drill hole collar attributes and significant intersections determined by Fire
Information		results including a tabulation of the following information for all Material drill		Assay and four acid digest ICPMS-AES have been summarised in Tables 1-3 of
		holes:		this ASX release.
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea level in metres) of the	•	True widths of the intervals are estimated to be 25-40% of the reported
		drill hole collar		widths depending on the individual dip of the envelope with respect to the
		o dip and azimuth of the hole		drill direction.

5

Criteria	JORC	Code explanation	Commentary	Commentary
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the basis that the information
		is not Material and this exclusion does not detract from the understanding of
		the report, the Competent Person should clearly explain why this is the case.
Data	•	In reporting Exploration Results, weighting averaging techniques, maximum	•	Cutoffs for intercepts have been calculated using 0.05% Cu and 0.1 g/t Au
aggregation		and/or minimum grade truncations (eg cutting of high grades) and cut-off		cutoffs and weighting has been applied with respect to each sample interval.
methods		grades are usually Material and should be stated.		Internal dilution is present.
	•	Where aggregate intercepts incorporate short lengths of high grade results	•	No top cutting of assays has been applied.
		and longer lengths of low grade results, the procedure used for such	•	For display and statistical purposes, below detection limit assays are set to
		aggregation should be stated and some typical examples of such aggregations		10% of the detection limit, e.g. if Au <0.002g/t, Au value is set to 0.0002g/t.
		should be shown in detail.	•	No metal equivalents are being reported.
	•	The assumptions used for any reporting of metal equivalent values should be
		clearly stated.
Relationship	•	These relationships are particularly important in the reporting of Exploration	•	True width envelopes are estimated as 25-40% of reported down hole
between		Results.		intercepts due to the orientation of the structures with respect to the drill
mineralisation widths and intercept	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		direction.
lengths	•	If it is not known and only the down hole lengths are reported, there should be
		a clear statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts	•	Drill collar locations are presented in Figures 1 & 2 and Table 1.
		should be included for any significant discovery being reported These should
		include, but not be limited to a plan view of drill hole collar locations and
		appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is not practicable,	•	All intercepts at the appropriate cutoffs have been reported for the holes.
reporting		representative reporting of both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration Results.
Other	•	Other exploration data, if meaningful and material, should be reported	•	Geological observations have been collated and represented in maps and
substantive		including (but not limited to): geological observations; geophysical survey		cross sections. Geological summation for all the holes is a work in progress.
exploration data		results; geochemical survey results; bulk samples – size and method of
		treatment; metallurgical test results; bulk density, groundwater, geotechnical
		and rock characteristics; potential deleterious or contaminating substances.
Further work	•	The nature and scale of planned further work (eg tests for lateral extensions or	•	Further work is to be determined with ongoing geological review.
		depth extensions or large-scale step-out drilling).
	•	Diagrams clearly highlighting the areas of possible extensions, including the

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Criteria	JORC Code explanation	Commentary
	main geological interpretations and future drilling areas, provided this
	information is not commercially sensitive.

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