Alkane Resources - M&A Activity 2018

Explaurum Limited ACN 114 175 138

Ninth Supplementary Target's Statement

1 Introduction

This document is a supplementary target's statement under section 644 of the Corporations Act 2001 (Cth). It is the Ninth supplementary target's statement ( Ninth Supplementary Target's Statement ) issued by Explaurum Limited ACN 114 175 138 ( Explaurum ) in relation to the off market takeover bid for all the ordinary shares in Explaurum by Ramelius Resources Limited ACN 001 717 540 ( Ramelius ).

This Ninth Supplementary Target's Statement supplements and should be read together with Explaurum's Supplementary Target's Statement dated 4 December 2018 ( Eighth Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 30 November 2018 ( Seventh Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 12 November 2018 ( Sixth Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 8 November 2018 ( Fifth Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 31 October 2018 ( Fourth Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 29 October 2018 ( Third Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 25 October 2018 ( Second Supplementary Target's Statement ), Explaurum's Supplementary Target's Statement dated 24 October 2018 ( First Supplementary Target's Statement ), and Explaurum's Target Statement dated 12 October 2018 ( Target's Statement ).

Unless the context otherwise requires, terms defined in the Target's Statement have the same meaning in this Ninth Supplementary Target's Statement. This Ninth Supplementary Target's Statement prevails to the extent of any inconsistency with the Eighth Supplementary Target's Statement, the Seventh Supplementary Target's Statement, the Sixth Supplementary Target's Statement, the Fifth Supplementary Target's Statement, the Fourth Supplementary Target's Statement, the Third Supplementary Target's Statement, the Second Supplementary Target's Statement, the First Supplementary Target's Statement, and the Target's Statement.

A copy of this Ninth Supplementary Target's Statement has been lodged with ASIC and ASX. Neither ASIC or ASX, nor any of their respective officers, takes any responsibility for the contents of this Ninth Supplementary Target's Statement.

This Ninth Supplementary Target's Statement is an important document and requires your immediate attention. Your Directors encourage you to seek independent financial, tax or other advice before making a decision as to whether or not to accept Ramelius' Offer.

2 Improved Ramelius Offer

Explaurum notes that Ramelius has increased the consideration of its original offer by 2 cents cash per Explaurum Share in addition to existing consideration of 1 Ramelius Share or every 4 Explaurum Shares and extended the Offer Period until 25 January 2019 ( Improved Offer ). The Improved Offer is Ramelius' best and final offer and will not be increased.

Ramelius has also agreed to advance to Explaurum an unsecured and interest free loan to provide sufficient working capital funding until the end of the Offer Period to enable Explaurum to pay its debts as and when they fall due.

The Explaurum Directors have carefully considered the terms of the Improved Offer and have unanimously resolved to recommend that Explaurum Shareholders ACCEPT THE IMPROVED OFFER , in the absence of a superior proposal.

Each Explaurum Director who has a relevant interest in Explaurum Shares intends to ACCEPT THE IMPROVED OFFER , in the absence of a superior proposal for all of the Explaurum Shares in which they have a relevant interest.

The key reasons for the Explaurum Directors' recommendation are set out in Explaurum's announcement dated 18 December 2018, a copy of which is Annexure A to this Ninth Supplementary Target's Statement.

3 Offer Conditions

On 19 December 2018, Ramelius declared the Improved Offer free from the conditions set out in section 12.8 of its Bidder's Statement.

Ramelius advised that Explaurum Shareholders who had already accepted the Offer prior to the date of the announcement will receive their Offer Consideration within 14 days. Explaurum Shareholders who accept the Offer between now and the end of the Offer Period will receive their Offer Consideration on or before the earlier of one month after the date of acceptance and 21 days after the end of the Offer Period.

4 Cancellation of Alkane Meeting

Explaurum has announced that, in light of the Improved Offer, the Alkane Strategic Investment will no longer be proceeding. Accordingly, Explaurum has resolved to cancel the general meeting convened to consider, amongst other things, the Alkane Strategic Investment which was scheduled to be held on Friday, 21 December 2018.

A copy of Explaurum's cancellation notice to Shareholders is Annexure B to this Ninth Supplementary Target's Statement.

5 Initial Mace Resource Estimate

Explaurum released to ASX its initial Mineral Resource estimate for the Mace supergene mineralisation based on recent RC and diamond drilling programs. The initial Mineral Resource estimate for the Mace deposit is 400kt at 1.4g/t Au for 20,000oz contained gold, which has been classified in the Inferred category in accordance with the JORC Code (2012).

A copy of Explaurum's announcement is Annexure C to this Ninth Supplementary Target's Statement.

6 Tampia Feasibility Study Update

Explaurum released to ASX the key outcomes of its updated Tampia Feasibility Study which incorporates further metallurgical test work, mine design and scheduling together with refined capital and operating cost estimates. The updated study also includes the additional of the Mace deposit.

A copy of Explaurum's announcement is Annexure D to this Ninth Supplementary Target's Statement.

7 Additional information

7.1 Competent Person's statement – Mineral Resources and Ore Reserves

The information in this Ninth Supplementary Target's Statement that relates to Mineral Resources, Ore Reserves and Metallurgy was disclosed to ASX in the Initial Mace Resource Estimate Announcement and the Tampia Feasibility Study Update dated 7 December 2018 and 14 December 2018 respectively.

Explaurum 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 the original announcement continue to apply and have not materially changed.

7.2 Consents

Mr René Sterk has given and has not, before the date of issue of this document, withdrawn his consent to the inclusion in this document of the matters based on his information in the form and context in which it appears and be named in this document as a Competent Person in the form and context in which he is so named.

Mr René Sterk does not make, or purport to make, any statement in this document other than those statements referred to above and as consented to by him, and to the maximum extent permitted by law, expressly disclaims and takes no responsibility for any part of this document other than as described in this section with his consent.

As permitted by ASIC Class Order 13/521 this Ninth Supplementary Target's Statement contains statements which are made in, or based on statements made in, documents by various parties (including Ramelius) with ASIC, or given to ASX, namely in the Bidder's Statement. Pursuant to this ASIC Class Order, the consent of persons to whom such statements are attributed is not required for the inclusion of these statements in this Ninth Supplementary Target's Statement.

As required by ASIC Class Order 13/521, Explaurum will make available a copy of these documents (free of charge) to Explaurum Shareholders on request during the Offer Period by contacting Explaurum.

7.3 Approval of this Ninth Supplementary Target's Statement

This Ninth Supplementary Target's Statement has been approved by a resolution passed by the Directors of Explaurum and lodged with ASIC. This Ninth Supplementary Target's Statement is dated 20 December 2018 and was lodged with ASIC on that date.

Chris Baker Chairman Explaurum Limited

Annexure A

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ACCEPT THE IMPROVED RAMELIUS OFFER

18 December 2018

Explaurum Limited ( Explaurum ) provides the following update to Explaurum Shareholders in relation to the improved offer by Ramelius Resources Limited ( Ramelius ) announced on 13 December 2018.

Improved Offer

Explaurum notes that Ramelius has increased the consideration of its original offer by 2 cents cash per Explaurum Share in addition to the existing consideration of 1 Ramelius Share or every 4 Explaurum Shares and extended the Offer Period until 25 January 2019 ( Improved Offer ).

Ramelius has confirmed that the Improved Offer is best and final and will not be increased.

Accordingly, under the Improved Offer, Explaurum Shareholders will receive:

one Ramelius Share for every four Explaurum Shares; and
2 cents cash per Explaurum Share.

Ramelius has also agreed to advance to Explaurum an unsecured and interest free loan to meet its financial commitments.

Recommendation and intention of Explaurum's Directors

For information on how to ACCEPT THE IMPROVED OFFER , please refer to section 5 of Ramelius' Fifth Supplementary Bidder's Statement and the replacement Acceptance Form, which have both be despatched to Explaurum Shareholders.

Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane Queensland 4000 Postal Address: GPO Box 3249, Brisbane Queensland 4001

Contact Details: Telephone +61 7 3333 2722 Email: [email protected] ABN : 50 114 175 138 www.explaurum.com

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Key reasons for the Explaurum Directors' recommendation

The Explaurum Board has recommended that Explaurum Shareholders accept the Improved Offer for the following key reasons:

1. The Improved Offer includes an increase to the Offer Consideration

The Improved Offer implies a value of Explaurum Shares of A$0.134 each, based on the closing price of Ramelius Shares and Explaurum Shares as at 12 December 2018[1] .

The implied value of the Improved Offer represents a premium of:
57.6% to Explaurum's closing price of A$0.085 on 12 December 2018[2] ; and
54.0% to Explaurum's 10 day VWAP of A$0.087 up to and including 12 December 2018[3] .

The Explaurum Directors also note that the Improved Offer includes a cash component, which will enable Explaurum Shareholders to immediately realise value for their Explaurum Shares.

2. The Improved Offer provides greater certainty

Ramelius advised that it intends to make the Improved Offer unconditional if the Alkane Strategic Investment is not approved by Explaurum Shareholders, or it otherwise does not proceed. Ramelius will provide the Offer Consideration to accepting Explaurum Shareholders within 14 days thereafter.

In light of the Improved Offer, it has become apparent to the Explaurum Board that the prospects of the Alkane Strategic Investment being approved by Explaurum Shareholders are low.

Accordingly, Explaurum and Alkane Resources Limited ( Alkane ) have agreed to terminate the Share Subscription Agreement dated 28 October 2018, so that the Improved Offer can be made unconditional.

Once the Improved Offer becomes unconditional, the uncertainty in relation to receiving the Offer Consideration that was inherent in Ramelius' original Offer will be removed.

1 Based on the closing price of Ramelius Shares of A$0.455 and a closing price of Explaurum Shares of A$0.085 on 12 December 2018 being the last day before the announcement of the Improved Offer.

2 Being the last closing price before the announcement of the Improved Offer.

3 Being the last closing price before the announcement of the Improved Offer.

Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane Queensland 4000 Postal Address: GPO Box 3249, Brisbane Queensland 4001

Contact Details: Telephone +61 7 3333 2722 Email: [email protected] ABN : 50 114 175 138 www.explaurum.com

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The Explaurum Director's also note that Ramelius have confirmed that the Improved Offer is best and final and will not be increased.

3. There is a risk that Explaurum Shareholders who do not accept the Improved Offer may become minority shareholders

The Explaurum Directors have had regard to the fact that Explaurum Shareholders who do not accept the Improved Offer may become minority shareholders in Explaurum.

Ramelius has advised that it holds a relevant interest in 26.73% of Explaurum Shares[4] .

Ramelius has previously indicated that if it becomes an Explaurum Shareholder, depending on the level of acceptances, it intends to (among other things):

Reconstitute Board – seek majority representation on the Explaurum Board;
Operational control – implement the results of its Strategic Review; and
Delist Explaurum – investigate the removal of Explaurum form the official list of ASX.

If any of these occur, the Explaurum Directors will not be in a position to guarantee the present strategic direction of the Company or give any assurance about the future ability of Explaurum to create long-term value for Explaurum Shareholders.

The Explaurum Directors also note there is a risk that the price of Explaurum Shares may fall to levels below the Improved Offer price if you do not accept the Improved Offer and Ramelius acquires a substantial shareholding in Explaurum.

4. Short term funding

The Ramelius loan facility will provide sufficient working capital funding to meet Explaurum’s forecast cash commitments until the end of January 2019, thereafter any additional funding is at Ramelius’ discretion. The loan is repayable on 30 June 2019 or such later date as the parties agree.

Supplementary disclosure by the Independent Expert

The Independent Expert, BDO Corporate Finance (QLD) Ltd, completed its report in relation to Ramelius' original Offer, which was despatched to Shareholders on Thursday 6 December 2018.

4 Substantial holder notice dated 17 December 2018

Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane Queensland 4000 Postal Address: GPO Box 3249, Brisbane Queensland 4001

Contact Details: Telephone +61 7 3333 2722 Email: [email protected] ABN : 50 114 175 138 www.explaurum.com

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The Independent Expert's Report did not take into account and consider the Improved Offer, the Initial Mace Resource Estimate or the Tampia Feasibility Study Update. Accordingly, Explaurum confirms that the Independent Expert is preparing supplementary disclosure which considers these additional items and provides an assessment of the Improved Offer. The Board’s recommendation and their personal voting intentions are not conditional upon the outcome of any supplementary disclosure from the Independent Expert.

Explaurum Board

As Ramelius now has a relevant interest in 26.73% of Explaurum Shares, a nominee of Ramelius will be invited to join the Explaurum Board.

Cancellation of Alkane Meeting

As the Alkane Strategic Investment is no longer proceeding and the Ramelius Offer will become unconditional, Explaurum intends to cancel to the General Meeting scheduled for Friday, 21 December 2018.

For further information, contact:

John Lawton Brian Kinsella Michael Vaughan (media) Managing Director Greg Arandt Executive Director Explaurum Limited Ironstone Capital Fivemark Partners +617 3333 2722 +612 9133 9000 +61 422 602 720

Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane Queensland 4000 Postal Address: GPO Box 3249, Brisbane Queensland 4001

Contact Details: Telephone +61 7 3333 2722 Email: [email protected] ABN : 50 114 175 138 www.explaurum.com

Appendix B

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EXU

MR SAM SAMPLE FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

20 December 2018

Dear Explaurum Shareholder

NOTICE OF CANCELLATION OF ALKANE MEETING

Notice is hereby given in accordance with Explaurum's constitution that the Board has resolved to cancel the general meeting convened to consider and approve, amongst other things, the Alkane Strategic Investment ( Alkane Meeting ).

Explaurum notes that Ramelius Resources Limited ( Ramelius ) has increased the consideration of its original takeover offer by 2 cents cash per Explaurum Share in addition to existing consideration of 1 Ramelius Share or every 4 Explaurum Shares and extended the Offer Period until 25 January 2019 ( Improved Offer ).

In light of the Improved Offer, it became apparent to the Explaurum Board that the prospects of the Alkane Strategic Investment being approved by Explaurum Shareholders were low.

The Explaurum Directors have carefully considered the terms of the Improved Offer and have unanimously resolved to cancel the Alkane Meeting and recommend that Explaurum Shareholders ACCEPT THE IMPROVED OFFER , in the absence of a superior proposal.

Yours sincerely,

Chris Baker Chairman

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Appendix C

EXPLAURUM LIMITED

INITIAL MACE RESOURCE ESTIMATE

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07 December 2018

Explaurum Limited ( Explaurum or the Company ) is pleased to provide an update on the initial Mineral Resource estimate for the Mace supergene mineralisation based on recent RC and diamond drilling programs.

HIGHLIGHTS

The Mace deposit extends from the southwestern margin of the proposed Tampia open pit. It is 40-80m wide with an average thickness of 5m from approx. 8m below surface and is hosted within clay.
Coarse gold distribution and challenged drill sample quality has limited the ability of the initial Mineral Resource estimate to be classified at a higher level of resource confidence. The grade of the resource estimate is also considered to be conservative by the Competent Person.
The initial Mineral Resource estimate for the Mace deposit is 400kt at 1.4g/t Au for 20,000oz contained gold, which has been classified in the Inferred category in accordance with the JORC Code (2012):

Classification	Tonnes (‘000)	Grade (g/t Au)	Cont. gold (koz)
Inferred	400	1.4	20
Total	400	1.4	20

The Mineral Resource estimate is based on 310 RC drill holes (for 7,403m), on a 20m x 10m drill spacing, plus 25 diamond drill holes (for 427m). It covers only 700m of the strike extent of the Mace deposit.
The distribution and continuity of mineralisation between drill lines is excellent. Given the mineralisation is at shallow depth and hosted by unconsolidated sediments, any mined ounces at Mace possess the clear potential to deliver high metallurgical recoveries and very low operating costs.
Extension drilling to the west recently increased the strike extent of the Mace deposit by a further approximate 400m to over 1.1km. Further extension drilling is planned to commence in early 2019.
Mine planning for the Mace deposit, together with significant capital and operating cost optimisations across the broader Tampia Gold Project, are currently being undertaken as part of the Bankable Feasibility Study targeted for completion this month.

Commenting on the progress at Mace, Explaurum Managing Director, John Lawton, said:

“At a headline level, the initial Mace Mineral Resource estimate has returned a somewhat frustrating result. However, the finer detail behind it presents a different story. The infill RC drilling program was undertaken on a close-spaced 20m x 10m drill pattern, with many high-grade intercepts being returned. However challenging sample quality, as a result of the gold mineralisation being coarse, or nuggety, and being hosted by unconsolidated clay, has had the effect of significantly negatively biasing the final grade estimate for the resource.

“This dynamic is illustrated simply by comparing the RC drilling results with the corresponding diamond drilling results. The average RC intercept grade of 4.1g/t Au is less than half of the average diamond drill intercept grade of 9.4g/t Au. The Competent Person has clearly established that, on a statistical basis, all RC intercept

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Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane QLD 4000 Postal Address: GPO Box 3249, Brisbane QLD 4001 ABN 50 114 175 138 Contact Details: Telephone +61 7 3333 2722 Email: [email protected] www.explaurum.com

grades above 0.6g/t Au are negatively biased, thereby significantly downgrading estimation of the actual gold grade. This relatively low statistical level of confidence in the grade estimate is the reason why the Mace Resource cannot be classified in anything other than the Inferred category.

“Notwithstanding these dynamics, the strong grade, shallow depth and sediment hosted nature of the Mace supergene mineralisation highlight that this material has excellent potential to deliver high recovery and low cost ounces early in the proposed Tampia mine plan – a dynamic that we are rapidly evaluating.

“We have now confirmed the presence of a sizable body of shallow, enriched gold mineralisation at Mace. The strike extent of this mineralisation exceeds 1.1 kilometres – and remains open to the west. Subject to approval of the Alkane strategic investment, we plan to aggressively accelerate extensional drilling at Mace in early 2019.”

Mace infill RC drilling

The Mace mineralisation extends from the southwestern margin of the proposed Tampia open pit for more than 1,100m. It is up to 80m wide with an average thickness of 5m from approx. 8m below surface. The eastern most 700m strike length of gold mineralisation on the main mining lease has been infilled to a 20m by 10m drill spacing in order to generate an initial Mineral Resource estimate (Figure 1 and Figure 2).

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Figure 1. Tampia Project location map.

A total of 223 infill RC holes were completed for a total of 4,433 metres (Table 1), in addition to previously reported drill programs (as reported in the EXU announcements of 7 September 2018, 3 July 2018 and 12 March 2018).

Better intersections included:

13m at 13.18 g/t Au from 4m in MPRC122, including 2m at 76.00 g/t Au from 9m;
16m at 2.52 g/t Au from 0m in MPRC123;

2m at 5.52 g/t Au from 14m in MPRC128;
5m at 2.19 g/t Au from 15m in MPRC136;
8m at 5.49 g/t Au from 7m in MPRC138;
4m at 4.93 g/t Au from 11m in MPRC154;
4m at 3.12 g/t Au from 10m in MPRC155;
4m at 3.06 g/t Au from 12m in MPRC159;
2m at 8.15 g/t Au from 12m in MPRC161;
8m at 5.89 g/t Au from 10m in MPRC164;
3m at 3.27 g/t Au from 5m in MPRC178;
10m at 2.82 g/t Au from 3m in MPRC183;
7m at 3.16 g/t Au from 2m in MPRC195; and
1m at 18.70 g/t Au from 22m in MPRC208
5m at 3.95 g/t Au from 9m in MPRC217;
5m at 6.30 g/t Au from 9m in MPRC218;
3m at 1.78 g/t Au from 11m in MPRC227;
4m at 2.13 g/t Au from 12m in MPRC229;
3m at 5.35 g/t Au from 11m in MPRC232;
2m at 13.21 g/t Au from 10m in MPRC235, including 1m at 22.90 g/t Au from 10m;
3m at 1.78 g/t Au from 11m in MPRC240;
3m at 2.03 g/t Au from 9m in MPRC242;
4m at 2.15 g/t Au from 8m in MPRC259;
6m at 0.93 g/t Au from 8m in MPRC260;
3m at 2.53 g/t Au from 8m in MPRC266;
7m at 25.90 g/t Au from 6m in MPRC274, including 2m at 84.50 g/t Au from 9m;
8m at 10.04 g/t Au from 7m in MPRC275, including 1m at 59.20 g/t Au from 9m;
2m at 2.67 g/t Au from 6m in MPRC276;
5m at 4.16 g/t Au from 8m in MPRC278;
6m at 5.70 g/t Au from 7m in MPRC283, including 1m at 20.00 g/t Au from 9m;
6m at 1.12 g/t Au from 3m in MPRC297;
6m at 19.00 g/t Au from 4m in MPRC304, including 2m at 55.55 g/t Au from 8m;
5m at 2.09 g/t Au from 7m in MPRC307;
5m at 4.47 g/t Au from 9m in MPRC314;
2m at 4.95 g/t Au from 15m in MPRC323;
3m at 3.45 g/t Au from 14m in MPRC325;
4m at 2.92 g/t Au from 13m in MPRC327;
7m at 4.47 g/t Au from 7m in MPRC335;
5m at 9.76 g/t Au from 10m in MPRC338, including 2m at 21.75 g/t Au from 12m and
6m at 2.11 g/t Au from 14m in MPRC343 (Tables 1 and 2, and Figure 3).

The infill drilling continued to intersect high grade gold mineralisation, with up to 147 g/t Au intersected in MPRC274 in this phase of drilling (Table 2). This was similar to the high-grade gold mineralisation intersected previously in MPRC025 of up to 144 g/t Au at similar depths (Figure 3; Table 2).

The 137 g/t Au sample from 10-11m in MPRC122 was panned to check the assay result and check for the presence of visible gold. The host to the gold mineralisation is a yellow, limonitic clay in the saprolite zone. Significant amounts of coarse free gold were panned (Figure 3). The gold appears predominantly coarse with very little fine gold in the tail and appears crystalline and 0.5-1mm in size. The tail also includes a significant amount of magnetite. The panning confirms the assay grade and the presence of coarse free gold in the resource.

Only 700m of the 1,100m mineralised zones has had infill drilling completed due to farming activities and the initial Mace Mineral Resource estimate is confined to this area. The distribution and geological continuity along and between sections of the supergene gold mineralisation continues to be good, although grade continuity appears to be variable as would be expected with coarse gold distribution.

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Figure 2. RC infill drill results (larger circles) compared to exploration drill results (smaller circles), unassayed diamond hole (grey circles) and the Tampia feasibility pit design.

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Figure 3. Gold in the tail from panning the 137 g/t Au sample from 10-11m in MPRC122.

Mace diamond drilling

The eastern most 700m strike length of gold mineralisation on the main mining lease has been tested by diamond drilling, which has provided important geological data on the controls of gold mineralisation and enabled metallurgical test work to be completed (Figure 4).

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Figure 4. Location of Diamond drill collars compared to all Mace drill collars including historic, infill and recently drilled infill collars, implicit gold model of the supergene gold mineralisation and the Tampia pit design.

There were 25 diamond holes completed for a total of 427 metres (Table 3). There were 13 holes drilled to verify the RC drill assay results, 5 holes drilled to provide sample for metallurgy test work, 4 holes drilled for geotechnical studies and 3 holes drilled to collected geological data.

Better intersections included (Table 4):

4m at 6.20 g/t Au from 11m in MPDD001;
3m at 24.99 g/t Au from 12m in MPDD002, including 1m at 70.90 g/t Au from 13m;
3m at 1.25 g/t Au from 11m in MPDD004
3m at 19.33 g/t Au from 11m in MPDD005, including 1m at 54.60 g/t Au from 13m;
2m at 3.36 g/t Au from 10m in MPDD006
12m at 10.89 g/t Au from 4m in MPDD007, including 2m at 63.00 g/t Au from 10m;
5m at 10.11 g/t Au from 5m in MPDD009, including 1m at 46.60 g/t Au from 9m;
4m at 44.62 g/t Au from 6m in MPDD010, including 1m at 173.00 g/t Au from 8m;
2m at 54.22 g/t Au from 9m in MPDD012, including 1m at 103.00 g/t Au from 9m and
10m at 4.47 g/t Au from 0m in MPDD014, including 1m at 26.80 g/t Au from 4m.

All the twin diamond holes were mineralised, confirming that the Mace supergene gold resource area contains high grade gold mineralisation up to 173 g/t Au, like the high-grade gold mineralisation intersected previously in MPRC025 with 144 g/t Au and MPRC122 with 137 g/t Au, and at similar depths (Figure 4; Table 4).

The diamond drilling intersected gold mineralisation in a similar stratigraphic location as the RC drilling (compare Table 2 and Table 4). The diamond core intersections are on average narrower and higher grade than the RC intersections with an average diamond core intersection width of 5m compared to an average RC intersection width of 9m and an average diamond core grade of 7.92 g/t Au compared to an average RC grade of 4.37 g/t Au (Table 5).

The distribution and geological continuity along and between sections of the supergene gold mineralisation continues to be good, although grade continuity appears to be variable with a strong nugget effect. This is evident in the two pairs of check diamond holes MPDD011 and MPDD014, which have similar widths of 9m and 10m respectively but significantly different gold grade of 0.79 g/t Au and 4.47 g/t Au respectively. These results were used for geostatistical analysis for resource estimation.

	Diamond RC
Hole From Width Au Hole From Width Au
MPDD001 8 7 3.65 MPRC044 9 5 1.75
MPDD002 11 5 15.18 MPRC017 9 8 4.83
MPDD004 11 3 1.25 MPRC021 9 8 1.57
MPDD005 11 3 19.33 MPRC060 9 5 0.72
MPDD006 5 1 1.70 MPRC025 4 14 10.97
MPDD006 10 2 3.36
MPDD007 4 12 10.89 MPRC027 2 16 5.79
MPDD009 2 8 6.42 MPRC079 7 4 2.45
MPDD010 6 6 29.85 MPRC098 5 16 2.85
MPDD012 6 6 18.30 MPRC098 5 16 2.85
MPDD011 0 9 0.79 MPRC071 3 6 5.88
MPDD014 0 10 4.47 MPRC071 3 6 5.88
MPDD013 11 2 2.75 MPRC025 4 14 10.97
Average 5.07 7.92 9.15 4.37
Maximum 12.00 29.85 16.00 10.97

Table 5. Summary intersection comparison of the diamond and RC intersections at a 0.5 g/t Au cut off with a minimum of 3m internal dilution. Note MPDD010 and MPDD012 and MPDD011 and MPDD014 are check diamond holes.

Geology and mineralisation

Regional geology

The Mace deposit is part of the larger Tampia Gold Project, which is located in the Southern Cross province near the boundary between the Western Gneiss terrane and the Southern Cross Greenstone Belt. The Western Gneiss terrane can be divided into three smaller terranes comprising different metamorphic belts, each separated by major thrust faults. The Lake Grace terrane, encompassing the Tampia Hill area, is the easternmost of these. This terrane contains many greenstone belt remnants that have all been metamorphosed to granulite facies. The terrane is dominated by banded felsic and granulite gneiss that have been intruded by undeformed seriate and porphyritic granite. Belts of mafic gneiss occur inter-fingered with the felsic gneiss as well as minor metamorphosed banded iron formation (BIF) and metasediments. Zircon geochronology from hypersthene-bearing granites that are interpreted to have intruded during granulitefacies metamorphism within the Lake Grace terrane, have a U-Pb age of 2,627 ± 12 Ma, and granitoid gneisses around Dumbleyung have Rb-Sr whole rock ages of 2,611 ± 162 Ma. The youngest granitoids also come from this region, with an average age of 2,587 ± 25 Ma. These younger coarse-grained granodiorites postdate granulite-facies metamorphism in the Lake Grace terrane and intrude the migmatites and charnockitic granites.

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Figure 5. Geology around the Mace and Tampia Gold Projects. A and B give the traces of the sections shown in Figures 3 and 4.

Local Geological Setting and Mineralisation

The stratigraphy at Mace has been defined from detailed logging of 12 PQ diamond core holes and 223 RC holes drilled for resource estimation and is described below.

Quaternary Sediment (QA)

The top of the sequence is a ferruginous clay rich soil, which contains fragments of lateritic cap, pisolites and weathered mafic gneiss at the base of the sediment, thus it is interpreted to have been recently transported. This unit is called Quaternary Alluvial Sediment (‘QA’ in Figure 6) and the base of the unit is defined by Erosion Surface 1.

Tertiary Sediment (PC)

Below Unconformity 1 lies a second sedimentary unit, Tertiary Sediment (‘PC’ in Figure 6), that follows the Quaternary channel. It comprises grey clay and quartz grains from 1/16 mm to 2 mm. The unit grades from little quartz in the top of the unit, with sand increasing in proportion and grainsize, from 1/16 mm to 2mm, with depth. This unit varies in thickness from 1 m to 20 m with the base of the unit typically contains large quartz cobbles (e.g. Figure 6). These quartz cobbles vary in size from 1 to 10 cm and they are well-rounded, suggesting they have travelled significant distances. The cobbles also include lithologies that are not present at Tampia. This unit has been lateritised and is overprinted by the mottled zones and upper saprolitic zone.

The Tertiary Sediment is not continuous and thins to the north and east where Quaternary Alluvial Sediment directly overlies the Archean basement. The Tertiary Sediment is thickest over the preferentially-weathered Archean felsic gneiss. The base of the unit is defined by Erosion Surface 2.

Mottled Zone (MZ)

Underlying the Tertiary Sediment is a residual Archean regolith profile, consisting of residual lateritised saprolitic clays of the Archean felsic and mafic gneiss basement, which hosts the gold at Tampia. At the top of the regolith profile is a mottled zone (‘MZ’ in Figure 6) comprising of red and white mottled and clays.

Upper Saprolite (US)

A leached upper saprolite (‘US’ in Figure 6) occurs below the MZ; it is a grey clay with quartz sand (grey quartzwacke). This US is distinguished from the underlying lower saprolite zone by the generally higher degree of oxidation and colour. The oxidation front and change from lower to upper saprolite suggests a change in redox state. The US is typically more extensive over the felsic lithologies and more mottled over the mafic lithologies.

Lower Saprolite (RLS)

Underlying the US is a lower saprolite zone (‘RLS’ in Figure 6), in which the original minerals in the rock have been strongly weathered and altered. The RLS is typically greenish in colour and friable. The lower saprolite has an ‘oxidation front’ between oxidised minerals above, and reduced minerals below.

Residual Saprock (RSR)

A well-established lower residual saprock (‘RSR’ in Figure 6) has developed above the fresh basement rocks. In this zone, weathering is restricted along joints, foliations, faults and other failures within the fresh rock. Geometry and geochemical characteristics of the Tampia mineralisation are mostly preserved in this unit.

Gold Mineralisation

The orientation of the Mace deposit geology and the gold mineralisation are controlled by the Tertiary Sediment, which generally follows the modern drainage system. The Tertiary Sediment unit is thickest and best developed in the deepest weathered areas, which is interpreted to be an infilled paleochannel that cuts through the Felsic Gneiss. The Tertiary Sediment occurs as a narrow linear body 40m wide in the southeast over the mafic gneiss that hosts the gold mineralisation at Tampia. The Tertiary sediment is wider, averaging 100m, over the felsic gneiss to the south west. The Tertiary Sediment then narrows to about 40m over the next mafic gneiss to the west of Tampia. The Tertiary Sediment then bifurcates over the next felsic gneiss unit where it can reach widths of up to 250m wide. The Quaternary Alluvial Sediment is a pervasive blanket cover of approximately 3m thick covering the entire local area.

==> picture [418 x 279] intentionally omitted <==

Figure 6. Schematic evolution of the mace geology since exhumation of the Archean basement.

Gold mineralisation present in the unweathered Archean rocks and residual saprock below the alluvial channel at Mace (‘Dm1’ in Figures 6, 7 & 8; within AB and RSR) are accounted for in the Tampia hard-rock gold Mineral Resource estimate.

The majority of the gold mineralisation at Mace is hosted in the regolith (RLS, US, and MZ). Where laterisation is spatially related to the Tertiary sediments in the paleo-channel the mineralisation has been labelled as ‘Dm2’ (Figures 6, 7 & 8). Some minor mineralisation in the Quaternary sediments (QA) is also grouped within Dm2 because the mineralisation in the Quaternary sediments is patchy, often contiguous with the saprolitic Dm2 domains, and do not have significantly different statistical characteristics. Where the laterisation has affected the Archean bedrock, with no clear relationship to the paleo-channel, the mineralisation has been labelled as ‘Dm3’ (Figures 6, 7 & 8).

Dm2 mineralisation is best developed in the deeper parts of the Tertiary paleo-channel. It is spatially associated with the paleo-channel, which suggests a component of lateral transport of the gold through supergene redistribution. The gold re-deposition is related to a change in clay colour from light grey to brown-yellow, which represents the redox front. This supergene re-deposition of gold transcends laterally along the RLS–US and US–MZ boundaries, and importantly, across the paleo-channel boundaries into the felsic gneiss regolith. Some of the coarse gold grains panned from the drill cuttings have crystal faces, further supporting this model of dissolution and re-deposition.

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Figure 7. Long section through the SE portion of the Mace deposit. Trace shown in Figure 1.

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Figure 8. Cross section through the central part of the Mace deposit. Trace is shown in Figure 1.

Drilling Techniques

Due to time constraints, the gold mineralisation at Mace was drilled with the same drill equipment that was used for the drill-out of the Tampia deposit. A total of 344 RC holes were drilled to an average depth of 15.6m on a 20m by 10m drill pattern during the 2018 Mace resource definition drilling program. Low drill recoveries were noted in the earlier drill holes at Mace, due to clays getting stuck in the RC equipment. Diamond holes were therefore drilled in order to twin selected RC holes to compare assay results for quality control studies. Fourteen of the RC holes were twinned by diamond holes.

Reverse circulation drilling equipment with face sampling hammers were used to collect samples. The drilling was conducted by an Atlas Copco E220RC Explorac. No booster was used due to drilling shallow holes. All new drill bits were supplied as 146 mm or 143 mm, had a shroud size of 145 mm or 142 mm, and were sized to suit as they wore. All rods were Harlson 4 ½ inch RRE Rods, which are 6 m long, with a 4 m starting rod used. All sample hoses were 76 mm inside diameter.

To try to mitigate the issues with poor sample recoveries, stringent standard operating procedures (SOPs) for the drilling process were used. The Competent Person has reviewed these and, even though the drilling technique was sub-optimal for the deposit, considers the SOPs to provide reasonable assurance of the drilling quality, and fit for the purpose of establishing an Inferred resource classification.

Specifically, water issues were controlled by investing the time to set proper collars, and by having appropriate equipment on site, including blow-down valves and sufficient air pressure. The first 39 holes (MPRC001 – MPRC039) had PVC collars to fresh rock, the following 82 holes (MPRC040 – MPRC121) had PVC to a sufficient depth to maintain air pressure for reasonable sample return. Holes MPRC122 – MPRC344 were not collared due to their shallow depth. In rare instances where wet drilling could not be avoided, holes were terminated. Any issues with wet drilling (leading to sample loss) were noted for each sample.

Loss of fine material through the cyclone vortex finder was managed by infusion of mist spray.

Metre delimitation was carefully controlled by a process of total sample bag weighing and monitored on a control sheet after standardising for bit size and density of the specific lithology from the logging. Delimitation plots were generated on a daily basis and used as a tool for continuous improvement of the drillers’ procedures.

Sampling and sub-sampling techniques

Samples collected by the drill hammer were delivered to a Metzke Splitter for sub-splitting. The splitters were specifically purchased for the 2017 Tampia hard-rock resource definition program as they provided a superior split over the more industry-standard cone splitter. However, at Mace, these devices had little positive effect, as sticking clays caused sample splitting issues.

Recoveries were generally low, with an average of 65% in samples over 0.2 g/t Au. To evaluate the sample quality and determine its fitness for the purpose of resource estimation, results of 14 diamond drilling control samples were investigated. The diamond core was of PQ size and collared as close to existing RC holes as possible. Holes were drilled along the long axis of the deposit, thereby providing a representative sub-set of data for comparison. Samples were submitted to the laboratory as whole-metre intervals, where they were crushed, pulverised and leached. The results of samples within a 5m buffer of RC samples, with diamond core recoveries of more than 80%, and within the low-grade mineralisation domain were compared using a quantile-quantile plot (Figure 9). This resulted in 55 sample pairs, sufficient for statistical comparison.

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Figure 9. QQ plot of diamond control drilling and RC resource drilling

The results show that the RC results are biased low above approximately 0.6 g/t Au, with the diamond control samples being higher on average than the RC drilling. The means of the two data sets (with diamond data set capped at 63 g/t, the maximum grade in RC population) are markedly different (9.4 g/t for diamond and 4.1 g/t for RC), which is due to the several high-grade ‘outliers’ in the diamond control data set that are not present in the RC dataset.

It is clear that the RC drilling does not efficiently recover coarse gold, likely due to a combination of drilling type, splitting process and analytical process, whereas in the diamond core drilling and sampling, apart from perhaps minor plucking effects, all gold in the primary sample is reported in the final assay. Sonic drilling, followed by whole-sample leaching would be the best drilling and sampling method for this type of mineralisation and host rock.

Chutes on the splitters were adjusted to deliver a maximum-size sample split to the laboratory, in the order of 3 – 4 kg. This weight was assumed to be fit-for-purpose, rather than determined by a nomogram, as there was little to no pre-existing sample data for Mace available. The coarse nature of the gold does not make this a suitable split size, which is reflected by the diamond control sample results. The performance of splitting was monitored on a per-sample basis by collecting a duplicate split sample for each metre. The difference in sample weight acted as a proxy for sample split consistency, which was monitored in a spread sheet in real-time. Reasonable precision was demonstrated form the analysis of duplicate primary sample splits (Figure 10). The Competent Person audited this performance throughout the campaign and, apart from minor issues, deems

the sample splits of reasonable quality and, following comparison with diamond drilling control samples, marginally fit for the purpose of resource estimation.

The sample splits were submitted for the same sample preparation process as the samples for the Tampia hard-rock deposit. Samples were weighed wet (on site) and wet (at the laboratory), and then split in a Rocklabs Boyd RSD Combo, which allowed a percentage linear split to be specified for each sample. The split weights were optimised for pulverising in Essa LM-2s and their percentage passing size monitored consistently. Samples were then milled in the LM-2s before a manual split of around 200 g was put in brown paper bags. The final 50 g charge weight was weighed from this. Duplicate samples were inserted at each of the splitting stages, to monitor precision. Duplicates were collected at >10% from mineralised zones only. Samples that were duplicated in the field were also flagged for duplication at subsequent splitting stages at the laboratory. The Competent Person notes that such a splitting process is not necessarily optimal for this style of mineralisation but considered acceptable for the purpose of mineral resource estimation and appropriate classification.

Duplicate results for primary splits, secondary (crush) splits and pulp splits were monitored, and no significant bias was noted in the splitting processes.

In the Competent Person's opinion, the sampling and sub-sampling were not always accurate (leading to lower-grade bias), and often imprecise. However, based primarily on the results of the diamond control drilling, the methods are considered marginally fit for the purpose of resource estimation. The likely under-reporting of Au content provides a potentially significant upside to the project but can only be proved with better-quality drilling or mining.

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RC Primary Split Duplicate Scatter Plot
10
1
M
0.1
0.01
0.0010.001 0.01 0.1 M 1 10
Original (246 values)
Duplicate (246 values)
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Figure10. Log10 Scatterplot of the RC primary sample splits, originals vs duplicates

Sample Analysis Method

All samples were analysed at ALS Laboratories in Perth, Australia. All samples used in the Mineral Resource estimation were assayed via fire assay with atomic absorption spectroscopy (AAS) finish. Charge weights of 50 g were used, with careful management of the flux ratios and fusion process. Standard fluxes were used on normal samples, and the fluxes adjusted before potting based on the oxidation, base metal and sulphur levels (based on portable X-ray fluorescence (pXRF) values). Fusion and cupellation happened under controlled conditions at 1100 and 900°C respectively. Prills were digested in aqua regia and then flamed in AAS. Any issues noted by the lab were documented.

The Competent Person has audited the laboratory prior to the 2018 drilling campaign and has carefully reviewed each step of the flux-mixing, fusion, deslagging, cupellation, digestion and AAS process. At the time of auditing, all steps were carried out in accordance with ALS's standard operating procedures.

A thorough quality control program was applied for sample analysis. In addition to ALS's own internal use of CRM material, a range of OREAS standards were used that were selected to cover the grade range, including CRMs close to the cut-off value. Daily monitoring identified several minor instances of errors at the laboratory (Figure 11), which were all immediately discussed with the laboratory management and resolved. After analysis of all results via appropriate monitoring systems, in the Competent Person’s opinion, the laboratory has delivered consistent results throughout the campaign.

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SUMMARY FOR OREAS254
Count 180 2.86 Assay Value Mean 2 CL 1 CL Assigned Value >5% >1CL outliers >8 cons. u/o Mean outliers diff (pos/neg) outliers
Max 2.720
Min 1.320
Standard deviation 0.136 2.76
Mean 2.526
Assigned Value 2.550 2.66
Control Process method
Moving Range STDV Control Plot
Consistency 2.56
condition paragraph total failed
>1CL 7 2.46
>2CL 3.1.a)i. 3
>5% >1CL>8 cons. u/o mean 3.1.a)ii.3.1.a)iii. 233 2.36
>6 cons. In/decrease 3.1.a)iv. 0
Accuracy Acceptance 2.26
Abs. Avg. Z-Score 2.2.a). 0.10
Exact bias 2.2.b). -0.94% 2.16
Precision Acceptance
Avg. Abs. Z-Score 2.3.b). 0.46
28-May 28-May 28-May 30-May 30-May 08-Jun 08-Jun 08-Jun 12-Jun 12-Jun 21-Jun 21-Jun 21-Jun 27-Jun 13-Jul 13-Jul 13-Jul 30-Jul 31-Jul 31-Jul 06-Aug 07-Aug 07-Aug 08-Aug 09-Aug 09-Aug 09-Aug 14-Aug 14-Aug 14-Aug 14-Aug 22-Aug 22-Aug 25-Sep 25-Sep 25-Sep 26-Sep 26-Sep 26-Sep 26-Sep 26-Sep 26-Sep 28-Sep 28-Sep 28-Sep 01-Oct 01-Oct 01-Oct 01-Oct 01-Oct 02-Oct 02-Oct 02-Oct 02-Oct 03-Oct 03-Oct 03-Oct 03-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 24-Oct 24-Oct 24-Oct 24-Oct 24-Oct 24-Oct 25-Oct 25-Oct 26-Oct 26-Oct 26-Oct 26-Oct 26-Oct 26-Oct 26-Oct 26-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct
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Figure 11. Consistency monitoring of accuracy using CRM OREAS 254.

Following the monitoring of consistency at the laboratory and the establishment of consistent results, all CRM laboratory results were checked for bias against the certified values. This was done for both Explaurum and ALS CRMs (total 7 different CRMs). Although some CRMs performed better than others, no statistically significant bias was detected.

The laboratory results are considered accurate across the entire campaign by the Competent Person.

Bulk Density

Bulk densities were measured using the core-submersion method for selected samples from the diamond drilling. Samples were not coated with wax prior to submersion and were not allowed to dry, because most of the samples were of very competent clay, which did not break up in water. Bulk wet densities were calculated and later converted to bulk dry densities after drying at the laboratory. The process was carefully qualitycontrolled and several process errors remedied throughout. Density values were compared with theoretical values by calculating the volume of the core and recording the weight, showing acceptable differences.

The Competent Person notes that determination of bulk dry densities using the water-submersion technique in regolith or conglomeritic material is difficult and therefore often discouraged. However, review of the processes and the results show a process of due care and results that align with several calliper-method cross checks. The density data therefore are fit for the purpose of resource estimation.

Estimation Methodology

The Mineral Resource was estimated using ordinary kriging (OK). This method was selected because, after subdomaining into low-grade (LG) and high-grade (HG) domains, followed by minor grade capping, the data showed an acceptable coefficient of variation within each of the domains (CV < 1.6).

Because of the observed relatively abrupt (‘hard’) grade boundaries, the estimation was carried out within the LG and HG domains, aiming to constrain the interpolation to only relevant samples that are broadly characterised by the same geological features. Significant effort was expended to find geological signatures that would identify and isolate different mineralised zones, or that would, for instance, define drivers for highvs low-grade zones.

The gold mineralisation at Mace mostly occurs as supergene. It has been separated into two domains, based on general geometry and depositional processes, with the Dm2 domain being spatially associated with the paleo-channel and being very continuous along the long axis of the deposit, and the Dm3 domain being associated with several flat lenses of typical supergene mineralisation hosted in the lower saprolite. The mineralisation appears to envelope the boundaries between regolith units (e.g. redox front, interface between MZ and US), rather than being contained within specific geological units, and therefore domains were not defined by geological boundaries but by grade boundaries.

Sample data points were extracted within the domains for the drilling of the recent 2018 drilling campaign and RC exploration drilling in the Mace area during 2016 and 2017. Diamond drilling was not included in the estimation as many of the holes were either twin drill holes to confirm RC results or were not sampled as they were drilled for other purposes (geotechnical and metallurgical). No compositing was required as all samples were 1 m. RC grades were not adjusted following the outcome of the diamond twin drilling.

Variograms were modelled for each of the domains. This showed a nugget of 55% for low-grade, and 70% for the high-grade domains, and long ranges of 35m for low-grade, and 15m for high-grade domains. These are relatively high nugget values and are likely to include a component of sampling errors.

The domains were then estimated using ordinary kriging into panels with 10 x 5 x 2 m dimensions. The block size was determined through a process of kriging neighbourhood analysis, which showed a significant improvement when choosing a 2m over a 1 m vertical block height. Sub-celling was applied at SMU scale of 5 x 5 x 1m. Three passes were applied with increasing search ellipses and decreasing minimum number of samples, with first-phase search neighbourhood criteria set to minimum 12 and maximum 35 samples and a 17.5 m search radius, and second-phase criteria set to minimum 8 and maximum 35 samples and a 35m search radius, filling most of the blocks.

The OK estimate was compared and checked with a polygonal (nearest neighbour) estimate and showed a reasonable correlation (lower grade, more tonnes), given the volume-variance effect at a 0 g/t Au cut-off.

Resource Classification

The Mineral Resource estimate has been classified in the Inferred category (Table 6). There is no material classified as Indicated or Measured.

Table 6. Mace project Mineral Resource classification

Classification	Tonnes (‘000)	Grade (g/t Au)	Cont. gold (koz)
Inferred	400	1.4	20
Total	400	1.4	20

Notes:

1. The Mineral Resource is classified in accordance with JORC, 2012 edition

2. The effective date of the mineral resource estimate is 3 December 2018.

3. The Mineral Resource is contained within E70/2132, M70/815 and M70/816

4. Estimates are rounded to reflect the level of confidence in these resources at the present time. All resources have been rounded to the nearest 100,000 tonnes

5. The mineral resource is reported at 0.1 g/t Au cut-off grade

The Mineral Resource estimate has been classified in accordance with the JORC Code (2012). In classifying the Mineral Resource estimate, the Competent Person has considered the bias in the RC sampling on which the estimation was based. However, there is good comfort in the high Kriging efficiencies (~0.38), as a direct result of the close-spaced drilling and strict pattern, and despite the low co-variance demonstrated in the variograms. Any bias introduced by the poor sampling has therefore resulted in a conservative estimate and should be regarded as an upside to the project.

Portions of the deposit that do not have reasonable prospects for eventual economic extraction are not included in the Mineral Resource estimate.

Metallurgy

At Mace, metallurgical tests have been carried out on composited samples taken along the Mace paleo channel in the Tertiary sediments and adjacent weathered bedrock in the northwest part of the deposit.

Preliminary test work has shown that gravity and cyanidation are effective for the gold extraction as rapid and near complete dissolution of gold will result in greater than 96% gold recovery at moderate cyanide and low lime consumptions. Concentrations of arsenic and other deleterious elements (copper, antimony, tellurium, carbon and mercury) are low.

More test work is underway to investigate further metallurgical properties of the mineralisation and to cover the entire deposit. This will map the metallurgical zones of the deposit in more detail for mine planning purposes.

In the Competent Person’s view, the metallurgical test work is sufficient to show the potential for economic extraction of the Mineral Resource.

Cut-off Grades & Mining Methods

A cut-off grade of 0.1g/t Au on the resource blocks at SMU scale was determined as an appropriate cut-off grade. This value was adopted from the optimisation work carried out on the weathered material at the main Tampia deposit, which shows similar characteristics, and which took into consideration all available geotechnical, metallurgical, hydrogeological parameters. Various gold price scenarios were evaluated, with the selected 0.1 g/t Au cut-off reflecting a gold price of A$1675/oz.

Next steps

Additional extensional drilling

Extension and infill drilling of the +400m of the Mace mineralisation not currently in resource will be drilled after harvesting is completed in December. This has been planned along with extension and exploration drilling for additional supergene gold resources up to 1,700m to the west of the current Mace resource area targeting the creek and associated gold soil anomalies (Figure 12). This planned drilling consists of 633 RC drill holes for a total of 12,660m.

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Figure 12. Planned infill and extension drilling to the west of Mace targeting supergene gold intersected in previous exploration drilling and gold soil anomalies compared to 80m by 10m and 40m by 10m drill results (smaller circles) and the Tampia feasibility pit design.

For further information, contact:

John Lawton

Managing Director Explaurum Limited +61 7 3333 2722

Competent Persons’ Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Gregor Partington, who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Partington is also a Member of the Australian Institute of Geoscientists. Dr Partington is General Manager Operations and an employee of Explaurum Limited and has sufficient experience relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Partington consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mr René Sterk, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.

Mr Sterk is employed by RSC Global Pty Ltd. He 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 a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Sterk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Table 1: Drill collar details of Mace infill RC drill holes

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPRC122	Mace	RC	Mineralised	636,493	6,440,088	331	-90	0	22
MPRC123	Mace	RC	Mineralised	636,489	6,440,080	331	-90	0	22
MPRC124	Mace	RC	Unmineralised	636,486	6,440,072	331	-90	0	22
MPRC125	Mace	RC	Mineralised	636,482	6,440,065	331	-90	0	22
MPRC126	Mace	RC	Mineralised	636,479	6,440,059	331	-90	0	22
MPRC127	Mace	RC	Mineralised	636,476	6,440,051	331	-90	0	22
MPRC128	Mace	RC	Mineralised	636,462	6,440,118	330	-90	0	28
MPRC129	Mace	RC	Mineralised	636,458	6,440,112	330	-90	0	28
MPRC130	Mace	RC	Mineralised	636,451	6,440,100	330	-90	0	22
MPRC131	Mace	RC	Mineralised	636,446	6,440,090	330	-90	0	22
MPRC132	Mace	RC	Mineralised	636,441	6,440,081	330	-90	0	22
MPRC133	Mace	RC	Mineralised	636,436	6,440,072	331	-90	0	22
MPRC134	Mace	RC	Mineralised	636,401	6,440,090	330	-90	0	22
MPRC135	Mace	RC	Mineralised	636,406	6,440,099	330	-90	0	22
MPRC136	Mace	RC	Mineralised	636,411	6,440,107	330	-90	0	22
MPRC137	Mace	RC	Mineralised	636,415	6,440,114	330	-90	0	22
MPRC138	Mace	RC	Mineralised	636,391	6,440,150	329	-70	0	22
MPRC139	Mace	RC	Mineralised	636,386	6,440,144	329	-90	90	22
MPRC140	Mace	RC	Mineralised	636,381	6,440,135	330	-90	0	22
MPRC141	Mace	RC	Mineralised	636,376	6,440,125	330	-90	0	22
MPRC142	Mace	RC	Mineralised	636,372	6,440,117	330	-90	0	22
MPRC143	Mace	RC	Unmineralised	636,322	6,440,113	330	-90	0	22
MPRC144	Mace	RC	Mineralised	636,316	6,440,167	329	-70	0	28
MPRC145	Mace	RC	Unmineralised	636,311	6,440,166	329	-90	0	28
MPRC146	Mace	RC	Unmineralised	636,307	6,440,157	329	-90	0	22
MPRC147	Mace	RC	Unmineralised	636,302	6,440,147	329	-90	0	22
MPRC148	Mace	RC	Unmineralised	636,239	6,440,216	328	-70	90	46
MPRC149	Mace	RC	Unmineralised	636,239	6,440,207	328	-90	0	46
MPRC150	Mace	RC	Mineralised	636,179	6,440,262	328	-90	0	40
MPRC151	Mace	RC	Unmineralised	636,174	6,440,257	328	-90	0	40

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPRC152	Mace	RC	Unmineralised	636,044	6,440,353	327	-90	0	34
MPRC153	Mace	RC	Unmineralised	636,002	6,440,436	326	-90	0	40
MPRC154	Mace	RC	Mineralised	635,998	6,440,428	326	-90	0	40
MPRC155	Mace	RC	Mineralised	635,992	6,440,419	327	-90	0	40
MPRC156	Mace	RC	Mineralised	635,987	6,440,410	327	-90	0	40
MPRC157	Mace	RC	Unmineralised	635,983	6,440,402	327	-90	0	40
MPRC158	Mace	RC	Mineralised	636,117	6,440,324	327	-70	90	34
MPRC159	Mace	RC	Mineralised	636,115	6,440,315	327	-90	0	34
MPRC160	Mace	RC	Mineralised	636,110	6,440,307	327	-90	0	28
MPRC161	Mace	RC	Mineralised	636,068	6,440,391	327	-90	0	28
MPRC162	Mace	RC	Unmineralised	636,073	6,440,400	327	-90	0	28
MPRC163	Mace	RC	Unmineralised	636,077	6,440,407	327	-90	0	28
MPRC164	Mace	RC	Mineralised	636,071	6,440,377	327	-70	270	34
MPRC165	Mace	RC	Unmineralised	636,082	6,440,414	327	-90	0	28
MPRC166	Mace	RC	Unmineralised	636,126	6,440,331	327	-90	0	28
MPRC167	Mace	RC	Unmineralised	636,131	6,440,340	327	-90	0	16
MPRC168	Mace	RC	Unmineralised	636,130	6,440,341	327	-90	0	34
MPRC169	Mace	RC	Mineralised	636,136	6,440,349	327	-90	0	34
MPRC170	Mace	RC	Mineralised	636,183	6,440,279	328	-70	180	34
MPRC171	Mace	RC	Mineralised	636,189	6,440,283	328	-90	0	28
MPRC172	Mace	RC	Unmineralised	636,194	6,440,290	328	-90	0	28
MPRC173	Mace	RC	Mineralised	636,199	6,440,298	328	-90	0	28
MPRC174	Mace	RC	Unmineralised	636,205	6,440,308	328	-90	0	34
MPRC175	Mace	RC	Mineralised	636,249	6,440,230	328	-70	180	40
MPRC176	Mace	RC	Mineralised	636,255	6,440,232	328	-90	0	40
MPRC177	Mace	RC	Mineralised	636,260	6,440,241	328	-90	0	28
MPRC178	Mace	RC	Mineralised	636,265	6,440,249	328	-90	0	34
MPRC179	Mace	RC	Mineralised	636,270	6,440,259	328	-90	0	34
MPRC180	Mace	RC	Mineralised	636,275	6,440,267	328	-90	0	34
MPRC181	Mace	RC	Mineralised	636,320	6,440,184	329	-90	0	28
MPRC182	Mace	RC	Mineralised	636,324	6,440,193	329	-90	0	22

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPRC183	Mace	RC	Mineralised	636,328	6,440,201	329	-90	0	22
MPRC184	Mace	RC	Mineralised	636,336	6,440,208	329	-70	320	28
MPRC185	Mace	RC	Mineralised	636,397	6,440,163	329	-90	0	16
MPRC186	Mace	RC	Mineralised	636,402	6,440,172	329	-90	0	16
MPRC187	Mace	RC	Mineralised	636,407	6,440,180	329	-90	0	16
MPRC188	Mace	RC	Mineralised	636,412	6,440,189	329	-90	0	16
MPRC189	Mace	RC	Mineralised	636,417	6,440,198	329	-90	0	16
MPRC190	Mace	RC	Mineralised	636,452	6,440,177	330	-90	0	16
MPRC191	Mace	RC	Mineralised	636,475	6,440,140	330	-90	0	22
MPRC192	Mace	RC	Mineralised	636,481	6,440,151	330	-90	0	22
MPRC193	Mace	RC	Mineralised	636,485	6,440,157	330	-90	0	16
MPRC194	Mace	RC	Mineralised	636,490	6,440,166	330	-90	0	16
MPRC195	Mace	RC	Mineralised	636,529	6,440,162	330	-90	0	10
MPRC196	Mace	RC	Mineralised	636,474	6,440,129	330	-70	0	22
MPRC197	Mace	RC	Mineralised	636,466	6,440,124	330	-90	0	16
MPRC198	Mace	RC	Mineralised	636,395	6,440,079	330	-90	0	10
MPRC199	Mace	RC	Mineralised	636,390	6,440,070	331	-90	0	10
MPRC200	Mace	RC	Mineralised	636,368	6,440,110	330	-90	0	10
MPRC201	Mace	RC	Unmineralised	636,169	6,440,246	328	-90	0	28
MPRC202	Mace	RC	Unmineralised	636,105	6,440,296	327	-90	0	28
MPRC203	Mace	RC	Unmineralised	636,100	6,440,286	328	-90	0	28
MPRC204	Mace	RC	Unmineralised	636,037	6,440,341	328	-90	0	22
MPRC205	Mace	RC	Mineralised	636,140	6,440,358	327	-90	0	34
MPRC206	Mace	RC	Unmineralised	636,210	6,440,315	328	-90	0	28
MPRC207	Mace	RC	Unmineralised	636,280	6,440,276	329	-90	0	34
MPRC208	Mace	RC	Mineralised	636,335	6,440,228	329	-70	140	28
MPRC209	Mace	RC	Mineralised	636,341	6,440,234	329	-80	150	28
MPRC210	Mace	RC	Unmineralised	636,380	6,440,208	329	-90	0	22
MPRC211	Mace	RC	Unmineralised	636,431	6,440,062	331	-90	0	10
MPRC212	Mace	RC	Mineralised	636,385	6,440,063	331	-90	0	10
MPRC213	Mace	RC	Mineralised	636,362	6,440,101	330	-90	0	22

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPRC214	Mace	RC	mineralised	636,051	6,440,373	327	-65	110	22
MPRC215	Mace	RC	mineralised	636,046	6,440,363	327	-60	110	22
MPRC216	Mace	RC	unmineralised	636,020	6,440,424	326	-90	0	14
MPRC217	Mace	RC	mineralised	636,016	6,440,417	326	-90	0	17
MPRC218	Mace	RC	mineralised	636,009	6,440,408	327	-90	0	17
MPRC219	Mace	RC	mineralised	636,004	6,440,400	327	-90	0	17
MPRC220	Mace	RC	unmineralised	635,999	6,440,391	327	-90	110	12
MPRC221	Mace	RC	unmineralised	635,994	6,440,384	327	-90	0	8
MPRC222	Mace	RC	mineralised	636,044	6,440,388	327	-90	0	18
MPRC223	Mace	RC	mineralised	636,039	6,440,380	327	-90	0	18
MPRC224	Mace	RC	mineralised	636,034	6,440,372	327	-90	0	18
MPRC225	Mace	RC	unmineralised	636,030	6,440,363	327	-90	0	8
MPRC226	Mace	RC	mineralised	636,075	6,440,360	327	-90	0	18
MPRC227	Mace	RC	mineralised	636,070	6,440,352	327	-90	0	18
MPRC228	Mace	RC	unmineralised	636,065	6,440,343	327	-90	0	8
MPRC229	Mace	RC	mineralised	636,103	6,440,334	327	-90	0	17
MPRC230	Mace	RC	mineralised	636,098	6,440,323	327	-90	0	17
MPRC231	Mace	RC	unmineralised	636,093	6,440,315	327	-90	0	11
MPRC232	Mace	RC	mineralised	636,132	6,440,302	327	-90	0	19
MPRC233	Mace	RC	unmineralised	636,127	6,440,293	327	-90	0	16
MPRC234	Mace	RC	unmineralised	636,122	6,440,285	328	-90	0	8
MPRC235	Mace	RC	mineralised	636,162	6,440,273	328	-90	0	17
MPRC236	Mace	RC	unmineralised	636,156	6,440,265	328	-90	0	16
MPRC237	Mace	RC	unmineralised	636,151	6,440,257	328	-90	0	10
MPRC238	Mace	RC	unmineralised	636,192	6,440,247	328	-90	0	16
MPRC239	Mace	RC	unmineralised	636,227	6,440,227	328	-90	0	8
MPRC240	Mace	RC	mineralised	636,079	6,440,370	327	-90	0	18
MPRC241	Mace	RC	mineralised	636,084	6,440,378	327	-90	0	18
MPRC242	Mace	RC	mineralised	636,089	6,440,386	327	-90	0	17
MPRC243	Mace	RC	mineralised	636,094	6,440,395	327	-90	0	13
MPRC244	Mace	RC	mineralised	636,113	6,440,349	327	-90	0	17

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Depth
MPRC245	Mace	RC	mineralised	636,118	6,440,358	327	-90	16
MPRC246	Mace	RC	unmineralised	636,123	6,440,366	327	-90	15
MPRC247	Mace	RC	unmineralised	636,129	6,440,376	327	-90	11
MPRC248	Mace	RC	unmineralised	636,142	6,440,319	327	-90	15
MPRC249	Mace	RC	unmineralised	636,146	6,440,328	327	-90	11
MPRC250	Mace	RC	unmineralised	636,151	6,440,337	327	-90	7
MPRC251	Mace	RC	unmineralised	636,176	6,440,299	328	-90	13
MPRC252	Mace	RC	unmineralised	636,182	6,440,308	328	-90	11
MPRC253	Mace	RC	unmineralised	636,187	6,440,316	328	-90	6
MPRC254	Mace	RC	mineralised	636,207	6,440,272	328	-90	18
MPRC255	Mace	RC	unmineralised	636,211	6,440,280	328	-90	17
MPRC256	Mace	RC	unmineralised	636,217	6,440,289	328	-90	15
MPRC257	Mace	RC	unmineralised	636,222	6,440,298	328	-90	13
MPRC258	Mace	RC	unmineralised	636,228	6,440,305	328	-90	7
MPRC259	Mace	RC	mineralised	636,244	6,440,253	328	-90	20
MPRC260	Mace	RC	mineralised	636,248	6,440,261	328	-90	20
MPRC261	Mace	RC	mineralised	636,253	6,440,270	328	-90	19
MPRC262	Mace	RC	unmineralised	636,257	6,440,278	328	-90	16
MPRC263	Mace	RC	unmineralised	636,261	6,440,287	328	-90	10
MPRC264	Mace	RC	mineralised	636,275	6,440,226	328	-90	21
MPRC265	Mace	RC	mineralised	636,279	6,440,233	329	-90	22
MPRC266	Mace	RC	mineralised	636,284	6,440,241	329	-90	21
MPRC267	Mace	RC	mineralised	636,289	6,440,249	329	-90	19
MPRC268	Mace	RC	mineralised	636,294	6,440,257	329	-90	15
MPRC269	Mace	RC	unmineralised	636,299	6,440,265	329	-90	8
MPRC270	Mace	RC	mineralised	636,316	6,440,220	329	-90	22
MPRC271	Mace	RC	mineralised	636,321	6,440,229	329	-90	19
MPRC272	Mace	RC	mineralised	636,326	6,440,240	329	-90	17
MPRC273	Mace	RC	mineralised	636,303	6,440,193	329	-90	20
MPRC274	Mace	RC	mineralised	636,342	6,440,184	329	-90	18
MPRC275	Mace	RC	mineralised	636,346	6,440,192	329	-90	17

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Depth
MPRC276	Mace	RC	mineralised	636,349	6,440,201	329	-90	17
MPRC277	Mace	RC	mineralised	636,356	6,440,210	329	-90	17
MPRC278	Mace	RC	mineralised	636,381	6,440,171	329	-90	14
MPRC279	Mace	RC	unmineralised	636,385	6,440,180	329	-90	13
MPRC280	Mace	RC	mineralised	636,390	6,440,188	329	-90	14
MPRC281	Mace	RC	mineralised	636,395	6,440,198	329	-90	13
MPRC282	Mace	RC	mineralised	636,419	6,440,160	330	-90	16
MPRC283	Mace	RC	mineralised	636,423	6,440,167	330	-90	14
MPRC284	Mace	RC	mineralised	636,428	6,440,176	330	-90	13
MPRC285	Mace	RC	unmineralised	636,433	6,440,184	330	-90	13
MPRC286	Mace	RC	unmineralised	636,458	6,440,147	330	-90	17
MPRC287	Mace	RC	mineralised	636,463	6,440,156	330	-90	17
MPRC288	Mace	RC	mineralised	636,467	6,440,165	330	-90	15
MPRC289	Mace	RC	mineralised	636,472	6,440,174	330	-90	10
MPRC290	Mace	RC	unmineralised	636,506	6,440,144	330	-90	14
MPRC291	Mace	RC	unmineralised	636,510	6,440,153	330	-90	10
MPRC292	Mace	RC	unmineralised	636,514	6,440,161	330	-90	6
MPRC293	Mace	RC	mineralised	636,491	6,440,120	330	-90	16
MPRC294	Mace	RC	mineralised	636,486	6,440,111	330	-90	15
MPRC295	Mace	RC	mineralised	636,481	6,440,101	331	-90	22
MPRC296	Mace	RC	mineralised	636,477	6,440,094	331	-90	22
MPRC297	Mace	RC	mineralised	636,470	6,440,083	331	-90	19
MPRC298	Mace	RC	unmineralised	636,465	6,440,075	331	-90	18
MPRC299	Mace	RC	mineralised	636,460	6,440,066	331	-90	15
MPRC300	Mace	RC	unmineralised	636,455	6,440,058	331	-90	15
MPRC301	Mace	RC	unmineralised	636,449	6,440,048	331	-90	10
MPRC302	Mace	RC	mineralised	636,444	6,440,122	330	-90	21
MPRC303	Mace	RC	mineralised	636,439	6,440,113	330	-90	20
MPRC304	Mace	RC	mineralised	636,434	6,440,105	330	-90	17
MPRC305	Mace	RC	mineralised	636,430	6,440,097	330	-90	16
MPRC306	Mace	RC	mineralised	636,425	6,440,088	330	-90	13

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPRC307	Mace	RC	mineralised	636,420	6,440,080	330	-90	0	13
MPRC308	Mace	RC	unmineralised	636,415	6,440,071	331	-90	0	9
MPRC309	Mace	RC	mineralised	636,410	6,440,143	330	-90	0	17
MPRC310	Mace	RC	unmineralised	636,403	6,440,135	330	-90	0	15
MPRC311	Mace	RC	mineralised	636,396	6,440,127	330	-90	0	14
MPRC312	Mace	RC	mineralised	636,390	6,440,117	330	-90	0	12
MPRC313	Mace	RC	unmineralised	636,386	6,440,109	330	-90	0	10
MPRC314	Mace	RC	mineralised	636,374	6,440,157	329	-55	0	15
MPRC315	Mace	RC	mineralised	636,371	6,440,153	329	-90	0	15
MPRC316	Mace	RC	unmineralised	636,366	6,440,143	329	-90	0	13
MPRC317	Mace	RC	mineralised	636,362	6,440,136	329	-90	0	11
MPRC318	Mace	RC	mineralised	636,356	6,440,126	330	-90	0	9
MPRC319	Mace	RC	unmineralised	636,326	6,440,158	329	-90	0	17
MPRC320	Mace	RC	mineralised	636,320	6,440,148	329	-90	0	13
MPRC321	Mace	RC	unmineralised	636,315	6,440,138	329	-90	0	11
MPRC322	Mace	RC	unmineralised	636,226	6,440,231	328	-55	50	17
MPRC323	Mace	RC	mineralised	636,186	6,440,252	328	-50	60	17
MPRC324	Mace	RC	unmineralised	636,160	6,440,277	328	-50	50	18
MPRC325	Mace	RC	mineralised	636,041	6,440,391	327	-55	60	18
MPRC326	Mace	RC	unmineralised	636,057	6,440,410	327	-65	210	16
MPRC327	Mace	RC	mineralised	636,112	6,440,347	327	-55	240	18
MPRC328	Mace	RC	unmineralised	636,144	6,440,316	327	-60	230	18
MPRC329	Mace	RC	mineralised	636,173	6,440,293	327	-70	180	16
MPRC330	Mace	RC	mineralised	636,212	6,440,265	328	-50	250	17
MPRC331	Mace	RC	unmineralised	636,237	6,440,246	328	-60	180	21
MPRC332	Mace	RC	unmineralised	636,268	6,440,218	328	-60	180	19
MPRC333	Mace	RC	unmineralised	636,312	6,440,212	329	-60	180	21
MPRC334	Mace	RC	mineralised	636,363	6,440,212	329	-60	0	15
MPRC335	Mace	RC	mineralised	636,308	6,440,196	329	-60	0	21
MPRC336	Mace	RC	unmineralised	636,268	6,440,201	328	-50	310	16
MPRC337	Mace	RC	unmineralised	636,303	6,440,184	328	-60	260	21

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPRC338	Mace	RC	mineralised	636,331	6,440,181	329	-55	130	22
MPRC339	Mace	RC	mineralised	636,413	6,440,158	330	-55	180	17
MPRC340	Mace	RC	mineralised	636,443	6,440,148	330	-60	180	19
MPRC341	Mace	RC	mineralised	636,500	6,440,141	330	-65	180	15
MPRC342	Mace	RC	unmineralised	636,487	6,440,121	330	-50	45	20
MPRC343	Mace	RC	mineralised	636,449	6,440,125	330	-60	0	20
MPRC344	Mace	RC	mineralised	636,320	6,440,161	329	-50	60	23

Table 2: Composited intersections from exploration RC drilling (Using a 0.5 g/t Au cut off, minimum of 1m width, internal dilution of 3m; NSI = No significant intersection).

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC122	Mace	636,493	6,440,088	331	4	17	13	13.18
Including					9	11	2	76.00
MPRC123	Mace	636,489	6,440,080	331	0	16	16	2.52
MPRC124	Mace	636,486	6,440,072	331	NSI
MPRC125	Mace	636,482	6,440,065	331	NSI
MPRC126	Mace	636,479	6,440,059	331	NSI
MPRC127	Mace	636,476	6,440,051	331	7	8	1	1.02
MPRC127	Mace	636,476	6,440,051	331	12	13	1	0.52
MPRC128	Mace	636,462	6,440,118	330	14	16	2	5.52
MPRC129	Mace	636,458	6,440,112	330	9	11	2	0.69
MPRC130	Mace	636,451	6,440,100	330	9	10	1	0.54
MPRC131	Mace	636,446	6,440,090	330	4	5	1	2.68
MPRC132	Mace	636,441	6,440,081	330	NSI
MPRC133	Mace	636,436	6,440,072	331	5	6	1	0.53
MPRC133	Mace	636,436	6,440,072	331	9	10	1	0.53
MPRC133	Mace	636,436	6,440,072	331	14	15	1	0.54
MPRC134	Mace	636,401	6,440,090	330	20	21	1	0.74
MPRC135	Mace	636,406	6,440,099	330	6	7	1	0.57
MPRC136	Mace	636,411	6,440,107	330	6	7	1	0.79
MPRC136	Mace	636,411	6,440,107	330	15	20	5	2.19

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC137	Mace	636,415	6,440,114	330	6	10	4	1.79
MPRC138	Mace	636,391	6,440,150	329	7	15	8	5.49
Including					8	9	1	38.00
MPRC139	Mace	636,386	6,440,144	329	8	10	2	0.55
MPRC139	Mace	636,386	6,440,144	329	14	15	1	0.93
MPRC140	Mace	636,381	6,440,135	330	7	11	4	1.28
MPRC141	Mace	636,376	6,440,125	330	14	15	1	0.58
MPRC142	Mace	636,372	6,440,117	330	15	16	1	0.82
MPRC143	Mace	636,322	6,440,113	330	NSI
MPRC144	Mace	636,316	6,440,167	329	NSI
MPRC145	Mace	636,311	6,440,166	329	NSI
MPRC146	Mace	636,307	6,440,157	329	NSI
MPRC147	Mace	636,302	6,440,147	329	NSI
MPRC148	Mace	636,239	6,440,216	328	NSI
MPRC149	Mace	636,239	6,440,207	328	NSI
MPRC150	Mace	636,179	6,440,262	328	11	13	2	4.09
MPRC151	Mace	636,174	6,440,257	328	NSI
MPRC152	Mace	636,044	6,440,353	327	NSI
MPRC153	Mace	636,002	6,440,436	326	NSI
MPRC154	Mace	635,998	6,440,428	326	11	15	4	4.93
MPRC155	Mace	635,992	6,440,419	327	10	14	4	3.12
MPRC156	Mace	635,987	6,440,410	327	13	14	1	1.11
MPRC157	Mace	635,983	6,440,402	327	NSI
MPRC158	Mace	636,117	6,440,324	327	13	15	2	4.66
MPRC159	Mace	636,115	6,440,315	327	12	16	4	3.06
MPRC160	Mace	636,110	6,440,307	327	NSI
MPRC161	Mace	636,068	6,440,391	327	12	14	2	8.15
MPRC162	Mace	636,073	6,440,400	327	NSI
MPRC163	Mace	636,077	6,440,407	327	NSI
MPRC164	Mace	636,071	6,440,377	327	10	18	8	5.89
including					12	13	1	37.60

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC165	Mace	636,082	6,440,414	327	NSI
MPRC166	Mace	636,126	6,440,331	327	NSI
MPRC167	Mace	636,131	6,440,340	327	NSI
MPRC168	Mace	636,130	6,440,341	327	NSI
MPRC169	Mace	636,136	6,440,349	327	13	14	1	0.62
MPRC170	Mace	636,183	6,440,279	328	NSI
MPRC171	Mace	636,189	6,440,283	328	2	3	1	4.91
MPRC172	Mace	636,194	6,440,290	328	NSI
MPRC173	Mace	636,199	6,440,298	328	NSI
MPRC174	Mace	636,205	6,440,308	328	NSI
MPRC175	Mace	636,249	6,440,230	328	NSI
MPRC176	Mace	636,255	6,440,232	328	9	10	1	3.12
MPRC177	Mace	636,260	6,440,241	328	6	9	3	1.28
MPRC178	Mace	636,265	6,440,249	328	5	8	3	3.27
MPRC179	Mace	636,270	6,440,259	328	7	10	3	2.30
MPRC180	Mace	636,275	6,440,267	328	9	10	1	3.42
MPRC181	Mace	636,320	6,440,184	329	8	12	4	0.54
MPRC182	Mace	636,324	6,440,193	329	5	6	1	0.73
MPRC182	Mace	636,324	6,440,193	329	8	9	1	0.58
MPRC182	Mace	636,324	6,440,193	329	11	12	1	0.97
MPRC183	Mace	636,328	6,440,201	329	3	13	10	2.82
including					11	12	1	23.60
MPRC184	Mace	636,336	6,440,208	329	4	7	3	0.55
MPRC185	Mace	636,397	6,440,163	329	4	5	1	0.65
MPRC185	Mace	636,397	6,440,163	329	8	9	1	0.55
MPRC185	Mace	636,397	6,440,163	329	12	13	1	0.53
MPRC186	Mace	636,402	6,440,172	329	13	14	1	1.11
MPRC187	Mace	636,407	6,440,180	329	4	6	2	0.69
MPRC187	Mace	636,407	6,440,180	329	10	11	1	0.83
MPRC188	Mace	636,412	6,440,189	329	3	6	3	0.94
MPRC189	Mace	636,417	6,440,198	329	3	4	1	0.98

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC190	Mace	636,452	6,440,177	330	1	2	1	0.80
MPRC191	Mace	636,475	6,440,140	330	5	6	1	2.82
MPRC192	Mace	636,481	6,440,151	330	11	12	1	0.80
MPRC192	Mace	636,481	6,440,151	330	15	17	2	0.57
MPRC193	Mace	636,485	6,440,157	330	7	11	4	0.74
MPRC194	Mace	636,490	6,440,166	330	2	3	1	1.08
MPRC194	Mace	636,490	6,440,166	330	9	13	4	2.01
MPRC195	Mace	636,529	6,440,162	330	2	9	7	3.16
MPRC196	Mace	636,474	6,440,129	330	15	19	4	0.68
MPRC197	Mace	636,466	6,440,124	330	15	16	1	0.55
MPRC198	Mace	636,395	6,440,079	330	8	9	1	1.48
MPRC199	Mace	636,390	6,440,070	331	8	9	1	0.50
MPRC200	Mace	636,368	6,440,110	330	NSI
MPRC201	Mace	636,169	6,440,246	328	NSI
MPRC202	Mace	636,105	6,440,296	327	NSI
MPRC203	Mace	636,100	6,440,286	328	NSI
MPRC204	Mace	636,037	6,440,341	328	NSI
MPRC205	Mace	636,140	6,440,358	327	NSI
MPRC206	Mace	636,210	6,440,315	328	NSI
MPRC207	Mace	636,280	6,440,276	329	NSI
MPRC208	Mace	636,335	6,440,228	329	12	13	1	0.96
MPRC208	Mace	636,335	6,440,228	329	22	23	1	18.70
MPRC209	Mace	636,341	6,440,234	329	8	10	2	0.66
MPRC210	Mace	636,380	6,440,208	329	NSI
MPRC211	Mace	636,431	6,440,062	331	NSI
MPRC212	Mace	636,385	6,440,063	331	9	10	1	0.73
MPRC213	Mace	636,362	6,440,101	330	5	6	1	0.67
MPRC213	Mace	636,362	6,440,101	330	12	13	1	1.67
MPRC213	Mace	636,362	6,440,101	330	18	19	1	0.51
MPRC214	Mace	636,051	6,440,373	327	13	17	4	0.88
MPRC215	Mace	636,046	6,440,363	327	16	17	1	0.94

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC216	Mace	636,020	6,440,424	326	NSI
MPRC217	Mace	636,016	6,440,417	326	9	14	5	3.95
MPRC218	Mace	636,009	6,440,408	327	9	14	5	6.30
MPRC219	Mace	636,004	6,440,400	327	0	1	1	0.76
MPRC219	Mace	636,004	6,440,400	327	14	15	1	1.50
MPRC220	Mace	635,999	6,440,391	327	NSI
MPRC221	Mace	635,994	6,440,384	327	NSI
MPRC222	Mace	636,044	6,440,388	327	13	14	1	3.17
MPRC223	Mace	636,039	6,440,380	327	13	14	1	0.56
MPRC224	Mace	636,034	6,440,372	327	9	14	5	0.59
MPRC225	Mace	636,030	6,440,363	327	NSI
MPRC226	Mace	636,075	6,440,360	327	6	7	1	0.53
MPRC226	Mace	636,075	6,440,360	327	8	13	5	0.89
MPRC227	Mace	636,070	6,440,352	327	1	2	1	2.44
MPRC227	Mace	636,070	6,440,352	327	11	14	3	1.78
MPRC228	Mace	636,065	6,440,343	327	NSI
MPRC229	Mace	636,103	6,440,334	327	12	16	4	2.13
MPRC230	Mace	636,098	6,440,323	327	3	4	1	0.59
MPRC230	Mace	636,098	6,440,323	327	11	13	2	1.05
MPRC231	Mace	636,093	6,440,315	327	NSI
MPRC232	Mace	636,132	6,440,302	327	11	14	3	5.35
MPRC233	Mace	636,127	6,440,293	327	NSI
MPRC234	Mace	636,122	6,440,285	328	NSI
MPRC235	Mace	636,162	6,440,273	328	10	12	2	13.21
including					10	11	1	22.90
MPRC236	Mace	636,156	6,440,265	328	NSI
MPRC237	Mace	636,151	6,440,257	328	NSI
MPRC238	Mace	636,192	6,440,247	328	NSI
MPRC239	Mace	636,227	6,440,227	328	NSI
MPRC240	Mace	636,079	6,440,370	327	11	14	3	1.78
MPRC241	Mace	636,084	6,440,378	327	9	13	4	0.99

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC242	Mace	636,089	6,440,386	327	9	12	3	2.03
MPRC243	Mace	636,094	6,440,395	327	2	3	1	2.62
MPRC244	Mace	636,113	6,440,349	327	7	10	3	0.85
MPRC245	Mace	636,118	6,440,358	327	11	12	1	3.27
MPRC246	Mace	636,123	6,440,366	327	NSI
MPRC247	Mace	636,129	6,440,376	327	NSI
MPRC248	Mace	636,142	6,440,319	327	NSI
MPRC249	Mace	636,146	6,440,328	327	NSI
MPRC250	Mace	636,151	6,440,337	327	NSI
MPRC251	Mace	636,176	6,440,299	328	NSI
MPRC252	Mace	636,182	6,440,308	328	NSI
MPRC253	Mace	636,187	6,440,316	328	NSI
MPRC254	Mace	636,207	6,440,272	328	10	11	1	0.92
MPRC255	Mace	636,211	6,440,280	328	NSI
MPRC256	Mace	636,217	6,440,289	328	NSI
MPRC257	Mace	636,222	6,440,298	328	NSI
MPRC258	Mace	636,228	6,440,305	328	NSI
MPRC259	Mace	636,244	6,440,253	328	3	4	1	0.85
MPRC259	Mace	636,244	6,440,253	328	8	12	4	2.15
MPRC260	Mace	636,248	6,440,261	328	3	4	1	0.81
MPRC260	Mace	636,248	6,440,261	328	8	14	6	0.93
MPRC261	Mace	636,253	6,440,270	328	8	10	2	1.33
MPRC262	Mace	636,257	6,440,278	328	NSI
MPRC263	Mace	636,261	6,440,287	328	NSI
MPRC264	Mace	636,275	6,440,226	328	3	4	1	0.73
MPRC264	Mace	636,275	6,440,226	328	8	11	3	1.53
MPRC265	Mace	636,279	6,440,233	329	7	10	3	1.22
MPRC266	Mace	636,284	6,440,241	329	8	11	3	2.53
MPRC267	Mace	636,289	6,440,249	329	7	8	1	1.09
MPRC268	Mace	636,294	6,440,257	329	7	8	1	1.42
MPRC269	Mace	636,299	6,440,265	329	NSI

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC270	Mace	636,316	6,440,220	329	3	4	1	0.61
MPRC271	Mace	636,321	6,440,229	329	6	10	4	0.95
MPRC272	Mace	636,326	6,440,240	329	4	5	1	0.75
MPRC273	Mace	636,303	6,440,193	329	9	10	1	0.78
MPRC274	Mace	636,342	6,440,184	329	6	13	7	25.90
Including					9	11	2	84.50
MPRC274	Mace	636,342	6,440,184	329	17	18	1	0.77
MPRC275	Mace	636,346	6,440,192	329	3	4	1	0.50
MPRC275	Mace	636,346	6,440,192	329	7	15	8	10.04
Including					9	10	1	59.20
MPRC276	Mace	636,349	6,440,201	329	6	8	2	2.67
MPRC276	Mace	636,349	6,440,201	329	12	13	1	0.92
MPRC277	Mace	636,356	6,440,210	329	3	6	3	0.61
MPRC278	Mace	636,381	6,440,171	329	8	13	5	4.16
MPRC279	Mace	636,385	6,440,180	329	6	7	1	0.50
MPRC280	Mace	636,390	6,440,188	329	1	2	1	0.70
MPRC280	Mace	636,390	6,440,188	329	3	5	2	1.34
MPRC281	Mace	636,395	6,440,198	329	1	2	1	2.05
MPRC282	Mace	636,419	6,440,160	330	8	9	1	0.81
MPRC283	Mace	636,423	6,440,167	330	7	13	6	5.70
Including					9	10	1	20.00
MPRC284	Mace	636,428	6,440,176	330	5	9	4	0.55
MPRC285	Mace	636,433	6,440,184	330	NSI
MPRC286	Mace	636,458	6,440,147	330	NSI
MPRC287	Mace	636,463	6,440,156	330	10	13	3	0.53
MPRC288	Mace	636,467	6,440,165	330	10	15	5	0.89
MPRC289	Mace	636,472	6,440,174	330	9	10	1	1.14
MPRC290	Mace	636,506	6,440,144	330	NSI
MPRC291	Mace	636,510	6,440,153	330	NSI
MPRC292	Mace	636,514	6,440,161	330	NSI
MPRC293	Mace	636,491	6,440,120	330	5	8	3	1.29

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC294	Mace	636,486	6,440,111	330	5	13	8	0.55
MPRC295	Mace	636,481	6,440,101	331	7	8	1	0.50
MPRC295	Mace	636,481	6,440,101	331	14	15	1	0.54
MPRC295	Mace	636,481	6,440,101	331	21	22	1	3.18
MPRC296	Mace	636,477	6,440,094	331	11	12	1	0.61
MPRC296	Mace	636,477	6,440,094	331	19	20	1	0.54
MPRC297	Mace	636,470	6,440,083	331	3	9	6	1.12
MPRC298	Mace	636,465	6,440,075	331	NSI
MPRC299	Mace	636,460	6,440,066	331	13	14	1	1.83
MPRC300	Mace	636,455	6,440,058	331	6	7	1	0.50
MPRC301	Mace	636,449	6,440,048	331
MPRC302	Mace	636,444	6,440,122	330	4	5	1	0.72
MPRC303	Mace	636,439	6,440,113	330	2	8	6	0.55
MPRC303	Mace	636,439	6,440,113	330	9	10	1	4.27
MPRC304	Mace	636,434	6,440,105	330	4	10	6	19.00
Including					8	10	2	55.55
MPRC304	Mace	636,434	6,440,105	330	15	16	1	0.79
MPRC305	Mace	636,430	6,440,097	330	4	5	1	2.94
MPRC306	Mace	636,425	6,440,088	330	12	13	1	1.13
MPRC307	Mace	636,420	6,440,080	330	7	12	5	2.09
MPRC308	Mace	636,415	6,440,071	331	NSI
MPRC309	Mace	636,410	6,440,143	330	6	9	3	1.58
MPRC310	Mace	636,403	6,440,135	330	NSI
MPRC311	Mace	636,396	6,440,127	330	5	11	6	0.55
MPRC312	Mace	636,390	6,440,117	330	4	9	5	0.90
MPRC313	Mace	636,386	6,440,109	330	NSI
MPRC314	Mace	636,374	6,440,157	329	4	6	2	0.54
MPRC314	Mace	636,374	6,440,157	329	9	14	5	4.47
MPRC315	Mace	636,371	6,440,153	329	0	1	1	0.98
MPRC315	Mace	636,371	6,440,153	329	7	10	3	1.16
MPRC316	Mace	636,366	6,440,143	329	NSI

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC317	Mace	636,362	6,440,136	329	8	9	1	0.53
MPRC318	Mace	636,356	6,440,126	330	8	9	1	1.03
MPRC319	Mace	636,326	6,440,158	329	NSI
MPRC320	Mace	636,320	6,440,148	329	3	4	1	0.80
MPRC321	Mace	636,315	6,440,138	329	NSI
MPRC322	Mace	636,226	6,440,231	328	NSI
MPRC323	Mace	636,186	6,440,252	328	15	17	2	4.95
MPRC324	Mace	636,160	6,440,277	328	NSI
MPRC325	Mace	636,041	6,440,391	327	14	17	3	3.45
MPRC326	Mace	636,057	6,440,410	327	NSI
MPRC327	Mace	636,112	6,440,347	327	13	17	4	2.92
MPRC328	Mace	636,144	6,440,316	327	NSI
MPRC329	Mace	636,173	6,440,293	327	4	5	1	1.79
MPRC330	Mace	636,212	6,440,265	328	4	5	1	0.99
MPRC330	Mace	636,212	6,440,265	328	15	16	1	3.16
MPRC331	Mace	636,237	6,440,246	328	NSI
MPRC332	Mace	636,268	6,440,218	328	NSI
MPRC333	Mace	636,312	6,440,212	329	NSI
MPRC334	Mace	636,363	6,440,212	329	4	5	1	0.65
MPRC334	Mace	636,363	6,440,212	329	11	13	2	0.97
MPRC335	Mace	636,308	6,440,196	329	7	14	7	4.47
MPRC336	Mace	636,268	6,440,201	328	NSI
MPRC337	Mace	636,303	6,440,184	328	NSI
MPRC338	Mace	636,331	6,440,181	329	10	15	5	9.76
Including					12	14	2	21.75
MPRC339	Mace	636,413	6,440,158	330	0	4	4	0.67
MPRC339	Mace	636,413	6,440,158	330	6	8	2	0.61
MPRC340	Mace	636,443	6,440,148	330	7	8	1	0.85
MPRC341	Mace	636,500	6,440,141	330	10	11	1	1.02
MPRC342	Mace	636,487	6,440,121	330	NSI
MPRC343	Mace	636,449	6,440,125	330	5	6	1	0.71

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPRC343	Mace	636,449	6,440,125	330	9	10	1	0.73
MPRC343	Mace	636,449	6,440,125	330	14	20	6	2.11
MPRC344	Mace	636,320	6,440,161	329	6	7	1	0.64

Table 3: Drill collar details of Mace diamond drill holes

Hole	Prospect	Type	Status	East mE	North mN	RL m	Dip	Azo	Depth
MPDD001	Mace	Check hole	Mineralised	635,955	6,440,438	326	-90	0	18.0
MPDD002	Mace	Metallurgy hole	Mineralised	636,031	6,440,406	326	-90	0	21.0
MPDD003	Mace	Check hole	Mineralised	636,096	6,440,363	327	-90	0	8.0
MPDD004	Mace	Check hole	Mineralised	636,096	6,440,363	327	-90	0	21.0
MPDD005	Mace	Check hole	Mineralised	636,148	6,440,289	327	-70	0	18.0
MPDD006	Mace	Check hole	Mineralised	636,224	6,440,260	328	-90	0	22.0
MPDD007	Mace	Check hole	Mineralised	636,293	6,440,221	329	-90	0	24.0
MPDD008	Mace	Check hole	Mineralised	636,352	6,440,178	329	-70	140	8.1
MPDD009	Mace	Check hole	Mineralised	636,351	6,440,178	329	-70	140	18.0
MPDD010	Mace	Check hole	Mineralised	636,423	6,440,124	330	-90	0	20.5
MPDD011	Mace	Check hole	Mineralised	636,503	6,440,107	331	-90	0	12.0
MPDD012	Mace	Check hole	Mineralised	636,423	6,440,123	330	-90	0	15.4
MPDD013	Mace	Check hole	Mineralised	636,219	6,440,260	328	-90	0	21.6
MPDD014	Mace	Check hole	Mineralised	636,502	6,440,107	331	-90	0	10.0
MPDD015	Mace	Metallurgy hole	Not Assayed	636,498	6,440,100	331	-90	0	6.0
MPDD016	Mace	Metallurgy hole	Not Assayed	636,498	6,440,099	331	-90	0	13.0
MPDD017	Mace	Metallurgy hole	Not Assayed	636,027	6,440,401	327	-90	0	21.0
MPDD018	Mace	Geology hole	Not Assayed	636,022	6,440,393	327	-90	0	14.7
MPDD019	Mace	Geology hole	Not Assayed	636,022	6,440,393	327	-90	0	21.0
MPDD020	Mace	Geology hole	Not Assayed	636,104	6,440,327	327	-90	0	21.0
MPDD021	Mace	Metallurgy hole	Not Assayed	636,288	6,440,205	328	-60	0	23.0
MPDD022	Mace	Geotechnical hole	Not Assayed	636,044	6,440,427	326	-90	0	25.0
MPDD023	Mace	Geotechnical hole	Not Assayed	636,170	6,440,251	328	-90	0	20.0
MPDD024	Mace	Geotechnical hole	Not Assayed	636,497	6,439,994	332	-90	0	16.0
MPDD025	Mace	Geotechnical hole	Not Assayed	636,406	6,440,279	330	-90	0	8.5

Table 4: Composited intersections from exploration diamond drilling

(Using a 0.5 g/t Au cut off, minimum of 1m width, internal dilution of 3m; NSI = No significant intersection).

Hole	Prospect	Easting	Northing	RL	From	To	Width	Au g/t
MPDD001	Mace	635,955	6,440,438	326	11	15	4	6.20
MPDD002	Mace	636,031	6,440,406	326	12	15	3	24.99
including					13	14	1	70.90
MPDD004	Mace	636,096	6,440,363	327	11	14	3	1.25
MPDD005	Mace	636,148	6,440,289	327	11	14	3	19.33
including					13	14	1	54.60
MPDD006	Mace	636,224	6,440,260	328	5	6	1	1.70
MPDD006	Mace	636,224	6,440,260	328	10	12	2	3.36
MPDD007	Mace	636,293	6,440,221	329	4	16	12	10.89
including					10	12	2	63.00
MPDD009	Mace	636,351	6,440,178	329	5	10	5	10.11
including					9	10	1	46.60
MPDD010	Mace	636,423	6,440,124	330	6	10	4	44.62
including					8	9	1	173.00
MPDD011	Mace	636,503	6,440,107	331	3	8	5	1.25
MPDD012	Mace	636,423	6,440,123	330	9	11	2	54.22
including					9	10	1	103.00
MPDD013	Mace	636,219	6,440,260	328	11	12	1	5.17
MPDD014	Mace	636,502	6,440,107	331	0	10	10	4.47
including					4	5	1	26.80

Appendix 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut 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.	One metre RC samples were collected via a reverse circulation drill rig. These samples were split using a Metzke rotary cone splitter system to produce a 5kg representative sample. The quality of the sample is actively measured using various quality control techniques. The quality of the sampling is deemed to be fit-for-purpose to define a JORC Compliant Resource based on the quality control metrics being used. Every effort is made to ensure all samples are drilled dry and when this is not possible samples are logged as wet. Where samples are wet the pXRF sample is left to dry before analysing. Triple-tube diamond core samples were collected via diamond drill rig, PQ core collected from surface. The recovery of core was measured and recorded by the driller and checked and corroborated by the logging geologist. This allowed for detailed logging of the lithologies intersected and continuous sampling. Full core samples were taken from the core to replicate the RC samples wherepossible.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Various quality control metrics are being actively monitored to ensure the quality of RC samples collected. Such measures include: • The collection of large 5kg sub- samples from the splitter system. • The measuring and monitoring of total RC sample to measure total recovery and consistency of recovery and therefore monitor the metre delineation of the rig (after correcting for density based on lithology averages and volume differences based on bit size) • The collection of both primary and duplicate sub-samples and the weighing of these samples to ensure the consistency of the splitter system. • The collection of duplicates to test the closed spaced variability of the deposit and indicate adequacy of sample size. • The use of blanks to ensure the correct calibration of laboratory equipment and identify contamination at the laboratory. • The use of certified reference materials to test both accuracy and precision of laboratory analyses. Various quality control metrics were used to ensure the quality of diamond drilled samples collected, with recovery measured and recorded by the drillers on the rig and corroborated by the geologist when metre marked. Sampling was constrained by lithological boundaries, with a maximum sample size of 1m and a minimum sample size of 20cm.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samplesfrom which 3 kg waspulverised toproduce a	5kg RC samples have been dried before fine crushing, splitting using a Boyd rotary splitter to produce an 800g sub-sample, which is pulverised to produce a 50g sample for fire assay and

Criteria	JORC Code Explanation	Commentary
	30g 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.	multielement analysis via ICP-MS for Cu, Ni, Co, As and S. pXRF analysis was carried out on every RC metre by taking a small 50g sample from the bulk RC sample and analysing using a pXRF Vanta Analyser with all three beams enabled with each beam set to 10 seconds each. Diamond core drilling was conducted collecting PQ sized core samples. The diamond core was sampled in full and samples size varied from 20cm to 1 metre dependant on mineralisation and lithology. These samples were jaw crushed to -2mm, a quarter (~300g) was riffle split and pulverized and 50g aliquots were taken from this sample for gold fire assay and full multi element analysis via ICP-MS. pXRF analysis on diamond core was conducted to provide indicative lithogeochemical data by taking 1-2 analyses per small lithological interval or 3 analyses per metre for lithologies over a metre. These analyses were taken using a Delta Premium XRF Analyser with all beams enabled for 20 seconds each.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Reverse circulation drilling equipment with face sampling hammers were used to collect samples. Metzke gravity fed fixed cone splitters were used to take representative sub-samples of complete metres. Drill bit diameter is recorded as part of the logging to ensure correct volumes are used for recovery estimations from total sample weights. A Boart Longyear KWL 1600 truck mounted diamond drill rig was used to recover HQ sized core. 3m rods were used and triple tube methods were used to ensure sample recovery, especially through clayzones.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	All sample recovery information was digitally recorded on the rig using locked auto-validating excel spreadsheets. Samples were weighed using digital scales and recoveries were estimated based on average density of logged lithology, bit diameter (indicating volume of sample) and total sample weight. The recovery was constantly monitored using live-updating graphs. The drilling crew measured each run and recorded the amount of core recovered. This was double checked by the geologist when the core was meter marked. Due to the competent nature of the mafic gneiss in Tampia Hill there was minimal core loss, only occasionally recorded in the shallow clay zone. Recovery was recorded as apercentageper metre.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	An auxiliary booster is used to maximise air pressure to improve RC sample recovery, which allows most holes to be drilled dry. Where samples were drilled wet, they have been logged as such. Furthermore, constant monitoring of recoveries via measurement and evaluation of total sample weights on the rig enable recoveries to be maximised. Triple tubing was used to assume maximum diamond core sample recovery.

Criteria	JORC Code Explanation	Commentary
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship between RC sample recovery and grade has been observed. Due to the high level of diamond core recovery, an assessment of the relationship between recoveryandgrade was not required.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All RC chip samples have been geologically logged to 1m resolution on the rig recording information on rock type, mineralogy, mineralisation, fabrics, textures and alteration. This logging is integrated with geological logging from downhole optical data, which can log to at least 10cm resolution and records structural information for contacts, foliation, banding and veining in the form of dip and dip direction measurements. Magnetic susceptibility and density measurements are also used to assist this logging. All core was logged by a geologist on a centimetre resolution. Areas of proposed mineralization were given extra attention. Features of interest that were logged include; lithology, alteration, structure and chemical composition (acquired through pXRF analysis). Downhole Optical Televiewer, Acoustic Televiewer and petrophysical logging, including magnetic susceptibility, gyro and density measurements, were also conducted and paired with geological and geotechnical logging. This logging provides information on structure, contacts, foliation, banding, veining etc. in the form of dip and dip direction measurements on a 10cm resolution.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography	The logging for the RC drilling was qualitative for the geological data collection and quantitative for structural, geotechnical and geochemical data. A hand held XRF was used to collect continuous geochemical data and Televiewer optical and audio data collection allows the measurement of structural and geotechnical data. Core geological logging is considered qualitative while structural, geochemical and geotechnical logging via pXRF geochemical analysis, downhole Televiewers and petrophysical logging is considered quantitative. All core trays were photographed, as well as individual points of interest.
	The total length and percentage of the relevant intersections logged.	All one metre RC samples from the drilling have been geologically logged and the geological data recorded in the drill database. Subsamples were also collected and stored in chip trays for future reference. All core samples from the drilling have been geologically logged and the geological data recorded in the drill database.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	The drill core was submitted in full and samples size taken varied between 20cm and 1m dependant on mineralisation and lithological contacts. These samples were jaw crushed to - 2mm and split using a Boyd rotary splitter to produce an 800g sub-sample which was pulverised. From this 800g pulverised sample a 50g aliquot was taken for fire assay and finished with ICP-OES. A multi-element assay was collected via 50galiquot and an ICP-MS finish.

Criteria	JORC Code Explanation	Commentary
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Samples were split using a Metzke rotary cone splitter system. Holes were kept dry wherever possible via use of an auxiliarybooster.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	The RC sub-sample taken for assay was split using a rotary cone splitter system. A 5kg sample was collected to minimise bias. The samples were dried and fine crushed before being split with a Boyd Rotary splitter to produce a 20% (800g) subsample, which was pulverised, from which a 50g aliquot was taken for fire assay and multi- element analysis via ICP-MS. The quality of these sample has been measured via the quality control methods already described. The sample preparation method is deemed appropriate given the mineralisation style. pXRF samples were taken from the bulk reject sample and given their purpose this sample method is deemed appropriate. The samples undergo no sample preparation and as such indicative only. The core samples collected are considered fit-for- purpose as they are intended to provide geological, structural and mineralisation information in a new area of interest.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	RC duplicates are taken at all sub-sampling stages from the same metre. A duplicate is taken from the splitter system, crush duplicates are taken from the Boyd Rotary splitter following fine crushing and pulp duplicates are taken from the pulverised sample before fire assay. The results of these duplicate samples are assessed as results are returned to identify problems as they may arise to allow for their resolution as soon as possible. The core samples are considered representative and fit for purpose with each split considered for accuracy and precision. Each split is conducted after a crushing stage to reduce particle size and improve homogeneity. A balance between practicality and price has been found and is deemed optimal.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Repeat and duplicate RC samples are submitted for all holes. The results from these are reviewed statistically and reported when all data have been reviewed. Duplicate core samples were taking at the riffle split sub-sample stage and at the final split following pulverization. Duplicates performed acceptably given thepurpose of the analysis.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The RC sample size is believed to be appropriate for the mineralisation style with appropriate methods used to deal with coarse gold identified at the project. Given the identification of coarse gold in the form of visible gold the full core sample size is considered fit-for-purpose. The choice of HQ core was made to provide a large mass sample as economical for the drill hole.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Samples from the reported drilling programs were submitted into ALS Perth for assay. 5kg RC samples have been dried before fine crushing, splitting using a Boyd rotary splitter to produce an 800gsub-sample,which ispulverised

Criteria	JORC Code Explanation	Commentary
		to produce a 50g sample for fire assay with an ICP-OES finish and multielement analysis via ICP- MS for Cu, Ni, Co, As and S. These techniques are total digests. pXRF analysis was carried out on every metre by taking a small 50g sample from the bulk RC sample and analysing using a Vanta XRF Analyser with all three beams enabled with each beam set to 10 seconds each. This analysis is a partial analysis as only a very small subsample is taken and analysed with known sample preparation. 20cm to 100cm full core samples were collected before crushing to -2mm, splitting using a Boyd rotary splitter to produce an 800g sub-sample, which is pulverised to produce a 50g sample for fire assay with an ICP-OES finish and multielement analysis via ICP-MS. These techniques are total digests. pXRF analysis was carried out on every core sample by analysing 1-2 times for small lithologies and 3 times per metre where a lithology extends over multiple metres. Samples were analysed using an Innovex Delta Premium XRF Analyser with all three beams enabled with each beam set to 20 seconds each. These samples are partial samples as they are point samples. The average between the 1-3 samples per sample are averaged to try and provide a more representative reading. This data is used as indicative and is therefore fit forpurpose.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	A Vanta pXRF analyser has been used to analyse RC samples using all three beams set to a read time of 10 seconds. No calibrations have yet been applied. An Olympus DP4050-c Delta-50 Premium with a 50kv x-ray tube and a Ta anode was used on the diamond drilling programme. Samples were analysed in soil mode with all three beams activated and set to 20 second read times. At least once a day a calibration check was performed to ensure the analyser was performingwithin factoryspecifications.
	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 have been established.	Quality control samples include Certified Reference Materials, blanks, field duplicates, crush duplicates and pulp duplicates. The samples are stored and comparatively assessed to determine the accuracy and precision of the laboratory analysis as the samples are returned. The laboratory conducts their own checks which are also monitored. The accuracy and precision of the geochemical data reported on has deemed to be acceptable. The RC pXRF analyses are controlled by analysing a blank standard each morning to assure the machine is operating within operating controls. QC samples in the form of CRM’s and blanks were inserted by the laboratory and crush duplicates and pulp duplicates were inserted into the sample stream and results suggest the laboratory performed satisfactorily. Acceptable levels of accuracy and precision have been established considering the purpose of the analyses.

Criteria	JORC Code Explanation	Commentary
		The diamond drilling pXRF analyses are controlled by analysing a steel standard each morning to ensure the machine is operating within operational controls.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	All intersections were compiled by the Project Geologist via Micromine compositing tools and cross-checked by the General Manager of Operations. A further check was conducted via direct compositing of the database and visual checks in Micromine’s 3D software.
	The use of twinned holes.	Not applicable
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	The data from the historic drilling are stored in a digital database and were verified against hard copy assay sheets in various annual reports where available. The current data are collected via an auto- validated, locked logging program OCRIS logging. This program is provided by Expedio and all data are loaded into the Expedio database at the end of the day using macros and buffer tables, where they are also extensively tested for errors. The data are then validated in the database and loaded into Micromine and visual checks conducted. One database administrator conducts all data merging and storage into the database to ensure the integrityof the data.
	Discuss any adjustment to assay data.	No data has been adjusted
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	The drillholes reported were located using a Garmin GPSMAP 78s GPS unit. The holes will be located by a surveyor using a Trimble Differential GPS using MGA 94/ Zone 50 at the end of the program. Downhole survey data was collected on all holes using an Axis Champ Navigator North seeking solid state gyro during the downhole data acquisition. The gyro results were checked by the down hole surveyor by comparing them with the deviation data obtained with other down hole tools (OPTV, ATV, magnetic susceptibility and natural gamma) and by duplicating a total of three surveys.
	Specification of thegrid system used.	MGA 94 Zone 50
	Quality and adequacy of topographic control.	Topographic control has been developed from the Landgate database, the terrain is reasonably flat cropping paddocks, free of vegetation. The holes are draped onto the DTM created from the Landgate data and have been tested against the DGPS pickups. The topographic control is highly accurate.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The RC drilling has been designed to test the mineralisation of the Mace prospect and define a resource. The holes are positioned to test for mineralisation at a hole spacing of 10m and lines spaced 20m. The diamond core was drilled to twin various RC holes and collect samples for metallurgical test work. Consequently, there is no regular data spacing.
	Whether the data spacing, and distribution is enough to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The RC sample spacing is appropriate to establish geological and or grade continuity as the holes are spaced 10m apart and lines are 20m apart. This drilling is intended for mineral resource estimation.

Criteria	JORC Code Explanation	Commentary
		The diamond drilled holes are standalone holes and will not to be used for resource estimation purposes.
	Whether sample compositing has been applied.	There has been no sample compositing.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Given the lithology is clay the structural orientation is thought to be horizontal and vertical holes are planned to drill perpendicular to mineralisation. No mineralisation has been drilled down dip based on current interpretations. The diamond holes were designed with the intention of collecting the best geological information and were strategically planned to intersect different lithological units. Therefore, it should be noted that thickness reported may not represent the true thickness.
	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.	There is no apparent bias in any of the drilling orientations used.
Sample security	The measures taken to ensure sample security.	All samples are removed from site on the day of drilling and stored locked inside a secure warehouse facility. The samples are transported by a professional freight company to ALS Laboratories. The samples are not left unattended and a chain of custody is maintained throughout the shipping process.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	All RC QC data is monitored as assays are reviewed both internally and by an independent third party to ensure the robustness and integrity of our sampling and analysis methods. No reviews have been conducted by external parties on diamond drilled assay data. Internal review by various company personnel has occurred.

Section 2 Reporting of Exploration Results

Criteria	Explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Project area is held under E70/2132, M70/815 and M70/816. All the tenement area comprises private agricultural land with no Native title interests. The Company has access agreements over the area of the gold resource covered by M70/815 and M70/816 and part of E70/2132.
		See above, no other known impediments
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Historic exploration undertaken by Company Date BHP Minerals Ltd 1987-1988 Dry Creek Mining 1990-1993 Nexus Minerals 1997-1999 IPT Systems Ltd 2000-2001 Meridian Mining 2006-2009 Tampiagold Pty 2010-2011 Auzex Exploration 2012-2015

Criteria	Explanation	Commentary
Geology	Deposit type, geological setting and style of mineralisation.	The Tampia Hill project area covers a sequence of late Archaean mafic-felsic granulite facies granitoid and gneiss. The lowest unit in the sequence as interpreted from the structural position of the units is a suite of banded feldspar-garnet- biotite-quartz granulite that also can contain graphite and pyrrhotite in augen gneiss. The original sequence for this unit is believed to be clastic sediment, wacke, arenite and graphitic shale. The next unit stratigraphically above is a mafic feldspar- biotite-amphibole-pyroxene granulite that appears to contain a mixture of sedimentary and mafic precursor lithologies. Stratigraphically above this unit is a banded felsic feldspar- biotite-quartz granulite. The uppermost part of the sequence consists of a mafic granulite dominated by pyroxene- plagioclase-amphibole lithologies. Minor biotite, spinel, enstatite and quartz with pyrrhotite up to 2% also occur. The precursor lithology is inferred to be tholeiitic basalt. This sequence is intruded by quartz-feldspar granitoid dykes and sills that have complex cross-cutting relationships suggesting multiple phases of emplacement. This entire sequence is intruded by several unmetamorphosed dolerite dykes that are thought to be of Proterozoic in age. Gold mineralisation at Gault is dominantly disseminated throughout, or concentrated within, pods of hornblende- biotite-pyroxene and hornblende-biotite-plagioclase within pyroxene and biotite-bearing mafic granulites. The gold occurs with disseminated non-magnetic pyrrhotite, arsenopyrite, chalcopyrite and rare pyrite. Total sulphide contents of mineralised intersections are between 1% and 3%, with a maximum estimated 5% sulphide. Sulphides occur along S1 foliation planes and are folded by F1 minor folds. Mineralisation occurs in elongate to ellipsoidal pods that vary in size from 1-10 m thick, 50-150 m wide (east-west) and 50- 200 m long (north-south). Four mineralised shoots were identified in the north Wanjalonar Zone of the prospect, with another two zones in the central Merino Gold Zone and southern Leicester Gold Zone. Average grades within a zone >1g/t Au vary between 1 to 5 g/t Au over 5-10 m intervals. The northern zone has yielded the best grades with Leicester showing promisingsigns of additional highgradegold.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	The RC contractor, Orlando Drilling, provided a Schramm 450 drill rig and an Atlas Copco E220RC Explorac (Truck). Samples were collected from a rig mounted Metzke cyclone via a gravity fed fixed cone splitter. Additional air pressure was used when necessary from an all-wheel drive auxiliary/boosters supplying 2100cfm at 1000psi. RC drill samples were collected in two calico bags on either of the ports of the gravity fed static cone splitter and the excess sample was collected into a 600mm wide plastic bag. Both calico bags are pre-numbered with the sample number clearly visible and the green bag with the bulk reject written with the metres. At the completion of each metre drilled the driller’s offsiders collected the calico bags and green bag and placed them in rows. All calico bags and the total sample were weighed on the rig to check split accuracy and total recoveries/metre delineation. This data is recorded on excel spreadsheet and analysed using graphs to ensure the sampling system is in control. The geologist then collected a portion of the bulk sample from the plastic bag using a scoop and sieve. This portion was sieved, washed, logged and a spoonful saved in a chip tray into the appropriate metre interval marked on the chip tray. All data logged was recorded via laptop computer directly into an excel spread sheet saved on a USB external drive. A Vanta XRF analyser was used to take one reading every sample interval. The readings were taken for lengths of 10 seconds per beam for all three beams. Certified Reference Materials (CRM’s) were inserted regularly into the RC sample stream at 1:20 ratio. Blanks and duplicates

Criteria	Explanation	Commentary
		were taken through expected mineralisation and where mineralisation is observed at a density of around 10%. Blanks are inserted at a frequency of 5% through mineralised zones and at least 1 every 40 samples. The 5kg RC samples were dried and fine crushed before being split using a Boyd Rotary splitter to provide a 20% split (800g). This sub-sample is pulverised and a 50g aliquot is taken for fire assay. All samples undergo for two types of analysis: 50g Au Fire Assays with an ICP-OES finish and 4 acid digest ICP-MS multi element analysis for As, Cu, S, Co and Ni. The diamond drilling contractor, Terra Drilling, provided a Boart Longyear KWL 1600 truck mounted diamond drill rig. Support vehicles included a Hanjin Track Mounted Rod Carrier, fuel and fresh water truck and a Toyota Hilux light vehicle. The equipment provided by the contractor was inspected by the geologist before the start of the drilling campaign and was deemed to be well maintained, safe and fit for purpose. All drill holes were pegged as required using a Garmin GPSMAP 78s GPS unit. All holes will be accurately surveyed using a mmGNSS RTK differential GPS once the program is completed. The drill rig was positioned and oriented on the drill pad by the geologist using a geological compass to magnetic azimuth relevant to the hole and the declination was determined by a clinometer on the mast of the rig and aligned to 60° - 80° dependant on the hole requirements. The magnetic declination in the region is -0.61°.
	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.	No available information was excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Drill intersections include those that have an aggregate of 0.5 g/t Au over at least one metre. Internal dilution below 0.5g/t was allowed for up to 3m.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Intersection aggregation is typically from 0.5g/t and higher with up to 3m of internal dilution. Where particularly high grade influences the grade significantly these grades have been reported separately to the total intersection grade, e.g. 11m at 13.9 g/t Au from 7m (including 1m at 144 g/t Au).
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported	Due to the clay lithology the vertical RC holes have been drilled orthogonally to the general dip and strike of mineralisation. and it is interpreted they intersections represent true widths. The diamond holes were designed to collect geological information. The orientation of the holes varied and were not planned to intersect perpendicular to mineralisation. Therefore, it should be noted that thickness reported may not be true thickness.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole _length, true width not known’). _	Due to the clay lithology the vertical RC holes have been drilled orthogonally to the general dip and strike of mineralisation. and it is interpreted they intersections represent true widths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be	Figure 2 shows the anomalous gold zones identified and the location of drilled holes and planned holes.

Criteria	Explanation	Commentary
	limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	All recent RC drill holes with assays have been included and significant intercepts have been fairly represented. Any historic RC and Core intercepts in the holes nearest the reported holes have all been previously reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey 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.	Soil sampling, stream sediment sampling, gravity, magnetics geophysics and downhole magnetic susceptibility, acoustic imagery, optical imagery, natural gamma readings, resistivity and pXRF data have been used to assist the interpretation of the target areas. A regional and detailed gravity survey was completed to map the distribution and extent of potential host rocks for gold mineralisation at Tampia. The main resource area at Tampia is associated with a bullseye gravity anomaly that corresponds to a block of mafic gneiss that hosts the main gold mineralisation at Tampia. There are several gravity trends mapped by the detailed gravity that appear to follow known mineralised trends in the resource area. The gravity data clearly map the distribution of the mafic gneiss in the region with respect to granite and felsic gneiss, with the denser mafic gneiss (gravity highs) having a strong spatial association with anomalous gold in soil geochemistry anomalies, including the area hosting the main resource at Tampia. The soil anomalies, mafic units and gravity trends remain largely untested, but have many similarities to the known resource area. The gravity map will be used to plan future exploration and resource extension drilling. A metallurgical test work program has been completed to determine the overall gold recoveries from the main ore types at Mace. The aim of the program was to identify the amenability of the Mace supergene gold mineralisation to gravity and cyanidation processing, whilst examining the rheological behaviour noting the presence of clays. The gravity processing gave a recovery of 50%, which confirms the results of the panned samples, and the CIL recovery at a 180µm grind was 49.7% for a total recovery of 99.7%. There was fast leaching (8hr) but slower carbon adsorption (18hr), due to the presence of slimes. The lime consumption was about 5 kg/t and the NaCN consumption was 0.5 kg/t. The BBWi for 6mm to 150µm crushes was 13.6 kW.hr/t, which is higher than expected due to the presence of quartz cobbles in the ore. The recommended grind for treating the Mace ore is 180µm although a coarser grind may be possible, depending on CIL tank design.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	A feasibility study has been conducted on the adjacent Tampia Gold Resource and has been released. Further development work will include a scoping study to incorporate the Mace Gold resource into the Tampia Gold Project miner schedule and exploration drilling to test extensions to the Mace prospect and complete infill resource drilling of a selected area of the Tampia Gold resource.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The zones of mineralisation are open in and around the Mace Prospect in holes on the end of drill lines (Figure 2 and Figure 6).

Section 3 Reporting of Mineral Resources

Criteria	JORC Code Explanation	Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.	All data was directly entered into digital logging equipment and imported into the database through automated scripts, with several levels of validation and quality control. The integrity of the data is considered of very high standard. It is fit for the purpose of mineral resource estimation.
	Data validation procedures used.	Validation of data was carried out automatically upon entered of data (auto-controlled data entry fields), when it was uploaded to the database, and then manually by the database geologist.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	The Competent Person visited the site several times just before the 2018 drilling campaign. All systems were properly implemented during the first visit and subsequent visits were aimed at ongoing quality control and monitoring of correct implementation of SOPs. All issues encountered were minor and were resolved on site.
	If no site visits have been undertaken indicate why this is the case.	Site visits were undertaken.
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.	There is a high degree of geological confidence in the geological interpretation of the deposit. The mineralised trends and hosting rocks have predictable geometries from section to section, and even though variability occurs on scales smaller than average drill spacing, the geological framework at the resolution of the resource model is robust.
	Nature of the data used and of any assumptions made.	Logging data, multi-element ICP, pXRF and density data were all used to aid in constructing the geological model. Assumptions did not have major implications on the overall geometries of the various geological domains. Geological continuity is relatively simple to establish from hole to hole and the deposit is not structurally complex.
	The effect, if any, of alternative interpretations on Mineral Resource estimation.	In the Competent Person's opinion, alternative interpretations of the geology are not likely to deviate much from the current model and will have little to no impact on the mineral resource.
	The use of geology in guiding and controlling Mineral Resource estimation.	Drill hole lithology was used significantly to guide the geology interpretation, as the mineralisation related to lithological contacts.
	The factors affecting continuity both of grade and geology.	Grade continuity is affected by subtle differences in local pressure and geochemistry conditions. Geological continuity beyond the paleo-channel deposit is not yet fully understood. At the eastern part of the deposit is a mixture of supergene and alluvial mineralisation and exact boundaries are difficult to determine. Mainly due to the close proximity of the lode gold mineralisation at Tampia.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The deposit measures 700 m along, 200 m across strike and 30 m deep.
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extremegrade values, domaining,	The Mineral Resource was estimated using ordinary kriging (OK). This method was selected because the distribution of the data (after domaining and top-cutting) had low variability.

Criteria	JORC Code Explanation	Commentary
	interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.	The estimation was carried out within domains, aiming to constrain the interpolation to only relevant samples that are characterised by the same geological features. Significant effort was expended to find geological signatures that would identify and isolate different mineralised zones, or that would for instance define drivers for highvs low grade zones. Surpac, and Supervisor was used for estimation and data analysis. See further detailed explanation in the text of the report.
	The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.	The OK estimate was compared and checked with a polygonal (nearest neighbour) estimate and showed a reasonable correlation (lower grade, more tonnes), given the volume-variance effect at a 0 g/t Au cut-off.
	The assumptions made regarding recovery of by-products	No by-products are expected to be recovered.
	Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation)	Not applicable as there are no deleterious elements.
	In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	The block size was set to 10 x 10 x 2 m to honour the data distribution, with sub-celling set at 5 x 5 x 1 m for volume resolution at the SMU scale.
	Any assumptions behind modelling of selective mining units.	SMUs were set after preliminary review of mining parameters and most likely equipment scenarios (surface miner).
	Any assumptions about correlation between variables.	Correlation between variables have not been assumed or used in the estimation.
	Description of how the geological interpretation was used to control the resource estimates	See the main body of the text for a detailed description of the integration of geology into the resource estimation. The geological model was used to guide the domaining for mineralisation; however, no specific geological feature could be used in combination or in isolation to model the direct constraint for mineralisation.
	Discussion of basis for using or not using grade cutting or capping.	A grade cap of 64 g/t Au was applied to the high-grade domain and three samples were capped. This was to reduce the effect of extreme grades.
	The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	The resource was validated by a comparison of top-cut mean sample values both globally, and within estimation domains. A visual validation of block model values on screen compared well globally to input drill hole data. As expected with ordinary kriging, local validation was acceptable.
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnages are estimated on dry tonnage basis and moisture was not considered.
Cut-off parameters	The basis of the adopted cut-off grade(s) or quality parameters applied.	A cut-off grade of 0.1 g/t on the resource blocks at SMU scale was determined as an appropriate cut-off grade. This value was determined by preliminary optimisation work, and by taking into consideration all available geotechnical, metallurgical, hydrogeological parameters. Various gold price scenarios were evaluated, with the selected 0.1 g/t Au cut-off reflecting a gold price of AUD 1675.

Criteria	JORC Code Explanation	Commentary
Mining factors or assumptions	Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining 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.	The deposit is planned to be mined by standard open pit methods using surface miner. The proposed equipment is 1 x Wirtgen 2200SM Surface Miner in conveyor mode. These machines are well suited to mining shallow and flat ore bodies. The proposed mining equipment is deemed appropriate for the size, depth and configurations of the potential open pit. Minimum mining dimensions of 5 x 5 x 1 m are considered reasonable.
Metallurgical factors or assumptions	The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic 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.	Preliminary test work has shown that gravity and cyanidation are effective for the gold extraction as rapid and near complete dissolution of gold will result in greater than 96% gold recovery at relatively moderate cyanide and low lime consumptions. Any sulphur in the Mace lode is present as sulphates indicating a low likelihood for refractoriness in the deposit. Concentrations of arsenic and other deleterious elements (copper, antimony, tellurium, carbon and mercury) are low.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing 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.	No assumptions on waste material have been assessed yet at this stage of the project; however, considering the nature of the project, these are unlikely to affect the reasonable prospects for eventual economic extraction. An environmental survey and further work have been planned in the near future by EXU.
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.	Bulk density was acquired via whole core samples from diamond drilling. Samples were not coated in wax as the samples are not considered permeable. Both wet and dry densities were calculated. A total of 155 samples were collected at a range of depths and from both mineralised and unmineralised material.
	The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and	The method adequately accounts for void spaces and moisture and is considered accurate.

Criteria	JORC Code Explanation	Commentary
	alteration zones within the deposit.
	Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	No assumptions were made.
Classification	The basis for the classification of the Mineral Resources into varying confidence categories.	Most of the mineralisation within the Mineral Resource has been classified in the Inferred category. There is no material classified as Indicated or Measured. The Resource has been classified in accordance with the JORC Code (2012). In classifying the Mineral Resource, the Competent Person has considered the bias in the RC sampling on which the estimation was based. However, there is good comfort in the high Kriging efficiencies (~0.38), as a direct result of the close-spaced drilling and strict pattern, and despite the low co-variance demonstrated in the variograms. Any bias introduced by the poor sampling has therefore resulted in a conservative estimate, and should be regarded as an upside to the project.
	Whether appropriate account has been taken of all relevant factors (ie 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).	In the Competent Person's view, appropriate account has been taken of all relevant factors that affect resource classification.
	Whether the result appropriately reflects the Competent Person’s view of the deposit.	In the Competent Parsons's opinion, it is more likely than not that there are reasonable prospects for eventual economic extraction of the Mace deposit.
Audits or reviews.	The results of any audits or reviews of Mineral Resource estimates.	The Mineral Resource has been internally reviewed
Discussion of relative accuracy/ confidence	Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource 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 resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.	The blocks classified as Inferred can be regarded as having an approximate accuracy of 25% - 50%.
	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 theprocedures used.	The estimation is a global estimate and is not locally accurate.
	These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	No production data is available for comparison.

Appendix D

14 December 2018

Mr Chris Hesford Geologist, Listings Compliance (Perth) ASX Compliance Pty Ltd Level 40, Central Park 152-158 St Georges Terrace Perth WA 6000

Dear Chris

This release is made in the ordinary course of business and not in response to the increased takeover Offer announced by Ramelius Resources on 13 December 2018.

The Company is pleased to have finalised the Feasibility Study update which has been compiled from studies undertaken over the past few months.

The Directors confirm that all information that shareholders require has now been released in line with their earlier commitment that we would seek to provide them with the most up to date information.

The Board will respond to the increased takeover Offer in due course.

Yours sincerely

J. J. Lawton

Managing Director On behalf of the Board of Explaurum Ltd

Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane Queensland 4000 Postal Address: GPO Box 3249, Brisbane Queensland 4001

Contact Details: Telephone +61 7 3333 2722 Email: [email protected] ABN : 50 114 175 138 www.explaurum.com

EXPLAURUM LIMITED

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TAMPIA FEASIBILITY STUDY UPDATE

14 December 2018

Explaurum Limited (ASX:EXU) ( Explaurum or the Company ) is pleased to advise the key outcomes of an updated Tampia Feasibility Study which incorporates further metallurgical test work, mine design and scheduling together with refined capital and operating cost estimates. The updated Feasibility Study also includes the addition of the Mace supergene deposit.

Summary of updated Feasibility Study outcomes[1]

Pre-tax NPV of approx. A$156M (up from A$125M) and pre-tax IRR of approx. 70% (up from 47%)
Estimated average C1 operating cost of A$825/oz (down from A$885/oz) and all-in-sustaining-cost (AISC) of A$917/oz (down from A$998/oz)
Initial capital expenditure to commercial production of approx. A$111M (down from A$119M)

Summary of key changes from May 2018 Feasibility Study

Initial capital cost of standalone process plant subjected to competitive tender process
Flotation circuit and ultra fine grind (UFG) circuit construction deferred for approximately 15 months after commencement of operations
Mine design and mine scheduling optimised, resulting in improved gold recovery during first two years of operations
Mace supergene gold Mineral Resource estimate incorporated in mine plan, not requiring additional development capital

Commenting on the results of the updated Feasibility Study, Explaurum Managing Director, John Lawton, said:

"Explaurum undertook to provide shareholders with critical Tampia project information in order to enable a balanced evaluation of the Company within the context of the current Ramelius takeover offer. This updated Tampia Feasibility Study delivers on this commitment and details new and relevant information not previously assessed in the Independent Expert’s Report prepared by BDO.

“The updated Feasibility Study confirms that Tampia is a technically sound and robust project with forecast annual production in excess of 100,000 ounces of gold, at an all-in-sustaining-cost averaging A$917 per ounce. This places Tampia in the lowest cost quartile of gold projects globally. It also generates an outstanding margin of over A$800 per ounce at current spot gold prices, which are trading at A$75 per ounce higher than the gold price used in the updated Feasibility Study.

“We have commenced targeting extensions to the Mace resource, which are planned to be drilled aggressively over the upcoming summer period. This will be coupled with advancing exploration at the highly prospective A8 target to the north.”

1 Note that there has been no change to the Tampia Ore Reserve or Indicated Mineral Resource announced in the May 2018 Tampia Feasibility Study (see ASX release dated 30 May 2018) as part of the updated Feasibilty Study.

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Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane QLD 4000 ABN 50 114 175 138 Postal Address: GPO Box 3249, Brisbane QLD 4001

Contact Details: Telephone +61 7 3333 2722 Email: [email protected] www.explaurum.com

Production Target Based Partly on Inferred Mineral Resources

The Production Target referred to in this announcement is based partly (12%) on Inferred Mineral Resources. In compliance with clause 5.16.4 of the ASX Listing Rules, the Company confirms that there is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources, or that the Inferred component of the Production Target (12%) itself will be realised.

The Company notes that the updated Tampia mine and process schedule does not incorporate processing of the Mace Inferred Mineral Resource until after project payback has been forecast to occur.

Forward Looking Statements

Explaurum is pleased to report this summary of the updated Study in a fair and balanced way and believes that it has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any mining of mineralised material, modifying factors, production targets and operating cost estimates.

The Explaurum Board confirms that it has a reasonable basis for the view that the requisite funding for development of the Tampia Gold Project will be available when required. The grounds for this reasonable basis are as outlined in section 4.6(a) of Explaurum’s First Supplementary Target’s Statement (released to the ASX on 24 October 2018).

This announcement has been compiled by Explaurum from the information provided by the various contributors to the updated Study. All financial assumptions and estimates are quoted in Australian Dollars ( A$ or AUD ) only.

KEY OUTCOMES OF UPDATED TAMPIA FEASIBILITY STUDY

Explaurum is pleased to report the findings of the updated Tampia Feasibility Study, based on programs undertaken following completion of the Feasibility Study in May 2018.

Further studies, negotiations with contractors and discussions with consultants have resulted in variations to the May 2018 Feasibility Study outcomes. In particular, the process plant design and specifications, pit design, metallurgical recovery, mining fleet and dry hire costings, mine scheduling and accommodation are all areas that have been further assessed. The key outcomes of this additional study work are summarised below and in Table 1.

Initial capital cost of standalone process plant

The process plant construction has been put out to competitive EPC tender. This process will be completed shortly, but it is currently estimated the total initial capital cost for development will be approximately A$111M, including contingencies ranging from 5% to 10%. Variations from the initial estimate include increases in site buildings, project management team, pre-production, site works and communications, and reductions in the process plant and capital spares.

Deferred construction of flotation and UFG circuit

Metallurgical test work has been undertaken to optimise gold recovery. A revised recovery model has been applied to the Tampia resource that has highlighted that the southern end of the Ore Reserve has lower arsenic (As) content. Consequently this material is capable of processing via standard carbon in leach (CIL), rather than flotation and ultra fine grinding (UFG), while still delivering high forecast LOM recoveries averaging 91.8%. The major capital deferral items are therefore the flotation and UFG circuit (now Year 2 of operations) and outright purchase of the accommodation village.

Table 1. Updated Feasibility Study Summary

			Feasibility	Feasibility
Area	Measure	Unit	Study	Study
			May 2018	Update
Production	Annual Ore throughput	Mtpa	1.53	1.52
	Life of Mine (LOM)	Years	5.25	4.67
	Ore Mined	Mt	8.0	7.1
	Strip Ratio (W:O)		7.6	8.6
	Average gold grade	g/t	2.07	2.30
	Gold produced LOM	oz	489,517	481,398
	Avg annual gold production	oz	93,241	103,157
	Gold recovery	%	91.7	91.8
Capital	Initial development capital1	A$M	119	111
	Deferred capex	A$M	4.4	15.7
	Sustaining capex2	A$M	7.9	6.5
	Total life of project capital	A$M	130.3	133.2
Operating	Total operating cost	A$/t	53.84	55.67
	Cash cost (C1)3	A$/oz	886	825
	WA Govt + JV royalty4	%	4.5	3.5
	Average AISC cash cost5	A$/oz	998	917
Economic assumptions	Gold price	A$/oz	1650	1650
	AUD/USD exchange rate		0.75	0.75
	Discount factor	%	8.0	8.0
Financials	Pre-tax Net Present Value (NPV)	A$M	125	156
	Pre-tax Internal Rate of Return (IRR)	%	47	70
	Post-tax Net Present Value (NPV)	A$M	92	103
	Post-tax Internal Rate of Return (IRR)	%	38	46
	Payback period	Years	1.5	1.25
	Free cash flow generation	A$M	196	226

Table notes:

1 Initial development capital is all project capital expenditure up to commercial production

2 Sustaining capital is all project capital expenditure post commercial production required to maintain operational availability and efficiency

3 C1 operating costs include all mining and processing costs, site administration and refining costs

4 The royalty payable to the Tampia Joint Venture partner has been reduced to 1% of total gold production within the JV tenements

5 AISC includes C1 costs + sustaining capital, royalties, site rehabilitation and head office corporate costs

Mine design and mine scheduling

As a result of defining the different metallurgical character of the southern portion of the Tampia orebody, the mine design was changed to allow mining of this material in the first 12 to 18 months of operations. In addition to allowing deferral of the flotation and UFC circuit construction, this also has the effect of delivering considerably lower forecast operating costs, without the ‘loss’ of any gold production. In addition, low grade/high arsenic material is now planned to be mined and stockpiled, rather than included in the process schedule as previously. This is the key driver of the higher average grade of ore processed, but also the higher strip ratio and slightly lower LOM gold production.

Addition of Mace Supergene Mineral Resource

The Mace deposit has been recently assessed as an addition to the Tampia Gold Project. A new Mineral Resource estimate, reported in accordance with the JORC Code (2012) and classified by a Competent Person,

based on 310 RC drill holes totalling 7,403m and 25 diamond drill holes (for 427m), was reported to ASX on 3 December 2018. Mining and processing of a significant component of that Resource is incorporated in the updated Study.[1]

OTHER STUDY DETAILS

The updated Study has been prepared by senior Explaurum staff with substantial input from a number of consultants including:

ALS Metallurgy Pty Ltd	Assaying, Mineralogy & Metallurgical Testing
JT Metallurgical Services	Metallurgy program management
Kenex Pty Ltd	Geology
MBS Environmental	Environmental
Metallurgy Pty Ltd	Metallurgical Testing
MineComp	Mine Design
MinEcotech Pty Ltd	Project Management & Mining
RSC Global Pty Ltd	Geology and Resource Estimation

The updated Study has assumed an open pit mining operation using an excavator/truck mining fleet and utilising the Tampia standalone processing plant designed for treatment of 1.5Mtpa, but capable of a processing rate of up to 1.9Mtpa on weathered feed such as Mace.

1 The information is extracted from the report entitled ‘Initial Mace Resource Estimate’ released on 3 December 2018 and is available to view here. 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 the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

ADDITIONAL INFORMATION ON MACE

Metallurgical test work was carried out on a composite metallurgical sample of the Mace gold mineralisation to confirm its amenability to gravity and cyanidation processing as well as testing its rheological behaviour due to the presence of clays. All samples originated from a diamond drlling program. The following key findings are made from this test work:

Gold extraction is rapid and near complete (+99%) at moderate cyanide and low lime consumptions. Gravity recoverable gold was high between 49-59%;
All bulk tests (BLEG and Gravity/Leach tests) displayed an approximate 40% uplift in grade compared to the head assay indicating the presence of free gold and associated sampling/assaying bias when dealing with small masses;
The presented composite contained below detectable limits of typical deleterious elements, including arsenic.

Based on the test work, the process flowsheet to be applied to Mace consists of single stage crushing, grinding (SAG mill), gravity circuit, carbon-in-leach (CIL) leaching and electrowinning to produce dore gold for refining in Perth. The flotation, ultra-fine grinding an enhanced leaching sections of the Tampia plant are not required for the Mace feed.

The Tampia financials benefit from the inclusion of the Mace Mineral Resource due to the character of the gold resource being free gold at shallow depth (all of the resource is less than 20m below surface) and hosted by unconsolidated sediments.

Modelling has been based on mining the total resource in the first year of operations and processing on an incremental basis (<100ktpa), with processing only scheduled to commence post the forecast payback period for the project.

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Figure 1. Tampia Gold Project Regional Location and Tenement Map

Resource Classification

A Mineral Resource model was produced by RSC Global Pty Ltd. The model was based on 10m x 5m x 2m blocks and was created using ordinary kriging methodology with a 0.1 g/t cut-off. The Mineral Resource estimate has been classified in the Inferred category (Table 2). There is no material classified as Indicated or Measured.

Table 2. Mace Mineral Resource classification

Classification	Tonnes (‘000)	Grade (g/t Au)	Cont. gold (koz)
Inferred	400	1.4	20
Total	400	1.4	20

Notes:

1. The Mineral Resource is classified in accordance with JORC, 2012 edition

2. The effective date of the Mineral Rresource estimate is 3 December 2018.

3. The Mineral Resource is contained within E70/2132, M70/815 and M70/816

4. Estimates are rounded to reflect the level of confidence in these resources at the present time.

5. All resources have been rounded to the nearest 100,000 tonnes

6. The Mineral Resource is reported at 0.1 g/t Au cut-off grade

Cut-off Grades and Mining Methods

A cut-off grade of 0.3g/t Au on the resource blocks at SMU scale was determined as an appropriate cut-off grade. This value was adopted from the optimisation work carried out on the weathered material at the main Tampia deposit, which has similar metallurgical recovery characteristics and processing costs, and which took into consideration all available geotechnical, metallurgical, hydrogeological parameters. Various gold price scenarios were evaluated, with the selected 0.3 g/t Au cut-off reflecting a gold price of A$1,650oz.

The Mace deposit is planned to be mined conventionally with light blasting and using a 100 t class excavator. This approach is well suited to the nature of the Mace resource and the size, depth and configuration of the open pit.

Mining

Geotechnical Assessment

The slope parameters used for the Mace pit design have been assumed based on work done on the overlapping Tampia Pit design, and allowing for the shallow depth, and very short mine open time, and 100% backfilling.

The initial shallowest northwest stages of the Mace pit will be backfilled with Mace waste earth, while the later stages that lie underneath the footprint of the waste rock dump of the Tampia main pit will be backfilled with Tampia main pit waste.

The weathering is shallow and weakly developed with no fresh rock occurring in the Mace pit. The batter face angle used in the pit design was 60[0] .

A geotechnical study is being commissioned, using structural analysis of diamond drill core and laboratory testing of rock strength and shear strength to assess the physical properties of all lithologies within the proposed pit area.

Pit Design

The resource model was supplied to Minecomp for pit design.

No ore loss or dilution were applied for the purposes of the mine planning work.

Due to the shallow depth of the Mineral Resource, the simple ore geometry, and the strong geological controls on the mineralisation, an open pit optimisation study was not required

The Mace pit was manually and interactively designed by MineComp. Blocks above 0.3 g/t that occurred above the oxidation boundary were included in the pit design, though any isolated blocks that would incur a higher stripping ratio were excluded. To ensure access and efficient mining, areas of subgrade or waste were included where necessary in the design. Final access ramp designs were not needed, because operational access will be by temporary or backfilled ramps, or from the adjoining Tampia pit.

The relevant pit design criteria for the Tampia pit were applied to the Mace design, including:

Minimum single lane ramp width	13.9m
Maximum ramp gradient	10%
Berm width	7m
Berm vertical spacing	20m
Maximum mining bench spacing	5m
Weathered pit wall batter slope	60°

A batter angle of 60[0] was applied and, because the pit walls did not exceed 20m depth, no berms were required.

The Mace Gold Resource pit design, outside the Tampia pit, is 600m long, ranging from 50m to 100m wide, and up to 18m deep. The resulting pit design has a waste to ore stripping ratio of 2.1.

The Mace pit design is shown in plan view (Figure 2) and a three dimensional view showing the relationship with the Tampia pit (Figure 3).

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Figure 2. Mace pit design, MGA 94 Grid Plan View

The southeastern part of the Mace Mineral Resource occurs within the larger planned Tampia Pit, much of the pit lies underneath the planned Tampia waste rock dump (WRD), with a small north-western part that lies outside the WRD footprint.

Most of the waste mined from Mace is planned to be utilised in construction of the TSF embankment, or as bulk fill in the ROM pad. The NW part, after backfilling with Mace waste, is planned to be reinstated to the original natural terrain and rehabilitated as native vegetation.

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Figure 3. 3D view of Mace pit in relation to the Tampia open pit design (view toward NW).

The final pit design was evaluated using the resource model with a 0.75 g/t Au high-grade cut and 0.3 g/t Au low-grade cut, and 0.15 g/t Au mineralised waste cut (Table 3).

Table 3: Summary of Mace pit contents (Production Target Inventory) , based on the Mace Block Model, and Mace Pit Design outside the Tampia Pit

					TOTAL
Oxidation	Grade	Cut Off	Volume	Dry Bulk	Tonnes	Grade	Gold Mined
Category	Category	Grades	Mined	Density	Mined	Mined
		g/t	(BCM)	t/BCM	(t)	(g/t)	Oz
Weathered	HG	>0.75	38,500	1.81	69,400	5.86	13,100
(= Oxide &	LG	0.30 – 0.75	122,900	1.73	213,100	0.48	3,300
Transitional	MW	<0.30	5,100	1.67	8,500	0.26
together)	WASTE		296,100	1.97	583,300
	TOTAL		462,500	1.89	874,300		16,400

Mining Schedule

The northwestern part will be mined first, and internally backfilled, followed by the central part. The southeastern portion is included in the Tampia mining schedule.

The Mace pit has been scheduled to be mined simultaneously with the Tampia pit over a six-month period. The Mace mining schedule comprises 100% Inferred Resources.

Mining Operations

The Study assumes technical and managerial direction will be controlled by Explaurum, using a drill and blast contractor, while the load, haul and support operations will be conducted by Explaurum using a fully maintained dry hire mining fleet.

Metallurgy and Processing

Metallurgical test work has been carried out on composited diamond drill samples taken along the Mace paleo channel in the Tertiary sediments and adjacent weathered bedrock in the northwest part of the deposit.

A single composite sample composed of 28 separate 1m mineralised intervals and weighing approximately 110kg was homogenised at <2mm grain size for rheological, gravity and cyanidation test work. A separate composite sample (+2mm – 6mm) was used for ore hardness test work. All leach and rheological test work utilised Tampia site water (Figure 4).

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Figure 4. Metallurgical test work flow sheet

The key results from the test work were as follows:

A significant disparity between assay grade and (higher) recalculated grade in the leach test work caused by the presence of free gold
No silver or deleterious elements present (As, Cu, Sb, Te, Hg or C);intensive cyanide leaching resulted in near complete dissolution (99.7%) within 12 hours
Bond Ball Work Index (BBWi) of 13.6 kWhr/t conducted on <6mm composite at a closed screen size of 150µm
Gravity concentrate (Knelson) ranged between 48.9% and 59.4%
Cyanide leach tests were conducted at P80 106µm, 150µm and 180µm with similar recoveries at 106µm and 150µm of over 99%, and slightly slower at 180µm of 97.7%
Lime consumption (4.5kg/t) was low and cyanide consumption (0.31kg/t) was moderate
Slimes may affect carbon adsorption rates, but the effect can be minimised by reducing feed density or using a viscosity modifier

Test work has confirmed that gravity and cyanidation are effective for the gold extraction as rapid and near complete dissolution of gold will result in greater than 96% gold recovery at moderate cyanide and low lime

consumptions. Any sulphur in the Mace mineralisation is present as sulphates indicating a low likelihood of the deposit being refractory. Concentrations of arsenic and other deleterious elements (copper, antimony, tellurium, carbon and mercury) are low.

(a) Process Plant Design

Processing of oxide ore allows the Tampia process rate to be increased to 1.9Mtpa from 1.6Mtpa, providing the extra plant capacity for treating Mace feed.

Though a grind requirement of only P80 180µm is needed for the Mace feed, the Tampia SAG mill and gravity / CIL circuits can handle 190 tpa at 125µm grind of the harder Tampia feed, so there is ample processing capacity for the added soft Mace feed.

Mace is considered suitable feed for the Tampia weathered ore flow chart, which has sequential gravity, and CIP processing (Figures 5 and 6). A high-intensity cyanide reactor is planned to further treat the gravity concentrate, and conventional elution and gold room processes will produce gold dore bars.

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Figure 5. Flow Sheet – Crushing, Grinding and Gravity circuits

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Figure 6. Flow Sheet – CIL leach and Gold Room circuits

(b) Process Plant Operations

The Mace feed has been scheduled for processing on an incremental basis throughout the project processing operations, commencing post the forecast initial payback period for the project.

The mining schedule and the proposed Tampia plus Mace processing plan gives a weathered Tampia ore processing rate of 1.9Mtpa for the first 6 months, reducing to 1.5Mtpa on fresh ore, then subsequently rising again, up to 1.9Mtpa towards the end of the initial project life on the combination of Mace feed plus Tampia Low Grade ore expected scheduled to be treated in those latter phases stage.

The underlying Tampia processed grade estimate assumes a stockpile management strategy where higher grade ore and low arsenic ore is preferentially treated, leaving lower grade ore on the ROM stockpile to be treated when the new ore feed rate drops off near the end of the pit life, and the same approach is applied to the Mace lower grade material.

(c) Tailings Storage Facility (TSF)

Mace will require no change to any aspects of the Tampia Tailings Storage Facility.

Waste material mined from the Mace pit is expected to be good material for the TSF construction.

Project Infrastructure

Mace will require no change to any of the Tampia infrastructure requirements.

Environmental Impact and Approvals

Being immediately adjacent to, or overlapping the main Tampia project, Mace has no significant additional environmental impact. Mace will have no change in the impact on the visual amenity.

Subterranean fauna and troglofauna are expected to be present in the Mace groundwater, and to be affected by the mining and pit dewatering. The overall species impact is however expected to be low, because the species have been sampled downstream of Mace, and Mace is located near the upstream limit of the hosting paleochannel.

A waste rock characterisation study has not been done because the Mace ore and waste is redeposited weathered material that is similar to, or more benign than, the weathered lithologies found in the Tampia pit.

Additional test work may be required to assess potential for clay dispersion of the highly weathered Mace waste rock. Test methods would include particle size distribution, Emerson Aggregate Test (clay dispersion) and exchangeable cation (calcium, magnesium, sodium and potassium) measurements.

Mace is not expected to have any significant effect on the environmental approvals process currently underway, because it is fully covered by the completed baseline surveys and is highly integrated with the main project.

The Mace resource covered by this study requires no clearing of native vegetation.

The mining of Mace requires no change to the currently planned Groundwater Licences.

No significant changes to the Tampia Works Approvals and Environmental Licences are required.

No significant changes are required to the Tampia Project Management Plan (PMP) that identifies the hazards and associated risks with the proposed operation from a health and safety perspective.

No significant changes are required to the Tampia Dangerous Goods Licence, nor to the Shire development applications, or building and sewerage Permits.

Social Impact

The Mace study area falls within the Shire of Narembeen Town Planning Scheme 2 on land zoned as, and predominantly used for farming.

Land ownership of the study area is freehold, and the Mace Resource applicable to this Study, is as with all of Tampia, fully within a single ownership.

Native Title and Cultural Heritage

No Native Title applies at Tampia because all property that would be impacted by mine development is privately owned. As with Tampia, there is no Aboriginal and European Cultural heritage present.

Operating Cost Estimate

Mining Costs

The mining operating cost estimate is based on the Tampia Feasibility Study mining cost model for conventional open pit mining using the 100t excavator and 100t trucks.

The Mace ore is very soft but the material properties observed in the diamond core indicate the UCS is too high to be consistently ‘free dig’, and light blasting to loosen the ground for high excavator productivity appears

necessary. A blasting powder factor of 0.25 kg/BCM of wet ground emulsion explosive, 102mm diameter holes, and 5m deep blasts has been applied.

The same excavator and truck productivity and costs have been applied as for the weathered zone of the Tampia pit. Because the underlying Tampia mining operation covers the monthly fixed mining costs, and because Mace has a lower stripping ratio, the cost per tonne of ore mined is lower than the equivalent mining cost of Tampia ore.

Incremental Drill & Blast (A$0.81 /BCM) and Load & haul (A$1.47 /BCM) costs have been applied, as shown in Tables 4 and 5.

Table 4. Mace Incremental Drill and Blast costs

Depth below Surface(m)	Drill and Blast Cost (A$/bcm)	Drill and Blast Cost (A$/bcm)
	Waste	Ore
0 - 20	0.81	0.81

Table 5. Mace Incremental Load & haul costs

Depth below Surface(m)	Mining Cost (A$/bcm)	Mining Cost (A$/bcm)
	Waste	Ore
0 - 20	1.47	1.47

Processing Costs

The processing cost of Mace is based on processing costs in the Tampia Feasibility Study for the 1.6 Mtpa weathered ore processing by gravity CIL throughput of weathered ore. The cost is adjusted for the higher annual throughput (1.9 Mtpa) with the incremental Mace material, and the lower grinding power requirements of the Mace material, giving an incremental CIL processing cost of A$12.96/t.

A large front end loader is proposed to be added to the mining fleet to complement the scheduled loading capacity of the excavators. This machine is also available as a backup ROM loader, and it will be retained on site after the end of mining as the main low-grade loader, allowing the new weathered processing rate to be supported on LG feed.

Administration

The administration cost of Mace is fully covered by the weathered ore processing G&A costs applied to the base load Tampia ore in the Feasibility Study.

Sustaining Costs

There is no required sustaining capital cost required for the six months of mining the Mace Mineral Resource.

Because most of Mace underlies the Tampia Waste rock dump (except a small northewestern section) and will be consumed within 6 months of mining, no additional provision for rehabilitation is required.

Corporate

No additional project related corporate costs are required for the mining and processing of the Mace Mineral Resource.

Capital Costs

No additional capital cost is required for the mining and processing of the Mace resource.

For further information, visit the Company’s website at www.explaurum.com or contact:

John Lawton

Managing Director Explaurum Limited +61 7 3333 2722

Competent Person’s Statement – Mineral Resources

The information in this report that relates to Mineral Resources is based on information announced to the ASX on December 3 2018. Explaurum confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Competent Person’s Statement – Ore Reserves

The information in this report that relates to Ore Reserves and Modifying Factors is based on information compiled by Mr Paul Griffin, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Griffin is employed as a consultant with MinEcoTech Pty Ltd. He 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 a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Griffin consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Metallurgy

The information in this report that relates to Metallurgy is based on information compiled by Mr Brant Tapley, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Tapley is employed as a consultant with JT Metallurgical Services Ltd. He 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 a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tapley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix 3. JORC Code 2012 Edition – Table 1

Section 4 Estimation and Reporting of Ore Reserves

Criteria	JORC Code Explanation	Commentary
Mineral Resource estimate for conversion to Ore Reserves	Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve	The most recent Mineral Resource estimate for Tampia (April 2018) was used for reporting the Tampia Ore Reserves (May 2018). Both are unchanged.
	Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves	Mineral Resources are reported inclusive of Ore Reserves.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case.	The Competent Person (Engineering) has visited the Tampia project site on six occasions through 2017 and 2018.
Study status	The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves. The Code requires that a study to at least Pre- Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	A The Ore Reserve statement is based upon the May 2018 Project Feasibility Study. Financial modelling completed as part of this December 2018 Feasibility Study Update shows that the project remains economically viable under current assumptions. Modifying Factors (mining, processing, infrastructure, environmental, legal, social and commercial) have been considered during the original Ore Reserve estimation process and this study Update.
Cut-off parameters	The basis of the cut-off grade(s) or quality parameters applied.	An economic cut-off of 0.30 g/t Au cut-off for weathered and 0.45 g/t Au cut-off for fresh material was applied to the Resource modelling from which the Ore Reserve was estimated. These cut-off grades were calculated in consideration of the following parameters: gold price, operating costs, process recovery, transport and refining costs, general and administrative costs and royalty costs, and they remain valid in this Study Update.
Mining factors or assumptions	The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design). The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc. The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes etc) grade control and pre- production drilling. The major assumptions made and Mineral Resource model used for pit and slope optimisation (if appropriate). The mining dilution factors used. The mining recovery factors used. Any minimum mining widths used. The manner in which Inferred Mineral Resources are utilised in mining studies and	While an allowance for edge dilution was made during the Tampia Reserve optimisation process with a global dilution of 2.5% being applied, no dilution has been applied to the Mace inferred resource. Metallurgical parameters were applied to the Mace resource model in order to model product grades and yields. Minor and non-material modifications have been made to the Tampia detailed pit designs with due consideration of geotechnical, geometric, and access constraints. These pit designs were used as the basis for production scheduling and economic evaluation. Conventional mining methods (truck and excavator), were selected. The geotechnical parameters have been applied based on geotechnical studies. Inferred Mineral Resources were excluded from the estimation of the Ore Reserve.

Criteria	JORC Code Explanation	Commentary
	the sensitivity of the outcome to their inclusion. The infrastructure requirements of the selected mining methods.	The Feasibility Study Production Target incorporated a minor portion of Inferred Mineral Resources which do have a measurable positive impact but are not material to the economic viability of the production schedule.
Metallurgical and mineral processing factors or assumptions	The metallurgical process proposed and the appropriateness of that process to the style of mineralisation. Whether the metallurgical process is well tested technology or novel in nature. The nature, amount and representativeness of the metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical factors applied. Any assumptions or allowances made for deleterious elements. The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the orebody as a whole. For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?	Conventional gravity and CIL processing is proposed as the basis of both the weathered and fresh ore. Fresh ore processing will also utilise ultra-fine grinding of a flotation concentrate. All these processes have been successfully tested at laboratory scale on the Tampia mineralisation and are currently being used at plant scale in the gold industry. Representative samples of mineralisation types suited to the three processing approaches above have been obtained by metallurgical diamond drilling and tested in metallurgical laboratories. Weathered material was processed initially followed by fresh material, with fresh ‘low grade’ being stockpiled for processing at the end of the mine life. A scheduled plant throughput of 1.9Mtpa is applied to weathered and fresh low grade feed and a throughput of 1.5Mtpa is applied to the fresh high grade feed.
Environmental	The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterisation and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.	All primary environmental, heritage and tenure approvals required under State and Commonwealth legislation are being progressed. The mine is to be developed under the Mines Act 1978.
Infrastructure	The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided or accessed.	Tampia minesite is readily accessible from Perth by multiple sealed highways and Shire graded roads locally. The workforce will be housed in Company accommodation in Narembeen on a drive-in drive-out (DIDO) basis. Infrastructure is plentiful and readily available in the region. The mine development will be on private land acquired by the Company. Power and water supply studies have identified appropriate solutions for mining operations.
Costs	The derivation of, or assumptions made, regarding projected capital costs in the study.	Projected capital costs have been provided predominantly based on quoted estimates by specialist suppliers as well as current knowledge and industry experience where applicable.
	The methodology used to estimate operating costs.	Operating cost estimates were developed by Explaurum from first principles, based on a dry hire mining and contract drill and blast model, and updated to reflect current operating costs.
	Allowances made for deleterious elements.	Gold mineralisation at Tampia is associated with arsenic which may affect metallurgical recovery and have environmental consequences. These issues were fully addressed in the Feasibility Study and there are no material changes.
	The source of exchange of exchange rates used in the study.	Capital cost estimates for process plant and infrastructure are made in 2018 Australian dollars, using an exchange rate of USD:AUD = 0.75 where applicable.
	Derivation of transportation charges. The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification etc.	Gold dore transportation and refining charges at the Perth Mint Refinery have been used in the Study. The WA Government retains a 2.5% gross royalty on all gold produced. A further 1.0% gross royalty is payable to the

Criteria	JORC Code Explanation	Commentary
	The allowances made for royalties payable, both Government and private.	project JV partner. Both charges are accounted for in the Study’s financial assessment.
Revenue factors	The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns etc. The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.	The mined ore head grades are estimated utilising industry accepted geostatistical techniques with the application of relevant Modifying Factors. The gold price assumed for LOM operations is A$1650 oz. The price has been set by the Company based on a 5 year historic average price of A$1600 oz. The A$1650 price assumes a LOM USD:AUD exchange rate of 0.75.
Market assessment	The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future. A customer and competitor analysis along with the identification of likely market windows for the product. Price and volume forecasts and the basis for these forecasts. For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.	The international market for gold is highly liquid and transparent.
Economic	The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate etc. NPV ranges and sensitivity to variations in the significant assumptions and inputs.	An overarching financial model of the Tampia project, prepared by Explaurum, using mining inputs prepared by AMC Consultants, and other inputs , indicates the project is economically viable with a positive Net Present Value (NPV). A discount rate of 8% has been used in the financial analysis, and the inflation rate has been assumed at 0%, with a fixed price for gold produced through LOM. Sensitivity of the Tampia Project to changes in the key drivers of sales price, mining cost and processing cost was carried out and showed the project NPV to be most sensitive to significant changes in sales price.
Social	The status of agreements with key stakeholders and matters leading to social licence to operate	Explaurum continues to negotiate a range of commitments with private landowners through the Land Access Agreement process. Further negotiation is required with the affected landowners, as well as regulatory approvals from the Shire Council and state authorities to enable project construction and complete the transition from exploration and development activities, to operational status. The Company has occupied the site for the last 6 years and engaged with the local community extensively over that period. The Narembeen community supports the mine development and the contribution it will make both economically and socially.
Other	To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves: Any identified material naturally occurring risks. The status of material legal agreements and marketing arrangements. 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	There are no identified material naturally occurring risks affecting the project or the Ore Reserve estimate and classification. This Study has confined itself to determining the economic viability of developing the Tampia Gold Project, and its potential material impacts on the environment. The Company holds current Mining Leases over the resource area. Access to the site is subject to a Land Access Agreement with the immediate landowner. A new Agreement is required to enable construction of the project to proceed. Arranging finance to develop the project is required and will commence soon after completion of this Study. Tendering for suitable contractors to construct the process plant and associated infrastructure will commence on completion of this Study A range of governmental agreements and licences are requiredprior to the decision to commence construction

Criteria	JORC Code Explanation	Commentary
	third party on which extraction of the reserve is contingent.	can be made, in particular the Mining Proposal and Mine Closure Plan. It is expected all necessary approvals and licences will be forthcoming when applied for progressively over the next phase of the project.
Classification	The basis for the classification of the Ore Reserves into varying confidence categories. Whether the result appropriately reflects the Competent Person’s view of the deposit. The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).	The estimated Ore Reserve is based on the underlying Mineral Resource classification of Indicated and Inferred Mineral Resources. Consequently, the Ore Reserve estimate consists entirely of Probable Reserves in accordance with JORC Code (2012) guidelines. There are no Probable Ore Reserves derived from Measured Mineral Resources and no Inferred Mineral Resources are included in the Ore Reserve. The Competent Person is satisfied that the stated Ore Reserve classification reflects the outcome of technical and economic studies.
Audits or reviews	The results of any audits or reviews of Ore Reserve estimates.	The Ore Reserve estimate was prepared by AMC based on inputs from a number of other independent consulting groups and EXU personnel. The estimate has subsequently been externally reviewed by CSA Global with no fatal flaws identified.
Discussion of relative accuracy/confidence	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 accuracy and confidence of the estimate. 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. Accuracy and confidence discussions should extend to specific discussions of any Modifying Factors that may have a material impact on the Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. 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.	The confidence in the Ore Reserve is reflected by the classifications shown above. The estimate is supported by a ±15% level of accuracy technical study.

AI assistant

Alkane Resources — M&A Activity 2018

48579_rns_2018-12-19_3275ccab-86b4-4738-a568-3fab32578e52.pdf

Explaurum Limited ACN 114 175 138

Ninth Supplementary Target's Statement

1 Introduction

2 Improved Ramelius Offer

3 Offer Conditions

4 Cancellation of Alkane Meeting

5 Initial Mace Resource Estimate

6 Tampia Feasibility Study Update

7 Additional information

7.1 Competent Person's statement – Mineral Resources and Ore Reserves

7.2 Consents

7.3

Approval of this Ninth Supplementary Target's Statement

ACCEPT THE IMPROVED RAMELIUS OFFER

Improved Offer

Recommendation and intention of Explaurum's Directors

Key reasons for the Explaurum Directors' recommendation

1. The Improved Offer includes an increase to the Offer Consideration

2. The Improved Offer provides greater certainty

3. There is a risk that Explaurum Shareholders who do not accept the Improved Offer may become minority shareholders

4. Short term funding

Supplementary disclosure by the Independent Expert

Explaurum Board

Cancellation of Alkane Meeting

For further information, contact:

NOTICE OF CANCELLATION OF ALKANE MEETING

INITIAL MACE RESOURCE ESTIMATE

07 December 2018

HIGHLIGHTS

Mace infill RC drilling

Mace diamond drilling

Geology and mineralisation

Regional geology

Local Geological Setting and Mineralisation

Quaternary Sediment (QA)

Tertiary Sediment (PC)

Mottled Zone (MZ)

Upper Saprolite (US)

Lower Saprolite (RLS)

Residual Saprock (RSR)

Gold Mineralisation

Drilling Techniques

Sampling and sub-sampling techniques

Sample Analysis Method

Bulk Density

Estimation Methodology

Resource Classification

Metallurgy

Cut-off Grades & Mining Methods

Next steps

Additional extensional drilling

For further information, contact:

Competent Persons’ Statement

Table 1: Drill collar details of Mace infill RC drill holes

Appendix 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Reporting of Mineral Resources

EXPLAURUM LIMITED

TAMPIA FEASIBILITY STUDY UPDATE

14 December 2018

Summary of updated Feasibility Study outcomes[1]

Summary of key changes from May 2018 Feasibility Study

Production Target Based Partly on Inferred Mineral Resources

Forward Looking Statements

KEY OUTCOMES OF UPDATED TAMPIA FEASIBILITY STUDY

Initial capital cost of standalone process plant

Deferred construction of flotation and UFG circuit

Table 1. Updated Feasibility Study Summary

Table notes:

Mine design and mine scheduling

Addition of Mace Supergene Mineral Resource

OTHER STUDY DETAILS

ADDITIONAL INFORMATION ON MACE

Resource Classification

Cut-off Grades and Mining Methods

Mining

Alkane Resources M&A Activity 2018