Alkane Resources — Management Reports 2016

May 10, 2016

==> picture [141 x 108] intentionally omitted <==

RIU Sydney Resources Round-up

Natalie Chapman May 2016

==> picture [139 x 99] intentionally omitted <==

Board & Management

==> picture [317 x 399] intentionally omitted <==

Board

• John S F Dunlop (Chairman) BE(Min), MEngSc(Min). Mining Engineer

• D Ian Chalmers (Managing Director) MSc. Geologist

• Ian J Gandel (Director) LLB, BEc. Businessman

• Anthony D Lethlean (Director) BAppSc . Geologist/Banker

• Karen Brown (Company Secretary) BEc

Senior Management

• Nic Earner (Chief Operations Officer) BEng (Honours)

• Michael Ball (Chief Financial Officer) CA BCom

• Terry Ransted (Chief Geologist) BSc

• Michael Sutherland (General Manager NSW) BSc

• Brendan Ward (Commercial Manager) LLB, BA

• Sean Buxton (TGO Operations Manager) BEng

• Natalie Chapman (Corporate Communications) BSc, MBA

DZP Marketing Consultants

• Alister MacDonald (Marketing TCMS) - Ceramic Engineer

• Jeff Swingler (Special Strategic Advisor) CA, MEI

• Dudley Kingsnorth (REE Markets IMCOA) - BMet (Hons), MSc.,

2

==> picture [139 x 99] intentionally omitted <==

• Listed on ASX since 1969, also listed on OTCQX (US)

• ~6,300 shareholders

• Multi commodity explorer, miner and developer focused on Central West of NSW, Australia

• Active in region for more than 20 years

• Developed Peak Hill Gold Mine in 1996, operated to 2005 being the end of mine life

• Tomingley Gold Operations (TGO) construction completed on time/budget; first gold production February 2014; providing cash flow to assist with DZP development

• World-class Dubbo Zirconia Project (DZP) front end engineering and design completed; project approval received; project at pre-construction stage; financing in progress

• Successful ongoing exploration program to provide a pipeline of development projects

Corporate Profile

==> picture [259 x 381] intentionally omitted <==

3

==> picture [139 x 99] intentionally omitted <==

1H FY2016 Snapshot

Indicative Shareholder Base as at 31 March 2016

==> picture [10 x 11] intentionally omitted <==

1H FY2016 Financials

==> picture [231 x 300] intentionally omitted <==

----- Start of picture text -----

3%
16%
7%
50%
24%
Hedge Funds
Retail & others
Directors & Management
Foreign Institution
Domestic Institutions
----- End of picture text -----

• Total income A$56.2 million

• Profit before income tax A$8.9 million

• Operating cash flow A$19.1 million

• Total equity A$178.1 million

• Market cap at 21 April ~A$90 million

• Issued capital 414.2 million shares

• Cash and bullion A$19.2 million

==> picture [10 x 10] intentionally omitted <==

Tomingley Gold Operations

• Production 35,136 ounces

• Gold revenue A$55.4 million

• AISC[(1)] A$1,270/oz (expected LOM average ~A$1,000 - A$1,100)

• Profit before income tax A$12.9 million

• Capital A$10.9 million (A$9.4M deferred waste)

==> picture [10 x 11] intentionally omitted <==

Dubbo Zirconia Project

• ECI, process development, marketing, land acquisitions

Major Shareholders: ~22% Abbotsleigh (Gandel Metals) ~10% Fidelity Group

• 1H FY16 total outflows A$7.0 million (FY15 A$15.8 million)

• Funded from TGO cash flows

• (1) Refer to ASX Quarterly Activities Report dated 20 April 2016 for definition

4

==> picture [139 x 99] intentionally omitted <==

 Project Information

• $115M construction capex funded without debt

• Resource – ~688,000oz of gold (ASX 21 Sept 2015)

• Mine Method – open cut & underground

Tomingley Gold Operation

 FY 2016 Guidance:

• Production 60,000 – 70,000oz

• AISC[(1) ] A$1,250 – A$1,350/oz

• (1) Refer to ASX Quarterly Activities Report dated 20 April 2016 for definition

• Mine Life – 6 years (targeting 10+ yrs)

• Processing plant throughput – 1.0Mtpa

• 1.9g/t Au and 91% recovery standard CIL

• Gold Production – ~350,000oz over base case life

 Operating Strategy

• Extend mine life (targeting 10+ yrs)

• Commence underground operations

• Exploration for near mine ore sources

• Reduce operating unit costs

• Continuous improvement programs in progress

• “Emeco Better Solution” project has to date delivered a 20% increase in payload and 13% increase in operating efficiency lifting TGO’s fleet into the first or second quartile of similar mining fleets in Australia across most standard productivity metrics

• Processing focussed on stable recovery and lowering unit costs with significant reduction over the last 12 months

==> picture [375 x 265] intentionally omitted <==

5

==> picture [139 x 99] intentionally omitted <==

TGO Mine Schedule

==> picture [453 x 158] intentionally omitted <==

----- Start of picture text -----

Wyoming Three
Caloma Two and Caloma
Wyoming One
----- End of picture text -----

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Wyoming Three Wyoming One Wyoming One Underground Caloma Caloma Underground Caloma Two Peak Hill Underground ?? ? Exploration ?? ? Anticipated production oz 65-70,000 65-70,000 70-75,000 50-55,000 45-50,000 50-55,000

==> picture [37 x 16] intentionally omitted <==

Scheduled Possible Potential

6

© 2016 Alkane Resources Ltd © 2016 Alkane Resources Ltd

==> picture [139 x 99] intentionally omitted <==

Dubbo Zirconia Project

==> picture [275 x 347] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

Located 400km northwest of Sydney within a region that has substantial infrastructure – roads, rail, power, gas, light engineering, people (~100,000), being a large agricultural and mining area

==> picture [10 x 11] intentionally omitted <==

A very large polymetallic resource of the metals zirconium hafnium, niobium (tantalum), yttrium and rare earths Reserve supports 35 year mine life at 1 million tonne ore processing per annum with defined resource supporting an 80 year open pit operation

==> picture [10 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

Demonstrated flow sheet with pilot plant and products for market evaluation operated at ANSTO since 2008

==> picture [10 x 11] intentionally omitted <==

All State and Federal environment approvals completed by March 2016

==> picture [10 x 11] intentionally omitted <==

August 2015 Front End Engineering Design (FEED) study confirmed the robust technical and financial DFS of April 2013 Finnish technology/engineering solutions company Outotec appointed for Early Contractor Involvement (ECI) in September 2015 to present a fixed price EPC

==> picture [10 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

Sumitomo Mitsui Banking Corporation financial advisors

7

==> picture [139 x 99] intentionally omitted <==

Process Flowsheet

==> picture [585 x 390] intentionally omitted <==

8

==> picture [139 x 99] intentionally omitted <==

Product Output

Rare earth chemical concentrate Zirconium as ZBC (carbonate) & zirconia Hafnium as HfO2 concentrate Niobium as ferro-niobium	95% REO 99% ZrO2 HfO2conc 65% Nb	6,664 tpa (REO units) 16,374 tpa (ZrO2units) 50 tpa* (Hf units) 1,967 tpa (Nb units)

Start up output. 200tpa potential depending upon market demand *

Tonnage based upon recoveries developed from mass balances of the demonstration pilot plant. Total output approximately 25,200 tpa of all products

9

==> picture [139 x 99] intentionally omitted <==

Rare Earth Output

	DZP REE SX La / Ce Pr / Nd Sm / Eu / Gd Tb / Dy / Ho / Er / Tm / Yb / Lu Y(2/3N) Toll treatment – off site Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Pr6O11 Nd2O3 Tb4O7 Dy2O3 Y2O31,031tpa La2O31,441tpa CeO22,367tpa 237tpa 921tpa 112tpa 3tpa 107tpa 22tpa 75tpa 6tpa 61tpa 3tpa 14tpa 122tpa Sm2O3 Eu2O3 **Gd2O3 **

Tonnage based upon recoveries developed from mass balances of the demonstration pilot plant, and preliminary solvent extraction stages on site at the DZP. Total saleable RE products from site ~1,030 tpa and off site ~ 1,675 tpa.

10

==> picture [139 x 99] intentionally omitted <==

DZP Marketing and Off-take

==> picture [10 x 11] intentionally omitted <==

==> picture [10 x 10] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

• Joint venture with Treibacher Industrie AG to produce and market ferro-niobium

• Finalising a zirconium product and sales marketing agreement with European producer and trader (40 years in Zr) for world wide distribution

• Off-site rare earth processing LOI concluded with Vietnam Rare Earth (VRE) to enable production and marketing of separated rare earth products, and down stream value added metal alloy production

• Continued discussions with multiple end users for separated rare earth products, specifically aerospace and permanent magnet industries

• Discussions with organisations regarding supply of high purity Zr feed for reactor grade metal, and JV for hafnium metal production. The DZP will supply separate Zr and Hf feed and therefore production of either metal is not linked to the other as current

==> picture [319 x 357] intentionally omitted <==

----- Start of picture text -----

Dubbo City
----- End of picture text -----

11

==> picture [139 x 99] intentionally omitted <==

Vietnam Rare Earth JSC LOI

Rare Earth Separation Plant

• Phu Ly – 4,000tpa REO separation plant producing La, Ce, Nd, Pr, Dy and Tb

==> picture [9 x 10] intentionally omitted <==

Selling certified products into Asia

• Hai Phong – 1,200tpa RE metal /alloy plant

==> picture [9 x 10] intentionally omitted <==

• Selling certified RE metals into Asian permanent magnet manufacturers

 AZL – VRE Agreement

==> picture [9 x 10] intentionally omitted <==

• Toll process DZP RE concentrate feed to produce separated rare earth products to certified standard

==> picture [9 x 9] intentionally omitted <==

• Establish a joint marketing company to expand VRE’s market base into Europe and North America using VRE existing feed

==> picture [9 x 9] intentionally omitted <==

• Replace existing feed progressively as DZP comes on stream

==> picture [9 x 9] intentionally omitted <==

• Expand product output to build on AZL’s customer base in aerospace and industrial groups in Europe and North America

==> picture [9 x 9] intentionally omitted <==

• Expand production facilities to increase market penetration

• VRE Costs – currently equal to or less than quoted for Chinese rare earth industry

==> picture [295 x 185] intentionally omitted <==

----- Start of picture text -----

Tunnel Kiln - Rare Earth Finishing
----- End of picture text -----

12

==> picture [139 x 99] intentionally omitted <==

Cleantech and Technology Applications

==> picture [106 x 106] intentionally omitted <==

==> picture [108 x 106] intentionally omitted <==

• ZIRCONIUM: Auto catalysts for emissions minimization; thermal barrier coatings for turbines (jet and industrial); ceramics; special alloys/glass; paint drying; paper coating; jewelry

==> picture [106 x 105] intentionally omitted <==

==> picture [108 x 105] intentionally omitted <==

• HAFNIUM: turbine alloys (jet and industrial); special ceramics; k-gates (computer chips). New applications such as radiative cooling

==> picture [106 x 106] intentionally omitted <==

==> picture [105 x 106] intentionally omitted <==

• NIOBIUM: special alloys (steel for tensile strength and lightness); superconductors; coinage

• RARE EARTHS: Permanent magnets for electric motors (wind turbines, marine, hybrid and electric cars); catalysts for emissions minimization; batteries; phosphors for energy efficient lighting; numerous electronic applications; photovoltaics; gasless refrigeration

==> picture [106 x 105] intentionally omitted <==

==> picture [104 x 103] intentionally omitted <==

13

==> picture [139 x 99] intentionally omitted <==

DZP Financial Summary

Front End Engineering Design (FEED) completed August 2015 on 1Mtpa ore processed

Capex US$0.97B / US$77M contingency Revenue US$430 - $470Mpa Opex US$195Mpa EBITDA US$235 - $275Mpa 20 year NPV US$0.92B (8%) and 17.5% IRR

Revenue based upon Chinese domestic rare earth prices and current spot ranges for Zr and Nb, and a long term sustainable Hf price.

Rare earth revenues largely derived from Pr, Nd, Tb, Dy and Y (for production of RE magnets and special ceramics/alloys)

==> picture [354 x 219] intentionally omitted <==

Operating costs to produce a kilogram of product range from US$7.00 to US$8.00/kg

Revenue averages US$17.00/kg (REO US$23/kg or US$56/kg without La/Ce; Zr US$8.26/kg; Hf US$800/kg; Nb US$40/kg) Capital intensity ~ US$35/kg of product

14

==> picture [139 x 99] intentionally omitted <==

Key Milestones to Development

Milestone	Timing*
Project Resources
Acquire remaining key project land parcels Secure remaining water resources Powerline easement option fees	Q1/Q2 2016 Project funding Project funding
Key Agreements
Rare earth toll processing agreement Product offtake agreements (Zr, Hf and REEs) Zirconium marketing and sales agreement EPC construction contract(s)	Q2 2016 Q2/Q3 2016 Q2 2016 In progress
Engineering, Design & Product Development
Engineering and design at bankable level Engineering & design improvements from ECI (CP to Funding) Pilot plant run to confirm Hf circuit and produce marketing samples	Completed In progress H2 2016
Construction and Production
Financing Detailed design and Construction Production	Staged H2 2016/2017 H2 2016/2018 H2 2018/2019

15

indicative only and are subject to change.

==> picture [139 x 99] intentionally omitted <==

The DZP Advantage

==> picture [12 x 12] intentionally omitted <==

Internationally strategic with supply of several critical metals from non-Chinese sources

==> picture [12 x 12] intentionally omitted <==

Business case has robust revenues, even at current Chinese domestic RE and Zr prices

==> picture [12 x 12] intentionally omitted <==

Full spectrum of rare earth magnet materials – neodymium, praseodymium, dysprosium and terbium produced, as well as other “heavy” rare earths and yttrium which have developing advanced materials applications

==> picture [12 x 12] intentionally omitted <==

The DZP’s diversified output gives a very different revenue profile to Lynas’ Mt Weld and Molycorp’s Mt Pass pure rare earth operations, providing increased stability in variable markets

==> picture [12 x 12] intentionally omitted <==

Production of zirconium chemicals not related to zircon or the mineral sands industry. New high purity zirconium product can generate increased revenue

==> picture [12 x 12] intentionally omitted <==

Potential to be the world’s largest hafnium producer and supply long term stable production and pricing into the expanding aerospace and industrial gas turbine industries, not related to the production of reactor grade zirconium metal

==> picture [12 x 13] intentionally omitted <==

Current estimated operating cost structure very competitive @ US$7 - $8/kg of product produced, which places the project in the lowest quartile producer

16

==> picture [139 x 99] intentionally omitted <==

Disclaimer

This presentation contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed of implied by these forward looking statements depending on a variety of factors. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geosciences.

Competent Person

Unless otherwise stated, the information in this presentation that relates to mineral exploration, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ian Chalmers consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

17

==> picture [141 x 108] intentionally omitted <==

Thank you

©

==> picture [139 x 99] intentionally omitted <==

Zirconium Industry

Zircon Demand by End Use

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [328 x 262] intentionally omitted <==

----- Start of picture text -----

(2015 ~ 1 million tonnes)
Other
3%
Foundry
12%
Ceramics
47% Chemicals
21%
Refractory
17%
----- End of picture text -----

==> picture [348 x 238] intentionally omitted <==

Global market US$2-3B

==> picture [12 x 12] intentionally omitted <==

China dominates downstream zirconium industry (85-90%)

2015 producer zircon inventories still high Market expected to stabilise through 2016 - 2017 CAGR anticipated at 5% - 7% pa after stabilisation

19

Source: TCMS and Industry Sources

==> picture [139 x 99] intentionally omitted <==

Auto exhaust catalysts – ceria stabilised zirconia

==> picture [203 x 140] intentionally omitted <==

==> picture [166 x 180] intentionally omitted <==

Thermal barrier coatings – yttria stabilised zirconia for jet and industrial gas turbines, and many other applications

Zirconium Applications

==> picture [329 x 214] intentionally omitted <==

Substantial growth in advanced ceramics and cubic zirconia (jewellery) Current world demand for zirconium chemicals / zirconia ~ 160,000tpa

20

Source: TCMS, Roskill and Industry Publications

==> picture [139 x 99] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

Super Alloys - 73% of 2015 supply By-product from zirconium metal

==> picture [12 x 13] intentionally omitted <==

Hafnium Industry

• Depends on nuclear industry

==> picture [12 x 13] intentionally omitted <==

Prices escalating through demand by aerospace industries 2014 into 2015

==> picture [323 x 239] intentionally omitted <==

21

Source: Modified after Lipmann Walton & Co Ltd 2015

==> picture [139 x 99] intentionally omitted <==

Hafnium Applications

Jet Engine Turbine

==> picture [377 x 151] intentionally omitted <==

Industrial Gas Turbine

Forecast International: gas turbine power generation market has entered a period of sustained growth:

Both passenger and military aircraft growth at plus 100% over the next five years

• 18,800 gas turbine engines for power generation in the 2014-2028 period. The value of this production is US$341.7 billion.

Addition of 1%-2% Hf to NiCo alloys raises operating temperature from 1,400[o] C to 2,000[o] C providing fuel efficiencies and emission minimisation.

22

Source: UTC, Various industry publications

==> picture [139 x 99] intentionally omitted <==

Rare Earth Industry

REE Demand 2016 by Application

==> picture [689 x 358] intentionally omitted <==

----- Start of picture text -----

US$3-5B Global market
Other
136,000t Annual consumption 2014 Catalysts
8%
18%
3-5% Annual growth estimates
Ceramics
85-90% REE produced by China
5%
Glass
6%
Phosphors
5%
Permanent magnet dominant
consumer and growth ~ 8% pa
Annual magnet market ~US$20B
Polishing
Major use for Nd, Pr, Dy and Tb 12%
Magnets
Growth in other REs for special metal 27% Metal
alloys and ceramics Alloys
16%
----- End of picture text -----

Renewable

energy

Smart technologies

Source: IMCOA

23

==> picture [139 x 99] intentionally omitted <==

Rare Earth Applications – Permanent Magnets

==> picture [333 x 205] intentionally omitted <==

==> picture [13 x 14] intentionally omitted <==

Permanent Magnets – major growth

• Hybrid and electric cars

• Wind turbine

• Industrial gas turbines

• Marine electric motors

==> picture [255 x 165] intentionally omitted <==

==> picture [148 x 151] intentionally omitted <==

Thysen Krupp Maritim Permasyn marine propulsion systems

24

© 2016 Alkane Resources Ltd © 2016 Alkane Resources Ltd

Source: Siemens, Shin-Etsu, Thysen Krupp

==> picture [139 x 99] intentionally omitted <==

Niobium Industry

==> picture [13 x 13] intentionally omitted <==

==> picture [13 x 13] intentionally omitted <==

==> picture [13 x 13] intentionally omitted <==

==> picture [13 x 14] intentionally omitted <==

90% of Nb used in standard grade ferro-niobium for the production of high strength low alloy (HSLA) steels

World production estimated at 60,000t Nb in 2014. CBMM in Brazil accounts for 85%

Global market US$3-4B. Price stability since 2008, including GFC CAGR anticipated at 5%. Demand expected to be driven by greater intensity of use in steels by BRIC producers

==> picture [240 x 203] intentionally omitted <==

----- Start of picture text -----

Current use of ferro-niobium
Other
13%
Structural
29%
Stainless
10%
Auto
24%
Pipe
24%
----- End of picture text -----

==> picture [288 x 207] intentionally omitted <==

25

Source: Niobec and Industry Sources

==> picture [139 x 99] intentionally omitted <==

DZP Resources and Reserves

Dubbo Zirconia Project – Mineral Resources

Toongi	Tonnage	**ZrO2 **	**HfO2 **	**Nb2O5 **	**Ta2O5 **	**Y2O3 **	REO
Deposit	(Mt)	(%)	(%)	(%)	(%)	(%)	(%)
Measured	35.70	1.96	0.04	0.46	0.03	0.14	0.75
Inferred	37.50	1.96	0.04	0.46	0.03	0.14	0.75
Total	73.20	1.96	0.04	0.46	0.03	0.14	0.75

These Mineral Resources are based upon information compiled by Mr Terry Ransted MAusIMM (Alkane Chief Geologist) who is a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Terry Ransted consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The full details of methodology were given in the 2004 Annual Report.

Dubbo Zirconia Project – Ore Reserves

Toongi	Tonnage	ZrO2	HfO2	Nb2O5	Ta2O5	Y2O3	REO
Deposit	(Mt)	(%)	(%)	(%)	(%)	(%)	(%)
Proved	8.07	1.91	0.04	0.46	0.03	0.14	0.75
Probable	27.86	1.93	0.04	0.46	0.03	0.14	0.74
Total	35.93	1.93	0.04	0.46	0.03	0.14	0.74

These Ore Reserves are based upon information compiled by Mr Terry Ransted MAusIMM (Alkane Chief Geologist) who is a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The reserves were calculated at a1.5% combined ZrO2+Nb2O5+Y2O3+REO cut off using costs and revenues defined in the notes in ASX Announcement of 16 November 2011. Terry Ransted consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Note: ASX announcements 16 November 2011, 11 April 2013, 30 October 2013 and 27 August 2015 - the Company confirms that all material assumptions and technical parameters underpinning the estimated Mineral Resources and Ore Reserves, and production targets and the forecast financial information as disclosed continue to apply and have not materially changed.

26

==> picture [139 x 99] intentionally omitted <==

Resource & Reserves: Tomingley

	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2015)
DEPOSIT	MEASURED		INDICATED		INFERRED		TOTAL		Total Gold
	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Koz)
Open Pittable Resources(cut off 0.50g/t Au)
Wyoming One	2,171	1.7	442	1.5	735	1.1	3,348	1.5	167
Wyoming Three	206	1.7	122	1.7	2	1.1	330	1.7	18
Caloma	2,163	1.8	582	1.7	2,008	1.5	4,753	1.7	254
Caloma Two	-	-	1,085	2.4	704	1.3	1,789	2.0	112
Sub Total	4,540	1.8	2,231	2.0	3,450	1.4	10,220	1.7	551
Underground Resources(cut off 2.50g/t Au)
Wyoming One	168	4.8	205	4.4	361	4.2	735	4.4	104
Wyoming Three	12	3.6	20	4.5	25	3.3	57	3.8	7
Caloma	0	3.1	4	2.9	81	3.2	84	3.2	9
Caloma Two	-	-	92	3.5	63	3.2	155	3.3	17
Sub Total	180	4.7	321	4.1	530	3.9	1,031	4.1	136
TOTAL	4,720	1.9	2,552	2.3	3,979	1.7	11,251	1.9	687

	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)	TOMINGLEYGOLDOPERATIONS OPEN PITORE RESERVES(as at 30 June 2015)
DEPOSIT	PROVED		PROBABLE		TOTAL		Total Gold
	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Koz)
Wyoming One	1,665	1.6	202	1.3	1,867	1.5	94
Wyoming Three	173	1.6	5	1.4	178	1.5	9
Caloma	1,247	1.9	72	1.5	1,319	1.8	80
Caloma Cut Back	222	1.5	66	1.4	288	1.4	14
Caloma Two	-	-	243	3.5	243	3.5	27
Stockpiles	468	0.8	-	-	468	0.8	12
TOTAL	3,775	1.6	588	2.2	4,363	1.6	235
TOMINGLEYGOLDOPERATIONS UNDERGROUNDORE RESERVES(as at 10 December 2015)
DEPOSIT	PROVED		PROBABLE		TOTAL		Total Gold
	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Koz)
Wyoming One(+Caloma)	224	4.0	300	3.4	514	3.7	62
TOTAL	224	4.0	300	3.4	514	3.7	62

27