ALTAMIN LIMITED — Capital/Financing Update 2017

Jun 25, 2017

26 June 2017

ASX Announcement

Final assay results received from Colonna Zorzone resource drilling program

Final three diamond holes encountered higher grades and greater widths than predicted by resource modelling

ASX Code EMX

ABN 63 078 510 988 PO Box 1785 West Perth WA 6872

Level 2, 20 Kings Park Road West Perth WA 6005

T: + 61 8 9321 5000 F: + 61 8 9321 7177

E: info@energiaminerals.com

W: www.energiaminerals.com

HIGHLIGHTS

Strong assay results returned from final three diamond holes in recently completed underground drilling program, including:

• 17.6m with an estimated True Width (TW) of 8.9m grading 5.8% Zn, 1.4% Pb and 80g/t Ag in GDD151;

• 28.1m (estimated TW of 2.9m) grading 7.0% Zn, 1.6% Pb and 17g/t Ag in GDD155; and

• 23.3m (estimated TW of 16.3m) grading 5.4% Zn, 1.9% Pb and 26g/t Ag in GDD156.

Board of Directors Alexander Burns Executive Chairman/ Chief Executive Officer Stephen Hills Finance Director Marcello Cardaci Non-Executive Director

Company Secretary Jamie Armes

Energia Minerals Ltd (ASX: EMX; “Energia” or Company) is pleased to advise that it has received the final assay results from the recently completed underground diamond drilling program for the Colonna Zorzone deposit at its 100%-owned Gorno Zinc Project in northern Italy.

The results, which were not included in the updated Mineral Resource released on 3 May 2017, are of higher grade and thickness than predicted by resource modelling.

Holes GDD151 ( 17.6m grading 5.8% Zn, 1.4% Pb, 80g/t Ag ) and GDD156 ( 23.3m grading 5.4% Zn, 1.9% Pb, 26g/t Ag ), both of which are located within the 1-5% Zn resource boundary, encountered particularly wide estimated true width intersections of 8.9 metres and 16.3 metres respectively (see Figures 3 and 5).

GDD155, which also lies within the 1-5% resource boundary, intersected the mineralised zone at a low angle and is estimated to have a true width of 2.9 metres (see Figure 4).

==> picture [503 x 28] intentionally omitted <==

Page 1 of 14

==> picture [470 x 527] intentionally omitted <==

Figure 1: Plan view of the Colonna Zorzone deposit with the Indicated Resource (coloured areas) within the black outlines and areas outside the black outlines comprising the Inferred Resource.

Drilling from the exploration decline ceased on 14 April 2017. Five holes drilled from the end of the decline failed to reach the targeted down plunge extent near the 600RL, either as a result of difficult geometry, or excessive deviation whilst drilling. Energia is currently assessing various options to continue testing the apparently higher grade down plunge extent of Colonna Zorzone below the 600RL albeit no further drilling is planned at this stage (see Figure 2 below).

==> picture [503 x 29] intentionally omitted <==

Page 2 of 14

==> picture [483 x 295] intentionally omitted <==

Figure 2: Cross section looking west showing extents of underground development and drilling to date for the Colonna Zorzone deposit as well as the untested extensions up and down plunge.

For and on behalf of Energia Minerals Limited.

For media enquiries contact: Alexander Burns Peter Klinger Executive Chairman/Chief Executive Officer Cannings Purple +61 8 9321 5000 +61 (0)411 251 540 info@energiaminerals.com pklinger@canningspurple.com.au

Competent Person Statement

Information in this release that relates to Exploration Results is based on information prepared by Mr David Andreazza, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Andreazza is a full-time employee of Energia Minerals Limited. Mr Andreazza has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities 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 Andreazza consents to the inclusion in this release of the matters based on their information in the form and context in which it appears.

==> picture [503 x 29] intentionally omitted <==

Page 3 of 14

Table 1: Drilling location details and assay results for holes GDD149 to GDD156

HOLE ID	Easting (m)	Northing (m)	Collar RL	Dip	Azimuth	Depth	From	Zn %	Pb %	Ag g/t	Thickness
	WGS84Z32N	WGSZ32N	(m ASL)			(m)	(m)				(m)
GDD149	559487	5084383	868.6	-30	232	329		Failed to reach target
GDD150	559481	5084364	866.0	-24	208	327.4		Failed to reach target
GDD151	559496	5084357	865.5	-37	238	214.1	167.2	3.8	0.9	49	31.4
	Including						169.2	5.8	1.4	80	17.6
	Including						178.5	9.5	2.5	81	8.3
GDD152	559478	5084366	865.9	-31	270	190.3		Failed to reach target
GDD153	559497	5084357	866.0	-26	218	54.6		Failed to reach target
GDD154	559478	5084365	865.6	-32	250	154		Failed to reach target
GDD155	559872	5084718	944.1	29	325	83.3	12.8	1.7	0.8	11	3.2
	And						36	7.0	1.6	17	28.1
	Including						42.2	13.1	3.0	29	9.4
	Including						54.7	30.1	4.3	56	0.8
	Including						60.8	10.3	2.7	34	3.3
	And						73.5	1.6	0.6	11	0.9
GDD156	559954	5084734	944.9	71	72	69.5	42.3	5.4	1.9	26	23.3
	Including						42.3	15.0	6.5	54	3.3
	Including						49.3	6.2	1.9	39	2.9
	Including						59.3	7.2	2.0	43	6.3

==> picture [478 x 327] intentionally omitted <==

Figure 3: GDD149 and GDD151 Cross Section

==> picture [503 x 29] intentionally omitted <==

Page 4 of 14

==> picture [471 x 322] intentionally omitted <==

Figure 4: GDD155 Cross Section

==> picture [463 x 316] intentionally omitted <==

Figure 5: GDD156 Cross Section

==> picture [503 x 29] intentionally omitted <==

Page 5 of 14

JORC Code, 2012 Edition – Table 2 Gorno Exploration Drilling Results

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random	 Drill core was cored using NQ core bits. Core samples were half core cut using a
techniques	chips, or specific specialised industry standard	diamond saw with half the core being dispatched to the laboratory, and half
	measurement tools appropriate to the minerals under	retained. Individual samples were taken on geological intervals with lengths
	investigation, such as down hole gamma sondes, or	ranging between 0.7m and 1.3m, and an ideal length of 1m. Core received to
	handheld XRF instruments, etc). These examples should	date is largely very competent and cuts well with little material loss or
	not be taken as limiting the broad meaning of sampling.	contamination. Cut core samples were dispatched using a reputable contract
	 Include reference to measures taken to ensure sample	courier from site to the laboratory where half core is dried, then crushed and
	representivity and the appropriate calibration of any	pulverised to allow 85% to pass -75µm. A 0.15g-0.25g aliquot subsample of the
	measurement tools or systems used.	pulverised sample was then dissolved in a four acid digest, and then analysed
	 Aspects of the determination of mineralisation that are	using an ICP-AES or ICP-AAS technique to determine grades of the following
	Material to the Public Report.	elements Pb, Zn, As, Ag, Bi, Co, Cu, Fe, Mg, Mn, Ni. Further testworks may be
	 In cases where ‘industry standard’ work has been done	carried out in the future for other analytes.
	this would be relatively simple (eg ‘reverse circulation	 Duplicates, blanks and certified reference materials were inserted into sample
	drilling was used to obtain 1 m samples from which 3 kg	series at a rate of better than 3 in 20. In addition two sample batches have been
	was pulverised to produce a 30 g charge for fire assay’).	dispatched to an independent laboratory for umpire analysis, results obtained
	In other cases more explanation may be required, such	support the original results received.
	as where there is coarse gold that has inherent sampling	 Mineralisation can be both contained in oxide and sulphide material. Historical
	problems. Unusual commodities or mineralisation types	studies and recent observations show very low levels of deleterious elements in
	(eg submarine nodules) may warrant disclosure of	both material types, however further studies must be completed to quantify this.
	detailed information.	 Energia has exhaustive procedures and protocols in place to ensure that ‘Industry
		Standard’ is met as a minimum.
Drilling	 Drill type (eg core, reverse circulation, open-hole	 Diamond Core holes description:
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc) and	o NQ diamond core
	details (eg core diameter, triple or standard tube, depth	o Core oriented.
	of diamond tails, face-sampling bit or other type,	o Coring and Rotary bits used
	whether core is oriented and if so, by what method, etc).	o Sandvik 130, and Diamec 262 rigs used.

6

Criteria	JORC Code explanation	Commentary
Drill sample	 Method of recording and assessing core and chip sample	 To date 156 holes have been completed, recovery on these holes has been
recovery	recoveries and results assessed.	acceptable, in excess of 98%. Most recovery loss in mineralised zones is most
	 Measures taken to maximize sample recovery and	likely the result of fine friable material being washed out from the core sample by
	ensure representative nature of the samples.	the drilling fluid. Observations to date suggest that this fine friable fraction is
	 Whether a relationship exists between sample recovery	weathered oxidized lead and zinc sulphides, resulting in a loss of mineralized
	and grade and whether sample bias may have occurred	material from the core sample.
	due to preferential loss/gain of fine/coarse material.	 Core blocks are inserted by the drillers at the end of each drilling run, noting the
		run length, and total depth. This data is then compared to the measured
		recovered core length and recoveries for each run and the entire hole are
		calculated. Given the nature of the drilling, and the type of mineralisation
		encountered to date the sample is judged as being representative.
		 Given the nature of the drilling (diamond coring), and the generally competent
		nature of the mineralisation and host rock observed to date it is deemed very
		unlikely that a bias exists due to preferential loss/gain of fine/coarse material.
Logging	 Whether core and chip samples have been geologically	 All holes have been geologically logged on geological intervals with recording of
	and geotechnically logged to a level of detail to support	lithology, grain size and distribution, sorting, roundness, alteration,
	appropriate Mineral Resource estimation, mining studies	mineralisation, veining, structure, oxidation state, colour and geotechnical data
	and metallurgical studies.	noted and stored in the database. All holes were logged to a level of detail
	 Whether logging is qualitative or quantitative in nature.	sufficient to support future mineral resource estimation, scoping studies, and
	Core (or costean, channel, etc) photography.	metallurgical investigations.
	 The total length and percentage of the relevant	 Oxidation, colour, alteration, roundness, sorting, sphericity, alteration and
	intersections logged.	mineralisation are logged qualitatively. All other values are logged quantitatively.
		All holes have been photographed both wet and dry, and these photos stored in
		a database.
		 All holes have been logged over their entire length (100%) including any
		mineralised intersections. To date core loss is less than 2% and is noted in the
		logging.
Sub-sampling	 If core, whether cut or sawn and whether quarter, half or	 All core was half cut using a Diamonte table diamond saw.
techniques	all core taken.	 Not applicable.
and sample	 If non-core, whether riffled, tube sampled, rotary split,	 Mineralised core is visually identified, and then sampled in geological intervals
preparation	etc and whether sampled wet or dry.	using 0.7-1.3m intervals, the core is then half cut and half the core is wholly
	 For all sample types, the nature, quality and	sampled for that interval then inserted into pre numbered calico bags along with

7

Criteria	JORC Code explanation	Commentary
Sub-sampling	appropriateness of the sample preparation technique.	QA/QC samples. The sample preparation technique is deemed appropriate.
techniques	 Quality control procedures adopted for all sub-sampling	 Quality control procedures include following EMX standard procedures when
and sample	stages to maximise representivity of samples.	sampling, sampling on geological intervals, and reviews of sampling techniques in
preparation	 Measures taken to ensure that the sampling is	the field.
(continued)	representative of the in situ material collected, including	 Field Duplicate samples are taken in the field at a rate of 1 in 20, and consist of ¼
	for instance results for field duplicate/second-half	core taken from the reserved ½ core.
	sampling.	 The expected sample weight for 1m of NQ half core is approximately 2.4kg. This
	 Whether sample sizes are appropriate to the grain size	sample weight should be sufficient to appropriately describe base metal
	of the material being sampled.	mineralisation grades from mineral particle sizes up to 5mm.
Quality of	 The nature, quality and appropriateness of the assaying	 The digest method and analysis techniques are deemed appropriate for the
assay data	and laboratory procedures used and whether the	samples. Four acid digestions are able to dissolve most minerals; however,
and	technique is considered partial or total.	although the term “near-total” is used, depending on the sample matrix, all
laboratory	 For geophysical tools, spectrometers, handheld XRF	elements may not be quantitatively extracted. The intended analysis techniques
tests	instruments, etc, the parameters used in determining the	are ICP-AES (Atomic Emission Spectroscopy) and ICP-AAS (Atomic Absorption
	analysis including instrument make and model, reading	Spectroscopy typically used to quantify higher grade base metal mineralisation.
	times, calibrations factors applied and their derivation,	 No geophysical tools, spectrometers or XRF instruments have been used.
	etc.	 QA/QC samples (duplicates, blanks and standards) are inserted in the sample
	 Nature of quality control procedures adopted (eg	series at a rate of better than 3 in 20. These check samples are tracked and
	standards, blanks, duplicates, external laboratory	reported on for each batch. When issues are noted the laboratory is informed
	checks) and whether acceptable levels of accuracy (ie	and an investigation begins defining the nature of the discrepancy, a suitable
	lack of bias) and precision have been established.	explanation, and whether further check assays are required. The laboratory
		completes its own QA/QC procedures and these are also tracked and reported on
		by EMX. No bias has been established to date.
Verification	 The verification of significant intersections by either	 Significant intersections, drill hole locations, and mineralisation in view have
of sampling	independent or alternative company personnel.	been checked by Energia Minerals personnel and consultants in June 2015, June
and assaying	 The use of twinned holes.	2012, and March 2010.
	 Documentation of primary data, data entry procedures,	 To date 7 historical holes have been twinned, and 8 EMX holes have been
	data verification, data storage (physical and electronic)	twinned for metallurgical purposes.
	protocols.	 All geological, sampling, and spatial data that is generated and captured in the
	 Discuss any adjustment to assay data.	field is immediately entered into a field notebook on standard Excel templates.
		These templates are then validated each night in Micromine. This information is
		then sent to Energia’s in house database manager for further validation. If

8

Criteria	JORC Code explanation	Commentary
Verification		corrections need to be made they are corrected the following day by the person
of sampling		responsible for generating the data. Once complete and validated the data is
and assaying		then compiled into a SQL database server.
(continued)		 No adjustment of assay data is required.
Location of	 Accuracy and quality of surveys used to locate drill holes	 Collar locations are designed using data acquired from surveying existing
data points	(collar and down-hole surveys), trenches, mine workings	infrastructure using a total station. Once drilled drill holes are surveyed using a
	and other locations used in Mineral Resource estimation.	total station, and logged with an EZ -TRAC system to define azimuth and
	 Specification of the grid system used.	inclination of the drill hole.
	 Quality and adequacy of topographic control.	 The grid system used at Gorno is WGS_1984_UTM_Zone_32N. Easting and
		Northing are stated in metres.
		 Topographic control for surveyed infrastructure is from a total station
		measurements tied into multiple Italian Survey Control Points, and for
		unsurveyed infrastructure from control points noted on both hand drawn maps,
		and from RL’s noted on geological logs.
Data spacing	 Data spacing for reporting of Exploration Results.	 Drill hole orientation and spacing is non-uniform with multiple holes often being
and	 Whether the data spacing and distribution is sufficient to	proposed to be drilled from a single exploration drive.
distribution	establish the degree of geological and grade continuity	 A Mineral Resource has been established in the area of drilling, and the new
	appropriate for the Mineral Resource and Ore Reserve	drilling data has been obtained to increase the level of geological confidence in
	estimation procedure(s) and classifications applied.	the existing resource model.
	 Whether sample compositing has been applied.	 No sample compositing has been applied.
Orientation	 Whether the orientation of sampling achieves unbiased	 The attitude of the mineralisation is thought to be generally dipping to the south
of data in	sampling of possible structures and the extent to which	at approximately 30 degrees. However the level of confidence in this is low, and
relation to	this is known, considering the deposit type.	the multiple orientations of drilling suggest that some intersections may be
geological	 If the relationship between the drilling orientation and	biased. True width for these intersections will be confirmed once collar surveys,
structure	the orientation of key mineralised structures is	hole deviation surveys, and geological modelling is finalized. Sections provided in
	considered to have introduced a sampling bias, this	the text show fairly accurate depictions of the attitude of the mineralised
	should be assessed and reported if material.	horizons, and angle of intersections of the drill holes.
		 Sampling bias due to drilling orientation and mineralised structure orientation is
		probable and with information currently at hand is hard to precisely quantify. An
		orientation tool is now being used to orient core and this along with a more
		refined geological model should allow this to be better defined.

9

Criteria	JORC Code explanation	Commentary
Sample	 The measures taken to ensure sample security.	 Samples were dispatched from the Exploration Site using a single reputable
security		contracted courier service to deliver samples directly to the assay laboratory
		where further sample preparation and assay occurs.
Audits or	 The results of any audits or reviews of sampling	 Reviews of sampling techniques and material sampled are undertaken regularly
reviews	techniques and data.	to ensure any change in geological conditions is adequately accounted for in
		sample preparation. Reviews of assay results and QA/QC results occur for each
		batch. 1 in 10 checks on all compiled and entered data are completed by Energia
		Minerals.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership	 The Gorno Lead Zinc deposit is located in the north of Italy, in the Lombardia
tenement	including agreements or material issues with third	Province. The Gorno Project is made up of ten (10) granted tenements: Decrees
and land	parties such as joint ventures, partnerships, overriding	1571, 1629, 1630, 1632, 1633, 3276, 3277, 3278, 3279, 3280; and six
tenure status	royalties, native title interests, historical sites, wilderness	applications. These leases are 100% owned and operated by Energia Italia, a
	or national park and environmental settings.	100% owned subsidiary of Energia Minerals. All permits are valid at the time of
	 The security of the tenure held at the time of reporting	this report.
	along with any known impediments to obtaining a	 All tenements are in good standing and no impediments to operating are
	licence to operate in the area.	currently known to exist.
Exploration	 Acknowledgment and appraisal of exploration by other	 A significant amount of work was undertaken by ENI subsidiaries in the region.
done by	parties.	Drilling works completed in the period between 1964-1980 have been compiled
other parties		and digitised. A significant amount of work has been completed on the Gorno
		deposit including the development of more than 230km of exploration drives,
		detailed mapping, and the mining and production of over 800,000 tonnes of high
		grade zinc concentrate. Large scale mining operations ceased at the Gorno
		deposit in 1978, and the project closed in 1980.
Geology	 Deposit type, geological setting and style of	 The Gorno deposit is an Alpine Type Lead-Zinc deposit (similar to Mississippi
	mineralisation.	Valley Type Lead Zinc deposits) it is broadly stratabound with some breccia
		bodies and veining also occurring. It displays generally simple mineralogy of low
		iron sphalerite, galena, pyrite,and minor silver. Gorno lies in apart of the Italian

10

Criteria	JORC Code explanation	Commentary	Commentary
Geology		Southern Alps named “Lombard Basin”, formed by a strong subsidence occurring
(Continued)		in the Permian-Triassic which allowed the subsequent accumulation of a thick
		sedimentary pile. The sedimentary sequence is constrained laterally by the
		Luganese Platform to the west and by the Atesina Platform to the east. The
		lithotypes in the southern portion of the basin are predominantly Triassic in age.
		The	geological sequences of importance in relation to mineralisation, from oldest
		to youngest are as follows:
		o	Breno Formation: a back-reef limestone composed of light grey calcareous
			beds, 10 to 170 m thick. The facies indicate a palaeogeographical evolution
			from back reef to shelf environment, in low energy water to alternating
			peri-tidal cycles.
		o	Metalliferous Limestone:composed of dark grey to black limestone
			deposited in stromatolitic tidal flats, with siliceous intercalations present in
			the upper part. The dark colour suggests a stagnant anaerobic depositional
			environment with bituminous beds generally present at the footwall of the
			Metallifero. This formation represents a transitional phase between the
			underlying shelf environment and the upper sequence typified by a peri-
			continental and detrital sedimentation. Three tuffaceous levels are present
			in the Metallifero stratigraphical column. The pyroclastic tuffs are
			submarine volcanic phases which intervened during the deposition of the
			limestones, and effectively represent a control for the mineralized horizons,
			in that they are always found at the foot wall (Tuff 1) and at the hanging
			wall (Tuff 2) of the productive mineralised horizons.
		o	Val Sabbia Sandstone:present along the southern Lombard Basin border
			and is composed of alternating tuffaceous sandstone and green and\or red
			silt-mudstone. These were possibly derived from the erosion of continental
			sediments present to the south. The thickness varies between 0 and 400
			metres.
		o	Gorno Formation: alternating thinly bedded, black limestone and
			laminated marl deposited in protected lagoon environment with a
			thickness of 0-350 metres. A thin tongue, intercalated between the
			Metalliferous Limestone and the Val Sabbia Sandstone, is often mineralised
			and is referred to as the mineralised “black shales” of the Gorno deposits.
		o	San Giovanni Bianco Formation: is composed of a thick alternation of marl,

11

Criteria	JORC Code explanation	Commentary
Geology		sandstone, siltstone and mudstone which transitions at the top of the unit
(Continued)		to cellular limestone and evaporitic vuggy dolomite, estimated thickness of
		150 metres.
		 Structure in the basin is typified by E-W trending belts which can be subdivided in
		five sectors:
		o Orobic Anticline,in the northern part, which includes Palaeozoic
		successions;
		o Valtorta-Valcanale Line,oriented E-W and separating the Orobic Anticline
		to the north from the Pb-Zn mineralised belt in the south. The line is
		responsible for many of the allochthonous units;
		o Camuno Autochthonous,including the sedimentary cover, which is
		covered in the central-western part by various overthrusts and outcrops
		only in the east;
		o Para-autochthonous and allochthonous units,present over a large area to
		the south of the Valtorta-Valcanale Line and formed by the double or triple
		superimposition of the Triassic carbonate formations;
		o Fold and fold-fault zone,which constitutes the southern sector near the Po
		plains and includes Jurassic-Cretaceous formations.
		 Mineralisation in the Gorno district occurs within the Camuno Autochthonous
		Zone, and the para-autochthonous, and allocthounous units. The geometry of
		the mineralised bodies is mainly stratabound with common characteristics in the
		majority of the Gorno deposits. The prevailing distribution trend is N-S and the
		shape, represented by tabular “columns”, which can be longitudinally developed
		for more than 2000 metres, with widths from 50 to 100 metres and thickness
		between 3 and 20 metres.
Drill hole	 A summary of all information material to the	 Information material to the understanding of the exploration results is provided
Information	understanding of the exploration results including a	in the text of the release.
	tabulation of the following information for all Material	 No information has been excluded.
	drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea
	level in metres) of the drill hole collar
	o dip and azimuth of the hole

12

Criteria	JORC Code explanation	Commentary
Drill hole	o down hole length and interception depth
Information	o hole length.
(continued)	 If the exclusion of this information is justified on the
	basis that the information is not Material and this
	exclusion does not detract from the understanding of the
	report, the Competent Person should clearly explain why
	this is the case.
Data	 In reporting Exploration Results, weighting averaging	 A nominal low cut grade of 1% Zn+Pb has been chosen to differentiate
aggregation	techniques, maximum and/or minimum grade	mineralised material from unmineralised material, once assays are returned.
methods	truncations (eg cutting of high grades) and cut-off	 Aggregates were calculated as weighted averages using the above cut off grade
	grades are usually Material and should be stated.	typically allowing only 10m of total internal dilution to be included, with a
	 Where aggregate intercepts incorporate short lengths of	maximum individual length of waste thickness not exceeding 4m.
	high grade results and longer lengths of low grade	 No metal equivalents are used.
	results, the procedure used for such aggregation should
	be stated and some typical examples of such
	aggregations should be shown in detail.
	 The assumptions used for any reporting of metal
	equivalent values should be clearly stated.
Relationship	 These relationships are particularly important in the	 All drill holes are variable orientated. Little confidence has been established in
between	reporting of Exploration Results.	the detailed localised orientation of the mineralisation at this stage other than a
mineralisatio	 If the geometry of the mineralisation with respect to the	general dip and strike.
n widths and	drill hole angle is known, its nature should be reported.	 The mineralisation is currently thought to be roughly tabular and dipping to the
intercept	 If it is not known and only the down hole lengths are	south-south west at an angle of approximately 30 degrees.
lengths	reported, there should be a clear statement to this effect	 Diagrams in the text show the interpreted relationship between mineralisation
	(eg ‘down hole length, true width not known’).	intercepts and strata. GDD155 intersects at a high angle, and true width is
		expected to be 10% of what is reported.
Diagrams	 Appropriate maps and sections (with scales) and	 Please refer to Figures 1, 2, 3, 4, and 5 for this data.
	tabulations of intercepts should be included for any
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.

13

Criteria	JORC Code explanation	Commentary
Balanced	 Where comprehensive reporting of all Exploration	 The results reported in the above text are comprehensively reported in a
reporting	Results is not practicable, representative reporting of	balanced manner.
	both low and high grades and/or widths should be
	practiced to avoid misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful and material,	 A significant amount of mining, exploration, survey, and environmental data has
substantive	should be reported including (but not limited to):	been recovered from the Bergamo State Archives and is currently being
exploration	geological observations; geophysical survey results;	translated and digitized.
data	geochemical survey results; bulk samples – size and
	method of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further work	 The nature and scale of planned further work (eg tests	 Future works at Gorno would include works to test for continuity of
	for lateral extensions or depth extensions or large-scale	mineralisation up and down plunge on Colonna Fortuna, and regional exploration
	step-out drilling).	works.
	 Diagrams clearly highlighting the areas of possible	 Please refer to Figure 1 for areas that are open to extensions, these are shown as
	extensions, including the main geological interpretations	high priority exploration targets. Release of future detailed drilling plan data is
	and future drilling areas, provided this information is not	commercially sensitive, subject to change on review; and will not be detailed
	commercially sensitive.	here.

14