ARDEA RESOURCES LIMITED — AGM Information 2019

Nov 27, 2019

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27 November 2019 – Ardea Annual General Meeting Presentation Presented by Andrew Penkethman

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Disclaimer
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Important notice

This presentation contains general information only and is, or is based upon, information which has been released to ASX or is contained in the Ardea Resources Limited (Ardea or the Company) prospectus dated 9 November 2016 (including supplementary prospectuses dated 18 November 2016 and 6 January 2017), the Goongarrie Nickel Cobalt Project Pre-Feasibility Study (dated 28 March 2018) the Goongarrie Expansion Study (24 July 2018), Goongarrie Pilot Plant trial produces battery grade crystals (31 October 2018), Lewis Ponds met testwork produces high grade concentrates (26 November 2018), Goongarrie Nickel Cobalt Project Update (8 April 2019), Drilling at Gale identifies large scale gold system (11 April 2019), Ardea advances NSW Gold and Base Metals IPO (29 April 2019), Ardea Quarterly Operations Report, for the quarter ended 31 March 2019 (30 April 2019), Ardea Quarterly Operations Report, for the quarter ended 30 June 2019 (22 July 2019), Nickel sulphide exploration commences at Perrinvale Project (24 July 2019), Ardea Quarterly Operations Report, for the quarter ended 30 September 2019 (31 October 2019), Godolphin Resources Prospectus (29 October 2019), Godolphin Resources IPO to close early (19 November 2019) and Mulga Plum Exploration Update (25 November 2019). This presentation is not an invitation, offer or recommendation (express or implied) to subscribe for, or apply for the purchase of, or to take any other action in respect of securities of any entity described herein and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with ASIC. None of Ardea Resources Limited (Ardea or the Company) or its representatives are providing or offering investment advice or services by making this presentation.

Neither Ardea nor its representatives make any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the information contained herein or any other written or oral communication transmitted or made available to any person receiving this presentation. To the maximum extent permitted by law, Ardea and representatives expressly disclaim any and all liability based on or arising from, in whole or in part, such information, or any errors or omissions.

This presentation contains forward-looking statements regarding the Company’s resources, intentions and future business. These statements reflect current information, expectations, intentions and strategies regarding the future, and are subject to certain risks and uncertainties. Should one or more of these risks or uncertainties materialise, or should any of the underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this presentation. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Other than where required by law, the Company is under no obligation to revise any forward looking statement to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

The Goongarrie Project has completed the Pre-Feasibility Study phase and has commenced programs that are part of the Definitive Feasibility Study. Though reasonable care has been taken to ensure that the facts are accurate and/or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results and developments of projects and the market development may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. A key conclusion of the Pre-Feasibility Study and Expansion Study, which is based on forward looking statements, is that the Goongarrie Project is considered to have positive economic potential.

No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

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Corporate Snapshot
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Capital Structure, as at 25 November 2019	Capital Structure, as at 25 November 2019	Capital Structure, as at 25 November 2019
Shares on Issue		117,300,435
Share Price		$0.80
52 week high/low		$0.80/$0.355
Cash(as at 31 October 2019)		$11 million
Market Capitalisation		$93.8 million
Staffperformance rights		5,161,000
Major Shareholders
Ian Buchhorn and associates		10.67%
Brian O’Shannassy and associates		7.89%
Institutional holdings		6.20%
Top20 shareholders		54.58%
Board and Executive Management Team
Katina Law	Executive Chair
Ian Buchhorn	Executive Director
Wayne Bramwell	Non-Executive Director
Andrew Penkethman	Chief Executive Officer
Sam Middlemas	Company Secretary and Chief Financial Officer
Dr Matt Painter	GM - Exploration

Experienced & dedicated management team with global experience in the resources sector, from corporate fundraising, exploration, discovery, feasibility studies, development and operations. Ardea has a quality project portfolio and the team to make their projects succeed.

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 Ardea is a well funded West Australian-focused developer and explorer with a clear strategy

✔

• Godolphin IPO executed as foreshadowed, >$7M raised

• From 2020, the three pronged strategy reverts back to the core West Australian Kalgoorlie Nickel Project (KNP) tenements

Company slide presentation from mid 2019.

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the Bardoc Tectonic Zone
Ardea over 3,500 sqkm
tenure in
Western Australia
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Ardea is a West Australian-focused developer and explorer

DEVELOPING the GNCP EXPLORING the KNP for gold and nickel

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Australia’s premier nickel-cobalt project -
DFS programs including Metallurgy, Water
Studies and Approvals underway
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Ardea’s flagship is Australia’s premier Nickel Cobalt Project

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• Kalgoorlie Nickel Project (KNP) has a globally significant nickel and cobalt resource of 773Mt at 0.7% Ni and 0.05% Co*

• 5.6 million tonnes contained Nickel

• 405,000 tonnes contained Cobalt

• The Goongarrie Nickel Cobalt Project (GNCP) is part of the broader KNP, with a resource of 216Mt at 0.71% Ni and 0.06% Co*

• 1.5 million tonnes contained Nickel.

• 130,700 tonnes contained Cobalt

• LOM production of nickel sulphate is 2.04Mt, cobalt sulphate is 259.2Kt, with plant feed grade for 25 years of 0.88% Ni and 0.10% Co[2] .

• Ability to produce ethical supply from Australia’s premier mining jurisdiction

• All project designs are focused on minimising footprint and operating to environmental best practice

• Potential for multiple processing hubs and multi-decade mine life

• Leverage off infrastructure rich location and skilled work force

• • See Appendix for resource breakdown.

• Per Goongarrie Expansion Study ASX release, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially

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Goongarrie Nickel - Cobalt Project Highlights
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The GNCP is part of the largest Nickel Cobalt Resource in the developed world^

• Potential multi-decade producer of high-quality nickel and cobalt

• • 100% nickel and cobalt offtake available

• • 1.0Mtpa base case PFS – low CAPEX start-up with robust project economics*

• • 2.25Mtpa expanded case – mill feed grades

• • • DFS programs underway

• • requirements to ensure the best outcome for shareholders

• •

• 100% nickel and cobalt offtake available

• • 1.0Mtpa base case PFS – low CAPEX start-up with robust project economics*

• 2.25Mtpa expanded case – mill feed grades 0.88% Ni and 0.10% Co

• Low technical risk project to provide nickel and cobalt for the growing battery market

• Strategic partner process current – Ardea won’t be rushed, the Company has specific funding requirements to ensure the best outcome for shareholders

• Strong interest as concerns rise around secure, ethical, long-term supply of battery grade nickel and cobalt

Refer to ASX releases: ^Ardea Resources Annual Report 2017. *Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018 & Goongarrie Expansion Study, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially changed.

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GNCP Advances in 2019 – Materials
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• Block modelling completed

• 2018 resource estimates confirmed

• Waste and Geomet material types further defined

• – Predominately free-dig with minor D&B in known hard zones (caprock and ferricrete)

• Scandium estimated in new block models

• Mine scheduling completed

• Grades >1.1% Ni & 0.1% Co during Payback Period

• – Backfill pit voids with tails rather than above ground TSF (minimises project footprint)

• Void capacity accommodates tailings production

• Neutraliser finalised, to be surface calcrete recovered during overburden mining

• Bench-scale neutralisation effective

• Earlier concept was to use base-of-pit saprock carbonate, but results in increased strip ratio

• – Opex saving on neutraliser imports

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Goongarrie South, Big Four and Scotia Dam drillhole location plans overlaying modelled resource envelopes (Grey = 0.25% Ni cutoff, Brown = 0.05% Co cutoff). Projection GDA94 MGA94 Zone 51.

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• Community consultation throughout year, GNCP embraced

• Reports finalised and ready for statutory approvals submission when the decision is made

• Water sampling completed, focussed on pit-dewater sources

• moderate salinity borefields identified at Scotia Dam/Big Four along west contact of the ore zone, suitable for Reverse Osmosis feedstock

• Bench-scale nanofiltration applicable for water softening

• Ecology for Lake Goongarrie pending, absence of suitable inundation event

• Evaluation of Papertalk West hydrology underway

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Ardea Chair, Katina Law, inspecting a recently installed EV charging station outside the City of Kalgoorlie Boulder Council office during a 2019 stake holder update meeting.

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GNCP Advances in 2019 – Approvals
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Activities undertaken to minimise project footprint:

• Back filling of open pits

• Sourcing neutraliser from open pit mining

• Sourcing process water from pit dewatering

• Extensive Flora and Fauna surveys undertaken across the project area

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Thick, high-grade, single ore type, low strip ratio
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Nickel Block Model – Cross Section 6669600mN
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Well understood mineralogy with consistent nickel and cobalt grades Large scale, long-life open pit mining potential

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GNCP Material Source, Type and Quality
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The high quality of Goongarrie ore is the key to project success:

• Controls on mineralisation are well understood by applying Ardea’s quality geomet analysis

• Ardea piloting studies completed in 2018

• High levels of nickel and cobalt, with scandium credit potential

• Ore mainly goethitic (>40% Fe)

• No smectite clays (unlike many other laterite deposits, so no drying required before ore processed)

• Highly soluble in PAL, low acid consumption, excellent rheology, pulp density (expected lower Capex and Opex compared to peers)

• No screen upgrade required, eliminates ore preparation risk (commonly a stumbling block for non-goethitic deposits)

• Neutraliser recovered during mining provides a cost-effective alternative to importing limestone

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PAL plant, not an asset of Ardea’s.
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World-Class Mining Standards, Location
& Infrastructure
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• Kalgoorlie, Western Australia offers world-class infrastructure in an established mining district

• Over 125 years of mining in the region

• Nil sovereign risk, very strong Local Government support

• Goongarrie only 80 km north on the main Goldfields Highway

• Railway line, power line, optic fibre cross Goongarrie tenements, mobile phone coverage

• Gas pipeline adjacent to east

• Rail access to ports of Kwinana and Esperance

• Western Australia’s safety, health and environmental standards are world’s best practice

• An Australian source for battery metals removes supply line concerns

• Goongarrie offers an ethical, secure, long-life source of nickel and cobalt

Street views of the of City of Kalgoorlie-Boulder celebrating the contributions the WA resources sector makes to the local and national economies & quality of life.

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The Nickel Market – Reserve Life of
Major Battery Minerals
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350 • High levels of most battery minerals but not nickel 300 • Declining nickel reserves 250 • Growing nickel demand expected

200 to result in rising prices

150 • Not a matter of if, but when!

100 • Nickel supplies most critical of all battery minerals 50 • Particularly in light of most recent

0 811 battery chemistry (8 parts Ni : 1 Graphite Lithium Aluminium Cobalt Manganese Copper Nickel

• Particularly in light of most recent 811 battery chemistry (8 parts Ni : 1 part Mn : 1 part Co)

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Source: USGS after JF Bertincourt, Terra Studio, What is the investment thesis for Nickel presentation, June 2019.

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Nickel Market Growth
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• Production and consumption growth have been increasing over the last five years.

Nickel Production and Consumption CAGR +5.8% 2,500 Production (kt) 2,000 Consumption (kt) • Chinese Boom 2000-15 CAGR +3.1% 1,500 • CAGR +2.2% 1,000 • 500 0

Market size doubled between 1995 and 2016, i.e. ~20 years, to add 1 million tonnes.

Currently adding ~0.5Mt in 5 years in a depressed market!

Future production not expected to keep up with growing demand, driven mainly by the battery sector.

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Source: USGS, INSG after JF Bertincourt, Terra Studio, What is the investment thesis for Nickel presentation, June 2019.

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Projected Nickel Demand from Energy Revolution
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• Current nickel market size ~2.5 million tonnes pa

• Depending on the scenario for the EV/SSB rate of adoption, nickel volumes to meet additional demand vary between 750,000 tonnes and 2 million tonnes pa

• Nickel demand from EV/SSB is expected to far exceed nickel production from existing operations in any scenario of EV/SSB adoption

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Source: After Vale/JF Bertincourt, Terra Studio, What is the investment thesis for Nickel presentation, November 2019.

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Exceptional greenfields opportunities in well established host structures within the Eastern Goldfields

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• 3,500km[2] of 100% controlled tenure in one of Australia’s premier gold and nickel sulphide provinces

• Initial drilling completed at Bardoc Tectonic Zone (BTZ) confirms gold mineralisation potential with multiple targets

• Drilling confirms gold mineralisation at Gale and nickel sulphide gossan at Jones A, within the Mt Zephyr project

• Gold exploration programs active on the BTZ focusing on Big Four, Goongarrie South, Moriaty, Ghost Rocks, Windanya & Mulga Plum

• Perrinvale nickel (-copper-PGE) sulphide EM survey completed

• One nickel sulphide target tested at Emu Lake – VMS system identified

• Bedonia, Emu Lake, Highway and Ghost Rocks nickel (-copper-PGE) sulphide projects being assessed

• Extensive tenure position provides multiple strategic options

• Considering JV on Perrinvale, Mt Zephyr/Darlot East & Bedonia

• 2020 focus on core KNP projects close to Kalgoorlie office

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Ardea’s WA project portfolio

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• One of the major gold-bearing structures of the WA Goldfields runs through the GNCP

• ~350 km long gold-producing regional shear / fault system (~65km controlled by Ardea )

• Hosts multiple historic gold mining centres

• Contiguous with Boulder-Lefroy Fault (hosts Kalgoorlie & St Ives mining centres).

Alluvial & laterite cover has obscured the BTZ’s true potential at Goongarrie

• Exploration drilling tied in with GNCP site layout sterilisation drilling

• Multiple gold targets defined from first phase sterilisation drilling

• Future drilling must penetrate laterite to fresh rock to test for gold

• Project data refined to optimally drill Ardea BTZ gold targets

• 2020 drilling to further test gold potential of BTZ and to tie in with site layout programs

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Gold endowment along the Bardoc Tectonic Zone and the contiguous Boulder-Lefroy Fault after Hodkiewicz et al. 2005.

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• East side of the GNCP nickel deposit is proposed area for mine waste landforms and infrastructure, zone of extensive historic gold workings associated with the Bardoc Tectonic Zone (BTZ)

• Initial gold targeting completed, based on 9,565 drill holes, 378,000m drilling and over 54,000 assays, includes 40 years of historic hard copy data compiled into the digital data base

• Detailed airborne magnetics acquired for structural interpretation

• Interpretation of digital data has defined discrete structures within the BTZ that control the distribution of gold deposits within the GNCP

• Gold targets tested with initial reconnaissance aircore drilling, multiple intercepts including up to 6m at 2g/t Au

• Follow up RC drilling targets finalised, drilling likely commence December 2019 and continue into 2020

• Big Four stands out as priority gold target, resource modelling current

• BFRC021 – 10 metres at 8.94g/t gold from 102 metres*

• – BRFC030 – 24 metres at 4.58g/t gold from 61 metres*

• Heron Resources Annual Report 2013

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Godolphin Resources (ASX Code: GRL) IPO closes early Anticipated to list on ASX 18 Dec 2019

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Examining historic mine workings at Lewis Ponds, NSW

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Spinning out NSW assets to focus on WA Nickel & Gold
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• • •

Ardea have delivered on the Godolphin spin-out & will reward Ardea shareholders through the inspecie share distribution.

3,216km[2] of 100% controlled, highly prospective tenure within the Lachlan Fold Belt (LFB) NSW.

431kozs gold (JORC 2012)*.

Excellent record of exploration success leading to low-cost production.

High-quality infrastructure (road, rail, power and water), Communities with mining culture whilst proximal to Sydney.

Data reviews completed and drill-targets defined for all projects.

Leverage off recent Boda gold-copper porphyry discovery (502m @ 0.48g/t Au and 0.20% Cu^) reiterating premium exploration potential of LFB. Steady news flow expected.

• Godolphin Resources Limited (Godolphin) Prospectus ASX release 29 October 2019. ^ Alkane Resources ASX release 9 September 2019.

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Investment Summary
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Goongarrie is Australia’s premier nickel-cobalt project

Globally significant mineral resource in an infrastructure rich and stable jurisdiction provides ability to increase production from multiple processing hubs within the KNP

Up to 100% off-take is available , subject to financing support from Strategic Partner

Leveraged to increasing nickel and cobalt demand from the rapidly growing Electric Vehicle and Static Storage Battery markets

Ardea has an extensive (3,500km[2] ), highly prospective landholding in the Eastern Goldfields of WA with active work programs for gold and nickel sulphides

Godolphin IPO closed early with >$7M subscribed. Team in place in Orange and raring to go!

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Ardea achieves its stated objectives

✔

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For further information regarding Ardea, please visit www.ardearesources.com.au

APPENDICES

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A High Quality Nickel and Cobalt Project
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Outstanding results delivered from PFS* and

Expansion Studies completed in 2018:

• PFS of 1Mtpa and 1.5Mtpa base case over a 25-year mine life completed

	1.0Mtpa	1.5Mtpa	2.25Mtpa
Status	PFS	PFS	ES
No. Trains	1	1	1
Pre Tax NPV8	US$ 1.13 billion	US$ 1.52 billion	US$ 2.4 billion
Pre Tax IRR	29 %	29 %	31%
CAPEX	US$ 472 million	US$ 588 million	US$918 million
C1 cash cost	US$ 0.42 / lb	US$ 0.45 / lb	US$ (0.34) / lb
Payback	5.3 years	5.6 years	5.1 years
Cobalt sulphate	5,500tpa	6,900tpa	10,000tpa
Nickel sulphate	41,500tpa	55,300tpa	81,000tpa

• Expansion study of 2.25Mtpa with a 25-year mine life completed

• 94.5% nickel and 95.5% cobalt recovery – life of mine

• Pre-cobalt credit C1 costs in line with current worldwide operators

• Pressure Acid Leach (PAL) 5th generation plant is a proven design, successfully operated in other laterite projects globally

• 2.25Mtpa case based on only 26% of Goongarrie Resource

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The information shown on this slide has been previously released on the ASX platform by Ardea in ASX releases, *Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018 & +Goongarrie Expansion Study, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially changed.

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Our Flagship Goongarrie Nickel - Cobalt Project
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exceeding 15 km at Goongarrie Insert picture of Goongarrie

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View over Goongarrie Nickel Cobalt Project , looking southeast, showing the extent of the deposit (blue-green = Co >0.05%, purple = Co > 0.10%), and proximity to infrastructure. * See appendix for resource breakdown

APPENDIX – Goongarrie Nickel Cobalt Project Resources

Summary of total mineral Nickel Cobalt Project area, comprising resources at Goongarrie Hill, Goongarrie South, resources within the Goongarrie Big Four, and Scotia Dam (14 March 2018). ( )

Camp Domains	Cut-off Resource	Size Cobalt Nickel	Contained metal
	category %	(Mt) (%) (%)	Co(t) Ni(t)
Goongarrie Hill Ni & Co	> 0.5% Ni or > 0.08% Co Inferred Subtotal	52.5 0.04 0.65	21,600 340,400
		52.5 0.04 0.65	21,600 340,400
Goongarrie South Ni & Co	> 0.5%Ni or > 0.08% Co Measured Indicated Inferred Subtotal	10.3 0.10 0.98	10,200 101,200 37,200 407,000 20,300 221,200
		56.2 0.07 0.72
		32.2 0.06 0.69
		98.7 0.07 0.74	67,700 729,300
Big Four Ni & Co	> 0.5%Ni or > 0.08% Co Indicated Inferred Subtotal	45.5 0.06 0.71	28,200 320,700 6,100 61,900
		9.9 0.06 0.63
		55.4 0.06 0.69	34,300 382,700
Scotia Dam Ni & Co	> 0.5% Ni or > 0.08% Co Indicated Inferred Subtotal	3.3 0.09 0.81	3,000 26,900 4,100 43,300
		5.7 0.07 0.76
		9.0 0.08 0.78	7,100 70,200
Total All	> 0.5% Ni or > 0.08% Co Measured Indicated Inferred	10.3 0.10 0.98	10,200 101,200 68,400 754,600 52,100 666,900
		105.0 0.07 0.72
		100.3 0.05 0.67
Goongarrie Resource Global	TOTAL	215.6 0.06 0.71	130,700 1,522,700

Note: All nickel and cobalt domains are included, and are encapsulated by an envelope defined by nickel grades equal to or greater than 0.5%. Note that figures are rounded to reflect degree of certainty and may not tally.

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APPENDIX – Reserves Defined for Goongarrie Nickel Cobalt Project

Goongarrie Nickel Cobalt Project, Ore Reserves based on 25 year mine life at 1.5 Mtpa.

	Deposits	Class	Size (Mt)	Cobalt (%)	Nickel (%)
	Goongarrie South	Proven	8.95	0.10%	0.96%
		Probable	17.26	0.09%	0.79%
		Total	26.22	0.10%	0.85%
	Big Four	Proven	—	—	—
		Probable	13.92	0.09%	0.77%
		Total	13.92	0.09%	0.77%
	TOTAL	Proven	8.95	0.10%	0.96%
		Probable	31.18	0.09%	0.78%
		Total	40.13	0.09%	0.82%

$ $ Using a nickel equivalent cut of >0.81 %, which used inputs of A$18,900/t nickel and A$120,750/t cobalt. (US$15,120/t Ni and US$96,600/t Co, 0.8 exchange rate). Nickel equivalent (Nieq %) = 𝑁 𝑔 𝑔 𝑔𝑔+ 𝐶 𝑔 𝑔 𝑔𝑔× 𝐶 𝑝𝑝𝑔𝑔𝑝 𝑔𝑔 . Prices used are US$15,120/t for nickel and US$96,600/t for 𝑁𝑁𝑝𝑝𝑝𝑝𝑔𝑔𝑝 𝑔𝑔 cobalt. No assumption about recovery is included here. Recoveries are addressed elsewhere throughout the mining schedule and financial model.

The information shown on this slide has been previously released on the ASX platform by Ardea in ASX release, Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018. The information in this report that relates to Ore Reserves for the Goongarrie South and Big deposits of the Goongarrie Nickel Cobalt Project is based on information compiled by Mr Steve Lampron who is a Member of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on mine planning and Ore Reserve estimation. Mr Lampron is a director of Auralia Mining Consulting and has sufficient experience relevant to the style of mineralisation and type of deposit 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. Mr Lampron consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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APPENDIX – KNP Resource Breakdown

~~KNP nickel-cobalt mineral resource (JORC 2012), Ardea Annual Report 2017~~

	Resource Category	Quantity (Mt)	Cobalt (%)	Nickel (%)	Contained cobalt(t)	Contained nickel(t)
	Measured	9.6	0.10	1.02	9,700	98,800
	Indicated	232.9	0.06	0.75	141,200	1,759,700
	Inferred	530.5	0.05	0.68	254,400	3,600,000
	KNP Total Resources	773.0	0.05	0.70	405,400	5,458,400

Note: 0.5% nickel cutoff grade used to report resources. Not figures are rounded to reflect degree of certainty and may not tally.

In accordance with the Australian Securities Exchange Limited Listing Rules Appendix 5A:

The information in this report that relates to Mineral Resources for the Highway, Goongarrie Hill, Goongarrie South, Big Four, Aubils and Boyce Creek Prospects is based on information originally compiled in-house and validated by Steve Jones in 2013. Steve Jones is a member of the Australasian Institute of Mining and Metallurgy. Steve Jones is a full time employee of Heron Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity that 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’. Steve Jones consents to the inclusion in this report of the matters based on his information in the form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.

The information in this report that relates to Mineral Resources for the Siberia North, Bulong East, Siberia, Black Range, Taurus and Jump Up Dam Prospects is based on information compiled by Snowden Mining Industry Consultants by members of the Australian Institute of Mining and Metallurgy. Snowden Mining Industry Consultants had sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity. All resources were internally audited by Snowden and signed off by a person of sufficient experience 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’. Steve Jones has validated the original resource estimates during 2013. Steve Jones consents to the inclusion in this report of the matters based on his information in the form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.

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APPENDIX – Godolphin Resource Inventory
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Summary of Mineral Resources (JORC (2012)) contained within Godolphin tenements, Godolphin Prospectus 29 October 2019

Project	Tonnes (Mt)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Cu (%)	AuEq (g/t)	Contained Au (Moz)	Contained AuEq^ (Moz)
Mt Aubrey	1.21	1.61	-	-	-	-	1.61	0.06	0.06
Yeoval	12.80	0.14	2.20	-	-	0.38	0.56	0.06	0.23
Lewis Ponds	20.24	0.50	33.30	1.5	0.7	0.10	1.80	0.31	1.16
TOTAL	34.25	0.40	20.48	0.9	0.4	0.20	1.32	0.43	1.45

*Some rounding may occur

^Gold equivalents (AuEq) were defined using the following values (21 June 2019 US$ price, recovery): Zn ($2585/t, 80%), Au ($1393/oz, 100%), Ag ($15.50, 80%), Pb ($1915/t, 80%), Cu ($5960/t, 80%). Au equiv. = Au(g/t) + 0.011Ag(g/t) + 0.577Zn(%) + 0.428Pb(%) + 1.331Cu(%). Gold equivalence is subjective thus indicative only and is used to allow comparisons between major deposits of the region.

In accordance with the Australian Securities Exchange Limited Listing Rules Appendix 5A:

The information in this report that relates to Mineral Resources for Mt Aubrey, Yeoval and Lewis Ponds is based on information compiled by Johan Lambrechts, BSc (Hons), who is a Member of the Australian Institute of Geoscientists. Johan Lambrechts 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 a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the “JORC Code”). Johan Lambrechts consents to the inclusion in this report of the statements based on his information in the form and context in which they appear.

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