AUSGOLD LIMITED — Capital/Financing Update 2021

Jun 22, 2021

ASX Release

23 June 2021

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Ausgold Drilling Continues at Katanning

Highlights:

• Exploration continues at Katanning with new drilling in the Central Zone completed, outside of the current Resource, consisting of 71 holes for 10,178m

• Results expected to further expand the KGP Resource following the recent 1.54Moz Resource upgrade

• Extensions identified within the Jinkas lode north and south areas with significant results including:

• 6m @ 4.50 g/t Au from 32m including 1m @ 24.40 g/t Au in BSRC1168

• 35m @ 0.52 g/t Au from 28m in BSRC1173

• 4m @ 3.32 g/t Au from 84m in BSRC1171

• 4m @ 3.17 g/t Au from 120m in BSRC1169

• 12m @ 1.00 g/t Au from 125m in BSRC1120

• 11m @ 0.99 g/t Au from 56m in BSRC1169

• 9m @ 1.16 g/t Au from 105m in BSRC1170

• 20.4m @ 1.26 g/t Au from 134.6m in BSDD026

• 17.4m @ 1.15 g/t Au from 88.3m, 5m @ 1.32 g/t Au from 117.8m and 6.9m @ 0.94 g/t Au from 125.8m in BSDD027

• 3.45m @ 3.04 g/t Au from 90.87m in BSDD031

• 8m @ 1.30 g/t Au from 22m in BSRC1133

• 4m @ 2.00 g/t Au from 166m in BSRC1158

• 1m @ 6.89 g/t Au from 38m in BSRC1130

• 8m @ 0.66 g/t Au from 184m in BSRC1156

• Drilling at the Rifle Range zone targeting an untested 2.5km strike length, which commenced last month, is ongoing with 45 holes for 5,964m completed with further drilling targeting extensions of the Jinkas South lode underway

Ausgold Limited (ASX: AUC) ( Ausgold or the Company ) is pleased to provide an update of exploration activities at the 100%-owned flagship Katanning Gold Project ( KGP ). RC and diamond drilling has continued at the KGP with a total of 10,178m of drilling completed within the Central Zone extending areas of interpreted gold mineralisation beyond the current 1.54 Moz KGP Resource (Figure 1 and 2).

Katanning drill program

Recent drilling within the Jinkas South and Olympia areas have identified new areas of gold mineralisation extending beyond the recently updated Resource model (Figure 2 and 3). This new drilling has targeted the southern (Jinkas South) and northern (Olympia) extents of the KGP Resource (Figure 3). The Company is encouraged by the highgrade gold mineralisation results in these areas which have not been previously tested.

ABN 67 140 164 496 Level 16, AMP Building, 140 St Georges Terrace, Perth WA 6000 T: 08 9220 9890 F: 08 9220 9820 E: info@ausgoldlimited.com W: www.ausgoldlimited.com

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Jinkas South

New drilling including four diamond drill holes for 650 m’s and 52 RC drill holes for 7201 m’s shows the continuity of gold mineralisation along strike, extending south beyond the recent Resource upgrade. New drilling has tested the continuity of the Jinkas South lode southward extending to the area north of the Rifle Range. The results are consistent with the up-dip components of the Jinkas area and further drilling is underway to test east of the current drilling where the high-grade Jinkas South lode is likely to extend.

New significant results include:

• 6m @ 4.50 g/t Au from 32m including 1m @ 24.40 g/t Au in BSRC1168

• 35m @ 0.52 g/t Au from 28m in BSRC1173

• 4m @ 3.32 g/t Au from 84m in BSRC1171

• 4m @ 3.17 g/t Au from 120m in BSRC1169

• 12m @ 1.00 g/t Au from 125m in BSRC1120

• 12m @ 1.11 g/t Au from 91m in BSRC1110

• 11m @ 0.99 g/t Au from 56m in BSRC1169

• 9m @ 1.16 g/t Au from 105m in BSRC1170

• 20.4m @ 1.26 g/t Au from 134.6m in BSDD026

• 17.4m @ 1.15 g/t Au from 88.3m, 5m @ 1.32 g/t Au from 117.8m and 6.9m @ 0.94 g/t Au from 125.8m in BSDD027

• 3.45m @ 3.04 g/t Au from 90.87m in BSDD031

Olympia

Two diamond holes for 553m and 11 RC holes for 2,202m have been completed with partial funding from a $150,000 grant under the Western Australian Government’s Exploration Incentive Scheme ( EIS ) to determine the northern extensions of the deposit, with high-grade gold mineralisation targeted using coincident VTEM and gravity anomalies (Figure 2).

New drilling has intersected gold mineralisation 400m north along strike beyond the current extent of the Resource. This newly identified mineralisation shows the continuity of mineralisation along strike and the potential for further near-term extensions to the current Resource.

New significant results include:

• 8m @ 1.30 g/t Au from 22m in BSRC1133

• 4m @ 2.00 g/t Au from 166m in BSRC1158

• 1m @ 6.89 g/t Au from 38m in BSRC1130

• 8m @ 0.66 g/t Au from 184m in BSRC1156

Management Comment

Ausgold Managing Director, Matthew Greentree, commented:

“These new results demonstrate extensions to mineralisation and importantly show continuity as we focus on building scale of the Katanning Gold Project. New RC and diamond drilling at the Central Zone, Jinkas North and Olympia all highlight the potential to further add Resource ounces beyond the recent 1.54 Moz Resource upgrade.

Our improved geological model is already producing results highlighting new targets beyond the current Resource areas, as we now turn our focus onto the southern extensions across numerous high-grade targets in the untested Rifle Range and Dingo areas.”

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Figure 1 – New drilling at KGP

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Figure 2 – New drilling shown with grade as gram-metres (intercept width in metres x grade)

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Figure 3 – Cross-section A-A’ along Jinkas South Lode

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Figure 4 – Cross-section B-B’ Olympia

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Figure 5 – Long section of KGP

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Table 1 – Significant intercepts

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Hole Id From To Interval (m) Grade g/t Au
BSDD025 186 188 2 2.48
including 1.1 3.92
BSDD025 198.7 208.86 10.16 0.42
BSDD025 215.36 218.92 3.56 0.81
including 1.44 1.77
BSDD026 59.6 61 1.4 1.46
including 1.4 1.46
BSDD026 65 69.2 4.2 0.72
BSDD026 76 78 2 1.25
including 1 2.01
BSDD026 90 95 5 0.66
including 1 1.81
BSDD026 100 101 1 1.57
including 1 1.57
BSDD026 104 106 2 1.63
including 1 2.86
BSDD026 109 115 6 0.53
BSDD026 118 121 3 0.46
BSDD026 124 131.3 7.3 0.34
BSDD026 134.6 155 20.4 1.26
including 1.9 1.15
including 3 1.65
including 7 2.06
BSDD027 38.7 39.8 1.1 0.77
BSDD027 58.6 61.5 2.9 1.58
including 1.7 2.05
BSDD027 71.5 72.7 1.2 0.58
BSDD027 88.3 105.7 17.4 1.15
including 8.8 1.79
BSDD027 108.7 114.8 6.1 0.8
including 4.1 1.01
BSDD027 117.8 122.8 5 1.32
including 4 1.55
BSDD027 125.8 132.7 6.9 0.94
including 2 1.24
including 1 1.65
BSDD028 72.85 74.8 1.95 0.8
BSDD028 77 78 1 0.42
BSDD028 91.6 92.6 1 1.75
including 1 1.75
BSDD028 95.4 97.2 1.8 1.08
BSDD028 119.5 121 1.5 0.51
BSDD028 126.3 131.3 5 1.14
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Hole Id From To Interval (m) Grade g/t Au
including 2 2.11
BSDD031 39 40 1 0.42
BSDD031 46.7 47.7 1 0.36
BSDD031 53.7 59.87 6.17 0.73
including 1 3.38
BSDD031 66.87 70.85 3.98 0.63
BSDD031 90.87 94.32 3.45 3.04
including 3.45 3.04
BSDD031 98 99 1 0.65
BSDD031 119 120 1 0.47
BSDD031 127.95 133.1 5.15 0.45
BSDD031 136.07 138.07 2 0.56
BSRC1113 147 148 1 0.51
BSRC1113 153 154 1 0.82
BSRC1113 158 170 12 0.62
including 5 1.08
BSRC1113 176 186 10 0.67
including 1 2.08
including 1 2.04
BSRC1113 200 209 9 0.84
including 5 1.246
BSRC1113 218 221 3 0.70
including 1 1.13
BSRC1113 229 231 2 0.51
BSRC1113 236 237 1 0.38
BSRC1114 87 89 2 0.47
BSRC1115 36 39 3 0.44
BSRC1115 60 64 4 0.54
BSRC1115 129 130 1 0.47
BSRC1115 138 140 2 2.19
including 2 2.19
BSRC1115 155 156 1 0.37
BSRC1115 164 170 6 0.53
BSRC1115 175 176 1 1.07
including 1 1.07
BSRC1116 51 53 2 1.48
including 1 1.97
BSRC1116 64 69 5 0.73
including 1 1.23
BSRC1116 83 85 2 0.42
BSRC1116 110 116 6 0.54
including 1 1.2
BSRC1116 126 139 13 0.56
including 1 1
including 2 1.25
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Hole Id From To Interval (m) Grade g/t Au
BSRC1117 80 85 5 0.3
BSRC1117 99 100 1 0.79
BSRC1117 124 126 2 0.52
BSRC1118 149 150 1 0.55
BSRC1118 156 157 1 0.5
BSRC1118 201 203 2 0.59
BSRC1118 212 214 2 0.43
BSRC1118 225 228 3 0.43
BSRC1118 231 232 1 0.41
BSRC1119 11 12 1 0.31
BSRC1119 20 25 5 0.88
including 1 2.41
including 1 1.01
BSRC1119 47 48 1 0.85
BSRC1119 51 52 1 0.33
BSRC1119 114 121 7 0.63
including 1 1.93
BSRC1120 25 26 1 0.31
BSRC1120 30 32 2 0.72
BSRC1120 38 43 5 0.84
including 1 1.32
including 1 1.21
BSRC1120 60 62 2 0.64
BSRC1120 68 72 4 0.66
including 1 1.28
BSRC1120 94 96 2 0.93
including 1 1.21
BSRC1120 102 105 3 0.9
BSRC1120 110 111 1 0.57
BSRC1120 114 121 7 0.54
BSRC1120 125 137 12 1
including 5 1.79
BSRC1121 48 50 2 1.4
including 1 2.28
BSRC1121 54 56 2 0.55
BSRC1121 59 60 1 0.31
BSRC1121 69 72 3 1.16
including 2 1.6
BSRC1121 80 82 2 2.38
including 1 4.1
BSRC1121 104 106 2 1.13
including 1 1.35
BSRC1121 110 116 6 0.57
including 1 1.35
BSRC1122 49 50 1 0.4
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Hole Id From To Interval (m) Grade g/t Au
BSRC1122 119 120 1 0.39
BSRC1122 127 128 1 0.51
BSRC1122 142 143 1 0.3
BSRC1123 21 24 3 1.33
including 3 1.33
BSRC1123 53 62 9 0.38
BSRC1123 71 76 5 1.19
including 4 1.27
BSRC1123 84 86 2 0.54
BSRC1123 108 114 6 1.26
including 2 3.22
BSRC1123 121 122 1 0.31
BSRC1124 1 3 2 0.32
BSRC1124 13 14 1 0.34
BSRC1124 28 29 1 0.7
BSRC1124 55 56 1 3.87
including 1 3.87
BSRC1124 65 66 1 0.4
BSRC1125 62 63 1 1.43
including 1 1.43
BSRC1125 75 77 2 0.96
including 1 1.6
BSRC1125 87 89 2 0.47
BSRC1126 75 80 5 0.41
BSRC1127 96 98 2 0.4
BSRC1128 99 100 1 0.86
BSRC1128 103 105 2 0.83
BSRC1128 108 111 3 1.2
including 1 2.12
BSRC1128 118 119 1 0.43
BSRC1128 128 132 4 0.56
including 1 1.51
BSRC1129 106 108 2 2.74
including 1 4.79
BSRC1129 116 117 1 0.43
BSRC1130 38 39 1 6.89
including 1 6.89
BSRC1130 42 43 1 0.61
BSRC1130 65 71 6 0.32
BSRC1130 88 89 1 0.4
BSRC1130 91 95 4 0.41
BSRC1130 120 122 2 1.21
including 1 1.79
BSRC1130 131 132 1 0.33
BSRC1130 144 149 5 0.84
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Hole Id From To Interval (m) Grade g/t Au
including 1 2.62
BSRC1131 30 35 5 0.43
BSRC1131 56 61 5 0.52
including 1 1.2
BSRC1131 67 70 3 0.55
including 1 1.06
BSRC1131 100 102 2 0.51
BSRC1131 107 117 10 0.99
including 1 3.61
including 2 1.5
BSRC1131 124 135 11 0.64
including 1 1.02
including 1 1.06
including 1 1.21
BSRC1132 9 10 1 1.13
including 1 1.13
BSRC1132 14 15 1 0.41
BSRC1133 22 30 8 1.3
including 2 2.95
including 1 2.89
BSRC1134 28 33 5 0.6
BSRC1134 40 41 1 0.31
BSRC1134 71 72 1 0.82
BSRC1135 12 13 1 0.36
BSRC1135 25 26 1 2.66
including 1 2.66
BSRC1135 29 30 1 0.37
BSRC1135 60 61 1 0.32
BSRC1135 73 75 2 0.36
BSRC1135 85 87 2 0.54
BSRC1135 96 97 1 0.86
BSRC1136 21 27 6 0.56
including 1 1.31
BSRC1136 47 50 3 1.06
including 1 1.67
BSRC1136 57 61 4 0.34
BSRC1136 83 84 1 1.14
including 1 1.14
BSRC1136 89 94 5 0.64
BSRC1136 103 105 2 2.75
including 2 2.75
BSRC1136 115 119 4 0.42
BSRC1137 42 49 7 0.9
including 3 1.74
BSRC1137 87 91 4 0.71
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Hole Id From To Interval (m) Grade g/t Au
including 1 1.25
BSRC1137 97 101 4 0.4
BSRC1138 26 27 1 0.33
BSRC1138 31 35 4 0.32
BSRC1138 39 40 1 0.32
BSRC1138 43 44 1 0.42
BSRC1138 54 56 2 0.53
BSRC1138 82 84 2 0.54
BSRC1138 91 92 1 1.12
including 1 1.12
BSRC1138 97 100 3 0.64
BSRC1138 110 116 6 0.3
BSRC1138 118 119 1 0.5
BSRC1139 63 64 1 0.57
BSRC1139 109 110 1 0.32
BSRC1139 114 116 2 1.38
including 1 2.4
BSRC1154 33 34 1 1
including 1 1
BSRC1154 46 47 1 0.8
BSRC1154 163 164 1 0.57
BSRC1154 168 169 1 0.44
BSRC1154 180 181 1 1.7
including 1 1.7
BSRC1154 190 191 1 0.31
BSRC1155 27 31 4 0.44
BSRC1155 37 39 2 0.35
BSRC1155 42 43 1 0.48
BSRC1155 49 50 1 0.35
BSRC1155 52 53 1 0.38
BSRC1155 155 156 1 0.78
BSRC1155 177 183 6 0.36
BSRC1156 17 22 5 0.61
including 1 1.3
BSRC1156 36 37 1 0.36
BSRC1156 65 66 1 0.51
BSRC1156 93 94 1 0.34
BSRC1156 184 192 8 0.66
including 1 1.43
BSRC1156 201 202 1 0.35
BSRC1156 210 211 1 0.52
BSRC1156 215 220 5 0.58
including 1 1.42
BSRC1157 11 12 1 0.37
BSRC1157 60 61 1 0.37
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Hole Id From To Interval (m) Grade g/t Au
BSRC1157 83 84 1 0.31
BSRC1157 179 185 6 0.54
including 1 1.29
BSRC1158 166 170 4 2
including 2 3.6
BSRC1159 3 4 1 0.34
BSRC1159 17 18 1 1
including 1 1
BSRC1159 24 26 2 0.95
including 1 1.33
BSRC1159 33 42 9 0.63
including 1 3.3
BSRC1159 48 49 1 0.41
BSRC1159 52 56 4 0.67
BSRC1160 1 3 2 0.44
BSRC1160 15 19 4 1.59
including 1 5.85
BSRC1160 50 51 1 0.31
BSRC1160 65 69 4 0.34
BSRC1161 66 67 1 0.41
BSRC1161 77 78 1 0.43
BSRC1162 41 45 4 0.48
BSRC1162 79 80 1 2.1
including 1 2.1
BSRC1162 83 84 1 0.3
BSRC1162 90 93 3 0.41
BSRC1163 48 49 1 0.4
BSRC1164 7 15 8 0.76
including 1 1.75
including 1 1.95
BSRC1164 32 35 3 0.55
BSRC1164 41 44 3 0.47
BSRC1164 48 49 1 2.34
including 1 2.34
BSRC1164 63 71 8 0.76
including 2 1.45
including 1 1.22
BSRC1165 78 83 5 0.37
BSRC1166 29 33 4 0.58
including 1 1.82
BSRC1166 36 39 3 0.44
BSRC1166 61 65 4 1.24
including 2 1.98
BSRC1166 75 76 1 0.48
BSRC1166 91 95 4 0.42
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Hole Id From To Interval (m) Grade g/t Au
BSRC1167 3 8 5 0.33
BSRC1167 24 26 2 0.83
including 1 1.13
BSRC1167 81 82 1 0.49
BSRC1167 104 105 1 0.32
BSRC1168 0 2 2 0.52
BSRC1168 8 9 1 0.56
BSRC1168 15 16 1 0.5
BSRC1168 23 24 1 0.4
BSRC1168 28 29 1 0.91
BSRC1168 32 38 6 4.5
including 2 12.75
BSRC1168 42 43 1 0.42
BSRC1168 70 71 1 0.76
BSRC1168 100 101 1 0.56
BSRC1168 107 115 8 0.72
including 1 3.36
BSRC1169 56 67 11 0.99
including 3 1.43
including 3 1.43
BSRC1169 114 115 1 1.23
including 1 1.23
BSRC1169 120 124 4 3.17
including 3 4.04
BSRC1169 147 148 1 0.3
BSRC1170 50 56 6 0.39
BSRC1170 70 73 3 1.34
including 3 1.34
BSRC1170 79 87 8 0.77
including 1 1.14
including 1 1.03
including 1 1.07
BSRC1170 105 114 9 1.16
including 3 2.31
BSRC1171 66 67 1 0.36
BSRC1171 69 73 4 0.35
BSRC1171 84 88 4 3.32
including 3 4.33
BSRC1171 99 108 9 0.62
including 1 1.48
BSRC1172 20 23 3 0.42
BSRC1172 30 39 9 0.76
including 1 3.04
BSRC1172 42 43 1 1.96
including 1 1.96
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Hole Id From To Interval (m) Grade g/t Au
BSRC1173 28 63 35 0.52
including 2 2.09
including 1 1.09
BSRC1173 120 122 2 0.42
BSRC1173 128 130 2 0.46
BSRC1174 10 11 1 0.62
BSRC1174 36 44 8 0.6
including 1 1.45
BSRC1174 118 120 2 0.32
BSRC1174 124 125 1 0.68
BSRC1174 127 129 2 0.48
BSRC1174 133 136 3 0.68
BSRC1174 142 143 1 0.38
BSRC1175 3 4 1 0.37
BSRC1175 71 76 5 0.56
BSRC1175 90 94 4 0.54
BSRC1176 5 6 1 0.98
BSRC1176 61 62 1 0.57
BSRC1176 82 83 1 0.32
BSRC1176 88 93 5 0.66
BSRC1177 9 15 6 0.63
including 1 1.42
BSRC1177 23 24 1 1.21
including 1 1.21
BSRC1177 33 36 3 0.4
BSRC1177 44 45 1 0.64
BSRC1177 81 84 3 0.34
BSRC1177 92 93 1 0.31
BSRC1177 97 101 4 0.32
BSRC1177 106 110 4 0.6
including 1 1.25
BSRC1178 39 42 3 0.41
BSRC1179 7 8 1 0.45
BSRC1179 22 25 3 0.45
BSRC1179 73 74 1 0.64
BSRC1179 79 80 1 0.46
BSRC1179 86 92 6 0.7
BSRC1179 101 102 1 0.58
BSRC1179 115 116 1 4.77
including 1 4.77
BSRC1180 23 24 1 3.33
including 1 3.33
BSRC1180 54 55 1 0.3
BSRC1180 57 58 1 0.33
BSRC1181 23 24 1 0.6
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Hole Id From To Interval (m) Grade g/t Au
BSRC1181 28 30 2 0.68
BSRC1181 35 36 1 0.37
BSRC1181 55 56 1 0.51
BSRC1181 63 64 1 0.31
BSRC1181 95 96 1 0.44
BSRC1181 98 99 1 0.37
BSRC1182 10 11 1 0.3
BSRC1182 25 35 10 0.99
including 3 1.82
BSRC1182 38 39 1 0.31
BSRC1182 40 41 1 0.32
BSRC1182 74 76 2 0.53
BSRC1182 92 97 5 0.38
BSRC1182 104 107 3 0.54
BSRC1182 118 119 1 0.32
BSRC1183 66 72 6 0.97
including 3 1.38
BSRC1183 75 77 2 1.1
including 1 1.71
BSRC1183 87 88 1 0.32
BSRC1184 9 15 6 0.46
BSRC1184 88 96 8 0.52
BSRC1184 116 117 1 0.46
BSRC1185 16 31 15 0.64
including 1 2.58
including 1 2.55
BSRC1185 82 83 1 0.58
BSRC1185 89 90 1 0.45
BSRC1185 108 110 2 0.46
BSRC1186 14 15 1 0.38
BSRC1186 31 32 1 2.48
including 1 2.48
BSRC1189 10 11 1 0.41
BSRC1189 32 40 8 0.5
including 2 1.18
BSRC1189 41 45 4 0.59
BSRC1190 11 12 1 0.38
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Notes to Table 1 .

For RC drill assay results the intervals reported are thickness-weighted averages (i.e. XXm grading XX grams per tonne gold content). Reported intervals are calculated using ≥ 0.3g/t Au cut-off grade and using a ≤ 2m minimum internal dilution (unless otherwise stated).

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Table 2 - Collar locations

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Total Depth MGA MGA
Hole ID RL (m) Dip Azimuth Tenement Lode
(m) East North
BSRC1112 162 584,633 6,287,594 373 -60 248 M70/488 JINKAS SOUTH
BSRC1113 276 584,551 6,288,246 370 -56 246 M70/211 JINKAS SOUTH
BSRC1114 102 584,478 6,287,548 374 -60 247 M70/488 JINKAS SOUTH
BSRC1115 204 584,788 6,286,937 384 -60 247 M70/488 JINKAS SOUTH
BSRC1116 168 584,827 6,287,217 393 -61 245 M70/488 JINKAS SOUTH
BSRC1117 174 584,866 6,287,234 392 -60 249 M70/488 JINKAS SOUTH
BSRC1118 264 584,521 6,288,270 372 -60 252 M70/211 JINKAS SOUTH
BSRC1119 138 584,706 6,287,321 388 -61 245 M70/488 JINKAS SOUTH
BSRC1120 150 584,747 6,287,340 388 -62 249 M70/488 JINKAS SOUTH
BSRC1121 162 584,785 6,287,361 387 -61 247 M70/488 JINKAS SOUTH
BSRC1122 156 583,422 6,290,453 348 -61 248 E70/2928 JINKAS SOUTH
BSRC1123 156 584,806 6,287,322 389 -60 245 M70/488 JINKAS SOUTH
BSRC1124 90 583,527 6,290,032 360 -60 245 M70/211 OLYMPIA
BSRC1125 120 583,573 6,290,052 360 -60 245 M70/211 OLYMPIA
BSRC1126 114 583,666 6,290,006 355 -61 245 M70/211 OLYMPIA
BSRC1127 138 583,476 6,290,479 348 -62 246 E70/2928 OLYMPIA
BSRC1129 120 583,636 6,289,323 355 -60 247 M70/211 OLYMPIA
BSRC1130 150 583,665 6,289,336 354 -61 251 M70/211 OLYMPIA
BSRC1131 150 584,767 6,287,271 390 -60 246 M70/488 JINKAS SOUTH
BSRC1132 66 583,673 6,289,790 355 -60 244 M70/211 OLYMPIA
BSRC1133 84 583,708 6,289,810 355 -61 243 M70/211 OLYMPIA
BSRC1134 84 583,664 6,289,959 354 -61 250 M70/211 OLYMPIA
BSRC1135 108 583,749 6,289,985 354 -60 244 M70/211 OLYMPIA
BSRC1136 126 584,733 6,287,254 390 -61 247 M70/488 JINKAS SOUTH
BSRC1137 150 584,779 6,287,164 391 -61 249 M70/488 JINKAS SOUTH
BSRC1138 150 584,828 6,287,064 390 -60 247 M70/488 JINKAS SOUTH
BSRC1139 162 584,898 6,287,098 393 -60 247 M70/488 JINKAS SOUTH
BSRC1140 204 585,810 6,285,778 368 -59 250 E70/2928 RIFLEREAST
BSRC1141 162 585,691 6,285,234 349 -60 247 E70/2928 RIFLEREAST
BSRC1142 204 585,834 6,285,308 360 -60 244 E70/2928 RIFLEREAST
BSRC1143 205 586,036 6,285,393 353 -60 242 E70/2928 RIFLEREAST
BSRC1154 246 583,265 6,290,346 348 -61 247 M70/211 OLYMPIA
BSRC1155 204 583,214 6,290,380 348 -60 249 M70/211 JACKSON
BSRC1156 228 583,285 6,290,410 348 -60 246 M70/211 JACKSON
BSRC1157 210 583,228 6,290,499 346 -59 241 E70/2928 JACKSON
BSRC1158 240 583,131 6,290,603 346 -60 246 E70/2928 JACKSON
BSRC1159 90 584,928 6,286,791 384 -59 247 M70/488 JINKAS SOUTH
BSRC1160 102 584,965 6,286,808 385 -60 248 M70/488 JINKAS SOUTH
BSRC1161 114 584,998 6,286,824 385 -60 246 M70/488 JINKAS SOUTH
BSRC1162 126 584,950 6,286,899 387 -59 245 M70/488 JINKAS SOUTH
BSRC1163 138 584,986 6,286,914 388 -60 246 M70/488 JINKAS SOUTH
BSRC1164 96 584,877 6,286,862 384 -60 247 M70/488 JINKAS SOUTH
BSRC1165 102 584,827 6,286,946 390 -60 247 M70/488 JINKAS SOUTH
BSRC1166 120 584,859 6,286,962 390 -60 244 M70/488 JINKAS SOUTH
BSRC1167 120 584,736 6,287,074 385 -61 238 M70/488 JINKAS SOUTH
BSRC1168 132 584,668 6,287,338 388 -60 246 M70/488 JINKAS SOUTH
BSRC1169 162 584,899 6,287,306 388 -60 245 M70/488 JINKAS SOUTH
BSRC1170 150 584,769 6,287,421 383 -60 245 M70/488 JINKAS SOUTH
BSRC1171 162 584,848 6,287,397 383 -60 249 M70/488 JINKAS SOUTH
BSRC1172 132 584,575 6,287,060 383 -61 244 M70/488 JINKAS SOUTH
BSRC1173 138 584,611 6,287,078 383 -60 248 M70/488 JINKAS SOUTH
BSRC1174 150 584,681 6,286,992 384 -60 249 M70/488 JINKAS SOUTH
BSRC1175 114 584,613 6,286,835 374 -60 245 M70/488 JINKAS SOUTH
BSRC1176 144 584,649 6,286,853 374 -61 246 M70/488 JINKAS SOUTH
BSRC1177 151 584,685 6,286,870 378 -60 247 M70/488 JINKAS SOUTH
BSRC1178 114 584,648 6,286,763 374 -61 249 M70/488 JINKAS SOUTH
BSRC1179 126 584,684 6,286,781 374 -60 246 M70/488 JINKAS SOUTH
BSRC1180 84 584,968 6,286,747 380 -60 246 M70/488 JINKAS SOUTH
BSRC1181 102 585,009 6,286,711 380 -60 246 M70/488 JINKAS SOUTH
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Total Depth MGA MGA
Hole ID RL (m) Dip Azimuth Tenement Lode
(m) East North
BSRC1182 150 584,720 6,286,798 374 -60 241 M70/488 JINKAS SOUTH
BSRC1183 102 584,708 6,286,683 374 -60 244 M70/488 JINKAS SOUTH
BSRC1184 132 584,744 6,286,701 374 -61 246 M70/488 JINKAS SOUTH
BSRC1185 150 584,781 6,286,719 378 -60 248 M70/488 JINKAS SOUTH
BSRC1186 102 584,968 6,286,204 352 -60 248 M70/488 JINKAS SOUTH
BSRC1187 150 584,985 6,286,291 357 -60 247 M70/488 JINKAS SOUTH
BSRC1188 150 585,028 6,286,312 358 -60 249 M70/488 JINKAS SOUTH
BSRC1189 60 584,864 6,286,368 361 -60 244 M70/488 JINKAS SOUTH
BSRC1190 156 585,000 6,286,441 365 -60 247 M70/488 JINKAS SOUTH
BSRC1191 150 585,028 6,286,234 354 -60 245 M70/488 JINKAS SOUTH
BSRC1192 72 584,879 6,286,233 355 -60 243 M70/488 JINKAS SOUTH
BSRC1193 108 584,922 6,286,270 356 -60 242 M70/488 JINKAS SOUTH
BSDD026 181 584692 6287596 373 -8.69 340 M70/488 JINKAS SOUTH
BSDD027 153 584722 6287439 384 -59 240 M70/488 JINKAS SOUTH
BSDD028 150 584846 6287249 365 -60 245 M70/488 JINKAS SOUTH
BSDD029 274 583335 6290381 348 -60 248 M70/211 JACKSON
BSDD030 279 583209 6290634 344 -59 244 E70/2928 JACKSON
BSDD031 165 584651 6287567 350 -60 242 M70/488 JINKAS SOUTH
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About Ausgold Limited

Ausgold Limited is a gold exploration and development company based in Western Australia.

The Company’s flagship project is the Katanning Gold Project, located 275km south-east of Perth and approximately 40km north-east of the wheatbelt town of Katanning. Ausgold holds a dominant ground position in this relatively underexplored greenstone belt, an area prospective for Archean gold deposits. The current Resource at Katanning is 1.54 Moz gold (Table 3).

Ausgold’s portfolio also includes the Doolgunna Station Cu-Au project and the Yamarna Ni-Cu-Co project in Western Australia and the Cracow Au Project in Queensland.

Table 3 - Current Mineral Resource

(Details in ASX release 15 April 2021)

	Tonnes (Mt)	Grade (g/t)	Ounces (‘000)
Measured	6.40	1.48	303
Indicated	18.74	1.19	718
Inferred	13.04	1.24	518
Total	38.18	1.25	1.539

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Figure 6 - Regional map showing the KGP, other Ausgold projects and mineralised greenstone belts

The information in this report that relates to the Mineral Resource in Table 3 is based on information announced to the ASX on 15 April 2021. Ausgold 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 that announcement continue to apply and have not materially changed.

The Board of Directors of Ausgold Limited approved this announcement for release to the ASX.

On behalf of the Board,

Matthew Greentree Managing Director Ausgold Limited

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For further information please visit Ausgold’s website or contact:

Matthew Greentree

Managing Director, Ausgold Limited T: +61 (08) 9220 9890 E: investor@ausgoldlimited.com

Competent Person’s Statements

The information in this statement that relates to the Mineral Resource Estimates is based on work done by Mr Michael Cunningham of Sonny Consulting Pty Ltd, Daniel Guibal of Condor Consulting Pty Ltd and Mr Michael Lowry of SRK Consulting (Australasia) Pty Ltd and Dr Matthew Greentree of Ausgold Limited in 2021.

Dr Greentree is Managing Director and is a Shareholder in Ausgold Limited. Dr Greentree takes responsibility for the integrity of the Exploration Results including sampling, assaying, QA/QC, the preparation of the geological interpretations and Exploration Targets. Dr Michael Cunningham is an option holder in Ausgold takes responsibility for the Mineral resource Estimate for the Jackson and Olympia deposits and Mr Daniel Guibal takes responsibility for the Jinkas and White Dam Resources. Mr Michael Lowry takes responsibility for the Mineral Resource Estimates for Dingo and Datatine deposits.

Dr Cunningham, Mr Guibal, Mr Lowry and Dr Greentree are Members of The Australasian Institute of Mining and Metallurgy and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity they are undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition).

The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

Forward-Looking Statements

This announcement includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Ausgold Limited’s control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding Ausgold Limited’s future expectations. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause Ausgold Limited’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include, but are not limited to, the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for coal and base metal materials; fluctuations in exchange rates between the U.S. Dollar, and the Australian dollar; the failure of Ausgold Limited’s suppliers, service providers and partners to fulfil their obligations under construction, supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The information concerning possible production in this announcement is not intended to be a forecast. They are internally generated goals set by the board of directors of Ausgold Limited. The ability of the Company to achieve any targets will be largely determined by the Company’s ability to secure adequate funding, implement mining plans, resolve logistical issues associated with mining and enter into any necessary off take arrangements with reputable third parties. Although Ausgold Limited believes that its expectations reflected in these forwardlooking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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APPENDIX 1 – TABLE 4

Section 1 Sampling Techniques and Data

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

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Criteria JORC Code explanation Commentary
Sampling  Nature and quality of sampling (e.g. cut The reverse circulation (“RC”) drilling program referred to in this announcement consisted of 71 reverse
techniques channels, random chips, or specific specialised circulation holes for 10,178m and 6 diamond drill holes for 1,202m.
industry standard measurement tools
appropriate to the minerals under investigation, Samples from RC drilling were collected in one metre intervals in mineralised zones with a 1/8 split for assay,
such as down hole gamma sondes, or handheld split by a cyclone-mounted cone splitter, bagged in pre-numbered calico bags and the remainder retained
XRF instruments, etc). These examples should not in large plastic bags.
be taken as limiting the broad meaning of
sampling. QAQC samples consisting of field duplicates (additional split from RC), with standards and blanks inserted
 Include reference to measures taken to ensure into the sequence of assay samples at a rate of 1 in 10.
sample representivity and the appropriate
calibration of any measurement tools or systems Each RC metre sampled weighed approximately 2 to 3 kilograms. RC samples for BSRC1011 - BSRC1144 were
used. sent to SGS Laboratories and RC samples BSRC1145 – BSRC1193 were sent to ALS for crushing and pulverising
 Aspects of the determination of mineralisation to produce a 50 gram sample charge for analysis by fire assay and flame atomic absorption spectrometry
that are Material to the Public Report. (AAS).
 In cases where ‘industry standard’ work has been
done this would be relatively simple (e.g. ‘reverse HQ Diamond drill core was split using a diamond bladed saw with one quarter being sent for assay to ALS
circulation drilling was used to obtain 1m and the remaining half core retained on site. 25 g charge underwent a four acid digestion (total digest) and
samples from which 3kg was pulverised to analysis by ICP-OES and ICP-MS for 63 elements (Ag, Al, As, Ba, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe,
produce a 30g charge for fire assay’). In other Ga, Gd, Hf, Hg, Ho, In, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P, Pb, Pd, Pr, Pt, Rb, Re, S, Sb, Sc, Se, Sm, Sn,
cases more explanation may be required, such as Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn, Zr). Gold was analysed from a separate 50g charge and using
where there is coarse gold that has inherent fire assay.
sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules)
may warrant disclosure of detailed information.
Drilling  Drill type (e.g. core, reverse circulation, open- Drilling was conducted using a Top Drill truck mounted 650 schramm reverse circulation and Diamond drilling
techniques hole hammer, rotary air blast, auger, Bangka, was conducted with a truck mounted Evolution FH3000 diamond drill rig.
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).
Drill sample  Method of recording and assessing core and chip Samples were collected dry with occasional damp samples, sample recoveries were visually estimated as a
recovery sample recoveries and results assessed. semi-quantitative range and recorded in the log.
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Criteria JORC Code explanation Commentary
 Measures taken to maximise sample recovery Recoveries were generally excellent (>90%), with reduced recovery in the initial near- surface sample and
and ensure representative nature of the samples. transported cover material.
 Whether a relationship exists between sample Drill cyclone and sample bags were used to collect the 1m samples and cleaned between rod changes. In
recovery and grade and whether sample bias addition, the cyclone was generally cleaned several times during each hole (at the base of transported cover
may have occurred due to preferential loss/gain and the base of completed oxidation) and after each hole to minimise downhole and/or cross- hole
of fine/coarse material. contamination.
The relationship between sample recovery and grade and whether bias has been introduced has not been
investigated at this stage.
Logging  Whether core and chip samples have been All drill holes in the current program have been geologically logged to a level of detail to support the
geologically and geotechnically logged to a level definition of geological domains appropriate to support exploration work. The 1m sampling is appropriate
of detail to support appropriate Mineral for mineral resource estimation.
Resource estimation, mining studies and Representative rock chips were collected in chip trays and logged by the geologist at the drill site. Sample
metallurgical studies. condition and degree of weathering were recorded qualitatively; geotechnical logging is not possible on RC
 Whether logging is qualitative or quantitative in samples.
nature. Core (or costean, channel, etc) Lithology, weathering (oxidation state), structure, veining, mineralisation and alteration are recorded in
photography. detail using standard digital logging sheets and defined look up tables to ensure that all data is collected
 The total length and percentage of the relevant consistently. This data is logged using tablet computers. All data is validated by the logging geologist before
intersections logged. being entered in an acQuire database. All drill holes are logged.
Sub-sampling  If core, whether cut or sawn and whether Dry samples below transported cover are riffle split to obtain representative 1m samples (submitted when
techniques quarter, half or all core taken. anomalous). The samples were recorded as dry, damp or wet. Sample duplicates were obtained by repeating
and sample  If non-core, whether riffled, tube sampled, rotary the composite sampling process.
preparation split, etc and whether sampled wet or dry.
 For all sample types, the nature, quality and All RC samples were sorted, dried, crushed to 10mm, pulverised to -75µm, split to produce a 50 g charge for
appropriateness of the sample preparation fire assay.
technique.
 Quality control procedures adopted for all sub- HQ Diamond drill core was split using a diamond bladed saw into half core to be sent to the Geological Survey
sampling stages to maximise representivity of of Western Australia as per the EIS agreement. The remaining half core was split again into quarter core,
samples. with one quarter being sent for assay and the remaining quarter retained on site. 25 g charge underwent a
 Measures taken to ensure that the sampling is four acid digestion (total digest) and analysis by ICP-OES and ICP-MS for 63 elements (Ag, Al, As, Ba, Bi, Ca,
representative of the in situ material collected, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Hf, Hg, Ho, In, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P, Pb,
including for instance results for field Pd, Pr, Pt, Rb, Re, S, Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn, Zr). Gold was analysed
duplicate/second-half sampling. from a separate 50g charge and using fire assay.
 Whether sample sizes are appropriate to the
grain size of the material being sampled.
Quality of  The nature, quality and appropriateness of the The gold was determined using a 50 g charge using fire assay (FAP505).
assay data and assaying and laboratory procedures used and
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Criteria	JORC Code explanation	Commentary
laboratory tests	whether the technique is considered partial or total.  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.  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.	For QAQC samples, a sequence of matrix matched certified reference materials, commercial certified reference materials and blanks were inserted into the sample run at a frequency of approximately one in 14 samples. Sample sizes are considered to be appropriate for the style/texture of oxide and sulphide mineralisation at the Katanning Gold Project. CRM’s, field duplicates, blanks and standards were inserted approximately every 10m. Blank samples are inserted to check for contamination in field sampling, laboratory sample preparation and analysis. The blank material used should be below detection limits. The gold standards were sourced from Geostats Pty Ltd and RockLabs with gold certified values ranging between 0.10g/t and 2.4g/t. Standard reference materials are used to check accuracy and bias of the analytical method. The results were similar to the standard concentration for the specific standard. QAQC samples were monitored on a batch-by-batch basis. An assay batch is accepted if the blank samples are within the acceptable limits (5 times the lower detection limit) and the standards are within the + 3SD (standard deviations). One failed standard can cause rejection if the results around the failed standard are not in the normal grade range. A batch is also re-assayed when assay results from two or more standards are outside the acceptable limits. The inserted blank materials did not show any consistent issues with sample contamination. 100% of the gold standards assays were within acceptable limits with no low or high bias. The performance of field duplicates in RC samples is generally reasonable and the variations are related to the style of mineralisation. SGS also insert QAQC samples to internally test the quality of the analysis. These results are received with the assay results in each batch. The SGS QAQC included standards, blanks and duplicates for independent quality control. The results of the lab standards were also monitored on a batch to batch basis by the data geologist. The results did not show any issues with the laboratory. The sample sizes are considered to be appropriate to correctly give an accurate indication of mineralisation given thequalitative nature of the technique and the style ofgold mineralisation sought.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	High standard QAQC procedures are in place (and will be audited), therefore repeatability issues from a QAQC point of view are not considered to be significant. Significant and/or unexpected intersections were reviewed by alternate company personnel through review of geological logging data, physical examination of remaining samples and review of digital geological interpretations. All assay data was accepted into the database as supplied by the laboratory. Data importation into the database is documented through standard operating procedures and is guided by acQuire import validations to prevent incorrect data capture/importation. Geological, structural and density determination data is directly captured in the database through a validation controlled interface usingToughbook computers and acquire database import validations.

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Criteria JORC Code explanation Commentary
Primary data is stored in its source electronic form. Assay data is retained in both the original certificate
(.pdf) form and the text files received from the laboratory. Data entry, validation and storage are discussed
in the section on database integrity below.
No adjustments to assay data were undertaken.
Location of  Accuracy and quality of surveys used to locate Drillhole collars (and drilling foresight/backsight pegs) were set out and picked up by Ausgold personnel
data points drill holes (collar and down-hole surveys), using a differential GPS; which provided +/- 100 millimetre accuracy.
trenches, mine workings and other locations used The grid system is MGA94 datum, UTM zone 50. Elevation values were in AHD.
in Mineral Resource estimation. An end of hole gyroscopic drill hole survey was completed by the drilling contractors using a Reflex tool. The
 Specification of the grid system used. gyro measured the first shot at 0m followed by every 10m down-hole. The data was examined and validated
 Quality and adequacy of topographic control. onsite by the supervising geologist. Any surveys that were spurious were re-taken.
Validated surveys are entered into the acQuire data base by data entry personnel.
Ground gravity stations located using Real Time Kinematic GPS accuracy for detailed projects. (+/- 0.5m)
Accurate heights and horizontal coordinates from Kinematic GPS Real Time Kinematic GPS is used. Raw GPS
data is also collected which is post processed to attain the exact location and height of each gravity station.
The Kinematic GPS roving receiver is lightweight and backpackable and can be easily removed from the
vehicle if necessary. An accuracy the order +/- 5 cm is generally achieved relative to the local GDA94 and
Australian Height Datum (AHD).
Data spacing  Data spacing for reporting of Exploration Results. RC drilling was conducted on 40 and 80 by 100 or 160m spacing.
and  Whether the data spacing and distribution is
distribution sufficient to establish the degree of geological RC results reported are based on 1m samples for gold within the gneissic units and 4m composite samples
and grade continuity appropriate for the Mineral outside the interpreted lodes.
Resource and Ore Reserve estimation
procedure(s) and classifications applied.
 Whether sample compositing has been applied.
Orientation of  Whether the orientation of sampling achieves Angled RC drilling (-60 towards 224°) tested the east dipping Jinkas lode (40 – 50°) gneissic foliation as to
data in unbiased sampling of possible structures and the minimise bias. At this stage primary mineralisation is assumed to have the same orientation as historic
relation to extent to which this is known, considering the drilling in the area.
geological deposit type. The angled orientation of RC drilling may introduce sampling bias due to any unknown orientation of primary
structure  If the relationship between the drilling mineralisation/structures. This would be considered minimal as the mineralisation is largely foliation
orientation and the orientation of key parallel.
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
Sample  The measures taken to ensure sample security. RC samples are systematically numbered and placed in pre-printed (numbered) calico bags and placed into
security numbered polyweave bags which were tied securely and marked with flagging.
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Criteria	JORC Code explanation	Commentary
		Assay samples were stored at a dispatch area and dispatched, depending on the frequency of pickups and length of the program. Samples were shipped via Katanning Logistics directly to SGS in Perth. The sample dispatches were accompanied by supporting documentation signed by the geologist and showing the sample submission number, analysis suite and number of samples. The chain of custody is maintained by SGS once the samples are received on site and a full audit. Assay results are emailed to the responsible geology administrators in Perth and are loaded into the acQuire database through an automatedprocess. QAQC on import is completed before the results are finalised.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	Before the commencement of the current RC program, the sampling process was fully reviewed and documented as a standard company process. A number of operational and technical adjustments were identified to improve validation of collected data, interpretation of data and management of QAQC practices. These improvements have been updated into standard operating procedures.

Section 2 Reporting of Exploration Results

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

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Criteria JORC Code explanation Commentary
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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code 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.	Reported results are all from 100% owned Ausgold Exploration Pty Ltd Mining Tenements (wholly owned subsidiary of Ausgold Limited) M 70/488. The land is used primarily for grazing and cropping. The tenement is in good standing, and all work is conducted under specific approvals from the Department of Mines and Petroleum (“DMP”). Apart from reserved areas, rights to surface land use are held under freehold titles. Ausgold has entered into access and compensation agreements with freehold landowners that permit exploration activities. Written consent under section 18(3) for Jinkas Hill dated 24 January 2018 was granted by Honourable Ben Wyatt MLA to disturb and remove the registered Aboriginal Heritage Site 5353 known as “Jinkas Hill” which is located on the eastern side of the Jinkas Pit.

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Criteria JORC Code explanation Commentary
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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	Gold mineralisation was discovered by Otter Exploration NL in 1979 at Jinkas Hill, Dyliabing, Lone Tree and White Dam after following up stream sediment anomalies. Between 1984 and 1988 Otter and related companies evaluated the region with several other explorers including South West Gold Mines and Minasco Resources Pty Ltd. In 1987 Glengarry Mining NL purchased the project and in 1990 entered into a joint venture with Uranerz who agreed on minimum payments over three years to earn 50% interest. Uranerz withdrew from the project in 1991 after a decision by their parent company in Germany to cease Australian operations. International Mineral Resources NL (“IMR”) purchased the mining leases and the Grants Patch treatment plant from Glengarry Mining NL in 1995 and commenced mining at the Jinkas deposit in December 1995. Ausgold understands the mine was closed in 1997 after producing approximately 20,000 oz of gold from the Jinkas and Dingo Hill open cuts at a head grade of approximately 2.4g/t. In addition, the mine closure was brought about by a combination of the low gold price of the time (<US$400/oz) and the inability of the processing plant’s comminution circuit to process hard ore from below the base of weathering. Reports from the period indicate that the ore bodies were reasonably predictable in terms of grade and continuity and appeared to produce consistent and reproducible results from grade control (Ravensgate, 1999). Great Southern Resources Pty Ltd (“GSR”) purchased the mining and exploration leases from IMR in August 2000. Ausgold entered into a joint venture with GSR in August 2010, and the mineral titles were transferred to Ausgold in entirety in August 2011.

26

Criteria	JORC Code explanation	Commentary
Geology	 Deposit type, geological setting and style of mineralisation.	The project includes two main deposit areas comprising Jinkas in the north, and Dingo in the south. The Jinkas area is further subdivided into a set of mineralised zones. The majority of the project area is overlain by residual clays with outcrop mostly limited to remnants of lateritic duricrust on topographic highs. Gold mineralisation is hosted by medium to coarse- grained mafic gneisses which dip at around 30° to 45° towards grid east (68°). These units represent Archaean greenstones metamorphosed to granulite facies. The mineralised gneissic units are interlayered with barren quartz-monzonite sills up to approximately 120 metres thick and are cross-cut by several Proterozoic dolerite dykes that post-date mineralisation and granulite metamorphism. Gold predominantly occurs as free gold associated with disseminated pyrrhotite and magnetite, lesser pyrite and chalcopyrite and traces of molybdenite. Thin remnant quartz veins are associated with highergrade zones.
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: 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 o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Plans showing location of drill holes and location of significant results and interpreted trends are provided in the figures of report. Any new significant RC and diamond results are provided in tables within the report.

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Criteria JORC Code explanation Commentary
Data aggregation methods  In reporting Exploration Results, weighting averaging All reported RC and diamond assays have been
techniques, maximum and/or minimum grade arithmetically length weighted. A nominal 0.3g/t Au lower
truncations (e.g. cutting of high grades) and cut-off cut- off is reported with internal waste intervals (i.e. <0.3
grades are usually Material and should be stated. g/t) to not exceed the width of a 2m.
 Where aggregate intercepts incorporate short lengths Higher grade intervals within larger intersections are
of high-grade results and longer lengths of low-grade reported as included intervals and noted in results table.
results, the procedure used for such aggregation should No top-cut off grades have been applied until more assay
be stated and some typical examples of such results become available to allow statistical
aggregations should be shown in detail. determination.
 The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship between mineralisation widths and  These relationships are particularly important in the The geometry of any primary mineralisation is not known
intercept lengths reporting of Exploration Results. at present due to the early stage of exploration. The
 If the geometry of the mineralisation with respect to the angled orientation of RC drilling may introduce some
drill hole angle is known, its nature should be reported. sampling bias (increasing the intercept width of flat lying
 If it is not known and only the down hole lengths are or vertical mineralisation). All intersections are
reported, there should be a clear statement to this subsequently presented as downhole lengths. If down
effect (e.g. ‘down hole length, true width not known’). hole length varies significantly from known true width
then appropriate notes are provided.
Diagrams  Appropriate maps and sections (with scales) and Refer to figures
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.
Balanced reporting  Where comprehensive reporting of all Exploration Please see information provided in results tables in
Results is not practicable, representative reporting of Report
both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data  Other exploration data, if meaningful and material, At this stage there is no substantive exploration data from
should be reported including (but not limited to): the recent drilling that is meaningful and material to
geological observations; geophysical survey results; report.
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
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Criteria	JORC Code explanation	Commentary
	characteristics; potential deleterious or contaminating substances.
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).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further work is discussed in the document in relation to the exploration results.

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