CENTAURUS METALS LIMITED — Interim / Quarterly Report 2014

Jul 29, 2014

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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JUNE 2014 QUARTERLY ACTIVITIES REPORT

30 July 2014

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JUNE QUARTER HIGHLIGHTS

CANDONGA IRON ORE PROJECT

• GU (Guia de Utilização) mining permit lodged with DNPM during April 2014.

• Environmental approval application lodged with Supram in May 2014 to support a 300,000tpa operation.

• Diamond drill program commenced with first results expected in August 2014.

• Pre‐Feasibility Study planned to commence on completion of the current diamond drill program.

JAMBREIRO IRON ORE PROJECT

• Development timetable extended due to the current challenging conditions in the iron ore market and the fact that debt funding remains reliant on first securing off‐take.

• Organisational structure rationalised and detailed engineering work deferred in order to conserve cash resources until off‐take and financing is secured.

• Project IP retained to allow for rapid re‐start of Project development once development funding is put in place.

• Significant construction activity commenced at the Sudeste Superport during the Quarter, increasing the potential for long‐term off‐take arrangements to be completed.

CORPORATE

• A$5.5M equity raising completed through a Share Placement and Share Purchase Plan.

• Restructure of Board and senior management team completed in order to conserve cash and consistent with the revised timing for development of Jambreiro.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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BRAZILIAN IRON ORE PROJECTS

Centaurus is focused on developing a long‐term iron ore business in the south‐eastern region of Brazil, specifically in the state of Minas Gerais. The Company’s key Projects, the Jambreiro and Candonga Iron Ore Projects, are located approximately 200km north‐east of the State capital of Belo Horizonte (Figure 1).

Figure 1: Location of Centaurus Projects in Brazil

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CANDONGA IRON ORE PROJECT (CTM 100%)

The Company is fast‐tracking the development of the Candonga Project, located approximately 30km from Jambreiro. During the Quarter, the Company commenced the simple approvals processes required to develop a low‐cost operation producing 300,000tpa of Direct Shipping Ore (‘DSO’) at Candonga.

In addition, a program of diamond drilling commenced (Figure 2) with the objective of upgrading the existing high grade Inferred DSO Resource base at Candonga into the Measured and Indicated categories as the foundation for a Feasibility Study.

The Company’s intention at the Candonga Project is to secure the necessary approvals and commence a small operation as soon as possible to generate an early cash flow stream.

The current Candonga JORC 2004 Resource estimate stands at 11.9 million tonnes (Mt) grading 43.0% Fe[1] including 0.9Mt of high‐grade itabirite mineralisation grading 58.6% Fe with low impurities. This high grade coarse material is expected to produce a DSO product with a simple crush and screen process and has the potential to supply high‐grade lump and coarse sinter products into the Brazilian domestic market.

It also has the potential to be an excellent blending material for the finer grained portion of Jambreiro ore. Details of the JORC Mineral Resource estimate at Candonga are set out in Table 1 below.

1 Refer to ASX announcement on 8 August 2013 for full details of the Resource estimate. This Resource Estimate has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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Table 1: Candonga Project JORC 2004 Mineral Resource Estimate by Resource Category – August 2013

Project	JORC Category	Million Tonnes	Fe %	SiO2 %	Al2O3 % P % LOI %
Candonga	Indicated	3.7	45.5	26.2	3.8 0.08 2.7
	Inferred	8.2	41.8	30.2	4.4 0.08 3.1
	TOTAL	11.9	43.0	29.0	4.2 0.08 3.0

20% Fe Cut‐off

Figure 2 – Diamond Drilling at Candonga

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The application for a Trial Mining Licence (Guia de Utilização – “GU”) allows for mining of 300,000tpa of ore per licence. The simple licensing process is managed by the Mines Department (DNPM) in Minas Gerais.

The GU for Candonga was lodged in early April 2014. The Company is now working with the DNPM to plan a site visit to Candonga, which is a key step in the GU approval process. The Company believes that the GU Licence can be obtained within six months.

Concurrently, the Company has advanced the Environmental Licensing process for Candonga with the State Environmental Authority (Supram) by lodging in May 2014 the main Environmental Licence Application, known as the RCA/PCA. The process is relatively straightforward due to the planned operating parameters and because the Project is located on pastoral land requiring no native vegetation clearing.

It is anticipated that the environmental approval process should also be able to be completed within six months.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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A program of trenching was carried out in previous quarters and test work from this program has confirmed that both dry and wet DSO lump and sinter feed products can be successfully produced.

The Company intends to initially develop the Candonga Project using a dry processing flow sheet as this will have lower production costs and a reduced environmental impact. This is the basis of the environmental licence requested from Supram.

The current drilling program will provide further geological and process understanding of the DSO mineralisation, and is targeting DSO within conceptual pit limits. Assuming positive outcomes, the drilling should be sufficient to convert a minimum of 600,000 tonnes of the Candonga high grade DSO Inferred Resource to Measured and Indicated categories within the pit limits.

The Company is targeting a development at Candonga within 6‐9 months at a low capital cost due to the likely processing plant being a simple modular crushing and dry screening facility. The total installed capital cost of a plant of this nature is expected to be less than A$5 million; however, given the scale of the operation and the ready availability of this type of equipment in Brazil, it is expected that both mining and processing activities will be outsourced.

A Pre‐Feasibility Study is planned to commence on completion of the current round of diamond drilling that will focus on the high grade DSO mineralisation at Candonga.

JAMBREIRO IRON ORE PROJECT (CTM 100%)

Off‐take and Financing

Jambreiro is one of the few fully permitted, development‐ready greenfields mining projects in Brazil. While discussions for off‐take and debt funding have progressed to an advanced stage, the Company announced in June that, in light of the recent deterioration in market sentiment and conditions in the iron ore sector, it did not expect to be able to finalise a debt and equity funding package in time to meet its previously announced mid‐2014 construction timeline.

From ongoing discussions with potential financiers, it has become evident that debt funding for Jambreiro will remain conditional on securing off‐take, even at the lower 1Mtpa[5] initial production rate and capex spend.

In light of this revised development timeline, the Company initiated cost saving measures during the Quarter which included a rationalisation of the Company’s organisational structure at both Board and management level and the temporary deferral of all ongoing detailed engineering work.

The Company has since focused its engineering activities on consolidating Project data and preparing for a rapid re‐commencement of the Jambreiro development when market conditions improve and financing has been secured.

For Centaurus, the finalisation of a long‐term off‐take agreement has been awaiting the re‐commencement of construction and the finalisation of development of the Sudeste port development in south‐eastern Brazil. Construction activity ramped up significantly during the Quarter, with reportedly more than 3,000 construction personnel now working at the Sudeste site.

This new port is an important asset for many resource groups in the region and, in the case of Centaurus, provides the opportunity to establish long‐term supply arrangements with potential off‐takers for lower cost Jambreiro supply as a substitute for some of their existing integrated supply which is likely to be more profitably delivered into the export market. The commencement of export operations at Sudeste will be an important catalyst in promoting the completion of a suitable off‐take arrangement for Jambreiro as existing domestic supply is diverted to the export market.

Centaurus believes that debt funding can be finalised relatively quickly in a more favourable market and with off‐take arrangements in place. The Company will continue to progress funding and off‐take discussions for Jambreiro in order to achieve a final investment decision as quickly as possible.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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New Resource Estimate

Work on a re‐interpretation of the Jambreiro geology was carried out during the Quarter, implementing findings from a detailed geo‐metallurgical program. This work has resulted in the preparation of an updated JORC 2012 Mineral Resource estimate for the Jambreiro Project. The overall JORC Mineral Resource (combined Measured, Indicated and Inferred) reflected a minor increase in Fe grade from the July 2013 estimate of 128.0Mt grading 27.2%[2] Fe to 128.5Mt grading 28.0% Fe (see Table 2).

There is no additional drilling data in this current Mineral Resource update. The updated Jambreiro JORC Mineral Resource estimate is set out in Table 2 below (see Appendix D for JORC 2012 – Table 1 Compliance Statement).

Table 2 – Jambreiro Iron Ore Project – June 2014 JORC Resource Estimate, by Mineralisation Type

Material Type	JORC Category Mt Fe % SiO2 % Al2O3 % P % MgO+CaO % LOI %
Friable Itabirite	Measured 33.1 29.9 50.2 4.2 0.04 0.2 0.02
	Indicated 17.3 28.3 51.1 4.8 0.04 0.3 0.02
	Measured + Indicated 50.4 29.3 50.5 4.4 0.04 0.2 0.02
	Inferred 7.9 26.7 52.5 5.4 0.04 0.2 0.02
	TOTAL 58.3 29.0 50.7 4.6 0.04 0.2 0.02
Friable Amphibolitic Itabirite	Measured 1.3 25.6 47.3 5.2 0.06 7.3 0.01
	Indicated 1.2 26.2 46.6 3.1 0.04 9.5 0.01
	Measured + Indicated 2.5 25.9 47.0 4.3 0.05 8.3 0.01
	TOTAL 2.5 25.9 47.0 4.3 0.05 8.3 0.01
Total Friable	Measured 34.4 29.7 50.0 4.3 0.04 0.5 0.02
	Indicated 18.5 28.1 50.8 4.7 0.04 0.9 0.02
	Measured + Indicated 52.9 29.2 50.3 4.4 0.04 0.6 0.02
	Inferred 7.9 26.7 52.5 5.4 0.04 0.2 0.02
	TOTAL 60.8 28.8 50.6 4.6 0.04 0.6 0.02
Compact Itabirite	Measured 7.5 28.5 53.2 2.7 0.05 1.0 0.01
	Indicated 11.0 27.8 53.6 2.9 0.05 1.1 0.02
	Measured + Indicated 18.5 28.1 53.4 2.8 0.05 1.1 0.02
	Inferred 29.8 28.0 54.0 2.8 0.05 1.5 0.02
	TOTAL 48.3 28.0 53.8 2.8 0.05 1.3 0.02
Compact Amphibolitic Itabirite	Measured 3.4 25.2 46.9 3.6 0.06 10.0 0.01
	Indicated 8.2 25.7 48.0 2.6 0.05 10.1 0.01
	Measured + Indicated 11.6 25.5 47.7 2.9 0.05 10.1 0.01
	Inferred 7.9 25.5 47.7 3.2 0.06 11.2 0.01
	TOTAL 19.5 25.5 47.7 3.0 0.05 10.5 0.01
Total Compact	Measured 10.9 27.5 51.2 3.0 0.05 3.8 0.01
	Indicated 19.2 26.9 51.2 2.8 0.05 5.0 0.02
	Measured + Indicated 30.1 27.1 51.2 2.8 0.05 4.6 0.02
	Inferred 37.6 27.4 52.7 2.9 0.05 3.5 0.01
	TOTAL 67.7 27.3 52.0 2.9 0.05 4.0 0.01
Total	Measured 45.3 29.2 50.3 3.9 0.04 1.3 0.02
	Indicated 37.7 27.5 51.0 3.7 0.04 3.0 0.02
	Measured + Indicated 83.0 28.4 50.6 3.8 0.04 2.1 0.02
	Inferred 45.5 27.3 52.6 3.4 0.05 2.9 0.01
	TOTAL 128.5 28.0 51.3 3.7 0.05 2.4 0.02

20% Fe Cut‐off

2 Refer to ASX announcement on 29 July 2013 for full details of the JORC Resource estimate.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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A geo‐metallurgical study completed over the course of the last six months has identified an itabirite unit containing amphibole minerals that did not perform well in the proposed Jambreiro process route.

The amphibolitic itabirite, which is identified geochemically by elevated MgO and CaO grades, was interpreted as a new domain and is now reported separately in the updated Resource. The amphibolitic itabirite is concentrated in the compact mineralisation (see Figures 4‐7) although small localized zones have been identified in the semi‐compact mineralisation.

The domain comprises 2.5Mt of a total of 52.9Mt of the Measured + Indicated Resources within the friable component of the Resource (which includes both friable and semi‐compact material).

Table 3 below compares the tonnage and Fe grade of the friable itabirite (excluding the amphibolitic itabirite from the new Resource) with the friable itabirite from the July 2013 and the June 2012[3] Resource estimates:

Table 3 – Comparison of Jambreiro Project Historical JORC Resource Estimates

	June 2014 July 2013 June 2012*
Material Type	JORC Category Mt Fe Mt Fe Mt Fe
Friable Itabirite	Measured 33.1 29.9 37.2 29.2 37.6 28.8
	Indicated 17.3 28.3 19.7 27.7 16.1 27.3
	Measured + Indicated 50.4 29.3 56.9 28.7 53.7 28.4
	Inferred 7.9 26.7 7.5 26.1 12.0 25.0
	TOTAL 58.3 29.0 64.4 28.4 65.7 27.7

20% Fe Cut‐off for all Resources; *June 2014 does not include Friable Amphibolitic Itabirite

The June 2012 Resource estimate is the basis for the Project’s current Ore Reserve estimate of 48.5Mt @ 28.1% Fe[4] . The current Mineral Resource estimate for friable Measured + Indicated, excluding the amphibolitic itabirite, stands at 50.4Mt at 29.3% Fe.

The amphibolitic itabirite material is generally present as an internal layer within the itabirite mineralised zone (see Figures 4‐7). It is likely that this material was previously included in the Ore Reserve estimate; however, an updated Ore Reserve estimate, planned for completion in Q1 2015, will exclude this material.

The amphibolitic itabirite material is of lower iron grade and, with its removal the iron grade of the friable itabirite material has increased from 28.4% Fe in the June 2012 Resource to 29.3% Fe in the updated Resource. This grade increase will assist in compensating for the volume loss in terms of total iron content. The Ore Reserve estimate update will quantify the effect of the changes.

During the re‐interpretation of the geological model the oxidisation levels that determine the limits between the friable, semi‐compact and compact material types were also reviewed and in some cases adjusted.

The updated Mineral Resource estimate included in this Quarterly Report will be the basis for the Ore Reserve update that is planned to commence in Q4 2014. The updated Ore Reserve estimate will also incorporate the adjustment of the initial production rate at Jambreiro to 1Mtpa[5] .

3 Refer to ASX announcement on 19 June 2012 for full details of the JORC Resource estimate.

4 Refer to ASX Announcement on 5 November 2012 for full details of the Ore Reserve estimation.

5 Refer to ASX announcements on 20 December 2013 and 13 January 2014 for full details of the material assumptions underpinning the Jambreiro Project Revised Development Plan and associated Production Targets. The Company confirms that all the material assumptions underpinning the Production Targets continue to apply and have not materially changed.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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CORPORATE

Cash Position

At 30 June 2014, the Company held cash reserves of A$5.0 million.

Equity Raising

During the Quarter, Centaurus announced that it had successfully raised A$5.5 million through a Share Placement and Share Purchase Plan comprising the issue of 44.24 million shares at 12.5 cents per share. The raising was underpinned by its major shareholders Atlas Iron Ltd and Liberty Metals & Mining Holdings, LLC (“LMM”), who increased their equity positions to 21.0% and 14.2% respectively.

The share placement component of the raise was undertaken within the Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A.

The funds raised will be used to underpin drilling, approvals and other pre‐development activities at the Candonga Project while the Company continues to progress off‐take discussions for Jambreiro to support the overall development funding package.

Board & Management Restructure

Subsequent to the end of the period, the Company announced changes to the Board and Management team. At a Board level, the changes involved the Company’s Operations Director, Peter Freund, moving from an executive role to a non‐executive position on the Board. In addition, non‐executive Directors Richard Hill and Steven Zaninovich stepped down from the Board.

At a management level, the Company Secretarial and CFO roles have been combined while the position of General Manager – Operations and a number of other roles in Brazil have been made redundant until off‐ take and financing arrangements for the Jambreiro Project can be completed.

The changes were designed to reconfigure the Board and management team to an appropriate size considering the current stage of development of the Company’s assets while retaining a strong depth of expertise and capability to enable it to press ahead rapidly with the development of Jambreiro as soon as final off‐take and funding is secured.

Annual General Meeting

The Annual General Meeting of the Company was held on Thursday 29 May 2014. All resolutions were passed unanimously on a show of hands.

Shareholder Information

At 30 June 2014, the Company had 239,987,919 shares on issue with the Top 20 holding 63.3% of the total issued capital. Directors and Senior Management held 4.3% of the total issued capital.

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DARREN GORDON MANAGING DIRECTOR

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Competent Person’s Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Roger Fitzhardinge, a Competent Person who is a Member of the Australasia Institute of Mining and Metallurgy and Volodymyr Myadzel, a Competent Person who is a Member of Australian Institute of Geoscientists. Roger Fitzhardinge is a permanent employee of Centaurus Metals Limited and Volodymyr Myadzel is the Senior Resource Geologist of BNA Consultoria e Sistemas Limited, independent resource consultants engaged by Centaurus Metals.

Roger Fitzhardinge and Volodymyr Myadzel have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are 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’. Roger Fitzhardinge and Volodymyr Myadzel consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled by Beck Nader, a Competent Person who is a professional Mining Engineer and a Member of Australian Institute of Geoscientists. Beck Nader is the Managing Director of BNA Consultoria e Sistemas Ltda and is a consultant to Centaurus.

Beck Nader has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Beck Nader consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Figure 3 – Jambreiro Iron Ore Project Showing Deposit Locations over Ground Magnetic Survey

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Figure 4 – Tigre Deposit Cross Sections Showing Material Type – Section 1

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Figure 5 – Tigre Deposit Cross Sections Showing Material Type – Section 4

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Figure 6 – Tigre Deposit Cross Section Showing Material Type – Section 7

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Figure 7 – Cruzeiro Deposit Cross Sections Showing Material Type – Section 15

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Appendix A – Jambreiro Resource Estimate by Prospect

Table 4 ‐ Details of the Jambreiro Resource Estimate, by Prospect – June 2014

Prospect	JORC Resource Category	Mt	Fe %	SiO2 %	Al2O3 %	P %	MgO + CaO %	LOI %
Tigre	Measured	28.4	29.7	50.4	4.3	0.04	0.1	0.02
Friable Itabirite	Indicated	4.8	27.2	52.3	4.8	0.04	0.4	0.02
	Measured + Indicated	33.2	29.3	50.7	4.4	0.04	0.2	0.02
	Inferred	1.7	25.5	55.4	4.8	0.04	0.1	0.01
	TOTAL	34.9	29.1	50.9	4.4	0.04	0.2	0.02
Tigre	Measured	0.6	26.5	46.8	4.6	0.05	7.6	0.01
	Indicated	0.1	29.0	42.9	2.0	0.05	11.0	0.01
Friable Amphibolitic Itabirite	Measured + Indicated	0.7	27.0	46.0	4.1	0.05	8.3	0.01
	TOTAL	0.7	27.0	46.0	4.1	0.05	8.3	0.01
Tigre	Measured	6.7	28.6	52.9	2.7	0.05	1.0	0.01
Compact Itabirite	Indicated	7.7	28.3	53.2	2.7	0.05	1.2	0.01
	Measured + Indicated	14.4	28.5	53.1	2.7	0.05	1.1	0.01
	Inferred	22.4	28.1	54.2	2.4	0.06	1.8	0.01
	TOTAL	36.8	28.2	53.8	2.5	0.05	1.5	0.01
Tigre	Measured	2.2	24.8	46.4	3.9	0.06	10.6	0.01
Compact Amphibolitic	Indicated	4.6	26.2	46.5	2.8	0.05	10.5	0.01
Itabirite	Measured + Indicated	6.8	25.7	46.5	3.2	0.05	10.5	0.01
	Inferred	6.5	25.1	47.6	3.6	0.06	11.7	0.01
	TOTAL	13.3	25.4	47.0	3.4	0.06	11.1	0.01
TIGRE TOTAL	Measured	37.9	29.2	50.6	4.0	0.04	1.0	0.02
	Indicated	17.2	27.4	51.1	3.3	0.05	3.5	0.01
	Measured + Indicated	55.1	28.6	50.7	3.8	0.04	1.8	0.01
	Inferred	30.6	27.3	52.9	2.8	0.06	3.8	0.01
	TOTAL	85.7	28.2	51.5	3.4	0.05	2.5	0.01
Cruzeiro	Measured	4.7	31.2	48.5	3.7	0.04	0.5	0.05
Friable Itabirite	Indicated	2.4	32.2	46.9	3.5	0.04	0.8	0.05
	Measured + Indicated	7.1	31.5	47.9	3.6	0.04	0.6	0.05
	Inferred	0.8	29.2	45.7	6.4	0.03	0.6	0.06
	TOTAL	7.9	31.3	47.7	3.9	0.04	0.6	0.05
Cruzeiro	Measured	0.8	25.0	47.7	5.7	0.06	7.0	0.02
	Indicated	1.0	25.8	47.1	3.3	0.04	9.3	0.01
Friable Amphibolitic Itabirite	Measured + Indicated	1.8	25.5	47.4	4.3	0.05	8.3	0.01
	TOTAL	1.8	25.5	47.4	4.3	0.05	8.3	0.01
Cruzeiro	Measured	0.8	27.6	55.1	2.7	0.05	1.0	0.04
Compact Itabirite	Indicated	3.1	26.6	54.7	3.3	0.06	1.1	0.05
	Measured + Indicated	3.9	26.8	54.8	3.2	0.05	1.1	0.05
	Inferred	2.3	28.5	52.9	2.8	0.05	1.1	0.07
	TOTAL	6.2	27.5	54.1	3.0	0.05	1.1	0.06
Cruzeiro	Measured	1.1	25.9	47.8	3.2	0.06	8.7	0.01
Compact Amphibolitic	Indicated	3.7	25.0	49.8	2.3	0.05	9.6	0.01
Itabirite	Measured + Indicated	4.8	25.2	49.3	2.5	0.05	9.4	0.01
	Inferred	1.4	27.1	48.4	1.4	0.05	8.5	0.01
	TOTAL	6.2	25.7	49.1	2.3	0.05	9.2	0.01
CRUZEIRO TOTAL	Measured	7.4	29.3	49.0	3.7	0.05	2.5	0.04
	Indicated	10.2	27.3	50.3	3.0	0.05	4.9	0.03
	Measured + Indicated	17.6	28.1	49.8	3.3	0.05	3.9	0.03
	Inferred	4.5	28.2	50.3	3.0	0.05	3.3	0.05
	TOTAL	22.1	28.2	49.9	3.2	0.05	3.8	0.04
							20% Fe Cut‐off

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Appendix A – Jambreiro Resource Estimate by Prospect (Cont.)

Table 4 ‐ Details of the Jambreiro Resource Estimate, by Prospect – June 2014 (Cont.)

Prospect JORC Resource Category Mt	Fe % SiO2 % Al2O3 % P % MgO + CaO % LOI %
Galo Indicated 7.2	28.4 49.6 5.7 0.04 0.3 0.02
Friable Itabirite Measured + Indicated 7.2	28.4 49.6 5.7 0.04 0.3 0.02
Inferred 3.3	26.7 50.7 6.5 0.05 0.3 0.01
TOTAL 10.5	27.8 49.9 6.0 0.04 0.3 0.02
Galo Indicated 0.1	28.3 47.5 5.9 0.03 2.1 0.03
Compact Itabirite Measured + Indicated 0.1	28.3 47.5 5.9 0.03 2.1 0.03
Inferred 2.9	27.3 51.2 5.8 0.05 0.4 0.02
TOTAL 3.0	27.4 51.1 5.8 0.05 0.5 0.02
GALO TOTAL Indicated 7.3	28.4 49.5 5.7 0.04 0.3 0.02
Measured + Indicated 7.3	28.4 49.5 5.7 0.04 0.3 0.02
Inferred 6.2	27.0 50.9 6.2 0.05 0.3 0.02
TOTAL 13.5	27.7 50.2 5.9 0.04 0.3 0.02
Coelho Indicated 2.9	26.5 56.1 3.8 0.03 0.1 0.01
Friable Itabirite Measured + Indicated 2.9	26.5 56.1 3.8 0.03 0.1 0.01
Inferred 2.1	26.8 55.5 3.9 0.03 0.1 0.01
TOTAL 5.0	26.6 55.9 3.9 0.03 0.1 0.01
Coelho Indicated 0.1	26.5 57.2 3.0 0.03 0.2 0.01
Compact Itabirite Measured + Indicated 0.1	26.5 57.2 3.0 0.03 0.2 0.01
Inferred 2.2	26.8 56.5 3.3 0.03 0.1 0.01
TOTAL 2.3	26.8 56.6 3.3 0.03 0.1 0.01
COELHO TOTAL Indicated 3.0	26.5 56.1 3.8 0.03 0.1 0.01
Measured + Indicated 3.0	26.5 56.1 3.8 0.03 0.1 0.01
Inferred 4.3	26.8 56.0 3.6 0.03 0.1 0.01
TOTAL 7.3	26.7 56.1 3.7 0.03 0.1 0.01
Friable Total Measured 34.5	29.7 50.0 4.3 0.04 0.5 0.02
Indicated 18.4	28.1 50.8 4.7 0.04 0.9 0.02
Measured + Indicated 52.9	29.2 50.3 4.4 0.04 0.6 0.02
Inferred 7.9	26.7 52.5 5.4 0.04 0.2 0.02
TOTAL 60.8	28.8 50.6 4.6 0.04 0.6 0.02
Compact Total Measured 10.8	27.5 51.2 3.0 0.05 3.8 0.01
Indicated 19.3	26.9 51.2 2.8 0.05 5.0 0.02
Measured + Indicated 30.1	27.1 51.2 2.8 0.05 4.6 0.02
Inferred 37.6	27.4 52.7 2.9 0.05 3.5 0.01
TOTAL 67.7	27.3 52.0 2.9 0.05 4.0 0.01
TOTAL RESOURCES Measured 45.3	29.2 50.3 3.9 0.04 1.3 0.02
Indicated 37.7	27.5 51.0 3.7 0.04 3.0 0.02
Measured + Indicated 83.0	28.4 50.6 3.8 0.04 2.1 0.02
Inferred 45.5	27.3 52.6 3.4 0.05 2.9 0.01
TOTAL 128.5	28.0 51.3 3.7 0.05 2.4 0.02

20% Fe Cut‐off

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Appendix B – Jambreiro Project Significant Diamond Drilling Intersections

Table 5 –Significant Intersections – DDH (All previously released)

Hole ID	SAD East	SAD North	mRL	Dip	Azi	Final Depth (m)	From (m)	To (m)	Downhole width (m)	Fe%	SiO2%	Al2O3%	P%	LOI%
JBR-DD-07-00001 JBR-DD-07-00001 JBR-DD-07-00002 JBR-DD-07-00003 JBR-DD-07-00003 JBR-DD-07-00003 JBR-DD-07-00006 JBR-DD-07-00007 JBR-DD-07-00007 JBR-DD-07-00007 JBR-DD-07-00007 JBR-DD-07-00007 JBR-DD-10-00001 JBR-DD-10-00002 JBR-DD-10-00003 JBR-DD-10-00004 JBR-DD-10-00005 JBR-DD-10-00003 JBR-DD-10-00004 JBR-DD-10-00005 JBR-DD-10-00007 JBR-DD-10-00009 JBR-DD-10-00010 JBR-DD-10-00010 JBR-DD-10-00010 JBR-DD-10-00010 JBR-DD-10-00010 JBR-DD-10-00011 JBR-DD-10-00011 JBR-DD-10-00014 JBR-DD-10-00015 JBR-DD-11-00008 JBR-DD-11-00008 JBR-DD-11-00017 JBR-DD-11-00020 JBR-DD-11-00020 JBR-DD-11-00021 JBR-DD-11-00022 JBR-DD-11-00022 JBR-DD-11-00023 JBR-DD-11-00023 JBR-DD-11-00023 JBR-DD-11-00024 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00025 JBR-DD-11-00026 JBR-DD-11-00026 JBR-DD-11-00026 JBR-DD-11-00026 JBR-DD-11-00026 JBR-DD-11-00027 JBR-DD-11-00027 JBR-DD-11-00027 JBR-DD-11-00028 JBR-DD-11-00028 JBR-DD-11-00028 JBR-DD-11-00028 JBR-DD-11-00028 JBR-DD-11-00029 JBR-DD-11-00030 JBR-DD-11-00031 JBR-DD-11-00032 JBR-DD-11-00033 JBR-DD-11-00034 JBR-DD-11-00037 JBR-DD-11-00037 JBR-DD-11-00038 JBR-DD-11-00039 JBR-DD-11-00040	722582 722582 723035 722262 722262 722262 722499 721938 721938 721938 721938 721938 722380 721935 721935 721935 721935 722229 722177 722501 722858 722111 721897 721897 721897 721897 721897 722474 722474 722485 722282 722422 722422 722549 722053 722053 722726 722645 722645 722593 722593 722593 722771 721840 721840 721840 721840 721840 721840 721840 721840 722192 722192 722192 722192 722192 722371 722371 722371 721871 721871 721871 721871 721871 723090 722216 722815 722522 722480 722042 722315 722315 722959 722653 722914	7944936 7944936 7944925 7945134 7945134 7945134 7945964 7945354 7945354 7945354 7945354 7945354 7944993 7945380 7945380 7945380 7945380 7945120 7946247 7945952 7945112 7944535 7945308 7945308 7945308 7945308 7945308 7944989 7944989 7945908 7946043 7945022 7945022 7944879 7945181 7945181 7944646 7944723 7944723 7944921 7944921 7944921 7944676 7945230 7945230 7945230 7945230 7945230 7945230 7945230 7945230 7945023 7945023 7945023 7945023 7945023 7944934 7944934 7944934 7945262 7945262 7945262 7945262 7945262 7944850 7945065 7944701 7944847 7944809 7945148 7944003 7944003 7944757 7945718 7944945	967 967 967 917 917 917 907 842 842 842 842 842 952 842 842 842 842 909 914 907 894 873 840 840 840 840 840 962 962 904 865 960 960 997 889 889 1020 1030 1030 975 975 975 1010 845 845 845 845 845 845 845 845 916 916 916 916 916 962 962 962 847 847 847 847 847 963 916 990 997 984 883 906 906 966 925 926	-90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -80 -60 -60 -90 -70 -70 -80 -80 -80 -90 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -70 -60 -90 -80 -90 -60 -70 -70 -70 -70 -60	0 0 0 0 0 0 0 0 0 0 0 0 30 225 225 225 225 45 45 45 95 80 40 40 40 40 40 30 30 45 45 30 30 42 30 30 0 50 50 42 42 42 0 29 29 29 29 29 29 29 29 30 30 30 30 30 30 30 30 30 30 30 30 30 59 30 0 43 0 30 60 60 56 50 75	65.3 65.3 35.1 85.8 85.8 85.8 35.0 90.0 90.0 90.0 90.0 90.0 128.9 179.1 179.1 179.1 179.1 128.5 71.7 73.8 85.8 91.8 181.0 181.0 181.0 181.0 181.0 120.2 120.2 62.5 90.6 90.6 90.6 111.3 180.2 180.2 102.1 130.2 130.2 96.8 96.8 96.8 62.0 270.6 270.6 270.6 270.6 270.6 270.6 270.6 270.6 185.4 185.4 185.4 185.4 185.4 160.9 160.9 160.9 235.8 235.8 235.8 235.8 235.8 60.2 180.0 60.0 137.0 200.0 172.0 76.2 76.2 110.0 60.2 64.3	0.0 20.4 0.0 0.0 33.3 50.5 2.4 0.0 11.8 26.7 37.4 51.4 41.0 5.5 28.0 132.0 160.0 9.0 29.1 12.3 10.9 13.5 6.1 57.8 95.7 117.6 154.5 0.5 70.4 31.8 2.0 2.4 63.8 14.1 16.6 74.8 19.3 36.2 91.0 0.0 29.0 64.0 0.0 29.8 36.7 48.8 158.5 170.7 197.5 215.6 233.5 0.0 112.3 126.4 133.5 145.8 75.5 103.3 144.0 22.7 108.2 133.3 183.6 195.6 0.0 0.0 0.0 0.0 0.0 23.1 0.0 47.0 67.0 30.0 23.8	16.7 53.5 25.5 30.3 45.5 85.8 24.0 3.2 18.0 34.3 44.8 88.6 111.0 24.0 126.3 157.0 179.1 102.8 41.9 25.3 38.7 21.5 32.4 92.1 112.7 150.9 161.2 63.0 96.0 43.3 16.0 57.8 86.5 94.3 24.6 147.1 48.4 83.0 98.0 22.5 44.9 68.0 7.0 33.0 40.1 52.4 163.3 176.3 211.4 228.9 239.2 13.4 120.2 129.9 137.1 159.0 97.3 129.1 147.8 31.7 130.3 180.7 189.0 201.2 8.0 38.4 6.0 6.0 4.0 36.5 10.0 58.0 76.9 43.3 51.7	16.7 33.1 25.5 30.3 12.2 30.6 21.6 3.2 6.2 7.6 7.4 37.3 70.0 18.6 98.3 25.0 19.1 93.8 12.9 13.0 27.8 8.0 26.3 34.3 17.0 33.4 6.7 62.5 25.7 11.6 14.0 55.4 22.7 80.2 8.0 72.3 29.1 46.8 7.0 22.5 15.9 4.0 7.0 3.2 3.4 3.7 4.8 5.7 13.9 13.3 5.7 13.4 7.9 3.4 3.6 13.2 21.9 25.9 3.8 9.0 22.1 47.5 5.4 5.6 8.0 38.4 6.0 6.0 4.0 13.4 10.0 11.0 9.8 13.3 27.9	34.0 35.8 34.2 36.1 33.5 30.6 30.3 32.0 27.4 28.8 28.7 27.4 31.8 32.6 29.8 28.4 25.5 31.5 28.4 31.2 30.4 26.6 27.5 29.1 28.7 27.3 27.8 32.2 31.2 31.3 27.4 32.6 30.9 32.8 33.8 30.4 35.9 34.4 26.6 30.9 35.8 27.4 27.2 29.8 26.8 28.9 29.7 30.0 28.1 27.3 28.2 31.2 31.9 31.5 30.7 30.2 30.1 28.6 25.2 27.8 27.6 28.9 31.1 27.6 34.5 33.4 27.6 31.8 25.9 35.8 29.3 33.7 24.2 33.7 32.8	46.6 43.3 49.0 44.1 46.8 47.9 54.3 50.7 53.5 50.9 55.5 56.3 48.6 51.0 50.0 54.6 53.9 46.0 50.4 50.4 53.6 57.5 55.4 51.8 54.7 53.6 45.7 50.4 46.1 49.5 56.2 47.3 42.4 48.1 43.3 53.0 40.4 46.5 57.6 48.7 40.7 56.0 53.4 55.5 57.2 56.2 53.3 50.8 51.7 53.4 39.4 47.0 52.0 51.7 52.1 54.8 52.3 49.1 57.0 53.3 54.3 52.2 53.2 40.3 46.5 48.2 56.5 35.5 46.2 43.1 48.9 59.6 57.2 40.7 50.0	2.8 3.0 1.1 1.4 3.3 5.1 1.2 1.9 3.9 4.8 1.8 2.6 3.4 1.0 3.9 2.0 3.8 5.5 4.8 2.9 1.4 2.7 3.1 3.5 2.2 1.1 1.3 2.0 5.6 3.2 3.2 3.2 8.3 3.6 4.6 1.8 5.1 2.6 2.7 4.2 4.4 2.7 4.7 1.0 2.9 1.4 1.4 2.4 3.0 2.2 1.1 4.5 1.4 2.1 1.8 1.2 2.3 3.9 3.2 3.7 2.5 1.5 0.7 1.1 2.3 2.3 2.6 10.8 10.0 3.0 5.8 1.5 3.0 6.3 1.4	0.03 0.05 0.01 0.02 0.03 0.03 0.02 0.03 0.04 0.05 0.04 0.04 0.03 0.04 0.05 0.07 0.08 0.04 0.05 0.03 0.03 0.05 0.03 0.03 0.04 0.06 0.07 0.03 0.05 0.05 0.02 0.03 0.08 0.03 0.06 0.03 0.03 0.02 0.02 0.03 0.05 0.03 0.03 0.03 0.02 0.02 0.06 0.08 0.06 0.07 0.05 0.04 0.02 0.03 0.08 0.04 0.03 0.05 0.03 0.05 0.08 0.04 0.07 0.04 0.01 0.03 0.02 0.03 0.04 0.02 0.02 0.02 0.13 0.05 0.03	1.2 1.4 0.3 0.3 1.0 1.9 0.4 0.7 1.4 1.9 0.6 0.9 1.3 0.2 1.6 0.3 0.2 2.2 2.8 1.2 1.3 0.9 1.0 1.0 0.8 0.4 2.8 0.6 2.4 1.6 1.1 1.1 3.6 1.4 2.5 0.6 0.0 1.0 0.5 1.6 2.0 0.9 1.8 0.2 0.8 0.4 0.0 -0.7 -0.1 0.3 1.9 2.3 0.4 0.9 1.2 0.4 1.1 2.0 0.5 1.3 0.4 0.5 -0.4 1.9 0.7 0.9 1.0 5.3 4.9 1.4 2.7 0.4 -0.1 3.5 0.6

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Appendix B – Jambreiro Project Significant Diamond Drilling Intersections (Cont.)

Table 5 ‐ Significant Intersections – DDH (All previously released)

Hole ID	SAD East	SAD North	mRL	Dip	Azi	Final Depth (m)	From (m)	To (m)	Downhole width (m)	Fe%	SiO2%	Al2O3%	P%	LOI%
JBR-DD-11-00041 JBR-DD-11-00042 JBR-DD-11-00043 JBR-DD-11-00043 JBR-DD-11-00044 JBR-DD-11-00045 JBR-DD-11-00046 JBR-DD-11-00047 JBR-DD-11-00048 JBR-DD-11-00049 JBR-DD-11-00050 JBR-DD-11-00051 JBR-DD-11-00052 JBR-DD-11-00052	722009 722978 722654 722654 722860 722821 722852 722720 722334 722881 722567 722623 722623 722623	7945100 7944955 7944470 7944470 7945190 7944156 7945053 7944293 7944875 7944077 7944659 7944581 7944581 7944581	884 955 965 965 894 947 906 918 943 920 1008 999 999 999	-60 -60 -80 -80 -60 -80 -70 -80 -60 -80 -70 -70 -70 -70	30 75 60 60 75 60 75 60 30 60 30 60 30 30	96.0 85.0 190.0 190.0 71.2 113.0 73.7 163.7 170.0 40.2 161.4 150.0 200.8 200.8	20.0 7.0 80.2 141.0 3.1 37.0 32.4 125.0 123.5 0.0 89.1 78.6 121.2 180.1	25.3 41.0 137.3 148.0 13.0 80.0 60.9 128.0 147.2 11.2 134.6 132.4 175.3 188.8	5.3 34.1 57.1 7.0 9.9 43.0 28.5 3.0 23.8 11.2 45.5 53.8 54.1 8.7	24.7 33.4 26.7 22.8 26.6 30.4 28.8 27.0 29.8 41.1 27.9 28.5 26.2 24.1	53.2 46.4 45.5 42.9 50.6 49.4 56.2 51.1 51.8 34.3 48.4 47.9 49.5 58.9	7.0 3.4 1.7 2.3 6.7 0.7 0.8 1.3 1.2 3.8 1.6 1.4 2.3 3.8	0.04 0.05 0.05 0.05 0.03 0.06 0.05 0.06 0.05 0.03 0.05 0.04 0.06 0.05	3.0 1.6 1.0 1.9 3.5 0.4 0.2 -0.2 0.4 1.8 1.0 1.7 1.3 -0.1

Intervals calculated using a 20% Fe cut‐off grade with 3 metre minimum mining width; All samples were analysed using an XRF fusion method with LOI at 1000 0C

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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Appendix C – Jambreiro Project Significant RC Drilling Intersections

Table 6 ‐ Significant Intersections – RC (All previously released)

Hole ID	SAD East	SAD North	mRL	Dip	Azi	Final Depth (m)	From (m)	To (m)	Downhole width (m)	Fe%	SiO2%	Al2O3%	P%	LOI%
JBR-RC-10-00001 JBR-RC-10-00001 JBR-RC-10-00001 JBR-RC-10-00002 JBR-RC-10-00002 JBR-RC-10-00002 JBR-RC-10-00004 JBR-RC-10-00005 JBR-RC-10-00011 JBR-RC-10-00011 JBR-RC-10-00011 JBR-RC-10-00011 JBR-RC-10-00011 JBR-RC-10-00011 JBR-RC-10-00012 JBR-RC-10-00016 JBR-RC-10-00016 JBR-RC-10-00017 JBR-RC-10-00018 JBR-RC-10-00018 JBR-RC-10-00020 JBR-RC-10-00021 JBR-RC-10-00021 JBR-RC-10-00021 JBR-RC-10-00022 JBR-RC-10-00023 JBR-RC-10-00023 JBR-RC-10-00024 JBR-RC-11-00025 JBR-RC-11-00027 JBR-RC-11-00028 JBR-RC-11-00028 JBR-RC-11-00029 JBR-RC-11-00030 JBR-RC-11-00030 JBR-RC-11-00031 JBR-RC-11-00032 JBR-RC-11-00032 JBR-RC-11-00033 JBR-RC-11-00034 JBR-RC-11-00035 JBR-RC-11-00036 JBR-RC-11-00037 JBR-RC-11-00038 JBR-RC-11-00039 JBR-RC-11-00040 JBR-RC-11-00041 JBR-RC-11-00043 JBR-RC-11-00044 JBR-RC-11-00045 JBR-RC-11-00047 JBR-RC-11-00050 JBR-RC-11-00051 JBR-RC-11-00052 JBR-RC-11-00053 JBR-RC-11-00055 JBR-RC-11-00057 JBR-RC-11-00060 JBR-RC-11-00060 JBR-RC-11-00061 JBR-RC-11-00062 JBR-RC-11-00063 JBR-RC-11-00063 JBR-RC-11-00064 JBR-RC-11-00064 JBR-RC-11-00066 JBR-RC-11-00067 JBR-RC-11-00067 JBR-RC-11-00068 JBR-RC-11-00069	723012 723012 723012 723028 723028 723028 723049 722776 722292 722292 722292 722292 722292 722292 722266 721707 722299 722299 722341 722341 722382 722745 722745 722745 722523 722600 722600 723021 722634 722266 722076 722076 721920 722216 722216 722815 722515 722515 722486 722030 722736 722630 722694 722602 722009 722894 722906 722692 722546 722240 722674 722214 722066 722147 722083 721455 722216 722476 722476 722838 722342 722148 722148 722083 722083 722250 722137 722137 722040 722120	7944797 7944797 7944797 7944815 7944815 7944815 7944830 7945290 7946050 7946050 7946050 7946050 7946050 7946050 7946036 7946554 7944054 7944054 7944030 7944030 7944998 7944693 7944693 7944693 7945079 7944929 7944929 7944963 7944962 7945151 7945224 7945224 7945349 7945065 7945065 7944701 7944845 7944845 7944813 7945139 7945084 7945029 7944759 7944690 7945100 7945067 7945204 7945749 7945988 7946157 7945007 7946282 7944582 7944650 7946371 7946585 7944195 7943915 7943915 7943763 7944011 7944487 7944487 7944402 7944402 7946315 7946209 7946209 7946320 7946416	961 961 961 960 960 960 961 891 867 867 867 867 867 867 864 921 921 907 912 912 952 1002 1002 1002 927 965 965 963 965 1026 894 894 854 927 927 994 1000 1000 987 899 930 940 1012 1000 890 918 905 965 926 898 946 925 885 894 938 865 900 845 845 900 920 884 884 857 857 850 850 850 914 951	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -90 -80 -60 -60 -60 -60 -60 -60 -90 -80 -80 -90 -60 -60 -60 -70 -60 -70 -70 -60 -70 -70 -60 -60 -70 -90 -90 -70 -70 -60 -90 -90 -60 -60 -90 -90 -90 -90 -90 -60 -60 -70 -70	50 50 50 50 50 50 50 45 45 45 45 45 45 45 45 90 30 30 30 30 30 190 190 190 210 254 254 0 47 30 30 30 30 30 30 0 43 43 0 30 116 116 50 30 50 75 75 50 50 50 116 70 0 0 60 60 240 0 0 240 240 0 0 0 0 0 50 50 50 50	133 133 133 60 60 60 50 70 70 70 70 70 70 70 80 63 50 50 50 50 91 100 100 100 52 100 100 45 120 90 150 150 150 180 180 60 180 180 160 220 90 60 80 100 60 80 60 50 50 50 60 58 119 100 52 60 60 44 44 50 90 90 90 73 73 100 90 90 60 40	43 49 57 22 28 37 22 7 2 9 34 41 50 56 10 12 0 24 8 18 38 0 9 31 0 0 34 0 0 3 21 94 12 90 101 0 57 121 120 11 0 0 0 62 13 5 0 19 0 8 0 0 59 27 0 3 26 1 16 28 2 0 15 0 26 0 20 37 29 0	46 53 62 25 34 54 39 17 6 16 37 47 53 70 15 17 4 33 12 21 91 4 15 43 8 29 61 31 8 11 87 120 53 96 149 10 111 128 138 27 5 3 28 97 23 44 13 33 13 17 20 3 62 40 16 7 36 11 20 39 69 11 21 16 30 9 27 47 36 17	3 4 5 3 6 17 17 10 4 7 3 6 3 14 5 5 4 9 4 3 53 4 6 12 8 29 27 31 8 8 66 26 41 6 48 10 54 7 18 16 5 3 28 35 10 39 13 14 13 9 20 3 3 13 16 4 10 10 4 11 69 11 6 16 4 9 7 10 7 17	38.0 30.8 31.5 31.8 33.0 31.8 35.0 39.7 28.0 28.1 31.7 29.2 29.6 35.1 28.9 28.7 28.7 27.2 21.2 27.3 31.2 36.7 27.3 26.8 31.4 33.5 31.7 34.3 29.1 28.8 31.3 30.7 36.3 28.5 33.3 31.9 28.5 26.0 32.9 30.8 30.1 29.5 35.2 31.5 26.8 34.4 33.1 31.8 32.8 29.8 34.7 29.3 26.9 27.4 31.3 25.5 27.8 26.3 22.2 26.4 30.9 26.2 29.4 23.9 23.2 26.4 20.9 26.1 33.4 30.9	31.3 37.3 49.6 34.7 41.6 51.7 41.0 36.1 55.5 52.9 42.9 49.8 47.6 42.9 52.0 50.0 52.6 57.4 66.3 39.7 49.3 37.5 47.2 53.1 44.9 46.5 46.6 48.3 47.7 51.2 50.9 47.7 45.3 56.5 46.6 43.7 53.2 56.1 48.5 50.4 46.0 41.4 45.8 47.5 56.1 45.3 42.7 47.2 50.1 45.7 45.8 45.1 57.1 54.8 41.0 59.1 55.7 58.6 61.1 56.5 52.4 55.0 42.5 58.5 60.3 41.3 64.7 52.5 28.2 50.0	8.1 5.6 1.9 5.2 1.5 1.5 4.8 4.1 2.1 4.2 4.8 2.8 3.9 2.0 3.6 4.4 3.5 2.4 2.4 12.9 3.5 5.9 8.1 5.2 5.8 3.4 4.9 1.4 6.1 5.1 2.5 4.3 0.9 1.3 3.2 6.6 3.6 4.2 1.2 3.5 6.3 9.8 2.4 3.9 3.2 2.5 4.2 4.3 1.6 6.4 3.0 7.4 2.4 3.8 8.7 2.9 2.9 2.4 4.6 3.7 2.0 4.2 9.3 4.3 3.6 13.3 3.9 4.5 2.6 3.4	0.06 0.04 0.05 0.05 0.03 0.02 0.06 0.02 0.01 0.03 0.03 0.02 0.02 0.02 0.04 0.09 0.02 0.03 0.01 0.05 0.03 0.04 0.07 0.05 0.03 0.04 0.04 0.02 0.03 0.02 0.04 0.04 0.03 0.02 0.03 0.02 0.02 0.02 0.04 0.03 0.03 0.02 0.02 0.04 0.02 0.03 0.02 0.03 0.02 0.05 0.02 0.02 0.03 0.03 0.03 0.04 0.03 0.03 0.02 0.04 0.02 0.03 0.05 0.03 0.05 0.02 0.05 0.05 0.03 0.01	3.4 3.4 0.9 4.3 1.3 0.5 2.4 1.8 0.4 1.2 1.1 0.2 0.2 0.6 1.4 2.5 1.9 0.6 0.6 5.5 1.3 2.7 3.4 1.4 2.7 1.2 2.1 0.4 2.7 1.9 0.9 1.9 0.1 0.1 1.2 2.8 1.4 1.5 0.3 1.3 3.6 5.7 0.7 1.8 1.5 1.2 2.4 1.9 0.7 2.9 1.3 4.1 0.7 1.1 4.2 1.3 1.0 0.7 1.4 1.2 0.7 2.0 3.7 1.9 1.2 6.5 1.8 1.9 1.3 1.4

Page 16

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Appendix C – Jambreiro Project Significant RC Drilling Intersections (Cont.)

Table 6 ‐ Significant Intersections – RC (All previously released)

Hole ID	SAD East	SAD North	mRL	Dip	Azi	Final Depth (m)	From (m)	To (m)	Downhole width (m)	Fe%	SiO2%	Al2O3%	P%	LOI%
JBR-RC-11-00070 JBR-RC-11-00071 JBR-RC-11-00072 JBR-RC-11-00073 JBR-RC-11-00074 JBR-RC-11-00076 JBR-RC-11-00077 JBR-RC-11-00079 JBR-RC-11-00081 JBR-RC-11-00082 JBR-RC-11-00083 JBR-RC-11-00084 JBR-RC-11-00084 JBR-RC-11-00085 JBR-RC-11-00085 JBR-RC-11-00089 JBR-RC-11-00089 JBR-RC-11-00090 JBR-RC-11-00090 JBR-RC-11-00090 JBR-RC-11-00091 JBR-RC-11-00091 JBR-RC-11-00092 JBR-RC-11-00092 JBR-RC-11-00093 JBR-RC-11-00094 JBR-RC-11-00094 JBR-RC-11-00094 JBR-RC-11-00095 JBR-RC-11-00095 JBR-RC-11-00096 JBR-RC-11-00097 JBR-RC-11-00097 JBR-RC-11-00098 JBR-RC-11-00099 JBR-RC-11-00100 JBR-RC-11-00101 JBR-RC-11-00106 JBR-RC-11-00107 JBR-RC-11-00108 JBR-RC-11-00108 JBR-RC-12-00110 JBR-RC-12-00110 JBR-RC-12-00112 JBR-RC-12-00113 JBR-RC-12-00114 JBR-RC-12-00114 JBR-RC-12-00116 JBR-RC-12-00117 JBR-RC-12-00117 JBR-RC-12-00117 JBR-RC-12-00118 JBR-RC-12-00119 JBR-RC-12-00119 JBR-RC-12-00120 JBR-RC-12-00121 JBR-RC-12-00121 JBR-RC-12-00121 JBR-RC-12-00122 JBR-RC-12-00122 JBR-RC-12-00122 JBR-RC-12-00122 JBR-RC-12-00123 JBR-RC-12-00123 JBR-RC-12-00124 JBR-RC-12-00124 JBR-RC-12-00125 JBR-RC-12-00125 JBR-RC-12-00126 JBR-RC-12-00126 JBR-RC-12-00127 JBR-RC-12-00128 JBR-RC-12-00128	722160 722000 721972 722168 722465 722040 722082 721980 722245 722840 722992 722779 722779 722680 722680 722988 722988 722925 722925 722925 722715 722715 722782 722782 722810 722770 722770 722770 722417 722417 722753 722812 722812 722986 723029 722978 722864 722144 721819 721954 721954 721998 721998 722102 722076 722153 722153 722127 722050 722050 722050 722321 722345 722345 722520 722488 722488 722488 722588 722588 722588 722588 722625 722625 723056 723056 723010 723010 723017 723017 722969 722918 722918	7946435 7946426 7946388 7944979 7943893 7946462 7946493 7945060 7944575 7944866 7945094 7944537 7944537 7944623 7944623 7944249 7944249 7944205 7944205 7944205 7944502 7944502 7944323 7944323 7945030 7945814 7945814 7945814 7946019 7946019 7944362 7944391 7944391 7944416 7944437 7944128 7945305 7944932 7945172 7945016 7945016 7945287 7945287 7945066 7945024 7945151 7945151 7945109 7944981 7944981 7944981 7945059 7945105 7945105 7944990 7944949 7944949 7944949 7944783 7944783 7944783 7944783 7944816 7944816 7944903 7944903 7944885 7944885 7945027 7945027 7945016 7945004 7945004	963 944 931 905 919 958 969 881 918 946 943 994 994 1012 1012 957 957 971 971 971 963 963 955 955 903 972 972 972 886 886 951 985 985 969 953 935 877 900 841 875 875 867 867 894 891 901 901 899 887 887 887 935 929 929 957 972 972 972 1013 1013 1013 1013 1004 1004 964 964 952 952 951 951 945 927 927	-90 -70 -70 -60 -60 -70 -90 -70 -90 -70 -70 -80 -80 -70 -70 -80 -80 -80 -80 -80 -80 -80 -80 -80 -70 -70 -70 -70 -60 -60 -80 -80 -80 -70 -70 -80 -70 -80 -80 -80 -80 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -70 -70 -70 -60 -60 -60 -60 -60 -60 -80 -80 -80 -80 -60 -60 -60 -60 -60	0 50 50 30 60 50 0 30 0 50 75 60 60 60 60 60 60 50 50 50 60 60 60 60 75 50 50 50 50 50 60 60 60 60 60 60 75 30 30 30 30 30 30 30 30 30 30 30 30 30 30 40 40 40 30 35 35 35 50 50 50 50 50 50 70 70 70 70 75 75 75 75 75	30 50 60 50 60 30 30 80 140 60 80 170 170 110 110 60 60 120 120 120 110 110 100 100 110 80 80 80 80 80 120 80 80 100 80 55 80 60 80 100 100 50 50 50 30 140 140 30 45 45 45 110 40 40 55 100 100 100 120 120 120 120 90 90 40 40 65 65 50 50 50 65 65	0 12 29 0 0 0 1 16 0 0 0 0 43 29 89 0 25 0 11 47 0 38 0 35 74 5 11 48 0 13 0 0 36 44 10 0 0 8 50 0 38 12 36 6 1 0 27 0 0 10 19 23 0 18 0 15 77 85 23 30 49 108 0 24 0 24 6 34 0 36 0 4 39	5 20 37 19 16 13 14 36 13 9 15 30 48 85 93 4 45 11 20 97 10 71 7 38 87 8 26 51 10 50 77 26 62 80 27 13 6 25 55 3 44 23 50 18 22 7 133 18 8 18 29 110 4 23 55 74 81 98 26 43 102 112 16 57 16 27 30 49 22 40 30 31 44	5 8 8 19 16 13 13 20 13 9 15 30 5 56 4 4 20 11 9 50 10 33 7 3 13 3 15 3 10 37 77 26 26 36 17 13 6 17 5 3 6 11 14 12 21 7 106 18 8 8 10 87 4 5 55 59 4 13 3 13 53 4 16 33 16 3 24 15 22 4 30 27 5	24.4 28.6 29.1 26.2 26.8 25.1 30.4 34.9 24.7 24.0 30.4 35.8 22.2 32.4 26.4 25.1 30.5 29.5 22.6 27.8 36.1 30.6 21.0 24.9 22.1 20.9 34.5 22.3 29.1 29.5 29.5 41.7 26.4 29.8 34.5 42.8 21.5 24.9 24.0 22.8 24.5 34.1 35.7 28.1 25.7 28.8 30.7 33.1 24.8 30.9 22.3 32.3 30.6 21.6 34.2 33.0 29.8 35.6 26.0 30.5 32.7 24.5 32.4 39.6 34.6 30.6 33.3 29.9 32.7 20.8 33.9 36.0 24.2	61.4 48.3 39.6 55.5 43.5 53.5 46.9 62.6 60.5 48.1 53.2 42.4 58.8 47.5 51.9 44.0 45.8 50.6 62.0 43.5 44.7 44.1 46.2 48.5 50.0 59.0 45.6 35.3 43.4 46.1 51.7 35.3 51.8 46.1 42.9 31.6 53.1 58.5 59.3 57.4 60.8 49.0 46.7 52.6 56.9 48.8 50.4 46.6 54.4 53.7 60.3 46.5 45.1 61.8 48.4 47.5 54.1 40.2 61.2 52.4 47.9 55.9 46.8 38.9 48.6 52.0 43.8 52.6 51.2 35.0 48.3 42.7 52.3	2.2 5.9 10.5 4.3 1.4 6.1 5.6 5.9 3.1 10.8 2.2 3.6 5.9 3.4 6.8 13.1 2.0 4.9 3.5 2.4 1.9 2.8 7.1 10.2 5.0 6.1 2.9 18.2 9.0 7.0 2.7 2.4 6.6 2.3 3.4 4.0 9.5 3.9 4.3 5.3 2.8 1.8 1.5 4.7 4.1 5.9 3.6 3.7 6.0 1.6 5.4 4.3 7.2 5.0 1.9 3.8 2.0 5.6 1.6 3.0 4.0 6.2 4.8 2.9 1.5 3.1 5.1 3.0 1.5 21.7 2.3 3.3 5.3	0.02 0.04 0.06 0.03 0.01 0.02 0.02 0.02 0.03 0.03 0.02 0.03 0.03 0.03 0.04 0.04 0.04 0.03 0.03 0.04 0.04 0.04 0.07 0.05 0.05 0.03 0.01 0.13 0.04 0.06 0.04 0.04 0.03 0.05 0.05 0.03 0.03 0.03 0.04 0.03 0.03 0.04 0.05 0.03 0.03 0.04 0.03 0.04 0.04 0.02 0.02 0.04 0.03 0.02 0.03 0.03 0.04 0.05 0.01 0.02 0.03 0.07 0.02 0.05 0.02 0.04 0.07 0.04 0.01 0.10 0.02 0.03 0.03	0.7 2.6 5.0 1.7 0.3 2.7 2.3 1.8 1.1 5.6 0.7 1.3 2.0 1.2 2.6 5.9 0.7 1.7 1.0 2.1 0.8 1.2 3.1 3.8 1.5 4.3 1.3 10.3 5.1 3.2 0.7 1.0 2.2 0.8 1.5 2.3 5.3 1.2 1.5 3.6 0.9 0.8 0.4 1.9 1.8 3.2 1.3 1.8 3.2 0.5 1.7 1.6 2.9 1.8 0.8 1.3 0.8 2.3 0.4 1.0 1.4 2.6 1.8 1.2 0.6 0.8 2.2 1.1 0.5 9.6 0.9 1.7 2.8

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Appendix C – Jambreiro Project Significant RC Drilling Intersections (Cont.)

Table 6 ‐ Significant Intersections – RC (All previously released)

Hole ID	SAD East	SAD North	mRL	Dip	Azi	Final Depth (m)	From (m)	To (m)	Downhole width (m)	Fe%	SiO2%	Al2O3%	P%	LOI%
JBR-RC-12-00130 JBR-RC-12-00131 JBR-RC-12-00132 JBR-RC-12-00135 JBR-RC-12-00136 JBR-RC-12-00137 JBR-RC-12-00137 JBR-RC-12-00138 JBR-RC-12-00139 JBR-RC-12-00140 JBR-RC-12-00140 JBR-RC-12-00140 JBR-RC-12-00141 JBR-RC-12-00141 JBR-RC-12-00141 JBR-RC-12-00143 JBR-RC-12-00143 JBR-RC-12-00144 JBR-RC-12-00144 JBR-RC-12-00144 JBR-RC-12-00145 JBR-RC-12-00145 JBR-RC-12-00145 JBR-RC-12-00145 JBR-RC-12-00146 JBR-RC-12-00147 JBR-RC-12-00148 JBR-RC-12-00148 JBR-RC-12-00149 JBR-RC-12-00151 JBR-RC-12-00152 JBR-RC-12-00152 JBR-RC-12-00153 JBR-RC-12-00154 JBR-RC-12-00155 JBR-RC-12-00155 JBR-RC-12-00155 JBR-RC-12-00156 JBR-RC-12-00156 JBR-RC-12-00157 JBR-RC-12-00157 JBR-RC-13-00160 JBR-RC-13-00161 JBR-RC-13-00163 JBR-RC-13-00163 JBR-RC-13-00163 JBR-RC-13-00163 JBR-RC-13-00165 JBR-RC-13-00166 JBR-RC-13-00166 JBR-RC-13-00166 JBR-RC-13-00167 JBR-RC-13-00168 JBR-RC-13-00173 JBR-RC-13-00173 JBR-RC-13-00174 JBR-RC-13-00174 JBR-RC-13-00176 JBR-RC-13-00176 JBR-RC-13-00177 JBR-RC-13-00178 JBR-RC-13-00179 JBR-RC-13-00179 JBR-RC-13-00179 JBR-RC-13-00181 JBR-RC-13-00183	722970 722920 722872 721939 722760 722690 722690 722795 723014 722751 722751 722751 722693 722693 722693 722948 722948 722881 722881 722881 722802 722802 722802 722802 722980 722967 722742 722742 723059 722922 722934 722934 723005 722940 722457 722457 722457 722540 722540 722654 722654 722242 722203 722118 722118 722118 722118 722089 722881 722881 722881 722242 722242 722058 722058 722171 722171 722281 722281 722384 722450 722494 722494 722494 722965 721717	7945151 7945137 7945123 7945181 7944589 7944560 7944560 7944463 7944354 7944441 7944441 7944441 7944412 7944412 7944412 7944324 7944324 7944293 7944293 7944293 7944256 7944256 7944256 7944256 7944556 7944645 7944229 7944229 7944375 7944618 7944531 7944531 7944484 7944452 7944909 7944909 7944909 7945016 7945016 7944712 7944712 7944896 7944817 7944872 7944872 7944872 7944872 7944812 7944186 7944186 7944186 7944717 7944717 7944493 7944493 7944292 7944292 7944025 7944025 7943920 7943872 7943822 7943822 7943822 7944223 7945786	923 915 901 864 1008 984 984 987 973 962 962 962 935 935 935 1005 1005 992 992 992 964 964 964 964 928 932 941 941 953 938 945 945 943 965 974 974 974 943 943 1026 1026 921 908 893 893 893 893 886 956 956 956 913 913 856 856 864 864 904 904 912 896 884 884 884 961 904	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -70 -70 -60 -60 -60 -70 -70 -70 -70 -70 -80 -80 -80 -60 -60 -70 -70 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -90 -60	75 75 75 30 60 60 60 60 65 60 60 60 60 60 60 65 65 65 65 65 65 65 65 65 60 60 65 65 65 60 60 60 65 65 35 35 35 35 35 50 50 0 0 0 0 0 0 0 0 0 0 0 0 80 80 240 240 45 45 45 40 40 40 40 0 47	30 45 35 45 50 75 75 50 72 60 60 60 109 109 109 130 130 154 154 154 135 135 135 135 81 60 155 155 36 75 62 62 54 98 152 152 152 40 40 115 115 15 19 31 31 31 31 30 60 60 60 15 15 52 52 58 58 70 70 75 42 70 70 70 20 120	0 0 8 25 0 0 15 0 38 0 7 43 0 43 71 90 101 0 24 114 32 40 82 109 4 20 101 123 0 48 0 34 19 70 57 83 139 0 16 21 37 1 9 0 4 18 24 1 0 39 50 21 4 0 34 14 29 9 54 43 12 0 12 51 10 29	6 15 21 30 22 3 60 38 56 3 37 50 8 69 95 93 116 24 31 135 36 45 90 135 7 27 110 143 12 54 12 46 43 86 79 128 144 6 20 26 99 9 13 4 10 21 30 11 39 50 60 24 14 9 44 17 55 12 62 57 26 3 43 57 15 33	6 15 13 5 22 3 45 38 18 3 30 7 8 26 24 3 15 24 7 21 4 5 8 26 3 7 9 20 12 6 12 12 24 16 22 45 5 6 4 5 62 8 4 4 6 3 6 10 39 11 10 4 10 9 10 3 26 3 8 14 14 3 31 6 5 4	28.5 31.3 31.2 27.0 38.8 21.8 35.5 36.9 32.8 31.0 38.5 24.4 29.9 28.5 23.9 25.2 29.0 47.1 20.6 28.7 28.5 23.8 20.4 25.4 31.8 34.1 23.7 24.9 31.4 25.5 24.8 29.2 32.0 27.8 29.7 29.4 22.8 29.3 22.6 29.9 31.8 28.1 32.7 24.4 22.1 27.7 24.9 23.2 38.8 24.0 29.7 28.3 20.5 26.6 25.4 27.6 29.6 31.8 28.9 28.9 28.4 25.1 30.9 29.3 28.5 20.6	55.6 52.5 53.3 54.4 39.7 56.8 45.3 42.6 50.9 50.3 40.6 60.6 45.7 44.2 47.7 62.0 48.9 28.3 52.1 47.8 49.5 56.5 57.3 50.4 49.1 37.4 47.9 49.1 48.7 46.7 45.4 52.9 47.0 52.5 50.5 48.3 61.8 47.3 56.9 55.8 49.5 55.4 50.0 57.0 57.8 55.5 54.9 57.4 37.7 41.0 41.0 49.9 62.0 54.3 58.6 52.9 51.8 48.5 56.1 55.7 55.1 54.7 53.4 53.4 54.2 34.5	2.6 1.9 1.4 4.8 3.2 8.2 2.8 3.5 1.8 3.5 2.6 3.6 6.8 3.5 3.2 2.1 2.5 2.5 13.3 1.3 6.1 5.2 6.6 1.7 3.3 6.3 2.6 1.2 3.4 3.8 11.8 2.3 2.6 2.4 4.8 3.4 3.0 7.0 6.8 1.4 3.4 3.2 2.4 5.2 7.1 3.2 6.5 6.2 1.3 1.2 0.8 6.0 5.8 4.7 3.7 5.1 3.6 3.6 1.9 2.1 3.0 6.5 1.8 2.8 3.4 21.0	0.02 0.03 0.02 0.03 0.03 0.04 0.04 0.02 0.04 0.08 0.04 0.01 0.04 0.04 0.03 0.02 0.04 0.03 0.04 0.05 0.04 0.03 0.03 0.03 0.05 0.07 0.05 0.05 0.03 0.06 0.03 0.04 0.04 0.05 0.04 0.04 0.03 0.02 0.03 0.02 0.03 0.02 0.04 0.00 0.00 0.02 0.02 0.04 0.03 0.04 0.03 0.05 0.04 0.03 0.03 0.04 0.04 0.02 0.02 0.02 0.30 0.03 0.01 0.04 0.04 0.27	1.3 0.7 0.4 1.8 1.5 4.1 1.0 1.3 0.5 1.9 1.1 0.9 3.4 2.3 1.8 0.1 0.8 1.1 5.0 0.5 2.4 1.7 1.3 0.9 1.8 2.9 1.2 1.7 1.8 0.5 5.8 0.7 0.8 0.3 1.9 1.4 1.0 3.1 2.8 0.4 1.3 1.2 0.7 2.8 3.5 1.2 2.0 3.0 0.6 1.8 2.0 2.2 2.4 2.6 1.1 2.4 1.4 1.6 0.4 0.6 0.8 2.5 0.6 1.5 1.0 10.6

Intervals calculated using a 20% Fe cut‐off grade with 3 metre minimum mining width; All samples were analysed using an XRF fusion method with LOI at 1000 0C

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Appendix D ‐ JORC Code, 2012 Edition – Table 1 Compliance Statement for Jambreiro Project

SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria	Commentary
Sampling techniques	 All trenches were continuous cut channels down to 2m, sampled on 2m intervals or to lithological contacts. The 3‐5kg samples were split and pulverised to a ±50g sample for XRF and titration analysis.  Reverse Circulation (RC) samples were taken at 1m intervals from which 3‐5kg was split, prepared and analysed as above.  Diamond drill hole samples were taken at 1m intervals or to lithological contacts from which ¼ core (3‐5kg) was sampled, prepared and analysed as above.  The Jambreiro Project has a nominal drill hole spacing of 100mx50m.  Field duplicate samples were taken at a set frequency of one every 20 samples (5% of total samples) from the splitter to monitor sample representivity.  All of the data used for the Resource estimation is based on the logging and sampling of trenches, RC and diamond core drilling that was carried out under Centaurus procedures that are in line with industry best practice.
Drilling techniques	 RC drilling employed a 5.5” face hammer. A total of 183 RC holes for 12,977m have been drilled. Hole depths range from 13 to 200m.  Historical diamond drilling (pre‐Centaurus) was carried in HQ size. A total of 7 historical diamond holes for 365m have been drilled. Hole depths range from 26 to 90m.  Diamond drilling (Centaurus) was carried in HQ size. A total of 52 historical diamond holes for 5,641m have been drilled. Hole depths range from 34 to 270m
Drill sample recovery	 For diamond drilling core recoveries were logged and recorded in the database for all Centaurus diamond holes. Overall recoveries are >90% and there are no core loss issues or significant sample recovery problems.  For RC drilling geologists or field assistants recorded sample weights and calculated sample recovery during drilling. No issues were detected.  To ensure adequate sample recovery and representivity a Centaurus geologist or field technician was present during drilling and monitored the sampling process.  No relationship between sample recovery and grade has been demonstrated. No bias to material size has been demonstrated.
Logging	 All trenches and drill holes have been logged geologically and geotechnically to a level of detail appropriate to support the Mineral Resource estimate as well as metallurgical and mining study support for iron ore.  Logging for both forms of drilling is qualitative and quantitative in nature.  All Centaurus trenches, RC chip trays and diamond core have been photographed. Historical drilling was not photographed.  The total length of drilling is 18,983m. 100% has been logged. The total length of trenches is 2,486m. 100% has been logged.

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Criteria	Commentary
Sub‐sampling techniques and sample preparation	 Diamond Core (HQ) was cut with a specialized sampling tool where friable or using a core saw where compact. A quarter core was sampled.  RC samples were collected on 1m down hole intervals reduced using a 3‐tier riffle splitter reducing the sample size to 3‐5kg. Sample weight/split analysis shows that on average a 12.5% split ratio was achieved.  The majority of mineralised samples from RC drilling were dry.  All samples were received and prepared by ALS or Intertek Labs in Belo Horizonte, Brazil as 3‐ 5kg samples. They were dried at 105°C until the sample was completely dry (6‐12hrs), crushed to 90% passing 2mm and reduced to 500g via a Jones riffle splitter. The 500g samples were pulverised to 95% passing 104µm and split further to 50g aliquots for chemical analysis.  Field control sample insertion included field duplicates taken every 25 samples. Results from the duplicate samples show the data has an acceptable precision, indicating that the sampling technique is appropriate for the deposit.  The sample size is considered to be appropriate to correctly represent the mineralisation (low grade itabirite ore) as well as the thickness and consistency of the mineralised intersections.
Quality of assay data and laboratory tests	 All chemical analysis was completed at ALS or Intertek Labs. Laboratory duplicates were completed every 10‐20 samples and standards were completed every 20‐25 samples dependent on the laboratory.  Laboratory control sample insertion included blank samples at the start of every new hole then every 50 samples and standards (CRM from geostats) every 20 samples. Field duplicates were inserted every 25 samples.  Metal Oxide is determined using XRF analysis. Analysis at ALS was for a 24 element suite while at Intertek analysis was for 11 elements. FeO is determined using Titration and LOI using Loss Determination by Thermogravimetric analysis.  Laboratory procedures are in line with industry standards and are appropriate for iron ore.  Certified reference material (standards) at a set frequency of 1:50 (2% of total samples) within its sample batches. A number of different standards at a range of grades are used to monitor analytical precision of the assay results.  Acceptable levels of precision have been achieved with all standard assays reporting within 2 standard deviations of the certified mean grade for the main elements of interest.  Blank samples are inserted at the start of every hole.  Both the ALS and Intertek labs insert their own standards at set frequencies and monitor the precision of the XRF analysis. These results also reported well within the specified 2 standard deviations of the mean grades for all main elements. Additionally the labs performed repeat analyses of sample pulps at a rate of 1:20 (5% of all samples). These compare very closely with the original analysis for all elements.  Analysis of field duplicates and lab pulp duplicates have returned an average correlation coefficient of over 0.98 confirming that the precision of the samples is within acceptable limits.  Centaurus sent a selection of pulps to two umpire laboratories (Acme and ALS) for independent verification. Comparison of results between laboratories did not reveal any issues and analytical precision was considered acceptable.  Centaurus QAQC procedures and results are to industry standard and are of acceptable quality.
Verification of sampling and assaying	 All significant intersections are verified by alternative Company personnel before release.As part of Resource estimation process drill hole data was independently reviewed by BNA Micromine.  Two sets of diamond twin holes have been drilled for comparison with RC drill holes and quantitatively analysed with no material issues identified. Based on this Centaurus used both diamond and RC drill holes in the Resource estimate.  All primary data is stored in the Centaurus Exploration office (Guanhães, Brazil). All data is entered into a Micromine Geobank database which is administrated by a Database Geologist.  No adjustments were made to the assay data apart from resetting the below detection level values to half of the detection limit.

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Criteria	Commentary
Location of data points	 The grid system used is SAD‐69 23S. This is in line with Brazilian Mines Department requirements. All survey collars and trenches were surveyed using a Total Station. There were no down hole surveys completed.  Aerial survey was completed by Geoid laser mapping using Orion laser sensors and a GNSS receiver. The survey was flown in October 2011. The topographical data was supplied in SAD‐ 69 23S coordinates. The quality and resolution of the topographic data is considered to be adequate for Resource estimation purposes
Data spacing and distribution	 Drill sections run parallel to the mineralisation at spacing between 80‐100m. Drill holes on section are generally 50m apart. Due to local topographical constraints the spacing is sometimes not achievable.  The data spacing and distribution is considered adequate to establish the degree of geological and grade continuity appropriate for the Mineral Resource estimation and classifications applied under the JORC 2012 code.  No sample compositing has been applied.
Orientation of data in relation to geological structure	 The orientation of the mineralisation is well understood and drill holes were designed to intersect the mineralisation at an appropriate angle. This is demonstrated in the Project sections (see Figures 4‐7).  All significant intersections have been reported as downhole widths and not true widths.  The trenches by nature are oblique to the mineralisation angle and as a result return accentuated mineralised interval.  No drilling orientation and sampling bias has been recognized at this time and is not considered to have introduced a sampling bias.
Sample security	 All samples are placed in pre‐numbered plastic samples bags and then a sample ticket is placed within the bag as a check. Bags are sealed and placed in larger bags (10 samples per bag) and then transported by courier to ALS or Intertek labs in Belo Horizonte. Sample request forms are sent with the samples and via email to the labs. Samples are checked at the lab and a work order is generated by the lab which is checked against the sample request.  All remnant diamond core, RC chip trays, sample rejects and pulps are stored at the Guanhães technical office.
Audits or reviews	 As part of Resource estimation process drill hole data was independently reviewed by Volodymyr Myadzel the BNA Micromine Senior Resource Geologist and Project Competent Person. The report finds the sample techniques and data collection and management to be in line with current industry standards.  The Jambreiro Project has also been subject to Independent Engineers review by Coffey Mining (Australia/Brazil) and NCL (Chile/Brazil). No critical issues were revealed during the reviews that would be material to the outcomes of this Resource estimate.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	Commentary
Mineral tenement and land tenure status	 The Jambreiro Project is located wholly within the following Mining Leases: 831.649/2004, 833.409/2007 and 834.106/2010. The Mining Leases are 100% Centaurus owned.  The tenements are part of the Cenibra‐Centaurus Agreement. Centaurus will pay a vendor royalty of 0.85% of gross revenue.  All mining projects in Brazil are subject to a government royalty of 2% of revenue (less taxes and logistics costs). Additionally a landowner royalty of 50% of the CFEM royalty is to be paid to Cenibra.  The Project is not located within national or state wilderness or historical parks.  At the time of this report the three mining leases are in good standing.
Exploration done by other parties	 Cenibra conducted geological mapping and a small diamond drill program in 2007 to satisfy Brazilian Mine Department requirements.
Geology	 The Jambreiro Project is located within the Guanhães Group of the Mantiqueira Complex. The region is dominated by structurally complex meta‐volcanic and meta‐sedimentary sequences with duplex fault systems and folding ranging from micro folding in outcrop to large scale regional deformation.  The Itabirite units are part of an iron formation including ferruginous quartzites, quartzites and schists hosted within a meta‐sedimentary sequence. This sequence is emplaced in regional gneissic basement.  The Itabirite mineralisation comprises concentrations of medium ‐ coarse grained friable, semi‐compact and compact material that have undergone enrichment. The mineralisation is composed of quartz, hematite, magnetite, martite with minor goethite, limonite, amphibole (Grunerite), Mica (muscovite) and clay minerals.  Itabirite thicknesses vary from 10m to up to 100m generally dipping 45‐70° to the W‐SW. The combined strike length of the mapped mineralisation is around 3,000m. Itabirite has been intersected at depths of 240m with friable itabirite intersected to 80m.
Drill hole Information	 A total of 242 holes for 18,983m have been completed on the Jambreiro Project. Centaurus completed 52 diamond holes for a total of 5,641m and 183 RC holes for a total of 12,977m. There are 7 historical drill holes completed by Cenibra for a total of 365m.  This announcement does not include any new drill hole results. Refer Appendices B and C for a full list of drill holes and related information.
Data aggregation methods	 Continuous sample intervals are calculated via weighted average using a 20% Fe cut‐off grade with 3m minimum intercept width. Intercepts are also separated by lithology where appropriate.  There is no reporting of high grade intervals.  There are no metal equivalents reported.
Relationship between mineralisation widths and intercept lengths	 The orientation of the mineralisation is well understood and drill holes were designed to intersect the mineralisation at an appropriate angle representing the true widths. Where the true width is not intersected it is stated and also demonstrated in cross sectional diagrams.  The trenches by nature are oblique to the mineralisation angle and as a result return accentuated mineralised interval.
Diagrams	 Refer to Figures 3‐7.
Balanced reporting	 All Exploration Results received by the Company to date have been included in this report in Appendix B and Appendix C.

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Criteria	Commentary
Other substantive exploration data	 Geological mapping was carried out by Centaurus geologists.  Ground magnetics survey was carried out using a G‐856 Magnetometer on 50m N‐S line spacings with measurements every 10m. Interpretation was completed by geophysicists from Intergeo Geosciences. The results can be seen in Figure 3.  A number of metallurgical tests have been carried out on the Jambreiro Project mineralisation. See ASX announcement on 6 August 2012 for full details of the Jambreiro Pilot Plant Results.  The Company has completed a Bankable Feasibility Study and Ore Reserve estimate on the Jambreiro Project. See ASX announcement on 5 November 2012 for full details.  Subsequently, the Company completed a JORC 2004 Resource update in 2013. See ASX announcement on 29 July 2013 for full details.
Further work	 There is no current plan for additional step‐out drilling on the Jambreiro Project.

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SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

(Criteria listed in Section 1, and where relevant in Section 2, also apply to this section).

Criteria	Commentary
Database integrity	 All data is entered into excel data sheets and then imported into a Micromine Geobank database. Project geologists validate the data entry.  Assay files are sent electronically from the labs. These files are then imported directly into Geobank by the database geologist. The data base geologist is responsible for up‐dating the database and generation of validation reports.  The independent resource geologist responsible for the Resource estimation ran additional validation checks on the database before completing the estimation. There were no critical database issues at the time of the final Resource estimation.
Site visits	 The Competent Person for this report, Volodymyr Myadzel (Senior Resource Geologist) for BNA Micromine Brazil visited the site in December 2010 to complete an external audit of Centaurus’ drilling, sampling, QAQC, and logging procedures. No significant issues were revealed during the audit that would be material to the outcomes presented in this Resource estimate.
Geological interpretation	 There is good confidence in the geological interpretation of the mineral deposit. The itabirite mineralisation is consistent in grade and geometry both on section and along strike. This has been demonstrated with consistent results from previous infill drilling campaigns.  Surface and trench mapping as well as the ground magnetics geophysics were used for the interpretation of mineralisation and stratigraphy where there was no drill hole support.  Lithological domaining of the itabirite mineralisation was completed with the aid of geochemical analysis and in some cases petrography. These domains are important in the building of the geo‐metallurgical model and determination of metal recoveries.  The interpretation of the friable, semi‐compact and compact boundaries was derived primarily from a hardness scale with support from geochemical analysis where appropriate.  The Fe grade reduces slightly with depth due to the effect of supergene enrichment near surface.  Centaurus Project Geologists were responsible for all stratigraphic, structural and mineralisation wireframe interpretations. They were then passed to the independent resource geologist (Competent Person) to generate the block model.
Dimensions	 With the combination of the Tigre (1,700m), Cruzeiro (1,200m), Galo (1,500m) and Coelho (900m) prospects, the Jambreiro Resource has dimensions of approximately 5,500m of total strike length. The ore body outcrops in most places with a localized thin colluvial cover in places and is open at depth with the deepest mineralisation being intersected at 240m depth. The mineralisation is between 10‐100m thick with the average thickness in the main deposit (Tigre) being around 60m.

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Criteria	Commentary
Estimation and modelling techniques	 Itabirite mineralisation was domained according to hardness (Friable, Semi‐Compact and Compact) and mineralisation style (Itabirite and Amphibolitic Itabirite). Each geological unit was domained and estimated separately using hard boundaries. Mineralisation was divided into eight domains.  The interpretation was developed off vertical sections. Geological data was extrapolated to half the distance between the vertical sections (50m) and 150m in depth from the deepest drill hole. 3D wireframes were built using the Micromine 14.0.6 software. From the wireframes a block model was built and interpolated by Ordinary Kriging (OK) and Inverse Distance Weighting (IDW).  The block model extends from 721302mE to 723102mE and 7943692mN to 7946647mN and elevation from 520mRL to 1018.7mRL (surface).  Ordinary Kriging was used to estimate the standard suite of 12 elements (Fe, SiO2, Al2O3, P, Mn, TiO2, CaO, MgO, K2O, Na2O, Cr2O3and FeO) as well as LOI.  Parent block size is X=50m, Y=50m and Z=10m with sub block size of X=5m, Y=5m and Z=2.5m. Average distance of sample spacing for Measured and Indicated is 64m and the search ellipse longest axis is 150m. Search directions and ranges are domain specific and are determined from variogram modelling.  All block estimates are based on interpolation into parent block volumes.  The parent block and sub block height of 10m and 2.5m respectively was assumed based on expected bench and flitch heights in waste and ore.  The Mineral Resource estimate does not include any form of dilution, apart from internal waste which could not be separated out.  No assumptions regarding correlation between variables has been made, however, it is observed that there are direct inverse relationships between Fe and SiO2.  The mineralisation has clear lithological boundaries and has a Gaussian distribution so top cuts are not applied. A lower cut‐off of 20% Fe was applied as that appears to be the natural cut off.  Standard model and estimation validation was completed using standard visual and statistical methods. Visual comparisons of composite drill data with block data were completed. In addition comparisons of OK and IDW2/IDW3 models were completed, all with suitable results. Swath plots have been generated for all relevant elements with respect to depth and strike. Visual validation of grade trends was carried out. No mining has taken place and as such no reconciliation data is available.
Moisture	 Tonnage is estimated on an in situ basis.  Moisture measurements were completed as part of the detailed process test work sample regime. An in situ moisture content of 5% was determined.  Due to the significant topographical relief the water table depth is quite variable but on average sits 50m below the surface. Approximately 60% of the Resource is located below the water table, most of which is compact ore that is not considered in the Reserve.
Cut‐off parameters	 The cut‐off grade for the itabirite mineralisation is set at >20% Fe, which appears to be a natural grade boundary between itabirite and ferruginous quartzite. Additional process test work carried out on <20% Fe material demonstrates it is up‐gradable to saleable product but at low mass recoveries.  No cut‐off grades were applied on other contaminant elements.

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Criteria	Commentary
Mining factors or assumptions	 Mining is assumed to be carried out via open pit method using conventional backhoe excavator methods with ore being mined on 5m benches and waste on 10m benches. Haulage distance will be relatively short, less than 2km. Small off‐road trucks of 30‐45t will be used. This is a common mining fleet configuration in Brazil.  Minimal drill and blast will be required in the friable mineralised zone. For Reserve estimates it is assumed 20% of material will require drill and blast.  For Reserve estimation a minimum mining face of 30m was applied. Due to the visual nature of the ore waste contacts a dilution factor of 2% and a mine recovery of 98% was applied. These are in line with industry standards for itabirite ore in Brazil.
Metallurgical factors or assumptions	 Jambreiro is a low grade itabirite deposit and as such to produce a saleable iron ore concentrate the ore must pass through a number of process stages.  The Jambreiro process route is designed to treat the friable itabirite ore which is the basis of the Reserve estimate. The process route includes gravity and magnetic separation. For the purpose of the Reserve estimation an average mass recovery of 37% was used. This is in line with bench pilot scale test work, see ASX announcement on 6 August 2012 for full details of the Jambreiro Pilot Plant Results.
Environmental factors or assumptions	 Both the mine waste and the plant rejects have been studied for potential acid production and both were found to be inert.  Extensive study in the use of thickeners and other methods to reduce rejects solids percentages to the tailings dam have been completed to minimize the tailings dam footprint and increase used water circulation.  The Jambreiro Project has been fully licensed by the Minas Gerais State Environmental Agency (SUPRAM).
Bulk density	 Wet bulk density measurements were completed via three methods: in situ dimensional (15 measurements), dill core dimensional calculation (263) and water displacement (128). Measurements were taken every 5m in the mineralisation and every 10m in waste. Dimensional calculation was completed for friable material using a 20cm steel mould cutting the whole core which was then weighed. Water displacement was carried out on 10‐20cm whole core compact samples.  The resulting wet bulk density for the mineralised zones was 2.35t/m3for friable, 2.66 t/m3for semi‐compact and 3.08 t/m3for compact.  The results are considered to be conservative when benchmarked against similar low grade itabirite deposits in the Iron Quadrangle, Brazil.
Classification	 Resources have been classified by the independent Competent Person in accordance with the JORC Code 2012 Edition.  Mineral Resource have been classified by the Competent Person in Measured, Indicated and Inferred categories based on diamond and RC drill hole spacing (100m x 50m), geological interpretation confidence, grade continuity, QAQC and geological data confidence and geo‐ statistical quality.  Mineral Resource classification has appropriately taken into account the data spacing, distribution, continuity, reliability, quality and quantity of data  The input data is comprehensive in its coverage of the mineralisation and does not misrepresent in‐situ mineralisation.  The definition of mineralised zones is based on a high level of geological understanding producing a robust model of mineralised domains.  The results of the validation of the block model show good correlation of the input data to the estimated grades.  The geological model and Mineral Resource estimation appropriately reflect the Competent Person’s view of the deposit and appropriate account has been taken of all relevant factors.

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Criteria	Commentary
Audits or reviews	 Centaurus has undertaken an internal review of the Mineral Resource estimate and is satisfied the estimation is valid and of sufficient confidence to support Measured, Indicated and Inferred classifications.  As part of the Resource estimation process the Resource estimate was internally reviewed by BNA Micromine, the Company responsible for the estimate. The report finds the sample techniques and data collection and management to be in line with current industry standards.  The Jambreiro Project has also been subject to Independent Engineers reviews by Coffey Mining (Australia/Brazil) and NCL (Chile/Brazil). No critical issues were revealed during the reviews that would be material to the outcomes of this Resource estimate.
Discussion of relative accuracy/ confidence	 The confidence in this Resource estimate has been deemed appropriate for medium to long term planning and mine design. It is not sufficient for shorter term planning and mine scheduling.  The Jambreiro Resource estimate is sufficient for Feasibility level study purposes. This statement relates to global estimates of tonnage and grade.  Operational management of the mine geology and engineering will be important in the control of the local variability and consequently the short term mine planning.  There has been no production from the Jambreiro Project.

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