CLARA RESOURCES AUSTRALIA LTD - Capital/Financing Update 2017

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ASX Announcement

Aus Tin Mining Limited (ASX:ANW)

31 March 2017

Exploration and Operations Update

Highlights

Historical inferred resources for nickel & cobalt proximate to Mt Cobalt to be reassessed
Granville plant modifications completed and processing of ore re‐commenced; public exhibition period for Granville Expansion Development Application complete
Development Application for Taronga Stage 1 Project submitted

The Directors of Aus Tin Mining Limited (the Company ) are pleased to provide an exploration update for Mt Cobalt, development update for the Taronga Tin Project and operational update for the Granville Tin Project.

Mt Cobalt (Qld)

In late 2016 the Company completed a drilling program of nine holes at Mt Cobalt (EPM 19366) targeting cobalt enriched asbolite within a lateritic cover (results included 7m at 0.84%Co & 0.83%Ni from 29m depth[1] ). The Company intends a resumption of field activities at Mt Cobalt in the coming quarter, but in the interim, the Company has reviewed additional exploration data for Pembroke and the Ridley / Jackson prospects also located within EPM 19366 ( Figure 1 ). The Ridley and Jackson North prospects located 3km south east of Mt Cobalt comprise an anomalous nickel‐cobalt lateritic cover thought to overlay a possible nickel sulphide target similar to Mt Cobalt. Drilling was completed at Ridley and Jackson North in 2006 by the Company and inferred resource estimates were previously reported for Ridley (580,000 tonnes @ 0.9%Ni, 0.08%Co)[2] and Jackson North (220,000tonnes @ 0.8%Ni, 0.05%Co)[2] . Both resources were considered small when compared with economic laterite nickel projects of the time and little work has subsequently been undertaken. However, a re‐review of drilling data from the 1970s has identified intersections with cobalt grades greater than the 14m @ 0.1%Co, 1,12%Ni from surface as previously reported by the Company[2] . In light of the incidence of asbolite at Mt Cobalt to the northwest, further work is being undertaken to evaluate the potential for higher grade zones within these two prospects.

Pembroke is a nickel‐copper sulphide target located approximately 1km south of Mt Cobalt. Previous soil sampling has highlighted an area of anomalous cobalt assay results ( Figure 1 ), and review of assay results from previous drilling has identified occurrences of higher grade mineralisation (eg. PEMD004; 2m @ 0.10%Co, 0.61%Cu, 0.35g/t Au & 1.77%Ni from 70m)[3] and will be investigated further.

1 Refer ASX release 23 November 2016

2 Refer AusNiCo Limited Replacement Prospectus 4 August 2010

3 Refer ASX Release 30 April 2015

Aus Tin Mining Limited Level 27, 111 Eagle Street, Brisbane, Qld 4000 (GPO Box 5261) Phone: 07 3303 0611, Fax: 07‐3303 0681, Website: www.austinmining.com.au

Mt Cobalt, Ridley, Jackson North and Pembroke form part of a broader trend of mineralisation over a 30km belt of nickel bearing ultrabasic rocks between Mt Mia on the Black Snake Plateau and Mt Mudlo area north of Kilkivan.

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Figure 1 – Soil samples for Mt Cobalt to Ridley within EPM 19366 (Co ppm)

The Company has also received a preliminary report from Tomra Sorting Pty Ltd ( Tomra ) on the amenability of the Mt Cobalt material to “ore‐sorting” by X‐Ray Transmission (XRT). Testing samples of various grades and thicknesses, Tomra have indicated their DE‐XRT technology was easily able to distinguish high grade material from the waste. There was a strong relationship between sample grade and density indicating a particular material’s amenability to XRT sensors.