DGR GLOBAL LIMITED — Interim / Quarterly Report 2014

Jan 22, 2015

D G R G L O B A L L I M I T E D A C T I V I T I E S R E P O R T | D E C E M B E R 2 0 1 4

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Quarterly Report
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Quarter Highlights

Armour Energy Ltd | ASX: AJQ – DGR 25% ‐ 75m Shares |

▪ New technical data further derisks the extensive shale play in ATP 1087, Queensland – world class Total Organic Carbon (TOC) content in Lawn and Riversleigh shales; gas analysis from Egi‐ labria 2 well shows high methane and very low CO₂; and con‐ firmed gas desorption from Lawn and Riversleigh shale cut‐ tings¹.

• Memorandums of Understanding signed for future gas supply with MMG Century and Aeon Metals for 8 – 11 PJ per annum².

Polarisation and MagnetoTelluric surveys support robust por‐ phyry copper‐gold targets at Northwest and Southeast Alpala and Aguinaga within the Cascabel Project Area[10] .

• Initial assays from Hole CSD‐14‐009 produce the best intersection to date, comparable to globally significant drill intersections at existing large porphyry copper‐gold deposits, with the down hole interval extending over 1 kilometre and remaining open at depth[11] .

IronRidge Resources Ltd | 44.4% DGR Owned |

Orbis Gold Ltd | ASX: OBS – DGR 14.6% ‐ 36.5m Shares |

• An impressive updated resource estimate (indicated and in‐ ferred) at Natougou was released by Orbis Gold on 4 August 2014 and further details are available on the ASX or company 3 website www.orbisgold.com.au .

• An updated scoping study on Natougou (the results of which were announced by OBS to the ASX on 14 October 2014) indicate development will deliver exceptional economic returns[4] .

• Multi‐rig drill program commenced late October targeting expansion of mineral resource inventory at Natougou[5] .

• Unsolicited off‐market takeover offer @ $0.65 per share received from SEMAFO Inc.[6] .

• Offer values DGR Global investment in OBS in excess of $23.5 million but OBS Board recommends that the offer be rejected in Target Statement[7] .

SolGold plc | LSE: SOLG – DGR 8% ‐ 54.5m Shares |

• Highly prospective hematite rich iron targets evident in Tchibanga and Belinga Sud licence areas in Gabon – total tenure 5,400 km[2.]

• Tchibanga is less than 70 km from the port of Mayumba, with a low capex initial small scale open cut mining operation with road haulage to the port subject to desk top study.

• Assore Limited and Sumitomo Corporation secured as cornerstone investors for IronRidge Resources IPO and listing. Documentation and admission document for LSE ‐ AIM listing being finalised ahead of planned listed by 31 March 2015[12] .

Navaho Gold Ltd | ASX: NVG – DGR 19.5% 113.5m shares|

• Subsidiary NavGas Pty Ltd holds ATP 1183 Roma Shelf in Qld. The Roma Shelf is considered highly prospective for oil, gas and condensate and surrounds existing producing oil fields with close proximity to existing pipeline infrastructure[13] .

• Acquisition of prospective thermal and metallurgical coal projects in Argentina, and appointment of Messrs. Neil Stuart and David Mason as Directors of Navaho Gold[14] .

• Focus on potential high grade world class copper gold porphyry system at Cascabel in Ecuador. Cascabel is close to the capital and ports, low elevation, has adequate water supplies and access to power.

▪ Final assay results from drill hole CSD‐13‐005 confirm discovery of large scale, high grade porphyry system at the Alpala Prospect. The hole terminated at 1370m whilst still in mineralisation, at limit of rig capability in difficult ground conditions. The bulked intersection and most significant long high grade intersections were announced to the London Stock Exchange and can be viewed on the LSE or company website 8 www.solgold.com.au .

▪ Drilling of Stage 2 holes CSD‐14‐006, 007 and 008 delivered further long intersections of copper and gold mineralisation⁹. ▪ Final geophysical models based on Orion 3D Induced

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DGR G l o b al L i m it e d Ac tivities Rep o rt f o r December 2 01 4 Qu arter |Page 1

Quarter Highlights

Aus Tin Mining | ASX:ANW—DGR 14.3% ‐ 133m Shares |

Archer Resources | 67% DGR Owned

• Maiden JORC resource estimate confirms Taronga as a world class tin project .

▪ The details of the maiden resource (79% indicated) can be viewed in the ANW ASX announcement on 5 August 2013 or on the company website www.austinmining.com.au. Initial metallurgical testing has delivered encouraging copper and silver recoveries[15] .

• Metallurgical flow sheet completed for Taronga pre‐ feasibility study. Ore described as coarse grained, having simple metallurgy, and highly amenable to pre‐concentration[16] .

• The Pre‐Feasibility Study released to the ASX on 7 April 2014 confirms the technical and economic viability of the Taronga Tin Project and highlights areas of potential economic upside[17] .

▪ Key exploration targets identified on adjacent exploration licences provide potential supplementary high grade feed to enhance the Taronga project[18] .

• Further seed capital raising planned to progress exploration programs .

DGR Global— New Corporate Development Programs

• DGR Zambia ‐ future development as a stand‐alone entity proposed.

• Pinnacle Gold –EPM application lodged over prospective gold prospects situated between the former Black Jack and Mt Leyshon Mines near Charters Towers.

• Hartz Rare Earths ‐ two large project areas in Queensland – Westmoreland and South Boulia – prospective for Uranium, Gold and Heavy and Light Rare Earths. NSW government offers Hartz priority applications on 3 Uranium Exploration Licences near Broken Hill.

• Coolgarra Minerals – two of three EPMs now granted – prospective for chromite, gold and antimony.

12 AJQ ASX Releases 27/5 and 16/10/14 AJQ ASX Releases 17/7 and 26/11/14 78 OBS ASX Release 18/12/14 SOLG LSE Releases 14/1, 25 and 27/2, 3 and 24/3/14 13 14 NVG ASX Release 18/9/14 NVG ASX Releases 3/10 and 22/12/14 3456 OBS ASX Release 4/8/14 OBS ASX Release 14/10/14 OBS ASX Release 14/10/14 OBS ASX Releases 13 and 16/10, and 1/12/14 911 12 10 SOLG LSE Releases 2/5, 26/8 and 10/9/14 SOLG LSE Release 12/1/15 DGR ASX Releases 2/12/14 and 12/1/15 SOLG LSE Releases 1, 4 and 8/12/14 ¹⁸ 15 16 17 ANW ASX Release 26/8/13 ANW ASX Release 7/4/14 ANW ASX Release 2/9/14 ANW ASX Release 23/10/13

DGR Global Creates Resource Companies

During the quarter DGR Global continued to advance its objective to become a diversified global resource project generator and investment company.

Many exploration companies tend to prematurely focus on the definition of a restricted resource and/or development without the scope for world class discoveries. In contrast, DGR Global’s philosophy is to secure provincial tenure positions, prospective for commodities with a high demand growth profile, which attract globally diverse capital funds. The company adopts a lateral and creative approach in the identification of both the commodity and exploration target.

DGR Global generates its own large scale resource exploration projects directly through the skills and experience of its accomplished team of explorationists. Most resource investment companies purchase their investment stakes at a high cost with restricted scope and low diversity and it is this important difference that gives DGR Global its strong competitive edge.

DGR Global exploration projects tend to be very large, targeting new provinces with the potential to make world‐class discoveries. The exploration concepts are of‐ ten novel.

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Figure 1: DGR Global Group
Corporate Structure at 31/12/14.
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While increased metal prices and advances in technology can turn former sub‐economic deposits into viable projects, DGR Global Projects frequently emerge from detailed reassessment and reinterpretation of large data‐ bases with a new perspective.

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Figure 2

The Resource Factory

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In the past, DGR Global Directors and Managers have applied new exploration models to extensive tenement areas which have contributed to the identification of new mineral provinces and the discovery of nationally significant resources.

DGR Global’s strategy to independently finance, manage and list its key assets on recognised stock exchanges is designed to deliver negotiability for its key assets, provide less dilutive funding of forward exploration programs and deliver expanded and focussed Project Management Teams independent of DGR Global.

DGR Global holds key equity positions in its subsidiary companies after listing. As shown in the DGR Global Group Corporate Structure (see Figure 1) at 30 Sept 2014 DGR Global holds 25% ASX listed Armour Energy Ltd (ASX : AJQ) 8% AIM listed SolGold Plc (LSE: SOLG), 14.6% ASX listed Orbis Gold Ltd (ASX: OBS), 14.3% Aus Tin Mining Ltd (ASX: ANW) and 19.5% Navaho Gold Ltd (ASX: NVG). Figure 2 and Table 1 demonstrate how DGR Global contin‐ ues to build value for shareholders.

Investment	Listed Code	Number of Shares	Number of Options / Warrants	Closing Share Price	Exchange	Market Value#
Lions Gate Metals Inc.	TSX‐V:LGM	75,000		0.01	1.02	765
SolGoldplc	LSE:AIM: SOLG	54,517,440	‐	0.03	1.86	3,042,073
Orbis Gold Ltd	ASX: OBS	36,535,449	‐	0.60		21,921,269
Navaho Gold Ltd	ASX: NVG	113,543,456	‐	0.004		454,174
Aus Tin Mining	ASX: ANW	133,030,650	‐	0.004		532,123
Armour EnergyLtd	ASX: AJQ	75,050,000	‐	0.053		3,977,650
Total market value of DGR Global listed assets(excl cash) 29,928,054
Total DGR Global shares on issue 0.034 412,162,185
Value attributable to each DGR share 0.073

Table 1: Current Portfolio and Market Valuation of Listed Assets held by DGR Global.

# Market value represents the market quoted price for listed investments at 13 January 2015.

Report f o r December 2 01 4 Qu arter |Page 3

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Iron, Titanium and Bauxite

IronRidge Resources Ltd (IRR), has been granted three Autorisation de Prospection (ATP) in Gabon: Belinga Sud, Tchibanga and Tchibanga North providing Iron‐ Ridge with an exciting strategic direction in iron ore exploration.

Figure 4: Magnetic image (analytic signal) over the Belinga Sud ATP area showing high responses of potential iron formations and extensions of prospective geology to the south. Belinga Project (CMEC/Gabonese Govt)

Whilst global iron ore markets are experiencing volatility, Australia’s largest producers continue to invest in exploration and development on the expectation of prices stabilising at sustainable levels of approximately USD120 per tonne which is based on the global cost curve and supply demand balance.

The location of the three tenements and proximity to known Iron Ore deposits is shown in Figure 3.

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Gabon is located on the central west coast of Africa, a region

Tchibanga is located in the south west.

becoming increasingly recognised for iron ore prospectivity and host to numerous projects including Mbalam/Nabeba (Sundance ASX: SDL), Mayoko Moussondji (Equatorial Re‐ sources ASX: EQX) and Kango North (Apollo Minerals ASX: AON). Belinga Sud is located in eastern Gabon and

The 3,027km² Belinga Sud ATP is strategically located immediately south of the concession hosting the Belinga Iron Ore Project. The Iron Ridge ATP contains a large tract of the greenstone belt that hosts the rich iron deposits less than 20km to the north.

Within this area there are mapped iron formations and several documented iron occurrences. Geophysical data highlights strong magnetic anomalies in the area and in particular a significant southern extension where an outlying greenstone belt is considered to be highly prospective for additional iron formations over a strike length in excess of 35km.

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As shown in Figure 4 the magnetic image (analytic signal) over the Belinga Sud exploration tenement shows high responses of possible iron formations and extension of prospective geology to the south of Belinga and has presented several target areas .

During two completed field programs in 2013, limited surface sampling was undertaken at Massaha and Indombo with the Indombo Central area delivering very encouraging initial assays to 67% Fe. As shown, Indombo Central presents a high grade target with a strike potential of 6 kms, and Indombo South a further 5 kms. Based on an observed width of 3‐400 m and an assumed depth of 50 m (not drilled) the Indombo target has potential for approximately 600‐800Mt grading approximately 41‐67%Fe with signifi‐ cant DSO.This Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC code and it is uncertain if further exploration will result in the determination of a Mineral Resource. An initial drilling program to provide proof of concept is being planned for mid 2015.

Figure 3: IronRidge Project Locations in Gabon

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The 1,990km² Tchibanga ATP and the 1,400km[2] Tchibanga North ATP are situated within the western limb of the Neoproterozoic Nyanga syncline, and incorporates both a significant magnetic anomaly and two iron occurrences. Outside of the ‘traditional’ greenstone iron formations, this target is founded on a different exploration concept—that of iron‐ore development in younger iron formations underlain by carbonates.

Proof of concept is demonstrated by a number of iron occurrences at a similar stratigraphic level along the western limb of the syncline. The ATP is close to the coast and the port of Mayumba, and as such even a modest resource would represent a project of significant value to IronRidge.

IronRidge recently acquired Falcon Gravity Data in the Tchibanga area. Sampling and mapping has confirmed a correlation of the characteristic signatures provided by magnetics, gravity and topography data, including the ability to differentiate between hematite and magnetite resources (see Figure 5).

Noting a strong magnetic and gravity response similar to the known Milingui Iron Ore deposit to the north west of the Tchibanga Permit, IronRidge has completed an initial field exploration program in the Mont Pele area in the south eastern sector of the Tchibanga Permit.

As illustrated in Figures 6 & 7, the 2013 field program confirmed the presence of hematite grading up to 62% in banded iron formations (BIF) over at least 10km strike length.

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Figure 6: Weathered, laminated hematite collected at surface on the Mont Pele

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Figure 7: Sample of high‐grade canaga containing clasts of hematised phyllite; Mont Pele

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Figure 5: Tchibanga and Tchibanga
North Tenements Falcon Gravity
Data Coverage
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Report f o r December 2 01 4 Qu arter |Page 5

DGR Global has also transferred an EL in the Central Lachlan Fold Belt near Bathurst, NSW to Archer Re‐ Hartz Rare Earths Pty. Ltd. sources. This EL contains an exciting gold‐silver Project at Caloola which already has an historic (non‐JORC) gold Uranium, Gold, Base Metals and Rare Earths occurrence of 235,000 tonnes @ 2.5g/t Au. The deepest

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historic drill hole CP10 stopped in mineralisation at 96m, Hartz Rare Earths Pty Ltd is a wholly owned subsidiary of later assaying 14m of 3.86 g/t Au from 82 metres. DGR Global. The company was formed with a clear focus on Uranium (U3O8) and Rare Earth Elements (REEs). With a ban During the quarter Archer completed a small RC drilling on uranium mining in Queensland and New South Wales for program at Caloola of 4 holes to 140 metres. The assay over 25 years (now lifted) there has been little incentive for results confirmed texploration. Hartz as a growing portfolio of exploration h e historical drilling grades and thick‐ permits, with two large Project Areas in Queensland at nesses, and revealed a folded structure likely to indicate Westmoreland and South Boulia (see Figure 8). additional tonnages. The structural information obtained Westmoreland is prospective for uranium and gold, and will greatly assist in planning follow up drilling programs. South Boulia for uranium, heavy and light rare earths, and base metals. .

At the South Boulia Project (see Figure 9) the southern EPMs cover over 45 kms of highly anomalous strike, directly along trend from already reported high values of heavy and light rare earths – Dysprosium Oxide, Neodymium Oxide, Praseodymium Oxide and Yttrium Oxide, along with high Strontium values. The northern EPMs cover the Toolebuc formation which at this location has the strongest and largest airborne uranium radiometric anomaly in Queensland. The South Boulia Project is situated across the massive Burke River fault zone, and there is significant evidence that in this area the Toolebuc Formation ancient shoreline has created a redox and phosphatic chemical trap that shows significant enhancement of metal concentrations in highly sheared fault zones.

Following the grant of four EPMs in the South Boulia Project Area an initial reconnaissance sampling program was undertaken throughout the accessible parts of the project area in November. While it was originally hoped that ore

Figure 8: Hartz Project Areas in Queensland

Marodian is probably the lrgest untested copper molybdenum gold porphyry system in the south west Pacific. Within the 30 – 40 km² Cu Mo and Au zone (see Figure 9–use Fig 8 from Sep re‐ port) there are widespread areas of breccia vein stockworks and disseminations of generally low grade but with locally richer patches that have supported small underground mines in the past. Historical surface geochemistry is incomplete, covering less than half the system, and rarely tested for gold. Porphyry copper deposits are normally tested with holes of 300m or deeper (due to the scale of the deposits) but no holes at Ma‐ rodian are deeper than 100m and almost all are less than 60m. The deepest previous drilling (by the Queensland Government) tested the underground workings around the former Lug I Noor mine at the western extremity of the Marodian system. These holes gave variable results but verified the existence of high grade structures within widespread sub economic grades.

grade outcrops could be located and sampled, once in the field it was obvious that there were al‐ most no outcrops. The focus then swung to demonstrating con‐ tinuation of mineralisation using wide spaced stream sampling, with multi element assays. Radio‐ metric readings were taken on all stream sediments and the highest uranium areas then traversed radiometrically.

The stream sediment results were particularly enlightening and en‐ couraging. A key finding is that in this area structural control is quite dominant over stratigraphic controls. Where outcrops were observed there was obvious evi‐ dence of deformation such as shearing, veining and strongly discordant bedding.

Figure 9: Hartz South Boulia Project Area (Airborne uranium over digital elevation image)

Figure 5

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DGR Global has also transferred an EL in the Central Lachlan Fold Belt near Bathurst, NSW to Archer Re‐ Hartz Rare Earths Pty. Ltd. sources. This EL contains an exciting gold‐silver Project at Caloola which already has an historic (non‐JORC) gold Uranium, Gold, Base Metals and Rare Earths occurrence of 235,000 tonnes @ 2.5g/t Au. The deepest

historic drill hole CP10 stopped in mineralisation at 96m,

later assaying 14m of 3.86 g/t Au from 82 metres.

The stream sediment analyses also dem‐ During the quarter Archer completed a small RC drilling onstrated that the main rare earth sys‐ program at Caloola of 4 holes to 140 metres. The assay tem strikes northwesterly for at least 40 km, and lies well to the east of Coora‐results confirmed the historical drilling grades and thick‐ bulka. nesses, and revealed a folded structure likely to indicate

As a result of this initial reconnaissance additional tonnages. The structural information obtained program Hartz Rare Earths has subse‐will greatly assist in planning follow up drilling programs. quently completely surrendered one of the granted EPMs, and reduced the area covered by the remaining 3 EPMs. In addition, 3 new EPM applications have been lodged to more fully cover the D’Aguilar Gold holds clear northwesterly trend of uranium, base metal and rare earth mineralisa‐ 35.2 million shares tion. Figure 10 shows the South Boulia representing 15.6% tenements now in place, on an image of uranium over geology. The figure shows of Solomon Gold plc. the combined rare earth mineralisation trend in yellow, and the corresponding base metal mineralisation trend in crim‐ son. Surface uranium values were at maxi‐ mum on dilation structures in the north

D’Aguilar Gold holds 35.2 million shares representing 15.6% of Solomon Gold plc.

Figure 10 Rare Earth (yellow) and Base Metal mineralisation (crimson) on South Boulia tenements

east where there is a clear shallow structural target, however sev‐ eral structural targets are indicated further south in the tene‐ ments under cover. The south east – north west striking shear structures that are a major part of enriched mineralisation across the tenements is well illustrated in Figure 11.

To complete a comprehensive package of highly prospective uranium tenements, Hartz Rare Earths has been advised that following tender submissions to the NSW Government the company has been granted priority application over 3 uranium Exploration (EL) areas – 2 near Broken Hill and one 130 km south of Cobar. As shown in Figure 12 (overleaf), all areas contain noted historical occurrences. The David‐ ite Project Area south west of Broken Hill is structurally similar to Radium Hill – 60 km away in South Australia – with known prospects confined to a zone 10 km long by 1 km wide adjoining a deep seated fault. The Mundi Mundi Project Area uranium prospects (on the edge of the Frome Embayment) persist for several kms in a northeast belt – possibly associated with the intrusion of the Mundi Mundi granite.

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Marodian is probably the lrgest untested copper molybdenum
gold porphyry system in the south west Pacific. Within the 30 –
40 km² Cu Mo and Au zone (see Figure 9–use Fig 8 from Sep re‐
port) there are widespread areas of breccia vein stockworks and
disseminations of generally low grade but with locally richer
patches that have supported small underground mines in the
past. Historical surface geochemistry is incomplete, covering less
than half the system, and rarely tested for gold.
Porphyry copper deposits are normally tested with holes of 300m
or deeper (due to the scale of the deposits) but no holes at Ma‐
rodian are deeper than 100m and almost all are less than 60m.
The deepest previous drilling (by the Queensland Government)
tested the underground workings around the former Lug I Noor
mine at the western extremity of the Marodian system. These
holes gave variable results but verified the existence of high
grade structures within widespread sub economic grades.
Figure 11: A SE‐NW striking shear structure within the centre of the rare earth – base metal trend
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Figure 5

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D G R G L O B A L L I M I T E D A C T I V I T I E S R E P O R T | D E C 2 0 1 4 kkkkjkj QUARTERLY

REPORT Corporate Information

DIRECTORS

William Stubbs (Chairman) Nicholas Mather (Managing Director) Brian Moller Vincent Mascolo

COMPANY SECRETARY

Karl Schlobohm

ISSUED CAPITAL

At 31 December 2014, DGR Global Ltd had the following securities on issue:

▪ 412,162,185 ordinary shares

• 300,000 (unlisted) 28 cents options expiring 28/02/15

• 5 million (unlisted) 28 cent options expiring 24/04/15

EXPLORATION MANAGER

Neil Wilkins

GENERAL MANAGER

Greg Runge

REGISTERED OFFICE AND HEAD OFFICE

D’Aguilar Gold holds 35.2 million shares

DGR Global Limited

Level 27, 111 Eagle Street Brisbane QLD 4000

representing 15.6% Phone:+ 61 (0)7 3303 0680 Fax:+ 61 (0)7 3303 0681 Website: of Solomon Gold plc.

Website: www.dgrglobal.com.au

AUSTRALIAN STOCK EXCHANGE (“ASX”)

ASX Code: DGR (Ordinary shares)

AUSTRALIAN BUSINESS NUMBER

ABN 67 052 354 837

INTERNET ADDRESS

All Company announcements, reports and presentations are posted on our website www.dgrglobal.com.au If you would like to receive news releases by email, please send email to info@dgrglobal.com.au with the subject “email alerts” or register your details on our website by clicking “Contact Us” and entering your details.

• 12 million (unlisted) 12 cent options expiring 30/11/16

• 11 million (unlisted) 12 cent options expiring 29/05/17

• 500,000 Convertible Notes at $1.00 each

SHAREHOLDING ENQUIRIES

Link Market Services Limited manages DGR Global Ltd’s share registry.

If you would like to monitor your shareholding online, you can do so by visiting Link Market Services website:

www.linkmarketservices.com.au and follow the instructions.

For issuer‐sponsored shareholders, if you change address, or if you have any other queries regarding the details of your shareholding, please contact the Company’s share registry directly:

Link Market Services Limited

Locked Bag A14 SYDNEY

Phone: 1300 554 474

Figure 12: Hartz Rare Earths Priority Uranium EL Application Areas in NSW

Exploration and Mining Tenements

DGR Global interests in mining and exploration tenements at the end of the Quarter are as shown in the attached Appendix.

Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information complied by Nicholas Mather B.Sc (Hons) Geol., who is a Member of the Australian Insti‐ tute of Mining and Metallurgy. Mr Mather is employed by Samuel Holdings Pty Ltd which provides certain consultancy services including the provision of Mr Mather as the Managing Director of DGR Global Ltd and a Director of its subsidiaries and associates. Mr Mather has sufficient experience which is relevant to the style of mineralisation and type of deposit being reported and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’ (the JORC Code). Mr Mather has consented in writing to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Report f o r December 2 01 4 Qu arter |Page 8

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