DREADNOUGHT RESOURCES LTD — Interim / Quarterly Report 2015

Apr 28, 2015

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QUARTERLY REPORT

Period ending 31 March 2015

KEY EVENTS

• z Placement and Share Purchase Plan completed raising a total of $500,000.

• z Spargoville RC drill sampling (completed December 2014) confirms and extends highly anomalous gold intercepts at Redback prospect.

• 9m at 4.78g/t Au from 170m including 4m at 9.05g/t Au

• 20m at 4.05g/t Au from 195m including 2m at 12.1g/t Au

• 13m at 3.16g/t Au from 188m including 2m at 6.52g/t Au

• 9m at 4.97g/t Au from 42m including 1m at 15.3g/t Au and 1m at 13.4g/t Au

• z Follow up RC/diamond drilling at Redback completed, for a total of 15 holes for 3,578.1 metres.

• z Visible gold logged within nine out of the 13 completed diamond tails.

• z RC drilling programme completed at Suplejack prospect in the Tanami (NT).

REVIEW OF OPERATIONS

CORPORATE ACTIVITIES

A placement (“Placement”) of 100 million fully paid ordinary shares at $0.002 per share to raise $200,000 was announced on 21 January 2015. The placement was made to sophisticated and professional investors under the Company’s existing 15% placement capacity. The new shares under the placement were allocated on 27 January 2015.

The Company announced a Share Purchase Plan (“SPP”) to raise up to $300,000 on 19 February 2015. The SPP opened on 27 February 2015 and closed on 18 March 2015 with applications received in excess of the capped amount of 150,000,000 new shares. Excess subscription monies were refunded by cheque to the relevant applicants and new shares were allocated on 25 March 2015.

The Company will use the funds raised under the SPP and in the abovementioned placement to:

• progress exploration and resource definition at the Company’s Redback Gold Project near Spargoville in WA; and

• provide working capital to the Company.

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Tanami Mill Ta nami
Granites Mill
NORTHERN
TERRITORY QUEENSLAND
WESTERN
AUSTRALIA
SOUTH
Spargoville AUSTRALIA
Va lley Floor NEW SOUTH WALES
Gold project 500km VICTORIA
TAS
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Tychean Resources Limited ACN 119 031 864 | Level 3, 100 Pirie Street Adelaide South Australia 5000 Phone +61 8 7324 3195 | Fax +61 8 8312 5576 | Email info@tycheanresources.com | Web www.tycheanresources.com

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

EXPLORATION ACTIVITIES

Western Australia

Spargoville Gold Project

During the quarter, exploration within the Spargoville Project comprised drilling a total of two RC drillholes (SPRC111– 112) and 14 RC precollars (SPDT001–014) completed for a total of 2,742 metres and 13 NQ2 diamond tails were completed for 836.1 metres (SPDT001–005, SPDT007– 014). All drilling was completed at the Redback prospect, (Figure 1).

Results were received from RC drilling completed during December 2014, (23 holes for 3,526 metres, SPRC088–110).

SPARGOVILLE RC DRILLING RESULTS

High grade results from reverse circulation (RC) drilling completed during December 2014 were received during the period. The RC drilling was completed at the Redback prospect, within the Company’s wholly owned Spargoville Gold Project in the Eastern Goldfields of Western Australia.

The RC drilling, which totalled 23 holes for 3,526 metres, was designed to infill and extend high grade mineralisation to 10/20m x 20m drill spacing.

Significant high grade results were returned from the Eastern, Central and Western Zones, as well as a potential new mineralised zone located within the footwall felsic unit. More significant results include:

Western Zone

• 9 metres at 4.78g/t Au from 170 metres including 4 metres at 9.05g/t Au from 172 metres

• 13 metres at 3.16g/t Au from 188 metres including 2 metres at 6.52g/t Au from 193 metres

• 20 metres at 4.05g/t Au from 195 metres including 2 metres at 12.1g/t Au from 197 metres

• 7 metres at 3.30g/t Au from 129 metres including 2 metres at 7.22g/t Au from 132 metres

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Figure 1 Spargoville Gold Project prospect location plan.

• 3 metres at 7.42g/t Au from 151 metres including 1 metre at 10.3g/t Au from 153 metres

Footwall Zone

• 1 metre at 10.2g/t Au from 179 metres to EOH

All significant (≥1.0g/t Au and ≥4 gram metre) results returned from the RC drilling are included as Table 1 and collar details included as Table 2.

The results from the completed extensional drilling at the Redback prospect, has identified further potential for extensions of high grade mineralisation at depth and down plunge to the north associated with the Eastern and Western Zones which remain open.

Central Zone

• 7 metres at 3.74g/t Au from 65 metres including 2 metres at 9.76g/t Au from 69 metres

• 9 metres at 4.97g/t Au from 42 metres including 1 metre at 15.3g/t Au from 42 metres

Eastern Zone

• 5 metres at 8.96g/t Au from 186 metres including 1 metre at 15.7g/t Au from 186 metres

A maximum result of 9 metres at 4.78g/t Au from 170 metres including 4 metres at 9.05g/t Au from 172 metres (SPRC088) has been returned in the north, associated with the Western Zone at depth. Significant (≥1.0g/t Au and ≥4 ram metre) Western Zone mineralisation has been defined in the north over 100 metres of strike and 100 metres of dip extent and is interpreted to plunge to the north at approximately -60 degrees.

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

Completed RC drilling in the south following up previous Eastern Zone high grade mineralisation, intercepted a maximum result of 3 metres at 7.42g/t Au from 151 metres including 1 metre at 10.3g/t Au from 153 metres .

Also within the drilling in the south, an intercept of 1 metre at 10.2g/t Au from 179 metres to EOH (SPRC094) was intersected within the footwall felsic unit. This is the first significant mineralised intercept returned within the footwall felsic unit.

Table 1 Significant (≥1.0g/t Au and ≥4 gram metre) intercepts – RC drilling, November 2014.

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Hole ID From To Length Au Zone
(m) (m) (m) (ppm)
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Hole ID	From (m)	To (m)	Length (m)	Au (ppm)	Zone
SPRC088	136	140	4*	1.08	Other
	170	179	9	4.78	Western
incl	172	176	4	9.05	Western
	190	194	4	2.84	Central
SPRC089	188	198	13	3.16	Western
incl	193	195	2	6.52	Western
	206	210	4	4.17	Central
incl	207	208	1	9.34	Central
SPRC090	128	132	4*	2.15	Other
	195	215	20	4.05	Western
incl	197	199	2	12.1	Western
SPRC091	162	166	4	2.89	Western
	176	179	3	1.72	Eastern
	196	200	6	4.15	Eastern
incl	199	200	1	8.20	Eastern
SPRC092	56	60	4*	2.5	Western
	65	72	7	3.74	Central
incl	69	71	2	9.76	Central
SPRC093	155	158	3	4.97	Central
incl	156	157	1	9.33	Central
	164	169	5	1.79	Eastern
incl	167	168	1	5.33	Eastern
SPRC094	129	136	7	3.3	Western
incl	132	134	2	7.22	Western
	146	149	3	1.88	Central
	169	172	3	4.21	Eastern
incl	169	170	1	8.03	Eastern
	179	180	1	10.2	Footwall - EOH

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Hole ID From To Length Au Zone
(m) (m) (m) (ppm)
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Hole ID	From (m)	To (m)	Length (m)	Au (ppm)	Zone
SPRC098	112	115	3	1.38	Eastern
SPRC099	96	100	4*	3.48	Other
	157	162	5	3.2	Central
	166	169	3	2.6	Central
incl	168	169	1	5.74	Central
	197	201	4	2.02	Eastern
SPRC101	56	60	4*	1.32	Other
	122	126	4	4.97	Western
incl	123	125	2	6.36	Western
	186	191	5	8.96	Eastern
incl	186	187	1	15.7	Eastern
and	190	191	1	20.2	Eastern
SPRC102	24	28	4*	9.18	Western
	42	51	9	4.97	Central
incl	42	43	1	15.3	Central
and	48	49	1	13.4	Central
SPRC104	89	90	1	4.47	Western
	111	120	9	2.11	Central
incl	119	120	1	5.15	Central
SPRC105	145	153	8	2.37	Western
incl	151	152	1	7.26	Western
	169	172	3	1.68	Central
	205	207	2	4.86	Eastern
incl	205	206	1	6.27	Eastern
SPRC107	40	44	4*	2.33	Supergene
SPRC108	105	108	3	2.88	Western
	111	113	2	4.2	Western
	123	126	3	3.16	Central
incl	124	125	1	5.04	Central
	138	145	7	2.52	Eastern
incl	138	139	1	6.57	Eastern
	151	154	3	7.42	Eastern
incl	153	154	1	10.3	Eastern
SPRC109	76	80	4*	2.12	Western
	84	92	8	2.39	Central
SPRC110	153	154	1	4.57	Eastern

* Composite interval significant result.

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

Table 2 Drillhole collar details – Redback RC drilling, December 2014.

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Hole ID Easting Northing RL Azimuth Dip Total Depth
(GDA) (GDA) (m) (m)
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Hole ID	Easting (GDA)	Northing (GDA)	RL (m)	Azimuth	Dip	Total Depth (m)
SPRC088	356471.98	6527288.03	336.62	90	-60	228
SPRC089	356460.15	6527309.34	336.48	90	-60	246
SPRC090	356449.42	6527330.35	336.39	90	-60	252
SPRC091	356469.09	6527329.93	336.31	90	-60	216
SPRC092	356581.18	6527168.15	336.83	90	-60	102
SPRC093	356539.26	6527167.51	336.98	90	-60	180
SPRC094	356530.43	6527199.18	336.75	90	-60	180
SPRC095	356550.54	6527328.43	335.50	90	-60	72
SPRC096	356547.37	6527349.54	335.51	90	-60	60
SPRC097	356529.93	6527349.72	335.63	90	-60	108
SPRC098	356509.58	6527349.07	335.90	90	-60	120
SPRC099	356491.22	6527309.95	336.33	90	-60	210
SPRC100	356521.14	6527288.45	336.15	90	-60	126
SPRC101	356501.29	6527288.45	336.48	90	-60	198
SPRC102	356561.12	6527266.76	335.75	90	-60	78
SPRC103	356541.74	6527264.68	336.11	90	-60	114
SPRC104	356517.33	6527264.52	336.40	90	-60	150
SPRC105	356496.31	6527267.56	336.67	90	-60	220
SPRC106	356559.88	6527248.77	335.95	90	-60	96
SPRC107	356539.81	6527248.04	336.15	90	-60	120
SPRC108	356535.30	6527212.22	336.52	90	-60	168
SPRC109	356563.27	6527182.91	336.57	90	-60	120
SPRC110	356544.04	6527184.51	336.71	90	-60	162

SPARGOVILLE COMPLETED RC/DIAMOND DRILLING

During the period a programme of RC and diamond drilling was completed at the Redback prospect within the Company’s wholly owned Spargoville Gold Project in the Eastern Goldfields of Western Australia, (Figure 1).

A total of two RC drillholes (SPRC111–112) and 14 RC precollars (SPDT001–014) completed for a total of 2,742 metres. A total of 13 NQ2 diamond tails were completed for 836.1 metres (SPDT001–005, 007 and 014), (Figure 2, Table 4).

Visible gold mineralisation has been logged within nine of the 13 completed diamond tails, interpreted to be associated with the Western, Central and Eastern Zones of mineralisation. A summary of the visible gold locations relative to the interpreted mineralised zones at the Redback prospect is included below, (Table 3).

Table 3 Visible gold intersection summary – Redback RC/diamond drilling, March 2014.

Hole	Visible Gold Occurrences Logged	Visible Gold Occurrences Logged	Visible Gold Occurrences Logged
Number	Western Zone	Central Zone	Eastern Zone
SPDT001			9
SPDT002		8	2
SPDT004		10	3
SPDT008	9
SPDT010	12
SPDT011	10
SPDT012	19
SPDT013	16
SPDT014	1
Total	67	18	14

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

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Figure 2 Spargoville Gold Project, Redback drilling summary plan.

The intersected visible gold mineralisation indicates that the Central and Eastern Zones remain open at depth and along a potential plunge direction to the north and/or south, and indicate the Western Zone remains open along strike and down plunge to the north.

SPDT001 – A total of nine visible gold occurrences, ranging from 0.1mm to 1.1mm, have been identified within a downhole interval of 1.95 metres from 149.05 metres, within carbonate altered actinolite-chlorite ultramafic, quartz-carbonate veining and minor biotite-chlorite veining, interpreted to be associated with Eastern Zone mineralisation. One of the occurrences is depicted in Figure 3.

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Figure 3 Visible gold logged within SPDT001 at 150.92m downhole. Diameter of NQ2 drill core is 50.5mm.

Table 4 Drill hole collar details – Redback RC/diamond drilling, March 2014.

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Hole Easting Northing RL Azimuth Dip RC Diamond Total Depth
Number (GDA Zone 51) (GDA Zone 51) (m) (m) (m) (m)
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Hole Number	Easting (GDA Zone 51)	Northing (GDA Zone 51)	RL (m)	Azimuth	Dip	RC (m)	Diamond (m)	Total Depth (m)
SPDT001	6527198.38	356540.49	336.60	90	-60	90	72.8	162.8
SPDT002	6527200.03	356510.52	336.90	90	-60	150	48.7	198.7
SPDT003	6527216.25	356513.30	336.73	90	-60	132	51.8	183.8
SPDT004	6527227.01	356490.55	337.14	90	-60	150	84.8	234.8
SPDT005	6527287.39	356446.84	336.72	90	-60	198	75.8	273.8
SPDT006	6527310.33	356429.47	336.56	90	-60	228		228
SPDT007	6527331.01	356427.19	336.41	90	-60	228	67.3	295.3
SPDT008	6527348.14	356448.95	336.16	90	-60	180	84.6	264.6
SPDT009	6527350.74	356429.08	336.27	90	-61	228	72.8	300.8
SPDT010	6527319.27	356642.92	334.57	270	-60	162	60.3	222.3
SPDT011	6527289.22	356647.02	332.87	270	-57	138	54.7	192.7
SPDT012	6527318.78	356641.92	334.54	270	-57	156	38.7	194.7
SPDT013	6527346.43	356464.50	336.21	90	-60	162	74.9	236.9
SPDT014	6527370.17	356398.76	336.44	90	-55	240	48.9	288.9
SPRC111	6527166.14	356552.68	336.79	90	-60	168		168
SPRC112	6527197.95	356559.23	336.45	90	-60	132		132

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

SPDT002 – A total of 10 visible gold occurrences, ranging from 0.1mm to 2mm, have been logged, interpreted to be associated with the Central and Eastern Zones. Eight of the occurrences were logged within a 1.1 metre interval from 167.05 metres, within carbonate altered actinolite-chlorite ultramafic and quartz-carbonate veining, interpreted to be associated with Central Zone mineralisation.

The remaining two occurrences within SPDT002 were logged within a downhole interval of 0.2 metres from 177.00 metres, within a 0.6m interval of moderately biotite altered, sheared sulphidic sediment interpreted to be associated with Eastern Zone mineralisation. The alteration and host to the visible gold is comparable to the one of the hosts of the high grade mineralisation at the Wattle Dam Gold Mine. One of the occurrences is depicted in Figure 4.

SPDT004 – A total of 13 visible gold occurrences, ranging from 0.1mm to 2mm (Figure 5), have been logged, interpreted to be associated with the Central and Eastern Zones. Ten of the occurrences were logged within a 1.3 metre interval from 214.30 metres, within carbonate altered actinolite-chlorite ultramafic and quartz-carbonate (± chlorite) veining, interpreted to be associated with Central Zone mineralisation. One of the occurrences is depicted in Figure 5.

The remaining three occurrences within SPDT004 were logged downhole at 225.08 metres and 229.98 metres within a strongly carbonate altered actinolite-chlorite ultramafic, interpreted to be associated with Eastern Zone mineralisation.

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Figure 5 Visible gold logged within SPDT004 at 215.36m downhole.

SPDT008 – A total of nine visible gold occurrences, ranging from 0.1mm to 1mm have been identified within a downhole interval of 2.85 metres from 216.60 metres, within actinolite/tremolite-chlorite ultramafics and quartzcarbonate veining, interpreted to be associated with Western Zone mineralisation. One of the occurrences is depicted in Figure 6.

SPDT010 (previously reported) – A total of 12 visible gold occurrences, ranging from 0.1mm to 2mm, have been identified within a downhole interval of 9.65 metres from 199.55 metres within actinolite-chlorite ultramafic lithologies and quartz-carbonate veining, interpreted to be associated with Western Zone mineralisation. One occurrence identified within the drillhole is depicted in Figure 7.

SPDT011 (previously reported) – A total of 10 visible gold occurrences, ranging from 0.1mm to 1mm, have been identified. Ten of the occurrences have been identified within a downhole interval of 3.05 metres from 206.15 metres, within chlorite-tremolite ultramafic lithologies and quartzcarbonate veining, interpreted to be associated with Western Zone mineralisation.

SPDT012 – A total of 19 visible gold occurrences, ranging from 0.1mm to 0.5mm, have been identified within a downhole interval of 4.05 metres from 176.00 metres, within actinolite-chlorite ultramafics and quartz-carbonate veining, interpreted to be associated with Western Zone mineralisation. One of the occurrences is depicted in Figure 8.

Figure 4 Visible gold logged within SPDT002 at 177.01m downhole. Scale in centimetres.

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

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Figure 6 Visible gold logged within SPDT008 at 219.43m downhole. Scale in centimetres.

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Figure 7 Redback Prospect – One of the 12 visible gold occurrences identified within NQ2 drill core (diameter 50.5mm) from drill hole, SPDT010 at 207.28 metres. Three coarse clusters of gold circled in yellow with several smaller specks of gold scattered throughout broken core surface.

SPDT013 – A total of 16 visible gold occurrences, ranging from 0.1mm to 1.0mm, have been identified within a downhole interval of 4.05 metres from 176.00 metres, within actinolite-chlorite ultramafics and quartz-carbonate veining, interpreted to be associated with Western Zone mineralisation. One of the occurrences is depicted in Figure 9.

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Figure 8 Visible gold logged within SPDT012 at 177.13m downhole. Diameter of NQ2 drill core is 50.5mm.

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Figure 9 Visible gold logged within SPDT013 at 183.42m downhole. Scale in centimetres.

SPDT014 – A single visible gold occurrence, 0.1mm, has been identified at a downhole depth of 260.30 metres, within an actinolite-chlorite ultramafic, interpreted to be associated with Western Zone mineralisation.

Further RC and diamond drilling is currently being planned to further test the extensions of the zones of visible gold mineralisation and will be updated once all assay results are received.

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

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Figure 10 Spargoville Gold Project – Redback Prospect Western Zone longitudinal projection.

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Figure 11 Spargoville Gold Project – Redback Prospect Central Zone longitudinal projection.

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

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Figure 12 Spargoville Gold Project – Redback Prospect Eastern Zone longitudinal projection.

Northern Territory

TANAMI FARM-IN AND JOINT VENTURE AGREEMENT

Tanami joint venture partner, Ramelius Resources Limited [RMS], advised that an RC drilling programme was completed at the Suplejack prospect [EL 26625] (Figure 13) between 23 and 27 March 2015, with 15 holes drilled for a total of 1206 metres. Analytical results for gold are expected by mid-April 2015.

Final copies of the Mineral Exploration Agreement for the following groupings of ELAs have been received from the Central Land Council:

• ELAs 27921, 27997 & 28493. Groundrush; Mt. Solitaire; Groundrush South:

• ELAs 27995, 29829 and 27511. Officer Hill South; Highland Rocks 2; Highland Rocks:

Tanami joint venture partner, Ramelius Resources Limited, advised Tychean Resources Limited on 23 February 2015, that they had met their minimum expenditure commitment under the terms of the farm-in and joint venture agreement.

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

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129° 130° 131°
TANAMI
Northern Territory
� Soldier
� Bluebush Bore
� Tregony
SUPLEJACKSUPLEJACKSUPLEJACKSUPLEJACK
EL27806
Talbot North
� Bald Hill � � ��� The Grange & BrokenwoodStoney Ridge, Jasper Hill, Hyperion & Hyperion Sth
Groundrush Mine
� � �
ELA28493 ELA27921
Groundrush Sth Groundrush
� EL26625
Coyote Pendragon � � Tanami Mine Suplejack
�� Challenger 2&3
Old Pirate � Twin Bonanza
Jims Find � Rabbit Flat Roadhouse ELA27997
Mount Solitaire
Titania �
� Windy Hill
The Granites
Gold Mine
Callie Gold Mine � � ��� � � � � � Cashel
Bunkers Hill
Anomaly 2 � Hordern Hills
� Officer Hill
ELA27995
Officer Hills South
ELA27511
Highland Rocks
ELA29829
Highland Rocks 2
Exploration Licence
Tanami Au Resources (ozs)
Exploration Licence - Application
(1)
� [> 2,000,000] Pastoral Lease
0 20 km � 500,000 to 2,000,000 (5) � Operating Mine
1:1,500,000 � 50,000 to 500,000 (11) � Historic Mine
� < 50,000 (3) � Prospect
TANAMI.WOR
129° 130° 131°
Figure 13 Tanami Project location.
100km radius from processing plant
Lajamanu
Road
Tanami
100km radius from processing plant
Road
-19° -19°
-20° -20°
-21° -21°
T E R R I T O R Y
A U S T R A L I A
W E S T E R N N O R T H E R N
-22° -22°
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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

Competent Persons Statement

The information contained in this release that relates to exploration results, mineralisation and target generation is based on information compiled by Mr Matthew Svensson, who is a Member of the Australasian Institute of Geologists (MAIG) and a full time employee of the Company. Mr. Svensson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Svensson consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

For further information please contact:

Mr Joe Houldsworth

Managing Director, Tychean Resources Limited on 0487 924 326 or

Investor relations:

Mr Duncan Gordon,

Executive Director, Adelaide Equity Partners on 0404 006 444

Further information relating to Tychean Resources Ltd and its various exploration projects can be found on its website: www.tycheanresources.com

This announcement contains previously announced TYK exploration results.

28/03/2014 - High grade gold in new results from Spargoville in WA

02/05/2014 - Spargoville (WA) – aircore gold resample results

22/09/2014 - High grade single metre gold results from Spargoville WA

05/12/2014 – Redback prospect high grade gold results

20/01/2015 - More Redback prospect high grade gold results

05/03/2015 – Visible gold in first diamond drilling at Redback prospect

23/03/2015 – Further visible gold at Redback prospect

The Company is not aware of any new information or data, which hasn’t been previously reported, that materially affects the information included in the current market announcement.

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Joe Houldsworth MANAGING DIRECTOR

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Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

SCHEDULE OF INTERESTS IN MINING TENEMENTS

As at 31 March 2015

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Project Tenement Lease name State Status % held by TYK Holders
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Project	Tenement	Lease name	State	Status	% held by TYK	Holders
Spargoville	M15/1475	Eagles Nest	WA	Granted	100%	Tychean Resources Ltd
Spargoville	E15/967	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	E15/968	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	L15/128	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	L15/255	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	M15/395	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	M15/703	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	P15/5860	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	P15/4884	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	P15/4885	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	P15/4963	Kambalda West	WA	Granted	100% – No nickel rights	Tychean Resources Ltd
Spargoville	M15/1448	Hilditch	WA	Granted	90%	Bullabulling Pty Ltd Tychean Resources Ltd
Spargoville	M15/1449	Larkinville	WA	Granted	75% 80% Ni rights	Tychean Resources Ltd Pioneer Resources Ltd
Spargoville	P15/5912	Villa Deste	WA	Granted	75% 80% Ni rights	Tychean Resources Ltd Pioneer Resources Ltd
Spargoville	M15/100	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville	M15/101	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville	M15/102	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville	M15/1271	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville	M15/653	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville-	M15/97	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville	M15/99	North Widgie	WA	Granted	100% AU rights only	Australian Nickel Mines Pty Ltd
Spargoville	M15/1101	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1263	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1264	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1323	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd

~~12~~

Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

==> picture [495 x 22] intentionally omitted <==

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Project Tenement Lease name State Status % held by TYK Holders
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Project	Tenement	Lease name	State	Status	% held by TYK	Holders
Spargoville	M15/1338	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1474	Wattle Dam	WA	Granted	100%	Tychean Resources Ltd
Spargoville	M15/1769	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1770	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1771	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1772	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1773	Wattle Dam	WA	Granted	100% 80% Ni rights	Tychean Resources Ltd
Spargoville	M15/1774	Wattle Dam	WA	Granted	100%	Tychean Resources Ltd
Spargoville	M15/1775	Wattle Dam	WA	Granted	100%	Tychean Resources Ltd
Spargoville	M15/1776	Wattle Dam	WA	Granted	100%	Tychean Resources Ltd
Spargoville	P15/5953	Wattle Dam	WA	Pending	100%	Tychean Resources Ltd
Valley Floor	E15/1249	Lake Lefroy	WA	Granted	100%	Valley Floor Resources Pty Ltd
Valley Floor	E15/1399	Lefroy South	WA	Granted	100%	Valley Floor Resources Pty Ltd
Valley Floor	E15/1434	Valley Floor Ext	WA	Granted	100%	Tychean Resources Ltd
Valley Floor	E15/1438	Valley Floor Ext	WA	Granted	100%	Tychean Resources Ltd
Tanami	EL 26625	Suplejack	NT	Granted	100%	Tychean Resources Limited
Tanami	EL 27511	Highland Rocks	NT	Pending	100%	Tychean Tanami Pty Ltd
Tanami	EL 27806	Talbot North	NT	Granted	100%	Tychean Tanami Pty Ltd
Tanami	EL 27921	Groundrush	NT	Pending	100%	Tychean Resources Limited
Tanami	EL 27995	Officer Hills South	NT	Pending	100%	Tychean Resources Limited
Tanami	EL 27997	Mount Solitaire	NT	Pending	100%	Tychean Resources Limited
Tanami	EL 28493	Groundrush South	NT	Pending	100%	Tychean Resources Limited
Tanami	EL 29829	Highland Rocks 2	NT	Pending	100%	Tychean Tanami Pty Ltd

~~13~~

Tychean Resources Ltd • Quarterly Report for the period ending 31 March 2015

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

TYCHEAN RESOURCES LTD

ABN 40 119 031 864

Quarter ended (“current quarter”) 31 MARCH 2015

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	(191) (143) 1	(1,482) (559) 14
	(333)	(2,027)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)
	-	-
	(333)	(2,027)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(333)	(2,027)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	500 (42)	1,312 (121)
	458	1,191
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	125 138	(836) 1,099
	263	263

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		(76)
		-
1.25	Explanation necessaryfor an understandingof the transactions

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available Amount used $A’000 $A’000

• 3.1 Loan facilities 3.2 Credit standby arrangements

Estimated cash outflows for next quarter

• $A’000

• 4.1 Exploration and evaluation (391) 4.2 Development 4.3 Production 4.4 Administration (192) Total (583)

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	263	138
Total: cash at end of quarter(item 1.22)	263	138

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Changes in interests in mining tenements and petroleum tenements

Changes in interests in mining tenements and petroleum tenements	Changes in interests in mining tenements and petroleum tenements	Changes in interests in mining tenements and petroleum tenements	Changes in interests in mining tenements and petroleum tenements	Changes in interests in mining tenements and petroleum tenements
Tenement reference and location Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed P15/4765 Holder 75% 0% 6.2 Interests in mining tenements and petroleum tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.
	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	2,253,631,175	2,253,631,175
	250,000,000 85	250,000,000 85	$0.002 $0.006	$0.002 $0.006
7.5 +Convertible debt securities (description)

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	318,377,195	318,377,195	Exercise price $0.006	Expiry date 30 June 2015
	85	85	$0.006	30 June 2015
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

29 April 2015 Sign here: ............................................................ Date: ............................ (Company secretary) Justin Nelson Print name: .........................................................

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 6

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