ELEMENT 25 LIMITED - Regulatory Filings 2017

ABOUT MONTEZUMA MINING

==> picture [143 x 85] intentionally omitted <==

Listed in 2006, Montezuma Mining Company Ltd (ASX: MZM) is a diversified explorer primarily focused on manganese, cobalt and gold. The Company’s primary objective is to achieve returns for shareholders through selected strategic acquisitions and targeted exploration.

1 7 OCTOBER 2017

BUTCHERBIRD MANGANESE PROJECT UPGRADED MINERAL RESOURCE ESTIMATE

HIGHLIGHTS

Ø Butcherbird Manganese Project global resource upgraded to JORC 2012 from JORC 2004.

Montezuma has 100% interests in the Butcherbird Manganese Project which hosts Australia’s largest onshore manganese deposit, in addition to the Pinnacles Cobalt Project and the Holleton Gold Project, all located in Western Australia.

MARKET DATA

Ø Global resource including all deposits drilled to date now stands at 180 million tonnes at 10.8% Mn.
Ø Includes a Maiden Indicated Resource at Yanneri Ridge of 22.4 million tonnes at 12.0% Mn .
Ø Indicated Resources at Yanneri Ridge to be the focus of initial scoping studies on completion of metallurgical flowsheet design programme being conducted by CSIRO.
Ø Represents an 2.7% increase in total contained manganese as against the previous estimate[1] .

ASX code: MZM Share price: $0.195 Shares on issue: 83.5M Market capitalisation: $16.3M Cash (at 30 June): ~$4.2M Listed Investments (at 30 June): ~$7.1M

BOARD AND MANAGEMENT

Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons Exploration Manager Dave O’Neill

Montezuma Mining Company Ltd (“Montezuma” or “Company”) is pleased to provide further information regarding its completed Mineral Resource Estimate upgradefor the manganese mineralisation at the Company’s 100% owned Butcherbird Project as announced on 12 October 2017 .

Importantly the conversion of Inferred Resources to the Indicated classification over more densely drilled portions of the Yanneri Ridge deposit will form the basis for commercial studies to commence on completion of the hydrometallurgical flowsheet design work that is currently being undertaken by the CSIRO.

Executive Director Justin Brown commented;

“ Upgrading the Butcherbird manganese resource to JORC 2012 and the conversion of parts of Yanneri Ridge from Inferred to Indicated categories adds to our confidence that this is a technically robust mineral desposit with simple geology, low strip ratios and significant potential to underpin the Company’s transition from explorer to developer in the medium term .”

Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at www.montezuma.com.au

1 See Company ASX Release dated 7 December 2011.

==> picture [384 x 496] intentionally omitted <==

Figure 1: Butcherbird Manganese Project location

REGIONAL GEOLOGY

The Butcherbird Manganese Project is located approximately 120km south of Newman, 40km north of Kumarina Roadhouse, and accessed via the Great Northern Highway. The project is situated on exploration lease E52/2350, and on portions of Bulloo Down and Kumarina Pastoral Leases.

Manganese mineralisation is hosted within the supergene weathered portions of the Ilgarari Formation, which consist of grey/whitish shales (red/brownish weathered), manganiferous shales, mudrocks and minor siltstone layers and dolerite sills. Its stratigraphic thickness is considered to be in excess of 650 metres. The Ilgarari Formation is part of the Collier Subgroup which was deposited on a platform domain in the eastern part of the Bangemall Basin (Bullen Platform).

Prospect	Tonnes (Mt)	Mn (%)	SiO2 (%)	Fe (%)	P2O5 (%)	Al2O3 (%)
Yanneri Ridge
Inferred	48.0	10.7	43.0	11.1	0.262	10.7
Indicated	22.5	12.0	43.8	11.6	0.297	10.6
Richies Find	22.7	10.9	44.8	11.6	0.24	11.2
Coodamudgi	16.5	11.0	42.9	12.5	0.28	11.0
Mundawindi	16.3	11.9	40.3	11.7	0.30	9.9
Ilgarrarie Ridge	35.6	9.94	46.0	12.5	0.31	11.1
Bindi Bindi Hill	14.4	10.4	45.5	10.1	0.22	11.9
Bugdie Hill	4.50	9.34	45.4	13.2	0.35	11.2
Cadgies Flat	0.291	10.0	46.2	11.1	0.29	12.3
Total	180.8	10.8	43.9	11.7	0.3	10.9

Table 1. Butcherbird Manganese project Mineral Resource Classification

==> picture [376 x 389] intentionally omitted <==

Figure 2: Butcherbird Manganese Project Resource outlines and location

RESOURCE ESTIMATION

The existing Snowden December 2011 JORC 2004 Butcherbird Manganese Deposit Resource was reviewed and re-reported updating the existing resource to JORC 2012 as the resource confidence category. The 2011 Resource reported a total inferred resource of 70.2 Mt @ 11.4 % Mn at a cut off of 10% Mn and 110.3 Mt @ 10.6 % Mn at a cut off of 8 % Mn.

Drill samples used in the resource are from Reverse Circulation (RC) Drilling with Drill-Rig mounted riffle splitters and collected at one-meter intervals. All drilling is vertical with the average depth of 30m. The manganese ore zones are close to flat lying and therefore drillhole intersections approximate true width. All drilling is dry and above the water table. Diamond holes are drilled primarily for metallurgy and have been used to aid interpretation.

All data is captured electronically and has to pass extensive quality assurance and quality control (QAQC) procedures to be used. QAQC processes include validation of hole coordinates, field standards, lab standards, field duplicates. This estimation incorporates all of the validated RC holes drilled at Butcherbird Manganese Deposit by Montezuma from 2010 to 2011. All data is stored in the company’s GBIS database, now GEOBANK.

Density has been calculated from down hole gamma gamma geophysical density. Average densities have been applied globally to the model. No account has been made for moisture and reported tonnes are wet tonnes.

The main mineralised units, cut to the regolith boundaries the base of hard capping and the base of oxidisation, were modelled in 3D by Montezuma. These were passed on to Snowden and validated for the resources.

KNA, variography and detailed statistics was performed on the mineralised domains. This KNA and variography was used to determine the block size and estimation parameters for grade modelling.

Block models were constructed for use in grade estimation with block dimensions based on the KNA. Blocks ranged from 10 to 100 metres in x and y, and 2 to 4 metres in z, with sub blocking down to 12.5m by 12.5m by 0.625m x y z.

The deposit was estimated using ordinary kriging (“OK”) grade interpolation of 1m composited data within domained boundaries. Grades were estimated for Mn, Fe, SiO2, Al2O3 and P2O5.

Interpolation parameters were based on the geometry of geology and geostatistical parameters determined by variography and KNA.

A detailed validation of the block models was completed, which included both visual and statistical reviews. The models are considered to be globally robust.

The resource has been categorised Inferred in accordance with JORC requirements (2012). The resource has been classified as inferred and has been drilled at nominal spacing of 400 x 100 metres, with some areas drilled down to 20 x 40m, and up to 800 x 100m. Good geological and statistical continuity is seen at all drill spacing’s.

==> picture [430 x 452] intentionally omitted <==

Figure 3: Butcherbird Manganese Project drill collar and Mn orebody outlines overlaying local geology

YANNERI RIDGE RESOURCE ESTIMATION

A new resource estimation has been produced for the Yanneri Ridge Manganese Deposit. This estimation was completed with the intention of updating the existing resource to JORC 2012 as the resource confidence category.

This resource is an update from the 2011 Yanneri Ridge Resource, classified as inferred. The 2011 Resource reported a total resource of 48.8 Mt @ 11.8 % Mn at a cut off of 10% Mn and 64.7 Mt @ 11.2 % Mn at a cut off of 8 % Mn.

Drill samples used in the resource are from Reverse Circulation (RC) Drilling with Drill-Rig mounted riffle splitters and collected at one-meter intervals. All drilling is vertical with the average depth of 30m. The manganese ore zones are close to flat lying and therefore drillhole intersections approximate true width. All drilling is dry and above the water table. Additional Diamond holes are drilled primarily for metallurgy and have been used to aid interpretation.

All data is captured electronically and has to pass extensive quality assurance and quality control (QAQC) procedures to be used. QAQC processes include validation of hole coordinates, field standards, lab standards, field duplicates. This estimation incorporates all of the validated RC holes drilled in the Yanneri Ridge by Montezuma from 2010 to 2011. All data is stored in the company’s GBIS database.

Density has been calculated from down hole gamma gamma geophysical density. Average densities by geological unit and mineralisation have been applied globally to the model. No account has been made for moisture and reported tonnes are wet tonnes.

The main mineralised shale unit along with regolith boundaries for the base of hard capping and the base of oxidisation were modelled in 3D using Micromine.

Variography and detailed statistics were performed on the modelled domains. This variography was used to determine the estimation parameters for the grade modelling.

A block model was constructed for use in grade estimation with block dimensions of 50m NS by 50m EW and 2.5m in the vertically with sub blocking 12.5m by 12.5m by 0.625m. The deposit was estimated using ordinary kriging (“OK”) grade interpolation of 1m composited data within domained hard boundaries. Grades were estimated are Mn, Fe, SiO2, Al2O3, P2O5, MgO, CaO, TiO2, Na2O, CaO, S, K2O, LOI total, Cr2O3, Ba, Cu, Pb and Zn.

Interpolation parameters were based on the geometry of geology and geostatistical parameters determined by variography.

A detailed validation of the block model was completed, which included both visual and statistical reviews. The model is considered to be globally robust.

The resource has been categorised as Indicated, and Inferred in accordance with JORC requirements (2012). The portion of the resource drilled at a spacing of 100 x 100 or better displayed good continuity of mineralisation and was classified as indicated. The remaining areas have been classified as inferred and have been drilled at 200 x 100 and at 400 x 100m, showing good geological and statistical continuity.

==> picture [401 x 219] intentionally omitted <==

Figure 4: N-S Section through the Yanneri Ridge resource area (773,500E) showing Manganese Resoruce Blocks (Note – vertical exaggeration 5:1)

FOR MORE INFORMATION…

Justin Brown

Executive Director

Phone: +61 8 6315 1400

Email: [email protected] Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at: http://www.montezuma.com.au.

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr David O’Neill who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration Targets were compiled, Mr O’Neill was an employee of Montezuma Mining Company Ltd. Mr O’Neill is a geologist and 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 O’Neill consents to the inclusion of this information in the form and context in which it appears in this report.

The information in this report that relates to Mineral Resources is based on information compiled by Mr Mark Glassock who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Mineral Resources were compiled, Mr Glassock was a consultant to Montezuma Mining Company Ltd. Mr Glassock is a geologist and 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 Glassock consents to the inclusion of this information in the form and context in which it appears in this report

Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

JORC Code, 2012 Edition – Table 1 report (Yanneri Ridge)

SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria	JORC Code explanation	Commentary	Commentary
*Sampling*	• Nature and quality of sampling (eg cut channels, random chips, or	•	Sampling intervals for all RC holes were 1m from the rig mounted splitter.
*techniques*	specific specialised industry standard measurement tools	•	The samples were split into approximately 2-3kgs into pre-numbered
	appropriate to the minerals under investigation, such as down hole		calico bags. The splitter was inspected at the end of each drill rod, and
	gamma sondes, or handheld XRF instruments, etc). These examples		cleaned with compressed air as routine.
	_should not be taken as limiting the broad meaning of sampling. _
	• Include reference to measures taken to ensure sample representivity	•	Certified Reference Material (CRM) was inserted into the samples on the
	and the appropriate calibration of any measurement tools or		basis of 1/40. Analysis was by standard XRF technique at Nagrom and
	systems used.		SGS Laboratories in Perth Australia.
		•	Standard QA/QC analysis was carried out on the assay data to confirm
			the validity of both the sampling method and laboratory analysis. In
			addition, Nagrom and SGS laboratories have internal QA processes which
			includes both duplicates and standards in the analysis.
		•	An examination of the QAQC sample data indicates satisfactory
			performance of the duplicate samples and the laboratory has acceptable
			precision with no bias.
	• Aspects of the determination of mineralisation that are Material to	•	Samples were dried crushed and pulverised at the Company’s sample
	the Public Report.		preparation laboratory to get 90% of the sample <160µm to provide a
			150g gram sample which was then assayed via industry standard XRF at
			Nagrom and SGS Perth.
	• In cases where ‘industry standard’ work has been done this would	•	Additional size fraction analysis was carried out on the trench colluvium
	be relatively simple (eg ‘reverse circulation drilling was used to		samples to assist with the determination of clay fractions and to assist
	obtain 1 m samples from which 3 kg was pulverised to produce a 30		with defining metallurgical characteristics.
	g charge for fire assay’). In other cases more explanation may be
	required, such as where there is coarse gold that has inherent
	sampling problems. .

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Drilling*	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	Drilling was carried out predominantly with RC with a small volume of
*techniques*		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple		Diamond Drilling. The RC holes were completed using a 140mm diameter
		or standard tube, depth of diamond tails, face-sampling bit or other		face sampling hammer (10 metallurgical holes were drilled using PQ3
		type, whether core is oriented and if so, by what method, etc).		rods).
*Drill sample*	•	Method of recording and assessing core and chip sample recoveries	•	RC recoveries were estimated and reported by the supervising geologist.
*recovery*		and results assessed.	•	Measures were taken to maximise sample recovery and ensure
				representative nature of the samples. Nominal 2-3kg calico bag sample
				weight was desired feed from rig mounted cyclone and riffle splitter.
			•	Riffles were inspected at the end of each rod, and routinely cleaned with
				compressed air from rig.
	•	Measures taken to maximise sample recovery and ensure	•	RC drilling was the preferred drill technique in order to maximise sample
		representative nature of the samples.		recoveries. Care was taken in keeping sample dry.
			Ø
	•	Whether a relationship exists between sample recovery and grade	•	Twin RC/Diamond drill hole data has shown that some bias in grade may
		and whether sample bias may have occurred due to preferential		exist where sample recoveries are less than 50%, this generally only
		loss/gain of fine/coarse material.		occurs within the top 10m of the ore-body. Recoveries of diamond core near surface were poor in places and to minimize this effect, trenching
				was conducted where 100% of the sample could be collected.
*Logging*	•	Whether core and chip samples have been geologically and	•	All diamond drill core and RC chips have been geologically logged by
		geotechnically logged to a level of detail to support appropriate		suitably qualified geological staff. Lithologies, colour, texture, alteration,
		Mineral Resource estimation, mining studies and metallurgical		texture, RQD, structural density and magnetic susceptibility were
		studies.		recorded to add to the MRE interpretation and metallurgy.
	•	Whether logging is qualitative or quantitative in nature. Core (or	•	Logging is qualitative in nature, with the exception of density and
		costean, channel, etc) photography.		magnetic susceptibility.
	•
	•	The total length and percentage of the relevant intersections	•	Every RC Sample has been geologically logged on nominal 1m intervals.
		logged.
*Sub-sampling*	•	If core, whether cut or sawn and whether quarter, half or all core	•	Where PQ3Diamond Drilling has been used, 100% of the core was used
*techniques*		taken.		for assaying and metallurgical purposes.

Criteria	JORC Code explanation	Commentary	Commentary
*and sample*
*preparation*
	• If non-core, whether riffled, tube sampled, rotary split, etc and	•	The majority of RC samples were sampled dry via a riffle splitter.
	whether sampled wet or dry.	•	All Diamond Core samples were dried prior to sampling.
	• For all sample types, the nature, quality and appropriateness of the	•	Sample preparation for all samples was carried out by Nagrom and SGS
	sample preparation technique.		Laboratories (accredited).
		•	XRF sample material is dried in an oven at 105 degrees Celsius. A sample
			disk is produced using 0.8000 grams of dried sample with 8.000 grams of
			12:22 lithium tetra borate and metaborate flux containing 5% lithium
			nitrate. The flux and sample are mixed and heated to 1000 degrees
			Celsius in a platinum crucible for 15 minutes. The resulting borate-glass
			melt is poured into a platinum mold to form a fusion disk. The disk is then
			analysed by a Panaytical Axios XRF to determine element concentrations
			in the sample.
		•	Loss on Ignition (LOI) analysis utilized a dried sample is heated to 1000
			degrees Celsius for four hours. The mass loss due to heating is
			determined using an electronic balance capable of weighing to +/- 0.0001
			grams.
	• Quality control procedures adopted for all sub-sampling stages to	•	Sizing analysis of the laboratories crushing and pulverizing is monitored
	maximise representivity of samples.		daily, no issues on the particle sizing has been discovered.
	• Measures taken to ensure that the sampling is representative of the	•	All RC duplicate samples were re-split for the bulk residue sample.
	in situ material collected, including for instance results for field	•	Analysis of the QA/QC data has shown the primary versus duplicate
	duplicate/second-half sampling.		samples have excellent correlation and no sampling bias has been
			detected.
	• Whether sample sizes are appropriate to the grain size of the	•	Samples were collected on nominal 1m intervals within the entire drill
	material being sampled.		hole.
		•	RC samples were split with a final sample size of 2-3kg. These are
			industry standard and are appropriate for this type of mineralisation.
*Quality of*	• The nature, quality and appropriateness of the assaying and	•	All samples were analyzed at Nagrom and SGS Laboratories in Perth,
*assay data*	laboratory procedures used and whether the technique is		Australia using XRF analysis which is an industry standard analysis of
*and*	considered partial or total.		manganese ore.

Criteria	JORC Code explanation	Commentary	Commentary
*laboratory*		•	Elements assayed using XRF include Mn, Fe, Al2O3, CaO, Cr2O3, P2O5,
*tests*			SiO2, Ba, K2O, MgO, Na2O, S, TiO2LOI, Cu, Pb, Zn.
	• For geophysical tools, spectrometers, handheld XRF instruments,	•	Specific Gravity (SG) data was captured using gamma gamma logging at
	etc, the parameters used in determining the analysis including		2cm intervals.
	instrument make and model, reading times, calibrations factors
	applied and their derivation, etc.
	• Nature of quality control procedures adopted (eg standards, blanks,	•	Quality Assurance was conducted with 1 duplicate sample being
	duplicates, external laboratory checks) and whether acceptable		collected every 40 samples. The duplicate samples and standard
	levels of accuracy (ie lack of bias) and precision have been		references material were analysed at Nagron and SGS Laboratories using
	established.		identical methods.
		•	All duplicate samples returned acceptable analysis with samples
			achieving acceptable correlation with no sample bias. The majority of
			Standard references (CRM) results returned analysis within 3 standard
			deviations of the expected grade.
		•	Sample analysis is routinely checked via pulp round robin tests with
			other certified laboratories. No bias or analytical issues have been
			detected to date.
*Verification of*	• The verification of significant intersections by either independent or	•	All data has been checked for accuracy by senior MZM and Contractor
*sampling and*	alternative company personnel		geological staff.
*assaying*
	• The use of twinned holes.	•	Twinned Diamond/RC holes have shown no significant bias between the
			drill techniques where sample recovery is greater than 50%.
	• Documentation of primary data, data entry procedures, data	•	All data is logged digital into Excel data entry templates. The data entry
	verification, data storage (physical and electronic) protocols.		templates are checked by the Data Manager and input into the
			companies GBIS sequel geological database. Data is input into temporary
			database tables where it passes through verification testing, once
			verified it is input into the database. All assay data is supplied in csv
			format from the laboratory and input directly into the data base assay
			tables. A QA/QC package is linked to the database which checks both
			duplicate and standard assay results to track sampling and analysis
			accuracy.

Criteria	JORC Code explanation	Commentary
	• Discuss any adjustment to assay data.	• No adjustments have been made to assay data returned from the
		laboratory.
*Location of*	• Accuracy and quality of surveys used to locate drill holes (collar and	• All drill holes have been surveyed by Down Under Surveys using an
*data points*	down-hole surveys), trenches, mine workings and other locations	Ashtec DGPS +/- 39cm.
	used in Mineral Resource estimation.
	• Specification of the grid system used.	• The license is located entirely within Universal Transverse Mercator Zone
		50 South with all co-ordinates recorded using the World Geodetic
		System 94 datum and UTM Zone 50 projection.
	• Quality and adequacy of topographic control.	• The topographic data was captured via an AS350BA Squirrel Helicopter
		using Opti-Logic RS800 Laser Altimeter and Novatel Superstar II GPS
		systems.
*Data spacing*	• Data spacing for reporting of Exploration Results.	• Drilling is nominally on 200m by 100m spacing with variation dependent
*and*		upon orientation of the ore-body. The drill spacing is within acceptable
*distribution*		industry standards for this style of ore body.
		• The indicated portion of the resource has been drilled at 100 x 100
		metres or better.
	• Whether the data spacing and distribution is sufficient to establish	• The drill spacing is sufficient to establish the degree of geological and
	the degree of geological and grade continuity appropriate for the	grade continuity appropriate for the Mineral Resource.
	Mineral Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• Whether sample compositing has been applied.	• No sample compositing has been applied for the purposes of the MRE.
*Orientation of*	• Whether the orientation of sampling achieves unbiased sampling of	• 234 RC and 10 diamond drill holes were used in the resource estimate for
*data in*	possible structures and the extent to which this is known,	a total of 6800.4 metres of drilling. All holes were drilled vertically. The
*relation to*	considering the deposit type.	averge hole depth is 30 m. The manganese ore zones are close to flat
*geological* *structure*		lying and therefore drillhole intersections approximate true width. • The geology and mimeralision is flat lysing dipping between 5 and 7 degress to the north, north east.
		• The orientation of the drilling is close to a perpendicular orientation to
		the geology and minerlaistion and is considered unbiased.

Criteria	JORC Code explanation		Commentary	Commentary
	• If the relationship between	the drilling orientation and the	•	No orientation based sampling bias has been identified in the data to
	orientation of key mineralised structures is considered to have			date.
	introduced a sampling bias, this should be assessed and reported if
	material.
*Sample*	• The measures taken to ensure sample security.		•	All sample data was recorded digitally. Samples were packed in
*security*				numbered polyweaves and send via a courier company to laboratory in
				Perth with connote.
*Audits or*	• The results of any audits or reviews of sampling techniques and		•	Snowden visited the site for the 2011 resources and found all aspects of
*reviews*	data.			exportation to be satisfactory.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	JORC Code explanation	Commentary
*Mineral*	• Type, reference name/number, location and ownership including	• The Butcherbird Project consists of a single granted exploration license –
*tenement and*	agreements or material issues with third parties such as joint	E52/2350.
*land tenure* *status*	ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental	• The tenure is 100% owned by Montezuma Mining Corporation Ltd.
	settings
	• The security of the tenure held at the time of reporting along with	• The permit is considered secure.
	any known impediments to obtaining a licence to operate in the
	area.
*Exploration*	• Acknowledgment and appraisal of exploration by other parties.	• The historical exploration data has been collected by various parties and
*done by other*		has been reported to high standards.
*parties*		• The methods of exploration and techniques used are considered

Criteria	JORC Code explanation	Commentary	Commentary
			appropriate for the deposit types sought (Mn)
*Geology*	• Deposit type, geological setting and style of mineralisation.	•	Butcherbird is a stratiform sedimentary manganese deposit.
		•	The deposits are hosted within the Ilgarari Formation which is generally
			flat lying with gentle open folding in places.
		•	The manganese mineralisation within the ore zones is divided into three
			distinctive units – a high grade manganiferous cap, supergene enriched
			manganiferous laterite and basal shale.
*Drill hole*	• A summary of all information material to the understanding of the	•	No individual exploration results are listed within this announcement as
*Information*	exploration results including a tabulation of the following		the announcement covers a MRE (Mineral Resource Estimate).
	information for all Material drill holes:
	`o` easting and northing of the drill hole collar
	`o` elevation or RL of the drill hole collar
	`o` dip and azimuth of the hole
	`o` down hole length and interception depth
	`o` hole length.
	• If the exclusion of this information is justified on the basis that the	•	No information has been excluded.
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should
	clearly explain why this is the case.
*Data*	• In reporting Exploration Results, weighting averaging techniques,	•	No grade cutting has taken place. The MRE is reported at a Manganese
*aggregation*	maximum and/or minimum grade truncations (e.g. cutting of high		cutoff grades of 8 %.
*methods*	grades) and cut-off grades are usually Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of high grade	•	No sample length bias was identified. The majority of the samples are 1
	results and longer lengths of low grade results, the procedure used		metre with some material outside the mineralised areas composited to
	for such aggregation should be stated and some typical examples of		4 m via spear.
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values	•	No metal equivalents have been used.
	should be clearly stated.
*Relationship*	• These relationships are particularly important in the reporting of	•	All grade is reported on a weighted average.
*between*	Exploration Results.
*mineralisatio*
*n widths and*

Criteria	JORC Code explanation	Commentary	Commentary
*intercept*
*lengths*
	• If the geometry of the mineralisation with respect to the drill hole	•	The mineralisation is strata bound and flat lying, striking at 80 degrees
	angle is known, its nature should be reported.		and dipping at around 7 degrees to the North (some local variation) and
			all drilling is shallow vertical, intersecting the mineralisation
			perpendicular to strike and dip.
	• If it is not known and only the down hole lengths are reported, there	•	No individual exploration results are listed within this announcement as
	should be a clear statement to this effect (eg ‘down hole length, true		the announcement covers a MRE (Mineral Resource Estimate).
	_width not known’). _
*Diagrams*	• Appropriate maps and sections (with scales) and tabulations of	•	Refer to body of the report.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
*Balanced*	• Where comprehensive reporting of all Exploration Results is not	•	The thickness of the modelled minerlaisation 5 m up to 26 m. with a
*reporting*	practicable, representative reporting of both low and high grades		average with of appoximatly 18m. Mn grades within the
	and/or widths should be practiced to avoid misleading reporting of		mineralisation range from 0.4 to 33.3 % Mn with a mean grade of
	Exploration Results.		12.02 % Mn
*Other*	• Other exploration data, if meaningful and material, should be	•	NA
*substantive*	reported including (but not limited to): geological observations;
*exploration*	geophysical survey results; geochemical survey results; bulk samples
*data*	– size and method of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
*Further work*	• The nature and scale of planned further work (eg tests for lateral	•	Future in-fill drilling will be targeted at upgrading the resource classes
	extensions or depth extensions or large-scale step-out drilling).		of the ore body and providing further metallurgical samples.
	• Diagrams clearly highlighting the areas of possible extensions,	•	Metallurgical work is continuing along with discussion around the
	including the main geological interpretations and future drilling		commercialization of the project.
	areas, provided this information is not commercially sensitive.

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	JORC Code explanation	Commentary
*Database*	• Measures taken to ensure that data has not been corrupted by, for	• Data is supplied from site via spreadsheet, this data in input directly into
*integrity*	example, transcription or keying errors, between its initial collection	the Company GBIS database where routine validation checks are run.
	and its use for Mineral Resource estimation purposes.	Assay data is received in csv format from the laboratory and merged
		directly into the Database.
	• Data validation procedures used.	• All Data is re-run through a Validation program to define any errors.
		Data is plotted and validated by geologist as a final measure of
		validation. QA/QC analysis of all assay data is routinely run to check for
		any laboratory errors.
*Site visits*	• Comment on any site visits undertaken by the Competent Person and	• As drilling ceased in 2011 the Competent Person has not carried out a
	the outcome of those visits.	site visit. Diamond core, bulk samples, coarse rejects, chip trays and
	• If no site visits have been undertaken indicate why this is the case.	pulps have been seen the Component person. Satellite imagery
		confirming the position of the drill hole. Snowden carried out a site trip
		and observed all aspects of the Exploration Program finding everything
		satisfactory. All exploration methodologies have been checked for their
		validity.
*Geological*	• Confidence in (or conversely, the uncertainty of) the geological	• The geological of the deposits geology and mineralisation controls are
*interpretation*	interpretation of the mineral deposit.	relatively simple and the interpretation is grossly correct, infill drilling in
		some places has assisted with refinements to that interpretation.
	• Nature of the data used and of any assumptions made.	• Mineralisation has been identified by using a combination of geology,
		geochemistry. Stratigraphy and regolith boundaries have been
		identified from logging and geochemistry, and this has been domained
		as the favourable mineralised unit.
	• The effect, if any, of alternative interpretations on Mineral Resource	• The stratigraphy has been interpreted as a flatly dipping unit, striking at
	estimation.	80 degrees and dipping at around 7 degrees to the North. This
		interpretation is robust and confirmed bysatellite imageryand surface

Criteria	JORC Code explanation	Commentary	Commentary
			outcrop. There may be some slight local variation to the interpretation
			with infill data but these changes would only be minor.
	• The use of geology in guiding and controlling Mineral Resource	•	As the mineralisation is strata bound the resource estimate used the
	estimation.		geology to domain the resource and control the grade distribution.
			Regolith boundaries for the hard-cap and base of oxidisation with the
			Geological boundary were hard grade boundaries. A search ellipse
			striking at 80 degrees dipping at 7 degrees towards 350 degrees was
			used in the estimation
	• The factors affecting continuity both of grade and geology.	•	The continuity of the geology and grade is reasonably well understood
			but is affected by local variation in folding, faulting and thinning or
			broadening of bedding is typical with this style of mineralisation. At the
			base of oxidization there is a spike in Sulphur, crossing lithologies, which
			would be due to localized gypsum. And would wash out with processing.
*Dimensions*	• The extent and variability of the Mineral Resource expressed as	•	The block model extends from 7292750 N to 7298750 E, 771550 E
	length (along strike or otherwise), plan width, and depth below		to776100 E and 580 to 650 m in RL. The topography surface is
	surface to the upper and lower limits of the Mineral Resource.		approximately 630 m RL. The model was cut-off at the base of drilling.
*Estimation*	• The nature and appropriateness of the estimation technique(s)	•	The MRE was calculated in Surpac 6.51 using ordinary kriging (OK) as
*and*	applied and key assumptions, including treatment of extreme grade		the estimation technique. This is a standard technique used for
*modelling*	values, domaining, interpolation parameters and maximum distance		manganese resource estimations and was used in the maiden resource
*techniques*	of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and		in January 2011 by Snowden.
	parameters used.
	• The availability of check estimates, previous estimates and/or mine	•	The current resource is an update on the January 2011 resource which
	production records and whether the Mineral Resource estimate takes		was estimated by Snowden according to JORC 2004. All data used in the
	appropriate account of such data.		January 2011 resource has been included in the current resource.
	• The assumptions made regarding recovery of by-products.	•	No assumptions have been made
	• Estimation of deleterious elements or other non-grade variables of	•	Mn, Fe, SiO2, Al2O3, P205, LOI, S, MgO, K2O, CaO, TiO2, Na2O, Cr2O3, MgO,
	economic significance (e.g. sulphur for acid mine drainage		Cu, Ba, Zn and Pb were all estimated in the resource.
	_characterisation). _
	• In the case of block model interpolation, the block size in relation to	•	The search geometry was determined from the orientation of the
	the average sample spacing and the search employed.		geologyand mineralisation. With the first estimationpass havinga strike

Criteria	JORC Code explanation	Commentary	Commentary
			of 120m. the across strike distance was 60m and the down dip distances
			was 15m.
		•	Ordinary kriging (OK) was used to interpolate the grade with search
			parameters derived from variography.
		•	A minimum of 5 samples from a minimum of 2 drill holes and maximum
			of 30 samples was required to estimate a block
		•	For estimation passes two and three, the search ellipses were expanded
			by a factor of 1.4 and 4.2 respectively.
	• Any assumptions behind modelling of selective mining units.	•	Na
	• Any assumptions about correlation between variables.	•	No assumptions were made about the correlation between variables.
	• Description of how the geological interpretation was used to control	•	Geological boundaries and domains were treated as hard boundaries
	the resource estimates.		and only samples within the geological domains were used to estimate
			that domain. Interpolation of the orientation was based on the
			geological units geometry.
	• Discussion of basis for using or not using grade cutting or capping.	•	Statistical analysis of the all geological domains was performed and
			model elements. High grade top cuts were applied to elements who’s
			coefficient of variation (CV) was greater than 1.2, top cuts were applied
			at the change of slope of the frequency histogram. This effected CaO, S,
			Cu.
	• The process of validation, the checking process used, the comparison	•	The resource model was validated against the estimation data visually
	of model data to drill hole data, and use of reconciliation data if		and statistically. Visual investigations again geology and estimated
	available.		grade were carried out. Swath plots by north east and RL were used to
			compare grade of the model to the estimation data.
*Moisture*	• Whether the tonnages are estimated on a dry basis or with natural	•	No account has been taken for moisture. The tonnages are wet.
	moisture, and the method of determination of the moisture content.	•	There is no current test work to determine the moisture content.
*Cut-off*	• The basis of the adopted cut-off grade(s) or quality parameters	•	A cutoff grade of 8% Mn was applied as this reflected the economic cut-
*parameters*	applied.		off for the metallurgical test work.

Criteria	JORC Code explanation	Commentary	Commentary
*Mining*	• Assumptions made regarding possible mining methods, minimum	•	The mineralisation is stratabound oxide material around 20 metres in
*factors or*	mining dimensions and internal (or, if applicable, external) mining		thickness easily ably to be mined with limited stripping.
*assumptions*	dilution. It is always necessary as part of the process of determining	•	Coventional truck and shovel mining is evisiaged. Trucked to a centrally
	reasonable prospects for eventual economic extraction to consider		located processing facility.
	potential mining methods, but the assumptions made regarding	•	No mining assumptions used in the MRE
	mining methods and parameters when estimating Mineral Resources	•	No account has been taken for mining dilution in the MRE.
	may not always be rigorous. Where this is the case, this should be
	reported with an explanation of the basis of the mining assumptions
	made.
*Metallurgical*	• The basis for assumptions or predictions regarding metallurgical	•	Detailed metallurgical test work has shown the manganese
*factors or*	amenability. It is always necessary as part of the process of		mineralisation is easily upgradable to a low-grade product with a typical
*assumptions*	determining reasonable prospects for eventual economic extraction		scrubbing, wet screening and then two stages of gravity separation.
	to consider potential metallurgical methods, but the assumptions	•	This low-grade product would, if sold currently, have a discounted sale
	regarding metallurgical treatment processes and parameters made		prices as reflected by the Manganese product grade.
	when reporting Mineral Resources may not always be rigorous.	•	Recent bench top studies have shown this can then be upgraded to a
	Where this is the case, this should be reported with an explanation of		premium saleable product with hydro-metallurgical processing. This
	the basis of the metallurgical assumptions made.		test work is continuing.
*Environmen-*	• Assumptions made regarding possible waste and process residue	•	Environmental baseline studies for both Terrestrial Fauna and Flora have
*tal factors or*	disposal options. It is always necessary as part of the process of		been completed as part of the Prefeasibility Studies.
*assumptions*	determining reasonable prospects for eventual economic extraction	•	No current or potential environmental issues were identified in the
	to consider the potential environmental impacts of the mining and		studies.
	processing operation. While at this stage the determination of
	potential environmental impacts, particularly for a greenfields
	project, may not always be well advanced, the status of early
	consideration of these potential environmental impacts should be
	reported. Where these aspects have not been considered this should
	be reported with an explanation of the environmental assumptions
	made.
*Bulk density*	• Whether assumed or determined. If assumed, the basis for the	•	Specific Gravity (SG) data was captured using gamma logging at 2cm
	assumptions. If determined, the method used, whether wet or dry,		intervals.
	the frequency of the measurements, the nature, size and	•	9 drill holes were surveyed, with the average density of these being used
	representativeness of the samples.		to determine the deposit average.
		Ø

Criteria	JORC Code explanation	Commentary	Commentary
	• The bulk density for bulk material must have been measured by	•	The gamma gamma logging measures the all in specific gravity and is a
	methods that adequately account for void spaces (vugs, porosity,		wet density. No account has been taken for moisture.
	etc), moisture and differences between rock and alteration zones	•	Trenching dug across the orebody provided physical samples of surface
	within the deposit.		material for analysis
	• Discuss assumptions for bulk density estimates used in the evaluation	•	Statistical analysis shows that bulk densities are sensitive to depth with
	process of the different materials.		low variability within lithological units. There is no correlation evident
			with the density and grade. There was insufficient information to
			calculate a regression curve for the density vs depth so the average
			density was applied.
*Classification*	• The basis for the classification of the Mineral Resources into varying	•	Resource classifications were determined by a combination of OK
	confidence categories.		estimation confidence (determined from the regression slope value),
			sample search pass number combined with geological confidence and
			drill hole spacing.
	• Whether appropriate account has been taken of all relevant factors	•	Appropriate account has been taken of all relevant factors.
	(ie relative confidence in tonnage/grade estimations, reliability of
	input data, confidence in continuity of geology and metal values,
	_quality, quantity and distribution of the data). _
	• Whether the result appropriately reflects the Competent Person’s	•	Yes, these results were what was expected from the knowledge of the
	view of the deposit.		deposit.
*Audits or*	• The results of any audits or reviews of Mineral Resource estimates.	•	There have been no audits or reviews of this mineral resource. This is an
*reviews*			updated resource from the resource estimated by Snowden in January
			2011 (JORC 2004) with addition metallurgical data.
*Discussion of*	• Where appropriate a statement of the relative accuracy and	•	The relative accuracy of the Mineral Resource estimate is reflected in
*relative*	confidence level in the Mineral Resource estimate using an approach		the reporting of the Mineral Resource as per the guidelines of the 2012
*accuracy/*	or procedure deemed appropriate by the Competent Person. For		JORC code.
*confidence*	example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated
	confidence limits, or, if such an approach is not deemed appropriate,
	a qualitative discussion of the factors that could affect the relative
	accuracy and confidence of the estimate.

Criteria	JORC Code explanation		Commentary
	• The statement should specify whether it relates to global or local		• The statement relates to global estimate of tonnes and grade for an
	estimates, and, if local, state the relevant tonnages, which should be		inferred and indicated resource.
	relevant to technical and economic evaluation. Documentation
	should include assumptions made and the procedures used.
	• These statements of relative accuracy and confidence of the estimate		• No production data is available.
	should be compared withproduction data, where available.

JORC Code, 2012 Edition – Table 1 report (Resources outside Yanneri Ridge)

SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria	JORC Code explanation	Commentary	Commentary
*Sampling*	Nature and quality of sampling (eg cut channels, random chips, or	•	Sampling intervals for all RC holes were 1m from the rig mounted
*techniques*	specific specialised industry standard measurement tools appropriate to		splitter.
	the minerals under investigation, such as down hole gamma sondes, or	•	The samples were split into approximately 2-3kgs into pre-numbered
	handheld XRF instruments, etc). These examples should not be taken as		calico bags. The splitter was inspected at the end of each drill rod, and
	limiting the broad meaning of sampling.		cleaned with compressed air as routine.
		•	Some samples were composited to 4 m in areas away from the
			mineralization. This was done with the use of a sample spear.
	Include reference to measures taken to ensure sample representivity and	•	Certified Reference Material (CRM) was inserted into the samples on the
	the appropriate calibration of any measurement tools or systems used.		basis of 1/40. Analysis was by standard XRF technique at Nagrom and
			SGS Laboratories in Perth Australia.
		•	Standard QA/QC analysis was carried out on the assay data to confirm
			the validity of both the sampling method and laboratory analysis. In
			addition, Nagrom and SGS laboratories have internal QA processes which
			includes both duplicates and standards in the analysis.

Criteria	JORC Code explanation	Commentary	Commentary
		•	An examination of the QAQC sample data indicates satisfactory
			performance of the duplicate samples and the laboratory has acceptable
			precision with no bias.
	Aspects of the determination of mineralisation that are Material to the	•	Samples were dried crushed and pulverised at the Company’s sample
	Public Report.		preparation laboratory to get 90% of the sample <160µm to provide a
			150g gram sample which was then assayed via industry standard XRF at
			Nagrom and SGS Perth.
	In cases where ‘industry standard’ work has been done this would be	•	Additional size fraction analysis was carried out on the trench colluvium
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m		samples to assist with the determination of clay fractions and to assist
	samples from which 3 kg was pulverised to produce a 30 g charge for		with defining metallurgical characteristics.
	fire assay’). In other cases more explanation may be required, such as
	where there is coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed information.
*Drilling*	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	Drilling was carried out predominantly with RC with a small volume of
*techniques*	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or		Diamond Drilling. The RC holes were completed using a 140mm diameter
	standard tube, depth of diamond tails, face-sampling bit or other type,		face sampling hammer (10 metallurgical holes were drilled using PQ3
	whether core is oriented and if so, by what method, etc).		rods).
*Drill sample*	Method of recording and assessing core and chip sample recoveries and	•	RC recoveries were estimated and reported by the supervising geologist.
*recovery*	results assessed.	•	Measures were taken to maximise sample recovery and ensure
			representative nature of the samples. Nominal 2-3kg calico bag sample
			weight was desired feed from rig mounted cyclone and riffle splitter.
		•	Riffles were inspected at the end of each rod, and routinely cleaned with
			compressed air from rig.
	Measures taken to maximise sample recovery and ensure representative	•	RC drilling was the preferred drill technique in order to maximise sample
	nature of the samples.		recoveries. Care was taken in keeping sample dry.
	Whether a relationship exists between sample recovery and grade and	•	Twin RC/Diamond drill hole data has shown that some bias in grade may
	whether sample bias may have occurred due to preferential loss/gain of		exist where sample recoveries are less than 50%, this generally only
	fine/coarse material.		occurs within the top 10m of the ore-body.

Criteria	JORC Code explanation	Commentary	Commentary
		•	Recoveries of diamond core near surface were poor in places and to
			minimize this effect, trenching was conducted where 100% of the
			sample could be collected.
*Logging*	Whether core and chip samples have been geologically and	•	All diamond drill core and RC chips have been geologically logged by
	geotechnically logged to a level of detail to support appropriate Mineral		suitably qualified geological staff.
	Resource estimation, mining studies and metallurgical studies.	•	Lithologies, colour, texture, alteration, texture, RQD, structural density
			and magnetic susceptibility were recorded to add to the MRE
			interpretation and metallurgy.
	Whether logging is qualitative or quantitative in nature. Core (or	•	Logging is qualitative in nature, with the exception of density and
	costean, channel, etc) photography.		magnetic susceptibility.
	The total length and percentage of the relevant intersections logged.	•	Every RC Sample has been geologically logged on nominal 1m intervals.
*Sub-sampling*	If core, whether cut or sawn and whether quarter, half or all core taken.	•	Where PQ3Diamond Drilling has been used, 100% of the core was used
*techniques and*			for assaying and metallurgical purposes.
*sample*
*preparation*
	If non-core, whether riffled, tube sampled, rotary split, etc and whether	•	The majority of RC samples were sampled dry via a riffle splitter.
	sampled wet or dry.	•	All Diamond Core samples were dried prior to sampling.
	For all sample types, the nature, quality and appropriateness of the	•	Sample preparation for all samples was carried out by Nagrom and SGS
	sample preparation technique.		Laboratories (accredited).
		•	XRF sample material is dried in an oven at 105 degrees Celsius. A sample
			disk is produced using 8.000 grams of dried sample with 8.000 grams of
			12:22 lithium tetra borate and metaborate flux containing 5% lithium
			nitrate. The flux and sample are mixed and heated to 1000 degrees
			Celsius in a platinum crucible for 15 minutes. The resulting borate-glass
			melt is poured into a platinum mold to form a fusion disk. The disk is
			then analysed by a Panaytical Axios XRF to determine element
			concentrations in the sample.

Criteria	JORC Code explanation	Commentary	Commentary
		•	Loss on Ignition (LOI) analysis utilized a dried sample is heated to 1000
			degrees Celsius for four hours. The mass loss due to heating is
			determined using an electronic balance capable of weighing to +/-
			0.0001 grams.
	Quality control procedures adopted for all sub-sampling stages to	•	Sizing analysis of the laboratories crushing and pulverizing is monitored
	maximise representivity of samples.		daily, no issues on the particle sizing has been discovered.
	Measures taken to ensure that the sampling is representative of the in	•	All RC duplicate samples were re-split for the bulk residue sample.
	situ material collected, including for instance results for field	•	Analysis of the QA/QC data has shown the primary versus duplicate
	duplicate/second-half sampling.		samples have excellent correlation and no sampling bias has been
			detected.
	Whether sample sizes are appropriate to the grain size of the material	•	Samples were collected on nominal 1m intervals within the entire drill
	being sampled.		hole.
		•	RC samples were split with a final sample size of 2-3kg. These are
			industry standard and are appropriate for this type of mineralisation.
*Quality of*	The nature, quality and appropriateness of the assaying and laboratory	•	All samples were analyzed at Nagrom and SGS Laboratories in Perth,
*assay data and*	procedures used and whether the technique is considered partial or		Australia using XRF analysis which is an industry standard analysis of
*laboratory*	total.		manganese ore.
*tests*		•	Elements assayed using XRF include Mn, Fe, Al2O3, CaO, Cr2O3, P2O5,
			SiO2, Ba, K2O, MgO, Na2O, S, TiO2LOI, Cu, Pb, Zn.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the	•	Specific Gravity (SG) data was captured using gamma gamma downhole
	parameters used in determining the analysis including instrument make		logging at 2cm intervals.
	and model, reading times, calibrations factors applied and their
	derivation, etc.
	Nature of quality control procedures adopted (eg standards, blanks,	•	Quality Assurance was conducted with 1 duplicate sample being
	duplicates, external laboratory checks) and whether acceptable levels of		collected every 40 samples. The duplicate samples and standard
	accuracy (ie lack of bias) and precision have been established.		references material were analysed at Nagron and SGS Laboratories using
			identical methods.
		•	All duplicate samples returned acceptable analysis with samples
			achieving acceptable correlation with no sample bias. The majority of
			Standard references (CRM) results returned analysis within 3 standard
			deviations of the expectedgrade.

Criteria	JORC Code explanation	Commentary	Commentary
		•	Sample analysis is routinely checked via pulp round robin tests with
			other certified laboratories. No bias or analytical issues have been
			detected to date.
*Verification of*	The verification of significant intersections by either independent or	•	All data has been checked for accuracy by senior MZM and
*sampling and*	alternative company personnel		Contractor geological staff.
*assaying*
	The use of twinned holes.	•	Twinned Diamond/RC holes have shown no significant bias between the
			drill techniques where sample recovery is greater than 50%.
	Documentation of primary data, data entry procedures, data	•	All data is logged digital into Excel data entry templates. The data entry
	verification, data storage (physical and electronic) protocols.		templates are checked by the Data Manager and input into the
			companies GBIS sequel geological database. Data is input into temporary
			database tables where it passes through verification testing, once
			verified it is input into the database. All assay data is supplied in csv
			format from the laboratory and input directly into the data base assay
			tables. A QA/QC package is linked to the database which checks both
			duplicate and standard assay results to track sampling and analysis
			accuracy.
	Discuss any adjustment to assay data.	•	No adjustments have been made to assay data returned from the
			laboratory.
*Location of*	Accuracy and quality of surveys used to locate drill holes (collar and	•	All drill holes have been surveyed by Down Under Surveys using an
*data points*	down-hole surveys), trenches, mine workings and other locations used in		Ashtec DGPS.
	Mineral Resource estimation.
	Specification of the grid system used.	•	The license is located entirely within Universal Transverse Mercator Zone
			50 South with all co-ordinates recorded using the World Geodetic
			System 94 datum and UTM Zone 50 projection.
	Quality and adequacy of topographic control.	•	All drill holes were surveyed with a DGPS. This data was used to create
			topography surfaces for the resource.

Criteria	JORC Code explanation	Commentary	Commentary
*Data spacing*	Data spacing for reporting of Exploration Results.		Richies Find, Coodamudgi and Munawindi– 400 m by 100 m.
*and*			Ilgarrarie Ridge– 800 m by 100 m
*distribution*
			Budgie Hill– 100 m by 200 m in the north and 100 x 100 m in the
			south
			Bindi Bindi Hill– 100 m by 100 m in two drill lines (parallel and
			perpendicular to the strike). Some infill drilling down to 50 m by 50 m
			spacing around where the drill lines cross.
			Cadgies Flat– 20 m by 40 m in two drill lines (parallel and
			perpendicular to the strike).
	Whether the data spacing and distribution is sufficient to establish the	•	The drill spacing is sufficient to establish the degree of geological and
	degree of geological and grade continuity appropriate for the Mineral		grade continuity appropriate for the Mineral Resource.
	Resource and Ore Reserve estimation procedure(s) and classifications
	applied.
	Whether sample compositing has been applied.	•	No sample compositing has been applied for the purposes of the MRE.
			Sample that were composited to 4 metres were in areas away from the
			mineralisation. These samples were composites to 1 m for the resource
			estimate.
*Orientation of*	Whether the orientation of sampling achieves unbiased sampling of	•	636 RC and 10 diamond drill holes were used in the resource estimate for
*data in relation*	possible structures and the extent to which this is known, considering		a total of 19,353.2 metres of drilling. 629 of these holes were drilled
*to geological*	the deposit type.		vertically. The averge hole depth is 30 m. The manganese ore zones are
*structure*			close to flat lying and therefore drillhole intersections approximate true
			width.
		•	The geology and mimeralision is flat lying dipping between 5 and 7 degress
			to the north, north east.
		•	The orientation of of the drilling is close to a perpendicular orientation to
			the geology and minerlaistion and is considered unbiased.
	If the relationship between the drilling orientation and the orientation of	•	No orientation based sampling bias has been identified in the data to
	key mineralised structures is considered to have introduced a sampling		date.
	bias, this should be assessed and reported if material.

Criteria	JORC Code explanation	Commentary	Commentary
*Sample*	The measures taken to ensure sample security.	•	All sample data was recorded digitally. Samples were packed in
*security*			numbered polyweaves and send via courier company to laboratory in
			Perth with connote.
*Audits or*	The results of any audits or reviews of sampling techniques and data.	•	Snowden visited the site for the 2011 resources and found all aspects of
*reviews*			exploration to be satisfactory.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	JORC Code explanation	Commentary	Commentary
*Mineral tenement*	Type, reference name/number, location and ownership including	•	The Butcherbird Project consists of a single granted exploration
*and land tenure* *status*	agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental	•	license – E52/2350. The tenure is 100% owned by Montezuma Mining Corporation Ltd.
	settings
	The security of the tenure held at the time of reporting along with	•	The permit is considered secure.
	any known impediments to obtaining a licence to operate in the
	area.
*Exploration done*	Acknowledgment and appraisal of exploration by other parties.	•	The historical exploration data has been collected by various parties
*by other parties*			and has been reported to high standards.
		•	The methods of exploration and techniques used are considered
			appropriate for the deposit types sought (Mn)
*Geology*	Deposit type, geological setting and style of mineralisation.	•	Butcherbird is a stratiform sedimentary manganese deposit.
		•	The deposits are hosted within the Ilgarari Formation which is
			generally flat lying with gentle open folding in places.
		•	The manganese mineralisation within the ore zones is divided into
			three distinctive units – a high grade manganiferous cap, supergene

Criteria	JORC Code explanation	Commentary	Commentary
			enriched manganiferous laterite and basal shale.
*Drill hole*	A summary of all information material to the understanding of	•	No individual exploration results are listed within this announcement as
*Information*	the exploration results including a tabulation of the following		the announcement covers a MRE (Mineral Resource Estimate).
	information for all Material drill holes:
	easting and northing of the drill hole collar
	elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	dip and azimuth of the hole
	down hole length and interception depth
	hole length.
	If the exclusion of this information is justified on the basis that the	•	No information has been excluded.
	information is not Material and this exclusion does not detract
	from the understanding of the report, the Competent Person
	should clearly explain why this is the case.
*Data aggregation*	In reporting Exploration Results, weighting averaging techniques,	•	No grade cutting has taken place. The MRE is reported at a Manganese
*methods*	maximum and/or minimum grade truncations (e.g. cutting of high		cutoff grades of 8 %.
	grades) and cut-off grades are usually Material and should be
	stated.
	Where aggregate intercepts incorporate short lengths of high	•	No sample length bias was identified. The majority of the samples are 1
	grade results and longer lengths of low grade results, the		meter with some material outside the mineralised areas composited to 4
	procedure used for such aggregation should be stated and some		m via spear.
	typical examples of such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent	•	No metal equivalents have been used.
	values should be clearly stated.
*Relationship*	These relationships are particularly important in the reporting of	•	All grade is reported on a weighted average.
*between*	Exploration Results.
*mineralisation*
*widths and*
*intercept lengths*

Criteria	JORC Code explanation	Commentary	Commentary
	If the geometry of the mineralisation with respect to the drill hole	•	The mineralisation is strata bound and flat lying dipping at around 5
	angle is known, its nature should be reported.		degrees to the North (some local variation) and all drilling is shallow
			vertical, intersecting the mineralisation perpendicular to strike and dip.
	If it is not known and only the down hole lengths are reported,	•	No individual exploration results are listed within this announcement as
	there should be a clear statement to this effect (eg ‘down hole		the announcement covers a MRE (Mineral Resource Estimate).
	_length, true width not known’). _
*Diagrams*	Appropriate maps and sections (with scales) and tabulations of	•	Refer to body of the report.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
*Balanced reporting*	Where comprehensive reporting of all Exploration Results is not		Richies Find- The thickness of the modelled lodes range from 1 m up
	practicable, representative reporting of both low and high grades		to 15 m. with a average with of appoximatly 8.5m. Mn grades within
	and/or widths should be practiced to avoid misleading reporting		these mineralised lodes range from 0.22 to 23 % Mn with a mean
	of Exploration Results.		grade of 10.9 % Mn
			Coodamudgi– The thickness of the modelled lodes range from 2 m
			up to 18 m. with a average with of appoximatly 11m . Mn grades
			within these mineralised lodes range from 2.5 to 28.6 % Mn with a
			mean grade of 11.1 % Mn
			Munawindi– The thickness of the modelled lodes range from 1 m
			up to 22 m. with a average with of appoximatly 11m. Mn grades
			within these mineralised lodes range from 1 to 33 % Mn with a mean
			grade of 12.04 % Mn
			Ilgarrarie Ridge– The thickness of the modelled lodes range from 1
			m up to 21 m. with a average with of appoximatly 10m. Mn grades
			within these mineralised lodes range from 0.4 to 25.1 % Mn with a
			mean grade of 10.4 % Mn
			Budgie Hill- The thickness of the modelled lodes range from 1 m up
			to 12 m. with a average with of appoximatly 5m. Mn grades within
			these mineralised lodes range from 0.2 to 17.5 % Mn with a mean
			grade of 9.0 % Mn

Criteria	JORC Code explanation	Commentary	Commentary
			Bindi Bindi Hill–The thickness of the modelled lodes range from 4 m
			up to 21 m. with a average with of appoximatly 11.8 m. Mn grades
			within these mineralised lodes range from 1.5 to 24.6 % Mn with a
			mean grade of 10.8 % Mn
			Cadgies Flat –The thickness of the modelled lodes range from 1 m
			up to 9 m. with a average with of appoximatly 5m. Mn grades within
			these mineralised lodes range from 0.2 to 18.5 % Mn with a mean
			grade of 9.6 % Mn
*Other substantive*	Other exploration data, if meaningful and material, should be	•	NA
*exploration data*	reported including (but not limited to): geological observations;
	geophysical survey results; geochemical survey results; bulk
	samples – size and method of treatment; metallurgical test
	results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
*Further work*	The nature and scale of planned further work (eg tests for lateral	•	Future in-fill and step out drilling will be targeted at upgrading the
	extensions or depth extensions or large-scale step-out drilling).		resource and classes of the ore body.
	Diagrams clearly highlighting the areas of possible extensions,	•	Metallurgical work is continuing along with discussions around
	including the main geological interpretations and future drilling		commercialising the project.
	areas, provided this information is not commercially sensitive.

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	JORC Code explanation	Commentary	Commentary
*Database*	Measures taken to ensure that data has not been corrupted by, for	•	Data is supplied from site via spreadsheet, this data in input directly into
*integrity*	example, transcription or keying errors, between its initial collection		the Company GBIS database where routine validation checks are run.
	and its use for Mineral Resource estimation purposes.		Assay data is received in csv format from the laboratory and merged
			directly into the Database
	Data validation procedures used.	•	All Data is re-run through a Validation program to define any errors. Data
			is plotted and validated by geologist as a final measure of validation.
			QA/QC analysis of all assay data is routinely run to check for any
			laboratory errors.
*Site visits*	Comment on any site visits undertaken by the Competent Person	•	As drilling ceased in 2011 this Competent Person has not carried out a
	and the outcome of those visits.		site visit. Diamond core, bulk samples, coarse rejects, chip trays and
	If no site visits have been undertaken indicate why this is the case.		pulps have been seen the Component person. Satellite imagery
			confirming the position of the drill hole. Snowden personal carried out a
			site trip and observed all aspects of the Exploration Program finding
			everything satisfactory. All exploration methodologies have been
			checked for their validity.
*Geological*	Confidence in (or conversely, the uncertainty of) the geological	•	The geological of the deposits geology and mineralisation controls are
*interpretation*	interpretation of the mineral deposit.		relatively simple and the interpretation is grossly correct, infill drilling in
			some places has assisted with refinements to that interpretation.
	Nature of the data used and of any assumptions made.	•	Mineralisation has been identified by using a combination of geology and
			geochemistry. Stratigraphy and Regolith boundaries has been identified
			from logging and geochemistry and these have been domained as the
			favourable mineralised unit.
	The effect, if any, of alternative interpretations on Mineral	•	The stratigraphy has been interpreted as a flatly dipping unit, dipping to
	Resource estimation.		the striking East West and dipping at around 5 degrees to the North, with
			some local variation. This interpretation is robust and confirmed by
			satellite imageryand surface outcrop. There maybe some slight local

Criteria	JORC Code explanation	Commentary	Commentary
			variation to the interpretation with infill data but these changes would
			only be minor.
	The use of geology in guiding and controlling Mineral Resource	•	As the mineralisation is strata bound, the resource estimate used the
	estimation.		geology to domain the resource and control the grade distribution.
			Geological boundary were hard grade boundaries. Search ellipses were
			determined by the strike of the geology and the results of the
			variography.
	The factors affecting continuity both of grade and geology.	•	The continuity of the geology and grade is reasonably well understood
			but is affected by local variation in folding, faulting and thinning or
			broadening of bedding is typical with this style of mineralisation. At the
			base of oxidization there is a spike in Sulphur, crossing lithologies, which
			would be due to localized gypsum. And would wash out with processing.
*Dimensions*	The extent and variability of the Mineral Resource expressed as		Richies Find- The area of mineralisation occurs within a series of lodes
	length (along strike or otherwise), plan width, and depth below		which extend over a 2.3 km strike length and average approximately 550
	surface to the upper and lower limits of the Mineral Resource.		m in width. This area is extended to a known depth of around 9m from
			surface. The thickness of the individual zones ranges from less than 1 m
			up to 15 m.
			Coodamudgi– The mineralisation extends over a 1.3km strike length and
			average approximately 600 m in width. Mineralisation extends from 5m
			below the surface to a depth of 25 m. The thickness of the individual
			zones ranges from 2 m up to 25 m.
			Munawindi- The area of mineralisation occurs within a series of lodes
			which extend over a strike length of 2.7 km and a width of 550 m. This
			area is extended to a known depth of around 33 m from surface. The
			thickness of the individual zones ranges from 1 m up to 22 m.
			Ilgarrarie Ridge– Mineralisation occurs within a series of lodes which
			extend over a 3.7 km strike length and average approximately 600 m in
			width. Mineralisation starts approximately 8m below the surface and
			extends down to a depth of around 28 m from surface. The thickness of
			the individual zones ranges from less than 1 m up to 15 m.
			Budgie Hill- The area of mineralisation occurs within a series of lodes
			which extend over a 1.3km strike length and average approximately260

Criteria	JORC Code explanation	Commentary	Commentary
			m in width. This area is extended to a known depth of around 32 m from
			surface. The thickness of the individual zones ranges from 1 m up to 12
			m.
			Bindi Bindi Hill- The area of mineralisation occurs within a series of
			lodes which extend over a 1.3km strike length and average
			approximately 1.3km in width. This area is extended to a known depth
			of around 40 m from surface. The thickness of the individual zones
			ranges from 1 m up to 15 m.
			Cadgies Flat -Mineralisation occurs within a series of lodes which extend
			over a 740m strike length and average approximately 170m in width.
			This area is extended to a known depth of around 11m from surface.
			The thickness of the individual zones ranges from 1m up to 9m.
*Estimation and*	The nature and appropriateness of the estimation technique(s)	•	The MRE was calculated in Surpac 6.5 using ordinary kriging (OK) as the
*modelling*	applied and key assumptions, including treatment of extreme grade		estimation technique. This is a standard technique used for this type of
*techniques*	values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted		manganese resource in estimations.
	estimation method was chosen include a description of computer
	software andparameters used.
	The availability of check estimates, previous estimates and/or mine	•	This is an update of the current resource which was estimated by
	production records and whether the Mineral Resource estimate		Snowden according to JORC 2004.
	takes appropriate account of such data.
	The assumptions made regarding recovery of by-products.	•	No assumptions have been made
	Estimation of deleterious elements or other non-grade variables of	•	Grades for Mn, Fe, Al2O3, SiO2, and P2O5were estimated using ordinary
	economic significance (e.g. sulphur for acid mine drainage		block kriging into parent cells.
	_characterisation). _
	In the case of block model interpolation, the block size in relation to	•	The search geometry was determined from the orientation of the
	the average sample spacing and the search employed.		geology and mineralisation. With the first estimation pass having the
			range determined by variography.
		•	Ordinary kriging (OK) was used to interpolate the grade with search
			parameters derived from variography.
		•	For estimation pass two, the minimum number of samples was cut by
			half, The third pass extending the range to double the variography with a
			minimum of one sample to fill the remaining block.

Criteria	JORC Code explanation	Commentary	Commentary
	Any assumptions behind modelling of selective mining units.	•	NA
	Any assumptions about correlation between variables.	•	No assumptions were made about the correlation between variables.
	Description of how the geological interpretation was used to	•	Geological boundaries and domains were treated as hard boundaries and
	control the resource estimates.		only samples within the geological domains were used to estimate that
			domain.
		•	Interpolation of the orientation was based on the geological units
			geometry and variography.
	Discussion of basis for using or not using grade cutting or capping.	•	Statistical analysis of the all geological domains was performed and
			model elements. High grade top cuts were applied to elements who’s
			coefficient of variation (CV) was greater than 1.2, top cuts were applied
			at the change of slope of the frequency histogram. This did not affect
			the estimated elements.
	The process of validation, the checking process used, the	•	The resource model was validated against the estimation data visually
	comparison of model data to drill hole data, and use of		and statistically. Visual investigations against geology and estimated
	reconciliation data if available.		grade were carried out. Swath plots by north east and RL were used to
			compare grade of the model to the estimation data.
*Moisture*	Whether the tonnages are estimated on a dry basis or with natural	•	No account has been taken for moisture. The tonnages are wet. There is
	moisture, and the method of determination of the moisture		no current test work on the moisture content.
	content.
*Cut-off*	The basis of the adopted cut-off grade(s) or quality parameters	•	Resource estimate reported at a grade ≥8 % Mn. A grade cut-off grade of
*parameters*	applied.		8% Mn was applied as this reflected the economic cut-off from the
			metallurgical test work.
*Mining factors or*	Assumptions made regarding possible mining methods, minimum	•	The mineralisation is stratabound oxide material around 5 to 20 metres in
*assumptions*	mining dimensions and internal (or, if applicable, external) mining		thickness easily ably to be mined with limited stripping.
	dilution. It is always necessary as part of the process of determining	•	Coventional truck and shovel mining is evisiaged. Trucked to a centrally
	reasonable prospects for eventual economic extraction to consider		located processing facility.
	potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this	• •	No mining assumptions used in the MRE No account has been taken for mining dilution in the MRE.
	should be reported with an explanation of the basis of the mining
	assumptions made.

Criteria	JORC Code explanation		Commentary	Commentary
*Metallurgical*	The basis for assumptions or predictions regarding metallurgical		•	Detailed metallurgical test work has shown the manganese
*factors or*	amenability. It is always necessary as part of the process of			mineralisation is easily upgradable to a low-grade product with typical
*assumptions*	determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions		•	scrubbing, wet screening and two staged gravity separation. This low-grade product would, if sold currently, have a discounted sale
	regarding metallurgical treatment processes and parameters made			prices as reflected by the Manganese product grade.
	when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.		•	Recent bench top studies have shown this can then be upgraded to a premium saleable product with hydro-metallurgical processing. This test work is continuing,
*Environmen-tal*	Assumptions made regarding possible waste and process residue		•	Environmental baseline studies for both Terrestrial Fauna and Flora have
*factors or*	disposal options. It is always necessary as part of the process of			been completed as part of the initial scoping studies.
*assumptions*	determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and		•	No current or potential environmental issues were identified in the studies.
	processing operation. While at this stage the determination of
	potential environmental impacts, particularly for a greenfields
	project, may not always be well advanced, the status of early
	consideration of these potential environmental impacts should be
	reported. Where these aspects have not been considered this
	should be reported with an explanation of the environmental
	assumptions made.
*Bulk density*	Whether assumed or determined. If	assumed, the basis for the	•	Specific Gravity (SG) data was captured using gamma gamma logging at
	assumptions. If determined, the method used, whether wet or dry,			2cm intervals.
	the frequency of the measurements, the nature, size and		•	9 drill holes were surveyed, with the average density of these being used
	representativeness of the samples.			to determine the deposit average.
	The bulk density for bulk material must have been measured by		•	The gamma gamma logging measures the total specific gravity and is the
	methods that adequately account for void spaces (vugs, porosity,			wet density. No account has been taken for moisture.
	etc), moisture and differences between rock and alteration zones		•	Trenching across the orebody provided physical samples for analyses.
	within the deposit.
	Discuss assumptions for bulk density estimates used in the		•	Statistical analysis shows that bulk densities are sensitive to depth with
	evaluation process of the different materials.			low variability within lithological units. There is no correlation evident
				with the density and grade. There was insufficient information to
				calculate a regression curve for the density vs depth so the average
				density was applied.
*Classification*	The basis for the classification of the Mineral Resources into varying		•	The estimates have been classified as Inferred Mineral Resources based
	confidence categories.			ongeological confidence,the integrityof the data,the spatial continuity

Criteria	JORC Code explanation		Commentary	Commentary
				of the mineralisation as demonstrated by variography, and the quality of
				the estimation.
	Whether appropriate account has been taken of all relevant factors		•	Appropriate account has been taken of all relevant factors.
	(ie relative confidence in tonnage/grade estimations, reliability of
	input data, confidence in continuity	of geology and metal values,
	_quality, quantity and distribution of _	_the data). _
	Whether the result appropriately reflects the Competent Person’s		•	Yes, these results were what was expected from the knowledge of the
	view of the deposit.			deposit.
*Audits or reviews*	The results of any audits or reviews of Mineral Resource estimates.		•	There have been no audits or reviews of the mineral resource. This is a
				review of the existing resources estimated by Snowden in December
				reclassifying the JORC 2004 resource as JORC 2012
*Discussion of*	Where appropriate a statement of the relative accuracy and		•	The relative accuracy of the Mineral Resource estimate is reflected in the
*relative accuracy/*	confidence level in the Mineral Resource estimate using an			reporting of the Mineral Resource as per the guidelines of the 2012 JORC
*confidence*	approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical			code. Appropriated techniques and checks have taken place to reclassify the resource as JORC 2012.
	procedures to quantify the relative accuracy of the resource within
	stated confidence limits, or, if such an approach is not deemed
	appropriate, a qualitative discussion of the factors that could affect
	the relative accuracy and confidence of the estimate.
	The statement should specify whether it relates to global or local		•	The statement relates to global estimate of tonnes and grade for an
	estimates, and, if local, state the relevant tonnages, which should			inferred resource.
	be relevant to technical and economic evaluation. Documentation
	should include assumptions made and the procedures used.
	These statements of relative accuracy and confidence of the		•	No production data is available.
	estimate should be compared with production data, where
	available.

AI assistant

ELEMENT 25 LIMITED Regulatory Filings 2017

64810_rns_2017-10-16_d8e3072d-92b2-46c3-a04a-d8f07dbd3df7.pdf

ABOUT MONTEZUMA MINING

1 7 OCTOBER 2017

BUTCHERBIRD MANGANESE PROJECT UPGRADED MINERAL RESOURCE ESTIMATE

HIGHLIGHTS

MARKET DATA

BOARD AND MANAGEMENT

REGIONAL GEOLOGY

RESOURCE ESTIMATION

YANNERI RIDGE RESOURCE ESTIMATION

FOR MORE INFORMATION…

Justin Brown

Executive Director

Phone: +61 8 6315 1400

JORC Code, 2012 Edition – Table 1 report (Yanneri Ridge)

SECTION 1 SAMPLING TECHNIQUES AND DATA

SECTION 2 REPORTING OF EXPLORATION RESULTS

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

JORC Code, 2012 Edition – Table 1 report (Resources outside Yanneri Ridge)

SECTION 1 SAMPLING TECHNIQUES AND DATA

SECTION 2 REPORTING OF EXPLORATION RESULTS

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

AI assistant

ELEMENT 25 LIMITED — Regulatory Filings 2017

64810_rns_2017-10-16_d8e3072d-92b2-46c3-a04a-d8f07dbd3df7.pdf

ABOUT MONTEZUMA MINING

1 7 OCTOBER 2017

BUTCHERBIRD MANGANESE PROJECT UPGRADED MINERAL RESOURCE ESTIMATE

HIGHLIGHTS

MARKET DATA

BOARD AND MANAGEMENT

REGIONAL GEOLOGY

RESOURCE ESTIMATION

YANNERI RIDGE RESOURCE ESTIMATION

FOR MORE INFORMATION…

Justin Brown

Executive Director

Phone: +61 8 6315 1400

JORC Code, 2012 Edition – Table 1 report (Yanneri Ridge)

SECTION 1 SAMPLING TECHNIQUES AND DATA

SECTION 2 REPORTING OF EXPLORATION RESULTS

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

JORC Code, 2012 Edition – Table 1 report (Resources outside Yanneri Ridge)

SECTION 1 SAMPLING TECHNIQUES AND DATA

SECTION 2 REPORTING OF EXPLORATION RESULTS

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

More from ELEMENT 25 LIMITED

ELEMENT 25 LIMITED Regulatory Filings 2017