EMERALD RESOURCES NL — Capital/Financing Update 2016

Dec 1, 2016

ASX Announcement

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2 December 2016

Okvau Gold Project Update and Drilling Results

• Definitive Feasibility Study remains on track for delivery in early 2017

• Assay results received for the remaining resource infill drill hole program at the 1.13Moz Okvau Deposit (refer Table Three) with a number of additional +50 gram metre intersections including (refer Table One and Four for complete results):

• 34m @ 2.27g/t gold from 14m (RC16OKV327)

• 23m @ 2.55g/t gold from 103m (RC16OKV327)

• 24m @ 3.06g/t gold from 93m (RC16OKV332)

o 18m @ 4.53g/t gold from 83m (DD16OKV299) o 20m @ 2.53g/t gold from 93m (RC16OKV335) o 17m @ 4.72g/t gold from 45m (RC16OKV336)

• 5m @ 10.34g/t gold from 135m (DD16OKV299)

• Shallow step-out drilling, testing for strike and dip extensions, continues with assay results received for the initial 14 holes which included (refer Table Two and Four for complete results):

• 4m @ 16.08g/t gold from 69m (RC16OKV254)

• 6m @ 2.90g/t gold from 33m (RC16OKV334)

• 3m @ 3.90g/t gold from 80m (RC16OKV341)

• Diamond core drilling of depth extensions scheduled to commence next week

• Improved open pit design parameters from geotechnical study expected to result in reduced strip ratio

• Environmental & Social Impact Assessment (ESIA) completed and is currently being translated for submission to the Ministry of Environment

Emerald Resources NL (ASX: EMR) (‘Emerald’) is pleased to provide an update on its 100% owned Cambodian Gold Project including the status of the Definitive Feasibility Study (‘DFS’), assay results from the remainder of the recently completed shallow resource infill drilling and initial assay results from step-out drilling at the 1.13Moz Okvau Deposit (refer Table Three). All aspects of the DFS are progressing on schedule for completion in early 2017.

As announced on 18 October 2016, Emerald completed 7,424 metres of resource infill drilling designed to improve the confidence in the resource estimate of the top 120 vertical metres of the Okvau Deposit by closing the drill spacing to approximately 25 metres by 25 metres. Drilling is continuing with a program of step-out drilling to test for strike and dip extensions outside the current Okvau resource envelope underway which will be followed by some deeper diamond core holes to test for high grade depth extensions.

Emerald’s Managing Director, Morgan Hart, commented:

“The results of the resource infill drilling are highly encouraging and are now being incorporated into an updated resource model as part of the DFS. The drill density of 25 metre spacing in the top 120 metres of the deposit will provide a high level of confidence in the resource model and assist in establishing a maiden JORC compliant reserve for the Okvau Deposit.

Drilling outside the existing resource envelope has demonstrated the potential to add further shallow ounces and the potential at depth is exciting with drilling to test that potential about to commence.”

Emerald Resources NL AC N 009 795 046 1110 Hay Street, West Perth Western Australia 6005 PO BOX 1408 West Perth Western Australia 6872 | T: 1300 729 528 E: info@emeraldresources.com.au

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Resource Drilling Program

A 7,424 metre resource infill drilling program was undertaken on the Okvau Deposit designed to improve the confidence in the resource estimate of the top 120 vertical metres of the deposit by closing the drill spacing to approximately 25 metres by 25 metres. This area will represent the initial ~3 years of mill feed for the project.

Emerald announced the results of the initial approximate two thirds of the infill program on 18 October 2016 (refer ASX announcement). The results of the remaining holes have now been received and a summary is shown below in Table One (refer Table Four for complete results). Results are confirming the existing geological and resource model. The drilling will be incorporated into a new resource estimate and a maiden reserve which will accompany the DFS in early 2017.

Table One |Summary (+10 gram metre) Resource Step Out Drilling Results

Hole Name Intersection From (m) To (m) Interval (m) Gold (g/t)		Hole Name Intersection From (m) To (m) Interval (m) Gold (g/t)
DD16OKV299 22 24 2 19.69		RC16OKV327 14 48 34 2.27
68 74 6 2.64		59 66 7 3.16
83 101 18 4.53		103 126 23 2.55
123 125 2 9.65		RC16OKV328 21 30 9 2.96
135 140 5 10.34		RC16OKV329 24 26 2 6.06
RC16OKV312 36 41 5 4.53		RC16OKV330 8 14 6 1.97
55 63 8 1.58		RC16OKV331 36 39 3 3.33
73 74 1 44.80		92 98 6 2.68
RC16OKV314 91 93 2 11.17		RC16OKV332 40 58 18 0.79
104 117 13 1.37		80 86 6 1.90
RC16OKV315 125 139 14 0.80		93 117 24 3.06
RC16OKV317 48 60 12 2.13		DD16OKV335 20 34 14 1.23
96 105 9 3.29		64 76 12 1.07
131 137 6 3.23		93 113 20 2.53
RCDD16OKV318 22 29 7 5.46		120 127 7 6.71
34 36 2 9.96		142 144 2 9.90
57 59 2 17.63		RC16OKV336 21 26 5 5.72
78 82 4 4.42		45 62 17 4.72
RC16OKV319 14 23 9 1.82		82 86 4 5.91
50 60 10 3.41		DD16OKV344 97 106 9 2.22
RC16OKV320 57 61 4 3.01		110 124 14 2.46
RC16OKV321 30 34 4 8.03		DD16OKV349 29 38 9 3.18

A further ~34 holes or 4,100 metres of step-out drilling is underway designed to test for incremental strike and down dip extensions outside the current resource block model. Assay results of the initial 8 holes or 700 metres of this step out drilling have now been received and a summary is shown below in Table Two (refer Table Four for complete results). Results are confirming the potential add additional shallow ounces to the Okvau Deposit.

Table Two |Summary (+10 gram metre) Resource Step Out Drilling Results

			Intersection	Intersection
	Hole Name	From	To	Interval	Gold
		(m)	(m)	(m)	(g/t)
	RC16OKV254	69	73	4	16.08
	RC16OKV334	33	39	6	2.90
	RC16OKV341	80	83	3	3.90

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A plan showing the collar locations of the resource infill and step out drilling, along with historical resource drill hole collars, is shown below in Figure One.

Figure One| Okvau Resource Drilling Collar Location

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The Okvau Deposit is hosted predominately in Cretaceous age diorite and, to a lesser extent, surrounding hornfels (metamorphosed, fine-grained clastic sediments). Gold mineralization is hosted within an array of sulphide veins, which strike northeast to southwest, and dip at shallow to moderately steep angles, to the south and south-east. Mineralisation is structurally controlled and mostly confined to the diorite. The highest grade intersections generally occur at the dioritehornfels contact. The current reported Okvau resource estimate at 0.5g/t lower cut is 15.8Mt @ 2.2g/t for 1.13Moz (including 13.2Mt @ 2.3g/t for 0.96Moz of Indicated and 2.7Mt @ 2.0g/t for 0.17Moz of Inferred, refer Table Three for details).

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Depth Extension Drilling

Following completion of the shallow step out drilling mentioned above, the Company will be drilling some deeper diamond core holes. This drilling will test for down dip extensions to previous high grade intersections that sits beneath the floor of the PFS open pit (including 11m @ 9.0g/t gold from 230m, 17m @ 5.7g/t gold from 399m, 10m @ 5.6g/t gold from 255m) (refer Figure Two). It appears that the diorite, a key control to mineralization, becomes far more extensive at depth at the southern limits of the current resource drilling. In addition to testing down dip extensions to known high grade zones, drilling is planned to step out along strike to the south-west to target the diorite and high grade mineralisation at depth where there has been no previous drilling (refer Figure Three). This drilling is expected to commence this week.

Figure Two | Cross Section

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Figure Three | Okvau Geology

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Definitive Feasibility Study

The DFS is progressing as scheduled with anticipated completion in early 2017. Status of key components is shown below:

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The PFS completed in August 2015 by Renaissance Minerals Ltd assumed overall pit wall angles of 45 degrees in the pit design. Additional geotechnical holes have now been drilled and reviewed by Emerald’s geotechnical consultant, which have indicated the pit angles may be steepened to +50 degrees overall which would potentially allow for both a deeper pit and lower the strip ratio.

The final draft ESIA has been completed and is currently being translated for submission to the Ministry of Environment.

All other aspects of the DFS remain on track for completion in early 2017.

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Cambodian Gold Project | Background

The 100% owned Okvau and adjoining O’Chhung licences cover approximately 400km[2] of project area and are located within the core of a prospective Intrusive Related Gold (‘IRG’) province in the eastern plains of Cambodia. The Project is located in the Mondulkiri Province of Cambodia approximately 265 kilometres north-east of the capital Phnom Penh (refer Figure Four).

The topography is relatively flat with low relief of 80 metres to 200 metres above sea level. There are isolated scattered hills rising to around 400 metres. The area is sparsely populated with some limited historical small scale mining activity. An all-weather gravel haulage road servicing logging operations in the area provides good access to within 25 kilometres of the Okvau exploration camp site. The current access over the remaining 25 kilometres is sufficient for exploration activities but is planned to be upgraded to an all-weather road as part of any project development.

A revised independent JORC Indicated and Inferred Resource estimate of 15.8Mt at 2.2g/t for 1.13Moz of gold was completed for the Okvau Deposit in July 2015. Importantly, approximately 85% the resource estimate is in the Indicated category. The resource estimate comprises 13.2Mt at 2.3g/t gold for 0.96Moz of gold in the Indicated resource category plus 2.7Mt at 2.0g/t gold for 0.17Moz of gold in the Inferred resource category (refer Table Three).

The mineralised vein system of the Okvau Deposit has a current strike extent of 500 metres across a width of 400 metres. The depth and geometry of the resource make it amenable to open pit mining with 73%, or 830,000 ounces of the total resource estimate within the single open pit mine design.

Figure Four| Project Location

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The Okvau Deposit remains open. There is significant potential to define additional ounces from both shallow extensions along strike to the north-east and at depth. The current resource estimate is based on 132 drill holes for 33,351 metres, of which 100 holes or 30,046 metres is diamond core drilling with the remainder being reverse circulation drilling. Emerald has recently completed an additional 7,400 metres of infill drilling to close the drill spacing on the top 120 metres of the deposit to 25 metres by 25 metres. This additional drilling in being incorporated into an updated resource estimate.

The Okvau Deposit and other gold occurrences within the exploration licences are directly associated with diorite and granodiorite intrusions and are best classed as Intrusive Related Gold mineralisation. Exploration to date has demonstrated the potential for large scale gold deposits with the geology and geochemistry analogous to other world class Intrusive Related Gold districts, in particular the Tintina Gold Belt in Alaska (Donlin Creek 38Moz, Pogo 6Moz, Fort Knox 10Moz, Livengood 20Moz).

There are numerous high priority exploration prospects based upon anomalous geochemistry, geology and geophysics which remain untested with drilling. These targets are all located within close proximity to the Okvau Deposit.

Renaissance completed a Pre-Feasibility Study (‘PFS’) in July 2015 (refer ASX announcement dated 27 July 2015) for the development of a 1.5Mtpa operation based only on the Okvau Deposit via an open pit mining operation. The Study demonstrated the potential for a robust, low cost development with an initial Life of Mine of 8 years, producing on average 91,500 ounces of gold per annum via conventional open pit mining methods from a single pit.

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About Cambodia

Cambodia is a constitutional monarchy with a constitution providing for a multi-party democracy. The population of Cambodia is approximately 14 million. The Royal Government of Cambodia, formed on the basis of elections internationally recognised as free and fair, was established in 1993. Elections are held every five (5) years with the last election held in July 2013.

Cambodia has a relatively open trading regime and joined the World Trade Organisation in 2004. The government’s adherence to the global market, freedom from exchange controls and unrestricted capital movement makes Cambodia one of the most business friendly countries in the region.

The Cambodian Government has implemented a strategy to create an appropriate investment environment to attract foreign companies, particularly in the mining industry. Cambodia has a modern and transparent mining code and the government is supportive of foreign investment particularly in mining and exploration to help realise the value of its potential mineral value.

For further information please contact Emerald Resources NL

Morgan Hart, Managing Director or Justin Tremain, Executive Director

Cautionary Statement

The Pre-Feasibility Study (PFS) referred to in this announcement is based on Measured and Indicated Minerals Resources, plus a small proportion of Inferred Mineral Resource. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

The Company advises that the indicated resources provides 92% of the total recovered gold underpinning the forecast production target and financial projections, and that the additional life of mine plan material included in the PFS comprises less than 8% of the total recovered gold. As such, the dependence of the outcomes of the PFS and the guidance provided in this announcement on the lower confidence inferred mineral resource material contained in the life of mine plan is minimal.

Forward Looking Statement

This announcement contains certain forward looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections about the industry in which Renaissance Minerals operates, and beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”’ “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known or unknown risks, uncertainties and other factors, some of which are beyond the control of the Company, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, which reflect the view of Renaissance Minerals only as of the date of this announcement. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Renaissance Minerals will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Craig Johnson, who is an employee to the Company and who is a Member of The Australasian Institute of Geoscientists. Mr Craig Johnson has sufficient experience which is relevant to the style of mineralisation and type of deposits 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 Craig Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources for the Okvau deposit was prepared by International Resource Solutions Pty Ltd (Brian Wolfe), who is a consultant to the Company, who is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience 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 by the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Wolfe consents to the inclusion of the matters based on his information in the form and context in which it appears.

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Table Three | Okvau Deposit Resource Estimate - July 2015

		July	2015 JORC Resource (0.6g/t gold cut-off)	2015 JORC Resource (0.6g/t gold cut-off)
			Tonnage	Grade	Gold
			(Mt)	(g/t Au)	(Koz)
	Indicated		13.2	2.3	962
	Inferred		2.7	2.0	169
	Total		15.8Mt	2.2g/t	1,131

Table Four | Complete Drilling Results

	Hole Name Easting	Northing	Azi Dip End Depth (m) Intersection RL From (m) To (m) Interval (m) Gold (g/t)
	Resource Infill Drilling
	DD16OKV299 694406	1396742	145 314 -50 140 0 22 35 68 83 123 135 1 24 36 74 101 125 140 1 2 1 6 18 2 5 1.99 19.69 7.96 2.64 4.53 9.65 10.34
	DD16OKV304 694555	1396670	145 314 -60 80 1 43 6 52 6 9 0.52 0.98
	RC16OKV312 694406	1396632	144 313 -60 135 36 55 73 94 41 63 74 95 5 8 1 1 4.53 1.58 44.8 2.37
	RC16OKV314 694411	1396703	148 313 -50 140 17 27 49 56 84 91 104 134 21 28 51 61 85 93 117 135 4 1 2 5 1 2 13 1 1.25 1.05 2.83 1.94 1.19 11.17 1.37 5.75
	RC16OKV315 694471	1396783	142 313 -60 140 12 25 49 70 88 98 125 14 26 52 76 89 102 139 2 1 3 6 1 4 14 0.98 8.91 0.84 0.67 5.61 1.45 0.80
	RC16OKV316 694460	1396838	142 313 -50 140 57 66 90 109 58 74 93 110 1 8 3 1 1.18 0.81 1.45 1.26
	RC16OKV317 694473	1396673	143 313 -50 140 22 48 96 111 131 24 60 105 112 137 2 12 9 1 6 1.25 2.13 3.29 1.04 3.23
	RCDD16OKV318 694398	1396682	144 313 -63 145 11 22 34 57 78 12 29 36 59 82 1 7 2 2 4 1.30 5.46 9.96 17.63 4.42
	RC16OKV319 694430	1396717	146 313 -66 100 14 33 40 50 23 36 41 60 9 3 1 10 1.82 1.96 1.17 3.41
	RC16OKV320 694329	1396897	139 313 -60 75 12 57 16 61 4 4 1.60 3.01
	RC16OKV321 694306	1396919	150 313 -65 55 30 34 4 8.03

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Hole Name Easting	Northing	Azi Dip End Depth (m) Intersection RL From (m) To (m) Interval (m) Gold (g/t)
RC16OKV322		NSR
RC16OKV323		NSR
RC16OKV324		NSR
RC16OKV327 694367	1396826	140 301 -52 135 4 14 59 79 91 103 10 48 66 81 92 126 6 34 7 2 1 23 0.76 2.27 3.16 0.96 1.14 2.55
RC16OKV328 694344	1396843	141 313 -60 135 21 61 95 30 63 100 9 2 5 2.96 2.28 0.58
RC16OKV329 694365	1396694	150 300 -61 135 24 31 84 108 114 26 40 89 109 118 2 9 5 1 4 6.06 0.43 1.72 2.53 1.06
RC16OKV330 694483	1396705	140 313 -60 135 8 18 37 51 58 68 83 90 119 124 14 30 42 52 59 71 84 100 120 134 6 12 5 1 1 3 1 10 1 10 1.97 0.71 1.08 5.06 2.16 2.42 6.56 0.68 1.00 0.83
RC16OKV331 694353	1396758	143 314 -60 130 36 92 39 98 3 6 3.33 2.68
RC16OKV332 694423	1396835	150 313 -65 135 40 69 80 93 121 58 74 86 117 122 18 5 6 24 1 0.79 0.71 1.90 3.06 1.05
RC16OKV335 694387	1396839	141 313 -50 156 20 64 93 120 132 142 34 76 113 127 137 144 14 12 20 7 5 2 1.23 1.07 2.53 6.71 1.11 9.90
RC16OKV336 694366	1396787	144 313 -50 140 4 15 21 45 74 82 117 6 16 26 62 75 86 119 2 1 5 17 1 4 2 9.32 1.63 5.72 4.72 2.65 5.91 3.76
DD16OKV344 694547	1396569	149 314 -55 135 97 110 106 124 9 14 2.22 2.46
DD16OKV349 694502	1396686	140 314 -60 135 0 17 29 44 59 70 75 112 134 10 24 38 45 60 71 76 114 135 10 7 9 1 1 1 1 2 1 0.81 0.63 3.18 2.29 1.51 3.84 1.03 1.14 1.12

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	Hole Name Easting	Northing	Azi Dip End Depth (m) Intersection RL From (m) To (m) Interval (m) Gold (g/t)
	Step-Out Drilling
	RC16OKV254 694598	1396748	143 315 -50 150 1 69 3 73 2 4 1.32 16.08
	RC16OKV334 694344	1396552	161 314 -70 135 33 39 6 2.90
	RC16OKV337 694479	1396817	139 314 -50 70 NSR
	RC16OKV338 694521	1398615	139 359 -90 40 NSR
	RC16OKV339 694369	1396994	141 314 -50 60 24 33 9 0.78
	RC16OKV340 694346	1396594	160 314 -60 120 1 31 42 48 2 33 43 52 1 2 1 4 1.25 1.70 2.29 0.88
	RC16OKV341 694557	1396631	146 314 -60 120 63 80 66 83 3 3 0.56 3.90
	RC16OKV343 694334	1396562	163 313 -60 115 47 59 67 52 60 69 5 1 2 1.36 2.84 1.06

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Appendix One | JORC Code, 2012 Edition | ‘Table 1’ Report

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 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. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	 Diamond drilling is used to recover a continuous core sample of bedrock. Standard 1m length half-core samples are submitted for assay.  Reverse circulation (RC) drilling is used to collect 1m samples these are riffle split at the drill rig to produce a 3-5kg sub-sample.  Soil samples (approx. 100g) are collected from shallow (+/-20-30cm deep) augers, to avoid any surface contamination and used to define areas of interest and/or drill targets.  Sample preparation is carried out at a commercial off- site laboratory (ALS Phnom Penh) and gold assays are conducted at the ALS Vientiane assay laboratory  Standards, duplicates and blanks are inserted in sample batches to test laboratory performance
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	 A track-mounted Boart Longyear LF70 M/P drill rig is used to drill HQ3 and NQ2 diamond core.  A track mounted Boart Longyear DB540 M/P drill rig is used to drill 5.25 inch RC holes.  Core diameter reported for diamond holes in this release was HQ3 in oxidized zones and NQ2 in fresh rock.  Core was oriented by means of a REFLEX ACE orientation tool,followinga standard operating procedure.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	 All RC 1m samples and sub-samples (pre- and post-split) are weighed at the rig, to check that there is adequate sample material for assay. Any wet or damp samples are noted and that information is recorded in the database; samples are usually dry.  Diamond core recovery is routinely monitored by comparing recovered core vs drill run lengths – recovery is consistently high. Recovery data are recorded on drill run lengths  There is no relationship between sample recovery and grade
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 All RC chips and diamond core is routinely logged (qualitatively) by a geologist, to record details of regolith (oxidation), lithology, structure, mineralization and/or veining, and alteration. In addition, the magnetic susceptibility of all samples is routinely measured. All logging and sampling data are captured into a database, with appropriate validation and security features.  A geotechnical log is produced for all diamond core  Core has been logged to an appropriate level of detail by a geologist to support mineral resource estimation  100% of core is logged, with the mineralised intersections logged to greater detail  In addition to the geological logging, other features recorded are: location of bulk density samples; downhole camera survey calibration, intervals confidently oriented; and core condition.  Standard field data are similarly recorded (qualitatively) routinely by a geologist for all soil samplingsites.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material beingsampled.	 Most RC samples are dry and there is no likelihood of compromised results due to moisture.  Diamond drill core is sawn in half with core split using a core saw; one half is preserved as a geological record, the other is sent for assay.  All types of samples are prepared for assay at the NATA accredited ALS Cambodia sample preparation facility in Phnom Penh; and that facility has been inspected, at the request of Renaissance, numerous times and most recently by Mr Brian Wolfe in July 2015. Samples are dried for a minimum of 12 hours at 100˚C;  Diamond Core samples are crushed with a Boyd Crusher, to -2mm, with a rotary splitter attached, to deliver a

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Criteria	JORC Code explanation	Commentary
		maximum 3kg split; which is in turn is pulverized to -75µm by an Essa LM5 Ring Mill. A standard >85% pass rate is achieved (with particle size analysis performed after every tenth sample as a check).  RC samples are split to <3kg and pulverized in an Essa LM5 Ring Mill. A standard >85% pass rate is achieved (with particle size analysis performed on every tenth sample as a check).  At least three field duplicate samples are collected at an RC drill rig to monitor sampling precision; while coarse crush duplicates of diamond core are generated at the sample prep stage (because of the need to preserve drill core).  Field duplicates of soil samples are also collected routinely (approx. 1 every 20 samples)  This sample technique is industry norm, and is deemed appropriate for the material
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	 All drill samples are sent to the NATA accredited ALS Laboratory in Vientiane, Laos, for fire assay (Au-AA26: 50g ore grade method, total extraction by fusion, with an AA finish). Samples reporting >100ppm upper detection limit are repeated by Au-AAGRA22 method, Graphite furnace with gravimetric finish.  Resource and Metallurgy samples are sent to the similarly accredited ALS Lab in Brisbane, Australia, for multi- element ICP analysis, after partial extraction by aqua regia digest ME-MS42: ICP-MS for Ag, As, Bi, Cu, Sb, Te, Hg  All Exploration 1m samples are sent to the NATA accredited ALS Laboratory in Vientiane, Laos, for fire assay (Au-AA26: 50g ore grade method, total extraction by fusion, with an AA finish). Samples reporting >100ppm upper detection limit are repeated by Au-AAGRA22 method, Graphite furnace with gravimetric finish  All Exploration 1m RC samples and soil samples are sent to the NATA accredited ALS Laboratory in Brisbane, Australia, for gold and multi-element ICP analysis, after partial extraction of a 50g sample by aqua regia digest (TL44-MEPKG, ICP MS/AES for Au, Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Sn, Sr, Te, Th, Ti, Tl, Te, Th, Ti, Tl, U, V, W, Zn.  Fire assay is considered a total gold assay  The Au-AA26 method has a lower detection limit of 0.01g/t gold  All magnetic susceptibility measurements of drill samples are made with a Terraplus KT-10 magnetic susceptibility meter.  An appropriate sample preparation and analytical quality control programme confirms that the gold fire assay values are of acceptable quality to underpin mineral resource estimation.  Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available pulp CRMs and pulp blanks into all batches - usually 1 of each for every 20 field samples. Additional blanks used are home-made from barren quarry basalt. QAQC data are routinely checked before any associated assay results are reviewed for interpretation, and any problems are investigated before results are released to the market - no issues were raised with the results reported here.  All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assayresults,are communicated electronically
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss anyadjustment to assaydata.	 The calculations of all significant intercepts (for drill holes) are routinely checked by senior management.  All field data associated with drilling and sampling, and all associated assay and analytical results, are archived in a relational database, with industry-standard verification protocols and security measures in place.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	 Drill hole collar locations are first surveyed with a hand- held GPS instrument (which generates relatively inaccurate RL values), but the locations of all holes used in Mineral Resource estimates are verified or amended by

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Criteria	JORC Code explanation	Commentary
	 Specification of the grid system used.  Quality and adequacy of topographic control.	proper survey using a differential GPS by and external contractor (with excellent accuracy in all dimensions). All locations are surveyed to the WGS84 UTM grid. Collar coordinates are routinely converted to a local grid (local N is approx. equivalent to UTM 045˚), with an appropriate transformation about a common point - to simplify the interpretation of drill cross sections.  Down-hole surveys are routinely undertaken at 25-30m intervals for all types of drilling, using a single-shot or multi-shot REFLEX survey tool (operated by the driller and checked bythe supervising geologist).
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositinghas been applied.	 This drill spacing is considered to be sufficient to establish geological and grade continuity appropriate for the declaration of estimates of resources  No samples within a “zone of interest” are ever composited
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 Drill holes are usually designed to intersect target structures with a “close-to-orthogonal” intercept.  Drilling has been done at various orientations  Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low.
Sample security	 The measures taken to ensure sample security.	 The chain of custody for all drill samples from the drill rig to the ALS Sample Prep facility in Phnom Penh is managed by Renaissance personnel. RC drill samples are transported from the drill site to the Okvau field camp, where core is logged and all samples are batched up for shipment to Phnom Penh. Soil samples are collected by Renaissance personnel and they deliver the samples to the ASL sample prep facility.  Sample submission forms are sent to the ALS Sample Prep facility in paper form (with the samples themselves) and also as an electronic copy. Delivered samples are reconciled with the batch submission form prior to the commencement of any sample preparation.  ALS is responsible for shipping sample pulps from Phnom Penh to the analytical laboratories in Vientiane and Brisbane, and all samples are tracked via their Global Enterprise Management System.  All bulk residues are stored permanently at the ALS laboratory in Vientiane, except for samples from the first 9 drill holes, which were submitted to Mineral Assay and Services Co in Thailand
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported.  Comprehensive QAQC audits have been conducted on this project by Duncan Hackman (August 2009, February 2010 & November 2011), SRK (February 2013) and Nola Hackman (January 2014).  Mr Brian Wolfe reviewed the data for the Renaissance drilling up to July 2015 and concluded that there are no concerns about dataquality.

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Section 2 Reporting of Exploration Results

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

Criteria	Explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including 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 settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The Okvau Project is comprised of two tenements: the Okvau Exploration Licence (No. 0187 MME MR EL) and the O Chhung Exploration Licence (No. 0185 MME MR EL), both of which are held (100%) in the name of Renaissance Minerals (Cambodia) Ltd, a wholly owned Cambodian subsidiary of Renaissance Minerals Ltd. Emerald Resources NL owns 96% of Renaissance Minerals Ltd and is in the process of compulsorily acquiring 100% interest.  The tenure is considered to be completely secure.  The Okvau Exploration Licence is located within the broader Phnom Prich Wilderness Sanctuary area but located outside of the ‘core zone’.  The Royal Government of Cambodia (via the Ministry of Mines and Energy) is very supportive of the Project and has given assurances that mining will be allowed to proceed at Okvau.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Renaissance Minerals (Cambodia) Ltd was formerly named OZ Minerals (Cambodia) Ltd, a 100% owned subsidiary of OZ Minerals Ltd. OZ Minerals was formed in 2009 by the merger of Oxiana Ltd (who initiated the Okvau Project) and Zinifex.  Oxiana and OZ Minerals completed the following work at Okvau between 2006 and 2011: a resource drill- out of the Okvau deposit; plus a regional geological interpretation of Landsat imagery; stream sediment geochemistry, with some soil sampling follow-up; airborne magnetic and radiometric surveys over both ELs, and various ground geophysical surveys (including gradient array IP); geological mapping and trenching; and the initial drill testing of various exploration targets.
Geology	 Deposit type, geological setting and style of mineralisation.	 The Okvau deposit is interpreted as an “intrusion- related gold system”. It is hosted mostly in Cretaceous age diorite and, to a lesser extent, in surrounding hornfels (metamorphosed, fine-grained clastic sediments). Gold mineralization is hosted within a complex array of sulphide veins, which strike northeast to east-west, and dip at shallow to moderately steep angles, to the south and southeast.  Mineralisation is structurally controlled and mostly confined to the diorite. The highest grade intersections generally occur at the diorite-hornfels contact.  The host diorite at Okvau is one of numerous similar Cretaceous-aged intrusions in eastern Cambodia, which are believed to be related to an ancient subduction zone that was located to the east, off the coast of current Vietnam.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following 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 information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearlyexplain whythis is the case.	 A summary of all drilling results and details are shown in Table Four  Only intercepts with a minimum width of 3 metres at a 0.5g/t gold cut-off and intercepts with a width less than 3 metres at 1.0g/t gold cut-off are considered significant and reported in Table Four.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 All gold values over 0.5g/t gold with a minimum width of 3 metres and gold values over 1.0g/t gold with a width of less than 3 metres from drilling are reported (Table Four).  Significant drill intercepts are reported at a 0.5g/t Au cut-off grade, with a maximum internal dilution of 4m (in a single zone of waste). A weighted average grade is calculated as the sum of the products of sample length and grade for each sample in the relevant interval, divided by the total length of the interval.

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Criteria	Explanation	Commentary
		 No high grade top cuts have been applied.  No rounding has been applied.  All results reported are gold only
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	 The majority of drill holes intersect the mineralisation at a sufficient angle for the risk of sampling orientation bias to be low
Diagrams	 Appropriate maps and sections (with scales) and tabulations of 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.	 Appropriate maps and sections are included in the body of this release.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All significant drilling results being intersections with a minimum width of 3 metres at a cut-off of 0.5g/t gold and intercepts with a width of less than 3 metres at 1.0g/tgold cut-off are reported in Table Two.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be 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.	 Surface geological mapping and detailed structural studies have helped inform the geological model of the Okvau Deposit.  Renaissance has completed a Pre-Feasibility Study, the results of which are reported the release dated 27 July 2015. The PFS study included metallurgical, geotechnical and hydrological studies.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 A definitive feasibility study (DFS) is currently being completed.  Further drilling is being undertaken at the Okvau Deposit, including infill drilling and extensional drilling to test lateral and depth extensions of the known mineralisation  Further drilling will be undertaken to test new targets, as potential is recognized.

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