EV RESOURCES LTD — Capital/Financing Update 2020

Dec 9, 2020

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ASX RELEASE: 10 December 2020

Acquisition of La Fortuna Gold-Copper Project Strengthens Jadar’s Latin America Precious Metals Portfolio

Highlights

• Jadar Resources has signed an option to acquire a 100% interest in the 2,707.2 hectare La Fortuna gold-copper project in Guerrero, Mexico.

• The project is located in the prolific Guerrero Gold belt, which hosts several multi-million-ounce gold projects.

• La Fortuna is highly complimentary to the recently acquired Tierra Blanca[1] project also located in Mexico and adds to Jadar’s growing Latin American precious metals portfolio which also includes the Yanamina Gold Project located in Peru[2] .

• Significant exploration activity undertaken by previous owners has provided a number of potential near-term targets for drilling following exercise of the purchase option.

• Geological mapping, rock chip sampling, IP and Magnetic Surveying have been completed with sample values of 2161ppb Au and 13000ppm Cu being recorded.[3]

• Magnetite-gold-copper skarn mineralisation has been identified on surface with a TMI defined magnetite zone of >300,000m[2] . Multiple drill-ready targets.

• Cu & Au in-soils anomalism >2,000,000m[2] . High value, (>100ppb) Au in-soils anomalism >300,000m[2] up to 2.16g/t Au in-soils.

• Other prospects on the large tenement holding have had previous samples taken averaging 220g/t Ag, 5.2% Zn and 4.5%Pb from 10 old dump and rock chip samples.

• The acquisition terms are highly attractive with predominately share based milestone payments and allowing for minimum upfront spend by Jadar.

Jadar Resources Limited (ASX:JDR) (“ Jadar ”, the “ Company ”) is pleased to announce it has reached agreement with the shareholders of Minera GS S.A de C.V (“Minera GS”), a privately owned Mexican company, for an option to acquire 100% of the la Fortuna Property, located 270km south west of Mexico City in the Guerrero Gold Belt. The area is accessible via a network of tracks, all of which will be advantageous for Jadar both in terms of upcoming exploration and a potential future mining operation.

This transformative acquisition is highly complementary to the recently acquired Tierra Blanca project[4] also located within Mexico, and further strengthens the Company’s presence in country. Additionally, with the

1 ASX Announcement 17 Nov 2020 - Jadar Portfolio Grows with Acquisition of Tierra Blanca Project in Prolific Mining District

2 ASX Announcement 2 Jan 2020 - Acquisition of Yanamina Gold Project Completed

3 PMY ASX Announcement 15 March 2018 – Pacifico Signs Options to Acquire Major New Gold-Copper Project in Guerrero Gold Belt of Mexico 4 ASX Announcement 17 Nov 2020 - Jadar Portfolio Grows with Acquisition of Tierra Blanca Project in Prolific Mining District

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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establishment of Jadar’s Latin American focused management team located in Mexico the Company is well placed to drive exploration activities and seek additional acquisition opportunities.

The la Fortuna Project held under Titulo 243345 has demonstrable potential to host a substantial gold-copper project, and a substantial body of work to date has determined at least 5 targets for near term drilling.

During the Option Period, the modelling of the extensive data on the project will be finalised, to expedite the siting and permitting of drill holes.

Jadar Resources’ Executive Director Adrian Paul commented:

“The acquisition of la Fortuna is a huge success for the Company and adds to our growing Latin Amercican portolfio. With our in country team, lead by Hugh Callaghan, on the ground in Mexico the company is perfectly positioned to begin planning exploration activities and look for further complimentary acquisitions in Latin America.

The project hosts a number of potential drill ready targets with extensive exploration work carried out to date by previous owners, and with a number of major mines and advancing projects in Guerrero Gold belt Jadar looks forward to progressing exploration activities at la Fortuna.”

Guerrero Gold Belt

The la Fortuna project lies within the prolific Guerrero gold belt where several major mines and projects have been discovered and developed (Fig. 1). The majority of the large projects demonstrate open pit projects with heap leach processing.

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Figure 1 - Map Overview of the Guerrero Gold Belt

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Major mines and advancing projects in this belt which illustrate the prospectivity of the area include:

Company	Project	Measured and Indicated Resources	Inferred Resources
Equinox Gold5	Los Filos/el Berjemal	9.8m oz at 0.93g/t Au	2.6m oz at 0.83g/t Au
Torex Gold6	Los Guajes/el Limon	3.03m oz at 3.39g/t Au	0.5m oz at 2.49g/t Au
Torex Gold3	Media Luna	1.3m oz at 3.27g/t Au	2.6m oz at 2.49g/t Au
Telson Mining7	Campo Morado	0.9m oz at 1/7g/t Au	46,000 oz at 1.32g/t Au
Alamos Gold8	Esperanza	1.08m oz at 0.98g/t Au	18,000oz at 0.8g/t Au
Alio Gold9	Ana Paula	1.4m oz at 2.17g/t Au	51,000oz at 1.84g/t Au

Mineralisation in the Guerrero Gold Belt is related to gold-bearing iron skarn porphyries and occur within faults and as replacement deposits formed in, and around, the igneous intrusions.

The Guerrero Gold Belt contains tertiary tonalite, granodiorite and monzodiorite porphyries intruded into cretaceous limestones and sandstones. Skarn zones exist between the igneous intrusions and the carbonaterich country rock, and within them iron minerals dominate.

Coaxtlahuacan Prospect

The Coaxtlahuacan prospect will be the priority for immediate focus, and can be rapidly advanced to drilling. The outcropping copper mineralisation at Coaxtlahuacan consists of chalcocite and malachite and is associated with stockworks, massive lenses and disseminations of magnetite, or sericite altered quartz felspar porphyry.

The surface geology and spatial distribution of gold and copper mineralisation at Coaxtlahuacan conforms with the well-documented geology and geochemistry, and the well understood controls on mineralisation, of numerous significant polymetallic skarn deposits within the Guerrero Belt. Coaxtlahuacan and Guerrero Belt deposits all demonstrate intrusive-related, polymetallic mineralisation at or near the contact with limestone.

5 Equinox company website - https://www.equinoxgold.com/operations/operating-mines/los-filos/

6 Torex Gold - Corporate Presentation - December 2020

7 Telson Mining company website - http://www.telsonmining.com/projects/campo-morado-mine/campo-morado-resource-summary/default.aspx

8 Alamos Gold Mineral Resource Statement - https://s24.q4cdn.com/779615370/files/doc_downloads/Alamos-2019-Reserve-Resource_FINAL.pdf

9 Argonaut Gold company website - https://www.argonautgold.com/English/assets/development/Ana-Paula/default.aspx

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Figure 2 – La Fortuna tenement area, geology and prospects

The visible surface showings of copper and gold mineralisation occur over an area of 100m x 500m in gullies and other topographically lower extents of the large geochemical anomaly.

The copper mineralisation (>500ppm Cu) occurs in a large anomaly 300m x 500m in extent and was observed only in gullies due to pre-erosion, near-surface weathering and leaching of the copper. Several rock chip samples taken assayed in excess of 5000ppm (0.5% Cu).

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Figure 3 - La Fortuna tenement area overlain with copper soil samples

A substantial gold anomaly is identified in the North and East adjacent to ground magnetic highs and within an area of saprolite cover.

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Figure 4 - La Fortuna tenement area overlain with gold soil samples

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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The gold in soils geochemistry demonstrated significant values (>50ppb Au) over an area of 1.3km x 1.6km in extent. Within this zone, in an area of 1500m x 200m is a particularly strong anomaly demonstrating values greater than 100ppb Au and as high as 2161ppb Au. This anomaly is open to the North West and the South and suggests potential for a substantial disseminated and stockwork gold mineralisation, with the likelihood that the copper was leached out near-surface and may be encountered lower in the system.

Drilling targets will be prioritized in these areas with the intent to delineate a potential gold-copper resource.

La Fortuna Project Geology and Mineralisation

The core of the system is located north of the town of Coaxtlahuacan and is best described as a northerly plunging sediment-sill complex of Early Tertiary granitoids on the order of 1000 m thick that intrudes Middle Jurassic to Middle Cretaceous marine sediments and limestones. Copper and gold occur with magnetite in this complex as: (i) stockworks, (ii) disseminations and pods, and (iii) possibly as large scale magnetite-replaced rafts (xenoliths) of limestone (iron skarn). This area may have open-pit or underground mine potential.

Peripheral parts of the area are characterized by gold and base metal rich quartz veins and sulphide-rich carbonate-hosted replacement deposits (CRD’s) with underground mine potential.

Work to date includes extensive mapping, rock chip sampling Fire-assay and ICP multi-element geochemical data for 118 stream sediment samples, 10,649 soil samples and 520 surface rock chip samples taken from lines 100-200m by 25m apart over most of the licence area (Refer to Appendix 2 – 5). 26 line kilometres of ground magnetic and Induced Polarization surveys of the Coaxtlahuacan prospect have shown coincident magnetic highs with strong copper and gold anomalies at surface (Fig. 2).

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Figure 5 - Map showing Total Magnetic Intensity (coloured contours), Induced Polarisation stations and location of chargeability anomalies (lines of red dots), gold and copper in-rock geochemistry, and Jadar’s initial drilling plan.

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Jadar’s targeted Iron-skarns are characterised by magnetite-copper, gold mineralisation. At la Fortuna the TMI magnetic anomaly maps the surface observations of magnetite, which envelopes the location of elevated gold and copper surface samples (note: the location of the rock-chip samples is mostly limited to road and creek cuts. The spatial correlation between these key geochemical and geophysical anomalies is likely to be stronger defined with more intensive sampling). Drill collars C1 to C4 into IP chargeability anomalies were targeting the silica alteration zone common on the margins of the intrusive, heat and metal source of, skarn systems. The intersected argillic-altered, minor magnetite, gold, copper, Quartz Feldspar Porphyry (QFP) is interpreted to represent the intrusive core of the la Fortuna skarn system, providing a valuable South East vector to gold, copper, magnetite-rich mineralisation.

Key Option and Acquisition Terms

Jadar has entered into a term sheet with Dr Georg H. Schnura to secure a 90 day exclusive option to acquire 100% of the shares in Minera GS S.A de C.V, the company owning the la Fortuna Project, in return for a cash payment of US$50,000 and the issuance of 6,000,000 Jadar shares.

Upon exercise of the option, Jadar will acquire 100% of the shares of the company for the following consideration:

1. US$ 100,000 in cash and 15,000,000 shares in Jadar to acquire 50% of Minera GS on the expiry date of the option.

2. US$ 100,000 in cash and 15,000,000 shares in Jadar to purchase a further 30% of Minera GS within 12 months of the date exercise of the option

3. US$ 100,000 in cash and 15,000,000 shares in Jadar for the remaining 20% of the shares in Minera GS within 12 months of purchasing the 80% shareholding.

4. Net Smelter Royalty (NSR) of 1%.

Other Targets

The Espinoza and Fortuna Silver-Lead-Zinc targets identified within the project area demonstrate historical small-scale mining and are interpreted as a possible Carbonate Replacement Style deposit. At la Fortuna the average grade of 10 old dump and rock chip samples was assayed at 220g/t silver, 5.2% Zn, 4.5% Pb. While these prospects are a secondary priority behind the gold-copper at Coaxtlahuacan, they nevertheless present an intriguing and potentially fast track exploration and development option complementary in Jadar’s portfolio to the recently acquired Tierra Blanca project in Chihuahua State[10] .

Future Plans

Jadar believes this acquisition is an excellent and potentially large-scale opportunity to build on its Latin American focused portfolio, with a project that will be ready to drill in the first half of 2021. The extent and grade of the mineralised anomalies suggest a rare opportunity to acquire a shallow gold-copper project at a time of excellent gold prices, but more importantly rapidly rising copper prices at a time when the market is facing a critical shortage of copper and outstanding market fundamentals.

10 ASX Announcement 17 Nov 2020 - Jadar Portfolio Grows with Acquisition of Tierra Blanca Project in Prolific Mining District

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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About Jadar Resources Limited

Jadar Resources Limited (ASX:JDR) has acquired a strategically diversified asset portfolio, across Gold/Silver and Lithium/Borate, with projects at varying stage of exploration, across Peru, Serbia and Austria. Jadar aims to generate shareholder value through targeted exploration and development of these assets.

On 2 February 2020, Jadar announced that the Company had completed the acquisition of Minera Wealth Peru S.A.C., the holder of five concessions known as the Yanamina Gold Project. Following the acquisition of Yanamina, a Maiden JORC Resource Estimate was announced of 6,742,260 tonnes @ 1.23g/t gold and 4.31 g/t silver for 265,987 ounces of contained gold, and 934,528 ounces of contained silver, confirming the Yanamina Gold Project as a significant bulk mining development opportunity with strong economic potential[11] .

On 17th November 2020, Jadar announced the acquisition of the Tierra Blanca project, a silver zinc and Lead prospect in Chihuahua State, Mexico. The district surrounding Chihuahua is a significant silver producing region with several substantial mines operated by majors and mid-tier companies, District Historical Production of 50Mt at 310 g/t Ag, 8.2% Pb and 7.1% Zn12.

Tierra Blanca is a drill-ready project close to infrastructure and several processing plants. Sampling in an exploration drive has revealed high-grade zinc mineralisation outcropping to surface, with structural interpretation suggesting potential for high-grade silver at deeper levels[13] .

The Company’s also holds a number of lithium assets located within Serbia and Austria adding additional diversification to the asset portfolio. Drilling is currently uinderway at the Weinebene Project in Austria which surrounds European Lithium Limited’s Wolfsberg lithium deposit with 11MT @ 1.0%Li2O[14] .

ENDS

For further information, please contact:

Luke Martino Adrian Paul Non-Executive Chairman Executive Director Tel: +61 8 6489 0600 Tel: +61 8 6489 0600 E: luke@jadar.com.au E: adrian@jadar.com.au

This ASX announcement was authorised for release by the Board of Jadar Resources Limited.

Competent Person’s Statement

The information in this announcement that relates to the sampling techniques data and the reporting of exploration results is based on data compiled by Мr Howard Carr. Mr. Howard Carr is a member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC)

11 ASX Announcement 2 Jan 2020 - Acquisition of Yanamina Gold Project Completed, &

ASX Announcement 10 Jan 2020 Maiden JORC 2012 Resource of 265,987ozs Gold and 934,528ozs Silver at Yanamina

12 Ryana Silver Presentation - https://reynasilver.com/presentations/GuiguiProject.pdf

13 ASX Announcement 17 Nov 2020 - Jadar Portfolio Grows with Acquisition of Tierra Blanca Project in Prolific Mining District

14 ASX Announcement 17 Nov 2020 – First Explaoratory Drill Hole Underway at Weinebene Project, Austria

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Australasian Code for Reporting of Exploration Results. Mr. Howard Carr consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

The information in this market announcement is an accurate representation of the available data and studies. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

Forward Looking Statements

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut	•	Soil Samples were taken by a
	channels, random chips, or specific		predecessor owner (Exploraciones la
	specialised industry standard		Plata) and collected at line specings of
	measurement tools appropriate to the		100m x 200m and intervals along lines
	minerals under investigation, such as down		of 25m. Although some colluvium is
	hole gamma sondes, or handheld XRF		present in steeper areas, most
	instruments, etc). These examples should		overburdeen on the licence area is
	not be taken as limiting the broad meaning		residual soil
	of sampling.
	• Include reference to measures taken to	•	The soil samples were taken to
	ensure sample representivity and the		Manzanillo and shipped to Pioneer
	appropriate calibration of any		Laboratories (British Columbia,
	measurement tools or systems used.		Canada) where the testwork followed
	• Aspects of the determination of		a process including -80mesh fraction,
	mineralisation that are Material to the		aqua regia digest, and were analysed
	Public Report.		for Au by AAS, and then Ag, Cu, Pb,
	• In cases where ‘industry standard’ work		and Zn by ICP/ES
	has been done this would be relatively
	simple (eg ‘reverse circulation drilling was	•	Rock chip samples were taken by
	used to obtain 1 m samples from which 3		Exploraciones la Plata and Minera GS
	kg was pulverised to produce a 30 g charge		at various locations and included
	for fire assay’). In other cases more		channel samples, chip, grab, float and
	explanation may be required, such as		sump. The process followed for all
	where there is coarse gold that has		types of samples was to assemble a
	inherent sampling problems. Unusual		sample of approximately 2
	commodities or mineralisation types (eg		kilogrammes of rock chips, placed in a
	submarine nodules) may warrant		double bagged plastic sample bag with
	disclosure of detailed information.		a numbered tag and shipped to
			Pioneer Laboratories, British
			Columbia, Canada where the testwork
			followed a process including -80mesh
			fraction, aqua regia digest, and were
			analysed for Au by AAS, and then Ag,
			Cu, Pb, and Zn by ICP/ES

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Criteria	JORC Code explanation	Commentary
Drilling techniques	• Drill type (eg core, reverse circulation,	• No Drilling performed or reported
	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). _
Drill sample recovery	• Method of recording and assessing core	• No Drilling performed or reported
	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.
Logging	• Whether core and chip samples have been	• No Drilling performed or reported
	geologically and geotechnically logged to a	• The results of channel samples are
	level of detail to support appropriate	qualitative, limited by the extent of
	Mineral Resource estimation, mining	outcropping mineralisation, and may not be
	studies and metallurgical studies.	representative.
	• Whether logging is qualitative or
	quantitative in nature. Core (or costean,
	channel, etc) photography.
	• The total length and percentage of the
	relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and whether	• Sample sizes are correct for the type and
techniques and	quarter, half or all core taken.	style of copper-gold mineralisation
sample preparation	• If non-core, whether riffled, tube sampled,	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 being
	sampled.

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Criteria	JORC Code explanation	Commentary
Quality of assay	• The nature, quality and appropriateness of	• Soil samples taken by Exploraciones la Plata
data and laboratory	the assaying and laboratory procedures	were analysed by ICP/ES methods with aqua
tests	used and whether the technique is	regis digest (base metals) and AAS (gold)
	considered partial or total.	considered to measure total concentrations
	• For geophysical tools, spectrometers,	of all significant gold, copper and other base
	handheld XRF instruments, etc, the	metals.
	parameters used in determining the	• Exploraciones de la Plata did not use
	analysis including instrument make and	internal quality control samples.
	model, reading times, calibrations factors	• In 2013 Silver Standard completed two
	applied and their derivation, etc.	orthogonal lines of soil geochemical
	• Nature of quality control procedures	samples focused on Coaxtlahuacan. These
	adopted (eg standards, blanks, duplicates,	confirmed the general tenor of the results
	external laboratory checks) and whether	obtained by Exploraciones la Plata.
	acceptable levels of accuracy (ie lack of	• Rock samples taken by Exploraciones la
	bias) and precision have been established.	Plata were dried at 60° Celsius. The dried
		samples werecrushed then split with a riffle
		splitter. 250 grams of the split sample was
		pulverized for analysis. One gram of the
		sample pulp was digested with 50ml of
		aqua regia, then diluted to 100ml with
		water. Elements in solution were
		determined with ICP/ES. Gold values for the
		rock samples were measured using AAS.
		• Based upon qualitative analysis and
		comparison of different phases of sampling,
		the historical results are considered to be
		reliable. However, more detailed and
		systematic check sampling will be
		completed before committing to a drill
		programme.
Verification of	• The verification of significant intersections	• No drilling carried out or reported.
sampling and	by either independent or alternative
assaying	company personnel.
	• The use of twinned holes.
	• Documentation of primary data, data
	entry procedures, data verification, data
	storage (physical and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of data	• Accuracy and quality of surveys used to	• Soil and channel samples were located by
points	locate drill holes (collar and down-hole	handheld GPS and accurate to 4-5m.
	surveys), trenches, mine workings and	• WGS84 grid co-ordinates
	other locations used in Mineral Resource
	estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic
	control.

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Criteria	JORC Code explanation	Commentary
Data spacing and	• Data spacing for reporting of Exploration	• Exploration only – no Mineral Resources
distribution	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 compositing has been
	applied.
Orientation of data	• Whether the orientation of sampling	• Surface sampling direction and extent is
in relation to	achieves unbiased sampling of possible	limited by outcrop and sub-outcrop and
geological structure	structures and the extent to which this is	may not be representative
	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.
Sample security	• The measures taken to ensure sample	• All samples secured safely on site before
	security.	delivery under seal to laboratory
Audits or reviews	• The results of any audits or reviews of	• Preliminary Exploration Stage – None
	sampling techniques and data.	required

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and	• Type, reference name/number, location	• Granted concession over the licence
land tenure status	and ownership including agreements or	with Title number 243345, of 2702.2Ha
	material issues with third parties such as	which is 100% owned by Minera GS de
	joint ventures, partnerships, overriding	S.A de C.V.
	royalties, native title interests, historical	• Surface access through ejidos
	sites, wilderness or national park and	Tlacotepec, Mochitlan, Coaxtlahuacan,
	environmental settings.	Rincon de Tlapachlapa, Tlapacholapa,
	• The security of the tenure held at the	Mexaltelec, Astatepec and Jalapa
	time of reporting along with any known	• No known impediments to exploration
	impediments to obtaining a licence to
	operate in the area.
Exploration done by	• Acknowledgment and appraisal of	• Previous Exploration by Exploraciones la
other parties	exploration by other parties.	Plata 2005-2008, and evaluation work by
		Silver Standard Resources, Inc in 2013
Geology	• Deposit type, geological setting and style	• The la Fortuna project is considered
	of mineralisation.	prospective for intrusive related skarn
		copper-gold mineralisation,and

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

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Criteria	JORC Code explanation	Commentary
		sediment (or carbonate replacement)
		hosted silver zinc and lead
		mineralisation
Drill hole Information	• A summary of all information material to	• No drilling has been carried out or
	the understanding of the exploration	reported
	results including a tabulation of the
	following information for all Material
	drill holes:
	o easting and northing of the drill hole
	collar
	o elevation or RL (Reduced Level –
	elevation above sea level in metres)
	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
	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,	• No drilling carried out or reported
methods	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.
Relationship between	• These relationships are particularly	• No drilling carried out or reported.
mineralisation widths	important in the reporting of Exploration
and intercept lengths	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

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

==> picture [612 x 90] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	lengths are reported, there should be a
	clear statement to this effect (eg ‘down
	_hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with	• Map Provided
	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.
Balanced reporting	• Where comprehensive reporting of all	• Results as reported may not be
	Exploration Results is not practicable,	representative
	representative reporting of both low and
	high grades and/or widths should be
	practiced to avoid misleading reporting
	of Exploration Results.
Other substantive	• Other exploration data, if meaningful	• Results of ground magnetic and IP
exploration data	and material, should be reported	surveys
	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	• Verification of all sampling data
	work (eg tests for lateral extensions or	• Geological mapping
	depth extensions or large-scale step-out	• Geochemical sampling for extensions
	drilling).	• Diamond 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.

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

==> picture [612 x 90] intentionally omitted <==

APPENDIX 2: Soil sample results > 100ppbAu and/or 300ppm Cu

	Sample # 83603 83604 83606 83607 83612 83613 83614 83615 83616 83617 83618 83619 83620 83621 83622 83623 83624 83625 83627 83631 83632 83633 83659 83660 83661 83662 83663 83666 83667 83668 83670 83671 83672 83675 83676 83680 83683 83684 83685 83688 83690 83697 83698 83699	WGS84E 463101 463100 463101 463100 463099 463099 463100 463101 463100 463101 463100 463100 463100 463100 463100 463100 463101 463099 463101 463100 463100 463101 462500 462501 462500 462499 462500 462500 462500 462500 462500 462500 462500 462500 462500 462500 462501 462500 462500 462499 462499 462500 462499 462499	WGS84N 1923950 1923975 1924025 1924050 1924175 1924199 1924225 1924249 1924275 1924299 1924325 1924350 1924375 1924399 1924425 1924451 1924475 1924499 1924549 1924650 1924674 1924700 1923775 1923800 1923826 1923848 1923874 1923950 1923975 1924001 1924050 1924076 1924100 1924175 1924200 1924300 1924376 1924401 1924426 1924500 1924550 1924726 1924750 1924776	Au ppb 62 75 50 61 115 215 425 230 120 340 160 215 120 235 160 395 1020 190 130 395 390 215 125 90 80 80 9 295 890 1280 125 150 135 415 80 70 45 38 595 120 145 360 1410 140	Cu ppm 340 765 413 430 512 1102 136 168 133 123 224 110 110 60 58 68 44 24 53 22 11 35 1128 615 871 1185 722 259 634 390 115 164 152 2234 388 305 357 351 120 304 103 259 3810 276		Sample # WGS84E WGS84N Au ppb Cu ppm 83702 462400 1923775 60 633 83703 462400 1923800 80 1363 83705 462400 1923850 150 220 83707 462400 1923900 125 118 83708 462400 1923926 130 83 83709 462401 1923950 180 108 83712 462400 1924025 175 151 83714 462400 1924075 225 55 83716 462398 1924125 295 246 83717 462400 1924150 125 187 83739 462405 1924699 105 26 83741 462400 1924751 215 67 83742 462400 1924775 160 69 83743 462401 1924800 185 68 83749 462299 1923875 170 262 83750 462301 1923900 135 1150 83751 462301 1923925 125 108 83752 462300 1923949 145 339 83753 462300 1923975 195 331 83754 462300 1924000 215 258 83755 462299 1924025 280 316 83756 462300 1924050 345 475 83757 462300 1924075 225 82 83758 462299 1924100 170 176 83759 462301 1924124 245 337 83760 462300 1924150 265 283 83761 462300 1924175 220 272 83803 462200 1924150 160 772 83804 462199 1924175 140 279 83805 462199 1924200 125 331 83808 462200 1924275 215 108 84485 464900 1923300 175 35 84487 464900 1923250 105 23 85842 466400 1922525 170 45 85846 466400 1922425 145 35.2 86401 466200 1922449 150 18 86402 466199 1922425 185 18 86405 466201 1922350 105 84 86707 464700 1923500 110 21 86760 464200 1924000 120 10 86775 464200 1923625 1120 87 86776 464200 1923599 105 17 86777 464200 1923575 295 20 86778 464201 1923550 150 2

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

==> picture [612 x 90] intentionally omitted <==

	Sample # 86786 86896 86897 86898 86899 86900 86901 86902 86903 86904 86905 86906 86907 86908 86909 86911 86916 86918 86923 86924 86925 86926 86927 86928 86929 86930 86931 86932 86933 86934 86935 86936 86937 86938 86939 86940 86941 86942 86943 86957 86959 86960 86961 86962	WGS84E 464200 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462899 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462900 462700 462700 462700 462700 462700	WGS84N 1923350 1924950 1924925 1924900 1924875 1924850 1924825 1924799 1924775 1924750 1924725 1924700 1924675 1924650 1924625 1924575 1924450 1924400 1924275 1924250 1924225 1924200 1924175 1924150 1924125 1924100 1924075 1924050 1924025 1924000 1923975 1923950 1923925 1923900 1923875 1923850 1923825 1923800 1923775 1925250 1925200 1925175 1925150 1925125	Au ppb 120 180 145 125 150 340 240 195 275 780 205 310 340 1080 215 105 44 59 115 85 245 90 260 120 265 205 180 120 115 160 150 155 165 475 320 420 215 130 105 520 140 240 135 245	Cu ppm 9 125 199 100 71 29 112 81 77 124 132 58 60 74 45 77 660 632 165 360 1240 846 1169 1253 1157 465 274 603 549 979 368 352 2294 2340 3050 2050 2104 2090 520 31 47 52 47 31		Sample # WGS84E WGS84N Au ppb Cu ppm 86963 462700 1925100 125 26 86964 462700 1925075 205 32 86965 462700 1925050 340 35 86966 462700 1925025 260 39 86967 462700 1925000 360 55 86968 462700 1924975 625 88 86969 462700 1924950 230 83 86971 462700 1924900 310 99 86976 462700 1924775 910 45 86981 462700 1924650 120 84 86987 462700 1924500 195 865 86988 462700 1924475 180 650 86995 462700 1924300 195 641 86998 462700 1924225 120 870 86999 462700 1924200 110 274 87392 463200 1924275 110 275 87393 463200 1924301 215 448 87394 463201 1924326 190 328 87395 463200 1924350 275 160 87396 463200 1924375 195 122 87397 463200 1924400 180 113 87402 463200 1924525 115 35 87403 463200 1924550 175 32 87494 462800 1924875 185 72 87495 462801 1924850 305 89.1 87496 462800 1924825 280 228 87499 462800 1924750 230 86.9 87500 462800 1924724 170 117 87585 464000 1923500 360 13.2 87723 463000 1923775 205 620 87724 463000 1923800 190 360 87725 463000 1923825 240 1401 87726 463000 1923850 195 3210 87727 463000 1923875 145 1365 87728 463001 1923900 90 1320 87729 463000 1923925 185 1757 87730 463000 1923950 190 896 87731 463000 1923975 240 989 87735 463000 1924075 110 195 87741 463000 1924225 105 205 87743 463000 1924275 175 270 87744 463000 1924300 270 195 87745 463000 1924325 240 101 87746 463000 1924350 110 89

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

==> picture [612 x 90] intentionally omitted <==

	Sample # 87747 87748 87749 87750 87751 87752 87753 87754 87755 87756 87757 87758 87759 87760 87761 87762 87763 87764 87796 87797 87798 87799 87800 87801 87802 87803 87804 87805 87806 87807 87808 87809 87810 87811 87812 87813 87814 87815 87816 87817 87824 87825 87834 87835	WGS84E 463000 463000 463000 463000 463001 463000 463001 463000 463000 463000 463000 463001 463001 463001 463000 463000 463000 463000 462600 462600 462600 462600 462600 462600 462600 462600 462600 462599 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600 462600	WGS84N 1924375 1924400 1924425 1924450 1924475 1924500 1924525 1924550 1924575 1924600 1924625 1924650 1924675 1924700 1924725 1924750 1924775 1924800 1923775 1923800 1923825 1923850 1923875 1923900 1923925 1923950 1923975 1924000 1924025 1924050 1924075 1924100 1924125 1924150 1924175 1924200 1924225 1924250 1924275 1924300 1924475 1924500 1924725 1924750	Au ppb 160 265 175 185 235 158 215 129 199 210 435 1320 640 730 395 445 435 375 210 135 185 170 105 90 245 185 285 115 160 740 165 135 150 180 125 58 175 205 110 90 160 175 125 105	Cu ppm 48 170 180 50.6 88 40 33 36 39 35 89 68 58 53 71 79 86 85 1280 749 1995 2851 529 674 788 1287 668 1422 1025 1808 803 671 401 724 315 845 445 408 275 305 126 110 107 58		Sample # WGS84E WGS84N Au ppb Cu ppm 87836 462600 1924775 225 77 87837 462600 1924800 2160 169 87838 462600 1924825 270 89 87839 462600 1924850 520 35 87840 462600 1924875 245 79 87841 462600 1924900 270 94 87843 462600 1924950 175 95 87844 462600 1924975 580 22 87845 462600 1925001 105 72 87848 462600 1925075 205 49 87849 462600 1925100 235 39 87850 462600 1925125 560 27 87851 462600 1925150 180 32 88186 463400 1924400 180 343 88187 463400 1924376 520 1084.6 88188 463399 1924349 260 227 88234 463300 1924326 185 88 88235 463298 1924349 185 62 88236 463299 1924375 450 45 88238 463299 1924424 205 53 88242 463300 1924526 210 72 88253 462001 1924576 45 587 88276 462001 1924000 11 390 88277 462000 1923975 7 310 88317 462100 1924049 1 301 88321 462099 1923950 80 307 88323 462100 1923899 85 408 88325 462100 1923850 54 456 88326 462100 1923825 32 363 88327 462100 1923800 32 349 88402 462001 1925750 360 6 88514 462799 1924375 105 103 88520 462801 1924225 80 412 88527 462801 1924050 90 506 88528 462801 1924025 80 555 88529 462801 1924000 17 607 88530 462801 1923975 49 514 88531 462801 1923950 56 469 88532 462800 1923925 6 746 88533 462800 1923900 70 815 88534 462800 1923875 80 604 88535 462800 1923851 75 653 88536 462800 1923825 320 526 88537 462800 1923800 2 748

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

==> picture [612 x 90] intentionally omitted <==

APPENDIX 3: Rock chip sample results > 500ppbAu and/or 5000ppm Cu

==> picture [468 x 592] intentionally omitted <==

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au

==> picture [612 x 90] intentionally omitted <==

APPENDIX 4: Verification Rock chip sample results of samples

Sample			Au	Ag	As	Bi	Cu	Pb	Sb	Zn
#	WGS84E	WGS84N	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
119028	462835	1923934	1.011	5	634	132	8440	110	206	1250
119029	462881	1923888	0.277	<2	268	14	6240	153	122	1980
119030	462599	1923831	0.039	4	111	13	4260	204	53	270
119031	462770	1923858	0.335	8	90	<10	11800	<4	12	1190
119032	462764	1923860	0.524	<2	131	20	4120	19	33	407

APPENDIX 5: Rock chip sample results - La Fortuna

			Sample	Width
Number	WGS84N	WGS84E	type	(m)	Ag ppm	Cuppm	Pb %	Zn %
20464	467101	1921929	Dump		4	6900	0.02	0.06
20611	467101	1921931	Dump		40	100	1.97	4.88
20612	467092	1921928	Dump		564	500	20.90	13.55
20613	467075	1922011	Dump		236	900	1.76	5.42
20614	466921	1922076	Dump		118	600	4.70	18.76
24021	467115	1921924	Dump		1	100	0.08	1.40
24022	467115	1921920	Dump		102	200	3.76	5.39
32291	466931	1922080	Channel	1	48	433	1.68	1.93
32292	467072	1921905	Dump		1084	1253	9.82	0.33
32293	466988	1921980	Channel	1.5	5	222	0.34	0.06

Jadar Resources Limited

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadar.com.au