EV RESOURCES LTD — Regulatory Filings 2020

Feb 9, 2020

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ASX RELEASE: 10 February 2020

Maiden JORC 2012 Resource of 265,987ozs Gold and 934,528ozs Silver at Yanamina

Highlights

• Ø Maiden JORC 2012 Resource Estimate 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.

Resources	Tonnes	Grade(Aug/t)	Grade(Ag g/t)	Total ozs(Au)	Total ozs(Ag)
Indicated	2,790,620	1.35	4.34	121,136	389,431
Inferred	3,951,640	1.14	4.29	144,851	545,097
Total/average	6,742,260	1.23	4.31	265,987	934,528

(0.5 g/t cut-off)

• Ø The Maiden JORC Resource at Yanamina follows the diversification of Jadar’s asset portfolio, with Yanamina now the Company’s main focus.

• Ø The JORC study has identified lateral and at depth exploration potential to expand the existing resource outline.

• Ø The study also highlighted a significant exploration target in the down faulted hanging wall that bounds the upper part of the resource.

• Ø The large majority of the resource outcrops or sub outcrops indicate the potential for a low strip (waste: ore) ratio of around one times.

• Ø The insitu contained gold resource of 265,987 ounces equates to Jadar’s market capitalisation at only $24 per oz.

Jadar Resources Chairman, Luke Martino, commented: “ The estimate of the maiden JORC Resource at Yanamina is a significant step forward in advancing the Project, and importantly, in diversifying Jadar’s asset portfolio to include gold and silver, particularly as these commodities continue to experience strong growth.”

“Through the verification of the historical estimates of mineral resources, Jadar was able to deliver a Maiden JORC Resource. With the last work on the project dating back to 2011, the substantial exploration target also provides further potential upside, and Jadar is currently planning a drill programme for 2020, with the aim of achieving a Resource Upgrade in the near term. Yanamina is now the core focus of the Company, which we will continue to develop to drive shareholder value.”

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 Resources Limited ( ASX:JDR ) (“ Jadar ”, the “ Company ”) is pleased to announce the Maiden Mineral JORC Resource Estimate for the Yanamina Gold Project (“ Yanamina ”, or the “ Project ”), located in northcentral Peru in the Department of Ancash, province of Huaylas, District of Caraz, and approximately 16km east of the town of Caraz.

The total Indicated and Inferred Mineral Resource has been estimated in accordance with the guidelines set out by the JORC Code (2012). The estimated total resources at the lower cut-off grade of 0.5g/t gold (“ Au ”) are 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 (“ Ag ”), confirming Yanamina as a significant bulk mining development opportunity with strong economic potential.

JORC (2012) Resource Estimate

The JORC 2012 compliant resources at various gold cut-off grades are estimated as follows:

Cut-off Grade	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred
(Au)	Tonnes	Grade(Aug/t)	Grade(Ag g/t)	Tonnes	Grade(Aug/t)	Grade(Ag g/t)
0.50	2,790,620	1.35	4.34	3,951,640	1.14	4.29
1.00	1,433,460	1.95	5.03	1,791,580	1.66	4.71
1.50	806,960	2.50	4.90	854,000	2.14	3.66
2.00	449,540	3.12	5.39	400,120	2.64	3.84
2.50	256,760	3.80	6.00	195,580	3.09	4.63
3.00	156,940	4.48	6.97	75,740	3.72	4.80

The summary tables for the 0.5g/t Au and 1.0g/t Au cut-offs with contained metal are as follows.

Resources	Tonnes	Grade(Aug/t)	Grade(Ag g/t)	Total ozs(Au)	Total ozs(Ag)
Indicated	2,790,620	1.35	4.34	121,136	389,431
Inferred	3,951,640	1.14	4.29	144,851	545,097
Total/average	6,742,260	1.23	4.31	265,987	934,528
Summary Table (0.5 g/t cut-off)

Resources	Tonnes	Grade (Au g/t)	Grade(Ag g/t)	Total ozs(Au)	Total ozs(Ag)
Indicated	1,433,460	1.95	5.03	89,879	231,842
Inferred	1,791,580	1.66	4.71	95,628	271,329
Total/average	3,225,040	1.79	4.85	185,507	503,171

Summary Table (1.0 g/t cut-off)

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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Acquisition of Yanamina Gold Project

On 31 December 2019, Jadar completed its acquisition of Minera Wealth Peru S.A.C., the holder of five concessions which comprise the Yanamina Gold Project. Shareholders approved the acquisition of the Yanamina Gold Project at the Company’s Annual General Meeting held on 25 November 2019. Consideration for the acquisition of the Project was US$100,000 and a 1.0% net smelter royalty on all metal production from the Project. In addition, a payment of $100,000 was made to Happy Diamonds Pty Ltd for services relating to the acquisition and for an agreed reduction in potential production obligations to US$8 million (refer ASX announcement 16 September 2019).

Project

Modern exploration of Yanamina commenced around 1994, with continuing exploration identifying the Project as containing a low sulphidation epithermal gold and silver resource, with favourable geology, resource geometry and metallurgical characteristics.

The Yanamina gold resource is contained within 50 metres of the surface and the large majority of the resource outcrops or sub outcrops, consequently reducing potential waste ore. In addition to the existing resources, Yanamina contains a number of cost effective exploration targets, including lateral and vertical extensions to the existing resource envelope and a down faulted hanging wall extension of potentially significant tonnage.

Location and Access

Yanamina is located in north-central Peru in the Department of Ancash, province of Huaylas, District of Caraz, and lies approximately 16km east of the town of Caraz. The Project is located 40 km to the north and 120 km south respectively of Barrick Gold’s (“Barrick”) Pierina (210 MT @ at 1.1 g/t for 7.5 million ounces), and Alto Chicama/Lagunas Norte (227 MT @ 1.1 g/t for 8 million ounces) gold mines.

Vehicle access to Yanamina is via 448kms of paved highway from Lima, the capital of Peru, to Caraz and then from Caraz to Yanamina. The road to Yanamina is unsealed but suitable for 2 wheel drive vehicles.

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Image 1 - Yanamina – distal view

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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Physiography and Climate

Yanamina lies on the western flank of the Cordillera Blanca, in the north-central section part of the Western Cordillera at an altitude of between 3200-3700 metres. Caraz is situated at 2,500 metres and the mountains to the east of the project rise to 6,000 metres.

In the project area topography is steep with hillsides between 38-45 degrees in gradient. The local vegetation consists of brush and cactus, which is indicative of a semi-arid environment.

Mining Concessions

The Yanamina gold project is held through 5 mining concessions, Malu I, II, III, Monica T and Gladys E, with a total area of 918.66 hectares. The main concession, Malu I, which covers the Yanamina resource, has an area of 224 hectares and lies within the “buffer zone” adjacent to and around the Huascaran National Park.

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Figure 1: Regional Location Map

Exploration History

Yanamina is an historic artisanal mining area with over 100 small artisanal pits and short tunnels (adits) up to 15 metres in length distributed across the Project. Local knowledge suggests that much of this artisanal work began with Portuguese miners in the 1600’s and continued through to the late 1890’s. Although there are no gold or silver production records available, it is assumed that production was small and concentrated on the exploitation of high grade pockets of the gold mineralisation.

Between 1994 and 1996, Yanamina was explored by Compania Acuarios Minera y Exploradora (“AME), which completed regional and prospect sampling, reopened some of the historic adits, drove three new adits totaling 48.6 metres, collected samples for metallurgical testing and completed 7 diamond drill holes in 1994 (543.15 metres), and 55 diamond holes in 1995 (1,636.05 metres).

In 2000, Barrick Gold acquired Arequipa Resources, the parent company of AME and apart from some apparent desk top studies, it would appear that no additional exploration on Yanamina was carried out.

In April 2006, Latin Gold Limited, an ASX listed company purchased the Project and undertook an extensive exploration programme over Yanamina, which included the digitizing of the historic data base, detailed geological mapping, channel sampling comprising 280 samples, limited adit sampling and the completion of 25 diamond drill holes totaling 1,468 metres. Following this programme, through 2007-2011 Latin undertook

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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additional field studies, preliminary metallurgical test work and completed a pre-feasibility and an updated pre-feasibility study.

In 2011 Latin Gold sold the Yanamina Project to the TSX-V listed company Coronet Resources Inc, which commissioned an independent NI43-101 geological and financial analysis of the Project.

As a result of changed market conditions, it is understood that Coronet undertook no further work on the project, and in 2015 sold the project to TSX-V listed company Wealth Minerals Ltd. Soon after the acquisition Wealth Minerals became a lithium explorer and the project has effectively been dormant for the past 4 years, prior to its acquisition by Jadar.

Geology and Geological Interpretation

The Yanamina gold project area is contained within a northwest trending belt of complexly folded and faulted, Late Mesozoic marine sediments intruded by Tertiary batholithic rocks of granodiorite composition.

The oldest rocks in the region are Cretaceous quartzites, shales, and minor coal seams.

The most important structure is the Yungay Graben, which trends northerly across the region and has been traced along strike for almost 100 kilometres. The eastern edge of the Yungay Graben is defined by the Ancash Fault Zone.

The Yanamina gold project straddles the Ancash Fault Zone, the mineralisation within the Project is hosted by a batholith of monzo-granitic composition and the emplacement of this batholith has been structurally controlled with intense mylonitic textures adjacent to the faulted contacts.

The Yanamina gold resource lies on the side of a 38-42 degree dipping hillside which reflects a low angle normal fault.

This fault zone has been intersected by drilling at the base of the scarp where it consists of a heavily gouged zone some 15 metres thick.

The mineralisation at Paron is low sulphidation epithermal with alteration characterised by multi-stage silicification and chalcedonic to cryptocrystalline quartz veining and sericitisation of the monzonite host.

Silica crackle breccias and microbreccias which are also characteristic of epithermal gold systems occur throughout the project area.

The alteration at Yanamina is tabular in shape and extends over an area 550 metres long with widths ranging between 80 and 350 metres. The thickness ranges from 2 metres to greater than 40 metres.

The quartz sericite alteration hosts the ore grade gold intersections with the intensity appearing to have a good correlation with the better grades.

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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Sampling and Sub-Sampling Techniques

Modern exploration sampling at Yanamina has been by channel and adit sampling and diamond drilling.

Channel sampling has consisted of 280 samples collected within the channels, sample lengths were 3 metres and the channels were approximately 5cm deep and 5 cms wide. The sampling was undertaken by a Geologist or by field assistants with geological supervision. The location of each channel was recorded with GPS co-ordinates from start to completion.

Adit sampling occurred where access was available and sampling was undertaken for geological and mineralisation information rather than for grade control.

The channel sampling was across the strike of the mineralization.

The adit sampling, which took advantage of historic adits into the mineralization was sometimes oblique to strike as a result of the orientation of the adit.

Drilling Techniques

Details of the drilling, sampling and assaying techniques and QA/QC are provided in the JORC 2012 Table 1 (attached to this report as Appendix 1). In summary, the diamond drill holes used in the data base were HQ and NQ diameter and sampling of the drill core was by sawing on geological defined lengths.

Statistical Analysis

There is an extensive geological, drilling, analytical and metallurgical data base available over Yanamina.

There has also been a number of financial studies undertaken by previous explorers.

For the preparation of the JORC 2012 resource estimation, the data base was reviewed with a focus on the geology, observed controls on the mineralization and drilling results.

The drilling programmes completed to date have shown the mineralised envelope to have broad geometric continuity with a background grade of around 0.3- 0.5 g/t interspersed with higher Au grades.

Whilst previous explorers have interpreted faulting within the mineralised envelope, this faulting appears to be generally small in scale and does not affect the geometric continuity to any significant extent.

Classification Criteria

A total of 87 diamond drill holes for 3,646 metres of HQ and NQ core have been completed.

Standard drill spacing across strike and within the main sections of the mineralized envelope was around 20 metres (contingent on access) and holes have been drilled as close as 10 metres in places.

Drill spacing along strike was generally 50 metres (again, depending on ease of access) but closed to 25 metres in some areas.

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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For the purpose of this maiden 2012 JORC Resource Estimate it was considered that the Yanamina mineralisation be best characterized as Indicated and Inferred.

Pursuant to these intended classifications the following search radius was used:

Indicated Resource : Average distance of samples 25 metres or less, and

Inferred Resource : Average distance of sample 25 metres to 50 metres.

Sample Analysis Method

All assays of Yanamina core have been by fire assay, 50 gram charge.

Mining and Metallurgical Considerations

Metallurgical studies by previous explorers indicate that the mineralization is treatable by simple NaCN extraction.

The Mineral Resource outcrops on the side of a fault scarp and should present no mining issues in any potential commercial mining operation.

JORC Estimation Methodology

The Yanamina Mineral Resource data base has a total of 2,643 samples spanning 3,402 metres from 78 drill holes and contained in an Excel spreadsheet.

For this JORC 2012 Resource Estimation, the drill and assay data base was loaded into several systems for analysis.

These systems were:

• Maptek Vulcan Version 12

• Anaconda Python Version 3.8

• Global Mapper Version 20.0

A statistical and spatial-statistical review of the assay information was undertaken as a first step with data intercepts composited to 1 metre for normalization purposes.

A simple data analysis across the X Direction (eastings), Y Direction (northings) and Z Direction (RL) was then undertaken. This was to determine any grade trends inherent in the data set that may have not been obvious from the simple empirical observation.

It was determined that standard regular block modelling with no sub-blocking and the use of the Inverse Distance Technique was the most appropriate estimation method for the Yanamina resource estimation.

• A block model with the following structure was subsequently used;

• X = 5 metres

• Y = 5 metres

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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• Z = 2 metres

• Bearing 160 Degrees

• Plunge 0.0

• Dip -40 Degrees

The Block model was initially flagged with the supplied topography to eliminate the estimations above ground.

Cut-off Grades

Cut-off grades at 0.5g/t increments from the lower 0.5g/t through to the upper 3.0g/t were employed.

The lower cut of 0.5g/t was selected on the basis that the geometry and mineralization distribution at Yanamina suggests bulk mining as the most likely scenario. Based on this it was considered that a bulk gold grade of 1.0g/t would be the lower economic case and consequently the lower cut-off was selected to still achieve a bulk gold grade higher than this base case.

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Image 2 - Outcropping mineralisation on fault scarp at Yanamina

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: Yanamina Outcrop Geology (after Latin Gold circa 2007)

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: Drill hole location, inclination and section lines (after Latin Gold circa 2010)

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 4: Interpreted mineralised blocks – Cross section A2-A2 (after Latin Gold circa 2010)

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Figure 5: Interpreted mineralised blocks – Cross Section C-C’ (after Latin Gold circa 2010)

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 6: Interpreted mineralised blocks – Cross Section D-D’ (after Latin Gold circa 2010)

This analysis shows that the high values for AU (average > 0.6) exist in a clustered pattern in specific East, North and RL ranges (see Figure 10). These were within the limits 199190E – 199230E, 9000870N – 9000900N, 3555RL – 3590RL, with notable high values in the 3585 RL vicinity).

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Figure 7: X, Y and Z Direction Histogram Plot of Au values in Yanamina data base

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 next stage of the data review was to plot the Au mineralisation in various views (plan, cross section and long section) to determine and mineralising trends in these orientations.

Figures 9, 10 and 11 represent the Scatter Plots that were subsequently generated.

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Figure 8: Scatter Plot of Au – Plan View

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Figure 9: Scatter Plot of Au – Cross Section View

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 10: Scatter Plot of Au – Long Section View

The Scatter plots identified potential data gaps/and/or exploration potential to the north and southwest (see circled areas on Figure 8 – Plan View and Figure 9- Cross Section View) and a second underlying zone to the west (see circled area Figure 10 – Long Section) as well as a possible eroded/faulted extension to the north (see circled area Figure 10– Long Section). These possible mineralised extensions represent exploration/mineralised extension targets. A correlation test between the Au and Ag distribution at Yanamina is also completed.

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Figure 11: Scatter Plot Au vs Ag

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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Whilst silver is an important component of the Yanamina mineralisation there is only a very weak correlation of 0.25 between Au and Ag as shown in Figure 11.

This poor correlation between Au and Ag grades is further emphasised in the resource estimation when based on varying Au cut-off grades.

Resource Estimation

Multiple estimation runs under a variety of parameters to determine the variability of the orebody were carried out. These estimations provided an understanding of the uncertainty within the parameter framework and provided confidence in processing to a JORC compliant resource estimation.

For the purpose of this maiden 2012 JORC Resource Estimate it was considered that the Yanamina mineralisation be best characterized as Indicated and Inferred.

Pursuant to these intended classifications the following search radius was used:

Indicated Resource : Average distance of samples 25 metres or less, and

Inferred Resource : Average distance of sample 25 metres to 50 metres

The following parameters were then used to determine the resource estimation.

Search Orientation:

• Bearing 160 degrees

• Plunge 0.0 degrees

• Dip -50 degrees

• Style Ellipsoidal

Search Distance:

• Major 50 metres

• Semi-Major 50 metres

• Minor 20 metres

Sample Density:

• Minimum samples per estimation = 1

• Maximum number per estimation = 9

• Maximum samples per octant search = 3

• Minimum Drill holes = 1

• Maximum Drill holes = 10

• Maximum Samples per Drill hole = 5

• Discretisation 4x4x4

Multiple Au cut-off grades were used (0.5 g/t to 3.00 g/t) to provide an understanding of the grade continuity.

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 following resource estimation for Yanamina was determined.

Cut-off Grade	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred
(Au)	Tonnes	Grade(Aug/t)	Grade(Ag g/t)	Tonnes	Grade(Aug/t)	Grade(Ag g/t)
0.50	2,790,620	1.35	4.34	3,951,640	1.14	4.29
1.00	1,433,460	1.95	5.03	1,791,580	1.66	4.71
1.50	806,960	2.50	4.90	854,000	2.14	3.66
2.00	449,540	3.12	5.39	400,120	2.64	3.84
2.50	256,760	3.80	6.00	195,580	3.09	4.63
3.00	156,940	4.48	6.97	75,740	3.72	4.80

Summary Table (0.5 g/t cut-off)

Resources	Tonnes	Grade (Au g/t)	Grade (Ag g/t)	Total ozs (Au)	Total ozs (Ag)
Indicated	2,790,620	1.35	4.34	121,136	389,431
Inferred	3,951,640	1.14	4.29	144,851	545,097
Total/average	6,742,260	1.23	4.31	265,987	934,528

Summary Table (1.0 g/t cut-off)

Resources	Tonnes	Grade (Au g/t)	Grade (Ag g/t)	Total ozs (Au)	Total ozs (Ag)
Indicated	1,433,460	1.95	5.03	89,879	231,842
Inferred	1,791,580	1.66	4.71	95,628	271,329
Total/average	3,225,040	1.79	4.85	185,507	503,171

As to be expected the grade of the Inferred mineralisation is lower than the Indicated because the search radius of the Inferred captures more of the lower grade “envelope” mineralisation. Reiterating the poor correlation between the Au and the Ag, the Ag grades show a non-linear trend as the Au cut-off grade increases.

In addition, confirming the greater potential of Yanamina as a bulk mining and processing operation rather than a higher grade selective operation the tonnage drops significantly as the cut-off grade increases.

(See Figures 12 and 13: Grade and Tonnage plots)

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 12: Grade and Tonnage Plots – Indicated Resources

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Figure 13: Grade and Tonnage Plots – Inferred Resources

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 total contained metal content for Au and Ag are as follows:

Cut-off Grade	Indicated	Indicated	Inferred	Inferred	Total Metal	Total Metal
(Au)	Contained Au (oz)	Contained Ag (oz)	Contained Au(oz)	Contained Ag (oz)	Au	Ag
0.50	121,136	389,431	144,851	545,098	265,987	934,528
1.00	89,879	231,843	95,628	271,329	185,507	503,172
1.50	64,868	127,142	58,764	100,503	123,632	227,645
2.00	45,099	77,911	33,965	49,404	79,064	127,315
2.50	31,373	49,536	19,432	29,117	50,805	78,653
3.00	22,607	35,173	9,060	11,690	31,667	46,863

Exploration Potential

The work carried out for the maiden JORC 2012 Resource Estimation highlighted a number of areas at Yanamina which show potential for additional mineralization, both as an extension but also proximal to the existing resource. As a result of the extensive and important surface alteration within the mineralised zone, a number of these target areas can be initially explored geologically to determine their potential.

An additional exploration target which remains open is the potential faulted extension to the existing Yanamina resource. As discussed, the Yanamina resource is located on a fault scarp and there is sound geological evidence that the top of the resource has been removed by faulting.

How substantial the “missing” top of the resource is unknown but it presents a simple exploration target with possible significant exploration upside.

The exploration targets are shown in Figure 14.

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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----- Start of picture text -----

Strike/Plunge Extension at depth?
Down Faulted Extension?
Down Dip Extension?
Down Dip Extension?
Strike/Plunge Extension at depth?
----- End of picture text -----

Figure 14: Exploration Targets

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 15: Cross Section View of Additional Exploration Targets

ENDS

For further information, please contact:

Luke Martino Jane Morgan Non-Executive Chairman Investor Relations Advisor Tel: +61 8 6489 0600 Tel: +61 405 555 618 E: luke@jadar.com.au E: jm@janemorganmanagement.com.au

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

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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Competent Persons Statement

The information in this announcement that relates to the Yanamina Project Mineral Resource Estimate is based on information compiled by Howard Dawson. Mr. Dawson 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) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Dawson is a consultant to the Company and consents to the inclusion of the information in the form and context in which it appears. A company associated with Mr Dawson, Happy Diamonds Pty Ltd, introduced the acquisition of the Yanamina Project to the Company and received a fee for services rendered. Happy Diamonds Pty Ltd is also the recipient of the production linked milestone payments and a 1% NSR royalty on greater than 200,000ozs in respect of the Yanamina Project.

Disclaimer

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 forwardlooking 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 forwardlooking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or nonoccurrence 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

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	Channel sampling – 280 samples collected within
techniques	channels, random chips, or specific specialised	each channel, sample lengths were 3 metres and
	industry standard measurement tools	the channels were approximately 5cm deep and 5
	appropriate to the minerals under investigation,	cms wide. The sampling was undertaken by a
	such as down hole gamma sondes, or handheld	Geologist or by field assistants with geological
	XRF instruments, etc.). These examples should	supervision. The location of each channel was
	not be taken as limiting the broad meaning of	recorded with GPS co-ordinates from start to
	sampling.	completion.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Adit sampling was where access was available and sampling was undertaken for geological and mineralisation information rather than for grade control.
		No channel or adit assay data have been used in
		the JORC 2012 resource estimation.
		Diamond Drilling was HQ and NQ. The Latin Gold
		diamond core was orientated, logged by a
		Geologist, cut for sampling using a diamond saw
		with the sample intervals selected by the logging
		geologist and marked with a black pen. The
		sample intervals were geologically controlled and
		generally around 1 metre in length.
		Drill core was stored off site in a locked premises
		in the nearby town of Caraz. All sampling was
		done at Caraz.
		Standards were introduced every 30 samples.
Drilling	• Drill type (e.g. core, reverse circulation, open-	HQ and NQ diamond drilling.
techniques	hole hammer, rotary air blast, auger, Bangka,
	sonic, etc.) and details (e.g. 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	• Method of recording and assessing core and chip	The core recovery was usually greater than 90%.
recovery	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 topreferential loss/gain

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
	of fine/coarse material.
Logging	• Whether core and chip samples have been	100% of the drill core was logger by the Geologist
	geologically and geotechnically logged to a level	to a high technical standard supportive of
	of detail to support appropriate Mineral	resource estimation and for generating suitable
	Resource estimation, mining studies and	intervals for metallurgical test work.
	metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.)	The drill logs were then digitised into an Excel spread sheet.
	photography.
	• The total length and percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn and whether	The Latin Gold diamond core was orientated,
sampling	quarter, half or all core taken.	logged by a Geologist, cut for sampling using a
techniques	• If non-core, whether riffled, tube sampled, rotary	diamond saw with the sample intervals selected
and sample	split, etc. and whether sampled wet or dry.	by the logging geologist and marked with a black
preparation	• For all sample types, the nature, quality and	pen. The sample intervals were geologically
	appropriateness of the sample preparation	controlled and generally around 1 metre in length.
	technique.	In most case half core was sampled.
	• Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	The samples selected for assay were placed in plastic sample bags, tagged and placed in larger bags for delivery to ALS Chemex in Lima. ALS
	• Measures taken to ensure that the sampling is	Chemex was an ISO 2000 certified laboratory.
	representative of the in situ material collected,
	including for instance results for field	Standardised samples were introduced every 30
	duplicate/second-half sampling.	samples. These duplicates had been sourced from
	• Whether sample sizes are appropriate to the	Rocklabs of New Zealand. Batches of 50-70
	grain size of the material being sampled.	samples would include two duplicate samples.
Quality of	• The nature, quality and appropriateness of the	The analysis was acid digest 50g fire assay with
assay data	assaying and laboratory procedures used and	AAS finish and 50g fire assay with Gravity finish
and	whether the technique is considered partial or	for Au. Ag was acid digest and AAS finish.
laboratory	total.
tests	• For geophysical tools, spectrometers, handheld	All results were reported in ppm.
	XRF instruments, etc., the parameters used in
	determining the analysis including instrument	The assay methods were appropriate for the style
	make and model, reading times, calibrations	of mineralisation at Yanamina.
	factors applied and their derivation, etc.
	• Nature of quality control procedures adopted	Standards were introduced every 30 samples and
	(e.g. standards, blanks, duplicates, external	showed the laboratories accuracy and precision to
	laboratory checks) and whether acceptable levels	be well within required standards.
	of accuracy (i.e. lack of bias) and precision have been established.	Assay results were only sent to approved company personnel.
Verification	• The verification of significant intersections by	No holes were twinned. Selected holes were
of sampling	either independent or alternative company	resampled and re-assayed by third parties
and	personnel.	associated with the 43-101 reportpreparation.

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
assaying	• The use of twinned holes.	No significant variation in data results was
	• Documentation of primary data, data entry	reported.
	procedures, data verification, data storage
	(physical and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate	Holes were surveyed by differential mode GPS.
data points	drill holes (collar and down-hole surveys),	Accuracy is +/- 5 metres. The Topographic control
	trenches, mine workings and other locations	is based on government topographic survey data.
	used in Mineral Resource estimation. • Specification of the grid system used.	The grid system used is PSAD 56.
	• Quality and adequacy of topographic control.
Data	• Data spacing for reporting of Exploration Results.	The diamond drilling programme is spaced
spacing and	• Whether the data spacing and distribution is	sufficiently to allow Indicated and Inferred
distribution	sufficient to establish the degree of geological	resource estimations to be undertaken.
	and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Drill spacing along strike was generally on 50 metre line spacing’s.
	• Whether sample compositing has been applied.	Across strike the drill spacing was 15-20 metres.
		Hole azimuth was generally 060 to magnetic north
		and hole inclination 45 degrees and 60 degrees.
Orientation	• Whether the orientation of sampling achieves	The mineralisation is broadly north-south in
of data in	unbiased sampling of possible structures and the	orientation and the drill lines orientated as much
relation to	extent to which this is known, considering the	as possible to adequately test across the strike.
geological	deposit type.	Whilst the mineralisation has significant micro
structure	• If the relationship between the drilling	fracturing and faulting there was no evidence for
	orientation and the orientation of key	any key internal structures that may have
	mineralised structures is considered to have	changed or influenced alternate mineralising
	introduced a sampling bias, this should be	orientations
	assessed and reported if material.
Sample	• The measures taken to ensure sample security.	Reputable Laboratories, trusted staff at all times
security		supervised by the senior geologists, reputable
		transport companies.
Audits or	• The results of any audits or reviews of sampling	The drilling and sampling technique was reviewed
reviews	techniques and data.	and no matters were noted that would impair the
		validity data.

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	All exploration data including geology, channel,
tenement	ownership including agreements or material	adit and drilling was collected within Malu 1
and land	issues with third parties such as joint ventures,	licence. Compensation Agreements were in place
tenure	partnerships, overriding royalties, native title	with the relevant landholders.

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
status	interests, historical sites, wilderness or national	Part of Malu 1 is located within the buffer zone
	park and environmental settings.	for a national park. Malu 1 pre-dates the
	• The security of the tenure held at the time of	establishment of the national park and buffer
	reporting along with any known impediments to	zone and there were no impediments raised to
	obtaining a license to operate in the area.	operating in the area.
Exploration	• Acknowledgment and appraisal of exploration by	In 1994, the first modern recorded exploration
done by	other parties.	was carried out on the project area by Arequipa
other		Resources and this company completed over a
parties		two year period detailed geological mapping,
		surface sampling and 60 diamond drill holes
		totalling 2,179.18 metres. In February 1996,
		Acuarios prepared a mineral resource estimate for
		the project reporting 2,656,108 tonnes
		(unclassified) averaging 2.0g/t gold (170,810 ozs).
		(Note: this resource estimate does not comply
		with the JORC 2012 resources classifications)
		In April 2006, ASX listed Latin Gold Limited
		through its wholly owned subsidiary Golden Eagle
		Resources Peru SAC purchased 100% of the
		Project and subsequently completed detailed
		mapping of the geology and alteration, channel
		sampling, limited adit sampling, digitizing of the
		historic and current data base and the drilling of
		an additional 25 diamond drill holes totalling
		1,468 metres. Latin Gold completed two pre-
		feasibility studies based on a JORC 2004
		measured, indicated and inferred resources of 6.2
		million tonnes grading 1.6g/t Au and 7.0 g/t Ag.
		(Note: this resource estimate does not comply
		with the JORC 2012 resources classifications)
		The work carried out by Latin Gold appears to be
		a sound standard with a strong level of
		independent review.
Geology	• Deposit type, geological setting and style of	The Yanamina Gold Project area is epithermal and
	mineralisation.	lies within a regional northerly trending belt of
		complexly folded and intensely faulted, Late
		Mesozoic marine sediments, which have been
		intruded by Tertiary batholithic rocks of various
		compositions. The oldest rocks in the region are
		Cretaceous quartzites and shales.
Drill hole	• A summary of all information material to the	Data appended (refer Appendix 2)
Information	understanding of the exploration results
	including a tabulation of thefollowing

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
	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	• In reporting Exploration Results, weighting	Reported drill result data contains aggregated
aggregation	averaging techniques, maximum and/or	length and assay results.
methods	minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Un-aggregated true drill width grades were used for the sample base to estimate the mineral
		resource.
	• 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	No metal equivalents were used or applied.
	examples of such aggregations should be shown
	in detail.
	• The assumptions used for any reporting of metal
	equivalent values should be clearly stated.
Relationship	• These relationships are particularly important in	Drill holes were drilled as close as possible to
between	the reporting of Exploration Results.	perpendicular to the regional geological strike and
mineralisati	• If the geometry of the mineralisation with	particularly the strike of mineralized zones.
on widths and intercept	respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths	All depths and intervals are downhole depths and were then corrected to RL.
lengths	are reported, there should be a clear statement
	to this effect (e.g. ‘down hole length, true width
	not known’).
Diagrams	• Appropriate maps and sections (with scales) and	Drill location map included in body of report.
	tabulations of intercepts should be included for
	any significant discovery being reported These
	should include, but not be limited to a Figure
	view of drill hole collar locations and appropriate
	sectional views.
Balanced	• Where comprehensive reporting of all	The JORC 2012 report had full access to all drill
reporting	Exploration Results is not practicable,	results.
	representative reporting of both low and high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration

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
	Results.
Other	• Other exploration data, if meaningful and	Not relevant to this report apart from cross
substantive	material, should be reported including (but not	reference. No bulk sampling, geophysical,
exploration	limited to): geological observations; geophysical	geotechnical or groundwater surveys have been
data	survey results; geochemical survey results; bulk	undertaken. The metallurgical work undertaken
	samples – size and method of treatment;	was preliminary and based on core studies. It
	metallurgical test results; bulk density,	demonstrated base case Au recoveries of 73% and
	groundwater, geotechnical and rock	40% Ag using NaCN.
	characteristics; potential deleterious or
	contaminating substances.
Further	• The nature and scale of further work (e.g. tests	Not applicable for this report because the next
work	for lateral extensions or depth extensions or	exploration programme is still being designed.
	large-scale step-out drilling).	Plans and a cross section showing the exploration
	• Diagrams clearly highlighting the areas of	targets has been included in the body of this ASX
	possible extensions, including the main	release.
	geological interpretations and future drilling
	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 applyto this section.)
Criteria	JORC Code explanation	Commentary
Database	• Measures taken to ensure that data has not	• The drill hole locations, core sampling, field
integrity	been corrupted by, for example, transcription or	logging and assay data was electronically
	keying errors, between its initial collection and	imported into the resource data base. The
	its use for Mineral Resource estimation	data base was then reviewed for accuracy
	purposes.	by the in country geologist. The data base
	• Data validation procedures used.	was also reviewed once imported in Maptek
		Vulcan version 12.
Site visits	• Comment on any site visits undertaken by the	• The competent person has visited the
	Competent Person and the outcome of those	Yanamina site, the drill core shed and the
	visits.	nearest town Caraz.
	• If no site visits have been undertaken indicate
	why this is the case.
Geological	• Confidence in (or conversely, the uncertainty of)	• There is a high level of confidence in the
interpretation	the geological interpretation of the mineral	geological interpretation given the large
	deposit.	amount of drilling completed relative to the
	• Nature of the data used and of any assumptions	confined lateral and vertical nature of the
	made.	mineral resource and the simple geology.
	• The effect, if any, of alternative interpretations	• Surface and adit geology together with
	on Mineral Resource estimation.	drilling data were used to interpret the
	• The use of geology in guiding and controlling	geology.
	Mineral Resource estimation.	• The mineral estimate was based upon a
	• Thefactors affecting continuity both of grade	statistical analysis of the data because of

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	JORC Code explanation		Commentary	Commentary
		and geology.			the simple geology.
				•	Extensive lateral faulting in parts of the
					resource affects the grade both positively
					and negatively.
Dimensions		• The extent and variability of the Mineral		•	The mineralisation has dimensions of
		Resource expressed as length (along strike or			around 550metres along strike and widths
		otherwise), plan width, and depth below surface			of up to 350 metres with thicknesses up to
		to the upper and lower limits of the Mineral			40 metres.
		Resource.		•	The Mineral Resource has been determined
					within an envelope of around 550 metres, a
					width of around 100 metres and a
					maximum true thickness of around 40
					metres.
				•	The mineralization outcrops.
Estimation and		• The nature and appropriateness of the		•	A statistical and spatial review of the data
modelling		estimation technique(s) applied and key			was undertaken to understand the controls
techniques		assumptions, including treatment of extreme			and distribution of the mineralization.
		grade values, domaining, interpolation		•	That review determined the search
		parameters and maximum distance of			distance of 25metres or less was
		extrapolation from data points. If a computer			appropriate for Indicated and 25-50metres
		assisted estimation method was chosen include			appropriate for Inferred.
		a description of computer software and		•	The computer software used was Maptek
		parameters used.			Vulcan Version 12, Anaconda Python
		• The availability of check estimates, previous			Version 3.8 and Global Mapper Version
		estimates and/or mine production records and			20.0
		whether the Mineral Resource estimate takes		•	It was determined that standard regular
		appropriate account of such data.			block modelling with no sub blocking and
		• The assumptions made regarding recovery of			the use of Inverse Distance technique was
		by-products.			the most appropriate.
		• Estimation of deleterious elements or other non-		•	The block model was initially flagged with
		grade variables of economic significance (eg			supplied topography to eliminate any
		sulphur for acid mine drainage			blocks which occurred above ground level.
		characterisation).		•	Multiple estimation analyses were carried
		• In the case of block model interpolation, the			out to test for lateral variability.
		block size in relation to the average sample		•	Previous JORC 2004 and NI-43-101
		spacing and the search employed.			resource estimates were available for
		• Any assumptions behind modelling of selective			reference and comparison. These previous
		mining units.			studies were not incorporated into this
		• Any assumptions about correlation between			study.
		variables.		•	Based on previous metallurgical studies
		• Description of how the geological interpretation			silver has been included as a recoverable
		was used to control the resource estimates.			by product.
		• Discussion of basis for using or not using grade		•	It was noted that there is a poor
		cutting or capping.			correlation between gold and silver grades.
		• The process of validation, the checking process		•	An analysis of the grade distribution
		used, the comparison of model data to drill hole			indicated that nograde cappingwas

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	Commentary
	data, and use of reconciliation data if available.		necessary.
		•	The resource estimate was validated by the
			use of multiple software techniques.
Moisture	• Whether the tonnages are estimated on a dry	•	The resource estimates were prepared on a
	basis or with natural moisture, and the method		dry tonne basis.
	of determination of the moisture content.
Cut-off	• The basis of the adopted cut-off grade(s) or	•	It was assumed that a gold grade of at least
parameters	quality parameters applied.		1.0g/t would be required for any
			commercial operation at Yanamina. As a
			consequence the lower cut-off grade of
			0.5g/t was employed as this provide a gold
			grade of greater than 1.0g/t.
		•	Once scoping studies to determine current
			mining and treatment costs in Peru has
			been carried out the lower cut-off grade
			may be changed.
Mining factors	• Assumptions made regarding possible mining	•	The mineral resource has been determined
or	methods, minimum mining dimensions and		with the likelihood that any commercial
assumptions	internal (or, if applicable, external) mining		exploitation of Yanamina will be by bulk
	dilution. It is always necessary as part of the		mining techniques.
	process of determining reasonable prospects for
	eventual economic extraction to consider
	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 should be reported with an
	explanation of the basis of the mining
	assumptions made.
Metallurgical	• The basis for assumptions or predictions	•	Previous explorers undertook high quality
factors or	regarding metallurgical amenability. It is always		preliminary metallurgical test work across a
assumptions	necessary as part of the process of determining		number of drill core sample of variable
	reasonable prospects for eventual economic		grade.
	extraction to consider potential metallurgical	•	This test work indicated base case
	methods, but the assumptions regarding		metallurgical recoveries of 73% and 40% for
	metallurgical treatment processes and		gold and silver respectively with upper case
	parameters made when reporting Mineral		recoveries of +80% for gold.
	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.
Environmen-	• Assumptions made regarding possible waste	•	A historic prefeasibility study recommended
tal factors or	and process residue disposal options. It is always		the placement of treatment facilities at the
assumptions	necessary as part of the process of determining		foot of the Yanamina scarp, proximal to the
	reasonable prospects for eventual economic		mineral resource but outside the national
	extraction to consider thepotential		park buffer.

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
	environmental impacts of the mining and	• This study was reviewed and agreed to be
	processing operation. While at this stage the	sensible. It is expected that the selected
	determination of potential environmental	will have a low impact on the environment.
	impacts, particularly for a greenfields project,	• Care will need to be taken however with the
	may not always be well advanced, the status of	placement of the tailings dams to avoid any
	early consideration of these potential	contamination of surface waters.
	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 bulk density was based on laboratory
	the basis for the assumptions. If determined, the	determinations of the drill core by previous
	method used, whether wet or dry, the frequency	explorers.
	of the measurements, the nature, size and
	representativeness of the samples.
	• The bulk density for bulk material must have
	been measured by methods that adequately
	account for void spaces (vugs, porosity, etc),
	moisture and differences between rock and
	alteration zones within the deposit.
	• Discuss assumptions for bulk density estimates
	used in the evaluation process of the different
	materials.
Classification	• The basis for the classification of the Mineral	• The resources have been classified based on
	Resources into varying confidence categories.	drill density and the statistical continuity of
	• Whether appropriate account has been taken of	the grade and thickness of the drill
	all relevant factors (ie relative confidence in	intersections.
	tonnage/grade estimations, reliability of input	• The resource boundary has been
	data, confidence in continuity of geology and	geologically reviewed.
	metal values, quality, quantity and distribution	• Although an extensive data base exists no
	of the data).	surface or adit sampling results were used.
	• Whether the result appropriately reflects the	This was because these results would have
	Competent Person’s view of the deposit.	increased the grade of the resource without
		an adequate understanding of the reason(s)
		why.
		• The calculated resource and the resource
		classification are deemed to be appropriate
		relative to the drill spacing and the
		understanding of the geology of Yanamina.
Audits or	• The results of any audits or reviews of Mineral	• The resource calculation was reviewed
reviews	Resource estimates.	during preparation.
Discussion of	• Where appropriate a statement of the relative	• The resource estimate is considered to be
relative	accuracy and confidence level in the Mineral	an accurate representation of the available
accuracy/	Resource estimate using an approach or	contained metal within the Yanamina
confidence	procedure deemed appropriate by the	Project.
	Competent Person. For example, the application	• The resource estimation was prepared on
	of statistical orgeostatisticalprocedures to	the basis of aglobal estimate because the

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
		quantify the relative accuracy of the resource	Yanamina mineralization is best suited to
		within stated confidence limits, or, if such an	bulk mining exploitation.
		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 estimates, and, if local, state
		the relevant tonnages, which should 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 estimate should be compared
		withproduction data, where available.

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

APPENDIX 2 - Drill Hole Data

APPENDIX 2	-Drill Hole Data
HoleID_New	Company	Year	E_PSAD56_18S	N_PSAD56_18S	Elev_PSAD56_18S	Dip	Azimuth	Length_M	Assays
DDH-1	Acuarios Minera	1994	199252	9000800	3588	-50	70	71.55	Assays
DDH-2	Acuarios Minera	1994	199128	9000756	3490	-50	50	78.65	Assays
DDH-3	Acuarios Minera	1994	199209	9000895	3590	-50	70	51.70	Assays
DDH-4	Acuarios Minera	1994	199128	9000877	3523	-50	67	61.15	Assays
DDH-5	Acuarios Minera	1994	199211	9000892	3591	-30	140	88.60	Assays
DDH-6	Acuarios Minera	1994	199001	9000801	3437	-59	110	103.00	Assays
DDH-7	Acuarios Minera	1994	199208	9000892	3588	-60	190	88.50	Assays
DDH-000-5	Acuarios Minera	1995	199267	9000578	3503	-50	60	19.50	Assays
DDH-000-6	Acuarios Minera	1995	199239	9000573	3491	-45	60	21.90	Assays
DDH-000-7	Acuarios Minera	1995	199209	9000564		-50	60	20.00	Assays
DDH-000-8	Acuarios Minera	1995	199177	9000543	3451	-45	60	17.00	Assays
DDH-035-07	Acuarios Minera	1995	199225	9000527	3463	-45	60	10.35	Assays
DDH-035-10	Acuarios Minera	1995	199145	9000482		-50	60	38.05	Assays
DDH-050-04	Acuarios Minera	1995	199280	9000645	3554	-50	60	15.00	Assays
DDH-050-05	Acuarios Minera	1995	199259	9000625	3538	-45	60	20.00	Assays
DDH-050-06	Acuarios Minera	1995	199220	9000613	3505	-45	60	20.10	Assays
DDH-075-05	Acuarios Minera	1995	199265	9000668	3557	-50	60	45.00	Assays
DDH-100-02	Acuarios Minera	1995	199333	9000726	3593	-45	60	30.00	Assays
DDH-100-03	Acuarios Minera	1995	199294	9000707	3580	-50	60	20.00	Assays
DDH-100-04	Acuarios Minera	1995	199263	9000694	3564	-45	60	25.50	Assays
DDH-100-05	Acuarios Minera	1995	199231	9000685	3539	-45	60	30.00	Assays
DDH-100-06	Acuarios Minera	1995	199200	9000662	3508	-45	60	29.00	Assays
DDH-100-07	Acuarios Minera	1995	199169	9000649	3486	-45	60	20.10	Assays
DDH-100-10	Acuarios Minera	1995	199044	9000555	3419	-50	60	90.00	Assays
DDH-150-03	Acuarios Minera	1995	199274	9000753	3592	-50	65	30.00	Assays
DDH-150-04	Acuarios Minera	1995	199240	9000744	3570	-50	65	27.50	Assays
DDH-150-05	Acuarios Minera	1995	199210	9000723	3540	-45	65	42.50	Assays
DDH-150-06	Acuarios Minera	1995	199179	9000708	3514	-50	65	20.75	Assays
DDH-200-01	Acuarios Minera	1995	199324	9000832	3643	-50	65	15.00	Assays
DDH-200-02	Acuarios Minera	1995	199310	9000793	3624	-50	65	30.00	Assays
DDH-200-04	Acuarios Minera	1995	199232	9000788	3570	-45	65	25.00	Assays
DDH-200-05	Acuarios Minera	1995	199200	9000772	3548	-45	65	23.50	Assays
DDH-200-06	Acuarios Minera	1995	199168	9000758	3521	-50	65	27.60	Assays

DDH-200-10	Acuarios Minera	1995	199008	9000685		-45	65	45.00 Assays
DDH-250-01	Acuarios Minera	1995	199309	9000881	3662	-50	65	21.00 Assays
DDH-250-02	Acuarios Minera	1995	199268	9000860	3626	-50	65	30.00 Assays
DDH-250-03	Acuarios Minera	1995	199236	9000845	3596	-50	65	25.00 Assays
DDH-250-04	Acuarios Minera	1995	199206	9000830	3568	-45	65	40.00 Assays
DDH-250-05	Acuarios Minera	1995	199174	9000815	3540	-45	65	24.00 Assays
DDH-250-06	Acuarios Minera	1995	199143	9000800	3515	-45	65	34.00 Assays
DDH-300-01	Acuarios Minera	1995	199274	9000917	3653	-45	65	39.80 Assays
DDH-300-02	Acuarios Minera	1995	199242	9000902	3622	-50	65	30.00 Assays
DDH-300-04	Acuarios Minera	1995	199181	9000873	3565	-45	65	45.15 Assays
DDH-300-05	Acuarios Minera	1995	199149	9000858	3535	-45	65	26.75 Assays
DDH-300-06	Acuarios Minera	1995	199116	9000843	3507	-45	65	24.00 Assays
DDH-335-01	Acuarios Minera	1995	199256	9000947	3644	-45	65	24.00 Assays
DDH-335-02	Acuarios Minera	1995	199224	9000932	3616	-55	65	31.50 Assays
DDH-335-03	Acuarios Minera	1995	199193	9000917	3587	-45	65	34.00 Assays
DDH-335-04	Acuarios Minera	1995	199164	9000907		-50	65	27.75 Assays
DDH-335-10	Acuarios Minera	1995	198960	9000807	3424	-45	65	77.00 Assays
DDH-415-01	Acuarios Minera	1995	199203	9001009	3586	-45	65	30.00 Assays
DDH-470-04	Acuarios Minera	1995	199099	9001027	3542	-45	65	38.00 Assays
DDH-520-03	Acuarios Minera	1995	199094	9001079	3542	-45	65	43.50 Assays
DDH-520-05	Acuarios Minera	1995	199032	9001027	3472	-45	65	35.00 Assays
DDH-560-05	Acuarios Minera	1995	199002	9001078	3465	-45	65	33.00 Assays
DDH-560-06	Acuarios Minera	1995	198962	9001072	3440	-45	65	69.00 Assays
DDH-610-06	Acuarios Minera	1995	198950	9001123	3441	-45	65	21.00 Assays
DDH-100-11-A	Acuarios Minera	1996	198994	9000555	3400	-80	70	181.30 Assays
DDH-100-11-B	Acuarios Minera	1996	198994	9000555	3400	-67	237	298.75 Assays
PA-01	Latin Gold	2006	198958	9001063	3435	-60	65	77.30 Assays
PA-03	Latin Gold	2006	199207	9000930	3602	-60	65	40.20 Assays
PA-04	Latin Gold	2006	199060	9000860	3468	-60	65	70.00 Assays
PA-05	Latin Gold	2006	199062	9000853	3469	-60	65	59.55 Assays
PA-06	Latin Gold	2006	199228	9000896	3608	-60	65	40.00 Assays
PA-07	Latin Gold	2006	199140	9000857	3527	-60	65	60.00 Assays
PA-08	Latin Gold	2006	199075	9000827	3475	-60	65	50.00 Assays
PA-09	Latin Gold	2006	199197	9000883	3578	-60	65	131.15 Assays

PA-10	Latin Gold	2006	199286	9000815	3621	-60	65	40.00	Assays
PA-11	Latin Gold	2006	199212	9000780	3558	-60	65	40.00	Assays
PA-12	Latin Gold	2006	199173	9000760	3526	-60	65	30.00	Assays
PA-13	Latin Gold	2006	199286	9000760	3600	-60	65	30.00	Assays
PA-14	Latin Gold	2006	199223	9000730	3550	-60	65	40.00	Assays
PA-15	Latin Gold	2006	199187	9000712	3521	-60	65	40.00	Assays
PA-16	Latin Gold	2006	199232	9000675	3535	-60	65	30.00	Assays
PA-17	Latin Gold	2006	199196	9000657	3504	-60	65	40.00	Assays
PA-18	Latin Gold	2006	199105	9000612	3441	-60	65	60.00	Assays
PA-19	Latin Gold	2006	199240	9000620	3525	-60	65	64.05	Assays
PA-20	Latin Gold	2006	199170	9000610	3473	-60	65	40.00	Assays
PA-21	Latin Gold	2006	199200	9000560	3469	-60	65	40.00	Assays
PA-22	Latin Gold	2006	199225	9000525	3463	-60	65	40.00	Assays
PA-23	Latin Gold	2006	198994	9000555	3400	-65	65	150.15	Assays
PA-24	Latin Gold	2006	198813	9000470	3330	-65	65	136.00	Assays
PA-25	Latin Gold	2006	199109	9000784	3486	-60	65	70.00	Assays
PA-26	Latin Gold	2006	199067	9000756	3457	-60	65	50.00	Assays