GOLDARC RESOURCES LIMITED — Capital/Financing Update 2021

Sep 2, 2021

ASX / MEDIA ANNOUNCEMENT 3 September 2021

ABN: 72 002 261 565

==> picture [146 x 54] intentionally omitted <==

Extension of Gold System Confirmed at Stirling Well

Highlights:

• Significant high-grade gold mineralisation intercepted:

• 1m @ 2.70 g/t Au from 32m (MSWRC019)

• 1m @ 8.44 g/t Au from 23m (MSWRC025)

• 1m @ 2.41 g/t Au from 68m (MSWRC029)

• 3m @ 6.50 g/t Au from 127m (MSWRC037); inc 1m @ 16.81 g/t Au from 127m

• 2m @ 2.95 g/t Au from 86m (MSWRC046); inc 1m @ 4.92 g/t Au from 87m

• Multiple intercepts occur beyond existing Stirling Well resource estimate boundary.

• Previous historical drilling pulled short 12-27m surrounding the recent MSWRC037 high-grade Au extensional discovery intercept of 3m @ 6.50 g/t Au from 127m inc 1m @ 16.81 g/t Au - this newly discovered high-grade Au lode interpreted depth position, provides immediate high-grade extensional potential.

• RC drilling at Diorite has been reduced due to permitting now received for continued Mt Stirling / Viserion, Hydra, and Tyrannus drilling.

• RC drilling has now resumed at Mt Stirling and Hydra prospects, with regional update as well as drill results from recent drilling forthcoming.

Torian Resources Limited ( Torian or the Company ) is pleased to announce results from its latest drilling campaigns at Stirling Well. Results have increased the footprint of gold mineralisation at Stirling Well, with pierce point intercepts beyond the maiden resource boundary. The tenor of high-grade intercepts are also significantly above the global resource grade.

==> picture [596 x 71] intentionally omitted <==

==> picture [82 x 31] intentionally omitted <==

Stirling Well Drill update

Two phases of shallow RC drilling were conducted at Mt Stirling Well between December 2020 and May 2021:

• the first 18 shallow drillholes for 888m to confirm mineralisation and grade continuity;

• a follow-up second phase of 17 drillholes for 2,618m targeting structural horizontal repetitions and extensions of mineralisation; and

• All RC drilling was vertical (-90° dip).

Encouraging gold mineralisation of 1m @ 2.70 g/t Au from 32m (MSWRC019); 1m @ 8.44 g/t Au from 23m (MSWRC025); and 1m @ 2.41 g/t Au from 68m (MSWRC029) were encountered during the 1[st] Phase of drilling to confirm and extend continuity of the 253,500t @ 2.01 g/t Au for 16,384k oz MSW (Mt Stirling Well) 2018 inferred resource.

The 2[nd] phase of drilling, targeted deeper continuity and likely proposed repetition of possible stacked lodes, and produced anomalous gold results, amongst further encouraging extension intercepts of 3m @ 6.50 g/t Au from 127m (MSWRC037), inc 1m @ 16.81 g/t Au from 127m; 2m @ 2.95 g/t Au from 86m (MSWRC046), inc 1m @ 4.92 g/t Au from 87m; and 1m @ 1.85 g/t Au from 10m (MSWRC052).

Significantly, all historical drilling surrounding the MSWRC037 high-grade Au extensional discovery intercept, pulled up 12 to 27m too short of the high-grade Au lode interpreted depth position.

The potential for mineralisation beyond the granitic contacts has potential to further expand the footprint of mineralisation, and as such warrants follow up exploration.

Torian’s Executive Director Mr Peretz Schapiro said “We are very encouraged by the results received from our recent Stirling Well campaigns, as it confirms our structural hypothesis of multiple stacked horizontal lodes, with drilling intercepting high grade gold mineralisation deeper than what has been previously explored. This campaign has also increased the footprint of mineralisation at Stirling Well, warranting follow up exploration.

Drilling has also recently been undertaken, (with results pending) and further drilling is planned to try and prove up another hypothesis, being a connection between the Stirling Well and Mt Stirling Gold Systems.

These results continue to affirm our belief that our Mt Stirling Gold Project has the potential to turn into a significant gold camp. We are continuing to drill out further high priority targets, as our attention now turns to growing the resource at Viserion, and following up on significant arsenic anomalies at Hydra and Tyrannus.

We are anticipating results from our recent Diorite drilling campaign, in approximately 4-6 weeks. We look forward to keeping the market updated on our progress.

==> picture [79 x 30] intentionally omitted <==

==> picture [510 x 443] intentionally omitted <==

==> picture [510 x 112] intentionally omitted <==

Figure 1: A regional map of the Mt Stirling Gold Project tenements showing the Stirling and Diorite Blocks and surrounding Red 5 (ASX:RED) tenements including the 4.1Moz King of the Hills gold mine and Cerebus-Eclipse and Centauri deposits

==> picture [79 x 30] intentionally omitted <==

Mt Stirling Well - Results Update

Table 1: Mt Stirling Well Intercepts from Phase 1 drilling:

Prospect	Hole ID	from(m)	to(m)	interval(m)	**Aug/t **	Intercept (g/t Au)
Mt Stirling Well	MSWRC019 32 33			1 2.70 1m@ 2.70
	MSWRC020			NSI
	MSWRC021 14 15 28 29			1 0.45 1m @ 0.45 1 0.20 1m@0.20
	MSWRC022 39 40			1 0.34 1m@0.34
	MSWRC023			NSI
	MSWRC024 5 6			1 0.39 1m@0.39
	MSWRC025 7 8 23 24			1 0.21 1m @ 0.21 1 8.44 1m@ 8.44
	MSWRC026			NSI
	MSWRC027 44 45			1 0.25 1m@0.25
	MSWRC028 39 40			1 0.73 1m@0.73
	MSWRC029 68 69			1 2.41 1m@ 2.41
	MSWRC030 33 34			1 0.58 1m@0.58
	MSWRC031 69 70			1 0.97 1m@0.97
	MSWRC032 67 68			1 0.41 1m@0.41
	MSWRC033			NSI
	MSWRC034 16 20			4 0.42 4m@0.42
	MSWRC035			NSI
	MSWRC036			NSI

==> picture [79 x 30] intentionally omitted <==

Table 2: Mt Stirling Well Intercepts from recent Phase 2 drilling:

Prospect	Hole ID	from(m)	to(m)	interval(m)	**Aug/t **	Intercept (g/t Au)
Mt Stirling Well	MSWRC037 80 84 96 100 127 130 inc 127 128			4 0.29 4m @ 0.29 4 0.12 4m @ 0.12 3 6.50 3m @ 6.50 1 16.81 1m@ 16.81
	MSWRC038 4 5 20 23			1 0.59 1m @ 0.59 2 0.23 3m@0.23
	MSWRC039 8 12 76 80 96 100 151 152 153 154			4 0.13 4m @ 0.13 4 0.10 4m @ 0.10 4 0.20 4m @ 0.20 1 0.26 1m @ 0.26 1 0.37 1m@0.37
	MSWRC040 94 96 inc 94 95			2 0.18 2m @ 0.18 1 0.24 1m@0.24
	MSWRC041			NSI
	MSWRC042 1 2 13 14 120 121			1 0.38 1m @ 0.38 1 0.39 1m @ 0.39 1 0.35 1m@0.35
	MSWRC043 40 44 inc 40 41 84 86 112 114			4 0.25 4m @ 0.25 1 0.40 1m @ 0.40 2 0.14 2m @ 0.14 2 0.12 2m@0.12
	MSWRC044 2 3			1 0.27 1m@0.27
	MSWRC045 5 6 60 62 148 149			1 0.22 1m @ 0.22 2 0.12 2m @ 0.12 1 0.23 1m@0.23
	MSWRC046 76 77 86 88 inc 87 88 155 156			1 0.83 1m @ 0.83 2 2.95 2m @ 2.95 1 4.92 1m @ 4.92 1 0.64 1m@0.64
	MSWRC047 104 105			1 0.36 1m@0.36
	MSWRC048 85 86 108 109			1 0.46 1m @ 0.46 1 0.47 1m@0.47
	MSWRC049 9 10 52 53			1 0.21 1m @ 0.21 1 0.93 1m@0.93
	MSWRC050			NSI
	MSWRC051			NSI
	MSWRC052 8 9 10 11 104 107 inc 106 107 113 116			1 0.47 1m @ 0.47 1 1.85 1m @ 1.85 3 0.23 3m @ 0.23 1 0.31 1m @ 0.31 3 0.10 3m@0.10
	MSWRC053 16 18			2 0.21 2m@0.21

==> picture [78 x 30] intentionally omitted <==

Figure 2 : Mt Stirling Well gold mineralisation contours

==> picture [683 x 235] intentionally omitted <==

==> picture [683 x 235] intentionally omitted <==

==> picture [121 x 45] intentionally omitted <==

Table 3A: Mt Stirling Well – Phase 1 Drill Collar Table

Tenement	Prospect	Hole ID	Type	East	North	RL	Az (mag)	Dip	Depth (m)
M37/1305	Mt Stirling Well	MSWRC019 RC MSWRC020 RC MSWRC021 RC MSWRC022 RC MSWRC023 RC MSWRC024 RC MSWRC025 RC MSWRC026 RC MSWRC027 RC MSWRC028 RC MSWRC029 RC MSWRC030 RC MSWRC031 RC MSWRC032 RC MSWRC033 RC MSWRC034 RC MSWRC035 RC		311356 6834306 422 0 ‐90 46
				311375 6834307 422 0 ‐90 46
				311377 6834329 422 0 ‐90 40
				311377 6834289 423 0 ‐90 40
				311415 6834306 424 0 ‐90 40
				311396 6834329 423 0 ‐90 40
				311358 6834347 421 0 ‐90 46
				311375 6834347 423 0 ‐90 40
				311379 6834265 424 0 ‐90 58
				311394 6834285 424 0 ‐90 46
				311379 6834204 428 0 ‐90 70
				311341 6834168 429 0 ‐90 82
				311300 6834160 428 0 ‐90 76
				311239 6834162 431 0 ‐90 86
				311176 6834172 431 0 ‐90 42
				311175 6834195 430 0 ‐90 46
				311171 6834259 432 0 ‐90 22
		MSWRC036 RC		311168 6834280 434 0 ‐90 22

Table 3B: Mt Stirling Well – Phase 2 Drill Collar Table

Tenement	Prospect	Hole ID	Type	East	North	RL	Az (mag)	Dip	Depth (m)
M37/1305	Mt Stirling Well	MSWRC039 RC MSWRC038 RC MSWRC037 RC MSWRC040 RC MSWRC045 RC MSWRC048 RC MSWRC046 RC MSWRC049 RC MSWRC044 RC MSWRC043 RC MSWRC047 RC MSWRC042 RC MSWRC041 RC MSWRC050 RC MSWRC052 RC MSWRC053 RC		311376 6834083 429 0 ‐90 172
				311455 6834163 430 0 ‐90 148
				311376 6834122 429 0 ‐90 142
				311455 6834203 430 0 ‐90 170
				311336 6834121 429 0 ‐90 152
				311376 6834164 429 0 ‐90 152
				311257 6834080 430 0 ‐90 164
				311297 6834120 429 0 ‐90 166
				311416 6834244 427 0 ‐90 164
				311454 6834283 426 0 ‐90 168
				311257 6834120 428 0 ‐90 152
				311453 6834322 425 0 ‐90 172
				311414 6834323 425 0 ‐90 170
				311173 6834157 431 0 ‐90 154
				311294 6834401 426 0 ‐90 124
				311253 6834401 427 0 ‐90 124
		MSWRC051 RC		311173 6834399 429 0 ‐90 124

==> picture [79 x 30] intentionally omitted <==

This release has been authorised for release by the Board of Directors.

Peretz Schapiro Executive Director Torian Resources Ltd Info@torianresources.com.au

-ENDS-

About Torian:

Torian Resources Ltd (ASX: TNR) is a highly active gold exploration and development company with an extensive and strategic land holding comprising six projects and over 400km² of tenure in the Goldfields Region of Western Australia. All projects are nearby to excellent infrastructure and lie within 50km of major mining towns.

Torian’s flagship Mt Stirling Project is situated approximately 40km NW of Leonora, and neighbours Red 5’s Kind of the Hills mine. The region has recently produced approximately 14M oz of gold from mines such as Tower Hills, Sons of Gwalia, Thunderbox, Harbour Lights and Gwalia.

The Mt Stirling Project consists of 2 blocks:

1. The Stirling Block to the north which contains two JORC compliant resources at a 0.5g/t cut-off: (refer ASX release 27/5/21 for further information)

2. a. Mt Stirling – 355,000t at 1.7 g/t Au for 20,000oz (Indicated)

   • 1,695,000 at 1.5 g/t Au for 82,000oz (Inferred)

3. b. Stirling Well – 253,500t at 2.01 g/t Au for 16,384oz (Inferred)

4. The Diorite Block to the south, home of the historic 73 g/t Diorite King Mine.

Another project in the Kalgoorlie region is the Zuleika project in which the Company is involved in a JV with Zuleika Gold Ltd (ASX: ZAG). The Zuleika project is located along the world-class Zuleika Shear, which is the fourth largest gold producing region in Australia and consistently produces some of the country’s highest grade and lowest cost gold mines. This project lies north and partly along strike of several major gold deposits including Northern Star’s (ASX: NST) 7.0Moz East Kundana Joint Venture and Evolution’s (ASX: EVN) 1.8Moz Frogs Legs and White Foil deposits.

Torian’s other projects within the Kalgoorlie region include the Bonnie Vale and Gibraltar Projects, and its Credo Well JV with Zuleika Gold Ltd (ASX: ZAG), host of a JORC Inferred resource of 86,419t at 4.41 g/t Au for 12,259 oz.

Torian also holds ~10.7% of Monger Gold (ASX:MMG) as well as a 20% free carried JV interest in its projects.

==> picture [79 x 30] intentionally omitted <==

Competent Person Statement

The information in this report relating to exploration results and Mineral Resource Estimates is based on information compiled, reviewed and relied upon by Mr Dale Schultz. Mr Dale Schultz, Principle of DjS Consulting, who is a Torian Director, compiled, reviewed and relied upon prior data and ASX releases dated 27 May 2021, 25 February 2019 and 29 January 2020 to put together the technical information in this release and is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr Schultz has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Schultz consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The JORC Resource estimate released on 27 May 2021 and 25 February 2019 were reviewed and relied upon by Mr Dale Schultz were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).

Torian Resources confirms in the subsequent public report that it is not aware of any new information or data that materially affects the information included in the relevant market announcements on the 25 February 2019, 29 January 2020 and 27 May 2021 and, in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement reviewed by Mr Dale Schultz continue to apply and have not materially changed.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

==> picture [79 x 30] intentionally omitted <==

Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.

==> picture [122 x 45] intentionally omitted <==

Mt Stirling Project: JORC Table 1

Section 1 ‐ Sampling Techniques and Data

Criteria	Commentary
Sampling techniques	 Drilling results reported are from previous and current exploration completed by Torian Resources Ltd and historical explorers including the original vendors of M37/1306, North Ltd, Dominion Mining Limited and Tern Minerals Ltd.  Reverse circulation drilling was used to obtain 1m split samples from which 2‐3kg was pulverised to produce a 500g tub for Photon assay. Sampling has been carried out to company methodology and QA/QC to industry best practice. Zones of interest were 1m split sampled, and comp spear sampling was carried out on interpreted barren zones. Samples were dispatched to MinAnalytical in Kalgoorlie were prep included sorting, drying and pulverisation for a 500gm Photon Assay (PAAU02)  Diamond drilling was utilised to obtain NQ core which was cut to obtain half core for representative sampling of selective geological sampling
Drilling techniques	 Historical drilling techniques include reverse circulation (RC) drilling. Standard industry techniques have been used where documented. Current RC drilling was carried out by PXD and Orlando utilising a Schramm truck and track mounted rig respectively  Diamond drilling was carried out by Orlando drilling, with RC precollars followed by Diamond tail NQ tails.  The more recent RC drilling utilised a face sampling hammer with holes usually 155mm in diameter.
Drill sample recovery Logging	 Drill recovery has not been routinely recorded on historical work, and is captured for all recent drilling  Drill recovery and geotechnical logging is captured from core logging, including RQD
	 Geological logs are accessible and have been examined over the priority prospect areas. The majority of the logging is of high quality and has sufficiently captured key geological attributes including lithology, weathering, alteration and veining.  Logging is qualitative in nature, to company logging coding.  All samples / intersections have been logged. 100% of relevant length intersections have been logged.
Sub‐sampling techniques and sample preparation	 Standard industry sampling practices have been undertaken by the historical exploration companies. Appropriate analytical methods have been used considering the style of mineralisation being sought.  Sample sizes are considered appropriate.
	 QC/QC data is absent in the historical data with the exception of the more recent Torian drilling, where sample standards and blanks are routinely used.

	 In the more recent Torian drilling duplicate samples (same sample duplicated) were commonly inserted for every 20 samples taken. Certified Reference Materials (CRM's), blanks and duplicates, are included and analysed in each batch of samples.  There is a significant amount of coarse gold at the Mt Stirling Well Prospect. This is reflected in the poor repeatability of some samples and was also noted on the drill logs.
Quality of assay data and laboratory tests	 The historical drill sample gold assays are a combination of Fire Assay and Aqua Regia. The assay techniques and detection limits are appropriate for the included results.  Various independent laboratories have assayed samples from the historical explorers drilling. In general they were internationally accredited for QAQC in mineral analysis.  Downhole density surveying is being carried out, and calibrated against SG data obtained from drill core.  The laboratories inserted blank and check samples for each batch of samples analysed and reports these accordingly with all results.  Reference Photon pulps have been submitted to Nagrom Laboratory, in order to verify MinAnalytical mineralised assays accuracy and precision.  Samples were analysed for gold via a 50 gram Lead collection fire assay and Inductively Coupled Plasma optical (Atomic) Emission Spectrometry to a detection limited of 0.005ppm Au.  Intertek Genalysis routinely inserts analytical blanks, standards and duplicates into the client sample batches for laboratory QAQC performance monitoring.  The laboratory QAQC has been assessed in respect of the RC chip sample assays and it has been determined that the levels of accuracy and precision relating to the samples are acceptable.
Verification of sampling and assaying	 The historical and current drill intercepts reported have been calculated using a 0.5g/t Au cut‐off, with a maximum 2m internal waste. Twinned holes have been completed to verify repeatability of sampling and assaying used to date.  Documentation of primary data is field log sheets (handwritten) or logging to laptop templates. Primary data is entered into application specific data base. The data base is subjected to data verification program, erroneous data is corrected. Data storage is retention of physical log sheet, two electronic backup storage devices and primary electronic database.
Location of data points	 Drill hole collarswere located using a handheld GPS system. The coordinated are stored in a digital exploration database and are referenced to MGA Zone 51 Datum GDA 94.  Location of the majority of the historical drill holes has been using a handheld GPS system, or local grids that have been converted to MGA Zone 51 Datum GDA 94. Survey control used is handheld GPS for historic holes and  The more recent Torian drilling has been located utilising a differential GPS and the majority of these holes have been surveyed downhole.

Data spacing and distribution	 The historical drill spacing is variable over the project as depicted on map plan diagrams.  Drill spacing over the more advanced Mt Stirling and Stirling Well Prospects varies from 40m by 40m to 20m by 20m respectively.  Sample compositing has been used in areas where mineralisation is not expected to be intersected. If results return indicate mineralisation, 1m split samples were submitted for analysis.
Orientation of data in relation to geological structure	 The orientation of the drilling is approximately at right angles to the known mineralisation trend and so gives a fair representation of the true width of mineralisation intersected.  No sampling bias is believed to occur due to the orientation of the drilling.
Sample security	 Drill samples were compiled and collected by Torian employees/contractors. All sample were bagged into calico bags and tied. Samples were transported from site to the MinAnalytical laboratory in Kalgoorlie by Torian employees/contractors.  A sample submission form containing laboratory instructions was submitted to the laboratory. The sample submission form and sample summary digitised records were compiled and reviewed so as to check for discrepancies.
Audits or reviews	Areview of historical data over the main Mt Stirling and Stirling Well Prospects has been undertaken. The QA/QC on data over the remainder of the project tenements is ongoing.

Section 2 - Reporting of Exploration Results

Criteria		Commentary
Mineral tenement and land tenure
status		Mt Stirling is located on M37/1306 and forms part of the Mt Stirling Joint Venture. This tenement is held by a third party on behalf of the Joint Venture. Torian
		Resources is the Manager of the Joint Venture and holds executed transfers which will permit this tenement becoming the property of the Joint Venture.
		Torian has purchased a 51% interest in the project and is earning up to 90% by completing exploration on the tenements.
		Stirling Well sits entirely with M37/1305, Torian Resources has a 100% interest in this tenement.
		The tenements are in good standing.
Exploration done by other parties

	 Previous exploration completed by Torian Resources Ltd and historical explorers including the original vendors of M37/1306, North Ltd, Dominion Mining Limited and Tern Minerals Ltd.
Geology	 The Mt Stirling Project tenements are located 40 km northwest of Leonora within the Mt Malcolm District of the Mt Margaret Mineral Field.  The project tenements are located within the Norseman‐Wiluna Greenstone Belt in the Eastern Goldfields of Western Australia.  The project tenements cover a succession of variolitic, pillowed high Mg basalts that have been intruded by the Mt Stirling syenogranite/monzogranite.  Historical prospecting and exploration activities have identified areas of gold mineralisation at the Mt Stirling and Stirling Well Prospects. The orogenic style gold mineralisation appears in different manifestations at each of the prospects.  At the Mt Stirling Prospect gold mineralisation is associated with zones of alteration, shearing and quartz veining within massive to variolitic high Mg basalt. The alteration zones comprise quartz‐carbonate‐sericite‐pyrite+/‐ chlorite.  At the Stirling Well Prospect gold mineralisation is associated with millimetre to centimetre scale quartz veining within the Mt Stirling syenogranite/monzogranite. The gold mineralised quartz veins have narrow sericite/muscovite‐ epidote‐pyrite alteration selvages.  The characteristic of each prospect adheres to generally accepted features of orogenic gold mineralisation of the Eastern Goldfields of Western Australia.
Drill hole Information	 The location of drill holes is based on historical reports and data originally located on handheld GPS devices.  Northing and easting data for historic drilling is generally within 10m accuracy.  Recent Torian RC drill holes located with differential GPS.  Northing and easting on current Feb 2021 drilling is ± 3m accuracy.  No material information, results or data have been excluded.
Data aggregation methods	 Best gold in drill hole was calculated by taking the maximum gold value in an individual down hole interval from each drill hole and plotting at the corresponding drill hole collar position. Individual downhole intervals were mostly 1m, but vary from 1m to 4m in down hole length.
	 In relation to the reported historical drill hole intersection a weighted average was calculated by a simple weighting of from and to distances down hole. The samples were 2m down hole samples. No top cuts were applied.  The current drill hole intersection is reported using a weighted average calculation by a simple weighting of from and to distances down hole at 1m intervals per sample.

	 The historical drilling intercept reported has been calculated using a 1g/t Au cut off, no internal waste and with a total intercept of greater than 1 g/t Au.  No metal equivalent values are used
Relationship between mineralisation widths and intercept lengths	 The orientation of the drilling is approximately at right angles to the known trend mineralisation.  At Stirling Well the gently dipping nature of the mineralisation means that steeply inclined holes give approximately true widths.  At Mt Stirling the steep dip of the mineralisation means that drill widths are exaggerated.  Down hole lengths are reported, true width not known.
Diagrams	 The data has been presented using appropriate scales and using standard aggregating techniques for the display of data at prospect scale.  Geological and mineralisation interpretations based off current understanding and will change with further exploration.
Balanced reporting	 Historical Torian drilling at the Mt Stirling and Stirling Well Prospects has been reported in TNR:ASX announcements dated: 16/05/2019, 25/02/2019, 23/11/2016, 18/11/2016, 20/09/2016, 03/03/2016.
Other substantive exploration data	 Geological interpretations are taken from historical and ongoing exploration activities. Detailed historical exploration with the existing Mt Stirling and Stirling Well Prospects has provided a reasonable understanding of the style and distribution of local gold mineralised structures at these prospects.  Other areas outside of the existing Mt Stirling and Stirling Well prospects are at a relatively early stage and further work will enhance the understanding of the gold prospectivity of these areas.
Further work	 A review of the historical exploration data is ongoing with a view to identify and rank additional target areas for further exploration.  The results of this ongoing review will determine the nature and scale of future exploration programs.  Diagrams are presented in this report outlining areas of existing gold mineralisation and the additional gold target areas identified to date.