GOLDARC RESOURCES LIMITED — Capital/Financing Update 2021

Jan 5, 2021

ASX / MEDIA ANNOUNCEMENT 6 January 2021

ABN: 72 002 261 565

==> picture [145 x 55] intentionally omitted <==

Mt Stirling Results Confirm Significant Gold System Extension

Highlights:

• Results have been received from a further two sections (4 drill holes) from the Mt Stirling Phase 1 drill program confirming wide Au mineralisation, down-dip and extension continuity (31 RC drillholes drilled for 5,767 metres)

• These sections are outside the previously defined 33,900 oz Mt Stirling JORC Inferred Resource

• Intercepts include:

1400N

o 1m @ 2.64 g/t Au (from 34m MSRC033)

• and 5m @ 1.07 g/t Au (from 65m); inc 3m @ 1.41g/t Au (from 68m)

1440N

• 5m @ 2.89 g/t Au (from 27m MSRC034); inc 1m @ 8.74 g/t Au (from 27m) and 10m @ 1.31 g/t Au (from 42m) inc 6m @ 1.81 g/t Au (from 44m)

• 2m @ 2.06 g/t Au (from 34m MSRC035); inc 1m @ 3.37g/t Au (from 35m) and 1m @ 2.85 g/t Au (from 85m)

• 1m @ 2.14 g/t Au (from 83m MSRC036)

1480N (Previously announced refer ASX release 16/12/2020)

• 23m @ 1.08 g/t Au (from 22m MSRC037); inc 2m @ 3.14 g/t Au (from 23m)

• 21m @ 1.15 g/t Au (from 102m MSRC038); inc 6m @ 1.62 g/t Au (from 104m)

• Initial results are significant for global grade, tonnage and cut-off considerations

• Previous drilling at Mt Stirling has intercepted (refer ASX release 9/6/20):

• 4m @ 8.84 g/t Au (from 188m MSRC025); inc 1m @ 33.10 g/t Au (from 189m) and 17m @ 1.66 g/t Au (from 235m) inc 3m @ 5.17 g/t Au (from 235m) and 1m @ 9.20 g/t Au (from 236m)

• 2m @ 48.00 g/t Au (from 107m MSRC001)

• 12m @ 4.74 g/t Au (from 16m SWC114); inc 4m @ 12.98 g/t Au (from 18m)

  • and 2m @ 21.40 g/t Au (from 20m)

• Progress from Mt Stirling Phase 2 SE extension has confirmed continuity of shear zone mineralisation with assays pending

• Phase 2 drilling to test NW extension of the gold system (17 drill holes) to begin this week

• Phase 3 drill program at Mt Stirling being planned (of combined RC and diamond drilling) to vector on plunge across the entire interpreted ~1,250m strike

• Phase 1 drill program at Mt Stirling Well has been completed with 18 RC drillholes drilled for 888 metres confirming and extending mineralisation with assays pending

• Torian still awaiting the results from 39 drill holes at Mt Stirling, 18 holes at Stirling Well and 19 holes from Diorite

• Encouraging carbonate and potassic alteration with molybdenum intercepted during Mt Stirling Well drill program

E : info@torianresources.com.au Directors W : www.torianresources.com.au

104 Colin Street West Perth Page WA 6005 1 of 23 / 6 January 2021 T : +61 8 9420 8208 F : +61 8 9322 4130

Paul Summers, Executive Chairman Peretz Schapiro, Executive Director Dale Schultz, Non‐Executive Director Matthew Foy, Company Secretary

PO Box 191 West Perth WA 6872

• Updated JORC resource estimate for Mt Stirling and Mt Stirling Well due in Q1 2021

• Mt Stirling Gold Camp sits within the prolific Leonora Gold district in the Eastern Goldfields, adjacent to RED 5’s 4Moz King of the Hills Mine & host to St Barbara’s 4.8Moz Gwalia Mine and Saracen’s 3.8Moz Thunderbox Mine

Mt Stirling Gold Project - Drilling and Results update

Torian Resources Limited ( Torian or the Company ) is pleased to announce the results from a further two sections (4 drill holes) from Phase 1 of the Mt Stirling drill program which drilled 31 RC holes for 5,767 metres (Figures 2 and 3).

This phase confirmed and extended the Mt Stirling gold system over 480m strike, on 40m centre drill spacings.

Torian’s Executive Director Mr Peretz Schapiro said “These results continue to confirm our theory that Mt Stirling contains a much larger gold system than what has been previously thought. What excites us about the current set of results is that we have intercepted significant gold grade nearly 100m beyond our previously defined resource. This, coupled with the fact that we have increased the grade by 20% on historical drill holes that were used in the previous resource estimate, gives us great confidence that when our interim resource is completed in the first quarter of this year, we may see a significant upgrade to our tonnage and gold ounces.

Following a short break over the holiday period, our geological and drilling teams are already back on site, concluding the phase 2 SE and NW extensions of the Mt Stirling resource, as we continue to work on proving up additional ounces at both our Mt Stirling and Stirling Well deposits.

2021 is shaping up to be an exciting year for our Company as we anticipate significant news flow over the coming weeks and months. We eagerly await the results from an additional 25 drillholes from phase one of the Mt Stirling program, along with results from 18 drillholes at Stirling Well, 21 exploratory drill holes from the greenfields at Diorite and the results from our Phase 2 drilling at Mt Stirling.”

The Mt Stirling gold system’s mineralised endowment includes wide shear zone gold-bearing zones, chlorite-quartz schist associated gold, high grade narrow vein lode(s), and porphyry footwall contact gold mineralised zones.

Multiple significant sulphide mineralisation intercepts, associated with pyrite and arsenopyrite (chloritic, silicified, carbonate and biotite alteration) have been intercepted on every section of the extensional drilling, with initial assays on sections 1400N/1440N and 1480N confirming broad Au mineralisation, down-dip and extension continuity.

As has been previously announced analysis by the Photon Assay method (500g) have increased historical twinned drill hole grades (SWC127 40g FA and MSRC002 / Aqua Regia) by around 20%. These initial results are significant for global grade, tonnage and cut-off considerations.

Phase 2 (Mt Stirling SE extension) is nearing completion with 14 of the 18 planned drill holes completed for 2,410m (Figure 2). The Structural target model could extend the Mt Stirling gold

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

Page 2 of 23 / 6 January 2021

system ~380m to the SE, where one of the key objectives is to test the interpreted Shear Zone position, and quantify a previously drilled, significant intercept of 10m @ 2.34 g/t Au (from 33m in MSRC024) including 4m @ 5.30 g/t Au (from 33m) and 2m @ 7.60 g/t Au (from 35m); proof of concept that Mt Stirling is a much larger mineralised-strike gold system than previously thought (refer ASX releases 29/01/2020 & 07/12/2020).

The subsequent Phase 2 (Mt Stirling NW extension) will test subtle historical shallow Au mineralised trends, where Torian has discovered highly prospective Arsenic leaking structures interpreted to be the surface expression of perhaps the centre of the Mt Stirling gold system.

This will be followed by a Phase 3 drill program (of combined RC and diamond drilling) which will vector on the plunge of the system across the entire interpreted 1,250m strike.

==> picture [455 x 496] intentionally omitted <==

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

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

Page 3 of 23 / 6 January 2021

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

==> picture [662 x 455] intentionally omitted <==

Figure 2: Mt Stirling RC drilling campaign

Page 4 of 23 / 6 January 2021

==> picture [652 x 448] intentionally omitted <==

Figure 3: Mt Stirling RC Phase 1 – Maiden Resource Estimate bounds projected to surface in red

==> picture [79 x 29] intentionally omitted <==

Page 5 of 23 / 6 January 2021

==> picture [79 x 29] intentionally omitted <==

==> picture [497 x 481] intentionally omitted <==

==> picture [497 x 121] intentionally omitted <==

Figure 4: Mt Stirling 1400N Section showing Significant Intercepts of Au mineralisation

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

Page 6 of 23 / 6 January 2021

==> picture [497 x 536] intentionally omitted <==

==> picture [497 x 107] intentionally omitted <==

Figure 5: Mt Stirling 1440N Section showing Significant Intercepts of Au mineralisation

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

Page 7 of 23 / 6 January 2021

==> picture [497 x 481] intentionally omitted <==

==> picture [497 x 120] intentionally omitted <==

Figure 6: Mt Stirling 1480N Section showing Significant Intercepts of Au mineralisation of Main Zone against twinned historical drill holes

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

Page 8 of 23 / 6 January 2021

==> picture [505 x 614] intentionally omitted <==

Figure 7: Mt Stirling 1640N Section showing Main Zone and Hanging Wall Zone Au mineralisation, and proposed Phase 3 deeper RC/DDH planned drilling

==> picture [500 x 84] intentionally omitted <==

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

Page 9 of 23 / 6 January 2021

Mt Stirling Well - Drilling and Results update

The Company previously announced completion of Phase 1 of the Mt Stirling Well extensional resource drill program with 18 RC drillholes drilled for 888 metres (Figure 9) (refer ASX release 16/12/2020).

The Mt Stirling Well gold mineralisation is hosted by a flat, gently SW plunging mineralised system within a granite and multiple inflecting interpreted structures. With this maiden extensional phase of drilling, the objective is to expand the shallow current resource and vector to further extend the global resource, structural understanding, and assess a possible polymetallic or amenable molybdenum by-product.

Mt Stirling Gold Project Interim Resources Upgrades

As had been previously announced, Torian has been prioritising processing the results from the Mt Stirling program as it has engaged resource estimate consultants to conduct an interim JORC resource upgrade, with the intention of expanding the current inferred resource estimate of 33.9koz at Mt Stirling and the 16.4koz inferred resource at Mt Stirling Well. The Company is expecting the Resource Estimate update during the first quarter of 2021.

The Mt Stirling maiden Inferred Resource Estimate (BMGS Dec 2018) included 26 historical shallow drill holes for a combined 727,021t @ 1.45 g/t Au for 33,893oz (Figure 8).

The Mt Stirling Phase 1 program provides an additional 31 drill holes, combined with a further 4 historical drill holes that were outside of the maiden Resource Estimate, for a combined 61 drill holes towards 2021 Q1 Resource Estimate upgrade (Table 2).

Table 1 : Mt Stirling Drill Collar Table

Tenement	Prospect	Section (N)	Hole ID	Type	East	North	RL	Az (mag)	Dip	Depth (m)
		1400	MSRC033	RC	311742	6834740	423.0	240	‐60	150
			MSRC034	RC	311717	6834762	422.4	240	‐60	156
	Mt	1440	MSRC035	RC	311758	6834790	419.3	240	‐60	253
M37/1306	Stirling		MSRC036	RC	311803	6834819	419.7	240	‐60	372
		1480	MSRC037 MSRC038	RC RC	311680 311724	6834792 6834819	419.5 420.0	237 236	‐60 ‐60	106 198

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

Page 10 of 23 / 6 January 2021

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

==> picture [681 x 380] intentionally omitted <==

==> picture [681 x 77] intentionally omitted <==

Figure 8 : Mt Stirling Phase 1 Long Section (viewed towards 240) Page 11 of 23 / 6 January 2021

==> picture [612 x 463] intentionally omitted <==

Figure 9: Plan View of the recently completed Mt Stirling Well RC Drilling campaign

==> picture [79 x 29] intentionally omitted <==

Page 12 of 23 / 6 January 2021

==> picture [697 x 384] intentionally omitted <==

Figure 10: Stirling Well Cross Section

==> picture [79 x 29] intentionally omitted <==

Page 13 of 23 / 6 January 2021

==> picture [79 x 29] intentionally omitted <==

Table 2: Mt Stirling Significant intercepts

Section(N)	Hole ID from (m) to (m) interval (m) **Aug/t **	Intercept (g/t Au)
1400	MSRC033 34 35 1 2.64 65 70 5 1.07 inc 68 70 3 1.41 77 78 1 0.94 81 82 1 0.63 101 102 1 2.23	1m @ 2.64 5m @ 1.07 3m @ 1.41 1m @ 0.94 1m @ 0.63 1m@ 2.23
	MSRC027 107 111 4 0.76 117 118 1 0.69 121 123 2 0.75 151 156 5 0.51 203 204 1 1.45 211 212 1 0.55	4m @ 0.76 1m @ 0.69 2m @ 0.75 5m @ 0.51 1m @ 1.45 1m@0.55
	MSRC028 77 78 1 0.64 119 120 1 2.16 206 213 7 0.73 225 227 2 0.83	1m @ 0.64 1m @ 2.16 7m @ 0.73 2m@0.83
1440	MSRC034 11 12 1 0.79 16 17 1 0.68 27 32 5 2.89 inc 27 28 1 8.74 42 52 10 1.31 inc 44 50 6 1.81 55 59 4 0.83	1m @ 0.79 1m @ 0.68 5m @ 2.89 1m @ 8.74 10m @ 1.31 6m @ 1.81 4m@0.83
	MSRC035 34 36 2 2.06 inc 35 36 1 3.37 85 86 1 2.85 129 131 2 0.85 135 136 1 0.58 140 150 10 0.71 inc 145 147 2 1.29	2m @ 2.06 1m @ 3.37 1m @ 2.85 2m @ 0.85 1m @ 0.58 10m @ 0.71 2m@1.29
	MSRC036 83 84 1 2.14 241 249 8 0.76 inc 247 249 2 1.00 293 294 1 1.57	1m @ 2.14 8m @ 0.76 2m @ 1.00 1m@1.57

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

Page 14 of 23 / 6 January 2021

Section(N)	Hole ID from (m) to (m) interval (m) **Aug/t **	Intercept (g/t Au)
1480	SWC125	NSI
	SWC126 0 19 19 1.25 inc 3 4 1 4.79 22 24 2 0.65	19m @ 1.25 1m @ 4.79 2m@0.65
	MSRC037 5 7 2 0.87 12 16 4 0.51 21 44 23 1.08 inc 22 24 2 3.14 and 34 36 2 2.07 50 52 2 1.38 50 51 1 2.10	2m @ 0.87 4m @ 0.51 23m @ 1.08 2m @ 3.14 2m @ 2.07 2m @ 1.38 1m@ 2.10
	SWC127 5 7 2 0.77 20 21 1 1.70 26 47 21 0.84 inc 26 27 1 2.14 and 31 32 1 2.17	2m @ 0.77 1m @ 1.70 21m @ 0.84 1m @ 2.14 1m@ 2.17
	MSRC002 114 143 29 0.88 inc 115 119 4 2.09	29m @ 0.88 4m@ 2.09
	MSRC038 101 122 21 1.15 inc 103 109 6 1.62 and 104 105 1 2.37	21m @ 1.15 6m @ 1.62 1m@ 2.37
	MSRC026 82 83 1 0.64 88 89 1 4.92 198 206 8 1.88 inc 198 199 1 3.58 and 205 206 1 4.42 210 213 3 0.91 216 217 1 0.72	1m @ 0.64 1m @ 4.92 8m @ 1.88 1m @ 3.58 1m @ 4.42 3m @ 0.91 1m@0.72
1520	SWC122 0 1 1 0.75	1m@0.75
	SWC123 13 37 24 1.84 inc 13 14 1 3.94 and 18 29 11 2.82 inc 21 22 1 9.93 42 43 1 0.71	24m @ 1.84 1m @ 3.94 11m @ 2.82 1m @ 9.93 1m@0.71
	MSRC039	Assayspending
	SWC124 46 53 7 3.44 inc 46 48 2 9.95 and 47 48 1 12.60 56 63 8 1.23 inc 58 59 1 2.13	7m @ 3.44 2m @ 9.95 1m @ 12.60 8m @ 1.23 1m@ 2.13
	MSRC040	Assayspending
	MSRC041	Assayspending

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

Page 15 of 23 / 6 January 2021

Section(N)	Hole ID from (m) to (m) interval (m) **Aug/t **	Intercept (g/t Au)
1560	SWC119	NSI
	SWC120 1 10 9 1.64 inc 8 10 2 3.74 and 8 9 1 5.51 14 18 4 0.81	9m @ 1.64 2m @ 3.74 1m @ 5.51 4m@0.81
	MSRC042	Assayspending
	SWC121 15 20 5 0.63 19 20 1 2.89 34 49 15 1.06 inc 37 40 3 2.80 and 39 40 1 4.23	5m @ 0.63 1m @ 2.89 15m @ 1.06 3m @ 2.80 1m@ 4.23
	MSRC043	Assayspending
	MSRC044	Assayspending
1600	SWC116 27 28 1 0.54	1m@0.54
	SWC117 9 20 11 0.93 inc 9 12 3 2.18 and 10 11 1 3.56 23 26 3 0.59 56 58 2 1.33	11m @ 0.93 3m @ 2.18 1m @ 3.56 3m @ 0.59 2m@1.33
	SWC118 45 46 1 0.84 52 54 2 0.61	1m @ 0.84 2m@0.61
	MSRC045 MSRC046 MSRC047	Assays pending Assays pending Assayspending
1640	SWC113	NSI
	SWC114 15 27 12 4.74 inc 17 21 4 12.98 and 19 21 2 21.40	12m @ 4.74 4m @ 12.98 2m@ 21.40
	SWC115 50 54 4 2.06	4m@ 2.06
	MSRC048	Assayspending
	MSRC001 68 72 4 0.78 106 108 2 48.00 125 129 4 1.01 inc 127 128 1 2.80 137 139 2 1.01	4m @ 0.78 2m @ 48.00 4m @ 1.01 1m @ 2.80 2m@1.01
	MSRC049	Assayspending
	MSRC025 111 112 1 1.32 187 191 4 8.84 inc 188 189 1 33.10 225 226 1 0.97 230 231 1 0.81 234 251 17 1.66 inc 234 237 3 5.17 and 235 236 1 9.20	1m @ 1.32 4m @ 8.84 1m @ 33.10 1m @ 0.97 1m @ 0.81 17m @ 1.66 3m @ 5.17 1m@ 9.20

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

Page 16 of 23 / 6 January 2021

Section(N)	Hole ID from (m) to (m) interval (m) **Aug/t **	Intercept (g/t Au)
1680	SWC110	NSI
	SWC111 18 21 3 5.35 inc 19 20 1 10.00 25 27 2 0.65	3m @ 5.35 1m @ 10.00 2m@0.65
	MSRC050	Assayspending
	SWC112 47 50 3 1.69 53 54 1 3.52	3m @ 1.69 1m@ 3.52
	MSRC051	Assayspending
	MSRC052	Assayspending
1720	SWC107 0 5 5 1.56 inc 4 5 1 5.12	5m @ 1.56 1m@ 5.12
	SWC108 17 26 9 0.78 inc 23 26 3 1.27	9m @ 0.78 3m@1.27
	SWC109 40 41 1 0.51 48 51 3 3.34 inc 49 51 2 4.14	1m @ 0.51 3m @ 3.34 2m@ 4.14
	MSRC053 MSRC054 MSRC055	Assays pending Assays pending Assayspending
1760	SWC104 6 9 3 3.84 inc 7 8 1 6.41 17 18 1 3.03	3m @ 3.84 1m @ 6.41 1m@ 3.03
	SWC105 26 28 2 2.23 inc 26 27 1 3.26 36 38 2 3.52 inc 37 38 1 5.85	2m @ 2.23 1m @ 3.26 2m @ 3.52 1m@ 5.85
	MSRC056	Assayspending
	SWC106 63 69 6 2.66 inc 63 65 2 6.29 and 64 65 1 8.54	6m @ 2.66 2m @ 6.29 1m@ 8.54
	MSRC057 MSRC058	Assays pending Assayspending
1800	MSRC059 MSRC060	Assays pending Assayspending
1840	MSRC061 MSRC062 MSRC063	Assays pending Assays pending Assayspending

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

Page 17 of 23 / 6 January 2021

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

Peretz Schapiro Executive Chairman Torian Resources Ltd info@torianresources.com.au

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 Inferred resources.

2. a. Mt Stirling – 727,000t at 1.45 g/t Au for 33,900oz

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

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

Another key project and one of renewed focus for the Company is the Mount Monger Project, located 50 km south east of Kalgoorlie. The Mount Monger goldfield is located within the Kalgoorlie terrane subdivision of the Eastern Goldfields Province. This 3,700-hectare project lies within close vicinity of Silver Lake Resources Ltd’s (ASX: SLR) key asset, the Mount Monger Gold Camp, a prolific part of the Eastern Goldfields district of Western Australia. The Mount Monger Camp had produced more than 1.67Moz in the last 30 years, and more than 330,000 ounces for Silver Lake in in the last 24 months alone.

The project consists of two distinct areas:

1. The Wombola Block to the north

2. The Mt Monger South Block to the south

Another project in the Kalgoorlie region is the Zuleika project in which the Company is involved in a JV with Dampier Gold Ltd (ASX: DAU). 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 Bonnei Vale and Gibraltar Projects, and its Credo Well JV with Dampier Gold Ltd (ASX: DAU), host of a JORC Inferred resource of 86,419t at 4.41 g/t Au for 12,259 oz.

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

Page 18 of 23 / 6 January 2021

Streamlined Competent Person Statement

The information in this report relating to exploration results and Minerals Resource Estimates is based on information compiled, reviewed and relied upon by Mr Dale Schultz. Mr Dale Schultz, Principle of DjS Consulting, who is Torian’s consulting Geologist and Director, compiled, reviewed and relied upon prior data and ASX releases dated 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 estimates released on 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 and 29 January 2020 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

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

Page 19 of 23 / 6 January 2021

satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

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 [79 x 30] intentionally omitted <==

Page 20 of 23 / 6 January 2021

Mt Stirling Project: JORC Table 1

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

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)
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.  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
	 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.

Page 21 of 23 / 6 January 2021

	 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.  No geophysical tools have been used to date.  The laboratories inserted blank and check samples for each batch of samples analysed and reports these accordingly with all results.  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 Mt Stirling Well Prospects varies from 40m by 40m to 20m by 20m respectively.

==> picture [79 x 29] intentionally omitted <==

Page 22 of 23 / 6 January 2021

	 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 Mt Stirling Well Prospects has been undertaken. The QA/QC on data over the remainder of the project tenements is ongoing.

==> picture [79 x 29] intentionally omitted <==

Page 23 of 23 / 6 January 2021