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GRANGE RESOURCES LIMITED. Annual Report 2015

Mar 8, 2016

65014_rns_2016-03-08_9c4eab27-5e94-4121-aa4e-5e3a81105308.pdf

Annual Report

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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09 March 2016 ASX: GRR

GRANGE RESOURCES LIMITED Australia’s most experienced magnetite producer

December 2015 Resource Reserve Statement Savage River Operations Tasmania

HIGHLIGHTS

  • Mineral Resources and Ore Reserves have been estimated for Grange’s Savage River magnetite deposits in Tasmania as at 31 December 2015.

  • Mineral Resources decreased to 383.2 MT @ 47.7%DTR due to mining depletion.

  • Ore Reserves at Savage River are 90.7 MT @ 51.3%DTR and reflect mine production during the year.

  • The attached updated Savage River Mineral Resource & Ore Reserve has been compiled in accordance with JORC 2012

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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Grange Resources Pty Ltd (ASX: GRR) (“Grange” or the “Company”) advises that the Mineral Resource for the Savage River Ore Deposits has decreased since the previous Mineral Resource estimate dated Dec 2014, as a result of depletion for mine production, and update to Centre Pit wireframes based on recent modelling work. Ore Reserves have also been depleted for mine production and a revision to the Centre Pit design during the last calendar year.

The resource consists of 383.2 million tonnes at 47.7% DTR (above a cut-off of 15% DTR) as detailed in table 1 and the reserve consists of 90.7 million tonnes at 51.3% DTR (above a cutoff of 15% DTR) as detailed in table 2.

Table 1 – Savage River Mineral Resource Estimate (Above a cut-off grade of 15% DTR)

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 71.8 156.3 155.1 383.2
DTR (%) 52.7 49.9 42.6 47.7
Fe (%) 68.1 68.0 68.5 68.2
Ni (%) 0.04 0.05 0.04 0.04
TiO2 (%) 0.64 0.69 0.64 0.66
MgO (%) 1.57 1.58 1.30 1.46
P (%) 0.009 0.009 0.008 0.009
V (%) 0.39 0.35 0.36 0.36
S (%) 0.12 0.10 0.09 0.10

  • NB - Elemental compositions were measured from Davis Tube Concentrate

  • Stockpiles were included in this summary table and are itemised separately in tables of individual mining pits and aggregated stockpiles

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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Table 2 – Savage River Ore Reserve Estimate

(Above a cut-off grade of 15%DTR)

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 32.7 58.0 90.7
DTR (%) 51.7 51.1 51.3
Fe (%) 67.5 67.7 67.7
Ni (%) 0.03 0.03 0.04
TiO2 (%) 0.86 0.91 0.90
MgO (%) 1.52 1.67 1.62
P (%) 0.008 0.008 0.008
V (%) 0.38 0.36 0.37
S (%) 0.07 0.06 0.06

  • NB - Elemental compositions were measured from Davis Tube Concentrate

  • Stockpiles were included in this summary table and are itemised separately in tables of individual mining pits and aggregated stockpiles

The Mineral Resource and Ore Reserve have been estimated by the Company’s technical staff, and has been reported in accordance with the guidelines of the JORC Code (2012 edition).

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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INTRODUCTION

This document has been prepared to summarise the Mineral Resource and Ore Reserve of Grange Resources’ magnetite deposits, located at Savage River and Long Plains in Tasmania.

This statement covers the material remaining at the end of December 2015 and contains summary details on the history of Savage River, the geology of the deposit and information involved in producing Mineral Resource and Ore Reserve estimates.

TENURE

Grange Resources operates under the conditions of Mining Lease 2M/2001 which consolidates and expands the previous lease 11M/97. This lease stands for 30 years from 2001, encompassing a total of 4,975 hectares.

The mining lease encompasses the Savage River Mine and concentrator, and the pelletising plant, wharf and shipping facilities located on the north west coast at Port Latta. The operation and facilities were previously held under Mining Lease 44M/66 when Pickands Mather & Co International (PMI) were the managers of the project until 1997.

Mining lease 14M/2007 was granted in May 2008 to extend the coverage of 2M/2001 for a total of 91 hectares. Another lease, 11M/2008 was granted in August 2009 to extend coverage by a further 108 hectares. This lease renewal is pending at time of writing and remains in good standing. The figure below shows the location of each lease.

EL30/2003 was granted in February 2010 and current tenure expires 18 June 2016 but is renewable. This lease covers the entire Long Plains deposit. The lease comprises 38 sq km

Figure 1 Tenements as at Dec 31, 2015

and adjoins 2M/2001 to the north. EL30/2003 covers all potential mining infrastructure sites

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ANNUAL RESOURCE & RESERVE
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and haulage routes envisaged should the Long Plains magnetite deposits prove up to be economical and progress to mining.

Grange was granted an exploration lease application shown as EL8/2014 for an 11sq km lease north of 2M-2001 during 2014.

All leases previously held by Australian Bulk Minerals (ABM) were transferred to Grange Resources Tasmania following the merger in January, 2009.

LOCATION

The Savage River Mine and concentrator plant are located approximately 100km south west by sealed road from Burnie. The pelletising plant and dedicated port facilities at Port Latta are located 70 kilometres northwest by sealed road from Burnie (Figure 2).

Local topography surrounding the mine is rugged, with incised valleys and steep hills. The west flowing Savage River dissects the deposit. Regional vegetation includes undisturbed rain forest with the mine area comprising wet eucalypt, acacia and open heath land. Climate is wet temperate with an average annual rainfall of 1,950mm and mean monthly temperatures ranging from 3-19ºC.

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Figure 2 Savage River Project Location

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ANNUAL RESOURCE & RESERVE
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PROJECT HISTORY

Ironstone outcrops around the Savage River were first discovered by State Government surveyor C.P. Sprent in early 1887 during one of his exploration journeys through western Tasmania. The deposits were first reported as a possible source of iron ore in 1919.

Systematic exploration techniques were employed by the Australian Bureau of Mineral Resources during 1956 that included ground and airborne magnetic surveys. The largest magnetic anomaly was detected at Savage River with two smaller anomalies being detected at Long Plains and Rocky River further to the south (Figure 3).

Diamond drilling commenced during the late 1950’s and into the 1960’s largely by Industrial and Mining Investigations Pty Ltd (IMI).

In 1965, Savage River Mines Ltd, a joint venture of Australian, Japanese and American interests was formed to develop the project. PMI (Pickands Mather International) developed an open cut mine, concentrator plant and township at Savage River to access the magnetite reserve. A pipeline from the concentrator plant to the pelletising plant and dedicated port facilities at Port Latta located on the northwest coast were also constructed.

Mining commenced in 1967 to supply a consortium of Japanese steel mills with 45 million tonnes of pelletised iron ore over a twenty-year period. Annual pellet production reached a maximum of 2.4 million tonnes per annum during the period.

The Savage River Project was operated for the full term of a thirty-year lease by PMI. In early 1997, PMI ceased mining activities at Savage River, transferring ownership of the Savage River Project to the Tasmanian Government on March 26 1997.

At the end of March 1997, ABM purchased the assets of the Savage River Project from the Tasmanian Government. Following this purchase, ABM continued mining the existing pits through a series of cut-back operations, mined the previously undeveloped South Deposit, and began exploration around the Long Plains area.

In January 2009 Grange Resources merged with ABM.

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ANNUAL RESOURCE & RESERVE
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GEOLOGY

The Savage River magnetite deposit lies within and near the eastern margin of the Proterozoic Arthur Metamorphic Complex in north western Tasmania. This complex is exposed along a northeastsouthwest trending structural corridor, the Arthur Lineament, which separates Proterozoic sedimentary rocks to the northwest from a variety of Palaeozoic rocks to the southeast.

The magnetite deposits at Savage River represent the largest of a series of discontinuous lenses that extend in a narrow belt for some 25 kilometres south of the Savage River Township. The deposit is subdivided into sections on the basis of areas that have been mined. The areas are referred to as North Pit, South Lens, Centre Pit North, Centre Pit South, Centre Pit Southern Extension and South Deposit (Figure 5).

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Figure 3 Savage River Regional Magnetics

Magnetite ore is almost entirely enclosed within a highly sheared and strike-faulted belt of mafic and ultramafic rocks specifically serpentinite and talc-carbonate schist. The magnetite ranges in thickness from 40 to 150 metres in width and is termed the Main Ore Zone (MOZ). Narrow (<20metre) lenses and layers also occur in the mafic sequence to the west. The mafic sequence comprises chlorite-calcite-albite schist and layered green amphibole-chlorite-albite schist.

A suite of late, strongly deformed metabasalt and metadolerite intrusive dykes occur either sub-parallel to or cut obliquely across the MOZ. Vein magnesite occurs adjacent to the MOZ with significant bodies developed in the east at South Lens and at the west in North Pit.

The magnetite ores comprise three volumetrically important groups: pyritic ores, serpentinitic ores and talc-carbonate ores. The ore may be massive, layered, or disseminated and range from being fine-grained to coarsely crystalline. Accessory mineral phases may include talc, tremolite, actinolite, chlorite, epidote, apatite and carbonate in varying amounts. The mineral assemblages preserved at Savage River imply middle to upper greenschist facies metamorphic conditions.

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ANNUAL RESOURCE & RESERVE
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EXPLORATION, DRILLING, SAMPLING AND ANALYSIS

Exploration and resource definition over recent years at Savage River has involved dominantly reverse circulation (RC) and diamond drilling.

Exploration activity for 2015 has focussed on environmental development work for Long Plains.

Core recoveries are generally high in the ore zones at Savage River (>90%) and there are no significant core recovery issues. Drill collars are surveyed using a combination of conventional surveying (total station) and/or high resolution RTK GPS.

All samples used in resource estimation are taken from diamond drill core of either HQ or NQ size or from reverse circulation drill holes employing a 140mm face sampling hammer. RC drilling has been used in recent years at Savage River to undertake infill drilling to improve confidence of domain boundaries and grade estimates.

Core was half core sampled as standard practice and rarely full core sampled to confirm historic drill intercepts or for metallurgical testing. Sampled length is generally between 0.75m to 2m within lithological units to preserve volume variance and to provide sample weights of 3kg. Reverse circulation drilling was used to give uniform 1m samples by cone or riffle splitter resulting in a 3kg sample. Field quality control procedures included insertion of prepared sample standards at a rate of 1:25 and limited field duplicate samples on the RC suite of samples.

Sample preparation techniques were industry standard for magnetite ores and used the subsampling protocol as recommended by the Savage River Laboratory. Sample preparation was conducted at an external NATA-accredited laboratory for both core and RC chips. The subsampling process for RC was identical to that of the core except for the coarse crush stage. For drill core, the core was first analysed for bulk density by immersion in water. All mineralised core samples have had a density determination completed. The half core samples were oven dried at 110 degrees for 12 hours, then coarse crushed to minus 2mm in a Boyd crusher then split to ~3kg, crushed again to 90% passing 1.7mm and split again with a 150g sub-sample taken for pulverising to 98% passing 75 microns.

A pulp sub-sample was collected and shipped for analysis at Savage River’s mine lab by Davis Tube Recovery.

The primary assay technique is Davis Tube Recovery (DTR) on a 10g sample, followed by Ferrous Iron (Fe2+) via Satmagan and S, total Fe, TiO2, MgO, V, P, S and Ni via XRF on the Davis Tube Concentrate (DTC) via XRF. All techniques are considered total. DTR is the most appropriate assay technique for determination of magnetite recovery. All DTR samples were completed on the mine site using the Savage River DTR technique. This technique has been used for 40 years and supported by pit reconciliations.

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All logging and assay data is stored in a database which was validated against original log sheets. The database includes holes drilled by Savage River Mines Limited, ABM and more recent holes drilled by Grange Resources.

GEOLOGICAL INTERPRETATION AND RESOURCE ESTIMATION

Geological controls and relationships were used to define estimation domains with mostly hard boundaries, based on sharp mineralisation contacts and grade boundaries. A nominal grade cut-off of 15%DTR is a natural grade boundary between magnetite lenses and disseminated wall-rocks. This cut-off was used to help define the mineralised envelope within which the higher grade sub domains were interpreted. 3D wireframes were used to code the drilling intersects and select samples within each domain.

Oxidised material was not included in the resource estimation.

Sample data at Savage River were generally composited to 2 metre down hole length using a best fit-compositing method. Long Plains sample data were composited to 1 metre lengths owing to the thinner mineralised magnetite lenses at Long Plains. Residual samples (those composite intervals for which there was less than 75% of the composite length) were considered biased and hence were not included in the estimate.

Block models were prepared for each part of the deposit using Surpac Software. Block sizes at Savage River are generally 10mE by 10mN by 5mRL parent block size with sub-celling to 5mE by 5mN by 2.5mRL. Block sizes at Long Plains were assigned a 10mE by 25mN by 10mRL parent block size with sub-celling to 1.25mE by 6.25mN by 2.5mRL owing to the thinner mineralised magnetite lenses at Long Plains.

Models were estimated using Ordinary Kriging for the North Pit, South Deposit and Centre Pit Combined (comprising Centre Pit North and Centre Pit South resources) and for Long Plains. Inverse Distance Cubed weighting estimation techniques are employed for the Sprent pit resource. Geostatistical analysis, including variography studies to develop spatial estimation parameters were prepared for each of the major areas of mineralisation by Snowden Mining Industry Consultants or Optiro. These parameters were used to assist in the classification of the resource.

Mineral Resources have been classified on the basis of confidence in geological and grade continuity using the drilling density, geological model, modelled grade continuity and conditional bias measures (kriging efficiency where available). The block model validation results show good correlation between the input data to the estimated grades. The mineralised domains have demonstrated sufficient geological and grade continuity to support the definition of a Mineral Resource, and classifications were applied under the guidelines of the JORC Code (2012 Edition).

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ANNUAL RESOURCE & RESERVE
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ORE RESERVES

Measured and Indicated Mineral Resources are considered for conversion to Ore Reserves, based on assessment against an optimised pit design and with respect to the modifying factors. The Mineral Resource is inclusive of the Ore Reserve.

The Ore Reserve estimation model for Savage River includes Mineral Resources from the North Pit, Centre Pit and South Deposit, and was developed as part of a Feasibility Study that was completed in September 2006.

Pit designs are based on optimised shells using Whittle software. The cutoff grade of 15%DTR was determined as part of the Feasibility Study and is reviewed periodically. Current Mining and recovery factors are applied to account for mining practices of conventional bulk mining methods utilizing hydraulic face shovels, dump trucks and conventional drill and blast. These are based on reconciliations calculated periodically for the different areas of the deposit. Metallurgical factors are applied to account for mill performance. The overall pit slope criteria used for the design and optimization are based on ongoing geotechnical studies which are reviewed and updated on an annual basis as part of Grange Resource’s Life Of Mine Planning process.

Estimates of Mineral Resources and Ore Reserves at the Savage River Mine including Long Plains are as at

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the end of December 2015. Mineral Resources and Ore Reserves are categorised in accordance with the guidelines established in the JORC Code (2012 Edition)[i] . Estimated Measured and Indicated Mineral Resources include those Mineral Resources modified to produce the estimated Ore Reserves. Some Mineral Resources including Centre Pit North, Sprent pit and Long Plains are not classified as Ore Reserves, due to the fact that they did not demonstrate economic viability at the time of this report, and remain as Mineral Resources

The following tables represent the Mineral Resource for each part of the deposit. In each case, elemental compositions were measured from Davis Tube Concentrate. A cut-off of 15%DTR was used in the calculation of Mineral Resources.

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ANNUAL RESOURCE & RESERVE
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Mineral Resource Estimate - North Pit - December 2015

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 24.6 69.5 33.9 128.0
DTR (%) 62.2 57.4 56.2 58.0
Fe (%) 67.9 67.7 67.2 67.6
Ni (%) 0.03 0.03 0.03 0.03
TiO2 (%) 0.98 0.94 1.04 0.97
MgO (%) 1.64 1.80 1.83 1.78
P (%) 0.008 0.008 0.008 0.008
V (%) 0.38 0.36 0.36 0.36
S (%) 0.04 0.05 0.04 0.04

The North Pit resource model was adjusted to exclude blocks within the updated Centre Pit boundary, and in conjunction with mining production resulted in a 10Mt decrease in resource compared with 2014.

Mineral Resource Estimate – South Deposit - December 2015

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 5.7 8.4 9.0 23.1
DTR (%) 42.5 44.8 42.8 43.5
Fe (%) 67.2 67.7 67.5 67.5
Ni (%) 0.07 0.06 0.06 0.06
TiO2 (%) 0.62 0.71 0.66 0.67
MgO (%) 1.92 1.73 1.74 1.78
P (%) 0.009 0.007 0.008 0.008
V (%) 0.27 0.27 0.26 0.27
S (%) 0.15 0.13 0.15 0.14

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Mineral Resource Estimate – Centre Pit - December 2015

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 39.5 51.0 29.7 120.2
DTR (%) 51.0 48.5 46.3 48.8
Fe (%) 68.3 67.8 68.0 68.0
Ni (%) 0.05 0.05 0.05 0.05
TiO2 (%) 0.43 0.40 0.40 0.41
MgO (%) 1.47 1.63 1.62 1.57
P (%) 0.010 0.012 0.011 0.012
V (%) 0.40 0.37 0.37 0.38
S (%) 0.16 0.19 0.19 0.18

Centre Pit North and Centre Pit South were historically mined pits and these were defined by separate block models up until 2014. These have now been combined, with recent drilling supporting updated interpretation and integration of the two sets of wireframes.

Mineral Resource Estimate – Sprent - December 2015

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 0.0 2.1 0.3 2.4
DTR (%) 0.0 51.1 49.8 51.0
Fe (%) 0.0 69.6 70.8 69.8
Ni (%) 0.00 0.06 0.02 0.06
TiO2 (%) 0.00 0.50 0.18 0.46
MgO (%) 0.00 0.75 0.47 0.72
P (%) 0.000 0.008 0.010 0.008
V (%) 0.00 0.43 0.46 0.44
S (%) 0.00 0.27 0.06 0.24

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ANNUAL RESOURCE & RESERVE
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Mineral Resource Estimate – Long Plains - December 2015

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 0.0 25.4 82.2 107.6
DTR (%) 0.0 33.9 35.6 35.2
Fe (%) 0.0 68.9 69.4 69.3
Ni (%) 0.00 0.05 0.03 0.03
TiO2 (%) 0.00 0.63 0.56 0.57
MgO (%) 0.00 0.91 0.92 0.91
P (%) 0.000 0.004 0.007 0.007
V (%) 0.00 0.33 0.36 0.35
S (%) 0.00 0.05 0.07 0.07

Mineral Resource Estimate – Stockpiles - December 2015

Stockpiles-Measured Tonnes (Mt) Grade (%DTR)
Crushed Ore 0.1 41.8
In-pit Broken stocks 1.9 37.4
Total 2.0 37.6

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ANNUAL RESOURCE & RESERVE
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The total Mineral Resource for Savage River as at the end of December 2015 is as follows:

Mineral Resource Estimate – Savage River - December 2015

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 71.8 156.3 155.1 383.2
DTR (%) 52.7 49.9 42.6 47.7
Fe (%) 68.1 68.0 68.5 68.2
Ni (%) 0.04 0.05 0.04 0.04
TiO2 (%) 0.64 0.69 0.64 0.66
MgO (%) 1.57 1.58 1.30 1.46
P (%) 0.009 0.009 0.008 0.009
V (%) 0.39 0.35 0.36 0.36
S (%) 0.12 0.10 0.09 0.10

The following tables represent the Ore Reserve for each part of the deposit. In each case, elemental compositions were measured from Davis Tube Concentrate. A cut-off of 15%DTR was used in the calculation of Ore Reserves.

Reserve Estimate - North Pit - December 2015

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 22.7 53.7 76.4
DTR (%) 57.1 52.5 53.8
Fe (%) 67.3 67.8 67.7
Ni (%) 0.03 0.03 0.03
TiO2 (%) 0.98 0.95 0.96
MgO (%) 1.54 1.67 1.63
P (%) 0.008 0.008 0.008
V (%) 0.38 0.37 0.37
S (%) 0.03 0.05 0.04

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ANNUAL RESOURCE & RESERVE
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Reserve Estimate – South Deposit - December 2015

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 3.1 1.5 4.6
DTR (%) 35.6 37.5 36.2
Fe (%) 67.3 67.7 67.4
Ni (%) 0.07 0.06 0.06
TiO2 (%) 0.66 0.72 0.68
MgO (%) 1.85 1.57 1.76
P (%) 0.008 0.007 0.008
V (%) 0.28 0.27 0.28
S (%) 0.16 0.15 0.15

Mining of South Deposit in 2015 and changes to modifying factors have resulted in a depletion / reduction of 4.1 Mt of reserve as compared with 2014.

Reserve Estimate – Centre Pit December 2015

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 4.9 2.8 7.7
DTR (%) 42.2 31.5 38.1
Fe (%) 68.7 66.5 67.9
Ni (%) 0.04 0.05 0.05
TiO2 (%) 0.43 0.35 0.40
MgO (%) 1.18 1.88 1.44
P (%) 0.007 0.012 0.009
V (%) 0.42 0.33 0.39
S (%) 0.15 0.25 0.19

A revised pit shell has been developed for Centre Pit. An adjustment of modifying factors has also been applied to reflect historical reconciliations and to account for changes in planned mining bench height. In combination, these changes have resulted in a decrease of 4.5Mt of ore reserve as compared with 2014 in the Centre Pit (CP) area.

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Ore Reserve Estimate – Stockpiles - December 2015

Stockpiles-Measured Tonnes (Mt) Grade (%DTR)
Crushed Ore 0.1 41.8
In-pit Broken stocks 1.9 37.4
Total 2.0 37.6

The total Ore Reserve for Savage River as at the end of December 2015 is as follows:

Ore Reserve Estimate – Savage River- December 2015

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 32.7 58.0 90.7
DTR (%) 51.7 51.1 51.3
Fe (%) 67.5 67.7 67.7
Ni (%) 0.03 0.03 0.04
TiO2 (%) 0.86 0.91 0.90
MgO (%) 1.52 1.67 1.62
P (%) 0.008 0.008 0.008
V (%) 0.38 0.36 0.37
S (%) 0.07 0.06 0.06

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Figure 4 - Grade Tonnage Curve, Savage River

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ANNUAL RESOURCE & RESERVE
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JORC TABLE 1 SAVAGE RIVER

SECTION 1 SAMPLING TECHNIQUES AND DATA

Note: All comments refer to all deposits on the Savage River Mining Lease; comprising North Pit, Centre Pit North, Centre Pit South, Sprent and South Deposit and to Long Plains on an adjacent exploration lease) unless individually identified as being related to a particular prospect.

Criteria Sampling Techniques and Data Comments
Sampling
techniques		 • Nature and quality of sampling (e.g. cut
channels, random chips, or specific
specialised
industry
standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gamma sondes, or handheld
XRF instruments, etc.). These examples
should not be taken as limiting the broad
meaning of sampling.		 • The deposits were sampled using diamond
drilling (DD) with limited Reverse Circulation
(RC) pre-collaring. Drilling was conducted on
approximately
100m
spaced
sections
orientated perpendicular to the overall orebody
strike. On section spacing (down-dip) varies but
is commonly 50-70m. The mineralisation is sub-
vertical and the holes are typically inclined at -
60°. All samples are assayed for DTR, Fe2+,
Total Fe, Ni, TiO2, MgO, P, V, S, CaO, SiO2
and Al2O3. CaO, SiO2 and Al2O3 are not
presentlyestimated.
• Include reference to measures taken to
ensure sample representivity and the
appropriate
calibration
of
any
measurement tools or systems used.		 • The drill hole locations were picked up and
down-hole surveys completed. Diamond core
was used to obtain the best possible sample
quality for lithology, structural, grade and
densityinformation.
•
Aspects
of
the
determination
of
mineralisation that are Material to the
Public Report. In cases where ‘industry
standard’ work has been done this would
be
relatively
simple
(e.g.
‘reverse
circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In
other cases more explanation may be
required, such as where there is coarse
gold that has inherent sampling problems.
Unusual commodities or mineralisation
types (e.g. submarine nodules) may
warrant disclosure of detailed information.		 • Drilling of Diamond core was a combination of
HQ and NQ sizes, some triple tube. Samples
were controlled based on geological contacts
and generally no more than 2m in length.
Sample selection was nominally >=0.75m and
<=1.25m. All core samples were half cored.
Core was split by diamond sawing. Samples
were dried, crushed, split and pulverised to
nominally 98% passing 75µm for Davis Tube
Recovery (DTR) determination.

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Drilling
techniques		 • Drill type (e.g. core, reverse circulation,
open-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.).		 • Samples used in the resource estimation were
taken from diamond drill core of either HQ or
NQ size or RC samples. (recent programs).
• RC drill holes employ a 140mm face sampling
hammer.
Criteria Sampling Techniques and Data Comments
Drill sample
recovery		 •Method of recording and assessing core
and chip sample recoveries and results
assessed.		 • Core recoveries were recorded in the
geotechnical logs and in the sample records.
Core recoveries are generally high in the ore
zones at Savage River (>90%) and there are no
significant core recovery issues.
•Measures taken to maximise sample
recovery and ensure representative nature
of the samples.		 • Drilling penetration rates were controlled in
order to maximise recovery in ore zones.
•Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential
loss/gain
of
fine/coarse
material.		 • No relationship between sample recovery and
grade is known at Savage River.
Logging •Whether core and chip samples have
been geologically and geo-technically
logged to a level of detail to support
appropriate Mineral Resource estimation,
mining studies and metallurgical studies.		 Core samples from all deposits have been
logged for lithology, mineralogy, alteration
and mineralisation. Geotechnical logging
including domain and structural defects
logging including orientations were
undertaken. The level of detail is sufficient
to support Mineral Resource estimation,
mining studies and metallurgical studies.
•Whether
logging
is
qualitative
or
quantitative in nature. Core (or costean,
channel, etc.) photography.
Logging is a combination of qualitative
and quantitative. Core was photographed
wet and dry. No photos available for the
oldest core.
•The total length and percentage of the
relevant intersections logged.		 • All core and RC chips were fully logged.

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Sub-
sampling
techniques
and sample
preparation		 •If core, whether cut or sawn and whether
quarter, half or all core taken.		 • Core was half core sampled as standard
practice and rarely full core sampled in the very
few older holes. Core was cut using a diamond
impregnated saw blade on site at the Savage
River core farm. The ore is relatively massive
and the preferred orientation for core sawing is
just left of the orientation line.
•If non-core, whether riffled, tube sampled,
rotary split, etc. and whether sampled wet
or dry.		 •For non-core, samples are dry riffled and
sampled dry.
•For all sample types, the nature, quality
and
appropriateness
of
the
sample
preparation technique.		 • Sample preparation techniques were industry
standard for magnetite ores and use the sub-
sampling protocol as recommended by the
Savage river laboratory. Sample prep on recent
drill core was completed at a commercial lab
[NATA accredited]. The half core samples were
oven dried at 110 degrees for 12 hours, then
coarse crushed to minus 2mm on a Boyds
crusher then split to ~3kg, crushed again to
90% passing 1.7mm and split again with a 150g
sub-sample taken for pulverising to 98%
passing 75 microns.
•Quality control procedures adopted for all
sub-sampling stages to maximise the
representativeness of samples.		 • RC chips were riffle split when dry and a 3kg
sample was taken for each single metre drilled.
When RC sample was damp, samples were
speared uniformly.
When RC sample in ore was RC holes were
stopped and completed later for diamond tails.
•Measures taken to ensure that the
sampling is representative of the in situ
material collected, including for instance
results for field
duplicate/second-half
sampling.		 Limited numbers of duplicate samples were
taken for intervals of HG, MG and LG within the
RC drilling suite.
Field QC procedures for RC and diamond
samples involve the insertion of assay
standards at a rate of 1 in 25.
Standards were derived from 2006 MLEP
drilling campaign in North Pit Savage River.

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•Whether sample sizes are appropriate to
the grain size of the material being
sampled.		 • The sample sizes are considered to be
appropriate
based
on
the
style
of
mineralisation, the thickness and consistency of
the intersections and assay range for the
primary analysis (% recoverable magnetite
concentrate).
Quality of
assay data
and
laboratory
tests
Quality of
Assay Data
continued		 •The nature, quality and appropriateness
of the assaying and laboratory procedures
used and whether the technique is
considered partial or total.		 • The primary assay technique is Davis Tube
Recovery (DTR) on a 10g sample, followed by
Ferrous Iron (Fe2+) via Satmagan and S, total
Fe, TiO2, MgO, V, P, S and Ni via XRF on the
Davis Tube Concentrate (DTC). All techniques
are considered total. DTR is the most
appropriate assay technique for determination
of magnetite recovery. All DTR samples
completed
on
site
using
Savage
River
technique. This technique has been use for 40
years at Savage River and pit reconciliations
are good.
•For geophysical tools, spectrometers,
handheld XRF instruments, etc., the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations factors
applied and their derivation, etc.		 Magnetic susceptibility instruments are used
for initial geological logging to help the
geologist classify the logged interval as ore
grade or waste. Ore samples have sample
prep, DTR and XRF determinations done and
these inform the resource estimate. No mag
sus values are used in the resource estimate.
•Nature of quality control procedures
adopted
(e.g.
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of accuracy
(i.e. lack of bias) and precision have been
established.		 • Field assay standards are inserted at a rate of
1 in 25 in drilled core and RC through ore zones.
DTR determinations are performed in duplicate.
Limited field duplicates were analysed. No
external
laboratory
checks
have
been
performed and no check assaying has been
undertaken. Data analysis has been performed
and the data demonstrates sufficient accuracy
and precision for use in Mineral Resource
estimation.
Verification
of sampling
and assaying		 •The verification of significant intersections
by either independent or alternative
company personnel.		 • Significant intersections are verified by
alternative company personnel.
•The use of twinned holes. • No twinned holes have been drilled.

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•Documentation of primary data, data
entry procedures, data verification, data
storage
(physical
and
electronic)
protocols.		 Primary data is captured directly to
standard template Microsoft Excel log
sheets using tough book laptops with
standard logging codes and data entry
control. The data is verified by the geologist
and then loaded into the central (project-
wide) database.
•Discuss any adjustment to assay data.
No adjustments are made to assay data.

Extensive use of the resubmitted pulps
has been used in the past for NP, esp
2005-06 for the feasibility study.
Location of
data points		 •Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and
other locations used in Mineral Resource
estimation.
All significant surface features were
surveyed by Grange staff surveyors using
a combination of conventional surveying
(total station) and/or high resolution RTK
GPS. In each case, the features were
located to within 100mm in X, Y and Z.
For downhole surveys, older drilling used
single-shot Eastman dips at 50m spacing
downhole (accurate to 0.5°). Hole
azimuths were assumed to be straight
(compass data is not useable due to the
magnetic nature of the mineralisation).
North seeking gyro was used prior to the
use of the DeviFlex downhole survey tool.
This has a stated accuracy of +/- 0.01°
per station in azimuth and +/- 0.1° in dip,
with stations every 3m downhole.
•Specification of the grid system used.
The grid system used is the Savage River
Mine Grid, where;
10o18’ 23” (N) SRG= 00(N) GDA94
•Quality and adequacy of topographic
control.
The topographic surface in the vicinity of
the deposit was surveyed by Grange staff
surveyors
using
a
combination
of
conventional
surveying
(total
station)
and/or high resolution RTK GPS. In each
case, the data points are located to within
100mm in X, Y and Z and the point spacing
is approximately 5m in X and Y. For areas
further away from the deposit, LIDAR data
is used.

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Data spacing
and
distribution		 •Data spacing for reporting of Exploration
Results.
For Deposits on the Savage River Mine
lease the nominal drill hole spacing is 50m
(between sections) and by 50-70m ( on
section).

Drill spacing at Long Plains is wider given
that the parts of the resource are at an
early stage of delineation. Indicated
Mineral Resources at Long Plains have
been defined generally in areas of 50 by
50 m drill spacing.

Inferred Mineral Resources at Long Plains
have been defined in areas of 100x100
metre up to 600x100 metre drill spacing.
•Whether the data spacing and distribution
is sufficient to establish the degree of
geological
and
grade
continuity
appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and
classifications applied.
Data
spacing
and
distribution
were
analysed using semi-variograms. The
general
quality
of
the
experimental
variograms was good. The ranges of the
variograms were used to provide guidance
for resource classification.
•Whether sample compositing has been
applied.
Samples have been composited prior to
geostatistical
analysis
and
Mineral
Resource estimation. At Savage River
Mine, the composite length was 2m. At
Long Plains, the composite length was 1m.

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Criteria Sampling Techniques and Data Comments
Orientation
of data in
relation to
geological
structure		 •Whether the orientation of sampling
achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.		 The majority of drill holes are oriented to
achieve intersection angles as close to
perpendicular to the mineralization as is
practicable.
•If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.		  No significant sampling bias occurs in the
data due to the orientation of drilling with
regards to mineralized structures/bodies.
Sample
security		 • The measures taken to ensure sample
security.		  All samples are logged and bagged on site
by Grange geological staff and assay
determinations are performed by Grange
staff.
Audits or
reviews		 •The results of any audits or reviews of
sampling techniques and data.
During the Mine Life Extension Project in
2006 AMC peer reviewed the NP resource
for the mine life extension project (MLEP).

A sample prep audit was conducted for the
external provider. No audits or reviews
have been undertaken on SR lab recently.

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SECTION 2

REPORTING OF EXPLORATION RESULTS

Criteria JORC Code explanation Commentary
Mineral
tenement
and land
tenure
status		 Type, reference name/number,
location and ownership
including agreements or
material issues with third
parties such as joint ventures,
partnerships, overriding
royalties, native title interests,
historical sites, wilderness or
national park and
environmental settings.
The security of the tenure held
at the time of reporting along
with any known impediments
to obtaining a licence to
operate in the area.
3 Mining and 2 exploration leases are held in
Tasmania and are 100% owned by Grange
Resources Tasmania Ltd. (formerly Goldamere
Proprietary Ltd operating as Australian Bulk
Minerals).

Mining lease 2M/2001was granted 11/12/2001
comprising 4,987 hectares which includes the main
orebodies North Pit (NP), South Lens (SL), Centre
Pit north (CPN), Centre Pit South (CPN), Sprent
(SP) and South Deposit (SD) and the pipeline
corridor from site to the Port Latta pellet plant.
Locality is listed as Savage River-Port Latta. This
lease expires 7 Nov 2031 and currently has a
security bond held by the State of Tasmania.

Land tenure on ML 2M 2001 includes; State forest,
Forest Reserve, Informal reserve,Crown Land,
Private parcel, Conservation area, Regional
Reserve and national Estate.

Mining lease 14M/2007was granted 14/5/2008
comprising 91 hectares as an easement (including
a sewerage easement) on the Savage River
townsite.

This lease expires 7 Nov 2031 and no bond is held
by the State of Tasmania.

Land tenure on ML 14M/2007 includes:Forest
Reserve, Regional Reserve, Private land, Proposed
public reserve-CLAC, Crown land Authority Land
and Crown Land

Mining lease 11M/2008was granted 3/3/2009
comprising two lots totaling 108 hectares with the
north west area required for the South Deposit
Tailings Storage facility on Main Creek and the
eastern lot required to cover the remaining part of
the Savage river town ship not previously covered
by a mining lease. This lease renewal is pending at
time of writing, remains in good standing and a
bond is held by the State of Tasmania.

Exploration Lease EL8/2014was granted for an
11sq km lease north of 2M-2001 during 2014.

Exploration Lease EL30/2003was granted in
February 2010 and current tenure expires 18 June
2016 but is renewable. This lease covers the entire
Long Plains deposit. The lease comprises 38 sq km
and adjoins 2M/2001 to the north.

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Criteria JORC Code explanation Commentary
Exploration
done by
other parties		 Acknowledgment and
appraisal of exploration by
other parties.
Systematic exploration commenced during the
late 1950’s with the Bureau of Mineral
Resources conducting airborne & ground
magnetic surveys to delineate Savage River &
two smaller anomalies south at Long Plains &
Rocky River. Diamond drilling commenced in
the late 1950’s-early 1960’s by Industrial &
Mining Investigations Pty Ltd (8 holes). Savage
River Mines Ltd formed in 1965 as a JV to
develop the project and mined Savage River
for the next 30 years before Australian Bulk
Minerals (ABM – now Grange) took over the
mine lease in 1997.
Geology Deposit type, geological
setting and style of
mineralization.
The Savage River Magnetite deposit lies within
and near the eastern margin of the Proterozoic
Arthur Metamorphic Complex in northwestern
Tasmania. This complex is exposed along a
northeast–southwest trending structural
corridor, The Arthur Lineament, which
separates Proterozoic sedimentary rocks to the
northwest from a variety of Paleozoic rocks to
the southeast (Turner 1990). These Paleozoic
rocks include some major mafic and ultramafic
intrusive complexes which lie just to the east of
Savage River.

The magnetite orebodies are enclosed within a
highly sheared and strike faulted belt of mafic
and ultramafic schists and mylonite. This belt is
0.5km wide, strikes North-north-east to south-
south-west, and is enclosed in a thick
sequence of quartz-white mica schist (Whyte
schist). Magnetite ore is almost entirely
confined within ultramafic rocks, specifically
serpentinite and talc-carbonate schist. These
ore-bearing ultramafic rocks are exposed in an
axial zone above the belt, ranging from about
40 to 100m wide and termed the Main Ore
Zone. They also form rare, much narrower
(mostly <20m wide) lenses and layers in the
mafic sequence to the west.

Magnetite ore ranges from disseminated to
massive, with much of the main Ore Zone
comprisingmassive to semi-massive

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Criteria JORC Code explanation Commentary
magnetite.1

11994 Thornett report on structural and
lithogical mapping of North Pit and South
Lens.
Drill hole
Information		 A summary of all information
material to the understanding
of the exploration results
including a tabulation of the
following information for all
Material drill holes:
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.
The Savage River deposit has been mined
for over 45 years and a comprehensive
database of 547 drill holes for over 88K
meters of drilling has been accumulated
which informs the resource models.

Drill hole information has been included in
table 3 attached
Data
aggregation
methods		 In reporting Exploration
Results, weighting averaging
techniques, maximum and/or
minimum grade truncations (eg
cutting of high grades) and cut-
off grades are usually Material
and should be stated.
Where aggregate intercepts
incorporate short lengths of
high grade results and longer
lengths of low grade results,
theprocedure used for such
Davis Tube Recovery (“DTR”) analyses
were conducted on core and RC chips that
had first had an estimated grade
determined by magnetic susceptibility
(mag-sus). If the mag-sus indicated an
estimated grade greater than 15% DTR,
the analytical DTR technique was used for
assay.

2m composites were use at Savage River
and 1m composites were used at Long
Plains. Both intercept methods
allowedwith75% of sample.There was no

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Criteria JORC Code explanation Commentary
aggregation should be stated
and some typical examples of
such aggregations should be
shown in detail.
The assumptions used for any
reporting of metal equivalent
values should be clearly
stated.		 cutting of high grades based on statistical
analysis. Sampling protocol insists on
samples between 0.75 and 1.25m in length
within unique lithologies.

Short intervals were sampled, where
discrete lithologies were present. The
compositing routine aggregates these to
1m composites.
Relationship
between
mineralizati
on widths
and
intercept
lengths		 These relationships are
particularly important in the
reporting of Exploration
Results.
If the geometry of the
mineralization with respect to
the drill hole angle is known,
its nature should be reported.
If it is not known and only the
down hole lengths are
reported, there should be a
clear statement to this effect
(eg ‘down hole length, true
_width not known’). _
Plans and sections included in attachment
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included
for any significant discovery
being reported These should
include, but not be limited to a
plan view of drill hole collar
locations and appropriate
sectional views.
A locality plan (figure 5) and typical cross
sections (figure 6-8) for each deposit area
are attached.
Balanced
reporting		 Where comprehensive
reporting of all Exploration
Results is not practicable,
representative reporting of
both low and high grades
and/or widths should be
practiced to avoid misleading
reporting of Exploration
Results.
All individual drilling results have been
incorporated into the resource estimations.
See table 3 attached
Other
substantive		 Other exploration data, if
meaningful and material,
should be reported including
(but not limited to): geological
The Savage River Mine has been in
operation for 45 years with substantial data
collected including geophysical surveys,
geological mappingof exposures and

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Criteria JORC Code explanation Commentary
exploration
data		 observations; geophysical
survey results; geochemical
survey results; bulk samples –
size and method of treatment;
metallurgical test results; bulk
density, groundwater,
geotechnical and rock
characteristics; potential
deleterious or contaminating
substances.		 metallurgical test work. Waste
management plans are based upon acid
based accounting analyses of selected
representative data from each deposit at
Savage River.
Further
work		 The nature and scale of
planned further work (eg tests
for lateral extensions or depth
extensions or large-scale step-
out drilling).
Diagrams clearly highlighting
the areas of possible
extensions, including the main
geological interpretations and
future drilling areas, provided
this information is not
commercially sensitive.
No further potential for lateral extensions to
the Savage River ore-bodies have been
identified. Further drilling to infill the depth
extent of the resources will be required to
define the potential for further cutbacks on
existing pits.

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SECTION 3 ESTIMATION & REPORTING OF MINERAL RESOURCES

Criteria JORC Code explanation Commentary
Database
integrity		 Measures taken to
ensure that data has not
been corrupted by, for
example, transcription or
keying errors, between
its initial collection and
its use for Mineral
Resource estimation
purposes.
Data validation
procedures used.
Transcription errors are limited by having assay
data directly merged into the database with key
fields on sample ID.

Visual validation in 3D is utilized having sections
plotted with block grades, the drill-hole assays
and geology intervals displayed.

Validation of the database occurs at distinct
stages.

Data entry – data is mostly entered into Excel
spreadsheets, controlled by lookup lists and
ranges of acceptable values.

Before upload to the database – data is cross-
checked in Excel.

Before extracting composites – a set of queries
are run, checking for data continuity, abnormal
values and overlapping ranges.

At all stages spot checks are made on specific
areas against raw data or core where available,
to check for accuracy and/or correlation. Where
applicable, data is plotted out on section or
graphicallyfor visual checking.
Site visits Comment on any site
visits undertaken by the
Competent Person and
the outcome of those
visits.
If no site visits have
been undertaken
indicate why this is the
case.
Competent person works on site and has an
intimate knowledge of the operation.

All pits have mining history, with North Pit and
South Deposit being mined currently.
Geological
interpretation		 Confidence in (or
conversely, the
uncertainty of ) the
geological interpretation
of the mineral deposit.
Nature of the data used
and of any assumptions
made.
The effect, if any, of
alternative
interpretations on
Each
section
was
interpreted
for
magnetite
mineralization in a live-3D environment, i.e. the
sections were not printed out for interpretation
purposes. The work was all done in Geovia Surpac.

Historically, there were three types of mineralization
defined (termed sparse, moderate and abundant and
given the codes ZS, ZM and ZA respectively). Recent
practice has been to amalgamate the ZM and ZA. The
mineralized zones were therefore subdivided into
moderate and high grade (ZAZM, >35 DTR) and low
grade (ZS 15-35 DTR) categories.

Thegeological interpretation has high confidence on

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Criteria JORC Code explanation Commentary Commentary Commentary Commentary
Mineral Resource
estimation.
The use of geology in
guiding and controlling
Mineral Resource
estimation.
The factors affecting
continuity both of grade
and geology.		 a deposit scale, informed by regularly spaced drilling,
in-pit mapping, grade control drilling and monthly
reconciliations.

The boudinaged nature of the high grade lenses
does sometimes result in some areas having to be
adjusted by on ground mapping and grade control,
during mining.

Geology, lithology and structure are used to guide
and control the interpretation and wireframing of ore
lenses in preparation for resource estimation.
Wireframes are validated in section, then in plan
(flitch) to enable robust shapes to be developed.

Continuity is greatest down dip owing to the strike-
slip deformation at Savage River. Continuity along
strike is characterized by discontinuous swarms of
boudinaged high grade magnetite lenses surrounded
by lower grade magnetite ore hosted in serpentinite
gangue.
Dimensions The extent and
variability of the Mineral
Resource expressed as
length (along strike or
otherwise), plan width,
and depth below surface
to the upper and lower
limits of the Mineral
Resource.
The Savage River ore-bodies occur discontinuously
over a strike length of 6km with thickness ranging
from 40-150m.

All lenses remain open at depth.

A summary of the defined extents of individual
deposits follows:
Deposit
Strike
Extent(m)
Width
Extent(m)
Depth
Extent(m)
North Pit
2,400
250
800
Centre Pit
North
860
200
500
Centre Pit
South
1,140
250
400
Sprent
250
50
150
South Deposit
550
100
360
Strike
Extent(m)		 Width
Extent(m)
Deposit
North Pit 2,400 250 800
Centre Pit
North
860 200 500
Centre Pit
South
1,140 250 400
Sprent 250 50 150
South Deposit 550 100 360
Estimation
and modeling
techniques		 The nature and
appropriateness of the
estimation technique(s)
applied and key
assumptions, including
treatment of extreme grade
values, domaining,
Estimations have generally been undertaken by
Grange staff using recommendations and
parameters defined in variographic studies
completed by Snowden Mining Industry
Consultants.

Mineralized domains were established from high
grade and lowgrade intersects as interpreted in the

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Criteria JORC Code explanation Commentary
interpolation parameters
and maximum distance of
extrapolation from data
points. If a computer
assisted estimation method
was chosen include a
description of computer
software and parameters
used.		 geological model.

Ordinary Kriging (OK) was employed to estimate the
North Pit resource from 2007 based on the
recommendation of a report by Snowden in 2006.
Other deposits have progressively moved from
inverse distance methods to OK as appropriate. The
Sprent deposit is comparatively small (<3M tonnes)
and considered to be an extension of Centre Pit
South. It was developed in 2010 to supplement ore
supply.

Drill hole sample data was flagged as ore in the
database within the domain wireframes interpreted
for each deposit. Composites extracted from the
database for each domain were therefore controlled
by the geological interpretation.

Sample data was generally composited to 2 metres
down hole length using a best fit-compositing
method.
Residual
samples
(those
composite
intervals for which there was less than 75% of the
composite length) were considered biased and
hence were not included in the estimate.

Snowden have recommended top cuts as tabled
below to reduce the impact of significant outliers and
positively skewed populations.

No top cuts have been applied to the Centre Pit
South or Sprent models.

DTR is not directly estimated but instead weighted by
density with which it has a very strong correlation.
Density values and the calculated attribute Density x
DTR are both subjected to variography and
estimation, with DTR back calculated in the model.

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  • Criteria JORC Code explanation Commentary  Grange personnel have generally created the block models and run the estimations with Geovia Surpac

  • interpolation parameters software using in-house estimation macros to ensure

  • and maximum distance of consistency of methodology.

  • extrapolation from data  Block models were constructed for each deposit

  • points using a 10mE by 10mN by 5mRL parent block size with sub-celling to 5mE by 5mN by 2.5mRL.

  • Variography studies for each deposit have been completed by Snowden Consultants with recommendations for estimation parameters appropriate for each deposit and the modelling technique employed as tabulated below.

Estima tion Paramet ers
North Pit
Element Pass Direction
1 Strike		 Direction
2 Dip		 Direction
3 Across
Strike		 Major/
Semi-
major
Ratio		 Major/
Minor
Ratio		 Min
Samp		 Max
Samp
Main Ore Zone Z AZM
Density
and
d_x_dtr		 1 70 23 12 3 6 12 32
2 150 50 25 3 6 12 32
3 300 100 50 3 6 12 32
Main Ore Zone ZS
Density
and
d_x_dtr		 1 50 17 17 3 3 20 32
2 100 33 33 3 3 20 32
3 300 100 100 3 3 20 32
West Len s Minera lised Domain s(ZAZM an d ZS)
Density
and
d_x_dtr		 1 50 17 17 3 3 20 32
2 100 33 33 3 3 20 32
3 300 100 100 3 3 20 32
South Deposit South Deposit South Deposit South Deposit
Element Pass Bearing
(Z)		 Plunge
(X)		 Dip
(Y)		 Major
Axis
(m)		 Major/
Semi-
major
Ratio		 Major/
Minor
Ratio		 Min
Samp		 Max
Samp
East Lens Mineral ised Domains (ZAZM and ZS)
Density
and
d_x_dtr		 1 0 10 -80 50 1.2 6 2 32
2 0 10 -80 90 1.2 6 2 32
3 0 10 -80 180 1.2 6 2 32
West Len s Minera lised Domains (ZAZM and ZS)
Density
and
d_x_dtr		 1 25 0 -90 100 2 10 2 32
2 25 0 -90 150 2 10 2 32
3 25 0 -90 300 2 10 2 32
Centre Pit So uth & Sprent
Element Pass Bearing
(Z)		 Plunge
(X)		 Dip
(Y)		 Major
Axis
(m)		 Major/
Semi-
major
Ratio		 Major/
Minor
Ratio		 Min
Samp		 Max
Samp
Mineralis ed Doma ins (ZAZM and ZS)
ALL 1 20 0 -80 60 1.7 3 2 32
2 20 0 -80 150 1.7 3 2 32
3 20 0 -80 300 1.7 3 2 32

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Criteria JORC Code explanation Commentary Commentary Commentary
Centre Pit North
Element Pass Direction
1
Strike		 Direction
2
Dip		 Direction
3
Across
Strike		 Major/
Semi-
major
Ratio		 Major/
Minor
Ratio		 Min
Samp		 Max
Samp
Main Ore Zone ZAZ M
Density
and
d_x_dtr		 1 60 40 10 1.5 6 2 32
2 150 100 25 1.5 6 2 32
3 300 200 50 1.5 6 2 32
Main Ore Zone ZS
Density
and
d_x_dtr		 1 60 30 15 2 4 2 32
2 150 75 38 2 4 2 32
3 300 150 75 2 4 2 32
West Lens Mineralis ed Domains (ZAZM and ZS)
Density
and
d_x_dtr		 1 60 12 15 5 4 2 32
2 150 30 38 5 4 2 32
3 300 60 75 5 4 2 32
The availability of check
estimates, previous
estimates and/or mine
production records and
whether the Mineral
Resource estimate
takes appropriate
account of such data.		 New model estimates were compared against previous
model estimates by flitch plots, visual inspection of the
model around new drill hole data in section, and have
been reconciled with production data as part of the
validation process.
The assumptions made
regarding recovery of
by-products.		 No byproduct recoveries have been considered.
Estimation of deleterious
elements or other non-
grade variables of
economic significance
(eg sulphur for acid
mine drainage
_characterization). _		 Concentrate grades and deleterious elements (impurities)
have all had variography completed where samples were
available and were estimated using the appropriate
method with the resource run.
In the case of block
model interpolation, the
block size in relation to
the average sample
spacing and the search
employed.		 Sample spacing on a 50 x 70m grid is 5-7 times the block
size. This sample spacing is supported by the very strong
geological continuity (low sample variance). See tables
above.
Any assumptions behind
modelling of selective
mining units.		 No assumptions were made behind modeling of selective
mining units.
Any assumptions about
correlation between
variables.		 There is a strong correlation between DTR and density
which is described below in the Bulk Density section.
Description of how the Geology, lithology and structure are used to guide and

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Criteria JORC Code explanation Commentary
geological interpretation
was used to control the
resource estimates.		 control the interpretation and wire-framing of ore lenses
in preparation for resource estimation. Wireframes are
validated in section, then in plan (flitch) to enable robust
shapes to be developed.
Discussion of basis for
using or not using grade
_cutting or capping. _
Top cuts were used where recommended by geo-
statistical data analysis.
The process of
validation, the checking
process used, the
comparison of model
data to drill hole data,
and use of reconciliation
data if available. New
model estimates are
compared against old
model estimates and
reconciliations as part of
validation.
Block estimates were cross-validated by comparison with
printed block sections showing drilling, block values and
constraining wireframes.
Moisture Whether the tonnages
are estimated on a dry
basis or with natural
moisture, and the
method of determination
of the moisture content.
Tonnages were estimated on a dry basis
Cut-off
parameters		 The basis of the
adopted cut-off grade(s)
or quality parameters
applied.
The cut-off grade of 15%DTR is based on a natural break
in the Grade-Tonnage Curve and is supported by
economic analysis undertaken during 2010.
Mining
factors or
assumptions		 Assumptions made
regarding possible
mining methods,
minimum mining
dimensions and internal
(or, if applicable,
external) mining dilution.
It is always necessary
as part of the process of
determining reasonable
prospects for eventual
economic extraction to
consider potential
mining methods, but the
assumptions made
regarding mining
No mining factors (i.e. dilution, ore loss, recoverable
resources at selective mining block size) have been
applied.

Selective mining unit is block model parent size for each
model, and the equipment selection allows for finer
discretization.

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Criteria JORC Code explanation Commentary
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
factors or
assumptions		 The basis for
assumptions or
predictions regarding
metallurgical
amenability. It is always
necessary as part of the
process of determining
reasonable prospects
for eventual economic
extraction to consider
potential metallurgical
methods, but the
assumptions regarding
metallurgical treatment
processes and
parameters made when
reporting Mineral
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.
DTR has been incorporated into the model as a measure
of magnetite recovery in the magnetic separation
process. This is based on the performance of DTR at the
Savage River mine, where it has been employed as a
good measure of delineating ore and waste and in
modeling the anticipated recoveries through the magnetic
separation process for over 45 years.

Historical records indicate the Metallurgical recovery of
magnetite from the magnetic separators has been
demonstrated to be 95% of the DTR derived from
laboratory DTR process. This factor is not applied to the
resource model.
Environmen-
tal factors or
assumptions		 Assumptions made
regarding possible
waste and process
residue disposal
options. It is always
necessary as part of the
process of determining
reasonable prospects
for eventual economic
extraction to consider
the potential
environmental impacts
of the mining and
processing operation.		 Waste rock: waste is segregated while mined into
one of four waste types based on the rocks acid-
base chemistry. These units are disposed of in
encapsulated dumps according to the waste
management plan as part of the environmental
permit conditions.
Tailings are disposed of as sediment beaches in
engineered tailing ponds. The tailings management
plan is part of the environmental permit conditions.

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Criteria JORC Code explanation Commentary
While at this stage the
determination of
potential environmental
impacts, particularly for
a greenfields project,
may not always be well
advanced, the status of
early consideration of
these potential
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 basis for the
assumptions. If
determined, the method
used, whether wet or
dry, the frequency 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.
All ‘modern’ (post-2005) diamond drilling samples
have measured density values. However, some
historic drilling samples do not have density data
and it is not possible to measure density for RC
samples. The density of the ore for the RC samples
and legacy diamond drilling samples was
determined based on the first principles equation,
where:

SG =~~(~~
DTR
510
+
100−DTR
281
)
−1

The First Principles equation relates density to DTR
and provides a reasonable fit to the measured data.
Density is related to DTR because the gangue
mineralogy generally has a lower specific gravity
than that of magnetite.

The ore zones at Savage River are very competent
and void space is not considered significant to make
allowance for in the density determination method.
Audits or
reviews		 The results of any audits
or reviews of Mineral
Resource estimates.
During the Mine Life Extension Project in 2006,
AMC peer reviewed the NP resource estimation
process and parameters for the mine life extension
project (MLEP).

The estimationprocess andparameters are

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Criteria JORC Code explanation Commentary
considered to be still valid for this deposit as
additional drilling has been infill in nature. Several
due diligence studies have reviewed the estimation
methodologies as recommended by Snowden and
found them to be valid
Discussion
of relative
accuracy/
confidence		 Where appropriate a
statement of the relative
accuracy and
confidence level in the
Ore Reserve estimate
using an approach or
procedure deemed
appropriate by the
Competent Person. For
example, the application
of statistical or
geostatistical
procedures to quantify
the relative accuracy of
the reserve within stated
confidence limits, or, if
such an approach is not
deemed appropriate, a
qualitative discussion of
the factors which 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.
Accuracy and
confidence discussions
should extend to specific
discussions of any
applied Modifying
Factors that may have a
Global reconciliations and bench reconciliations are
used to feedback into the resource model. Regular
reconciliations show a good performance of model
vs actual.

Reconciliations are calculated from material survey
movement against changes in stockpiles and actual
magnetite concentrate production.

Grange believes that the relative accuracy and
confidence in the Mineral Resources is appropriate
for the generally accepted error ranges understood
by the resource confidence categories which have
been allocated

Historically, model predictions have been well within
10% of actual production.

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Criteria JORC Code explanation Commentary
material impact on Ore
Reserve viability, or for
which there are
remaining areas of
uncertainty at the
current study stage.
It is recognized that this
may not be possible or
appropriate in all
circumstances. These
statements of relative
accuracy and
confidence of the
estimate should be
compared with
production data, where
_available. _

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Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral
Resource
estimate for
conversion
to Ore
Reserves		 Description of the
Mineral Resource
estimate used as a
basis for the
conversion to an Ore
Reserve.
Clear statement as to
whether the Mineral
Resources are
reported additional to,
or inclusive of, the Ore
Reserves.		 The Ore Reserve estimate for Savage River includes
Mineral Resources from North Pit, Centre Pit and
South Deposit. The Mineral Resources used are
from updated Mineral Resource models for each
deposit as at 31 Dec 2015.
The stated Mineral Resource is inclusive of the Ore
Reserve
Site visits Comment on any site
visits undertaken by
the Competent Person
and the outcome of
those visits.
If no site visits have
been undertaken
indicate why this is the
case.		 The Competent Person has more than 10 years of
experience in an open pit Magnetite mine at senior
operational management and technical level.
Competent person is an employee of the company.
Study status The type and level of
study undertaken to
enable Mineral
Resources to be
converted to Ore
Reserves.
The Code requires
that a study to at least
Pre-Feasibility Study
level has been
undertaken to convert
Mineral Resources to
Ore Reserves. Such
studies will have been
carried out and will
have determined a
mine plan that is
technically achievable
and economically
viable, and that
material Modifying
Factors have been
considered.		 This Ore Reserve estimate is based on a Feasibility
Study that was completed, in September 2006. The
information used for estimation and reporting of this
Ore Reserve is based upon that Feasibility Study
with current production reconciled modifying factors.
The Life Of Mine Plan process is undertaken
annually which encompasses reviews of conversion
of mineral resource to ore reserve and assessment
of current economic and other reconciled modifying
factors.

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Criteria JORC Code explanation Commentary
Cut-off
parameters		 The basis of the cut-
off grade(s) or quality
parameters applied.		 Cut-Off-Grade Analysis was undertaken as part of
the Feasibility Study and is updated on an annual
basis as part of Grange Resource’s Life Of Mine
Budgetprocess. The Cut-offgrade is 15% DTR.
Mining
factors or
assumptions		 The method and
assumptions used
as reported in the
Pre-Feasibility or
Feasibility Study to
convert the Mineral
Resource to an Ore
Reserve (i.e. either
by application of
appropriate factors
by optimization or by
preliminary or
detailed design).
The choice, nature
and appropriateness
of the selected
mining method(s)
and other mining
parameters
including associated
design issues such
as pre-strip, access,
etc.
The assumptions
made regarding
geotechnical
parameters (eg pit
slopes, stope sizes,
etc), grade control
and pre-production
drilling.		 The Whittle optimizer is used to derive an economic
pit outline which is then used as the basis for mine
design. The software uses profit maximization
algorithms to generate pit shells. The cost inputs
used in the Whittle optimizer were based initially
upon the parameters determined in the Feasibility
Study and are reviewed as part of The ongoing Life
Of Mine Planning and evaluation process.
The Ore Reserves are reported within a detailed
staged pit designs which are based on Whittle open
pit optimization.
Mining is be undertaken by conventional bulk mining
methods utilizing hydraulic face shovels, dump
trucks and conventional drill and blast, which is
suited to the local terrain.
The overall pit slopes used for the design and
optimization are based on geotechnical studies
undertaken in the Feasibility Study and are
reviewed and updated on an annual basis as part of
Grange Resource’s Life Of Mine Planning process.
The current overall slopeparameters are as follows:
Pit
Overall Slope Angle
degrees
East
West
North
South
North Pit
48
33
32
25
Centre Pit
44
32
35
36
South
Deposit
40
38
36
42
The Smallest Mining Unit (SMU) assumed is 5 m x 5
m x 2.5 m in the X, Y and Z direction consistent with
the sub-cell resolution in the resource.

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Criteria JORC Code explanation Commentary
The major
assumptions made
and Mineral
Resource model
used for pit and
stope optimization (if
appropriate).
The mining dilution
factors used.
The mining recovery
factors used.
Any minimum
mining widths used.
The manner in
which Inferred
Mineral Resources
are utilized in mining
studies and the
sensitivity of the
outcome to their
inclusion.
The infrastructure
requirements of the
selected mining
methods.		 The mining block model includes an allowance for
likely mining recovery and dilution based on a
regularization of the geological model and applied
to local areas as appropriate. This regularization
adds tonnage and reduces the DTR. This is
typically in the range of adding 2% tonnage and
reducing the grade up to 10%.
These factors reflect the expected ore dilution
leading to a decrease in recovered grade and an
increase in recovered ore volume, and are based on
historic reconciliation performance of each pit.
Reconciliations (global) are compiled annually and
bench reconciliations are compiled as benches are
completed (about 8 per year).
Temporal or period reconciliations are run to check
the quality of the 3 month plan cycle
No minimum mining widths have been applied
The Whittle Optimization on which the mine design
is based utilizes only Measured and Indicated
Material._Ore_Reserve classification is that portion
of the mineral resource that resides within an
economic pit design. Only Measured and indicated
resources are considered.
Inferred resources are not scheduled but are
considered during optimizations. The current North
pit design has less than 30,000 tonnes of inferred
resource.
The mine has introduced remote blast hole drilling,
and more recently remote blast hole charging.

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Criteria JORC Code explanation Commentary
Metallurgical
factors or
assumptions		 The metallurgical
process proposed
and the
appropriateness of
that process to the
style of
mineralization.
Whether the
metallurgical
process is well-
tested technology or
novel in nature.
The nature, amount
and
representativeness
of metallurgical test
work undertaken,
the nature of the
metallurgical
domains applied
and the
corresponding
metallurgical
recovery factors
applied.
Any assumptions or
allowances made for
deleterious
elements.		 The Concentrator comprises primary crushing,
primary and secondary grinding and magnetic
separation. Concentrate is pumped by a slurry
pipeline for drying, pelletizing and ship loading at the
Port Latta. This process is well proven at Savage
River over the last 47 years and is used extensively
for magnetite deposits throughout the world.
The Concentrator and Pellet Plant have been have
operated continuously by Grange Resources since
2009 and before by Australian Bulk Minerals since
1997.
There has been metallurgical test work undertaken
as part of the Feasibility Study and subsequent
drilling programs.
A plant recover factor of 95% is used to account for
concentrator efficiency and is supported by
historical performance.
The Ore Reserve and the associated mine schedule
produce an output on which the sale of pellet is
based and includes any deleterious elements.
 Deleterious elements (also referred to as
impurities), are identified in product specification
and are estimated in the resource model.
 The mineral resource model appropriately
addresses the chemical criteria and the emergent
physical properties to meet a high quality iron ore
product.

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Criteria JORC Code explanation Commentary
The existence of
any bulk sample or
pilot scale test work
and the degree to
which such samples
are considered
representative of the
ore-body as a
whole.
For minerals that
are defined by a
specification, has
the ore reserve
estimation been
based on the
appropriate
mineralogy to meet
the specifications?		 Magnetite concentrate and hematite pellets are sold
on a market specification.
The mineral resource model appropriately
addresses the chemical criteria and the emergent
physical properties to meet a high quality iron ore
product.
**Environmental ** The status of studies of
potential environmental
impacts of the mining
and processing
operation. Details of
waste rock
characterisation and
the consideration of
potential sites, status of
design options
considered and, where
applicable, the status
of approvals for
process residue
storage and waste
dumps should be
reported.
The mining and exploration tenements held by the
Company contain environmental requirements and
conditions that the entities must comply with in the
course of normal operations. These conditions and
regulations cover the management of the storage
of hazardous materials and rehabilitation of mine
sites. The Company obtained approvals to operate
in 1996 and 1997 under Tasmania's Land Use
Planning and Approvals Act (LUPA) and the
Environmental Management and Pollution Control
Act (EMPCA) as well as the Goldamere Act and
Mineral Resources Development Act. The land use
permit conditions for Savage River and Port Latta
are contained in Environmental Protection Notices
248/2 and 302/2 respectively. The currently
approved Environmental Management Plans were
submitted for Savage River and Port Latta on 21
December 2010. The extension of the project’s life
was approved by the Department of Tourism, Arts
and the Environment on 12 March 2007 and
together with the Goldamere Act and the
Environmental Protection Notices, is the basis for
the management of all environmental aspects of
the miningleases. The Goldamere Act limits the

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Criteria JORC Code explanation Commentary
Company's liability under Tasmanian law for
remediation of contamination to that caused by the
Company's
operations,
and
indemnifies
the
Company for certain environmental liabilities
arising from past operations. Where pollution is
caused or might be caused by previous operations
and this may be impacting on Grange’s operations
or discharges. Grange is indemnified against any
associated emissions. Grange is however required
to operate to Best Practice Environmental
Management (BPEM).

The Goldamere Act provides overriding legislation
against all other Tasmanian legislation.

Grange has current approvals to mine North Pit
until 2031. The waste rock from North Pit is to be
segregated into potential acid forming and non-acid
forming waste in the pit and then disposed of in the
Broderick Creek waste rock dump which has
sufficient capacity for the current life of the mine.
The potentially acid forming waste is encapsulated
with layers of clay and alkaline rocks to prevent the
formation of acid rock drainage.

Process residue from the concentration of ore
(tailings) is stored in the Main Creek Tailings Dam
which has sufficient capacity until 2017. Grange
has received approval from the Tasmanian
Environmental Protection Authority to construct
and operate a new tailings storage facility called
South Deposit Tailings Storage Facility. This has
sufficient capacity to store tailings from North Pit,
Centre Pit and South Deposit until at least 2031.
Approval for this facility has been granted by the
Department of Environment and the Waratah
Wynyard Council.
Infrastructure The existence of
appropriate
infrastructure:
availability of land
for plant
development,
power, water,
transportation		 Current operation consists of North Pit and South
Deposit and one previously mined pit (Centre Pit)
which is planned to be mined as part of the Life Of
Mine Plan. There are also two primary crushers and
conveyors, concentrator, pipeline and pellet
processing plant with process water sourced on-site
and dedicated power transmission lines. The
Savage River town site hosts a workforce of 250

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Criteria JORC Code explanation Commentary
(particularly for bulk
commodities),
labour,
accommodation; or
the ease with which
the infrastructure
can be provided, or
accessed.		 persons. Concentrate is transported by slurry
pipeline to the Grange-owned Port Latta pellet plant
and dedicated ship loading facility for export. The
current Main Creek Tails Storage Dam (facility) will
be closed in 2017 and the construction of a new
South Deposit Tails Storage Facility will commence
in March 2014. The new facility will have sufficient
capacity to support the Life of Mine operation.
Costs The derivation of, or
assumptions made,
regarding projected
capital costs in the
study.
The methodology
used to estimate
operating costs.
Allowances made
for the content of
deleterious
elements.
The source of
exchange rates
used in the study.
Derivation of
transportation
charges
The basis for
forecasting or
source of treatment
and refining
charges, penalties
for failure to meet
specification, etc.		 The Life Of Mine Plan is updated annually. All
assumptions regarding capital costs are reviewed
monthly and as part of the annual budgeting process.
Capital costs are well documented, managed and
understood for the operation.
The Concentrator and Pellet Plant have operated
continuously by Grange Resources since 2009 and
before by Australian Bulk Minerals since 1997. The
operating and capital costs are based upon actual
operating historical data.
Allowances are made for the various deleterious
elements and adjustments are made to the Iron
Content.
The exchange rate is sourced from CRU (Specialist
Matter Experts in the market analysis for mining and
metals), with periodic updates for forecast.
Product is sold Free On Board from Port Latta
Forecasting of treatment and refining charges
including penalties in concentrate are completed
annually using the scheduled annual feed grade
(including impurities).
No royalty or other government charges are used in
the Whittle Optimization, however all operating and
capital
costs
including
royalties
and
other
government charges are included in the Life Of Mine
Plan.

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Criteria JORC Code explanation Commentary
The allowances
made for royalties
payable, both
Government and
private.
Revenue
factors		 The derivation of, or
assumptions made
regarding revenue
factors including
head grade, metal
or commodity
price(s) exchange
rates, transportation
and treatment
charges, penalties,
net smelter returns,
etc
.
The derivation of
assumptions made
of metal or
commodity price(s),
for the principal
metals, minerals
and co-products.		 The 2013 Whittle optimization was carried out
including Measured and Indicated Mineral Resource
categories and using: a gross FOB price at Port Latta
expressed as US$/dmt pellet and a nominated AUD
= USD exchange rate
The commodity pricing is sourced from CRU
(Specialist Matter Experts in the market analysis for
mining and metals)
Market
assessment		 The demand, supply
and stock situation
for the particular
commodity,
consumption trends
and factors likely to
affect supply and
demand into the
future.
A customer and
competitor analysis
along with the
identification of likely
market windows for
the product.
Price and volume		 The
mine
and
concentrator
have
operated
continuously by Grange Resources since 2009 and
before by Australian Bulk Minerals since 1997, and
various parties since 1967. Product is presently sold
as Concentrate and Pellet into the Asian and
Australian markets.
There are long term contracts in place and we also
see a strong spot market.
Prices are negotiated based on market indices.

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Criteria JORC Code explanation Commentary
forecasts and the
basis for these
forecasts.
For industrial
minerals the
customer
specification, testing
and acceptance
requirements prior
to a supply contract.
Economic The inputs to the
economic analysis
to produce the net
present value (NPV)
in the study, the
source and
confidence of these
economic inputs
including estimated
inflation, discount
rate, etc.
NPV ranges and
sensitivity to
variations in the
significant
assumptions and
inputs.
Financial modeling of the Savage River operation,
shows support for positive NPV’s.

The NPV is most sensitive to product price and
exchange rate
Land Tenure Land use North Pit, Centre Pit, South Deposit and the
associated waste dumps, tails storage facility,
concentrator, accommodation and pellet plant all lie
wholly within ML 2M/2001 and ML 11M/2008. There
are no restrictions placed on the operation by these
leases which materiallyrestrict its operation.
Social The status of
agreements with key
stakeholders and
matters leading to
social licence to
operate.		  The Mine is relatively isolated, being situated 45 km
off the Murchison Highway, which links the north-
west and western coasts of Tasmania (Figure 12).
The nearest localities are Corinna (population 6), 24
km to the south-west and Waratah (population 380),
38 km to the north-east. The nearest major town by
road is Burnie (population ~20,000), located on the
north-west coast, about 100 km distant.

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Criteria JORC Code explanation Commentary
 Grange maintains a Community Liaison Committee
which includes representatives of Government, Non-
government and community groups which have
shown an interest in the operation over the past
decade.
 Grange also works with the Tasmanian Government
in the Savage River Rehabilitation Project. This work
has seen water quality in the Savage River improve
from where it was significantly degraded by acid rock
drainage in 1997 to where modified ecosystem
targets are being met and pelagic aquatic species
are re-populating the middle reaches of the river. On
the back of this work, Grange has community
support for the ongoingoperation of the mine.
Other To the extent relevant,
the impact of the
following on the
project and/or on the
estimation and
classification of the
Ore Reserves:
Any identified material
naturally occurring
risks.
The status of material
legal agreements and
marketing
arrangements.
The status of
governmental
agreements and
approvals critical to
the viability of the
project, such as
mineral tenement
status, and
government and
statutory approvals.
There must be
reasonable grounds to
expect that all
necessary
Government approvals
will be received within
the timeframes
anticipated in the Pre-
Feasibility or
Feasibility study.
Highlight and discuss
the materiality of any
unresolved matter that
is dependent on a
Asbestos group of minerals have been identified at
Savage River. The asbesti-form materials are
handled according to the fibrous materials policy at
Grange, whereby risks from inspirable particles are
monitored and controlled.

A long term contract for supply of magnetite pellet
to various customers exists.

The Goldamere Act provides Tasmanian legislation
to support the Savage River Operation

Final approval for the SDTSF was received in 2014
and construction commenced in Q3 2014.

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Criteria JORC Code explanation Commentary
third party on which
extraction of the
reserve is contingent.
Classification The basis for the
classification of the
Ore Reserves into
varying confidence
categories.
Whether the result
appropriately reflects
the Competent
Person’s view of the
deposit.
The proportion of
Probable Ore
Reserves that have
been derived from
Measured Mineral
Resources (if any).
Reserve classification is that portion of the mineral
resource that resides within an economic pit
design. Only Measured and Indicated resources
are considered and have been converted to
proven and probable reserves (respectively).

The result reflects the Competent Person’s view of
the deposit.

No probable Ore Reserves have been derived
from measured mineral resources.
Audits or
reviews		 The results of any
audits or reviews of
Ore Reserve
estimates.
The Feasibility Study that was completed in
September 2006 had been peer reviewed by
Australian Mining Consultants (AMC) for the NP
reserve for the mine life extension project (MLEP).
Discussion of
relative
accuracy/
confidence		 Where appropriate a
statement of the
relative accuracy and
confidence level in the
Ore Reserve estimate
using an approach or
procedure deemed
appropriate by the
Competent Person.
For example, the
application of
statistical or
geostatistical
procedures to quantify
the relative accuracy
of the reserve within
stated confidence
limits, or, if such an
approach is not
deemed appropriate, a
Global reconciliations and bench reconciliations
are used to feedback into the resource model.
Regular reconciliations show a good performance
of model vs actual.

Reconciliations are calculated from material survey
movement against changes in stockpiles and
actual magnetite concentrate production.

Grange believes that the relative accuracy and
confidence in the Mineral Resources is appropriate
for the generally accepted error ranges understood
by the resource confidence categories which have
been allocated

Historically model predictions are well within 10%
of actual production

Mod factors apply globally and metallurgical
factors are reviewed annually.

Some factors are applied locally, for example

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Criteria JORC Code explanation Commentary
qualitative discussion
of the factors which
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.
Accuracy and
confidence
discussions should
extend to specific
discussions of any
applied Modifying
Factors that may have
a material impact on
Ore Reserve viability,
or for which there are
remaining areas of
uncertainty at the
current study stage.
It is recognised that
this may not be
possible or
appropriate in all
circumstances. These
statements of relative
accuracy and
confidence of the
estimate should be
compared with
production data,
where available.		 geotechnical parameters are applied locally.

All modifying factors are reviewed annually.

Modifying Factors are reviewed periodically with
reconciliations to evaluate accuracy and
confidence of the estimates.

Relative accuracy of the mod factors compares
well with production data which is compared on a
monthly and annual basis.

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Figure 5 Regional Geology (2008)

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Figure 6 Typical Cross Section for NP

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Figure 7 Typical Cross Section of CPS

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Figure 8 Typical Cross Section for SD

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Figure 9 Typical Cross Section for Long Plains

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Competent Person Statement

The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr Ben Maynard, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy, and is a full time employee of Grange Resources, and who holds shares in Grange Resources as part of the company incentive scheme.

Mr Maynard has sufficient experience which 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Maynard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

-ENDS-

For further information, please contact: Michelle Li Chairman Grange Resources Limited + 61 3 6430 0222 Or visit www.grangeresources.com.au

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DRILL HOLE DATA

Pursuant to the guidelines established in the JORC Code (2012 Edition), the following table represents the drill hole intercepts which support the Mineral Resource and Ore Reserve estimates for Savage River. No new holes have been added in the last calendar year.

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lp2013_resource hole_id x y z dip azimuth depth_from depth_to hole_depth
2 IMI28 348036 5396583 280 -47 259 24.37 83.33 166.72
1 IMI29 348011 5396883 263 -50 258 111.86 115.21 182.88
1 IMI29 348011 5396883 263 -50 258 141.57 151.24 182.88
1 IMI29 348011 5396883 263 -50 258 79.44 90.3 182.88
1 IMI29 348011 5396883 263 -50 258 16.45 36.32 182.88
2 IMI30 348311 5395383 230 -45 255 128.52 157.01 192.02
2 IMI30 348311 5395383 230 -45 255 98.38 110.76 192.02
2 IMI30 348311 5395383 230 -45 255 58.16 83.09 192.02
2 IMI35 347976 5397188 253 -85 257 65.2 79.8 137.76
2 IMI46 347976 5397188 253 -44 257 98.5 116.5 233.5
2 IMI46 347976 5397188 253 -44 257 30.92 46.44 233.5
1 LPC06001 347832.334 5396884.196 274.325 9.975 97.4236 52 52.07 136
1 LPC06001 347832.334 5396884.196 274.325 9.975 97.4236 85.71 97.25 136
1 LPC06001 347832.334 5396884.196 274.325 9.975 97.4236 115.44 122.03 136
1 LPC06002 347824.675 5396929.225 275.468 7.633 73.084 72 72.14 182.5
1 LPC06002 347824.675 5396929.225 275.468 7.633 73.084 140 142.34 182.5
1 LPC06002 347824.675 5396929.225 275.468 7.633 73.084 151 156 182.5
1 LPC06003 347878.762 5396988.981 278.285 5.374 99.484 18.14 30.97 115.5
1 LPC06003 347878.762 5396988.981 278.285 5.374 99.484 86 90 115.5
1 LPC06004 347789.948 5396998.136 274.601 -22.742 74.0721 184 185.35 222
1 LPC06005 347839.92 5397087.878 262.647 6.756 102.2647 28.99 29 157
1 LPC06005 347839.92 5397087.878 262.647 6.756 102.2647 70.46 71.21 157
1 LPC06006 347800.287 5397139.931 251.357 1.5 96.39 66.16 98.85 232
1 LPC06006 347800.287 5397139.931 251.357 1.5 96.39 121.23 141.85 232
1 LPC06006 347800.287 5397139.931 251.357 1.5 96.39 166.9 169.18 232
1 LPC06007 347794.805 5397184.637 238.578 10.962 94.769 85 103.99 226
1 LPC06007 347794.805 5397184.637 238.578 10.962 94.769 117.81 125.3 226
1 LPC06007 347794.805 5397184.637 238.578 10.962 94.769 130.62 146.2 226
1 LPC06008 347937.035 5396682.272 282.404 2.312 90.2152 4.1 27.98 56.5
1 LPC06008 347937.035 5396682.272 282.404 2.312 90.2152 43.27 56.5 56.5
1 LPC06009 347994.785 5396703.768 287.834 -2.586 71.4756 35.08 39.02 75.5
1 LPC06010 347968.41 5396582.489 277.129 6.828 86.3733 8 48.91 111
1 LPC06010 347968.41 5396582.489 277.129 6.828 86.3733 72 79 111
1 LPC06011 347955.274 5396486.27 269.432 7.154 93.0714 12.02 22.41 90.5
1 LPC06011 347955.274 5396486.27 269.432 7.154 93.0714 69.08 73.12 90.5
1 LPC06012 347996.683 5396384.121 264.179 11.897 91.1609 32 33 35
1 LPC06012 347996.683 5396384.121 264.179 11.897 91.1609 9.02 15.12 35
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 71.04 76 293.2
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 123.5 137.47 293.2
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 184.3 186 293.2
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 232 245.53 293.2
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 97.21 143.61 488.34
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 175.08 215 488.34
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 220.18 297.31 488.34
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 297.32 351.95 488.34
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 24.04 31.2 278.5
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 66.55 120.66 278.5
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 120.66 145 278.5
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 166.9 179.58 278.5
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 219.87 235.2 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 123.98 132.1 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 145.44 159.06 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 265.33 268.97 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 55.1 61.25 301.3
1 LPDD1215 348123.424 5396480.009 271.778 -56.96 273.29 204.6 252.2 301.4
1 LPDD1215 348123.424 5396480.009 271.778 -56.96 273.29 178.1 189.9 301.4
1 LPDD1218 348088.841 5396580.143 282.278 -60 270 101.5 232.12 288.1
1 LPDD1218 348088.841 5396580.143 282.278 -60 270 73.95 81.2 288.1
1 LPDD1220 348083.671 5396676.398 275.584 -52.29 259.25 178.8 207.53 236.6
1 LPDD1220 348083.671 5396676.398 275.584 -52.29 259.25 61 165.85 236.6
1 LPDD1223 347995.504 5396772.048 290.53 -73.49 280.98 142.3 201.2 300
1 LPDD1223 347995.504 5396772.048 290.53 -73.49 280.98 33.1 103.3 300
1 LPDD1228 347988.855 5397078.404 263.659 -60.76 274.49 111.9 156.51 270.2
1 LPDD1228 347988.855 5397078.404 263.659 -60.76 274.49 79.72 107 270.2
1 LPDD1228 347988.855 5397078.404 263.659 -60.76 274.49 24.48 52.38 270.2
1 LPDD1229 348007.081 5397181.123 254.693 -60 270 175.1 183.75 261.8
1 LPDD1229 348007.081 5397181.123 254.693 -60 270 74.42 83.87 261.8
1 LPDD1301 347991.708 5397130.271 262.24 -61 270 131 167 201.8
1 LPDD1301 347991.708 5397130.271 262.24 -61 270 37.02 48.89 201.8
1 LPDD1302 347992.196 5397130.286 262.136 -71 270 192.5 203.7 228.7
1 LPDD1302 347992.196 5397130.286 262.136 -71 270 72 78 228.7
1 LPDD1306 347795.267 5396931.67 276.328 -46.99 88.6 173.5 243 488.2
1 LPDD1306 347795.267 5396931.67 276.328 -46.99 88.6 278.2 300 488.2
1 LPDD1307 347845.553 5396939.252 283.403 -49.53 94.3 93 145 260.5

Long Plains Drill-hole Intersects as at 31 Dec 2013 1 of 2

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lp2013_resource hole_id x y z dip azimuth depth_from depth_to hole_depth
1 LPDD1307 347845.553 5396939.252 283.403 -49.53 94.3 158.7 174 260.5
1 LPDD1307 347845.553 5396939.252 283.403 -49.53 94.3 203.9 209.3 260.5
1 LPDD1309 347948.173 5396780.587 290.548 -69.53 92.66916667 46.3 172.9 284.7
1 LPDD1309 347948.173 5396780.587 290.548 -69.53 92.66916667 242.9 257.1 284.7
1 LPDD1310 348081.84 5396676.7 270 -74.1 270 153.96 309.8 309.8
1 LPDD1311 348070.753 5396534.388 281.853 -70.91 261.1580556 162.6 241 271.6
1 LPDD1311 348070.753 5396534.388 281.853 -70.91 261.1580556 120 129 271.6
1 LPDD1312 348090 5396160 262.527 -65 270 101 153.6 222.2
1 LPDD1313 348133.62 5396058.823 258.612 -72 279.31 172 206.4 298.8
1 LPDD1313 348133.62 5396058.823 258.612 -72 279.31 170.2 172 298.8
1 LPDD1313 348133.62 5396058.823 258.612 -72 279.31 128.3 166.5 298.8
1 LPDD1314 348159.542 5395961.302 251.144 -69.86 259 190 228.4 283.8
1 LPDD1314 348159.542 5395961.302 251.144 -69.86 259 150.8 183.1 283.8
1 LPDD1314 348159.542 5395961.302 251.144 -69.86 259 78 119.05 283.8
1 LPDD1315 348155.99 5395864.405 246.255 -76 270 175.3 204.7 312.7
1 LPDD1315 348155.99 5395864.405 246.255 -76 270 83 137.2 312.7
1 LPDD1315 348155.99 5395864.405 246.255 -76 270 5 43 312.7
1 LPDD1316 348158.501 5395867.783 246.338 -50 209 197.6 216.55 303.6
1 LPDD1316 348158.501 5395867.783 246.338 -50 209 140.8 171.3 303.6
1 LPDD1316 348158.501 5395867.783 246.338 -50 209 8.36 39.12 303.6
1 LPDD1318 347988.855 5397078.404 263.659 -75.84 274.5 143.7 220 245.9
1 LPDD1318 347988.855 5397078.404 263.659 -75.84 274.5 112.55 121 245.9
1 LPDD1318 347988.855 5397078.404 263.659 -75.84 274.5 34.16 69.07 245.9
1 LPDDH0707 347942.14 5397183.33 262 -55.32 268.42 52.3 89.6 156.2
1 LPDDH0707 347942.14 5397183.33 262 -55.32 268.42 37 46.72 156.2
1 LPDDH0707 347942.14 5397183.33 262 -55.32 268.42 5 23.9 156.2
1 LPDDH100 347993 5397029 260 -50 255 111.04 154.2 181
1 LPDDH100 347993 5397029 260 -50 255 78 105 181
1 LPDDH100 347993 5397029 260 -50 255 32.8 46.7 181
1 LPDDH101 347945.548 5397030.359 274.873 -50 255 34.88 80 95
1 LPDDH101 347945.548 5397030.359 274.873 -50 255 26.1 28 95
1 LPDDH102 347896.183 5397018.656 275.786 -50 255 0 10 49
1 LPDDH103 348038 5397041 249 -50 255 180.6 199 199
1 LPDDH103 348038 5397041 249 -50 255 144.2 175.6 199
1 LPDDH103 348038 5397041 249 -50 255 81.7 96.5 199
1 LPRC07001 347942.22 5397124.86 267.41 -60.38 270.14 52 125 160
1 LPRC07001 347942.22 5397124.86 267.41 -60.38 270.14 7 36 160
1 LPRC07002 347936.054 5397079.973 266.893 -70.82 270.21 54 119 154
1 LPRC07002 347936.054 5397079.973 266.893 -70.82 270.21 34 45.64 154
1 LPRC07003 347891 5396985.04 280.04 -68.83 94.92 21 120 184
1 LPRC07003 347891 5396985.04 280.04 -68.83 94.92 123 163 184
1 LPRC07003 347891 5396985.04 280.04 -68.83 94.92 179.52 184 184
1 LPRC07004 347895.79 5396985.02 282.11 -56.02 92.25 2.05 41 160
1 LPRC07004 347895.79 5396985.02 282.11 -56.02 92.25 54 92 160
1 LPRC07004 347895.79 5396985.02 282.11 -56.02 92.25 102 121 160
1 LPRC07005 347908.03 5397133.71 263.89 -60.49 270.03 6 70 167
1 LPRC07006 347896.8 5397082.05 265.92 -70.38 270.36 23 66 93
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 144 155 220
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 29.27 33.3 220
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 79.12 88.36 220
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 200 203 220
1 LPRC1114 347973.878 5396383.201 266.921 -58.1 273.78 6 17 103
1 LPRC1114 347973.878 5396383.201 266.921 -58.1 273.78 45 58 103
1 LPRC1116 348044.813 5396479.946 281.345 -57.1 269.44 47 114 200
1 LPRC1116 348044.813 5396479.946 281.345 -57.1 269.44 29 42 200
1 LPRC1117 347972.774 5396480.018 274.563 -58.71 272.96 3.51 15 100
1 LPRC1121 348007.536 5396674.801 290.545 -55.7 266.77 74 111 196
1 LPRC1121 348007.536 5396674.801 290.545 -55.7 266.77 1.54 49 196
1 LPRC1122 347949.997 5396679.889 287.229 -60.26 269.48 0 16 106
1 LPRC1127 347929.009 5396879.567 292.593 -59.74 276.21 0 21 100
1 LPRC1127 347929.009 5396879.567 292.593 -59.74 276.21 65 73 100
1 LPRC1209 348156.736 5396270.128 258.904 -57.34 262.93 127.03 131 131
1 LPRC1210 348075.085 5396280.1 262.102 -59.31 271.34 135 170 200
1 LPRC1210 348075.085 5396280.1 262.102 -59.31 271.34 7 22 200
1 LPRC1210 348075.085 5396280.1 262.102 -59.31 271.34 42.31 57.48 200
1 LPRC1211 348013.93 5396278.708 258.77 -59.5 277.09 37 61 88
1 LPRC1224 347996.064 5396774.079 290.517 -58.22 272.08 95.55 141 200
1 LPRC1224 347996.064 5396774.079 290.517 -58.22 272.08 24.8 76 200
1 LPRC1225 347943.252 5396780.434 290.429 -61.25 276.21 25.44 66 100
1 LPRC1308 347949.088 5396780.572 290.574 -48 92 39.33 61 166
1 LPRC1308 347949.088 5396780.572 290.574 -48 92 127 136 166
1 LPRC1310 348085.212 5396674.553 275.746 -74 270 150.77 153 153
1 LPRC1317 348091.727 5396161.494 262.527 -65 90 17 28 149
1 LPRC1317 348091.727 5396161.494 262.527 -65 90 51 62 149
1 MC29 347888.057 5397120.877 263.792 -49.26 258.83 7.99 30.83 348
2 rtae1 347991 5397143 257 -45 255 90 145 195
2 rtae1 347991 5397143 257 -45 255 72.11 72.99 195
2 rtae1 347991 5397143 257 -45 255 26 35 195

Long Plains Drill-hole Intersects as at 31 Dec 2013 2 of 2

34a Alexander St, Burnie Tasmania 7320

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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==> picture [460 x 601] intentionally omitted <==

South Deposit Drill-hole Intersects as at 31 Dec 2014 1 of 1

34a Alexander St, Burnie Tasmania 7320

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 C88107 6423 7651 137 -90 0 9 18 18
1 C88108 6421 7631 141 -90 0 9.66 18 18
1 C88116 6395 7674 137 -90 0 0 18.8 21
1 C88118 6379 7439 152 -90 0 0 2.67 30
1 C88119 6380 7410 152 -90 0 0 6 30
1 C88121 6398 7319 152 -90 0 2.89 3 3
1 C88122 6406 7344 152 -90 0 0 30 30
1 C88123 6410 7365 152 -90 0 6 30 30
1 C88124 6408 7394 152 -90 0 0 12 30
1 C88124 6408 7394 152 -90 0 0 12 30
1 C88126 6425 7418 142 -90 0 0 8.28 12
1 C88127 6422 7444 140 -90 0 0 18 18
1 C88128 6420 7471 140 -90 0 0 9 18
1 C88128 6420 7471 140 -90 0 0 9 18
1 C88130 6452 7443 140 -90 0 0 3 3
1 C88131 6448 7413 140 -90 0 0 18 18
1 C88132 6452 7393 142 -90 0 0 18 18
1 C88133 6361 7585 150 -90 0 24 30 30
1 C88134 6362 7565 150 -90 0 0 30 30
1 C88135 6369 7536 150 -90 0 12 21 30
1 C88136 6378 7526 150 -90 0 0 30 30
1 C88137 6387 7519 150 -90 0 0 30 30
1 C88139 6391 7538 150 -90 0 0 33 33
1 C88140 6388 7563 150 -90 0 0 21 21
1 C88141 6380 7587 150 -90 0 1.93 33 33
1 C88142 6362 7605 150 -90 0 1 21 30
1 C88143 6380 7502 150 -90 0 21 39 39
1 C88145 6476 7639 127 -10 90 2.95 21 24
1 C88145 6476 7639 127 -10 90 2.95 21 24
1 C88146 6482 7529 130 -6 40 0 12 12
1 C88147 6444 7389 142 -90 0 0 6.08 15
1 C88148 6425 7391 141 -90 0 0 21 21
1 C88149 6440 7364 142 -90 0 0 17.37 24
1 C88150 6437 7342 143 -90 0 0 3 3
1 C88151 6435 7322 145 -90 0 0 24 24
1 C88152 6414 7328 144 -90 0 0 18 18
1 C88153 6418 7350 144 -90 0 0 21 21
1 C88154 6422 7370 144 -90 0 0 27 27
1 C88155 6432 7410 144 -90 0 0 18 18
1 C88156 6376 7366 155 -90 0 0 24 24
1 C88157 6375 7338 155 -90 0 0 27 27
1 C88158 6362 7643 153 -90 0 0 27 27
1 CD101 6524.2 7226.8 331.1 -45 267.8 0 30.8 182.9
1 CD101 6524.2 7226.8 331.1 -45 267.8 0 30.8 182.9
1 CD101 6524.2 7226.8 331.1 -45 267.8 30.8 67.4 182.9
1 CD101 6524.2 7226.8 331.1 -45 267.8 67.4 117.3 182.9
1 CD102 6514.2 7413.3 270.9 -45 268.5 3.7 15.2 167.6
1 CD102 6514.2 7413.3 270.9 -45 268.5 3.7 15.2 167.6
1 CD102 6514.2 7413.3 270.9 -45 268.5 22.6 41.8 167.6
1 CD102 6514.2 7413.3 270.9 -45 268.5 41.8 48.5 167.6

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 1 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

==> picture [437 x 609] intentionally omitted <==

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

CP_1409 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD102 6514.2 7413.3 270.9 -45 268.5 48.5 70.1 167.6
1 CD102 6514.2 7413.3 270.9 -45 268.5 75.3 97.8 167.6
1 CD103 6488.9 7043.9 345.7 -45 269 24.7 45.4 174.7
1 CD103 6488.9 7043.9 345.7 -45 269 24.7 45.4 174.7
1 CD103 6488.9 7043.9 345.7 -45 269 45.4 115.8 174.7
1 CD104 6552.3 6956.8 342.5 -45 275 31.1 36.3 347.6
1 CD104 6552.3 6956.8 342.5 -45 275 31.1 36.3 347.6
1 CD104 6552.3 6956.8 342.5 -45 275 80.8 88.1 347.6
1 CD104 6552.3 6956.8 342.5 -45 275 163.7 204.8 347.6
1 CD104 6552.3 6956.8 342.5 -45 275 231 272.5 347.6
1 CD104 6552.3 6956.8 342.5 -45 275 272.5 291.49 347.6
1 CD105 6560.2 7672.7 212.8 -45 268.14 76.8 111.9 204.22
1 CD105 6560.2 7672.7 212.8 -45 268.14 76.8 111.9 204.22
1 CD105 6560.2 7672.7 212.8 -45 268.14 116.4 139.9 204.22
1 CD105 6560.2 7672.7 212.8 -45 268.14 139.9 153.6 204.22
1 CD105 6560.2 7672.7 212.8 -45 268.14 158.8 174 204.22
1 CD105 6560.2 7672.7 212.8 -45 268.14 174 185.9 204.22
1 CD106 6440.1 7583.7 217.4 -45 91.5 7.9 12.32 158.8
1 CD106 6440.1 7583.7 217.4 -45 91.5 7.9 12.32 158.8
1 CD106 6440.1 7583.7 217.4 -45 91.5 34.1 39.8 158.8
1 CD106 6440.1 7583.7 217.4 -45 91.5 112.5 118.3 158.8
1 CD108 6600.4 7413.3 266.9 -45 270 9.8 17.96 285
1 CD108 6600.4 7413.3 266.9 -45 270 9.8 17.96 285
1 CD108 6600.4 7413.3 266.9 -45 270 28.3 34.1 285
1 CD108 6600.4 7413.3 266.9 -45 270 109.4 120.7 285
1 CD108 6600.4 7413.3 266.9 -45 270 135.6 161.8 285
1 CD108 6600.4 7413.3 266.9 -45 270 161.8 173.4 285
1 CD108 6600.4 7413.3 266.9 -45 270 173.4 183.5 285
1 CD108 6600.4 7413.3 266.9 -45 270 183.5 197.2 285
1 CD108 6600.4 7413.3 266.9 -45 270 200.15 211.5 285
1 CD108 6600.4 7413.3 266.9 -45 270 222.8 245.7 285
1 CD109 6407.5 6876.3 323 -61 270 0.72 16.09 142.6
1 CD109 6407.5 6876.3 323 -61 270 0.72 16.09 142.6
1 CD109 6407.5 6876.3 323 -61 270 46.3 62.2 142.6
1 CD110 6406.29 6790.64 321.75 -55 270 0 3.62 303.6
1 CD110 6406.29 6790.64 321.75 -55 270 0 3.62 303.6
1 CD110 6406.29 6790.64 321.75 -55 270 46 59.27 303.6
1 CD110 6406.29 6790.64 321.75 -55 270 59.27 132.3 303.6
1 CD110 6406.29 6790.64 321.75 -55 270 152.4 192.9 303.6
1 CD110 6406.29 6790.64 321.75 -55 270 199 208.8 303.6
1 CD110 6406.29 6790.64 321.75 -55 270 221.6 255.7 303.6
1 CD111 6600.1 7587.1 226 -45 270 1.2 22.9 152.4
1 CD111 6600.1 7587.1 226 -45 270 1.2 22.9 152.4
1 CD112 6363 6690.4 306.7 -45 270 12.2 32.9 142.3
1 CD112 6363 6690.4 306.7 -45 270 12.2 32.9 142.3
1 CD113 6578.8 7043.9 332.2 -45 270 66.4 71.6 359.7
1 CD113 6578.8 7043.9 332.2 -45 270 66.4 71.6 359.7
1 CD113 6578.8 7043.9 332.2 -45 270 180.1 194.5 359.7
1 CD113 6578.8 7043.9 332.2 -45 270 194.5 208.2 359.7
1 CD113 6578.8 7043.9 332.2 -45 270 252.1 255.7 359.7
----- End of picture text -----

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 2 of 21

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD113 6578.8 7043.9 332.2 -45 270 255.7 263.3 359.7
1 CD113 6578.8 7043.9 332.2 -45 270 300.8 306.3 359.7
1 CD113 6578.8 7043.9 332.2 -45 270 309.4 323.4 359.7
1 CD114 6286.5 6461.8 315.5 -45 270 47.9 72.41 227.4
1 CD114 6286.5 6461.8 315.5 -45 270 47.9 72.41 227.4
1 CD114 6286.5 6461.8 315.5 -45 270 72.41 104.9 227.4
1 CD114 6286.5 6461.8 315.5 -45 270 139 187.37 227.4
1 CD115 6298.1 6598 308.5 -55 270 48.5 128.6 128.6
1 CD116 6221.6 6371.2 304.9 -55 270 29.3 37.2 274.3
1 CD116 6221.6 6371.2 304.9 -55 270 29.3 37.2 274.3
1 CD116 6221.6 6371.2 304.9 -55 270 37.2 88.1 274.3
1 CD116 6221.6 6371.2 304.9 -55 270 100 123.1 274.3
1 CD117 6614.2 7142.7 308.6 -55 270 125 128.9 335.3
1 CD117 6614.2 7142.7 308.6 -55 270 125 128.9 335.3
1 CD117 6614.2 7142.7 308.6 -55 270 152.7 167.9 335.3
1 CD117 6614.2 7142.7 308.6 -55 270 264 274.3 335.3
1 CD117 6614.2 7142.7 308.6 -55 270 308.5 317.3 335.3
1 CD118 6607.1 7227.4 309.8 -45 270 115.8 151.8 243.8
1 CD118 6607.1 7227.4 309.8 -45 270 115.8 151.8 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 47.2 51.5 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 47.2 51.5 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 59.7 63.62 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 71.3 88.1 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 98.5 118 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 118 133.2 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 139.3 189.3 243.8
1 CD119 6141.4 6186.8 272.8 -55 270 201.5 206.7 243.8
1 CD120 6187.4 6746.4 269 -45 90 6.7 15.5 221.1
1 CD120 6187.4 6746.4 269 -45 90 6.7 15.5 221.1
1 CD120 6187.4 6746.4 269 -45 90 32.3 37.5 221.1
1 CD120 6187.4 6746.4 269 -45 90 46.6 47.24 221.1
1 CD120 6187.4 6746.4 269 -45 90 47.24 49.01 221.1
1 CD120 6187.4 6746.4 269 -45 90 49.01 58.8 221.1
1 CD120 6187.4 6746.4 269 -45 90 82.9 93.9 221.1
1 CD120 6187.4 6746.4 269 -45 90 108.5 144.8 221.1
1 CD121 6398.4 7326 314 -55 90 4.6 18.3 323.4
1 CD121 6398.4 7326 314 -55 90 4.6 18.3 323.4
1 CD121 6398.4 7326 314 -55 90 24.7 34.96 323.4
1 CD121 6398.4 7326 314 -55 90 39.6 101.8 323.4
1 CD121 6398.4 7326 314 -55 90 101.8 134.1 323.4
1 CD121 6398.4 7326 314 -55 90 134.1 167.14 323.4
1 CD121 6398.4 7326 314 -55 90 167.14 175.6 323.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 0 10.3 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 0 10.3 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 10.3 25.6 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 85.1 93.6 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 105.2 128.91 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 128.91 147 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 147 155.3 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 155.3 167.7 314.4

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 3 of 21

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 174.73 199.6 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 207 237.7 314.4
1 CD200101 6355.72 7640.28 99.71 -54.3 88.32 278.7 281.1 314.4
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 0 16.2 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 0 16.2 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 64.79 102.5 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 102.5 127.42 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 127.42 146.8 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 150.3 167.7 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 167.7 171.4 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 191.5 205.52 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 205.52 226.01 304.5
1 CD200102 6346.028 7689.636 105.083 -49.2973 89.9572 231 258 304.5
1 CD200103 6335.986 7739.993 110.069 -50 93.223 2.6 19.63 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 2.6 19.63 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 70.3 92.6 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 92.6 114.4 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 120.6 139.7 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 146 158.5 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 181 215.5 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 216.86 217.06 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 223.7 246.4 326.8
1 CD200103 6335.986 7739.993 110.069 -50 93.223 250.4 262.2 326.8
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 47.43 53 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 47.43 53 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 53 54.6 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 54.6 72.7 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 80.6 110.8 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 132.3 139.07 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 139.07 139.08 281.4
1 CD200104 6353.068 7840.115 111.301 -48.7267 88.0102 139.08 150.6 281.4
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 0 12.4 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 0 12.4 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 59.3 76.4 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 80.5 82.5 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 87.59 101.6 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 113.2 157 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 157 166.42 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 166.42 176 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 193.63 225.2 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 225.2 240.2 292.7
1 CD200105 6346.25 7890.37 111.97 -48.341 88.5902 242.5 254.1 292.7
1 CD200106 6353.966 7815.159 110.505 -48.15 96 51.31 52.4 270.1
1 CD200106 6353.966 7815.159 110.505 -48.15 96 51.31 52.4 270.1
1 CD200106 6353.966 7815.159 110.505 -48.15 96 53.7 85.18 270.1
1 CD200106 6353.966 7815.159 110.505 -48.15 96 93.4 99.4 270.1
1 CD200106 6353.966 7815.159 110.505 -48.15 96 134.12 136.65 270.1
1 CD200106 6353.966 7815.159 110.505 -48.15 96 187.6 212.3 270.1
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 0 3.87 275.7
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 0 3.87 275.7

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 4 of 21

34a Alexander St, Burnie Tasmania 7320

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 58.9 61.6 275.7
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 116.8 124.9 275.7
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 130.2 147 275.7
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 156.6 179.9 275.7
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 179.9 208.6 275.7
1 CD200107 6355.622 7940.187 112.187 -47.84 89.15 232.69 233.59 275.7
1 CD200108 6361 7990 112 -50 90 197.91 198.4 250
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 2.43 2.45 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 2.43 2.45 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 13 19.75 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 72.3 93.7 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 120.8 130.3 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 153.5 171.81 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 171.82 179.9 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 202.4 232.6 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 243.3 246.2 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 263.2 290.2 363.2
1 CD200109 6353.652 7990.067 112.94 -48.148 89.4 305.7 321.1 363.2
1 CD200201 5921.362 6000 224.235 -45.067 92.44 39.3 50.4 280.2
1 CD200301 6197.142 6140.109 249.274 -41.996 270.244 60.4 66.6 252
1 CD200301 6197.142 6140.109 249.274 -41.996 270.244 60.4 66.6 252
1 CD200301 6197.142 6140.109 249.274 -41.996 270.244 133.3 150.4 252
1 CD200301 6197.142 6140.109 249.274 -41.996 270.244 158.2 161 252
1 CD200301 6197.142 6140.109 249.274 -41.996 270.244 162 173.2 252
1 CD200301 6197.142 6140.109 249.274 -41.996 270.244 178.7 199.75 252
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 112.4 115.5 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 112.4 115.5 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 120.72 141.89 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 141.89 142.4 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 142.4 142.6 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 150.7 185.25 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 196.7 202.7 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 202.7 213.2 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 231.7 247.7 293
1 CD200302 5898.993 6189.624 206.474 -43.646 91.438 247.7 259.6 293
1 CD200303 5899.32 6235.082 201.274 -44 90 120.4 139.9 297.4
1 CD200303 5899.32 6235.082 201.274 -44 90 120.4 139.9 297.4
1 CD200303 5899.32 6235.082 201.274 -44 90 156.81 165 297.4
1 CD200303 5899.32 6235.082 201.274 -44 90 191.4 202.7 297.4
1 CD200303 5899.32 6235.082 201.274 -44 90 202.7 214.2 297.4
1 CD200303 5899.32 6235.082 201.274 -44 90 221.5 250.1 297.4
1 CD200303 5899.32 6235.082 201.274 -44 90 250.1 266.8 297.4
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 1.17 16.5 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 1.17 16.5 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 32.27 32.5 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 42.26 45.7 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 76.75 88.74 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 88.74 94.22 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 108.4 131.3 190
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 131.3 144.4 190

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 5 of 21

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD200304 6015.901 6274.009 158.079 -55.363 91.423 144.4 158.2 190
1 CD200305 6029.614 6322.97 156.728 -50.118 89.1714 2.25 3.3 196.1
1 CD200305 6029.614 6322.97 156.728 -50.118 89.1714 2.25 3.3 196.1
1 CD200305 6029.614 6322.97 156.728 -50.118 89.1714 56.4 72.9 196.1
1 CD200305 6029.614 6322.97 156.728 -50.118 89.1714 80.8 102.8 196.1
1 CD200305 6029.614 6322.97 156.728 -50.118 89.1714 107.61 143.8 196.1
1 CD200305 6029.614 6322.97 156.728 -50.118 89.1714 149.9 164.6 196.1
1 CD200306 6048.328 6371.623 156.72 -51 90 15.4 23.3 199.7
1 CD200306 6048.328 6371.623 156.72 -51 90 15.4 23.3 199.7
1 CD200306 6048.328 6371.623 156.72 -51 90 51.03 74.2 199.7
1 CD200306 6048.328 6371.623 156.72 -51 90 104 112.5 199.7
1 CD200306 6048.328 6371.623 156.72 -51 90 120.32 140.4 199.7
1 CD200306 6048.328 6371.623 156.72 -51 90 153.9 164.7 199.7
1 CD200306 6048.328 6371.623 156.72 -51 90 167.3 174.8 199.7
1 CD200307 6006.701 6419.85 180.623 -51 90 140 160.5 280
1 CD200307 6006.701 6419.85 180.623 -51 90 140 160.5 280
1 CD200307 6006.701 6419.85 180.623 -51 90 190.84 202.21 280
1 CD200308 6012.16 6461.93 177.28 -52.68 92.46 155.9 166.3 286.9
1 CD200308 6012.16 6461.93 177.28 -52.68 92.46 155.9 166.3 286.9
1 CD200308 6012.16 6461.93 177.28 -52.68 92.46 174.5 199.7 286.9
1 CD200308 6012.16 6461.93 177.28 -52.68 92.46 214.5 219 286.9
1 CD200308 6012.16 6461.93 177.28 -52.68 92.46 219 234.6 286.9
1 CD200308 6012.16 6461.93 177.28 -52.68 92.46 234.6 246.3 286.9
1 CD200309 6096.768 6090.8 237.71 -38.67 269.25 55.8 57.01 202.1
1 CD200309 6096.768 6090.8 237.71 -38.67 269.25 55.8 57.01 202.1
1 CD200309 6096.768 6090.8 237.71 -38.67 269.25 67.5 72.4 202.1
1 CD200309 6096.768 6090.8 237.71 -38.67 269.25 128.6 133.7 202.1
1 CD200310 6312.773 6321.347 265.008 -45 270 56.87 75.4 91
1 CD200310 6312.773 6321.347 265.008 -45 270 56.87 75.4 91
1 CD200401 6131.02 6641.267 155.52 -50.5 90 59.8 61.9 216
1 CD200401 6131.02 6641.267 155.52 -50.5 90 59.8 61.9 216
1 CD200401 6131.02 6641.267 155.52 -50.5 90 95.8 100.3 216
1 CD200401 6131.02 6641.267 155.52 -50.5 90 100.3 120 216
1 CD200401 6131.02 6641.267 155.52 -50.5 90 122.4 152.5 216
1 CD200402 6078.88 6553.31 165.83 -50 90 96 102.7 280.5
1 CD200402 6078.88 6553.31 165.83 -50 90 96 102.7 280.5
1 CD200402 6078.88 6553.31 165.83 -50 90 116.6 136.7 280.5
1 CD200402 6078.88 6553.31 165.83 -50 90 141.7 166.5 280.5
1 CD200402 6078.88 6553.31 165.83 -50 90 166.5 186.8 280.5
1 CD200403 6156.56 6705.33 149.06 -50 102 53.53 64.59 249.9
1 CD200403 6156.56 6705.33 149.06 -50 102 53.53 64.59 249.9
1 CD200403 6156.56 6705.33 149.06 -50 102 89.4 118.8 249.9
1 CD200403 6156.56 6705.33 149.06 -50 102 118.8 120.8 249.9
1 CD200403 6156.56 6705.33 149.06 -50 102 157.2 178.5 249.9
1 CD200403 6156.56 6705.33 149.06 -50 102 210.5 218.2 249.9
1 CD201 6407.2 6876.3 322.9 -55 270 0.44 13.13 46.9
1 CD201 6407.2 6876.3 322.9 -55 270 0.44 13.13 46.9
1 CD202 6319.4 6868.1 299.9 -55 270 0 20.86 47.2
1 CD202 6319.4 6868.1 299.9 -55 270 0 20.86 47.2
1 CD203 6255.7 6868.1 287.1 -55 90 1.38 39.19 61

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 6 of 21

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD203 6255.7 6868.1 287.1 -55 90 1.38 39.19 61
1 CD20303 6425 7674 137 -90 0 14.79 17.5 21
1 CD20303 6425 7674 137 -90 0 14.79 17.5 21
1 CD204 6255.1 6868.1 287.1 -55 270 13.4 63.4 63.4
1 CD205 6394.4 6952.5 321.7 -45 90 17.99 31.4 48.2
1 CD205 6394.4 6952.5 321.7 -45 90 17.99 31.4 48.2
1 CD206 6363.9 6952.5 309.6 -45 90 0 7.11 57.3
1 CD206 6363.9 6952.5 309.6 -45 90 0 7.11 57.3
1 CD206 6363.9 6952.5 309.6 -45 90 19.25 37.8 57.3
1 CD206 6363.9 6952.5 309.6 -45 90 52.1 52.8 57.3
1 CD206 6363.9 6952.5 309.6 -45 90 52.8 53.57 57.3
1 CD207 6340 6954 301.1 -45 90 0 15.82 59.4
1 CD207 6340 6954 301.1 -45 90 0 15.82 59.4
1 CD207 6340 6954 301.1 -45 90 20.04 39.79 59.4
1 CD208 6544.1 7043.9 343.3 -45 270 16.2 19.5 85.6
1 CD209 6438.9 7045.1 336 -45 270 0 39.6 45.7
1 CD209 6438.9 7045.1 336 -45 270 0 39.6 45.7
1 CD210 6400.5 7044.2 329.8 -45 270 0 11.9 47.5
1 CD210 6400.5 7044.2 329.8 -45 270 0 11.9 47.5
1 CD211 6496.2 7134.8 346.2 -45 270 0.61 11.6 57.9
1 CD211 6496.2 7134.8 346.2 -45 270 0.61 11.6 57.9
1 CD211 6496.2 7134.8 346.2 -45 270 16.2 21.6 57.9
1 CD212 6456.6 7135.4 336.2 -45 270 0 33.8 33.8
1 CD213 6434.9 7135.3 330.9 -45 270 0 20.22 46.9
1 CD213 6434.9 7135.3 330.9 -45 270 0 20.22 46.9
1 CD213 6434.9 7135.3 330.9 -45 270 20.22 36.9 46.9
1 CD215 6324 6788 301.3 -45 90 39.3 46 46
1 CD216 6489.5 7618.8 240.5 -60 270 12.8 25 76.2
1 CD216 6489.5 7618.8 240.5 -60 270 12.8 25 76.2
1 CD217 6294.7 6787.3 296.8 -45 90 39.3 51.5 52.1
1 CD218 6266.4 6787.9 288.8 -45 90 14.3 20.4 60.4
1 CD218 6266.4 6787.9 288.8 -45 90 14.3 20.4 60.4
1 CD219 6452 7323 323.6 -45 270 10.1 41.1 64.9
1 CD219 6452 7323 323.6 -45 270 10.1 41.1 64.9
1 CD219 6452 7323 323.6 -45 270 49.4 57 64.9
1 CD220 6232.6 6786.1 281.2 -45 90 31.7 39.9 51.8
1 CD220 6232.6 6786.1 281.2 -45 90 31.7 39.9 51.8
1 CD221 6496 7321 318.6 -45 270 19.2 50.9 62.5
1 CD221 6496 7321 318.6 -45 270 19.2 50.9 62.5
1 CD222 6181 6789 264.2 -45 90 17.1 28 54.9
1 CD222 6181 6789 264.2 -45 90 17.1 28 54.9
1 CD223 6552 7228.6 324.9 -45 270 1.8 42.7 42.7
1 CD224 6472 7227 336.4 -45 270 1.15 12.5 57.6
1 CD224 6472 7227 336.4 -45 270 1.15 12.5 57.6
1 CD226 6415.7 7410 305.5 -55 270 13.7 33.5 82.3
1 CD226 6415.7 7410 305.5 -55 270 13.7 33.5 82.3
1 CD227 6279.5 6690 287.5 -55 270 0 25.3 106.7
1 CD227 6279.5 6690 287.5 -55 270 0 25.3 106.7
1 CD227 6279.5 6690 287.5 -55 270 25.3 49.92 106.7
1 CD228 6448.3 7419 311.2 -55 270 0 10.1 70.1

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 7 of 21

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD228 6448.3 7419 311.2 -55 270 0 10.1 70.1
1 CD228 6448.3 7419 311.2 -55 270 18.6 38.1 70.1
1 CD229 6444.4 7272.5 329.8 -45 270 0 36.92 97.5
1 CD229 6444.4 7272.5 329.8 -45 270 0 36.92 97.5
1 CD229 6444.4 7272.5 329.8 -45 270 37.4 42.37 97.5
1 CD229 6444.4 7272.5 329.8 -45 270 53.9 61 97.5
1 CD229 6444.4 7272.5 329.8 -45 270 79.5 91.38 97.5
1 CD230 6435.2 7226.8 331.9 -45 270 49.7 54.6 82.9
1 CD231 6504.7 7273.1 324.9 -45 270 16.8 34.7 92.7
1 CD231 6504.7 7273.1 324.9 -45 270 16.8 34.7 92.7
1 CD231 6504.7 7273.1 324.9 -45 270 34.7 72.46 92.7
1 CD232 6241.4 6605.3 291.9 -55 270 0 6.43 70.4
1 CD233 6537 7272.8 316.9 -45 270 23.8 80.2 80.2
1 CD234 6432.5 7364 315.3 -45 270 4 29.3 61.9
1 CD234 6432.5 7364 315.3 -45 270 4 29.3 61.9
1 CD234 6432.5 7364 315.3 -45 270 32.6 44.2 61.9
1 CD235 6285.6 6915.6 287 -45 90 0 15.1 91.7
1 CD235 6285.6 6915.6 287 -45 90 0 15.1 91.7
1 CD235 6285.6 6915.6 287 -45 90 17.31 33.7 91.7
1 CD235 6285.6 6915.6 287 -45 90 45.26 77.89 91.7
1 CD235 6285.6 6915.6 287 -45 90 77.89 78 91.7
1 CD236 6358.1 6830.3 303 -45 90 0 13.4 91.6
1 CD236 6358.1 6830.3 303 -45 90 0 13.4 91.6
1 CD237 6479.7 7089 342.9 -45 90 10.1 26.2 91.4
1 CD237 6479.7 7089 342.9 -45 90 10.1 26.2 91.4
1 CD237 6479.7 7089 342.9 -45 90 36.43 36.94 91.4
1 CD238 6348.1 6915.6 309.8 -45 90 0 4.45 99.4
1 CD238 6348.1 6915.6 309.8 -45 90 0 4.45 99.4
1 CD238 6348.1 6915.6 309.8 -45 90 7.18 51.24 99.4
1 CD238 6348.1 6915.6 309.8 -45 90 62.59 64.99 99.4
1 CD239 6281.3 6553.5 310.19 -55 270 17.4 39.3 79.25
1 CD239 6281.3 6553.5 310.19 -55 270 17.4 39.3 79.25
1 CD240 6192.3 6544.97 277.03 -55 270 16.9 59.7 59.7
1 CD241 6296 6640 296.8 -45 90 11.6 22.85 56.1
1 CD241 6296 6640 296.8 -45 90 11.6 22.85 56.1
1 CD242 6178.3 6420.6 290.6 -45 90 0 1.2 91.4
1 CD242 6178.3 6420.6 290.6 -45 90 0 1.2 91.4
1 CD242 6178.3 6420.6 290.6 -45 90 29.6 40.77 91.4
1 CD243 6242.3 6553.2 298.4 -55 270 0 15.2 103.6
1 CD243 6242.3 6553.2 298.4 -55 270 0 15.2 103.6
1 CD244 6203 6509 281.5 -45 90 0 4.09 82.6
1 CD244 6203 6509 281.5 -45 90 0 4.09 82.6
1 CD245 6419.7 7090 327.8 -45 90 3.05 14.9 91.7
1 CD245 6419.7 7090 327.8 -45 90 3.05 14.9 91.7
1 CD245 6419.7 7090 327.8 -45 90 14.9 27.4 91.7
1 CD246 6495.3 7354.5 301.4 -45 270 2.28 15.2 91.7
1 CD246 6495.3 7354.5 301.4 -45 270 2.28 15.2 91.7
1 CD246 6495.3 7354.5 301.4 -45 270 15.2 49.4 91.7
1 CD246 6495.3 7354.5 301.4 -45 270 53.9 76.2 91.7
1 CD247 6497.1 7357 301.2 -55 90 0 22.9 91.4

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 8 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD247 6497.1 7357 301.2 -55 90 0 22.9 91.4
1 CD247 6497.1 7357 301.2 -55 90 37.8 50.9 91.4
1 CD247 6497.1 7357 301.2 -55 90 58.8 86.3 91.4
1 CD248 6379.8 7001 320.3 -45 90 0 10.7 91.4
1 CD248 6379.8 7001 320.3 -45 90 0 10.7 91.4
1 CD248 6379.8 7001 320.3 -45 90 21.3 34.4 91.4
1 CD248 6379.8 7001 320.3 -45 90 46.6 55.2 91.4
1 CD249 6315.5 7002 290.3 -45 90 0 12.2 91.4
1 CD249 6315.5 7002 290.3 -45 90 0 12.2 91.4
1 CD249 6315.5 7002 290.3 -45 90 12.2 24.4 91.4
1 CD249 6315.5 7002 290.3 -45 90 24.4 57.9 91.4
1 CD249 6315.5 7002 290.3 -45 90 63.4 71.6 91.4
1 CD250 6354.8 7090 311.1 -45 90 23.32 60 80.5
1 CD250 6354.8 7090 311.1 -45 90 23.32 60 80.5
1 CD251 6299 7090.9 296.1 -45 90 7.3 54.3 91.4
1 CD252 6452.3 7184.1 336.6 -45 270 29.6 63.4 97.5
1 CD254 6552 7180 328.8 -43 270 6.4 46.6 79.2
1 CD254 6552 7180 328.8 -43 270 6.4 46.6 79.2
1 CD302 6006.1 6324.3 231.6 -45 90 9.8 22.1 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 9.8 22.1 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 35.1 44.2 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 49.2 54.9 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 62.3 81.7 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 104.5 112.9 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 124.8 136.6 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 136.6 146.4 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 155 169.6 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 183.5 188.6 243.8
1 CD302 6006.1 6324.3 231.6 -45 90 199.3 208.5 243.8
1 CD303 6113 6416 269.6 -45 90 30.6 46 201.2
1 CD303 6113 6416 269.6 -45 90 30.6 46 201.2
1 CD303 6113 6416 269.6 -45 90 92 99.5 201.2
1 CD303 6113 6416 269.6 -45 90 99.5 105.25 201.2
1 CD303 6113 6416 269.6 -45 90 105.25 130.9 201.2
1 CD305 6128 6599 247.8 -47 90 8.2 41.5 204.2
1 CD305 6128 6599 247.8 -47 90 8.2 41.5 204.2
1 CD305 6128 6599 247.8 -47 90 85.8 91.1 204.2
1 CD305 6128 6599 247.8 -47 90 97.5 125.3 204.2
1 CD305 6128 6599 247.8 -47 90 145.5 148 204.2
1 CD305 6128 6599 247.8 -47 90 148 172.7 204.2
1 CD305 6128 6599 247.8 -47 90 172.7 201.9 204.2
1 CD307 6136.8 6681.8 238.1 -45 90 11.3 22.1 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 11.3 22.1 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 33.5 61.7 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 80.9 96.5 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 106.4 134 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 137 145.7 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 145.7 163.05 243.8
1 CD307 6136.8 6681.8 238.1 -45 90 163.05 173.4 243.8
1 CD308 6220 6830 274.7 -48 90 13.09 15.83 286.82

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 9 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD308 6220 6830 274.7 -48 90 13.09 15.83 286.82
1 CD308 6220 6830 274.7 -48 90 25.3 47.5 286.82
1 CD308 6220 6830 274.7 -48 90 47.5 78 286.82
1 CD308 6220 6830 274.7 -48 90 84.9 111.6 286.82
1 CD308 6220 6830 274.7 -48 90 113.06 123.3 286.82
1 CD308 6220 6830 274.7 -48 90 162.5 195.2 286.82
1 CD308 6220 6830 274.7 -48 90 206.6 222.2 286.82
1 CD309 6224 6900 273.3 -45 90 6.1 37.8 240.2
1 CD309 6224 6900 273.3 -45 90 6.1 37.8 240.2
1 CD309 6224 6900 273.3 -45 90 44.2 81.07 240.2
1 CD309 6224 6900 273.3 -45 90 83.91 87.78 240.2
1 CD309 6224 6900 273.3 -45 90 92.2 122.7 240.2
1 CD309 6224 6900 273.3 -45 90 171.75 174.07 240.2
1 CD309 6224 6900 273.3 -45 90 174.35 191.29 240.2
1 CD309 6224 6900 273.3 -45 90 203.56 208.66 240.2
1 CD401 6526 7002 301.3 -60 90 6.82 7.33 119.35
1 CD401 6526 7002 301.3 -60 90 6.82 7.33 119.35
1 CD403 6438 6990 265 -45 90 0 12.95 171.67
1 CD403 6438 6990 265 -45 90 0 12.95 171.67
1 CD403 6438 6990 265 -45 90 83.05 88.4 171.67
1 CD405 6302 7318 241 -55 90 110.8 125.5 179.95
1 CD405 6302 7318 241 -55 90 110.8 125.5 179.95
1 CD405 6302 7318 241 -55 90 153.69 172.06 179.95
1 CD406 6268 6811 228.6 -45 270 5.8 52.61 100.78
1 CD406 6268 6811 228.6 -45 270 5.8 52.61 100.78
1 CD407 6457 7182 221 -60 90 11.7 66.57 168.45
1 CD409 6482 7631 202 -50 270 0 5.45 152.91
1 CD409 6482 7631 202 -50 270 0 5.45 152.91
1 CD409 6482 7631 202 -50 270 5.45 61.3 152.91
1 CD410 6485 7440 206 -60 90 7.5 10.28 163.08
1 CD410 6485 7440 206 -60 90 7.5 10.28 163.08
1 CD410 6485 7440 206 -60 90 10.28 22 163.08
1 CD410 6485 7440 206 -60 90 39.52 47.1 163.08
1 CD411 6297 6690 231 -60 90 0 9.03 149.96
1 CD411 6297 6690 231 -60 90 0 9.03 149.96
1 CD411 6297 6690 231 -60 90 9.68 25.5 149.96
1 CD411 6297 6690 231 -60 90 40.7 49.5 149.96
1 CD412 6253 6416 267 -50 90 45.9 49.7 115.7
1 CD412 6253 6416 267 -50 90 45.9 49.7 115.7
1 CD413 6135 6788 233 -55 90 141.26 151.94 169.86
1 CD414 6539 7172.5 272.7 -60 90 10.75 20.2 128.03
1 CD414 6539 7172.5 272.7 -60 90 10.75 20.2 128.03
1 CD501 6134.5 6461.4 239.2 -50 270 0 34.8 115.5
1 CD502 6040.6 6186.9 238.6 -55 270 20.37 43.6 140
1 CD502 6040.6 6186.9 238.6 -55 270 20.37 43.6 140
1 CD502 6040.6 6186.9 238.6 -55 270 43.71 52.1 140
1 CD504 6487 7416.2 194.3 -45 270 0 4 134
1 CD504 6487 7416.2 194.3 -45 270 0 4 134
1 CD504 6487 7416.2 194.3 -45 270 6.5 23.4 134
1 CD504 6487 7416.2 194.3 -45 270 23.4 57.01 134

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 10 of 21

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD504 6487 7416.2 194.3 -45 270 68.18 86.5 134
1 CD506 6014.1 6186.8 238.1 -50 90 0 23.5 136.4
1 CD506 6014.1 6186.8 238.1 -50 90 0 23.5 136.4
1 CD506 6014.1 6186.8 238.1 -50 90 27.6 33.45 136.4
1 CD506 6014.1 6186.8 238.1 -50 90 41.42 61.5 136.4
1 CD506 6014.1 6186.8 238.1 -50 90 68 87.9 136.4
1 CD506 6014.1 6186.8 238.1 -50 90 94.3 97.65 136.4
1 CD506 6014.1 6186.8 238.1 -50 90 97.65 109.8 136.4
1 CD507 6446.2 7675.1 178.8 -45 90 0 3.1 101.6
1 CD507 6446.2 7675.1 178.8 -45 90 0 3.1 101.6
1 CD507 6446.2 7675.1 178.8 -45 90 3.1 16.8 101.6
1 CD508 6453.3 7497.9 184.5 -50 90 16.9 52 116.1
1 CD508 6453.3 7497.9 184.5 -50 90 16.9 52 116.1
1 CD508 6453.3 7497.9 184.5 -50 90 52 65 116.1
1 CD508 6453.3 7497.9 184.5 -50 90 65 65.21 116.1
1 CD508 6453.3 7497.9 184.5 -50 90 65.21 73.8 116.1
1 CD508 6453.3 7497.9 184.5 -50 90 74.24 81.2 116.1
1 CD509 6200 6502.9 223.3 -55 90 0 12.28 29
1 CD509 6200 6502.9 223.3 -55 90 0 12.28 29
1 CD510 6435.7 7227.5 199.1 -50 270 0 16.3 81.9
1 CD510 6435.7 7227.5 199.1 -50 270 0 16.3 81.9
1 CD511 6321.7 6954 204.5 -60 270 3 24.9 66.7
1 CD512 6438.5 7225.5 198.3 -45 90 0 5.5 143
1 CD512 6438.5 7225.5 198.3 -45 90 0 5.5 143
1 CD512 6438.5 7225.5 198.3 -45 90 5.5 13.8 143
1 CD512 6438.5 7225.5 198.3 -45 90 16.8 51.62 143
1 CD513 6233.3 6690.5 209.7 -50 270 0 28.21 80.5
1 CD513 6233.3 6690.5 209.7 -50 270 0 28.21 80.5
1 CD514 6344.5 7000 203.7 -45 90 0 7.9 146
1 CD514 6344.5 7000 203.7 -45 90 0 7.9 146
1 CD514 6344.5 7000 203.7 -45 90 15 41 146
1 CD514 6344.5 7000 203.7 -45 90 45.86 50.53 146
1 CD514 6344.5 7000 203.7 -45 90 54.1 82 146
1 CD514 6344.5 7000 203.7 -45 90 103.6 112.9 146
1 CD515 6078.4 6277.7 238.9 -55 270 17.04 67.03 104.3
1 CD515 6078.4 6277.7 238.9 -55 270 17.04 67.03 104.3
1 CD516 6119.4 6415.4 240.4 -60 90 10.7 16.7 151.2
1 CD516 6119.4 6415.4 240.4 -60 90 10.7 16.7 151.2
1 CD516 6119.4 6415.4 240.4 -60 90 56.5 75.2 151.2
1 CD516 6119.4 6415.4 240.4 -60 90 86.9 100.7 151.2
1 CD517 5898 6000 222.5 -40 90 63.6 72.2 152.4
1 CD517 5898 6000 222.5 -40 90 63.6 72.2 152.4
1 CD520 5968 6096.2 213.23 -40 90 21.9 38.1 158.3
1 CD520 5968 6096.2 213.23 -40 90 21.9 38.1 158.3
1 CD520 5968 6096.2 213.23 -40 90 48.8 54.94 158.3
1 CD520 5968 6096.2 213.23 -40 90 84.45 103.51 158.3
1 CD601 6222 6645 209 -45 90 3.5 29.2 117.1
1 CD601 6222 6645 209 -45 90 3.5 29.2 117.1
1 CD601 6222 6645 209 -45 90 49.8 83.31 117.1
1 CD602 6173 6503 213 -45 270 0 19.3 146.6

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 11 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD602 6173 6503 213 -45 270 0 19.3 146.6
1 CD603 6135.8 6417 214.7 -45 270 78 81.5 140
1 CD604 6332 6689.4 243.2 -50 90 11.3 26.5 113.3
1 CD604 6332 6689.4 243.2 -50 90 11.3 26.5 113.3
1 CD605 6424.1 7586 170.8 -45 270 60.6 83.9 151
1 CD605 6424.1 7586 170.8 -45 270 60.6 83.9 151
1 CD606 6424.1 7586 170.8 -45 90 9 15.6 184
1 CD606 6424.1 7586 170.8 -45 90 9 15.6 184
1 CD606 6424.1 7586 170.8 -45 90 31.1 50 184
1 CD606 6424.1 7586 170.8 -45 90 50 59.7 184
1 CD606 6424.1 7586 170.8 -45 90 127.5 141.2 184
1 CD606 6424.1 7586 170.8 -45 90 150.5 155.1 184
1 CD606 6424.1 7586 170.8 -45 90 155.1 162.3 184
1 CD607 6398.3 7181.3 187.5 -45 270 49.62 61.48 149.5
1 CD608 6360 7090.2 190.9 -40 90 49 58.7 169.5
1 CD608 6360 7090.2 190.9 -40 90 49 58.7 169.5
1 CD608 6360 7090.2 190.9 -40 90 75.9 83.8 169.5
1 CD609 6360 7090.2 190.9 -45 270 0.2 13 91.8
1 CD611 6349.2 6832 229.5 -40 90 6.43 17.8 140
1 CD611 6349.2 6832 229.5 -40 90 6.43 17.8 140
1 CD611 6349.2 6832 229.5 -40 90 77.6 84.8 140
1 CD612 6410 7498.5 173.2 -40 270 65.5 70.5 97.4
1 CD613 6436 7090 222.5 -40 90 17.6 31.8 169
1 CD613 6436 7090 222.5 -40 90 17.6 31.8 169
1 CD613 6436 7090 222.5 -40 90 75.4 84.4 169
1 CD614 6149 6279.5 230.29 -40 90 0.5 23.63 118
1 CD614 6149 6279.5 230.29 -40 90 0.5 23.63 118
1 CD614 6149 6279.5 230.29 -40 90 31.8 37.4 118
1 CD701 6444.2 7539.5 172.3 -45 90 6.3 20.7 194.3
1 CD701 6444.2 7539.5 172.3 -45 90 6.3 20.7 194.3
1 CD701 6444.2 7539.5 172.3 -45 90 49.4 68.69 194.3
1 CD701 6444.2 7539.5 172.3 -45 90 69.2 82 194.3
1 CD701 6444.2 7539.5 172.3 -45 90 106.7 113.5 194.3
1 CD701 6444.2 7539.5 172.3 -45 90 126.7 130 194.3
1 CD701 6444.2 7539.5 172.3 -45 90 144.6 152.4 194.3
1 CD702 6427 7440 174.3 -45 90 0 34.5 119.1
1 CD702 6427 7440 174.3 -45 90 0 34.5 119.1
1 CD702 6427 7440 174.3 -45 90 34.5 55.6 119.1
1 CD702 6427 7440 174.3 -45 90 58.25 71.4 119.1
1 CD702 6427 7440 174.3 -45 90 84.1 90.3 119.1
1 CD703 6420 7364 175.7 -43 90 0 11.55 155.6
1 CD703 6420 7364 175.7 -43 90 0 11.55 155.6
1 CD703 6420 7364 175.7 -43 90 11.55 22.3 155.6
1 CD703 6420 7364 175.7 -43 90 25.3 69 155.6
1 CD703 6420 7364 175.7 -43 90 75.6 82.5 155.6
1 CD703 6420 7364 175.7 -43 90 82.5 90 155.6
1 CD703 6420 7364 175.7 -43 90 90 98.1 155.6
1 CD703 6420 7364 175.7 -43 90 98.1 104.9 155.6
1 CD703 6420 7364 175.7 -43 90 113.5 130.1 155.6
1 CD704 6411.7 7317.5 176 -40 90 0 11.8 98.5

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 12 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD704 6411.7 7317.5 176 -40 90 0 11.8 98.5
1 CD704 6411.7 7317.5 176 -40 90 13.9 30 98.5
1 CD704 6411.7 7317.5 176 -40 90 31.2 50.3 98.5
1 CD704 6411.7 7317.5 176 -40 90 53.1 71.4 98.5
1 CD705 6423 7273 176.2 -40 90 0 37.2 131.2
1 CD705 6423 7273 176.2 -40 90 0 37.2 131.2
1 CD705 6423 7273 176.2 -40 90 37.2 52.6 131.2
1 CD705 6423 7273 176.2 -40 90 71.5 78.9 131.2
1 CD706 6381 7136 190.5 -40 90 65.8 70.5 115.85
1 CD706 6381 7136 190.5 -40 90 65.8 70.5 115.85
1 CD707 6304.9 7001 193.5 -40 90 0 4.5 112.5
1 CD707 6304.9 7001 193.5 -40 90 0 4.5 112.5
1 CD708 6259.8 6873.5 196.2 -45 90 18 58.06 120.5
1 CD708 6259.8 6873.5 196.2 -45 90 18 58.06 120.5
1 CD708 6259.8 6873.5 196.2 -45 90 59.17 88.1 120.5
1 CD709 6166.2 6640.8 201.6 -45 90 0 3.75 100.5
1 CD709 6166.2 6640.8 201.6 -45 90 0 3.75 100.5
1 CD709 6166.2 6640.8 201.6 -45 90 24 28.55 100.5
1 CD709 6166.2 6640.8 201.6 -45 90 53.1 76.5 100.5
1 CD709 6166.2 6640.8 201.6 -45 90 86 93.92 100.5
1 CD711 6151.5 6369.5 205.2 -40 90 0 5.5 91.5
1 CD711 6151.5 6369.5 205.2 -40 90 0 5.5 91.5
1 CD712 6098.8 6234.5 208.3 -40 270 0 13.3 144
1 CD712 6098.8 6234.5 208.3 -40 270 0 13.3 144
1 CD712 6098.8 6234.5 208.3 -40 270 28.8 41.8 144
1 CD712 6098.8 6234.5 208.3 -40 270 41.8 44 144
1 CD712 6098.8 6234.5 208.3 -40 270 44 78.3 144
1 CD712 6098.8 6234.5 208.3 -40 270 78.3 113.4 144
1 CD713 6359 7043 192.7 -40 90 0 0.65 112
1 CD713 6359 7043 192.7 -40 90 0 0.65 112
1 CD713 6359 7043 192.7 -40 90 26.2 42 112
1 CD713 6359 7043 192.7 -40 90 46.2 56 112
1 CD714 6149.5 6462.5 204.3 -45 90 5.8 21.4 131.6
1 CD714 6149.5 6462.5 204.3 -45 90 5.8 21.4 131.6
1 CD714 6149.5 6462.5 204.3 -45 90 23.25 48.1 131.6
1 CD714 6149.5 6462.5 204.3 -45 90 52.39 52.49 131.6
1 CD714 6149.5 6462.5 204.3 -45 90 83.53 83.6 131.6
1 CD715 6219.5 6500 202.8 -50 270 50.19 52.77 91.4
1 CD715 6219.5 6500 202.8 -50 270 50.19 52.77 91.4
1 CD716 6500 7719.7 158 -40 270 0 49.58 157.2
1 CD716 6500 7719.7 158 -40 270 0 49.58 157.2
1 CD716 6500 7719.7 158 -40 270 49.93 51.1 157.2
1 CD716 6500 7719.7 158 -40 270 51.2 66.6 157.2
1 CD716 6500 7719.7 158 -40 270 66.6 90.6 157.2
1 CD716 6500 7719.7 158 -40 270 90.6 110.2 157.2
1 CD716 6500 7719.7 158 -40 270 119.4 141 157.2
1 CD717 6237 6830 197.2 -50 90 0 3.5 120
1 CD717 6237 6830 197.2 -50 90 0 3.5 120
1 CD717 6237 6830 197.2 -50 90 24.3 33.6 120
1 CD717 6237 6830 197.2 -50 90 60.8 80.8 120

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 13 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD717 6237 6830 197.2 -50 90 89.1 94.3 120
1 CD717 6237 6830 197.2 -50 90 100.25 111.28 120
1 CD718 6193.1 6736.5 199.5 -45 90 27.3 42.6 129.4
1 CD718 6193.1 6736.5 199.5 -45 90 27.3 42.6 129.4
1 CD718 6193.1 6736.5 199.5 -45 90 54.52 55.03 129.4
1 CD718 6193.1 6736.5 199.5 -45 90 55.03 55.85 129.4
1 CD718 6193.1 6736.5 199.5 -45 90 55.85 65.26 129.4
1 CD719 6233.9 6688.8 200.3 -40 90 0 4.5 120
1 CD719 6233.9 6688.8 200.3 -40 90 0 4.5 120
1 CD719 6233.9 6688.8 200.3 -40 90 4.5 9.4 120
1 CD719 6233.9 6688.8 200.3 -40 90 9.4 18.7 120
1 CD719 6233.9 6688.8 200.3 -40 90 20.9 25.91 120
1 CD719 6233.9 6688.8 200.3 -40 90 35.75 76.6 120
1 CD720 6244.5 6599.5 201.85 -45 90 7 12.72 104.7
1 CD720 6244.5 6599.5 201.85 -45 90 7 12.72 104.7
1 CD720 6244.5 6599.5 201.85 -45 90 12.99 26.3 104.7
1 CD720 6244.5 6599.5 201.85 -45 90 26.3 48.7 104.7
1 CD720 6244.5 6599.5 201.85 -45 90 48.7 64.5 104.7
1 CD721 6107.5 6325 207.25 -40 90 0 8 103.5
1 CD721 6107.5 6325 207.25 -40 90 0 8 103.5
1 CD721 6107.5 6325 207.25 -40 90 32.9 45.7 103.5
1 CD722 6075 6235 208.3 -45 90 0 12.5 90
1 CD722 6075 6235 208.3 -45 90 0 12.5 90
1 CD722 6075 6235 208.3 -45 90 17.5 51.7 90
1 CD723 6041.6 6140 233.3 -45 270 10.2 29.9 76.5
1 CD723 6041.6 6140 233.3 -45 270 10.2 29.9 76.5
1 CD724 6115 6139.7 240.9 -45 270 32.2 44.9 102
1 CD724 6115 6139.7 240.9 -45 270 32.2 44.9 102
1 CD724 6115 6139.7 240.9 -45 270 53.11 64.35 102
1 CD725 6400 7628.8 159.75 -40 90 44.04 80 204
1 CD725 6400 7628.8 159.75 -40 90 44.04 80 204
1 CD725 6400 7628.8 159.75 -40 90 84.85 95 204
1 CD725 6400 7628.8 159.75 -40 90 95 123 204
1 CD726 6360.5 6958.1 194 -40 90 3.8 16 89
1 CD726 6360.5 6958.1 194 -40 90 3.8 16 89
1 CD726 6360.5 6958.1 194 -40 90 17.12 27.3 89
1 CD726 6360.5 6958.1 194 -40 90 31.2 51.28 89
1 CD726 6360.5 6958.1 194 -40 90 54.19 67.57 89
1 CD726 6360.5 6958.1 194 -40 90 69.54 72.98 89
1 CD727 6294.6 6787.6 198.3 -40 90 0 11.2 100
1 CD727 6294.6 6787.6 198.3 -40 90 0 11.2 100
1 CD727 6294.6 6787.6 198.3 -40 90 15.2 33 100
1 CD727 6294.6 6787.6 198.3 -40 90 62.5 90 100
1 CD728 6139.7 6498.8 204.8 -45 90 0 9.5 99.7
1 CD728 6139.7 6498.8 204.8 -45 90 0 9.5 99.7
1 CD728 6139.7 6498.8 204.8 -45 90 24.8 52 99.7
1 CD728 6139.7 6498.8 204.8 -45 90 60.5 62.4 99.7
1 CD729 6132.6 6553 203 -40 90 41.2 47.1 164.5
1 CD729 6132.6 6553 203 -40 90 41.2 47.1 164.5
1 CD729 6132.6 6553 203 -40 90 56.8 64.4 164.5

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 14 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD729 6132.6 6553 203 -40 90 64.64 78.08 164.5
1 CD729 6132.6 6553 203 -40 90 96.9 130.7 164.5
1 CD729 6132.6 6553 203 -40 90 131.2 149.14 164.5
1 CD729 6132.6 6553 203 -40 90 149.14 149.65 164.5
1 CD730 6062.6 6279 208.1 -40 90 0 20.5 126
1 CD730 6062.6 6279 208.1 -40 90 0 20.5 126
1 CD730 6062.6 6279 208.1 -40 90 33.9 53.2 126
1 CD731 6386 7227.2 178 -40 90 35.7 52.5 110
1 CD732 6414.3 7182 179.1 -50 90 0 7.19 105.5
1 CD801 6450.5 7364.2 143 -45 270 0 8.8 98.5
1 CD801 6450.5 7364.2 143 -45 270 0 8.8 98.5
1 CD801 6450.5 7364.2 143 -45 270 10.29 16.86 98.5
1 CD801 6450.5 7364.2 143 -45 270 34 58.3 98.5
1 CD802 6465 7410.9 143.15 -45 90 0 12.47 85
1 CD802 6465 7410.9 143.15 -45 90 0 12.47 85
1 CD802 6465 7410.9 143.15 -45 90 13.12 17 85
1 CD802 6465 7410.9 143.15 -45 90 17 35 85
1 CD802 6465 7410.9 143.15 -45 90 35 75.4 85
1 CD803 6470.3 7439.5 141.7 -45 270 0 1.54 91.2
1 CD803 6470.3 7439.5 141.7 -45 270 0 1.54 91.2
1 CD803 6470.3 7439.5 141.7 -45 270 4.29 25.7 91.2
1 CD803 6470.3 7439.5 141.7 -45 270 28.8 54.44 91.2
1 CD804 6449.8 7272.2 145.4 -40 270 44.9 66.5 80.8
1 CD804 6449.8 7272.2 145.4 -40 270 44.9 66.5 80.8
1 CD805 6458.6 7719.5 128.6 -45 90 0 0.73 57
1 CD805 6458.6 7719.5 128.6 -45 90 0 0.73 57
1 CD805 6458.6 7719.5 128.6 -45 90 2.4 19.7 57
1 CD806 6186.1 6462.6 154.8 -45 270 46.82 54 54
1 CD807 6015 6235.4 155.9 -50 90 0.4 28.9 80.3
1 CD807 6015 6235.4 155.9 -50 90 0.4 28.9 80.3
1 CD807 6015 6235.4 155.9 -50 90 28.9 42.1 80.3
1 CD807 6015 6235.4 155.9 -50 90 67.9 75.6 80.3
1 CD808 6042.8 6278.8 147 -45 90 0 16.3 80.3
1 CD808 6042.8 6278.8 147 -45 90 0 16.3 80.3
1 CD808 6042.8 6278.8 147 -45 90 40.7 45.7 80.3
1 CD808 6042.8 6278.8 147 -45 90 45.7 52.7 80.3
1 CD808 6042.8 6278.8 147 -45 90 52.7 75.7 80.3
1 CD810 6124.9 6502.1 155.1 -45 90 28.38 38.31 77
1 CD810 6124.9 6502.1 155.1 -45 90 28.38 38.31 77
1 CD811 6446.8 7540.9 130.7 -50 90 0 0.83 100
1 CD811 6446.8 7540.9 130.7 -50 90 0 0.83 100
1 CD811 6446.8 7540.9 130.7 -50 90 10.72 17.2 100
1 CD811 6446.8 7540.9 130.7 -50 90 17.2 27.6 100
1 CD811 6446.8 7540.9 130.7 -50 90 27.6 51.86 100
1 CD811 6446.8 7540.9 130.7 -50 90 53.49 58.8 100
1 CD812 6445.9 7677.6 126.9 -45 90 0 9.53 117
1 CD812 6445.9 7677.6 126.9 -45 90 0 9.53 117
1 CD812 6445.9 7677.6 126.9 -45 90 19.9 23.5 117
1 CD812 6445.9 7677.6 126.9 -45 90 23.5 33 117
1 CD812 6445.9 7677.6 126.9 -45 90 33 65.3 117

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 15 of 21

34a Alexander St, Burnie Tasmania 7320

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CD812 6445.9 7677.6 126.9 -45 90 65.3 73.7 117
1 CD813 6470.1 7625.5 128.3 -50 270 0 42.9 90
1 CD813 6470.1 7625.5 128.3 -50 270 0 42.9 90
1 CD901 6573.4 7745 145 -54 270 105 115 301.5
1 CD901 6573.4 7745 145 -54 270 105 115 301.5
1 CD901 6573.4 7745 145 -54 270 124.4 162.1 301.5
1 CD901 6573.4 7745 145 -54 270 164 255.8 301.5
1 CD901 6573.4 7745 145 -54 270 264.2 292.5 301.5
1 CD903 5926 6158.3 209.5 -50 90 107.3 113.4 241.3
1 CD903 5926 6158.3 209.5 -50 90 107.3 113.4 241.3
1 CD903 5926 6158.3 209.5 -50 90 115.55 118.5 241.3
1 CD903 5926 6158.3 209.5 -50 90 127.6 171 241.3
1 CD903 5926 6158.3 209.5 -50 90 181.86 202.01 241.3
1 CD903 5926 6158.3 209.5 -50 90 210.34 211.51 241.3
1 CD904 5942.2 6325.1 192.5 -50 90 178.8 187.3 272
1 CD904 5942.2 6325.1 192.5 -50 90 178.8 187.3 272
1 CD904 5942.2 6325.1 192.5 -50 90 196.8 197.95 272
1 CD904 5942.2 6325.1 192.5 -50 90 197.95 198.12 272
1 CD904 5942.2 6325.1 192.5 -50 90 198.12 219.3 272
1 CD905 6061.8 6499.9 173 -50 90 95.29 109.05 247
1 CD905 6061.8 6499.9 173 -50 90 95.29 109.05 247
1 CD905 6061.8 6499.9 173 -50 90 123.3 126.5 247
1 CD905 6061.8 6499.9 173 -50 90 138.3 142.3 247
1 CD905 6061.8 6499.9 173 -50 90 152.1 178.4 247
1 CD905 6061.8 6499.9 173 -50 90 196.8 212.03 247
1 CD905 6061.8 6499.9 173 -50 90 212.03 212.04 247
1 CD905 6061.8 6499.9 173 -50 90 212.05 230.7 247
1 CD906 6163 6780 168.5 -50 83 96.8 107.7 236.7
1 CD906 6163 6780 168.5 -50 83 96.8 107.7 236.7
1 CD906 6163 6780 168.5 -50 83 114.48 136.8 236.7
1 CD908 6599 7540 183 -53 270 82.4 92.3 250
1 CD908 6599 7540 183 -53 270 82.4 92.3 250
1 CD908 6599 7540 183 -53 270 93.7 97.1 250
1 CD908 6599 7540 183 -53 270 128.5 139.1 250
1 CD908 6599 7540 183 -53 270 153.18 169.67 250
1 CD908 6599 7540 183 -53 270 169.96 224.4 250
1 CD910 6111 6599 160 -45 90 93.04 93.51 242
1 CD910 6111 6599 160 -45 90 93.04 93.51 242
1 CD910 6111 6599 160 -45 90 116.2 134.1 242
1 CD910 6111 6599 160 -45 90 134.53 166.81 242
1 CD911 6007 6095 222 -60 90 0 24 111
1 CD911 6007 6095 222 -60 90 0 24 111
1 CD911 6007 6095 222 -60 90 58 84 111
1 CD913 5948 6045 222 -60 90 28 42 96
1 CD913 5948 6045 222 -60 90 28 42 96
1 CDDH07001 6421.05 7816.59 111.71 -53.56 72.632 4.76 13.36 20
1 CDDH07001 6421.05 7816.59 111.71 -53.56 72.632 4.76 13.36 20
1 CDDH07002 6419.03 7816.03 111.54 -86.266 244.445 5.6 20 20
1 CDDH13011 6017.12 6673 188.577 -50.62 91.335 280.75 287.8 410
1 CDDH13012 6056.434 6746.771 193.826 -59.73 91.4823 279.3 300.5 400

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 16 of 21

34a Alexander St, Burnie Tasmania 7320

Page 76 of 92

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

ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CDDH13012 6056.434 6746.771 193.826 -59.73 91.4823 279.3 300.5 400
1 CDDH13012 6056.434 6746.771 193.826 -59.73 91.4823 305.6 311.2 400
1 CDDH13012 6056.434 6746.771 193.826 -59.73 91.4823 328.2 360.93 400
1 CDDH13013 6174.863 6829.117 168.983 -53.71 126.785 99 111 262.1
1 CDDH13013 6174.863 6829.117 168.983 -53.71 126.785 99 111 262.1
1 CDDH13013 6174.863 6829.117 168.983 -53.71 126.785 121.53 138.25 262.1
1 CDDH13013 6174.863 6829.117 168.983 -53.71 126.785 145.4 167.9 262.1
1 CDDH13013 6174.863 6829.117 168.983 -53.71 126.785 174.1 184.9 262.1
1 CDDH13013 6174.863 6829.117 168.983 -53.71 126.785 186.9 212.9 262.1
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 82.72 92.3 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 82.72 92.3 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 112.3 120.9 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 199.9 218 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 243.5 255.5 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 271.1 281.62 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 281.62 281.63 315.2
1 CDDH13014 6175.226 6829.948 169.139 -52.04 81.0741667 281.63 292.4 315.2
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 89.37 90.89 229.8
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 89.37 90.89 229.8
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 116.29 117.98 229.8
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 133.6 140.6 229.8
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 148.6 171.1 229.8
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 171.1 174.8 229.8
1 CDDH13015 6263.191 6927.95 155.053 -57.38 112.68 182.3 184 229.8
1 CDDH13016 6264.217 6930.421 155.011 -50.97 77.194 102.57 113.78 230.1
1 CDDH13016 6264.217 6930.421 155.011 -50.97 77.194 102.57 113.78 230.1
1 CDDH13016 6264.217 6930.421 155.011 -50.97 77.194 121.9 128.43 230.1
1 CDDH13016 6264.217 6930.421 155.011 -50.97 77.194 145.82 161.05 230.1
1 CDDH13016 6264.217 6930.421 155.011 -50.97 77.194 177.33 187.12 230.1
1 CDDH13016 6264.217 6930.421 155.011 -50.97 77.194 187.12 191.5 230.1
1 CDDH13017 6176.225 6828.275 168.225 -51.97 98.46 76.33 86.67 278.3
1 CDDH13017 6176.225 6828.275 168.225 -51.97 98.46 76.33 86.67 278.3
1 CDDH13017 6176.225 6828.275 168.225 -51.97 98.46 112.3 122.4 278.3
1 CDDH13017 6176.225 6828.275 168.225 -51.97 98.46 124.3 159.15 278.3
1 CDDH13017 6176.225 6828.275 168.225 -51.97 98.46 164.1 177 278.3
1 CDDH13018 6338.826 7000.721 144.488 -63.85 90.021 45.3 54.17 163.7
1 CDDH13018 6338.826 7000.721 144.488 -63.85 90.021 45.3 54.17 163.7
1 CDDH13018 6338.826 7000.721 144.488 -63.85 90.021 60.55 82.24 163.7
1 CDDH13018 6338.826 7000.721 144.488 -63.85 90.021 82.24 82.82 163.7
1 CDDH13018 6338.826 7000.721 144.488 -63.85 90.021 82.82 102.7 163.7
1 CDDH13018 6338.826 7000.721 144.488 -63.85 90.021 109.15 138.8 163.7
1 CDDH13019 6323.899 7087.316 139.919 -56.5 116.732 28.5 52.62 195.2
1 CDDH13019 6323.899 7087.316 139.919 -56.5 116.732 28.5 52.62 195.2
1 CDDH13019 6323.899 7087.316 139.919 -56.5 116.732 72.7 106.8 195.2
1 CDDH13019 6323.899 7087.316 139.919 -56.5 116.732 110.5 127 195.2
1 CDDH13019 6323.899 7087.316 139.919 -56.5 116.732 130.8 163.8 195.2
1 CDDH13020 6323.918 7088.568 139.932 -54.7 81.62 38.2 49.6 219.6
1 CDDH13020 6323.918 7088.568 139.932 -54.7 81.62 38.2 49.6 219.6
1 CDDH13020 6323.918 7088.568 139.932 -54.7 81.62 59.35 81 219.6
1 CDDH13020 6323.918 7088.568 139.932 -54.7 81.62 93.45 124.3 219.6

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CDDH13020 6323.918 7088.568 139.932 -54.7 81.62 130 139.8 219.6
1 CDDH13020 6323.918 7088.568 139.932 -54.7 81.62 150.11 174.35 219.6
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 52.8 56.7 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 52.8 56.7 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 65.23 68.05 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 69.1 98.3 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 122.2 148.4 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 151.9 179.9 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 181.6 185.1 246.5
1 CDDH13021 6323.512 7090.779 139.719 -48.83 54.8766 189.6 202.4 246.5
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 0 9.6 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 0 9.6 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 16.98 19.37 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 19.53 37.79 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 44.8 54 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 98.42 109.25 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 110.34 118.6 314.2
1 CDDH14001 6294.109 6850.427 141.644 -59.16 89.7492 189.4 197.9 314.2
1 CDDH14002 6314.808 6900.143 140.75 -60.15 90.512 18 23.3 150.7
1 CDDH14002 6314.808 6900.143 140.75 -60.15 90.512 18 23.3 150.7
1 CDDH14002 6314.808 6900.143 140.75 -60.15 90.512 90.42 91.52 150.7
1 CDDH14002 6314.808 6900.143 140.75 -60.15 90.512 91.52 93.7 150.7
1 CDDH14002 6314.808 6900.143 140.75 -60.15 90.512 95.9 98.9 150.7
1 CDDH14003 6342.984 6950.185 140.46 -59.38 89.984 0 0.35 135.1
1 CDDH14003 6342.984 6950.185 140.46 -59.38 89.984 0 0.35 135.1
1 CDDH14004 6392.661 7050.157 152.196 -60.06 89.942 32.5 44.92 115.8
1 CDDH14004 6392.661 7050.157 152.196 -60.06 89.942 32.5 44.92 115.8
1 CDDH14004 6392.661 7050.157 152.196 -60.06 89.942 66.4 72.4 115.8
1 CDDH14005 6396.748 7100.153 153.153 -60.04 90.9128 5.9 18.29 120.8
1 CDDH14005 6396.748 7100.153 153.153 -60.04 90.9128 5.9 18.29 120.8
1 CDDH14005 6396.748 7100.153 153.153 -60.04 90.9128 30.95 49 120.8
1 CDDH14005 6396.748 7100.153 153.153 -60.04 90.9128 63.75 76.15 120.8
1 CDDH14005 6396.748 7100.153 153.153 -60.04 90.9128 78.2 87.3 120.8
1 CDDH14006 6403.49 7150.266 153.731 -59.163 90.218 33.02 33.35 122.2
1 CDDH14006 6403.49 7150.266 153.731 -59.163 90.218 33.02 33.35 122.2
1 CDDH14006 6403.49 7150.266 153.731 -59.163 90.218 46.38 53.51 122.2
1 CDDH14006 6403.49 7150.266 153.731 -59.163 90.218 67.55 77.8 122.2
1 CP8877 6491 7699 129 -90 0 0 4.3 21
1 CP8877 6491 7699 129 -90 0 0 4.3 21
1 CP8879 6472 7696 127 -90 0 0 3 3
1 CP8880 6465 7677 127 -90 0 0 3 3
1 CP8881 6457 7653 127 -90 0 0 6 6
1 CP8883 6461 7627 127 -90 0 0 21 21
1 CP8884 6455 7628 127 -90 0 0 3 3
1 CP8885 6459 7612 127 -90 0 0 21 21
1 CP8886 6464 7657 128 -90 0 0 6 6
1 CP8887 6456 7591 127 -90 0 0 1.14 21
1 CP8887 6456 7591 127 -90 0 0 1.14 21
1 CP8888 6453 7572 127 -90 0 0 21 21
1 CP8889 6454 7541 129 -90 0 6 18 24

Centre Pit Combined Drill-hole Intersects as at 31 Dec 2014 18 of 21

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
----- End of picture text -----

CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 CP8890 6462 7512 129 -90 0 0 11.24 24
1 CP8890 6462 7512 129 -90 0 0 11.24 24
1 CP8891 6476 7518 128 -90 0 0.06 24 24
1 CP8892 6475 7541 129 -90 0 0.65 21.7 24
1 CP8892 6475 7541 129 -90 0 0.65 21.7 24
1 CP8893 6485 7460 128 -90 0 0 24 24
1 CP8894 6474 7481 129 -90 0 0 24 24
1 CP8895 6485 7502 128 -90 0 0 24 24
1 CP8896 6469 7500 129 -90 0 0 24 24
1 CP8897 6473 7678 128 -90 0 0 6 6
1 CP8898 6481 7699 128 -90 0 0 0.92 3
1 CPSTH1 6406.649 6997.925 159.249 -54.6789 110.2997 0 12 29.5
1 CPSTH2 6404.769 7012.277 157.214 -53.2886 111.1647 0 29.5 29.5
1 DH014 6660 7870 140 -60 274 258.5 268.8 469.7
1 DH014 6660 7870 140 -60 274 258.5 268.8 469.7
1 DH014 6660 7870 140 -60 274 272.2 291.1 469.7
1 DH014 6660 7870 140 -60 274 307.5 349 469.7
1 DH014 6660 7870 140 -60 274 355.1 356.3 469.7
1 DH018 6558 8042 155.4 -55 270 111.66 145.4 193.2
1 DH018 6558 8042 155.4 -55 270 111.66 145.4 193.2
1 DH018 6558 8042 155.4 -55 270 160.16 169.8 193.2
1 DH019 6552 8195 161.5 -60 270 20.62 77.61 150
1 DH019 6552 8195 161.5 -60 270 20.62 77.61 150
1 DH019 6552 8195 161.5 -60 270 77.62 81.78 150
1 DH019 6552 8195 161.5 -60 270 83.67 84.3 150
1 DH023 6252 6736 284 -46 270 0 32.35 90.5
1 DH023 6252 6736 284 -46 270 0 32.35 90.5
1 DH023 6252 6736 284 -46 270 32.59 84.94 90.5
1 DH039 6642.5 8187 143.75 -80 274 144.2 146.46 167
1 DH039B 6642.5 8187 143.8 -80 274 150.63 153.89 320.3
1 DH039B 6642.5 8187 143.8 -80 274 150.63 153.89 320.3
1 DH042 6725 7860 145 -80 270.3 539.5 555.8 697.8
1 DH042 6725 7860 145 -80 270.3 539.5 555.8 697.8
1 DH048 6577 8341.5 195.1 -60 274 73.8 88.38 101.5
1 GT001 6355.275 7940.683 111.749 -43.5 270 0 14.69 161.34
1 ND049 6490.7 8019.9 179 -45 270 28.35 37.81 136
1 ND049 6490.7 8019.9 179 -45 270 28.35 37.81 136
1 ND049 6490.7 8019.9 179 -45 270 44.16 59.69 136
1 ND049 6490.7 8019.9 179 -45 270 61.83 98 136
1 ND066 6463.32 7928.74 154.71 -43 267.92 13.53 67.9 127
1 ND066 6463.32 7928.74 154.71 -43 267.92 13.53 67.9 127
1 ND067 6412.17 7990.06 154.96 -51 89.3 0 0.91 151.5
1 ND067 6412.17 7990.06 154.96 -51 89.3 0 0.91 151.5
1 ND067 6412.17 7990.06 154.96 -51 89.3 22.6 48.19 151.5
1 ND067 6412.17 7990.06 154.96 -51 89.3 53.36 75.64 151.5
1 ND067 6412.17 7990.06 154.96 -51 89.3 75.64 77.7 151.5
1 ND068 6530.8 8089.56 146.52 -45 269.1 58.81 61.8 197
1 ND068 6530.8 8089.56 146.52 -45 269.1 58.81 61.8 197
1 ND068 6530.8 8089.56 146.52 -45 269.1 61.8 84.3 197
1 ND068 6530.8 8089.56 146.52 -45 269.1 87.1 94.05 197

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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CP_1409 hole_id x y z dip azimuth **depth_from ** **depth_to ** max_depth
1 ND068 6530.8 8089.56 146.52 -45 269.1 94.05 98.09 197
1 ND068 6530.8 8089.56 146.52 -45 269.1 131.8 133.8 197
1 ND069 6539.71 8141.51 146.47 -47 269.5 50.6 68.8 139
1 ND069 6539.71 8141.51 146.47 -47 269.5 50.6 68.8 139
1 ND069 6539.71 8141.51 146.47 -47 269.5 77.57 78.03 139
1 ND069 6539.71 8141.51 146.47 -47 269.5 78.03 78.09 139
1 ND070 6514.6 8239.37 153.19 -45 88.22 4 45.7 163
1 ND070 6514.6 8239.37 153.19 -45 88.22 4 45.7 163
1 ND070 6514.6 8239.37 153.19 -45 88.22 46.34 52.31 163
1 ND074 6510.74 8297.89 157 -45 87.91 0 13.8 148.5
1 ND074 6510.74 8297.89 157 -45 87.91 0 13.8 148.5
1 ND078 6440.3 8141.7 139.2 -45 91.98 29.29 61.51 151
1 ND078 6440.3 8141.7 139.2 -45 91.98 29.29 61.51 151
1 ND078 6440.3 8141.7 139.2 -45 91.98 61.55 61.57 151
1 ND078 6440.3 8141.7 139.2 -45 91.98 69.4 108.83 151
1 ND078 6440.3 8141.7 139.2 -45 91.98 115.8 138.7 151
1 ND079 6477.7 8087.7 125.8 -37 270.35 0 12.3 91.6
1 ND079 6477.7 8087.7 125.8 -37 270.35 0 12.3 91.6
1 ND079 6477.7 8087.7 125.8 -37 270.35 21.6 29.37 91.6
1 ND079 6477.7 8087.7 125.8 -37 270.35 40.1 51.3 91.6
1 ND093 6618.4 8348.8 163.9 -38 270 99.96 106.92 200
1 ND095 6519.9 8440.4 168.8 -40 90 79.27 85.9 177.5
1 NP026 6444 8040 203.1 -90 0 54 75 75
1 NP027 6425 7990 210.2 -90 0 9 32.92 90
1 NP027 6425 7990 210.2 -90 0 9 32.92 90
1 NP028 6463 7993 185.4 -90 0 0 12 81
1 NP028 6463 7993 185.4 -90 0 0 12 81
1 NP030 6520 8189 159.7 -90 0 0 39 39
1 NP031 6424 7894 167.8 -90 0 0 36 36
1 NP032 6487 7990 166.2 -60 270 0 12 60
1 NP032 6487 7990 166.2 -60 270 0 12 60
1 NP032 6487 7990 166.2 -60 270 30 51.94 60
1 NP033 6451 7891 150.8 -90 0 0 27 27
1 SL001 6404 7989.9 215.4 -60 270 0 24 24
1 SL002 6400 7940 199 -60 270 4 15 70
1 SL003 6381.7 8029.7 183.1 -60 90 22.23 39.09 70
1 SL004 6353.4 7893.7 174.5 -60 270 9 43 43
1 SL005 6378.5 7888.1 172.9 -60 90 16 65 65
1 SL006 6450.2 7891.3 151.6 -60 270 0 1.98 30
1 SL006 6450.2 7891.3 151.6 -60 270 0 1.98 30
1 SL007 6466.2 7947.5 166 -40 270 23 34 34
1 SL009 6549.7 7939.8 110 0 270 50 75 163
1 SL009 6549.7 7939.8 110 0 270 50 75 163
1 SL009 6549.7 7939.8 110 0 270 75 92.91 163
1 SL009 6549.7 7939.8 110 0 270 101.5 103.53 163
1 SL009 6549.7 7939.8 110 0 270 115.05 133.28 163
1 SL010 6523.1 7890.8 107.1 0 270 29 43.78 124
1 SL010 6523.1 7890.8 107.1 0 270 29 43.78 124
1 SL010 6523.1 7890.8 107.1 0 270 43.78 44 124
1 SL010 6523.1 7890.8 107.1 0 270 44 59 124

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ANNUAL RESOURCE & RESERVE
STATEMENT DECEMBER 2015
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CP_1409 hole_id x y z dip azimuth depth_from **depth_to ** max_depth
1 SL010 6523.1 7890.8 107.1 0 270 89 95 124
1 SL010 6523.1 7890.8 107.1 0 270 95 119 124
1 SL012 6508.9 8090.6 167.7 -20 270 18 39 71
1 SL012 6508.9 8090.6 167.7 -20 270 18 39 71
1 SL012 6508.9 8090.6 167.7 -20 270 39 51 71
1 SL012 6508.9 8090.6 167.7 -20 270 51.58 51.68 71
1 SL013 6505.8 7990.1 161.6 -60 270 0 5 78
1 SL013 6505.8 7990.1 161.6 -60 270 0 5 78
1 SLP07001 6438.15 7823.129 110.06 -72 73 0 1.27 18
1 SLP07002 6427.139 7816.89 111.246 -70 77 0 2.63 18
1 SLP07002 6427.139 7816.89 111.246 -70 77 0 2.63 18
1 SLP07002 6427.139 7816.89 111.246 -70 77 2.63 3.59 18
1 SLP07004 6402.686 7810.448 111.26 -73 94 0 18 18
1 SLP07005 6383.298 7807.473 111.839 -73 100 4 16.18 18

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