GREENWING RESOURCES LTD — Investor Presentation 2011

Nov 16, 2011

Welcome to the Annual General Meeting of Shareholders for

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

17 N ovem b er 2011

Competent Persons Statement & Disclaimer

Mineral Resources & Exploration Results

The information within this report that relates to exploration results and Mineral Resource estimates is based on information compiled by Mr Kim Denwer who is a full time employee of the Company. Mr Denwer is a Member of the Australian Institute of Geoscientists. He has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Re p ortin g of Ex p loration Results, Mineral Resources and Ore Reserves ( the JORC Code ) ” and he consents to the inclusion of this information in the form and context in which it appears in this report.

Ore Reserves

The information in this report that relates to the Fossey Ore Reserve estimates is based on information compiled by Mr Victor Rajasooriar who is a full time emplo y ee of the Compan y and a Member of the Australasian Institute of Minin g and Metallur gy . Mr Ra j asooriar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves (the JORC Code)”. Mr Rajasooriar consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Disclaimer

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, reserves or potential growth of Bass Metals Ltd, industry growth or other trend projections are, or may be, forward-looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

Bass Metals Production, Development & Discovery

Review:

• 1 . Corporate

• Operations 3. Ex loration p

Outlook:

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

Bass is getting back on track after several major technical set-backs.

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

Thank you to all of the team for your dedication and commitment which contributed to re-establishing operations and a successful financing outcome in very difficult circumstances.

1. Corporate Focus is now on rebuilding value for shareholders.

BSM Share Price Performance vs. XMJ:ASX

Liquidity snapshot - as at 31 Oct. 2011: •Cash / Receivables: $13.7M •Inventory (ore & concentrates): $6. 9M •Debt: $20.2M (RMB Debt) Market Capitalisation - $32.3M (11 cents)

Top 20: 55% of shares Ca ital Structure p Top 5 Shareholders: Listed Unlisted Fully • Denman Income 10 . 2% Shares Options Options Diluted •Metals Finance Ltd 10.1% •JP Morgan Nom. 9.5% Current (M) 294.3 61.5 112.9 468.7 •HSBC Custody Nom. 3.6% • Citicorp Nom . 3 . 2%

Ca ital Structure p

==> picture [720 x 78] intentionally omitted <==

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

. .
----- End of picture text -----

2. Operations (location plan)

Que River esourceR Fossey Decline Portal Site

Fossey East Resource Fossey nU derground Mine

Hellyer Mill

Hellyer Portal & Decline (Plugged)

Hellyer one esourceZ R

2. Operations Safety – is the priority

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

The excellent Hellyer safety record is a testament to the quality of the team and management

==> picture [720 x 540] intentionally omitted <==

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

2. Operations
Mining Plan – current status
----- End of picture text -----

2. Operations Mining Plan – current status

			FY2012-YTD Variance % Actual Budget	FY2012-YTD Variance % Actual Budget	FY2012-YTD Variance % Actual Budget	FY2012-YTD Variance % Actual Budget
	Mine parameter	Unit s	FY2012-YTD		Variance %
			Actual	Budget
	production	T	136,795	134,065	2
	Zinc grade	%	9.0	8.2	10
	Lead grade	%	5.2	4.8	8
	Silver grade	g/t	107	85	26
	Goldgrade	g/t	1.5	1.7	-12
	Copper grade	%	0.4	0.4	16

Revised ore reserve - excellent reconciliation from mine to mill Mine costs – on budget.

==> picture [720 x 78] intentionally omitted <==

2. Operations Processing

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

View toward Hellyer Plant and office

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

Lead flotation cell.

Grinding Mill

2. Operations Improving mill performance

– Mill costs below budget

==> picture [720 x 455] intentionally omitted <==

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

Processed Tonnes and Grade (Pb+Zn) Zinc concentrate produced
70,000 16% 9,000
54%
60,000,000000 14% 8,0007,000 52%
50,000 12%
6,000 50%
40,000 10% 5,000 48%
30,000 8% 4,000 46%
3,000
20,000 6% 44%
2,000
10,000 4% 1,000 42%
0 2% 0 40%
Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign
#1 #2 #3 #4 #5 (Aug)(Aug)Aug)g) #6 (Oct)(Oct)Oct)) #1 #2 #3 #4 #5 (Aug)(Aug)Aug)g) #6 (Oct)(Oct)Oct))
Ore Treated Pb+Zn Grade Zinc concentrate zinc grade
Lead concentrate producedproducedroduced Copper concentrate producedpper concentrate produceder concentrate producedproducedroduced
4,500 62% 400 20%
4,000 60% 350
3,500,500500 58% 300 18%
3,000,000000 56% 250 16%
2,500 54%
200
2,000 52%
1,500 50% 150 14%
1 , 000 48% 100 12%
500 46% 50
0 44% 0 10%
Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign
#1 #2 #3 #4 #5 (Aug) #6 (Oct) #1 #2 #3 #4 #5 (Aug) #6 (Oct)
Lead concentrate lead grade Copper‐Precious metals concentrate copper grade
+Zn)
Tonnes Tonnes
Head Grade (Pb Conc. Grade
Tonnes Tonnes
Conc. Grade Conc. Grade
----- End of picture text -----

==> picture [720 x 455] intentionally omitted <==

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

Processed Tonnes and Grade (Pb+Zn) Zinc concentrate produced
70,000 16% 9,000
54%
60,000,000000 14%
7,0008,0007,000 52%
50,000 12%
6,000 50%
40,000 10% 5,000 48%
30,000 8% 4,000 46%
3,000
20,000 6% 44%
2,000
10,000 4% 1,000 42%
0 2% 0 40%
Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign
#1 #2 #3 #4 #5 (Aug)(Aug)Aug)g) #6 (Oct)(Oct)Oct)) #1 #2 #3 #4 #5 (Aug)(Aug)Aug)g) #6 (Oct)(Oct)Oct))
Ore Treated Pb+Zn Grade Zinc concentrate zinc grade
Lead concentrate producedproducedroduced Copper concentrate producedpper concentrate produceder concentrate producedproducedroduced
4,500 62% 400 20%
4,000 60% 350
3,500,500500 58% 300 18%
3,000,000000 56%
250 16%
2,500 54%
200
2,000 52%
1,500 50% 150 14%
1 , 000 48% 100 12%
500 46% 50
0 44% 0 10%
Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign Campaign
#1 #2 #3 #4 #5 (Aug) #6 (Oct) #1 #2 #3 #4 #5 (Aug) #6 (Oct)
Lead concentrate lead grade Copper‐Precious metals concentrate copper grade
+Zn)
Tonnes Tonnes
Head Grade (Pb Conc. Grade
Tonnes Tonnes
Conc. Grade Conc. Grade
----- End of picture text -----

2. Operations Operations are now running smoothly

The Hellyer Run-of-Mine stockpile

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

A 52,000 tonne stockpile is already built up on ROM ready for the 7[th] Milling Campaign due to start late November.

==> picture [720 x 78] intentionally omitted <==

3. Exploration Bass is a successful explorer

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

3. Exploration New exploration models

Project Pyramid

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

• A pipeline of high quality targets.

• Drill testing will identify further new prospects.

==> picture [720 x 78] intentionally omitted <==

3. Exploration

Fossey Zone-an example of new exploration potential

• Historic drilling focussed on “traditional” VMS target zone .

==> picture [720 x 386] intentionally omitted <==

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

.
•
New discoveries lie deeper
than this.
•
New exploration model
opens up significant new
targets
Conventional
targets in Host
Fossey
Horizon”
New
“unconventional”
Fossey East
ore position
----- End of picture text -----

3. Exploration

McKay Zone – validates new exploration model.

==> picture [720 x 463] intentionally omitted <==

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

-
Hellyer Section
Long
Fossey/F.East
McKay
Prospect
Plan view
----- End of picture text -----

3. Exploration

McKay Zone – recent drilling focus.

• Two key intercepts:

• 7.0 metres at 22.3 % Zn, 9.9 % Pb, 0.7% Cu, 3.4 g/t Au & 181 g/t Ag

• 1.7 metres at 21.9 % Zn, 14.7 % Pb, 1.0 % Cu, 2.3 g/t Au & 182 g/t Ag

• Complex faulting making geological .

• continuity difficult to predict

• Drilling to recommence at McKay after a .

• detailed interpretation of results to date

==> picture [720 x 78] intentionally omitted <==

3. Exploration

New prospective geological position – “unconventional VMS target”

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

• Bass is exploring for 2-4Mt ore deposits – such as Que River.

• Highly prospective ground position with new under-explored targets in both the conventional and unconventional VMS stratigraphic position.

==> picture [720 x 78] intentionally omitted <==

3. Exploration Exploration activity is ramping up.

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

The drill rigs are rolling…..

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

4. Outlook

Growth strategy to generate shareholder value

1. Deliver forecast cash flow from Fossey Mine

• Complete drill out and feasibility study on Fossey East.

• Ongoing project/systems/risk review.

2. Increase mine life to underpin long-term cash flow

• Resources to reserves (Fossey East/Hellyer/Que River).

• extensional exploration drilling around known resources.

3. Assess & potentially develop 1.5M oz gold(eq) resource

• Gold DFS in progress.

• Seek technical and or financial partners for development.

4. Review external project and corporate opportunities

==> picture [720 x 78] intentionally omitted <==

Questions?

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

Attachment 1: HMP Mineral Resources & Ore Reserves Table 1: Combined Polymetallic Massive Sulphide Mineral Resources (as at 30 June 2011 – 5% Pb+Zn cut-off )

	Location	JORC Classification	Tonnes kt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
	measured		286 06 74 142 137 29
	Fossey Indicated Inferred Total*		. . . . 108 0.4 6.8 11 120 1.8 66 0.3 4.7 8.4 94 2.1
			460 0.5 6.9 12.6 127 2.5
	Fossey East Indicated Inferred		140 0.5 5.2 11 83 1.9 110 03 33 66 60 17
	Total		. . . .
			250 0.4 4.4 9.1 73 1.8
	Fossey Trend Sub-Total		710 0.5 6.0 11.4 108 2.3
	Hellyer Indicated Inferred		640 0.4 4 6.8 83 1.3 110 0.2 4.9 8.1 107 1.5
	R t emnan s Total		750 0.3 4.1 7 87 1.3
	Que River Pb-Zn Zone Indicated Inferred Total		160 0.2 3.8 6.5 96 1.2 140 0.3 4.2 7.4 104 1.2
			300 0.2 4 6.9 100 1.2
	Measured		60 17 07 21 69 03
	Que River Cu Zone Indicated Inferred Total		. . . . 260 1.9 1.6 4.3 68 0.3 60 2.5 0.2 0.6 33 0.2 380 2 1.3 3.4 63 0.3
	Measured Indicated		346 0.8 6.4 12.4 127 2.5
			1350 07 39 72 86 12
	Total Inferred Total		, . . . .
			486 0.5 3.7 6.6 85 1.4
			2,140 0.6 4.2 7.8 92 1.4

*** Fossey resource depleted by mining 90kt.**

Attachment 1: HMP Mineral Resources & Ore Reserves

Table 2: Fossey East Mineral Resource Estimate Summaries (28 Feb 2011) As the drill density is still very sparse – resource is quoted for a series of Pb+Zn cut-offs.

	Geological outline	Geological outline
	ZONE	CATEGORY	kT	Zn%	Pb%	**Ag g/t **	**Aug/t **	Cu%	DENSITY
	BMS/Barite	Indicated	170	9.4	4.4	75	1.7	0.4	4.15
	BMS/Barite	Inferred	450	2.2	1.1	44	1.3	0.1	4.09
	Stringer	Inferred	30	2.7	1.2	22	0.7	0.1	3.25
	TOTAL		650	4.1	2.0	51	1.4	0.2	4.06
	3%(Pb+Zn) Cutoff
	BMS/Barite	Indicated	160	10.3	4.8	79	1.8	0.5	4.17
	BMS/Barite	Inferred	160	4.9	2.6	57	1.6	0.2	4.15
	Stringer	Inferred	20	3.2	1.5	28	0.7	0.1	3.31
	TOTAL		340	7.2	3.5	66	1.6	0.3	4.10
	5%(Pb+Zn) Cutoff
	BMS/Barite	Indicated	140	11.0	5.2	83	1.9	0.5	4.18
	BMS/Barite	Inferred	100	6.6	3.5	63	1.8	0.3	4.20
	Stringer	Inferred	10	3.8	1.8	30	0.7	0.1	3.31
	TOTAL		250	9.1	4.4	73	1.8	0.4	4.16

Note: Small rounding errors may occur

==> picture [720 x 78] intentionally omitted <==

Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:

Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:
Fossey ‐ Broken Underground Stocks ‐ as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Underground	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
Fossey ‐ Surface Stockpile Stocks ‐ as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Mill ROM	14,954	15	0.3	4.8	8.6	2.2	139	44	712	1,289	1,080	66,673
Crushed Mill Stocks	3,500	4	0.4	6.8	11.4	2.3	132	14	238	397	262	14,809
	18,454	18	0.3	5.1	9.1	2.3	137	58	950	1,686	1,342	81,482
Fossey Mining Reserve ‐ as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Proven	269,188	269	0.5	6.7	12.9	2.6	123	1,444	18,151	34,729	22,788	1,064,594
Probable	170,150	170	0.2	3.4	5.6	1.5	71	339	5,757	9,599	8,000	388,666
Reserve	439,338	439	0.4	5.4	10.1	2.2	103	1,784	23,908	44,327	30,788	1,453,260
Mining Inventory (MI)	43,161	43	0.3	4.1	7.6	1.7	77	120	1,777	3,287	2,405	107,420
Underground Stock(Proven)	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
Surface Stockpiles(Proven)	18,454	18	0.3	5.1	9.1	2.3	137	58	950	1,686	1,342	81,482
Total Reserve	494,683	495	0.4	5.3	9.7	2.2	103	1,935	26,080	48,101	34,382	1,633,189
Total Reserve + MI	537,844	538	0.4	5.2	9.6	2.1	101	2,055	27,857	51,388	36,787	1,740,609

Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:
Fossey ‐ Broken Underground Stocks ‐ as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Underground	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
Fossey ‐ Surface Stockpile Stocks ‐ as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Mill ROM	14,954	15	0.3	4.8	8.6	2.2	139	44	712	1,289	1,080	66,673
Crushed Mill Stocks	3,500	4	0.4	6.8	11.4	2.3	132	14	238	397	262	14,809
	18,454	18	0.3	5.1	9.1	2.3	137	58	950	1,686	1,342	81,482
Fossey Mining Reserve ‐ as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Proven	269,188	269	0.5	6.7	12.9	2.6	123	1,444	18,151	34,729	22,788	1,064,594
Probable	170,150	170	0.2	3.4	5.6	1.5	71	339	5,757	9,599	8,000	388,666
Reserve	439,338	439	0.4	5.4	10.1	2.2	103	1,784	23,908	44,327	30,788	1,453,260
Mining Inventory (MI)	43,161	43	0.3	4.1	7.6	1.7	77	120	1,777	3,287	2,405	107,420
Underground Stock(Proven)	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
Surface Stockpiles(Proven)	18,454	18	0.3	5.1	9.1	2.3	137	58	950	1,686	1,342	81,482
Total Reserve	494,683	495	0.4	5.3	9.7	2.2	103	1,935	26,080	48,101	34,382	1,633,189
Total Reserve + MI	537,844	538	0.4	5.2	9.6	2.1	101	2,055	27,857	51,388	36,787	1,740,609

Attachment 1: Hellyer Tailings Mineral Resources

Table 4: Hell er Tails Combined Mineral Resource Estimate – 23 June 2009 y

	JORC Classification	Tonnes mt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
	Measured	4.9 0.2 3.1 2.8 105 2.7
	I di t d n ca e Inferred	2 5 0 2 3 0 2 6 104 2 6 . . . . . 2.1 0.2 2.9 1.7 103 2.4
	Total	9.5 0.2 3.0 2.5 104 2.6

Table 5: Summar of Mt Charter Mineral Resource at a 0.7 /t Au cut-off 30 October 2006 y g

	JORC Classification	Tonnes mt	Gold (g/t)	Silver (g/t)	Zinc (%)	Gold koz	Silver koz
	Indicated Inferred	1.9 1.21 36.3 0.7 74 2,218 4.2 1.22 35.2 0.4 165 4,754
	Total	6.1 1.22 35.5 0.5 239 6,972

Notes on Metal Prices and Gold Equivalence

• Metal prices effecting the gold equivalent calculation are : Gold A$1,430/oz and silver A$35.6/ozs. This generates a Au:Ag ration of 1:40.1. This has been conservatively modified to 1:45 to complete the equivalence calculation based only on contained silver and gold in the respective resources in Table 4 and 5.

• The g rades for the calculation of a Au e q uivalent g rade are from the res p ective combined resource estimates p resented in Tables 4 and 5.

• • No recoveries or other modifying factors have been applied in the calculation. Au is the chosen metal for reporting equivalence as it is potentially the more valuable.