HAWK RESOURCES LIMITED. — Capital/Financing Update 2018

Mar 4, 2018

ASX ANNOUNCEMENT 5 March 2018

Alderan intersects copper-molybdenum mineralisation and wide intervals of copper at Cactus

HIGHLIGHTS

• Drilling at Cactus Mine has intersected further copper-gold-silver mineralisation and a new zone of copper and molybdenum-bearing quartz-magnetite veins indicative of a proximal copper- bearing porphyry intrusion within the Cactus Corridor, distinct from the Perseverance porphyry prospect

• Drillhole ALCA009 intersected:

• 49m @ 0.62% Cu, 0.14 g/t Au, 5.9 g/t Ag from 45m including 12m @ 1.37% Cu, 0.28 g/t Au, 10.2 g/t Ag within tourmaline breccia; and

• 5m @ 0.52% Cu, 0.08% Mo from 169m within a wider 25m zone of coppermolybdenum-bearing magnetite veins

• Hole ALCA008 tested adjacent to the Comet Mine and returned 21.5m @ 0.83% Cu, 0.14 g/t Au, 20.4 g/t Ag from 35.5m

• Alderan has received permits for drilling the recently identified Wasp and Bandit prospects, adjacent to Cactus, with drilling to start at Bandit in coming days

• Work continuing on permitting and road preparation to allow drilling to commence at the Accrington and Perseverance prospects starting in Q2 2018

• Further drilling results from Cactus are expected within the next 2-4 weeks

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Figure 1: Copper-molybdenum-bearing quartz-magnetite veins in hole ALCA009 (from 173m) indicative of a proximal porphyry copper system within the Cactus Corridor.

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ASX ANNOUNCEMENT 5 March 2018

Drilling intersects copper-molybdenum mineralisation and further breccia-hosted copper

Alderan Resources Limited (ASX: AL8) is pleased to announce drilling has intersected further wide intervals of copper at the Cactus Mine, part of the Company’s Frisco Project in Utah, USA.

Results from Alderan’s continuing diamond drilling program also discovered a zone of copper and molybdenum-bearing quartz-magnetite veins from approximately 171m to 196m in ALCA009. These are interpreted to be early veins emplaced into wall rocks above or adjacent to a mineralised porphyry intrusive (Figure 1).

Identification of these veins underneath the Cactus Mine substantiates Alderan’s belief that a nearby porphyry intrusive caused the mineralisation at Cactus. This intrusive is possibly represented by the Wasp and Bandit prospects which may be distinct from the Perseverance porphyry target (see Figure 3 and ASX announcement dated 19 January 2018).

Table 1: Results from ALCA003 to ALCA005, Cactus Prospect

	Hole ID	From (m)	To (m)	Interval (m)	Cu %	Au g/t	Ag g/t	Mo %
	ALCA007	No significant results. Drill hole situated to the north‐east of the Cactus Mine to test possible north‐eastward extensions
	ALCA008	35.5	57	21.5	0.83	0.14	20.4		Breccia hosted
	ALCA009	45	94	49	0.62	0.14	5.9		Breccia hosted
	Including	76	88	12	1.37	0.28	10.2		Breccia hosted
	And	169	174	5	0.52			0.083	Quartz‐magnetite veins

Permitting Update – Bandit and Wasp

Alderan has received permits for drilling at the Bandit and Wasp prospects with drilling expected to begin this week following minor roadworks and drill pad preparation.

The Bandit Prospect is a shallow, flat-lying geophysical target located northwest of the Cactus Mine above a strongly magnetic, pipe-shaped anomaly possibly relating to an intrusive at depth.

Bandit is prospective for porphyry related or skarn-hosted mineralisation, including a supergene enrichment blanket. The target is characterised by:

• A flat-lying high chargeability anomaly (up to >80 mV/V) which occurs over an area of at least 800m by 400m. The anomaly is interpreted to be caused by the presence of either sulphides or skarn-related magnetite;

• A coincident resistivity low (up to <150 Ωm) at depth, indicating a zone of increased conductivity;

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ASX ANNOUNCEMENT 5 March 2018

• Leached veins at surface with rock-chip sampling returning anomalous copper up to 0.17% and up to 2.9 g/t gold; and

• The location of both chargeability and resistivity anomalies as a blanket on top of a subvertical, highly magnetic body at depth.

The Bandit prospect may represent a large body of sulphides at shallow depths, related to and within an underlying intruisve body.

Alderan will drill 3-5 holes to approximately 200-350m depth to test the Bandit Prospect before moving to the Wasp Prospect.

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Figure 2: Target summary for the Bandit target showing a shallow, flat lying chargeability anomaly and a low resistivitiy anomaly on top of a vertical strongly magnetic body.

The Wasp Prospect is a geophysical anomaly situated several hundred metres northeast of the Cactus Mine within the Cactus structural corridor. It is considered to be prospective for Cactusstyle copper-gold-silver or porphyry copper-gold. Key observations include:

• A similar geophysical response to mineralisation intersected by drilling within and adjacent to the Cactus Mine, specifically a low resistivity signature of <60 Ωm; and

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ASX ANNOUNCEMENT 5 March 2018

• A medium to strongly magnetic, “pipe” shaped zone along strike of Wasp that also exhibits lower resistivity than surrounding areas suggesting it may form part of an intrusive elongated along the Cactus Corridor.

Mineralisation intersected in recent drilling at the Cactus Mine shows a very good spatial correlation with zones of lower resistivity from the 3D inversion model. The Wasp prospect may represent either a continuation or a primary source of mineralisation at the Cactus Mine to depth.

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Figure 3: Wasp prospect shown as a large resistivity low (higher conductivity) to the right (north-east) of the Cactus Mine. The Wasp Prospect occurs within a pipe like structure extending to depth, possibly related to an intrusive body.

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ASX ANNOUNCEMENT 5 March 2018

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Figure 4: Map showing the Wasp and Bandit Prospects and hole ALCA009 which intersected copper-molybenum bearing veins typical of veins emplaced above and adjacent to porphyry copper deposits.

Permitting update – Accrington and Perseverance

Alderan continues drill planning and permitting of Accrington and the Perseverance porphyry prospect. Initial drilling at Accrington will focus on thick copper-bearing skarns which occur from the Imperial Mine to Accrington East. In addition, initial testing of the Perseverance porphyry prospect will occur from near the Imperial Mine.

Whilst extensive roads and tracks occur across Accrington, drilling of outcropping copper bearing skarns and the Perseverance prospect requires further road building and improvements. Completion of permitting, including archeology surveys, and preparatory works is dependent on snow cover. Alderan expects to drill at Accrington and Perseverance in the second quarter of 2018.

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ASX ANNOUNCEMENT 5 March 2018

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Figure 5: Cross section of the 3D inversion model for chargeability showing the location of the various prospects within the Frisco system.

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ASX ANNOUNCEMENT 5 March 2018

- Table 2: Drill collar details. Co ordinates are in WGS84 Zone 12.

	Drillhole ID	East	North	Dip	Azimuth	Elevation	Depth (m)	Drill type
	ALCA007	299959	4263705	-70	042	1982 asl	396.5	Diamond
	ALCA008	300104	4262569	-55	195	1972 asl	297.50	Diamond
	ALCA009	299801	4262697	-70	175	1903 asl	327.75	Diamond
	ALCA010	299801	4262697	-55	175	1903 asl	158.30	Diamond

Figure 6: Long section through the Cactus and Comet Mine showing ALCA drill holes and historical drilling (refer to announcements on 28 June 2017 and 21 August 2017 for historical drill and channel sample results).

---ENDS---

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ASX ANNOUNCEMENT 5 March 2018

ALDERAN RESOURCES LIMITED

Ground Floor, 16 Ord Street, West Perth, 6005, WA

www.alderanresources.com.au

For further information:

e: info@alderanresources.com.au p: +61 8 9482 0560

ABN: 55 165 079 201

Please direct enquiries to:

Nathan Ryan Christopher Wanless NWR Communications Chief Executive Officer Mobile: 0420 582 887 chris@alderanresources.com.au Stay Connected

Interested investors and shareholders are encouraged to subscribe to the Company’s social media channels using the links below:

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Competent Persons Statement

The information in this presentation that relates to exploration targets, exploration results, mineral resources or ore reserves is based on information compiled by Peter Geerdts, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Peter Geerdts is the Chief Geologist of Alderan Resources Limited. Peter Geerdts has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code (JORC Code). Peter Geerdts consents to the inclusion of this information in the form and context in which it appears.

Mr Geerdts confirms that that the information provided in this announcement provided under ASX Listing Rules Chapter 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the proposed exploration programmes that relate to this “material mining project”.

The information in this press release that relates to exploration targets, exploration results, mineral resources or ore reserves is based on information compiled by Brian Kay, a competent person who is a member of Engineers and Geoscientists British Columbia (formerly The Association of Professional Engineers and Geoscientists of British Columbia). Brian Kay is the Exploration Manager of Alderan Resources Limited. Brian Kay has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code (JORC Code). Brian Kay consents to the inclusion of this information in the form and context in which it appears. Mr Kay confirms that that the information provided in this announcement provided under ASX Listing Rules Chapter 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the proposed exploration programmes that relate to this “material mining project”.

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ASX ANNOUNCEMENT 5 March 2018

About Alderan Resources Limited

Alderan is a copper explorer with a focus on the Frisco Project, located in Utah, United States of America. The Frisco Project encompasses an area of significant historical mining activity with numerous old mines and workings across an area of approximately 7km by 4km. These include:

• the Cactus copper-gold-silver deposit and breccia pipe, one of several mineralised breccia pipes over an area of approximately 1000 m by up to 400 m.

• the Accrington copper-zinc-silver-gold skarn, which hosts extensive mineralisation across an area of 1.8 km by 1.2 km; and

• the Horn zinc deposit, a historical lead-silver mine, which contains significant amounts of unmined high grade zinc.

The Company believes that these three deposits are genetically related to, and were formed contemporaneously with, underlying mineralised (copper-molybdenum-gold) porphyry intrusion(s). Work undertaken by the Company has identified a likely large mineralised porphyry system beneath and adjacent to the Accrington skarn associated with a 2-3 km diameter chargeability anomaly (Perseverance Prospect).

Forward Looking Statement

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Alderan Resources Limited, 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.

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JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	 All samples collected by diamond drilling, half cut core using core
techniques	specific specialised industry standard measurement tools appropriate	saw, sampled at intervals designated by a geologist.
	to the minerals under investigation, such as down hole gamma	 Core was laid out in suitably labelled core trays. A core marker (core
	sondes, or handheld XRF instruments, etc). These examples should	block) was placed at the end of each drilled run (nominally 1.5m) and
	not be taken as limiting the broad meaning of sampling.	labelled with down hole depth, length of drill run. Core was aligned
	 Include reference to measures taken to ensure sample representivity	and measured by tape, comparing back to this down hole depth
	and the appropriate calibration of any measurement tools or systems	consistent with industry standards.
	used.	 Mineralisation is determined by the presence of sulphide minerals as
	 Aspects of the determination of mineralisation that are Material to the	logged by a qualified geologist. Chalcopyrite is identified as the
	Public Report.	mineral of economic interest.
	 In cases where ‘industry standard’ work has been done this would be
	relatively simple (eg ‘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 (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	 Drilling is by diamond core of HQ (61mm) diameter, using triple tube
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	splits and TruCore orientation device.
	or standard tube, depth of diamond tails, face-sampling bit or other	 The Trucore device requires competent core at the core lifter in order
	type, whether core is oriented and if so, by what method, etc).	to result in a useable orientation line. Sections of core which are
		broken results in limited or no oriented core in these intervals.
		 There is no known relationship between sample recovery and grade.
Drill sample	 Method of recording and assessing core and chip sample recoveries	 Core is measured by a qualified geologist using downhole marking
recovery	and results assessed.	blocks placed by the driller. Zones of cave or fill are assessed by
	 Measures taken to maximise sample recovery and ensure	competence, texture and geologic relationship to surrounding rock, as
	representative nature of the samples.	well as reported cave from drill crew.
	 Whether a relationship exists between sample recovery and grade	 Drilling through poor ground conditions has resulting in minor zones
	and whether sample bias may have occurred due to preferential	of poor drill recovery.
	loss/gainof fine/coarse material.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Hole ID Depth (m) Dh casing (m) Recovery % Casing to end of hole ALCA00 6 128.36 27 74 ALCA00 7 396.5 25 94 ALCA00 8 297.6 21 95 ALCA00 9 327.75 21.4 97  There is no known relationship between sample recovery and grade.
	Hole ID	Depth (m)	Dh casing (m)	Recovery % Casing to end of hole
	ALCA00 6	128.36	27	74
	ALCA00 7	396.5	25	94
	ALCA00 8	297.6	21	95
	ALCA00 9	327.75	21.4	97
Logging  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.  All core has been geologically logged to a level of detail to support future geological modelling and resource estimation.  All logging is qualitative with visual estimates of various characteristics conducted by a qualified geologist.  Logged characteristics include lithology, alteration veining and mineralisation. Data collection of Specific Gravity, Magnetic Susceptibility is also undertaken at the logging stage  All core is photographed by DMT Corescan and photographs recorded in a proprietary database.
Sub- sampling techniques and sample preparation  If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  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.  Whether sample sizes are appropriate to the grain size of the material  All in-situ core is sampled and submitted for assay. Sample intervals are defined by a geologist to honor geological, mineralisation or alteration boundaries.  Sample intervals are greater than 30cm up to 1.5m in length.  Core is cut with an Almonte core saw.  Laboratory Preparation procedures – samples are oven dried and crushed to 2mm in two stages, Riffle split to 250gm which is pulverized to 85% passing 75micron.  Duplicates are taken at first crushing stage.  Sampling techniques are industry standard and considered appropriate

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Criteria		JORC Code explanation	Commentary	Commentary
		being sampled.
Quality	of	 The nature, quality and appropriateness of the assaying and		Gold is determined using a 30g charge fire assay and Atomic
assay	data	laboratory procedures used and whether the technique is considered		Absorption finish
and		partial or total.		Copper, Silver and 46 other elements are determined by Inductively
laboratory		 For geophysical tools, spectrometers, handheld XRF instruments, etc,		Coupled Plasma Mass Spectroscopy following a 4 acid digest.
tests		the parameters used in determining the analysis including instrument		Samples which exceed the upper detection limit (10,000ppm) are
		make and model, reading times, calibrations factors applied and their		subjected to Ore Grade analysis by ICP Atomic Emission
		derivation, etc.		Spectroscopy
		 Nature of quality control procedures adopted (eg standards, blanks,		Commercially prepared Certified Reference Materials (CRM)
		duplicates, external laboratory checks) and whether acceptable levels		consisting of High grade, Medium grade, Low grade and Blank were
		of accuracy (ie lack of bias) and precision have been established.		inserted at an average of 2 in 22 samples, with higher frequency in
				strongly mineralized intervals.
				Crush duplicate samples were inserted at 1 in 22 samples.
				Laboratory QAQC sampling includes insertion of CRM samples, and
				duplicates. This data was reported for each sample submission.
				Failed standards result in re-assaying of portions of the affected
				sample batches.
Verification of		 The verification of significant intersections by either independent or		Drill data was compiled and collated, and reviewed by senior staff.
sampling	and	alternative company personnel.		External consultants do not routinely verify exploration data until
assaying		 The use of twinned holes.		resource estimation procedures are deemed necessary.
		 Documentation of primary data, data entry procedures, data		Twinned holes have not been employed at this early stage of the
		verification, data storage (physical and electronic) protocols.		project
		 Discuss any adjustment to assay data.		Logging is completed in Geobank, an industry standard geological
				software package. Logging is undertaken on laptops with live uplink
				to Alderan’s proprietary database server.
				Data validation protocols are run within Geobank
				Digital assay datafiles are received from ALS and imported into the
				database
				Digital copies of Certificate of Analysis are stored in a central
				database
				No assay data was adjusted
Location	of	 Accuracy and quality of surveys used to locate drill holes (collar and		Collar locations are set with handheld GPS with a positional accuracy
data points		down-hole surveys), trenches, mine workings and other locations		of +/3m. Upon completion of drilling, collar locations will be surveyed
		used in Mineral Resource estimation.		with DGPS to a positional accuracy of +/-0.1m, to be conducted by a
		 Specification of the grid system used.		licensed surveyor.
		 Quality and adequacy of topographic control.		Progress downhole surveys are conducted by Boart Longyear
				personnel at 30m intervals using a Reflex EZshot single shot

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Criteria		JORC Code explanation	JORC Code explanation	Commentary
				magnetic survey tool.
				 End of hole downhole surveys are conducted by IDS Drilling Services
				using a North Seeking Gyro on 10m sample spacing.
				 Grid coordinate system is WGS84 Zone 12, UTM (m) units.
				 Upon completion of drilling, topographic control will be provided by
				DGPS to a positional accuracy of +/-0.1m, to be conducted by a
				licensed surveyor.
Data spacing			Data spacing for reporting of Exploration Results.	 At this early exploration stage, the data spacing is variable as the
and			Whether the data spacing and distribution is sufficient to establish the	focus is on identifying new zones of mineralisation.
distribution			degree of geological and grade continuity appropriate for the Mineral	 Reconnaissance drilling only, no resource estimation being
			Resource and Ore Reserve estimation procedure(s) and	undertaken at this time.
			classifications applied.	 No sample compositing is applied.
			Whether sample compositing has been applied.
Orientation	of		Whether the orientation of sampling achieves unbiased sampling of	 Drillhole azimuth of approximately 210 degrees intersects the
data	in		possible structures and the extent to which this is known, considering	interpreted controlling ESE-WNW structures at an optimal angle.
relation	to		the deposit type.	 Other drilling orientations are undertaken to test this interpreted
geological			If the relationship between the drilling orientation and the orientation	controlling structural orientation.
structure			of key mineralised structures is considered to have introduced a	 Insufficient data exists to properly asses degree of structural control
			sampling bias, this should be assessed and reported if material.	or True Width.
Sample			The measures taken to ensure sample security.	 All logging and sampling is undertaken in a secured facility which is
security				locked when unattended and video monitored at all times.
				 Samples are bagged in cable-tied plastic bags, and batched into
				polyweave sacks for transport.
				 ALS Laboratories personnel receive the samples at Alderan’s facility
				in Milford Utah and perform appropriate chain of custody procedures
				onsite. ALS then transport the samples in their own trucks to the
				laboratory in Elko Nevada.
				 Sample pulps and coarse rejects are returned to site for storage.
Audits	or		The results of any audits or reviews of sampling techniques and data.	 No external audits have been undertaken. These would be part of
reviews				future resource estimation work.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		JORC Code explanation	Commentary
Mineral		 Type, reference name/number, location and ownership including	 The Frisco Prospect comprises 275 patented and 252 unpatented
tenement		agreements or material issues with third parties such as joint	claims, which are governed by the Horn, Cactus and Northern
and	land	ventures, partnerships, overriding royalties, native title interests,	Carbonate lease agreements entered into with the private landowner,
tenure status		historical sites, wilderness or national park and environmental	Horn Silver Mines Inc.
		settings.	 The Horn and Cactus lease agreements grant Alderan all rights to
		 The security of the tenure held at the time of reporting along with any	access the property and to explore for and mine minerals, subject to
		known impediments to obtaining a licence to operate in the area.	a retained royalty of 3% to the landholder. Alderan holds options to
			reduce the royalty to 1% and to purchase the 231 patented claims.
			 The Northern Carbonate Lease grants Alderan with all rights to
			access the property and to explore for and mine minerals, subject to
			a retained royalty of 3% to the landholder. Alderan holds options to
			reduce the royalty to 1% and to purchase the 231 patented claims.
			 Alderan was in full compliance with both lease agreements and all
			claims were in good standing at the time of reporting.
Exploration		 Acknowledgment and appraisal of exploration by other parties.	 A large amount of historical exploration has been carried out by
done by other			numerous different parties dating back to the 1800’s.
parties			 Historical mining records including level plans and production records
			exist for the period between 1905 and 1915 when the vast majority of
			production occurred
			 Historical drilling has been carried out by multiple parties including
			Anaconda Company, Rosario Exploration Company, Amax
			Exploration and Western Utah Copper Corporation/Palladon Ventures
			 Data has been acquired, digitized where indicated, and interpreted by
			Alderan.
Geology		 Deposit type, geological setting and style of mineralisation.	 Porphyry style mineralised district with several expressions of
			mineralisation at surface, such as breccia pipes, skarns, structurally-
			hosted mineralisation, and manto style mineralised zones, including
			outcropping porphyries.
			 Part of the larger Laramide mineralising event.
			 Overprinted by Basin and Range tectonics.

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Criteria JORC Code explanation	Commentary	Commentary	Commentary
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. 
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, the procedure used for such 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.	 No cut off or top cut grades have been applied.  Composites reported are calculated by length weighted average grades with internal high grades reported separately.  No Metal Equivalents are presented  Where assay result is below detection limit of the assay method, a value is inserted which is less than half the detection limit. For example, Auppm <0.005ppm is stored as 0.002ppm. This has negligible effect on calculations as mineralized intercepts do not routinely contain below detection limit assays.
Relationship between mineralisatio n widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation 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’).	 Reported mineralisation is quoted in downhole depths. True width may be less than downhole intercept width (apparent width), and insufficient work has been completed to enable accurate calculation of true widths.
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.	 See Figure 6 Section View
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 _		Low	High
	Cu %	0.00015	3.95

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Criteria JORC Code explanation	Commentary	Commentary	Commentary
Exploration Results.	Au g/t	<0.005	0.972
	Ag g/t	0.01	106
Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological 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.	 Details of other exploration results are recorded in the Independent Geologist’s Report, contained in the Prospectus and on the announcements dated 28 June 2017, 15 December 2017.
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.	 Details of intended exploration activities are mentioned in the report above and in previous announcements made by the Company also recorded in the Independent Geologist’s Report, contained in the Prospectus.

Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code explanation	Commentary
Database	 Measures taken to ensure that data has not been corrupted by, for	 No Resource estimation has been undertaken
integrity	example, transcription or keying errors, between its initial collection
	and its use for Mineral Resource estimation purposes.
	 Data validation procedures used.

Section 4 Estimation and Reporting of Ore Reserves

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(Criterialistedinsection 1, andwhererelevant insections2and 3, also applytothis section.)	(Criterialistedinsection 1, andwhererelevant insections2and 3, also applytothis section.)	(Criterialistedinsection 1, andwhererelevant insections2and 3, also applytothis section.)
Criteria	JORC Code explanation	Commentary
Mineral	 Description of the Mineral Resource estimate used as a basis for the	 No Reserve estimation has been undertaken
Resource	conversion to an Ore Reserve.
estimate for	 Clear statement as to whether the Mineral Resources are reported
conversion to	additional to, or inclusive of, the Ore Reserves.
Ore
Reserves

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