IGO LIMITED — Capital/Financing Update 2023

Feb 20, 2023

ASX / MEDIA RELEASE

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21 February 2023

DRILLING UNDERWAY AT MT ALEXANDER LITHIUM PROJECT

Expanded drill programme at Mt Alexander underway; first assays from 2022 maiden lithium drill campaign confirm lithium-bearing pegmatites from surface up to 220m

HIGHLIGHTS

Major lithium drill programme has commenced:

• Reverse circulation (RC) drilling is underway at Mt Alexander, with 20,000m of exploration drilling expected in H1 2023 and additional RC and diamond drilling to be scheduled throughout 2023

• New Programmes of Work for drilling have been approved and include several areas not previously drilled for lithium, including the highly prospective contact adjacent to the Copperfield Granite, which is directly along strike from the significant lithium discoveries by Red Dirt Metals (ASX: RDT) at its Mt Ida Project

• Drilling will test numerous pegmatites mapped across the 15km pegmatite corridor at Mt Alexander as well as testing the down-dip continuity and potential for thickening of the lithium pegmatites intersected in the 2022 drilling

• St George is well-funded and has the support of its strategic partners to expand drilling and ramp up exploration activities based on results

Assays from maiden lithium drilling confirm continuity of fertile pegmatites:

• First batch of laboratory assays from the 2022 reconnaissance drilling have returned anomalous lithium values in every pegmatite tested with a number of intersections of greater than 1% Li2O and intervals of anomalous lithium up to 14m thick (see Table 1)

• Assays also contain elevated values for tantalum (Ta), caesium (Cs) and rubidium (Rb), providing further evidence of the fertility of the pegmatites for lithium mineralisation

• 2022 drilling comprised mostly shallow RC holes testing a small part of the interpreted 15km-long and 5km-wide pegmatite corridor on St George’s tenure, and designed to confirm the continuity and orientation of lithium-bearing outcrops below surface

• Positive results from the 2022 drilling at the Jailbreak Prospect provide confidence for a larger scale drill programme to systematically test the extensive pegmatite system across the strike of St George’s landholding

St George Mining Limited (ASX: SGQ ) (“ St George ” or “ the Company ”) is pleased to announce that an expanded drill programme is underway at its flagship Mt Alexander Lithium Project in WA’s Goldfields, with confidence underpinned by the return of encouraging first assays from the maiden lithium drilling campaign carried out in 2022.

ST GEORGE MINING LIMITED ACN 139 308 973 Suite 2, Level 2, 28 Ord Street West Perth WA 6005 |PO Box 100 West Perth WA 6872 www.stgeorgemining.com.au | Phone +61 8 6118 2118

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John Prineas, St George Mining’s Executive Chairman, said: “I am pleased to report that the St George team is on the ground at Mt Alexander and has kicked off the 2023 drill programme, in line with our promise to shareholders.

"This expanded drill programme is built on the maiden campaign we undertook in late 2022 and which is now delivering the first batch of highly encouraging assays.

“Those initial results from the 2022 programme demonstrate that the lithium-mineralised pegmatite outcrops identified from rock chip sampling continue below surface with mineralisation open at depth.

“This is an important exploration milestone for Mt Alexander and provides strong encouragement for the potential of systematic exploration of the extensive pegmatites at Mt Alexander to delineate significant lithium mineralisation.

“We are excited to be ramping up our drill programme which is designed as a step-out and discovery campaign of drilling across our 15km-long pegmatite corridor.

“The backing of our strategic partners – leading lithium-ion battery companies Shanghai Jayson, SVOLT Energy and Sunwoda Electronic – means we also have the flexibility to add to the Mt Alexander drill programme with further RC and diamond holes as results warrant.

“Mt Alexander is an exciting lithium opportunity and just one of several highly prospective battery minerals projects in St George’s expanding pipeline.

“Investors can expect steady news flow over the coming months, with drilling updates and assay results from Mt Alexander to be released as available while we progress exploration activities at our other exciting projects across Western Australia.”

2022 MAIDEN LITHIUM DRILLING

Encouraging Results:

The drill programme underway at Mt Alexander is built on the foundations established by a successful small, maiden drill campaign in late 2022. Details for drill holes completed in 2022 are contained in Table 2 with first assays in Table 1 below. Further assays for an additional five drill holes are pending.

Given the campaign was testing several concepts during the maiden drill programme and using already existing drilling approvals, the Company is encouraged by these initial assay results.

Several drill holes had anomalous lithium intercepts of 5m or more with the thickest intersection of 14m (MARC168). High-grade lithium values above 1% Li2O were returned in six intersections with a peak value of 1.8% Li2O (MARC158).

Assays also indicated elevated values of Ta, Cs and Rb with the lithium mineralisation, which further supports the interpretation of fractionated pegmatites that are fertile for lithium deposits. Peak values were in MARC168 which intersected a 14m thick interval of anomalous lithium including 1m at 1.25% Li2O, 2,020 ppm Ta, 2,330ppm Cs and 11,800 ppm Rb from 79m.

Several drill holes intersected more than one pegmatite, indicating the likely presence of multiple stacked pegmatite units.

Further drilling will be designed to investigate if these pegmatites potentially merge at deeper levels or are otherwise associated with a larger pegmatite body down-dip.

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Figures 1 and 2 below illustrate cross sections for two of the targeted pegmatite dykes, named J1 and J2 , that were drill tested.

These are situated at the Jailbreak Prospect, located within Exploration Licence 29/962 (100% St George); see Figure 3.

A number of drill samples confirmed by assays to have anomalous lithium will undergo petrographic examination to confirm the nature of the lithium bearing minerals, which are visually interpreted to include spodumene and lepidolite.

Strong foundation to expand drilling:

The maiden lithium drilling programme was aimed at confirming that high-grade mineralised pegmatite outcrops continue below surface and to gain a better understanding of the orientation of the pegmatites in order to plan future drill programmes.

The 2022 drilling delineated continuity of the lithium-bearing pegmatites below surface with most pegmatites open at depth. Deeper drilling of two pegmatites indicated continuity up to 220m vertical depth, highlighting the potential scale of the pegmatite system that has yet to be fully explored.

These results provide a strong platform to expand the lithium drilling across the pegmatite corridor at St George’s tenure.

This corridor is located adjacent and to the west of the Copperfield Granite, the interpreted source of the mineralised pegmatites at Mt Alexander as well as at Red Dirt Metals’ (ASX: RDT) Mt Ida Project situated approximately 15km to the south of St George’s ground.

New and expanded Programmes of Work have now been approved that include more extensive areas of the prospective corridor for drilling.

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Figure 1 – J1 Pegmatite cross section showing interpreted pegmatites at the Jailbreak Prospect.

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Figure 2 – J2 Pegmatite cross section showing interpreted pegmatites at the Jailbreak Prospect.

Table 1 – assay results for RC drill holes completed in 2022. Cut-off for anomalous Li2O intersections is 1m at >0.1% Li2O. Further assays are pending.

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HOLEID From TO INTERVAL Li2O_% Ta_ppm Cs_ppm Rb_ppm
MAD211 15.2 18 2.8 0.12 26 - 549
MAD211 27.55 29.33 1.78 0.53 39 - 4,396
MAD211 139.8 140.8 1 0.16 30 - 4,790
MAD211 248.75 250.8 2.05 0.15 8 - 1,038
MAD211 262.3 263.3 1 0.15 - 10 - 1,680
MARC153 13 15 2 0.25 58 269 2,545
MARC153 26 27 1 0.24 75 200 2,700
MARC155 51 57 6 0.50 62 126 3,017
incl. 52 56 4 0.56 58 103 3,267
MARC157 21 25 4 0.44 203 57 3,695
MARC157 34 35 1 0.29 110 34 1,660
MARC158 70 72 2 1.10 68 134 3,795
incl. 70 71 1 1.80 65 148 5,660
MARC159 68 72 4 0.21 105 1,206 4,688
MARC160 109 110 1 0.14 110 306 2,870
MARC161 26 29 3 0.79 47 71 2,583
incl. 27 28 1 1.12 50 98 3,670
MARC161 38 41 3 0.15 43 116 2,123
incl. 38 39 1 0.22 - 10 245 2,000
MARC161 42 43 1 0.14 25 235 1,200
MARC163 19 24 5 0.70 111 169 3,597
incl. 20 21 1 1.40 140 200 6,760
incl. 22 23 1 1.04 195 218 5,070
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MARC168 69 83 14 0.32 310 368 2,753
incl. 79 80 1 1.25 2,020 2,330 11,800
MARC168 127 128 1 0.50 10 347 6,910
MARC168 129 130 1 0.11 95 46 1,010
MARC169 34 35 1 0.17 45 93 2,070
MARC171 101 103 2 0.73 130 173 3,600
MARC174 133 134 1 0.15 15 90 992
MARC175 110 111 1 0.12 20 49 523
MARC175 112 113 1 0.11 140 58 640
MARC176 56 60 4 0.14 39 220 1,477
MARC176 74 76 2 0.14 23 137 1,800
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Based on the intersection angle of the drilling with the modelled pegmatites, downhole widths noted above are interpreted to be close to true widths.

EXPANDED DRILL PROGRAMME:

Drilling has recommenced at Mt Alexander with a major drill campaign that will – for the first time – systematically explore the extensive pegmatite system at Mt Alexander.

Drilling is designed to test multiple new target areas within the 15km-long pegmatite corridor as well as down dip and along strike from the 2022 drill holes completed at the Jailbreak Prospect.

Figure 3 shows the drill holes planned in the first phase of the 2023 drilling. Holes will be drilled towards the south to intersect pegmatites interpreted to dip to the north.

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Figure 3 – map of the Jailbreak Prospect map showing the location of the planned drill holes, the 2022 drilling and the target pegmatites.

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Drilling has commenced in the eastern margin of E29/962, an area close to the Copperfield Granite – a geological setting that is similar to the area that hosts Red Dirt Metal’s (ASX: RDT) Sister Sam, Sparrow and Timoni lithium deposits approximately 20km to the south (see Red Dirt’s ASX Release dated 25 January 2023 Best Intercept to date at Mt Ida Lithium Project ).

A number of north-south lines will be drilled to test the extent of continuity of the east-west trending pegmatites.

The lines in the eastern margin of E29/962 will test for concealed pegmatites. Sampling of the limited outcrop in this area has returned anomalous Rb and Li2O levels suggesting that thin cover may be masking mineralised pegmatites.

The proximity of these targets to the source granite makes them compelling exploration targets for drill testing.

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Figure 4 – regional map showing the location of Mt Alexander and other nearby lithium projects including Red Dirt’s Mt Ida Project.

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Ongoing work programmes:

With the funding support of the Company’s newly announced strategic partners, St George has been able to aggressively expand the 2023 drill programme.

In addition to the drilling underway, the following work programmes are current and/or planned for 2023:

1. Assays for soil surveys at E29/962. These have the potential to identify a lithium signature in an area where pegmatites are not exposed due to cover.

2. Assays for completed rock chip sampling of pegmatites.

3. Further assays from the 2022 RC and diamond drilling programmes.

4. Further field mapping and rock chip sampling, already underway.

Significant delays have been experienced with laboratory assay turnarounds and future laboratory arrangements are being reviewed. Further assays are expected during February.

Table 2 – List of 2022 drillholes details pertaining to this report. All holes are in GDA94 -MGA Zone 51

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Hole ID Prospect East North RL Depth Azi Dip Drilltype
MARC153 Jailbreak 241034 6795438 457 65 170 -60 RC
MARC154 Jailbreak 241051 6795401 458 80 170 -60 RC
MARC155 Jailbreak 241052 6795471 456 125 170 -60 RC
MARC156 Jailbreak 241050 6795512 457 149 170 -60 RC
MARC157 Jailbreak 240917 6795821 456 77 170 -60 RC
MARC158 Jailbreak 240915 6795852 453 100 170 -60 RC
MARC159 Jailbreak 240922 6795792 455 80 170 -60 RC
MARC160 Jailbreak 240914 6795901 452 149 170 -60 RC
MARC161 Jailbreak 240883 6795828 457 60 170 -60 RC
MARC162 Jailbreak 241092 6795140 460 60 170 -60 RC
MARC163 Jailbreak 241284 6794448 454 60 170 -60 RC
MARC164 Jailbreak 241277 6794485 453 79 170 -60 RC
MARC165 Wills More 239548 6795872 470 100 170 -60 RC
MARC166 Wills More 239539 6795900 469 80 170 -60 RC
MARC167 Gossan Hill 237988 6801298 450 131 240 -60 RC
MARC168 Jailbreak 241003 6795502 458 149 170 -60 RC
MARC169 Jailbreak 241093 6795169 460 100 170 -60 RC
MARC170 Jailbreak 241035 6795534 457 250 170 -60 RC
MARC171 Jailbreak 240856 6795932 455 200 170 -60 RC
MARC172 Gossan Hill 237959 6801577 441 140 240 -60 RC
MAD211 Jailbreak 240840 6796023 458 284.9 170 -60 DD
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About the Mt Alexander Project:

The Mt Alexander Project is located 120km south-west of the Agnew-Wiluna Belt, which hosts numerous world-class nickel deposits. The Project comprises six granted exploration licences – E29/638, E29/548, E29/962, E29/954, E29/972 and E29/1041 – which are a contiguous package. An additional two exploration licences – E29/1093 and E29/1126 – are located to the south-east of the core tenement package.

The Cathedrals, Stricklands, Investigators and Radar nickel-copper-cobalt-PGE discoveries are located on E29/638, which is held in joint venture by St George (75%) and IGO Limited (25%). St George is the Manager of the Project, with IGO retaining a 25% non-contributing interest (in E29/638 only) until there is a decision to mine. The Jailbreak Lithium Prospect is on E29/268 and E29/962. With the exception of E29/638, all Project tenements are owned 100% by St George.

Authorised for release by the Board of St George Mining Limited.

For further information, please contact: John Prineas Peter Klinger Executive Chairman Media and Investor Relations St George Mining Limited Cannings Purple +61 411 421 253 +61 411 251 540 john.prineas@stgm.com.au pklinger@canningspurple.com.au

Competent Person Statement:

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Mt Alexander Project is based on information compiled by Mr Dave Mahon, a Competent Person who is a Member of The Australasian Institute of Geoscientists. Mr Mahon is employed by St George Mining Limited to provide technical advice on mineral projects, and he holds performance rights issued by the Company.

Mr Mahon has sufficient experience that 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 Mahon consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements:

This announcement includes forward-looking statements that are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of St George, the directors and the Company’s management. Such forward-looking statements are not guarantees of future performance.

Examples of forward-looking statements used in this announcement include use of the words ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of announcement, are expected to take place.

Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, St George does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

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This announcement has been prepared by St George Mining Limited. The document contains background Information about St George Mining Limited current at the date of this announcement.

The announcement is in summary form and does not purport to be all inclusive or complete. Recipients should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.

The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.

This announcement does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons.

Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this material is accepted by St George Mining Limited (including any of its related bodies corporate), its officers, employees, agents and advisers .

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The following section is provided for compliance with requirements for the reporting of exploration results under the JORC Code, 2012 Edition.

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,	Rock Chip: a sample is collected from in-situ material at surface
techniques	random chips, or specific specialised industry	adjudged by the geologist on site. The sample between 0.5-2kg is
	standard measurement tools appropriate to the	collected in a marked calico bag for submission for assay.
	minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as	RC Sampling: All samples from the RC drilling are taken as 1m samples split using a cone splitter and collected in a calico bag for laboratory
	limiting the broad meaning of sampling.	assay.
		_Diamond Core Sampling:_The sections of the core that are selected
		for assaying are marked up and then recorded on a sample sheet for
		cutting and sampling at the certified assay laboratory. Samples of HQ
		or NQ2 core are cut just to the right of the orientation line where
		available using a diamond core saw, with half core sampled
		lengthways for assay.
	Include reference to measures taken to ensure	Rock Chips: Samples are collected by hand or dislodged by geo pick of
	sample representivity and the appropriate	in-situ material at surface.
	calibration of any measurement tools or systems used.	_RC Sampling:_Samples are taken on a one metre basis and collected using uniquely numbered calico bags. The remaining material for that
		metre is collected and stored in a green plastic bag marked with that
		specific metre interval. The cyclone is cleaned with compressed air
		after each plastic and calico sample bag is removed. If wet sample or
		clays are encountered then the cyclone is opened and cleaned
		manually and with the aid of a compressed air gun. A blank sample is
		inserted at the beginning of each hole, and a duplicate sample is
		taken every 50thsample. A certified sample standard is also added
		according to geology, but at no more than 1:50 samples.
		Geological logging of RC chips is completed at site with
		representative chips being stored in drill chip trays. Downhole
		surveys of dip and azimuth are conducted using a single shot camera
		every 30m, and using a downhole Gyro when required, to detect
		deviations of the hole from the planned dip and azimuth. The drill-
		hole collar locations are recorded using a hand-held GPS, which has
		an accuracy of +/- 5m. All drill-hole collars will be surveyed to a
		greater degree of accuracy using a certified surveyor at a later date.
		_Diamond Core Sampling:_For diamond core samples, certified sample
		standards were added as every 50thsample. Core recovery
		calculations are made through a reconciliation of the actual core and
		the driller’s records. Downhole surveys of dip and azimuth were
		conducted using a single shot camera every 30m to detect deviations
		of the hole from the planned dip and azimuth. The drill-hole collar
		locations are recorded using a hand-held GPS, which has an accuracy
		of +/- 5m.

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Criteria	JORC Code explanation	Commentary
	Aspects of the determination of mineralisation	Rock Chips: samples are taken under the discretion of geologists with
	that are Material to the Public Report.	the intention of taking a representative rock chip sample for the
	In cases where ‘industry standard’ work has	parent rock sampled.
	been done this would be relatively simple (eg	_RC Sampling:_A 1m composite sample is taken from the bulk sample
	‘reverse circulation drilling was used to obtain 1	of RC chips that may weigh in excess of 40 kg. Each sample collected
	m samples from which 3 kg was pulverised to	for assay typically weighs 2-3kg, and once dried, is prepared for the
	produce a 30 g charge for fire assay’). In other	laboratory as per the Diamond samples below.
	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.	_Diamond Core Sampling:_Diamond core (both HQ and NQ2) is half- core sampled to geological boundaries no more than 1.5m and no less than 10cm. Samples less than 3kg are crushed to 10mm, dried and then pulverised to 75µm. Samples greater than 3kg are first crushed to 10mm then finely crushed to 3mm and input into the rotary
		splitters to produce a consistent output weight for pulverisation.
		Elements for all sample mediums are analysed using a peroxide fusion
		digest and an ICP finish. These elements are: Li, Al, As, B, Ba, Be, Ca,
		Cs, Fe, Hf, Ga, K, Mg, Mn, Nb, P, Rb, S, Si, Sn, Sr, Ta, W, and Zr. The
		sample is digested with, hydrochloric, acid to effect a total dissolution
		of the sample. The sample is then analysed using ICP-AES or ICP-MS.
Drilling	Drill type (eg core, reverse circulation, open-hole	_Diamond Core Sampling:_The collars of the diamond holes were
techniques	hammer, rotary air blast, auger, Bangka, sonic,	drilled using RC drilling down through the regolith to the point of
	etc) and details (eg core diametre, triple or	refusal or to a level considered geologically significant to change to
	standard tube, depth of diamond tails, face-	core. The hole was then continued using HQ diamond core until the
	sampling bit or other type, whether core is	drillers determined that a change to NQ2 coring was required.
	oriented and if so, by what method, etc).	The core is oriented and marked by the drillers. The core is oriented
		using ACT Mk II electric core orientation.
		_RC Sampling:_The RC drilling uses a 140 mm diameter face hammer
		tool. High capacity air compressors on the drill rig are used to ensure
		a continuously sealed and high-pressure system during drilling to
		maximise the recovery of the drill cuttings, and to ensure chips
		remain dry to the maximum extent possible.
Drill sample	Method of recording and assessing core and	_RC Sampling:_RC samples are visually checked for recovery, moisture
recovery	chip sample recoveries and results assessed.	and contamination. Geological logging is completed at site with
		representative RC chips stored in chip trays.
		_Diamond Core Sampling:_Diamond core recoveries are recorded
		during drilling and reconciled during the core processing and
		geological logging. The core length recovered is measured for each
		run and recorded which is used to calculate core recovery as a
		percentage.
	Measures taken to maximise sample recovery
	and ensure representative nature of the	_RC Sampling:_Samples are collected using cone or riffle splitter.
	samples.	Geological logging of RC chips is completed at site with representative
		chips being stored in drill chip trays.
		_Diamond Core Sampling:_Measures taken to maximise core recovery
		include using appropriate core diameter and shorter barrel length
		through the weathered zone, Primary locations for core loss in fresh
		rock are on geological contacts and structural zones, and drill
		techniques are adjusted accordingly, and if possible, these zones are
		predicted from the geological modelling.

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Criteria	JORC Code explanation Commentary
	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. To date, no sample recovery issues have yet been identified that would impact on potential sample bias in the soil profile or sampling methods.
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. Each sample is recorded for the lithology, type and nature of the soil. The surface topography and type is recorded at the sample location. Logging of samples records lithology, mineralogy, mineralisation, structures (core only), weathering, colour and other noticeable features. Chips and core was photographed in both dry and wet form.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The logging is both qualitive and quantitative in nature, with sample recovery and volume being recorded,
	The total length and percentage of the relevant intersections logged. All drill holes are geologically logged in full and detailed litho- geochemical information is collected by the field XRF unit. The data relating to the elements analysed is used to determine further information regarding the detailed rock composition.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. _Diamond Core Sampling:_Diamond core was drilled with HQ and NQ2 size and sampled as complete half core to produce a bulk sample for analysis. Intervals selected varied from 0.3 – 1m (maximum) The HQ and NQ2 core is cut in half length ways just to the right of the orientation line where available using a diamond core saw. All samples are collected from the same side of the core where practicable. Assay preparation procedures ensure the entire sample is pulverised to 75 microns before the sub-sample is taken. This removes the potential for the significant sub-sampling bias that can be introduced at this stage.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. RC samples are collected in dry form. Samples are collected using cone or riffle splitter when available. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. RC Sampling: Sample preparation for RC chips follows a standard protocol. The entire sample is pulverised to 75µm using LM5 pulverising mills. Samples are dried, crushed and pulverized to produce a homogenous representative sub-sample for analysis. A grind quality target of 90% passing 75µm is used.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Quality control procedures include submission of Certified Reference Materials (standards), duplicates and blanks with each sample batch. QAQC results are routinely reviewed to identify and resolve any issues_. _RC Sampling: Field QC procedures maximise representivity of RC samples and involve the use of certified reference material as assay standards, along with blanks, duplicates and barren washes. _Diamond Core Sampling:_Drill core is cut in half lengthways and the total half-core submitted as the sample. This meets industry standards where 50% of the total sample taken from the diamond core is submitted.

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Criteria	JORC Code explanation Commentary
	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. Duplicate samples are selected during sampling. Samples comprise two quarter core samples for Diamond Core. Duplicate RC samples are captured using two separate sampling apertures on the splitter.
	Whether sample sizes are appropriate to the grain size of the material being sampled. The sample sizes are considered to be appropriate to correctly represent base metal sulphide mineralisation and associated geology based on: the style of mineralisation (massive and disseminated sulphides), the thickness and consistency of the intersections and the sampling methodology.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. The assay method and detection limits are appropriate for analysis of the elements required.
	For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. A handheld XRF instrument (Olympus Innov-X Spectrum Analyser) is used to provide an initial assay of the geochemical sample onsite. One reading is taken per sample. The instruments are serviced and calibrated at least once a year. Field calibration of the XRF instrument using standards is periodically performed (usually daily). The handheld XRF results are only used for preliminary assessment and not for reporting of element compositions, prior to the receipt of assay results from the certified laboratory.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Laboratory QAQC involves the use of internal lab standards using certified reference material (CRMs), blanks and pulp duplicates as part of in-house procedures. The Company also submits a suite of CRMs, blanks and selects appropriate samples for duplicates. Sample preparation checks for fineness are performed by the laboratory to ensure the grind size of 90% passing 75µm is being attained.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. Significant intersections and assays are verified by the Company’s Technical Director and Consulting Field Geologist.
	The use of twinned holes. No twinned holes have been planned for the current drill programme.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Primary data is captured onto a laptop using acQuire software and includes geological logging, sample data and QA/QC information. This data, together with the assay data, is entered into the St George Mining central SQL database which is managed by external consultants.
	Discuss any adjustment to assay data. No adjustments or calibrations will be made to any primary assay data collected for the purpose of reporting assay grades and mineralised intervals. For the geological analysis, standards and recognised factors may be used to calculate the oxide from assayed elements, or to calculate volatile free mineral levels in rocks.
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. The sample locations are determined by using a handheld GPS system with an expected accuracy of +/-5m for easting, northing and elevation. This is considered adequate for the type and purpose of the surveys.
	Specification of the grid system used. The grid system used is GDA94, MGA Zone 51.
	Quality and adequacy of topographic control. Elevation data has been acquired using handheld GPS surveying at specific location across the project, including drill collars, and

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Criteria	JORC Code explanation Commentary
	entered into the central database. A topographic surface has been created using this elevation data.
Data spacing and distribution	Data spacing for reporting of Exploration Results. The spacing and distribution of holes is not relevant to the drilling programs which are at the exploration stage rather than definition drilling.
	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. The completed drilling at the Project is not sufficient to establish the degree of geological and grade continuity to support the definition of Mineral Resource and Reserves and the classifications applied under the 2012 JORC code.
	Whether sample compositing has been applied. No compositing has been applied to the exploration results.
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. Rock Chips: The rock chip samples are taken at the discretion of the geologist on site. However, the orientation of key structures may be noted whilst mapping exercises are undertaken. The drill holes are drilled to intersect the modelled mineralised zones at a near perpendicular orientation (unless otherwise stated). However, the orientation of key structures may be locally variable and any relationship to mineralisation has yet to be identified.
	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 orientation based sampling bias has been identified in the data to date.
Sample security	The measures taken to ensure sample security. Chain of Custody is managed by the Company until samples pass to a duly certified assay laboratory for subsampling and assaying. The sample bags are stored on secure sites and delivered to the assay laboratory by the Company or a competent agent. When in transit, they are kept in locked premises. Transport logs have been set up to track the progress of samples. The chain of custody passes upon delivery of the samples to the assay laboratory.
Audits or reviews	The results of any audits or reviews of sampling techniques and data. Sampling techniques and procedures are regularly reviewed internally, as is the data. The soils programme has been reviewed by third parties and consultant geologists.

Section 2 Reporting of Exploration Results (Criteria listed in section 1 will also apply to this section where relevant)

Criteria	JORC Code explanation	Commentary
Mineral	Type, name/reference number, location and	The Mt Alexander Project is comprised of six granted Exploration
Tenement and	ownership including agreements or material	Licences (E29/638, E29/548, E29/954, E29/962, E29/972 and
Land Status	issues with third parties including joint ventures,	E29/1041). Tenement E29/638 is held in Joint Venture between St
	partnerships, overriding royalties, native title	George (75% interest) and IGO (25% interest). E29/638 and E29/548
	interests, historical sites, wilderness or national	are also subject to a royalty in favour of a third party that is outlined
	park and environmental settings.	in the ASX Release dated 17 December 2015 (as regards E29/638) and
		the ASX release dated 18 September 2015 (as regards E29/548).
	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.	No environmentally sensitive sites have been identified on the tenements. A registered Heritage site known as Willsmore 1 (DAA identification 3087) straddles tenements E29/548 and E29/638. All five tenements are in good standing with no known impediments.
Exploration	Acknowledgment and appraisal of exploration	Exploration on tenements E29/638 and E29/962 has been largely for
Done by Other	by other parties.	komatiite-hosted nickel sulphides and pegmatite hosted Lithium in
Parties		the Mt Alexander Greenstone Belt. Exploration in the northern
		section of E29/638 (Cathedrals Belt) and also limited exploration on
		E29/548 has been for komatiite-hosted Ni-Cu sulphides ingranite

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Criteria	JORC Code explanation Commentary
	terrane. No historic exploration has been identified on E29/954 or E29/972. Mafic-Ultramafic intrusion related high grade nickel-copper-PGE sulphides were discovered at the Mt Alexander Project in 2008. Drilling was completed to test co-incident electromagnetic (EM) and magnetic anomalies associated with nickel-PGE enriched gossans in the northern section of current tenement E29/638. The drilling identified high grade nickel-copper mineralisation in granite-hosted and East-West orientated ultramafic units and the discovery was named the Cathedrals Prospect.
Geology	Deposit type, geological setting and style of mineralisation The Mt Alexander Project is at the northern end of a western bifurcation of the Mt Ida Greenstones. The greenstones are bound to the west by the interpreted Ida Fault, a significant Craton-scale structure that marks the boundary between the Kalgoorlie Terrane (and Eastern Goldfields Superterrane) to the east and the Youanmi Terrane to the west. The Mt Alexander Project is prospective for further high-grade nickel- mineralisation (both komatiite and mafic-ultramafic intrusive hosted) and also precious metal mineralisation (i.e. orogenic gold) that is typified elsewhere in the Yilgarn Craton. MT Alexander is also prospective for pegmatite hosted Lithium mineralisaion. The Mt Ida region is a growing Lithium district within the Northern Goldfields area.
Drill hole information	A summary of all information material to the understanding of the exploration results including tabulation of the following information for all Material drill holes: • Easting and northing of the drill hole collar •Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception depth • Hole length Drill hole collar locations are shown in the maps and tables included in the body of the relevant ASX releases.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Reported assay intersections are length and density weighted. Significant intersections are determined using both qualitative (i.e. geological logging) and quantitative (i.e. lower cut-off) methods.
	Where aggregated 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. Any high-grade sulphide intervals internal to broader zones of mineralisation are reported as included intervals.
	The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation 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. Assay intersections are reported as down hole lengths. Drill holes are planned as perpendicular as possible to intersect the target EM plates and geological targets so downhole lengths are usually interpreted to be near true width.
iagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for A prospect location map, cross section and long section are shown in the body of relevant ASX Releases.

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Criteria	JORC Code explanation	Commentary
	any significant discovery being reported. These
	should include, but not be limited to a plane
	view of drill hole collar locations and
	appropriate sectional views.
Balanced	Where comprehensive reporting of all	Reports on recent exploration can be found in ASX Releases that are
Reporting	Exploration Results is not practical,	available on our website at www.stgm.com.au:
	representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The exploration results reported are representative of the mineralisation style with grades and/or widths reported in a consistent manner.
Other	Other exploration data, if meaningful and	All material or meaningful data collected has been reported.
substantive	material, should be reported including (but not
exploration	limited to): geological observation; geophysical
data	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.
Further Work	The nature and scale of planned further work	A discussion of further exploration work underway is contained in the
	(e.g. tests for lateral extensions or depth	body of recent ASX Releases.
	extensions or large – scale step – out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main	Further exploration will be planned based on ongoing drill results, geophysical surveys and geological assessment of prospectivity.
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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