JINDALEE LITHIUM LIMITED — Capital/Financing Update 2021

Apr 7, 2021

ASX RELEASE 8 APRIL 2021 ASX: JRL

UPGRADED MINERAL RESOURCE CONFIRMS McDERMITT AS THE LARGEST LITHIUM DEPOSIT IN THE USA

• Combined Indicated and Inferred Mineral Resource Inventory of 1.43 Billion tonnes at 1,320ppm Li for total of 10.1 Million tonnes Lithium Carbonate Equivalent (LCE) at 1,000 ppm cut-off grade (COG)

• At 10.1Mt LCE McDermitt is now the largest lithium deposit in the US by contained lithium in Mineral Resource[1]

• The deposit remains open with an Exploration Target Range (ETR) between 1.3 to 2.3 Billion tonnes at 1,100 to 1,500 ppm Li

• Jindalee is well funded to advance the development of the McDermitt Project with additional drilling, mining and metallurgical studies planned

Note that the potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Jindalee Resources Limited ( Jindalee , the Company ) is pleased to announce the updated Mineral Resource Estimate (MRE) at the Company’s 100% owned McDermitt Lithium Project (US) ( McDermitt ) following the completion of drilling in December 2020[9] .

McDermitt now hosts a combined Indicated and Inferred Mineral Resource Inventory of 1.43 Billion tonnes at 1,320ppm Li for total of 10.1 Million tonnes Lithium Carbonate Equivalent (LCE) at 1,000 ppm Li COG, making it the largest lithium deposit in the United States by contained lithium in Mineral Resource , eclipsing Lithium Americas’ (TSX: LAC) Thacker Pass deposit (8.3Mt LCE at 2,000ppm Li COG)[1] .

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Cut-off Grade (ppm Li)	Indicated Resource	Indicated Resource	Indicated Resource	Inferred Resource	Inferred Resource	Inferred Resource	Indicated & Inferred Resource	Indicated & Inferred Resource	Indicated & Inferred Resource
	Tonnage (Mt)	Li Grade (ppm)	LCE (Mt)	Tonnage (Mt)	Li Grade (ppm)	LCE (Mt)	Tonnage (Mt)	Li Grade (ppm)	LCE (Mt)
500	283	1,340	2.0	2,020	1,130	12.1	2,300	1,150	14.1
1,000	233	1,430	1.8	1,200	1,300	8.3	1,430	1,320	10.1
1,500	73	1,910	0.7	240	1,750	2.2	313	1,790	3.0
1,750	44	2,110	0.5	85	2,000	0.9	129	2,040	1.4
2,000	23	2,310	0.3	34	2,200	0.4	57	2,240	0.7

Table 1 – Summary of McDermitt Mineral Resource Estimate at varying cut-off grades, with preferred reporting cut-off of 1,000ppm highlighted. Note: totals may vary due to rounding.

The cut-off grade for reporting of the Mineral Resource has reduced from 1,750ppm in 2019[3] to 1,000ppm in 2021 due to the encouraging results received from metallurgical test work completed by Jindalee over the past 18 months[2,4,7 ] which demonstrated the ore can be beneficiated before leaching. This significantly increases confidence in the ability to reduce operating costs which impacts directly and positively upon the reasonable prospects for eventual economic extraction (as per JORC Code 2012). The results of the MRE (Table 1) and ETR (Table 2) at a full range of cut-off grades demonstrate the scalability of the project.

Cut-off Grade (ppm Li)	Exploration Target Range	Exploration Target Range	Exploration Target Range	Exploration Target Range
	Lower Limit (Mt)	Upper Limit (Mt)	Lower Grade (ppm Li)	Upper Grade (ppm Li)
500	2,300	4,500	800	1,200
1,000	1,300	2,300	1,100	1,500
1,500	270	390	1,500	1,900
1,750	100	140	1,700	2,100
2,000	30	40	1,900	2,300

Table 2 – Summary of McDermitt Exploration Target Range at varying cut-off grades, with preferred reporting cut-off of 1,000ppm highlighted. Note: totals may vary due to rounding.

Recent infill drilling[6,8,9] has increased confidence in geological and grade continuity through the centre of the deposit, allowing conversion of part of the existing Inferred Mineral Resource to Indicated (Figure 1). Furthermore, there is significant scope for resource extensions of the deposit to the west and south in Jindalee’s new claims[11] , as well as infill drilling of the Inferred material.

The results from the 2021 Mineral Resource update and the material uplift in contained lithium reinforces the significance of the McDermitt project as a potential source of future supply to the rapidly growing US battery manufacturing industry. Jindalee intends to continue de-risking the project through further metallurgical studies aimed at the downstream processing flowsheet ahead of a potential Scoping Study in the June quarter of 2021.

The 2021 drill program will be finalised based on the updated MRE with the aim to infill and further upgrade the Resource and to define the full extent of the lithium mineralisation at McDermitt. Applications for drill permitting are expected to be submitted in April 2021.

A full summary of all drill hole data included in the MRE is in Annexure A.

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Figure 1 – Plan view of the McDermitt Lithium Project with drill hole collars, updated Mineral Resource and ETR outlines (at plane 1523mRL), and new claim boundaries[11] .

Mineral Resource and Exploration Target Methodology

Jindalee commissioned H&S Consultants Pty Ltd (H&SC) to update the Mineral Resource Estimate (MRE) following the completion of the 2020 drill program. The MRE is based on all available information as of 31 March 2021.

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Mineralisation and Geology

Lithium mineralisation occurs within a sequence of flat-lying, paleo-lake sediments that overlie a volcanic (basalt) basement within the Tertiary aged McDermitt Caldera. The maximum drill hole intersection of mineralised sediments is now 179.8 m and averages 131.7 m in holes where the basalt basement was intersected. The mineralisation appears to have a strong stratigraphic control with no obvious faulting or folding identified to date. A typical cross section demonstrating relationship between grade and geology is shown in Figure 2.

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Figure 2 – Schematic section showing recent significant intercepts through the McDermitt Project.

Drilling and Sampling Techniques

A total of 29 drillholes (16 Reverse Circulation (RC) and 13 Diamond) were used in the estimation. Diamond drill core was collected as HQ triple tube and quarter cut for assaying whilst RC drill samples were either riffle split (dry) or rotary split (wet) on site. All samples were submitted to ALS for assaying via 4 acid digest of 0.25g sample split with a 48 element ICP-MS finish.

Qualitative lithological descriptions (colour, weathering, grain size, lithology, mineralogy, veining textures and other significant features) were recorded by the field geologist for both diamond and RC programs.

Density

No new density measurements were taken in 2020 as all holes were drilled as RC. Specific Gravity (SG) was assigned to the model through the formula:

"�� = 1.4134 + ����ℎ ∗0.0012"

At a 1000ppm cut-off, the average assigned specific gravity is 1.53.

Estimation

Wireframe surfaces were generated for the top and bottom of the paleo-lake sediments and used to constrain the estimate into three domains (sediments, colluvium, and basement).

Sample data were composited to 2m for analysis and grade estimate as this is the dominant sample length. There were no extreme values present in statistical data analysis so no treatment for outliers was required.

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Lithium was estimated using Ordinary Kriging (OK) for all domains. Variogram modelling indicating mineralisation may be trending NW-SE direction which corresponds to drainage in the claim area. Block size for estimation was 200mE by 200mN by 5mRL with sub-celling permitted to 40mE by 40mN by 1mRL.

Validation

The model was validated in several ways including visual comparison of block and drill hole grades, statistical analysis, examination of grade tonnage data and comparison with previous model. No material issues were identified.

A comparison of the grade versus tonnage curve for the 2019 MRE and the 2021 MRE is demonstrated in Figure 3. At the previous reporting COG of 1,750ppm Li, there is a small decrease in total tonnes, and a slight increase in grade for an overall drop in contained metal of approximately 15%. This may be a result of the different drilling methods employed from the 2019 MRE (diamond) to the 2021 MRE (RC) with twinned holes planned for 2021 to address any bias concerns.

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Figure 3 – Grade Tonnage comparison between 2019[1] and 2021 Mineral Resource models.

Classification

Mineral Resources were classified based on consideration of data quality and spacing as well as geological and grade continuity. Indicated Mineral Resources are confined to an area of closer spaced drilling with holes nominally drilled 400m apart, while Inferred Mineral Resources were restricted to blocks within 1,000m of the nearest hole. All Mineral Resources are within 100m of surface, with at least 3 holes and 12 samples required to inform these blocks.

The lower end of the Exploration Target range is defined by a horizontal search radius of 3,000 m while the upper end is defined by a 6,000 m horizontal search radius. No depth restriction was imposed and at least 2 holes and 8 samples were required to inform these blocks; maximum depth of the Exploration Target is ~250 m below surface. Grade ranges are the estimated grades +/200ppm Li. The Exploration Target now includes a small proportion of colluvium material overlying the mineralised lake sediments with no material with significant grade in the basement basalts.

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Metallurgy

Since the completion of the maiden Mineral Resource in 2019, Jindalee has completed several metallurgical studies focussing on beneficiation and sulphuric acid leaching at Hazen Research labs.

Results from leach testwork undertaken on bulk (non-beneficiated) samples in 2019 indicated lithium recoveries of >95% with short residence times using sulphuric acid (H2SO4) leach at moderate temperatures and atmospheric pressure, with potential to reduce acid consumption via recycling of the leachate[2] .

In August 2020 Jindalee announced that beneficiation of McDermitt ore via attrition scrubbing at 20% solids had increased the lithium content in the <0.01mm fraction by more than 50% (from 0.22% to 0.34%) and had reduced carbonate and analcime (both acid consuming minerals)[4] .

The latest attrition scrubbing testwork, designed to produce a beneficiated sample for leaching experiments, increased the lithium content in the <0.01mm fraction by 60.9% (from 0.23% to 0.37%)[7] . Furthermore, initial leaching experiments on beneficiated samples demonstrated lithium extraction rates of 94-97% with 26% less acid consumed per lithium unit than for previous similar experiments on non-beneficiated ore. The testwork also indicated that the residue remaining after leaching is relatively benign, comprising quartz, feldspar and gypsum.

Reporting Cut-off Grade

Mineral Resources were previously reported at a 1,750 ppm Li cut-off grade. However Mineral Resources are now reported at a 1,000 ppm Li cut-off grade because recent metallurgical testwork has shown that beneficiation of McDermitt ore by attrition scrubbing can increase the lithium content by up to 60%[7] . This is anticipated to positively impact on operating costs through mass reduction of the ore before processing and decreased acid consumption during leaching. These results indicate that significant lower grade material than initially anticipated can now be processed.

All other details pertaining to the reporting of exploration results and Mineral Resources are detailed in Annexure B.

Authorised for release by the Board of Jindalee Resources Limited.

For further information please contact:

LINDSAY DUDFIELD Executive Director T: + 61 8 9321 7550 E: enquiry@jindalee.net

KAREN WELLMAN Chief Executive Officer T: + 61 8 9321 7550 E: enquiry@jindalee.net

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About Jindalee

Jindalee Resources Limited (ASX: JRL) is an exploration company with direct and indirect exposure to lithium, gold, base and strategic metals, iron ore, uranium and magnesite through projects generated by the Company’s technical team. Jindalee has a track record of rewarding shareholders, including priority entitlements to several successful IPO’s and payment of a special dividend.

Jindalee’s strategy is to acquire prospective ground, add value through low-cost exploration and, where appropriate, either introduce partners to assist in funding further progress, or fund this activity via a dedicated company in which Jindalee retains a significant interest.

Following the capital raising completed in March 2021 Jindalee held cash and marketable securities worth approximately $12.0M[10] , which combined with the Company’s tight capital structure (only 51.3M shares on issue), provides a strong base for advancing projects currently held by Jindalee and leveraging into new opportunities.

References:

Additional details including JORC 2012 reporting tables, where applicable, can be found in the following releases lodged with ASX or similar and referred to in this announcement:

1. Lithium Americas TSX Announcement 02/08/2018: “Lithium Americas Files Technical Report for the Thacker Pass PreFeasibility Study” Accessed via https://money.tmx.com/en/quote/LAC. The comparison is based on published Mineral Resources only. Lithium Americas’ Thacker Pass Project hosts Proven and Probable Mineral Reserves in addition to Measured, Indicated and Inferred Mineral Resources. The Thacker Pass Mineral Resource is reported at 2,000ppm COG.

2. Jindalee Resources ASX announcement 19/07/2019: “Further Positive Metallurgical Test Results from McDermitt”.

3. Jindalee Resources ASX announcement 19/11/2019: “Maiden Lithium Resource at McDermitt”.

4. Jindalee Resources ASX announcement 17/08/2020: “More Metallurgical Test Results from McDermitt”.

5. Jindalee Resources ASX announcement 14/12/2020: “McDermitt Lithium Project – Drilling Update”.

6. Jindalee Resources ASX Announcement 01/02/2021: “McDermitt Lithium Project – First Assay Results”.

7. Jindalee Resources ASX Announcement 22/02/2021: “More positive metallurgical results from McDermitt”.

8. Jindalee Resources ASX Announcement 05/03/2021: “Results Confirm Extension to McDermitt Resource”.

9. Jindalee Resources ASX Announcement 12/03/2021: “JRL continues to demonstrate strategic scale of McDermitt”. 10. Jindalee Resources ASX Announcement 15/03/2021: “$9M Raising to fund Resource Growth hat McDermitt”.

10. Jindalee Resources ASX Announcement 25/03/2021: “Jindalee increases size of McDermitt Project by 67%”

Competent Persons Statement

The information in this report that relates to Exploration Results and the data that underpins the Exploration Targets and Mineral Resources is based on information compiled by Mr Lindsay Dudfield and Mrs Karen Wellman. Mr Dudfield is consultant to the Company and a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mrs Wellman is an employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Both Mr Dudfield and Mrs Wellman have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration, and to the activity being undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves.’ Mr Dudfield and Mrs Wellman consent to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Exploration Targets and the Mineral Resource Estimates for the McDermitt deposit is based on information compiled by Mr. Arnold van der Heyden, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy and a Director of H&S Consultants Pty Ltd. Mr. van der Heyden has sufficient experience 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’ (JORC Code). Mr van der Heyden consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Forward-Looking Statements

This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Jindalee Resources Limited’s (Jindalee’s) current expectations, estimates and projections about the industry in which Jindalee operates, and beliefs and assumptions regarding Jindalee’s future performance. When used in this document, the words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Jindalee believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Jindalee and no assurance can be given that actual results will be consistent with these forward-looking statements.

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Annexure A:

Drill hole summary table with significant intersections for all drilling completed at McDermitt

Hole ID	Hole **Type **	Easting	Northing	RL	Dip/Azi	End of Hole Depth	Metres From	Metres To	Width (m)	Li (ppm)
MDD001	DDH	412208	4651743	1582	-89/36	92.36	12	26	14	1527
							48	60	12	1825
MDD002	DDH	412071	4653292	1574	-90/0	90.83	2	22	20	1420
							38	54	16	1910
							66	90.8	24.8	1238
MDD003	DDH	412467	4654722	1617	-89/179	91.47	4	18	14	1031
							24	38	14	1202
							44	74	30	1884
MDD004	DDH	413673	4653031	1588	-90/0	82.91	2.5	18	15.5	1185
							28	82	54	1659
MDD005	DDH	413530	4652422	1535	-89/290	93.57	5.5	52	46.5	1027
							66	80	14	1651
MDD006	DDH	413112	4653999	1602	-90/0	165.8	4.3	20	15.7	1258
							28	58	30	1967
							70	144	74	1481
MDD007	DDH	412967	4653152	1577	-90/0	122.83	6	26	20	1419
							36	54	18	1516
							72	110	38	1496
MDD008	DDH	413504	4654470	1579	-88/183	108.5	6.6	22	15.4	1233
							36	90	54	1773
MDD009	DDH	413791	4654812	1561	-88/291	80.16	2.2	6	3.8	1319
							12	58	46	1674
MDD010	DDH	412341	4655866	1612	-89/218	91.44	12	18	6	1567
							30	36	6	1233
							48	88	40	1922

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Hole ID	Hole Type	Easting	Northing	RL	Dip/Azi	End of Hole Depth	Metres From	Metres To	Width (m)	Li (ppm)
MDD011	DDH	410790	4652579	1625	-90/0	208.07	32	54	22	1498
							60	78	18	1653
							96	112	16	1635
							120	170	50	1640
MDD012	DDH	412383	4654089	1560	-88/329	120.39	8.31	26	17.7	1498
							40	76	36	2141
MDD013	DDH	411473	4653055	1597	-89/295	167.33	2	32	30	1245
							42	60	18	1478
							76	98	22	1404
							110	150	40	1556
MDRC001	RC	413530	4652424	1535	-90/0	152.39	29	51.8	22.8	1070
							67.1	79.3	12.2	1600
							85.3	118.9	33.6	1378
MDRC002	RC	414891	4654160	1576	-90/0	91.4	0	9.2	9.2	1440
							15.3	32	16.8	1412
							36.6	44.2	7.6	1416
MDRC003	RC	413058	4655552	1583	-90/0	137.2	1.5	18.3	16.8	1731
							24.4	39.7	15.3	1054
							48.8	67.1	18.3	1415
MDRC004	RC	411805	4656684	1647	-90/0	185.9	96.1	103.7	7.6	1130
							140.3	149.5	9.2	2243
							155.6	170.8	15.3	2459
MDRC005	RC	412117	4655128	1612	-90/0	161.5	18.3	27.5	9.2	1157
							58	76.3	18.3	1992
							82.4	131.2	48.8	1342

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Hole ID	Hole Type	Easting	Northing	RL	Dip/Azi	End of Hole Depth	Metres From	Metres To	Width (m)	Li (ppm)
MDRC006	RC	412927	4654456	1609	-90/0	173.7	39.7	70.2	30.5	1939
							74.7	94.6	19.8	1151
							97.6	126.6	29	2164
MDRC007	RC	413420	4653407	1585	-90/0	164.6	1.5	9.2	7.6	1380
							19.8	48.8	29	1948
							62.5	79.3	16.8	1147
							99.1	134.2	35.1	1309
MDRC008	RC	413918	4652733	1570	-90/0	146.3	13.7	39.7	25.9	1794
							53.4	70.2	16.8	1274
							96.1	115.9	19.8	1186
							120.5	128.1	7.6	1379
MDRC009	RC	413552	4653960	1583	-90/0	158.5	6.1	29	22.9	2108
							38.1	82.4	44.2	1405
							93	103.7	10.7	1984
							108.3	117.4	9.2	1233
MDRC010	RC	413756	4653605	1576	-90/0	146.3	0	19.8	19.8	2383
							33.6	65.6	32	1397
							71.7	114.4	42.7	1402
MDRC011	RC	413961	4653342	1579	-90/0	137.2	3.1	25.9	22.9	2283
							33.6	68.6	35.1	1373
							85.4	119	33.6	1425
MDRC012	RC	414254	4652960	1573	-90/0	134.1	1.5	59.5	58	1611
							88.5	115.9	27.4	1477
MDRC013	RC	413224	4652757	1542	-90/0	121.9	32	45.8	13.8	1073
							70.2	102.2	32	1379
							58	64.1	6.1	1572

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Hole ID	Hole Type	Easting	Northing	RL	Dip/Azi	End of Hole Depth	Metres From	Metres To	Width (m)	Li (ppm)
MDRC014	RC	411864	4653865	1618	-90/0	182.9	12.2	82.4	70.2	1221
							91.5	106.8	15.3	1578
MDRC015	RC						131.2	155.6	24.4	1887
		410845	4654548	1652	-90/0	182.9	47.3	62.5	15.3	1233
							73.2	83.9	10.7	1189
							120.5	146.4	25.9	1615
MDRC016	RC	411516	4652079	1618	-90/0	182.9	27.5	45.8	18.3	1228
							56.4	71.7	15.3	1554
							91.5	103.7	12.2	1647
							122	178.4	56.4	1151

Notes to Annexure A:

• All coordinates are NAD27 Z11

• RC intervals are reported on 1000ppm Li cut-off with maximum internal dilution of 10 feet (3.05m).

• Diamond drilling intervals are reporting on 1000ppm Li cut-off with maximum internal dilution of 4.0m.

• Intervals reported in this table meet a minimum downhole width of approximately 20 feet (6.1m).

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Annexure B: JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	Reverse Circulation (RC)
techniques	specific specialised industry standard measurement tools appropriate	RC drilling was used to collect samples at 5 foot (~1.52m) intervals.
	to the minerals under investigation, such as down hole gamma	Approximately 2-4kg was collected from each interval using a riffle
	sondes, or handheld XRF instruments, etc). These examples should	splitter (for dry samples) and a rotary splitter (for wet samples).
	not be taken as limiting the broad meaning of sampling.	All samples were placed into individually labelled, consecutively
	 Include reference to measures taken to ensure sample representivity	numbered sample bags.
	and the appropriate calibration of any measurement tools or systems	The RC samples obtained are considered representative of the
	used.	material drilled.
	 Aspects of the determination of mineralisation that are Material to the	Diamond drilling
	Public Report.	Diamond core was collected in HQ triple tube (HQ3 63.5mm)
	 In cases where ‘industry standard’ work has been done this would be	diameter core.
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	Core was cut and quarter core sampled on 2m intervals or lithological
	m samples from which 3 kg was pulverised to produce a 30 g charge	boundaries.
	for fire assay’). In other cases more explanation may be required,	Colluvium/overburden was not sampled
	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.	All samples were placed into individually labelled, consecutively numbered sample bags.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Reverse Circulation
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	RC drilling was completed using a conventional hammer, 2-slot
	or standard tube, depth of diamond tails, face-sampling bit or other	interchange and 4.75 inch bit.
	type, whether core is oriented and if so, by what method, etc).	Water injection was generally used after setting 10’ – 20’ of casing
		(~6.1m) with holes drilled wet thereafter.
		Holes were drilled vertically using 10 foot (3.05m) rods
		Diamond
		Diamond drilling was used to collect HQ3 (63.5mm) diameter core.
		Core holes were drilled vertically, and core was not oriented
Drill sample	 Method of recording and assessing core and chip sample recoveries	Reverse Circulation
recovery	and results assessed.	Water inflows were encountered in most holes which may have
	 Measures taken to maximise sample recovery and ensure	caused loss of fine (clay) fraction from some intervals, thereby
	representative nature of the samples.	underestimatinglithiumgrade(previous metallurgical testwork has

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		Whether a relationship exists between sample recovery and grade	indicated that ~80% of the lithium is in the -10-micron fraction).
		and whether sample bias may have occurred due to preferential	Two methods will be used to quantify the potential understatement of
		loss/gain of fine/coarse material.	lithium grades in RC drilling. First the results from assaying of bulk
			samples taken for metallurgy will be compared to the drill hole
			sample. Secondly the Company proposes to twin several of the RC
			holes with diamond core drilling in future drill programs
			Diamond
			Core blocks inserted by the drilling company indicated the length of a
			run and the amount of recovered core in feet. The site geologist
			converted this to metres and core recovery was recorded on the
			sampling sheet. Core recovery was the primary focus for the drill
			contractor and was typically >90% in the zones of interest.
			Core recovery was recorded by the site geologist, and 1m downhole
			depths marked prior to geological logging and sampling
			No relationship between recovery and grade was observed.
Logging		Whether core and chip samples have been geologically and	Qualitative lithological descriptions (colour, weathering, grain size,
		geotechnically logged to a level of detail to support appropriate	lithology, mineralogy, veining textures and other significant features)
		Mineral Resource estimation, mining studies and metallurgical	were recorded by the field geologist.
		studies.	Representative samples of bedrock were collected from each 5 foot
		Whether logging is qualitative or quantitative in nature. Core (or	interval of every RC hole and were retained in labelled sample chip
		costean, channel, etc) photography.	trays, with chip trays photographed on completion of each hole.
		The total length and percentage of the relevant intersections logged.	Photos (wet and dry) were taken of all core trays for later review.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core	RC samples were split in the field (riffle split if dry; rotary split if wet)
techniques		taken.	and collected in pre-numbered calico bags.
and sample		If non-core, whether riffled, tube sampled, rotary split, etc and	Diamond core was cut and quarter core sampled.
preparation		whether sampled wet or dry.	Sample preparation at the laboratory involved crushing to 70% less
		For all sample types, the nature, quality and appropriateness of the	than 2mm, riffle split off 250g, pulverize split to better than 85%
		sample preparation technique.	passing 75 microns.
		Quality control procedures adopted for all sub-sampling stages to	Duplicate samples were inserted approximately every 15 samples to
		maximise representivity of samples.	check the representivity of samples and precision in assaying.
		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 thegrain size of the material

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		being sampled.
Quality of		The nature, quality and appropriateness of the assaying and	Samples were assayed by ALS Laboratories in Reno Nevada via 4
assay data		laboratory procedures used and whether the technique is considered	acid digest of 0.25g sample split with a 48 element ICP-MS finish.
and		partial or total.	4 Acid digests are considered to approach a total digest, as some
laboratory		For geophysical tools, spectrometers, handheld XRF instruments, etc,	refractory minerals are not attacked.
tests		the parameters used in determining the analysis including instrument	Certified lithium sediment standards were inserted approximately
		make and model, reading times, calibrations factors applied and their	every 15 samples
		derivation, etc.	Blank samples were inserted approximately every 15 samples to
		Nature of quality control procedures adopted (eg standards, blanks,	check for laboratory contamination.
		duplicates, external laboratory checks) and whether acceptable levels	Duplicates were taken approximately 1 in every 15 samples
		of accuracy (ie lack of bias) and precision have been established.	All standards, blanks and duplicate data are reviewed as assays are
			received. Any QAQC data that fails to meet acceptable confidence
			limits set by Jindalee are followed up with the laboratory as an action
			item.
			Laboratory QAQC involves the use of internal lab standards, splits
			and replicates as part of in-house procedures. ALS Laboratories
			participates in external umpire assessments to maintain high levels of
			QAQC in relation to their peers.
Verification of		The verification of significant intersections by either independent or	Assay results were verified by more than one Jindalee geologist.
sampling and		alternative company personnel.	Data is received and stored electronically with a comparison between
assaying		The use of twinned holes.	the .pdf certificates and the .csv data files indicating no errors in
		Documentation of primary data, data entry procedures, data	transmission.
		verification, data storage (physical and electronic) protocols.
		Discuss any adjustment to assay data.
Location of		Accuracy and quality of surveys used to locate drill holes (collar and	Sample locations were surveyed using a handheld Garmin GPS with
data points		down-hole surveys), trenches, mine workings and other locations	an accuracy of +/- 3m horizontally, and +/- 5m vertically; hole
		used in Mineral Resource estimation.	positions were also checked against a Digital Elevation Model (DEM).
		Specification of the grid system used.	Locations are reported in metres NAD27 Zone11.
		Quality and adequacy of topographic control.	No downhole surveys were undertaken on RC drillholes
			Downhole surveys were undertaken on diamond drill holes at
			approximately 30m (100’) intervals downhole including at the end of
			hole. The typical variation from vertical observed was <1°, maximum
			variation from vertical observed was 2.3°, with a survey accuracy of
			+/- 0.1°. No downhole survey data was received for MDD007.

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Criteria	JORC Code explanation	Commentary
Data spacing	 Data spacing for reporting of Exploration Results.	Diamond drill spacing is approximately 800m.
and	 Whether the data spacing and distribution is sufficient to establish the	The RC drilling was designed to infill and extend an Inferred Mineral
distribution	degree of geological and grade continuity appropriate for the Mineral	Resource reported by the Company on 19 November 2019 based on
	Resource and Ore Reserve estimation procedure(s) and	the diamond drilling.
	classifications applied.	Drill spacing and distribution is sufficient to establish the degree of
	 Whether sample compositing has been applied.	geological and grade continuity appropriate for the Mineral Resource
		estimation and classification applied.
Orientation of	 Whether the orientation of sampling achieves unbiased sampling of	Vertical drill holes were appropriate for assessing the flat lying units of
data in	possible structures and the extent to which this is known, considering	interest. Downhole lengths reported are therefore the same as true
relation to	the deposit type.	widths.
geological	 If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	 The measures taken to ensure sample security.	Samples were collected by qualified geological consultants engaged
security		by Jindalee and stored on site in locked sample storage bins provided
		by ALS Laboratories, who then collected the bins and transported
		them to their facility in Reno, USA.
Audits or	 The results of any audits or reviews of sampling techniques and data.	QAQC data is reviewed regularly with each returned assay batch and
reviews		reported on a per program basis.

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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	Commentary
Mineral	 Type, reference name/number, location and ownership including		Samples reported are all from land managed by the US Bureau of
tenement and	agreements or material issues with third parties such as joint		Land Management, with the mineral rights held under placer claims
land tenure	ventures, partnerships, overriding royalties, native title interests,		owned 100% by HiTech Minerals Inc., a wholly owned US based
status	historical sites, wilderness or national park and environmental		subsidiary of Jindalee Resources Limited.
	settings.		No joint ventures or royalty interests are applicable.
	 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.
Exploration	 Acknowledgment and appraisal of exploration by other parties.		At McDermitt, historic uranium exploration by Chevron first identified
done by other			the presence of lithium. Lithium Americas Corp (TSX: LAC) is
parties			exploring the southern end of the McDermitt Caldera, approximately
			30km south of the Project area for lithium within geologically identical
			stratigraphy.
Geology	 Deposit type, geological setting and style of mineralisation.		Lithium is hosted in flat-lying lacustrine sediments deposited within
			the Tertiary aged McDermitt Caldera.
Drill hole	 A summary of all information material to the understanding of the		Please see table and figures in main body of text.
Information	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	 In reporting Exploration Results, weighting averaging techniques,		Significant intercepts are presented as a simple average above a
aggregation	maximum and/or minimum grade truncations (eg cutting of high		1000ppm Li cut-off, with a maximum of 10 feet (3.05m) internal
methods	grades) and cut-off grades are usually Material and should be stated.		‘waste’ (where ‘waste’ is defined as intervals with less than 1000ppm
	 Where aggregate intercepts incorporate short lengths of high grade		Li).
	results and longer lengths of lowgrade results, theprocedure used		Lithiumcarbonate equivalent (‘LCE’)is calculated by taking theLi

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Criteria	JORC Code explanation	Commentary
	for such aggregation should be stated and some typical examples of	value and multiplying by 5.323 to determine the molar equivalent in
	such aggregations should be shown in detail.	standard industry fashion
	 The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	 These relationships are particularly important in the reporting of	Vertical drill holes were appropriate for assessing the flat lying units of
between	Exploration Results.	interest. Downhole lengths reported are therefore the same as true
mineralisation	 If the geometry of the mineralisation with respect to the drill hole	widths.
widths and	angle is known, its nature should be reported.
intercept	 If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	See main body of announcement.
	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.
Balanced	 Where comprehensive reporting of all Exploration Results is not	For RC drilling all results above a cut-off of 1000ppm lithium
reporting	practicable, representative reporting of both low and high grades	containing a maximum of 10 feet (3.05m) internal ‘waste’ (where
	and/or widths should be practiced to avoid misleading reporting of	‘waste’ is defined as intervals with less than 1000ppm Li) are
	Exploration Results.	regarded as significant and have been reported.
		For diamond drilling results above a cut-off of 1000ppm lithium
		containing a maximum of 4m internal ‘waste’ (where ‘waste’ is defined
		as intervals with less than 1000ppm Li) are regarded as significant
		and have been reported.
Other	 Other exploration data, if meaningful and material, should be reported	Metallurgical testwork (previously announced3,6) has indicated high
substantive	including (but not limited to): geological observations; geophysical	lithium recoveries from leaching with sulphuric acid at moderate
exploration	survey results; geochemical survey results; bulk samples – size and	temperature and atmospheric pressure and that the mineralised
data	method of treatment; metallurgical test results; bulk density,	material can be beneficiated using attrition scrubbing
	groundwater, geotechnical and rock characteristics; potential	Also see main body of announcement.
	deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral	Additional work underway includes:
	extensions or depth extensions or large-scale step-out drilling).	- Planning and permitting of next round of drilling to infill and
	 Diagrams clearly highlighting the areas of possible extensions,	extend the MRE
	including the main geological interpretations and future drilling areas,	- Ongoing metallurgical test work aimed at downstream processing
	provided this information is not commercially sensitive.	- Potential scoping study

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Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code explanation	Commentary
Database	 Measures taken to ensure that data has not been corrupted by, for	Assay results were verified by more than one Jindalee geologist.
integrity	example, transcription or keying errors, between its initial collection	Data is received and stored electronically with a comparison between
	and its use for Mineral Resource estimation purposes.	the original .csv data files and the compiled database indicating no
	 Data validation procedures used.	errors in transmission or transcription.
		H&SC only performed basic checks on the MS Access database
		provided by JRL to ensure internal data integrity.
Site visits	 Comment on any site visits undertaken by the Competent Person and	Site visits have been undertaken by Jindalee Competent Persons.
	the outcome of those visits.	No site visit was undertaken by the Competent Person responsible for
	 If no site visits have been undertaken indicate why this is the case.	the estimation of the MRE (mineral resource estimate) because the
		project is at an early stage of investigation.
Geological	 Confidence in (or conversely, the uncertainty of) the geological	Lithium mineralisation occurs predominantly within specific
interpretation	interpretation of the mineral deposit.	stratigraphic units that can be correlated over project area using field
	 Nature of the data used and of any assumptions made.	mapping, aerial photography and drilling. The new drilling confirms
	 The effect, if any, of alternative interpretations on Mineral Resource	the previous interpretation, adding to confidence in the continuity of
	estimation.	both geology and grade.
	 The use of geology in guiding and controlling Mineral Resource	The MRE is based on 29 drill holes and a specific correlation of units
	estimation.	between drill holes has been assumed.
	 The factors affecting continuity both of grade and geology.	Alternative interpretations could correlate the horizons differently from
		hole to hole, but this is unlikely to have a substantial impact on the
		estimates.
		The MRE is guided and controlled by stratigraphy, which is the major
		control on the continuity of both grade and geology.
		Stratigraphy is the major factor affecting the continuity both of grade
		and geology, although lithium grades appear to be less continuous
		than the individual stratigraphic units.
Dimensions	 The extent and variability of the Mineral Resource expressed as	At a 1,000 ppm Li cut-off grade, the MRE has the following
	length (along strike or otherwise), plan width, and depth below	approximate extent:
	surface to the upper and lower limits of the Mineral Resource.	 5.2 km in the north-south direction,
		 4.9 km in the east-west direction,
		 0-100m below surface, with~6m of overlying colluvium in places,

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Criteria	JORC Code explanation	Commentary
		although only a proportion of layers (~63%) within this volume are
		above cut-off grade.
Site visits	 Comment on any site visits undertaken by the Competent Person and	Site visits have been undertaken by Jindalee Competent Persons.
	the outcome of those visits.	No site visit was undertaken by the Competent Person responsible for
	 If no site visits have been undertaken indicate why this is the case.	the estimation of the MRE (mineral resource estimate) because the
		project is at an early stage of investigation.
Estimation	 The nature and appropriateness of the estimation technique(s)	Lithium grade was estimated with nominal 2.0m sample composites
and modelling	applied and key assumptions, including treatment of extreme grade	using the ordinary kriging estimation technique in Datamine software.
techniques	values, domaining, interpolation parameters and maximum distance	The main mineralised domain was limited to potentially mineralised
	of extrapolation from data points. If a computer assisted estimation	paleo-lake sediments, with overlying colluvium and underlying basalt
	method was chosen include a description of computer software and	estimated separately. The grade distribution for lithium is not strongly
	parameters used.	skewed so Ordinary Kriging (OK) was considered to be an
	 The availability of check estimates, previous estimates and/or mine	appropriate estimation method; there are no extreme values requiring
	production records and whether the Mineral Resource estimate takes	grade cutting. Initial search radii for the MRE were 750x750x4m, then
	appropriate account of such data.	expanded to 1500x1500x8m. All Mineral Resources are confined to
	 The assumptions made regarding recovery of by-products.	within 100m of surface, with at least 3 holes and 12 samples required
	 Estimation of deleterious elements or other non-grade variables of	to inform these blocks. Stratigraphic control was achieved by using a
	economic significance (eg sulphur for acid mine drainage	dynamic search that followed the orientation of a geochemical marker
	characterisation).	horizon. The MRE was limited to blocks within 1,000m of holes, which
	 In the case of block model interpolation, the block size in relation to	is the maximum distance of extrapolation.
	the average sample spacing and the search employed.	The new drilling effectively confirms the previous MRE, so the new
	 Any assumptions behind modelling of selective mining units.	MRE does take appropriate account of this data.
	 Any assumptions about correlation between variables.	No assumptions were made regarding recovery of by-products.
	 Description of how the geological interpretation was used to control the resource estimates.	No deleterious elements or other non-grade variables of economic significance were estimated.
	 Discussion of basis for using or not using grade cutting or capping.  The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	The model block size is 200x200x5m, which is approximately one half of the average sample spacing in the better drilled area, which is around 400m. The initial horizontal search radii are around 4 times the block size. Minimum sub-blocks are 40x40x1m.
		No specific assumptions were made regarding selective mining units
		(SMUs), so the model block size is effectively the SMU.
		There are no assumptions about correlation between variables
		because only lithium has been estimated.
		The geological interpretation was used to control the resource
		estimates through stratigraphic constraints imposed via the narrow

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Criteria	JORC Code explanation	Commentary
		vertical radius and dynamic search strategy.
		The grade distribution for lithium is not strongly skewed so no grade
		cutting or capping was required.
		The estimates were validated in a number of ways – visual and
		statistical comparisons of block and drill hole grades, examination of
		grade-tonnage data and comparison with previous MRE model. The
		comparisons of model and drill hole data show that the estimates
		appear reasonable. No reconciliation data is available because the
		deposit remains unmined.
Moisture	 Whether the tonnages are estimated on a dry basis or with natural	Tonnages were estimated on a dry weight basis; moisture was
	moisture, and the method of determination of the moisture content.	determined by comparison of dry and wet sample weights.
Cut-off	 The basis of the adopted cut-off grade(s) or quality parameters	The adopted cut-off grade of 1,000 ppm Li is based on a
parameters	applied.	comprehensive economic model that incorporates a range of
		conceptual costs for items including mining, processing,
		administration and capital.
Mining factors	 Assumptions made regarding possible mining methods, minimum	The mining method is currently assumed to be open pit extraction.
or	mining dimensions and internal (or, if applicable, external) mining	The estimates include an allowance for internal mining dilution within
assumptions	dilution. It is always necessary as part of the process of determining	the blocks and sub-blocks, which currently define minimum mining
	reasonable prospects for eventual economic extraction to consider	dimensions.
	potential mining methods, but the assumptions made regarding	The resource estimates do not include potential external mining
	mining methods and parameters when estimating Mineral Resources	dilution arising from factors such as blast movement, mixing of
	may not always be rigorous. Where this is the case, this should be	materials during blasting and digging, or misallocation of ore and
	reported with an explanation of the basis of the mining assumptions	waste.
	made.	Assumptions regarding mining are conceptual at this stage of the
		project.
Metallurgical	 The basis for assumptions or predictions regarding metallurgical	Lithium at McDermitt is hosted within or adsorbed onto clay minerals.
factors or	amenability. It is always necessary as part of the process of	Recent metallurgical testwork showed that beneficiation by attrition
assumptions	determining reasonable prospects for eventual economic extraction to	scrubbing can increase lithium grades by up to 60% and leaching
	consider potential metallurgical methods, but the assumptions	results confirmed high lithium extraction rates (~95%) from
	regarding metallurgical treatment processes and parameters made	beneficiated samples with reduced acid consumption. Additional work
	when reporting Mineral Resources may not always be rigorous.	to further optimise metallurgical processes is underway.
	Where this is the case, this should be reported with an explanation of	Assumptions regarding metallurgical amenability are conceptual at
	the basis of the metallurgical assumptions made.	this stage of the project.

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Criteria	JORC Code explanation	Commentary
Environmen-	 Assumptions made regarding possible waste and process residue	At this stage of the project, limited environmental investigations have
tal factors or	disposal options. It is always necessary as part of the process of	been conducted and no environmental assumptions have been made
assumptions	determining reasonable prospects for eventual economic extraction to	beyond that a conventional open-pit mine and processing facilities
	consider the potential environmental impacts of the mining and	should be possible.
	processing operation. While at this stage the determination of	It is assumed that all necessary environmental approvals will be in
	potential environmental impacts, particularly for a greenfields project,	place when mining commences. All waste and process residues will
	may not always be well advanced, the status of early consideration of	be disposed of in a responsible manner and in accordance with the
	these potential environmental impacts should be reported. Where	mining license conditions.
	these aspects have not been considered this should be reported with
	an explanation of the environmental assumptions made.
Bulk density	 Whether assumed or determined. If assumed, the basis for the	Dry bulk density (DBD) for the MRE was estimated using a regression
	assumptions. If determined, the method used, whether wet or dry, the	between density and depth below surface, based on measurements
	frequency of the measurements, the nature, size and	taken on 33 sections of HQ core from the 2018 and 2019 drill
	representativeness of the samples.	programs. Shortly after retrieval from the hole the length (typically
	 The bulk density for bulk material must have been measured by	20cm) and diameter were measured in several locations on each
	methods that adequately account for void spaces (vugs, porosity,	piece of core using measuring tape and Vernier callipers respectively.
	etc), moisture and differences between rock and alteration zones	The samples were securely wrapped and subsequently dried and
	within the deposit.	weighed by ALS Laboratories in Reno to estimate dry bulk density via
	 Discuss assumptions for bulk density estimates used in the	DBD = weight/volume. The results indicated a variation with depth
	evaluation process of the different materials.	below surface, and the DBD estimates used for each block were
		determined using the regression DBD = 1.4134 + (DEPTH x 0.0012),
		capped at a maximum of 2.00 t/m3. The average DBD across the
		volume estimated is 1.48 t/m3.
		The bulk density was measured by a method that adequately
		accounts for void spaces (vughs, porosity, etc), moisture and
		differences between rock and alteration zones within the deposit.
		The bulk density formula was applied to the mineralised sediments
		and the overlying colluvium.
Classification	 The basis for the classification of the Mineral Resources into varying	The MRE was classified using the estimation search passes and
	confidence categories.	additional criteria. Indicated Mineral Resources were defined using
	 Whether appropriate account has been taken of all relevant factors (ie	search radii of 750x750x4m, while Inferred Resources used radii of
	relative confidence in tonnage/grade estimations, reliability of input	1500x1500x8m. All Mineral Resources are confined to within 100m of
	data, confidence in continuity of geology and metal values, quality,	surface, with at least 3 holes and 12 samples required to inform these
	quantity and distribution of the data).	blocks. The Inferred MRE was limited to blocks within 1,000m of
	 Whether the result appropriately reflects the Competent Person’s	holes and 37% of this material is extrapolated beyond drill holes.

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Criteria	JORC Code explanation	Commentary
	view of the deposit.	Appropriate account has been taken of all relevant factors, including
		relative confidence in tonnage/grade estimates, reliability of input data,
		confidence in continuity of geology and metal values, quality, quantity
		and distribution of the data.
		The reported MRE appropriately reflects the Competent Person’s
		view of the deposit.
Audits or	 The results of any audits or reviews of Mineral Resource estimates.	No independent audits or reviews have been undertaken to date; the
reviews		MRE has been subject to internal peer review within H&SC.
Discussion of	 Where appropriate a statement of the relative accuracy and	The relative accuracy and confidence level in the Mineral Resource
relative	confidence level in the Mineral Resource estimate using an approach	estimates are considered to be in line with the generally accepted
accuracy/	or procedure deemed appropriate by the Competent Person. For	accuracy and confidence of the nominated JORC Mineral Resource
confidence	example, the application of statistical or geostatistical procedures to	category. This has been determined on a qualitative, rather than
	quantify the relative accuracy of the resource within stated confidence	quantitative, basis, and is based on the Competent Person’s
	limits, or, if such an approach is not deemed appropriate, a qualitative	experience with similar deposits. Factors that could affect the relative
	discussion of the factors that could affect the relative accuracy and	accuracy and confidence of the estimate include:
	confidence of the estimate.	 The correlation of mineralised horizons,
	 The statement should specify whether it relates to global or local	 The continuity of higher grade samples.
	estimates, and, if local, state the relevant tonnages, which should be	The estimates are local, in the sense that they are localised to model
	relevant to technical and economic evaluation. Documentation should	blocks of a size considered appropriate for local grade estimation. The
	include assumptions made and the procedures used.	Inferred Mineral Resources could be relevant to technical and
	 These statements of relative accuracy and confidence of the estimate	economic analysis at the level of a Scoping Study, while the Indicated
	should be compared with production data, where available.	Mineral Resources could be relevant to technical and economic
		analysis at the level of a Pre-Feasibility or Feasibility Study.
		No production data is available as the deposit remains unmined.

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