KGL RESOURCES LIMITED — Capital/Financing Update 2019

Feb 25, 2019

26 February 2019

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$6.5 M PLACEMENT TO TAKE JERVOIS COPPER PROJECT TO DEVELOPMENT READY STAGE

• Latest infill drilling results announced - expected to further upgrade copper resource at Reward deposit

• Placement will fund accelerated high impact infill drilling to further upgrade the Reward Mineral Resource classification and to estimate an Ore Reserve

KGL Resources Limited (ASX:KGL) (KGL or the Company) is pleased to announce it has received commitments to raise $6.5 million, without costs, through the issue of 21.67 million new shares at 30 cents per share (the Placement).

The Placement comprises the issue of:

• 12.7 million shares to Marshall Plenty, a company associated with international mineral resources identity Mr Ernie Thrasher, to raise $3.8 million;

• 5.6 million shares to KMP Investments Pte Ltd, KGL’s largest shareholder, to raise $1.7 million; and

• 3.3 million shares to ASM Connaught House Fund LP, ASM Connaught House Fund (Master) II LP and ASM Connaught House Fund (Master) III LP, which are managed by Argyle Street Management Limited to raise $1.0 million.

KGL Chairman Mr Denis Wood commented:

“Mr Thrasher made his first investment in KGL last February, and ASM Connaught joined the register last August. The decisions by these respected international investors to further increase significantly their stakes in KGL are welcomed and represent a strong vote of confidence in the Company and the Jervois Copper Project.

“KMP Investments, KGL’s largest shareholder, has continued its commitment to the Company, by participating to maintain its existing shareholder position.

“Investors can look forward to strong news flow in the months ahead as we apply the funds to high impact infill drilling programs at Reward and Rockface to further upgrade the Mineral Resource classification and to estimate an Ore Reserve to support the financing initiatives for the development of the Jervois Project. These funds will support the continued retention of the services and expertise of the two drill rigs and crews currently on site given their involvement in last year’s infill drilling program.

“Drilling will also be undertaken to establish a sustainable water source. The issue of sourcing water was raised in responses to the draft Environmental Impact Study (EIS). We were very pleased with support for the project from stakeholders during the public review period and the absence of any project development stoppers. In dealing with

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the water issue, we need to obtain cultural heritage clearance, tenement licences and agreements for the proposed borefield and pipeline areas. These and other processes relating to the EIS are well under way. We expect that the Supplementary EIS submission will be completed by the end of June.

“Subject to government approvals and development financing, construction of the Jervois Project should commence towards the end of 2019.

“In undertaking this Placement to take Jervois towards development, your directors are encouraged by the current and increasingly positive outlook for copper as sustained demand continues to rise driven by heavy use in infrastructure and the manufacturing of electric vehicles and the challenge of declining grades in the larger established copper mines.”

Use of Funds

The funds raised pursuant to the Placement will enable the Company to continue to deliver on commitments to upgrade resources and extend mineralisation at the Jervois Copper Project. Currently, more than half of the Jervois copper Resource of 385,200 tonnes grading 1.49% is now in the Indicated Resource category, a 25% increase since last May.

KGL Use of Funds	KGL Use of Funds	Funds ($’M)
Current Balance (less Creditors) (Feb 2019)		$9.2
Share Placement		$6.5
Current Funded Activities  Infill Drilling (Feb– Mar’19) $(1.3) M  Exploration & Geological Teams $(1.4) M  Water Drilling $(1.0) M  EIS Completion $(0.4) M  Engineering $(0.7) M  Other Projects $(0.2) M  Administration 2019 $(1.5) M  Capex $(0.2) M		$(6.7)
 Infill Drilling (Feb– Mar’19)	$(1.3) M
 Exploration & Geological Teams	$(1.4) M
 Water Drilling	$(1.0) M
 EIS Completion	$(0.4) M
 Engineering	$(0.7) M
 Other Projects	$(0.2) M
 Administration 2019	$(1.5) M
 Capex	$(0.2) M
JORC Infill Drilling and Resource and Reserve estimate (New funds)		$(6.8)
Forecast Balance (Dec 2019)		$2.2

The Placement will be made pursuant to the Company’s 15% placement capacity under Listing Rule 7.1.

The funds will be received on 25 March 2019 with the allotment of shares to be made on 26th March 2019.

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Recent assays continue to increase confidence in copper resource at Reward

The final assay results from drilling last December have provided high grade intercepts in the Reward Deeps and are expected to contribute to a further increase in the Indicated Copper Resources at Reward.

Significant assays for the five holes are highlighted in Table 1 and Figures 1 & 2 below.

The drilling targeted the periphery of the Reward Deeps with the aim of extending and improving the resource. The best results are from hole KJCD315 with:

• 5.24 m @ 2.13% Cu, 11.70 g/t Ag and 0.46 g/t Au from 502.50 m, and

• 4.52 m @ 5.73% Cu, 109.20 g/t Ag and 1.21 g/t Au from 524.80 m.

Being 50 m west of the upper portion of the Reward Deeps Indicated Resource, this intercept should add to the Indicated Resources at Reward.

Enhancing the significance and value of the intercept is the fact that it is outside any known conductors identified by DHEM surveying, being located between conductors R1 and R2 (Figure 2).

Hole KJCD312, in the centre of conductor R6, intercepted:

• 6.44 m @ 5.09% Cu, 45.70 g/t Ag and 0.76 g/t Au from 733.00 m.

The other intercepts indicate that the copper grades drop off towards the edge of the conductor, similar to what has been observed at Rockface.

Prospect	Hole ID	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t	From (m) To (m) Interval (m) Cu % Pb % Zn % Ag g/t Au g/t
	KJCD312	699.67	709.35	9.68	0.73	0.01	0.05	6.50	0.06
		733.00	739.44	6.44	5.09	0.16	0.07	45.70	0.76
	KJCD312D1W1	714.00	725.29	11.29	1.00	0.05	0.29	7.20	0.07
		749.56	758.50	8.94	2.45	0.23	0.18	44.70	0.54
	KJCD312D2	713.14	716.00	2.86	1.72	0.01	0.09	14.40	0.22
Reward Deeps		745.00	750.46	5.46	1.17	0.10	0.14	17.50	0.36
	KJCD313	820.77	841.55	20.78	0.49	0.11	0.10	13.10	0.12
		820.77	830.64	9.87	0.56	0.11	0.08	13.70	0.18
		833.95	841.55	7.60	0.60	0.12	0.17	14.40	0.08
	KJCD315	502.50	507.74	5.24	2.13	0.09	0.17	11.70	0.46
		524.80	529.32	4.52	5.73	0.55	0.92	109.20	1.21

Table 1: Summary of significant assays from the final results received of drilling last December.

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Figure 1: Longitudinal section of the current resource block model of the Reward UG with assays of KJCD312, KJCD312D1W1 and KJCD312D2, KJCD313 and KJCD315.

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Figure 2: Longitudinal section of the existing and new conductors at Reward Deeps with assays of KJCD312, KJCD312D1W1 and KJCD312D2, KJCD313 and KJCD315.

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For further information, contact:

Ms Kylie Anderson Company Secretary Phone: 07 3071 9003

About KGL Resources

KGL Resources Limited is an Australian mineral exploration company focussed on increasing the high-grade resource at the Jervois Copper Project in the Northern Territory and developing it into a profitable and robust mine.

Competent Persons Statement

The Jervois Exploration data in this report is based on information compiled by Adriaan van Herk, a member of the Australian Institute of Geoscientists, Chief Geologist and a full-time employee of KGL Resources Limited.

Mr. van Herk has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to which he is undertaking, 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. van Herk has consented to the inclusion of this information in the form and context in which it appears in this report.

The Jervois Resources information was were first released to the market on 23 January 2019 and complies with JORC 2012. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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1 1 JORC Code, 2012 Edition – Table 1

1.1 Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (e.g. cut channels, random		At Reward diamond drilling and reverse
techniques		chips, or specific specialised industry standard measurement		circulation (RC) drilling were used to obtain
		tools appropriate to the minerals under investigation, such as		samples for geological logging and
		down hole gamma sondes, or handheld XRF instruments,		assaying. The core samples comprised a
		etc). These examples should not be taken as limiting the		mixture of sawn HQ quarter core, sawn NQ
		broad meaning of sampling.		half core and possibly BQ half core
		Include reference to measures taken to ensure sample		(historical drilling only). Sample lengths are
		representivity and the appropriate calibration of any		generally 1m, but at times length were
		measurement tools or systems used.		adjusted to take into account geological
		Aspects of the determination of mineralisation that are		variations. RC sample intervals are
		Material to the Public Report.		predominantly 1m intervals with some 2
		In cases where ‘industry standard’ work has been done this		and 4m compositing (historical holes only).
		would be relatively simple (e.g. ‘reverse circulation drilling		A total of 586 drillholes for 83,400m, were
		was used to obtain 1 m samples from which 3 kg was		completed, sited predominantly within the
		pulverised to produce a 30 g charge for fire assay’). In other		planned open pit area, but include 10 new
		cases more explanation may be required, such as where		KGL diamond (and minor RC) infill and
		there is coarse gold that has inherent sampling problems.		extensional drilling totalling 6,812m.
		Unusual commodities or mineralisation types (e.g. submarine		Drilling is on a nominal 25m spacing near
		nodules) may warrant disclosure of detailed information.		surface expanding at depth to 50m and
				then to 100m on the periphery of the
				mineralisation
				At Rockface diamond drilling was used to
				obtain samples for geological logging and
				assaying. Sample lengths are generally 1m
				in length, but adjusted at times to take into
				account geological variations. The samples
				comprised sawn HQ quarter core. A total of
				33 holes for 19,330m were included on
				approximately 50m centres.
				RC samples are routinely scanned by KGL
				Resources with a Niton XRF. Samples
				assaying greater than 0.1% Cu, Pb or Zn
				are submitted for analysis at a commercial
				laboratory.
				Mineralisation at both deposits is
				characterized by disseminations, veinlets
				and large masses of chalcopyrite,
				associated with magnetite-rich alteration
				within a psammite. The mineralisation has
				textures indicative of structural
				emplacement within specific strata i.e. the
				mineral appears stratabound.
				Documentation of the historical drilling
				(pre-2011) for Reward is variable.
Drilling		Drill type (e.g. core, reverse circulation, open-hole hammer,		The KGL and previous Jinka-Minerals RC
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (e.g.		drilling was conducted using a reverse
		core diameter, triple or standard tube, depth of diamond tails,		circulation rig with a 5.25-inch face-
		face-sampling bit or other type, whether core is oriented and		sampling bit. Diamond drilling was either
		if so, by what method, etc).		in NQ2 or HQ3 drill diameters.
				Metallurgical diamond drilling (JMET holes)
				were PQ

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				There is no documentation for the historic
				drilling techniques.
				Diamond drilling was generally cored from
				surface with some of the deeper holes at
				Rockface and Reward utilizing RC pre-
				collars.
				Oriented core has been measured for the
				recent KGL drilling.
Drill sample		Method of recording and assessing core and chip sample		The KGL RC samples were not weighed
recovery		recoveries and results assessed.		on a regular basis but when completed no
		Measures taken to maximise sample recovery and ensure		sample recovery issues were encountered
		representative nature of the samples.		during the drilling program.
		Whether a relationship exists between sample recovery and		Jinka Minerals and KGL split the rare
		grade and whether sample bias may have occurred due to		overweight samples (>3kg) for assay.
		preferential loss/gain of fine/coarse material.		Since overweight samples were rarely
				reported no sample bias was established
				between sample recovery and grade.
				Core recovery for Rockface is >95% with
				the mineral zones having virtually 100%
				recovery.
				The core recovery for the KGL drilling of
				Reward has been regarded as acceptable
				although there is no documentation for the
				historical drilling.
				No evidence has been found for any
				relationship between sample recovery and
				copper grade and there are no biases in
				the sampling with respect to copper grade
				and recovery.
Logging		Whether core and chip samples have been geologically and		All KGL RC and diamond core samples
		geotechnically logged to a level of detail to support		are geologically logged. Logging in
		appropriate Mineral Resource estimation, mining studies and		conjunction with multi-element assays is
		metallurgical studies.		appropriate for Mineral Resource
		Whether logging is qualitative or quantitative in nature. Core		estimation.
		(or costean, channel, etc) photography.		Core samples are also orientated and
		The total length and percentage of the relevant intersections		logged for geotechnical information.
		logged.		All logging has been converted	to
				quantitative and qualitative codes in the
				KGL Access database.
				All relevant intersections were logged.
				Paper logs existed for the historical drilling.
				There is very little historical core available
				for inspection.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all		The following describes the recent KGL
techniques and		core taken.		sampling and assaying process:
sample preparation	  	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling		– RC drill holes are sampled at 1m intervals and split using a cone splitter attached to the cyclone to generate a split of ~3kg; – RC sample splits (~3kg) are pulverized to 85% passing 75
		stages to maximise representivity of samples.		microns.
		Measures taken to ensure that the sampling is representative		– Diamond core was quartered with a
		of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.		diamond saw and generally sampled at 1m intervals with samples lengths adjusted at geological contacts; – Diamond core samples are crushed to 70% passing 2mm and then
				pulverized to 85% passing 75
				microns.
				– Two quarter core field duplicates
				were taken for every 20m samples
				by Jinka Minerals and KGL
				Resources.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				– All sampling methods and sample
				sizes are deemed appropriate for
				resource estimation
				Details for the historical sampling are not
				available.
Quality of assay		The nature, quality and appropriateness of the assaying and		The KGL drilling has QAQC data that
data and		laboratory procedures used and whether the technique is		includes standards, duplicates and
laboratory tests		considered partial or total.		laboratory checks. In ore zones standards
		For geophysical tools, spectrometers, handheld XRF		are added at a ratio of 1:10 and duplicates
		instruments, etc, the parameters used in determining the		and blanks 1:20.
		analysis including instrument make and model, reading times,		Base metal samples are assayed using a
		calibrations factors applied and their derivation, etc.		four-acid digest with an ICP AES finish.
		Nature of quality control procedures adopted (e.g. standards,		Gold samples are assayed by Aqua Regia
		blanks, duplicates, external laboratory checks) and whether		with an ICP MS finish. Samples over
		acceptable levels of accuracy (i.e. lack of bias) and precision		1ppm Au are re-assayed by Fire Assay
		have been established.		with an AAS finish.
				There are no details of the historic drill
				sample assaying or any QAQC.
				All assay methods were deemed
				appropriate at the time of undertaking.
Verification of		The verification of significant intersections by either		Data is validated on entry into the MS
sampling and		independent or alternative company personnel.		Access database, using Database check
assaying		The use of twinned holes.		queries and Maxwell’s DataShed.
		Documentation of primary data, data entry procedures, data		Further validation is conducted when data
		verification, data storage (physical and electronic) protocols.		is imported into Surpac and Leapfrog Geo.
		Discuss any adjustment to assay data.		Hole twinning was occasionally conducted
				at Reward with mixed results. This may be
				due to inaccuracies with historic hole
				locations rather than mineral continuity
				issues.
				For the resource estimation below
				detection values were converted to half the
				lower detection limit.
Location of data		Accuracy and quality of surveys used to locate drill holes		For the KGL drilling surface collar surveys
points		(collar and down-hole surveys), trenches, mine workings and		were picked up using a Trimble DGPS,
		other locations used in Mineral Resource estimation.		with accuracy to 1 cm or smaller.
		Specification of the grid system used.		Downhole surveys were taken during
		Quality and adequacy of topographic control.		drilling with a Ranger or Reflex survey tool
				at 30m intervals. Checks were conducted
				with a Gyrosmart gyro and Azimuth
				Aligner.
				All drilling by Jinka Minerals and KGL is
				referenced on the MGA 94 Zone 53 grid.
				All downhole magnetic surveys were
				converted to MGA 94 grid.
				For Reward there are concerns about the
				accuracy of some of the historic drillhole
				collars. There are virtually no preserved
				historic collars for checking.
				There is no documentation for the
				downhole survey method for the historic
				drilling.
				Topography was mapped using Trimble
				DGPS (see location points)
Data spacing and		Data spacing for reporting of Exploration Results.		Drilling at Rockface was on nominal 50m
distribution		Whether the data spacing and distribution is sufficient to		centres with downhole sampling on 1m
		establish the degree of geological and grade continuity		intervals.
		appropriate for the Mineral Resource and Ore Reserve		Drilling at Reward was on 25m spaced
		estimation procedure(s) and classifications applied.		sections in the upper part of the
		Whether sample compositing has been applied.		mineralisation extending to 50m centres
				with depth and ultimatelyreaching100m

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				spacing on the periphery of mineralisation.
				For Reward shallow oxide RC drilling was
				conducted on 80m spaced traverses with
				holes 10m apart.
				The drill spacing for all areas is appropriate
				for resource estimation and the relevant
				classifications applied.
				A small amount of sample compositing has
				been applied to some of the near surface
				historic drilling.
Orientation of		Whether the orientation of sampling achieves unbiased		Holes were drilled perpendicular to the
data in relation to		sampling of possible structures and the extent to which this is		strike of the mineralization; the default
geological		known, considering the deposit type.		angle is -60 degrees, but holes vary from -
structure		If the relationship between the drilling orientation and the		45 to -80.
		orientation of key mineralised structures is considered to		Drilling orientations are considered
		have introduced a sampling bias, this should be assessed		appropriate and no obvious sampling bias
		and reported if material.		was detected.
Sample security		The measures taken to ensure sample security.		Samples were stored in sealed polyweave
				bags on site and transported to the
				laboratory at regular intervals by KGL staff
				or a transport contractor.
Audits or reviews		The results of any audits or reviews of sampling techniques		The sampling techniques are regularly
		and data.		reviewed internally and by external
				consultants.

1.2 Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement		Type, reference name/number, location and ownership including		The Jervois Project is within E30242 100%
and land tenure		agreements or material issues with third parties such as joint		owned by Jinka Minerals and operated by
status		ventures, partnerships, overriding royalties, native title interests,		Kentor Minerals (NT), both wholly owned
		historical sites, wilderness or national park and environmental		subsidiaries of KGL Resources.
		settings.		The Jervois Project is covered by Mineral
		The security of the tenure held at the time of reporting along with		Claims and an Exploration licence owned by
		any known impediments to obtaining a licence to operate in the		KGL Resources subsidiary Jinka Minerals.
		area.
Exploration done		Acknowledgment and appraisal of exploration by other parties.		Previous exploration has primarily been
by other parties				conducted by Reward Minerals, MIM and
				PlentyRiver.
Geology		Deposit type, geological setting and style of mineralisation.		EL30242 lies on the Huckitta 1: 250 000 map
				sheet (SF 53-11). The tenement is located
				mainly within the Palaeo-Proterozoic Bonya
				Schist on the northeastern boundary of the
				Arunta Orogenic Domain. The Arunta Orogenic
				Domain in the north western part of the
				tenement is overlain unconformably by Neo-
				Proterozoic sediments of the Georgina Basin.
				The stratabound mineralisation for the project
				consists of a series of complex, narrow,
				structurally controlled, sub-vertical
				sulphide/magnetite-rich deposits hosted by
				Proterozoic-aged, amphibolite grade
				metamorphosed sediments of the Arunta
				Inlier.
				Mineralisation is characterised by veinlets and
				disseminations of chalcopyrite in association
				with magnetite. In the oxide zone which is
				verticallylimited malachite,azurite,chalcocite

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				are the main Cu-minerals.
				Massive to semi-massive galena in
				association with sphalerite occur locally in high
				grade lenses of limited extent with oxide
				equivalents including cerussite and anglesite in
				the oxide zone. Generally, these lenses are
				associated with more carbonate-rich host
				rocks occurring at Green Parrot, Reward and
				Bellbird North.
Drill hole		A summary of all information material to the understanding of the		Refer Table 1, Figures 1 and 2
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 aggregation		In reporting Exploration Results, weighting averaging techniques,		Minimum grade truncation 0.5%Cu
methods		maximum and/or minimum grade truncations (eg cutting of high
		grades) and cut-off grades are usually Material and should be
		stated.
		Where aggregate intercepts incorporate short lengths of high
		grade results and longer lengths of low grade results, the
		procedure used for such aggregation should be stated and some
		typical examples of such aggregations should be shown in detail.
		The assumptions used for any reporting of metal equivalent values
		should be clearly stated.
Relationship		These relationships are particularly important in the reporting of		Refer Table 1, figures 1 and 2
between		Exploration Results.
mineralisation		If the geometry of the mineralisation with respect to the drill hole
widths and		angle is known, its nature should be reported.
intercept lengths		If it is not known and only the down hole lengths are reported,
		there should be a clear statement to this effect (eg ‘down hole
		length, true width not known’).
Diagrams		Appropriate maps and sections (with scales) and tabulations of		Refer Figures 1 and 2
		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 reporting		Where comprehensive reporting of all Exploration Results is not		Refer Table 1
		practicable, representative reporting of both low and high grades
		and/or widths should be practiced to avoid misleading reporting of
		Exploration Results.
Other substantive		Other exploration data, if meaningful and material, should be		Outcrop mapping of exploration targets using
exploration data		reported including (but not limited to): geological observations;		Real time DGPS.
		geophysical survey results; geochemical survey results; bulk		Refer Figures 1 and 2
		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 (eg tests for lateral		Refer Figure 2
		extensions or depth extensions or large-scale step-out drilling).
		Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling
		areas, provided this information is not commercially sensitive.

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