LCL RESOURCES LIMITED — Capital/Financing Update 2019

Dec 22, 2019

ASX Announcement, 23 December 2019

==> picture [134 x 39] intentionally omitted <==

Third hole at Chuscal intersects vein grading 31.8 g/t gold

Highlights:

==> picture [12 x 11] intentionally omitted <==

• Third hole (CHDDH003) intercepts high grade vein-related gold in zones that correlate to modelled horsetail structures. Best gold intercepts[1] include:

• 6m @ 2.97g/t Au from 250m including a 0.4m high grade vein from 253.3m grading 31.8g/t Au

• 2m @ 1.73g/t Au from 124m

• 8.1 m @ 1.2g/t Au from 294m to end of hole and occurring with massive course grained galena and sphalerite[2] .

==> picture [11 x 11] intentionally omitted <==

• Above-mentioned intercept at 250m down-hole corresponds to near-surface historical artisanal stope suggesting potential significant structural continuity.

==> picture [11 x 11] intentionally omitted <==

==> picture [12 x 11] intentionally omitted <==

• Further validation of the importance of the horsetail feature and 6 E-W trending structural corridors as the controlling structure for epithermal gold mineralisation.

• Hole CHDDH004 completed at 370m. Assays expected mid-January.

Metminco Limited ( ASX: MNC ), soon to be renamed Los Cerros Limited , is pleased to advise that it has received preliminary gold results for CHDDH003, the third hole of the maiden drill program at the Chuscal[3] gold target in the Mid-Cauca Porphyry Belt of Colombia (Figure 1 & 2, Table 1 and Annex 1).

The 3rd hole successfully intercepted a number of high grade vein-related gold in zones which correlate with our modelled horsetail structures, a key feature which appears to be driving the distribution of high grade gold through the mineralised system.

Best intercepts included:

• 6m @ 2.97g/t Au from 250m including a 0.4m high grade vein from 253.3m grading 31.8 g/t

• 2m @ 1.73g/t Au from 124m

• 8.1 m @ 1.2g/t Au from 294m to end of hole and occurring with massive course grained galena and sphalerite[2] .

Notably, the 6m @ 2.97 g/t Au intercept encountered at 250m down hole and intense fracturing corresponds with the historic near-surface artisanal mining, suggesting potential for significant structural continuity over a large vertical extent.

1 Using a 0.5 g/t Au lower cut-off and maximum 4m internal dilution for gold. All widths quoted are intercept widths, not true widths, as there is insufficient information at this stage of exploration to know the geometries within the system.

2 Based on visual filed logs only, multi-element assays remain pending.

3 The Chuscal Gold Target is a JV with AngloGold Ashanti Colombia SA. Metminco can earn 51% through US$2.5M of exploration expenditure (see ASX Announcement 6 December 2018). Metminco is the manager of the JV.

==> picture [134 x 39] intentionally omitted <==

Whilst multi-element results remain pending, the interpretative outcomes of CHDDH003 thus far are summarised as follows:

1. Defined a strike extent of ~500m from hole CHDDH002 to CHDDH003 for the horsetail structure that controls the distribution of epithermal gold throughout the Chuscal prospect (Figure 1). The horsetail structure remains open along strike in both NW and SE directions.

2. The Corporacion Diorite shows considerable potential to host significant epithermal mineralisation:

3. a. The intercept at 250m is within the diorite and is potentially the depth extent of near-surface, worked veins suggesting the Corporacion horsetail vein has significant vertical extent.

4. b. The mineralisation encountered in the last 8m of the hole remains open and occurs with massive sulphides and sericite alteration. Interestingly, the shallow vein dip and orientation is similar to the relatively flat lying high grade veins exploited by artisanal miners at the nearby Guyacanes mine and may be a repeat of this structure. The drill hole was stopped early to reduce risk of losing drill rods due to a combination of mechanical issues and difficult drilling conditions encountered.

5. c. Surface samples from the Corporacion Diorite and horsetail structure reported the highest surface sample results in the Chuscal district to date[4] including grab samples up to 49.4 g/t Au.

6. d. Former artisanal miners reported the Corporacion workings as being the best grade in the Chuscal district.

==> picture [477 x 286] intentionally omitted <==

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

Horsetail mined
near surface and
intercepted at
250m down hole
----- End of picture text -----

Figure 1: Plan view of Chuscal geology, interpreted mineralised corridors, horsetail structure and drill hole locations.

4 First announced by the Company on 6 December 2018. The Company confirms that it is not aware of any new information that affects the information contained in this release.

==> picture [134 x 39] intentionally omitted <==

==> picture [491 x 332] intentionally omitted <==

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

Artisanal mine near
surface
6m @ 2.97g/t Au from
250m including 0.4m @
31.8g/t from 353.3m
2m @1.73g/t Au from
124m
8m @ 1.2g/t Au from
294m to EOH
----- End of picture text -----

Figure 2: Cross Section of hole CHDDH003 with interpreted geology.

Hole	Easting	Northing	RL (m)	Azimuth	Dip	EOH
CHDDH001	423456	582685	1310	060º	-60º	452m
CHDDH002	423564	582609	1260	345º	-60º	412m
CHDDH003	423425	583071	1226	216º	-50º	302m
CHDDH004	423501	582760	1355	340º	-60º	370m

Table 1: Chuscal drillhole information .

Drill Hole CHDDH004, has also been completed for a total of 370m with assays due mid-January. Visible logs from the field have confirmed that hole #4 has intercepted 3 horsetail structures.

Metminco’s Managing Director, Jason Stirbinskis concluded:

“There is mounting evidence to suggest we are in a big, complex system, which is not surprising given the size and complexity of discoveries around us of the same age and style, some of global significance such as Nuevo Chaquiro and La Colosa gold porphyries together with other porphyry/epithermal systems within the Quinchia Project such as Tesorito, Miraflores and Dosquebradas.

Heading into our 2020 program, we will now use our new found learnings from the 2019 drill program to target higher grade epithermal regions and vector in on the porphyries that are the source of all the mineralisation we’ve encountered.

==> picture [134 x 39] intentionally omitted <==

As a first step outstanding assay results from CHDDH003 and CHDDH004 will be integrated into a district scale 3D geological and structural model, covering the Chuscal, Tesorito, Miraflores and Dosquebradas porphyry/epithermal systems, which will provide valuable information to design a follow up program in early 2020.

Internationally recognised porphyry consultant Dr Steve Garwin will oversee the study. Dr Garwin previously consulted to Andes Resources Ltd’s project located 70km north of Quinchia[5] and currently consults to Solgold Plc (Cascabel Project in Ecuador) and Hot Chili Ltd (Cortadera Project in Chile).

For the purpose of ASX Listing Rule 15.5, the Board has authorised for this announcement to be released.

For further enquiries contact:

Jason Stirbinskis Managing Director Metminco Limited jstirbinskis@metminco.com.au

5 Metminco acquired Andes Resources Ltd in August 2019.

==> picture [134 x 39] intentionally omitted <==

ANNEX 1: Gold assay results CHDDH003

Sample ID	From(m)	To(m)	Quick log	Au(g/t)		Sample ID	From(m)	To(m)	Quick log	Au(g/t)
D-29765	0.0	2.0	Saprolite	0.15		D-29843	120.0	122.0	Monzanite	0.94
D-29766	2.0	4.0	Saprolite	0.2		D-29844	122.0	124.0	Monzanite	1
D-29767	4.0	6.0	Saprolite	0.26		D-29845	124.0	126.0	Monzanite	1.73
D-29768	6.0	8.0	Andesite	0.39		D-29846	126.0	128.0	Monzanite	0.14
D-29769	8.0	10.0	Monzanite	0.13		D-29847	128.0	130.0	Monzanite	0.2
D-29770	10.0	12.0	Monzanite	0.13		D-29848	130.0	132.0	Monzanite	0.11
D-29771	12.0	14.0	Monzanite	0.1		D-29849	132.0	134.0	Monzanite	0.09
D-29772	14.0	16.0	Andesite	0.04		D-29850	134.0	136.0	Monzanite	0.07
D-29773	16.0	18.0	Andesite	0.08		D-29851	136.0	138.0	Monzanite	0.08
D-29774	18.0	19.0	Monzanite	0.24		D-29852	138.0	140.0	Monzanite	0.19
D-29775	19.0	20.0	Monzanite	0.07		D-29853	140.0	142.0	Monzanite	0.09
D-29776	20.0	21.0	Monzanite	0.17		D-29854	142.0	144.0	Breccia	0.11
D-29777	21.0	22.0	Monzanite	0.28		D-29855	144.0	146.0	145.5 Contact	0.39
D-29778	22.0	24.0	Monzanite	0.08		D-29856	146.0	148.0	Diorite	0.07
D-29779	24.0	26.0	Monzanite	0.06		D-29857	148.0	150.0	Diorite	0.06
D-29780	26.0	28.0	Monzanite	0.07		D-29858	150.0	151.0	Diorite	0.09
D-29781	28.0	29.0	Monzanite	0.08		D-29859	151.0	152.0	Diorite	0.17
D-29782	29.0	30.0	Monzanite	0.08		D-29860	152.0	153.0	Diorite	0.39
D-29783	30.0	31.0	Monzanite	0.23		D-29861	153.0	154.0	Diorite	0.14
D-29784	31.0	32.0	Monzanite	0.04		D-29862	154	156	154.4 Contact	0.09
D-29785	32.0	34.0	Monzanite	0.04		D-29863	156	158	Breccia	0.14
D-29786	34.0	36.0	Monzanite	0.05		D-29864	158	160	157.2 Contact	0.41
D-29787	36.0	38.0	Monzanite	0.06		D-29865	160	162	Diorite	0.28
D-29788	38.0	40.0	Monzanite	0.08		D-29866	162	164	Diorite	0.35
D-29789	40.0	41.0	Monzanite	0.1		D-29867	164	166	Diorite	0.07
D-29790	41.0	42.0	Monzanite	0.09		D-29868	166	168	Diorite	0.12
D-29791	42.0	43.0	Monzanite	0.05		D-29870	168	170	Diorite	0.1
D-29792	43.0	44.0	Monzanite	0.07		D-29871	170	172	Diorite	0.37
D-29793	44.0	46.0	Andesite	0.15		D-29872	172	173.4	Andesite	0.09
D-29794	46.0	48.0	Monzanite	0.1		D-29873	173.4	174	Qtz - PyVein	1.08
D-29795	48.0	50.0	Monzanite	0.11		D-29874	174	175	Breccia	0.24
D-29796	50.0	52.0	Monzanite	0.05		D-29875	175	176	Breccia	0.32
D-29797	52.0	54.0	Andesite	0.06		D-29876	176	177	Breccia	0.1
D-29798	54.0	55.0	Andesite	0.09		D-29877	177	178	Breccia	0.09
D-29799	55.0	56.0	Andesite	0.03		D-29878	178	179	Breccia	0.09
D-29800	56.0	58.0	Andesite	0.03		D-29879	179	180	Breccia	0.37
D-29801	58.0	60.0	Andesite	0.03		D-29880	180	182	Breccia	0.22
D-29803	60.0	61.0	Andesite	0.03		D-29881	182	184	Breccia	0.04
D-29804	61.0	62.0	Andesite	0.05		D-29882	184	186	Breccia	0.09
D-29805	62.0	63.0	Andesite	0.06		D-29883	186	188	Breccia	0.08
D-29806	63.0	64.0	Monzanite	0.14		D-29884	188	190	Breccia	0.36
D-29807	64.0	65.0	64.5 Contact	0.15		D-29885	190	192	Breccia	0.03
D-29808	65.0	66.0	Andesite	0.08		D-29887	192	194	Breccia	0.04
D-29809	66.0	67.0	Andesite	0.07		D-29888	194	196	Breccia	0.09
D-29810	67.0	68.0	Andesite	0.1		D-29889	196	198	Breccia	0.49
D-29811	68.0	69.0	Andesite	0.07		D-29890	198	200	Breccia	0.15
D-29812	69.0	70.0	Andesite	0.22		D-29891	200	202	Breccia	0.02
D-29813	70.0	71.0	Andesite	0.05		D-29892	202	204	Breccia	0.06
D-29814	71.0	72.0	Andesite	0.09		D-29893	204	206	Breccia	0.1
D-29816	72.0	74.0	72.2 Contact	0.04		D-29894	206	208	Breccia	0.07
D-29817	74.0	76.0	Monzanite	0.07		D-29895	208	210	208.8 contact	0.14
D-29818	76.0	78.0	Monzanite	0.03		D-29896	210	212	Diorite	0.09
D-29819	78.0	80.0	Monzanite	0.02		D-29897	212	214	Diorite	0.14
D-29820	80.0	82.0	Monzanite	0.08		D-29898	214	215.8	Diorite	0.09
D-29821	82.0	84.0	Monzanite	0.03		D-29899	215.8	216.4	Qts - PyVein	0.75
D-29822	84.0	86.0	Monzanite	0.09		D-29900	216.4	218	216.05 Contact	0.05
D-29823	86.0	88.0	86.9 Aplite	0.05		D-29901	218	220	Diorite	0.02
D-29824	88.0	90.0	Monzanite	0.07		D-29902	220	222	Diorite	0.01
D-29825	90.0	92.0	Monzanite	0.2		D-29903	222	223	Diorite	0.05
D-29826	92.0	94.0	Monzanite	0.14		D-29904	223	224	Diorite	0.04
D-29827	94.0	96.0	Monzanite	0.06		D-29905	224	225	Diorite	0.11
D-29828	96.0	98.0	Monzanite	0.09		D-29906	225	226	Diorite	0.1
D-29829	98.0	100.0	Monzanite	0.11		D-29907	226	227	Diorite	0.15
D-29830	100.0	102.0	Monzanite	0.04		D-29908	227	228	Diorite	0.14
D-29831	102.0	104.0	Monzanite	0.09		D-29909	228	229	Diorite	0.1
D-29832	104.0	106.0	Monzanite	0.06		D-29910	229	230	Diorite	0.11
D-29833	106.0	108.0	Monzanite	0.84		D-29912	230	232	Diorite	0.1
D-29834	108.0	110.0	Monzanite	0.99		D-29913	232	234	Diorite	0.08
D-29835	110.0	112.0	Monzanite	0.06		D-29914	234	236	Diorite	0.05
D-29836	112.0	114.0	Monzanite	0.1		D-29915	236	238	Diorite	0.12
D-29837	114.0	114.7	0.2mQtz-Pyvein	0.51		D-29916	238	239	Diorite	0.09
D-29838	114.7	116.0	Monzanite	0.23		D-29917	239	240	Diorite	0.17
D-29840	116.0	118.0	Monzanite	0.09		D-29919	240	241	Diorite	0.1
D-29842	118.0	120.0	Monzanite	0.12		D-29920	241	242	Diorite	0.1

==> picture [134 x 39] intentionally omitted <==

Sample ID	From(m)	To(m)	Quick log	Au(g/t)
D-29921	242	243	Diorite	0.37
D-29922	243	244	Diorite	0.78
D-29923	244	246	Diorite	0.06
D-29924	246	248	Diorite	0.1
D-29925	248	250	Diorite	0.06
D-29926	250	252	Diorite	0.22
D-29927	252	252.8	Diorite	0.11
D-29929	252.8	253.3	Diorite	5.8
D-29930	253.3	253.7	Py-Sph-Ga Vein	31.8
D-29931	253.7	255	Diorite	0.65
D-29932	255	256	Diorite	0.83
D-29933	256	257	Diorite	0.27
D-29934	257	258	Diorite	0.46
D-29935	258	259	Diorite	0.51
D-29937	259	260	Diorite	0.83
D-29938	260	262	Diorite	0.55
D-29939	262	264	Diorite	1.31
D-29940	264	266	Diorite	0.11
D-29941	266	268	Diorite	0.27
D-29942	268	270	Diorite	0.13
D-29943	270	272	Diorite	0.19
D-29944	272	274	Diorite	0.79
D-29945	274	276	Diorite	0.04
D-29946	276	278	Diorite	0.19
D-29947	278	280	Diorite	0.05
D-29948	280	282	Diorite	0.11
D-29949	282	284	Diorite	0.1
D-29950	284	286	Diorite	0.07
D-29951	286	288	Diorite	0.13
D-29952	288	290	Diorite	0.22
D-29953	290	292	Diorite	0.06
D-29954	292	294	Diorite	0.09
D-29955	294	296	Diorite	0.95
D-29957	296	297	296.6 Contact	1.46
D-29958	297	298	Fault - Vein	1.21
D-29959	298	299	Fault - Vein	1.15
D-29960	299	300	Fault - Vein	0.75
D-29961	300	301	Fault - Vein	1.61
D-29962	301	302.1	Fault - Vein	1.74

JORC STATEMENTS - COMPETENT PERSONS STATEMENTS

The technical information related to Metminco’s assets contained in this report that relates to Exploration Results (excluding those pertaining to Mineral Resources and Reserves) is based on information compiled by Mr Cesar Garcia, who is a Member of the Australasian Institute of Mining and Metallurgy and who is a Geologist employed by Metminco on a full-time basis. Mr Garcia has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity 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 Garcia consents to the inclusion in the release of the matters based on the information he has compiled in the form and context in which it appears.

The Company is not aware of any new information or data that materially affects the information included in this release.

FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning Metminco. Forwardlooking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Metminco’s beliefs, opinions and estimates of Metminco as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forwardlooking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	•Diamond drilling is carried out to produce HQ3 core.
techniques	chips, or specific specialised industry standard	•Following verification of the integrity of sealed core boxes and the core within
	measurement tools appropriate to the minerals under	them at the Metminco core shed in Quinchia, the core is ‘quick logged’ by a
	investigation, such as down hole gamma sondes, or	Project Geologist and marked for sampling. Following the marking of the cutting
	handheld XRF instruments, etc). These examples should	line and allocation of sample numbers, allowing for insertion of QA/QC samples,
	not be taken as limiting the broad meaning of sampling.	the core is cut by employees in the company’s facility within the core-shed.
	• Include reference to measures taken to ensure sample	•Nominally core is cut in half and sampled on 2m intervals, however the interval
	representivity and the appropriate calibration of any	may be reduced by the Project Geologist based on the visual ‘quick log’.
	measurement tools or systems used.	•Samples are bagged in numbered calico sacks and these placed in heavy duty
	• Aspects of the determination of mineralisation that are	plastic bags with the sample tag. Groups of 5 samples are bagged in a hessian
	Material to the Public Report.	sack, labelled and sealed, for transport.
	• In cases where ‘industry standard’ work has been done this	•Sample preparation is carried out by ALS Laboratory in Medellin where the
	would be relatively simple (eg ‘reverse circulation drilling	whole sample is crushed to -2mm and then 1kg split for pulverising to -
	was used to obtain 1 m samples from which 3 kg was	75micron.
	pulverised to produce a 30 g charge for fire assay’). In other	•Splits are then generated for fire assay (Au-AA26) and analyses for an
	cases more explanation may be required, such as where	additional 48 elements using multi-acid (four acid) digest with ICP finish (ME-
	there is coarse gold that has inherent sampling problems.	MS61) at ALS’s laboratory in Lima, Peru.
	Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	•The maiden drilling program at Chuscal is a diamond drilling program collecting
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	HQ3 diameter core along the length of the hole. In the case of operational
	core diameter, triple or standard tube, depth of diamond	necessity, this will be reduced to NQ core. Triple tubes are used to collect the
	tails, face-sampling bit or other type, whether core is	core and, where ground conditions permit, core orientation is conducted on a
	oriented and if so, by what method, etc).	regular basis.
Drill sample	• Method of recording and assessing core and chip sample	•The drillers are required to meet a minimum recover rate of +90%.
recovery	recoveries and results assessed.	•On site, the drill crew are responsible for labelling (wood spacer block) the
	• Measures taken to maximise sample recovery and ensure	beginning and end depth of each drill run plus actual and expected recovery in
	representative nature of the samples.	meters. This and other field processes are audited on a daily basis.
	• Whether a relationship exists between sample recovery and	•On receipt of the core boxes in the core shed facility at the Quinchia camp, the
	grade and whether sample bias may have occurred due to	coreisvisuallyverifiedfor inconsistenciesin labelling, degree of fracturing

7

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary	Commentary
	preferential loss/gain of fine/coarse material.		(core breakage versus natural), lithology progression, core orientation marks
			etc. If the core meets the required conditions a term of acceptance is signed.
		•	The Core is then cleaned, core pieces are orientated and joined, lengths and
			labelling are verified, and geotechnical observations made. The core box is
			then photographed.
		•	Orientated sections of core are aligned, and a geologic log prepared.
		•	Following logging, sample intervals are determined and marked up and the
			cutting line transferred to the core.
		•	Core quality is, in general high and far exceeding minimum recovery
			conditions.
Logging	• Whether core and chip samples have been geologically and	•	Logging is carried out visually by the Project Geologists focusing on lithology,
	geotechnically logged to a level of detail to support		structure, alteration and mineralization characteristics. Initially a ‘quick log’ is
	appropriate Mineral Resource estimation, mining studies		carried out to guide sampling and this is then followed by detailed logging. The
	and metallurgical studies.		level of logging is appropriate for exploration and initial resource estimation
	• Whether logging is qualitative or quantitative in nature. Core		evaluation.
	(or costean, channel, etc) photography.	•	All core is photographed following the initial verification on receipt of the core
	• The total length and percentage of the relevant intersections		boxes and then again after the ‘quick log’, cutting and sampling. Ie half core.
	logged.	•	All core is logged and sampled, nominally on 1m and 2m intervals respectively
			but in areas of interest more dense logging and sampling may be undertaken.
		•	On receipt of the multi-element geochemical data this is interpreted for
			consistency with the geologic logging.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	After logging and definition of sample intervals by the geologist, the marked
techniques	core taken.		core is cut in half using a diamond saw in a specially designed facility on site. All
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc		core is cut and sampled. The standard sample interval is 2m but may be varied
preparation	and whether sampled wet or dry.		by the geologist to reflect lithology, alteration or mineralization variations.
	• For all sample types, the nature, quality and	•	As appropriate, all half or quarter core generated for a specific sample interval is
	appropriateness of the sample preparation technique.		collected and bagged. The other half of the core remains in the core box as a
	• Quality control procedures adopted for all sub-sampling		physical archive.
	stages to maximise representivity of samples.	•	The large size (4-8kg) of individual samples and continuous sampling of the drill
	• Measures taken to ensure that the sampling is		hole, provides representative samples for exploration activities.
	representative of the in situ material collected, including for	•	Through the use of QA/QC sample procedure in this phase of drilling, any
	instance results for field duplicate/second-half sampling.		special sample preparation requirements eg due to unexpectedly coarse gold,
	• Whether sample sizes are appropriate to the grain size of		will be identified and addressed prior to the resource drilling phase.
	_the material being sampled. _
Quality of	• The nature, quality and appropriateness of the assaying and	•	All samples are prepared at the ALS Medellin facility using industry accepted
assay data	laboratory procedures used and whether the technique is		preparation procedures. Pulps for assay and analysis are sent to their facility in
and	consideredpartial or total.		Lima Peru.

8

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary	Commentary
laboratory	• For geophysical tools, spectrometers, handheld XRF	•	Gold assays are obtained using a lead collection fire assay technique (Au-
tests	instruments, etc, the parameters used in determining the		AA26) and analyses for an additional 48 elements using multi-acid (four acid)
	analysis including instrument make and model, reading		digest with ICP finish (ME-MS61) at ALS’s laboratory in Lima, Peru.
	times, calibrations factors applied and their derivation, etc.	•	Fire assay for gold is considered a “total” assay technique.
	• Nature of quality control procedures adopted (eg standards,	•	An acid (4 acid) digest is considered a total digestion technique. However, for
	blanks, duplicates, external laboratory checks) and whether		some resistant minerals, not considered of economic value at this time, the
	acceptable levels of accuracy (ie lack of bias) and precision		digestion may be partial e.g. Zr, Ti etc.
	have been established.	•	No field non-assay analysis instruments were used in the analyses reported.
		•	Metminco uses certified reference material, blank samples and field duplicates
			inserted into the sample sequence to verify both preparation and analytical
			quality.
		•	Results from the Metminco QA/QC samples are reviewed by Metminco for
			indications of any significant analytical bias or preparation errors in analyses
			reported by the Laboratory.
		•	The Laboratory also carries out internal laboratory QA/QC checks which are
			also reported and reviewed as part of the Metminco QA/QC analysis. The
			geochemical data is only accepted where the analyses are performed within
			acceptable industry standard limits.
Verification of	• The verification of significant intersections by either	•	All digital data received is verified and validated by the Company’s Competent
sampling and	independent or alternative company personnel.		Person before loading into the assay database.
assaying	• The use of twinned holes.	•	Over limit gold or base metal samples are re-analysed using appropriate,
	• Documentation of primary data, data entry procedures, data		alternative analytical techniques. (Au-Grav22 50g and OG46).
	verification, data storage (physical and electronic) protocols.	•	Reported results are compiled by the Company’s geologists and verified by the
	• Discuss any adjustment to assay data.		Company’s database administrator and exploration manager.
		•	No adjustments to assay data were made.
Location of	• Accuracy and quality of surveys used to locate drill holes	•	The drill hole is located using a handheld GPS and Lider DTM. This has an
data points	(collar and down-hole surveys), trenches, mine workings		approximate accuracy of 3-5m which is considered sufficient at this stage of
	and other locations used in Mineral Resource estimation.		exploration.
	• Specification of the grid system used.	•	On completion of the drilling program, the collars of all holes will be surveyed
	• Quality and adequacy of topographic control.		using high precision survey equipment.
		•	Downhole deviations of the drill hole are evaluated on a regular basis and
			recorded in a drill hole survey file to allow plotting in 3D.
		•	The grid system is WGS84 UTM Z18N.
Data spacing	• Data spacing for reporting of Exploration Results.	•	The interpretation of surface mapping and sampling relies on correlating
and	• Whether the data spacing and distribution is sufficient to		isolated points of information that are influenced by factors such as weathering,
distribution	establish the degree of geological and grade continuity		accessibility and sample representativity. This impacts on the reliability of
	appropriate for the Mineral Resource and Ore Reserve		interpretations which are stronglyinfluenced bythe experience of thegeologic

9

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary	Commentary
	estimation procedure(s) and classifications applied.		team. Structures, lithologic and alteration boundaries based on surficial
	• Whether sample compositing has been applied.		information are interpretations based on the available data and will be refined as
			more data becomes available during the exploration program.
		•	It is only with drilling, that provides information in the third dimension, that the
			geologic model can be refined.
Orientation of	• Whether the orientation of sampling achieves unbiased	•	This is the first drilling program at Chuscal. To date the extent and reliability of
data in	sampling of possible structures and the extent to which this		geologic information is dependent largely on surface observations, which tend
relation to	is known, considering the deposit type.		to be localised and affected by weathering.
geological	• If the relationship between the drilling orientation and the	•	To date, two sets of veining have been identified being around 135° with steep
structure	orientation of key mineralised structures is considered to		dip to the SW and 090° with steep to moderate dip to the S.
	have introduced a sampling bias, this should be assessed	•	All drillholes are planned to best test the lithologies and structures as known,
	and reported if material.		taking into account that steep topography limits alternatives for locating holes.
		•	CHDDH001 is perpendicular to the first vein set and oblique to the second.
			CHDDH002 and CHDDH003 are oblique to the first and perpendicular to the
			second.
Sample	• The measures taken to ensure sample security.	•	All core boxes are nailed closed and sealed at the drill platform.
security		•	On receipt at the Quinchia core shed the core boxes are examined for integrity.
			If there are no signs of damage or violation of the boxes, they are opened and
			the core is evaluated for consistency and integrity. Only then is receipt of the
			core formally signed off.
		•	The core shed and all core boxes, samples and pulps are secured in a closed
			Company facility at Quinchia secured by armed guard on a 24/7 basis.
		•	Each batch of samples are transferred in a locked vehicle and driven 165km to
			ALS laboratories for sample preparation in Medellin. The transfer is
			accompanied by a company employee.
Audits or	• The results of any audits or reviews of sampling techniques	•	n/a at this stage as no audits have been undertaken.
reviews	and data.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership	•The Farm-in and JV agreement with AngloGold Ashanti Colombia SA (AGAC)
tenement and	including agreements or material issues with third parties	includes three granted Exploration Titles with AGAC as current beneficial
	such asjoint ventures, partnerships, overriding royalties,	owner.

10

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary
land tenure	native title interests, historical sites, wilderness or national	•The Exploration Titles were validly issued as Concession Agreements pursuant
status	park and environmental settings.	to the Mining Code.
	• The security of the tenure held at the time of reporting along	•The Concession Agreement grants its holders the exclusive right to explore for
	with any known impediments to obtaining a licence to	and exploit all mineral substances on the parcel of land covered by such
	operate in the area.	concession agreement.
		•There are no outstanding encumbrances or charges registered against the
		Exploration Title at the National Registry.
Exploration	• Acknowledgment and appraisal of exploration by other	•The first prospecting work that refers to the Chuscal prospect was recorded in
done by other	parties.	1986 by the author Michael GA Hill who reported an average of 4ppm to 5ppm
parties		gold in the sector "Loma El Guerrero", which today is known as Chuscal Alto.
		There was no detailed geological description or geological map produced. The
		effects of hydrothermal brecciation in dioritic intrusive rocks was noted.
		•In 1995, a Canadian TVX listed company, Minera de Colombia S.A., conducted
		a study in the Quinchia district, focusing on the prospects known at the time
		(Miraflores, La Cumbre, Chuscal and a locality that today is Tesorito). For the
		Chuscal area, three locations with gold mineralization being worked by artisanal
		miners were described, which comprise quartz+limonite veins within pyritic
		argillic alteration zones.
		•AGAC commissioned a brief reconnaissance survey in 2004 from which their
		geologist reported the types of alteration and mineralization were similar to
		AGAC’s model of “Gold-Rich Porphyry Deposits”.
		•AGAC conducted another prospect assessment in March 2005 from which it
		was reported that artisanal miners were working auriferous quartz-pyrite
		stockwork veins, some within porphyritic andesites, that had intruded into the
		Ira Monzonite. The mineralized veins had a strong structural control trending
		NW-SE.
		•AGAC commissioned various reconnaissance exploration campaigns from
		2005 to 2006 principally focusing on the assessment of the geology exposed in
		the shallow underground openings being developed by artisanal miners.
		•In 2012, Seafield undertook a grid-based C-horizon soil geochemical survey
		and conducted underground rock-chip channel sampling over the Chuscal area
		and within the Guayacanes artisanal workings respectively.
		•In 2013, AGAC commissioned a systematic saprolite and rock-chip sampling
		and mapping program from which it was concluded that the mineralization at
		Chuscal had both porphyry (Au-Cu-Mo) and epithermal (AS-Sb) affinities, with
		phyllic alteration overprinting earlier potassic alteration of porphyritic rocks that
		had intruded an older Monzonite.
		•In 2015,AGAC conducted additional mapping,saprolite and rock-chipsampling

11

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary
		detailing the area previously mapped and sampled.
		•In 2019, on completion of the JV Agreement with AGAC, Metminco compiled all
		available historical data with the AGAC database and carried out a detailed re-
		interpretation of the integrated geochemistry and geophysical data generating
		an exploration model used to propose the current drilling program.
Geology	• Deposit type, geological setting and style of mineralisation.	•The Chuscal gold zone is associated with intrusive stocks and breccias of
		dioritic composition and probably of Miocene age, that have intruded into the
		large, Cretaceous-age Irra Monzonite. At Chuscal the formation and
		emplacement of the stocks and breccias are associated with significant gold
		rich hydrothermal events, that together produced a NW orientated, 900m by
		500m zone. (+100ppb Au in soils) A late stage epíthermal event conditioned by
		E-W dilatational structures, part of a horsetail structure has locally overprinted
		the above. The target is within a zone within which anomalous rock samples
		have been collected by AGAC (refer Figure 2 in MNC ASX release dated 6
		December 2018). The rock chip sampling defined a Central Zone of 600m by
		240m (183 samples) where the average grade of samples is 2.66g/t Au (uncut)
		or 1.94g/t Au (cut2). This is incorporated within a broader area (Main Zone) of
		900m by 530m (289 samples) where the average grade of samples is 1.79g/t
		Au (uncut) or 1.33g/t Au (cut2).
		• Note2: The cut samples were capped at 20g/t Au which affected 6
		samples including one assaying 54 g/t Au. In neither case was a lower cut
		applied. For the Central & Main zones respectively, the average includes
		53 and 115 samples at <0.2g/t.
		•The underground artisanal workings occur within the Central Zone, at a depth
		of approximately 70m below the ridge, indicating the continuation of
		mineralisation at shallow depths. The multi-element rock-chip underground
		channel sample results indicate two dominant styles of mineralization. A
		probable early-stage stockwork-disseminated porphyry-style mineralization and
		a late stage high grade vein style (possible epithermal overprint). The porphyry-
		style returned average grades of 1.5g/t Au and the epithermal-style veins
		average 8g/t Au (cut3).
		• Note3: The cut underground rock-chip channel samples were capped at
		20g/t Au.
		•The soil and rock chip anomalies remain open to the north.

12

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary	Commentary
Drill hole	• A summary of all information material to the understanding	•This declaration covers the start of the maiden drill program at Chuscal.
Information	of the exploration results including a tabulation of the following information for all Material drill holes:	Hole	Easting	Northing	RL (m)	Azimuth	Dip		EOH
	o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea	CHDDH001	423456	582685	1310	060º	-60º	452m
	level in metres) of the drill hole collar	CHDDH002	423564	582609	1260	345º	-60º	412m
	o dip and azimuth of the hole
	o down hole length and interception depth	CHDDH003	423425	583071	1226	216º	-50º	302m.
	o hole length. • If the exclusion of this information is justified on the basis	CHDDH004	423501	582760	1355	340º	-60º	370m
	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	•The summary metrics for the underground rock-chip channel sample results
aggregation	techniques, maximum and/or minimum grade truncations (eg	have been averaged		and reported as cut values. These have been previously
methods	cutting of high grades) and cut-off grades are usually	reported to ASX.
	Material and should be stated.	•No metal equivalent values have been 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	•The results reported in this announcement are considered to be						of an	early
between	of Exploration Results.	stage in the exploration of the project.
mineralisation	• If the geometry of the mineralisation with respect to the drill	•Mineralisation geometry is not accurately known as the exact number,
widths and	hole angle is known, its nature should be reported.	orientation and extent of mineralised structures are not yet determined.
intercept	• If it is not known and only the down hole lengths are
lengths	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	•Geological map showing the location of CHDDH-001 to 004 and						key
	of intercepts should be included for any significant discovery	exploration results over the Chuscal Prospect are shown					within the main body
	being reported These should include, but not be limited to a	of this announcement.
	plan view of drill hole collar locations and appropriate
	sectional views.

13

Doc ID 692920873/v1

Criteria	JORC Code explanation	Commentary
Balanced	• Where comprehensive reporting of all Exploration Results is	•n/a - all results have been reported.
reporting	not practicable, representative reporting of both low and high
	grades and/or widths should be practiced to avoid
	_misleading reporting of Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be	•Figure 1 of the press release of 30 October 2019, presents an image of the
substantive	reported including (but not limited to): geological	analytical signal from the ground magnetic survey recently completed. The
exploration	observations; geophysical survey results; geochemical	image reflects the susceptibility variations mentioned in this press release at the
data	survey results; bulk samples – size and method of treatment;	RL level of 1,150m (approximately 170m beneath the drill hole collar). No other
	metallurgical test results; bulk density, groundwater,	exploration data that is considered meaningful and material has been omitted
	geotechnical and rock characteristics; potential deleterious	from this report.
	_or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for	•The preliminary drill program consists of up to 2,400m in up to 8 holes to
	lateral extensions or depth extensions or large-scale step-	evaluate the geology, alteration and mineralization styles along the Chuscal
	out drilling).	trend. As a maiden drill program, the project information obtained during the
	• Diagrams clearly highlighting the areas of possible	drilling will be used to refine the Exploration Model providing a more resilient
	extensions, including the main geological interpretations and	base for decision making.
	future drilling areas, provided this information is not	•The objective of the program is to provide a guide to the mineralization potential
	commercially sensitive.	of the system, both in terms of potential grade and volume, to guide resource
		targeted drilling in a second phase drilling program.

14

Doc ID 692920873/v1