LCL RESOURCES LIMITED — Capital/Financing Update 2020

Apr 5, 2020

6 April 2020 ASX Announcement ASX: LCL

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Exploration Update - Chuscal, Colombia

HIGHLIGHTS

• Recent field work at Chuscal focussed on drill targeting shallow high grade gold along the Corporacion vein following up DDCH003 intersection of 0.4m at 31.8g/t from 253.3m

• Corporacion vein extended to 800m strike with surface grab samples up to 6.68g/t gold

• Underlying causative porphyry target enhanced by association of gold mineralisation with pathfinder metal zoning, M and A type vein structures and alteration assemblages

• Chuscal IP program preparation underway

Los Cerros Limited (ASX: LCL) (“Los Cerros” or the “Company”) is pleased to provide the following update regarding recent and planned activity at the Company’s Quinchia Project in the prolific midCauca gold porphyry belt of Colombia. As described in recent announcements and presentations, the Company’s current focus is threefold ahead of the next drill campaign - Chuscal drill targeting, Tesorito drill targeting and Miraflores geological modelling.

Los Cerros completed the Chuscal maiden drilling program in January 2020, the results of which continue to inform as data are incorporated into regional datasets and geological models. Chuscal’s appeal is the presence of two styles of mineralisation, porphyry associated gold providing a low grade disseminated background level of mineralisation which is overprinted by epithermal veins, including a final pulse or episode of vein emplacement which is higher grade gold associated with carbonate base metal (CBM) style mineralisation[1] . It is the overlap of one style of mineralisation over the other that has the potential to produce bulk zones of economic grade.

The application of pathfinder elements/minerals, mineral alteration and various signature ratios has vectored into two possible sources for the extensive porphyry associated gold detected in the four drill holes drilled to date.[1] Investigations since the release of this vectoring work in January have refined the potential drill targets and provide further validation that both remain compelling targets for the discovery of gold porphyry mineralisation.

Current field programs have also sought to improve the Company’s understanding of the epithermal vein hosted component of the Chuscal prospect, particularly the E-W trending Corporacion vein set intercepted in DDCH003 which assayed 0.4m @ 31.8g/t Au from 253.3m within a wider zone of 6m @ 2.97g/t Au from 250m[2] . This intersection is extrapolated to surface to correlate with a high grade zone of soil anomalism and an artisanal mine[2] and is extrapolated at depth to potentially intersect the Corporacion porphyry target (Figure 1).

Recent field work has:

• extended the Corporacion vein set to the east and west to a strike length of 800m;

1 See announcement 20 January 2020 for further reference to the CBM pulse and a detailed discussion of the vectoring exercise and outcome.

2 See announcement 23 December 2019.

6 April 2020 ASX Announcement ASX: LCL

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• returned surface grab samples of 6.68g/t, 4.73g/t and 4.62g/t gold (see Table 1);

• mapped a surrounding sericite-illite-pyrite alteration halo;

• identified a coincidence with anomalous molybdenum;

• mapped M and A type vein structures within the area which may be indicative of the underlying porphyry associated mineralisation; and

• demonstrated an association with a 150m wide ground magnetic low (see Figure 2) that extends along the strike of the Corporacion vein set and might represent a wide fluid pathway of which the Corporacion vein is a part.

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Figure 1. Plan view of mapped vein structures, associated phyllic alteration corridors and location of porphyry targets. Whilst there are many vein corridors potentially carrying zones of high grade, the Corporacion and Guayacanes corridors are of particular interest as they also extrapolate at depth to intercept the two established porphyry targets. This does not appear the case in the image as this is a plan view extrapolated to surface, at depth the south dipping vein structures enter the porphyry target.

DDCH003 is the only hole which has intersected the Corporacion vein and further drilling along the 800m long strike to test for shallow high grade gold is clearly warranted. Corporacion vein metal zoning, the presence of carbonate base metal (CBM) assemblages and alteration assemblages are

6 April 2020 ASX Announcement ASX: LCL

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interpreted to represent the final mineralised pulse from a buried causative porphyry. This provides further justification for drill testing of the Corporacion porphyry target below and south of the Corporacion vein

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Figure 2: Ground Magnetics : Cross Sections showing the Corporacion vein corridor intercepted by CHDDH003 which also extrapolates to a surface gold soil geochemical anomaly and artisanal gold mine. The Corporacion vein corridor has been tracked for 800m along strike (into and out of the image) and correlates to a magnetic low (green colour) some 150m wide also extending for much of the strike length. Bordered lenses are 0.3g/t (light colour) and 1g/t (darker colour) gold envelopes from drill hole assays. See Figure 1 for section locations.

6 April 2020 ASX Announcement

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ASX: LCL

The Company has advanced field preparations work for a ground based IP geophysics program over Chuscal. The objective of the program is to further develop Los Cerros’ understanding of the epithermal veins that host the higher grade gold at Chuscal and to contribute to the vectoring into the two targets, identified to date, that are the potential porphyry sources. The IP program is scheduled to commence as soon as COVID-19 restrictions permit.

Los Cerros’ Managing Director Jason Stirbinskis added;

“We are thinking both tactically and strategically with this next drill program. Tactically we want to establish that the epithermal vein pulse, the veins that have sustained the artisanal workers for several generations, can be targeted. If these higher grade veins are close to surface and show continuity they offer a supplemental feed to boost the economic viability of the Miraflores Project and a pathway to early production. Strategically, the pursuit of the porphyry source(s) responsible for the extensive background gold through-out Chuscal might elevate Quinchia (Chuscal, Tesorito, Miraflores) to the ranks of the large scale discoveries of the Mid Cauca Porphyry belt.

In addition, the completion of current modelling and near-term planned field work, including IP, are likely to also elevate Tesorito to part of the next drill program. The Company will provide updates on the Tesorito and Miraflores investigation streams as new information and insights emerge.

Table 1: Gold assay result for rock chip sampling

SAMPLE ID	EASTING	NORTHING	ELEVATION	LITHOLOGY	Au **g/t **	Mo **ppm **
R-2466	423645	582895	1356	Vein	6.68	3.83
R-3489	423248	582945	1195	Vein	4.73	10.9
R-3491	423418	582949	1243	Vein	4.62	9.59
R-3490	423342	582949	1232	Vein	2.63	2.7
R-2465	422970	582958	1121	Vein	1.5	44.9
R-3486	423664	582645	1272	Monzonite	0.94	15.9
R-2467	423446	582729	1359	Vein	0.73	74
R-3485	423547	582765	1344	Monzonite	0.57	37.7
R-3496	423478	582882	1290	Monzonite	0.49	12.8
R-3498	423476	583202	1235	Monzonite	0.4	11.5
R-3494	423524	582477	1186	Monzonite	0.3	9.66
R-3495	423478	582882	1290	Monzonite	0.21	7.82
R-3493	423482	582632	1306	Diorite	0.2	7.22
R-3492	423509	583185	1227	Monzonite	0.18	320
R-3488	423832	582415	1129	Monzonite	0.15	2.6
R-3499	423419	583130	1214	Monzonite	0.15	6.46
R-2468	423221	582726	1266	Monzonite	0.13	8.58
R-3487	423776	582494	1202	Monzonite	0.07	2.38
R-2462	423290	583084	1208	Monzonite	0.06	2.66
R-3497	423075	583174	1145	Monzonite	0.06	3.18

6 April 2020 ASX Announcement

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ASX: LCL

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 Los Cerros Limited

jstirbinskis@metminco.com.aum

FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning Los Cerros. Forward-looking 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 Los Cerros’ beliefs, opinions and estimates of Los Cerros 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. Forward-looking 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 STATEMENTS - COMPETENT PERSONS STATEMENTS

The technical information related to Los Cerros 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 Los Cerros 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.

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	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	•	Rock chip sampling are collected using hand hammer and chisels to extract
techniques	chips, or specific specialised industry standard		centimetre sized rock chips in outcrops along creeks and road cuts. Rock
	measurement tools appropriate to the minerals under		channel samples are designed to cut perpendicular the vein-veinlet structure
	investigation, such as down hole gamma sondes, or		with a size not larger than 2m.
	handheld XRF instruments, etc). These examples should	•	The rock chips are collected in a heavy duty plastic bag direct from the outcrop
	not be taken as limiting the broad meaning of sampling.		and are described, labelled and bagged with the sample tag direct in the
	• Include reference to measures taken to ensure sample		sampling point by a Los Cerros Project Geologist.
	representivity and the appropriate calibration of any	•	Groups of 5 samples are bagged in a hessian sack, labelled and sealed, for
	measurement tools or systems used.		transport.
	• Aspects of the determination of mineralisation that are	•	Sample preparation is carried out by ALS Laboratory in Medellin where the
	Material to the Public Report.		whole sample is crushed to -2mm and then 1kg split for pulverising to -
	• In cases where ‘industry standard’ work has been done this		75micron.
	would be relatively simple (eg ‘reverse circulation drilling	•	Splits are then generated for fire assay (Au-AA26) and analyses for an
	was used to obtain 1 m samples from which 3 kg was		additional 48 elements using multi-acid (four acid) digest with ICP finish (ME-
	pulverised to produce a 30 g charge for fire assay’). In other		MS61) at ALS’s laboratory in Lima, Peru.
	cases more explanation may be required, such as where
	there is coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	•	NA
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg
	core diameter, triple or standard tube, depth of diamond
	tails, face-sampling bit or other type, whether core is
	oriented and if so, by what method, etc).
Drill sample	• Method of recording and assessing core and chip sample	•	NA.
recovery	recoveries and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and
	grade and whether sample bias may have occurred due to
	preferential loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•	Description of grab samples is carried out visually by the Project Geologists
	geotechnically logged to a level of detail to support		focusing on lithology, structure, alteration and mineralization characteristics
	appropriate Mineral Resource estimation, mining studies		directinthefield.

Criteria	JORC Code explanation	Commentary	Commentary
	and metallurgical studies.	•	All samples and sample locations are photographed
	• Whether logging is qualitative or quantitative in nature. Core	•	On receipt of the multi-element geochemical data this is interpreted for
	(or costean, channel, etc) photography.		consistency with the geologic logging.
	• The total length and percentage of the relevant intersections
	logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	After the inspection of the outcrop by the geologist, the sample interval is
techniques	core taken.		marked and rock chips are collected using hammer and chisel. The standard
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc		sample interval is 2m but may be varied by the geologist to reflect lithology,
preparation	and whether sampled wet or dry.		alteration or mineralization variations.
	• For all sample types, the nature, quality and	•	As appropriate, a hand specimen of the sample point is collected and taken to
	appropriateness of the sample preparation technique.		the core shack as physical archive of the sample for further inspection.
	• Quality control procedures adopted for all sub-sampling	•	The large size (2-4kg) of individual samples and continuous sampling of the
	stages to maximise representivity of samples.		outcrops provides representative samples for exploration activities.
	• Measures taken to ensure that the sampling is	•	Through the use of QA/QC sample procedure in this phase of exploration any
	representative of the in situ material collected, including for		special sample preparation requirements eg due to unexpectedly coarse gold,
	instance results for field duplicate/second-half sampling.		will be identified and addressed prior to the resource drilling phase.
	• Whether sample sizes are appropriate to the grain size of
	_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	considered partial or total.		Lima, Peru.
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.
		•	Los Cerros uses certified reference material, blank samples and field
			duplicates inserted into the sample sequence to verify both preparation and
			analytical quality.
		•	Results from the Los Cerros QA/QC samples are reviewed by Los Cerros 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 Los Cerros QA/QC analysis. The
			geochemical data is only accepted where the analyses are performed within
			acceptable industry standard limits.

Criteria	JORC Code explanation	Commentary	Commentary
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 sample 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.	•	The grid system is WGS84 UTM Z18N.
	• Quality and adequacy of topographic control.
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 strongly influenced by the experience of the geologic
	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.
Orientation of	• Whether the orientation of sampling achieves unbiased	•	Drilling at Chuscal is limited to a 4 hole program conducted in 2019. This is
data in	sampling of possible structures and the extent to which this		supplemented with largely on-surface observations, which tend to be localised
relation to	is known, considering the deposit type.		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	•	The grab samples are selected samples and as such not expected to be
	and reported if material.		unbiased or representative.
Sample	• The measures taken to ensure sample security.	•	All samples are bagged and sealed direct in the field by the project geologist
security			and the field team.
		•	On receipt at the Quinchia core shed, samples bags are examined for integrity
			and stored with the rest of the samples acquired by the team.
		•	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
land tenure	such as joint ventures, partnerships, overriding royalties,	owner.
status	native title interests, historical sites, wilderness or national	•The Exploration Titles were validly issued as Concession Agreements pursuant
	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 to be 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
		Irra 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-chipsampling

Criteria	JORC Code explanation	Commentary
		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 the older Irra Monzonite.
		•In 2015, AGAC conducted additional mapping, saprolite and rock-chip sampling
		detailing the area previously mapped and sampled.
		•In 2019, on completion of the JV Agreement with AGAC, Los Cerros 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 2019 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 epithermal 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 Los Cerros’ 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.

Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information material to the understanding	NA
Information	of the exploration results including a tabulation of the
	following information for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea
	level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis
	that the information is not Material and this exclusion does
	not detract from the understanding of the report, the
	Competent Person should clearly explain why this is the
	case.
Data	• In reporting Exploration Results, weighting averaging	•No metal equivalent values have been stated.
aggregation	techniques, maximum and/or minimum grade truncations (eg
methods	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	•NA
between	of Exploration Results.
mineralisation	• If the geometry of the mineralisation with respect to the drill
widths and	hole angle is known, its nature should be reported.
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	•Relevant geological maps are presented in the body of this announcement.
	of intercepts should be included for any significant discovery
	being reported These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	_sectional views. _

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 ASX 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 susceptibility variations at the RL level of 1,150m (approximately
data	survey results; bulk samples – size and method of treatment;	170m beneath the drill hole collar). No other exploration data that is considered
	metallurgical test results; bulk density, groundwater,	meaningful and material has been omitted from this report.
	geotechnical and rock characteristics; potential deleterious
	or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for	•The preliminary 2019 drill program consisted of 1,536m in 4 drill 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 including the possibility of further drilling.
	future drilling areas, provided this information is not
	_commercially sensitive. _