LOTUS RESOURCES LIMITED — Capital/Financing Update 2022

Apr 11, 2022

12 April 2022

ASX Announcement

==> picture [468 x 64] intentionally omitted <==

DRILLING CONFIRMS POTENTIAL FOR SATELLITE DEPOSIT AT LIVINGSTONIA

Lotus Resources Limited ( ASX: LOT, OTCQB: LTSRF ) ( Lotus or the Company ) is pleased to announce the results of the reverse circulation ( RC ) drilling program at its Livingstonia prospect, located approximately 90km from the Kayelekera uranium mine ( Kayelekera or the Project ) in Malawi. Whilst not part of the current Definitive Feasibility Study ( DFS ), Livingstonia has the potential to become a satellite deposit in the future.

HIGHLIGHTS

• A 29-hole (3,395 metre) RC drill program has been completed at the Livingstonia prospect, located 90km from the Kayelekera uranium mine

• The program was designed to convert the historic U3O8 Mineral Resource estimate (JORC 2004) into a JORC 2012 compliant Mineral Resource and to test potential extensions

Results include:

• 3m at 733 ppm U3O8 from 94m (LIV003)

• 4m at 983ppm U3O8 from 87m (LIV007)

• 4m at 636ppm U3O8 from 74m (LIV011)

• 6m at 379ppm U3O8 from 89m (LIV005)

• Drilling expanded mineralisation by up to 250 metres north of the existing resource limits

• An updated Mineral Resource estimate for Livingstonia is anticipated for release later this quarter

Keith Bowes, Managing Director of Lotus, commented:

“The acquisition of the Livingstonia prospect last year consolidated the Company’s ownership of our southern project area, a known uranium mineralised district that has had very limited exploration work completed over the years.

The strategy at Livingstonia has been to complete a small drilling program to confirm historical results and test extensions around the known mineralised area in order to enable preparation of a JORC (2012) compliant Mineral Resource estimate. We believe the drilling has been successful and an updated Mineral Resource estimate is now planned for completion in the June quarter.

Whilst Livingstonia is not included in the current Definitive Feasibility Study, we believe there is potential for it to become a satellite operation in the future once the Kayelekera resource has been depleted, especially if similar success with ore sorting can be achieved.”

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

LIVINGSTONIA RC DRILLING PROGRAM

The Livingstonia exploration tenements are located in northern Malawi, approximately 90km southeast of the Company’s Kayelekera uranium mine (Figure 1). Combined with the Company’s Chilumba tenements, this region covers 300km[2] .

==> picture [380 x 227] intentionally omitted <==

==> picture [380 x 228] intentionally omitted <==

Figure 1: Lotus Tenement Areas

In December 2021, Lotus commenced its inaugural uranium exploration drill program at Livingstonia. The program consisted of 3,395 metres in 29 vertical RC drill holes, targeting areas both within and peripheral to the existing Mineral Resource to test the margins of the resource estimate for further extensions.

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

The drilling was caried out by Thompson Drilling Lda (Mozambique) with downhole radiometric (gamma) logging undertaken by experienced local contractors under the supervision of Lotus geologists.

All downhole gamma data is tabled in Appendix 1. Selected mineralised intervals were analysed for uranium by ALS Laboratories in Johannesburg (Table 1).

The focus of the RC program was on the northern margins and north-eastern extensions of the known mineralised trend. The holes completed in these locations were designed to either define extensional mineralisation or increase the confidence in the existing resource classification (Figure 2).

The best results of 4m grading 983 ppm U3O8 and 4m grading 636ppm U3O8 are located to the north of the existing resource limits and extend the previous resource limits by up to 250m.

Several holes were completed within the existing resource limits in order to validate the historic resource. Following these results, the Company intends to prepare an updated Mineral Resource estimate, which is anticipated to be completed during 2Q2022.

==> picture [468 x 176] intentionally omitted <==

==> picture [468 x 177] intentionally omitted <==

Figure 2: Drill hole location

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Table 1: Livingstonia Significant Drill Intersections

HoleID	Easting	Northing	Elevation	Depth (m)	From (m)	To (m)	Interval (m)	U (ppm)	U3O8 (ppm)*
LIV002	624198	8827250	1138	139	102.0	104.0	2.0	235	276
LIV003	624218	8827233	1139	124	94.0	97.0	3.0	733	862
LIV003					101.0	103.0	2.0	564	664
LIV005	624724	8827332	1181	109	89.0	95.0	6.0	379	446
LIV006	624649	8827399	1185	112	95.0	97.0	2.0	881	1036
LIV007	624636	8827446	1187	109	87.0	91.0	4.0	983	1156
LIV008	624695	8827448	1190	103	71.0	73.0	2.0	600	706
LIV008					75.0	78.0	3.0	289	340
LIV011	624449	8827646	1160	88	74.0	78.0	4.0	636	748
LIV012	624403	8827615			75.0	78.0	3.0	295	347
LIV012					81.0	83.0	2.0	410	482
LIV013	624382	8827571	1148	130	76.0	78.0	2.0	279	328

* calculated U3O8

Note: combined reporting criteria of minimum thickness 1m at 200ppmU cut off

Competent Person’s Statement

The information in this document that relates to exploration data is based on information provided by Mr Alfred Gillman. Mr. Gillman is a Fellow and Chartered Professional of the Australian Institute of Mining and Metallurgy and 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. Gillman consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

This announcement has been authorised for release by the Company’s board of directors.

For further information, contact:

Keith Bowes

Managing Director T: +61 (08) 9200 3427

Adam Kiley

Business Development T: +61 (08) 9200 3427

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

ABOUT LOTUS

Lotus Resources Limited (ASX: LOT, OTCQB: LTSRF) owns an 85% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 46.3Mlbs U3O8 (see table below), and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Study[1] which demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production.

Kayelekera Mineral Resource Estimate – February 2022[1]

Category	Mt	Grade	U3O8	U3O8
		(U3O8 ppm)	(M kg)	(M lbs)
Measured	0.9	830	0.7	1.6
Measured – RoM Stockpile2	1.6	760	1.2	2.6
Indicated	29.3	510	15.1	33.2
Inferred	8.3	410	3.4	7.4
Total	40.1	510	20.4	44.8
Inferred – LG Stockpiles3	2.4	290	0.7	1.5
Total All Materials	42.5	500	21.1	46.3

For more information, visit www.lotusresources.com.au

1 See ASX announcement dated 15 February 2022. Lotus confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 15 February 2022 and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in that announcement continue to apply and have not materially changed.

2 RoM stockpile has been mined and is located near mill facility.

3 Medium-grade stockpiles have been mined and placed on the medium-grade stockpile and are considered potentially feasible for blending or beneficiation, with studies planned to further assess this optionality.

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Appendix 1

Downhole Radiometric (gamma) Logging Results

HoleID	Easting	Northing	Elevation	Depth	From (m)	To (m)	Interval (m)	eU3O8
LIV001	623926	8827651	1132	121	68.0	69.5	1.5	619
LIV002	624198	8827250	1138	139	83.8	86.2	2.4	223
LIV002					96.4	97.6	1.1	359
LIV002					101.1	103.4	2.4	474
LIV002					106.4	108.2	1.8	288
LIV003	624218	8827233	1139	124	94.2	96.7	2.5	1067
LIV003					100.7	102.6	1.9	654
LIV004	624405	8827297	1155	112	nsr
LIV005	624724	8827332	1181	109	88.2	91.9	3.7	669
LIV005					92.0	93.6	1.6	369
LIV005					94.7	96.1	1.4	243
LIV006	624649	8827399	1185	112	94.8	96.7	1.9	999
LIV007	624636	8827446	1187	109	87.0	91.1	4.1	1354
LIV008	624695	8827448	1190	103	70.0	72.2	2.2	824
LIV008					73.4	78.0	4.6	533
LIV008					78.1	79.9	1.8	283
LIV008					80.3	81.8	1.5	206
LIV008					87.6	88.9	1.3	400
LIV009	624531	8827724	1174	88	nsr
LIV010	624494	8827685	1169	73	67.7	69.1	1.4	248
LIV011	624449	8827646	1160	88	30.5	31.5	1.1	206
LIV011					35.3	39.4	4.1	356*
LIV011					39.4	41.9	2.5	222*
LIV011					41.9	43.9	2.0	210
LIV011					44.0	47.1	3.2	325*
LIV011					47.2	51.6	4.4	233
LIV011					53.4	54.7	1.3	201
LIV011					69.3	71.3	2.1	468
LIV011					71.6	73.0	1.5	212
LIV011					74.4	76.0	1.6	1770
LIV011					77.3	79.3	2.0	332
LIV012	624403	8827615	1151	91	22.0	23.6	1.6	294
LIV012					75.2	77.7	2.5	336
LIV012					81.1	83.4	2.3	451
LIV012					84.5	86.2	1.7	354
LIV013	624382	8827571	1148	130	75.6	76.6	1.0	456
LIV013					83.5	84.8	1.3	360
LIV013					88.6	90.1	1.5	381
LIV014	624339	8827539	1143	106	nsr
LIV015	624304	8827495	1141	91	57.8	59.1	1.3	251
LIV016	624006	8827394	1131	115	82.9	85.0	2.1	349
LIV016					85.8	87.5	1.7	224
LIV017	623778	8827570	1116	130	87.2	88.3	1.1	202
LIV017					101.4	103.3	1.9	205
LIV018	623853	8827650	1125	132
LIV019	623844	8827585	1121	121	100.8	103.1	2.3	731
LIV019					112.1	113.5	1.4	574
LIV020	623941	8827520	1127	116	67.6	68.7	1.1	245
LIV021	623677	8828381	1131	112	62.1	63.1	1.0	436
LIV021					103.6	104.9	1.3	294
LIV021					105.5	107.2	1.7	283
LIV022	623536	8828306	1125	120	nsr
LIV023	623435	8828727	1137	85	55.0	56.5	1.5	357
LIV024	623301	8828694	1131	133	nsr

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

HoleID	Easting	Northing	Elevation	Depth	From (m)	To (m)	Interval (m)	eU3O8
LIV025	623159	8829016	1179	114	nsr
LIV026	622636	8829018	1151	120	nsr
LIV027	622363	8828123	1160	172	nsr
LIV028	622100	8828720	1196	157	nsr
LIV029	621851	8829229	1208	172	nsr

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Appendix 2: JORC Code, 2012 Edition

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		Drilling described in this announcement comprised
techniques	(eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals	 	wholly reverse circulation “RC” drilling. A total of 29 holes for 3,395 m during late 2021 and early 2022. All holes were geologically logged and down hole gamma logged.
	under investigation, such as		For intervals of interest, samples were collected over a
	down hole gamma sondes, or		sample length of 1m, each sample weighing
	handheld XRF instruments, etc).		approximately 0.5kg.
	These examples should not be taken as limiting the broad meaning of sampling.	 	RC samples were collected via a cone splitter at 1m intervals. All samples were collected and contained in poly-weave or plastic bags. The nominal drill diameter was 5 inches and all drill
	 Include reference to measures		samples were bagged from the cyclone and weighed
	taken to ensure sample		to provide some assessment of the average drill
	representivity and the		sample recoveries.
	appropriate calibration of any measurement tools or systems used.	 	All sampling was carried out under Lotus’s sampling protocols and QA/QC procedures as per industry best practice. All samples were riffle split into 80/20 proportions.
	 Aspects of the determination of		Larger rejects (>20kg) were stored on site if they
	mineralisation that are Material		appeared mineralised or gave a count value of larger
	to the Public Report.		than 750cps on the scintillometer.
	 In cases where ‘industry standard’ work has been done this would be relatively simple	 	Certified standards, duplicates and blanks were also inserted in the sample batches. All samples analysed using pressed powder XRF methods by ALS Laboratory in Edenvale,
	(eg ‘reverse circulation drilling		Johannesburg.
	was used to obtain 1 m samples		Samples were driven by Lotus personnel to Lilongwe
	from which 3 kg was pulverised		and air freighted by South African Airways to
	to produce a 30 g charge for fire		Johannesburg.
	assay’). In other 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 (e.g. core, reverse		The Livingstonia deposit has been drilled using vertical
techniques	circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core		RC drilling. RC drilling has utilised a 510 Smith RC rig mounted on a Unimog truck supported by separate truck mounted Ingersol Rand 9000psi air compressor mounted on

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	diameter, triple or standard		Smil 100 truck to provide additional air capacity and a
	tube, depth of diamond tails, face-sampling bit or other type,		Volvo Magirus 8-ton support truck with drill bit size of 5.38 inch.
	whether core is oriented and if
	so, by what method, etc).
Drill sample	 Method of recording and
recovery	assessing core and chip sample recoveries and results assessed.  Measures taken to maximise		For RC drilling, the nominal drill hole size was 5 inches and all drill samples were bagged from the cyclone and weighed to provide some assessment of the average drilling sample recoveries.
	sample recovery and ensure		All RC drilling is conducted to industry best practice
	representative nature of the		and Lotus QA/QC protocols whereby the hole is
	samples.		cleaned at the end of every metre interval by raising
	 Whether a relationship exists between sample recovery and grade and whether sample bias		the bit slightly and blowing out the hole before drilling the next metre and ensuring water ingress into the hole whilst drilling is minimised. No relationship between sample recovery and grade
	may have occurred due to		has been observed; studies to date show no
	preferential loss/gain of		correlation exists.
	fine/coarse material.
Logging	 Whether core and chip samples		All holes have been geologically logged (RC on 1m
	have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation,		intervals) with recording of lithology, grain size and distribution, sorting, roundness, alteration, oxidation state, and colour, and stored in the database. All holes were logged to a level of detail sufficient to support Mineral Resource estimation, and metallurgical
	mining studies and		investigations.
	metallurgical studies.		No routine geotechnical or structural data has been
	 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	 	logged or recorded. Oxidation, colour, alteration, roundness, sorting, sphericity, alteration and mineralisation are logged qualitatively. All other values are logged quantitatively. All holes have been logged over their entire length
	 The total length and percentage		(100%) including any mineralised intersections.
	of the relevant intersections
	logged.
Sub-sampling	 If core, whether cut or sawn and		All sampling was carried out using Lotus sampling
techniques and sample preparation	whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and		protocols and QA/QC procedures as per industry best practice. All RC samples were riffle split into 80/20 proportions. Larger rejects (>20kg) samples were stored on site if they appeared mineralised or gave a count value of
	whether sampled wet or dry.		larger than 750cps on the scintillometer.
	 For all sample types, the nature,		Certified standards, duplicates and blanks were also
	quality and appropriateness of the sample preparation technique.		inserted in the sample batches. All samples analysed using pressed powder XRF methods by ALS Laboratory in Edenvale, Johannesburg.
	 Quality control procedures
	adoptedfor all sub-sampling

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	stages to maximise		Samples were driven by Lotus personnel to Lilongwe
	representivity of samples.  Measures taken to ensure that		and air freighted by South African Airways to Johannesburg.
	the sampling is representative
	of the in-situ material collected,
	including for instance results for
	field duplicate/second-half
	sampling.
	 Whether sample sizes are
	appropriate to the grain size of
	the material being sampled.
Quality of	 The nature, quality and		Laboratory assays were carried out by ALS Laboratory
assay data and laboratory tests	appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	 	Edenvale, Johannesburg on selected mineralised intervals that were defined by downhole radiometric logging. Each sample weighed approximately 0.5kg Sample preparation comprised the followed
	 For geophysical tools,		procedures:
	spectrometers, handheld XRF		WEI-21 sample weighing
	instruments, etc, the parameters used in determining the analysis including instrument make and model,	 	LOG-22 barcode sample login SCR-41 sample screened to -180 micron Analytical Procedures comprised: ME-XRF05 trace level XRF analysis. Every 10thsample comprised a field duplicate.
	reading times, calibrations		Blank samples were inserted at frequency of 1 in 10.
	factors applied and their		Duplicate versus original assay results are graphed
	derivation, etc.		below.
	 Nature of quality control procedures adopted (eg standards, blanks, duplicates,		The CP considers the analytical data to be of a high standard with high levels of accuracy and does not exhibit any tendency for bias.
	external laboratory checks) and
	whether acceptable levels of
	accuracy (ie lack of bias) and
	precision have been established.
Verification of	 The verification of significant		Significant intersections identified by radiometric
sampling and assaying	intersections by either independent or alternative company personnel.  The use of twinned holes.		logging (>1m and >200ppm U3O8) were physically sampled with laboratory analytical techniques used to verify the interval. Only the analytical results are quoted in this announcement. Radiometric (gamma) logging
	 Documentation of primary data,		summaries are provided in Appendix 1.
	data entry procedures, data		Data verification was undertaken using specialist
	verification, data storage (physical and electronic)		mining software. No adjustments to the data were necessary.
	protocols.
	 Discuss any adjustment to assay
	data.

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
Location of	 Accuracy and quality of surveys		All drill hole collars were surveyed with DGPS
data points	used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral		equipment in the MMG Zone 36 South grid. Historical collars were also surveyed where collar identity is recognisable. All holes were drilled vertical. Down-hole probe surveys have been undertaken on most of the holes to validate the down-hole measurements.
	Resource estimation.
	 Specification of the grid system
	used.
	 Quality and adequacy of
	topographic control.
Data spacing	 Data spacing for reporting of
and	Exploration Results.
distribution	 Whether the data spacing and
	distribution is sufficient to
	establish the degree of
	geological and grade continuity
	appropriate for the Mineral
	Resource and Ore Reserve
	estimation procedure(s) and
	classifications applied.
	 Whether sample compositing
	has been applied.
Orientation of	 Whether the orientation of		Drilling sections are orientated perpendicular to the
data in relation to geological structure	sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	 	strike of the mineralised host rocks at Livingstonia. All holes are drilled vertical, which is approximately perpendicular to the flat dip of the stratigraphy. No orientation-based sampling bias has been identified in the data.
	 If the relationship between the
	drilling orientation and the
	orientation of key mineralised
	structures is considered to have
	introduced a sampling bias, this
	should be assessed and
	reported if material.
Sample	 The measures taken to ensure		Chain of custody was managed by Lotus.
security	sample security.		Samples were driven by Lotus personnel to Lilongwe and air freighted by South African Airways to
			Johannesburg and samples analysed at ALS
			LaboratoryEdenvale,Johannesburg.
Audits or	 The results of any audits or		Data was validated by Lotus whilst loading into
reviews	reviews of sampling techniques and data.		database. Any errors within the data are returned to site geologist for validation.

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	 Type, reference name/number,		The Livingstonia Uranium Project is located in
tenement and land tenure status	location and ownership including agreements or material issues with third parties such as joint		Malawi, in East Africa. The tenements are in good standing and no known impediments exist.
	ventures, partnerships, overriding
	royalties, native title interests,
	historical sites, wilderness or
	national park and environmental
	settings.
	 The security of the tenure held at
	the time of reporting along with
	any known impediments to
	obtaining a licence to operate in
	the area.
Exploration	 Acknowledgment and appraisal of		Uranium mineralisation was discovered at
done by other parties	exploration by other parties.		Livingstonia by Globe Metals & Mining Ltd (“Globe”, ASX: GBE) in 2007, and during 2007-08 Globe drilled 95 holes at Livingstonia for a total of 11,000
			metres, using both reverse circulation (RC) and open
			hole percussion drilling methods along with a
			combination of laboratory assay and downhole
			gamma probing for U3O8 analysis.
			In July 2010, based on the Globe drilling, CSA
			Global Pty Ltd completed a Mineral Resource
			Estimate and defined a JORC 2004 Inferred
			Resource of 7.7Mt @ 270 ppm eU3O8 using a
			150ppm cut-off. A joint venture agreement between
			Globe and Resource Star Limited (ASX: RSL) to
			explore the Livingstonia Project was announced to
			the ASX on 16 March 2010.
			Resource Star Limited completed a program of 13
			percussion holes for a total of 1,502m in late 2010.
			Mineralised zones were intersected in all but one of
			the holes, with some significant thick intersections
			along the eastern edge of the July 2010 Mineral
			Resource boundary.
			An updated Livingstonia Mineral Resource Estimate
			(prepared under the JORC Code 2004) was
			prepared by CSA Global Pty Ltd for Resource Star
			Limited in 2011 and was announced 31 July
			2011.The Mineral Resource modelling was based on
			a total of 64 RC percussion and 43 open hole
			percussion drill holes, which were drilled primarily on
			50 x 50 and 100 x 100 metre drilling patterns,
			grading to 200 x 100 to 300 x 200 metre patterns in
			peripheral areas.

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
Geology	 Deposit type, geological setting		The mineralisation has been interpreted as being
	and style of mineralisation.		contained within a sub-horizontal sedimentary sandstone package bound by a mudstone above and
			a coal unit below and is modelled based on
			geological interpretation and delineation of the
			mineralisation by equivalent uranium grade derived
			from downhole gamma readings.
Drill hole	 A summary of all information		Refer to Appendix 1 for complete drillhole information.
Information	material to the understanding 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,		Metal equivalent values have not been used.
aggregation	weighting averaging techniques,
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.

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	 The assumptions used for any
	reporting of metal equivalent
	values should be clearly stated.
Relationship	 These relationships are		Due to the use of vertical drilling and the horizontal,
between mineralisatio	particularly important in the reporting of Exploration Results.		layered nature of the deposit all drill intercepts can be considered to represent the true width of the mineralisation.
n widths and	 If the geometry of the
intercept lengths	mineralisation with respect to the drill hole angle is known, its nature should be reported.
	 If it is not known and only the
	down hole lengths are reported,
	there should be a clear statement
	to this effect (eg ‘down hole
	length, true width not known’).
Diagrams	 Appropriate maps and sections		See diagrams in body of announcement.
	(with scales) and tabulations 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.
Balanced	 Where comprehensive reporting		All exploration results together with drillhole locations
reporting	of all Exploration Results is not		are listed in Appendix 1
	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		The deposit has previously been the subject of
substantive	meaningful and material, should		exploration drilling.
exploration	be reported including (but not
data	limited to): geological
	observations; geophysical survey
	results; geochemical survey
	results; bulk samples – size and
	method of treatment;
	metallurgical test results; bulk
	density, groundwater,
	geotechnical and rock
	characteristics; potential
	deleterious or contaminating

==> picture [505 x 63] intentionally omitted <==

==> picture [468 x 64] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	substances.
Further work	 The nature and scale of planned		Work required to report the estimates under JORC
	further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).		2012 includes an assessment of the current Resource data and estimation techniques and updating reporting requirements to JORC 2012.
	 Diagrams clearly highlighting the
	areas of possible extensions,
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

==> picture [505 x 63] intentionally omitted <==