METALS AUSTRALIA LTD — Capital/Financing Update 2019

Sep 30, 2019

ASX Announcement

1 October 2019

DDH LR19-08 Intersects Wide Zone of High-Grade Graphite Mineralisation Near Surface at Lac Rainy Graphite Project

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Highlights:

• Assay results received for final hole of the maiden diamond drilling campaign completed at the high-grade Lac Rainy Graphite Project, located in Quebec, Canada

• DDH LR19-08 intersected a major zone of high-grade graphite mineralisation near surface along strike from the Lac Carheil Prospect:

• 47.5m at an average grade of 16.21% Cg at depth from 7.8m to 55.3m

  • including 35.3m at an average grade of 18.4% Cg at a depth from 20.0m to 55.3m

• The hole ended in graphite mineralisation and remains open at depth

• LR19-08 was located at the South Eastern part of the Carheil Graphitic Trend within the highgrade Lac Carheil Prospect

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Metals Australia Ltd (ASX: MLS ) is pleased to announce that it has now received the results for the final diamond drill hole from the seventeen (17) hole diamond drilling program completed at the Company’s 100%-owned Lac Rainy Graphite Project, located in Quebec, Canada.

The drilling program has been very successful, with each drill hole intersecting graphite mineralisation varying from mid-grade to very high-grade, with significant graphite mineralisation being encountered close to surface, suggesting a shallow mineralised ore body, which is moderate to highly dipping to the south-west.

Significantly, thirteen (13) drill holes from the seventeen (17) hole drilling program, including the hole reported here, have ended in graphite mineralisation and remain open at depth. This shows that the graphite mineralisation at Lac Rainy could potentially be substantially increased in size by deeper drilling. As part of the next phase of exploration at Lac Rainy, the Company will be drilling beneath the existing zone of mineralisation, with additional holes planned along strike to the north-west and closerspaced holes.

The Company will seek to advance the development of the Lac Rainy project as rapidly as possible, taking advantage of the current shift towards high-value graphite products, such as expandable graphite and thermal graphite applications.

The graphite mineralised strike length that has been mapped and sampled so far exceeds 3.2 km in length.

A mapping and sampling program was recently completed along strike with a number of new graphite mineralised zones identified and mapped on surface. Samples have been collected for assay and submitted to the assay laboratory. The Company expects to receive the results shortly. The exploration geologists will also be providing the Company with a field report outlining the findings of the

program, and the Company will provide shareholders with an update on the outcome of the field program when the report becomes available.

The field mapping and sampling campaign was designed to increase the graphite mineralised strike length beyond the current 3.2 km.

Approximately 1,600 meters of this 3.2 km mineralised strike length has been drill tested by the current drilling program. As mentioned previously, many of the drill holes ended in graphite mineralisation indicating that the graphite resource extends deeper than originally understood. This supports our belief that the size and scale of the potential Lac Rainy resource will be substantial.

Now that the assays for all holes have been received, the Company will be commencing the metallurgical test work program, with SGS Canada Inc. ( SGS ) engaged to complete the work. Samples have already been selected and are being prepared for shipping to SGS. In addition, the Company has also commenced the compilation of a JORC Compliant resource estimate for the 1,600 meters of strike which has been drill tested to date.

The map below illustrates the drill hole locations from the program at the Lac Carheil prospect within the Lac Rainy Project (Figure 1) .

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Figure 1: Diamond drill hole location map from the Phase II exploration program at the Lac Rainy Graphite Project

The South Eastern part of the Carheil Graphitic Trend where the thickest and highest-grade graphite mineralisation has been encountered is outlined in the map below.

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Figure 2: Diamond drill hole location map for the East part of the Carheil Graphitic trend at the Lac Rainy Graphite Project

Commenting on the drill results, Director of Metals Australia, Mr Gino D’Anna stated:

“The maiden drilling program at Lac Rainy has been a resounding success, with every drill hole intersecting graphite mineralisation, varying from mid-grade mineralisation to very high-grade mineralisation. We have encountered wide zones of graphite mineralisation close to surface and at depth. Many holes ended in mineralisation, highlighting the significant upside that is yet to be realised. We believe that the Lac Rainy project is a potentially world-class project. The potential size and scale of the resource is significant, boasting not just a high-grade deposit, but also a deposit that starts at surface. We believe that Lac Rainy will be amenable to simple open cut mining. SGS has now been engaged to complete the next phase of metallurgical test work and product specification test work. The Company has also been progressing with the maiden JORC Resource estimate at Lac Rainy.

The mapping and prospecting campaign which was recently completed at Lac Rainy has also been successful, with a number of new discoveries of graphite mineralisation identified and mapped on surface. Samples have been collected and submitted for analysis. We believe that this mapping campaign will assist in extending the strike of the currently mapped and drilled 3.2km strike of the Carheil Graphitic Trend.

Planning is also underway for the next phase of exploration at Lac Rainy.

We look forward to providing shareholders with further information about Lac Rainy as it becomes available”.

Drill hole LR19-08 intersected a major zone of high-grade graphite mineralisation near surface along strike from the Lac Carheil Prospect, with the hole remaining open at depth.

Assays received for LR19-08 included:

• 47.5m at an average grade of 16.21% Cg at depth from 7.8m to 55.3m

• including 35.3m at an average grade of 18.4% Cg at a depth from 20.0m to 55.3m

A drill hole plan view section of LR19-08 is illustrated below:

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Figure 3: Drill hole plan view section of LR19-08 at the Lac Rainy Graphite Project

The drilling program at Lac Rainy has exceeded our expectations in both the width of the graphite mineralised intervals and the grade of the intersections. We look forward to providing shareholders with further updates in relation to the commencement of metallurgical and product specification test work and the maiden JORC Resource estimate at Lac Rainy.

About the Lac Rainy Graphite Project

The Lac Rainy Graphite Project is located in one of the premier graphite geological regions of Quebec. It sits approximately 22 km south-west of the historic mining town of Fermont and 260 km northnortheast of the city of Sept-Îles. The Lac Rainy Graphite Project is approximately 15 km east of Route 389, a paved highway which travels north to Fermont. These road networks link the Lac Rainy Graphite Project with the major ports along the St Lawrence River in Quebec offering the Company a route to the seaborne market as well as the North American and South American markets.

The Lac Rainy Graphite Project covers an area of more than 4,600 hectares representing 88 mineral claims and is contiguous with Focus Graphite’s Property to the southwest, which hosts the Lac Knife Graphite Deposit, containing a Measured and Indicated Resource of 9.576 Mt @ 14.77% Cg and an Inferred Resource of 3.102 Mt @ 13.25% Cg at a 3.0% Cg cut-off.

The global transition to renewable energy and adoption of lithium-ion batteries as a means of energy storage places significant focus on high-value raw materials, such as graphite, lithium, cobalt, nickel, copper and manganese. In the long term, Roskill (an independent research organization) is of the opinion that the continuing closure of processing plants in China and increasing demand for high-quality graphite concentrates will place upward pressure on graphite prices.

ENDS

For more information, please contact:

Gino D’Anna Director Metals Australia Ltd Phone: +61 400 408 878

Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning Metals Australia. 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 the company’s beliefs, opinions and estimates of Metals Australia 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.

Competent Person Declaration

The information in this announcement that relates to Exploration Results is based on information compiled by Mr. Jean-Paul Barrette P.Geo, B.Sc. Mr Barrette is Project Geologist with Magnor Exploration Inc. and a consultant to Metals Australia Limited. Mr Barrette and is a member of the Ordre des Géologues du Québec (OGQ) with member number OGQ #619. Mr. Barrette has sufficient experience (35 years) that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Barrette consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Appendix A: Summary Coordinates of DDH LR19-01 to DDH LR19-17 (inclusive)

Drilled Hole	Section	UTM X (NAD 83, Zn19)	UTM Y	Dip	Azimuth	Elevation (m)	Length (m)
LR19-01	E	631600.61	5829242.33	-50	30	660.29	198
LR19-02	D	631638.83	5829226.50	-45	30	662.91	99
LR19-03	C	631684.15	5829196.68	-50	30	658.45	111
LR19-04	B	631737.24	5829186.26	-55	30	660.39	120
LR19-05	A	631758.86	5829150.80	-50	30	656.86	120
LR19-06	A	631785.01	5829190.06	-50	30	661.22	81
LR19-07	B	631758.55	5829220.18	-50	30	662.76	81
LR19-08	C	631713.50	5829239.80	-50	30	667.26	82
LR19-09	D	631670.00	5829272.00	-50	30	667.87	90
LR19-10	F	630659.30	5829861.11	-50	30	659.40	198
LR19-11	J	630659.30	5829861.11	-45	30	641.22	126
LR19-12	K	630569.14	5829950.14	-50	30	648.79	117
LR19-13	J	630620.64	5829794.28	-45	30	653.86	189
LR19-14	K	630536.06	5829845.55	-45	30	659.50	192
LR19-15	L	630454.76	5829912.30	-45	30	657.61	199
LR19-16	M	630360.20	5829954.56	-45	30	660.85	153
LR19-17	N	630285.97	5829992.36	-45	15	661.81	162

Appendix B: Laboratory Assay Results (DDH LR19-08)

Drillhole ID	From	To	Length	Sample number	% Cg	% S	Sample Certificate
LR-19-08	5.00	6.50	1.50	A65421	0.33	1.08	VO19117789
LR-19-08	6.50	7.80	1.30	A65422	0.60	1.76	VO19117789
LR-19-08	7.80	9.30	1.50	A65423	14.45	11.60	VO19117789
LR-19-08	9.30	10.90	1.60	A65424	10.00	11.55	VO19117789
LR-19-08	10.90	12.00	1.10	A65426	7.94	4.99	VO19117789
LR-19-08	12.00	13.50	1.50	A65427	10.25	5.58	VO19117789
LR-19-08	13.50	15.00	1.50	A65428	6.28	8.39	VO19117789
LR-19-08	15.00	16.50	1.50	A65429	9.43	9.99	VO19117789
LR-19-08	16.50	18.20	1.70	A65431	7.07	8.38	VO19117789
LR-19-08	18.20	20.00	1.80	A65432	12.90	12.60	VO19117789
LR-19-08	20.00	21.50	1.50	A65433	10.60	10.90	VO19117791
LR-19-08	21.50	23.00	1.50	A65434	8.80	10.00	VO19117791
LR-19-08	23.00	24.50	1.50	A65435	13.25	7.60	VO19117791
LR-19-08	24.50	26.00	1.50	A65436	16.40	11.20	VO19117791
LR-19-08	26.00	27.50	1.50	A65437	17.10	12.85	VO19117791
LR-19-08	27.50	29.00	1.50	A65438	12.80	14.00	VO19117791
LR-19-08	29.00	30.50	1.50	A65439	21.00	11.70	VO19117791
LR-19-08	30.50	32.00	1.50	A65441	22.30	10.70	VO19117791
LR-19-08	32.00	33.50	1.50	A65442	22.00	13.35	VO19117791
LR-19-08	33.50	35.00	1.50	A65443	25.80	10.75	VO19117791
LR-19-08	35.00	36.50	1.50	A65444	17.05	9.46	VO19117791
LR-19-08	36.50	38.00	1.50	A65446	14.70	-0.01	VO19117791
LR-19-08	38.00	39.50	1.50	A65447	25.40	15.05	VO19117791
LR-19-08	39.50	41.00	1.50	A65448	7.89	6.14	VO19117791
LR-19-08	41.00	43.00	2.00	A65449	17.20	10.60	VO19117791
LR-19-08	43.00	44.50	1.50	A65450	20.90	10.45	VO19117791
LR-19-08	44.50	46.00	1.50	A65451	18.25	9.05	VO19117791
LR-19-08	46.00	47.50	1.50	A65452	12.40	5.00	VO19117791
LR-19-08	47.50	49.00	1.50	A65453	22.80	10.95	VO19117791
LR-19-08	49.00	50.50	1.50	A65454	26.00	10.35	VO19117791
LR-19-08	50.50	52.00	1.50	A65455	25.30	8.42	VO19117791
LR-19-08	52.00	53.50	1.50	A65456	23.70	8.78	VO19117791
LR-19-08	53.50	55.30	1.80	A65457	21.40	12.05	VO19117791
LR-19-08	55.30	57.00	1.70	A65458	2.67	3.73	VO19117791
LR-19-08	57.00	59.50	2.50	A65459	0.43	1.56	VO19117791

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised	Only limited drilling has been completed to date by the Company. Assays are still pending
techniques	industry standard measurement tools appropriate to the minerals under investigation,	and samples are currently being prepared for assay by the laboratory. Sufficient QA/QC
	such as down hole gamma sondes, or handheld XRF instruments, etc). These	procedures are being followed with industry standard blanks and duplicate samples being
	examples should not be taken as limiting the broad meaning of sampling.	created.
	• Include reference to measures taken to ensure sample representivity and the
	appropriate calibration of any measurement tools or systems used.	Diamond Core Sampling: The sections of the core that are selected for assaying are
	• Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was	marked up and then recorded on a sample sheet for cutting and sampling at the certified assay laboratory. Samples of HQ core are cut just to the right of the orientation line where available using a diamond core saw, with half core sampled lengthways for assay.
	pulverised to produce a 30 g charge for fire 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.	Diamond Core Sampling: For diamond core samples, certified sample standards were added as every 25th sample. Core recovery calculations are made through a reconciliation of the actual core and the driller’s records. Downhole surveys of dip and
		azimuth were conducted using a single shot camera every 30m to detect deviations of the
		hole from the planned dip and azimuth. The drill‐hole collar locations are recorded using a
		hand‐held GPS, which has an accuracy of +/‐5m. All drill-hole collars will be surveyed to a
		greater degree of accuracy using a certified surveyor at a later date.
		Rock samples are comprised of grabs and thus represent point locations defined by a small
		area typically less than 0.5m2. A best effort was made to collect as much fresh material as
		practical and avoid or minimize the inclusion of weathered material in the sample. Hand
		tools were used to clear the sampling site and remove weathered material as practical
		before sampling.
		Channels were cut of the freshest material practical and are considered more
		representative than the grab samples for that particular location.
		Samples are considered representative of the site targeted, followed best industry practises
		as described above, with sufficient material collected per sample.
		Samples submitted for assay typically weigh 2-3 kg or more. Channel samples may be
		considered more representative than grab samples as more fresh material may be
		collected, they report an interval and not a point, and are larger samples. Channel samples
		are typically several times larger in size that grab samples, adding to their more
		representative nature.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	Only limited drilling has been completed to date. The drilling program being completed by
techniques	Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of	the Company is Diamond.
	diamond tails, face-sampling bit or other type, whether core is oriented and if so, by
	_what method, etc). _

Criteria	JORC Code explanation	Commentary
Drill sample	• Method of recording and assessing core and chip sample recoveries and results	Diamond core recoveries are during drilling and reconciled during the core processing and
recovery	assessed.	geological logging. The core length recovered is measured for each run and recorded
	• Measures taken to maximise sample recovery and ensure representative nature of the	which is used to calculate core recovery as a percentage.
	samples.
	• Whether a relationship exists between sample recovery and grade and whether sample
	bias may have occurred due to preferential loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a	All rock and channel samples were described to industry standard levels with rock type,
	level of detail to support appropriate Mineral Resource estimation, mining studies and	modal mineralogy, grain size, and other pertinent observations noted. Descriptions are
	metallurgical studies.	qualitative in nature.
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)
	photography.	Geological logging is carried out on all drill holes with lithology, alteration, mineralisation,
	• _The total length and percentage of the relevant intersections logged. _	structure and veining recorded.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core taken.	Sample preparation follows industry best practice standards and is conducted by
techniques and	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	internationally recognised laboratories - ALS Laboratories Ltd in Val d’Or, Quebec. Code
sample	dry.	RX1-graphite was completed as preparation. Samples are crushed to 80% passing 10
preparation	• For all sample types, the nature, quality and appropriateness of the sample preparation	mesh, riffle split (250 g), and pulverized to 95% passing 105 micron.
	technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material	Analysis used ALS packages Code 4F-C,S, and 4F-C-Graphite using a graphite specfic preparation (RX1- Graphite). Total carbon as well as graphitic carbon are the primary deliverables.
	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.	Sampling techniques utilized, as described above, ensure adequate representativeness and sample size. As is early exploration, industry standard sampling techniques were
		followed with fresh material targeted for collection as practical
		No blanks or standards were submitted by the company with laboratory blanks, standards,
		and duplicates relied upon, with results reviewed by the companys consultants and found
		to be satisfactory with no material concerns.
		Sample size (2-3 kg) accepted as general industry standard for grab samples and is
		suffient to provide arepresentative sample sizeforthelocationbeing sampled.
Quality of assay	• The nature, quality and appropriateness of the assaying and laboratory procedures	Internal laboratory QAQC relied upon with laboratory blanks, standards, and duplicates
data and	used and whether the technique is considered partial or total.	relied upon, with results reviewed by the Company’s consultants and found to be
laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters	satisfactory with no material concern.
	used in determining the analysis including instrument make and model, reading times,
	calibrations factors applied and their derivation, etc.	No company blanks, standards, or duplicates submitted for analysis
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external
	laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and
	_precision have been established. _
Verification of	• The verification of significant intersections by either independent or alternative company	Assay data is reported as received with no data adjustment. Data is verified by the
sampling and	personnel.	Company’s consultants prior to disclosure.
assaying	• The use of twinned holes.
	• Documentation of primary data, data entry procedures, data verification, data storage
	(physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _

Criteria	JORC Code explanation	Commentary
Location of data	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole	Handheld GPS used for location of sample points using local UTM grid, Zone 19. Such
points	surveys), trenches, mine workings and other locations used in Mineral Resource	methods have a typically accuracy of 1-3 m.
	estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing and	• Data spacing for reporting of Exploration Results.	Only individual sample data reported as received by laboratory for grab samples, with
distribution	• Whether the data spacing and distribution is sufficient to establish the degree of	channel samples reported individually via Appendix A, as well as composites in the
	geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	highlight section of the NR.
	estimation procedure(s) and classifications applied.
	• Whether sample compositing has been applied.	Insufficient data to establish resources
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible structures	Grab samples reflective of point locations with sufficient samples collected along strike to
data in relation to	and the extent to which this is known, considering the deposit type.	assist with interpretation of area and potential. Channel samples attempt to give an
geological	• If the relationship between the drilling orientation and the orientation of key mineralised	indication of grade over width.
structure	structures is considered to have introduced a sampling bias, this should be assessed
	and reported if material.	Onlylimited drillinghas been completed to date.
Sample security	• The measures taken to ensure sample security.	Industry standard chain of custody followed, with samples dropped off at shipping company
		by field manager, shipping with tracking number, and received direct by the lab, with
		notificationof receipt the day samplesreceived.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	None completed by third parties. The Company’s consultants vetted the database
		internally.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement	• Type, reference name/number, location and ownership including agreements or material	Metals Australia Limited is the 100% owner of the Lac Rainy Graphite Project, pursuant to
and land tenure	issues with third parties such as joint ventures, partnerships, overriding royalties, native	the binding acquisition agreement.
status	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	There are no other material issues affecting the tenements.
	impediments to obtaining a licence to operate in the area.
		Quebec Lithium Limited, a wholly owned subsidiary of Metals Australia, is the owner of
		100% of the abovementioned graphite project and ownership of the individual CDC claims
		is with Quebec Lithium Limited.
		All tenements are in good standing and have been legally validated by a Quebec lawyer
		specialisinginthefield.
Exploration done	• Acknowledgment and appraisal of exploration by other parties.	No modern exploration has been conducted by other parties.
by other parties
		Government mapping records multiple graphitic carbon bearing zones within the project
		areas butno otherdatais available.
Geology	• Deposit type, geological setting and style of mineralisation.	Lac Rainy Graphite Project
		The Lac Rainy graphite project is located within close proximity to Focus Graphite’s Lac
		Knife Project, which is considered a good analogue for mineralization style at Lac Rainy
		with the same general rock types present.
		The Lac Rainy and Lac Carheil graphite prospects were first discovered in 1989 and has
		been subject to some exploration over that time, however previous exploration was not
		conducted in a systematic manner and was focused more on the iron potential of the region
		which has meant that the true mineralisation and potential of the Lac Rainy Est graphite
		project has not been fully established.
		The Lac Rainy graphite project is contiguous with the Lac Knife Graphite Project which is
		owned by Focus Graphite. The Lac Knife Project hosts the Lac Knife Deposit.
		The Lac Knife Graphite Deposit owned by Focus Graphite (which is located less than 4 km
		south-west of the Project border) and hosts a Measured and Indicated Resource of 9.576
		Mt @ 14.77% Cg and an Inferred Resource of 3.102 Mt @ 13.25% Cg at a 3.0% Cg cut-off.
		(Note: Inferred Resources are considered too geologically speculative to have mining and
		economic considerations applied to them and to be categorized as Mineral Reserves)
		The Feasibility Study completed by Met-Chem Canada Inc. (released on 8 August 2014) on
		the Lac Knife Graphite Deposit indicates that the Lac Knife Graphite Deposit has the
		potential to become one of the lowest-cost, highest-margin producers of graphite in the
		world.
		Refertohttp://www.focusgraphite.com/wp-content/uploads/largeReport/Lac-Knife-

Criteria	JORC Code explanation		Commentary
			Feasibility-Study-Technical-Report-August-2014.pdf for further information in relation to the
			Feasibility Study at the Lac Knife graphite project.
			Graphite mineralisation is set in migmatized biotite-bearing quartz-feldspar gneiss
			belonging to the Nault Formation of the lower Proterozoic Gagnon Group.
			According to the Quebec Ministry of Natural Resources, where this gneissic unit is sheared,
			brecciated and silicified, coarse graphite flakes and associated sulphide minerals make up
			5% to 10% of the rock, with up to 20% or more in the more brecciated zones.
			Fuchsite and other iron-rich micas accompany the graphite and sulphide mineralization in
			themore silicifiedhorizons.
Drill hole	•	A summary of all information material to the understanding of the exploration results	Not Applicable
Information		including a tabulation of the following information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill
		hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the basis that the information is not
		Material and this exclusion does not detract from the understanding of the report, the
		_Competent Person should clearly explain why this is the case. _
Data aggregation	•	In reporting Exploration Results, weighting averaging techniques, maximum and/or	No data aggregation with grab samples reported as point location data. Weighted
methods		minimum grade truncations (eg cutting of high grades) and cut-off grades are usually	compositing methods applied to channels
		Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade results and longer	No metal equivalents reported
		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.	No intercepts reported
	•	The assumptions used for any reporting of metal equivalent values should be clearly
		_stated. _
Relationship	•	These relationships are particularly important in the reporting of Exploration Results.	Not Applicable with grab samples representing surface point locations. Channels samples
between	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its	by nature report grade over width with best efforts to cross strike of unit. True widths not
mineralisation		nature should be reported.	known.
widths and intercept lengths	•	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts should be	Several maps included in body of news release
		included for any significant discovery being reported These should include, but not be
		_limited to a plan view of drill hole collar locations and appropriate sectional views. _
Balanced	•	Where comprehensive reporting of all Exploration Results is not practicable,	Results for all sampling submitted for assay are listed in Appendix A attached to the body
reporting	representative reporting of both low and high grades and/or widths should be practiced to		of this report.
	_avoid misleading reporting of Exploration Results. _
Other substantive	•	Other exploration data, if meaningful and material, should be reported including	All meaningful and material data is reported.
exploration data	(but not limited to): geological observations; geophysical survey results; geochemical
	survey results; bulk samples – size and method of treatment; metallurgical test results; bulk

Criteria	JORC Code explanation		Commentary
	density, groundwater, geotechnical and rock characteristics; potential deleterious or
	_contaminating substances. _
Further work	•	The nature and scale of planned further work (eg tests for lateral extensions or depth	Detailed geochemistry and geology mapping to determine trends of known mineralised
		extensions or large-scale step-out drilling).	zones and to delineate other Cg anomalies.
	•	Diagrams clearly highlighting the areas of possible extensions, including the main
		geological interpretations and future drilling areas, provided this information is not	Drilling.
		_commercially sensitive. _