METEORIC RESOURCES NL — Regulatory Filings 2021

May 26, 2021

ASX ANNOUNCEMENT

27 May 2021

JURUENA DEEP DRILLING CONFIRMS PORPHYRY SYSTEM

Highlights

• The geology in JUDD042 confirms the Company’s interpretation of a magmatic Porphyry environment being responsible for the high-grade gold and copper mineralisation at shallower levels

• Drilling of JUDD042 has been temporarily halted (940m) awaiting delivery of narrower drill rods to site to enable deeper drilling - the temporary halt has occurred in the most prospective zone yet encountered, comprising intense hydrothermal alteration with copper and molybdenum sulphides in veins[1] within the Juruena Fault Corridor

• This zone occurs within silica-rich breccias with infills of the copper-rich minerals chalcopyrite, bornite and chalcocite with minor pyrite

• Similar breccias were observed at the Crentes Prospect and hosted significant economic copper and gold intercepts which included 32m @ 0.38% Cu (JRND011: from 100.00m) and 54.3m @ 0.23% Cu & 1.33 g/t Au (JUDD010: from 171.25m)[2]

• The sulphide-rich breccias observed along the Juruena Fault now define a large, prospective structure, with potential mineralisation confirmed 940m down dip (open) and along several kilometres at surface

• A zonation in hydrothermal alteration mineral assemblages downhole in JUDD042 has provided vectors towards the source of Cu-Au mineralisation and this has been used for planning future drill holes

• JUDD042 will recommence in early June -in the meantime, the rig has moved on and commenced drilling the next hole, JUDD043

• Informed by the success of JUDD042, JUDD043 will test the deep IP chargeability anomaly where it crosses the Juruena Fault at a target depth of approximately 750m downhole and will then continue to test the footwall where there is a strong soil geochemical anomaly for Cu and Mo north of the Juruena Fault

• The Mineral Resource Estimate update for the Juruena near surface deposits is in the final stages and will be available to the market very shortly

Meteoric Resources NL ( ASX: MEI ) (the Company ) is pleased to announce the ongoing drilling progress of JUDD042 designed to test the giant IP chargeability anomaly detected in late 2020 (ASX:MEI 09/12/20) at the Juruena Project in Brazil.

Managing Director, Andrew Tunks said , “While it is very frustrating to have a technical hitch right as we drilled into the best zone yet in Hole JUDD042, we are buoyed by the exciting geology we have observed as we have entered the Juruena Fault zone. The alteration styles, minerals present, including: molybdenite, chalcopyrite and bornite plus the porphyritic intrusives and breccias noted, all lead to the conclusion that we are in a significant magmatic ore system.

We have temporarily moved the rig onto Hole JUDD043, approximately 500m WNW to continue the exploration but will re-enter JUDD042 and complete an additional 150-200m of drilling of this exciting zone.”

1 All sulphide occurrences and % estimated from Hole JUDD042 are presented in Table 1 and ore sulphides are described in the text

2 MEI:ASX - 18 Feb 2021

JUDD042 UPDATE

The first deep drill hole (JUDD042) designed to test the deep high-chargeability IP anomaly at the Juruena Project area confirms the potential for a major Cu-Au porphyry environment, closely related to the shallow epithermal deposits (Dona Maria, Crentes and Querosene, among others).

JUDD042 was designed using all available geological and geophysical data including; hydrothermal alteration, structural interpretation, soil and rock-chip sampling and two (2) phases of IP to test a porphyry model for Cu-Au mineralisation associated with a deep high chargeability IP anomaly generated by the geophysical survey executed in 2020 (ASX:MEI 09/12/20). The drill hole is currently stopped at 940 metres, within the Juruena Fault, in a very promising copper sulphidebearing breccia.

The core shows features that are typical of porphyry environments and the detailed description and interpretation of those features is being used to generate exploration vectors. Those vectors, albeit in 2D, are very useful in planning follow up drilling and particularly for targeting the source of known Cu-Au mineralisation. It will be possible to generate 3D vectors as soon as we have additional holes.

Geology

To date, two dominant rock types have been logged in JUDD042, a porphyritic granite and a fine-grained granite. These are intruded by a series of aplite dikes, mafic dikes and sills, lamprophyre and late-stage porphyry intrusions.

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Figure 1: JUDD042 profile showing the dominant rock types. Note the presence of the porphyry intrusive rocks and the breccias increases markedly as the hole approaches the Juruena Fault Corridor.

Porphyritic intrusives were first observed from 650m downhole becoming more common at depth. They are commonly associated with low levels of bornite (Bo) and chalcopyrite (Cpy - up to 1%). Thin porphyries, 1 to 5m true width, occur below 668m and increase in occurrence down hole. Sulphides occur disseminated in the matrix of the porphyries, filling fractures and associated with quartz ± accessory minerals in veinlets. Breccias first occurred below 830m and are common until the current depth (940m), with an increase in brittle deformation and sulphide content toward the end of the hole (Figure 2). The increase in brittle deformation appears to be associated with the Juruena Fault Corridor.

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Figure 2: Breccias (with chalcopyrite and bornite infill) related to the Juruena Fault Corridor (from 830m). Field of view on RHS is approx. 4cm.

The last core retrieved before the drilling was temporarily halted (938.14m to 940.59m) was a strongly brecciated intermediate porphyry with massive silica flooding and 1 to 5% (visual estimate) of the copper-rich minerals chalcopyrite and bornite within the breccia matrix and discontinuous quartz veinlets. This is the most significant zone of copper minerals yet observed and highlights the importance of the Juruena Fault. The field teams are working with the drilling contractors to make sure we can rectify the drilling issues and recommence the drilling for at least another 100m as soon as possible.

Hydrothermal alteration

Classic porphyry related hydrothermal alteration assemblages are identified in the drilling and show a mineral zonation that will be used as a vector towards any major potential source of Cu-Au mineralisation. The dominant regional alteration is propylitic in nature, which overprints the other alteration types. Although overprinted, strong phyllic alteration is still well preserved and is the most important in terms of copper and gold mineralisation.

The phyllic alteration is characterised by sericite, phengite and pyrite occurring as selvedges to veins (Figure 3). This alteration is similar to the phyllic alteration associated with gold mineralisation at shallow levels in the Dona Maria and Querosene prospects.

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Figure 3: Fine grained granite with typical phyllic alteration (sericite + phengite + pyrite) occurring as haloes around quartz-pyrite veinlets. The alteration increases in occurrence and intensity towards the Juruena Fault Corridor and has been sampled for potential gold values.

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High temperature hydrothermal phyllic alteration occurs proximal to the Juruena Fault Corridor. From 440m downhole the phyllic alteration is characterised by the appearance of higher temperature minerals plus molybdenite (Mo) and copper sulphides (Figure 4) and from 793m molybdenite + chalcopyrite + minor fine bornite.

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Mo
Mo
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Figure 4: Quartz veins with high concentration of molybdenite are interpreted to track an increase in the temperature of the hydrothermal alteration and strong presence of Molybdenum in the system. (Mo = molybdenite)

The gradual change from propylitic to phyllic alteration as we go down hole JUDD042 establishes a hydrothermal alteration temperature related vector towards the Juruena Fault (Figure 5). As the hole approaches the Juruena Fault, potassic alteration is also observed in these deeper levels associated with late porphyry intrusive rocks and occurring as isolated halos of potassium feldspar and biotite associated with narrow quartz extension veins (Figure 6). Such extensional veins are indicative of locally high fluid pressures.

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Figure 5. JUDD042 log showing the mapped hydrothermal alteration assemblages. I – Propylitic-rich alteration; II – Silica-rich alteration associated with the granite contact; III- Phyllic-rich alteration; IV – Phyllic + Silica-rich alteration associated with the Juruena Fault Corridor.

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Figure 6: Potassic alteration haloes (K-feldspar and biotite) associated with higher temperature hydrothermal alteration.

Vein types

The rocks intercepted in JUDD042 contain locally intense veining and the association between the various vein types can constitute a potential vector towards mineralisation as we approach the Juruena Fault. Veins observed in JUDD042 appear to fit the “classic” Cu-Au-Mo porphyry models and as such, the Company has adopted this classification (Gustafson and Hunt; 1975; Sillitoe, 2010) (Figure 8).

Within the regional propylitic alteration intervals B and A veins are predominant which indicates a relative high temperature mineral (molybdenite, chalcopyrite) are overprinted by propylitic alteration.

Phyllic alteration intervals with D veins (qtz +pyrite) occur overprinted by propylitic alteration along the drill hole in 2 major intervals (from 269m to 292m; from 520m to 636m). Association between D, B and A like veinlets related to phyllic alteration is in contrast to propylitic veinlets and their potassic haloes indicates a metallogenetic vector along the drill hole. Figure 7 shows the core log with the dominant veins logged.

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X
Z
Y
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Figure 7: JUDD042 log showing the major zones of different vein types logged. Zones X and Y are typically A, B and D vein types. In zone Z molybdenite and chalcopyrite first appear. Zone Y shows the same association associations as zone B but with an increase of copper minerals (including chalcopyrite and bornite).

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Figure 8: Porphyry vein type classification from Sillitoe, 2010.

Sulphide assemblages (Table 1)

Different sulphide associations are noted to occur down JUDD042. Pyrite is the most common sulphide. It occurs as disseminations and as discrete vein haloes with chlorite within propylitic alteration; and more particularly with sericite and phengite within phyllic alteration. At the Juruena Project, phyllic alteration is most typically related to shallow-level gold mineralisation and consequently we have interpreted prospective gold-bearing zones in the following phyllic-rich intervals: 123m to 319m – 4% to 8% Py; 535m to 557m – 2% to 6% Py; 579m to 641m – 2% to 6% Py.

In more regional propylitic alteration, pyrite occurs disseminated in the rock matrix associated with chlorite as part of the alteration assemblage and typically is not related to gold mineralisation. Sulphide percentages in this alteration type are typically below 5% maximum and more usually between 0.5 and 1% (Table 1). Propylitic alteration occurs over all rock types.

Within phyllic alteration zones, pyrite occurs disseminated in the matrix, in veinlets and as fracture fillings particularly over the porphyritic intrusives that intrude the granitic country host rock.

Molybdenite associated with pyrite in veins start to occur below 440m (440m to 557m – 1% to 5% Py + Mo) and is associated mostly with the intermediate porphyry intrusions.

Molybdenite + Chalcopyrite + Bornite assemblages occur in two intervals (885m to 886m – 0.5% to 1% Py + Mo) and increases in abundance approaching the Juruena Fault Corridor (from 938m to 941m – 0,1% to 5% Py + Mo) and are commonly spatially associated with porphyry intrusive rocks and dolerite. Those sulphides occur disseminated in the matrix, filling fractures and associated with pyrite in veins.

Table 1 highlights the major intervals in JUDD042 of both hydrothermal alteration types and sulphide zones.

The sulphide assemblage in JUDD042 indicates two zones (A and B) associated with relative higher temperature alteration (Figure 9). Pyrite, when associated with phyllic alteration, probably reflects intermediate to distal conditions in relation to the porphyry mineralising source. Mo + Py may indicate a relative intermediate spatial association to the source; and Cpy + Bo + Mo assemblages may indicate a more proximal association relative to the source (higher temperature mineral association).

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Figure 9: JUDD0422 log showing the difference in sulfide assemblages indicating an increase in the target mineralogy (Molybdenite, Chalcopyrite and Bornite) associated with a Cu-Au Porphyry System as we approach the Juruena Fault.

In summary, the core logging identified 2D vectors that define a typical alteration zonation, as expected in porphyry/epithermal environments. The presence of copper minerals like chalcopyrite and bornite associated with molybdenite and phyllic alteration, indicates immediate proximity to a Cu-Au porphyry source.

Drilling also shows that the Juruena Fault is an important fluid pathway and constitutes a new mineralisation target for the project, in addition to the porphyry source.

The announcement has been authorised for release by the Directors of the Company.

For further information, please contact:

Dr Andrew Tunks Victoria Humphries Managing Director Investor and Media Relations Meteoric Resources NWR Communications E: ajtunks@meteoric.com.au E: victoria@nwrcommunications.com.au T: +61 400 205 555 T: +61 431 151 676

The information in this announcement that relates to mineral resource estimates and exploration results is based on information reviewed, collated and fairly represented by Mr Peter Sheehan who is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Mr Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Sheehan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears

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TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)

TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)	TABLE 1 Drill-hole JUDD042 - Mineralisation Summary with % Sulphides and veins recorded (refer ASX release 17 March 2021 for drill collar information)
From	To	Lithology	Alteration	Veining %	Sulphide minerals	Sulphide (%)	Cu minerals Cpy - Bor(%)
63	72	Porphyry Granite	Propyllitic I	1-2%	Py in veinlets	1-3%
123	124		Phyllic II a	4-6%	py disseminations in phengite haloes	3-5%
269	280		Phyllic II a	5-8%	py disseminations in phengite haloes	3-5%
293	319		Phyllic II a	4-6%	py disseminations in phengite haloes	4-6%
440	461		Propyllitic I	1-2%	Py, moly disseminations	1-3%
520	525		Propyllitic I	1-2%	Quartz + molybdenite veinlets	1-3%
535	537	Fine - Grained Granite	Phyllic II a	4-6%	Quartz + molybdenite veinlets	2-4%
555	557		Phyllic II a	2-4%	Quartz + molybdenite veinlets	3-5%
561	562		Propyllitic I	1-3%	bornite and chalcopyrite	1-2%	0.5-1%
564	579		Silicification I a	2-4%	Pyand molybdenite	1-3%
579	618		Phyllic II a	4-6%	Molybdenite in quartz veins andpy	2-4%
618	621		Phyllic II a	2-4%	py disseminations in phengite haloes	3-5%
626	631		Phyllic II a	3-5%	py disseminations in phengite haloes	2-4%
632	641		Phyllic II a	2-4%	py disseminations in phengite haloes	4-6%
650	662	Late porphyry	Propyllitic I	1-2%	Disseminated py	0.5-1%
668	671		Propyllitic I	1-2%	Disseminated py	0.5-1%
693	696	Dolerite dike	Propyllitic III	1-3%	py disseminations	1-2%
718	719		Propyllitic II	1-3%	pydisseminations	0.5-2%
719	749	Fine Granite	Phyllic II a	3-5%	py± molybdenite	3-5%
793	795		Propyllitic II	1-3%	py disseminations andquartz + molyb	1-2%	0.1-1%
855	862	Brecciated Coarse Granite	Silicification I a	2-4%	bornite + cpy	0.5 - 1%	0.1 - 1%
862	863	Brecciated late porphyry	Silicification III	1-3%	disseminated bornite and traces of cpy	0.1-1%	0.10%
863	870	Brecciated Coarse Granite	Silicification I a	1-3%	Disseminated bornite and traces of cpy	0.5-1%	0.1-1%
870	886	Brecciated late porphyryII	Silicification I a	1-3%	Weak disseminated bornite and cpy	0.1-1%	0.10%
886	895	Late porphyry II	Propyllitic III	0.1-1%	Disseminated py	0.1% - 1.0%
895	896	Brecciated dolerite dikes	Propyllitic III	1-3%	Disseminated py	<0.1%
896	899	Brecciated late porphyry	Propyllitic III	0.1-1%	Disseminated py	<0.1%
899	921	Dolerite dike	Propyllitic III	1-3%	Disseminated py and massive molybdenite	1%-3%
921	923	Brecciated Coarse Granite	Silicification I a	0.1-1%	Disseminated py	<0.1%
938	939	Silica rich breccia	Silicification 1 b	1-3%	Disseminated bor, cpyandpytraces	0.1% - 1.0%	0.1% - 1.0%
939	941	Silica rich breccia	Silicification 1 b	1-3%	Disseminated bor, cpy and py traces	3%-5%	3%-5%

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Appendix 1 – JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections).

Criteria	Commentary	Commentary
Sampling		Diamond core was split in half lengthways and sampled at 1.0 m intervals inside alteration
techniques		zones and 1.0 m intervals outside this. Half core was retained on site in Juruena for future
		reference.
		Samples were placed in high density plastic sample bags and sealed shut with cable ties.
		Sample mass varied according to the sample length, typically mass varied between 1- 6kg.
Drilling		Coring was done by Willemita Sondagens Ltda using a Sondas MACH-1200 diamond drill
techniques		rig with conventional wireline technology. It had a capacity of 600 (six hundred) meters
		deep in HQ diameter and 1,000 (one thousand) meters in NQ, and 1,200 (twelve hundred)
		metres in BQ.
		Holes were collared to fresh rock using HQ diameter, and the hole was completed using
		NQ diameter.
		Drilling was standard tube (not triple tube).
		Drill hole inclinations ranged from -45 to -77 degrees.
		Down-hole surveys were carried out by Willemita at the completion of each hole using a
		MAXIBORE 2 tool.
		The drill was oriented every 3m in NQ core using a REFLEX ACT2 tool.
Drill sample		Diamond core recovery is recorded by measuring the length of core recovered compared
recovery		to the length drill run. Drill recoveries were considered very good with
		over 90% of the drill runs > 90% recovery.
		Gold mineralisation does not apparently correlate to
		zones of low sample recovery; sample bias due to poor sample recovery is therefore not
		believed to be an issue.
Logging		All drill-holes are geologically and geotechnically logged, and the data stored in a
		digital database.
		Logging of diamond drill-core is a combination of qualitative and quantitative and records:
		weathering, colour, texture, lithology, alteration, mineralisation, and structure.
		The core is also photographed and catalogued.
Sub-		Diamond drill-core is cut in half lengthways using a diamond saw. The core is consistently
sampling		cut to the right of a cut/orientation line (looking downhole), and piece of core without the
techniques		line is sampled. This ensures samples are representative and minimises any bias.
and sample		Duplicate samples are routinely done by cutting half of the core for sampling into quarter,
preparation		and both pieces are analysed.
		Sample lengths are determined by geology: 1.0m inside alteration zones and 1.0m outside
		them. This is considered appropriate for the style of mineralisation.
Quality of		Sample preparation was undertaken by ALS Laboratories (Goiania, Brasil). Preparation
assay data		included: coarse crushing of entire sample, fine crushing to 90% passing 2mm, and
and		pulverising a 1 kg split to 95% passing 106um.
laboratory		The samples were analysed for Au by ALS Laboratories (Lima, Peru) using Fire Assay Au-
tests		AA26 with 50g aliquots followed by Atomic Absorption Spectroscopy (AAS), a technique
		designed to report total gold. On occasions where ‘visible gold’ was present or Fire Assay
		results were >100g/t Au a Screen Fire Assay (Au-SCR24) was requested. These are
		considered appropriate methods for this style of mineralisation. Additionally, a multi
		element suite of ME-MS61 48 element 4 acid ICP-MS was done.
		Standards (certified reference material), blanks and duplicates were inserted into
		the sample stream at the rate of 1:20,
		1:25 and 1:40 samples, respectively for the sample batches of 50.
		Routine analysis of the results of the Blanks, Standards and Duplicates are carried out
		and any variation away from pre-determined limits are discussed with the lab. Any issues

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Criteria	Commentary	Commentary
		not resolved to Meteoric’s satisfaction are re-analysed on a batch basis. No external check
		laboratory assays have been completed on these samples.
		The coarse and pulp sample rejects from the preparation and analytical laboratories
		were retained and stored at the laboratory, allowing for re-assaying in the future if required.
		All pulps are stored indefinitely.
Verification		Significant intercepts have been checked and replicated by the Independent qualified
of sampling		person for this release. Meteoric geologists also revisit the drill core for visual inspection
and		and verification.
assaying		All drill-hole data is recorded in Microsoft Excel spreadsheets and appended/merged into a
		Microsoft Access database. The entry of data is controlled by a database administrator.
		Standardised geological codes and checks have been employed to ensure standardised
		geological logging and required observations performed. The database is stored by a
		‘Cloud’ storage service. Work procedures exist for all actions concerning data
		management.
		No twin holes were employed in this drilling campaign.
		No adjustments or calibrations were made to any assay data .
Location		Collar surveys are initially performed using handheld GPS with accuracy to ~5m . A
of data		licensed surveyor will check the locations using a total station (later in the field season. All
points		drill-holes have been checked spatially in 3D and all obvious errors addressed.
		The grid system used for all data types in a UTM projection, SIRGAS2000 Zone 21
		Southern Hemisphere.
		Topographic control in the area of the drilling is generally poor (+/- 10m), control is made
		using topographic maps and hand-held GPS.
Data spacing		The drilling carried out is on a variable grid, depending on the targeting stage of the drilling.
and		Grid spacing varies from 25m x 25m to approximate 50m x 50m grid, both horizontally and
distribution		vertically (in the plane of the mineralised structure, which is sub- vertical).
		The density of information is considered insufficient for conducting a mineral resource
		estimate to the standards required by the JORC 2012 mineral resource code.
		No compositing was applied.
Data spacing		The drilling carried out is on a variable grid, depending on the targeting stage of the drilling.
and		Grid spacing varies from 25m x 25m to approximate 50m x 50m grid, both horizontally and
distribution		vertically (in the plane of the mineralised structure, which is sub- vertical).
		The density of information is considered insufficient for conducting a mineral resource
		estimate to the standards required by the JORC 2012 mineral resource code.
		No compositing was applied.
Orientation		Mineralised structures were targeted and planned to be intersected so that minimal sample
of data in		bias would occur. All structures were planned to be intersected as perpendicular as
relation to		possible and to pass through the entire structure .
geological		Wherever possible, all drill holes were oriented to intersect the intended structure
structure		perpendicular to the strike and a minimum of 40 degrees to the dip of the mineralised zone.
		The mineralised structures are visible from within the artisanal miners' workings which
		allowed drill holes to be oriented to minimise introducing a sample bias.
		None of the reported significant intersections are a result of intentional sample bias. There
		is discussion in the text as to possible true widths.
Sample		Sampled core is packed flat in plastic bags and sealed with tape. These individual bags are
security		then put in plastic woven bags which are tied and have a metal seal attached. A packing
		list (confirming the number of sacks for transport) is prepared and samples are transported
		by Meteoric staff to commercial transport company in Nova Bandeirantes and recorded on
		a consignment note.
		Upon receipt at the laboratory, samples were checked in and the list of received samples
		immediately sent back to the company's

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Criteria	Commentary	Commentary
		database administrator as a security check that all
		samples were received, and all were fully intact and not opened.
Audits or		The sampling techniques and data have been reviewed by the Competent Person and are
reviews		found to be of industry standard.
		No audits were completed by any external parties.

Section 2 Reporting of Exploration Results

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

Criteria	Commentary	Commentary
Mineral tenement		License details are shown in Appendix 2.
and land tenure		There is an existing 1% net smelter return payable to a previous owner. There are
status		three Garimpo mining licences within the tenement package, allowing the Garimperos
		to legally work under certain restrictions. The tenements are not subject to any native
		title interests but is located within the border zone around a national park. Within this
		border zone further conditions may be required to gain an operating licence. Cattle
		grazing and legal timber felling are the two primary industries and land uses for the
		area.
Exploration done		Garimperos first discovered the mineralised areas around Juruena in the 1970's
by other parties		Garimperos have been active in the region since, recovering gold from alluvial, colluvial
		and some oxidised rock. The area has been explored on and off from the mid 1990's
		through to the present, with the majority of drilling taking place over the last four to five
		years.
		Madison Minerals Ltd first explored and carried out some drilling evaluation of the
		Juruena core area in 1995/1996. Lago Dourado Minerals drill tested several anomalies
		and zones from 2010 to 2013. All work undertaken by Lago Dourado Minerals was
		performed to a JORC compliant standard and the data generated is
		considered sufficient to be used for a JORC compliant mineral resource estimate,
		should further results confirm continuity, grade and geological interpretation in
		the future.
Geology		The Juruena mineralisation is considered to have resulted from magmatic activity
		(intrusions and fluids) which could be sourced from a gold rich source rock and
		concentrated along structural zones. The mineralisation is hosted by Paleoproterozoic
		volcanic and granitoid rocks of varying composition. The host rocks are found
		within the Juruena-Rondonia block of the Amazon Craton.
Drill hole		See body of report
Information
Data aggregation		Significant intercepts are calculated using a 0.5 Au ppm lower cut-off, no upper cut, and
methods		up to 4m of consecutive dilution. Sample intervals were not equal to 1 m were weight
		averaged.
Relationship		As far as practically possible and with the geological interpretation available. The drill
between		targets were tested with the aim of intersecting the interpreted mineralised structure as
mineralisation		perpendicular as possible to the strike. All positive holes to date intersected the
widths and		mineralisation are minimum of 40 degrees to the dip, which will cause a slight
intercept lengths		overstatement of the actual intercept width. All results are reported as downhole widths.
Diagrams		See included Figure(s) in the announcement.
Balanced		Where results are reported the company intends to report all significant intercepts either
reporting		in the text or as an Appendix.

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Criteria Commentary Other substantive  No other substantive data is mentioned in this release. exploration data Further work  Further work is discussed in the body of the report.

Appendix 2: Table of Brazil Licenses for Juruena and Novo Astro Projects

Claim No.	Status	City	Ownership %
866.079/2009	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.081/2009	Granted Exploration Permit	COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT	100%
866.082/2009	Granted Exploration Permit	COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT	100%
866.084/2009	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.778/2006	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.085/2009	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.080/2009	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.086/2009	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.247/2011	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.578/2006	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.105/2013	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.934/2012	Granted Exploration Permit	COTRIGUAÇU/MT	100%
866.632/2006	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.633/2006	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.294/2013	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%
866.513/2013	Granted Exploration Permit	COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT	100%
867.246/2005	Granted Exploration Permit	NOVA BANDEIRANTES/ MT	100%

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