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MINERAL COMMODITIES LTD Capital/Financing Update 2019

Apr 16, 2019

65371_rns_2019-04-16_29a6a1c1-4e5c-4bad-ac5b-aaf1c173013c.pdf

Capital/Financing Update

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Australian Securities Exchange 17 April 2019 Company Announcements Office

UP TO 49.3% TGC HIGH GRADE RESULTS AT MUNGLINUP TO POSITIVELY IMPACT DFS

HIGHLIGHTS

  • High grade assay results from infill and step out drilling at Munglinup confirms continuity of mineralisation that is expected to positively impact DFS with potential for significant upside to Mineral Resource and Ore Reserve.

  • Stand out results from the Reverse Circulation ("RC”) drilling include;

  • 7m at 17.2% Total Graphitic Carbon (“TGC”) from 48m downhole,

    • including 3m at 22.4% TGC from 51m downhole (HAS_EX003)

  • 8m at 20.0% TGC from 70m downhole,

    • including 4m at 28.5% TGC from 73m downhole (HAS_EX004)

  • 9m at 19.9% TGC from 20m downhole ,

    • including 7m at 22.6% TGC from 21m and 1m at 30.9% TGC from 25m downhole (WH_EX003)

  • 9m at 17.2% TGC from 15m downhole,

  • including 4m at 22.4% TGC from 18m downhole (WH_EX006)

  • o 4m at 19.2% TGC from 33m downhole,  including 1m at 30.3% TGC from 34m downhole (WH_EX008)

  • o 4m at 17.0% TGC from 52m downhole,  including 1m at 49.3% TGC from 54m downhole (WH_EX013)

  • o 8m at 14.8% TGC from 44m downhole,  including 3m at 27.8% TGC from 46m and 1m at 40.7% TGC from 48m downhole (WH_EX016)

  • o 5m at 21.5% TGC from 36m downhole,  including 3m at 28.1% TGC from 37m downhole and 2m at 30.6% TGC from 38m downhole (WH_EX019)

  • • Additional infill drilling program scheduled for second half of 2019

Mineral Commodities Ltd (ASX: MRC) (“MRC” or “the Company”) is pleased to announce excellent drilling results from its recent expansion drilling program at its Munglinup Graphite Project.

The results confirm continuity of mineralisation along strike of Halberts South and Whites / McCarthy West zones in both quantum and grade. Whites is a newly discovered ore zone

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au ASX: MRC

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which to date continues to deliver high grade mineralisation results. The additional geological and assay information will be included in a geological resource model update currently underway. The results will also be used to optimise the proposed mining plan as part of the Company’s Definitive Feasibility Study (“DFS”) and will result in a new pit design which the Company anticipates will improve project economics and the life of mine. Subsequently, the DFS is now scheduled to be delivered by the end of May 2019.

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Figure 1 - Schematic long section through McCarthy West and Whites

Deeper exploratory holes were also completed below the mineralisation at Halberts Main and Halberts South to test down dip mineralisation into fresh host horizons. Significant intercepts include:

  • 8.6m at 14.2% TGC from 344.6m downhole

  • including 0.9m at 22.7% TGC from 346.1m downhole (HAS_EX001)

  • 9.85m at 17.6% TGC from 275m downhole

  • including 1.5m at 32.4% TGC from 276m downhole and 1m at 24.5% TGC from 280.5m downhole (HAM_EX001)

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au ASX: MRC

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Figure 2 - Schematic cross section through Halberts South

The results confirm the depth extensions of graphite mineralisation at Munglinup. Refer to Table 4 below.

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au ASX: MRC

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The Company also intends to schedule additional drilling to further test the extensions of high grade mineralisation along strike at Whites and Halberts South. The timing of this program will be incorporated into the project development schedule.

Executive Chairman Mark Caruso said, “ These high-grade drilling results further confirm MRC’s belief that the mineralisation at Munglinup is world class and that the Mineral Resource and subsequent Ore Reserve will continue to grow. The results will be incorporated into an updated Resource Model, pit design and mine schedule for inclusion in the DFS to fully capture the value of these results in the project economics. These results continue to support the plan that Munglinup will be a low-cost operation and produce high quality graphite concentrate beyond the initial PFS mine life. With the recent acquisition of the operating Skaland mine and the nearterm development of Munglinup the Company has now positioned itself with Tier 1 assets in Tier 1 jurisdictions.”

This report may contain forward-looking statements. Any forward-looking statements reflect management’s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that a number of factors could cause actual results, or expectations to differ materially from the results expressed or implied in the forward-looking statements.

- ENDS –

For media and broker enquiries: For other enquiries, please contact:

Peter Fox Peter Torre – Company Secretary Mineral Commodities Ltd Mineral Commodities Ltd T: +61 8 6253 1100 T: +61 8 6253 1100 E: [email protected] E: [email protected]

Competent Persons Statements

The information in this report that relates to Exploration Results, is based on information compiled by Mr Daniel Hastings, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Hastings is an employee of Hastings Bell Pty Ltd and a consultant to the Company. Mr Hastings has sufficient experience relevant to the type of deposit under consideration to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Hastings consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears.

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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About Mineral Commodities Ltd:

Mineral Commodities Ltd (ASX: MRC) is a global exploration and mining company with a primary focus on the development of high-grade mineral deposits within the industrial minerals, base metals, bulk commodities and precious metals sectors.

The Company is a leading producer of zircon, rutile, garnet and ilmenite concentrates through its Tormin Mineral Sands Operation, located on the west coast of South Africa.

The planned development of the Munglinup Graphite Project, located near Esperance in Western Australia, and recent announcement to acquire Norwegian graphite producer, Skaland Graphite AS, is consistent with the Company’s strategy to capitalise on the fast growing sustainable renewable energy storage and electric vehicle revolution as well as downstream vertically integrated value-adding.

The Company has also entered into agreements and applied for tenements over a number of prospective areas in Western Australia targeting vanadium, lithium, channel iron ore and gold/copper.

Cautionary Statement

This report may contain forward-looking statements. Any forward-looking statements reflect management’s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements.

Prospect Hole_ID From(m) To(m) Interval(m) Average Grade(% TGC)
Halberts South - North Extension HAS_EX002 78 83 5 12.2
HAS_EX003 48 55 7 17.2
incl. 51 54 3 22.4
HAS_EX004 49 51 2 12.1
HAS_EX004 54 58 4 11.9
HAS_EX004 70 78 8 20.0
incl. 73 77 4 28.5
HAS_EX004 84 90 6 13.0
incl. 84 85 1 26.3
HAS_EX004 104 109 5 10.4
incl. 107 108 1 20.3
HAS_EX005 48 50 2 13.4

Table 1 – Significant TGC assay results, including the reported downhole intervals for the RC exploration drilling at Halberts South – North Extension

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Prospect Hole_ID From(m) To(m) Interval(m) Average Grade(% TGC)
Whites - Southern Extension WH_EX002 24 26 2 11.4
WH_EX003 20 29 9 19.9
incl. 21 28 7 22.6
and 25 26 1 30.9
WH_EX003 37 44 7 12.2
incl. 42 44 2 23.1
WH_EX003 49 51 2 11.8
WH_EX006 1 4 3 9.3
WH_EX006 15 24 9 17.2
incl. 18 22 4 22.4
WH_EX006 29 30 1 17.1
WH_EX006 34 36 2 13.0
WH_EX006 57 65 8 11.5
incl. 59 60 1 21.4
WH_EX007 24 27 3 9.7
WH_EX008 9 14 5 11.3
WH_EX008 30 31 1 22.2
WH_EX008 33 37 4 19.2
incl. 34 35 1 30.3
WH_EX008 41 47 6 13.2
incl. 43 45 2 25.9
WH_EX008 61 63 2 11.3
WH_EX009 33 38 5 10.2
WH_EX009 51 59 8 9.6
incl. 54 55 1 20.7
WH_EX009 63 72 9 11.3
incl. 69 70 1 22.3
WH_EX014 4 8 4 12.0
incl. 4 5 1 21.8
WH_EX015 17 22 5 13.1
WH_EX016 35 36 1 13.3
WH_EX016 39 42 3 20.4
incl. 39 40 1 31.5
WH_EX016 44 52 8 14.8
incl. 46 49 3 27.8
and 48 49 1 40.7

Table 2 – Significant TGC assay results, including the reported downhole intervals for the RC exploration drilling at Whites – Southern Extension

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Prospect Hole_ID From(m) To(m) Interval(m) Average Grade(% TGC)
Whites - Eastern Extension WH_EX004 55 57 2 15.5
incl. 56 57 1 21.0
WH_EX005 52 54 2 14.9
WH_EX011 4 8 4 10.7
WH_EX011 21 23 2 12.6
WH_EX012 33 35 2 18.1
WH_EX012 55 59 4 11.4
WH_EX013 52 56 4 17.0
incl. 54 55 1 49.3
WH_EX013 59 62 3 22.1
incl. 59 61 2 27.2
WH_EX013 65 68 3 10.4
WH_EX013 83 94 11 10.4
WH_EX019 36 41 5 21.5
incl. 37 40 3 28.1
and 38 40 2 30.6
WH_EX019 87 93 6 12.1
incl. 91 92 1 21.3
WH_EX019 96 98 2 11.7

Table 3 – Significant TGC assay results, including the reported downhole intervals for the RC exploration drilling at Whites – Eastern Extension

Prospect Hole_ID From(m) To(m) Interval(m) Average Grade(% TGC)
Halberts South - Depth Extension HAS_EX001 331.6 333 1.4 13.1
HAS_EX001 344.6 353.1 8.6 14.2
incl. 346.1 347.0 0.9 22.7
HAS_EX001 355 358 3 12.0
HAS_EX001 360.2 362.8 2.6 17.6
incl. 362 362.8 0.8 20.3
HAS_EX001 366.8 369.2 2.4 16.7
incl. 366.8 368.0 1.3 20.2
HAS_EX001 372.5 373.4 0.9 19.5
HAS_EX001 382.6 383.5 0.9 18.0
Halberts Main - Depth Extension HAM_EX001 275 284.9 9.85 17.6
incl. 276 277.5 1.5 32.4
and 280.5 281.5 1 24.5
HAM_EX001 302.6 304.8 2.2 18.1

Table 4 – Significant TGC assay results, including the reported downhole intervals for the Deep Diamond exploration drilling at Halberts Main and Halberts South

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Figure 3 – Location of RC drill holes targeting Whites Eastern extension

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Figure 4 – Location of RC drill holes targeting Whites Southern extension

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Figure 5 – Location of RC drill holes targeting Halberts South

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Figure 6 – Location of Diamond Exploration holes drilled targeting down dip extensions of Halberts South and Halberts Main

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au ASX: MRC

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Munglinup (JORC Code, 2012 Edition – Table 1 report)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria Commentary
Sampling • The drill results are from Reverse Circulation (RC) and Diamond drilling carried out
techniques between December 2018 and February 2019.
• One metre samples were collected from the drill cyclone and cone splitter into calico
bags and the reject into plastic bags.
• Diamond core (HQ3 size – 61.1mm diameter) was cut in half using an Almonte
automatic core saw at ALS minerals in Perth, Western Australia. Half was then placed
into a calico bag for assaying, whilst the remaining half was returned to the core tray
for storage.
Drilling • The RC drill rig used a 5 inch diameter reverse circulation hammer.
techniques • Diamond drilling was completed using a HQ3 triple tube barrel configuration.
• All holes but one were drilled at a 60° dip. One hole was drilled with a 50° dip.
• Azimuths were measured for each hole at the completion of drilling. Deeper RC
holes (+100m) azimuth was recorded approximately half way down the hole in
addition. The diamond drilling had single shot surveys completed every 50m
downhole.
Drill sample • Recovery was approximated during drilling based on volume of drill spoil for the RC
recovery drilling. Diamond drilling core loss and recovery has been recorded.
Logging • A comprehensive logging system was used and included alteration (type, style and
intensity), grain size, rock type / lithology, colour, minerals, textures, fabric, parent
rock (where fresh) and, graphite class and grade.
• Each drill samples were sieved washed and inspected in the field and a
representative sample kept in chip trays.
• Diamond core was measured and metre marked prior to logging in detail.
Sub- • Duplicate samples, blanks and standards (CRM) were sent to the lab as part of the
sampling QAQC protocol.
techniques
and sample
preparation		 •
•		 5% of samples sent to the lab consist of QAQC samples (duplicates, blanks and
standards).
Blank and CRM was purchased off Geostats Pty Ltd, the CRM is specific for high
grade Graphite mineralization.
Quality of • All samples were pulverize to 75 microns.
assay data • Graphite carbon content by acid leach, ignition and Leco furnace was determined.
and • Sample testing and laboratory work was done by ALS Minerals in Wangara, WA.
laboratory • All QAQC samples were within expectations.
tests
Verification • No twin holes were drilled.
of sampling • A very strong correlation between field logging, interpreted field grades and
and assaying laboratory grades were found.

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Criteria Commentary
Location of • Hole collars have been picked up by Dave McMahon Surveys, using a differential
data points GPS to centimetre accuracy.
Data spacing
•		 Extensional Drill holes were located along new exploration fence lines with a 25m
and drill spacing.
distribution • Spacing between the fence lines are different, based on existing drill lines.
• Diamond holes were standalone holes targeting the potential depth extensions of
known mineralization, as such they are targeting 150m to 250m down dip from
known mineralization.
• In all locations spacing is sufficient to establish geological continuity of the
mineralization and in some the spacing is sufficient to be able to increase the current
resource volume.
• Composite sampling has not been applied.
Orientation • Drilling was generally orientated perpendicular to bedding at -60 degrees.
of data in • As drilling orientation is at an almost right angle to the dip of the mineralization it is
relation to considered that nil to very limited sample bias has taken place.
geological
structure
Sample • All samples were bagged in pre-numbered bags that was cross checked with sample
security depth. Samples were taken directly from the site to the ALS Minerals Lab in Perth.
Audits or • No audit or review outside the QAQC samples have been done.
reviews

Section 2 Reporting of Exploration Results

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

Criteria Commentary
Mineral tenement • The tenements (M74/75 & E74/505) are situated on the Ravensthorpe SI 51-5
and land tenure and North-Over 3031, 1:250,000 and 1:100,000 geological sheets respectively.
status • Mining Lease 74/245 was granted on the 26 August 2010 for a term of 21
years. The Mining Lease is 685 hectares in area.
• Exploration Licence 74/505 is of 2 blocks in size and was granted on 23
October 2012 for a period of 5 years and renewed through 22 October 2022.
• Gold Terrace Pty Ltd and MRC Graphite Pty Ltd are the current registered
owners of the Munglinup Mining Lease (M74/245) and Exploration Licence
(E74/505).
• There is a caveat on the tenements relating to a 2% gross royalty liability with
Adelaide Prospecting as the beneficiary.
• The fully granted mining lease is valid to August 2031.
• The tenements are located in a fully gazetted mining reserve, with no native
title or private land ownership issues.

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Criteria Commentary
Exploration done • Metals Exploration NL – (1971-1972)
by other parties • Norseman Gold Mines – (1979-1980)
• Pioneer Concrete – (1985-1986)
• Gwalia Minerals NL – (1988 – 1989)
• Sons of Gwalia – Gwalia Minerals: Feasibility Studies – (1989 to 1991)
• Adelaide Prospecting – (2007-2010)
• Graphite Australia (2010-2013)
• Gold Terrace (2014–2016)
Geology • The Munglinup area comprises Archean to Paleoproterozoic, metamorphosed
granitic and other metamorphic rocks of the Albany–Fraser Orogen, typically
hornblende (± garnet) gneiss and migmatite.
• Within the gneissic rock mass, rocks containing the Munglinup graphite
deposits consist of a succession of tightly folded metasedimentary rocks with a
consistent dip to the southeast.
• The classification scheme most widely accepted for graphite deposits was
introduced by Cameron (1960). It classifies known graphite deposits into five
categories reflecting the different types of graphite.
• Using this classification scheme, it is most likely that the Munglinup deposit
can be characterized as a type 1, disseminated flake graphite in silica-rich
meta-sediments deposit.
Drill hole • This information is included in the drill hole collar tables below.
Information • Further information is included in previous ASX releases
o
MRC to acquire 51% interest in Munglinup Graphite Project. ASX
announcement, 11 September 2017
o
Further Resource Information – Munglinup Graphite Deposit. ASX
announcement, 13 September 2017
o
Munglinup Graphite Project Scoping Study Results. ASX
announcement, 27 November 2017
o
High Grade extension drilling results at Munglinup. ASX
announcement, 05 June 2018
Data aggregation • The samples have been aggregated using a length weighted average method.
methods • Assay intervals of greater than 5% TGC were identified and where more than 2
continuous metres at greater than 5% TGC, with at least 1 metre greater than
10% TGC were recorded, the interval has been reported in Table 1 of this
release.
• Intervals were reported as continuous including where 1 metre intervals of less
than 5% TGC were included. Where intervals of 2 metres or more of less than
5% TGC were encountered, separate intervals have been reported.
• Intervals reported as “including” are intervals included in the preceding
reported intervals were assays are greater than 20% TGC and using the same
sample aggregation methods as the greater than 5% TGC reported intervals,

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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Criteria Commentary
although minimum reporting width for these was decreased to 1 metre.
• Where intervals do not meet required conditions due to thickness, but assay
results were greater than 20% TGC, results have been reported.
Relationship • Inclined drilling was done to intersect the different graphite zones as close to
between true width as possible. The average dip angle was -60°.
mineralisation • Intercepts are reported as downhole intervals, not mineralisation widths.
widths and
intercept lengths
Diagrams • Drill hole collar location plans are included in this release.
Balanced • As discussed in the data aggregation methods used, all intervals of greater
reporting than 5% TGC and more than 2m have been reported.
• Intervals where mineralisation was assayed as less than 5% TGC have not been
reported.
Other substantive • The drilling methodology employed for the majority of this program was
exploration data Reverse Circulation and limited additional data is collectable from such drilling
methods.
Further work • Upon completion of a Feasibility study on the Munglinup project further
drilling will be planned to upgrade and extend known resources.

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

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MINERAL COMMODITIES LTD ABN 39 008 478 653 Email: [email protected] Web: www.mncom.com.au

ASX: MRC

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List of Reverse Circulation holes drilled at Munglinup during Phase 1, 2019 Drilling Program

Prospect Hole_ID Grid ID East North **Elevation ** **Survey Method ** **Azimuth ** **Dip ** Max Depth Drill date Drilling Company
Whites - Southern Extension WH_EX001 GDA94-MGA Zone 51 301784.7 6273951.7 117.4 DGPS 310 -60 48 27/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX002 GDA94-MGA Zone 51 301817.3 6273928.2 115.9 DGPS 310 -60 60 27/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX003 GDA94-MGA Zone 51 301846.2 6273904.5 114.2 DGPS 310 -60 66 28/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX006 GDA94-MGA Zone 51 302049.7 6274111.8 125.5 DGPS 350 -60 72 29/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX007 GDA94-MGA Zone 51 302041.6 6274149.5 125.2 DGPS 350 -60 30 29/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX008 GDA94-MGA Zone 51 302058.6 6274072.1 125.2 DGPS 350 -60 78 30/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX009 GDA94-MGA Zone 51 302072.8 6274031.0 123.5 DGPS 350 -60 78 30/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX014 GDA94-MGA Zone 51 301902.0 6274022.7 120.3 DGPS 310 -60 48 28/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX015 GDA94-MGA Zone 51 301933.1 6274004.1 118.8 DGPS 310 -60 54 28/01/2019 Siesmic Drilling
Whites - Southern Extension WH_EX016 GDA94-MGA Zone 51 301964.1 6273975.9 117.5 DGPS 310 -60 66 28/01/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX004 GDA94-MGA Zone 51 302526.0 6273977.0 123.0 GPS 20 -60 114 3/02/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX005 GDA94-MGA Zone 51 302543.0 6274079.0 123.0 GPS 20 -60 108 3/02/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX010 GDA94-MGA Zone 51 302233.0 6274182.9 127.2 DGPS 350 -60 48 30/01/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX011 GDA94-MGA Zone 51 302238.9 6274141.8 126.9 DGPS 350 -60 78 31/01/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX012 GDA94-MGA Zone 51 302250.9 6274086.4 124.9 DGPS 350 -60 102 1/02/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX013 GDA94-MGA Zone 51 302261.0 6274041.6 123.4 DGPS 350 -60 108 1/02/2019 Siesmic Drilling
Whites - Eastern Extension WH_EX019 GDA94-MGA Zone 51 302379.4 6274055.4 124.8 DGPS 350 -60 120 2/02/2019 Siesmic Drilling
Halberts South HAS_EX002 GDA94-MGA Zone 51 301917.8 6271432.9 82.1 DGPS 240 -60 126 27/01/2019 Siesmic Drilling
Halberts South HAS_EX003 GDA94-MGA Zone 51 301849.9 6271506.0 81.4 DGPS 240 -60 102 24/01/2019 Siesmic Drilling
Halberts South HAS_EX004 GDA94-MGA Zone 51 301860.4 6271556.8 81.3 DGPS 240 -60 114 25/01/2019 Siesmic Drilling
Halberts South HAS_EX005 GDA94-MGA Zone 51 301849.0 6271456.3 81.2 DGPS 240 -60 66 26/01/2019 Siesmic Drilling

List of Diamond holes drilled at Munglinup during Phase 1, 2019 Drilling Program

Prospect Hole_ID Grid ID East North **Elevation ** **Survey Method ** **Azimuth ** **Dip ** **Max Depth ** RC Pre-Collar Depth Drill date Drilling Company
Halberts South HAM_EX001 GDA94-MGA Zone 51 301919.056 6272748.034 99.438 DGPS 270 -60 323.2 120 20/12/2018 Siesmic Drilling
Halberts Main HAS_EX001 GDA94-MGA Zone 51 302136.452 6271425.175 81.209 DGPS 240 -60 384.4 100 18/01/2019 Siesmic Drilling

Telephone: +61 8 6253 1100 Fax: +61 8 9258 3601 Email: [email protected]

39 – 43 Murray Road North WELSHPOOL Western Australia 6106 PO Box 235 WELSHPOOL DC WA 6986

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