Nova Minerals Ltd - Capital/Financing Update 2017

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QUANTUM RESOURCES LIMITED

(ASX: QUR)

ASX and Media Release

20 November 2017

FARM-IN AND JOINT VENTURE FOR MAJOR PORTFOLIO OF ALASKAN EXPLORATION PROJECTS

Highlights:

Quantum takes option to farm-in to a strategic portfolio of diversified commodity projects located in Alaska
Immediate exposure to known Cobalt, Nickel, Zinc, Gold and Copper as well as REE prospects in an underexplored district
Most projects have historical data with significant mineral anomalies identified in highly prospective geological terrains but little modern systematic exploration
Initial focus on the Estelle gold project and the Farewell group multi-element prospects, particularly the Chip-Loy massive-sulphide nickel, cobalt, copper target, both advanced exploration prospects where early resource definition is possible
Estelle project is a district scale gold, copper, and silver project. The project sits adjacent to the multi-million ounce Whistler gold project and in the same assemblage of rocks that hosts Northern Dynasty’s giant Pebble copper-gold-molybdenum-silver deposit
Farewell project is made up of four advanced exploration project areas; ChipLoy/Roberts (Nickel, Copper, Cobalt, Gold, Silver, PGE’s), Bowser Creek (SilverZinc-Lead), Windy Fork (REE’s), Ozzna Creek (Gold, Silver, Zinc, Copper, Lead)
Appraisal activities has commenced on the substantial amount of historical geological data and results
Alaska is a mining friendly jurisdiction and the 6th most attractive investment destination in 2015 Fraser Institute report

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Local team engaged to fast track both Thompson Bros. lithium project and Alaskan project portfolio developments
Subject to satisfactory due diligence Quantum will target fast-tracking exploration and development works
Placement to raise approximately $1.9 million before costs to professional and sophisticated investors bringing cash balance to approximate $2.7m (subject to shareholder approval) to advance the Thompson Bros. lithium project and complete due diligence on the Alaskan projects.

Option for Farm-In and Joint Venture

The directors of Quantum Resources Limited ( Quantum or Company ) (ASX: QUR) are pleased to announce that the Company has entered into an option agreement to farm-in to five distinct exploration projects located in Alaska, with a total portfolio licence area of 192.3km2 and strong potential for gold, silver, zinc, nickel, copper, cobalt and rare earths ( Projects ) under a joint venture arrangement ( Joint Venture ) with AK Minerals Pty Ltd ( AKM ), an Australian proprietary company.

AKM is the ultimate owner of the Projects through its Alaskan subsidiary, AK Custom Mining LLC ( AKCM ). AKM is an exploration company with an aggressive long term exploration program planned for testing of new frontiers for discovery, value creation and production.

The proposed Joint Venture gives Quantum access to a large exploration portfolio with diversified mineral exposure in highly prospective geological terrains in Alaska, in line with its Manitoba Thompson Bros lithium project and North America focus. Further information in respect of the proposed Joint Venture and the Projects is set out below.

Capital Raising

The Company is also pleased to announce that it has received commitments from professional and sophisticated investor clients of Baker Young Stockbrokers and SA Capital Pty Ltd and other parties identified by the Company, none of whom are related parties of the Company, for a placement of 136,214,286 fully paid ordinary shares at an issue price of $0.014 (1.4 cents) per share, to raise approximately $1.9 million before costs ( Placement ). Each placement share is proposed to be issued together with a one for one free attaching listed option, ASX:QURO, with an exercise price of $0.0325 (3.25 cents) and expiring on 31 August 2020.

The Placement commitments are subject to the Company receiving shareholder approval for the ratification of previous share issues (resolutions 4 and 5) and for a new issue of shares (resolution 10) at its upcoming AGM scheduled for 30 November 2017. If the required approvals are received, the Company intends to issue the Placement shares as soon as practicable after the AGM. If the approvals are not received (either in part or in full) or the Company is not able to issue the Placement shares within the terms

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

of resolution 10, the Company will scale-back applications accordingly (at its discretion). The attaching options are proposed to be issued at a later date, subject to subsequent shareholder approval to be sought at a date to be determined.

The Placement will increase the Company’s cash position to approximately $2.7 million, providing sufficient financial capacity for Quantum to accelerate its planned exploration programs, in particular its Thompson Bros. lithium project in Manitoba, Canada.

AKM’s Project Portfolio

The Projects range from more advanced exploration projects with ore grade drill intersections to brownfield tenements. The most advanced projects are the Estelle gold project, a district scale high tonnage, gold, copper, silver project , the Chip-Loy nickel, cobalt, copper project , the Bowser creek silver, zinc, lead project which the US government has spent in excess of $7m on this projects historically and Windy Fork REE project . Appraisal activities have already commenced at the projects to determine their exploration and economic potential.

Proposed Farm-In and Joint Venture Terms

The Company has entered into a binding terms sheet with AKM.

The terms of the Option and the proposed Joint Venture are as follows:

(a) Option – Quantum will pay AKM a non-refundable Option fee of $50,000. The Option period is 3 months, however this can be extended at Quantum’s request for up to a further 3 months. During the Option period, QUR will undertake extensive due diligence investigations of AKM and the Projects. If Quantum proceeds to exercise the Option, it must pay an Option exercise fee to AKM of $105,000 (representing reimbursement of historic expenditure on the Projects by AKM).
(b) Stage 1 (30% interest) – Quantum will earn an initial 30% initial interest in a new entity ( Newco ) to be interposed between AKM and AKCM through spending $300,000 on exploration over the first 12 months from the date of exercise of the Option. Funds spent by Quantum in undertaking its due diligence investigations will count towards Stage 1 expenditure. In addition, on exercise of the Option, AKM will have the right to appoint up to two directors to the board of Quantum.
(c) Stage 2 (51% interest) – Quantum will earn a further 21% interest in Newco through spending an additional $1million on exploration over the first 2 years from the date of exercise of the Option. If Quantum does not satisfy the Stage 2 expenditure requirement in full, it must relinquish its 30% interest in Newco.
(d) Stage 3 (70% interest) – Quantum will acquire a further 19% interest in Newco through spending an additional $2 million on exploration in years 3 and 4 from the date of the exercise of the Option. If Quantum does not satisfy its Stage 3 expenditure in full, it will maintain its 51% interest.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

(e) Free Carry – Quantum will continue to fund the Projects through to completion of a bankable feasibility study, at which point if AKM decides not to contribute proportionately, its interest in Newco will dilute by an industry standard formula, to a minimum 15% and a 2% net smelter royalty.

The parties intend to formalise the terms of the proposed Joint Venture under a formal farmin and joint venture agreement to be negotiated and finalised prior to any exercise of the Option.

Mr Avi Kimelman, Managing Director of the Company holds a relevant interest in approximately 22.5% of the issued shares in AKM. The Company sought guidance from ASX pursuant to Listing Rule 10.8 on the application of Listing Rule 10.1 in the circumstances of the proposed transaction. ASX has confirmed that Listing Rule 10.1 does not apply to the proposed transaction, provided that the farm-in and joint venture terms (and any formal agreement in respect of the transaction entered into by the parties) do not contain a right for the Company to acquire from AKM its interest in AKCM or the Projects, and are not subsequently varied to provide for such a right.

Benefits of Alaska

Alaska is a mining-friendly jurisdiction and 6th most attractive investment destination in 2015 Fraser Institute report. It's a vast state with few people and lots of wild remote wilderness. It's known as the last frontier.

Gold was first found in the Kenai River back in 1848 by Russian explorers. Mining never took off until around 1870 when gold was found around the area of Juneau. Soon after that discovery gold was found in both the Fairbanks area and there was the world famous Nome gold rush. Today Alaska has the second most amount of active mines in the USA, second only to Nevada. It is estimated that there is close to 200 active mining operations in the state. Most of these operations are smaller placer operations along with other hard rock shows. There are however some very large mines run by major mining companies. Some of these mines are the largest deposits globally.

Alaska has a substantial and rapidly expanding mining industry. It has a strong mining culture, encourage foreign investment in their mineral sector and has world-class infrastructure.

The projects are located within 150km northwest of Anchorage, Alaska's biggest city, which is increasingly sustainable, and prosperous that provides all the essential services and a large labour force.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

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Figure 1: Location map of AKM's projects

Project portfolio:

Project	Area (km2)	AKM Interest	Commodity Target
Estelle	112.02	100%	District-scale Au, Ag, Cu
Bowser Creek	12.95	100%	Polymetallic Ag, Zn, Pb, Cu
Chip Loy / Roberts	27.19	100%	Ni, Cu, Co, Cu, Ag±Au massive sulphides
Windy Fork	16.83	100%	REE (Ce, La, Y)
Ozzna Creek	23.31	100%	Ag, Au, Cu, Pb, Zn, Mo

Table 1: AKM projects, land area and commodity targets

ESTELLE GOLD PROJECT (District-scale Au, Ag, Cu)

Highlights

District-scale Gold-copper porphyry project - Chasing an elephant in elephant country
Project located on Giant plutonic gold systems
High-grade gold occurrences over the entire project area; a robust gold system.
Historic exploration only scratched the surface
Proposed gas pipeline passes by property and near the Beluga gas power station
Adjacent to Gold mining inc. 6.3Moz Au, 28.7Moz Ag, 480kt Cu Whistler project Source: http://www.goldmining.com/_resources/reports/Whistler-2016-TechnicalReport.pdf and in the same assemblage of rocks that hosts Northern Dynasty’s giant Pebble copper-gold-molybdenum-silver deposit (70Moz Au, 3.4b lb Mo, 344Moz Ag) Source: https://www.northerndynastyminerals.com/pebble-project/reservesresources/
Multiple walk up drill targets to be targeted to define a resource under JORC code.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

The Estelle Gold Project is comprised of one-hundred and seventy-three (173) unpatented mining claims located on State of Alaska public lands (Figure 2). There are multiple prospects within the project area; Oxide (Oxide Ridge, Oxide Valley, Oxide North and Oxide South); Stoney (Stoney, Tomahawk, Kid and Trundle); Mount Estelle (Mount Estelle, Shoeshine and Train); and Emerald (RPM and Revelation). The Estelle Gold project is located approximately 110 miles northwest of Anchorage and approximately 112 miles southeast of McGrath; within the Seward Meridian and partially within the Talkeetna A-6, Tyonek D8, and Lime Hills D-1 USGS 63,360 Quadrangles.

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Figure 2: Estelle project location and prospects (refer to Appendix 3, Annexure 1 for schedule of mining claims) http://www.goldmining.com/_resources/reports/Whistler-2016-TechnicalReport.pdf

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

GENERALISED GEOLOGY

The rocks in the area of the Oxide prospects are Jurassic and Cretaceous marine sedimentary rocks that are intruded by the 65-66 Ma granodiorite of Mount Estelle (Reed and Nelson, 1980). The granodiorite at this prospect has a leucocratic equigranular phase and a porphyritic phase with potassium feldspar phenocrysts up to 10 mm in size (Cominco American Incorporated, unpublished report). As described by Cominco American, chalcopyrite, pyrrhotite, arsenopyrite, molybdenite and pyrite occur as joint coatings, in veins, and as disseminations adjacent to northwest-striking mineralized joint sets.

The Stoney, Trundle, Kid and Tomahawk prospects are located on the northern side of Mt Stoney. These prospects are located on the Yentna trend of Late Cretaceous/early Tertiary composite plutons described by Reed and Nelson (1980). All other prospects are located within and adjacent to the Mount Estelle pluton (Reed and Elliott, 1970). In the central part of the pluton, a biotite-hornblende-quartz monzonite intrudes Mesozoic marine sedimentary rocks of the Kahiltna terrane. It is described as a high-grade, polymetallic vein occurrence located near a strong, circular magnetic high pointing to the possibility of nearby porphyry mineralization. Native gold occurs with chalcopyrite, pyrite, arsenopyrite, and pyrrhotite associated with sericite, carbonate and chlorite alteration in sheeted joints, stockwork veinlets, and circular structures that range from 1 inch to more than 15 feet in diameter (Millholland,1995; Crowe and others, 1991; Crowe and Millholland, 1990). These structures are in the felsic and intermediate phases of the pluton. Gold associated with pyrrhotite, chalcopyrite, pentlandite and molybdenite also occurs in ultramafic rocks on the south side of the pluton.

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Figure 3: Schematic model of estimated paleo-positions of latest Cretaceous gold-bearing mineral deposits at ~70 Ma in southwestern Alaska from Graham et al. (2013)

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

FAREWELL TERRANE

The Farewell Terrane is comprised of four projects; Bowser Creek; Chip-Loy/Roberts; Windy Fork; and Ozzna Creek, all centered within a radius of approximately 10 miles. The projects are located between 60 and 80 miles southeast of McGrath and 148 to 160 miles northeast of Anchorage; within the Seward Meridian, McGrath A-2, A-3 and B-2 USGS 63,360 Quadrangles and wholly within the McGrath Mining District.

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Figure 4: Farewell project location and prospects (refer to Appendix 3, Annexure 2 for

schedule of mining claims)

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Chip-Loy/Roberts Project (Nickel, Copper, Cobalt, Gold, Silver, PGE’s)

Highlights

Chip-channel samples from the Chip-Loy deposit contain a number of historical disseminated and massive Ni, Co, Cu sulfide sampling (Smith and Albanese, 1985; Bundtzen, Roberts, and others, 1982)
Drilling planned to understand the extent and expand on the known Massive sulphide Ni, Co, Cu mineralisation.

The Chip-Loy/Roberts prospect is comprised of forty-two (42) unpatented mining claims (Figure 7) located on State of Alaska public lands wholly within the McGrath A-3 Quadrangle. The prospects (Chip-Loy and Roberts) are described separately, although geophysical data suggests the Roberts prospect is part of a belt of similar deposits that includes the Chip-Loy prospect.

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Figure 5: Chip-Loy/Roberts prospect showing mining claims over geology and topographic imagery

Chip-Loy (Nickel, Cobalt, Copper)

The Chip-Loy massive sulphide Ni-Cu-Co prospect was first discovered and staked by prospectors Ed Chipp and Robert Loy in the early 1960s. Since then numerous geologists from industry and government have visited and sampled it. It is located adjacent to Straight Creek, one of the headwater tributaries of the Middle Fork of the Kuskokwim River. It consists of an irregular, steeply dipping layer of massive to disseminated, nickelian pyrrhotite accompanied by other sulfides in an elongate, composite, diabase intrusion. The diabase, which ranges from gabbro to diorite, has been described as a pipe in plan view or as a dike.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

The intrusion trends in a northeast direction and cuts mid-Silurian Terra Cotta Mountains Sandstone, a formation of the Dillinger subterrane, a continental margin assemblage of Lower Paleozoic age and has been assign as early Tertiary age (Bundtzen 1999a).

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Figure 6: Geologic sketch map of the Chip-Loy Ni-Cu-Co prospect – Herreid (1968)

Roberts (Nickel, Copper, Cobalt, Platinum Group Elements)

The Roberts prospect is in a differentiated, mafic-ultramafic sill that cuts silty limestone and shale of the Late Cambrian to Early Ordovician, Lyman Hills Formation, the oldest facies of the Dillinger subterrane (Bundtzen, Harris, and Gilbert, 1997). The sill is undated, but believed to be correlative with Late Triassic feeders in the Tatina River Volcanics, a subdivision of the Middle Devonian to Lower Jurassic Mystic subterrane (Bundtzen, Harris, and Gilbert, 1997; T.K. Bundtzen and G.M. Laird, written communication,1998). The mineralization at the Roberts prospect is mainly disseminated and network-style sulfides with a notable content of platinum group elements (PGE) in the lower and middle part of the sill.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Windy Fork Project (REE’s)

Highlights

Cerium enriched, REE placer gravels concentrations occurs throughout large areas of the project area.
Systematic surface sampling of the placer deposit was completed by Barker (1991) during 1988
Target drilling of REE placer gravels to define a resource under JORC code
Bulk test sampling and trial mining planned of REE placer gravels.

The Windy Fork prospect is comprised of twenty-six (26) unpatented mining claims (Figure 10) located on State of Alaska public lands wholly within the McGrath A-3 Quadrangle. The Windy Fork Placer occurrence is located at the confluence of the Windy Fork of the Kuskokwim River and two unnamed, north flowing tributaries draining the Windy Fork pluton (Gilbert and others, 1988). Systematic surface sampling of the placer deposit was completed by Barker (1991) during a cooperative strategic mineral assessment of the McGrath quadrangle with the Alaska Division of Geological and Geophysical Surveys.

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Figure 7: Windy Fork prospect showing mining claims over geology and topographic imagery

The Windy Fork prospect is a significant accumulation of REE minerals, ilmenite, zircon, and other heavy minerals liberated from the peralkaline Windy Fork composite pluton and concentrated in a high energy glaciofluvial placer deposit (Solie, 1983; Gilbert and others, 1988; Barker, 1991; Bundtzen, Harris, and Gilbert, 1997). Although the Windy Fork pluton contains riebeckite granite, biotite granite, and pyroxene syenite phases; its average chemical composition is that of peralkaline granite (Solie, 1983). The Windy Fork pluton is radioactive and scintillometer readings taken along traverses across the intrusion range from 650-to-800 cps, about 3 times the average background for granitic rocks. High energy glaciofluvial gravels with significant heavy mineral concentrations have accumulated in an elliptical, one square kilometer area near the confluence of Windy Fork and two second order tributary streams that dissect the Windy Fork pluton (Gilbert and others, 1988). Stream bed and fan deposits contain abundant chevkinite, eudialyte, ilmenite, monazite,

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

tscheffkinite, and zircon and minor to trace allanite, cassiterite, and thorite (Barker, 1991). Natural streaks of black sand rich in magnetite and ilmenite are very common in bedload environments. Monazite and zircon are easily identified in the field.

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Figure 8: Photos taken in 2017, Windy Fork cerium-enriched, REE placer gravels at surface

Bowser Creek Project (Silver-Zinc-Lead)

Highlights

During a heavy metals investigation of the southern Alaska Range in 1967 a U.S. Geological Survey Team discovered occurrences of lead, zinc and silver of potential economic significance.
The reported cost of this government project was $7 million, and the Bowser Creek exposures were considered to be the ‘find’ of the summer
Multiple walk up drill targets to be targeted to define a resource under JORC code.

The Bowser Creek prospect is comprised of twenty (20) unpatented mining claims (Figure 13) located on State of Alaska public lands wholly within the McGrath A-2 Quadrangle. There are three targeted prospects – Bowser Creek Headwaters; Bowser Creek Main and Bowser Creek Northeast, all located along Bowser Creek up to the headwaters.

During a heavy metals investigation of the southern Alaska Range in 1967 a U.S. Geological Survey Team discovered occurrences of lead, zinc and silver of potential economic significance. The Bowser Creek prospects were subsequently discovered during regional geological mapping and mineral investigations conducted in the southern Alaska Range by the U.S. Geological Survey and published in Reed and Elliott (1968, C 559 and 596) and Reed and Lanphere (1972). The reported cost of this government project was $7 million, and the Bowser Creek exposures were considered to be the ‘find” of the summer.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

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Figure 9: Bowser Creek prospect showing mining claims over geology and topographic imagery

The Bowser Creek prospects consists of disseminated to massive, sulfide mineralization in discrete, northwest trending, steeply dipping, quartz-carbonate veins and vein breccias cutting quartz porphyry of the Bowser Creek composite pluton. The quartz porphyry phase, which has been radiometrically, dated 60.4 Ma; it intrudes the Early to mid-Paleozoic Dillinger subterrane (Bundtzen and others, 1988; Bundtzen, Harris, and Gilbert, 1997). A prospect map has been published by Bundtzen and others (1988). Sulfide minerals include massive sphalerite and pyrrhotite, with lesser amounts of galena, chalcopyrite, and arsenopyrite. Pyrrhotite and arsenopyrite clearly crosscut previously deposited galena, sphalerite, and pyrite.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Ozzna Creek Project (Gold, Silver, Zinc, Copper, Lead)

Highlights

The Ozzna creek prospect consists of base metal sulfide veins and replacement deposits within an extensive quartz-sericite-pyrite halo rimming a 450 meter wide, rugged, quartz monzonite breccia pipe, which forms the core of a distinctive, precipitous, 7,205-foot –high (2,197 m) peak.
Historic data to be reviewed
Drill testing to unlock a new base metals province.

The Ozzna Creek Project is comprised of thirty-six (36) unpatented mining claims (Figure 15) located on State of Alaska public lands wholly within the McGrath B-2 Quadrangle. There are several prospects within the project area whereby they form part of a widespread polymetallic mineral belt, the Farewell Mineral belt and were one of several in a block of claims, known collectively as the BMP project, prospected by International Tower Hill Mines, Ltd., (2008).

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Figure 10: Ozzna Creek prospect showing mining claims over geology and topographic imagery

The Ozzna Creek prospect is located on a west-flowing tributary of the Windy Fork of the Kuskokwim River. It consists of base metal sulfide veins and replacement deposits in an extensive quartz-sericite-pyrite halo rimming a 450-meter-wide, quartz monzonite breccia pipe. The pipe forms the core of a distinctive, precipitous, 7,205-foot -high peak. A biotite separate from the quartz monzonite pipe gave a K-Ar age of 58 Ma. (Solie and others, 1991). A pronounced magnetic high rims the edge of the breccia pipe (Rob Kell, written communication, 1983). (The magnetic anomaly that rims the quartz monzonite breccia pipe is similar to geophysical features found in porphyry copper systems throughout the North American Cordillera.)

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Proposed Exploration Program

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QUR Managing Director, Mr. Avi Kimelman said:

“This is a fantastic opportunity and substantial milestone for Quantum. It represents a rare opportunity for the Company to capitalise on high quality exploration assets with excellent exposure to the surging commodity and battery minerals markets. The Joint venture will complement and diversify Quantum's exposure to the Thompson brothers Lithium Project in Manitoba, Canada, and positions the company as a significant minerals development player on the ASX with a North American focus.

The Company has established a highly skilled and experienced Alaskan team to advance its exploration and development strategy for the projects, with one of the proposed director appointments ‘subject to successful due diligence’ to be Alaska and North America based to look over every aspect of the companies project exploration and development plans.

The company is also pleased to announce that it has received commitments from a small number of professional and sophisticated long-term investors to raise the development capital required to fast track development of the Thompson bros lithium project portfolio and complete due diligence of the Alaska project portfolio” said Mr Kimelman.”

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

About Quantum Resources Limited (ASX:QUR):

Quantum Resource Limited own the rights to earn up to 80% ownership interest of the Thompson Bros. Lithium Project from Ashburton Ventures Inc. by financing their commitments relating to their Option Agreement with Strider Resources Ltd.

The Thompson Bros. Lithium Project, located in Manitoba, Canada contains a historical (NON-JORC COMPLIANT) resource estimate of 4,305,000 tonnes of 1.3% Li2O, open at depth and along strike. These estimates are historical estimates and are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimates as mineral resources and/or reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Denis F Walsh. Mr Walsh is a Professional Geoscientist" (B.Sc., P. Geo,) and is registered with the Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL) (#3280). He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101").

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Appendix 1 Sources and References

FAREWELL REFERENCES

Bundtzen, T.K., Harris, E.E., and Gilbert, W.G., 1997, Geologic Map of the eastern McGrath quadrangle, Alaska: Alaska Division of Geological and Geophysical Surveys Report of Investigations 97-14, 34 p., 1 sheet, scale 1:125,000.

Bundtzen, T.K., Kline, J.T., Smith, T.E., and Albanese, M.D., 1988, Geology of the McGrath A-2 quadrangle, Alaska: Alaska Division of Geological and Geophysical Surveys Professional Report 91, 18 p., 1sheet, scale 1:63,360.

Reed, B.L., and Elliott, R.L., 1968, Lead, zinc, and silver deposits at Bowser Creek area, McGrath A-2 quadrangle, Alaska: U.S. Geological Survey Circular 559, 17 p

[http://pubs.er.usgs.gov/publication/cir559]

Cobb, E.H., 1972, Metallic mineral resources map of the McGrath quadrangle, Alaska: U.S. Geological Survey Miscellaneous Field Studies Map MF-379, 1 sheet, 1:250,000 scale.

[http://pubs.er.usgs.gov/publication/mf379]

Cobb, E.H., 1976, Summary of references to mineral occurrences (other than mineral fuels and construction materials) in the Iliamna, Lake Clark, Lime Hills, and McGrath quadrangles, Alaska: U.S. Geological Survey Open-File Report 76-485, 101 p.

[http://pubs.er.usgs.gov/publication/ofr76485]

Cobb, E.H., and Reed, B.L., 1981, Summaries of data on and lists of references to metallic and selected nonmetallic mineral occurrences in the Iliamna, Lake Clark, Lime Hills, and McGrath quadrangles, Alaska; Supplement to Open-File Report 76-485; Part A, Summaries to January 1, 1981: U.S. Geological Survey Open-File Report 81-1343-A, 25 p.

[http://pubs.er.usgs.gov/publication/ofr811343A]

Reed, B.L. and Elliott, R.L., 1968, Geochemical anomalies and metalliferous deposits between Windy Fork and Post River, southern Alaska: U.S. Geological Survey Circular 596, 22 pages. [http://pubs.er.usgs.gov/publication/cir596]

Bundtzen, T.K., Kline, J.T., and Clough, J.G., 1982, Preliminary geology of the McGrath B-2 quadrangle, Alaska: Alaska Division of Geological and Geophysical Surveys Open-File report 149, 22 p., 1 sheet, scale 1:40,000.

International Tower Hills Mines, Ltd. Company Announcements, 2008.

Foley, J.Y., 1987, Reconnaissance strategic and critical mineral investigations in the McGrath A-3 and B-2 quadrangles, southwest Alaska: U.S. Bureau of Mines Field Report, 26 p.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Gilbert, W.G., Solie, D.N., and Kline, J.T., 1988, Geologic map of the McGrath A-3 quadrangle, Alaska: Alaska Division of Geological and Geophysical Surveys Professional Report 92, 2 sheets, scale 1:63,360.

Herreid, G.H., 1968, Geological and geochemical investigations southwest of Farewell, Alaska: Alaska Division of Mines and Geology Geologic Report 26, 24 p., 1 sheet, scale 1:75,000.

Nokleberg, W.J., Bundtzen, T.K., Berg, H.C., Brew, D.A., Grybeck, D.J., Robinson, M.S., Smith, T.E., and Yeend, W., 1987, Significant metalliferous lode deposits and placer districts of Alaska: U.S. Geological Survey Bulletin 1786, 104 p., 2 plates, scale 1:5,000,000.

[http://pubs.er.usgs.gov/publication/b1786]

Smith, T.E., and Albanese, M.D., 1985, Preliminary prospect examinations in the McGrath A-2, A-3, and B-2 quadrangles, Alaska: Alaska Division of Geological and Geophysical Surveys Public Data File 85-54, 19 p.

Barker, J.C., 1991, Investigation of rare-earth elements and zirconium in the Windy Fork peralkaline pluton, west-central Alaska: U.S. Bureau of Mines field report, 36 p.

J. Kurtak, J. Hoppe, and R. Ellefson, Mineral Occurrence and Development Potential Report, Locatable and Salable MineralsBering Sea-Western Interior Resource Management Plan. U. S. Department of the Interior - Bureau of Land Management - BLM Alaska Technical Report 60, November 2010

[https://eplanning.blm.gov/epl-front-

office/projects/lup/36665/53277/57969/Mineral_Occurence_and_Development_Potential_Report_for_ BSWI_Locatable_&Salable_Minerals(not_Leaseables).pdf]

Bundtzen, T.K., Roberts, W.S., Smith, T., and Albanese, M.D., The Chip-Loy Fe-Ni-Cu deposit, McGrath A-3 Quadrangle, central Alaska. US Bureau of Mines 1985

[http://dggs.alaska.gov/webpubs/usbm/un/text/bundtzen_and_others_1985.pdf]

ESTELLE REFERENCES

Curtin, G.C., Karlson, R.C., O'Leary, R.M., Day, G.W., and McDanal, S.K., 1978, Geochemical and generalized geologic maps showing the distribution and abundance of gold and silver in the Talkeetna quadrangle, Alaska: U.S. Geological Survey Miscellaneous Field Studies Map MF-870-E, 2 sheets, scale 1:250,000.

[http://pubs.er.usgs.gov/publication/mf870E]

Reed, B.L., and Elliott, R.L., 1970, Reconnaissance geologic map, analyses of bedrock and stream sediment samples, and an aeromagnetic map of parts of the southern Alaska Range: U.S. Geological Survey Open-file Report 70-271, 24 p., 4 sheets, scale 1:250,000.

[http://pubs.er.usgs.gov/publication/ofr70271]

Reed, B.L., and Nelson, S.W., 1980, Geologic map of the Talkeetna quadrangle: U.S. Geological Survey Miscellaneous Investigations Map I-1174, 1 sheet, scale 1:250,000.

[http://pubs.er.usgs.gov/publication/i1174]

Reed, B.L., Nelson, S.W., Curtin, G.C., and Singer, D.A., 1978, Mineral resources map of the Talkeetna quadrangle, Alaska: U.S. Geological Survey Miscellaneous Field Studies Map MF-870-D, 1 sheet, scale 1:250,000.

[http://pubs.er.usgs.gov/publication/mf870D]

Crowe, D.E., and Millholland, M.A., 1990, High-grade gold mineralization associated with high salinity hydrothermal fluids, Mt. Estelle pluton, central Alaska Range [abs.]: Geological Society of America,

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Abstracts with Programs, v. 22, p. A41.

Crowe, D.E., Millholland, M.A., and Brown, P.E., 1991, Precious and base metal mineralization associated with high-salinity hydrothermal fluids in the Mount Estelle pluton, south-central Alaska: Economic Geology, v. 86, p. 1103-1109.

Millholland, M.A., 1995, Geology and discovery at Mount Estelle: Newsletter of the Alaska Geological Society, v. 24, no. 8, p. 1.

International Tower Hill Mines Ltd announcement 18 Oct 2007, ITH further defines mineralization at South Estelle.

Millrock News Release 05 Feb 2009: MILLROCK ANNOUNCES PURCHASE OF 100% INTEREST IN ESTELLE GOLD CLAIMS, ALASKA.

Millrock News Release 03 Dec 2009: MILLROCK REPORTS CHIP SAMPLING RESULTS FROM ESTELLE PROJECT, ALASKA

Millrock News Release 04 May 2010: MILLROCK ANNOUNCES FINANCING AND AGREEMENT FOR EXPLORATION OF ESTELLE GOLD PROPERTY IN ALASKA

Millrock News Release 23 Sep 2010: MILLROCK SAMPLES 9.1 GRAMS PER TONNE GOLD OVER 27.4 METERS AT ESTELLE PROJECT, ALASKA

Millrock News Release 14 Feb 2011: MILLROCK ANNOUNCES PARTNER ELECTS TO PROCEED WITH FIRST OPTION AT ESTELLE PROJECT, ALASKA, AND APPROVAL OF US$3.4 MILLION 2011 PROGRAM AND BUDGET

Millrock News Release 01 Jun 2011: MILLROCK PROVIDES UPDATE ON ESTELLE GOLD PROJECT, ALASKA AND EARLY EXERCISE OF WARRANTS BY MAJOR COMPANY PARTNER

Millrock News Release 02 Aug 2011: MILLROCK COMMENCES DRILLING AT ESTELLE GOLD PROPERTY, ALASKA

Millrock News Release 13 Sep 2011: MILLROCK PROVIDES UPDATE OF EXPLORATION ACTIVITIES AND RESULTS

Millrock News Release 09 Nov 2011: MILLROCK INTERSECTS INTRUSION-RELATED GOLD SYSTEM AT ESTELLE PROJECT, ALASKA

International Tower Hill Mines Ltd Announcement 19 Jun 2007: ITH Signs Option Agreement to Earn Interest in New High-Grade Alaskan Gold Project

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Appendix 2 JORC Code, 2012 Edition – Table 1

The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Estelle Project

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg	•	It is believed by the nature of the data presented
techniques		cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken		in the historic reports that the soil sampling, rock chip sampling and diamond drill core sampling have been taken using industry standard practices, however details of the methodology have largely not been documented in the majority of historic reports.
		as limiting the broad meaning of sampling.	•	Where referenced, soil and rock chip samples taken by Millrock Resources appear to have
	• •	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. 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		each been collected and placed in sealed bags up to 2.5 kg and delivered to ALS Chemex in Fairbanks or Anchorage, Alaska for analysis. Gold was analyzed by atomic absorption with a gravimetric finish. The samples were also analyzed for a suite of 41 elements by the ICP- MS method. A sample quality control/quality assurance program was conducted. The
		(eg ‘reverse circulation drilling was		Company randomly inserted blank samples and
		used to obtain 1 m samples from		standard samples with known gold content
		which 3 kg was 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	•	within the submitted chip samples and verified the results obtained. Where referenced, diamond drill core samples taken by Millrock Resources was reported to be
		has inherent sampling problems.		split lengthwise at one metre lengths and half of
		Unusual commodities or		the core was collected as a sample and placed
		mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.		in a sealed bag. All drill core samples were securely shipped to ALS Chemex Labs in Anchorage or Fairbanks, Alaska for preparation,
				with fire assay and multi-element ICP analyses
				done at ALS Chemex Labs facility in Reno,
				Nevada.
			•	ALS Chemex is an ISO 9001:2000 certified lab,
				and as such, has its own stringent quality
				control/quality assurance program.
Drilling techniques	•	Drill type (eg core, reverse	•	Drilling technique used was diamond core. The
		circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple		diameter of the core (such as BQ ,NQ, or other) is unknown.
		or standard tube, depth of diamond
		tails, face-sampling bit or other type,
		whether core is oriented and if so, by
		what method, etc).
Drill sample	•	Whether core and chip samples have	•	Drill core sample recoveries were in one metre
recovery		been geologically and geotechnically		intervals.
		logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	•	Where referenced by Millrock Resources, the core was split lengthwise with half the core being assayed.
	•	Whether logging is qualitative or	•	No relationship has been determined between
	•	quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	•	sample recoveries and grade. Other methodologies have not largely been documented in the historic reports.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Logging	•	Whether core and chip samples have	•	Drill sample recoveries were in one metre
		been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and	•	intervals but there is no reference to any data pertaining to the hole being geologically logged. No core photography has been located.
		metallurgical studies.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or
		costean, channel, etc) photography.
	•	The total length and percentage of
		the relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and	•	It is believed that industry standard practices
techniques and sample preparation		whether quarter, half or all core taken.		have been used; however details of the methodology have largely not been documented
	• •	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the		in the historic reports. Where referenced, Millrock Resources split the drill core lengthwise at one metre intervals whereby half the sample was assayed.
		sample preparation 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 collected, including for
		instance results for field
		duplicate/second-half sampling.
	•	Whether sample sizes are
		appropriate to the grain size of the
		material being sampled.
Quality of assay	•	The nature, quality and	•	Where reported, Millrock Resources employed
data and laboratory tests	•	appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and		ALS Chemex for assays; gold was analyzed by atomic absorption with a gravimetric finish. The samples were also analyzed for a suite of 41 elements by the ICP-MS method. A sample quality control/quality assurance program was conducted. The Company randomly inserted blank samples and standard samples with known gold content within the submitted chip
		model, reading times, calibrations		samples and verified the results obtained.
		factors applied and their derivation,		These assay methods are considered
		etc.		appropriate for the metals being investigated.
	•	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory	•	The other historic explorers did not document details any additional QC procedures.
		checks) and whether acceptable
		levels of accuracy (ie lack of bias)
		and precision have been established.
Verification of	•	The verification of significant	•	Significant drill intersections reported have been
sampling and assaying		intersections by either independent or alternative company personnel.		sourced from company public announcements and historical reports.
	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification,	•	It is assumed that no adjustments were made to the reported assay data.
		data storage (physical and
		electronic) protocols.
	•	Discuss any adjustment to assay
		data.
Location of data	•	Accuracy and quality of surveys used	•	There is limited reference to the location of drill
points		to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	•	collars in the historical reports. The general location of drilling from photos has been identified utilising available software such
	•	Specification of the grid system used.		as Google Earth.
	•	Quality and adequacy of topographic	•	There is no reference to the grid system used.
		control.	•	The quality and adequacy of topographic control
				is not known.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Data spacing and	•	Data spacing for reporting of	•	The nominal drill spacing is determined at the
distribution		Exploration Results.		prospect level and drill hole coordinates have
	•	Whether the data spacing and		not been published in historical reports – except
		distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	for general location of holes from aerial and ground photographs. Drill hole assay data is representative for
		estimation procedure(s) and		continuity of mineralisation and grade to justify
		classifications applied.		future exploration drilling programs to define
	•	Whether sample compositing has		mineral resource(s).
		been applied.	•	There is no evidence of sample compositing
				within the historical data.
Orientation of data	•	Whether the orientation of sampling	•	The data presented in the historic reports
in relation to geological structure		achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.		appears to have been taken using industry standard practices, which aims to produce unbiased sampling.
	•	If the relationship between the drilling
		orientation and the orientation of key
		mineralised structures is considered
		to have introduced a sampling bias,
		this should be assessed and
		reported if material.
Sample security	•	The measures taken to ensure	•	Not documented in historic reporting.
		sample security.		Assumption is that sample security measures
				were completed to acceptable industry
				standards.
Audits or reviews	•	The results of any audits or reviews	•	Audits were not documented in historic
		of sampling techniques and data.		reporting.
Section 2 Reporting	of	Exploration Results
Criteria	JORC Code explanation		Commentary
Mineral tenement	•	Type, reference name/number,	•	The Estelle Project is comprised of one hundred
and land tenure status		location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,	•	and seventy-three (173) mining claims each comprising of 160 acres for approximately 27,680 acres. The mining claims are held in a wholly owned
		wilderness or national park and		subsidiary of AK Minerals Pty Ltd, AK Custom
		environmental settings.		Mining LLC – an Alaskan incorporated Limited
	•	The security of the tenure held at the		Liability Company.
		time of reporting along with any known impediments to obtaining a licence to operate in the area.	•	Apart from details contained in this document, there are no joint ventures or other agreements or liens over the Estelle project or its mining
				claims.
			•	There are no Native Title interests in any of the
				Estelle claims and they are not located within
				any environmentally sensitive areas including
				National Parks, Conservation Reserves.
			•	The Company is not aware of any other
				impediments that would prevent an exploration
				or mining activity.
Exploration done by	•	Acknowledgment and appraisal of	•	The Estelle Project has had previous
other parties		exploration by other parties.		exploration activities by Government agencies
				including the US Bureau of Mines, the State of
				Alaska, Cominco American Incorporated, Teck
				America Inc, International Tower Hill Mines,
				Hidefield Gold Plc and Millrock Resources Inc.
				The vast majority of the exploration was
				completed by Millrock Resources which
				included soil and rock chip assays and diamond
				core drilling.
Geology	•	Deposit type, geological setting and	•	The primary exploration target at the Estelle

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		style of mineralisation.		Project is gold, silver and copper.
			•	There are numerous styles of mineralisation
				which is included in this document.
Drill hole	•	A summary of all information material	•	Drillhole information and downhole reporting
Information		to the understanding of the exploration results including a		has not been published in historical reports.
		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,	•	Weighted averaging or cutting of grades has not
methods		weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are	•	been used in the reporting of the drilling results; All drill core samples are assumed to be assayed at 1m intervals.
		usually Material and should be stated.	•	No metal equivalents have been used.
	•	Where aggregate intercepts
		incorporate short lengths of high
		grade results and longer lengths of
		low grade results, the procedure
		used for such aggregation should be
		stated and some typical examples of
		such aggregations should be shown
		in detail.
	•	The assumptions used for any
		reporting of metal equivalent values
		should be clearly stated.
Relationship	•	These relationships are particularly	•	All drillhole intercepts are measured in
between		important in the reporting of		downhole metres.
mineralisation widths and intercept length	• •	Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this	•	While the drilling is believed to have intersected the mineralisation at an optimum angle, the exact relationship between true widths and downhole widths is not known and any bias is yet to be determined. Further exploration drilling will be required.
		effect (eg ‘down hole length, true
		width not known’).
Diagrams	•	Appropriate maps and sections (with	•	Maps and appropriate plans, where available
		scales) and tabulations of intercepts		are included in the document.
		should be included for any significant
		discovery being reported These
		should include, but not be limited to a
		plan view of drill hole collar locations
		and appropriate sectional views.
Balanced reporting	•	Where comprehensive reporting of	•	Comprehensive reporting of all historic
		all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration	•	Exploration Results is not practicable due to the large amount of data present. Exhaustive analysis of all the data will occur as part of due diligence.
		Results.
Other substantive	•	Other exploration data, if meaningful	•	Substantive historical data is available in
exploration data		and material, should be reported		historical reports and will be reviewed, compiled

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Further work

including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

and reported as part of due diligence.

As discussed in the document. Further exploration may be subject to successful completion of due diligence.
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Farewell Projects

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg	•	Rock chip sampling was carried out at the
techniques		cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes,		geologist discretion. Sampling reported may have been taken to test particular geological features therefore may not be representative of mineralisation at the particular project.
		or handheld XRF instruments, etc).	•	The only historic drilling appears to have been
	•	These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken	•	done on the Roberts prospect using DD drilling. Historic reports have not documented lab preparation and sub sampling techniques.
		to ensure sample representivity and
		the appropriate calibration of any
		measurement tools or systems used.
	•	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 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.
Drilling techniques	•	Drill type (eg core, reverse	•	The only historic drilling appears to have been
		circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc)		done on the Roberts prospect using DD drilling.
		and details (eg core diameter, triple
		or standard tube, depth of diamond
		tails, face-sampling bit or other type,
		whether core is oriented and if so, by
		what method, etc).
Drill sample	•	Whether core and chip samples have	•	On the Roberts prospect, the method of
recovery	•	been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or		recording and assessing core and chip sample recoveries have not been documented in the historical reports; no relationship has been determined between sample recoveries and grade; and other methodologies have not largely been documented in the historic reports.
		costean, channel, etc) photography.	•	Other prospects have not been drilled.
	•	The total length and percentage of
		the relevant intersections logged.
Logging	•	Whether core and chip samples have	•	On the Roberts prospect, there is no reference
		been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	•	in historical reports pertaining to the hole being geologically logged nor is there any core photography. Other prospects have not been drilled.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or
		costean, channel, etc) photography.
	•	The total length and percentage of
		the relevant intersections logged.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Sub-sampling	•	If core, whether cut or sawn and	•	On the Roberts prospect, it is believed that
techniques and sample preparation		whether quarter, half or all core taken.		industry standard practices have been used; however details of the methodology or any other
	• •	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature,	•	procedures have not been documented in the historic reports. Other prospects have not been drilled.
		quality and appropriateness of the
		sample preparation 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 collected, including for
		instance results for field
		duplicate/second-half sampling.
	•	Whether sample sizes are
		appropriate to the grain size of the
		material being sampled.
Quality of assay	•	The nature, quality and	•	On the Roberts prospect, there is no reference
data and laboratory tests	•	appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools,	•	in the historic reports pertaining to the assaying and laboratory procedures, nor any QA procedures. Other prospects have not been drilled.
		spectrometers, handheld XRF
		instruments, etc, the parameters
		used in determining the analysis
		including instrument make and
		model, reading times, calibrations
		factors applied and their derivation,
		etc.
	•	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	•	At the Roberts prospect, DD drill interceptions
sampling and assaying	• •	intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification,	• •	have been sourced from historical reports. It is assumed that no adjustments were made to the reported assay data. Other prospects have not been drilled.
		data storage (physical and
		electronic) protocols.
	•	Discuss any adjustment to assay
		data.
Location of data	•	Accuracy and quality of surveys used	•	At the Roberts prospect, there is no reference to
points		to locate drill holes (collar and down-		the location of drill collars in the historical
		hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	•	reports. The general location of drilling from photos has
	• •	Specification of the grid system used. Quality and adequacy of topographic control.	•	been identified utilising available software such as Google Earth. There is no reference to the grid system used.
			•	The quality and adequacy of topographic control
				is not known.
			•	Other prospects have not been drilled.
Data spacing and	•	Data spacing for reporting of	•	At the Roberts prospect, the nominal drill
distribution		Exploration Results.		spacing appears to be been determined at the
	•	Whether the data spacing and		prospect level and drill hole coordinates have
		distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	not been published in historical reports – except for general location of holes from photographs. Drill hole assay data available in the historic
		estimation procedure(s) and		reports is representative of mineralisation and
				grade to justify future exploration drilling

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		classifications applied.		programs to define mineral resource(s).
	•	Whether sample compositing has been applied.	•	There is no evidence of sample compositing within the historical data.
			•	Other prospects have not been drilled.
Orientation of data	•	Whether the orientation of sampling	•	At the Roberts prospect, it is assumed from the
in relation to geological structure	•	achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key	•	data presented in the historic reports appears to have been taken using industry standard practices, which aims to produce unbiased sampling. Other prospects have not been drilled.
		mineralised structures is considered
		to have introduced a sampling bias,
		this should be assessed and
		reported if material.
Sample security	•	The measures taken to ensure	•	Sample security measures have not been
		sample security.		documented. Assumption is that sample
				security measures were completed to
				acceptable industry standards.
Audits or reviews	•	The results of any audits or reviews	•	Audits were not documented in historic
		of sampling techniques and data.		reporting.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number,	•	The Farewell Projects are comprised (in total) of
and land tenure status		location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,		one hundred and twenty-four (124) mining claims each comprising of 160 acres for approximately 19,840 acres. Sizes of individual projects are reported in this document.
		wilderness or national park and	•	The mining claims are held in a wholly owned
		environmental settings.		subsidiary of AK Minerals Pty Ltd, AK Custom
	•	The security of the tenure held at the		Mining LLC – an Alaskan incorporated Limited
		time of reporting along with any		Liability Company.
		known impediments to obtaining a licence to operate in the area.	•	Apart from details contained in this document, there are no joint ventures or other agreements
				or liens over the Farewell projects or its mining
				claims.
			•	There are no Native Title interests in any of the
				Farewell claims and they are not located within
				any environmentally sensitive areas including
				National Parks, Conservation Reserves.
			•	The Company is not aware of any other
				impediments that would prevent an exploration
				or mining activity.
Exploration done by	•	Acknowledgment and appraisal of	•	The Farewell Projects has had previous
other parties		exploration by other parties.		exploration activities by Government agencies
				including the US Bureau of Mines and the State
				of Alaska, Nycon Resources, Homestake Mining
				Co, International Tower Hill Mines Ltd and
				Anaconda Mining Company.
Geology	•	Deposit type, geological setting and	•	There are multiple exploration targets at the
		style of mineralisation.		Farewell Project that includes gold, silver,
				copper, cobalt, nickel, zinc, lead, PGE’s and
				REE’s.
			•	There are numerous styles of mineralisation
				mentioned in this document.
Drill hole	•	A summary of all information material	•	At the Roberts prospect, drillhole information
Information		to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	•	and downhole reporting has not been published in historical reports. Other prospects have not been drilled.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		`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,	•	At the Roberts prospect, weighted averaging,
methods		weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are	•	nor any other procedures and methods have not been documented in historical reports. No metal equivalents have been used.
		usually Material and should be stated.	•	Other prospects have not been drilled.
	•	Where aggregate intercepts
		incorporate short lengths of high
		grade results and longer lengths of
		low grade results, the procedure
		used for such aggregation should be
		stated and some typical examples of
		such aggregations should be shown
		in detail.
	•	The assumptions used for any
		reporting of metal equivalent values
		should be clearly stated.
Relationship	•	These relationships are particularly	•	At the Roberts prospect, drilling is believed to
between		important in the reporting of		have intersected the mineralisation at an
mineralisation		Exploration Results.		optimum angle, the exact relationship between
widths and intercept	•	If the geometry of the mineralisation		true widths and downhole widths is not known
length	•	with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there	•	and any bias is yet to be determined. Further exploration drilling will be required. Other prospects have not been drilled.
		should be a clear statement to this
		effect (eg ‘down hole length, true
		width not known’).
Diagrams	•	Appropriate maps and sections (with	•	Maps and appropriate plans, where available
		scales) and tabulations of intercepts		are included in the document.
		should be included for any significant
		discovery being reported These
		should include, but not be limited to a
		plan view of drill hole collar locations
		and appropriate sectional views.
Balanced reporting	•	Where comprehensive reporting of	•	Comprehensive reporting of all historic
		all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration	•	Exploration Results is not practicable due to the large amount of data present. Analysis of the data will occur as part of due diligence.
		Results.
Other substantive	•	Other exploration data, if meaningful	•	Substantive historical data is available in
exploration data		and material, should be reported including (but not limited to): geological observations; geophysical		historical reports at Appendix 1 which will be reviewed as part of the due diligence.
		survey results; geochemical survey
		results; bulk samples – size and
		method of treatment; metallurgical
		test results; bulk density,
		groundwater, geotechnical and rock
		characteristics; potential deleterious
		or contaminating substances.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
As discussed in the document. Further exploration may be subject to successful completion of due diligence.
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Appendix 3

Annexure 1

Schedule of Mining Claims – Estelle Project

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
ESTELLE	726071	OXIDE	1	Seward	22N	19W	18	NW	301 - Anchorage
ESTELLE	726072	OXIDE	2	Seward	22N	19W	7	SW	301 - Anchorage
ESTELLE	726073	OXIDE	3	Seward	22N	19W	7	NW	301 - Anchorage
ESTELLE	726074	OXIDE	4	Seward	22N	19W	6	SW	301 - Anchorage
ESTELLE	726075	OXIDE	5	Seward	22N	20W	1	SE	301 - Anchorage
ESTELLE	726076	OXIDE	6	Seward	22N	20W	12	NE	301 - Anchorage
ESTELLE	726077	OXIDE	7	Seward	22N	20W	12	SE	301 - Anchorage
ESTELLE	726078	OXIDE	8	Seward	22N	20W	13	NE	301 - Anchorage
ESTELLE	726079	OXIDE	9	Seward	22N	20W	12	SW	301 - Anchorage
ESTELLE	726080	OXIDE	10	Seward	22N	20W	12	NW	301 - Anchorage
ESTELLE	726081	OXIDE	11	Seward	22N	20W	1	SW	301 - Anchorage
ESTELLE	726082	OXIDE	12	Seward	22N	20W	2	SE	301 - Anchorage
ESTELLE	726083	OXIDE	13	Seward	22N	20W	11	NE	301 - Anchorage
ESTELLE	726084	OXIDE	14	Seward	22N	20W	11	SE	301 - Anchorage
ESTELLE	726085	OXIDE	15	Seward	22N	20W	11	SW	301 - Anchorage
ESTELLE	726086	OXIDE	16	Seward	22N	20W	11	NW	301 - Anchorage
ESTELLE	726087	OXIDE	17	Seward	22N	20W	10	NE	301 - Anchorage
ESTELLE	726088	OXIDE	18	Seward	22N	20W	10	SE	301 - Anchorage
ESTELLE	726089	OXIDE	19	Seward	22N	20W	15	NE	301 - Anchorage
ESTELLE	726090	OXIDE	20	Seward	22N	20W	15	NW	301 - Anchorage
ESTELLE	726091	OXIDE	21	Seward	22N	20W	15	SW	301 - Anchorage
ESTELLE	726092	OXIDE	22	Seward	22N	20W	15	SE	301 - Anchorage
ESTELLE	726093	OXIDE	23	Seward	22N	20W	16	SE	301 - Anchorage
ESTELLE	726094	OXIDE	24	Seward	22N	20W	16	NE	301 - Anchorage
ESTELLE	726095	OXIDE	25	Seward	22N	20W	9	SE	301 - Anchorage
ESTELLE	726096	OXIDE	26	Seward	22N	20W	10	SW	301 - Anchorage
ESTELLE	726097	OXIDE	27	Seward	22N	20W	10	NW	301 - Anchorage
ESTELLE	726098	OXIDE	28	Seward	22N	20W	9	NE	301 - Anchorage
ESTELLE	726099	OXIDE	29	Seward	22N	20W	2	SW	301 - Anchorage
ESTELLE	726100	OXIDE	30	Seward	22N	20W	3	SE	301 - Anchorage
ESTELLE	726101	OXIDE	31	Seward	22N	20W	3	SW	301 - Anchorage
ESTELLE	726102	OXIDE	32	Seward	22N	20W	4	SE	301 - Anchorage
ESTELLE	726103	STONEY	1	Seward	22N	20W	22	NE	301 - Anchorage
ESTELLE	726104	STONEY	2	Seward	22N	20W	22	SE	301 - Anchorage

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
ESTELLE	726105	STONEY	3	Seward	22N	20W	27	NE	301 - Anchorage
ESTELLE	726106	STONEY	4	Seward	22N	20W	27	SE	301 - Anchorage
ESTELLE	726107	STONEY	5	Seward	22N	20W	34	NE	301 - Anchorage
ESTELLE	726108	STONEY	6	Seward	22N	20W	34	SE	301 - Anchorage
ESTELLE	726109	STONEY	7	Seward	21N	20W	3	NE	301 - Anchorage
ESTELLE	726110	STONEY	8	Seward	21N	20W	3	SE	301 - Anchorage
ESTELLE	726111	STONEY	9	Seward	21N	20W	10	NE	301 - Anchorage
ESTELLE	726112	STONEY	10	Seward	21N	20W	10	SE	301 - Anchorage
ESTELLE	726113	STONEY	11	Seward	21N	20W	15	NE	301 - Anchorage
ESTELLE	726114	STONEY	12	Seward	21N	20W	15	SE	301 - Anchorage
ESTELLE	726115	STONEY	13	Seward	21N	20W	22	NE	301 - Anchorage
ESTELLE	726116	STONEY	14	Seward	21N	20W	22	SE	301 - Anchorage
ESTELLE	726117	STONEY	15	Seward	21N	20W	27	NE	301 - Anchorage
ESTELLE	726118	STONEY	16	Seward	21N	20W	27	NW	301 - Anchorage
ESTELLE	726119	STONEY	17	Seward	21N	20W	22	SW	301 - Anchorage
ESTELLE	725949	STONEY	18	Seward	21N	20W	22	NW	411 - Mt McKinley
ESTELLE	725950	STONEY	19	Seward	21N	20W	15	SW	411 - Mt McKinley
ESTELLE	726120	STONEY	20	Seward	21N	20W	15	NW	301 - Anchorage
ESTELLE	726121	STONEY	21	Seward	21N	20W	10	SW	301 - Anchorage
ESTELLE	726122	STONEY	22	Seward	21N	20W	10	NW	301 - Anchorage
ESTELLE	726123	STONEY	23	Seward	21N	20W	3	SW	301 - Anchorage
ESTELLE	726124	STONEY	24	Seward	21N	20W	3	NW	301 - Anchorage
ESTELLE	726125	STONEY	25	Seward	22N	20W	34	SW	301 - Anchorage
ESTELLE	726126	STONEY	26	Seward	22N	20W	34	NW	301 - Anchorage
ESTELLE	726127	STONEY	27	Seward	22N	20W	27	SW	301 - Anchorage
ESTELLE	726128	STONEY	28	Seward	22N	20W	27	NW	301 - Anchorage
ESTELLE	726129	STONEY	29	Seward	22N	20W	22	SW	301 - Anchorage
ESTELLE	726130	STONEY	30	Seward	22N	20W	22	NW	301 - Anchorage
ESTELLE	726131	STONEY	31	Seward	21N	20W	28	NE	301 - Anchorage
ESTELLE	726132	STONEY	32	Seward	21N	20W	27	SW	301 - Anchorage
ESTELLE	726133	STONEY	33	Seward	21N	20W	28	SE	301 - Anchorage
ESTELLE	726134	STONEY	34	Seward	21N	20W	34	NW	301 - Anchorage
ESTELLE	726135	STONEY	35	Seward	21N	20W	33	NE	301 - Anchorage
ESTELLE	726136	STONEY	36	Seward	21N	20W	34	SW	301 - Anchorage
ESTELLE	726137	STONEY	37	Seward	21N	20W	33	SE	301 - Anchorage
ESTELLE	726138	STONEY	38	Seward	21N	20W	21	SE	301 - Anchorage
ESTELLE	725951	STONEY	39	Seward	21N	20W	21	NE	411 - Mt McKinley
ESTELLE	725952	STONEY	40	Seward	21N	20W	16	SE	411 - Mt McKinley

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
ESTELLE	725953	STONEY	41	Seward	21N	20W	16	NE	411 - Mt McKinley
ESTELLE	725954	STONEY	42	Seward	21N	20W	9	SE	411 - Mt McKinley
ESTELLE	725955	STONEY	43	Seward	21N	20W	9	NE	411 - Mt McKinley
ESTELLE	726139	STONEY	44	Seward	21N	20W	4	SE	301 - Anchorage
ESTELLE	726140	STONEY	45	Seward	21N	20W	4	NE	301 - Anchorage
ESTELLE	726141	STONEY	46	Seward	22N	20W	33	SE	301 - Anchorage
ESTELLE	726142	STONEY	47	Seward	22N	20W	33	NE	301 - Anchorage
ESTELLE	726143	STONEY	48	Seward	22N	20W	28	SE	301 - Anchorage
ESTELLE	726144	STONEY	49	Seward	22N	20W	28	NE	301 - Anchorage
ESTELLE	726145	STONEY	50	Seward	22N	20W	21	SE	301 - Anchorage
ESTELLE	726146	STONEY	51	Seward	22N	20W	21	NE	301 - Anchorage
ESTELLE	726147	ESTELLE	1	Seward	20N	20W	3	NW	301 - Anchorage
ESTELLE	726148	ESTELLE	2	Seward	20N	20W	3	SW	301 - Anchorage
ESTELLE	726149	ESTELLE	3	Seward	20N	20W	10	NW	301 - Anchorage
ESTELLE	726150	ESTELLE	4	Seward	20N	20W	10	SW	301 - Anchorage
ESTELLE	726151	ESTELLE	5	Seward	20N	20W	15	NW	301 - Anchorage
ESTELLE	726152	ESTELLE	6	Seward	20N	20W	16	NE	301 - Anchorage
ESTELLE	726153	ESTELLE	7	Seward	20N	20W	9	SE	301 - Anchorage
ESTELLE	726154	ESTELLE	8	Seward	20N	20W	9	NE	301 - Anchorage
ESTELLE	726155	ESTELLE	9	Seward	20N	20W	4	SE	301 - Anchorage
ESTELLE	726156	ESTELLE	10	Seward	20N	20W	4	NE	301 - Anchorage
ESTELLE	726157	ESTELLE	11	Seward	20N	20W	4	NW	301 - Anchorage
ESTELLE	726158	ESTELLE	12	Seward	20N	20W	5	NE	301 - Anchorage
ESTELLE	725940	ESTELLE	13	Seward	20N	20W	5	SE	411 - Mt McKinley
ESTELLE	726159	ESTELLE	14	Seward	20N	20W	4	SW	301 - Anchorage
ESTELLE	726160	ESTELLE	15	Seward	20N	20W	9	NW	301 - Anchorage
ESTELLE	726161	ESTELLE	16	Seward	20N	20W	9	SW	301 - Anchorage
ESTELLE	726162	ESTELLE	17	Seward	20N	20W	16	NW	301 - Anchorage
ESTELLE	726163	ESTELLE	18	Seward	20N	20W	15	SW	301 - Anchorage
ESTELLE	726164	ESTELLE	19	Seward	20N	20W	16	SE	301 - Anchorage
ESTELLE	726165	ESTELLE	20	Seward	20N	20W	16	SW	301 - Anchorage
ESTELLE	726166	ESTELLE	21	Seward	20N	20W	17	SE	301 - Anchorage
ESTELLE	725941	ESTELLE	22	Seward	20N	20W	17	NE	411 - Mt McKinley
ESTELLE	725942	ESTELLE	23	Seward	20N	20W	8	SE	411 - Mt McKinley
ESTELLE	725943	ESTELLE	24	Seward	20N	20W	8	NE	411 - Mt McKinley
ESTELLE	726167	ESTELLE	25	Seward	20N	20W	5	NW	301 - Anchorage
ESTELLE	725944	ESTELLE	26	Seward	20N	20W	5	SW	411 - Mt McKinley
ESTELLE	725945	ESTELLE	27	Seward	20N	20W	8	NW	411 - Mt McKinley

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
ESTELLE	726168	ESTELLE	28	Seward	20N	20W	8	SW	301 - Anchorage
ESTELLE	726169	ESTELLE	29	Seward	20N	20W	17	NW	301 - Anchorage
ESTELLE	726170	ESTELLE	30	Seward	20N	20W	17	SW	301 - Anchorage
ESTELLE	726171	ESTELLE	31	Seward	20N	20W	18	SE	301 - Anchorage
ESTELLE	726172	ESTELLE	32	Seward	20N	20W	18	NE	301 - Anchorage
ESTELLE	726173	ESTELLE	33	Seward	20N	20W	7	SE	301 - Anchorage
ESTELLE	725946	ESTELLE	34	Seward	20N	20W	7	NE	411 - Mt McKinley
ESTELLE	725947	ESTELLE	35	Seward	20N	20W	7	NW	411 - Mt McKinley
ESTELLE	725948	ESTELLE	36	Seward	20N	20W	7	SW	411 - Mt McKinley
ESTELLE	726174	ESTELLE	37	Seward	20N	20W	18	NW	301 - Anchorage
ESTELLE	726175	ESTELLE	38	Seward	20N	20W	18	SW	301 - Anchorage
ESTELLE	726176	ESTELLE	39	Seward	20N	21W	12	SE	301 - Anchorage
ESTELLE	726177	ESTELLE	40	Seward	20N	21W	12	NE	301 - Anchorage
ESTELLE	726178	ESTELLE	41	Seward	20N	21W	12	NW	301 - Anchorage
ESTELLE	726179	ESTELLE	42	Seward	20N	21W	12	SW	301 - Anchorage
ESTELLE	726180	EMERALD	1	Seward	20N	21W	24	NE	301 - Anchorage
ESTELLE	726181	EMERALD	2	Seward	20N	21W	24	NW	301 - Anchorage
ESTELLE	726182	EMERALD	3	Seward	20N	21W	24	SW	301 - Anchorage
ESTELLE	726183	EMERALD	4	Seward	20N	21W	24	SE	301 - Anchorage
ESTELLE	726184	EMERALD	5	Seward	20N	21W	25	NE	301 - Anchorage
ESTELLE	726185	EMERALD	6	Seward	20N	21W	25	NW	301 - Anchorage
ESTELLE	726186	EMERALD	7	Seward	20N	21W	25	SW	301 - Anchorage
ESTELLE	726187	EMERALD	8	Seward	20N	21W	25	SE	301 - Anchorage
ESTELLE	726188	EMERALD	9	Seward	20N	21W	26	NE	301 - Anchorage
ESTELLE	726188	EMERALD	10	Seward	20N	21W	26	NW	301 - Anchorage
ESTELLE	726190	EMERALD	11	Seward	20N	21W	26	SW	301 - Anchorage
ESTELLE	726191	EMERALD	12	Seward	20N	21W	26	SE	301 - Anchorage
ESTELLE	726192	EMERALD	13	Seward	20N	21W	35	NW	301 - Anchorage
ESTELLE	726193	EMERALD	14	Seward	20N	21W	35	NE	301 - Anchorage
ESTELLE	726194	EMERALD	15	Seward	20N	21W	36	NW	301 - Anchorage
ESTELLE	726195	EMERALD	16	Seward	20N	21W	36	NE	301 - Anchorage
ESTELLE	726196	EMERALD	17	Seward	20N	20W	31	NW	301 - Anchorage
ESTELLE	726197	EMERALD	18	Seward	20N	20W	31	NE	301 - Anchorage
ESTELLE	726198	EMERALD	19	Seward	20N	20W	32	NW	301 - Anchorage
ESTELLE	726199	EMERALD	20	Seward	20N	20W	32	NE	301 - Anchorage
ESTELLE	726200	EMERALD	21	Seward	20N	20W	33	NW	301 - Anchorage
ESTELLE	726201	EMERALD	22	Seward	20N	20W	33	SW	301 - Anchorage
ESTELLE	726202	EMERALD	23	Seward	20N	20W	32	SE	301 - Anchorage

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
ESTELLE	726203	EMERALD	24	Seward	20N	20W	32	SW	301 - Anchorage
ESTELLE	726204	EMERALD	25	Seward	20N	20W	31	SE	301 - Anchorage
ESTELLE	726205	EMERALD	26	Seward	20N	20W	31	SW	301 - Anchorage
ESTELLE	726206	EMERALD	27	Seward	20N	21W	36	SE	301 - Anchorage
ESTELLE	726207	EMERALD	28	Seward	20N	21W	36	SW	301 - Anchorage
ESTELLE	726208	EMERALD	29	Seward	20N	21W	35	SE	301 - Anchorage
ESTELLE	726209	EMERALD	30	Seward	19N	20W	4	NW	301 - Anchorage
ESTELLE	726210	EMERALD	31	Seward	19N	20W	5	NE	301 - Anchorage
ESTELLE	726211	EMERALD	32	Seward	19N	20W	5	NW	301 - Anchorage
ESTELLE	726212	EMERALD	33	Seward	19N	20W	6	NE	301 - Anchorage
ESTELLE	726213	EMERALD	34	Seward	19N	20W	6	NW	301 - Anchorage
ESTELLE	726214	EMERALD	35	Seward	19N	21W	1	NE	301 - Anchorage
ESTELLE	726215	EMERALD	36	Seward	19N	21W	1	NW	301 - Anchorage
ESTELLE	726216	EMERALD	37	Seward	19N	21W	2	NE	301 - Anchorage
ESTELLE	725956	EMERALD	38	Seward	20N	21W	35	SW	411 - Mt McKinley
ESTELLE	725957	EMERALD	39	Seward	19N	21W	2	NW	411 - Mt McKinley
ESTELLE	725958	EMERALD	40	Seward	19N	21W	3	NE	411 - Mt McKinley
ESTELLE	725959	EMERALD	41	Seward	20N	21W	34	SE	411 - Mt McKinley
ESTELLE	725960	EMERALD	42	Seward	20N	21W	34	NE	411 - Mt McKinley
ESTELLE	725961	EMERALD	43	Seward	20N	21W	34	NW	411 - Mt McKinley
ESTELLE	725962	EMERALD	44	Seward	20N	21W	34	SW	411 - Mt McKinley
ESTELLE	725963	EMERALD	45	Seward	19N	21W	3	NW	411 - Mt McKinley
ESTELLE	725964	EMERALD	46	Seward	19N	21W	4	NE	411 - Mt McKinley
ESTELLE	725965	EMERALD	47	Seward	20N	21W	33	SE	411 - Mt McKinley
ESTELLE	725966	EMERALD	48	Seward	20N	21W	33	NE	411 - Mt McKinley

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

Annexure 2

Schedule of Mining Claims – Farewell Project

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
FAREWELL	725967	ROB-CHIP	1	Seward	25N	28W	27	NW	403 - Kuskokwim
FAREWELL	725968	ROB-CHIP	2	Seward	25N	28W	27	SW	403 - Kuskokwim
FAREWELL	725969	ROB-CHIP	3	Seward	25N	28W	34	NW	403 - Kuskokwim
FAREWELL	725970	ROB-CHIP	4	Seward	25N	28W	34	SW	403 - Kuskokwim
FAREWELL	725971	ROB-CHIP	5	Seward	24N	28W	5	NW	403 - Kuskokwim
FAREWELL	725972	ROB-CHIP	6	Seward	24N	28W	5	SW	403 - Kuskokwim
FAREWELL	725973	ROB-CHIP	7	Seward	24N	28W	5	SE	403 - Kuskokwim
FAREWELL	725974	ROB-CHIP	8	Seward	24N	28W	5	NE	403 - Kuskokwim
FAREWELL	725975	ROB-CHIP	9	Seward	25N	28W	34	SE	403 - Kuskokwim
FAREWELL	725976	ROB-CHIP	10	Seward	25N	28W	34	NE	403 - Kuskokwim
FAREWELL	725977	ROB-CHIP	11	Seward	25N	28W	27	SE	403 - Kuskokwim
FAREWELL	725978	ROB-CHIP	12	Seward	25N	28W	27	NE	403 - Kuskokwim
FAREWELL	725979	ROB-CHIP	13	Seward	24N	28W	4	NW	403 - Kuskokwim
FAREWELL	725980	ROB-CHIP	14	Seward	24N	28W	4	SW	403 - Kuskokwim
FAREWELL	725981	ROB-CHIP	15	Seward	24N	28W	4	SE	403 - Kuskokwim
FAREWELL	725982	ROB-CHIP	16	Seward	24N	28W	4	NE	403 - Kuskokwim
FAREWELL	725983	ROB-CHIP	17	Seward	24N	28W	3	NW	403 - Kuskokwim
FAREWELL	725984	ROB-CHIP	18	Seward	24N	28W	3	SW	403 - Kuskokwim
FAREWELL	725985	ROB-CHIP	19	Seward	24N	28W	10	NW	403 - Kuskokwim
FAREWELL	725986	ROB-CHIP	20	Seward	24N	28W	10	SW	403 - Kuskokwim
FAREWELL	725987	ROB-CHIP	21	Seward	24N	28W	15	NW	403 - Kuskokwim
FAREWELL	725988	ROB-CHIP	22	Seward	24N	28W	15	SW	403 - Kuskokwim
FAREWELL	725989	ROB-CHIP	23	Seward	24N	28W	22	NW	403 - Kuskokwim
FAREWELL	725990	ROB-CHIP	24	Seward	24N	28W	22	NE	403 - Kuskokwim
FAREWELL	725991	ROB-CHIP	25	Seward	24N	28W	15	SE	403 - Kuskokwim
FAREWELL	725992	ROB-CHIP	26	Seward	24N	28W	15	NE	403 - Kuskokwim
FAREWELL	725993	ROB-CHIP	27	Seward	24N	28W	10	SE	403 - Kuskokwim
FAREWELL	725994	ROB-CHIP	28	Seward	24N	28W	10	NE	403 - Kuskokwim
FAREWELL	725995	ROB-CHIP	29	Seward	24N	28W	3	SE	403 - Kuskokwim
FAREWELL	725996	ROB-CHIP	30	Seward	24N	28W	3	NE	403 - Kuskokwim
FAREWELL	725997	ROB-CHIP	31	Seward	24N	28W	22	SW	403 - Kuskokwim
FAREWELL	725998	ROB-CHIP	32	Seward	24N	28W	22	SE	403 - Kuskokwim
FAREWELL	725999	ROB-CHIP	33	Seward	24N	28W	23	SW	403 - Kuskokwim
FAREWELL	726000	ROB-CHIP	34	Seward	24N	28W	23	SE	403 - Kuskokwim
FAREWELL	726001	ROB-CHIP	35	Seward	24N	28W	23	NE	403 - Kuskokwim

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
FAREWELL	726002	ROB-CHIP	36	Seward	24N	28W	23	NW	403 - Kuskokwim
FAREWELL	726003	ROB-CHIP	37	Seward	24N	28W	14	SW	403 - Kuskokwim
FAREWELL	726004	ROB-CHIP	38	Seward	24N	28W	14	SE	403 - Kuskokwim
FAREWELL	726005	ROB-CHIP	39	Seward	24N	28W	14	NE	403 - Kuskokwim
FAREWELL	726006	ROB-CHIP	40	Seward	24N	28W	14	NW	403 - Kuskokwim
FAREWELL	726007	ROB-CHIP	41	Seward	25N	28W	22	SW	403 - Kuskokwim
FAREWELL	726008	ROB-CHIP	42	Seward	25N	28W	22	SE	403 - Kuskokwim
FAREWELL	725920	BOWSER	1	Seward	24N	24W	9	SE	411 - Mt McKinley
FAREWELL	725921	BOWSER	2	Seward	24N	24W	9	NE	411 - Mt McKinley
FAREWELL	725922	BOWSER	3	Seward	24N	24W	4	SE	411 - Mt McKinley
FAREWELL	725923	BOWSER	4	Seward	24N	24W	4	SW	411 - Mt McKinley
FAREWELL	725924	BOWSER	5	Seward	24N	24W	9	NW	411 - Mt McKinley
FAREWELL	725925	BOWSER	6	Seward	24N	24W	9	SW	411 - Mt McKinley
FAREWELL	725926	BOWSER	7	Seward	24N	24W	8	SE	411 - Mt McKinley
FAREWELL	725927	BOWSER	8	Seward	24N	24W	8	NE	411 - Mt McKinley
FAREWELL	725928	BOWSER	9	Seward	24N	24W	5	SE	411 - Mt McKinley
FAREWELL	725929	BOWSER	10	Seward	24N	24W	5	SW	411 - Mt McKinley
FAREWELL	725930	BOWSER	11	Seward	24N	24W	8	NW	411 - Mt McKinley
FAREWELL	725931	BOWSER	12	Seward	24N	24W	8	SW	411 - Mt McKinley
FAREWELL	725932	BOWSER	13	Seward	24N	24W	17	NW	411 - Mt McKinley
FAREWELL	725933	BOWSER	14	Seward	24N	24W	17	NE	411 - Mt McKinley
FAREWELL	725934	BOWSER	15	Seward	24N	24W	16	NW	411 - Mt McKinley
FAREWELL	725935	BOWSER	16	Seward	24N	24W	16	NE	411 - Mt McKinley
FAREWELL	725936	BOWSER	17	Seward	24N	24W	5	NW	411 - Mt McKinley
FAREWELL	725937	BOWSER	18	Seward	24N	24W	5	NE	411 - Mt McKinley
FAREWELL	725938	BOWSER	19	Seward	24N	24W	4	NW	411 - Mt McKinley
FAREWELL	725939	BOWSER	20	Seward	24N	24W	4	NE	411 - Mt McKinley
FAREWELL	726009	WINDY	1	Seward	23N	26W	21	NE	403 - Kuskokwim
FAREWELL	726010	WINDY	2	Seward	23N	26W	21	NW	403 - Kuskokwim
FAREWELL	726011	WINDY	3	Seward	23N	26W	20	NE	403 - Kuskokwim
FAREWELL	726012	WINDY	4	Seward	23N	26W	20	NW	403 - Kuskokwim
FAREWELL	726013	WINDY	5	Seward	23N	26W	20	SW	403 - Kuskokwim
FAREWELL	726014	WINDY	6	Seward	23N	26W	20	SE	403 - Kuskokwim
FAREWELL	726015	WINDY	7	Seward	23N	26W	21	SW	403 - Kuskokwim
FAREWELL	726016	WINDY	8	Seward	23N	26W	21	SE	403 - Kuskokwim
FAREWELL	726017	WINDY	9	Seward	23N	26W	28	NW	403 - Kuskokwim
FAREWELL	726018	WINDY	10	Seward	23N	26W	29	NE	403 - Kuskokwim
FAREWELL	726019	WINDY	11	Seward	23N	26W	29	NW	403 - Kuskokwim

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
FAREWELL	726020	WINDY	12	Seward	23N	26W	29	SW	403 - Kuskokwim
FAREWELL	726021	WINDY	13	Seward	23N	26W	32	NW	403 - Kuskokwim
FAREWELL	726022	WINDY	14	Seward	23N	26W	27	NW	403 - Kuskokwim
FAREWELL	726023	WINDY	15	Seward	23N	26W	22	SW	403 - Kuskokwim
FAREWELL	726024	WINDY	16	Seward	23N	26W	32	NE	403 - Kuskokwim
FAREWELL	726025	WINDY	17	Seward	23N	26W	29	SE	403 - Kuskokwim
FAREWELL	726026	WINDY	18	Seward	23N	26W	28	SW	403 - Kuskokwim
FAREWELL	726027	WINDY	19	Seward	23N	26W	33	NW	403 - Kuskokwim
FAREWELL	726028	WINDY	20	Seward	23N	26W	33	NE	403 - Kuskokwim
FAREWELL	726029	WINDY	21	Seward	23N	26W	28	SE	403 - Kuskokwim
FAREWELL	726030	WINDY	22	Seward	23N	26W	28	NE	403 - Kuskokwim
FAREWELL	726031	WINDY	23	Seward	23N	26W	16	SW	403 - Kuskokwim
FAREWELL	726032	WINDY	24	Seward	23N	26W	17	SE	403 - Kuskokwim
FAREWELL	726033	WINDY	25	Seward	23N	26W	16	NW	403 - Kuskokwim
FAREWELL	726034	WINDY	26	Seward	23N	26W	17	NE	403 - Kuskokwim
FAREWELL	726035	OZZNA	1	Seward	26N	25W	32	SE	403 - Kuskokwim
FAREWELL	726036	OZZNA	2	Seward	26N	25W	33	SW	403 - Kuskokwim
FAREWELL	726037	OZZNA	3	Seward	26N	25W	33	SE	403 - Kuskokwim
FAREWELL	726038	OZZNA	4	Seward	26N	25W	34	SW	403 - Kuskokwim
FAREWELL	726039	OZZNA	5	Seward	26N	25W	34	SE	403 - Kuskokwim
FAREWELL	726040	OZZNA	6	Seward	26N	25W	34	NE	403 - Kuskokwim
FAREWELL	726041	OZZNA	7	Seward	26N	25W	34	NW	403 - Kuskokwim
FAREWELL	726042	OZZNA	8	Seward	26N	25W	33	NE	403 - Kuskokwim
FAREWELL	726043	OZZNA	9	Seward	26N	25W	33	NW	403 - Kuskokwim
FAREWELL	726044	OZZNA	10	Seward	26N	25W	32	NE	403 - Kuskokwim
FAREWELL	726045	OZZNA	11	Seward	26N	25W	27	SW	403 - Kuskokwim
FAREWELL	726046	OZZNA	12	Seward	26N	25W	27	SE	403 - Kuskokwim
FAREWELL	726047	OZZNA	13	Seward	26N	25W	27	NW	403 - Kuskokwim
FAREWELL	726048	OZZNA	14	Seward	26N	25W	27	NE	403 - Kuskokwim
FAREWELL	726049	OZZNA	15	Seward	26N	25W	26	NW	403 - Kuskokwim
FAREWELL	726050	OZZNA	16	Seward	26N	25W	26	NE	403 - Kuskokwim
FAREWELL	726051	OZZNA	17	Seward	26N	25W	25	NW	403 - Kuskokwim
FAREWELL	726052	OZZNA	18	Seward	26N	25W	25	NE	403 - Kuskokwim
FAREWELL	726053	OZZNA	19	Seward	26N	25W	24	SE	403 - Kuskokwim
FAREWELL	726054	OZZNA	20	Seward	26N	25W	24	SW	403 - Kuskokwim
FAREWELL	726055	OZZNA	21	Seward	26N	25W	24	NW	403 - Kuskokwim
FAREWELL	726056	OZZNA	22	Seward	26N	25W	24	NE	403 - Kuskokwim
FAREWELL	726057	OZZNA	23	Seward	26N	25W	13	SE	403 - Kuskokwim

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

		CLAIM	CLAIM
PROJECT	ADL #	NAME	#	Meridian	Township	Range	Section	1/4	Recording District
FAREWELL	726058	OZZNA	24	Seward	26N	25W	13	SW	403 - Kuskokwim
FAREWELL	726059	OZZNA	25	Seward	26N	25W	13	NW	403 - Kuskokwim
FAREWELL	726060	OZZNA	26	Seward	26N	25W	13	NE	403 - Kuskokwim
FAREWELL	726061	OZZNA	27	Seward	26N	25W	26	SW	403 - Kuskokwim
FAREWELL	726062	OZZNA	28	Seward	26N	25W	26	SE	403 - Kuskokwim
FAREWELL	726063	OZZNA	29	Seward	26N	25W	25	SW	403 - Kuskokwim
FAREWELL	726064	OZZNA	30	Seward	26N	25W	25	SE	403 - Kuskokwim
FAREWELL	726065	OZZNA	31	Seward	26N	25W	35	NW	403 - Kuskokwim
FAREWELL	726066	OZZNA	32	Seward	26N	25W	35	NE	403 - Kuskokwim
FAREWELL	726067	OZZNA	33	Seward	26N	25W	35	SW	403 - Kuskokwim
FAREWELL	726068	OZZNA	34	Seward	26N	25W	35	SE	403 - Kuskokwim
FAREWELL	726069	OZZNA	35	Seward	26N	25W	32	NW	403 - Kuskokwim
FAREWELL	726070	OZZNA	36	Seward	26N	25W	32	SW	403 - Kuskokwim

Quantum Resources Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550

AI assistant

Nova Minerals Ltd — Capital/Financing Update 2017

34115_rns_2017-11-19_7ecd9234-e2ca-4a8f-bac0-e901739e1a4c.pdf

QUANTUM RESOURCES LIMITED

ASX and Media Release

FARM-IN AND JOINT VENTURE FOR MAJOR PORTFOLIO OF ALASKAN EXPLORATION PROJECTS

Highlights:

Option for Farm-In and Joint Venture

Capital Raising

AKM’s Project Portfolio

Proposed Farm-In and Joint Venture Terms

Benefits of Alaska

Project portfolio:

ESTELLE GOLD PROJECT (District-scale Au, Ag, Cu)

Highlights

GENERALISED GEOLOGY

FAREWELL TERRANE

Chip-Loy/Roberts Project (Nickel, Copper, Cobalt, Gold, Silver, PGE’s)

Highlights

Windy Fork Project (REE’s)

Highlights

Bowser Creek Project (Silver-Zinc-Lead)

Highlights

Ozzna Creek Project (Gold, Silver, Zinc, Copper, Lead)

Highlights

Proposed Exploration Program

QUR Managing Director, Mr. Avi Kimelman said:

About Quantum Resources Limited (ASX:QUR):

Competent Person Statement

Appendix 1

Sources and References

FAREWELL REFERENCES

ESTELLE REFERENCES

Appendix 2

JORC Code, 2012 Edition – Table 1

The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Estelle Project

Further work

The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Farewell Projects

Further work

Annexure 1

Schedule of Mining Claims – Estelle Project

Annexure 2

Schedule of Mining Claims – Farewell Project

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Nova Minerals Ltd Capital/Financing Update 2017