ORA BANDA MINING LTD — AGM Information 2019

Nov 14, 2019

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Annual General Meeting Presentation 1 5 November 2019

1

IMPORTANT NOTICE

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No reliance:

This presentation is a document that has been prepared by Ora Banda Mining Limited (“Company”, “OBM” or “Ora Banda”) for the purpose of providing a company and technical overview to interested investors. None of the Company, nor any of its related bodies corporate, their respective directors, partners, employees or advisers or any other person ("Relevant Parties") makes any representations or warranty to, or takes responsibility for, the accuracy, reliability or completeness of the information contained in this document, to the recipient of this document (“Recipient”), and nothing contained in it is, or may be relied upon as, a promise or representation, whether as to the past or future. Recipients of the document must make their own independent investigations, consideration and evaluation. By accepting this document, the Recipient agrees that if it proceeds further with its investigations, consideration or evaluation of investing in the Company, it will make and rely solely upon its own investigations and inquiries, and not upon this document.

Limited disclosure:

The information in this presentation does not purport to be complete, nor does it contain all the information that would be required in a disclosure statement or prospectus prepared in accordance with the Corporations Act 2001 (Cth). It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

Seek your own advice:

This presentation is not a recommendation to acquire Company shares and has been prepared without taking into account the individual objectives, financial situation or needs of interested individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate financial, legal, taxation and other appropriate advice. Except to the extent prohibited by law, the Relevant Parties disclaim all liability that may otherwise arise due to any of this information being inaccurate or incomplete. By obtaining this document, the Recipient releases the Relevant Parties from liability to the Recipient for any loss or damage that it may suffer or incur arising directly or indirectly out of or in connection with any use of or reliance on any of this information, whether such liability arises in contract, tort (including negligence) or otherwise.

No offer to acquire Company shares:

This presentation is not, and should not be considered, an invitation to acquire Company shares or any other financial products, and neither this document nor any of its contents will form the basis of any contract or commitment. In particular, this document does not constitute any part of any offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of any ‘US person’ as defined in Regulation S under the U.S. Securities Act of 1993 (“Securities Act”). The Company’s shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US person without being so registered or pursuant to an exemption from registration.

Forward-looking statements:

This Announcement contains forward-looking statements which may be identified by words such as "believes", "estimates", "expects', "intends", "may", "will", "would", "could", or "should" and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Announcement, are expected to take place.

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. These and other factors could cause actual results to differ materially from those expressed in any forward-looking statements.

The Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Announcement, except where required by law.

The Company cannot and does not give assurances that the results, performance or achievements expressed or implied in the forward-looking statements contained in this Announcement will actually occur and investors are cautioned not to place undue reliance on these forwardlooking statements.

Competent Person Statements

The information in this announcement that relates to exploration results, and the Sand King and Missouri Mineral Resources is based on information compiled under the supervision of Mr Andrew Czerw, an employee of Ora Banda Mining Limited, who is Member of the Australian Institute of Mining and Metallurgy. Mr Czerw has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Czerw consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is based on information compiled under the supervision of Mr Andrew Czerw, an employee of Ora Banda Mining Limited, who is Member of the Australian Institute of Mining and Metallurgy. Mr Czerw has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements dated 15 December 2016 and 3 January 2017 and to ASX release "Prospectus" dated 30 April 2019. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been modified from the original announcement and, in the case of estimates of Mineral Resources, all material assumptions and technical parameters underpinning the estimates in the initial announcement continue to apply and have not materially changed. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Unless otherwise stated, all Mineral Resources and Ore Reserves (with the exception of Missouri and Sand King) are reported in accordance with JORC 2004. The relevant information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

The information in this report that relates to Ore Reserves is based on information compiled by Mr Craig Mann, who is an independent mining engineering consultant and a full-time employee of Entech Pty Ltd, and has sufficient relevant experience to advise Ora Banda Mining Limited on matters relating to mine design, mine scheduling, mining methodology and mining costs. Mr Mann is satisfied that the information provided in this statement has been determined to a PFS level of accuracy, based on the data provided by Ora Banda Mining Limited.

2

IMPORTANT NOTICE

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New Zealand

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (New Zealand) (the FMC Act). The New Shares are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) other than to a person who (a) is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act; (b) meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act; (c) is large within the meaning of clause 39 of Schedule 1 of the FMC Act; (d) is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or (e) is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.

Hong Kong

WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

Singapore

This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the SFA, or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA.

This document has been given to you on the basis that you are (i) an existing holder of the Company’s shares, (ii) an "institutional investor" (as defined in the SFA) or (iii) an "accredited investor" (as defined in the SFA). In the event that you are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

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United Kingdom

Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the FSMA) has been published or is intended to be published in respect of the New Shares. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of the FSMA) in the United Kingdom, and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (FPO), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Canada

This document constitutes an offering of New Shares only in the Provinces and to those persons to whom they may be lawfully distributed in the Provinces, and only by persons permitted to sell such New Shares. This document is not, and under no circumstances is to be construed as, an advertisement or a public offering of securities in the Provinces. This document may only be distributed in the Provinces to persons that are "accredited investors" within the meaning of NI 45-106 – Prospectus Exemptions, of the Canadian Securities Administrators. No securities commission or similar authority in the Provinces has reviewed or in any way passed upon this document, the merits of the New Shares or the offering of New Shares and any representation to the contrary is an offence.

No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian securities laws which may require resales to be made in accordance with exemptions from dealer registration and prospectus requirements. These resale restrictions may in some circumstances apply to resales of the New Shares outside Canada and, as a result, Canadian purchasers should seek legal advice prior to any resale of the New Shares.

The Company as well as its directors and officers may be located outside Canada and, as a result, it may not be possible for purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons may be located outside Canada and, as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment obtained in Canadian courts against the Company or such persons outside Canada.

Any financial information contained in this document has been prepared in accordance with Australian Accounting Standards and also comply with International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board.

3

- HIGH IMPACT EXPLORATION & MINE PLANNING

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• Ora Banda’s focus is to unlock significant value from the Company’s strategic and prospective landholding, through the following:

Exploration & Systematic exploration program including infill and extensional drilling of high priority resources Resource Definition together with a regional exploration program testing a number of advanced prospects Detailed Additional funds accelerating 12 month evaluation period for Reserve estimation, mine planning, Mine Planning approvals, study work and the economic modelling required prior to production restart

• Targeting a robust Definitive Feasibility Study (“DFS”) (completion expected early 2H 2020) to underpin future project development

• It will be the first opportunity to properly optimise the ore delivery schedule and maximise cash flow, ensuring a strong, de-risked business, underpinned by the following key characteristics:

1. Existing Processing 2. Large & Prospective 3. Known High Grade 4. Tier 1 Gold Mining ü Hub (@1.2Mtpa) ü Landholding (1,336km[2] ) ü Resources ü Jurisdiction 5. Experienced 6. Strong Balance Sheet 7. Near Term Production 8. Low Cost Re-start ü Resources Board ü ü ü

4

CORPORATE OVERVIEW

Ora Banda Mining (ASX:OBM)

Ora Banda Mining (ASX:OBM)
Share Price (25 October 2019) Shares on issue Options on Issue	A$/sh M M	0.19 544.0 44.7
Market Capitalisation	A$m	103.4
Cash (30 September 2019)*	A$m	20.6
Debt (30 September 2019)	A$m	Nil
Enterprise Value	A$m	82.8

* Additional funds ($7.8M) on settlement of Tranche 2 placement announced 16/8/2019

Ora Banda Mining (ASX:OBM)

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7.1%
5.7% Hawkes Point
Other Shareholders
20.9% 42.6% Institutional Shareholders
GR Engineering
Pit n Portal
24.9%
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Board of Directors

Peter Mansell

Non-executive Chairman

David Quinlivan Managing Director

Keith Jones

• Non-executive Director

Mark Wheatley

• Non-executive Director

Management

Tony Brazier

Chief Financial Officer

Andrew Czerw

• GM Resource Development

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• Corporate lawyer with over 40 years’ experience

• Currently Non-executive Chairman of Energy Resources of Australia Limited (subsidiary of Rio Tinto)

• Mining Engineer with significant mining and executive leadership experience

• Currently Non-executive Chairman of Silver Lake Resources Limited

• Chartered Accountant with 38 years of industry experience including acting as Chairman of Deloitte Australia

• Currently Chairman of Cannings Purple

• Chemical engineer and former investment banker with +30 years in the mining and related industries

• Non-executive Director of Peninsula Energy Limited

• Chartered accountant and senior finance professional with over 20 years’ experience across a range of industries including mining & metals, oil & gas, infrastructure and manufacturing.

• Highly experienced geoscience professional with over 25 years of significant senior management experience in Australia and overseas.

5

- INFRASTRUCTURE IN PLACE FOR RAPID START UP

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• Significant infrastructure in place facilitates near term production with low capex

• Not shown here:

• Admin buildings

• Workshops

• Airstrip

• Large bore field

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Tailings Storage Facility
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Mains Power to Site
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Core Shed
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Extensive Road Network (Rav 10 Rated)
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160 Room Camp
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6

1.2 MTPA PLANT GIVES ORA BANDA A BIG EDGE

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• Near new processing plant

• Cost to replace circa $100 million

• Recommissioning cost

• $8.5 million (EPCM estimate)

• Recommissioning timeframe

• 24 weeks

• OBM currently working on fast track schedule

• Significant advantage as very few explorers have immediate access to own processing facilities

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1.2Mtpa Davyhurst Processing Plant
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7

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200 KM OF STRIKE & 1.8MOZ RESOURCE INVENTORY

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• Large scale project 120km NW of Kalgoorlie, covering 200 strike km and 1,336km[2] of highly prospective greenstone belt

• Strategic tenement consolidation occurred in 2007 with no coherent exploration undertaken since

• Tenements host two very significant geological structures

• Zuleika Shear (associated with Kundana and Frogs Legs)

• Ida Fault

• Mineral Resource: 21.0Mt @ 2.6g/t for 1.8Moz

• Five key projects contain a high-grade Resource of 9.2Mt @ 2.8g/t for 840koz

MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1	MINERAL RESOURCE TABLE1		ORE RESERVE TABLE2	ORE RESERVE TABLE2	ORE RESERVE TABLE2	ORE RESERVE TABLE2	ORE RESERVE TABLE2	ORE RESERVE TABLE2
PROJECT	MEASURED		INDICATED		INFERRED		TOTAL MATERIAL				PROJECT	PROBABLE		TOTAL MATERIAL
	(‘000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000oz. )			('000t)	(g/t Au)	('000t)	(g/t Au)	('000oz.)
DAVYHURST TOTAL	138	3.5	12,441	2.5	8,187	2.4	20,728	2.4	1,640		MISSOURI	1,700	2.1	1,700	2.1	120
MOUNT IDA TOTAL	-	-	136	18.6	182	10.2	318	13.8	141		SAND KING	1,100	2.6	1,100	2.6	93
COMBINED TOTAL	138	3.5	12,577	2.7	8,369	2.6	21,046	2.6	1,780		COMBINED TOTAL	2,800	2.3	2,800	2.3	210

1 Refer to ASX announcement dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019, for classified Mineral Resources reported in accordance with the JORC Code. 8 Note: The above table may contain rounding adjustments 2 Refer to ASX announcement dated 15 December 2016, 14 February 2017 and 30 October 2019. The above table may contain rounding adjustments.

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MINE DEVELOPMENT PROGRAM

9

- FIVE KEY DEPOSITS FOCUS FOR RESTART

Deposit	Target	Distance to Plant	Current JORC Resource*	Proposed Drill Metres	Drill Metres Completed (Oct End)
Riverina	OP	48km	2.6Mt @ 2.5g/t for 205koz	13,800m	6,851m
Waihi	OP & UG	3km	914Kt @ 2.4g/t for 71koz	12,700m	7,972m
Callion	OP & UG	14km	169Kt @ 2.6g/t for 14koz	7,800m	748m
Siberia	OP	37km	4.8Mt @ 3.2g/t for 498koz	Nil
Golden Eagle	UG	2km	656Kt @ 2.5g/t for 54koz	Nil
TOTAL			9.2Mt @ 2.8g/t for 840koz	34,300m	15,526m

• Focused on five advanced deposits, all well-understood and close to the plant:

• Currently contains 9.2Mt @ 2.8g/t for 840koz[1]

• Objective: Resource Upgrade & Extension leading to Reserve Definition

• Targets: both open pit & underground

• Deliverables:

• Riverina & Waihi resource upgrades due shortly (Dec Qtr)

• Upgraded resources will underpin reserves

• DFS expected to deliver key parameters of initial 5-year mining investment case

• Refer to ASX announcement dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019 for classified Mineral Resources reported in accordance with the JORC Code. Note: The above table may contain rounding adjustments.

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10

1 RIVERINA

Priority Development Target

Significant open pit and underground potential

• Existing Resource of 2.6Mt @ 2.5g/t for 205koz[1]

• Along strike & depth extensions provide considerable scope to grow resource base

• Planned drilling program progressing well (6,851m of 12,000m complete)

• Significant intersections include:

• 6.0m @ 13.4 g/t from 65m including 4.0m @ 19.5 g/t (Murchison)

• 4.0m @ 11.8g/t from 105m including 2.0m @ 19.6g/t(Murchison)

• 3.0m @ 14.9g/t from 3.0m (Murchison)

• 15m @ 2.8g/t Au from 24m including 4.0m @ 6.2g/t Au (Reggie)

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1. Refer to ASX announcement dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019 for classified Mineral Resources reported in accordance with the JORC Code.

11

2 WAIHI

Priority Development Target

Open pit and high-grade underground potential (3km from plant)

• Existing Resource of 914Kt @ 2.4g/t for 71koz[1]

• Exploration effort focussed on JORC 2012 Resource upgrades & Reserve definition (open pit and underground)

• Considerable scope to grow resource base

• Planned drilling program progressing well (7,972m of 12,000m complete)

• Significant intersections include:

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• 23m @ 9.1g/t from 128 metres

• 23.0m @ 6.2 g/t from 57m

• 17.0m @ 6.7 g/t from 77m

• 5.0m @ 19.2 g/t from 38 metres

• 8.0m @ 4.2g/t from 36 metres

• Refer to ASX announcements dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019, for classified Mineral Resources reported in accordance with the JORC Code.

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1. Refer to ASX announcement dated 14 October 2019 & 6 November 2019. For further drilling details refer OBM website at www.orabandmining.com.au

12

2 WAIHI

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Mine Development
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Refer to ASX announcement dated 14 October 2019 & 6 November 2019. For further drilling details refer OBM website at www.orabandmining.com.au

13

3 SIBERIA

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Priority Development Target

Sand King & Missouri - open pit opportunities

• Resource Inventory - 4.8Mt @ 3.2g/t for 498koz[1]

• Open Pit Reserve Inventory – 2.8Mt @ 2.3g/t for 210koz[2]

• Located only 37km from Davyhurst Plant

• Strong underground potential remains

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1. Refer to ASX announcements dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019 for classified Mineral Resources reported in accordance with the JORC Code.

2. Refer to ASX announcement dated 30 October 2019. The above statement may contain rounding adjustments.

14

4 CALLION

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Priority Development Target

Prospective open pit & high-grade underground mining opportunity (14km from Davyhurst plant)

• Drilling underway at Callion

• 7,800m of drilling planned

• Focus open pit reserve & extending high grade underground targets

• Depth extensions will be targeted down-dip & down-plunge

• • Surface expressions on the main Callion vein traced in outcrop over 1.2km strike length

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1. Refer to ASX announcements dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019 for classified Mineral Resources reported in accordance with the JORC Code.

15

1. Refer to ASX announcement dated 31 August 2017. For further drilling details refer OBM website at www.orabandamining.com.au

5 GOLDEN EAGLE

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Advanced Development Opportunity

Underground mine developed to 150m vertical depth (2 km from Davyhurst Plant).

• High grade underground mine potential

• Deepest hole in Central - 6.0m @ 10.3g/t

• Drilling targeting JORC 2012 Resource and maiden underground Reserve

• Existing Resource of 656Kt @ 2.5g/t for 54koz[1]

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1. Refer to ASX announcements dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019 for classified Mineral Resources reported in accordance with the JORC Code. 2. Refer to ASX announcement dated 29 May 2018 and for further drilling details refer OBM website at www.orabandamining.com.au

16

STRONG NEWS FLOW & MULTIPLE VALUE CATALYSTS

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|||||||||
|---|---|---|---|---|---|---|---|
|Key Workstreams|Q3 CY19|Q4 CY19|Q1 CY20|Q2 CY20|Q3 CY20|Q4 CY20|Q1 CY21|
|Drilling|Complete|
|1. Riverina|
|Estimation/ Approvals|ü|Exploration newsflow to|
|culminate in multiple|
|Drilling|Complete|
|2. Waihi|Resources & Reserves|
|Estimation / Approvals|ü|being updated|
|Drilling|
|3. Siberia|
|Estimation / Approvals|ü|
|Drilling|
|4. Callion|
|Estimation / Approvals|ü|
|Drilling|
|5. Golden Eagle|
|Estimation / Approvals|Complete|ü|
|Regional Exploration|
|DFS Undertaken|ü|
|DFS|
|Capital Optimisation|Complete|ü|
|Pre-development|[1]|ü|
|Commissioning|[1]|ü|
|First Gold Pour|[1]|
|1 Subject to successful DFS|Coincident mine planning and development activities,|
|including capital optimisation study, the DFS and|
|ultimately the re-start of gold production|

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17

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EXPLORATION PIPELINE

18

HIGHLY PROSPECTIVE EXPLORATION PORTFOLIO

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Large landholding covering 1,336km[2] and many kms of prospective strike

Tenement consolidation occurred in 2007, but no coherent exploration effort undertaken yet

Of the 48,000 holes in the database, fewer than 600 are drilled deeper than 200m

High priority targets include well-defined but poorlytested prospect-scale gold occurrences

19

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Exploration
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HIGH ORDER TARGETS NOT FOLLOWED UP!

Mulline Trend

Lady Ida Trend

• Well defined but poorly tested advanced prospect scale gold mineralisation

• Well defined but poorly tested mineralised trend

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• Some wide space drilling on 400m line spacing

• 10 km long coherent 100ppb geochemical soil anomaly

• Historical Open Pit mining includes Iguana and Lizard

• Limited exploration drilling has produced compelling results

• No broad scale exploration undertaken

• Historical Open Pit mines include Lady Gladys, Mulline Rose and numerous surface laterite pits

For further drilling details refer to OBM website at www.orabandmining.com.au

1. Refer to ASX announcements dated 15 December 2016 and 3 January 2017 and ASX release "Prospectus“ dated 30 April 2019 for classified Mineral Resources reported in accordance with the JORC Code.

20

1. Refer to ASX announcement dated 20 February 2017. For further drilling details refer OBM website at www.orabandamining.com.au

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INVESTMENT SUMMARY

1. Existing Processing Hub (@ 1.2Mtpa) 2. Large & Prospective Landholding (1,336km2)

2. Known High Grade Resources 4. Tier 1 Gold Mining Jurisdiction 5. Well Capitalised with +$20m cash and no debt - 6. Targeting Near Term Production with a Low Cost Re start

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APPENDIX: ADDITIONAL SLIDES

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HISTORICAL EXPLORATION RESULTS

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Date	Announcement
28-Jun-18	Strong Underground Drilling Results From Golden Eagle – Central Shoot
14-Jun-18	Regional Exploration Update
31-May-18	Siberia Drilling defines Laterite Extension & Viable Low Grade Stockpile
29-May-18	Strong Underground Drilling Results From Golden Eagle – Central Shoot
24-Apr-18	Strong Progress Continues At Golden Eagle Underground Mine
17-Apr-18	Riverina Drilling Update
9-Aug-17	Replacement Davyhurst Exploration and Operations Update
8-Aug-17	Davyhurst Exploration and Operations Update
14-Jul-17	Davyhurst Mill Processing Commenced
22-Feb-17	Impressive Results From Initial Drilling At Waihi Complex
20-Feb-17	Significant Intercepts Across Multiple Mining Centres – Callion, Mulline & Riverina
14-Feb-17	Maiden Sand King Open Pit Reserve
9-Feb-17	Great Ophir Drilling – Confirms Down Plunge Mineralisation
25-Jan-17	Riverina Drilling Update
12-Jan-17	Riverina Drilling Confirms Significant Mineralisation
10-Jan-17	Callion Drilling Delivers Strong Results
3-Jan-17	Sand King Deposit Mineral Resource Update

Date	Announcement
15-Dec-16	Sand King Grades Strengthen Siberia Mining Operations
15-Dec-16	Missouri Deposit Mineral Resource and Reserve Update
6-Dec-16	Strong Final Missouri Drilling Results Recorded
24-Nov-16	Callion Drilling Returns 6.7M @ 11.03 g/t Au
23-Nov-16	Outstanding Siberia Drilling Results Continue
15-Nov-16	High Grade Results Continue at Siberia
2-Nov-16	High Grade Results Continue at Siberia
25-Oct-16	Siberia Drilling Update
22-Sep-16	Significant Drill Results from Siberia
13-Sep-16	Strong Initial Results from Siberia Diamond Drilling
29-Jul-16	Mt Ida – Encouraging Drilling Results at Bombay Prospect
28-Jul-16	Initial Diamond Drilling Intersects Significant Mineralisation at Callion
18-Jul-16	Drill Results Demonstrate Significant Potential at Walhalla North
15-Jun-16	Initial Drill Results Define Potential at Walhalla North Prospect
26-May-16	Initial Drill Results Define Potential at Dexy Prospect
19-May-16	Drill results from Golden Eagle delivers near term mining target
5-May-16	Initial Drilling Results from Davyhurst Highlight Exploration Potential
13-Feb-13	Swan Gold Prospectus

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MINERAL RESOURCES & ORE RESERVES

MINERAL RESOURCES	MEASURED	MEASURED	INDICATED	INDICATED	INFERRED	INFERRED	TOTAL MATERIAL	TOTAL MATERIAL	TOTAL MATERIAL
	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000oz.)
GOLDEN EAGLE	-	-	345	2.5	311	2.6	656	2.5	54
LIGHTS OF ISRAEL UNDERGROUND	-	-	74	4.3	180	4.2	254	4.2	35
MAKAI SHOOT	-	-	1,985	2.0	153	1.7	2,138	2.0	136
WAIHI	-	-	805	2.4	109	2.4	914	2.4	71
Central Davyhurst Subtotal	-	-	3,200	2.2	800	2.6	3,962	2.3	296
LADY GLADYS	-	-	1,858	1.9	190	2.4	2,048	1.9	128
RIVERINA AREA	-	-	941	2.4	1,644	2.5	2,585	2.5	205
FOREHAND	-	-	386	1.7	436	1.9	822	1.8	48
SILVER TONGUE	-	-	155	2.7	19	1.3	174	2.5	14
SUNRAYSIA	-	-	175	2.1	318	2.0	493	2.0	32
Riverina-Mulline Subtotal	-	-	3,515	2.1	2,607	2.3	6,122	2.2	427
SAND KING	-	-	1,773	3.3	680	3.7	2,453	3.4	271
MISSOURI	-	-	2,022	3.0	409	2.6	2,431	2.9	227
PALMERSTON / CAMPERDOWN	-	-	118	2.3	174	2.4	292	2.4	22
BEWICK MOREING	-	-	-	-	50	2.3	50	2.3	4
BLACK RABBIT	-	-	-	-	434	3.5	434	3.5	49
THIEL WELL	-	-	-	-	18	6.0	18	6.0	3
Siberia Subtotal	-	-	3,913	3.1	1,765	3.2	5,678	3.1	576
CALLION	-	-	86	2.8	83	2.3	169	2.6	14
Callion Subtotal	-	-	86	2.8	83	2.3	169	2.6	14
FEDERAL FLAG	32	2.0	112	1.8	238	2.5	382	2.3	28
SALMON GUMS	-	-	199	2.8	108	2.9	307	2.8	28
WALHALLA	-	-	448	1.8	216	1.4	664	1.7	36
WALHALLA NORTH	-	-	94	2.4	13	3.0	107	2.5	9
MT BANJO	-	-	109	2.3	126	1.4	235	1.8	14
MACEDON	-	-	-	-	186	1.8	186	1.8	11
Walhalla Subtotal	32	2.0	962	2.1	887	2.0	1,881	2.1	126
IGUANA	-	-	690	2.1	2,032	2.0	2,722	2.0	177
LIZARD	106	4.0	75	3.7	13	2.8	194	3.8	24
LadyIda Subtotal	106	4.0	765	2.3	2,045	2.0	2,916	2.1	201
DavyhurstTotal	138	3.5	12,441	2.5	8,187	2.4	20,728	2.5	1,640
BALDOCK	-	-	136	18.6	0	0.0	136	18.6	81
METEOR	-	-	-	-	143	9.3	143	9.3	43
WHINNEN	-	-	-	-	39	13.3	39	13.3	17
MountIdaTotal	-	-	136	18.6	182	10.2	318	13.8	141
CombinedTotal	138	3.5	12,577	2.7	8,369	2.6	21,046	2.6	1,780

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PROBABLE TOTAL MATERIAL
MINERAL RESERVE
('000t) (g/t Au) ('000t) (g/t Au) ('000oz.)
Missouri 1,700 2.1 1,700 2.1 120
Sand King 1,100 2.6 1,100 2.6 93
COMBINED TOTAL 2,800 2.3 2,800 2.3 210
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Table reporting inconsistencies may exist due to rounding

All Resources listed with the exception of the Missouri and Sand King Resources were prepared and first disclosed under the JORC Code 2004 (refer to ASX release “Swan Gold Prospectus” dated 13 February 2013). It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

The Missouri and Sand King Mineral Resources has been updated and complies with all relevant aspects of the JORC Code 2012, and initially released to ASX on 15 December 2016 (Missouri) and 3 January 2017 (Sand King).

2. The First Hit and Lady Bountiful Resources are no longer held by the Company and as such have been omitted from the above table.

The adjacent table may contain rounding adjustments.

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