ORA BANDA MINING LTD — Investor Presentation 2021

May 9, 2021

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Investor Presentation Update – May 2021

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 presentation 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 presentation, 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 presentation, 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 presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.

Competent Person Statements

The information in this presentation that relates to exploration results, and the Riverina, Riverina South, Waihi, Golden Eagle, Sand King, Missouri and Callion Mineral Resources is based on information compiled under the supervision of Mr Andrew Czerw, an employee of Ora Banda Mining Limited, who is a 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 this information in the form and context in which it appears.

Sand King, Missouri, Riverina Riverina South, Waihi, Golden Eagle, and Callion Mineral Resources are reported in accordance with the JORC Code (2012). 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 (Missouri) and 3 January 2017 (Sand King), 2 December 2019 (Riverina), 4 February 2020 (Waihi), 8 April 2020 (Golden Eagle), 15 May 2020 (Callion), 9October 2020 (Riverina South) and restated in market announcement ‘Davyhurst Gold Project - Ore Reserve Update’ dated 26 May 2020. The Company further confirms that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcements continue to apply and have not materially changed.

Mineral Resources other than Sand King, Missouri, Riverina, Riverina South, Waihi, Golden Eagle and Callion, were first reported in accordance with the JORC 2004 code in Swan Gold Mining Limited Prospectus released to the market on 13 February 2013. Mineral Resources other than Sand King, Missouri, Riverina, Riverina South, Waihi, Golden Eagle and Callion have not been updated to comply with JORC Code (2012) on the basis that the information has not materially changed since it was first reported.

The information in this presentation that relates to Ore Reserves is based on information compiled by Mr Geoff Davidson, who is an independent mining engineering consultant, 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 Davidson 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 Davidson is a Fellow member of the Australasian Institute of Mining and Metallurgy. Mr Davidson is satisfied that the information provided in this statement has been determined to a feasibility level of accuracy, based on the data provided by Ora Banda Mining Limited. Mr Davidson consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

2

INVESTMENT HIGHLIGHTS

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• 1 Australia’s newest gold producer
• 2 Robust project [1]
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• 5.2 year mine life

• 81kozpa – average annual gold production

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• 3 Producing and debt-free
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• $18.5 million cash and no debt at 31 March 2021

• $15.0 million facility terms agreed with CBA

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• 4 Operations underpinned by high grade Ore Reserve
–
Mining Reserve of 6.1Mt @ 2.4 g/t for 460,000oz Au
• 5 Two operating mines with a third in development
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• Mining Reserve of 6.1Mt @ 2.4 g/t for 460,000oz Au[2]

• Riverina & Golden Eagle online, Missouri in development

• 1.2Mtpa nameplate process plant operational

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• Continuing to build ore stocks

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• 6
Mineral Resource of 24.3Mt @ 2.8g/t for 2.2Moz Au [2]
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• Exploration program targeting classification upgrades

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• 7 “District Scale” exploration package
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• 1,350km[2] of highly prospective greenstone belt with ~200 strike km

2. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments.

1. Refer to ASX Announcement dated 30 June 2020

3

CORPORATE OVERVIEW

Ora Banda Mining (ASX:OBM)

Share Price_(7th May 2021)_	A$/share	0.195
Shares on issue	M	842.2
Options on issue	M	39.9
Market Capitalisation	A$M	164.2
Cash_(31st March 2021)_	A$M	18.5
Debt_(31st March 2021)_	A$M	-
Enterprise Value	A$M	145.7

Board of Directors

Peter Mansell

Non-executive Chairman

David Quinlivan Managing Director

Keith Jones

Non-executive Director

Mark Wheatley

Non-executive Director

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• Corporate lawyer with over 40 years’ experience

• Currently Non-executive Chairman of Energy Resources of Australia Limited (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’ industry experience

• Former Chairman of Deloitte Australia and currently Chairman of Coda Minerals Ltd

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

• • Non-executive Chairman of Prospect Resources Ltd

Management

Shareholders

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4.8%
Hawke's Point
25.3% Other Shareholders
46.6% Institutional Shareholders
NPS Mining Alliance
23.2%
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Peter Nicholson*

Chief Executive Officer

Tony Brazier

Chief Financial Officer

Andrew Czerw

GM Resource Development

Brendan Fyfe

General Counsel

Derek Byrne

GM Operations

• Mining engineer with over 25 years of mining, private equity and executive leadership

• • Internationally experienced in a range of commodities and mining / processing methods

• 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 30 years of significant senior management experience in Australia and overseas

• Highly experienced legal professional with over 20 years of significant resource industry experience in Australia and overseas

• Highly experienced mining professional with over 35 years of significant mine leadership experience in both Australia and overseas

• Commenced April 2021

4

QUARTERLY RECAP & HIGHLIGHTS

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Riverina Open Pit Site Layout (31 Dec 2020)
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• Peter Nicholson commenced as CEO on 6 April 2021

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• 3,024oz of gold sold at an average price of A$2,235/oz – Unsold bullion of 1,166 oz

• Gold in Circuit (GIC) of 1,354 oz

• Gold in surface ore stocks of 6,593 oz at quarter end

• Systematic ramp-up of processing facilities continuing through the end of the quarter

• Riverina open pit productivity continued to increase during the quarter

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Riverina Open Pit (31 Dec 2020)
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• 425mRL bench level reached by quarter end

• Dewatering and rehabilitation of Golden Eagle underground completed and first gold production achieved

• All key infrastructure completed during the quarter (power, camps, processing plant, borefields)

• A$1.25m investment in exploration. 30,225m metres of exploration and resource definition drilling completed

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Riverina Open Pit Site Layout (31 Mar 2021)
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Waste Dump
Riverina
Open Pit
Mine Ore Pad
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Riverina Open Pit (31 Mar 2021)
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5

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DAVYHURST GOLD PROJECT

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PRODUCER WITH NEAR TERM +80KOZPA TARGET1

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1
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Current Operational Status

• Commencement of gold production at Davyhurst (first gold poured in February)

• Project works delivered on schedule and within budget:

• Riverina O/P & Golden Eagle U/G operational

• Process plant in ramp up phase with full throughput imminent

• Planning for commencement of mining operations at Missouri in progress

• Multiple production sources underpin long-life operation at Davyhurst

• Six deposits contribute to the current 5.2-year mine plan, all within 50km of Davyhurst plant

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2
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Near Mine Opportunities

• Potential open pit extensions and strong underground Mineral Resources of 0.5 Moz Au[2] (3.7 Mt @ 4.4 g/t Au) provides opportunity for near term mine-life extensions beyond current designs

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3
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Infrastructure in Place

• Highly strategic long-term infrastructure in place to support growth and resource extensions

• Ora Banda positioned well to be a long term regional producer in a leading jurisdiction

2. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments.

1. Refer to ASX Announcement dated 30 June 2020

7

COMPELLING FINANCIAL METRICS1

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Recap of Key DFS Metrics

• DFS base case undertaken at A$2,100/oz gold price

• Significant upside to current gold price environment

• At OBM’s “Base Case” gold price of A$2,100/oz Au, the Davyhurst Gold Project is forecast to deliver:

• Post-tax free cash flow of A$175 million

• Average annual free cash flow of A$35 million

• Rapid payback of 14 months

• Post-tax NPV6% of A$137 million

Operating Costs	LOM (A$/oz)
Mining (including road haulage & ROM loading)	1,082
Processing	293
Site General & Administration	51
Cash costs (C1)	1,427
Royalties	53
Sustaining capital	3
Corporate & exploration (including tenement rents & rates)	84
AISC	1,566

• LOM production forecast:

• 418Koz of gold (LOM)

• 81Koz/yr of gold (LOM annual average)

• Carried forward tax losses of A$281 million (30 June 2020):

• Increases free cash flow in the early years

• Capital works program completed within budget

Pre-Production Capital Costs	DFS (A$m)	28 Feb (A$m)	Forecast (A$m)
Processing plant – direct costs	8.7	7.6	8.7
Processing plant – indirect costs	2.6	3.7	3.7
Infrastructure / Miscellaneous Sustaining Capital	10.4	9.0	9.0
First fills, spare parts	2.1	1.6	2.2
Development capital expenditure	23.8	21.9	23.6
Pre-production mining costs	19.3	20.6	20.6
Pre-production capital cost	43.1	42.5	44.2
Contingency (processing plant & infrastructure)	2.0		0.9
Total pre-production capital costs	45.1	42.5	45.1

8 1. Refer to ASX Announcement dated 30 June 2020

SIX KEY DEPOSITS UNDERPIN MINE PRODUCTION1

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ANNUAL ORE TONNAGE & ORE GRADE MINED BY PIT
1500 2.58 2.53 2.44 3
2.21 2.5
1.95 2.02
1000 2
1.5
500 1
0.5
0 0
2020 2021 2022 2023 2024 2025
Riverina Missouri Sand King Waihi
Thousands
Ore Tonnage (t)
Ore Grade (g/t Au)
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Deposit	Mineral Resource1	Mining Reserve1	Comments
Riverina	3.7 Mt @ 2.7 g/t for 322 koz	1.4 Mt @ 1.8 g/t for 81 koz	• Open Pit & Underground • Mineralisation remains open at depth, along strike and down plunge
Sand King	2.5 Mt @ 3.5 g/t for 286 koz	1.3 Mt @ 2.6 g/t for 110 koz	• Underground • Mine developed to 150m vertical depth • Down plunge drilling confirms mineralisation is open
Missouri	2.1 Mt @ 3.4 g/t for 227 koz	1.5 Mt @ 2.6 g/t for 130 koz	• Open Pit & Underground
Waihi	2.5 Mt @ 2.6 g/t for 206 koz	1.5 Mt @ 2.3 g/t for 110 koz	• Open Pit & Underground • Underground potential remains below pits
Callion	0.7 Mt @ 4.9 g/t for 107 koz	0.24 Mt @ 2.6 g/t for 21 koz	• Open Pit & Underground • Underground potential remains below pits
Golden Eagle	0.4 Mt @ 3.9 g/t for 49 koz	0.13 Mt @ 3.8 g/t for 16 koz	• Open Pit & Underground • High grade underground potential
TOTAL 11.9 Mt @ 3.1 g/t for 1.2 Moz 6.1 Mt @ 2.4 g/t for 460 koz

Mine plan based on Ore Reserve of 6.1Mt @ 2.4g/t Au for 460koz Au[1]

9 1. Refer to ASX Announcement dated 30 June 2020

MINE OVERVIEW

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PROCESSING PLANT
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GOLDEN EAGLE UNDERGROUND OPERATIONS

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LNG FACILITY
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RIVERINA OPEN PIT OPERATIONS
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PLANT CONTROL ROOM
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RIVERINA CAMP
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RESOURCE DEFINITION AND EXPLORATION

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DISTRICT SCALE LANDHOLDING

• “District Scale” land holding stretching from Kalgoorlie to north of Menzies with significant exploration potential

• Tenement package consists of 111 granted tenements covering an area of approximately 1,350 km[2]

• Approximately 200 strike kilometers of greenstone sequences prospective for gold as well as nickel sulphide and base metal mineralisation

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12

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Resource Definition
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- RIVERINA SOUTH AN ADVANCED NEAR MINE PROSPECT

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Riverina South & UG Prospects – Adjoins & Below Riverina Open Pit

• Confirmed extension to Riverina Main Lode mineralisation, remains open along strike to the south and at depth

• Maiden resource estimate of 650kt @ 2.1 g/t for 43koz announced

• Recent Open Pit Results[1][[1]]

Recent Underground Results[[1]]

• 10.0m @ 10.8 g/t from 80m (including 6.0m @ 17.3 g/t) • 8.0m @ 9.9 g/t from 69m (including 6.0m @ 13.0 g/t) • 8.0m @ 7.7 g/t from 16m (including 4.0m @ 14.5 g/t) • 13.0m @ 4.59 g/t from 63m (Including 3.0m @ 10.1 g/t) • 13.0m @ 3.23 g/t from 37m (Including 2.0m @ 15.8 g/t)

• 14.0m @ 6.6 g/t from 148m (including 10.0m @ 9.0 g/t)

• 6.0m @ 10.1 g/t from 96m (hanging wall lode)

• 2.0m @ 10.9 g/t from 126m

• 4.0m @ 5.2 g/t from 88m

• 13.0m @ 3.8 g/t from 5m

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1. Refer to ASX announcements dated 8 March 2021, 10 August 2020 and 9 April 2020. For further drilling details refer to the OBM website at www.orabandamining.com.au

13

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Resource Definition
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- GOLDEN EAGLE UNDERGROUND RESOURCE EXTENSION

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Golden Eagle Underground – Resource Extension and Upgrade Drilling

• Drilling targeted at extending and upgrading the current Golden Eagle underground resource

• 4,083 infill diamond metres drilled in March 2021 quarter

Recent Underground Results[1]

• 10.5m at 7.6 g/t

• 26.1m at 1.8 g/t (Including 12.1m @ 2.8 g/t)

• 6.1m at 4.5 g/t (Including 3.1m @ 8.5 g/t)

• 3.4m @ 7.5 g/t (Including 2.0m @ 12.9 g/t)

• 3.9m @ 5.3 g/t

1. Refer to ASX quarterly activity statement dated 30 April 2021. For further drilling details refer to the OBM website at www.orabandamining.com.au

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– EXPLORATION POTENTIAL MULTIPLE REGIONAL PROSPECTS

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1 Large landholding covering 1,350km [2] and many kms of prospective strike
2 Tenement consolidation occurred in 2007, but no coherent exploration effort undertaken as yet
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3 High priority targets include well-defined but poorly-tested prospect-scale gold occurrences

• Exploration drilling recommenced in January. Multiple (100+) drill ready regional targets identified

4

Recent Exploration Results[1]

Drilling Programs in Progress FY21

Aircore Drilling – 18,000m

Young Australian

• Mulline Trend – Young Australia, Sunraysia

• 4.0m @ 6.18 g/t from 36.0m

• Santalum

• 4.0m @10.78 g/t from 44.0m

• Sky

• 4.0m @3.82 g/t from 137.0m

• South Pole

Flame Prospect

• Ida Gem

• 2.0m @ 19.22 g/t from 58.0m

RC Drilling – 10,000m

• 9.0m @ 5.53 g/t from 64.0m; including 7.0m @ 6.9g/t

• Mulline North

• 3.0m @ 8.19 g/t from 80.0m

• Palmerston East

• 5.0m @ 2.01 g/t from 98.0m

• Callion Cross

• 1.0m @ 9.15 g/t from 72.0m

• Riverina North

Mt Ida Project

• Dave Lode

• 5.0m @ 4.45 g/t from 23m

• Iguana

• 6.0m @ 5.0g/t g/t from 69m

• 5.0m @ 3.20 g/t from 76.0m

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15

1. Refer to ASX announcement dated 20 May 2020 for further information. For further drilling details refer to the OBM website at www.orabandamining.com.au

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Regional Exploration
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– EXPLORATION POTENTIAL MULTIPLE REGIONAL PROSPECTS

TARGETS - Exploration & Resource Development

• “Target Support” defines current understanding and confidence in the target

• “Prospectivity” defines the potential of the target

• Size of the bubble represents the potential size of the target (larger bubble = larger potential ounces)

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APPENDICES

17

1 RIVERINA

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Riverina - Open Pit & Underground

Riverina

Isometric view looking north-west

• Resource 3.7 Mt @ 2.7 g/t for 322 koz1

• Open Pit 3.0 Mt @ 1.9 g/t for 183 koz

• Underground 0.7 Mt @ 5.9 g/t for 139 koz

• Ore Reserve 1.4 Mt @ 1.8 g/t for 81 koz2

• Located 48 km from Davyhurst Process Plant

• Considerable scope to grow resource and reserve base

• Underground mining evaluation study in progress

• Confirmed extension to Riverina Main Lode mineralisation at Riverina South (immediately south of the current pit), remains open along strike to the south and at depth

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Riverina open pit and preliminary underground mine deign

Showing design pit, mineralisation wireframes, historical underground mine voids

1. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments.

2. Refer to ASX announcement dated 2 December 2019 for further information. For further drilling details refer to the OBM website at www.orabandamining.com.au

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2 GOLDEN EAGLE
Golden Eagle - Underground
• Resource 0.4 Mt @ 3.9 g/t for 49 koz1 Golden Eagle Long Section
• Ore Reserve 0.1 Mt @ 3.8 g/t for 16 koz2
•
Located 2 km from Davyhurst Process Plant
•
Substantial development complete (mine
developed to 150m vertical depth)
•
Down plunge drilling confirms mineralisation is
open
•
Significant resource definition drilling program
planned from underground locations to
upgrade Inferred Resource
1.
Mine Development
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2. Refer to ASX announcement dated 8 April 2020. For further drilling details refer to the OBM website at www.orabandamining.com.au

1. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments.

19

3 MISSOURI

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Missouri

Missouri - Open Pit & Underground

Isometric view looking north-west

• Resource 2.1 Mt @ 3.4 g/t for 227 koz1

• Ore Reserve 1.5 Mt @ 2.6 g/t for 130 koz2

• Located 37 km from Davyhurst Process Plant

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Missouri Mine Design

Showing pit design & mineralisation wireframes

Isometric view looking north-west

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2. Refer to ASX announcement dated 15 December 2016. For further drilling details refer to the OBM website at www.orabandamining.com.au

1. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments.

20

4 SAND KING

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Sand King - Open Pit & Underground

• Resource 2.5 Mt @ 3.5 g/t for 286 koz1

• Ore Reserve 1.3 Mt @ 2.6 g/t for 110 koz2

Sand King Mine Design

Showing pit design & mineralisation wireframes

Isometric view looking north-west

• Located 37 km from Davyhurst Process Plant

• Underground potential remains below pits

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AU Grade (g/t)
2.0 to 3.0
3.0 to 4.0
> = 4.0
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Sand King Long Section Showing pit design resource blocks Long Section view looking north-east

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1. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments. 2. Refer to ASX announcement dated 3 January 2017. For further drilling details refer to the OBM website at www.orabandamining.com.au

21

5 WAIHI

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Waihi - Open Pit & Underground

• Resource 2.5 Mt @ 2.6 g/t for 206 koz1

• Open Pit 2.1 Mt @ 2.4 g/t for 159 koz

• Underground 0.4 Mt @ 3.8 g/t for 47 koz

• Ore Reserve 1.5 Mt @ 2.3 g/t for 110 koz2

• Located 3 km from Davyhurst Process Plant

• Underground potential remains below pits

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AU Grade (g/t)
0.7 to 1.0
1.0 to 2.0
2.0 to 3.0
3.0 to 4.0
> = 4.0
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2. Refer to ASX announcement dated 30 June 2020. For further drilling details refer to the OBM website at www.orabandamining.com.au

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1. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments.

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6 CALLION
Callion - Open Pit & Underground
• Resource 0.7 Mt @ 4.9 g/t for 107 koz1
• Ore Reserve 0.2 Mt @ 2.6 g/t for 21 koz [2]
•
Located 14 km from Davyhurst Process Plant
•
High grade underground potential
1.
Mine Development
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1. Refer to Appendix A & B - Mineral Reserve and Mining Resource Statement for further details The above statement may contain rounding adjustments. 2. Refer to ASX announcement dated 30 June 2020. For further drilling details refer to the OBM website at www.orabandamining.com.au

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– APPENDIX A ORE RESERVE TABLE

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PROJECT	PROVED	PROVED	PROBABLE	PROBABLE	TOTAL MATERIAL	TOTAL MATERIAL	TOTAL MATERIAL
	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000oz.)
Sand King	-	-	1,300	2.6	1,300	2.6	110
Missouri	-	-	1,500	2.6	1,500	2.6	130
Riverina Open Pit	-	-	1,400	1.8	1,400	1.8	81
Golden Eagle	-	-	130	3.8	130	3.8	16
Waihi	-	-	1,500	2.3	1,500	2.3	110
Callion	-	-	240	2.6	240	2.6	21
TOTAL	-	-	6,100	2.4	6,100	2.4	460

Notes

1. The table contains rounding adjustments to two significant figures and does not total exactly.

2. This Ore Reserve was estimated from practical mining envelopes and the application of modifying factors for mining dilution and ore loss.

3. For the open pit Ore Reserve dilution skins were applied to the undiluted LUC Mineral Resource estimate at zero grade. The in-pit global dilution is estimated to be 29% at Sand King, 43% at Missouri, 22% at Riverina, 13% at Waihi and 23% at Callion all of which were applied at zero grade. The lower dilution at Riverina, Waihi and Callion reflecting the softer lode boundary and allows for inherent dilution within the lode wireframe. All Inferred Mineral Resources were considered as waste at zero grade.

4. The Open Pit Ore Reserve was estimated using incremental cut-off grades specific to location and weathering classification. They range from 0.54 g/t to 0.69 g/t Au and are based on a price of A$2100 per ounce and include ore transport, processing, site overheads and selling costs and allow for process recovery specific to the location and domain and which range from 85% (Sand King fresh ore) to 95%.

5. Approximately 100,000 t at 1.8 g/t at Riverina was downgraded from Proved to Probable due to uncertainty at the time surrounding metallurgical recovery. Subsequent test work estimated the Riverina recoveries to be 90.1%, 97.6% and 94.3% for oxide, transition and fresh, respectively.

6. The underground Ore Reserve was estimated from practical mining envelopes derived from expanded wireframes to allow for unplanned dilution. A miscellaneous unplanned dilution factor of 5% at zero grade was also included. The global dilution factor was estimated to be 32% with an average grade of 0.77 g/t Au.

7. The underground Ore Reserve was estimated using stoping cut-off of 2.7 g/t Au which allows for ore drive development, stoping and downstream costs such as ore haulage, processing, site overheads and selling costs. An incremental cut-off grade of 0.7 g/t Au was applied to ore drive development and considers downstream costs only. Cut-off grades were derived from a base price of A$2100 per ounce and allow for an assumed process recovery of 92%. Subsequent test work estimated the Golden Eagle fresh recovery to be 90.6%

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– APPENDIX B MINERAL RESOURCE TABLE

PROJECT	Cut-Off	('000t) (g/t Au) MEASURED	('000t) (g/t Au) MEASURED	INDICATED	INDICATED	INFE	RRED	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL
			(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)
GOLDEN EAGLE	2.0	-	-	247	4.1	146	3.4	393	3.9	49
LIGHTS OF ISRAEL	3.0	-	-	74	4.3	180	4.2	254	4.2	34
MAKAI SHOOT	1.0	-	-	1,985	2.0	153	1.7	2,138	2.0	137
Open Pit	0.5	-	-	1,948	2.4	131	2.9	2,079	2.4	159
WAIHI Underground	2.0	-	-	188	3.7	195	4.0	383	3.8	47
TOTAL		-	-	2,136	2.5	326	3.5	2,462	2.6	206
Central Davyhurst Subtotal		-	-	4,442	2.4	805	3.3	5,247	2.5 427
LADY GLADYS	1.0	-	-	1,858	1.9	190	2.4	2,048	1.9	125
Open Pit	0.5	116	1.8	2,694	1.8	183	3.0	2,993	1.9	183
RIVERINA AREA Underground	2.0	-	-	226	5.7	502	6.1	728	5.9	139
TOTAL		116	1.8	2,843	1.8	685	5.3	3,721	2.7	322
Open Pit	0.5					523	1.8	523	1.8	30
RIVERINA SOUTH Underground	2.0					122	3.3	122	3.3	13
TOTAL						645	2.1	645	2.1	43
FOREHAND	1.0	-	-	386	1.7	436	1.9	822	1.8	48
SILVER TONGUE	1.0	-	-	155	2.7	19	1.3	174	2.5	14
SUNRAYSIA	1.0	-	-	175	2.1	318	2.0	493	2.0	32
Riverina-Mulline Subtotal		116	1.8	5,494	1.9	2,293	3.0	7,903	2.3 583
Open Pit		-	-	1,252	3.4	128	3.3	1,380	3.4	150
SAND KING Underground	0.5	-	-	438	3.7	698	3.8	1,136	3.7	136
TOTAL	2.0	-	-	1,690	3.5	826	3.7	2,516	3.5	286
Open Pit		-	-	1,460	3.4	17	3.5	1,477	3.4	160
MISSOURI Underground	0.5	-	-	364	3.4	258	3.4	622	3.4	68
TOTAL	2.0	-	-	1,824	3.4	275	3.4	2,099	3.4	227
PALMERSTON / CAMPERDOWN	1.0	-	-	118	2.3	174	2.4	292	2.4	23
BEWICK MOREING	1.0	-	-	-	-	50	2.3	50	2.3	4
BLACK RABBIT	1.0	-	-	-	-	434	3.5	434	3.5	49
THIEL WELL		-	-	-	-	18	6.0	18	6.0	3
Siberia Subtotal		-	-	3,632	3.4	1,777	3.5	5,409	3.4 592
Open Pit	0.5	-	-	241	3.7	28	1.6	269	3.5	30
Callion Underground	2.0	-	-	255	6.0	156	5.5	411	5.8	77
TOTAL		- -		496 4.9		184	4.9	680 4.9 107
Callion Subtotal		-	-	496	4.9	184	4.9	680	4.9	107
FEDERAL FLAG	1.0	32	2	112	1.8	238	2.5	382	2.3	28
SALMON GUMS	1.0	-	-	199	2.8	108	2.9	307	2.8	28
WALHALLA	1.0	-	-	448	1.8	216	1.4	664	1.7	36
WALHALLA NORTH	1.0	-	-	94	2.4	13	3.0	107	2.5	9
MT BANJO	1.0	-	-	109	2.3	126	1.4	235	1.8	14
MACEDON	1.0	-	-	-	-	186	1.8	186	1.8	11
Walhalla Subtotal		32	2.0	962	2.1	887	2.0	1,881	2.1 125
IGUANA	1.0	-	-	690	2.1	2,032	2.0	2,722	2.0	175
LIZARD	1.0	106	4	75	3.7	13	2.8	194	3.8	24
Lady Ida Subtotal		106	4.0	765 ,	2.3	2,045 ,	2.0	2,916 ,	2.1 199
Davyhurst Total		300	2.7	15,800	2.5	8,000	2.8	24,000	2.6	2,030

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MEASURED INDICATED INFERRED TOTAL MATERIAL
PROJECT
Cut-Off ('000t) (g/t Au) ('000t) (g/t Au) ('000t) (g/t Au) ('000t) (g/t Au) ('000oz.)
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
Mount Ida Total - - 140 18.6 180 10.2 320 13.8 140
Combined Total 300 2.7 15,900 2.6 8,200 3.0 24,300 2.8 2,170
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Notes:

1. The Missouri, Sand King, Riverina, Riverina South, Waihi, Callion & Golden Eagle Mineral Resources have been updated in accordance with all relevant aspects of the JORC code 2012, and initially released to the market on 15 December 2016 & 26 May 2020 (Missouri), 3 January 2017 & 26 May 2020 (Sand King), 2 December 2019 & 26 May 2020 (Riverina), 4 February 2020 (Waihi), 15 May 2020 & 29 June 2020 (Callion) & 8 April 2020 (Golden Eagle) and 9 October 2020 (Riverina South). 2. All Mineral Resources listed above, with the exception of the Missouri, Sand King, Riverina, Riverina South, Waihi, Callion & Golden Eagle Mineral Resources, were prepared previously and first disclosed under the JORC Code 2004 (refer Swan Gold Mining Limited Prospectus released to the market on 13 February 2013). These Mineral Resources have not been updated in accordance with JORC Code 2012 on the basis that the information has not materially changed since it was first reported. 3. The Riverina, Riverina South, Waihi, Sand King, Missouri and Callion Open Pit Mineral Resource Estimates are reported within a A$2,400/oz pit shell above 0.5g/t. The Riverina, Waihi, Sand King, Missouri, Callion and Golden Eagle Underground Mineral Resource Estimates are reported from material outside a A$2,400 pit shell and above 2.0 g/t. 4. The values in the above table have been rounded.

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