PLATINA RESOURCES LIMITED — Capital/Financing Update 2017

Jun 25, 2017

26 June 2017

ASX Release: PGM

Final batch of drilling results confirm high grade scandium and cobalt content at Owendale.

Highlights

• Significant new high grade intersections of both scandium continue to be identified at Owendale North including:

o	12 m @ 630 ppm Sc,	including 4m at 760ppm Sc
o	9 m @ 685 ppm Sc,	including 3 m at 880 ppm Sc
o	9 m @ 665 ppm Sc,	including 2 m at 785 ppm Sc
o	8 m @ 710 ppm Sc,	including 3 m at 810 ppm Sc
o	8 m @ 705 ppm Sc,	including 2 m at 830 ppm Sc
o	8 m @ 705 ppm Sc,	including 4 m at 770 ppm Sc
o	7 m @ 665 ppm Sc,	including 4 m at 715 ppm Sc
o	7 m @ 675 ppm Sc,	including 2 m at 795 ppm Sc
o	3 m @ 740 ppm Sc,	including 2 m at 805 ppmSc
o	3 m @ 705 ppm Sc,	including 2 m at 750 ppm Sc
o	4 m @ 690 ppm Sc,	including 1 m at 730 ppm Sc
o	4 m @ 650 ppm Sc,	including 1 m at 800 ppm Sc
o	4 m @ 730 ppm Sc

• Drilling has also intersected several high grade cobalt zones including:

o	3 m @ 0.45% Co,	including 1 m @ 0.90% Co
o	4 m @ 0.37% Co,	including 1 m @ 0.72% Co
o	4 m @ 0.55% Co,	including 2 m @ 0.68% Co
o	3 m @ 0.39% Co,	including 1 m @ 0.62% Co
o	4 m @ 0.29% Co,	including 1 m @ 0.57% Co
o	3 m @ 0.36%Co,	including 1 m @ 0.43% Co
o	4 m @ 0.29% Co,	including 1 m @ 0.42% Co
o	1 m @ 0.72% Co

o 1 m @ 0.51% Co o 1 m @ 0.51% Co

Summary

Platina Resources Limited (ASX: PGM) is pleased to confirm receipt of the final six batches of outstanding assay results from the recent drilling program at its Owendale Scandium, Cobalt, Nickel and Platinum project in central New South Wales, Australia.

The final 1605 samples were all assayed in 1 metre drilled intervals, and returned grades ranging up to 1000 ppm Sc, 0.90% Co, 1.37% Ni, 3.0 g/t Pt and 0.037 g/t Pd.

Overall, the 2017 Owendale drilling program has defined some of the thickest and highest grade scandium intersections ever encountered by the Company. The drilling results now confirm Owendale as a robust near-surface, high-grade scandium Mineral Resource containing exceptional high grade credits of both cobalt and platinum.

The latest drill results include some infill drilling at Owendale North, limited testing of the resource mineralisation margins at Cincinnati, extension testing at Box Cowal and further sterilisation drilling at Cincinnati North (refer Figure 1).

Infill and step-out drilling at Owendale North has continued to result in thick intersections of high grade scandium and associated cobalt (refer Figures 2 to 3).

Drilling at Cincinnati has mostly concentrated on sterilisation but some extension drilling has intersected additional high grade scandium outside the current Mineral Resource (refer Figures 4 to 5).

Platina Managing Director Rob Mosig said, "These final drilling analyses confirm the extensive new higher grade intersections of scandium which we have now identified. Additionally, we have some compelling new high grade cobalt and platinum occurrences which will be followed up. New Mineral Resource Estimates will also be carried out in the September 2017 quarter."

With the drilling program now completed, further work will now continue on environmental and geotechnical testing.

Drilling results

The location of the new drilling results is shown in Figure 1.

A summary of the intercepts are summarised in Table 1 and shown in Figure 2 and Figure 3 for Owendale North and Figures 3 and 4 for Cincinnati. The significant drilling intercepts are provided with the following cut-offs:

• 2 m minimum width at 300 ppm Sc cut-off corresponding to the current Mineral Resource statements
• 1 m minimum width at 550 ppm Sc cut-off to highlight sub-intervals of high grade scandium and report intervals around 600 ppm scandium – the current PFS feed grade target
• 1 m minimum width at 0.15% Co cut-off to highlight higher grade cobalt enrichment zones and corresponding to the current Mineral Resource statements.

The cobalt intercepts both underlap and overlap the scandium intervals.

The figures accompanying this report distinguish:

• previous Platina drilling with complete Sc and Co analyses (coloured circles)
• recent drilling with assays previously announced (coloured squares)
• recent drilling with new assays returned in this announcement (coloured triangles).

New drill hole numbers displayed without the FKD17_ prefix. Collar coloured by maximum scandium grade Figure 1: Drilling location

Cobalt intervals displayed where ≥1 m and ≥0.15% Co. New drilling displayed as triangles. Figure 2: Owendale North significant cobalt intercepts

Scandium intervals displayed where ≥1m and ≥550 ppm Sc. New drilling displayed as triangles. Figure 3: Owendale North significant scandium intercepts

Cobalt intervals displayed where ≥1 m and ≥0.15% Co. New drilling displayed as triangles. Figure 4: Cincinnati significant cobalt intercepts

Scandium intervals displayed where ≥1m and ≥550 ppm Sc. New drilling displayed as triangles. Figure 5: Cincinnati significant scandium intercepts

	Total			300 ppm Sc cut-off		550 ppm Sc cut-off				0.15% Co cut-off
HoleNumber	Depth	Easting	Northing	Depth	Len	Pt	Sc	Ni	Co	Depth	Len	Sc	Co	Depth	Len	Sc	Co
	m			M	m	ppb	Ppm	%	%	m	m	ppm	%	m	m	ppm	%
FKD17_474	30	544898	6382551	6	18	96	375	0.05	0.03
FKD17_475	24	544950	6382749	10	10	437	540	0.13	0.12	13	5	640	0.15	16	4	590	0.29
FKD17_476	33	544849	6382675	16	4	132	385	0.09	0.05
FKD17_477	26	544749	6382648
FKD17_478	30	544701	6382598	20	3	455	330	0.23	0.22					21	1	350	0.51
FKD17_479	30	544650	6382597	14	12	307	490	0.21	0.08	18	3	740	0.17	20	1	730	0.38
FKD17_480	24	544551	6382551	2	17	118	475	0.11	0.10	12	5	670	0.29	15	3	645	0.45
FKD17_481	24	544599	6382551	7	16	134	560	0.17	0.09	11	8	705	0.10	17	3	695	0.36
FKD17_482	35	544650	6382551	16	13	783	445	0.13	0.03	25	2	600	0.03	28	4	270	0.18
FKD17_483	36	544701	6382502											27	4	170	0.24
FKD17_484	35	544651	6382497	15	16	233	545	0.20	0.08	20	8	710	0.11	25	3	815	0.28
FKD17_485	30	544600	6382449	5	20	84	460	0.12	0.07	13	3	595	0.05	18	3	465	0.25
FKD17_486	27	544649	6382450	13	11	103	615	0.15	0.09	15	9	665	0.10	18	2	715	0.19
FKD17_487	30	544701	6382351
FKD17_488	24	544551	6382499	1	19	160	485	0.10	0.09	13	4	690	0.29	12	3	665	0.39
FKD17_489	24	544551	6382450	3	16	106	415	0.11	0.05					13	1	390	0.18
FKD17_490	11	544798	6381700
FKD17_491	6	544797	6381898
FKD17_492	21	544998	6381801	4	3	28	315	0.01	0.00
FKD17_493	6	544999	6381999
FKD17_494	18	545324	6382450
FKD17_495	22	545001	6382398	2	17	121	460	0.07	0.08	9	1	610	0.14	8	1	510	0.26
FKD17_496	12	544898	6382350	1	9	78	460	0.14	0.28	6	1	660	0.77	3	4	530	0.55
FKD17_497	24	544804	6382299	1	17	69	410	0.09	0.08					8	4	470	0.23
FKD17_498	8	544702	6382146
FKD17_499	6	544602	6382098
FKD17_500	12	544602	6382000
FKD17_501	18	544402	6381998	4	5	217	375	0.06	0.06
FKD17_502	24	544251	6381774	9	5	55	350	0.05	0.07					13	1	370	0.18
FKD17_503	18	544602	6381800	3	5	200	390	0.19	0.09
FKD17_504	6	544601	6381598
FKD17_505	12	544600	6381271

Table 1: New drilling intercept summary

Total		300 ppm Sc cut-off						550 ppm Sc cut-off				0.15% Co cut-off
HoleNumber	Depth	Easting	Northing	Depth	Len	Pt	Sc	Ni	Co	Depth	Len	Sc	Co	Depth	Len	Sc	Co
	m			M	m	ppb	Ppm	%	%	m	m	ppm	%	m	m	ppm	%
FKD17_506	54	543801	6380998	22	6	99	430	0.04	0.05
FKD17_507	42	543801	6380898	11	22	108	435	0.04	0.03	13	2	655	0.00
FKD17_508	30	544407	6380547											15	1	140	0.20
FKD17_509	30	544508	6380849
FKD17_510	24	544651	6380850
FKD17_511	30	544127	6382451	16	9	396	495	0.19	0.06	19	3	705	0.12	20	1	790	0.22
FKD17_512	27	544198	6382498	8	14	604	600	0.07	0.06	10	12	630	0.08	18	1	850	0.51
FKD17_513	24	544250	6382499	3	18	369	520	0.09	0.01	13	6	615	0.02
FKD17_514	22	544199	6382547	1	12	356	465	0.14	0.06	9	2	550	0.22	10	1	550	0.43
FKD17_515	27	544248	6382547	7	13	265	540	0.06	0.01	13	6	595	0.01
FKD17_516	27	544299	6382547	9	15	362	510	0.23	0.11	16	4	690	0.29	18	4	550	0.37
FKD17_517	27	544298	6382597	4	17	491	460	0.14	0.04	16	1	580	0.21	16	2	505	0.20
FKD17_518	27	544348	6382598	4	21	519	560	0.21	0.07	12	8	705	0.14	17	4	695	0.29
FKD17_519	30	544347	6382648	1	26	941	470	0.16	0.06	15	7	655	0.17	17	5	690	0.21
FKD17_520	30	544349	6382996	19	8	120	460	0.30	0.14	20	4	555	0.07	19	1	350	0.72
FKD17_521	30	544401	6383048	20	7	137	555	0.23	0.09	22	4	650	0.11	23	1	600	0.28
FKD17_522	33	543851	6382149	16	10	273	490	0.09	0.05	20	4	580	0.05	24	1	470	0.21
FKD17_523	32	543851	6382048	24	5	245	415	0.13	0.13					26	3	375	0.19
FKD17_524	35	543849	6381948
FKD17_525	33	543848	6381850
FKD17_526	30	543946	6381926	25	1	95	300	0.18	0.11
FKD17_527	33	543948	6382050	17	13	563	385	0.14	0.04					26	1	440	0.16
FKD17_575	17.7	544696	6381449
FKD17_576	26	544451	6381892
FKD17_577	31	545079	6382476	3	6	46	650	0.15	0.09	4	4	730	0.07	8	1	510	0.25
FKD17_578	31.4	543883	6381790
FKD17_579	27	544073	6382252											16	1	230	0.30
FKD17_580	32.9	544110	6382506	13	12	430	630	0.17	0.08	14	9	685	0.08	20	4	725	0.21
FKD17_581	39	544547	6383157	20	3	63	515	0.13	0.02	20	1	810	0.01	24	2	265	0.20
FKD17_582	76	544823	6383656
FKD17_583	55	545704	6384790
FKD17_584	24	544433	6382750	9	8	428	610	0.28	0.07	10	6	675	0.09	14	1	790	0.48

.

Competent Person statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr John Horton, Principal Geologist, who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a full time employee of ResEval Pty Ltd. Mr Horton has sufficient experience that is relevant to the style of mineralisation and the type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves'. This includes over 20 years of experience in Nickel Laterite deposits and over 8 years of years of experience with Scandium resource estimation. Mr. Horton is a consultant to Platina Resources Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears

Yours faithfully,

Robert W. Mosig Managing Director

Electronic copies and more information are available on the Company website: www.platinaresources.com.au

For further information, please contact:

Robert Mosig, Managing Director Office: +61-7 5580 9094 Email: admin@platinaresources.com.au Website: www.platinaresources.com.au

Appendix A JORC 2012 Table 1 criteria assessment

The following tables provide a brief summary of that information relevant to the 2017 Platina drilling program in the order and form of the JORC (2012) Table1.

Section 1: Sampling Techniques and Data

Criteria	Explanation
	Sampling was from percussion drilling returning sample through a cyclone was frompredominantly aircore drilling and two reverse circulation holes.
Samplingtechniques	All sampling was undertaken on regular 1 m intervals which was bagged weighed at the drillrig and then split through a three tier riffle splitter to achieve a 2 to 3 kg target sub-sample.Some initial drilling used a two tier riffle. The samples greater than 3 kg were dried and rifflesplit at the laboratory until under the 3.2 kg maximum capacity of the pulveriser.
	Samples were prepared at a commercial laboratory by pulverisation to provide 200 g masterpulp sample, 100 g splits for fire assay for platinum group minerals and 20 g split for XRFanalysis.
	Drilling was undertaken by UDR 650 rig wit air pressure of 350 psi and 1150 cfm, andcapable of aircore, open hole, reverse circulation and diamond core drilling. The drillingprogram included a sampled exploration program of predominantly aircore drilling using a112 mm diameter drill bit to sample the laterite profile down to the first 2 m of bedrock.
Drillingtechniques	Exploration holes were also used or opened up for water monitoring bore holes. For twoholes aimed at deeper bedrock target depths reverse circulation hammer drilling wasused to produce a similar sample type.
	Seven diamond core holes were completed for geotechnical and environmental analysis butwere not regularly sampled and assayed for resource definition purposes.
Drill samplerecovery	Sample recovery was consistently high. Based sample weights and an assumed wet densityof 2 the calculated recovery of the aircore samples average 83%.
	Logging was undertaken by an experienced laterite subcontractor and reviewed by Platinageologists and included:•Sample weight and number
	•QAQC samples including duplicates and reference material
	•Geology, oxidation, colour, texture, minerals, drill type and sampling method
Logging	•Diamond drill core was photographed prior to sampling
	•RC chips trays are retained and photographed for all RC drilling
	•Magnetic susceptibility recorded in most instances
	•Handheld XRF analysis used in the field to help refine geological understanding
	Diamond core was also logged and sampled by a specialist consulting geotechnicalengineer.
	Aircore and RC samples were generally riffle split using a three tier riffle splitter to obtain a1/8 subsample. Initially a two tier riffle splitter was used but this was discontinued due to theexcellent recovery and achieved the target split of 3 kg or less. Samples greater than 3.2 kgwere dried and split at the laboratory.
Sub-samplingtechniques and	In rare instances where wet or puggy clays were encountered, for a few metres down hole,the samples were spear sampled using a scoop through the bags when laid on their side.
samplepreparation	Field samples were placed in calico bags and bundled in groups of 6 samples in zip-tielocked poly-weave bags for submission to the laboratory. Samples were transported to thelaboratory by either Platina or subcontract geologists or by commercial sample transport.
	Samples at ALS were dried for 24 hr at 110˚C in the calico bags
	Pulverisation using a 3 kg mixer mill produced 95% passing <75 microns
	Pulp material was sampled for the master and any other pulp splits.

Criteria	Explanation
	Pulps were dispatched to ALS in Brisbane for XRF assay and ALS in Perth for fire assay
	The preparation and subsampling methods are considered suitable for the laterite material.
Quality ofassay data andlaboratory tests	Platina QAQC procedures comprise inserting of certified reference materials (CRMs), fieldblanks (FBs), and duplicates (DPs) into sample dispatches. Field duplicates were obtainedfrom Aircore samples by re-splitting the reject sample after selecting a suitable sample at theend of hole. Field blanks use a locally sourced material which has been used for this purposesince 2011.ALS engages a number of QAQC tests including 1 in 20 checks on the pulp passing, and
	regular certified reference material, and re-assays.
Verification ofsampling and	Platina engaged an experienced laterite field geologist and service company to undertake thedrilling, sampling and logging. An independent drilling report is in preparation.
assaying	Platina geologist and site manager were present for the entire drilling program.
	Drilling was initially surveyed by the supervising contract geologist during drilling with ahandheld Trimble GPS.
	This was resurveyed with multi-point averaging during rehabilitation of the drill hole by Platinausing a hand held Garmin GPS.
Location ofdata points	Drilling was finally accurately surveyed at the end of the program using a differential GPS(Trimble DGPS Geoexplorer 6000) to sub-metre accuracy.
	A detailed site survey by drone was completed in late 2016 and provides additionalphotography and surface elevations for the site for reference and validation of the collarsurvey.
	The drill holes were sampled on regular 1 m intervals.
Data spacingand distribution	Drill spacing targeted 50 m spacing in the central Owendale North area widening to 100 mand 200 m spaced for peripheral areas.
	Limited 25 m and 12.5 m spaced drilling was also completed.
Orientation ofdata in relationto geologicalstructure	The drill holes are vertical and intersect the flat laterally extensive laterite profile at the optimalperpendicular angle.
Sample	No specific security measures were undertaken.
security	Drilling, sampling and dispatch were supervised by a subcontracting exploration servicecompany. All work was overseen by Platina staff.
	No specific reviews of the current program were undertaken.
Audits orreviews	The program was undertaken by a subcontracting specialist exploration service company andthe work overseen by Platina staff.

Section 2: Reporting of Exploration Results

Criteria	Explanation
Mineraltenement and	The Owendale deposit falls within Exploration Licence EL7644. This licence is 100%owned by Platina Resources Ltd and was granted on the 2 Dec 2010 and renewal hasbeen offered for a further term of 5 years expiring in 2020.
land tenurestatus	The licence measures approximately 9.3 km north-south and 7.8 km east-west.All areas drilled are well within the granted tenement.
Explorationdone by other	The Owendale intrusive was first recognised in 1961 by a Bureau of Mineral Resourceaeromagnetic survey. The area has been held under a series of exploration licences andcompanies since 1964 including:
parties	•1964 to 1967Anaconda Australia Inc and Quality Earths Pty Ltd

Criteria	Explanation
	•1969 to 1970Platina Developments NL
	•1982 to 1983CRA Exploration Pty Ltd
	•1979 to 1980Shell Company of Australia Ltd
	•1985 to 2006Helix Resources Ltd and in joint ventures with ChevronExploration Corporation (1985 to 1988) and Black Range Minerals (1999 to2004)
	•2006 to current Platina Resources Ltd
	Initial exploration focused on vermiculite, kaolin and deep lead platinum mineralisation.
	Helix undertook the first extensive drilling program with 39 000 m of RAB drilling, 10 000m of RC drilling and 6 000 m of costeans. This identified a number of platinum groupmineral anomalies that included placer, residual and primary mineralisation. Helix alsoexplored for copper porphyry systems and nickel laterite mineralisation.Platinum production is limited to the Fifield deep lead deposits to the south of Owendale.
	The nickel-cobalt laterite at Owendale is developed over both ultramafic and intermediateintrusive rocks and is typical for laterite mineralisation which forms through both residualand supergene enrichment processes. The relatively low grade of nickel at Owendale,compared to other nickel laterite resources, is consistent with the lower grade of theunderlying pyroxenite rocks.
Geology	The enrichment of scandium occurs during lateritisation through similar processes tonickel-cobalt and is similar to other known occurrences nearby at Syerston and in NorthQueensland. The high scandium grades are also consistent with higher than usualscandium grades in the underlying ultramafic units.
	Enrichment of platinum in the laterite profile is from residual processes as there is noevidence of supergene processes.
	The completed drilling and assaying is summarised in Table 1.
Drill hole	All holes are vertical with depths indicating true thickness.
information	There are no exclusions except for drilling where results that are not yet available or whichare previously reported.
Data	Exploration results presented are length weighted averages.
aggregation	No grade cutting is employed.
methods	No metal equivalents are used with reports for both Sc and Co presented separately.
Relationshipbetweenmineralisationwidths andinterceptlengths	Drill intercepts are effectively perpendicular to the laterite profile and represent close to truethickness of the mineralisation.
Diagrams	Maps are provided in the accompanying figures.
Balancedreporting	All drilling is reported with significant intercepts indicated in accompanying tables and figures.
Othersubstantiveexploration	Mineral Resources are primarily defined by drilling and assaying. Geophysics and surfacegeochemistry are used in exploration but have no meaningful input to the resource definition.
data	Investigation of ground water, geotechnical analysis and density is in progress.
Further work	The drilling program is part of a Feasibility Study and will be the basis of an updated MineralResource, along with further studies on mine planning, geotechnical stability, ground waterand environmental impact.