PREDICTIVE DISCOVERY LIMITED — Capital/Financing Update 2020

Jul 7, 2020

8 July 2020

PREDICTIVE RETAINS MINORITY HOLDING IN VICTORIAN GOLD PROJECT

Predictive Discovery Limited (ASX: PDI ) ( Predictive ) is pleased to confirm its participation in a joint venture with Petratherm Limited (ASX: PTR ) and Cape Clear Minerals Pty Ltd ( CCM ) on the Glenfine Gold Project in Victoria.

Predictive currently holds a 25% equity over two of the three Exploration Licences in the Glenfine Gold Project (ELs 5534 and 5537 – see attached for location) through an unincorporated joint venture with CCM. As described in the attached announcement, PTR has the right to earn an 80% equity in the entire Glenfine Gold Project by expenditure of $3 million, which, if achieved, will leave PDI and CCM jointly holding a 20% equity in the Project .

Predictive’s interest in the Glenfine Gold Project dates back to 2012. Given the Company’s focus on West Africa and our minority position in the joint venture with CCM, this is a legacy interest for PDI, which we are pleased will now be explored by a well credentialled exploration company.

Predictive and CCM are currently finalising an updated agreement through which the beneficial equities of the two parties in relation to the three ELs will be recognised.

Given the current renaissance in Victorian gold exploration, the Company looks forward with great interest to the Petratherm’s exploration activities on this project.

-END-

This announcement is authorised for release by Predictive Managing Director, Paul Roberts.

For further information visit our website at www.predictivediscovery or contact:

Paul Roberts

Managing Director

Tel: +61 402 857 249 Email: paul.roberts@predictivediscovery.com

==> picture [74 x 54] intentionally omitted <==

==> picture [44 x 45] intentionally omitted <==

@Predictive_PDI @Predictive Discovery

==> picture [596 x 307] intentionally omitted <==

Page 2 of 2

==> picture [214 x 74] intentionally omitted <==

PETRATHERM LIMITED

ACN 106 806 884

ASX: PTR

www.petratherm.com.au admin@petratherm.com.au

ASX ANNOUNCEMENT 08 July 2020

Petratherm executes Glenfine Gold Project (Victoria) Farm-in and Joint Venture Agreement

Highlights

• Petratherm has entered into an agreement to acquire up to an 80% interest, with further provisions to potentially acquire a 100% interest in the Glenfine Gold Project, in the central Victorian Goldfields, close to the world class Ballarat (13.1 Moz) and Berringa (1.0 Moz) goldfields.

• The Glenfine area has historic gold production of approximately 400,000 oz.

• The Glenfine Project is characterised by a large elongate basalt dome, the “Glenfine Dome’ where widely spaced drilling demonstrates gold mineralisation and alteration occurring over at least a 20kilometre trend and remains open to the north. It is considered to be in an analogous setting to the Cambrian Magdala Volcanic Dome which hosts the 5.2 M oz Stawell gold deposit.

• In addition, significant, vein hosted “Ballarat Style” high-grade gold has been drilled at both the Glenfine and British Banner Prospects on the eastern side of the dome, with mineralisation remaining open along trend and at depth. Several other early stage gold prospects occur on the tenements.

• Glenfine comprises 3 contiguous tenements (EL’s 5434, EL 5537 & EL 5344) totalling 96 km[2] . Most of the tenement area is under shallow cover and consequently only lightly explored.

Petratherm Limited (“Petratherm” or “the Company”) (ASX: PTR) is pleased to announce that it has entered into a Farm-in and Joint Venture Agreement with, Cape Clear Minerals Pty Ltd (CCM) and Predictive Discovery Ltd (ASX: PDI) on their Glenfine Gold Project, which demonstrates potential for both Stawell-Style (basalt dome hosted) gold mineralisation and Ballarat-Style (vein hosted) gold mineralisation. The Glenfine Project is located 25 kilometres southwest of Ballarat and comprises 3 contiguous tenements (EL’s 5434, EL 5537 & EL 5344) totalling 96 km[2 ] (Figure 1).

Significant deep lead and hard rock gold production has been documented from the tenements, and the surrounding area has been one of the largest gold-producing regions of Victoria. There are numerous gold occurrences at Glenfine, historically known as the Pitfield Plains Goldfield (Figure 1). The goldfield has an estimated combined historical gold production of approximately 400,000oz from alluvial, deep lead and hard rock mining. The most significant hard-rock production on the tenements came from the Glenfine South Mine

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

where 43,693 oz of gold were reported mined between 1899 and 1907 (source: Victorian Geological Survey Report No 94).

Stawell Style Gold

The Glenfine project covers a 30-kilometre section of the crustal scale, west dipping Avoca Fault that separates the Stawell Zone in the west from the Ballarat-Bendigo Zone in the east. It is considered to provide a fluid conduit for extensive gold mineralisation hosted in the subjacent rock sequences. In this region along the margin of the fault is a large (+20km long) elongate basalt dome structure, the ‘Glenfine Dome’ and is considered to be in an analogous setting to the Cambrian Magdala Volcanic Dome, which hosts the Stawell gold deposits (5.2 Moz), adjacent to the crustal scale west dipping Coongee Fault at Stawell in western Victoria.

Recent historical air-core drilling and follow-up diamond drilling has defined extensive gold mineralisation on the basalt - sediment interface zone along the eastern and western flanks of the Glenfine Dome, occurring over at least 20 kilometres of total strike length when both sides of the dome edge are considered, and it remains open to the north (Figure 2). The dome is under shallow younger cover however as the basalt has high specific density, detailed gravity surveying clearly defines its extent (Figure 2).

Historical hard rock mining mainly exploited vein-hosted mineralisation, however there is evidence of gold mineralisation mined from the margins of the Glenfine Dome as well. This speaks to a high potential for undiscovered economic deposits of bedrock gold in both styles.

Table 1 Glenfine Basalt Dome – selected assay results from flanks diamond drilling

Hole No.	Drill Type	Easting MGA94 Z54	Northing MGA94 Z54	Dip (Deg.)	Azimuth (Deg.)	R.L. (m)	Total Depth (m)	From (m)	Significant Gold Intersections
PFD004	DD	726922	5804782	-53	86	167	325.2	312.6	1.4 m @ 1.0 g/t Au
PFD007	DD	726252	5801042	-57	90	187	279.6	206.1	1.6 m @ 0.8 g/t Au
								242.3	2.3 m @ 1.5 g/t Au
								243.5	Incl. 1.1 m @ 2.4 g/t Au
PFD009	DD	726183	5805556	-56.4	96.1	159.7	159.7	142.3	2.7 m @ 1.01 g/t Au
PFD010	DD	727136	5804783	-56	96	150	149.5	97.5	1.2 m @ 1.7 g/t Au
PFD012	DD	727108	5804944	-59	94	183	244.6	162.0	6.1 m @ 0.5 g/t Au
PFD014	DD	727092	5804728	-56	110	167	218.5	132.7	2.9 m @ 0.9 g/t Au
								162.4	1.8 m @ 1.8 g/t Au
								168.9	15.1 m @ 0.7 g/t Au
								180.5	_Incl._1.1 m @ 4.8 g/t Au
								196.7	4.8 m @ 0.5 g/t Au
								158.0	2.2 m @ 2.6 g/t Au
PFD024	DD	727063	5804485	-57	91	166	417.6	266.0	1.6 m @ 1.6 g/t Au
								276.8	1.1 m @ 2.9 g/t Au
								340.9	2.3 m @ 2.3 g/t Au
PFD026	DD	726800	5804177	-55.4	92.5	180.0	348.9	223.6	2.4 m @ 2.3 g/t Au

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

Ballarat Style Gold

In addition to the regional basalt dome drill testing, high-grade quartz reef gold drill intercepts have been returned from the Glenfine and British Banner Prospect Areas (Figure 2) located on the east side of the basalt. The gold mineralisation at both prospects are open along strike and at depth. At Glenfine, the drilling reported herein, is a vein discovery termed the Glenfine Reef 2, which occurs immediately south of the main historic workings along trend with known mineralisation. The mineralisation occurs as singular or multiple quartz reefs and is interpreted to be akin to conventional central Victorian or “Ballarat Style” quartz reef coarse gold with pyrite-arsenopyrite-galena-sphalerite mineralisation (Photo 1). Significant carbonate-chlorite alteration haloes up to 20m wide also surround the mineralised zones.

Notable recorded gold intersections (not true width) include:

Glenfine Reef 2

• PFD005 1.2m @ 11.4g/t Au from 152.3m 1.6m @ 2.6g/t Au from 164.7m 4.0m @ 1.4g/t Au form 177.6m 0.5m @ 4.5g/t Au from 181.1m

• PFD016 1.3m @ 7.0g/t Au from 221.9m, incl. 0.7m @11.5g/t

• PFD019A 4.5m @ 2.4g/t Au from 125.2m

• • PFD020 6.9m @ 1.5g/t Au from 135.2m, incl. 0.9m @8.5g/t

• PFD021 0.3m @ 11.1g/t Au from 220.7m

• • PFD031 0.5m @ 5.8g/t Au from 89m 3.1m @ 3.6g/t Au from 98.8m, incl . 0.9m @ 9.2g/t Au 3.8m @ 5.7g/t Au from 106m, incl. 0.8m @ 21.0g/t Au 11.1m @ 1.8g/t Au from 150.8m, incl. 1.1m @ 6.4g/t Au

• PFD034 1.2m @ 1.8g/t Au from 110.2m 0.2m @ 2.7g/t Au from 118.6m 0.7m @ 1.1g/t Au from 147.1m 0.8m @ 6.2g/t Au from 148.8m 1.6m @ 1.9g/t Au from 155.6m 0.6m @ 2.1g/ t Au from 164.4m

British Banner Prospect

• CCD01 3.8m @ 9.0 g/t Au from 265.7m, incl. 1.3m @ 23.4 g/t 3.2m @ 4.1 g/t Au from 327.4m, incl. 0.7m @ 13.4 g/t

• PDF036 0.9m @ 3.3 g/t Au from 313.1m 0.6m @ 22.8 g/t Au from 334m 3.6m @ 1.3 g/t Au from 347.8m 3.3m @ 2.7 g/t Au from 389.7m, incl. 0.4 @ 19.5 g/t 0.4m @ 5.0 g/t Au from 397.6m

• CCD04 2.1m @ 4.0 g/t Au from 206.8m

• CCD05 5.7m @ 0.2 g/t Au from 86.7m 1.2m @ 2.5 g/t Au from 160.5m 0.8m @ 3.7 g/t Au from 167.4m

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

Joint Venture Terms

The key terms of the Farm-in and Joint Agreement whereby Petratherm may acquire up to an 80% interest, with further provision to earn 100% interest in the tenements are presented below.

• Condition Precedent – The Agreement and its obligations are subject to PTR being satisfied in respect of the tenements within a 21-day due diligence period.

• Stage 1 - PTR may earn a 51% interest by spending a total of $1,000,000 on exploration within a 3- year period, of which at least $100,000 must be spent within the first 12 months.

• Stage 2 - PTR may earn an additional 29% interest (for a total of 80% interest) by spending a further $2,000,000 on exploration within an additional 2.5-year period.

• Once PTR have earned an 80% interest the parties can elect to contribute their equity share or dilute following a standard industry formula.

• If CCM/PDI interest reduces to 10% or less, this will constitute a notice of withdrawal and PTR will acquire 100% interest in the tenements and CCM/PDI shall be entitled to receive a 1 % Net Smelter Royalty in respect of all minerals produced from the Joint Venture Area.

==> picture [331 x 293] intentionally omitted <==

Photo 1 Drill core from hole CCD001 displaying mineralised quartz veining with arsenopyrite

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

==> picture [417 x 663] intentionally omitted <==

----- Start of picture text -----

EL 7276 - Ballarat West
(Petratherm)
EL 5537
Glenfine
Project EL 5434
Gold Oz’s
EL 5344
----- End of picture text -----

Figure 1 Regional Location Map of the Glenfine Gold Project Area and Gold Mines (source: Victorian State Government GeoVic database)

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

==> picture [443 x 664] intentionally omitted <==

----- Start of picture text -----

OHRC01- 3m @ 2.3 g/t Au from 65m
OHRC02- 1m @ 5.2 g/t Au from 64m
OHRC03- 1m @ 2.3 g/t Au from 57m
PRC02- 1m @ 4.2 g/t Au
Interpreted
position of the
Avoca Fault
British Banner Prospect
Notable intercepts include:
CCD01 - 3.8m @ 9.0 g/t Au from 265.7m
incl. 1.3m @ 23.4 g/t Au from 265.7m
3.2m @ 4.1 g/t Au from 327.4m
incl. 0.7m @ 13.4 g/t Au from 329.9m
PDF036 - 0.9m @ 3.3 g/t Au from 313.1m
0.6m @ 22.8 g/t Au from 334m
CCD04 - 2.1m @ 4.0 g/t Au from 206.8m
Glenfine Prospect
Notable intercepts include:
PFD031 - 3.1m @ 3.6g/t Au from 98.8m
incl. 0.9m @ 9.2g/t Au from 98.8m
3.8m @ 5.7g/t Au from 106m
incl. 0.8m @ 21.0g/t Au from 107.9m
PFD005 - 1.2m @ 11.4g/t Au from 152.3m
PFD016 - 1.3m @ 7.0g/t Au from 221.9m
incl. 0.7m @ 11.5g/t Au from 222.5m
PFD020 - 6.9m @ 1.5g/t Au from 135.2m
incl. 0.9m @ 8.5g/t Au from 141.2m
----- End of picture text -----

Figure 2 Residual Gravity Image displaying the Glenfine Basalt Dome (red), drill collars, current extent of known gold mineralisation along the basalt margin and notable drilling intercepts.

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

Next Steps

The Glenfine Project has considerable scope for the discovery of significant concealed gold resources. The primary target for the project is “Stawell Style” gold mineralisation under cover along the margins of the Glenfine Dome. The dome margins remain largely un-explored and will form an initial focus for future drilling.

A second target akin to conventional central Victorian or “Ballarat Style” quartz reef coarse gold is also evident from drilling and Glenfine and British Banner Prospects on the east flank of the Glenfine Basalt Dome. These high-grade gold intercepts remain open along trend and at depth. Other un-discovered reef shoots are likely to be present along these mineralised structural trends requiring step out exploration.

Initial technical works will involve a detailed review of the drilling data including re-logging and appraisal of the extensive drill core to produce 3D structural models of the gold zones to aid future drill targeting. Once the Company has completed this work, further Prospect details and the ground exploration work program will be provided. Glenfine offers the opportunity to rapidly confirm several ‘walk-up’ drilling targets testing both Stawell-style and Ballarat-style gold mineralisation.

For further information, please contact:

Peter Reid, Exploration Manager, Tel: (08) 8133 5000

This ASX announcement has been approved by Petratherm’s Board of Directors and authorised for release by Petratherm’s Chairman Derek Carter

Competent Persons Statement: The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of Petratherm Ltd. Mr Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

Table 2 Summary of Significant Historical Glenfine Project Drill Hole Gold Results

Hole No	Drill Type	Easting (MGA Z54)	Northing (MGA Z54)	Dip (Deg)	Azimuth (Deg)	R.L. (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Au (g/t)
PFD005	DD	727072	5804786	-56.4	99.5	169.1	232.3	152.3	153.5	1.2	11.4
								164.7	166.3	1.6	2.6
								177.6	181.6	4	1.4
								181.1	181.6	0.5	4.5
PFD016	DD	727017	5804694	-54.1	91.5	166.8	285.9	221.9	223.2	1.3	7.0
								_incl._222.5	223.2	0.7	11.5
PFD019A	DD	727116	5804880	-58.3	92.7	178.5	180.4	125.2	129.7	4.5	2.4
PFD020	DD	727106	5804786	-56.7	92.2	169.1	186.2	135.2	142.1	6.9	1.5
								_incl._141.2	142.1	0.9	8.5
PFD021	DD	727019	5804795	-55	95.6	169.5	301.5	220.7	221	0.3	11.1
PFD031	DD	727137	5804880	-52.5	92.8	179.8	193.8	89	89.5	0.5	5.8
								98.8	101.9	3.1	3.6
								incl. 98.8	99.7	0.9	9.2
								106	109.8	3.8	5.7
								incl. 107.9	108.7	0.8	21.0
								150.8	161.9	11.1	1.8
								incl. 156.5	157.6	1.1	6.4
PFD034	DD	727126	5804817	-55.4	80	172.2	187.8	110.2	111.4	1.2	1.8
								118.6	118.8	0.2	2.7
								147.1	147.8	0.7	1.1
								148.8	149.6	0.8	6.2
								155.6	157.2	1.6	1.9
								164.4	165	0.6	2.1
PFD036	DD	730184	5811629	-56.8	89.8	236.4	460	313.1	314	0.9	3.3
								334	334.6	0.6	22.8
								347.8	351.4	3.6	1.3
								389.7	393	3.3	2.7
								_incl._392.2	392.6	0.4	19.5
								397.2	397.6	0.4	5.0
CCD001	DD	730540	5811580	-55	277	234.00	574.30	265.7	269.5	3.8	9.0
								_incl._265.7	267	1.3	23.4
								327.4	330.6	3.2	4.1
								_incl._329.9	330.6	0.7	13.4
CCD004	DD	730233	5811250	-55	100	237.00	338.80	206.8	208.9	2.1	4.0
CCD005	DD	730473	5811588	-55	276	234.00	281.40	86.7	92.4	5.7	0.2
								160.5	161.7	1.2	2.5
								167.4	168.2	0.8	3.7
OHRC01	RC	731597	5821013	-60	279	273.2	81	65	68	3.0	2.3
OHRC02	RC	731601	5821037	-60	274	275.4	86	64	65	1.0	5.2
OHRC03	RC	731600	5821067	-60	269	276	71	57	58	1.0	2.3
PRC02	RC	731048	5820580	-60	289	276.2	63	61	62	1.0	4.2

==> picture [483 x 6] intentionally omitted <==

==> picture [483 x 10] intentionally omitted <==

EL’s 5344, 5434 & 5537 (Glenfine Project) JORC Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	•	The results in this Report
techniques	random chips, or specific specialised industry standard measurement tools appropriate to the		are historical and as such many details are unknown.
	minerals under investigation, such as down hole		Results presented have
	gamma sondes, or handheld XRF instruments, etc.).		been compiled from
	These examples should not be taken as limiting the		historical open-file and
	broad meaning of sampling.		private company technical
	• Include reference to measures taken to ensure		reports and data.
	sample representivity and the appropriate calibration	•	Diamond core sampling
	of any measurement tools or systems used.		was undertaken using
	• Aspects of the determination of mineralisation that are		standard industry practices
	Material to the Public Report.		and standard operating
	• In cases where ‘industry standard’ work has been		procedures. The sections
	done this would be relatively simple (eg ‘reverse		of core selected for
	circulation drilling was used to obtain 1 m samples		assaying are marked up,
	from which 3 kg was pulverised to produce a 30 g		digitally recorded for
	charge for fire assay’). In other cases, more		cutting and sampling at a
	explanation may be required, such as where there is		certified geotechnical
	coarse Au that has inherent sampling problems.		laboratory. Geochemical
	Unusual commodities or mineralisation types (eg		sampling involved half
	submarine nodules) may warrant disclosure of		core analysis.
	detailed information.	•	RC sampling methods are
			not recorded in historical
			reporting and hence are
			unknown.
		•	Core sections sampled
			were based from
			geological logging which
			aided determination of
			representative rock
			sequences and where
			quartz reef or
			mineralisation was
			observed.
		•	Core sample lengths were
			determined by width of
			potential mineralised
			interval and/or from
			geological changes
			observed and ranged from
			20 cm to 2 metres in
			general.
		•	Individual sample weights
			varied based on length of
			half core sampled. It is not
			known how samples were
			prepared; however gold
			assays were reported
			using industry standard
			fire assay techniques.

Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-hole	•Previous Drilling includes:
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (eg core diameter, triple or standard tube,	OHRC01 – OHRC03 and PRC02 drilled by RC
	depth of diamond tails, face-sampling bit or other	method. PFD and CCD
	type, whether core is oriented and if so, by what	series holes are diamond
	method, etc.).	holes.
		•Results in this Report are
		historical and as such
		additional details are
		unknown.
		•Down hole surveys
		approximately every 30m,
		were undertaken for
		diamond drilling but the
		surveying system used is
		not known. Core is
		orientatedwhere possible.
Drill sample	• Method of recording and assessing core and chip	•Results in this Report are
recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and	historical and as such these details are unknown.
	ensure representative nature of the samples.	•Based on historical drilling
	• Whether a relationship exists between sample	data tables, core recovery
	recovery and grade and whether sample bias may	was good and results
	have occurred due to preferential loss/gain of	presented are therefore
	fine/coarse material.	representative.
Logging	• Whether core and chip samples have been	•Results in this Report are
	geologically and geotechnically logged to a level of	historical and as such these
	detail to support appropriate Mineral Resource	details are unknown
	estimation, mining studies and metallurgical studies.	•Historical logging data only
	• Whether logging is qualitative or quantitative in	available for the CCD
	nature. Core (or costean, channel, etc.) photography.	series of holes. Logging
	• The total length and percentage of the relevant	was carried out by
	intersections logged.	geologists using standard
		logging procedures. Data
		recorded includes, but is
		not limited to, lithology,
		structure, recovery, and
		alteration/mineralisation.
		•Drill logging is both
		qualitative by geological
		features and quantitative by
		geotechnical parameters in
		nature. No photographs
		were provided.
Sub-	• If core, whether cut or sawn and whether quarter, half	•Results in this Report are
sampling techniques and sample preparation	or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	historical and as such these details are largely unknown. •Diamond drill core was cut, and half core sampled. The
	• Quality control procedures adopted for all sub-	sample size is considered
	sampling stages to maximise representivity of	representative and
	samples.	appropriate for exploration
	• Measures taken to ensure that the sampling is	stage analysis.
	representative of the in-situ material collected,	•Continuous sampling of all
	including for instance results for field	diamond core indicates
	_duplicate/second-halfsampling. _	samplingis representative

Criteria	JORC Code explanation	Commentary	Commentary
	• Whether sample sizes are appropriate to the grain
	_size of the material being sampled. _
Quality of	• The nature, quality and appropriateness of the	•	Results in this Report are
assay data and laboratory	assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining	•	historical and as such these details are unknown. Gold values reported were measured using standard
tests	the analysis including instrument make and model,		fire assay technics which is
	reading times, calibrations factors applied and their		considered appropriate and
	derivation, etc.		industry standard.
	• Nature of quality control procedures adopted (eg
	standards, blanks, duplicates, external laboratory
	checks) and whether acceptable levels of accuracy (ie
	_lack of bias) and precision have been established. _
Verification	• The verification of significant intersections by either	•	The results in this Report
of sampling and assaying	independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical		are historical and as such these details are unknown.
	and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill	•	All collar locations are in
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral	•	UTM grid (GDA94 Z54). The results in this Report
	Resource estimation.		are historical and as such
	• Specification of the grid system used.		the accuracy of surveying
	• Quality and adequacy of topographic control.		is unknown.
Data	• Data spacing for reporting of Exploration Results.	•	The results in this Report
spacing and distribution	• Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and	•	are historical and as such these details are unknown. Data spacing is insufficient
	Ore Reserve estimation procedure(s) and		to establish the degree of
	classifications applied.		geological and grade
	• Whether sample compositing has been applied.		continuity required for a
			Mineral Resource
			estimation.
Orientation	• Whether the orientation of sampling achieves	•	The results in this Report
of data in relation to geological	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and	•	are historical and as such these details are unknown. The relationship between the drilling orientation and
structure	the orientation of key mineralised structures is		the orientation of any
	considered to have introduced a sampling bias, this		potential mineralised
	should be assessed and reported if material.		structureis unknown.
Sample	• The measures taken to ensure sample security.	•	The results in this Report
security			are historical and as such these details are unknown.
Audits or	• The results of any audits or reviews of sampling	•	The results in this Report
reviews	techniques and data.		are historical and as such
			these details are unknown.

Section 2 Reporting of Exploration Results

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

	Criteria	JORC Code explanation	Commentary	Commentary
	Mineral	• Type, reference name/number, location and	•	Petratherm Ltd have
	tenement	ownership including agreements or material issues		entered into a Farm-in and
	and land tenure	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental		Joint Venture Agreement with Cape Clear Minerals Pty Ltd and Predictive
	status	settings.		Discovery Ltd to acquire an
		• The security of the tenure held at the time of reporting		interest in EL 5434, EL
		along with any known impediments to obtaining a		5537 & EL 5344 (Glenfine
		licence to operate in the area.		Project). Agreement details
				are provided in the main
				body of the report.
			•	The Glenfine Project is
				located approximately 25
				kilometressouthwest of
				Ballarat, Victoria.
			Native Title Claims:
			•	EL5434 was granted with
				all Crown Land included,
				and no Native Title claim
				existed or exists on the EL
				area
			•	EL5344 was granted with
				Crown Land included
				where Native Title has
				been extinguished (i.e.
				roadside reserves)
			•	EL5537 was granted with
				Crown Land included
				where Native Title has
				been extinguished (i.e.
				roadside reserves)
			•	The tenements are in good
				standing and no known
				impediments exist.
	Exploration	• Acknowledgment and appraisal of exploration by	•	Previous exploration work
	done by other parties	other parties.		includes historic deep-lead and hard rock mining. WMC (1986-1990)
				undertook mapping,
				ground and airborne
				magnetics, IP surveys,
				rock-chip surface
				geochemistry, RC and
				Diamond drilling. Metex
				Limited (1997-1998) drilled
				5 combination
				blade/RC/diamond holes.
				Reliance Minerals Ltd /
				Leviathan Resources Ltd
				(2003-2011) completed
				ground gravity to define
				basalt extent. Regional air-
				core drilling of basalt
				margins defined several
				zones ofgold-arsenic

Criteria	JORC Code explanation	Commentary	Commentary
			anomalism on the western
			and eastern flank.
			Selected diamond drilling
			(33 holes) to test Au-As
			geochemistry and reef
			gold intersected at
			Glenfine Reef 2 Prospect
			Area. Cape Clear Minerals
			Pty Ltd / Predictive
			Discovery Ltd (2012-
			Present) completed trial IP
			surveying to locate
			sulphide and/or resistive
			zones. Gravity surveying
			to define basalt extension
			along trend. Diamond
			drilling campaigns to test
			basalt margin, IP targets,
			and reef gold extensions
			(10 diamond holes).
Geology	• Deposit type, geological setting and style of	•	Petratherm is exploring for
	mineralisation.		high-grade orogenic gold.
			The primary target for the
			project is “Stawell Style”
			gold mineralisation, under
			cover along the margins of
			the Glenfine Dome. A
			second target akin to
			conventional central
			Victorian or “Ballarat Style”
			quartz reef coarse gold is
			also evident from historical
			drilling.
Drill hole	• A summary of all information material to the	•	Summary tables of drill hole
Information	understanding of the exploration results including a tabulation of the following information for all Material		details included in Table 1 and Table 2 in the main
	drill holes:		body of the report.
	o easting and northing of the drill hole collar	•	True widths of intercepts
	o elevation or RL (Reduced Level – elevation above		reported is not yet known.
	sea level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the
	basis that the information is not Material and this
	exclusion does not detract from the understanding of
	the report, the Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging	•	The results in this Report
aggregation methods	techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	•	are historical and as such these details are unknown. No metal equivalents have
	• Where aggregate intercepts incorporate short lengths		been used.
	of high-grade results and longer lengths of low-grade
	results, the procedure used for such aggregation
	should be stated and some typical examples of such
	aggregations should be shown indetail.

Criteria	JORC Code explanation	Commentary	Commentary
	• The assumptions used for any reporting of metal
	_equivalent values should be clearly stated. _
Relationship	• These relationships are particularly important in the	•	Down hole length has
between	reporting of Exploration Results.		been reported, as true
mineralisati on widths and	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are		width is not known, as insufficient work has been undertaken to understand the true width of intervals.
intercept	reported, there should be a clear statement to this
lengths	effect (eg ‘down hole length, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and	•	Plan view of regional drill
	tabulations of intercepts should be included for any		collar locations has been
	significant discovery being reported These should		shown in the body of this
	include, but not be limited to a plan view of drill hole		report.
	_collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration	•	The reporting is
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		considered balanced. This is the first announcement
	practiced to avoid misleading reporting of Exploration		by the Company outlining
	Results.		a new project venture.
		•	Additional reporting of
			historical exploration
			results will occur once the
			Company has been able to
			compile historical drill hole
			data into a 3D model
			during the next phase of
			explorationgroundworks.
Other	• Other exploration data, if meaningful and material,	•	Not applicable – no
substantive	should be reported including (but not limited to):		exploration data is being
exploration data	geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk		reported only historical drilling results.
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further	• The nature and scale of planned further work (eg	•	A range of exploration
work	tests for lateral extensions or depth extensions or		techniques are being
	large-scale step-out drilling).		considered to progress
	• Diagrams clearly highlighting the areas of possible		exploration including
	extensions, including the main geological		geophysical surveying to
	interpretations and future drilling areas, provided this		aid drill targeting and
	information is not commercially sensitive.		further drilling.