QUANTUM GRAPHITE LIMITED — Capital/Financing Update 2015

Aug 23, 2015

24 August 2015 ASX: VXL & VXLO

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

UNIQUE HIGH-GRADE GRAPHITE MINERALISATION CONTINUITY CONFIRMED AT ULEY

• Assay results confirm strike extension of very high-grade flake graphite mineralisation at Uley Graphite site
• Very high-grade near-surface mineralisation within Uley Pit 2 imply lower L.O.M. strip ratio
• Very high grades of graphite along strike including grade exceeding 45% gC

Valence Industries Limited (Valence Industries or the Company) (ASX: VXL & VXLO) is pleased to announce further results from the targeted extensional drilling campaign at the Company's Uley GraphiteTM operation near Port Lincoln.

The campaign has been focused on the Uley Pit 2 area (see Figure 1). It is designed to confirm the dip and strike continuity of the Uley GraphiteTM lodes and provide data to allow a detailed mining schedule to be developed for Uley Pit 2. That mine schedule will target high-grade, near-surface mineralisation.

These most recent assay results continue to indicate very high-grade graphite mineralisation is continuous in a southerly direction, along strike from the optimised Uley Pit 2 and within the Exploration Target Area.

Near-surface mineralisation extends across the strike length of the resource area and with the Exploration Target area, minimising the volume of pre-stripping overburden removal prior to ore extraction within the optimised Uley Pit 2, and allowing Valence Industries to further progress Life of Mine studies at Uley Pit 2.

Table 1 – Significant Near Surface Intersections
	Width	graphitic Carbon Grade	From	To
Hole_ID	(m)	(gC%)	(m)	(m)
MD641	2.0	28.8%	7.0	9.0
MD642	5.4	13.0%	11.8	17.2
MD654	5.6	11.1%	5.1	10.7

Notable near-surface significant intersections include:

(Full results provided in Tables 1 & 2 below)

Figure 1 – Indicative site context of assays reported (not to scale).

Figure 2 – Geological and Mining context of assays reported.

Figure 3 – Near-surface mineralisation MD693 Lode 1 Drill Core– 2.7m @ 33.3% graphitic Carbon from 4.2m to 6.9m depth

Data & Results

The collar locations of diamond drill holes for which assays reported in this announcement are presented in Figure 4. Geological and mining context is presented in Figure 2.

Figure 4 – Diamond Drill collar locations

Significant intersections as received are contained in Table 1 (below) and in Table 2 (below), along with geological sections (Figures 5-7).

	Table 1 – Valence Industries – Extensional Drilling Campaign 2014-2015 – Uley GraphiteAssay Results Showing Significant Intersections of Graphitic Mineralisation
Hole_ID	From(m)	To(m)	Width(m)	Graphitic Carbon(gC%)	Comments
MD641	7	9	2	28.8	Results received
MD641	17.3	21.7	4.4	19.8	Results received
including	17.9	20.1	2.2	28.9	Results received
MD641	44.1	46.6	2.5	19.4	Results received
MD641	86	97.3	11.3	26.2	Results received
MD641	108	111.9	3.9	45.4	Results received
MD641	127.5	130.2	2.7	20.2	Results received
MD641	132.5	162.5	30	17.2	Results received
MD642	11.8	17.2	5.4	13	Results received
MD642	29.6	32	2.4	11.6	Results received
MD642	78.3	80.3	2	11.6	Results received
MD642	86.1	93.1	7	16.5	Results received
MD642	106.6	118.1	11.5	22	Results received
including	108.9	112.6	3.7	34	Results received
and	113.3	115.3	2	30.3	Results received

	Table 1 – Valence Industries – Extensional Drilling Campaign 2014-2015 – Uley GraphiteAssay Results Showing Significant Intersections of Graphitic Mineralisation
	From	To	Width	Graphitic Carbon
Hole_ID	(m)	(m)	(m)	(gC%)	Comments
MD643	10.4	13.6	3.2	12.3	Results received
MD643	87	93.1	6.1	27.8	Results received
MD643	98.8	115.6	16.8	15.8	Results received
including	103.6	106.4	2.8	39.2	Results received
MD643	122.5	128	5.5	15	Results received
MD644	23.3	28.1	4.8	12.8	Results received
MD644	84.9	86.9	2	11.6	Results received
MD644	91.1	103.7	12.6	11.9	Results received
MD644	109.3	117.3	8	19.4	Results received
MD644	126	128	2	16.4	Results received
MD645	83.8	86.4	2.6	13.6	Results received
MD645	99.5	104.8	5.3	24.4	Results received
MD646	28.1	31.6	3.5	14.3	Results received
MD646	93.2	95.2	2	12.1	Results received
MD646	109	119	10	23.7	Results received
including	113.8	119	5.2	39.7	Results received
MD646	123.3	134	10.7	12.9	Results received
MD647	105.5	112.8	7.3	30.1	Results received
MD648	54.4	62.5	8.1	24.4
MD648	69.5	73.8	4.3	14.8	Results received
					Results received
MD648	82.3	86.6	4.3	12	Results received
MD648	95.6	110.8	15.2	12.5	Results received
MD649	60.9	65.5	4.6	20.2	Results received
MD649	79.9	96.7	16.8	11.8	Results received
MD650	27.5	36.5	9	20.2	Results received
MD650	73	80.2	7.2	12	Results received
MD650	96.7	99	2.3	25.1	Results received
MD651	28.6	49.5	20.9	24.7	Results received
including	28.9	35.9	7	42.3	Results received
and	42.2	44.4	2.2	44.4	Results received
MD651	61.5	65.8	4.3	12.7	Results received
MD651	73.1	84.7	11.6	11.1	Results received
MD652	23.5	26.2	2.7	20.7	Results received
MD653	26.6	44	17.4	27	Results received
including	26.6	31.9	5.3	36	Results received
and	34.8	38.1	3.3	43.8	Results received
MD653	65.8	68.4	2.6	13.4	Results received
MD653	87.7	91.3	3.6	20.9	Results received
MD654	5.1	10.7	5.6	11.1	Results received
MD654	24.9	27.8	2.9	10.6	Results received
MD654	35	38.1	3.1	14.6	Results received
MD654	81.3	87.6	6.3	30.3	Results received
MD654	93.7	95.7	2	11.6	Results received
MD655	26.7	28.7	2	16.4	Results received
MD655	34.8	37.7	2.9	15.3	Results received
MD655	52	55.1	3.1	42.5	Results received
MD655	62.7	71.3	8.6	17.9	Results received
MD656	39.1	42	2.9	25.9	Results received
MD656	60.5	72.3	11.8	17.3	Results received
MD656	76.1	80	3.9	12.3	Results received
MD657	18	40.5	22.5	12.4	Results received
MD657	50.8	54.8	4	18	Results received
MD657	57.7	59.8	2.1	13.6	Results received
MD657	65.8	68	2.2	23.8	Results received

5

	Table 1 – Valence Industries – Extensional Drilling Campaign 2014-2015 – Uley GraphiteAssay Results Showing Significant Intersections of Graphitic Mineralisation
Hole_ID	From(m)	To(m)	Width(m)	Graphitic Carbon(gC%)	Comments
MD657	70.8	80.8	10	14.4	Results received
MD658	19	21.8	2.8	15.8	Results received
MD658	38	42.2	4.2	37.9	Results received
MD658	70.5	85.6	15.1	22	Results received
MD660	25.4	31.6	6.2	17.6	Results received
MD660	74.5	77.5	3	16.7	Results received
MD661	2.6	5.9	3.3	18.8	Results received
MD661	31	33.6	2.6	12.1	Results received
MD661	44.9	58	13.1	21.2	Results received
MD661	82.8	87.7	4.9	14.6	Results received
MD662	23.1	26.1	3	20.2	Results received
MD662	42.9	52.6	9.7	24.2	Results received
including	49.4	52.6	3.2	41.3	Results received
MD662	59.2	64.4	5.2	20.6	Results received
MD662	67.5	79.6	12.1	21.3	Results received
MD663	12.4	16	3.6	14.9	Results received
MD663	20.4	25.1	4.7	10	Results received
MD663	63.4	84.9	21.5	18.8	Results received
including	67.9	70.9	3	37.9	Results received
MD663	87.5	92.3	4.8	17.8	Results received
MD664	45.2	47.7	2.5	12.1	Results received
MD666	75.5	84.4	8.9	13.8	Results received
MD667	88	91.1	3.1	13.5	Results received
MD668	27.4	30	2.6	17.8	Results received
MD668	81.3	88.8	7.5	20.8	Results received
MD669	15	18	3	10.8	Results received
MD669	31.9	53.5	21.6	14.3	Results received
MD669	60.6	63.2	2.6	11.3	Results received

	Table 2 – Valence Industries – Extensional Drilling Campaign 2014-2015– Uley Graphite
		Drill-Hole Specifications
HOLE_ID	EASTING	NORTHING	DEPTH	DIP	AZIMUTH
MD641	9950	9575	165.2	-60	90
MD642	10000	9950	150.5	-60	90
MD643	9975	9575	135.5	-60	90
MD644	10000	9575	131.2	-60	90
MD645	10025	9575	114.6	-60	90
MD646	9975	9600	135.2	-60	90
MD647	10025	9600	114.6	-60	90
MD648	9950	9475	119.6	-60	90
MD649	9925	9425	105.6	-60	90
MD650	10025	9550	110	-60	90
MD651	9925	9350	102.7	-60	90
MD652	10050	9550	89.2	-60	90
MD653	9875	9275	123.4	-60	90
MD654	9950	9550	101.1	-60	90
MD655	9900	9225	104	-60	90
MD656	9950	9350	99.7	-60	90
MD657	9850	9275	110.2	-60	90
MD658	9875	9225	109.9	-60	90
MD659	10050	9575	99.9	-60	90
MD660	9900	9350	107.1	-60	90
MD661	9850	9225	110	-60	90

6

Table 2 – Valence Industries – Extensional Drilling Campaign 2014-2015– Uley GraphiteDrill-Hole Specifications
HOLE_ID	EASTING	NORTHING	DEPTH	DIP	AZIMUTH
MD662	10075	9550	99.6	-60	90
MD663	10075	9575	100	-60	90
MD664	9875	9325	100	-60	90
MD665	9875	9350	102	-60	90
MD666	10100	9550	88	-60	90
MD667	10100	9575	95.6	-60	90
MD668	9900	9325	101.2	-60	90
MD670	9875	9300	96.6	-60	90
MD671	9900	9275	99.6	-60	90
MD672	9925	9325	99.2	-60	90
MD673	9950	9325	96.7	-60	90
MD674	9925	9275	98.1	-60	90
MD675	10000	9350	100.9	-60	90
MD676	9900	9300	93.4	-60	90
MD677	9975	9325	95.2	-60	90
MD678	10025	9350	90	-60	90
MD679	10050	9350	80.2	-60	90
MD680	10075	9350	80.2	-60	90
MD681	10100	9350	77.2	-60	90
MD682	10125	9350	80.1	-60	90
MD683	10000	9325	75.6	-60	90
MD684	10050	9600	99.2	-60	90
MD685	10075	9600	107	-60	90
MD686	10100	9600	106.1	-60	90
MD687	10025	9325	60.2	-60	90
MD688	9925	9300	96.6	-60	90
MD689	9950	9300	92.6	-60	90
MD690	9975	9300	83.1	-60	90
MD691	10000	9300	58.7	-60	90
MD692	10025	9300	65.7	-60	90
MD693	9950	9275	86.2	-60	90
MD694	9975	9274	104	-60	90
MD695	9850	9250	100.4	-60	90
MD696	9875	9250	105.7	-60	90
MD697	9900	9250	104	-60	90
MD698	9925	9250	89	-60	90
MD699	9950	9250	76.2	-60	90
MD700	9975	9250	68.2	-60	90
MD701	10000	9250	43.8	-60	90
MD702	9825	9250	62.2	-60	90

Figure 6: Assay Section 9325N (legend in % graphitic Carbon)

Figure 7: Assay Section 9300N (legend in % graphitic Carbon)

For further information, please contact:

Investor inquiries	Media inquiries
Christopher S. Darby	Rebecca Lawson
CEO & Managing Director	Media & Capital Partners
info@valenceindustries.com	rebecca.lawson@mcpartners.com.au
+61 8 8418 8564	+61 433 216 269

Valence Industries confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates in this announcement continue to apply and have not materially changed since the announcements previously released as "Valence Doubles Existing ROM Stockpiles" (6/8/14), "Uley Graphite Grade Increases to 11.7%" (17/11/14), "Maiden High Grade Graphite Ore Reserve" (17/12/2014, "VXL Feasibility Study Expansion and Adv Manufacturing" (2/1/15), "High Grade Mineralisation Extended at Uley Graphite" (12/3/15), "50% Increase in Uley Graphite Resource" (5/5/15) and "Major Increase to Graphite Ore Reserve and Mine Life" (14/5/15).

Competent Persons Statement – Extensional Drilling Campaign

The information in this announcement that relates to the Mineral Resources pertaining to the Company's in-fill drilling campaign results is based on information compiled by Ms Karen Lloyd, who has been engaged as General Manager – Technical Delivery by Valence Industries. Ms Lloyd is a Member of the Australian Institute of Mining and Metallurgy. Ms Lloyd has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Ms Lloyd consents to the inclusion in this release of the matters based on their information in the form and context as it appears.

Forward Looking Statements

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Valence Industries Limited (Valence Industries) are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as 'may', 'could', 'believes', 'estimates', 'targets', 'expects' or 'intends' 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, its directors and management of Valence Industries, that could cause Valence Industries' actual results to differ materially from the results expressed or anticipated in these statements.

Valence Industries cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Valence Industries does not undertake 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 applicable law.

APPENDIX 1

JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments,etc.). These examples should not be taken aslimiting the broad meaning of sampling.Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused.Aspects of the determination of mineralisationthat are Material to the Public Report.In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, such aswhere there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information.	Triple tube Diamond (HQ3) drilling was employed togenerate core for logging and sampling. Mineralisedsamples were submitted for assay on typically onemetre intervals. Duplicate and standard sampleswere inserted typically every 20th sample. Diamondcore was cut in half using a diamond impregnatedblade on a core saw and half-core samples were sentto ALS Global for assay.
Drillingtechniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic,etc.) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc.).	Drilling was planned on a nominal 25m X 25m collarpattern, for a total of 5,748 diamond drilling metres.Drill holes were drilled at -60 degree dip on a 090azimuth. Diamond drilling was undertaken usingtriple tube HQ3 (61mm diameter) core from collar toEnd of Hole.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed.Measures taken to maximise sample recoveryand ensure representative nature of the samples.Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	Core recovery was recorded at the drill site andduring core logging and measured for every core run.Sample recovery is deemed to be adequate forresource estimation purposes.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.)photography.The total length and percentage of the relevantintersections logged.	100% of the drill holes were geologically andgeotechnically logged by qualified geologists,recording relevant data to a set database structure.All logging included lithological features, mineralassemblages, mineralisation percentage estimatesand geotechnical information suitable for thedevelopment of geology models and pit slope designcriteria.

Criteria	JORC Code explanation	Commentary
Sub-samplingtechniques andsamplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.If non-core, whether riffled, tube sampled, rotarysplit, etc. and whether sampled wet or dry.For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.Whether sample sizes are appropriate to thegrain size of the material being sampled.	Sample preparation is consistent with industry bestpractice. Field QC procedures involved the use ofcertified reference material assay standards, blanksand duplicates for Company QC measures, andlaboratory standards, replicate sampling and barrenwashes for laboratory QC measures. The insertionrate of each of these QAQC measures averaged 1:20.Half-diamond core samples averaged 1m in length,and are deemed appropriate for the material andanalysis method.
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptable levelsof accuracy (i.e. lack of bias) and precision havebeen established.	The samples were prepared at ALS Global (Adelaide),including crushing entire sample >70% -6mm,splitting and retention of 50% sample weight, andpulverising. The prepared samples were sent to ALSglobal (Brisbane) for analytical procedures C-IR18, CCAL15, CIR17 and C-IR07 by LECO analyser todetermine graphitic carbon, inorganic carbon bydifference, organic carbon and total carbon. Thedetection limits and precision for graphitic carbonanalysis are considered to be adequate for thepurpose of future resource estimations. Thelaboratory procedures are considered to beappropriate for reporting purposes. Company QAQCsamples inserted at 5% representivity demonstratethe accuracy and precision of the graphitic carbon tobe satisfactory.
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.The use of twinned holes.Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.Discuss any adjustment to assay data.	Significant mineralisation intersections were verifiedby two company personnel. No adjustments to theassay data have been made. All data was collected,sampled and assayed according to Companyprocedures and validated using a Microsoft Accessrelational database.
Location of datapoints	Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys),trenches, mine workings and other locations usedin Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control.	Topographical control is sufficient for this explorationdrilling. Collar location were set out using anindependent surveyor. All down-hole surveying wasundertaken using a Reflex multi-shot survey tool atnominal 25m intervals down hole.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.Whether sample compositing has been applied.	Drill collar spacing is generally 25m X 25m or 25m X50m where existing drill holes provide sufficientgeological confidence.

Criteria	JORC Code explanation	Commentary
Orientation ofdata in relationto geologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	The orientation of the drilling is not expected tointroduce sampling bias. Drilling has generallyintersected mineralisation perpendicular to strikecontinuity.
Sample security	The measures taken to ensure sample security.	Samples were packaged and stored in secure storagefrom collection through the chain of custody tosubmission. Laboratory best practice methods wereemployed by the laboratory upon receipt.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	Company QAQC checks were undertaken during thedrilling, logging and sampling program. No externalaudit of the data has been undertaken. No significantissues in drilling, sampling or analytic technique havebeen identified.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The Company owns 100% interest in the EL4778tenement. The tenement is in good standing andthere are no known significant impediments toexploration or mining in the area.
Exploration doneby other parties	Acknowledgment and appraisal of exploration byother parties.	No other parties were involved in this explorationprogram.
Geology	Deposit type, geological setting and style ofmineralisation.	The Uley graphite deposit is a high-grade coarse-flakemineralised envelope within the broader "Mikkira"graphite resource. Uley graphite mineralisation ishosted by the Cook Gap Schist, a partially migmatisedmedium grained biotite+/-garnet+/-muscovite+/-sillimanite-quartzofeldspathic schist/gneiss withleucocratic pegmatite sweats.
Drill holeInformation	A summary of all information material to theunderstanding of the exploration results includinga tabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.If the exclusion of this information is justified onthe basis that the information is not Material andthis exclusion does not detract from theunderstanding of the report, the CompetentPerson should clearly explain why this is the case.	Refer to collar table within the text of this document.

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

Criteria	JORC Code explanation	Commentary
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Materialand should be stated.Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shownin detail.The assumptions used for any reporting of metalequivalent values should be clearly stated.	No top cuts have been applied to the resultsreported in this announcement. A nominal 10%graphitic carbon lower cut-off has been applied inthe determination of significant intercepts. Highgrade intercepts within broader low grade intervalshave been separated as "including" results. No metalequivalent values are used in this report.
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly important inthe reporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.If it is not known and only the down hole lengthsare reported, there should be a clear statementto this effect (e.g. 'down hole length, true widthnot known').	Drill holes intersected mineralisation at nearperpendicular to the strike orientation of the hostlithologies. All drill holes were orientated at -60degrees on a bearing of 090.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan viewof drill hole collar locations and appropriatesectional views.	See figures in release
Balancedreporting	Where comprehensive reporting of all ExplorationResults is not practicable, representativereporting of both low and high grades and/orwidths should be practiced to avoid misleadingreporting of Exploration Results.	Representative reporting of significant intercepts hasbeen effected within this report.
Othersubstantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	The Company has previously reported a MineralResource in accordance with JORC (2012) guidelinesat the Uley 2 deposit.
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	Further work programs are planned includingmetallurgical test work to ensure optimisation of theUley processing facilities.