RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2014

Jun 9, 2014

10 June 2014 For Immediate Release

ACQUISITION OF KATHLEEN VALLEY GOLD PROJECT

Highlights:

• Ramelius to acquire the high grade Kathleen Valley Gold Project in WA

• Kathleen Valley project located close to the Company’s new Vivien Gold Project

• Creates synergies for Ramelius’ integrated high grade WA gold development

Kathleen Valley Gold Project Acquisition

The Directors of Australian gold producer, Ramelius Resources Limited (ASX: RMS), are pleased to announce a further broadening of the Company’s gold operations in Western Australia.

Ramelius has signed a Sale and Purchase Agreement with Xstrata Nickel Australasia Operations Pty Limited (XNAO), a subsidiary of Glencore plc, and with Giralia Resources Pty Limited (Giralia) to acquire 100% of the XNAO Kathleen Valley tenements and 100% of the tenements held by XNAO and Giralia as the participants in the Kathleen Valley and Mount Harris Joint Ventures.

The XNAO Kathleen Valley tenements are located 50km north of Leinster in Western Australia (Figure 1) and contain a JORC (2012) Mineral Resource of 130,000 ounces of gold in three deposits - Mossbecker, Yellow Aster and Nils Desperandum (see Table 1).

Ramelius intends to complete further resource definition drilling within the next six months to enable the Company to upgrade the resources to Indicated, for use in future mine planning studies.

Scoping studies undertaken on behalf of XNAO indicate the potential for high grade open pit developments with low capital costs.

Upon completion of the Sale and Purchase Agreement, the signing of ancillary Deeds of Assumption and Assignment plus a Nickel Offtake and Clawback Agreement with XNAO, Ramelius will pay XNAO A$3.645 million cash for 100% of its Kathleen Valley tenements. In addition Ramelius has agreed to pay A$405,000 cash to acquire 100% of the adjacent Kathleen Valley Joint Venture and Mt Harris Joint Venture. Collectively the package of three contiguous tenement groups will be referred to as the Kathleen Valley Gold Project.

Managing Director Ian Gordon said, “The acquisition of the Kathleen Valley Gold Project will add significantly to Ramelius’ recent acquisition of the Vivien Gold Project, enable cost reduction synergies across both projects and significantly build on the Company’s strategy to create a high yielding, positive cash flow mining business centred on its established Mt Magnet Milling Operations.”

For further information contact:

Ian Gordon Managing Director Ph: 08 9202 1127

Mark Zeptner COO Ph: 08 9202 1127

==> picture [264 x 248] intentionally omitted <==

Figure 1: Ramelius’ Western Australian project locations

Kathleen Valley Mineral Resource Summary

Resources are generated from 475 RC and Diamond holes drilled by previous companies between 1984 and 2012. All resources are located on ML36/375. Drillhole density is typically 12.5m by 25m to 25m x 50m. Mineralisation occurs as shallow dipping silica-sericite sulphide lenses within a granitic conglomerate proximal to a shallow dipping fault contact with underlying mafic units. Split RC subsamples and half core were assayed by Aqua Regia and Fire Assay methods. Gold was estimated within 3D lode shapes interpreted using a 0.5 g/t cut-off and Ordinary Kriging methods. Metallurgical testwork shows high recovery suitable for normal CIP/CIL processing and open pit mining methods are assumed. Detailed information is given in JORC Table 1 below.

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==> picture [262 x 349] intentionally omitted <==

Figure 2: Kathleen Valley gold project land package, relative to the recently acquired Vivien Gold Project at Leinster

==> picture [488 x 185] intentionally omitted <==

Figure 3: Mossbecker deposit 0.5 g/t mineralisation envelope, looking east

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Table 1: Kathleen Valley Project Mineral Resources, > 0.5 g/t Au cut-off grade

Deposit	Category	Tonnes	Grade (g/t Au)	Ounces
Mossbecker	Indicated	130,000	3.0	13,000
	Inferred	390,000	4.1	51,000
	Total	520,000	3.8	63,000
Yellow Aster	Indicated	120,000	2.3	9,000
	Inferred	610,000	1.9	37,000
	Total	730,000	2.0	46,000
Nils Desperandum	Indicated	70,000	3.0	7,000
	Inferred	120,000	3.5	14,000
	Total	190,000	3.4	21,000
Total		1,440,000	2.8	130,000

Note: Figures are rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

Table 2: Agreements Summary

Project	Vendors	Agreement Type	Agreement Term	Purchase Price to Exercise Agreements
Kathleen Valley Gold Project	XNAO	Sale and Purchase Agreement	N/A	A$3,645,000 cash only
Mt Harris JV Project	XNAO and Giralia Resources Pty Ltd	Sale and Purchase Agreement	N/A	A$202,500 cash only
Kathleen Valley JV Project	XNAO and Giralia Resources Pty Ltd	Sale and Purchase Agreement	N/A	A$202,500 cash only

The Information in this report that relates to Exploration Results is based on information compiled by Kevin Seymour, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Kevin Seymour is a full-time employee of Ramelius Resources Limited. Kevin Seymour has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity they have 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”. Kevin Seymour consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates to Mineral Resources is based on information compiled by Rob Hutchison, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Rob Hutchison is a full-time employee of Ramelius Resources Limited. Rob Hutchison has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity they have 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”. Rob Hutchison consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC Code, 2012 Edition

Table 1 Report for Kathleen Valley Gold Project Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut	•The Kathleen Valley deposits consisting of
techniques	channels, random chips, or specific	Mossbecker, Yellow Aster and Nils
	specialised industry standard	Desperandum were drilled by Newmont in the
	measurement tools appropriate to the	mid 1980’s, Sir Samuel Mines in the late 1980’s
	minerals under investigation, such as	and by Jubilee Mines in the early 1990’s.
	down hole gamma sondes, or	Xstrata undertook further drilling in 2012 to
	handheld XRF instruments, etc).	improve the confidence in the continuity of the
	These examples should not be taken	high grade gold mineralisation
	as limiting the broad meaning of	•RC samples were predominantly collected as
	sampling.	1m samples with 2m also used and subsampled
	• Include reference to measures taken	using a riffle or cone splitter to produce≈3kg
	to ensure sample representivity and	sub-samples. Diamond core was halved with a
	the appropriate calibration of any	diamond saw to produce representative sub-
	measurement tools or systems used.	samples on 1m or geologically selected intervals
	• Aspects of the determination of	•Drillhole locations were designed to allow for
	mineralisation that are Material to the	spatial spread across the interpreted mineralised
	Public Report.	zone. RC samples were riffle split to≈3-4kg
	• In cases where ‘industry standard’	samples on 1m metre intervals
	work has been done this would be	•No new drilling has been completed by
	relatively simple (eg ‘reverse	Ramelius. All drillhole data is historical with the
	circulation drilling was used to obtain	most recent completed by Xstrata in 2012
	1 m samples from which 3 kg was	•Drill samples were pulverized and assayed by
	pulverised to produce a 30 g charge	25g Aqua Regia or 50g Fire Assay, with an AAS
	for fire assay’). In other cases more	finish
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation,	•RC drilling was completed using standard +5”
techniques	open-hole hammer, rotary air blast,	drill hammers. Diamond drillholes include HQ
	auger, Bangka, sonic, etc) and details	and NQ core sizes. Core was not orientated.
	(eg core diameter, triple or standard	•For Mossbecker 87% of the drilling was by RC
	tube, depth of diamond tails, face-	and 13% was by diamond drilling. For Yellow
	sampling bit or other type, whether	Aster & Nils Desperandum 96% of the drilling
	core is oriented and if so, by what	was by RC and 4% was by diamond drilling
	_method, etc). _
Drill sample	• Method of recording and assessing	•No drill recovery information is available for RC
recovery	core and chip sample recoveries and	drilling. Core recovery recorded for 16 diamond
	results assessed.	drillholes is almost uniformly 100% and
	• Measures taken to maximise sample	inspection of core shows deposit is hosted by
	recovery and ensure representative	competent units which would be amenable to
	nature of the samples.	effective RC drilling
	• Whether a relationship exists between	•No indication of sample bias is evident or has
	sample recovery and grade and	been established
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarse material.

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Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have	•RC and diamond drill samples were geologically
	been geologically and geotechnically	logged for lithology. Lessor amounts of logging
	logged to a level of detail to support	detail exist for sulphides, alteration, geotechnical
	appropriate Mineral Resource	and ore intercepts
	estimation, mining studies and	•Drillhole logging of RC chips is qualitative on
	metallurgical studies.	visual recordings of rock forming minerals and
	• Whether logging is qualitative or	quantitative on estimates of mineral abundance.
	quantitative in nature. Core (or	•The entire length of drillholes are geologically
	costean, channel, etc) photography.	logged
	• The total length and percentage of the
	relevant intersections logged.
Sub-	• If core, whether cut or sawn and	•For older historic drilling, sub-sampling and
sampling	whether quarter, half or all core taken.	sample preparation techniques are unknown.
techniques	• If non-core, whether riffled, tube	For Xstrata drilling:
and sample	sampled, rotary split, etc and whether	•Sawn half diamond core samples and dry RC
preparation	sampled wet or dry.	samples are riffle split to≈3kg sub-samples.
	• For all sample types, the nature,	•Samples were entirely pulverized prior to sub-
	quality and appropriateness of the	sampling in the laboratory to ensure
	sample preparation technique.	homogenous samples with 85% passing 75um.
	• Quality control procedures adopted for	200gm is extracted by spatula that is used for
	all sub-sampling stages to maximise	the 50gm charge on standard fire assays.
	representivity of samples.	•For the 2012 drilling program Xstrata
	• Measures taken to ensure that the	implemented a programme of quality control on
	sampling is representative of the in	RC drilling involving certified reference
	situ material collected, including for	standards (1:20), field duplicates (1:20) blank
	instance results for field	samples (1:40) and umpire laboratory check
	duplicate/second-half sampling.	samples (1:40) to monitor the accuracy and
	• Whether sample sizes are appropriate	precision of laboratory data.
	to the grain size of the material being	•The sample size is considered appropriate for
	sampled.	the type, style, thickness and consistency of
		mineralization.
Quality of assay data	• The nature, quality and appropriateness of the assaying and	•The use of Aqua Regia method for many historical assays (approximately 50%) may not
and	laboratory procedures used and	fully evaluate total gold in samples but would still
laboratory	whether the technique is considered	be indicative of the majority of gold present. Fire
tests	partial or total.	Assay would be more effective at measuring
	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	total gold and is considered appropriate. •No field analyses of gold grades are completed.
	parameters used in determining the	Quantitative analysis of the gold content and
	analysis including instrument make	trace elements is undertaken in a controlled
	and model, reading times, calibrations	laboratory environment.
	factors applied and their derivation,	•QAQC measures were carried out by Xstrata
	etc.	and included certified reference standards, field
	• Nature of quality control procedures	duplicates, blank samples and umpire laboratory
	adopted (eg standards, blanks,	check samples
	duplicates, external laboratory checks)	•QAQC measures are not available for the
	and whether acceptable levels of	majority of historic drilling.
	accuracy (ie lack of bias) and
	precision have been established.
Verification	• The verification of significant	•Ramelius personnel have inspected the RC drill
of sampling	intersections by either independent or	sites in the field and available core holes to
and	alternative company personnel.	verify the correlation of mineralized zones
assaying	• The use of twinned holes.	between assay results and lithology, alteration
	• Documentation of primary data, data	and mineralization.
	entry procedures, data verification,	•Drillholes are frequently overlapping or
	data storage (physical and electronic)	confirmed by later close spaced drilling. 2012
	protocols.	Xstrata drillholes re-test numerous earlier holes,

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Criteria	JORC Code explanation	Commentary
	• Discuss any adjustment to assay data.	compare well and are the main verification of
		previous sampling and assay results.
		•Documentation of historic primary data, data
		entry and verification is generally unavailable.
		•No adjustments or calibrations are made to any
		of the assaydata recorded in the database.
Location of	• Accuracy and quality of surveys used	•Most drillhole collars were picked up using
data points	to locate drill holes (collar and down-	DGPS survey control. Only limited downhole
	hole surveys), trenches, mine	survey is available. Many holes are vertical and
	workings and other locations used in	unsurveyed.
	Mineral Resource estimation.	•Holes were transcribed to MGA94 – Zone 51
	• Specification of the grid system used.	grid coordinates.
	• Quality and adequacy of topographic	•Topographic control is established from DTMs
	control.	generated from mine surveyors’ total station final
		pickups of the surroundinglandforms.
Data spacing	• Data spacing for reporting of	•Drillhole spacing ranges from 12.5 x 25m to 25m
and	Exploration Results.	x 50m and frequently closer in core resource
distribution	• Whether the data spacing and	areas.
	distribution is sufficient to establish the	•Drill spacing is sufficient to establish Mineral
	degree of geological and grade	Resources and classifications applied.
	continuity appropriate for the Mineral	•No sampling compositing has been applied
	Resource and Ore Reserve estimation	within key mineralised intervals.
	procedure(s) and classifications
	applied.
	• Whether sample compositing has
	been applied.
Orientation	• Whether the orientation of sampling	•The drilling is drilled orthogonal to the
of data in	achieves unbiased sampling of	interpreted strike of the target horizon. Holes are
relation to	possible structures and the extent to	frequently vertical, intersecting sub-horizontal
geological	which this is known, considering the	mineralisation
structure	deposit type.	•Structural logging of available diamond core
	• If the relationship between the drilling	supports the drilling direction
	orientation and the orientation of key	•No drilling orientation and/or sampling bias has
	mineralised structures is considered to	been recognized in the data at this time.
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample	•Historical data, measures unknown
security	security.
Audits or	• The results of any audits or reviews of	•Ramelius and others have reviewed sampling
reviews	sampling techniques and data.	techniques and data. A lack of detailed
		information on historic drilling methods and QAQC has been previously noted. However
		there are no indications that previous
		methodologies were below industry standard or
		data is biased.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	•The results reported in this report are on granted
tenement	location and ownership including	Mining Lease ML36/375 being acquired by
and land	agreements or material issues with	Ramelius Resources Limited under Sale and
tenure status	third parties such as joint ventures,	Purchase Agreement with XNAO. The mining
	partnerships, overriding royalties,	lease is located on a pastoral lease. Heritage
	native title interests, historical sites,	surveys are completed prior to any ground
	wilderness or national park and	disturbing activities in accordance with
	environmental settings.	Ramelius’ responsibilities under the Aboriginal
	• The security of the tenure held at the	Heritage Act.
	time of reporting along with any known	•At this time all the tenements are in good
	impediments to obtaining a licence to	standing. There are no known impediments to
	operate in the area.	obtaininglicences to operateinthe area.
Exploration	• Acknowledgment and appraisal of	•Exploration by other parties has been reviewed
done by	exploration by other parties.	and is used as a guide to Ramelius’ exploration
other parties		activities. Previous parties have completed
		shallow RAB, Aircore and RC drilling,
		geophysical data collection and interpretation.
Geology	• Deposit type, geological setting and	•The mineralisation at the Kathleen Valley
	style of mineralisation.	deposits is typical of orogenic structurally
		controlled Archaean gold lode systems. The
		mineralisation is controlled by a flat lying N/S
		trending fault passing through the Jones Creek
		Conglomerate and overlying ultramafic rocks.
		The Mossbecker deposit, for example, extends
		over 350m strike. Gold mineralisation occurs in
		1 or 2 main sub-horizontal lodes 2-10m thick
		and 40-80m wide and plunges around 15°to the
		southwest.
Drill hole	• A summary of all information material	•Not Applicable
Information	to the understanding of the
	exploration results including a
	tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill
	hole collar
	o elevation or RL (Reduced Level –
	elevation above 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,	•Not Applicable
aggregation	weighting averaging techniques,
methods	maximum and/or minimum grade
	truncations (eg cutting of high grades)
	and cut-offgrades are usually Material

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Criteria	JORC Code explanation	Commentary
	and should be stated.
	• Where aggregate intercepts
	incorporate short lengths 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 in
	detail.
	• The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly	•Not Applicable
between	important in the reporting of
mineralisatio	Exploration Results.
n widths and	• If the geometry of the mineralisation
intercept	with respect to the drill hole angle is
lengths	known, its nature should be reported.
	• If it is not known and only the down
	hole lengths are reported, there
	should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with	•Not Applicable
	scales) and tabulations of intercepts
	should be included for any significant
	discovery being reported These
	should include, but not be limited to a
	plan view of drill hole collar locations
	and appropriate sectional views.
Balanced	• Where comprehensive reporting of all	•Not Applicable
reporting	Exploration Results is not practicable,
	representative reporting of both low
	and high grades and/or widths should
	be practiced to avoid misleading
	reporting of Exploration Results.
Other	• Other exploration data, if meaningful	•Not Applicable
substantive	and material, should be reported
exploration	including (but not limited to):
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
Further work	• The nature and scale of planned	•Further planned work includes infill RC and
	further work (eg tests for lateral	selected diamond twins to further validate the
	extensions or depth extensions or	resource and increase its confidence to an
	large-scale step-out drilling).	Indicated status. Ramelius also plans to drill
	• Diagrams clearly highlighting the	deeper holes below the Mossbecker deposit to
	areas of possible extensions,	better define the extent of the mineralisation.
	including the main geological
	interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Database	• Measures taken to ensure that data	•Data has been sourced from an Access
integrity	has not been corrupted by, for	Drillhole Database provided by XNAO
	example, transcription or keying	•Previous reports detail validation checks for
	errors, between its initial collection	missing assays and geology intervals,
	and its use for Mineral Resource	overlapping intervals, duplicate assays, EOH
	estimation purposes.	depth, hole collar elevations and assay value
	• Data validation procedures used.	detection limits, negative and zero values
Site visits	• Comment on any site visits	•The Competent Persons have made one site
	undertaken by the Competent Person	visit viewing deposit areas, to view drill collar
	and the outcome of those visits.	locations, surface geological outcrop and a
	• If no site visits have been undertaken	number of representative diamond drillhole
	indicate why this is the case.	cores.
Geological	• Confidence in (or conversely, the	•Confidence in the geological interpretation is
interpretation	uncertainty of) the geological	high
	interpretation of the mineral deposit.	•Data used include drilling assay and geological
	• Nature of the data used and of any	logging, surface outcrop and minor historic
	assumptions made.	surface and underground workings, diamond
	• The effect, if any, of alternative	core logging and structure
	interpretations on Mineral Resource	•No alternate interpretation envisaged.
	estimation.	•Geology confirms primary grade interpretation
	• The use of geology in guiding and	•Grade continuity affected by relatively nuggety
	controlling Mineral Resource	gold mineralisation
	estimation.
	• The factors affecting continuity both
	of grade and geology.
Dimensions	• The extent and variability of the	•The Mossbecker deposit extends over 350m
	Mineral Resource expressed as	strike. Gold mineralisation occurs in sub-
	length (along strike or otherwise),	horizontal lodes 2-10m thick and 40-80m wide
	plan width, and depth below surface	and plunges around 15° to the southwest. The
	to the upper and lower limits of the	other deposits are of similar dimensions and
	Mineral Resource.	nature.
Estimation	• The nature and appropriateness of	•Deposits were estimated using geological
and modelling	the estimation technique(s) applied	software using Ordinary Kriging within hard
techniques	and key assumptions, including	bounded mineralised domains. The estimation
	treatment of extreme grade values,	method is appropriate for the deposit type.
	domaining, interpolation parameters	•The deposits have been previously modelled
	and maximum distance of	and estimated and comparisons with the most
	extrapolation from data points. If a	recent model made
	computer assisted estimation method	•Only gold is estimated
	was chosen include a description of computer software and parameters used.	•No deleterious elements present •Block size was determined by kriging efficiency test. Parent cell of 12.5mN x 5mE x 5mRL
	• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of	•No assumption made on selective mining unit •Each domain was geostatiscally analysed and assigned appropriate search directions, top- cuts and kriging parameters •Geological interpretation matches grade domain interpretation with sub-horizontal lodes used to model deposit •Top cuts were applied to domains after review of grade population characteristics a 99.5%

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	economic significance (eg sulphur for	topcut of 60 g/t was applied
	acid mine drainage characterisation).	•Validation included visual comparison against
	• In the case of block model	drillhole grades, global grade statistic
	interpolation, the block size in relation	comparisons and swath grade plots
	to the average sample spacing and
	the search employed.
	• Any assumptions behind modelling of
	selective mining units.
	• Any assumptions about correlation
	between variables.
	• Description of how the geological
	interpretation was used to control the
	resource estimates.
	• Discussion of basis for using or not
	using grade cutting or capping.
	• The process of validation, the
	checking process used, the
	comparison of model data to drill hole
	data, and use of reconciliation data if
	available.
Moisture	• Whether the tonnages are estimated	•Tonnages are estimated on a dry basis
	on a dry basis or with natural
	moisture, and the method of
	determination of the moisture content.
Cut-off	• The basis of the adopted cut-off	•A 0.5 g/t grade cut-off has been used for ore
parameters	grade(s) or quality parameters	interpretation and resource reporting
	applied.	•This cutoff encapsulates the mineralisation
		effectively and typically discriminates economic
		material from waste
Mining factors	• Assumptions made regarding	•Resources are reported on the assumption of
or	possible mining methods, minimum	mining by conventional open pit grade control
assumptions	mining dimensions and internal (or, if	and mining methods. The majority of reported
	applicable, external) mining dilution. It	resource is less than 100m deep. Previous
	is always necessary as part of the	scoping studies show a significant proportion of
	process of determining reasonable	resources can be economic in an open pit
	prospects for eventual economic	scenario. Studies have included block
	extraction to consider potential mining	regularisation to simulate significant mining
	methods, but the assumptions made	dilution that would be incurred mining sub-
	regarding mining methods and	horizontal lodes
	parameters when estimating Mineral
	Resources may not always be
	rigorous. Where this is the case, this
	should be reported with an
	explanation of the basis of the mining
	assumptions made.
Metallurgical	• The basis for assumptions or	•Metallurgical testwork commissioned by XNAO
factors or	predictions regarding metallurgical	on composited drill core samples shows
assumptions	amenability. It is always necessary as	Mossbecker ore to be free milling with a high
	part of the process of determining	gravity gold and total recovery of +95%
	reasonable prospects for eventual
	economic extraction to consider
	potential metallurgical methods, but
	the assumptions regarding
	metallurgical treatment processes
	and parameters made when reporting
	Mineral Resources may not always
	be rigorous. Where this is the case,

11

	this should be reported with an
	explanation of the basis of the
	metallurgical assumptions made.
Environmental	• Assumptions made regarding	•No specific issues beyond normal open pit mine
factors or	possible waste and process residue	licensing are envisaged
assumptions	disposal options. It is always	•Areas within the mining lease are available for
	necessary as part of the process of determining reasonable prospects for	placement of a Waste Land Form. Waste rocks lack sulphides and are likely to be Non Acid
	eventual economic extraction to	Forming, although waste characterisation
	consider the potential environmental	studies are yet to be completed
	impacts of the mining and processing	•Ore processing will take place at existing mill
	operation. While at this stage the	facilities offsite
	determination of potential environmental impacts, particularly for a greenfields project, may not	•Water inflows can be pumped to existing open pits
	always be well advanced, the status
	of early consideration of these
	potential environmental impacts
	should be reported. Where these
	aspects have not been considered
	this should be reported with an
	explanation of the environmental
	assumptions made.
Bulk density	• Whether assumed or determined. If	•Density measurements were carried out by
	assumed, the basis for the	Jubilee on HQ diamond core using the water
	assumptions. If determined, the	immersion method
	method used, whether wet or dry, the	•Densities of 2.3 for oxide, 2.5 for transitional
	frequency of the measurements, the	and 2.8 for fresh were applied
	nature, size and representativeness
	of the samples.
	• The bulk density for bulk material
	must have been measured by
	methods that adequately account for
	void spaces (vugs, porosity, etc),
	moisture and differences between
	rock and alteration zones within the
	deposit.
	• Discuss assumptions for bulk density
	estimates used in the evaluation
	process of the different materials.
Classification	• The basis for the classification of the	•While the deposits are relatively well drilled and
	Mineral Resources into varying	confidence in geological interpretation and
	confidence categories.	grade is good, the historical nature of drilling
	• Whether appropriate account has	and lack of detail on methodology and QAQC
	been taken of all relevant factors (ie	measures means Resource classification has
	relative confidence in tonnage/grade	been largely classed as Inferred. Some more
	estimations, reliability of input data,	recent drilling, areas of high drill density and
	confidence in continuity of geology	confidence have been classed as Indicated.
	and metal values, quality, quantity	•The resource classification accounts for all
	and distribution of the data).	relevant factors
	• Whether the result appropriately	•The classification reflects the Competent
	reflects the Competent Person’s view	Person’s view
	of the deposit.
Audits or	• The results of any audits or reviews	•No audits or reviews have been undertaken,
reviews	of Mineral Resource estimates.	however a number of previous resource
		estimates have been made and compared

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Discussion of	•	Where appropriate a statement of the	•Confidence in the relative accuracy of the
relative		relative accuracy and confidence	estimates is reflected by the classifications
accuracy/		level in the Mineral Resource	assigned
confidence		estimate using an approach or	•The estimates are global estimates
		procedure deemed appropriate by the Competent Person. For example, the	•No production data is available for comparison
		application of statistical or
		geostatistical procedures to quantify
		the relative accuracy of the resource
		within stated confidence limits, or, if
		such an approach is not deemed
		appropriate, a qualitative discussion
		of the factors that could affect the
		relative accuracy and confidence of
		the estimate.
	•	The statement should specify
		whether it relates to global or local
		estimates, and, if local, state the
		relevant tonnages, which should be
		relevant to technical and economic
		evaluation. Documentation should
		include assumptions made and the
		procedures used.
	•	These statements of relative
		accuracy and confidence of the
		estimate should be compared with
		production data, where available.

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