RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2015

Jun 8, 2015

9 June 2015

ISSUED CAPITAL

Ordinary Shares: 469M

DIRECTORS

CHAIRMAN: Robert Kennedy NON-EXECUTIVE DIRECTORS: Kevin Lines Michael Bohm CHIEF EXECUTIVE OFFICER: Mark Zeptner

www.rameliusresources.com.au info@rameliusresources.com.au

RAMELIUS RESOURCES LIMITED

Registered Office

Suite 4, 148 Greenhill Road Parkside, Adelaide South Australia 5063 Tel +61 8 8271 1999 Fax +61 8 8271 1988

Operations Office

Level 1, 130 Royal Street East Perth WA 6004 Tel 08 9202 1127 Fax 08 9202 1138

9 June 2015 For Immediate Release

BLACKMANS (MT MAGNET) – MAIDEN RESOURCE & EXPLORATION UPDATE

Highlights

• Maiden Mineral Resource of 490,000t @ 2.5 g/t Au for 39,000oz
• Shallow resource, likely open pit operation, close to Mt Magnet
• Mining study & permitting processes underway
• Additional high-grade drill intersections below current resource including 10m at 15.7 g/t Au

Ramelius Resources Limited (ASX:RMS) is pleased to announce a maiden Mineral Resource estimate for its Blackmans gold deposit, 30km north of Mt Magnet in Western Australia;

Total Mineral Resource is estimated at 490,000 t @ 2.5 g/t Au for 39,000 contained ounces

The new resource estimate was generated following recent RC drilling conducted by Ramelius in December 2014 and February 2015 as well as previous RC drilling carried out by Harmony Gold in 2006. Mineral Resource classification details are shown in Table 1 below.

Initial scoping work suggests a viable open pit operation and more detailed evaluation is now in progress. Ramelius has commenced heritage and environmental work with a view to gaining all required permitting for an open pit mining operation.

Subsequent deeper exploration drilling, carried out in May 2015 below the resource estimate envelope, continues to return high grade gold intersections including:

• 10m at 15.76 g/t Au from 104m in BMRC0053, and
• 10m at 3.81 g/t Au from 63m in BMRC0048

Ramelius Chief Executive, Mark Zeptner today said:

"The Blackmans Project has the potential to provide a valuable source of oxide ore for the Mt Magnet operation. Evaluation and permitting work on the project is already underway with a target of adding Blackmans to the life-of-mine plan in the 2016 calendar year".

"The overall production profile published by Ramelius does not currently include any contribution from Blackmans and the fact that we have some excellent intersections that currently sit outside the Mineral Resource highlights the potential positive impact that this project may have on the Company's future gold production".

Blackmans Gold Project

Blackmans is located 30km north of Mt Magnet, relatively close to the Company's Checker processing facility on the outskirts of Mt Magnet itself.

Figure 1: Blackmans Project Location

The Company secured 100% ownership of the Blackmans tenement (ML58/222) in late 2014 and subsequently embarked on a programme of RC drilling in December 2014. Drilling was highly encouraging with numerous economic intercepts returned from 18 holes drilled. A further 29 infill RC holes were completed in February 2015, with the aim of infilling the deposit to a nominal 10m by 25m drill spacing and generating a resource estimate (see Figure 2). Prior to these programs, 45 RC holes were completed by Harmony Gold in 2006.

Gold mineralisation at Blackmans extends over at least 350m strike and is associated with a number of subparallel, steeply west dipping quartz-sulphide lodes developed within high Magnesium (Mg) basalt host rocks (see Figure 3). Lodes are generally 2-5m wide, from 10-20m below surface and vary between 60 and 300m in strike length. The lodes are overlain by transported laterite of 8-15m thickness, which contains a flat lying 2-5m thick, supergene enriched, gold blanket near the base of the laterite.

Mineral Resource

The Mineral Resource was initially generated in April 2015 and more recently finalised following independent auditing and is summarised below:

	Table 1: Blackmans Mineral Resource (>1.0g/t)
--	-----------------------------------------------	--	--	--

Resource Category	Tonnes	Grade	Au (oz)
Indicated	361,000	2.6	30,000
Inferred	129,000	2.3	9,000
Total	490,000	2.5	39,000

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

Within the Indicated Resource total tabled above, the shallow laterite gold domain contains 97,900 t @ 1.7g/t for 5,400oz.

Mineral Resource Commentary

The resource was generated from 92 RC holes. Drillhole density is typically 10m x 25m.

Interpretation was carried out on 25m spaced sections utilising the geological interpretation described above and a nominal 0.5g/t lower cut-off. A minimum 2m downhole intercept with was used and sub-grade material was included to maintain lode width & shape continuity. RC sub-samples were assayed by Fire Assay at a Perth commercial laboratory. Appropriate QAQC samples accompanied primary sample batches.

Samples were grouped by domain, composited to 1m intervals, top-cut and gold was estimated using Inverse Distance and anisotropic searches. Resource classification was applied based on drillhole density and interpreted mineralisation continuity. Resources were reported above a 1.0 g/t lower cut-off, which is near the estimated economic cut-off. Resources have been generated for evaluation by open-pit mining methods and have a maximum depth of 130m.

Oxidation extends to 80m below surface and density values are assumed based on Mt Magnet values and experience. No metallurgical test work or environmental surveys have yet been conducted.

Detailed information is given in JORC Table 1 attached below.

The resource model and report was reviewed by an independent external consultant and no major issues were identified.

Deeper Exploration Drilling

Ramelius completed six deeper exploration RC holes (BMRC0048 to BMRC0053) for an aggregate 924m below the shallow resource model. The holes were designed to scope the predicted plunge of the higher grade Eastern Lode below 100m depth but demonstrated strong dip continuity persists below the shallow supergene anomalous Western Lode. The very high grade fresh rock intersection of 10m at 15.76 g/t Au within the Western Lode, is in a position previously believed to have been closed off by shallower drilling (Figures 3 and 4). The intersection highlights good depth continuity may continue within the mineralised system.

The deep oxidation had hampered geological interpretations within the top 80m of the resource but the recent deeper drilling has confirmed a strong geological control constrains the mineralisation within the lodes. The lodes are hosted within a 50m thick package of high Mg basalts, bound by ultramafic rocks on both the footwall and hangingwall sides. Steep west dipping interflow shale/sediment horizons further west provide good, dip continuity to support the lode interpretations. The Eastern Lode persists at depth within the high Mg basalt rocks (with a shallow northerly plunge – analogous to the Western Lode – see Figure 5) but the grade and thickness of the deeper intersections suggest the mineralisation is discontinuous.

Further deeper exploration drilling will focus on targeting the higher grade Western Lode intersections at depth.

Figure 2: Drillhole location plan with plus 0.5 g/t Au lodes & surficial laterite mineralisation

Figure 3: Drillhole cross section through Western & Eastern Lodes – 6925025mN

Figure 4: Blackmans Western Lode – Longitudinal Section

Figure 5: Blackmans Eastern Lode – Longitudinal Section

For further information contact: Mark Zeptner Chief Executive Officer Ph: (08) 9202 1127

This report contains forward looking statements. The forward looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns. Neither Ramelius, its related bodies corporate nor any of their directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy, correctness, completeness, adequacy, reliability or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law.

6 January 2015 Competent Persons

ISSUED CAPITAL The Information in this report relates to Exploration Results based on information compiled by Kevin Seymour and Mineral Resource information compiled by Rob Hutchison who are Competent Persons and Members of the Australasian Institute of Mining and Metallurgy. Kevin Seymour and Rob Hutchison are full-time employees of Ramelius Resources Limited.

DIRECTORS Kevin Seymour and Rob Hutchison have 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 Persons as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Kevin Seymour and Rob Hutchison consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.

					F/Dept
Hole Id	Easting	Northing	Az/Dip	RL	h	From (m)	To (m)	Interval (m)	g/t Au
					(m)
BMRC0048	582708	6924950	090/-59	440	156	57	58	1	0.95
						63	73	10	3.81
					Incl.	70	71	1	23.8
						80	81	1	0.61
						117	118	1	3.67
						131	132	1	0.55
						144	145	1	2.50
BMRC0049	582699	6924985	088/-65	440	180	117	119	2	1.15
						155	158	3	1.55
BMRC0050	582700	6925019	088/-60	440	54			Hole	Abandoned
BMRC0051	582715	6925100	088/-61	440	150				NSR
BMRC0052	582725	6925064	081/-61	440	174	143	145	2	4.18
						152	153	1	0.60
BMRC0053	582714	6925019	081/-62	440	210	88	89	1	0.56
						92	93	1	0.51
						97	98	1	0.82
						104	114	10	15.76
					Incl.	107	110	3	48.46
						120	121	1	0.75
						138	139	1	1.01
						153	154	1	1.33
						160	161	1	2.10
						164	165	1	0.55

Attachment 1: Significant (>0.50 g/t Au) RC drilling results within the Blackmans Gold Project – Mount Magnet WA

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are reported over a minimum down hole interval of 1m at plus 0.50 g/t gold. They may contain up to 2m of internal dilution. Gold determination was by Fire Assay, using 50gm charges with AAS finishes and a lower limit of detection of 0.01 g/t Au. NSR denotes no significant results. True widths are estimated to represent 65% of the reported down hole intersections unless noted. Coordinates are MGA94-Z50.

JORC Table 1 Report for Blackmans Deposit

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (egcut channels, random chips, orspecific specialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, orhandheld XRF instruments, etc). Theseexamples should not be taken aslimiting the broad meaning ofsampling.•Include reference to measures takento ensure sample representivity andthe appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material tothe Public Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used to obtain1 m samples from which 3 kg waspulverised to produce a 30 g chargefor fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) may warrantdisclosure of detailed information.	•Potential gold mineralised intervals aresystematically sampled using industry standard1m intervals, collected from reverse circulation(RC) drill holes.•Drill hole locations were designed to allow forspatial spread across the interpretedmineralised zone. All RC samples werecollected and riffle split to 3-4kg samples on 1mmetre intervals.•Standard fire assaying was employed using a50gm charge with an AAS finish. Trace elementdetermination was undertaken using a multi (4)acid digest and ICP- AES finish.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(eg core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	•Drilling was completed using best practice 5 ¾"face sampling RC drilling hammers for all drillprogrammes.
Drill samplerecovery	•Method of recording and assessingcore and chip sample recoveries andresults assessed.•Measures taken to maximise samplerecovery and ensure representativenature of the samples.•Whether a relationship existsbetween sample recovery and gradeand whether sample bias may have	•Bulk RC drill holes samples were visuallyinspected by the supervising geologist to ensureadequate clean sample recoveries wereachieved. Any wet, contaminated or poorsample returns are flagged and recorded in thedatabase to ensure no sampling bias isintroduced.•Zones of poor sample return are recorded in thedatabase and cross checked once assay results

Criteria	JORC Code explanation	Commentary
	occurred due to preferential loss/gainof fine/coarse material.	are received from the laboratory to ensure nomisrepresentation of sampling intervals hasoccurred. Of note, excellent RC drill recovery isreported from all RC holes in all programmes.
Logging	•Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage ofthe relevant intersections logged.	•All RC drill samples are geologically logged onsite by professional geologists. Details on thehost lithologies, deformation, dominantminerals including sulphide species andalteration minerals plus veining are recordedrelationally (separately) so the logging isinteractive and not biased to lithology.•Drill hole logging of RC chips is qualitative onvisual recordings of rock forming minerals andquantitative on estimates of mineralabundance.•The entire length of each RC drill hole isgeologically logged.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn andwhether quarter, half or all coretaken.•If non-core, whether riffled, tubesampled, rotary split, etc and whethersampled wet or dry.•For all sample types, the nature,quality and appropriateness of thesample preparation technique.•Quality control procedures adoptedfor all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that thesampling is representative of the insitu material collected, including forinstance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriateto the grain size of the material beingsampled.	•Duplicate samples are collected every 25thsample from the RC chips.•Dry RC 1m samples are riffle split to 3-4kg asdrilled and dispatched to the laboratory. Anywet samples are recorded in the database assuch and allowed to dry before splitting anddispatching to the laboratory.•All samples are pulverized prior to splitting inthe laboratory to ensure homogenous sampleswith 85% passing 75um. 200gm is extracted byspatula that is used for the 50gm charge onstandard fire assays.•RC samples submitted to the laboratory aresorted and reconciled against the submissiondocuments. In addition to duplicates a highgrade or low grade standard is included every25th sample, a controlled blank is inserted every100th sample. The laboratory uses barrenflushes to clean their pulveriser and their owninternal standards and duplicates to ensureindustry best practice quality control ismaintained.•The sample size is considered appropriate forthe type, style, thickness and consistency ofmineralization.
Quality ofassay dataandlaboratorytests	•The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make	•The fire assay method is designed to measurethe total gold in the sample. The techniqueinvolves standard fire assays using a 50gmsample charge with a lead flux (decomposed inthe furnace). The prill is totally digested by HCland HNO3 acids before measurement of thegold determination by AAS.•No field analyses of gold grades are completed.Quantitative analysis of the gold content and

Criteria	JORC Code explanation	Commentary
	and model, reading times,calibrations factors applied and theirderivation, etc.•Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratorychecks) and whether acceptable levelsof accuracy (ie lack of bias) andprecision have been established.	trace elements is undertaken in a controlledlaboratory environment.•Industry best practice is employed with theinclusion of duplicates and standards asdiscussed above, and used by Ramelius as wellas the laboratory. All Ramelius standards andblanks are interrogated to ensure they lie withinacceptable tolerances. Additionally, samplesize, grind size and field duplicates areexamined to ensure no bias to gold gradesexists.
Verificationof samplingand assaying	•The verification of significantintersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification,data storage (physical and electronic)protocols.•Discuss any adjustment to assay data.	•Alternative Ramelius personnel have inspectedthe RC chips in the field to verify the correlationof mineralised zones between assay results andlithology, alteration and mineralization.•All holes are digitally logged in the field and allprimary data is forwarded to Ramelius'Database Administrator (DBA) in Perth where itis imported into Datashed, a commerciallyavailable and industry accepted databasesoftware package. Assay data is electronicallymerged when received from the laboratory.The responsible project geologist reviews thedata in the database to ensure that it is correctand has merged properly and that all the drilldata collected in the field has been capturedand entered into the database correctly.•The responsible geologist makes the DBA awareof any errors and/or omissions to the databaseand the corrections (if required) are correctedin the database immediately.•No adjustments or calibrations are made to anyof the assay data recorded in the database.•No new mineral resource estimate is included inthis report.
Location ofdata points	•Accuracy and quality of surveys usedto locate drill holes (collar and downhole surveys), trenches, mineworkings and other locations used inMineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographiccontrol.	•All drill hole collars are picked up using accurateDGPS survey control. All down hole surveys arecollected using downhole Eastman single shotsurveying techniques provided by the drillingcontractors.•All Blackmans holes are picked up in MGA94 –Zone 50 grid coordinates.•DGPS RL measurements captured the collarsurveys of the drill holes prior to the resourceestimation work.
Data spacinganddistribution	•Data spacing for reporting ofExploration Results.•Whether the data spacing anddistribution is sufficient to establishthe degree of geological and grade	•Exploration drill holes were planned on nominal10m x 25m partings at Blackmans to betterdefine ore continuity.•Given the detailed understanding of the targethorizon from previous drilling this spacing is

Criteria	JORC Code explanation	Commentary
	continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classificationsapplied.•Whether sample compositing hasbeen applied.	considered adequate to define the continuity ofmineralisation, ahead of future resourceestimation work.•No sampling compositing has been appliedwithin key mineralised intervals.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is consideredto have introduced a sampling bias,this should be assessed and reportedif material.	•The drilling is drilled orthogonal to theinterpreted strike of the target horizon. Nodiamond drilling has been completed byRamelius on the project thus far.•Selected diamond twinning will be completed atBlackmans in due course to confirm no drillingorientation and/or sampling bias is present;albeit none has been recognized at this time asthe geological interpretation sits orthogonal tothe drill traces.
Samplesecurity	•The measures taken to ensure samplesecurity.	•Sample security is integral to Ramelius'sampling procedures. All bagged RC samples aredelivered directly from the field to the assaylaboratory in Kalgoorlie, whereupon thelaboratory checks the physically receivedsamples against Ramelius' samplesubmission/dispatch notes.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•Sampling techniques and procedures arereviewed prior to the commencement of newwork programmes to ensure adequateprocedures are in place to maximize the samplecollection and sample quality on new projects.No external audits have been completed todate.

Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenure status	•Type, reference name/number,location and ownership includingagreements or material issues withthird parties such as joint ventures,partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure held at thetime of reporting along with anyknown impediments to obtaining alicence to operate in the area.	•The results reported in this report are ongranted Mining Lease (ML) 58/222 (Blackmans)owned 100% by Ramelius Resources Limited.The tenements are located on pastoral/grazingleases. Heritage surveys are completed prior toany ground disturbing activities in accordancewith Ramelius' responsibilities under theAboriginal Heritage Act.•At this time all the tenements are in goodstanding. There are no known impediments toobtaining a licence to operate in the area.
Explorationdone byother parties	•Acknowledgment and appraisal ofexploration by other parties.	•Exploration by other parties has been reviewedand is used as a guide to Ramelius' explorationactivities. Previous parties have completedshallow RAB, Aircore and RC drilling atBlackmans plus geophysical data collection andinterpretation. This report concerns onlyexploration results generated by Ramelius.
Geology	•Deposit type, geological setting andstyle of mineralisation.	•The mineralisation at Blackmans is typical oforogenic structurally controlled Archaean goldlode systems. The mineralisation is controlledby anastomosing shear zones passing throughcompetent rock units. The Blackmansmineralisation extends over 350m strike anddips around 75-850westwards as twosubparallel lode sets. The plunge of the systemis interpreted to be shallow north, as depictedon the longsections.
Drill holeInformation	•A summary of all informationmaterial to the understanding of theexploration results including atabulation of the followinginformation for all Material drill holes:oeasting and northing of the drillhole collaroelevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearly	•All the drill holes reported in this report havethe following parameters applied. All drill holescompleted, including holes with no significantresults as defined in the Attachments) arereported in this announcement.•Easting and northing are given in MGA94coordinates as defined in the Attachments.•RL is AHD•Dip is the inclination of the hole from thehorizontal. Azimuth is reported in magneticdegrees as the direction the hole is drilled.MGA94 and magnetic degrees vary by <10in theproject area.•Down hole length is the distance measuredalong the drill hole trace. Intersection length isthe thickness of an anomalous gold intersectionmeasured along the drill hole trace.•Hole length is the distance from the surface tothe end of the hole measured along the drill

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
	explain why this is the case.	hole trace.•No results currently available from theexploration drilling are excluded from thisreport. Only gold grade intersections >0.5 g/tAu with up to 2m of internal dilution areconsidered significant and are reported in thisreport. Gold grades less than 0.5 g/t Au are notconsidered economic due to their low grade butmay still indicate patterns and trends worthy offurther exploration drill testing.
Dataaggregationmethods	•In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of highgrades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate interceptsincorporate short lengths of highgrade results and longer lengths oflow grade results, the procedure usedfor such aggregation should be statedand some typical examples of suchaggregations should be shown indetail.•The assumptions used for anyreporting of metal equivalent valuesshould be clearly stated.	•The first gold assay result received from eachsample reported by the laboratory is tabled inthe list of significant assays. Subsequent repeatanalyses when performed by the laboratory arechecked against the original to ensurerepeatability of the assay results.•Weighted average techniques are applied todetermine the grade of the anomalous intervalwhen geological intervals less than 1m havebeen sampled.•Results are generally reported using a 0.5 g/t Aulower cut-off (as described above and reportedin the Attachments) and may include up to 2mof internal dilution. Significant assays greaterthan 8.0 g/t Au are reported separately ascontained within the broader lower gradeintervals. For example the broader plus 1.0 g/tAu intersection of 6.5m @ 30.5 g/t Au containsa higher grade zone running plus 8 g/t Au and isincluded as 4m @ 48.5 g/t Au. Whereextremely high gold intersections areencountered as in this example, the highestgrade sample interval (eg 1.0m @ 150 g/t Au) isalso reported. All assay results are reported to3 significant figures in line with the analyticalprecision of the laboratory techniquesemployed.•No metal equivalent reporting is used orapplied.
Relationshipbetweenmineralisation widths andinterceptlengths	•These relationships are particularlyimportant in the reporting ofExploration Results.•If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported.•If it is not known and only the downhole lengths are reported, thereshould be a clear statement to thiseffect (eg 'down hole length, truewidth not known').	•The intersection length is measured down thelength of the hole and is not usually the truewidth. When sufficient knowledge on thethickness of the intersection is known anestimate of the true thickness is provided in theAttachment.•The known geometry of the mineralisation withrespect to the drill holes reported in this reportis well constrained from historical mining andprevious drill hole intersections at Blackmans.
Diagrams	•Appropriate maps and sections (with	•Drillhole plan and sectional views of Blackmans

Criteria	JORC Code explanation	Commentary
	scales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a planview of drill hole collar locations andappropriate sectional views.	areprovided in this report to enable the readerto see the intersections relative to previousmining and previous drill hole intersections plusthe current interpretation of the overall lodegeometry. Given the steep dip of themineralisation at Blackmans the cross sectionalview presentation is currently considered thebest 2-D representation of the known spatialextent of the mineralization intersected to date.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both lowand high grades and/or widths shouldbe practiced to avoid misleadingreporting of Exploration Results.	•All RC drill holes completed to date arereported in this report and all materialintersections as defined) are reported.
Othersubstantiveexplorationdata	•Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to):geological observations; geophysicalsurvey results; geochemical surveyresults; bulk samples – size andmethod of treatment; metallurgicaltest results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleteriousor contaminating substances.	•No other exploration data that has beencollected is considered meaningful and materialto this report.
Further work	•The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting theareas of possible extensions, includingthe main geological interpretationsand future drilling areas, provided thisinformation is not commerciallysensitive.	•Future exploration includes deeper drillingbelow the reported intersections at Blackmansto better define the extent of themineralisation.

Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Databaseintegrity	•Measures taken to ensure that datahas not been corrupted by, forexample, transcription or keyingerrors, between its initial collectionand its use for Mineral Resourceestimation purposes.•Data validation procedures used.	•Data has been sourced from the RMS drillholedatabase using the Datashed system•Validation checks were conducted foroverlapping intervals, duplicate assays, EOHdepth and negative or zero assay values
Site visits	•Comment on any site visitsundertaken by the Competent Personand the outcome of those visits.•If no site visits have been undertakenindicate why this is the case.	•The Competent Person has visited the site andconfirmed observations available in drillcuttings and surface features.
Geologicalinterpretation	•Confidence in (or conversely, theuncertainty of) the geologicalinterpretation of the mineral deposit.•Nature of the data used and of anyassumptions made.•The effect, if any, of alternativeinterpretations on Mineral Resourceestimation.•The use of geology in guiding andcontrolling Mineral Resourceestimation.•The factors affecting continuity bothof grade and geology.	•Confidence in the geological interpretation isreasonable. The geometry and nature ofmineralisation is similar to neighbouringdeposits in the region•Data used include drilling assay and geologicallogging and minor historic surface workings•No alternate interpretation envisaged•Geology partly confirms primary gradeinterpretation but core drilling in fresh rock isrequired for increased certainty andunderstanding
Dimensions	•The extent and variability of theMineral Resource expressed as length(along strike or otherwise), planwidth, and depth below surface tothe upper and lower limits of theMineral Resource.	•Blackmans extends over 350m strike. Goldmineralisation occurs as:1)A flat lying laterite gold zone, generally 2-5m thick, starting 4-6m below surface. Plandimension is 90m wide by 280m long.2)A number (≈8) of steep west dipping (-75°),narrow (generally 2-6m) lodes, withindividual strike lengths of 60-300m. Topof lodes are 10-20m below surface, with amaximum current depth of 130m.
Estimation andmodellingtechniques	•The nature and appropriateness ofthe estimation technique(s) appliedand key assumptions, includingtreatment of extreme grade values,domaining, interpolation parametersand maximum distance ofextrapolation from data points. If acomputer assisted estimationmethod was chosen include adescription of computer software andparameters used.•The availability of check estimates,	•Deposits were estimated using geologicalsoftware using Inverse Distance methodswithin hard bounded domains. The estimationmethod is appropriate for the deposit type.•One earlier broad model was documented byHarmony Gold and has been referenced•Only gold is estimated•No deleterious elements present•Parent cell of 10mN x 5mE x 5mRL with subcells to minimum of 2.5mN x 1mE x 1mRL•Parent cell estimation only.•No selective mining unit assumptions applied.

	previous estimates and/or mineproduction records and whether theMineral Resource estimate takesappropriate account of such data.•The assumptions made regardingrecovery of by-products.•Estimation of deleterious elements orother non-grade variables ofeconomic significance (e.g. sulphurfor acid mine drainagecharacterisation).•In the case of block modelinterpolation, the block size inrelation to the average samplespacing and the search employed.•Any assumptions behind modelling ofselective mining units.•Any assumptions about correlationbetween variables.•Description of how the geologicalinterpretation was used to controlthe resource estimates.•Discussion of basis for using or notusing grade cutting or capping.•The process of validation, thechecking process used, thecomparison of model data to drillhole data, and use of reconciliationdata if available.	•Domains were statistically analysed andassigned appropriate search directions, topcuts and estimation parameters•Separate grade interpretation for individuallodes and for flat lying laterite domains•Samples were composited within ore domainsto 1m lengths•Top cuts were applied to domains after reviewof grade population characteristics. Lodes weregrouped as one population for statisticalanalysis•Validation included visual comparison againstdrillhole grades
Moisture	•Whether t e tonnages are estimatedon a dry basis or with naturalmoisture, and the method ofdetermination of the moisturecontent.	•Tonnages are estimated on a dry basis
Cut-offparameters	•The basis of the adopted cut-offgrade(s) or quality parametersapplied.	•A 1.0 g/t grade cut-off has been used forresource reporting
Mining factorsorassumptions	•Assumptions made regardingpossible mining methods, minimummining dimensions and internal (or, ifapplicable, external) mining dilution.It is always necessary as part of theprocess of determining reasonableprospects for eventual economicextraction to consider potentialmining methods, but the assumptionsmade regarding mining methods andparameters when estimating MineralResources may not always berigorous. Where this is the case, thisshould be reported with anexplanation of the basis of the miningassumptions made.	•Resources are reported on the assumption ofmining by conventional open pit grade controland mining methods. Dilution level of 10-20%is recommended for mining analysis.

Metallurgicalfactors orassumptions	•The basis for assumptions orpredictions regarding metallurgicalamenability. It is always necessary aspart of the process of determiningreasonable prospects for eventualeconomic extraction to considerpotential metallurgical methods, butthe assumptions regardingmetallurgical treatment processesand parameters made whenreporting Mineral Resources may notalways be rigorous. Where this is thecase, this should be reported with anexplanation of the basis of themetallurgical assumptions made.	•No metallurgical testwork has beenundertaken to date. 65% of the resource isoxidised and is currently assumed to be freemilling based on similar Mt Magnet deposits.•Metallurgical testwork is planned.
Environmentalfactors orassumptions	•Assumptions made regardingpossible waste and process residuedisposal options. It is alwaysnecessary as part of the process ofdetermining reasonable prospects foreventual economic extraction toconsider the potential environmentalimpacts of the mining and processingoperation. While at this stage thedetermination of potentialenvironmental impacts, particularlyfor a greenfields project, may notalways be well advanced, the statusof early consideration of thesepotential environmental impactsshould be reported. Where theseaspects have not been consideredthis should be reported with anexplanation of the environmentalassumptions made.	•No environmental studies have been yet beenundertaken.•Studies are likely to be progressed in the nearfuture.•The bulk of mine waste would be likely to beoxidised rock•Treatment and tailings generation would occurat the Mt Magnet mine site.
Bulk density	•Whether assumed or determined. Ifassumed, the basis for theassumptions. If determined, themethod used, whether wet or dry, thefrequency of the measurements, thenature, size and representativenessof the samples.•The bulk density for bulk materialmust have been measured bymethods that adequately account forvoid spaces (vugs, porosity, etc),moisture and differences betweenrock and alteration zones within thedeposit.•Discuss assumptions for bulk densityestimates used in the evaluationprocess of the different materials.	•Densities used are assumed based on thoseused in Mt Magnet deposits 30km to the southand are assigned by weathering and materialtype•Density measurements are planned to becompleted when diamond core holes aredrilled

Classification	•The basis for the classification of theMineral Resources into varyingconfidence categories.•Whether appropriate account hasbeen taken of all relevant factors (ierelative confidence in tonnage/gradeestimations, reliability of input data,confidence in continuity of geologyand metal values, quality, quantityand distribution of the data).•Whether the result appropriatelyreflects the Competent Person's viewof the deposit.	•The resource has been classified as Indicatedor Inferred category's based on geological andgrade continuity and drill hole spacing.•The resource classification accounts for allrelevant factors•The classification reflects the CompetentPerson's view
Audits orreviews	•The results of any audits or reviews ofMineral Resource estimates.	•The Mineral Resource has been reviewed by anindependent external consultant. No fatalflaws were identified.
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement ofthe relative accuracy and confidencelevel in the Mineral Resourceestimate using an approach orprocedure deemed appropriate bythe Competent Person. For example,the application of statistical orgeostatistical procedures to quantifythe relative accuracy of the resourcewithin stated confidence limits, or, ifsuch an approach is not deemedappropriate, a qualitative discussionof the factors that could affect therelative accuracy and confidence ofthe estimate.•The statement should specifywhether it relates to global or localestimates, and, if local, state therelevant tonnages, which should berelevant to technical and economicevaluation. Documentation shouldinclude assumptions made and theprocedures used.•These statements of relative accuracyand confidence of the estimateshould be compared with productiondata, where available.	•Confidence in the relative accuracy of theestimates is reflected by the classificationsassigned•The estimate is a global estimate•No production data is available for comparison