RAND MINING LIMITED — Interim / Quarterly Report 2020

Apr 29, 2020

ASX ANNOUNCEMENT

30 April 2020

Australian Securities Exchange Code: RND

Board of Directors: Mr Otakar Demis Chairman and Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Roland Berzins & Mr Brett Tucker Joint Company Secretaries

Suite G1, 49 Melville Parade South Perth WA 6151 T: +61 8 9474 2113 F: +61 8 9367 9386 E: info@randmining.com.au W: www.randmining.com.au

ABN: 41 004 669 658

EKJV Exploration Report

March 2020 Quarter

Rand Mining Ltd (ASX code: RND) has pleasure in providing the Quarterly EKJV Exploration Report.

The EKJV is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie. The EKJV is between Rand Mining Ltd (12.25%), Tribune Resources Ltd (36.75%) and Northern Star Resources Ltd (51%).

This announcement has been approved for release by the Board of Rand Mining Ltd.

For further information, please contact:

Brett Tucker E: brett.tucker@randmining.com.au Ph: + 61 421 459 024

For Media and Broker Enquiries:

Andrew Rowell Cannings Purple Ph: +61 400 466 226

EAST KUNDANA JOINT VENTURE

March 2020 Quarterly EKJV Exploration Report

For distribution to JV Partners:

• Northern Star Resources Limited
• Tribune Resources Limited
• Rand Mining Limited

CONTENTS

1	EXECUTIVE SUMMARY3
2	EXPLORATION ACTIVITY3
2.1	Falcon (RT/DT)3
3	EXPLORATION RESULTS 5
3.1	Falcon5
	3.2.1 STARTREK6
	3.2.2RALEIGH7
4	FUTURE WORK8
4.1	In-mine Exploration 8
	APPENDIX 11

TABLES AND FIGURES

Table 1 - EKJV Exploration Activity for the quarter ended 31 March 2020 3
Table 2 - Drilling physicals for the in-mine exploration at EKJV during Q3 FY19/20 4
Table 3 - Summary of significant assays results for Falcon drilling 5
Table 4 - Summary of significant assays results for Startrek drilling 7
Figure 1 - Overview of EKJV projects showing in-mine exploration drilling programs targeting theFalcon prospect drilled during the March quarter. 4
Figure 2 - Overview of EKJV projects showing in-mine exploration drilling programs targeting theStartrek prospect drilled during the March quarter. 4
Figure 3 - Plan view of EKJV project showing in-mine exploration programs targeting the Falcon lodesthat have returned significant intercepts in the March quarter 5
Figure 4 - Plan view of Falcon and core photos of significant results in FALDT19256, FALDT19257 andFALDT19259 6
Figure 5 - Plan view and core photos of significant assay results in STKRT20004, STKRT20005 and

STKRT20006........................................................................................................................................................ 7

1 EXECUTIVE SUMMARY

Exploration activity in the March 2020 quarter across the East Kundana Joint Venture (EKJV) focused on the Falcon Corridor and the Startrek Prospect. Exploration being defined by Drill Targeting or Resource Targeting designations (Table 1).

Project	Prospect	Tenement	RAB/ACMetres	RAB/ACSamples	RCMetres	RCSamples	DDMetres	DDSamples	MESamples
	Falcon	M16/309	-	-	-	-	2,672	2,637	-
EKJV	Falcon	M15/993	-	-	-	-	1,981	1,114	-
	Startrek	M16/309	-	-	-	-	7,077	9,024	-
	Total		-	-	-	-	11,730	12,775	-

Table 1 - EKJV Exploration Activity for the quarter ended 31 March 2020

2 EXPLORATION ACTIVITY

No surface exploration activities were conducted in the March quarter. In-mine underground exploration at EKJV consisted of drill programs targeting the Falcon Corridor and Startrek Prospect.

2.1 Falcon (RT/DT)

A total of 31 underground diamond drill holes (11,730 metres) were completed during the quarter (Table 2).

Exploration drilling was focussed on the Falcon Corridor and Startrek prospect. Underground drilling targeting Falcon was conducted from drill platforms in the Hornet Incline, Hornet 5990 drill drive, Raleigh 6149 access and Raleigh 6136 ore drive south ( Figure 1).

Underground drilling targeting Startrek was conducted from drill platforms in Pegasus 6030 south, Pode 6225 north and Rubicon 5835 access ( Figure 2).

Hole ID	East(MGA)	North(MGA)	RL(MGA)	Azimuth(MGA)	Dip	Total Depth(m)	Hole Type
FALDT19259	333747	6596917	214	244	-26	528	DD
FALDT19261	333726	6596808	-9	247	-18	570	DD
FALDT19263	333727	6596809	-9	269	-16	495	DD
FALDT20018	333727	6596811	-10	254	-32	529	DD
FALRT20020	331954	6598964	142	009	8	378	DD
FALRT20021	331954	6598964	142	357	2	421	DD
FALRT20022	331954	6598964	141	004	-9	390	DD
FALRT20023	331953	6598964	141	353	-12	405	DD
FALRT20024	331954	6598964	141	354	-28	400	DD
FALRT20025	332032	6598678	142	050	15	337	DD
FALRT20030	332032	6598678	143	061	-7	327	DD
STKRT20001	332902	6598389	224	024	-2	431	DD
STKRT20002	332902	6598388	224	030	-11	409	DD
STKRT20003	332902	6598389	224	040	-3	521	DD
STKRT20004	332902	6598388	224	049	-13	369	DD
STKRT20005	333094	6598136	33	027	-3	306	DD
STKRT20006	333095	6598135	33	060	4	336	DD
STKRT20007	333095	6598135	33	031	12	363	DD

Hole ID	East(MGA)	North(MGA)	RL(MGA)	Azimuth(MGA)	Dip	Total Depth(m)	Hole Type
STKRT20008	333094	6598136	33	044	11	332	DD
STKRT20009	333094	6598136	33	041	22	369	DD
STKRT20010	333094	6598136	33	034	-24	262	DD
STKRT20011	333094	6598136	33	057	-19	209	DD
STKRT20012	333094	6598136	33	019	-41	252	DD
STKRT20013	333094	6598136	33	049	-43	293	DD
STKRT20014	332937	6598324	222	051	1	441	DD
STKRT20015	332937	6598324	223	057	-11	426	DD
STKRT20016	332937	6598324	222	071	0	414	DD
STKRT20017	332937	6598324	223	071	-13	406	DD
STKRT20018	332937	6598324	223	049	-21	433	DD
STKRT20031	333358	6597636	-162	059	-45	159	DD
STKRT20032	333360	6597633	-161	094	-24	234	DD

Table 2 - Drilling physicals for the in-mine exploration at EKJV during Q3 FY19/20

Figure 1 - Overview of EKJV projects showing in-mine exploration drilling programs targeting the Falcon prospect drilled during the March quarter.

Figure 2 - Overview of EKJV projects showing in-mine exploration drilling programs targeting the Startrek prospect drilled during the March quarter.

3 EXPLORATION RESULTS

3.1 Falcon

Assay results received for seven diamond holes targeting the Falcon trend returned significant intersections during the quarter (Table 3 and Figure 3). FALDT19257, FALDT19259, FALDT19261 and FALDT19263 tested the projected Falcon Corridor to the west of the Hornet mine. Drilling intersected only narrow, low grade Falcon mineralisation, however the holes were successful in intersecting several 'Pode-like' mineralised surfaces in the K2 hanging wall, including FALDT19259 - 0.3m (tw) @ 12.3 g/t Au from 80.99m

downhole.

Figure 3 - Plan view of EKJV project showing in-mine exploration programs targeting the Falcon lodes that have returned significant intercepts in the March quarter.

Hole ID	East(MGA)	North(MGA)	RL(AHD)	Dip	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	TrueWidth(m)
FALDT19257	333747	6596915	214	-26	221	531.4	106.47	106.95	0.48	5.6	0.3
							129.07	129.96	0.89	10.4	0.7
FALDT19259	333747	6596917	214	-26	244	528.5	31.6	32.4	0.80	2.8	0.6
							70.81	71.23	0.42	15.8	0.3
							80.99	81.36	0.37	12.3	0.3
							359.51	360.0	0.49	2.1	0.4
							363.0	363.46	0.46	6.9	0.4
FALDT19261	333726	6596808	-9	-18	247	570.4	401.26	401.72	0.46	0.5	0.3
FALDT19263	333727	6596809	-9	-16	269	495.3				NSI
FALDT20018	333727	6596811	-10	-32	254	528.5	4.0	4.39	0.39	3.7	0.4
							50.03	51.55	1.52	2.7	1.4
							123.3	123.85	0.55	2.7	0.5
							377.1	377.48	0.38	2.3	0.3
FALRT20020	331954	6598964	142	8	009	378.5				Pending
FALRT20021	331954	6598964	142	2	357	420.6				Pending
FALRT20022	331954	6598964	141	-9	004	390.0				Pending
FALRT20023	331953	6598964	141	-12	353	405.1				Pending
FALRT20024	331954	6598964	141	-28	354	400.0				Pending
FALRT20025	332032	6598678	142	15	050	337.0				Pending
FALRT20030	332032	6598678	142	-7	061	327.4				Pending

Table 3 - Summary of significant assays results for Falcon drilling

Figure 4 - Plan view of Falcon and core photos of significant results in FALDT19256, FALDT19257 and FALDT19259.

3.2 STARTREK

Assay results received for nine diamond holes targeting the Startrek prospect area returned several significant intersections during the quarter (Table 4 and Figure 5).

STKRT20004 intersected a visually significant vein at the Startrek target depth, albeit with a moderate intersection width and grade of 0.4m (tw) @ 5.3 g/t Au from 355.7m downhole. The same hole also intercepted 'Pode like' mineralisation in the hanging-wall of the K2, with results returned of 2.0m (tw) at 10.1 g/t Au from 11.27m. STKRT20005 and STKRT20006 both intercepted 'Falcon style' mineralisation within foot-wall volcanic sediments, returning results of 0.3m (tw) @ 51g/t Au from 201m and 0.5m (tw) @ 11.6 g/t Au from 192.47m respectively.

HoleID	East(MGA)	North(MGA)	RL(AHD)	Dip	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	TrueWidth(m)
STKRT20001	332902	6598389	224	-2	024	431.2	6.0	6.52	0.52	2.3	0.3
							12.0	13.14	1.14	3.3	0.8
							15.42	15.93	0.51	4.6	0.2
							95.52	96.06	0.54	6.8	0.4
							367.19	368.19	1.00	2.6	0.7
STKRT20002	332902	6598388	224	-11	030	409.0	15.04	16.54	1.50	5.3	1.3
							20.72	21.02	0.30	2.4	0.3
STKRT20003	332902	6598389	224	-3	040	520.9	314.48	314.83	0.35	2.1	0.3
STKRT20004	332902	6598388	224	-13	049	369.2	4.85	6.0	1.15	5.3	1.1
							11.27	14.0	2.73	10.1	2.0
							20.98	21.36	0.38	7.0	0.3
							342.74	343.06	0.32	2.0	0.3
							350.7	351.0	0.30	2.3	0.3
							355.7	356.15	0.45	5.3	0.4
STKRT20005	333094	6598136	33	-3	027	306.4	57.1	57.65	0.55	2.8	0.5
							169.0	169.3	0.30	11.7	0.3
							197.65	198.0	0.35	6.0	0.3
							201.0	201.38	0.38	51.0	0.3
							291.8	292.3	0.50	NSI
STKRT20006	333095	6598135	33	4	060	336.4	176.26	177.3	1.04	2.7	1.0
							182.42	184.02	1.60	6.3	1.5
							192.47	193.03	0.56	11.6	0.5

$\mathbf{F}$ KJV management pty l
-----------------------------------	--

STKRT20007	333095	6598135	33	12	031	362.9	221.0	222.0	1.0	2.3	0.8
							261.21	261.51	0.30	2.3	0.2
							263.75	264.05	0.30	3.0	0.2
							271.32	271.62	0.30	3.3	0.2
STKRT20008	333094	6598136	33	11	044					Pending
STKRT20009	333094	6598136	33	22	041					Pending
STKRT20010	333094	6598136	33	-24	034					Pending
STKRT20011	333094	6598136	33	-19	057					Pending
STKRT20012	333094	6598136	33	-41	019					Pending
STKRT20013	333094	6598136	33	-43	049					Pending
STKRT20014	332937	6598324	222	1	051	441.4	80.5	80.86	0.36	2.2	0.3
							81.19	81.62	0.43	2.1	0.4
							343.86	344.32	0.46	2.1	0.4
							346.04	346.36	0.32	8.4	0.3
							431.0	431.44	0.44	2.7	0.4
STKRT20015	332937	6598324	223	-11	057					Pending
STKRT20016	332937	6598324	222	0	071	414.1	84.88	85.18	0.30	12.6	0.3
							211.6	212.0	0.40	6	0.4
							217.7	218.0	0.30	10.8	0.3
							319.93	321.0	1.07	2.5	1.0
							361.96	362.31	0.35	1.6	0.4
STKRT20017	332937	6598324	223	-13	071					Pending
STKRT20018	332937	6598324	223	-21	049					Pending
STKRT20031	333358	6597636	-162	-45	059					Pending
STKRT20032	333360	6597633	-161	-24	094					Pending

Table 4 - Summary of significant assays results for Startrek drilling

Figure 5 - Plan view and core photos of significant assay results in STKRT20004, STKRT20005 and STKRT20006.

3.3 RALEIGH

No exploration was undertaken at Raleigh during the March quarter other using Raleigh platforms to target the Falcon trend as noted previously.

4 FUTURE WORK

4.1 In-mine Exploration

Underground exploration drilling will continue to test the Falcon corridor to the west of the Pegasus and Hornet mines (15250N – 16700N).

Underground exploration drilling will also continue targeting the Startrek area following up on 2017 drilling undertaken from Rubicon mine.

5 COMPETENCY STATEMENT

The information in this report relating to Exploration Results is based on information compiled by Dr Rick Gordon who is a Member of the Australian Institute of Geoscientists and has sufficient exploration experience which is relevant to the style of mineralisation under consideration 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'. Dr Gordon is a full-time employee of Northern Star Resource Limited and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

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

Criteria	JORC Code Explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, orspecific specialised industry standard measurement tools appropriate tothe minerals under investigation, such as down hole gamma sondes, orhandheld XRF instruments, etc.). These examples should not be taken aslimiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity andthe appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to thePublic Report.In cases where 'industry standard' work has been done this would berelatively simple (e.g. 'reverse circulation drilling was used to obtain 1 msamples from which 3 kg was pulverised to produce a 30g charge for fireassay'). In other cases, more explanation may be required, such as wherethere is coarse gold that has inherent sampling problems. Unusualcommodities or mineralisation types (e.g. submarine nodules) maywarrant disclosure of detailed information.	▪ Sampling was completed using diamond drill core (DD).▪ Diamond core was transferred to core trays for logging and sampling. Half core or full core sampleswere nominated by the geologist from HQ or NQ diamond core, with a minimum sample width of20cm and a maximum width of 120cm.▪ Samples were transported to various analysis laboratories in Kalgoorlie for preparation by drying,crushing to <3mm, and pulverizing the entire sample to <75μm.▪ 300g Pulp splits were analysed in laboratories in both Kalgoorlie and Perth for 40-50g Fire assaycharge and AAS analysis for gold.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc.).	▪ For underground drilling, NQ2 (50.6mm) diameter core was used.▪ Core was orientated using an electronic 'back-end tool' core orientation system.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries andresults assessed.Measures taken to maximise sample recovery and ensure representativenature of the samples.Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material.	▪ For diamond drilling the contractors adjust their rate of drilling and method if recovery issues arise.All recovery is recorded by the drillers on core blocks. This is checked and compared to themeasurements of the core by the geological team. Any issues are communicated back to thedrilling contractor.▪ Recovery was excellent for diamond core and no relationship between grade and recovery wasobserved.
Logging	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean,channel, etc.) photography.The total length and percentage of the relevant intersections logged.	▪ All diamond core is logged for regolith, lithology, veining, alteration, mineralisation and structure.Structural measurements of specific features are taken through oriented zones. All logging isquantitative where possible and qualitative elsewhere. A photograph is taken of every core tray.

APPENDIX 1

Criteria	JORC Code Explanation	Commentary
Sub-sampling techniques andsample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc. and whethersampled wet or dry.For all sample types, the nature, quality and appropriateness of thesample preparation technique.Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.Measures taken to ensure that the sampling is representative of the in- situmaterial collected, including for instance results for fieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	▪ All diamond core that was half-core sampled was cut longitudinally with an automated core saw.▪ Sample preparation was conducted at various laboratories in Kalgoorlie, commencing with sorting,checking and drying at less than 110°C to prevent sulphide breakdown. Samples are jaw crushedto a nominal -6mm particle size. The entire crushed sample is then pulverized to 90% passing 75μm,using a bowl or ring-mill pulveriser. 300g Pulp subsamples are then taken with an aluminium scoopand stored in labelled pulp packets.▪ Grind checks are performed at both the crushing stage (3mm) and pulverising stage (75μm),requiring 90% of material to pass through the relevant size to ensure consistent sample preparation.
Quality of assay data andlaboratory tests	The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial ortotal.For geophysical tools, spectrometers, handheld XRF instruments, etc., theparameters used in determining the analysis including instrument makeand model, reading times, calibrations factors applied and theirderivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks,duplicates, external laboratory checks) and whether acceptable levelsof accuracy (i.e. lack of bias) and precision have been established.	▪ A 40-50g fire assay charge is used with a lead flux, dissolved in the furnace. The prill is totally digestedin HCl and HNO3 acids before Atomic Absorption Spectroscopy (AAS) determination for goldanalysis. This method ensures total gold is reported appropriately.▪ No geophysical tools were used to determine any element concentrations▪ Certified Reference Materials (CRMs) are inserted into the sample sequence randomly at a rate of1 per 20 composite samples to ensure correct calibration. Any values outside of 3 standarddeviations are scrutinised and re-assayed with a new CRM if the failure is deemed genuine.▪ Blanks are inserted into the sample sequence at a rate of 1 per 20 composite samples. Failuresabove 0.2g/t are scrutinised, and re-assayed if required. New pulps are prepared if failures remain.▪ All sample QAQC results are assessed by geologists to ensure the appropriate level of accuracy andprecision when the results have been returned from the laboratory.
Verification of sampling andassaying	The verification of significant intersections by either independent oralternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data.	▪ All significant intersections are verified by the project geologist and senior geologist during the drillhole validation process.▪ No holes were twinned as part of the programmes in this report.▪ Geological logging was captured using Acquire database software. Both a hardcopy andelectronic copy of these are stored. Assay files are received in csv format and loaded directly intothe database by the supervising geologist who then checks that the results have inserted correctly.Hardcopy and electronic copies of these are also kept. No adjustments are made to this assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locations used inMineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control.	▪ All collars for underground drilling are located in the local mine grid by a mine surveyor using a lasertheodolite.
Data spacing and distribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and classificationsapplied.Whether sample compositing has been applied.	▪ In-mine diamond drillholes spacings are also variable from 80m apart through to isolated singledrillholes. Closer spaced drilling is considered operational drilling, beyond the scope of this report.

APPENDIX 1

Criteria	JORC Code Explanation	Commentary
Orientation of data in relationto geological structure	Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, considering thedeposit type.If the relationship between the drilling orientation and the orientation ofkey mineralised structures is considered to have introduced a samplingbias, this should be assessed and reported if material.	▪ All drilling both underground and surface is oriented as close as practical to perpendicular to thetarget structures. The orientation of all in-mine target structures is well known and drill holes are onlydesigned where meaningful intercept angles can be achieved.▪ No sampling bias is considered to have been introduced by the drilling orientation.
Sample security	The measures taken to ensure sample security.	▪ Prior to laboratory submission samples are stored by Northern Star in a secure yard. Once submittedto the laboratories they are stored in a secure fenced compound and tracked through their chainof custody via audit trails.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	▪ No audits or reviews have recently been conducted on sampling techniques; however, lab auditsare conducted on a regular basis.

Section 2 Reporting of Exploration Results

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

JORC Code Explanation	Commentary
Type, reference name/number, location and ownership includingagreements or material issues with third parties such as joint ventures,partnerships, overriding royalties, native title interests, historical sites,wilderness or national park and environmental settings.	▪ All diamond holes mentioned in this report are located within the M16/309 and M15/993 Miningleases held by The East Kundana Joint Venture (EKJV). The EKJV is majority owned and managedby Northern Star Resources Ltd (51%). The minority holding in the EKJV is held by Tribune ResourcesLtd (36.75%) and Rand Mining Ltd (12.25%).
The security of the tenure held at the time of reporting along with anyknown impediments to obtaining a licence to operate in the area.	▪ M16/309 is subject to two royalty agreements; however, neither of these is applicable to theProspects described in this report. The agreements concerned are the Kundana‐ Hornet CentralRoyalty and the Kundana Pope John Agreement No. 2602‐13. No known impediments exist and thetenement is in good standing
Acknowledgment and appraisal of exploration by other parties.	▪ Underground drilling on the Raleigh and Hornet-Rubicon-Pegasus mines extends the mineralisedtrends from older drilling including that of previous operators of those mines including Barrick Gold,Placer Dome Asia-Pacific, Aurion Gold, Goldfields Limited and other predecessors.
GeologyDeposit type, geological setting and style of mineralisation.	▪ The Kundana camp is situated within the Norseman-Wiluna Greenstone Belt, in an area dominatedby the Zuleika Shear Zone, which separates the Coolgardie domain from the Ora Banda domain.The Zuleika Shear Zone in the Kundana area comprises multiple anastomosing shears the mostimportant of which are the K2, the K2A and Strzelecki Shears.
	▪ Raleigh mineralisation is hosted on the Strzelecki Structure. Strzelecki mineralisation consists of verynarrow, very high-grade mineralisation on a laminated vein hosted in the camp-scale StrzeleckiShear which abuts a differentiated mafic intrusive, the Powder Sill Gabbro against intermediatevolcanoclastic rocks (Black Flag Group). A thin 'skin' of volcanogenic lithic siltstone-sandstone liesbetween the gabbro and the Strzelecki shear. Being bound by an intrusive contact on one sideand a sheared contact on the other, the thickness of the sedimentary package is highly variablefrom absent to about forty metres true width.
	▪ The Hornet-Rubicon-Pegasus mineralisation consists primarily of high-grade laminated vein hostedgold on the K2 plane of the Zuleika shear with additional mineralisation on associated lower orderstructures. The Falcon target is a related mineralised zone in the hangingwall to Pegasus andbetween the two main Zuleika structures, the K2 and Strzelecki structures.
Drill hole InformationA summary of all information material to the understanding of theexploration results including a tabulation of the following information for allmaterial drill holes:	▪ Refer to the various tables in the body of this report.▪ Exploration results that are not material to this report are excluded for some drill programmes,however the drill physicals are all detailed for all drilling regardless of the outcome.
elevation or RL (Reduced Level – elevation above sea level in metres) ofthe drill hole collar
dip and azimuth of the hole
down hole length and interception depth
is not Material and this exclusion does not detract from the understandingof the report, the Competent Person should clearly explain why this is thecase.
	easting and northing of the drill hole collarhole length.If the exclusion of this information is justified on the basis that the information

APPENDIX 1

Criteria	JORC Code Explanation	Commentary
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximumand/or minimum grade truncations (e.g. cutting of high grades) and cutoff grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high-grade resultsand longer lengths of low-grade results, the procedure used for suchaggregation should be stated and some typical examples of suchaggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values shouldbe clearly stated.	▪ All drill results are reported as aggregates across the target zone.
Relationship betweenmineralisation widths andintercept lengths	These relationships are particularly important in the reporting of ExplorationResults.If the geometry of the mineralisation with respect to the drill hole angle isknown, its nature should be reported.If it is not known and only the down hole lengths are reported, there shouldbe a clear statement to this effect (e.g. 'down hole length, true width notknown').	▪ The orientation of target structures is well known for all in-mine exploration targets and true widthscan be accurately calculated and are reported accordingly.▪ Both the downhole width and true width have been clearly specified when used.
Diagrams	Appropriate maps and sections (with scales) and tabulations of interceptsshould be included for any significant discovery being reported. Theseshould include, but not be limited to a plan view of drill hole collar locationsand appropriate sectional views.	▪ Refer to the figures the body of this report for the spatial context of all holes planned and drilled todate.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable,representative reporting of both low and high grades and/or widths shouldbe practiced to avoid misleading reporting of Exploration Results.	▪ Exploration results that are not material to this report are excluded for some drill programmes,however the drill physicals are all detailed for all drilling regardless of the outcome.
Other substantive explorationdata	Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysical surveyresults; geochemical survey results; bulk samples – size and method oftreatment; metallurgical test results; bulk density, groundwater,geotechnical and rock characteristics; potential deleterious orcontaminating substances.	▪ No other material exploration data has been collected for this drill program.
Further work	The nature and scale of planned further work (e.g. tests for lateralextensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, includingthe main geological interpretations and future drilling areas, provided thisinformation is not commercially sensitive.	▪ Drilling will continue to test the northern and southern extents of Falcon mineralisation.▪ Drilling will continue targeting potential footwall mineralisation, east of the existing Pegasus andRubicon development.