RAND MINING LIMITED — Interim / Quarterly Report 2020

Jan 29, 2020

ASX ANNOUNCEMENT

30 January 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 Joint Company Secretary December 2019 Quarterly EKJV Exploration Report

Rand Mining Ltd (ASX code: RND) provides the December 2019 Quarterly EKJV Exploration Report as received from Northern Star Resources Limited on 29 January 2020.

The information contained in the attached Quarterly Exploration Report has been prepared by Northern Star Resources Limited and Rand makes no comment on its accuracy or completeness.

Please note that the previous issue report of today's date was incorrectly labled

For further Information, please contact

Managing Director Cannings Purple

For Media and Broker Enquiries Anton Billis Andrew Rowell / Brad Thompson Ph: +61 8 9474 2113 Ph +61 400 466 226 / +61 405 044 015

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

EAST KUNDANA JOINT VENTURE

December 2019 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 ACTIVITY 3
2.1	Rubicon-Hornet-Pegasus In-mine Exploration 3
3		EXPLORATION RESULTS 4
3.1	Hornet-Rubicon-Pegasus 4
	3.2.1Falcon 4
4	Future Work5
4.1	In-mine Exploration5
5	APPENDIX 1 6

TABLES AND FIGURES

Table 1 - EKJV exploration activity for the December 2019 Quarter. 3
Table 2 - Drilling physicals for the in-mine exploration at Hornet-Rubicon-Pegasus project
during Q2 FY19/20 3

Figure 1: Overview of Hornet-Rubicon-Pegasus and Raleigh projects showing in-mine exploration drilling programs targeting the Falcon prospect drilled during the December quarter. FALDT19259 was collared but not completed in the quarter............................................. 3 Figure 2: Plan view of Rubicon-Hornet-Pegasus and Raleigh project showing in-mine exploration programs targeting the Falcon lodes that have returned significant intercepts in the December quarter............................................................................................................................... 4 Figure 3: Plan view of Falcon and core photos of significant results in FALRT19133 and FALRT19135.................................................................................................................................................... 5

1 EXECUTIVE SUMMARY

Exploration activity in the December 2019 quarter across the East Kundana Joint Venture focused on Falcon.

Project	Prospect	Tenement	RAB/ACMetres	RAB/ACSamples	RCMetres	RCSamples	DDMetres	DDSamples	MESamples
HornetRubiconPegasus	Falcon	M16/309	-	-	-	-	3,333	3,736	-

Table 1 - EKJV exploration activity for the December 2019 Quarter.

2 EXPLORATION ACTIVITY

No surface exploration activities were conducted in the December quarter. In-mine UG exploration at EKJV consisted of programs targeting the Falcon prospect.

2.1 Rubicon-Hornet-Pegasus In-mine Exploration

A total of seven diamond drill holes for 3,333 metres were completed with all holes targeting the Falcon trend. Drilling was conducted from underground platforms in Hornet Incline and the Pegasus RAW.

HoleID	Tenement	Start Date	End Date	Depth	East(MGA)	North(MGA)	RL(MGA)	HoleType	Dip	Azimuth(MGA)
FALDT19256	M16/309	29-Nov-19	4-Dec-19	487	333748	6596916	214	DD	-8	208
FALDT19257	M16/309	10-Dec-19	15-Dec-19	531	333748	6596916	214	DD	-26	220
FALDT19260	M16/309	3-Dec-19	10-Dec-19	577	333748	6596916	214	DD	-8	256
FALRT19131	M16/309	13-Oct-19	15-Oct-19	351	332876	6598036	-184	DD	-17	189
FALRT19133	M16/309	22-Oct-19	26-Oct-19	417	332875	6598037	-184	DD	-52	244
FALRT19134	M16/309	16-Oct-19	21-Oct-19	529	332875	6598037	-184	DD	-49	212
FALRT19135	M16/309	26-Oct-19	30-Oct-19	441	332875	6598037	-184	DD	-54	227

Table 2 - Drilling physicals for the in-mine exploration at Hornet-Rubicon-Pegasus project during Q2 FY19/20.

Figure 1: Overview of Hornet-Rubicon-Pegasus and Raleigh projects showing in-mine exploration drilling programs targeting the Falcon prospect drilled during the December quarter. FALDT19259 was collared but not completed in the quarter.

3 EXPLORATION RESULTS

3.1 Hornet-Rubicon-Pegasus

3.2.1 Falcon

In the December quarter results were received for some Falcon holes drilled late in the September quarter. None of the holes recorded a significant intersection.

Hole ID	East(MGA)	North(MGA)	RL(AHD)	Dip	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	EstTW(m)
FALRT19128	332875	6598036	-184	-17	200	318	-	-	-	NSI	-
FALRT19132	332876	6598036	-184	-30	192	423	-	-	-	NSI	-
FALRT19137	333308	6597632	178	-14	230	434	-	-	-	NSI	-
FALRT19138	333308	6597632	180	-6	243	499	-	-	-	NSI	-

Table 3: Results returned in the December quarter from holes drilled in the Sept 19 Quarter.

Figure 2: Plan view of Rubicon-Hornet-Pegasus and Raleigh project showing in-mine exploration programs targeting the Falcon lodes that have returned significant intercepts in the December quarter.

Seven diamond holes targeting Falcon returned results in the quarter with all but one intersecting significant gold mineralisation. FALRT19133 tested the southern extent of Falcon to the west of P5796DD development at 5640 mRL, returned a narrow intercept – 0.1 m (tw) @ 21.3 g/t. FALRT19135 tested Falcon's southern extents at 5600 mRL and returned two Falcon lode intercepts shown in Figure 3 – 0.5 m (tw) @ 28.31 g/t and 0.1m (tw) @ 27.4g/t.

Hole ID	East(MGA)	North(MGA)	RL(AHD)	Dip	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	Est TW(m)
FALRT19131	332876	6598036	-184	-17	189	351	-	-	-	NSI	-
FALRT19133	332875	6598037	-184	-52	244	417	218.45	218.75	0.3	21.3	0.1
							358.0	361.71	3.71	1.76	1.6
							363.72	364.08	0.36	2.04	0.2
							366.4	366.68	0.28	2.05	0.1
							376.07	376.58	0.51	2.14	0.2
FALRT19134	332875	6598037	-184	-49	212	529	221.0	221.45	0.45	2.58	0.2
							224.05	224.55	0.5	7.39	0.2
							230.0	232.4	2.4	2.13	1.0
							235.8	240.0	4.2	2.55	1.7
							246.5	247.25	0.75	3.47	0.3
							255.65	261.4	5.75	1.89	2.3
							264.5	269.45	4.95	2.09	2.0
FALRT19135	332875	6598037	-184	-54	227	529	252.66	253.03	0.37	3.89	0.1
							255.91	256.23	0.32	8.37	0.1
							258.83	259.18	0.35	2.30	0.1
							264.72	265.81	1.09	28.30	0.5
							267.2	268.58	1.38	2.28	0.6
							269.82	270.24	0.42	10.4	0.2
							272.26	272.64	0.38	2.20	0.2
							302.34	302.69	0.35	3.22	0.1

Hole ID	East(MGA)	North(MGA)	RL(AHD)	Dip	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	Est TW(m)
							340.66	341.0	0.34	3.16	0.1
							346.97	347.2	0.23	27.4	0.1
							375.0	375.34	0.34	2.36	0.1
							377.43	377.86	0.43	3.22	0.2
							401.4	401.7	0.3	2.64	0.1
FALDT19256	333748	6596916	214	-8	208	487	82.55	83.16	0.61	4.9	0.5
							87.75	88.7	0.95	3.9	0.8
							97.55	102.53	4.98	3.2	4.0
							103.45	104.15	0.70	2.4	0.6
							104.15	105.17	1.02	11.4	0.8
							108.63	109.15	0.52	2.9	0.4
							109.15	110.2	1.05	2.4	0.8
							113.65	114.5	0.85	2.6	0.7
							115.35	115.8	0.45	3.5	0.4
							117.55	119.25	1.70	2.7	1.4
							119.25	120	0.75	13.0	0.6
							236.5	237	0.50	2.6	0.4
FALDT19257	333748	6596916	214	-26	220	531			Assays pending
FALDT19260	333748	6596916	214	-8	256	577	120.6	121	0.40	2.8	0.2
							121.5	121.94	0.44	2.1	0.3
							125	125.5	0.50	4.6	0.3
							128.59	129.07	0.48	2.7	0.3

Table 3. Summary of significant assays results for Falcon.

Figure 3: Plan view of Falcon and core photos of significant results in FALRT19133 and FALRT19135

4 Future Work

4.1 In-mine Exploration

Exploration drilling will continue to test the southern extents of the Falcon trend, primarily targeting areas proximal to the Mary Fault Zone.

Drilling will commence targeting potential footwall zones east of the existing Pegasus and Rubicon development.

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.

5 APPENDIX 1

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 appropriateto the minerals under investigation, such as down hole gamma sondes,or handheld XRF instruments, etc.). These examples should not be takenas limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused. 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 forfire assay'). In other cases, more explanation may be required, such aswhere there is coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g. submarine nodules)may warrant 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 coresamples were nominated by the geologist from HQ or NQ diamond core, with a minimum samplewidth of 20cm 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, tripleor standard tube, depth of diamond tails, face-sampling bit or othertype, 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 recoveriesand results assessed. Measures taken to maximise sample recovery and ensurerepresentative nature of the samples. Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gainof fine/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 appropriateMineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (orcostean, 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.

EKJVMANAGEMENT PTY LTD

Criteria	JORC Code Explanation	Commentary
Sub-sampling techniques andsample preparation	 If core, whether cut or sawn and whether quarter, half or all coretaken. 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 insitu material 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 withsorting, checking and drying at less than 110°C to prevent sulphide breakdown. Samples are jawcrushed to 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 analuminium scoop and 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.,the parameters used in determining the analysis including instrumentmake and 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 totallydigested in HCl and HNO3 acids before Atomic Absorption Spectroscopy (AAS) determination forgold analysis. 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 accuracyand precision 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 assaydata.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locations usedin Mineral 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 alaser theodolite.

EKJVMANAGEMENT PTY LTD

Criteria	JORC Code Explanation	Commentary
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.
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, consideringthe deposit 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 areonly designed 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. Oncesubmitted to the laboratories they are stored in a secure fenced compound and tracked throughtheir chain of 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.)

Criteria	JORC Code Explanation	Commentary
Mineral tenement and landtenure status	 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 andthe tenement is in good standing
Exploration done by otherparties	 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.
Geology	 Deposit 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.

Criteria	JORC Code Explanation	Commentary
Drill hole Information	 A summary of all information material to the understanding of theexploration results including a tabulation of the following information forall material 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,
	 easting and northing of the drill hole collar	however the drill physicals are all detailed for all drilling regardless of the outcome.
	 elevation or RL (Reduced Level – elevation above sea level inmetres) of the drill hole collar
	 dip and azimuth of the hole
	 down hole length and interception depth
	 hole length.
	 If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract from theunderstanding of the report, the Competent Person should clearlyexplain why this is the case.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Material and should be stated.	 All drill results are reported as aggregates across the target zone.
	 Where aggregate intercepts incorporate short lengths of high-graderesults and longer lengths of low-grade results, the procedure used forsuch aggregation should be stated and some typical examples of suchaggregations should be shown in detail.
	 The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.
Relationship betweenmineralisation widths andintercept lengths	 These relationships are particularly important in the reporting ofExploration Results.	 The orientation of target structures is well known for all in-mine exploration targets and true widthscan be accurately calculated and are reported accordingly.
	 If the geometry of the mineralisation with respect to the drill hole angleis known, its nature should be reported.	 Both the downhole width and true width have been clearly specified when used.
	 If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (e.g. 'down hole length, truewidth not known').
Diagrams	 Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported. These should include, but not be limited to a plan view of drillhole collar locations and 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 notpracticable, representative reporting of both low and high gradesand/or widths should be practiced to avoid misleading reporting ofExploration 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.

Criteria	JORC Code Explanation	Commentary
Other substantive explorationdata	 Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics; potentialdeleterious or contaminating 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, providedthis information is not commercially sensitive.	 Drilling will continue to test the southern extents of Falcon, primarily targeting potential high-gradeplunges proximal to the Mary Fault Zone. Drilling will commence targeting potential footwall mineralisation in January, east of the existingPegasus and Rubicon development.