RAND MINING LIMITED — Interim / Quarterly Report 2021

Apr 27, 2021

ASX ANNOUNCEMENT

28 April 2021

EKJV Exploration Report March 2021 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 (12.25%), Tribune Resources Ltd (36.75%) and Northern Star Resources Ltd (51%).

This report has been released with the approval of the Board of Rand Mining Ltd.

-ENDS-

For further information, please contact: Brett Tucker Joint Company Secretary E: brett.tucker@randmining.com.au Ph: + 61 8 9482 0500

For Media and Broker Enquiries Peter Klinger Cannings Purple E: pklinger@canningspurple.com.au Ph: + 61 411 251 540

ASX:RND

Board of Directors

Mr Otakar Demis Chairman & Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Brett Tucker & Mr Roland Berzins Joint Company Secretaries

EAST KUNDANA JOINT VENTURE

March 2021 Quarterly EKJV Exploration Report

For distribution to JV Partners:

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

CONTENTS

1.			EXECUTIVE SUMMARY 3
2.		EXPLORATION ACTIVITY 3
2.1.		Rubicon-Hornet-Pegasus-Falcon 3
3.		EXPLORATION RESULTS 5
3.1.	Hornet-Rubicon-Pegasus 5
	3.1.1.	Hornet 5
	3.1.2.	Startrek 6
	3.1.3.	Pode 6
4.	Future Work 7
4.1.	In-mine Exploration 7
	APPENDIX 1 JORC Code, 2012 Edition – Table 1 8

TABLES AND FIGURES

Figure 1: Overview of Hornet-Rubicon-Pegasus projects showing in-mine exploration drillingprograms targeting the Startrek prospect drilled during quarter ended 31 March 2021. 4
Figure 2: Cross-sections Overview of Hornet-Rubicon-Pegasus projects showing in-mine explorationdrilling programs targeting the Nugget and Hera prospects drilled from underground platformsduring quarter ended 31 March 2021. 4
Figure 3: Cross-section looking north of Hornet surface drilling and core photos of significant resultsreturned during during quarter ended 31 March 20215
Figure 4: East-west section of Startrek drilling and core photos of significant results returned forSTKRT20043 and STKRT20047 during quarter ended 31 March 2021. 6
Figure 5: North and east looking view and core photos of significant results returned for Pode holesduring quarter ended 31 March 2021 7

1. EXECUTIVE SUMMARY

Exploration activity in the quarter ended 31 March 2021 across the East Kundana Joint Venture focused on the Star Trek, Rubicon and Hera areas. Exploration being defined by Drill Targeting or Resource Targeting designations (Table 1).

Project	Prospect	Tenement	RAB/ACMetres	RAB/ACSamples	RCMetres	RCSamples	DDMetres	DDSamples	MESamples
EKJV	Hera	M16/309	-	-	-	-	1,677.0	1,771	-
EKJV	Rubicon	M16/309	-	-	-	-	1,204.9	961	-
EKJV	Star Trek	M16/309	-	-	-	-	3,952.2	4,716	-
EKJV	Pode	M16/309	-	-	-	-	1,798.8	830	-
	Total		-	-	-	-	8,632.9	8,278	-

Table 1: EKJV exploration activity for Q3 FY20/21. Drilled metres includes incomplete drill holes.

2. EXPLORATION ACTIVITY

2.1. Rubicon-Hornet-Pegasus-Falcon

A total of 27 diamond drill holes for 8,035.11 metres were completed during the quarter (Table 2). Underground exploration drilling focused on Hera, Startrek and Rubicon Nugget prospects.

Underground drilling targeting the Startrek prospect was conducted from the Rubicon– Pegasus Link Return Airway, Rubicon–Hornet Link Return Airway and Rubicon 5935 level. (Figure 1 and Figure 2). Drilling targeting Hera was conducted from the Pegasus 5796 access. Rubicon Nugget drilling was conducted from the Rubicon 5775 Decline and 5808 SP (Figure 3).

Hole ID	East	North	RL	Hole	Azimuth	Dip	Depth
	(MGA)	(MGA)	(MGA)	Type	(MGA)	(deg)	(m)
PODRT21001	333046	6597911	-281	DD	201	36	182.0
PODRT21002	333045	6597915	-283	DD	208	13	243.39
PODRT21003	333044	6597919	-283	DD	232	1	216.02
PODRT21004	333044	6597919	-284	DD	237	-10	288.0
PODRT21005	333044	6597919	-284	DD	255	-17	237.1
PODRT21006	332627	6598095	-201	DD	144	-33	444.0
PODRT21007	332627	6598095	-201	DD	131	-40	348.1
PODRT21008	332627	6598095	-201	DD	144	-46	474.1
PODRT21009	332627	6598095	-201	DD	130	-57	411.0
PODRT21042	332612	6598465	-129	DD	344	-79	312.14
PODRT21043	332611	6598466	-129	DD	343	-70	320.86
RUBDT21039	333305	6597564	-229	DD	247	-34	117.1
RUBDT21040	333305	6597563	-229	DD	188	-18	150.0
RUBDT21041	333305	6597564	-227	DD	262	20	213.0
RUBDT21043	333279	6597587	-191	DD	289	-34	224.9
RUBDT21046	333280	6597583	-190	DD	224	4	219.3
RUBDT21047	333281	6597583	-189	DD	219	28	158.0
STKRT20081	333545	6597273	183	DD	021	-5	513.4
STKRT20082	333545	6597273	183	DD	008	-4	609.2
STKRT21001	333392	6597627	-64	DD	310	-38	213.0
STKRT21002	333391	6597628	-64	DD	001	-33	261.1
STKRT21004	333393	6597626	-64	DD	038	-56	254.6
STKRT21005	333393	6597626	-64	DD	065	-58	251.9
STKRT21006	333392	6597628	-64	DD	016	-60	256.2
STKRT21008	333394	6597624	-64	DD	113	-41	309.1
STKRT21015	333264	6597721	168	DD	087	-55	437.6
STKRT21016	333264	6597721	168	DD	064	-49	370.0

Table 2: Drilling physicals for in-mine exploration at Hornet-Rubicon-Pegasus mines during quarter ended 31 March 2021. Completed drill holes only.

Figure 1: Overview of Hornet-Rubicon-Pegasus projects showing in-mine exploration drilling programs targeting the Startrek prospect drilled during quarter ended 31 March 2021.

Figure 2: Cross-sections Overview of Hornet-Rubicon-Pegasus projects showing in-mine exploration drilling programs targeting the Nugget and Hera prospects drilled from underground platforms during quarter ended 31 March 2021.

3. EXPLORATION RESULTS

3.1. Hornet-Rubicon-Pegasus

3.1.1. Hornet

Eight diamond holes from the surface drilling program targeting the Mary Fault Zone and southern extent of the Centenary Main Vein returned intersections showing significant gold mineralisation during the quarter (Table 3 and Figure 3). These intersections closely matched the modelled vein and fault zone.

HoleID	East(MGA)	North(MGA)	RL(AHD)	Dip(deg)	Azi(MGA)	HoleDepth	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	TrueWidth(m)
HORDD20004	333877	6596599	338	-60	61	234.6	126.65	128.3	1.65	1.6	1.1
						and	131.00	134.37	3.37	5.5	2.1
						and	143.75	145.08	1.33	1.9	0.8
						and	147.51	148.00	0.49	6.1	0.3
HORDD20005	333945	6596699	339	-60	62	99.4	37.80	47.40	9.60	9.7	6.5
HORDD20006	333922	6596671	338	-59	59	117.41	21.40	22.00	0.60	3.1	0.3
						and	52.00	57.00	5.00	2.3	2.9
						and	59.00	62.20	3.20	3.8	1.8
						and	85.00	86.00	1.00	3.6	0.6
						and	117.00	117.41	0.41	4.6	0.2
HORDD20007	333887	6596652	339	-60	59	43	30.00	30.40	0.40	6.6	0.3
						and	32.60	33.00	0.40	2.4	0.3
HORDD20012	333868	6596761	344	-59	88	231.42	173.59	174.15	0.56	9.1	0.3
						and	176.77	177.10	0.33	4.0	0.2
						and	185.93	186.40	0.47	6.7	0.3
						and	188.08	189.28	1.20	3.9	0.6
						and	191.81	192.66	0.85	5.0	0.5
HORDD20018	333885	6596868	341	-57	92	204.48	47.50	59.00	11.5	7.6	6.9
						and	190.48	191.00	0.52	3.1	0.4
HORDD20019	333864	6596883	343	-59	85	222.44	60.00	60.93	0.93	4.2	0.7
						and	61.40	66.00	4.60	9.7	2.5
HORDD20020	333842	6596866	344	-60	86	270.21	52.80	53.58	0.78	2.7	0.5
						and	115.00	117.90	2.90	1.8	1.9
						and	180.55	181.00	0.45	3.2	0.3

Table 3: Summary of significant assays results returned for Hornet during quarter ended 31 March 2021.

Figure 3: Cross-section looking north of Hornet surface drilling and core photos of significant results returned during the quarter ended 31 March 2021.

3.1.2. Startrek

Two diamond drill holes targeting Startrek returned intersections showing significant gold mineralisation during the quarter (Table 4 and Figure 4). Mineralisation primarily occurring in narrow irregular quartz veins within the foot-wall volcanic sediment package. Wide spaced drilling (80x80) displayed moderate continuity in line with interpretations. Follow up infill drilling recommended to test continuity. Current Startrek surfaces remain open along strike.

Hole ID	East(MGA)	North(MGA)	RL(AHD)	Dip(deg)	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	TrueWidth(m)
STKRT20043	333394	6597626	-62	8	75	404.1	40.0	40.53	0.53	4.0	0.4
						and	46.88	48.25	1.37	8.6	0.9
						and	175.43	175.73	0.30	2.5	0.2
						and	180.44	181.05	0.61	3.1	0.4
						and	357.0	358.0	1.00	2.1	0.9
STKRT20047	333394	6597625	-64	-18	92	267.3	14.53	16.16	1.63	3.6	1.4
						and	37.39	37.99	0.60	3.1	0.5
						and	52.06	52.37	0.31	2.5	0.3
						and	78.95	79.55	0.60	3.7	0.5

Table 4: Summary of significant assays results returned for Startrek during quarter ended 31 March 2021.

Figure 4: East-west section of Startrek drilling and core photos of significant results returned for STKRT20043 and STKRT20047 during quarter ended 31 March 2021.

3.1.3. Pode

Ten diamond drillholes targeting the Pode structure returned intercept results with significant gold mineralisation during the quarter (Table 5 and Figure 5). Most holes intercepted two or more stacked lode structures. Main hanging wall structures remain open along strike to the south and at depth.

HoleID	East(MGA)	North(MGA)	RL(AHD)	Dip(deg)	Azi(MGA)	HoleDepth(m)	From(m)	To(m)	DHWidth(m)	Gradeg/t Au	TrueWidth(m)
PODRT20206	332849	6597920	12	-8	46	156.0	3.70	4.10	0.40	5.6	0.4
						and	82.57	82.85	0.28	2.7	0.3
PODRT20207	332849	6597920	12	-25	55	163.52	137.30	139.26	1.96	3.2	1.8
						and	147.98	149.82	1.84	3.8	1.7
PODRT20210	332849	6597920	12	-31	71	179.98	154.00	154.49	0.49	10.2	0.5
PODRT20212	332849	6597920	11	-46	61	174.1	73.00	73.52	0.52	2.4	0.5
						and	136.30	139.43	3.13	6.1	2.5
PODRT20346	332712	6598483	-111	22	310	348.0	70.00	71.63	1.63	51.3	0.8

EKJV Quarterly Report – March 2021 Page 6

						and	113.00	113.50	0.50	9.2	0.3
						and	284.54	285.15	0.61	3.4	0.3
PODRT20347	332712	6598484	-112	6	297	297.47	42.50	43.04	0.54	4.6	0.3
						and	49.80	50.27	0.47	2.6	0.3
						and	76.51	77.27	0.76	8.3	0.4
						and	267.37	268.09	0.72	2.3	0.4
						and	270.24	271.05	0.81	10.8	0.5
						and	278.68	278.98	0.30	2.9	0.2
PODRT20348	332713	6598485	-110	21	319	455.66	74.00	77.50	3.50	1.6	1.4
						and	228.08	228.60	0.52	2.6	0.2
PODRT20349	332712	6598484	-112	8	309	387.49	80.50	81.86	1.36	4.9	0.7
						and	370.43	371.11	0.68	2.7	0.3
PODRT20362	332712	6598484	-113	-17	312	426.21	157.84	158.37	0.53	19.1	0.1
						and	391.06	391.37	0.31	8.3	0.1
PODRT20373	332930	6598268	221	-4	231	200.22	73.54	75.00	1.46	40.8	1.0
						and	153.28	153.80	0.52	2.7	0.3

Table 5: Summary of significant assays results returned for Pode during quarter ended 31 March 2021.

Figure 5: North and east looking view and core photos of significant results returned for Pode holes during quarter ended 31 March 2021.

4. Future Work

4.1. In-mine Exploration

Exploration drilling during the next quarter will continue to test the southern extents of the Pode and Hera structures following on from the recent results. Further exploration drilling targeting the Rubicon hanging wall and Startrek prospect will recommence towards the end of the quarter.

Competency Statement

The information in this report relating to Exploration Results is based on information compiled by Jacinta Ireland who is a Member of Australasian Institute of Mining and Metallurgy (AusIMM)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'. Jacinta Ireland 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.

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 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.	 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.
	 Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.	 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 assay
	 Aspects of the determination of mineralisation that are Material to thePublic Report.	charge and AAS analysis for gold.
	 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 aswhere there is coarse gold that has inherent sampling problems. Unusualcommodities or mineralisation types (e.g. submarine nodules) maywarrant disclosure of detailed information.

Criteria	JORC Code Explanation	Commentary
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 ensure representativenature 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.

Criteria	JORC Code Explanation	Commentary
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 (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.
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 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 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. Failures above0.2g/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.

Criteria	JORC Code Explanation	Commentary
Verification of sampling andassaying	 The verification of significant intersections by either independent oralternative company personnel.	 All significant intersections are verified by the project geologist and senior geologist during the drillhole validation process.
	 The use of twinned holes.	 No holes were twinned as part of the programmes in this report.
	 Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	 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.	 All collars for underground drilling are located in the local mine grid by a mine surveyor using a lasertheodolite.
	 Specification of the grid system used.
	 Quality and adequacy of topographic control.
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.	 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.
	 Whether sample compositing has been applied.
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.	 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.
	 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.	 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.)

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 managed byNorthern Star Resources Ltd (51%). The minority holding in the EKJV is held by Tribune Resources Ltd(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
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.
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:easting and northing of the drill hole collaro	 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 inometres) of the drill hole collar
	dip and azimuth of the holeo
	down hole length and interception deptho
	hole length.o If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from theunderstanding of the report, the Competent Person should clearlyexplain why this is the case.

Criteria	JORC Code Explanation	Commentary
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 intersections 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 ofintersections 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.
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 continue to test the southern extents of the Pode and Hera structures. Drilling will commence targeting potential Startrek mineralisation, east of the existing Pegasus andRubicon development.