REGIS RESOURCES LIMITED — Annual Report 2020

Jun 14, 2021

MINERAL RESOURCE AND ORE RESERVE GROWTH WITH THE INCLUSION OF TROPICANA

HIGHLIGHTS

• Increase in Mineral Resources to 10.4Moz and Ore Reserves to 4.8Moz following the inclusion of 30% of the Tropicana Gold Mine
• Tropicana Mineral Resources Estimate ("MRE") of 145Mt at 1.6 g/t Au for 7.64Moz (100%) and 44Mt at 1.6 g/t Au for 2.29Moz (30%) as at 31 December 2020
• Tropicana Ore Reserves Estimate ("ORE") of 49Mt at 1.7 g/t Au for 2.69Moz (100%) and 15Mt at 1.71 g/t Au for 0.81Moz (30%) as at 31 December 2020
• Underground resource definition drilling will continue through CY21 to extend the Boston Shaker underground Ore Reserve.
• Additional work programmes are underway to assess the potential for additional underground mines below the final design limits of the Tropicana, Havana and Havana South open pits
• Significant near mine and regional exploration programs continue around Tropicana to unlock new discovery and mine life extensions
• The Mineral Resources and Ore Reserves underpin an expected mine life of 10+ years

Jim Beyer, Regis' Managing Director and CEO said

"We are pleased to have incorporated Tropicana into our portfolio increasing our total resources to 10.4Moz and total reserves to 4.8Moz. The Tropicana JV delivers on our strategic objective to grow as a safe, responsible, reliable, long life, low cost gold producer, generating strong financial returns.

Beyond the long history of open pit mining, the establishment of Tropicana's first underground mine at Boston Shaker is a key milestone for the mine and with continued exploration and resource definition the potential for growing underground production is a compelling aspect of the future for the operation.

Investment in regional exploration at Tropicana will also continue to seek to identify new discoveries and ultimately unlock a long future of production at the operation. Regis alongside AngloGold Ashanti is committed to investing in exploration and discovery in the Albany-Fraser belt.

Regis is pleased to be working with AngloGold Ashanti, a proven global gold mine operator, to continue delivering a world class operation at Tropicana for many years into the future."

TROPICANA GOLD MINE

Tropicana, on the western edge of the Great Sandy Desert in WA, is ~1,000km east northeast of WA's state capital city Perth. Tropicana holds the mineral rights to 2,923km2 of WA exploration tenements that are held in JV agreement between Regis (30%) and JV manager AngloGold Ashanti Australia Limited ("AGAA") (70%). Tropicana includes the Tropicana Gold Mine, which is at the location of 29°14'48"S and 124°32'18"E (Figure 1).

Initially, AGAA's exploration teams discovered the Tropicana gold deposits through targeting a single historic 31 parts per billion (ppb) gold-in-soil anomaly, which was found in Geological Survey of WA open file records from prior explorer WMC. With further work, these teams developed an interpretation that an inlier of Archean greenstone rocks occurred within the younger Proterozoic age Albany-Fraser belt, and that the inlier should be considered prospective for Yilgarn-style gold deposits.

Figure 1: Satellite image of Tropicana December 2020

In 2002, Tropicana's first exploration aircore ("AC") program tested the regolith below the unconformable cover in the Tropicana Gold Mine area. This drilling intersected gold mineralisation over a broad area, including one intercept grading 2.02g/t Au over 7m downhole. These initial results were followed up by diamond drilling ("DD") drilling in 2004, with a best drill intersection of 13m grading 1.7g/t Au. Further drilling in 2005 intersected higher-grade mineralisation including a high-grade intercept of 19m grading 4.7g/t Au. A reverse circulation ("RC") drilling follow-up program in the later part of 2005 defined continuous gold mineralisation over a 1km strike length over the Tropicana Zone. Ongoing drilling in 2006 discovered the Havana Zone, which is 1.5km south of the Tropicana Zone, then the Havana South immediately south of Havana, and finally the Boston Shaker Zone to the north of the Tropicana Zone. The total strike length of mineralisation is now ~5km and drilling has confirmed mineralisation extends at least ~1.5km down dip and ~1km below surface.

In CY20, AGAA has continued resource extensional drilling around the known deposits with recent work focussing on the potential for underground mining below the open pits. Other exploration work has also increased the understanding and potential of satellite deposits farther afield from the immediate Tropicana Gold Mine area.

Geology and mineralisation

The Tropicana gold deposits are hosted by high metamorphic granulite-grade gneissic rocks in the shear-bounded Plumridge Terrain, which is within the western edge of the Proterozoic age Albany-Fraser belt. The Tropicana area is covered by a 10m to 30m thick unconformable cover of Permian and Tertiary sedimentary rocks that have Tertiary lateritic weathering. In some areas the cover sequence also includes Holocene aeolian sands and colluvium.

The Neoarchean age Tropicana Gneiss of the Plumridge Terrain hosts the Tropicana gold mineralisation. The mineralised garnet and quartz-feldspar gneisses are interpreted to be the products of partial melting during peak metamorphism. The compositional bandings of the gneisses dip moderately to the east. The host rocks and gold mineralisation are crosscut by 1.2Ga age (barren) basalt and dolerite dykes.

The 5km long strike of gold mineralisation at Tropicana (Figure 2) is subdivided into five shearoffset zones from north to south – Boston Shaker, Tropicana, Havana, Havana Deeps, and Havana South. The mineralised corridor is ~1.2km wide and up to 1.5km down dip to the current deepest drill intercepts (Figure 3). Within each zone the gold mineralisation trends north to northeast. Gold is concentrated in ~2m to ~50m thick subparallel layers within the 'favourable horizon' which comprises quartz-feldspar gneiss units.

The key conclusions from geological studies are that the gold postdates the gneissic banding and the metamorphic thermal maximum event. High-grade mineralisation (>3g/t Au) lenses occur within the broader low-grade gold envelopes (>0.3g/t Au). The higher grade mineralisation is associated with more closely spaced veins and sericite alteration.

Gold is spatially correlated with greenschist facies biotite-pyrite alteration where fine-grained disseminations of pyrite and gold replace metamorphic biotite and micro shears in amphibole minerals.

Figure 2: Geology plan of Tropicana Gold Mine area

Figure 3: Havana Deposit northeast looking A—B section

Foreign exchange and metal prices

Metal prices and the foreign exchange (FX) rate between the Australian dollar (A$) and United States dollar (US$) are critical for the economic evaluation and reporting of OREs and MREs and for establishing reporting cut-offs.

AGAA determines the Tropicana gold price and FX assumptions as per the table below:

		Price or FX
Year Ending	Unit	MRE	ORE
31 December 20	US$/oz	1,500	1,200
	A$/oz	2,170	1,604
	FX	0.69	0.75

Mineral Resources

In August 2020, AGAA's in-house technical experts prepared an updated MRE model for the Tropicana Gold Mine area. The updated model was based on all drill data available in AGAA's database on 15 July 2020. As with previous models, AGAA's geologists interpreted 24 geological domains. The drill hole data was composited to 2m lengths for geostatistical grade continuity analyses and for grade estimation work. Full details regarding the sampling and MRE estimation methods are listed in the Tropicana JORC Table 1 in the ancillary information at the end of this report AGAA estimated gold grade in the Tropicana CY20 MRE using a 'recoverable-resource' grade estimation method known as Local Uniform Conditioning (LUC). This estimation method is widely used in the gold mining industry to provide more reliable estimates for preferential mining of higher grades (and stockpiling of lower grades) in open pit mine planning.

The Tropicana Mineral Resources reported in accordance with JORC Code 2012 as at 31 December 2020 are estimated to be 145 million tonnes at 1.6 g/t gold for 7.64 million ounces of gold (100%) and 44 million tonnes at 1.6 g/t gold for 2.29 million ounces of gold (30%).

		Mineral Resources – Tropicana Gold Mine (100%)
Estimate	JORC Class	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)
Open Pit	Measured	6	1.6	290
	Indicated	50	1.4	2,280
	Inferred	3	0.9	90
	Subtotal	59	1.4	2,650
Underground	Measured	2	3.0	170
	Indicated	13	2.6	1,090
	Inferred	36	2.5	2,940
	Subtotal	50	2.6	4,200
Stockpiles	Measured	35	0.7	790
Total	Measured	42	0.9	1,240
	Indicated	63	1.6	3,370
	Inferred	39	2.4	3,030
	Tropicana Total	145	1.6	7,640
	Tropicana (30%)	44	1.6	2,290

Tropicana Mineral Resources as at 31 December 2020 is as follows:

• Open pit block cut-offs are >0.3g/t Au for oxide and transitional, otherwise >0.4g/t Au for fresh using the regularised LUC model

• The CY20 underground MRE estimate was reported using the sub-blocked LUC model block cut-off of >1.59g/t Au

• Some totals and averages are affected by rounding
• The MRE is notionally inclusive of ORE for CY20

The Tropicana open pit MRE is reported within the current life-of-mine pit designs for the Boston Shaker, and Havana pits. The Tropicana Pit is completed and is being backfilled with waste. The end of CY20 estimates are reported at the time of MRE preparation using forecast end of year mine face positions for mining depletion, rather than actual end of year mine surveys. The Havana South MRE is reported inside a Lerchs-Grossman Analysis (LGA) pit optimisation 'shell' rather than a mine design, with the shell prepared using a gold price of $2,170/oz and cost and mining assumptions prevailing at the time the estimate was prepared. For CY20, the open pit MREs were reported using a diluted version of the LUC model, where AGAA used a block model regularisation process of merging small subblocks into larger mining units, to equate the LUC model to actual grade control and mining results.

In Figure 4 below, the shaded grey surfaces are the open pit 'as-built' shapes at the time of estimation. The cloud of orange points represents MRE LUC model blocking having a grade >1.59 g/t Au – the underground MRE reporting cut-off. Other colour coded shapes are final pit designs of stope optimiser shapes used for MRE reporting.

Figure 4: Tropicana MRE locations, final pit designs and stope optimiser shapes

Ore Reserves

AGAA's in-house technical experts prepared Tropicana's end of CY20 ORE from the Tropicana end of CY20 MRE using the metal prices and FX rates described in the beginning of this report along with current cost, mining method and geotechnical assumptions for each Tropicana deposit area. Full details of the ORE estimation assumptions are listed in the Tropicana JORC Table 1 in the ancillary information at the end of this report.

For open pit mining at Tropicana, excavators and face shovels load trucks from 12m to 15m high benches, with a vertical advance rate of ~90 to 145m/a in the mine schedule – with >160m achieved in 2020 in the Boston Shaker pit.

In the Boston Shaker underground, mining comprises unfilled long-hole open stoping with support pillars. The planned underground ore production rate is ~1.4Mt/a with commercial production rates from Boston Shaker underground announced by AGAA in late CY20.

The Tropicana Ore Reserves reported in accordance with JORC Code 2012 as at 31 December 2020 are estimated to be 49 million tonnes at 1.7 g/t gold for 2.69 million ounces of gold (100%) and 15 million tonnes at 1.7 g/t gold for 0.81 million ounces of gold (30%).

		Ore Reserves – Tropicana Gold Mine (100%)
Estimate	JORC Class	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)
Open Pit	Proved	4	2.2	255
	Probable	25	2.0	1,624
	Subtotal	28	2.0	1,879
Underground	Proved	0	3.1	27
	Probable	3	3.5	282
	Subtotal	3	3.4	309
Stockpiles	Proved	18	0.9	506
Total	Proved	22	1.1	788
	Probable	27	2.2	1,906
	Tropicana Total	49	1.7	2,694
	Tropicana (30%)	15	1.7	807

Tropicana Ore Reserves as at 31 December 2020 is as follows:

• Open pit ORE block cut-off >0.7g/t Au for fresh rock, otherwise >0.6g/t Au; Underground ORE block cut-off 2.7g/t Au
• Some totals and averages are affected by rounding

Like the MRE process, AGAA has reported the end of CY20 ORE using forecast mining positions to the end of CY20 rather than actual surveys.

The Tropicana CY20 open pit ORE is based on the updated MRE regularised (diluted) LUC MRE model, which as discussed above, was prepared by AGAA to better reconcile with historic grade control production results. The underground CY20 ORE is based on the preregularised (sub-blocked) LUC model.

Figure 5: Tropicana ORE locations, mine development and mine plans

							as at 31 December 2020
Gold					Measured			Indicated			Inferred			Total Resource
Project1	Equity	Type	Cut-Off(g/t)	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	CompetentPerson2
Moolart Well		Open-Pit	0.4	7	0.8	180	21	0.7	460	6	0.7	130	34	0.7	780	A
Gloster		Open-Pit	0.0	0	0.7	10	8	0.8	190	8	0.8	190	16	0.8	390	A
Dogbolter		Open-Pit	0.4	0	0.7	-	3	1.0	110	0	1.2	-	3	1.1	120	A
Duketon North Minor Mineral Resources3		Open-Pit	0.4	0	-	-	1	1.2	40	0	0.7	10	1	1.1	50	A
Duketon North Deposits		Sub Total		8	0.8	190	33	0.7	800	14	0.7	340	55	0.8	1,340
Garden Well		Open-Pit	0.4	9	0.7	210	50	0.8	1,260	6	0.7	130	64	0.9	1,600	A
Garden Well		Underground	1.8	-	-	-	1	3.8	140	1	3.4	130	2	3.6	280	A
Rosemont		Open-Pit	0.4	3	0.9	80	7	1.0	220	0	1.7	-	10	1.0	300	A
Rosemont		Underground	2.0	-	-	-	1	4.9	220	1	5.9	120	2	5.2	340	A
Tooheys Well		Open-Pit	0.4	0	0.7	10	10	1.2	380	2	0.8	60	13	1.1	450	A
Baneygo		Open-Pit	0.4	0	0.8	10	12	1.0	360	0	0.8	-	12	1.0	380	A
Erlistoun		Open-Pit	0.4	0	0.7	10	2	1.2	80	0	0.9	10	3	1.1	100	A
Duketon South Minor Mineral Resources3		Open-Pit	0.4	-	-	-	5	1.0	180	0	2.1	20	6	1.1	200	A
Ben Hur		Open-Pit	0.4	-	-	-	8	1.2	300	2	1.2	90	10	1.2	390	A
Duketon South Deposits		Sub Total		13	0.8	330	96	1.0	3,150	13	1.4	570	122	1.0	4,040
Duketon Total	100%	Total		21	0.8	520	130	0.9	3,950	27	1.0	910	178	0.9	5,380
McPhillamys		Open-Pit	0.4	-	-	-	69	1.0	2,280	1	0.6	10	70	1.0	2,290	A
Discovery Ridge		Open-Pit	0.4	-	-	-	8	1.3	330	2	0.8	60	10	1.2	390	A
NSW Deposits	100%	Sub Total		-	-	-	77	1.1	2,610	3	0.8	70	80	1.0	2,680
Tropicana		Open-Pit	0.4	2	1.6	90	15	1.4	680	1	0.9	30	18	1.4	800	F
Tropicana		Underground	1.59	1	3.0	50	4	2.6	330	11	2.5	880	15	2.6	1,260	F
Tropicana		Stockpile	0.4	11	0.7	240	-	-	-	-	-	-	11	0.7	240	F
Tropicana	30%	Total		13	0.9	380	19	1.6	1,010	12	2.4	910	44	1.6	2,300
Regis		Grand Total		33	0.8	900	226	1.0	7,570	42	1.4	1,890	301	1.1	10,360
Notes

Group Mineral Resources

The above data has been rounded to the nearest 1,000,000 tonnes, 0.1 g/t gold grade and 10,000 ounces. Errors of summation may occur due to rounding.

All Mineral Resources are reported inclusive of Ore Reserves to JORC Code 2012 unless otherwise noted.

1. Mineral Resources and Ore Reserves are reported inclusive of ROM Stockpiles at cut-off grade of 0.4 g/t (excluding Tropicana where Stockpiles are reported separately).

2. Refer to Group Competent Person Notes.

3. Minor Mineral Resources for DNO are Petra and Anchor. Minor Mineral Resources for DSO are Beamish, Reichelt's Find and Russell's Find.

							as at 31 Dec 2020
	Gold					Proved			Probable			Total Ore Reserve		Competent
Project1	Equity	Type		Cut-Off(g/t)2	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	Tonnes(Mt)	Gold Grade(g/t)	Gold Metal(koz)	Person3
DNO ROM Ore Reserves		Open-Pit	ROM	0.5	1	0.7	10	10	1.0	320	10	1.0	330
DNO LG Ore Reserves		Open-Pit	LG	0.3	3	0.3	30	8	0.4	110	11	0.4	140
Duketon North Deposits		Sub Total			3	0.4	40	18	0.8	430	21	0.7	470	B
DSO ROM Ore Reserves		Open-Pit	ROM	0.6	6	0.6	130	25	1.2	1,000	32	1.1	1,130	B
DSO ROM Ore Reserves		Underground	ROM	2.0	0	2.2	0	2	3.3	220	2	3.3	220	D
DSO LG Ore Reserves		Open-Pit	LG	0.4	4	0.3	40	10	0.4	140	14	0.4	180	B
Duketon South Deposits		Sub Total			11	0.5	170	37	1.1	1,350	48	1.0	1,520
Duketon Total	100%	Sub Total			14	0.5	210	55	1.0	1,780	69	0.9	1,990
McPhillamys	100%	Open-Pit	ROM	0.4	-	-	-	61	1.0	2,020	61	1.0	2,020	E
Tropicana ROM Ore Reserves		Open-Pit	ROM	0.6	1	2.2	80	8	2.0	490	9	2.0	560	G
Tropicana ROM Ore Reserves		Underground	ROM	2.7	0	3.1	10	1	3.5	80	1	3.4	90	H
Tropicana ROM Ore Reserves		Stockpiles	ROM	0.6	5	0.9	150	0	-	0	5	0.9	150	G
Tropicana Total	30%	Open-Pit	ROM	0.0	7	1.1	240	8	2.2	570	15	1.7	810
Regis		Grand Total			20	0.7	450	124	1.1	4,380	145	1.0	4,830

Group Ore Reserves

Notes

The above data has been rounded to the nearest 1,000,000 tonnes, 0.1 g/t gold grade and 10,000 ounces. Errors of summation may occur due to rounding.

1. Ore Reserves are reported inclusive of associated Stockpiles (excluding Tropicana where Stockpiles are reported separately)

2. Cutoff grades vary according to oxidation and lithology domains. Listed cut-offs are the weighted average of these various cut-offs grades for that deposit.

3. Refer to Group Competent Person Notes.

4. Minor Ore Reserves for DNO are Petra, Anchor and Gloster. Minor Ore Reserves for DSO are Beamish, Erlistoun and Russell's Find.

Competent Persons Statement

The table below is a listing of the names of the Competent Persons who are taking responsibility for reporting Regis' results and estimates. This Competent Person listing includes details of professional memberships, professional roles, and the reporting activities for which each person is accepting responsibility for the accuracy and veracity of Regis' results and estimates. Each Competent Person in the table below has provided Regis with a sign-off for the relevant information provided by each contributor in this report.

			Professional Association
Code	Activity	Competent Person	Membership	Number	Regisrelationshipand role	Activityresponsibility
A	MineralResources	Vanessa O'Toole	AusIMM		Group ResourceGeologist	Duketon andMcPhillamyestimates
B	Ore Reserves	Jonathon Bayley	AusIMM	110609	Group MiningEngineer	Duketon open pitestimates
D	Ore Reserves	Lilong Chen	AusIMM		Snr UGEngineer	Duketon(Rosemont) UGestimate
D	Ore Reserves	Nigel Bennett	AusIMM		PrincipleEngineer –Mining Plus	Duketon (GardenWell) UG estimate
E	Ore Reserves	Quinton de Klerk	AusIMM		PrincipleEngineer –Cube Consulting	McPhillamys openpit estimates
F	MineralResources	Fraser Clark	AusIMM	206390	Manager MineGeology (AGAA)	Tropicana Estimates
G, H	Ore Reserves	Joanne Endersbee	AusIMM	334537	ManagerIntegratedPlanning(AGAA)	Tropicana open pitestimates
		Glenn Reitsema	AusIMM	228391	Senior PlanningEngineer(AGAA)	Tropicanaundergroundestimates
		Vanessa O'Toole	AusIMM		Group ResourceGeologist	Regis Report
F, G, HReport		Jonathan Bayley	AusIMM	110609	Group MiningEngineer	Compilation

Competent Persons for JORC Code 2012 reportable results and estimates

• MAusIMM = Member of the Australasian Institute of Mining and Metallurgy and MAIG/RPGeo = Member of the Australian Institute of Geoscientists and Registered Professional Geoscientist.

• Information in this report that relates to Mineral Resources or Ore Reserves is based on the information compiled by the relevant Competent Persons and activities listed above.

• All Regis personnel are full-time employees of Regis Resources Limited; all AGAA personnel are full time employees of AGAA.

• All the Competent Persons have provided Regis with written confirmation that they have sufficient experience that is relevant to the styles of mineralisation and types of deposits, and the activity being undertaken with respect to the responsibilities listed against each professional above, 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 – the JORC Code 2012 Edition

• Each Competent Person listed above has provided to Regis by e-mail:

− Proof of their current membership to their respective professional organisations as listed above;

• − A signed consent to the inclusion of information for which each person is taking responsibility in the form and context in which it appears in this report, and that the respective parts of this report accurately reflect the supporting documentation prepared by each Competent Person for the respective responsibility activities listed above; and
• − Confirmation that there are no issues that could be perceived by investors as a material conflict of interest in preparing the reported information.

Forward Looking Statements

This ASX announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Regis Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast.

SUPPLEMENTARY INFORMATION – JORC CODE TABLE 1 CHECKLIST

	SECTION 1 – TROPICANA – SAMPLING AND DATA
JORC Criteria	Explanation
Samplingtechniques	• AngloGold Ashanti Australia Pty Ltd (AGAA) has used drilling and subsampling of the cuttings or cores as the data basis for theMineral Resource estimates (MREs) of the Tropicana deposits. Details are given in the following subsection of this Table 1section.• Drill hole spacings range from 25mE by 25mN (mine) grids to 100mE by 100mN grids, with most of the drilling of the open pitMRE on a 50m by 50m spacing with 25mE by 25mN testing the starter pits of the Tropicana and Havana initial pits, and the
	southern end of the Boston Shaker deposit.• A 100 by 100m area of Havana was drilled out on a 10 by 10m grid to validate the MRE model and optimise the grade control
	sample spacing.
	• The Boston Shaker underground MRE is drilled at 50 by 25m in the upper levels and up to 100 by 100m at deeper levels.• The underground MRE down-plunge extensions of Havana Deeps have been tested using a 100 by 100m grid. Deep >800m
	deep step-out holes have been drilled on nominal ~200 by 100m to test the high-grade mineralisation of Havana Deeps.• All holes are drilled plunging towards the west to intersect the east dipping mineralised zones at a high angle.
Drillingtechniques	• Reverse circulation (RC) percussion drilling using face-sampling bits (5¼ inch or 133mm diameter) have been used to collectsamples from the shallower (up-dip) part of the deposits with a nominal maximum RC depth of ~150m.
	• Diamond core drilling (DD) has been used for deeper holes, with diamond tails drilled from RC pre-collars. To control thedeviation of deep DD holes drilled since 2011, many of these holes were drilled from short ~60m RC pre-collars or using63.5mm (HQ) diameter core from surface.
	• Diamond core drilling for MRE definition is predominantly 47.6mm (NQ) diameter core, with a lesser number of holes drilled forcollection of metallurgical and/or geotechnical data using 63.5mm (HQ2, HQ3) or 85mm (PQ) core diameters.
	• In fresh rock, cores are oriented wherever possible for collection of structural data. Prior to 2009, core orientations are madeusing the EzyMark tool with the Reflex Ace Tool replacing the system in later drilling programs.
Drill sample	• RC recovery:
recovery	Prior to 2008 semi-quantitative assessment was made regarding RC sample recovery with recovery visually estimated as-25%, 50%, 75% or 100% of the expected volume of a 1m drilling interval.
	Since 2008, AGAA has implemented quantitative measure on every 25th interval where the masses of the sample splits are-recorded and compared to the theoretical mass of the sampling interval for the rock type being drilled.
	AGAA found that overall RC recovery in the regolith was >80% and total recovery in fresh rock.-• DD recovery:
	DD recovery has been measured as a percentage of the total length of core recovered compared to the drill interval.-
	Core recovery is consistently high in fresh rock with minor losses occurring in heavily fractured ground or for DD in the-regolith.
	• The main methods to maximise recovery have been recovery monitoring as described above and DD below a ~150m depth.• No relationship exists between sample recovery and grade and the Competent Person considers that grade and sample biases
	that may have occurred due to the preferential loss or gain of fine or course material are unlikely.
Logging	• RC cuttings and DD cores have been logged geologically and geotechnically with reference to AGAA's logging standard library,to levels of detail that support MRE work, Ore Reserve estimation (ORE) and metallurgical studies.
	• Qualitative logging includes codes for lithology, regolith, and mineralisation for both RC and DD samples, with sample qualitydata recorded for RC such as moisture, recovery, and sub-sampling methods.
	• DD cores are photographed, qualitatively and structurally logged with reference to orientation measurements where available.• Geotechnical quantitative logging includes QSI, RQD, matrix and fracture characterisation.
	• The total lengths of all drill holes have been logged.
Sub-samplingtechniques and	• RC – Primary splitting:Prior to 2007, RC samples were collected from the RC cyclone stream using a tiered riffle splitter. From 2007, a static cone−
samplepreparation	splitter was introduced and replaced the use of riffles splitting on all rigs.−The RC sampling interval is generally 1m but from 2016, 2m intervals were introduced for RC pre-collar holes.
	−The splitters collected a ~12% split from the primary lot with two 12% splits collected – the first for laboratory submissionand second as a reference or replicate.
	−Most samples were collected dry with <2% of samples recorded as being split in moist or wet state.−The main protocol to ensure the RC samples were representative of the material being collected was monitoring of samplerecovery and collection and assay of replicate samples.
	• DD – Primary sample:
	−DD cores are collected of intervals determined by geological boundaries but generally targeting a 1m lengthAll NQ cores have been half-core sampled with the core cut longitudinally with a wet diamond blade.−
	A few of the DD whole cores have been sampled from HQ3 cores drilled to twin RC holes in the regolith or for geotechnical−
	or metallurgical testing.In 2005, some 1,150m of cores drilled in the oxide zone were chisel split rather than wet-cut, but this poorer sub-sampling−
	represents <0.01% of the core drilled.

	SECTION 1 – TROPICANA – SAMPLING AND DATA
JORC Criteria	Explanation
	• Laboratory preparation:−Sample preparation has taken place at three laboratories since commencement of MRE definition drilling including SGSPerth (pre- 2006), Genalysis Perth (2006 to April 2016) and SGS (Tropicana Gold Mine) TGM onsite laboratory (2015Boston Shaker samples and post-April 2016 to December 2017 samples), and SGS Perth and SGS TGM from January2018 onwards.
	RC samples are oven dried then pulped in a mixer mill to a particle size distribution (PSD) of 90% passing 75 µm before−subsampling for fire assay.−SGS prepared DD half-core samples by jaw-crushing then pulverisation of the whole crushed lot to a PSD of 90% passing
	75 µm. A 50g subsample of the pulp was then collected for fire assay.−Genalysis prepared the samples in a 'Boyd' crusher rotary splitter combo with nominally 2.5kg half-core lots crushed to
	<3mm then rotary split to ~1 kg before pulverisation and sub-sampling for fire assay.−At SGS Tropicana laboratory samples are processed in automated sample preparation system, where samples arecrushed in a Boyd crusher to a PSD of 90% passing 2mm then subsampled using a linear sample divider to ~1kg. Sampleswith mass <800g are pulped in a LM2 mill to a PSD of 75 microns before sub-sampling for fire assay.
	−From May 2016, a jaw crusher has been used to crush half-core samples to a PSD of 100% passing 6mm allowing for corepreparation at the SGS Tropicana laboratory.
	• Quality controls for representativity:−SGS inserted blanks and standards at a 1:20 frequency in every batch with a duplicate pulp collected for assay every 20thsample. Further replicates were also completed at a 1:20 frequency in a random manner.
	−Sieve checks were completed on 5% of samples to monitor PSD compliance.−Genalysis inserted blanks and standards in every batch and a replicate pulp was collected for assay on every 25th sampleand 6% of each batch was randomly selected for replicate analysis. Sieve checks were completed on 5% of samples tomonitor PSD compliance.
	− Tropicana laboratory used barren basalt and quartz to clean equipment between routine samples.• Sample size versus grain size:No specific heterogeneity tests have been completed but the sample sizes collected are consistent with industry standards−for the style of mineralisation under consideration.A 2008 sampling variability study found that 72% of the gold in the samples tested was in size fraction <300 µm, and that−repeated sampling of the same lot have very low variance between replicates.
Quality of assaydata andlaboratory tests	• No geophysical tools have been used to determine any element concentrations material to the MRE.• All MRE prepared pulps have undergone 50g fire assay, which is considered a total assay for gold.• As discussed above all laboratories have used industry-standard quality control procedures with standards used to monitoraccuracy, replicate assay to monitor precision, blanks to monitor potential cross contamination and sieve tests to monitor PSDcompliance.
	• AGAA has also used other 'umpire' laboratories to monitor accuracy including Genalysis Perth (prior to November 2006 and2016 and to June 2017), SGS Laboratory (from November 2006 to August 2007, June 2017 to June 2019) and ALS Perth (sinceAugust 2007), with these check assaying campaigns coinciding with each MRE update. All check assay results have beendeemed acceptable.
	• AGAA has reviewed the quality sample results on a batch by batch and monthly basis and has found that the overallperformance of the laboratories used for MRE samples is satisfactory.
Verification ofsampling andassaying	• Significant drill hole intersections of mineralisation are routinely verified by AGAA's senior geological staff and have also beeninspected by several independent auditors as described further below.
	• Twin holes have been drilled to compare results from RC and DD drilling with the DD results confirming that there is no materialdown hole smearing of grades in the nearby RC drilling and sampling.
	• All logging and sample data is captured digitally in the field using Field Marshall Software, prior to upgrade to Micromine'sGeobank database in 2016. Data is downloaded daily to the Tropicana Exploration Database (Datashed) and checked foraccuracy, completeness and structure by the field personnel.
	• Assay data is merged electronically from the laboratories into a central Datashed database, with information verified spatially inVulcan software. AGAA maintains standard work procedures for all data management steps.
	• An assay importing protocol has been set up to ensure quality samples are checked and accepted before data can be loadedinto the assay database
	• All electronic data is routinely backed up to AGAA's server in Perth and provided to RRL via FTP transfer.• There have been no adjustments or scaling of assay data other than setting below detection limit values to half detection for
	MRE work.

SUPPLEMENTARY INFORMATION – JORC CODE TABLE 1 CHECKLIST

	SECTION 1 – TROPICANA – SAMPLING AND DATA
JORC Criteria	Explanation
Location of datapoints	• All completed drill hole collar locations of surface holes have been using real time kinematic global positioning (RTK GPS)equipment, which was connected to the state survey mark (SSM) network.• The grid system is GDA94 Zone 51 using AHD elevation datum.• Prior to 2007, drill hole path surveys have been completed on all holes using 'Eastman' single shot camera tools, with down holegyro tools used for all drilling post 2007.• A digital terrain model was prepared by Whelan's Surveyors of Kalgoorlie from aerial photography flown in 2007, which hasbeen supplemented with collar data surveyed using RTK GPS. This model is considered to have centimetre-scale accuracy.• The MRE and ORE are on a local Tropicana Gold Mine grid (TMG), which is derived by a two-point transform from Map GridAustralia (MGA) and Australian Height Datum (AHD) as follows:−Point 1:■MGA Zone 51: 617.762.61mE = TMG: 50,000.00mE■MGA Zone 51: 6,727,822.78mN =TMG: 95,000.00mN■AHD elevation = TMG: MGA elevation + 2,000m−Point 2:■MGA Zone 51: 688,473.50mE = TMG: 50,000.00mE■MGA Zone 51: 6,798,533.48mN = TMG: 195,000.00mN■AHD elevation = TMG: MGA elevation + 2,000m
Data spacing anddistribution	• The drill hole spacing used to define MREs nominally ranges from 25mN by 25mE to 100mN by 100mE (local grid) over most ofthe MRE area with a small area of 10mN by 10mE used for grade control calibration work.• Most of the open pit MRE has been tested on a 50mN by 50mE grid with closer spaced 25mN by 25mE patterns in the upperparts of the deposit.• Open pit grade control is completed on a 12mN by 12mE pattern.• Underground grade control is completed on a 12.5mN by 12.5mE pattern.• The Boston Shaker underground MRE is drilled at 50mN by 25mE in the upper levels and out to 100mN by 100mE at deeperlevels.• The Havana Deeps underground MRE has been drilled at 50mN by 25mE pattern in the upper area and out to 100mN by100mE at deeper levels.• Down-hole sample intervals are typically 1m, with 2m compositing applied for MRE work.• The Competent Person considers that these data spacings are sufficient to establish the degree of geological and gradecontinuity appropriate for the MRE and ORE estimation procedures, and the JORC Code classifications applied.
Orientation ofdata in relation togeologicalstructure	• Most drill holes are oriented to intersect the shallowly east dipping mineralisation at a high angle and as such, the CompetentPerson considers that a grade bias due to the orientation of data in relation to geological structure is highly unlikely.
Sample security	• The chain-of-sample custody is managed by AGAA. Samples were collected in pre-numbered calico bags, which are thenaccumulated into polywoven bags for transport from the collection site.• The accumulated samples are then loaded into wooden crates and road hauled to the respective laboratories (Perth) orprocessed onsite at the TGM laboratory.• Sample dispatches are prepared by the field personnel using a database system linked to the drill hole data.• Sample dispatch sheets are verified against samples received at the laboratory and any issues such as missing samples and soon are resolved before sample preparation commences.• The Competent Person considers that the likelihood of deliberate or accidental loss, mix-up or contamination of samples is verylow.
Audits or reviews	• Field quality control data and assurance procedures are reviewed on a daily, monthly and quarterly basis by AGAA's fieldpersonnel and senior geological staff.• The field quality control and assurance of the sampling was audited by consultant Quantitative Geoscience in 2007 and 2009.The conclusion of the audit was that the data was suitable for MRE work.• In 2017, MRE consultants Optiro reviewed data collections and assay quality as part of an MRE review and found no materialissues.

	SECTION 2 – TROPICANA JV – EXPLORATION RESULTS
JORC Criteria	Explanation
Mineral tenementand land tenure	• The TGM MREs are located wholly within WA mining lease M39/1096, which commenced on 11 March 2015 and has a term of21 years (expiry 10 March 2036).
status	• TGM in a joint venture between AGAA (70%) and RRL (30%) with AGAA as manager.
	• Gold production is subject to WA State royalties of 2.5% of the value of gold produced.
	• The Competent Person has confirmed that there are no material issues relating to native title or heritage, historical sites,wilderness or national parks, or environmental settings.
	• The tenure is secure at the time of reporting and there are no known impediments to exploitation of the MRE and ORE and ongoing exploration of the mining lease.
Exploration doneby other parties	• AGAA entered a joint venture (JV) with IGO in early 2002 with the main target of interest being a Western Mining Corporation(WMC) gold soil anomaly of 31ppb, which was reporting in a WA government open file report.
	• Prior to the JV, the WMC soil sampling program was the only known exploration activity and the only dataset available were WAgovernment regional magnetic and gravity data.
Geology	• TGM is on the western margin of a 700km long magnetic feature that is interpreted to be the collision suture zone between theArchean age Yilgarn Craton to the west and the Proterozoic age Albany-Fraser Orogen to the east of this feature. The golddeposits are hosted by a package of Archean age high metamorphic grade gneissic rocks.
	• Four distinct structural domains have been identified – Boston Shaker, Tropicana, Havana and Havana South, which representthe same mineral deposit disrupted by northeast striking faults that post-date the mineralisation.
	• The gold mineralisation is hosted by a shallowly southwest dipping sequence of quartz-feldspar gneiss, amphibolite, granuliteand meta-sedimentary chert lithologies.
	• The gold mineralisation is concentrated in a 'favourable horizon' of quartz-feldspar gneiss, with a footwall of garnet gneiss,amphibolite or granulite.
	• Mineralisation is characterised by pyrite disseminations, bands and crackle veins within altered quartz-feldspar gneiss. Highergrades are associated with close-spaced veins and sericite and biotite alteration.
	• Mineralisation presents as stacked higher grade lenses within a low-grade alteration envelope.
	• Geological studies suggest the mineralisation is related to shear planes that post-date the development of the main gneissicfabric and metamorphic thermal maximum.
Drill holeinformation	• A summary of the many holes used to prepare the MRE is not practical for this public report.• The MRE gives a best-balanced view of all the drill hole information.
Data aggregationmethods	• No drill hole intercepts are reported.
Relationshipbetweenmineralisationwidth andintercept lengths	• All MRE drilling intersects the mineralisation at a high angle and as such approximates true thicknesses in most cases.
Diagrams	• RRL has included representative diagrams in the main body of the report and prior ASX public reports.
Balancedreporting	• The MRE is based on all available data and as such provides the best-balanced view of the TGM gold deposits.
Further work	• Exploration drilling is continuing within the TGM tenement.

	SECTION 2 – TROPICANA JV – EXPLORATION RESULTS
JORC Criteria	Explanation
Classification	• The basis of classification of the TGM MREs into different JORC Code confidence categories is drill hole spacing.• Open pit:Measured Mineral Resources: average 25mE by 25mN collar spacing.-Indicated Mineral Resources: average 50mE by 50mN collar spacing.-Inferred Mineral Resources: average 100mE by 100mN collar spacing (or less) when evidence of geological or grade-continuity is sufficient to support grade estimation.• Underground:Measured Mineral Resources: average 12.5mE by 12.5mN intercept spacing.-Indicated Mineral Resources: average 25mE by 50mN intercept spacing.-Inferred Mineral Resources: average 100mE by 100mN collar spacing (or less) when evidence of geological or grade-continuity is sufficient to support grade estimation.The underground MRE has been calculated using Datamine's Mineable Shape Optimizer (MSO), using 1.59g/t cut-off.-The underground MRE is then calculated as tonnes and grade inside the MSO volume at zero cut off.• AGAA considers that the Measured Mineral Resources support mine planning with a 90% confidence interval of ±15% ontonnage or grade on a quarterly production basis, with Indicated Mineral Resources having the same confidence but applicableon an annual production basis.• The Competent Person considers this classification takes in to account all relevant factors such as data reliability, confidence inthe continuity of geology and grades, and the quality, quantity and distribution of the data.• The classification reflects the view of the Competent Person reporting the estimate.
Audits or reviews	• The open pit MRE methodology was audited by MRE consultants Quantitative Geoscience in 2007, 2009 and 2011.• MRE consultants Golder Associates audited the 2015 estimate in 2015.• MRE consultants Optiro reviewed and endorsed the MRE prepared in November 2017.• AGAA also conducts internal peer reviews on the completion of estimate updates.
RelativeAccuracy/Confidence	• AGAA has carried out non-conditional simulation studies to confirm the relationship between drill spacing and 90% confidenceinterval assumptions and found the study results in agreement with the drill spacing classification criteria described above.• The trial grade 10mE by 10mN control pattern drilled within a 100 by100m area during the project FS has also confirmed theprecision assumptions and confidence in the MRE in that area.• Mine reconciliation for the life-of-mine to date is satisfactory.

SECTION 3 – TROPICANA JV – MINERAL RESOURCES
JORC Criteria	Explanation
Databaseintegrity	• AGAA captures field data and drill hole logging directly into handheld devices or laptop computers using Field Marshall andGeobank software.• The drill hole data is managed in DataShed software, which is an industry system well recognised for management of
	geoscientific drill hole information. Logging, assays and survey information is loaded directly into Datashed using data importroutines, with loading procedures incorporating quality control checking.
	• Data is validated following loading through visual inspection of results on-screen both spatially and using database queries andcross section plots. Typical checks carried out against original records to ensure data accuracy include items such asoverlapping records, duplicate records, missing intervals, end of hole checks and so on.
Site visits	• The MRE Competent Person is site based and is actively involved in the management and supervision of the MRE work.
Geologicalinterpretation	• To control the MRE process, three dimensional digital solids were prepared in LeapFrog software for the mineralised zones,dykes, shears and garnet (mostly hangingwall) gneiss.
	• Mineralised solids were prepared using a nominal ≥0.3g/t Au drill hole cut-off grade to encompass the gold mineralisationtargeted for MRE. The dykes, shears and garnet gneiss solids were prepared from geological logging codes.
	• Regolith units were prepared as digital surfaces below topography based on the geological logging.
	• The resulting MRE models encompass the mineralisation, the post-mineralisation barren dykes, the shears controlling highergrade mineralisation and the main waste rock units that are the footwall and hangingwall to the mineralisation.
Dimensions	• The open pit MRE is reported within an open pit Lerchs-Grossman-Analysis (LGA) pit optimisation 'shell' based on a gold priceof $A2,170/oz ($US1,500/oz), and life-of-mine pit designs.
	• This reporting shell has dimensions of approximately 4.7km along strike, up to 1km wide and up to 450m deep, spanning all themajor deposits.

SECTION 3 – TROPICANA JV – MINERAL RESOURCES
JORC Criteria	Explanation
	• The underground MRE extends from the base of the open pit MRE below the open pit designs with plan extents in longdimension down dip to the SE by up to 900m and up to ~200m wide. A smaller lode extends from the Havana South pit withdown dip extents of ~200m and up to 200m wide. Other parts of the underground MRE are below the other pits.
Estimation andmodellingtechniques	• The TGM MRE was updated in August 2020:A single model was created to estimate both the open pit and underground MRE.-Has been estimated from the drill hole data available to 15 July 2020, which included 23,329 drill holes for a total of-1,595,719m of drilling, of which 1,523 holes were DD for 596,026m and 2,722 holes were RC for 317,511m. Anadditional 19,084 RC Grade Control holes were used in the estimate (709,182m).The drill hole data was composited to 2m lengths within geological estimation domains using Vulcan software.-Grade top-cut or caps were applied to the composites after examining cumulative probability plots of the data, and high-grade estimation limits were applied to limit the spatial spread of high grades in weakly mineralised domains.The composite data was declustered in each estimation domain using cell declustering with varying cell sizes, to-determine a stable declustered mean grade.Gold continuity was interpreted for each estimation domain and grades for large panels were estimated using ordinary-block kriging in Isatis software, with estimation panel dimension 24mE by 36mN by 12mElv.A multi-pass search was used to account for the different drill hole spacings after incorporating the grade control drilling-into the estimate. A short search-radius was used to estimate blocks in and around the grade control data, with anexpanding search up to 120 by120m used for wider-spaced data.Selective Mining Unit (SMU) grades were then estimated for each panel using the Local Uniform Conditioning (LUC)-method, where the SMU grade distribution within each panel is estimated through a change of support then the SMUsare localised using kriging so the distribution within the panel reflects the local grade trends in nearby data. Theinformation effect of 12mE by 12mN grade control information was accommodated in the change of support from panelsto SMUs.The SMU dimensions were set to prepare multiple SMUs per panel with SMU dimensions of 12mE by 12mN by 3mElv.-The elevation heights nominally match the mining flitch heights applied at each area.The estimate model was validated by comparing (input) data declustered means for each domain to the respective-(output) block estimated grades both globally within each domain and locally using moving window 'swath-plot'. Onscreen visual inspections were also completed in plan and section to ensure that the grade trends observed in the datawere acceptably reproduced in the estimates without over extrapolation in areas of sparse drilling.Comparison of the open pit MRE forecasts to mine production indicates acceptable forecasting performance for monthly,-quarterly and annual reconciliation periods.• Sulphur is modelled as a secondary variable in all TGM MRE models using OBK methods.
Moisture	• Tonnages are estimated on a dry basis.
Cut-offparameters	• Open pit:The open pit estimate is reported within a pit optimisation shell with an assumed gold price of $US1,500/oz ($A2,170/oz)-and cost assuming back-filling of pits where possible.On the basis described above, and assuming lower processing costs and higher metallurgical oxide ore, the cut-off are-≥0.3g/t Au for oxide MREs and ≥0.4g/t Au for transitional and fresh MREs.• Underground:The underground MRE cut-off grade is based on the assumptions of the Boston Shaker Pre-Feasibility Study (PFS), and-uses a gold price of $US1,500/oz ($A2,170 /oz) and underground mining and processing cost assumptions for fresh MRE.The cut-off grade for reporting the underground MRE on this basis is ≥1.59g/t Au.-
Mining factors orassumptions	• The mining factors and assumptions for the open pit MRE is the current mining method of conventional truck and shovel miningwith blasting of 12m benches.• Open pit ore is mined in four 1/4 blast height flitches, with ore predefined by 12mE by 12mN RC grade control drilling and 1mdownhole sampling.• The assumed open pit mining selectivity are the SMU dimensions assumed for the LUC estimates.• The assumption for the underground MRE is long-hole open stoping between 25m levels with paste backfill of stopes.• No MRE margin (extremal) dilution has been modelled in either estimate.• Eventual prospects of economic extraction for the open pit MRE have been assessed through pit optimisation studies andreporting the MRE within pit designs and a pit optimisation shell.• For the underground MRE fraction, stope optimiser software has been used to create potential stope shapes that have a gradethat exceeds 1.5g/t Au.
Metallurgicalfactors orassumptions	• The ore processing method at TGM is well-established with conventional, crushing, grinding then carbon-in-leach (CIL)extraction of gold followed by electrowinning to produce gold doré bars.• An average metallurgical recovery as described in Section 4 further below, has been assumed for both the open pit andunderground MREs based on metallurgical testing completed as part of the FS for the Havana Open Pit.

SECTION 3 – TROPICANA JV – MINERAL RESOURCES
JORC Criteria	Explanation
Environmentalfactors orassumptions	• TGM operates under an environmental management plan that meets or exceeds all statutory and legislative requirements.• Mined waste rock is disposed in waste dumps which are progressively rehabilitated as mining progresses with any potentiallyacid generating waste encapsulated in non-acid generating material.• A tailing storage facility is used to contain and capture process residues.
	• The mine produces rehabilitation plans for ongoing rehabilitation and mine closure plans, and the costs are included in the OREfinancial model.
Bulk density	• AGAA routinely collects in situ bulk density measurements on ~10cm long core segments using the Archimedes Principlemethod of dry weight versus weight in water. There are ~206,395 density measurements in the estimation database with ~98%of measurements from fresh rock and the remainder in the regolith or cover.
	• Measurements are collected over 1 to 5m intervals targeting intervals that are deemed representative of key lithologies in freshrock. Density has been collected on core within the regolith from 'core-from-surface' drill holes, with the measurement methodaccounting for voids.
	• Depending on rock type density ranges of 1.89 to 2.18 t/m3 in the saprolite and ranges from 2.56 to 2.96 t/m3 in the transitionaland fresh rock domains.
	• Density is estimated by OBK in the MREs apart from a few minor domains with sparse data (such as the regolith), where densityis assigned as a mean of the data.

SECTION 4 – TROPICANA GOLD MINE – ORE RESERVES
JORC Criteria	Explanation
Mineral Resourceestimate forconversion toOre Reserves	• The MRE used for the open pit ORE is described in the preceding sections of this JORC Table 1.• The estimate used for the underground ORE study is the underground MRE described in the preceding sections of this JORCTable 1.• The TGM MREs are reported inclusive of the open pit and underground OREs.
Site visits	• The Competent Persons for the TGM OREs work onsite and as such have a good knowledge of the operation and regularcontact with personnel providing key inputs to the estimate.
Study status	• Open pit:Mine design using conventional mining methods and current processing operations confirming that the mine plans are-technically feasible and economically viable.• Underground:Mine design using conventional mining methods and current processing operations confirming that the mine plans are-technically feasible and economically viable.
Cut-offparameters	• Open pit:The open pit ORE cut-off grade is reported within a pit design with an assumed gold price of $US1,200/oz ($A1,604/oz)-and costs assuming some back-filling of pits.On the basis described above, the cut-off is ≥0.6g/t Au for oxide ORE and ≥0.7g/t Au for transitional and fresh ORE.-• Underground:The underground ORE cut-off grade has been determined at a gold price of $US1,200/tr.oz ($A1,604/tr.oz and aligns the-life of the underground project with the open pit.The cut-off grade used to define the underground mine plan is 2.7g/t, with some additional stopes added to the mine plan-above the incremental stope cut-off grade of 2.0g/t.• Costs include processing and maintenance fixed and variable costs, general administration costs, ore premium including rehandle and overhaul, closure costs and all non-mining related stay-in-business capital expenses. Underground costs includedevelopment and stoping costs.
Mining factors orassumptions	• Open pit:The open cut material is scheduled to be mined using conventional methods using a large hydraulic shovel/excavator fleet-matched with large rear dump trucks. The pits are designed based on 12m benches.Overall wall angles for the open pit designs range between ~36° for the footwall and 60° for the hanging wall. Conventional-drill and blast techniques are used to break the rock.Within the open pit MRE model, ore loss and dilution are accounted for in the selectivity of the SMU sizes volume, as such-no further factors are applied.• Underground:

SECTION 4 – TROPICANA GOLD MINE – ORE RESERVES
JORC Criteria	Explanation
	The Boston Shaker underground is designed using conventional longitudinal and transverse stoping method. The stopes-are designed with a footwall angle of 40°.Planned mining dilution for the underground operation has been designed into the mining shapes, with a further 10%-unplanned dilution factor applied.New infrastructure appropriate for an underground mine of the size and life of the underground ORE has been planned and-
	costed.Mining recovery of development ore is assumed to be 100% and production ore is assumed to be 90%.-• Inferred Mineral Resources are excluded from both the open pit and the underground OREs.
Metallurgicalfactor orassumptions	• The metallurgical process for TGM's ores is established and is a process flow of crushing (grinding rolls), grinding, and therecovery of gold through CIL and electrowinning to produce gold bars.• Gold recovery factors are based on extensive metallurgical testing and range from 92.5% recovery in mineralised transportedmaterial down to 89.9% recovery in fresh rock.• No deleterious elements are present in the open pit or underground ores.• In the project FS, pilot scale metallurgical testing was carried out on large diameter (PQ) core collected in a spatiallyrepresentative manner from the deposit.• To date metallurgical recoveries have been consistent with the forecasts from these studies.• As a gold mine, the gold doré bars produced are not subject to any specification requirements.
Environmental	• TGM operates under an environmental management plan that meets or exceeds all statutory and legislative requirements.• Rock waste is disposed in waste dumps which are progressively rehabilitated as mining progresses with any potentially acidgenerating waste co-mingled with non-acid generating material and encapsulated in non-acid generating material.• A tailing storage facility is used to contain and capture process residues.• The mine produces rehabilitation plans for ongoing rehabilitation and mine closure plans, and the costs are included in the OREfinancial model.
Infrastructure	• All major infrastructure required for the mining and processing is in place.• The owner and contractor staffing are fully complete, with personnel sourced on a fly-in-out basis from Perth or Kalgoorlie.• No other significant infrastructure is anticipated and sustaining capital cost for infrastructure are included in the financial model.
Costs	• The capital cost of removing waste overburden is included in the evaluation of the applicable pit or underground mine designs.• Mining operating costs are provided by the mining contractor and other costs are derived from the mine operating budget.• As discussed, there are no deleterious elements and as such related costs are not relevant.• The source of $A:$US exchange rates is AGAA corporate guidance.• Transportation charges for gold doré bars is relatively minor and are charged on a contract basis with the refinery.• Treatment and refining charges are included in the refining contract and there are no specification ore penalties associated withtreatment and refining.• WA State royalties are levied at 2.5% of the value of gold produced.
Revenue factors	• The assumption for gold prices for ORE is based on corporate guidance and assessment of historical prices.• The A$ to US$ exchange rate (FX) is also based on corporate guidance and assessment of historical exchange rates.• Refer to the body of this ASX public report for price and FX details.
Marketassessment	• No market assessment has been completed for TGM ORE given the ready saleability of gold.• RRL's share of TGM's gold is sold to the Perth mint or through agreements with several financial institutions.
Economic	• The inputs into the economic analysis for the underground ORE update have already been described above in previoussubsections.• The economic evaluation has been carried out on a real basis (adjusted for inflation) with rates provided by AGAA corporate.• The confidence in most of the economic inputs is high as TGM is an operating mine and as such, operating and capital costsare well understood.• The confidence in metal prices and exchange rates is consistent with routine industry practices with the data derived fromreputable forecasters.• The discount rate used for NPV calculations is derived from the weighted average cost of capital in Australia.
Social	• TGM has all necessary agreements in place with key stakeholders and matters leading to social licence to operate.
Other	• There are no material naturally occurring risks associated with the TGM.• There are no material legal agreements or marketing arrangements not already discussed in prior sub sections of this table.• There are no unresolved third-party matters hindering the extraction of the open pit or underground OREs.• Necessary government and statutory approvals are current.

SECTION 4 – TROPICANA GOLD MINE – ORE RESERVES
JORC Criteria	Explanation
Classification	• The TGM open pit and underground OREs have been classified into Proved and Probable Ore Reserve as per the JORC Codeclassification based on the underlying MRE classification in the MRE model, with Measured Mineral Resources converted toProved Ore Reserves, and Indicated Mineral Resources converted to Probable Ore Reserves.• The classifications applied to the estimate are consistent with the opinion of the Competent Persons reporting both the open pitand underground OREs.
Audits or reviews	• The current open pit and underground OREs have been reviewed internally by AGAA technical personnel.
Discussion ofrelative accuracyand confidence	• AGAA has carried out simulation to quantify the confidence in the open pit and underground OREs – refer to the commentary atthe end of Section 3 above.• The main driver of accuracy and confidence is the spacing of the pre-production drilling, which is captured in the MRE JORCCode classifications underpinning the underground OREs.• Confidence in the open pit and underground inputs is high given the mine is in operation and costs, prices and recoveries arewell understood.• The open pit and underground ORE estimates are considered to have sufficient local accuracy to support mine planning andproduction schedules with Proved Ore Reserves considered a reliable basis for quarterly production targeting and Probable OreReserves reliable for annual production targets.• Confidence in the mine design and schedule are high as mining rates and modifying factors are based on actual siteperformance. Mine designs are consistent with what has been effective previously.• The mine to mill reconciliation data to date indicates the forecast precision of the open pit estimates is good with the ORE beingslightly conservative.