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Resolute Mining Limited Annual Report 2018

Aug 15, 2018

10548_rns_2018-08-15_8c4231ac-04f7-448a-8302-6dc7238bfed5.pdf

Annual Report

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16 August 2018

Mineral Resources of 16Moz Ore Reserves of 6Moz

Substantial Increase to Resolute's Gold Inventory

Highlights

  • Substantial increases in Resolute's Reserves and Resources as at 30 June 2018 as a result of outstanding exploration success and positive equity investments
  • Global Ore Reserves of 5.9Moz of gold
    • o 17% increase from 5.3Moz at 30 June 2017 (net of mining and stockpile depletion of 309koz)
    • o Syama Underground Probable Reserves increase of ~800,000oz to 3.0Moz at 2.7g/t gold
  • Global Mineral Resources of 16.5Moz of gold
    • o 35% increase from 12.0Moz at 30 June 2017
    • o Managed Mineral Resources at Syama, Ravenswood, and Bibiani of 15.1Moz of gold
    • o Attributable Mineral Resources within equity investments of 1.4Moz of gold
    • o Syama Underground Mineral Resources increase of 1.8Moz, or 42%, to 5.9Moz at 3.2g/t gold
    • o Includes maiden Inferred Resource at Nafolo of 400,000oz at 2.9g/t gold
    • o Bibiani Resource increase of 0.7Moz, or 40%, to 2.5Moz at 3.6g/t gold
  • Discovery cost of A$36.5 per Reserve ounce and A$14.5 per Resource ounce

Resolute Mining Limited (ASX: RSG, Resolute or the Company) is pleased to announce significant increases in the Company's Annual Group Ore Reserve and Mineral Resource Statement as at 30 June 2018. Global Ore Reserves increased by 17% to 5.9 million ounces (Moz) of gold, while Global Mineral Resources (inclusive of Ore Reserves) increased by 35% to 16.5Moz. Global Ore Reserves and Global Mineral Resources include, on a 100% basis, gold inventories managed and controlled by Resolute and, on an attributable basis, gold inventories held within the Company's strategic equity investments. A detailed breakdown of the Company's Ore Reserves and Mineral Resources as at 30 June 2018 are presented in the tables included below. The 2018 Annual Ore Reserve Statement is included at Table 10 and the 2018 Annual Mineral Resource Statement is included at Table 11. On a fully attributable basis, recognising Resolute direct share as at 30 June 2018, the Company held Ore Reserves of 5.2Moz and Mineral Resources of 14.7Moz.

Managing Director and CEO, Mr John Welborn, congratulated Resolute's exploration teams on the impressive growth in available Mineral Resources, and commended the study and projects team who have defined new long life low cost production opportunities based on larger Ore Reserves at Syama, Ravenswood, and Bibiani:

"Resolute is a profitable dividend paying gold miner. Our updated Mineral Resource and Reserve Statement underpins the Company's portfolio of long life mines and our ability to achieve targeted production growth. Exploration success is driving genuine value creation by enabling the development of more efficient lower cost longer life gold mines. We will continue to make focused investments to discover and define gold resources that we can efficiently mine, process, and market for the benefit of our shareholders."

"Resolute now controls 6 million ounces of gold in Ore Reserves which are located immediately beneath existing mills and processing plants which we own and operate with strong recoveries. The Company is undergoing a transformation that aims to expand the quantity and quality of gold inventories to enable growth in production and the delivery of lower costs."

"Our investment in exploration will continue with active programs currently underway in Mali at Tabakoroni, Nafolo, and Syama. I remain confident that the continued expansion of the size and scale of our Mineral Resources, and the improvement in our operating model and cost structures, will continue to drive a revaluation of Resolute."

MANAGED ORE RESERVES (100% BASIS)
ORE RESERVES PROVED PROBABLE TOTAL
As at June 2018 Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz
(000s) (000s) (000s) (000s) (000s) (000s)
Syama 2,823 2.7 249 41,050 2.5 3,277 43,873 2.5 3,526
Ravenswood 43,281 0.8 1,182 23,319 0.7 548 66,599 0.8 1,730
Bibiani 5,480 3.7 644 5,480 3.7 644
Managed Ore Reserves 46,104 1.0 1,431 69,849 2.0 4,469 115,952 1.6 5,900

Ore Reserves

Table 1: Managed Ore Reserves

Managed Proved and Probable Ore Reserves at 30 June 2018, on a 100% basis, have increased to 5.9Moz after accounting for mining and stockpile depletion of 309,000 ounces (oz). This is an increase of 700,000oz which represents a 17% increase on Managed Ore Reserves at 30 June 2017. Resolute's asset ownership is 100% of Ravenswood, 80% of Syama (Mali Government 20%), 90% of Tabakoroni (Mali Government 10%) and 90% of Bibiani (Ghana Government 10%). As such, the Company's attributable Managed Ore Reserves position, net of these Government interests is 5.2Moz.

The increase in Ore Reserves is the result of successful exploration and an updated development plan at the Syama Gold Mine in Mali. The Syama Underground Probable Reserves increased to 3.0Moz of gold at 2.7g/t following the completion of a Definitive Feasibility Study Update which reduced the Life of Mine All-In Sustaining Cost to US$746/oz (see ASX Announcement dated 3 July 2018). This upgraded Ore Reserve contains 48% higher tonnage and 38% more contained ounces than the previous estimate and has resulted in a four year extension of the Syama Underground mine life which now extends to 2032.

Ore Reserves at Ravenswood have reduced by 50,000oz due to mining depletion and minor adjustments, while Ore Reserves at Bibiani remain unchanged from 30 June 2017.

Mineral Resources

MANAGED MINERAL RESOURCES (100% BASIS)
MINERALRESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Syama 4,178 2.6 354 61,526 2.9 5,752 33,268 1.7 1,774 98,972 2.5 7,880
Ravenswood 62,300 0.8 1,692 58,906 0.7 1,408 75,550 0.7 1,582 196,755 0.7 4,681
Bibiani 13,255 3.5 1,493 8,438 3.7 1,011 21,693 3.6 2,504
Managed Mineral Resources 66,478 1.0 2,046 133,687 2.0 8,653 117,256 1.2 4,367 317,420 1.5 15,065

Managed Mineral Resources (inclusive of Managed Ore Reserves) at 30 June 2018 on a 100% basis now stand at 15.1Moz of gold. This is a 25% increase on the Company's Managed Mineral Resources position at 30 June 3017 and is a direct result of the investment Resolute has made in exploration and the success of recent programs.

The most significant increase in Managed Mineral Resources is the addition of 1.8Moz at Syama which includes a maiden Inferred Mineral Resource at the Nafolo discovery. Exploration drilling continues at Syama and further resource extensions from Nafolo, Syama, and Tabakoroni are expected in the current financial year.

The extensive resource and exploration drilling programs undertaken at Bibiani led to a significant increase in Mineral Resources (see ASX Announcement dated 18 October 2017). Bibiani now hosts Mineral Resources of 2.5Moz which is a 40% increase on the previous estimate.

Mineral Resources at Ravenswood decreased marginally due to depletion by mining.

Strategic Equity Investments

Resolute has built a portfolio of investments in emerging African gold explorers with a view to expanding its project pipeline and providing a source of medium term growth opportunities. Resolute holds a 16.7% interest in Orca Gold Inc, a 27% interest in Loncor Resources Inc, and a 27% interest in Kilo Goldmines Inc. On a 100% basis, the Mineral Resources of these companies are 3.8Moz, 1.2Moz and 1.7Moz respectively. Based on its attributable equity interest in these companies, Resolute's proportionate share of these Mineral Resources is 1.4Moz.

ATTRIBUTABLE MINERAL RESOURCES (STRATEGIC EQUITY INVESTMENTS)
MINERAL RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES
As at June 2018 Tonnes g/t Oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz
(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Orca Gold (100%) 72,640 1.3 3,047 19,780 1.2 752 92,420 1.3 3,799
Resolute Share (16.7%) 12,131 1.3 509 3,303 1.2 126 15,434 1.3 634
Loncor Resources (100%) 2,200 8.7 614 3,200 5.3 550 5,400 6.7 1,164
Resolute Share (27%) 594 8.7 166 864 5.3 149 1,458 6.7 314
Kilo Goldmines (100%) 20,800 2.5 1,670 20,800 2.5 1,670
Resolute Share (27%) 5,616 2.5 451 5,616 2.5 451
Total Attributable to Resolute 12,725 1.6 675 9,783 2.3 725 22,508 1.9 1,400

Table 3: Attributable Mineral Resources (Strategic Equity Investments)

Global Mineral Resources

Resolute's Global Mineral Resources, taking into account its Managed Mineral Resources and its attributable Mineral Resources within strategic equity investments, total 16.5Moz, which equates to a 35% increase on the Company's Global Mineral Resources at 30 June 2017.

For further information, contact:

John Welborn Managing Director & CEO

Jeremy Meynert General Manager – Business Development & Investor Relations

Fully Paid Ordinary Shares: 752,760,642 Current Share Price: A$1.32, 15 August 2018 Market Capitalisation: A$1.0 Billion FY19 Guidance: 300,000oz @ AISC A$1,280/oz

Mr Martin Botha Non-Executive Chairman Mr John Welborn Managing Director & CEO Mr Peter Sullivan Non-Executive Director Mr Mark Potts Non-Executive Director Mr Bill Price Non-Executive Director Ms Yasmin Broughton Non-Executive Director

Level 2, Australia Place 15-17 William Street Perth, Western Australia 6000

T: +61 8 9261 6100 F: +61 8 9322 7597 E: [email protected]

John Welborn Managing Director & CEO Jeremy Meynert GM – BD & IR Level 2, Australia Place | 15-17 William St Perth, Western Australia 6000 T: +61 8 9261 6100 | F: +61 8 9322 7597 E: [email protected]

Syama – Mali

Figure 1: Syama Long Section

MALI ORE RESERVES PROVED PROBABLE TOTAL Groupshare
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Mali 80%
Syama Underground 0 0.0 0 35,200 2.7 3,000 35,200 2.7 3,000 2,400
Syama Stockpiles 30 1.8 2 2,555 1.3 107 2,585 1.3 109 87
Sub Total (Sulphides) 30 1.8 2 37,755 2.6 3,107 37,785 2.6 3,109 2,487
Satellite Deposits 0 0.0 0 0 0.0 0 0 0.0 0 0
Stockpiles (satellite deposits) 962 1.9 60 2,438 1.3 103 3,400 1.5 163 130
Sub Total Satellite Deposits 962 1.9 60 2,438 1.3 103 3,400 1.5 163 130
90%
Tabakoroni 1,831 3.1 187 857 2.4 67 2,688 2.9 254 229
Mali Total 2,823 2.7 249 41,050 2.5 3,277 43,873 2.5 3,526 2,846

Table 4: Mali Ore Reserves

MALI MINERALRESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Mali 80%
Syama Underground 0 0.0 0 45,700 3.2 4,800 11,500 3.1 1,100 57,200 3.2 5,900 4,720
Stockpiles (sulphide) 30 1.8 2 2,555 1.3 107 0 0.0 0 2,585 1.3 109 87
Sub Total (Sulphides) 30 2.1 2 48,255 3.2 4,907 11,500 3.0 1,100 59,785 3.1 6,009 4,807
Satellite Deposits 0 0.0 0 6,842 2.1 461 1,451 2.2 101 8,293 2.1 562 450
Stockpiles (satellite deposits) 962 1.9 60 2,438 1.3 103 64 1.4 3 3,464 1.5 166 133
Sub Total Satellite Deposits 962 1.9 60 9,280 1.9 564 1,515 2.1 104 11,757 1.9 728 582
Old Tailings 17,000 0.7 365 17,000 0.7 365 292
90%
Tabakoroni 3,186 2.9 292 3,991 2.2 281 3,253 2.0 205 10,430 2.3 778 700
Mali Total 4,178 2.6 354 61,526 2.9 5,752 33,268 1.7 1,774 98,972 2.5 7,880 6,382

Table 5: Mali Mineral Resources

Notes:

  • 1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.
  • 2. Syama Underground Resources quoted above 1.5g/t cut off and Reserves above a 1.9g/t cut off.
  • 3. Resources for Satellite deposits are reported above a cut off of 1.5g/t.
  • 4. Resources for the Tabakoroni Open Pit are reported above a cut off of 1.0g/t. 5. Reserves for the Tabakoroni Open Pit are reported above a cut off of 1.1g/t.
  • 6. The Syama Underground Ore Reserve is reported using a gold price of US$1,200/oz.
  • 7. The Tabakoroni Open Pit Ore Reserve is reported using a gold price of US$1,250/oz.

Ravenswood – Australia

Figure 2: Ravenswood Geology Plan and Resource Locations

AUSTRALIA ORERESERVES PROVED PROBABLE TOTAL Groupshare
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Australia 100%
Sarsfield 28,450 0.8 747 18,640 0.7 423 47,090 0.8 1,170 1,170
Nolans East 350 0.7 8 0 0.0 0 350 0.7 8 8
Buck Reef West 13,650 0.9 400 4,670 0.8 124 18,320 0.9 524 524
Stockpiles (O/C) 665 0.6 13 0 0.0 0 665 0.6 13 13
Sub Total O/C 43,115 0.8 1,168 23,310 0.7 547 66,425 0.8 1,715 1,715
Mt Wright 166 2.7 14 166 2.7 14 14
Stockpiles (UG) 9 2.3 1 9 2.3 1 1
Sub Total UG 166 2.7 14 9 2.3 1 175 2.7 15 15
Australia Total 43,281 0.8 1,182 23,319 0.7 548 66,599 0.8 1,730 1,730

Table 6: Australia Ore Reserves

AUSTRALIA MINERALRESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES Groupshare
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Australia 100%
Sarsfield 43,588 0.8 1,125 38,497 0.7 882 22,079 0.7 518 104,164 0.8 2,525 2,525
Buck Reef West 18,400 0.9 532 20,400 0.8 525 17,000 0.7 383 55,800 0.8 1,440 1,440
Sarsfield Mineralised Waste 33,700 0.4 401 33,700 0.4 401 401
Sub Total O/C 61,988 0.8 1,657 58,897 0.7 1,407 72,779 0.6 1,302 193,664 0.7 4,366 4,366
Mt Wright 311 3.5 35 0 0.0 0 735 3.0 71 1,046 3.2 106 106
Welcome Breccia 0 0.0 0 0 0.0 0 2,036 3.2 208 2,036 3.2 208 208
Stockpiles (UG) 0 0.0 0 9 2.3 1 0 0.0 0 9 2.3 1 1
Sub Total UG 311 3.5 35 9 2.3 1 2,771 3.2 279 3,091 3.2 315 315
Australia Total 62,300 0.8 1,692 58,906 0.7 1,408 75,550 0.7 1,582 196,755 0.7 4,681 4,681

Table 7: Australia Mineral Resources

Notes:

1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.

2. Resources and Reserves are reported above 0.4 g/t cut off for Sarsfield, Nolans East and Buck Reef West.

3. Mt Wright Reserves are reported above 2.3 g/t cut off and Resources above 1.8 g/t cut off.

4. The Ravenswood Expansion Project assumed a gold price of A$1,575/oz.

Bibiani – Ghana

Figure 3: Bibiani Long Section

GHANA ORE RESERVES PROVED PROBABLE TOTAL Groupshare
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Ghana 90%
Bibiani 0 0.0 0 5,480 3.7 644 5,480 3.7 644 580
Ghana Total 0 0.0 0 5,480 3.7 644 5,480 3.7 644 580

Table 8: Ghana Ore Reserves

GHANA MINERALRESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES Groupshare
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at June 2018 (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Ghana 90%
Bibiani 0 0.0 0 13,255 3.5 1,493 8,438 3.7 1,011 21,693 3.6 2,504 2,254
Ghana Total 0 0.0 0 13,255 3.5 1,493 8,438 3.7 1,011 21,693 3.6 2,504 2,254

Notes:

Table 9: Ghana Mineral Resources

  • 1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.
  • 2. Bibiani Reserves are reported above 2.75 g/t cut off and Resources above a 2.0 g/t cut off.
  • 3. Bibiani Ore Reserves are reported at the gold price of US$1,150/oz.
RESOLUTE MINING LIMITED ORE RESERVES
ORE RESERVES PROVED PROBABLE TOTAL Groupshare
As at June 2018 Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
(000s) (000s) (000s) (000s) (000s) (000s) (000s)
Australia 100%
Sarsfield 28,450 0.8 747 18,640 0.7 423 47,090 0.8 1,170 1,170
Nolans East 350 0.7 8 0 0.0 0 350 0.7 8 8
Buck Reef West 13,650 0.9 400 4,670 0.8 124 18,320 0.9 524 524
Stockpiles (O/C) 665 0.6 13 0 0.0 0 665 0.6 13 13
Sub Total O/C 43,115 0.8 1,168 23,310 0.7 547 66,425 0.8 1,715 1,715
Mt Wright 166 2.7 14 166 2.7 14 14
Stockpiles (UG) 9 2.3 1 9 2.3 1 1
Sub Total UG 166 2.7 14 9 2.3 1 175 2.7 15 15
Australia Total 43,281 0.8 1,182 23,319 0.7 548 66,599 0.8 1,730 1,730
Mali 80%
Syama Underground 0 0.0 0 35,200 2.7 3,000 35,200 2.7 3,000 2,400
Syama Stockpiles 30 1.8 2 2,555 1.3 107 2,585 1.3 109 87
Sub Total (Sulphides) 30 1.8 2 37,755 2.6 3,107 37,785 2.6 3,109 2,487
Satellite Deposits 0 0.0 0 0 0.0 0 0 0.0 0 0
Stockpiles (satellite deposits) 962 1.9 60 2,438 1.3 103 3,400 1.5 163 130
Sub Total Satellite Deposits 962 1.9 60 2,438 1.3 103 3,400 1.5 163 130
Mali 90%
Tabakoroni 1,831 3.1 187 857 2.4 67 2,688 2.9 254 229
Mali Total 2,823 2.7 249 41,050 2.5 3,277 43,873 2.5 3,526 2,846
Ghana 90%
Bibiani 0 0.0 0 5,480 3.7 644 5,480 3.7 644 580
Ghana Total 0 0.0 0 5,480 3.7 644 5,480 3.7 644 580
Total Ore Reserves 46,104 1.0 1,431 69,849 2.0 4,469 115,952 1.6 5,900 5,156

Table 10: Ore Reserves Statement as at 30 June 2018

Notes:

1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.

2. Reserves at Buck Reef West, Nolans East and Sarsfield are reported above 0.4 g/t cut off.

3. Mt Wright Reserves are reported above 2.3 g/t cut off.

4. Bibiani Reserves are reported above 2.75 g/t cut off.

5. Syama Underground Reserves are reported above 1.9 g/t cut off.

6. Tabakoroni Reserves are reported above 1.1g/t.

RESOLUTE MINING LIMITED MINERAL RESOURCES
MINERAL RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES Groupshare
As at June 2018 Tonnes(000s) g/t oz(000s) Tonnes(000s) g/t oz(000s) Tonnes(000s) g/t oz(000s) Tonnes(000s) g/t oz(000s) oz(000s)
Projects where Resolute has a controlling interest
Australia 100%
Sarsfield 43,588 0.8 1,125 38,497 0.7 882 22,079 0.7 518 104,164 0.8 2,525 2,525
Buck Reef West 18,400 0.9 532 20,400 0.8 525 17,000 0.7 383 55,800 0.8 1,440 1,440
Sarsfield Mineralised Waste 33,700 0.4 401 33,700 0.4 401 401
Sub Total O/C 61,988 0.8 1,657 58,897 0.7 1,407 72,779 0.6 1,302 193,664 0.7 4,366 4,366
Mt Wright 311 3.5 35 0 0.0 0 735 3.0 71 1,046 3.2 106 106
Welcome Breccia 0 0.0 0 0 0.0 0 2,036 3.2 208 2,036 3.2 208 208
Stockpiles (UG) 0 0.0 0 9 2.3 1 0 0.0 0 9 2.3 1 1
Sub Total UG 311 3.5 35 9 2.3 1 2,771 3.2 279 3,091 3.2 315 315
Australia Total 62,300 0.8 1,692 58,906 0.7 1,408 75,550 0.7 1,582 196,755 0.7 4,681 4,681
Mali 80%
Syama Underground 0 0.0 0 45,700 3.2 4,800 11,500 3.1 1,100 57,200 3.2 5,900 4,720
Stockpiles (sulphide) 30 1.8 2 2,555 1.3 107 0 0.0 0 2,585 1.3 109 87
Sub Total (Sulphides) 30 2.1 2 48,255 3.2 4,907 11,500 3.0 1,100 59,785 3.1 6,009 4,807
Satellite Deposits 0 0.0 0 6,842 2.1 461 1,451 2.2 101 8,293 2.1 562 450
Stockpiles (satellite deposits) 962 1.9 60 2,438 1.3 103 64 1.4 3 3,464 1.5 166 133
Sub Total Satellite Deposits 962 1.9 60 9,280 1.9 564 1,515 2.1 104 11,757 1.9 728 582
Old Tailings 17,000 0.7 365 17,000 0.7 365 292
Mali 90%
Tabakoroni 3,186 2.9 292 3,991 2.2 281 3,253 2.0 205 10,430 2.3 778 700
Mali Total 4,178 2.6 354 61,526 2.9 5,752 33,268 1.7 1,774 98,972 2.5 7,880 6,382
Ghana 90%
Bibiani 0 0.0 0 13,255 3.5 1,493 8,438 3.7 1,011 21,693 3.6 2,504 2,254
Ghana Total 0 0.0 0 13,255 3.5 1,493 8,438 3.7 1,011 21,693 3.6 2,504 2,254
Controlling Interest Total 66,478 1.0 2,046 133,687 2.0 8,653 117,256 1.2 4,367 317,420 1.5 15,065 13,316
Projects where Resolute has an equity interest
Sudan 17%
Galat Sufar South 0 0.0 0 11,601 1.3 474 2,968 1.2 112 14,569 1.3 586 586
Wadi Doum 0 0.0 0 529 2.1 35 336 1.3 14 865 1.7 48 48
Sudan Total 0 0.0 0 12,131 1.3 509 3,303 1.2 126 15,434 1.3 634 634
DRC (Loncor) 27%
Makapela 0 0.0 0 594 8.7 166 864 5.3 148 1,458 6.7 314 314
DRC (Kilo) 27%
Adumbi 5,616 2.5 451 5,616 2.5 451 451
DRC Total 0 0.0 0 594 8.7 166 6,480 2.9 599 7,074 3.4 795 765
Equity Interest Total 0 0.0 0 12,725 1.6 675 9,783 2.3 725 22,508 1.9 1,400 1,400
Total Resolute Resources
Global Mineral Resources 66,478 1.0 2,046 146,412 2.0 9,327 127,039 1.2 5,091 339,929 1.5 16,465 14,716

Table 11: Mineral Resources Statement as at 30 June 2018

Notes:

  • 1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.
  • 2. Resources are reported above 0.4 g/t cut-off for Sarsfield and Buck Reef West and Nolans East.
  • 3. Mt Wright Resources are reported above 2.3 g/t cut off.
  • 4. Syama Underground Resources quoted above 1.5g/t cut off.
  • 5. Resources for Satellite deposits are reported above a cut off of 1.5g/t. 6. Resources for the Tabakoroni Open Pit are reported above a cut off of 1.0g/t.
  • 7. Bibiani Resources are reported above 2.0 g/t cut off.
  • 8. Galat Sufar South resources reported above a 0.6g/t cut-off.
  • 9. Wadi Doum resources reported above a 0.6g/t cut-off.
  • 10. Makapela resources reported above a 2.75g/t cut-off.
  • 11. Adumbi resources reported above a 0.9g/t cut-off.
  • 12. Mineral Resources held by Orca Gold, Loncor and Kilo Gold are reported as NI43-101 compliant estimates.
RESOLUTE GROUP ORE RESERVES
Reserves and Resources comply with the Australasian Code for Reporting of Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012)
2018 2017
ORE RESERVES Tonnes(000s) Goldgrade(g/t) Ounces(000s) GroupShare% GroupShareOunces Tonnes(000s) Goldgrade(g/t) Ounces(000s) GroupShare% GroupShareOunces
Proved Proved
Australia Comment on Changes
Mt Wright 166 2.7 14 100% 14 258 2.6 22 100% 22 Depletion due to mining
Sarsfield 28,450 0.8 747 100% 747 28,450 0.8 747 100% 747 No change
Nolans East 350 0.7 8 100% 8 1,543 0.8 37 100% 37 Depletion due to mining
Stockpiles (O/C) 665 0.6 13 100% 13 482 0.6 9 100% 9 Movement in operating stockpiles
Buck Reef West 13,650 0.9 400 100% 400 13,652 0.9 400 100% 400 No change
Mali
Syama Stockpiles (sulphide) 30 1.8 2 80% 2 55 1.7 3 80% 2 Movement in operating stockpiles
Satellite Deposits 0 0.0 0 80% 0 896 2.4 68 80% 54 Depletion due to mining
Stockpiles (satellite deposits) 962 1.9 60 80% 48 824 1.9 51 80% 41 Movement in operating stockpiles
Tabakoroni 1,831 3.1 187 90% 168 1,335 3.1 133 85% 113 Resource reviewed with additional drilling
Total Proved 46,104 1.0 1,431 1,400 47,495 1.0 1,470 1,426
Probable Probable Comment on Changes
Australia
Mt Wright 0 0.0 0 100% 0 0 0.0 0 100% 0
Mt Wright StockpilesSarsfield 918,640 2.30.7 1423 100%100% 1423 1118,640 2.60.7 1423 100%100% 1 Movement in operating stockpiles423 No change
Nolans East 0 0.0 0 100% 0 612 0.7 14 100% 14 Depletion due to mining
Stockpiles (O/C) 0 0.0 0 100% 0 319 0.6 7 100% 7 Movement in operating stockpiles
Buck Reef West 4,670 0.8 124 100% 124 4,669 0.8 124 100% 124 No change
Mali
Syama Underground 35,200 2.7 3,000 80% 2,400 23,855 2.8 2,171 80% 1,737 Updated resource model
Syama Stockpiles (sulphide) 2,555 1.3 107 80% 86 3,339 1.4 146 80% 117 Movement in operating stockpiles
Satellite Deposits 0 0.0 0 80% 0 1,459 2.4 112 80% 90 Depletion due to mining
Stockpiles (satellite deposits) 2,438 1.3 103 80% 82 962 1.8 54 80% 43 Movement in operating stockpiles
Tabakoroni 857 2.4 67 90% 60 1,821 2.8 163 85% 139 Resource reviewed with additional drilling
Ghana
Bibiani 5,480 3.7 644 90% 580 5,480 3.7 644 90% 580 No change
Total Probable 69,849 2.0 4,469 3,756 61,167 2.0 3,859 3,274

Table 12: Resolute Ore Reserves – 2017 and 2018 comparison

Notes:

1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.

2. Reserves are reported above 0.4 g/t cut-off for Sarsfield and Buck Reef West and Nolans East.

3. Mt Wright Reserves are reported above 2.3 g/t cut off.

4. Syama Underground Reserves are reported above 1.9 g/t.

5. Tabakoroni Reserves are reported above 1.10 g/t.

6. Bibiani Reserves are reported above 2.75 g/t.

RESOLUTE GROUP MINERAL RESOURCES
2018 2017
MINERAL RESOURCES Tonnes(000s) Goldgrade(g/t) Ounces(000s) GroupShare% GroupShareOunces Tonnes(000s) Goldgrade(g/t) Ounces(000s) GroupShare% GroupShareOunces
Measured Measured Comment on Changes
Australia
Mt Wright 311 3.5 35 100% 35 311 3.5 35 100% 35
Sarsfield 43,588 0.8 1,125 100% 1,125 45,522 0.8 1,168 100% 1,168 Depletion due to mining Nolans East
Buck Reef West 18,400 0.9 532 100% 532 18,400 0.9 532 100% 532 no change
Mali
Syama stockpiles (sulphide) 30 1.8 2 80% 2 55 1.7 3 80% 2 Movement in operating stockpiles
Satellite Deposits 0 0.0 0 80% 0 2,337 2.1 159 80% 127 Mining depletion, updated model
Stockpiles (satellite deposits) 962 1.9 60 80% 48 824 1.9 51 80% 41 Movement in operating stockpiles
Tabakoroni 3,186 2.9 292 90% 263 3,210 2.9 296 85% 252 Resource reviewed with additional drilling
Total Measured 66,478 1.0 2,046 2,004 70,659 1.0 2,244 2,157
Indicated Indicated Comment on Changes
Australia
Mt Wright 0 0.0 0 100% 0 0 0.0 0 100% 0
Stockpiles (sulphide) 9 2.3 1 100% 1 11 2.6 1 100% 1 Movement in operating stockpiles
Sarsfield 38,497 0.7 882 100% 882 38,497 0.7 882 100% 882 no change
Buck Reef West 20,400 0.8 525 100% 525 20,400 0.8 525 100% 525 No change
Mali
Syama Underground 45,700 3.2 4,800 80% 3,840 37,396 2.8 3,373 80% 2,698 Updated model Nov 2017
Syama stockpiles (sulphide) 2,555 1.3 107 80% 86 3,339 1.4 146 80% 117 Movement in operating stockpiles
Satellite Deposits 3,877 2.4 295 80% 236 3,566 2.1 243 80% 194 Mining depletion, updated model
Stockpiles (satellite deposits) 2,438 1.3 103 80% 82 962 1.8 54 80% 43 Movement in operating stockpiles
Tellem 1,770 1.9 110 80% 88 1,770 1.9 110 80% 88 no change
Paysans 1,195 1.5 56 80% 45 1,195 1.5 56 80% 45 no change
Tabakoroni 3,991 2.2 281 90% 253 4,010 2.2 289 85% 246 Resource reviewed with additional drilling
Ghana
Bibiani 13,255 3.5 1,493 90% 1,344 11,180 3.3 1,184 90% 1,066 Updated resource model
Sudan
Galat Sufar South 11,601 1.3 474 17% 474
Wadi Doum 529 2.1 35 17% 35
DRC
Makapela 594 8.7 166 27% 166
Total Indicated 146,412 2.0 9,327 8,056 122,326 1.7 6,863 5,905
RESOLUTE GROUP MINERAL RESOURCES
2018 2017
MINERAL RESOURCES Tonnes(000s) Goldgrade(g/t) Ounces(000s) GroupShare% GroupShareOunces Tonnes(000s) Goldgrade(g/t) Ounces(000s) GroupShare% GroupShareOunces
Inferred Inferred Comment on Changes
Australia
Mt Wright 735 3.0 71 100% 71 1,079 3.1 107 100% 107 Depletion due to mining
Sarsfield 22,079 0.7 518 100% 518 22,079 0.7 518 100% 518 No change
Buck Reef West 17,000 0.7 383 100% 383 17,000 0.7 383 100% 383 No change
Welcome Breccia 2,036 3.2 208 100% 208 2,036 3.2 208 100% 208 No change
Waste Dump 33,700 0.4 401 100% 401 new resource
Mali
Syama Underground 11,500 3.1 1,100 80% 880 8,095 2.9 767 80% 614 Updated model Nov 2017
Satellite Deposits 506 2.5 40 80% 32 1,397 2.2 97 80% 78 Mining depletion, updated model
Stockpiles (satellite deposits) 64 1.4 3 80% 2 64 1.4 3 80% 2 no change
Tellem 400 2.5 35 80% 28 400 2.5 35 80% 28 no change
Paysans 545 1.5 26 80% 21 545 1.5 26 80% 21 no change
Tabakoroni 3,253 2.0 205 90% 185 3,000 2.0 193 85% 164 Resource reviewed with additional drilling
Tailings Storage Facility 17,000 0.7 365 80% 292
Ghana
Bibiani 8,438 3.7 1,011 90% 910 4,485 4.1 591 90% 532 Updated resource model
Sudan
Galat Sufar South 2,968 1.2 112 17% 112 new resource
Wadi Doum 336 1.3 14 17% 14 new resource
DRC
Makapela 864 5.3 148 27% 148 new resource
Adumbi 5,616 2.5 451 27% 451 new resource
Total Inferred 127,039 1.2 5,091 4,656 60,180 1.5 2,928 2,654
Global Total Resources 339,929 1.5 16,465 14,716 253,165 1.5 12,035 10,716

Table 13: Resolute Mineral Resources – 2017 and 2018 comparison

Notes:

1. Mineral Resources include Ore Reserves. Differences may occur due to rounding.

2. Resources are reported above 0.4 g/t cut-off for Sarsfield and Buck Reef West and Nolans East.

3. Mt Wright Resources are reported above 2.3 g/t cut off.

4. Syama Underground Resources quoted above 1.5g/t cut off.

5. Resources for Satellite deposits are reported above a cut off of 1.5g/t. 6. Resources for the Tabakoroni Open Pit are reported above a cut off of 1.0g/t.

7. Bibiani Resources are reported above 2.0 g/t cut off.

8. Galat Sufar South resources reported above a 0.6g/t cut-off.

9. Wadi Doum resources reported above a 0.6g/t cut-off.

10. Makapela resources reported above a 2.75g/t cut-off.

11. Adumbi resources reported above a 0.9g/t cut-off.

12. Mineral Resources held by Orca Gold, Loncor and Kilo Gold are reported as NI43-101 compliant estimates.

About Resolute

Resolute is a successful gold miner with more than 28 years of continuous production. The Company is an experienced explorer, developer, and operator, having operated nine gold mines across Australia and Africa which have produced 8 million ounces of gold. Resolute currently operates two mines, the Syama Gold Mine in Africa and the Ravenswood Gold Mine in Australia, and is one of the largest gold producers listed on the Australian Securities Exchange with FY19 guidance of 300,000 ounces of gold at an All-In Sustaining Cost of A$1,280/oz (US$960/oz).

Resolute's flagship Syama Gold Mine in Mali is a robust long-life asset comprising parallel sulphide and oxide processing plants. The move to underground mining is expected to extend the mine life beyond 2032. The Ravenswood Gold Mine in Queensland demonstrates Resolute's significant underground expertise in successfully mining the Mt Wright ore body, where operations are expected to cease in the final quarter of FY19. The Company's next stage of development in Queensland is the return to large scale open pit mining at the Ravenswood Expansion Project, which will extend the Company's local operations to at least 2032. In Ghana, the Company has completed a feasibility study on the Bibiani Gold Mine focused on the development of an underground operation requiring modest capital and using existing plant infrastructure. Resolute is also actively exploring over 6,600km2 of potential world class tenure in West Africa and Australia. Resolute supplements its own exploration activities with a portfolio of interests in listed African focused gold exploration companies to provide shareholders with a pipeline of development opportunities.

Competent Persons Statement

The information in this announcement that relates to data quality, geological interpretation and Mineral Resource estimation for the various projects unless specified in the list below is based on information compiled by Andrew Goode, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Goode has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code 2012). Mr Goode consents to the inclusion in this announcement of the material compiled by him in the form and context in which it appears.

The information in this statement that relates to the Mineral Resources and Ore Reserves listed below is based on information and supporting documents prepared by the Competent Person identified. Each person specified in the list has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Bignell and Mr Pedersen are full-time employees of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Long is a full-time employee of Carpentaria Gold Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Johnson is a full-time employee of MPR Geological Consultants Pty Ltd. Mr Millbank is a full-time employee of Proactive Mining Solutions. Mr Cervoj and Ms Havlin are employees of Optiro Pty Ltd. Each person identified in the list below consents to the inclusion in this announcement of the material compiled by them in the form and context in which it appears.

Activity Competent Person Membership Institution
Syama Resource Susan Havlin Australasian Institute of Mining and Metallurgy
Syama Reserve Ian Bignell Institute of Materials, Minerals and Mining
Syama Satellites Resource Nicholas Johnson Australian Institute of Geoscientists
Syama Tailings Facility Susan Havlin Australasian Institute of Mining and Metallurgy
Mt Wright Resource Nicholas Johnson Australian Institute of Geoscientists
Mt Wright Reserve Stuart Long Australasian Institute of Mining and Metallurgy
Welcome Resource Nicholas Johnson Australian Institute of Geoscientists
Buck Reef West Resource Nicholas Johnson Australian Institute of Geoscientists
Buck Reef West Reserve John Millbank Australasian Institute of Mining and Metallurgy
Nolans East Reserve John Millbank Australasian Institute of Mining and Metallurgy
Sarsfield Resource Nicholas Johnson Australian Institute of Geoscientists
Bibiani Resource Kahan Cervoj Australasian Institute of Mining and Metallurgy
Tabakoroni Resource Nicholas Johnson Australian Institute of Geoscientists
Sarsfield Mineralised Waste Alan Pedersen Australasian Institute of Mining and Metallurgy

JORC Code, 2012 Edition – Table 1 Report

Section 1 Sampling Techniques and Data

CRITERIA JORC CODE EXPLANATION COMMENTARY
•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 Themineralresourceestimatewasbasedon datacollectedfrom reversecirculation(RC)and diamondcore(DD)drillholescompletedbyResoluteMiningLimited(2003-2017),Randgold ResourcesLtd(1996-2000)andBHP(1987-1996).
as limiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivity andthe appropriate calibration of any measurement tools or systems used. Diamondcorewassampledat1mintervalsandcutinhalf,toprovidea2-4kgsample, which wassenttothelaboratory forcrushing,splittingandpulverising,toprovidea30gchargefor analysis.
Samplingtechniques •Aspects ofthe 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 m RCsampleswerecollectedon1mintervalsviaacyclonebyrifflesplit(dry),orbyscoop(wet), toobtaina2-4kgsamplewhichwassenttothelaboratoryforcrushing,splittingandpulverising toprovidea30gchargeforanalysis.
samples from which 3 kg was pulverised to produce a 30 g charge forfire assay'). In other cases more explanation may be required, such aswhere there is coarse gold that has inherent sampling problems. Unusual Resolutesamplingandsamplepreparationprotocolsareindustry standardandaredeemed appropriatebytheCompetentPerson.
commodities or mineralisation types (e.g. submarine nodules) maywarrant disclosure of detailed information. The Randgold and BHP diamond core and RC samples were taken on 1m intervals. Due to the historicalnature of the data sampling protocols are not known.
Drillingtechniques •Drill type (e.g. core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, face-sampling bit or other type, Drill types used include diamond core of HQ and NQ sizes.Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool and more recently
whether core is oriented and if so, by what method, etc.). using a Reflex north seeking gyro instrument.
•Method of recording and assessing core and chip sample recoveries andresults assessed. Drill core interval recoveries are measured from core block to core block using a tape measure.
Drill samplerecovery •Measures taken to maximise sample recovery and ensure representativenature of the samples. Appropriate measures are taken to maximise sample recovery and ensure representative nature of thesamples.
•Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material. No apparent relationship between sample recovery and grade.
•Whether core and chip samples have been geologically and Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and
geotechnically logged to a level of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies. weathering on geologically domained intervals.
Logging •Whether logging is qualitative or quantitative in nature. Core (or costean, Geotechnical and structure orientation data was measured and logged for all diamond core intervals.
channel, etc.) photography.•The total length and percentage of the relevant intersections logged. Diamond core was photographed (wet and dry).
Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.
Sub-sampling •If core, whether cut or sawn and whether quarter, half or all core taken. Diamondcoreweresampledat 1mintervalsandcutin halfto obtaina2-4kgsample.
techniquesand sample •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 the Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 2-4kg sample.

preparation sample 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. SamplepreparationfordiamondcoreandRCsamplesincludesovendrying,crushingto10mm andsplitting,pulverisingto 85%passing-75um.Thesepreparationtechniquesaredeemedto beappropriatetothematerialandelementbeingsampled.Drillcorecoarseduplicatesweresplitbythelaboratoryaftercrushingatarateof1:20samples. Reversecirculationfieldduplicateswerecollectedbythecompanyatarateof 1:20samples.Resolutesampling, samplepreparationandquality controlprotocolsareofindustrystandard andallattemptsweremadeto ensureanunbiasedrepresentativesamplewascollected.The methodsappliedinthisprocessweredeemedappropriatebytheCompetentPerson.Sub-sampling techniques and sample preparation completed by previous owners is not known.
Quality ofassay data andlaboratorytests •The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial or total.•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 levels ofaccuracy (i.e. lack of bias) and precision have been established. AllResolutesampleswereanalysedforgoldby30gfireassayfusionwithAASinstrumentfinish.TheanalysiswasperformedbyALSBamakoorSGSMorila.Theanalyticalmethodwas appropriateforthestyleof mineralisation.Nogeophysicaltoolswereusedto determineelementalconcentrations.Qualitycontrol(QC)proceduresincludedtheuseofcertifiedstandardsandblanks(1:20),non-certifiedsandblanks(1:20),diamondcorecoarseduplicates(1:20)andreversecirculationfield duplicates(1:20).Laboratoryqualitycontroldata,includinglaboratorystandards,blanks,duplicates,repeatsand grindsizeresultswerealsocapturedintothedigitaldatabase.AnalysisoftheQCsampleassayresultsindicatesthatanacceptablelevelofaccuracy and precisionhasbeenachieved.Theassay techniquesusedbyRandgoldandBHPincludefireassay fusionwithAAS instrumentfinishandaquaregiawithAAS.Themajorityofthesampleswereanalysedatthe onsiteSyamalaboratory.DuetothehistoricalnatureoftheRandgoldandBHPdatatheassay proceduresarenotknownforallsamples.
Verification ofsampling andassaying •The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, data verification,data storage (physical and electronic) protocols.•Discuss any adjustment to assay data. Verification of significant intersections have been completed by company personnel and the competentperson.Nodrillholeswithintheresourcearea weretwinned.Drillholeswereloggedonto paper templatesorExceltemplateswithlookupcodes,validated andthencompiledintoarelationalSQL2012databaseusingDataShed datamanagement software.Thedatabasehasavariety ofverification protocolswhichareusedtovalidatethe dataentry.Thedrillholedatabaseisbackedup on adailybasisto theheadofficeserver.Assayresultfileswerereportedbythelaboratory inPDFandCSVformatandimporteddirectly into theSQLdatabasewithoutadjustmentormodification.Resolute has conducted extensive reviews, data validation and data verification on the historic data collectedby the previous owners, Randgold and BHP.

Location ofdata points ••• Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locations used inMineral Resource estimation.Specification of thegrid system used.Quality and adequacy of topographic control. Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with anexpected accuracy of 0.05m; elevations were height above EGM96 geoid.Down hole surveys were collected using single shot and multi shot magnetic survey tools including ReflexEZTrac and EZShot instruments. A time-dependent declination was applied to the magnetic readings todetermine UTM azimuth. Diamond drilling completed in 2017 and 2018 has utilised a Reflex EZ Gyrodownhole survey instrument to provide more frequent data points and reduced magnetic interference.Coordinates and azimuth are reported in UTM WGS84 Zone 29 North in this release.Coordinates were translated to local mine grid where appropriate.Local topographic control is via satellite photography and drone UAV Aerial Survey.
Data spacinganddistribution ••• 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. The drillholespacingwassufficienttodemonstrategeologicalandgradecontinuityappropriateforMineralResourceestimation andclassification in accordance with the2012JORCCode.Theappropriatenessofthedrillspacingwasreviewedbythegeologicaltechnicalteam,both onsiteandwithin the Resolute group.ThiswasalsoreviewedbytheCompetentPerson.RC and diamond core samples were collected on 1m intervals; no sample compositing is applied duringsampling.
Orientation ofdata in relationto geologicalstructure •• Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, considering thedeposit type.If the relationship between the drilling orientation and the orientation ofkey mineralised structures is considered to have introduced a samplingbias, this should be assessed and reported if material. Holes were drilled predominantly perpendicular to mineralised domains where possible.No orientation based sampling bias has been identified in the data.
Samplesecurity • The measures taken to ensure sample security. Sampleswerecollectedfromthedrillsiteandstoredonsite.Allsampleswereindividuallybagged and labelled with unique sample identifiers then securely dispatched to the laboratories.All aspects of sampling processwere supervised and tracked by SOMISY personnel.
Audits orreviews • The results of any audits or reviews of sampling techniques and data. External audits of procedures indicate protocols are within industry standards.

Section 2 Reporting of Exploration Results

CRITERIA JORC CODE EXPLANATION COMMENTARY
---------- ----------------------- ------------

Mineraltenement andland tenurestatus •• 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.The security of the tenure held at the time of reporting along with anyknown impediments to obtaining a licence to operate in the area. Drilling was conducted within the Malian Exploitation Concession Permit PE 93/003 which has anarea of 200.6 km2ResoluteMiningLimitedhasan80%interestintheSyamaprojectandtheExploitationPermitPE—93/003,onwhichitisbased,throughitsMaliansubsidiary,SociêtêdesMinesdeSyamaSA(SOMISY).TheMalianGovernmentholdsafreecarried20%interestin SOMISY.The Permit is held in good standing. Malian mining law provides that all mineral resources areadministered by DNGM (Direction Nationale de la Géologie et des Mines) or National Directorate ofGeology and Mines under the Ministry of Mines, Energy and Hydrology.
Explorationdone by otherparties • Acknowledgment and appraisal of exploration by other parties. The Syama deposit was originally discovered by a regional geochemical survey undertaken by theDirection National de Géologie et des Mines (DNGM) with assistance from the United NationsDevelopment Program (UNDP) in 1985. There had also been a long history of artisanal activities onthe hill wherean outcropping chert horizon originally marked the present day position of the open pit.BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes across Syamaprospects.Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC and diamonddrill holes across Syama prospects.
Geology • Deposit type, geological setting and style of mineralisation. The Syama Project is found on the northern margin of the Achaean-Proterozoic Leo Shield whichforms the southern half of the West African Craton. The project area straddles the boundarybetween the Kadiana–Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane isdominated by greywackes and a narrow belt of interbedded basalt and argillite. The Kadiolo terranecomprises polymictic conglomerate and sandstone that were sourced from the Kadiana-Madinaniterrane and deposited in a late-to syntectonic basin.Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimianvolcano-sedimentary units of the Syama Formation. The major commodity being sought is gold.
Drill holeInformation •• A summary of all information material to the understanding of theexploration results including a tabulation of the following information forallMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthoWhole 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. No new exploration resultshave been reported in this release.The listing of the entire drill hole database used to estimate the resource was not consideredrelevant for this release.

Dataaggregationmethods ••• In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (e.g. cutting of high grades)and cut-off grades are usually Material and should be stated.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. No new exploration results have been reported in this release.Metal equivalent values are not used in reporting.
Relationshipbetweenmineralisationwidths andinterceptlengths ••• These relationships are particularly important in the reporting ofExploration Results.If the geometry of the mineralisation with respect to the drill hole angle isknown, its nature should be reported.If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (e.g. 'down hole length, truewidth not known'). The mineralisation is steeply dipping at approximately 600from the horizontal.The majority of the drill holes are planned at local grid 0900 at a general inclination of -600 east toachieve as close to perpendicular to the ore zone as possible.At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightlymore than true width.
Diagrams • Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery being reportedThese should include, but not be limited to a plan view of drill hole collarlocations and appropriate sectional views. Relevant maps, diagrams and tabulations are included in the body of text.
Balancedreporting • Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high grades and/orwidths should be practiced to avoid misleading reporting of ExplorationResults. Mineral Resources and Ore Reserves are being reported in this announcement.No new exploration results have been reported in this release.
Othersubstantiveexplorationdata • Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysical surveyresults; geochemical survey results; bulk samples –size and method oftreatment; metallurgical test results; bulk density, groundwater,geotechnical and rock characteristics; potential deleterious orcontaminating substances. No geophysical and geochemical data and any additional exploration information has been reportedin this release, as they are not deemed relevant to the release.
Further work •• The nature and scale of planned further work (e.g. tests for lateralextensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, includingthe main geological interpretations and future drilling areas, provided thisinformation is not commercially sensitive. Depth extension drilling is planned to test the down-dip potential of the Syama ore body at depth,and beneath the current limit of drilling.Relevant maps and diagrams are included in the body of text.

Section 3 Estimation and Reporting of Mineral Resources

CRITERIA JORCCODEEXPLANATION COMMENTARY
Databaseintegrity • Measurestakentoensurethatdatahasnotbeen corruptedby,forexample,transcriptionorkeying errors,betweenitsinitialcollectionanditsusefor MineralResourceestimationpurposes.• Datavalidationproceduresused. Data have been compiled into a relational SQL database; the setup of this database precludes theloading of data which do not meet the required validation protocols. The data is managedusingDataShed©drillholemanagementsoftwareusingSQLdatabasetechniques.Validation checksareconductedusingSQLandDataShed©relationaldatabasestandards. Datahas alsobeenchecked againstoriginalhardcopiesfor100%ofthedata,andwherepossible, loadedfrom originaldatasources.
Resolute completed thefollowing basic validation checks onthedatasuppliedpriortoresource estimation:
▪Drillholeswithoverlappingsampleintervals.▪Sampleintervalswithno assaydata.Duplicaterecords.▪Assaygraderanges.▪Collarcoordinateranges.▪Validholeorientationdata
Therearenosignificantissuesidentifiedwiththedata.
Site visits • Commenton anysitevisitsundertakenbytheCompetentPersonandtheoutcomeof thosevisits. MrAndrewGoode,aMemberoftheAustralasianInstituteofMiningandMetallurgyistheCompetentPersonwhohasvisitedthissiteonnumerousoccasions.NoOptiroPty Ltd personnelhavebeentothe Syama mine site.
• Ifnositevisitshavebeenundertakenindicatewhy thisis thecase. Allaspectsof drilling,samplingandminingareconsideredbytheCompetentPersonstobe of ahighindustrystandard.
Geologicalinterpretation • Confidencein(orconversely,theuncertaintyof)the geologicalinterpretationof themineraldeposit.• Natureofthedatausedandof anyassumptions made. The digital database used for the interpretation included logged intervals for the keystratigraphiczonesofSyama. Detailedgeologicallogswereavailableinhardcopyanddigital andreviewedwherenecessary.
• Theeffect,ifany,ofalternativeinterpretationsonMineralResourceestimation.• TheuseofgeologyinguidingandcontrollingMineralResourceestimation. Drilldensity(50mby50m)forthemajorityoftheSyamaareaallowsforconfidentinterpretation ofthegeologyandmineraliseddomains.Morerecentinfill/verificationdrillingofselectedmore structurallycomplicatedareasconfirmsthepositionsofmineralisedzones.Geologicaland structuralcontrolssupportmodelledmineralisedzones,whichareconstrainedwithingeological units.
• Thefactorsaffectingcontinuitybothofgradeand geology. Continuityofmineralisationisaffectedbyproximitytostructuralconduits(allowingflowofmineralisedfluids),stratigraphicposition,lithologyofkeystratigraphicunitsandporosityofhost lithologies.
Dimensions • Theextentandvariabilityof theMineralResource expressedaslength(alongstrikeorotherwise),plan width,anddepthbelowsurfacetotheupperand lowerlimitsoftheMineralResource. TheSyamaareaextendsforapproximately1,000metresinstrikeandthewestdippinggoldmineralisedzoneisbetween100-200metresinhorizontalwidth,narrowingatitssouthernand northernlimits.TheMineralResourceislimitedindepthbydrilling,whichextendsfromsurface toamaximumdepthof approximately800metresvertically.

Estimation andmodellingtechnques• In • Thenatureandappropriatenessoftheestimation technique(s)appliedandkeyassumptions,including treatmentofextremegradevalues,domaining, interpolationparametersandmaximumdistanceof extrapolationfromdatapoints.Ifacomputerassisted estimationmethodwaschosenincludeadescription ofcomputersoftwareandparametersused.• Theavailabilityofcheckestimates,previous estimatesand/ormineproductionrecordsand whethertheMineralResourceestimatetakes appropriateaccountofsuchdata.• Theassumptionsmaderegardingrecoveryof by-products.• Estimationofdeleteriouselementsorothernon-grade variablesofeconomicsignificance(e.g.sulphurfor acidminedrainagecharacterization).thecaseof blockmodelinterpolation,theblocksize inrelationtotheaveragesamplespacingandthe searchemployed. EstimationwascompletedinDatamineStudioRMusingaCategoricalIndicator(CI)approachtodefinethemineralised blocksfollowedbyanOrdinary Kriged(OK)modeltoestimatethe goldgrade. Gradeswereestimatedintoparentblockof10mEby25mNby10mRL. Sub-cellingdownto5mEby12.5mNby5mRLwasemployed forresolution ofthemineralisation boundary.Thecategoricalmodelusedacut-offof1g/tgold.A5mEby12.5mNby5mRLblocksizewas employedduringthecategoricalprocessusedtodelineatemineralisedregions. Afterthis process,themodelwasreblockedupto10mEby25mNby10mRLwhileretainingthesmaller sizeblocksassubcellsatmineralisationboundaries.Theresourcemodelincludedestimatesforsulphidesulphurandorganiccarbonwhichassist withmetallurgicalcharacterisation.Itshouldbenotedthatthereislesssampledataforthese elementswhichhasresultedin greatersmoothingof theblockgrades.Krigingneighbourhoodanalysiswasperformedtooptimisetheblocksize,samplenumbersanddiscretisationlevelswiththegoalofminimisingconditionalbiasinthegoldgradeestimates.Alargerblockssizewaschosen basedonthisanalysisthanwasemployedintheprevious resourceestimate.Atotalofthreesearch passeswasused,withthefirstsearch passsettotherangeofthe variogramforeachelement.Aminimumof10andamaximumof30sampleswereused.The searchstayedthesameforthesecondpassbutwasincreased byafactorof3forthethird andfinalpass.Theminimumnumberofsampleswasreducedto8forthesecondpassand6 forthethirdpass.
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Un-estimatedblocks(lessthan1%forgold)wereassignedthedomainaveragegrades. No
theaveragesamplespacingandthe searchemployed. deleteriouselementswerefoundintheore.
• Anyassumptionsbehindmodellingofselectivemining units. Noselectiveminingunitshavebeenassumed.
Noassumptionshavebeenmaderegardingthecorrelationofvariablesalthoughitisnotedthat abroadpositivecorrelationexistsbetweengoldandsulphur.
controltheresourceestimates. Estimation searcheshavebeenorientated torespecttheorientation oftheSyama Formation whichhoststhemineralisation.
capping. Topcutswereappliedtoreducethevariabilityof thedataandtoremovetheoutliers.
• Theprocessofvalidation,thecheckingprocessused, thecomparisonof modeldatatodrillholedata,and useofreconciliationdataifavailable. Theestimatedblockmodelgradeswerevisuallyvalidatedagainsttheinputdrillholedata andcomparisons werecarriedoutagainstthedrillholedataandbynorthingandelevationslices. Globalcomparisonbetweentheinputdataandtheblockgradesforeachvariableisconsidered acceptable(±10%).
Comparisonwiththe2015MineralResourcewascarriedout.
• Whetherthetonnagesareestimatedon adrybasisor withnaturalmoisture,andthemethodofdeterminationofthemoisturecontent. Alltonnagesareestimatedonadrybasis.
• Thebasisoftheadoptedcut-offgrade(s)orquality parametersapplied. MineralResourcesarereportedata1.5g/tAugradecut-offforthismodel. Theresourcehasbeen demonstrated to be amenable toundergroundmining.
•Assumptions made regarding possible mining methods, minimummining dimensions and internal (or, if applicable, external) miningdilution. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economicextractionto consider potential mining methods, but the assumptions maderegarding mining methods and parameters when estimatingMineral Resources may not always be rigorous. Where this is thecase, this should be reported with an explanation of the basis ofthe mining assumptions made. TheanticipatedminingmethodforundergroundexploitationisSub-LevelCaving(SLC).Theresourcemodelextendsfrom1,250mRLto600mRL. Openpitminingmethodswere usedbyResoluteto1,120mRL. Materialtestingconductedonsamplesofunderground ore confirmedthatpropertiessuchasmetallurgicalfactors,structuraltrendsand geologicalcontinuityremainthesameasobservedinthefreshrockportionof theopenpit.
• Inthecaseof blockmodelinterpolation,theblocksize inrelationto• Anyassumptionsaboutcorrelationbetweenvariables.• Descriptionofhowthegeologicalinterpretationwas usedto• Discussionofbasisforusingornotusinggrade cuttingor

Metallurgicalfactors orassumptions • Thebasisforassumptionsorpredictionsregarding metallurgicalamenability.Itis alwaysnecessaryas partof theprocessofdeterminingreasonable prospectsforeventualeconomicextractionto considerpotentialmetallurgicalmethods,buttheassumptionsregardingmetallurgicaltreatment processesandparametersmadewhenreporting MineralResourcesmaynotalwaysberigorous. Wherethisis thecase,this shouldbereportedwith anexplanationofthebasisofthemetallurgicalassumptionsmade. Resolutehasconductedmetallurgicaltestworkonvariabilitysamplestakenfromwithintheproposedunderground orezone. Atestworkprogramwassupervisedbyconsultants MineLogixPtyLtdbasedonanalyticaltestworkcompletedatALSMetallurgyLaboratory.The programincludedcomminution,flotation,roastingandleachingassessments.Theplannedprocessing flowsheetinvolvescrushing,milling,flotationandroasting, followed byCILrecovery ofthecalcineproduct.TheSyamasulphideprocessingfacilityhasbeenin operationinitscurrentformsince2007.Thevarioustestworkprogramsdidnotidentifyanycontrasting metallurgicalbehaviourfromsampleswithintheundergroundorezoneandtheperformanceoftheundergroundoretypicallymatchesthatobservedforopenpitore.
Environmentalfactors orassumptions • Assumptionsmaderegardingpossiblewasteand processresiduedisposaloptions.Itis always necessaryaspartof theprocessofdetermining reasonableprospectsforeventualeconomic extractiontoconsiderthepotentialenvironmentalimpactsoftheminingandprocessingoperation. Whileatthisstagethedeterminationof potential environmentalimpacts,particularlyforagreenfields project,maynotalwaysbe welladvanced,thestatusofearlyconsiderationofthesepotentialenvironmental impactsshouldbereported.Wheretheseaspectshavenotbeenconsideredthisshouldbereportedwithanexplanationoftheenvironmentalassumptions made. ItisarequirementofDecreeNo.03-594/P-RMof31December2003ofMalianlawthatanEnvironmentalandSocialImpactStudy(Étuded'ImpactEnvironmentaletSocial–EIES)must beundertakentoupdatethepotentialenvironmental andsocialimpactsofthemine's redevelopment.TheEIESfortheSyamaGoldMinewasapprovedinNovember2007andan EnvironmentPermit(07-0054/MEA–SG)wasissuedbytheMinistryofEnvironmentand Sanitationonthe22November2007.TheMinistryofEnvironmentconducttimelyreviewsofthe SyamaGoldMinetoensurethatcompanymaintainscompliancewiththeEIESguidelines.AtSyama therearethreekeypractices fordisposalofwastesandresidues namely, stacking ofwasterockfromopen pitmining;storageoftailingsfrommineralprocesses;and"tall-stackdispersion"ofsulphurdioxidefromtheroastingofgoldbearingconcentrate.AllwastedisposalpracticesareinaccordancewiththeguidelinesintheEIES.
TheEnvironmental&SocialImpactStudy–"SociétédesMinesdeSyama,SyamaGoldMine, Mali,dated2007indicatedtherewasminimalpotentialforacidminedrainagefromwasterock duetotheelevatedcarbonatecontentwhichbuffersanpotentialacidgeneration. Resolute maintainsaplanforprogressiverehabilitationofwasterocklandformsaspartofongoingminedevelopmentandwasterockdumping.
The landform of tailings impoundments does not have a net acid generating potential. The largestvolume is flotation tailings where the sulphide minerals have already been removed from the hostrock. Its mineralogy includes carbonates which further buffer any acid-formation potential fromsulphides that may also be present.
Cyanidelevelsintheleached-calcinetailingsaretypicallylessthan50ppmintheweakaciddissociableform.Groundwaterawayfromthetailingslandformisinterceptedbytrenchesand sumppumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted andrefined. Tall-Stack "dispersion" of the sulphur dioxide emission is monitored continuously. Prevailing

weather and dissipation of thesulphur dioxide is modelled daily to predict the need to pause theroasting process to meet the air quality criteria set out in the Environmental & Social Impact Study.
Bulk density • Whether assumed or determined. If assumed, the basis for theassumptions. If determined, the method used, whether wet or dry,the frequency of the measurements, the nature, size andrepresentativeness of the samples.•The bulk density for bulk material must have been measured bymethods that adequately account for void spaces (vugs,porosity, etc), moisture and differences between rock andalteration zones within the deposit.•Discuss assumptions for bulk density estimates used in theevaluation process of the different materials. Sitepersonnelhavecompleted numerous bulk density comparative estimates on HQ drill core toassessvariabilityusingtheArchimedesmethodofdryweightversusweightinwater. Thismethod wasusedfor96%of thebulkdensitymeasurements.OthertestswerecompletedbySGSusingthepycnometermethod.Onthebasisof thedatacollectedthefollowingSGestimateswereappliedto themodel:a)HangingwallBasalt2.80b)MainLode2.75c)FootwallZone2.765d)SikoroFormation2.78e)BanmbereConglomerate2.73

Classification • ThebasisfortheclassificationoftheMineralResourcesintovaryingconfidencecategories.• Whetherappropriateaccounthas beentakenof all relevantfactors(i.e.relativeconfidencein tonnage/gradeestimations,reliabilityofinputdata, confidenceincontinuityof geologyandmetalvalues,quality,quantityanddistributionof thedata).• WhethertheresultappropriatelyreflectstheCompetentPerson'sviewofthedeposit. TheIndicatedMineralResourceclassification isbasedongoodconfidenceinthegeologyandgoldgradecontinuitywith lessthan75mx75mspaceddrillholedensity inthecentral partof thedeposit.TheInferredMineralResource classification isappliedtoextensionsofmineralisedzoneson themarginsofthedepositwheredrillspacingismorethan100mx100mandtheextentsofmineralisation at depth. TheNafolo orebody to the south of Syama whichistestedbywiderdrillspacing hasalsobeenclassifiedasInferred.Thevalidationoftheblockmodelhasconfirmedsatisfactorycorrelationoftheinputdatatotheestimatedgradesandreproductionof datatrends.TheMineralResourceestimateappropriatelyreflectstheviewof theCompetentPersons.
Audits or reviews • Theresultsofanyauditsorreviewsof MineralResourceestimates. TheMineralResource hasbeenauditedinternallyand in conjunction with resource consultants atOptiro Pty Ltd aspartoftheroutinevalidationprocess.Therehasbeennoexternalreviewof theMineralResourceestimate.
Discussion ofrelative accuracy/confidence • Where appropriate a statement of the relative accuracyandconfidencelevelintheMineral Resourceestimateusinganapproachorprocedure deemedappropriatebytheCompetentPerson.For example,theapplicationofstatisticalorgeostatisticalprocedurestoquantifytherelativeaccuracyof the resourcewithinstatedconfidencelimits,or,ifsuchan approachis notdeemedappropriate,aqualitative discussionofthefactorsthatcouldaffecttherelative accuracyandconfidenceoftheestimate.• Thestatementshouldspecifywhetheritrelatesto globalorlocalestimates,and,iflocal,statethe relevanttonnages,whichshouldberelevantto technicalandeconomicevaluation.Documentationshouldincludeassumptionsmadeandtheprocedures used.• Thesestatementsofrelativeaccuracyandconfidence ofthe TherelativeaccuracyoftheMineralResourceestimateisreflectedinthereportingofIndicated andInferredresource categories as defined by 2012JORCCodeguidelines.Thegeostatistical techniques applied to the estimate of underground resourcesatSyamaaredeemedappropriate totheestimationofSubLevelCaving(SLC)miningmethodandhenceapplicableforreserveestimation.Therehasbeennostoping productionfrom the undergroundmine at Syamaat the timing of this release.
estimateshouldbecomparedwithproduction data,whereavailable.

Section 4 Estimation and Reporting of Ore Reserves

CRITERIA JORCCODEEXPLANATION COMMENTARY
Mineral Resourceestimate forconversion to OreReserves •Description of the Mineral Resource estimate used as a basis for theconversion to an Ore Reserve.•Clearstatement as to whether the Mineral Resources are reportedadditional to, or inclusive of, the Ore Reserve. The Ore Reserves are based on a Mineral Resource estimate that was completed inDatamineStudioRMusingaCategoricalIndicatorapproachtodefinethemineralised blocks,followedbyanOrdinary Krigedmodeltoestimatethe goldgrade. Gradeswereestimatedintoparentblocks with dimensions 10mEby25mNby10mRL. Sub-cellingto5mEby12.5mNby5mRLwasemployed forresolution ofthemineralisationboundary.
Only Mineral Resources below the base of the final open pit and below 1250mRL have been considered in the miningstudies.
Mineral Resources at Syama are reported above a 1.5 Au g/t cut-off. This is determined from the marginal andgeological cut off. Material below this cut-off is not considered in the resource but may form part of the dilutionenvelope reporting into the underground cave.
Ore Reserves are the material which can be extracted from the mine and processed with an economicallyacceptable outcome. The Ore Reserves have been calculated by means of an economic assessment,which results in a Life Of Mine Plan. Reported Ore Reserves are inclusiveto the Mineral Resources.
Site visits •Comment on any site visits undertaken by the Competent Person andthe outcome of those visits. Mr.Ian Bignell is a Chartered Engineer member of the Institute of Mining, Metallurgy & Materials and is a CompetentPerson who has conducted regular site visits to the project location.
•If no site visits have been undertaken indicate why this is the case.
Study status •The type and level of study undertaken to enable Mineral Resources tobe converted to Ore Reserves. Open pit mining operations recently completed in the Syama open pit were conducted successfully and were wellestablished. This study considered the underground operation below the open pit following the completion of theDefinitive Feasibility Study. Approval for the development of the underground project was given by the ResoluteBoard of Directors in June 2016.
•The Code requires that a study to at least Pre-Feasibility Study levelhas been undertaken to convert Mineral Resources to Ore Reserves.Such studies will have been carried out and will have determined amine plan that is technically achievable and economically viable, andthat material Modifying Factors have been considered. During FY 18 mode detailed design work was completed to convert the Definitive Feasibility Study to anexecutable operating plan as follows :
The Syama 2017-18 Mine Design Programme:

production rings on each level.PCSLC sub models following the process flow outlined below . A 1.9g/t COG was used to run a Mine Stope Optimisor and provide initial stope outline and derive the perimeter forDilution and overdraw was modelled using PCSLC© 2018 software by Mining Plus in January 2018 , using the
scheduled in the Deswik LOM Schedule. The results of the modelling provided a basis for estimating tonnes and grade in each of the ring shapes to be later
Mining factors orassumptions • The method and assumptions used as reported in the Pre-Feasibility orFeasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. eitherby application of appropriate factors by optimization or by preliminary or Consultants from Noma Geotechnical Modelling confirmed Snowden's geotechnical study and confirmed that thedeposit is amenable to caving, making SLC the preferred mining method. SLC is a highly mechanized, bulk miningmethod used in operations world-wide. The ore is blasted and during extraction the surrounding rock is allowed to

detailed design).

  • The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.
  • The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.
  • The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).
  • The mining dilution factors used.
  • The mining recovery factors used.
  • Any minimum mining widths used.
  • The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.
  • The infrastructure requirements of the selected mining methods.

cave naturally; backfilling is not required. SLC offers the advantage of a high mining productivity with reduced mining cost compared with more selective mining methods such as long hole open stoping. The Noma study provided guidance on dilution movement used to optimize the cave draw parameters in the PCSLC model.

The Syama orebody is steeply dipping with a competent footwall conglomerate and an orebody amenable to caving (Laubscher RMR of 45 to 60). The chosen mining method was selected after excluding other potential mining methods based on their technical and/or economical risk. Caving was identified as the only potential mining method allowing for maximum extraction of the Mineral Resource. The competent footwall has an UCS of 133 MPa, while the orebody is typically 75 to 100 MPa. The hanging wall has a UCS of approximately 100 MPa. The competency contrast is favorable to the mining method.

The orebody mining outline was designed using a cut-off grade of 1.9g/t Au based on current overhead and treatment costs and processing recovery from the open pit operations, combined with DFS estimates for the underground

component of the mine and confirmed with completion of the AMC Cost Study in January 2018. Assumptions for mining and dilution factors: • Development ore – 100% tonnes at block model grade. No over break is included for development ore as this would require a corresponding reduction in production ore to avoid double-accounting. This does not have a material impact on the overall result. • Production rings attributed by level and drawpoint – determined by outcome of PCSLC cave modelling. Rings were mined to an economic cut off off grade of 1.9 g/t Au, not exceeding the maximum draw percentages listed below: o first level below pit – 60% tonnes o second level below pit – 70% tonnes o third level below pit – 90% tonnes o fourth and consecutive levels – 100% tonnes o bottom two overdraw levels – 120% tonnes Overdraw was modeled in PCSLC and was derived from material higher in the draw column and from external dilution. External dilution properties were extracted from the relevant adjacent model blocks to provide a more reliable estimate than applying universal modifying factors. The mine design was based on the following design criteria: • Draw point spacing of 14m and level spacing of 25m. • A transverse layout was designed for the majority of the Syama deposit. The northern section is wider and will be used to initiate caving. The southern section is narrower and the cave was terminated where the continuous economic width reduced below 30 m. Draw point drives have been aligned orthogonal to the orebody strike in line with geotechnical recommendations. • A full set of ring designs were completed in the PCSLC software using the orthogonal draw point drive orientation and clipped to a 1.9g/t cut off using stepped height rings on the hangingwall. • Hydraulic radius of 12 (ore) to 17 (hanging wall) was calculated to initiate caving. • The mine will be accessed via two independent haulage declines with one dedicated to autonomous haulage. Both declines are located to the east of the orebody and within competent footwall conglomerate, approximately central to the strike extent of the ore zone. Each level has been designed with infrastructure for ventilation, second means of egress and drainage. • Multiple models were tested to determine optimum extraction rates with the draw shut off grade selected at 1.4 g/t. A small component (<5%) of Inferred Resources in the lower levels of the mine is included in the later years of the life of mine plan. These resources are included in the Ore Reserves as part of the cave dilution inventory. This does not materially impact the outcome of the LOM Plan.

Metallurgicalfactors orassumptions •The metallurgical process proposed and the appropriateness of that process tothe style of mineralization.•Whether the metallurgical process is well-tested technology or novel in nature.•The nature, amount and representativeness of metallurgical test workundertaken, the nature of the metallurgical domaining applied and thecorresponding metallurgical recovery factors applied.•Any assumptions or allowances made for deleterious elements.•The existence of any bulk sample or pilot scale test work and the degree towhich such samples are considered representative of the ore body as a whole.•For minerals that are defined by a specification, has the ore reserve estimationbeen based on the appropriate mineralogy to meet the specifications? Experience from the current open pit shows that ore from the Syama deposit can be highly refractory due to locking ofgold within the sulphides and variable amounts of reactive natural carbon which robs cyanide leach solutions ofdissolved gold. Processing of the ore will be via the following stages:•Crushing and grinding.•Flotation to produce a sulphide rich concentrate.•Concentrate thickening.•Roasting, followed by calcine quench and wash.•CIL.•Tailings disposal.The crushing, grinding and flotation circuit has a designed capacity of 2.4 Mtpa and the roaster will process 196,000tof concentrate per annum. The CIL circuit has a designed capacity sufficient to process all of the roasted concentrate.
Environmental •The status of studies of potential environmental impacts of the mining andprocessing operation. Details of waste rock characterization and theconsideration of potential sites, status of design options considered and, whereapplicable, the status of approvals for process residue storage and wastedumps should be reported. The Syama Gold Mine operates in accordance with its' Environmental & Social Impact Study –"Société des Mines deSyama, Syama Gold Mine, Mali, dated 2007. Waste rock characterisation has been included in prior studies for thisEnvironmental & Social Impact Study. Work is ongoing to optimise the mining operation and environmentalmanagement through the following :•Drilling to investigate rock characteristics•mineralogical assay analysis of drill core•routine testing of rock material types for acid generating properties•developing a sequence, rate anddesign optimization for open-pit mine walls, ramps and the waste rockdump landform to meet the requirements of rock characteristics.The outcomes of this work are part of a continuing improvement program which contributes to the waste rock dumpmanagement plans, annual reporting and consultation-committee meetings with government and communityrepresentatives.Tailings storage for the life of mine is forecast to be impounded over the existing footprint area approved in theEnvironmental & Social Impact Study. Progressive raising of the tailings impoundments will occur to contain life-ofmine storage capacity. Routine progress on the monitoring is reported to government and at stakeholder meetings inconcert with routine inspections by government representatives.The Syama Project is in a mature phase of its operating life with environmental management permitted by anEnvironmental Authority and supported by an Environmental Management Plan. No impediments are anticipated tothe development of the underground mine.
Infrastructure •The existence of appropriate infrastructure: availability of land for plantdevelopment, power, water, transportation (particularly for bulk commodities),labour, accommodation; or the ease with which the infrastructure can be The Syama Mine and the underground mine site are located near the two major towns of Kadiola and Sikasso.Kadiola, 55km southeast, is the regional capital while Sikasso, approximately 85 km to the northeast, is the secondlargest cityin Mali and located close to the border with Burkina Faso.

provided, or accessed. Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire highway through Kadiola, and then from Fourou
to site. Most consumables and supplies use this route as it can be approached either from Côte d'Ivoire through theborder post at Zegoua or alternatively from Burkina Faso and Togo through Sikasso. The road north through Banansoto Farakala, on the main highway from Bamako to Sikasso, provides an alternate and shorter route to Bamako. Thisroad is generally impassable during the wet season when the low level "bridge" at Bananso is covered with water.
Supporting infrastructure for the current operations has included upgrading of the 70km section of road from Kadiolato the site, refurbishment of administration buildings, plant site buildings and accommodation for housing expatriateand senior national staff. This infrastructure will also be used by the underground operations, with additionalallowance made in the study for underground specific infrastructure on surface, such as primary ventilation faninstallations, additional work shops and offices and change rooms for underground workers.
The site is serviced by two Internet and mobile telecommunications providers (Sotelma & Orange), in addition to apoint to point satellite connection to Perth.
The current operation has a peak continuous power demand of approximately 22MW with an installed power capacityof 27MW. Power is currently supplied from a diesel fired power station. Supply of power from the national grid isbeing considered in the near future and was incorporated into the underground study.
Costs •The derivation of, or assumptions made, regarding projected capital costs in thestudy. Resolute's mobile equipment and mining plant willbe purchased by the mining contractor and amortized over theoperational lifespan of the items.
•The methodology used to estimate operating costs.•Allowances made for the content of deleterious elements. The underground mine development contract has been awarded to Byrnecut Offshore and cost assumptions havebeen derived from that contract.
•principal minerals and co-products. The derivation of assumptions made of metal or commodity price(s), for the Mine operating costsare calculated from first-principles using fixed and variable components and assume contractormining.Allowances were made for regional efficiencies, supervision and training. Current processing andadministration costs were applied. The average miningcost (including decline development, raises and contractor
•The source of exchange rates used in the study. margin) is $25/t. Owner's infrastructure capital costs are estimated to be $117M.
•Derivation of transportation charges. Assumed gold prices have been derived by reference to recent USD spot gold prices.
•The basis for forecasting or source of treatment and refining charges, penaltiesfor failure to meet specification, etc. All revenue and cost estimateshave been made in USD, thus no exchange rates were required.
•The allowances made for royalties payable, both Government and private. Treatment and refining charges have been derived from current operating costs.
Royalties equal to 7% (6% government and 1% smelter) of sales proceeds are included in the cost model and is basedon current royalties paid.
No other royalties or Joint Venture agreements are expected.
Revenue factors •The derivation of, or assumptions made regarding revenue factors includinghead grade, metal or commodity price(s) exchange rates, transportation and It has been assumed that gold will be sold at the prevailing spot gold price. Allrevenue and cost estimates have beenmade in USD and exchange rate assumptions were not necessary.
treatment charges, penalties, net smelter returns, etc. The study used an assumed gold price of US$1,200 per ounce which was derived by reference to recent USD spot gold
•The derivation of assumptions made of metal or commodity price(s), for theprincipal metals, minerals and co-products. prices.

Market assessment •The demand, supply and stock situation for the particular commodity,consumption trends and factors likely to affect supply and demand into thefuture.•A customer and competitor analysis along with the identification of likelymarket windows for the product.•Price and volume forecasts and the basis for these forecasts.•For industrial minerals the customer specification, testing and acceptancerequirements prior to a supply contract. There is a transparent quoted market for the sale of gold.The mine life of the project and processing forecasts are based on Life Of Mine Plans.Industrial minerals have not been considered in this Study.
Economic •The inputs to the economic analysis to produce the net present value (NPV) inthe study, the source and confidence of these economic inputs includingestimated inflation, discount rate, etc.•NPV ranges and sensitivity to variations in the significant assumptions andinputs. A variety of gold price points and discount rates were used to assess the robustness of the project, likely paybackperiods, the breakeven point and the projected internal rate of return.The project generates pre-tax revenue of US$467M and has a positive pre-tax IRR of 22%.In the estimate, a gold price of US$1,200 per ounce was assumed.
Social •The status of agreements with key stakeholders and matters leading to sociallicense to operate. Resolute assumed management of Société des Mines de Syama in May 2004. The recently completed open pitoperated under the 1993 Permit Syama (No.PE-93/003) and the proposed underground will do the same. It isanticipated that transferrable skills from the current operation will be utilized for the underground operation and thatexisting employees will be up skilled where possible.Initially selected posts requiring specific skills or experience will most likely be filled by expatriates. In addition toperforming their job function, expatriate personnel will be expected to transfer knowledge and expertise in order todevelop the capabilities of their Malian staff. In the longer term it is anticipated that Malian nationals will fill mostoperating and management positions within the company.It is the intention to encourage economic development within the local community. Local contracts therefore, are letwherever possible and the company works actively with existing and emerging companies to achieve this aim.The Syama Mine Community Consultative Committee was established in February 2001 with representatives fromlocal villages, the Malian Government and SOMISY. Since April 2004 the Committee has met regularly as acommunication forum and to address community issues and assist with community project proposals.
Other •To the extent relevant, the impact of the following on the project and/or on theestimation and classification of the Ore Reserves:•Any identified material naturally occurring risks.•The status of material legal agreements and marketing arrangements.•The status of governmental agreements and approvals critical to the viability ofthe project, such as mineral tenement status, and government and statutoryapprovals. There must be reasonable grounds to expect that all necessaryGovernment approvals will be received within the timeframes anticipated in thePre-Feasibility or Feasibility study. Highlight and discuss the materiality of any High seasonal rain fall events present a risk for the underground operations.Further drilling and logging of drill holes is underway to extend the underground reserves.All current government agreements and approvals are in good standing and no anticipated changes are expected.

unresolved matter that is dependent on a third party on which extraction of thereserve is contingent.
Classification •The basis for the classification of the Ore Reserves into varying confidencecategories.•Whether the result appropriately reflects the Competent Person's view of thedeposit.•The proportion of Probable Ore Reserves that have been derived fromMeasured Mineral Resources (if any). All Measured and Indicated Resources were converted to Probable Reserves.An estimated 51% of the Ore Reserve metal is derived from Measured Resources and classified as a Probable OreReserve because some modifying factors are only at a PFS (25%) level of confidence.A small component (1%) of Inferred Resources is included in the Ore Reserves, but this does not materially affect theoutcome.
Audits or reviews •The results of any audits or reviews of Ore Reserve estimates. Snowden Mining Industry Consultants completed the Syama Underground Pre-Feasibility study in 2015 and latercontributed to detailed designs incorporated in the Definitive Feasibility Study. Subsequent mining studies have beenconducted in conjunction with various industry experts from external companies relevant to the areas of study.No other external auditsof Ore Reserves were undertaken.
Discussion ofrelative accuracy/confidence •Where appropriate a statement of the relative accuracy and confidence level inthe Ore Reserve estimate using an approach or procedure deemed appropriateby the Competent Person. For example, the application of statistical orgeostatistical procedures to quantify the relative accuracy of the reserve withinstated confidence limits, or, if such an approach is not deemed appropriate, aqualitative discussion of the factors which could affect the relative accuracy andconfidence of the estimate.•The statement should specify whether it relates to global or local estimates,and, if local, state the relevant tonnages, which should be relevant to technicaland economic evaluation. Documentation should include assumptions madeand the procedures used.•Accuracy and confidence discussions should extend to specific discussions of anyapplied Modifying Factors that may have a material impact on Ore Reserveviability, or for which there are remaining areas of uncertainty at the currentstudy stage.•It is recognized that this may not be possible or appropriate in allcircumstances. These statements of relative accuracy and confidence of theestimate should be compared with production data, where available. Treatment costs and recoveries are based on actual performance in the open pit operations and provide a high levelof confidence.Resolute has extensive experience with a similar underground operation at the company's Mt Wright mine inAustralia. This experience was combined with industry average assumptions, where required, to provide a level ofaccuracy and confidence that falls within the required standard for a Definitive Feasibility Study and the subsequentMining studies.All the parameters assumed and adopted including the financial modelling and analysis have been subject to internalpeer review.

Ravenswood Gold Mine Queensland –Nolans East and Buck Reef West Deposits.

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques •Nature and quality of sampling (e.g. cutchannels, random chips, or specific specializedindustry standard measurement toolsappropriate to the minerals under investigation,such as down hole gamma sondes, or handheldXRF instruments, etc.). These examples shouldnot be taken as limiting the broad meaning ofsampling. The mineral resource estimate was based on a combination of recent data (Carpentaria Gold 2003-2015) collected fromreverse circulation (RC) and diamond core (DD) drill holes, and historic data (MIM Exploration 1980-1999) RC, DD,open hole percussion (OHP) and air core (AC) drill holes.Historic DD holes that had AC, OHP or RC precollars were classified as air core diamond (ACD), open percussiondiamond (OPD) or reverse circulation diamond (RCD) respectively.For recent data each 1m RC interval was riffle split to obtain a 2-3.5 kg sample, which was sent to the laboratory forpulverisation to produce a 200g sub-sample for analysis.
•Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems used.•Aspects of the determination of mineralisationthat are Material to the Public Report.•In cases where 'industry standard' work hasbeen done this would be relatively simple (e.g.'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information. Historical RC holes were sampled at either 1m or 2m intervals to obtain a sample whose weight was not recorded.Recent diamond core were sampled at 1m intervals and cut in half to provide a 2-4kg sample which was sent to thelaboratory for crushing to 10mm, splitting and pulverising to 85% passing 75 microns, to provide a 30g charge foranalysis.Historic diamond core was sampled at 1 or 2m intervals and halved and sent to the laboratory.Historic OHP and AC cuttings were sampled at 1m or 2m riffle split intervals providing samples whose weight was notrecorded.Sampling and sample preparation protocols for recent drilling are industry standard and are deemed appropriate for themineralisation being analysed.Historical sampling preparation protocols were deemed appropriate at the time.
Drilling techniques •Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc.) and details (e.g. core diameter, Drill types used include RC and diamond core of PQ, HQ and NQ sizes for recent data, historic drill types include BQ,HQ, NQ and some unspecified sizes.

CRITERIA JORC CODE EXPLANATION COMMENTARY
triple or standard tube, depth of diamond tails,face-sampling bit or other type, whether core isoriented and if so, by what method, etc.). Drill core for recent data is oriented at 30m down hole intervals using spear method. It is unknown what method wasused for historic data.
Drill sample recovery •Method of recording and assessing core andchip sample recoveries and results assessed.•Measures taken to maximise sample recoveryand ensure representative nature of thesamples.•Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material. Diamond core interval recoveries are measured by reconciling against driller's depth blocks in each core tray with datarecorded in the database.For some historical drilling programs recovery data has rarely been logged and recorded with the historical data.Recovery data is typically not recorded for RC, OHP and AC drilling.Drilling and sampling crews are informed of the importance of core recovery. Measures taken to maximise recoveryinclude the selection of drilling methods and core sizes suited to the geology and mineralisation. Appropriate measuresare taken to maximise sample recovery and ensure the representative nature of the samples. At the Buck Reef Westdeposit core recovery was reduced within areas of historic stoping. Areas of stoping have been identified in the drillingand sampling database and excluded from the resource volume estimate through the use of interpretative wireframes.No apparent relationship was observed between recovery loss and gold grade for any of the recent drilling methods.
Logging •Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.•The total length and percentage of the relevantintersections logged. Geological logging is conducted in all recent and historic RC, AC, OHP and DD drill holes with observations recordedfor colour, grainsize, lithology, minerals and alteration. RC drill holes are logged on 1m intervals and DD drill holes arelogged on geologically domained intervals.Historic RC, AC and OHP holes were logged to match the sampling interval of 1 or 2m.Geotechnical rock mass logging, structure orientation, recovery and magnetic susceptibility data are measured andrecorded for diamond core intervals.Diamond core is photographed (wet and dry) for recent data but few photographs exist for historic core; RC chips areoccasionally photographed for recent data, RC, AC and OHP chips are not photographed for historic data.Recent diamond core and RC chips are logged onto a laptop computer either at the drill site (RC) or the core shed (DD)using Excel templates. Data is validated prior to import to the drillhole database.Historic logging was completed on papertemplates at the core shed or drill rig and occasionally entered into thecomputer database via an excel template.Holes are logged in their entirety (100%).
Sub-sampling techniques •If core, whether cut or sawn and whether Each 1m RC interval is riffle split (dry) to obtain a 2-3.5 kg sample, which is sent to the laboratory for pulverisation.

CRITERIA JORC CODE EXPLANATION COMMENTARY
and sample preparation quarter,half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc. and whether sampled wet or dry.•For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling. A similar protocol was followed for historical RC, OHP and AC samplesfor either 1m or 2m intervals; however thesampling details are not recorded.Diamond core has been sampled at 1m intervals and cut into half to provide a 2-4kg sample which is sent to thelaboratory for oven drying, crushing to 10mm, splitting and pulverising to 85% passing 75 microns. An approximate200g subsample is used for assay determination.A similar protocol was followed for historical DD samples and core was cut and halved for sampling at either 1m or 2mintervals; however details of the samplingwere not clearly recorded for induvial samples.Field duplicates (RC) for recent data are collected every 1:30 samples at the same time using the same method (rifflesplit) as the parent sample.QC data is not available for the historical RC, AC or OHP type drilling.Diamond core coarse duplicates were sampled and collected after crushing, by the laboratory, at a rate of 1:15 samplesfor recent drilling.QC data is not available in the historical DD drilling records.
•Whether sample sizes are appropriate to thegrain size of the material being sampled. Sampling, sample preparation and quality control protocols are considered appropriate for the material sampled.
Quality of assay data andlaboratory tests •The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.•For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.•Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established. RC and DD samples are assayed for gold by ALS Global Townsville usingmethod code Au-AA25 which uses a 30gramfire assay fusion with AAS instrument finish. The analytical method is appropriate for this style of mineralisation.Methods for historic RC, AC, OHP and DD drilling included Au-AA25, FA50_Pb_AA, UN_UN and unknownmethods forgold by ALS_TNV and a number of unspecified laboratories in the Townsville region.No geophysical tools were used to determine elemental concentrations used in resource estimations.Quality control (QC) procedures for recent data include the use of certified standards (at a rate of 1:20 samples),certified blanks (1:20), non-certified coarse blanks (1:15), field duplicates (RC) (1:30) and coarse crush duplicates (DD)(1:15). QC samples are included in all dispatches to the laboratory and the results are routinely analysed for accuracyand precision.Quality control (QC) procedures for historic RC, AC, OHP, and DD drilling are assumed to have been carried out toindustry standard regarding QAQC procedures however the documentation is incomplete.Umpire pulp analysis of selected pulps is performed by a second external laboratory in Townsville for recent data

CRITERIA JORC CODE EXPLANATION COMMENTARY
Verification of samplingand assaying •The verification of significant intersections byeither independent or alternative companypersonnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data. There is no evidence of historic umpire sampling for any drill type.Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind size results arealso captured into the database and analysed for accuracy and precision for recent data.Analysis of the available QC sample assay results indicates that an acceptable level of accuracy and precision hasbeen achieved.The level of accuracy and precision for historic data is unknown, but there was no reason not to assume industrystandards were applied by MIM and Xstrata, the previous owners of the Ravenswood Project.The verification of significant intersections has been completed by company personnel and the competent persons.No drill holes within the resource were twinned.Recent drill holes are logged digitally into Excel templates withlookup codes, validated and then compiled into relationalSQL2008 database using DataShed data management software. The database is backed up on a daily basis to thehead office server.Historic drill holes were logged onto paper templates and partiallytranscribed onto an excel spreadsheet and loggedinto the database as described above. Some historic drill logs are only partially loaded onto the database with existinggeotechnical and geological logs available as paper copies only.Recent Assay files are reported by the laboratory in CSV format and are imported into the SQL database withoutadjustment or modification.Historic assay files were reported by the laboratory in CSV, SIF, text, paper and unknown formats and either transcribedinto appropriate electronic formats, or directly imported into the SQL database. It appears that no adjustment was madeto the assay data.There were no adjustments to assay data.
Location of data points •Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control. Collar coordinates for recent drill holes are picked up in UTM bycontract and staff surveyors using Leica 1203 DGPSsurveying instrument.The survey pickup method has not been recorded in the database records for a large number of historic holes.Down hole surveys are collected at 30m intervals using instruments including Gyro, Devi flex, single shot and multi shot.Coordinates and azimuth are reported in UTM AMG84 Zone 55.

CRITERIA JORC CODE EXPLANATION COMMENTARY
Coordinates are translated to local mine grid where required.
Data spacing anddistribution •Data spacing for reporting of ExplorationResults.•Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.•Whether sample compositing has been applied. The drill hole spacing is sufficient to demonstrate geological and grade continuity appropriate for the Mineral Resourceand the classifications applied under the 2012 JORC Code.The drill spacing applied to each deposit is considered suitable for the style of mineralisation and mineral resourceestimation requirements.No sample compositing is applied during the sampling process.
Orientation of data inrelation to geologicalstructure •Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material. Drill holes were drilled predominantly perpendicular to mineralised domains where possible.No orientation based sampling bias has been identified in the data.
Sample security •The measures taken to ensure sample security. The sample chain of custody is managed by Carpentaria Gold personnel. Both RC and diamond core samples aresecurely stored on site for logging and sampling procedures prior to being dispatched to the ALS Townsville laboratoryfor assay analysis Dispatch sheets are used to document sample numbers through the delivery process. ALSlaboratories maintains a Webtrieve application to confirm and monitor samples and jobs within the laboratory process.It is assumed that appropriate security protocols were taken for historical drill hole samples to be despatched to theLaboratory.
Audits or reviews •The results of any audits or reviews of samplingtechniques and data. External audits of procedures indicate protocols are within industry standards for recent drilling.No evidence of external reviews has been recorded for historical drilling data.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary
Mineraltenement andland tenurestatus •Type, reference name/number, location andownership including agreements or materialissues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenureheld at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area. Exploration activity is conducted within Queensland Government authorised tenure including exploration permits and miningleases which are held by Carpentaria Gold Pty Ltd.Formal individual agreements are negotiated with the traditional landowners and property owners for each of the explorationprospects before carrying out exploration activities.Exploration activities conducted within these leases are highly regulated and reports are routinely submitted to theQueensland government containing details of work conducted in the area and expenditure.
Explorationdone by otherparties •Acknowledgment and appraisal of explorationby other parties. The Ravenswood area has a well documented and extensive history of mining and exploration. Gold was discovered in 1868and alluvial and shallow oxidised quartz-sulphide veins were worked in the initial gold rush. Carpentaria Gold Pty Ltd hasbeen exploring in the area since 1978.
Geology •Deposit type, geological setting and style ofmineralisation. Mineralisation occurs in variably orientated tabular sulphide –quartz veins and mineralised shear zones and in numerousvein stock works. Areas of weak veining separate the more strongly stock-worked areas into discrete zones. Individual veinscan vary in width from hairline fractures up to one metre locally. Mineralisation extends from the topographic surface and hasbeen confirmed to extend at depth in deep drilling. The mineralisation remains open at depth.
The Jessop Creek Tonalite, an Early to Middle Devonian age unit of the Ravenswood Batholith, hosts the mineralisation. Inthe project area the Jessop Creel Tonalite can be divided into diorite, quartz diorite and minor gabbro. Boundaries betweenthese units vary from sharp to indistinct and often show complex relationships including stoping xenoliths and irregular dykes.No association between the host lithology and the gold mineralisation has been established other than it is a suitablecompetent host that allowed the cross cutting sulphide veins to develop.The major commodity being investigated is gold.
Drill holeInformation •A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes: No exploration results have been reported in this release.Detailed drilling information that relates to the estimation of mineral resources and ore reserves has not been included in thisrelease.Drilling information that is used for the estimation of mineral resources includes the following :

Criteria JORC Code explanation Commentary
oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case. 1.Location data including Easting, Northing and RL of drill hole collars recorded in UTM AMG84 (Zone 55) coordinates.2.Drillhole dip is the inclination of the drill hole from horizontal. A drill hole at a dip of -600is 600 below the horizontal.3.Down hole length is the distance down the inclination of the hole and is measured as the distance from the collar tothe end of hole.4.Intercept depth is the distance from the start of the hole down the inclination of the hole to the depth of the zone ofinterest.The listing of the entire drill hole database used to estimate the mineral resource was not considered relevant for this release.
Dataaggregationmethods •In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporate shortlengths of high grade resultsand longerlengths of low grade results, the procedureused for such aggregation should be statedand some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated. Reported intercepts quoted in the report are length weighted.No top cuts are applied.Lower cut-off grade applied was 0.4g/t. Maximum consecutive 4m of internal dilution within a reported interval was used.Minimum intercept length of 3m down hole.Accuracy of the survey measurements is considered to meet acceptable industry standards.Metal equivalent values are not used in reporting.
Relationshipbetween •These relationships are particularly importantin the reporting of Exploration Results. Reporting of mineralisation width and intercepts are deemed acceptable by the Competent Persons. Zones of mineralisationare based on interpreted geology recorded in drilling logs.

Criteria JORC Code explanation Commentary
mineralizationwidths andinterceptlengths •If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the down holelengths are reported, there should be a clearstatementto this effect (e.g. 'down holelength, true width not known'). Drill holes were orientated to intersect mineralisation at a perpendicular angle.Here they are provided, results are reported as down hole length.
Diagrams •Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views. No exploration results have been reported in the release.
Balancedreporting •Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults. Significant intercepts of new drill holes have not been reported in this release.
Othersubstantiveexploration data •Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples –size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances. Geophysical and geochemical data and any additional exploration information are reported regularly in annual explorationtenement government reports, and monthly, quarterly and annual Resolute reporting.
Further work •The nature and scale of planned further work(e.g. tests for lateral extensions or depth Further work is planned to evaluate exploration opportunities that extend the known mineralisation at the Buck Reef West andSarsfield deposits to improve confidence of the model.

CriteriaJORC Code explanation Commentary
extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources

Criteria JORC Code explanation Commentary
Databaseintegrity •Measures taken to ensure that data has notbeen corrupted by, for example,transcription or keying errors, between itsinitial collection and its use for MineralResource estimation purposes.•Data validation procedures used. Data have been compiled into a relational SQL database. The setup of this database precludes the loading of data whichdo not meet the required validation protocols. The data is managed using Maxell Geoservices' DataShedTM drill holemanagement software using SQL database techniques. Validation checks are conducted using SQL and DataShedrelational database standards. Data has also been checked against original hard copies for 75% of the data, and wherepossible, loaded from original data sources.Carpentaria Gold Pty Ltd carried out the following basic validation checks on the data supplied prior to resourceestimation:
•Drill holes with overlapping sample intervals.
•Sample intervals with no assay data. Duplicate records.
•Assay grade ranges.
•Collar coordinates ranges.
•Valid hole orientation data.
There are no significant issues with the data.
Site visits •Comment on any site visits undertaken bythe Competent Person and the outcome ofthose visits. The Competent Persons have conducted numerous site visits to the Ravenswood Project Qld.All aspects of drilling, sampling and mining are considered by the Competent Persons to be of a high industry standard.
•If no site visits have been undertakenindicate why this is the case.
Geologicalinterpretation •Confidence in (or conversely, the uncertaintyof) the geological interpretation of themineral deposit. Buck Reef West / Sarsfield Deposit lies within the northern part of the Thomson fold belt which forms part of the ChartersTowers province, in a tight cluster of calc-alkaline intrusives of Ordovician to Devonian age known as the RavenswoodBatholiths. Individual intrusive compositions vary from adamellite to diorite: -granite and granodiorite are the most
•Nature of the data used and of anyassumptions made. common. The Buck Reef West / Sarsfield gold deposit is located within and around the junction of three prominent faultsystems.
•The effect, if any, of alternativeinterpretations on Mineral Resource The deposits outcrop over a 900 by 900 metre area with mineral resources defined to a depth of 600 metres. A weatheredzone persists to an average of 15 metres below surface. Supergene effects are restricted to a discontinuous horizonwithin a partially oxidised zone less than 5 metres thick.

Criteria JORC Code explanation Commentary
estimation.•The use of geology in guiding andcontrolling Mineral Resource estimation.•The factors affecting continuity both of gradeand geology. At least 95% of gold is located within a network of flatly dipping sulphide-quartz veins. Movement on the faults hascontrolled dilation within the veins, and atleast 17 different structural movements and alteration events have reactivatedthe vein. Veins (20mm to 250mm thick) are typically associated with a phyllic alteration selvedge up to 500mm wide. Veinmineralogy is sulphide dominant with quartz and calcite constituting the major gangue phases. Total sulphide content ofthe ore is less than 5% with the most common phases being pyrite, pyrrhotite, sphalerite and chalcopyrite. Gold occurs asmostly sub 50 micron free milling grains on fractures and sulphide mineral boundaries.
Historic production figures from 1870 to 1918 and then 1987 to 2005 indicate approximately 400 koz of gold wasrecovered from underground mining methods.
Geologically, the Buck Reef West, Sarsfield and Nolan's East resource modelling was divided into several domains basedon geological structures/ lithologies and gold distribution; named as Area 2, Area 4, the Keel, Bell, OCA, Buckreef andNolans zones.
Dimensions •The extent and variability of the MineralResource expressed as length (along strikeor otherwise), plan width, and depth belowsurface to the upper and lower limits of theMineral Resource. The Buck Reef West / Sarsfield study area covers a region of approximately 900 metres x 900 metres. The MineralResource is limited in depth to 600 metres from the surface.
Estimation andmodellingtechniques •The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment of extremegrade values, domaining, interpolationparameters and maximum distance ofextrapolation from data points. If a computerassisted estimation method was choseninclude a description of computer softwareand parameters used. The method of Multiple Indicator Kriging (MIK) was used to estimate gold into model blocks. MIK modelling methods ofgold grades, use indicator variography based on the resource composite sample grades within distinct mineralisedpopulations, defined by wire-frames.Within each domain gold grade continuity was characterised by indicator variograms at 14 indicator thresholds spanningthe global range of grades based on 2m down hole composites of the Buck Reef West / Sarsfield exploration drilling.Data viewing, compositing and wire-framing were performed using MicromineTM software. Exploratory data analysis,variogram calculation and modelling, and resource estimation have been performed usingFSSI Consultant (Australia) PtyLtd GS3MTM software. GS3MTM is designed specifically for estimation of recoverable resources using MIK methodology.
•The availability of check estimates, previousestimates and/or mine production recordsand whether the Mineral Resource estimatetakes appropriate account of such data. MIK was used as the preferred method for estimation of gold at Buck Reef West / Sarsfield as the approach has beendemonstrated to work well in a large number of deposits of diverse geological styles. The gold mineralisation seen atBuck Reef West and Sarsfield is typical of that seen in most structurally controlled gold deposits and where the MIKmethod has been found to be of most benefit.
Open pit and underground mining has occurred at Buck Reef West and Sarsfield by previous owners of the project.Where appropriate the resource estimate takes into account historic production using wireframes that represent the open

Criteria JORC Code explanation Commentary
cut pit and the underground stoping voids.
•The assumptions made regarding recoveryof by-products. No by-products or deleterious elements are modelled.
•Estimation of deleterious elements or othernon-grade variables of economicsignificance (e.g. sulphur for acid minedrainage characterization). The selected resource model blocks had dimensions of 20mE by 20mN by 10mRL and were used as this approximatesthe average drill spacing in the modelled resource areas. A three pass octant search strategy was used to define the localneighbourhood data used in the kriging to produce the three modelled resource confidence categories. The highestconfidence blocks are estimated using search radii of 30mE by 30mN by 15mRL and a minimum of 8 data coming from aminimum of 4 octants. The second and third pass estimates used an expanded search of 50% with 16 and 8 minimumdata and 4 and 2 minimum octants, respectively. All estimation passes use a maximum of 48 data.
•In the case of block model interpolation, theblock size in relation to the average sample The selective mining unit at Buck Reef West and Nolans East is expected to be at the scale of the model blocks so nofurther subdivision is required.
spacing and the search employed. Gold is the only economic metal estimated in the current model.
•Any assumptions behind modelling ofselective mining units. Mineralised domain wire-frames developed at nominal 0.1 g/t Au cut-off and used to flag resource composites and codedomain proportions to the block model. A further division of the model domains into oxide and fresh rock is applied bytriangulated surfaces interpreted from the loggingof the drill samples.
•Any assumptions about correlation betweenvariables.•Description of how the geologicalinterpretation was used to control theresource estimates. Statistical analysis showed the gold population in each domain to be highly skewed and generally having moderate to highcoefficient of variation. Selection of the median as the average grade of the highest indicator threshold wasused to
reduce the influence of extreme composite grades on the model gold estimates.
•Discussion of basis for using or not usinggrade cutting or capping. Visual validation of grade trends and gold distributions was carried out.
•The process of validation, the checkingprocess used, the comparison of model datato drill hole data, and use of reconciliationdata if available.

Criteria JORC Code explanation Commentary
Moisture •Whether the tonnages are estimated on adry basis or with natural moisture, and the Typical section through the Buck Reef West Deposit.All tonnages are estimated on a dry basis.
method of determination of the moisturecontent.
Cut-off •The basis of the adopted cut-off grade(s) or The Mineral Resource has been reported at a 0.4 g/t Au grade cut-off for Buck Reef West and Nolans East. This cut off

Criteria JORC Code explanation Commentary
parameters quality parameters applied. was chosen as the insitu marginal cut-grade estimation, using current Ravenswood economic parameters applicable foropen cut mining methods.
Mining factorsor assumptions •Assumptions made regarding possiblemining methods, minimum miningdimensions and internal (or, if applicable,external) mining dilution. It is alwaysnecessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential mining methods, but theassumptions made regarding miningmethods and parameters when estimatingMineral Resources may not always berigorous. Where this is the case, this shouldbe reported with an explanation of the basisof the mining assumptions made. Mining methods for the extraction of gold at Buck Reef West and Nolans East has primarily been by open pit andunderground methods. It is anticipated that large scale open pit mining methods will be applied for theremainingresources. Grade control of mining blocks will be based on sampling from high quality reverse circulation drilling spacedat approximately 5mE by 12.5mN with samples taken at 1.5 metre intervals down-hole.The Buck Reef West and Sarsfield pits were mined historically using routine open pit mining methods with a backhoe typeexcavator to excavate benches. Beneath the open cut, open stope underground mining methods were used historicallydating back to 1870.Historically, (1870-1918) + recent (1987-2005) production, totaled around 400koz of high grade gold.
Metallurgicalfactors orassumptions •The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential metallurgical methods, but theassumptions regarding metallurgicaltreatment processes and parameters madewhen reporting Mineral Resources may notalways be rigorous. Where this is the case,this should be reported with an explanationof the basis of the metallurgical assumptionsmade. The crushing circuit at the Nolans Plant treating Buck Reef West, Sarsfield and Nolans East ore will use either two or threestage crushing depending on the gold grade of the material being delivered.Gold is recovered using crushing, milling (SAG + ball), gravity circuit (Knelson Concentrator), and a CIL circuit.Gold is recovered from loaded carbon in a four tonne capacity AARL elution plant. Gold is then depositedon to stainlesssteel cathodes in an electrolytic circuit.Gold will be poured into dore bars, containing approximately 80% gold and 20% silver.The dore bars are sent to the Perth Mint for refining.
Environmentalfactors orassumptions •Assumptions maderegarding possiblewaste and process residue disposal options.It is always necessary as part of the process The Buck Reef West, Nolans East and Sarsfield deposits at Ravenswood are adjacent to the Nolans plant site. Ore fromthe Mt Wright underground mine is also trucked to the plant for extraction and refining of gold. The tailings from thismineral processing are discharged into the Sarsfield Open Pit. These tailings are potentially acid forming and subaqueous

Criteria JORC Code explanation Commentary
of determining reasonable prospects foreventual economic extraction to consider thepotential environmental impacts of themining and processing operation. While atthis stage the determination of potentialenvironmental impacts, particularly for agreenfield project, may not always be welladvanced, the status of early considerationof these potential environmental impactsshould be reported. Where these aspectshave not been considered this should bereported with an explanation of theenvironmental assumptions made. settlement beneath a pit lake (water cover) prevents the oxidation of the stored tailings. Future processing operations mayutilise a dry stacked tailings storage facility which combines a waste landform with filtered tailings in a lined facility andsubsequently covered by mine waste material.Carpentaria Gold Pty Ltd (CG) originally initiated the Environmental Approval process required to reopen the Sarsfield pitin July 2011. A draft Environmental Impact Statement (EIS) was submitted in July 2012 and then progressed through thesubmission process until being suspended pending further design changes. A revised EIS was submitted in March 2014and then progressed through the EIS completion phase with the Department of the Environment and Heritage Protection(DEHP) issuing an EIS Assessment Report in June 2014.The Sarsfield Expansion Project EIS Assessment Report concluded that the project would be suitable, provided CGthoroughly addressed certain outstanding matters which principally related to:-impacts to human health and safety and social well-being in the Ravenswood community-impacts to groundwater and surface water-the ability of the proposal to comply with appropriate environmental outcomes.Following review of the feedback from the DEHP, a number of key changes were made tothe Sarsfield Expansion Projectto address some of the key issues raised in the EIS Assessment Report. These key changes include:•A modification of the proposed tailings management system which now includes a Dry Stack Tailings StorageFacility (DSTSF) within and adjacent to the existing Nolans Pit;•A change to the project footprint area due to a reduction in the Waste Rock Dump (WRD) footprint and locationof the DSTSF (reduced in volume due to dry stacking), in an area of existing land disturbance; and•A plan to manage accumulated legacy water in the Sarsfield Pit using a Reverse Osmosis (RO) Plant, instead ofevaporative fans as originally proposed.Some waste rock from future mining of a cut-back at Buck Reef West / Sarsfield may be potentially-acidforming while themajority of waste rock will be non-acid forming. Waste rock dumping has been scheduled, along with encapsulationdesigns and optimization determined to minimize the risk of acid forming conditions from the waste rock dumpinglandform. The rehabilitation plan of that landform is also a key control.
Tailings generated from the overall life of mining from a Buck Reef West / Sarsfield cutback would not have a net acidforming potential and will be placed in the regulated dry storage facility over the Nolans pit.

Criteria JORC Code explanation Commentary
Bulk density •Whether assumed or determined. Ifassumed, the basis for the assumptions. Ifdetermined, the method used, whether wetor dry, the frequency of the measurements,the nature, size and representativeness ofthe samples.•The bulk density for bulk material must havebeen measured by methods that adequatelyaccount for void spaces (vugs, porosity, etc),moisture and differences between rock andalteration zones within the deposit.•Discuss assumptions for bulk density A substantial population of rock density (SG) measurements for the Buck Reef West / Sarsfield deposits were collected byBPB Slimline Services in 2 campaigns during 1995-1996. Gamma-gamma densitylogging was collected from a total of 14drill holes with samples taken at 10cm intervals over a combined total length of 2,900 metres.A total of 2,551 readings were made of fresh rock from which an average value of 2.781 was calculated.•Minimum Value 2.365•Maximum Value 3.002•Average Value 2.781•Median Value 2.78•Std. Deviation 0.05019A typical dry bulk density of 2.78 has been used.
estimatesused in the evaluation process ofthe different materials.
Classification •The basis for the classification of the MineralResources into varying confidencecategories. The gold estimates within each block have been classified according to the distribution of sampling in the krigingneighbourhood. This classification scheme takes into account theuncertainty in the estimates related to the proximity anddistribution of the informing composites.
•Whether appropriate account has beentaken of all relevant factors (i.e. relativeconfidence in tonnage/grade estimations,reliability of input data, confidence incontinuity of geology and metal values,quality, quantity and distribution of the data). A progressively less stringent three pass search strategy produces the three categories of confidence. The highestconfident estimate uses a search ellipse of approximately the same dimension of the block dimension and a significantnumber of resource composites selected from within an octant constraint. The search radii are expanded and samplecriteria relaxed for the second and third categories.The highest level of confidence category is measured, the second highest is indicated and the third is inferred.
•Whether the result appropriately reflects theCompetent Person's view of the deposit.

Criteria JORC Code explanation Commentary
Sarsfield Cross Section 13712.5 m E looking West
Audits orreviews •The results of any audits or reviews ofMineral Resource estimates. No externalaudits or independent reviews have been undertaken on the current Mineral Resource estimates. As thisdeposit was mined previously by Resolute Mining Limited from 2004 to 2009 significant internal experience can be drawnon.
Discussion ofrelativeaccuracy/confidence •Where appropriate a statement of therelative accuracy and confidence level in theMineral Resource estimate using anapproach or procedure deemed appropriateby the Competent Person. For example, theapplication of statistical or geostatisticalprocedures to quantify the relative accuracy The relative accuracy of the Mineral Resource estimate is reflected in the reporting of Measured, Indicated and Inferred.The resource's relative accuracy is based on data quality, data quantity, geological confidence and the estimationaccuracy.
of the resource within stated confidence The precision of the estimation is globally acceptable with the assumption that at a mining level more detailed grade

Criteria JORC Code explanation Commentary
limits, or, if such an approach is not deemedappropriate, a qualitative discussion of thefactors that could affect the relative accuracyand confidence of the estimate.•The statement should specify whether itrelates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical andeconomic evaluation. Documentation shouldinclude assumptions made and theproceduresused.•These statements of relative accuracy andconfidence of the estimate should becompared with production data, whereavailable. control drilling and sampling will be undertaken.In the Competent person's view the geostatistical techniques applied to estimate the Buck Reef West and Nolans Eastdeposits are deemed appropriate for the anticipated large scale, open cut mining method proposed.

Section 4 Estimation and Reporting of Ore Reserves

Criteria JORC Code explanation Commentary
MineralResourceestimate for •Description of the Mineral Resource estimate usedas a basis for the conversion to an Ore Reserve. Resources and Reserves at Buck Reef West and Nolans East are reported above a 0.4 g/t cut-off. This was calculated as amarginal cut off utilising open pit mining methods. Material below this cut-off is not included in the mineral resource.
conversion toOre Reserves •Clear statement as to whether the MineralResources are reported additional to, or inclusiveof, the Ore Reserves. Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine andprocessed with an economically acceptable outcome.Mineral Resources are reported inclusive of Ore Reserves.
Site visits •Comment on any site visits undertaken by theCompetent Person and the outcome of those visits. The Competent Person for the Ore Reserves at Buck Reef West and Nolans East, Mr. John Millbank, is an independentconsultant engaged by Resolute. Mr Millbank has contributed to the mine planning processes at Ravenswood Operations
•If no site visits have been undertaken indicate whythis is the case. since commencement of operationsat Nolans East in 2016, and has been closely involved with site operations since thistime. Numerous site visits have been conducted during this time.

Criteria JORC Code explanation Commentary
Study status •• The type and level of study undertaken to enableMineral Resources to be converted to OreReserves.The Code requires that a study to at least PreFeasibility Study level has been undertaken toconvert Mineral Resources to Ore Reserves. Suchstudies will have been carried out and will havedetermined a mine plan that is technicallyachievable and economically viable, and thatmaterial Modifying Factors have been considered. Pit optimisations were completed using the Lerchs-Grossman (LG) algorithm utilising the WhittleTM software to calculate theoptimal pit at specified input parameters that were determined prior to the study.A wireframe pit shell for each gold price considered was the resultant output. One of these was selected as the base forthe new pit design.An operational pit design was completed and mine scheduling conducted as part ofthe Feasibility process. These pitdesigns and mine schedules have recently been incorporated into the Company's Life of Mine planning process for theNolans East and Buck Reef West projects.
Cut-offparameters • The basis of the cut-off grade(s) or qualityparameters applied. Cut-off grades for the mine design were calculated using recent budget cost models, including contractor mining costestimates and actual cost data. Processing recovery and other factors were determined from actual process plantperformance combined with relevant historic data. The mine design was completed using the output from the LGalgorithm.
Mining factorsorassumptions •••• The method and assumptions used as reported inthe Pre-Feasibility or Feasibility Study to convertthe Mineral Resource to an Ore Reserve (i.e. eitherby application of appropriate factors byoptimization or by preliminary or detailed design).The choice, nature and appropriateness of theselected mining method(s) and other miningparameters including associated design issuessuch as pre-strip, access, etc.The assumptions made regarding geotechnicalparameters (e.g. pit slopes, stope sizes, etc.),grade control and pre-production drilling.The major assumptions made and Mineral The open pit mine design is based on normal sequential bench mining methods. The orebody comprises quartz veins andsome disseminated mineralisation hosted within a granodiorite batholith. Mining incorporates a single access ramp into thepit, 10m bench height mined as a series of up to four flitches.Orebody cut offs are applied during the pit optimisation process. Only Measured and Indicated ore has been used tocompile the pit shell and associated designs and schedules.For Buck Reef West a minimum mining width of 40m has been applied. Ramp widths are set at 26m (double lane –150 trear dump truck) for the upper sections and then narrowed to 16m (single lane).For Nolans East a minimum mining width of 30m has been applied. Ramp widths are set at 24m (double lane for an 85trear dump truck) for the upper sections and reduced to single lane.Mining dilution and recovery are addressed in the model method (MIK) and the utilisation of flitch mining.There are currently no Inferred Resources included in the life of mine plan or Ore Reserves.
Resource model used for pit and stope At Nolans East and Buck Reef West, grade control will be based on sampling from high quality reverse circulation drilling at

Criteria JORC Code explanation Commentary
optimization (if appropriate).•The mining dilution factors used.•The mining recovery factors used.•Any minimum mining widths used. spacing appropriate to the mineralisation structures under investigation. This will typically be a nominal 5 metre holespacing on lines12.5 metres apart using a sample interval of 1.5 metres. Grade control drill orientation will be adjusted atBuck Reef West to accommodate the changing orientation of mineralisation structures where required.Existing geotechnical parameters, used in previous mining and validated through external consultant studies as part of theFeasibility have been applied which include:
• The manner in which Inferred Mineral Resourcesare utilized in mining studies and the sensitivity ofthe outcome to their inclusion. Oxide–Single 10m bench height with a batter face angle of 60and berm width of 8m.Double stacked 10m high benches (20m overall height) with a batter face angle of 80Fresh -and 7m bermwidth.
•The infrastructure requirements of the selectedmining methods. Inferred resources are not considered within the pit design process.The Nolan's East project is nearing completion. As a result, no further infrastructure is required for the selected miningmethod. The waste rock dump will require expansion and enough space exists within the tenement.
For Buck Reef West additional infrastructure will be required as part of the mining process. The Ravenswood School,powerlines, and a section of the public access road plan to be relocated to an area outside of the pit limits. Capitalexpenditure has been allowed for this in the financial modelling. Additional noise bunding and waste rock dumpconstruction has been allowed for, and locations planned on the existing tenements. All other infrastructure is in place.
Metallurgicalfactors orassumptions •The metallurgical process proposed and theappropriateness of that process to the style ofmineralization.•Whether the metallurgical process is well-testedtechnology or novel in nature. Gold is recovered using crushing, milling (SAG + ball),gravity circuit and a conventional CIL circuit.The metallurgical process is well established technology and the processing plant has been operating in its currentconfiguration for several years with no significant changes to the circuit anticipated.No deleterious elements have been experienced to date and are not expected.
•The nature, amount and representativeness ofmetallurgical test work undertaken, the nature ofthe metallurgical domaining applied and thecorresponding metallurgical recovery factorsapplied. A crushing and screening beneficiation circuit will be introduced as part of the processing circuit to reduce the mass of orereaching the comminution circuit and to elevate the feed grade. Test work and pilot scale trials conducted in the Nolan'splant have indicated that beneficiation can be achieved at appropriate size fractions with minimal loss of gold.The crushing and screening process to be used for Sarsfield low grade ores has been proven at Ravenswood in 2004 -
•Any assumptions or allowances made fordeleterious elements.•The existence of any bulk sample or pilot scale testwork and the degree to which such samples areconsidered representative of the ore body as a 2009 and on other mine sites.The beneficiation study conducted on Sarsfield material was a large scale operation where some 16kt of ROM feed wassubjected to testing. This degree of test work provided further confidence to earlier laboratory scale testwork. Adding to theconfidence level was a parcel of 27,000 tonnes of Nolans ore treated in 1998 that supported the economic improvements

Criteria JORC Code explanation Commentary
whole.•For minerals that are defined by a specification, through the use of beneficiation.
has the ore reserve estimation been based on theappropriate mineralogy to meet the specifications? No bulk samples were deemed necessary due to the current successful metallurgical performance of the extractionmethods applied.
Environmental •The status of studies of potential environmentalimpacts of the mining and processing operation. The Ravenswood Project is in the mature phase of its operating life. Its environmental management is permitted by anEnvironmental Authority and supported by an Environmental Management Plan. Operations at Nolans East are also
Details of waste rock characterization and theconsideration of potential sites, status of design supported by this.
options considered and, where applicable, thestatus of approvals for process residue storage andwaste dumps should be reported. An Environmental Authority Amendment for the Buck Reef West Project has been issued by the QueenslandStateGovernment.
Reopening of the Sarsfield open pit operation remains a key part of the planned extended mine life of the Ravenswoodoperation. Studies in progress will be used to further define the costs for treating and disposing of the water and dredgingand filtering of tailings currently within the Sarsfield Pit which is estimated to comprise 15 Mt of tailings and approximately12 Mm3 of water.

Criteria JORC Code explanation Commentary
The current EA incorporates dry stacked tailings for the Sarsfield Expansion Project. The Dry StackedTailings StorageFacility (DSTSF) comprises an integrated waste land form with the filtered tailings contained by mine waste to the north,with 10 m perimeter high rock bunds to the south and west. The sides of the facility are covered with mine waste and apreliminary surface liner of not less than 0.5 m thick. Design details for the surface cover remain to be finalised.
Processing of the tailings will comprise thickening and filtering to provide a residue or filter cake which can be dry stacked.The tailings will be placed with conventional earth moving equipment to shape the final landform and gradient with surfacecompaction completed with smooth drum rollers.
Investigations into an optimised tailings disposal methodology are underway, which includesopportunities to reduce boththe capital and operating costs associated with the planned tailings disposal while also eliminating further infiltration of theexisting Nolans TSF. Subsequent methodologies may require amendment to the EA however these are considered low riskto the overall feasibility of the project.
The waste rock formations have a very low permeability and the mine is a net user of water for operational purposes. Anacid base accounting study was conducted on the Buck Reef West / Sarsfield open pit mine's ore and waste, determiningthe waste to be non-acid forming and the ore to be potentially acid forming.
Infrastructure •The existence of appropriate infrastructure:availability of land for plant development, power,water, transportation (particularly for bulkcommodities), labour, accommodation; or the easewith which the infrastructure can be provided, oraccessed. The site is currently serviced by mains power, a water supply line from the Burdekin River and accessed by sealed roads.Water is pumped from the Burdekin River approximately 18km southwest of Ravenswood to a local storage (Suhrs CreekDam). From here, raw water is pumped to the processing plant, Mt Wright, the golf course, and the water treatment plant.Carpentaria Gold operates the water treatment plant on behalf of the Charters Towers Regional Council (CTRC) andsupplies potable water to the Ravenswood township as well as the Buck Reef West and Sarsfield sites.
There are two mains power feeds available in the event thatone becomes unserviceable.
The site is located approximately 120km from Townsville and 90km from Charters Towers. A bus service operates twice aday to and from Charters Towers and serviced camp style accommodation is available to all employees in Ravenswood.Some employees live in Ravenswood.
Being close to major centres, one of which with an International Airport ensures easy and quick supply of parts andmaterials.
Carpentaria Gold has lodged Mining Lease Applications to support the Buck Reef West open pit and associatedinfrastructure. This application process is running in parallel with the Environmental Authority Amendment Application.
Costs •The derivation of, or assumptions made, regardingprojected capital costs in the study. The operating history of the mine has validated the capital requirements. Projected capital costs are made up of forecastcapital spend for the known capital expenditure requirements. The capital estimate is determined by the needs of the site

Criteria JORC Code explanation Commentary
as required to continue to produce in asafe and efficient manner and comply with all environmental requirements.
•The methodology used to estimate operating costs.•Allowances made for the content of deleteriouselements.•The derivation of assumptions made of metal orcommodity price(s), for the principal minerals andco-products.• Operating costs have been calculated from first principles using both fixed and variable components. Recent operatinghistory and performance against budget costs has validated thecost assumptions. The mining cost model has beenindependently reviewed and benchmarked, with recommendations applied as appropriate.Assumed gold prices have been derived by reference to recent AUD spot gold prices.All revenue and cost estimates have been made in AUD.Transportation charges have been derived from existing contractual arrangements.
The source of exchange rates used in the study.•Derivation of transportation charges. Refining charges have been derived from existing contractual arrangements.
•The basis for forecasting or source of treatmentand refining charges, penalties for failure to meetspecification, etc. Current Queensland Government royalties equal to 5% of sales proceeds are included in the cost model. There are noother royalties or Joint Venture agreements.
•The allowances made for royalties payable, bothGovernment and private.
Revenuefactors •The derivation of, or assumptions made regardingrevenue factors including head grade, metal orcommodity price(s) exchange rates, transportationand treatment charges, penalties, net smelterreturns, etc. It has been assumed that gold will be sold at the prevailing spot gold price. All revenue and cost estimates have beenmade in AUD. Transportation charges have been derived from existing contractual arrangements. Refining charges havebeen derived from existing contractual arrangements.
•The derivation of assumptions made of metal orcommodity price(s), for the principal metals,minerals and co-products. Assumed gold prices have been derived by reference to recent AUD spot gold prices.
Marketassessment •The demand, supply and stock situation for theparticular commodity, consumption trends andfactors likely to affect supply and demand into thefuture. There is a transparent quoted market for the sale of gold.
•A customer and competitor analysis along with theidentification of likely market windows for theproduct.
•Price and volume forecasts and the basis for theseforecasts.
•For industrial minerals the customer specification,

Criteria JORC Code explanation Commentary
testing and acceptance requirements prior to asupply contract.
Economic •The inputs to the economic analysis to produce thenet present value (NPV) in the study, the sourceand confidence of these economic inputs includingestimated inflation, discount rate, etc. A variety of gold price points and discount rates were used to assess the robustness of the project, likely payback periods,the breakeven point and the projected internal rate of return. In the estimate, a discount rate of 10% was used and a goldprice of A$1,600 per oz.
•NPV ranges and sensitivityto variations in thesignificant assumptions and inputs.
Social •The status of agreements with key stakeholdersand matters leading to social license to operate. The Carpentaria Gold personnel maintain a good relationship with neighbouring stakeholders, including engagement withthe local pastoralists. Part of the tenure held by the Company is located on leasehold pastoral land with compensationagreements in place with the local pastoralist. Granted mining leases cover all of the proposed mining and processingassets and there are no Native title claims pending.
Other •To the extent relevant, the impact of the followingon the project and/or on the estimation andclassification of the Ore Reserves: Events such as cyclones and fires present a risk, although due to risk mitigants, these naturally occurring risks, have notimpacted the estimation or classification of the Ore Reserves.
•Any identified material naturallyoccurring risks. The climate in Ravenswood is typical of northern Australia with "wet" and "dry" seasons. The wet season is aligned withthe hotter months of December through to March. The dry season typically starts around April and runs through toNovember, when the humidity starts to build prior to the wet season.
•The status of material legal agreements andmarketing arrangements. Queensland is said to be a seismically active area (intraplate activity), but is relatively inactive compared to other parts ofAustralia or plate margin regions (interplate activity) of the world such as New Zealand, Indonesia, California, Japan, orChile. The Burdekin region has been identified as a seismic source zone (Matthews et al, 2011). Australian Standard1170.4-2007 (Structural design actions Part 4: Earthquake actions in Australia) shows the area has an elevated earthquakehazard factor compared to most of Australia, although not as high as the major concentration points in other parts of the
•The status of governmental agreements andapprovals critical to the viability of the project, suchas mineral tenement status, and government and world. There have been in excess of 50 events ranging from ML0.5 to 5.7 in the Bowen region since 1900 (Matthews et al,2011).
statutory approvals. There must be reasonablegrounds to expect that all necessary Governmentapprovals will be received within the timeframes The mining leases are in good standing and are all part of the suite of leases held by Carpentaria Gold and host acombination of both current activities and infrastructure, and historic workings.
anticipated in the Pre-Feasibility or Feasibilitystudy. Highlight and discuss the materiality of any Carpentaria Gold are working collaboratively with the Queensland Government to achieve an amended EnvironmentalAuthority for the Sarsfield Expansion Project. The amended Environmental Authority for the Sarsfield Expansion Project is

Criteria JORC Code explanation Commentary
unresolved matter that is dependent on a thirdparty on which extraction of the reserve iscontingent. the final approval required in order to allow mining activities to recommence in the Sarsfield Pit. This completed approvalwas received by Carpentaria Gold in Q2 2017, and consequently Sarsfield is now permitted to operate.
Carpentaria has submitted the application for the amended Environmental Authority and additional Mining Leases to theQueensland Government for the Buck Reef West Project in Quarter 2 2017. The Environmental Authority has beensubsequently approved, with additional Mining Lease approval still outstanding. Carpentaria Gold have submitted aDevelopment Application for construction of additional noise bunds adjacent the proposed BRW pit. Approval of thisapplication is outstanding at present, but not considered as a significant risk to the project.
Carpentaria Gold also owns a number of freehold land parcels in Ravenswood that includes company housing and blockspurchased adjacent to the Sarsfield open pit.
It is possible that the Company may acquire some adjacent residential land close to the Buck Reef West pit to ensure thecompany complies with modern environmental conditions.
Classification •The basis for the classification of the Ore Reserves Only Measured Resources are converted to Proved Reserves
into varying confidence categories. Only Indicated Resources are converted to Probable Reserves
•Whether the result appropriately reflects theCompetent Person's view of the deposit. Inferred Resources are not included in the Ore Reserves
•The proportion of Probable Ore Reserves that havebeen derived from Measured Mineral Resources (ifany). The Resource to Reserve conversions were deemed appropriate for the Buck Reef West and Nolans East Ore Reserveestimates by the Competent Person.
Audits orreviews •The results of any audits or reviews of OreReserve estimates. No external audits of resources /reserves were undertaken. Due to the success and maturity of the processes applied, thecompany has deemed this unnecessary. However, periodic reviews of the mining methods have been undertaken andreported as very successful.
Discussion ofrelativeaccuracy/ •Where appropriate a statement of the relativeaccuracy and confidence level in the Ore Reserveestimate using an approach or procedure deemedappropriate by the Competent Person. For Recent historic operational performance against the mine plan for tonnage produced and production head grade, indicatethe assumptions used to generate the Ore Reserves, are valid.There has been over the life of the Sarsfield Project, strong mine to mill reconciliations. The updated Ore Reserves, are
confidence example, the application of statistical orgeostatistical procedures to quantify the relativeaccuracy of the reserve within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factors the same mineralisation being mined with similar sized mining equipment being used.
The same mining and grade control methods will be applied and the ore will continue to be processed through the existingfacility.
which could affect the relative accuracy andconfidence of the estimate. Assuming all QA/QC standards are appliedin the drilling, mining and processing, then it is reasonable to expect similarlevels of operating margins, experienced in previous years of mining 2004 to 2009.

Criteria JORC Code explanation Commentary
•The statement should specify whether it relates toglobal or local estimates, and, if local, state therelevant tonnages, which should be relevant totechnical and economic evaluation. Documentationshould include assumptions made and theprocedures used. All the parameters assumed and adopted along with financial modelling and analysis have been subject to internal peerreview.
•Accuracy and confidence discussions shouldextend to specific discussions of any appliedModifying Factors that may have a material impacton Ore Reserve viability, or for which there areremaining areas of uncertainty at the current studystage.
•It is recognized that this may not be possible orappropriate in all circumstances. These statementsof relative accuracy and confidence of the estimateshould be compared with production data, whereavailable.

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