13 February 2019

Resolute maintains class-leading Gold inventory Mineral Resources of 17Moz Ore Reserves of 6Moz

Highlights

Resolute's Ore Reserves and Mineral Resources as at 31 December 2018, net of mining and stockpile depletion, have been maintained
Global Ore Reserves of 5.8Moz of gold
- o 21% increase in Buck Reef West reserves to 636,000oz
Global Mineral Resources of 16.6Moz of gold
- o Incremental resource increases at Buck Reef West and Syama
- o Managed Mineral Resources at Syama, Ravenswood and Bibiani total 15.2Moz of gold
- o Attributable Mineral Resources from equity investments of 1.4Moz of gold
Discovery cost of A$33 per Reserve ounce and A$19 per Resource ounce

Resolute Mining Limited (ASX: RSG, Resolute or the Company) is pleased to announce the Company's Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018. Global Ore Reserves have been maintained at 5.8 million ounces (Moz) of gold and Global Mineral Resources have been maintained at 16.6Moz of gold. Global Ore Reserves and Global Mineral Resources include, on a 100% basis, gold inventories managed and controlled by Resolute (referred to below as Managed Ore Reserves and Managed Mineral Resources respectively) and, on an attributable basis, gold inventories held within the Company's strategic equity investments. These balances are consistent with the Company's previously published position as at 30 June 2018 (see ASX Announcement dated 16 August 2018).

A detailed breakdown of the Company's Ore Reserves and Mineral Resources as at 31 December 2018 is presented in the tables below. The 2018 Annual Ore Reserve Statement is included at Table 4 and the 2018 Annual Mineral Resource Statement is included at Table 5. On a fully attributable basis, recognising Resolute's direct share as at 31 December 2018, the Company held Ore Reserves of 5.1Moz and Mineral Resources of 14.8Moz.

Managing Director and CEO, Mr John Welborn, was pleased to confirm Resolute's updated Ore Reserves and Mineral Resources Statement maintained the Company's peer group leading gold inventory:

"Resolute's Ore Reserves and Mineral Resources at Syama, Ravenswood and Bibiani underpin our focus on long life mines and support our ambition to produce more than 500,000 ounces of gold annually. Our investment in exploration continues to create value by increasing the range and quality of our mineral resources. Resolute is a profitable dividend paying gold miner with a unique and growing gold inventory."

"Resolute controls six 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 commissioning the world's first, purpose built, fully automated sublevel cave gold mine at Syama which will be powered by the world's largest site-based hybrid power plant. The ongoing expansion of our gold reserves and resources, coupled with successful implementation of industry leading technologies, will provide opportunities for growth in production and greater gold value per Resolute share."

"Our currently budgeted investment in exploration in Mali at Tabakoroni and Nafolo is expected to result in further growth in Resolute's gold reserves and resources."

Ore Reserves

MANAGED ORE RESERVES(100% BASIS)
ORE RESERVES		PROVED			PROBABLE		TOTAL RESERVES
	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	oz
As at December 2018	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)
Syama	2,830	2.4	220	39,580	2.5	3,180	42,410	2.5	3,410
Ravenswood	33,030	0.7	780	36,850	0.8	960	69,880	0.8	1,730
Bibiani				6,400	3.3	660	6,400	3.3	660
Managed Ore Reserves	35,860	0.9	1,000	82,830	1.8	4,800	118,690	1.5	5,800

Table 1: Managed Ore Reserves

Managed Ore Reserves at 31 December 2018, on a 100% basis, have been maintained at 5.8Moz after accounting for small increases in Ore Reserves at Ravenswood and Bibiani as well as mining and stockpile depletion at Syama and Ravenswood of 129,200oz. 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 fully attributable Managed Ore Reserves position, net Government interests is 5.1Moz of gold.

In Mali, mining commenced at Tabakoroni in October 2018 with open pits planned to exploit the oxide and transitional Ore Reserves. Processing of stockpiles at Syama, along with mining from the Syama Underground Mine contributed to minor depletion of the Syama Sulphide Ore Reserves.

At Ravenswood in Australia, following an extensive infill drilling program at Buck Reef West, an updated resource estimation was undertaken which resulted in an increase in overall Mineral Resources and the upgrading of Inferred Mineral Resources to the Indicated category. The increased Measured and Indicated Mineral Resources at Buck Reef West corresponded with a 21% increase in open pit Ore Reserves to 636,000oz. Ore Reserves at Sarsfield were marginally reduced following pit re-optimisations and design changes related to the Ravenwood Expansion Project study update (see ASX Announcement dated 11 July 2018).

At Bibiani in Ghana, the Ore Reserves increased marginally relative to the previously published position following design changes related to the updated Bibiani study (see ASX Announcement dated 13 July 2018).

MANAGED MINERAL RESOURCES (100% BASIS)
MINERAL RESOURCES	MEASUREDINDICATED							INFERRED			TOTAL RESOURCES
	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	Oz	Tonnes	g/t	oz
As at December 2018	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)
Syama	12,920	3.0	1,250	58,900	2.9	5,480	27,320	1.3	1,170	99,140	2.5	7,900
Ravenswood	44,380	0.8	1,190	75,050	0.9	2,110	66,950	0.7	1,460	186,380	0.8	4,760
Bibiani				13,260	3.5	1,490	8,440	3.7	1,010	21,690	3.6	2,500
Managed Mineral Resources	57,300	1.3	2,450	147,210	1.9	9,080	102,710	1.1	3,640	307,210	1.5	15,170

Mineral Resources

Table 2: Managed Mineral Resources

Managed Mineral Resources (inclusive of Managed Ore Reserves) at 31 December 2018, on a 100% basis, is 15.2Moz of gold. The Company's fully attributable Managed Mineral Resources position, net of Government interests is 13.4Moz

of gold. Mineral Resources were maintained from the previously published position as at 30 June 2018 following incremental increases at Syama and Buck Reef West.

In Mali, ongoing drilling programs at Syama and Nafolo are increasing the mineralisation footprint and the overall Mineral Resource is routinely re-estimated with the most recent version completed since the previously published statement dated 30 June 2018. The Mineral Resource at Syama and Nafolo is 6.1Moz which is an increase of 200,000oz relative to 30 June 2018. Mineral Resources for Tabakoroni remain unchanged apart from mining depletion. An updated Mineral Resource estimate for Tabakoroni is scheduled for completion in Q1 CY2019.

At Ravenswood, extensive infill drilling at Buck Reef West led to a 7% increase in Mineral Resources to 1.5Moz of gold. This updated Mineral Resource estimate contributed to a 19% increase in Measured and Indicated Resources to 1.3Moz of gold.

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 15.8% 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 4.1Moz, 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.

MINERAL RESOURCES FROMSTRATEGIC EQUITY INVESTMENTS
MINERAL RESOURCES	MEASURED			INDICATED				INFERRED		TOTAL RESOURCES
	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	oz
As at December 2018	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)
Orca Gold (100%)				79,900	1.3	3,340	18,500	1.2	710	98,400	1.3	4,050
Resolute Share (16%)				12,620	1.3	530	2,920	1.2	110	15,550	1.3	640
Loncor Resources (100%)				2,200	8.7	610	3,200	5.3	550	5,400	6.7	1,160
Resolute Share (27%)				590	8.7	170	860	5.3	150	1,460	6.7	310
Kilo Goldmines (100%)							20,800	2.5	1,670	20,800	2.5	1,670
Resolute Share (27%)							5,620	2.5	450	5,620	2.5	450
Total Attributable to Resolute				13,220	1.6	690	9,400	2.4	710	22,620	1.9	1,410

Table 3: Mineral Resources from Strategic Equity Investments

Global Mineral Resources

Resolute's Global Mineral Resources, taking into account its Managed Mineral Resources and its attributable Mineral Resources from its strategic equity investments is 16.6Moz of gold.

Exploration Budget and Discovery Cost

Resolute's total investment in exploration and discovery since 2010 has been A$193m. Based on increases during this period in Ore Reserves of 2.9Moz and in Mineral Resources of 7.0Moz, and production of 2.9Moz of gold, Resolute's historical discovery cost over this period has been calculated as A$33 per Reserve ounce and A$19 per Resource ounce.

Ore Reserves Statement

ORE RESERVESSTATEMENT
ORE RESERVES		PROVED			PROBABLE		TOTAL RESERVES	GroupShare
	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	oz	oz
As at December 2018	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)	(000s)
Australia										100%
Sarsfield	31,530	0.7	720	18,250	0.7	360	49,780	0.7	1,080	1,080
Buck Reef West	970	1.3	40	18,590	1.0	600	19,570	1.0	640	640
Stockpiles (O/C)	360	0.6	10	10	1.6	0	370	0.6	10	10
Sub Total O/C	32,860	0.7	760	36,850	0.8	960	69,720	0.8	1,720	1,720
Mt Wright	160	2.2	10	0	0.0	0	160	2.2	10	10
Stockpiles (UG)	0	0.0	0	0	0.0	0	0	0.0	0	0
Sub Total UG	160	2.2	10	0	0.0	0	160	2.2	10	10
Australia Total	33,030	0.7	780	36,850	0.8	960	69,880	0.8	1,730	1,730
Mali										80%
Syama Underground	0	0.0	0	35,040	2.7	2,980	35,040	2.6	2,980	2,390
Syama Stockpiles	100	2.5	10	2,270	1.3	100	2,360	1.4	100	80
Sub Total (Sulphides)	100	2.5	10	37,310	2.6	3,080	37,410	2.6	3,090	2,470
Satellite Deposits	0	0.0	0	0	0.0	0	0	0.0	0	0
Stockpiles (satellite deposits)	970	1.4	40	1,630	1.1	60	2,600	1.2	100	80
Sub Total Satellite Deposits	970	1.4	40	1,630	1.1	60	2,600	1.2	100	80
										90%
Tabakoroni	1,450	3.2	150	640	2.4	50	2,090	3.0	200	180
Tabakoroni Stockpiles	320	2.1	20	0	0.0	0	320	2.1	20	20
Sub Total Tabakoroni	1,770	3.0	170	640	2.4	50	2410	2.8	220	200
Mali Total	2,830	2.4	220	39,580	2.5	3,180	42,410	2.5	3,410	2,750
Ghana										90%
Bibiani	0	0.0	0	6,400	3.3	660	6,400	3.3	660	590
Ghana Total	0	0.0	0	6,400	3.3	660	6,400	3.3	660	590
Total Ore Reserves	35,860	0.9	1,000	82,830	1.8	4,800	118,690	1.5	5,800	5,070

Table 4: Ore Reserves Statement as at 31 December 2018

Notes:

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

2. Reserves at Buck Reef West 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.

7. Syama Reserves are based on August 2017 Resource model.

Mineral Resources Statement

MINERAL RESOURCESSTATEMENT
MINERALRESOURCES		MEASURED			INDICATED			INFERRED		TOTAL RESOURCES			GroupShare
As at December 2018	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	oz	Tonnes	g/t	oz	oz
	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)	(000s)		(000s)	(000s)
Projects where Resolute has a controlling interest
Australia													100%
Sarsfield	43,250	0.8	1,120	38,500	0.7	880	22,080	0.7	520	103,830	0.8	2,520	2,520
Buck Reef West	830	1.5	40	36,550	1.0	1,220	8,660	1.0	280	46,040	1.0	1,540	1,540
Sarsfield Mineralised Waste	0	0.0	0	0	0.0	0	33,700	0.4	400	33,700	0.4	400	400
Sub Total O/C	44,090	0.8	1,160	75,040	0.9	2,110	64,440	0.6	1,200	183,570	0.8	4,460	4,460
Mt Wright	290	3.6	30	0	0.0	0	470	3.6	60	770	3.7	90	90
Welcome Breccia	0	0.0	0	0	0.0	0	2,040	3.2	210	2,040	3.2	210	210
Stockpiles (UG)	0	0.0	0	10	1.6	0	0	0.0	0	10	1.6	0	0
Sub Total UG	290	3.6	30	10	1.6	0	2,510	3.3	260	2,810	3.3	300	300
Australia Total	44,380	0.8	1,190	75,050	0.9	2,110	66,950	0.7	1,460	186,380	0.8	4,760	4,760
Mali													80%
Syama Underground	8,740	3.3	930	44,390	3.2	4,580	5,650	2.8	500	58,780	3.2	6,010	4,810
Stockpiles (sulphide)	100	2.5	10	2,270	1.3	100	0	0.0	0	2,360	1.4	100	80
Sub Total (Sulphides)	8,840	3.3	930	46,660	3.1	4,680	5,650	2.8	500	61,140	3.1	6,110	4,890
Satellite Deposits	0	0.0	0	6,840	2.1	460	1,450	2.2	100	8,290	2.1	560	450
Stockpiles (satellite deposits)	970	1.4	40	1,630	1.1	60	50	1.1	0	2,650	1.2	100	80
Sub Total Satellite Deposits	970	1.4	40	8,470	1.9	520	1,500	2.1	100	10,940	1.9	660	530
Old Tailings	0	0.0	0	0	0.0	0	17,000	0.7	370	17,000	0.7	370	290
													90%
Tabakoroni	2,800	2.9	260	3,770	2.2	280	3,180	2.0	200	9,740	2.4	740	660
Tabakoroni Stockpiles	320	2.1	20	0	0	0	0	0	0	320	2.1	20	20
Sub Total Tabakoroni	3,120	2.8	280	3,770	2.2	280	3,180	2.0	200	10,060	2.3	760	680
Mali Total	12,920	3.0	1,250	58,900	2.9	5,480	27,320	1.3	1,170	99,140	2.5	7,900	6,400
Ghana													90%
Bibiani	0	0.0	0	13,260	3.5	1,490	8,440	3.7	1,010	21,690	3.6	2,500	2,250
/Ghana Total	0	0.0	0	13,260	3.5	1,490	8,440	3.7	1,010	21,690	3.6	2,500	2,250
Controling Interest Total	57,300	1.3	2,450	147,210	1.9	9,080	102,710	1.1	3,640	307,210	1.5	15,170	13,410
Projects where Resolute has an equity interest
Sudan													16%
Galat Sufar South	0	0.0	0	11,940	1.3	490	2,670	1.2	100	14,620	1.3	590	590
Wadi Doum	0	0.0	0	680	2.1	40	250	1.3	10	930	1.7	50	50
Sudan Total	0	0.0	0	12,620	1.3	530	2,920	1.2	110	15,550	1.3	640	640
DRC ( Loncor)													27%
Makapela	0	0.0	0	590	8.7	170	860	5.3	150	1,460	6.7	310	310
DRC ( Kilo)													27%
Adumbi	0	0.0	0	0	0.0	0	5,620	2.5	450	5,620	2.5	450	450
DRC Total	0	0.0	0	590	8.7	170	6,480	2.9	600	7,080	3.4	760	760
Equity Interest Total	0	0.0	0	13,210	1.6	700	9,400	2.4	710	22,630	1.9	1,400	1,400
Total Resolute Resources
Total Mineral Resources	57,300	1.3	2,450	160,430	1.9	9,770	112,110	1.2	4,360	329,830	1.6	16,570	14,820

Table 5: Mineral Resources Statement as at 31 December 2018

as at 31 December 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.
3. Mt Wright Resources are reported above 1.8 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.

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 Bruce Mowat, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Mowat 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 Mowat 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 is a full-time employee of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Long and Mr Mackay are is a full-time employees 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. Mr David Lee is a full-time employee of AMC Consultants 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	Nic Johnson	Australian Institute of Geoscientists
Syama Tailings Facility	Susan Havlin	Australasian Institute of Mining and Metallurgy
Mt Wright Resource	Nic Johnson	Australian Institute of Geoscientists
Mt Wright Reserve	Stuart Long	Australasian Institute of Mining and Metallurgy
Welcome Resource	Nic Johnson	Australian Institute of Geoscientists
Buck Reef West Resource	Susan Havlin	Australian Institute of Geoscientists
Buck Reef West Reserve	John Millbank	Australasian Institute of Mining and Metallurgy
Sarsfield Reserve	David Mackay	Australasian Institute of Mining and Metallurgy
Sarsfield Resource	Nic Johnson	Australian Institute of Geoscientists
Nolans East Reserves	John Millbank	Australasian Institute of Mining and Metallurgy
Bibiani Resource	Kahan Cervoj	Australasian Institute of Mining and Metallurgy
Bibiani Reserve	David Lee	Australasian Institute of Mining and Metallurgy
Tabakoroni Resource	Nic Johnson	Australian Institute of Geoscientists
Tabakoroni Reserves	Ian Bignell	Institute of Materials, Minerals and Mining
Sarsfield Mineralised Waste	Susan Havlin	Australasian Institute of Mining and Metallurgy

For further information, contact:

John Welborn

Managing Director & CEO

ASX:RSG Capital Summary

Fully Paid Ordinary Shares: 758,094,588 Current Share Price: A$1.07 as at 12 February 2019 Market Capitalisation: A$807 million FY19 Guidance (to 30 June): 300,000oz @ AISC US$960/oz (A$1,280/oz)

Jeremy Meynert

General Manager – Business Development & Investor Relations

Board of Directors

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

Contact

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]

Appendix

	ORE RESERVESCOMPARISON TO 30 JUNE 2018
	Reserves and Resources comply with the Australasian Code for Reporting of Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012)
			Dec-18					Jun-18
ORE RESERVES		Gold		Group	Group		Gold		Group	Group
	Tonnes(000s)	grade(g/t)	Ounces(000s)	Share%	ShareOunces	Tonnes(000s)	grade(g/t)	Ounces(000s)	Share%	ShareOunces
			Proved					Proved
Australia											Comment on Changes
Mt Wright	160	2.2	10	100%	10	170	2.7	10	100%		10 Depletion due to mining
Sarsfield	31,530	0.7	720	100%	720	28,450	0.8	750	100%		750 New Optimisation
Nolans East	0	0.0	0	100%	0	350	0.7	10	100%		10 Depletion due to mining
Stockpiles (O/C)	360	0.6	10	100%	10	660	0.6	10	100%		10 Movement in operating stockpiles
Buck Reef West	970	1.3	40	100%	40	13,650	0.9	400	100%		400 New Reserve
Mali
Syama Stockpiles (sulphide)	100	2.5	10	80%	10	30	1.8	0	80%		0 Movement in operating stockpiles
Satellite Deposits	0	0.0	0	80%	0	0	0.0	0	80%		0 No change
Stockpiles (satellite deposits)	970	1.4	40	80%	30	960	1.9	60	80%		50 Movement in operating stockpiles
Tabakoroni	1,450	3.2	150	90%	140	1,830	3.1	190	85%		160 Depletion due to mining
Tabakoroni Stockpiles	320	2.1	20	90%	20	0	0.0	0	90%	0	Movement in operating stockpiles
Total Proved	35,860	0.9	1,000		970	46,100	1.0	1,430		1,390

			Probable					Probable			Comment on Changes
Australia
Mt Wright	0	0.0	0	100%	0	0	0.0	0	100%	0
Mt Wright Stockpiles	0	0.0	0	100%	0	0	0.0	0	100%		0 No change
Sarsfield	18,250	0.7	360	100%	360	18,640	0.7	420	100%		420 New Optimisation
Nolans East	0	0.0	0	100%	0	0	0.0	0	100%		0 No change
Stockpiles (O/C)	10	1.6	0	100%	0	10	2.3	0	100%		0 Movement in operating stockpiles
Buck Reef West	18,590	1.0	600	100%	600	4,670	0.8	120	100%		120 New Reserve
Mali
Syama Underground	35,040	2.7	2,980	80%	2,390	35,200	2.7	3,000	80%		2,400 Depletion due to mining
Syama Stockpiles (sulphide)	2,270	1.3	100	80%	80	2,560	1.3	110	80%		90 Movement in operating stockpiles
Satellite Deposits	0	0.0	0	80%	0	0	0.0	0	80%		0 No change
Stockpiles (satellite deposits)	1,630	1.1	60	80%	50	2,440	1.3	100	80%		80 Movement in operating stockpiles
Tabakoroni	640	2.4	50	90%	40	860	2.4	70	85%		60 Depletion due to mining
Ghana
Bibiani	6,400	3.3	660	90%	590	5,480	3.7	640	90%		580 New Reserve
Total Probable	82,830	1.8	4,800		4,100	69,850	2.0	4,470		3,750
Total Reserves	118,690	1.5	5,800		5,070	115,950	1.6	5,900		5,140

Notes:

Appendix Table 1: Ore Reserves Comparison – 31 December 2018 to 30 June 2018

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.

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.

7. Syama Reserves are based on August 2017 Resource model.

Dec-18Jun-18GoldGroupGroupGoldGroupGroupMINERAL RESOURCESTonnesOuncesTonnesOuncesgradeShareSharegradeShareShare(000s)(g/t)(000s)%Ounces(000s)(g/t)(000s)%OuncesMeasuredMeasuredComment on ChangesAustraliaMt Wright2903.630100%303103.540100%40 Depletion due to mining1,130 Depletion due to miningSarsfield43,2500.81,120100%1,12043,5900.81,130100%Nolans EastBuck Reef West8301.540100%4018,4000.9530100%530 New ResourceMaliSyama Underground8,7403.393080%74000.0080%0 New ResourceMovement in operatingSyama stockpiles (sulphide)1002.51080%10301.8080%0stockpilesSatellite Deposits00.0080%000.0080%0 No change50 Movement in operatingStockpiles (satellite deposits)9701.44080%309601.96080%stockpilesTabakoroni2,8002.926090%2303,1902.929090%260 Depletion due to miningMovement in operatingTabakoroni Stockpiles3202.12090%2000.0090%0stockpilesTotal Measured57,3001.32,4502,22066,4801.02,0502,000IndicatedIndicatedComment on ChangesAustraliaMt Wright00.00100%000.00100%0Movement in operatingStockpiles (UG)101.60100%0102.30100%0stockpilesSarsfield38,5000.7880100%88038,5000.7880100%880 No changeBuck Reef West36,5501.01,220100%1,22020,4000.8530100%530 New ResourceMaliSyama Underground44,3903.24,58080%3,67045,7003.24,80080%3,840 New Resource90 Movement in operatingSyama stockpiles (sulphide)2,2701.310080%802,5601.311080%stockpilesSatellite Deposits3,8802.430080%2403,8802.430080%240 No change80 Movement in operatingStockpiles (satellite deposits)1,6301.16080%502,4401.310080%stockpilesTellem1,7701.911080%901,7701.911080%90 No changePaysans1,2001.56080%401,2001.56080%40 No changeTabakoroni3,7702.228090%2503,9902.228090%250 Depletion due to miningGhanaBibiani13,2603.51,49090%1,34013,2603.51,49090%1,340 No Change		MINERAL RESOURCESCOMPARISON TO 30 JUNE 2018

































	Sudan
Galat Sufar South11,9401.349016%49011,6001.347017%470 New Resource
Wadi Doum6802.14016%405302.14017%40 New Resource
DRC
Makapela5908.717027%1705908.717027%170 No changeTotal Indicated160,4301.99,7708,550 146,4102.09,3308,060

MINERAL RESOURCESCOMPARISON TO 30 JUNE 2018
			Dec-18					Jun-18
MINERAL RESOURCES	Tonnes	Goldgrade	Ounces	GroupShare	GroupShare	Tonnes	Goldgrade	Ounces	GroupShare	GroupShare
	(000s)	(g/t)	(000s)	%	Ounces	(000s)	(g/t)	(000s)	%	Ounces
			Inferred					Inferred			Comment on Changes
Australia
Mt Wright	470	3.6	60	100%	60	740	3.0	70	100%		70 Depletion due to mining
Sarsfield	22,080	0.7	520	100%	520	22,080	0.7	520	100%		520 No change
Buck Reef West	8,660	1.0	280	100%	280	17,000	0.7	380	100%		380 New Resource
Welcome Breccia	2,040	3.2	210	100%	210	2,040	3.2	210	100%		210 No change
Waste Dump	33,700	0.4	400	100%	400	33,700	0.4	400	100%		400 No change
Mali
Syama Underground	5,650	2.8	500	80%	400	11,500	3.1	1,100	80%		880 New Resource
Satellite Deposits	510	2.5	40	80%	30	510	2.5	40	80%		30 No change
Stockpiles (satellite deposits)	50	1.1	0	80%	0	60	1.4	0	80%	0	Movement in operatingstockpiles
Tellem	400	2.5	40	80%	30	400	2.5	40	80%		30 No change
Paysans	550	1.5	30	80%	20	550	1.5	30	80%		20 No change
Tabakoroni	3,180	2.0	200	90%	180	3,250	2.0	210	90%		180 Depletion due to mining
Tailings Storage Facility	17,000	0.7	370	80%	290	17,000	0.7	370	80%		290 No change
Ghana
Bibiani	8,440	3.7	1,010	90%	910	8,440	3.7	1,010	90%		910 No Change
Sudan
Galat Sufar South	2,670	1.2	100	16%	100	2,970	1.2	110	17%		110 New Resource
Wadi Doum	250	1.3	10	16%	10	340	1.3	10	17%		10 New Resource
DRC
Makapela	860	5.3	150	27%	150	860	5.3	150	27%		150 No change
Adumbi	5,620	2.5	450	27%	450	5,620	2.5	450	27%		450 No change
Total Inferred	112,110	1.2	4,360			4,040 127,040	1.2	5,090		4,660
Total Resources	329,830	1.6	16,570			14,820 339,930	1.5	16,470		14,720

Appendix Table 2: Mineral Resources Comparison – 31 December 2018 to 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 1.8 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.

JORC Code, 2012 Edition – Table 1 Report

Syama Gold Mine

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels, random chips, or specificspecialised industry standard measurement tools appropriate to theminerals under investigation, such as down hole gamma sondes, orhandheld XRF instruments, etc.). These examples should not be taken aslimiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivity andthe appropriate calibration of any measurement tools or systems used.•Aspects of the determination of mineralisation that are Material to thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (e.g. 'reverse circulation drilling was used to obtain 1 msamples from which 3 kg was pulverised to produce a 30 g charge for fireassay'). In other cases more explanation may be required, such as wherethere is coarse gold that has inherent sampling problems. Unusualcommodities or mineralisation types (e.g. submarine nodules) may warrantdisclosure of detailed information.	Themineralresourceestimatewasbasedon datacollectedfrom reversecirculation(RC)and diamondcore(DD)drillholescompletedbyResoluteMiningLimited(2003-2017),Randgold ResourcesLtd(1996-2000)andBHP(1987-1996).Diamondcorewassampledat1mintervalsandcutinhalf,toprovidea2-4kgsample, which wassenttothelaboratory forcrushing,splittingandpulverising,toprovidea30gchargefor analysis.RCsampleswerecollectedon1mintervalsviaacyclonebyrifflesplit(dry),orbyscoop(wet), toobtaina2-4kgsamplewhichwassenttothelaboratoryforcrushing,splittingandpulverising toprovidea30gchargeforanalysis.Resolutesamplingandsamplepreparationprotocolsareindustry standardandaredeemed appropriatebytheCompetentPerson.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 air blast,auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc.).	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 usinga Reflex north seeking gyro instrument.
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveries andresults assessed.•Measures taken to maximise sample recovery and ensure representativenature of the samples.•Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material.	Drill core interval recoveries are measured from core block to core block using a tape measure.Appropriate measures are taken to maximise sample recovery and ensure representative nature of thesamples.No apparent relationship between sample recovery and grade.
LoggingSub-sampling	•Whether core and chip samples have been geologically and geotechnicallylogged to a level of detail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.•Whether logging is qualitative or quantitative in nature. Core (or costean,channel, etc.) photography.•The total length and percentage of the relevant intersections logged.•If core, whether cut or sawn and whether quarter, half or all core taken.	Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration andweathering on geologically domained intervals.Geotechnical and structure orientation data was measured and logged for all diamond core intervals.Diamond core was photographed (wet and dry).Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.Diamondcoreweresampledat 1mintervalsandcutin halfto obtaina2-4kgsample.
techniques	•If non-core, whether riffled, tube sampled, rotary split, etc. and whether

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
and samplepreparation	sampled wet or dry.•For all sample types, the nature, quality and appropriateness of the samplepreparation technique.•Quality control procedures adopted for all sub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that the sampling is representative of the in situmaterial collected, including for instance results for field duplicate/secondhalf sampling.•Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 2-4kg sample.SamplepreparationfordiamondcoreandRCsamplesincludesovendrying,crushingto10mm andsplitting,pulverisingto 85%passing-75um.Thesepreparationtechniquesaredeemedto beappropriatetothematerialandelementbeingsampled.Drillcorecoarseduplicatesweresplitbythelaboratoryaftercrushingatarateof1:20samples. Reversecirculationfieldduplicateswerecollectedbythecompanyatarateof 1:20samples.Resolutesampling, samplepreparationandquality controlprotocolsareofindustrystandard andallattemptsweremadeto ensureanunbiasedrepresentativesamplewascollected.The methodsappliedinthisprocessweredeemedappropriatebytheCompetentPerson.
Quality ofassay dataandlaboratorytests	•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., theparameters used in determining the analysis including instrument makeand model, reading times, calibrations factors applied and their derivation,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.	Sub-sampling techniques and sample preparation completed by previous owners is not known.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.
Verificationof samplingand assaying	•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 conductedextensive reviews, data validation and data verification on the historic data collectedby the previous owners, Randgold and BHP.
Location of	•Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches,mine workings and other locations used in Mineral	Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expectedaccuracy of 0.05m; elevations were height above EGM96 geoid.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
data points	Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	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 UTMWGS84 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 inrelation togeologicalstructure	•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 of keymineralised structures is considered to have introduced a sampling bias,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 process were 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
Mineral tenementand land 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 an areaof 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 are administeredby DNGM (Direction Nationale de la Géologie et des Mines) or National Directorate of Geology and Minesunder the Ministry of Mines, Energy and Hydrology.
Exploration doneby other parties	•Acknowledgment and appraisal of exploration by other parties.	The Syama deposit was originally discovered by a regional geochemical survey undertaken by the DirectionNational de Géologie et des Mines (DNGM) with assistance from the United Nations Development Program(UNDP) in 1985. There had also been a long history of artisanal activities on the hill where an outcroppingchert horizon originally marked the present day position of the open pit.BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drillholes across Syama prospects.Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC and diamond drill holesacross Syama prospects.
Geology	•Deposit type, geological setting and style of mineralisation.	The Syama Project is foundon the northern margin of the Achaean-Proterozoic Leo Shield which forms thesouthern half of the West African Craton. The project area straddles the boundary between the Kadiana–Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes anda narrow belt of interbedded basalt and argillite. The Kadiolo terrane comprises polymictic conglomerateand sandstone that were sourced from the Kadiana-Madinani terrane and deposited in a late-to syntectonicbasin.Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimian volcanosedimentary 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 forall Material 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 the	No new exploration results have been reported in this release.The listing of the entire drill hole database used to estimate the resource was not considered relevant forthis release.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	understanding of the report,the Competent Person should clearlyexplain why this is the case.
Data aggregationmethods	•In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Material and should be stated.•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 andintercept lengths	•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 to achieve asclose 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 slightly more thantrue width.
Diagrams	•Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	Relevant maps, diagrams and tabulationsare 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 are being reported in this announcement.No new exploration results have been reported in this release.
Other substantiveexploration data	•Other exploration data, if meaningful and material, should be reportedincluding(but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics; potential deleteriousor contaminating substances.	No geophysical and geochemical data and any additional exploration information has been reported in thisrelease, 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, providedthis information is not commercially sensitive.	Depth extension drilling is planned to test the down-dip potential of the Syama ore body at depth, andbeneath 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 the loading ofdata which do not meet the required validation protocols. The data is managed usingDataShed©drillholemanagementsoftwareusingSQLdatabasetechniques.Validation checksareconductedusingSQLandDataShed©relationaldatabasestandards. Datahas alsobeenchecked againstoriginalhardcopiesfor100%ofthedata,andwherepossible, loadedfrom originaldatasources.Resolute completed the following basic validation checks onthedatasuppliedpriortoresource estimation:▪Drillholeswithoverlappingsampleintervals.▪Sampleintervalswithno assaydata.Duplicaterecords.▪Assaygraderanges.▪Collarcoordinateranges.▪ValidholeorientationdataTherearenosignificantissuesidentifiedwiththedata.
Site visits	• Commenton anysitevisitsundertakenbytheCompetentPersonandtheoutcomeof thosevisits.•Ifnositevisitshavebeenundertakenindicatewhy thisis thecase.	MrAndrewGoode,aMemberoftheAustralasianInstituteofMiningandMetallurgyistheCompetentPersonwhohasvisitedthissiteonnumerousoccasions.NoOptiroPty Ltd personnelhave beentothe Syama mine site.Allaspectsof drilling,samplingandminingareconsideredbytheCompetentPersonstobe of ahighindustrystandard.
Geologicalinterpretation	•Confidencein(orconversely,theuncertaintyof)the geologicalinterpretationof themineraldeposit.• Natureofthedatausedandof anyassumptions made.• Theeffect,ifany,ofalternativeinterpretationsonMineralResourceestimation.• TheuseofgeologyinguidingandcontrollingMineralResourceestimation.• Thefactorsaffectingcontinuitybothofgradeand geology.	The digital database used for the interpretation included logged intervals for the keystratigraphiczonesofSyama. Detailedgeologicallogswereavailableinhardcopyanddigital andreviewedwherenecessary.Drilldensity(50mby50m)forthemajorityoftheSyamaareaallowsforconfidentinterpretation ofthegeologyandmineraliseddomains.Morerecentinfill/verificationdrillingofselectedmore structurallycomplicatedareasconfirmsthepositionsofmineralisedzones.Geologicaland structuralcontrolssupportmodelledmineralisedzones,whichareconstrainedwithingeological units.Continuityofmineralisationisaffectedbyproximitytostructuralconduits(allowingflowof mineralisedfluids),stratigraphicposition,lithologyofkeystratigraphicunitsandporosityofhost lithologies.
Dimensions	• Theextentandvariabilityof theMineralResource expressedaslength(alongstrikeorotherwise),plan width,anddepthbelowsurfacetotheupperand lowerlimitsoftheMineralResource.	TheSyamaareaextendsforapproximately1,500metresinstrikeandthewestdippinggoldmineralisedzoneisbetween100-200metresinhorizontalwidth,narrowingatitssouthernand northernlimits.TheMineralResourceislimitedindepthbydrilling,whichextendsfromsurface toamaximumdepthofapproximately800metresvertically.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Estimation andmodellingtechniques	• Thenatureandappropriatenessoftheestimation technique(s)appliedandkeyassumptions,including treatmentofextremegradevalues,domaining, interpolationparametersandmaximumdistanceofextrapolationfromdatapoints.Ifacomputerassisted estimationmethodwaschosenincludeadescription ofcomputersoftwareandparametersused.•Theavailabilityofcheckestimates,previous estimatesand/ormineproductionrecordsand whethertheMineralResourceestimatetakes appropriateaccountofsuchdata.• Theassumptionsmaderegardingrecoveryof by-products.•Estimationofdeleteriouselementsorothernon-grade variablesofeconomicsignificance(e.g.sulphurforacidminedrainagecharacterization).• Inthecaseof blockmodelinterpolation,theblocksize inrelationtotheaveragesamplespacingandthesearchemployed.• Inthecaseof blockmodelinterpolation,theblocksize inrelationtotheaveragesamplespacingandthe searchemployed.• Anyassumptionsbehindmodellingofselectivemining units.• Anyassumptionsaboutcorrelationbetweenvariables.• Descriptionofhowthegeologicalinterpretationwas usedto controltheresourceestimates.• Discussionofbasisforusingornotusinggrade cuttingorcapping.•Theprocessofvalidation,thecheckingprocessused, thecomparisonof modeldatatodrillholedata,and useofreconciliationdataifavailable.	EstimationwascompletedinDatamineStudioRMusingaCategoricalIndicator(CI)approach todefinethemineralised blocksfollowedbyanOrdinary Kriged(OK)modeltoestimatethe goldgrade. Gradeswereestimatedintoparentblockof5mEby12.5mNby5mRL for Syama underground and 10mE by 25 mN by10mRl for Nafolo. Sub-cellingdownto5mEby12.5mNby5mRLwasemployed forresolution ofthemineralisation boundary at Nafolo.Thecategoricalmodelusedacut-offof1g/tgold.A5mEby12.5mNby5mRLblocksizewas employedduringthecategoricalprocessusedtodelineatemineralisedregions. Afterthis process,themodelwasreblockedupto10mEby25mNby10mRLfor Nafolo whileretainingthesmaller sizeblocksassubcellsatmineralisationboundaries.Theresourcemodelincludedestimatesforsulphidesulphurandorganiccarbonwhichassist withmetallurgicalcharacterisation.Itshouldbenotedthatthereislesssampledataforthese elementswhichhasresultedin greatersmoothingof theblockgrades.Krigingneighbourhoodanalysiswasperformedtooptimisetheblocksize,samplenumbers andlevelswiththegoalofbiasinthegoldgradeestimates.discretisationminimisingconditionalAlargerblockssize for Nafolowaschosen basedonthisanalysisthanwasemployedinthepreviousresourceestimate.Atotalofthreesearch passeswasused,withthefirstsearch passsettotherangeofthe variogramforeachelement.Aminimumof10andamaximumof30sampleswereused.The searchstayedthesameforthesecondpassbutwasincreased byafactorof3forthethird andfinalpass.Theminimumnumberofsampleswasreducedto8forthesecondpassand6 forthethirdpass.Un-estimatedblocks(lessthan1%forgold)wereassignedthedomainaveragegrades. Nodeleteriouselementswerefoundintheore.Noselectiveminingunitshavebeenassumed.Noassumptionshavebeenmaderegardingthecorrelationofvariablesalthoughitisnotedthat abroadpositivecorrelationexistsbetweengoldandsulphur.Estimation searcheshavebeenorientated torespecttheorientation oftheSyama Formation whichhoststhemineralisation.Topcutswereappliedtoreducethevariabilityofthedataandtoremovetheoutliers.Theestimatedblockmodelgradeswerevisuallyvalidatedagainsttheinputdrillholedata and comparisonswerecarriedoutagainstthedrillholedataandbynorthingandelevationslices. Globalcomparisonbetweentheinputdataandtheblockgradesforeachvariableisconsidered acceptable(±10%).Comparisonwiththe2017MineralResourcewascarriedout.
Moisture	•Whetherthetonnagesareestimatedon adrybasisor withnaturalmoisture,andthemethodof determinationofthemoisturecontent.	Alltonnagesareestimatedonadrybasis.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Cut-offparameters	• Thebasisoftheadoptedcut-offgrade(s)orquality parametersapplied.	MineralResourcesarereportedata1.5g/tAugradecut-offforthismodel. Theresourcehas beendemonstrated to be amenable toundergroundmining.
Mining factors orassumptions	•Assumptions made regarding possible mining methods, minimum miningdimensions and internal (or, if applicable, external) mining dilution. It isalways necessary as part of the process of determining reasonableprospects for eventual economicextraction to consider potential miningmethods, but the assumptions made regarding mining methods andparameters when estimating Mineral Resources may not always berigorous. Where this is the case, this should be reported with anexplanation of the basis of the mining assumptions made.	TheanticipatedminingmethodforundergroundexploitationisSub-LevelCaving(SLC).Theresourcemodelextendsfrom1,250mRLto600mRL. Openpitminingmethodswere usedbyResoluteto1,120mRL.Materialtestingconductedonsamplesofunderground ore confirmedthatpropertiessuchas metallurgicalfactors,structuraltrendsand geological continuityremainthesameasobservedinthefreshrockportionof theopenpit.
Metallurgicalfactors orassumptions	•Thebasisforassumptionsorpredictionsregarding metallurgicalamenability.Itis alwaysnecessaryas partof theprocessofdeterminingreasonable prospectsforeventualeconomicextractiontoconsiderpotentialmetallurgicalmethods,butthe assumptionsregardingmetallurgicaltreatment processesandparametersmadewhenreporting MineralResourcesmaynotalwaysberigorous. Wherethisis thecase,this shouldbe reportedwith anexplanationofthebasisofthemetallurgical assumptionsmade.	Resolutehasconductedmetallurgicaltestworkonvariabilitysamplestakenfromwithinthe proposedunderground orezone. Atestworkprogramwassupervisedbyconsultants MineLogixPtyLtdbasedonanalyticaltestworkcompletedatALSMetallurgyLaboratory.The programincludedcomminution,flotation,roastingandleachingassessments.Theplannedprocessing flowsheetinvolvescrushing,milling,flotationandroasting, followed byCILrecoveryofthecalcineproduct.TheSyamasulphideprocessingfacilityhasbeenin operationinitscurrentformsince2007.Thevarioustestworkprogramsdidnotidentifyanycontrasting metallurgicalbehaviourfrom sampleswithintheundergroundorezoneandtheoftheoretypically matchesthatobservedforopenperformanceundergroundpitore.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Environmentalfactors orassumptions	•Assumptionsmaderegardingpossiblewasteand processresiduedisposaloptions.Itis always necessaryaspartof theprocessofdetermining reasonableprospectsforeventualeconomic extractiontoconsiderthepotentialenvironmental impactsoftheminingandprocessingoperation. Whileatthisstagethedeterminationof potentialenvironmentalimpacts,particularlyforagreenfields project,maynotalwaysbe welladvanced,thestatus ofearlyconsiderationofthesepotentialenvironmental impactsshouldbereported.Wherethesenotbeenconsideredthisshouldbereported withanaspects haveexplanationoftheenvironmentalassumptions made.	ItisarequirementofDecreeNo.03-594/P-RMof31December2003ofMalianlawthatanEnvironmentalandSocialImpactStudy(Étuded'ImpactEnvironmentaletSocial–EIES)must beundertakentoupdatethepotentialenvironmental andsocialimpactsofthemine's redevelopment. TheEIESfortheSyamaGoldMinewasapprovedinNovember2007andan Environment Permit(07-0054/MEA–SG)wasissuedbytheMinistryofEnvironmentand Sanitationonthe22November2007.TheMinistryofEnvironmentconducttimelyreviewsofthe SyamaGoldMinetoensurethatcompanymaintainscompliancewiththeEIESguidelines.AtSyama therearethreekeypractices fordisposalofwastesandresidues namely, stacking ofwasterockfromopen pitmining;storageoftailingsfrommineralprocesses;and"tall-stack dispersion"ofsulphurdioxidefromtheroastingofgoldbearingconcentrate.Allwastedisposal practicesareinaccordancewiththeguidelinesintheEIES.TheEnvironmental&SocialImpactStudy–"SociétédesMinesdeSyama,SyamaGoldMine, Mali,dated2007indicatedtherewasminimalpotentialforacidminedrainagefromwasterock duetotheelevatedcarbonatecontentwhichbuffersanpotentialacidgeneration. Resolute maintainsaplanforprogressiverehabilitationofwasterocklandformsaspartofongoingmine developmentandwasterockdumping.The landform of tailings impoundments does not have a net acid generating potential. The largest volume isflotation tailings where the sulphideminerals have already been removed from the host rock. Its mineralogyincludes carbonates which further buffer any acid-formation potential from sulphides that may also be present.Cyanidelevelsintheleached-calcinetailingsaretypicallylessthan50ppmintheweakacid dissociableform.Groundwaterawayfromthetailingslandformisinterceptedbytrenchesand sumppumps.Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted and refined.Tall-Stack "dispersion" of the sulphur dioxide emission is monitored continuously. Prevailing weather anddissipation of the sulphur dioxide is modelled daily to predict the need to pause the roasting process to meet theair quality criteria set out in the Environmental & Social Impact Study.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Bulk density	•Whether assumed or determined. If assumed, the basis for theassumptions. If determined, the method used, whether wet or dry, thefrequency of the measurements, the nature, size and representativenessof 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 and alteration zones within thedeposit.•Discuss assumptions for bulk density estimates used in the evaluationprocess of the different materials.	Sitepersonnelhavecompleted numerous bulk density comparative estimates on HQ drill core to assessvariabilityusingtheArchimedesmethodofdryweightversusweightinwater. Thismethod wasusedfor96%of thebulkdensitymeasurements.OthertestswerecompletedbySGSusingthepycnometermethod.Onthebasisof thedatacollectedthefollowingSGestimateswereappliedto themodel:a)Syama Formation2.82b)SikoroFormation2.75c)BanmbereConglomerate2.75SIKOROSYAMAFORMATIONFORMATIONBANMBERECONGLOMERATE
Classification	•ThebasisfortheclassificationoftheMineral Resourcesintovaryingconfidencecategories.• Whetherappropriateaccounthas beentakenof all relevantfactors(i.e.relativeconfidencein tonnage/gradeestimations,reliabilityof inputdata,confidenceincontinuityof geologyandmetalvalues, quality,quantityanddistributionof thedata).• WhethertheresultappropriatelyreflectstheCompetentPerson'sviewofthedeposit.	The Measured Mineral Resource classification is based on good confidence in the geology and gold gradecontinuity with less than 25 m x 25 m spaced drillhole density in the central part of the deposit directlybelow the current pit.TheIndicatedMineralResourceclassification isbasedongoodconfidenceinthegeologyand gold gradecontinuity with lessthan75mx75mspaceddrillholedensity inthecentral partof thedeposit.TheInferredMineralResource classification isappliedtoextensionsofmineralisedzoneson themarginsofthedepositwheredrillspacingismorethan100mx100mandtheextentsofmineralisation at depth. TheNafolo orebody to the south of Syama whichistestedbywiderdrillspacing hasalsobeenclassifiedasInferred.Thevalidationoftheblockmodelhasconfirmedsatisfactorycorrelationoftheinputdatatothe estimatedgradesandreproductionof datatrends.TheMineralResourceestimateappropriatelyreflectstheviewof theCompetentPersons.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Audits orreviews	• Theresultsofanyauditsorreviewsof MineralResourceestimates.	TheMineralResource hasbeenauditedinternallyand in conjunction with resource consultants at Optiro PtyLtd aspartoftheroutinevalidationprocess.Therehasbeennoexternalreviewof theMineralResourceestimate.
Discussion ofrelativeaccuracy/confidence	• Where appropriate a statement of the relative accuracyandconfidencelevelintheMineral ResourceestimateusinganapproachorproceduredeemedappropriatebytheCompetentPerson.For example,theapplicationofstatisticalorgeostatistical procedurestoquantifytherelativeaccuracyof the resourcewithinstatedconfidencelimits,or,ifsuchan approachis notdeemedappropriate,aqualitative discussionofthefactorsthatcouldaffecttherelative accuracyandconfidenceof theestimate.•Thestatementshouldspecifywhetheritrelatesto globalorlocalestimates,and,iflocal,statethe relevanttonnages,whichshouldberelevantto technicalandeconomicevaluation.Documentation shouldincludeassumptionsmadeandtheprocedures used.• Thesestatementsofrelativeaccuracyandconfidence oftheestimateshouldbecomparedwithproduction data,whereavailable.	TherelativeaccuracyoftheMineralResourceestimateisreflectedinthereportingofIndicated andInferredresource categories as defined by 2012JORCCode guidelines.Thegeostatistical techniques applied to the estimate of underground resources atSyamaare deemedappropriate totheestimationofSubLevelCaving(SLC)miningmethodandhence applicableforreserveestimation.Therehasbeennostoping productionfrom the undergroundmine at Syamaat the timing of the model.

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.•Clear statement 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 inDatamineStudioRMusingaCategoricalIndicatorapproach todefinethemineralised blocks,followedbyanOrdinary Krigedmodeltoestimatethe goldgrade. Gradeswereestimatedintoparentblocks with dimensions 10mEby25mNby10mRL.Sub-cellingto5mEby12.5mNby5mRLwasemployed forresolution ofthemineralisation boundary.
		Only Mineral Resources below the base of the final open pit and below 1250mRL have been considered inthe mining studies.
		Mineral Resources at Syama are reported above a 1.5 Au g/t cut-off. This is determined from the marginaland geological cut off. Material below this cut-off is not considered in the resource but may form part of thedilution envelope 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, whichresults in a Life Of Mine Plan. Reported Ore Reserves are inclusive to 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 aCompetent Person who has conducted regular site visits to the project location.
	•If no site visitshave been undertaken indicate why this is the case.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Study status	•The type and level of study undertaken to enable Mineral Resources tobe converted to Ore Reserves.•The Code requires that a study to at least Pre-Feasibility Study level hasbeen undertaken to convert Mineral Resources to Ore Reserves. Suchstudies will have been carried out and will have determined a mine planthat is technically achievable and economically viable, and that materialModifying Factors have been considered.	Open pit mining operations recently completed in the Syama open pit were conducted successfully and werewell established. This study considered the underground operation below the open pit following thecompletion of the Definitive Feasibility Study. Approval for the development of the underground project wasgiven by the Resolute Board of Directors in June 2016.During FY 18 mode detailed design work was completed to convert the Definitive Feasibility Study toan executable operating plan as follows :The Syama 2017-18 Mine Design Programme:In addition to these studies considerations were given to ensure compliance to the Resolute IntegratedManagement System Standards.
Cut-off parameters	•The basis of the cut-off grade(s) or quality parameters applied.	To select the optimum stope design, a breakeven Cut Off Grade (COG) estimate was performed. The costper tonne for processing and administration were derived from actual mine average costs, while the miningcost per tonne and metallurgical recovery were taken from the 2015 PFS. The table below shows thebreakeven COG estimate with a cost per tonne mined of $59.18/t or COG of 1.93 g/t. Thus to cover theseaverage costs an NSR (Net Smelter Royalty) of $60/t was selected for the stope design.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
			FY19 LOM

















		perimeter for production rings on each level.later scheduled in the Deswik LOM Schedule.	A 1.9g/t COG was used to run a Mine Stope Optimisor and provide initial stope outline and derive theDilution and overdraw was modelled using PCSLC© 2018 software by Mining Plus in January 2018 ,using the PCSLC sub models following the process flow outlined below .The results of the modelling provided a basis for estimating tonnes and grade in each of the ring shapes to be
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.either by application of appropriate factors by optimization or bypreliminary or detailed design).	rock	Consultants from Noma Geotechnical Modelling confirmed Snowden's geotechnical study and confirmed thatthe deposit is amenable to caving, making SLC the preferred mining method. SLC is a highly mechanized,bulk mining method used in operations world-wide. The ore is blasted and during extraction the surroundingis allowed to cave naturally; backfilling is not required. SLC offers the advantage of a high miningproductivity with reduced mining cost compared with more selective mining methods such as long hole open

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
	•The choice, nature and appropriateness of the selected miningmethod(s) and other mining parameters including associated designissues such as pre-strip, access, etc.	stoping. The Noma study provided guidance on dilution movement used to optimize the cave drawparameters in the PCSLC model.
	•The assumptions made regarding geotechnical parameters (e.g. pitslopes, stope sizes, etc.), grade control and pre-production drilling.
	•The major assumptions made and Mineral Resource model used for pitand 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 miningstudies and the sensitivity of the outcome to their inclusion.
	•The infrastructure requirements of the selected mining methods.	The Syama orebody is steeply dipping with a competent footwall conglomerate and an orebody amenable tocaving (Laubscher RMR of 45 to 60). The chosen mining method was selectedafter excluding other potentialmining methods based on their technical and/or economical risk. Caving was identified as the only potentialmining method allowing for maximum extraction of the Mineral Resource. The competent footwall has anUCS of 133MPa, while the orebody is typically 75 to 100MPa. The hanging wall has a UCS of approximately100MPa. 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 andtreatment costs and processing recovery from the open pit operations, combined with DFS estimates for theunderground component of the mine and confirmed with completion of the AMC Cost Study in January 2018.
		Assumptions for mining and dilutionfactors:
		•Development ore –100% tonnes at block model grade. No over break is included for development ore as

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
		this would require a corresponding reduction in production ore to avoid double-accounting. This does nothave 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-offgrade of 1.9 g/t Au, not exceeding the maximum drawpercentages listed below:
		ofirst level below pit –60% tonnes
		osecond level below pit –70% tonnes
		othird level below pit –90% tonnes
		ofourth and consecutive levels –100% tonnes
		obottom two overdraw levels –120% tonnes
		Overdraw was modeled in PCSLC and was derived from material higher in the draw column and fromexternaldilution. External dilution properties were extracted from the relevant adjacent model blocks to provide a morereliable estimate than applying universal modifying factors. The mine design was based on the followingdesign 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 andwill be used to initiate caving. The southern section is narrower and the cave was terminated where thecontinuous economic width reduced below 30m. Draw point drives have been aligned orthogonal to theorebody strike in line with geotechnical recommendations.
		•A full set of ring designs were completed in the PCSLC software using the orthogonal draw point driveorientation 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 autonomoushaulage. 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 infrastructurefor ventilation, second means of egress and drainage.
		•Multiple models were tested to determine optimum extraction rates with the draw shut off grade selectedat 1.4 g/t.
		A small component (<5%) of Inferred Resources in the lower levels of the mine is included in the later years ofthe 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.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Metallurgicalfactors orassumptions	•The metallurgical process proposed and the appropriateness of thatprocess to the style of mineralization.•Whether the metallurgical process is well-tested technology or novel innature.•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 degreeto which such samples are considered representative of the ore body asa whole.•For minerals that are defined by a specification, has the ore reserveestimation been based on the appropriate mineralogy to meet thespecifications?	Experience from the current open pit shows that ore from the Syama deposit can be highly refractory due tolocking of gold within the sulphides and variable amounts of reactive natural carbon which robs cyanide leachsolutions of dissolved 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 process196,000t of concentrate per annum. The CIL circuit has a designed capacity sufficient to process all of theroasted concentrate.
Environmental	•The status of studies of potential environmental impacts of the miningand processing operation. Details of waste rock characterization and theconsideration of potential sites, status of design options considered and,where applicable, the status of approvals for process residue storage andwaste dumps should bereported.	The Syama Gold Mine operates in accordance with its' Environmental & Social Impact Study –"Société desMines de Syama, Syama Gold Mine, Mali, dated 2007. Waste rock characterisation has been included inprior studies for this Environmental & Social Impact Study. Work is ongoing to optimise the mining operationand environmental management 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 and design optimization for open-pit mine walls, ramps and thewaste rock dump 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 rockdump management plans, annual reporting and consultation-committee meetings with government andcommunity representatives.Tailings storage for the life of mine is forecast to be impounded over the existing footprint area approved inthe Environmental & Social Impact Study. Progressive raising of the tailings impoundments will occur tocontain life-of-mine storage capacity. Routine progress on the monitoring is reported to government and atstakeholder 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 areanticipated to the development of the underground mine.
Infrastructure	•The existence of appropriate infrastructure: availability of land for plantdevelopment, power, water, transportation (particularly for bulkcommodities), labour, accommodation; or the ease with which the	The Syama Mine and the underground mine site are located near the two major towns of Kadiola andSikasso. Kadiola, 55km southeast, is the regional capital while Sikasso, approximately 85 km to the

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
	infrastructure can be provided, or accessed.	northeast, is the second largest city in Mali and located close to the border with Burkina Faso.
		Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire highway through Kadiola, and thenfrom Fourou to site. Most consumables and supplies use this route as it can be approached either from Côted'Ivoire through the border post at Zegoua or alternatively from Burkina Faso and Togo through Sikasso. Theroad north through Bananso to Farakala, on the main highway from Bamako to Sikasso, provides an alternateand shorter route to Bamako. This road 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 fromKadiola to the site, refurbishment of administration buildings, plant site buildings and accommodation forhousing expatriate and senior national staff. This infrastructure will also be used by the undergroundoperations, with additional allowance made in the study for underground specific infrastructure on surface,such as primary ventilation fan installations, additional work shops and offices and change rooms forunderground workers.
		The site is serviced by two Internet and mobile telecommunications providers (Sotelma & Orange), in additionto a point to point satellite connection to Perth.
		The current operation has a peak continuous power demand of approximately 22MW with an installed powercapacity of 27MW. Power is currently supplied from a diesel fired power station. Supply of power from thenational grid is being considered in the near future and was incorporated into the underground study.
Costs	•The derivation of, or assumptions made, regarding projected capitalcostsin the study.	Resolute's mobile equipment and mining plant will be purchased by the mining contractor and amortized overthe operational 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 assumptionshave been derived from that contract.
	•The derivation of assumptions made of metal or commodity price(s), forthe principal minerals and co-products.	Mine operating costs are calculated from first-principles using fixed and variable components and assumecontractor mining.Allowances were made for regional efficiencies, supervision and training. Currentprocessing and administration costs were applied. The average mining cost (including decline development,
	•The source of exchange rates used in the study.	raises and contractor 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,penalties for failure to meet specification, etc.	All revenue and cost estimates have been made in USD, thus no exchange rates were required.
	•The allowances made for royalties payable, both Government and	Treatment and refining charges have been derived from current operating costs.
	private.	Royalties equal to 7% (6% government and 1% smelter) of sales proceeds are included in the cost model andis based on current royalties paid.
		No other royalties or Joint Venture agreements are expected.
Revenue factors	•The derivation of, or assumptions made regarding revenue factorsincluding head grade, metal orcommodity price(s) exchange rates,	It has been assumed that gold will be sold at the prevailing spot gold price. All revenue and cost estimateshave been made in USD and exchange rate assumptions were not necessary.
	transportation and treatment charges, penalties, net smelter returns, etc.•The derivation of assumptions made of metal or commodity price(s), forthe principal metals, minerals and co-products.	The study used an assumed gold price of US$1,200 per ounce which was derived by reference to recent USDspot gold prices.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Marketassessment	•The demand, supply and stock situation for the particular commodity,consumption trends and factors likely to affect supply and demand intothe future.•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)in the study, the source and confidence of these economic inputsincluding estimated inflation, discount rate, etc.•NPV ranges and sensitivity to variations in the significant assumptionsand inputs.	A variety of gold price points and discount rates were used to assess the robustness of the project, likelypayback periods, 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 tosocial license to operate.	Resolute assumed management of Société des Mines de Syama in May 2004. The recently completed openpit operated under the 1993 Permit Syama (No.PE-93/003) and the proposed underground will do the same.It is anticipated that transferrable skills from the current operation will be utilized for the underground operationand that existing employees will be up skilled where possible.Initially selected posts requiring specific skills or experience will most likely be filled by expatriates. In additionto performing their job function, expatriate personnel will be expected to transfer knowledge and expertise inorder to developthe capabilities of their Malian staff. In the longer term it is anticipated that Malian nationalswill fill most operating and management positions within the company.It is the intention to encourage economic development within the local community. Local contracts therefore,are let wherever possible and the company works actively with existing and emerging companies to achievethis aim.The Syama Mine Community Consultative Committee was established in February 2001 with representativesfrom local villages, the Malian Government and SOMISY. Since April 2004 the Committee has met regularlyas a communication 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/oron the estimation 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 theviability of the project, such as mineral tenement status, and governmentand statutory approvals. There must be reasonable grounds to expectthat all necessary Government approvals will be received within thetimeframes anticipated in the Pre-Feasibility or Feasibility study. Highlightand discuss the materiality of any unresolved matter that is dependent ona third party on which extraction of the reserve is contingent.	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 areexpected.

CRITERIA	JORCCODEEXPLANATION	COMMENTARY
Classification	•The basis for the classification of theOre Reserves into varyingconfidence categories.•Whether the result appropriately reflects the Competent Person's view ofthe deposit.•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 aProbable Ore Reserve 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 materiallyaffect the outcome.
Audits or reviews	•The results of any audits or reviews of Ore Reserve estimates.	Snowden Mining Industry Consultants completed theSyama Underground Pre-Feasibility study in 2015 andlater contributed to detailed designs incorporated in the Definitive Feasibility Study. Subsequent miningstudies have been conducted in conjunction with various industry experts from external companies relevant tothe areas of study.No other external audits of Ore Reserves were undertaken.
Discussion ofrelative accuracy/confidence	•Where appropriate a statement of the relative accuracy and confidencelevel in the Ore Reserve estimate using an approachor proceduredeemed appropriate by the Competent Person. For example, theapplication of statistical or geostatistical procedures to quantify therelative accuracy of the reserve within stated confidence limits, or, if suchan approach is not deemed appropriate, a qualitative discussion of thefactors which could affect the relative accuracy and confidence of theestimate.•The statement should specify whether it relates to global or localestimates, and, if local, state the relevant tonnages, which should berelevant to technical and economic evaluation. Documentation shouldinclude assumptions made and the procedures used.•Accuracy and confidence discussions should extend to specificdiscussions of any applied Modifying Factors that may have a materialimpact on Ore Reserve viability, or for which there are remaining areas ofuncertainty at the current study stage.•It is recognized that this may not be possible or appropriate in allcircumstances. These statements of relative accuracy and confidence ofthe estimate should be compared with production data, where available.	Treatment costs and recoveries are based on actual performance in the open pit operations and provide ahigh level of 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 alevel of accuracy and confidence that falls within the required standard for a Definitive Feasibility Study andthe subsequent Mining studies.All the parameters assumed and adopted including the financial modelling and analysis have been subject tointernal peer review.

JORC Code, 2012 Edition – Table 1 report

Ravenswood Gold Mine Queensland –Buck Reef West and Sarsfield Deposits.

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels, random chips, orspecific specialized industry standard measurement toolsappropriate tothe minerals under investigation, such as down hole gamma sondes, orhandheld XRF instruments, etc.). These examples should not be takenas limiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation that are Material to thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (e.g. 'reverse circulation drilling was used to obtain 1 msamples from which 3 kg was pulverised to produce a 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 commodities or mineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information.	The mineral resource estimate was based on a combination of recent data (Carpentaria Gold 2003-2015)collected from reverse circulation (RC) and diamond core (DD) drill holes, and historic data (MIM Exploration1980-1999) 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), openpercussion diamond (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 thelaboratory for pulverisation to produce a 200g sub-sample for analysis.Historical RC holes were sampled at either 1m or 2m intervals to obtain a sample whose weight was notrecorded.Recent diamond core were sampled at 1m intervals and cut in half to provide a 2-4kg sample which was sentto the laboratory for crushing to 10mm, splitting and pulverising to 85% passing 75 microns, to provide a 30gcharge for analysis.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 weightwas not recorded.Sampling and sample preparation protocols for recent drilling are industry standard and are deemedappropriate for the mineralisation being analysed.Historical sampling preparation protocols were deemed appropriate at the time.
Drillingtechniques	•Drill type (e.g. core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, tripleor standard tube, depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc.).	Drill types used include RC and diamond core of PQ, HQ and NQ sizes for recent data, historic drill typesinclude BQ, HQ, NQ and some unspecified sizes.Drill core for recent data is oriented at 30m down hole intervals using spear method. It is unknown whatmethod was used for historic data.
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveriesand results assessed.•Measures taken to maximise sample recovery and ensure	Diamond core interval recoveries are measured by reconciling against driller's depth blocks in each core traywith data recorded in the database.For some historical drilling programs recovery data has rarely been logged and recorded with the historical

representative nature of the samples.data. Recovery data is typically not recorded for RC, OHP and AC drilling.•Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material.estimate through the use of interpretative wireframes.methods.Logging•Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies.DD drill holes are logged on geologically domained intervals.•Whether logging is qualitative or quantitative in nature. Core (orHistoric RC, AC and OHP holes were logged to match the sampling interval of 1 or 2m.costean, channel, etc) photography.•The total length and percentage of the relevant intersections logged.measured and recorded for diamond core intervals.data.shed (DD) using Excel templates. Data is validated prior to import to the drillhole database.the computer database via an excel template.Holes are logged in their entirety (100%).Sub-sampling•If core, whether cut or sawn and whether quarter, half or all core taken.techniques andpulverisation.•If non-core, whether riffled, tube sampled, rotary split, etc. and whethersamplesampled wet or dry.preparationthe sampling details are not recorded.•For all sample types, the nature, quality and appropriateness of thesample preparation technique.•Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.approximate 200g subsample is used for assay determination.	CRITERIA	JORC CODE EXPLANATION	COMMENTARY
			Drilling and sampling crews are informed of the importance of core recovery. Measures taken to maximiserecovery include the selection of drilling methods and core sizes suited to the geology and mineralisation.Appropriate measures are taken to maximise sample recovery and ensure the representative nature of thesamples. At the Buck Reef West deposit core recovery was reduced within areas of historic stoping. Areas ofstoping have been identified in the drilling and sampling database and excluded from the resource volumeNo apparent relationship was observed between recovery loss and gold grade for any of the recent drillingGeological logging is conducted in all recent and historic RC, AC, OHP and DD drill holes with observationsrecorded for colour, grainsize, lithology, minerals and alteration. RC drill holes are logged on 1m intervals andGeotechnical rock mass logging, structure orientation, recovery and magnetic susceptibility data areDiamond core is photographed (wet and dry) for recent data but few photographs exist for historic core; RCchips are occasionally photographed for recent data, RC, AC and OHP chips are not photographed for historicRecent diamond core and RC chips are logged onto a laptop computer either at the drill site (RC) or the coreHistoric logging was completed on paper templates at the core shed or drill rig and occasionally entered into

•Measures taken to ensure that the sampling is representative of the in			Each 1m RC interval is riffle split (dry) to obtain a 2-3.5 kg sample, which is sent to the laboratory forA similar protocol was followed for historical RC, OHP and AC samples for either 1m or 2m intervals; howeverDiamond core has been sampled at 1m intervals and cut into half to provide a 2-4kg sample which is sent tothe laboratory for oven drying, crushing to 10mm, splitting and pulverising to 85% passing 75 microns. An

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
		situ material collected, including for instance results for fieldduplicate/second-half sampling.	A similar protocol was followed for historical DD samples and core was cut and halved for sampling at either1m or 2m intervals; however details of the sampling were not clearly recorded for induvial samples.
	•	Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	Field duplicates (RC) for recent data are collected every 1:30 samples at the same time using the samemethod (riffle split) as the parent sample.
			QCdata 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 of1:15 samples for recent drilling.
			QC data is not available in the historical DD drilling records.
			Sampling, sample preparation and quality control protocols are considered appropriate for the materialsampled.
Quality of assaydata andlaboratory tests	•	The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial ortotal.	RC and DD samples are assayed for gold by ALS Global Townsville using method code Au-AA25 which usesa 30gram fire assay fusion with AAS instrument finish. The analytical method is appropriate for this style ofmineralisation.
	•	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 their	Methods for historic RC, AC, OHP and DDdrilling included Au-AA25, FA50_Pb_AA, UN_UN and unknownmethods for gold by ALS_TNV and a number of unspecified laboratories in the Townsville region.
		derivation, etc.	No geophysical tools were used to determine elemental concentrations used in resource estimations.
	•	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.	Quality control (QC) procedures for recent data include the use of certified standards (at a rate of 1:20samples), certified blanks (1:20), non-certified coarse blanks (1:15), field duplicates (RC) (1:30) and coarsecrush duplicates (DD) (1:15). QC samples are included in all dispatches to the laboratory and the results areroutinely analysed for accuracy and precision.
			Quality control (QC) procedures for historic RC, AC, OHP, and DD drilling are assumed to have been carriedout to industry 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 recentdata
			There is no evidence of historic umpire sampling for any drill type.
			Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind sizeresults are also 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 precisionhas been achieved.

		The level of accuracy and precision for historic data is unknown, but there was no reason not to assumeindustry standards were applied by MIM and Xstrata, the previous owners of the Ravenswood Project.
Verification ofsampling andassaying	•The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.	The verification of significant intersections has been completed by company personnel and the competentpersons.No drill holes within the resource were twinned.
	•Documentation of primary data, data entry procedures, data verification,data storage (physical and electronic) protocols.•Discuss any adjustment to assay data.	Recent drill holes are logged digitally into Excel templates with lookup codes, validated and then compiled intorelational SQL2008 database using DataShed data management software. The database is backed up on adaily basis to the head office server.
		Historic drill holes were logged onto paper templates and partially transcribed onto an excel spreadsheet andlogged into the database as described above. Some historic drill logs are only partially loaded onto thedatabase with existing geotechnical and geologicallogs available as paper copies only.
		Recent Assay files are reported by the laboratory in CSV format and are imported into the SQL databasewithout adjustment or modification.
		Historic assay files were reported by the laboratory in CSV, SIF, text, paper and unknown formats and eithertranscribed into appropriate electronic formats, or directly imported into the SQL database. It appears that noadjustment was made to the assay data.
		There were no adjustments to assay data.
Location ofdata points	•Accuracyand quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locations usedin Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	Collar coordinates for recent drill holes are picked up in UTM by contract and staff surveyors using Leica 1203DGPS surveying 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 andmulti shot.Coordinates and azimuth are reported in UTM AMG84 Zone 55.Coordinates are translated to local mine grid where required.
Data spacingand distribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and classificationsapplied.•Whether sample compositing has been applied.	The drill hole spacing is sufficient to demonstrate geological and grade continuity appropriate for the MineralResource and the classifications applied under the 2012 JORC Code.The drill spacing applied to each deposit is considered suitable for the style of mineralisation and mineralresource estimation requirements.No sample compositing is applied during the sampling process.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY

Orientation ofdata in relationto geological	•Whetherthe orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.	Drill holes were drilled predominantly perpendicular to mineralised domains where possible.No orientation based sampling bias has been identified in the data.
structure	•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.
Sample security	•The measures taken to ensure sample security.	The sample chain of custody is managed by Carpentaria Gold personnel. Both RC and diamond coresamples are securely stored on site for logging and sampling procedures prior to being dispatched to the ALSTownsville laboratory for assay analysis Dispatch sheets are used to document sample numbers through thedelivery process. ALS laboratories maintains a Webtrieve application to confirm and monitor samples andjobs within the laboratory process.It is assumed that appropriate security protocols were taken for historical drill hole samples to be despatchedto the Laboratory.
Audits orreviews	•The results of any audits or reviews of sampling techniques 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 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.	Exploration activity is conducted within Queensland Government authorised tenure including explorationpermits and mining leases which are held by Carpentaria Gold Pty Ltd.Formal individual agreements are negotiated with the traditional landowners and property owners for each ofthe exploration prospects before carrying out exploration activities.Exploration activities conducted within these leases are highly regulated and reports are routinely submittedto the Queensland government containing details of work conducted in the area and expenditure.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration by other parties.	The Ravenswood area has a well documented and extensive history of mining and exploration. Gold wasdiscovered in 1868 and alluvial and shallow oxidised quartz-sulphide veins were worked in the initialgoldrush. Carpentaria Gold Pty Ltd has been exploring in the area since 1978.
Geology	•Deposit type, geological setting and style of mineralisation.	Mineralisation occurs in variably orientated tabular sulphide –quartz veins and mineralised shear zones andin numerous vein stock works. Areas of weak veining separate the more strongly stock-worked areas intodiscrete zones. Individual veins can vary in width from hairline fractures up to one metre locally.Mineralisation extends from the topographic surface and has been confirmed to extend at depth in deepdrilling. The mineralisation remains open at depth.The Jessop Creek Tonalite, an Early to Middle Devonian age unit of the Ravenswood Batholith, hosts themineralisation. In the project area the Jessop Creel Tonalite can be divided into diorite, quartz diorite andminor gabbro. Boundaries between these units vary from sharp to indistinct and often show complex
		relationships including stoping xenoliths and irregular dykes. No association between the host lithology andthe gold mineralisation has been established other than it is a suitable competent host that allowed the crosscutting sulphide veins to develop.The major commodity being investigated is gold.
Drill holeInformation	•A summary of all information material to the understanding of theexploration results including a tabulation of the following information forall 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 beenincluded in this release.
	oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collarodip and azimuth of the holeodown hole length and interception depth	Drilling information that is used for the estimation of mineral resources includes the following :1.Location data including Easting, Northing and RL of drill hole collars recorded in UTM AMG84(Zone 55) co-ordinates.2.Drillhole dip is the inclination of the drill hole from horizontal. A drill hole at a dip of -600is 600 below
		the horizontal.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	ohole 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.	3.Down hole length is the distance down the inclination of the hole and is measured as the distancefrom the collar to the end of hole.4.Intercept depth is the distance from the start of the hole down the inclination of the hole to the depthof the zone of interest.The listing of the entire drill hole database used to estimate the mineral resource was not considered relevantforthis release.
Dataaggregationmethods	•In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Material and should be stated.•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.	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 reportedinterval was used. Minimum intercept length of 3m down hole.Accuracy of the survey measurements is considered to meet acceptable industry standards.
	•The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.	Metal equivalent values are not used in reporting.
Relationshipbetweenmineralizationwidths andinterceptlengths	•These relationships are particularly important in the reporting ofExploration Results.•If the geometry of the mineralisation with respect to the drill hole angleis known, 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').	Reporting of mineralisation width and intercepts are deemed acceptable by the Competent Persons. Zones ofmineralisation are based oninterpreted geology recorded in drilling logs.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 ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	No exploration results have been reported in therelease.
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.	Significant intercepts of new drill holes have not been reported in this release.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurveyresults; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,groundwater,geotechnicalandrockcharacteristics;potentialdeleterious or contaminating substances.	Geophysical and geochemical data and any additional exploration information are reported regularly inannual exploration tenement government reports, and monthly, quarterly and annual Resolute reporting.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Further work	•The nature and scale of planned further work (e.g. tests for lateralextensions or depth extensions or large-scale step-out drilling).	Further work is planned to evaluate exploration opportunities that extend the known mineralisation at theBuck Reef West and Sarsfield deposits to improve confidence of the model.
	•Diagrams clearly highlighting the areas of possible extensions, includingthe main geological interpretations and future drilling areas, providedthis information is not commercially 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, transcriptionor keying errors, between its initial collectionand its use for Mineral Resource estimationpurposes.•Data validation procedures used.	Buck Reef West and SarsfieldData have been compiled into a relational SQL database. The setup of this database precludes the loading of data which do notmeetthe required validation protocols. The data is managed using Maxell Geoservices' DataShedTM drill hole management software usingSQL database techniques. Validation checks are conducted using SQL and DataShed relational database standards. Data has alsobeen checked against original hard copies for 75% of the data, and where possible, loaded from original data sources.Carpentaria Gold Pty Ltd carried out the following basic validation checks on the data supplied prior to resource estimation:•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 by theCompetent Person and the outcome of thosevisits.•If no site visits have been undertaken indicatewhy this is the case.	Buck Reef West and SarsfieldMr Bruce Mowat, a Member of the Australian Institute of Geoscientists is the Competent Person who has visited Sarsfield and BuckReef West on numerous occasions.All aspects of drilling, sampling and mining are considered by the Competent Persons to be of a high industry standard.
Geologicalinterpretation	•Confidence in (or conversely, the uncertaintyof) the geological interpretation of the mineraldeposit.•Natureof the data used and of anyassumptions made.•The effect, if any, of alternative interpretationson Mineral Resource estimation.•The use of geology in guiding and controllingMineral Resource estimation.•The factors affecting continuity both of gradeand geology.	Buck Reef West and SarsfieldBuck Reef West / Sarsfield Deposit lies within the northern part of the Thomson fold belt which forms part of the Charters Towersprovince, in a tight cluster of calc-alkaline intrusives of Ordovician to Devonian age known as the Ravenswood Batholiths. Individualintrusive compositions vary from adamellite to diorite: -granite and granodiorite are the most common. The Buck Reef West / Sarsfieldgold deposit is located within and around the junction of three prominentfault systems.The deposits outcrop over a 900 by 900 metre area with mineral resources defined to a depth of 600 metres. A weathered zonepersists to an average of 15 metres below surface. Supergene effects are restricted to a discontinuous horizon within a partiallyoxidised zone less than 5 metres thick.At least 95% of gold is located within a network of flatly dipping sulphide-quartz veins. Movement on the faults has controlled dilationwithin the veins, and at least 17 different structural movements and alteration events have reactivated the vein. Veins (20mm to250mm thick) are typically associated with a phyllic alteration selvedge up to 500mm wide. Vein mineralogy is sulphide dominant with

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
			quartz and calcite constituting the major gangue phases. Total sulphide content of the ore is less than 5% with the most commonphases being pyrite, pyrrhotite, sphalerite and chalcopyrite. Gold occurs as mostly sub 50 micron free milling grains on fractures andsulphide mineral boundaries.
			Historic production figures from 1870 to 1918 and then 1987 to 2005 indicate approximately 400 koz of gold was recovered fromunderground mining methods.
			Geologically, Sarsfield resource modelling was divided into several domains based on geological structures/ lithologies and golddistribution; named as the Keel, Bell, Buckreef and Nolans zones. Buck Reef West as divided into zones named Buck Reef West,Duke, Flat, Grant A2 and Sunset
Dimensions	•	The extent and variability of the Mineral	Buck Reef West and Sarsfield
		Resource expressed as length(along strike orotherwise), 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 Mineral Resource is limitedin depth to 600 metres from the surface.
Estimation and	•	The nature and appropriateness of the	Sarsfield
modellingtechniques		estimation technique(s) applied and keyassumptions, including treatment of extremegradevalues,domaining,interpolationparametersandmaximumdistanceofextrapolation from data points. If a computerassisted estimation method was choseninclude a description of computer software andparameters used.	The method of Multiple Indicator Kriging (MIK) was used to estimate gold into model blocks. MIK modelling methods of gold grades,use indicator variography based on the resource composite sample grades within distinct mineralised populations, defined by wireframes.
			Within each domain gold grade continuity was characterised by indicator variograms at 14 indicator thresholds spanning the globalrange of grades based on 2m down hole composites of the Sarsfield exploration drilling.
	•	The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takes	Data viewing, compositing and wire-framing were performed using MicromineTM software. Exploratory data analysis, variogramcalculation and modelling, and resource estimation have been performed using FSSI Consultant (Australia) Pty Ltd GS3MTM software.GS3MTM is designed specifically for estimation of recoverable resources using MIK methodology.
	•	appropriate account of such data.The assumptions made regarding recovery ofby-products.	MIK was used as the preferred method for estimation of gold at Sarsfield as the approach has been demonstrated to work well in alarge number of deposits of diverse geological styles. The gold mineralisation seen at Sarsfield is typical of that seen in moststructurally controlled gold deposits and where the MIK method has been found to be ofmost benefit.
	•	Estimation of deleterious elements or othernon-grade variables of economic significance(e.g.sulphurforacidminedrainage	Open pit and underground mining has occurred at Sarsfield by previous owners of the project. Where appropriate the resourceestimate takes into account historic production using wireframes that represent the open cut pit and the undergroundstoping voids.
		characterization).	No by-products or deleterious elements are modelled.
	•	In the case of block model interpolation, theblock size in relation to the average samplespacing and the search employed.	The selected resource model blocks had dimensions of 20mE by 20mN by 10mRL and were used as this approximates the averagedrill spacing in the modelled resource areas. A three pass octant search strategy was used to define the local neighbourhood data
	•	Any assumptions behind modelling of selective	used in the kriging to produce the three modelled resource confidence categories. The highest confidence blocks are estimated usingsearch radii of 30mE by 30mN by 15mRL and a minimum of 8 data coming from a minimum of 4 octants. The second and third pass

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	mining units.•Any assumptions aboutcorrelation between	estimates used an expanded search of 50% with 16 and 8 minimum data and 4 and 2 minimum octants, respectively. All estimationpasses use a maximum of 48 data.
	variables.	The selective mining unit at Sarsfield is expected to be at the scale of the model blocks so no further subdivision is required.
	•Description of how the geological interpretationwas used to control the resource estimates.	Gold is the only economic metal estimated in the current model.
	•Discussion of basis for using or not usinggrade cutting or capping.•The process of validation, the checking	Mineralised domain wire-frames developed at nominal 0.1 g/t Au cut-off and used to flag resource composites and code domainproportions to the block model. A further division of the model domains into oxide and fresh rock is applied by triangulatedsurfacesinterpreted from the logging of the drill samples.
	process used, the comparison of model data todrill hole data, and use of reconciliation data ifavailable.	Statistical analysis showed the gold population in each domain to be highly skewed and generally having moderate to high coefficientof variation. Selection of the median as the average grade of the highest indicator threshold was used to reduce the influence ofextreme composite grades on the model gold estimates.
		Visual validation of grade trends and gold distributions was carried out.

		Buck Reef West
		Estimation was completed in Datamine Studio RM using both Ordinary Kriging (OK) and Simple Kriging (SK) to estimate grades intothe domains. Grades were estimated into the model using both two-dimensional and three-dimensional estimation.
		Mineralisation domains were modelled in three different ways as either constrained (3D wireframes), semi-constrained (2D surfaces)and unconstrained. Fourteen 3D wireframes were created using sectional interpretation techniques to define lode style mineralisation.Eight pairs of surface wireframes were used to define 'semi-constrained' mineralisaton identified adjacent to, or between theconstrained lodes. Six unconstrained domains were created to infill the background material. Geological logging was used to classifythe background mineralisation into 'high' and 'low' grade populations, with the final grade being a weighted average of the two values.These domains were used to flag resource composites and code domains in the block model.
		Within each domain gold grade continuity was characterised by variograms for each sub-domain based on 2m down hole compositesof the Buck Reef West exploration drilling. Prior to modelling each domain was unfolded onto a two-dimensional plane, except the BuckReef West domains which were calculated after unfolding onto a north/south vertical plane.
		Topcutswereappliedtoreducethevariabilityof thedataandtoremovetheoutliers. Where the impact of the top cut was consideredto be severe the model cells within 10 m of each cut composite were selected and an uncut grade estimate used for these modelcells.
		The selected resource model blocks had dimensions of 20mE by 20mN by 20mRL and were used as this approximates the averagedrill spacing in the modelled resource areas. Panel estimation was used for all domains using a panel size of 20 m along strike, 20 mdown dip and 5 m across strike. The panels were orientated to match the average dip and dip direction of each domain.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		The true thickness of the wireframes was calculated within the 20 m x 20 m panels, they were combined into areas where the averagetrue thickness was less than five metres and areas there the average true thickness was greater than five metres. A two-dimensionalestimation was used for the areas where the true thickness was less than five metres and three-dimensional estimation for the otherareas.
		OK was the preferred method and was selected in areas where a slope of regression greater than 60% was achieved. A total of threesearch passes was used, with the first search pass set to the range of the variogram for each domain. A minimum of 6 and a maximumof between 16 and 32 samples were used. The second pass was enlarged by a factor of 1.5 and the minimum number of samplesreduced to 4. For the final pass the search ellipse was increased by a factor of 2 and the minimum number of samples reducedto 1.
		Open pit and underground mining has occurred at Buck Reef West by previous owners of the project. Where appropriate the resourceestimate takes into account historic production using wireframes that represent the open cut pit and the underground stoping voids.
		Gold is the only economic metal estimated in the current model. No by-products or deleterious elements are modelled.
		The selective mining unit at Buck Reef West is expected to be at the scale of the model blocks so no further subdivision is required.
		The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against thedrillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable isconsidered acceptable (±10%).
Moisture	•Whether the tonnages are estimated on a dry	Buck Reef West and Sarsfield
	basis or with natural moisture, and the methodof determination of the moisture content.	All tonnages are estimated on a dry basis.
Cut-off	•The basis of the adopted cut-off grade(s) or	Buck Reef West and Sarsfield
parameters	quality parameters applied.	The Mineral Resource has been reported at a 0.4 g/t Au grade cut-off for Buck Reef West and Sarsfield. This cut off was chosen asthe insitu marginal cut-grade estimation, using current Ravenswood economic parameters applicable for open cut mining methods.
Mining factors	•Assumptions made regarding possible mining	Buck Reef West and Sarsfield
orassumptions	methods, minimum mining dimensions andinternal (or, if applicable, external) mining	Mining methods for the extraction of gold at Buck Reef West and Nolans East has primarily been by open pit and underground
	dilution. It is always necessary as part of theprocess of determining reasonable prospects	methods. It is anticipated that large scale open pit mining methods will be applied for the remaining resources. Grade control of miningblocks will be based on sampling from high quality reverse circulation drilling spaced at approximately 5mE by 12.5mN with samples
	for eventual economic extraction to considerpotential mining methods, but the assumptions	taken at 1.5 metre intervals down-hole.
	maderegardingminingmethodsandparameterswhenestimatingMineralResources may not always be rigorous. Where	The Buck Reef West and Sarsfield pits were mined historically using routine open pit mining methods with a backhoe type excavator toexcavate benches. Beneath the open cut, open stope underground mining methods were used historically dating back to 1870.
	this is the case, this should be reported with anexplanation of the basis of the mining	Historically, (1870-1918) + recent (1987-2005) production, totaled around 400koz of high grade gold.
	assumptions made.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Metallurgicalfactors orassumptions	•The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider potentialmetallurgical methods, but the assumptionsregarding metallurgical treatment processesand parameters made when reporting MineralResources may not always be rigorous. Wherethis is the case, this should be reported with anexplanation of the basis of the metallurgicalassumptions made.	Buck Reef West and SarsfieldThe crushing circuit at the Nolans Plant treating Buck Reef West and Sarsfield ore will use either two or three stage crushingdepending 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 deposited on to stainless steelcathodes 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 made regarding possible wasteand process residue disposal options. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider the potentialenvironmental impacts of the mining andprocessing operation. While at this stage thedeterminationofpotentialenvironmentalimpacts, particularly for a greenfield project,may not always be well advanced, the statusof early consideration of these potentialenvironmental impacts should be reported.Where these aspects have not beenconsidered this should be reported with anexplanation of the environmental assumptionsmade.	Buck Reef West and SarsfieldThe Buck Reef West and Sarsfield deposits at Ravenswood are adjacent to the Nolans plant site. Ore from the Mt Wright undergroundmine is also trucked to the plant for extraction and refining of gold. The tailings from this mineral processing are discharged into theSarsfield Open Pit. These tailings are potentially acid forming and subaqueous settlement beneath a pit lake (water cover) preventsthe oxidation of the stored tailings. Future processing operations may utilise a dry stacked tailings storage facility which combines awaste landform with filtered tailings in a lined facility and subsequently covered by mine waste material.Carpentaria Gold Pty Ltd (CG) originally initiated the Environmental Approval process required to reopen the Sarsfield pit in July 2011.A draft Environmental Impact Statement (EIS) was submitted in July 2012 and then progressed through the submission process untilbeing suspended pending further design changes. A revised EIS was submitted in March 2014 and then progressed through the EIScompletion phase with the Department of the Environment and Heritage Protection (DEHP) issuing an EIS Assessment Report in June2014.The Sarsfield Expansion Project EIS Assessment Report concludedthat the project would be suitable, provided CG thoroughlyaddressed 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 to the Sarsfield Expansion Project to addresssome of the key issues raised in the EIS AssessmentReport. These key changes include:•A modification of the proposed tailings management system which now includes a Dry Stack Tailings Storage Facility(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 location of the DSTSF(reduced in volume due to dry stacking), in an area of existing land disturbance; and

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		•A plan to manage accumulated legacy water in the Sarsfield Pit using a Reverse Osmosis (RO) Plant, instead of evaporativefans as originally proposed.
		Some waste rock from future mining of a cut-back at Buck Reef West / Sarsfield may be potentially-acid forming while the majority ofwaste rock will be non-acid forming. Waste rock dumping has been scheduled, along with encapsulation designs and optimizationdetermined to minimize the risk of acid forming conditions from the waste rock dumping landform. The rehabilitation plan of thatlandform 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 acid forming potentialand will be placed in the regulated dry storage facility over the Nolans pit.
Bulk density	•Whether assumed or determined. If assumed,	Buck Reef West and Sarsfield
	the basis for the assumptions. If determined,the method used, whether wet or dry, thefrequency of the measurements, the nature,size and representativeness of the samples.	A substantial population of rock density (SG) measurements for the Buck Reef West / Sarsfield deposits were collected by BPBSlimline Services in 2 campaigns during 1995-1996. Gamma-gamma density logging was collected from a total of 14 drill holes withsamplestaken at 10cm intervals over a combined total length of 2,900 metres.
	•The bulk density for bulk material must have	A total of 2,551 readings were made of fresh rock from which an average value of 2.781 was calculated.
	been measured by methods that adequately	•Minimum Value 2.365
	account forvoid spaces (vugs, porosity, etc),moisture and differences between rock and	•Maximum Value 3.002
	alteration zones within the deposit.	•Average Value 2.781
	•Discussassumptionsforbulkdensityestimates used in the evaluation process ofthe different materials.	•Median Value 2.78
		•Std. Deviation 0.05019
		A typical dry bulk density of 2.78 has been used.
Classification	•The basis for the classification of the Mineral	Sarsfield
	Resources into varying confidence categories.•Whether appropriate account has been takenof all relevant factors (i.e. relative confidencein tonnage/grade estimations, reliability ofinput data, confidence in continuity of geologyand metal values, quality, quantity anddistribution of the data).	The gold estimates within each block have been classified according to the distribution of sampling in the kriging neighbourhood. Thisclassification scheme takes into account the uncertainty in the estimates related to the proximity and distribution of the informingcomposites.
		A progressively less stringent three pass search strategy produces the three categories of confidence. The highest confidentestimateuses a search ellipse of approximately the same dimension of the block dimension and a significant number of resource compositesselected from within an octant constraint. The search radii are expanded and sample criteria relaxed for the second and thirdcategories.
		The highest level of confidence category is measured, the second highest is indicated and the third is inferred.

	•Whether the result appropriately reflects the

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Competent Person's view of thedeposit.	Sarsfield Cross Section 13712.5 m E looking WestBuck Reef WestFor the lode domains the slope of regression from kriging was the main parameter used to classify the model. For each domainaperimeter was created enclosing areas where the slope of regression was generally greater than 60%. Model cells falling within thisperimeter were classified as indicated. Where the slope of regression was generally greater than 95% the model cells were classifiedas Measured.Before the unconstrained domains between Duke and Grant and between Sunset and Grant were classified, the sub-cells werecombined into parent cells and the slope of regression value averaged. Where the average slope of regression of the parent cell wasgreater than 30% the cell was classified as Inferred, where the average slope of regression was greater than 60% the cell wasclassified as Indicated.The remaining unconstrained model domains were classified according to the slope of regressionof the individual model cells. Modelcells with a slope of regression greater than 30% were classified as Inferred, model cells with a slope of regression greaterthan 60%were classified as Indicated.Unconstrained model cells with a slope of regressionless than 30% were not classified.

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Audits orreviews	•The results of any audits or reviews of MineralResource estimates.	Buck Reef West and SarsfieldNo external audits or independent reviews have been undertaken on the current Mineral Resource estimates. As this deposit wasmined previously by Resolute Mining Limited from 2004 to 2009 significant internal experience can be drawn on.
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach orproceduredeemedappropriatebytheCompetentPerson.Forexample,theapplication of statistical or geostatisticalprocedures to quantify the relative accuracy ofthe resource within stated confidence 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 and economicevaluation. Documentation should includeassumptions made and the procedures used.•These statements of relative accuracy andconfidence of the estimate should becompared with production data, whereavailable.	Buck Reef West and SarsfieldThe 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 estimation accuracy.The precision of the estimation is globally acceptable with the assumption that at a mining level more detailed grade controldrilling andsampling will be undertaken.In the Competent person's view the geostatistical techniques applied to estimate the Buck Reef West and Sarsfield deposits aredeemed 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 estimateused as a basis for the conversion to an OreReserve.	Resources and Reserves at Buck Reef West are reported above a 0.4 g/t cut-off. Mineral Reserves at Sarsfield are reported above a0.3 g/t cut-off. This was calculated as a marginal cut off utilising open pit mining methods. Material below this cut-off is not included inthe mineral resource.
conversion toOre Reserves	•	Clear statement as to whether the MineralResources are reported additional to, orinclusive of, the Ore Reserves.	Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with aneconomically 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 thosevisits.	The Competent Personfor the Ore Reserves at Buck Reef West, Mr. John Millbank, is an independent consultant engaged byResolute. Mr Millbank has contributed to the mine planning processes at Ravenswood Operations since commencement of operationsat Nolans East in 2016, and has been closely involved with site operations since this time. Numerous site visits have been conducted
	•	If no site visits have been undertaken indicatewhy this is the case.	during this time.
			Mr.is a Member of the Australasian Institute of Mining and Metallurgy and is a Competent Person who is a full-timeDavid Mackayemployee of Carpentaria Gold working at Ravenswood.
Study status	•	The type and level of study undertaken toenable Mineral Resources to be converted to	The study should be considered as Feasibility Level due to the accuracies of the cost information and other inputs used.
		Ore Reserves.	Pit optimisations were completed using the Lerchs-Grossman (LG) algorithm utilising the WhittleTM software to calculate the optimal pitat specified input parameters that were determined prior to the study.
	•	The Code requires that a study to at least PreFeasibility Study level has been undertaken toconvert Mineral Resources to Ore Reserves.Such studies will have been carried out and will	A wireframe pit shell for each gold price considered was the resultant output. One of these was selected as the base for thenew pitdesign.
		have determined a mine plan that is technicallyachievable and economically viable, and thatmaterialModifyingFactorshavebeenconsidered.	An operational pit design was completed and mine scheduling conducted as part of the Feasibility process. These pit designs and mineschedules have recently been incorporated into the Company's Life of Mine planning process for the Buck Reef West and Sarsfieldprojects.
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 cost estimates andactual cost data. Processing recovery and other factors were determined from actual process plant performance combined withrelevant historic data. The mine design was completed using the output from the LG algorithm.
Mining factorsor assumptions	•	The method and assumptions used as reportedin the Pre-Feasibility or Feasibility Study toconvert the Mineral Resource to an OreReserve(i.e.eitherbyapplicationof	The open pit mine design is based on normal sequential bench mining methods. The orebody comprises quartz veins and somedisseminated mineralisation hosted within a granodiorite batholith. Mining incorporates a single access ramp into the pit, 10m benchheight mined as a series of up to four flitches.
		appropriate factors by optimization or bypreliminary or detailed design).	Orebody cut offs are applied during the pit optimisation process. Only Measured and Indicated ore has been used to compile the pitshell and associated designs and schedules.
	•	The choice, nature and appropriateness of the

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	selected mining method(s) and other miningparameters including associated design issuessuch as pre-strip, access, etc.	For Buck Reef West a minimum mining width of 40m has been applied. Ramp widths are set at 26m (double lane –150 t rear dumptruck) for the upper sections and then narrowed to 16m (single lane). For Sarsfield a 30m wide ramp is used in the upper sections andnarrows to 18m (single lane).
		Mining dilution and recovery are addressed in the model method (MIK) and the utilisation of flitch mining.
	•The assumptions made regarding geotechnicalparameters (e.g. pit slopes, stope sizes, etc.),	There are currently no Inferred Resources includedin the life of mine plan or Ore Reserves.
	grade control and pre-production drilling.	Grade control will be based on sampling from high quality reverse circulation drilling at spacing appropriate to the mineralisation
	•The major assumptions made and MineralResource model usedfor pit and stopeoptimization (if appropriate).	structures under investigation. This will typically be a nominal 5 metre hole spacing on lines12.5 metres apart using a sample intervalof 1.5 metres. Grade control drill orientation will be adjusted at both Buck Reef West and Sarsfield to accommodate the changingorientation of mineralisation structures where required.
	•The mining dilution factors used.	Existing geotechnical parameters, used in previous mining and validated through external consultant studies as part of the Feasibility
	•The mining recovery factors used.	have been applied which include:
	•Any minimum mining widths used.	Oxide –Single 10m bench height with a batter face angle of 60and berm width of 8m.
		Fresh -Double stacked 10m high benches (20m overall height) with a batter face angle of 80and 7m berm width.
	•The manner in which Inferred MineralResources are utilized in mining studies andthe sensitivity of the outcome to their inclusion.	Inferred resources are not considered within the pit design process. Allowances for previously mined underground voids have beenmade.
	•The infrastructure requirements of the selectedmining methods.	For Buck Reef West additional infrastructure will be required as part of the mining process. The Ravenswood School, powerlines, anda section of the public access road plan to be relocated to an area outside of the pit limits. Capital expenditure has been allowed forthis in the financial modelling. Additional noise bunding and waste rock dump construction has been allowed for, and locations plannedon the existing tenements. All other infrastructure is in place.
Metallurgical	•The metallurgical process proposed and the	Gold is recovered using crushing, milling (SAG +ball), gravity circuit and a conventional CIL circuit.
factors orassumptions	appropriateness of that process to the style ofmineralization.	The metallurgical process is well established technology and the processing plant has been operating in its current configuration for
	•Whether the metallurgical process is well	several years with no significant changes to the circuit anticipated.
	tested technology or novel in nature.	No deleterious elements have been experienced to date and are not expected.
	•The nature, amount and representativeness ofmetallurgical test work undertaken, the natureof the metallurgical domaining applied and thecorresponding metallurgical recovery factors	A crushing and screening beneficiation circuit will be introduced as part of the processing circuit to reduce the mass of orereaching thecomminution circuit and to elevate the feed grade. Test work and pilot scale trials conducted in the Nolan's plant have indicated thatbeneficiation can be achieved at appropriate size fractions with minimal loss of gold.
	applied.	The crushing and screening process to be used for Sarsfield low grade ores has been proven at Ravenswood in 2004 -2009 and on
	•Any assumptions or allowances made fordeleterious elements.	other mine sites.
	•The existence of any bulk sample or pilot scale	The beneficiation study conducted on Sarsfield material was a large scale operation where some 16kt of ROM feed was subjectedtotesting. This degree of test work provided further confidence to earlier laboratory scale testwork. Adding to the confidence level was a

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
	•	test work and the degree to which suchsamples are considered representative of theore body as a whole.For minerals that are defined by a specification,	parcel of 27,000 tonnes of Nolans ore treated in 1998 that supported the economic improvements through the use of beneficiation.No bulk samples were deemed necessary due to the current successful metallurgical performance of the extraction methods applied.
		has the ore reserve estimation been based onthe appropriate mineralogy to meet thespecifications?
Environmental	•	The status of studies of potential environmentalimpacts of the mining and processingoperation.Detailsofwasterock	The Ravenswood Project is in the mature phase of its operating life. Its environmental management is permitted by an EnvironmentalAuthority and supported by an Environmental Management Plan
	characterization and the consideration ofpotential sites, status of design optionsconsidered and, where applicable, the status ofapprovals for process residue storage andwaste dumps should be reported.	An Environmental Authority Amendment for the Buck Reef West Project has been issued by the Queensland State Government.The waste rock formations have a very low permeability and the mine is a net user of water for operational purposes. An acid baseaccounting study was conducted on the Buck Reef West / Sarsfield open pit mine's ore and waste, determining the waste to be nonacid forming and the ore to be potentially acid forming.
			Process residue storage for Buck Reef West is to be completed using existing storage facilities on site.
Infrastructure	•	The existence of appropriate infrastructure:availability of land for plant development,power, water,transportation (particularly forbulk commodities), labour, accommodation; orthe ease with which the infrastructure can beprovided, or accessed.	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 Creek Dam). Fromhere, raw water is pumped to the processing plant, Mt Wright, the golf course, and the water treatment plant. Carpentaria Goldoperates the water treatment plant on behalf of the Charters Towers Regional Council (CTRC) and supplies potable water to theRavenswood township as well as the Buck Reef West and Sarsfield sites.
			There are two mains power feeds available in the event that one becomes unserviceable.
			The site is located approximately 120km from Townsville and 90km from Charters Towers. A bus service operates twice a day toandfrom Charters Towers and serviced camp style accommodation is available to all employees in Ravenswood. Some employees live inRavenswood and the surrounding area.
			Being close to major centres, one of which with an International Airport ensures easy and quick supply of parts and materials.
			Carpentaria Gold has lodged Mining Lease Applications to support the Buck Reef West open pit and associated infrastructure. Thisapplication process is running in parallel with the Environmental Authority Amendment Application.
Costs	•	The derivation of, or assumptions made,regarding projected capital costs in the study.	The operating history of the mine has validated the capital requirements. Projected capital costs are made up of forecast capital spendfor the known capital expenditure requirements. The capital estimate is determined by the needs of the site as required to continue toproduce in a safe and efficient manner and comply with all environmental requirements.
	•	The methodology used to estimate operating	Operating costs have been calculated from first principles using both fixed and variable components. Recent operating history and

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	costs.•Allowances made for the content of deleteriouselements.•The derivation of assumptions made of metalor commodity price(s), for the principal mineralsand co-products.•The source of exchange rates used in thestudy.•Derivation of transportation charges.•The basis for forecasting or source of treatmentand refining charges, penalties for failure tomeet specification, etc.•The allowances made for royalties payable,both Government and private.	performanceagainst budget costs has validated the cost assumptions. The mining cost model has been independently reviewed andbenchmarked, 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.Refining charges have been derived from existing contractual arrangements.Current Queensland Government royalties equalto 5% of sales proceeds are included in the cost model. There are no other royaltiesor Joint Venture agreements.
Revenue factors	•The derivation of, or assumptions maderegarding revenue factors including headgrade, metal or commodity price(s) exchangerates, transportation and treatment charges,penalties, net smelter returns, etc.•The derivation of assumptions made of metal	It has been assumed that gold will be sold at the prevailing spot gold price. All revenue and cost estimates have been made in AUD.Transportation charges have been derived from existing contractual arrangements. Refining charges have been derived from existingcontractual arrangements.Assumed gold prices have been derived by reference to recent AUD spot gold prices.
Marketassessment	or commodity price(s), for the principal metals,minerals and co-products.•The demand, supply and stock situation for theparticular commodity, consumption trends andfactors likely to affect supply and demand intothe future.•A customer and competitor analysis along withthe identification of likely market windows forthe product.•Price and volume forecasts and the basis forthese forecasts.•Forindustrialmineralsthecustomerspecification,testingandacceptancerequirements prior to a supply contract.	There is a transparent quoted market for the sale of gold.
Economic	•The inputs to the economic analysis to producethe net present value (NPV) in the study, the	A variety of gold price points and discount rates were used to assess the robustness of the project, likely payback periods, the

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	source and confidence of these economicinputs including estimated inflation, discountrate, etc.	breakeven point and the projected internal rate of return. In the estimate, a discount rate of 10% was used and a gold price of A$1,600per oz.
	•NPV ranges and sensitivity to variations in thesignificant assumptions and inputs.
Social	•Thestatusofagreementswithkeystakeholders and matters leading to sociallicense to operate.	The Carpentaria Gold personnel maintain a good relationship with neighbouring stakeholders, including engagement with the localpastoralists. Part of the tenure held by the Company is located on leasehold pastoral land with compensation agreements in place withthe local pastoralist. Granted mining leases cover all of the proposed mining and processing assets and there are no Native titleclaims pending.
Other	•To the extent relevant, the impact of thefollowing on the project and/or on the	Events such as cyclones and fires present a risk, although due to risk mitigants, these naturally occurring risks, have not impacted theestimation or classification of the Ore Reserves.
	estimation and classification of the OreReserves:	The climate in Ravenswood is typical of northern Australia with "wet" and "dry" seasons. The wet season is aligned with the hottermonths of December through to March. The dry season typically starts around Apriland runs through to November, when the humiditystarts to build prior to the wet season. Allowances for impacts from the distinct wet season have been made.
	•Any identified material naturally occurring risks.•The status of material legal agreements and	Queensland is said to be a seismically active area (intraplate activity), but is relatively inactive compared to other parts of Australia orplate margin regions (interplate activity) of the world such as New Zealand, Indonesia, California, Japan, or Chile. The Burdekin regionhas been identified as a seismic source zone (Matthews et al, 2011). Australian Standard 1170.4-2007 (Structural design actions Part4: Earthquake actions in Australia) shows the area has an elevated earthquake hazard factor compared to most of Australia, althoughnot as high as the major concentration points in other parts of the world. There have been in excess of 50 events ranging from ML0.5to 5.7 in the Bowen region since 1900 (Matthews et al, 2011).
	marketing arrangements.	The mining leases are in good standing and are all part of the suite of leases held by Carpentaria Gold and host a combination of bothcurrent activities and infrastructure, and historic workings.
	•The status of governmental agreements andapprovals critical to the viability of the project,such as mineral tenement status, andgovernment and statutory approvals. Theremust be reasonable grounds to expect that all	Carpentaria Gold are working collaboratively with the Queensland Government to achieve an amended Environmental Authority fortheSarsfield Expansion Project. The amended Environmental Authority for the Sarsfield Expansion Project is the final approval required inorder to allow mining activities to recommence in the Sarsfield Pit. This completed approval was received by Carpentaria Goldin Q22017, and consequently Sarsfield is now permitted to operate.
	necessary Government approvals will bereceived within the timeframes anticipated inthe Pre-Feasibility or Feasibility study. Highlightand discuss the materiality of any unresolvedmatter that is dependent on a third party onwhich extraction of the reserve is contingent.	Carpentaria has submitted the application for the amended Environmental Authority and additional Mining Leases to the QueenslandGovernment for the Buck Reef West Project in Quarter 2 2017. The Environmental Authority has been subsequently approved, withadditional Mining Lease approval still outstanding. Carpentaria Gold have submitted a Development Application for construction ofadditional noise bunds adjacent the proposed BRW pit. Approval of this application is outstanding at present, but not considered as asignificant risk to the project.
		Carpentaria Gold also owns a number of freehold land parcels in Ravenswood that includes company housing and blocks purchasedadjacent to the Sarsfield open pit.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		It is possible that the Company may acquire some adjacent residential land close to the Buck Reef West pit to ensure the companycomplies with modern environmental conditions.
Classification	•The basis for the classification of the OreReserves into varying confidence categories.•Whether the result appropriately reflects theCompetent Person's view of the deposit.•The proportion of Probable Ore Reserves thathave been derived from Measured MineralResources (if any).	Only Measured Resources are converted to Proved ReservesOnly Indicated Resources are converted to Probable ReservesInferred Resources are not included in the Ore ReservesThe Resource to Reserve conversions were deemed appropriate for the Buck Reef West and Nolans East Ore Reserve estimates bythe 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, the companyhas deemed this unnecessary. However, periodic reviews of the mining methods have been undertaken and reported as verysuccessful.
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement of the relativeaccuracy and confidence level in the OreReserve estimate using an approach orproceduredeemedappropriatebytheCompetentPerson.Forexample,theapplication of statistical or geostatisticalprocedures to quantify the relative accuracy ofthe reserve within stated confidence limits, or, ifsuch an approach is not deemed appropriate, aqualitative discussion of the factors which couldaffect the relative accuracy and confidence ofthe estimate.	Recent historic operational performance against the mine plan for tonnage produced and production head grade, indicate theassumptions used to generate the Ore Reserves, are valid.There has been overthe life of the Sarsfield Project, strong mine to mill reconciliations. The updated Ore Reserves, are the samemineralisation 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 existing facility.Assuming all QA/QC standards are applied in the drilling, mining and processing, then it is reasonable to expect similar levels ofoperating margins, experienced in previous years of mining 2004 to 2009.
	•The statement should specify whether it relatesto global or local estimates, and, if local, statethe relevant tonnages, which should berelevantto technical and economic evaluation.Documentation should include assumptionsmade and the procedures used.•Accuracy and confidence discussions shouldextend to specific discussions of any appliedModifying Factors that may have a materialimpact on Ore Reserve viability, or for whichthere are remaining areas of uncertainty at thecurrent study stage.	All the parameters assumed and adopted along with financial modelling and analysis have been subject to internal peer review.
	•It is recognized that this may not be possible orappropriate in all circumstances. These

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	statements of relative accuracy and confidenceof the estimate should be compared withproduction data, where available.

JORC Code, 2012 Edition – Table 1 report

Bibiani Gold Mine Ghana.

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Samplingtechniques	•Nature and quality of sampling (e.g. cutchannels, random chips, or specific specializedindustrystandardmeasurementtoolsappropriate to the minerals under investigation,such as down hole gamma sondes, orhandheld XRF instruments, etc.). Theseexamples should not be taken as limiting thebroad meaning of sampling.•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 which3 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.	Samples were collected by Mensin Gold Bibiani Ltd (Mensin) from diamond core (DD) drill holes and reverse circulation (RC) precollars.Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing,splitting and pulverising, to provide a 30g charge for analysis.RC samples were collected on 1m intervals by riffle split to obtain a 2-4kg sample, which was sent to the laboratory for crushing,splitting and pulverising, to provide a 30g charge for analysis.Mensin sampling and sample preparation protocols are industry standard and were deemed appropriate by the Competent Person.Previous owners (1994-2012) collected samples from RC and DD drill holes and underground channels (CHAN). In 2012 CoffeyMining Pty Ltd (Coffey Mining) assessed that the previous sampling was conducted using industry standards techniques.
Drillingtechniques	•Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc.) and details (e.g. core diameter,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 types used include RC and diamond PQ, HQ and NQ2 sizes. Since 2014, HQ and NQ2 core has been orientated using the ReflexACTIII electronic core orientation tool.
Drill samplerecovery	•Method of recording and assessing core andchip sample recoveries and results assessed.•Measures taken to maximise sample recoveryand ensure representative nature of the	Diamond core interval recoveries were measured from core block to core block using a tape measure. Stopes and voids wereidentified as separate intervals.A relationship between sample recovery and grade was not identified.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Logging	samples.•Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.•Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies and	Drill holes were geologically logged by geologists for lithology, alteration, mineralisation and weathering on geologically domainedintervals.Geotechnical and structure orientation data was measured and logged for diamond core intervals.
	metallurgical studies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.•The total length and percentage of the relevantintersections logged.	Drill core is photographed (dry and wet).Diamond core and RC chips were captured digitally using LogChief logging software, then validated and imported into the digital drillhole database.Holes were logged in their entirety (100%).
Sub-samplingtechniques andsamplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled,rotary split, etc. and whether sampled wet ordry.•Forall 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.•Whether sample sizes are appropriate to thegrain size of the material being sampled.	Diamond core was sampled at one metre intervals and cut in half to obtain a 2-4kg sample. Interval lengths were adjusted aroundvoids, to ensure samples were at least 0.5m in length.RC intervals are riffle split (dry) to obtain a 2-4kg sample.Sample preparation of diamond core and RC samples included oven drying, crushing to 10mm and splitting, pulverising to 85%passing 75 microns. These preparation techniques are deemed to be appropriate to the material being sampled.Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation field duplicateswere collected from pre-collars and were collected at a rate of 1:20 samples.Mensin sampling, sample preparation and quality control protocols are industry standard and all attempts are made to ensure anunbiasedrepresentative sample is collected. The methods applied in this process are deemed appropriate by the Competent Person.Sub-sampling techniques and sample preparation completed by previous owners was assessed by Coffey Mining in 2012 and wasdetermined tohave been conducted using industry standards techniques.
Quality ofassay data andlaboratory tests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	All Mensin samples were assayed for gold by 25g fire assay fusion with AAS instrument finish. The analysis was performed at IntertekTarkwa (method code FA25/AAS). The analytical method was appropriate for the style of mineralisation. The analytical method isconsidered a total gold analytical method.No geophysical tools were used to determine any elemental concentrations.

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	•For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrations	Quality control (QC) procedures included the use of certified reference material and coarse blanks included at a rate of 1:20drillsamples, diamond core coarse duplicates (1:20) and reverse circulation field duplicates(1:20).
		Reanalysis of 1.5% of the pulps for gold by fire assay fusion AAS was carried out at a second laboratory, SGS Ghana, to testrepeatability. Additionally, 2.5% of the pulps and 2.5% of the coarse reject samples were reanalysed at the primary laboratory at thecompletion of the drilling programs.
	factors applied and their derivation, etc.•Nature of quality control procedures adopted	Laboratory quality control data including laboratory standards, blanks, duplicates, repeats and grind size results are also captured intothe digital database.
	(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptable	Analysis of the Mensin QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved.
precision have been established.	levels of accuracy (i.e. lack of bias) and	Assay data quality for previous owners was assessed by Coffey Mining in 2012 and was considered to be of industry standard forNoble data (2011-2012) and not verifiable at the time for data that pre-dated Noble (1994-2008). Assessment of the available QAQCdata demonstrated acceptable levels of assay precision and accuracy. When Mensin took ownership of the Bibiani project in 2014they initiated a data validation and verification process for the historical drill holes.
Verification of	•The verification of significant intersections by	Verification of significant intersection was completed by Mensin personnel following the receipt of assay results.
sampling and	either independent or alternative companypersonnel.	No drill holes within the resource were twinned.
assaying	•The use of twinned holes.	Drill hole data was logged into LogChief digital logging software, validated and then compiled into a relational SQL2012 digitaldatabase using DataShed data management software. The SQL database includes verification protocols which were used to validate
	•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	the data. The drill hole database was backed up on a daily basis to the head office server.Assay result files were reported by the laboratory in PDF and CSV format and imported into the SQL database without adjustment ormodification.
	•Discuss any adjustment to assay data.	In 2012 Coffey Mining assessed the sampling and assaying procedures for previous owners and considered them of appropriateindustry standards.
		When Mensin took ownership of the Bibiani project in 2014 they initiated ongoing validation and verification processes for the datacollected by previous owners. This has involved resampling historical diamond core to verify intersections as well as cross-checkingsamples, void intervals and assays against the original data sources including digital files, reports and laboratory assay certificates inboth hardcopy and digital format. The outcome of the verification processes is that 40% of the assay data for holes drilled by previousowners included in the resource have been validated by Mensin.
Location of	•Accuracy and quality of surveys used to locate	Collar coordinates were surveyed in local Bibiani Mine Grid using a Total Station Theodolite with expected accuracy of less than 1cm.
data points	drill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	Down hole surveys are collected using a Reflex EZTrac electronic magnetic survey tool. Surveys are obtained every 30mduringdrilling (single shot mode) and every 6m at the completion of each hole (multi-shot mode). Survey data is checked and verified usingthe Reflex SProcess software, with survey readings outside of expected magnetic and gravity values flagged and excluded. A time
	•Specification of the grid system used.	dependent declination was applied to the magnetic readings to determine UTM azimuth.
	•Quality and adequacy of topographic control.	Coordinates and azimuths are reported in UTM WGS84 Zone 30 North.
Data spacingand distribution	•Data spacing for reporting of ExplorationResults.	Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for the Mineral Resource and theclassifications applied under the JORC Code (2012).

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	•Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResourceandOreReserveestimationprocedure(s) and classifications applied.•Whether sample compositing has been applied.	The appropriateness of the drill spacing was reviewed by resource geologists at Optiro and by the Competent Persons in 2017.Downhole RC and diamond samples approximated 1m intervals.
Orientation ofdata in relationto 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.	The mineralisation trend extends over 2km of strike length with a steep to sub-vertical dip. The majority of holes have been drilledperpendicular to the strike and at a high angle to the dip. Where this was not possible (such as from underground), holes have beendrilled at oblique angles to the mineralisation (up to 30°).No orientation based sampling bias has been identified in the data.
Samplesecurity	•The measures taken to ensure sample security.	Samples were collected from the drill site and stored on site. All samples were individually bagged and labelled with unique sampleidentifiers, then securely dispatched to the laboratories. All aspects of sampling and dispatch process were supervised and tracked byMensin personnel.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	In 2012 Coffey Mining assessed the sampling and assaying procedures for previous owners and found that prior to 2008 the samplingand assay data was not verifiable. The data collectedby Noble between 2008 and 2012 were of an appropriate industry standards.External audits of current sampling procedures indicated sampling protocols reflect current industry standards.

Section 2 Reporting of Exploration Results

Mineral•tenement andland tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time of	Drilling was conducted within the Ghanaian Mining Concession Permit of Bibiani which covers the current mining leases of the BibianiProject.Resolute Mining Limited has a 90% interest in the Bibiani Project through its subsidiary company Mensin Gold Bibiani Limited and theExploitation Permit on which it is based. The Ghana Government holds a free carried 10% interest in Mensin Gold Bibiani Ltd (MGBL).The Bibiani Mine concession is located approximately 6° 27' latitude north and 2° 17' longitude west in the Western Region ofGhana.
•	reporting along with any known impediments toobtaining a licence to operate in the area.	The Bibiani mineral concessions lie approximately 80 kilometres south west of the Ashanti capital, Kumasi. The principal access to themine is from the east, along the Kumasi –Bibiani –Sefwi Bekwi Highway. Ghana mining law provides that all mineral resources areadministered by the Minerals Commission of Ghana.
Exploration•done by otherparties	Acknowledgment and appraisal of explorationby other parties.	Commercial gold production commenced at Bibiani in the early 1900s and was suspended in 1915. In 1927 mining activitiesrecommenced as the mine was developed and operated by foreign investors until it was nationalised in 1958. Post nationalisation, themine was operated by SGMC (State Gold Mining Corporation) until it was closed in 1973 following the depletion of economicreserves.During the SGMC period, reserves within the existing infrastructure were depleted and the old workings were reworked to recoverpillars and remnant lower grade material (probably plus 6g/t) that was below the pay limit applied to the deposit prior to nationalisation.Reports have suggested that during the first 65 years of production a total of 7.8 million tonnes from underground mining and0.5million tonnes from surface operations were milled, producing over 2 million ounces of gold at an average recovered grade ofapproximately 9.5 g/t Au.In the late-1980s, Glamco and International Gold Resources ("IGR") gained rights to the old Bibiani mine and initiated tailingsreclamation and surface exploration, which activities led to the delineation of an open pit resource and a positive feasibility study.Ashanti Goldfields purchased Bibiani from IGR in the mid-1990s for US$ 130 million, financed an additional US$ 85 million tocapitalize the operation, and redeveloped the mine as an open pit operation with a modern processing plant. Ashanti Goldfields (nowAngloGold Ashanti ("AGA") produced approximately 1.8 million ounces of gold from the main and satellite pits (after main pitproduction was hampered by a slope failure in 2004) and tailings retreatment, bringing total Bibiani production since inception toalmost four million ounces.Central African Gold plc (CAG) purchased Bibiani, for a cash consideration of US$ 40 million. Subsequent to acquisition, CAGexpended a further US$ 51 million of capital onthe mine, nearly all of which was used to accelerate underground access and topurchase a modern underground mining fleet. Despite development and capital constraints Bibiani produced a further 53,066 oz.ofgold between 2007 and 2008 from three sources, namely old tailings, underground ore, and near-mine open pit oxide ore not includedin the mineral resources.In late 2009, Noble Mineral Resources Ltd signed a 'Sale of Shares' agreement to acquire Central African Gold Ghana Ltd fromInvestec Bank subjectto a number of Conditions. One of these Conditions states that Noble shall formulate a 'Development Plan' forthe development of and the return to production of the Bibiani mining and processing operations.Resolute Mining Ltd became the owner of the Bibiani Project in June 2014 following the completion of the Deed of CompanyArrangement (DOCA) regarding Noble Mineral Resources Limited (ASX:NMG) and acceptance and approval of a scheme ofarrangement in Ghana.Prior to Resolute acquiring the project, approximately 1,100 RC and/or diamond holes for 168,000m had been drilled by previous

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		operators into the Bibiani resource area (excluding satellite deposits and regional exploration). Since 2014, Mensin have drilled 169diamond holes (17 holes have RC pre-collars) for 50,100m into the resource area.
Geology	•Deposit type, geological setting and style ofmineralisation.	The project is located within rocks of the Birimian Supergroup in SW Ghana. Locally mineralisation is hosted within predominatelycarbonaceous metasediments of the Kumasi-Afema Basin, immediately adjacent to the eastern margin of metavolcanic-dominantBibiani-Sefwi Belt. The basin sediments are dominated by a thick sequence of fine grained graded turbidites (siltstone to shale) withlocalised interbeds of fine to medium grained turbiditic sandstones. The shales are variably carbonaceous and often develop phylliticand schistose fabrics, as a result of overprinting deformation. Several felsic to intermediate composition dykes intrude the sedimentarysequences, including dacite, tonalite, granodiorite and rare monzonitic lamprophyres.
		Rocks of the Bibiani-Sefwi Belt occur to the west, in the footwall of the Bibiani deposit and include coarser grained turbidites with lithicfragments, and thick intervalsof basalt, often with doleritic bases and flow-top breccias with carbonaceous interflow sediments.
		The margin between the Kumasi-Afema Basin and Bibiani-Sefwi Belt is marked by a broad zone of roughly sub-vertical shearing,striking roughly NNE, regionally referred to as the Bibiani or Sefwi Shear.
		The sedimentary sequence is tightly folded, with west-dipping axial planes and localised development of steep W-NW dipping shearzones, which acted as conduits for initial Au mineralisation. Further deformation resulted in development of S-SE dipping brittle-ductilefaults and emplacement of larger quartz reefs.
		Mineralisation is related to emplacement of quartz veins, which occur as either sheared, stockwork veins with quartz-ferroan dolomite,or as larger, up to 20m wide, locally stylolitic quartz reefs. Both veins types are associated with pyrite +/-arsenopyrite. Fine-graineddisseminated Fe-carbonate and sericite alteration with pyrite +/-arsenopyrite occurs adjacent to the veining.
		The overall mineralised trend extends over 2km along strike. Mineralisation has also been identified on a sub-parallel trend to the eastof the main deposit, with numerous pits developed by pervious operators over a strike length of approximately 4km.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results	All information including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, interval length and depth aremeasured and recorded in UTM WGS84 Zone 30 North.
	including a tabulation of the followinginformation for all Material drill holes:	The Bibiani local mine grid has been tied to the UTM WGS84 Zone 30 North coordinate system.
	oeasting and northing of the drill hole collar	Drill hole information has been tabulated for this release in the intercepts table of the accompanying text. For completeness thefollowing information is provided for each drill hole:
	oelevation or RL (Reduced Level –elevationabove sea level in metres) of the drill hole	•Easting, Northing and RL of the drill hole collars are measured and recorded in UTM WGS84 Zone 30N.
	collar	•Dip is the inclination of the drill hole from horizontal. For example a drill hole drilledat
	odip and azimuth of the hole	o-600 is 600 from the horizontal
	odown hole length and interception depth	•Down hole length is the distance down the inclination of the hole and is measured as the distance from the horizontal to end
	ohole length.	of hole.
	•If the exclusion of this information is justified onthe basis that the information is not Materialand this exclusion does notdetract from theunderstanding of the report, the CompetentPerson should clearly explain why this is the	•Intercept depth is the distance from the start of the hole down the inclination of thehole to the depth of interest or assayedinterval of interest.

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	case.
Dataaggregationmethods	•In reporting Exploration Results, weightingaveragingtechniques,maximumand/orminimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Materialand should be stated.•Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations shouldbe shown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	Exploration results reported in this announcement are tabulated using the following parameters:•Coordinates are UTM WGS84 Zone 30N•Cut-off grade for reporting of intercepts is >=1g/t Au with a maximum of 3m consecutive internal dilution included within theintercept; only intercepts >=3m are reported.•No top cut of individual assays prior to length weighted compositing of the reported intercept has been applied.Metal equivalent values are not used in reporting.
Relationshipbetweenmineralizationwidths andinterceptlengths	•These relationships are particularly important inthe reporting of Exploration Results.•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 clearstatement to this effect (e.g. 'down hole length,true width not known').	Mineralised zones across the deposit vary from steeply east dipping to steeply west dipping, with dips generally exceeding 70°. Drillholes are designed to intersect the mineralisation as close to orthogonal to the strike and dip as practical.Surface drill holes were drilled with azimuths at mine grid 270° in the south and at mine grid 090° in the northern end, dependingaccess and the overall trend of the mineralisation. Underground drill holes were mostly drilled at mine grid 090° and occasionally atslightly oblique angles to the mineralisation depending on access. In general, true widths may be 50-90% of the downhole 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	•WherecomprehensivereportingofallExplorationResultsisnotpracticable,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.
Othersubstantive	•Other exploration data, if meaningful andmaterial, should be reported including (but not	No geophysical or geochemical data is reported in this release as they are not deemed relevant to the release

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explorationdata	limitedto):geologicalobservations;geophysicalsurveyresults;geochemicalsurvey results; bulk samples –size and methodof treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics;potentialdeleteriousorcontaminating substances.	All diamond core drilled and sampled by Mensin are measured for bulk density which has a mean value of 2.77 g/cm3 and variesbetween 2.30 and 3.00 g/cm3.
Further work	•The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	Drilling by Mensin to test lateral and depth extensions of the known mineralisation is ongoing.

Section 3 Estimation and Reporting of Mineral Resources

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Databaseintegrity	•Measures taken to ensure that data has notbeen corrupted by, for example, transcriptionor keying errors, between its initial collection	Data captured in a relational SQL database. The setup of this database precludes the loading of data which do not meet the requiredvalidation protocols. The data was managed using DataShed© drill hole management software (Maxwell Geoservices) using SQLdatabase techniques. Validation checks are conducted using SQL and DataShed© relational database standards.
	and its use for Mineral Resource estimationpurposes.•Data validation procedures used.	Approximately 6% by number (17% by length) of assayed samples prior to compositing were greater than 3.0 m in length. Theseoverlength samples were sampled prior to 2014 and had an average grade lower than the < 3.0 m samples. Theseoverlength sampleswere excluded from variography analysis but were included in the top-cut analysis and subsequent grade estimate.
		Drillhole database has been supplied as an extract of the master drillhole database. The drillhole collar data was visuallyinspected forany obvious errors (underground holes plotted up on surface, surface holes projected up above the surface).
		The assay and density data was inspected for potential outlier values and overlapping intervals, none of which were identified in theassay data. Approximately 1% of the 39,862 density determinations were identified as being potentially erroneous and excludedfromfurther analysis.
		The database was subsequently validated and checks made to the database prior to use included:
		•check for overlapping intervals
		•downhole surveys at 0m depth
		•consistency of depths between different data tables check gaps in the data.

Site visits	•Comment on any site visits undertaken by the	No site visit has been undertaken by the Kahan Cervoj who is accepting responsibility for the compilation of the Mineral Resource.
	Competent Person and the outcome of thosevisits.	As this is a long lived project that recently was being successfully mined by the current operators, that Mensin Gold Bibiani Ltd personnel
	•If no site visits have been undertaken indicate	have accumulated extensive experience at the project and are taking responsibility for data collection, exploration results and
	why this is the case.	interpretations (i.e. sections 1 and 2 of the JORC Table 1), a site visit by the person completing the Mineral Resource was not deemednecessary.
Geologicalinterpretation	•Confidence in (or conversely, the uncertaintyof) the geological interpretation of the mineral	The historical underground mining and recent open pit mining has resulted in a good understanding of the geology and mineralisation.There is high confidence in the geological interpretation.
	deposit.	All available data (diamond and RC drilling, underground channel sampling) has been used to update the mineralised interpretations.
	•Nature of the data used and of anyassumptions made.	The 2017 update is focussed on the underground potential. Oxidised material has been depleted as part of the main and satellite pitmining and is assumed to be fully depleted.
	•The effect, if any, of alternative interpretationson Mineral Resource estimation.	There is limited scope for alternative interpretations on a global scale. As a series of parallel lodes and splays, there is scope for verylocalised alternative interpretation.
	•The use of geology in guiding and controllingMineral Resource estimation.	The mineralisation interpretation was guided by a combination of the geology (presence of structure and/or quartz veining) and goldgrade. The only exception is Stope 13 domain which is based on a 0.5 g/t gold cut-.
	•The factors affecting continuity both of grade	Factors that affect grade and geological continuity include the structural orientation (main shear or footwall/hanging wall splay), and the

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	and geology.	spatial relationship with the tonalite intrusive to the west of the mineralised system.
Dimensions	•The extent and variability of the MineralResource expressed as length (along strike orotherwise), plan width, and depth belowsurface to the upper and lower limits of theMineral Resource.	The Bibiani mineralisation outcrops on surface and can be traced over 1,950 m strike length and 700 m vertically, consisting of 12 lodes.The individual lodes range in strike length from 100 to 970 m along strike, 150 to 650 m vertically and with true widths that range fromless than 1 m to 32 m true width.
Estimationand modellingtechniques	•The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment of extremegradevalues,domaining,interpolationparametersandmaximumdistanceofextrapolation from data points. If a computerassisted estimation method was choseninclude a description of computer software andparameters used.•The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takesappropriate account of such data.•The assumptions made regarding recovery ofby-products.•Estimation of deleterious elements or othernon-grade variables of economic significance(e.g.sulphurforacidminedrainagecharacterization).•In the case of block model interpolation, theblock size in relation to the average samplespacing and the search employed.	Grade estimation was by ordinary kriging using top-cut 1.0 m length composites samples which was appropriate given the gradedistributions. Top-cuts were applied to each individual lode to reduce the impact of a limited number of outlier grades.The lodes were interpreted using a combination of geology and grade, and the final solids were wireframed using Leapfrog Geologysoftware. Each lode was treated individually and estimated using hard boundaries. Grade compositing was undertaken in SURPACv6.6.2 and grade estimation completed in Datamine Studio RM v1.3.11.0. The grade estimation search and variogram orientation usedthe Studio RM dynamic anisotropy function.Less than 1% of the resource is extrapolated and the maximum distance of extrapolation is 131 m.Compared to the 2014 Mineral Resource estimate, there has been an increase in the interpreted volume and tonnes at approximately thesame grade for the deposit. This change is the result of on-going extensional and infill exploration drilling and updated interpretations.No assumptions regarding the recovery of any by-products have been made.No deleterious elements or other non-grade variables of economic significance have been estimated or modelled.A parent block size of 20 mN x 5 mE x 20 mRL was used for estimation. The nominal drillhole spacing is 20 mN x 20 mRL in the plane ofthe mineralisation.An expanding 3 pass search method was employed, with the search radii based on the overall geometry of the lode. The search radiusfor the first pass ranged from 75 x 50 x 10 m to 175 x 85 x 20 m, and was expanded by a factor of 1.25 for the second pass and 2.5 forthe third pass. A minimum number of two drillholes were required to inform the estimate.Any cells that were not estimated after the third pass (approximately 2% by volume) were assigned the nearest estimated blockgrade.No assumptions regarding the selective mining unit have been made.No other variables other than gold and dry density have been modelled.The mineralised interpretations were built on observed geology (presence or absence of alteration, veining, structure) and grade. DomainStope 13 was an exception to this, which was based on a 0.5 g/t gold cut-off due to the limited exposure of this zone/structure.
••	•Any assumptions behind modelling of selectivemining units.	All boundaries were treated as 'hard' boundaries to flag the raw and subsequent composite samples, and for grade estimation.
	Any assumptions about correlation betweenvariables.Description of how the geological interpretation	Grade cutting was used for all domains/zones, with each zone being individually reviewed using a combination of populationdisintegration and grade distribution plots. The only exception was for the non-mineralised (waste) domain which was severely top-cut tomanage the limited number of outliers.
	was used to control the resource estimates.	The block grade estimate was initially validated by visual review of block grades to drillhole data, followed by a global comparisonbetween the naïve and declustered grades and finally by swath plots by easting, northing and elevation.

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	•Discussion of basis for using or not usinggrade cutting or capping.•The process of validation, the checkingprocess used, the comparison of model data todrill hole data, and use of reconciliation data ifavailable.	The Mineral Resource has been depleted for known underground mining.Production data has currently not been reviewed and no reconciliation between the production and the 2017 estimate has beenundertaken.
Moisture	•Whether the tonnages are estimated on a drybasis or with natural moisture, and the methodof determination of the moisture content.	All tonnages are estimated on a dry basis.
Cut-offparameters	•The basis of the adopted cut-off grade(s) orquality parameters applied.	A reporting cut-off of 2.0 g/t gold has been used to reflect the most probable underground mining scenario presented in the June 2016Feasibility Study.
Mining factorsorassumptions	•Assumptions made regarding possible miningmethods, minimum mining dimensions andinternal (or, if applicable, external) miningdilution. It is always necessary as part of theprocess of determining reasonable prospectsfor eventual economic extraction to considerpotential mining methods, but the assumptionsmaderegardingminingmethodsandparameterswhenestimatingMineralResources may not alwaysbe rigorous. Wherethis is the case, this should be reported with anexplanation of the basis of the miningassumptions made.	A Feasibility Study has been completed in June 2016, that used the June 2014 Mineral Resource. The preferred mining method identifiedwas large scale long-hole mining methods.
Metallurgicalfactors orassumptions	•The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider potentialmetallurgical methods, but the assumptionsregarding metallurgical treatment processesand parameters made when reporting MineralResources may not always be rigorous. Wherethis is the case, this should be reported with anexplanation of the basis of the metallurgicalassumptions made.	It is assumed that the metallurgy does not materially change with depth and that the metallurgical performance of the fresh open pit ore isnot materially different for undergroundore.It Is also assumed that future treatment options will utilise much of the exiting processing infrastructure. The current circuit configurationincludes a Knelson Concentrator which typically recovers up to 35% of the gold. Historically, the processing facility has produced dorewith a fineness of 80% gold and 20% silver.The gold grain size distribution is reported as predominantly less than 50 microns however visible gold has been observed within somequartz veins. Arsenopyrite has been observed within the ore body and there is generally a good correlation between the presence ofgold. The presence of arsenopyrite has no deleterious effect on processing of the ore.The ore host rock can be graphitic and carbonaceous with the graphite content increasing in the more intensely sheared zones. Historicprocessing data suggests the graphite may negatively impact gold recovery in the elution circuit, but this is reflected in the historicalprocessing performance.
Environmentalfactors or	•Assumptions made regarding possible wasteand process residue disposal options. It is	Future processing operations would employ the existing regulated tailings storage facility that was used for the processing of the open pitmaterial. Some waste rock from future mining underground may be potentially-acid forming, the majority of the waste rock will be non-

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assumptions	always necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider the potentialenvironmental impacts of the mining andprocessing operation. While at this stage thedeterminationofpotentialenvironmentalimpacts, particularly for a greenfield project,may not always be well advanced, the statusof early consideration of these potentialenvironmental impacts should be reported.Where these aspects have not beenconsidered this should be reported with anexplanation of the environmental assumptionsmade.	acid forming. Waste rock dumping has been scheduled, along with encapsulation designs and optimization determined to minimize therisk of acid forming conditions from the waste rock dumping landform. The rehabilitation plan for the landform is also a key control.Tailings generated from the project are not expected to be net acid forming and will be stored in the current regulated storage facility.
Bulk density	•Whether assumed or determined. If assumed,the basis for the assumptions. If determined,the method used, whether wet or dry, thefrequency of the measurements, the nature,size and representativeness of the 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.•Discussassumptionsforbulkdensityestimates used in the evaluation process ofthe different materials.	Bulk density is based on 37,123 validated dry density determinations. For the in-situ mineralisation a density value of 2.75 t/m3 wasassigned. This value remains unchanged from previous estimates.There was no material difference between the different weathering or oxidation conditions. The mineralised oxide and transitionalmaterial has been fully depleted.Procedures used to collect the bulk density information are not available. On-going mining at Bibiani has confirmed that the density valueis appropriate. It was noted some of these determinations were on whole runs along the drillhole, while others were 'spot' density choseneither at a fixed distance down the drillhole or to capture some observed feature in the core. However, no bias was identified between thetwo data collection types.There was no observed difference between the grade distributions for the different weathering/oxidation conditions or betweenthemineralised/non-mineralised material. A single value has been assigned to all in-situ material.
Classification	•The basis for the classification of the MineralResources into varying confidence categories.•Whether appropriate account has been takenof all relevant factors (i.e. relative confidencein tonnage/grade estimations, reliability ofinput data, confidence in continuity of geologyand metal values, quality, quantity anddistribution of the data).•Whether the result appropriately reflects theCompetent Person'sview of the deposit.	Mineral Resource classification was based on a combination of the drillhole spacing and kriging efficiency. Where grade and geologicalconfidence was demonstrated, and the nominal drilling approached less than 40 to 50 m spacing and the average nominal KE wasgreater than 30%, the mineralisation was classified as an Indicated Mineral Resource.Material that did not meet this criteria were classified as an Inferred Mineral resource. There were small areas that remain unclassifiedbecause of either the extent of extrapolation and/or associated lack of confidence in the interpretation.The Mineral Resource classification incorporates all relevant factors.The classification appropriately reflects the Competent Person's view of the deposit.
Audits orreviews	•The results of any audits or reviews of MineralResource estimates.	The Mineral Resource has undergone internal peer review but no other independent third party audits are available at this time.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach orproceduredeemedappropriatebytheCompetentPerson.Forexample,theapplication of statistical or geostatisticalprocedures to quantify the relative accuracy ofthe resource within stated confidence limits, or,if such an approach is not deemedappropriate, a qualitative discussion of thefactors that could affect the relative accuracyand confidence of the estimate.•Thestatement should specify whether itrelates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical and economicevaluation. Documentation should includeassumptions made and the procedures used.•These statements of relative accuracy andconfidence of the estimate should becompared with production data, whereavailable.	No geostatistical studies have been undertaken to determine relative accuracy or confidence limits of the estimate.Relative accuracy and confidence is reflected in the resource block model by the resource category assigned to blocks, that ultimatelyrelates to local drillhole spacing and the geological interpretation.Overall the 2017 Mineral Resource estimate is considered a global estimate. In areas of closer spaced drilling and where reflected by theresource classification, the estimate approximates a local estimate, but requires grade control sampling prior to mining.Reconciliation with historical underground or open pit mining has not been done.

Section 4 Estimation and Reporting of Ore Reserves

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
MineralResourceestimate forconversion toOre Reserves	•Description of the Mineral Resource estimateused as a basis for the conversion toan OreReserve.•Clear statement as to whether the MineralResources are reported additional to, orinclusive of, the Ore Reserves.	The Ore Reserves are based on the Mineral Resource estimate that was detailed in the ASX release dated 18 October 2017The Mineral Resource estimate was prepared by mining industry consultants Optiro Pty Ltd and used Ordinary Kriging to estimate thegold grades into geological domains constrained by wireframesThe Mineral Resources are reported inclusive of the Ore Reserves.
Site visits	•Comment on any site visits undertaken by theCompetent Person and the outcome of thosevisits.•If no site visits have been undertaken indicatewhy this is the case.	The Competent Person, David Lee, Principal Mining Engineer of AMC Consultants Pty Ltd and Fellow of the AusIMM visited site inSeptember 2017. The visit included site familiarisation; discussions with site personnel; inspection of the surface facilities and accessibleunderground workings; inspection of locations for the surface expression of the underground infrastructure such as portal position andventilation rises; and review of selected drill core.The Bibiani underground mine is located beneath he Bibiani main pit. The pit has an extensive wall failure on the western wall.Previous underground mining at Bibiani has occurred in several phases. These phases can be split into historical mining up to 1973 andmodern mining between 2002 and 2008.The area of modern development ( 4 to 9 Level) is under care and maintenance and kept in adewatered condition. Below the modernworkings ( from 10 Level and below) the historical workings are flooded.
Study status	•The type and level of study undertaken toenable Mineral Resources to be converted toOre Reserves.•The Code requires that a study to at leastPre-FeasibilityStudylevelhasbeenundertaken to convert Mineral Resources toOre Reserves. Such studies will have beencarried out and will have determined a mineplan that is technically achievable andeconomically viable, and that materialModifying Factors have been considered.	The study has been undertaken to pre-feasibility ( PFS) level of study. Major contributors to the PFS were:•Optiro Pty Ltd –Mineral Resources•AMC Consultants Pty Ltd –mining geotechnical, mining and Ore Reserves.•Wood Group ( formerly Amec Foster Wheeler) –process plant design•Resolute Mining Ltd –all other areas
Cut-offparameters	•The basis of the cut-off grade(s) or qualityparameters applied.	The Ore Reserve was based on economic assessment of individual stopes and the overall schedule, rather than a single cut-off grade.The inputs to the assessments were a gold price of US$1,200/oz, applicable royalties and preliminary costs and metallurgical recoveriesdeveloped during the PFS.The approximate cut-off grade from these assessments was 2.2g/t Au.
Mining factorsor	•The method and assumptions used asreported in the Pre-Feasibility or FeasibilityStudy to convert the Mineral Resource to an	The Mineral Resource was converted to an Ore Reserve through PFS level mine planning, including mine design and scheduling.Initial stope shapes were created using Datamine's Mineable Shape Optimiser and considered Indicated and Inferred Resources. The

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
assumptions	Ore Reserve (i.e. either by application of	2.0g/t cut-off shapes were then manually edited to form the PFS stope shapes.
	appropriate factors by optimization or bypreliminary or detailed design).	Multiple mine designs and schedules were completed. The design and schedule that best met Resolute's criteria was selected asthefinal mine plan for the PFS.
	•The choice, nature and appropriateness ofthe selected mining method(s) and othermining parameters including associated	The stope shapes included mining around historical voids. Each stope was assessed for the amount of void interaction and a miningrecovery factor applied to each stope, ranging from 80% to 0%.
	design issues such as pre-strip, access, etc.	Longhole mining methods were considered the most appropriate mining method based on ore geometry, geotechnical and economicfactors.
	•Theassumptionsmaderegardinggeotechnical parameters (e.g. pit slopes,	Assessment was made of various longhole mining methods, with selected study methods consisting of longhole open stoping with pillarsand longhole stoping with introduced rockfill ( sublevel shrink) as applied at Resolute's Mt Wright mine.
	stope sizes, etc.), grade control and preproduction drilling.	Longhole stoping with pillars is the primary mining method and is used in area where the stope blocks are less continuous, occur inmultiple lodes and are generally narrower.
	•The major assumptions made and Mineral	Sublevel shrink is used in the lower southern mining area were the stope blocks are continuous and are generally wider ( up to 25m).
	Resource model used for pit and stopeoptimization (if appropriate).	Geotechnical assessment indicated that conditions are amenable to moderately large scale open stoping. Minimal dilution is expected inmost areas, except where graphiticshears are located near the orebody.
	•The mining dilution factors used.	There is considerable stoping experience from previous mining available, which was used to validate the geotechnical assessment.
	•The mining recovery factors used.	The recommended maximum hydraulic radius for unsupported stopes was 8.1m.
	•Any minimum mining widths used.	The PFS and OreReserves are based on the Mineral Resource estimate that was detailed in the ASX release dated 18 October 2017.
	•The manner in which Inferred Mineral	Unplanned stope dilution was estimated as 15%, comprising approximately 10% included in the process of converting the 10m stopesections into wireframes stope shapes and an additional 5% included in the mine schedule.
	Resources are utilized in mining studies andthe sensitivity of the outcome to their	Mining recovery was set at 85% for sublevel shrink, based on actual performance at Mt Wright.
	inclusion.•The infrastructure requirements of the	Mining recovery ranged from 55% to 80% for longhole stoping with pillars. This includedan allowance for pillar loss and mining lossesaround voids.
	selected mining methods.	Approximately 50% of the stope tonnes and ounces are obtained from stopes with no void interactions, 40% from stopes with onevoidinteraction and 10% from stopes with multiple void interactions.
		Stope dimensions are based on a level interval of 30m, minimum width of 5m and a strike length of 30m.
		The level interval was fixed by the spacing of the historical development.
		Indicated and Inferred Resources were used in the PFS. The PFS contains 60% Indicated and 40% Inferred Resources
		The Ore reserves are reported as a subset of the PFS.
		Two separate economic evaluations were conducted on the Ore Reserves only ( Inferred Resources were excluded), both of whichdemonstrated the project produced positive cash flows on an Ore Reserve only basis.
		The first assessment was based on a stand alone Ore Reserves mining schedule and a simple economic evaluation.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		The second assessment was by removing the Inferred Resources from the PFS financial model.
		The surface infrastructure is largely already in place, such as haul roads, workshops and offices.
		The mine will be accessed by two declines to service the 1.3km of mining strike length. One decline is pre-existing from the Bibiani Mainpit to the 9 Level and will be extended to the base of the mine. A second decline was commenced but was halted prior to beingconnected to the orebody. This decline required a new portal and extending to connect to the remainder of the mine design.
		Only preliminary assessments have been made of infrastructure such as ventilation, power and dewatering.
		The primary airflows are estimated as 350m3/s to 400 m3/s, with the two declines used as primary intakes and two 4m diameter riseslocated as the southern end of the mine providing primary exhaust.
		Dewatering of the historical working is required ahead of mining. The volume of voids is estimated at approximately 1.5Mm3from oldsurvey plans that have been digitised to 3D. It is proposed to dewater the voids from dedicated large diameter drillholes equipped withborehole pumps.
Metallurgical	•The metallurgical process proposed and the	The ore will be processed through the existing Bibiani processing plant that is currently on care and maintenance.
factors orassumptions	appropriateness of that process to the style ofmineralization.	The plant has a nominal capacity of 3Mtpa. This will be reduced to 1.1Mtpa to treat Bibiani underground ore only.
	•Whether the metallurgical process is welltested technology or novel in nature.	The plant was designed around a standard carbon-in-leach ( CIL) process to extract the gold from the ore. To enhance the process,rather than rely on CIL with gravity, the overflow material from the SAG mill is floated and then re-ground to increase yield. Testwork hasshown that the mineralogy of the deposit favours targeted regrinding of gold-associated sulphide minerals in order to achieve optimal
	•The nature, amount and representativenessof metallurgical test work undertaken, the	leach extraction.
	nature of the metallurgical domaining appliedand the corresponding metallurgical recovery	The plant required refurbishment of most components, plus replacement or changes to the primary classification, scavenger flotation,regrind and concentrate areas.
	factors applied.	The assessment of the plant and proposed modifications were undertaken by an experienced consultant.
	•Any assumptions or allowances made for	Numerous phases of metallurgical testwork have been undertaken on underground samples over the previous 15 years.
	deleterious elements.	The samples are representative both spatially and in grade of the Ore Reserves.
	•The existence of any bulk sample or pilotscale test work and the degree to which suchsamples are considered representative of theore body as a whole.	An average metallurgical recovery of 89.9% was used in the PFS, based on Resolute's analysis of the testwork data.
		Nodeleterious elements were identified from the testwork and historical processing.
	•For minerals that are defined by aspecification, has the ore reserve estimationbeen based on the appropriate mineralogy tomeet the specifications?
Environmental	•Thestatusofstudiesofpotentialenvironmental impacts of the mining andprocessing operation. Details of waste rockcharacterization and the consideration of	An Environmental Impact Study ( EIS) has been completed and submitted to the Ghanaian Environmental Protection Agency ( EPA).The EPA has accepted the EIS and has invoiced the permit fee.
		Waste rock will be stored on existing waste dumps.
	potential sites, status of design optionsconsidered and, where applicable, the status	Process tailings will be deposited in the existing TFS.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	of approvals for process residue storage andwaste dumps should be reported.	Historical test work has shown the waste rock and tailings are non-acid forming.
Infrastructure	•The existence of appropriate infrastructure:availability of land for plant development,power, water, transportation (particularly for	Bibiani is an existing mining operation. All necessary infrastructure for operations is in place, including a processing plant, offices andworkshops, tailings storage facility ( TFS) and accommodation facilities for senior staff. Most of the facilities are in reasonable conditionand require refurbishment to commence operations.
	bulk commodities), labour, accommodation;or the ease with which the infrastructure canbe provided, or accessed.	The TFS footprint has the capacity to contain all tails produced in the mine plan. An approximately 2.5m high lift is required to the TSFwall. The capital for this work has not been included in the PFS financial model. AMC expects it to be in the range of $3M to $5M.
		Ghana is an established mining jurisdiction, with an experienced labour pool available in country. The labour pool will be supplementedby expatriates in key roles.
		Labour will be accommodated either in the Bibiani mine camp or local towns.
		Bibiani is located approximately 80km from the major regional city of Kumasi and is connected by the sealed Kumasi-Bibiani-Sefwihighway.
		Electrical power is provided from the government grid.
Costs	•The derivation of, or assumptions made,	Capital costs are based on a PFS level of accuracy.
	regarding projected capital costs in the study.	Mining capital costs are based on contract mining for the first three years. The mine development costs are based on mine physical andcontract rates from Resolute's Syama mine in Mali and preliminary infrastructure costs.
	•The methodology used to estimate operatingcosts.	Processing capital costs were based on a minimal capital cost approach to refurbish and upgrade the existing plant.
	•Allowances made for the content ofdeleterious elements.	Mining operating costs are based on:
	•The derivation of assumptions made of metal	•Contract mining costs for the first three years
	or commodity price(s), for the principalminerals and co-products.	•Owner mining thereafter. The owner mining costs are based on a first principal cost build-up.
	•The source of exchange rates used in the	Processing cost of US$21.6/t and administration costs of US$9.0/t are based on Resolute undertaking these activities and have beendeveloped from first principals.
	study.	No deleterious elements were identified and no allowance was made in the project financial model.
	•Derivation of transportation charges.	The exchange rates were based in Resolute forecasts with USD to GHS of 1:4.5 and USD to AUD of 1:1.33 used in the PFS.
	•The basis for forecasting or source oftreatment and refining charges, penalties forfailure to meet specification, etc.	Royalties total 6% and include the standard Ghanaian government royalty of 5% plus 1% for other external parties.
	•The allowances made for royalties payable,both Government and private.
Revenuefactors	•The derivation of, or assumptions maderegarding revenue factors including headgrade, metal or commodity price(s) exchange	Production and recovery for revenue factors were based on the PFS level mining schedule, factors and cost estimates.A gold price of US$1,200/oz was used for the PFS and Ore Reserve estimate.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	rates, transportation and treatment charges,penalties, net smelter returns, etc.•The derivation of assumptions made of metalor commodity price(s), for the principalmetals, minerals and co-products.
Marketassessment	•The demand, supply and stock situation forthe particular commodity, consumption trendsand factors likely to affect supply anddemand into the future.•A customer and competitor analysis alongwith the identification of likely marketwindows for the product.•Price and volume forecasts and the basis forthese forecasts.•Forindustrialmineralsthecustomerspecification,testingandacceptancerequirements prior to a supply contract.	There is a transparent quoted market for the sale of gold.
Economic	•The inputs to the economic analysis toproduce the net present value (NPV) in thestudy, the source and confidence of theseeconomic inputs including estimated inflation,discount rate, etc.•NPV ranges and sensitivity to variations inthe significant assumptions and inputs.	The economic analysis was based on:•Costs as described previously•Gold price of US$1,200/oz•Royalties of 6%•Tax rate of 35%•Discount rate of 5.5% for real, post-tax cash flowsNPV sensitivity was undertaken on key parameters such as metal price, gold grade, processing recovery, costs and exchange ratesMajor parameters were flexed by up to 10% and provided post-tax NPVs ranging from US$37M to US$140M.
Social	•Thestatusofagreementswithkeystakeholders and matters leading to sociallicense to operate.	Resolute and its consultantshave performed appropriate stakeholder engagement at the local, regional and national level. These aredocumented in the EIS.
Other	•To the extent relevant, the impact of thefollowing on the project and/or on theestimation and classification of the OreReserves:	Bibiani is located in a tropical environment and subject to heavy rain events. The Bibiani underground is connected to the open pit inmany places and rainfall will drain into the underground workings.The project is owned by Mensin Gold Bibiani Ltd ( MGBL) a wholly owned subsidiary of Resolute Mining Ltd.While mining and environmental permits were held by the previous operators, they did notinclude underground mining. Some permitshave expired or were cancelled when the operation was placed on care and maintenance.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	•Any identified material naturally occurringrisks.	Prior to recommencing operations and environmental permit will be required from the EPA and a Mining Permit from the MineralsCommission. There is no reason not to expect these to be granted.
	•The status of material legal agreements andmarketing arrangements.
	•The status of governmental agreements andapprovals critical to the viability of the project,such as mineral tenement status, andgovernment and statutory approvals. Theremust be reasonable grounds to expect that allnecessary Government approvals will bereceived within the timeframes anticipated inthe Pre-Feasibility or Feasibility study.Highlight and discuss the materiality of anyunresolved matter that is dependent on athird party on which extraction of the reserveis contingent.
Classification	•The basis for the classification of the OreReserves into varying confidence categories.	All Indicated Resources were classified as Probable Ore Reserves
	•Whether the result appropriately reflects theCompetent Person's view of the deposit.	There are no Measured Resources
	•The proportion of Probable Ore Reservesthat have been derived from MeasuredMineral Resources (if any).
Audits orreviews	•The results of any audits or reviews of OreReserve estimates.	No reviewed of audits have been undertaken of the Ore Reserves estimate
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement of the relativeaccuracy and confidence level in the OreReserve estimate using an approach orprocedure deemed appropriate by theCompetent Person. For example, theapplication of statistical or geostatisticalprocedures to quantify the relative accuracyof the reserve within stated confidence limits,	The design, schedule and financial model are prepared to PFS level of accuracy.The PFS requires mining around historic voids, with 50% of the stope tonnes and ounces mined in close proximity to voids. Miningaround voids has a degree of uncertainty.The metallurgical recovery is based on a certain sulphide content, if the sulphide content is higher than 0.6% metallurgical recovery willbe lower.Further metallurgical recovery testwork is required to validate the metallurgical recovery.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	or, if such an approach is not deemedappropriate, a qualitative discussion of thefactors which could affect the relativeaccuracy and 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 and economicevaluation. Documentation should includeassumptions made and the procedures used.•Accuracy and confidence discussions shouldextend to specific discussions of any applied
	Modifying Factors that may have a materialimpact on Ore Reserve viability, or for whichthere are remaining areas of uncertainty atthe current study stage.
	•It is recognized that this may not be possibleor appropriate in all circumstances. Thesestatementsofrelativeaccuracyandconfidence of the estimate should becompared with production data, whereavailable.

AI assistant

Resolute Mining Limited — Annual Report 2018

10548_rns_2019-02-12_53aac318-3c10-45d4-bae3-bac7ecf4af8e.pdf

13 February 2019

Resolute maintains class-leading Gold inventory Mineral Resources of 17Moz Ore Reserves of 6Moz

Highlights

Ore Reserves

Table 1: Managed Ore Reserves

Mineral Resources

Table 2: Managed Mineral Resources

Strategic Equity Investments

Table 3: Mineral Resources from Strategic Equity Investments

Global Mineral Resources

Exploration Budget and Discovery Cost

Ore Reserves Statement

Mineral Resources Statement

Competent Persons Statement

John Welborn

ASX:RSG Capital Summary

Jeremy Meynert

Board of Directors

Contact

Appendix

Appendix Table 2: Mineral Resources Comparison – 31 December 2018 to 30 June 2018

JORC Code, 2012 Edition – Table 1 Report

Syama Gold Mine

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Section 4 Estimation and Reporting of Ore Reserves

JORC Code, 2012 Edition – Table 1 report

Ravenswood Gold Mine Queensland –Buck Reef West and Sarsfield Deposits.

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Section 4 Estimation and Reporting of Ore Reserves

JORC Code, 2012 Edition – Table 1 report

Bibiani Gold Mine Ghana.

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Section 4 Estimation and Reporting of Ore Reserves

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Resolute Mining Limited Annual Report 2018