RESOURCES & ENERGY GROUP LIMITED - Capital/Financing Update 2014

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01 October 2014

Company Announcement Office Australian Stock Exchange Limited

REVISED MOUNT MACKENZIE VALUATION AND ASSESSMENT REPORT

The Mount Mackenzie valuation and assessment report has been revised to comply with ASX listing rule 5.12. The additional information in the report includes the following:

Section 3.6.1 - Historical Mineral Resource Estimations
Appendix – JORC Code 2012 - Table 1:
2.1. Section 1 Sample Techniques and Data
2.2. Section 2 Reporting of Exploration Results
2.3. Section 3 Estimation and Reporting of Mineral Resources

Cindy Louie Company Secretary RESOURCES & ENERGY GROUP LIMITED

Level 33, 52 Martin Place Sydney NSW 2000 GPO Box 2537 Sydney NSW 2001 P: +612 9227 8900 F : +612 9227 8901

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Valuation & Resource Assessment Mt Mackenzie, Queensland Mt Mackenzie Mines Pty Ltd[Job No. 2620‐01 ] Report Date: 26 September 2014

Prepared for:

Mike Johnstone

Technical Manager

Prepared by:

Murray Hutton BA (Hons, Geology) MAIG Senior Consultant

Reviewed by:

Sue Border BSc (Hons) FAusIMM Principal Consultant

GJN Enterprises Pty Ltd (ABN 63 076 664 572) trading as Geos Mining

Geos Mining project 2620‐01 Mt Mackenzie Mines Pty Ltd: Mt Mackenzie, Queensland

Valuation & Resource Assessment

Executive Summary

The Mt Mackenzie project is held by Mount Mackenzie Mines Pty Ltd (MMM), a wholly owned subsidiary of Resource and Energy Group Limited. It consists of three Exploration Permits for Minerals (EPMs) and is situated in eastern Central Queensland (22°52’S / 149°26’ E), approximately 125km northwest of the city of Rockhampton. Transfer of the titles from SmartTrans Holdings Limited to MMM is being assessed by the Queensland Department of Natural Resources and Mines.

The project area is within the Devonian to Early Permian Connors Magmatic Arc, which, along with similar aged portions of the New England Fold Belt in Queensland, hosts several significant gold deposits that have produced in excess of 50Moz of gold and significant amounts of copper and silver.

Exploration programs for copper and gold deposits have been sporadically conducted on the area within the three EPMs since the late 1960s. The exploration programs have defined low‐grade oxidised gold mineralisation at the Mt Mackenzie prospect, which historic estimates have determined to be around 40,000 ounces gold. However, these historic estimates have yet to be verified to JORC 2012 standards and further exploration work may not enable the material to be reported as mineral resources in accordance with JORC 2012.

Exploration drilling programs have also intersected moderate to high‐grade gold mineralisation in the primary zone, commonly associated with elevated copper and arsenic values.

The oxide resource, if verified, would marginally meet the JORC 2012 criteria for eventual economic extraction. The primary zone mineralisation does not currently meet these criteria because of the lack of understanding of geological continuity and the low gold recoveries in metallurgical testwork.

Our valuation for the Mt Mackenzie project has relied mostly upon the Attributable Exploration Expenditure method, with a lesser contribution from Comparable Transactions. We also believe that the project holds considerable potential for discovery of a copper‐gold porphyry system at depth. However, there is no guarantee that further exploration programs will define additional resources, or that consent to mine the resources will be forthcoming.

Our valuation of the Mt Mackenzie project as at 1 August, 2014 has a range of $4.93M to $9.50M , with a preferred value of $7.50M.

Disclaimer

While every effort has been made, within the time constraints of this assignment, to ensure the accuracy of this report, Geos Mining accepts no liability for any error or omission. Geos Mining can take no responsibility if the conclusions of this report are based on incomplete or misleading data.

Geos Mining and the authors are independent of Mt Mackenzie Mines Pty Ltd and have no financial interests in Mt Mackenzie Mines Pty Ltd or any associated companies. Geos Mining is being remunerated for this report on a standard fee for time basis, with no success incentives.

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1.	INTRODUCTION.........................................................................................................1
	1.1 SCOPE OFREPORT....................................................................................................................... 1
2.	INFORMATIONSOURCES..............................................................................................1
3.	MOUNTMACKENZIEPROJECT......................................................................................1
	3.1 PROJECTLOCATION..................................................................................................................... 1
	3.1 TENEMENTS............................................................................................................................... 2
	3.2 EXPLORATIONHISTORY................................................................................................................ 4
	3.3 GEOLOGY& MINERALISATION....................................................................................................... 5
	3.3.1 REGIONALGEOLOGY.......................................................................................................................................... 5
	3.3.2 LOCALGEOLOGY............................................................................................................................................... 7
	3.3.1 ALTERATION..................................................................................................................................................... 8
	3.3.2 MINERALISATION............................................................................................................................................ 10
	3.4 REGIONALEXPLORATIONRESULTS................................................................................................ 11
	3.5 ASSESSMENT OFEXPLORATIONCOMPLETED ATMTMACKENZIE......................................................... 12
	3.5.1 GRIDDING& SAMPLELOCATIONS....................................................................................................................... 12
	3.5.2 GEOCHEMICALSURVEYS................................................................................................................................... 13
	3.5.3 GEOPHYSICSPROGRAMS.................................................................................................................................. 13
	3.5.4 DIAMONDCORE ANDREVERSECIRCULATIONDRILLING.......................................................................................... 14
	3.5.5 PERCUSSIONDRILLING..................................................................................................................................... 14
	3.5.6 METALLURGICALTESTWORK.............................................................................................................................. 15
	3.6 MINERALRESOURCES................................................................................................................ 16
	3.6.1 HISTORICMINERALRESOURCEESTIMATIONS........................................................................................................ 16
	3.6.2 WORKREQUIRED TOMEETJORC 2012 REQUIREMENTS....................................................................................... 19
4.	VALUATIONPRINCIPLES& METHODOLOGY.................................................................. 20
	4.1 EFFECTIVEDATE FORVALUATION................................................................................................. 20
	4.2 STANDARDS& PROCEDURES....................................................................................................... 20
	4.3 VALUATIONGENERALPRINCIPLES................................................................................................. 20
	4.4 VALUATIONMETHODOLOGIES..................................................................................................... 21
	4.4.1 GENERALPRINCIPLES....................................................................................................................................... 21
	4.4.2 NETPRESENTVALUE....................................................................................................................................... 21
	4.4.3 COMPARABLETRANSACTIONS............................................................................................................................ 22
	4.4.4 MARKETVALUATION....................................................................................................................................... 22
	4.4.5 ATTRIBUTABLEEXPLORATIONEXPENDITURE......................................................................................................... 22
	4.4.6 CONTAINEDRESOURCES................................................................................................................................... 23
	4.5 RISKS ANDSPECIALCIRCUMSTANCES............................................................................................. 23
5.	VALUATION OFMOUNTMACKENZIEPROJECT............................................................... 24
	5.1 ATTRIBUTABLEEXPLORATIONEXPENDITURE................................................................................... 24
	5.2 COMPARABLETRANSACTIONS...................................................................................................... 25

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	5.3 CONTAINEDRESOURCEOUNCES.................................................................................................. 26
	5.4 ASSESSMENT OFVALUATIONS...................................................................................................... 28
6.	EXPLORATIONPOTENTIAL......................................................................................... 28
7.	CONCLUSIONS........................................................................................................ 31
8.	STATEMENT OFCAPABILITY....................................................................................... 32
9.	STATEMENT OFINDEPENDENCE.................................................................................. 33
10. LIMITATIONS& CONSENT......................................................................................... 34
11. GLOSSARY............................................................................................................. 35
12. BIBLIOGRAPHY....................................................................................................... 41

Tables

TABLE 1 : MT MACKENZIE TENEMENTS AS PER IRTM, 31/07/2014 .................................................................................... 2 TABLE 2 : SUMMARY OF DRILLING PROGRAMS AT MT MACKENZIE, CLIVE CREEK AND CLEMENT CREEK PROSPECTS ......................... 4 TABLE 3 : ZONES OF ALTERATION AT MT MACKENZIE .......................................................................................................... 8 TABLE 4 : SUMMARY OF METALLURGICAL TESTWORK PROGRAMS AT MT MACKENZIE .............................................................. 16 TABLE 5 : SUMMARY OF HISTORIC RESOURCE ESTIMATIONS FOR MT MACKENZIE ................................................................... 17 TABLE 6 : PROSPECTIVITY ENHANCEMENT MULTIPLIERS .................................................................................................... 23 TABLE 7 : ESTIMATE OF ATTRIBUTABLE EXPLORATION EXPENDITURE FOR MT MACKENZIE PROJECT ............................................. 24 TABLE 8 : VALUATION OF MT MACKENZIE PROJECT AS AT 1 AUGUST, 2014 ......................................................................... 28

Figures

FIGURE 1 : LOCATION OF MT MACKENZIE PROJECT ............................................................................................................ 3 FIGURE 2 : CURRENT EPMS AND PROSPECTS .................................................................................................................... 5 FIGURE 3 : EASTERN CENTRAL QUEENSLAND TECTONIC FEATURES ......................................................................................... 6 FIGURE 4 : REGIONAL GEOLOGICAL SETTING OF MT MACKENZIE PROJECT ............................................................................... 7 FIGURE 5 : GEOLOGY OF MT MACKENZIE PROSPECT (LOCAL GRID) ........................................................................................ 9 FIGURE 6 : CROSS‐SECTION ON LINE 1900N, LOOKING NORTH, LOCAL GRID .......................................................................... 10 FIGURE 7 : MAJOR GOLD DEPOSITS OF NEW ENGLAND FOLD BELT, QUEENSLAND .................................................................. 11 FIGURE 8 : LOCATION OF GPS WAYPOINTS USED TO DERIVED LOCAL GRID TO MGA94 TRANSFORMATION .................................. 13 FIGURE 9 : OPEN‐HOLE PERCUSSION COLLAR LOCATIONS ................................................................................................... 15 FIGURE 10 : COMPARABLE TRANSACTIONS, AU$/OZ VS DATE ............................................................................................. 27 FIGURE 11 : COMPARABLE TRANSACTIONS, A$ / OZ VS RESOURCE CONTAINED OUNCES .......................................................... 27 FIGURE 12 : COMPARISON BETWEEN MT MACKENZIE AND LEPANTO – FAR SOUTHEAST ......................................................... 30

Appendices

APPENDIX 1 :Summary of Drillining and Exploration Programms APPENDIX 2: Comparable Transactions APPENDIX 3: Table 1, Checklist

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1. Introduction

1.1 SCOPE OF REPORT

Geos Mining was contracted by Mt Mackenzie Mines Pty Limited (“MMM”, a wholly‐owned subsidiary of Resources and Energy Group Limited, ASX:REZ) to undertake an independent technical assessment and valuation of the tenements that make up the Mt Mackenzie project in central Queensland.

The purpose of the valuation is related to the acquisition of the Mt Mackenzie project by REZ from the previous owners, SmartTrans Holdings Limited and Reproductive Health Science Limited (RHS)[1] . In particular REZ is seeking an understanding of the value of the asset to inform shareholders and provide guidance on how best to allocate funds for further exploration.

This report does not constitute a full technical audit of the project, but it provides an independent technical overview of the Mt Mackenzie project. Apart from the valuation, Geos Mining has also been commissioned by REZ to make an assessment of the mineral resources defined at Mt Mackenzie and to recommend further exploration programs for the project. This second stage of the undertaking will form a separate report to the Directors of REZ.

2. Information Sources

Information on the Mt Mackenzie project consisted of numerous annual reports, consultant’s project assessment reports, databases, data files in Excel spreadsheets and MapInfo tables and other technical data. A full list of reports made available for this study is listed in the Bibliography.

A site visit was conducted by Murray Hutton on 30 July 2014, accompanied by Mike Johnstone and James McGuigan from Resources & Energy Group. During the site visit, nine drillhole collar locations were recorded using a Garmin GPS unit (3‐4m accuracy) and outcropping rock units were inspected.

3. Mount Mackenzie Project

3.1 PROJECT LOCATION

The Mt Mackenzie project is situated in eastern Central Queensland (22°52’S / 149°26’ E), approximately 125km northwest of the city of Rockhampton (Figure 1).

Access from Rockhampton is via the Bruce Highway to Marlborough (106km), then via the sealed Marlborough‐Sarina Road (54km). All‐weather unsealed roads and farm tracks provide access to the

1 See ASX announcement by REZ dated 13 June 2014

(http://www.asx.com.au/asxpdf/20140613/pdf/42q5z0mrgzc9tn.pdf)

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Valuation & Resource Assessment

project areas. Most of the drilling access tracks around the Mt Mackenzie prospect are now overgrown or eroded and would require refurbishing for future drill rig access.

3.1 TENEMENTS

The Mt Mackenzie project consists of three Exploration Permits for Minerals: EPM1006, EPM12546 and EPM17515 (Figure 1). Details of these tenements are presented in Table 1. Documentation to facilitate the assignment and transfer of titles to MMM has been lodged with the Queensland Department of Natural Resources and Mines (DNRM). On 12 September 2014, the DNRM informed MMM that MMM was accepted as a suitable operator for the Mt Mackenzie tenements and that the requests for transfer of the titles will be assessed by the department.

EPM10006 contains the main exploration target at Mt Mackenzie prospect as well as a smaller prospect at Clive Creek. As far as we are aware, no significant mineralisation has been detected on the other EPMs, although they contain potential for mineralisation similar to the Mt Mackenzie prospect at depth below the overlying Permian lithological units.

Tenure	Status	Date Granted	Date Expiry	Principal Holder2	Sub‐blocks
EPM10006	Granted	29/03/1994	28/05/2018	SmartTrans Holdings Ltd	11
EPM12546	Granted	29/01/2002	28/01/2015	SmartTrans Holdings Ltd	4
EPM17515	Granted	15/05/2009	14/05/2016	SmartTrans Holdings Ltd	153

Table 1 : Mt Mackenzie tenements as per IRTM, 31/07/2014

A review of the tenements by Hetheringtons Exploration and Mining Titles Services (HEMTS) indicates that, at the time of acquisition, the titles are in good standing. A seven sub‐block relinquishment is due on EPM17515. The area to be relinquished is identified on Figure 1 and is regarded as having minimal potential.

There are no registered native title claims covering the tenements. The nearest claim area registered by NTDA belongs to the Gaangalu Nation, 4.5km to the southwest of Mt Mackenzie (Figure 1).

Property ownership is vested in six groups. Marlborough Gold Mines, the original tenement holder, now known as Reproductive Health Science Limited (RHS), owns most of the land surrounding Mt Mackenzie itself. As part of the transaction, RHS has agreed to provide REZ with unrestricted access to conduct exploration.

2 As at 16/09/2014, title had yet to be transferred over to Mount Mackenzie Mines Pty Ltd, but is being processed by the Queensland Department of Natural Resources and Mines.

3 To be reduced to 8 sub‐blocks.

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Figure 1 : Location of Mt Mackenzie Project

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Geos Mining project 2620‐01 Mt Mackenzie Mines Pty Ltd: Mt Mackenzie, Queensland

Valuation & Resource Assessment

3.2 EXPLORATION HISTORY

The Mt Mackenzie mineralisation was first detected by Noranda in 1967 (Layton & Associates, 1975), although old pits had already been located on small bodies of copper mineralisation.

EPM10006 was initially granted to Marlborough Gold Mines NL (MGM) on 29 March 1994. It followed on from earlier exploration tenements that had been held by MGM since the 1970s (AtP1445M, AtP3234M, EPM7225).

Several companies had joined with MGM[4] to form joint ventures over the area of EPM10006, including Australian Consolidated Exploration (1975‐76), Utah Development (1981‐82), Peabody (1984‐85), Freeport McMoran (1987‐89), Dragon Mining (1995), Coolgardie Gold / SmartTrans Holdings[5] (1997‐2014), Jeteld (2002‐06) and Newcrest Mining (2007‐08).

The main prospects at Mt Mackenzie and Clive Creek were explored by gridding, geological mapping, geochemical stream sediment, soil and rock chip sampling and covered to a large part by IP, ground magnetometer and gravity surveys (Laurie, 2012b). Several other prospects have been identified by exploration programs and tested over the years (Figure 2).

IKONOS imagery data, helicopter‐borne magnetics and radiometrics surveys were also acquired over the tenements. Drilling programs on the two main prospects are summarised in Table 2.

Prospect	Type	No Holes	Total length (m)	Pre‐collar length (m)
Mt Mackenzie	Diamond core	46	13,862.92	4,777.59
	Percussion	517	32,258.13
	Reverse circulation	43	12,441.00
Clive Creek6	Diamond core7	19	984.30
	Reverse circulation	1	401.00
Clement Ck	Diamond core	2	223.5
TOTALS		628	60,170.85	4,777.59

Table 2 : Summary of drilling programs at Mt Mackenzie, Clive Creek and Clement Creek prospects

4 Over the years, MGM has changed its name to Marlborough Gold Resources NL, Australia Oriental Minerals NL, AO Energy Limited and Reproductive Health Science Limited.

5 Coolgardie Gold NL changed its name to SmartTrans Holdings Limited during January 2001.

6 (Bacigalupo‐Rose, 1996) reports “116 holes over the whole area”.

7 Details of the diamond core drilling at Clive Creek are incomplete

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Figure 2 : Current EPMs and prospects

3.3 GEOLOGY & MINERALISATION

3.3.1 REGIONAL GEOLOGY

The Mt Mackenzie project is located within a Paleozoic convergent plate margin complex, where the Connors Magmatic Arc forms a major structural feature along the eastern margin of the Permian Bowen Basin (Dear, 1996, Beams & Harvey, 1999) (Figure 3). This arc is primarily composed of felsic to intermediate intrusives, volcanics and volcanoclastic sediments of Devonian to Early Permian age. Late Carboniferous to Early Permian volcanics are unconformably overlain to the west by Permian Bowen Basin sediments (Beams & Harvey, 1999) (Figure 4). Dear (1996) recognised 4 cycles of volcanism, each separated by unconformities within the Connor Magmatic Arc.

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Valuation & Resource Assessment

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Figure 3 : Eastern Central Queensland tectonic features

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Geos Mining project 2620‐01

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Figure 4 : Regional geological setting of Mt Mackenzie project

3.3.2 LOCAL GEOLOGY

The Mt Mackenzie prospect consists of volcanic rocks with minor sediments and granitoid intrusives (Figure 5, Figure 6, ). A summary of the local geology of the prospect (after Beams & Harvey, 1999) is as follows:
Steeply dipping, thinly bedded rhyolite of the Connors Volcanics (Cucf) with interlayered, banded andesites (Cuca), overlain unconformably by:
A discontinuous conglomerate (Cumc) and rhyolitic to dacitic volcanics – mainly ignimbrites – of the Macksford Felsics (Cumf), overlain by:
Westerly dipping (~20°) andesitic tuffs, breccias and lavas of the Macksford Andesite (Cuma), dated as 314.9 ± 3.6Ma (Burch, 1999, in Beams and Harvey, 1999b, p16).
Andesitic porphyry dykes (Cumd) cut the Macksford Andesite lavas.
The Connors Volcanics, Macksford Felsics and Macksford Andesite were intruded by the South Creek Igneous Complex (Cusi), dated as 304.0 ± 2.2Ma (Burch, 1999 in Beams and Harvey, 1999b, p16). In the South Knoll area, the South Creek Igneous rocks are monzodiorite (Cusm) to monzonite. Small bodies and dykes of latite porphyry (Cusl) and associated small bodies of dacite (Cusd) are present.

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Valuation & Resource Assessment

The Coppermine Tuff (Plcd) – a massive dacite – is dated as 296.6 ± 2.5Ma (Burch, 1999 in Beams and Harvey, 1999b, p17). It unconformably overlies the altered Macksford Andesite and South Creek Diorite.
A Lower Permian volcaniclastic / conglomerate unit (Plzc) unconformably overlies the Coppermine Tuff, and is in turn overlain by:
Massive andesite (Plza) of the Lizzie Creek Volcanics.
Fine grained andesite dykes (Plzd) cut all of the above units and are assigned to the Lizzie Creek Volcanics.
Tertiary to Recent ironstones occur as a result of weathering of sulphides.

The style of mineralisation is considered to be high sulphidation epithermal mineralisation. Mineralization has been dated at Late Carboniferous (Beams & Harvey, 1999b). This places the deposit in the middle of the most productive epoch of gold mineralization in Northeast Queensland. The location of significant deposits associated with this period is provided in Figure 7.

3.3.1 ALTERATION

The prospect displays the typical zonal relationships of a high sulphidation epithermal deposit, with the alteration zones decreasing in intensity outwards from the mineralised zone of vuggy silica, to zones of quartz‐alunite (very low pH), pyrophyllite (low pH), illite (moderately low pH) and smectite (~ neutral pH) alteration (Beams & Harvey, 1999b) (Table 3). The advanced argillic alteration is likely to be stratigraphically controlled, dipping about 20° towards the west. Within this zone, weak mineralisation also dips shallowly to the west. It is interpreted that the geometry of the alteration is a result of high‐ sulphidation state fluids flowing up‐dip, through the more permeable stratigraphy.

Alteration Type	Code	Alteration characteristics
Silica / Advanced argillic	SIAA	A “core” of vuggy silica + pyrite‐pyrophyllite‐alunite.
Advanced argillic	AA	Silica‐pyrophyllite‐alunite‐diaspore‐kaolinite‐anhydrite‐pyrite.
Intermediate argillic	IAA	Often not present, comprising silica‐illite‐smectite‐kaolinite‐gypsum‐ anhydrite ± pyrophyllite.
Phyllic	PHYL	Silica‐sericite‐clay (dickite or kaolinite) –illite‐pyrite.
Propylitic	CHSP	Chlorite‐sericite‐pyritealbite‐epidote‐carbonate.
	SE, CH, UL, PR	Unaltered or weak sericite ± chlorite alteration comprising sericite ± chlorite ± epidote ± carbonate.

Table 3 : Zones of alteration at Mt Mackenzie

Note: after Beams and Harvey (1999b)

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Valuation & Resource Assessment

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Figure 5 : Geology of Mt Mackenzie prospect (local grid)

Note: from (Beams & Harvey, 1999b) ‐ geological units overlain by alteration. Location of Section 1900N indicate

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Figure 6 : Cross‐section on Line 1900N, looking north, local grid

Note: modified from (Beams & Harvey, 1999b)

3.3.2 MINERALISATION

The mineralisation style at Mt Mackenzie is classified as high level high‐sulphidation epithermal. Typically, Au grades are associated with vuggy mineralised silica and quartz‐alunite zones (Beams & Harvey, 1999b). Mineralisation is present as gold (free gold and rare electrum) and sulphides (pyrite, chalcopyrite, tennantite, enargite, bornite, sphalerite and galena).

Crosscutting dykes, small intrusive bodies and faults have been delineated through section and plan interpretations by Beams & Harvey (1999b). These features post‐date and stope out or split the gold mineralised silica zones. Drilling since 1996 has tested for mineralisation under post‐mineralisation cover to the west of the main zone, defining a 2km alteration system that is currently open to the north‐west, south and west.

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3.4 REGIONAL EXPLORATION RESULTS

The Connors Magmatic Arc forms part of the New England Fold Belt (NEFB). The part of the NEFB within Queensland has produced in excess of 50Moz of gold, as well as significant amounts of copper and silver (Figure 7).

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Figure 7 : Major gold deposits of New England Fold Belt, Queensland

Within the area of the three EPMs, exploration has consisted of stream sediment, soil and rock chip sampling, airborne geophysics (magnetics and radiometrics), gradient array IP, ground magnetics and open‐ hole percussion, RC and diamond core drilling. Large alteration zones were detected at Mt Mackenzie, Clive Creek and Clement Creek prospects, as well as geochemical anomalies at a number of other prospects.

Assay results for drillholes at Clive Creek and Clement Creek were generally poor and the potential for economic mineralisation in these prospects is considered to be low. However, the alteration systems at these prospects are quite large and further review of the data may determine valid targets for further drilling.

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3.5 ASSESSMENT OF EXPLORATION COMPLETED AT MT MACKENZIE

3.5.1 GRIDDING & SAMPLE LOCATIONS

The initial gridding at Mt Mackenzie is reported in Layton & Associates (1976) as being 1,500 feet by 1,000 feet around the central zone of alteration by Reichheldt Holdings in 1970 (AtP842M) for the purposes of grid soil and rock chip sampling.

A metric local grid was established by Marlborough Gold during 1976 (Dear, 1977) with a 1000m baseline oriented at 325° magnetic (335° MGA) and crosslines at 100m spacings oriented at 055° magnetic (065° MGA). Datum points for this grid were not defined.

A compilation of exploration data by Terra Search in 1999 (Beams & Harvey, 1999b) mentions a second local metric grid at Mt Mackenzie (“MACK98”). This may be the 1976 grid re‐established, but the compilation report does not define it.

The Terra Search data compilation tabulated locations of geochemical samples and drillhole collars in both local grid and AMG66 datum co‐ordinates. GPS readings, taken during the site visit, of nine drillhole collars and a star picket marking local grid position 1000E / 1700N, showed that most of the AMG66 positions are incorrect, placing the database locations around 95m to the ESE of the actual position. Using the GPS recorded positions, new parameters for transformation of the local grid to MGA94 datum co‐ordinates were derived using MapInfo/Discover and the drillhole collars positions in MGA94 co‐ordinates were then extracted. Intriguingly, some of the RC drillhole collars plotted at roughly the same point relative to the original AMG66 co‐ordinates while others plotted 95m away (Figure 8). For diamond drillholes, only those collared to the west of the local grid (MMDD652 to MMDD658 and the Newcrest drillholes NMD001 to NMD006) showed comparable collar locations between the database AMG66 co‐ordinates and the transformed MGA94 co‐ordinates. The transformed collar locations agree reasonably well with areas of ground disturbance that may be indicative of previous drilling pads and access tracks.

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Figure 8 : Location of GPS waypoints used to derived local grid to MGA94 transformation

3.5.2 GEOCHEMICAL SURVEYS

Several phases of stream sediment, soil and rock chip sampling have been completed at or surrounding Mt Mackenzie. The earlier programs only assayed for Cu, Pb and Zn. Later programs also assayed for Au, Ag, As, Fe, Mn and a few other minor elements.

The geochemical surveys located the extensive zones of silicification, pyritisation and argillic alteration at Mt Mackenzie and Clive Creek prospect. At Mt Mackenzie, gold in soils defined the North Knoll and SW Slopes anomalies. No anomalous values were recorded for areas beneath the Permian volcanic units that overlie the prospective Carboniferous units.

3.5.3 GEOPHYSICS PROGRAMS

Geophysics surveys at Mt Mackenzie have included airborne magnetics and radiometrics, ground magnetics, gradient array and dipole‐dipole array IP, gravity and downhole EM. The field surveys were conducted by reputable geophysics contractors and the programs appear to have been well designed and managed.

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Some post‐processing and 3D modelling of the data has been undertaken (McIntosh, 2005) (Edmiston, 2005) (Moore Geophysics, 2007), but insufficient effort has been expended on determining associations between the geophysics results and the underlying geology / mineralisation. Further interpretation and testing of selected geophysics targets with diamond core or RC drilling should be undertaken in future programs.

3.5.4 DIAMOND CORE AND REVERSE CIRCULATION DRILLING

At Mt Mackenzie, 46 diamond drillholes (totalling 13,863m) and 43 RC drillholes (totalling 12,441m) were completed between 1975 and 2008. The earlier drilling concentrated on testing the geochemical anomalies and outcropping alteration zones that were termed the North Knoll and SW Slopes zones. Later drilling tested potential deeper targets to the west of the main deposit.

As mentioned in Section 3.6.1, there is some doubt over the location of some of these drillholes. Apart from that, it is reasonable to accept that the drilling and sampling procedures followed industry best practice. Sampling intervals varied from 0.01m to 5.4m, but for the majority of samples, sampling intervals were consistently 1m for diamond drilling or 2m for RC drilling. The samples were mostly assayed for Au‐ Cu‐Pb‐Zn‐Ag‐Fe‐As‐S at NATA certified analytical laboratories.

3.5.5 PERCUSSION DRILLING

A total of 517 open‐hole percussion drillholes (32,258m) were completed by Marlborough Gold Mines and Freeport McMoran between 1985 and 1995. The drilling was concentrated over the North Knoll and SW Slopes zones at Mt Mackenzie prospect, where significant shallow gold mineralisation was intersected (Figure 9).

The percussion holes were mostly assayed for Au‐Cu‐Pb‐Zn‐Ag‐Mn‐Fe‐Mo at intervals of 2m or 1m. The reports made available do not detail the sampling protocols for the percussion holes.

Open‐hole percussion drilling is normally used for geochemical sampling of bedrock under cover. It is not recommended for mineral resource definition because of the inherent problems with contamination of samples. This is particularly so for gold deposits, where narrow high‐grade zones occur within generally barren material, as it tends to smear the mineralisation into succeeding intervals.

We consider that the amount of open‐hole drilling at Mt Mackenzie has been excessive for the volume of material tested. Furthermore, it is likely that the drilling equipment used for the early open‐hole programs was limited in depth penetration. Of the 517 open‐hole drillholes completed at Mt Mackenzie, 226 tested no deeper than 50m, 194 drillholes tested between 50m depth and 100m depth and only 97 drilled beyond 100m depth. The funds for these drilling programs would have been better spent on diamond core or RC drillholes.

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Geos Mining project 2620‐01

==> picture [483 x 434] intentionally omitted <==

Figure 9 : Open‐hole percussion collar locations

Note: See Figure 5 for explanation of units

3.5.6 METALLURGICAL TESTWORK

Several programs of metallurgical testwork were undertaken on both oxidised and primary material selected from diamond core or RC chips (Table 4). Details of the sampling for the testing are limited due to insufficient information in the testwork reports made available.

In general the bottle roll tests (simulating CIP processing) on oxide material returned good gold recoveries, column leach tests (simulating heap leach processing) gave low‐moderate recoveries (~40‐50%) and bottle roll tests on sulphide material returned generally poor recoveries. The poor test results for sulphide samples were interpreted to be due to gold being locked up in the crystal lattices of the sulphides.

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Year	Laboratory	Sample type	Zone	Testwork
1991	Hydrometallurgy Research Laboratories (HRL)	Unknown	Unknown	Bottle roll, column leach
1991	Rockco			Mineralogical studies
1994	IMTECH			Review of 1991 HRL testwork
1995	AMMTEC	HQ core	Oxide – high grade	Bottle roll leach on ‐75µ & ‐6mm crush sizes
1995	AMMTEC	Drill core	Sulphide	Bottle roll leach on ‐150µ, ‐105µ & ‐75µ crush sizes
1996	IMTECH			Review of 1995 AMMTEC testwork
1999	HRL	RC chips	Primary – high grade, high sulphide	Bottle roll test on ‐100µ crush size

Table 4 : Summary of metallurgical testwork programs at Mt Mackenzie

3.6 MINERAL RESOURCES

3.6.1 HISTORIC MINERAL RESOURCE ESTIMATIONS

Table 5 summarises previous mineral resources estimations on the Mt Mackenzie prospect. These estimations were based on drilling programs that had been completed at the time (see Section 3.5.4 and Section 3.5.5) and were classified using terminology that is as defined in the JORC Code.

It is stressed that these resource estimates are of a historic nature and are not reported in accordance with the JORC Code. Furthermore, a Competent Person has not done sufficient work to classify the historic estimates as mineral resources in accordance with JORC 2012. Therefore, there is some uncertainty that further exploration work will enable the historic estimates to be reported as mineral resources in accordance with the JORC Code. Geos Mining is not aware of any more recent resource estimations and we have not undertaken an independent assessment of the mineral resources at Mt Mackenzie. However, we accept that the historic estimations were undertaken by suitably qualified professionals using techniques and data that were appropriate at the time. Work programs that we believe need to be undertaken to verify the historic estimates, to JORC 2012 standards, are detailed in Section 3.6.2.

Of the historic estimations, the most relevant to the understanding of the Mt Mackenzie project are those listed in Table 5 as Marlborough 1994 and Dragon Mining 1995b.

The Marlborough estimates (Richmond, 1994) were performed on Datamine software using inverse distance squared interpolation, incorporating a spherical or ellipsoidal search, as well as ordinary kriging on the North Knoll, SW Slopes and Waterbore areas. Models were constrained by wireframes enclosing drillhole intersections containing gold mineralisation greater than 0.2 g/t Au. The wireframe models were then filled with blocks of variable dimensions and gold values were estimated for each block. For the oxide component of the resource, a digital terrain model (DTM) was constructed from the base of oxidation logged in each hole. Blocks above the oxide DTM were classified as oxidised. Specific gravity measurements on drill core from North Knoll were used to determine the bulk density parameters for oxidised (2.5 g/cm[3] ) and non‐oxidised material (2.7 g/cm[3] ).

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The Dragon Mining estimates (Barnes, 1995a), (Gossage, 1995a), (Gossage, 1995b) were undertaken by Resource Service Group Pty Ltd, based on wireframe interpretations undertaken by Dragon Mining technical staff, block models based on the wireframes and an inverse distance cubed interpolation. Specific gravity values used for the oxide (2.45 g/cm[3] ) and non‐oxidised material (2.7 g/cm[3] ) were supplied by Dragon Mining staff.

Year	Company (Estimator)	Zone	Cut‐off	Tonnes	Au g/t	Au ounces	Areas
1991	Marlborough (Reported in Dear, 1992)	Total	1.0	792,500	2.8	71,400	SW slopes, North Knoll
1994	Marlborough (Richmond, 1994)	Total	1.0	1,026,051	2.10	69,361	SW slopes, North Knoll, Waterbore, 355
		Total	0.5	2,145,577	1.38	95,120	SW slopes, North Knoll, Waterbore, 355
		Oxide	0.5	775,363	1.62	40,454	SW slopes, North Knoll, Waterbore, 355
1995a	Dragon Mining (Barnes, 1995 ‐ Resource Service Group)	Oxide	1.0	223,000	2.5	18,000	SW slopes, North Knoll
		Primary	1.0	300,000	2.1	19,900	SW slopes, North Knoll
		Oxide	0.5	318,000	2.0	20,400	SW slopes, North Knoll
1995b	Dragon Mining (Gossage, 1995a; Gossage, 1995b ‐ Resource Service	Oxide	1.0	443,000	1.90	27,026	SW slopes, North Knoll
		Primary	1.0	629,000	1.59	32,220	SW slopes, North Knoll
	Group)	Oxide	0.5	933,000	1.27	38,016	SW slopes, North Knoll

Table 5 : Summary of historic resource estimations for Mt Mackenzie

Differences in the resource figures (Marlborough vs Dragon Mining) were explained by (Barnes, 1995a) as being due to:

differences in the estimation methods (inverse distance vs indicator kriging),
differences in cut‐off grade,
drillhole distribution,
different interpretations of the base of oxidation,
differences in block size and extent of block models,
differences in density factors.

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Geos Mining project 2620‐01

The estimation procedures also indicated (Barnes, 1995a):

mineralisation continuity could not be “robustly demonstrated”,
there is considerable change in ore zone shape between close adjacent sections,
there is uncertainty in the tonnage factor due to few density measurements.

Following on from an intensive program of re‐logging drill core and chip samples, Beams & Harvey (1999b) noted that the geology of the North Knoll area is quite complex. It consists of andesitic host rocks that are strongly chlorite‐sericite‐pyrite altered containing generally tabular, variably striking and dipping mineralised structures. The structures are strongly advanced argillically altered and contain irregular siliceous cores that contain most of the gold.

Beams & Harvey (1999b) recognised that the geology of the area is made more complex by the presence of numerous altered andesitic dykes which segment the mineralised structures into discrete areas. The presence of the dykes had only recently been recognised and interpretation of the positions of the dykes were incomplete. The dykes were recognised from the detailed mineralogical logging completed by Terra Search for CGNL. This detailed logging allowed the altered andesite dykes to be separated from the altered andesitic volcanics. Dykes tend to be less altered, are often argillically altered, have sharp contacts, are devoid of gold mineralisation and don’t possess fragmental textures. The dykes segment the mineralised structures and produce a complex mineralisation pattern. They were apparently intruded immediately following mineralisation but before the alteration event associated with the mineralisation was complete.

Beams & Harvey (1999b) went on to postulate the presence of a number of reasonably continuous tabular structures in the North Knoll area, containing a central irregular siliceous zone within a broader zone of advanced argillic alteration

These interpretations by Beams & Harvey suggest that the previous resource estimations, which would not have been constrained by the geological domains and not taken into account the presence of the non‐ mineralised dykes, may have overestimated the tonnage and underestimated grades, particularly for the primary zone.

Historic resource estimations for Mt Mackenzie prospect suggest around 40,000 ounces of gold are contained in oxide material at a 0.5 g/t Au cut‐off, with some potential to increase this figure. Barnes (1995) determined that the resources could be classified in the Indicated Resources category. However, we believe that the difficulties in establishing geological continuity and the heavy reliance on open‐hole percussion drilling would consign these resources to Inferred category.

We believe that this oxide resource could be marginally economic as a heap leach proposition and, thus, would meet the JORC 2012 criteria of having reasonable prospects for eventual economic extraction. However, we do stress that this would be very marginal if additional resources are not defined.

The primary mineralisation at Mt Mackenzie is problematic because the structures that control the mineralisation are poorly defined and the sulphide mineralisation has difficult metallurgical properties. We conclude that it does not meet the JORC 2012 criteria at this stage and, therefore, cannot be classified as resources.

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3.6.2 WORK REQUIRED TO MEET JORC 2012 REQUIREMENTS

The JORC Code 2012 defines a Mineral Resource as:

“a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction”.

For the Mt Mackenzie resource, the main issue is whether it meets the criteria of eventual economic extraction. We believe that the best case scenario for the already defined mineralisation is that the oxide material will be amenable to heap leach processing adjacent to the deposit and that the primary material will be amenable to processing at an existing CIP plant within reasonable trucking distance.

On 3 April 2014, Carbine Resources Limited (CRB) announced to the ASX an earn‐in agreement to acquire the Mount Morgan Au/Cu Mine and Kundana CIP plant (Carbine Resources Limited, 2014). CRB plan to use the 1Mtpa capacity Kundana plant to treat the tailings resources at Mount Morgan (estimated at 8.3 Mt @ 1.23 g/t Au & 0.15% Cu) as well as develop other exploration targets. The Mount Morgan deposit is located approximately 130km to the south of Mt Mackenzie (200km by road via Rockhampton) and trucking costs could be a major drawback for this scenario. It is unlikely that a stand‐alone CIP plant at Mt Mackenzie would be economically viable unless the resources are significantly increased, although this scenario should not be eliminated from future considerations.

In order to determine whether the Mt Mackenzie deposit meets the JORC 2012 requirements, we recommend the following work programs:

Upgrade the oxide resources with diamond drilling, which will allow for metallurgical testwork to ascertain the amenability of the mineralisation for heap leach extraction.
Upgrade the primary resources with RC/diamond drilling to evaluate the high grade mineralised structures beneath the North Knoll and SW Slopes.
Metallurgical testwork – heap leach processing of the oxide ore and CIP processing of the primary ore.
Preliminary scoping study of likely costs for mining, transport and processing.
Detailed assessment of drilling results to determine the potential to extend the mineralised zones.

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4. Valuation Principles & Methodology

4.1 EFFECTIVE DATE FOR VALUATION

The effective date for this valuation is 1 August 2014. To the best of our knowledge, there have been no material changes in the project from the date of the site visit and the date of this report.

4.2 STANDARDS & PROCEDURES

This report has been prepared in keeping with the Code for the Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports (“the VALMIN Code 2005”) and the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“the JORC Code 2012”).

The VALMIN Code was developed by a joint committee of the Australasian Institute of Mining and Metallurgy (AusIMM), the Australian Institute of Geoscientists (AIG) and the Mineral Industry Consultants Association (MICA, now known as the Consultants Society of the AusIMM), in consultation with the Australian Securities and Investment Commission (ASIC), the Australian Stock Exchange Limited (ASX), the Minerals Council of Australia, the Petroleum Exploration Society of Australia, the Securities Association of Australia and representatives from the Australian finance sector. The Code is binding on all members of the AusIMM and AIG.

The JORC Code 2012 was developed by the Australasian Joint Ore Reserves Committee, formed from members of the AusIMM, the AIG and MICA, with representation from ASX and the Financial Services Institute of Australasia. It is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. The JORC Code 2012 provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.

The VALMIN Code and the JORC Code 2012 have been adopted by and included in the listing rules of the Australian Stock Exchange and are internationally regarded as best practice for the technical assessment and valuation of mineral assets. Where tonnage and grade estimates of mineralisation are referred to that either pre‐date or, for other reasons in Geos Mining’s opinion, do not comply with the JORC Code 2012, this is clearly stated.

4.3 VALUATION GENERAL PRINCIPLES

The Fair Market Value of a property, as stated in the VALMIN Code (Definition 43), is the amount of money (or cash equivalent of some other consideration) that an asset should change hands on the valuation date in an open and unrestricted market between a willing buyer and a willing seller in an arm’s length transaction, with each party acting knowledgeably, prudently and without compulsion.

According to the VALMIN Code (Clause 32), selection of an appropriate valuation method will depend on such factors as:

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(a) the nature of the Valuation;
(b) the development status of the Mineral or Petroleum Assets, and
(c) the extent and reliability of available information.
4.4 VALUATION METHODOLOGIES

4.4.1 GENERAL PRINCIPLES

There is no single method of valuation that is appropriate for all situations. Rather, there are a variety of valuation methods, all of which have some merit and are more or less applicable depending on the circumstances. The Australian Securities and Investment Commission in its Practice Note 43 on Valuation Methodology list the following as appropriate items to be considered:

Discounted cash flow.
Amount an alternative acquirer might be willing to offer.
The most recent quoted price of listed securities.
The current market price of the asset, securities or company.

Valuation methodologies are conventionally divided into three broad categories – Income Approach (e.g. Net Present Value), Market Approach (Comparable Transactions, Market Value) and Cost Approach (Attributable Exploration Expenditure). Each has its own strengths and weaknesses and the selection of the most appropriate method depends upon the stage of development of the project and the information available to the Valuer.

4.4.2 NET PRESENT VALUE

If a project is in operation, under development, or at an advanced feasibility study stage (which includes detailed pre‐feasibility studies) and reserves, mining and processing recoveries, and capital and operating costs are well defined, it is generally accepted that the Net Present Value of the discounted project cash flows is a primary component of any valuation study and is generally the most relevant and appropriate valuation tool.

If a project is at the feasibility or pre‐feasibility study stage, additional weight has to be given to the risks, due to uncertainties in capital and operating costs, operational performance and potentially a lower degree of confidence in the reserves. In an ongoing operation many of these items are relatively well defined.

This method was not used for the Mt Mackenzie valuation due to the lack of information on mining, processing and capital costs. Furthermore, the uncertainties on the mineral resources at Mt Mackenzie make the use of this approach too risky.

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4.4.3 COMPARABLE TRANSACTIONS

The price paid in recent comparable transactions can be of relevance to the valuation of projects and tenements at a range of development status. The difficulty in utilising this method is in determining to what extent the property or transaction is indeed comparable, unless the transactions involve the specific parties, projects or tenements under review. There can also be substantial change in value with time, depending especially upon market conditions and commodity prices.

If discussions have been held with other parties and offers have been made on the project or tenements under review, then these values are certainly relevant and worthy of consideration and can be used in establishing a value of the project. Similarly, joint venture terms, where one party pays to acquire an interest in a project and/or spends exploration funds in order to earn an interest, provide an indication of the project’s value.

Internet searches located several market transactions that may be applicable for Mt Mackenzie and are discussed in section 5.2 of this report.

4.4.4 MARKET VALUATION

In the case of a one project company or a company with one major asset, the market capitalisation clearly gives some guide to the value that the market places on that asset at that point in time. Commonly, however, companies usually have several projects at various stages of development, together with a range of assets and liabilities, and in such cases it is difficult to define the value of individual projects in terms of the share price and market capitalisation.

4.4.5 ATTRIBUTABLE EXPLORATION EXPENDITURE

Past expenditure, or the amount spent on exploration on a tenement, is commonly used as a guide in determining the value of exploration tenements, and “deemed expenditure” is frequently the basis of joint venture agreements. The assumption is that well directed exploration has added value to the property. This is not always the case as exploration can also downgrade a property and, therefore, a prospectivity enhancement multiplier (“PEM”), which commonly ranges from 0.5‐3.0, is applied to the effective expenditure . The selection of the appropriate multiplier is a matter of experience and judgement but is obviously highly subjective. To eliminate some of the subjectivity with respect to this method, Geos Mining commonly utilises the PEM ranges as detailed in Table 6.

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Band	PEM	Applicability
1	0.5 – 0.9	Previous exploration indicates the area has limited potential and its prospectivity may have been downgraded bytheprior exploration.
2	1.0 – 1.4	The existing (historical and/or current) data consists of pre‐drilling exploration and the results are sufficientlyencouragingto warrant further exploration.
3	1.5 – 1.9	The prospect contains one or more defined significant targets warranting additional exploration.
4	2.0 – 2.4	The prospect has one or more targets with significant drillhole intersections; similarly prospectiveground is not commonlyavailable for application in this area.
5	2.5 – 2.9	Exploration is well advanced and infill drilling is required to define or up‐grade a resource such that a reserve can be estimated.
6	3.0	Resource has been defined but a pre‐feasibility study has not been recently completed.

Table 6 : Prospectivity Enhancement Multipliers

4.4.6 CONTAINED RESOURCES

Certain ratios are commonly applied to derive an approximate indication of value based on the contained resources defined at the project, particularly for gold projects. Commonly‐used ratios are dollars per ounce of gold in resources, dollars per ounce of gold in reserves and dollars per ounce of annual production. The ratios used commonly cover a substantial range, which is generally attributed to the ‘quality’ of the resources in question. Low cost ounces are clearly worth more than high cost ounces. Where a project has substantial future potential not yet reflected in the quoted resources or reserves a rate towards the high end of the range may be justified. Such rates can be used to provide an overall guide to value, but are subject to a significant degree of interpretation and are less precise than the NPV method. This method is far less commonly used for other commodities.

4.5 RISKS AND SPECIAL CIRCUMSTANCES

Special circumstances of relevance to mining projects or properties can have a significant impact (both positive and negative) on value and need to be taken into account to modify valuations that might otherwise apply. Examples could include:

environmental risks that can result in a project being subject to extensive opposition, delays and possibly refusal of development approvals;
indigenous peoples / land rights issues ‐ projects in areas subject to claims from indigenous peoples can experience prolonged delays, extended negotiations or veto;
country issues ‐ the location of a project can significantly impact on the cost of development and operating costs and has a major impact on perceived risk and sovereign risk;
technical issues peculiar to an area or deposit, such as geotechnical or hydrological conditions, or metallurgical difficulties could affect a project’s economics.

Apart from a few minor errors, which have been corrected, the compilation and review of exploration data completed by Terra Search in 1998‐99 appears to represent a thorough assessment of the Mt Mackenzie

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project and has highlighted the opportunities and risks associated with the project. The main issues that could adversely affect the development of a mining operation at Mt Mackenzie are:

the small size of the oxide resource, which may be increased by further exploration;
the poor understanding of geological controls of the primary mineralisation;
poor gold recoveries from metallurgical testwork on sulphide samples.

5. Valuation of Mount Mackenzie Project

5.1 ATTRIBUTABLE EXPLORATION EXPENDITURE

The difficulty in assessing attributable exploration expenditure for the Mt Mackenzie project is two‐fold: the lack of expenditure information in Annual Reports prior to the granting of the current tenements[8] , and the large amount of percussion drilling at Mt Mackenzie prospect, which we consider as having been largely wasteful. However, a rough estimate of costs (in today’s dollars) can be made for those exploration programs that have added to the understanding of the prospects and have led to defining mineralisation (Table 7).

Program	Year (s)	Company	Cost (A$,000)	Comment
Regional geochem	1967‐98	Several	30,000	Approx 800 samples, mostly assayed for Cu‐Pb‐Zn
Prospect geochem	1967‐99	Several	300,000	Approx 9000 soil + rock samples, mostly assayed for Cu‐Pb‐Zn‐Au‐Ag‐As
Prospect geophysics	1984	Peabody	50,000	IP / ground magnetics
Regional geophysics	1993	Marlborough Mining	50,000	Airborne magnetics
Airborne geophysics	2005	SmartTrans	200,000	Airborne magnetics‐radiometrics‐DTM
Prospect geophysics	2004‐2006	SmartTrans / Jeteld JV	60,000	Gravity, ground magnetics
Diamond / RC drilling	1975‐2008	Several	4,500,000	46 DD holes / 43 RC holes at Mt Mack
Diamond / RC drilling	??	Several	650,000	Other prospects9
Percussion drilling	1985‐1995	Several	1,500,000	517 PC holes at Mt Mackenzie
Miscellaneous			160,000	Geological mapping, petrology, metallurgical testwork, resource estimations, etc
TOTAL			7,500,000

Table 7 : Estimate of attributable exploration expenditure for Mt Mackenzie project

8 (HEMTS, 2014) tabulated annual expenditure on EPMs 10006, 12546 & 17515, totalling $6.09M.

9 Details of drilling on other prospects are scarce due to the lack of annual reports from 1980‐1995. The Terra Search compilation in 1999 only records three drillholes at Aurora Flats and Clive Creek, but other reports suggest much more drilling was undertaken.

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The programs listed in Table 7 may not cover all the work undertaken within the area of the Mt Mackenzie project and some of these programs have replicated earlier work (for instance the 2005 helimag program covers areas previously flown by the larger 1993 survey). However, given the information made available, we believe that the total expenditure is a fair representation of the amount of exploration expenditure in today’s dollars that a company would have to outlay in order to achieve similar overall results.

In assigning an appropriate PEM to the exploration expenditure, we have taken into consideration that some of the work programs have defined one or more significant targets warranting additional exploration (Band 3 in Table 6), while other programs have downgraded the prospectivity (Band 1 in Table 6). In particular, a lot of the deeper drilling at Mt Mackenzie has failed to intersect significant zones of mineralisation.

The PEM values that we have assigned to the expenditure range from 0.8 to 1.4, resulting in a range of valuations for the project, using this method, of $6.0M to $10.5M.

5.2 COMPARABLE TRANSACTIONS

A search for comparable transactions was undertaken using the Intierra database. Fifteen project transactions were chosen as being most similar to the Mt Mackenzie project (Appendix 2). These transactions were selected on the basis of similar mineralisation style, development status and resource tonnage & gold grade.

The transaction amounts, on a 100% equity basis, show a huge range of values, from $125,000 for the outright purchase of the Yellow Jack project by Laura Exploration from Eclipse Metals in April 2014, to $16.7M for the farm‐in joint venture between Newcrest Mining and SmartTrans Holdings on the Mt Mackenzie project in April 2008.

The Newcrest agreement, made prior to the 2008 GFC, involved Newcrest funding $10m of exploration expenditure to earn 60% equity in the project. Newcrest determined that the size of the alteration system at Mt Mackenzie extended over an area of at least 4,100m (N) x 2,500m (E). Their aim was to drill the untested moderately‐dipping, NNW‐striking “feeder” zones, open down‐dip and along strike, with postulated higher grades to the northwest (Chambers, 2007). Newcrest completed six diamond drillholes to the west of Mt Mackenzie, but withdrew from the joint venture during May 2009 as it felt that the project did not fit its target criteria.

Of the other transactions assessed, the Mount Garnet project in northern Queensland is the most similar in terms of geological setting to Mt Mackenzie. The farm‐in transaction between Arc Exploration and Snowmist Pty Ltd, dated 30May, 2013, involved $50,000 cash and $1,230,000 expenditure on exploration over 3 years to earn 80% equity in the project ($1.6M 100% equity equivalent). Gold mineralisation is associated with a Late Carboniferous feldspar porphyry plug and breccia pipes.

At the upper end of the valuation scale is the LionGold Australia purchase of the Hargraves project from Hill End Gold, dated 30 June 2014. Hargraves is an advanced exploration project with 245,000 ounces contained gold resources. The transaction value is dependent upon a valuation of the project, to a maximum of $12M, and involves $2M in cash and the remainder in shares in LionGold.

The difficulty in using these transactions to determine a fair market value for Mt Mackenzie is that each project is unique and there may be inherent reasons for variations in the transaction values, such as

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changes in corporate strategies, availability of funds, exploration potential, etc. As a guide, we have taken the 25%ile value, as the lower end of the range of the valuation, and the 75%ile value for the high end of the valuation range. This gives a range of values for Mt Mackenzie, by this method, of $0.69M to $5.5M.

5.3 CONTAINED RESOURCE OUNCES

The use of contained resource ounces as a means of valuing a gold property is not a strong method, as it does not take into account the difficulties and costs in extracting the gold, nor does it take into account exploration potential. Furthermore, the price per resource ounce will vary a lot depending upon the confidence in the resources.

From our experience, the following ranges of values have been used as rough “rule of thumb” methods for valuing contained gold ounces in resources:

Inferred Resources ‐ $5 ‐ $10 per gold ounce
Indicated Resources ‐ $10 ‐ $20 per gold ounce
Measured Resources ‐ $20 ‐ $40 per gold ounce

From the comparable transactions listed in Appendix 2, the contained gold values vary from $3 / ounce gold equivalent to $57 / ounce gold equivalent (excluding the 2008 Newcrest deal on Mt Mackenzie, which was most likely based on perceived exploration potential). These values show no clear trend over time (Figure 10) or when plotted against the total resource contained ounces (Figure 11).

Under these criteria, the Mt Mackenzie oxide resource would be valued at $200,000 (lower end of Inferred resources) to $800,000 (upper end of Indicated Resources). However, we do stress that these figures do not take into account the potential for the primary mineralisation or for additional oxide resources and we do not believe that they reflect a fair market value for the Mt Mackenzie project. Hence, we have not used this method in our final valuation.

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==> picture [326 x 313] intentionally omitted <==

Figure 10 : Comparable transactions, Au$/oz vs date

==> picture [325 x 311] intentionally omitted <==

Figure 11 : Comparable transactions, A$ / oz vs resource contained ounces

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5.4 ASSESSMENT OF VALUATIONS

In keeping with the requirements of the VALMIN Code, a range of values, and a preferred value, have been estimated for the project.

Of the various valuation methods available for the Mt Mackenzie project, we believe that the Attributable Exploration Expenditure method is the most robust, and have given it a weighting of 80%, followed by Comparable Transactions, with a weighting of 20%. We believe that the Contained Resources approach is not appropriate for Mt Mackenzie because it does not take into account the gold mineralisation in the primary zone or potential for discovery of additional resources.

Our overall valuation for the Mt Mackenzie project as at 1 August, 2014 has a range of $4.93M to $9.50M, with a preferred value of $7.50M (Table 8).

Method	Weighting	Low value	High value	Preferred value
Attributable Expenditure	80%	$6.00M	$10.5M
Comparable Transactions	20%	$0.69M	$5.50M
Contained Resources	0%	$0.20M	$0.80M
Valuation		$4.93M	$9.50M	$7.50M

Table 8 : Valuation of Mt Mackenzie project as at 1 August, 2014

6. Exploration Potential

In their assessment of the Coolgardie Gold work programs at Mt Mackenzie, Beams & Harvey (1999b) concluded:

The size of the alteration system is very large, in the order of 1.5 x 1 km[10] , making Mt Mackenzie one of the larger hydrothermal systems in Eastern Australia. The high percentage of hits in the drilling shows that this system is gold bearing.
The mineralizing and alteration system has not been closed off to the northwest, south or down dip to the west.
At surface, the alteration zone has been truncated by the Lower Permian units ‐ Coppermine Tuff and Lizzie Creek Volcanics. However, drilling by CGNL has delineated extensive advanced argillic and sulphidic alteration zones in excess of 200m thick under the younger units. The intense alteration has been intersected at least a further 500m across strike to the west than the outcropping extensively drilled zone.
The most intense alteration, manifested by vuggy silica‐pyrite and alunite, is invariably gold bearing. However, apart from 1998 drillhole MMRC629 (24m @ 2.5 g/t Au), intersections in the western section under the Coppermine Tuff were in the order of 10m @ 1‐2 g/t Au or 40‐60m @ 0.2‐0.4 g/t Au.

10 In 2007 Newcrest determined that the alteration system extend over 4.1x2.5km.

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There is plenty of room left under the Coppermine Tuff, as drilling to date has been widely spaced in the order of 100 to 200m.
At North Knoll, although follow‐up drilling around the high grade intercept (27m @ 5.3 g/t Au) in MMRC623 did not produce similar magnitude intersections, gold bearing vuggy silica, semi massive pyrite zones were encountered. These zones would appear to have different orientations to the west dipping feeder zones previously interpreted.

Beams and Harvey also drew comparisons between the Mt Mackenzie system and the upper parts of the Lepanto – Far Southeast deposits in northern Luzon, Philippines, on the basis of similar styles of alteration‐ mineralisation and the tectonic setting (Figure 12). We agree with this analogy, although subsequent (post‐ 1999) drilling to the west of the outcropping mineralisation at Mt Mackenzie, beneath the Permian cover units, failed to intersect extensions to a high grade intersection in drillhole MMDD657 (8.5m @ 5.23 g/t Au, 22 g/t Ag from 645.6m).

The potential for a porphyry copper‐gold system at depth below the Mt Mackenzie deposit has been looked at by several workers, mostly on the basis of genetic models or comparisons with similar deposits. However, apart from the deep RC and diamond drilling in the western part of the prospect, the potential for an underlying porphyry system has not been addressed. Assessment of vectors derived from interpretations of the alteration domains and the 3D modelling of magnetics, gravity and IP results may help to determine the most appropriate targets for deep drill testing of the porphyry model.

Limited follow‐up exploration programs on the Clive Creek prospect, and other areas of geochemical anomalism, have failed to intersect significant mineralisation. However, the extensive alteration zones warrant detailed assessment, especially in light of geophysics results, to define potential drilling targets.

To test the exploration potential of the Mt Mackenzie project, we suggest the following programs:

Data compilation – building on the Terra Search database, corrections to drillhole collar data, assessment of lithological logging and 3D modelling of structures that have controlled mineralisation.
Assess areas with potential to extend the oxide resources at Mt Mackenzie and undertake RC + diamond drilling programs. Some diamond drilling within the known resource area to validate the oxide resources and provide material for metallurgical testwork (column leach tests).
Assess areas with potential for oxide resources at Clive Creek and other prospects. RC + diamond drilling if warranted.
From 3D modelling of the mineralising structures at Mt Mackenzie, design diamond drilling program to test for extensions to high‐grade mineralisation in the primary zone and infill gaps where no diamond or RC drilling exist.
Evaluate the 3D modelling of geophysics data and compare with geology data (lithology, structures, alteration domains, mineralisation) to determine drilling targets, especially looking for deep porphyry targets.

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==> picture [483 x 554] intentionally omitted <==

Figure 12 : Comparison between Mt Mackenzie and Lepanto – Far Southeast

Modified from Beams & Harvey, 1999b

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7. Conclusions

Exploration programs on the area covered by the Mt Mackenzie project have detected significant zones of high level epithermal style alteration and high‐sulphidation gold mineralisation. A small historic gold resource has been defined in the oxide zone at Mt Mackenzie. However, this mineralisation has yet to be verified to JORC 2012 standards.

Significant drillhole intersections have been detected in the underlying primary zone, but doubts over geological continuity between these intersections and poor recovery figures from metallurgical testwork means that the primary mineralisation does not currently meet the criteria of the JORC Code 2012 to be classified as resources.

In spite of the intensity of the exploration programs, substantial potential exists to define extensions to the known resources, for discovery of a porphyry copper‐gold system at depth and for discovery of resources at other prospects within the overall project. We consider that significant value can be attributed to the exploration potential at Mt Mackenzie.

The valuation of the Mt Mackenzie project has relied largely on the Attributable Exploration Expenditure method, with lesser reliance on the Comparable Transactions method. The valuation as at 1 August, 2014, ranges between $4.93M and $9.50M, with a preferred value of $7.50M.

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8. Statement of Capability

This report has been prepared by Geos Mining and has been compiled and edited by Senior Consultant Murray Hutton. Principal Consultant Sue Border has reviewed this document. Geologists Josh Radford and Hilary Goh assisted with processing of exploration data and compilation of comparable transactions.

Murray Hutton (BA Hons, Geology), MAIG)

Murray Hutton is a professional geologist with more than 35 years’ experience in gold, base metals and other mineral commodities. He has considerable experience in the management of major exploration programs in a broad range of geological environments and countries.

Murray Hutton has sufficient experience to qualify as a Competent Person, as defined in the Australasian Code for Reporting or Mineral Resources and Ore Reserves (JORC Code 2012), for assessment of epithermal gold and porphyry copper deposits. He also has sufficient relevant experience in the assessment and valuation of mining properties to qualify as a Competent Expert, as defined in the Code for the Technical Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports (the VALMIN Code 2005).

Sue Border (BSc Hons, Gr Dip, FAIG, FAusIMM, MMICA)

Sue Border has 35 years’ experience in the minerals industry working mainly in Africa, Australia and Asia. Sue specialises in project assessment, exploration management and resource and reserve estimation. Sue’s broad experience includes periods as a mine geologist, consultant, academic and exploration manager before starting Geos Mining. Sue is the Principal of Geos Mining, a consultancy company providing specialist exploration services to the coal, uranium, gold, base metals and industrial minerals sectors. Sue has specialist experience in a wide variety of metals and industrial minerals and supervises all independent geological reports produced by Geos Mining personnel.

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9. Statement of Independence

Geos Mining is independent of all parties involved with the project activities described in this report. Geos Mining will receive a professional fee based on standard rates plus reimbursement of out of pocket expenses for the preparation of this report. The payment of these fees is not contingent upon the success or otherwise of any associated fundraising or transactions. There are no pecuniary or other interests that could be reasonably regarded as being capable of affecting the independence of Geos Mining or the authors of this report.

Geos Mining is not aware of any appointments over the past two years by any stakeholders or other relevant parties involved in the Mt Mackenzie project that may be perceived as able to affect the independence of Geos Mining. Geos Mining, the authors and members of the authors’ families, have no interest in, or entitlement to, any of the project areas the subject of this report.

Signature:
Name:	Murray Hutton	Position:	Senior Consultant
Qualifications:	BA (Hons, Geology), MAIG	Date:	25 August, 2014

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10. Limitations & Consent

The opinions expressed herein are given in good faith and Geos Mining believes that any assumptions or interpretations are reasonable.

With respect to this report and its use by Mt Mackenzie Mines Pty Ltd and its advisers, Mt Mackenzie Mines Pty Ltd agrees to indemnify and hold harmless Geos Mining, its shareholders, directors, officers and associates against any and all losses, claims, damages, liabilities or actions to which they or any of them may become subject under any securities act, statute or common law, except in respect to fraudulent conduct, negligence or wilful misconduct, and will reimburse them on a current basis for any legal or other expenses incurred by them in connection with investigating any claims or defending any actions, except where they or any of them are found liable for, or guilty of fraudulent conduct, negligence or wilful misconduct.

This report is provided to Mt Mackenzie Mines Pty Ltd solely for the purpose of assisting Mt Mackenzie Mines Pty Ltd shareholders and other interested parties in assessing the geological and technical issues associated with the Mt Mackenzie project. This report does not constitute a full technical audit, but rather it seeks to provide an independent overview and technical appreciation of the Mt Mackenzie project. This report may be reproduced only in its entirety and then only with Geos Mining’s prior written consent.

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11. Glossary

Terms not included in this glossary are used in accordance with their definitions in the Australian Concise English Dictionary.

Aeromagnetic Data: Geophysical data indicating the variation in magnetic intensity captured from an aircraft.

Aircore drilling: A combination of reverse circulation and diamond drilling techniques in which a small diameter core is air‐lifted up the inside of the drill string. Suited to sticky clays and unconsolidated rock.

Alluvium/ Alluvial: Sediment deposited by a stream or river.

Alumina: any of various forms of aluminum oxide occurring naturally Antimony: A metal, atomic symbol, Sb, antimony is the 51st element in the periodic table Arc: A chain of volcanic islands or mountains formed as an oceanic tectonic plate subducts under another tectonic plate and produces magma at depth under the over‐riding plate. The magma ascends to form an arc of volcanoes parallel to the subduction zone Banded Iron Formation (BIF): hard rock source of iron ore with many of the commercially important iron ore deposits formed by natural enrichment Barite: a mineral consisting of barium sulphate with the chemical formula BaSO4 Base Metal: any metal at the lower end of the electrochemical series that oxidizes readily Basement: the rocks below a sedimentary platform or cover, or more generally any rock below sedimentary rocks or sedimentary basins that are metamorphic or igneous in origin Basin: a depressed segment of rock in which sediments accumulate and where hydrocarbons may be located. Beneficiation: variety of process whereby extracted ore from mining is reduced to particles that can be separated into mineral and waste, the former suitable for further processing or direct use BFS: Bankable Feasibility Study Biotite: a common rock forming silicate mineral of the mica group, containing varying proportions of potassium, iron, magnesium and aluminium. Bulk Density: a measure of the relative weight of a geological material as it is found in the ground before excavation, expressed in tonnes per cubic metre (t/m[3] ). Breccia: a coarse‐grained rock consisting of angular broken rock fragments held together by a fine‐grained matrix, distinct from conglomerate. Cambrian: the earliest period of the Paleozoic era, covering the time between 570 and 500 million years ago.

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Carboniferous: a geological time period of the Paleozoic Era, between 359 and 299 million years before present.

Continental Margin: zone of the ocean floor that separates the thin oceanic crust from thick continental crust. Craton: an old and stable part of the continental lithosphere. Having often survived cycles of merging and rifting of continents, cratons are generally found in the interiors of tectonic plates Diamond drilling: a drilling method whereby rock is “cored” by an annulus‐shaped drill bit at the end of the drill rod string. The cylindrical drill core is retrieved in a core barrel and brought to the surface for geological logging and sampling. Deposit: a mineral occurrence of sufficient size and grade that it might, under favourable circumstances, be considered to have economic potential Disseminated: said of a mineral deposit in which the desired minerals occur as scattered particles in the rock. En Echelon Veins: structures within rock caused by non‐coaxial shear, and appear as sets of short, parallel, lenses on the surface of a rock. They are planar structures within the rock and originate as tension fractures which are subsequently filled by precipitation of a mineral. Epigenetic: formed later than the surrounding or underlying rock formation Exploration Licence: A granted title over an area of land entitling the holder to explore for one or more mineral commodities for a set period of time. EPM: Exploration Permit for Minerals, the Queensland term for an Exploration Licence Exploration Target: Information relating to exploration targets must be expressed so that it cannot be misrepresented or misconstrued as an estimate of Mineral Resources or Ore Reserves. The terms Resource(s) or Reserve(s) must not be used in this context. Any statement referring to potential quantity and grade of the target must be expressed as ranges and must include (1) a detailed explanation of the basis for the statement, and (2) a proximate statement that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource. Fault: a geological fracture along which rocks on one side of the fault are dislocated relative to those on the other side. Feasibility Study: a study of the economic viability of the mining and production of base or precious metals or other minerals Ferrous: of or relating to or containing iron Geochemical: methods that test the chemical properties or quantities of rocks, soils, stream sediments, water, etc, at the earth’s surface.

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Goethite:	an iron bearing hydrous oxide mineral found in soil and other low‐temperature
	environments
Grade:	average quantity of ore or metal in a specified quantity of rock.
Granite/Granitic:	Coarse‐grained igneous rock containing quartz and feldspar.
Granitoid:	a granitic rock.
Gravity Separation: Gravity separation is an industrial method of separating two components from a
	suspension or any other homogeneous mixture where separating the components with
	gravity is sufficiently practical
Greisen:	a form of alteration restricted to the outer edges of some granite intrusions
Greywacke:	a rather poorly sorted sandstone that contains fragmentary material mixed in with a
	matrix of finer material such as clay
Head Grade:	the grade of the ore as delivered to the metallurgical plant
Hematite:	the principal form of iron ore, and is the mineral form of iron(III) oxide (Fe2O3), one of
	several iron oxides. Hematite crystallizes in the rhombohedral system
Illite:	a non‐expanding, clay‐sized, micaceous phyllosilicate mineral with aggregates of grey or
	white monoclinic crystals
In Situ:	in its original position, said of rock or soil when it has not moved from whence it was
	deposited and or lithified.
Indicated Resource: that part of a Mineral Resource for which tonnage, densities, shape, physical
	characteristics, grade and mineral content can be estimated with a reasonable level of
	confidence. It is based on exploration, sampling and testing information gathered
	through appropriate techniques from locations such as outcrops, trenches, pits,
	workings and drill holes. The locations are too widely or inappropriately spaced to
	confirm geological and/or grade continuity but are spaced closely enough for continuity
	to be assumed.
Inferred Resource:	that part of a Mineral Resource for which tonnage, grade and mineral content can be
	estimated with a low level of confidence. It is inferred from geological evidence and
	assumed but not verified geological and/or grade continuity. It is based on information
	gathered through appropriate techniques from locations such as outcrops, trenches,
	pits, workings and drill holes which may be limited or of uncertain quality and reliability.
JORC Code:	a code prepared by the Joint Ore Reserves Committee that sets out minimum standards,
	recommendations and guidelines for public reporting in Australasia of exploration
	results, mineral resources and ore reserves. The version of the code in current use is the
	JORC Code 2012.
JV:	Joint venture

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Kaolinite:	a clay mineral with the chemical composition Al₂Si₂O₅(OH)₄. It is a layered silicate
	mineral, with one tetrahedral sheet linked through oxygen atoms to one octahedral
	sheet of alumina octahedra.
Kriging Method:	a group of geostatistical techniques to interpolate the value of a random field at an
	unobserved location from observations of its value at nearby locations.
Lacustrine:	of or relating to lakes
Laterite:	highly weathered material rich in secondary oxides of iron, aluminium or both.
Lode:	a deposit of valuable ore occurring within definite boundaries separating it from
	surrounding rocks
Magnetic Susceptibility: the degree of magnetization of a material in response to an applied magnetic field
Mineralisation:	term describing the deposition of economically important minerals in the formation of
	ore bodies.
Molybdenum:	a metallic chemical element (symbol Mo) with an atomic number of 42
Muscovite:	a common rock forming silicate mineral of the mica group. It is a transparent mineral
	and commonly occurs in igneous rocks such as granite.
Ocean Crust:	the part of Earth's lithosphere that surfaces in the ocean basins. Oceanic crust is
	primarily composed of mafic rocks, or sima, which is rich in iron and magnesium
Ordovician:	the second earliest period of the Paleozoic Era between 485 and 443 million years ago.
Orogen:	referring to the process of mountain building and uplift, folding and faulting
Paleo‐topography:	The topography of a given area in the geologic past.
Paleochannels:	Deposits of unconsolidated or semi‐consolidated sediments deposited in ancient,
	presently inactive, river and stream channel systems.
Paleoenvironment: Environment in the geologic past
PEM:	Prospectivity Enhancement Multiplier. It commonly ranges from 0.5‐3.0 and is applied to
	the attributable exploration expenditure. The selection of the appropriate multiplier is a
	matter of experience and judgement by the valuer, but is highly subjective.
Percussion drilling:	a drilling method whereby the rock is broken by a percussion hammer drill bit at the
	end of the drill rod string. The crushed rock sample returns to the surface via the space
	between the drillhole walls and the drill rods. Usually used for obtaining a sample of
	rock beneath a cover sequence, either deep soil / saprolite or younger rock units.
Permian:	a time period of the Paleozoic era between 299 and 253 million years ago.
Pig Iron:	the name used for the iron directly produced from a blast furnace
Pisolitic:	a somewhat spherical accretionary body in sediments
Polymetallic:	refers to a substance composed of a combination of different metals

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Porphyry/Porphyritic: an igneous rock in which larger crystals (“phenocrysts”) are scattered through a matrix of smaller crystals (“groundmass”) / descriptive of rocks displaying such textures.

Porosity: a measure of the void spaces in a material and is the proportion of the volume of voids over the total volume, between 0–1, or as a percentage between 0–100% Pyrophyllite: a phyllosilicate mineral composed of aluminium silicate hydroxide: Al2Si4O10(OH)2. Occurs as an alteration mineral in advanced argillic alteration zones. Quartz: second most abundant mineral in the Earth's continental crust, after feldspar. It is made up of a continuous framework of SiO4 silicon–oxygen tetrahedra, with each oxygen being shared between two tetrahedra, giving an overall formula SiO2.

Recoverable Resources: Recoverable resource refers to the amount of resource that can be removed by a mining process. Reserves: the economically mineable part of a measured or indicated resource at the time of reporting, as defined in the JORC Code. Resource: the part of a deposit for which there is a reasonable prospect for eventual economic extraction, as defined in the JORC Code 2012. Not all of a resource may be economically mineable. Reverse Circulation: a drilling method whereby the rock is broken by a percussion hammer drill bit at the end of the drill rod string. The crushed rock sample returns to the surface through a second tube inside the rod string, thereby minimising the contamination of samples by mixing within the drillhole walls. Riffle Splitter: is a sampling device that is used for sample splitting. In the riffle splitter, the sample is poured from a suitable vessel, into a battery of about ten open chambers which are so arranged that any two adjacent chambers permit the material to flow out towards two different sides Rift: a place where the Earth's crust and lithosphere are being pulled apart and is an example of extensional tectonics Sediment: material, such as mud and sand, that has been moved and deposited by water, ice or wind. Shear: a deformation resulting from stresses that cause parts of a body to slide relative to each other in a direction parallel to their plane of contact Smelting: a form of extractive metallurgy; its main use is to produce a metal from its ore. This includes iron extraction (for the production of steel) from iron ore Silicates: a compound containing an ion in which one or more central silicon atoms are surrounded by electronegative ligands Siliceous: name used to describe silicon dioxide compounds. Silurian: a period within the Paleozoic era between 443 and 419 million years ago

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Spear Sample: a sampling method, commonly using a PVC tube, whereby a “spear” is pushed into a bag of crushed rock to extract a representative sub‐sample. This method is not equi‐ probable as it is susceptible to density segregation in the sample bag Spinel: a hard glassy mineral consisting of an oxide of magnesium and aluminium which occurs in various colours Stockwork Veins: three dimensional network of irregular veins or veinlets Strata: layers of sedimentary rock, visually separable from other layers above and below. Stratigraphy: the science of rock strata, concerned with all characteristics and attributes of rocks as strata, and their interpretation in terms of mode of origin and geologic history. Strip Ratios: In open pit mining, the ratio of the total waste removed to the total mined, expressed as bank cubic metres per tonne (BCM/tonne). Surficial: pertaining to or occurring on or near the earth's surface Tenement: an area granted for exploration or mining purposes. Tertiary: a time period of the Cenozoic era between 66 and 2 million years ago. Ternary Diagrams: a triangular graph used to plot percentages of each of three components such as sand, silt, and clay. Each apex is considered 100% of one component Trough: refers to a linear structural depression that extends laterally over a distance, while being less steep than a trench. A trough can be a narrow basin or a geologic rift Valmin Code: Code for the Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports. A code prepared to assist those involved in the preparation of public Independent Expert Reports that are required for the assessment and/or valuation of mineral and petroleum assets. Variogram: a graph of the function of the spatial dependence of variance. Used to determine parameters for kriging method of mineral resource estimation. Vein: a fracture in rock which has been filled with mineral, often quartz. Workings: the entire system of openings in a mine for the purpose of operation XRD: X‐ray diffraction. A technique in which the patterns formed by the diffraction of X‐rays on passing through a crystalline substance yield information on the lattice structure of the crystal, and the molecular structure of the substance. XRF: X‐ray fluorescence. X‐rays are diffracted when directed at a crystalline material according to its lattice structure. The generation of an x‐ray diffraction pattern that is characteristic for the crystalline phases contained within the sample is the result of the data collection process.

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12. Bibliography

Bacigalupo‐Rose, S., 1996. Exploration of the South Connors Arch Area, QLD, s.l.: Etheridge Henley Williams, consultants report for Marlborough Gold Mines NL.

Barnes, J., 1995a. Mt Mackenzie : Resource Tabulations, s.l.: Resource Service Group memorandum to Steven Stone, Dragon Mining, dated 4/09/1995.

Barnes, J., 1995b. Preliminary Pit Optimisations, s.l.: Resource Service Group, memorandum to S Stone, Dragon Mining, & J Dear, Marlborough Gold Mines.

Beams, S., 1999. EPMs 9442, 9777, 10006, 10131, 10132 and 101333, 11134, South Connors Arch, Combined Report on Exploration for the twelve monthly period ended 1/7/99, s.l.: Terra Search Pty Ltd, consultants report for Coolgardie Gold NL.

Beams, S., 2003. Report on the Mt Mackenzie Drilling Program, Holes MMRC645, 646, 647, 648, 649, 650, 651 and 652, drilled between January and July 2003, s.l.: Terra Search Pty Ltd, consultants report for SmartTrans Holdings Ltd.

Beams, S. & Harvey, K., 1999a. EPMs 9442, 9777, 10006, 10131, 10132 and 10133, 11134 South Connors Arch, Combined Report on Exploration for the twelve monthly period ended 1/7/99, s.l.: Terra Search Pty Ltd for Coolgardie Gold NL.

Beams, S. & Harvey, K., 1999b. Mt Mackenzie High Sulphidation Mineralised System, Central Queensland, EPM 10006: Project Status and Geological Model, October, 1999, s.l.: Terra Search Pty Ltd, consultants report for Coolgardie Gold NL.

Burch, G., 1999. Zircon U‐Pb dating of late Carboniferous and early Permian igneous rocks from the 'Mt Mackenzie prospect', s.l.: Australian National University, unpublished Honours thesis.

Carbine Resources Limited, 2014. Carbine to acquire the Mount Morgan Gold/Copper Mine & adopt a cashflow generation strategy, s.l.: CRB announcement to ASX, 3 April 2014.

Chambers, C., 2007. Review of Mt Mackenzie Project, EPMs 10006 and 12546, s.l.: Newcrest Mining Limited.

Dear, J., 1977. Report on Exploration for 1976, Authority to Prospect 1445M, Broadsound Range Area, Central Queensland, s.l.: Marlborough Mining.

Dear, J., 1978. Report on Exploration for 1977, Authority to Prospect 1445M, Broadsound Range Area, Central Queensland, s.l.: s.n.

Dear, J., 1995. Exploration Permit Minerals 10006, Mt Mackenzie, Southern Connors Arch, report on Exploration for the twelve monthly period ended 29th March, 1995, s.l.: Marlborough Gold Mines NL.

Dear, J., 1996. Exploration Permits ‐ Minerals 9442, 9777, 10006, 10131, 10132 and 10133, South Connors Arch, Combined Report on Exploration for the twelve monthly period ended 31st July, 1996, s.l.: Marlborough Gold Mines NL.

Edmiston, M., 2005. Mt Mackenzie Magnetic Modelling, s.l.: Terra Search report for SmartTrans Holdings limited.

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Gossage, B., 1995a. Provisional Grade‐Tonnage reports for the NW Knoll region, s.l.: Resource Service Group, memo to J Dear, Marlborough Gold Mines.

Gossage, B., 1995b. SW Slopes Resource Estimation Grade Tonnage Reporting, s.l.: Resource Service Group, memo to J Dear, Marlborough Gold Mines.

HEMTS, 2014. Preliminary Tenement Status Report, Exploration Permit No's (EPM's) 10006, 12546, 16900 & 17515, s.l.: Hetherington Exploration & Mining Title Services Pty Ltd report for Resource & Energy Group Limited.

Laurie, J., 2004. EPMs 9442, 9777, 10006, 10132, 11726, 11727, 12353, 12546, South Connors Arch, Combined Report on Exploration for the twelve monthly perios ended 30/06/2004, s.l.: SmartTrans Holdings Ltd.

Laurie, J., 2005. EPMs 9442, 9777, 10006, 10132, 11726, 11727, 12353, 12546, South Connors Arch, Combined Report on Exploration for the twelve monthly perios ended 30/06/2005, s.l.: SmartTrans Holdings Ltd.

Laurie, J., 2006. EPMs 9442, 9777, 10006, 10132, 11726, 11727, 12353, 12546, South Connors Arch, Combined Report on Exploration for the twelve monthly perios ended 30/06/2006, s.l.: SmartTrans Holdings Ltd.

Laurie, J., 2007. EPMs 9442, 9777, 10006, 10132, 11726, 11727, 12353, 12546, South Connors Arch, Combined Report on Exploration for the twelve monthly perios ended 30/06/2007, s.l.: SmartTrans Holdings Ltd.

Laurie, J., 2009. Exploration Permit for Minerals EPM10006 & EPM12546, Combined Annual Report for the twelve month period ending 30th June, 2009, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2010a. EPM 12546 "Mount Mackenzie (Ext #1)", Annual Report for the period ended 28th January 2010, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2010b. EPM 10006 "Mount Mackenzie", Annual Report on Exploration for the period ended 28th March 2010, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2010c. EPM 17515 "Mount Mackenzie West", Annual Report on Exploration for the twelve month period ended 14/05/10, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2011a. EPM 12546 "Mount Mackenzie (Extended #1)", Annual Report for the period ended 28th January 2011, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2011b. EPM 10006 "Mount Mackenzie", Annual Report on Exploration for the period ended 28th March 2011, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2011c. EPM 17515 "Mount Mackenzie West", Annual Report on Exploration for the twelve month period ended 14/05/11, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2012a. EPM 12546 "Mount Mackenzie (Extended #1)", Annual Report for the period ended 28th January 2012, s.l.: SmartTrans Holdings Limited.

Laurie, J., 2012b. EPM 10006 "Mount Mackenzie", Annual Report on Exploration for the period ended 28th March 2012, s.l.: SmartTrans Holdings Limited.

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Layton & Associates, 1975. Annual Report for year ended 31.12.74, Broadsound Range Authority to Prospect 1445M, Central Queensland, s.l.: Layton and Associates Pty Ltd.

Mackey, C., 2008. Mt Mackenzie (Broadsound JV), Eastern Qld, Discussion of Helicopter Magnetic, Radiometric and DTM Survey, conducted October 2008, s.l.: Newcrest Mining, Appendix 5 in Laurie, 2009.

McIntosh, D., 2005. Data Processing Report, Ground Magnetic Survey, Mount Mackenzie, Queensland, Australia, s.l.: Consultant's report fro Terra Search Pty Ltd.

Moore Geophysics, 2007. Mt Mackenzie, Preliminary 3D Gravity Modeling, s.l.: Consultant's Powerpoint presentation for SmartTrans Holdings Limited.

Orion Gold, 2014. Exploration Update: Connors Arch Epithermal Project, s.l.: ORN ASX Announcement, 15 July 2014.

Pike, J., 2008. South Connors Arch Project, Exploration Permit for Minerals EPM10006 & EPM12546, Combined Annual Report on work conducted in the 12 Month period ending 30th June, 2008, s.l.: Newcrest Mining Limited.

Richmond, A., 1994. Mt Mackenzie Gold Resource Study, s.l.: Marlborough Gold Mines NL.

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Appendix 1 – Summary of drilling & exploration programs

Company	Years	RC	DD	Perc	Total	Hole IDs	Comments
Marlborough Gold	1975 ‐ 1993		10	341	351	DDH001 ‐ 006, DDH0422‐473, DDH573, PDH065‐ 079, PDH175 ‐ 537	10 diamond or diamond tailed holes and 341 percussion holes totalling 19,453m.
Utah	1981 ‐ 1982		3		3	DDH029 ‐ 032	3 diamond tailed holes totalling 813m
Peabody	1984 ‐ 1986		14	16	30	DDH034 ‐ 048 & PDH049 ‐ 064	14 diamond tailed holes and 16 percussion holes totalling 2502m.
Freeport	1987‐1989		3	86	89	DDH080‐082 & PDH083 ‐168	3 diamond tailed holes and 86 percussion holes totalling 6840m.
Marlborough Gold	1994 ‐1995			75	75	PDH538 ‐ 612	75 percussion and RC holes drilled totalling 3941 m on EMP10006. 1106 soil samples collected with results better defining the extent of soil & rock chip anomalies. Mt Mackenzie_in situ_gold resource upgraded.
Coolgardie Gold / SmartTrans Holdings	1998‐1999	32			32	MMRC613 ‐ 644	Wide spaced drilling adjacent to the existing resource. 32 RC holes totalling 8110m. Intersects additional gold mineralisation of 6m @ 9.05 g/t Au, 10m @ 8.7 g/t Au, 24m @ 2.48 g/t Au and 62m @ 0.4 g/t Au. Find intensity of alteration increasing to the west. Highlights significant mineralisation potential.
SmartTrans Holdings	1998				0		Regional program of rock chip sampling, mapping, stream sediment sampling, ground magnetics. Large size of Mt Mackenzie system realised, drill targets identified.
Terra search	1999				0		Conducted Geological Modelling for CGNL to assist future drill planning
Jeteld Pty Ltd / SmartTrans Holdings	2002 ‐ 2004	7	3		10	MMRC645 ‐ 651 & MMDD652 ‐ 654	Further drilling of Mt Mackenzie western flank with 7 deep RC holes & 3 NQ diamond tailed holes totalling 4400m.
SmartTrans Holdings	2005 ‐ 2007	4	3		7	MMDD655 ‐ 660 & MMRC661 ‐ 664	Ground magnetic survey, 6 diamond tailed holes and 4 RC holes at Mt Mackenzie totalling 6117m. 3D modelling of gravity and ground magnetics data produces new drill targets. MMDD657 intersects high gold (assays 22.6g/t Au & 142g/t Ag) associated with lead and zinc mineralisation in a distinctive breccia zone.
Newcrest Mining JV	2007 ‐ 2008	5	2		7	NMD001 ‐ 005	5 RC holes with 2 NQ diamond tails, total drilled was 1819m.

Appendix 1 | 1

Mt Mackenzie Mines Pty Ltd: Mt Mackenzie, Queensland

Valuation & Resource Assessment

Geos Mining project 2620‐01

Company	Years	RC	DD	Perc	Total	Hole IDs	Comments
Newcrest / SmartTrans Holdings	2009		4		4	NMD002, NMD004 ‐ 006	4 diamond tailed holes totalling 2722 m. Helimag survey across EPM10006. Soil sampling (horizon B) totalling 591 samples between Mt Mackenzie and Aurora flats

Appendix 1 | 2

Mt Mackenzie Mines Pty Ltd: Mt Mackenzie, Queensland

Valuation & Resource Assessment

Geos Mining project 2620‐01

Appendix 2 – Comparable Transactions

Project	Location	Tonnage	Grade Au g/t	Au equiv11 ounces	Trans Value A$	100% equity AS	Date Announced	A$ / Oz12	Transaction Type	General Comments
Yellow Jack Gold Nth Qld 885,000 1.41 40,000 125,000 125,000							14‐Apr‐14	3 $125,000 Cash		Laura Exploration purchase 100% from Eclipse Metals
Sunset Well Gold	Leonora, WA	1,096,000	1.42	50,000	350,000	350,000	9‐Sep‐09	7	$350,000 Cash	St Barbara option to purchase 100% of project from Hammer Metals.
Clonbinane Gold Central Victoria 609,000 2.39 47,000 413,000 413,000							30‐Jun‐14	9 $23,000 Cash + $390,000 equity		Nagambie Mining to acquire 100% of project from Auminco Coal
Black Cat Gold	Coolgardie, WA	317,000	2.10	21,000	600,000	667,000	4‐Apr‐11	32	$200,000 Cash + $400,000 equity	Flinders Exploration to acquire 90% of project from Ramelius Resources
Kaiser Copper/Gold Central NSW 403,000 0.7413 29,000 710,000 710,000							29‐Jan‐14	24 $210,000 Cash + royalty		Alkane to acquire 100% of project from Ajax Joinery for $210k + royalty + $500k expenditure
Mt Hope Gold	Central NSW	328,000	2.86	30,000	600,000	857,000	5‐Mar‐12	29	Expenditure	Fisher Resources farm‐in for 70% for total of $600k expenditure.
Mt Garnet Gold Nth Qld 2,060,000 1.03 68,000 1,280,000 1,600,000							30‐May‐13	24 $50,000 Cash + expenditure		Arc Exploration to earn 80% of project from Snowmist by paying $50,000 cash plus expenditure of $1,230,000 over 3 years
Mt Porter Gold	Katherine, NT	355,000	3.02	34,000	1,650,000	1,650,000	23‐Jan‐11	49	$1.5M Cash + equity	Global Mineral Resources to acquire 100% of project from Arafura Resources

11 Gold equivalence based on 1 g/t Au = 0.6% Cu = 70 g/t Ag
12 A$ / Oz = 100% equity value / Au equiv ounces
13 Kaiser project also contains 0.99% Cu

Appendix 2 | 1

Mt Mackenzie Mines Pty Ltd: Mt Mackenzie, Queensland

Valuation & Resource Assessment

Geos Mining project 2620‐01

Project	Location	Tonnage	Grade Au g/t	Au equiv11 ounces	Trans Value A$	100% equity AS	Date Announced	A$ / Oz12	Transaction Type	General Comments
Camel Creek Gold Nullagine, WA 2,660,000 1.23 105,000 1,250,000 2,500,000							19‐Oct‐11 24 $250,000 Cash + equity Millenium Minerals to pay Northwest $250,000 cash & issue $1M in shares to form a 50/50 JV.
*Weerianna Gold*	Karratha, WA	1,006,000	2.17	70,000	3,206,000	*4,008,000*	23‐Jun‐11	57	$350,000 Cash + $2,906,000 equity	Artemis with option to acquire 80% of Weerianna deposit from unnamed vendor for 68M shares & $300k cash.Note ‐ Option was terminated
Horse Well Gold Wiluna, WA 1,053,000 2.92 99,000 4,000,000 5,000,000							23‐May‐14 51 $100,000 Cash + Expenditure Doray Minerals to acquire 80% of project from Alloy Resources
Kunanalling Gold	Kalgoorlie, WA	6,140,000	1.73	341,000	6,000,000	6,000,000	18‐Jun‐10	18	$4.2M Cash + equity	Phoenix Gold to acquire 100% of project from Cazaly Resources
Mt Jewell Gold Kalgoorlie, WA 8,619,000 1.00 277,000 8,000,000 8,000,000							13‐Mar‐12 29 $8M Cash KalNorth Gold Mines to acquire 100% of project from Pioneer Resources
Hargraves Gold	Central NSW	2,850,000	2.68	246,000	12,000,000	12,000,000	1‐Jul‐14	41	$2M Cash + up to $10M in equity	LionGold announce HOA to acquire 100% of deposit from Hill End Gold
*Mt Mackenzie* Central Qld 1,072,000 1.72 59,246 10,000,000 *16,667,000*							4‐Apr‐08 281 Expenditure Newcrest to acquire 60% by expenditure of $10M over 5 years.Withdrew from JV after expenditure of ~$1.3M.

Appendix 2 | 2

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

JORC Code 2012 - Table 1 – Mt Mackenzie project

Section 1 Sampling Techniques and Data

Criteria	Mt Mackenzie
*Sampling techniques*	 Soil sampling: The Terra Search database lists 2,904 soil samples for the Mt Mackenzie prospect and 4,040 soil samples for the Clive Creek prospect. Annual reports for the years in which soil sampling was conducted are not available and so details of the sampling techniques are unknown. The database lists depths of 0.1m or 0.2m for 218 of the Mt Mackenzie samples and 134 of the Clive Creek samples. Samples were sieved to -2mm, -3mm or - 80#.  Stream sediment sampling :The Terra Search database lists 844 stream sediment samples, 12 panned concentrate samples and 387 BCL samples from the Mt Mackenzie region (including areas outside of the current EPMs). SS samples were sieved to either -80# or -200# and the BCL samples were sieved to either -1/4” or -8#.  Rock chip sampling: The Terra Search database lists 167 rock chip samples from the Mt Mackenzie region. Details of the sampling techniques are not recorded.  Diamond drilling :Sampling intervals for diamond drillholes varied from 0.01m to 5.4m, but were mostly at standard 1m or 2m intervals. Pre-collar RC sections were sampled at standard 1m or 2m intervals or composited over 4m intervals.  RC drilling :Most RC drillholes were sampled at standard 2m intervals, with some 1m intervals and composited 4m intervals.  Open-hole drilling :Sample intervals for open-hole drillholes varied from 0.5m to 18m, but most were at standard 1m or 2m intervals.
*Drilling techniques*	 Diamond drilling :46 diamond drillholes, totaling around 13,873m, have been completed on the Mt Mackenzie prospect. Most of these had open-hole percussion or reverse circulation pre-collars, totaling 4,778m, to 430.4m downhole depths. Details of the early drillholes completed by Marlborough Gold, Utah Development, Peabody and Freeport are not available. Drillholes completed by Coolgardie Gold were drilled RC pre-collars and NQ and NQ2 diamond tails. Drillholes completed by Newcrest were drilled with RC pre-collars and NQ diamond tails. The Newcrest drillhole logs include structural data that suggests core orientation, but the technique used is not recorded.  RC drilling :43 RC drillholes totaling 12,441m have been completed at Mt Mackenzie. Hammer sizes of 4.5”, 5.5” and 5.75” are recorded in the Terra Search database.  Open-hole percussion drilling :517 open-hole percussion drillholes, totaling 32,258m, have been completed at Mt Mackenzie. Details of the hole sizes are not recorded.  Clive Creek drilling :Beams and Harvey (1999) report about 80 drillholes completed at Clive Creek totaling about 6,000m. However, details for only the most recent RC drillhole (CCRC001) are available.
*Drill sample recovery*	 Diamond drilling:Core recovery as percentages are recorded for the Newcrest drillholes only.  RC drilling :Recoveries are not recorded.  Open-hole percussion drilling :Recoveries are not recorded.
*Logging*	 Diamond drilling :All core from the Mt Mackenzie diamond drillholes were re-logged by Terra Search and compiled into a digital database to a level of detail to support appropriate Mineral Resource estimations. The Newcrest drillholes were also digitally logged, but used a different logging system.  Core photography: Available for the Newcrest drillholes and the Coolgardie Gold drillholes.
*Sub-sampling* *techniques and* *sample preparation*	 Diamond drill core :Sub-sampling techniques not specified.  Reverse circulation drill chips :Sub-sampling techniques not specified.  Open-hole drill chips :Sub-sampling techniques not specified.
*Quality of assay data* *and laboratory tests*	 The Terra Search database lists laboratory job numbers for drillhole samples, but does not specify the laboratory nor the analytical techniques used. Certified Reference Materials were inserted for some assay batches, but analysis of QAQC protocols was not recorded.
*Verification of* *sampling and* *assaying*	 No verification of assay results has been recorded.
*Location of data* *points*	 Initial exploration was undertaken with reference to a local grid, with local grid north oriented at 335° relative to the MGA94 grid (approximately 325° magnetic). The location of the local grid origin and the method of installation of the grid were not recorded. The location of collars for the later Newcrest drillholes were recorded in AMG co-ordinates.  The Terra Search database recorded sample locations and drillhole collar locations in both local grid co- ordinates, AMG co-ordinates and latitude/longitude.  GPS readings of nine drillholes, taken during a site visit in July 2014, determined that the database AMG and

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Criteria	Mt Mackenzie
	lat/long co-ordinates were incorrect for the majority of the earlier drillholes by around 95m. Transformation parameters to convert local grid to MGA94 grid co-ordinates were determined from these GPS readings and all sample points and drillhole collars were corrected. Several drillhole collars on the SW slopes of Mt Mackenzie have RL values up to 25m above the DTM surface. Further surveying of drillhole collars is required to more accurately determine collar locations.
*Data spacing and* *distribution*	 Diamond drillholes and RC drillholes are reasonably scattered throughout the prospect area, with tighter concentrations on Mt Mackenzie and the North Knoll. There does not appear to be a regular pattern to the drillhole locations. The drillhole spacing within the main areas of mineralisation is adequate to establish geological and grade continuity for defining Inferred Resources.  Open-hole drillholes are tightly concentrated on North Knoll and the SW Slopes areas.
*Orientation of data in* *relation to geological* *structure*	 Interpretation of geological structures by Terra Search and Newcrest suggest vertical to steep west-dipping high grade feeder structures and shallower west-dipping stratabound mineralisation zones. 32 out of 89 DD and RC drillholes were drilled vertically and may have introduced a sampling bias if they drilled down near-vertical high- grade structures.
*Sample security*	 Sample security protocols were not recorded.
*Audits or reviews*	 Both Terra Search and Newcrest undertook reviews of the data. However, no record of audits of the sampling and assaying techniques were recorded.

Section 2 Reporting of Exploration Results

Criteria	Criteria	Mt Mackenzie
*Mineral tenement and* *land tenure status*	 The Mt Mackenzie project involves three Exploration Permits for Minerals (EPMs). Hetherington Exploration & Mining Title Services undertook a tenement status report in May 2014. All tenements were currently granted.  There were no Native Title Claims registered over the tenement areas and the EPMs were granted in respect of exclusive land tenures only.  The parcels of land that underlie the Mt Mackenzie prospect are owned by Marlborough Gold Mines Limited and permission has been granted for ongoing exploration activities.
*Exploration done by* *other parties*	 Exploration over the Mt Mackenzie project has been undertaken by several companies since the late 1960s, as detailed in the Exploration History section of the report.
*Geology*	 The Mt Mackenzie deposit is interpreted to be a high-level, high-sulphidation epithermal gold system hosted by Carboniferous volcanics of the Connors Magmatic Arc. Porphyry copper style mineralisation may be present at depth beneath the gold deposit.
*Drill hole Information*	 Several drilling programs have been undertaken at Mt Mackenzie between 1975 and 2008. 46 diamond drillholes, totaling around 13,873m, 43 RC drillholes, totaling 12,441m, and 517 open-hole percussion drillholes, totaling 32,258m, have been completed at Mt Mackenzie.  Collar details are appended to the end of this report.
*Data aggregation* *methods*	 Aggregate downhole intervals have been calculated using weighted average techniques with no cutting of high grades.  No metal equivalent values have been used.
*Relationship between* *mineralisation widths* *and intercept lengths*	 All assay intervals are downhole lengths. In most cases the true widths are not known.
*Diagrams*	 All diagrams in the report are based on previously announced exploration results.
*Balanced reporting*	 All exploration results in the report are of a historical nature and have been previously announced.
*Other substantive* *exploration data*	 No new additional data is reported.
*Further work*	 Further work will aim to increase the known near-surface resources and to test for additional mineralisation at depth.

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Section 3 Estimation and Reporting of Mineral Resources

Criteria	Mt Mackenzie
*Database integrity*	 A few typographic errors in the Terra Search database were detected and corrected.  Drillhole collar co-ordinates in the MGA94 Zone 55 grid datum were calculated based on GPS readings of nine drillholes.
*Site visits*	 A site visit was conducted on 30 July 2014.
*Geological* *interpretation*	 The geological interpretation is based on detailed logging of drill core and surface mapping. Host rocks of Carboniferous volcanics, mostly andesites and dacites, have been altered to zones of silica, advanced argillic, phyllic and propylitic alteration suites, indicative of high-level, hig-sulphidation epithermal gold mineralisation.
*Dimensions*	 The package of altered and mineralised volcanics has dimensions at the surface of at least 1.5km x 1km. Extensions to the system are indicated by drillhole intersections beneath post-mineralisation cover rocks to the west and by soil geochemical anomalies.
*Estimation and* *modelling techniques*	 Historical mineral resources estimations are detailed in the report.
*Moisture*	 Not recorded.
*Cut-off parameters*	 Detailed in Table 5 of the report.
*Mining factors or* *assumptions*	 It is assumed that the near-surface oxidized resource will be amenable to open cut mining.  Deeper narrow high grade gold mineralisation may be amenable to underground mining.
*Metallurgical factors or* *assumptions*	 Oxidised samples returned reasonable gold recoveries in bottle roll tests.  Sulphide mineralisation returned poor gold recoveries in bottle roll tests.
*Environmental factors* *or assumptions*	 Not applicable at this stage of development.
*Bulk density*	 Insufficient measurements to determine variations in bulk densities. Assumed bulk densities in historical mineral resources estimations based on relatively few measurements on drill core from North Knoll. The method used for determining these values were not specified.
*Classification*	 Oxidised resources may be classified as Inferred Resources.  Insufficient understanding of geological continuity and poor gold recoveries from metallurgical testwork means that the deeper sulphide mineralisation cannot be classified as Mineral Resources at this stage.
*Audits or reviews*	 No audits or reviews undertaken of historical mineral resources estimations.
*Discussion of relative* *accuracy/ confidence*	 The oxidized mineral resources are primarily based on open-hole percussion drilling. This technique is not recommended for gold deposits because of the problem of smearing of high-grade intervals.  The collar locations for some of the earlier drillholes, especially in the SW Slopes zone, have low confidence.  In spite of close-spaced drilling at North Knoll and SW Slopes, the overall confidence in the mineral resources is low.

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Drillhole collar information

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
DDH001	749973	7469167	264.7	-60	45	59.94	0	MARL	DD	19751025	19751029
DDH002	750016	7469190	269.5	-60	45	35.96	0	MARL	DD	19751030	19751104
DDH003	750058	7469637	190.9	-90	10	39.3	0	MARL	DD	19751105	19751111
DDH004	749775	7469730	196.7	-60	65	91.85	0	MARL	DD	19760805	19760810
DDH005	749888	7469131	214.7	-60	67	91.7	0	MARL	DD	19760811	19760820
DDH006	749852	7469162	212.9	-60	50	180.47	0	MARL	DD	19761001	19761015
DDH029	749834	7469272	222.5	-60	13	157.5	5.4	UDC	DD	19820531	19820603
DDH030	749968	7469002	186.4	-60	22	410.8	152.1	UDC	DD	19820603	19820622
DDH032	750019	7468841	151.3	-60	357	244.7	30	UDC	DD	19820701	19820710
DDH037	750039	7468568	148.4	-58	67	35.35	3	PEA	DD	19840112	19840212
DDH038	750003	7468776	139.5	-60	25.5	35.61	3.66	PEA	DD	19840312	19840612
DDH039	749680	7469638	170.8	-60	84	68.1	3	PEA	DD	19840712	19841214
DDH034	749730	7469645	168.3	-60	250	38.01	12.02	PEA	DD	19841118	19841124
DDH035	749725	7469702	160.7	-60	118	47.55	3.53	PEA	DD	19841124	19841129
DDH040	749677	7469518	186.0	-58	73	102.99	5	PEA	DD	19841215	19850206
DDH041	749811	7469569	176.5	-90	10	72.04	0	PEA	DD	19850207	19850210
DDH042	749848	7468825	146.5	-60	65	50	3.28	PEA	DD	19850211	19850226
DDH043	749627	7469605	174.6	-60	65	38.02	6.06	PEA	DD	19850227	19850301
DDH044	749654	7469506	183.8	-70	65	62.76	3.05	PEA	DD	19850301	19850317
DDH045	749839	7469091	197.1	-68	65	204	33.39	PEA	DD	19850319	19850403
DDH046	749606	7469485	179.9	-62	65	117.33	1.23	PEA	DD	19850411	19850416
DDH047	749966	7468650	140.1	-62	63	79.39	1.99	PEA	DD	19850417	19850424
DDH048	749697	7469528	187.7	-61.5	63.5	209.58	9.96	PEA	DD	19850424	19850513
PDH049	749650	7469508	183.7	-90	10	82	82	PEA	OP	19851127	19851128
PDH050	749649	7469503	183.6	-90	10	141.8	141.8	PEA	OP	19851129	19851130
PDH051	749527	7469513	169.6	-90	10	112	112	PEA	OP	19860201	19860202
PDH052	749638	7469554	179.6	-90	10	155.2	155.2	PEA	OP	19860203	19860204
PDH053	749614	7469597	173.9	-90	10	93.3	93.3	PEA	OP	19860205	19860206
PDH054	749696	7469460	192.6	-90	10	137.64	137.64	PEA	OP	19860207	19860208
PDH055	749722	7469475	194.9	-90	10	92	92	PEA	OP	19860209	19860210
PDH056	749819	7469782	165.1	-90	10	94.91	94.91	PEA	OP	19860211	19860212
PDH057	749719	7469706	160.7	-90	10	39.78	39.78	PEA	OP	19860212	19860212
PDH058	749703	7469527	188.0	-90	10	126	126	PEA	OP	19860212	19860213
PDH059	750037	7468615	143.9	-90	10	44	44	PEA	OP	19860214	19860214
PDH060	749987	7468668	139.0	-90	10	153.7	153.7	PEA	OP	19860215	19860216
PDH061	750080	7468506	161.0	-90	10	40	40	PEA	OP	19860217	19860217
PDH062	750150	7468498	160.1	-90	10	16	16	PEA	OP	19860217	19860217
PDH063	750079	7468547	156.1	-90	10	13	13	PEA	OP	19860217	19860217
PDH064	750124	7468568	154.3	-90	10	50	50	PEA	OP	19860218	19860218
PDH065	749693	7469548	184.2	-90	10	50	50	MARL	OP	19860218	19860218
PDH066	749680	7469585	180.3	-90	10	22	22	MARL	OP	19860219	19860219
PDH067	749712	7469516	191.2	-90	10	40	40	MARL	OP	19860219	19860219
PDH068	749709	7469640	169.8	-90	10	29	29	MARL	OP	19860220	19860220
PDH069	749833	7469538	176.7	-90	10	20	20	MARL	OP	19860220	19860220

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH070	749837	7469526	177.6	-90	10	21	21	MARL	OP	19860221	19860221
PDH071	749803	7469581	173.2	-90	10	19	19	MARL	OP	19860221	19860221
PDH072	750024	7468595	144.7	-90	10	27	27	MARL	OP	19860222	19860222
PDH073	749932	7468750	141.8	-90	10	11	11	MARL	OP	19860222	19860222
PDH074	750255	7468858	148.0	-90	10	19.5	19.5	MARL	OP	19860223	19860223
PDH075	749757	7469545	191.8	-90	10	42	42	MARL	OP	19860223	19860223
PDH076	749691	7469508	188.4	-90	10	77	77	MARL	OP	19860224	19860224
PDH077	749776	7469390	207.7	-90	10	18	18	MARL	OP	19860225	19860225
PDH078	749782	7469402	206.9	-90	10	78	78	MARL	OP	19860226	19860227
PDH079	749942	7469814	170.3	-90	10	16	16	MARL	OP	19860227	19860227
DDH080	749688	7469523	186.6	-60	65	120.34	1.9	FP	DD	19870325	19870401
DDH081	749639	7469500	182.5	-60	64.5	198.23	1.79	FP	DD	19870402	19870413
DDH082	749733	7469545	193.5	-60	65	90.88	2.9	FP	DD	19870413	19870420
PDH083	749687	7469523	186.5	-60	65	93.5	93.5	FP	OP	19870508	19870512
PDH085	749665	7469569	180.7	-80	65	58	58	FP	OP	19870512	19870513
PDH084	749711	7469590	178.5	-60	65	33	33	FP	OP	19870513	19870514
PDH086	749608	7469541	176.8	-60	65	100	100	FP	OP	19870514	19870515
PDH087	749569	7469523	173.8	-80	65	118	118	FP	OP	19870516	19870517
PDH088	749576	7469582	171.7	-80	65	88	88	FP	OP	19870518	19870519
PDH089	749576	7469637	166.7	-80	65	106	106	FP	OP	19870519	19870520
PDH090	749613	7469655	168.0	-79.5	65	47	47	FP	OP	19870521	19870522
PDH091	749594	7469701	159.7	-80	65	38	38	FP	OP	19870522	19870526
PDH092	749773	7469515	197.8	-80	65	64	64	FP	OP	19870526	19870527
PDH093	749730	7469433	197.9	-80	65	130	130	FP	OP	19870527	19870528
PDH094	749749	7469391	207.4	-80	65	148	148	FP	OP	19870528	19870529
PDH095	749766	7469451	203.1	-80	65	66	66	FP	OP	19870530	19870530
PDH096	749831	7469482	178.3	-80	65	31	31	FP	OP	19870530	19870531
PDH097	749816	7469417	206.7	-80	65	112.5	112.5	FP	OP	19870531	19870531
PDH098	749771	7469342	209.9	-79	65	170	170	FP	OP	19870601	19870602
PDH099	749796	7469298	214.3	-80	65	130	130	FP	OP	19870602	19870603
PDH100	749840	7469208	218.1	-80	65	58	58	FP	OP	19870603	19870604
PDH101	749794	7469186	205.2	-80	65	112	112	FP	OP	19870604	19870610
PDH102	749818	7469253	217.4	-80	65	76	76	FP	OP	19870610	19870611
PDH103	749817	7469367	219.1	-80	65	58	58	FP	OP	19870611	19870611
PDH104	749752	7469277	206.1	-77.5	65	94	94	FP	OP	19870614	19870615
PDH105	749708	7469362	199.1	-80	65	94	94	FP	OP	19870615	19870620
PDH106	749860	7469328	233.5	-80	65	52.5	52.5	FP	OP	19870620	19870620
PDH107	750003	7469155	244.0	-80	65	82	82	FP	OP	19870621	19870621
PDH108	750279	7469296	230.4	-80	65	136	136	FP	OP	19870622	19870623
PDH109	750236	7469397	234.2	-80	65	70	70	FP	OP	19870623	19870624
PDH110	749731	7469489	195.4	-73	65	82	82	FP	OP	19871201	19871202
PDH111	749651	7469479	185.1	-75	65	130	130	FP	OP	19871203	19871204
PDH112	749635	7469497	182.1	-80	65	134	134	FP	OP	19871205	19871206
PDH113	749674	7469490	187.3	-74	65	118	118	FP	OP	19871207	19871208
PDH114	749698	7469501	191.2	-72	65	114	114	FP	OP	19871209	19871210

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH115	749720	7469512	194.1	-75	65	108	108	FP	OP	19871211	19871212
PDH116	749743	7469523	201.2	-74.5	65	82	82	FP	OP	19871213	19871213
PDH117	749769	7469535	194.8	-75	65	70	70	FP	OP	19871214	19871214
PDH118	749719	7469456	195.6	-75	65	88	88	FP	OP	19871214	19871214
PDH119	749765	7469477	200.0	-74	65	36	36	FP	OP	19871215	19871215
PDH120	749742	7469468	197.8	-75	65	64	64	FP	OP	19871216	19871216
PDH121	749686	7469467	190.3	-75	65	58	58	FP	OP	19871216	19871216
PDH122	749708	7469478	195.6	-74	65	76	76	FP	OP	19871217	19871217
PDH123	749787	7469477	200.0	-75	65	28	28	FP	OP	19871217	19871217
PDH124	749794	7469519	198.1	-75	65	21	21	FP	OP	19871218	19871218
PDH125	749717	7469538	193.9	-60	245	147	147	FP	OP	19871218	19871218
PDH126	749620	7469602	174.2	-75	65	56	56	FP	OP	19871219	19871219
PDH127	749644	7469614	177.4	-75	65	43	43	FP	OP	19871219	19871219
PDH128	749666	7469625	174.1	-75	65	58	58	FP	OP	19871220	19871220
PDH129	749677	7469602	177.4	-75	65	35	35	FP	OP	19871220	19871220
PDH130	749700	7469613	174.5	-75	65	26	26	FP	OP	19871221	19871221
PDH131	749655	7469590	179.1	-75	65	58	58	FP	OP	19871221	19871221
PDH132	749632	7469580	176.7	-75	65	88	88	FP	OP	19871222	19871222
PDH133	749609	7469569	174.5	-75	65	106	106	FP	OP	19871222	19871222
PDH134	749631	7469634	172.4	-75	63	83	83	FP	OP	19880102	19880102
PDH135	749610	7469625	170.7	-75	65	58	58	FP	OP	19880103	19880103
PDH136	749587	7469614	168.0	-75	65	97	97	FP	OP	19880103	19880104
PDH137	749586	7469558	172.5	-75	65	118	118	FP	OP	19880104	19880104
PDH138	749642	7469557	179.9	-75	65	64.5	64.5	FP	OP	19880105	19880105
PDH139	749597	7469536	176.1	-75	65	123	123	FP	OP	19880106	19880106
PDH140	749654	7469535	182.4	-75	65	70	70	FP	OP	19880107	19880107
PDH141	749676	7469546	184.2	-75	65	54	54	FP	OP	19880108	19880108
PDH142	749721	7469568	182.3	-75	65	64	64	FP	OP	19880109	19880109
PDH143	749630	7469524	180.1	-75	65	100	100	FP	OP	19880110	19880110
PDH144	749608	7469513	181.5	-75	65	114	114	FP	OP	19880111	19880111
PDH145	749781	7469566	182.5	-78	65	43.5	43.5	FP	OP	19880112	19880112
PDH146	749597	7469590	172.3	-75	65	88	88	FP	OP	19880113	19880113
PDH147	749738	7469603	176.7	-75	65	31	31	FP	OP	19880113	19880113
PDH148	749748	7469570	185.2	-75	65	48	48	FP	OP	19880113	19880114
PDH149	749754	7469500	199.8	-75	65	36	36	FP	OP	19880114	19880114
PDH150	749965	7469213	265.1	-80	245	76	76	FP	OP	19880114	19880114
PDH151	749969	7469215	265.1	-60	65	69	69	FP	OP	19880114	19880115
PDH152	749945	7469231	259.5	-60	65	58	58	FP	OP	19880115	19880115
PDH153	749934	7469263	260.0	-60	65	51	51	FP	OP	19880115	19880115
PDH154	749930	7469261	259.8	-71	245	76	76	FP	OP	19880115	19880116
PDH155	749928	7469195	250.2	-57	65	70	70	FP	OP	19880116	19880116
PDH156	749907	7469240	249.6	-60	65	70	70	FP	OP	19880116	19880116
PDH157	749899	7469292	250.5	-60	65	49	49	FP	OP	19880116	19880117
PDH158	749894	7469290	250.5	-80	245	70	70	FP	OP	19880117	19880117
PDH159	749736	7469658	167.1	-60	65	57	57	FP	OP	19880117	19880117

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH160	749669	7469652	167.4	-78	245	70	70	FP	OP	19880117	19880117
PDH161	750056	7468518	161.0	-60	65	48	48	FP	OP	19881201	19881201
PDH162	750027	7468532	157.0	-60	65	60	60	FP	OP	19881202	19881202
PDH163	750054	7468545	156.0	-60	65	24	24	FP	OP	19881203	19881203
PDH164	750082	7468558	155.5	-60	65	35	35	FP	OP	19881204	19881204
PDH165	750109	7468571	154.0	-60	65	50	50	FP	OP	19881205	19881205
PDH166	750059	7468570	155.0	-80	65	24	24	FP	OP	19881206	19881206
PDH167	750022	7468602	145.0	-60	65	48	48	FP	OP	19881207	19881207
PDH168	749992	7468593	144.0	-61	65	43	43	FP	OP	19881208	19881208
PDH175	750366	7468914	160.7	-90	10	100	100	MARL	OP	19890420	19890421
PDH176	750406	7468871	154.6	-90	10	50	50	MARL	OP	19890421	19890422
PDH177	750373	7468858	157.4	-90	10	114	114	MARL	OP	19890422	19890423
PDH178	750289	7468806	145.7	-90	10	96	96	MARL	OP	19890423	19890424
PDH179	750256	7468850	147.8	-61	139	72	72	MARL	OP	19890424	19890425
PDH180	750011	7468730	139.6	-90	10	100	100	MARL	OP	19890425	19890426
PDH181	750005	7468758	139.2	-90	10	48	48	MARL	OP	19890426	19890427
PDH182	750032	7468686	140.4	-68	337	82	82	MARL	OP	19890427	19890428
PDH183	750031	7468730	139.9	-62	262	54	54	MARL	OP	19890428	19890429
PDH184	750054	7468763	140.3	-61	261	80	80	MARL	OP	19890429	19890430
PDH185	750063	7468560	155.0	-60	330	12	12	MARL	OP	19890430	19890501
PDH186	750061	7468562	155.0	-63	331	42	42	MARL	OP	19890501	19890502
PDH187	750031	7468611	143.4	-61	152	52	52	MARL	OP	19890502	19890503
PDH188	749974	7468701	138.8	-60	337	58.5	58.5	MARL	OP	19890503	19890504
PDH189	750076	7468704	142.0	-62	337	90	90	MARL	OP	19890504	19890505
PDH190	749879	7468773	143.4	-62	166	72	72	MARL	OP	19890505	19890506
PDH191	749841	7468690	137.8	-60	319	18	18	MARL	OP	19890506	19890507
PDH192	749821	7469410	207.0	-59	111	54	54	MARL	OP	19890507	19890508
PDH193	749674	7469579	180.3	-60	148	18	18	MARL	OP	19890508	19890509
PDH194	749679	7469572	180.3	-59	145	42	42	MARL	OP	19890509	19890510
PDH195	749994	7469613	190.2	-65	333	42	42	MARL	OP	19890510	19890511
PDH196	750098	7468885	159.8	-62	245	60	60	MARL	OP	19890511	19890512
PDH197	749943	7469150	237.5	-90	10	120	120	MARL	OP	19890512	19890513
PDH198	750157	7468467	161.4	-90	10	16	16	MARL	OP	19890513	19890514
PDH199	750126	7469261	207.4	-60	158	62	62	MARL	OP	19890514	19890515
PDH200	750118	7468769	141.3	-61	157	12	12	MARL	OP	19890515	19890516
PDH201	749934	7468772	143.9	-65	159	24	24	MARL	OP	19890516	19890517
PDH202	749993	7468727	139.3	-90	10	102	102	MARL	OP	19890517	19890518
PDH203	749929	7469160	237.1	-90	10	108	108	MARL	OP	19890518	19890519
PDH204	749780	7469403	207.0	-73.5	64	48	48	MARL	OP	19890519	19890520
PDH205	750020	7468581	145.9	-90	10	16	16	MARL	OP	19890520	19890521
PDH206	750056	7469066	204.0	-74	75	78	78	MARL	OP	19890521	19890522
PDH207	749994	7469150	243.3	-59	247	94	94	MARL	OP	19890522	19890523
PDH208	750018	7469202	243.9	-90	10	34	34	MARL	OP	19890523	19890524
PDH209	749763	7469545	192.9	-66.5	313.5	60	60	MARL	OP	19890524	19890525
PDH210	749952	7469837	177.1	-90	10	29	29	MARL	OP	19890525	19890526

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH211	750040	7469102	217.1	-90	10	88	88	MARL	OP	19890526	19890527
PDH212	749887	7469131	213.6	-55	65.5	128	128	MARL	OP	19890527	19890528
PDH213	749856	7469354	223.9	-58.5	293	12	12	MARL	OP	19890528	19890529
PDH214	749859	7469352	223.5	-60	290	18	18	MARL	OP	19890529	19890530
PDH215	749902	7469178	234.0	-90	10	74	74	MARL	OP	19890530	19890531
PDH216	750100	7468604	147.4	-59	66	24	24	MARL	OP	19890531	19890601
PDH217	749969	7468603	142.2	-90	10	30	30	MARL	OP	19890601	19890602
PDH218	750619	7469369	217.0	-90	10	18	18	MARL	OP	19890602	19890603
PDH219	749806	7469197	209.4	-60	61	102	102	MARL	OP	19890603	19890604
PDH220	749799	7469706	161.6	-60	163	54	54	MARL	OP	19890604	19890605
PDH221	750062	7469978	197.3	-60	84	42	42	MARL	OP	19890605	19890606
PDH222	750026	7469058	203.1	-63	253	108	108	MARL	OP	19890606	19890607
PDH223	750024	7468845	151.6	-60	67	104	104	MARL	OP	19890607	19890608
PDH224	749854	7469405	205.1	-63	301	52	52	MARL	OP	19890608	19890609
PDH225	749845	7469356	224.6	-90	10	60	60	MARL	OP	19890609	19890610
PDH226	749954	7469144	237.7	-90	10	148	148	MARL	OP	19890610	19890611
PDH227	750082	7469086	204.0	-90	10	18	18	MARL	OP	19890611	19890612
PDH228	750082	7469083	203.8	-90	10	16	16	MARL	OP	19890612	19890613
PDH229	750015	7468720	139.7	-61.5	357	32	32	MARL	OP	19890613	19890614
PDH230	749755	7469511	204.4	-62	338	93	93	MARL	OP	19890614	19890615
PDH231	749728	7469603	175.7	-61.5	164	71	71	MARL	OP	19890615	19890616
PDH232	749969	7469197	262.7	-65	135	88	88	MARL	OP	19890616	19890617
PDH233	749942	7469175	247.9	-74	135	161	161	MARL	OP	19890617	19890618
PDH234	749932	7469184	248.2	-90	10	120	120	MARL	OP	19890618	19890619
PDH235	749919	7469142	227.7	-60.5	133	90	90	MARL	OP	19890619	19890620
PDH236	750087	7469100	204.0	-90	10	90	90	MARL	OP	19890620	19890621
PDH237	749923	7469148	230.5	-73.5	131	124	124	MARL	OP	19890621	19890622
PDH238	749934	7469132	227.3	-90	10	24	24	MARL	OP	19890622	19890623
PDH239	750040	7469102	217.3	-66	66	78	78	MARL	OP	19890623	19890624
PDH240	749874	7469347	223.5	-61	112	88	88	MARL	OP	19890624	19890625
PDH241	749758	7469579	180.3	-90	10	30	30	MARL	OP	19890625	19890626
PDH242	749817	7469565	175.8	-58	242	58	58	MARL	OP	19890626	19890627
PDH243	749765	7469438	203.3	-58	162	132	132	MARL	OP	19890627	19890628
PDH244	750223	7469273	216.2	-90	10	64	64	MARL	OP	19890628	19890629
PDH245	749918	7469209	250.3	-61	178	144	144	MARL	OP	19891124	19891126
PDH246	749903	7469276	250.7	-60.3	359	36	36	MARL	OP	19891126	19891128
PDH247	749905	7469266	250.7	-58	4.5	26	26	MARL	OP	19891128	19891128
PDH248	749996	7469151	243.6	-69	244	132	132	MARL	OP	19891128	19891129
PDH249	750005	7469097	217.4	-71.3	89	114	114	MARL	OP	19891130	19891201
PDH250	749991	7469130	231.9	-61.5	256	120	120	MARL	OP	19891202	19891203
PDH251	749748	7469581	179.5	-79.5	107	50	50	MARL	OP	19891204	19891204
PDH252	750245	7469348	231.2	-63.5	343	70	70	MARL	OP	19891205	19891205
PDH253	749898	7469342	223.5	-90	10	132	132	MARL	OP	19891206	19891207
PDH254	750011	7469213	244.5	-85	166	114	114	MARL	OP	19891207	19891208
PDH255	749982	7469128	231.0	-60	72	100	100	MARL	OP	19900310	19900310

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH256	749724	7469502	193.3	-61.5	66	56	56	MARL	OP	19900311	19900311
PDH257	749700	7469516	188.4	-61	64	74	74	MARL	OP	19900312	19900312
PDH258	749686	7469536	185.2	-60.5	65	54	54	MARL	OP	19900313	19900314
PDH259	749733	7469546	193.5	-90	10	79	79	MARL	OP	19900314	19900314
PDH260	749967	7469175	254.7	-90	10	100	100	MARL	OP	19900315	19900315
PDH261	749925	7469266	258.2	-90	10	52	52	MARL	OP	19900316	19900316
PDH262	749936	7469223	257.9	-90	10	104	104	MARL	OP	19900317	19900317
PDH263	749864	7469308	237.9	-90	10	94	80.5	MARL	OP	19900318	19900318
PDH264	749903	7469354	217.9	-90	10	54	54	MARL	OP	19900319	19900319
PDH265	749767	7469585	173.8	-90	10	12	12	MARL	OP	19900320	19900320
PDH266	749840	7469653	162.6	-90	10	104	104	MARL	OP	19900320	19900320
PDH267	750030	7468570	148.4	-90	10	33	33	MARL	OP	19900515	19900515
PDH268	749763	7469560	187.4	-90	10	38	38	MARL	OP	19900516	19900516
PDH269	749720	7469561	184.6	-90	10	42	42	MARL	OP	19900516	19900516
PDH270	749721	7469561	184.6	-62	65	46	46	MARL	OP	19900517	19900517
PDH271	749671	7469557	181.6	-90	10	54	54	MARL	OP	19900517	19900518
PDH272	749660	7469579	179.7	-90	10	60	60	MARL	OP	19900518	19900518
PDH273	749896	7469497	174.3	-90	10	24	24	MARL	OP	19900519	19900519
PDH274	750037	7469967	188.7	-90	10	20	20	MARL	OP	19900520	19900520
PDH275	750065	7469982	193.7	-90	10	66	66	MARL	OP	19900521	19900521
PDH276	749835	7468830	146.7	-90	10	38	38	MARL	OP	19900522	19900522
PDH277	749848	7468902	151.5	-90	10	12	12	MARL	OP	19900523	19900523
PDH278	750004	7468962	178.9	-90	10	42	42	MARL	OP	19900524	19900524
PDH279	750244	7468783	144.2	-90	10	35	35	MARL	OP	19900525	19900525
PDH280	750240	7468809	145.1	-90	10	10	10	MARL	OP	19900525	19900525
PDH281	750271	7468795	145.0	-90	10	72	72	MARL	OP	19900525	19900526
PDH282	749838	7469087	196.4	-63	245	28	28	MARL	OP	19900527	19900527
PDH283	749852	7469158	213.7	-90	10	78	78	MARL	OP	19900527	19900528
PDH284	749853	7469221	224.4	-90	10	120	120	MARL	OP	19900528	19900529
PDH285	750048	7469065	203.9	-90	10	110	110	MARL	OP	19900528	19900530
PDH286	749990	7468556	150.6	-62	65	65	65	MARL	OP	19900530	19900531
PDH287	749703	7469555	183.7	-90	10	28	28	MARL	OP	19900802	19900803
PDH288	749667	7469542	182.9	-90	10	68	68	MARL	OP	19900803	19900804
PDH289	749926	7469269	258.2	-60	40	107.5	107.5	MARL	OP	19900805	19900807
PDH290	749956	7469164	248.0	-90	10	120	120	MARL	OP	19900808	19900810
PDH291	749854	7469323	232.1	-60	50	80	80	MARL	OP	19900810	19900811
PDH292	749844	7468765	140.8	-58	85	12	12	MARL	OP	19900812	19900812
PDH293	749867	7468759	141.7	-90	10	54	54	MARL	OP	19900812	19900812
PDH294	750012	7469134	232.6	-58	79	47.7	47.7	MARL	OP	19900813	19900813
PDH295	750033	7469101	217.2	-60	53	53.7	53.7	MARL	OP	19900813	19900814
PDH296	749859	7469330	233.3	-52	78	53.7	53.7	MARL	OP	19900814	19900815
PDH297	750016	7469159	242.7	-62.5	80	47	47	MARL	OP	19900815	19900815
PDH298	749733	7469669	163.7	-61	125	16	16	MARL	OP	19900815	19900816
PDH299	749696	7469625	172.3	-60	110	22	22	MARL	OP	19900816	19900816
PDH300	749761	7469462	198.3	-59	67	41.7	41.7	MARL	OP	19900816	19900816

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH301	749687	7469628	172.5	-59	116	32	32	MARL	OP	19900923	19900923
PDH302	749690	7469613	175.2	-90	10	18	18	MARL	OP	19900923	19900923
PDH303	749671	7469583	180.1	-90	10	54	54	MARL	OP	19900923	19900924
PDH304	749627	7469618	173.5	-56	70	29	29	MARL	OP	19900924	19900924
PDH305	750030	7469752	184.7	-56	78	28	28	MARL	OP	19900924	19900924
PDH306	749720	7469655	167.4	-60	130	16	16	MARL	OP	19901019	19901019
PDH307	749754	7469663	163.9	-63	337	53.5	53.5	MARL	OP	19901019	19901019
PDH308	749680	7469598	178.2	-59	117	46	46	MARL	OP	19901019	19901021
PDH309	749744	7469582	180.0	-57	113	36	36	MARL	OP	19901021	19901021
PDH310	749756	7469563	187.1	-90	10	36	36	MARL	OP	19901021	19901021
PDH311	749740	7469567	184.8	-90	10	46	46	MARL	OP	19901022	19901022
PDH312	749723	7469579	180.3	-60	95	57	57	MARL	OP	19901022	19901022
PDH313	749727	7469562	185.2	-56	72	52	52	MARL	OP	19901023	19901023
PDH314	749687	7469555	183.2	-60	65	30	30	MARL	OP	19901023	19901023
PDH315	749677	7469576	180.3	-90	10	54	54	MARL	OP	19901024	19901024
PDH316	749691	7469593	178.3	-59	115	34	34	MARL	OP	19901024	19901024
PDH317	749691	7469577	180.4	-61	63	29.5	29.5	MARL	OP	19901024	19901024
PDH318	749769	7469465	198.9	-59	70	34	34	MARL	OP	19901024	19901024
PDH319	749751	7469540	195.0	-59	290	46	46	MARL	OP	19901025	19901025
PDH320	749740	7469542	194.6	-90	10	18	18	MARL	OP	19901025	19901025
PDH321	749743	7469549	192.5	-90	10	32	32	MARL	OP	19901025	19901025
PDH322	749751	7469552	192.0	-90	10	48	48	MARL	OP	19901026	19901026
PDH323	749763	7469545	193.0	-90	10	18	18	MARL	OP	19901026	19901026
PDH324	749794	7469504	198.3	-60	62	16	16	MARL	OP	19901026	19901027
PDH325	749806	7469480	192.8	-90	10	22	22	MARL	OP	19901027	19901027
PDH326	749775	7469457	198.5	-60	339	28	28	MARL	OP	19901027	19901027
PDH327	749778	7469449	198.4	-90	10	18	18	MARL	OP	19901027	19901027
PDH328	749769	7469471	199.1	-90	10	16	16	MARL	OP	19901027	19901027
PDH329	749756	7469460	198.7	-90	10	101	101	MARL	OP	19901028	19901028
PDH330	749758	7469475	198.9	-90	10	34	34	MARL	OP	19901029	19901029
PDH331	749729	7469515	197.1	-90	10	54	54	MARL	OP	19901029	19901029
PDH332	749737	7469508	197.6	-90	10	68	68	MARL	OP	19901030	19901030
PDH333	749748	7469496	199.3	-90	10	48	48	MARL	OP	19901030	19901031
PDH334	749698	7469515	188.4	-90	10	75	75	MARL	OP	19901031	19901031
PDH335	749782	7469461	197.4	-90	10	48	48	MARL	OP	19901101	19901101
PDH336	749965	7469174	254.7	-62	141	46	46	MARL	OP	19901101	19901102
PDH337	749987	7469170	253.9	-90	10	102	102	MARL	OP	19901102	19901102
PDH338	749980	7469157	248.2	-90	10	120	120	MARL	OP	19901103	19901104
PDH339	749919	7469167	236.3	-90	10	66	66	MARL	OP	19901104	19901105
PDH340	749997	7469152	243.6	-90	10	120	120	MARL	OP	19901105	19901106
PDH341	750026	7469173	241.0	-90	10	12	12	MARL	OP	19901106	19901106
PDH342	749944	7469307	235.9	-90	10	16	16	MARL	OP	19901106	19901106
PDH343	749655	7469550	180.8	-90	10	70	70	MARL	OP	19901107	19901107
PDH344	749648	7469574	179.3	-90	10	72	72	MARL	OP	19901107	19901108
PDH345	749697	7469610	175.5	-90	10	24	24	MARL	OP	19901108	19901109

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH346	749645	7469628	175.5	-90	10	24	24	MARL	OP	19901109	19901109
PDH347	749636	7469648	172.0	-90	10	12	12	MARL	OP	19901109	19901109
PDH348	749919	7469151	230.2	-90	10	120	120	MARL	OP	19901109	19901110
PDH349	749978	7469144	239.7	-90	10	120	120	MARL	OP	19901110	19901112
PDH350	749997	7469130	232.3	-90	10	120	120	MARL	OP	19901112	19901113
PDH351	749673	7469531	185.0	-90	10	74	74	MARL	OP	19901113	19901114
PDH352	749795	7469551	185.5	-90	10	20	20	MARL	OP	19901114	19901114
PDH353	749811	7469708	162.9	-90	10	20	20	MARL	OP	19901114	19901115
PDH354	750218	7470112	211.0	-90	10	28	28	MARL	OP	19901115	19901115
PDH355	750042	7469405	183.2	-64	318	18	18	MARL	OP	19901115	19901115
PDH356	750045	7469402	183.4	-65	323	20	20	MARL	OP	19901116	19901116
PDH357	750029	7469395	188.8	-80	323	12	12	MARL	OP	19901117	19901117
PDH358	750017	7469373	197.8	-60	300	40	40	MARL	OP	19901117	19901117
PDH359	749796	7469549	185.2	-90	10	60	60	MARL	OP	19901201	19901201
PDH360	749974	7469273	241.6	-90	10	58	58	MARL	OP	19901201	19901202
PDH361	749944	7469307	235.9	-65	295	59.5	59.5	MARL	OP	19901202	19901202
PDH362	749849	7469356	224.3	-90	10	38	38	MARL	OP	19901203	19901203
PDH363	749840	7469381	215.9	-90	10	14	14	MARL	OP	19901204	19901204
PDH364	749685	7469607	176.5	-82.5	247	42	42	MARL	OP	19901205	19901205
PDH365	749633	7469648	171.8	-90	10	28	28	MARL	OP	19901205	19901205
PDH366	749788	7469525	197.8	-62	16	14	14	MARL	OP	19901206	19901206
PDH367	749684	7469535	185.2	-90	10	64	64	MARL	OP	19901207	19901207
PDH368	749984	7469158	248.6	-60	77	66	66	MARL	OP	19901207	19901208
PDH369	749915	7469130	221.5	-90	10	18	18	MARL	OP	19901208	19901208
PDH370	750029	7469395	188.3	-62	311	23.5	23.5	MARL	OP	19901209	19901209
PDH371	750034	7469387	188.8	-60	310	29.5	29.5	MARL	OP	19901210	19901210
PDH372	750048	7469417	178.8	-60	307	14	14	MARL	OP	19901210	19901210
PDH373	749700	7469539	187.5	-90	10	48	48	MARL	OP	19901210	19901210
PDH374	749682	7469504	187.4	-90	10	64	64	MARL	OP	19901210	19901211
PDH375	749923	7469166	237.0	-62	321	71.5	71.5	MARL	OP	19901211	19901211
PDH376	749797	7469353	215.0	-90	10	30	30	MARL	OP	19901211	19901211
PDH377	750052	7469113	217.9	-90	10	16	16	MARL	OP	19901211	19901212
PDH378	749754	7469671	163.4	-90	10	30.5	30.5	MARL	OP	19901212	19901212
PDH379	750008	7469376	197.8	-61	305	35	35	MARL	OP	19910314	19910315
PDH380	749734	7469679	163.7	-60	104	68	68	MARL	OP	19910315	19910316
PDH381	749675	7469518	186.0	-90	10	50	50	MARL	OP	19910317	19910317
PDH382	749940	7469177	248.0	-90	10	114	114	MARL	OP	19910317	19910319
PDH383	749960	7469151	241.6	-90	10	116	116	MARL	OP	19910320	19910323
PDH384	749948	7469155	241.5	-90	10	108	108	MARL	OP	19910323	19910325
PDH385	749935	7469168	242.3	-90	10	84	84	MARL	OP	19910408	19910409
PDH386	749924	7469178	243.4	-90	10	96	96	MARL	OP	19910409	19910410
PDH387	749938	7469144	235.6	-90	10	54	54	MARL	OP	19910410	19910515
PDH388	749950	7469137	233.8	-90	10	4	4	MARL	OP	19910411	19910411
PDH389	750007	7469143	237.4	-90	10	114	114	MARL	OP	19910411	19910412
PDH390	750026	7469150	237.9	-90	10	34	34	MARL	OP	19910412	19910413

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH391	749726	7469529	196.8	-90	10	84	84	MARL	OP	19910414	19910414
PDH392	749713	7469523	192.0	-90	10	78	78	MARL	OP	19910414	19910415
PDH393	749762	7469461	198.6	-90	10	18	18	MARL	OP	19910415	19910415
PDH394	749787	7469471	198.3	-90	10	30	30	MARL	OP	19910416	19910416
PDH395	749769	7469462	198.5	-90	10	56	56	MARL	OP	19910416	19910416
PDH396	749676	7469560	181.7	-90	10	42	42	MARL	OP	19910416	19910417
PDH397	749646	7469545	180.3	-90	10	90	90	MARL	OP	19910417	19910417
PDH398	749704	7469545	187.8	-90	10	32	32	MARL	OP	19910418	19910418
PDH399	749745	7469556	189.4	-90	10	61	61	MARL	OP	19910418	19910418
PDH400	749733	7469554	188.9	-90	10	38	38	MARL	OP	19910418	19910419
PDH401	749718	7469551	188.5	-90	10	34	34	MARL	OP	19910419	19910419
PDH402	749812	7469503	189.9	-90	10	30	30	MARL	OP	19910419	19910424
PDH403	749812	7469499	190.4	-90	10	6	6	MARL	OP	19910419	19910419
PDH404	749786	7469548	188.2	-90	10	59	59	MARL	OP	19910419	19910420
PDH405	749775	7469539	194.5	-61	67	16	16	MARL	OP	19910420	19910420
PDH406	749771	7469537	194.5	-90	10	40	40	MARL	OP	19910421	19910421
PDH407	749742	7469519	200.2	-90	10	52	52	MARL	OP	19910421	19910422
PDH408	749737	7469548	193.0	-62	68	56.5	56.5	MARL	OP	19910422	19910423
PDH409	749759	7469548	192.5	-67	316	54	54	MARL	OP	19910423	19910423
PDH410	749764	7469669	161.0	-90	10	29	29	MARL	OP	19910424	19910424
PDH411	749735	7469695	160.7	-61	98	15	15	MARL	OP	19910424	19910425
PDH412	749748	7469676	163.3	-60	104	34	34	MARL	OP	19910425	19910425
PDH413	749681	7469617	174.8	-60	122	20	20	MARL	OP	19910425	19910425
PDH414	749712	7469525	191.6	-61	336	46	46	MARL	OP	19910426	19910426
PDH415	749751	7469482	198.0	-59	154	10	10	MARL	OP	19910426	19910426
PDH416	749745	7469473	196.9	-83	160	20	20	MARL	OP	19910426	19910426
PDH417	749778	7469452	197.9	-63	344	41.5	41.5	MARL	OP	19910427	19910427
PDH418	749660	7469623	175.4	-90	10	64	64	MARL	OP	19910427	19910427
PDH419	749663	7469617	177.3	-90	10	30	30	MARL	OP	19910428	19910428
PDH420	749646	7469602	177.1	-58	66	26	26	MARL	OP	19910428	19910428
PDH421	749663	7469572	180.4	-60	157	70	70	MARL	OP	19910428	19910429
DDH422	749751	7469671	163.6	-90	10	80.54	16	MARL	DD	19910624	19911011
PDH423	749840	7469327	227.0	-61	10	12	12	MARL	OP	19910627	19910627
PDH424	749838	7469333	226.7	-90	10	10	10	MARL	OP	19910627	19910627
PDH425	749803	7469553	182.3	-90	10	14	14	MARL	OP	19910628	19910628
PDH426	749968	7469215	265.8	-90	10	98	98	MARL	OP	19910628	19910630
PDH427	749981	7469157	248.1	-63.5	254	33	33	MARL	OP	19910703	19910703
PDH428	749990	7469161	249.1	-84	240	44.5	44.5	MARL	OP	19910704	19910705
PDH429	749996	7469163	249.6	-90	10	90	90	MARL	OP	19910716	19910717
PDH430	749968	7469159	247.9	-90	10	95	95	MARL	OP	19910717	19910718
PDH431	749946	7469172	248.1	-90	10	60	60	MARL	OP	19910719	19910720
PDH432	750075	7469055	197.1	-90	10	66	66	MARL	OP	19910729	19910730
PDH433	750101	7469065	191.2	-90	10	43	43	MARL	OP	19910730	19910730
PDH434	749916	7469188	243.4	-90	10	86	86	MARL	OP	19910731	19910731
PDH435	749949	7469138	233.5	-90	10	30	30	MARL	OP	19910801	19910801

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH436	749973	7469136	234.5	-90	10	8	8	MARL	OP	19910801	19910801
PDH437	749807	7469548	182.6	-90	10	25	25	MARL	OP	19910802	19910802
PDH438	749798	7469557	182.0	-90	10	32	9	MARL	OP	19910803	19910929
PDH439	749792	7469562	181.8	-90	10	17	17	MARL	OP	19910803	19910803
PDH440	749792	7469544	188.7	-90	10	43.3	43.3	MARL	OP	19910803	19910803
PDH441	749779	7469551	187.8	-90	10	70	70	MARL	OP	19910803	19910804
PDH442	749739	7469668	163.8	-90	10	12	12	MARL	OP	19910804	19910804
PDH443	749746	7469669	163.7	-90	10	79	79	MARL	OP	19910804	19910804
PDH444	749746	7469680	163.6	-90	10	42	42	MARL	OP	19910805	19910805
PDH445	749813	7469568	175.8	-90	10	25	25	MARL	OP	19910805	19910805
PDH446	749836	7469524	177.8	-90	10	20	20	MARL	OP	19910805	19910805
PDH447	749721	7469542	193.5	-90	10	30	30	MARL	OP	19910806	19910806
PDH448	749744	7469529	201.4	-90	10	10	10	MARL	OP	19910806	19910806
PDH449	749710	7469535	191.1	-90	10	46	46	MARL	OP	19910806	19910806
PDH450	749689	7469525	186.3	-90	10	54	54	MARL	OP	19910807	19910807
PDH451	749663	7469568	180.7	-90	10	54	54	MARL	OP	19910807	19910807
PDH452	749741	7469574	182.6	-90	10	60	60	MARL	OP	19910807	19910808
PDH453	749765	7469667	160.9	-90	10	19	19	MARL	OP	19910921	19910921
PDH454	749904	7469197	241.8	-90	10	84	84	MARL	OP	19910922	19910923
PDH455	749680	7469533	185.3	-90	10	18	18	MARL	OP	19910927	19910927
PDH456	749657	7469565	180.4	-90	10	58	58	MARL	OP	19910927	19910927
PDH457	749949	7469138	233.7	-90	10	18	18	MARL	OP	19910930	19911001
PDH458	750036	7469411	182.7	-90	10	16	16	MARL	OP	19911001	19911001
PDH459	749772	7469663	160.2	-90	10	42	42	MARL	OP	19911001	19911002
PDH460	749792	7469688	160.0	-90	10	20	20	MARL	OP	19911003	19911003
PDH461	749643	7469557	180.1	-90	10	78	78	MARL	OP	19911003	19911003
PDH462	749639	7469570	178.8	-90	10	96	96	MARL	OP	19911005	19911005
PDH463	749673	7469574	180.6	-90	10	36	36	MARL	OP	19911005	19911006
DDH464	749670	7469571	180.7	-90	10	27.3	6.24	MARL	DD	19911006	19911008
DDH465	749960	7469150	241.5	-90	10	28.78	12.34	MARL	DD	19911011	19911014
PDH466	749748	7469676	163.0	-60	155	56	56	MARL	OP	19920320	19920321
PDH467	749747	7469678	163.0	-90	10	71.7	71.7	MARL	OP	19920321	19920322
PDH468	749642	7469558	180.0	-79	240	42	42	MARL	OP	19920322	19920323
PDH469	749620	7469548	177.6	-90	10	114	114	MARL	OP	19930601	19930601
PDH470	749662	7469575	180.0	-90	10	60	60	MARL	OP	19930603	19930603
DDH473	749747	7469672	163.4	-90	10	53	43	MARL	DD	19930605	19930607
PDH471	749687	7469538	185.2	-90	10	58	58	MARL	OP	19930605	19930605
PDH472	749646	7469629	175.5	-90	10	46	46	MARL	OP	19930607	19930607
PDH474	749734	7469676	163.4	-90	10	54	54	MARL	OP	19930611	19930611
PDH475	749758	7469676	160.5	-90	10	36	36	MARL	OP	19930613	19930613
PDH476	749750	7469682	161.2	-90	10	19	19	MARL	OP	19930615	19930615
PDH477	749744	7469702	158.8	-90	10	12	12	MARL	OP	19930617	19930617
PDH478	749752	7469666	163.5	-90	10	66	66	MARL	OP	19930619	19930619
PDH479	750020	7469388	192.2	-65	305	18	18	MARL	OP	19930621	19930621
PDH480	749809	7469696	162.2	-90	10	18	18	MARL	OP	19930717	19930717

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH481	749777	7469680	158.3	-90	10	24	24	MARL	OP	19930717	19930718
PDH482	750053	7469419	177.4	-90	10	10	10	MARL	OP	19930718	19930719
PDH483	750021	7469388	192.2	-80	305	28	28	MARL	OP	19930719	19930720
PDH484	749743	7469668	163.4	-90	10	99	99	MARL	OP	19930720	19930721
PDH485	749745	7469666	163.4	-90	10	61	61	MARL	OP	19930721	19930722
PDH486	749740	7469670	163.5	-90	10	16	16	MARL	OP	19930722	19930723
PDH487	749662	7469553	181.1	-90	10	66	66	MARL	OP	19930723	19930724
PDH488	749681	7469577	180.3	-90	10	30	30	MARL	OP	19930724	19930725
PDH489	749708	7469547	187.9	-90	10	90	90	MARL	OP	19930725	19930726
PDH490	750308	7468898	157.3	-90	10	36	36	MARL	OP	19930726	19930727
PDH491	750312	7468888	156.8	-90	10	46	46	MARL	OP	19930727	19930728
PDH492	750316	7468881	156.5	-90	10	140	140	MARL	OP	19930728	19930729
PDH526	750287	7468895	154.7	-90	10	38	38	MARL	OP	19931101	19931102
PDH527	750615	7469280	196.0	-90	10	46	46	MARL	OP	19931102	19931103
PDH528	750359	7469230	190.4	-90	10	54	54	MARL	OP	19931103	19931104
PDH529	750200	7469330	217.0	-90	10	130	130	MARL	OP	19931104	19931105
PDH530	749975	7469157	247.9	-90	10	192	192	MARL	OP	19931105	19931106
PDH531	749923	7469198	248.5	-90	10	204	204	MARL	OP	19931106	19931107
PDH532	750175	7469296	209.5	-90	10	180	180	MARL	OP	19931107	19931108
PDH533	749994	7469140	236.5	-90	10	164	164	MARL	OP	19931108	19931109
PDH534	750015	7469145	237.9	-90	10	132	132	MARL	OP	19931109	19931110
PDH535	749630	7469547	179.8	-90	10	114	114	MARL	OP	19931110	19931111
PDH536	749842	7469359	224.3	-60	21	30	30	MARL	OP	19931111	19931112
PDH537	749636	7469539	179.9	-90	10	118	118	MARL	OP	19931112	19931114
PDH538	749623	7469563	177.5	-90	10	124	120	MARL	OP	19940215	19940216
PDH539	749627	7469534	179.6	-90	10	124	124	MARL	OP	19940217	19940218
PDH540	749641	7469543	180.2	-90	10	106	106	MARL	OP	19940219	19940220
PDH541	749727	7469564	184.4	-90	10	104	104	MARL	OP	19940221	19940222
PDH542	749669	7469538	183.0	-90	10	70	70	MARL	OP	19940223	19940224
PDH543	749675	7469546	183.5	-90	10	60	60	MARL	OP	19940225	19940226
PDH544	749689	7469552	183.3	-90	10	60	60	MARL	OP	19940227	19940228
PDH545	749739	7469566	185.1	-90	10	112	112	MARL	OP	19940301	19940302
PDH546	749718	7469562	184.3	-90	10	130	130	MARL	OP	19940303	19940304
PDH547	749677	7469586	179.0	-90	10	42	42	MARL	OP	19940305	19940306
PDH548	749609	7469483	180.1	-90	10	242	242	MARL	OP	19940307	19940308
PDH549	749656	7469589	179.1	-90	10	102	102	MARL	OP	19940309	19940310
PDH550	749667	7469594	178.4	-90	10	84	84	MARL	OP	19940311	19940312
PDH551	749674	7469602	177.6	-90	10	86	86	MARL	OP	19940313	19940314
PDH552	749691	7469608	176.0	-90	10	72	72	MARL	OP	19940315	19940316
PDH553	749724	7469571	182.2	-90	10	100	100	MARL	OP	19940317	19940318
PDH554	749757	7469446	203.0	-90	10	126	126	MARL	OP	19940319	19940320
PDH555	749721	7469498	193.3	-90	10	124	124	MARL	OP	19940321	19940321
PDH556	749713	7469494	193.3	-90	10	133	133	MARL	OP	19940322	19940322
PDH557	749674	7469498	187.4	-90	10	118	118	MARL	OP	19940323	19940323
PDH558	749730	7469544	193.5	-90	10	79	79	MARL	OP	19940324	19940324

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH559	749690	7469505	188.4	-90	10	120	120	MARL	OP	19940325	19940326
PDH560	749728	7469553	188.0	-90	10	114	114	MARL	OP	19940326	19940327
PDH561	750030	7470063	184.0	-90	10	18	18	MARL	OP	19940327	19940327
PDH562	749655	7469522	185.0	-90	10	85	85	MARL	OP	19940401	19940402
PDH563	749666	7469527	183.5	-90	10	90	90	MARL	OP	19940402	19940402
PDH564	749661	7469510	184.0	-90	10	60	60	MARL	OP	19940403	19940403
PDH565	749659	7469507	183.6	-90	10	133	133	MARL	OP	19940403	19940403
PDH566	749696	7469534	186.5	-90	10	90	90	MARL	OP	19940404	19940404
PDH567	749694	7469523	186.5	-90	10	110	110	MARL	OP	19940405	19940405
PDH568	749630	7469636	172.0	-90	10	78	78	MARL	OP	19940406	19940406
PDH569	749644	7469604	177.1	-90	10	60	60	MARL	OP	19940407	19940407
PDH570	749707	7469505	192.2	-90	10	93	93	MARL	OP	19940408	19940408
PDH571	749688	7469517	186.5	-90	10	54	54	MARL	OP	19940409	19940409
PDH572	749746	7469513	201.2	-90	10	52	52	MARL	OP	19940410	19940410
DDH573	749936	7469165	242.3	-90	10	207.2	172	MARL	DD	19940428	19940801
PDH574	749773	7469533	194.5	-60	65	24	24	MARL	OP	19940504	19940505
PDH575	749780	7469468	198.5	-90	10	48	48	MARL	OP	19940505	19940506
PDH576	749802	7469555	182.3	-90	10	18	18	MARL	OP	19940506	19940507
PDH577	749717	7469644	170.3	-90	10	12	12	MARL	OP	19940507	19940508
PDH578	749713	7469650	167.4	-90	10	24	24	MARL	OP	19940508	19940509
PDH579	749812	7469573	176.3	-90	10	22	22	MARL	OP	19940509	19940510
PDH580	749818	7469569	176.0	-90	10	20	20	MARL	OP	19940510	19940511
PDH581	749760	7469664	162.6	-90	10	49	49	MARL	OP	19940511	19940512
PDH582	749739	7469490	196.1	-90	10	73	73	MARL	OP	19940512	19940512
PDH583	749634	7469586	176.9	-60	65	66	66	MARL	OP	19950224	19950224
PDH584	749618	7469578	175.7	-60	65	84	84	MARL	OP	19950224	19950224
PDH585	749621	7469591	174.8	-60	68	72	72	MARL	OP	19950225	19950225
PDH586	749604	7469614	171.3	-60	70	72	72	MARL	OP	19950225	19950225
PDH587	749642	7469629	175.1	-60	75	42	42	MARL	OP	19950226	19950226
PDH588	749663	7469637	173.2	-60	45	42	42	MARL	OP	19950227	19950227
PDH589	749618	7469668	166.3	-60	75	42	42	MARL	OP	19950227	19950227
PDH592	749799	7469367	214.4	-60	10	42	42	MARL	OP	19950227	19950227
PDH590	749637	7469677	165.7	-60	65	42	42	MARL	OP	19950228	19950228
PDH591	749655	7469685	163.7	-60	57	42	42	MARL	OP	19950228	19950228
PDH593	749794	7469348	214.6	-60	360	48	48	MARL	OP	19950228	19950228
PDH594	749975	7469192	262.3	-60	210	101	101	MARL	OP	19950301	19950301
PDH595	749977	7469193	262.5	-70	210	150	150	MARL	OP	19950302	19950302
PDH596	749785	7469626	167.0	-60	71	60	60	MARL	OP	19950303	19950303
PDH597	749819	7469592	167.2	-60	92	60	60	MARL	OP	19950304	19950304
PDH598	749855	7469557	169.7	-60	85	60	60	MARL	OP	19950304	19950304
PDH603	749877	7469166	221.3	-60	52	120	120	MARL	OP	19950304	19950304
PDH599	749747	7469607	173.7	-60	55	60	60	MARL	OP	19950305	19950305
PDH600	749783	7469570	181.7	-60	52	60	60	MARL	OP	19950305	19950305
PDH601	749816	7469541	182.5	-60	54	60	60	MARL	OP	19950306	19950306
PDH602	749849	7469230	223.9	-60	62	72	72	MARL	OP	19950308	19950308

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
PDH606	749701	7469491	191.2	-60	64	78	78	MARL	OP	19950311	19950311
PDH604	749763	7469445	198.7	-60	63	60	60	MARL	OP	19950312	19950312
PDH605	749764	7469417	202.1	-60	61	60	60	MARL	OP	19950312	19950312
PDH607	749666	7469556	181.4	-90	10	66	66	MARL	OP	19950312	19950312
PDH608	749644	7469544	180.2	-60	65	65	65	MARL	OP	19950313	19950313
PDH609	749627	7469533	179.6	-60	65	84	84	MARL	OP	19950314	19950314
PDH610	749650	7469574	179.4	-60	65	66	66	MARL	OP	19950315	19950315
PDH611	749637	7469564	178.9	-60	65	78	78	MARL	OP	19950315	19950315
PDH612	749715	7469561	184.1	-60	65	72	72	MARL	OP	19950315	19950315
MMRC613	750128	7469235	208.0	-60	245	352	352	COOL	RC	19980721	19980724
MMRC614	749796	7468962	166.0	-60	65	336	336	COOL	RC	19980725	19980727
MMRC615	750244	7468952	150.1	-90	10	252	252	COOL	RC	19980727	19980729
MMRC616	750359	7469127	177.3	-60	65	282	282	COOL	RC	19980730	19980731
MMRC617	749891	7469568	164.1	-73	245	186	186	COOL	RC	19980801	19980801
MMRC618	749901	7469450	183.9	-90	10	174	174	COOL	RC	19980802	19980802
MMRC619	750052	7469373	192.5	-60	335	120	120	COOL	RC	19980802	19980803
MMRC620	750012	7469735	186.0	-60	65	144	144	COOL	RC	19980804	19980804
MMRC621	749932	7469808	170.0	-60	65	120	120	COOL	RC	19980805	19980806
MMRC622	750147	7470133	193.8	-90	10	171	171	COOL	RC	19980808	19980808
MMRC623	749776	7469626	168.1	-60	245	282	282	COOL	RC	19980809	19980810
MMRC624	749422	7469455	149.9	-60	65	263	263	COOL	RC	19980812	19980815
MMRC625	749958	7468827	150.1	-90	10	174	174	COOL	RC	19980815	19980816
MMRC626	750192	7469109	165.0	-90	10	181	181	COOL	RC	19980816	19980817
MMRC627	749569	7469300	184.0	-60	65	350	350	COOL	RC	19980826	19980904
MMRC628	749419	7469672	146.0	-60	65	246	246	COOL	RC	19980905	19980906
MMRC629	749256	7469377	143.8	-60	65	349	349	COOL	RC	19980906	19980908
MMRC630	749166	7469440	136.0	-60	65	348	348	COOL	RC	19990201	19990205
MMRC631	749525	7469389	170.6	-60	65	246	246	COOL	RC	19990205	19990207
MMRC632	749335	7469297	146.0	-60	65	348	348	COOL	RC	19990207	19990210
MMRC633	749672	7469660	167.0	-60	135	264	264	COOL	RC	19990211	19990212
MMRC634	749731	7470108	162.0	-90	257	162	162	COOL	RC	19990213	19990213
MMRC635	749248	7470042	159.1	-90	314	228	228	COOL	RC	19990213	19990214
MMRC636	749633	7469555	179.5	-60	65	246	246	COOL	RC	19990215	19990216
MMRC637	749778	7469569	182.3	-70	295	198	198	COOL	RC	19990217	19990217
MMRC638	749164	7469335	138.5	-60	65	348	348	COOL	RC	19990218	19990219
MMRC639	749561	7468857	154.9	-60	65	330	330	COOL	RC	19990220	19990228
MMRC640	749665	7469129	186.3	-60	65	246	246	COOL	RC	19990301	19990302
MMRC641	749389	7469186	151.0	-60	65	360	360	COOL	RC	19990302	19990307
MMRC642	749790	7469684	160.0	-65	245	204	204	COOL	RC	19990308	19990309
MMRC643	749615	7469600	174.3	-60	65	228	228	COOL	RC	19990309	19990310
MMRC644	749014	7469979	139.5	-90	350	372	372	COOL	RC	19990311	19990313
MMRC645	749472	7469037	167.3	-90	30	499	499	COOL	RC	20030121	20030127
MMRC646	749923	7468756	142.6	-60	335	488	488	COOL	RC	20030128	20030203
MMRC647	749556	7468855	154.8	-90	320	498	498	COOL	RC	20030206	20030211
MMRC648	749352	7469194	149.3	-90	10	420	420	COOL	RC	20030212	20030216

Mount Mackenzie Mines Pty Ltd - Mt Mackenzie project

JORC Table 1 20140917

Geos Mining project 2620-01

Hole_ID	E_MGA Zone 55	N_MGA Zone 55	RL	Dip	Azim MGA	Final Depth	Precollar Depth	Company	Drilling Type	Start Date yyyymmdd	End Date yyyymmdd
MMRC649	749211	7469348	140.9	-90	336	298	298	COOL	RC	20030709	20030712
MMRC650	749182	7469163	140.0	-90	10	328	328	COOL	RC	20030713	20030716
MMRC651	749390	7469326	154.1	-90	10	256	256	COOL	RC	20030717	20030720
MMDD652	749240	7469286	141.7	-90	370	348.6	255.6	COOL	DD	20030721	20040313
MMDD653	748990	7469159	130.5	-90	155	819.5	270	COOL	DD	20040207	20040304
MMDD654	749174	7469164	140.0	-90	78	455.5	273.1	COOL	DD	20040304	20040309
MMDD655	748924	7468769	131.9	-90	55	789.1	375	COOL	DD	20050215	20050225
MMDD656	749057	7468496	148.0	-90	85.5	624.6	323	COOL	DD	20050226	20050311
MMDD657	748560	7468921	133.0	-90	181.8	702.5	329.5	COOL	DD	20050312	20050320
MMDD659	748615	7468943	135.3	-90	11	840.8	501	COOL	DD	20060202	20060304
MMDD660	748360	7468829	118.6	-90	20	877.2	501	COOL	DD	20060212	20060310
MMRC661	748814	7468392	133.8	-90	10	501	501	COOL	RC	20060214	20060226
MMDD658	748732	7468693	121.4	-90	140	738.9	501	COOL	DD	20060220	20060318
MMRC662	749796	7468674	137.0	-60	107	295	295	COOL	RC	20060227	20060228
MMRC663	749948	7468485	154.6	-60	68	247	247	COOL	RC	20060228	20060302
MMRC664	748776	7468995	125.9	-90	10	501	501	COOL	RC	20060302	20060304
NMD001	749213	7469578	144.76	-60	65	411.4	83.15	NML	DD	20080431	20080526
NMD002	748974	7468797	136	-60	65	650.2	142	NML	DD	20080502	20080916
NMD003	748829	7469391	145	-60	65	669.5	238	NML	DD	20080504	20080606
NMD005	748718	7468340	136.5	-60	63.5	756.6	22	NML	DD	20080613	20080710
NMD004	748225	7468781	113.5	-60	63	954.6	430.4	NML	DD	20080905	20080908
NMD006	748112	7469051	105	-60	65	954.7	0	NML	DD	20080916	20080927

Companies : COOL Coolgardie Gold NL (later changed to SmartTrans Holdings Ltd) FP Freeport McMoran MARL Marlborough Gold Mines NL NML Newcrest Mining Ltd PEA Peabody UDC Utah Development

Drilling Type : DD Diamond drillhole (including open-hole and RC pre-collars) OP Open-hole Percussion RC Reverse Circulation

AI assistant

RESOURCES & ENERGY GROUP LIMITED — Capital/Financing Update 2014

65687_rns_2014-09-30_20e20235-1851-4723-a647-5014c17609db.pdf

REVISED MOUNT MACKENZIE VALUATION AND ASSESSMENT REPORT

Mike Johnstone

Executive Summary

Disclaimer

Contents

Tables

Figures

Appendices

1. Introduction

1.1 SCOPE OF REPORT

2. Information Sources

3. Mount Mackenzie Project

3.1 PROJECT LOCATION

3.1 TENEMENTS

3.2 EXPLORATION HISTORY

3.3 GEOLOGY & MINERALISATION

3.3.1 REGIONAL GEOLOGY

3.3.2 LOCAL GEOLOGY

3.3.1 ALTERATION

3.3.2 MINERALISATION

3.4 REGIONAL EXPLORATION RESULTS

3.5 ASSESSMENT OF EXPLORATION COMPLETED AT MT MACKENZIE

3.5.4 DIAMOND CORE AND REVERSE CIRCULATION DRILLING

3.5.5 PERCUSSION DRILLING

3.5.6 METALLURGICAL TESTWORK

3.6 MINERAL RESOURCES

3.6.2 WORK REQUIRED TO MEET JORC 2012 REQUIREMENTS

4. Valuation Principles & Methodology

4.1 EFFECTIVE DATE FOR VALUATION

4.2 STANDARDS & PROCEDURES

4.3 VALUATION GENERAL PRINCIPLES

4.4.1 GENERAL PRINCIPLES

4.4.2 NET PRESENT VALUE

4.4.3 COMPARABLE TRANSACTIONS

4.4.4 MARKET VALUATION

4.4.5 ATTRIBUTABLE EXPLORATION EXPENDITURE

4.4.6 CONTAINED RESOURCES

4.5 RISKS AND SPECIAL CIRCUMSTANCES

5. Valuation of Mount Mackenzie Project

5.2 COMPARABLE TRANSACTIONS

5.3 CONTAINED RESOURCE OUNCES

5.4 ASSESSMENT OF VALUATIONS

6. Exploration Potential

7. Conclusions

8. Statement of Capability

Murray Hutton (BA Hons, Geology), MAIG)

Sue Border (BSc Hons, Gr Dip, FAIG, FAusIMM, MMICA)

9. Statement of Independence

10. Limitations & Consent

11. Glossary

12. Bibliography

Appendix 1 – Summary of drilling & exploration programs

Appendix 2 – Comparable Transactions

JORC Code 2012 - Table 1 – Mt Mackenzie project

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Drillhole collar information

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RESOURCES & ENERGY GROUP LIMITED Capital/Financing Update 2014