ROX RESOURCES LIMITED — Interim / Quarterly Report 2018

Oct 29, 2018

30 OCTOBER 2018

Quarterly Report

For the period ending 30 September 2018

Highlights

Fisher East Nickel Project, WA

• Updated Scoping Study completed for the Fisher East Nickel Project. Two cases were examined, a Concentrator Case (building a Concentrator on site), and a Toll Mill Case (toll milling at a nearby facility). Highlights include:

• Concentrator Case:

Pre-tax Net Cash Flow of ~A$146 million

NPV10 of ~A$79 million

IRR of ~44% at a US$7.50/lb nickel price, and a 0.75 AUD:US exchange rate

Pre-production capital of ~ A$87.0 million

C1 cash cost of ~A$4.20/lb (US$3.15/lb) nickel in concentrate

All in Sustaining Cost (ASIC) of ~A$4.80/lb (US$3.60/lb) nickel in concentrate

• Toll Mill Case:

Pre-tax Net Cash Flow of ~A$102 million

NPV10 of ~A$58 million

IRR of ~55% at a US$7.50/lb nickel price, and a 0.75 AUD:US exchange rate

Pre-production capital of ~A$48.0 million

C1 cash cost of ~A$4.60/lb (US$3.45/lb)

All in Sustaining Cost (ASIC) of ~A$5.10/lb (US$3.80/lb) nickel in concentrate

• Encouraging assay results announced from an aircore drilling program completed at the Sholl Range. Highlights include:

• 17m @ 0.52% Ni, 67ppm Cu, 308ppm Co from 4m in hole SRAC036,

• 16m @ 0.62% Ni, 43ppm Cu, 267ppm Co from 16m in hole SRAC037, and

• 13m @ 0.45% Ni, 34ppm Cu, 221ppm Co from 8m in hole SRAC049.

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• Option exercised to purchase an additional tenement, E53/1802, which is located along strike to the south of Rox’s existing Sabre nickel sulphide discovery

Collurabbie Nickel-Copper-PGE-Gold Project, WA

• Aircore, RC and diamond drilling completed

• Early results received have intersected massive and semi-massive sulphides

• 5m @ 2.3% Ni, 1.3% Cu, 0.11% Co, 2.5 g/t Pt+Pd at Olympia in massive sulphide

• 5m @ 0.8% Ni, 0.6% Cu at Olympia North in disseminated and semi-massive sulphide

Mt Fisher Gold Project, WA

• Mt Fisher Gold Mineral Resource increased to 1.0 million tonnes at 2.7g/t Au for 89,000 ounces

• Option exercised to acquire additional tenement E53/1788

Bonya Copper Project, NT

• Settlement of the tenement sale has been received

Corporate

• Cash on hand at the end of the quarter was $8.7 million, with additional receivables/liquids of $4.15 million, for a total of $12.85 million

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Figure 1: Rox Project Location Map

Fisher East Nickel Project, WA

In response to the continued improvement in nickel sentiment, during the quarter the Company conducted an update to the Fisher East Scoping Study (ASX:RXL 10 October 2018) that was originally completed in 2015 (ASX:RXL 17 February 2015).

The results of the study demonstrated a project with strong economic and technical credentials at a consensus projected forward nickel price. In addition, there would be a significant upside to project economics with an increased resource base. Capital costs were relatively low, with competitive cash operating costs. The high-level study considered two primary development scenarios, building a stand-alone concentrator or toll milling at a nearby operation.

Scoping Study Overview

CSA Global Pty Ltd mining consultants was commissioned to re-examine mining techniques and costs, refine operating and capital costs, and produce a conceptual mining study of the Fisher East nickel project. This data was then applied to a previous Scoping Study undertaken by CSA Global Mining Consultants for Rox (ASX:RXL 17 February 2015) to provide an updated high level scoping study.

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Strong returns are indicated, and there is potential to significantly improve the project economics with the addition of further mineable resources. Capital and operating costs are estimated to +/35% at this Scoping Study level.

The first step of the conceptual mining study was to run a series of stope optimisations at different cut-off grades, minimum mining widths and stope dimensions to determine an optimum mining scenario. This was 15m high stopes, with a minimum mining width of 1.8m, and a cut-off grade of 1.2% Ni.

This then led to the development of a detailed mine schedule which was input into two processing option models, Concentrator and Toll Mill, to determine the financial outcomes in the updated Scoping Study. A constraint of 500,000tpa of processed ore was used to reflect the maximum production likely from the optimum mining scenario.

The “Concentrator Case” is based on building a concentrator plant on site with all associated infrastructure, including mine access, haul road, accommodation etc.

The “Toll Mill Case” is based on hauling run of mine (ROM) ore to a nearby processing plant for toll treatment, and would require negotiation of an agreement with a third-party processing facility, which has not yet occurred.

Key observations and conclusions of the updated Scoping Study are:

• The “Resources in the Mining Plan”, drawn from the total Mineral Resource of 4.2 Mt @ 1.9% Ni (ASX:RXL 5 February 2016) are ~2.9 Mt @ 1.7% Ni fully diluted. Approximately 96% of the Resources in the Mining Plan are drawn from Indicated Resources.

• A production rate of 500,000 tonnes per annum (tpa) was the optimum, and produced the best capital and operating efficiencies

• Up-front capital costs are estimated to +/- 35%, with mid-points being:

• ~A$87 million for the Concentrator Case, with additional ~A$38 million sustaining capital over the life of mine.

• ~A$48 million for the Toll Mill Case, with additional ~A$37 million sustaining capital over the life of mine.

• More analysis needs to be undertaken on metallurgy and processing, logistics and infrastructure, which would occur at the pre-feasibility stage.

• The Concentrator Case produces a more attractive financial return than the Toll Mill Case, but the Toll Mill Case has a lower up-front capital requirement, which may be easier to finance.

• The addition of further resources is likely to improve project economics.

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Key Project Metrics

Mineral Resources	Cut-Off Grade 1.0% Ni	Cut-Off Grade 1.0% Ni	Cut-Off Grade 1.0% Ni
	Tonnes (Mt)	Grade % Ni	Ni Tonnes (kt)
Indicated	3.7	1.9	71,000
Inferred	0.5	1.5	7,000
Total	4.2	1.9	78,000
Resources in the Mining Plan	Cut-Off Grade 1.2% Ni
	Tonnes (Mt)	Grade % Ni	Ni Tonnes (kt)
Indicated	2.6	1.8	48,000
Inferred	0.3	0.8	2,100
Total	~2.9	~1.7	~50,100
Capital Costs	Concentrator Case		Toll Mill Case
Pre-Production	~A$87m		~A$48m
Sustaining	~A$38m		~A$37m
Production Parameters
Life of Mine	~6 years		~6 years
Processing	~500ktpa		~500ktpa
Nickel in concentrate – LOM tonnes	~44,100		~44,100
Nickel in concentrate – Annual tonnes	~7,300		~7,300
Financials
Nickel Price	US$7.50/lb		US$7.50/lb
Exchange Rate (AUD:US)	0.75		0.75
C1 Cash Costs	~A$4.20/lb (US$3.15/lb)		~A$4.60/lb (US$3.45/lb)
All in Sustaining Costs	A$4.80/lb (US$3.60/lb)		A$5.10lb (US$3.83/lb)
Net Cash Flow (pre-tax)	~A$146m		~A$102m
Pre-tax NPV10	~A$79m		~A$58m
IRR	~44%		~55%
Payback	~2.3 years		~1.8 years

All estimates are +/- 35%

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Sholl Range Exploration Update

Rox announced assay results from an aircore drilling program conducted at the Sholl Range prospect at Fisher East during the quarter (ASX:RXL 27 August 2018) (Figure 2).

The program was designed to test for prospective ultramafic rocks under shallow cover in an area previously interpreted as granite. Anomalous nickel, copper and cobalt values were intersected near surface over substantial thicknesses and over at least 800m of strike. highlights include:

17m @ 0.52% Ni , 67ppm Cu, 308ppm Co from 4m depth in hole SRAC036,

16m @ 0.62% Ni , 43ppm Cu, 267ppm Co from 16m depth in hole SRAC037, and 13m @ 0.45% Ni , 34ppm Cu, 221ppm Co from 8m depth in hole SRAC049.

Exercise of Option over Strategic Nickel Tenement

The Company has exercised the option to purchase an additional tenement, E53/1802 (ASX:RXL 3 July 2018), which is located along strike to the south of Rox’s existing Sabre nickel sulphide discovery where drill intercepts including 10m @ 1.9% Ni and 2.3m @ 2.4% Ni have been made (Figure 3). The tenement covers 10km of the prospective ultramafic horizon, now providing Rox with a total 40km strike length of that favourable stratigraphy (Figure 4).

Work since the option by Rox was announced has identified nickel and copper geochemical anomalies on E53/1802, with fresh nickel sulphides intersected in aircore drilling at the Mt Tate prospect coincident with an EM anomaly.

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Figure 2: Sholl Range Prospect and Tenement Location

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Figure 3: Sabre Long Section showing drill results

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E53/1802
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Figure 4: Fisher East Prospect Locations over magnetics

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Collurabbie Nickel-Copper-PGE-Gold Project, WA

Three drilling programs have been completed at Collurabbie during the quarter, viz. aircore, RC and diamond drilling programs.

Aircore Drilling

The aircore drilling program comprised 109 holes for 3,910 metres, and tested several targets (Figure 5) within the Company’s tenements (ASX:RXL 26 July 2018). Stand out results from the Troy, Olympia North and Zeus South prospects (Figure 5) included the following:

Troy

12m @ 0.80% Ni , 0.03% Cu, 0.06% Co from 8m in hole CXAC123

24m @ 0.47% Ni , 0.01% Cu, 0.02% Co from 28m in hole CXAC124

The Troy prospect lies along the north trending ultramafic Beta Sill. Previous diamond drilling there intersected 0.6m @ 2.2% Ni, 1.0% Cu in hole CLD053.

Olympia North

4m @ 0.24% Ni , 0.01% Cu, 0.02% Co from 4m in hole CXAC156

Zeus South

28m @ 0.48% Ni , 0.00% Cu, 0.03% Co from 8m in hole CXAC187

20m @ 0.33% Ni , 0.00% Cu, 0.02% Co from 8m in hole CXAC186

RC Drilling

A 15 hole, 2,453m RC drilling program was completed during the quarter to follow up the aircore drilling. Results yielded positive results (ASX:RXL 25 September 2018) which included:

5m @ 0.8% Ni, 0.6% Cu, 0.04% Co, 1.0 g/t Pt+Pd from 57m in hole CXRC013 at Olympia North (Figure 6)

5m @ 2.3% Ni, 1.3% Cu, 0.11% Co, 2.5 g/t Pt+Pd from 77m in hole CXRC014 at Olympia, including 2m @ 3.2% Ni, 1.3% Cu , and

2m @ 1.6% Ni, 1.0% Cu, 0.08% Co, 2.7 g/t Pt+Pd from 159m in hole CXRC016 at Olympia

Diamond Drilling

A 4 hole diamond drilling program for 856.1m was completed at the Olympia and Olympia North

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prospects (ASX:RXL 18 October 2018). The overall aim of the diamond drilling program was:

• To obtain samples of mineralisation from the Olympia deposit for metallurgical test work, and

• To test RC and aircore anomalies at the Olympia North prospect.

Significant results received from Olympia in hole CXDD004 (Figure 7) were:

• 1.8m @ 1.27% Ni, 2.81% Cu, 0.09% Co, 5.97 g/t Pt+Pd from 90.4m, and

• 6.05m @ 1.31% Ni, 1.06% Cu, 0.12% Co, 2.25 g/t Pt+Pd from 97.95m,

• including 1.9m @ 2.25% Ni, 2.02% Cu, 0.07% Co, 3.21 g/t Pt+Pd from 97.95m

Another 2.1m interval of massive sulphides was also intersected in hole CXDD001at Olympia from 203.2m depth. The whole sample will be used for a metallurgical test, so the assay from this interval will be determined during that test work.

Two diamond holes were drilled at the Olympia North prospect, co-funded by the Western Australian Government (Figures 6, 8 & 9). The target ultramafic unit seems to have thinned at depth below the aircore and RC drilling anomalies. In CXDD002 immediately above the mineralised ultramafic unit, a thick porphyry unit was intersected and may be associated with potential remobilisation of Ni-Cu sulphides. Downhole electromagnetic surveys will commence shortly.

Best results were:

• 0.2m @ 0.48% Ni, 0.25% Cu, 0.02% Co, 0.53 g/t Pt+Pd from 167.3m in hole CXDD002, and

• 0.2m @ 0.91% Ni, 0.81% Cu, 0.03% Co, 0.62 g/t Pt+Pd from 202.9m in hole CXDD003

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Figure 5: Drilling and Prospect Plan

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Figure 6: Drill Plan – Olympia North – showing RC and Diamond Drilling results

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Figure 7: Olympia Long Section Looking West

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Figure 8: Olympia North Cross Section 7027000N

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Figure 9: Olympia North Cross Section 7026900N

Mt Fisher Gold Project, WA

Mt Fisher Mineral Resource Update

During the quarter, Rox announced an updated mineral resource at the Mt Fisher Gold Project (ASX:RXL 11 July 2018).

At a cut-off grade of 0.8 g/tAu, the Mt Fisher resource, comprising three separate gold deposits at Moray Reef, Mt Fisher and Damsel (Figure 11), is now stated as 1.0 million tonnes grading 2.7 g/tAu for 89,000 ounces.

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Exercise of Option over Strategic Gold Tenement

The Company has also exercised an option to purchase tenement E53/1788 (Figure 10), which is located along strike to the south of the 7km long gold-in-regolith anomaly currently held by Rox at the Dam and Dirks prospects (ASX:RXL 3 July 2018). This area also hosts the Shiva gold prospect, where an aircore drilling program completed by Rox identified a 500m long continuous zone of gold anomalism > 1/gtAu, extending the potential gold-bearing corridor to more than 10km.

Helios Gold

During the quarter the Company transferred title of the Mt Fisher gold tenements to wholly owned subsidiary, Helios Gold Limited (“Helios”). The Company has announced plans to list Helios on the ASX after conducting an IPO (ASX:RXL 10 May 2018).

Rox has announced the appointment of a highly credentialed board to drive the planned listing and development of Helios (ASX:RXL 6 August 2018). Mr Ian Murray, former Gold Road Resources Managing Director & CEO has been appointed Non-Executive Chairman of Helios, former Sundance Resources General Manager Geology Mr Robin (Rob) Longley has been appointed Managing Director, with Rox Managing Director Mr Ian Mulholland as a NonExecutive Director.

The planned listing is subject to market conditions, which are being closely monitored at the present time.

Helios has acquired an option to purchase the Bronzewing South gold project from private company, Carnegie Exploration Pty Ltd (ASX:RXL 8 August 2018). The Bronzewing South gold project, comprising seven tenements covering 115 km[2] , complements Helios’ existing Mt Fisher gold project. Bronzewing South, includes a number of historic drill intersections as outlined below:

• 4m @ 6.53 g/tAu from 56m depth, and

• 4m @ 2.03 g/tAu from 108m depth, in aircore drilling

• 4m @ 2.36 g/tAu from 124m depth,

• 1m @ 5.67 g/tAu from 127m depth, and

• 1m @ 4.42 g/tAu from 230m depth, in RC drilling

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E53/1788
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Figure 10: Mt Fisher Prospect Locations showing recent aircore drilling results

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Bonya Copper Project, NT

The sale of the Company’s interests at Bonya to Thor Mining PLC has resulted in the issue of 14,527,205 Thor shares to Rox. These Thor shares are escrowed for three months from 27 September 2018.

Corporate

As of 30 June 2018, the Company’s cash balance was $8.7 million. In addition, a deferred payment of A$3.75 million cash from Teck Australia is due by 15 February 2023, and has a current value of $2.4 million in the Company’s accounts. The Thor shares had a market value of $377,700 as of 30 September 2018. In total, the Company’s cash, liquids (shares) and receivables are $12.85 million.

The Company is continuing to evaluate new growth opportunities to expand its current portfolio of resource projects.

Dated this 30th day of October 2018.

Signed on behalf of the Board of Rox Resources Limited.

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IAN MULHOLLAND Managing Director

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Competent Person Statements:

Resource Statements

The information in this report that relates to nickel Mineral Resources for the Fisher East project was reported to the ASX on 5 February 2016 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 5 February 2016, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 5 February 2016 continue to apply and have not materially changed.

The information in this report that relates to nickel Mineral Resources for the Collurabbie project was reported to the ASX on 18 August 2017 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 18 August 2017, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 18 August 2017 continue to apply and have not materially changed.

The information in this report that relates to gold Mineral Resources for the Mt Fisher project was reported to the ASX on 11 July 2018 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 28 March 2018, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 28 March 2018 continue to apply and have not materially changed.

Exploration Results

The information in this report that relates to previous Exploration Results, was either prepared and first disclosed under the JORC Code 2004 or under the JORC Code 2012 and has been properly and extensively cross-referenced in the text to the date of original announcement to ASX. In the case of the 2004 JORC Code Exploration Results and Mineral Resources, they have not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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About Rox Resources

Rox Resources Limited is an emerging Australian minerals exploration company. The company has a number of key assets at various levels of development with exposure to gold, nickel, copper and platinum group elements (PGE’s), including the the Fisher East Nickel Project (WA), the Collurabbie Nickel-Copper-PGE Project (WA), and the Mt Fisher Gold Project (WA).

Fisher East Nickel Project (100%)

The Fisher East nickel project is located in the North Eastern Goldfields region of Western Australia and hosts several nickel sulphide deposits. The total project area is ~350km2.

Discovery of, and drilling at the Camelwood, Cannonball and Musket nickel prospects has defined a JORC 2012 Mineral Resource (ASX:RXL 5 February 2016) of 4.2Mt grading 1.9% Ni reported at 1.0% Ni cut-off (Indicated Mineral Resource: 3.7Mt grading 1.9% Ni, Inferred Mineral Resource: 0.5Mt grading 1.5% Ni) comprising massive and disseminated nickel sulphide mineralisation, and containing 78,000 tonnes of nickel. Higher grade mineralisation is present in all deposits (refer to ASX announcement above) and is still open at depth beneath each deposit. Additional nickel sulphide deposits continue to be discovered (e.g. Sabre) and these will add to the resource base. Exploration is continuing to define further zones of potential nickel sulphide mineralisation.

Collurabbie Gold-Nickel Project (100%)

The Collurabbie project is located in the highly prospective North Eastern Goldfields region of Western Australia and is prospective for gold and nickel. The project area of ~123km2 hosts the Olympia nickel sulphide deposit and a number of other prospects for nickel sulphide mineralisation. A JORC 2012 Inferred Mineral Resource of 573,000t grading 1.63% Ni, 1.19% Cu, 0.082% Co, 1.49g/t Pd, 0.85g/t Pt has been defined at Olympia (ASX:RXL 18 August 2017). The style of nickel sulphide mineralisation is different to that at Fisher East, with a significant copper and PGE component at Collurabbie, and has been compared to the Raglan nickel deposits in Canada (>1Mt contained nickel).

In addition, there is potential for gold mineralisation, with several strong drilling intersections including 2m @ 2.4g/t Au from the Naxos prospect.

Mt Fisher Gold Project (100%)

The Mt Fisher gold project is located in the North Eastern Goldfields region of Western Australia, adjacent to the Fisher East nickel project, and hosts several gold deposits. The total project area is ~220km2.

Drilling by Rox has also defined numerous high-grade gold targets and a JORC 2012 Measured, Indicated and Inferred Mineral Resource (ASX:RXL 11 July 2018) of 1.0 million tonnes grading 2.7 g/t Au reported at a 0.8 g/tAu cut-off exists for 89,000 ounces of gold (Measured: 170,000 tonnes grading 4.1 g/t Au, Indicated: 220,000 tonnes grading 2.7 g/t Au, Inferred: 630,000 tonnes grading 2.3 g/t Au) aggregated over the Damsel, Moray Reef and Mt Fisher deposits.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Appendix 5B

Name of entity ROX RESOURCES LIMITED

ABN	ABN	Quarter ended("currentquarter")	Quarter ended("currentquarter")
53 107 202 602		30-Sep-18
Consolidated statement of cash flows		Current quarter $A’000	Year to date (3 months) $A’000
1 Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other - Helios IPO expenses 1.9 Net cash from / (used in) operating activities		- - (618) - - (113) (194) - 27 - - - (196)	- - (618) - - (113) (194) - 27 - - - (196)
		(1,094)	(1,094)
2 Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other 2.6 Net cash from / (used in) investing activities		(4) (639) - - - - - 13 - - -	(4) (639) - - - - - 13 - - -
		(630)	(630)

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Appendix 5B Mining Exploration Entity Quarterly Report

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Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
3 Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 ...... 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities Transaction costs related to issues of shares, convertible notes or options	- - - - - - - - -	- - - - - - - - -
	-	-
4 ........ 4.1 4.2 ...... 4.3 ...... 4.4 ...... 4.5... 4.6 Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Effect of movement in exchange rates on cash held Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Net increase / (decrease) in cash and cash equivalents for the period	10,378 (1,094) (630) - -	10,378 (1,094) (630) - -
	8,654	8,654
5 5.1 5.2 5.3 5.4 5.5 ...... Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Bank balances Call deposits Other (provide details) Cash and cash equivalents at end of quarter (should equal item 4.6 above) Bank overdrafts	Current quarter $A’000	Previous quarter $A’000
	200 8,454 - -	1,032 9,346 - -
	8,654	10,378

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Appendix 5B Mining Exploration Entity Quarterly Report

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Appendix 5B Mining Exploration Entity Quarterly Report . ~~.~~ .
6 6.1 6.2 ...... 6.3 ...... Payments to directors of the entity and their associates Aggregate amount of payments to these parties included in item 1.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2	Current quarter $A'000
	188
	-

Includes salaries, fees and superannuation to executive and non-executive directors.

7 7.1 7.2 ...... Aggregate amount of cash flow from loans to these parties included in item 2.3 Payments to related entities of the entity and their associates Aggregate amount of payments to these parties included in item 1.2	Current quarter $A'000
	-
	-

• 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

n/a

8 8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify) Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-

8.4 Include below a description of each facility above, including the lender, interest rate and whether ...... it is secured or unsecured. If any additional facilities have been entered into or are proposed to be ......... entered into after quarter end, include details of those facilities as well.

n/a

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Appendix 5B

Mining Exploration Entity Quarterly Report

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. . 9 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Estimated cash outflows for next quarter Total estimated cash outflows	. . 9 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Estimated cash outflows for next quarter Total estimated cash outflows	. . 9 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Estimated cash outflows for next quarter Total estimated cash outflows	. . 9 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Estimated cash outflows for next quarter Total estimated cash outflows	$A’000	$A’000
				110 - 400 - - 140
				650
10 .....	Changes in tenements (items 2.1(b) & 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 .....	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	P38/4256 P38/4264 EL29599 EL29701	All Minerals All Minerals All Minerals All Minerals	100% 100% 100% 40%	0%¹ 0%¹ 0%² 0%²
10.2 .....	Interests in mining tenements and petroleum tenements acquired or increased	E53/2002 E38/3341	All Minerals All Minerals	0% 0%	Application Application

¹ Amalgamated into E35/2009

² Divested to Thor Mining PLC

Refer to Annexure 1 for full list of mining tenements.

Compliance statement

• This statement has been prepared in accordance with accounting standards and policies which

• 1 comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Sign here:

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Date: 30 October 2018

(Company secretary)

Print name: Brett Dickson

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Appendix 5B Mining Exploration Entity Quarterly Report

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Annexure 1 - Mining Tenements

Project	Tenement Number	Interest	Interest Held
Mt Fisher, WA	E53/1061	All Minerals	100%
	E53/1106	All Minerals	100%
	E53/1319	All Minerals	100%
	E53/1788	All Minerals	100%
	E53/1836	All Minerals	100%
	M53/09	All Minerals	100%
	M53/127	All Minerals	100%
Fisher East, WA	E53/1218	All Minerals	100%
	E53/1318	All Minerals	100%
	E53/1716	All Minerals	100%
	E53/1802	All Minerals	100%
	E53/1884	All Minerals	100%
	E53/1885	All Minerals	100%
	E53/1886	All Minerals	100%
	E53/1887	All Minerals	100%
	E53/1950	All Minerals	100%
	E53/2002	All Minerals	Application
	P53/1496	All Minerals	100%
Collurabbie, WA	E38/2009	All Minerals	100%
	E38/2912	All Minerals	100%
	E38/3193	All Minerals	100%
Mt Arthur, WA	E38/3341	All Minerals	Application

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