RTG Mining Inc. — Capital/Financing Update 2014

Nov 23, 2014

Level 2, 338 Barker Road Subiaco WA 6008 Phone: +61 8 6489 2900 www.rtgmining.com

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ABN: 70 164 362 850

RTG ANNOUNCES MAIDEN MINERAL RESOURCE OF 11.4MT CONTAINING 205,000 T OF COPPER AND 716,000 OZ OF GOLD ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE

24 NOVEMBER 2014

RTG Mining Inc. (“RTG”, “the Company”) ( TSX Code: RTG , ASX Code: RTG ) is pleased to report the maiden Mineral Resource for the Mabilo Project reported in accordance with the JORC Code (2012). The Mineral Resource includes significant high grade oxide gold and copper at shallow levels which contains 72,000 ounces of gold, 35,000t of high copper and 325,000t of iron. These resources could be mined with limited capital requirements which could allow for the majority of capital expenditure on the primary plant to be funded from the oxide ore.

The magnetite skarn mineralisation which makes up a significant portion of the Mineral Resource is well defined and continues to remain open in multiple directions and is the subject of further drilling.

Highlights of the resource include: –

• Total Mineral Resource of 11.4Mt at 1.8% Cu, 2.0g/t Au, 10.6g/t Ag and 44.2% Fe

• Total Indicated Resource of 5.9Mt at 2.1% Cu, 2.2g/t Au, 8.4g/t Ag and 49% Fe , containing 121,000t copper and contained gold of 414,000oz at a 0.3g/t Au cut-off grade (Table1)

• Total Inferred Resource of 5.5Mt at 1.5% Cu, 1.7g/t Au, 12.9g/t Ag and 39% Fe , containing 84,000t copper and contained gold of 302,000oz at a 0.3g/t Au cut-off grade (Table 1)

• Indicated Oxide Resource that includes a high grade oxide gold “cap” zone (340,000t @ 3.2g/t Au) and a very high grade Supergene Chalcocite zone (101,000t @ 24.0% Cu) at shallow levels (Table 2). Both represent significant value with the mining of this product potentially able to assist in funding capital development of the larger primary plant.

• Significant upside potential remains to upgrade the Inferred Resource and to further extend the magnetite skarn mineralisation along strike and down dip beyond the current resource model.

Mineral Resource Estimate Results - Reporting at 0.3 g/t Au lower cut-off - Mabilo Deposit - South and North Zones

Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones	Mineral Resource Estimate Results - Reporting at 0.3g/t Au lower cut-off - Mabilo Deposit - South and North Zones
Weathering State	Classification	Million Tonnes	Cu %	Au g/t	Ag g/t	Fe %	Contained Au (‘000s oz)	Contained Cu ('000s t)	Contained Fe (‘000s t)	Au Equivalent *g/t **	Au Equivalent ('000s oz)*
	Indicated	0.73	4.4	2.8	9.5	42.6	67.1	32.2	312.7	10.5	248.2
Oxide + Supergene	Inferred	0.13	3.1	2.2	10.4	34.9	8.9	3.9	43.6	7.8	31.3
	Indicated + Inferred	0.86	4.2	2.8	9.7	41.5	76.0	36.1	356.4	10.1	279.6
	Indicated	5.13	1.7	2.1	8.3	49.9	346.8	88.9	2,563.0	5.6	929.9
Fresh	Inferred	5.37	1.5	1.7	12.9	39.1	293.1	80.4	2,101.9	4.7	818.7
	Indicated + Inferred	10.50	1.6	1.9	10.7	44.4	639.9	169.3	4,664.9	5.2	1,748.6
Combined	Indicated + Inferred	11.36	1.8	2.0	10.6	44.2	715.9	205.5	5,021.3	5.6	2,028.1
Note: The Mineral Resource was estimated within constraining wireframe solids based on the mineralised geological units. This resource table is quoted from all classified blocks above a lower cut-off grade 0.3 g/t Au within these wireframe solids. Differences may occur due to rounding

Table 1 - Total Mabilo Resource at 0.3 g/t Au Cut-off Grade

OXIDE MINING STRATEGY

The Indicated Oxide Resource includes a high grade oxide gold “cap” zone (356,000t @ 3.1g/t Au) and a very high grade Supergene Chalcocite zone (101,000t @ 24.0% Cu) at shallow levels (Table 2). Given the high grade nature of this shallow oxide mineralisation, the focus will be to prioritise this area for initial exploitation.

The zones are layered and should lend themselves to open pit mining processes. (See Figure 1).

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Figure 1 – Schematic Long Section Showing Layering of Main Oxide Zones

Indicated
South Mineralised Zone	Million Tonnes	Au g/t	Cu %	Fe %	Contained Au ('000s oz)	Contained Cu (‘000s t)	Contained Fe (‘000st)
Oxide Gold Cap	0.34	3.2	0.2	43.4	34.7	0.8	145.3
Oxide Copper/Gold	0.26	2.7	2.5	45.7	22.6	6.7	120.3
Supergene Chalcocite	0.10	2.3	24.0	38.6	7.6	24.2	39.0
Sub-Total	0.70	2.9	4.5	43.6	64.8	31.7	304.6
North Mineralised Zone
Oxide Gold Cap	0.02	1.6	0.2	23.0	1.1	0.0	4.7
Oxide Copper/Gold	0.01	2.9	3.5	21.5	1.1	0.4	2.6
Sub Total	0.03	2.1	1.4	22.4	2.2	0.5	7.3
Total	0.73	2.8	4.4	42.6	67.0	32.2	311.9
Inferred
North Mineralised Zone	Million Tonnes	Au g/t	Cu %	Fe %	Contained Au ('000s oz)	Contained Cu (‘000s t)	Contained Fe (‘000st)
Oxide Gold Cap	0.02	2.1	0.2	28.3	1.2	0.0	5.0
Oxide Copper/Gold	0.03	2.9	3.8	22.7	2.5	1.0	6.1
Supergene Chalcocite	0.01	2.5	13.5	14.2	0.9	1.5	1.6
Sub Total	0.06	2.6	4.6	22.8	4.6	2.6	12.7
Indicated + Inferred
Combined Zones	Million Tonnes	Au g/t	Cu %	Fe %	Contained Au ('000s oz)	Contained Cu (‘000s t)	Contained Fe (‘000s t)
Oxide Gold Cap	0.37	3.1	0.2	41.5	37.0	0.9	155.0
Oxide Copper/Gold	0.30	2.7	2.7	42.7	26.2	8.1	129.0
Supergene Chalcocite	0.11	2.3	22.9	36.2	8.5	25.7	40.6
Total	0.79	2.8	4.4	41.2	71.7	34.7	324.7
Note: The Mineral Resource was estimated within constraining wireframe solids based on the mineralised geological units. The
resource is quoted from all classified blocks above a lower cut-off grade 0.3 g/t Au within these wireframe solids. Differences d di
may occur ue to rounng

Table 2 - Oxide Gold and Chalcocite Copper Mabilo Resource at 0.3g/t Au Cut-off Grade

RTG Chief Executive Officer, Justine Magee said the Company was v ery pleased with the Maiden Mineral Resource. “It validates our belief in the potential for a lowcost, high grade copper-gold project. The very high grade near surface oxide resource has the potential to be quickly put into production and fund a significant part of the capital development. The project remains open in multiple directions with significant exploration upside,” Ms Magee said.

* The Gold Equivalent grade was calculated using the following formula, which fully dilutes for recovery assumptions

AuEq=(((0.9AuOz$1,150)+(0.9CuMetal$6,700)+(0.7FeMetal$90)+ (0.6AgOz$15.5)) / $1,150)/Total ore tonnes

ABOUT MABILO

The Mabilo Project is located in Camarines Norte Province, Eastern Luzon, Philippines. It comprises one granted Exploration Permit (EP-014-2013-V) of approximately 498 ha and Exploration Permit Application EXPA-000188-V of 2,820 ha. The Project area is relatively flat and is easily accessed by 15 km of all-weather road from the highway at the nearby town of Labo.

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Figure 2 – Mabilo Deposit – Location Plan

Summary of Mineral Resource Estimate and Reporting Criteria

The Mineral Resource was prepared by independent resource consultancy CSA Global Pty Ltd (“CSA”).

Geology and Geological Interpretation

Two mineralised magnetite skarn bodies were initially targeted using ground magnetic data and have been subsequently drilled. The magnetite skarn mineralisation is parallel to the host carbonate unit and passes down-dip into garnet skarn, contact metamorphosed marble or limestone. Magnetite skarn represents the replacement bodies of the limestone marble lithologies. Magnetite skarn bodies have been fault off-set laterally with magnetite continuing across offset zones as strongly mineralised magnetite breccias.

Magnetite near surface has been subject to tropical weathering and the development of an oxide zone dominated by significant a gold-rich, copper-depleted cap (referred to as Oxide Gold “Cap”). A high grade chalcocite zone dominates the northern end of the South Zone with the remainder of the oxide resource being oxidised magnetite skarn with similar copper and gold grades to primary magnetite.

The North Mineralised and South Mineralised Zones have both been modelled for this Mineral Resource Estimate (“MRE”). The larger South Mineralised Zone skarn is approximately 450m in strike and dips to the southwest at approximately 60 degrees. The North Mineralised Zone is approximately 150m in strike and dipping 75 degrees in a northerly direction. Magnetite skarn bodies are currently modelled as three main offset fault blocks in the South Mineralised Zone and two fault blocks in the North Mineralised Zone. Thickness of magnetite skarn is variable due to lithological variation of the host marble limestone. At the southern end of the South Body, magnetite is approximately 30m in thickness at the southern end of the system thinning down dip to approximately 15m. At the northern end of the South Mineralised Zone the thickness is approximately 45-50m where it has been subjected to oxidation processes before being covered by volcanic lahars and tuffs.

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Figure 3 - Block Model Long Sections Showing Distribution of Copper and Gold Grades

Drilling and Sampling Techniques

The MRE is based on data obtained from 69 diamond core drill holes (11,231.45m) drilled across the two project areas. Drill holes are located on a nominal 40m by 40m spacing across primary magnetite zones with good geological continuity. Oxide and chalcocite zones were subject to 25m by 20m nominal spacing with drilling oriented approximately north-west to south-east across the strike of mineralisation. The dip of the drill holes was designed to intersect the mineralisation at the optimal angle to minimise sampling bias with a number of early vertical holes followed up with angled holes. A number of drill holes included in the MRE were infill in nature and have not been previously reported. These holes are listed in Appendix 1.

Drill hole collars were surveyed using a differential global positioning system (“DGPS”) to centimetre accuracy. All down-hole surveying was carried out using a combination of Reflex Ez-Trak multi-shot survey tool at 30m intervals down hole and the Reflex Gyro system was used where magnetite skarn was intersected.

All diamond drill samples were geologically logged, recording relevant data to a set template at or on geological contacts. Diamond core was also geotechnically logged and the core photographed for future record. Diamond core was half core sampled on geology contacts. Core samples were submitted for analyses using ISO-certified Intertek McPhar Laboratory in Manila. Field quality assurance procedures were employed, including the use of standards, blanks and duplicates. The drill hole data is maintained in a secure relational database by company personnel.

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Figure 4 – Mabilo Deposit – Drill Hole Collar Plan and Resource Wireframes (Oblique View)

Sample Analysis Method

Half core samples were cut and sent for analysis by an independent ISO-certified laboratory (Intertek McPhar Laboratory) in Manila. Samples were crushed and pulverised (95% <75 ɥm). Gold was analysed by 50g fire assay and the other elements including copper and iron by ICP-MS (Inductively Coupled Plasma Mass Spectrometry) or ICP-OES (Inductively Coupled Plasma Optical Emission Spectrometry) following a four-acid digest.

The sample preparation and assay techniques used for the assay results reported herein are of international industry standard and can be considered total.

Resource Estimation Methodology

Datamine Studio 3 software was used for all geological modelling, block modelling, grade interpolation, Mineral Resource classification and reporting. Mineralisation domains were modelled based on the geological interpretation from the lithological logging of drill core and drill sample assay results. For the magnetite skarn zones, which are by definition reasonably well mineralised with magnetite iron, the lithological logging has driven the interpretation. Other lithological units in the system are not necessarily mineralised to potentially economic levels throughout their full extents. These zones have been modelled using a nominal lower cut-off grade combination of 0.3g/t Au and 0.3% Cu in concert with the lithological logging to generate mineralised lithological domains.

The Mineral Resource block model consists of 30 mineralisation lenses grouped into 15 mineralised lithological domain zones of Cu-Au-Fe mineralisation, based on lens lithology type. There are 8 mineralised lithological domain zones in the South Mineralised Zone and 7 in the North Mineralised Zone. The mineralised lithological domain zones were used as hard boundaries to select sample populations for data analysis and grade estimation, with soft boundaries between the lenses within each domain zone.

Sample data was composited to 1m downhole lengths based on sample length frequency. Statistical analysis was undertaken on all mineralised zones and high grade cuts were applied based on a review of the histograms, probability plots and basic statistics.

Grade estimation was undertaken using a combination of ordinary kriging (“OK”) and inverse distance squared (“IDS”) depending on the available number of samples within the individual mineralised wireframes. Search ellipsoids were oriented to reflect mineralisation continuity directions identified from sample data analysis.

Block model definition parameters were reviewed with the primary block size of 20m E-W by 20m N-S by 4m vertical and sub-blocking to 2.5m by 2.5m by 0.5m.

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Figure 5 - Typical Geological Cross Section in Southern Mineralised Zone

Cut-off Grades

Cut-off grades for reporting the Mineral Resource are 0.3g/t Au, in line with recommendations from RTG based on preliminary optimisation studies.

Mining and Metallurgical Methods and Parameters

It has been assumed that the Mabilo Mineral Resource, if mined, will be developed using open pit mining methods. No assumptions have been made to date regarding minimum mining widths or dilution.

Extensive metallurgical testwork is ongoing and the various styles of mineralisation which make up the Mabilo Mineral Resource have been domained according to their mineralogical and geological characteristics.

Classification Criteria

The Mineral Resource is classified as a combination of Indicated and Inferred, in accordance with the JORC (2012) Code, with geological evidence sufficient to assume geological and grade continuity in the Indicated volumes. Classification of the Mineral Resource estimate was carried out taking into account the geological understanding of the deposit, quality of the samples, density of data and drill hole spacing.

QUALIFIED PERSON AND COMPETENT PERSON STATEMENT

The information in this release that relates to exploration results at the Mabilo Project is based upon information prepared by or under the supervision of Robert Ayres BSc (Hons), who is a Qualified Person and a Competent Person. Mr Ayres is a member of the Australian Institute of Geoscientists and a full-time employee of Mt Labo

Exploration and Development Company, a Philippine mining company, an associate company of RTG Mining Limited. Mr Ayres has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Ayres has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr. Ayres consents to the inclusion in the release of the matters based on his information in the form and the context in which it appears.

The information in this release that relates to Mineral Resources is based on information prepared by or under the supervision of Mr Aaron Green, who is a Qualified Person and Competent Person. Mr Green is a Member of the Australian Institute of Geoscientists and is employed by CSA Global Pty Ltd, an independent consulting company. Mr Green has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Green has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr Green consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

ABOUT RTG MINING INC

RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange and Australian Securities Exchange Limited. RTG is focused on developing the high grade copper/gold/magnetite Mabilo Project and advancing exploration on the highly prospective Bunawan Project, both in the Philippines, while also identifying major new projects which will allow the Company to move quickly and safely to production.

RTG has an experienced management team (previously responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited), and has B2Gold as one of its major shareholders in the Company. B2Gold is a member of both the S&P/TSX Global Gold and Global Mining Indices.

ENQUIRIES

Australian Contact President & CEO – Justine Magee

Tel: +61 8 6489 2900 Fax: +61 8 6489 2920 Email: jmagee@rtgmining.com

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. Accuracy of mineral resource and mineral reserve estimates and related assumptions and inherent operating risks, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from RTG’s expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of RTG’s mineral projects; the need to obtain additional financing to develop RTG’s mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for RTG’s mineral projects and other risks and uncertainties disclosed under the heading “Risk Factors” in RTG’s Annual Information Form for the year ended 31 December 2013 filed with the Canadian securities regulatory authorities on the SEDAR website at sedar.com.

Appendix 1: Location of Infill Drill Holes Previously Not Reported

HOLE ID	Location		DGPS Coordinates(UTM WGS84)	DGPS Coordinates(UTM WGS84)	DGPS Coordinates(UTM WGS84)	Orientation True Nth	Orientation True Nth	Depth
	Prospect		East	North	RL	Dip	Azi	E.O.H (m)
MDH-72	South A	Resource	476044	1559846	110	-74	50	275.30
MDH-74	South A	Resource	476067	1559976	108	-60	50	114.80
MDH-75	South B	Resource	476050	1559745	112	-65	50	303.70
MDH-76	South A	Resource	476068	1559974	108	-60	90	83.00
MDH-77	South B	Resource	476047	1559850	110	-45	50	139.60
MDH-78	South A	Resource	476066	1559978	108	-60	185	261.80
MDH-79*	South A	Resource	475998	1559846	116	-60	50	140.10
MDH-80	South A	Resource	476074	1559716	113	-65	50	304.00
MDH-81	South A	Resource	476082	1559930	109	-65	50	174.40

*MDH-79 abandoned early without reaching target depth

All collars were surveyed using a differential global positioning system (“DGPS”) to centimetre accuracy

The model includes all drill holes over the North and South parts of the system up to and including MDH-081. Drilling to date continues to validate the Company’s confidence that the system will continue to extend and average grade will increase. Drilling is currently ongoing and continues to target infilling and extensions along strike and down dip.

Appendix 2: JORC Code 2012 Edition Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	 Nature and quality of sampling (e.g. cut channels,		The assay data reported herein is based on sampling of diamond drill core of PQ,
techniques	random chips, or specific specialised industry		HQ and NQ diameter which was cut with a diamond core saw. Samples are
	standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as		generally of 1 m length, although occasionally slightly longer or shorter where changes in lithology, core size or core recovery required adjustments; samples are not more than 2 m length.
	limiting the broad meaning of sampling.
	 Include reference to measures taken to ensure
	sample representivity and the appropriate calibration of any measurement tools or systems used.		The length of each drill run is recorded and the recovery for each run calculated on site and checked again at the core shed. Certified reference standards and blank samples were submitted to assess the accuracy and precision of the results and
			every 20th sample was sawn into two and the two quarter core samples submitted
			for analysis separately as a duplicate sample.
	 Aspects of the determination of mineralisation that are Material to the Public Report.		Half core samples were cut and sent for analysis by an independent ISO-certified laboratory (Intertek McPhar Laboratory) in Manila. Samples were crushed and
			pulverised (95% <75 μm). Gold was analysed by 50 g fire assay and the other
			elements including copper and iron by ICP-MS (Inductively Coupled Plasma Mass
			Spectrometry) or ICP-OES (Inductively Coupled Plasma Optical Emission
			Spectrometry) following a four-acid digest.
Drilling techniques	 Drill type (e.g. core, reverse circulation, open-hole		Drilling was by PQ, HQ and NQ diameter, triple tube diamond coring. The core was
	hammer, rotary air blast, auger, Bangka, sonic,		not orientated.
	etc) and details (eg core diameter, triple or
	standard tube, depth of diamond tails, face-
	sampling bit or other type, whether core is oriented
	_and if so, by what method, etc). _
Drill sample	 Method of recording and assessing core and chip		Core recovery is initially measured on site by trained technicians and by the
recovery	sample recoveries and results assessed.		supervising geologist. Any core loss is measured, the percentage is calculated
			and both are recorded in the geotechnical log for reference when assessing assay
			results.
	 Measures taken to maximise sample recovery and ensure representative nature of the samples.		All care is taken to ensure maximum recovery of diamond core and drillers are informed of the importance of core recovery. Any areas of poor core recovery are

Criteria	JORC Code explanation	Commentary	Commentary
			sampled separately thus assay results can be directly related to core recovery.
			The majority of the mineralisation is in fresh rock where recoveries are greater
			than 90%. Most mineralisation occurs in wide intersections of massive magnetite
			skarn with relatively uniform copper and gold grades. Core loss occurs in fracture
			zones but is usually not a significant problem i.e. the core lost in fracture zones is
			unlikely to have been significantly higher or lower grade than the surrounding
			material. In the weathered hematitic oxidised zones some core loss is
			unavoidable, but overall recovery is generally >90% and the core loss is
			volumetrically minor in the mineralised zones. In areas of poor recovery, the
			sample intervals are arranged to coincide with drill runs, thus areas of different
			core loss percentage are specific to individual samples which can be assessed
			when interpreting analytical results and modelled in future resource estimation
			studies. Where an area of 100% core loss is identified the sample intervals are
			marked to each side of the zone and the zone is designated “No core” and
			assigned zero value in the various log sheets and geochemical database.
	 Whether a relationship exists between sample
	recovery and grade and whether sample bias may		There is no discernible relationship between core recovery and grade. The skarn
	have occurred due to preferential loss/gain of fine/coarse material.		bodies are relatively uniform over significant lengths and the copper and gold grades are not related to clay and fracture zones which are the main causes of
			core loss.
Logging	 Whether core and chip samples have been		Diamond drill core for each entire drill hole was logged in significant detail in a
	geologically and geotechnically logged to a level of		number of logging sheets including a geological log, a structural log, a geotechnical
	detail to support appropriate Mineral Resource		log and a magnetic susceptibility log for the entire drill hole. Mineralised and
	estimation, mining studies and metallurgical studies.		sampled intervals are logged individually in a separate quantitative mineral log with
			percentages of the different copper minerals being recorded. The logging is
			appropriate for mineral resource estimates and mining studies.
	 Whether logging is qualitative or quantitative in		Most of the geological logging is a mixture of qualitative (descriptions of the various
	nature. Core (or costean, channel, etc.)		geological features) and quantitative (numbers and angles of veins and fracture
	photography.		zones, mineral percentages etc.). The quantitative mineralisation log and the
			magnetic susceptibility log are quantitative. Photographs are taken of all core (both
			wet and dry) prior to the core being cut.
	 The total length and percentage of the relevant		All core, including barren overburden is logged in the various logging sheets noted
	intersections logged.		above apart from the quantitative mineralisation log in which only the mineralised
			intervals sent forgeochemical analysis are logged ingreater detail.
Sub-sampling	 If core, whether cut or sawn and whetherquarter,		Allsampling dataisfromdiamond drillcore.Samples are ofsawn halfcore except

Criteria	JORC Code explanation	Commentary	Commentary
techniques and	half or all core taken.		for duplicate samples which are quarter core. Half core is bagged and sent to an
sample preparation			ISO-certified independent laboratory for analysis. The other half retained for
			reference and/or further testwork.
	 If non-core, whether riffled, tube sampled, rotary		Not applicable for diamond core drilling.
	split, etc and whether sampled wet or dry.
	 For all sample types, the nature, quality and		All core samples were dried, crushed to 95% <10 mm and a 1.5 kg sub-sample is
	appropriateness of the sample preparation		separated using a riffle splitter and pulverised to 95% <75 μm. A 50 g sub-sample
	technique.		is utilised as a fire-assay charge for gold analysis. The sample preparation
			technique and sub-sampling is appropriate for the mineralisation.
	 Quality control procedures adopted for all sub-		Blank samples and duplicate samples are submitted routinely to monitor the
	sampling stages to maximise representivity of		sampling and analytical process and to ensure that samples are representative of
	samples.		in situ material. One in every 20 samples of half core is sawn again to produce two
			quarter core duplicate samples which are submitted to the laboratory separately
			with different sample numbers. A blank sample was inserted into sample batches at every 20thsample.
	 Measures taken to ensure that the sampling is		The magnetite skarn mineralisation occurs in extensive zones of magnetite skarn
	representative of the in situ material collected,		with disseminated chalcopyrite, containing gold. The sample size of approximately
	including for instance results for field		1 m core length is suitable in respect to the grain size of the mineralisation.
	duplicate/second-half sampling.
	 Whether sample sizes are appropriate to the grain		The sample size is considered appropriate for the material sampled. It is believed
	size of the material being sampled.		that grainsizehasno bearing onthe grade ofthe sampledmaterial.
Quality of assay	 The nature, quality and appropriateness of the		All core samples were analysed at an ISO-certified independent laboratory. Gold
data and laboratory	assaying and laboratory procedures used and		was analysed by 50 g fire assay and the other elements including copper and iron
tests	whether the technique is considered partial or		were analysed by ICP-MS or ICP-OES following a four acid digest. The sample
	total.		preparation and assay techniques are of international industry standard and can be
			considered total.
	 For geophysical tools, spectrometers, handheld		No geophysical tools were used for any analysis reported herein. Magnetic
	XRF instruments, etc, the parameters used in		susceptibility readings are used in magnetic modelling but are not used to estimate
	determining the analysis including instrument		magnetite or Fe content.
	make and model, reading times, calibrations
	factors applied and their derivation, etc.

Criteria	JORC Code explanation	Commentary	Commentary
	 Nature of quality control procedures adopted (e.g.		Quality control completed by RTG included analysis of standards, blanks, and
	standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of		duplicates. Commercial Certified Reference Materials were inserted into sample batches every 40thsample. A blank sample was inserted every 20thsample; the
	accuracy (ie lack of bias) and precision have been		blank sample material has been sourced and prepared from a local quarry. One in
	established.		every 20 core samples is cut into 2 quarter core samples which were submitted
			independently with their own sample numbers. In addition, Intertek conducted their
			own extensive check sampling as part of their own internal QAQC processes which
			is reported in the assay sheets. A record of results from all duplicates, blanks and
			standards is maintained for ongoing QA/QC assessment. Examination of all the
			QAQC sample data indicates satisfactory performance of field sampling protocols
			and the assaylaboratory.
Verification of	 The verification of significant intersections by		Significant mineralisation intersections were verified by alternative company
sampling and	either independent or alternative company		personnel.
assaying	personnel.
	 The use of twinned holes.		No twinned holes have been drilled.
	 Documentation of primary data, data entry		Data documentation, verification and storage is conducted in accordance with
	procedures, data verification, data storage		RTG’s Standard Operating Procedures Manual for the Mabilo Project. The diamond
	(physical and electronic) protocols.		drill core is manually logged in significant detail in a number of separate Excel
			template logging sheets. Logging is recorded manually on logging sheets and
			transcribed into protected Excel spreadsheet templates or entered directly into the
			Excel templates. The data are validated by both the Project Geologist and the
			company Database Manager and uploaded to the dedicated project database
			where they are merged with assay results reported digitally by the laboratory. Hard
			copies of all logging sheets are kept at the Project office in Daet.
	 Discuss any adjustment to assay data.		No adjustmentshave been made to assay data.
Location of data	 Accuracy and quality of surveys used to locate drill		Drill-hole collars are initially surveyed with a hand-held GPS with an accuracy of
points	holes (collar and down-hole surveys), trenches,		approximately +/- 5 m. Completed holes are surveyed by an independent qualified
	mine workings and other locations used in Mineral		surveyor on a periodic basis using standard differential GPS (DGPS) equipment
	Resource estimation.		achieving sub-decimetre accuracy in horizontal and vertical position.
	 Specification of the grid system used.		Drill collars are surveyed in UTM WGS84 Zone 51N grid.
	 Quality and adequacy of topographic control.		The Mabilo project area is relatively flat with total variation in topography less than
			15 m. Topographic control isprovided byDGPS surveying.
Data spacing and	 Data spacing for reporting of Exploration Results.		Drill holes areplanned on a nominalgrid with 20 m between drill holes on 40 m

Criteria	JORC Code explanation	Commentary	Commentary
distribution			spaced lines.
	 Whether the data spacing and distribution is		The drill hole spacing was designed to determine the continuity and extent of the
	sufficient to establish the degree of geological and		mineralised skarn zones. Based on statistical assessment of drill results to date, the
	grade continuity appropriate for the Mineral		nominal 40 x 20 m drill hole spacing is sufficient to support Mineral Resource
	Resource and Ore Reserve estimation		estimation.
	procedure(s) and classifications applied.
	 Whether sample compositing has been applied.		No compositingof intervals in the field was undertaken.
Orientation of data	 Whether the orientation of sampling achieves		No bias attributable to orientation of sampling upgrading of results has been
in relation to	unbiased sampling of possible structures and the		identified.
geological structure	extent to which this is known, considering the
	deposit type.
	 If the relationship between the drilling orientation		No bias attributable to orientation of sampling upgrading of results has been
	and the orientation of key mineralised structures is		identified.
	considered to have introduced a sampling bias,
	this should be assessed and reported if material.
Sample security	 The measures taken to ensure sample security.		Chain of custody is managed by RTG employees. Samples were stored in secure
			storage from the time of drilling, through gathering and splitting. Remaining core is
			kept in a secure compound at the Company regional office in Daet town and
			guarded at night. Samples are sent directly from the core shed to the laboratory
			packed in secured and sealed plastic drums using either Company vehicles or a
			local transport company. A standard Chain of Custody form is signed by the driver
			responsible for transporting the samples upon receipt of samples at the core yard
			and is signed by an employee of the laboratory on receipt of the samples at the
			laboratory. Completed forms are returned to the Companyfor filing.
Audits or reviews	 The results of any audits or reviews of sampling		The sampling techniques and QA/QC data are reviewed on an ongoing basis by
	techniques and data.		Companymanagement and independent consultants.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary	Commentary
Mineral tenement	 Type, reference name/number, location and		The Mabilo Project is covered by Exploration Permit EP-014-2013-V and
and land tenure	ownership including agreements or material issues		Exploration Permit Application EXPA-000188-V. EP-014-2013-V was issued to Mt
status	with third parties such as joint ventures,		Labo Exploration and Development Corporation (“Mt Labo”), an associated entity of
	partnerships, overriding royalties, native title		RTG Mining Inc. There is a 1% royalty payable on net mining revenue received by
	interests, historical sites, wilderness or nationalpark		Mt Labo in relation to EP-014-2013-V.

Criteria	JORC Code explanation	Commentary	Commentary
	and environmental settings.		Mt Labo has entered into a joint venture agreement with Galeo Equipment and
			Mining Company, Inc. (“Galeo”) to partner in exploring and developing the Mabilo
			and Nalesbitan Projects. Galeo can earn up to a 36% interest in the Projects, down
			to 200 m below surface, by contributing approximately US$4,250,000 of exploration
			drilling and management services for the Projects over a 2 year period.
			In November 2013, Sierra Mining Limited (“Sierra”), a wholly owned subsidiary of
			RTG, and Galeo signed a Memorandum of Understanding (“MOU”) setting out
			proposed changes to the joint venture agreement to remove the depth limit of 200
			m from the agreement and provide for additional drilling of 5,000 m below 200 m.
			The MOU also provides for Galeo to be granted its 36% interest up front with the
			ability for RTG to claw-back any interest deemed not earned at the end of the claw-
			back period. The amendments to the JV Agreement are subject to Sierra
			shareholder approval.
			Sierra has also entered a second MOU with Galeo whereby Galeo can earn an
			additional 6% interest in the joint venture by mining the initial 1.5 Mt of waste at
			Mabilo or Nalesbitan and other requirements including assistance with permitting.
			The MOU is subject to a number of conditions precedent, including Sierra
			shareholder approval.
	 The security of the tenure held at the time of		The tenure over the area currently being explored at Mabilo is a granted
	reporting along with any known impediments to		Exploration Permit which is considered secure. There is no native title or
	obtaining a license to operate in the area.		Indigenous ancestral domains claims at Mabilo.
Exploration done by	 Acknowledgment and appraisal of exploration by		The only significant previous exploration over the Mabilo project area was a drilling
other parties	other parties.		program at another site within the tenement and a ground magnetic survey. RTG
			(or its predecessor Sierra) has reported this data in previous reports to the ASX and
			used the ground magnetic survey as a basis for initial drill siting. Subsequently RTG
			conducted its own ground magnetic survey with closer spaced survey lines and
			reading intervals which supersedes the historical program. There was no known
			previous exploration inthe area ofthereportedMineral Resource.
Geology	 Deposit type, geological setting and style of		Mineralisation at Mabilo can be defined as a magnetite-copper-gold skarn which
	mineralisation.		developed where the magnetite-copper-gold mineralisation replaced calcareous
			horizons in the Eocene age Tumbaga Formation in the contact zone of a Miocene
			diorite intrusion.
Drill hole	 A summary of all information material to the		All relevant drill hole information has been previously reported to the ASX. No
Information	understanding of the exploration results including a		material changes have occurred to this information since it was originally reported.
	tabulation of the following information for all Material
	drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL(Reduced Level – elevation

Criteria	JORC Code explanation	Commentary	Commentary
	above sea level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	 If the exclusion of this information is justified on the		All relevant data has been reported.
	basis that the information is not Material and this
	exclusion does not detract from the understanding of
	the report, the Competent Person should clearly
	explain why this is the case.
Data aggregation	 In reporting Exploration Results, weighting averaging		Not reporting exploration results.
methods	techniques, maximum and/or minimum grade
	truncations (e.g. cutting of high grades) and cut-off
	grades are usually Material and should be stated.
	 Where aggregate intercepts incorporate short		Not reporting exploration results.
	lengths of high grade results and longer lengths of
	low grade results, the procedure used for such
	aggregation should be stated and some typical
	examples of such aggregations should be shown in
	detail.
	 The assumptions used for any reporting of metal		Based on preliminary metallurgical testwork undertaken by previous owners,
	equivalent values should be clearly stated.		including flotation and magnetic separation, the following assumptions for gold
			equivalents are:-
			Gold Price US$1,150/oz Gold recovery – 90%
			Copper Price US$6,700/t Copper recovery – 90%
			Silver Price US$15.50/oz Silver recovery – 60%
			Iron Price US$90/t Iron recovery – 70%
			The calculation for gold equivalent values was based on the following formula:
			AuEq=((0.9AuOz$1,150)+(0.9CuMetal$6,700)+(0.7FeMetal$90)+
			(0.6AgOz$15.5))/$1,150
Relationship between	 These relationships are particularly important in the		The Mabilo drill have been drilled both vertically and inclined. The orientation of the
mineralisation	reporting of Exploration Results.		mineralised bodies is based on interpretation of geology from drill holes supported
widths and intercept			by magnetic modelling which indicates that much of the mineralisation is dipping to
lengths			the southwest.
	 If the geometry of the mineralisation with respect to		The interpreted orientation of the mineralised bodies is based on magnetic
	the drill hole angle is known, its nature should be		modellingand drill-hole data and is documented in the report. The fact that the

Criteria	JORC Code explanation	Commentary	Commentary
	reported.		intersections are in a dipping body and therefore not true widths has been reported.
	 If it is not known and only the down hole lengths are		No intervals reported can be assumed to be a true width of the mineralisation.
	reported, there should be a clear statement to this
	_effect(eg ‘down hole length, true width not known’). _
Diagrams	 Appropriate maps and sections (with scales) and		Refer to figures within the main body of this report.
	tabulations of intercepts should be included for any
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.
Balanced reporting	 Where comprehensive reporting of all Exploration		Not applicable.
	Results is not practicable, representative reporting of
	both low and high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other substantive	 Other exploration data, if meaningful and material,		All meaningful exploration data concerning the Mabilo Project has been reported in
exploration data	should be reported including (but not limited to):		previous reports to the ASX.
	geological observations; geophysical survey results;
	geochemical survey results; bulk samples – size and
	method of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or
	contaminating substances.
Further work	 The nature and scale of planned further work (e.g.		Drilling is ongoing at the Mabilo Project which will systematically test magnetic
	tests for lateral extensions or depth extensions or		bodies and step-out targets along strike and between the North Mineralised Zone
	large-scale step-out drilling).		and the South Mineralised Zone as well as down-dip from these zones.
	 Diagrams clearly highlighting the areas of		Refer to figures within the main body of this report.
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
Criteria	JORC Code explanation		Commentary
Database integrity	 Measures taken to ensure that data has not been		Data used in the Mineral Resource estimate is sourced from a data base export.
	corrupted by, for example, transcription or keying		Relevant tables from the data base are exported to MS Excel format and converted
	errors, between its initial collection and its use for		to csv format for import into Datamine Studio 3 software for use in the Mineral

Criteria	JORC Code explanation		Commentary
	Mineral Resource estimation purposes.	Resource estimate.
	 Data validation procedures used.	 Validation of the data import include checks for overlapping intervals, missing
		surveydata,missingassaydata,missinglithological data,and missingcollars.
Site visits	 Comment on any site visits undertaken by the	 A	representative of the Competent Person (CP) has visited the project on several
	Competent Person and the outcome of those visits.	occasions, most recently in July 2014. Diamond drilling programs were underway
		at	Mabilo during the most recent site visit. The CP’s representative was able to
		review drilling and sampling procedures, as well as examine the mineralisation
		occurrence and associated geological features. Sample storage facilities and the
		analytical laboratory in Manilla have also been inspected. There were no negative
		outcomes from any of the above inspections, and all samples and geological data
		were deemed fit for use in the Mineral Resource estimate.
	 If no site visits have been undertaken indicate why	 Not applicable.
	this is the case.
Geological	 Confidence in (or conversely, the uncertainty of) the	 The geology and mineral distribution of the system is reasonably complex, and is
interpretation	geological interpretation of the mineral deposit.	being constantly refined as more drilling is undertaken. As such the CP has taken
		a conservative approach to Mineral Resource classification.
	 Nature of the data used and of any assumptions	 Drill hole intercept logging, assay results and structural interpretations from drill
	made.	core have formed the basis for the geological interpretation. Assumptions have
		been made on the depth and strike extents of the skarn mineralisation interpreted
		at	depth based on limited drilling and geophysical information.
	 The effect, if any, of alternative interpretations on	 The extents of the modelled zones are generally reasonably well constrained by
	Mineral Resource estimation.	the geological model interpretation which is based on the drill logging and
		geophysical data. Different interpretations of the mineralisation have been
		undertaken to assess the influence on Mineral Resource estimation and hence
		project economics. Where geological interpretation has a high degree of
		uncertainty it is classified as Inferred regardless of modelling parameters.
	 The use of geology in guiding and controlling	 Geology has been the primary influence in controlling the Mineral Resource
	Mineral Resource estimation.	estimation. Wireframes have been constructed for the various lithological zones
		based on style of mineralisation, host rock and oxidation state as determined by
		the core logging and assaying.
	 The factors affecting continuity both of grade and	 Continuity of geology and structures can be identified and traced between drillholes
	_geology. _	byvisual, geophysical andgeochemical characteristics. Breccia zones interpreted

Criteria	JORC Code explanation			Commentary
		to	relate to fault structures have been noted in the drill core and have been
		modelled.
Dimensions	 The extent and variability of the Mineral Resource	 The South Mineralised Zone (SMZ) is interpreted as having a 400 m strike length,
	expressed as length (along strike or otherwise),	is	20 to 40 m in true width, with vertical depth up to 240 m from roughly 50 m below
	plan width, and depth below surface to the upper	surface. The North Mineralised Zone (NMZ) has a strike extent of roughly 100 m,
	and lower limits of the Mineral Resource.	true width between 20 m and 60 m and depth extent of 135 m from roughly 40 m
		below surface.
Estimation and	 The nature and appropriateness of the estimation	 The mineralisation has been estimated using ordinary kriging (OK) and inverse
modelling techniques	technique(s) applied and key assumptions,	distance to the power 2 (IDS) techniques in Datamine Studio 3 software. 30
	including treatment of extreme grade values,	mineralised lenses have been interpreted and are grouped into 15 mineralised
	domaining, interpolation parameters and maximum	lithological domain zones of Cu-Au-Fe mineralisation, based on lens lithology type
	distance of extrapolation from data points. If a	and grade. There are 8 of these zones in the SMZ and 7 zones in the NMZ.
	computer assisted estimation method was chosen	The mineralised lithological domain zones were used as hard boundaries to select
	include a description of computer software and	sample populations for data analysis and grade estimation. Soft boundaries
	parameters used.	between the grouped lodes within the mineralised lithological domain zones and
		hard boundaries between mineralised lithological domain zones have been used in
		the		grade estimation. Statistical analysis was completed on each zone to
		determine appropriate top-cuts to apply to outlier grades of Fe, Au, Cu and Ag
		where required. OK was used for the majority of zones with IDS used for 4 zones
		with low sample numbers.
	 The availability of check estimates, previous	 For		this maiden Mineral Resource OK and IDS estimates are completed
	estimates and/or mine production records and	concurrently in a number of estimation runs with varying parameters. The results
	whether the Mineral Resource estimate takes	are		compared against each other and the drill hole results to ensure a reasonable
	appropriate account of such data.	estimate, that best honours the drill sample data is reported.
		No		mining has yet taken place at these deposits.
	 The assumptions made regarding recovery of by-	 Ag		has been estimated and is assumed to be also recoverable as part of the Au
	products.	recovery processes.
	 Estimation of deleterious elements or other non-	 Potentially deleterious As and S have been estimated into the model to assist with
	grade variables of economic significance (eg	future metallurgical work and mining studies, but are not reported at this stage.
	sulphur for acid mine drainage characterisation).
	 In the case of block model interpolation, the block	 Interpreted domains are built into a sub-celled block model with 20m N-S by 20m
	size in relation to the average sample spacing and	E-W by 4m vertical parent block size. Parent block size is chosen based on being
	the search employed.	roughly half the average drill spacing over the majority of the deposit areas. Search
		ellipsoids for each estimation zone have been orientated based on theirgeometry

Criteria	JORC Code explanation		Commentary
		and grade continuity. Sample numbers per block estimate and ellipsoid axial
		search ranges have been tailored to geometry and data density of each zone to
		ensure the majority of the model is estimated within the first search pass. The
		search ellipse is doubled for a second search pass and increased 20 fold for a third
		search pass to ensure all blocks were estimated. Sample numbers required per
		block estimate have been reduced with each search pass.
	 Any assumptions behind modelling of selective	 No	assumptions have been made as no mining studies have been completed.
	mining units.
	 Any assumptions about correlation between	 No	assumptions have been made with each element separately estimated.
	variables.	Statistical analysis shows a generally good correlation between Au and Cu grades
		in unweathered zones and poor correlation in weathered zones.
	 Description of how the geological interpretation was	 Soft boundaries between the grouped lodes within the mineralised lithological
	used to control the resource estimates.	domain zones and hard boundaries between mineralised lithological domain zones
		have been used in the grade estimation.
	 Discussion of basis for using or not using grade	 Statistical analysis to check grade population distributions using histograms,
	cutting or capping.	probability plots and summary statistics and the co-efficient of variation, was
		completed on each zone for the estimated elements. Outlier grades were variously
		found for most elements in the different mineralised lithological domain zones and
		appropriate top-cuts where applied to remove undue influence of these outlier
		grades on the grade estimation for each zone.
	 The process of validation, the checking process	 Validation checks included statistical comparison between drill sample grades, the
	used, the comparison of model data to drill hole	OK	and IDS estimate results for each zone. Visual validation of grade trends for
	data, and use of reconciliation data if available.	each element along the drill sections was completed and trend plots comparing drill
		sample grades and model grades for northings, eastings and elevation were
		completed. These checks show reasonable correlation between estimated block
		grades and drill sample grades. No reconciliation data is available as no mining
		has takenplace.
Moisture	 Whether the tonnages are estimated on a dry basis	 Tonnages have been estimated on a dry in situ basis. No moisture values were
	or with natural moisture, and the method of	reviewed.
	determination of the moisture content.
Cut-off parameters	 The basis of the adopted cut-off grade(s) or quality	 For	some lithological units nominal lower cut-off grades of a combination of 0.3 g/t
	parameters applied.	Au	and 0.3 % Cu were used to define continuous mineralised lenses, under the
		assumption that thesegrades would be close to a minimum economic breakeven

Criteria	JORC Code explanation		Commentary
		grade.
Mining factors or	 Assumptions made regarding possible mining	 It	has been assumed that these deposits will be amenable to open cut mining
assumptions	methods, minimum mining dimensions and internal	methods, and are economic to exploit with this methodology at the reported
	(or, if applicable, external) mining dilution. It is	average model grades. No assumptions regarding minimum mining widths and
	always necessary as part of the process of	dilution have been made to date.
	determining reasonable prospects for eventual
	economic extraction to consider potential mining
	methods, but the assumptions made regarding
	mining methods and parameters when estimating
	Mineral Resources may not always be rigorous.
	Where this is the case, this should be reported with
	an explanation of the basis of the mining
	assumptions made.
Metallurgical factors	 The basis for assumptions or predictions regarding	 No assumptions regarding metallurgical amenability have been made. Metallurgical
or assumptions	metallurgical amenability. It is always necessary as	testwork is currently being undertaken and results from this work will be
	part of the process of determining reasonable	incorporated into future model updates. The oxide portions of similar deposits in
	prospects for eventual economic extraction to	the region are being successfully exploited by other entities, and it is assumed that
	consider potential metallurgical methods, but the	these zones can be economically exploited at the modelled grades. It is assumed
	assumptions regarding metallurgical treatment	that the un-weathered mineralised material will be readily upgraded where
	processes and parameters made when reporting	necessary, using standard gravity, magnetic processes and/or froth flotation
	Mineral Resources may not always be rigorous.	concentration techniques as appropriate for the different product streams.
	Where this is the case, this should be reported with
	an explanation of the basis of the metallurgical
	assumptions made.
Environmental	 Assumptions made regarding possible waste and	 No assumptions regarding possible waste and process residue disposal options
factors or	process residue disposal options. It is always	have been made. It is assumed that such disposal will not present a significant
assumptions	necessary as part of the process of determining	hurdle to exploitation of the deposit and that any disposal and potential
	reasonable prospects for eventual economic	environmental impacts would be correctly managed as required under the
	extraction to consider the potential environmental	regulatory permitting conditions.
	impacts of the mining and processing operation.
	While at this stage the determination of potential
	environmental impacts, particularly for a greenfields
	project, may not always be well advanced, the
	status of early consideration of these potential
	environmental impacts should be reported. Where
	these aspects have not been considered this
	should be reported with an explanation of the
	environmental assumptions made.

Criteria	JORC Code explanation	Commentary
Bulk density	 Whether assumed or determined. If assumed, the	 In-situ dry bulk density values have been applied to the modelled mineralisation
	basis for the assumptions. If determined, the	based on linear regression formulas for weathered and unweathered material
	method used, whether wet or dry, the frequency of	separately. This is based on reasonable correlations having been found between
	the measurements, the nature, size and	measured bulk density results and Fe. Of the 674 measurements taken, 435 have
	representativeness of the samples.	assay result data, with 177 falling within the interpreted mineralised zones.
	 The bulk density for bulk material must have been	 Density measurements have been taken on drill samples using wax coated water
	measured by methods that adequately account for	displacement methods, from all different lithological types.
	void spaces (vugs, porosity, etc), moisture and
	differences between rock and alteration zones
	within the deposit.
	 Discuss assumptions for bulk density estimates	 With the reasonable correlation between Fe grade and bulk density, it is assumed
	used in the evaluation process of the different	that use of the regression formulas describing this relationship is an appropriate
	materials.	method of representing the expected variability in bulk density for the grade
		estimated mineralised blocks.
Classification	 The basis for the classification of the Mineral	 Classification of the Mineral Resource estimates was carried out taking into
	Resources into varying confidence categories.	account the level of geological understanding of the deposit, quality of samples,
		density data and drill hole spacing.
	 Whether appropriate account has been taken of all	 The classification reflects areas of lower and higher geological confidence in
	relevant factors (ie relative confidence in	mineralised lithological domain continuity based the intersecting drill sample data
	tonnage/grade estimations, reliability of input data,	numbers, spacing and orientation. Overall mineralisation trends are reasonably
	confidence in continuity of geology and metal	consistent within the various lithotypes over numerous drill sections.
	values, quality, quantity and distribution of the
	data).
	 Whether the result appropriately reflects the	 The Mineral Resource estimate appropriately reflects the view of the Competent
	Competent Person’s view of the deposit.	Person.
Audits or reviews	 The results of any audits or reviews of Mineral	 Internal audits were completed by CSA Global which verified the technical inputs,
	Resource estimates.	methodology, parameters and results of the estimate.
		No external audits have been undertaken.
Discussion of	 Where appropriate a statement of the relative	 The relative accuracy of the Mineral Resource estimate is reflected in the reporting
relative accuracy/	accuracy and confidence level in the Mineral	of the Mineral Resource as per the guidelines of the 2012 JORC Code.
confidence	Resource estimate using an approach or procedure
	deemed appropriate by the Competent Person. For
	example, the application of statistical or
	geostatisticalprocedures toquantify the relative

Criteria	JORC Code explanation	Commentary
	accuracy of the resource within stated confidence
	limits, or, if such an approach is not deemed
	appropriate, a qualitative discussion of the factors
	that could affect the relative accuracy and
	confidence of the estimate.
	 The statement should specify whether it relates to	 The Mineral Resource statement relates to global estimates of in-situ tonnes and
	global or local estimates, and, if local, state the	grade.
	relevant tonnages, which should be relevant to
	technical and economic evaluation. Documentation
	should include assumptions made and the
	procedures used.
	 These statements of relative accuracy and	 The deposit has not, and is not currently being mined.
	confidence of the estimate should be compared
	withproduction data, where available.