RUMBLE RESOURCES LIMITED — Capital/Financing Update 2019

Aug 5, 2019

6[th] August 2019

Option to Acquire the High-Grade Western Queen Gold Project

Highlights

Rumble Resources Ltd

• The Western Queen Gold Project is a high-grade gold system with two mined open pit deposits with a combined historic production of 840,000t @ 7.8 g/t Au for 210,000oz

• Indicated and Inferred Mineral Resource beneath both mined deposits include * 962,000t @ 3.9 g/t Au for 120,000oz

  • *Completed by Monax Mining Ltd (ASX: MOX) (Payne Geological Services Pty Ltd) 15 January 2018

• Historic deep drilling below the Western Queen Central Mine underground workings (underground historic grade of 10.32 g/t Au from 8354 tonnes of ore) has highlighted potential for high-grade gold mineralisation to extend down plunge . Intersections include:

   - **6.3m @ 36.09 g/t Au from 305.7m**
  
   - **11.8m @ 16.08 g/t Au from 340.4m**
  

The high-grade mineralisation is open down plunge

• Significant exploration upside exists – high order gold in lag anomalism and strong laterite gold mineralisation (Cranes Prospect) requires systematic drilling.

• The project is located within 100km radius of three operating gold mills

The Western Queen Gold Project represents an opportunity to explore for:

• Additional potential underground high-grade gold resources (Western Queen Central); and

• Near surface gold resources (Cranes Prospect).

Suite 9, 36 Ord Street, West Perth, WA 6005

T +61 8 6555 3980 F +61 8 6555 3981

rumbleresources.com.au

ASX RTR

Executives & Management

Mr Shane Sikora Managing Director

Mr Brett Keillor Technical Director

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Steven Wood Company Secretary

==> picture [366 x 259] intentionally omitted <==

Image 1 – Project Location with Neighbouring Gold Processing Faculties

1

==> picture [83 x 72] intentionally omitted <==

Rumble Resources Ltd (ASX: RTR) (“Rumble” or “the Company”) is pleased to announce that in line with its clear strategy of generating and optioning a pipeline of projects capable of low cost exploration to drill test for high grade discoveries, it has signed a binding option agreement to acquire 100% of the Western Queen Gold Project from Ramelius Resources Ltd (ASX: RMS).

Western Queen Gold Project Overview and Resources

The Western Queen Gold project lies 110km NW of Mt Magnet within the Yalgoo Mineral field of Western Australia (“the Project”). The Project comprises of two contiguous mining leases (M59/45 and M59/208) for a total area of 9.8 km². The holder is Mt Magnet Gold Pty Ltd, an entity owned by Ramelius Resources. The Western Queen Gold Project is located within a 100km radius of three operating gold processing mills ( see image 1 ). The closest mill is the Dalgaranga Mill (48km) which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt Magnet) has a capacity of 1.9 Mtpa and the Tuckabianna Mill has a capacity of 1.2 Mtpa.

Two mined deposits at the Western Queen Gold Project have a combined historic production of 840,000t @ 7.8 g/t Au for 210,000oz . The Western Queen (Central) Mine produced 660,000t @ 8.9 g/t Au for 189,500oz and the Western Queen South Mine (from two stages) produced 180,000t @ 3.6 g/t Au for 20,500oz .

Open cut mining commenced in 1998 at the Western Queen Central deposit and finished in 2001. A decline followed with underground production of 8,355t @ 10.32 g/t Au . A further 74,552t of ore was produced at an unknown grade. The ore was processed at the nearby Dalgaranga mill (closed in 2002). In late 2007, mining commenced at the Western Queen South deposit with the ore trucked to the Checkers Mill in Mt Magnet. The second stage was mined in 2013 and 2014 and also treated at the Checkers Mill.

An indicated and inferred mineral resource was previously completed for Monax Mining Ltd (ASX: MOX) ( Monax ) in January 2018 (Payne Geological Services Pty Ltd – Independent). Rumble has reviewed and verified the indicated and inferred resource, and estimates resource extensions below both mined deposits at 962,000t @ 3.9 g/t Au for 120,000oz . Of note: The high grade zone below the Western Queen Central Pit is based on an inferred mineral resources of 130,000t at 9.0g/t Au for 38,000 ounces .

==> picture [422 x 195] intentionally omitted <==

Image 2 – Longitudinal Section of The Western Queen Project – Highlighting Resources

	WesternQueen Gold Deposit	WesternQueen Gold Deposit	WesternQueen Gold Deposit	WesternQueen Gold Deposit	WesternQueen Gold Deposit
	Mineral Resource Estimate (2.0g/t Au cut-off)
Deposit	Indicated		Inferred			**Total **
	Tonnes	Au	Tonnes	Au	Tonnes	Au	Au
	t	g/t	t	g/t	t	g/t	ounces
**WQ South **	243,000	3.5	590,000	2.9	832,000	3.1	83,000
**WQ Central **	-	-	130,000	9.0	130,000	9.0	38,000
**Total **	243,000	3.5	719,000	4.0	962,000	3.9	120,000

Table 1 – Western Queen Project Resource Estimate (table subject to rounding)

2

Geology and Mineralisation

==> picture [83 x 72] intentionally omitted <==

The Western Queen Gold project lies within the Warda Warra (Archaean) Greenstone Belt, a part of the Murchison Province of the Yilgarn Craton. The belt is 35km long and is approximately 2km wide where the Western Queen deposits lie. The belt is north trending and predominantly west dipping and has been metamorphosed to amphibolite grade.

At the Western Queen, the geology is steep west dipping and comprises of intercalated sheared amphibolites of mafic to ultramafic composition with thin iron formation horizons, komatiitic basalt, dolerite sills, and talc chlorite schists. Later dolerite and pegmatitic felsic intrusives cut across the amphibolites and gold mineralisation.

Mineralisation is associated with sheared silic sulphide zones with an ultramafic footwall and a mafic hanging wall. The ore zone is strongly recrystallised and massive, comprising phlogopite-chlorite-tremolite-talc schist, amphibolite with lenticular quartzo-feldspathic layering and quartz-muscovite-biotite-sillimanite schist. Pyrite, pyrrhotite, chalcopyrite, molybdenite and scheelite are present. The mineralisation has a steep westerly dip and a southerly plunge.

==> picture [403 x 520] intentionally omitted <==

Image 3 – Western Queen Project – Project Area and Geology

3

Western Queen Central – Down Plunge Potential

==> picture [83 x 72] intentionally omitted <==

Review of the down plunge position of the Western Queen Central deposit has shown high-grade gold mineralisation is open. High-grade historic gold intercepts include:

• 11.8m @ 16.08 g/t Au from 340.4m (WQD-1089)

 6.3m @ 36.09 g/t Au from 305.7m (WQD-1072)

==> picture [545 x 401] intentionally omitted <==

Image 4 – Western Queen Central Mine and Deposit – Longitudinal Section with Drill-Hole Pierce Points and High-Grade Plunging Shoot Open

During the underground mining period (2001 – 2002), some 82,907t of ore was mined in two stages and sent to the Dalgaranga Mill which is located 48km to the SSE of the Western Queen Project. The first stage completed was for 8,355t @ 10.32 g/t Au. The second stage (74,552t) was processed as the Dalgaranga Mill (Equigold) was shutting down and the reconciliation of grade is uncertain.

• An inferred resource of 130,000t @ 9 g/t Au is interpreted below the underground development and is completely open down plunge at a vertical depth of 250 – 350m.

• Rumble considers down plunge position from the very high-grade intercepts (6.3m @ 36.09 g/t Au and 11.8m @ 16.08 g/t Au ) as a high order target (see image 4) that may potentially have significant mineralisation similar to the historic underground mining grade (10.32 g/t Au).

4

Cranes Prospect (image 5) – Potential for High-Grade Gold Mineralisation

==> picture [83 x 72] intentionally omitted <==

The Cranes Prospect lies 2.5km NNE of the Western Queen Central Mine (image 3). Historic lag sampling on 100m by 100m spacing with 50m by 50m infill identified a very high-grade gold anomaly 400m in length striking NE. Gold in lag values include up to 8500ppb Au with six (6) sample sites reporting >1000ppb Au. Subsequent historic drilling (RAB, AC and shallow RC drilling) did not find the source of the gold in lag anomalism, however, significant surface laterite mineralisation was defined. Results include 8m @ 1.87 g/t Au from surface and 8m @ 1.29 g/t Au from surface. Review of the historic drilling data has shown the main gold in lag anomalism (see image 5) has not been closed off and along strike (NE trending) no drilling has been conducted.

==> picture [552 x 261] intentionally omitted <==

Image 5 – Western Queen Project – Cranes Prospect – Gold in Lag Geochemistry and Historic Drilling

• Rumble considers the gold in lag anomalism at Cranes is prospective for high-grade gold shoot-like mineralisation (similar style to the Western Queen Central and South Deposits). Significant surface laterite gold mineralisation supports the high order gold in lag anomalism.

Option Opportunity - Potential for additional High-Grade gold resources - Next Steps

Western Queen Central Mine and Deposit

• The Western Queen Project has potential for additional high-grade gold resources down plunge from historic very high-grade gold intercepts at the Western Queen Central Mine and Deposit – currently open and untested

• Rumble will complete a geophysical (TEM) survey south of the pit. The survey will aid in drill targeting.

• Deep RC Drilling targeting plunge extension and geophysical response.

Cranes Prospect

• At the Cranes Prospect, high order gold in lag anomalism with significant surficial laterite gold mineralisation has not been completely tested - opportunity to find basement mineralisation.

• Aircore drilling planned, targeting high-grade gold shoot-like mineralisation.

5

Key Commercial Terms of the Western Queen Binding Option Agreement

==> picture [83 x 72] intentionally omitted <==

Rumble has signed an option agreement to acquire 100% of the title and interest in the Western Queen Gold Projects from Mt Magnet Gold Pty Ltd (a subsidiary of Ramelius Resources Ltd) on the below material terms:

Western Queen Project (M59/45 and M59/208) – 100%

• a. Rumble to pay A$50,000 Cash for a 9 month option.

• b. Rumble to spend a minimum of A$200,000 on exploration expenditure within 9 months.

• c. Rumble can elect to pay a further A$50,000 cash for a further 9 month option period. During this extended option period, Rumble is required to keep the project in good standing.

• d. At any time before the end of either option period, Rumble can pay A$1,000,000 in shares or cash (or any combination) at Rumble’s election to exercise the option to purchase the project 100%.

• e. Gold Processing – Rumble has granted Ramelius a last right of refusal to provide any gold processing and associated haulage services that relate to activities on the Western Queen Project.

Upon completing minimum expenditure for each option period and ensuring the project is in good standing, Rumble can walk away from the Agreement at any time without further obligation, with the exception of customary representations, warranties and indemnities.

Finders Fee

Rumble has an agreement to pay a finder’s fee to Mineral Edge Pty Ltd who introduced the Western Queen Project to Rumble. Mineral Edge Pty Ltd is an independent consultant to Rumble. The finder’s fee comprises of:

• a. Rumble to pay A$10,000 cash on signing the option agreement.

• b. Rumble to pay A$90,000 in RTR fully paid shares based on 30 day VWAP if Rumble elects to buy the project 100%.

Resource Summary- Western Queen Gold Deposit

Geology

At the Western Queen, the geology is steep west dipping and comprises of intercalated sheared amphibolites of mafic to ultramafic composition with thin iron formation horizons, komatiitic basalt, dolerite sills, and talc chlorite schists. Later dolerite and pegmatitic felsic intrusives cut across the amphibolites and gold mineralisation.

Mineralisation is associated with sheared silic sulphide zones with an ultramafic footwall and a mafic hanging wall. The ore zone is strongly recrystallised and massive, comprising phlogopite-chlorite-tremolite-talc schist, amphibolite with lenticular quartzo-feldspathic layering and quartz-muscovite-biotite-sillimanite schist. Pyrite, pyrrhotite, chalcopyrite, molybdenite and scheelite are present. The mineralisation has a steep westerly dip and a southerly plunge. Depth of complete oxidation is approximately 30m to 60m with depth to fresh rock approximately 45 to 80m. A zone of lacustrine sediments up to 45m thick overlies the WQS deposit.

Drilling

Drilling at the Western Queen project has occurred over multiple campaigns from 1992 to 2017. Previous operators included WMC, Equigold NL, Harmony Gold and Ramelius Resources.

A total of 32 reverse circulation (RC) holes and 16 diamond (DD) holes define the remaining Mineral Resource. All holes in the resource were drilled by previous operators. A very large number of RC and DD holes are present within the previously mined portions of the deposits but these holes were outside the limits of the current Mineral Resources.

6

==> picture [83 x 72] intentionally omitted <==

The majority of the remaining resources have been drilled at 40-60m hole spacings on 50m spaced E-W cross sections. The upper portion of the WQS deposit has been drilled at 25m hole spacings.

All resource hole collars were accurately surveyed using DGPS or traditional electronic equipment. Some historic drill hole collars were surveyed in AMG coordinates and have since been transformed to MGA grid. All holes were transformed to a local grid for interpretation and estimation. Down hole surveys were recorded for the majority of holes at regular intervals using a single shot Eastman camera or a Reflex multi-shot tool.

Sampling and Sub-Sampling Techniques

For the historic RC drilling, a face-sampling hammer was used with samples collected at 1m intervals from mineralised zones with composite sampling of typically 4m in the unmineralised rocks. Samples were collected through a rig-mounted cone splitter or free standing riffle splitter. Samples were reported to have been kept dry throughout the mineralised zones and drilling conditions were stated to have been excellent.

More recent core was NQ2 size and historic diamond core was typically NQ size. All core was sampled to geological intervals and cut with a diamond saw to produced half-core samples for analysis. Core recovery from diamond drilling was recorded in drill logs and was consistently excellent.

Sample Analysis Method

For some of the drilling, half core samples were delivered to the laboratory for total preparation by crushing and pulverisation, before being sub-sampled for analysis using a 40g Fire Assay method. QAQC protocols were in place for the more recent drilling and has confirmed the quality of the sampling and assaying.

The majority of historic RC and diamond drilling was assayed at contract laboratories using a fire assay method. QAQC data from the drilling has been reported in historic reports and although not comprehensive, it supported the quality of the sampling and assaying of the historic data.

Estimation Methodology

The WQS deposit was estimated using ordinary kriging ("OK") grade interpolation of 1m composited data within wireframes prepared using 1.0g/t Au envelopes. The WQC deposit was estimated using inverse distance interpolation. Interpolation parameters were based on the geometry of each zone and geostatistical parameters determined by variography. High grade cuts of between 20g/t and 30g/t were applied to individual lodes.

The block dimensions used in the model were 4m EW by 20m NS by 10m vertical with sub-cells of 0.5m by 5m by 2.5m.

Bulk density determinations from drill core were used to assign density to the model. Values used in the resource estimate were 1.8t/m[3] for Oxide, 2.25t/m[3] for Transition and 2.85t/m[3] for Primary mineralisation were applied.

The remaining mineralisation at both deposits is almost entirely primary mineralisation.

Mineral Resource Classification

Mineral Resource classification was considered on the basis of drill hole spacing and continuity of mineralisation. The portion of was mineralisation immediately beneath the pit floor has been comprehensively drilled at a drill hole spacings of 25m or less. The continuity of mineralisation defined by this drilling is robust and this area has been classified as Indicated Mineral Resource.

In the remainder of the deposits, the drill hole spacings are typically 50-80m. Although lode continuity is assumed to be good, the sample spacing is too great to provide confidence in the grade estimates so these zones have been classified as Inferred Mineral Resource.

Inferred Mineral Resource was extrapolated to a distance of up to 60m past drill hole intersections.

7

Cut-off Grades

==> picture [83 x 72] intentionally omitted <==

The tabular, plunge-extensive and relatively high-grade nature of the deposits suggests good potential for underground mining. The Mineral Resource has been reported at a 2.0g/t Au cut-off based on assumptions about economic cut-off grades for underground mining.

Metallurgy

Historical metallurgical test work has been conducted on the mineralisation at Western Queen. Further work is planned, but it is assumed that metallurgical characteristics are similar to mined portions of the deposits. Historic production has demonstrated that good gold recovery can be expected from conventional processing methods.

Modifying Factors

No modifying factors were applied to the reported Mineral Resource estimate. Parameters reflecting mining dilution, ore loss and metallurgical recoveries will be considered during the planned mining evaluation of the project.

Shane Sikora Managing Director

For further information visit rumbleresources.com.au or contact enquiries@rumbleresources.com.au.

About Rumble Resources Ltd

Rumble Resources Ltd is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current mineral exploration assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Brett Keillor, who is a Member of the Australasian Institute of Mining & Metallurgy and the Australian Institute of Geoscientists. Mr Keillor is an employee of Rumble Resources Limited. Mr Keillor has sufficient experience 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”. Mr Keillor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

8

Section 1 Sampling Techniques and Data

==> picture [83 x 72] intentionally omitted <==

Criteria		JORC Code explanation	Commentary
Sampling		Nature and quality of sampling (e.g. cut channels,	Historic information on drilling
techniques		random chips, or specific specialised industry standard	intercepts and sampling was compiled
		measurement tools appropriate to the minerals under	from a historical database provided by
		investigation, such as down hole gamma sondes, or	Ramelius Resources Ltd.
		handheld XRF instruments, etc.). These examples
		should not be taken as limiting the broad meaning of	The historic drilling database includes
		sampling.	exploration and resource definition
		Include reference to measures taken to ensure sample	sampling and assays compiled over
		representivity and the appropriate calibration of any	many years (main period of
		measurement tools or systems used.	exploration began in 1976). The main
		Aspects of the determination of mineralisation that are	explorers and producers that have
		Material to the Public Report.	contributed include:
		In cases where ‘industry standard’ work has been done	 Western Mining Company
		this would be relatively simple (e.g. ‘reverse circulation	 Yinnex NL
		drilling was used to obtain 1 m samples from which 3 kg	 Hill 50 NL
		was pulverised to produce a 30 g charge for fire assay’).	 Equigold NL
		In other cases more explanation may be required, such	 Mt Magnet Gold NL entity
		as where there is coarse gold that has inherent sampling	held by
		problems. Unusual commodities or mineralisation types	o Harmony
		(e.g. submarine nodules) may warrant disclosure of	o Ramelius Resources
		detailed information.	Review of data has shown that Au was
			the dominant element assayed by FA
			(variable charges) as 1m RC sample
			intervals and select cutting (up to 1m)
			for diamond drilling.
			Exploration drilling includes air core
			and RAB. Sampling was by
			composites and assaying was
			generally by AR (gold only) with
			variable charges. Surface
			geochemistry includes wide scale lag
			sampling (Au only) completed by
			WMC in 1990. Assay technique not
			reported.
Drilling		Drill type (e.g. core, reverse circulation, open-hole	Historic Drilling includes diamond,
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc.) and	RC, Air Core, RAB and auger.
		details (e.g. 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		Method of recording and assessing core and chip	Historic drilling database:
sample recovery	 	sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred	Review of the database indicates the QA/QC standard was appropriate for the period when the work was completed.
		due to preferential loss/gain of fine/coarse material.
Logging		Whether core and chip samples have been geologically	Historic drilling database:
		and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature.	Review of the database indicates the logging is appropriate for period when the work was completed:
		Core (or costean, channel, etc.) photography.	All diamond drill holes were logged
		The total length and percentage of the relevant	for recovery, RQD, geology and
		intersections logged.	structure.
			RC, AC and RAB drilling was logged
			for various geological attributes.
			All drill holes were logged in full.

9

Criteria		JORC Code explanation	Commentary
Sub-		 If core, whether cut or sawn and whether quarter, half or
sampling techniques		all core taken.  If non-core, whether riffled, tube sampled, rotary split,	Historic drilling database:
and		etc. and whether sampled wet or dry.	Specific details on sampling
sample		 For all sample types, the nature, quality and	techniques and sample preparation
preparatio		appropriateness of the sample preparation technique.	are not known. High-grade gold
n		 Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size	intervals presented in this announcement (WQD-1072 and WQD-1089) are on average 1m intervals with sub-sampling of zones based on mineralisation observation. Weighted averaging of intercepts has been completed.
		of the material being sampled.	RC samples were collected in one
			metre intervals either from a rig
			mounted cyclone or a free standing
			riffle splitter.
			For RC and DD drill programs,
			samples were assayed at contract
			laboratories in Perth. Samples were
			dried and a lkg split was pulverized to
			80% passing 75 microns.
			Half core samples were delivered to
			the laboratory for total preparation by
			crushing and pulverisation, before
			being sub- sampled for analysis.
			Sample sizes are appropriate for
			grain size and material types being
			sampled.
			QAQC reports from historic drilling
			include field duplicates which showed
			reasonable correlation.
			Sample sizes are considered
			appropriate to correctly represent the
			gold mineralisation based on: the
			style of mineralisation, the thickness
			and consistency of the intersections,'
			the sampling methodology and assay
			value ranges for Au.
Quality	of	 The nature, quality and appropriateness of the assaying	Historic drill hole database:
assay data and laboratory tests		and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model,	For the majority of RC and DD drilling, analysis was by fire assay and atomic absorption spectrometry (AAS) finish at contract laboratories.
		reading times, calibrations factors applied and their	The analytical technique used
		derivation, etc.	approaches total dissolution of gold
		 Nature of quality control procedures adopted (e.g.	in most circumstances.
		standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Historic drilling included assay repeats, and certified standards.
			More recent drilling included the use
			of certified standards.
			The QAQC results confirmed the
			reliability of the assay data.
Verificatio		 The verification of significant intersections by either	Historic drilling database – specific
n	of	independent or alternative company personnel.	details on independent verification,
sampling		 The use of twinned holes.	use of twinned holes and how the
		 Documentation of primary data, data entry procedures,	information was entered unknown.

10

Criteria	JORC Code explanation	Commentary
and	data verification, data storage (physical and electronic)	No independent verification of
assaying	protocols.	significant intersections has been
	 Discuss any adjustment to assay data.	carried out.
		Primary data documentation is
		available for much of the historic
		drilling.
		Data is well organized and securely
		stored in a relational database;
		Assay values that were below
		detection limit were adjusted to equal
		half of the detection limit value.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.	Historic drill holes are in local grid. Late conversion to AGD84 (zone50) was completed.
	 Quality and adequacy of topographic control.	Survey control of drill-hole pickups
		unknown.
		Drill hole collar coordinates used MGA
		Zone 51datum with transforms to a
		local grid.
		Drill hole collars were historically
		surveyed using differential GPS or
		traditional electronic equipment;
		Topographic control previously from
		detailed topographic survey in the
		vicinity of the resource and from mine
		surveys elsewhere.
Data	 Data spacing for reporting of Exploration Results.	For RC and DD drilling, the hole
spacing	 Whether the data spacing and distribution is sufficient to	spacing is 25m by 25m adjacent to the
and	establish the degree of geological and grade continuity	pits, and up to 80m by 80m in deeper
distribution	appropriate for the Mineral Resource and Ore Reserve	parts of the deposit;
	estimation procedure(s) and classifications applied.
	 Whether sample compositing has been applied.	Grade control drilling was undertaken
		at 8m drill spacing within the WQS pit;
		The drilling has demonstrated
		sufficient continuity in both geology
		and grade to support the definition of
		Mineral Resources, and the
		classifications applied under the 2012
		JORC Code. Samples were
		composited to1m forestimation.
Orientation	 Whether the orientation of sampling achieves unbiased	Historic Drilling database –
of data in	sampling of possible structures and the extent to which	Exploration, Resource Definition and
relation to	this is known, considering the deposit type.	Mining completed by 2014.
geological structure	 If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Holes were generally angled to grid east to optimize the intersection angle with the interpreted structures.
		No orientation based sampling bias
		has been identified in the data.
Sample	 The measures taken to ensure sample security.	Not known for historic drilling.
security		In respect of more recent drilling, all
		samples were collected by
		contractors and transported to the
		laboratory by commercial transport
		companies. The laboratory receipts
		received samples against the sample
		dispatch documents and issued a
		reconciliation report for everysample

11

Criteria			JORC Code explanation	Commentary
				batch.
Audits	or		The results of any audits or reviews of sampling	Review of extensive exploration,
reviews			techniques and data.	resource definition and mining data is
				ongoing.

12

Section 2 Reporting of Exploration Results

==> picture [83 x 72] intentionally omitted <==

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral			Type, reference name/number, location and		The Western Queen Project
tenement			ownership including agreements or material		comprises of two mining leases -
and	land		issues with third parties such as joint ventures,		M59/45 and M59/208.
tenure status			partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.		The licenses are currently owned by Mt Magnet Gold Pty Ltd
			The security of the tenure held at the time of		The licenses are granted, in a state
			reporting along with any known impediments		of good standing and have no known
			to obtaining a licence to operate in the area.		impediments.
					Production royalties include $20/oz
					on existing resources with $8/oz on
					new open pit resources and $6/oz on
					new underground resources.
Exploration			Acknowledgment and appraisal of exploration		Historical exploration and mining
done by other			by other parties.		completed by:
parties					o Western Mining Company
					o Yinnex NL
					o Hill 50 NL
					o Equigold NL
					o Mt Magnet Gold NL entity
					held by
					 Harmony
					 Ramelius Resources
Geology			Deposit type, geological setting and style of		Deposit type is orogenic shear zone
			mineralisation.		hosted gold in Archaean greenstones
					of the Yilgarn Block
Drill	hole		A summary of all information material to the	Historic Drilling database has
Information			understanding of the exploration results including a tabulation of the following		 1604 drill-holes in database
			information for all Material drill holes:		o Excludes grade control,
			o easting and northing of the drill hole collar		dewatering and geotech
			o elevation or RL (Reduced Level – elevation		holes
			above sea level in metres) of the drill hole collar		 Drill hole collars are in local grid.
			o dip and azimuth of the hole o down hole length and interception depth o hole length.		 Table 1 highlights select intercepts with collar co-ords based on GDA94 conversion.
			If the exclusion of this information is justified
			on the 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			In reporting Exploration Results, weighting		Significant intercepts reported in this
aggregation			averaging techniques, maximum and/or		announcement have been presented
methods			minimum grade truncations (e.g. cutting of		as weighted averages.
			high grades) and cut-off grades are usually
			Material and should be stated.
			Where aggregate intercepts incorporate short
			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

13

Criteria	JORC Code explanation	Commentary
	metal equivalent values should be clearly
	stated.
Relationship	 These relationships are particularly important		High grade intercepts presented in
between	in the reporting of Exploration Results.		this announcement are not true
mineralisatio	 If the geometry of the mineralisation with		width. The drill hole angle is 50 - 60°
n widths and	respect to the drill hole angle is known, its		(approximately normal) intercepting
intercept	nature should be reported.		mineralization dipping 85° towards
lengths	 If it is not known and only the down hole		the drill-hole. True width at 50° is
	lengths are reported, there should be a clear		75% of the intercept width. True
	statement to this effect (e.g. ‘down hole length,		width at 60° is 60% of the intercept
	true width not known’).		width.
Diagrams	 Appropriate maps and sections (with scales)		Image 1 - Project Location with
	and tabulations of intercepts should be		Neighbouring Gold Processing
	included for any significant discovery being		Facilities
	reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.		Image 2-Longitudinal Section of The Western Queen Project – Highlighting Resources
			Image 3 - Western Queen Project –
			Project Area and Geology
			Image 4 - Western Queen Central Mine
			and Deposit – Longitudinal Section
			with Drill-Hole Pierce Points and High-
			Grade Plunging Shoot
			Image 5 - Western Queen Project –
			Cranes Prospect – Gold in Lag
			Geochemistry and Historic Drilling
Balanced	 Where comprehensive reporting of all		Table 1 reports select high grade
reporting	Exploration Results is not practicable,		intercepts from Historic Drilling
	representative reporting of both low and high		Database
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful and		Information used in this
substantive	material, should be reported including (but not		announcement includes local
exploration	limited to): geological observations;		geological mapping
data	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		Review of significant library of hard
	(e.g. tests for lateral extensions or depth		copy reports
	extensions or large-scale step-out drilling).		Ground TEM orientation survey to
	 Diagrams clearly highlighting the areas of		ascertain if pyrrhotite (associated
	possible extensions, including the main		with gold mineralisation) can be used
	geological interpretations and future drilling		to target drilling
	areas, provided this information is not
	commercially sensitive.

14

Section 3 Estimation and Reporting of Mineral Resources

==> picture [83 x 72] intentionally omitted <==

(Criteria listed in section 1, and where relevant in section 2, also apply to this section)

Criteria	JORC	Code explanation	Commentary	Commentary
Database		Measures taken to ensure that data has		Data used was previously captured
integrity		not been corrupted by, for example,		electronically to prevent transcription
		transcription or keying errors, between its		errors, with historic records reviewed
		initial collection and its use for Mineral		and compiled manually and via
		Resource estimation purposes.		electronic capture.
		Data validation procedures used.		The database provided was checked
				against the primary data available	to
				ensure the integrity and veracity of
				the data.
				Validation included comparison of
				gold results to logged geology to
				verify mineralised intervals and
				comparison of database entries to
				original drilling records.
Site visits		Comment on any site visits undertaken		A site visit was undertaken by	the
		by the Competent Person and the		Competent Person and	the
		outcome of those visits.		Company’s exploration manager		in
		If no site visits have been undertaken		July 2019 to verify the extent		of
		indicate why this is the case.		historic mining operations, locate drill
				collars from previous drilling, review
				core from historic drilling and		to
				confirm that no obvious impediments
				to future project exploration		or
				development werepresent.
Geological		Confidence in (or conversely, the		The confidence in the geological
interpretation		uncertainty of) the geological		interpretation is considered to be
		interpretation of the mineral deposit.		good, with highly continuous
		Nature of the data used and of any		mineralised structures defined by
		assumptions made.		good quality drilling.
	  	The effect, if any, of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.		The deposit consists of steep dipping mineralised lodes which have been interpreted based on logging and assay data from samples taken at regular intervals from angled drill holes.
Dimensions		The extent and variability of the Mineral		The Western Queen South Mineral
		Resource expressed as length (along		Resource area extends over a strike
		strike or otherwise), plan width, and depth		length of 520m and has a vertical
		below surface to the upper and lower		extent of 300m.
		limits of the Mineral Resource.		The Western Queen Central Mineral
				Resource area extends over a strike
				length of 170m beyond existing
				workings and has a vertical extent	of
				150m and commences 230m below
				surface.
Estimation		The nature and appropriateness of the		Using parameters derived from
and		estimation technique(s) applied and key		modelled variograms, Ordinary
modelling		assumptions, including treatment of		Kriging (OK) was used to estimate
techniques		extreme grade values, domaining,		average block grades within the
		interpolation parameters and maximum		WQS deposit and Inverse Distance
		distance of extrapolation from data		Squared (102) was used to estimate
		points. If a computer assisted estimation		average block grades within the
		method was chosen include a description		WQC deposit.
		of computer software andparameters

15

Criteria	JORC	Code explanation	Commentary
		used.
		The availability of check estimates, previous estimates and/or mine production records and whether the		Surpac software was used for the estimation.
		Mineral Resource estimate takes		High grade cuts of 20g/t (WQS) and
		appropriate account of such data.		30g/t (WQC) were applied to 1m
		The assumptions made regarding		composite data.
	 	recovery of by-products. Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average sample spacing and the search		The parent block dimensions used were 20m NS by 4m EW by 10m vertical with sub-cells of 5m by 0.5m by 2.Sm. The parent block size was selected on the basis of being approximately 50% of the average drill hole spacing in the deposit area.
		employed.		Historical production records were
		Any assumptions behind modelling of		available for previous mining and
		selective mining units.		production grades are consistent with
		Any assumptions about correlation		the estimated Mineral Resource.
		between variables. Description of how the geological interpretation was used to control the resource estimates.		Previous resource estimates have been completed and compare well with the current estimate.
		Discussion of basis for using or not using		No assumptions have been made
		grade cutting or capping.		regarding recovery of by-products.
		The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.		No estimation of deleterious elements was carried out. Only Au was interpolated into the block model.
				An orientated ellipsoid search was
				used to select data and was based
				on parameters derived from the
				variography.
				An initial interpolation pass was used
				with a maximum range of 60m which
				filled 77% of blocks. A second pass
				radius of 120m filled the remaining
				23% of blocks.
				A minimum of 10 samples was used
				and a maximum of 24 samples was
				used for all passes.
				Selective mining units were not
				modelled in the Mineral Resource
				model. The block size used in the
				model was based on drill sample
				spacing and lode orientation.
				Only Au assay data was available,
				therefore correlation analysis was not
				possible.
				The deposit mineralisation was
				constrained by wireframes
				constructed using a 1.0g/t Au cut-off
				grade in association with logged
				geology. The wireframes were
				applied as hard boundaries in the
				estimate.
				For validation, trend analysis was
				completed by comparing the
				Interpolated blocks to the sample

16

Criteria		JORC	Code explanation	Commentary
					composite data within 50m easting
					intervals and by 20m vertical
					intervals.
Moisture			Whether the tonnages are estimated on a		Tonnages and grades were
			dry basis or with natural moisture, and		estimated on a dry in situ basis. No
			the method of determination of the		moisture values were reviewed.
			moisture content.
Cut-off			The basis of the adopted cut-off grade(s}		The Mineral Resource has been
parameters			or quality parameters applied.		reported at a 2.0g/t Au cut-off based
					on assumptions about economic cut-
					off grades for underground mining.
Mining			Assumptions made regarding possible		The deposit has previously been
factors	or		mining methods, minimum mining		mined using selective open pit
assumptions			dimensions and internal (or, if applicable,		mining methods and small scale
			external) mining dilution. It is always		underground development. It is
			necessary as part of the process of		assumed that further underground
			determining reasonable prospects for		mining is possible at the project.
			eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not		Portions of the deposit are considered to have sufficient grade and continuity to be considered for underground mining.
			always be rigorous. Where this is the		No mining parameters or modifying
			case, this should be reported with an		factors have been applied to the
			explanation of the basis of the mining		Mineral Resource.
			assumptions made.
Metallurgical			The basis for assumptions or predictions		Metallurgical test-work was
factors	or		regarding metallurgical amenability. It is		undertaken by previous operators at
assumptions			always necessary as part of the process		the project and has been reviewed.
			of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters		Historic production has demonstrated that good gold recovery can be expected from conventional processing methods.
			made when reporting Mineral Resources
			may not always be rigorous. Where this is
			the case, this should be reported with an
			explanation of the basis of the
			metallurgical assumptions made.
Environment			Assumptions made regarding possible		The previous mining operation
al factors	or		waste and process residue disposal		included the development of waste
assumptions			options. It is always necessary as part of		dumps at the site.
			the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a		The area is not known to be environmentally sensitive and there is no reason to think that approvals for further development including the dumping of waste would not be approved.
			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.
Bulk density			Whether assumed or determined. If		Bulk density determinations were
			assumed, the basis for the assumptions.		made on samples from drill core
			If determined, the method used, whether		usingthe weight in air/weight in

17

Criteria		JORC	Code explanation	Commentary
			wet or dry, the frequency of the		water method.
			measurements, the nature, size and
			representativeness of the samples.
			The bulk density for bulk material must		Bulk density values used in the
			have been measured by methods that		resource were 1.80t/m3, 2.25t/m3and
			adequately account for void spaces		2.85t/m3for oxide, transitional and
			(vugs, porosity, etc}, moisture and		fresh mineralisation respectively.
			differences between rock and alteration
			zones within the deposit.
			Discuss assumptions for bulk density
			estimates used in the evaluation process
			of the different materials.
Classification			The basis for the classification of the		Mineral Resources were classified in
			Mineral Resources into varying		accordance with the Australasian
			confidence categories.		Code for the Reporting of Exploration
			Whether appropriate account has been		Results, Mineral Resources and Ore
			taken of all relevant factors (ie relative		Reserves (JORC, 2012). The Mineral
			confidence in tonnage/grade estimations,		Resource was classified as Indicated
			reliability of input data, confidence in		and Inferred Mineral Resource on the
			continuity of geology and metal values,		basis of data quality, sample
			quality, quantity and distribution of the		spacing, and lode continuity.
			data). Whether the result appropriately reflects the Competent Person's view of the deposit.		The Indicated portion of the Mineral Resource was defined where good continuity of mineralisation was evident and within the drilled area
					where hole spacing averaged from
					25m by 25m spacing.
					The remaining portions of the deposit
					were classified as Inferred Mineral
					Resource due to the broad spaced
					drilling.
					The definition of mineralised zones is
					based on sound geological
					understanding producing a robust
					model of mineralised domains. This
					model has been confirmed by
					previous mining which supported the
					interpretation.
					The Mineral Resource estimate
					appropriately reflects the view of the
					Competent Person.
Audits	or		The results of any audits or reviews of		A documented internal audit of the
reviews.			Mineral Resource estimates.		Mineral Resource estimate was
					completed by the consulting
					company responsible for the
					estimate.
Discussion	of		Where appropriate a statement of the		The Western Queen Mineral
relative			relative accuracy and confidence level in		Resource estimate is considered to
accuracy/con			the Mineral Resource estimate using an		be reported with a high degree of
fidence			approach or procedure deemed		confidence. The consistent lode
			appropriate by the Competent Person.		geometry and continuity of
			For example, the application of statistical		mineralisation is reflected in the
			or geostatistical procedures to quantify		Mineral Resource classification. The
			the relative accuracy of the resource		data quality is good and the drill
			within stated confidence limits, or, if such		holes have detailed logs produced by
			an approach is not deemed appropriate,		qualified geologists.
			a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. The statement should specify whether it		The Mineral Resource statement relates to global estimates of tonnes and grade.

18

Criteria	JORC	Code explanation	Commentary
		relates to global or local estimates, and, if
		local, state the 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		The deposit is not currently being mined. Production records are available for the phases of open pit and underground mining completed at the deposit.
		and confidence of the estimate should be
		compared with production data, where
		available.

19

Table 1. Significant Gold Intercepts with Survey Information

==> picture [83 x 72] intentionally omitted <==

Hole ID	Type	E(GDA94 Conversion)	N(GDA94 Conversion)	Depth(m)	Azi	Dip	From(m)	To(m)	Aug/t
WQD-1089	Diamond	512724	6955488	356	127	-59	340.4	340.9	7.9
							340.9	341.1	480
							341.1	341.4	11.2
							341.4	342	18.6
							342	343	16.1
							343	344	8.1
							344	345	7.9
							345	346	0.73
							346	347	8.6
							347	348	0.67
							348	349	8.5
							349	349.8	1.54
							349.8	350.2	0.65
							350.2	350.9	10.3
							350.9	351.25	34
							351.25	351.5	10
							351.5	352.15	1.15
WQD-1072	Diamond	512738	6955489	316	126	-54	305.7	306.65	11.7
							306.65	307.07	195
							307.07	308	49
							308	308.5	87
							308.5	309.45	23
							309.45	310	19.9
							310	310.85	11.2
							310.85	311.3	0.88
							311.3	311.95	1.16
WQRB68	RAB	513761	6957889	42	90	-60	0	4	0.64
WQRB69	RAB	513739	6957886	27	90	-60	0	4	3.45
							4	8	0.29
WQRB70	RAB	513717	6957890	33	90	-60	0	4	1.82
							4	8	0.77
WQRB71	RAB	513692	6957896	4	90	-60	0	4	0.58
WQJC-11	RC	513813	6957852	80	90	-60	0	1	0.84
							1	2	0.66
							2	3	0.64
							3	4	0.64
							4	5	0.52
							5	6	0.4
							6	7	0.6
							7	8	0.2

20