SANDFIRE RESOURCES LIMITED — AGM Information 2015

Nov 17, 2015

OPPORTUNITY REDEFINED 2015 Annual General Meeting – Wednesday 18 November 2015

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CHAIRMAN’S ADDRESS

“Our flagship DeGrussa CopperGold Mine in Western Australia is now firmly established in steadystate production with 2015 marking our third successive year of strong, low-cost and, most importantly, safe operations.” – Sandfire Chairman, Derek La Ferla

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MANAGING DIRECTOR’S ADDRESS

“Against the backdrop of what has undoubtedly been a very difficult environment for resource companies, Sandfire’s strong performance remains centred on our high-grade, low-cost production base, underpinned at all times by a strong focus on safety, together with a strong balance sheet and an outstanding growth portfolio both at DeGrussa and further afield in Australia and overseas.” – Sandfire Managing Director and CEO, Karl Simich

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2015 – Highlights and Achievements

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Delivering, innovating and improving across all parts of our business

Operations, Corporate and Financial

Exploration

Business Development

Sustainability

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• Strong production and financial performance

• Increased dividend

• Strong balance sheet

• DeGrussa mine life extended to mid-2021

• New high-grade VMS discovery at Monty

• Drilling underway at other VMS targets

• Base metals exploration initiative in eastern Australia

• • 36% cornerstone interest in North American copper project

• Strong safety performance

• Publication of inaugural Sustainability Report

• DeGrussa solar power initiative

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2015 – Highlights and Achievements

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Delivering, innovating and improving across all parts of our business

Operations, Corporate and Financial

Exploration

Business Development

Sustainability

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• Strong production and financial performance

• Increased dividend

• Strong balance sheet

• DeGrussa mine life extended to mid 2021

• New high-grade VMS discovery at Monty

• Drilling underway at other VMS targets

• 36% cornerstone interest in North American copper project

• Base metals exploration initiative in eastern Australia

• Strong safety performance

• Publication of inaugural Sustainability Report

• DeGrussa solar power initiative

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Operations, Corporate and Financial

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• Third successive year of consistent, safe and profitable production

• Strong performance from both the underground mine and processing plant

• Increased in copper recoveries as a result of optimisation programs

• Annual net profit after tax of $69.0M on revenue of $548.6M

• Final fully-franked dividend of 10.0cps, increasing annual payout to 13.0cps (10.0cps franked)

• Finance facility restructured with outstanding balance reduced to $80M at 30 September 2015

• Production guidance for FY2016 of 65-68,000t Cu, 35-40,000oz Au at C1 US$0.95-1.05/lb

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Strong and Consistent Low-Cost Copper and Gold Production

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Track record of achieving guidance with excellent safety performance

PRODUCTION	OVERVIEW – Key Figures	OVERVIEW – Key Figures
		FY 2013	FY 2014	FY 2015	FY 2016(guidance)
Production	Copper (Cu)	64,017t	67,690t	67,154t	65-68kt
	Gold (Au)	42,679oz	33,893oz	37,386oz	35-40koz
C1 Cash Operating Costs (US$/lb)		1.24	1.18	1.09	0.95-1.05

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198,861t Cu 113,958oz Au The amount of metal-inconcentrate produced at DeGrussa over the past three financial years

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Financial Performance

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Strong Operating Cash Flows

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Deploying our cash to reduce debt, fund growth and underpin shareholder returns

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$300m The amount of debt Sandfire has repaid in the past two and a half years

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2015 – Maintaining Value in a Challenging Environment

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Share Price

52-Week Low A$3.74 High A$6.80

Market Cap ~A$900 million Shares on issue – 156.9m

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2015 – Highlights and Achievements

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Delivering, innovating and improving across all parts of our business

Operations, Corporate and Financial

Exploration

Business Development

Sustainability

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• Strong production and financial performance

• Increased dividend

• Strong balance sheet

• DeGrussa mine life extended to mid-2021

• High-grade VMS discovery at Monty

• Drilling underway at other VMS targets

• Base metals exploration initiative in eastern Australia

• • 36% cornerstone interest in North American copper project

• Strong safety performance

• Publication of inaugural Sustainability Report

• DeGrussa solar power initiative

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Doolgunna – World-Class Exploration Upside

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130,787m

The total amount of drilling completed on Sandfire’s Doolgunna tenements in FY2015

• Dominant 1,700km[2] ground position in WA’s premier emerging copper belt: only operating processing facility in the District

• Outstanding potential: 65km strike length of prospective VMS horizons

• Significant new high-grade discovery within Springfield Project (Talisman Joint Venture) upgrades district-wide VMS potential – multiple emerging target areas

• Exploration also underway targeting structurally-hosted copper at Ned’s Creek and Thaduna JV

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Springfield Project – Talisman Farm-in

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• Sandfire earning 70% interest via $15M farm-in with Talisman Mining (ASX: TLM)

• Two key areas of exploration focus

• Monty – 10km east of DeGrussa

• Significant new high-grade discovery – first discovery outside of DeGrussa

• Growing footprint of sulphide mineralisation

• Opens up highly prospective +5km long parallel VMS trend – exploration continuing

• In-fill drilling underway

• Homer – 4km east of DeGrussa:

• Thick package of exhalative VMS sequence identified within DeGrussa Mine Corridor

• Similarities to host sequence seen at DeGrussa

• Follow-up drilling planned

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Monty – New High-Grade VMS Copper-Gold Discovery

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• +6000m of diamond drilling and +7000m of RC drilling completed to date

• Two mineralised horizons defined, with significant intersections including (not true width):

• 16.5m @ 18.9% Cu, 2.1g/t Au from 409.5m (TLDD0004A) – Lower Zone

  • 9.2m @ 11.8% Cu, 2.9g/t Au from 417.0m (TLDD0005) – Lower Zone

• 7.9m @ 8.3% Cu, 2.4g/t Au from 363.1m and 4.8m @ 4.9% Cu and 1.1g/t Au from 385.8m (TLDD0009) – Lower Zone

• 10.5m @ 18.9% Cu, 3.1g/t Au from 359.7m and 4.7m @ 12.8% Cu, 2.5g/t Au from 373.6m (TLDD0010) – Lower Zone

• 18.0m at 5.7% Cu, 2.4g/t Au from 107m and 4.0m grading 4.2% Cu, 0.7g/t Au from 158.0m (TLRC0004) – Upper Zone

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Monty – Vertical Longitudinal Projection

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Monty – Latest Developments

Step-out hole TLDD0026

• 7.3m grading 6.2% Cu and 2.8g/t Au from 325.6m down-hole

• ( down-hole width, top of intercept is 275m vertically below surface )

• 21.6m grading 34.4% Cu and 0.4g/t Au from 339.4m down-hole

( down-hole width, top of intercept is 286m vertically below surface )

• Outstanding thick high-grade copper intercept returned from recent step-out hole TLDD0026

• Further drilling underway to establish significance and size of bornite-rich zone

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Monty and Beyond – Next Steps

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• In-fill resource drilling now underway within known mineralised envelope to define maiden Mineral Resource in Q1 CY2016

• Further step-out drilling to test the broader extents of the mineralised system

• Interpretive work to define potential new target zones within the broader Monty corridor

• Diamond and RC drilling along strike to test the entire 5km long prospective sequence

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Homer – The Next Opportunity?

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• High priority target located 4km directly east of DeGrussa – immediate extension of DeGrussa Mine Corridor

• Hole TLDD0003 completed earlier this year to test eastern strike extension of interpreted C5 host horizon

• Followed up encouraging results from TLDD0001 completed last year

• TLDD0003 intersected haematitic exhalite with jasper clasts – interpreted to be C5 host horizon

• Drill sites prepared and first phase of drilling commencing at Homer in December 2015 Quarter

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2015 – Highlights and Achievements

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Delivering, innovating and improving across all parts of our business

Operations, Corporate and Financial

Exploration

Business Development

Sustainability

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• Strong production and financial performance

• Increased dividend

• Strong balance sheet

• DeGrussa mine life extended to mid-2021

• New high-grade VMS discovery at Monty

• Drilling underway at other VMS targets

• Base metals exploration initiative in eastern Australia

• 36% cornerstone interest in North American copper project

• Strong safety performance

• Publication of inaugural Sustainability Report

• DeGrussa solar power initiative

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Australian Regional Exploration Projects

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Targeting world-class discoveries in Australia’s premier exploration provinces

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EXPLORATION:

Queensland Base Metals

• 2,300km² in Mt Isa-Cloncurry province

• 100km strike length with outstanding potential for Broken Hill/Cannington-style and IOCG mineralisation

• Drilling 6 targets underway at Breena Plains, Altia and Black Rock

EXPLORATION:

NSW Base Metals

• 2,100km² in Lachlan Fold Belt

• Outstanding potential for porphyry mineralisation

• Drilling up to 6 targets at Wingrunner, Marsden South, Bland Creek in Q4 2015

• Planning ~2,000m DD 4,000m of RC, 4,500m AC

• Recent agreement to acquire Temora and Currumburrama exploration projects from Straits Resources

EXPLORATION:

South Australian IOCG Project

• 700km² in Gawler Craton

• Potential for IOCG copper-gold discoveries

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Investment in Tintina Resources / Black Butte Copper Project

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• 36% stake in Tintina Resources (TSX-V: TAU)

• Developing the Black Butte Copper Project, central Montana, USA

• Advanced, high quality copper project in stable jurisdiction:

• NI 43-101 Measured and Indicated Resources of 15.7Mt grading 3.4% Cu for 533,600t of contained copper

• NI 43-101 Inferred Resources of 2.3Mt grading 2.8% Cu for 63,500t of contained copper

• Outstanding near-mine and district-wide exploration potential

• Development studies underway

• Application for Mine Operating Permit (MOP) with Montana Department of Environmental Quality (DEQ) to be filed in Q4 2015

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2015 – Highlights and Achievements

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Delivering, innovating and improving across all parts of our business

Operations, Corporate and Financial

Exploration

Business Development

Sustainability

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• Strong production and financial performance

• Increased dividend

• Strong balance sheet

• DeGrussa mine life extended to mid-2021

• New high-grade VMS discovery at Monty

• Drilling underway at other VMS targets

• Base metals exploration initiative in eastern Australia

• • 36% cornerstone interest in North American copper project

• Strong safety performance

• Publication of inaugural Sustainability Report

• DeGrussa solar power initiative

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2015 Safety

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Improved safety performance

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TRIFR 20
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Jul '13 Aug '13 Sep '13 Oct '13 Nov '13 Dec '13 Jan '14 Feb '14 Mar '14 Apr '14 May '14 Jun '14 Sep'14 Dec'14 Mar'15 Jun'15 Sep'15
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• Increased focus on risk management and assurance processes implemented

• Board oversight and governance enhanced

• Ongoing initiatives have included further development of safety systems, improved safety leadership and enhancement of safety culture

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2015 Sustainability Report

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• Inaugural Sustainability Report published in October 2015

• Complies with the G4 Global Reporting Initiative, the leading international framework for sustainability reporting

• Provides a comprehensive overview of the Company’s sustainability performance, including:

• Corporate Governance systems

• Social responsibility

• Environmental

• Health & Safety

• Employee relations performance and targets

• Board Sustainability Committee formed with specific oversight of sustainability issues

2015 Sustainability Report

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Sustainability – DeGrussa Solar Power Project

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First-mover renewable energy project with potential to reduce costs and CO2 emissions

• 10.6MW solar power station being constructed at DeGrussa

• To be fully integrated with existing 19MW

• diesel-fired power station

• $40M project being financed, developed and operated by international consortium

• Establishes DeGrussa as potential world-leading reference site for use of renewables

• Expected to be one of the largest integrated offgrid solar power systems in the global mining industry

• Expected reduction in CO2 emissions by 12,000 tonnes per year

• Completion targeted by early 2016

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► Quality & consistency

• Strong cash flows & profits

► New chapter of exploration

success

► Strong business development pipeline

• Shareholder returns

A premier Australian copper-gold producer

Important Information and Disclaimer

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Forward-Looking Statements and Competent Person’s Statement

Forward-Looking Statements

• This presentation has been prepared by Sandfire Resources NL. This document contains background information about Sandfire Resources NL current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

• This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

• This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

• This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

• To the fullest extent permitted by law, Sandfire Resources NL, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

• This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Sandfire Resources NL. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Sandfire Resources NL does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person’s Statement – Mineral Resources

The information in this report that relates to Mineral Resources is based on information compiled by Mr Ekow Taylor who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Taylor is a permanent employee of Sandfire Resources and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Taylor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Ore Reserves

The information in this report that relates to Ore Reserves is based on information compiled by Mr Neil Hastings who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hastings is a permanent employee of Sandfire Resources NL and 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 Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hastings consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Exploration Results

The information in this report that relates to Exploration Results is based on information compiled by Mr. Shannan Bamforth who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Bamforth is a permanent employee of Sandfire Resources and 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 Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration Targets is only conceptual in nature. While Sandfire is confident that it will report additional JORC compliant resources for the DeGrussa Project, there has been insufficient exploration to define mineral resources in addition to the current JORC compliant Mineral Resource inventory and it is uncertain if further exploration will result in the determination of additional JORC compliant Mineral Resources.

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Mineral Resource, Ore Reserve and Mine Plan

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Maiden C4 Ore Reserve and Mineral Resource additions extended mine life to mid-2021

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• Previously announced increases to high-grade Underground Mineral Resource incorporated into DeGrussa Mine Plan, extending mine life to mid-2021

• Maiden Ore Reserve reported for C4 deposit – 2Mt grading 4.5% Cu and 1.5g/t Au

• DeGrussa Ore Reserve updated based on mining depletion to 31 December 2014 to 10.6Mt grading 3.5% Cu and 1.3g/t Au for 376,000t of contained copper and 456,000oz of contained gold

Table 1 – December 2014 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve	Table 1 – December 2014 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve	Table 1 – December 2014 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve	Table 1 – December 2014 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve	Table 1 – December 2014 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve	Table 1 – December 2014 Comparison of the Underground Mine Plan, Mineral Resource and Ore Reserve
DeGrussa Underground Mine	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)
Mine Plan	9.6	4.4	1.6	424,000	484,000
Mineral Resource	9.5	5.7	2.0	546,000	616,000
Ore Reserve	7.8	4.4	1.5	343,000	368,000
DeGrussa Underground Mine by orebody	Tonnes (Mt)	DG (Mt)	C1 (Mt)	C4 (Mt)	C5 (Mt)
Mine Plan	9.6	1.1	4.7	2.2	1.5
Mineral Resource	9.5	1.0	4.7	2.4	1.4
Ore Reserve	7.8	1.1	4.6	2.0	-
Table 2 – December 2014 Ore Reserve
DeGrussa Mine Ore Reserve, net of depletion	Tonnes (Mt)	Copper (%)	Gold (g/t)	Contained Copper (t)	Contained Gold (oz)
Underground Mine	7.8	4.4	1.5	343,000	368,000
Stockpiles(Total)	2.9	1.2	1.0	35,000	89,000
December 2014 – Total	10.6	3.5	1.3	376,000	456,000

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Drill-hole Information Summary, Springfield Project

Hole ID	Depth	Dip	Azimuth	Grid_ID	East	North	RL	Lease ID	Hole Status
TLDD0002A	463	-61°	110°	MGA94_50	743544	7171211	602	E52/2282	Complete
TLDD0004A	817	-60°	148°	MGA94_50	743588	7171281	601	E52/2282	Complete
TLDD0005	478	-62°	139°	MGA94_50	743544	7171210	602	E52/2282	Complete
TLDD0006	554	-62°	140°	MGA94_50	743469	7171174	601	E52/2282	Complete
TLDD0007	589	-62°	138°	MGA94_50	743504	7171271	601	E52/2282	Complete
TLDD0008	688	-62°	138°	MGA94_50	743441	7171223	600	E52/2282	Complete
TLDD0009	472	-61°	140°	MGA94_50	743578	7171190	602	E52/2282	Complete
TLDD0010	433	-62°	142°	MGA94_50	743514	7171138	601	E52/2282	Complete
TLDD0011	472	-62°	141°	MGA94_50	743451	7171092	598	E52/2282	Complete
TLDD0012	598	-62°	140°	MGA94_50	743403	7171155	599	E52/2282	Complete
TLDD0014	399	-62°	143°	MGA94_50	743638	7171231	603	E52/2282	Complete
TLDD0015	376	-62°	146°	MGA94_50	743561	7171073	602	E52/2282	Complete
TLDD0016	274	-61°	147°	MGA94_50	743621	7171119	604	E52/2282	Complete
TLDD0017	236	-62°	146°	MGA94_50	743686	7171166	605	E52/2282	Complete
TLDD0018	340	-62°	146°	MGA94_50	743471	7171054	599	E52/2282	Complete
TLDD0019	552	-62°	141°	MGA94_50	743566	7171329	600	E52/2282	Complete
TLDD0020	340	-61°	141°	MGA94_50	743536	7171106	602	E52/2282	Complete
TLDD0021	331	-62°	144°	MGA94_50	743599	7171152	603	E52/2282	Complete
TLDD0022	304	-62°	141°	MGA94_50	743441	7171035	599	E52/2282	Complete
TLDD0024	571	-60°	141°	MGA94_50	743470	7171172	600	E52/2282	Complete
TLDD0026	409	-59°	141°	MGA94_50	743609	7171209	602	E52/2282	Complete
TLDD0028	441	-62°	143°	MGA94_50	743569	7171129	602	E52/2282	Complete
TLRC0003	544	-61°	144°	MGA94_50	743720	7171393	599	E52/2282	Complete
TLRC0004	306	-62°	142°	MGA94_50	743497	7171025	600	E52/2282	Complete
TLRC0006	318	-62°	143°	MGA94_50	743430	7170973	598	E52/2282	Complete
TLRC0008	294	-62°	143°	MGA94_50	743461	7171001	599	E52/2282	Complete
TLRC0009	265	-62°	141°	MGA94_50	743527	7171050	601	E52/2282	Complete
TLRC0012	210	-62°	143°	MGA94_50	743553	7171017	602	E52/2282	Complete
TLRC0015	138	-60°	320°	MGA94_50	743503	7170953	600	E52/2282	Complete
TLRC0016	120	-58°	317°	MGA94_50	743580	7170985	602	E52/2282	Complete
TLRC0017	120	-60°	318°	MGA94_50	743548	7170968	601	E52/2282	Complete

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Drill-hole Information Summary, Springfield Project

Hole ID	Interval	From (m)	To (m)	Downhole Width (m)	Estimated True Width (m)	Intersection	Intersection	Intersection
						Cu (%)	Au (g/t)	Zn (%)
TLDD0004A		409.5	426.0	16.5	10.9	18.9	2.1	1.5
TLDD0005		417.0	426.2	9.2	6.1	11.8	2.9	2.3
TLDD0008		574.2	579.3	5.1	3.2	1.4	0.1	0.0
TLDD0009	1	343.0	344.0	1.0	0.5	8.6	0.3	0.1
	2	363.1	371.0	7.9	5.8	8.3	2.4	2.1
	3	385.8	390.6	4.8	3.0	4.9	1.1	1.4
TLDD0010	1	355.6	356.1	0.5	0.3	1.2	1.4	0.2
	2	359.7	370.2	10.5	6.3	18.9	3.1	1.1
	3	373.6	378.2	4.6	2.9	12.8	2.5	0.8
TLDD0011		370.9	371.3	0.4	0.2	1.2	1.3	0.9
TLDD0014	1	334.2	334.7	0.5	0.3	3.6	0.1	0.0
	2	359.4	362.8	3.4	2.0	3.5	0.8	0.6
TLDD0016		168.5	168.9	0.4	0.3	1.4	0.1	0.0
TLDD0020		272.3	273.8	1.5	0.9	13.8	1.1	1.2
TLDD0021	1	239.0	242.4	3.4	1.8	17.9	3.9	0.3
	2	286.2	294.2	8.0	4.6	13.3	1.8	2.1
	3	300.2	301.4	1.2	0.7	3.8	1.7	1.2
TLDD0024		445.6	448.2	2.6	1.7	14.2	1.1	0.6
TLDD0026	1	325.6	332.9	7.3	4.7	6.2	2.8	3.1
	2	339.4	361.0	21.6	15.2*	34.4	0.4	0.8
TLRC0004	1	107.0	125.0	18.0	5.1	5.7	2.4	3.2
	2	158.0	162.0	4.0	1.2	4.2	0.7	0.1
TLRC0008	1	89.0	95.0	6.0	1.4	7.8	0.9	0.9
	2	112.0	123.0	11.0	2.5	15.0	1.9	1.0
TLRC0009		133.0	145.0	12.00	2.8	5.7	1.8	2.2

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• TLDD0026, Interval 2: The orientation of the mineralisation from 339.4m – 361.0m in TLDD0026 is poorly constrained. Consequently the estimated true width of this intersection should be viewed as preliminary.

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