SAVANNAH GOLDFIELDS LIMITED — Management Reports 2018

Nov 29, 2018

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Competent Persons Statements

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The information in this report that relates to Exploration Results is based on information compiled by Mr Scott Hall who is a member of the Australian Institute of Mining and Metallurgy. Mr Hall is a full-time employee of Laneway Resources Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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 Hall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• 1). The information relating to the Mineral Resources at the Agate Creek Project is extracted from the ASX Announcement as follows:

ASX Announcement titled ‘Resource Update for Agate Creek Gold Project’ dated 1 February 2016.

The report is available to view on the Laneway Resources website www.lanewayresources.com.au The report was issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

2). The information relating to the Coal Resources at the Ashford Coking Coal Project is extracted from the ASX Announcement as follows:

ASX Announcement titled ‘Ashford Coking Coal Project - Increased Resource’ dated 20 November 2017.

The report is available to view on the Laneway Resources website www.lanewayresources.com.au The report was issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and also “Australian Guidelines for the Estimation and Classification of Coal Resources, (2014)”. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Forward Looking Statement

Whilst based on information from sources considered reliable, Laneway Resources Ltd, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information in this document and presentation is complete or accurate. To the maximum extent permitted by law, Laneway Resources Ltd, disclaims any responsibility to inform any recipient of this document and presentation of any matter that subsequently comes to its notice, which may affect any of the information contained in this document and presentation. This material is used for a company presentation only, for more detailed information the reviewer should seek company information as provided in Laneway Resources Ltd’s ASX releases, Quarterly Reports and Annual Reports. Or Laneway Resources website www.lanewayresources.com.au

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– ✚ Stephen Bizzell Chairman

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• ✚ Stephen is Chairman of boutique corporate advisory and funds management group Bizzell Capital Partners Pty Ltd, and director of a number of ASX listed companies. Has considerable experience and success in the fields of corporate restructuring, debt and equity financing, and mergers and acquisitions and has over twenty years’ corporate finance and public company management experience. Stephen was a co-founder and an Executive Director of Arrow Energy Ltd from 1999 until it was taken over by a JV between Shell and PetroChina in 2010 for $3.5 billion. He was also a co-founder and director of Bow Energy Ltd until its $550 million takeover in 2012. Current ASX directorships include Stanmore Coal Ltd and Armour Energy Ltd. Former director of Queensland Treasury Corporation.

– ✚ Rick Anthon Non-Executive Director

• ✚ Rick is a lawyer with twenty five years experience in corporate and commercial law with particular expertise in the mining exploration, mineral development and energy sectors. Rick is currently involved at an executive level at ASX listed Lithium producer Orocobre Resources Ltd and Chairman of ASX listed Graphite producer Bass Metals Ltd

– ✚ Mark Baker Non-Executive Director

• ✚ Mark is a former senior editor and national editorial executive with Fairfax Media. Mark has extensive experience working across Asia and in government relations at a national and state level. He is a board member of the Defence Reserves Support Council (Victoria), has a Bachelor of Arts degree and is a Graduate of the Australian Institute of Company Directors.

– ✚ Peter Wright Non-Executive Director

• ✚ Peter is an executive director of both Bass Metals Ltd and Bizzell Capital Partners Pty Ltd. Peter has had a twenty year career in Financial markets focused primarily on resource finance and investment. Most recently Peter had a pivotal involvement with the acquisition and redevelopment of Bass Metals Ltd Graphmada Graphite mine in Madagascar. Peter has spent a number of years working as a corporate advisor to Altura Mining covering M&A, offtake, capital raising and market engagement.

– ✚ Paul Marshall Company Secretary & Chief Financial Officer

• ✚ Scott Hall Chief Operating Officer & Exploration Manager

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Capital Structure Share price (as at 29 November $0.004 2018) Shares on issue (million) 3,521 Market capitalisation $14m Directors & Management Chairman Stephen Bizzell Non-Executive Director Rick Anthon Non-Executive Director Mark Baker Non-Executive Director Peter Wright Exploration Manager Scott Hall Company Secretary Paul Marshall Stephen Bizzell related Major Shareholder: entities hold ≈ 31%.

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Key Projects

✚ Agate Creek Gold in North Queensland

✚ 100% interest

• ✚ Epithermal Gold

• ✚ Shallow High Grade near surface deposit

• ✚ Mining Lease Grant Imminent

✚ NZ Gold Project in New Zealand

• ✚ 100% interest

• ✚ Epithermal Gold

• ✚ Circa $6m spent to date

✚ Ashford Coking Coal in NSW

• ✚ 100% interest

• ✚ Coking Coal

• ✚ Mining Lease Application Pending

Gold Resources[(1)(2) ] JORC

Agate Creek Gold 381,000oz (grade 1.4g/t) (Indicated & Inferred) @ 0.5g/t Au cut-off

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Laneway Project Locations

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Coal Resources[(1)(3) ] JORC

Ashford Coking Coal Project 14.8 Mt (Indicated & Inferred)

• 1) Refer competent persons statement on slide 2

• 2) Full Resource Statement can be seen slide 24

• 3) Full Resource Statement can be seen slide 25

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• ✚ Acquisition of further 50% interest in Ashford Coking Coal Project taking Laneway’s interest to 100%

• ✚ Appointment of Peter Wright as non-executive director

• ✚ Increased coal resource at Ashford

• ✚ Commenced studies and other activities to support mining lease application for Ashford Project

• ✚ Drilling program at New Zealand gold project

• ✚ Successful capital raising program

• ✚ Mining and Processing agreement with Maroon Gold

• ✚ Agreement in principal for native title arrangements

• ✚ Mining lease approval process nearing completion

• ✚ Agate Creek Gold Project final mine design and grade control drilling program

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• ✚ Agate Creek Project is located approximately 40km south of Forsayth and 60km West of the world class Kidston Deposit, in North Queensland, which historically produced over 3.4Moz Au/Ag.

• ✚ Laneway intends to establish low cost production from the shallow high grade portion of the deposit and leverage off this cash flow to accelerate exploration of the highly prospective tenement package which covers 648km[2] .

• ✚ Mining Lease Application lodged over resource areas;

• ✚ Highly prospective broader opportunity within the Project. Laneway intends to commence this appraisal post establishing cash flow.

• ✚ CIL processing of the high grade material at Black Jack, to deliver low capital intensity production;

• ✚ Recent exploration defined the continuation of the mineralisation that was mined as part of the near surface high grade Metallurgical Sample.

• ✚ Recent Drilling should finalise Mine Design and Initial Ore Blocks for Mining and Processing Post ML Grant.

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A ate Creek Tenure Ma
g p
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✚ Current JORC Resource[(1,2)] :

• ✚ Global Resource 8.2 Mt @ 1.4g/t for 381,000oz Au

• ✚ Sherwood High Grade 89,000t @ 6g/t

(1) refer competent persons statement slide 2

(2) Full JORC table on slide 24

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• ✚ Sherwood Prospect lies is within the regional NW trending Robertson Fault Zone near the intersection of the ENE trending Robinhood Fault

• ✚ The major faults have controlled cauldron collapse, rhyolite emplacement and several phases of fluids

• ✚ The Agate Creek Fault is a dominant feature at Sherwood and forms the eastern boundary to mineralisation, it strikes NW for over 3km and dips moderately to the southwest. Interpretation of recent drilling indicates the Agate Creek Fault was sealed prior to the main mineralising events

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✚
✚
✚
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• ✚ This discovery highlights the importance of the Sherwood West and Zig Zag Faults which have the potential to be the major fluid conduits for mineralisation at Sherwood.

• ✚ Numerous sub parallel and splay faults exist which further complicates geological interpretation and mineralisation controls

• ✚ The North - South trending Delaney Fault also shows potential for hosting additional mineralisation within the Project Area

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• ✚ Within Proterozoic Robertson River Subgroup intruded by Silurian Robinhood Granodiorite and Permian Agate Creek Volcanic Group

• ✚ Sherwood is a low-sulphidation adularia-sericite type epithermal gold system comprised of two main mineralised zones, Sherwood and Sherwood West

• ✚ Mineralisation is associated with rhyolites which have intruded along faults, lithological boundaries and weaknesses in the host rocks.

• ✚ Highest gold grades are within chalcedonic quartz vein stockworks and breccias. Several generations of veins are seen with at least two associated with mineralisation

• ✚ Gold is fine grained and occurs either as free gold or electrum and is associated with weakly anomalous Ag-Sb-As-Mo-Pb

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• ✚ The grant of the ML will allow commencement of high-grade (low strip ratio) open cut mining operations at Agate Creek. Utilising Maroon’s processing plant significantly reducing capital expenditure, and time to gold production.

• ✚ Compensation agreements with landholders now finalised

• ✚ Laneway has reached agreement in principle with Tatampi Puranga Aboriginal Corporation RNTBC (TPAC), regarding TPAC’s consent to the grant of MLA 100030. As required under the Native Title Regulations 1999 (Cth). Final community consultation and consents pending.

• ✚ Environmental Authority has been granted, Financial Assurance to be lodged after ML grant

• ✚ Recent RC drilling of 51 holes 1,314m will allow

• ✚ Finalisation of open pit mine design total depth <30m

• ✚ Greater definition of near surface high grade gold zones to be incorporated into initial Grade control ore blocks

• ✚ Confirmation of Sterilisation in the planned waste dump area.

MLA 100030 689.3HaArea

• ✚ Mining, processing and transport agreement signed with Maroon Gold for high grade ore parcel up to 100,000t

• ✚ Provides Laneway the opportunity to produce significant

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• ✚ Direct costs incurred with respect to the project including but not limited to haul road and access road construction and maintenance, waste dump preparation, support facilities, blast hole drilling, sampling and assaying, mining, transportation of ore, crushing, milling and transportation of gold bars to the refinery and rehabilitation of the disturbed area, will be incurred and paid for by Maroon;

• ✚ Gold produced will be paid 60% to Laneway and 40% to Maroon above 3.5 g/t gold head grade with the initial 3.5g/t produced to be retained by Maroon;

• ✚ All State Government and Third Party Royalty costs will be shared by both parties in proportion to their share of gold received;

• ✚ Compensation arrangements with landholders will be at Laneway’s expense; and

• ✚ Maroon will provide an interest free unsecured loan to Laneway for an amount of up to $500,000 to meet costs to be incurred to complete the process for the Mining Lease grant including Native Title and Landholder obligations, tenement holding costs and environmental liability financial assurance requirements.

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A total of 66 Regional targets have been identified to date through geochemical sampling & mapping. Priority drill ready targets listed below, some of which will be drilled in the upcoming program.

Jedda Vein

Targeting a quartz vein with strong brecciation, boxworks and fresh sulphides in places, outcropping over 300m along strike and up to 10m wide. Rock chips up to 15.75 g/t Au.

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Nottingham

Located along a parallel structure to the Sherwood deposit within the Robertson Fault Zone. Strike extent over 2km of epithermal quartz veining and alteration.

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Moonbeam

• ✚ A silver-lead-copper quartz vein traceable over 500m

• ✚ 5m @ 141g/t Ag; 0.21% Cu; 1.58% Pb & 1.64% Zn from 25m

• ✚ 8m @ 99g/t Ag; 0.22% Cu; 1.19% Pb & 0.47% Zn from surface

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Eastern Bar Creek

• ✚ Targeting a 10m wide 500m long weathered gossanous quartz vein open in all directions with associated Au, Ag, Pb, Zn, Cu

• ✚ 5m @ 44g/t Ag & 0.13% Cu from 12m

• ✚ 7m @ 57.7g/t Ag; 0.18% Cu & 0.5% Zn

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Accompanying the above structure is a secondary 400m long potentially enechelon zone to the south with additional rock chips up to 36g/t Au; 643g/t Ag; 2.4% Cu & 22.6% Pb

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Epithermal Gold

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• ✚ Located in the North Island of New Zealand within the Hauraki Goldfield, which has recorded historical production to 2003 of over 312t Au & 1440t Ag

Tenement Location Map & Resources

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• ✚ The Project comprises two granted exploration permits EP53469 & EP54216 covering 58km[2] and adjacent to three +1 Moz Gold resources, the primary target is AuAg bonanza style epithermal veins

• ✚ Sits within a large mineralised corridor which is host to the Golden Cross Mine (Coeur), the Karangahake Mine (New Talisman Gold NL), along with several smaller deposits including Jubilee

• ✚ Immediately adjacent is the Martha Mine at Waihi (Oceana) which is currently producing ≈100,000 oz Au p.a. and has produced >11Moz Au since 1879

• ✚ Mineralisation in the area generally occurs as discrete adularia/sericite low sulphidation high grade epithermal veins, primarily banded quartz/chalcedony veins within rhyolites and andesites

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Golden Cross Mine 1993
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Work Completed to date

• ✚ Newcrest recently spent over $NZD5 million through a farm in agreement which has now expired

Recent Exploration on the Project

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• ✚ Several geochemical sampling programs for over 1700 samples analysed by 4 acid digest, along with geological mapping

• ✚ 31 line km of IP surveys were collected along with reprocessing of an additional 30km of historical data

• ✚ Recent drilling has targeted stand alone IP/geochemical anomalies outside of the known mineralised areas, comprising 1600m of diamond core across 14 holes

• ✚ Laneway believe there is still excellent potential within the project area for significant new discoveries of mineralisation along with the potential to extend the historic resource areas within the known mining districts along the main mineralised corridor

• ✚ Drill permits and pad preparation has been completed for 8 drill holes along the historically mined Jubilee Vein.

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• ✚ Quartz veining was up to 32ft wide in the Low level main drive and averaged > 1 oz/ton in places. One of the last mined stopes produced 1300oz of Au-Ag bullion from 2118 tons of quartz lode, as seen below

• ✚ No exploration conducted since mining in the 1890’s until 1968, when Consolidated Silver reopened and refurbished the Jubilee Low Level Drive. Financial difficulties meant they failed to produce any gold.

• ✚ Cyprus Minerals NZ assessed both at surface and underground targets and defined a significant nonJORC resource based predominantly on rock chip and channel sampling.

• ✚ Assay results from channel and pillar sampling include 93g/t, 63g/t, 50g/t, 43g/t and 33g/t Au

• ✚ Resource blocks and channel samples show the grades ‘pinch’ between the north and south blocks

• ✚ However, only 10 holes have been drilled into Jubilee’s 500m strike extent and only 3 of these have been drilled > 200m. The Jubilee system has not been adequately drill tested, and has significant upside

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Stoped area
Looking South
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✚ Jubilee is directly along strike of the Karangahake system
but was only mined to 200m
✚ Main Karangahake orebody has vertical continuity of over
700m, which is unusual for epithermal veins, but opens
up exploration potential within the whole project area
✚ The conceptional model below implies the Jubilee
mineralisation likely extends well below the Low Level
Drive in historical workings, but has never been
investigated or drill tested
✚ At Jubilee a mapped succession of stacked rhyolites show
vertical continuity which provides significant potential for
mineralised repetitions and blind shoots
Looking East Maria
Rhyolites at surface
Low Level Drive
Looking East
No.
11
Level
210m
210m
Sulphides increasing
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• ✚ Jubilee is directly along strike of the Karangahake system but was only mined to 200m

• ✚ Main Karangahake orebody has vertical continuity of over 700m, which is unusual for epithermal veins, but opens up exploration potential within the whole project area

• ✚ The conceptional model below implies the Jubilee mineralisation likely extends well below the Low Level Drive in historical workings, but has never been investigated or drill tested

• ✚ At Jubilee a mapped succession of stacked rhyolites show vertical continuity which provides significant potential for mineralised repetitions and blind shoots

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Laneway now has all permits and site preparation in place at Jubilee with 8 holes planned for 3000m DDH.

• ✚ Drilling is currently planned to test the following targets:

• ✚ Drilling of the mapped stacked echelon rhyolites parallel to the main vein structure and are likely to provide a suitable dilational environment for further mineralisation. Potential for 9m wide intercept within these dilation zones

• ✚ Extension of the 521g/t Au re-assayed 30cm intercept within ML18 from 170.5m which has recently been identified as a blind second vein system 50m below the historically mined Jubilee Vein

• ✚ Mineralisation down dip and along strike from the previously stoped, mined Jubilee Vein ore blocks

• ✚ Depth extensions below the Low level Drive at Jubilee which have never been drill tested

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Looking East
210m
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	Method		Indicated (Mt)	Inferred (Mt)	Total (Mt)
	Open Cut		5.4	4.0	9.4
	Underground		1.0	4.3	5.4
	Total		6.5	8.3	14.8

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• ✚ Mining Lease Application (MLA) proposed to cover both EL6234 and EL6428 over 1306 ha is planned to be lodged in the next 12 months;

• ✚ Ashford Basin located in Northern NSW;

• ✚ Main resource within EL6234, which also contains historic workings from power station;

• ✚ Targeted initial production 3 - 400,000 tpa;

• ✚ Metallurgical Coking Coal export product with up to a 20 year mine life;

• ✚ Underlying tenure predominantly low intensity grazing farmland.

• ✚ Initial open cut operation to stabilise high wall conditions and recover open cut coal product to be followed by high wall auger mining methods;

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Proposed MLA
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(1) refer competent persons statement on slide 24

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Laneway’s primary focus is on the further progression of it’s gold project.

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Initially creating cash flow from Agate Creek to establish a robust financial footing enabling progression of its assets and additional potential high growth projects also as appropriate farm-out or JV existing assets. The key objectives for 2019:

Agate Creek Gold Project (100%)

• ✚ Obtain final consents and approvals for grant of Mining Lease

• ✚ Bring Project into Production and Cash Flow from a low capital, low strip ratio, high grade, open cut mining

• ✚ Maroon Gold Tribute agreement allows significant upside potential while minimising risks

• ✚ Extend the current high grade gold resources areas including the Global Resource beyond 381,000 oz

• ✚ Previous trial mining and processing produced 1,725oz of gold with a head grade in excess of 11g/t gold

• ✚ Large highly prospective acreage of 648km[2] with >60 untested targets

Laneway NZ Gold Project (100%)

• ✚ Prime tenure 58km2 in the prolific Hauraki Goldfields. Significant work completed in past 3 years with over 1600 surface samples, 31 line km of IP surveys and ≈6000m of diamond drilling completed across the project

• ✚ The project has significant potential for epithermal gold deposits and contains several outstanding targets

• ✚ Jubilee Area now drill ready with all permits in place and drill access completed for 3000m DDH.

Ashford Coking Coal Project (100%)

• ✚ Updated Coking Coal Resource of 14.8Mt, Mining Lease Application planned in the next 12 months

✚ LANEWAY RESOURCES : WELL POSITIONED FOR GROWTH

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0.5 g/t cut-off	Sherwood	Sherwood	Sherwood South	Sherwood West	Total
Resource Classification	Mt Gold (g/t) Gold (oz)		Mt Gold (g/t) Gold (oz)	Mt Gold (g/t) Gold (oz)	Mt Gold (g/t) Gold (oz)
Indicated Inferred	2.80 1.60 140,000 1.40 1.30 57,000		0.30 1.20 12,000	2.20 1.60 112,000 1.50 1.20 59,000	5.00 1.60 252,000 3.20 1.24 128,000
Total	4.20 1.50 197,000		0.30 1.20 12,000	3.70 1.44 171,000	8.20 1.46 381,000
Grade and tonnage rounded to two decimal places. Ounces calculated after rounding and reported to nearest 1,000 ounces.
High Grade Sub Set		Cut-Off Grade	Indicated	Inferred	Total
		Au (g/t)	kt Gold (g/t) Gold (oz)	kt Gold (g/t) Gold (oz)	kt Gold (g/t) Gold (oz)
Sherwood Sherwood West		2 1	89 6.01 17,300 1080 1.82 59,600	146 1.72 8,100	89 6.01 17,300 1164 1.81 67,700
Total			1169 2.16 76,900	146 1.72 8,100	1253 2.16 85,000
Grade and tonnage rounded to two decimal places. Ounces calculated after rounding and reported to nearest 100 ounces.

A global recoverable Mineral Resource is defined for the Agate Creek Project in Table 1 at a 0.5 g/t Au cut-off suitable for a large open pit operation and is reported on the same basis as the previous resource statement.

A continuous high grade Mineral Resource can be interpreted at cut-off of 2 g/t Au for Sherwood and 1 g/t Au for Sherwood West and reported in Table 2. Table 2 represents a subset of Table1.

Refer competent persons statement on slide 2

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|||||
|---|---|---|---|
|Indicated|Inferred|Total|
|Method|
|(Mt)|(Mt)|(Mt)|
|Open Cut|5.4|4.0|9.4|
|Underground|1.0|4.3|5.4|
|Total|6.5|8.3|14.8|

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||||||
|---|---|---|---|---|
|Raw Quality|adb|
|In-situ|Total|
|IM%|Ash %|VM %|
|RD|Sulphur %|
|1.45|0.9|23.7|0.37|21.2|

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Clean Coal Composite analyses from 10 holes and is summarised in the below table.

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|||||
|---|---|---|---|
|Ashford Seam|Weighted Average|
|Units|Basis|
|Clean Coal Composite|10 holes|
|Simprep Yield (no dilution)|mass %|ad|72.4|
|Simprep Ash (no dilution)|mass %|ad|7.4|
|Proximate Analysis|
|IM|mass %|ad|1.1|
|Ash|mass %|ad|7.3|
|VM|mass %|ad|23.6|
|VM|mass %|db|23.8|
|VM|mass %|daf|25.7|
|FC|mass %|ad|68.0|
|Total Sulphur|mass %|ad|0.43|
|RD|ad|1.35|
|HGI|ad|77|
|Basicity Index|0.161|
|Modified BI|1.56|
|Total Alkalis|% in ash|db|0.86|
|Phosphorus|mass %|ad|0.034|
|CSN|6.5|
|Gray-King|G4-G6|
|Mean Max Vitrinite Reflectance|%|1.14|
|Total Vitrinite|vol %|aa|48.9|

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refer competent persons statement on slide 2