ST GEORGE MINING LIMITED — Capital/Financing Update 2018

Sep 4, 2018

ASX / MEDIA RELEASE

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5 September 2018

MT ALEXANDER NICKEL-COPPER SULPHIDE PROJECT – DRILLING UPDATE

HIGHLIGHTS:

• MAD114 intersects massive nickel-copper sulphides at Investigators further confirming the 320 metre plunge of mineralisation on the MAD60 section towards the north

• 7%Ni and 5.5%Cu average XRF values for the massive sulphides in MAD114 (based on portable XRF analysis with laboratory assays pending)

• Drilling of conductor MAD111: X1 – modelled with an 80 metre down dip extent to the north and conductivity of 140,000 Siemens – has commenced

Emerging Western Australian nickel company St George Mining Limited (ASX: SGQ ) (“ St George ” or “ the Company ”) is pleased to provide an update on the drill programme underway at the Mt Alexander Project, located near Leonora in the north-eastern Goldfields.

MAD114 was completed at the Investigators Prospect to test for an extension of the massive nickel-copper sulphides intersected in MAD108 (for details of MAD108 see our ASX Release of 23 July 2018 High Grade Nickel-Copper Sulphides in First Drill Hole ).

MAD114 has intersected the host ultramafic unit between 193.30m to 206.33m downhole that included the following sulphide mineralisation:

	Interval	Style of Mineralisation
	193.30m
	to	Ultramafic with weak sulphides (<0.5%Ni)
	200.00m
	200.00m to 202.00m	Ultramafic with minor disseminated sulphides (<1%Ni)
	202.00m to 204.91m	Ultramafic with disseminated and blebby sulphides (<2%Ni)
	204.91m to 205.20m	Ultramafic with blebby and semi-massive sulphides (<3%Ni)
	205.20m to 206.33m	Massive sulphides with average XRF readings of 7%Ni and 5.5%Cu

The photograph on the right shows drill core of MAD114 with massive sulphides between 205.20m to 206.33m downhole. Laboratory assays are pending and are required to confirm the grades shown above, which are based on portable XRF analysis.

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ASX / MEDIA RELEASE

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The intersection of massive sulphides in MAD114 further confirms the plunge of mineralisation on the MAD60 section (approximately 231220E) to 320 metres towards the north (see Figure 1).

MAD108 and MAD114 were large step-outs (approximately 110m) from the high-grade intersection in MAD60 of 5.3m @ 4.95%Ni, 2.75%Cu, 0.16%Co, and 4.55g/t total PGEs from 157.9m. Additional drilling is being planned to test for further continuity of mineralisation in the down plunge direction.

The next step out hole planned on the MAD60 section will test for mineralisation approximately 160m to the north of MAD114.

John Prineas, St George Mining’s Executive Chairman, said:

“We are very pleased that drilling continues to confirm the down plunge continuity of mineralisation. With additional step-out drilling planned, we are optimistic of extending the plunge length of mineralisation even further than the very significant 320m extent seen on the MAD60 section so far.

“We are also excited to start drilling of the MAD111: X1 conductor, located some 230m east of the MAD60 section. This target, with a modelled northerly plunge of 80m, offers another excellent opportunity to establish a significant plunge of mineralisation in the down dip direction.”

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Figure 1 – schematic cross section of the MAD60 line (facing west) at Investigators based on interpretation of drill hole data. The mineralised ultramafic dips to the north-west with MAD108 andMAD114 confirming a down dip extension with potential for further mineralisation down plunge.

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MAD115:

MAD115 was planned to test for a potential extension of the massive sulphides intersected in MAD37 which is located in the western side of the Investigators Prospect – see Figures 2 and 3.

MAD37 intersected over 13.5m of nickel-copper sulphide mineralisation including the high-grade interval of:

• 1.27m @ 5.63%Ni, 2.16%Cu, 0.17%Co and 3.86g/t total PGEs from 122m, which includes

• 0.72m @ 7.93%Ni, 2.75%Cu, 0.23%Co and 4.81g/t total PGEs from 122.6m

MAD115 was drilled from the same collar as MAD37 but targeted an area approximately 30m to the west. MAD115 was completed to a downhole depth of 149.2m. The hole intersected a thick ultramafic unit between 117.45m to 135.14m downhole which included a 6m interval of minor disseminated and blebby sulphides between 127m to 133m downhole. Massive sulphides were not observed.

The results from MAD115 are significant as they confirm continuation, and potential thickening, of the mineralised ultramafic unit towards the west.

Extensional drilling is being planned to test for further continuity of the mineralised ultramafic on the western side of Investigators. A down EM (DHEM) survey will also be completed in MAD115 to assess if any conductive material is around the drill hole.

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Figure 2 - plan view of Investigators Prospect with drill hole collar locations (completed and planned) over the large SAMSON total field EM anomalies (red/pink colours). SAMSON EM image is shown in Channel 18 (44ms). The collars for the first three planned drill holes in the current programme are shown (yellow dots) as well as the EM plates (surface expression) to be tested by those drill holes.

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Figure 3 is a long section of Investigators and highlights that mineralisation remains open to the west, east and down plunge to the north and north-west. There are also large areas along strike from known mineralisation that remain untested by drilling.

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Figure 3 – Schematic long section of the Investigators Prospect (facing north) based on interpretation from drill hole data.

Based on the intersection angle of the drilling of MAD114 and MAD115 with the modelled ultramafic unit, downhole widths are interpreted to be close to true widths.

The nickel and copper values shown herein are based on portable XRF analysis and are preliminary estimates only. A conclusive determination of the nickel, copper, cobalt and PGE values of the sulphide mineralisation will be confirmed when laboratory assays are available.

Average XRF readings in the massive sulphide interval are based on 10 readings per metre and are not length and density weighted. Metal content for intervals of sulphide mineralisation other than massive sulphides is not accurately determined by portable XRF analysis and estimates are based on observations during geological logging of the drill core.

DRILL PROGRAMME

Drilling of MAD116 has commenced to test EM conductor MAD111:X1. This conductor was identified from the DHEM survey in MAD111 which detected a strong off-hole EM anomaly 10m to the west of the drill hole.

Modelling by Newexco of conductor MAD111: X1 indicates a very high conductivity/thickness of 140,000 Siemens and a plunge extent of 80 metres to the north.

HOLEID	MGA East	MGA North	RL	Depth(m)	Dip	Azimuth	Depth to Target	Target
MAD114	231218	6806453	420	250	-78	30	205	Extension of MAD108 $M
MAD115	230770	6806330	418	150	-75	285	110	Extension of MAD37 $M
MAD116	231450	6806570	420	240	-75	180	190	Conductor MAD111: X1
MAD117	232000	6806555	420	140	-60	180	110	Extension of MAD112 $M

Table 1 – Initial planned drill holes for the Phase 2 drill programme at Investigators

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Figure 4 - Section 231460 +/-40m (looking west) showing extent of new 80m plate (green). Recently completed drill holes in white with previously drilled holes in red, against 50m grid squares. MAD111 is 10m to the west of the new conductor and did not intersect it.

About the Mt Alexander Project:

The Mt Alexander Project is located 120km south-southwest of the Agnew-Wiluna Belt, which hosts numerous world-class nickel deposits. The Project comprises five granted exploration licences – E29/638, E29/548, E29/962, E29/954 and E29/972.

The Cathedrals, Stricklands and Investigators nickel-copper-cobalt-PGE discoveries are located on E29/638, which is held in joint venture by St George Mining Limited (75%) and Western Areas Limited (25%). St George is the Manager of the Project, with Western Areas retaining a 25% non-contributing interest in the Project (in regard to E29/638 only) until there is a decision to mine.

For further information, please contact:

John Prineas Peter Klinger Executive Chairman Media and Investor Relations St George Mining Limited Cannings Purple +61 (0) 411 421 253 +61 (0) 411 251 540 John.prineas@stgm.com.au pklinger@canningspurple.com.au

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Competent Person Statement:

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Benjamin Pollard, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Pollard is a director of Cadre Geology and Mining Pty Ltd which has been retained by St George Mining Limited to provide technical advice on mineral projects.

Mr Pollard has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Pollard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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The following sections are provided for compliance with requirements for the reporting of exploration results under the JORC Code, 2012 Edition.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	The sections of the core that are selected for assaying are marked up and then recorded on a sample sheet for cutting and sampling at the certified assay laboratory. Samples of HQ or NQ2 core are cut just to the right of the orientation line where available using a diamond core saw, with half core sampled lengthways for assay.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Wherever possible the same side of the drill core is sampled to ensure sample is representative. Appropriate QAQC samples are inserted into the sequences as per industry best practice.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Diamond core (both HQ and NQ2) is half‐core sampled to geological boundaries no more than 1.5m and no less than 10cm. Samples less than 3kg are crushed to 10mm, dried and then pulverised to 75µm. Samples greater than 3kg are first crushed to 10mm then finely crushed to 3mm and input into the rotary splitters to produce a consistent output weight for pulverisation. Pulverisation produces a 40g charge for fire assay. Elements determined from fire assay are gold (Au), platinum (Pt) and palladium (Pd) with a 1ppb detection limit. To determine other PGE concentrations (Rh, Ru, Os, Ir) a 25g charge for nickel sulphide collect fire assay is used with a 1ppb detection limit. Other elements will be analysed using an acid digest and an ICP finish. These elements are: Ag, Al, As, Bi, Ca, Cd, Co, Cr, Fe, K, Li, Mg, Mn, Mo, Nb, Ni, P, Pb, S, Sb, Sn, Te, Ti, V, W, Zn. The sample is digested with nitric, hydrochloric, hydrofluoric and perchloric acids to effect as near to total solubility of the sample as possible. The sample is then analysed using ICP‐AES or ICP‐MS. LOI (Loss on Ignition) will be completed on selected samples to determine the percentage of volatiles released during heating of samples to 1000°C.
Drilling techniques	Drill type (eg core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face‐ sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond drilling is completed using HQ sized coring equipment through the weathered zone (mostly saprock) with 3m barrels, and then HQ or NQ2 in fresh rock with 3m or 6m barrels as required. The core is oriented using ACT II electric core orientation.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Diamond core recoveries are recorded during drilling and reconciled during the core processing and geological logging. The core length recovered is measured for each run and recorded which is used to calculate core recovery as a percentage.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Measures taken to maximise core recovery include using appropriate core diameter and shorter barrel length through the weathered zone, which at Cathedrals and Investigators is mostly <20m and Stricklands <40m depth. Primary locations for core loss in fresh rock are on geological contacts and structural zones, and drill techniques are adjusted accordingly, and if possible these zones are predicted from the geological modelling.

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Criteria	JORC Code explanation	Commentary
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No sample recovery issues have yet been identified that would impact on potential sample bias in the competent fresh rocks that host the mineralised sulphide intervals.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Geological logging is completed for all drill holes with lithology, alteration, mineralisation, structure and veining recorded. The logging is recorded digitally and imported in the St George Mining central database.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Logging is both qualitative and quantitative depending on the field being captured. Core is photographed with one tray per photo and stored digitally.
	The total length and percentage of the relevant intersections logged.	All drill holes are geologically logged in full.
Sub‐sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	The HQ and NQ2 core is cut in half length ways just to the right of the orientation line where available using a diamond core saw. All samples are collected from the same side of the core where practicable.
	If non‐core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Reverse circulation holes have been rotary cone split, and wetness recorded during drilling.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	The entire sample is pulverised to 75µm using LM5 pulverising mills. Samples are dried, crushed and pulverized to produce a homogenous representative sub‐sample for analysis. A grind quality target of 90% passing 75µm is used.
	Quality control procedures adopted for all sub‐ sampling stages to maximise representivity of samples.	Quality control procedures include submission of Certified Reference Materials (standards), duplicates and blanks with each sample batch. QAQC results are routinely reviewed to identify and resolve any issues.
	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.	Duplicate samples are selected during sampling. Samples comprise two quarter core samples, or for RC comprise a one meter sample equally split into two bags and taken at set meter intervals.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered to be appropriate for base metal sulphide mineralisation and associated geology.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Diamond core samples are analysed for Au, Pt and Pd using a 40g lead collection fire assay; for Rh, Ru, Os, Ir using a 25g nickel sulphide collection fire assay; and for Ag, Al, As, Bi, Ca, Cd, Co, Cr, Fe, K, Li, Mg, Mn, Mo, Nb, Ni, P, Pb, S, Sb, Sn, Te, Ti, V, W, Zn using a four acid digest and ICP‐AES or MS finish. The assay method and detection limits are appropriate for analysis of the elements required.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	A handheld XRF instrument (Olympus Innov‐X Spectrum Analyser) is used to systematically analyse the drill core and RC sample piles onsite. One reading is taken per meter, however for any core samples with matrix or massive sulphide mineralisation then multiple samples are taken at set intervals per meter. The instruments are serviced and calibrated at least once a year. Field calibration of the XRF instrument using standards is periodically performed (usually daily). The handheld XRF results are only used for preliminary assessment and reporting of element compositions, prior to the receipt of assay results from the certified laboratory.

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Criteria	JORC Code explanation	Commentary
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Laboratory QAQC involves the use of internal lab standards using certified reference material (CRMs), blanks and pulp duplicates as part of in house procedures. The Company also submits a suite of CRMs, blanks and selects appropriate samples for duplicates. Sample preparation checks for fineness are performed by the laboratory to ensure the grind size of 90% passing 75µm is being attained.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant intersections are verified by the Exploration Manager of St George Mining.
	The use of twinned holes.	No twin holes are currently planned for the upcoming drill program.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary data is captured onto a laptop using acQuire software and includes geological logging, sample data and QA/QC information. This data, together with the assay data, is entered into the St George Mining central SQL database which is managed by external consultants.
	Discuss any adjustment to assay data.	No adjustments or calibrations will be made to any primary assay data reported.
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.	Drill holes have been located and pegged using a DGPS system with an expected accuracy of +/‐0.05mmm for easting, northing and elevation. Downhole surveys are conducted using a single shot camera approximately every 30m during drilling to record and monitor deviations of the hole from the planned dip and azimuth. Post‐drilling downhole gyroscopic surveys will be conducted, which provide more accurate survey results.
	Specification of the grid system used.	The grid system used at the Mt Alexander project is GDA94 (MGA), zone 51.
	Quality and adequacy of topographic control.	Elevation data has been acquired using DGPS surveying at individual collar locations and entered into the central database. A topographic surface has been created using this elevation data.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The diamond drill program is testing modelled EM conductors and geological criteria for massive nickel‐copper‐PGE sulphide mineralisation. The spacing and distribution of the planned drill holes is appropriate to test the defined targets.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The completed drilling at Cathedrals, Stricklands and Investigators is not sufficient to establish the degree of geological and grade continuity to support the definition of Mineral Resource and Reserves and the classifications applied under the 2012 JORC code.
	Whether sample compositing has been applied.	No compositing has been applied to the exploration results.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Drill holes are planned as perpendicular as possible to the target EM plates and geological units to approximate true width. Most of the ultramafic units in the Cathedrals Belt dip shallow to the north (and occasionally south) and where possible drill holes are planned to intersect perpendicular to this dip. The orientation of key structures may be locally variable.

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Criteria	JORC Code explanation	Commentary
	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.	No orientation based sampling bias has been identified in the data to date.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by St George Mining. Core samples are stored in the secure facilities at Bureau Veritas laboratory in Perth. Transportation of core is managed by St George contractors and Bureau Veritas and actively track monitored.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews have been conducted at this stage.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral Tenement and Land Status	Type, name/reference number, location and ownership including agreements or material issues with third parties including joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Mt Alexander Project is comprised of five granted Exploration Licences (E29/638, E29/548, E29/954, E29/962 and E29/972). Tenement E29/638 is held in Joint Venture between St George (75% interest) and Western Areas (25% interest). E29/638 and E29/548 are also subject to a royalty in favour of a third party that is outlined in the ASX Release dated 17 December 2015 (as regards E29/638) and the ASX release dated 18 September 2015 (as regards E29/548). No environmentally sensitive sites have been identified on the tenements. A registered Heritage site known as Willsmore 1 (DAA identification 3087) straddles tenements E29/548 and E29/638. All four tenements are in good standing and no known impediments exist.
Exploration Done by Other Parties	Acknowledgment and appraisal of exploration by other parties.	Exploration on tenements E29/638 and E29/962 has been largely for komatiite‐hosted nickel sulphides in the Mt Alexander Greenstone Belt. Exploration in the northern section of E29/638 (Cathedrals Belt) and also limited exploration on E29/548 has been for komatiite‐ hosted Ni‐Cu sulphides in granite terrane. No historic exploration has been identified on E29/954 or E29/972. The target lithological unit in the Mt Alexander Greenstone belt has historically been the Central Ultramafic Unit, which has been explored by a number of parties, most recently by Nickel West. High grade nickel‐copper‐PGE sulphides were discovered at the Mt Alexander Project in 2008. Drilling was completed to test co‐incident electromagnetic (EM) and magnetic anomalies associated with nickel‐PGE enriched gossans in the northern section of current tenement E29/638. The drilling identified high grade nickel‐copper mineralisation in granite‐hosted ultramafic units and the discovery was named the Cathedrals Prospect.
Geology	Deposit type, geological setting and style of mineralisation	The Mt Alexander Project is at the northern end of a western bifurcation of the Mt Ida Greenstones. The greenstones are bound to the west by the Ida Fault, a significant Craton‐scale structure that marks the boundary between the Kalgoorlie Terrane (and Eastern Goldfields Superterrane) to the east and the Youanmi Terrane to the west. The Mt Alexander Project is prospective for further high‐grade komatiite‐hosted nickel‐copper‐PGE mineralisation (both greenstone and granite hosted) and also precious metal mineralisation (i.e. orogenic gold) that is typified elsewhere in the Yilgarn Craton.
Drill hole information	A summary of all information material to the understanding of the exploration results	Drill hole collar locations are shown in the maps and tables included in the body of the relevant ASX release.

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Criteria	JORC Code explanation	Commentary
	including tabulation of the following information for all Material drill holes: • Easting and northing of the drill hole collar •Elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception depth • Hole length
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut‐off grades are usually Material and should be stated.	Reported assay intersections are length and density weighted. Significant intersections are determined using both qualitative (i.e. geological logging) and quantitative (i.e. lower cut‐off) methods. For massive sulphide intersections, the nominal lower cut‐off is 2% for either nickel or copper. For disseminated, blebby and matrix sulphide intersections the nominal lower cut‐off for nickel is 0.3%.
	Where aggregated 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.	Any high‐grade sulphide intervals internal to broader zones of sulphide mineralisation are reported as_included_intervals. Any disseminated, matrix, brecciated or stringer sulphides with (usually) >1% nickel or copper on contact with massive sulphide mineralisation are grouped with the massive sulphides for calculating significant intersections and the massive sulphide mineralisation is reported as an_including_intersection.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values have yet been used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of exploration results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. down hole length, true width not known).	Assay intersections are reported as down hole lengths. Drill holes are planned as perpendicular as possible to intersect the target EM plates and geological targets so downhole lengths are usually interpreted to be near true width.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plane view of drill hole collar locations and appropriate sectional views.	A prospect location map, cross section and long section are shown in the body of relevant ASX Releases.
Balanced Reporting	Where comprehensive reporting of all Exploration Results is not practical, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting Exploration Results.	The exploration results reported are representative of the mineralisation style with grades and/or widths reported in a consistent manner.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observation; 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.	All material or meaningful data collected has been reported. Appendix A contains details of significant intersections at the Investigators Prospect announced by the Company.
Further Work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large – scale step – out drilling).	Further exploration in the Cathedrals Belt is currently being planned based on results from the recent drill program. Further exploration is also warranted north of the Cathedrals Belt on E29/548, and also in the Mt Alexander greenstone belt to the south.

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Criteria	JORC Code explanation	Commentary
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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Hole ID	GDA94 East	GDA94 North	Dip	Azimuth	Depth (m)	From (m)	To (m)	Width (m)	Ni%	Cu%	Co%	Total PGEs **g/t **	Au g/t	Ag g/t
MAD29	231559.5	6806419.6	‐60	160	201.6	104.00	105	1	0.36	0.18	0.01	1.02	0.12	1.50
MAD31	231559.4	6806416.5	‐63	133	160	108.00	111.67	3.67	0.56	0.28	0.02	1.22	0.16	1.98
MAD31						111.67	113.24	1.57	6.26	2.71	0.18	4.91	0.19	8.10
		Including				112.08	113.09	1.01	7.98	3.13	0.22	5.90	0.14	9.06
MAD32	232040.2	6806403	‐73	220	92.7	44	51.6	7.6	0.44	0.19	0.02	0.59	0.03	0.88
MAD32						51.6	53.52	1.92	4.58	1.52	0.14	3.83	0.12	4.43
		Including				52.75	53.52	0.77	7.82	2.50	0.24	6.31	0.13	6.82
MAD33	232038.2	6806412	‐57	330	129.7	87.45	96.48	9.03	0.43	0.14	0.02	0.44	0.03	1.08
MAD33						96.48	97.49	1.01	5.81	2.33	0.22	4.32	0.12	7.30
MAD34	230769	6806330	‐70	25	152.5	94	96.1	2.1	0.52	0.25	0.02	0.57	0.07	2.04
MAD34						96.1	98.89	2.79	1.63	0.53	0.05	1.24	0.11	3.62
		Including				98.7	98.89	0.19	7.34	1.53	0.22	3.27	0.05	24.00
MAD37	230772.7	6806327	‐84	335	156	110	122	12	0.41	0.13	0.02	0.35	0.04	1.22
MAD37						122	123.27	1.27	5.63	2.16	0.17	3.86	0.10	6.83
		Including				122.55	123.27	0.72	7.93	2.75	0.23	4.81	0.07	9.00
		And, Including				123.27	123.6	0.33	0.81	0.69	0.03	2.33	0.14	2.50
MAD38	231205.1	6806248	‐70	90	65.5	25.4	28.14	2.74	3.77	1.48	0.10	3.85	0.17	5.49
		Including				26.3	26.4	0.1	12.80	5.54	0.25	11.52	0.38	36.50
		And, Including				27.6	28.14	0.54	8.59	3.43	0.24	6.73	0.14	10.00
MAD40	231575.7	6806427	‐68	160	142.3	105.35	106.79	1.44	0.46	0.16	0.02	0.60	0.07	1.32
MAD40						106.79	108.75	1.96	5.09	2.11	0.16	3.46	0.39	6.04
		Including				107.75	108.75	1	7.88	3.11	0.24	5.04	0.53	8.00
MAD43	231528.9	6806508	‐70	160	180	149.7	157.22	7.52	0.43	0.20	0.02	0.55	0.05	1.13
MAD43						157.22	157.9	0.68	7.09	2.73	0.23	3.54	0.14	9.50
MAD43						170.43	170.53	0.1	4.25	0.98	0.13	2.91	0.11	6.00
MAD43						171.1	171.25	0.15	1.88	1.27	0.06	1.65	0.11	6.50
MAD44	231482.4	6806488	‐70	180	180	155.66	156.11	0.45	5.59	1.27	0.18	4.28	0.24	11.70
		Including				155.84	156.11	0.27	8.49	1.67	0.27	5.24	0.20	16.50
MAD45	231004.9	6806368	‐81	355	229	174	178.23	4.23	0.39	0.13	0.02	0.35	0.04	0.85
MAD45						178.23	180.14	1.91	3.60	1.04	0.11	2.56	0.19	2.71
		Including				178.87	179.08	0.21	5.44	0.51	0.17	2.55	0.09	2.50
		And, Including				179.76	180.14	0.38	7.10	2.84	0.21	5.42	0.21	7.00
MAD47	231659.8	6806394	‐70	175	142.1	42.2	43	0.8	1.77	2.85	0.05	4.31	0.21	8.34
		Including				42.2	42.35	0.15	0.92	6.85	0.02	5.35	0.24	21.00
		And, Including				42.9	43	0.1	7.54	7.02	0.28	10.04	0.33	14.00
MAD47	231659.8	6806394	‐70	175	142.1	43.95	44.2	0.25	1.65	0.74	0.03	2.71	0.13	2.50
MAD48	231559.7	6806410	‐70	181	127.1	89.35	91.98	2.63	0.58	0.33	0.02	0.97	0.10	4.36
MAD48						91.98	92.89	0.91	7.23	2.42	0.20	4.51	0.18	8.00
MAD60	231225.2	6806451	‐70	178	190	156	157.9	1.9	0.60	0.28	0.02	1.49	0.29	2.63
MAD60						157.9	163.2	5.3	4.95	2.75	0.16	4.55	0.25	8.95
		Including				159.38	162.38	3	6.40	3.55	0.21	5.25	0.17	12.18
		And, Including				162.9	163.2	0.3	5.93	3.54	0.20	4.36	0.12	11.00
MAD61	231249.4	6806423	‐70	180	160.1	133	135.6	2.6	0.37	0.17	0.01	0.48	0.04	0.65
MAD61						135.94	136.18	0.24	0.73	0.61	0.02	1.64	0.14	2.50

7

MAD62	231587.4	6806445	‐70	0	220	195.84	197.25	1.41	0.82	0.31	0.04	0.92	0.07	1.28
MAD62						197.25	197.56	0.31	6.07	2.81	0.23	2.94	0.03	6.50
MAD63	230796.9	6806312	‐75	355	128.1	106	110.33	4.33	0.81	0.35	0.03	1.26	0.17	2.66
MAD63						110.33	110.62	0.29	7.73	2.57	0.24	3.26	0.04	5.50
MAD63						110.62	110.77	0.15	0.82	1.05	0.03	6.13	0.08	3.50
MAD72	231242.1	6806418	‐75	180	154.7	131.3	135.79	4.49	0.38	0.09	0.02	0.28	0.02	0.55
MAD72						135.79	136	0.21	5.90	0.32	0.19	1.08	0.01	3.00
MAD72						136	136.71	0.71	0.53	0.15	0.02	0.40	0.03	7.00
MAD72						136.71	136.96	0.25	6.23	7.48	0.21	2.52	0.01	18.00

Appendix A ‐ Significant Intersections at the Investigators Prospect

8