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STREAMPLAY STUDIO LIMITED Environmental & Social Information 2015

Mar 16, 2015

65841_rns_2015-03-16_45684a7d-0ba1-4d0d-a067-c74bc23e91e3.pdf

Environmental & Social Information

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PO Box 8206 Subiaco East WA 6008 Australia e: [email protected] w: www.gippslandltd.com

Abu Dabbab & Nuweibi Resource JORC 2012 Updates Abu Dabbab &

Release Date: 17 March 2015

Key Points

  • Abu Dabbab total contained resources of 25 million lbs of tantalum and 39,000 tonnes of tin.
  • Updated resources represent large-scale globally strategic "speciality metal" (tantalum) deposits.
  • Updated 2012 JORC estimate forms a sound basis for completion of new 400K Stage 1 Development Plan (announced 26 February 2015) which is planned to commence imminently, subject to completion of financing agreement.

Summary

Gippsland Ltd (ASX:GIP) is pleased to announce an updated Mineral Resource Estimate for the Abu Dabbab Tantalum-Tin-Feldspar Project (Table 1) and the Nuweibi Tantalum-Niobium Project (Table 2); reported in accordance with the guidelines of the 2012 JORC Code. Gippsland has a 50% interest in the resources through its 50% equity in Tantalum Egypt JSC, the company which holds the licences; the other 50% is held by the Government of Egypt through the Egyptian Company of Mineral Resources.

Category Tonnes (Mt) Ta2O5(ppm) Sn (%)
Measured 15.2 290 0.143
Indicated 17 250 0.078
Inferred 10 200 0.03
TOTAL 45 250 0.090

Table 1: Abu Dabbab Mineral Resource (100g/t Ta2O5 cut-off)

Note 1: Numbers in table may not add correctly due to rounding

Table 2: Nuweibi Mineral Resource (100g/t Ta2O5 cut-off)

Category Tonnes (Mt) Ta2O5(ppm) Nb2O5(ppm)
Indicated 48 150 95
Inferred 50 140 95
TOTAL 100 140 95

Note 1: Numbers in table may not add correctly due to rounding

The two projects are in Egypt, approximately 20 km apart (refer Figure 1) with Abu Dabbab being at an advanced status with a feasibility level development plan currently being finalised. Details on both Mineral Resources are provided in the following sections of this report including the technical supporting checklists as attachments.

Commentary

There are no material changes to either resource estimate which at Abu Dabbab re-affirm a large scale, moderate to high grade tantalum resource with significant tin and feldspar credits. Receipt of this update report represents a further milestone for updating the overall project technical parameters as the Company prepares to commence project development pending completion of the US$7 million financing agreement announced 26 February 2015.

Gippsland's Managing Director, Mike Rosenstreich commented "the team is close to finalising our 400K Stage 1 Development Plan, so this provides a sound updated basis for our development plans. We look forward to providing more details to shareholders in the near term."

Figure 1: Location and Access for Abu Dabbab and Nuweibi Projects

1. ABU DABBAB

1.1 Introduction

In 2005 Gippsland estimated the mineral resources at Abu Dabbab using the historical drilling and adit data. Following a small RC and diamond drilling programme in 2007 an updated Mineral Resource estimate was prepared in 2008. Both estimates were prepared in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (Code) and attached Guidelines to the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves prepared by the Joint Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Australian Mining Industry Council (JORC) dated 2004.

The Company has received a report from Dr John Chisholm of Continental Resource Management Pty Ltd which is an update on the mineral resources for the Abu Dabbab Project that has been prepared in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2012 edition). It does not include any new drilling data completed since the preparation of the mineral estimate prepared in 2008.

The only difference between the current mineral resource estimate and the previous 2008 mineral resource estimate is the more rigorous application of rounding to significant figures for the different resource categories.

The Mineral Resources for Abu Dabbab have been prepared in accordance with the JORC Code 2012 and are reported at a 100 ppm Ta2O5 cut-off as follows.

Category Tonnes (Mt) Ta2O5(ppm) Sn (%)
Measured 15.2 290 0.143
Indicated 17 250 0.078
Inferred 10 200 0.03
TOTAL 45 250 0.090

Table: 1.1 Abu Dabbab Mineral Resource (100g/t Ta2O5 cut-off)

Note 1: Numbers in table may not add correctly due to rounding

Niobium

Niobium grades were not included in the 2008 resource estimation as it was not considered to be of sufficient economic interest. The levels of Nb2O5 that can be expected to occur within the deposit are available from the 2005 resource estimate (Table: 1.2).

Feldspar

Testwork on the feldspar content of the Abu Dabbab apogranite has shown the potential for developing a high purity ceramic grade product with significant export potential. The volume of the apogranite has been determined by a wireframe model that was used in the Ta2O5 and Sn estimation in 2008. This wireframe limits the volume of the apogranite to 18 Mm3 and at a global density of 2.6 gives 47 Mt of apogranite. The available petrographic information and CIPW normative calculations derived from major element analyses give average feldspar content of 65%, although the final product will contain some quartz and still remain within product specification.

Pit optimisation studies (15 year pit shell) indicate that 30 Mt of apogranite would be mined which based on a 65% feldspar content this would yield approximately 10 Mt of ceramic grade feldspar. It should be noted that the feldspar content of the Abu Dabbab deposit is not included in the Company's mineral resource inventory.

1.2 Exploration History

Tin-tungsten mineralisation at Abu Dabbab was first noted in quartz veins in 1944 but it was not until 1970 when tantalum-niobium minerals were discovered in the exposed albitised granite. This discovery was followed up with a detailed exploration program from 1970 to 1973 by a joint Egyptian-Soviet team, under a cooperative contract. A total of 17 diamond drill holes, three adits, one crosscut, numerous trenches and surface sampling were completed during this period. Bulk sampling and processing tests were carried out in 1973 - 1974 and a "techno-economic feasibility report"1 was completed in 1975.

In the early 1990s the project was further explored by a joint venture between the Egyptian Government (EGSMA) and Geominera Italiana. The joint venturers drilled a further 11 holes totalling 667.2 m, estimated the contained resources and conducted a range of metallurgical testwork.

In 1999 Gippsland reviewed the Abu Dabbab Project, but at that time the low tantalum prices made the project unattractive. With the rise in the price of tantalum metal and the declining Australian dollar in 2001, Gippsland re-assessed the Project, conducted a site visit in 21 April 2001 and commenced negotiations with officials of the Egyptian Geological Survey (EGSMA) in Cairo.

Gippsland has since carried out re-sampling of the adits to verify the previous results, completed RC and diamond drilling, collected bulk samples and conducted extensive and detailed metallurgical testwork.

1 Approximately equivalent to a present day pre-feasibility study

1.3 Previous Mineral Resource Estimates

In July 2005 Gippsland completed an estimation of the resources by ore block modelling (inverse distance squared) and reported as follows:

Category Tonnes (Mt) Ta2O5(%) Nb2O5(%) Sn (%)
Measured resources 12.0 0.0274 0.0126 0.130
Indicated resources 2.1 0.0260 0.009 0.16
Inferred resources 26 0.0240 0.0110 0.06
Total all categories 39.9 0.0252 0.0116 0.089

Note: Numbers in table may not add correctly due to rounding

Following the completion of a small RC and diamond infill drilling campaign at Abu Dabbab in April 2008, a resource estimation update was completed to include all of the new data. The drilling programme was designed to allow the upgrade of the Inferred Resources to the higher Indicated and Measured categories. The update included a review of the structure of the mineralisation, followed by an interpretation of the mineralised outlines and construction of a new wireframe model and is presented in Table 1.3.

Category Million Tonnes Ta2O5(ppm) Sn (%)
Measured 15.2 290 0.143%
Indicated 17.3 250 0.078%
Inferred 12 200 0.03%
Total 44.5 250 0.09%

Table: 1.3 Abu Dabbab Resources update July 2008 (100g/t Ta2O5 cut-off)

Note: Numbers in table may not add correctly due to rounding

1.4 Geological Setting

The Abu Dabbab deposit is of the "granitic rare-metal pegmatite" style of mineralisation. The apogranite has been emplaced along a northwest trending shear zone within a sequence of basic to-ultrabasic rocks and volcano-clastic sediments. The Ta-Nb-Sn mineralisation of Abu Dabbab occurs as disseminated cassiterite and niobio-tantalite, hosted in a stock of apogranite. No significant mineralisation is present in the country rocks surrounding the apogranite, and for modelling purposes the deposit limits correspond to the outline of the apogranitic body.

The apogranite is leucocratic, holocrystalline, white grey to greenish blue and is mostly fine to medium grained and in part shows a porphyritic texture. The deposit has been subjected to various alteration processes which are manifest in the form of greisenisation, microclinisation, silicification and albitisation.

The shape of the host apogranite intrusion is generally ellipsoidal except in the north-western part where there is a narrow off-shoot, about 150 m in length. The apogranite mass is elongate in an east-west direction with a maximum length of about 400 m. Maximum width in a northeast-southwest direction is nearly 200 m. The body extends about 130 m, above the level of the adits and has been intersected in drilling at a depth of 350 m below the adits.

1.5 Potential for Additional Resources

There is limited potential for additional resources of tantalum and tin within the current Abu Dabbab tenements as the mineralisation is contained exclusively within the apogranite host and the boundaries of this unit has been constrained by the current drilling and adit development. There is however considerable potential for new deposits to be discovered elsewhere within the region.

2.0 NUWEIBI

2.1 Introduction

Tin mineralisation was first discovered at Nuweibi in 1944 but it was not until 1970 that tantalite was recognised. From 1970 to 1973, a programme of detailed exploration was carried out on the deposit and associated placers by a joint Egyptian-Soviet team, under a cooperative contract (No. 1980). The work included 23 diamond drill holes totalling 2,746 m, seven surface trenches, extensive surface sampling and four bulk samples for metallurgical testwork.

The Nuweibi mineralisation is hosted by an apogranite intrusive within a sequence of schists, gabbro, serpentinite older granites and dykes of varying composition. The apogranite that hosts the mineralisation is comprised of three main facies, an upper, middle and lower, each separated by transition zones.

2.2 Previous Resource Estimates

The mineral resources at Nuweibi were initially estimated by the joint Egyptian-Soviet exploration team and classified as C1 & C2 according to the Russian system.

In 2003, Gippsland estimated the mineral resources using the ore block model method using 10 m N x 10 m E x 5 m RL rectangular blocks with grade interpolation using inverse distance squared. The estimate, prepared in 2003 and updated in 2004, used the historical drilling data and was prepared in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (Code) and attached Guidelines to the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves prepared by the Joint Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Australian Mining Industry Council (JORC) dated 2004.

The Company has received a report from Dr John Chisholm of Continental Resource Management Pty Ltd which is an update on the mineral resources for the Nuweibi Project that has been prepared in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2012 edition). It does not include any new drilling data completed since the preparation of the mineral estimate prepared in 2003.

2.3 Mineral Resources (2015)

The Mineral Resources for Nuweibi have been prepared in accordance with the JORC Code 2012 and are reported at a 100 ppm Ta2O5 cut-off as follows.

Category Tonnes (Mt) Ta2O5(ppm) Nb2O5(ppm)
Indicated 48 150 95
Inferred 50 140 95
TOTAL 100 140 95

Table 2.1: Nuweibi Mineral Resource (100g/t Ta2O5 cut-off)

Note 1: Numbers in table may not add correctly due to rounding

The only difference between the current mineral resource estimate and the previous 2003 mineral resource estimate is the more rigorous application of rounding to significant figures for the different resource categories. The Nb2O5 values were previously estimated but had not been included in the Gippsland Ltd mineral resource and ore reserve inventory as niobium was not considered to be of significant value.

The total Mineral Resources agree reasonably well with the Soviet results in that the Soviets estimated 82 Mt at 156 ppm Ta2O5. Higher cut-off grades had only a marginal effect on the final grade; viz: 86 Mt at 149 ppm (110 ppm cut-off) or 80 Mt at 152 ppm at a 120 ppm cut-off.

Unlike the nearby Abu Dabbab Project, the Nuweibi deposit has very low tin values of less than 10 ppm. Tin mineralisation however has been identified in thin quartz veins 1-2 km southeast of the Nuweibi deposit.

2.4 Metallurgical Testwork

Four bulk metallurgical samples were collected for metallurgical test work in the USSR. The four samples were crushed, split and composited into two final samples (NB-I & NB-II) weighing 4,600 kg and 4,400 kg respectively. Testwork on the bulk samples showed that most of the tantalum and niobium in the ores occurs as unbound grains of columbite-tantalite which are extractable by gravitation techniques; the rest of these components occur as finely dispersed particles (<0.044 mm), both in slimes and in the associated minerals. A provisional flow sheet for beneficiating the ores comprises two principal stages: three-stage primary gravitational concentration of the initial ore and final concentration of the rough gravity concentrates using gravity, electromagnetic, electrical and chemical methods. The tantalum concentrates for the two bulk samples, respectively, average 33.66% and 31.86% Ta2O5 with recoveries of 64.61% and 68.76% respectively from the feed ore.

2.5 Potential for Additional Resources

There is considerable potential for the discovery of additional mineral resources as the deposit is open to the east, to the west and at depth as some of the holes terminated in mineralisation. There is also the potential for higher grade zones to occur within the Nuweibi resource area as the drill spacing between the holes at Nuweibi is quite wide at 100 m. Examination of the Nuweibi drill assays and trench assays indicates that there is the potential for some higher grade zones within the known deposit. Five percent of the 1,281 drill assays are in excess of 200 ppm. A similar percentage of the 511 trench sample assays are in excess of 200 ppm. A small number of rock-chip samples were collected in the early 1970s over the Nuweibi resource area and some of these show elevated Ta2O5 values.

There is also the potential for Ta- Sn deposits away from the area of the defined Nuweibi resource. The host rocks at Nuweibi are similar to a large area of rocks outcropping to the southwest of the Nuweibi Ta-Nb deposit. Previous surface sampling during the 1970s was very wide spaced and does not adequately test the area.

Mike Rosenstreich (Managing Director) T: +61 8 9340 6000

E: [email protected]

Competent Persons Compliance Statement

The information in this announcement that relates to Exploration Targets, Exploration Results or Mineral Resources is based on, and fairly represents, information and supporting documentation prepared and compiled by Dr John Chisholm, a Competent Person who is a Fellow of the Australasian Institute of Mines and Metallurgy. Dr Chisholm is employed by Mandu Pty Limited which provides geological consulting services to the Company. Mandu Pty Limited holds 214,286 ordinary shares in the Company. Mandu Superannuation Fund Pty Limited of which Dr Chisholm is director and shareholder holds 5,765,080 ordinary shares in the Company. Dr Chisholm has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves". Dr Chisholm consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Disclaimer

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, reserves or potential growth of Gippsland Ltd (or its affiliates), industry growth or other trend projections are, or may be, forward-looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.

Nothing in this announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares of Gippsland in any jurisdiction.

Appendix 1: Abu Dabbab Mineral Resource Estimate

Table 1 Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Appendix 1: Abu Dabbab Mineral Resource Estimate

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

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inlMeradtet anemennladtennuretatuss /fbelocdTyiont•pe,reerencenamenumr,aanhlulipincdingiatsteownersagreemenormarhhdhissiiriesjintttt vtuueswparsucasoenres,hdlleipiingiesiveitnttttparerss,overrroyana,inhisical siildeionltets,totestresrrness or naaw,k ad el siroingtattparnnvnmenes.hefheheldhefTiimtyttettt•securonureaeoinglonih aknimdimtttstoreporagnyownpeenwblheiningiceintatotetoanceoperaarea hebubbabdedbyloTADaiisExiionttwtat•poscovereop()()hefiningice68&69dinML1515tetncesgrannameolumkdTaEgJoinSCoinctatttotenypcmpany,acompanyorporaddbyhefolinEg50%EgianCoMinet attypnowneypmpanyrra(f)Cdivisiond0%bylumReEMR,EMRA5TatasourcesaoannldhhdbsdfInioPLicis100%iiartettytrnanawaownesuyolandd.GipLtpsheldbylhTiceMinisiaDein10Mtete•ncesweregranrcreearchfddfo2004i30iottettotewanureoyearsananopnexnr afuhe30 ytrrears.llhaToiceis1,911ta•nce area
loioExtprandobyhetneoriestpar knledgdl oflorAcisaiontt•owmenanappraexpabyheiesttor par lordbebyloglEx1970-73jinEgian–Sieicatwttt g•peeenaoypoveofedinhely990sbyianlian1Eg-IRetetttateamanearanpamrylorhefhefoiouionionintottttetttprevsexpasecxoreporrdels.lsohefeiSeReiontatte arence sec
loGeogy logl sdlefDeiicaingttyttty•pospe,geoeansoinelisaiontmra hebubbabdefhe"glTADaiisiictttta•posoranrare-mei" slef minelisaiottetytpegmaoran.heihabelacdlondingheTNWtetre•apogransenempeagansarhfbalbaksd vlcaiinicicttotrazonewa sequence osusrocanonolasicdimheb-inelizaiofbubbabTTa-NSnADattstcseenmranodddblhodissinaiiioio-itetetetatateteoccursasemcassrannns,k of afliniNoigiicaineizaioistotet mtta scpogransnnranpresenisheksdingheidfottryttecounrocsurrounapogrananr,dellhedeldhelingiimiinetttstottmopurposesposcorresponoufhebodyiicttoapogranheleuholocllhTiisic,ineitettateto•apograncocraryswgrey,ishbluedislyfinediumineddinttotgreenanmosmegraanparhohyhedehabebdiicTijttetuttetoswsaporprxrepossensueclhhfehefofioioniciintetttvarusaraprocesseswaremansrmollflbiseizaioicrinizaioiiciicaiond aiizaiotttttgrenn,mocn,sann.hehafhehollyiinioisTtttetru•speosapogransngeneralldal eheh-heheipiinisttttet wtesoxcepnorwesrnparrerea

Appendix 1: Abu Dabbab Mineral Resource Estimate

Criiater delanJORCCoiotexpan Cotammenry
ff-shobolenh.he150minTiist,tttenarrowooaugapogranmassflonindireioihimlenhtet-wttttegaaneasescnamaxumgowbodhhehw400mMimiintttt-sttauaxumwanorasouesdlyhebodydsboboireiois200mT130mttetcnnearexnauave,fhelevl ohedidhabeindindrillingtttstetet aeaansenrsecadeh ofbelowhed350mitttspaheflheTisigiicaineisaiointttttry•renosnnmranpresencounksdheingitterocsurrounapogran
illholeDr•fIniontorma• fllflheAinioniattetotsummaryoaormamarfdedinghelorionltatttsunrsnoexparesuludbulafheflloincingioningtattaoowffllldrllholesinionMiaitteormaoraar:dhfhedrllholeingingittteasannoroollarco(leviondudlRLReLeteaorceveo–levbolevl)fioninttreeaaveseaemesohedrllholellaritcodipd aimh ofheholettanzuodoholelenhdinionttetwnganrcepodehtpholelenh.tgofhelusionfhisinfionisjified oIttttexcoormausnhebahaheflisinionisMiatttttttesormanoardhlusdodefheisiontttrattanexcesnocromfdedingheheCotatt,ttetunrsnorepormpenholdlealylahyhhePeinisisttrsonsucrexpwcase lldrll-holed chal slefobuladblesAiinioisttateta•annneamprmandindicehedApReRettatot.anpens acsourceporfoinionlainghedrillingdahabeluded.Notttotta•rmaresenexc
Data•iontaggregahodstme• lorlhIningExionReigingttts,treporpasuwe/inghniqimdteaveragcues,maxumanorde(fhhinimioningigtrutttmumgrancasegcuode)dffdellylMiat-otegrasancugras areusuaard sholdbed.tateansuhehoWininctetetstetreaggregarceporporasrlenhsfhhdeldlonlenhsigttstgograresuangergflodelhedudfts,tograresprocereseorwuu dedbyfbablUpineinioiitstetetatty•percuwerermrprenoproffolo800O5dlesAnTatst opppercppmasser sampuuwu2hhefrahafleshheiinireLe1%iintttttwwme.ssnosampwfraffed.iretewme were acd.Noiont•aggregawasusel eivalenlued.Notat v•meqas useu
Criiater OCCodelanioJRtexpan Cotammenry
hholbeiondddttatesucaggregassansomeul elesfh aholdbeicaiontytpxamposucggregas suhoindeil.taswnffheiondingTtt•assumpsuseoranyreporollenlueholdbelealyivatatmeequvassucrd.tates
laiohipRetnsbetweeninlisaiotmeraidhsdtnanwintetrceplenhstg helahlarlyTionipicuimintttat•seress areparpornfheinglorionlExRetttts.reporopasuffheheinelisaionihIttryttt•geomeomrawhedrllholelekniisittottsrespecangown,holdbed.tutenaresureporfiiskndlyhedoholeIttt•noownanonwnlenhsd,heholdbeleattetgarereporresuacrhff('doholelenh,istatettotttsmeneecegwng').idh nkntrutte woown helhoTineisaionist•mramogenous.lldoholelenhshhheAinioictettt•rsecnsarewn-gwaresameasidhstrute w
Diagrams ()iadionihlesAptett•proprmapsansesscacwdbulafholdbeludedionininctattetsans orcepsuffdbedigiicaiscingtteoranysnnoveryreporheholdincludebubelimidTt nttetosesuoa,lanfdrllholellarlocdiewiiontpvocoasanl viaioniewtetapproprsecas. dionihinheinelMReReTttt.•apsansessourcepormracwdedlocl md.lldaineingiciAtetrtaresources werermusaaegrhahobedheUTMWGS84Zo35tetotsweverenconvernedinatetecoorsysmiesfdrill sioincluded adix.At•seroecnsares an appen
ladBanceintreporg hehefllWiveingt•recomprensreporoalorionlisicable,ExRettsttpasunopracfbohlodhhiveingigtatttrepresenreporowan/deddhsholdbediicetttograsanorwsupracleafloridisdingingionExttavomreporopalRets.su blhohdlaAsiaiiisisivetytot•sayvarswnasgramsancumubabililoihinhisReRetytsttt.propwsourcepor
heOtrbsivetatsunloiotexprandata helordaffldOioniingttta,•rexpameanuanl,holdbedlud(buiaincingtetet ntmarsureporo)limidlogical obsionhyicaltetot: geoervas;geopslhel slbulkicats;ts;surveyresugeocmurveyresulesdhodfizettretmt;sampsanmeoaen–lluricallbulkdeitatetts;ty,megsresunsdwhnldkicatetegrounar,geocanroc hal sldhel sfalExiveingicaingte•nscnneampangeocmurcesampledddhedrlliniioiingtettotcompanlkdededddrBuiinaioniineinatytettets•nsrmanacmagesled.tecomplogl slhelineicaingieddyineMttotut•raampwascarrousmraf o-bleshiioingiSaiging15-ttecomposnoreearapogranmpwefrofaf8kgllecdheheid1tettteerecomsurceoapograns anw
iiaCrter delanioJORCCotexpan Cotammenry
haisicsialdeleioutettetterarponrsorcc;bsinaingtattaconmsunces ().frohedibyhipingiecffrehkkgh5-10ttsmappesosroeaccclogl slesfrodrll ckefrolMineicaiiingtataraampmorewerenmsleffinghelesheinelogical slingTt atetrettracoresampmraampd allheiieiesttetcovereapogranvarddlogl sdledbulkIniioineicaiesttutetw•an,mrawerecomponoles(kg&kg)hdhe1,5004,500ipGIREDMETtotsampspeiinheInsUSSR.ttutetiplandllecdbulkles&foG411.8tetwtt•pscoosampr,llurlk.icatatetwmegsorhehabedwhnl wkTicattete•resnoenanygrounarorgeocorfrol sdyideifylarlettrutututottrutuaparmascrangescascreshh mdeicimiigt otwaypacn apsn.
hekFutrr wor hedleflandfhekTtut•nareanscaopneurrwor(flaldehionteststetetegorraexnssorp).larledrllioniingteteptexnss orge-scas-ouiaglealyhighlighinghefDtt•ramscrareasobleludheiionincingintetpossexnss,malogldfdrllicainioniingtetattugeorpresanurefidedhisinionistttareas,proormanovllyiaiivetcommercsens hedrllhabededf gdeiingFuttotet a•rrsenrecommensreasoraddeheiniestatytotteunceranupgraresourcecagorhnldrlldfodvddeGeicaiingisireiigtet•ocrequr aancepsn.

Section 3 Estimation and Reporting of Mineral Resources

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

iiaCrter delanioJORCCotexpan Cotammenry
baDataseinitetygr kehadahaMtatotttat•easuresnensuresnobedbyfle,ipiontetratencorruporexampnscror,kebel cllecdingiiniiaiontwtsttyerrors,eenoanfliMineReimiontsttuseorrasourceesapurposeslidaiondud.Datat•vaproceres use heksfdldllarfleslCigiiinsiginatat•coassayancoagaorlorioly.iginal aheilable.Orttstst aexpan reporonssaysenova
Siisitetsv iisidekebyheCot otetstat•mmennanysvunrndhefhoCoPetetttcotmpenrsonanoumeoseisits.vfhabedekedIiisiinicatetstate•nosvveenunrnhyhheisisttwcase hisholmisidheimbeDrJ.C2000tetttw•vareanumerouseseendd sdhelanddddrll2013 aiseGipC&iamiingRtannupervpson
lolGeicaoginiotetatrpren f(ly,hef)Coideininttaty•nnceorconversencerouheloglfhelicainioninettetattgeorpreomradeit.posfhedad ad ofNaiontuttat•reousenanyassumpsdemaheffffliiveinionTt,tettetat•eecany,oarnarpreslMineReimionttonrasourceesaheflogddllTiniingingtro•useogeoyguanconlineimionMRettrasourceesahefffbohfinginuideTtotttyt•acrsaecconograd gloganeoy. hfheligideininionineisaioisHtetattt•conncerpreasmranhoddheicitrtetottemogenous anresapogranll-holelogd ahed glogl mDriicatre•s anssays,ncs aneoaps.lhel sNoiveinioningtettetatt attrututt•arnarpres apparensscraefhelle.hedbufheineisaionisimTisiiontttrttomraspolhoddheineisaioisicittrtetottemranmogenous anresapogranldheMineisaionicittrtetotte•raresapogran
imioDensns hedblfhelTiaiiMinetettyt•exnanvaroradlenh(lonkeReittrsourceexpresseasgagsorhe),lanh,hbelofiseidddetttorwpanpsuracewwhedlolfhelimiMinetottstupperanweroraResource lelal vdeLiiaioitttett.•raarn evndhahelhIisisincinTaO5ittettttet wt•norea generareaseconn2d adeininRL attet.ncreaseconn
imionEsttadandellinmoghniqtecues hedfheTiatutet•nareanapproprnessohn()lddkeimioniqiettteesacuesappanyludfionincingttretmttreassumps,aenoexmedeluedoininginlaiontetgravas,marpo, heloydbohd()dTimOrinaKrigingOKInvttet•esaemperyanersed()delldublockDisSqIDSingtatonceuaremoproceanoredel ofhelhfraineisaioniinireOKtttmomrawawmeswaslecdfoheddeinlaionhebaisftettetettserreporrarpoonsog
iiaCrter delanioJORCCotexpan Cotammenry
ddfimistetaparamersanmaxumnceolafdafioninItrattats.teexporompoacompurdhodholudeisimioninctetttassesamewas csendeffdipionttetwascrocompursoareand.teparamersusehelablfhekiiiimiouTtyttes•avaoccesaprevs,/ddudsdimineionttestesaanormprocrecoranhehehelkeMineReimttttetawrrasourceesasfhiadatet otaappropraccounsuchededfioningTt•assumpsmaregarrecoveryobyduts.-procfdelelemheEsimionioutttetst•aorseenororblesffdeiaicigiicanon-gravaroeconomsnnce(lphufddriineinaegsuroracmageha).isaiontetcracrhefblockdellaheIninionttett•caseomorpo,blocklaheleizeinionttotsreaveragesampdheh eloyd.ingtspacansearcmpebehddellflecAnioniningivett•yassumpsmooseiningits.mnubolabeionionAnttttw•yassumpsaucorreeenblesiavarfhoheloglDeipionicainiontttetat•scrowgeorpredlheimtotrottteswas useconresourceesafbafiscionisingingdeDt u•ussosorsor nosgrauingingttcuor capphefldahehekTiioningtt•processovaccprocess,d,hefdeldadrllholeisoittatousecomparnomoflflable.dad uiiaiondaiita,ttaanseoreconcava hedbufhedadheblfheisiioniniaiittrtttatsttytopoanvarodahehndaddlevhniqisiqTtatetatteassaycuea snranreancuefohefhodelarlyheimioiicutttts,tresanomogenousposparwndbyfraineiretraconsawme.heisduiondailablefohekingTtta•renoprocavar cciodeih rbyduNottttots•assumpnswere mawespec-prochedeleioulemTtetst.•rearenors eenpresendeblesdedlevNoiciait•economnon-gravarwere consrereanlockhb-blocksBize25N,25E&10RLitto•swasmmmwsu/h.hdladdededby18Seisinettatetotearcncesregrarangesrmi-vioghysemarrapiodingNoSMUst•assumpnsrearghedobelaionhipbeTTaO5t atottw•reesnoppearanyreseen2db2NO5SnO2tet.anorconnlefrafohedeSingireitt.•wmerposdbabllodHisiitotytstruteto•gramsanpropwereconscdeineff vluefoheinelised eloptet-otrmcuasrmranveeslidadinsdelleddebyisul oInpttet•assasvaagamograsanuyvff adebydeiicaioninsOBMtt nscreenverossaygras agaeargraranges
Mistuore heheheimddrWtttotte•rnnagesareesaonaybahl mdhehodisiisttututtsorwnaraore,anme badeined odris.Tote•nnagesrmnsy
Cu fdefheinaionistetttutet.ormomoreconn
fft-ote hebafhedodffde()Tisttet-o•soapcugrasorlilied. ff gdefofbadCu100TaO5t-ot o•rar resourcereporppmseon2bubbabdeiibiliADaFe
paramers tytequaparamersapp dyttytuposass

Appendix 1: Abu Dabbab Mineral Resource Estimate

iiaCrter delanioJORCCotexpan Cotammenry
ininMgftoacrsoriotassumpns dedbleAsioningiiningt•sumpsmaregarpossmhodsiniminingdimiondtmemummenssan,l(flble,l)iniicainingteternaorappexrnam,dlulwfheiionIisttt otaaysnecessaryasparfdeiningbleftetsprocessormreasonaprospecorldeicionitutrattoevenaeconomexcconsrial mininghodsbuheiontetttttponmeassumps,dedhodsdinginingtmaregarmmeanhelimingMineRetettparamerswnesarasourceslwbehehheigWisist attmaynoaysrorous.rehholdbedhisittetcasesureporwan,lanfhebafheionisiningtttexpaosomdeiontassumps ma lydhahellbedoIisisaionittttttto•currenenvgeoperawap-wningleiihiningbeimlekdholt wttotrusopenpmaspcansvefollowdrll adblasioningitt.operan
lluicalMtaergftoacrsoriotassumpns hebafdTisioniciontt•sorassumpsorpresllurl abllwdingicaiiisItatytregarmegmenaaaysfhefdeiningt ottenecessaryasparprocessormbleflictstureasonaprospecorevenaeconomionideiallluricaltrattotettaexcconsrponmeghodsbuhedioningttttmeassumpsregar,lluricaldtatretmtmegaenprocessesandehelingMinetetparamersmawnreporralwbeheReigWt asourcesmaynoaysrorous.rehisishehisholdbedihttttetcasesreporanuw,lanfhebafhellurlionisicattttaexpaosomegdeiontassumps ma llurlkbulkleshabeExiveicatetatet•nsmegsworonsampsenlehef pblddd oiniouiiiFetetettycompanreporncourseorevsasdheddhahohahelumdiesTieintututtttatatssesveswnnanbellydl mllurlicaingioicatratettacaneconomexcusconvennaegprocessesldslsobed abyduFetratet.•parcan aexcs aproc
iroEntanmenvlftoacrsoriotassumpns dedbleAsioningitte•sumpsmaregarposswasdidudisplionisIttanprocessreseosaops.lwfhefttaaysnecessaryasparoprocessodeblefliningtetsturmreasonaprospecorevenaicionideheialtrattotteteconomexcconsrponlfhediroiminingtatstenvnmenpacomanhlehheingionWiisttttatprocessoperaasgeflldeinaioniairotettettarmoponennmenvlarlyffldsimicuiejts,tt,pacparoragreenproeclwbell advd,heft attatumaynoaysweancess o habeledhebubbabAniveEISADatetet•exnssencompondeiislikelybeblemingbuAMDAMDAt.totettposunaproassabbabhahofohelDaiiatyttetetosswnnopropensrwasmardudiineteproceacmwar.

Page 17 of 30

Criiater delanJORCCoiotexpan Cotammenry
lydefheliioniatttetearconsraoseponirolimholdbed.tatsteennmenpacsreporvuhehehabededWittstreseaspecvenoenconsrehholdbedhlanfisiionttettsureporwanexpaoheirol aiondettatenvnmenssumps ma
lkdeiButyns heheddeined.fd,WItte•rassumeorrmassumehebafhefded,isionIinettttesorassumps.rmhehodd,hehedrhetttttmeusewrweory,ffheheizetts,tturequencyomeasuremennare,sd rfhelesivetattanepresennessosamphebulkdefbulkl mhaTiiatytet•nsormarusvebedbyhodshadelytttteenmeasuremeaquafd(),iitty,tcaccounorvospacesvugs,poroseddffbekdisitutwmoreanerenceseenrocanlhhedeioniinitetttt.arazones wposfbulkdeDiscioniimttyttes•ussassumpsornsesadheluafhedffinionittttuseevaprocessoerenls.iatemar hefhedeinaionbyiplandisT28G2.62ttet•averageormspshhloshelue()fheicis2.61100tottwveryceaveragevaolesf adbyhehedefiSoieTitettstysampopogranmeasurevnsoheinelisedibehoihottetottmraapogranappearsmogenous wulal oldsicatettreanyrar vernhefodbufhedefhelesGiveiisiioittrtttyt•nunrmnonsosampddhebsf afdd oigiicaiisetetett osanaenceonysnnxr supergenelobaldefhabed.heioi2.6Tttyzonanagnsosenuselhdkhhhaineisaioiinicictttrtetymranoccurswaresrocpews abulkdeisitettyconsnnshedobelahbedeTionipittottwty•reesnoappearareseennsd sledeh oh sleiL.Rttanamppr wamp
lasificaioCtsn hebafhelasffhelTisiicaionMinettt•sorcsorafiningideiesRetotesourcesvaryconnce cagorhehehabekefiaWttetta•r appropraccounsennolllevf(lafdeieiveiinttotareanacrsreconnce/delblfimioniaiiinptotttytnnagegraesas,reouffdaideininilogdta,ttyconnceconogeoanuyl vluelddbuiiisiiontaty,ttytrtmeas,quaquananfheda).ttaohehehellyflecheWiattttetst•rresuapproprre'sfhedeCoPeiewitettt.mpenrsonvopos helasfdhebafhoTiieisRLtt•resourceswerecsonsoassef sdedhedeilingtottycorresponnsoampholocbodd a32M5RL.tte•easureresources areseaveddholocdbodbelowica22In5RL atette•resources areseaaven325RLfedholocd aboIn225RLtte•rreresources areseavehabekef rlevfaApiatettatto•propraccounsenn oeancrshelialyfleche'siewTCoPet atetsttet•resupproprrempenrsonvfhedeittopos
dAuitsorierevws ffheldiiewinelTMtsts•resuoanauorres orayvReimttessourceesa foffel adihabeied obyCoiningAMtt•rmasencarruuy
isciofDussnolaivetre/accuracyfideconnce hefhelaWiaivetetatet ott•reapproprasmenredfidelevlinheinelMtacraanconnceeracucyhReimingttesourceesausanapproacordudedbyheiatetprocereemeappropr hedehaheleffTCP ciingisicientttt stto•onsrscurrenampspacsuliablydelogical ad gdeinuitratettyremonseonracongffohelilinghabeddTtyto•quaosampsenperrmeagoodad,dhelogllogdicainginionistattetatsnrangeoganrpre
Criiater delanJORCCoiotexpan Cotammenry
le,helCoPeFoicaiontetttmpenrson.r exampappfisicalisicaldutatttatttoosorgeosproceresfhelafheiivettttquanyreaccuracyoresourcehdfdelfhiiniimiittatets,wsconnceor,sucanhisdediatte,approacnoemeappropraldfhefhaldiiveisciontatttott cquaussoacrsouffheladfdefiveitttaecreaccuracyanconnceoheimttteesaheholdfhehelaTiitatet stt rtes•smenuspecywrelobal olocl ed,flocl,imitottestategrasaanas,helevhich sholdbelevtttotreannnageswurean,hnldluaicaiciontotetcaneconomevaholdludeDoioninciontattcumensuassumpsdedhedud.tmaanproceres useheflaivedTtatetst•sesmenoreaccuracyanfdefheholdbediimttteconnceoesasucompareh pdudahelable.iionittta,wrocwreava but.rosheled alyl pdufaldTionicaiiiesttt•samppreparaannaroceres,canipihheibeddadsttetttaeqmenarecommensuraprescrsnruwfol rheduheineimioinUSSRing1970sttttr mraesourceesanr/hefbefTQAQCiniatete•programmermsoapproprnumrsoblanksdadsddulicaisihhetatetettsnranpscommensuraw,beddadsfol rheiineimionintatttprescrsnrrmraesourceesaduheUSSRing1970strhelobal.Timistte•resourceesaghedudaTisiouiotta•renoprevs procn

Table 1 – Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

iiaCrter delanioJORCCotexpan Cotammenry
Salinhniqtempgcues f(d qlilinghals,doNatutyt c•reanuaosampegcunneranmhipificialisedindudad mtrytatcs,orspecspecssnreasuremenlshelsdeh aiaineinvigiontotetotttoapproprmraunresasucs,).doholedehadheldinsXRFtruts,tcwngamma sons,ornmeneheleshold nbekelhebrdTimiingttattseexampsuon asoaflingingmeanosampludefkeleInctotato•reerencemeasuresnensuresampdhelbrfiviiaiionttyttetrepresenanapproprcaaoanylsd.ttotemmeasuremenoorsyss usefhedeflhaAsinaionineisaiontsttertttt a•pecomomrarelheblMiaPuicRetertott.aporhe'indudad' wkhabedohInistrytat•cases wressnrorsenneldbelalyle('reladrlliveimircioniingttwourespegversecuwasfdbinleshich3kglveised1 mtotatouseosampromwwaspurduhaff').he30 gireIntproceacrgeorassayor casesmorelanbed,h aheheionireisttexpamayrequsucs wrerecoarseldhahainhelingblemlUnttt sgosrenamppros.usuadl(bmdules)iiesineisaioninetttycommoormrapesegsuarnodlosfdeledfisciinionttatmaywarranure oorma hallesCSannemphal slesbydellecdCoinu510i2ttenouscnneampcmcmwwerecoovermlenhslesd adlogl cieingicattotatsguns varccorgeooncll-clesDriSaoremplelsdfroh afSainie0.203.30mi1.86mtetot•mprvavarmwn average ohedTient ote•corewasnor
illinhniqDrtegcues ll(la-hlehaDriirciontyt•peegcore,reversecuopenommer,,blaska)ddels(iric,iBatat,tctaroryaauger,ngsoneanegcore,fdiamipledadbedeh odiamdils,tertrtatuttaeorsnrpon,,flbhehehed adfingiisienit ottytteace-sampr orpe,wr coreornbyhahod,).t mttcsowee, d cDiamblebullyDiamia59-76 metet g•onore.r vareneram.
ll sleDriamprecovery hod ofdd ad chleMingingipt•erecoranssesscoreansampliesd rd.tsrecoveranesuassessekeled eMimisetato•easuresnmaxsamprecoveryannsurefhelesivetattutrepresennareosamphehelahbeledWionipistttstw•r aresexeen samprecoveryanded whehelebhadduiasttograanr sampmayveoccurreef/ff/iallosinineial.tterpreerensgaocoarsema d cdfrolowfDiamie0.53%100%.dedfotoRe•onore recoveryvarmaocorr everyfofointl.iable8%inelisaion0.8%hok.Va47tstervarrecoveryr mrarroc,lesiveholehed ad sled.Satat•mpwere represenaswcorewas crusnamplosd whdld vhedeNoiinjineizeinsiistttott•cores occurreoraacenmraeasposhomogenous.
iiaCrter delanioJORCCotexpan Cotammenry
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ffiicaiolinVetrnosampg fffheiicaionigiicainionbyiheTtttertt•verosnnsecserdedell.inivet otertpennr anacompanypersonne ffffiicaionheigiicainionhabedeheholeNottttett•verosnnrsecssenmaaswohehed.lel(lp)habeNoiajttet ocorewas crussampmarcoarsereecr pusen
iiaCrter delanioJORCCotexpan Cotammenry
d ainanssayg hefdholesinnTtw•use oefdadadudaDoionimtatta,tatryta•menoprarenprocerescuy,fda(hyl ad elec)ls.iicaionicaicttatotrotoversragepsnnproco,iscdjdaDtmttota•uss anyausenassay locd.helblfhedahabedfrolTiaiiingtetyttaareoassaysenassumemsampdudbubbabbyheloriondlydbyheADatettttconcasameexpagroupananaselabohebubbab adahabeifiedbylingTADatotasamerary.ssaysenverre-sampfhrditts.oeeainndholesdrilled.Notw•eerewdaddfrol elorlocdhePrimigiiseiginaionintatttstet•arywasmorxpareporalibrinCairoEMRAary
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indDataspacgandisibuiontrt fflorlDaingingExionRetattts.•spacorreporopasuhehehedaingddisibuionisfficienWtttatrttto•rspacansublishhedeflogical ad gdeinuitatttyesgree ogeonraconfheldiaMineReOrRetetapproprorrasourceaneserve()fimiondud clasiicaionlied.tttesaproceresanss apphehelehabeld.Wiingiett•r sampcompossenapp dehobyfffoGrinuii-viogicientty,t•aconasswnsemarramssurresource,imionttesaleiingNot•sampcompos
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leiSatympsecur hekeleTitatoty.•measuresnensuresampsercu knNot•own.
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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criiater delanJOCCoioRtexpan Cotammenry
inlMteteranemendlandteannuretatuss f/nbelocd ohTyionipt•e,reeree nameumaanerspncr,wninludingialissihhirdtsterttagreemeorauecnms wiesh ajinhipidingtt vtutnparsucsoenresparerss,overr,liesiveileinhisical sittttterts,tortesroyanaes,,ldel pk ad el siioniroingttattessoraaarenewrnnnnvnms.hefheheld ahefTiimingtyttentttt•secuouree oreporrlonih aknimdimbiningttstotaanyoweenoagwnpliceinhetotetnceoperaarea heloheblumTExiionLice№1785ingNuiiTatattta•pncecoverwenbdedlumbylNioiumiissTaEgMinisiaDe№t wtotatteposasuenyprcreefhelyh afd200813Ju2008 wi30 yion5 otttetonnureoearsananopdfofuhe30 ytotetexnr arrears.
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ionDatataggrega IningExlorionRelighingingttts,t•reporpasuweaverag helueh ahaO5TTatt nt w•vas were over sucnarrowrangeouppercuas2fflied.heb2O50.03%ldhabeInNtt oappcaseoanuppercuwouveen
Criiater delanJORCCoiotexpan Cotammenry
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lahbeioipRettwnseeninlisaioidhsttmeranwlenhsdintettanrcepg Thelaionhipicularlyiminhetttantt•seress areparporingfExlorionlRettts.reporoasupIfhefhelh rheinisaionittrytttttot•eomeoeraespecgmwdrllholeleknholdbed.iisitstuteanownareureorgn,spIfiisknd olyhedoholelenhstttt•noown aarennwngd,heholdbeleahisfftettatemttottreporresuacr seneec('doholelenh,idh nkn').ttruttege woowwngn helhoTineisaionist•mramogenous.
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iiaCrter delanioJORCCotexpan Cotammenry
hod oflluicallbulkttretmt;tatest rts;meaenmeesurgdedwhnl ad rkiicaty,tertecrounaeoocnsggn,haldeleisicsiaiouiningterttenttertamtraos oonacc;pr cbstansuces kgly.lsfheledlocfohe4,400iveDeiionttattyttrespecosamppesanasr().final cibulk slesbefodinhkalBo1974tetct aomposampcanunreve
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Section 3 Estimation and Reporting of Mineral Resources

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

iiaCrter delanioJORCCotexpan Cotammenry
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iiaCrter delanioJORCCotexpan Cotammenry
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Criiater OCCodelanioJRtexpan Cotammenry
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iiaCrter delanioJORCCotexpan Cotammenry
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