TORO ENERGY LIMITED — Capital/Financing Update 2021

Mar 8, 2021

==> picture [594 x 81] intentionally omitted <==

ASX RELEASE

9 March 2021

Continued Mapping Expands Golden Ways Exploration with 22.4 g/t surface sample collected 1.3km further south

HIGHLIGHTS

• Geochemical results from the most recent batch of rock chip samples collected during continued mapping at Golden Ways have extended the zone of interest for exploration further south to include shallow historical workings known as ‘New England’.

• Seven in situ rock chip samples (both quartz vein and vein wall rock) were taken from around the shallow historical workings, four of which returned gold assays above 1g/t as follows:

  • Sample YGP_R329 – 1.32 g/t gold

  • o Sample YGP_R330 – 22.4 g/t gold o Sample YGP_R333 – 1.64 g/t gold o Sample YGP_R334 – 7.62 g/t gold.

• The New England historical workings are located approximately 1.3km SSE of the southern most drill hole recently drilled by Toro at Golden Ways, significantly expanding the area of prospectivity for gold mineralisation.

• Significant gold assay results were also returned for geological rock chip samples collected from within Golden Ways, continuing to highlight the prospectivity of the entire area for gold mineralisation beyond the two veins recently targeted by drilling, including:

  • Sample YGP_R301 – 2.22 g/t gold

  • o Sample YGP_R303 – 1.36 g/t gold o Sample YGP_R349 – 1.51 g/t gold o Sample YGP_R351 – 0.96 g/t gold o Sample YGP_R376 – 0.88 g/t gold o Sample YGP_R377 – 1.24 g/t gold.

• Toro continues to plan the next phase of exploration at Golden Ways in light of the upcoming 2021 exploration campaign on both the Yandal Gold and Dusty Nickel Projects.

==> picture [567 x 49] intentionally omitted <==

==> picture [568 x 68] intentionally omitted <==

Toro Energy Limited ( ASX: TOE ) (‘the Company ’ or ‘ Toro ’) is pleased to announce that the zone of exploration interest for gold mineralisation at Golden Ways has been significantly expanded due to high grade gold assays being returned from in situ rock chip samples collected during the continued geological mapping of the area. The Golden Ways Target Area represents the northern-most zone of active exploration on the Company’s 100% owned Yandal Gold Project (‘the Project ’), located within the world class gold district, the Yandal Greenstone Belt ( Figures 1 and 2 ).

==> picture [290 x 485] intentionally omitted <==

Figure 1: Location of Toro's Yandal Gold Project within the high yielding Yandal Gold District

==> picture [567 x 49] intentionally omitted <==

2 | P a g e

==> picture [568 x 68] intentionally omitted <==

Toro has continued to develop the geological understanding of the Golden Ways Target Area through geological mapping. During the most recent mapping expedition in and around the Golden Ways area after the 2020 RC drilling campaign, some 119 rock chip samples were collected as representative samples for geochemical analysis to aid interpretation and prospectivity analysis. No further samples were collected from the two main veins drilled in the 2020 drilling campaign.

==> picture [319 x 453] intentionally omitted <==

Figure 2: Location of the Golden Ways Target Area within the Yandal Gold Project.

==> picture [567 x 49] intentionally omitted <==

3 | P a g e

==> picture [568 x 68] intentionally omitted <==

As part of the mapping expedition a shallow historical working, known as ‘New England’ and located along the access route to Golden Ways, was examined for remnant rock outcrop and interpretation. The New England historical working is located approximately 1.3km SSE of the southern-most hole drilled by Toro in the 2020 RC drilling campaign (refer to ASX announcement of 17 February 2021). A total of seven in situ rock chip samples were collected from the site, including quartz vein, wall rock to the quartz vein and a mixture of both. Two samples returned high grade gold assays of 1.64 g/t and 1.32 g/t gold and two returned very high grades of 22.4 g/t and 7.62 g/t gold. All seven samples returned highly anomalous gold assays above 0.1 g/t gold. The gold assays from the rock chip samples collected at New England are presented in Appendix 1 and the location of New England relative to the work so far completed at Golden Ways is shown in Figure 3 .

The results show that high grade gold mineralisation at New England is consistent with that found so far at Golden Ways, in that it is hosted both in significant quartz veins and in the sheared wall-rock of basaltic origin in contact with or proximal to the veins. In light of the high grade gold found in rock chips from New England, the site has been added as potential drill target for future exploration and the Golden Ways Target Area has been extended to include it.

Further detailed mapping will be needed to ‘infill’ the area between New England and the current area of completed work in Golden Ways with geological information. There have so far been very few samples collected in this area. Such work will be planned for the 2021 exploration programme.

Importantly, a further 15 samples within the current Golden Ways Target Area returned highly anomalous gold assays above 0.1 g/t gold including four samples with gold assays above 1 g/t gold(refer to Appendix 1 ). Together these samples highlight three main areas of interest for future exploration, two in the north west and one in the south of the current Target Area (refer to Figure 3 ). These areas will now also be considered as potential drill targeting areas for future exploration at Golden Ways.

Together with the excellent results from the recently completed shallow drilling along two quartz veins (refer to ASX announcement of 17 February 2021), the most recent mapping and rock chip sampling continues to highlight the prospectivity of Golden Ways for gold mineralisation.

Toro is currently mobilising for an imminent mud rotary/diamond drilling campaign on the Dusty Nickel Project focusing on the Dusty nickel discovery. Toro will also shortly commence planning for the next phase of exploration at Golden Ways.

==> picture [567 x 49] intentionally omitted <==

4 | P a g e

==> picture [568 x 68] intentionally omitted <==

==> picture [454 x 567] intentionally omitted <==

Figure 3: Map of Golden Ways Target Area with significant gold assay results from both surface samples and Toro drilling.

==> picture [567 x 49] intentionally omitted <==

5 | P a g e

==> picture [568 x 68] intentionally omitted <==

This announcement was authorised for issue by the board of Toro Energy Limited.

Katherine Garvey

Legal Counsel and Company Secretary, Toro Energy Limited. 60 Havelock Street, West Perth WA 6005

FURTHER INFORMATION:

Richard Homsany Toro Energy 08 9214 2100 Greg Shirtliff Toro Energy 08 9214 2100

Competent Persons Statement

The information in this document that relates to geology and exploration was authorised by Dr Greg Shirtliff, who is a full time employee of Toro Energy Limited. Dr Shirtliff is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the tasks with which they were employed to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Shirtliff consents to the inclusion in the report of matters based on information in the form and context in which it appears.

Toro’s flagship asset is the 100% owned Wiluna Uranium Project, located 30 kilometres southwest of Wiluna in Central Western Australia. The Wiluna Uranium Project has received environmental approval from the state and federal governments providing the Project with the opportunity to become Western Australia’s first uranium mine. Toro will maximise shareholder returns through responsible mine development and asset growth including evaluating the prospectivity of its asset portfolio for minerals other than uranium and increasing their value.

www.toroenergy.com.au

==> picture [567 x 49] intentionally omitted <==

6 | P a g e

==> picture [568 x 68] intentionally omitted <==

Appendix 1: Tables of Assays for the Significant Geochemical Results Reported on in this ASX Announcement

Sample_ID	Easting (GDA94)	Northing (GDA94)	Au(g/t)	Lab Dup. Au(g/t)
YGP_R301	297308.8752	7012638.271	2.22	2.36
YGP_R303	297308.8752	7012638.271	1.36	1.36
YGP_R308	296934.517	7012346.928	0.15	0.1
YGP_R320	296582	7013725	0.18
YGP_R328	298160.8794	7011347.132	0.1
YGP_R329	298160.8794	7011347.132	1.32
YGP_R330	298160.8794	7011347.132	22.4
YGP_R331	298160.8794	7011347.132	0.16
YGP_R332	298160.8794	7011347.132	0.57
YGP_R333	298160.8794	7011347.132	1.64
YGP_R334	298160.8794	7011347.132	7.62
YGP_R349	296975.7838	7012350.042	1.51
YGP_R351	296982.8619	7012316.901	0.96
YGP_R360	297424.6732	7013714.866	0.31
YGP_R364	297693.5032	7013768.635	0.13
YGP_R369	296655.2267	7013221.059	0.1
YGP_R371	296682.4142	7013283.563	0.34
YGP_R375	296922.8994	7013590.147	0.36
YGP_R376	296922.8994	7013590.147	0.88
YGP_R377	296948.5709	7013666.919	1.24
YGP_R378	297093.4088	7013667.052	0.14
YGP_R379	297176.3734	7013426.45	0.29

Table of gold assays of surface rock chip samples collected from Golden Ways Target Area and greater area (tenement E53/1211) during 2020 mapping campaign. Detection limit is 0.01g/t Au.

==> picture [567 x 49] intentionally omitted <==

7 | P a g e

==> picture [568 x 68] intentionally omitted <==

Appendix 2: JORC Table 1 Report

JORC Code, 2012 Edition – Table 1 report Yandal Gold Project

Section 1 Sampling Techniques & Data

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

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Sampling techniques • Nature & quality of sampling (e.g. 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. • Include reference to measures taken to ensure sample representivity & the appropriate calibration of any measurement tools or systems used. • 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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information. •	Drilling NA - NO drilling is reported in this ASX announcement. Rock Chip Sampling Rock chip samples are taken from the field in calico bags and documented photographically prior to being delivered to the lab for analysis.
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) & details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core •	NA - NO drilling is reported in this ASX announcement.

==> picture [567 x 49] intentionally omitted <==

8 | P a g e

==> picture [568 x 68] intentionally omitted <==

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
is oriented & if so, by what method, etc.).
Drill sample recovery • Method of recording & assessing core & chip sample recoveries & results assessed. • Measures taken to maximise sample recovery & ensure representative nature of the samples. • Whether a relationship exists between sample recovery & grade & whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging • Whether core & chip samples have been geologically & geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies & metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length & percentage of the relevant intersections logged. •	NA - NO drilling is reported in this ASX announcement. l.
Sub- sampling techniques & sample preparation • If core, whether cut or sawn & whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc.& whether sampled wet or dry. • For all sample types, the nature, quality & appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • • • •	Drilling NA - NO drilling is reported in this ASX announcement. Rock Chip Sampling No field duplicates for rock chip samples were taken during this sampling exercise and no sub-sampling is needed for compositing. Two pieces of the one sample were sometimes provided to the lab but these were combined to make the one sample. Repeats were performed by the laboratory at regular intervals and where high grades were detected. Where repeats have been performed the result has been given in Appendix 1 of this ASX announcement. The laboratory introduced geochemical standards for specific elements and of different grades as per the geologist’s
	9

==> picture [567 x 49] intentionally omitted <==

==> picture [568 x 68] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• Whether sample sizes are appropriate	instructions at the rate of 1 in 20 or 5% or at
	to the grain size of the material being	smaller intervals. In this case the specific
	sampled.	standards used were targeted for gold (Au).
		•Blanks were introduced into the sample
		stream by the laboratory at the laboratory’s
		specified rate (generally no less than 1 in 20
		or 5%).
		•At the lab, samples were crushed to a nominal
		2mm using a jaw crusher before being split
		using a rotary or riffle splitter into 400-700g
		samples for pulverising.
		•Samples were pulverised to a nominal >90%
		passing 75 micron for which a 100g sample
		was then selected for analysis. A spatula was
		used to sample from the pulverised sample for
		digestion.
		•The ALS and Bureau Veritas geochemical
		laboratories in Perth that are used for this
		Project both use their own internal standards
		and blanks as well as flushing and cleaning
		methods accredited by international
		standards.
		•Sample sizes and splits are considered
		appropriate to the grain size of the material
		being sampled as according to the Gi standard
		formulas.
Quality of	• The nature, quality & appropriateness	•Au, Pt and Pd were analysed by Fire Assay
assay data	of the assaying & laboratory	(40g portion - with an ICP-MS finish)
& laboratory tests	procedures used & whether the technique is considered partial or total.	•Al, Ca, Co, Cr, Cu, Fe, K, Mg, Mn, Na, Ni, S, Ti and Zn were analysed by Inductively
	• For geophysical tools, spectrometers,	Coupled Plasma (ICP) with Optical Emission
	handheld XRF instruments, etc., the	Spectrometry (OES) and Ag, As, Ba, Bi, Li,
	parameters used in determining the	Mo, Pb, Se, Sn, Ta, W and Zr were analysed
	analysis including instrument make &	by ICP with Mass Spectrometry (MS). A
	model, reading times, calibrations	combination of a lab developed mixed acid
	factors applied & their derivation, etc.	digest and peroxide fusion were used to get
	• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) & whether acceptable levels of accuracy (i.e. lack of bias) & precision have been established.	elements into solution prior to analysis and the most accurate method chosen for each element based on matrix geochemistry (post initial analyses). This ensures the most accurate technique for each element and full digestion of all minerals and thus a full

==> picture [567 x 49] intentionally omitted <==

10 | P a g e

==> picture [568 x 68] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		geochemical analysis of all elements in the
		analytical suite.
		•Selected composites were then chosen,
		based on the first run results, for analysis by
		individual metre using the individual 1m pulps
		that were split and composited.
		•Detection limits for the elements reported on
		in this announcement are presented in
		Appendix 1.
		•All standards, blanks and field duplicate
		procedures are described above.
		• Acceptable levels of accuracy for all data
		referenced in this ASX announcement have
		been achieved given the purpose of the
		analysis (first pass exploration)
Verification	• The verification of significant	•Verification of significant intersections as
of sampling	intersections by either independent or	shown by the results of geochemical analyses
& assaying	alternative company personnel.	has been made via contractors working for
	• The use of twinned holes.	Zephyr Professional Pty. Ltd. internally with Toro.
	• Documentation of primary data, data entry procedures, data verification, data storage (physical & electronic)	•There were no dedicated twinned holes in this drilling program.
	protocols.	•Surface rock chip samples have not been
	• Discuss any adjustment to assay data.	taken from any areas of previous rock chip geochemistry.
		•All geological and geochemical data has been
		checked by both Toro Energy employees and
		Zephyr Professional Pty Ltd consultants. All
		geological and drilling data is entered into a
		Toro database. The geochemistry is currently
		being analysed but will also eventually be
		included in the Access database.
Location of	• Accuracy & quality of surveys used to	•All drill hole collars or rock chip surface
data points	locate drill holes (collar & down-hole	samples or soil samples referenced in this
	surveys), trenches, mine workings &	ASX release have been surveyed for easting,
	other locations used in Mineral	northing & elevation using handheld GPS at
	Resource estimation.	this stage only. An RTK GPS system will be
	• Specification of the grid system used.	used for drill hole collar pick-ups upon the next drilling campaign.
	• Quality & adequacy of topographic
	control.

==> picture [567 x 49] intentionally omitted <==

11 | P a g e

==> picture [568 x 68] intentionally omitted <==

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Data spacing & distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing & distribution is sufficient to establish the degree of geological & grade continuity appropriate for the Mineral Resource & Ore Reserve estimation procedure(s)&classifications applied. • Whether sample compositing has been applied. • •	Drilling NA - NO drilling is reported in this ASX announcement. Surface Rock Chip Sampling This was a systematic rock chip sampling program based transects across the outcropping quartz veins at regular intervals (approximately 20-30m) along strike of the outcropping rock units. These samples were also not sampled for their perceived gold content.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures & the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation & the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed & reported if material. • •	NO drilling is reported in this ASX announcement. All rock chip samples are taken from the surface. Due to the inaccuracy of elevation measurements on hand held gps units no elevation data is given here
Sample security • The measures taken to ensure sample security. •	All geochemical samples were selected by geologists in the field and sent directly to the laboratory via truck from Leinster (to Perth). Samples were packaged inside polyweave bags inside bulka bags. Results of geochemical analysis were sent directly to the designated geologist for entering into the Access database and for analysis.
Audits or reviews • The results of any audits or reviews of sampling techniques & data. •	Not applicable

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location &	•The Yandal Gold Project is located
tenement&la	ownership including agreements or material	approximately 770km km NE of Perth
nd tenure	issues with third parties such as joint	and less than 35km NE of the
status	ventures, partnerships, overriding royalties,	Bronzewing Gold Mine operations. The
		12

==> picture [567 x 49] intentionally omitted <==

==> picture [568 x 68] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	native title interests, historical sites,	project includes the tenements
	wilderness or national park & environmental	M53/1089, E53/1211, E53/1060,
	settings.	E53/1210 and E37/1146 which are
	• 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.	100% owned by Redport Exploration Pty Ltd (subject to the agreements referred to below), as well as E53/1858, E53/1929 and E53/1909, which are
		100% owned by Toro Exploration Pty
		Ltd. Redport Exploration Pty Ltd and
		Toro Exploration Pty Ltd are both wholly
		owned subsidiaries of Toro Energy Ltd.
		•All tenements are granted.
		•A heritage agreement has been entered
		into with the traditional owners of the
		land the subject of the Yandal Gold
		Project.
		•M53/1089 is subject to agreements with
		JAURD International Lake Maitland
		Project Pty Ltd (JAURD) and ITOCHU
		Minerals and Energy of Australia Pty Ltd
		(IMEA) under which JAURD and IMEA
		can acquire a 35% interest inM53/1089
		and certain associated assets.
		•The agreements with JAURD and
		ITOCHU may also be extended, at
		JAURD and IMEA’s election, to uranium
		rights only on E53/1211, E53/1060,
		E53/1210 and E37/1146.
		•Toro Exploration Pty Ltd has rights to all
		minerals on E53/1858, E53/1909 and
		E53/1929.
		•Toro has agreed to pay JAURD and
		IMEA net smelter return royalty on non-
		uranium minerals produced from
		E53/1211, E53/1060, E53/1210 and
		E37/1146. The exact percentage of that
		royalty will depend on Toro’s interest in
		the non-uranium rights at the time and
		will range from 2% to 6.67%.
		•E53/1060 is subject to a 1% gross
		royalty on all minerals produced and sold
		from that tenement. M53/1089 is subject
		to a 1% net smelter return royalty on gold
		and on all other metals derived from that

==> picture [567 x 49] intentionally omitted <==

13 | P a g e

==> picture [568 x 68] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		tenement, in addition to a 1% gross
		royalty on all minerals produced and sold
		from a discrete area within that
		tenement.
Exploration	• Acknowledgment & appraisal of exploration	• Almost all drilling on the Yandal Gold
done by	by other parties.	Project exploration ground has targeted
other parties		carbonate associated shallow
		groundwater uranium deposits. As such,
		prior to 2016 there was no drilling that
		penetrated the basement. The only
		exploration targeting gold or other
		metals in the basement rocks of the
		project area was 19 RC holes drilled by
		Toro targeting nickel in November-
		December 2016. A total of 18 holes were
		drilled into the southern part of the
		project area in E53/1210 and one hole
		was drilled into the area presented in this
		release (Christmas gold prospect) on
		E53/1060. The former holes were
		unsuccessful but the latter hole found a
		trace of gold that has contributed to the
		targeting of the area represented by the
		Christmas gold prospect.
Geology	• Deposit type, geological setting & style of	•Target (primary) mineralisation is Yandal
	mineralisation.	style gold, that is gold in veins and
		fractures, often associated with
		sulphides and related to late NE and NW
		structures over Archaean greenstone
		and granitoid geology oriented sub-
		vertically in a N-S lineament. Gold is
		concentrated in the greenstones but can
		be found in granitoid near to greenstone-
		granitoid contact zones.
		•Secondary targets also being
		considered due to results to date include
		komatiite hosted massive nickel
		sulphides and VHMS base metal.
Drill hole	• A summary of all information material to the	•NO drilling is reported in this ASX
Information	understanding of the exploration results	announcement.
	including a tabulation of the following information for all Material drill holes:	•All location information for surface rock chip samples is provided in this ASX
	o Easting & northing of the drill hole collar	announcement in Appendix 1.

==> picture [567 x 49] intentionally omitted <==

14 | P a g e

==> picture [568 x 68] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	o elevation or RL (Reduced Level –
	elevation above sea level in metres) of the
	drill hole collar
	o dip & azimuth of the hole
	o down hole length & interception depth
	o hole length.
	• If the exclusion of this information is justified
	on the basis that the information is not
	Material & this exclusion does not detract
	from the understanding of the report, the
	Competent Person should clearly explain
	why this is the case.
Data	• In reporting Exploration Results, weighting	•No data aggregation methods have
aggregation	averaging techniques, maximum and/or	been used in the geochemical analysis
methods	minimum grade truncations (e.g. cutting of	of the surface samples presented in this
	high grades)&cut-off grades are usually	release.
	Material & should be stated.
	• Where aggregate intercepts incorporate
	short lengths of high grade results & longer
	lengths of low grade results, the procedure
	used for such aggregation should be stated
	& some typical examples of such
	aggregations should be shown in detail.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	• These relationships are particularly important	•NA - NO drilling is reported in this ASX
between	in the reporting of Exploration Results.	announcement.
mineralisatio n widths & intercept lengths	• 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 & 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’).
Diagrams	• Appropriate maps & sections (with	•All provided above within the ASX
	scales)&tabulations of intercepts should be	announcement.
	included for any significant discovery being
	reported These should include, but not be
	limited to a plan view of drill hole collar
	locations & appropriate sectional views.

==> picture [567 x 49] intentionally omitted <==

15 | P a g e

==> picture [568 x 68] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Balanced	• Where comprehensive reporting of all	•All relevant information for the surface
reporting	Exploration Results is not practicable,	samples reported in this ASX
	representative reporting of both low & high	announcement and relevant to the
	grades and/or widths should be practiced to	sampling programme has been detailed
	avoid misleading reporting of Exploration	in the announcement or in the map of
	Results.	Figure 1 or in the table in Appendix 1.
		Total samples relative to samples with
		significant figures have been reported in
		the announcement as has proportion of
		samples with results below detection for
		gold.
Other	• Other exploration data, if meaningful &	• No other exploration data collected is
substantive	material, should be reported including (but	considered material to this
exploration	not limited to): geological observations;	announcement.
data	geophysical survey results; geochemical
	survey results; bulk samples – size & method
	of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical & rock
	characteristics; potential deleterious or
	contaminating substances.
Further work	• The nature & scale of planned further work	•The details of the nature of future work
	(e.g. tests for lateral extensions or depth	at Golden Ways and the rest of the
	extensions or large-scale step-out drilling).	Yandal Gold Project are currently being
	• Diagrams clearly highlighting the areas of	assessed.
	possible extensions, including the main	•This has been expressed in this ASX
	geological interpretations & future drilling	announcement where considered
	areas, provided this information is not	appropriate, see announcement for
	commercially sensitive.	further details.

Section 3 Estimation & Reporting of Mineral Resources NOT APPLICABLE

==> picture [567 x 49] intentionally omitted <==

16 | P a g e