TORQUE METALS LIMITED.. — Capital/Financing Update 2021

Nov 15, 2021

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16 November 2021

FOLLOW-UP DRILLING BEGINS AT PARIS GOLD DISCOVERIES

Highlights

• Drilling has re-commenced at Paris with RC follow-up of new gold discoveries at:

• i. Observation: earlier drilling included an intersection of 9m at 11.52 g/t Au

• ii. Strauss: where 12m at 1.21 g/t Au was intersected; and

• iii. Adjacent to the Paris and HHH Pits : where bonanza grades of up to 6m @ 34.6 g/t Au , within a larger zone of 24m @ 10.7 g/t Au were recorded

• A second rig has been contracted for further RC follow-up at Paris commencing in early 2022

• Large geochemical survey to south of Paris pit completed with results pending

Perth-based, Western Australian-focused gold explorer Torque Metals Limited (“ Torque ” or “ the Company ”) ( ASX: TOR ) is pleased to report it has secured two Reverse Circulation (“ RC ”) rigs and has re-commenced drilling at the Company’s wholly-owned Paris Project located on the richly gold endowed Boulder-Lefroy Fault Zone, south east of Kalgoorlie.

Drilling will follow-up the first phase drilling which resulted in the gold discoveries at the Observation and Strauss prospects and adjacent to existing pits at Paris and HHH.[1]

A total of approximately 5,000 metres of RC drilling is envisaged for the follow-up programme and will take part in two phases. The current follow-up RC drilling program will further test these new discoveries for high-grade gold and will consist of 20 to 30 holes for a total of approx. 2,500 metres.

A second RC rig has been sourced to commence in early 2022 and will follow-up on deeper resource potential at all three prospects. It is planned to drill 10 to 12 deeper holes for approximately 2,500 metres.

Torque Executive Chairman Mr Ian Finch said:

“I am extremely pleased to have secured two RC rigs and to kick off this follow-up drilling program at these highly prospective gold discoveries at Observation, Strauss and Paris.

With the second RC rig contracted to begin early next year to follow-up on deeper intersections at the existing Paris mine, it is going to be an exciting start to 2022 for investors.”

1 Refer to ASX announcements dated 18th August 2021, 15th September 2021 and 18th October 2021

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Torque Metals Limited ASX Announcement 16 November 2021

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Figure 1: Locations for follow-up drilling

Overview of Gold Discoveries

Observation

As part of Torque’s First Phase drill program, a total of 22 holes for 1,688 metres were drilled at the Observation prospect which lies 900 metres north of the HHH pit, under shallow cover, and has similar geology as the existing HHH and Paris deposits.

Results received from this drilling included an intersection of 9m at 11.52 g/t Au from 63m from 21ORC009.[2]

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Figure 2: RC Follow up drilling at Observation prospect

• 2 Refer to ASX announcement dated 18th August 2021

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Torque Metals Limited ASX Announcement 16 November 2021

Strauss

A total of 24 RC holes for 1,722 metres were drilled at Strauss with initial, 3 metre composite, assay results including intersections of 12m at 1.21 g/t Au from 57m in hole 21SRC005.[3]

The results identified a new gold mineralised zone covering a current minimum strike length of ~150 metres which remains open to the north and south, and at depth with a shallow dip to the east.

Paris & HHH pits

A total of 4 holes for 619 metres were drilled adjacent to the Paris pit and 3 holes for 308 metres adjacent to the HHH pit to test for extensions to the known mineralisation.

The results confirmed very strong, broad zones of high-grade gold both up and down dip at Paris and HHH, demonstrating considerable potential for growth in gold resources below and adjacent to the existing pits.

Assay highlights from drilling adjacent to Paris open pit included an intersection of 6m @ 34.6 g/t Au from 141m, within a larger zone of 24m @ 10.7 g/t Au in hole 21PRC025.

Assay highlights from drilling adjacent to HHH open pit included an intersection of 3m @ 3.89 g/t Au from 87m in hole 21HRC003.[4]

Geochemical Survey

An auger based geochemical soil sampling program was conducted to the south of the Paris Pit over most of Torque tenements M15/496 and M15/497 with a view to extending the Paris Gold Corridor southwards. The survey also encompassed an “outlier” drill result at Paris South of 13m @ 3.3g/t Au from DHD425 (refer to Figure 3).

Results from the geochemical study are anticipated before the end of the calendar year with findings to further support the Company’s drill targeting activities in the Boulder-Lefroy Fault Zone.

3 Refer to ASX announcement dated 15th September 2021

4 Refer to ASX announcement dated 18th October 2021.

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Torque Metals Limited ASX Announcement 16 November 2021

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Figure 3: Location of Auger Geochemistry survey to the south of Paris Pit

The Paris Project

Torque’s Paris Project lies within the area known as the Boulder-Lefroy Fault Zone (Figure 4). This prolific gold-bearing structure is host to numerous mines that have produced many millions of ounces of gold. Not least of these mines is the world famous “Super Pit” in Kalgoorlie.

Torque’s Paris Project area remains vastly underexplored, with past drilling generally restricted to the top 50 metres, highlighting significant opportunities for discovery of gold mineralisation by the application of modern-day exploration techniques and the undertaking of more extensive, and deeper, drilling.

Torque has undertaken a first phase drilling campaign at Paris with the objective of better defining the zones most likely to rapidly increase the project’s resource base. The project has a previously reported existing 32,700oz JORC 2012 gold resource, most of which lies below and along strike from the existing HHH and Paris mines, however, remains under-

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Torque Metals Limited ASX Announcement 16 November 2021

drilled, and a core focus for the Company to undertake an extensive program of drilling to explore for potential extensions to the known mines.

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Figure 4: Paris Project located within the Boulder-Lefroy Fault Corridor

All drill hole intersections and assay data mentioned in relation to a JORC Resource Estimate of 32,700oz relate to historical work. They and the Indicated Resource Estimate have previously been reported in the Torque Metals Limited Prospectus dated 14 April 2021, in the Independent Technical Assessment Report prepared by Agricola Mining Consultants Pty Ltd and also in the Company’s Quarterly Report dated 30 July 2021 and ASX Announcement of 14 July 2021. The Paris Mineral Resource is reported above a block grade of 0.5 g/t Au using a 35 g/t Au top cut. The HHH Mineral Resource is reported above a block grade of 0.5 g/t Au using a 50 g/t Au top cut.

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Torque Metals Limited ASX Announcement 16 November 2021

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The relevant JORC Competent Person Statement and Consent can be found on pages 1 and 2 of that report (pages 63 and 64 of the Prospectus). Torque Metals confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning any resource estimates quoted herein continue to apply and have not materially changed.

Competent Persons Statement – Exploration Results

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Rohan Williams, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Williams is an employee of Torque Metals Limited (“the Company”). Rohan Williams 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 of Exploration Results, Mineral Resources and Ore Reserves’. Rohan Williams consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any

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Torque Metals Limited ASX Announcement 16 November 2021

revisions to any “forward-looking statement” to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws

This announcement has been authorised by the Board of Torque Metals.

ENDS

For further information, please contact:

Ian D. Finch Executive Chairman ian@torquemetals.com M: +61 414 270 248

Media

David Tasker / Colin Jacoby Chapter One Advisors dtasker@chapteroneadvisors.com.au / cjacoby@chapteroneadvisors.com.au M: +61 433 112 936 / +61 439 980 359

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Appendix 1

JORC Code, 2012 Edition – Table 1 Exploration Results Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and 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 and 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.	• For this drilling programme Torque Metals Limited (Torque) used angled Reverse Circulation (RC) drill holes. • The drilling was to generally accepted industry standards producing 1.0m samples which were collected beneath the cyclone and then passed through a cone splitter. • The splitter reject sample was collected into green plastic bags or plastic buckets and laid out on the ground in 20-40m rows. • Dril • Anomalous 3m composites will be individually assayed as the 1m splits which were collected beneath the RC rig cyclone and passed through the cone splitter being a more representative sample of the lithologies intersected. • The full length of each hole drilled was sampled. • All samples collected are submitted to a contract commercial laboratory. Samples are dried, crushed and homogenised to produce a 40g charge for fire assay and a separate sample for 4- acid digest and 18 multi-element analysis using an Induced Coupled Plasma Mass Spectrometer
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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). _	• These RC holes were drilled with a truck-mounted Schramm 450 contract RC drilling rig, plus an Astra Truck 8x8 Aux Booster (350/500 psi 1800 cfm) supplied by Jarahfire Drilling. • All RC holes were drilled using a 145mm (5.5in) face-sampling drilling bit.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • 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.	• The RC samples were not individually weighed or measured for recovery. • To ensure maximum sample recovery and the representivity of the samples, an experienced Company geologist was present during drilling to monitor the sampling process. Any issues were immediately rectified. • Sample recovery was recorded by the Company Field Assistant based on how much of the sample is returned from the cyclone and cone splitter. This is recorded as good, fair, poor or no sample. • Torque is satisfied that the RC holes have taken a sufficiently representative sample of the interval and minimal loss of fines has occurred in the RC drilling resulting in minimal sample bias. • No twin RC drill holes have been completed to assess sample bias. • At this stage no investigations have been made into whether there is a relationship between sample recovery and grade.

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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. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the _relevant intersections logged. _	• All of the 1m RC samples were sieved and collected into 20m chip trays for geological logging of colour, weathering, lithology, alteration and mineralisation for potential Mineral Resource estimation and mining studies. • RC logging is both qualitative and quantitative in nature. • The total length of the RC holes was logged. Where no sample was returned due to cavities/voids it was recorded as such.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and 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. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Sampling technique: • All RC samples were collected from the RC rig and were collected beneath the cyclone and then passed through the cone splitter. • The samples were generally dry and all attempts were made to ensure the collected samples were dry. However, on deeper portions of the drillholes the samples were logged as moist and wet. • The cyclone and cone splitter were cleaned with compressed air at the end of every completed hole. • The sample sizes were appropriate to correctly represent the mineralisation based on the style of mineralisation, the thickness and consistency of intersections, the sampling methodology and percent value assay ranges for the primary elements. • Quality Control Procedures • A duplicated sample was collected every hole. • Certified Reference Material (CRM) samples were inserted in the field every approximately 50 samples containing a range of gold and base metal values. • Blank washed sand material was inserted in the field every approximately 50 samples. • Overall QAQC insertion rate of 1:10 samples • Laboratory repeats taken and standards inserted at pre-determined level specified by the laboratory. • Sample preparation in the Bureau Veritas (Canning Vale, Western Australia) laboratory: The samples are weighed dried for a minimum of 12 hours at 1000C, then crushed to -2mm using a jaw crusher, and pulverised by LM5 or disc pulveriser to -75 microns for a 40g Lead collection fire assay to create a homogeneous sub-sample. The pulp samples were also analysed with 4 acid digest induced Coupled Plasma Mass Spectrometer for 18 multi- elements • The sample sizes are considered appropriate to correctly represent the mineralisation based on the style of mineralisation, the thickness and consistency of intersections, the sampling methodology and the assay value ranges expected for bothgold and copper.

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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. • 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. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been _established. _	• Duplicates and samples containing standards are included in the analyses.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Significant intersections have been independently verified by alternative company personnel. • The use of twinned holes has not been implemented and is not considered necessary at this stage of exploration. • The Competent Person has visited the site and supervised all the drilling and sampling process in the field. • All primary data related to logging and sampling are captured into Excel templates on palmtops or laptops. • All paper copies of data have been stored. • All data is sent to Perth and stored in the centralised Access database with a DataShed front end which is managed by a consultant database geologist. • No adjustments or calibrations have been made to any assay data, apart from resetting below detection values to half positive detection.
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. • Specification of the grid system used. • Quality and adequacy of topographic control.	• All collars were initially located by a Geologist using a conventional hand-held GPS. • Following completion of the drilling the hole collars will be independently surveyed by surveyors using a differential GPS for accurate collar location and RL with the digital data entered directly into the company database. • Downhole surveys are being completed on all the RC drill holes by the drillers. They used a Reflex EZ- Shot downhole multi-shot tool to collect the surveys every 30m down the hole. • The grid system for the Paris Prospect is MGA_GDA94 Zone 51. • Topographic datais collected by ahand-held GPS.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • 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. • Whether sample compositing has been applied.	• As this programme was a first pass drilling programme across a number of different prospects there was considerable variation in the drill spacing and drillhole orientation. • The drill spacing is generally not sufficient to establish the degree of geological and grade continuity applied under the 2012 JORC code for the estimation of Mineral Resources. • Sample compositing has been applied to this drilling programme with 1m samples collected composited to 3mor 4mcomposites or lessifspecified.
Orientation of data in relation to geological	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• The attitude of the lithological units is predominantly North - South dipping to sub-vertical however at the Paris Project mineralised structures are often oriented on an approximately 290 degree

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structure	• 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.	orientation. Therefore, most holes were drilled with an azimuth of 190 to 220 degrees to intersect the structures at right angles to the orientation of the anticipated mineralised structures. Some holes will be drilled in other orientations to intersect specific mineralised structures, but always with an attempt to drill orthogonal to the strike of the interpreted structure. Due to locally varying intersection angles between drillholes and lithological units all results are defined as downhole widths. • No drilling orientation and sampling bias has been recognised at this time and it is not considered to have introduced a sampling bias.
Sample security	• The measures taken to ensure sample security.	• The samples collected were placed in calico bags and transported to the relevant Perth or Kalgoorlie laboratory by courier or company field personnel. • Sample security was not considered a significant risk.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• The Company database has been compiled from primary data by independent database consultants and was based on original assay data and historical database compilations. • No review or audit of the data and sampling techniques has been completed.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as 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 inthe area. _	• The relevant tenements (M15/496 and M15/497) are both 100% owned by and registered to Torque Metals Limited. • At the time of reporting, there are no known impediments to obtaining a licence to operate in the area and the tenements are in good standing.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• In 1920, Paris Gold Mine Company was floated in Adelaide to take up a 12-month option over the mine area. Just to the south, another company had an option over the Paris South Gold Mine, but soon abandoned it to focus attention on the Observation Gold Mine, 1 km to the north, which it abandoned in turn after only one month. The Paris Mine at the time contained 5 shafts and 2 costeans. Gold was said to be erratic in a quartz, schist, jasper lode jumbled by faults. At some point it was excavated as an open pit. • Western Mining Corporation (WMC) started to explore the Paris area in the 1960s and relied on aerial magnetics supported by geological mapping to assess mineralisation potential. This work identified the basalt/gabbro contact as the major control for Paris style gold-copper mineralisation and extensions to the ultramafic units that host the nickel mineralisation around the Kambalda Dome. In the early 1970s the area was the focus of both nickel and copper-zinc exploration. Reconnaissance

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	diamond drilling for nickel was undertaken	diamond drilling for nickel was undertaken	by	by	WMC	WMC
	that drilled on 5 lines spaced at 800m across				the
	interpreted basal contact position	of the Democrat
	Hill Ultramafic and the BLF. The basal contact					of the
	Kambalda Komatiite (and equivalents) is host to all
	the nickel mines in the Kambalda	district and			is the
	primary exploration area of interest for nickel
	mineralisation. Base metal exploration involved
	reconnaissance mapping, gossan	search, soil, and
	stream sediment sampling. In 1973, DHD 101					was
	drilled to follow up a copper anomaly on the
	Democratic Shale. Results showed the anomalous
	gossan values to be associated with a sulphidic
	shale with values in the range 0.1	to 0.2% Cu and
	0.8-1.0% Zn. During the early 1980s, Esso
	Exploration Australia and Aztec Exploration Limited
	conducted exploration programs along strike			from
	the Paris Mine. Primary area of interest was copper-
	zinc-(gold) mineralisation in the felsic volcanics.
	Work included geochemistry, geophysics, and
	drilling. The Boundary gossan was discovered, and
	later drill tested with a single diamond hole		in		1984.
	This hole failed to locate the primary source of the
	anomalous surface geochemistry.
•	In 1988, Julia Mines conducted an intensive drilling
	program comprising aircore, RC and diamond					holes
	concentrated around the Paris Mine. This work was
	successful in delineating extensions and parallel
	lodes to the known Paris mineralisation. both				along
	strike and down plunge. Paris Gold Mine was
	developed and worked in 1989 by Julia Mines					and
	produced 24koz gold, 17koz silver and 245t copper.
	Estimated recovered gold grade was 11.2g/t.
•	In 1989/90, WMC completed a six-hole diamond
	drilling program to test for depth extensions to					the
	Paris mineralisation below the 180m depth. Results
	defined a narrow (1-2m) high-grade zone over 70m
	of strike and also intersected hanging wall lodes
	10m and 30m stratigraphically above the interpreted
	main lode. This was the last drilling program to be
	carried out on the Paris Mine by WMC. From				1994
	to 1999, WMC focussed their gold resource
	definition drilling on the HHH deposit and conducted
	a series of RC drilling campaigns resulting		in	30m
	drill line spacings with holes every 10m to 20m
	along the lines. Elsewhere, exploration by WMC and
	later by St Ives Gold Mining Company identified a
	number of areas of interest based on favourable
	structural and geochemistry evaluations. The				7km x
	1km long N-S trending soil anomaly at Strauss was
	systematically drill tested in 2000 and yielded
	encouraging results associated with the Butcher’s
	Well Dolerite. Aircore drilling in 2005 focussed on
	the southern strike extensions of the mineralisation
	discovered in the 2000 program with limited
	success.
•	Gold Fields Australia (St Ives Gold Mining
	Company) explored the area in 2008. The Paris and
	HHH deposits were tested as part of the SIGMC’s
	broader air core program. The drilling (148		holes,
	640m x 80m) focussed on poorly exposed
	differentiated dolerite proximal to interpreted
	intrusives. The exploration potential was supported
	by a structural interpretation which highlighted

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		strong NNW trending magnetic features with the apparent intersection of crustal-scale lineaments observed in the regional gravity images. Anomalous values are associated with a felsic intrusive hosted by a sediment on the western margin of the area of interest. • Austral Pacific Pty Ltd acquired the Paris Gold Project from SIGMC in July 2015. Mineral Resource and Reserve estimates were compiled in-house and exploitation of the Paris and HHH deposits focussed on a staged approach with near term gold production as a priority and near mine exploration to follow.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Paris Gold Project covers a north-south trending belt of Archaean granite-greenstone terrain, and the majority of the package is currently situated to the east of the Boulder Lefroy Structural Zone (BLSZ). Consequently, the Parker Domain dominates the project geology, defined as existing east of the BLFZ and bounded to the east by the Mount Monger Fault. The Parker Domain comprises a series of ultramafic and mafic units interlayered with felsic volcanoclastic and sediments. The stratigraphic sequence is similar to the Kambalda Domain. • Gold mineralisation is widespread, occurring in almost all parts of the craton, but almost entirely restricted to the supracrustal belts. Gold occurs as structurally and host-rock controlled lodes, sharply bounded high-grade quartz veins and associated lower-grade haloes of sulphide-altered wall rock. Mineralisation occurs in all rock types, although Fe- rich dolerite and basalt are the most common, and large granitic bodies are the least common hosts. Most deposits are accompanied by significant alteration, generally comprising an outer carbonate halo, intermediate to proximal potassic-mica and inner sulphide zones. The principal control on gold mineralisation is structure, at different scales, constraining both fluid flow and deposition positions.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should _clearly explain why this is the case. _	• Refer to Table 2 of this ASX Announcement.

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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. • Where aggregate 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. • The assumptions used for any reporting of metal equivalent values should be clearly _stated. _	• No high-grade cuts have been applied to the reporting of exploration results. • Arithmetic weighted averages are used. For example, 57m to 69m in hole 21SRC005 is reported as 12m at 1.21 gpt Au. This comprised 4 * 3m composite samples, calculated as follows: [(31.50)+(30.16)+(30.54)+(32.64)] = [14.52/12] = 1.21 gpt Au to two decimal places. • No metal equivalent values have been used.
Relationship between mineralisatio n 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’). _	• As this programme was a first pass exploration drill programme across a number of different prospects there was considerable variation in the drill spacing and hole orientation. • Due to locally varying intersection angles between drill holes and lithological units all results are defined as downhole widths. • This drill spacing is also not sufficient to establish the degree of geological and grade continuity applied under the 2012 JORC Code.
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 plan view of drill hole collar locations and appropriate sectional _views. _	• See attached figures within this announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of _Exploration Results. _	• All significant intercepts and a summary of drill hole assay information are presented in Tables 1 and 2 of this announcement.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; 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 meaningful and material information has been included in the body of this announcement.
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). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not _commercially sensitive. _	• Refer to this announcement. • The extent of follow-up drilling has not yet been confirmed but will likely include further RC and possibly diamond drilling.

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