YANDAL RESOURCES LIMITED — Capital/Financing Update 2020

Jun 9, 2020

ASX Announcement 10 June 2020

Exploration Update – Flushing Meadows Gold Deposit

• Shallow downhole intercepts continue from infill RC drilling;

• ➢ 8m @ 3.76g/t Au from 27m including 1m @ 13.40g/t Au (YRLRC0227)

• ➢ 11m @ 3.35g/t Au from 50m including 1m @ 16.99g/t Au (YRLRC0231)

• ➢ 6m @ 3.29g/t Au from 60m including 1m @ 14.57g/t Au (YRLRC0239)

• ➢ 11m @ 2.40g/t Au from 11m including 1m @ 16.16g/t Au (YRLRC0241)

• ➢ 5m @ 6.38g/t Au from 72m including 1m @ 17.60g/t (YRLRC0245)

• Results from a further 51 holes to be returned in June and July for completion of an updated Mineral Resource Estimate planned for the September Quarter;

• A diamond drill program for geotechnical, metallurgical and hydrogeological assessment as part of an open pit mining feasibility study to commence in July.

Yandal Resources Ltd (ASX: YRL , “Yandal Resources” or the “Company”) is pleased to report further 1m sample assay results from reverse circulation (“RC”) drilling at the Flushing Meadows prospect within the Ironstone Well gold project located in the highly prospective Yandal Greenstone Belt in Western Australia.

The drilling was completed in May 2020 to expand and upgrade the initial Mineral Resource Estimate[1] (“MRE”) and to support open pit mine development activities at the prospect. Flushing Meadows is located 60km south-east of the mining town of Wiluna and is within close proximity to a number of gold development projects and operating mines (Figure 1).

Gold assay results from 29 angled RC holes for 2,189m are reported above a 0.50g/t Au lower cut-off grade in Table 1 with important intervals highlighted in Figure 2.

Yandal Resources’ Managing Director; Mr Lorry Hughes commented:

“The aim of this program is to reduce the distance between drill holes in areas containing mineralisation that have potential to be included in an optimised open pit design. Reducing the distance between mineralised intervals coupled with consistent QA/QC sampling programs should improve confidence in the updated MRE when completed.

The upcoming diamond drill program will provide important information for the determination of key engineering parameters to be used in the pit design and the economic assessment of the deposit”.

1 Refer to YRL ASX announcement dated 24 September 2019. Registered Address Board Members Gold Projects Yandal Resources Limited Lorry Hughes Managing Director/CEO Ironstone Well (100% owned) ACN 108 753 608 ABN 86 108 753 608 Katina Law Chair Barwidgee (100% owned) Kelly Ross Non-Executive Director Mt McClure (100% owned) A 159 Stirling Highway Bianca Taveira Company Secretary Gordons (100% owned) Nedlands WA 6009 Shares on Issue 66,847,975 P PO Box 1104 T +61 8 9389 9021 Share Price $0.27 Nedlands WA 6909 E yandal@yandalresources.com.au Market Cap $18M W www.yandalresources.com.au ASX Code YRL

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Figure 1 – Location map of key prospects within the Ironstone Well, Barwidgee and Mt McClure gold projects in relation to nearby third party infrastructure and project tenure.

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----- Start of picture text -----

YRLRC219
12m @ 1.99g/t Au (57m) incl.
-1m @ 11.55g/t Au (62m)
8m @ 1.76g/t Au (108m)
5m @ 2.79g/t Au (122m)
YRLRC247
YRLRC245 1m @ 3.73g/t Au (23m)
2m @ 1.74g/t Au (52m)
5m @ 6.38g/t Au (72m) incl.
-3m @ 9.35g/t Au (73m)
-2m @ 12.40g/t Au (73m) YRLRC231
-1m @ 17.60g/t Au (73m) 11m @ 3.35g/t Au (50m) incl.
-5m @ 6.58g/t Au (50m)
- 1m @ 9.11g/t Au (50m)
YRLRC241 -1m @ 16.99g/t Au (53m)
11m @ 2.40g/t Au (50m) incl.
-1m @ 2.02g/t Au (13m) YRLRC244
-1m @ 16.16g/t Au (18m) YRLRC243
YRLRC246
YRLRC238 YRLRC2396m @ 3.29g/t Au (60m) incl.
3m @ 4.48g/t Au (48m) incl. -1m @ 14.57g/t Au (60m)
-1m @ 11.98g/t Au (48m)
YRLRC237
YRLRC236 YRLRC242YRLRC240 12m @ 1.49g/t Au (88m) incl. - -1m @ 7.24g/t Au (97m) 1m @ 2.55g/t Au (93m)
3m @ 1.27g/t Au (10m)
YRLRC233
YRLRC235 3m @ 1.60g/t Au (20m)
4m @ 1.63g/t Au (11m) -1m @ 3.81g/t Au (11m) incl. YRLRC2307m @ 1.00g/t Au (50m)
YRLRC227 YRLRC232 YRLRC225
8m @ 3.76g/t Au (27m) incl. 5m @ 1.24g/t Au (11m) 1m @ 1.27g/t Au (34m) 6m @ 1.24g/t Au (40m)
-1m @ 9.51g/t Au (27m) YRLRC229
- 1m @ 9.51g/t Au (27m) YRLRC228
YRLRC226
12m @ 0.97g/t Au (19m)
YRLRC234 YRLRC223
2m @ 1.25g/t Au (25m)
5m @ 2.33g/t Au (29m) incl.
YRLRC224
- 1m @ 7.79g/t Au (30m)
7m @ 1.99g/t Au (67m) incl. 1m @ 1.05g/t Au (2m)
-1m @ 6.39g/t Au (68m) 6m @ 1.23g/t Au (20m) YRLRC221
12m @ 1.76g/t Au (78m) incl.
-8m @ 2.37g/t Au (81m) YRLRC220
6m @ 2.22g/t Au (5m) incl. YRLRC222
-1m @ 5.12g/t Au (8m) 3m @ 1.92g/t Au (5m)
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Figure 2 – Flushing Meadows prospect collar plan showing the collar locations of completed RC holes with assays received and pending, selected downhole 1m intervals highlights (>0.50g/t Au) and historic holes.

1 Refer to YRL ASX announcement dated 18 February 2020.

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Feasibility Study Activities

The Feasibility Study, Mining Proposal and Mine Closure Plan, contemplate construction of a conventional open pit (only) mining operation with road haulage to third party processing facilities conducted by contractors and managed by Yandal Resources. Work streams are to be conducted by a combination of Yandal Resources personnel and independent resource industry consultants.

Geology and Mineral Resource Estimates

The current JORC Code 2012 MRE for the Flushing Meadows deposit (Tables 1 and 2) was compiled in September 2019 by BM Geological Services Pty Ltd (“BMGS”) with the geological database supplied by Yandal Resources. An upgraded MRE is planned for completion in September Quarter 2020 and will include all prior drilling intended to upgrade a portion of Inferred Resources to Indicated Resources.

A close spaced RC drilling program will be designed to reduce assay data density in a number of key mineralised areas of the MRE both above and below the standing ground water table as part of ongoing QA/QC programs. The aim of the programs is to improve confidence in modelling parameters, grade estimation and grade continuity.

Table 1 – September 2019 Flushing Meadows Mineral Resource Estimate (0.5g/t Au Lower Grade Cut-off) – Refer to Yandal Resources Ltd ASX announcement dated 25 September 2019 for full details.

Material Type	Indicated	Indicated			Inferred			Total
	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz
Laterite	10,353	1.42	473	47,824	1.13	1,730	58,177	1.18	2,203
Oxide	710,322	1.55	35,444	1,803,863	1.28	74,118	2,514,185	1.35	109,562
Transition	147,552	1.60	7,609	742,181	1.24	29,612	889,733	1.30	37,221
Primary				1,132,379	1.15	41,795	1,132,379	1.15	41,795
Total	868,227	1.56	43,518	3,726,247	1.23	147,236	4,594,474	1.29	190,849

Table 2 – September 2019 Flushing Meadows Mineral Resource Estimate (1.0g/t Au Lower Grade Cut-off) – Refer to Yandal Resources Ltd ASX announcement dated 25 September 2019 for full details.

Material Type	Indicated	Indicated			Inferred			Total
	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz
Laterite	7,064	1.72	390	25,178	1.48	1,196	32,242	1.53	1,586
Oxide	482,328	1.91	29,572	1,071,389	1.65	56,836	1,553,717	1.73	86,408
Transition	111,656	1.86	6,666	466,931	1.53	22,999	578,587	1.59	29,665
Fresh				641,976	1.44	29,804	641,976	1.44	29,804
Total	601,049	1.90	36,619	2,205,473	1.56	110,829	2,806,522	1.63	147,439

Geotechnical and Hydrogeological Study

Independent consultants have been awarded contracts for the completion of suitable geotechnical, groundwater and surface water studies to support the Feasibility Study and a number of work programs have commenced. Diamond drilling is planned to begin in the September Quarter to provide high quality geological and geotechnical data to assist with open pit mine design. Four angled HQ triple tube diamond core holes (470m) will be completed with a range of depth from 100-130m. The planned collar locations are shown in Figure 2.

The diamond drill holes are planned to be equipped as water monitoring bores to support hydrogeological assessment upon completion of coring activities.

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Ore Processing

In the December Quarter 2019, the Company released the results of early stage metallurgical test work undertaken by ALS Metallurgical laboratories in Balcatta, Western Australia[1] . Results from composited RC drill hole samples representing oxide material above 80m vertical depth at a grind size of 106 microns, returned an average of 94.1% gold recovery from conventional gravity and cyanide leach processing.

A transitional RC drill sample from between 89-94m vertical depth ground to 75 microns returned 84% recovery with gold associated with ~4% pyrite and minor arsenopyrite.

The gravity and cyanide gold recoveries from mineralised oxide and transitional material at the grind sizes tested are acceptable for existing third party carbon-in-leach (“CIL”) processing plants in the region. Additional test work suitable for inclusion in the Feasibility Study will be completed on diamond core samples and be available in the June Quarter 2020.

During the December 2019 and March 2020 Quarters, additional metallurgical test work was conducted on three mineralised samples from primary zones (128 - 136m down hole depth) in order to determine if significant exploration at depth beneath the planned open pit is warranted in the short term.

Further metallurgical assessment is planned to be conducted on the drill core once geotechnical logging and sampling is complete.

Pit Optimisation and Mine Design

Pit optimisation studies, mine design and Ore Reserve Estimation are to be completed by Intermine Engineering Consultants and utilising information supplied by independent technical consultants, mining and haulage contractors and Yandal Resources.

Environmental, Permitting and Stakeholder Engagement

An initial flora and fauna survey was completed by Botanica Consulting in 2019, and they have been retained to complete Mining Proposal, Mine Closure Plan and Clearing Permit applications for the project.

The majority of the current MRE is within granted Mining Lease M53/1093, Yandal Resources has applied for a new Mining Lease M53/1108 adjoining M53/1093 to the north west along strike and within Exploration Licence E53/1963 (Figure 2).

The Flushing Meadows prospect is located within the Kultju (Aboriginal Corporation) RNTBC (“Kultju”), Kultju Determination. The Kultju Aboriginal Corporation is an incorporated body under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth) and is the Registered Native Title Body Corporate determined to hold native title rights and interests on trust for the Kultju Native Title Holders. Central Desert Native Title Services Limited (“Central Desert”) has been authorised by Kultju Aboriginal Corporation to act as its agent in regards to land access negotiations and agreements.

The Company is in the early stages of engagement with Central Desert, the Shire of Wiluna and the Department of Mines, Industry, Regulation and Safety to work towards the completion of all statutory approvals to mine.

[1] Refer to YRL ASX announcement dated 16 October 2019 and 27 November 2019.

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Next Steps

Key exploration and development activities planned during the March and June Quarters include;

• Receive and review pending 1m results from Gordons Dam and Barty AC drilling;

• Receive and review pending 1m results from Flushing Meadows RC drilling;

• Receive and review 4m results from the current Gordons Dam AC and RC drilling;

• Commence new diamond drilling, geotechnical and hydrogeological studies at the Flushing Meadows gold deposit to support feasibility studies.

Authorised by Lorry Hughes

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Managing Director & CEO

For further information please contact:

Lorry Hughes Bianca Taveira Managing Director Company Secretary Yandal Resources Limited +61 8 9389 9021 yandal@yandalresources.com.au yandal@yandalresources.com.au

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Table 4 – RC drill collar locations, depth, orientation and 1m down hole assay results for the Flushing Meadows prospect within the Ironstone Well gold project (Refer to notes on page 10 for additional information).

Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azimuth (Deg.)	From (m)	To (m)	Interval (m)	Au g/t (FA50)
Flushing Meadows Prospect RC Intervals(>0.50g/t Au)
YRLRC0219	7030042	279285	150	-60	255.5	34	35	1 1.34
						57	69	12 1.99
					including	57	58	1 3.14
					including	62	63	1 11.55
					including	67	68	1 3.03
						98	99	1	0.53
						103	105	2	0.74
						108	116	8 1.76
					including	108	109	1 3.42
					including	110	111	1 3.77
					including	112	113	1 3.01
						122	127	5 2.79
					including	123	124	1 6.60
						144	145	1 1.50
YRLRC0220	7029259	279705	36	-60	255.5	5	11	6 2.22
					including	8	9	1 5.12
						17	18	1	0.67
YRLRC0221	7029267	279744	30	-60	255.5	19	20	1	0.99
						27	28	1	0.98
YRLRC0222	7029274	279763	48	-60	255.5	32	35	3 1.92
YRLRC0223	7029277	279683	30	-60	255.5		No interval >0.50g/t Au
YRLRC0224	7029281	279700	48	-60	255.5	2	3	1	1.05
						20	26	6	1.23
					including	20	21	1	3.31
						35	36	1	0.91
YRLRC0225	7029297	279760	72	-60	255.5	34	35	1	1.27
						40	46	6	1.24
					including	40	41	1	3.12
						48	49	1	0.66
						61	63	2	0.93
						65	67	2	1.07
YRLRC0226	7029309	279700	60	-60	255.5	19	31	12	0.97
					including	20	21	1	3.09
						25	26	1	2.84
						29	30	1	1.80
						41	42	1	0.97
YRLRC0227	7029318	279734	66	-60	255.5	27	35	8	3.76
					including	27	28	1	9.51
					including	31	32	1	13.40
						55	56	1	0.65
YRLRC0228	7029364	279722	108	-60	255.5	28	33	5	0.83
					including	32	33	1	2.31
						51	58	7	0.72

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Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azimuth (Deg.)	From (m)	To (m)	Interval (m)	Au g/t (FA50)
						60	62	2	0.77
						67	69	2	0.73
						77	82	5 1.35
					including	80	81	1 5.15
						92	93	1	0.69
YRLRC0229	7029389	279618	24	60	255.5	18	20	2	0.84
YRLRC0230	7029402	279661	66	-60	255.5	38	43	5	0.86
					including	40	41	1 2.33
						45	48	3	0.84
						50	57	7 1.00
					including	50	51	1 2.22
YRLRC0231	7029410	279699	108	-60	255.5	50	61	11 3.35
					including	50	55	5 6.58
					including	50	51	1 9.11
					including	53	54	1 16.99
						78	80	2	0.63
						86	88	2 3.56
						107	108	1 0.99*
YRLRC0232	7029400	279614	30	-60	255.5	11	16	5 1.24
YRLRC0233	7029429	279675	108	-60	255.5	20	23	3 1.60
						61	62	1	0.58
						79	81	1	0.72
YRLRC0234	7029474	279646	102	-60	255.5	17	18	1	0.59
						25	27	2 1.25
						29	34	5 2.33
					including	30	31	1 7.79
						36	37	1	0.50
						44	45	1	0.80
						58	61	3 1.11
						63	64	1 1.04
						67	74	7 1.99
					including	68	69	1 6.39
						78	90	12 1.76
					including	81	89	8 2.37
					including	81	82	1 4.48
					including	83	84	1 5.89
YRLRC0235	7029472	279539	30	-60	255.5	11	15	4 1.63
					including	11	12	1 3.81
YRLRC0236	7029525	279544	72	-60	255.5	10	13	3 1.27
						15	16	1	0.79
						30	31	1	0.94
YRLRC0237	7029503	279650	108	-60	255.5	17	18	1 1.11
						24	25	1 1.20
						48	49	1 1.22
						76	78	2 1.07
						88	100	12 1.49
					including	93	94	1 2.55

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Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azimuth (Deg.)	From (m)	To (m)	Interval (m)	Au g/t (FA50)
					including	97	98	1 7.24
						105	106	1	0.56
YRLRC0238	7029535	279585	90	-60	255.5	30	31	1	0.95
						37	38	1	0.70
						48	51	3 4.48
					including	48	49	1 11.98
						78	79	1	0.70
YRLRC0239	7029554	279663	90	-60	255.5	41	42	1	0.55
						60	66	6 3.29
					including	60	61	1 14.57
YRLRC0240	7029561	279584	108	-60	255.5	25	26	1 1.22
						41	42	1	1.01
						72	73	1	1.03
						83	88	5 2.01
					including	84	87	3 2.62
YRLRC0241	7029573	279535	72	-60	255.5	11	22	11 2.40
					including	13	14	1 2.02
					including	18	19	1 16.16
						39	43	4 1.78
					including	41	42	1 5.30
						45	49	4	0.78
YRLRC0242	7029588	279585	120	-60	255.5	51	53	2	0.60
						67	68	1	0.50
						71	72	1	0.72
						81	83	2 2.11
						100	102	2	0.78
YRLRC0243	7029612	279580	131	-60	255.5	22	24	2	1.01
						30	31	1	0.64
						76	77	1	1.01
						83	84	1 5.39
						89	90	1 2.92
						98	99	1	0.54
						102	105	3	0.79
						110	118	8	0.64
YRLRC0244	7029646	279615	84	-60	255.5	49	50	1 1.79
YRLRC0245	7029661	279473	78	-60	255.5	5	7	2	0.94
						20	21	1	0.96
						23	24	1	0.69
						36	39	3	0.95
						72	77	5 6.38
					including	73	76	3 9.35
					including	73	75	2 12.40
					including	73	74	1 17.60
YRLRC0246	7029671	279416	30	-60	255.5		No interval >0.50g/t Au
YRLRC0247	7029696	279503	90	-60	255.5	23	24	1 3.73
						29	30	1	1.13
						45	46	1	0.82
						52	54	2 1.74

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About Yandal Resources Limited

Yandal Resources listed on the ASX in December 2018 and has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia.

Yandal Resources’ Board has a track record of successful discovery, mine development and production.

September 2019 Mineral Resource Estimate Summary Table – Flushing Meadows Gold Deposit

Material Type	Indicated	Indicated			Inferred			Total
	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz
Laterite	10,353	1.42	473	47,824	1.13	1,730	58,177	1.18	2,203
Oxide	710,322	1.55	35,444	1,803,863	1.28	74,118	2,514,185	1.35	109,562
Transition	147,552	1.60	7,609	742,181	1.24	29,612	889,733	1.30	37,221
Primary				1,132,379	1.15	41,795	1,132,379	1.15	41,795
Total	868,227	1.56	43,518	3,726,247	1.23	147,236	4,594,474	1.29	190,849

* Report above 0.5g/t Au lower cut-off grade, refer to Yandal Resources Ltd ASX announcement dated 25 September 2019 for full details.

Competent Person Statement

The information in this document that relates to Exploration Results, geology and data compilation is based on information compiled by Mr Trevor Saul, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgy. Mr Saul is the Exploration Manager for the Company, is a full-time employee and holds shares and options in the Company.

Mr Saul 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’. Mr Saul consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to the Flushing Meadows Mineral Resource Estimate is based on information compiled and generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd (“BMGS”). Both Andrew Bewsher and BMGS hold shares in the company. BMGS consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Notes to Table 4 (Below)- 1. An accurate dip and strike and the controls on mineralisation are only interpreted and the true width of mineralisation is unknown at this stage. 2. For AC and RC drilling, 4m composite samples are submitted are analysed using a 50g Aqua Regia digest with Flame AAS gold finish (0.01ppm detection limit), 1m samples are analysed using a 50g fire assay with ICP-MS finish gold analysis (0.01ppm detection limit) by Aurum Laboratories in Beckenham, Western Australia. 3. g/t (grams per tonne). 4. Intersections are calculated over intervals >0.5g/t or >0.2g/t Au where zones of internal dilution are not greater than 2m. 5. Drill type AC = Air-core, RC = Reverse Circulation. 6. Coordinates are in GDA94, MGA Z51. 7. * denotes an end of hole assay.

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Appendix 1 – Ironstone Well Gold Projects JORC Code (2012) Table 1, Section 1 and 2

Mr Trevor Saul, Exploration Manager of Yandal Resources compiled the information in Section 1 and Section 2 of the following JORC Table 1 and is the Competent Person for those sections. The following Table and Sections are provided to ensure compliance with the JORC Code (2012 edition) requirements for the reporting of Mineral Resources.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	Nature and quality of sampling (e.g. cut channels, random chips,	•	1m single splits taken using riffle splitter at time of drilling and submitted for analyses. Average sample
techniques	or specific specialised industry standard measurement tools		weights about 2.0-2.5kg for 1m samples.
	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	•	For RC drilling regular air and manual cleaning of cyclone to remove hung up clays where present.
	representivity and the appropriate calibration of any		Routinely regular standards are submitted during composite analysis and standards, blanks and
	measurement tools or systems used.		duplicates for 1m samples. Based on statistical analysis and cross checks of these results, there is no
			evidence to suggest the samples arenotrepresentative.
	Aspects of the determination of mineralisation that are Material	•	RC drilling was used to obtain 1m samples from approximately 2.0-2.5kg produce a 50g sample
	to the Public Report. In cases where ‘industry standard’ work		analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish
	has been done this would be relatively simple (e.g. ‘reverse		gold analysis (0.01ppm detection limit) by Aurum Laboratories in Beckenham, Western Australia.
	circulation drilling was used to obtain 1 m samples from which 3		Samples assayed for Au only for this program. Drilling intersected oxide, transitional and primary
	kg was pulverised to produce a 30 g charge for fire assay’). In		mineralisation to a maximum drill depth of 150m down hole.
	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	Drill type (e.g. core, reverse circulation, open-hole hammer,	•	For Yandal Resource RC drilling was completed with a 6 1/2-inch face sampling hammer bit.
techniques	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).
Drill sample	Method of recording and assessing core and chip sample	•	RC recovery and meterage was assessed by comparing drill chip volumes (sample bags) for individual
recovery	recoveries and results assessed.		meters. Estimates of sample recoveries were recorded. Routine checks for correct sample depths are
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	•	undertaken every RC rod (6m). RC sample recoveries were visually checked for recovery, moisture and contamination. The cyclone was routinely cleaned ensuring no material build up.
	Whether a relationship exists between sample recovery and	•	Due to the generally good/standard drilling conditions around sample intervals (dry) the geologist
	grade and whether sample bias may have occurred due to		believes the RC samples are representative, some bias would occur in the advent of poor sample
	preferential loss/gain of fine/coarse material.		recovery which was logged where rarely encountered. At depth there were some wet samples and these
			wererecorded ongeological logs.
Logging	Whether core and chip samples have been geologically and	•	RC drill chip logging was completed on one metre intervals at the rig by the geologist. The log was made
	geotechnically logged to a level of detail to support appropriate		to standard logging descriptive sheets, and transferred into Micromine computer once back at the Perth
			office. Loggingwasqualitative in nature.

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Criteria	JORC Code explanation	Commentary	Commentary
	Mineral Resource estimation, mining studies and metallurgical	•	All intervals logged for RC drilling completed during drill program with a representative sample placed
	studies.		into chip trays.
	Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	The total length and percentage of the relevant intersections
	logged.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core	•	RC samples taken.
techniques	taken.	•	RC samples were collected from the drill rig cone splitter every 1m. Wet or dry samples were noted in
and sample preparation	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	•	the logs. For Yandal Resources Ltd samples, duplicate 1m samples were taken in the field, with standards and blanks inserted with the 1m samples for analyses.
	For all sample types, the nature, quality and appropriateness of	•	1m samples were consistent and weighed approximately 2.0-2.5 kg and it is common practice to review
	the sample preparation technique.		1m results and then review sampling procedures to suit.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	• •	Once samples arrived in Perth, further work including duplicates and QC was undertaken at the laboratory. Mineralisation occurs within intensely oxidised saprolitic clays after mafic and felsic sedimentary derived
	Measures taken to ensure that the sampling is representative of		(typical greenstone geology) and mafic volcanic rocks and primary rocks. The sample size is standard
	the in situ material collected, including for instance results for		practice in the WA Goldfields to ensure representivity.
	field duplicate/second-half sampling.
	Whether sample sizes are appropriate to the grain size of the
	material being sampled.
Quality of	The nature, quality and appropriateness of the assaying and	•	The 1m samples were assayed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass
assay data	laboratory procedures used and whether the technique is		spectrometry) finish gold analysis (0.01ppm detection limit) by Aurum Laboratories in Beckenham,
and	considered partial or total.		Western Australia for gold only.
laboratory tests	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.	• •	No geophysical assay tools were used. Laboratory QA/QC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of the in-house procedures. QC results (blanks, duplicates, standards) were in line with commercial procedures, reproducibility and accuracy. These comparisons were deemed satisfactory. A number of 1m residues from RC assay will be analysed at other laboratories for
	Nature of quality control procedures adopted (e.g. standards,		comparison.
	blanks, duplicates, external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of bias) and precision
	have been established.
Verification of	The verification of significant intersections by either independent	•	Work was supervised by senior Aurum Laboratory staff experienced in metals assaying. QC data reports
sampling and	or alternative company personnel.		confirming the sample quality have been supplied.
assaying	The use of twinned holes.	• •	Data storage as PDF/XL files on company PC in the Perth office. No data was adjusted.
	Documentation of primary data, data entry procedures, data	•	Significant intercepts reported in Table 1 by Mr Trevor Saul of Yandal Resources and were generated
	verification, data storage (physical and electronic) protocols.		by compositing to the indicated downhole thickness. A 0.50g/t Au lower cut-off was used and
	Discuss any adjustment to assay data.		intersections generally calculated with a maximum of 2m of internal dilution.

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Criteria	JORC Code explanation	Commentary	Commentary
Location of	Accuracy and quality of surveys used to locate drill holes (collar	•	All drill collar locations were initially pegged and surveyed using a hand held Garmin GPS, accurate to
data points	and down-hole surveys), trenches, mine workings and other		within 3-5m. Holes were drilled at various spacings dependent on prospect assessment. All reported
	locations used in Mineral Resource estimation.		coordinates are referenced to this grid. The topography is mostly flat at the location of the drilling except
	Specification of the grid system used.		for some gentle hills towards to the northern end of the drilling area. Down hole surveys utilised a proshot camera at the end of hole plus every 30m while pulling out of the hole.
	Quality and adequacy of topographic control.	•	Grid MGA94 Zone 51.
		•	Topography is very flat, small differences in elevation between drill holes will have little effect on
			mineralisation widths on initial interpretation. All new holes and some available historic holes will be
			surveyed by DGPS as well as a surveyed topographical surface for compilation of Mineral Resource
			Estimates. The topographic surface has been generated by using the hole collar surveys. It is
			considered to be ofsufficient quality to bevalidforthis stage ofexploration.
Data spacing	Data spacing for reporting of Exploration Results.	•	Holes were variably spaced in accordance with the collar details/coordinates supplied in Table 1 and
and distribution	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.	•	shown in Figure 2. The hole spacing was determined by Yandal Resources Ltd to be sufficient when combined with confirmed historic drilling results to define mineralisation in preparation for a JORC Compliant Resource Estimate update if updated at the Flushing Meadows prospect only. The sample spacing and the appropriateness of each hole to be included to make up data points for a Mineral Resource has not
	Whether sample compositing has been applied.		been determined. It will depend on results from all the drilling and geological interpretations when
			complete.
Orientation of	Whether the orientation of sampling achieves unbiased	•	No, drilling angle holes is deemed to be appropriate to intersect the supergene mineralisation and
data in	sampling of possible structures and the extent to which this is		potential residual dipping structures. At depth angle holes have been used to intersect the interpreted
relation to	known, considering the deposit type.		dipping lodes. True widths are often calculated depending upon the geometry.
geological 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.	• •	The relationship between the drilling orientation and the orientation of mineralised structures is not considered to have introduced a sampling bias. Given the style of mineralisation and drill spacing/method, it is the most common routine for delineating shallow gold resources in Australia. Angle holes are the most appropriate for exploration style and Resource style drilling for the type and locationof mineralisation intersected.
Sample	The measures taken to ensure sample security.	•	Samples were collected on site under supervision of the responsible geologist. The work site is on a
security			pastoral station. Once collected samples were wrapped and transported to Perth for analysis. Dispatch
			and consignment notes were delivered and checked for discrepancies.
		•	Sample security for historical samples was highly variable and dependent on the exploration company
			however most of the companies working in the area are considered leaders in improving the sample
			security, QAQC procedures and explorationprocedures.
Audits or	The results of any audits or reviews of sampling techniques and	•	No Audits have been commissioned.
reviews	data.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	Type, reference name/number, location and ownership	•	The drilling was conducted on M53/1093. The tenement is 100% owned by the Company. As detailed
tenement and	including agreements or material issues with third parties such		in the Solicitors Report in the Replacement Prospectus tenements M53/1093 is subject to a Net Smelter
	asjoint ventures, partnerships, overriding royalties, native title		Royalty of 1%, being payable toFranco-NevadaAustraliaPtyLtd. Asecondaryroyalty overthe

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Criteria		JORC Code explanation	Commentary	Commentary
land	tenure	interests, historical sites, wilderness or national park and		tenement is payable to Maximus Resources Ltd comprising $40 per ounce for the first 50,000 ounces
status		environmental settings.		produced, prepaid for the first 5,000 ounces ($200,000) on a decision to mine. The royalty reduces to
		The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the		$20 per ounce for production between 50,000 and 150,000 ounces and is capped at 150,000 ounces. The tenements are in good standing and no known impediments exist.
		area.
Exploration		Acknowledgment and appraisal of exploration by other parties.	•	Previous workers in the area include Eagle Mining, Cyprus Gold Australia, Wiluna Mines, Homestake
done by other				Gold, Great Central Mines, Normandy Mining, Oresearch, Newmont, Australian Resources Limited,
parties				View Resources, Navigator Mining, Metaliko Resources and Maximus Resources.
Geology		Deposit type, geological setting and style of mineralisation.	•	Archaean Orogenic Gold mineralisation hosted within the Yandal Greenstone Belt, a part of the granite
				/ greenstone terrain of the Yilgarn Craton. Oxide supergene gold intersected from mafic and felsic
				volcanogenic sediments and schists.
Drill hole		A summary of all information material to the understanding of	•	See Table 1.
Information		the exploration results including a tabulation of the following	•	All holes from the current program are listed in Table 1. Due to the significant number of holes within
		information for all Material drill holes:		the project Mr Saul considers the listing all of the drilling is prohibitive and would not improve
		• easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole	•	transparency or materiality of the report. Plan view diagrams are shown in the report of all drilling collars in the database for specific prospect areas for exploration context. It was not deemed necessary to include a representative cross section diagram in this document. No information is excluded.
		• down hole length and interception depth
		• 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.
Data		In reporting Exploration Results, weighting averaging	•	No weighting or averaging calculations were made, assays reported and compiled are as tabulated in
aggregation		techniques, maximum and/or minimum grade truncations (e.g.		Table 1.
methods		cutting of high grades) and cut-off grades are usually Material	•	All assay intervals reported in Table 1 are 1m downhole intervals above 0.50g/t Au lower cut-off for 1m
		and should be stated.		RC assays or as indicated.
		Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the	• •	No metal equivalent calculations were applied. No top or lower cuts have been applied.
		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.
Relationship		These relationships are particularly important in the reporting of	•	Oxide and Transitional mineralisation can be flat lying (blanket like), or in the case of Flushing Meadows
between		Exploration Results.		have a residual dip component mimicking the primary structures, while mineralisation at depth is
mineralisatio n widths and		If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• •	generally steeper dipping. Further orientation studies are required. YRL estimates that the true width is variable but probably around 80-100% of the intercepted widths. Given the nature of RC drilling,the minimum width and assayis 1m.

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Criteria	JORC Code explanation	Commentary	Commentary
intercept	If it is not known and only the down hole lengths are reported,	•	Given the highly variable geology and mineralisation including supergene mineralisation and
lengths	there should be a clear statement to this effect (e.g. ‘down hole		structurally hosted gold mineralisation there is no project wide relationship between the widths and
	length, true width not known’).		intercept lengths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of	•	See Figures 1-2 and Table 1.
	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.
Balanced	Where comprehensive reporting of all Exploration Results is not	•	Summary results for all holes as 1m assays > 0.50g/t are shown in Table 1 for the current drilling.
reporting	practicable, representative reporting of both low and high grades	•	Location of the prospects are shown in Figures 1-2.
	and/or widths should be practiced to avoid misleading reporting
	of Exploration Results.
Other	Other exploration data, if meaningful and material, should be	•	There have been historical Mineral Resource Estimates for the Flushing Meadows prospect only.
substantive	reported including (but not limited to): geological observations;	•	No historic mining has occurred on any of the prospects.
exploration	geophysical survey results; geochemical survey results; bulk
data	samples – size and method of treatment; metallurgical test
	results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further work	The nature and scale of planned further work (e.g. tests for	•	Additional exploration including RC and diamond drilling to upgrade the MRE and provide new technical
	lateral extensions or depth extensions or large-scale step-out		information to complete a Feasibility Study is planned at Flushing Meadows.
	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.

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