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Australasian Code for Reporting of

Exploration Results, Mineral
Resources and Ore Reserves

The JORC Code

2012 Edition

E active 20 December 2012

and mandatory from 1 December 2013
Prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining an
Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC
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Contents
foreword 3
Introduction 3

scope 4

Competence and Responsibility 6

Reporting Terminology 8

Reporting General 9

Reporting of Exploration Results 10

Reporting of Mineral Resources 11

Reporting of Ore Reserves 16

Technical Studies 19

Reporting of Mineralized Fill, Remnants, Pillars,

Low Grade Mineralisation, Stockpiles, Dumps and Tailings 21

Reporting of Coal Resources and Reserves 21

Reporting of Diamond Exploration Results, Mineral

Resources and Ore Reserves 22

Reporting of Industrial Minerals Exploration Results,

Mineral Resources and Ore Reserves 23

Reporting of Metal Equivalents 24

Reporting of In Situ or In Ground Valuations 24

Table 1 Checklist of Assessment and Reporting Criteria 26

Section 1 Sampling Techniques and Data 26

Section 2 Reporting of Exploration Results 28

Section 3 Estimation and Reporting of Mineral Resources 29

Section 4 Estimation and Reporting of Ore Reserves 31

Section 5 Estimation and Reporting of Diamonds

and Other Gemstones 33

Appendix 1 Generic Terms and Equivalents 36

Appendix 2 Competent Person's Consent Form 37

Appendix 3 Compliance Statements 42

Appendix 4 List of Acronyms 44

© Joint Ore Reserves Committee 2012

An appropriate citation is: JORC, 2012. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(The JORC Code) [online]. Available from: <http://www.jorc.org> (The Joint Ore Reserves Committee of The Australasian Institute
of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia).

The Joint Ore Reserves Committee authorizes the use and reproduction of this Code in part or in its entirety on the condition that the
source is appropriately acknowledged. For further information please contact The AusIMM Publications Department on
+61 3 9658 6100 or via email: publications@ausimm.com.au
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JORC Code, 2012 Edition

foreword
1. The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the
'JORC Code' or 'the Code') sets out minimum standards, recommendations and guidelines for Public
Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves . The Joint Ore
Reserves Committee ('JORC') was established in 1971 and published several reports containing
recommendations on the classification and Public Reporting of Ore Reserves prior to the release of the
first edition of the JORC Code in 1989.
Revised and updated editions of the Code were issued in 1992, 1996, 1999, and 2004. This 2012 edition
supersedes all previous editions.
Since 1994, the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) has
worked to create a set of international standard definitions for reporting Mineral Resources and Mineral
(Ore) Reserves, based on the evolving JORC Code's definitions. CRIRSCO was initially a committee of
the Council of Mining and Metallurgical Institutions (CMMI).
Representatives of bodies from Australia, Canada, South Africa, USA and the UK reached provisional
agreement on standard definitions for reporting resources and reserves in 1997. This was followed in
1998 by an agreement to incorporate the CMMI definitions into the International Framework Classification
for Reserves and Resources – Solid Fuels and Mineral Commodities, developed by the United Nations
Economic Commission for Europe (UN-ECE).
CMMI was disbanded in 2002 but CRIRSCO remained as a separate entity and now has a relationship
with the International Council on Mining and Metals (ICMM). An initiative was commenced by CRIRSCO
to develop a Template, largely based on the JORC Code, that was designed to assist countries to
develop their own code in line with world best practice. The Template has been recognized as a
commodity-specific code in UNFC 2009.
CRIRSCO's members are National Reporting Organizations (NROs) who are responsible for developing
mineral reporting codes or standards and guidelines. The NROs are: Australasia (JORC), Canada (CIM
Standing Committee on Reserve Definitions), Chile (National Committee), Europe (PERC), Russia
(NAEN), South Africa (SAMCODES) and USA (SME). As a result of the CRIRSCO/CMMI initiative,
considerable progress has been made towards widespread adoption of consistent reporting standards
throughout the world. In this edition of the JORC Code defined terms are aligned to the CRIRSCO
Standard Definitions as revised in October 2012.

Introduction
2. In this edition of the JORC Code, important terms and their definitions are highlighted in bold text.
The guidelines are placed after the respective Code Clauses using indented italics. Guidelines are not
part of the Code but are intended to provide assistance and guidance to readers and should be
considered persuasive when interpreting the Code.
3. The Code has been adopted by The Australasian Institute of Mining and Metallurgy (The AusIMM) and the
Australian Institute of Geoscientists (AIG) and is binding on members of those organisations.
The Code is endorsed by the Minerals Council of Australia and the Financial Services Institute of
Australasia as a contribution to good practice. The Code has also been adopted by and included in the
listing rules of the Australian Securities Exchange (ASX) and the New Zealand Stock Exchange (NZX).
The ASX and NZX have, since 1989 and 1992 respectively, incorporated the Code into their listing rules.
Under these listing rules, a Public Report must be prepared in accordance with the Code if it includes a
statement on Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves.
The incorporation of the Code imposes certain specific requirements on mining or exploration companies
reporting to the ASX and NZX. There remain a number of other issues outside of the JORC Code
associated with Public Reports that are addressed specifically within the listing rules.

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As such, it is strongly recommended that users of the Code familiarize themselves with the listing rules of
the relevant exchange that relate to Public Reporting of Exploration Results, Mineral Resources and Ore
Reserves.

For Public Reports of initial or materially changed Exploration Results, Mineral Resources or Ore Reserves the
JORC Code requires the Competent Person, on whose documentation the Public Report is based, to be named
in the Public Report. The Public Report or attached statement must say that the Competent Person consents to
the inclusion in the Public Report of the matters based on their information in the form and context in which it
appears, and must include the name of the Competent Person's firm or employer.

Users of the Code should refer to Clause 9.

Scope 4.
The principles governing the operation and application of the JORC Code are Transparency, Materiality
and Competence.

• Transparency requires that the reader of a Public Report is provided with sufficient information, the
presentation of which is clear and unambiguous, to understand the report and not be misled by this
information or by omission of material information that is known to the Competent Person . •
Materiality requires
that a Public Report contains all the relevant information that investors and their professional advisers
would reasonably require, and reasonably expect to find in the report, for the purpose of making a
reasoned and balanced judgment regarding the Exploration Results, Mineral Resources or Ore
Reserves being reported. Where relevant information is not supplied an explanation must be
provided to justify its exclusion.
• Competence requires that the Public Report be based on work that is the responsibility of suitably
qualified and experienced persons who are subject to an enforceable professional code of ethics
(the Competent Person).
Transparency and Materiality are guiding principles of the Code, and the Competent Person must provide
explanatory commentary on the material assumptions underlying the declaration of Exploration Results, Mineral
Resources or Ore Reserves.

In particular, the Competent Person must consider that the benchmark of Materiality is that which includes all
aspects relating to the Exploration Results, Mineral Resources or Ore Reserves that an investor or their advisers
would reasonably expect to see explicit comment on from the Competent Person. The Competent Person must
not remain silent on any material aspect for which the presence or absence of comment could affect the public
perception or value of the mineral occurrence.
5. Table 1 provides a checklist or reference of criteria to be considered by the Competent Person in
developing their documentation and in preparing the Public Report.
In the context of complying with the principles of the Code, comments relating to the items in the relevant
sections of Table 1 should be provided on an 'if not, why not' basis within the Competent Person's documentation.
Additionally comments related to the relevant sections of Table 1 must be complied with on an 'if not, why not'
basis within Public Reporting for significant projects (see Appendix 1 Generic Terms and Equivalents) when
reporting Exploration Results, Mineral Resources or Ore Reserves for the first time. Table 1 also applies in
instances where these items have materially changed from when they were last Publicly Reported. Reporting
on an 'if not, why not' basis is to ensure that it is clear to an investor whether items have been considered and
deemed of low consequence or are not yet addressed or resolved.

For the purposes of the JORC Code the phrase 'if not, why not' means that each item listed in the relevant
section of Table 1 must be discussed and if it is not discussed then the Competent Person must explain
why it has been omitted from the documentation.

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The Code requires in Clauses 19, 27 and 35 that reporting of first time or materially changed Exploration
Results, Mineral Resources or Ore Reserves estimates be accompanied by a technical summary of all
relevant sections of Table 1 on an 'if not, why not' basis as an appendix to the Public Report.

A material change could be a change in the estimated tonnage or grade or in the classification of the
Mineral Resources or Ore Reserves. Whether there has been a material change in relation to a significant
project must be considered by taking into account all of the relevant circumstances, including the style of
mineralisation. This includes considering whether the change in estimates is likely to have a material
effect on the price or value of the company's securities.

6. Public Reports are reports prepared for the purpose of informing investors or potential investors and
their advisers on Exploration Results, Mineral Resources or Ore Reserves. They include, but are not
limited to, annual and quarterly company reports, press releases, information memoranda, technical
papers, website postings and public presentations.

These Public Reports may be to the Australian Securities Exchange and the New Zealand Stock Exchange,
or other regulatory authorities or as required by law.

The Code is a required minimum standard for Public Reporting. JORC also recommends its adoption as
a minimum standard for other reporting. Companies are encouraged to provide information in their Public
Reports that is as comprehensive as possible.

The Code applies to other publicly released company information in the form of postings on company
websites and presentation material used in briefings for shareholders, stockbrokers and investment analysts.
The Code also applies to the following reports if they have been prepared for the purposes described in
Clause 6 including but not limited to: environmental statements, information memoranda, expert reports,
and technical papers referring to Exploration Results, Mineral Resources or Ore Reserves.

For companies issuing concise annual reports, inclusion of all material information relating to Exploration
Results, Mineral Resources and Ore Reserves is recommended. In cases where summary information is
presented it should be clearly stated that it is a summary, and a reference attached giving the location of
the Code-compliant Public Reports or Public Reporting on which the summary is based.

It is recognized that companies may be required to issue reports into more than one regulatory jurisdiction,
with compliance standards that may differ from this Code. It is recommended that such reports include a
statement alerting the reader to this situation. Where members of The AusIMM and the AIG are required
to report in other jurisdictions, they are obliged to comply with the requirements of those jurisdictions.

Reference in the Code to 'documentation' is to internal company documents prepared as a basis for, or to
support, a Public Report.

It is recognized that situations may arise where documentation prepared by a Competent Person for
internal company or similar non-public purposes does not comply with the JORC Code. In such situations,
it is recommended that the documentation includes a prominent statement to this effect. This will make it
less likely that non-complying documentation will be used to compile Public Reports, since Clause 9
requires Public Reports to fairly reflect Exploration Results, Mineral Resource and/ or Ore Reserve
estimates, and supporting documentation, prepared by a Competent Person.

While every effort has been made within the Code and Guidelines (including Table 1) to cover most
situations likely to be encountered in Public Reporting, there may be occasions when doubt exists as to
the appropriate form of disclosure. On such occasions, users of the Code and those compiling reports to
comply with the Code should be guided by its intent, which is to provide a minimum standard for Public
Reporting, and to ensure that such reporting contains all information that investors and their professional
advisers would reasonably require, and reasonably expect to find in the report, for the purpose of making
a reasoned and balanced judgment regarding the Exploration Results, Mineral Resources or Ore Reserves
being reported.

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The JORC Code is a Code for Public Reporting not a Code that regulates the manner in which a
Competent Person estimates Mineral Resources or Ore Reserves. The term 'JORC compliant' therefore
refers to the manner of reporting not to the estimates. Use of the words 'JORC compliant' to describe
resources or estimates is potentially misleading. The words 'JORC compliant' should be interpreted to
mean: 'Reported in accordance with the JORC Code and estimated (or based on prepared
documentation) by a Competent Person as defined by the JORC Code'.
7. The Code is applicable to all solid minerals, including diamonds, other gemstones, industrial minerals and coal,
for which Public Reporting of Exploration Results, Mineral Resources and Ore Reserves is required by the
Australian Securities Exchange and the New Zealand Stock Exchange.
The JORC Code is cited by the 'Code and Guidelines for Technical Assessment and/ or Valuation of
Mineral and Petroleum Assets and Mineral and Petroleum Securities for Independent Expert Reports' (the
'VALMIN Code') as the applicable standard for the Public Reporting of Exploration Results, Mineral
Resources and Ore Reserves. References to 'technical and economic studies' and 'feasibility studies' in
the JORC Code are not intended as references to Technical Assessments or Valuations as defined in
the VALMIN Code.

8. JORC recognizes that further review of the Code and Guidelines will be required from time to time.

Competence and Responsibility 9. A Public Report concerning

a company's Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is the responsibility of
the company acting through its Board of Directors. Any such report must be based on, and fairly reflect, the
information and supporting documentation prepared by a Competent Person. A company issuing a Public
Report shall disclose the name(s) of the Competent Person, state whether the Competent Person is a full-
time employee of the company, and, if not, name the Competent Person's employer.

Any potential for a conflict of interest by the Competent Person or a related party must be disclosed in
accordance with the Transparency principle. Any other relationship of the Competent Person with the
Company making the report must also be disclosed in the Public Report. The report must be issued with the
prior written consent of the Competent Person as to the form and context in which it appears.

Where a company is re-issuing information previously issued with the written consent of the Competent
Person, it must state the original report name, the name(s) of the Competent Person responsible for the
original report, and state the date and reference the location of the original source public report for public
access. In these circumstances the Company is not required to obtain the Competent Person's prior written
consent as to the form and context in which the information appears, provided: •The company

confirms in the subsequent public presentation that it is not aware of any new information or data that
materially affects the information included in the relevant market announcement. In the case of
estimates of Mineral Resources or Ore Reserves, the company confirms that all material assumptions
and technical parameters underpinning the estimates in the relevant market announcement continue to
apply and have not materially changed.
• The company confirms that the form and context in which the Competent Person's findings are presented
have not been materially modified. Note that for the subsequent public presentation it is the responsibility
of the company acting through its Board of Directors to ensure the form and context has not been
materially altered.
This relaxation of the requirement to obtain the Competent Person's prior written consent does not apply to
the requirements for annual reporting of Mineral Resources and Ore Reserves contained in Clause 15.

All such public disclosure should be specifically reviewed by the company to ensure that the form and
context in which the Competent Person's findings are presented have not been materially modified, and to

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ensure that the previously issued Exploration Results, Mineral Resources or Ore Reserve remain valid in
the light of any more recently-acquired data.

Examples of appropriate forms of compliance statements are provided in Appendix 3.

In order to assist Competent Persons and companies to comply with these requirements a Competent
Person's Consent Form has been devised that incorporates the requirements of the Code. The Competent
Person's Consent Form is provided in Appendix 2.

The completion of a consent form, whether in the format provided or in an equivalent form, is recommended
as good practice and provides readily available evidence that the required prior consent has been obtained.

The Competent Person's Consent Form(s), or other evidence of the Competent Person's written consent,
should be retained by the company and the Competent Person to ensure that the written consent can be
provided promptly if required.

10. Documentation detailing Exploration Results, Mineral Resource and Ore Reserve estimates, on which a Public
Report on Exploration Results, Mineral Resources and Ore Reserves is based, must be prepared by, or under
the direction of, and signed by, a Competent Person. If an Exploration Target is included in a Public Report,
documentation must also be prepared by, or under the direction of, and signed by, a Competent Person. The
documentation must provide a fair representation of the matters being reported.

11. A 'Competent Person' is a minerals industry professional who is a Member or Fellow of The Australasian
Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a 'Recognised
Professional Organization' (RPO), as included in a list available on the JORC and ASX websites. These
organizations have enforceable disciplinary processes including the powers to suspend or expel a
member.

A Competent Person must have a minimum of five years relevant experience in the style of mineralization
or type of deposit under consideration and in the activity which that person is undertaking.

If the Competent Person is preparing documentation on Exploration Results, the relevant experience
must be in exploration. If the Competent Person is estimating, or supervising the estimation of Mineral
Resources, the relevant experience must be in the estimation, assessment and evaluation of Mineral
Resources. If the Competent Person is estimating, or supervising the estimation of Ore Reserves, the
relevant experience must be in the estimation, assessment, evaluation and economic extraction of Ore
Reserves.

The key qualifier in the definition of a Competent Person is the word 'relevant'. Determination of what
constitutes relevant experience can be a difficult area and common sense has to be exercised. For example,
in estimating Mineral Resources for vein gold mineralisation, experience in a high-nugget, vein-type
mineralization (such as tin, uranium, etc) may be relevant, whereas experience in (say) massive base metal
deposits may not be. As a second example, to qualify as a Competent Person in the estimation of Ore
Reserves for alluvial gold deposits, considerable (at least five years) experience in the evaluation and
economic extraction of this type of mineralization may be needed. This is due to the properties of gold in
alluvial systems, the particle sizing of the host sediment, and the low grades involved. Experience with
placer deposits containing minerals other than gold may not necessarily provide appropriate relevant
experience.

The key word 'relevant' also means that it is not always necessary for a person to have five years experience
in each and every type of deposit to act as a Competent Person if that person has relevant experience in
other deposit types. For example, a person with (say) 20 years experience in estimating Mineral Resources
for a variety of metalliferous hard-rock deposit types may not require five years specific experience in (say)
porphyry copper deposits to act as a Competent Person. Relevant experience in the other deposit types
could count towards the required experience in relation to porphyry copper deposits.

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In addition to experience in the style of mineralisation, a Competent Person taking responsibility for the
compilation of Exploration Results or Mineral Resource estimates should have sufficient experience in the
sampling and analytical techniques relevant to the deposit under consideration to be aware of problems
that could affect the reliability of data. Some appreciation of extraction and processing techniques applicable
to that deposit type may also be important.
As a general guide, a person being called upon to act as Competent Person should be clearly satisfied in
their own mind that they could face their peers and demonstrate competence in the commodity, type of
deposit and situation under consideration. If doubt exists, the person should either seek opinions from
appropriately experienced peers or should decline to act as a Competent Person.
Estimation of Mineral Resources may be a team effort (for example, involving one person or team collecting
the data and another person or team preparing the estimate). Estimation of Ore Reserves is very commonly
a team effort involving several technical disciplines. It is recommended that, where there is clear division of
responsibility within a team, each Competent Person and his or her contribution should be identified, and
responsibility accepted for that particular contribution. If only one Competent Person signs the Mineral
Resource or Ore Reserve documentation, that person is responsible and accountable for the whole of the
documentation under the Code. It is important in this situation that the Competent Person accepting overall
responsibility for a Mineral Resource or Ore Reserve estimate and supporting documentation prepared in
whole or in part by others, is satisfied that the work of the other contributors is acceptable.
Complaints made with respect to the professional work of a Competent Person will be dealt with under the
disciplinary procedures of the professional organization to which the Competent Person belongs.
When an Australian Securities Exchange or New Zealand Stock Exchange listed company with overseas
interests wishes to report overseas Exploration Results, Mineral Resource or Ore Reserve estimates
prepared by a person who is not a member of The AusIMM, the AIG or a RPO, it is necessary for the
company to nominate a Competent Person or Persons to take responsibility for the Exploration Results,
Mineral Resource or Ore Reserve estimate. The Competent Person undertaking this activity should
appreciate that they are accepting full responsibility for the estimate and supporting documentation under
Australian Securities Exchange and/ or the New Zealand Stock Exchange listing rules and should not treat
the procedure merely as a 'rubber-stamping' exercise.

Reporting Terminology 12. Public Reports

dealing with Exploration Results, Mineral Resources or Ore Reserves must only use the
terms set out in Figure 1.
Figure 1 sets out the framework for classifying tonnage and grade estimates to reflect different levels of
geological confidence and different degrees of technical and economic evaluation. Mineral Resources can
be estimated on the basis of geoscientific information with some input from other disciplines. Ore Reserves,
which are a modified sub-set of the Indicated and Measured Mineral Resources (shown within the dashed
outline in Figure 1), require consideration of the Modifying Factors affecting extraction, and should in most
instances be estimated with input from a range of disciplines.
'Modifying Factors' are considerations used to convert Mineral Resources to Ore Reserves. These
include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing,
legal, environmental, social and governmental factors.
Measured Mineral Resources may be converted to either Proved Ore Reserves or Probable Ore Reserves.
The Competent Person may convert Measured Mineral Resources to Probable Ore Reserves because of
uncertainties associated with some or all of the Modifying Factors which are taken into account in the
conversion from Mineral Resources to Ore Reserves. This relationship is shown by the broken arrow in
Figure 1. Although the trend of the broken arrow includes a vertical component, it does not, in this instance,
imply a reduction in the level of geological knowledge or confidence. In such a situation these Modifying
Factors should be fully explained.
Refer also to the guidelines to Clause 32.

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Exploration Results

Mineral Resources pray reservations

inferred

Increasing level Indicated probable

of geological
knowledge and
confidence

Measured Provided

Consideration of mining, processing, metallurgical, infrastructure,

economic, marketing, legal, environment, social and government factors (the
“Modifying Factors”).

Figure 1 General relationship between Exploration Results, Mineral Resources and Ore Reserves.

Reporting General 13. Public

Reports concerning a company's Exploration Results, Mineral Resources or Ore Reserves must
include a description of the style and nature of the mineralisation.

14. The company must disclose all relevant information concerning Exploration Results, Mineral Resources
or Ore Reserves that could materially influence the economic value of those Exploration Results, Mineral
Resources or Ore Reserves to the company. The company must promptly report any material changes
in its Mineral Resources or Ore Reserves.

15. Companies must review and publicly report their Mineral Resources and Ore Reserves annually. The
annual review date must be nominated by the Company in its Public Reports of Mineral Resources and
Ore Reserves and the effective date of each Mineral Resource and Ore Reserve statement must be
shown. The Company must discuss any material changes to previously reported Mineral Resources and
Ore Reserves at the time of publishing updated Mineral Resources and Ore Reserves.
16. Throughout the Code, if appropriate, 'quality' may be substituted for 'grade' and 'volume' may be
substituted for 'tonnage'. (Refer to Appendix 1 Generic Terms and Equivalents.)
17. It is recognized that it is common practice for a company to comment on and discuss its exploration in
terms of target size and type. However, any such comment in a Public Report must comply with the
following requirements.
An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit
in a defined geological setting where the statement or estimate, quoted as a range of tonnes and
a range of grade (or quality), relates to mineralization for which there has there has been
insufficient exploration to estimate a Mineral Resource.
Any such information relating to an Exploration Target must be expressed so that it cannot be
misrepresented or misconstrued as an estimate of a Mineral Resource or Ore Reserve. The terms
Resource or Reserve must not be used in this context. In any statement referring to potential quantity
and grade of the target, these must both be expressed as ranges and must include:

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•
a detailed explanation of the basis for the statement, including specific description of the level of
exploration activity already completed, and a
•
statement clarification within the same paragraph as the first reference of the Exploration Target in the
Public Report, stating that the potential quantity and grade is conceptual in nature, that there has been
insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will
result in the estimation of a Mineral Resource.
Given the level of uncertainty surrounding the supporting data, an Exploration Target tonnage or grade must
not be reported as a 'headline statement' in a Public Report.
If a Public Report includes an Exploration Target the proposed exploration activities designed to test the
validity of the exploration target must be detailed and the timeframe within which those activities are expected
to be completed must be specified.
If an Exploration Target is shown pictorially (for instance as cross sections or maps) or with a graph, it must
be accompanied by text that meets the above requirements.
A Public Report that includes an Exploration Target must be accompanied by a Competent Person statement
taking responsibility for the form and context in which the Exploration Target appears.
All disclosures of an Exploration Target must clarify whether the target is based on actual Exploration Results
or on proposed exploration programs. Where the Exploration Target statement includes information relating
to ranges of tonnages and grades these must be represented as approximations.
The explanatory text must include a description of the process used to determine the grade and tonnage
ranges used to describe the Exploration Target.
For an Exploration Target based on Exploration Results, a summary of the relevant exploration data
available and the nature of the results should also be stated, including a disclosure of the current drill
hole or sampling spacing and relevant plans or sections. In any subsequent upgraded or modified
statements on the Exploration Target, the Competent Person should discuss any material changes to
potential scale or quality arising from completed exploration activities.

Reporting of Exploration Results

18. Exploration Results include data and information generated by mineral exploration programs that
might be of use to investors but which do not form part of a declaration of Mineral Resources or Ore
Reserves.

The reporting of such information is common in the early stages of exploration when the quantity of data
available is generally not sufficient to allow any reasonable estimates of Mineral Resources.
If a company reports Exploration Results in relation to mineralization not classified as a Mineral Resource or
an Ore Reserve, then estimates of tonnages and average grade must not be assigned to the mineralization
unless the situation is covered by Clause 17, and then only in strict accordance with the requirements of that
Clause.

Examples of Exploration Results include results of outcrop sampling, assays of drill hole intersections,
geochemical results and geophysical survey results.
19. Public Reports of Exploration Results must contain sufficient information to allow a considered and balanced
judgment of their significance. Reports must include relevant information such as exploration context, type
and method of sampling, relevant sample intervals and locations, distribution, dimensions and relative location
of all relevant assay data, methods of analysis, data aggregation methods, land tenure status plus information
on any of the other criteria listed in Table 1 that are material to an
assessment.

Public Reports of Exploration Results must not be presented so as to unreasonably imply that potentially
economic mineralization has been discovered. If true widths of mineralization are not reported, an appropriate
qualification must be included in the Public Report.

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Where assay and analytical results are reported, they must be reported using one of the following methods,
selected as the most appropriate by the Competent Person:

•either by listing all results, along with sample intervals (or size, in the case of bulk samples), or •by
reporting weighted average grades of mineralized zones, clearly indicating how the grades were
calculated.

Clear diagrams and maps designed to represent the geological context must be included in the report.
These must include, but not be limited to, a plan view of drill hole collar locations and appropriate sectional
views.

Reporting of selected information such as isolated assays, isolated drill holes, assays of panned concentrates
or supergene enriched soils or surface samples, without placing them in perspective is unacceptable.

While it is not necessary to report all assays or drill holes, it is a requirement that sufficient information
about the omitted data is provided so that a considered and balanced judgment can be made by the
reader of the report. Where reports of Exploration Results do not include all drill holes or all intersections
of drill holes the Competent Person must provide an explanation of why this information is not considered
relevant or why it has not been provided.

As required under Clauses 4 and 5, the Competent Person must not 'remain silent on any issue for
which the presence or absence of comment could impact the public perception or value of the mineral
occurrence'. For significant projects the reporting of all criteria in sections 1 and 2 of Table 1 on an 'if
not, why not basis' is required, preferably as an appendix to the Public Report. Additional disclosure is
particularly important where inadequate or uncertain data affect the reliability of, or confidence in, a
statement of Exploration Results; for example, poor sample recovery, poor repeatability of assay or
laboratory results, etc.

Reporting of Mineral Resources

20. A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on
the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects
for eventual economic extraction. The location, quantity, grade (or quality), continuity and other
geological characteristics of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in
order of increasing geological confidence, into Inferred, Indicated and Measured categories.

All reports of Mineral Resources must satisfy the requirement that there are reasonable prospects for
eventual economic extraction (ie more likely than not), regardless of the classification of the resource.

Portions of a deposit that do not have reasonable prospects for eventual economic extraction must not be
included in a Mineral Resource. The basis for the reasonable prospects assumption is always a material
matter, and must be explicitly disclosed and discussed by the Competent Person within the Public Report
using the criteria listed in Table 1 for guidance. The reasonable prospects disclosure must also include a
discussion of the technical and economic support for the cut-off assumptions applied.

Where untested practices are applied in the determination of reasonable prospects, the use of the proposed
practices for reporting of the Mineral Resource must be justified by the Competent Person in the Public
Report.

Geological evidence and knowledge required for the estimation of Mineral Resources must include sampling
data of a type, and at spacings, appropriate to the geological, chemical, physical, and mineralogical
complexity of the mineral occurrence, for all classifications of Inferred, Indicated and Measured Mineral
Resources. A Mineral Resource cannot be estimated in the absence of sampling information.

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The term 'Mineral Resource' covers mineralisation, including dumps and tailings, which has been identified
and estimated through exploration and sampling and within which Ore Reserves may be defined by the
consideration and application of the Modifying Factors.

The term 'reasonable prospects for eventual economic extraction' implies an assessment (albeit
preliminary) by the Competent Person in respect of all matters likely to influence the prospect of economic
extraction including the approximate mining parameters. In other words, a Mineral Resource is not an
inventory of all mineralization drilled or sampled, regardless of cut-off grade, likely mining dimensions
location or continuity. It is a realistic inventory of mineralization which, under assumed and justifiable
technical, economic and development conditions, might, in whole or in part, become economically extractable.

Where considered appropriate by the Competent Person, Mineral Resource estimates may include
material below the selected cut-off grade to ensure that the Mineral Resources comprise bodies of
mineralization of adequate size and continuity to properly consider the most appropriate approach to
mining. Documentation of Mineral Resource estimates should clearly identify any diluting material included
and Public Reports should include commentary on the matter if considered material.

Interpretation of the word 'eventual' in this context may vary depending on the commodity or mineral
involved. For example, for some coal, iron ore, bauxite and other bulk minerals or commodities, it may be
reasonable to envisage 'eventual economic extraction' as covering time periods in excess of 50 years.
However for the majority of smaller deposits, application of the concept would normally be restricted to
perhaps 10 to 15 years, and frequently to much shorter periods of time. In all cases, the considered time
frame should be disclosed and discussed by the Competent Person.

Any adjustment made to the data for the purpose of making the Mineral Resource estimate, for example
by cutting or factoring grades, should be clearly stated and described in the Public Report.

Certain reports (eg inventory coal reports, exploration reports to government and other similar reports not
intended primarily for providing information for investment purposes) may require full disclosure of all
mineralisation, including some material that does not have reasonable prospects for eventual economic
extraction. Such estimates of mineralization would not qualify as Mineral Resources or Ore Reserves in
terms of the JORC Code (refer also to the guidelines to Clauses 6 and 42).

21. An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality)
are estimated on the basis of limited geological evidence and sampling. Geological evidence is
sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration,
sampling and testing information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral
Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.

Where the Mineral Resource being reported is predominantly an Inferred Mineral Resource, sufficient
supporting information must be provided to enable the reader to evaluate and assess the risk associated with
the reported Mineral Resource.

In circumstances where the estimation of the Inferred Mineral Resource is presented on the basis of
extrapolation beyond the nominal sampling spacing and taking into account the style of mineralisation, the
report must contain sufficient information to inform the reader of:

•the maximum distance that the resource is extrapolated beyond the sample points •the
proportion of the resource that is based on extrapolated data •the basis
on which the resource is extrapolated to these limits
•
a diagrammatic representation of the Inferred Mineral Resource clearly showing the extrapolated part of
the estimated resource.

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The Inferred category is intended to cover situations where a mineral concentration or occurrence has
been identified and limited measurements and sampling completed, but where the data are insufficient to
allow the geological and grade continuity to be confidently interpreted. While it would be reasonable to
expect that the majority of Inferred Mineral Resources would upgrade to Indicated Mineral Resources
with continued exploration, due to the uncertainty of Inferred Mineral Resources, it should not be assumed
that such upgrading will always occur.
Confidence in the estimate of Inferred Mineral Resources is not sufficient to allow the results of the
application of technical and economic parameters to be used for detailed planning in Pre-Feasibility
(Clause 39) or Feasibility (Clause 40) Studies. For this reason, there is no direct link from an Inferred
Mineral Resource to any category of Ore Reserves (see Figure 1).
Caution should be exercised if Inferred Mineral Resources are used to support technical and economic
studies such as Scoping Studies (refer to Clause 38).
22. An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality),
densities, shape and physical characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail to support mine planning and evaluation of the
economic viability of the deposit.

Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points
of observation where data and samples are gathered.
An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Ore Reserve.

Mineralization may be classified as an Indicated Mineral Resource when the nature, quality, amount and
distribution of data are such as to allow confident interpretation of the geological framework and to
assume continuity of mineralisation.
Confidence in the estimate is sufficient to allow application of Modifying Factors within a technical and
economic study as defined in Clauses 37 to 40.
23. A 'Measured Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality),
densities, shape, and physical characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors to support detailed mine planning and final evaluation of the
economic viability of the deposit.

Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill
holes, and is sufficient to confirm geological and grade (or quality) continuity between points of
observation where data and samples are gathered.
A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or
under certain circumstances to a Probable Ore Reserve.

Mineralization may be classified as a Measured Mineral Resource when the nature, quality, amount and
distribution of data are such as to leave no reasonable doubt, in the opinion of the Competent Person
determining the Mineral Resource, that the tonnage and grade of the mineralization can be estimated to
within close limits, and that any variation from the estimate would be unlikely to significantly affect
potential economic viability.

This category requires a high level of confidence in, and understanding of, the geological properties and
controls of the mineral deposit.

Confidence in the estimate is sufficient to allow application of Modifying Factors within a technical and
economic study as defined in Clauses 37 to 40.

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Depending upon the level of confidence in the various Modifying Factors it may be converted to a Proved
Ore Reserve (high confidence in Modifying Factors), Probable Ore Reserve (some uncertainty in Modifying
Factors) or may not be converted at all (low or no confidence in some of the Modifying Factors; or no plan
to mine, eg pillars in an underground mine or outside economic pit limits).

24. The choice of the appropriate category of Mineral Resource depends upon the quantity, distribution and quality
of data available and the level of confidence that attaches to those data. The appropriate Mineral Resource
category must be determined by a Competent Person.

Mineral Resource classification is a matter for skilled judgment and a Competent Person should take into
account those items in Table 1 that report to confidence in Mineral Resource estimation.

In deciding between Measured Mineral Resources and Indicated Mineral Resources, Competent Persons
may find it useful to consider, in addition to the phrases in the two definitions relating to geological and
grade continuity in Clauses 22 and 23, the phrase in the guideline to the definition for Measured Mineral
Resources: '... any variation from the estimate would be unlikely to significantly affect potential economic
viability'.

In deciding between Indicated Mineral Resources and Inferred Mineral Resources, Competent Persons
may wish to take into account, in addition to the phrases in the two definitions in Clauses 21 and 22 relating
to geological and grade continuity, that part of the definition for Indicated Mineral Resources : 'sufficient
confidence to allow the application of Modifying Factors in sufficient detail to support mine
planning and evaluation of the economic viability of the deposit', which contrasts with the guideline to
the definition for Inferred Mineral Resources: 'Confidence in the estimate of Inferred Mineral Resources is
not sufficient to allow the results of the application of technical and economic parameters to be used for
detailed planning in Pre-Feasibility (Clause 39) or Feasibility (Clause 40)
Studies' and 'Caution should be exercised if Inferred Mineral Resources are used to support technical and
economic studies such as Scoping Studies (refer to Clause 38)'.

The Competent Person should take into consideration issues of the style of mineralization and cut-off grade
when assessing geological and grade continuity for the purposes of classifying the resource.

Cut-off grades chosen for the estimation should be realistic in relation to the style of mineralization and the
anticipated mining and processing development options.

25. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited
information on the location, shape and continuity of the occurrence and on the available sampling results.
Reporting of tonnage and grade figures should reflect the relative uncertainty of the estimate by rounding off to
appropriately significant figures and, in the case of Inferred Mineral Resources, by qualification with terms such
as 'approximately' and to emphasize the imprecise nature of a Mineral Resource , the final result should always
be referred to as an estimate not a calculation.

In most situations, rounding to the second significant figure should be sufficient. For example 10,863,000
tonnes at 8.23 per cent should be stated as 11 million tonnes at 8.2 per cent. There will be occasions,
however, where rounding to the first significant figure may be necessary in order to properly convey the
uncertainties in estimation. This would usually be the case with Inferred Mineral Resources.

Competent Persons are encouraged, where appropriate, to discuss the relative accuracy and confidence
level of the Mineral Resource estimates with consideration of at least sampling, analytical and estimation
errors. The statement should specify whether it relates to global or local estimates, and, if local, state the
relevant tonnage. Where a statement of the relative accuracy and confidence level is not possible, a
qualitative discussion of the uncertainties should be provided in its place (refer to Table 1).

26. Public Reports of Mineral Resources must specify one or more of the categories of 'Inferred', 'Indicated' and
'Measured'. Categories must not be reported in a combined form unless details for the individual categories are
also provided. Mineral Resources must not be reported in terms of contained metal or mineral content unless
corresponding tonnages and grades are also displayed.

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Mineral Resources must not be aggregated with Ore Reserves.

Public Reporting of tonnages and grades outside the categories covered by the Code is not permitted unless the
situation is covered by Clause 17, and then only in strict accordance with the requirements of that Clause.

Estimates of tonnage and grade outside of the categories covered by the Code may be useful for a company
in its internal calculations and evaluation processes, but their inclusion in Public Reports is not permitted.

27. In a Public Report of a Mineral Resource for a significant project for the first time, or when those estimates have
materially changed from when they were last reported, a brief summary of the information in relevant sections of
Table 1 must be provided or, if a particular criterion is not relevant or material, a disclosure that it is not relevant
or material and a brief explanation of why this is the case must be provided.

For a significant project, when Mineral Resource estimates are first Publicly Reported or when a material change
occurs (including classification changes), there is an increased need for transparent discussion of the basis for
the new Mineral Resource estimate in order that investors are appropriately informed of the basis for the
changes. As noted in Clauses 4 and 5 the benchmark of Materiality is that which an investor or their advisers
would reasonably expect to see explicit comment on from the Competent Person, thus the reporting of all
relevant criteria in Table 1 on an 'if not, why not ' basis is required.

The Code specifies reporting against relevant sections of Table 1 in this Clause. This may be satisfied by
reporting against section 3 on the presumption that matters related to sections 1 and 2 will already have
been included in a still current Public Report and this Report can be referenced. If this is not the case then
these sections are also relevant and should be included in the Public Report.

The technical summary based against Table 1 criteria should be presented as an appendix to the Public
Report.

Where there are as yet unresolved issues potentially impacting the reliability of, or confidence in, a statement
of Mineral Resources (for example, poor sample recovery, poor repeatability of assay or laboratory results,
limited information on bulk densities, etc) those unresolved issues should also be reported.

If there is doubt about what should be reported, it is better to err on the side of providing too much information
rather than too little.

Uncertainties in any of the criteria listed in Table 1 that could lead to under- or over-statement of Mineral
Resources should be disclosed.

Mineral Resource estimates are sometimes reported after adjustment from reconciliation with production
data. Such adjustments should be clearly stated in a Public Report of Mineral Resources and the nature of
the adjustment or modification described.

28. The words 'ore' and 'reserves' must not be used in describing Mineral Resource estimates as the terms imply
technical feasibility and economic viability and are only appropriate when all relevant Modifying Factors have
been considered. Reports and statements should continue to refer to the appropriate category or categories of
Mineral Resources until technical feasibility and economic viability have been established. If re-evaluation
indicates that the Ore Reserves are no longer viable, the Ore Reserves must be reclassified as Mineral
Resources or removed from Mineral Resource/Ore Reserve statements.

It is not intended that re-classification from Ore Reserves to Mineral Resources or vice versa should be
applied as a result of changes expected to be of a short term or temporary nature, or where company
management has made a deliberate decision to operate on a non -economic basis. Examples of such
situations might be commodity price fluctuations expected to be of short duration, mine emergency of a non-
permanent nature, transport strike, etc.

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Reporting of Ore Reserves

29. An 'Ore Reserve' is the economically mineable part of a Measured and/or Indicated Mineral Resource.
It includes diluting materials and allowances for losses, which may occur when the material is mined
or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include
application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction
could reasonably be justified.

The reference point at which Reserves are defined, usually the point where the ore is delivered to the
processing plant, must be stated. It is important that, in all situations where the reference point is
different, such as for a saleable product, a clarifying statement is included to ensure that the reader
is fully informed as to what is being reported.

The key assumptions and outcomes of the Pre-Feasibility Study or Feasibility Study must be disclosed at the
time of reporting of a new or materially changed Ore Reserve.
Pre-Feasibility and Feasibility Studies are defined in Clauses 39 and 40 below.

Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.

In reporting Ore Reserves, information on estimated mineral processing recovery factors is very important,
and should always be included in Public Reports.

Ore Reserves are those portions of Mineral Resources that, after the application of all Modifying Factors,
result in an estimated tonnage and grade which, in the opinion of the Competent Person making the
estimates, can be the basis of a technically and economically viable project, after taking account of
relevant material Modifying Factors. Deriving an Ore Reserve without a mine design or mine plan through
a process of factoring of the Mineral Resource is unacceptable.

Ore Reserves are reported as inclusive of marginally economic material and diluting material delivered
for treatment or dispatched from the mine without treatment.

The term 'economically mineable' implies that extraction of the Ore Reserves has been demonstrated to
be viable under reasonable financial assumptions. This will vary with the type of deposit, the level of
study that has been carried out and the financial criteria of the individual company. For this reason, there
can be no fixed definition for the term 'economically mineable'.

In order to achieve the required level of confidence in the Modifying Factors, appropriate Feasibility or
Pre-Feasibility level studies will have been carried out prior to determination of the Ore Reserves. The
studies will have determined a mine plan and production schedule that is technically achievable and
economically viable and from which the Ore Reserves can be derived.

The term 'Ore Reserves' need not necessarily mean that extraction facilities are in place or operative, or
that all necessary approvals or sales contracts have been received. It does mean that there are
reasonable grounds to expect that such approvals or contracts will eventuate within the anticipated time
frame required by the mine plans. There must be reasonable grounds to expect that all necessary
Government approvals will be received. The Competent Person should highlight and discuss any
unresolved material that is dependent on a third party on which extraction is contingent.

If there is doubt about what should be reported, it is better to err on the side of providing too much
information rather than too little.

Any adjustment made to the data for the purpose of making the Ore Reserve estimate, for example by
cutting or factoring grades, should be clearly stated and described in the Public Report.

Where companies prefer to use the term 'Mineral Reserves' in their Public Reports, eg for reporting
industrial minerals or for reporting outside Australasia, they should clearly state that this is being used
with the same meaning as 'Ore Reserves', defined in this Code . If preferred by the reporting company,

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'Ore Reserve' and 'Mineral Resource' estimates for coal may be reported as 'Coal Reserve' and 'Coal
Resource' estimates.

JORC prefers the term 'Ore Reserve' because it assists in maintaining a clear distinction between a 'Mineral
Resource' and an 'Ore Reserve', whereas other codes feel it is better to reference Mineral Exploration
Results, Mineral Resources and Mineral Reserves.

30. A 'Probable Ore Reserve' is the economically mineable part of an Indicated, and in some circumstances,
a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Ore
Reserve is lower than that applying to a Proved Ore Reserve.

Consideration of the confidence level of the Modifying Factors is important in conversion of Mineral Resources
to Ore Reserves.

A Probable Ore Reserve has a lower level of confidence than a Proved Ore Reserve but is of sufficient quality
to serve as the basis for a decision on the development of the deposit.

31. A 'Proved Ore Reserve' is the economically mineable part of a Measured Mineral Resource. A Proved
Ore Reserve implies a high degree of confidence in the Modifying Factors.

A Proved Ore Reserve represents the highest confidence category of reserve estimate and implies a high
degree of confidence in geological and grade continuity, and the consideration of the Modifying Factors.
The style of mineralization or other factors could mean that Proved Ore Reserves are not achievable in
some deposits.

32. The choice of the appropriate category of Ore Reserve is determined primarily by the relevant level of confidence
in the Mineral Resource and after considering any uncertainties in the consideration of the Modifying Factors.
Allocation of the appropriate category must be made by a Competent Person.

The Code provides for a direct two-way relationship between Indicated Mineral Resources and Probable
Ore Reserves and between Measured Mineral Resources and Proved Ore Reserves. In other words, the
level of geological confidence for Probable Ore Reserves is similar to that required for the determination
of Indicated Mineral Resources, and the level of geological confidence for Proved Ore Reserves is similar
to that required for the determination of Measured Mineral Resources.

The Code also provides for a two-way relationship between Measured Mineral Resources and Probable
Ore Reserves. This is to cover a situation where uncertainties associated with any of the Modifying Factors
considered when converting Mineral Resources to Ore Reserves may result in there being a lower degree
of confidence in the Ore Reserves than in the corresponding Mineral Resources. Such a conversion would
not imply a reduction in the level of geological knowledge or confidence.

A Probable Ore Reserve derived from a Measured Mineral Resource may be converted to a Proved Ore
Reserve if the uncertainties in the Modifying Factors are removed. No amount of confidence in the
Modifying Factors for conversion of a Mineral Resource to an Ore Reserve can override the upper level of
confidence that exists in the Mineral Resource. Under no circumstances can an Indicated Mineral Resource
be converted directly to a Proved Ore Reserve (see Figure 1).

Application of the category of Proved Ore Reserve implies the highest degree of geological, technical and
economic confidence in the estimate at the level of production increments used to support mine planning
and production scheduling, with consequent expectations in the minds of the readers of the report. These
expectations should be considered when categorizing a Mineral Resource as Measured.

Refer also to the guidelines in Clause 24 regarding classification of Mineral Resources.

33. Ore Reserve estimates are not precise calculations. Reporting of tonnage and grade estimates should reflect
the relative uncertainty of the estimate by rounding off to appropriately significant figures. Refer also to Clause
25.

To emphasize the imprecise nature of an Ore Reserve, the final result should always be referred to as an
estimate and not a calculation.

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Competent Persons are encouraged, where appropriate, to discuss the relative accuracy and confidence
level of the Ore Reserve estimates with consideration of both underlying estimation and Modifying Factor
uncertainties. The statement should specify whether it relates to global or local estimates, and, if local,
state the relevant tonnage. Where a statement of the relative accuracy and confidence level is not possible,
a qualitative discussion of the uncertainties should be provided in its place (refer to Table 1).

34. Public Reports of Ore Reserves must specify one or other or both of the categories of 'Proved' and 'Probable'.
Reports must not contain combined Proved and Probable Ore Reserve figures unless the relevant figures for
each of the categories are also provided. Reports must not present metal or mineral content figures unless
corresponding tonnage and grade figures are also given.

Public Reporting of tonnage and grade outside the categories covered by the Code is not permitted unless the
situation is covered by Clause 17, and then only in strict accordance with the requirements of that Clause.

Estimates of tonnage and grade outside of the categories covered by the Code may be useful for a
company in its internal calculations and evaluation processes, but their inclusion in Public Reports could
cause confusion, and is not permitted.

Ore Reserves may incorporate material (dilution) that is not part of the original Mineral Resource. It is
essential that this fundamental difference between Mineral Resources and Ore Reserves is considered and
caution exercised if attempting to draw conclusions from a comparison of the two.

When revised Ore Reserve and Mineral Resource statements are publicly reported, the Company must
discuss any material changes from the previous estimate, and provide sufficient comment to enable the
basis for significant changes to be understood by the reader.

35. In a Public Report of an Ore Reserve estimate for a significant project for the first time, or when those estimates
have materially changed from when they were last reported, a brief summary of the information in relevant
sections of Table 1 must be provided or , if a particular criterion is not relevant or material, a disclosure that it is
not relevant or material and a brief explanation of why this is the case must be provided.

For a significant project, when Ore Reserve estimates are first Publicly Reported or when a material change
occurs (including classification changes), there is an increased need for transparent discussion of the basis for
the new Ore Reserve estimate in order that investors are appropriately informed of the basis for the changes.
As noted in Clauses 4 and 5 the benchmark of Materiality is that which an investor or their advisers would
reasonably expect to see explicit comment on from the Competent Person, thus the reporting of all criteria in
Table 1 on an 'if not, why not' basis is required.

The Code specifies reporting against relevant sections of Table 1 in this Clause. This may be satisfied by
reporting against section 4 on the presumption that matters related to sections 1, 2 and 3 will already have
been included in a still current Public Report and this Report can be referenced. If this is not the case then
these sections are also relevant and should be included in the Public Report.

The Technical summary based against Table 1 criteria should be presented as an appendix to the Public
Report.

Where there are as yet unresolved issues potentially impacting the reliability of, or confidence in, a
statement of Ore Reserves (for example, limited geotechnical information, complex orebody metallurgy,
uncertainty in the permitting process, etc) those unresolved issues should also be reported.

If there is doubt about what should be reported, it is better to err on the side of providing too much
information rather than too little.

Uncertainties in any of the criteria listed in Table 1 that could lead to under- or over-statement of Ore
Reserves should be disclosed.

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Ore Reserve estimates are sometimes reported after adjustment from reconciliation with production data.
Such adjustments should be clearly stated in a Public Report of Ore Reserves and the nature of the
adjustment or modification described.

36. In situations where figures for both Mineral Resources and Ore Reserves are reported, a statement must be
included in the report which clearly indicates whether the Mineral Resources are inclusive of, or additional to
the Ore Reserves.

Ore Reserve estimates must not be aggregated with Mineral Resource estimates to report a single combined
figure.

In some situations there are reasons for reporting Mineral Resources including of Ore Reserves and in
other situations for reporting Mineral Resources additional to Ore Reserves. It must be made clear which
form of reporting has been adopted. Appropriate forms of clarifying statements may

be: •'The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to
produce the Ore Reserves.' or
•'The Measured and Indicated Mineral Resources are additional to the Ore Reserves.'

In the former case, if any Measured and Indicated Mineral Resources have not been modified to produce
Ore Reserves for economic or other reasons, the relevant details of these unmodified Mineral Resources
should be included in the report. This is to assist the reader of the report in making a judgment of the
likelihood of the unmodified Measured and Indicated Mineral Resources eventually being converted to Ore
Reserves.

Inferred Mineral Resources are by generally definition additional to Ore Reserves except where included
as dilution in the Ore Reserves.

For reasons stated in the guidelines to Clause 34 and in this paragraph, the reported Ore Reserve estimates
must not be aggregated with the reported Mineral Resource estimates (eg in graphs, figures or tables). The
resulting total is misleading and is capable of being misunderstood or of being misused to give a false
impression of a company's prospects.

Technical Studies
37. These definitions are included in the Code to provide clarity on what is expected when reporting using these
terms. The definition of a Scoping Study has been included because of the common usage of the term in Public
Reports. However attention is drawn to the requirement for a Pre-Feasibility Study or a Feasibility study to have
been completed for the Public Reporting of an Ore Reserve in Clause 29. An Ore Reserve must not be reported
based on the completion of a Scoping Study.

38. A Scoping Study is an order of magnitude technical and economic study of the potential viability of
Mineral Resources. It includes appropriate assessments of realistically assumed Modifying Factors
together with any other relevant operational factors that are necessary to demonstrate at the time of
reporting that progress to a Pre-Feasibility Study can be reasonably justified.

A Scoping Study must not be used as the basis for estimation of Ore Reserves.

If the outcome of a Scoping Study is partially supported by Inferred Mineral Resources and/or an Exploration
Target, the Public Report must state both the proportion and relative sequencing of the Inferred Mineral
Resources and/or an Exploration Target within the Scoping Study.

For all Scoping Studies, the entity must include a cautionary statement in the same paragraph as, or immediately
following, the disclosure of the Scoping Study.

An example cautionary statement follows:

'The Scoping Study referred to in this report is based on low-level technical and economic assessments,
and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic
development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.'

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In discussing 'reasonable prospects for eventual economic extraction' in Clause 20, the Code requires an
assessment (albeit preliminary) in respect of all matters likely to influence the prospect of economic
extraction including the approximate mining parameters by the Competent Person. While a Scoping Study
may provide the basis for that assessment, the Code does not require a Scoping Study to have been
completed to report a Mineral Resource.

Scoping Studies are commonly the first economic evaluation of a project undertaken and may be based
on a combination of directly gathered project data together with assumptions borrowed from similar
deposits or operations to the case envisaged. They are also commonly used internally by companies for
comparative and planning purposes. Reporting the general results of a Scoping Study needs to be
undertaken with care to ensure there is no implication that Ore Reserves have been established or that
economic development is assured. In this regard it may be appropriate to indicate the Mineral Resource
inputs to the Scoping Study and the processes applied, but it is not appropriate to report the diluted tonnes
and grade as if they were Ore Reserves.

While initial mining and processing cases may have been developed during a Scoping Study, it must not
be used to allow an Ore Reserve to be developed.

39. A Preliminary Feasibility Study (Pre-Feasibility Study) is a comprehensive study of a range of options for
the technical and economic viability of a mineral project that has advanced to a stage where a preferred
mining method, in the case of underground mining, or the pit configuration, in the case of an open pit,
is established and an effective method of mineral processing is determined.
It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the
evaluation of any other relevant factors which are sufficient for a Competent Person, acting reasonably,
to determine whether all or part of the Mineral Resources may be converted to an Ore Reserve at the
time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.

As noted in Clause 29, formal assessment of all Modifying Factors is required in order to determine how
much available Measured and Indicated Mineral Resources can be converted to Ore Reserves.

A Pre-Feasibility Study will consider the application and description of all Modifying factors (as outlined in
Table 1, section 4) to demonstrate economic viability and to support an Ore Reserve Public Report.
The Pre-Feasibility Study will identify the preferred mining, processing, and infrastructure requirements
and capacities, but will not yet have finalized these matters. Detailed assessments of environmental and
socio-economic impacts and requirements will also be well advanced. The Pre-Feasibility Study will
highlight areas that require further refinement within the final study stage.

40. A Feasibility Study is a comprehensive technical and economic study of the selected development
option for a mineral project that includes appropriately detailed assessments of applicable Modifying
Factors together with any other relevant operational factors and detailed financial analysis that are
necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically
mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent
or financial institution to proceed with, or finance, the development of the project. The confidence level
of the study will be higher than that of a Pre-Feasibility Study.

The Code does not require that a full Feasibility Study has been undertaken to convert Mineral Resources to
Ore Reserves, but it does require that at least a Pre-Feasibility Study will have been carried out that will have
determined a mine plan that is technically achievable and economically viable, and that material Modifying
Factors have been considered.

Terms such as “Bankable Feasibility Study” and “Definitive Feasibility Study” are noted as being equivalent
to a Feasibility Study as defined in this Clause.

A Feasibility Study is of a higher level of confidence than a Pre-Feasibility Study and would normally
contain mining, infrastructure and process designs completed with sufficient rigor to serve as the basis for
an investment decision or to support project financing. Social, environmental and governmental

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approvals, permits and agreements will be in place, or will be approaching finalization within the expected
development timeframe. The Feasibility Study will contain the application and description of all Modifying
factors (as outlined in Table 1, section 4) in a more detailed form than in the Pre-Feasibility Study, and
may address implementation issues such as detailed mining schedules, construction ramp up , and
project execution plans.

Reporting of Mineralized Fill, Remnants, Pillars, Low

Grade Mineralisation, Stockpiles, Dumps and Tailings
41. The Code applies to the reporting of all potentially economic mineralized material. This can include mineralized
fill, remnants, pillars, low grade mineralisation, stockpiles, dumps and tailings (remnant materials) where there
are reasonable prospects for eventual economic extraction in the case of Mineral Resources, and where
extraction is reasonably justifiable in the case of Ore Book now. Unless otherwise stated, all other Clauses of
the Code (including Figure 1) apply.

Any mineralized material as described in this Clause can be considered to be similar to in situ mineralization
for the purposes of reporting Mineral Resources and Ore Reserves. Judgments about the mineability of
such mineralized material should be made by professionals with relevant experience.

If there are no reasonable prospects for the eventual economic extraction of all or part of the mineralized
material as described in this Clause, then this material cannot be classified as either Mineral Resources
or Ore Reserves. If some portion of the mineralized material is currently sub-economic, but there is a
reasonable expectation that it will become economic, then this material may be classified as a Mineral
Resource. If technical and economic studies have demonstrated that economic extraction could reasonably
be justified under realistically assumed conditions, then the material may be classified as an Ore Reserve.

The above guidelines apply equally to low-grade in situ mineralisation, sometimes referred to as
'mineralised waste' or 'marginal grade material', and often intended for stockpiling and treatment towards
the end of mine life. For clarity of understanding, it is recommended that tonnage and grade estimates of
such material be itemized separately in Public Reports, although they may be aggregated with total
Mineral Resource and Ore Reserve figures.

Stockpiles are defined to include both surface and underground stockpiles, including broken ore in stopes,
and can include ore currently in the ore storage system. Mineralized material in the course of being
processed (including leaching), if reported, should be reported separately.

Reporting of Coal Resources and Reserves

42. Clauses 42 to 44 of the Code address matters that relate specifically to the Public Reporting of Coal Resources
and Coal Reserves. Unless otherwise stated, Clauses 1 to 41 and Clause 51 of this Code (including Figure 1)
apply. Table 1 should be considered when reporting on Coal Resources and Reserves.

For purposes of Public Reporting, the requirements for coal are those for other commodities with the
replacement of terms such as 'mineral' by 'coal' and 'grade' by 'quality'.

For guidance on the estimation of Coal Resources and Reserves and on statutory reporting not primarily
intended for providing information to the investing public, readers are referred to the 'Australian Guidelines
for Estimating and Reporting of Coal Inventory, Coal Resources and Coal Reserves' or its successor
document as published from time to time by the Coalfields Geology Council of New South Wales and the
Queensland Resources Council. These guidelines do not override the provisions and intentions of the
JORC Code for Public Reporting. Competent Persons should as always exercise their judgment in the
application of these guidelines to ensure they are appropriate to the circumstances being reported. They
may not be suitable for use in all situations in Australia or overseas.

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Because of its impact on planning and land use, governments may require estimates of coal inventory that
are not constrained by short-to medium-term economic considerations. The JORC Code does not cover
such estimates. Refer also to the guidelines to Clauses 6 and 20.
43. The terms 'Mineral Resource(s)' and 'Ore Reserve(s)', and the subdivisions of these as defined above, apply also
to coal reporting, but if preferred by the reporting company, the terms 'Coal Resource(s) )' and 'Coal Reserve(s)'
and the appropriate subdivisions may be substituted.

44. 'Marketable Coal Reserves', representing beneficiated or otherwise enhanced coal product where modifications
due to mining, dilution and processing have been considered, must be publicly reported in conjunction with, but
not instead of, reports of Coal Reserves. The basis of the predicted yield to achieve Marketable Coal Reserves
must be stated.

Since investors need to be informed on the products intended to be sold, reporting of Marketable Coal
Reserves is required.

Reference to the terms 'coking coal' or 'metallurgical coal', or any reference to coking properties, should not
be made until specific coking properties are demonstrated by analytical results for samples from a deposit.

Reporting of Diamond Exploration Results, Mineral

Resources and Ore Reserves
45. Clauses 45 to 48 of the Code address matters that relate specifically to the Public Reporting of Exploration
Results, Mineral Resources and Ore Reserves for diamonds and other gemstones. Unless otherwise stated,
Clauses 1 to 41 and Clause 51 of this Code (including Figure 1) apply. Table 1 should be considered when
reporting Exploration Results, Mineral Resources and Ore Reserves for diamonds and other gemstones.

For the purposes of Public Reporting, the requirements for diamonds and other gemstones are generally
similar to those for other commodities with the replacement of terms such as 'mineral' by 'diamond' and
'grade' by 'grade and average diamond value'. The term 'quality' should not be substituted for 'grade,' since
in diamond deposits these have distinctly separate meanings. Other industry guidelines on the estimation
and reporting of diamond resources and reserves may be useful but will not under any circumstances
override the provisions and intentions of the JORC Code.

A number of characteristics of diamond deposits are different from those of, for example, typical metalliferous
and coal deposits and therefore require special consideration. These include the generally low mineral
content and variability of primary and placer deposits, the particulate nature of diamonds, the specialized
requirement for diamond valuation and the inherent difficulties and uncertainties in the estimation of
diamond resources and reserves.

46. Reports of diamonds recovered from sampling programs must provide material information relating to the basis
on which the sample is taken, the method of recovery and the recovery of the diamonds. The weight of diamonds
recovered may only be omitted from the report when the diamonds are considered to be too small to be of
commercial significance. This lower cut-off size should be stated.

The stone size distribution and price of diamonds and other gemstones are critical components of the
resource and reserve estimates. At an early exploration stage, sampling and delineation drilling will not
usually provide this information, which relies on large diameter drilling and, in particular, bulk sampling.

In order to demonstrate that a resource has reasonable prospects for economic extraction, some description
of the likely stone size distribution and price is necessary, however preliminary the analysis of these may
be. To determine an Inferred Mineral Resource in simple, single-facies or single-phase deposits, such
information may be obtainable by representative large drill diametering. More often, some form of bulk
sampling, such as pitting and trenching, would be employed to provide larger sample plots.

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In order to progress to an Indicated Mineral Resource, and from there to a Probable Ore Reserve, it is
likely that much more extensive bulk sampling would be needed to fully determine the stone size
distribution and value. Commonly such bulk samples would be obtained by underground development
designed to obtain sufficient diamonds to enable a confident estimate of price.

In complex deposits, it may be very difficult to ensure that the bulk samples taken are truly representative
of the whole deposit. The lack of direct bulk sampling, and the uncertainty in demonstrating spatial
continuity of size and price relationships should be persuasive in determining the appropriate resource
category.

47. Where diamond Mineral Resource or Ore Reserve grades (carats per tonne) are based on correlations between
the frequency of occurrence of micro-diamonds and of commercial size stones, this must be stated, the
reliability of the procedure must be explained and the cut -off sieve size for micro diamonds reported.

48. For Public Reports dealing with diamond or other gemstone mineralisation, it is a requirement that any reported
valuation of a portion of diamonds or gemstones be accompanied by a statement verifying the independence
of the valuation. The valuation must be based on a report from a demonstrably reputable and qualified expert.

If a valuation of a portion of diamonds is reported, the weight in carats and the lower cut-off size of the
contained diamonds must be stated and the value of the diamonds must be given in US dollars per carat.
Where the valuation is used in the estimation of diamond Mineral Resources or Ore Reserves, the valuation
must be based on a representative portion of the size, shape and color distributions of the diamond population
in the deposit.

Diamond valuations should not be reported for samples of diamonds processed using total liberation methods.

Reporting of Industrial Minerals Exploration Results,

Mineral Resources and Ore Reserves
49. Industrial minerals are covered by the JORC Code if they meet the criteria set out in Clauses 6 and 7 of the
Code. For the purpose of the JORC Code, industrial minerals can be considered to cover commodities such
as kaolin, phosphate, limestone, talc, etc.

For minerals that are defined by a specification, the Mineral Resource or Ore Reserve estimation must be
reported in terms of the mineral or minerals on which the project is to be based and must include the
specification of those minerals.

When reporting information and estimates for industrial minerals, the key principles and purpose of the
JORC Code apply and should be borne in mind. Assays may not always be relevant, and other quality
criteria may be more applicable. If criteria such as deleterious minerals or physical properties are of more
relevance than the composition of the bulk mineral itself, then they should be reported accordingly.

The factors underpinning the estimation of Mineral Resources and Ore Reserves for industrial minerals
are the same as those for other deposit types covered by the JORC Code. It may be necessary, prior to
the reporting of a Mineral Resource or Ore Reserve, to take particular account of certain key characteristics
or qualities such as likely product specifications, proximity to markets and general product marketability.

For some industrial minerals, it is common practice to report the salable product rather than the 'as
mined' product, which is traditionally regarded as the Ore Reserve. JORC's preference is that, if the
saleable product is reported, it should be in conjunction with, not instead of, reporting of the Ore Reserve.
However, it is recognized that commercial sensitivities may not always allow this preferred style of
reporting. It is important that, in all situations where the saleable product is reported, a clarifying statement
is included to ensure that the reader is fully informed as to what is being reported.

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Some industrial mineral deposits may be capable of yielding products suitable for more than one
application and/ or specification. If considered material by the reporting company, such multiple
products should be quantified either separately or as a percentage of the bulk deposit.

Reporting of Metal Equivalents 50. The reporting of

Exploration Results, Mineral Resources or Ore Reserves for polymetallic deposits in terms of metal equivalents
(a single equivalent grade of one major metal) must show details of all material factors contributing to the
net value derived from each app.

The following minimum information must accompany any Public Report that includes reference to metal
equivalents, in order to conform to the principles of Transparency, Materiality and Competence, as set out
in Clause 4:

•individual grades for all metals included in the metal equivalent calculation,
•assumed commodity prices for all metals (Companies should disclose the actual assumed prices. It is not
sufficient to refer to a spot price without disclosing the price used in calculating the metal equivalent.
However where the actual prices used are commercially sensitive, the company must disclose sufficient
information, perhaps in narrative rather than numerical form, for investors to understand the
methodology it has used to determine these prices),
•assumed metallurgical recoveries for all metals and discussion of the basis on which the assumed
recoveries are derived (metallurgical test work, detailed mineralogy, similar deposits, etc), a
•
clear statement that it is the company's opinion that all the elements included in the metal equiva lents
calculation have a reasonable potential to be recovered and sold, and
•the calculation formula used.

In most circumstances, the metal chosen for reporting on an equivalent basis should be the one that
contributes most to the metal equivalent calculation. If this is not the case, a clear explanation of the logic
of choosing another metal must be included in the report.

Estimates of metallurgical recoveries for each metal must be used to calculate meaningful metal equivalents.

Reporting on the basis of metal equivalents is not appropriate if metallurgical recovery information is not
available or able to be estimated with reasonable confidence.

For many projects at the Exploration Results stage, metallurgical recovery information may not be
available or able to be estimated with reasonable confidence. In such cases reporting of metal
equivalents may be misleading.

Reporting of In Situ or In Ground Valuations 51. The publication of in situ or 'in

ground' financial valuations breaches the principles of the Code (as set out in Clause 4) as the use of these
terms is not transparent and lacks material information. It is also contrary to the intent of Clause 28 of the
Code. Such in situ or in ground financial valuations must not be reported by companies in relation to
Exploration Results, Mineral Resources or deposit size.

The use of such financial valuations (usually quoted in dollars) has little or no relationship to economic
viability, value or potential returns to investors.

These financial valuations can imply economic viability without the apparent consideration of the
application of the Modifying Factors, (Clause 12 and Clauses 29 to 36), in particular, the mining,
processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social , and
governmental factors.

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In determining project viability it is necessary to include all reasonable Modifying Factors (Clauses 29 to
36) to determine the economic value that can be extracted from the mineralisation.

Many deposits with large in ground values are never developed because they have a negative Net Present
Value when all reasonable Modifying Factors are considered.

By reporting such financial valuations as a component of Exploration Results or when evaluating deposits
that commonly include large portions of Inferred Mineral Resources, companies are not necessarily
representing the economic viability of the project, or the net economic value that can be extracted from the
mineralisation.

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Table 1 Checklist of Assessment and Reporting Criteria

Table 1 is a checklist or reference for use by those preparing Public Reports on Exploration Results, Mineral
Resources and Ore Reserves.

In the context of complying with the Principles of the Code, comment on the relevant sections of Table 1 should be
provided on an 'if not, why not' basis within the Competent Person's documentation and must be provided where
required according to the specific requirements of Clauses 19, 27 and 35 for significant projects in the Public Report.
This is to ensure that it is clear to the investor whether items have been considered and deemed of low consequence
or have yet to be addressed or resolved.
As always, relevance and Materiality are overriding principles that determine what information should be publicly
reported and the Competent Person must provide sufficient comment on all matters that might materially affect a
reader's understanding or interpretation of the results or estimates being reported. This is particularly important where
inadequate or uncertain data affect the reliability of, or confidence in, a statement of Exploration Results or an
estimate of Mineral Resources or Ore Reserves.
The order and grouping of criteria in Table 1 reflects the normal systematic approach to exploration and evaluation.
Criteria in section 1 'Sampling Techniques and Data' apply to all succeeding sections. In the remainder of the table,
criteria listed in preceding sections would often also apply and should be considered when estimating and reporting.

It is the responsibility of the Competent Person to consider all the criteria listed below and any additional criteria
that should apply to the study of a particular project or operation. The relative importance of the criteria will vary
with the particular project and the legal and economic conditions pertaining at the time of determination.

In some cases it will be appropriate for a Public Report to exclude some commercially sensitive information.
A decision to exclude commercially sensitive information would be a decision for the company issuing the Public
Report, and such a decision should be made in accordance with any relevant corporations regulations in that
jurisdiction. For example, in Australia decisions to exclude commercially sensitive information need to be made
in accordance with the Corporations Act 2001 and the ASX listing rules and guidance notes.
In cases where commercially sensitive information is excluded from a Public Report, the report should provide
summary information (for example the methodology used to determine economic assumptions where the
numerical value of those assumptions are commercially sensitive) and context for the purpose of informing
investors or potential investors and their advisers.

JORC Table 1
Section 1 Sampling Techniques and
Data (Criteria in this section apply to all succeeding sections.)
criteria Explanation
sampling •Nature and quality of sampling (eg cut channels, random chips, or specific specialized industry
techniques standard measurement tools appropriate to the minerals under investigation, such as down
hole gamma probes, 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 mineralization that are Material to the Public Report.
In cases where 'industry standard' work has been done this would be relatively simple (eg
'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized
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 mineralization types (eg submarine nodules) may warrant disclosure of detailed information.

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criteria Explanation
drilling •Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc)
techniques and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by what method, etc).
Drill sample •Method of recording and assessing core and chip sample recoveries and results. •Measures
recovery taken to maximize sample recovery and ensure representative nature of the samples. • Where a
relationship exists between sample recovery and grade and whether sample bias
may have occurred due to preferential loss/ gain of fine/ coarse material.
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. •If
Sub-sampling core, whether cut or sawn and whether quarter, half or all core taken. •If non-core,
techniques whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. •For all sample types,
and sample
the nature, quality and appropriateness of the sample preparation
preparation
technique.
•Quality control procedures adopted for all sub-sampling stages to maximize 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. •The
Quality of nature, quality and appropriateness of the assaying and laboratory procedures used and
assay data and whether the technique is considered partial or total.
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. •Nature of
quality control procedures adopted (eg standards, 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 or alternative company

sampling and staff. •The
assaying 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.
Location of data •Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches,
points mine workings and other locations used in Mineral Resource estimation.
•Specification of the grid system used.
•Quality and adequacy of topographic control. •Data
Data spacing spacing for reporting of Exploration Results. •Whether
and distribution
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.

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criteria Explanation
Orientation of •Whether the orientation of sampling achieves unbiased sampling of possible structures and
data in relation the extent to which this is known, considering the deposit type.
to geological •If the relationship between the drilling orientation and the orientation of key mineralized structures
structure
is considered to have introduced a sampling bias, this should be considered and reported if
material.
Sample security •The measures taken to ensure sample security.
Audits or •The results of any audits or reviews of sampling techniques and data.
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)
criteria Explanation
Mineral •Type, reference name/ number, location and ownership including agreements or material issues
tenement and with third parties such as joint ventures, partnerships, overriding royalties, native title interests,
land tenure historical sites, wilderness or national park and environmental settings. •The security of the
status
tenure held at the time of reporting along with any known impediments to obtaining a license to
operate in the area.
Exploration done •Acknowledgment and appraisal of exploration by other parties.
by other parties
Geology •Deposit type, geological setting and style of mineralisation. •A
drill hole summary of all information material to the understanding of the exploration results including a
Information tabulation of the following information for all Material drill holes: •easting and northing
of the drill hole collar •elevation or RL (Reduced
Level – elevation above sea level in meters ) of the drill hole collar •dip and azimuth of the hole
•down hole length and interception
depth •hole length.

•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. •In reporting
data Exploration Results, weighting averaging techniques, maximum and/ or minimum grade truncations
aggregation (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
methods

• 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. •These
Relationship relationships are particularly important in the reporting of Exploration Results. •If the geometry
between
of the mineralization with respect to the drill hole angle is known, its nature should be reported. •If it
mineralization
is not known and
widths and
only the down hole lengths are reported, there should be a clear
intercept lengths
statement to this effect (eg 'down hole length, true width not known').
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.

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criteria Explanation
balanced •Where comprehensive reporting of all Exploration Results is not practicable, representative
reporting reporting of both low and high grades and/ or widths should be practiced to avoid misleading
reporting of Exploration Results.
Other •Other exploration data, if meaningful and material, should be reported including (but not limited
substantive to): geological observations; geophysical survey results; geochemical survey results; bulk
exploration 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 (eg 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.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
criteria Explanation
Database •Measures taken to ensure that data has not been corrupted by, for example, transcription or
integrity keying errors, between its initial collection and its use for Mineral Resource estimation purposes.
•Data
validation procedures used. •Comment
site visits on any site visits undertaken by the Competent Person and the outcome of those
visits.

•If no site visits have been undertaken please indicate why this is the
geological case. • Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral
interpretation deposit.
•Nature of the data used and of any assumptions made. •The
effect, if any, of alternative interpretations on Mineral Resource estimation. •The use of
geology in guiding and controlling Mineral Resource estimation. •The factors
affecting continuity of both grid and geology. •The extent and
Dimensions variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and
depth below surface to the upper and lower limits of the Mineral Resource.

Estimation •The nature and appropriateness of the estimation technique(s) applied and assumptions, including
and modeling treatment of extreme grade values, domaining, interpolation parameters and maximum distance
techniques of extrapolation from data points. If a computer assisted estimation method was chosen include
a description of computer software and parameters used. •The availability of check
estimates, previous estimates and/ or mine production records and whether the Mineral Resource
estimate takes appropriate account of such data. •The assumptions made regarding
recovery of by-products. •Estimation of deleterious elements or
other non-grade variables of economic significance (eg
sulfur for acid mine drainage characterisation).
•In the case of block model interpolation, the block size in relation to the average sample
spacing and the search employed.
•Any assumptions behind modeling of selective mining units.

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criteria Explanation
Estimation •Any assumptions about correlation between variables.
and modeling •Description of how the geological interpretation was used to control the resource estimates. •Discussion
techniques
of basis for using or not using grade cutting or capping. •The process of
(continued)
validation, the checking process used, the comparison of model data to drill
hole data, and use of reconciliation data if available.
Moisture •Whether the tonnages are estimated on a dry basis or with natural moisture, and the
method of determination of the moisture content.
Cut-off •The basis of the adopted cut-off grade(s) or quality parameters applied.
parameters
Mining factors •Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or,
or assumptions if applicable, external) mining dilution. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential mining methods, but
the assumptions made regarding mining methods and parameters when estimating Mineral
Resources may not always be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the mining assumptions made. •The basis for assumptions or predictions
regarding metallurgical
Metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for
factors or eventual economic extraction to consider potential metallurgical methods, but the assumptions
assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources
may not always be rigorous. Where this is the case, this should be reported with an explanation of
the basis of the metallurgical assumptions made.

Environmental •Assumptions made regarding possible waste and process residue disposal options. It is always
factors or necessary as part of the process of determining reasonable prospects for eventual economic
assumptions extraction to consider the potential environmental impacts of the mining and processing operation.
While at this stage the determination of potential environmental impacts, particularly for a greenfields
project, may not always be well advanced, the status of early consideration of these potential
environmental impacts should be reported. Where these aspects have not been considered this
should be reported with an explanation of the environmental assumptions made.

bulk density •Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method
used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness
of the samples.

•The bulk density for bulk material must have been measured by methods that adequately account for
void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within
the deposit.
•Discuss assumptions for bulk density estimates used in the evaluation process of the different
materials.

Classification •The basis for the classification of the Mineral Resources into varying confidence
categories.
•Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/
grade estimations, reliability of input data, confidence in continuity of geology and metal values,
quality, quantity and distribution of the data).
•Whether the result appropriately reflects the Competent Person's view of the deposit. •The
Audits or results of any audits or reviews of Mineral Resource estimates.
reviews.

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criteria Explanation
Discussion •Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate
of relative using an approach or procedure deemed appropriate by the Competent Person. For example, the application
accuracy/ of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated
confidence confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors
that could affect the relative accuracy and confidence of the estimate. •The statement should specify whether
it relates to global or local estimates, and, if

local, state the relevant tonnages, which should be relevant to technical and economic evaluation.

Documentation should include assumptions made and the procedures used. •These

statements of relative accuracy and confidence of the estimate should be compared with production data, where
available.

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)
criteria Explanation
Mineral •Description of the Mineral Resource estimate used as a basis for the conversion to an Ore
Resource Reserve.

estimate for •Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.
conversion to
pray reservations

site visits •Comment on any site visits undertaken by the Competent Person and the outcome of those
visits.

•If no site visits have been undertaken please indicate why this is the case. •The

study status type and level of study undertaken to enable Mineral Resources to be converted to Ore
Book now.

•The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral
Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan

that is technically achievable and economically viable, and that material Modifying Factors have been
considered. •The basis of the cut-off grade(s) or quality parameters

Cut-off applied.
parameters

Mining factors or •The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral
assumptions Resource to an Ore Reserve (ie either by application of appropriate factors by optimization or by preliminary
or detailed design). •The choice, nature and appropriateness of the
selected mining method(s) and other mining
parameters including associated design issues such as pre-strip, access, etc.
•The assumptions made regarding geotechnical parameters (eg pit slopes, stope sizes, etc), grade control and
pre-production drilling. •The major assumptions
made and Mineral Resource model used for pit and stope optimization (if appropriate). •The mining dilution factors
used. •The mining recovery factors
used. •Any minimum mining widths used.
•The manner in which Inferred Mineral
Resources are utilized in mining studies and
the sensitivity of the outcome to their inclusion.

•The infrastructure requirements of the selected mining methods.

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criteria Explanation
Metallurgical •The metallurgical process proposed and the appropriateness of that process to the style of
factors or mineralisation.
assumptions •Whether the metallurgical process is well-tested technology or novel in nature. •The nature,
amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical
domaining applied and the corresponding metallurgical recovery factors applied. •Any assumptions or
allowances made
for deleterious elements. • The existence of any bulk sample or pilot scale
test work and the degree to which such
samples are considered representative of the orebody as a whole.
•For minerals that are defined by a specification, has the ore reserve estimation been based on the
appropriate mineralogy to meet the specifications?
Environmental •The status of studies of potential environmental impacts of the mining and processing operation. Details of waste
rock characterization and the consideration of potential sites, status of design options considered and,
where applicable, the status of approvals for process residue storage and waste dumps should be
reported.
Infrastructure •The existence of appropriate infrastructure: availability of land for plant development, power, water,
transportation (particularly for bulk commodities), labor, accommodation; or the ease with which the
infrastructure can be provided, or accessed. •The derivation of, or assumptions
costs made, regarding projected capital costs in the study. •The methodology used to estimate operating
costs. •Allowances made for the content of deleterious
elements. •The source of exchange rates used in the study.
•Derivation of transportation charges. •The basis for
forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc. •The allowances made for royalties payable, both
Government and private.

Revenue factors •The derivation of, or assumptions made regarding revenue including head grade, metal or commodity price(s)
exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.

•The derivation of assumptions made of metal or commodity price(s), for the principal
metals, minerals and co-products.
market •The demand, supply and stock situation for the particular commodity, consumption trends
assessment and factors likely to affect supply and demand into the future.
•A customer and competitor analysis along with the identification of likely market windows
for the product.
•Price and volume forecasts and the basis for these forecasts. •For
industrial minerals the customer specification, testing and acceptance requirements prior to a supply
contract. •The inputs to the
Economical economic analysis to produce the net present value (NPV) in the study, the source and confidence of these
economic inputs including estimated inflation, discount
rate, etc.

•NPV ranges and sensitivity to variations in the significant assumptions and inputs. •The status of
Social agreements with key stakeholders and matters leading to social license to
operate.

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criteria Explanation
Other •To the relevant extent, the impact of the following on the project and/ or on the estimation and
classification of the Ore Reserves: •Any
identified material naturally occurring risks. •The status
of material legal agreements and marketing arrangements. •The status of
governmental agreements and approvals critical to the viability of the project, such as mineral
tenement status, and government and statutory approvals. There must be reasonable grounds
for expecting that all necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any
unresolved matter that is dependent on a third party on which extraction of the reserve is
contingent. •The basis for the
Classification classification of the Ore Reserves into varying confidence categories. •Whether the result
appropriately reflects the Competent Person's view of the deposit. •The proportion of
Probable Ore Reserves that have been derived from Measured Mineral
Resources(if any).
Audits or •The results of any audits or reviews of Ore Reserve estimates.
reviews
Discussion •Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve
of relative estimate using an approach or procedure deemed appropriate by the Competent Person. For
accuracy/ example, the application of statistical or geostatistical procedures to quantify the relative accuracy
confidence of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate,
a qualitative discussion of the factors which could affect the relative accuracy and confidence of
the estimate. •The statement should
specify whether it relates to global or local estimates, and, if local, state the relevant tonnages,
which should be relevant to technical and economic evaluation.
Documentation should include assumptions made and the procedures used.
•Accuracy and confidence discussions should extend to specific discussions of any applied Modifying
Factors that may have a material impact on Ore Reserve viability, or for which there are
remaining areas of uncertainty at the current study stage. •It is
recognized that this may not be possible or appropriate in all circumstances. These statements of
relative accuracy and confidence of the estimate should be compared with production data,
where available.

Section 5 Estimation and Reporting of Diamonds and Other Gemstones

(Criteria listed in other relevant sections also apply to this section. Additional guidelines are available
in the 'Guidelines for the Reporting of Diamond Exploration Results' issued by the Diamond Exploration
Best Practices Committee established by the Canadian Institute of Mining, Metallurgy and Petroleum.)

criteria Explanation
Indicator •Reports of indicator minerals, such as chemically/ physically distinctive garnet, ilmenite, chrome
minerals spinel and chrome diopside, should be prepared by a suitably qualified laboratory. •Details of
source of the form, shape, size and color of the diamonds and the nature of the source of diamonds (primary
diamonds or secondary) including the rock type and geological environment. •Type of sample, whether
sample outcrop, boulders, drill core, reverse circulation drill cuttings, gravel, stream sediment or soil, and
collection purpose (eg large diameter drilling to establish stones per unit of volume or bulk samples to
establish stone size distribution).
•Sample size, distribution and representativeness.

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criteria Explanation
Sample •Type of facility, treatment rate, and accreditation.
treatment
•Sample size reduction. Bottom screen size, top screen size and re-crush.
•Processes (dense media separation, grease, X-ray, hand-sorting, etc).
•Process efficiency, tailings auditing and granulometry.
•Laboratory used, type of process for micro diamonds and accreditation. •One
carat fifth (0.2) of a gram (often defined as a metric carat or MC). •Sample
sample grade grade in this section of Table 1 is used in the context of carats per units of mass,
area or volume.

•The sample grade above the specified lower cut-off sieve size should be reported as carats per dry
metric tonne and/ or carats per 100 dry metric tonnes. For alluvial deposits, sample grades
quoted in carats per square meter or carats per cubic meter are acceptable if accompanied by a
volume to weight basis for calculation. •In addition to general
requirements to assess volume and density there is a need to relate stone frequency (stones per
cubic meter or tonne) to stone size (carats per stone) to derive sample grade (carats per tonne).

Reporting of •Complete set of sieve data using a standard progression of sieve sizes per facies. Bulk sampling
Exploration results, global sample grade per facies. Spatial structure analysis and grid distribution.
Results Stone size and number distribution. Sample head feed and tailings particle granulometry.
•Sample density determination. •Per
cent concentrate and undersize per sample. •Sample
grid with change in bottom cut-off screen size. •Adjustments
made to size distribution for sample plant performance and performance on a commercial scale.

•If appropriate or employed, geostatistical techniques applied to model stone size, distribution or
frequency from size distribution of exploration diamond samples. •The
weight of diamonds may only be omitted from the report when the diamonds are considered too
small to be of commercial significance. This lower cut-off size should be stated.

Grade •Description of the sample type and the spatial arrangement of drilling or sampling designed for
estimation grade estimation. •The
for reporting sample crush size and its relationship to that achievable in a commercial treatment
Mineral plant.
Resources and
•Total number of diamonds greater than the specified and reported lower cut-off size. •Total weight
pray reservations
of diamonds greater than the specified and reported lower cut-off sieve size. •The sample grade
above the specified lower cut-off size. •Valuations should not be
Value reported for samples of diamonds processed using total liberation method, which is commonly used
estimation for processing exploration samples. •To the extent that such information
is not considered commercially sensitive, Public Reports
should include:

•diamonds quantities by appropriate screen size per facies or depth.

•details of valued parcel.
•number of stones, carats, lower size cut-off per facies or depth.
•The average $/ carat and $/ tonne value at the selected bottom cut-off should be reported in US
Dollars. The value per carat is of critical importance in demonstrating project value.
•The basis buying for the price (eg dealer price, dealer selling price, etc). •An
assessment of diamond breakage.

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criteria Explanation
Security and •Accredited process audit.
integrity •Whether samples were sealed after excavation.
•Valuer location, escort, delivery, cleaning losses, reconciliation with recorded sample carats
and number of stones.
•Core samples washed prior to treatment for micro diamonds.
•Audit samples treated at alternative facility.
•Results of tailings checks.
•Recovery of tracer monitors used in sampling and treatment.
•Geophysical (logged) density and particle density.
•Cross validation of sample weights, wet and dry, with hole volume and density, moisture
factor.
Classification •In addition to general requirements to assess volume and density there is a need to relate
stone frequency (stones per cubic meter or tonne) to stone size (carats per stone) to derive
grade (carats per tonne). The elements of uncertainty in these estimates should be
considered, and classification developed accordingly.

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Appendix 1 Generic Terms and Equivalents Throughout the Code, certain

words are used in a general sense when a more specific meaning might be attached to them by
particular commodity groups within the industry. In order to avoid unnecessary duplication, a non
exclusive list of generic terms is tabulated below together with other terms that may be regarded as
synonymous for the purposes of this document.

Generic Synonyms and Intended generalized meaning

Term similar terms

assumption value judgments The Competent Person in general makes value judgments when making
assumptions regarding information not fully supported by test work.
Competent Qualified Person Refer to the Clause 11 of the Code for the definition of a Competent (Canada),
Person Qualified Person. Any reference in the Code to the singular (a Competent Person)
Competent Person includes a reference to the plural (Competent Persons). It is noted that (Chile)
reporting in accordance with the Code is commonly a team effort. cut-off grade product

specifications The lowest grade, or quality, of mineralized material that qualifies as economically mineable and available
in a given deposit. May be defined on the basis of economic evaluation, or
on physical or chemical attributes that define an acceptable product
specification.
grid quality, assay, Any physical or chemical measurement of the characteristics of the material
analysis (that is of interest in samples or product. Note that the term quality has special
value returned by meaning for diamonds and other gemstones. The units of measurement
the analysis) should be stated when figures are reported.
metallurgy processing, Physical and/ or chemical separation of constituents of interest from a larger
beneficiation, mass of material. Methods employed to prepare a final marketable product
preparation, from material as mined. Examples include screening, flotation, magnetic
concentration separation, leaching, washing, roasting, etc.
Processing is generally regarded as broader than metallurgy and may apply
to non-metallic materials where the term metallurgy would be inappropriate.

mineralization type of deposit, Any single mineral or combination of minerals occurring in a mass, or deposit,
orebody, style of of economic interest. The term is intended to cover all forms in which
mineralization. mineralization might occur, whether by class of deposit, mode of occurrence,
genesis or composition.
mining quarrying All activities related to extraction of metals, minerals and gemstones from the
earth whether surface or underground, and by any method (eg quarries, open
cast, open cut, solution mining, dredging, etc)
Ore Reserves Mineral Reserves 'Ore Reserves' is preferred under the JORC Code but 'Mineral Reserves' is
in common use in other countries and is generally accepted. Other descriptors
can be used to clarify the meaning (eg Coal Reserves, Diamond Reserves,
etc).
recovery yield The percentage of material of interest that is extracted during mining and/ or
processing. A measure of mining or processing efficiency.
significant material project An exploration or mineral development project that has or could have a
project significant influence on the market value or operations of the listed company,
and/ or has specific prominence in Public Reports and
ads.

tonnage quantity, volume An expression of the amount of material of interest irrespective of the units of
measurement (which should be stated when figures are reported).

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Appendix 2 Competent Person's Consent Form Companies reporting Exploration

Targets, Exploration Results, Mineral Resources or Ore Reserves are reminded that while a public report
is the responsibility of the company acting through its Board of Directors, Clause 9 requires that any such
report 'must be based on, and fairly reflect the information and supporting documentation prepared by a
Competent Person or Persons'. Clause 9 also requires that the 'report shall be issued with the prior
written consent of the Competent Person or Persons as to the form and context in which it appears'.

In order to assist Competent Persons and companies to comply with these requirements, and to emphasize the
need for companies to obtain the prior written consent of each Competent Person for their material to be included
in the form and context in which it appears in the public report , ASX, together with JORC, have developed a
Competent Person's Consent Form that incorporates the requirements of the JORC Code.

The completion of a consent form, whether in the format provided or in an equivalent form, is recommended as
good practice and provides readily available evidence that the required prior written consent has been obtained.

Having the consent form witnessed by a peer professional society member is considered leading practice and is
strongly encouraged.

The Competent Person's Consent Form(s), or other evidence of the Competent Person's written consent, should
be retained by the company and the Competent Person to ensure that the written consent can be provided promptly
if required.

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[Letterhead of Competent Person or Competent Person's employer]

Competent Person's Consent Form Pursuant

to the requirements of ASX Listing Rules 5.6, 5.22 and 5.24 and Clause
9 of the JORC Code 2012 Edition (Written Consent Statement)

report name

(Insert name or heading of Report to be publicly released) ('Report')

(Insert name of company releasing the Report)

(Insert name of the deposit to which the Report refers)

If there is insufficient space, complete the following sheet and sign it in the same manner as this
original sheet.

(Date of Report)

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statement

I/We,

(Insert full name(s))

confirm that I am the Competent Person for the Report and:

•
I have read and understood the requirements of the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).
•
I am a Competent Person as defined by the JORC Code 2012 Edition, having five years experience
that is relevant to the style of mineralization and type of deposit described in the Report, and to the
activity for which I am accepting responsibility.
•
I am a Member or Fellow of The Australasian Institute of Mining and Metallurgy or the Australian
Institute of Geoscientists or a 'Recognised Professional Organization' (RPO) included in a list
promulgated by ASX from time to time.
•
I have reviewed the Report to which this Consent Statement applies.
I/We are a full time employee of

(Insert company name)

Or

I am a consultant working for

(Insert company name)

and have been engaged by

(Insert company name)

to prepare the documentation for

(Insert deposit name)

on which the Report is based, for the period ended

(Insert date of Resource/Reserve statement)

I have disclosed to the reporting company the full nature of the relationship between myself and the
company, including any issue that could be perceived by investors as a conflict of interest.
I verify that the Report is based on and fairly and accurately reflects in the form and context in which
it appears, the information in my supporting documentation relating to Exploration Targets, Exploration
Results, Mineral Resources and/or Ore Reserves (select as appropriate).

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consent

I consent to the release of the Report and this Consent Statement by the directors of:

(Insert reporting company name)

Signature of Competent Person Gives you:

Professional Membership: Membership Number:

(insert organization name)

Signature of Witness: Print Witness Name and Residence:

(eg town/suburb)

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Additional deposits covered by the Report for which the Competent Person signing this form is
accepting responsibility:

Additional Reports related to the deposit for which the Competent Person signing this form is
accepting responsibility:

Signature of Competent Person Gives you:

Professional Membership: Membership Number:

(insert organization name)

Signature of Witness: Print Witness Name and Residence:

(eg town/suburb)

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Appendix 3 Compliance Statements

Appropriate forms of compliance statements should be as follows (delete bullet points which do not apply).

For Public Reports of Exploration Targets, initial or materially changed reports of Exploration Results,
Mineral Resources or Ore Reserves or company annual reports:

• If the required information is in the report:

'The information in this report that relates to Exploration Targets, Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by (insert name of Competent Person),
a Competent Person who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy
or the Australian Institute of Geoscientists or a 'Recognised Professional Organization' (RPO) included
in a list that is posted on the ASX website from time to time (select as appropriate and insert the name
of the professional organization of which the Competent Person is a member and the Competent
Person's grade of membership).'

• If the required information is included in an attached statement: 'The

information in the report to which this statement is attached that relates to Exploration Targets,
Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by (insert
name of Competent Person ), a Competent Person who is a Member or Fellow of The Australasian
Institute of Mining and Metallurgy or the Australian Institute of Geoscientists or a 'Recognised
Professional Organization' (RPO) included in a list posted on the ASX website from time to time
(select as appropriate and insert the name of the professional organization of which the Competent
Person is a member and the Competent Person's grade of membership).'

• If the Competent Person is a full-time employee of the company:

'(Insert name of Competent Person) is a full-time employee of the company.'

• If the Competent Person is not a full-time employee of the company:

'(Insert name of Competent Person) is employed by (insert name of Competent Person's employer).'

• The full nature of the relationship between the Competent Person and the reporting Company must be
declared together with the Competent Person's details. This declaration must outline and clarify any
issue that could be perceived by investors as a conflict of

interest. •For all reports:

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

For any subsequent Public Report based on a previously issued Public Report that refers to those Exploration
Results or estimates of Mineral Resources or Ore Reserves:

Where a Competent Person has previously issued the written consent to the inclusion of their findings in a
report, a company re-issuing that information to the Public whether in the form of a presentation or a
subsequent announcement must, state the report name, date and reference the location of the original source
Public Report for public access.

• 'The information is extracted from the report entitled (report name) created on (date) and is available to view
on (website name). The company confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcement and, in the case of

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estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed. The company confirms that the form and context in which the Competent Person's
findings are presented have not been materially modified from the original market announcement.'

Companies should be aware this exemption does not apply to subsequent reporting of information in the company
annual report.

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Appendix 4 List of Acronyms

AIG Australian Institute of Geoscientists
ASX Australian Securities Exchange
MIC Canadian Institute of Mining, Metallurgy and Petroleum
CMMI Council of Mining and Metallurgical Institutions
CRISCO Committee for Mineral Reserves International Reporting Standards
ICMM International Council on Mining and Metals
JORC Joint Ore Reserves Committee
JORC Code Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
reservations

NAEN The Russian Society of Subsoil Use Experts

NPV Net Present Value
NROs National Reporting Organizations
NZX New Zealand Stock Exchange
UN-ECE United Nations Economic Commission for Europe
UNFC United Nations Framework Classification
PERC Pan-European Reserves & Resources Reporting Committee
RPO Recognized Professional Organization
SAMCODES South African Mineral Codes
SME Society for Mining, Metallurgy & Exploration (USA)
The AusIMM The Australasian Institute of Mining and Metallurgy
VALMIN Code Code and Guidelines for Technical Assessment and/or Valuation of Mineral and
Petroleum Assets and Minerals and Petroleum Securities for Independent Expert Reports

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