Mutooroo Cu-Au-Co: SA's only Cobalt JORC Resource, page-67

Mutooroo's estimated ISV (in-situ value) at current prices is set out below:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Resource	Qty	UoM	Spot US$	FX	ISV $A
1	Au	92,700	oz	1330.92	0.8017	153,893,332
2	Cu	192,000	tonne	6668	0.8017	1,596,926,531
3	Co	17,540,000	kg	60.87	0.8017	1,331,832,306
4						3,082,652,169

The value factors ranging from 2 to 5% are rules of thumb used in the industry to value mineral resources under the VALMIN code (Canaccord, August 2012 Research Report). These generate the following respective estimates for Mutooroo:

	Column 1	Column 2	Column 3
0	ISV Factor	Estimate A$	$A ps diluted
1	2%	61,653,043	$0.32
2	3%	92,479,565	$0.49
3	4%	123,306,087	$0.65
4	5%	154,132,608	$0.81

DYOR