Ann: Portia Gold Mine Update - July 2017, page-9

'North Portia currently ... 101,000 tonnes of copper, 234,000 ounces of gold and 5.68 million kg of molybdenum.'

North Portia'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	FX	ISV $A
1	Au	234,000	oz	1346.59	0.806	390,945,484
2	Cu	101,000	tonne	6800	0.806	852,109,181
3	Mo	5,680,000	kg	15.97	0.806	112,557,022
4						1,355,611,687

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 North Portia:

	Column 1	Column 2	Column 3
0	ISV Factor	Estimate A$	$A ps diluted
1	2%	27,112,233.75	$0.14
2	3%	40,668,350.62	$0.21
3	4%	54,224,467.49	$0.28
4	5%	67,780,584.37	$0.36

DYOR